P2JW244000-5-A00100-17FFFF5178F

ADVERTISEMENT We’vegot the secret to more confident trading.

Find outhow ourtrade desk team canhelpyou grow as atraderonpageB10.

***** MONDAY,AUGUST 31,2020~VOL. CCLXXVI NO.52 WSJ.com HHHH $4.00

Last week: DJIA 28653.87 À 723.54 2.6% NASDAQ 11695.63 À 3.4% STOXX 600 368.80 À 1.0% 10-YR. TREASURY g 27/32 , yield 0.727% OIL $42.97 À $0.63 EURO $1.1907 YEN 105.37 Protests, Clashes Draw Nation’s Tense Focus in Two Cities Chinese What’s News Rules Cloud Business&Finance TikTok lans to quickly com- P plete a deal between TikTok’sChinese parent and Deal suitorsfor the app’sU.S.op- erations have been thrown off track in the wake of new App’s parent and Chinese restrictions. A1 suitors pull back to  A revamped Dow falls weigh newrestrictions short of matching tech’sinflu- enceinthe S&P 500,poten- as deadline approaches tially widening aperformance gapwith the broader index. A1 BY GEORGIA WELLS

 McDonald’s ex-human S AND CARA LOMBARDO

resources chief is emerg- PRES ing as a focus of the com- Plans to quickly completea TED

pany’s probe into possible CIA deal between TikTok’sChinese

impropriety under former SO parent companyand suitors CEO Steve Easterbrook. B1 AS forthe app’sU.S.operations SH/

GA have been thrownoff track as

 United said it is perma- Y the parties huddled over the nently ending flight-change

MORR weekend to weigh newChi- fees formost domestic tick- ON THE GROUND: Wisconsin National Guard troops arrived Sunday at the county courthouse in Kenosha, Wis., where nese restrictions that appear ets, the latest effort to boost thousands have taken to the streets to protest the police shooting of Jacob Blake. In Portland, Ore., police said they designed to affect a potential demand in the pandemic- opened a homicide investigation after a man was killed Saturday amid unrest that has rocked the city. A3 sale, people familiar with the struck air-travel industry. B1 discussions said.  NewSEC forms meant to China lateonFriday issued simplifydisclosures by invest- restrictions on the export of ment firms oftencontradict artificial-intelligencetechnol- longer filingsonthe agency’s ogythat forced ByteDance website, a Wall Street Labs Push to Build Up Tests Ltd., TikTok’s parent, to slow Journal analysis found. B1 down talks with companies in- cluding MicrosoftCorp., Wal-  KKRisnearing adeal to mart Inc.and Oracle Corp.for sell Epicor Software to a a portion of the social-media group led by private-equity For Virus Before Flu Season app, people familiar with the firm Clayton Dubilier &Rice matter said. for around $4.7 billion. B3 ByteDance, which received  Asmall-business pandemic BY SARAH KROUSE producecannabinoid molecules Laboratories LLC areassem- teststhat don’t need to be the broad outlines of bids on emergencyloan program that AND BRIANNA ABBOTT formedical-marijuana prod- bling newequipment that shipped to labsfor processing. Fridayfor the TikTok assets, has been criticized fordelays ucts, scientistsare working to might soon deliver a10-fold in- Thegoal of these effortsis had been expected to enter and fraud has focused atten- Companies areracing to develop aCovid-19 testing sys- crease in molecular coronavi- to quickly diversifyand grow intoexclusivediscussions with tion on the role of asmall firm bolster Covid-19 testing as tem that searches forthe vi- rus-testing capacity at one of the U.S.’s Covid-19 testing infra- one group of suitors over the that earned nearly $800 mil- schools reopen and fluseason rus’sgenetic code.The com- Arizona’slargest privatelabs. structure as the fluseason ap- weekend, the people said. lion in fees and subcontracted approaches,saying they aim to pany,GinkgoBioworks Inc., Other companies including Ab- proaches.This fall, doctorsare The Trump administration the bulk of the work. A4 avoid arepeat of July when hopes by the fall to createa bottLaboratories and public- concerned about apotential in early August set amid-Sep- demand fortesting led to long system that will use analyzers health authorities areaiming PleaseturntopageA6 tember deadline forByteDance World-Wide delays for results. the sizeofwashing machines forbroader Covid-19 diagnosis to sell itsAmerican operation. In aBoston lab wheretech- to process100,000 testsaday. and screening with large-scale  Sub-Saharan Africa masks Microsoftand Walmart nicians programmed yeast to ScientistsatSonoraQuest production of rapid antigen scope of crisis...... A6 PleaseturntopageA9  Companies are racing to bolster Covid-19 testing as schools reopen and flusea- son approaches, saying INSIDE Amazon-LikeMarketplace they aim to avoid a repeat of July when overwhelming demand for testing led to long delays for results. A1 DISNEY ForFarmersFacesHardRow  Thenumber of confirmed R coronavirus cases crossed FO 25 million globally. A6 GES IMA  A man was killed Satur- Agricultural suppliers undermine upstart Farmers Business Network

day in Portland, Ore., amid GETTY unrest that rocked the city BY JACOB BUNGE and-green flannel shirt, warned the audience after Trump supporters that big companies often sell seeds and her- clashed with violent pro- TTERMOLE/

CA OMAHA, Neb.—Inside a packed arena last bicide sprays at inflated prices, protecting testers, police said. A3 December, 2,700 farmers sipped coffee from their profits. FBN, he said, allows users to

 TheU.S.intelligence chief GARETH paper cups and listened to remarks on the compare prices across products and suppli- said his office will curb in- Midwestern economy: incomes down, costs ers, helping farmers negotiate. person briefingstoCongress OBITUARY PERSONAL JOURNAL up and bankruptcies rising. “It is critical that you have control,” said about security threatstothe ActorChadwick Teachersbrush up The speaker wasn’t a politician or an aca- Mr. Baron. 2020 election,saying he was Boseman’s work skills to reach students demic. He was Charles Baron, co-founder of FBN doesn’t have a lot right now. Some of concerned lawmakers had Farmers Business Network, or FBN, a Silicon the world’s biggest farm suppliers, including leaked classified materials. A4 shinedalightonBlack online as schools turn Valley startup that is trying to build an Ama- Bayer AG, Corteva Inc. and Syngenta AG history and culture. A12 to remote learning. A11 zon-like online marketplace for agricultural have refused to sell their brand-name seeds  Beijing’scrushing of Hong supplies. and crop sprays to the startup. Executives Kong pro-democracyforces Mr. Baron, pacing the stage in a black- PleaseturntopageA10 is injectingnew energy into Taiwan’s efforts to build up itsmilitarydefenses. A7 The Scariest Part of the Great  California’s firefighting Dow’sGap With S&P to Grow resourcesare already close Outdoors? A Brand-New Camper to the breaking point with months still to go until the iii BY MICHAEL WURSTHORN end of fire season. A5 Mishaps abound as city slickers escape 52-week performance  Atop aide to ShinzoAbe S&P500 Index TheDow Jones Industrial 20% was poised to enter the to nature; ‘I have never been so cold’ Averagehas struggled this race to become Japan’snext year to keep up with the gains leader and facethe country’s 10 of itsbroader counterpart, the economic challenges. A8 BY RACHEL WOLFE started googling,” Ms.Toal S&P 500,which has morerep-  Died: Chadwick Boseman, AND JENNIFER CALFAS said of howthe trio chose resentation from surging tech 0 43,“Black Panther” star. A12 their destination. But she left stocks.Changes coming to the Last summer,Samantha one crucial item behind. DowonMondaylikely won’t -10 Jones Toal spent her week- “Wehad made the decision help. DowJones CONTENTS Outlook...... A2 ends bar hopping with friends not to bring our sleeping bags That’s because the biggest Arts in Review... A13 Personal Journal A11-12 Industrial Average BusinessNews... B3,5 Sports...... A14 in the Boystown neighborhood because it wassupposed to be changeisApple Inc.’sstock -20 Crossword...... A14 Technology...... B4 of Chicago. This summer, ab- so hot out and we knew from split, which takes effect Mon- HeardonStreet... B10 U.S. News...... A2-5 sent manyopportunities to our research that weight is su- dayand slashes the tech com- Markets...... B9 Weather...... A14 have funinside,the 23-year- per important,” she said. They ponent of the price-weighted -30 Opinion...... A15-17 World News...... A6-9 old and two equally indoorsy slept in a tent, but didn’t an- Dowmorethan the addition of 2019 '20 friends went a few steps out- ticipate having to spend their newmember Salesforce.com Source:FactSet > side their com- firstnight in a Inc. boosts it. fort zone: valley where TheS&P 500’syear-to-date Data.Short-term rifts between track each other moreclosely backpacking 18 thetempera- increase in 2020 is outperform- the two benchmarks aren’t un- over longer periods. But this miles through turedropped ing the Dowindustrials by common, said Howard Silver- year has been markedly differ- theOzarks of precipitously. roughly 8percentagepoints— blatt, asenior indexanalyst at entdue to howthe pandemic s 2020 Dow Jones & Company, Inc. All Rights Reserved Missouri. Pleaseturnto thewidest gapsince1932, ac- S&P DowJones Indices,and the has deepened asplit within the “Wejust pageA10 cording to DowJones Market Dowand the S&P 500 tend to PleaseturntopageA2 P2JW244000-5-A00200-1------XA

A2 | Monday, August 31, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

| THE OUTLOOK By Nick Timiraos ECONOMIC FedTools Lose Some BiteAfter Shift CALENDAR

Tuesday: Privatesurveysof Nowthat Howthe federal-funds rate changedinthe last Differencebetween 10-year Treasury yieldand sodes in which interest rates purchasing managers from Asia, the Federal four downturns federal-funds rate beforeand afterthe lastFed can’t be loweredoncefalling Europe and the Americas are Reservehas rate cut to near zero.Ifthe central expected to showacontinued, formally codi- bank targets2%inflation and if patchy,increase in manufac- 1990 2001 2007-09 2020 1992 2003 2008 2020 fied changes consistently falls short, ex- turing activity during August, to itspolicy 12% 4 percentagepoints pectations of futureinflation with arevival in export orders framework to seek periods of will slide,making it much pointing to afurther recovery of higher inflation,the question 10 3 harder to achievethe target. supply chains thatweredis- is howtoachieveit. rupted by pandemic lockdowns. No one expectsits policy- 8 2 ed officials hope their The surveysare also likely to setting revamp to boost policywill help by in- pointtocontinued job losses growth right away. Unem- F world-wide, which would weigh 6 1 fluencing expectations ployment is above10%. The of futureinflation by inves- on the recovery. coronavirus pandemic is dev- 4 0 tors,consumersand busi- Thursday: U.S. applications astating broad swaths of nesses,thus avoiding the forunemploymentbenefits are commerce. 2 –1 monetaryblack hole that has projected to fall slightly in the But oncethe crisis recedes, hampered Europe forpart of week ended Aug. 29. Even so, the central bank will rely on the last decade and Japan for layoffsare likely to remain his- 0 –2 economic stimulus tools that most of the last two decades. torically elevatedamid continu- maybelesspowerful today 510152025303540 -2 -1 012345 678910 If investorsbelievethe Fed’s ing pandemic fallout. than they were when the Fed MONTHS AFTER THE RATE PEAKED YEARSSINCE LAST CUT wordsare credible,markets The U.S. trade deficit in used them last decade. Sources: Federal Reserve(interest rates);NomuraSecurities (difference) will expect alonger period of goods and services is expected Thepast six months have easier policy, increasing the to widen in July,reflecting arise shown that the Fedisfar the economyintoarecession describing the inflation and be the “critical determinant” amount of effectivestimulus, in demand foroverseas prod- from powerlesstoavert fi- in March. employment conditions that in whether the Fedmeetsits said former FedChairman ucts as the economyreopened. nancial panics by devising As aresult of the yearlong would need to be satisfied be- goal of ahigher trajectoryfor Ben Bernankeinaninterview. The Institutefor Supply newemergencylending back- review, the Fedhad already fore considering rate in- inflation. Thechanges take the Fed Management’ssurvey of ser- stops.This is different from essentially previewedits play- creases or aslowdowninas- TheFed’snew framework back to the 1930s and 1940s, vice-sector purchasing manag- providing stimulus that can book,reinforcing expectations set purchases. codifies two important when itsleaderswereani- ers is likely to showanother spur morelending and invest- of ratesthat would stay lower Still, officials have warned changes.First, it effectively mated by an emphasis on im- significantpickup in U.S. activity ment to support arecovery. forlonger. these tools could pack less raises the Fed’sinflation tar- proving the labor market. during August. Serviceindus- “The Fedisnever going to punch today because long- getbysaying the central bank “Bolstering jobs—moreso tries were especially hard-hit by saythe cupboardisbarebe- he flip side of itsag- term interest ratesare al- should take past misses of the than curtailing inflation— the Covid-19 crisis, but even cause that’salarming.But T gressiveaction this ready low. It is abig reason 2% target intoaccount and dominates the political his- with rapid gains, sector-wide they’vereached the area of spring is that itstools whyFed officials,who are seek periods of moderately tory of the Fed,” said Sarah output and employmentaren’t very rapidly diminishing re- maybeable to achieveless normally hesitant about wad- higher inflation to compen- Binder, apolitical scientist at likely to return to prepandemic turns,” said William Dudley, now. “The Fedisoperating at ing intoapartisan scrum, sate. George WashingtonUniver- levels forsome time. who waspresident of the the margins.That needs to be have issued morecalls for Second, officials won’t sity who wroteahistoryof Friday:U.S. employers are Federal ReserveBank of New recognized. If it’snot recog- elected officials and other raise interest ratessimply be- the Fed. expected to add morethan a York from 2009 to 2018. nized, thereisarisk people partsofthe government to cause unemployment rates Even with the changes,the million jobs in August, the Lewis Alexander, chief U.S. areoverinvested in what the provide economic support fall belowalevel estimated to Fedisgoing to be lesscapa- fourth straightmonth of histori- economist at NomuraSecuri- Fedcan do,” Mr.Dudley said. with changes to spending or put pressureonprices.Indo- ble of buffering the economy cally large gains acrossthe la- ties,said the public process Going forward, the Fedhas taxpolicy. ing so,they have set aside the from recessionaryshocks bor market.Economists caution to re-evaluatethe Fed’s indicated it will rely primarily That worryisshared by consensus that guided central than it would have been 20 or thattemporary governmenthir- framework already notched on thetwo tools—asset pur- economistsoutside the cen- bank policyfollowing the run- 40 yearsago, said David Wil- ing forthe census could raise an important victorybyshap- chases and guidanceabout its tral bank.Pimcoeconomists away inflation of the 1970s. cox, aformer Fedeconomist. the headline figurebyabout ing howinvestorsexpected policyplans—it used after Allison Boxerand Joachim Thenew policyhighlightsa He said he worries the types 250,000. Even with thatshort- the Fedtoreact to adown- cutting ratestonear zero fol- Fels, in areport Friday, said deficiencytheir old one con- of changes being introduced lived boost,employmentwould turn beforethe pandemic-in- lowing the 2007-09 recession. additional government spend- fronted in aworld with more will “only be very modestly remain well belowprepandemic duced economic shock threw This could take the form of ing or the lack thereof would frequent or extended epi- helpful.” levels.

ArevampedDow Jones Industrial Average Technology's influenceinthe U.S. WATCH 29000 would have charted asimilar path as its DowJones Industrial Average will shrink afterApple's sharesplit,even precursoroverthe course of the year. with the addition of Salesforce.com. KENTUCKY 29, had been with the depart- 28000 ment for three and a half years. DowJones Industrial Average DJIA sector weightings* KeyReport Filed in A second officer was shot in the leg. The Dowwith Apple 2020 including Apple's share Breonna Taylor Case The 43-year-old suspect was 27000 shares split, split and new indexadditions Salesforce.com, Kentucky’s attorney general taken into custody Sunday Amgen and has received a long-awaited FBI morning, police said. Honeywell Technology ballistics report in the fatal po- “This is a horrific reminder of 26000 24.3% lice shooting of Breonna Taylor. the dangers our brave men and Attorney General Daniel Cam- women willingly face everyday eron tweeted Sunday that there to keep us safe,” Mayor Lyda 25000 is additional analysis needed Krewson said. now that the report is in his Police Chief John Hayden said Health care hands. He has indicated the bal- the gunman ordered a family 24000 18.5% listics report was an important out of their home at gunpoint piece of evidence still needed in and barricaded himself inside for the investigation of Ms. Taylor’s almost 12 hours. 23000 killing by police on March 13. —Associated Press Ms. Taylor was shot several Industrials times by officers who went to PHILADELPHIA 22000 Largestpositiveand negativepoint her home with a search warrant contributions of theDJIA components, as part of a drug investigation. TwoChildren Killed in year to date Consumer Officers used a no-knock search Early-Morning Crash 21000 discretionary warrant to break down the door, Apple 1,413.8 points 14.1% and were met with gunfire from Adriver will face third-degree Microsoft 488.6 Ms. Taylor’s boyfriend. No drugs murder charges in acollision in Home Depot 468.6 Financials 20000 were found in the home. Philadelphia thatclaimed the lives Visa 193.1 —Associated Press of twoyoung children, policesaid. –235.8 Chevron Consumer Two vehicles collided in the –247.3 JPMorgan Chase staples MISSOURI Juniata neighborhood shortly af- 19000 –432.4 United Technologies Comm. ter 12:30 a.m. Sunday, and a –1,013 Boeing services PoliceOfficer Slain, driver fled the scene until the Energy 2% Second Is Shot car broke down. He and another 18000 man fled on foot but he was Jan. Feb. March April MayJune July Aug. 2015 ’16 ’17 ’18 ’19 ’20 Materials A St. Louis police officer who soon apprehended, police said.

*2020 figures as of Friday; The utilityand real-estate sectors aren't representedinthe Dow. was shot in the head while re- A7-year-old boyand a9-year- Sources: DowJones Market Data; S&P DowJones Indices (2020 sector weights) sponding to a shooting on the old boydied, policesaid. Their city’s south side died Sunday, mother wasinstable condition S&P DowJones Indices. aserious dent in the tech sec- mergerwith UnitedTechnolo- authorities said. and their father wasalso injured. Dow’s Gap Growth stocks in the S&P tor’sinfluenceinthe Dow. The gies Corp.overlapped with Officer Tamarris L. Bohannon, —Associated Press 500 have soared 25% this year committeethat manages the aerospaceand defense giant versus an 11% decline forvalue Dow, which includes editorsof Boeing Co.The substitution of With S&P shares.The outperformanceof TheWall Street Journal, which Honeywell International Inc.di- CORRECTIONS  AMPLIFICATIONS growth stocks has driven the is published by DowJones & versifies the Dow’sindustrial market-cap-weighted S&P 500 Co., apart of News Corp, stocks. To Widen up 57% from itsMarch 23 sought to rectifythe imbalance Thereare limitations to the Sleeping Bear Dunes Na- Wall Street Journal staff trough and 8.6% forthe year. by replacing Exxon Mobil Corp. Dow. Investorshavelong ques- tional LakeshoreisonLake membersare working re- TheDow tiltsmoretoward with Salesforce.com,along with tioned whyAmazon and Alpha- Michigan. An Exchangearticle motely during the pandemic. ContinuedfromPageOne value by having abiggerrepre- two other component swaps. bet aren’t included when they Saturdayabout tourism during Forthe foreseeable future, market along familiar lines: sentation of industrial, financial But those changes nudged represent the 21st century the pandemic incorrectly said please send reader comments growth versus value. and health-carestocks relative tech’sweighting up only to 24%. economy. Their hefty share it was on Lake Superior. only by email or phone, using Manytech and communica- to the S&P 500.Its price- Thedisconnect, forhowever prices would wreak havocon the contactsbelow, not via tions companies in the S&P 500 weighted structuredoesn’t usu- long it might last, isn’t amajor the indexbydrastically boost- Noticetoreaders U.S. Mail. aregrowthstocks,orthose that ally help matters,sincestocks concern, said Mr.Silverblatt. ing the weightingsoftheir cor- promise to deliver faster-than- with thehighest shareprice Afterall, the Dowisn’t meant to responding sectors. That under- Readers can alert The Wall Street Journal to any errors in news articles by averageprofitgrowthinthe fu- have the most influence. imitatethe S&P 500 or any scores why$31.5billion in emailing [email protected] or by calling 888-410-2667. ture. Morestaid businesses, Therun-up in Apple’sshare other index. Instead, the Dow’s assetsare linked to the Dow such as industrial and financial pricethis year has benefited construction is intended to em- through indexfunds versus companies,are ofteninthe both indexesand kept the gap ulatethe topofthe U.S. stock more than $11 trillion forthe THE WALL STREET JOURNAL value bucket and typically trade from widening even further. market,hesaid. S&P 500. (USPS 664-880) (Eastern Edition ISSN 0099-9660) at lowvaluation multiples. Shares of Apple have traded Take the inclusion of Sales- That hasn’t fazedsome in- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Technologystocks have been higher than the29other Dow force. Itsaddition not only vestorswho have hitched their Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 clear winnersduring the coro- stocks formuch of the year, pushed tech’sweighting in the portfolios to the Dow. Tim Published daily except Sundays and general legal holidays. navirus crisis.People arework- contributing morethan 1,400 Dowhigher,but it also diversi- Courtney,chief investment offi- Periodicals postage paid at New York, N.Y., and other mailing offices. ing from home,streaming mov- pointstothe index. And Apple’s fied the sector’s representation cerofExencial Wealth Advisors, Postmaster: Send address changes to The Wall Street Journal, ies and using social media to 70%gain sincethe end of De- by adding apure-playcloud said several clientshavesought 200 Burnett Rd., Chicopee, MA 01020. connect with friends and family, cember has pushed itsmarket company. When it came time to to followthe Dowbybuying All Advertising published in The Wall Street Journal is subject to the applicable rate card, hastening the adoption of tech capabovearecord$2trillion. decide what Salesforce would shares of a$23 billion ex- copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to in theireverydaylives.Those BeforeApple’s4-for-1stock replace, an energy stock was change-traded fund that tracks accept an advertiser’s order. Only publication of an advertisement shall constitute final changes in behavior have made split, tech stocks represented the obvious choice, Mr.Silver- the index, the SPDR DowJones acceptance of the advertiser’s order. big tech stocks among the few 28% of the Dow, on par with the blattsaid. Industrial AverageETF Trust. Letters to the Editor: Fax: 212-416-2891; email: [email protected] reliable betsduring acrisis that S&P 500.But some of itsother Similar thinking likely played “Some investorsthink Need assistance with your subscription? has upended most other busi- most powerful constituents out with the Dow’sother they’regetting betterexposure By web: customercenter.wsj.com; By email: [email protected] nesses. based on shareprice—Goldman changes.PfizerInc.has the low- to the broader economy, and By phone: 1-800-JOURNAL (1-800-568-7625) “With the economywehave Sachs Group Inc., Boeing Co. est sharepriceofthe 30 stocks youmight want to do that if Reprints &licensing: By email: [email protected] nowbecause of Covid-19 and and Caterpillar Inc.—aredown in the index, diminishing the youfeel likemarket weightings By phone: 1-800-843-0008 the differencebetween whether in 2020.And the Dow’smost in- health-caresector’s influence. in the other two indexeshave WSJback issues and framed pages: wsjshop.com companies areopen or not, fluential stock following the Ap- Itsreplacement, Amgen Inc., gone toofar,” he said. “They’re Our newspapers are100% sourcedfromsustainably certified mills. over the short term we could ple split, UnitedHealth Group booststhe sector’s heft. Mean- moreconcerned about valua- seeasignificant variancecon- Inc.,isupjust 6.9% this year. while, Raytheon Technologies tionssothey go to an area not GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS tinuing,” said Mr.Silverblatt, at Apple’ssplit would have put Corp.’sbusinessfollowing the so focused on growth.” P2JW244000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, August 31, 2020 | A3 U.S. NEWS Man Killed In Portland Amid Unrest

BY SARA RANDAZZO County Courthouse,asiteof AND SHAYNDI RAICE clashes between protestersand policethe week before. Aman waskilled Saturday On Saturday, thousands took in Portland, Ore.,amid unrest to the streetsinKenosha to that rocked the city aftera protest the policeshooting of caravanofTrump supporters Mr.Blake, according to local clashed with protesters, police news.The shooting of Mr.Blake said. sparked days of violenceand GES Policesaid they opened aho- property destruction in the IMA

micide investigation afterfind- lakefront city of 100,000.The ETTY ing aman who had been shot in city hasbeen relatively calm /G RD

the chest and killed around 9 sinceWednesday, with the pro- WA

p.m. local time.Portland Police teststhat have continued re- HO Chief Chuck Lovell said Sunday maining mostly peaceful. Presi- THAN

the caravanalready had cleared dent Trump plans to visit NA the downtownareabythe time Kenosha on Tuesdaytosurvey Portland, Ore., Mayor Ted Wheeler and Police Chief Chuck Lovell at City Hall on Sunday, a day after a man was shot dead. of the shooting but offered no the damage. otherdetails on the victim or AGetty images photopub- night cannot be repeated.” Theorganizer said that An hour beforethe Portland some protestersturned violent possible shooters. lished Sundayshowedthe man Aman who identified him- therewereantifa members killing,policehad warned resi- and tried to block roads and Protestshaverocked Port- who died in Portland wearing a self on thephone and on Face- blocking the main routeofthe dentstostayaway from down- threw thingsatthe caravan, land sincethe killing of George hat from the far-right Patriot book as AlexKyzik said he was pro-Trumpcaravan and some town as “a significant number while Trump supportersfired Floyd while in Minneapolis po- Prayer Group.The group’s one of the organizersofthe people veered off intodown- of vehicles” that were part of a paintballs and used bear spray licecustody on May25and leader,Joey Gibson, told The pro-Trump caravan. “The only town Portland, although he had pro-Trump caravanclogged against protesters, the Associ- have been given fresh impetus Wall Street Journal last year reason Iformed it wastosup- published calls on Facebook roadways,wherethey clashed ated Pressreported. by the policeshooting of Jacob that he began holding rallies in port our president and to keep asking people to stay away with protestersagainst police President Trump took to Blake in Kenosha, Wis.,onAug. Portland and other cities in praying forour country,” he from the downtownarea. brutality. Policesaid they ar- TwitteronSundaytocriticize 23.Violent clashes with coun- 2016 because he felt police said, adding that he had orga- Theman also said that the rested 10 people as officersre- Mr.Wheeler fornot asking for terprotestershaveadded alayer weren’t protecting protesters nized two similar caravans in person who waskilled Satur- sponded to scenes of fights, federal help in controlling of danger,highlighted by the from counterprotesters. Boise, Idaho,inthe last two daynight wasn’t amember of disturbances and collisions in clashes in the city. shooting deaths of two protest- Mr.Gibson told the Associ- months. his group.Hewouldn’t confirm the area. Thepresident also ers this past week in Kenosha. ated Pressvia text on Sunday (A crossreferenceofinfor- aname forthe man who was Still, it wasn’t known retweeted avideo of Trump In Kenosha on Sunday, that theman who died was“a mation indicated his real name killed. whether the killing wasrelated supportersheading intoPort- scores of demonstratorscame good friend and asupporter of is AlexKuzmenko, but aman Mr.Lovell said the police to the clashes.Policesaid they land, calling them, “GREATPA- outtoshowtheir support for Patriot Prayer.” who answeredthe phone num- hadbeen in touch with orga- were looking foreyewitnesses TRIOTS!” police, the Associated Pressre- Portland MayorTed Wheeler ber listed forAlexKuzmenko nizersofthe caravanand had and firsthand video. —Jim Oberman ported. National Guardtroops denounced the violenceSunday, insisted his name wasAlex urgedthem to stay on the high- Videos posted on social me- and Lee Hawkins arrivedSundayatthe Kenosha saying “the tragedy of last Kyzik.) way and avoid downtown. dia showedsporadic fights, as contributed to this article. Call to Arms in KenoshaDrew InterestofThousands

BY ERIN AILWORTH lab,analyzedanumber of so- surprised by the attention his cial-media poststhat called for Facebook event received. KENOSHA, Wis.—Worried people to take up arms Tuesday While Mr.Mathewson de- about escalating violence fol- night. He said it is oftenhard scribes the Kenosha Guardasa lowing the policeshooting of a to discern wheresomeone militia and himself as the com- Black man, former Kenosha Al- stands on the spectrum of mili- mander,hesaid that thereisno derman Kevin Mathewson on tancyand howsympathetic or formal group and that he was Tuesdayposted acall to arms connected he or she might be the only person behind the on the Kenosha Guardpageon S to acertain group or ideology. Facebook page, which gotlittle

Facebook that he created in PRES “On the one end, youmay attention until his Tuesday

June. TED have someone who sees them- post. He said he thought of the

Over the two previous OCIA selves as agun owner who be- pageasaway to getthe mes-

nights, Mr.Mathewson said he SS lieves they have acivic duty to sageout about Second Amend- had seen policeoutnumbered /A help local businesses,and on ment rights. “I’venever carried by crowdsattacking officers, theother extreme,irresponsi- arifle out in public before

looting and setting firesto SUN-TIMES ble gunownerswho arethere Tuesday, Ipromise youthat,”

businesses during protests GO to knock some heads and getin he said. “In this instance, it spurred by the Aug.23shoot- on the action if the opportunity made me feel safer.” ing of JacobBlake that was CHICA arises,” he said. Mr.Mathewson said that caught on aviral 21-second Michael German,aformer when he heardabout the video. Mr.Mathewson, a36- Federal Bureau of Investigation shooting the next day he was year-old married father of two LARIVIERE/ special agent, said another “sad and disgusted that some-

who bought his firstfirearm—a TYLER challengeisthat militantsoften body lost their life.” He added: rifle—at age18, wanted to en- Ex-Kenosha official Kevin Mathewson, left, and aBlack LivesMatteractivistcame face to face Tuesday. take advantageofthat ambigu- “I think Iwouldn’t be human if couragelocal gunownersto ity to obscuretheir extremism. Ididn’t feel some sort of step up that evening. other wounded. Prosecutors shooting Tuesday night. nosha on Tuesdaynight. Mr. “It’struethat thereare some pause,think…did Ihavesome- “I said, ‘Are therepatriots have filed chargesagainst 17- It is unclear whether the McGinnissdidn’t respond to re- regular citizens and business thing to do with it?” Mr. among us that arewilling to year-old Kyle Rittenhouse,an group Mr.Rittenhouse is seen questsfor comment. ownerswho think it’snecessary Mathewson said. “But I’m take up arms and defend our Antioch, Ill., resident whom in- with in social-media videos was “So, people aregetting in- to go out and protect my prop- pretty confident to say that I lives,homes,neighborhoods vestigatorshaveidentified as an ad hoc group of armed citi- jured…and part of my job is to erty,but they’renot operating didn’t have any role.” and businesses?’” he recalled the person seen in multiple vid- zens or something moreorga- also help people,” Mr.Ritten- in avacuum,” said Mr.German, He said Tuesday’sshooting of the Facebook event he eos carrying along gunand nized. In avideo posted by The house says in the 19-second nowafellowatthe Brennan occurred afterhewas at home posted, which he said began shooting at and scuffling with Rundown Live,aMilwaukee- clip.“If there’ssomebody hurt, Center forJustice. He said such for the night, asleep. racking up likes.Thousands pursuersthat night. basedindependent news and I’m running intoharm’sway. people need to realize“they are Facebook Inc.has desig- responded that they would be Lawyersfor Mr.Ritten- talk-radio program, the group That’swhy Ihavemyrifle be- taking actions that canbeasso- nated the Tuesdayshooting in attending, he said. house said in astatement that is described as amilitia by the cause Ineed to protect myself, ciated with the moremilitant Kenosha as amassmurder and It wasjust one of several the teen’sactions were in self- videographer. obviously,but Ialso have my or more racist groups.” removed Mr.Rittenhouse’s similar postsnow being scruti- defense against angryprotest- In another video by Daily med kit.” Mr.Mathewson said he sup- pagefromthe platform. Face- nized as policeinvestigatethe ers. Mr.Mathewson said he Caller reporter RichardMcGin- Afterthe Tuesdayshooting, portsprotestersand policere- book also removed the Kenosha Tuesdaynight shooting in doesn’t knowMr. Rittenhouse nissthat wasposted to Twitter, Andy Carvin, asenior fellowat form but remains concerned Guardpage, saying it violated a downtownKenosha in which or the people the 17-year-old Mr.Rittenhouse explains his the Atlantic Council think about the damagedone around newcompanypolicyabout dan- two people were killed and an- wasseen with beforethe presenceonthe streetsofKe- tank’sdigital forensic research Kenosha.Headded that he was gerous organizations. CitiesStrain to CollectTrash as Vo lumesRise and WorkersGet Sick

BY SCOTT CALVERT understood the griping.“You Piling Up lays as crewsscrambled to fin- expect everyweek,onthat day, ish routes.“Everything is just As moretrash is being generated,the number of 311calls about One Neighborhood The coronavirus pandemic is to getyour trash picked up,” taking longer than it normally trash and recycling collection has also increased in Philadelphia. snarling municipaltrash pickup she said. “It’sfrustrating forus Acts on Its Own would have,” Ms. Smith said. in several U.S. cities,sparking not to be able to meet the 311 calls fortrash and recycling collection, by week March 23 Thenumber of 311 trash complaintsfromfrustrated res- needs.” Stay-at-home order complaintssoared in July to identsasuncollected garbage Ms.Jones,55yearsold, said went into effect Some residents are taking 6,658, a 543% jump from July bakesinthe summer sun. she knewquiteafew sanitation 052,500 ,000 matters into their own hands. 2019,though this month’stally Theproblem stems in part workerswho battled Covid-19 On two occasions the is down compared with last 20,000 tons from thesheer volume of resi- butbelieved all had recovered. West Passyunk Neighborhood August. dential trash and recycling, Goingtowork wasscary,she Association in South Philadel- In Baltimore, so manysani- which is far higher than usual said. Trasashh colllleecctteedd,,bbywy weeeekk** phia has trucked trash and tation workerstested positive with so manypeople at home. “Inthe back of your mind, 15,000 recyclables in rented pickups forthe coronavirus in June Some cities arestruggling be- thereisalways worryand con- to a city facility, after waiting that, forthree weeks,the pub- cause manysanitation workers cern,” she said. “AmIgoing to in vain for municipal crews. lic-works department closed have contracted the virus,have take it home to my children, to 10,000 “Our streets looked like the operations center that had to quarantine due to possi- my spouse,tomymother?” the city was abandoned,” said serves the city’s east side,dis- ble exposureorhavebeen Theone-two punch of the James Gitto, the association’s rupting garbageand recycling afraid to go to work. pandemic beganhitting the president. “It’s a daunting collection. 5,000 “Both large and small cities Philadelphia StreetsDepart- task when you look out and Last month, afteremploy- have been experiencing this ment in March, when residen- there is trash everywhere.” ees had recoveredand re- double-whammyofincreased tial trash volumes rose after At its worst, he said, the turned to work,exhaustion wastevolume as well as staff- schools closed and manypeople 0 smell of rotten meat seeped and astring of 90-plus-degree ingshortages,” said David Bi- started working from home or Jan.April July Oct. Jan. AprilJuly into his home from trash days began taking atoll on derman, executivedirector and lost their jobs,said Scott 2019 2020 bags piled by the street, and mask-wearing workers, result- chief executiveofficer of the McGrath, who oversees sanita- at night he could hear cats ing in heat-related injuries and *Doesn't include recycling collected Solid WasteAssociation of tion services forthe city. Source:CityofPhiladelphia fighting over the spoils. other ailments, said Matthew North America, which repre- Sincemid-July,the city has Jessica Wang/THE WALL STREET JOURNAL Garbark, acting public works sentsmorethan 10,000 indus- collected roughly 14,800 tons of director. In addition, he said, tryprofessionals. trash aweek from houses and with 15% to 20% usually. The city is hiring 120 tem- Nashville hasn’t had staff- some employees have stayed Philadelphia and Baltimore small businesses,upfromabout Theresult: Trash and recy- poraryworkerstobolster a ing shortages but still has home out of fear of catching areamong the hardest hit cit- 10,700 tons weekly ayear ear- cling languishes curbside for collection staff that is usually grappled with increased resi- the virus. ies,though others, such as At- lier.Staffing issues emergedin days.And residentsaren’t around 900 workersstrong, dential trash volume,said On Thursday, Mr.Garbark lantaand Nashville,also are April and have persisted. About happy.SinceJuly 1, trash com- Mr.McGrath said. Thecity Sharon Smith,assistant public said thecity would suspend having trouble. 30% of the staff is nowout, he plaintsto311 areup90% com- also extended drop-off center works director.FromApril recycling pickup so workers Wanda Jones, aPhiladelphia said—whether due to Covid-19 pared with the same period hours. “We’reslowly catching through July, tonnage was up canplaceapriority on gar- sanitation supervisor,said she or other reasons—compared last year. up,” he said. about13%, causing some de- bage collection. P2JW244000-2-A00400-17FFFF5178F

A4 | Monday, August 31, 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 Protests Dominate Presidential Campaign

BY REBECCA BALLHAUS led city in Portland.” been shaped by theprotests AND ELIZA COLLINS “The president’sonthe side rocking the countryoverthree of lawenforcement and the months sincethe killing of Issues of racial justice, pro- rule of law, and he’sbeen very George Floyd,aBlack man, in testsand urban violencehave consistent in that,” Mr.Mead- MaybyMinneapolis police. takencenter stageinthe pres- owsadded. Those protestsgained new idential campaign as President Mr.Biden released astate- momentum afterthe police Trump and Democratic chal- ment Sundayafternoon calling shooting of Mr.Blake. lenger JoeBiden enter the fi- the shooting in Portland unac- Mr.Trump is expected to nal sprint to Election Day. ceptable—and blaming Presi- travel to Kenosha on Tues- Amid recent unrest in Wis- dent Trump forinciting the daytomeet with lawenforce- consin and Oregon sparked by violence. ment and survey damagefrom policeshootingsofBlack peo- “Wemust not become a recent protests, aWhiteHouse ple,Mr. Trump has accused countryatwar with ourselves. official said. Democratsoffostering an en- Acountrythat acceptsthe Ben Crump,anattorney for vironment of lawlessnessthat killing of fellowAmericans the Blakefamily,said Sunday has led to recent incidentsof who do not agree with on CBSthat the family hadn’t violence. you,” Mr.Biden said. “What been contacted by the White He has sought to makethe does PresidentTrump think House ahead of the president’s November election areferen- will happen when he continues visit. TheWhiteHouse de- dum on the question: Whowill to insist on fanning the flames clined to comment. keep the nation safe? of hateand division in our so- On Friday, Mr.Trump Mr.Biden, meanwhile,has ciety…? He is recklessly en- weighed in forthe firsttime accused the president and his couraging violence.” on theshooting of Mr.Blake, allies of inflaming tensions, Mr.Biden has also sought five days afteravideo of the focused on racial injusticeand event went viral. policemisconduct that cata- “Itwas not agood sight,” lyzedthe protestsand sought President Trump the president told reporters. to align his campaign with TheJusticeDepartment said peaceful protesterswhile con- has sought to put on Wednesdaythat it had demning violence. safety issues at the opened afederal investigation Thedebateintensified after intothe shooting of Mr.Blake. aman wasshot and killed late center of theelection. Mr.Biden issued astate- Saturdayinanother night of ment Tuesdaycondemning the violentturmoil in Portland, shooting. Ore. City policesaid acaravan He and his running mate, of Trump supporterstook to to turn the campaign debate Sen. Kamala Harris of Califor- the streetsand clashed with to abroader rangeofissues, nia, had an hour-long conver- protesters. including what he has called sation with the Blakefamily, Separately,inKenosha, Mr.Trump’smishandling of Mr.Blake’sfather,Jacob Blake Wis.,a17-year-old was the pandemic and the result- Sr., said on CNN on Friday. chargedThursdaywith six ing economic fallout. Republicanpoliticians dis- countsincluding first-degree Theweekend clash over cussing Kenosha in recent intentional homicide after protestsand violencecomes days have stopped short of GES prosecutorssaid he opened as thecampaign shifts into criticizing Kyle Rittenhouse, IMA fire on protesters, killing two high gear afterthe back-to- the 17-year-old chargedwith

ETTY people and wounding another. back weeks of political con- fatally shooting two men and /G That followedthe police ventions concluded on Thurs- wounding another amid cha- TT

PLA shooting in Kenosha on Aug. day. otic street clashes following 23 of JacobBlake—a Black While the coronavirus pan- Mr.Blake’sshooting.Mr. Rit- man who remains hospitalized demic has upended traditional tenhouse’snow-deleted Face- SPENCER and paralyzed—and several campaigning,both candidates book pagefeatured apicture S; nightsofviolenceand de- arelooking to battleground of him with the words“Blue PRES struction of property in that states forvisits. LivesMatter” framing it. city. Mr.Trump is expected to Mr.Trump declined, when ZUMA

S/ WhiteHouse chief of staff travel to North Carolina this asked, to comment on the case

NEW Mark Meadows, asked on NBC week.Mr. Biden, who in recent on Saturday. He has liked a on Sundayifthe president months has done very limited tweet calling Mr.Rittenhouse ABC

P: should bear responsibility for campaign travel, is scheduled a“good example of whyIde- TO recent violence, blamed Demo- to speak Mondayinsouth- cided to vote forTrump.” OM

FR crats. “Most of Donald western Pennsylvania on the TheWhiteHouse didn’t re- Former Vice President Joe Biden has accused the president and his allies of inflaming tensions and Trump’sAmericaispeaceful,” theme: “Are yousafeinDon- spond to arequest forcom- sought to align his campaign with peaceful protesters, while President Trump has accused he said, adding that the recent ald Trump’sAmerica?” ment on the president’sTwit- Democrats of fostering an environment of lawlessness that has led to recent incidents of violence. shooting was in a “Democrat- Campaign travel has also teractivity. Intelligence Briefings Small Firm Got Huge SBA Contract

To Congress Curbed BY YUKA HAYASHI WASHINGTON—Afederal BY DUSTIN VOLZ and makes it possible forin- small-businesspandemic emer- AND BRODY MULLINS formation to be concealed. gencyloan program that has “Being able to call them been criticized fordelays and The head of federal intelli- out, hold them accountable, fraud has focused attention on genceagencies said Sunday have them testifybeforeCon- the role of asmall consulting that his officewill curb in-per- gress, forces accountability,” firm that earned nearly $800 son briefingstoCongress California Rep.Adam Schiff million in fees and subcon- about security threatstothe said. Asked about issuing a tractedthe work to aunit of 2020 presidential election be- subpoena, Mr.Schiff said “that thenation’s largest mortgage cause of his concern that law- is certainly one of the tools” lender. makershad leaked sensitive Congress could use. Federal government con- classified materials to the Earlier,House Speaker tracting recordsshowthe public. NancyPelosi and Mr.Schiff is- Small BusinessAdministration John Ratcliffe, the Director sued ajoint statement criticiz- hasawarded at least $770 mil- of National Intelligence, told ing the moveas“ashocking lion to RER Solutions Inc. of FoxNewsthat he will continue abdication of [the intelligence Herndon, Va., to processloans to keep Congressinformed via office’s] lawful responsibility and grantsfor small businesses OL PO

written reports and will con- to keep the Congresscurrently affected by the coronavirus S

tinue to brief relevant con- informed, and abetrayal of pandemic under the SBA’sEco- PRES gressional committees. the public’sright to knowhow nomic InjuryDisaster Loan T/ OT

“Wewill do what is re- foreign powers aretrying to program, or EIDL.That is a SC

quired by law,” Mr.Ratcliffe subvert our democracy.” steep increase from a$10 mil- ERIN said. “What we won’t be doing Mr.Schiff wasasked if he lion contract the companyini- Small Business Administration administrator Jovita Carranza at a House committee hearing in July. is all-member briefings, to all or anyone on his staff had tially signed with the SBAin membersofthe House and all been responsible forleaking 2018. of EIDL went badly,leaving firstawarded acontract for RER Solutions wasoriginally membersofthe Senate. We classified information to the Thebulk of that loan-pro- hundreds of thousands of processing EIDL loans.The pro- given a$10 million contract by have tried that and the infor- media. “I haven’t; my staff cessing work wasthen subcon- small-businessowners“demor- gram expanded dramatically as the SBAin2018 to upgrade the mation hasn’t been protected.” hasn’t,” he said.But he said tracted to RocketLoans,aunit alized, confused and an- small businesses reeled from EIDL program as loan demand “Makenomistake, Congress that he “can’t speak for what of lending giant Rocket Cos., gered.” She says the program the economic impact of the rose following the 2017hurri- will be fully and currently in- allthe membersofthe com- which also owns Quicken hasimproved since. pandemic. cane season. It wasawarded formed as required by law,” mitteehavedone or not done, Loans,according to both TheEIDL program also came “Atatime of great need, our thecontract under the SBA’s Mr.Ratcliffe said. “But what including alot of the Republi- Rocketand federal officials, under criticism from the SBA’s team responded quickly to as- 8(a) program designed primar- we arealso going to do is pro- can members.” though itsname doesn’t appear inspector general, which in a sist the SBAinoverhauling the ily to assist small minority- tect information from getting Republicanlawmakers in anyofthe publicly available July report cited “pervasive pre-existing EIDL lending plat- owned firms. leaked for political purposes. played down the change. Sen. documentsonthe federal con- fraudulent activity,” pointing to form, which allowedthe admin- TheSBA’s Ms.Carranzaon It has just happened toomuch Ron Johnson (R., Wis.)said tractsawarding the work to morethan 5,000 instances of istration to processanextraor- April 17 approved raising the and I won’t stand for it.” SundayonCNN that “this is RER. suspected fraud from banks dinaryinflux of applications," RER’soriginal $10 million con- Themovebythe intelli- being blown way so out of Under the EIDL program, whereEIDL funds were depos- spokesman Aaron Emerson said tract to $600 million—without genceofficetorestrict con- proportion” because “weknow morethan 3.6million loans in astatement. Thecompany competitivebidding—as mil- gressional briefingshas fur- that foreign actors are trying worth $188 billion have been declined to comment on how lions of EIDL applications ther inflamed tensions to influence, trying to destabi- issued to datesincethe pan- Theloanprogram much it has earned through its flooded in. between the Trump adminis- lize our political system.” demic,inaddition to $20 bil- subcontract. In an SBAinternal document tration andCapitol Hill over Florida Sen. MarcoRubio, lion in grantsto5.8 million came under criticism Thework being done by justifying the contract modifi- congressional access to topof- the acting Republican chair- companies,according to the from theSBA’s both companies has attracted cation without open bidding, ficials,and concerns the White man of the Senatepanel, of- SBA. congressional scrutiny. The senior SBAofficials said that House maybeplaying down feredsupport forMr. Ratc- TheSBA is the administrator inspector general. House Select Subcommitteeon without such an increase,the possible challenges to the in- liffe’sdecision lateSaturday, of the program, which is sepa- the Coronavirus Crisis,along SBAwould “suffer serious in- tegrity of the November vote. saying it wasthe result of “the rate from the SBA’sbetter- with theHouse small business jury” and negatively impact Democratssignaled on Sun- willingnessofsome to commit known $670billion Paycheck panel, have been reviewing the “millions of Americans and the daythat they would challenge federal crimes forthe purpose Protection Program, where ited in customer accounts. RER contract. economyasawhole.” They also the decision and may seek to of advancing their electoral banks and other financial ser- Theinspector general esti- “Recent reportsabout the said outsourcing savesthe cost issue asubpoena to intelli- aims.” vicescompanies act as inter- mated that about $250 million EIDL program raise questions of hiring thousands of workers. genceofficials demanding they The decision to restrict in- mediaries in assessing appli- in loans and grantshavegone aboutwhether RER Solutions Thedocument wasposted on appear beforethe intelligence person briefingsisadeparture cantsand processing loans. to businesses that could be in- and Rocket Loans have pro- GovTribe,aprivatedatabaseon committees,and hold them in from precedent. Lawmakers Groups representing small eligible. vided adequateservices to SBA government contracting. contempt if they don’t comply. and their staff members typi- businesses saythe EIDL loan ErrinGreen, chairman and and the millions of small busi- Ms.CarranzainAugust ap- TheDemocratic chairman cally prefer livebriefingsfrom program has been plagued by chief executiveofRER,declined nessseeking EIDL funds,” Rep. proved further increasing the of the House IntelligenceCom- the agencies they oversee, so delays.Karen Kerrigan,who to comment. James Clyburn (D., S.C.), chair- contract’spotential limit to mitteesaid SundayonCNN they areable to ask follow-up heads Small Business&Entre- Aspokesman forRocket man of the select panel, and $850 million, of which $770 that the movecould allowthe questions and press adminis- preneurship Council, an advo- Loans confirmed the company Nydia Velazquez(D.,N.Y.) wrote million has already been ap- Trump administration to re- tration officials on issues they cacy group,told House law- has been working with RER in alettertoSBA Administra- proved forpayment to the duce congressional oversight deem important. makers in June the execution since2018,the year RER was torJovitaCarranzaonJuly 30. company. P2JW244000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | A5 U.S. NEWS Pandemic Upends California’s Lawmaking Process

BY CHRISTINE MAI-DUC adjourn for the year on Mon- home orderswereissued in covers arenow fixturesin AND ALEJANDRO LAZO day, bill wish listshavebeen March. “I’m not convinced that meeting rooms,only ahandful slashed by legislatorsand lob- being comfortably home in my of which arelarge enough to SACRAMENTO,Calif.—Ev- byiststofocus on the most ur- PJsrendersthe same results.” support social distancing. eryAugust, lobbyistsheretyp- gent issues.Marathon negotia- Of morethan 2,200 legisla- “Politics is an in-person ically zip between lawmakers’ tions on policynow happen by tiveproposals introduced at craft,” said Assemblyman Da- offices or park themselves in phone or video chat, and even the beginning of the year,only vid Chiu, aDemocrat from San the halls of the state Capitol, fundraisershavegone virtual. about 600 remained by early Francisco. “You have amuch seeking to shape bills that Some lawmakershavepartici- August. That is abouthalf the bettersense of the issues that passinthe closing days of the pated in legislativesessions number the body typically con- matterwhen yousee how legislative session. from home or district offices, sidersduring the final weeks of manypeople have come to a JOURNAL

But this year, the coronavirus including 10 of the state Sen- itssession, said Chris Micheli, rally, when you’re lobbied on REET ST

pandemic has upended the Cali- ate’s 11 Republicans after one aveteran businesslobbyist. an issue.” LL

fornia capital, with most staff of them tested positivefor Sinceseveral legislatorsand In a letter to leaders of the WA

andadvocates working from Covid-19,the disease caused staff tested positivethis sum- California LegislatureinJune, THE

home as access to the building by the coronavirus,following a mer, in-person debatehas re- the InstituteofGovernmental R has greatlydiminished. There- caucus meeting last week. sumed but membershavebeen Advocates, alobbyist associa- FO TH sult is astriking shiftinthe way “I am twitchyabout not be- allowedonly one aide in the tion, said some of the proto- laws aremade in the nation’s ing in that crowded, tense,hot Capitol aday,and the public is cols adopted by the Legisla- SMA WIS

most populous stateand hallway,” said Jennifer Fearing, barred except to observespe- turewere“serious U LG

world’sfifth-largest economy. alobbyist who has steered clear cificproceedings. Plexiglass, impedimentstoeffectivepub- SA With the Legislature set to of the statehouse sincestay-at- caution tape and microphone lic access and advocacy.” Safety protocols have made in-person lobbying rare in Sacramento.

