P2JW124000-6-A00100-17FFFF5178F ****** TUESDAY,MAY 4, 2021 ~VOL. CCLXXVII NO.103 WSJ.com HHHH $4.00 DJIA 34113.23 À 238.38 0.7% NASDAQ 13895.12 g 0.5% STOXX 600 439.92 À 0.6% 10-YR. TREAS. À 8/32 , yield 1.606% OIL $64.49 À $0.91 GOLD $1,791.40 À $24.10 EURO $1.2065 YEN 109.07 Travel From India Restricted as Covid-19 Crisis Intensifies Buffett’s What’s News Company Picksan Business&Finance Eventual erkshireHathaway CEO BWarren Buffett, who has led the conglomerate Successor for more than 50 years, is to be succeeded in the role by vicechairman Greg Abel, Vice chairman Abel but the promotion isn’t ex- pected immediately. A1 to be Berkshire’s CEO, “Fortnite” maker Epic but promotion isn’t Games deliberately violated expected immediately Apple’s app-marketplace rules to showthe powerAp- BY GEOFFREY ROGOW ple wields and howittakes an AND JUSTIN BAER unfair shareofmoney from GES software developers, Epic’s IMA BerkshireHathaway Inc. CEO testified in court. A1 ETTY Chief ExecutiveWarren Buffett, Fed chief Powell said /G the billionairewho has led the AY rules on lending in low-in- NW conglomeratefor morethan 50 come communities should CO years, is to be succeeded as A be extended to cover all CC CEObyvicechairman Greg firms providing consumer Abel, putting to rest one of the REBE credit, not just banks. A2 DIRE: Volunteers treat Covid-19 patients with oxygen at a makeshift clinic in a parking lot in New Delhi on Monday. The biggest succession questions in wave of cases is leading some nations to restrict their owN citizens from returning from the South Asian country. A8 corporateAmerica. Treasury chief Yellen Mr.Abel has been tapped to plans to appoint the Fed’s oversee the sprawling Omaha, Michael Hsu as acting comp- Neb., conglomeratethat owns troller of the currency. A2 such well-known firms as auto Apollo agreed to pay insurer Geicoand fast-food about $5 billion to acquire Epic CEO Slams Apple’s Fees chain Dairy Queen. Yahoo and AOl from Veri- Mr. Abel, a 59-year-old Ca- zon, ending amedia chapter nadian, isn’t expected to take forthe wirelesscompany. B1 the role immediately. He cur- rently heads all non-insurance Fidelity cut itsvaluation As Unfair on Trial’s First Day operations at Berkshire. He of Ant after China’s regu- rose through the ranks in latory crackdown severely Berkshire’senergy operations dented the fintech firm’s BY SARAH E. NEEDLEMAN velopers,” said Tim Sweeney, in 1991, had been plotting the lawsuits against them, as well and has handled several large growth prospects. B1 whose company’sglobal hit moment formonths.His closely as launch apublic-relations company acquisitions. The Dowindustrials “Fortnite” maker Epic Games game “Fortnite” wasremoved held companyinAugust in- campaign critical of Apple to Some chief executives of and the S&P 500 rose 0.7% Inc.deliberately violated Apple from Apple’smobile app plat- serted itsown, unauthorized draw support from consumers Berkshire’smanyportfolio and 0.3%, respectively. The Inc.’s app-marketplacerules to form last August. payment system intothe ver- and other app developers. A companies said Mr.Abel is on Nasdaq retreated 0.5%. B10 showthe powerthat Apple ThestatementsfromMr. sions of “Fortnite” on the app trial datefor Epic’ssuit against regular calls with them and wields and howthe technology Sweeney in an Oakland, Calif., stores that Apple and Alphabet Google hasn’t been set. Mr.Buffett, and separately Amazon will take over ex- giant takesanunfair shareof courtroom helped kick off the Inc.’sGoogle control as away Mr.Sweeney spent about checks in with them directly. clusivevideo rightsfor “Thurs- money from software develop- firstday of aplanned three- to circumvent the 30% feethe three hoursonthe stand, field- Investorsdescribed Mr. dayNight Football” starting ers, the videogame company’s week trial, one that could help companies collect from in-app ing questions from arangeof Abel as alevel-headedpres- in the 2022-23season, ayear chief executivetestified in fed- reshape the multibillion-dollar purchases. trial participantsincluding Epic encelikely to runthe company earlier than anticipated. B4 eral court Monday. market fordistributing apps on Both companies yanked the attorney Katherine Forrest, Ap- in asimilar way to the 90- Blackstone is elevating “Apple wasmaking more mobile devices. combat game from their app ple lawyer RichardDoren and year-old Mr. Buffett. a number of longtime profit from selling developer Mr.Sweeney,a50-year-old stores in response,asEpic an- U.S. District JudgeYvonne Gon- “He is of the firm, he is staffers to newly created apps in the App Storethan de- programmer who founded Epic ticipated,prompting it to file PleaseturntopageA2 PleaseturntopageA6 leadership roles in itsmain private-equity business. B3 Bill and World-Wide Melinda Va ccine Developers The next generation of Gates to Covid-19 vaccines in develop- TryOut NewForms, ment could come as apill or Divorce anasal spray and be easier to storeand transport than Microsoft Corp.co- Like