****** WEDNESDAY, MAY 23, 2018 ~ VOL. CCLXXI NO. 120 WSJ.com HHHH $4.00 DJIA 24834.41 g 178.88 0.7% NASDAQ 7378.46 g 0.2% STOXX 600 396.94 À 0.3% 10-YR. TREAS. unch , yield 3.065% OIL $72.13 g $0.11 GOLD $1,291.70 À $1.50 EURO $1.1780 YEN 110.90 What’s Face-Off at the EU Puts Zuckerberg on the Defensive Congress News Pushes Business&Finance Back Over he House approved a China Tbipartisan bill easing Dodd-Frank rules for small BY KATE O’KEEFFE and midsize banks, sending AND BOB DAVIS the legislation to Trump. A1 U.S. banks notched are- WASHINGTON—Lawmakers cord quarterly profit to start are moving to thwart Trump 2018, the FDIC said. B12 administration efforts to ease restrictions on Chinese telecom- Amazon is banning some munications giant ZTE Corp. shoppers for infractions such and other sensitive technology, as too many returns, some- citing fears the positions would times without telling them compromise national security in what they did wrong. A1 the latest twist in trade negotia- Zuckerberg apologized tions between the world’s larg- to EU lawmakers over scan- est economies. dals engulfing Facebook The Senate Banking Commit- but avoided responding to tee unanimously approved leg- many difficult questions. B1 islation on Tuesday that would tighten national-security re- Penney CEO Ellison is views of Chinese technology quitting his job to take over deals by the interagency Com- leadership of Lowe’s. B1 mittee on Foreign Investment in Wynn shareholders voted OLIVIER MATTHYS/ASSOCIATED PRESS FOR AVAAZ the U.S., strengthen export con- overwhelmingly against the UNPLUGGED: Protesters marched on the European Parliament in Brussels on Tuesday ahead of testimony by Facebook CEO Mark trols and prohibit the Trump casino company’s executive Zuckerberg. He apologized over the company’s fake-news and privacy scandals, but rebuffed claims its market power was too big. B1 administration from lifting stiff compensation plan. B1 penalties imposed on ZTE. The U.S. and China recently Univision named media agreed on the broad outlines of veteran Sadusky as CEO of a deal that would allow U.S. the Spanish-language broad- companies to once again supply caster, succeeding Falco. B1 Bill Eases Small-Bank Rules ZTE with components, lifting a New Venezuela sanctions ban that threatens to put the are expected to further crimp company out of business. the country’s oil output and Congress passes less- Behind the scenes, his then by 258-159 approved the re- sions for years to come. The U.S. has accused the could boost crude prices. B13 top economic adviser and a sulting bipartisan legislation, The story of how the legisla- company of failing to punish ambitious plan than first powerful senator settled on a sending it to the president for tion came together, based on in- employees who violated sanc- Santos rejected Har- less ambitious plan. And in re- his expected signature. terviews with current and for- tions against Iran and North bour Energy’s offer of over sought by Trump; keeps cent weeks, Mr. Trump called a The bill cuts regulations for mer officials, demonstrates how Korea, but President Donald $10 billion for the Austra- much of Dodd-Frank senior House lawmaker, urging small lenders and raises the as- policy makers scaled back their Trump recently held out the lian oil-and-gas firm. B3 him to move forward despite set threshold at which larger priorities to maintain support prospect of a reprieve in a ges- The Dow fell 178.88 BY RYAN TRACY objections from Republicans regional lenders automatically for a compromise. ture to Chinese President Xi points to 24834.41 amid AND ANDREW ACKERMAN who wanted broader changes. face stricter rules, adding up to “Could it have done more? Jinping. concern over trade tensions The strategy to seek modest the most significant changes to Sure,” said Rep. French Hill (R., Also on Tuesday, a bipartisan and North Korea talks. B13 WASHINGTON—Ten days Dodd-Frank changes, agreed to the 2010 Dodd-Frank law. The Ark.). “But Sen. Crapo should group of 27 senators urged the after his inauguration, Presi- in private by Sen. Mike Crapo plan leaves untouched most of be congratulated for producing Please see CHINA page A4 Calpers said its finance dent Donald Trump promised (R., Idaho) and former Na- Dodd-Frank’s major planks, a bill in these partisan times.” chief has left, as the public to “do a big number” on the tional Economic Council Direc- such as emergency government Please see RULES page A2 Beijing finds ways to win in pension fund wrestles with Dodd-Frank law that tightened tor Gary Cohn in early 2017, powers and curbs on deriva- trade spat.................................... A4 more executive turnover. B12 rules on financial firms