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Medvedev Spoils Djokovic’s Run With U.S. Open Victory Warnings

What’s
News Grow of
Business & Finance
Autumn
Stock
A fter a record-breaking
bull run for the U.S.
stock market this year,
many Wall Street analysts
are starting to warn that
Pullback
investors could be in for a Investor exuberance,
bumpy ride in the coming
weeks and months. A1
supply-chain strains
 Apple’s iPhone sales have
among factors posing
been booming since it risk to long bull run
launched models last year
with ultrafast 5G cellular ca-
BY CAITLIN MCCABE
ELISE AMENDOLA/ASSOCIATED PRESS

pability, boosted in large part

by wireless companies’ attrac-
After a record-breaking bull
tive offers to get customers
run for the U.S. stock market
using the new technology. A1
this year, many Wall Street an-
 Kansas City Southern said alysts are starting to warn
a recent takeover offer from that investors could be in for a
Canadian Pacific Railway is bumpy ride in the coming
superior to one it already ac- weeks and months.
cepted from Canadian Na- Analysts at firms including
tional Railway in the latest STUNNED: Daniil Medvedev, right, beat Novak Djokovic in three straight sets, 6-4, 6-4, 6-4, denying the No. 1-ranked player his Morgan Stanley, Citigroup
twist in a hotly contested record 21st major title, a fourth U.S. Open crown and the first calendar-year sweep of all four majors by a man since 1969. A14 Inc., Deutsche Bank AG and
battle for the railroad. B1 Bank of America Corp. pub-
lished notes this month cau-
 TransUnion is nearing a
tioning about current risks in
deal to buy information-ser-

Covid Faces Complicated Path

the U.S. equity market. With
vices firm Neustar for $3.1
the S&P 500 already hitting 54
billion, a move that could
records this year through
help the consumer-credit-
Thursday—the most during
reporting giant diversify be-
that period since 1995—sev-

To Become a Routine Illness

yond its core business and
eral analysts said that they be-
put data to new uses. B1
lieve there is a growing possi-
 Viacom is revamping the bility of a pullback or, at the
operations of its Paramount least, flatter returns.
Pictures movie and televi- Behind that cautious out-
sion production unit as part BY BETSY MCKAY around the world are having to largely kept the pandemic out. the virus at huge cost. With ev- look, the researchers said, is a
of a broader shake-up. B1 change the way they think Among the most contagious ery new infection it raises the combination of things, includ-
Covid-19 might become a about a disease that many pub- of known disease-causing patho- risk of incubating a variant that ing euphoric investment senti-
 Hertz is in talks to
routine illness like a common lic-health authorities once be- gens, SARS-CoV-2, the virus that might spread even faster, ment, extended valuations and
name a new CEO, as the car-
cold or the flu one day, virolo- lieved they could conquer. A causes Covid-19, is now zeroing sicken with greater ferocity or anticipation that inflation and
rental company resets after
gists and epidemiologists say. terrifying emergency has be- in on people who haven’t been evade vaccines. supply-chain disruptions will
emerging from bankruptcy
But it will take a lot to get come a long, grinding haul. vaccinated, pushing hospitaliza- “This virus will never leave weigh on corporate margins.
under new ownership. B3
there, and the ferocious spread The supercontagious Delta tions and deaths in some places Please turn to page A7 In a Wednesday note, strat-
of the Delta variant that has variant has made the virus vir- in the U.S. to new highs. egists at BofA Securities said
World-Wide filled hospitals again shows how tually impossible to get rid of. While surges are easing in  Vaccine push spurs demand they saw little to be excited
challenging that path could be. It has fueled surges in cases some states, cases are rising in for virus tests........................... A7 about, asking, “What good
More than 20 months after across the globe, even in coun- others. Delta is moving the  Restaurants’ plans to return news is left?” They added, “A
 Covid-19 might become the pandemic began, people tries like Australia that had world toward immunity against to indoor dining unravel....... B1 Please turn to page A2
a routine illness like a com-
mon cold or the flu one day,

5G Deals
virologists and epidemiolo-
Shift on Libor
gists say. But it will take a
lot to get there, and the fe-
Lifts Debt Sale California Recall Tests
Charge Up
rocious spread of the Delta
variant shows how challeng-
ing that path could be. A1
Amid move away from Libor,
a rate gap is spurring sales of Governor’s Virus Leadership
 Iran reached an agreement
with the United Nations
atomic agency that will grant
Sales for risky corporate loans. B9

2.00%
international inspectors ac-
cess to some of the country’s
nuclear-related sites. A8
iPhones 1.75
Three-month
London Interbank
Offered Rate
Democrat Gavin Newsom faces voters over pandemic restrictions

(LIBOR) BY CHRISTINE MAI-DUC the governor’s leading opponent, said he would

 House Democrats expect to 1.50
BY TIM HIGGINS repeal most of the state’s Covid-19 mandates
propose raising the corporate United States California Gov. Gavin Newsom on Tuesday before drinking his first cup of tea on the day
tax rate to 26.5% from 21% and Apple Inc.’s iPhone sales 1.25 Secured Overnight
will be the first governor in a recall election to he takes office. Mr. Elder, 69, said the measures
imposing a 3-percentage-point Financing Rate
have been booming since it (SOFR) face voters divided over Covid-19 restrictions unnecessarily hobbled business owners, stu-
surtax on individual income launched models last year and collectively angry about a pandemic that dents and religious worshipers.
1.00
above $5 million, according to with ultrafast 5G cellular capa- continues to upend lives nationwide. “It’s the closest thing we have to a referen-
two House Democratic aides bility—boosted in large part State leaders around the U.S. have exercised dum on how we should deal with Covid and
familiar with the plans. A4 0.75
by wireless companies’ attrac- broad authority to try to safeguard the health whether there is an electoral punishment for
 The FBI made public a tive offers to get customers of both their residents and economies over the Covid policies,” said Joshua Spivak, a senior
using the new technology. 0.50 past 18 months, including decisions that have fellow at the Hugh L. Carey Institute for Gov-
long-secret memo detailing
evidence agents compiled Verizon Communications drawn fire from all sides. ernment Reform, a nonpartisan policy center at
in 2016 as they examined Inc., AT&T Inc. and T-Mobile 0.25 Mr. Newsom’s performance will be the first Wagner College, who has studied recall elec-
allegations of official Saudi US Inc. have rolled out huge judged by voters. The Democratic governor is tions for more than two decades.
involvement in the Sept. 11, subsidies over the past year to 0 staking his political survival on measures he Neither Mr. Newsom nor Mr. Elder re-
2001, terrorist attacks. A4 retain customers and reduce took against the spread of Covid-19, including sponded to requests for comment.
2020 ’21
the cost of buying new iPhones face-mask requirements and, during the pan- The recall divide reflects a heated national
 A group of Afghan Air so users will upgrade to their demic’s worst stretches, temporarily closing debate. In Texas, officials in Democratic-run
Note: SOFR data is as of Thursday
Force pilots and their rela- 5G services. As Apple prepares Source: FactSet businesses, classrooms and indoor church ser- cities and counties have sued Republican Gov.
tives who had fled the Taliban to show off a new crop of 5G- vices. He cast them as lifesaving measures. Greg Abbott over his executive order barring
flew out of Uzbekistan in an enabled iPhones Tuesday, a big Radio host Larry Elder, a Republican, and Please turn to page A10
agreement with the U.S. A8 question is how long that ex-
 The U.S. Capitol Police pensive fight among the carri-
said it launched disciplinary
proceedings against six of
ers for customers will continue
to propel iPhone sales.
Christo’s Paris Art Project Defies INSIDE
its officers related to the
Jan. 6 riot at the Capitol. A3
The newest iPhones—set to
be showcased at Apple’s an-
Falcons, Pandemic—And Death
nual September event, which i i i
LUIS ANTONIO ROJAS/BLOOMBERG NEWS

 Died: Abimael Guzmán, will be livestreamed—are ex-

86, Shining Path founder. A18 pected to be more evolution- Artist dreamed of Arc de Triomphe
ary than revolutionary. Apple
CONTENTS Outlook....................... A2
is expected to keep the small, wrapped; He ‘made me promise I’d finish it’
regular and larger sizes and
Arts in Review... A13 Personal Journal A11-12
Business News..... B3 Sports....................... A14 come out with improved cam- BY KELLY CROW omphe, proved another matter
Crossword.............. A14 Technology............... B4 era capabilities. entirely.
Heard on Street... B10 U.S. News............. A2-7 The expectations have set Over the course of his iconic Before opening “L’Arc de
Markets...................... B9 Weather................... A14
Opinion.............. A15-17 World News... A8-9,18
the stage for a less dramatic career, the artist known as Triomphe, Wrapped” on Sept.
technological leap than last Christo has navigated extraor- 18, Christo had to deal with de-
fall, when the phones added dinary logistics in order to lays spurred by birds nesting in
> 5G, the first big update since wrap buildings and bridges in the monument and a global PERSONAL JOURNAL BUSINESS & FINANCE
the iPhone X in 2017 and the his signature colorful fabric. He pandemic. Then, the artist him- Snowbirds weigh Kansas City Southern
iPhone 6 in 2014. Those new and his wife Jeanne-Claude self died in May. The artist’s
Please turn to page A4 have battled Colorado ranchers, team said they felt compelled
traveling this winter, says Canadian Pacific’s
New York mayors, and the ele- to push on. but waves of Covid-19 bid is better than
s 2021 Dow Jones & Company, Inc.
All Rights Reserved  Apple still faces risk after ments. But Paris’s famed war “Christo made me promise complicate plans. A12 Canadian National’s. B1
verdict............................................ B4 memorial, the Arc de Tri- Please turn to page A10
 .

A2 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Josh Mitchell
ECONOMIC
CALENDAR
Fed Places a Bet on Durable Goods Tuesday: Inflation likely
stayed elevated in the U.S. in
August while the pandemic in-
For de- average of 1.9% a year be- 18-month change in consumer prices, at an annual rate Mr. Powell argued that tensified mismatches between
cades, Ameri- tween early 1995 and early once shortages, supply bottle- what consumers demand and
cans have en- 2020, according to the Fed’s 3.0% necks and demand ease, what the market supplies. Econ-
joyed falling preferred inflation gauge, the Excluding food, energy Inflation prices will drop, or at least omists expect another strong
prices for cars, Commerce Department’s price 2.5 and durable goods stop rising so steeply. That gain for the consumer-price in-
electronics index for personal-consump- may already be happening. dex last month, though there
and furniture. tion expenditures. 2.0 Durable goods prices rose just are some signs that underlying
Until the Covid-19 pan- Mr. Powell cited several 0.3% in July from a month price pressures are leveling off.
demic, that is. For the past forces driving down prices for 1.5 earlier, down from 1% growth Wednesday: China’s eco-
year, prices for durable goods durable goods. One is globali- in June and 2% in May. Used- nomic activity likely slowed fur-
1.0
have been rising quickly. zation: Competition from car prices also grew much ther in August after lockdowns
Whether those prices come other countries, in particular more modestly. to control Covid-19 in multiple
0.5
back down is a key part of the emerging markets with lots of “It seems unlikely that du- provinces hindered growth. Econ-
puzzle facing the Federal Re- low-wage workers like China rables inflation will continue omists expect year-over-year re-
0
serve as it plots how to han- and India, has stoked compe- to contribute importantly tail sales growth edged down to
dle an unexpectedly strong tition for American producers 2009 '10 '15 '20 over time to overall inflation,” 6.3% from 8.5% in July. Industrial
burst of inflation. and led some to outsource Note: Price index of personal consumption expenditures, seasonally adjusted Mr. Powell said. output is expected to have
Federal Reserve Chairman production. As a result, costs grown 5.6% from a year earlier,

T
Sources: Commerce Dept. (total inflation); Federal Reserve (excluding food, energy & durable goods)
Jerome Powell has argued for parts and products have here are risks that in- decelerating from 6.4% in July.
that the higher inflation is fallen. Prices for durable goods rose ers and caught off guard by flationary pressures will And China’s non-rural fixed-asset
largely driven by temporary Another is technology. New 7%, twice as fast as the 3.5% the surge in demand, have be deeper and longer- investment also likely retreated
factors unique to the pan- software and more advanced gain in prices for services. struggled to ship supplies and lasting than Mr. Powell sug- to 8.8% growth in the first eight
demic. In a speech hosted by machinery have enabled fac- Durable-goods prices ac- make products fast enough. A gests. Gasoline prices—a non- months of the year, slowing
the Federal Reserve Bank of tories to make products in counted for 1 percentage point global chip shortage disrupted durable good—rose just as from the 10.5% rise in the Janu-
Kansas City in late August, fewer hours with fewer peo- of the latest inflation rate, Mr. shipments of laptops and fast as used-car prices in the ary to July period.
Mr. Powell offered more de- ple, reducing their own costs Powell said. The overall effect printers, along with cars. year through July. Food-price U.S. industrial production is
tails on his thinking. He sin- and ultimately translating into of rising durable-goods prices Consider used cars, which growth around the globe is expected to have increased in
gled out the sudden rise in lower prices for consumers. was even larger on “core” in- are the bulk of all car pur- accelerating and could persist, August, driven by manufacturing
durable-goods prices—in con- By contrast, prices have flation, which excludes food chases. Their prices peaked in JPMorgan Chase said. gains. Supply-chain trouble
trast to the more modest rise persistently risen for ser- and energy prices. Excluding 2001, then declined. By Febru- Services inflation may also across the auto industry and
in services prices—as evi- vices—the bulk of consumer durable goods, core inflation ary 2020, they had fallen 14% pick up. Home prices and Hurricane Ida’s impact on the
dence that inflation will fall purchases, including haircuts, in the 18 months through from their all-time high, ac- rents, one of the largest com- energy sector could negatively
back to the Fed’s 2% goal. doctor’s visits and tax prepa- June was 2.2%, not far from cording to the Labor Depart- ponents of consumption, are affect last month’s numbers.
ration. Because they are by its 12-year average of 2%, ac- ment’s consumer-price index, rising quickly. Employers in Thursday: U.S. retail sales

O
verall consumer default labor-intensive—a cording to the Fed. a separate inflation gauge. labor-intensive service busi- are expected to have fallen for
prices—which combine barber can still only cut one What happened? According Then in the summer of 2020, nesses are facing higher labor the third straight month in Au-
services and goods— person’s hair at a time— to Mr. Powell, it’s no mystery: used-car prices started rising, costs that they may have to gust. Supply chain issues are
climbed an average of 1.8% a those industries haven’t Unique forces caused demand sharply. In the year through pass along in prices. Compa- hindering auto production and
year in the 25 years leading raised productivity as much for durable goods to rise far July, they were up 42%. nies could decide to buy parts crimping sales, while Covid-19 is
up to the pandemic. That rise as factories. more quickly than supply. The Computers followed a simi- from other countries, or denting consumer confidence.
was driven by faster-rising The pandemic has flipped government put a lot of lar trajectory. Before the pan- within the U.S., where labor Filings for jobless benefits
costs for services, which grew this dynamic, with durable money in the hands of con- demic, prices had fallen rap- costs are higher. reached a pandemic low at the
an average 2.6% a year over goods becoming a big driver sumers, through multiple idly for two decades. But in Mr. Powell’s outlook on du- start of September. Claims have
that time. Prices for durable of inflation. In July, overall stimulus packages. And June 2020, they rose on an rable goods—and, thus, on in- trended lower since mid-July,
goods—items designed to last consumer prices rose 4.2% households shifted spending annual basis for the first time flation—is a bet that the world though some economists are
at least three years—have from a year earlier, according toward durable goods. ever. In July, they shot up after the pandemic will look forecasting a small uptick for
done the opposite, falling an to the Commerce Department. Businesses, short of work- 3.7% from a year earlier. largely the same as before it. the week ended Sept. 11.

U.S. WATCH
Risk Seen 4500 “The way we’re positioning
our portfolios is that we are
sticking with the reopening

Of Stock 4400
Friday
trade but believe…investors
will have to invest more time
and effort into finding quality
GEORGIA
Explosion Collapses
for several hours as air tankers
dropped bright-orange retardant
on the flames. Two firefighters

Pullback
4458.58
4300
S&P 500
companies that will continue Part of Building were taken to the hospital to
to see earnings expansion,” treat burn injuries, said Andrew
Ms. Goodwin said. An explosion rocked an apart- Mitchell, a spokesman for the An-
4200 Already there have been ment building in suburban Atlanta geles National Forest.
Continued from Page One signs of weakness within the on Sunday, rendering the three- Meanwhile, residents of a
lot of optimism is already U.S. stock market in recent story complex unstable and leav- Northern California mountain
priced in.” 4100 trading sessions. All three ing at least one person injured, town devastated by the huge Cal-
In the note, the Bank of major indexes declined last authorities said. dor Fire south of Lake Tahoe were
America team led by Savita The S&P 500 has already hit 54 week and are currently down Dunwoody Deputy Fire Chief allowed back Sunday to inspect
4000
Subramanian, head of U.S. eq- records this year through for the month. The trend, if Melvin Carter said the cause of the damage. Most of Grizzly Flats’
uity and quantitative strategy, Thursday, but a Bank of America continued, would mark the the explosion was unknown but homes, as well as the school, post
moved its year-end target for 3900 team moved its year-end price first monthly loss for the S&P that Atlanta Gas had received a office, church and fire station,
the S&P 500 price to 4250—a target for the index downward. 500 since January. In general, call from a resident of a strong were destroyed in the first days
4.7% reduction from the September tends to be a his- odor shortly before the midafter- of the month-old fire. Evacuation
4458.58 level at which the 3800 torically weak period for the noon blast. One person with mi- orders were also lifted for homes
benchmark index closed Fri- U.S. stock market. This year, nor injuries was taken to a hospi- along State Route 50 as contain-
day. For 2022, Bank of Amer- in particular, investors are en- tal for treatment. ment of the 342-square-mile wild-
ica set a 4600 price target for 3700 tering the choppy period with Chief Carter said 90% of the fire increased to 65%.
the end of the year. Jan. Feb. March April May June July Aug. Sept. uncertainty. building had been searched and —Associated Press
The analysts’ cautious out- In the week ahead, inves- that officials were in the process
look for U.S. stocks presents Number of S&P 500 record closes through Sept. 9 of each year tors will be parsing the latest of shoring up the rest of the INDIANA
a contrast to the so-called inflation data that will come complex so that rescuers could
TINA—or “There Is No Alter- 60 from the Labor Department’s continue searching for anyone Fallen Marine’s Body
native”—motto that has dom- 54 consumer-price index, due out who might be trapped inside. He Is Brought Home
inated investors’ outlook for 50 Tuesday. They will also be on said there were reports of two
much of the past year. Be- the lookout for any fresh people being unaccounted for. The body of a Marine who
cause yields on other assets 40 commentary from central The Dunwoody Police Depart- was among 13 U.S. service mem-
such as bonds have been so bankers on their views of ment wrote on social media that bers killed in a suicide bombing
low, many investors have jus- 30
when the Fed will pull back they received a report of an ex- during the U.S.-run evacuation at
tified their continuous bullish on its asset-buying stimulus plosion at Arrive Apartments Afghanistan’s Kabul airport was
positioning in stocks. Accom- program. Some investors and shortly before 1:30 p.m. Photos returned Sunday to his northern
modative monetary policy 20 analysts see the tightening of from the scene show part of a Indiana hometown.
from the Federal Reserve has monetary policy as a potential building collapsed into heaps. A military procession marked
provided a continuous boost 10 risk for stocks. —Associated Press the beginning of memorial ser-
for equities this year, too, as In a note last week, ana- vices for Marine Corps Cpl. Hum-
has the lure of big invest- 0 lysts at Citi Research said CALIFORNIA berto Sanchez, 22 years old, of
ment returns from a swath of they see another risk for the Logansport.
companies, ranging from
1980 ’90 2000 ’10 ’20
market: the concern that cur- Firefighters Make Cpl. Sanchez’s body arrived
meme stocks to Covid-19 ben- Sources: FactSet (S&P 500) Dow Jones Market Data (records) rent bullish positioning could Progress on Blaze Sunday morning at Grissom Air
eficiaries. amplify a market selloff. Such Reserve Base near Peru. The
In their September notes, other parts of the market for Morgan Stanley team includ- long positions on the S&P 500 California highway authorities procession then headed about
however, some strategists future gains. In a note last ing Andrew Sheets wrote in outnumber shorts 10 to 1, a reopened nearly all lanes of a 20 miles to Logansport.
said they were looking at week, Morgan Stanley strate- the note, adding the caveat team of analysts including Southern California freeway Sun- People lined the route to
gists wrote that they were that select international equi- Chris Montagu wrote, adding day as firefighters made progress show their respects, many with
THE WALL STREET JOURNAL downgrading their rating on ties and other assets are at- that around half of long posi- on a wildfire that jumped across American flags, and jets flew
U.S. equities to “under- tractive relative to cash. The tions would be in a loss situa- the road and spread across dry overhead as the procession ap-
(USPS 664-880)
(Eastern Edition ISSN 0099-9660) weight,” saying they prefer note continued, “Morgan tion if the benchmark index hillsides. proached downtown Logansport.
(Central Edition ISSN 1092-0935) stocks in Europe and Japan Stanley strategists forecast moved below 4435, less than The fire broke out Saturday af- The procession included Indiana
(Western Edition ISSN 0193-2241) and view cash as increasingly cash to outperform U.S. equi- 1% away from Friday’s closing ternoon near Castaic in northern State Police and vehicles carry-
Editorial and publication headquarters: attractive to hold. ties, government bonds and level. Los Angeles County. Pushed by ing Cpl. Sanchez’s family, fol-
1211 Avenue of the Americas,
New York, N.Y. 10036
“We expect an understand- credit over the next 12 “That means a small cor- 10-to-15-mph winds, the blaze lowed by thousands of motorcy-
able level of eye-rolling as we months.” rection could be amplified by chewed through tinder-dry brush cles.
Published daily except Sundays and general
legal holidays. Periodicals postage paid at move overweight cash,” the Parts of Morgan Stanley’s forced long liquidation push- and jumped across the busy free- Cpl. Sanchez was among 17
New York, N.Y., and other mailing offices. forecast are being put to work ing the market further down,” way, spread across more than a members of his Logansport High
at New York Life Investments, the Citi note said. half of a square mile. School class who joined the mili-
CORRECTIONS 
Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett Rd., the investment arm of New This month’s alarm bells The California Highway Patrol tary after their 2017 graduation.
Chicopee, MA 01020.
York Life Insurance Co. with from analysts aren’t the first closed a stretch of the interstate —Associated Press
All Advertising published in The Wall
Street Journal is subject to the applicable
AMPLIFICATIONS more than $600 billion in as- to be sounded during the cur-
rate card, copies of which are available sets under management. rent bull market. Throughout
from the Advertising Services Department, In its investment portfolio, 2021, wide-ranging market
Dow Jones & Co. Inc., 1211 Avenue of the Carl Weisbrod is a board the firm currently has an
Americas, New York, N.Y. 10036. The
observers on Wall Street have
Journal reserves the right not to accept an member of the Lower Manhat- overweight position in inter- raised concerns about signs of
advertiser’s order. Only publication of an tan Development Corporation. national developed equity. excess in the market, and in-
advertisement shall constitute final
acceptance of the advertiser’s order.
An article in Friday’s special Lauren Goodwin, an econo- vestors have periodically
report, 9/11: 20 Years Later, in- mist and portfolio strategist braced for a pullback.
Letters to the Editor:
Fax: 212-416-2891; email: [email protected] correctly said is the corpora- at New York Life Investments, Still, U.S. stocks have
Need assistance with your subscription?
tion’s former head. said there has been more eco- largely kept rising, even in
By web: customercenter.wsj.com; nomic upside in Europe and the midst of periodic
By email: [email protected] Notice to readers Canada—two areas in which stretches of declines. On Fri-
By phone: 1-800-JOURNAL
(1-800-568-7625) Wall Street Journal staff the firm has increased its in- day the S&P 500 fell for a
members are working re- vestments. fifth consecutive session, its
FRED GREAVES/REUTERS