Acresburnedinmajor California fires 1.00 million

0.75

0.50

0.25

0 1990 2000 ’10 ’20

Note:For fires of at least5,000 acres that caused propertylossordestroyed structures. 2020 fires through Aug. 27. Source:CALFIRE Wildfires Stretch Fighters’ Capacities

BY ALEJANDRO LAZO

SANFRANCISCO—With months still to go until the end of fire season, California’sfire- fighting resourcesare already close to the breaking point. In just the firstmonth of theAugust-December period when California typically expe- riences itsmost destructive blazes,itiscontending with the second- and third-largest wildfires in statehistory,both of which were 35% contained on Friday. Last weekend, 96% of theCalifornia Department of Fire and Forestry’savailable engines were working or en route to emergencies. With fire crewsoverworked and inmateteams on which the staterelies reduced because of coronavirus quarantines in prisonsand early releases, backup has been requested as far away as Australia. Federal OUR BOXES ARE fire officials have asked univer- sities to allowseasonal fire- fighterswho arestudentsto start fall classes two weeks late so they cankeep working in 100% RECYCLABLE California. National Guard troops have been trained as fire crewsand their aircrafthave been converted intoair tankers. “This could really be just thestart hereinCalifornia, AND what we’reseeing now,” said Brian Fennessy,chief of the Or- angeCounty Fire Authority. “That’saprettyscary thought.” Firefightersare warning 100% RECYCLED that large blazes similar to the ones this monthcould flareup again in the fall, particularly in Southern California, be- cause of predicted high tem- peratures and strong Santa Ana winds that cancause fires to grow and spread quickly. EVERY DAYWESAVE “The potential forlarge fire is going to be well above nor- mal in October,November and December,eveninSeptember,” 85,000 TREES said MattShameson, ameteo- rologist with the U.S. Forest Service in Riverside. “It’s go- ing to be hotterand drier than normal and we will start get- ting some winds in October.” Recruiting enough federal, PLEASE USE 100% RECYCLED PACKAGING! stateand county firefighting teams has proved difficult dur- ing apandemic,though Cal Fire wasable to successfully fill and train 850 positions this Sincerely, year.Nevertheless, in August, some of the worstfearsfor fire officials were realized when 10,000 GREEN multiple largeinfernos broke out simultaneously because of aseries of lightning storms MANUFACTURING JOBS Anthony Pratt unusual forthis time of year. Chairman of Pratt Industries & Morethan 700new wild- The Pratt Foundation fireshaveburned morethan 1.3 million acres, primarily in Northern California. Seven people have died in the fires Pratt Industries is one of the largest corrugated boxmanufacturers in the United States. and nearly 2,100 structures were destroyed as of Friday. Our 100% recycled boxessave money and save the environment. Gov.Gavin Newsom warned recently that the scale of this www.prattindustries.com month’sfires wasstretching the state’s resources thin. P2JW244000-0-A00600-1------XA

A6 | Monday, August 31, 2020 THE WALL STREET JOURNAL. WORLD NEWS Sub-Saharan AfricaMasksScope of Crisis

Reticentgovernments, lack of testing capacity Countries Suppress fuel countries’ claims Data on Outbreaks of beating coronavirus Some countries have gone GES Theglobal effort to to greatlengths to ensure IMA thwart the coronavirus has a thatinformation on coronavi-

vast blind spot: sub-Saharan GETTY rus testing isn’tshared. The

Africa. SE/ governmentofEquatorial In Tanzania, the govern- Guinea expelled WHO repre- ment outlawedcoronavirus sentatives, accusing them of

ANCE-PRES falsifying newvirus cases af- By Nicholas Bariyo FR terannouncing its out-

in Kampala, Uganda, ENCE break wasover. When Bu- and Joe Parkinson AG rundi’s55-year-old in Johannesburg president, PierreNkurunziza,

MCBRIDE/ died in June, his autocratic testing and declared itsna- government said the cause tional outbreak defeated, even ALEX wasaheart attack,but diplo- S; as hundreds of people died mats and medical profession- monthly from unexplained re- PRES als saytheybelieve he was

spiratoryproblems.Last TED the world’sfirsthead of state month in Zambia, 28 people CIA to die from Covid-19. SO

died at home in asingle day AS Tanzanian authorities with Covid-19-likesymptoms closed a local newspaper af- while waiting to be tested. In ter it published a picture of South Sudan, government INGANGA/ President John Magufuli at a forces barricaded thousands of crowded fish market in April, in BRIAN

people inside refugeecamps, P: violation of social-distancing claiming they were infected TO rules announced by his gov- OM

but refusing to conduct tests. FR ernment. Another local televi- Alack of testing capacity, Truckers, above,weretestedontheir wayintoKenya from Tanzania in June, while protectiveboots were dried in South Sudan in May. sion station had its license sus- limited access to data and se- pended in July after it reported cretivegovernmentsacross and shrinking the continent’s an alert from the U.S. Embassy Africahavemade it appear as newly minted middle warning of an elevatedcorona- if manyofthe world’smost class. Therisk is compounded virus risk. Alaw introduced in impoverished econo- by fearsthat African countries July prohibits citizens from dis- mies have avoided the worst maybeforcedtowait for cussing infectious diseases on- effectsofadisease that has Covid-19 vaccines given pro- line without governmentap- killed at least 830,000 peo- ductionconstraintsand the proval. ple world-wide.But the plight scramble among wealthier Zambia began testing by of manyofsub-Saharan Af- countries to secure supplies. late February,but the heavily rica’s one billion people is ef- “Weare fighting this dis- indebted nation has struggled fectively invisible to global au- ease in the dark,” said Stacey to expandits facilities, Zam- thorities trying to gaugethe Mearns, senior technical ad- bian officials and health ex- severity of the pandemic. viser of emergencyhealth at perts said. The country of 18 The paucity of data—com- the International Rescue Com- million has conducted binedwith reportsfromsev- mittee. “The world doesn’t re- 100,000 tests, but pleas from eral nations of spikes in ally knowthe scale of the dis- the Treasury,which spends deaths from respiratoryill- ease on the continent.” one-thirdofits revenue ser- nesses—is raising fearsthat a Dataonthe virus’sspread vicing debt to lenders includ- silent epidemic could be rag- acrossAfricaiswoefully limited. ing China and the Interna- ing in partsofthe conti- Sub-Saharan Africa’s46nations tional Monetary Fund, for nent.Official coronavirus have conducted atotal of 6.3 emergency funding have cases in sub-Saharan Africa million coronavirus testsfor a largely been rebuffed. have doubled in the past population of one billion, sig- month to more than one mil- nificantly lessthan the number lion, but the official death in the stateofNew York,which opia—meaning that datafrom scale-up of diagnostic testing a$1testing kit that produces esttestsinthe world,accord- rate—at 20,000—remains sig- has 8.3million inhabitants. the rest of the continent is is critical in response efforts resultsinlessthan 10 minutes ing to the World Health nificantly lower than those of African nations average perilously scarce. to contain the pandemic.” areunder way in Senegal and Organization, at 63 per one less-populous Europe and the around 5,000 testsper one “There is asignificant un- Themost granular dataand Ghana, which have used 3-D million people,beforeit U.S.,according to World million people,according to dercount of coronavirus cases proactiveeffortstocontain the printerstoproduceventilators. stopped providing interna- Health Organization data. datafromthe African Union, in Africadue to insufficient virus on the continent have But acrossswaths of the tional bodies with test data. The World Bank says these compared with nearly 500,000 testing,” said Farouk Um- come from ahandful of demo- continent, the true scale of the Shabir Madhi,aprofessor of unknowns could prevent Afri- testsper one million people in aru, director of global public craticgovernmentsthat have virus is unknown. South Sudan vaccinologyatthe University of caneconomies from reopening the United Arab Emirates and health laboratoryprograms at mobilized public and private has tested 15,000 of its12mil- the Witwatersrand in Johannes- fully foryears, aggravating an 200,000 in the U.S. Three Pharmacopeia, aWashington- sectorstogiveaclearer sense lion people.Several countries, burg, said the testing figures economic emergencythe quarters of tests in sub-Saha- based nongovernmental organ- of trends. South Africahas con- including Niger,Eritrea and acrossAfricaweresoincom- United Nations has warned is ranAfricahavebeen con- ization that advises the U.S. ducted morethan 3.5mil- Guinea, have each carried out pletethey were meaningless. “It already pushing tens of mil- ducted by four nations—South government on medical stan- lion Covid-19 testsfor its60 fewer than 10,000 tests. Tan- doesn’t quantifythe true magni- lions of people intohunger Africa, Kenya, Ghana and Ethi- dards and licensing.“Rapid million people.Trials to develop zania has conducted the few- tude of circulation of the virus.”.

to grow,said BrettGiroir,the Labs Push Trump administration’stesting Global Virus Cases coordinator,and the U.S. should have morethan 90 million cor- To Speed onavirus testsavailable in the month of September compared Surpass 25 Million with 25 million done in July. Test Efforts TheU.S.’sgrowing testing ca- pacity is adequate, he said, but BY DAN STRUMPF canAirlines Group Inc.and isn’t enough forevery Ameri- United Airlines HoldingsInc. ContinuedfromPageOne cantoregularly gettested. Thetotal number of con- warned of potential layoffs to swell of people with respiratory One major lesson from July: firmed coronavirus cases come. symptoms who might seek test- Thelab-based molecular tests crossed 25 million globally, a In California, the pandemic ing to figure out which virus that comprise the bulk of the grim milestone that came even is taking atoll on the ability of they have,stressing capacity U.S.’s current testing infra- as the pace of new infections firefighterstocontain the andsupplies of components structurecan’t scale fast in the U.S. has fallen from a state’s raging wildfires, as re-

needed forboth tests. GO enough to keep up with large recent peak. cruiting enough firefighting

“I see this likeusramping GINK surgesindemand. That makes TheU.S.continued to lead teams during the health crisis up as anation afterPearl Har- Ginkgo is planning amethod to look at anumber of samples at once. additional forms of testing the world in the totalnumber has proved difficult. Federal bor wasbombed,” Emily Volk, key,some pathologistsand of cases.OnSaturday,the fire officials have asked uni- president-elect of the College in part because most flutests and preparing additional test- public-health officials say. countrylogged47, 161 new versities to allowstudents of American Pathologists, said. rely on thesame components, ing options.ByLabor Day, the At Sonora Quest, Chief Ex- cases,the sixth straight dayof who work as seasonal fire- “I think right now, it’sthe equipment and personnel as companyexpectstohavethe ecutiveDavid Dexter formed a higher case tallies, according fighterstostart classes late, calm beforethe storm with Covid-19 tests, pathologistssay. capacity to run185,000 plan in lateJune to expand the to datacompiled by Johns while National Guardtroops the fall flu season.” Around 30 componentsfeed Covid-19 molecular testsaday, number of Covid-19 teststhe Hopkins University.That have been trained as fire Dr. Volk, senior vice presi- into aCovid-19 test, said Eric which is 60,000 morethan the companycould processto bringsthe totalnumber of crews to help battle blazes. dent of clinical services at Blank,anofficial at the Associa- capacity in mid-July,she said. 15,000 aday from 6,000— cases to 5.96 million, roughly a Hawaii, meanwhile, contin- University Health System in tion of Public Health Laborato- Asignificant increase in de- which waslowerthan usual quarter of the world’s total. ued to report an uptick in SanAntonio,said she is push- ries.Ashortageinone of the mand and supply-chain con- because of limited reagent Thenumber of newcases is cases,logging an additional ing the lab’ssupplierstoen- componentsholds up capacity. straintsinearly July meant supplies.When he presented up from a recent low point of 310 on Saturday. Thestate had suretherewill be enough Asurge in demand fortest- LabCorp’saverage turnaround his idea to statehealth offi- just under 35,000 cases on been one of the most insulated swabs and transport liquid— ing in July as the newcorona- time forresultsbriefly shifted cials and executives at one of Aug.23, but it is well below from Covid-19 because of its for flu and Covid-19 tests. virus spread in the South and to four to six days,but is now the lab’sparent companies, the recent peak of more than relative isolation and manda- Flu season complicates West of the countrystrained one or two days,aspokes- they urgedhim to boost ca- 77,000 newdaily cases re- tory 14-dayquarantine.Hawaii Covid-19 testing efforts,public- capacity and led to weekslong woman said. It is expanding pacity to 60,000 within the ported in mid-July. had fewerthan 2,000 cases of health officials say, because capacity as equipment and next two months, he said. The U.S. reported 969 new Covid-19 between March and both ailmentscan have similar supplies areavailable,she Thelab hired 200 additional deaths,bringing the total lateJuly,one of the lowest in- symptoms likefever andfatigue, The seven­day added, and preparing forflu staff membersand built new number of deaths to 182,779, fection rates in the nation. It along with other viruses such as and Covid-19 testing. equipmentastesting demand according to Johns Hopkins has reported morethan 5,500 respiratorysyncytial virus. average of new daily Some states have revised surged. By early August, the data. in the past month. Teststhat detect several tests in the U.S. was criteria forwho should be pri- companyhad cleared abacklog Although the U.S. has Elsewhere, cases ticked pathogens such as the fluand oritized foratest, which, along that had grownto65,000 tests logged the largest cumulative higher. South Korea reported Covid-19,called multiplextests, 696,886 as of Friday. with long wait-times,has the month before, and short- number of cases, other coun- 299 newcoronavirus cases, areslowly coming to market tamped down demand. The ened turnaround timestoone tries arereporting higher bringing thetotal number of andmight help doctorsavoid CDC dialed back guidelines for to three days from aweek or rates of infection. infections to 19,699,according diagnostic trialand error. who should be tested, saying more.SonoraQuest cannow India, forexample,isre- to the KoreaCentersfor Dis- Companies including Salt delays forsome test results, closecontactsofthose with handle about 30,000 testsaday portingthe highest rate of ease Control and Prevention. LakeCity-based BioFireDiag- stymying containment efforts. confirmed cases don’t neces- and expectstomeet agoal of newdaily cases.OnSunday Two more patients died, rais- nostics received emergencyap- Thevirus spread fast as sarily need to gettested if they 60,000 by mid-September. morning,the countryreported ing the death toll to 323. The proval foratest that detects states reopened beforehitting don’t have symptoms.The To turbocharge U.S. testing 78,761 new cases of coronavi- number of daily cases has several pathogens,inaddition to public-health checkpoints—and agencydidn’t saythe guideline capacity,some biotech and life- rusinthe preceding 24 hours, stayed in the triple digits for amultiplextest from the Cen- as some Americans refused to waschanged as aresult of ca- sciencecompanies aredevelop- the highest single-dayin- more than two weeks. ters forDisease Control and wear masks.Effortstoexpand pacity concerns. ing newtesting methods that crease,taking the totalcon- New Zealand recorded two Prevention.San Diego-based testing capacity couldn’t keep Caseshavefallen in states canprocess thousands of sam- firmed cases to 3,542,733, ac- newcases,asthe prime minis- Quidel Corp., which is ramping pace, supply-chain constraints that had outbreaks earlier in ples simultaneously.Ginkgois cording to the Ministryof terannounced alifting of up production of itsCovid-19 persisted and big diagnostic the summer and the total planning to use technologythat Health and Family Welfare. strict lockdown measures in rapid antigen test, which looks companies,including Quest Di- amount of testing done de- looks forthe virus’sgenetic ma- It reported 948new deaths Auckland, the country’slargest forvirus proteins,aims to intro- agnostics Inc.and Laboratory clined. Theseven-day average terial in alarge number of sam- due to the disease, with total city.Some restrictions will re- duceatest that checks forcoro- Corp.ofAmericaHoldings, or of newdaily testsinthe U.S. ples at once. It is one of several deaths at 63,498. main from midnight Sunday, navirus antigens and the fluby LabCorp,werequickly over- was696,886 as of Friday, companies that received fund- TheU.S.continues to brace however, including capping so- the end of next month. whelmed with demand. down from 812,260 amonth ing through aNational Insti- forlasting economic damage cial gatheringsat10people Supply shortages persist for Aspokeswoman forQuest earlier,according to the Covid tutes of Health competition as aresult of the pandemic. and limiting visits to nursing chemicals needed to process says the companyiscontinuing Tracking Project. meant to speed up the develop- Several big U.S. companies,in- homes to protect the city’s tests, and arelikely to continue, to coordinatewith itssuppliers Testing capacity continues ment of diagnostic technologies. cluding Coca-Cola Co., Ameri- most vulnerable residents. P2JW244000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | A7 WORLD NEWS China Threat Puts Taiwan On Defensive

Beijing’scrushing of pro- goal of assimilating Taiwan democracyforcesinHong can’t be put off indefinitely. Kong has deepened Taiwanese Mr.Xi’smoves to undercut fear and resentment of China’s Hong Kong’spartial autonomy Communist Party,injecting and silencedissent, in defiance newenergy intothe island de- of Western criticism, have mocracy’seffortstobuild up stoked concern among Taiwan- its military defenses. ese that their democracyisthe In recent weeks,Taiwanese next target, local lawmakerssay. President Tsai Ing-wen has un- ManyTaiwanese followde- veiled her self-ruled island’s velopmentsinHong Kong largest-ever militarybudget closely,“and we’relike, ‘Wow, andpledged closer security so this is howitfeels likewhen cooperation with the U.S. and youlose democracyand free- other democracies, as Beijing dom,’ ” said Freddy Lim, an in- dependent lawmaker who ad- /REUTERS

By Chun Han Wong in vocatesTaiwanese nationhood. NG

Hong Kong and Joyu As aresult, he said, “Taiwan’s WA

Wang in Taipei determination to defend itself ANN reached ahistorical high.” Soldiers attended an Aug. 23 event in Kinmen, Taiwan, honoring Taiwanese troops killed in a 1958 Chinese artillery bombardment. enforcedanew national-secu- TheCommunist Party has rity law in Hong Kong and sought to gain control over sivere-election victory, Ms. chancetowait forthe U.S. conducted militarymaneuvers Taiwan sinceMao Zedong’s Tsai laid out astrategyfor Islanders’ Wariness pressed support for the Hong military to assist.” in the Taiwan Strait. forces seized poweronmain- bolstering deterrence against Kong protest movement. Ms.Tsai’sruling Democratic “After Hong Kong,Taiwan land Chinain1949and drove China built around improving Of Neighbor Grows In a June survey, the Tai- ProgressiveParty accused Mr. stands increasingly on the front Chiang Kai-shek’sNationalist the island’sability to wage wanese Public Opinion Founda- Ma of denigrating anddemor- lines of freedom and democ- government to retreat to the asymmetric warfare. tion found that about 76% of alizing Taiwan’smilitary. racy,” Ms.Tsai said on Thurs- island.Beijing committedtoa Taipei in August said de- Growing fear of Chinese en- respondents felt pessimistic Beijing appeared to back day. Taiwan is strengthening its policyof“peaceful unification” fense-related spending would croachmenthave lentmoreur- about Hong Kong’s future. Mr.Ma’sclaims.Aday after defenses,she said, because “we in 1979,and has offered to as- jump roughly 10% to 453.4 bil- gency to PresidentTsai Ing- Now that China is treating the topU.S.health official knowthat in terms of our cur- similateTaiwan under the “one lion NewTaiwan dollars($15.4 wen’sgoal of strengthening Hong Kong just like a mainland concluded ararehigh-level rent situation, strength canbe country, two systems” frame- billion) next year. Its de facto Taiwan’sdefenses. region, “surely it will treat us U.S. visit to Taiwan,the Chi- correlated with deterrence.” work applied to Hong Kong— envoy to Washingtonsignaled A survey conducted this the same in the future,” said nese military’sEastern The- Militarytensions have while stressing that amilitary plans to buy moreAmerican spring by Taipei’s Academia Si- Michael Chen, a 62-year-old re- ater Commandsaid it has been climbed in the region, with takeover remains an option. arms that canhelp Taiwan’s nica, a state-funded think tank, tired Taiwanese entrepreneur conducting combat drills in China’sPeople’sLiberation Beijing’sclampdown on 215,000 soldiers, sailorsand found that some 73% of re- who ran an electronics busi- the Taiwan Strait and warned Armyrecently conducting pa- Hong Kong representsanill airmen punch abovetheir spondents rejected the notion ness in southern Guangdong the U.S. against encouraging trols and combat exercises the omen forTaiwan because it weight against China’stwo- that “the mainland Chinese province, which borders Hong Taiwanese independence. Chinese militarysuggested shows Mr.Xifeels lesscon- million-strong military. government is Taiwan’s friend,” Kong. “If I knew things would These drills showthat the were intended as awarning to strained by global opinion Ms. Tsai has been pushing up from 58% a year earlier, turn out like this today, I would “PLA is capable of launching a the U.S. and Taiwan. This past than his predecessors, some forstronger ties with the U.S., while more than two-thirds ex- have never invested there.” full scale attack and capturing week, Beijing denounced the observers said. Taiwan’smost important unof- the island within hours,” leav- U.S. forsending aspy plane “For the longest time,China ficial ally and arms supplier. ing the U.S. military with “no over one of these drills while wasverymeticulous in caring On Aug.23, she appeared warned against effortstopur- forwarmer ties with Beijing, time to react,” Hu Xijin, chief thePentagon voiced concern about itsinternational image, alongside the de factoU.S.en- sue “Taiwan independence.” said it wasfolly forTaiwan to editor of Communist Party over the PLA’s recent firing of and wanted to maintain the im- voy to Taipei at aceremony Risingtensions have fueled think it could withstand aChi- tabloid Global Times, said on ballistic missiles intothe con- ageofapeaceful rising power,” honoring Taiwanese troops debateinTaiwan about whether nese attack long enough for Twitter. tested South China Sea. said Derek Grossman, asenior killed in a 1958 Chinese artil- moves to build up the military the U.S. to intervene. Under the 1979 Taiwan Re- Beijing has sought to defense analyst at Rand Corp. lerybombardment of the Kin- and movecloser to Washington The Chinese military’s Tai- lations Act, the U.S. is commit- squeeze Ms.Tsai’sgovernment “I’m not really sureifthat ap- men Islands,just over amile makesense in the faceofwhat wanstrategyisbuilt around tedtoselling defensiveweap- with economic and military plies anymoreunder Xi.” off mainland China. some local politicians describe the notion that “the first bat- onry to Taipei and must treat pressureunder Chinese leader Therisk of armed conflict Beijing’sTaiwan AffairsOf- as overwhelming odds. tle is the final battle,” Mr. Ma threatstothe island as amat- Xi Jinping,who has reinforced in the Taiwan Strait is lowbut fice accused Ms.Tsai’sgovern- Former Nationalist Party said in a recent speech. “This terof“graveconcern,” though Communist Party control rising, Mr. Grossman added. ment of “leaning on foreign Chairman Ma Ying-jeou, who means,onceinitiated, the bat- the lawdoesn’t specifyhow around the country’speriphery In her second inaugural ad- powers to increase provoca- wasTaiwan’spresident from tle must be finished in a very Washingtonshould respond to and declared that the party’s dressinMay,following adeci- tion.” TheChinese military 2008 to 2016 and advocated short time,and youhaveno a Chinese attack.

TheEssential Leadership Playbook

Forthe past fiveyears,David M. Rubenstein—visionary cofounder of The CarlyleGroup andhostofThe DavidRubenstein Show— has spoken with theworld’s highest performingleadersabout who they areand howtheybecamesuccessful.

Now, in hisessential leadership playbook HowtoLead,heillustrates theprinciples andguidingphilosophies of theworld’s greatest game- changers—JeffBezos, Warren Buffett, Bill Gates, Ruth Bader Ginsburg, Phil Knight, OprahWinfrey,and many others—through illuminatingconversations abouttheir remarkable livesand careers.

“Afeast of Rubenstein’sinimitable interviewswithmanyofour nation’s most accomplished leaders…pepperedwithpowerful lessons in howtocompete andthriveinthe most demandingenvironments.”

—SUSAN E. RICE, former US Ambassador to theUnitedNations andNational Security Advisor

“Rubensteinisanexpertonleadership.Reading this invaluable trove of advice from thegreatestleaders of ourtimeislikesitting in an armchair andlistening to themasters reveal theirsecrets.”

—WALTER ISAACSON, #1 NewYorkTimes bestsellingauthorof Leonardo da Vinci and SteveJobs

“Rubensteinshareshis unparalleled accesstomanyinfluential leaders...Q&Asessionsthatprobethe natureofeachindividual’s success andhis or herlegacy...Readers will want to keep apen handy.”

—BOOKLIST (starred review)

Available nowinhardcover, ebook, andaudiobook editions. P2JW244000-6-A00800-1------XA

A8 | Monday, August 31, 2020 ****** THE WALL STREET JOURNAL. WORLD NEWS Abe’sRule ShowedCentral Bank’sLimits BiggestInvestor A top aide to Japan’s on itspick in mid-September. The Bank of Japan's shooting the 2% target four HiroshigeSeko, minister of On Sunday, Yoshihide Suga,a holdings of Japanese yearsago, with little effect. economy, trade and industry prime minister is topaide to Mr.Abe,was poised governmentbonds as Mr.Abe’scritics sayhe until last year,said ashiftto expected to enter the to enter the race,according to percentage of the total failed to addressstructural technologyshould be at the public broadcaster NHK. problems such as adeclining core of anew growth strategy. race to replace him Mr.Suga, 71 yearsold, 50% population and onerous gov- “The government needs to served as acabinet minister in ernment regulation in order to raise the flag forareal push BY ALASTAIR GALE arole resembling chief of staff 40 boost growth potential. With- towardsdigitalization,” he said. AND MEGUMI FUJIKAWA forthe entireperiod of Mr. out those changes—which Mr. Likemanyother countries, Abe’ssecond stint as prime Abe termed the “thirdarrow” Japan has takenablowfrom TOKYO—Japan’snextleader minister,fromDecember 2012 30 of Abenomics—BOJpolicy the pandemic.Its grossdomes- will faceaquestion manyother to the present, and would be wasn’t enough, they say. tic product fell 7.8% in the sec- countries arenow grappling likely to pressonwith Mr. 20 Instead, some analystssaid, ond quarter of 2020 from the with because of the coronavi- Abe’s policies. monetarypolicy—the firstar- previous quarter.Central banks ruspandemic: Howmuch can One of the most important row—dominated, while the arestepping in with newmea- central banks do to pull econo- of those policies has been to 10 second arrow of government sures,such as the Bank of

mies out of adeep malaise? achievesteady inflation as a OL spending wasdeflected by tax Japan’s decision to double its PO

ShinzoAbe,who said Friday way of stimulating avirtuous S 0 increases. holdingsofstock funds and the

he would resign afternearly cycle of higher investment and PRES 2012 ’14 ’16 ’18 ’20 Thepandemic has high- Fed’s program to buy corpo- eight yearsinofficebecause of spending.The Bank of Japan ShinzoAbe leaned on the Bank lighted Japan’srelatively low rate bonds.Atthe same time, illness, leaned heavily on the set atargetof2%inflation and of Japan to steady inflation as a Note:figureasofMarch of each year. productivity compared with central bankersare making it BankofJapan’saggressive bought trillions of dollarsin waytotry to stimulate spending. Source:Bank of Japan theU.S., caused in part by a clear they don’t see themselves monetaryeasing in his “Abe- government bonds to getthere. slowtransition to the digital as the primarydriversofre- nomics” plan to revivethe It mostly hasn’t worked. including the U.S.,that are “a quitedifficult macroeco- age. Manycompanies and gov- covery from the pandemic. economy.Corporateprofits and While prices arenolonger fall- leaning on their central banks nomic contextoflow interest ernment departmentsstill de- “It is the government’srole the stock market surged, yet ing,inflation both beforeand to help recover from the pan- rates, lowinflation, relatively pend on paperwork,faxes and to prevent the spread of infec- growth wasgenerally sluggish. after the pandemic has been demic. lowproductivity,slowgrowth in-person meetings, making it tions and bring it to an end. It Theruling Liberal Demo- barely above zero, and many On Thursday, the Federal and those kinds of things.” harder to operateduring social is also up to the government to cratic Party,which controls the young Japanese have no expe- Reserve signaled it wanted in- Japan has been dealing with distancing and quarantines. compensatefor declines in pro- choiceofasuccessor because rienceofsteadily rising prices. flation to rise modestly above all of those problems sincethe Mr.Abe said Fridayhehad re- duction, wagesand consump- of itsmajority in Parliament’s That experiencecarries im- its2%target,reflecting what 1990s—and the BOJ already gretsabout Japan’ssluggish tion,” Bank of Japan Gov.Har- lowerhouse,isset to decide plications forother countries, Chairman Jerome Powell called set the same goal of over- adoption of technology. uhikoKuroda said in March. WORLDWATCH

IRAN mourning the seventh-century garded safetymeasures, but the killing of one of Shiite Islam’s main rally still took place. Government Scales holiest figures. Iranians instead Coronavirus skeptics area Back Major Holiday gathered in open areas, with minority. Amedian of 73% of most wearing masks and spaced people across14advanced na- Iran on Sunday allowed thou- several yards apart, although tions polled by the PewRe- sands of its Shiite faithful to some mourners in Tehran gath- search Center between June and gather for one of the Islamic ered in proximity, many without Augustsaid their country had sect’s most important holidays, masks. done agood job fighting the vi- as authorities try to preserve a —Aresu Eqbali rus. In Germany, apoll forGer- sense of normalcy amid high man broadcasterZDF published Covid-19 infection rates. GERMANY Fridayshowed88% viewedcoro- Iran has struggled to contain navirus measures as adequate the pandemic, which has killed Berlin Demonstrators or insufficientwhile 10% more than 21,000 people in the DenounceVirus Curbs thoughttheywereexcessive. country. Rather than keep Iran But the eclectic frontofcon-

locked down, the government Tens of thousands of pro- spiracy theorists, libertarians, S

has sought to balance public- testers occupied the center of far-rightactivists and other dis- PRES health concerns without stran- Berlin, the German capital, for contents thatwas represented gling an economy battered by the second time in amonth on at the Berlin protestcould pose TED OCIA

U.S. sanctions. Saturday, denouncing pandemic achallenge to nations scram- SS

That tension has become pro- restrictions in defianceofgov- bling to get the pandemic under /A

nounced around the holiday of ernments thatare battling are- controlbeforethe winter. MUS CA

Ashura, an annual day of mourn- surgenceininfections. The Pewstudy showeda T ing for the world’s Shiites. Iran In the early afternoon police median of 48% thoughtthe pan- UL

canceled the traditional street brokeupamarch through Ber- demic had deepened divisions in THIBA processions that typically show- lin’sMitte district after tens of society. CLIMB: Spectators watched the Tour de France’s second stage, a mountainous stretch through southern case chest-beating marchers thousands of protesters disre- —Ruth Bender France. Many are heeding pleas to watch the action on TV. The race finishes in Paris on Sept. 20.

Succeed in theSearch

Complimentary Online Event|Tomorrow 12:00–4:00 P.M. EDT

Join us at the inaugural WSJJobs Summit.Ifyou arenewly graduatedand fresh to the job search, amid-career changer,orrecently unemployed, this eventwill offer essential guidancetonot only navigate,but excel, in today’sjob market.

Through panels and workshops hostedbyWSJ editorsand reporters,you’ll take away advicefromcompanies in hiring mode such as ZipRecruiter, Lockheed Martin and Etsy.

REGISTER

This online eventiscomplimentary to all membersand their friends and family.

RSVP to tomorrow’s eventat WSJ.com/JobsSummit

©2020DowJones&Co., Inc.Allrightsreserved. 6DJ8003 P2JW244000-5-A00900-1------XA

THE WALL STREET JOURNAL. ***** Monday, August 31, 2020 | A9 WORLD NEWS As Belarus Staggers, It Leans on Moscow

BY GEORGI KANTCHEV On Thursday, Mr.Lukash- enkosaid his government was The long rule of Alexander in discussions with Moscow, Lukashenko, the embattled itslargest creditor,onrefi- president of Belarus, has left nancing a $1 billion payment, hiscountryeconomically de- statenewsagencyBeltare- pleted and reliant on Russia, ported. largely trappedinits Soviet- Sensinganopportunity to erapast and likely bound to strengthen Russia’sinfluence, Moscow formanyyearsto the Kremlin says it is discuss- (2) come. ing the request. Mr. Putin has

Mr.Lukashenko, Belarus’s also warned European coun- JOURNAL president for26yearsand a tries from interfering and as- REET

close ally of Russian President sembled aspecial security ST

Vladimir Putin, has presided team to shore up the Belarus LL

over a top-down political and government if it appearsclose WA

economic system that he to toppling. THE R

tightly controls,with much of Russiahas long viewedBe- FO the economystill in the hands larus,which is around the size PINA

of the state. of Kansas,asanimportant OS Now, as popular anger with buffer between the heartland

Mr.Lukashenkoboils over into andthe West that must stay FERLEY large-scale protests,some fear under Moscow’s control. Na- Venezuelans try to return home from Colombia. Many, after losing livelihoods abroad due to coronavirus lockdowns, walk most of the way. that even if the president does poleon and Hitler each at- fall, the country’seconomic tempted to invade Russia weaknessmeans Russia’sle- through Belarus,and the coun- verage over itsneighbor will tryisamajor transit routefor MigrantsWho Fled Venezuela only grow. Russian oiland gastoEurope, “Russia has always been the Moscow’s largest energy mar- lender of last resort, and now ket. Itsfertile plains arean we find ourselves again at the important source of grain. StruggletoReturn in Pandemic mercy of Russia because On Thursday, Mr.Putin there’snobody else to turn noted in atelevision interview to,” said Kateryna Bornukova, that some 90% of Russia’sagri- academic director of Beroc, a cultural importscome from Be- BY JOHN OTIS “Weare urging Venezuelan Minsk-based think tank. larus.“We aren’t indifferent to migrantsnot to travel,” said Belarus has been slowerto what happens there,” he said. CHOCONTÁ,Colombia—Hag- Juan FranciscoEspinosa, head escape itspast than most other Mr.Lukashenko’sgovern- gard and hungry, Nelson Tor- of Colombia’simmigration ser- countries in the old Soviet ment is warning street pro- relles took amidmorning vice. “This is not the time to be bloc.Some key sectorsare con- testersnot to go toofar and breather at atruck stop after moving around. It’sthe time to trolled by the state. State-con- risk losing Russia’s economic walking forhourswith his wife be taking care of one another.” trolled enterprises arerespon- support, both in trade and in and 5-year-old daughter along But 39-year-old Jackson Al- sible foraround 50% of gross credit lines. aColombian highway leading varado,likemanymigrants, domestic product and 75%of “Considering that coopera- back to their home in Venezu- says he has no choice. industrial output, according to tion with Russia forms over ela. Threehundred moremiles, Afterlosing his job uphol- a2018 World Bank paper. 50%ofgross domestic prod- manytobecovered on foot, re- stering furnitureinLima, Peru, At the same time,average uct, approximately half of that mained. he began the 2,160-mile jour- wagesofaround $400 amonth amount will be immediately TheTorrelles family are ney back to Venezuela with his lag far behind those next door gone from our balancesheet,” among the five million Venezu- wifeand infant son. They se- in Poland and Lithuania. That ValeryBelsky, Mr.Lukash- elans who have since2014 fled cured just three truck rides hasadded to the anger felt by enko’saide forfinancial and their country,escaping hunger, during their nearly three hundreds of thousands of pro- credit affairs, told state news crime,unemployment and an months walking acrossmoun- testerswhen they took to the agencyBeltalast week.“Living authoritarian regime.More tains,jungle and desert. The streetsafter Mr.Lukashenko standards will dip at least by than 100,000 of these migrants flimsy plastic wheels on their claimedvictorythis month in the same percentage.” have opted to return to Venezu- stroller kept breaking. apresidential election, the lat- To modernize, the Belaru- ela sinceMarch, when corona- Forthe Alvarado family est in anumber of votesthat sian economyhas to diversify virus lockdowns shatteredthe Restrictions on the Venezuelan border have createdabottleneck in members, their travels came to critics sayweremarred by ir- away from Russia, some ana- lives they were rebuilding in Colombia. Peggi Piñerostays at acamp in Cúcuta waiting to get home. atemporaryhalt in the Colom- regularities. lysts say. Colombia, Peru and other Latin bian border city of Cúcuta, one Russia’srole in the Belarus Meanwhile,said Ms.Bornu- American countries. joint. His landlordevicted the ing Venezuela. of the main crossing pointsinto economylooms large.Last kova at the Minsk think tank, Manyreturnees have set off family forfalling behind on Some good Samaritans still Venezuela. Fearing returnees year,Russia bought 42% of Be- “the economic situation is un- on foot, pulling roller suitcases, rent. Likemanyofthe return- insist on helping the migrants. could spread coronavirus,the larus’sexports, mostly agricul- raveling in crisis mode.” pushing shopping cartspiled ees,heand his wife, Betania Authorities ordered Martha Venezuelan government allows tural produceand trucks.In high with their belongings, and Torrelles,plan to ride out the Duque to close the shelter she only about 1,000 aweek back return, Minsk gets 100% of its GDP per capita, pleading forfood and rides pandemic with family and has runout of her house in the intothe countryand sometimes natural gasand most of itsoil adjustedfor inflation along the way.What awaitsin friends back in Venezuela Colombian town of Pamplona. blocks the flow altogether. from itsenergy-rich neighbor. Venezuela is morehardship— where, bad as thingsare,at “These people need loveand Therestrictions on the Ven- $20,000 Russiahas tried to expand state-runquarantine centers least he won’t have to payfor understanding,” said Ms. ezuelan side of the border have the two countries’ current cus- Lithuania forreturning migrantsand, lodging. Duque,who admittedshe still created abottleneck on the Co- toms and security agreements Poland oncereleased, the daily strug- But it has been the wrong opens her doors, on the sly,toa lombian side wherereturnees, foryears, and both have been Latvia gle to securefood in acountry time to be on the road. Return- few of the most vulnerable.“I by the time they reach the working toward closer politi- 15,000 widely considered ahumanitar- ees walk much of the journey can’t bear to see ababy sleep- frontier,havenearly runout of calintegration intowhat Mos- ian disaster. because quarantines and travel ing outside in the rain.” food and money.Some wait cow calls aUnion State, “I wanted to stay put in Co- bans have eliminated most Thereare other dangers. Ve- weeks forpermission to cross though negotiations have Russia lombia to build abetterfuture long-distancebus service. Mo- hicles have struck and killed back to their homeland. stalled as Mr.Lukashenkohas 10,000 formydaughter.But we have torists, fearing infection, tend migrants. Therehavebeen re- With sheltersclosed, about resisted Belarus being fully ab- to go back,” Mr.Torrelles said to ignorehitchhikers. What is portsofdriversraping women. 1,500 migrantshavebuilt a sorbed into itslargerneighbor. in the Colombian potato-farm- more, government officials Some have gotten lost and died sprawling camp out of tree Thecurrent turmoil has Belarus ing town of Chocontá, athree- have closed sheltersand soup of hypothermia while trying to branches and plastic sheeting, largely cutoff Belarus’saccess 5,000 daytrekfromhis starting point kitchens nowconsidered high- take shortcutsthrough the wherethey cook over open to foreign funding.The Belaru- of Bogotábut two mountain risk sites forcoronavirus. mountains,human-rightsactiv- fires, bathe in fetid puddles and sian ruble has slumped to re- ranges away from his Venezue- “Ifyou have ashelter with istssay. defecatebehind bushes.The cord lows against the U.S. dol- lan hometownofAcarigua. 100people sleeping right next To help them to stay put, encampment, which sitsnextto lar and some 90% of itsdebt is 0 When Colombia’seconomy to each other,itcould become a some stateand local govern- the border bridge, is so denominated in foreign cur- 2000 ’10 ’19 closed down in March, Mr.Tor- health tragedy,” said Victor mentsinColombia arehanding crowded and dirty that health rencies,making it harder to relles,30, lost his job waiting Bautista, thetop border official out groceries and urging land- officials warn that it could be- repay. Source:World Bank tables at aBogotábarbecue in the Colombian stateborder- lords not to expel migrants. come avirus hot spot.