after paid dividends on Tuesday: tives, an outcome that is ex- U.S. banks log record Heard on the Street: China, U.S. An ex-Valeant executive the 2008 crisis. The House of Representatives pected to cement those provi- quarterly profit....................... B12 tensions are new normal..... B14 was found guilty of defraud- ing the drug firm through a kickback scheme. B3 Trump Casts Doubt on Summit World-Wide Anger Over Tourist Hordes Lawmakers are moving Sparks Global Backlash to thwart Trump adminis- tration efforts to ease re- strictions on Chinese tele- com giant ZTE and other ‘Overtouristing’ strains vacation hot spots; the ‘Lord of the Rings’ effect sensitive technology. A1 Trump said he would BY RACHEL PANNETT realm of expert climbers. scotch a summit with Kim World of Travelers One tour group had to be unless the North Korean The number of people traveling QUEENSTOWN, New Zea- rescued after trying to walk leader first agreed to a list globally has more than doubled land—Towering mountain barefoot to Mount Ngau- of unspecified conditions. A6 in the past two decades ranges, forests and glacier- ruhoe, in apparent homage to The president is weighing fed rivers made New Zealand J.R.R. Tolkien’s Mount Doom. International arrivals, 1.25 measures to cut EU steel the perfect stand-in for Mid- Elected officials are in billions and aluminum exports to dle Earth in “The Lord of the weighing measures from new 1.00 the U.S. by about 10%, ac- Rings” movie series and a tourist taxes to tighter cording to EU officials. A6 cinematic billboard for the camper-van restrictions. One 0.75 Lt. Gen. Scott Miller was country’s natural beauty. town is considering shutting chosen as the next com- Today, jet boats rip down Wi-Fi at night to deter 0.50 mander of U.S.-led forces in rivers seeking the mythical campers. Queenstown, whose Isengard, where the wizard mayor says it has 120 visi- Afghanistan, officials said. A16 Gandalf was imprisoned. tors a year for every tax- 0.25 A longtime business “Freedom campers” in payer, is weighing whether partner of Trump lawyer EVAN VUCCI/ASSOCIATED PRESS rented vans leave trails of to restrict Airbnb rentals. 0 Cohen has agreed to coop- EYE-TO-EYE: President Donald Trump and South Korean waste. Tens of thousands of On Waiheke Island off erate with prosecutors. A4 President Moon Jae-in on Tuesday discussed whether plans for a helicopter trips annually de- Auckland, protests broke out 1995 2000 ’05 ’10 ’15 summit with North Korean leader Kim Jong Un would pan out. A6 The House passed a bill posit visitors, some in flip- last year after double-decker Sources: World Bank; World Tourism giving patients with life- flops, on New Zealand gla- tour buses appeared, clog- Organization (2017) THE WALL STREET JOURNAL. threatening conditions ac- ciers that were once the Please see TRAVEL page A8 cess to unproven drugs. A2 Texas Democrats gave na- World’s Strangest Opera House tional party leaders the nomi- Amazon Bans nees they wanted in pivotal Makes Unusual Pitch to Locals Salesforce. House runoff elections. A5 Abrams won Georgia’s Dem- Customers iii ocratic primary in her bid to become the nation’s first black For Too Many Theater deep in the rainforest woos its #1 CRM. woman elected governor. A5 neighbors with mini-concerts at homes EPA chief Pruitt called safe Returns water “a national priority” af- Ranked #1 for CRM Applications based on IDC 2017 Market Share Revenue Worldwide. ter the agency reportedly tried BY KHADEEJA SAFDAR BY SAMANTHA PEARSON pink home downtown, where to block publication of a study AND LAURA STEVENS she scrapes together a living 19.6% on drinking-water hazards. A5 MANAUS, Brazil—It’s nearly giving dance classes. USC professors called for Amazon.com Inc. is banning lunchtime in the sweltering Lined up on plastic garden the school’s president to quit some shoppers from its e-com- Amazonian city of Manaus and chairs in her driveway is the amid a scandal over how the merce site for infractions such Angela Araújo is waiting for biggest crowd she could mus- university dealt with sexual- as returning too many items, the takeout she or- teronaThurs- misconduct allegations. A3 sometimes without telling dered: Handel, with day morning: a few 7.1% Died: Philip Roth,85, them what they did wrong. asideofMozart. retired and unem- Amazon has cultivated an Ms. Araújo, 53, ployed neighbors, 6.5% acclaimed novelist. A2 image as a customer-friendly can barely contain her 79-year-old 4.0% company, in part by making it her excitement as mother, the owner CONTENTS Opinion.............. A13-15 easy for shoppers to send back her order pulls up of the local conve- Banking & Finance.... B12 Property Report... B6 3.2% Business News.