Reprints & licensing:

By email: [email protected]; motely during the pandemic. Domestically, Ms. Goodwin longest losing streak since
By phone: 1-800-843-0008 For the foreseeable future, said she believes the best February, to post a 1.7% loss
WSJ back issues and framed pages: please send reader comments days for some portions of the for the week.
wsjshop.com only by email or phone, using market are likely behind us. The last time the bench-
Our newspapers are 100% sourced from the contacts below, not via Still, she said it is too early mark index had a weekly loss
sustainably certified mills.
U.S. Mail. for investors to go fully de- around that size was the week
fensive. She said the invest- ended June 18, when it fell Susan Mascorella showed a picture of what her house looked like
Readers can alert The Wall Street ment firm expects some value 1.9% for the week. The index before being destroyed by the Caldor Fire in Grizzly Flats, Calif.
GOT A TIP FOR US? Journal to any errors in news articles
SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or and small-cap companies to then went on to rally 4.9% Residents were allowed to return on Sunday to inspect the
by calling 888-410-2667. continue to perform well. over the next three weeks. damage. Most of the homes in Grizzly Flats were left in ruins.
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A3

U.S. NEWS

Community’s Stark Choice: Move or Repair

In Pointe-aux-Chênes
in the Louisiana bayou,
80% of homes are
uninhabitable after Ida
BY RACHEL WOLFE

POINTE-AUX-CHÊNES, La.—
The closer you get to the ma-
rina, the stronger the smell.
“Sewer mixed with swamp,”
said Christine Verdin, who
grew up in the community and
serves on the council of the
Pointe-au-Chien tribe. “I wish
we could bottle this up as per-
fume and send it to people
who haven’t been around and
say, ‘You didn’t come to see
what it looked like, but now
you can smell it.’”

EMILY KASK FOR THE WALL STREET JOURNAL (3)

Two weeks after Ida ripped
through this unincorporated
bayou community of 3,700,
80% of homes are uninhabit-
able, said Chuckie Verdin,
tribal council leader in Pointe-
aux-Chênes, where around a
third of residents are members
of the tribe that includes pri-
marily people of Chitimacha
descent. Nobody has power or
running water.
Ms. Verdin and other resi- Trevor Dardar gathered rubble from family homes razed by Hurricane Ida last week in Pointe-aux-Chênes, La. Below, volunteers helped carry in donated items at the
dents say they feel overlooked tribe’s community center in the Louisiana bayou. ‘We’re strong people, we’ll do what we have to do for each other,’ said Theresa Dardar, above with Donald Dardar.
by federal, state and parish of-
ficials as they wait to hear
how much assistance they
stand to receive for rebuilding
or relocation.
Residents have rebuilt after
storms before. But this time,
after the most severe damage
the community has ever seen,
locals want to use stronger
materials to break the cycle of
hurricane destruction. Many
fear, though, they may not get
any aid to rebuild given the
likelihood of more severe
storms in the future, leaving
them with little choice but to
move away.
“Something has changed,”
said Bernice Billiot, 63 years
old, a tribe member who was
working recently to salvage
her garden from the rubble of
the house where she had lived
for 45 years. “It looks like a
bomb went off.”
Pointe-aux-Chênes is one of
many coastal communities
that bore the brunt of Ida’s
impact. In broader Terrebonne
and Lafourche parishes—the ana Department of Health re- sions as they decided whether 39 homes on her block—only rebuild,” said Freddie Naquin, Saturday, the representative
community’s geography spans ported 11 additional heat-re- to stay on the land their an- seven of which are still in- 70, a retired tugboat captain said, FEMA has provided the
both—roughly 75% of custom- lated deaths linked to cestors have lived on for at tact—belong to extended fam- and lifelong resident who has 25 parishes included in the
ers remained without power extended power outages, least 900 years, or move away. ily and fellow tribe members been living in his house, with Louisiana disaster declaration
on Saturday, according to En- bringing the death toll from After Katrina in 2005, who helped raise her six chil- half the roof caved in, for the $271 million in direct grants to
tergy, the main utility in the the worst storm to hit the area Point-aux-Chênes residents dren. “This is home. This is my past week. Mr. Naquin says survivors in more than
area, and many lacked potable since Hurricane Katrina to 26. raised their houses 12 feet off whole family,” she said. that while he is waiting to 242,000 households.
water. In other nearby river The overall death toll is now the ground to protect them “None of us have anywhere hear from FEMA, he is worried As she drove around her
parishes, only a marginal num- up to 82, including four in the from flooding. Hurricanes Gus- to go,” said Cherie Matherne, he will be offered a buyout—or neighborhood, tribe member
ber of customers had seen Southeast and 52 others in the tav in 2008 and Isaac in 2012 37, who lives down the road money to leave—instead of as- Theresa Dardar, 67, pointed
power restored as of Saturday. U.S. Northeast, where the prompted some to move fur- from Ms. Billiot and works as sistance with rebuilding. If he out houses that belonged to
By contrast, Entergy re- storm’s remnants led to wide- ther up the 10-mile main road, the cultural heritage and resil- gets the money, he wants to her nieces, nephews, sister
ported Thursday that 735,000 spread flooding and torna- away from the marina, where iency coordinator for the tribe. position his house further back and in-laws, dropping off bags
of the 902,000 customers who does. the water doesn’t get up as For many residents, the from the road where it would of ice and stopping to chat.
lost power because of Hurri- In Pointe-aux-Chênes on high. choice to stay or go depends be better protected by trees. “We’re strong people, we’ll
cane Ida in Mississippi and Thursday, workers had yet to Many others didn’t move. on what kind of aid the Fed- The decision to offer buy- do what we have to do for
Louisiana were back on, in- arrive to clear the wires scat- Ms. Billiot’s husband makes eral Emergency Management outs is made by the state, a each other,” said Ms. Dardar.
cluding 99% of customers in tered like spaghetti across his living crabbing in the Agency offers. FEMA representative said, us- “Officials need to trust us that
New Orleans. roads. Residents were still try- bayou 20 feet from where Without outside help, “we ing grant money “to reduce fu- we know what’s best for our-
On Wednesday, the Louisi- ing to salvage their posses- their house stood. The other just don’t have the money to ture disaster losses.” As of selves.”

House ‘Love Letters’ Spur Bias Worry Six Capitol Police Face
BY NICOLE FRIEDMAN tice that needs to be ad-
dressed,” said Oregon state
sent the seller a love letter,” he
said.
Discipline Over Jan. 6
When Christina and Alexan- Rep. Mark Meek, who pro- Some agents say love letters BY TED MANN ington, D.C., police were injured
der Vaughan looked to buy a posed the law and works as a can help buyers who don’t in the violence as they sought
home this spring, the first real-estate agent. “A lot of sell- have enough cash to beat out The U.S. Capitol Police said to defend the Capitol, a Senate
open house they attended ers make decisions off of these other offers but have a com- it has launched disciplinary report found in June.
drew more than 20 families. letters, but is it right?” pelling story, especially first- proceedings against six of its One Capitol police officer,
The couple ultimately bid on The reassessment of love time buyers. Agents also say officers related to the Jan. 6 Brian Sicknick, was sprayed
ALEXANDER VAUGHAN

three homes, losing on each letters is part of a broader ef- it’s possible to write a love let- riot at the Capitol. with a chemical substance; he
one. fort within the real-estate in- ter that focuses on the prop- The officers, whose names died the next day of natural
On their fourth offer, for a dustry to combat a history of erty and avoids sharing infor- weren’t released, are accused of causes, according to the Dis-
four-bedroom house in Fishers, discrimination and increase mation that could bias a seller. conduct unbecoming an officer, trict of Columbia medical ex-
Ind., they wrote the sellers a homeownership rates for non- While love letters have been failure to comply with direc- aminer.
personal letter. They were white households. White part of the home-buying pro- tives, improper remarks and Four other police from the
first-time buyers, the letter Alexander and Christina Vaughan households in the U.S. had a cess for years, some agents say improper dissemination of in- Capitol and city police force
said, and it noted that Mr. homeownership rate of 74.2% they have become more preva- formation, the department said have since died by suicide, po-
Vaughan and one of the sellers tected classes, and some states in the second quarter, com- lent in the current red-hot on Saturday. lice officials have said.
both attended Purdue Univer- and localities have additional pared with 47.5% for Hispanic market. Letters often focus on The Capitol Police said fed- “The six sustained cases
sity. Their offer was accepted protected categories. households and 44.6% for why the buyer loves the prop- eral prosecutors hadn’t found should not diminish the heroic
over higher competing bids. The National Association of Black households, according to erty, or offer details about the evidence to show that any Cap- efforts of the United States
“Because that was their Realtors put out guidance in the Census Bureau. buyer’s family and lifestyle. itol Police officers had commit- Capitol Police officers,” the de-
first home, they wanted to give October recommending that its NAR’s president apologized Some send photos or personal- ted a crime. partment said. “On January 6,
it to somebody else” who members not draft, read or de- in November for the organiza- ized videos after touring a The disciplinary proceedings the bravery and courage exhib-
would be a first-time home- liver love letters written or re- tion’s past policies that con- house and try to emphasize a arose from 38 internal investi- ited by the vast majority of our
owner, Mr. Vaughan said of the ceived by clients. Some state tributed to residential segrega- common bond, like a shared gations launched after the Jan. employees was inspiring.”
rationale the owners gave. Realtor associations have also tion, such as allowing love of dogs or Harry Potter. 6 riot. In August, the Capitol Police
Prospective buyers for years put out similar guidance. members to be excluded based “The more competitive the During the riot, which hap- said an internal probe had
have penned these personal- Typically, home sellers who on race. The Department of market, the more common the pened on the day Congress was cleared of wrongdoing the offi-
ized notes—affectionately receive multiple offers choose Housing and Urban Develop- letter,” said Beth Traverso, certifying President Biden’s cer who shot and killed a par-
known as “love letters”—to in- a buyer based on offer price ment has also made fair hous- managing broker at Re/Max Electoral College victory, some ticipant in the riot, Ashli Bab-
troduce themselves to a home and contract terms. Love let- ing a priority under the Biden Northwest Realtors, who said Capitol Police officers were bitt. The officer shot Ms.
seller and make an emotional ters can give the sellers addi- administration. HUD and the at least half the offers she re- photographed posing with sup- Babbitt as she attempted to
appeal. The letters can provide tional information about a po- Federal Housing Finance ceives include letters. Ms. porters of former President force her way through a barri-
the buyer a competitive edge, tential buyer’s identity, Agency formed an agreement Traverso, who is based outside Donald Trump who stormed caded door near the entrance
and rarely has the U.S. housing including race or whether a last month to share resources of Seattle, said she shares the the Capitol. to the House chamber inside
market been more competitive buyer has children. The risk related to enforcing fair hous- letters with sellers but recom- The department said it the Capitol building.
than it is today. for sellers is that they could ing rules. mends they don’t read them. found no wrongdoing in the More than 570 people have
But in recent months, love exercise explicit or implicit Bryan Greene, vice presi- A 2018 study by brokerage case of 20 officers who were been charged in connection
letters have come under bias by choosing a buyer based dent of policy advocacy for Redfin Corp. showed that a the subject of complaints, and with their actions in the Capitol
greater scrutiny for possibly on this information, violating NAR, said he isn’t aware of any personal letter could make an that other officers couldn’t be attack.
enabling discrimination. Some fair housing rules. lawsuits against home sellers offer 52% more likely to be ac- identified. One other investiga- A select committee of the
worry that a seller could vio- In June, Oregon became the or complaints filed with HUD cepted. tion into a police official ac- House of Representatives has
late the federal Fair Housing first state to pass a law requir- alleging discrimination based News Corp, owner of The cused of “unsatisfactory perfor- made broad requests for docu-
Act by choosing a buyer based ing sellers’ agents to reject on a love letter. “It would be Wall Street Journal, also oper- mance and conduct ments to agencies across the
on a protected class, such as love letters and photographs very difficult for any consumer ates Realtor.com under license unbecoming” is continuing, the federal government as it inves-
race, religion or nationality. provided by buyers. to prove they were denied from the National Association department said. tigates the origins and the re-
The law includes seven pro- “It’s a discriminatory prac- housing because someone else of Realtors. About 140 Capitol and Wash- sponse to the riot.
 .

A4 | Monday, September 13, 2021 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

Democrats Eye 26.5% Corporate Tax Rate

BY RICHARD RUBIN Until now, House Democrats willing to support. lawmakers such as Mr. Manchin
have been coy about their tax- Andrew Bates, a White are aiming to shrink the bill
WASHINGTON—House Dem- increase plans as they try to House spokesman, praised the from the $3.5 trillion target that
ocrats expect to propose raising navigate between moderates committee’s ideas. “This meets Democratic leaders have set.
the corporate tax rate to 26.5% worried about the economic im- two core goals the president Democrats agree broadly
from 21% and imposing a 3-per- pact of raising taxes and pro- laid out at the beginning of that they are willing to raise the
centage-point surtax on individ- gressives eager to tax the rich this process—it does not raise corporate tax rate and the top
ual income above $5 million, ac- and expand the social safety taxes on Americans earning individual tax rate. But other ar-
cording to two House net. Rep. Richard Neal (D., under $400,000 and it repeals eas, particularly capital gains
Democratic aides familiar with Mass.), the committee chair- the core elements of the and international tax rules, have
the plans. man, has said that detailing tax- Trump tax giveaways for the proven trickier.
The tax increases would be increase plans too soon can give wealthy and corporations that The Biden administration’s
part of the House Ways and too much time for opposition to have done nothing to capital-gains plan has been fac-
Means Committee’s plans to pay build. strengthen our country’s eco- ing sustained opposition from

J. SCOTT APPLEWHITE/ASSOCIATED PRESS

for the party’s priorities in a The plans, aimed for a Ways nomic health,” he said Sunday. rural Democrats. The adminis-
budget bill. Those items include and Means Committee vote The committee hasn’t re- tration plan would impose taxes
an expanded child tax credit, a later this week, will face chal- leased details of its proposed on unrealized gains at death,
national paid-leave program and lenges as Democrats try to de- changes, effective dates for each with a $1 million per-person ex-
renewable-energy tax breaks. termine how far they are willing provision or estimates of how emption and special rules to
House Democrats also are to go in reversing the 2017 tax much money each piece would protect farms and family owned
considering raising the mini- cuts and imposing stiffer bur- raise. The proposals could businesses. Under the Biden
mum tax on U.S. companies’ dens on corporations and high- change significantly as lawmak- plan, the top tax rate would in-
foreign income to 16.5% from income households. ers debate and vote on them. crease to 43.4%, the same as or-
10.5% and increasing the top Some Senate Democrats, in- On Sunday, tax lobbyists and dinary income.
capital-gains tax rate to 28.8% cluding Joe Manchin of West congressional aides were circu- As outlined in the document
from 23.8%. Lawmakers are also Virginia and Mark Warner of lating a four-page document House Ways and Means Chairman Richard Neal (D., Mass.). circulating Sunday, high-income
expected to raise money by ex- Virginia, have said they don’t that roughly spells out how households would face a series
panding Internal Revenue Ser- want to raise the corporate tax Democrats would get to $3.5 get, the document could prompt tougher tax enforcement. Add- of tax increases. The top rate
vice enforcement and might in- rate above 25% from its current trillion to pay for their spending lawmakers to scale back their ing miscellaneous other would increase to 39.6% from
clude other tax increases on 21%. The Biden administration and tax cuts over a decade. aims or issue debt to cover changes and an assumption that 37%, with that top bracket
corporations and high-income and Democrats such as Senate The document doesn’t say some of the cost. the economy will grow reaches starting at $400,000 for indi-
individuals. Finance Committee Chairman how final a plan it is or whether It includes $1 trillion in tax $3.5 trillion. viduals and $450,000 for mar-
Republicans oppose tax in- Ron Wyden of Oregon have ad- Democratic lawmakers have increases on individuals, $900 Democrats have a narrow ried couples.
creases and are expected to vocated for far more aggressive agreed to it. By showing the billion on corporations, $700 path. They can lose no more —Andrew Duehren and
vote unanimously against the capital-gains tax increases than scale of the tax increases billion from drug-pricing policy than three votes in the House Kristina Peterson
Democratic proposals. congressional Democrats are needed to hit that budget tar- changes, and $120 billion from and none in the Senate, and contributed to this article.