Thenew Chinese restric- International Businessand and restricted technologyex- TikTok’s tionshighlight the extent to Economics professor Cui Fan, portsalso specified newre- which TikTok, a breakout so- told Xinhua that ByteDance strictions on laser technology, cial-media hit—especially with owes its success internation- cryptography, chip design and U.S. Deal younger U.S. users—has been ally to China’s domestic tech- other high-tech categories. thrust intoageopolitical con- nologyprowess and providing Thecontinuing conflict be- test between the U.S. and updated algorithms to firms tween the U.S. and China, Stumbles China over the futureofglobal overseas is a form of technol- which earlier in the Trump ad- technology. ogyexport. That meansthat ministration wasfocused on China’smovetogivethe no matter who is the new op- tariffs, has increasingly come ContinuedfromPageOne government asay in the out- erator of ByteDance’sinterna- to focus on technology. have been working together, come is an attempt to level the tional business, therelikely In addition to TikTok,the and Oracle has been joined by playing field with the U.S.,and will be some cross-border WhiteHouse has targeted a ByteDance investors General could affect other Chinese com- technology transfer, he said. growing number of Chinese Atlantic, Sequoia Capital and panies,some of the people said. ByteDancesaid on Sunday technologycompanies,namely Coatue Management LLC. “We’reseeing geopolitical that it wasaware of the new Huawei Technologies Co. and “Weare studying the new tension between the U.S. and restrictions and will “strictly Tencent Holdings. regulations that were released China, and we are in the mid- comply with” China’sregula- Over the past two years, the Friday,” ByteDancegeneral dle of that,” TikTok’s interim tions on tech exports. U.S. government has cam- counsel Erich Andersen said. head, Vanessa Pappas, said in Thecomment in official paigned to blacklist Huawei’s “Aswith anycross-border an interviewwith the “Today” Chinese media and the new 5G technologyglobally—with transaction, we will followthe showbeforeChina announced rules in part appear to mirror increasing effectiveness—citing applicable laws, which in this its new restrictions. U.S. regulations that limit security risks associated with case include those of the U.S. Those involved in discus- technologytransfer in mergers itsties to the Chinese govern- and China.” sions on a potential sale said involving U.S. companies and ment.The Trump administra- Thetalks arefar from being they don’t yethaveacomplete foreign buyers. tion has curbed Huawei’s access scuttled, but the latest devel- understanding of howChina Theupdated list of banned to foreign-made chips,squeez- opmentsdomakeclear that will enforce the strictures, ing itsability to source parts. China plans to keep as close a whichwereunveiled by the Tencent’smessaging app watchonany potential deal as country’sministries in charge WeChat, which serves as a the Trump administration. of commerce and science and crucialbridgebetween U.S. President Trump and other technology. businesses and the Chinese U.S. officials have raised the They coversuch computing market, faces the same effec- specter of privacyand national- and data-processing technolo- tiveban as the TikTok app,on security concerns over TikTok’s gies as text analysis, content national-security grounds. datacollection in demanding recommendation, speech mod- Tencent has said that the that itsU.S.operations be sold eling and voicerecognition. president’sorder appearsto

or that it faceaban. Technologies on the list can’t be S only apply to the international

TikTok has said it hasn’t exported without alicense from PRES version of WeChat, meaning and won’t sharedataonusers local commerce authorities. most of the app’sbusiness

with the Chinese government. On Saturday, China’sofficial ZUMA would remain intact. Huawei ByteDancehas sued the U.S. Xinhua News Agencyquoted a A/ said this year it “has never and INHU

government in federal court, government trade adviser as /X will never do anything that saying it protectsuser dataand saying ByteDanceshould study would compromise or endan- challenging an executiveorder the new export list and “seri- YING gerthe security of networks NG

from Mr.Trump that would ef- ously and cautiously” consider WA and dataofits clients.” fectively ban the video-sharing whether or not it should halt U.S. officials have raised privacy —Miriam Gottfried, app if abuyer forits U.S. oper- its sales negotiations. and national-security concerns Eva Xiao and Liza Lin ationscan’t be found. Theadviser, University of over the app’s data collection. contributed to this article. P2JW244000-0-A01000-1------XA

A10 | Monday, August 31, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

motion inside the tent and was the rate of previous years. The Ohio resident Olivia Pandemic horrified to realizeshe had left app saw 150% growth in daily LaBenne sat in the pouring rain the tent flap wide open. active users in May. with her girlfriend forthree “AsIapproached somewhat An April 2020 survey from hoursafter she failed to set up Camping Is cautiously to investigate, Iwas campsiteoperator Kamp- their canopy correctly and it stunned: Isaw alarge bird grounds of America, Inc.found collapsed under the weight of poking and pecking around in- athirdofleisuretravelerswho the consistent showers. Challenge side.” had never been camping said “Ifthe fellowcamperswere Thebirdhad probably been they were intrigued by the idea. to playthe game ‘One of these attractedtothe trail mix they “It literally is the only way doesn’t belong,’ Ithink it ContinuedfromPageOne had left open, Ms. Wang said. youcan vacation at abeautiful would be pretty obvious that “Let’sjust sayIhavenever “Dumb move, Iknow, but I place, at adecent cost and lit- it wasme,” said the 23-year- been so cold in my life,” Ms. never expected that this would erally control 90% of your old, who says she also made Toal said. happen so quickly.” variables,” said MargaretBai- the mistakeofpacking 18 out- Forthose whose wilderness (In upstateNew York,a ley,senior vicepresident at fits for a three-day trip. résumésare limited to stintsas Wall Street Journal reporter CHM Government Services, Forsome,nature extends childhood rock collectorsor and first-time camper set up whichtracks hospitality and only as far as the nearest flush spectatorsof“Survivor,” the atent on asmall farm that al- recreation-industrytrends. toilet. Damini Dhawal, ready greatoutdoorsisnow one of FU lows camping and wasawoken “It’salmost likecomplexity foranew adventureasshe ar- VID

the few viable vacation options. DA by aHighland calf jumping on and chaos has bred simplicity.” rived at aWisconsin campsite Suddenly,bears, bugsand bad David Fu, left, during his first camping trip, in upstate New York. top of the tent.) Jacques Lowe,anEagle with her husband, 12-year-old sleep arenolonger big-enough Hipcamp,which arranges Scout who went camping for daughter and newly purchased drawbacks to outweigh the mosquitonet to wear while work and abusy life, 32-year- reservations foroutdoor stays, the firsttime in five years, tent, quickly discovered unap- chancetoleave home. sleeping in his hammock and a old startup founder Christine said it has seen three times chose not to set up the outer pealing campsitebathrooms. David Fu,a27-year-old foldable camping chair.But, Wang “hadn’t been in any- theamount of bookingsthis layeronhis tent so he could She found asolution: agas Brooklyn resident who de- aftergetting blisterswhile thing even remotely resem- summer compared with last. enjoythe starswith his camp- station a mile away. scribeshimself as “veryon- wearing his “worse forthe blingthe wildernessinyears Between March 1 and August fire beside him. Disaster “Weended up going to the line,” joined agroup of friends wear” leather bootshiking, before this summer.” 1, 29.2% of National Park visi- struck when rain began to restrooms there,” the 42-year- for his first camping trip this thevideo editor plans to in- Figuring the pandemic was tors who responded to a cus- pour and wind blewembers old said. “My husband’slike, monthupstateinPhoenicia, vest in newfootwear forany the perfect opportunity to es- tomer survey from Recre- into his tent. ‘Oh, youjust did 90% of camp- N.Y. It took some convincing, futureoutings. “I didn’t really cape the “concretejungle” of ation.gov said they were there “I wasnow the proud ing.I’m like, ‘Yeah, giveme but the promise of good food modify for the trip,” he said. SanFrancisco, she ventured forthe firsttime,compared owner of adirty,muddy tent time,we’ll makeitto100% and beautiful scenerywas Beyond bringing the wrong outside Colorado’s Great Sand with 25.3%during the same filled with burnt holes,” said next time.’” She also visited the enough to get him mostly un- clothing and camping gear,a Dunes National Park to set up period in 2019.AllTrails,ahik- Mr.Lowe,a26-year-old medi- gasstation forother necessi- pluggedfor the weekend. “I lot can go wrong when sleep- camp with her partner.Their ing trails and maps database, calstudent who wasroadtrip- ties: at 2:30 a.m., toocold to was really skeptical,” he said. ing under the stars. firstday,after returning from a reported that people arehit- ping back to school from Cali- sleep,she sneaked over fora To prepare, Mr.Fubought a Thanks to the demands of quick hike, Ms.Wang noticed ting the trails at three times fornia to Illinois. quick decaf coffee to warm up.

In an interview, Mr. Boden Farming said Syngentaisn’t opposed to online retailing,but that stores provide serviceand ad- Startup vicethat ensurefarmersuse Syngenta’spesticides and seeds properly. Selling pesti- Hits Bump (2) cidesthrough approved dis-

ORK tributors makes sure farmers don’tget watered-down, inef- NETW

ContinuedfromPageOne S fective crop sprays, he said. say traditional stores remain FBN’sMr. Baron said the central to their business. companyhas sold Syngenta BUSINES Major farm retailersand chemicals purchased from bro- wholesalers have urged farm- kers and they were not faulty RMERS

ersand supplierstoavoid the FA or mishandled. platform, in some cases circu- In early 2018,FBN began lating letters and emails warn- discussions to acquireYorkton ing that FBN’sgoal is to JOURNAL; Distributors, aSaskatchewan-

gather and secretly sell data REET based farm supply store, as a on crops and farms.Mr. Baron ST potential launchpad forFBN’s LL

says it doesn’t. WA nascent Canadian business. And after FBN purchased a The40-year-old retailer sold THE

Canadian agricultural supplier R seed and pesticides made by in 2018,some large farm-sup- FO companies including Bayer, ply companies stopped provid- Corteva and others. ing their productstothe busi- GINNIS Beforethe purchase,FBN MC

ness, leaving FBN unable to KC executives said, they talked to sell them. That maneuver : some manufacturersthat sold sparkedaninvestigation by LEFT productstothe company, mak- OM

Canadian regulators, which is FR ing sure they would continue ongoing. Workers load products at a Farmers Business Network facility in Newton, Iowa. The startup was founded by Amol Deshpande, above to supply the Canadian busi- Low-cost, web-based com- right, and Charles Baron, who got to know each other in previous jobs in San Francisco’s tech scene. Neither grew up on a farm. ness. panies have upended retail, groceryand other American Crops and Shops in aletterthat FBN wasn’t do- industries over the past two ing anything different than the Business model decades,offering consumers The costsassociatedwith planting an acreofcorn have roughly doubledinthe past20years. Most typical farmer-owned retail “No one indicated they’d be an array of choices in products agricultural supplies aresold through farming cooperatives and independentstores, along with a operation. disfavorable,” Mr. Baron said. at low prices with speedy de- handful of major retail chains.FarmersBusinessNetwork has attracted userswho want to “FBN just does it with little FBN announced itsdeal for livery. Thecoronavirus pan- compareand buy agricultural supplies online. overhead and without return- YorktononMarch 27,2018, demic has accelerated the phe- Corn production costsFAgricultural retailers by 2018 BN membership† ing anyprofits to youthe saying that theacquisition nomenon,pushing more U.S. market share [producer], while lining the would let FBN sell name-brand shoppers online. Seed Fertilizer 12,500 pocketsof[investors] and big seed and pesticides to Cana- The$40 billion U.S. farm Chemicals Other* data companies like Google.” dian farmers. supply business is aholdout. Co-ops Mr.Baron said that FBN Four days later,Patrick FBN wantstochangethat, un- $360 per planted acre 10,000 doesn’t sell farmers’ datato Bergermann, head of agricul- dercutting bricks-and-mortar Independents other companies,and only ture forFederated Co-opera- retailersonpriceand deliver- 300 Nutrien shares dataifdirected by tives Ltd., a competing Cana- ing supplies directly to farm- farmers. dian seed and pesticide 7,500 ers. Itsbattles,involving some 240 Helena ACHS spokeswoman said retailer with $7 billion in an- of the industry’sbiggest play- local farm retailersbenefit nual sales,sent an email to ag- ers, show how hard it can be. Growmark from relationships among ricultureindustryofficials,ac- 180 5,000 farmers, salesmen and other cording to court documents. Wilbur- Ellis adviserswho knowthe land He warned that FBN would Local knowledge 120 andwork in their communi- underminethe industry’sex- Bigseed and chemical sup- Pinnacle 2,500 ties.“That wastruein2016, isting businessmodel, harm- plierssay they have done 60 and it’sevenmoretruetoday,” ingboth farm retailerslike nothing improper. Executives CHS she said. Federated and manufacturers say they need to control who of crop seeds and chemicals. 0 SimplotRetail 0 they allowtosell their prod- “How our key manufactur- uctstomakesurefarmers 1996 2000 ’05 ’10 ’15 ’19 01% 02030 2016 ’17 ’18 ’19 ’20‡ Bigger roadblocks ing partnersdecide to engage don’t wind up with the wrong *Includescustomservices, fuel, lube, electricity, repairs, irrigation water, and other operating capital. †Individual farms; includes members in the FBNran intobiggerroad- with this businesswill be seed for their soil, or ineffec- U.S., Canada and Australia. ‡2020 figureisanestimate forthe end of September. blocks with seed and pesticide closelyobserved by us and tive spray. Major farm retail- Sources: U.S. DepartmentofAgriculture(corn production); Nutrien (retailers); CropLifeMagazine (retailers); Farmers BusinessNetwork (membership) makers, who largely refused to likely all of our traditional re- erssay they provide in-the- directly supply the platform tailing peersacrossWestern field serviceand local wasgenerating hundreds of officeinKleiner Perkins’ base- data on supply costsorseed and allow it to sell Farm Belt Canada,” Mr.Bergermann knowledgethat FBN can’t millions of dollarsinsales,Mr. ment. performance, they get access staple productslikeSyngenta’s wrote in the email, according match. Deshpande said at the time. Their initial task wastore- to FBN’scrowdsourcedprice Forceinsecticide,orCorteva’s to court documents. “Is that online tool going to Neither Mr.Deshpande,42, cruit farmers. Theclose-knit and product database.Farmers Pioneer corn seed. AFederated spokesman de- bring you the skid of product nor Mr.Baron, 37,grewupon agricultural supply industry canuse it to bargain with sup- FBN executives said in clined to comment. youneed on aSunday?” wrote afarm. Mr.Baron is from Palo remains heavily centered on pliers for better deals. some cases they areable to Despite the industry oppo- Neil Douglas, head of Canada Alto, Calif. and worked on re- ruralstoresand grain eleva- Bayer AG, the world’s larg- procurename-brand farm sition, Mr.Deshpande and Mr. agriculture for farm chemical newable energy projectsatAl- tors. Sacks of seed and truck- est supplier of biotech seeds, products from brokersor Baron believethey cangrow distributorUnivar Solutions phabet’sGoogle unit before loads of fertilizer still getsold tractor maker Deere&Co., wholesalers, but at higher FBN. Inc., in a 2018 email. FBN, he enrolling in Harvard Business acrossthe hood of pickup grain giant Archer Daniels prices than traditional retail- wrotetoagricultural manufac- School. trucks,between farmersand Midland Co.and other compa- ers. They said thestartup has turersand colleagues,isa Pitching in with the harvest salesmen who may know one nies in recent yearshavespent otherwise been shut out by Seed line “datacompanythat wantsto in Nebraska wherehis wife’s another from church or coach- hundreds of millions of dollars manufacturers intent on pro- Thecompanystarted its collect and aggregate data to family farms,Mr. Baron said ing Little League Baseball. A to build data-poweredplat- tecting the existing network of ownline of seeds and pur- eventually sell for a profit.” he wasstruck by radio broad- handful of multibillion-dollar forms geared toward selling farm retailers, and itsestab- chased aCanadian chemical Amol Deshpande,FBN’s casts discussing crops in Bra- corporations handle the bulk farm-managementservices, lished profit margins. businesstoproduceFBN’sown chief executiveand co-founder zil, andhow global forces of of U.S. seed, pesticide and fer- whilealso deepening their Syngenta, the world’sbig- weed and bug sprays.But said: “These arethe tactics the supply and demand shaped tilizer sales. ownviewintofarms.Other gest pesticide manufacturer,in those effortsare proving industrywill use to keep play- U.S. farmers’ livelihoods. startups also have tried. FBN March 2018 told agricultural costly, and last year FBN laid erslikeusout, because they Mr. Deshpande is a native says itscrowdsourcedpricing retailersinaletterthat FBN off some staff as it restruc- can.” of the Chicagosuburbs,where Silicon Valley information and direct-to-farm had been selling some of the tured itssales division. Mr. Six-year-old FBN is among his father,anenvironmental Messrs. Baron andDesh- delivery set it apart. Swisscompany’sproductsde- Baron said thecompanyis the best-funded farming start- engineer,had worked with pande,meanwhile,are outsid- Introducing the e-com- spite not being an authorized adding moreemployees,in- ups.Ithas raised about $571 farmers. Mr.Deshpande took a erswith aSilicon Valley back- merce platform at a2016 con- dealer.Syngentasaid it cluding itsown crop advisers. million, including $250 million job at ahedgefund firm ground that has made some ference, FBN flashed charts planned to step up auditsof Thecompanyhasn’t yet this month, from investors owned by the agriculturegiant farmersleery. To develop their showing that prices forseed itsretailerstodetermine turned a profit. such as heavyweight venture- Cargill Inc.after completing platform, they gathered ahalf- andchemicals increased as whether its seeds and sprays Over time, as FBN signs up capital firms Kleiner Perkins Cornell University’s manage- dozenfarmersinearly 2014 manufacturersgot bigger. were being resold to FBN and more farmers, itsexecutives and Alphabet Inc.’sGV, as well ment program. In 2008,he around potatoskins and spin- “You need true competition otherunauthorized brokers, believemoreseed and chemi- as money-management giants joined Kleiner Perkins as a ach dip at aSpringfield, Ill., foryour business, because potentially violating Syngeta’s calcompanies will be willing T. Rowe Price Group Inc. and partner, wherehesaw food Applebee’s,discussing how without it, we see those policies. to work with the company. BlackRock Inc. andtechnologyincreasingly dataanalysis could help solve forces,consolidation and price Thecompanywarned that In March, as Covid-19 Based in SanCarlos,asmall entwined. their economic problems.Ata increases,continuing,” Mr. productssold through FBN’s spread and corn prices sagged, community in the SanFran- He and Mr.Baron, who recent conference, they of- Baron told the audience. platform could be unreliable. FBN signed on moremembers ciscoBay Area, the company kneweach other from San feredcomputer datascience Soon, long-established agri- “Wehaveconcerns about than any month in its history, employs about 500 people, Francisco’s tech scene, paired classes to farmers. cultural companies began product integrity,stewardship, Mr. Deshpande said. with additional operations up to build aplatform that By the end of FBN’sfirst pushing back. and regulatorycompliance,” “People aresaying,‘I’vegot acrossthe Midwest. Itsnearly would let farmerscompare year,nearly 300 farms had In 2016,officials forCHS wroteMichael Boden, Syn- to have more competition for 13,000 membersfarm an area pesticide and crop-seed per- signed up,Mr. Baron said. Big Sky, a Montana branch of genta’s head of U.S. crop pro- my business,’” he said. roughly the sizeofWisconsin. formanceand prices.They Membership costs$700annu- thebiggest U.S. agricultural tection sales,inaletterto —Brent Kendall contributed As of late 2018, the company launched FBN in 2014froman ally,and if farmersprovide cooperative, warned farmers vendors. to this article. P2JW244000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, August 31, 2020 | A10A GREATER NEW YORK Town Confronts Legacy of Segregation

Movement seeks to reforms areour best bet for leveling the playing field for create more multiunit everyone,” said Ms.Bronin, housing to diversify who is aprofessor specializing in property and land use at Connecticut suburbs the University of Connecticut’s School of Law. BY JOSEPH DE AVILA Westport became populated predominantly by whiteresi- In one of Connecticut’s dentsdecades agobecause of wealthiest towns,whereabout restrictivecovenantsthat 1% of the population is Black, barred Jewish and nonwhite residentsare considering a people from owning homes and question about the racial other discriminatorypractices makeup of the community: such as redlining,said Danielle “WhyisWestport so white, Dobin, the Democratic chair- and what youcan do about it?” woman of the town’splanning That very question is the and zoning commission. name of an event organized by “I want people that livein agroup of residentsinthe Westport nowtounderstand community. Monday’s discus- that that’sthe historybecause sion will addresshow changes generally they don’t knowit,” to zoning regulations can JOURNAL said Ms.Dobin, one of the

bring moremultiunit housing, REET hostsofthe “Why is Westport and with it morefamilies of ST so whiteand what youcan do LL

color,tothe tony Gold Coast WA about it” event. town known for its multimil- Now, the town faces other THE

lion-dollar homes on the Long R obstacles.Westport is ap- FO

Island Sound. S proaching acap that barsmul-

“It’sgoing to be uncomfort- RIO tiunit housing from exceeding able forsome people,” said 10% of its housing stock, and

Harold Bailey,chairman of DESIREE Ms.Dobin is calling to remove TEAM Westport, atowncom- In the wealthytownofWestport, about 1% of the population is Black. Most of Connecticut’sBlack and Latino residents liveinurban areas. the restriction. She is also mittee that leads discussions proposing zoning changes to on multiculturalism and diver- necticut’s3.57million popula- housing advocates and com- TheConnecticut Council of mentsbuilt off single-family make it easier to build acces- sity.“Ithink most people in tion, respectively,according to munity groups, backs legisla- Small Towns,another lobbying homes, she added. soryapartments, which would town want to see this kind of census data. Most liveinur- tion sponsored by Mr. Anwar. groupfocused on smaller com- “I just believe, as acity and open up moreaffordable-hous- change. Honestly,wewill see.” ban areas like Bridgeport and Thebill proposes to make munities,said itsmembers atown, we should be able to ing options in the town. Thediscussion of the racial Hartford,while the state’s statewide changes to zoning have concerns about taking a determine wherethey are Westport FirstSelectman composition in Westport suburbsare populated pre- rules that would apply to ev- statewide approach to zoning built,” Ms. Stevenson said. Jim Marpe, a Republican and comes following the formation dominantly by white people. erytown, making it easier for changes.Itsupportsaffordable Ms.Stevenson noted that the town’stop elected official, of astatewide movement Half of the state’sBlack and real-estatedeveloperstobuild housing and building walkable Darien, acommunity of 21,000 said he backs the zoning pushing forchanges to zoning Latino population lives on 2% multiunit housing acrossCon- communities,said Betsy Gara, whereabout 90% of the popu- changesproposed by Ms. rules that advocates say keep of thestate’s land, according necticut’s suburbs. the group’sexecutivedirector. lation is whiteand about 1% is Dobin. But he said it would be communities in Connecticut to state Sen. Saud Anwar, the TheConnecticut Conference “But they need to be able to Black,has approved or con- tough to getpublic support for segregated. Housing advocates Democratic chairman of the of Municipalities,aninfluen- do that without aone-size- structed about 850 unitsof the statewide mandates for in the statehavelong called stateLegislature’shousing tial lobbying group that repre- fits-all mandate,” Ms.Gara multiunit housing over the which Mr. Anwar is calling. formanyofthese reforms,but committee. sentsall cities and towns in said. past two decades. “In Westport we aretaking these discussions have wid- “Thisisbydesign,” Mr.An- the state, has said it is largely Jayme Stevenson, theRe- Sara Bronin, an organizer action to address the very is- ened after the nationwide pro- warsaid. “Wehavearesponsi- on boardwith Desegregate publican firstselectman of Da- with DesegregateConnecticut, sues that legislation intended teststhat erupted this year bility to undo the wrong that Connecticut’sagenda and sup- rien, said she also has con- said local zoning regulations to accomplish,” said Mr. demandingmorepoliceac- has been done to people in portslawmakerspursuing leg- cerns about statewide changes areenabled by statelawsthat Marpe,referring to Mr.An- countability and racial justice. these communities.” islation that leads to agreater to zoning regulations.She have remained largely un- war’sbill. “And we’ll do it in a Black and Latino residents DesegregateConnecticut, a range of housing options and doesn’t oppose multiunit changed for a century. way that makes sense to my make up 12% and 17% of Con- newly formed coalition of diverse communities. housing or accessoryapart- “Wethink that state-level residents.” Orchestra Takes Show on the Road Antibias Training BY CHARLES PASSY Sees Some Success During normal times,the NewYork Philharmonic spends manyofits nightsat BY BEN CHAPMAN sioner Ben Tucker, who helped Lincoln Center’s David Geffen oversee the implementation of Hall, a2,738-seat spacethat it Aprogram to fight implicit the program, said that the les- has called home formore bias among NewYork Police sons were meant to remind of- than 50 years. Department officers success- ficers of their biases in their But these are far from nor- fully changed manyofficers’ interactions with members of mal times,ofcourse.Soon attitudes, according to an the community. lateFridayafternoon, three analysis of the effort commis- “Weall have those biases, orchestramembers—violinist sioned by NYPD officials. and those biases do indeed in- Yulia Ziskel, violist Cynthia Implicit bias,sometimes de- fluenceour decision making Phelps and cellist Sumire fined as the unconscious prac- and our discretion,” Mr. Kudo—took their placenext ticeoflinking groups to ste- Tucker said. “Wewant [offi- to apickup truck parked on reotypes,isbelieved by social cers] to be reminded of those theperipheryofBrooklyn’s scientiststoaffect the percep- as they come to work and en- Betty Carter Park,asliver of tions and behavior of people. gage in their daily encounters an urbangreen spaceinthe It has become an important with our citizen.” borough’sFort Greene neigh- part of discussionsaround Fair and Impartial Policing borhood. race and policing,gaining CEO Lorie A. Fridell, who is a They were joined by avo- prominencewith the rise of professor of criminologyat calsoloist, countertenor An- the Black Lives Matter move- the University of South Flor- thonyRoth Costanzo,who ment and widespread protests ida, said that the training of- turned thetruck bed intoa over the killing of George feredbyher companyhelps makeshiftriser,allowing him Floyd while in the custody of officers become aware of un- to betterproject his angelic Minneapolis police in May. conscious bias and take action voicetothe few dozenpark- NYPD leadership and Mayor goersand passersby who con- Bill de Blasio sought to intro- stituted the audience. From left, Yulia Ziskel, AnthonyRothCostanzo, SumireKudo and Cynthia Phelps put on apop-up duce membersofthe NYPD to NYPD First “We’reexcited to start com- concert Fridaynext to Brooklyn Bridge Park. Sheet music from aNYPhil Bandwagon performance. the topic in an effort to improve Deputy municating again,” said Mr. relations with the community Commissioner Costanzo to the small crowd. the musicians with umbrellas. amid changestothe depart- Ben Tucker Theconcert, about 25 min- Therain threatened to cancel ment that included overhauls to helped oversee utes in length, waspart of a two other Bandwagon perfor- use-of-force protocols,enforce- implementation newPhilharmonic initiative mances elsewherelater that ment and patrol tactics,and of the program. called the NY Phil Bandwagon day, as did concerns about a disciplinaryprocesses foroffi- that runs forthe next several nail in one of the truck’stires, cers accused of wrongdoing. weeks.Itisconceived in part- but these proved to be nonis- Thecity contracted with to addressit. “These biases nership with Mr.Costanzo, sues: Theskies eventually Fair and Impartial Policing, a maywell be inconsistent with who waslast seen in the New cleared and the tiredidn’t Florida-based company, to de- their consciously held beliefs,” York area playing the title role lose air. liver the training for$5.5mil- Dr. Fridell said. in the Metropolitan Opera Thefinal performanceof lion. In the program, groups of Fair and Impartial Policing production of Philip Glass’s the day—actually,bythen it officers received lessons last- has worked with hundreds of “Akhnaten.” wasnight—brought the or- ingaday or aday and ahalf departmentsinthe U.S. and Theidea is just what the chestratoDantePark on Man- to help them recognizebias Canada to train officers, said project’s name implies. With- hattan’s Upper West Side, an- andprovide them with tech- Dr.Fridell. She said the training outthe ability to perform in other one of those almost niques to reduce it. offered by her companycan Geffen Hall (formerly Avery unnoticed urban patches of Thetraining program, giveattendees skills needed to Fisher Hall), the orchestrahas (2) green. But it so happens, this started in 2018 and concluded inducebias-free behavior. been largely limitedtosharing patch sits almost directly op- in 2019,delivered classroom Theanalysis of the NYPD

music online,apart from some BAIANO positeGeffen Hall, apoint that lessons at the NYPD academy training found that 58% of

of itsmembers playing in ERIN didn’t go unnoticed by the that focused on implicit bias participantsattempted to use stairwells or on rooftops for Philharmonic musicians as to all 36,000 uniformed mem- some of the coaching they re- neighbors on an ad hoc basis. trawith a178-year historyhas the world premiereofa they continue to contend with bersofthe department, police ceived in their duties. The re- Now, the Philharmonic is now turned into your favorite crowd-pleasing work the or- a pandemic that has upended officials said. port found insufficient evi- taking to the streetswith a streetcorner busker. chestra commissioned for the their professional lives. Areport produced forthe dence to conclude that racial rented pickup truck embla- “The city is full of surprises, occasion: Carlos Simon’s “It’skind of sad,” said Ms. NYPD in July and viewedby andethnic disparities in en- zoned with the Bandwagon right?” said ClancyFink,a35- “Loop,” akinetic piecethat Mr. Kudo,the cellist and a14-year TheWall Street Journal studied forcement were reduced by projectlogo. Mr.Costanzo year-old Fort Greene resident Costanzonoted wasinspired veteranofthe orchestra, of the effect of the training pro- the training. even made sure that “Phil ’er who chanced upon the Friday by the crazed reality of pan- performing in the location. gram, which wasmeant to raise Mr.Tucker said that the de- up” wasprinted next to the concert as she wasrunning an demic life. But this last showofthe officers’ awarenessofimplicit partment would continue to gas-cap cover, apun that errand in the neighborhood. Still, outdoor concertscome night had an especially buoy- bias in theirdecision-making reinforce the lessons of the speaks to the project’splayful Notwithstanding itsim- with their challenges, such as ant quality despitethat fact or on the job and outside of work. training andwould look into sensibility. promptu nature, the perfor- when ablast of salsa music perhaps because of it. The According to the analysis of ways to expand on the effort. Theconcerts—as manyas manceinthe Brooklyn park from a passing vehicle nearly string players tore through a the training,which waspro- Former Philadelphia Police three daily—aremorelike hadsoulful and stirring mo- interrupted the late-afternoon Beethoven work with an ener- duced by ateam of criminolo- Commissioner CharlesRam- flash-mob eventsinthat the mentssuch that even asharp- performance. Ms.Ziskel, the getic focus that spoketotheir gists and based on surveys of sey, who co-chaired a federal orchestradoesn’t announcelo- tongued music critic might violinistwho has been with determination. participants,70% of officers policing task forcethat recom- cations in advance. Theidea is pause and praise.Inparticu- the Philharmonic fornearly 20 And Mr. Costanzo sent the reported abetterunderstand- mended implicit-bias training to avoid having toolarge a lar,Mr. Costanzo, whose vocal years, said such moments crowd that had suddenly gath- ing of implicit bias afterthe in the wake of protestsover crowd gathering during these rangeisroughly equivalent to “makeyou listen morein- ered home on ahappy note, training.Morethan two-thirds the killing of Michael Brownin timeswhen social distancing that of amezzo-soprano,de- tently,” but they don’t deter with acharming rendition of of participants reported they Ferguson, Mo., said that remains a concern. liveredahaunting rendition her from the task at hand. Gershwin’s “I Got Rhythm.” had learned newstrategies courses such as those em- But it also lends the con- of the Handel aria “Lascia Therewas also the slight “Wehope to see youona andskills they could use in ployed by the NYPD help offi- certs a freewheeling, only-in- ch’io pianga.” drizzle that had Philharmonic street corner soon,” he told their work. cers break the use of poten- NewYork feel, as if an orches- Thestring players offered support staff rushing to cover the listenersasthey departed. NYPD FirstDeputy Commis- tially harmful stereotypes. P2JW244000-2-A010B0-1------NS

A10B | Monday, August 31, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

GREATERNEW Parents Hunt for Classroom Spaces YORKWATCH

BY AKANE OTANI andacommunity space, and another will meet at another NEW YORK CITY New Yorkers keeping their family’s apartment that is children out of schools this close to Bleecker Playground, Teachers Union Mulls fall over concerns about the where she hopes the children Possible Strike Vote newcoronavirus aregetting canlearn outside on fair- creativewith space, repurpos- weather days. The New York City teachers ing city gyms,condo rooftops, “I’m aclean freak on anon- union is preparing for a possible music schools and moreinto Covid day, so there’s no way I strike-authorization vote to de- makeshift classrooms. will have other kids in my lay opening school buildings. When schools abruptly shut apartment,” said Ms.Collins,a The preparations followthe in the spring,manyparents former public-school teacher union president’srecentthreatto resorted to having their chil- who will teach her son and the strikeifhedeemed it necessary dren learn wherever they had other children in the pod. to protect staff from coronavirus. space—propping tabletsand Other NewYorkershope MayorBill de Blasio has previ- laptopsuponkitchen coun- the rush to form pandemic ously called the union’sstrike ters,orspreading out colored pods will createanew market threataprovocation and astunt. (2)

pencils and glue on adining T in real estate. The 100-member executive room table.This time,many Beforecoronavirus,luxury- board of the United Federation parents say that layout won’t GILBER real-estatebrokerJohn Gomes of Teachers plans to meet Mon-

work. ERIN might have overlooked the day evening. The union also Erin Gilbert,aparent on spareroom in the penthouse scheduled a meeting online Manhattan’sUpper West Side, WISE: unit of the Emerson, an eight- Tuesday for thousands of mem- OCK

is renting a685-square-foot CL unit condo in Manhattan’s bers of its delegate assembly, children’s music school with Erin Gilbert, shown below with her son, Calvin, is renting this Manhattan music school with a handful of Chelsea neighborhood. At which includes representatives two windows that open out to other parents so that their children can be taught by a facilitator outside the home in a ‘pandemic pod.’ nearly 7feet by 8feet, it isn’t from each school building, a apatio. With ahandful of enormous,but it is probably spokesman said. If the executive other parents, she will share owner of two children’sgyms toobig to be acloset, he said. board approves a resolution to the costsfor the space, as in Brooklyn, has been busy Now, Mr.Gomes,who works authorize a strike, the resolution well as afacilitator whom posting on various Facebook forDouglas Elliman,isstaging could be presented to the dele- they plan on having teach groups whereparentsinthe the spare room as a space for gate assembly for a vote on theirchildren in person on city have been trying to match apod. He envisions furnishing Tuesday, UFT spokesman Dick the days that they would have up with othershoping to form the area with atable and Riley said Saturday. been expected to learn re- “pandemic pods.” Thepurpose chairs suitable for children to The Department of Education motely. of the pods is so the same draw, write and study. referred a request for comment Sinceher ownapartment is group of children learn and Manyofhis clients have left to the mayor’s spokesman, who just around 500 squarefeet, play together,reducing their NewYork forthe Hamptons or said talks about reopening paying forthe extraspace exposuretoother people and Florida.But parentswho plan schools were continuing. feels worth it, Ms.Gilbert said. lowering the risk of infection. on staying in the city will need —Leslie Brody The thought of herself and His offer: rent out his to find waystofit “creative her husband trying to work spaces,MyGym Cobble Hill little nooks” in their apart- NEW YORK STATE from home while helping teach andMyGym Park Slope,as ments, he said, especially with their 6-year-old son again was classrooms for small groups. manyofthem likely keeping Virus Spike Shuts soul-crushing, she said. “This “A lot of parents just want their children out of in-person SUNY Campus is much more doable.” to bring their kids and not instruction at schools this New York City officials say have to worryabout the year. One of the StateUniversityof they expect about aquarter of cleanup,and My Gym would The Emerson is across the NewYork’scampuses will close their public-school studentsto be happy to do that,” Mr. street from Avenues: the fortwo weeksafter morethan do full-time remotelearning Wacht said. World School, afor-profit 100 people in the college com- when the school year startsin Some parents say they are school offering families the munitytestedpositivefor the September.The rest have lucky enough to live in build- option of having ateacher coronavirus, officials said Sunday. optedfor a hybrid approach, ings that have potential pod come to their homes to deliver The positive cases at SUNY which mixes some in-person spaces built in. in-person instruction. Mr. Oneonta in central New York classroom time with remote Rachel Glazer,anassociate Gomes hopes the proximity to represent about 3% of the stu- learning. real-estate agent at Compass, the school and the spareroom dents and faculty on campus Thecity’s classrooms will has the option of choosing will wind up being amajor this semester, said Jim Malatras, have to shut down, however, if from herbuilding’srooftop, selling point when the pent- the chancellor of the state uni- Covid-19 cases pop up. And if music rooms or a lounge. She house unit is unveiled to the versity system. public schools wind up being hopes at least one of them will public next month. Mr.Malatras said fivestudents the source of enough out- work out forher 3-year-old apartments.” Manhattan’s Hudson Heights, “I wouldn’t have done it if have been suspended because of breaks,the entirepublic- sonand another child in the Other parentsare having plans to have her 7-year-old we weren’t under these cir- large parties thatwereheld last school system mayhaveto building. theirchildren learn in apart- join two different pandemic cumstances,but in the times week. He said three rapid-result movetoonline-based learning, “It’sabout as safeasyou mentsthis year—just not their pods this year. One will meet that we’re living, I felt that it testing sites will be set up in city officials have said. canget,” she said. “Worst-case own apartment. at aneighbor’s building that was appropriate,” Mr. Gomes Oneonta starting Wednesday. That is whyEvanWacht,the scenario,we’ll do it in our Serena Collins, a parent in has access to arooftopgarden said. —Associated Press

Medicine in theRaw Healthcare Starts with HealthyFood.

Since1985, we’vebeencooking and home-delivering nutritious, individually tailored meals to people living with serious illness in the NYCmetropolitan area. Being sick and hungry is acrisis. Youcan help. Donate,volunteer,orjustlearn more at glwd.org

godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW244000-0-A01100-1------XA

CAREERS & LEADERSHIP PERSONALJOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, August 31, 2020 | A11

Schedule time to check email, the news or social media, and for breaks with children, loved ones or even pets. Howto KnowThyself Self-awarenesscounts. “Thinking Stay Focused about thingslikethe time of the dayand when you’rebest able to either be distraction-free or to fo- While Working cus is critical,” said Dr.Wright. “So if youknow, forexample,you’re From Home betterable to focus on harder tasks in the morning,block that out in your schedule as your thinking time or your writing time.Itmay be you schedule tasks that requirealittle bit lessconcentration or attention in the afternoon, when you’realit- tle bit moretired.” Dr.Avitzur added that some people might find aTVoninthe background distracting,while oth- ersdon’t. Similarly,some think listening to music helps them fo- cus,while othersthink it is dis- tracting.She cited a2012 study that suggested music without lyr- ics is preferable to music with lyr- ics,because if youstart thinking about what the lyrics aresaying, it is another form of distraction, she said. “Everyone has to know

OOD their strengths,and what makes them maximally productivewhen

GLENW it comes to external interference likemusic.” MICHAEL EnvironmentMatters Trytomakeyour environment as Limit surfing online and have a defined work “Communicatetothose in your fam- help with remindersortomark work-likeaspossible,including pay- ily: ‘Look,when I’m hereatthis desk, wheretoresume if you’vebeen mo- ing attention to ergonomics.Try to space to boost your concentration, experts say at this table,between hereand here, mentarily distracted, said Orly Avit- work from adesk or at atable with it’sadistraction-free zone.You can’t zur,president-elect of the American aproper chair with back support. BY RAY A. SMITH “Our level of impaired concentra- come ask me questions,’” said Dr. AcademyofNeurology. Working from acouch cancause tion is aresult of acombination of Wright. Shut the door to the home They arealso places to jot down back and shoulder strain. “Any kind ow that manyemployees stressand our environmentsright officeorroom, if possible,tomake random thingsthat crossyour of pain, stiffnessorother symptoms aredeep intoworking now, and the distractions,” said Vaile the Do Not Disturb messageeven mind. “Whenever those thoughts is adistraction from being able to from home,and mayhave Wright, senior director of health care moreclear. pop intoyour head, just writethem perform our work,” said Dr.Avitzur. to keep doing so indefi- innovation at the American Psycho- down and say, ‘I’ll deal with that Consider standing desks,too. Nnitely,some arefinding it logical Association. “Thereisno GetSupplies later but not right now. Forthe Avoid working from your bed. harder to maintain the in- shortageofdistractions formost Tools youcan use include white next 45 minutes,I’m focused on “You should only associateyour tense concentration that kicked in people right now.” noise machines,noise-canceling this,’ ” Dr.Swody said. bedroom with sleeping and inti- during the early days of forced re- If your concentration is flagging, headphones,notepads and sticky macy, otherwise youreally runinto motework. hereishow expertssay to boost it. notes,and caffeine. DocumentIt the risk of sleep disruptions,” At first, workersweregung-ho “Ifthereisdistracting noise, Set down the day’swork goals on which will impact alertness, said about working from home,produc- PreemptDistractions whitenoise mayhelp to reducethis paper or in digital notes.Block out Dr.Wright. tiveinateam-spirit way but also to Silencenewsand other alertson distraction,” said Kenneth M. Heil- times with aphysical or digital cal- showthey were indispensable in a phones and laptops or minimize man, distinguished professor emer- endar,orinanotebook,todevote Self Care time when jobs might be morevul- news alertstoone trusted source, itus in the department of neurology to finishing atask.“Apopular time Makesureyou eat, and eat well, nerable.Just 22%ofworkershad dif- said organizational psychologist at the University of Florida’sCol- people use is 25 minutes,but it and don’t gorgetothe point you’ll ficulty concentrating back in April, Cathleen Swody.“Some people I legeofMedicine.“Our brains have could be 45 minutes,” said Dr. become sleepy.Makesureyou get according to asurvey of 1,099 work- knoweventurn the Wi-Fioff on their the ability to open and close sen- Swody.“Ashort block of time to enough sleep at night, too. “Con- ersbythe Society forHuman Re- laptop and say, ‘OK,I’m not turning sorychannels.With the presenceof getaparticular task done is great centration is alot easier when we source Management. the Wi-Fiback on until Ifinish this constant whitenoise,wemay not forour brains,because they don’t feel well, when we’renot toohun- But as that early rush has worn paper or until Ifinish this analysis,’ attend to sounds coming intoour feel as tortured.” gry, not toofull, when we’vehad off,and distractions continue to so youdon’t go down the internet brain, and thus the presenceofthis sleep,when we’vehad the right mount, including asummer surge of rabbit hole and start looking at whitenoise canhelp to mask other Schedule Breaks amount of caffeine,” said Dr. coronavirus cases,the presidential things, or checking email,” she said. sounds.” Noise-canceling head- “Taking breaks is actually away to Swody. Find time to exercise,too. election, back-to-school concerns and phones,meanwhile,will block noise improveconcentration,” said Dr. “Those areall going to help us renewedracial unrest, continuing to SetBoundaries from othersinthe house,neighbors Wright. “Ifwetry to forceour- manageour stress, which is going stay focused has become morechal- Makeclear to othersinyour house or the outdoors. selves to stay in focused attention to help us concentrate,” said Dr. lenging. when youcannot be disturbed. Notepads and stickynotes can fortoo long,itdoesn’t work.” Wright.

TeachersBrushUpSkills TIPS FOR EFFECTIVE To Reach StudentsOnline REMOTE TEACHING: Briefer Videos: Children have sig- nificantly shorter attention spans BY YOREE KOH tion to school districts, said that is when learning through a screen. why Edgenuity’s videos are no lon- Break lectures into bite-size EACHERS ACROSS the coun- ger than three minutes. She and chunks and keep videos to no Ttry have spent the summer her colleagues found that mixing more than three minutes long. cramming to become effective shorter videos with other activi- Sprinkle them in between other online educators. Now, they will be ties like quizzes is a more effective activities like quizzes and work- put to the test. way to hold students’ attention. sheets. Schools generally earned failing Because Mr. Sanders’s district grades in the spring, after the cor- had advised students not to turn Text Time: It is harder to build a onavirus pandemic triggered sud- on their webcams due to security sense of community online than den closings. Many students of all concerns, he spent the spring se- in person. One way is to embrace ages felt disengaged and unmoti- mester speaking to a gal- the texting functions on video vated. Some effectively lost lery of black boxes on platforms. Set aside a few min- months of learning, and others Zoom. In a week-long vir- Teachers Shula Bien, above, and utes before class when students who lacked the resources or sup- tual workshop with teach- Craig Sanders, who propped a can have freewheeling chat time. port for digital education were left ers from the Stanford On- stuffed alpaca beside him to make disconnected from school. line High School, a branch the classroom look less empty. Breakout Rooms: Splitting chil- With the spread of Covid-19, of Stanford University’s dren into smaller work groups even many districts that had continuing studies pro- to the National Center for Educa- can be just as effective online as hoped to reopen for the new gram for pre-collegiate tion Statistics, there were about it is in person. A teacher can school year are now starting with students, Mr. Sanders 3.5 million full- and part-time pub- make the rounds and drop in. remote learning. About 47% of the learned that keeping the lic school teachers in the 83 school districts surveyed by re- cameras off wasn’t a good 2017-2018 school year. search firm Jefferies will begin the idea. Webcams help build For some children, remote parents often come and supervise, school year entirely remotely, trust and engagement. learning is a much greater chal- but on other days Justin is in while the remainder will offer a They also give teachers a lenge regardless of tech wizardry charge of his eight-year-old sister. hybrid option. None of the 8.1 mil- better idea of the envi- and teaching technique. Esther The effect of the switch to re- lion students in those 83 districts ronment students are Rizo of Chicago is worried about mote learning on vulnerable chil- will be physically in school full- learning in at home. her older son, Justin. A special- dren is playing out in places like time. Mr. Sanders worries needs student going into ninth Oakland, Calif. Shula Bien is a mid- Some improvements that dis- about how to engage new grade in Chicago public schools, dle school English-language devel- tricts plan to roll out are low-tech: students remotely and Justin usually has his own aide at opment teacher in the city’s east- clearer class schedules and more build a rapport with his side throughout the school day ern section, where most students time online with the teacher. them. He is considering to keep him focused. come from lower-income house- Teachers are also incorporating reviving the game 20 Without that daily guidance in holds. lessons learned from the spring: Questions, where he the spring, Justin barely finished On Aug. 17, the first day of children’s cameras should be on so would invite a “mystery eighth grade. He didn’t like turn- school, Ms. Bien felt hopeful and instructors can make sure they are student” to his American ing on the web camera during happy to see the children. “But by engaged. Videos shouldn’t run lon- history class—perhaps a historical there used to get anxious when class. He got distracted easily, so 3:15, I felt wrecked,” she said. Only ger than three minutes. figure the class is studying—and students used the text chat func- Ms. Rizo, 33, set up his study area half of the 30 registered students Teachers are steeling them- display just an image or abbrevia- tion because it moved fast and in a sparsely decorated room. The logged into her fourth-period class selves for new challenges, like tion of the person’s name. If the was hard to control. But they real- assistant overseeing Justin’s Indi- on Zoom that afternoon. She sent building relationships with a brand day’s lesson is about Jamestown, ized that sort of interaction was vidualized Education Program—the texts and messages on Instagram

ON new class through a computer. Va., for example, John Rolfe, one essential to building a sense of plan outlining what the district to some students she knew from Craig Sanders, a history and eco- of its early settlers, could be the community, which is harder to do will provide—came to their house the previous year, sharing class

DICKINS nomics high-school teacher in mystery guest. The students would online than in a classroom. three times to get him over the links and suggesting they set an Sugar Land, Texas, a Houston sub- ask the guest questions over pri- Stanford Online High School finish line after it looked as if he alarm so they wouldn’t miss it. A

NANCY urb, spent much of the summer in vate chat to figure out his or her said that nearly 7, 200 teachers had completed only 40% of the week later, a few children still

JR.; training webinars and workshops identity. registered for their webinars on school’s e-learning curriculum. hadn’t logged in. for online teaching. He and other Teachers are learning to em- how to teach online since the “To be honest with you, I It is hard to pull aside a young- teachers say the biggest lesson brace different features on video spring. This was the first time the wouldn’t even know where to start ster on Zoom to ask how things HARRIS

OR from the spring is that students’ platforms, including breakout school offered the instruction, re- on what a successful e-learning are going. “How do I make sure attention spans are much shorter rooms and texting. Meg Lamont, sponding to the nationwide shift fall would look like,” Ms. Rizo said. you’re OK? How do we build com- VICT

P: online. Deborah Rayow, a vice an English teacher and assistant to remote learning. The shift has Her job as a cashier in a restau- munity? In a month or two from TO president at Edgenuity, which pro- head of school at the Stanford On- profound consequences for educa- rant brings her out of the house now, what does that mean?” Ms. OM

FR vides digital curricula and instruc- line High School, said the teachers tors across the country. According some days during school time. Her Bien said. P2JW244000-0-A01200-1------NS

A12 | Monday, August 31, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. Hollywood Makes Historic Gamble on Christopher Nolan’s Big‑Budget ‘Tenet’

BY JOHN JURGENSEN between the making of afilm and AND R.T. WATSON the world it goes out into,” he says. Starting with an Aug.26open- nChristopher Nolan’sthriller, ing in partsofEurope and else- “Tenet,” the fateofhumanity where, the rollout of “Tenet” pivotsoncharactersmoving back reaches the U.S. Sept. 3. It is the and forth through time.Itisan fourth domestic release datefor the Iepic,brain-bending exploration movie—which wasdelayedrepeat- (2) of ideas the filmmaker has spent edly as studio and theater execu-

decades examining. tives dealt with shifting lockdown PICTURES .