Pills, Sprays the current shotsthat form founder Bill Gates the backbone of the world- and his wife, wide vaccination effort. A1 Melinda Gates, who S Moderna said it would is co-chair of the PRES BY PETER lOFTUS futurepandemics,the compa- supply 34 million doses of billionairecouple’s TED AND GREGORY ZUCKERMAN nies said. its Covid-19 vaccine to an philanthropic CIA Vaccines currently autho- SO international program that foundation, shown AS Thenextgeneration of rized for use in the U.S. from distributes free shots to in 2018,announced Covid-19 vaccines in develop- Pfizer Inc.and itspartner Bi- poorer countries. A8 theyare ending RREN/ ment could come as apill or a oNTech SE, as well as Mod- WA their marriage after S. nasal spray and be easier to erna Inc., must be transported With more Americans 27 years. A3 storeand transport than the and stored at lowtempera- vaccinated and the number TED current handful of shots that turesand requiretwo doses of new Covid-19 cases de- form the backbone of the administered weeks apart. clining,governorsacrossthe world-wide vaccination effort. Newvaccines could “consti- U.S. arebroadly rolling back These newervaccines,from tutesome improvement” over restrictions implemented U.S. government labs and com- those limitations and more during the pandemic. A7 Auto Makers Hit Brakes panies including Sanofi SA, easily accommodate vaccina- Biden is raising the refugee- Altimmune Inc.and Gritstone tion effortsinrural areas,said admissions capto62,500 for On Just-in-Time Manufacturing Oncology Inc., also have the PleaseturntopageA6 the rest of this fiscal year,after potential to provide longer- facing blowback forretreat- lasting immune responses and Vaccinations slow, spurring ing from that number amid be morepotent against newer outreach push........................... A7 a surge of migrants cross- and multiple viral variants, U.K. steps up testing as ing the southern border. A4 Pandemic tests venerable supply-chain model pioneered by Toyota possibly helping to head off pandemic shifts........................ A8 TheU.S.plans to borrow nearly $1.3trillion over the BY SEAN MClAIN freak weather and a series of accidents, they next two quartersasfederal are reassessing their basic assumption that TOKYO—Toyota Motor Corp. is stockpiling they could always get the parts they needed spending picks up following up to four months of some parts. Volks- when they needed them. the Covid-19 relief package wageN AG is building six factories so it caN “The just-in-time model is designed for enacted in March. A4 get its owN batteries. And, in shades of supply-chain efficiencies and economies of TwoGOP lawmakers Henry Ford, Tesla Inc. is trying to lock up scale,” said Ashwani Gupta, Nissan Motor asked the attorney general to access to raw materials. Co.’s chief operating officer. “The repercus- investigatepotential anti- The hyperefficient auto supply chain sym- sions of an unprecedented crisis like Covid competitivebehavior by Am- bolized by the words “just in time” is under- highlight the fragility of our supply-chain azon in itspursuit of afederal going its biggest transformation in more model.” cloud-computing contract. A3 than half a century, accelerated by the trou- Consider Ford Motor Co. and its F-150 It all starts bles car makers have suffered during the pickup, the bestselling vehicle in the U.S. The EPA is proposing pandemic. After sudden swings in demand, PleaseturntopageA10 rules to reduce the use of tomorrow. coolantsinair conditioners and refrigerators that are potent greenhouse gases. A4 7-Foot BirdPushesLimitsofToleranceinNew Orleans New announcements, inspiring speakers and moretomove A highly anticipated iii opioid trial involving the you forward. nation’s three largest drug Free-roaming peacock pecks cars, drops messes, still draws fans distributors got under way in West Virginia. A3 MAY5–6,2021 BY RACHEL WOLFE just asight to see.” “He freaked out when he CONTENTS Opinion.............. A15-17 Theneighbor- saw,” said Lisa Palumbo,a Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports....................... A14 NEW ORLEANS—Nobody hood peacock, also University of NewOrleans Capital Account.... A4 Technology............... B4 knows howorwhy Mr.Pcame known as Petey—or, marketing instructor.“He Crossword.............. A13 U.S. News......... A2-4,7 to liveinPigeon Town, except sometimes,Picasso, either honks likeagoose Heard on Street.. B11 Weather................... A13 maybe to show off. for the abstract de- or heehaws like a don- Markets................... B10 World News....... A8-9 Thepeacock,7-foot with signs his pecks leave key when he’supset.” feathersfanned, can’t stroll on cars—showedup Ms.Palumbo has > theblock without drawing in Pigeon Town lived in the neigh- stares.Carsslow. Cameras around 2008.Mr. P borhood for33years, flash. “He’s an intriguing fel- found aspecial tree Big and she used to bring low,” said Jacody Rose, 30 to call home until last bird Mr.Pblueberries,nuts Scan to join us.