FBI Releases Secret Memo

On Evidence in 9/11 Probe
BY ARUNA VISWANATHA two hijackers before he could ments, citing national-security
have heard them speak. interests.
WASHINGTON—The Federal Another Saudi man under in- The Trump administration
Bureau of Investigation on Sat- vestigation at the time, Omar declined to disclose the docu-
urday made public a long-secret al-Bayoumi, had checked into a ments on the same grounds. But
memo detailing evidence agents Culver City, Calif., hotel a month the Justice Department dis-
compiled in 2016 as they exam- before the hijackers’ arrival, closed in August that the FBI
ined allegations of official Saudi with a man whose phone num- had recently closed that investi-
involvement in the Sept. 11, bers were linked to a spiritual gation and would consider re-
LEV RADIN/PACIFIC PRESS/ZUMA PRESS

2001, terrorist attacks. adviser to a Bin Laden lieuten- leasing some of the documents.
President Biden recently or- ant, the memo said. Both men Nearly 3,000 people were
dered the Justice Department to had relationships with the Saudi killed when terrorists crashed
review and possibly release the Consulate in Los Angeles, ac- hijacked airliners into the World
memo by Saturday’s 20-year cording to previously released Trade Center in New York, the
anniversary of the attacks as documents and the memo. The Pentagon and, after passengers
part of a broader order to de- status and whereabouts of the fought back, a Pennsylvania
classify documents. men couldn’t be ascertained, field. Most of the 19 hijackers
The April 2016 internal, 16- and they couldn’t be reached for were from Saudi Arabia.
page FBI memo summarized the comment. Earlier this month Mr. Biden
Recipients of benefits under the DACA program rallied in New York City in August. status of a then-active investi- The families of 9/11 victims ordered the Justice Department
gation into whether several have long sought the memo and to consider declassifying a

Ruling Looms on ‘Dreamers’ people linked to the Saudi gov-

ernment assisted the hijackers
in California in finding housing,
other documents from the FBI
as part of their lawsuit, filed in
federal court in Manhattan, al-
range of materials contained in
the FBI’s case files.
A federal judge on Friday ap-

Inclusion in Senate Measure

making travel arrangements and leging that the Saudi govern- proved a request from federal
other matters as part of the ment helped to coordinate the prosecutors to allow the Justice
plot. Saudi Arabia has denied attacks. In a statement, 9/11 Department to disclose publicly
any complicity or involvement. certain grand-jury materials dis-
BY MICHELLE HACKMAN rests with one official, Senate Dreamers are just one of the In the memo, FBI agents de- cussed in the April 2016 memo.
AND SIOBHAN HUGHES Parliamentarian Elizabeth Mac-
Donough, who is expected to
immigrant populations that
proponents are seeking to in-
scribed their analysis of phone
records that appeared to con-
Families of Sept. 11 The U.S. 9/11 Commission
said in its 2004 report that it
WASHINGTON—The fate of provide her guidance soon. In clude in their bill; others who nect some of the subjects of the victims have long didn’t find evidence that one of
young immigrants brought to
the country illegally as children
order to qualify for inclusion
under budget reconciliation, any
would be eligible for green
cards include recipients of
investigation to an associate of
Osama bin Laden or other even-
sought the memo as the men allegedly linked to the
Saudi government, Mr. al-Thu-
has become wedded to Demo- change must have a significant Temporary Protected Status, tual Guantanamo Bay detainees. part of a lawsuit. mairy, had provided assistance
crats’ sprawling $3.5 trillion so- impact on the federal budget farmworkers and others The memo showed a flurry of to the hijackers. That report
cial-welfare package, with a key that is more than incidental to deemed essential workers dur- phone contacts around the ar- also said the commission had
decision on its Senate path ex- the policy change being sought. ing the Covid-19 pandemic. rival of two of the hijackers in seen “no credible evidence” that
pected within days. The stakes have risen after a In a meeting with the parlia- Los Angeles. It also described Families United, a group repre- Mr. al-Bayoumi “believed in vio-
Democrats are advancing federal judge in Texas ruled this mentarian on Friday, Demo- how some witnesses contra- senting the victims’ families, lent extremism or knowingly
President Biden’s agenda summer that the Deferred Ac- crats argued that creating a le- dicted the claims by some of the said the release of the memo aided extremist groups.” Much
through a budget process that tion for Childhood Arrivals pro- galization program should subjects of the investigation, “puts to bed any doubts about of the FBI’s investigation into
requires a simple majority and gram, which provides many qualify because doing so would who had denied knowledge of Saudi complicity in the attacks.” the issue came after the report
can pass with just Democratic Dreamers temporary deporta- make the immigrants eligible the plot. Some of the names and A representative for the was completed.
support. Seeking to include tion protections, is illegal. Texas for federal benefits, including other information in the memo Saudi Embassy in Washington In 2015, the commission re-
green cards for the so-called and other Republican-led states Affordable Care Act subsidies, were redacted. couldn’t be reached for com- visited the issue and assessed
Dreamers and other immigrants challenged the program in Medicaid and food stamps, One of the men under inves- ment. more-recent evidence regarding
in the package, benefiting as court. Senate Democratic aides said. tigation at the time, Fahad al- Attorneys for the victims’ the two men. It said it didn’t
many as eight million people, U.S. District Judge Andrew The Congressional Budget Thumairy, had told the FBI he families have argued that sev- find the new information
could allow Democrats to avoid Hanen ruled DACA was unlawful Office has estimated that mak- had a chance encounter with eral Saudi men had provided changed the original findings,
making any concessions to Re- because Congress never gave ing eight million immigrants the two hijackers in a restau- support to two of the hijackers but noted there was an “ongo-
publicans amid deep divisions in the executive branch the power permanent residents could cost rant in Los Angeles, recognized in a “highly coordinated, state- ing internal debate” within the
immigration policy. to grant mass reprieves to the about $140 billion over the their accents and struck up a run-and-initiated covert opera- FBI about the potential signifi-
The imminent hurdle facing immigrants. His ruling barred next decade, the aides said. Re- conversation. Another witness tion,” and filed affidavits in the cance of some of the evidence.
the legalization effort is the Biden administration from publicans were also present at told the FBI, according to the court case written by former
whether it fits within the Senate approving new DACA applica- the meeting to argue that im- memo, that Mr. al-Thumairy FBI officials in recent years sup-  U.S. Muslim population has
rules on what types of measures tions but stayed the immediate migration changes shouldn’t had come into the restaurant, porting that contention. grown since 9/11...................... A6
can be included in the budget effect on current DACA recipi- qualify using the budget pro- positioned himself by the front The agency has previously  World Trade Center complex
process. That determination ents. cess. window and approached the declined to disclose the docu- isn’t making a profit.............. A6

5G Deals 5G penetration around the

world, there’s only a couple of
countries that are in the dou-
Verizon last fall.
Mr. Jacob said the carrier
offered him around $500 for
more aggressive because every
carrier has reasons to grow.”
Carriers more than doubled
In many ways, it is a return
to the original way customers
acquired their iPhones when

Fuel iPhone ble-digits yet. And so that is

an amazing thing nine months
or so into this.”
his old phone and a monthly
payment of $21 over 18 months
for the new one while his pre-
their incentive spending dur-
ing the past three quarters
compared with a year earlier,
they were heavily subsidized
by the carriers eager to win
business and lock users into

Sales Boom Less than 5% of U.S. buyers

actually cited the 5G technol-
ogy as a motivator to buy their
vious carrier offered $245 for
a trade-in and wanted money
up front for the next device. “It
according to estimates by Bay-
Street Research, which tracks
device sales. The average cus-
two-year contracts. But as the
smartphone market matured,
carriers shifted their strate-
phones, according to customer was just the best deal I’ve ever tomer saw around $200 of gies around 2014 to put the
DAVID PAUL MORRIS/BLOOMBERG NEWS

Continued from Page One surveys conducted by Con- had,” he said. “And my wife benefit compared with about phone’s cost on the customers’
phones helped fuel record sumer Intelligence Research did the same thing.” $100 a year earlier, the con- shoulders.
sales in their respective inau- Partners. The three big mobile They weren’t alone in land- sulting firm’s data estimate. As customers, such as Mr.
gural 12 months. network operators have been ing sweet deals. The arrival of The advertised deals had Jacob, benefit from a return to
The Cupertino, Calif., com- building out their capabilities mainstream 5G phones in the some eye-popping numbers, in- a carrier-subsidized phone, so
pany is on pace to sell a re- for the fifth-generation cellu- U.S. last fall was seen as a po- cluding offering some custom- does Apple, especially as buy-
cord 239 million iPhones in lar standard, which holds the tential catalyst for carriers to ers brand-new devices for no ers gravitate to the more ex-
the fiscal year that ends later promise of moving data over poach customers from rivals, money down or small monthly pensive models.
this month, a 27% increase the air quicker and in more especially as a large number of payments stretched over many The tech giant is seeing the
from the previous year, ac- volume than before, helping iPhone users were seen as ripe months. Recently AT&T was of- average selling price of
cording to estimates by ana- improve the quality of video for upgrading after putting it Carriers are offering attractive fering up to $700 credits for iPhones rise 12% to $829 this
lysts surveyed by FactSet. Ap- chats, improve online video- off for several years. The car- deals to get iPhone customers trades for a new iPhone Pro fiscal year, according to ana-
ple no longer breaks out units games and usher in new uses. riers have been investing to upgrade to 5G models. that would then cost $8.31 a lyst estimates. The higher
shipped but has said iPhone 5G wasn’t a factor for Jus- heavily to build out their 5G month for three years. price has helped contribute to
revenue rose 38% in the first tin Jacob, a 25-year-old copy- networks and have incentive tives at existing customers to Some industry observers three consecutive blockbuster
nine months of the fiscal year. writer in suburban Detroit. In- to show a continuing customer upgrade rather than just try- have questioned how long the quarters this fiscal year and,
Asked several times this stead, he said, his interest was base for the new offerings. ing to lure new ones in from carrier will continue the fight. according to analyst expecta-
year about the potential for piqued by updates to the The latest battle between competitors, said Cliff Mal- Asked by an analyst in August tions, puts Apple on track to
continued growth, Chief Exec- phone’s cameras, and he was carriers began to emerge donado, principal analyst for if AT&T might rein in its sub- possibly earn a record of more
utive Tim Cook has remained ultimately convinced to ditch ahead of the iPhone 12’s ar- BayStreet Research. sidies spending, Chief Finan- than $93 billion for the fiscal
optimistic. “We’re in the very his iPhone XS for the iPhone rival. Last year, AT&T, which “The carriers are fighting cial Officer Pascal Desroches year that ends this month.
early innings of 5G,” he told 12 Pro, which starts at $999, had a lot of legacy iPhone us- like mad,” Mr. Maldonado said. said the company was happy —Drew FitzGerald
analysts in July. “If you look at because of a deal offered by ers, started targeting incen- “I tell my clients it can get a lot with the results. contributed to this article.
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A5

Stepping up when
it matters most
Last year, we committed $1.25 billion over five years to build on our long-standing work in support of driving
racial equality and economic opportunity. To date, we’ve directly funded or invested nearly $400 million of this
commitment, in addition to other ways we continue to make an impact in our communities.

Our actions include:

• $36 million to 21 Minority Deposit Institutions (MDIs) and Community Development Financial Institution
(CDFI) banks that support minority-owned businesses. This is in addition to our approximately $100 million
in deposits to MDIs and our existing $1.8 billion CDFI portfolio.

• $300 million to 100 equity funds to provide capital to diverse entrepreneurs and small business owners

• $10 million grant to fund the Center for Black Entrepreneurship (CBE), in partnership with Spelman and
Morehouse colleges

• $25 million to 21 Historically Black Colleges and Universities (HBCUs), Hispanic-serving institutions (HSIs)
and community colleges in support of job skilling and placement

• Establishing new partnerships and coalitions focused on building skills and creating job opportunities for
people of color

• $60 million to increase access to capital and career opportunities for Black, Indigenous and People of Color
(BIPOC) affordable housing developers

• 33 million+ masks, more than 272,000 bottles of hand sanitizer and 8 million gloves to communities in need

• $1.35 million in grants to support mental health initiatives for young people of color

• $25 million founding partnership in the Smithsonian’s new initiative on race, Our Shared Future: Reckoning
with Our Racial Past

These are just some examples of how we’re working with community partners, business leaders, experts and
academics across the public and private sectors to continue to drive progress.

At Bank of America, we call this a nice start.

What would you like the power to do?®

Go to bankofamerica.com/community to learn more.

Bank of America, N.A. Member FDIC. Equal Housing Lender © 2021 Bank of America Corporation. All rights reserved.
 .

A6 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

U.S. NEWS

Growing Muslim
Population Sees
Fear, Acceptance
Two decades after 9/11, ber at the Masjid Al-Noor Is-
lamic Community Center, the
some recount lingering largest of three mosques in
prejudice but also Waterloo. “But there is a

JIM VONDRUSKA FOR THE WALL STREET JOURNAL

larger community of people
improved relations who are happy. You won’t hear
many people complaining
BY CAMERON MCWHIRTER about having Muslim neigh-
bors.”
WATERLOO, Iowa—In the In the years since the at-
years since 9/11, Saif Bhuiyan tacks of Sept. 11, 2001, the na-
said he was questioned rudely tion’s Muslim population has
by security personnel and offi- grown to reach an estimated
cials at airports and elsewhere. 3.85 million, or a little more
On the first anniversary of the than 1% of the U.S. population,
terrorist attacks, someone according to the Pew Research
hurled a water bottle at him. Center. That is up from 2.35
At the time, Dr. Bhuiyan was million in 2007, and the trend A father and his sons at the Masjid Al-Noor Islamic Community Center in Waterloo, Iowa. The state now has 23 mosques.
in the U.S. as a university stu- is expected to continue, Pew
dent from Bangladesh. Twenty researchers say, eventually loo’s Muslim population has wife has stopped wearing a ported the incident to the Fed- Muslims dropped last year by
years later, the 42-year-old in- surpassing the U.S. Jewish grown to include immigrants head scarf when she goes out eral Bureau of Investigation. 30% and 42%, respectively, af-
formation-systems professor population by 2040. That fore- from Pakistan, Bangladesh and because she grew tired of be- Mr. Jaafar said no one has ter jumps for both groups ear-
at the University of Northern cast predates the expected in- other countries who arrived to ing judged. said anything he considered lier in the last decade.
Iowa says he still sees perils to flux of refugees to the U.S. work in factories, hospitals “You always have that fear bigoted to him. Many co-work- Having new people move to
being Muslim in America and from Afghanistan. and other local businesses. that someone is looking and ers who aren’t Muslim have Waterloo has been good for
often treads carefully after a The U.S. today has 2,769 Today, minarets stand over talking behind you,” he said. told him that they are looking the community and the local
violent event involving Mus- mosques, up 129% from 2000, sections of Waterloo, popula- In 2016, vandals spray- out for him when issues re- economy, said Erin Tink, exec-
lims hits the news. according to the Institute for tion 67,000. Nearby Cedar Rap- painted “Trump” on an outside garding Muslims appear in the utive director of the Waterloo
But he says he has seen the Social Policy and Understand- ids is home to a halal inspec- wall of the mosque building, news, he said. Community Foundation, which
treatment of Muslims improve ing, a Washington, D.C., think tion company and halal meat after the now-former president “The people I work with are collects and disburses non-
in many places over the last tank focused on Muslim issues. wholesaler, which follow reli- had campaigned on banning more worried about me than I profit funds in the area.
two decades as the number of The change has been partic- gious butchering practices and Muslims’ entry into the coun- am myself, so that gives me “I assume there is quite a
people practicing Islam across ularly noticeable in places like forbid pork consumption. Iowa try. About two months ago, se- hope,” he said. bit of microaggression because
the U.S. has grown. this Midwestern city. Twenty now has 23 mosques. curity cameras caught three While hate crimes in the that’s the way we humans are.
“There are a few loud- years ago, refugees and immi- Nazry Jaafar, 46, an electri- people coming up to the facil- U.S. rose about 6% last year to But also, for those that call
mouths who say, ‘We don’t grants from Bosnia had helped cal engineer at John Deere ity’s doors in the middle of the levels not seen in more than 10 Waterloo home, I think they
want these guys,’ ” said Dr. build a Muslim community who moved to the U.S. from night, making threats and years, according to FBI data, [live here] because they enjoy
Bhuiyan, who is a board mem- here. In the years since, Water- Malaysia decades ago, said his hurling insults. The mosque re- incidents targeting Jews and the diversity,” she said.

World Trade Center Site Gets More Tenants, Still Unprofitable

BY PETER GRANT cording to the building’s owner, partly because One World Durst said. “So we ended up personal threat. lus designed by Santiago
the Port Authority of New York Trade faced pushback from po- leasing to smaller tenants, One World Trade Center has Calatrava, a mall and three of-
One World Trade Center, the and New Jersey. In 2020, tential tenants put off by an as- where the CEO was able to tell leased more than 90% of its 3.1 fice buildings, including One
1,776-foot office building that World Trade Center expenses sociation with the terrorist at- people: ‘If you don’t want to million square feet, which puts World Trade.
rose in place of the Twin Tow- of $335 million topped revenue tack, says Douglas Durst, a come here, you don’t have to.’ ” it on par with other modern of- A performing arts center
ers destroyed on Sept. 11, 2001, of $328 million, the Port Au- private developer brought in Attitudes toward working at fice towers in downtown Man- and Greek Orthodox Church,
cost $3.8 billion and is the thority’s annual report said. by the Port Authority in 2010 the World Trade Center are hattan, Mr. Durst said. intended to replace the one de-
most expensive skyscraper A spokesman for the Port to try to help fill the tower. now changing due to a genera- The 16-acre site that once stroyed on Sept. 11, are under
ever built in the U.S. Authority said One World “When we had negotiations tional shift in the workplace, housed the World Trade Center construction and expected to
The entire World Trade Cen- Trade Center has been critical with larger tenants, there was businesses say. Many workers towers and five other buildings open in 2023. Two other office
ter complex hasn’t made a to Lower Manhattan’s eco- always one person involved today were so young on Sept. is now home to a Sept. 11 me- buildings and a residential
profit since One World Trade nomic recovery after 9/11. who said they’re uncomfort- 11, 2001, they may see it as a morial and museum, a trans- tower are planned but con-
opened seven years ago, ac- Leasing was slow for years, able being on the site,” Mr. distant historical event, not a portation hub named the Ocu- struction hasn’t started.

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 .

THE WALL STREET JOURNAL. * * NY Monday, September 13, 2021 | A7

U.S. NEWS

Vaccine Push Long Road

For Covid to
Spurs Demand Be Routine
For Virus Tests Continued from Page One
us,” Catherine O’Neal, chief
medical officer of Our Lady of
the Lake Regional Medical Cen-
BY SHARON TERLEP summer and fall, many people ter in Baton Rouge, La., said
AND BRIANNA ABBOTT in coronavirus hot spots during a long recent day caring
waited weeks for results. for Covid-19 patients. The hos-
America’s Covid-testing in- As of Sept. 6, laboratories pital is in its biggest surge since
frastructure, from drugstores in the U.S. were processing the beginning of the pandemic.
to diagnostics manufacturers, more than 1.2 million daily Scientists are trying to fig-

PAUL HENNESSY/SOPA IMAGES/ZUMA PRESS

is bracing for a surge in de- Covid-19 tests that hunt for ure out whether SARS-CoV-2
mand following the Biden ad- the virus’s genetic material, will form deadlier or more
ministration’s order that most federal data show. At the contagious new variants, and
large U.S. companies mandate height of demand last fall and how the pandemic might end.
their workers get vaccinated winter, labs processed more Their best-case scenario isn’t
or be screened weekly for the than 2 million such tests a anything as hopeful as eradi-
virus. day. cation. Instead, many expect
Makers of over-the-counter The most common type of Covid-19 will become a routine
Covid-19 tests are continuing Covid-19 laboratory test per- disease like a common cold or
to boost production, while lab- formed is done using a tech- the flu, rather than a cause of
oratories and companies are nique called a polymerase mass hospitalizations and
ramping up operations that chain reaction, or PCR. deaths. A Covid-19 vaccine was administered at a high school in Winter Springs, Fla., on Saturday.
some had scaled back after the Many laboratories have ex- That would make it just an-
virus largely retreated earlier cess testing capacity. Labora- other disease for doctors to powers to require Covid-19 vac- effective vaccines at a reason- naviruses cause common colds
this year. tory Corp. of America Hold- treat, one of many possible cination for employees of many able price to all populations,” in humans. They suspect those
ings can run about 300,000 causes of a cough, fever or con- businesses, federal contractors he said. viruses might once have caused
Covid-19 tests a day and is gestion. It also would become and healthcare providers, part To stop spreading, the virus more severe illness. But they
currently using less than half one more disease that people of an administration push to needs to run short of people can’t be certain. Those viruses
A repeat of last of that capacity, said Adam might have to get regularly im- lift a nationwide vaccination susceptible to infection. It has a started spreading long ago, and
summer’s crippling Schechter, LabCorp’s president munized against. rate that stands at some 63% of long way to go. About 2.3 bil- scientists don’t know how they
and chief executive. When or even whether eligible people. lion of the world’s 7.8 billion evolved, said Stanley Perlman,
delays in Covid test “If all the unvaccinated in- Covid-19 settles into that status Vaccinations have proved people are fully vaccinated, ac- a coronavirus researcher at the
results is unlikely. dividuals decided to opt for depends on how many more successful at limiting hospital- cording to Our World in Data, a University of Iowa.
weekly testing, it might be a people get vaccinated and how ization and death. The Centers project based at Oxford Univer- Delta is such a powerful
stretch. And if that all comes soon, said Adolfo Garcia-Sastre, for Disease Control and Preven- sity. About 1.1 billion people variant that it will be hard for a
in on Mondays, that too would director of the Global Health tion said late last week that un- have been infected, some epide- new variant to outcompete it,
CVS Health Corp. and Wal- be a touch more difficult from and Emerging Pathogens Insti- vaccinated people are 10 times miologists estimated. said Eric Topol, director of the
greens Boots Alliance Inc. a load-balancing standpoint,” tute at the Icahn School of as likely to be hospitalized and The risk of infection for the Scripps Research Translational
have begun limiting the num- said Alex Greninger, assistant Medicine at Mount Sinai in 11 times as likely to die from unvaccinated is growing as Institute in La Jolla, Calif.
ber of at-home tests custom- director of the clinical virology New York. Covid-19 than vaccinated peo- more people get vaccinated and But SARS-CoV-2 continues
ers can buy online or in stores laboratory at the University of For Covid-19 to become ple, according to data the the virus seeks out people who to evolve, producing variants
as they work with test suppli- Washington Medical Center. mild, most people will need agency reviewed. remain susceptible, said Angela that virologists and public-
ers to ensure they are able to “But I’d anticipate more peo- some immunity, which studies A future Covid-19 could be Rasmussen, a virologist at the health authorities are watching
meet demand. ple getting vaccinated, so I have shown reduces the sever- less deadly than the flu, which Vaccine and Infectious Disease closely. Some scientists believe
Meanwhile, employers are think we will be OK.” ity of the disease. Infections kills up to a half-million peo- Organization at the University a variant could pierce the pro-
having a tougher time secur- For rapid antigen tests, provide some immunity, but ple a year globally, because of Saskatchewan. “People are tection provided by vaccines.
ing bulk tests to screen em- which hunt for pieces of virus that comes with the risk of se- the most widely used Covid-19 going to get exposed one way “The next set of variants
ployees as retail pharmacies protein and give results in vere illness, death and further vaccines are better than flu or another,” she said. will be created in the midst of
and other testing providers ra- about 15 minutes, demand al- spread of the virus, compared vaccines, said Dr. Garcia-Sas- The number of people who two to three billion people
tion supplies, according to ready has started to outstrip with vaccines. People could tre, an influenza expert. The have been vaccinated or in- vaccinated,” said Salim Abdool
consulting group Mercer LLC. the available supply of the become vulnerable to SARS- disease could still remain seri- fected is rising rapidly. Accord- Karim, an infectious-diseases
A repeat of last summer’s tests themselves recently. Ab- CoV-2 if that immunity erodes ous for people with weaker ing to Public Health England, epidemiologist and director of
crippling delays in Covid-19 bott Laboratories, a key sup- or is weak, or if the virus mu- immune systems, doctors said. 98% of adult blood donors in the Center for the AIDS Pro-
test results appears unlikely, plier of such tests, scaled tates. But the slow rollout of vac- the U.K. have antibodies to gram of Research in South Af-
laboratories and medical pro- down its operations after de- “The more people who are cines is putting the world at SARS-CoV-2. Most have them rica. “They’re very likely to be
fessionals say, given that U.S. mand plummeted in the sum- vaccinated, the less problems great risk of confronting new due to vaccination. variants that can break
labs expanded operations last mer, and the company is cur- there are going to be,” Dr. Gar- variants, said Roberto Burioni, One reason many scientists through vaccine immunity. If
year and more types of tests rently working on scaling its cia-Sastre said. a virologist at the Vita-Salute believe that Covid-19 will even- they can’t break through vac-
are available. As Covid-19 manufacturing back up and President Biden said Thurs- San Raffaele University in Mi- tually become a cold- or flulike cine immunity, they’re not go-
peaked in many states last hiring additional employees. day that he would use federal lan. “We should make available disease is that four other coro- ing to make much headway.”