But now, as “Tenet” opens after measures—yet it is still unclear OS

multiple delays in cinemas around when it will open in regions where BR the world, it comes loaded with indoor theatersremain closed. That RNER

symbolism that its writer and di- includes two cities that arenor- WA rector could never have foreseen. mally firsttoget newmovies,New As the first big-budget theatrical York City and LosAngeles. net,” a Warner Bros. executive cluding China, the world’ssecond- ics who accused them of prioritiz- release since Covid-19 struck, “Te- When coronavirus lockdowns says, even as others experimented biggest market, on Sept. 4) it won’t ing an expensive movie over the net” represents one of the biggest descended in March, Mr. Nolan with online releases. facemajor Hollywood competition risk to moviegoers. Debate flared gambles in Hollywood history— says, his team’s first challenge was “Tenet” had a budget of about until “Wonder Woman: 1984” around an online video showing a from the studio wagering it can re- to use remote methods to put the $200 million. At that scale, there comes out in October.This plan has gung-ho Tom Cruise wearing a lease the movie amid the pan- final touches on “Tenet” and turn is no alternative to a world-wide the industryonthe edgeofits seat. mask and joining an audience for demic, to long-dormant theater it in on time to AT&T Inc.’s War- theatrical release, Mr. Nolan says, “This is going to be one of the “Tenet” at a London theater. chains banking on it spurring a re- ner Bros. studio. Meanwhile, every adding that people confuse his most important eventsincinema Mr. Nolan supported the stu- covery for their business, to poten- big movie on deck for the season, commitment to that model for a this year,ifnot the most important dio’s release plan because its grad- tial ticket buyers balancing safety starting with the James Bond in- disdain for digital formats and one,” said MookyGreidinger,chief ual pace is designed around “the concerns with their urge to get stallment “No Time To Die,” re- home viewing. “It’s not just an ar- executiveofCineworld PLC,the comfort and safety of our pa- back to the big screen. treated on the calendar to fall or tistic choice,” he says. “In the cur- world’ssecond-largest theater trons,” he says. “That has to be Mr.Nolan, though known as a next year. By contrast, Warner rent industry in which we work, chain and owner of Regal Cinemas balanced against the need to re- champion of the theatrical experi- Bros. pushed back the July 17 re- there’s no path to profitability for in the U.S. turn to business.” ence,issomewhat uneasy with all lease of “Tenet” by only two a film like this that circumvents Because Warner Bros. will have “When people think about mov- the significanceassigned to his sci- weeks, and later pushed it again. movie theaters.” to make money gradually from ies, they tend to think of movie fi spy picture. “This is the most rad- The studio never seriously consid- However, the famously secretive “Tenet” amid theater attendance stars and directors and studio ex- ical shiftinmycareer,mylifetime, ered an online premiere for “Te- filmmaker made peace with the caps and a slower pace of ticket ecutives and people who are mas- fact that the staggered re- sales, the studio is requiring multi- sively overprivileged and make lease of his movie makes plexes to show the movie for up to more money than they deserve,” plot spoilers inevitable. 12 weeks, a considerable increase Mr. Nolan says. “But the movie “It’s not a time to be pre- from the standard commitment. business is about people in com- cious about anything,” he That is on top of charging cinemas munities, who work jobs like sell- says. Besides, “Tenet” is nearly 65% of ticket sales to show ing popcorn or taking tickets. It is so narratively complex, he the film, instead of closer to the a massive industry made up of or- jokes, “it’s not the kind of widely accepted 50/50 split, ac- dinary people.” film you can spoil.” cording to a person familiar with Like its title, “Tenet” was con- As closingsdragged on the deal terms. ceived as a palindrome. The actor in the U.S.,but infection Fortheatersthat have been John David Washingtonis an un- ratesdropped in other closed, or subsisting on old films named agent who, with a partner countries,Warner Bros. and smaller independent releases, played by Robert Pattinson, learns abandoned the playbook “Tenet” representsapotential life- to use time as a two-way street in fortentpole movies requir- line.“If this movie didn’t follow a mission to prevent an apocalyp- ing simultaneous pre- this newrelease pattern, Ididn’t tic war. mieres around the world think the movies would be open Without an opening dateyet for to maximizeopening- until much later in the year or next “Tenet” in the city wherethe direc- weekend returns.Instead, year,” says Richard Gelfond, CEO of torlives,Los Angeles,heisforgo- the studio is relying on a IMAX, which is showing “Tenet” on ing the ritual of popping intoathe- patchwork release pattern, 250 of itsinternational screens, ater wherehis latest movie is starting with international with at least 900 moretofollowin playing.Emma Thomas, aproducer marketsitsays contrib- China, Russia and the U.S. of “Tenet” and past movies with John David Washington, top left, and Robert Pattinson, play agents in the uted two-thirds of ticket sales for In that role, Warner Bros. and Mr.Nolan, her husband, says,“We sci-fi spy thriller, ‘Tenet.’ Mr. Washington, above left, on set with Mr.Nolan’spast releases.As“Te- its star filmmaker have taken never feel likethe film is finished Christopher Nolan, director of the film, which began rolling out Aug. 26. net” arrives in various regions (in- plenty of fire, including from crit- until it’sonscreen with audiences.”

brightness and the promise of to- Actor Chadwick Boseman in 2014. The Lasting morrow” in “Black Panther,” said He died on Friday of colon cancer. Rhea Combs, curator of photogra- Legacy of phy and film at the Smithsonian National Museum of African Amer- dren see characterswho looked Chadwick ican History & Culture, which has likethem on screen as larger- one of Mr. Boseman’s Black Pan- than-lifeheroes,and involved Boseman ther costumes in its collection. about2,000 screeningsand raised RecentprojectsofMr. Bose- $1 million. Therelease of “Black man’sand newones he had put in Panther” not only marked acele- motion offer glimpses of his un- bratoryevent foraudiences in BY JOHN JURGENSEN fulfilled potential in Hollywood. Black communities,its success Following his performancein spurred the development of other The surprise news on Friday of SpikeLee’s“Da 5Bloods” as a tentpole movies built around he- actor Chadwick Boseman’s death Vietnam Warsoldier whose death roes of color. at age 43 left his fans and industry bonds his comrades,Mr. Boseman “That renaissance has ripple ef- peers struggling to take stock of a will be seen in an adaptation of fects. We got all of that thanks to meteoric career cut short, and the the August Wilson play“Ma ‘Black Panther’ and Chadwick,” Mr. impact of an actor whose work Rainey’s Black Bottom,” which Joseph says, citing movies like shined a light on Black history and Netflix plans to release later this “Spider-Man: Into the Spider- culture. year.Hestarred as atrumpeter in Verse” and a coming Marvel movie His acting career began in tele- aband led by the title character, about the comic book character vision in the early 2000s, but the playedbyViola Davis.She was Shang-Chi. legacy he left on screen largely among the actor’s manyco-stars As his career took off, Mr. Bose- rests on a streak of movies re- and admirerswho paid tributeto man always seemed mindful of the leased in a five-year period, start- him,including Denzel Washing- broader significance of his perfor- ing in 2013, in which he portrayed ton, who oncehelped payfor the do it all while in pain—what a use with fans posting images of a mances. a series of Black icons: Jackie Rob- former Howard University student of his years,” Mr. Obama said in a cross-armed salute from “Black Black actors “all know what it’s inson (“42”), James Brown (“Get to attend an acting program at message posted to Twitter. Panther,” and pledging to dive into like to be told that there is not a On Up”), Thurgood Marshall Oxford. Gov. Henry McMaster of South his movies. place for you to be featured,” said (“Marshall”), and the fantastical Many expressed astonishment Carolina, where Mr. Boseman was Frederick Joseph, who led a Mr. Boseman early last year, sur- role that resonated most widely, at what Mr. Boseman accom- born, ordered flags in the state- charitable campaign that began rounded by his “Black Panther” co- T’Challa, the King of Wakanda and plished while fighting what proved house in Columbia, S.C., to fly at with his idea for sending children stars as they accepted the award title hero of “Black Panther.” The to be a fatal disease; in announc- half-staff. in Harlem to free showings of for best ensemble cast in a movie 2018 release from Disney’s Marvel ing his death, his family revealed It was announced last year that “Black Panther,” says he has so far at the Screen Actors Guild Awards. S earned $1.3 billion at the global that he had been diagnosed with Mr. Boseman had signed on to star turned down invitations to partici- “We knew we had something spe-

PRES box office. It was the first block- colon cancer in 2016. Former Pres- as a samurai warrior in an action pate in any memorial viewings of cial that we wanted to give the

TED buster superhero movie led by a ident Barack Obama recalled a movie set in the 16th century, a the Marvel movie. The loss feels world, that we could be full human

CIA Black cast. visit to the White House by Mr. project he was also producing. He too raw for him to see the actor beings in the roles that we were SO

AS In this range of roles “he was Boseman to work with children seemed poised to exert additional on screen just yet, in any role. playing, that we could create a not only a conduit to the past and around the time he played Jackie influence from behind the camera. He says Mr.Boseman wasun- world that exemplified a world the way African-Americans perse- Robinson. “To be young, gifted, Over the weekend, social media hesitating in his support of the that we wanted to see.”

HALLMAN/ vered and pushed through so many and Black; to use that power to platforms transformed into a flow- #BlackPantherChallenge, which —R.T. Watson N

DA challenges, he also represented give them heroes to look up to; to ing memorial to Mr. Boseman, wasaimed at helping Black chil- contributed to this article. P2JW244000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | A13 ARTS IN REVIEW

The Breakfast Room at Glensheen in Duluth, Minn., left; view from the library of the staircase at Filoli in Woodside, Calif., above

ABROADATHOME Homes of History and Splendor

BY JUDITH H. DOBRZYNSKI

f, to borrow a phrase, the past is a foreign country, this mo- ment—when real journeys are curtailed—is a good occasion to Itime-travel to historic houses. The U.S. has a roster going far beyond familiar names like the Biltmore Estate, Hearst Castle and Winterthur. Many are easily ex- plored online, yielding fascinating micro-histories and peeks at var- ied aesthetic taste. Located on the banks of the Patuxent River in Hollywood, Md., Sotterley epitomizes an 18th-cen- tury tobacco plantation. Its clap- board manor house, which grew from two rooms built circa 1703 by a colonist named James Bowles, boasts mid-18th-century wood- work, particularly in the drawing room and on the staircase, that the Maryland Historic Trust deems “among the finest pre-Revolution- ary woodwork in the southern col- onies.” In stark contrast, there’s also a one-room slave cabin. Sot- terley’s history is outlined in a video on its website, revealing, among other things, that an owner’s son fought for the Confederacy at the Battle of Pe- tersburg against an escaped slave who joined the Union Army, and that Her- bert Satterlee and his wife, J.P. Morgan’s daughter Louisa, pur- chased Sotterley in 1910. The grounds, with their colonial re- vival gardens, appear on YouTube, including this recent look titled “Sotterley Plantation | GES Maryland”; the house IMA

interior is shown in ETTY black-and-white pho- /G tographs at the Li- ALD HER

brary of Congress S that are accessible PRES online.

Just before the TLAND

Civil War, a fine Ital- Clockwise from left: OR

ian Villa-style home, The Victoria Mansion KI/P now called Victoria in Portland, Maine; OS

Mansion, was rising the Crane Estate, CHIBR in Portland, Maine, Castle Hill in Ipswich, for Ruggles Sylvester Mass.; the Reception Morse, a hotel mag- Room at Filoli; the GORDON nate. Its boxy exterior, Glessner House

completed in 1860, Library ULFIELD; looks stodgy, but the CA ES interior! Unveiled in JAM

an introductory video A; on the mansion’s web- site, it’s a confection of hand- chanting features, like the wood- South of San Francisco, in MORIT

painted trompe l’oeil walls and paneled main hall, bay-windowed Woodside, Calif., sits Filoli, a glam- SHI ceilings; enormous mirrors; a dining room and beamed-ceiling li- orous 56-room Georgian Revival TO grand staircase; gaslights; and brary, plus English and American country estate with 16 acres of for- TIONS;

richly carved, inlaid furniture. It is arts-and-crafts objects. Glessner mal gardens that was built in VA the only extant interior created by House recently started two You- 1915-17 from the gold rush and gas Gustave Herter, who co-founded Tube series—on its secrets (such fortune of William Bowers Bourn RESER the famed Herter Brothers design as a hidden passage) and on its II. Filoli’s YouTube channel pres- OF

firm, which counted the Vander- sounds (like the servants’ call sys- ents a 21-minute video detailing its alist RichardT.Crane Jr.erected Houses blog post writtenin2014 TEES US

bilts and Theodore Roosevelt’s tem). history and design, including its his spectacular,59-room Stuart- by the architectural historian TR White House as clients. Herter’s On the shores of Lake Superior, hand-painted ballroom wall panels, style “summer getaway” mansion, John Foreman. If youdon’t mind THE handiwork can be seen in two in Duluth, Minn., Glensheen, a Ja- period light fixtures, sumptuous Castle Hill, on 2,100 acres in Ip- kitsch—an actor as the butler es- short videos on the mansion’s You- cobean Revival mansion with 39 fabrics and an ornate marble man- swich, Mass. Itsmost stunning corting youaround—gotoPixie-

Tube channel. rooms, provides a window on telpiece. There’s a passage on “the feature is ahalf-mile-long “Grand cropolis on YouTube forahalf- PHILLIPS; The work of another famous de- North Country wealth. Completed drunks dinner,” a formal affair cel- Allée” grassmall that rolls from hour visit. signer—architect Henry Hobson in 1908 for an iron-ore tycoon ebrating the end of Prohibition— the porticodowntothe sea, Virtual visits are never as good Richardson—is on view at Glessner named Chester Congdon, the inte- also detailed in a 50-minute video clearly visible in aWGBH You- as the real thing, of course, but SHANNON House in Chicago. Completed in rior is an eclectic mélange, with on Filoli’s YouTube channel, one of Tube video. Forthe inside,Crane they may entice you to add more 1887, this Romanesque home has a lots of carved wood, including cy- several extended histories there. raided an English countryhome historic homes to your travel fortress-like appearance, with press and mahogany, brickwork, YouTube has many videos of the and an 18th-centuryLondon agenda. Many, including all those GARDONIO; TIE

deep-set front windows and a and a delightful breakfast room, gardens, yet few of the house inte- townhouse,shipping paneled mentioned here except Victoria OT SC

rough granite-block façade. It’s not made of handmade tiles and rior. You may not need much rooms,elaboratemoldings, par- Mansion, are reopening and, bar- : as opulent as most Gilded Age stained glass windows. A six-min- more, as TV’s long-running “Dy- quet floors, and alibrarywith or- ring a nationwide resurgence of LEFT

mansions (John Glessner was ute video on YouTube by Life to nasty” series from the 1980s was namental carvingsbythe 18th- the coronavirus pandemic, others P merely a partner in a farm equip- the Max TV provides a good over- filmed there, and the Library of centurysculptor Grinling Gibbons can’t be far behind. TO OM

ment firm), as you’ll see in an in- view, and a one-hour Duluth public Congress has black-and-white pho- acrossthe Atlantic.You cansee FR troductory video on the home’s television special, also on You- tos online. them, and more, in photographs Ms. Dobrzynski writes about the YouTube channel and the virtual Tube, digs deep into Glensheen’s Ayear beforethe stock market published in 2018 by Architec- arts for the Journal and other WISE OCK

tour on its website. Still, it has en- history, design and life. crashed in 1929,Chicagoindustri- tural Digest and on a Big Old publications. CL P2JW244000-0-A01400-1------XA

A14 | Monday, August 31, 2020 THE WALL STREET JOURNAL. SPORTS High Schools Can Play. Ohio State Can’t.

Ohio Gov. MikeDeWine gave the go-ahead forfootball. The Buckeyes,however, remain on the sidelines.

BY ANDREW BEATON AND LOUISE RADNOFSKY

High schools can play football in Ohio. Two NFL teams are gear- ing up to play. Even the University of Cincinnati can play. But Ohio State, the team around which the state revolves, cannot play fall football. It’s a contradiction in the re- sponse to the novel coronavirus— and few officials in the state are saying who’s right or who’s wrong. Thegame is the same at all lev- els.There’sblocking and tackling. In social distancing terms,those areabout as bad as ahug,and hugs areprettybad. This one stateun- masks the inconsistencies that have emergedtrying to reconcile some- thing immensely popular,football, with something else that’sdeeply polarizing—howschools should be operating during apandemic. In the 2020 that Americawas expecting,what happened in Ohio in the fall wasgoing to matterbe- cause in apresidential election year,asOhio goes,sogoes the na- tion. In the 2020 that Americagot, Ohio turned out to be the bell- wether forafractured approach to football in which parents, schools, administratorsand leadersare drawing different conclusions about the same virus in the same game. Gov. Mike DeWine, a Republican whose shutdown actions in early March helped push the NCAA to ANA/REUTERS

cancel March Madness, gave the MAIOR

go-ahead on Aug. 18 for contact JOE sports in the state’s high schools. High schools can play football in Ohio. Two NFL teams in the state are gearing up to play. But Ohio State’s football season was postponed by the Big Ten. Theorder acknowledges that participation in sportsincreases the field, even if they can’t do Major college football High school football Plenty of other Ohio colleges the risk of Covid-19 and spread, much about them crashing into cancelations only canceledonly have seen their fall sports ki- that those risks grow “the closer each other on it. boshed, too. The MAC—which in- AK College and high school College and high ME the physical interaction of the ath- That’s enough to have Ohio’s football both canceled school football both cludes Akron, Bowling Green, Kent letic participants” and “the longer two NFL teams, the Cleveland going ahead State, Ohio University, Miami and the interaction,” with “full competi- Browns and Cincinnati Bengals, VT NH Toledo—also called them off. tion between teams from different practicing with hopes to host a But while these colleges wonder geographic areas creating the high- limited number of fans in the when they can play football again, WA ID MT ND MN WI MI NY MA RI est risk forathletes,their families stands. some of their neighbors are pre- and their immediatecommunities.” Thegovernor’s reasoning came paring to do just that. But DeWine also focused on an- toolatefor Ohio State,whose con- OR UT WY SD IA IL IN OH PA NJ CT The University of Cincinnati, other aspect of football: essential ferencepulled the plug on itsfall part of the American Athletic Con- status. season Aug.11, then firmed up that CA NV CO NE MO KY WV VA MD DE ference is going full steam ahead. “We all know the importance of “no football” stancebyindicating These schools also may sense an sports,” DeWine said at a news that teams wouldn’t be welcome to opportunity. When the Ohio States conference announcing his order, stay in the Big Tenifthey planned AZ NM KS AR TN NC SC of the country aren’t playing, that which he went on to sign on Aug. on trying to playoutside of it. means more eyeballs for the likes 19, and allows for up to 300 dis- On the same day DeWine signed OK LA MS AL GA of Cincinnati. tanced spectators in an indoor his order, Big Ten commissioner Bob Goldring, interim executive venue, and 1,500 outside. “That Kevin Warren doubled down. “The director of the Ohio High School young person, if they’re not play- decision was thorough and deliber- HI TX FL Athletic Association, said that col- ing sports, will obviously be doing ative, and based on sound feed- leges face the challenge of bring- something else with their time.” back, guidance and advice from ing in students from across the Note:Alaska, Delaware,Maine, Montana, NewHampshire, North Dakota, Rhode Island, South Dakotaand Vermontdo While the governor’s order re- medical experts,” he wrote in what nothavecollege teams in the toptier of Division Ifootball thatcompeteinbowlgames. As of Aug. 28,2020 country, and even internationally, quires precautions likehand sani- was styled as “an open letter to Source:National Federation of StateHigh School Associations (high school data) while housing them in dorms. “You tizer,off-the-field facecoverings the Big Ten Community.” could kind of look at it that our and aban on sharing waterbottles, Aspokesman forDeWine de- they so choose,” said Dan Tierney, Dr. Borchers declined to com- kids are in their own little commu- the National Football League has clined to elaborateonwhy it would the spokesman. ment on the Big Ten decision or nity bubble and they’ll be compet- spent millions trying to protect its be safefor high schools to playif DeWine was joined at the news his school or state specifically. But ing against other Ohio community product worth billions.Itimple- the Big Tenhad decided it wasn’t conference announcing the high he did say that generally, there bubbles,” he said. mented measures that no high safefor Ohio State,orwhether the school decision by none other than could be factors influencing high But ultimately, he said, the deci- school or collegecould ever afford: governor believed that it would be a sports medicine physician from schools’ decision to play—such as sion could come down to different daily testing,high-tech contact safefor Ohio State to play. Ohio State, James Borchers, who low infection rates in a rural area, levels of risk tolerance. “That’s tracing and virtual team meetings. “The high school sports order is also happens to be the football and fewer requirements on their where the families have to decide: Teams gutted their locker rooms in not a mandate to play. It gives in- team’s head physician (and a for- participation, such as extensive do they want their child to take order to keep players distanced off stitutions the option to play if mer player for the Buckeyes). testing—even as colleges didn’t. that risk?” Goldring added.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. Eddtmonton <0 1234 5678910111213 5Bibliography 32 Amazon Prime 50s abbr. series based on 0s VaV ncouver Calgaryy 14 15 16 aSaoirse Ronan 50s 10s 6Shout Seattle 70s Winnipegp 17 18 19 accompanying movie 80s 60s 20s knocking 35 Marked by lack of PoPPortlandrtl d 20 21 22 23 Helenal 70s 60s 70s 30s order 60s Bismarckk Ottawa 7Have lunch Billings Montreal AugustA g ta 40s 24 25 26 27 28 36 “If all ___ fails...” Eugeneg 50s 8Narrow fissure Boise ToT ronto AlbanyA y 50s 80s Mpp/plsls.//S/SttP.P. aulau Bostont 37 Marina sight 70s 40s 80s 29 30 31 32 9Model Banks Siouxoux FFallsll Milwaukeek Detroit Hartford 60s 60s Pierre Buffalol 39 Moreunusual ChicagoCCh g Newew YYorkk 70s 33 34 35 36 37 10 Astronomical 90s Reno Saltalt LakeL kek CityC Deses Moines Cleveland radio source 41 Group of wolves Cheyenne Omahah PhiladelphiaPhhilh dllphi 80s Indianapolisdi p PittPittssbburghh 38 39 40 41 Sacramento 80s Kansas 11 Tatum of 44 Starchypudding 80s Denver CCityy Washingtonhingtgtonon D.CD.DCC.. 90s Sanan Francisco Topekka Springfieldpgp ifid 60s Colorado Colorado ChChlarleston 42 43 44 45 46 47 “The BadNews 45 French friend LasL p Springs Wichhitita Richmondh d 100+ 70s 90s St.LLouis LoLLouisu villeill Bears” VeV gas 80s 48 49 46 Well chilled SantaFe 70s 80s 70s Raleighh LosAAngn elles 100s Nashvillehih ll 12 Flea market unit 70s 90s CCharlotth e 48 Menial worker Oklahomakl homa CityC y 50 51 52 53 13 First-rate PhoenixPh AlbuquerqueAlb qq MeMemphisph ColumbiaC b Warm Rain San Diego LiL ttle Rockk Atlantalt 49 Powdery mineral TuT csonc 18 Ballpark quaff 90s 80s Birminghamh 90s 54 55 56 57 58 59 60 50 Marshyinlet El PPaso Ft.Ft.WWoorthrth DlDallasl Cold T-storms Jackkson 61 62 63 64 23 Play division 100s Mobilebilb 80s JaJacckkisonvilllle 51 Makechanges to 40s 25 Architect 90s AustinAti Houstot n Stationary Snow 54 Fall mo. 50s Neweww Orleans Orlandoldd 65 66 67 Saarinen 60s 80s Sanan AntonioAtA i Tampap 55 Iowa Statecity 60s 90s Showers Flurries 68 69 70 27 Old Ford llHonolulu 100s 90s Miami AnchorA h ageg 60s model 57 God of war 70s 60s Ice BALLPARK FIGURES |ByAnthonyRomeo 29 Notoverthe 59 Gotaperfect plate scoreon U.S. Forecasts TodayTomorrow TodayTomorrow Across 33 Composer 58 Hit with aray 60 Advanced City Hi Lo WHiLoW City Hi Lo WHiLoW 30 Pulitzer-winning s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Bread with a Stravinsky gun degrees Omaha 81 57 pc 78 60 r Frankfurt 69 53 t6652t author James t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice pocket 34 Like llamas and 61 Viewed Orlando 89 76 t9276t Geneva 67 51 t6952t 31 Attach, as to a 63 Greatweight TodayTomorrow chinchillas Philadelphia 79 66 r7767r Havana 91 74 t9274pc 5Put into office 62 Long-distance 64 Son-gun link City Hi Lo WHiLoW Phoenix 98 75 t9777t Hong Kong 91 81 c9582t scrapbook 10 Sentry’sstation 35 Notsquaresville bus Anchorage 63 54 r6252r Pittsburgh 76 64 r8267c Istanbul 86 69 s8870s Previous Puzzle’sSolution Atlanta 87 74 t8974pc Portland, Maine 73 56 s7458pc Jakarta 94 76 c9575pc 14 October 38 Interior designs 65 Early Atari game Austin 101 81 pc 101 79 pc Portland, Ore. 77 59 pc 89 61 s Jerusalem 93 70 s8969s CAPRI FEDMARX Baltimore7866r 80 68 r Sacramento 95 59 pc 93 61 s Johannesburg6647pc5947pc birthstone 40 Nativeof 66 Placefor French ALLENRCA WE RE I Kathmandu lessons SLACKOKLAHOMAN Boise 70 49 pc 81 58 s St.Louis 87 74 pc 82 72 t London 65 49 pc 67 50 pc 15 Like some HUNSASHLOW Boston7259s 72 60 pc Salt LakeCity 79 51 pc 76 58 s Madrid 79 57 s8257pc emotional 42 Mouse-sighting 67 Wilma EROS CHACOS EMU Burlington 75 58 pc 78 64 c SanFrancisco7556pc7559pc Manila 89 80 sh 89 79 sh cry Flintstone’s WE NTAT RHEOSTAT Charlotte 84 73 t8972pc SantaFe8956c 81 50 pc Melbourne 55 40 pc 61 52 pc goodbyes OP IATE TAKE hubby PH ILBINANGELES Chicago 85 66 pc 79 66 r Seattle7559pc8160s MexicoCity 76 56 t7554t 16 “Do ___ others...” 43 Reach AUNT IMPA IR Cleveland 80 63 pc 82 66 pc Sioux Falls 77 52 pc 78 56 c Milan 73 55 t7859pc 47 Neighbor of the 68 Audacity, slangily VANZETTI AGENTS Dallas 99 76 t9173t Wash., D.C.7767r 80 71 r Moscow 82 65 pc 68 49 pc 17 Baker’sbowlful ECOSHAKENSARA Denver8153t 80 55 pc Mumbai 85 79 t8577t nave 69 Rids of ISAELSAGAY 19 Spring IGOTANAME LEGGS Detroit 80 62 pc 82 68 pc Paris 68 50 pc 68 50 pc 48 Willowhoop with roughness, in a International 20 Lyric poem KIRBYLON LIEIN Honolulu 90 78 pc 90 76 pc Rio de Janeiro7971pc7970pc beads and wood shop ELLE AHA ANDCO Houston9780t 97 79 s TodayTomorrow Riyadh 108 80 pc 107 79 pc City Hi Lo WHiLoW 21 Shade tree feathers 70 Tackson The contestansweris(COCO)CHANEL. As Indianapolis 82 65 pc 84 68 t Rome 72 58 r7861pc indicatedbythe clue at 72-Across,the firstwordof Kansas City 78 64 t7865r Amsterdam 65 50 pc 64 51 pc SanJuan 89 79 t8780t 22 Feudal tenants 50 In the altogether Down six clues takethe prefix “co-”tosuggestthe other Las Vegas 102 78 s9878s Athens 97 76 s9476s Seoul 87 74 t8974t possible answer. MARX’sco-author wasENGELS, Little Rock 89 74 t8874t Baghdad 116 81 pc 115 80 pc Shanghai 95 79 pc 94 80 sh 24 View 52 Diner dessert 1Alittle, in music Allen’sco-founder wasGATES, PHILBIN’sco-host LosAngeles 80 61 pc 78 62 pc Bangkok 93 79 t9279t Singapore8579t 85 77 t 26 Yale student 53 Alias: Abbr. 2Apple tablet Miami 91 81 t9280t Beijing 81 64 sh 91 65 pc Sydney6952s 64 51 pc wasRIPA, VANZETTI’sco-defendantwas SACCO, Milwaukee 79 62 pc 75 64 r Berlin 70 52 t6655c Taipei City 93 80 t9180r 28 Umpire’sruling 54 Japanese warrior 3Stepback and KIRBY’sco-creator wasLEE, and ECKHART’s co-pilotwas HANKS. Sixgrid answers anagram to Minneapolis 74 56 c7758c Brussels 66 48 pc 65 49 pc Tokyo9278t 86 79 r 29 Waitstaff’s 56 Hall of Famer assess Nashville 88 73 t8774t BuenosAires 56 46 pc 53 49 c Toronto7665s 79 69 pc those names plus one letter: ANGELES, AGENTS, NewOrleans 91 79 t9477pc Dubai 110 89 s107 89 s Vancouver 68 56 pc 69 57 s refilling aid Ripken 4Brewer’sproduct CAPRI, CHACOS, ELLE and SHAKEN. The extra letterineach, taken in grid order,spells CHANEL NewYork City 77 67 pc 75 67 r Dublin 62 50 c6455r Warsaw6854sh6155r s Oklahoma City 90 70 t8169t Edinburgh 62 47 pc 64 54 r Zurich 67 52 t6649t Solvethis puzzle online and discussitatWSJ.com/Puzzles. (whose firstname is fitting forthe theme). P2JW244000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | A15 OPINION California Is Coming for Yo u BOOKSHELF | By Edward Kosner

Ididn’t have solar cells areworthless. So averaged $106,986 in 2018,and tion 22,toexempt drivers Hiroshima to read the en- California has to buy energy on they still gota5%raise last from reclassification and pro- tireDemo- the spot market—sometimes October. vide newminimum wagesand cratic Party for10times normal prices There’snoquestion that the benefits. This paper reported platform, let when it’shot. So we getrolling stateisaparasite. But the first that only 2% of California Uber And After alone the blackouts. This crazinesscould rule of parasites is: Don’t kill driversused the app formore INSIDE spend-tasma- be yourstoo in the near future. the host. California is trying than 40 hoursaweek,and only VIEW goric Biden- Get used to higher bills and re- nonetheless, especially with 14%ofLyftdriversdrove more Fallout SandersUnity setting your clocks. innovation dynamos Uber and than 20 hoursaweek.Some By Andy Task Force California is No.3inthe na- Lyft.Assembly Bill 5kicked in driversuse both apps,but it’s By Lesley M.M. Blume Kessler recommenda- tion in waterprices.Sad, since on Jan. 1, reclassifying many still overwhelmingly part-time (Simon & Schuster, 276 pages, $27) tions.Sitting it grows90% of America’s “gig economy” workersasem- work. hereinCalifornia, I’m already broccoli, 95% of itsgarlic,71% ployees,ablatant movetohelp So what do the 300,000 texactly fifteen minutes past eight in the morning,on living it. If polls aretobebe- of spinach, 69% of carrotsand unions organize. Uber and 200,000 Lyft drivers ‘A August 6, 1945,Japanese time,atthe moment when the lieved,left-coast policies are two-thirds of fruitsand nuts. actually want, as opposed to atomic bomb flashed aboveHiroshima, MissToshiko coming to yousoon—and you’re Your prices aregoing up.And what California says they want? Sasaki, aclerk in the personnel department of the East Asia not going to likeit. California is kiss incandescent lightbulbs Its energy, tax and Likeany good tech experiment, Tin Works,had just sat down at her placeinthe plant office an early glimpse forthe rest of goodbye—most were outlawed let’sdoanA/B test. Have Uber and wasturning her head to speak to the girl at the next desk.” the countryofablackout-roll- in California as of Jan. 1. regulatory failures are driversclassified as employees That’sthe deadpan firstsentenceofthe most celebrated ing,water-deprived, tax-hiking, Someone please send abox of the Democrats’ ideal and Lyft driversasindependent magazine article of our time,John Hersey’s31,000-word spending-spiking one-party 60-wattflame-tip candelabra contractors, or viceversa. “Hiroshima,” published as the only pieceinthe extraordinary statelonging forits old incan- base bulbs my way. I’m getting for national policy. Within amonth we’d see which Aug.31, 1946,issue of the NewYorker.The firstdetailed account descent glow. desperate. model driversprefer. I’m tired of what happened to the victims of that firstatomic explosion, TheU.S.may flip to one And of course,California of powergrabs under the guise “Hiroshima” wasaworld-wide sensation as apieceofreporting, partyrule; California is al- spends moneylikeadrunken It’samess. Close to home, of good intentions. later sold millions of copies in aslender hardback edition, and ready there. Democratshave sailor.The stateisblessed freelancejournalistsare limited Alaw as stupid as AB 5 has lost none of itshorrific powerwhen reread now, 75 years controlled the stateAssembly with taxdollarsspouting from to an arbitrary35submissions. could never go nationwide, sincethe firstuse of the weapon that changed the world. since1997 and the governor- employees of Apple,Google, Monday, Aug.31isthe deadline right? Thebombing of the thriving Japanese city,followedbythe ship since2011—or 1999 if you Facebook,Microsoftvia forseveral billstoprovide jour- Think again. TheU.S.House devastation of Nagasaki three days later,led to Japan’s 1 ignoreArnold the Governator, LinkedIn,Amazon (whose nalistsand othersexemptions. of Representatives has already surrender some 3/2 yearsafter as most do.Single-party rule search operation is based in But holding it up, quelle sur- passed the blatantly union- the surprise attack on Pearl means single-party rules. Palo Alto), Twitter, Uber,Lyft, prise,isadebateovergiving friendly (though refreshingly Harbor.Emperor Hirohito’s We’reNo. 1inthe topmarginal Airbnb, Palantir and—oops, exemptions to “certified trans- honestly named) H.R. 2474— capitulation touched off income taxrateat13.3%, in- check that, Palantir is moving lators” but not to interpreters. Protecting the Right to Organize ecstatic V-JDay celebrations in cluding forcapital gains.That itsheadquarterstoColorado. What asurprise,the interpret- Act,which is “revising the defi- Times Squareand around the beatsNew York City.We’re Can’t sayIblame them. ersare up in arms.You can’t nition of ‘employee.’ ” It'slike Allied world, but the unleashing also No.1instate sales tax, but Wheredoes the money go? makethis stuff up.Stopmicro- “Poltergeist”:“They’rehere...” of the atom bombs also only ninth when youinclude Aclue recently emergedafter managing; bettertorepeal AB 5 Earlier this month, Uber prompted vexing questions local levies.Still impressive! apushing incident and subse- outright. CEO DaraKhosrowshahi told that linger: Did Americacommit Everything else follows. quent lawsuit involving an Uber and Lyft,the real tar- theVerge website, “I do think awar crime—an atrocity This month Californians Oakland deputy sheriff and the gets of AB 5, threatened to halt we have the system that’sopti- comparable in itsway to the have been subjected to rolling president of the TorontoRap- California operations rather mized ...it’scalled capitalism. Nazi Holocaust and the Japanese blackoutsbecause of the state’s tors at last year’s NBAFinals. than classifydriversasem- It’snot called labor-ism. It’s “rape of Nanking”?Why did renewable energy man- Twitterwagsquickly noted the ployees.OnAug.20anappeals not called socialism.” Except in Americasuppressthe truth dates—33% today, 60% by 2030 deputy made $287,000 in 2016. court allowedthem to con- California, laborism probably about the radioactivity gener- and 100% by 2045.When the Adeputy! Teachersaren’t far tinuetemporarily.They and is the right word. And be ated by the bombs that doomed sun goes down, which Iunder- behind. Menlo Park certifi- DoorDash arefunding aballot warned, it’sabout to spread. countlesssurvivorstodeath later? stand happens everyevening, catedteachers’ compensation measureinNovember,Proposi- Write to [email protected]. Lesley M.M. Blume, whose previous work told the behind- the-book storyofErnest Hemingway’s “The SunAlso Rises,” raises these issues and othersin“Fallout,” her brisk account of howHersey gothis story. Hersey’s lean prose and meticu- A U.S. Airdrop of Dollars in Ve nezuela lous detail won“Hiroshima” aplaceinthe pantheon of liter- aryjournalism. But Ms.Blume is far moreinterested in TheTrump that it controls to Venezuelan election, the Maduro-con- could be cut back when do- Hersey as a“whistleblower” who exposed “one of the deadliest administra- medical workersonthe front trolledSupreme Court de- mestic production has nearly and most consequential government cover-ups of modern tion’sefforts lines of the Covid-19 pan- posed the party’s leadership collapsed. times,” especially about the radiation’stoll on the Japanese. to block oil demic.Until nowthose assets and assigned an ad hoc board Mr.Guaidó’s announce- She calls Hiroshima “a massacreofbiblical proportions” and and gasoline have been frozeninthe U.S., of directors. ment that Treasuryhas castigates officials who “suppressed, contained, and spun” shipments and last week aTreasury Astatement released by agreed to use frozenVenezu- reportsfromground zero to hide “their handiwork.” She AMERICAS intoand out spokesman declined to com- the PPT said the court had elan assetstopay 62,000 quotes President HarryTruman, an artilleryofficer in World of Venezuela ment on Mr.Guaidó’s claims done thesame to “several health care professionals WarI,calling the bomb “nothing else but an artilleryweapon.” By Mary aredesigned when Iasked. But if they are left-wing organizations” in $100 amonth forthree Hersey (1913-1993), tall and handsome,was awunderkind Anastasia to force true,itisarareand much recent years, assigning them months also dingsMr. Ma- warcorrespondent forTime magazine.Byage 31, he had O’Grady strongman needed victoryfor the oppo- boards allied with Mr.Ma- duro.Mr. Guaidó had prom- published two books about combat in the Pacific as well as Nicolás Ma- sition in itsstruggle to un- duro’sUnited Socialist Party ised as much back in April “A Bell forAdano,” winner of the 1945 Pulitzer Prizefor Fiction. duro to step aside.But his seat Mr.Maduro. of Venezuela. In June 2019 buthas so far failed to de- But he had afalling-out with Time’sautocratic ruler,Henry supporterssay the sanctions Mr.Guaidó wasconstitu- theCommunist Party also liver.MysourcesinVenezu- Luce,and quit. He then went to work forthe NewYorker, demonstrateindifferenceto tionally recognized in Janu- ela saythat if the interim which wasedited by Harold Ross, its prickly co-creator, and the suffering of Venezuelans. ary2019 as Venezuela’sin- president does so now, it will his odd-couple deputy,aquiet little man named William Shawn. Their argument would be terim president by the The opposition will go along way toward repair- Ms.Blume turns the writing of “Hiroshima” intothe cliff- moreconvincing if not forMr. National Assembly he pre- ing his damaged prestige. hanging sagaofanintrepid young newsman outplaying his own Maduro’spersistent cruelty sided over.But his effortsto score a victory if It won’t be easy forMr. government to getthe facts. By 1946 ahandful of American-based againsthis ownpeople. assert the powers of his of- frozen assets are Madurotoprevail against journalistshad eluded the Allied occupierstodocument the Take his regime’sdecision fice have been checked at ev- Airtmsincewould-be users physical devastation of Hiroshima, but none had dared report on this month to trytoblock the eryturn and Venezuelans used to pay doctors. should be able to add avirtual Hersey’s chosen topic: the human cost of the blast. When Hersey useofAirtm, an increasingly seem to have lost confidence privatenetwork to their com- wasn’t worrying about getting unsupervised access to survivors, popular digital-currencyplat- in his leadership.The opti- putersorsmartphones to cir- he frettedabout U.S. militarycensors. He also worried about how form that allows Venezuelans mism that prevailed in the broke with Mr.Maduro, as- cumvent the block and access to structurehis storysothat readerswould “suffer some of the to receive, save and transact earlydays of his ascent, in- serting that he had reneged the platform. His superintend- pain, some of the disaster.” En routetoJapan, Hersey read in U.S. dollarsand to buy or side and outside Venezuela, is on promises he made in 2018 ent of banks recently warned Thornton Wilder’snovel “The BridgeofSan Luis Rey”—which sell bolivars at market rates. no longer in fashion. to win itssupport. Among financial institutions not to linked the stories of five people who died when arope bridge One reason the regime Still, Venezuela isn’t yet the broken commitments, it transact with Airtm. But since collapsed over acanyoninPeru—and had an epiphany. doesn’t likeAirtm is that it al- the totalitarian hellhole that said, wasfailuretorespect userstransact with agentson lows individuals to buck a theCastrofamily has made the rightsofworkerstothe platform and the money measureofstate control. By Cuba. Mr.Maduro’srule unionize. merely movesbetween two John Hersey’s profile of six survivors of making marketsincyber- might seem invincible,but he Paging Bernie Sanders. bank accounts, the banks have theA-bomb blast, published 74 yearsago space, Venezuelans no longer is in aconstant game of Theregime also took ahit no knowledgeoftransactions need permission from the cen- Whac-A-Mole against the this month when the U.S. related to Airtm. today, has lost none of itshorrific power. tral bank to buy dollars, and Venezuelan people.Recently seized the cargooffour Libe- If agentsare uncovered, they are not forced to accept he has chalked up afew sig- rian-flagged tankers carrying statereprisals arearisk.But the government’s overvalued nificant losses. gasoline from Iran to Venezu- even in theworst of circum- Afterauthorities granted him 14 days in Hiroshima to inter- priceofthe bolivar when buy- One development that flew ela. It wasthe firsttime the stances underground markets view hibakusha—Japanese for“atomic bomb-affectedpeople”— ing. As the cyberspacemarket under the international radar U.S. had successfully denied innovateand flourish and I Hersey sought out six linked protagonistsfor his story. Early on, has blossomed, the regime has this summer wasthe decision passageofgasoline to Vene- expect Venezuelans will find he found aGerman Jesuit priest who was1,400 yardsfrom had to abandon itspeggedex- by the hard-leftNation for zuela. Five Iranian tankersin waystocircumvent regula- ground zero when the “noiselessflash” went off; he somehow change rate. All party (PPT) to break with the original flotilla presum- tors.Asuse spreads,includ- managed to gettonearby Asano Park,wherehecomforted Worsefor Mr.Madurois Mr.Maduro. When the PPT, ably gotthrough but the sei- ing among merchants, sheer manysurvivors, some with the flesh melting off their bodies. that, according to Venezuelan whichhad aclose bond with zuremay makenon-Iranian numbersare likely to over- Thepriest led Hersey to aJapanese Protestant minister,the Interim President Juan the lateHugoChávez, re- merchant vessels think twice whelmenforcers.Inanation Charon of Hiroshima, who had ferried victims acrossthe river Guaidó,the U.S. Treasuryhas fused to accept the slateof about violating U.S. sanctions hungryfor dollars, the incen- to the park by poling aboat he found on the shore. agreed to use Airtm to dis- regime-approved candidates against Tehran. If so,supplies tives aregigantic. Hersey also interviewedtwo doctors, one the sole surviving tributeVenezuelan assets forthe December legislative to itsSouth American ally Write to O’[email protected] physician at the 600-bed Red Crosshospital besieged by 10,000 walking wounded afterthe blast, the other aJapanese humanitarian who had donated medical supplies to the Jesuit mission, which the priest and othersused to bandagetheir New Yo rk’s AG Lays a Rotten Egg wounds.One of the two women Hersey chose,the widowofa drafteekilled in action, had desperately dug her three children By Richard J. Sexton NewYork Attorney General Le- substitution of grocerypur- likeWalmart and Kroger. The out alivefromthe wreckageoftheir home.The other,the And Daniel A. Sumner titia James alleged the egg chases and home cooking in smaller stores that serve young woman Hersey wroteofinthe firstsentenceofhis producer had “exploited hard- placeofrestaurant dining and mostly low-income neighbor- story, wasburied under amountain of books in her office. bright spot during the working NewYorkerstoline commercial food services hoods would getnone.And Upon Hersey’s return to NewYork,Ross, Shawn and the A pandemic has been the itsown pockets” and “made when governmentsshut down without amonetaryincentive author locked themselves in Ross’sshabby officefor secret resilienceofthe food millions by cheating our most much of the economy. Ameri- forsupplierstoincrease the marathon editing sessions.The finished piecewas cleared by supply,which kept staples on vulnerable communities and cans typically spend nearly number of hens,those shelves Gen. Leslie Groves,the military’satomczar—and one of Ms. shelves.But nowstate attor- ourservicemembers.” half of their food dollarson would have stayed empty. Blume’sprime cover-up culprits. Still, Rossfretted that neysgeneral in NewYork, Never mind that the relative meals away from home.Con- Out-of-state eggsuppliers advertiserswould be enraged by being included in the Texas and West Virginia are priceincreases observed in New sumersalso rushed to stock- could have avoided Ms.James’ “Hiroshima” issue and that squeamish readerswould cancel taking aim at farmers—and the York,Texas and West Virginia pile eggs. wrath and her lawsuit by ship- their subscriptions.Likeany anxious editor,Shawn sent an market forces—that helped were modest compared with As much as farmerswished ping their eggs to states with- underling to Grand Central Terminal on publication daytosee keep eggs on Americans’ thenational averageincrease. formoreeggs, it takesseveral out price-gouging laws or with howthe magazine wasselling.Heneedn’t have worried. plates. weeks to expand the number lessrecklessprosecutors. New Forall the virtues of her narrative, Ms.Blume is guilty of the What didthe farmersdoto of laying hens.The slight sup- York consumerswould have historian’ssin of “presentism”—judging the actions of the past runallegedly afoul of the law? Alawsuit accuses ply increase that did occur re- been leftwith even more by the standards of today. Some mayconsider anyuse of They responded to an unprece- farmersofpricegouging sulted from repurposing eggs empty shelves.Farmershave nuclear weapons immoral, but ending the warwithout invading dented increase in demand for from food processing and food now likely learned which Japan wasacompelling option forTruman and his military, retail groceries,including during thepandemic. servicetoretail markets. By states to avoid in the unfortu- whose firstresponsibility wasthe preservation of American eggs, by selling eggs at pre- late-Aprilegg suppliershad nateevent of afuturenational lives.Imagine the furorthat would have erupted if—after vailing market prices,which time to expand and, though emergency. hundreds of thousands of Allied and Japanese troops (and rose in NewYork from about TheU.S.Agricultural Marketing demand remained high, prices Attorney General James al- countlessJapanese civilians) had been killed and maimed in an $1 foradozenlarge eggs from Servicereportsthat the average in NewYork and nationallyre- leges an overcharge of $4 mil- invasion—it were revealed that the U.S. had asecret weapon that Januarythrough early March wholesale priceoflarge white turned to pre-pandemic levels. lion by Hillandale, which could have ended World WarIIinaweek but refused to use it. to about $3 on April 1. During eggs rose from about 60 cents Would suppliers have re- amountstoabout 20 centsper What’smore, Japan wasnotorious forthe savagery of its normal times,our economyre- perdozeninJanuarythrough sponded so readily if eggs had NewYorker.Doesn’t she have troops during the war. TheNazi Holocaust wasgenocide,not a lies on priceadjustmentsto early March(about the same continued to trade foraround betteruses of her time and militarytactic.Suppressing word of the enduring radiation avoid shortages. priceaslast year) to morethan abuck adozen? Not likely. NewYork taxpayerresources? hazardfromnuclear weapons canbedecried. Still, actions In pandemic times,opportu- $2.50 at the beginning of April, If the stateAGs had their takeninwartime or itsimmediateaftermath ought not to be nistic politicians call these ad- afourfold increase. way,sellerswould have had to Messrs.Sexton and Sumner judged only by peacetime standards. justments“pricegouging.” In That pricejump reflected a ration their supplies.Goods are professors of agricultural announcing her lawsuit against limited supply of eggs suitable would have likely gone to the economics at the University of Mr. Kosner is the former editor of Newsweek, New York Ohio-based Hillandale Farms, forretail stores and asudden biggest and best customers— California, Davis. magazine, Esquire and the New York Daily News. P2JW244000-0-A01600-1------XA