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A8 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

WORLD NEWS
Iran to Allow in Some Nuclear Inspectors
Agreement with U.N. of knowledge that we were talks. “Gives space for diplo- blocked.
confronted with until yester- macy,” said Enrique Mora, the “Issues between us and the
agency aims to avert day,” Mr. Grossi told reporters EU diplomat, on Twitter. “It’s agency are technical and polit-
crisis in negotiations on his return to Vienna on crucial we resume #Vienna- ical issues will have no place
Sunday evening. Talks as soon as possible.” in the mutual relations,” said
on restoring 2015 deal The joint statement said A decision not to censure Mohammad Eslami, head of
Iran and the agency also Iran is likely to face criticism Iran’s atomic-energy agency,
BY LAURENCE NORMAN agreed to hold senior-level from opponents of the 2015 after Sunday’s meeting.
discussions in coming weeks nuclear deal and others. Is- The 2015 nuclear agree-

WEST ASIA NEWS AGENCY/REUTERS

Iran reached an agreement aimed at boosting cooperation rael’s Prime Minister Naftali ment lifted most international
with the United Nations on other issues, which will in- Bennett on Friday called for sanctions on Iran in exchange
atomic agency that will grant clude the agency’s probe of “an appropriate and rapid in- for tight but temporary re-
international inspectors access unreported nuclear material ternational reaction” to Iran’s strictions on Tehran’s nuclear
to some of the country’s nu- found in Iran that Iranian offi- nuclear actions. activities.
clear-related sites, a step cials have repeatedly failed to “It is a typical regime move. In May 2018, then-President
likely to avert a crisis in the explain. String everyone along…buy Donald Trump pulled out of
negotiations on restoring the The IAEA chief didn’t say time, make last-minute conces- the accord and imposed
2015 nuclear deal. when the agency would get ac- sions to deter pressure, and sweeping sanctions on Iran.
Sunday’s agreement comes IAEA Director-General Rafael Grossi, right, went to Tehran this cess to the sites. That creates a keep taking patient pathways Beginning in the summer of
after International Atomic En- weekend in a bid to persuade Iran to step up its cooperation. potentially awkward situation to nuclear weapons,” said Mark 2019, Iran started progres-
ergy Agency Director-General for the U.S., France, Britain Dubowitz, president of the sively breaching the key re-
Rafael Grossi made a last-min- sumption of nuclear talks. by the agency to monitor and Germany, which are ex- Foundation for Defense of De- strictions in the accord.
ute trip to Tehran this week- The nuclear talks started in Iran’s activities. pected to shelve the IAEA cen- mocracies, a Washington-based Ali Vaez, director of the
end in a bid to persuade Iran April but were interrupted af- The IAEA had warned that sure resolution but may have think tank that opposes the nu- Iran project at the Interna-
to step up its cooperation with ter Mr. Raisi was elected in some of the equipment could to take it on trust that Iran clear deal. tional Crisis Group, said the
the agency ahead of a meeting June. The new government soon stop functioning and Mr. will implement its promise. An IAEA board censure mo- agreement showed the new
of the IAEA’s top member has refused to fix a date for Grossi has said that without it, The State Department tion, which can be introduced government wasn’t seeking ex-
states starting on Monday. resuming talks. the agency would be “flying didn’t immediately respond to by any member state, could cuses to abandon nuclear di-
The U.S., France, Britain and In a joint statement issued blind” in ensuring that Iran a request for comment on have led to action by the U.N. plomacy.
Germany had been discussing a following talks between Mr. wasn’t diverting nuclear mate- whether the agreement would Security Council, including po- “This was the first test for
formal censure motion against Grossi and the head of Iran’s rial and equipment into a nu- scuttle efforts to censure Iran. tential sanctions. However, Raisi and he has clearly indi-
Iran next week if no agreement atomic energy agency, Iran clear-weapons program. The agreement was wel- Russia’s public opposition to cated that he wants the nu-
was reached, a step that Iran’s agreed to allow the agency ac- “I think we managed to rec- comed by the senior European escalating the issue meant any clear deal restored,” he said.
new President Ebrahim Raisi cess to a range of nuclear sites tify the most urgent issue Union diplomat who is coordi- follow-through from a censure —Aresu Eqbali in Tehran
had said could scuttle the re- to reset equipment installed which was the imminent loss nating the Vienna nuclear resolution would likely be contributed to this article.

Taliban Takeover Puts Diplomats in Limbo Afghan

BY VIVIAN SALAMA they want to,” said Mr. Raha.
Pilots Who
WAS H I N G T O N —W h e n
Jawad Raha returned to his
“If the Taliban take over the
embassy, or the embassy is
given to them, then it’s up to
Fled Leave
diplomatic post in Washington
from his latest trip to Afghani-
stan in early August, the Tali-
each individual whether they
want to work for the Taliban
government or not.”
Uzbekistan
ban had been capturing pro- The fate of the embassy BY JESSICA DONATI
vincial capitals across the could turn on whether or not AND SIOBHAN HUGHES
country, but he still believed the U.S. ultimately recognizes
the U.S.-backed government the Taliban’s government. WASHINGTON—A group of
could fend them off. In 1997, the U.S. suspended Afghan Air Force pilots and
“People were worried be- operations at the Afghan Em- their relatives who had fled
cause of the fast pace of the Tal- bassy in Washington over a the Taliban flew out of Uzbeki-
iban advancement,” said Mr. dispute among the diplomats stan this weekend after the
Raha, a seasoned Afghan diplo- over who was the country’s le- U.S. and Uzbek governments
mat. “But there was still hope.” gitimate leadership: The Af- reached an agreement on their
A month later, Mr. Raha and ghan Republic or the Taliban transfer, people familiar with
his colleagues at the Embassy that had deposed it. the matter said.
of Afghanistan in Washington The State Department ruled The Uzbek government has
are diplomats without a gov- there was no effective govern- been under pressure by the
ernment. Their salaries and ment in Afghanistan, and shut Taliban to hand over the pi-
communication with Kabul have the embassy’s doors. lots, who flew themselves and
been cut off, and, like the tens The Afghan Embassy in relatives to safety in Uzbeki-
of thousands of Afghans who Washington reopened in Janu- stan aboard Afghan Air Force
have fled the country, they are ary 2002, a month after the U.S. helicopters and airplanes.
unsure what their futures hold. reopened its embassy in Ka- The U.S. effort to train and
When the Taliban rolled bul. U.S. officials at the time build an Afghan Air Force was
into Kabul on Aug. 15, the doz- said they had returned for good. among the most celebrated
ens of Afghan diplomats sta- Nearly two decades later, the programs in support of the
tioned in Washington reached few remaining U.S. diplomats in country’s military. The U.S.
out to their U.S. counterparts, Afghanistan left in August as spent billions of dollars on the
trying to ensure the evacuation part of the final withdrawal. air force, including on train-
of their families, friends, and For now, the Afghan diplo- ing, maintenance and dozens
vulnerable Afghans, including mats have decided to remain of helicopters and planes.
women and ethnic minorities. in Washington and dedicate While the Taliban have
The Taliban have said they their time to consular services promised amnesty to govern-
want international recognition and humanitarian efforts. They ment officials and forces, the
and diplomatic relations with say they have made a home pilots fear for their safety and
EMAN MOHAMMED FOR THE WALL STREET JOURNAL (2)

the U.S., but contacts between away from home in Washing- their families’.
the U.S. and the new interim ton, raising families and edu- Still in question is the fate
government are limited to a cating their children here. of the 46 aircraft that landed
few top-level U.S. diplomats Mr. Raha, now 34, was a at Termez airfield in Uzbeki-
and military officials. Like teenager when the Taliban stan near the border with Af-
their U.S. counterparts, the Af- were overthrown 20 years ago ghanistan. These include U.S.-
ghan Embassy officials have but remembers being scolded
been working to address the by Taliban fighters in the
humanitarian crisis. streets for failing to grow his
They have had no official peach-fuzz beard. Since then,
The crew members
contact with the new govern- he has gone on to graduate and their families
ment in Kabul. from university in Kabul and
That is partly by design: serve at diplomatic posts in-
are believed to have
Many of them refuse to recog- cluding in Geneva. He says he gone to the U.A.E.
nize the Taliban government Diplomat Jawad Raha, top, has faced uncertainty at the Afghan Embassy since the transition. was able to get all of his imme-
and fear persecution or death diate family out of Afghanistan.
if they return to Afghanistan. than the black and white ban- assault. Since the Taliban takeover, Despite the risks, he said, if
Others want to wait for the ner of the Taliban-led Islamic “Leaving Kabul was the Afghanistan has been cut off working in Washington were no supplied Black Hawks and PC-
dust to settle before deciding Emirate of Afghanistan. most difficult decision of my from the international financial longer feasible, he would con- 12 surveillance aircraft, along
whether to return. Whimsical Mughal-era life, but I believed it was the system and most foreign aid sider returning home but not with Soviet-era MI-17s.
“I want to know what I am paintings still decorate many only way to keep the guns si- has stopped flowing, crippling to serve a Taliban government. The Taliban are calling for
going back to,” one diplomat of the embassy’s walls. But im- lent and save Kabul and her 6 the Taliban’s ability to pay gov- “If I know that I’m safe and the aircraft to be returned to
said. “For now, we answer to ages of former President million citizens,” he wrote on ernment and military salaries. I can do something for my Afghanistan, a move likely to
no one, really.” Ashraf Ghani were quickly Twitter on Wednesday. If the embassy runs out of country, for myself or my fam- be strongly opposed by the
The Afghan Embassy is lo- taken down after he fled the The embassy is burning money, the diplomats will be ily in Afghanistan, I will go U.S. Uzbekistan has carefully
cated in a nearly 100-year-old country on Aug. 15, an act that through its surplus cash, forced to decide whether to back,” he said. “I won’t work hedged relations between
house in Washington’s Ka- Mr. Raha and his colleague de- spending it on rent and diplo- return home, find other em- for the government, but I will global powers in the region
lorama district. The black, red scribed as a betrayal. mats’ salaries. Locally hired ployment in Washington, or be doing something for my and has privately urged the
and green flag of the Republic Mr. Ghani has said he fled staff, including some Ameri- relocate somewhere else. family for my people, and I State Department to resolve
of Afghanistan still flies high to avoid certain execution and cans, have been told they will “Each of my colleagues can think most of my colleagues the issue as soon as possible.
above its main entrance, rather to spare Kabul from a Taliban be let go this month. make their own decision that will do the same.” The Taliban criticized the
transfer of pilots out of Uz-
bekistan.

U.S. Grapples With Hundreds of Unaccompanied Minors “These pilots should return
to their country, the country
needs them,” said spokesman
Suhail Shaheen. “We are just
BY RAJA ABDULRAHIM The chaos of the evacuation family members, who could be family reunification unit has child-welfare officials, accord- starting to rebuild our coun-
at the airport in Kabul sepa- anywhere in the world. Some already received hundreds of ing to a U.S. official familiar try. The world should help us,
RAMSTEIN AIR BASE, Ger- rated many families. of the children have no family requests from family members with the matter. instead of hurling hurdles in
many—On the wall of the din- On Aug. 22, the U.S. asked or relatives outside Afghani- either in Afghanistan or else- One 15-year-old boy who the way of reconstruction of
ing tent in one area of this air Unicef to help register unac- stan. where looking for a child, came through Ramstein was Afghanistan and economic
base hang paintings by some companied children at the Ka- More than 34,500 Afghan which has helped identify separated from his family in prosperity of our people.”
of the Afghan children who bul airport. evacuees have come to Ram- those who are unaccompanied. the rush to board planes at The State Department de-
have been evacuated by U.S. By the time the U.S. ended stein. The majority, more than “We find them every day,” the Kabul airport. clined to comment. Uzbek offi-
authorities since their home evacuation flights late in the 25,000, have already left and said U.S. Air Force Brig. Gen. “His family was in line and cials in Washington declined
country fell to the Taliban last month, 17 were reunited with resettled elsewhere, mostly in Josh Olson, 86th Airlift Wing the airplane was closing up to comment.
month. family while still in Kabul and the U.S., according to the State commander. and they pushed that boy out Initial plans focused on fly-
They are a few of the esti- around 150 were registered as Department. At least 15 children have al- of line and said, ‘Get on that ing the pilots to Doha, Qatar,
mated 300 unaccompanied mi- unaccompanied and sent to ei- The number of unaccompa- ready been reunited with fam- airplane,’ and his family but ultimately the first plane
nors who were among the ther Ramstein or the Al Udeid nied minors at Ramstein has ily members and more are ex- stayed behind and he ran for carrying the Afghan passen-
thousands of Afghans who fled air base in Qatar. Since then, hovered around two dozen, as pected in the coming weeks, the airplane, jumped on, leav- gers flew to the United Arab
on American flights, according scores more have emerged some depart and new children according to Unicef. ing his entire family behind,” Emirates this weekend, people
to United Nations children’s from the tens of thousands of arrive or are identified among In addition, more than 150 Gen. Olson said. familiar with the matter said.
agency Unicef. Afghans who were evacuated. the evacuees as minors who unaccompanied minors have He was eventually reunited It wasn’t immediately clear
About 100 have arrived on Now the U.S. faces special arrived without a parent or been brought to the U.S., with with his family in Qatar. whether the group would ulti-
the Ramstein base over the challenges resettling the chil- guardian. The youngest was 9. the number rapidly rising, and —Michelle Hackman mately be transferred to the
past several weeks. dren and reuniting them with The State Department’s are in the custody of U.S. contributed to this article. U.S. or elsewhere.
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A9

WORLD NEWS

German Youth
Feel Left Out
Of Politics
BY ERIN DELMORE member of the center-left So-
cial Democratic Party and can-
BERLIN—One of the hottest didate for the federal parlia-
campaign topics in Germany’s ment in Berlin’s central
national elections is some- district. “[It’s] like these 15
thing that is a distant dream years of potential voters
for the country’s younger vot- doesn’t exist in the German
ers: pensions. campaign.”
Older voters have long had Whereas American politi-
a determining influence on cians trip over themselves to
elections in Germany. As the win over young voters, dan-
aging country grows even gling everything from policy

MARKUS SCHREIBER/PRESS POOL

older—the over-60 now make proposals on student debt to
up more than a third of the massive get-out-the-vote con-
electorate, according to the certs and celebrity cameos in
government—they are becom- campaign ads, establishment
ing the key target of political politicians in Germany prom-
parties’ messages, something ise stability, not change, and
a new cadre of politically often appeal to nostalgia.
savvy influencers is trying to This means efforts to mobi-
change. lize younger voters and focus Social Democratic Party co-chairwoman Saskia Esken, center, and candidate Annika Klose, right, campaign in Berlin.
“No millennial knows the parties’ attention on the
Helmut Schmidt anymore. issues these voters care about by the thought that 16-year- insufficient. A follow-up
They only know [departing have mainly come from non- olds could be voting,” she Younger Voters shape of the next govern- posted in early September
Chancellor] Angela Merkel,” politicians this year. said, pointing to recent debate ment, especially this year takes aim at what he describes
said Dr. Wolfgang Gründinger, Germans have even coined in Germany about lowering ‘Ready for Change’ when polls suggest the next as a cozy relationship between
a 37-year-old author of politi- a word for young (and young- the voting age. “And that says ruling coalition will have to in- politicians and coal compa-
cal books. Mr. Schmidt was ish) social-media celebrities a lot about whom politicians clude three parties for the nies.
the country’s chancellor from who have espoused political think they’re working for and Some pollsters think the first time. While the share of young
1974-1982, and his image fea- causes: “Sinnfluencer,” a port- whom they’re not working lack of focus on younger vot- “My generation feels like voters in the electorate is
tures in a campaign ad. “Even manteau of the words “Sinn,” for.” ers is politically risky. we are so ready for change,” small, participation among the
the Greens try to appeal to the German for sense or purpose, Inclusion and accessibility The German political sys- said Paulina Kintzinger, a So- young is high by U.S. stan-
old voters because the young and influencer. advocate Raul Krauthausen, tem has grown more frag- cial Democratic Party cam- dards. Turnout hovers around
voters, they elect them any- These include 25-year-old 41, said he is considering ex- mented over time: There are paigner, reflecting on Angela 68% for voters under age 30
ways,” Mr. Gründinger said. climate activist Luisa Neu- plicitly endorsing a candidate now six parties in parliament Merkel’s 16-year stewardship and creeps up to the low 70s
Older voters—those above bauer. In one Instagram post, on his Instagram account. One compared with three less of the country that earned for voters under age 40.
or near retirement age—aren’t she showed her estimate of of his recent efforts has fo- than 40 years ago and the her the maternal nickname Despite this, “most of the
just a big part of the elector- the per capita carbon-dioxide cused on pressuring the mak- most popular is polling at just “Mutti,” meaning “mum.” parties and especially the big
ate, they are also more likely emissions represented by each ers of the “Wahl-O-Mat” app 25%. This means smaller “At some point you don’t parties have a stronger focus
to vote in a country that rou- party’s platform. Sustainabil- and website, which recom- groups of voters could now need them anymore because on issues that are of interest
tinely has turnout rates ity influencer Louisa Dellert, mends which party to vote for more easily influence the you’ve grown up,” she said. [to the over 60],” said Dr. An-
around 70% for national bal- 31, has used her Instagram ac- after a user responds to a quiz dreas Jungherr, 39, chair of
lots. By comparison, Pew Re- count to discuss the various on election issues, into offer- political science at the Univer-
search Center estimates that parties’ positions on the speed ing a friendlier interface for videos, made his foray into the while the Greens shot up to a sity of Bamberg.
U.S. turnout was 56% in 2016 limit on German highways. people with disabilities. He political circuit when he historically high 20.5% on the Olaf Scholz, a Social Demo-
and rose into the 60s in 2020. Each woman reaches hundreds shares messages from people posted a scathing criticism of back of a campaign focused on crat and the leading contender
Some younger voters in Ger- of thousands outside tradi- frustrated with the app’s ac- the center-right Christian preventing climate change. for the chancellery, has said
many say this means their in- tional media. cessibility on his social-media Democratic Union days ahead Sandwiched between videos his government would focus
terests aren’t being addressed “Every young person who accounts. of the 2019 European election. about electric cars and Ger- on fighting child poverty, mak-
enough in the campaign. says that politicians don’t care “There are some activists The CDU pushed back man soccer’s Bundesliga, Rezo ing housing more affordable
“No one talks about teens about them a lot—to me, it who are really angry now, and against the entertainer, who last month uploaded another and shoring up the country’s
and the young professionals makes a lot of sense and it’s I tried to give them more doesn’t give his real name, anti-CDU video that begins by pay-as-you-go pension system.
[age] 15 to 30,” said Paulina kind of no surprise,” Ms. Neu- reach with my followers,” Mr. with a document fact-checking hitting the party for its re- The conservative CDU and the
Kintzinger, 24, who works on bauer said. Krauthausen said. his claims, then went on to sponse to this summer’s cata- free-market Free Democratic
the election campaign for An- “There are parties in this Rezo, a blue-haired German score a historically low 28.9% strophic flooding and charac- Party have put tax cuts high
nika Klose, a 29-year-old government that freak out just YouTuber known for his music of the vote at that election terizes its climate policy as on their agenda.

every
one
deserves a decent
place to live.

Learn more at
habitat.org.
 .

A10 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

FROM PAGE ONE

California
Recall Tests
Restrictions
Continued from Page One
local governments from enforc-
ing mask mandates. Several
Florida school districts have de-
fied orders from GOP Gov. Ron
DeSantis prohibiting similar
mandates. A state appeals court
Friday affirmed the governor’s
order and reinstated the ban.
In recent weeks, California
has had among the lowest infec-

FROM LEFT: DAVID PAUL MORRIS/BLOOMBERG NEWS; BRIAN CAHN/ZUMA PRESS

tion rates in the U.S., and one of
the highest vaccination rates:
82% of residents ages 12 and
older have received at least one
shot compared with 73% nation-
wide. Mr. Newsom, 53, holds a
significant party advantage:
Only about a quarter of Califor-
nia voters are registered Repub-
licans. In the November elec-
tion, President Biden received
63% of the state vote.
Yet, the pandemic’s fallout
has turned the recall election
into a contest—fueled, in part,
by voters unnerved by succes-
sive Covid-19 spikes that
strained hospitals, bruised the
economy, prompted lockdowns,
and renewed masking rules. The
pandemic has compounded Cali- Left, Democratic California Gov. Gavin Newsom rallies supporters in an effort to fight the recall effort against him. Right, Republican radio host Larry Elder, Mr.
fornians’ existing discontent Newsom’s lead challenger, with supporters. Californians are divided over the state’s pandemic policies, and some were frustrated with restrictions under Mr. Newsom.
over high housing prices, the
number of homeless people and petition had collected more than relief funds, she said, her com- time for violent crimes—to curb ning to replace Mr. Newsom are Barbie George, a homemaker
a seemingly endless wildfire 1.6 million signatures to qualify, pany would have closed. the spread of Covid-19 in pris- former San Diego Mayor Kevin from Newport Beach who sup-
season that has spread haze as one of only two gubernatorial The state lost 2.7 million jobs ons and jails. Faulconer, Olympic gold medal- ports Mr. Elder, said his mes-
far as New York. recall efforts in state history to in March and April of last year Days after Mr. Newsom’s ist and reality TV star Caitlyn sages on the economic shut-
“People are very frustrated yield an election. and had regained fewer than six French Laundry dinner came to Jenner, state Assemblyman downs and education seem to
and in some ways are lashing California workers were di- in 10 of those by July, according light, the governor said he was Kevin Kiley and businessman resonate with her friends who
out about the resurgence of vided into the more prosperous to the U.S. Labor Department. “pulling the emergency brake” John Cox, who was defeated by are Democrats. “They want to
Covid, and they don’t know who could work from home and Since February, California by reinstating widespread re- Mr. Newsom in the governor’s be able to go out to stores and
what to do about it or who to those dependent on jobs that has added an average of 111,850 strictions and mandating that landslide 2018 victory. they don’t want to be shut down
blame,” said Celinda Lake, a were curtailed by restrictions, jobs a month. In July, nearly one Californians wear face masks Mr. Elder leads the pack with again,” Ms. George said. “In-
Democrat who was one of two or who had to quit work to stay in nine jobs added to the U.S. outside their homes. the support of 26% of voters, ac- stead of just saying, ‘Absolutely
lead pollsters in Mr. Biden’s home and care for children economy came from California. As cases skyrocketed, the cording to the PPIC poll. If he not,’ they’re saying, ‘You know
campaign. “If it becomes about when public schools shifted to The state’s 7.6% unemployment governor ordered a monthlong were to win, Mr. Elder would what, I might.’”
sending a message to the politi- remote learning. rate in July was its lowest since statewide curfew ahead of become not only one of the Former House Speaker Newt
cal system in general…then that This spring, California had the pandemic began but above Thanksgiving. He asked resi- most prominent Black elected Gingrich and former Arkansas
means anything is possible.” the lowest per capita Covid-19 the national rate of 5.4% that dents to avoid traveling for the officials in the U.S., but also a Gov. Mike Huckabee are among
Summer polls showed Mr. rate of any state. It also had the month. holiday or gathering with family rare conservative at the helm of the few high-profile Republicans
Newsom with a small lead, highest percentage of school Last year, the state’s popula- and friends. a deep-blue state. pushing for the recall effort, but
within the margin of error. A districts with remote instruc- tion declined for the first time By December, hospitals Mr. Newsom’s campaign neither the state nor national
survey released Sept. 1 by the tion, upsetting many parents. since record-keeping began in started running out of beds, and notes Mr. Elder’s opposition to parties have coalesced behind a
Public Policy Institute of Califor- Christie Pesicka, a Democrat 1901, according to California’s doctors contemplated how they abortion rights, his support for GOP contender.
nia showed likely voters in favor who mailed in a ballot to recall Department of Finance. might ration care. Ambulances Mr. Trump’s immigration poli- On Monday, Mr. Biden plans
of keeping him in office, 58% to Mr. Newsom said she initially in some parts of the state were cies and his opposition to set- to appear with Mr. Newsom at a
39%. A majority of state voters defended the governor’s pan- instructed to leave certain pa- ting a minimum wage. rally in Long Beach, Calif. “Cali-
support Mr. Newsom’s handling demic restrictions, but grew an- The surge tients who were least likely to The recall campaign also fornians widely support Gover-
of the pandemic, polls show, gry seeing how differently fami- Early in the pandemic, when survive the trip to the hospital. kicked off alongside the rise of nor Newsom’s handling of the
with Republican voters mostly lies were affected. Her 5-year- Covid-19 deaths in California the Delta variant, which Mr. pandemic,” said Nathan Click, a
opposed. old son languished in a school numbered in the dozens, Mr. Newsom’s campaign has used to spokesman for the Newsom
Yet Democrats “are largely year taught via computer screen Newsom was lauded by public further underscore the gulf be- campaign.
ambivalent about him, person- while on TV she saw baseball health officials for issuing state-
Recall asks if there tween the two men. Campaign volunteer Irene
ally,” said Rob Stutzman, a GOP fans at Dodger Stadium, many wide lockdown orders and forc- is “an electoral At an Aug. 31 news confer- Segura recently knocked on
strategist who worked for for- of them unmasked. ing the closure of nonessential ence, Mr. Newsom repeated Mr. doors in the largely Latino city
mer Gov. Arnold Schwarzeneg- Safety requirements put in businesses. For much of spring
punishment for Elder’s promise to roll back of Pico Rivera, in southeast Los
ger. Mr. Schwarzenegger, a Re- place for the fall semester by last year, California’s positive Covid policies.” state mandates requiring Angeles County.
publican, was the last governor the Los Angeles Unified School test rates remained far lower healthcare workers to be vacci- “If we remove the governor,
to take office in a recall, replac- District, including masks for than the national average. nated and school staff to show we are going to go backward,”
ing former Gov. Gray Davis, a outdoor play, turned her further As summer approached, resi- proof of vaccination or get Ms. Segura, a home healthcare
Democrat, in 2003. against Mr. Newsom, she said, dents bristled at the restric- On New Year’s Eve, California tested weekly. worker, told Fernando Zamudio,
who she blamed for not requir- tions. Hundreds protested at the reported 61,016 new Covid “His model is Texas and Flor- a 73-year-old Democrat who
ing schools to open sooner. state Capitol. In May, Mr. cases, its single-day record. ida and Mississippi,” the gover- cleans offices. “He was a gover-
Dinner out “I felt completely abandoned Newsom relaxed the rules, al- The state has reported nor said, citing higher rates of nor who put essential workers
Mr. Newsom, a business by my own party,” said Ms. lowing counties to decide 66,625 deaths due to Covid-19 Covid-19 cases and hospitaliza- first for vaccines.” I’m with him,
owner and millionaire, may have Pesicka, who took a hiatus from whether to reopen bars, restau- and more than 4.3 million cases tion in those states. One of Mr. Mr. Zamudio replied in Spanish.
given the recall effort its biggest her job in film production to rants and other businesses. to date. Its per capita rate for Newsom’s campaign ads warned Tracy Aldridge, a hairstylist
boost. State officials on Nov. 13 oversee her son’s at-home stud- Many did. A surge in cases fol- both deaths and cases ranks voters that failing to vote could from Venice Beach, said she al-
had asked residents to avoid ies. “They’re living in these lowed. about midway among the states. leave them with “an antivaxx most signed the recall petition.
gatherings with people outside gated communities with secu- Restaurant owners and their Republican governor of Califor- Mr. Newsom’s stay-at-home or-
their households. Days later, rity and assistants, and their customers got whiplash when nia.” Mr. Elder said he was vac- ders wiped out her business and
news photos surfaced of the pandemic was very different the state again closed bars and Two questions cinated and that the shot should a paperwork glitch delayed her
governor dining maskless with than ours.” indoor dining in July last year, The recall ballot asks two be a personal choice. unemployment checks for
lobbyist friends at the French Denise Duncan owns an and then within weeks, allowed questions: Should Mr. Newsom Mr. Elder has criticized Mr. months.
Laundry, an exclusive Napa Val- equipment dealership in Po- some counties to reopen them if be recalled? And, if so, who on a Newsom for what he called arbi- Ms. Aldridge seethed. In the
ley restaurant. By chance, a mona, Calif., that she said suf- local infection rates improved. list of 46 candidates should re- trary rules that have hurt indi- end, she decided to vote no on
judge earlier that day gave the fered a 40% drop in sales last In December, state rules forced place him vidual businesses and the larger the recall. Ms. Aldridge, a life-
recall petitioners an extra four year. She blamed Mr. Newsom’s restaurants and businesses in The California Democratic economy. “Gavin Newsom shut long Democrat, finds Mr.
months to gather signatures. lockdowns for the economic un- harder-hit regions to close Party successfully dissuaded down this state while ignoring Newsom smug and insincere,
Mr. Newsom apologized for certainty that prompted clients through much of the winter. prominent members of the science, while having his own she said, but fears the alterna-
making an error in judgment. to put off upgrades. Mr. Newsom was criticized party from running, and Mr. children enjoy in-person private tive.
Within weeks, the number of “Everybody came to a grind- by county prosecutors and vic- Newsom’s campaign has called education and sitting up there “I think he did the best he
signatures on the recall petition ing halt,” said Ms. Duncan, a Re- tim-advocate groups after the on voters to leave the second at the French Laundry,” he said could,” she said. “It could have
ballooned to nearly half a mil- publican who supports Mr. El- state released thousands of in- question blank. at a fundraising event in New- been so much worse for Califor-
lion from 56,000. By April, the der. Without federal Covid-19 mates—including some serving Among the Republicans run- port Beach, Calif., last month. nia.”

In Paris, of silvery blue fabric that rap-

pellers will drape it in—and tie
down using nearly 10,000 feet
and now they’re adding their
own,” said Sophie Duplaix, a
Centre Pompidou curator, said
Birds piped up when they
learned that Christo had pro-
posed to wrap the arch in April

L’ Arc Show of rope. The effect will billow

out the boxy silhouette, as
though “the Arc just took a
of the artists. “I think they’re
asking us in a subtle way to ap-
preciate the present.”
2020.
“The timing was in the mid-
dle of the breeding season,”

Must Go On
THOMAS SAMSON/AGENCE FRANCE-PRESSE/GETTY IMAGES

deep breath,” said Mr. Ya- Ms. Duplaix said she braced said Yann Libessart, spokesman
vachev. for some pushback from locals for the group, adding that they
The project amounts to a since the monument is so re- worried the birds wouldn’t be
poignant exhale following vered. She also knew Christo able to breed or feed their
Continued from Page One Christo’s death at age 84 in had faced down wary officials fledglings if their nest was en-
I’d finish it, and I’m relieved I 2020 and his wife’s death 11 in the past in order to complete shrouded.
could,” said Vladimir Yavachev, years earlier. It’s shaping up to his works. It took a decade be- Christo agreed to push his
the artist’s nephew and project be one of the most anticipated fore officials in Paris let him launch to fall 2020. Then the
director. events of the fall art season. wrap the Pont Neuf bridge in pandemic hit and the timeline
Christo had the idea to Not since the public art duo 1985, and it took 26 years be- got pushed back by again, by a
swath the arch in 1961 a few planted saffron-colored “Gates” fore he and Jeanne-Claude year. Christo died in the in-
years after the Bulgarian emi- all over New York’s Central were given the green light to terim, after finalizing all his ar-
gree moved to Paris, but he and Park in 2005, or built “Floating install “The Gates” in New York tistic choices, his studio said.
his wife lacked the artistic or Piers” atop Italy’s Lake Iseo in in 2005. One idea he had to Mr. Yavachev said his uncle
political clout at the time to se- 2016, have audiences had the suspend fabric panels above relished troubleshooting these
cure permission to pull off such chance to see their signature, L’Arc de Triomphe will be wrapped, fulfilling a longtime dream of part of the Arkansas River was outsized projects, so installing
a feat; instead, they focused on draping style at this scale. married artists Christo and Jeanne-Claude, after their deaths. met with such virulent protest “L’Arc de Triomphe, Wrapped”
wrapping smaller objects like “L’Arc de Triomphe, from Colorado ranchers, he without Christo’s diplomacy
toy horses and stacking oil bar- Wrapped” will remain up until Elsewhere in the city, sev- with a show it was organizing eventually gave it up. and enthusiasm has proven bit-
rels in unusual configurations. Oct. 3, with the traffic that typ- eral exhibits will explore the that would explore the works Permits wound up getting tersweet. Mr. Yavachev said
Now, the project that could ically encircles the monument artists’ work further, including he and Jeanne-Claude created sorted smoothly this time he’s still pledged to complete
cap their careers has less than in Place Charles de Gaulle redi- a series of photographs between 1958 and 1964, when around, thanks largely to sup- one final project on the artists’
a week to go before it is un- rected elsewhere on weekends, mounted on the banks of the they lived in Paris. Instead, port from President Emmanuel behalf in Abu Dhabi, though
veiled. Their team has already allowing audiences to get close Seine by the city that will Christo demurred, mentioning Macron and the Center for Na- that timeline remains opaque.
finished attaching around 400 and easily walk around it, orga- chronicle Christo and Jeanne- his earlier idea to swath Napo- tional Monuments. “Everybody grieves in their
tons of steel to the 15-story nizers said. Covid-related re- Claude’s career. leon’s victory arch, where the “But then came the kes- own way,” he said. “He was al-
monument to cage and buffer strictions will be enforced, with Christo’s long-dormant idea World War I-era Tomb of the trels,” said Mr. Yavachev. Turns ways so concentrated on get-
its Neoclassical friezes and fu- workers taking visitors’ tem- to wrap the arch was revived in Unknown Soldier resides. out, a pair of falcons keep a ting the work done, and so am
nereal reliefs. This will keep peratures; a livestream will 2017, when the Centre Pompi- “The choice is striking be- nest high in the crevices of the I. Once the Arc is finished, then
the structure from rubbing also allow people to log in and dou invited the artist to wrap cause there are so many layers monument, and France’s I think it’ll hit us that he’s
against the 270,000 square feet watch throughout. its own building to coincide of history to that monument, League for the Protection of gone.”
 .

PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, September 13, 2021 | A11

the survey found.

More employers are considering
tracking who’s been vaccinated—59%
do so now, 19% are planning to or
considering it. And of those who re-
quire vaccinations, more companies
are asking for proof.
What does the public think? In a
September poll from CivicScience,
56% of 2,282 people surveyed
agreed that proof of vaccination
should be required to go to work,
compared with 27% who disagreed.
Some employees are losing pa-
tience with unvaccinated col-
leagues, increasingly supporting
measures like restricting them from
in-person work and business travel,
according to spring and summer
polls from Eagle Hill Consulting.

The weight on working

mothers
ILLUSTRATION: THE WALL STREET JOURNAL, PHOTOS: ISTOCK (4)

What has happened to moms dur-

ing the pandemic? They haven’t
left the labor force in droves, says
Misty Heggeness, a Census Bureau
economist whose new paper ana-
lyzes mothers of school-aged chil-
dren. The share of those women in
the labor market dropped to 71% in
May 2020 from 74% in 2019, then
climbed back to 72.4% this July.
“I think it’s amazing that more
mothers didn’t peel off,” she says.
Still, moms were 26.4% more
likely to leave the labor force than
dads of school-aged children and
15.8% more likely to leave than

Work’s Future, by the Numbers

women living without dependent
children. Those who stayed em-
ployed struggled, too. Many moth-
ers veered into burnout, took
stretches of leave and suffered set-
backs in their careers.
September is ushering in a weird season, as the question of where we do our jobs remains in limbo With parents stumbling into a
school year of exposure risk and
WORK change has landed us. How do you feel about quarantines, there’s a chance that
& LIFE remote work? more women exit. And the ones
RACHEL ‘I quit’ Willing to work a hybrid Only want to
who already have?
FEINTZEIG People are on the move—or want Only want to schedule—some days remotely, work in the “It gets less and less likely that

T
to be. Nearly two-thirds of work- work remotely some days in the workplace workplace Not sure they’re going to ever return,” she
ers are looking for a new job, ac- says.
his month was supposed cording to an August survey of Baby
to mark the triumphant 1,007 Americans by Pricewater- Boomers The future is hybrid
return to the office, to houseCoopers LLP. That’s up from Good news: Employers are getting
non-wobbly child care about one-third of workers polled Generation X more comfortable with the idea of
and a postwork happy in May. Job seekers say they’re you working from home indefinitely.
hour or two. motivated by the promise of more Millennials Bad news: They still want you in the
Instead, September is ushering money, benefits and chances to office more than you’d like.
in a weird season. In-person school climb the ladder. 0 20 40 60 80 100% Since the start of the year, em-
is precarious, Covid-19 cases re- Bosses feel the pressure. The Note: Doesn’t total 100% due to an ‘Other/Please specify’ category that included a write-in option. ployers have boosted the number
main elevated, and the question of overwhelming majority—88%— Source: The Conference Board of days they plan to let employees
where we work remains in limbo. said they’re seeing higher turnover work from home post-Covid by
Many employees are nervous or than normal, according to an Au- they were delaying plans to bring Sure, many are eager to stay home. 18%, to an average of 1.23 days a
burned out or just feeling restless- gust PwC survey of 752 executives. more employees back, in an effort But others are craving their old of- week from 1.05 days a week. That’s
ness in their careers. Meanwhile, polls show em- to keep staff safe amid the Delta fice lives, or at least a firm plan according to research from Nicho-
It isn’t the moment many of us ployee engagement ticking down variant of Covid-19. In recent about what comes next. las Bloom, an economist at Stan-
hoped for, yet it feels like a pivotal and workers willing to walk if weeks, companies such as Apple ford University, Jose Maria Bar-
one. To understand where we are they’re called back to the office. Inc., Chevron Corp. and Wells Fargo A stance on shots rero, an assistant professor of
and what’s coming, let’s look at Search firm Korn Ferry recently & Co. have pushed back their dates. Getting to the next phase could finance at Instituto Tecnológico
the data. asked 378 professionals what The delays also reflect an in- require rolling up your sleeve. Even Autónomo de México, and Steven
The numbers say attitudes they’d do if their employers man- crease in employee concerns. Some before President Biden’s plan re- J. Davis, an economist at the Uni-
around vaccine mandates are dated in-person work, even just a 42% of 2,482 people polled by the quiring large employers to mandate versity of Chicago.
changing. Frustrations with work, few days a week. Twenty-one per- Conference Board last month said that their workers get vaccinations Workers, on the other hand,
and the urge to throw it all away cent said they’d refuse to go back, they worried about the possibility or weekly Covid-19 tests, more com- want to telecommute 2.29 days a
for something new, are accelerat- and 17% said they’d quit. of catching the virus while return- panies were moving toward such week, or 86% more than their bosses
ing. The gap between what em- ing to the office. That’s up from mandates. About a fifth of 961 em- envision, the economists found.
ployees want their work lives to Changing calendars 24% with such concerns in a June ployers surveyed by Willis Towers Most people want a mix, but
look like, and what bosses think Those employees may have more survey by the organization. Watson from Aug. 18-25 said they the purists overwhelmingly prefer
we’ll eventually snap back to, per- time before they need to bust out It’s a moment of jitters, and had some sort of vaccination re- home. The Conference Board sur-
sists. And parents, especially their remote-work ultimatums. limbo. Some employees have quirement, whether it be to access vey found that 4% of workers want
mothers, are staring down another Four in 10 corporate leaders polled watched multiple return-to-work an indoor cafeteria or stay em- to work exclusively in the office,
strange school year and struggling. by employment law firm Littler dates sail by. Yet they’re still typ- ployed. By the end of the year, a to- while 20% want to work remotely
Here’s where 18 months of Mendelson P.C. said last month that ing away from their kitchen tables. tal of 52% could have such a rule, full time.

Covid-Testing Rules Italy is among

countries with
new testing rules.

Get More Complex free of charge, the

cruise line said.