A16 | Monday, August 31, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Portland Clashes Paper Towels and Manufacturing Philosophy

he violent protestsofthe last three the Kenosha riotsand the GOP convention, Iamencouraged by the shiftin Forargument’ssake, assume the months in Portland, Ore.,escalated this has become apolitical liability.Sothey’re mindset expressed by KelloggCEO number of consumersremains the T on Saturdaynight intoaright-left pivoting to blame Mr.Trump and claim that SteveCahillane and othersinthe same and each of these consumers, Aug.22Exchangearticle about the fearfulofrunning out of agood, in- confrontation that resulted “his America” is causing it. Trump should tell his detriment of lean manufacturing creases their purchases by 30%. The in one man shot dead in the As if Trumpsupportersbe- techniques to pandemic readiness rate of usagemay have nudged up a streets. This is what hap- supporters to stay away long to Antifa and dominate (“TheCovid Storm: WhyAren’t bit, but not to the extent that war- pens when political leaders U.S. cities. ThereEnough Paper Towels?”). rantsthis level of forwardpurchas- fail to perform the most ba- from Antifa protests. As he oftendoes,however, Converting this talk intolasting, ing.Now imagine thousands of sup- sic responsibility of govern- Mr.Trump took the bait and meaningfulchangeacrossU.S.indus- ply-chain systems and managers ment to protect innocent firedoff tweetsthat CNN and tries won’t be easy,however. Busi- seeing this rise in demand and in- lives and property. Democratsspun as incitement. “The big back- nessleadersmust implement mea- creasing order sizeand frequencyto Themain failureherelies with Portland lash going on in Portland cannot be unex- sures of operational resilience, distributorsormanufacturersdi- MayorTed Wheeler and Gov.KateBrown,who pected after95days of watching and incom- embracethem, and hold themselves rectly.The result: Themultiplication have consistently indulged the rioters. Every petent Mayoradmit that he has no idea what accountable to them long afterthis effect on the demand side creates a period of uncertainty and peril sub- bubble,resulting in aseller’s market. night formorethan 90 days,Black Lives Mat- he is doing. Thepeople of Portland won’t put sides.Otherwise,aregression to In this scenario,witnessed several terand Antifa protestershavedemonstrated up with no safety anylonger.The Mayoris overly optimized practices is inevita- times in the past, this bubble out- in Portland. Manyare peaceful, but ahardcore aFOOL.Bring in the National Guard!” he ble,leaving us onceagain unpre- strips capacity and shortages occur. have repeatedly attacked policeand burned tweeted. pared forsignificant threatstoour Lean practices arepart of the solu- buildings. He’sright about the National Guard, but Mr. economy, public health and safety. tion set to improveresponses to When President Trump sent federal lawen- Trumpwould help Portland and his ownpoliti- Tempering lean or just-in-time changing customer demands. forcement agentstoPortland this summer to calcause moreifhecalled forcalm on all sides. principles sounds prudent now, but to JAMES DRENNEN protect federal buildings, the mayorand Gov- That includes hissupporterswho rolled into give that concept permanence, espe- Minneapolis ernor blamed Mr.Trump forthe violent Portland foracounter-protest on Saturday. Ac- cially in boardrooms and shareholder clashes.But when federal agentsstood down, cording to news reports, the man who was calls, a new paradigm of business op- It is true that Toyota’s lean manu- the violencecontinued against Portland police killed in the streetswas wearing ahat for“Pa- timization must emerge, one in which facturing system strives to reduce profitability and resilience are equal inventoryand wastetoimproveeffi- and property.OnFridayMr. Wheeler issued an triot Prayer,” the right-wing group that some- priorities, each deserving of measure- ciencyand profits. It is also true open letterrejecting Mr.Trump’slatestoffer times clashes with Antifa. ment and monitoring, and supported that Toyota’s system strives to of federal help to restoreorder. Mr.Trump should tell his supporterstostay by investment. From storage and achieveastable and predictable pro- “Wedon’t need your politics of division and away from Portland, Kenosha, Wis.,and other maintenance of stock reserves to ana- cess.The Covid-19 pandemic de- demagoguery. Portlandersare ontoyou. We cities whereriotersreign. Democratsand Mr. lytic capabilities that can detect sup- stroyed stability and predictability, have already seen your recklessdisregardfor Trump’smedia opponentswill take anyopen- ply-chain vulnerabilities, businesses which unfortunately caused atempo- humanlifeinyour bumbling response to the ing they cantomakealleged vigilantism the will incur costs to make resiliency a rary paper-towelsupply shortage. COVID pandemic.And we knowyou’vereached storyrather than thefailureofprogressive reality. Metrics are needed urgently TheToyotaProduction System the conclusion that images of violenceorvan- Democraticgovernance. to demonstrate the value of these in- works.Ifyou have anydoubts, check dalism areyour only ticket to reelection,” Mr. ThePresident cancontinue to offer local of- vestments, in good times and bad. Toyota’s historic bottomline over BRUCE KAPLAN the years. Wheeler wrote. ficials federal help if they want it. And he Tysons, Va. Unfortunately,weforgetabout the Yethis city is the one burning and where should offer sympathyfor the people of Port- millions of dollarsofimproved prof- someonehas nowbeen killed. Mr.Wheeler, land, Kenosha and other violent cities who have The root cause of shortages isn’t itsthat come from the system every Gov. Brownand statelawmakershaveham- been let down by stateand local leaders. the result of lean practices, where time thereisashort-term break- strung policebylimiting anti-riot tactics.At Vigilantism isn’t the cause of the current fast responses to customer demands down in stability.Toyotawould aSundaypress conferencethe Portland police urban violence, but it could become one result drive waste out of the process. The rather managethese blips than in- chief said his department lacked the resources of the failuretocontrol violence. Americans root cause of out-of-stock items is vest millions of dollarsinunneces- to separate the fighting factions, but the feck- have watched forweeks as riotersburned and more likely the multiplier effect in saryfacilities.Weshould followToy- lessMr. Wheeler offered little morethan aplea looted businesses that people spent a lifetime customer demand and the reactions ota’sexample. against violenceand rhetoric about reform to building.Yet mayors likeTed Wheeler have to this increased demand in the sup- ED KEMMERLING addressracial injustice. let it happen. Inevitably,average citizens will ply chain. Brighton, Mich. That hasn’t stopped Democrats from blam- movetodefend themselves if elected officials ing Mr.Trump forthe violence, as they did all won’t protect them. Theproper placetodo daySunday. Democratsspent their convention that is at the ballot box, however, not in the The Joe Biden We Know Should Do Very Well never mentioning the urban violence, but after streetswith guns. Your editorial “TheJoe Biden We changeare negligible goals that Know” (Aug.21) suggeststhat Vice don’t help the working man is to A Good Hurricane Response President JoeBiden lacks strong, not understand that amorejust consistent policyviews.But he’sal- and safer society benefitseveryone, resident Trump on Saturdayvisited areas dead, most due to carbon monoxide poisoning waysbeen pro-worker.Heand the including the working man. in southwest Louisiana and Texas rav- from unsafegenerators. Katrina killed 1,836. Democratsare actively pushing an JULIAN KLAZKIN P aged by Hurricane Laura, which also TheFederal EmergencyManagement Agency agenda forworkers. Areabetter Bethesda, Md. health-caresystemand fairer taxa- marked the 15th anniversaryof has been on the ground work- tion intended forsome other group Much of what youare critiquing Hurricane Katrina. While the Laura was a killer storm ing with the Red Crossand Sal- of voters?Only the Democratsof- about Mr.Biden applies equally well destruction wasgrim, there but governments seem to vation Armytoprovide shelter feredacomprehensivehealth-care to President Trump.Ithought it was were manyfewerhuman casu- and food fordisplaced resi- system, known as ObamaCare. telling that on the same dayasyour alties than expected thanks to have coordinated well. dents, doing search-and-res- Flawedasitmay be,itgave20mil- editorial and since, scores of promi- effectivegovernment prepara- cue,and surveying the damage. lion moreworkersahealth-care nent and well-respected Republicans tion and response. Indiana has also deployeda plan they never previouslyhad. The advertised that they would be vot- Laura struck the Gulf Coast on Thursday as search-and-rescue team. Government at all levels Democratswanted to improveit, ing forJoe Biden, concluding that aCategory4storm and the strongest hurricane seems to have worked effectively,which is proba- but Republicans did everything they Donald Trump wasunfit forthe of- to hit Louisiana in 150 years. Densely populated bly whythe presshas been moreinterested in could to kill it, and replaceitwith fice.This is on the heels of asteady nothing.Add to that aflawedtax- stream of thoughtfuland principled areas were spared the storm’sbrunt. But Texas baiting the President with questions about the reform system the Republicans es- conservatives ranging from George and Louisiana had prepared forabiggerhit, re- NBAprotests. tablished afew yearsago that Will to Gen. Jim Mattis who have questing federal emergency declarations sev- Oh, and climatechange. President Trump largely benefitedthe rich, not the warned us all about the lack of char- eral days before and mobilizing the National rightly replied that “we’vehad tremendous working man. acter and leadership our current Guard. storms in Texas formanydecades and formany That beingsaid, making the president continues to demonstrate. Governorsalso issued mandatoryevacuation centuries and that’sthe way it is” and “wehan- countrysafer forworkersand em- Your cautions about JoeBiden ordersfor some half amillion residentsinhigh- dle them as they come.” Banishing fossil fuels ployers with acomprehensiveim- might well provetrueifheis risk areas.Texas marshaled 400 buses equipped won’t prevent powerful storms or wildfires. migration system is something that elected. But this is one independent with facemasks and disinfectantstoassist with Governmentscan do moretogirdtheir infra- would benefit all. Such asystem voterwho will take his chances and theevacuation. People were encouraged to stay structure, elevatehomes and toughen building waschampioned by the lateJohn vote forthe JoeBiden yousay you in hotels, though shelters provided protective codes as Louisiana has over the past 15 years. McCain, but stymied in the House knowoverthe President Trump I by Speaker John Boehner. To sug- definitely know. equipment and virus tests. Congresscould also reform federal flood insur- gest that striving forracial justice DAVID BEALS Most people appear to have complied with ance so homeowners aren’t encouraged to re- and paying attention to climate Glenview, Ill. evacuationorders, which has helped minimize buildinhigh-risk areas.But green energy won’t deaths.AsofSundaymorning 16 were reported control the winds or tides. Counting the Cost of U.K., U.S. Lockdowns California’s Radical Indoctrination Regarding your editorial “Count- TheNational ChildMortality Da- ing the Cost of Britain’sLock- tabase in the U.K. shows an in- onservatives and fair-minded liberals are ples of systems of power, which caninclude eco- down” (Aug.22): Nothing speaks crease in child suicides in the early alarmed that high schools aredrawing up nomic systems like capitalism and social sys- to the dysfunction in American weeks of the U.K. lockdown. During C planstoteach the “1619 project,” the New tems likepatriarchy.” Studentscan then be health care moretomethan the lockdown, domestic-abuse hotline fact that, during aworld-wide pan- calls were up over 60% in the U.K. York Times’revisionistac- taught “the four ‘I’sofoppres- demic,doctorsand nurses in the According to Dame Vera Baird,vic- count of race and the American A bill would establish a sion”—ideological, institu- U.S. were furloughed, some perma- tims’ commissioner in the U.K.,do- founding,inhistoryclasses. K-12 curriculum in the tional,interpersonal and in- nently.Inmylifetime the practice mestic-abuse murdersofwomen in- Thereality is turning out to be ternalized. of medicine has gone from acall- creased significantly,possibly worse. Thelargest stateinthe ‘four I’s of oppression.’ Thestate guidanceincludes ing to abusiness, and nowtoan doubled, during lockdown. Drug union is poised to become one morethan 200 pages of ap- industry. As in education, Ibelieve abuse and alcoholism areup. Let’s of the firsttomandateethnic proved course outlines.Some choiceinmedical care promises be clear,all of this added death studiesfor all high-school students, and the of these seem to mandatestudent political ac- the best foryou and your family. isn’t due to Covid-19.The destruc- model curriculum makes the radical “1619 proj- tivities, potentially raising First Amendment Howmuch choicewill therebein tion of the world economy, and ect” look moderateand balanced. concerns. “Students acquire tools to become the Democrats’ Medicarefor All? with it millions of lives,was caused MARK GREGORY, M.D. by incorrect information from Last year California’s Assembly passed its positiveactorsintheir communities to address St. Louis China and then misinterpretation ethnic-studies bill known as AB 331 by a 63-8 a contemporary issue and present findings in of data, leading to an unnecessary vote. Then the state department of education a public forum,” says one outline. Among the response to the virus.Inmuch of put forwardamodel curriculum so extreme and approved topics: “Racism, LGBTQ rights, immi- It’s Hard for Office Workers the U.S. excess mortality is nowal- ethnocentric that the stateSenate’sDemocratic gration rights, access to quality health care,in- With Kids Taught Remotely most back to the pre-Covid base- supermajority balked. Thecurriculum said come inequality,” and so on. What about the line. among other thingsthat “within Ethnic Studies, fifth “I” of indoctrination? Regarding Jeff T. Blau’s“It’sTime MICHAEL P. CARTER, M.D. scholarsare oftenverycritical of the system of It’s not a coincidence that many radical left to Open NewYork’sOffices” (op-ed, Blue Ridge, Ga. capitalism as research has shown that Native movementsare infused with anti-Semitism. Aug.26): Iamone of the NewYork people and people of color are disproportion- They posittheories of control by shadowy capi- City officeworkerswho have worked ately exploited within the system.” talist groups that oftenecho anti-Semitic con- from home during the pandemic.Mr. Pepper ... Blau exhortsusto“getback to the of- And Salt Thebill wasput on ice, but protestsand riots spiracytheories.One course outline tips itshat fice,” and Ican see his point of view. in recent months gaveSacramento’smavens of at this. “Students will write a paper detailing But manyofusare parentsofchil- THE WALL STREET JOURNAL racial division moreleverage. Theeducation de- certain eventsinAmerican history,” it says, dren who will be learning remotely partment delivered anew draftmodel curricu- “that have led to Jewish and Irish Americans this school year.IguessMr. Blau ex- lum this month, and AB 331 has been revived. It gaining racial privilege.” pectsustobring our children intothe passed aSenatecommitteeAug.20and is ex- This is ugly stuff,aforce-feeding to teenag- officewith us? Or does he expect us pected to go beforethe full body soon. If Gov. ers of the anti-liberal theories that have been to leave them at home to fend for Gavin Newsom signs it, the legislation would re- percolating in campus critical studies depart- themselves? Talk about “kidding.” quireall school districtstooffer asemester-long ments for decades. Enforced identity politics KATIE MCGONIGLE ethnic studies classstarting in 2025. and “intersectionality” are on their way to re- Midland Park, N.J. The model curriculum nowonthe education placing civic nationalism as America’s creed. Lettersintended forpublication department’s website says the course should Liberals who consider themselves moderateand should be emailed to [email protected]. “build new possibilities for post-imperial life don’t understand the sense of urgency and as- Please include your city, stateand that promotes collectivenarratives of transfor- sault felt by so many Americans ought to read telephone number.All letters aresub- mativeresistance.” Yes, this is acourse forK-12 this curriculum. And responsible statesmen in ject to editing,and unpublished letters cannot be acknowledged. students. It suggests teachers provide “exam- Sacramento ought to stop it. “And what’s your domain name?” P2JW244000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | A17 OPINION Free Speech Absolutism Killed Free Speech

By Tony Woodlief we could cultivatethoughtfulciti- erybody should be allowedtoex- zens by exposing them to abazaar presshis views,but that doesn’t re- onservatives calling for of competing ideas and ideologies, quireustoempowerand elevate morefreespeech as away we ironically encouraged the decline people who would affordthemselves to push back against cam- of truth-seeking itself.Asthe politi- the right to speak and take it from C pus cancel cultureare try- caltheorist WillmooreKendall pre- everybody else. ing to repair the stable dicted in the 1950s,acommunity Howcan we hold anti-free-speech when the horses bolted long ago. It that treatsevery idea as ultimately ideologues accountable? While fed- mayseem reasonable to think aca- refutable will eventually conclude eral courtsproperly protect the demic diversity and open debatecan that no real truth exists. And once rights of professorstoassociate counter progressivegroupthink,but that happens, he reasoned, afor- with unpopularorganizations and the intoleranceprevailing on college merly “open society” will “overnight disseminateradical views to the campuses isn’t the result of toolit- become the most intolerant of pos- broaderpublic,they’vealso made tle speech. It’saconsequenceoftoo sible societies and, aboveall, one in clearthat the classroom is not a much speech. which the pursuit of truth ...can fiefdom and studentsare not a Older conceptions of free speech only come to ahalt.” teacher’s ideological playthings. The are present in texts stretching back When no dogma canfinally be judicial system typically obliges in- to Plato, butthe modern form of the puttorest, it becomes easier—al- stitutions to uphold their ownstan-

idea is the creation of John Stuart most obligatory—to do whatever we E dards,and the stated standards of

Mill.In“On Liberty” he posited a like. Ideas areevaluated, not based OW universities aresolidly in favorof kind of reverseGresham’sLaw of on theirreasonablenessorcoher- CR free speech.

ideas: Good ideas,heargued, inevi- ence,but by howmuch they tickle CHAD TheAmerican Association of Uni- tably driveout the bad ones in the the earsofthe in-crowd.Harder versity Professors, in itsStatement court of educated opinion. truths become offensive. Theonly waswidely considered obscene then andadministrativeperches to per- of Professional Ethics,makes clear intolerable citizen, in such aregime, is lesssonow.Such is the way of suade the young that freedom is a that educatorsare to “practiceintel- is the one whose belief in truth things when no idea is beyond the fiction. These ideologues have a lectualhonesty,” “encouragethe free An unthinking belief in the compels him to attack beliefs he be- pale;weabandon the firm ground chokehold on our universities and pursuit of learning in their stu- lieves to be false even if his attacks necessarytocall evil by itsrightful many other institutions.They have dents,” and “respect and defend the equality of all ideas has led disturb the equanimity of the estab- name.This is whyideas inimical to no interest in the principle of free free inquiry” of fellowacademics. to cancel culture and the lishment. His criticism becomes too free speech—Marxism and itsiden- speech, and we’rewasting time try- Furthermore, as citizens,scholars hurtful—even aform of “violence.” titarian offshoots—receiveperenni- ing to getthem to abide by it. have “a particular obligation to pro- persecution of heretics. Forthe safety of the community,he ally fresh hearingsunder various Consider howeventhe University moteconditions of free inquiry.” must be cast out. guises in departmentsranging from of Chicago—birthplaceofthe 2014 University administratorsmay not Ionceworked at auniversity that gender studies to philosophyto “Chicagoprinciples,” affirming the have the couragetohold their insti- Mill believed we arebetteroff giv- hired ascholar with widely pub- English. Adherentsofthese ideolo- importanceofopen debate—has tutions to these standards,but ing aplatform to the “heretic”—his lished opinions on bioethics.During gies have no problem denying bowedtoanti-free-speech fervor. there’snoreason courtswon’t. term—for two reasons.First, he an introductorylunch, afaculty speech to their opponents. Our com- Twoyearsago, the university that These standards should be rigor- might be right. Second, even if he is member took issue with his position mitment to granting everyidea oncefamously extended free speech ously applied to everyuniversity in- wrong,the exercise of combating his against human cloning,inparticular spacetobloom has ironically to an actual Nazi allowedradical structor on the leftand right. Anti- bad opinion strengthens society’s ca- his concern that bereavedspouses yielded speech codes,safezones faculty memberstoobstruct Steve free speech academics maysue,but pacity forreason and healthyargu- might one dayclone their lost part- and purgesofindependent-minded Bannonfromspeaking on campus, let’sget on with it. While professors ment.The heretic should never be nersand bring up the replacements, scholars. Nowthis illiberalism is claiming his wordsweredangerous have academic freedom as research- pressured out of the public square, raising the specter of incest. boiling over from campuses intothe to students. ers, they have clear duties as educa- Mill argued, no matterhow many “What’swrong with incest?” this streetsofPortland and other uni- Thesolution is not to issue more tors.Tosavefreespeech in our times his views have been refutedin faculty member asked. “I can’t be- versity-heavy cities. bromides about the importanceof broader society,it’simperativethat the past. In the spirit of open inquiry, lieve,” our newscholar replied, “I We’reseeing free speech driven free speech. It’stotakethe principle we demand itsmoreresponsible ex- everyone should have avoice. have to explain to an educated adult from campuses,inother words, be- itself moreseriously.Mill believed ercise in our classrooms. Mill’sfree-speech absolutism has what’swrong with incest.” cause our unthinking commitment heretics should be heard, not put in been aguiding light foruniversities He didn’t last long in the job. to it has kept us from constraining charge of classrooms and permitted Mr. Woodlief is founder of Inten- for many decades. But in imagining That was20yearsago, and what radicals who use their classrooms to createdespotic speech codes.Ev- tionalFathering.com. How to Stop Iran From Terrorizing Dissidents Abroad

By Cameron Khansarinia in Western countries areunderstand- When Ali Khamenei became su- tion gathering.And latelast year a siding over the gunmen’strial con- And Kaveh Shahrooz ably alarmed by this apparent uptick preme leader in 1989,anentity under former defense ministrycybersecu- cluded that topregime officials on in kidnappingsand hope that their his direct authority known as the rity expert who had escaped to Istan- the committeefor special operations amshid Sharmahd, aCalifornia- adopteddemocratic homes will pro- specialaffairscommitteebegan to bul wasshot dead. in Tehran had ordered the killings. J based Iranian opposition activ- tect them. But safeguarding these recommend individual assassinations. Iranian journalistsworking at for- Almost immediately,European ist, disappeared in lateJuly dissidentswill requireworld leaders Thevictims included former Prime eign-based news outletshavefaced Union member nations withdrew while traveling to atechnologycon- to stop thinking of such incidentsas Minister Shahpour Bakhtiar, suffo- repeated threatsontheir lives and their ambassadorstoIranand cut off ferenceinIndia by way of Dubai. Mr. isolated crimes,and instead confront catedand stabbed to death in Paris in those of their families living inside diplomatic ties.Although the rebuke Sharmahd’sfamily tracked his move- them as state-sanctioned intimida- August 1991, and outspoken singer Iran.Other outspoken activistshave wastemporary, the regime recoiled mentsusing mobile phone datatoa tion policy. andactivist Fereydoun Farrokhzad, reported that regime officials have and therewas along lull in itsassas- remoteregion of neighboring Oman Iran’sleadershavebeen hunting approached family membersinIranto sination campaign. beforehedropped off the map.Days and killing their opponentssincethe lurethem to nearby countries where Western governmentswill only be later,heappeared blindfolded on Ira- Islamic Republic wasestablished in Western countries need to they canbemoreeasily abducted. able to protect dissidents, oftenfull nian statetelevision as aresult of 1979.During areign of terror in the Manyofthe assassins and their citizens of their adopted countries, what the Islamic Republic termed a early 1980s the regime executed take Tehran’s murderous collaboratorsare closely allied with by forcing Iran’sleaderstopay for “complexoperation” by “anonymous thousands,including former mem- campaign seriously and the regime’sso-called moderates.Ac- their crimes.Toothlessstatements soldiers.” bersofthe Iranian parliament, lead- tivists, dissidentsand opposition won’t be enough. As long as Iranian Morefrightening than the appar- ersofthe country’sJewish commu- hold officials accountable. leadersliving in exile represent a officials canfreely roam European ent kidnapping of the U.S.-based dis- nity,and Iran’sfirst female minister. mounting threat to the regime as it capitals,they will knowthereisno sident is the fate that likely awaits When dissidentsfled intoexile,gov- faces financial pressureand political pricetopay forkilling dissidents— him. This summer Tehran sentenced ernmentassassins followed. stabbed repeatedly in Bonn, Germany unrest at home.Inresponse,Tehran and Iranians abroad likeMr. Shar- to death another kidnapped oppo- On direct ordersfromthe regime, in August 1992. Thenextmonth, sev- has turned again to astrategyofkid- mahd will continue to liveinfear of nent,who had been living as arefu- Cpt. Shahriar Shafiq and Gen. Ali eral Kurdish dissidentsweregunned napping and killing. the assassin’sbullet and the kidnap- geeinFrance. And in recent weeks a Gholam Oveissi,former imperial mili- down at Berlin’sMykonos restaurant. Experienceshows that Tehran is per’s trap. prominent Iranian women’s rights tary officerswho were leading active This vast, coordinated campaign only willing to halt itsextraterritorial activist based in the U.S. revealed opposition groups,wereassassinated continues today. In 2017the head of thuggery when the costsofits ac- Mr. Khansarinia is policy director that herfamily had been pressured in Paris in 1979 and 1984, respec- apopular television station that tions outweigh the benefits. Afterthe for the Washington-based National to inviteher to aget-together in tively.The former Iranian embassy beamed banned content intoIranwas Mykonos restaurant bloodbath, Ger- Unionfor Democracy in Iran. Mr. neighboring Turkey so she could be pressattaché wasshot and killed in assassinated in an Istanbul street. In many’s chief federal prosecutor im- Shahrooz is alawyer and asenior fel- abducted. the doorway of his Bethesda, Md., 2018 French policefoiled an at- plicated Iran’sministryofintelligence low at the Ottawa-based Macdonald- Iranian democracyactivistsliving home in July 1980. tempted bombing of alarge opposi- in the crime.In1997,the judgepre- Laurier Institute. Sweden Shouldn’t Be America’s Pandemic Model

By Scott Gottlieb means continued universal masking, cohort and then seeped intoanolder population while taking steps to pro- North Carolina. And Sweden is far social distancing,and diagnosing population. Awedding in Maine tect the elderly.The Swedish view short of herdimmunity,evenasthe he Trump administration’s and tracing of individual cases. caused an outbreak that spread to a wasthat the countrycould reach country’s economic recovery ranks T Covid response seems increas- While ageappearstobethe stron- rehabilitation center and a jail. It is herdimmunity without jeopardizing among the worstinits region. A ingly to reflect apolicyprefer- gest predictor of death and severe neither possible nor desirable to lock the economy. But holding up Sweden May survey of Swedish exposure to enceamong some conservatives: disease,other risks likediabetes and away the elderly and people with un- as an enlightened model misreads coronavirus found that 6.7% of those Protect the elderly and let otherstry obesity correlatewith bad outcomes. derlying health conditions. important parts of its experience. aged 20 to 64 had evidence of past to getonwith their lives.This think- About 10% of Americans have diabe- Yetthis week proponentsofthe infection, along with 4.7% of those ingassumes that herdimmunity will tes, and 40% areconsidered obese. let-it-rip policyhailed a rewrite of younger than 19 and 2.7% of those 65 slow the pandemic if more younger Young people canfall seriously ill. Centersfor Disease Control and Pre- TheSwedesaren’t close to and older. Stockholm, the country’s people are infected. Many features About 40% of hospitalizations in vention guidelines that appearsto single large population center, also of federal policy seem to be follow- Sunbelt states in the last week of discouragetesting asymptomatic reaching herdimmunity. has amuch lowerdensity than most ing this philosophy. June were in people ages 18 to 49. people who have been exposed to We need to continue to American cities. That reduces Swe- It’simportant to protect the old Then thereare those who survivebut the virus. The new guidance, what- den’srisk of continued epidemic and the vulnerable,who areatthe don’t fully recover. There’sgrowing ever itsintent, will discouragecom- contain thevirus spread. spread. highest risk of severeillnessand bad evidencethat the virus candamage munities from testing the young and Yetembraceofthe “Swedish outcomes.But likemost issues of the heart and cause dangerous auto- the healthy. This will make it more model” is based on assumptions that medicine,itisn’t abinarychoice. immune and inflammatorycondi- difficult to track and trace cases. ManySwedes pulled back from sidestep some of these facts. The Given the uncertainties of how this tions,including in children. Proponents point to Sweden as a normal activities to shelter them- biggest misconception is abelief that virus spreads and itshigh risk of in- Covid spreads too easily to think successful model of this approach. selves from infection anyway, even there’salarge reservoir of Ameri- firmities,itwould be unwise to it canbeconfined to the young.The Swedish government officials ini- younger and middle-aged people. cans who are already immune to abandon effortstolimit Covid summer epidemicsinSunbelt states tially sought to let the virus run Thecountryexperienced 5,821 Covid Covid. This viewisbased on the fact spread wherever possible.That initially affected mainly ayounger largely unchallenged in the general deaths in apopulation the sizeof that as manyas50% of people have immune cells,called T-cells,that de- velop in response to other seasonal coronaviruses and which have been PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Sports showntocounter the Covid virus in Rupert Murdoch Robert Thomson petri-dish tests. Yetthe sciencehere Executive Chairman, News Corp Chief Executive Officer, News Corp Steven Malanga writing at City sportsfigures.With their entourages, is preliminary, and this lab finding Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Journal, Aug. 28: security forces,and legions of adoring maynot have anybearing on the Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: social media followers,they liveina pandemic’sdynamics. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; With their boycottofgames earlier kind of bubble ...The players have Confronting adangerous pan- Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; this week to protest the policeshoot- become moredogmatic,morecertain demicrequires containing spread News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; ing of JacobBlakeinKenosha, Wis- of the righteousnessoftheir approach wherever it is reasonably possible. Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer consin, athletes in the National Bas- to the issues,and moredismissiveof Sensible measures such as universal Features &Special Projects; Andrew Dowell, Asia; ketball Association and Major League those who don’t agree with them. On masking,testing and widespread and AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Baseballhavecrossed abridgethat social media and in polls,they get rapid contact tracing can help. The Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; they mayfind difficult to return from. some support fortheir activism—but best way to protect the vulnerable is Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; Though professional athletes have be- it’salso clear that they’releaving to try to protect everyone. MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; come increasingly politicized since plenty of other people behind. Thomas SanFilippo, Customer Service; former SanFrancisco49ersquarter- Sportsleagues and teams never Dr. Gottlieb is aresident fellow at GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; back Colin Kaepernick began his “Star had to deal with political partisanship the American Enterprise Institute Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Spangled Banner” protestsin2016, as afilter forattracting fans.Upuntil and was commissioner of the Food Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International the widespread cancellation of games, recently,sportsunited people of dif- andDrug Administration, 2017-19. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; including NBAplayoff contests, is ferent political persuasions.Now,we He serves on the boards of health- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head unprecedented. ... have whole leagues embracing ques- care companies involved in the

EDITORIAL AND CORPORATEHEADQUARTERS: Modern professional athletes are tionable political messages designed Covid-19 response and is a partner 1211 Avenue of the Americas, New York, N.Y., 10036 wealthier—staggeringly so—and more to offend and alienatelarge segments at the venture-capital firm New En- Telephone 1-800-DOWJONES popular than previous generations of of the target audience. terprise Associates. P2JW244000-0-A01800-1------XA

A18 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

Nowfanshave thehomecourt advantage.

As theUSOpentakes placewithoutspectators, IBMCloud® is helpingscale thecapability of thetournamentonand offthe court. With AI, IBMWatson® is drawinginsightsfrommillions of data points,bringinganimmersive digital experience to tennis fans worldwide.

Let’sput smarttowork.® ibm.com/usopen

IBM® iiss tthheeo offi cciiaall CCllooudud &&A AIIp partner ooff ththeeU USSO Open

IBM, the IBM logo, ibm.ibm.com, IBM Cloud®, IBM Watson®®a andnd Let’ssp putut smarttt toow work®a® arree trademarksos offI International BusinessMs Machinesachines Corp., registeredid innm mananyjy jurisdictionsurisdictions worldwide.S. Seeee current listat atti ibm.bm.com/trademark. Other product and servicene namesames might be trademarksos offI IBM or other companies.©. ©IntInternational BusinessMs Machinesachines Corp.2. 2020.020. P2JW244000-0-B00100-1------XA BUPERSISONAL TENECHNOLOGY: HOSSW TO SET UP&FPARENTAL CONTRINOLS ON CHRANOMEBOOKS B4CE

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, August 31, 2020 | B1

Last Week: S&P 3508.01 À 3.26% S&P FIN À 4.35% S&P IT À 4.50% DJ TRANS À 3.49% WSJ $ IDX g 1.20% LIBOR 3M 0.241 NIKKEI 22882.65 g 0.16% See more at WSJ.com/Markets McDonald’s Inquiry Turns to HR United Change Executive says portedly making women at the ing an anonymous tip that the McDonald’sglobal chief people tiated his severance. companyfeel uncomfortable company said led to evidence officer in April, said in re- McDonald’ssaid last week department head who on numerous occasions at that he had sexual relation- sponse to aquestion about Mr. that its continuing investiga- Fees to Be was dismissed made businessevents, McDonald’s ships with three other Fairhurst’sdismissal during the tion intoMr. Easterbrook’s current HR chief Heidi Capozzi McDonald’s employees. online meeting with employees conduct is examining whether women feel uneasy told employees during an on- Thecompanyhas said the last week,according to the he coveredupimproprieties Eliminated line meeting last week, notes men’sdismissals weren’t con- notes reviewedbythe Journal. by other employees,including BY HEATHER HADDON from which were reviewed by nected. Thecompanydeclined Mr.Fairhurst didn’t respond personnel in the HR depart- BY DOUG CAMERON TheWall Street Journal. The to comment on whether it is to requestsfor comment. “I ment led by Mr. Fairhurst. McDonald’s Corp.’sformer reason forMr. Fairhurst’ster- seeking to recoup severance have decided the time has come Messrs. Easterbrook and United Airlines said it is head of human resourcesis mination hadn’t been previ- from Mr.Fairhurst. He said at formetomoveontomynext Fairhurst started working to- permanently ending flight- emerging as afocus of the ously disclosed by McDonald’s. the time of his departurethat career challenge,” he wroteina gether at McDonald’sinthe changefees formost domestic company’s investigation into Mr.Easterbrook was fired he was moving on to another LinkedIn post last fall. U.K. in 2005. tickets, the latest effort to possible impropriety under last November after acknowl- career challenge. Mr.Easterbrook,whose at- Soon afterMr. Easterbrook boost demand in an air-travel former Chief Executive Steve edging aconsensual sexting “The actionstaken by for- torneys didn’t respond to re- became CEO in 2015,here- industryhit hardbythe coro- Easterbrook. relationship with an em- mer leadership aren’t represen- quests for comment, said in a cruitedMr. Fairhurst to Chi- navirus pandemic. David Fairhurst,global ployee. McDonald’s in August tativeofthis companyasa legal filing this month that the cago as head of HR.The Chicago-basedUnited and chief people officer under Mr. sued Mr.Easterbrook to re- whole,nor arethey representa- companyhad information McDonald’sboardapproved other carriershavealready ex- Easterbrook,was firedfor cover tens of millions of dol- tiveofusasanHRteam,” Ms. about his relationships with hisappointment to the ex- tended temporaryfreezes on cause last November after re- lars in severanceafter receiv- Capozzi, who became other employees when it nego- PleaseturntopageB2 changefees fordomestic and international travel. But the sluggish rebound in passenger demand sinceApril and con- BanksHaveLotsofCash, Little to Do With It cerns that Covid-19 cases could rise during the fall and winter season have pushed airlines to BY DAVID BENOIT U.S. banks’industrywidenet income Average netinterestmargin identifynew competitivestrat- egies. The coronavirus threw the $60 billion 3.8% United is the firstU.S.car- U.S. banking system intoex- rier to completely drop itsdo- treme gyrations. mestic changefees.Alongside Thenormally unexciting baggage charges, they have quarterly industryreport from long been astrong source of the Federal Deposit Insurance 3.6 revenue and profit forairlines Corp., released last week, and akey subjectfor criticism showedinstark detail howthe from passengers, consumer pandemic is ensnaring banks groups and lawmakers. big and small. 40 Ancillaryfees have climbed Profitstumbled as the 3.4 fivefold over the past decade banks put aside billions for and accounted forabout 15% of loan losses.Margins hit an sales at U.S. carrierslast year, all-time low. Feeincome hit a according to consulting firm record high. Customers IdeaWorksCompany. flooded banks with morede- Seat assignmentsand other positsthan they had ever 3.2 extras have remained popular seen, so much so that the na- through the pandemic-driven 20 tion’ssafety net forbank fail- travel downturn, according to ures fell belowalegal limit. low-cost specialistslikeSpirit Thebanks,agaugefor the Airlines Inc. that rely heavily broader economy, have sig- 3.0 on non-ticket revenue. naled they anticipatealon- Some lawmakerslast spring ger, deeper recession than called forchangefees to be they firstexpected in the curtailed or removed alto- spring. gether as acondition forfed- Though much of the econ- 0 2.8 eral aidtothe industry, but omyhas held up relatively ’15 ’20 2008 ’10 ’15 ’20 carriershaveopted forvolun- well, the banks saythat gov- tary relaxation to lureback ernment stimulus measures travelers. and other reprieves have Southwest Airlines Co.al- Banking revenue likely only delayedthe pain, Loan-lossprovisions Total deposits ready doesn’t charge baggage not overcome it. Manylenders $80 billion $15trillion $200 billion or changefees,alongstanding arebracing forawaveofde- policyithas used as amarket- faults. ingtool. Most other U.S. carri- 160 Theturmoil has made it –20 60 ershavelong chargedchange Feeand other revenue hardtosee howbanks will 10 fees ranging from $200 to boost profits, one reason 120 $500 that cansometimes ex- shares have failed to rally 40 ceed the original fare. along with the market. 80 United Chief ExecutiveScott “The banks have been 5 Net interest income Kirby on Sundaysaid the com- 20 flooded by cash and it’s hard 40 panyplanned to start anew to knowwhat to do with it,” playbook to avoid mistakes— said Brian Foran, an analyst at such as introducing extra Autonomous Research. “That –40 0 0 0 charges—made in previous narrative is not an attractive 2008 ’10 2008 ’10 ’15 ’20 2008 ’10 ’15’20 2008 ’10 ’15 ’20 downturns that upset passen- investment story.” Note:Quarterly data gers.“Getting rid of this feeis PleaseturntopageB9 Source:FDIC oftenthe toprequest,” said Mr. Kirby in avideo messageto customers. International sales and non- Firms Fail to Own Up to Advisers’ Past Misdeeds refundable basic economyfares aren’t included in the move, which takeseffect immediately. BY JASON ZWEIG tors with asimple way of eval- high-profile effort to ensure level of transparencyand com- sis showed. That is about20% Parent United Airlines Hold- AND ANDREA FULLER uating financial advisersby that financial advisersact in parability that the relationship of the roughly 6,200 firms in ingsInc.generated $625 million asking and answering ahand- their clients’ best interest. summarywill provide,” he the analysis that reported they from changeand cancellation In July,millions of Ameri- fulofbasic questions about This followedabattleoverthe said last year. had no past blemishes. fees last year; analystsestimate caninvestorsreceived anew matters including fees,miscon- Labor Department’seffort un- Instead, the newforms, They includeafirm that that around 55% related to do- government-mandated form duct and conflictsofinterest. der the Obama administration which firms had to file by stateregulatorsfound had mestic travel itineraries. from their financial planners In amarketplacewhereex- to craftarule that placed afi- June 30, often contradict lon- misrepresented and improp- U.S. airlines overall gener- that required advisers to dis- isting disclosures were long duciaryresponsibility on many gerdisclosures on the SEC erly disclosed fees, as well as ated $2.8 billion in revenue close past misdeeds.But hun- and complex, investorshave financial advisers. website, the Journal’sanalysis firms whereemployees were PleaseturntopageB2 dreds of the firms didn’t tell oftenbeen victimized when In November 2018,SEC found. fined by regulatorsfor alleg- thefull truth, aWall Street brokers with a record of mis- Chairman JayClayton called At least 1,300 brokerage edly committing forgery, im- Journal analysis has found. behavior haven’t clearly re- the pending disclosure a“clear and financial-advisoryfirms personating customersorsell- TheSecurities and Ex- ported that history. and concise” document that incorrectly stated on the new ing unsuitable investments. INSIDE changeCommission finalized Called a“customer or client would help consumers decide document that neither they Only about 1,800 firms— the form last year at amaxi- relationship summary” or whethertowork with an in- nor their financial profession- nearly one-quarter of the mumoffour pages.The aim Form CRS, the disclosure was vestment professional. “No ex- als had legal or disciplinary roughly 8,100 reviewed—dis- wastoprovide ordinaryinves- alinchpin of the agency’s isting disclosures provide the histories, the Journal’s analy- PleaseturntopageB9 /REUTERS HUNGER

‘Tenet’ Draws International Eyes, AM AD But U.S. Box Office Is Lackluster RETAIL Coupon-clipping BY R.T. WATSON Thestudio,owned by AT&T side the U.S. this weekend. fades into history Inc., expressed satisfaction While major theater chains As theatersinthe U.S. with the opening. “We are off such as AMC Entertainment as Covid-19 groan back to life after being to afantastic start interna- Holdings Inc., Cineworld speedsdigital shift. B2 shut formorethan five tionally,” said Toby Emmerich, Group PLC’s Regal Entertain- months,Warner Bros.’ “Tenet” who heads Warner Bros.’ ment Group and Cinemark is giving Hollywood something movie operation. “Given the Holdings Inc.began gradually to cheer about afterapromis- unprecedented circumstances reopening in recent weeks, ing international debut. of this global release we know manycinemas in major do-

CTION Director Christopher No- we’rerunning amarathon, not mestic markets, including Los

LLE lan’stime-bending spy flick a sprint.” Angeles and NewYork City, CO won’t open in the U.S. until As manynationsfared bet- arestill closed amid govern- Labor Dayweekend, but it terthan the U.S. in containing ment effortstocurb the

EVERETT grossed $53 million from 41 the coronavirus,they began spread of the coronavirus. S/ international markets,accord- reopening their economies Business has been slowto BUSINESS UDIO ing to preliminaryestimates sooner,including movie the- revupatU.S.theatersthat ST Chinesetourists can’t Y from Warner Bros. That total aters. Taking that intoac- have reopened. go abroad and thathas includes Canada, which nor- count, and after having to al- Walt Disney Co.’s long-de-

CENTUR mally is counted with U.S. the- terits release plans four layedX-Men spinoff “The New benefited the country’s theme parks. B3

20TH ater grossesaspart of asingle times,Warner Bros.said it de- Mutants,” grossed a paltry $7 Disney’s‘The NewMutants’ had aweak opening in the U.S. North American market. cided to release “Tenet” out- PleaseturntopageB2 P2JW244000-4-B00200-1------XA

B2 | Monday, August 31, 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 D Q Coupon-Clipping Fades Into Past Abbott Laboratories...A1 Dunkin' Brands Group B2 Quotient Technology..B2 Activision Blizzard....B10 E R AMC Entertainment Epicor Software...... B3 RER Solutions...... A4 As Covid-19 Speeds Digital Shift Holdings ...... B1 American Airlines Group F Rocket Cos...... A4 ...... B2 Facebook ...... A3,B5 S BY ANNIE GASPARRO Digital coupons surpassedpaper leaflets ing loveit,” Ms.Bush said. Apax Partners...... B3 That abilitytotargetcus- G Salesforce.com...... A1,A2 forfirsttime amid the pandemic. Apple...... A1,B10 Clipping coupons is becom- tomersbased on their pur- General Atlantic...... A9 Samsung Electronics..B5 AT&T...... B1 ing a thing of the past, as the Shareofproductcoupon reeddempemptions chasehistorymakes digital Ginkgo Bioworks...... A1 Sequoia Capital...... A9 B coronavirus pandemic acceler- coupons abetterinvestment I Solstice Studios...... B2 ates a shift to digital deals. Quarterly First half of year than paper ones broadly dis- Bayerische Motoren Imax...... B2 Sonora Quest With morepeople shopping tributed to consumersbased Werke...... B10 Laboratories...... A1 50% 100% Itochu...... B6 online, redemptions of digital on their ZIP Codes,brands and Berkshire Hathaway..B6 Other* Southwest Airlines....B1 coupons in the U.S. surpassed Newspaper retailers said. ByteDance...... A1 K U redemptions of paper coupons 40 inserts Dual print While paper insertsand cir- C Kering...... B10 forthe firsttime during the 75 &digital cularshavetobeplanned KKR...... B3 Ulta Beauty...... B2 China Evergrande Group United Airlines Holdings second quarter,according to Printedon months in advance, “digital M ...... B3 ...... B1 market-research firm Inmar 30 receipts coupons youcan pull on and off China Tourism Group Marubeni...... B6 Intelligence. in aday,” said Steven Boal, Duty Free...... B10 V 50 Affixedto McDonald's...... B1 Theshiftisbringing acen- products founder of digital marketing Cinemark Holdings.....B1 Microsoft...... A1 ViacomCBS ...... B3 tury-old couponing industry 20 and analytics company Quo- Cineworld Group...... B1 Vizio...... B5 intothe present. Consumer- tientTechnology Inc.“You Mitsubishi...... B6 Digital, Newspaper Citic Securities...... B6 Mitsui...... B6 W product companies and chains app-based 25 inserts need to be able to do that in Clayton, Dubilier & Rice such as Dunkin’ Brands Inc. 10 thepandemic,” said Mr.Boal, Mondelez International Walgreens Boots ...... B3 ...... B2 Alliance...... B2 and Walgreens BootsAlliance Digital, whose clientsinclude Wal- Coatue Management..A9 app-based O Walmart...... A1 Inc.are improving their apps greens,CVS, MondelezInter- Coca-Cola...... B2 and rethinking marketing plans 0 0 national Inc.and Procter & Oracle...... A1 Walt Disney...... B1,B3 Comcast ...... B3 to accommodatemoredigital 2015 ’16 ’17 ’18 ’19 ’20 2015 '20 Gamble Corp. CVS Health...... B2 P Z deals. Companies saythey ex- Coupons datetothe late CVS Pharmacy...... B2 Paramount Pictures....B3 Zynga ...... B10 pect consumerstostick with *Includes direct-mail coupons Source:Inmar Intelligence 19th century, when Coca-Cola the convenienceofonline Co.’sfounder,Asa Candler,be- shopping and digital deal-seek- 80%overthe past year.In Sheri Bush, areal-estate ganmailing handwrittentick- ing afterthe pandemic passes. June,the companysuspended agent in Fresno,Calif., said she ets for a free glass of soda to INDEX TO PEOPLE “Everybody,evenmygrand- itsprint circular promoting wasfrustrated by howlong it consumers. mother,isshopping forgro- weekly deals.Now it is only took forher coupons and re- Fordecades,leafletsin- A-B Emmerich, Toby...... B1 L-M ceries online now,” said Luke published online. ceipt to print while shopping at serted in newspaperswerethe Andersen, Erich...... A2 F Lovett, Michael...... B9 Rauch, vice president of com- CVSHealth Corp., known CVSrecently.Ms. Bush said she most-used coupons.Digital Mayo, Mike...... B6 Boyson, Nicole...... B9 Fairhurst, David...... B1 mercial strategyatWalgreens. for long receipts full of cou- prefersdigital coupons,like coupons gained over the past Buffett, Warren...... B6 P G Companies expect coupons pons,said it made thedeals those from Ulta Beauty Inc., decade with the rise of smart- C Pappas, Vanessa...... A2 to become even moreimpor- available in the CVSPharmacy because they aremoreconve- phones.In2019,23% of cou- Gelfond, Richard..A12,B2 Clayton, Jay...... B1 R-S tant in the coming months as app too, anew function nient and aremoreoften for pon redemptions were digital, Gilbert, Greg...... B9 Courtney, Tim...... A2 Stone, Andy...... B5 unemployment remains high launched during the pandemic. productsshe wants. Aftershe and 31% were from paper in- H D W and concerns about the health “We’ve needed to be nimble,” bought hair spray there, she re- serts, according to Inmar.This Das, Ankhi...... B5 Harbath, Katie...... B5 Webb, James...... B9 of the economy persist. said Michele Driscoll, vice ceived adigital coupon fora July,the balancehad shifted E J Z Digital-coupon redemptions president of digital e-com- conditioner from the same to 31% redeemed digitally and Easterbrook, Steve.....B1 Jacobs, Paul...... B9 Zuckerberg, Mark...... B5 at Walgreens areupabout merce and promotions at CVS. brand. “I bought it, and Ifreak- 26% from the paper varieties.

in a press release at the time Mr.Fairhurst and the de- ersand executives they felt was the HR chief and one of his conduct barsharassment or McDonald’s of the promotion. partment he rebuilt after inappropriateorunfair.Some subordinates made inappropri- intimidation. Thecode also At McDonald’sheadquar- manyveterans retired or took of those people told the Jour- atephysical contact, people fa- barsrelationships between ters,Mr. Easterbrook charged buyoutsreplaced alongstand- nal they feared retaliation for miliar with the incident said. employees and direct or indi- ProbesHR Mr.Fairhurst with transform- ing performance-reviewsys- reporting the conduct of co- McDonald’slegal counsel rect reports. Mr. Easterbrook ing the company’s work envi- tem with “performance moti- workersand executives to HR. conducted an investigation that wasfired forviolating that as- ronment, including tying em- vation,” as he called it in Mr. Fairhurst also contrib- year,those people said. An ex- pect of the company’scode, Ex-Chief ployeeperformancemore interviews at the time.Re- uted to aparty culture that ecutivetold employees who at- McDonald’s said at the time. closelytobusinessresults, viewswerereduced to more developed among some execu- tended the gathering that such Ms.Capozzisaid during the said Dave Ulrich, aprofessor casual conversations with tives and managersduring Mr. excessivedrinking wasinappro- department meetinglast week ContinuedfrompageB1 at theUniversity of Michigan’s managers, and some former Easterbrook’s tenure, accord- priateand should be reported if that McDonald’shas policies panded role as global chief RossSchool of Businesswho executives said this contrib- ing to former employees,some it happened again, the people preventing retaliation against people officer, the company consulted with McDonald’sex- uted to lessaccountability and of whom said they sawhim in- familiar with the incident said. employees who speak up and said in a release at the time. ecutives on the company’sHR room for employee feedback. toxicated at company events. Thecompanyfired Mr. that anyworker who doesn’t “David is the leader we systems from 2016 to 2019. Some former managersand Mr.Fairhurst’sconduct dur- Fairhurst afterreceiving an- feel that their concerns are need to continue supporting “Steve said to David, ‘You employees told the Journal that ing adepartment holidayparty other complaint about his be- beingaddressed should con- the businessturnaround and have to changethe culture. they felt HR leadersunder Mr. in 2018 drew acomplaint from havior around women at tact her directly, according to driving our global people That’swhy you’vebeen Fairhurst ignored complaints an employeewho said some McDonald’s, companyexecu- notes of the meeting viewed strategy,” Mr.Easterbrook said hired,’ ” Mr. Ulrich said. aboutthe conduct of co-work- staffersdrank heavily and that tives said. McDonald’scode of by the Journal.

Last weekend, independent rest of the world. U.S. Box SolsticeStudios’“Unhinged,” China, wherethe Covid-19 one of the only newfilms in pandemic first broke out, ap- theaters, nabbed the topspot at pearstobeleagues ahead of Office Is the boxoffice, with $4.2 million the U.S. in terms of moviego- in the U.S. and Canada. “Un- ing.PoweredbyChinese mov- hinged” ranks as Hollywood’s iegoers, the local warepic Lackluster firsttruetest case of awide re- “The Eight Hundred” grossed lease sincethe pandemic shut about$70 million this week- theatersinthe U.S. in March. end, according to media-mea- ContinuedfrompageB1 Theaction movie,starring Rus- surement company Comscore millionfromabout 2,400 the- sell Crowe,has grossed $8.8 Inc. TheChinese blockbuster atersinthe U.S. and Canada, million domestically. has made morethan $270mil- according to preliminary stu- Hoping to enticethe public lion since premiering Aug. 17. dio estimates.Disney esti- back to theaters, major cinema IMAX Chief ExecutiveRich- FIND THE mated about 62%ofthe theat- chains in the U.S. recently ad- ardGelfond said the perfor- rical market in the U.S. and opted industrywide safety pro- manceof“Tenet” in Canada—a Canada is open. tocols such as enhanced sani- market he says is agood pre- Expectations were lowfor tation and encouraging dictor of consumer behavior in “The NewMutants,” which was contactlesssales of ticketsand the U.S.—suggeststhe movie originally supposed to arrivein refreshments. By government will do well in America. With PERFECT VIEW theatersin2018.But the mandate, theatersalso are op- most auditoriums limited to 50 movie’sopening weekend tally erating under strict capacity seats, Mr.Gelfond said many wasnotably weak,evenbythe restrictions that limit the showingsinCanada sold out, Give yourself the freedom to standards of box-officeduds re- number of people allowed. generating what he described ™ leased under morenormal cir- TheU.S.debut of “Tenet,” as encouraging grosses. DeskFone view your phone in portrait cumstances.Last year,evenaf- which starsJohn David Wash- Executives at rival studios terbeing widely panned by ingtonand Robert Pattinson, arekeeping aclose eyeon or landscape —completely critics,Disney’s “X-Men: Dark could represent alifeline for “Tenet,” which will be show- TwoView hands-free.Portrait is Phoenix” earned $32.8million theaters, which formonths ing forupto12weeks in some itsfirst weekend in about 3,700 have been unable to offer U.S. multiplexes, hoping a perfect for video calls and domestic theaters. high-profile films.Most the- strong performancewill signal landscape is ideal for fitting Nonethelessthe domestic atersplan to showthe film on the beginning of a new phase market has shown growth for as manyscreens as possible to fortheir business—one that your whole crew into aselfie. two consecutiveweekends,ac- compensatefor reduced ca- could sustain them past the cording to how much the top pacity.But it remains to be end of the pandemic. film in the U.S. and Canada seen howfar behind the U.S. —Yin Yijun earned at the box office. market is compared with the contributed to this article.

Checked Out flying following the end of the summer travel season. United United to Ticket changes have been a expectstofly around 55%of stable source of revenue for capacity in the thirdquarter carriers, reaching morethan compared with ayear earlier, End Most $2.8 billion in 2019. while Southwest expectstoop- Change and cancellation erate40% to 50% though con- Change Fees revenue in 2019 tinues to block most middle Delta seat sales. $830 million American Airlines Group ContinuedfrompageB1 American Inc., which expanded flying from changeand cancellation 819 during early summer,contin- United fees last year,according to the 625 ues to pull back,and said Sun- Transportation Department, JetBlue daythat it will fly55% of its half theamount reaped from 195 pre-pandemic schedule in Oc- baggagefees.Most have re- Alaska tober. laxed or removed the charges 192 Thelooming end on Oct. 1 through the end of the year,as Spirit to federal payroll support pay- passengersnavigateanever- 63 mentsthat included restric- Also Available changing weboftravel restric- Frontier tions on furloughs and cutting 49 tions and sharply-reduced Allegiant flightshas also triggereda in White flight schedules as aresult of 38 wave of planned workforce the pandemic. Hawaiian changes. Some carrierscontinue to 23 United said it would fur- block middle seats, and the in- Source:DepartmentofTransportation lough 2,850 pilotsinthe com- dustrycontinues to push for ing months if morefederal aid unified protocols for passenger fortunatefinancial incentive doesn’t emerge,and 36,000 Auto. Home.Pet. Find Your Fit. health screening,wrestling forpassengerstofly when employees—half itsdomestic Made in the USA with issues such as customers sick,” said JaySorensen, workforce—have been told ©2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 who become ill beforethey IdeaWorksCompany’smarket- their jobs will be at risk.Amer- travel. ing president. ican said it would cut 1,600 pi- “Changeand cancellation United’smovecomes as air- lotsand as manyas19,000 fees provide astrong and un- lines continue to pull back on workers in total. P2JW244000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Monday, August 31, 2020 | B3 BUSINESS NEWS KKR China Theme-Park Sector Booms Nears Sale Pandemic curbs spur Of Epicor moredomestic travel, accelerating demand Software forcolorful destinations

BY MIRIAM GOTTFRIED BY TREFOR MOSS

KKR &Co. is nearing adeal KUNMING,China—With for- to sell Epicor Software Corp. eign vacations off limits, China to agroup led by private-eq- is in the middle of atheme- uity firm Clayton Dubilier & park boom as domestic tourists Rice LLC for around $4.7 bil- seek amusementsintheir own lion, including debt, according backyards. to people familiar with the In Wuhan, the epicenter of matter. the initial Covid-19 outbreak, Adeal forthe company, thousands of people packed the

which makes back-officeand Maya PlayaWater Park in mid- GES

sales software formanufactur- August forapool party,banish- IMA ing,distribution, retail and ing memories of the 76 days service-industrycustomers, the city had spent under strict GETTY could be announced in the lockdown until early April. SE/ coming days, the people said. To sustain that uncorked en- Thedeal isn’t final, and it thusiasm, entrytothe water ANCE-PRES

could fall apart. park is free until the end of FR KKR bought Epicor in 2016 2020 as Maya Playa, likemany ENCE

foraround $3.3 billion, includ- other Chinese parks,seeks to AG ing debt, from private-equity capitalizeonthe foreign-travel Thousands packed the Maya Playa Water Park in Wuhan this month for a pool party, celebrating the city’s rebound from health crisis. firm Apax Partners.Last freeze by offering deals to drive month KKR used some of the up visitor numbers. (The park SpaceProject Mars, are-cre- Number of theme parks in China southern city of Zhuhai, which proceeds from an Epicor-is- generates revenue from food, ation of theMartian surface. In had 11.7million visitorslast sued loan to pay itself a divi- souvenirsand other items.) Yunnan, asmaller local “attrac- 175 Shanghai Disneyopens year,and Shanghai Disney,with dend of around $560 million, At ColorfulYunnan Paradise tion” is the Kingdom of Little 11.2 million. one of the people said. in Kunming,the capital of Yun- People,wherevisitorscan tour 150 And soon therecould be Based in Austin, Texas, the nan province, the Ferris wheel aminiaturerealm populated by 125 trouble in paradise.Asthe local software companyhas com- is decoratedwith avast neon dwarfs. government develops Kunming pleted anumber of acquisi- peacock,atraditional symbol in Twoyearsago, authorities 100 intoaregional tourist hub, tions under KKR’s ownership. Yunnan. One recent daythe intervened to cool the over- eight moretheme parks are Those include deals forelec- mostly college-agevisitors heating industry,but parks 75 due to open over the next few tronic-datainterchangesoft- shrieked as they corkscrewed have nonethelesscontinued to 50 years, including the firstPara- ware maker 1 EDI Source Inc. past the outstretched talons of sprout acrossthe countryas mountPictures park in China andwarehouse-management agiant sculpted eagle while developerstap middle-class 25 andEvergrande Fairyland, a software provider MajureData riding the Broad-Winged Snow consumers’ rising demand for $4.6billion development being Inc., which were announced in Eagle Roller Coaster. local leisureexperiences. 0 undertaken by real estategiant October and July of 2019, re- Some park visitorssaid that Thereare nowaround 160 2008'10 '15'20* Evergrande Group.

spectively. without coronavirus-related large-scale theme parks operat- *2020 figureisasofAugust. Kunming’scultureand tour- With offices in NewYork travel restrictions they might ing in China, triple the number Source:Aecom ism bureau declined to answer and London, CD&R has in- neverhavecome. of adecade ago, according to questions about what it said vested $30 billion in more Rachel Zhang,a25-year-old U.S. engineering firm Aecom, navirus,the international travel the $6.5 billion Universal Stu- were ongoing projects. than 93 companies sinceit Kunming nativewho previously which advises theme-park devel- shutdown appearstobeboost- dios Beijing scheduled to open China canabsorb more wasfounded in 1978. Thefirm traveled to Disney’s resortsin opers. Well-known U.S. brands, ing attendance, as people seek in May—competition will in- parks,said Mr.Yoshii: Thean- has significant experience in- Hong Kong and Shanghai, from ViacomCBS Inc.’sNickel- diversions closer to home. tensify. nual rate of theme-park visits vesting in the industrial sec- opted foralocal excursion this odeon to Comcast Corp.’sUni- As of August, domestic tour- “Thereare alot of failed per capitaisaround 0.16,a tor, from which most of Epi- summer.“Ididn’t have great versal Parks &Resorts, arepil- ism in China nearly recovered theme parks,” said Chris Yoshii, quarter of the U.S.’s level. But, cor’scustomer base hails.In expectations forthis park,” Ms. ing in alongside local operators. to pre-Covid-19 levels.For avicepresident at Aecom. “there is going to be ashake- addition to software and tech Zhang said. “But Ihavetosay I Forthe region’spremier many parks,the question is “Thereisstill demand—but for out—those that don’t deliver a services,the firm does deals wasimpressed.” venues the pandemic has been whether the effect will last better-quality parks.” great experiencewon’t sur- in the consumer and retail and Amusement parks have a asetback: Shanghai Disneyland onceglobal travel resumes. ColorfulYunnan Paradise is vive,” he said. health-care sectors. checkered historyinChina. In wasshut from Januaryuntil Making money has long the firstbig theme park in Kun- Some of China’smorecolor- CD&R is apioneer of the addition to the largerparks,the May and then reopened at just been achallengefor parks lo- ming,acity of six million peo- fulparks include amarine- model of using operating part- countryisdottedwith hun- 30% capacity.The official limit catedoutside of China’sbiggest ple. Opened two yearsago, it themed venue featuring alife- ners—executives who have dreds,ifnot thousands,oflocal has sinceincreased to 50%, cities.According to people in drew over two million visitors sizereplicaofthe Titanic in held senior leadership posi- attractionsofvarying quality with social-distancing measures the industry, about athirdof in itsfirst 14 months of opera- landlocked Sichuanprovince, tions at major global corpora- andscope. discretionary. China’s160 major theme parks tion. That is relatively modest andadestination with arepro- tions—tohelp it source and Travelerstothe country’s But forsome regional parks, makeasteady profit. And with compared with the country’s duction of the Sphinx in central evaluatedeals and provide northwest desert can, forin- which rarely exceeded half up to 60 moreparks due for toptheme-park venues,Chimel- Hebei provincethat sparked a strategic advice. stance, makeaside trip to C- their capacity beforethe coro- completion by 2024—including ong Ocean Kingdom in the 2016 complaint from Cairo. AirportShopping DropsAmid Travel Slump Cohen in Talks to Acquire Majority Stake in the Mets BY BENJAMIN KATZ BY MIRIAM GOTTFRIED popstarJennifer Lopez, and LONDON—Think retailers AND JARED DIAMOND another led by private-equity andrestaurantsare having a executives Josh Harris and Da- hardtime during the pan- For the second time in the vid Blitzer,whose Harris demic? Try selling just about past year,billionaireStevenA. Blitzer Sports&Entertain- anything these days at Lon- Cohen is in the driver’s seat to ment also owns the Philadel- don’s Heathrow Airport. acquireamajority stake in the phia 76ers NBA team. Traffic at its once-teeming New York Mets. News of Mr.Cohen entering terminals is down to a trickle Mr.Cohen—who sawapre- exclusivenegotiations was because of the coronavirus vious bid forthe team collapse first reported by CNBC. pandemic,leaving the airport’s earlier this year—has entered Late last year,Mr. Cohen, a retail establishmentslargely exclusivenegotiations with the hedge-fund manager, had ten- closed. Thefew pubs,bou- JOURNAL Wilpon family to purchase the tatively agreed to gain control

tiques and restaurantsthat are REET club,aperson familiar with the of the team, which has suf-

open areessentially operating ST mattersaid. AMetsspokesman feredfromfinancial difficulties in a ghost town. LL said, “Wewon’t be giving up- offthe field and erratic perfor- The loss of those sales has WA dates on thetimeline or pro- manceonitunder the current THE

amajor impact on Heathrow’s R cess until we areprepared to owners, Sterling Equities,the

business. Retailrevenuesat FO makeapublic announcement.” real-estatefirm owned by the the airport have morethan CK Mr.Cohen beat out two controlling Wilpon family. doubled in the decade since NNA other groups,including one But that transaction unrav- PA

2009 and now bring in about A fronted by former baseball su- eled in February over control UR

25% of itsoverall revenue each LA perstar AlexRodriguezand issues. year. The loss of retail sales has a major impact on Heathrow’s business. Above, Terminal 2 last week. Airports share that depen- denceglobally.Retail sales doorsifthe potential sales strongest entrypointsin equally respectfulofthe fact SOUTHERNCALIFORNIA EDISON COMPANY brought in $78 billion for the aren’t worth the expense. terms of wealthyconsumers that the retailer is a business NOTICE OF REDEMPTION world’sairportsin2018,the Heathrow has made pan- intothe U.K.,” said Chief Fi- as well and needs to make OF ALLOUTSTANDING SHARES OF latest year of datafromcon- demic-fueled changestothe nancial Officer Javier Echave. some money.” CumulativePreferred Stock, par value$25.00(the“Preferred Stock”), including sulting firm Generation. That shopping experience, funnel- Thepandemic shut that down, Leon, aBritish fast-food CumulativePreferred Stock, Series 4.32%-CUSIPNo. 842400400(“4.32%Preferred”) is morethan double their haul ing passengersthrough new, but “weare getting ready to chain that serves farelikehot CumulativePreferred Stock, Series 4.08%-CUSIPNo. 842400202 (“4.08%Preferred”) 10 yearsago, driven by soar- one-way routes at shops,of- getback thereassoon as pos- chicken sandwiches and Mo- CumulativePreferred Stock, Series 4.24%-CUSIPNo. 842400301(“4.24% Preferred”) ing passenger numbers. Aver- fering app-based food order- sible,” he said. roccan meatballs,was one of CumulativePreferred Stock, Series 4.78%-CUSIPNo. 842400509(“4.78% Preferred”) agepassenger spending at air- ing at restaurantsand joining It won’t be easy.The air- the first eateries to reopen in NOTICEISHEREBYGIVEN pursuant to Paragraph 2(d)ofArticle Sixthof theRestatedArticlesofIncorporation of Southern California EdisonCompany(the portshasn’t risen much over other bricks-and-mortar retail- port’s second runway is only Heathrow’s Terminal 2. It kept “Company”),asfiledwiththe SecretaryofState of California on March 2, 2006 that same period—tojust over ersthat offer online shopping. partially open, and all flights stores outside the airport (the “Articles”)thatthe Company haselected to redeem allofthe outstanding sharesofits Cumulative Preferred Stockatthe redemption price setforth in $18 atraveler,fromabout $17 Heathrow passengerscan have been rerouted through open throughout the U.K.’s theArticles. in 2009, according to Genera- makeairport purchases ahead two of its four terminals. pandemic lockdown, providing Alloutstanding sharesofPreferred Stockwill be redeemed on September27, 2020 tion and publicly available of time and pick up their Only about 60 of the 340 meals foressential workers. (the “Redemption Date”) at aredemption priceequal to: global passenger numbers. goods en route to their gates. shops, restaurants, cafesand Based on thechain’sexperi- •$28.75per share, plus accruedand unpaid dividends to theRedemption Date of $0.261 pershare,for atotal redemption price of $29.011per Heathrow doesn’t charge All this is being done to currencyexchanges acrossits enceoperating with social dis- sharefor the4.32% Preferred, retailersrent and instead preservethe airport’srela- four terminals have opened tancing at those other restau- •$25.50per share, plus accruedand unpaid dividends to theRedemption Date of $0.0765per share, foratotal redemption price of $25.5765 per takes a cut of sales, though it tively affluent customer base. their doorsagain as of the end rants, there“wasakeenness share forthe 4.08%Preferred, doesn’t disclose howmuch. In Heathrow—beforethe pan- of July,the latest period for at Heathrowthat Leon re- •$25.80per share, plus accruedand unpaid dividends to theRedemption normal times,asmanyas80 demic,the world’ssecond- which the airport said it has open,” said Nick Scovell, Date of $0.0795per share, foratotal redemption price of $25.8795 per sharefor the4.24% Preferred,and million passengerspass largest airport by interna- information. Leon’s head of franchise. •$25.80per share, plus accruedand unpaid dividends to theRedemption through Heathrow, owned by tional travelers, afterDubai— Some are unable to reopen It reduced kitchen staff by Date of $0.089625per share, foratotal redemption price of $25.889625 privately held HeathrowAir- has over the last decade because the terminal where 50% and instituted social-dis- pershare forthe 4.78%Preferred. On or prior to theRedemption Date,the Company will depositwithEquinitiTrust port Holdings Ltd., each year. shiftedfromselling midmarket they were located remains tancing rules forcustomers. Company, as redemption agent(“EQ”), cash in theaggregateamount of the During the height of the pan- travel essentials to higher-end closed, while othershave Thedecision to open early Redemption Price forall of theoutstanding sharesofPreferred Stockintrustfor theaccountofthe holdersofsharesofthe Preferred Stock. EQ shallpay to the demic’s lockdowns and travel goods likeluxuryhandbags, balked at the operating costs paid off in the beginning: As registered holders of thePreferred Stockthe applicableRedemption Price,net bans, those numbersap- scarfs and jewelry. Luxury while traffic is slow. Just one of the few fast-food res- of anywithholding tax, upon presentation andsurrenderofthe certificate(s) for such shares at the officesofEQinaccordance with theinstructionsset forthin proached zero and have risen goods can be more profitable 867,000 passengerspassed taurantsserving passengers, it aLetterofTransmittal sent to allholders of Preferred Stock. EQ’s address is EQ only modestly since, to about andmoreresistant to booms through the airport in July, monopolized business. As Shareowner Services, Equiniti TrustCompany, Attn:AccountManagementTeam, 15% of normal traffic. and busts. compared with 7.8million a othereateriesreopened, 1110Centre Pointe Curve, Suite101,Mendota Heights,Minnesota55120-4101. Pursuant to Paragraph 2(d)ofArticle Sixthofthe Charter,upondepositofthe While London itself is open Punctuating that newem- year earlier.AtTerminals 2 though, sales fell back again, aggregateamount of theRedemption Price with EQ, allsharesofPreferred for business, a large majority phasis,the airport last month and 5, the airport’s two oper- Mr. Scovell said. Stockshall be immediately deemed no longer to be outstanding forany purpose,and allrights with respect to such shares shallthereby cease and of stores inside the airport re- reported itshighest-yet rise in ating terminals,Heathrow Retailers and Heathrow, terminate, exceptingonlythe rightofthe holdersofthe certificates forsuch main closed, manybehind averageretail spending per says 62% of stores are open. meanwhile, are scrambling to shares to receive, out of funds so depositedintrustwithEQ, theRedemption Price,without interest andnet of anywithholding tax, to which each is entitled. metal curtains.Heathrow offi- passenger,thanks to asingle Theairport says it under- rethink the shopping experi- Notwithstandingthe foregoing, allsharesofPreferred Stockrepresented by cials saythey areworking purchase: a £65,000 ($85,300) stands the retailers’ plight. ence, starting with a“large, globalcertificates registered in thenameofthe nominee of TheDepository Trust hardtocoax companies into engagement ring bought at “Wewant the retailer to large,large amount of Perspex Company(“DTC”) will be redeemed,and payment of theRedemption Price for such shares will be made,inaccordance with DTC’sproceduresand allother returning at its two open ter- Heathrow’s recently reopened open as soon as possible,” screens,” Mr.Brown said, re- uncertificatedsharesheldelectronicallywill be redeemed automatically. minals,but some businesses Tiffany&Co. boutique. Heathrow’sRetail Director ferring to clear plastic divid- Date of Notice:August28, 2020 areunwilling to open their “Weare probably one of the Fraser Brownsaid. “But we’re ers. P2JW244000-0-B00400-1------XA

B4 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Wilson Rothman How to Set Chromebook Parental Controls

While set- apps for more specific pa- ting up paren- rental controls. For instance, talcontrols on both Netflix and HBO Max my daughter’s (home of “Friends”)—must- Chromebook,I haves for my daughter—al- accidentally low you to lock profiles so wiped her off the internet. kids can’t just hop around Theemail addressshe used and watch programs in- forhalf her lifegot shut tended only for adults. down. And with it anychance Ihad at Dad of the Year. ith under-13 ac- I’m no tech-challenged counts, Google schmo, either. I just didn’t W blocks a bit more realize that, in trying to by default. The biggest ex- keep the regulators away, ample is YouTube, which is Google set a nasty booby completely blocked. The site trap for unauthorized under- won’t load, and parents can’t age accounts. At least that give permission to allow it. experience, and what fol- When you try to download lowed, can now help you. the YouTube app in the See,most anybody canuse Google Play store, it’s grayed aChromebook,which is why out. The YouTube Kids app is they areinsuch crazy de- the only option—my son is mand right now.But staying not amused. ahead of your sneakykids— Forall accounts, youcan by activating Google’sfree see app activity,set individual screen-time controls and app time limitsand block in- content filters—takes abit of stalled apps.Ifyour kids did work. Screen-time management lets parents set a limit for apps and make the device inoperable when children are supposed to be sleeping. managetosneak an alternate Parental controls aren’t browser or aforbidden game, built into Chromebooks. In- way to createaGoogle-con- by downloading Google’s whatever else was stored. Themost basic controls youcan see that it’sinstalled, stead, Google’s Family Link doned account forkids under Family Link for Children & When Itook the problem have to do with search and and block it on their device, app is the parental-control 13.Mywifeand Icreated a Teens app from the Google to Google,the product man- content filtering.Inboth right from your phone. center for all brands of Google account formydaugh- Play store, then followed in- agersIspokewith acknowl- cases,Google says it’spossi- This is not a total surveil- Chromebook, and newer An- terwhen she was6,mostly so structions until the process edged the issue—that parents ble forsome questionable lance package, mind you. You droid devices (which I’m not she could email with grand- was handed off to me. Since who set up accountsfor their content to sneak through but can’t monitor kids’ mes- covering here). The parents’ parents. It wasn’t officially a she and I were looking at her kids beforeFamily Link’sar- that the settingsblock most sages, emails and web activ- version is available on An- “supervised” account, but we Google account, I thought I’d rival fudged birth yearsbe- porn sites and other sexual ity remotely. There are other droid and iOS, so iPhone certainly supervised it. The help her make it safer by cause they couldn’t use their or violent content, searches apps for that, but none that I owners can supervise their catchis, the account said my turning on two-factor au- kids’ real ages.The company forsuch material, and other kids’ Google devices too. daughter wasborn in 1978. thentication and logging off says it’sworking on abetter potentially nasty stuff.Ifkids Thesimplest thing youcan She’snot 42, she’s12, but at old machines. solution forthis problem, ex- have areason to be on apar- Create a supervised do to virtually corral your the time,inputting 2008 as But then I did it. I pected by the end of the year. ticular blocked site, they can kids is download the Family her birth year would have pre- foolishly decided to correct Meanwhile, learn from my ask aparent to unblock it. account for your Link app from the Google Play vented us from creating the her age. mistake: Don’t correct your More advanced options in- child after getting store or Apple App Store,log account. When we updated her kids’ birth dates, even once clude screen-time manage- in with your Google creden- birth year, she was logged they are under your supervi- ment and a bedtime clock. the Fa mily Link app. tials,then followthe instruc- ortunately,Google un- off, without any warning or sion. Since my kids are going to tions to createasupervised F derstands not all ac- other sign we’d just stepped be using their Chromebooks account foreach child.Any countswewant to add on a virtual land mine. When nceyou’vegot your for school, I decided not to supported devicethey are to Family Link were created she logged back in, an alert kids’ accountssuper- aim for a set screen time have tested lately, or recom- using Family Link.Italso un- appeared: “Account disabled. O loggedintoisunder your su- vised on Family Link, each day, but I did make sure mend. I find it’s enough to pervision. That is howitwent derstands that some of us It looks like you’re not old youshould be able to see each Chromebook is inopera- put in the guardrails, but if with our 10-year-old son. don’t think teenagersmake enough to have a Google ac- supported devices wherethey ble when my kids are sup- you truly don’t trust your But it’s too simple, be- great choices on the internet. count without parental su- areloggedin. (It might take a posed to be asleep or read- kids, you would need to take cause it assumes parents So Family Link letsyou add pervision.” Funny, as I had little time forthem to appear ing (real paper!) books. Once more physical control over know about the Family Link existing Google accounts, just added parental supervi- in the parents’ app.) This in- you’ve set this up, you also the devices, locking them up app, or that they didn’t cre- provided the account holder sion to the account. The no- cludes Android devices and get a kill switch that lets you at night, for instance. You ate Gmail accounts for their is on board. tice said her information Chromebooks but not iPads disable the Chromebook any- might also want to have kids before Family Link was It was easy to add my would be deleted in 29 days, or iPhones wherethey might time you need to. more conversations with launched a few years ago. daughter’s account using her and gave her the opportunity have Gmail or other Google Youcan also control what them about your Beforethat, therewas no Chromebook. She initiated it to download old emails and apps. apps they install. Don’t for- expectations and how they If you have a new get, Chromebooks support can meet them. Chromebook, logging in with Android apps,downloadable As for my daughter’s con- a supervised account will from the Google Play store. demned Gmail account, lock it down, preventing the By default, kids need your there’s some good news. Just child from adding any new permission to download apps, hours before this column accounts without permis- but youcan changeit, say, to went live, I tried logging into sion—or using the guest only prevent in-app pur- her account on a different login that kids have found to chases.Stick with the default: computer—and was given an be a convenient sneak- If your kid downloads one of option of updating the birth- around. A new feature lets the manyfreebrowsersavail- day associated with her ac- you add your kid’s school- able in the Play store, they count. The catch was that I based Google account and will have the runofthe web, had to verify the change us- associate it with his or her liveand unfiltered. ing a valid credit card. I held Aclassic symbol of eternity home account, for easier ac- Once you install apps, you my breath, and it worked. in 14kt yellow gold cess to classwork. will have to look to those She’s 42 again…and loving it. ADVERTISEMENT Handcrafted in texturedand polished 14kt yellow gold,our timeless bracelet The Marketplace shines with tworowsofinfinity links. To advertise: 800-366-3975orWSJ.com/classifieds

Thefigure-eight motif represents COMMERCIAL REAL ESTATE BUSINESSOPPORTUNITIES everlastinglove andfriendship, #"" *#%,!" (',$ )+&!"$ %7 %H"I:57 M5KI7':'8785a KNGO gd -49"0*+A 9=<40=<=:=.4<4:+( (KN )N&N.(NN. bF@a !--,N* W-(NG"-**-fN*) b),NPJiPhGGd_;Sk W-(NG;h*(.N*)_ SS!_ QWW RNcc SS!_ 2,4 6?=+180< +0=:-180<- 9=<40=- perfecttreat foryourself! #8W^! RNcc SS!_ YR#^VV RNcc SS!_ 9-0G') 8'J(N) RNcc SS!_ !k#W VRNcc SS!_ !k#W VV RNcc SS!_ X; *:+868!401"? ;"-*:4-- +88?-( RN0,KJ) ;h*(.N*) SS!_ X; RN0,KJ) RNcc SS!_ X; R'*M*NN)g-*-;h*(.N*) SS!_ X; R'*MRNcc SS!_ X; 2,4 608640+A !*?? ;4 ="9+*8:47 8: UhPH)-. RNcc SS!_ X; UhPH)-. ;h*(.N*) SS!_ X; -D1-@ 6! =N=N 3> LN#NN %8 4PI U-K.)-. !J(d ;h*(.N*)_ SS!_ h.O X; U-K.)-. !J(d RNcc SS!a J. (KNJ* *N),NP(J&NR-*(LhLN "-**-fN*b)a ;A +,4 -49"047 9047*+80( -* Rh.hLJ.L Z.(J(bJN)a bP-GGNP(J&NGd_(KN 71R'(%'(Q>7!7!'82F_h))N( M-*(KJ.(KN RNcch.J.N ;GNOLN h.O 8NP'*J(d #L*NN0N.( b(KN 71R'(%' 9%:''?'>75a_ (-LN(KN* fJ(K PN*(hJ. *JLK() h.O ,*-,N*(d *N,*N)N.(J.L_*NGh(J.L(-_ -* h*J)J.L M*-0 (KN RN0gN*)KJ,V.(N*N)() bP-GGNP(J&NGd_(KN 76=RRB7':BR5a] "h)NO ',-. J.M-*0h(J-. ,*-&JONOgd(KN !--,N*!-0,h.JN) h.O (KNJ* hMiGJh(N)_ J( J) (KN '.ON*)(h.OJ.L -M 8NP'*NO ;h*(dbg'( fJ(K-'(h.d *NP-'*)N (-_-**N,*N)N.(h(J-. -* fh**h.(d -M h.d HJ.Ogd_ 8NP'*NO ;h*(dh)(-hPP'*hPd -* P-0,GN(N.N))a (Kh( bJa (KN RN0gN*)KJ, V.(N*N)() P-.)(J('(N /:+404-+47$ '8:+=9+ )8??A #08-9,="40 =+ (KN ,*J.PJ,hG h))N(-M(KN !--,N*W-(NG "-**-fN*)_bJJa NhPK !--,N* W-(NG"-**-fN*-f.) (KN *NL'Gh* 5,40!887 %=0+:40- ;A 546+4<;40 >& @3@3 0N0gN*)KJ, -* GJ0J(NO ,h*(.N*)KJ, J.(N*N)() J. J() *N),NP(J&NR-*(LhLN "-**-fN*-*Rh.hLJ.L Z.(J(d% bJJJa (KN R-*(LhLN "-**-fN*b)a -* Rh.hLJ.L Z.(J(bJN)a K-GO J.(N*N)() J. h,-*(M-GJ- -M FF K-(NG) =+ D+@B?0)32-@&?)-@/BB.A3@>C-@?$0BD G-Ph(NO YG-*JOh_ RJPKJLh._ h.O 6N..N))NNb(KN 71:=<':7!'85a_h.O bJ&a (KN !--,N* W-(NG"-**-fN*) h*N 80 =+ ';LNG =69*=L;N$ ONg(-*)'.ON* h0Ncch.J.N G-h. J. (KN -*JLJ.hG ,*J.PJ,hGh0-'.( -M 1DF_C?[_[[[][[ b(KN 7I'LLB>!>' 4#% +%'$,%& ',%&")/, !")# *2"%0 /0 )#% %-$".1%0) J=B>5a_ fKJPK G-h. J) J. ONMh'G(] 1*6 ',%&") ("& *) )#% *$')"/05 4#% *$')"/0 1*6 (% .#' /BR' P!RR 7BT' 3*7=@': "E )A)AB7++SAABC?C QB87':>.!?' !> *=?*' P!7# H'P G=:T->!&=:? 6=??':*!BR 6=(' /'*7!=> UD$+A bJa h( (KN M*-.( )(N,) -M (KN QNfj-*H!-'.(d 8',*N0N '*0'%22%&3 ./+)./0%&3 /, '/0)"0$%& *) *06)"1%5 !-'*("'JGOJ.L_ G-Ph(NO h( A[ !N.(*N 8(*NN(_ QNfj-*H_ QNfj-*HF[[[@% h.O bJJa J. *NP-L.J(J-. -M (KN !<3Vk^F>,h.ON0JP h.O *NGh(NO GJ0J(h(J-.) -. ,'gGJP h))N0gGJN)_ (KN 8hGN fJGG hG)- gN P-.O'P(NO &J*('hGGd &Jh -.GJ.N &JON- P-.MN*N.PN] 6KN 49S hOO*N)) h.O ,h))f-*OfJGG gN ,*-&JONO(-hGG *NLJ)(N*NO 81%6( )656)(&/ %6!3 !,.+&-2 ,h*(JPJ,h.()] 6KN !-GGh(N*hG fJGG gN )-GO h) h)J.LGN '.J( h.O J) -MMN*NO 9/ K/E ,MQ0QK/E ,K.M 9JJ O9-J./] 1747($' 63#$+(4$3( .002/(&37(7$+ 73 2&/ 8NP'*NO ;h*(d0hHN) .- L'h*h.(NN_ *N,*N)N.(h(J-. -* fh**h.(d_Ne,*N)) -* J0,GJNO_ h) (- h.d0h((N* %80$ ":7-,$($+ *$#$/+-5 %$)9 !240-38 ,N*(hJ.J.L (- (KN !-GGh(N*hG_ h.O (KN )hGN -M (KN !-GGh(N*hG fJGG gN 0hON fJ(K-'( *NP-'*)N (-_h.O fJ(K-'( *N,*N)N.(h(J-. -* fh**h.(d gd_8NP'*NO ;h*(d] 6KN !-GGh(N*hGJ.PG'ON) '.*NLJ)(N*NO )NP'*J(JN) '.ON* (KN 8NP'*J(JN) #P(-MF>DD_ h) h0N.ONOb(KN 7/'*5:!7!'8 9*75a_ h.O 8NP'*NO ;h*(d*N)N*&N) <4;02C&EB?= 7I) +5 G?I= (=ID# (KN *JLK( (- *N)(*JP( ,h*(JPJ,h(J-. J. (KN 8hGN (- ,*-),NP(J&NgJOON*)(Kh( *N,*N)N.( (Kh( (KN !-GGh(N*hG =?DC=B* A=C$?E =?)&!()* !'>?6D7IE:'E: fJGG .-(gN)-GO_ h))JL.NO_ ,GNOLNO_ OJ),-)NO -M_ Kd,-(KNPh(NO -* -(KN*fJ)N (*h.)MN**NO fJ(K-'( (KN (?)('HCE'I!)* D?!?F='(G )AC#?)H?E IEB ,*J-**NLJ)(*h(J-. J. hPP-*Oh.PN fJ(K (KN 8NP'*J(JN) #P(h.O (KN )NP'*J(JN) Ghf) -M hGG -(KN* h,,GJPhgGN I'*J)OJP(J-.)_ '.GN)) h. NeN0,(J-. M*-0 )'PK *NLJ)(*h(J-. J) h&hJGhgGN] (7? CE!G 8I(?E(?B .GA? +9'IF?(?) ;SZ#8Z 6#TZ Q<6V!Z (Kh((KN*N h*N ),NPJiP *N+'J*N0N.() M-*h.d ,-(N.(JhG gJOON* J. P-..NP(J-. 1?$?=)I! )G)(?H 'E (7? "C=!B3 fJ(K -g(hJ.J.L J.M-*0h(J-._ gJOOJ.L -. (KN !-GGh(N*hG h.O ,'*PKh)J.L(KN !-GGh(N*hG bP-GGNP(J&NGd_(KN 70';5!:'?'>785a_ J.PG'OJ.L fJ(K-'( GJ0J(h(J-. bFa P-0,GdJ.L fJ(K (KN *N+'J*N0N.() h,,GJPhgGN (- (KN @&!('A!? D!'E'D) CA?E EI('CE"'B? 'E )hGN -M (KN !-GGh(N*hG )N(M-*(K J. (KN V.(N*P*NOJ(-* #L*NN0N.( Oh(NO h) -M 8N,(N0gN* A_ E[F@ b(KN 7K695a_ h0-.L 8NP'*NO ;h*(d h.O (KN K-GON*-M(KN 8N.J-* S-h. b(KN 7/'>!=: J=B>5a_ J.PG'OJ.L_ g'( IBB'('CE (C C&= ;E!'E? 9':'(I! .-(GJ0J(NO (-_(Kh( )'PK gJOON* 0')( gN h7:'hGJiNO 6*h.)MN*NN_5 h.O (KN fJ..J.L gJOON* 0')( ONGJ&N* 8!I(>C=H "7?=?AI('?E() DIE %C'E >=CH *N,GhPN0N.( L'h*h.(NN) M*-0 h8',,GN0N.(hG 6KJ*O ;h*(dC=( C> (7?'= 7CH?3 ,//- fJ(K (KN ;GNOLNO Z.(J(d2) L-&N*.J.L O-P'0N.() h.O (KN O-P'0N.() L-&N*.J.L(KN RNcch.J.N S-h. h.O (KN 8N.J-* S-h._ h.O bDa P-0,GdJ.L fJ(K (KN -(KN* +'hGJiPh(J-.) h.O *N+'J*N0N.() bJ.PG'OJ.L g'( :&I=IE(??* AI('?E() "'!! F? C>>(7?'= .-(GJ0J(NO (- (KN 6N*0) -M 8hGN *NGh(J.L (- (KN )hGN -M (KN !-GGh(N*hG b(KN 7.':?8 =& /BR'5a] 9'IF?('D H?B) C= (7?'= HCE?G FID#3 #. -.GJ.N Oh(h)J(NM-* (KN 8hGN b(KN 74B7B8!7'5a J) h&hJGhgGN h( K((,=\\fff] P--,N*K-(NG,-*(M-GJ-'PPM-*NPG-)'*N]P-0 fKJPK fJGG J.PG'ON PN*(hJ. *NGN&h.( J.M-*0h(J-. (Kh( 8NP'*NO C= >&=(7?= 'E>C3 ;h*(d,-))N))N) P-.PN*.J.L(KN !--,N*W-(NG "-**-fN*)_(KN R-*(LhLN "-**-fN*)_(KN Rh.hLJ.L Z.(J(JN)_ (KN ;*-,N*(JN)_(KN RNcch.J.N S-h._ h.O (KN V!# bP-GGNP(J&NGd_(KN 74!8*R=8'( IB7':!BR85a h) fNGG h) (KN 6N*0) -M 8hGN] #PPN)) (- )'PK J.M-*0h(J-. fJGG gN P-.OJ(J-.NO ',-. NeNP'(J-. $ -M hP-.iON.(JhGJ(d hL*NN0N.( fKJPKPh. gN M-'.O -. (KN kh(h)J(N]6-,h*(JPJ,h(NJ.(KN h'P(J-._ 995 ,*-),NP(J&NgJOON*)0')( P-.i*0 (KNJ* hgJGJ(d (- )h(J)Md (KN 9N+'J*N0N.() J. (KN 0h..N* ON)P*JgNO J. (KN 6N*0) -M 8hGN_ h.O M-GG-fJ.L )'PK P-.i*0h(J-._ )'PK +'hGJiNO ,h*(JPJ,h.() fJGG gN ,*-&JONOh49S h.O ,h))f-*ON.hgGJ.L hPPN)) (- (KN &JON- P-.MN*N.PN M-*(KN 8hGN] Q- J.M-*0h(J-. ,*-&JONO_ fKN(KN* Plus Free Shipping J. (KNkh(h)J(N-*-(KN*fJ)N_ )KhGG P-.)(J('(Nh*N,*N)N.(h(J-. -* fh**h.(d -M h.dHJ.O fJ(K *N),NP( (- )'PK J.M-*0h(J-._ (KN !-GGh(N*hG -* (KN 8hGN] ;h*(JPJ,h.() h*N N.P-'*hLNO (- *N&JNfhGG kJ)PG-)NO THE Rh(N*JhG) h.O ,N*M-*0 )'PK O'N OJGJLN.PN h) (KNdONN0 .NPN))h*dJ.hO&h.PN -M (KN 8hGN] 8NP'*NO ;h*(d*N)N*&N)(KN *JLK( (- P*NOJ( gJO_ )N(h0J.J0'0*N)N*&N ,*JPN_*NINP( hGG gJO) h.O MARKETPLACE 14kt Yellow Gold Infinity-Link Bracelet (N*0J.h(N-*hOI-'*. (KN )hGN (- h.-(KN* (J0N_ fJ(K-'( M'*(KN* .-(JPN] #GG gJO) b-(KN* (Kh. P*NOJ( gJO) -M 8NP'*NO ;h*(da 0')( gN M-*Ph)K fJ(K .- i.h.PJ.L P-.OJ(J-.) h.O (KN )'PPN))M'G gJOON* 0')( ONGJ&N* 1 7" length. ⁄2"wide. Springring clasp. J00NOJh(NGd h&hJGhgGN L--O M'.O) bFa M-*(KN 9N+'J*NOkN,-)J( bh) ONi.NO J. (KN 6N*0) -M 8hGNa -. (KN ADVERTISE TODAY Oh(N-M(KN 8hGN_ h.O bEa M-*(KN ghGh.PN -M (KN ,'*PKh)N ,*JPN M-*(KN !-GGh(N*hG -. (KN PG-)J.L Oh(N ,*N)P*JgNO gd (KN 6N*0) -M 8hGN] 6KN fJ..J.L gJOON* 0')( ,hdhGG (*h.)MN* (heN)_ )(h0,O'(JN) h.O Also available in 8" $1,150 )J0JGh* (heN) J.P'**NO J. P-..NP(J-. fJ(K (KN ,'*PKh)N-M(KN !-GGh(N*hG] (800)366-3975 :'N)(J-.) 0hdgNOJ*NP(NO (- "*N(( 9-)N.gN*L h( `F EFE^?FE^B>EA -* g*N((]*-)N.gN*L$h0]IGG]P-0] Shown larger for detail. Formoreinformation visit: wsj.com/classifieds BUSINESSOPPORTUNITIES FRANCHISE

".4/826 $3/6-21. )0!5+%!*& ,77,0'#5!'( *- =88@!:" )8 ('2E!/$ 3D09,$#A'' .0D,$0A'* &4D (>%BG Ross-SimonsItem #932741 )4?*&4D (1G+< ,%HDA ?06'DI 3C17 6$4,,/)3 2"),(&*4$/() +0AA#K';".A'96'' -J9'DA$#. To receivethisspecial offer, use offercode: LUSH35 5.01)(+(3# ,/&*%' 1#FF40D#&D09,$#A'' *# !:)$/$-)$%& 5=$(-$ '8:)(') '0D9'* (1+CB #9 20?HG 1.800.556.7376 or visitross-simons.com/lush !/0- 4$ 1#9#<0? -K'D$'0*G (,635-5'4!0/",1)6+/ /4 !4<.0D0.?'!4<.'6#6#49 ©2020Dow Jones &Company,Inc. ! 4*#.$4&.#%22 ! *')"( $+$!%$,!#&++ All Rights Reserved. P2JW244000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | B5 BUSINESS NEWS TV Makers Seek Cut From Streaming Ads

Samsung, Vizio,others time spent on streaming ser- “What youhaveseen “We’redefinitely starting to vices, but it is flowing none- changeinthe last 12 to 18 consider them more,” he said. try to catchupwith theless. Usageofthese devices months is that the smart TV Rokuand Amazon’splat- established players as also has accelerated during manufacturers have begun to forms have large user bases, the coronavirus pandemic, as raise their game,” said Sean whichmakes them moreat- apps and devices grow homebound viewers have had Buckley,chief operating officer tractivefor TV and video more time on the couch. of SpotX. buyersseeking national scale BY SAHIL PATEL But the manufacturers still Theimprovementscome as and placementswith high- have along way to go to catch streaming continues to gain qualityprogramming,Mr. Late last year, Vizio Inc. up to established streaming ad ground on traditional TV view- Campanelli added. Vizio and formed anew businessunit to players—specifically, stream- ing.Streaming inside homes Samsung areattractivefor start selling some of the ad- ingdevice makersRokuInc. capable of accessing such ser- digital buyerslooking to use vertisementsthat appear and Amazon.comInc.(Apple vices accounted for25% of con- audiencedatafromthe TV while people arestreaming Inc., another large streaming sumers’ collectivetime spent makerstomoreprecisely tar- movies, TV shows and digital TV player, doesn’t sell itsown watching TV in the second getindividual users. videos on its screens. ads on Apple TV.) TheTV quarter of 2020,upfrom19% Roku reported a 46% year-

Thecompany, one of the makerswill need to provethey S in the fourth quarter of 2019, over-yearincrease in itssec- biggest makersofTVs in arecommittedtoabusiness according to TV industryyard- ond-quarter platform revenue NEW

North America, area they haven’t been famil- G stick Nielsen HoldingsPLC. to $244.8million. It has 43 MARKETING wantstoget a iar with historically. Streaming time,however, is millionactiveaccounts, up

&MEDIA pieceofthe “They have some challenges OOMBER still largely controlled by a 41% year over year,the com-

growing amount to overcome, namely, a lot of A/BL handful of apps: Netflix, You- panysaid. Thecompanyalso of ad dollarsgoing to stream- the companies in this space Tube, Hulu, Amazon and Dis- licenses its platform technol- ing video,and in doing so, areculturally removed from ney+ combined accounted for ogyto15different TV manu- build anew,recurring revenue the advertising business,” said ANGARIT 77%ofusageinthe second facturers, and said one in source that isn’t entirely reli- Brian Wieser,global president quarter, per Nielsen. three TV sets sold in the U.S. THALIA

ant on the sale of TV sets. of businessintelligenceat NA Theamount of ad spending come embedded with itsoper- This year,advertising will WPP PLC-owned GroupM. Smart TVsaccountfor arapidly rising percentage of ad spending. going directly to the TV mak- ating system. account formost of Vizio’s “They aremanufacturers, first ersisstill relatively small, Advertiserscould benefit platform revenue,which is on and foremost; they aren’t me- accounted for10% of internet- ing system. “All the apps that said Tal Chalozin, chief tech- from having moreplatform ad pacetodouble year over year, dia companies.” connected TV ad spend. people want areright there nologyofficer of ad-serving sellers not only by gaining le- according to people familiar Datasuggeststhat smart Vizio is on pacetosell withoutneeding another de- technologybusinessInnovid verage when negotiating with the matter. Thecom- TVsthat canconnect to the in- roughly 7million newTVsets vice,” Mr. O’Donnell said. Inc.“They aregrowing from prices,but also by getting pany’s platform business also ternet on their ownincreas- this year,all of which come “It’s very clear this is a big such a tiny base,” he said. moreconcessions from plat- includes Vizio’s cut of the sub- ingly are the portals through with its SmartCast operating part of the futureofthe or- Roughly 80% of the adver- forms,likebettervisibility scription revenue generated by which streaming TV ad spend- system through which the ganization,” he added. “The tising dollars ad agency Hori- intowheretheir ads areap- itsplatform as well as revenue ing flows. Smart TVs now ac- companyoffersits ownfree moreTVs we sell, the morewe zonMedia Inc.spends on pearing, Mr. Campanelli said. from Inscape, its TV data op- count for 30% of ad spending video streaming serviceas canget people to engagewith streaming TV platforms—ex- “Options are always good for eration. going toward all internet-con- well as apps from TV networks us,the moremoney we can cludingdeals Horizon does di- the buying side,” he said. Theshifttostreaming nected TVsonSpotX Inc.’s and digital media companies, make.” rectly with app publishers on video has created new oppor- platform, which helps publish- said MikeO’Donnell, the head Growth in smart TV use can those platforms—goes to Roku tunities forTVmakerssuch as erssell video ads.Streaming of Vizio’s platform business. be partly attributed to im- and Amazon, said Dave Cam- Moreonline at Vizio and Samsung Electron- boxesand sticks represent the More than 90% of consum- provementsthe manufacturers panelli, chief investment offi- CMO TODAY ics Co.Admoney has lagged remaining 70%, the company erswho buy Vizio TVsare ac- have made in their operating ceratthe agency. Therest wsj.com/news/cmo-today behind growth in consumers’ said. In July 2019, smart TVs tivating itsSmartCast operat- systems. goes to TV makersselling ads.