BY ALLISON POHLE challenging for many. In some ar- Print out

eas of the country, Covid-19 tests test results
More travel destinations are re- are harder to come by, and accept- Many airlines
quiring travelers to present nega- able at-home tests can be costly. will allow you to
tive Covid-19 tests for entry, even If you’ve got a trip coming up, upload vaccina-
those who are fully vaccinated. here’s the latest advice on which tion records and
The changes are adding fresh com- tests you’ll need—and how to find negative test re-
plexity to an already confounding them. sults to an app.
time for travel. Having a hard
Travelers are struggling to both Determine which copy on hand can
keep up with changing test guide- Covid-19 test you need help, too. Ms.
lines and find acceptable tests that Travel advisers say travelers are Katz says she cau-
will provide results by the time seeking out at-home tests, but are tions clients
they need to fly. often unsure which ones are accept- against relying
After the European Union re- able. The Abbott BinaxNOW only on digital
moved the U.S. from its “safe” list Covid-19 Ag Card home test, for ex- copies in case
of countries, some member na- ample, is a rapid antigen test that is they lose Internet
tions began imposing new rules. widely accepted by many cruise access or cell ser-
Italy, for instance, now requires lines and airlines because it in- vice when their
fully vaccinated travelers to sub- cludes the supervision of a telemed- can take longer to arrive, so hav- nated, went to a nearby retirement results are being checked.
mit a negative test taken within 72 icine professional. The professional ing a rapid antigen test can also be home in Adams, Neb., where he When Mr. Mewes was waiting
hours of arrival in the country. will watch you take the Covid-19 helpful in time-sensitive situa- knew staff members were tested to board the cruise in Seattle, he
And beginning Monday, the test, and you will receive a vali- tions, she says. weekly. He was able to get a rapid realized the paper that showed his
Centers for Disease Control and dated result through an app. The Some countries, such as Canada antigen test and get his negative negative test result was in his lug-
Prevention will require fully vacci- tests can cost $150 for a pack of six. and Anguilla, don’t accept antigen results the day before he boarded gage, which had been taken away
nated cruise passengers to submit The type of test you can take tests. Travelers will need to look the cruise. to be loaded onto the ship. He
proof of a negative Covid-19 test also depends on your vaccination closely at each country’s specific Travel agents suggest doing a chased down the luggage cart, and
taken within two days of boarding status. Many cruise lines will ac- requirements. broad search for testing locations got the result back in time. “Keep
a ship. Previously, fully vaccinated cept antigen tests for fully vacci- if local pharmacies are booked up. everything together, and it’ll save
passengers had to provide nega- nated travelers, but unvaccinated Give yourself plenty of Ms. Katz notes that Zoo Miami, for you a lot of heartache,” he says.
tive test results within three days travelers, including children under time to get a test example, offers PCR tests.
of boarding. 12, must submit PCR tests. Nucleic Randy Mewes, a mechanic for a Because of the tightened timing Get tested—even if
“Things change daily,” says Su- acid amplification tests, which in- John Deere dealership, lives in ru- for tests, some cruise lines are of- you don’t have to
san Peavey, owner of Susan Peavey clude PCR tests, are also widely ral Nebraska. He knew he needed fering passengers options. Royal Ca- Not every international destina-
Travel Inc. in Marshfield, Mass. accepted and available at pharma- to get a Covid-19 test before de- ribbean International sells at-home tion requires a negative test for en-
Travelers have to understand each cies such as CVS or Walgreens. parting on a Carnival cruise to test kits that can be ordered online. try, but many travel advisers say
MANUEL SILVESTRI/REUTERS

country’s rules and regulations Robin Katz, a travel adviser Alaska last month, but the chain They cost $69.99 for a pack of two they tell their clients to take a test
and in some cases additional re- who owns a Cruise Planners fran- pharmacies nearest to him were in and $99.99 for a pack of three. regardless.
quirements at destinations, such chise in Miami, says she recom- Lincoln, about an hour away. He Disney Cruise Line will require “If you can do it [easily], why
as resorts that are now requiring mends travelers take both a PCR hoped to find a more convenient all passengers to take a rapid PCR not,” says Jerry Lang, president of
proof of vaccination. test and a rapid antigen test if option, while making sure he got test at the terminal before boarding House of Travel, which is based in
Finding the correct tests within time allows. PCR tests are widely his results in time. starting Monday, regardless of vac- Aventura, Fla. “The rule might
the allowed time frame is proving accepted, she says, but the results Mr. Mewes, who is fully vacci- cination status. The test is provided change when you’re flying.”
 .

A12 | Monday, September 13, 2021 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Snowbirds
taurants, but his business boomed.
“My income stream doubled,” says
Mr. Luzzi, who was inspecting
homes all 12 months, charging $38
for each standard visit, which in-

Weigh Travel cludes taking photos, flushing toi-

lets and writing a report.
Another species of seasonal
traveler is expected to pick up
some of the slack from reluctant

This Winter snowbirds: Zoombirds.

Angela Durko, a professor of
tourism at Texas A&M University in
College Station, Texas, describes
Plenty of seasonal travelers stayed home last them as remote workers, ages 25 to
50, who head south for better
year. Now, a growing number plan to head south. weather, renting homes or apart-
ments or staying with relatives.
“They are usually coming from
BY CLARE ANSBERRY

T
places that are more expensive to
live,” says Dr. Durko. She teaches
he annual migration for remotely while living in St. Peters-
many snowbirds is weeks burg, Fla., with family members and
away, but the Covid-19 considers herself a Zoombird. She
waves in warm-weather and her husband, a commercial pi-
locales like Florida and lot, sold their Texas home in June,
Arizona are causing some along with most of their belongings.
seasonal residents to rethink travel Destinations like this RV park in Mission, Texas, above, are gearing up for “We don’t have children. We have
plans. Others say they’re deter- snowbirds returning despite the Delta variant’s spread. Lois and Robert dogs. It works for us,” she says.
mined to make the trip after miss- Slack, left, and Jim and Donna Jacko, below, are planning trips to Florida. Valorie Crooks, a professor at
ing a season in the sun. Simon Fraser University in British
Fully vaccinated and equipped their annual trip to Panama City Columbia who studies snowbird
with latex gloves to pump gas, Beach, Fla., last year. Eventually, migrations and health-care impli-
Robert Slack and his wife, Lois Winter Texan Times, a free weekly they decided to go. Warmer cations, says many feel safer head-

CLOCKWISE FROM TOP: BRENDA BAZÁN FOR THE WALL STREET JOURNAL; RANDY HAMILTON/SNOWBIRDS GULF COAST; LORRAINE CASTEL
Slack, plan to drive 1,400 miles distributed to mobile homes and weather is better for her asthma ing south because they can exer-
from their Ontario, Canada, home RV parks in the Rio Grande Valley. and for Jim’s exercise routine. cise outside and shop at open-air
to Winter Haven, Fla. Mr. Brunson says many parks can- “I didn’t want to live with him mails. Others, especially those who
“Last year, we sat home and celed entertainment last year be- during the winter if he couldn’t live in recreational vehicles, travel
watched the snow come down,” says cause of liability concerns as well get out of the house,” says Donna,
Mr. Slack, 79 years old. The Delta as social distancing and crowd-size noting that her husband has com-
variant is a concern, but the couple restrictions. “They’re planning for peted in several Ironman competi-
hopes infection rates will fall by the a recovery year,” he says. tions and regularly runs, swims
‘I didn’t want to live with
end of October. They also bought a Rebecca W. Acosta, a registered and bikes. They figured they could him during the winter if
supplemental travel health-insur- nurse and executive director of practice the same safety protocols
ance package to cover up to $5 mil- Traveler’s Medical Service in New in Florida that they do at home—
he couldn’t get out of the
lion in Covid-19 related medical York, which offers pre-travel con- masking, social distancing and house,’ says Donna Jacko.
costs. Once in Florida, he says they sultation and other services, says avoiding crowds—but with the
will continue to wear masks. that although the Covid-19 vaccine benefit of a beach and sunshine.
A growing number of people, makes travel safer, risks remain. Now fully vaccinated, they plan
many now vaccinated, expect to That is especially true for those to leave for Florida in October. because many Canadian RV parks
head south for the winter despite with pre-existing conditions, such Tom Luzzi, who owns an Ari- close in winter. Groceries and utili-
the Delta variant spread. About 90% as heart disease, and those with zona-based home-watch service, ties can be less expensive in south-
of the estimated 1 million snow- destinations in states with high says most of his 250 snowbird cus- ern regions, too.
birds who travel annually from Can- Covid-19 infection rates. tomers are in a holding pattern. Ca- Dr. Crooks’s own snowbird par-
ada, say they will head for warmer If hospitals in an area get over- nadian customers are waiting to see ents are wary about making the
areas compared with 30% last year, whelmed with Covid-19 patients, if the land border opens so they can come out to Arizona and risk my trip this year.
assuming the land border reopens they may not have intensive-care drive across, rather than fly and health?’” says Mr. Luzzi, who owns “The numbers in Florida are still
to nonessential travel later this beds for someone who has a heart rent a car for six months. Canadians Arizona Snowbird Home Service in too high,” says Barb Crooks, 73, of
month. Land border restrictions re- attack or stroke, she says. can fly into the U.S., regardless of Queen Creek. Ontario, referring to the state’s
main in place through Sept. 21 and “Everything has a Covid over- vaccination status, as long as they He expects about 40% of his cus- Covid-19 infection rate. She usually
may be extended. lay,” she says. She suggests sea- present proof of a negative Covid-19 tomers will return this year—low spends winter with her husband at
In Texas, a favorite destination sonal travelers consult data tracker test administered during the three but better than the 2020-21 season, their home outside Venice, Fla.
for snowbirds from the upper Mid- maps available on the Centers for days before their travel. when only 18% made it down. Some She says they might decide to
west, mobile-home parks are book- Disease Control and Prevention Mr. Luzzi’s American custom- customers ended up selling their go after New Year’s if case rates
ing singers, dancers, comedians, website to monitor infection rates ers—mainly from Minnesota, homes, saying they could use fall. Her husband likes to bike, and
Elvis impersonators and pick- and hospital or ICU occupancy in North and South Dakota, Washing- money from the sale for future trips they’ve made friends in their Flor-
pocket showmen. counties where they are traveling. ton and Wisconsin—are watching to Mexico, Europe or Hawaii. ida residential community. “But
“We call them Wintertainers,” Donna and Jim Jacko, who live the Delta variant. Fewer snowbirds generally hurt we’re seriously thinking about sell-
says Dan Brunson, who publishes outside Cleveland, debated taking “They’re asking ‘Do I want to the region’s grocery stores and res- ing,” she says.

Metallica’s Since its Aug. 12, 1991 re-

lease, “The Black Album” has
There are many reasons
why “The Black Album” is so

Big Album
been deemed a classic and evergreen.
sold more copies in the U.S. Back in the late 1980s
than any other album (17.3 and early 1990s, hard rock

Proves million, according to MRC

Data)—making it one of the
most enduring records in
and metal bands that leaned
toward pop were topping
the charts. By making their
Its Power music-business history.
“There was no place else
music more accessible, Me-
tallica effectively capitalized
to go,” says Metallica drum- on the demand for bands
BY NEIL SHAH mer Lars Ulrich in an inter- like Bon Jovi, Mötley Crüe
view. “You couldn’t take the and Guns N’ Roses.
In the 1980s, Metallica’s path we were on any further Among Metallica’s key
breakneck tempos, baroque in the same direction. So the moves was hiring producer
melodies and anti-commer- only option was to turn.” Bob Rock, who had worked
cial attitude set the standard Thirty years later, the on Mötley Crüe’s 1989 multi-
for underground metal. Then continuing success of “The platinum album “Dr. Feel-
the band bucked expectations Black Album” is staggering, good.” Recording sessions
by entering uncharted terri- even compared with long- were famously tense: The
tory—the mainstream. standing hits by artists like band, which saw itself as an
The San Francisco-based Queen, Fleetwood Mac, AC/ industry outsider, wasn’t
used to taking
suggestions.
“Bob for a long
time represented
everything about
the music busi-
ness we didn’t
trust,” Mr. Ul-
rich says. “That
took some time
to get over.”
But the tug of
war led to a new
sound: Instead of
competing, Mr.
Ulrich and Me-
tallica guitarist
James Hetfield
worked more
collaboratively,
giving their
Metallica’s lineup for ‘The Black Album’: from left, Kirk Hammett, Jason songs a new
Newsted, Lars Ulrich and James Hetfield. looseness and
sense of swing.
Rather than
rockers on Friday released a DC and Michael Jackson. stuffing songs with guitar
newly remastered version of “The Black Album” is the riffs, they picked just a few.
1991’s “Metallica,” better fourth longest-charting al- “The battle cry was simplic-
known as “The Black Album,” bum in the history of the Bill- ity, simplicity, simplicity,”
the career-defining block- board 200 album-sales chart, Mr. Ulrich says.
buster that brought hard- dating back to March 1956, As Metallica’s sales ex-
core metal to the masses. Ac- when it became a regular, ploded, so did its stature. In
companying it is a separate weekly ranking. With 623 1994, the band renegotiated
53-track album of covers by nonconsecutive weeks, it is its contract with Warner
artists including Americana behind only Journey’s “Great- Music, and in 2012 became
singer-songwriter Jason Is- est Hits,” Bob Marley and the owners of their previous re-
bell and jazz saxophonist Ka- Wailers’ “Legend” and Pink corded-music copyrights, or
MIDORI TSUKAGOSHI/SHINKO MUSIC/GETTY IMAGES

masi Washington. Floyd’s “The Dark Side of the “master” recordings. Metal-
For “The Black Album,” Moon.” This year, it has lica now runs its own label,
the band abandoned byzan- moved an average of 11,000 Blackened Recordings.
tine, nine-minute epics and copies a week, MRC Data For young people around
embraced a more radio- says, more than most new re- the world attracted to
friendly style that featured leases. Week after week, its heavier music, “The Black
slower and more concise streams are strong, too. Album” is “part of their rite
songs. Longtime fans ac- “It’s like a perpetual of passage into teenage-
cused the band of “selling money machine,” says Deena hood and then into adult-
out”—a heavy-metal version Weinstein, a DePaul Univer- hood,” Mr. Ulrich says. “To
of the outcry when Bob Dy- sity sociologist and pioneer have a record that is part of
lan went electric. Yet the in the study of heavy-metal that journey for people—it’s
rest of the world tuned in. music and culture. f—ing crazy cool.”
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A13

ARTS IN REVIEW

Clockwise from above: Benjamin Falk’s ‘Helena Luy’ (c. 1880s); G.S.
Smith’s ‘Taking in the View’ (c. 1880); Charles L. Griffin’s ‘Toddler With
Dog’ (c. 1892); and an unknown photographer’s ‘Painter’ (c. 1890s)

dler standing beside a dog in Scran- larly important are the cards that
ton, Pa., circa 1892. Maggie Height illustrate the way subjects took con-
and Edith Van Sickle, two attractive trol of their own presentation, fore-
young girls in white dresses, were shadowing today’s smartphone self-
photographed by Marvin E. Beck- ies: Willie Poten, a Black adolescent,
with & Son in Cleveland (c. 1880) in posed in the 1880s in a smart suit
an elaborate, but hardly realistic, and hat for Samuel H. Logan in what
set; one girl sits in a boat and the appears to be an upscale room in
other stands holding a pole. There Fargo, Dakota Territory. A boy holds
are six portraits a bow to his cello
of Caroline in C.H. Wareham’s
Hughes Hannum
taken by three
The small posed studio 1890s picture
from Freeport, Ill.,
different photog- portraits, affordable and two men pre-
raphers in West tend to kill each
Chester, Pa., be-
yet detailed, exploded other (one with a
ART REVIEW tween 1889 and in popularity. hacksaw, the

Where People Got

1894 when she other a meat
was 9, 10, 11, 12, cleaver) in a pair
13 and 14 years of 1880s pictures
old, her parents’ way of keeping a by M.C. Hosford, West Rutland, Vt.
record of their daughter as she In 1900 George Eastman intro-

Their Close-Ups
grew. Three anonymous young duced the Kodak Brownie. It sold
women, probably sisters, posed in for $1 and you only needed to know
Chicago in fancy hats decked with how to push a button to operate it.
flowers for F.A. Place in the 1910s. People abandoned the cabinet-card
The wedding party Thomas Lenhart studios and, like true Moderns, cre-
photographed about 1896 in Allen- ated their own images of them-
An exhibition at town, Pa., includes 20 people be- selves. Today cabinet cards sell on
sides the bride and groom. In the the Internet for as little as 99 cents
LACMA looks at 1890s in Oakland, Calif., F.A. Web- for a lot of 10.
ster photographed a woman in a
cabinet cards coffin; the coffin is surmounted by Acting Out: Cabinet Cards and the
BY WILLIAM MEYERS imposing flower arrangements and Making of Modern Photography,

N
a portrait of her when alive. 1870–1900
Los Angeles A selection of 24 cards displayed Los Angeles County Museum of Art,
ine of the 13 works on face down shows the way the backs through Nov. 7
the wall to the left as you were used to advertise the photog-
enter “Acting Out: Cabi- rapher or the subject. Another Mr. Meyers writes on photography
net Cards and the Making grouping highlights elaborate back- for The Wall Street Journal. See his
of Modern Photography, drops, props and sets used for dra- photographs on Instagram
1870–1900” at the Los matic or humorous effect. Particu- @williammeyersphotography.
Angeles County Museum of Art are
by Napoleon Sarony. There are an
additional seven by Sarony
(1821-1896) among the over 200
works in the show; he is as close to
a celebrity as there was in the
world of cabinet cards. His name
was displayed in a gold signature
that took up a full story on the fa-
cade of 37 Union Square, the New
York building where he had his stu-
dio. And his spectacular mustache
made it easy for strollers to recog-
nize and greet him when he walked
up Fifth Avenue.
In the exhibition catalog both
John Rohrbach, who originated the
exhibition at the Amon Carter Mu-
seum of American Art, in Fort
Worth, Texas, where he is the se-
nior curator of photography, and
Britt Salvesen, curator and head of
the photography department at
LACMA, who organized its current
iteration, acknowledge they knew
little about cabinet cards until get-
ting engaged in this project. It was
badgering by Robert E. Jackson, a
collector of vernacular photography,
that got Mr. Rohrbach involved. A
cabinet card is a 5¼-by-4-inch im-
age mounted on a 6½-by-4¼-inch
cardboard support. The picture is
large enough to be richly detailed
AMON CARTER MUSEUM OF AMERICAN ART/LACMA (4)

and small enough to be relatively In addition to his technical and son (as Rip Van Winkle), Lotta
inexpensive. Improvements in tech- aesthetic talent, Sarony had a flair Crabtree (in her comic hat) and
nology—dry gelatin emulsions in- for publicity. The dramatic pictures more, including “Oscar Wilde Num-
stead of wet collodion, better pa- he took of himself in various cos- ber 18.” Sarony sold hundreds of
pers, toning and retouching—made tumes and posed against skillful copies of these cabinet cards; the
finer images and brought prices backdrops established him as a ce- Wilde portrait was reproduced in
down, as did competition: There lebrity. His studio became an engine tens of thousands of unauthorized
were more than 100 studios in New for producing celebrities at a time copies.
York. But cabinet-card studios when theaters were expanding and Everyday Americans used cabi-
sprang up even in small rural com- actors and actresses craved follow- net cards to chronicle their lives
munities, and the historical impor- ings. LACMA has up Sarony’s por- from birth to death. Around 1888,
tance of the medium is that it habit- traits of Adah Isaacs Menken, Clara William A. Fermann photographed a
uated Americans to having their Morris (still a beauty), Dion Bouci- baby in a fancy pram in Stoughton,
pictures taken. cault, Edwin Forrest, Joseph Jeffer- Wis.; Charles L. Griffin shot a tod-
 .

A14 | Monday, September 13, 2021 * *** THE WALL STREET JOURNAL.

SPORTS
JASON GAY

Daniil Medvedev Slams the Door

With history for Novak Djokovic on the verge, the 25-year old Russian steamrolls his way to the U.S. Open title
Novak Djokovic got But Medvedev kept coming. He
Novak Djokovic’d. Is was determined to stick a foot in
there any other way to the door of destiny. He made a
put it? Here he was, the name for himself in this tournament
most brilliant spoiler of in 2019 by playing a kind of wres-
tennis spoilers, the tling heel, and though he won New
World No. 1 who’d made a career York back that year with a noble
out of crushing story lines and five-set loss in the final against Ra-
breaking the hearts of beloved fa- fael Nadal, Medvedev seemed per-
vorites—except this time, it was fectly at home to have all the ap-
Djokovic who was the beloved fa- plause going in the other direction.
vorite, a pretty story line on the Medvedev was fit. He was fast.
doorstep of tennis history…and it He had endurance and answers.
was his heart being broken. This was exactly what Djokovic al-
He couldn’t quite get there. On ways managed to do: tune out the
the line for Djokovic Sunday in New noise and the groans and the tacky
York was a calendar “Grand applause when he faulted serves,
Slam”—running the table of the and focus, lock in, and take what he
Australian Open, the French, Wim- felt was his.
bledon, and this, the last, noisiest Djokovic, by contrast, looked

JOHN MINCHILLO/ASSOCIATED PRESS

major. It was a feat not accom- spent. It had been a wildly success-
plished since Rod Laver did it for a ful year, but also a long one.
second time in September of 1969. The match finished with Medve-
And it remains. dev romping in straight, symmetri-
Rod the God was there himself, cal sets: 6-4, 6-4, 6-4. In victory,
courtside, at age 83, dapper in a the first-time major winner was
blue suit, ready to share an achieve- gracious, lauding Djokovic as “the
ment with a generational player greatest tennis player in history.”
who appeared poised to collect his Djokovic, exhausted but moved,
21st major and an undeniable spot Daniil Medvedev denied Novak Djokovic’s bid to complete a Grand Slam with a straight sets victory in the U.S. Open final. thanked the crowd. “You guys touch
on the sport’s mountaintop. The my soul,” he said. “I’ve never felt
New York crowd, eager to witness deeply disinterested in a cameo in match, but eventually, the moment time, so that his sneakers squeal like this in New York, honestly.”
something unseen in more than a the climax of Djokovic’s virtuoso would be too big, and age, experi- like stock car tires and he never In the end, what was supposed to
half-century, was in the tank for season. A 6-foot-6 collection of ence, and Djokovic’s famous gluten- finds his balance. This is hard to do, be Djokovic’s day was not his day at
Djokovic, and this, in and of itself, arms, legs and wondrously unortho- free fitness would take over. Even if because Djokovic’s also trying to do all. And while it can be disorienting,
was something novel, as Djokovic dox strokes, Medvedev swinging Medvedev took the first set, or even this, but Medvedev’s strokes were or disappointing, it’s also what
had spent many big matches here away on the baseline can look like two—that was Djokovic’s sweet cleaner and crisper. Medvedev makes sports great, and hard, that
slotted in as the nemesis, mostly someone at a picnic batting away spot, his trap. No one was more cracked big serves and dug in, win- the pretty endings we expect and
unfairly, but occasionally not. flies. And yet it all somehow works. comfortable playing from a deficit ning the first set, 6-4. may want do not always happen.
“NO-LE! NO-LE! NO-LE!” the Medvedev is one of the best hard than the 34-year-old Serbian. The crowd was unshaken. This Novak Djokovic didn’t win a “Grand
crowd erupted at every chance it court players on the planet, and, if But Medvedev was ruthless, im- was in the script! Djokovic had been Slam” on Sunday, but Daniil Medve-
got. It was a lovefest. They really we’re being honest, more than a lit- pressively so. In the first set, he putting himself on the back foot all dev defied the crowd and the ex-
wanted this to happen. tle shortchanged entering the sta- broke Djokovic’s serve immediately, tournament, and it seemed fitting pectations and won the U.S. Open.
What happened instead was dium on Sunday. dictating the pace and doing what that he’d do it once more. The It’s a heartbreak, but it’s precisely
Daniil Medvedev, the 25-year- The assumption was that Medve- everyone tries to do to Djokovic, crowd tried to will it: “NO-LE! NO- what Novak Djokovic would have
old No. 2 seed from Russia, dev would give Djokovic a worthy which is to keep him moving, all the LE! NO-LE!” done, too.