ADVERTISEMENT

Indulge your wildest strategy.

Marketing technology reimagined. acoustic.com

Facebook Executive DrawsScrutinyonPolitical Stance

BY JEFF HORWITZ it wasopen to anyone in the amillion fans on Facebook. AND NEWLEY PURNELL companyglobally who wanted Mr.Modi soon launched his to join. campaign fornational office, A Facebook Inc.executiveat Ms.Das is at the center of a with Facebook again offering the center of apolitical storm political outcryinIndia over training andassistance. Her in India made internal postings Facebook’shandling of hate Facebook colleague,Ms. Har- over several yearsdetailing her speech on the platform, fol- bath—a Republican—wrotethat support forthe nowruling lowing aJournal article earlier Ms.Das characterized Mr.Modi Hindunationalistparty and this month. That article as “the George W. Bush of In- disparaging itsmain rival, be- showedthat Ms.Das earlier dia,” according to a2013 inter- havior some staff sawascon- this year opposed moves to nal post featuring aphotoof

flicting with the company’s ban from the platform apoliti- GES the two women and the future

pledgetoremain neutral in cian from Mr.Modi’sparty IMA prime minister.Facebook said elections around the world. whose anti-Muslim comments it offered similar meetingsand ETTY

In one message, Ankhi Das, violated Facebook’s rules. /G training to other parties during head of public policyinthe From itsearliest days, Face- Ms.Harbath’stime in India. country, posted the daybefore book has presented itself as a /MINT Ms.Das made her senti-

NarendraModi swept to vic- neutral platform that doesn’t SHAR mentsonthe race clear.When

tory in India’s2014national favor any party or viewpoint. RA afellowstaffer noted in re- PA

elections: “We lit a fire to his Chief Executive Mark Zucker- A sponse to one of her internal

social media campaign and the berg has repeatedly stressed ANK poststhat the BJP’sprimary

rest is of course history.” his position that the company PRIY opponent, the Indian National “It’staken thirty yearsof should remain politically neu- Ankhi Das, shown in 2014, is at the center of a debate in India over Facebook’s handling of hate speech. Congress, had alargerfollow- grassrootswork to rid India of tral, including this year when ing on Facebook than Mr. statesocialism finally,” Ms.Das he defended his decision not makeand enforce the plat- Aspokesman called the em- Indian politicalparties on how Modi’sindividual page, Ms. wroteinaseparatepost on the to act against provocative form’srules about what is and ployeerequests“aprime ex- best to use the platform to mo- Das responded: “Don’t dimin- defeat of the Indian National posts from President Trump. isn’t allowedtobeposted, and ampleofthe type of open cul- bilizesupporters. One wasMr. ish him by comparing him Congress party,praising Mr. Facebook on Tuesdaysaid they represent the company’s turewevalue at Facebook” Modi’s2012 campaign forre- with INC.Ahwell—let my bias Modi as the “strongman” who the postsbyMs. Das don’t interestsbeforegovernments. and said the company stands election as chief minister of the not show!!!” hadbrokenthe former ruling show inappropriate bias. Critics both outside the com- against anti-Muslim bigotry. western Indian stateofGujarat. Internally,Ms. Das pre- party’s hold. Ms.Das called “These posts are taken out pany and inside have increas- India is akey market for Mr.Modi’spolitical career sented the company’swork Facebook’stop global elections of contextand don’t represent ingly raised concerns about Facebook because its nascent had been sullied by deadly reli- with theBJP as benefiting official, Katie Harbath,her the full scope of Facebook’sef- how those roles may conflict. internet economyrepresents gious riotsinthe statein2002, Facebook as well. “We’vebeen “longest fellowtraveler” in the fortstosupport the use of our Opposition lawmakersin mammothroom forgrowth. soon afterhecame to power. lobbying them formonths to company’swork with his cam- platform by parties acrossthe India are seeking to question Facebook in April said it was Critics accused him of not do- include manyofour topprior- paign. In aphoto, Ms.Das Indian political spectrum,” Facebook executives following investing $5.7 billion in anew ing enough to stop the violence ities,” she said of the BJP’sof- stood, smiling,between Mr. spokesman Andy Stone said. the Journal’srecent article, tie-up with an Indian telecom that killed morethan 1,000 ficial platform, noting that the Modi and Ms.Harbath. Ms.Das didn’t respond to andFacebook employees are operator,its biggest foreign people,most of them Muslims, document waslitteredwith Ms.Das’sposts, which were multiple requestsfor com- pressing leadership to investi- investment to date. Facebook allegations Mr.Modi denied. A the word “technology” and ap- viewedbyThe Wall Street ment. She has apologized to gate why the company hasn’t India reportsdirectly to Face- court in 2013 said therewasn’t peared to embraceFacebook’s Journal, haven’t been previ- colleagues forsharing apost done moretoaddresstoxic book’stop executives in Menlo enough evidencetoprosecute desirefor an expanded but ously reported. Some Face- described in the previous content in acountrywith are- Park,Calif., exempting Ms. him, buthewas barred on hu- lessheavily regulated internet. book employees said the senti- Journal article,inwhich she cent history of lynchings and Das’steam from regular over- man-rightsgrounds from visit- “Nowthey just need to go and mentsand actions described approvingly reposted an essay communal violence. Anonpar- sight by both Facebook’slead- ing the U.S. beforehis election win the elections,” she wrote. by Ms.Das conflicted with the from aformer Indian police tisan group of 54 former civil ership in Asia and Facebook’s as prime minister. By the end of the 2014na- company’s longstanding neu- official who said the country’s servants in India last Monday global public policy team. “Success in our Gujarat tional campaign, Ms.Das trality pledge. Muslims have historically been circulated an open letterto Ms.Das arrived at Facebook Campaign,” Ms.Das wroteof shared with colleagues internal Thepostscover the years “a degenerate community.” Mr.Zuckerberg, asking him to in 2011, atime when the social the training of Mr.Modi’s BJP election predictions of a 2012 to 2014and were made As in theU.S., Facebook’s audit the implementation of media giant waseager to dem- BharatiyaJanataParty team in Modi victorythat she said she to aFacebook group designed India-based public policyteam Facebook’shate-speech policy onstrateits utility in politics.It October of 2012, noting the had obtained from a“senior foremployees in India, though serves two functions.Staffers in the country. rolled out training forseveral campaign wasclose to reaching leader and close friend in BJP.” P2JW244000-4-B00600-1------XA

B6 | Monday, August 31, 2020 **** THE WALL STREET JOURNAL. BUSINESS & FINANCE STREETWISE | By James Mackintosh Berkshire Buys Up Fed Gives Itself Latitude Stakes in 5 Storied

TheFederal The LawofAverages policy: Start from 2012, and Japanese Companies Reservehas the next five yearsneed infla- The Federal Reserveistargeting 2% average inflation, given itself a tion of 3.2% to bring the aver- BY KOSAKU NARIOKA but without specifying the time period. It matters. license to do ageuptothe goal. pretty much Average inflation*through July 2020 sinceeach starting Start from Mr.Powell’sap- Warren Buffett’s Berkshire what it wants. point or from the startofeach Fedchairman’s term, and pointment, and it needs to be Hathaway Inc.has taken Chairman Jerome Powell as needed overnextfive yearstoreach a2%average target 2.3%, while starting five years stakes of slightly morethan will no doubt disagree: His agowould requireinflation of 5% in five of Japan’smost ven- speech on Thursday set out As needed to reach a2%target Through July 2.5%. erable corporatenames with a new target for average in- Rather than getlost in the big investments in energy. flation of 2%. But because he math, the Fed’snew policyis Berkshire disclosed the in- ruled out any mathematical Since1980 just saying that the central vestmentsinMitsubishi Corp.,

definition of the average, bank will be really dovish for Mitsui &Co., Sumitomo S anything from serious defla- areally long time.The dov- Corp., Itochu Corp. and Mar- PRES tion up to inflation of 3.2% Alan Greenspan ishnessisbacked up by a ubeni Corp.just beforethe over the next five years shiftonunemployment, too, Tokyostock market opened TED could count as success. wherelow numbersofjobless Monday. OCIA BenBernanke SS This isn’t really aproblem. will no longer prompt pre- Shares in the five surged /A Thebroad thrust of the Fed’s emptiveaction to head off in- at least 5% and in some cases

newstrategyisthat it will be flation. morethan 10%, helping drive HARNIK

JanetYellen TI

even moredovish, and inter- It is easy to argue that all the overall Nikkei Stock Aver- NA est rateswill stay lowfor this is irrelevant. The Fed is ageup2%inintradaytrading Warren Buffett even longer.But—and it is a Jerome Powell stuck with zero rates, has Monday. vital point—what the Fedis ruled out going negative and Berkshiredidn’t sayhow networks of companies that really saying is that we has been slow to set explicit much it spent to acquirethe sometimes invest in each should trust that it won’t let Since2%rule† targets for bond yields, stakes.Based on the compa- other or have joint projects. inflation spiral out of control, something known as yield- nies’ Fridayclosing prices,a Mitsubishi Corp.held 20% of so anyovershootsof2%won’t -3%-2-10123curve control. With its infla- 5% stakeineach would col- Mitsubishi MotorsCorp.asof last long.The Fedwantspeo- *Geometric average of personal consumption expenditurepriceindex. †2012 tion measure at just 1% last lectively be worth about $6 March 31. ple to believeinflation will be Source:Refinitiv month, there is little need to billion. BerkshireHathaway said it roughly 2% in the long run, worry about what will hap- Thefiveare oftencalled mayincrease itsstake up to and moreprecision than that Inflation during each Fedleader's term pen at 2% now. trading companies,but in- 9.9% in anyofthe five com- isn’t really necessary. vestment companymight be panies,depending on price, Volcker Greenspan Bernanke Yellen Powell ut it matters formar- closer to the mark. but it said it would makeno hose who prefer their 12 % kets,and so forthe Allhavestakesinawide purchases beyond that unless monetarypolicytobe B variety of businesses includ- the boardofthe companyre- economy. Thursday’s T ceiving the investment ap- governed by rules will 10 marketsdid exactly what Mr. ing interestsinenergy and be disappointed. TheFed Powell must have been hop- mining.Mitsubishi and used to let bygones be by- 8 ing: higher long-dated Trea- Itochu each control amajor gones,ignoring what had suryyields,but also higher convenience-storechain in Investmentsmade in happened to inflation in the 6 stock prices—with the big- Japan. past as it pursued itsgoal of 4 gest losersthis year turned “I am delightedtohave Mitsubishi, Mitsui, 2% in future. Acatch-up intowinners, and viceversa. BerkshireHathaway partici- Sumitomo,Itochu strategy means that the fail- 2 Out of Thursday’stop 100 pateinthe futureofJapan uretohit 2% formost of the performersinthe S&P 500, and the five companies we and Marubeni. past decade could be used to 0 all but six had laggedbehind have chosen forinvestment,” justifyinflation above2%for the indexthis year,with the Mr.Buffettsaid in astate- most of the next decade.The -2 majority falling by double- ment. lack of afirm rule,though, 1980 '85'90 '952000 '05'10 '15'20 digit percentages.The refla- He said the five companies proves.Berkshiresaid it in- means Mr.Powell isn’t tied to Note:Change from ayear earlier in monthly personal-consumption-expenditures-priceindex tion tradewas back,and “havemanyjoint ventures tended to hold itsJapanese having to compensatefor any Source:Federal ReserveBank of St.Louis showedthat investorsthink throughout the world and are investmentsfor the long futureperiod above2%by the Fedstill has power. likely to have moreofthese term. running belowthat fora of the Fed’spreferred infla- problem bedevils what might Quitehow that powerwill partnerships.” Thetrading companies while afterward. tion measure). appear to be morereasonable be used is lessclear than it Thefivecompanies all generally have lowstock-mar- Mr.Powell says the new Ahawkapplying astrict approaches.Should the aver- was. Thenew policymeans have long histories—dating ketvaluations relativeto approach is flexible.Heisn’t policyofinflation averaging ageapply sincethe Fedad- the Fedcan moreeasily justify back to the 17th centuryin their profits, partly owing to kidding.Choose your period, could justifyaiming fordefla- opted itstargetin2012? higher inflation, and will. But the case of Sumitomo—and their exposuretoenergy in- and almost anything canbe tion foryearstobring the SinceMr. Powell took over in whereitwill draw the line re- areconsidered prestigious vestmentssuch as oil and justified. Since1960,inflation long-term averageback down 2018? Sincefiveyearsago? mains uncertain. If and when employers in Japan. natural-gas fields. has averaged 3.2% (using the to 2%. Some bygones will still Thereisnocorrect answer, inflation picks up again, work- Mitsubishi, Mitsui and That mayhavemade them mathematically correct geo- be ignored. and the resultsare different ing out what “flexible” means Sumitomo sit at the center of attractivetoavalue investor metric,orcompound, average Thesame mathematical enough to be significant for will be critical forinvestors. keiretsu, loosely affiliated such as Mr.Buffett.

Recharge With aSecludedEscape

DiscoverAmerica’s best getawayhavens, setamidtranquil landscapes. In partnershipwithluxurytravel- planningcompany Indagare,relax withour brand-newseriesofwellnessretreats, curated forindividuals or couples. Take scenic drivestopremier resortsand unwind with innovative spatreatments, privatecanoe picnics, horsebackriding, yoga andmore.

Book with code “WSJWellness” to enjoyexclusive rates, specialresortamenities, Indagare Tier 3 membershipand more.WSJ members canalsobookonWSJplus.com to unlock extrabonus perks.

•Calistoga RanchinNapaValley, California •CommodorePerry Estate in Austin,Texas •Miraval Austin in Austin,Texas •Hotel Jerome in Aspen, Colorado •Miraval ArizonainTucson, Arizona •The Lodge at Blue SkyinParkCity, Utah •Miraval Berkshires in Lenox, •The MayflowerInn &Spa in Washington,Connecticut Massachusetts

We’vechosenthese hotelpartners becausetheypracticeenhancedsanitization procedures andcontactless measures.

Indagare.com/offers-wsj | 646.780.8383

©2020Dow Jones &Company,Inc.All Rights Reserved.Photos courtesy AubergeResorts Collection andMiraval Resorts &Spas6DJ7988 P2JW244000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 28653.87 s723.54, or 2.59% last week Trailing P/E ratio 28.62 18.96 3508.01 s110.85, or 3.26% last week Trailing P/E ratio * 36.19 22.30 Public Offerings of Stock High, low, open and close for each of P/E estimate * 25.89 17.10 High, low, open and close for each of P/E estimate * 26.74 17.65 the past 52 weeks Dividend yield 2.23 2.28 the past 52 weeks Dividend yield * 1.75 1.95 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3508.01, 08/28/20 None expected this week

Current divisor 0.14579812049809 Lockup Expirations 30000 3500 Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such 28000 sales can move the stock’s price. 3250 Lockup Offer Offer amt Through Lockup 26000 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision 3000 Aug. 30 March 3, ’20 GFL Environmental Inc GFL 19.00 1500.0 -1.7 180 days 200-day moving average 24000 Sources: Dealogic; WSJ Market Data Group 2750 Week's high IPO Scorecard 22000 DOWN UP 200-day moving average Performance of IPOs, most-recent listed first Monday's open Friday's close 65-day moving average t 65-day moving average % Chg From % Chg From 2500 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Friday's close Monday's open 20000 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close t Harbor Custom Development 7.50 25.0 ... FAST Acquisition 9.97 –0.4 0.4 HCDI Aug. 28/$6.00 FST.UT Aug. 21/$10.00 Week's low 18000 2250 Burgundy Technology Acquisition 9.99 –0.1 0.1 Horizon Acquisition 10.10 1.0 1.0 Bars measure the point change from Monday's open BTAQU Aug. 27/$10.00 HZAC.UT Aug. 21/$10.00 16000 2000 CF Finance Acquisition II 9.94 –0.6 ... Kymera Thera 33.28 66.4 0.1 CFIIU Aug. 27/$10.00 KYMR Aug. 21/$20.00 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 FTAC Olympus Acquisition 9.95 –0.5 0.2 Nano-X Imaging 25.98 44.3 19.7 Primary FTOCU Aug. 26/$10.00 NNOX Aug. 21/$18.00 NYSE weekly volume, in billions of shares t

market t Composite Financial Flashback Colonnade Acquisition 9.89 –1.1 –0.3 Foley Trasimene Acquisition II 10.06 0.6 0.6 36 CLA.UT Aug. 21/$10.00 BFT.UT Aug. 19/$10.00 24 The Wall Street Journal, August 31, 2000 Sources: Dow Jones Market Data; FactSet 12 AOL’s purchase of Time Warner is coming under criticism 0 from European antitrust enforcers, who are concerned that Other Stock Offerings AOL’s online service could dominate Web access in Europe. A S O N D J F M A M J J A Secondaries and follow-ons expected this week in the U.S. market *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index None expected this week Major U.S. Stock-Market Indexes Nasdaq Composite Off the Shelf s 383.83, or 3.39% Latest Week 52-Week % chg “Shelf registrations” allow a company to prepare a stock or bond for High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones sale, without selling the whole issue at once. Corporations sell as Industrial Average 28733.35 28041.75 28653.87 723.54 2.59 18591.93 l 29551.42 8.5 0.4 9.5 conditions become favorable. Here are the shelf sales, or takedowns, Transportation Avg 11331.90 10993.93 11322.00 381.32 3.49 6703.63 l 11322 11.8 3.9 7.3 over the last week: 11750 Utility Average 819.61 794.45 800.73 -8.88 -1.10 610.89 l 960.89 -5.3 -8.9 2.3 Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Total Stock Market 35730.45 34768.75 35720.40 1094.38 3.16 22462.76 l 35720.4 19.2 8.1 12.3 Mohawk Group Holdings Inc Aug. 24 AGP/Alliance Global Partners Corp Barron's 400 739.72 734.82 739.71 11.90 1.64 455.11 l 746.64 12.4 1.0 5.2 11500 $23.5 Computers & Electronics July 1,320 Nasdaq Stock Market 21Vianet Group Inc Aug. 25 $352.8 Credit Suisse, MS, Jefferies 11250 Nasdaq Composite 11730.02 11297.53 11695.63 383.83 3.39 6860.67 l 11695.63 46.9 30.3 23.0 Computers & Electronics July 23,320 Nasdaq 100 12047.99 11535.55 11995.85 440.69 3.81 6994.29 l 11995.85 56.0 37.4 27.1 Ovid Therapeutics Inc Aug. 25 $50.0 Cowen & Company LLC, W. Blair LLC 11000 Healthcare June 1,318 S&P 21 24 25 26 27 28 iMedia Brands Inc Aug. 26 $15.0 Craig-Hallum Group 500 Index 3509.23 3413.13 3508.01 110.85 3.26 2237.40 l 3508.01 19.9 8.6 12.8 August Retail July 14,320 MidCap 400 1947.10 1915.92 1946.51 36.26 1.90 1218.55 l 2106.12 3.5 -5.6 4.5 DJ US TSM Ceridian HCM Holding Inc Aug. 25 $561.4 BofA Securities, JPM Computers & Electronics May 21,319 SmallCap 600 914.57 896.62 912.02 17.28 1.93 595.67 l 1041.03 -0.7 -10.7 3.3 s 1094.38, or 3.16% CohBar Inc Aug. 26 $15.0 Roth Cptl Ptnrs Other Indexes last week Healthcare Nov. 22,317 Russell 2000 1578.34 1554.10 1578.34 25.87 1.67 991.16 l 1705.22 5.6 -5.4 4.5 Odonate Therapeutics Inc Aug. 27 $79.8 Jefferies NYSE Composite 13173.97 12881.40 13170.96 361.89 2.83 8777.38 l 14183.2 3.4 -5.3 3.7 Healthcare Sept. 27,319 Value Line 484.62 471.40 484.62 13.22 2.80 305.71 l 562.05 -3.8 -12.2 -1.7 35500 AudioEye Inc Aug. 27 $7.3 B Riley FBR Inc Computers & Electronics April 1,320 NYSE Arca Biotech 5434.54 5301.41 5370.24 -22.80 -0.42 3855.67 l 6142.96 22.4 6.0 10.3 Cocrystal Pharma Inc Aug. 26 $15.0 HC Wainwright & Co LLC NYSE Arca Pharma 0.35 l 678.80 666.35 673.59 2.36 494.36 675.14 15.8 3.1 8.8 35000 Healthcare April 17,320 KBW Bank 78.49 74.39 4.14 5.58 56.19 l 114.12 -30.9 78.35 -15.8 -5.8 NanoVibronix Inc Aug. 24 $3.3 HC Wainwright & Co LLC PHLX§ Gold/Silver 153.69 142.47 152.85 5.34 3.62 70.12 l 161.14 54.4 43.0 19.7 Healthcare July 21,320 34500 PHLX§ Oil Service 37.82 35.06 36.38 0.755 2.12 21.47 l 80.99 -42.2 -53.5 -32.9 Oncternal Therapeutics Inc Aug. 27 $4.5 HC Wainwright & Co LLC PHLX§ Semiconductor 2264.59 2202.77 2264.14 65.81 2.99 1286.84 l 2264.14 50.4 22.4 27.9 Healthcare Dec. 22,317 CBOE Volatility 27.09 20.92 22.96 0.42 1.86 11.54 l 82.69 21.0 66.6 26.6 34000 21 24 25 26 27 28 Public and Private Borrowing §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data August Treasurys International Stock Indexes Commodities and Monday, August 31 Thursday, September 3 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; Latest Week 52-Week Range YTD Currencies announced on August 27; settles on Sept. 3announced on Sept. 1; settles on Sept. 8 Region/Country Index Close % chg Low Close High % chg World The Global Dow 3111.97 2.80 2138.97 • 3300.22 –4.3 Last Week YTD Close Net chg % Chg % chg DJ Global Index 446.62 2.70 292.30 • 446.62 2.9 A Week in the Life of the DJIA DJ Global ex U.S. 253.96 2.00 174.38 267.54 –3.7 DJ Commodity 636.32 15.93 2.57 -0.93 • Alook at how the Dow Jones Industrial Average component stocks did in the past Americas DJ Americas 815.01 3.19 512.68 • 815.01 7.1 TR/CC CRB Index 153.44 3.48 2.32 -17.41 week and how much each moved the index. The DJIA gained 723.54 points, or Brazil Sao Paulo Bovespa 102142.93 0.61 63569.62 • 119527.63 –11.7 Crude oil, $ per barrel 42.97 0.63 1.49 -29.63 2.59%, on the week. A$1change in the price of any DJIA stock =6.86-point change Canada S&P/TSX Comp 16705.79 1.14 11228.49 17944.06 –2.1 in the average. To date, a$1,000 investment on Dec. 31 in each current DJIA stock • Natural gas, $/MMBtu 2.657 0.084 3.26 21.38 component would have returned $29,394, or aloss of 2.02%, on the $30,000 Mexico S&P/BMV IPC 37794.25 –0.79 32964.22 45902.68 –13.20 • Gold, $ per troy oz. 1964.60 28.60 1.48 29.29 investment, including reinvested dividends. Chile Santiago IPSA 2669.39 –3.12 2045.49 • 3722.44 –20.0 The Week’s Action EMEA Stoxx Europe 600 368.80 1.02 279.66 • 433.90 –11.3 U.S. Dollar Index 92.29 -0.96 -1.03 -4.25 Pct Stock price Point chg $1,000 Invested(year-end '19) chg (%) change in average* Company Symbol Close $1,000 Stoxx Europe 50 2976.34 0.59 2383.14 • 3539.12 –12.5 WSJ Dollar Index 87.52 -1.06 -1.20 -2.28 7.46 15.89 108.99 Microsoft MSFT $228.91 $1,463 Eurozone Euro Stoxx 364.32 1.73 261.53 421.34 –9.8 • Euro, per dollar 0.8399 -0.0079 -0.93 -5.81 6.65 6.39 43.83 American Express AXP 102.54 835 Euro Stoxx 50 3315.54 1.71 2385.82 3865.18 –11.5 • Yen, per dollar 105.37 -0.44 -0.42 -3.01 6.59 8.67 59.47 Walmart WMT 140.30 1,196 Austria ATX 2253.26 2.66 1630.84 • 3250.61 –29.3 6.36 8.10 55.56 Walt Disney DIS 135.54 937 U.K. pound, in dollars 1.34 0.0263 2.01 0.69 Belgium Bel-20 3378.60 2.29 2528.77 • 4198.31 –14.6 5.67 11.58 79.42 Visa V 215.71 1,153 France CAC 40 5002.94 2.18 3754.84 6111.24 –16.3 52-Week • 5.64 2.46 16.87 Dow DOW 46.05 885 Germany DAX 13033.20 2.10 8441.71 13789.00 –1.6 Low Close(l) High % Chg • 5.60 5.45 37.38 JPMorgan Chase JPM 102.77 757 Greece Athex Composite 634.47 0.19 484.40 948.64 –30.8 • DJ Commodity 433.70 l 647.86 6.71 5.39 2.55 17.49 Coca-Cola KO 49.83 916 Israel Tel Aviv 1412.44 1.27 1171.21 1751.79 –16.1 • TR/CC CRB Index 106.29 l 187.39 -9.93 4.96 8.30 56.93 Boeing BA 175.80 543 Italy FTSE MIB 19841.01 0.74 14894 • 25478 –15.6 3.76 5.20 35.67 Caterpillar CAT 143.63 Crude oil, $ per barrel -37.63 l 63.27 -22.01 995 Netherlands AEX 556.80 0.99 404.10 629.23 –7.9 • 3.63 4.06 27.85 Travelers TRV 115.89 858 Portugal PSI 20 4342.98 –0.03 3596.08 5435.85 –16.7 Natural gas, $/MMBtu 1.482 l 2.862 16.28 • 3.27 1.97 13.51 Raytheon Technologies RTX 62.24 720 Russia RTS Index Gold, $ per troy oz. 1452.10 l 2051.50 29.33 1265.62 0.29 832.26 • 1646.60 –18.3 2.61 5.28 36.21 Goldman Sachs GS 207.71 915 South Africa FTSE/JSE All-Share 56057.10 0.19 37963.01 • 59001.87 –1.8 2.44 3.95 27.09 3M MMM 165.66 966 U.S. Dollar Index 92.27 l 102.82 -6.70 Spain IBEX 35 7133.00 2.16 6107.2 • 10083.6 –25.3 2.33 1.15 7.89 Intel INTC 50.43 857 Sweden OMX Stockholm 700.75 1.03 478.95 732.67 2.9 WSJ Dollar Index 87.52 l 97.02 -4.64 • 2.31 2.54 17.42 Nike NKE 112.29 1,117 Switzerland Swiss Market 10164.49 –0.53 8160.79 11263.01 –4.3 Euro, per dollar l • 0.8382 0.9352 -7.69 1.58 3.34 22.91 McDonald’s MCD 214.91 1,102 U.K. FTSE 100 5963.57 –0.64 4993.89 • 7674.56 –20.9 Yen, per dollar 102.37 l 112.11 -0.86 1.55 1.91 13.10 IBM IBM 125.07 968 Asia-Pacific U.K. pound, in dollars 1.15 l 1.34 9.79 1.08 3.06 20.99 Home Depot HD 286.29 1,328 Australia S&P/ASX 200 6073.80 –0.61 4546.0 • 7162.5 –9.1 0.97 1.33 9.12 Procter & Gamble PG 138.77 1,132 China Shanghai Composite 3403.81 0.68 2660.17 • 3451.09 11.6 Real-time U.S. stock 0.79 0.67 4.60 Merck MRK 85.65 957 Hong Kong Hang Seng 25422.06 1.23 21696.13 • 29056.42 –9.8 quotes are available 0.65 0.55 3.77 Chevron CVX 85.63 740 India S&P BSE Sensex 39467.31 2.69 25981.24 • 41952.63 –4.3 WSJ on WSJ.com. Track 0.58 0.88 6.04 Johnson & Johnson JNJ 153.64 1,075 Japan Nikkei Stock Avg 22882.65 –0.16 16552.83 • 24083.51 –3.3 most-active stocks, 0.46 0.27 1.85 Verizon VZ 59.26 997 Malaysia FTSE Bursa Malaysia KLCI 1525.21 –3.29 1219.72 • 1615.67 –4.0 .COM new highs/lows, 0.35 1.75 12.00 Apple AAPL 499.23 1,712 Singapore Straits Times 2539.63 0.44 2233.48 • 3285.72 –21.2 mutual funds and 0.07 0.23 1.58 UnitedHealth Group UNH 314.37 1,078 South Korea Kospi 2353.80 2.14 1457.64 • 2437.53 7.1 ETFs. –0.12 –0.05 –0.34 Cisco Systems CSCO 42.20 901 Taiwan TAIEX 12728.85 0.96 8681.34 • 12956.11 6.1 –0.78 –0.32 –2.19 Exxon Mobil XOM 40.69 615 All are available free at –1.77 –0.70 –4.80 Walgreens WBA 38.76 679 Source: FactSet; Dow Jones Market Data WSJMarkets.com –2.49 –0.97 –6.65 Pfizer PFE 37.91 997

*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 Five-year ARM, 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†: 3.29% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Old National Bank 2.75% 2.50% 8% Fri YTD chg Fri YTD chg

4.00% Appleton, WI 812-464-1494 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) t One year ago 2.00 Vietnam dong .00004315 23175

Star One Credit Union 2.75% t 4 Euro Americas 0.01 5-year 3.00 s Sunnyvale, CA 408-742-2801 Europe adjustable-rate 1.50 Argentina peso .0135 73.9332 23.5 mortgage (ARM) 2.00 Citadel Federal Credit Union 2.88% 0 Brazil real .1855 5.3906 34.1 Czech Rep. koruna .04560 21.929 –3.3 1.00 Canada dollar .7635 1.3098 Denmark krone .1600 6.2512 Exton, PA 800-666-0191 0.8 –6.2 5-year Treasury Chile peso .001283 779.50 5.4 Euro area euro 1.1907 .8399 –5.8 1.00 –4 note yield Hanscom Federal Credit Union 2.88% Tradeweb ICE 0.50 s Colombiapeso .000267 3745.50 14.1 Hungary forint .003363 297.33 0.7 t s Hanscom AFB, MA 800-656-4328 Friday Close t Yen WSJ Dollar index Ecuador US dollar 11unch Iceland krona .007272 137.51 13.5 0.00 0.00 –8 Mexico peso .0460 21.7532 14.9 Norway krone .1137 8.7977 0.2 Associated Bank, NA 3.00% 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 .02344 42.6650 14.9 Poland zloty .2712 3.6871 –2.8 Rockford, IL 2019 2020 2019 2020 800-682-4989 month(s) years Asia-Pacific Russia ruble .01350 74.085 19.4 Sweden krona .1160 8.6239 –7.9 maturity Australian dollar .7365 1.3578 –4.7 Switzerland franc 1.1061 .9041 –6.6 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1457 6.8654 –1.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Turkey lira .1364 7.3333 23.3 Hong Kong dollar .1290 7.7506 –0.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Ukraine hryvnia .0363 27.5500 16.4 India rupee .01367 73.129 2.5 Corporate Borrowing Rates and Yields UK pound 1.3352 .7490 –0.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Indonesia rupiah .0000684 14625 5.3 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 5.25 -1.00 Spread +/- Treasurys, Japan yen .009491 105.37 –3.0 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002379 420.37 10.1 Bahrain dinar 2.6524 .3770 –0.01 Libor, 3-month 0.24 0.25 0.23 l 2.16 -1.08 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1253 7.9800 –0.5 Egypt pound .0630 15.8690 –1.1 Money market, annual yield 0.23 0.24 0.23 l 0.78 -0.06 Malaysia ringgit .2401 4.1655 1.8 Israel shekel .2976 3.3600 –2.7 U.S.Treasury,Barclays 0.510 0.4806.46 5.11 Five-year CD, annual yield 0.66 0.67 0.66 l 1.74 -0.81 New Zealand dollar .6744 1.4828 –0.2 Kuwait dinar 3.2737 .3055 0.8 U.S. Treasury Long,Barclays 1.400 1.25011.04 10.71 30-year mortgage, fixed† 3.15 3.04 3.03 l 4.22 -0.69 Pakistan rupee .00597 167.385 8.0 Oman sul rial 2.5972 .3850 0.01 Aggregate,Barclays 1.180 1.130n.a. 39 127 6.12 5.08 Philippines peso .0207 48.361 –4.6 Qatar rial .2746 3.641 –0.1 15-year mortgage, fixed† 2.59 2.64 2.58 l 3.57 -0.46 Fixed-Rate MBS,Barclays 1.270 1.180n.a. 28 132 4.70 3.70 Singapore dollar .7364 1.3580 0.9 Saudi Arabia riyal .2666 3.7505 –0.02 Jumbo mortgages, $510,400-plus† 3.20 3.06 3.06 l 4.71 -1.14 South Korea won .0008470 1180.61 2.2 South Africa rand .0603 16.5903 18.5 High Yield 100,ICE BofA 4.238 4.564 393 271 10182.252 3.936 Five-year adj mortgage (ARM)† 3.29 3.27 3.06 l 4.78 -0.01 Sri Lanka rupee .0053674 186.31 2.7 Muni Master,ICE BofA 0.949 28 -12 41 3.797 3.987 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.19 4.26 4.17 l 4.65 1.30 1.000 Taiwan dollar .03407 29.347 –1.9 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 4.730 4.663 383 277 662 3.670 3.985 Thailand baht .03215 31.100 4.5 WSJ Dollar Index 87.52 –0.79–0.90 –2.28 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 P2JW244000-0-B00800-1------XA

B8 | Monday, August 31, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not BR Credit Alloc Inc BTZ 15.15 13.94 -8.0 6.8 Nuveen Taxable Muni Inc NBB NA 22.66 NA 4.9 BR MH NJ Qly MUJ 15.77 13.99 -11.3 4.5 Loan Participation Funds buy their shares back from investors who wish to cash FirstTrEnergyInfra FIF 12.15 10.01 -17.6 -30.3 1WS Credit Income in their holdings. Instead, fund shares trade on a stock Insight Select Income INSI NA 20.50 NA 3.8 PIMCO Corp & Inc Oppty PTY 12.72 16.20 +27.4 10.3 BR MH NY Qly MHN 14.92 13.74 -7.9 3.9 NA NA NA 6.3 exchange. NA signifies that the information is not FirstTrMLPEner&Inc FEI 6.79 5.34 -21.4 -46.6 InvescoBond VBF 21.24 20.23 -4.8 3.6 PIMCO Corp & Inc Strat PCN 13.06 15.76 +20.7 9.2 BR MuniYld CA MYC 15.92 14.10 -11.4 3.5 AlphCntrc Prime Merid In 9.97 NA NA NS available or not applicable. NS signifies funds not in Gabelli Healthcare GRX 12.91 10.81 -16.3 10.0 existence for the entire period. 12 month yield is J Han Income JHS 16.15 15.19 -5.9 4.6 PIMCOHilnco PHK 5.16 5.43 +5.2 13.6 BR MuniYld CA Qly MCA 15.84 14.55 -8.1 3.8 Angel Oak Str Crdt:Inst 21.57 NA NA 7.8 computed by dividing income dividends paid (during Gab Utility GUT 3.96 7.65 +93.2 27.2 MFS Intmdt MIN 4.01 3.83 -4.5 8.8 PIMCO IncmStrFd PFL 9.69 10.04 +3.6 10.8 BR MuniYld MI Qly MIY 15.71 13.98 -11.0 4.1 Axonic Alternative Inc NA NA NA 4.0 the previous 12 months for periods ending at month- end or during the previous 52 weeks for periods GAMCOGlGold&NatRes GGN 4.20 3.65 -13.1 -4.4 Western Asset Inf-Lk Inc WIA NA 12.86 NA 3.1 PIMCO IncmStrFd II PFN 8.70 9.02 +3.7 10.8 BR MuniYld NJ MYJ 15.81 14.22 -10.1 5.0 Blackstone/GSO FR EI D 22.76 NA NA 6.3 ending at any time other than month-end) by the J Han Finl Opptys BTO 21.76 23.46 +7.8 -16.5 Blackstone/GSO FR EI I 22.73 NA NA 6.6 latest month-end market price adjusted for capital Western Asset Inf-Lk O&I WIW NA 11.56 NA 3.7 Putnam Mas Int PIM 4.34 4.16 -4.1 8.5 BR MuniYld NY Qly MYN 14.33 13.15 -8.2 3.9 gains distributions. Depending on the fund category, Neuberger Brmn MLP & EI NML 3.72 2.77 -25.5 -55.8 Westn Asst IG Def Opp Tr IGI NA 21.91 NA 3.8 Putnam Prem Inc PPT 4.80 4.59 -4.4 8.8 EVCAMuniBd EVM 12.71 11.50 -9.5 3.9 Blackstone/GSO FR EI T 22.69 NA NA 6.1 either 12-month yield or total return is listed. Nuv Dow 30 Dyn Overwrite DIAX Blackstone/GSO FR EI T-I 23.17 NA NA 6.1 Source: Lipper NA 14.20 NA -13.0 Loan Participation Funds Wells Fargo Multi-Sector ERC NA 11.28 NA 10.4 Eaton Vance NY Muni Bd ENX 13.35 11.95 -10.5 3.9 Blackstone/GSO FR EI U 23.69 NA NA NS Friday, August 28, 2020 NuvCorEqAlpha JCE NA 13.34 NA 2.4 Apollo Senior Floating AFT NA 12.74 NA 8.5 World Income Funds InvCaValMuIncTr VCV 13.51 12.32 -8.8 4.2 Blstn Commnty Dev 10.17 NA NA 3.4 52 wk Nuveen Nasdaq 100 Dyn Ov QQQX NA 26.14 NA 27.4 BR Debt Strategy DSU 11.21 9.99 -10.9 8.6 Abrdn AP IncFd FAX 4.70 4.15 -11.7 7.0 InvPAValMuIncTr VPV 14.01 12.55 -10.4 4.5 BNYM Alcntr Glb MS Cr Fd 95.17 NA NA NS Prem Ttl Nuv Real Est JRS NA 8.10 NA -17.6 BR F/R Inc Str FRA 13.39 11.76 -12.2 8.1 BrndywnGLB Glb Inc Oppts BWG NA 12.31 NA 6.5 InvTrInvGrNYMu VTN 14.12 12.60 -10.8 4.5 Fund (SYM) NAV Close /Disc Ret CLIFFWATER CL FD;I 10.27 NA NA 3.1 Nuveen Rl Asst Inc & Gro JRI NA 12.28 NA -20.7 BlackRock Floatng Rt Inc BGT 12.99 11.42 -12.1 8.0 EtnVncStDivInc EVG NA 11.45 NA 8.0 Nuveen CA AMT-F Qual MI NKX NA 15.28 NA 4.0 General Equity Funds CNR Strategic Credit 9.15 NA NA 9.3 NuvS&P500DynOvFd SPXX NA 14.17 NA -6.5 Blackstone / GSO Strat BGB 13.60 11.97 -12.0 10.8 MS EmMktDomDebt EDD 6.99 5.83 -16.6 8.3 Nuveen CA Val NCA NA 10.62 NA 3.1 Adams Diversified Equity ADX 19.72 16.84 -14.6 18.8 FedProj&TrFinanceTendr 9.90 NA NA 3.8 NuvSP500BuyIncFd BXMX NA 11.87 NA -0.5 Blackstone/GSO Sr Flt Rt BSL 15.08 13.28 -11.9 9.3 PIMCO Dyn Crd & Mrt Inc PCI NA 18.88 NA 13.0 NuveenCAQtyMuInc NAC NA 14.61 NA 4.2 Boulder Growth & Income BIF 12.53 10.33 -17.6 -0.2 FS Global Crdt Opptys D NA NA NA 7.5 ReavesUtilityIncome UTG 31.18 31.54 +1.2 -8.4 EtnVncFltRteInc EFT NA 12.11 NA 8.3 PIMCO Dynamic Income PDI NA 24.32 NA 12.2 Nuveen MD Qual Muni Inc NMY NA 13.17 NA 4.1 Central Secs CET 36.74 29.42 -19.9 0.4 Garrison Capital Inc GARS NA 3.50 NA NA Tortoise Enrgy Infra Crp TYG NA 16.74 NA -77.7 EV SenFlRtTr EFR NA 11.79 NA 8.3 PIMCO Income Opportunity PKO NA 23.07 NA 9.4 Nuveen MI Qual Muni Inc NUM NA 14.04 NA 3.8 CohenStrsCEOppFd FOF Schrdrs Opp Inc;A 24.85 NA NA NS 11.84 11.79 -0.4 2.6 Income & Preferred Stock Funds EVSnrIncm EVF NA 5.85 NA 7.0 PIMCO Stratg Inc RCS NuvNJ Qual Muni Inc NXJ NA 13.65 NA 4.6 NA 6.40 NA 11.0 Schrdrs Opp Inc;A2 NA NA NA NS EVTxAdvDivIncm EVT NA 20.43 NA -5.8 CalamosStratTot CSQ 14.50 14.22 -1.9 23.1 FT/Sr Fltg Rte Inc 2 FCT Nuveen NY AMT/Fr Qual MI NRK NA 13.04 NA 4.1 12.65 11.23 -11.2 9.3 Templeton Em Inc TEI 8.97 7.65 -14.7 8.6 Schrdrs Opp Inc;I 24.90 NA NA NS GabelliDiv&IncTr GDV 22.63 19.34 -14.5 0.1 CohenStrsLtdDurPref&Inc LDP 24.78 23.93 -3.4 2.1 Nuveen NY Qual Muni Inc NAN NA 14.01 NA 4.1 FT/Sr Fltg Rte 2022 TgTr FIV 9.17 8.59 -6.3 3.6 Templtn Glbl Inc GIM 6.16 5.32 -13.6 5.3 Schrdrs Opp Inc;SDR 24.92 NA NA NS Gabelli Equity Tr GAB 5.35 5.47 +2.2 1.3 CohenStrsSelPref&Income PSF 25.65 27.11 +5.7 0.0 Nuveen OH Qual Muni Inc NUO NA 15.24 NA 3.4 Highland Income HFRO 12.51 8.90 -28.9 11.4 WstAstEmergDebt EMD NA 13.01 NA 9.3 Invesco Sr Loan A 6.00 NA NA 5.1 GeneralAmer GAM 42.88 35.48 -17.3 7.2 FirstTrIntDurPref&Inc FPF 22.94 22.17 -3.4 2.1 Nuveen PA Qual Muni Inc NQP NA 13.63 NA 4.3 InvDYCrOpp VTA 10.92 9.11 -16.6 9.8 Western Asset Gl Cr D Op GDO NA 17.30 NA 7.0 Invesco Sr Loan C 6.01 NA NA 4.3 JHancockTaxAdvDiv HTD 21.49 19.50 -9.3 -19.2 JHanPrefInc HPI Nuveen VA Qlty Mun Inc NPV NA 15.13 NA 3.5 18.89 20.11 +6.5 -8.9 InvSnrIncTr VVR 4.24 3.68 -13.2 7.9 National Muni Bond Funds Invesco Sr Loan IB 6.00 NA NA 5.4 Librty AllStr Eq USA 6.74 6.20 -8.0 12.2 PIMCO CA PCQ 13.96 17.68 +26.6 5.0 JHPrefIncII HPF 18.56 18.34 -1.2 -13.4 Nuveen Credit Strat Inc JQC NA 6.12 NA 19.2 AllBerNatlMunInc AFB 15.15 13.54 -10.6 4.0 Invesco Sr Loan IC 6.00 NA NA 5.2 Librty AllStr Gr ASG 7.14 7.55 +5.7 39.5 PIMCOCAMuniII PCK 8.87 9.00 +1.5 4.2 HnckJPfdInco III HPS 16.61 16.55 -0.4 -6.4 NuvFloatRateIncFd JFR NA 8.31 NA 8.6 BlckRk Inv Q Mun BKN 16.32 15.79 -3.2 4.1 Invesco Sr Loan Y 6.00 NA NA 5.4 Royce Micro-Cap Tr RMT 9.75 8.17 -16.2 13.1 Pimco CA Muni III PZC J Han Prm PDT 12.93 13.18 +1.9 -16.8 NuvFloatRteIncOppty JRO NA 8.19 NA 8.6 BlackRock Muni 2030 Tgt BTT 26.13 24.57 -6.0 3.0 10.06 10.27 +2.1 4.4 Pioneer Sec Inc 8.71 NA NA NS Royce Value Trust RVT 15.85 13.71 -13.5 10.8 LMP CapInco SCD NA 10.99 NA -9.0 PionrFltRate Tr PHD 10.85 9.82 -9.5 7.0 BlackRock Muni BFK 14.31 13.94 -2.6 4.4 52 wk High Yield Bond Funds Source Capital SOR 42.31 37.03 -12.5 7.4 Nuveen Pref & Inc Opp JPC NA 8.81 NA -4.3 Prem Ttl High Yield Bond Funds BlackRock Muni II BLE 14.78 14.76 -0.1 4.4 Fund (SYM) NAV Close /Disc Ret Griffin Inst Access Cd:A NA NA NA 6.7 Tri-Continental TY 31.25 27.23 -12.9 11.7 Nuveen Fd JPS NA 9.16 NA 1.3 AllianceBernGlHiIncm AWF 12.33 10.87 -11.8 7.3 BlckRk Muni Inc Qly BYM 15.57 14.07 -9.6 3.9 Griffin Inst Access Cd:C NA NA NA 6.7 General Equity Funds Specialized Equity Funds Nuveen Pref & Inc Term JPI NA 22.81 NA 1.4 Angel Oak FS Inc Trm FINS NA 16.84 NA 8.3 BR MuniAssets Fd MUA Griffin Inst Access Cd:F NA NA NA 6.8 14.02 14.27 +1.8 4.4 FNEX Ventures 10.00 NA NA N Aberdeen Glb Prem Prop AWP 5.77 4.88 -15.4 -11.4 Nuveen TxAdvDivGr JTD NA 13.73 NA -8.7 Griffin Inst Access Cd:I NA NA NA 6.8 Barings Glb SD HY Bd BGH 15.05 13.33 -11.4 12.4 BR MuniEnhanced MEN 12.21 11.18 -8.4 4.0 Specialized Equity Funds Adams Natural Resources PEO 12.96 11.73 -9.5 -16.1 TCW Strat Income TSI Griffin Inst Access Cd:L NA 5.90 NA 9.8 BR Corporate HY HYT 11.49 11.09 -3.5 8.7 BR MuniHoldings Qly MFL 14.74 13.36 -9.4 3.9 Bluerock Total Inc+ RE:A 29.34 NA NA 2.2 NA NA NA 6.8 AllianzGI AI & Tech Opps AIO 24.87 21.91 -11.9 NS Convertible Sec's. Funds BlackRock Ltd Dur Inc BLW 16.36 15.01 -8.3 7.7 BR MH Qly 2 MUE 14.02 12.68 -9.6 4.1 Bluerock Total Inc+ RE:C 27.99 NA NA 1.5 PIMCO Flexible Cr I;A-2 NA NA NA NS GI DivInt&PremStr NFJ 14.31 12.45 -13.0 11.2 AdvntCnvrtbl&IncFd AVK 16.65 14.42 -13.4 11.6 BNY Mellon Hi Yield Str DHF 3.15 2.76 -12.4 9.4 BR MuniHoldngs MHD 16.81 15.45 -8.1 4.6 Bluerock Total Inc+ RE:I 29.88 NA NA 2.5 PIMCO Flexible Cr I;A-4 NA NA NA 10.9 ASA Gold & Prec Met Ltd ASA 26.81 23.22 -13.4 74.8 GI Conv & Inc NCV 5.40 4.89 -9.4 -1.2 Brookfield Real Asst Inc RA 19.54 16.92 -13.4 14.0 BR MuniVest Fd MVF 9.61 8.69 -9.6 4.6 Bluerock Total Inc+ RE:L 29.11 NA NA 2.0 PIMCO Flexible Cr I;Inst NA NA NA 11.8 BR Enh C&I CII 17.59 16.00 -9.0 10.5 AGI Conv & Inc II NCZ 4.84 4.35 -10.1 -2.1 CrSuisHighYld DHY 2.40 2.09 -12.9 10.0 BR MuniVest 2 MVT 15.11 14.04 -7.1 4.6 CIM RA&C A NA NA NA NS PionrILSBridge NA NA NA 0.0 BlackRock Energy & Res BGR 7.92 7.07 -10.7 -26.3 AGI Dvs Inc & Conv ACV 29.81 27.10 -9.1 27.3 DoubleLine Inc Sol DSL 16.43 16.15 -1.7 11.7 BR MuniYield Fd MYD 14.77 13.71 -7.2 4.7 CIM RA&C C NA NA NA NS WA Middle Mkt Dbt NA NA NA 8.5 WA Middle Mkt Inc BlackRock Eq Enh Div BDJ 8.52 7.59 -10.9 -6.0 AGI Eqty & Conv Inc NIE 28.72 25.38 -11.6 27.0 DoubleLine Yld Opps DLY 19.04 NA NA NS BR MuniYield Qlty MQY 16.28 15.86 -2.6 4.0 CIM RA&C I NA NA NA NS NA NA NA 10.0 Other Domestic Taxable Bond Funds BlackRock Enh Glbl Div BOE 11.36 9.89 -12.9 3.8 CalamosConvHi CHY 13.69 12.48 -8.8 23.7 EVHiInc2021 EHT NA 9.76 NA 4.1 BR MuniYld Qlty2 MQT 14.26 13.04 -8.6 4.0 CIM RA&C L NA NA NA NS Clarion Partners REI D NA NA NA NS Am Beacon Apollo TR:T 10.14 NA NA NS BlackRock Enh Intl Div BGY 6.22 5.50 -11.6 9.6 CalmosConvOp CHI 12.99 11.77 -9.4 25.8 First Tr Hi Inc Lng/Shrt FSD 16.01 14.08 -12.1 9.4 BR MuniYld Qly 3 MYI 14.87 13.38 -10.0 3.9 Clarion Partners REI I NA NA NA NS Am Beacon Apollo TR:Y 10.16 NA NA 3.1 BlackRock Hlth Sci Tr II BMEZ 25.23 24.18 -4.2 NS World Equity Funds IVY HIGH INCOME OPP IVH 13.66 11.99 -12.2 10.3 BNY Mellon Muni Bd Infra DMB 14.26 13.65 -4.3 4.6 Clarion Partners REI S NA NA NA NS Am Beacon SP Enh Inc:T 9.20 NA NA NS BlackRock Hlth Sciences BME 42.84 43.19 +0.8 21.0 Aberdeen Emg Mkts Eq Inc AEF 7.99 6.79 -15.0 1.6 NeubHgYldStrt NHS 12.03 11.28 -6.2 9.7 BNY Mellon Str Muni Bond DSM 8.14 7.50 -7.9 5.0 Clarion Partners REI T NA NA NA NS Am Beacon SP Enh Inc:Y 9.23 NA NA 4.7 BlackRock Res & Comm BCX 7.71 6.56 -14.9 -4.8 Aberdeen Tot Dyn Div AOD 9.57 8.19 -14.4 11.5 New Amer Hi Inc HYB NA 8.32 NA 7.1 BNY Mellon Strat Muni LEO 8.43 8.22 -2.5 4.9 GS Real Est Div Inc:A 9.63 NA NA -4.9 BR Credit Strat;A 10.09 NA NA NS BlackRock Sci&Tech Tr II BSTZ 29.04 26.46 -8.9 NA Calamos GloDynInc CHW 8.63 8.45 -2.1 23.1 NexPointStratOppty NHF 17.19 9.63 -44.0 19.7 DWS Muni Inc KTF 12.55 11.18 -10.9 4.2 GS Real Est Div Inc:C 9.62 NA NA -5.5 BR Credit Strat;Inst 10.09 NA NA 5.0 BlackRock Sci&Tech Trust BST 43.04 43.91 +2.0 48.3 Cdn Genl Inv CGI 43.16 27.70 -35.8 18.5 Nuveen CI Nov 2021 Tgt JHB NA 9.12 NA 5.0 EVMuniBd EIM 14.17 13.03 -8.0 4.1 GS Real Est Div Inc:I 10.04 NA NA -4.8 BlackRock Mlt-Sctr Oppty 84.30 NA NA 9.0 BlackRock Utl Inf & Pwr BUI 21.63 22.20 +2.6 2.1 China CHN NA 26.20 NA 44.4 Nuveen Crdt Opps 2022 TT JCO NA 8.14 NA 6.8 EVMuniIncm EVN 13.93 12.57 -9.8 4.3 GS Real Est Div Inc:L 9.63 NA NA -5.1 BlackRock Mlt-Sec Opp II 86.23 NA NA 8.8 CBRE ClrnGlbRlEst IGR 7.57 6.16 -18.6 -11.7 EV TxAdvGlbDivInc ETG NA 15.83 NA 8.8 Nuveen Global High Inc JGH NA 14.14 NA 8.6 EVNatMuniOpp EOT 21.34 20.52 -3.8 4.0 GS Real Est Div Inc:W 9.78 NA NA -4.8 Carlyle Tact Pvt Cred:A NA NA NA 8.2 CLEARBRIDGE ENGY MDS OPP EMO NA 11.80 NA -68.8 EtnVncTxAdvOpp ETO NexPointRlEstStrat;A NA 22.05 NA -3.0 PGIM Global High Yield GHY 15.67 13.42 -14.4 9.5 InvAdvMuIncTrII VKI 11.95 10.85 -9.2 4.8 15.23 NA NA -21.6 Carlyle Tact Pvt Cred:I NA NA NA 9.0 ClearBridge MLP & Midstm CEM NA 15.06 NA -69.3 NexPointRlEstStrat;C 15.39 NA NA -21.8 Gabelli Multimedia GGT 7.31 7.20 -1.5 0.8 PGIM High Yield Bond ISD 16.06 14.05 -12.5 9.1 Invesco MuniOp OIA 7.46 7.37 -1.2 5.1 Carlyle Tact Pvt Cred:L NA NA NA 8.5 ChnStrInfr UTF 23.46 23.19 -1.2 -5.4 NexPointRlEstStrat;Z 15.38 NA NA -21.1 Highland Global Alloc HGLB 9.89 6.70 -32.3 -22.9 PioneerHilncmTr PHT 8.86 8.08 -8.8 9.5 InvescoMuOppTr VMO 13.37 12.35 -7.6 4.7 Carlyle Tact Pvt Cred:M NA NA NA NS Cohen&SteersQualInc RQI PREDEX;I 25.31 NA NA 0.5 12.64 11.41 -9.7 -18.0 India Fund IFN 19.98 17.09 -14.5 -2.8 Wells Fargo Income Oppty EAD NA 7.53 NA 9.6 InvescoMuTr VKQ 13.37 12.29 -8.1 4.7 Carlyle Tact Pvt Cred:N NA NA NA 9.0 PREDEX;T 25.40 NA NA 0.5 Cohen&Steers TotRet RFI 12.80 12.99 +1.5 -4.4 Japan Smaller Cap JOF 9.66 8.01 -17.1 6.0 WstAstHIF II HIX NA 6.61 NA 8.8 InvescoQual Inc IQI 13.57 12.30 -9.4 4.7 Carlyle Tact Pvt Cred:Y NA NA NA 8.7 PREDEX;W 25.40 NA NA 0.5 CohenStrsREITPrefInc RNP 22.66 20.05 -11.5 -8.4 LazardGlbTotRetInc LGI 18.20 15.68 -13.8 9.95 Western Asset Hi Inc Opp HIO NA 5.01 NA 7.7 InvTrInvGrMu VGM 13.79 12.61 -8.6 4.7 CION Ares Dvsfd Crdt;A Principal Dvs Sel RA A 23.17 NA NA -5.3 NA NA NA 5.9 Columbia Sel Prm Tech Gr STK 22.90 22.80 -0.4 20.4 MS ChinaShrFd CAF 27.08 22.30 -17.7 10.5 Western Asset Hi Yld D O HYI NA 14.70 NA 7.7 InvescoValMunInc IIM 16.47 14.79 -10.2 4.5 Principal Dvs Sel RA Ins 23.21 NA NA -5.0 CION Ares Dvsfd Crdt;C NA NA NA 5.9 DNP Select Income DNP 8.75 10.19 +16.4 -11.8 MS India IIF Other Domestic Taxable Bond Funds 21.31 17.92 -15.9 -0.6 MAINSTAY:MK DEFTR MUN OP MMD NA 20.84 NA 4.8 Principal Dvs Sel RA Y 23.26 NA NA -4.8 CION Ares Dvsfd Crdt;I NA NA NA 5.9 Duff&Ph Uti&Infra Inc Fd DPG 12.85 11.21 -12.8 -19.6 New Germany GF 20.22 17.06 -15.6 29.0 Ares Dynamic Crdt Alloc ARDC NA 12.63 NA 10.1 NeubrgrBrm NBH 14.90 14.93 +0.2 4.8 SharesPost 100;A 31.49 NA NA 8.1 CION Ares Dvsfd Crdt;L NA NA NA 5.9 EtnVncEqtyInc EOI NA 15.48 NA 11.6 Templeton Dragon TDF 28.59 24.95 -12.7 49.2 Barings Part Inv MPV NA 11.22 NA 10.4 Nuveen AMT-Fr Mu Val NUW NA 15.97 NA 3.1 SharesPost 100:I 31.70 NA NA 8.3 CION Ares Dvsfd Crdt;U NA NA NA NS EtnVncEqtyIncoII EOS NA 19.51 NA 27.3 Templeton Em Mkt EMF 17.96 15.70 -12.6 19.2 BlackRock Mlt-Sctr Inc BIT 17.78 16.06 -9.7 9.6 Nuveen AMT-Fr Qlty Mun I NEA NA 14.11 NA 4.4 SharesPost 100:L 31.30 NA NA 7.8 CION Ares Dvsfd Crdt:U2 NA NA NA NS EVRskMnDvsEqInc ETJ NA 10.26 NA 22.1 Wells Fargo Gl Div Oppty EOD NA 4.57 NA -4.4 BlackRock Tax Muni Bd BBN 24.87 26.25 +5.5 5.0 Nuveen AMT-Fr Mu CI NVG NA 15.61 NA 4.9 USQ Core Real Estate:I 24.90 NA NA 0.2 CION Ares Dvsfd Crdt;W NA NA NA 5.9 ETnVncTxMgdBuyWrtInc ETB NA 14.20 NA 1.2 Prem12 Mo DoubleLine:Oppor Crdt Fd DBL 19.31 19.48 +0.9 7.2 Nuveen Enh Muni Val NEV NA 14.90 NA 4.6 USQ Core Real Estate:IS 24.90 NA NA 0.2 CNR Select Strategies 11.11 NA NA 0.0 EtnVncTxMgdBuyWrtOpp ETV NA 14.69 NA 11.8 Fund (SYM) NAV Close /Disc Yld Duff&Ph Util Cor DUC 9.67 9.23 -4.6 5.6 Nuveen Int Dur Mun Term NID NA 13.30 NA 3.8 Versus Cap MMgr RE Inc:I 26.84 NA NA NE GL Beyond Income 0.89 NA NA NE EvTxMnDvsEqInc ETY NA 11.55 NA 7.7 U.S. Mortgage Bond Funds EVLmtDurIncm EVV NA 11.72 NA 9.8 Nuveen Mu Crdt Opps NMCO NA 12.75 NA NS Versus Capital Real Asst 24.73 NA NA 0.3 KKR CREDIT OPPTY;I NA NA NA NS EtnVncTxMgdGlbB ETW NA 8.99 NA 5.3 BlckRk Income BKT 6.32 6.19 -2.1 6.7 Franklin Ltd Dur Income FTF 9.30 8.82 -5.2 11.3 Nuv Muni Credit Income NZF NA 14.78 NA 5.0 Wildermuth Endwmnt:A 13.37 NA NA -0.2 KKR CREDIT OPPTY;T NA NA NA NS Wildermuth Endwmnt:C 12.90 NA NA -1.1 EVTxMnGblDvEqInc EXG NA 7.86 NA 6.9 Invesco HI 2023 Tgt Term IHIT 8.21 7.85 -4.4 7.5 J Han Investors JHI 17.68 16.55 -6.4 8.3 NuvMuniHiIncOpp NMZ NA 13.50 NA 5.3 Lord Abbett Cred Opps Fd 9.34 NA NA NS Wildermuth Endowment:I 13.43 NA NA -0.5 First Trust Energy Inc G FEN 12.60 10.04 -20.3 -45.6 Investment Grade Bond Funds KKR Income Opportunities KIO NA 13.36 NA 11.5 Nuveen Muni Val NUV NA 10.71 NA 3.5 Lord Abbett Cred Opps Fd 9.34 NA NA 8.4 Income & Preferred Stock Funds Lord Abbett Crd Op:U First Tr Enhanced Eq FFA 17.14 15.85 -7.5 9.5 BlRck Core Bond BHK 16.19 15.49 -4.3 4.9 MFS Charter MCR 8.83 8.54 -3.3 8.2 Nuveen Quality Muni Inc NAD NA 14.35 NA 4.4 9.34 NA NA NS A3 Alternative Cr 10.57 NA NA NS Palmer Square Opp Inc 17.29 NA NA 6.7 Nuveen Sel TF NXP NA 16.73 NA 3.3 Calamos L/S Eqty and DI CPZ 18.66 15.61 -16.3 NS Resource Credit Inc:A 9.77 NA NA 8.1 Nuveen Sel TF 2 NXQ NA 15.36 NA 3.3 Destra Multi-Altrntv;A 11.62 NA NA -7.9 Resource Credit Inc:C 9.87 NA NA 7.3 Nuveen Sel TF 3 NXR NA 16.55 NA 3.1 Destra Multi-Altrntv;C 11.14 NA NA -8.5 Insider-Trading Spotlight Resource Credit Inc:I 9.79 NA NA 8.3 PIMCO MuniInc PMF 12.99 13.31 +2.5 4.9 Destra Multi-Altrntv;I 11.85 NA NA -7.7 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Resource Credit Inc:L 9.76 NA NA 7.8 PIMCOMuniIncII PML 12.15 13.37 +10.0 5.3 Destra Multi-Altrntv;T 11.30 NA NA -8.3 new information about the prospects of a company. Insiders are required to report large trades to the SEC Resource Credit Inc:W 9.76 NA NA 8.1 Pimco Muni III PMX 11.08 11.49 +3.7 4.9 Flat Rock Opportunity 17.24 NA NA -2.4 Thrivent Church Ln&Inc:S NA NA NA 2.8 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Variant Altrntv Inc:Inst 26.47 NA NA 6.2 PioneerHilncAdv MAV 12.17 10.92 -10.3 4.1 World Income Funds Thomson Financial on August 28, and year-to-date stock performance of the company Variant Altrntv Inc:Inv 26.47 NA NA 5.9 PioneerMunHiIcmT MHI 13.03 11.67 -10.4 4.5 Destra Int&Evt-Dvn Crd:A 23.82 NA NA 5.5 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Putnam Mgd Inc PMM 8.00 7.76 -3.0 4.9 Convertible Sec's. Funds CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Calmos Dyn Conv and Inc CCD 26.01 23.61 -9.2 43.4 Destra Int&Evt-Dvn Crd:I 23.83 NA NA 5.7 Putnam Muni Opp PMO 13.69 13.14 -4.0 4.7 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: World Equity Funds Destra Int&Evt-Dvn Crd:L 23.81 NA NA 5.2 RiverNorth Mgd Dur Mun I RMM 18.67 16.98 -9.1 5.2 unknown VP: vice president Excludes pure options transactions ACAP Strategic:A 26.21 NA NA 42.8 Destra Int&Evt-Dvn Crd:T 23.79 NA NA 5.0 Western Asset Mgd Muni MMU NA 12.31 NA 4.5 ACAP Strategic:W 19.55 NA NA 43.9 National Muni Bond Funds Biggest weekly individual trades Westn Asst Mu Def Opp Tr MTT NA 20.23 NA 3.6 BMO LGM Front ME;I 6.29 NA NA -22.9 PIMCO Flex Mun Inc;A-3 NA NA NA NS Single State Muni Bond CalamosGlbTotRet CGO 12.93 12.75 -1.4 24.3 PIMCO Flex Mun Inc:A1 NA NA NA NS Based on reports filed with regulators this past week BlackRock CA Mun BFZ 15.58 13.37 -14.2 3.4 Primark Priv Eq Inv:I NA NA NA NS PIMCO Flex Mun Inc;Inst NA NA NA 2.9 BR MH CA Qly Fd Inc MUC No. of shrs in Price range ($) $ Value 15.72 14.47 -8.0 3.7 VirtusTotalRetFd ZTR 9.04 8.06 -10.8 -1.3 Tortoise Tax-Adv Soc Inf 9.65 NA NA 5.1 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Buyers Aug. 19-20 Axis Capital Holdings AXS C. Davis DI 502 45.58-45.86 22,933 48.37 -18.6 Money Rates August 28, 2020 Aug. 25-26 C. Davis DI 464 45.34-45.64 21,142 Aug. 21-24 C. Davis DI 311 45.00-45.71 14,057 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Aug. 20 Kinder Morgan KMI R. Kinder H 373 14.09 5,260 14.18 -33.0 Week —52-WEEK— Week —52-WEEK— Aug. 21 Centrus Energy LEU N. Subin DOI 500 10.00 5,000 10.99 59.7 Inflation Latest ago High Low Latest ago High Low July index Chg From (%) Aug. 21 Red Rock Resorts RRR L. Fertitta HI 290 16.94 4,912 18.07 -24.6 level June '20 July '19 High 0.1000 0.1000 3.0000 0.1000 Commercial paper (AA financial) Low 0.0500 0.0500 2.0500 0.0100 Aug. 21 F. Fertitta CEOI 290 16.94 4,912 90 days n.a. 0.12 2.53 0.04 U.S. consumer price index Bid 0.0800 0.0800 2.1200 0.0100 Aug. 20-24 Flotek Industries FTK D. Nierenberg DI 690 1.85-2.11 1,378 2.31 15.5 Offer 0.1100 0.1100 2.5000 0.0500 All items 259.101 0.51 1.0 Libor Aug. 19 Eyenovia EYEN S. Grant B 333 3.60 1,199 3.45 -23.0 Core 267.703 0.53 1.6 Treasury bill auction One month 0.15675 0.17513 2.08900 0.14925 Three month 0.24088 0.25000 2.16413 0.23375 4 weeks 0.080 0.080 2.060 0.000 Aug. 21-24 Live Oak Bancshares LOB J. Mahan CEOI 57 19.69-19.99 1,131 20.74 9.1 International rates Six month 0.30988 0.31438 2.08525 0.28913 13 weeks 0.100 0.105 1.950 0.000 Aug. 19-20 J. Mahan CEOI 58 19.30-19.65 1,122 One year 0.44525 0.44100 2.07413 0.43913 Week 52-Week 26 weeks 0.120 0.120 1.870 0.080 Aug. 26 Kennedy-Wilson Holdings KW W. Mcmorrow CEOI 75 14.07 1,055 14.36 -35.6 Latest ago High Low Secondary market Euro Libor One month -0.545 -0.540 -0.360 -0.621 Aug. 20-24 JBG SMITH Properties JBGS R. Stewart D 37 27.40-27.67 1,005 27.86 -30.2 Prime rates Fannie Mae Three month -0.509 -0.515 -0.142 -0.539 Aug. 20-24 Greenhill GHL S. Bok CEOI 66 11.07-11.33 740 11.29 -33.9 U.S. 3.25 3.25 5.25 3.25 30-year mortgage yields Six month -0.473 -0.472 -0.052 -0.491 One year -0.371 -0.362 0.008 -0.441 Canada 2.45 2.45 3.95 2.45 30 days 1.895 1.816 3.388 1.751 Aug. 20-21 Saul Centers BFS B. Saul CEO 20* 27.74-28.71 572 28.40 -46.2 Japan 1.475 1.475 1.475 1.475 60 days 1.951 1.869 3.403 1.804 Secured Overnight Financing Rate Aug. 24-25 Calix CALX D. Listwin DI 28 19.82-19.98 560 21.92 174.0 Policy Rates Other short-term rates 0.07 0.07 5.25 0.01 Aug. 26 B. Riley Financial RILY B. Riley CEO 20 26.67 533 27.06 7.5 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Aug. 21-25 American Assets Trust AAT E. Rady CEOI 20 25.06-25.65 507 25.72 -44.0 Britain 0.10 0.10 0.75 0.10 Latest ago high low Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index Sellers Call money Treasury 0.101 29.250 6.007 0.002 Overnight repurchase 2.00 2.00 4.00 2.00 MBS 0.122 50.050 6.699 0.011 U.S. 0.10 0.10 3.40 -0.07 Aug. 25-27 Fortive FTV S. Rales D 5,000 70.42-71.71 354,390 72.83 -4.7 Notes on data: Aug. 21 Avantor AVTR J. Natauri DI 15,397 19.51 300,342 21.99 21.2 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, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Aug. 24 ZoomInfo Technologies ZI T. Crockett DI 8,197 35.80 293,446 37.21 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of August 27, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.25 0.25 2.75 0.25 Aug. 24 Cal-Maine Foods CALM A. Baker CEOI 5,520 39.00 215,280 41.12 -3.8 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Aug. 24 J. Adams B 1,380 39.00 53,820 Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0900 0.0900 2.3600 0.0600 Tullett Prebon Information, Ltd. Aug. 25 Apple AAPL T. Cook CEO 265 493.50-500.11 131,762 499.23 70.0

Aug. 24-25 Royal Caribbean Cruises RCL A. Wilhelmsen DI 2,000 61.89-64.90 126,909 70.12 -47.5

Aug. 20 Purple Innovation PRPL T. Pearce BI 3,150 20.20 63,639 19.10 119.3 Cash Prices | wsj.com/market-data/commodities Friday, August 28, 2020 Aug. 20 T. Pearce BI 3,150 20.20 63,639 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Aug. 19 Comstock Resources CRK S. Porter DOI 9,843 5.60 55,118 6.13 -25.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Aug. 21 USANA Health Sciences USNA M. Wentz BI 600 80.00 48,000 78.68 0.2 Friday Friday Friday Aug. 21 Synopsys SNPS C. Chan CEO 199 211.79 42,138 219.49 57.7 Energy Aluminum, LME, $ per metric ton *1738.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8175 Copper,Comex spot 2.9950 Wheat,No.1soft white,Portld,OR-u 5.2850 Aug. 20-24 Regeneron Pharmaceuticals REGN G. Sing D 61 592.27-619.33 36,930 602.61 60.5 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 123.3 Food Aug. 25 G. Sing D 34* 600.36-614.15 20,501 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 Steel, HRC USA, FOB Midwest Mill-s 495 Beef,carcass equiv. index Aug. 20-21 Abiomed ABMD M. Minogue CEO 100 305.20-314.13 30,912 303.04 77.6 Metals choice 1-3,600-900 lbs.-u 188.62 Fibers and Textiles Aug. 24-25 W. W. Grainger GWW S. Williams DI 87 346.63-354.32 30,434 365.98 8.1 select 1-3,600-900 lbs.-u 173.76 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6382 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Engelhard industrial 1959.00 Butter,AA Chicago 1.4475 Aug. 19-21 BeiGene BGNE J. Oyler CEO 92 230.16-243.48 21,852 242.96 46.6 Cotton,1 1/16 std lw-mdMphs-u 0.5987 Handy & Harman base 1957.35 Cheddar cheese,bbl,Chicago 143.00 Cotlook 'A' Index-t Aug. 6 FMC FMC P. Brondeau OD 197 106.79-108.80 21,106 109.15 9.3 Handy & Harman fabricated 2172.66 *71.35 Cheddar cheese,blk,Chicago 182.75 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1938.80 n.a. Milk,Nonfat dry,Chicago lb. 102.00 Wool,64s,staple,Terr del-u,w * Half the transactions were indirect **Two day transaction LBMA Gold Price PM *1923.85 n.a. Coffee,Brazilian,Comp 1.1426 p - Pink Sheets Krugerrand,wholesale-e 2046.10 Grains and Feeds Coffee,Colombian, NY 1.6915 Maple Leaf-e 2065.77 Eggs,large white,Chicago-u 0.7850 American Eagle-e 2065.77 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 13.95 Buying and selling by sector Mexican peso-e 2380.09 Bran,wheat middlings, KC-u 83 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1931.45 Based on actual transaction dates in reports received this past week Corn,No. 2 yellow,Cent IL-bp,u 3.3500 Hogs,Iowa-So. Minnesota-u 55.35 Austria phil-e 2065.77 Corn gluten feed,Midwest-u,w 100.7 Pork bellies,12-14 lb MidUS-u 1.2892 Silver, troy oz. Corn gluten meal,Midwest-u,w 407.1 Pork loins,13-19 lb MidUS-u 0.8256 Sector Buying Selling Sector Buying Selling Engelhard industrial 27.6000 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u 105.00 Handy & Harman base 27.5520 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 152.88 Basic Industries 5,421,086 39,137,082 Finance 7,046,481 82,887,230 Handy & Harman fabricated 34.4400 Meat-bonemeal,50% pro Mnpls-u,w 183 LBMA spot price *£20.6700 Fats and Oils Business services 405 7,384,362 Health care 599,056 113,124,103 Oats,No.2 milling,Mnpls-u 2.9575 (U.S.$ equivalent) *27.2450 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.0000 Capital goods 00Industrial 372,367 92,327,026 Coins,wholesale $1,000 face-a 21815 Sorghum,(Milo) No.2 Gulf-u,k 5.3425 Grease,choice white,Chicago-h 0.2800 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 302.10 Lard,Chicago-u n.a. Consumer durables 74,624 11,076,855 Media 149,100 3,382,440 LBMA Platinum Price PM *930.0 Soybeans,No.1 yllw IL-bp,u 9.3700 Soybean oil,crude;Centl IL-u 0.3477 Platinum,Engelhard industrial 933.0 Wheat,Spring14%-pro Mnpls-u n.a. Tallow,bleach;Chicago-h 0.3150 Consumer nondurables 523,758 26,235,047 Technology 463,144 142,498,357 Palladium,Engelhard industrial 2186.0 Wheat,No.2 soft red,St.Louis-u 5.5925 Tallow,edible,Chicago-u n.a. Consumer services 62,123 89,652,341 Transportation 415,340 36,462,447 Energy 2,058,102 6,040,085 Utilities 769,378 74,895 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; K=Prices are now in $ per bushel *Data as of 8/27 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data P2JW244000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, August 31, 2020 | B9 MARKETS Oil-Spill Cleanup Work Turns to NewTech

BY ERIC SYLVERS that is impossible because of AND SARAH MCFARLANE bad weather, they biodegrade in the water. Recent oilspills in Russia Thewood chips canwork in and Mauritius have shown shallowwater or in bad that the industrystill needs weather,situations when bettermethods forcleaning up manystandardmethods are accidents. Researchersare ineffective. They could have working on some unlikely- been used in the Mauritius sounding solutions, including spill, which was close to land oil-absorbing wood chips,a and where cleanup efforts solar-poweredrobot and are- were hampered by poor usable sponge. weather conditions,but they Theoil industryiscon- need to be in placebefore- trolled by large companies and hand,and locals need to be their suppliers, which together trained on howtodeploy have oftenbeen the cause of them, said Holger Unbehaun, a spills,but university research- scientist at Dresden Technical ersand small firms areplay- University who developed the ingakey role in promoting CH wood chips. TE new ways to clean up. Thewood chips areinplace REN

Researchers at Northwest- SO and ready to be used if there ern University have developed Researchers in Germany developed a cleanup method using wood chips that are dropped by air into the sea and soak up oil. is aspill in the Baltic Sea off a reusable sponge coated in a Germany’snorthern coast. mixturecontaining iron and made itsway intothe environ- Mexico. methods that have limitations, magic wand yet, we still have They have worked in labora- carbon that canabsorb 30 ment from tankers in 2019. Researchonfinding better and that oftencause their own to deal with the environment tory and field tests, but ha- timesits weight in oil. The Regulationsinmanycoun- waystoclean up oil spills ac- environmental damage, still and physics of oil dispersion,” ven’t been used in an emer- sponge, similar to sponges in tries have helped reducespills. celerated afterthe Deepwater dominate. said John Tarpley,regional op- gency yet. everyday items such as furni- The1990 Oil Pollution Act Horizon disaster.But the Booms cancorral oil, but erations branch chief in the Tejas Kabra, a24-year-old ture cushions and packaging, proved aturning point in the spotty response to the spills in don’t work in rough seas or af- EmergencyResponse Division graduatestudent at North Car- has attracted interest for fur- U.S.,introducing changes in- Russia’sArctic region, where terthe oil has dispersed of the National Oceanic and olina State University,devel- ther testing from several ma- cluding increased penalties and fuel from apowerstation con- widely.Skimming the oil off Atmospheric Administration. oped afloating solar-powered jor oil companies,according to requirementsfor vessel con- taminated land and several the surface of the sea usually ResearchersatDresden robot filled with nanoparticles the researchers. struction, says Dana Tulis,the bodies of waterinJune,and in only works afterbooms have Technical University and Leip- made from leavesthat sepa- Thenumber of spills has director of emergencymanage- Mauritius,wherelast month a been successfully deployed. zig University in Germany rate oil from water. Oncethe declined in recent years. There ment forthe U.S. Coast Guard. ship ranaground against a Burning the oil or breaking it have developed acleanup pro- robot is filled with oil, which were only three from tankers Theact came the year after coralreef,showedcleanup down with chemicals candam- tocolusing oil-absorbing wood canbereused, it returns to its exceeding seven metric tons Exxon Corp.’sValdeztanker hit methods in manycases have agemarine life, and the smoke chips that aredumped intothe base.Mr. Kabradeveloped the last year, the lowest since the areef off the coast of Alaska, advanced little. from burning causes air pollu- sea by plane,helicopter or robot while he wasanunder- International Tanker Owners causing the second-largest spill Some progresshas been tion. Plastics that absorb the ship following an oil spill. The graduateinIndia. It canbede- Pollution Federation Ltdbegan in U.S. waters,trailing only BP made through the use of satel- oil must be disposed and con- wood chips canberecovered— ployedwheretherehas been a collecting datain1970. But PLC’s Deepwater Horizon well liteimages and remotesen- tribute to landfills. which setsthem apart from spill, or it canroam freely 1,000 metric tons of oil still blowout in 2010 in the Gulf of sorsondrones,but traditional “We have not invented the most existing solvents—and if looking foroil to suck up.

Margins Financial firms aresupposedtotell clients whether they cut through the dozens of CashSoars, Firms Fail or their employees have anyallegedpastmisconduct, pages of other disclosures and Banks were whacked with but manyfailedtodosoinanewly required report. ought to summarize them ac- the lowest lending margin in the curately,sothis kind of incon- ProfitsFall historyofthe FDIC’sdata, which To Flag Customer-relationship-summary responses* sistency strikes me as a huge goes back to 1984. Theaverage fail,” said Nicole Boyson,a net interest margin, the differ- Correctly reported 4,876 businessprofessor at North- ForBanks ence between what the banks Past Issues no pastevents eastern University who studies makeonloans and payout on the financial-advice industry. Disclosed deposits,shrank to 2.81% com- pastevents 1,841 If firms are“opportunisti- ContinuedfrompageB1 pared with 3.39% ayear ago. ContinuedfrompageB1 cally” omitting information, TheFederal Reserve slashed in- closed past problems. then the newform “maybegiv- Incorrectly reported 1,332 Profits terest ratestonear zero in An SEC committee said on no pastevents ing afalse sense of security to Net income forthe banking March, and emergencycutshit July 27 that initial reviews investors,” said Prof.Boyson. industryasawhole plunged income faster than the banks have identified cases where Didn't answer “That’spotentially incredibly the question 82 70%fromayear beforeto could reducedeposit costs. the forms lack some disclo- harmful to consumers, and the $18.78billion, according to the sures.Aspokeswoman forthe SEC mayhavecompounded the FDIC report. It wasupslightly agencysaid staff members Unreportedinfractions† problem it wastrying to fix.” from the firstquarter,but Fee income have “observed areas where Infinity Financial Services both periods represent the With the Fedexpected to disclosure may be inaccurate Customer dispute 1,592 AdvisoryofOakland, Calif., lowest quarterly income since keep interest rateslow forthe or incomplete” and that the said on itsform dated June early 2010.The profitsare foreseeable future, banks will agency’s examinerswill for- Employment 2020 that “wedonot have le- skewedbythe big four banks, need to increase fees or find mally reviewthe filingstoen- separation 320 gal and disciplinary events.” JPMorganChase &Co.,Bank other ways to replace that in- surethey areaccurateand not afterallegations Even so,regulatoryinfor- of AmericaCorp., Citigroup come.Inthe second quarter, misleading. mation displayedbythe SEC Criminal 318 Inc. and Wells Fargo&Co., revenue from non-lending op- Oneofthe questions each at adviserinfo.sec.gov shows whichmakeuproughly half erations increased 7% for the firm must answer: “Do youor *Based on forms filed as of July 2020. that 17 current Infinity em- †Some individuals have multiple disclosure the drop.The FDIC said the industry,hitting arecord. It your financial professionals Regulatory 307 types. Disclosures through June 30,2020. ployees have disciplinaryor 4,624 community banks in its wasboosted by investment have legal or disciplinary his- Source:WSJ analysis of CRS disclosures legal histories,not counting dataactually posted an aggre- banking,mortgagefees and by tory?” The SEC’s instructions personal financial problems. gate increase in net income of smaller banks selling loans. stipulatethat firms must re- 70%ofthose had customer what the statedeemed “un- Among them, five have been $202.5 million. spond “yes” if they or their complaints. Roughly 300 had suitable investments.” FSIC fined, censured or suspended advisershavedisclosed anyof disclosures of regulatoryac- and its employees neither ad- since2015 by Finra. Regulators Deposits several problems,including tions against them. A similar mittednor denied the find- disciplined those advisersfor Provisions Forthe second quarter in a regulatorypenalties,legal dis- number had criminal histories, ings;the firm’sCEO at the practicesincluding allegedly Profitsweresunk by in- row,depositsincreased by putes with customersorter- and about as manyhad left time has since left. forging signatures,mismarking creasedcredit lossprovi- morethan $1 trillion. Therehas minations by firms wherethey previous employers amid In 2017, FSIC’sbrokerage trade ordersand engaging in sions,money the banks stash been $2.4trillion added in six used to work. claims of misconduct. unit consented to acensure unauthorized trading. None of aside to deal with potential months,fivetimes anyother However, about 80 firms in TheJournal’sanalysis ex- and $15,000 fine from the Fi- the advisersadmittedordenied futureloan trouble.The six-month period, and roughly the Journal’sanalysis didn’t cluded adviserswhose only nancial IndustryRegulatory Finra’sfindings. Tenwereter- banks parked away $62bil- equal to the depositsofthe en- answereither part of the disclosures involved personal Authority,aWall Street minated by former firms for, lion in the second quarter,on tireindustryin1984. Thebig question. financial problems,which watchdog,for failing to main- among other claims,allegedly topof$53 billion in the first four banks have takenin$900 The Journal also identified don’talways have to be re- tain sufficient net capital. FSIC impersonating aclient or fail- quarter. billion of the year’s gains. 54 firms claiming to have a ported on the new form. neither admittednor denied ing to disclose prior infractions. Thebanks were also imple- Corporatecustomershave clean historyonthe newform Financial Services Interna- those findings. “I’m not looking to not tell menting newaccounting stan- loaded up with cash to back- that told the SEC otherwise on tional Corp.ofEdmonds, Eight of FSIC’sadvisers the public,” said Greg Gilbert, dards that forced moreprovi- stop their businesses through annual registration docu- Wash., failed to report in its have disclosed eventsinregu- president of Infinity.“This sions up front. TheFDIC said a long slowdown. Consumers ments. And 26 other firms relationship summary that the latoryfilingsavailable else- document isn’t the end-all and the253 banks that used the with nowheretogohave have adverse corporatedisclo- firm had run-ins with regula- whereonthe SEC’ssite. One be-all. It’snot asummary newstandards in the second slowedspending and received sures on adviserinfo.sec.gov,a tors.Those disclosures are paid $50,000 in 2004 to settle that’strying to hide anything.” quarteraccounted for90% of stimulus checks and increased public search tool provided by mentioned in alonger docu- acustomer complaint over a He said the “no” response on provisions. unemployment assistance. the agency. Nearly 1,300 firms ment on adviserinfo.sec.gov. riskybond; another pleaded itscustomer form was“an That figure wasagain Thesurge wassoquick that failed to indicatethat anyof In 2012,Washingtonstate guilty to amisdemeanor count oversight mistake.” Theday af- driven by the big four banks, theFDIC insurancefund fell to their current employees had regulatorsfined FSIC $25,000 of battery in 1993; a third re- terMr. Gilbert spokewith the whichcombined for$33 bil- just 1.3% of all deposits, disclosures elsewhereonthe and suspended itsthen-chief signed from his prior firm in Journal, Infinity filed anew lion—JPMorganalone had breaching itslegal require- SEC’s own website. executivefromany manage- 2017 afterheallegedly vio- form with a“yes” response to $10.5 billion. ment of holdingenough to All told, the Journal identi- ment role for 12 months. The lated thefirm’spolicies on the disciplinaryquestion. Actuallosses remained at cover 1.35% of all deposits. fied about 2,300 individual regulatorsfound FSIC employ- trust accounts. Mr.Gilbert said none of the an averageofjust 0.57% of Theagencyexpectsthe de- employees with disclosures ees had made “inadequatedis- FSIC didn’t respond to re- problems the advisers had at loans,but the provisions positstonormalizeand said that theirfirms failed to re- closures” and “misrepresenta- quests for comment. their prior firms have recurred bracethem formore. the fund would self-correct. flect on the new form. About tions” about fees and sold “Form CRS wassupposed to at Infinity.

THE TICKER | Market events coming this week

Monday Gasoline stocks,down 4.6 billions of cubic feet Earnings expected* Distillates up 1.4 Up 45 Estimate/Year Ago($) Earnings expected* Broadcom 5.24/5.16 Factory orders Campbell Soup 0.60/0.49 Estimate/Year Ago($) Initial jobless claims June, previous up 6.2% Ciena 0.82/0.71 Catalent Previous 1,006,000 July, expected up 4.2% Cooper 1.53/3.23 0.79/0.70 Expected 980,000 Donaldson 0.44/0.61 Mort. bankers indexes Toro 0.53/0.83 Tuesday Purchase, prev. up 0.4% Construction spending Refin., prev. down 10% ISM nonmfg. index June, previous down 0.7% July, previous 58.1 Friday July, expected up 1.4% Earnings expected* Aug., expected 57.9 Estimate/Year Ago($ ISM mfg. index Productivity Nonfarm payrolls July, previous 54.2 Brown-Forman 0.30/0.39 1st qtr., prev up 7.3% July, previous 1,763,000 Aug., expected 54.4 Copart 0.38/0.60 2nd qtr. prel, exp. up 7.5% Aug., expected 1,255,000 Five Below 0.14/0.51 Earnings expected* Guidewire Software Estimate/Year Ago($) Int’l trade deficit Unemployment rate REUTERS 0.45/0.56 T/ H&R Block 0.33/(0.72) in billions July, previous 10.2% OS Science Applications June, previous $50.7 Aug., expected 9.9% International 1.44/1.35 July, expected $52.3 Wednesday URIER-P CO EIA status report Monday

Thursday HILL Previous change in stocks in Unit labor costs Y millions of barrels 1st qtr., prev up 12.2%

Crude-oil stocks, EIA report: natural gas 2nd qtr. prel, exp. U.S. markets are closed CHERR down 4.7 Previous change in stocks in up 12.1% for Labor Day LSH/ WA

* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR JIM STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS Campbell Soup is expected to post earnings of 60 centsashareThursday, up from 49 centsayear earlier. P2JW244000-0-B01000-17FFFF5178F

B10 | Monday, August 31, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Zynga’s Game Isn’t Played Out Just Yet

Pandemic life has been largely But Zynga’shistoryand good for videogame companies. scale—70 million userscurrently Life should stay good for Zynga, as playits games at least oncea the rest of the world starts getting month—giveitalarge established back to normal. base.Mr. Gibeau noted on the com- Zynga Chief ExecutiveFrank Gi- pany’smost recent earningscall S beau concedes that the company’s that Rollic,adeveloper of “hyper- PRES booming mobile-games business casual” games that typically gener- will see some level of “normaliza- atemost of their revenue from ads, ZUMA

A/ tion” at some point. But unliketitles doesn’t even use Apple’sIdentifier designed largely forstationarycon- forAdvertisers in playeracquisi- KI/DP soles and PCs, Zynga’sgames travel tion. This suggeststheremay be OWS anywhere. That conveniencemakes effectiveways to deal with the BK

DA Zynga’susagelesssusceptible to changes Apple is making.Zyngaac-

OR disruption, onceall those workers quired Rollic earlier this month.

WIKT finally have to getback to the office. Zyngaalso has plenty of new Beijing is encouraging domestic spending. Tourists on the beach on the island of Hainan in China. But Zynga’salso doing just fine games in the pipeline,including a meanwhile.Morethan fine,infact. fresh crack at “FarmVille.” That Bookings, ameasureofthe trans- mightseem likefalling back on the China HasaTwistonReshoring actions and advertising made company’sold hits, but big mobile through the company’sgames,hit a games have proven to be highly re- record in the second quarter,jump- silient properties. Activision Bliz- ing 38% year over year to $518 mil- zard’s “Candy Crush” remains one lion. Zyngaalso projected a57% of the highest-grossing mobile Foreign brands need to retool as country’s consumers spend at home surge in the thirdquarter to $620 games morethan eight yearsafter million. That would be almost dou- itslaunch. Zynga’sown “Poker” and Therehas been lotsoftalk about larly the case forluxurygoods as calisland of Hainan,sometimes ble the peak the companysaw in “Words with Friends” properties are shifting manufacturing away from their buyersare lesshurt by the dubbed China’sHawaii, and more itsearly days—beforethe bottom even older but among the company’s China. But the most obvious re- pandemic.China sales at Kering, such policies could be coming.That fell out of itsFacebook -based best performers. Zyngaactually re- shoring that is happening nowis which owns brands likeGucci and means consumers, who used to game businessthat wasanchored fers to itsbiggest games as “forever actually being done by the Chinese Saint Laurent, were up over 40% have to flytoSouth KoreaorJapan by the iconic “FarmVille” franchise. franchises.” They will certainly be themselves. year-over-year in the second quar- to bring back their favoritecosmet- Apair of acquisitions in 2018 di- around much longer than the pan- People in China have started to ter. BMW delivered 17%morecars ics,could instead maketheir shop- versified the company’sportfolio, demic will be. —Dan Gallagher travel again, though almost all in China from ayear earlier in the ping trips inside the country. adding strong mobile-game titles within the countrydue to Covid-19 quarter,when sales everywhere Investorsare certainly riding on “Empires &Puzzles” and “Merge Zynga’s bookings* border restrictions.China’sdomes- else fell. the theme: Shares of Hainan Mei- Dragons” to steady stalwartssuch $2.5 billion tic air-passenger traffic in June Thestrong sales in China lan International Airport, an opera- as “Words with Friends.” And in wasdown34% from ayear earlier, weren’t enough to offset weakness torofanairport in the southern June,Zyngaundertook itsbiggest Forecast but has been rising steadily in the in other regions forthese compa- Chinese province, have gained deal ever with its$1.8billion buy- 2.0 past few months.That is acontrast nies,but it is likely they will de- 732% this year.State-backed China out of mobile-game developer Peak, to international passenger traffic, vote moreattention to selling their Tourism Group Duty Free Corp. which bringsthe popular “Toon which wasstill down 98%. productstoconsumersinChina go- has surged148%. Therallies are Blast” and “Toy Blast” to the fold. 1.5 And that, in turn, is abig hit to ing forward. MorganStanley has probably overdone,but the new After leading other game stocks companies selling to Chinese tour- estimated China’s“consumption re- policies will likely encouragemore on a strong surge during the first ists, who made 169 million trips shoring” could amount to $140 bil- shopperstostayinthe country half of the year, Zynga shares have 1.0 abroad in 2019.Shares of cosmetics lion to $165 billion this year.While even afterthe pandemic.Foreign slipped about 14% from their mid- companies and department-store global travel should gradually come brands mayneed to put moreef- July peak. Some of that slide operatorsinSouth Koreaand back to normal, such reshoring fort intobuilding their sales chan- stems from worries about changes 0.5 Japan, two of Chinese tourists’ fa- could still bring about $70billion nels accordingly. Apple is making with its next iOS voritedestinations,haveplunged to $130 billion annually in the next Brands will need to sell morein- update, which are expected to this year. three years, according to the bank. side of China. That maynot be the hamper ad-tracking technologies 0 Foreign brands that arewell-es- And Beijing is rolling out policies reshoring China hawks in the U.S. on the company’s devices. Apple’s tablished aresoftening the blowby to encouragedomestic spending. had envisioned, but it is the most update could affect advertising for 2012 '15'20 *Ameasureofthe transactions and advertising made selling to Chinese consumers Thegovernment has relaxed limits obvious one happening now. game downloads as well as in- through the company’sgames. trapped at home.That is particu- on duty-free purchases in the tropi- —Jacky Wong game advertising directly. Source:the company Makethe call thathelps you makethe call.

With aStrategyGut Check℠ from ourtrade desk,you canget asecondset of eyes to help youweigh theriskand potential reward of your tradeidea. Ourteamofexperts is available to double-check anystrategy, so youcan placetradeswithmoreconfidence. Call us at 866-217-9917 or visit tdameritrade.com/tradedesk

Allinvestmentsinvolve risk,including risk of loss.TDAmeritrade,Inc., memberFINRA/SIPC. ©2020TDAmeritrade.