The Qualifier Who Became Queen

BY JOSHUA ROBINSON
Fernandez of Canada, 6-4, 6-3, in Though Fernandez played
one of the most surprising finals higher-caliber opponents on her
Back in late spring, in a leafy in recent tennis memory: Two un- way to the final—knocking out
suburb of London, the Wimbledon seeded teenagers, ranked 150th three players ranked in the top 10,
wild-card committee took a gam- and 73rd, respectively, playing for including two-time champion Na-
ble on a teenager who had never $2.5 million and a first Grand Slam omi Osaka—Raducanu’s road was
SETH WENIG/ASSOCIATED PRESS

played in a major tennis tourna- title. longer. She reached the main draw
ment. Raducanu, born to a Romanian by winning three matches in quali-
She was 18 years old and fin- father and a Chinese mother in fying the week before the tourna-
ished the 2020 season ranked No. Toronto before moving to London ment, making her the first quali-
343 in the world. She was so ob- as a toddler, became the first Brit- fier, man or woman, ever to reach
scure, even in tennis, that Wimble- ish woman to win a major tourna- the final of Grand Slam.
don had initially refused her a ment since Virginia Wade starred Yet Raducanu was no worse for
spot. But when the All England at Wimbledon in 1977. Raducanu’s wear. She was so efficient
Club changed its mind and invited biggest-ever prize before Saturday throughout this tournament that Emma Raducanu became the first British woman to win a major tennis
Emma Raducanu into the main was in four figures at a tourna- she didn’t drop a single set in New tournament since Virginia Wade starred at Wimbledon in 1977.
draw, it touched off a stunning ment in India two years ago York. And on Saturday, she kept
string of events that culminated where the total purse was that record intact.
on Saturday in Queens. $25,000. Within two hours of match testament to your hard work and “I have no idea what I’m doing to-
That’s where Raducanu, an 18- “I wanted obviously to be play- point, Raducanu had also been dedication,” Queen Elizabeth wrote morrow.”
year-old from Britain, became a ing Grand Slams,” Raducanu said congratulated by Buckingham Pal- in a letter to her. Raducanu’s original plane ticket
U.S. Open champion. after her semifinal, “but I didn’t ace. “It is a remarkable achieve- “I have no idea when I’m going back to the U.K., booked for the
She defeated 19-year-old Leylah know how soon that would be.” ment at such a young age, and is home,” Raducanu said on Saturday. end of qualifying, went unused.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
50s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 4 Surrounds 40 Painted cloth at
Edmonton
Vancouver 0s 5 Periodontists’ the rear of a
60s 14 15 16
70s Calgaryy org. stage
10s
17 18 19 6 “The Raven” or 41 Rational self, to
60s Seattle Winnipeg 50s 20s
60s “The Tyger” Freud
Portland Montreal 30s 20 21 22
Helena 60s 70s Ottawa Augusta
7 Fare for Fido 42 Over there,
70s Billings 70s 40s 23 24 25 26 quaintly
Eugene Boise 60s Bismarck Toronto Boston
8 Bacall of “The
Mpls./St. Paul 60s 50s 44 Suspect’ s
60s 27 28 29 30 31 Big Sleep”
Sioux Falls Buffalo Albany 60s excuse
Milwaukee Detroit Hartford 9 “Oops, I blew it”
Pierre
90s 80s Cheyenne Chicago w York
New 70s 32 33 34 46 Sample for
Reno Des Moines 80s 10 Fifth month on a
Indianapolis Cleveland 90s Philadelphia 80s Ancestry.com
Sacramento Salt Lake Cityy Omaha Springfield
35 36 37 38 39 40 41 42 French calendar
Denver Pittsburgh
Washington D.C. 90s 48 King Priam,
San Francisco 70s Kansas 11 Go up
Topeka
Cityy 90s Charleston 100+
43 44 45 46 47 Hector or Paris,
Las Richmond 12 Out of the sun
70s Vegas
90s Colorado Wichita St. Louis Louisville for example
Springs Raleigh 48 49 50 51 52
Los Angeles
Nashville 13 Soldier standing 49 Expensive caviar
100s Santaa Fe Charlotte
guard
Phoenix Memphis Columbia
53 54 55 variety
San Diego Albuquerque Oklahoma Cityy Warm Rain
Little Rock Atlanta 18 Resounded 50 Ancestral
100s Tucson 80s Jackson Birmingham
56 57 58 59 60 61
90s Ft. Worth Dallas Cold T-storms
19 Andean pack primates
El Paso 80s Mobile Jacksonville 62 63 64 65 animal
Austin 51 Meager
40s Houston Stationary Snow 24 Shoot the breeze 52 Windblown
50s Orlando 66 67 68
60s 80s 70s Neww Orleans
26 Wrestling for
San Antonio Tampa
90s80s piles of snow
40s Showers Flurries 69 70 71 heavyweights
Honolulu 90s Miami 54 Passage through
Anchorage
70s 27 Binary base Panama
Ice
HOLD YOUR HORSES! | By Lynn Lempel 28 Sorcerer’s spell 58 Nike’s swoosh,
for one
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
Across 27 “On the other 55 Carefree 29 Journalist Curry
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Head of the hand...” adventure 30 Bring upon 59 Private school on
Omaha 86 64 pc 77 55 c Frankfurt 76 56 pc 77 61 pc oneself the Thames
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice pack 31 Like hiking trails 56 Cheer for the
Orlando 91 76 t 91 75 t Geneva 80 59 pc 73 60 t
Today Tomorrow Philadelphia 89 71 pc 88 70 s Havana 90 73 t 89 72 t 6 Tropical tree after rainstorms matador 34 Furtive 61 Gilbert of “The
City Hi Lo W Hi Lo W Phoenix 108 83 s 107 81 s Hong Kong 91 83 t 89 82 t 32 Spider’s creation 57 “The Nutcracker,” movement Conners”
Anchorage 57 48 c 55 46 r Pittsburgh 86 67 pc 84 66 pc Istanbul 78 66 pc 78 67 c 10 Catholic service
33 West Germany’ s for one 36 Girl in Dickens’s 63 Awareness-
Atlanta 87 70 s 85 69 c Portland, Maine 74 52 pc 67 57 pc Jakarta 88 76 r 83 75 sh 14 Issued a raising ad, for
Austin 83 69 t 83 69 t Portland, Ore. 74 52 pc 78 60 s Jerusalem 83 68 s 80 66 s challenge to capital 60 TSA requests “The Old
Baltimore 92 70 pc 91 69 s Sacramento 94 58 s 96 58 s Johannesburg 76 53 s 76 59 s Curiosity Shop” short
Boise 80 50 pc 80 54 s St. Louis 91 73 s 90 71 s London 68 58 c 68 55 sh 15 Big name in skin 34 Houston of 62 Join a dispute 64 PC’s “abort” key
Madrid 82 63 t 69 60 t care Texas 38 Support group
Boston 78 62 pc 72 65 pc Salt Lake City 84 59 s 82 57 s 66 Many moons
Burlington 73 54 pc 73 64 pc San Francisco 71 55 s 75 57 s Manila 89 79 t 90 79 t 35 Yoked bovines for GIs 65 Hankering
16 Arthur in the 67 Jason’s ship
Charlotte 91 67 s 91 65 pc Santa Fe 91 56 s 89 53 s Melbourne 57 42 pc 59 41 pc
Chicago 81 72 c 85 66 t Seattle 69 52 pc 70 55 pc Mexico City 66 56 t 72 57 t International 37 Full-length, as a Previous Puzzle’s Solution
Tennis Hall of movie 68 Mall tenant
Cleveland 80 69 c 87 68 pc Sioux Falls 73 58 t 72 49 c Milan 85 63 pc 81 66 pc A C H E F O L K S AMO S
Dallas 88 73 pc 87 71 pc Wash., D.C. 92 74 s 91 73 s Moscow 71 51 c 55 47 pc Fame 39 Do as told 69 Alternative to C H A R A B O A T L I L T
T I R AM I S U P R A I R I E
Denver 84 55 s 75 54 t Mumbai 85 80 sh 84 79 sh
17 2008 crossover “Granny”
43 “Finish your I N D E R E P U T E V E
Detroit
Honolulu
79 65 t
87 74 pc 86 75 pc
88 66 c
International Paris
Rio de Janeiro
78
84
63 pc 76 60 t
74 s 91 75 c voter dinner!” 70 City located N A C H O S C AM R Y D E R
AWA S H S I S
Houston 79 74 r 81 73 t Today Tomorrow Riyadh 104 80 s 104 79 s 20 One’s sib, maybe 45 From a thrift where the Saône O P E N R I O T A H O L D
Indianapolis 88 71 pc 87 69 pc City Hi Lo W Hi Lo W Rome 83 62 pc 83 63 pc shop and Rhône meet A R T D E C O R O L L AWA Y
Kansas City 88 70 s 82 63 t Amsterdam 68 55 pc 68 58 t San Juan 89 80 t 88 79 t 21 Indifferent to R O A L D N AM E P E T E
right and wrong 47 Before now 71 Network for E G G L A D L E
Las Vegas 103 76 s 102 76 s Athens 85 72 s 86 70 s Seoul 86 67 c 86 66 pc C A P R I U S E R I D A H O
Little Rock 86 69 t 87 70 t Baghdad 101 73 pc 102 73 pc Shanghai 81 78 sh 80 77 sh political junkies A G E E S P N AM C OM
22 Summer setting 48 Little League J A K A R T A C OMA N C H E
Los Angeles 86 61 s 81 61 s Bangkok 90 78 t 90 78 r Singapore 84 76 t 84 77 c
in D.C. lead-in Down U P O N A D E L E I R O N
Miami 89 78 t 90 79 t Beijing 83 70 c 78 60 c Sydney 63 52 pc 58 51 sh
Milwaukee 71 67 t 82 62 t Berlin 68 53 pc 73 58 pc Taipei City 96 79 pc 96 80 t 23 Leo or Libra, e.g. 51 Both sides of an 1 Hubbub N E E D V E N D S P A S S

Minneapolis 75 60 t 73 52 t Brussels 69 56 pc 69 57 t Tokyo 80 70 pc 77 69 c 25 He played Santa issue 2 Science settings The contest answer is TOYOTA. Each of the five
Nashville 89 68 s 87 68 pc Buenos Aires 65 51 t 60 48 pc Toronto 73 59 pc 75 64 t theme answers conceals a well-known Toyota
New Orleans 86 77 t 84 75 t Dubai 104 88 s 102 88 s Vancouver 67 54 pc 63 53 r in “Elf” 53 Close copy 3 “Thank heavens!” model: TIRAMISUPRAIRIE, SCAMRYDER,
New York City 85 70 pc 79 70 pc Dublin 62 53 sh 64 52 pc Warsaw 71 53 pc 69 52 pc ARTDECOROLLAWAY, CAPRIUSER and
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 91 68 s 89 67 s Edinburgh 61 52 c 63 52 sh Zurich 77 55 pc 72 58 pc JAKARTACOMANCHE.

 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A15

OPINION
The Market Fails a Breathalyzer BOOKSHELF | By Sally Satel

Joby Aviation,
which plans
to begin an
now $190—some dupes paid
$483, game over. Short sellers
Melvin Capital, Point 72 and
in the 2000 dot-com frenzy,
and just $16 billion in 2002,
U.S. venture capital invested
McChesney Martin once ex-
plained that the Fed’s job was
“to take away the punch bowl
Ready
electric air
taxi service in
2024, is worth
more than
D1 Capital focused on funda-
mentals and got their assets
handed to them. Shorts lost
more than $9 billion between
$130 billion in 2020 and then
$140 billion in the first half
of 2021. Startups these days
raise money as “the Uber of
just as the party gets going.”
From the looks of it, the en-
tire market would blow about
a 0.35 (as in Dow 35000) on a
But Not Able
INSIDE
Lufthansa, January and June. gardening” or “Space as a breathalyzer test.
VIEW
EasyJet or New Chairman Ryan Co- Service.” Oh wait, the latter So no, fundamentals don’t
Wounding Warriors
By Andy
JetBlue. Does hen, who is driving change at was WeWork’s pitch, whose matter—well, until they do. In By Daniel M. Gade and Daniel Huang
Kessler
that seem GameStop, may be a retail founder Adam Neumann de- 1989 Tokyo real estate sold (Ballast, 381 pages, $29.95)

C
right? In this genius for turning around clared in 2017, “our valuation for as much as $139,000 a
market, why not? Heck, earlier Chewy, but Redditors may square foot—350 times the onsider a tale of two Army veterans. Jeff served two
this year, Tesla was worth want to put in a call to value in Manhattan. At that terms as an infantry soldier in Afghanistan, moved
more than the next nine car hedge-fund manager Eddie Beyond Meat, with price, Tokyo’s Imperial Palace home to the Midwest, graduated from college and
manufacturers combined, Lampert, who bought Kmart was worth more than all the landed a secure job in a utilities firm. Matt fought
though now only the next six. and merged it with Sears in pea protein, is worth real estate in California. Not alongside Jeff, left the Army at the same time and headed
Beyond Meat, made with pea 2005, as a highly touted “in- more than the global anymore after Japan’s trip- home to North Carolina. By the time he was in his 30s,
protein, is worth more than tegrated retail” play, combin- tych of lost decades. though, Matt was unemployed and dependent on
the entire market for peas ing stores and online sales, market for peas. Yahoo was once worth government checks.
eaten globally—like the bum- eerily similar to the argu- $125 billion and AOL $200 Why did Jeff thrive while Matt lost his civilian footing?
per sticker says: Imagine ment for investing in billion during the dot-com The answer, according to Daniel M. Gade, a retired Army
whirled peas. Do fundamentals GameStop today. The stock and size today are much bubble. Both are worth 99% lieutenant colonel, and Daniel Huang, a former Wall Street
even matter? peaked at $135 in 2007. It is more based on our energy less today. Tesla CEO Elon Journal reporter, is the Department of Veterans Affairs—
I can go on. Used-car sales now at $0.30 as the company and spirituality than it is on Musk recently tweeted, “I in particular, its robust disability system. “Economists have
platform Carvana is worth languishes in bankruptcy. A a multiple of revenue.” Is thought 1999 was peak insan- known for decades that disability insurance benefits create
more than Volvo, Honda, Ford 1970s Sears Johnny Miller “spirituality” the S in SPAC? ity, but 2021 is 1000% more a disincentive to work,”
or Hyundai. Airbnb is worth leisure suit is worth more. And check this out: In insane!” Remember, when the they write in “Wounding
more than Marriott and Hil- AMC Entertainment’s stock June, an Italian artist auc- selling starts, fear of missing Warriors.” “Rather than
ton combined. Crypto-ex- was scraping $2 at the end of tioned an invisible statue for out turns into fear of losing foster resilience, the VA is
change Coinbase is worth 2020. It is now $50 thanks in $18,000—in reality it was an everything as speculators responsible for breeding
more than the Nasdaq. I live part to Robinhood specula- empty box the artist claimed jump like rats off a sinking passivity.”
at the intersection of innova- tors, and the company has was a “space full of energy.” ship. In their compelling exposé,
tion and disruption, but when smartly raised cash. But what WeWork energy? Yeah, maybe Today’s negative real yields the authors show in detail
companies are worth more about fundamentals? Theaters fundamentals are a quaint don’t reflect reality. The Fed how a well-intended system
than any possible reality, are still sparse, and Disney relic of a bygone era. has warned it plans on taper- can inadvertently lure fragile
watch out. and others are willingly put- The Federal Reserve de- ing bond and mortgage pur- veterans, step by step, away
How about those meme ting blockbusters directly serves most of the blame. chases later this year. Some- from the worlds of work and
stocks still getting hyped on onto their streaming ser- Near-zero interest rates one is at least reaching for community. The trajectory
Reddit’s WallStreetBets? vices—ask Scarlett Johansson means the market has no true the punch bowl. The compass typically starts just before
Those who bid GameStop about Black Widow’s ticket north to help compare stock may stop spinning soon. Until separation from the service.
shares into the stratosphere sales. Theaters are the new valuations with reality. We then and always, stick with Soldiers meet with VA
waved at Virgin Galactic Hold- roller rinks. are navigating turbulent seas fundamentals. representatives who emphasize
ings as they soared by. A year Venture capital is cuckoo. with a spinning compass. For- opportunities to collect dis-
ago, the stock was $6 and it is After investing $120 billion mer Fed Chairman William Write to [email protected]. ability compensation. Jeff, for one, wanted to “get out and
get on” with his life, while Matt took the VA agent’s advice
“and filed for every condition he could think of.”

El Salvador Runs a Bitcoin Scam Matt’s career plan had been to secure a coveted job in
law enforcement, but the field was highly competitive in
his hometown. So he took a job with his dad’s construction
Ever since by dollarizing in 2001, El Sal- “The Anti-Dollar Alliance”— send money home without in- company. But the physical toll of the job was too much for
Iran was de- vador ended the specter of hy- discussed an effort, led by curring money-gram fees. But the former paratrooper’s knees and back. Deeply depressed,
nied access in perinflation and devaluation. Russia, China and Ecuador it could also be the first step now out of work and living in his parents’ home, Matt tried
2012 to the It may be that Mr. Bukele “against the global dominance to breaking dollarization, college but felt overwhelmed. Meanwhile, anxious about
Society for believes that bitcoin will be- of the U.S. dollar.” which is popular. his future, he kept applying for, and being granted, higher
Worldwide have better than the dollar as The paper described a The stable-dollar coin is a disability ratings—receiving, eventually, a monthly tax-free
AMERICAS Interbank Fi- a medium of exchange and a 2014 meeting in Bolivia of parallel digital asset with a check exceeding $3,000. One of his disabilities was listed
nancial Tele- store of value. But if so, he foreign delegations from fixed exchange-rate to the as posttraumatic stress disorder.
By Mary
communica- got an education on the day these countries, along with dollar. In other words, it’s a For many partially or fully disabled veterans, PTSD is
Anastasia
tion, a of the launch. The website of dozens more. “One of the new currency created by the their primary diagnosis. The condition, marked by extreme
O’Grady
Brussels- the e-wallet Chivo, which the loudest voices came from Ec- government. hypervigilance, intrusive memories of traumatic events and
based global government is using to circu- uadorean President Rafael To get it into circulation, phobias reminiscent of terrifying war experiences, can be
banking network known as late bitcoin, crashed. Mean- Correa who held several con- the government has to get the debilitating. But it is also treatable. A psychologist who
Swift, the axis of evil and its while the dollar value of the versations with his Chinese largely unbanked nation into conducts “compensation and pension” exams for the VA
allies have intensified their cryptocurrency traded down counterparts to affirm the digital money. The bitcoin law told the authors that, when it comes to PTSD, the agency
search for a way to move il- as much as 17%. need to reform the interna- does this by forcing mer- “has been doing a disservice to millions of veterans by
licit money electronically, The rocky start high- tional financial architecture.” chants to accept the digital telling them that they’re disabled.”
outside the legal banking lighted the dangers of obliga- currency—Article 7 of the In Matt’s case, remarkably, even after the VA determined
system. tory bitcoin for a poor coun- law—via Chivo. him to be “housebound,” it didn’t mandate treatment.
Getting kicked off Swift is try that needs investment The cryptocurrency When Salvadorans convert “The natural athlete who had conquered his fear of heights
“like getting knocked back and growth. Salvadorans who their bitcoin to dollars, they to excel as an airborne soldier,” the authors write, “had
into the financial Stone Age,” receive bitcoin—in remit- as obligatory legal don’t receive dollars in the e- become a disabled man one year later.” The VA’s record on
says Joseph Humire, execu- tances or in commercial tender undermines wallet. Instead they become treatment in general looks poor: More veterans today,
tive director for the Center transactions for example— holders of stable-dollar coins, relative to their overall numbers, are compensated for
for a Secure Free Society. will either have to accept the dollarization. which are only a claim to real disabilities than ever before in the VA’s history. Under 0.1%
“Without it, governments are possibility of losses incurred dollars. of the veterans who receive disability benefits for mental
reduced to physically moving by holding this volatile asset At that point, Salvadorans disorders have their benefits reduced over time because
around pallets of cash.” or sell it through Chivo, As Mr. Bukele’s govern- hold an asset backed by the their condition has improved.
Salvadoran President Nayib which is a government-spon- ment grows ever closer to full faith and credit of, well,
Bukele doesn’t have to worry sored enterprise with little China and tensions with Mr. Bukele’s government. It
about that possibility any- transparency. Washington increase, it isn’t can rename that stable-dollar A robust disability program, though well-
more because on Sept. 7 El Article 8 of the law says unreasonable to see his bit- coin at any time, but it is intentioned, creates disincentives to work
Salvador made bitcoin obliga- that the government guaran- coin law as an experiment in most likely to do so only after
tory legal tender. By adopting tees “automatic and instant circumventing the laws that it gains widespread use. It and harms the veterans it is meant to help.
a nonbanking currency that convertibility” to dollars. It’s Mr. Correa so detested. can also renege on its prom-
will coexist with the U.S. dol- unclear how that works in There is no evidence that ise to peg it at one-to-one to
lar but trade outside the in- real time or the risks to tax- Mr. Bukele dislikes dollars. the dollar, essentially devalu- Of course, some minority of former soldiers are so badly
ternationally protected bank- payers. But as Florida Atlantic He undoubtedly knows they ing the asset. wounded that productive work is impossible. But more
ing system, Mr. Bukele University economist William are the world’s monetary It would be impossible to often than not, Messrs. Gade and Huang contend, the
ensures that he will be able to Luther points out “those who standard and surely would stop this unpopular confisca- problem is the VA’s habit of “orienting them away from
move money electronically, make the exchange won’t be like to have more of them. tion of assets because the their capabilities, emphasizing instead their impairments.”
even if his government should getting dollars in their Chivo But he wants to get around dollar-equivalent coin in the Yes, there are success stories. Molly, for example, a
face sanctions. accounts but rather dollar- the rules governing their cir- Chivo e-wallet would be is- member of the Georgia National Guard, was deployed to
The bitcoin law also gives stable coins.” As you will see culation in the international sued and backed by the gov- Iraq and worked as a combat medic. When she returned
Mr. Bukele a path to end dol- in a moment, this opens the financial system. Still, the ernment, which, by the way, to civilian life, she began to suffer crippling anxiety but
larization and return to a gov- door to a possible de-dollar- bigger near-term risk to the is highly indebted. If this was able to use VA disability support as a safety net: It
ernment fiat currency that can ization of the economy with- nation may be the threat to looks familiar it’s because it’s caught her when she fell and gave her time to restore
be printed as politicians de- out the public’s approval. currency stability. a gussied-up version of Ar- her well-being.
sire. This has alarmed advo- A 2015 paper published by The Chivo e-wallet allows gentine convertibility. But many others are caught in a disability trap. Adding
cates of stable money because, Mr. Humire’s center—titled Salvadorans in the U.S. to Write to O’[email protected] to the problem is the fact that benefits can have a symbolic
meaning. According to the psychologist who conducts
exams for the VA, many veterans see disability payments

Don’t Slander St. Junípero Serra as a “formal, belated recognition by the United States
government of the individual’s sacrifices.”
Is there a healthier way for veterans to feel their
By Salvatore J. Cordileone true. While there is much to of a Missionary,” Santa Clara apologized for the state’s his- nation’s gratitude and re-experience the purpose and
And José H. Gomez criticize from this period, no University scholars Robert tory of injustice against na- belonging that defined their time in the military?

C
serious historian has ever Senkewicz and Rose Marie tive people, acknowledging According to Lt. Col. Gade, who doesn’t appear in the
alifornia lawmakers made such outrageous claims Beebe point out deep cultural that it was California’s first first person until his powerfully written epilogue, there is.
have passed legislation about Serra or the mission misunderstandings that re- governor, Peter Burnett, who It would begin, he says, by targeting the precarious transi-
to replace a statue of system, the network of 21 sulted in cruelties for some launched what Burnett called tion phase, a time when a vulnerable veteran’s life path is
St. Junípero Serra at the Cap- communities that Franciscans natives living in the missions, “a war of extermination.” often forged. During that period, the VA should view most
itol in Sacramento with a new established along the Califor- but nothing resembling what That was in 1851. Serra mental conditions as temporary, if not normal, “symptoms”
monument honoring the nia coast to evangelize native the legislature claims. died in 1784. The destruction of re-entry into civilian life. “Our system must reject the
state’s native peoples. The people. The lawmakers be- Serra was a complex char- of the state’s native people idea that any veteran is unemployable or permanently and
Serra statue has been in stor- hind the bill drew their ideas acter, but he defended indig- happened long after he was ‘totally’ disabled.” he says. And we need to adjust the way
age since it was torn down by from a single tendentious enous people’s humanity, de- gone and many of the mis- benefits are gauged. As things now stand, veterans have
protesters in July 2020. A book written by journalist cried the abuse of indigenous sions had been taken over by an incentive to avoid reporting any improvement in their
humble 18th-century Francis- Elias Castillo. women, and argued against the government. condition, lest they lose their benefits. Relatedly, treatment
can priest, Serra would surely imposing the death penalty How we choose to remem- for an illness should be linked with the compensation
approve of a new monument on natives who had burned ber the past shapes the peo- associated with it. “If you don’t get treatment for your
honoring the indigenous Cali- California lawmakers down a mission and mur- ple we hope to be in the fu- PTSD,” Lt. Col. Gade writes. “certainly you have no right
fornians he spent his life sully the good name dered one of his friends. At ture. We can think of no to expect the taxpayer to fund its effects.”
serving. Unfortunately, the age 60, ill and with a chroni- better symbol for this multi- As worthy as such reforms may be, they probably
legislature has gone further, of a Catholic saint. cally sore leg, Serra traveled ethnic state committed to hu- won’t be adopted any time soon. Why is change so hard?
slandering his name and 2,000 miles to Mexico City to man dignity and equality Resistance comes—as it has for decades—from formidable
pushing a false narrative demand that authorities than to place two statues at veterans’ lobbies, bureaucratic inertia and timid politicians.
about the mission period in As leaders of the state’s adopt a native bill of rights the California Capitol—one Today the need for change has a special urgency, yet a
California. two largest Catholic commu- he had written. As Pope celebrating the living heri- government program meant to help them is, in fact,
“Enslavement of both nities, we serve thousands of Francis said when he canon- tage of California’s indige- making many veterans worse.
adults and children, mutila- native Californians who trace ized him in 2015, Serra is not nous peoples, another reflect- Messrs. Gade and Huang state that their goal in writing
tion, genocide, and assault on their faith to ancestors who only the country’s first His- ing the faith and leadership “Wounding Warriors” was “not to destroy current systems
women were all part of the helped build the missions. We panic saint, but should be of their defender St. Junípero but to shine a light on their inner workings in hopes of
mission period initiated and understand the bitter history considered “one of the found- Serra. finding solutions that are effective and moral for the
overseen by Father Serra,” of native exploitation. But ing fathers of the United taxpayer, the citizen, and the veteran.” Mission
declares Assembly Bill 338, history can be complicated States.” Archbishop Cordileone accomplished.
which passed both chambers and facts matter. Mr. Newsom knows Cali- leads the Roman Catholic
by wide margins and now In the definitive history, fornia history well enough to Archdiocese of San Francisco. Dr. Satel is a senior fellow at the American Enterprise
awaits Gov. Gavin Newsom’s “Junípero Serra: California, In- see that the claims against Archbishop Gomez leads the Institute and a visiting professor at the Vagelos College of
signature. None of that is dians, and the Transformation Serra aren’t true. In 2019 he Archdiocese of Los Angeles. Physicians and Surgeons at Columbia University.
 .

A16 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Those Still Left Behind in Afghanistan The Texas Abortion Law and the Constitution

T
he Taliban finally let more than 100 out of the country, but they’re at the mercy of Regarding your editorial “Texas’s state court system. Even though the
Americans, Canadians, Brits, U.S. per- the Taliban to allow safe passage. Remember Abortion Law Blunder” (Sept. 3): The relief being sought is very extraordi-
Constitution does not mention abor- nary at this stage of the proceedings,
manent residents, and others fly out of these families whenever the White House brags
tion or reproductive rights, so Roe v. it seems clear that the court could
Afghanistan Thursday and Fri- about the scale of the August Wade cannot create a constitutional have said “wait a minute” until this
day. The State Department The U.S. isn’t doing airlift. right. The Constitution can only be constitutional procedural barrier was
said it expects more depar- nearly enough to free The thousands more still in changed by the amendment process, dealt with.
tures, but the Biden Adminis- the 14-step application pro- not by the Supreme Court. Limited MARK B. PACKER
tration still isn’t doing nearly those who are trapped. cess should have been evacu- powers are delegated to Congress and Bellingham, Wash.
enough to save thousands of ated to a secure location all else is for the people and states to
Afghans who earned the right months ago. Politicoreports decide. Roe was incorrectly decided; “It is not the critic who counts,”
to emigrate to the U.S. that only 705 SIV applicants left during the instead of creating a false constitu- said Teddy Roosevelt. “The credit be-
Americans, U.S. residents and endangered evacuation. Some U.S. officials have denied that tional right, abortion policy should longs to the man who is actually in the
Afghans are still scattered throughout the coun- number but declined to provide their own. Mr. have been left to the states. This false arena . . . who errs, who comes short
right is said repeatedly to be consti- again and again, because there is no
try. The Taliban have effectively taken hundreds Blinken is testifying before the House and Sen-
tutional as though repetition makes it effort without error and shortcoming.”
hostage at the airport in the northern city of ate this week, and Congress should demand ex- so. But the Supreme Court has no The pro-life movement has been
Mazar-e-Sharif. Some Americans have been told act numbers. power to change the Constitution. blasted by innumerable constitutional
to travel to Kabul, but no one knows how many The Taliban said last week that it will let only ANTHONY J. ADOLPH, M.D. scholars and other critics (including
can do so safely. foreign passport- or visa-holders leave the Austin, Texas editorialists) from its humble begin-
“The United States has pulled every lever country. Are the thousands of endangered Af- nings. But its remarkable progress is
available to us to facilitate the departure of these ghans supposed to wait for the process to play This Texas law is plain silly. It flies almost wholly attributable to the
charter flights from Mazar,” a State Department out from Washington? And if they survive long afoul of the landmark Shelley v. Krae- growing number of women and men
spokesman said Thursday, adding that “we were enough to get a visa, who expects the Taliban mer decision of 1948. The Supreme who have been willing to battle for
very clear” they should be allowed to leave. This to grant safe passage? The new government’s Court held there that enforcement of unborn lives with whatever peaceful
a racially restrictive covenant by a means they find available, including
helplessness is humiliating, and across Afghani- security forces are run by a leader of the terror-
state court constituted state action less-than-perfect legislative solutions.
stan a massive tragedy is unfolding. ist Haqqani Network wanted by the Federal Bu- and thus a denial of equal protection As G.K. Chesterton noted, “If a
The Special Immigrant Visa (SIV) program reau of Investigation. under the 14th Amendment. It was thing is worth doing, it is worth doing
offers a path to U.S. citizenship for Afghans who The State Department says “we are consid- therefore unenforceable by a state badly.” We don’t know whether the
worked with the American government for at ering and we are developing additional process- court. The same logic would apply Texas law will ultimately stand, but
least a year during the war. The process can take ing alternatives so that we can continue to de- here, I believe, to any private citizen God bless Texas and its noble effort.
years, and hundreds of applicants and family liver important consular services, including to or group seeking damages under the CHRISTOPHER L. LAWLOR
members have been killed over time. A State De- these American citizens, these LPRs, these Af- new Texas law through resort to the Mequon, Wis.
partment official acknowledged that “the ma- ghans at risk.” Consular services? No wonder
jority” of SIV applicants remained after U.S. the Taliban feel free to humiliate the Biden Ad-
forces departed. This is one of the worst war- ministration.
time betrayals in U.S. history. The White House needs to tell—not ask—the The ‘Adults’ in the Room Fail in Afghanistan
“There are about 18,000 so-called principal Taliban that whoever wants to leave can do so Gerard Baker describes an adminis- The responsibility for the misad-
applicants in the system. Of the 18,000, half are at America’s invitation. If the Taliban refuse, the tration “so steeped in self-belief” that venture in Afghanistan ultimately
at the very early stages,” Secretary of State Ant- U.S. can oppose the new government economi- it can’t even acknowledge its miscal- falls on the shoulders of the Ameri-
ony Blinken said in June. “Then there is another cally and diplomatically, as well as assisting the culations (“Biden’s Vainglory Brings can people. They elected the politi-
9,000 who are much further along.” Mr. Blinken internal opposition. Second, the U.S. needs to Abject Humiliation in Afghanistan,” cians who did nation building on the
played down the risk of a quick Afghan govern- take every action possible—overt and covert, Free Expression, Aug. 31). It is hard to cheap for 20 years. The strategy
ment collapse, and Foggy Bottom did little to overland and in the air—to get people out. The imagine a more short-sighted Afghan failed and wasted the sacrifice of
avert the nightmare now unfolding for thou- State Department should commend and work exit strategy or blithe lack of concern thousands of U.S. and allied soldiers.
sands of SIV applicants. with private groups on rescue missions, not about implementation. An adequate effort at nation build-
James Miervaldis of the nonprofit No One treat them as a nuisance. Yet it is easy to imagine how much ing would have succeeded. One aspect
more chaotic and deadly the outcome of an adequate effort (based on the
Left Behind says that his organization is aware The Biden Administration wants nothing
would have been, were it not for the successful Japanese modernization of
of some 200 approved SIV applicants and their more than to wash its hands of the debacle in U.S. military, whose efforts tran- Taiwan) would have been deploying
families hiding throughout the country. Fully Afghanistan, and it has a political incentive to scended the stumbling blocks the Bi- 520,000 soldiers for a 20-year mili-
vetted with paperwork in hand, they were told play down or obfuscate the number of trapped den administration put in its way. tary occupation overseen by a West-
by the State Department to remain in place dur- Afghans eligible to come to America. But the We are forewarned about putting ern colonial government. Yet the U.S.
ing the chaotic evacuation. Then the last Ameri- world shouldn’t forget that thousands of would- our trust in those we hope would be deployment peaked at about 110,000,
can planes left. be Americans—men, women and children—face the “adults” in the room. We must and the government that ran the
Organizations like No One Left Behind have arrest, torture or death because of the White not again mistake the Biden adminis- country was a corrupt national one
the financial wherewithal to pay for their flights House rush to the Afghan exits. tration's confidence for competence. staffed by Afghans.
LYNN C. KOSS DWIGHT SUNADA
Fayetteville, N.Y. Stanford, Calif.
‘Success Is Not Illegal’
M
aybe the antitrust case against Big tal mobile game transactions,” Judge Rogers Education and the Nursing-Shortage Crisis
Tech isn’t as easy as the media sug- explained in her 185-page decision. She added When hospitals are understaffed, earn an average of $65,000 after
gest. Take a federal judge’s decision that other gaming platforms also charge a 30% people die. “High Pay for Nurses Fu- graduation. Each graduate helps ease
Friday that dismissed most of Epic Games’ commission. els Staffing Woes” (U.S. News, Aug. the shortage. The college could read-
case against Apple and emphasized that “suc- The judge excluded transactions on nonmo- 30) highlights the nursing shortage ily increase its capacity; all that is
cess is not illegal.” bile platforms from the market definition, but brought on by the pandemic, which needed is money for space and staff.
Epic’s complaint that Apple abuses an app- she still concluded that Apple isn’t a monopo- led to crisis pay for nurses willing to There are many high-quality nurs-
store monopoly has been closely watched as list under today’s antitrust laws. “While the travel. Many nurses have left the ing resources like Helene Fuld College
workforce because of adverse work- of Nursing across the country that
the first big case against a Big Tech company Court finds that Apple enjoys considerable
ing conditions, and this along with lack the financial resources to grow.
in the U.S. The Justice Department is also in- market share of over 55% and extraordinarily the imminent retirement of baby The solution to the nursing crisis is an
vestigating Apple’s app store, and state Attor- high profit margins, these factors alone do not boomers is leading to one of the most investment right by your front door.
neys General have made similar complaints show antitrust conduct,” she noted. severe nursing shortages in history. JOYCE GRIFFIN-SOBEL, PH.D.
against Google’s Play Store. She emphasized that “the wider gaming While 176,000 new nurses are pro- President and CEO, Helene Fuld
The core of Epic’s complaint is that Apple market is both dynamic and evolving,” and duced each year, an additional 80,000 College of Nursing
maintains an app-store monopoly on its new entrants in mobile game streaming qualified nursing-school applicants New York
iPhones by restricting competition, which it has show that “entry barriers are not so sub- are rejected for lack of educational re-
exploited by charging developers a hefty 30% stantial to prevent new market entrants.” sources, including inadequate faculty JAMES FRAUENTHAL, PH.D.
commission on user purchases. Facts are criti- Gaming transactions have increased, and numbers and clinical-training sites. Chairman, Helene Fuld College of
cal in antitrust cases, and Obama-appointed Epic’s Fortnite Apple app has earned it more The Helene Fuld College of Nursing Nursing
graduates 300 registered nurses New York
Judge Yvonne Gonzales Rogers ruled that Epic than $700 million over 100 million user ac-
(RNs) a year. With greater financial
failed to meet its burden of proof. counts in two years. resources, this number could be dou-
Epic’s popular Fortnite game lets users play The ruling isn’t the last antitrust word, as bled, tripled or even quadrupled. RNs Easy Federal Reserve Policy
other users on different gaming platforms the judge noted that the trial record didn’t in-
such as Sony’s PlayStation, Microsoft’s Xbox, clude evidence on barriers to entry or other Hasn’t Helped Wage Earners
the Nintendo Switch and Windows PCs. Play- competitive issues. But the ruling sends a The Hall of Fame Is for Fans As an equity investor, I have bene-
ers can buy virtual money with real currency message to government trust busters that It is difficult to see how a union or-
fited from easy monetary policies dur-
on the different platforms, which they can use they need to do more than show a company ing the Bernanke, Yellen and Powell
ganizer is qualified for the baseball
to buy virtual goods in the Epic app. is big and profitable. They need to show that years as Federal Reserve chairmen
Hall of Fame (“Marvin Miller Belongs
“As a result, neither consumers nor devel- consumers and competition are harmed, and (“Powell Takes a Victory Lap,” Review
in Cooperstown” by Fay Vincent, op-ed,
& Outlook, Aug. 30). But you are right
opers are ‘locked-in’ to the App Store for digi- facts in court are stubborn things. Sept. 8). Miller helped make it more
that recent wage gains have not kept
difficult for the average person to af-
pace with inflation and are unlikely to
ford to go to a Major League game.
A Mistaken Pentagon Drone Attack? Thanks in part to his work, the average
MLB player salary is now about $4 mil-
for the foreseeable future. And what
about risk-averse fixed-income inves-

D
tors who continue to be penalized by
id the Biden Administration mistakenly and mistakes are inevitable. But the timing and lion. Miller may hold a special place in
minuscule returns on their safe, mar-
the hearts of players, but I always
kill 10 innocents, including seven chil- details of this attack are troubling because the ketable investments?
thought Cooperstown was for fans.
dren, as it rushed to the Afghanistan Biden Administration was looking to show it W AYNE H. BRYANT
In the past 20 years I have seen
exits last month? That is what was taking action to protect only two economic policies that have
Brentwood, Tenn.
a growing body of evidence Evidence builds that the Americans after the 13 airport materially benefited average Ameri-
seems to show, and Congress cans: the Bush tax cuts, which called
ought to look for the truth.
U.S. killed 10 innocents deaths. Mr. Biden had promised for a capital-gains rate of zero for
On Aug. 29 a U.S. missile on Aug. 29 in Kabul. revenge, and the Pentagon
Jean Renoir Helped Give Us those in the 15% tax bracket or lower
(and an across-the-board rate cut), and
blew up a car the Pentagon quickly followed with a The Movies of Satyajit Ray the increase in the standard deduction
had been following for hours, strike on two ISIS plotters I enjoyed Peter Tonguette’s article under President Trump, which pro-
as the U.S. evacuation was nearing its end. Gen. outside Kabul. The Pentagon still hasn’t re- on Jean Renoir’s 1951 film “The River” vided tax savings and simplification.
Mark Milley, chairman of the Joint Chiefs of leased the names of those two, which is odd. (Masterpiece, Sept. 4). When Renoir JEFF FELMAN
Staff, called it a “righteous strike” and Presi- The drone attack in Kabul soon followed amid was in Calcutta to shoot the movie, he Lakewood Ranch, Fla.
dent Biden mentioned drone strikes as evidence U.S. warnings that another attack on the air- was helped in location scouting by a
the U.S. was hitting back against ISIS-K for the port was imminent. young local ad executive and book-
suicide bomber who killed 13 Americans. The Pentagon says it is investigating, but cover designer who was so inspired by Pepper ...
Mr. Renoir that he decided to pursue
But reporting by the New York Times and that shouldn’t be the end of it. Gen. Milley has
filmmaking. He even talked about the
And Salt
Washington Post suggests the attack on the squandered much of his credibility by his hard
novel he wanted to film with Mr. THE WALL STREET JOURNAL
white Toyota Corolla may have been a terrible sell of the Afghan evacuation, and he and De- Renoir, who encouraged him to pursue
mistake. It killed Zemari Ahmadi, a longtime fense Secretary Lloyd Austin bear some respon- his passion. That young man, Satyajit
employee of the U.S. nonprofit Nutrition and sibility for its botched execution. The deaths of Ray, became one of the 20th century’s
Education International, who had wanted to 10 Afghans won’t resonate with the U.S. public greatest filmmakers and that first
emigrate to the U.S. as much as the 13 dead Americans. But the pos- movie, “Pather Panchali” (“Song of the
The media accounts are compelling in their sible mistake has added to the sense of U.S. in- Little Road”), a masterpiece. If Renoir
detail that Ahmadi wasn’t collecting explosives competence and lack of concern for Afghan al- hadn’t gone to India, there may not
that day. He had loaded water into the car to lies as it sprinted for the exits. have been a Ray.
bring home because water to his neighborhood One question is whether anyone in the White SOUMITRA SARKAR
Long Beach, Calif.
had stopped since the Taliban takeover. He House signed off on the strike against Ahmadi.
stopped during the day at the nonprofit’s office, Another is whether Mr. Biden demanded some
Letters intended for publication should
not an ISIS safe house. The missile that killed show of force against ISIS-K. The point isn’t to be emailed to [email protected]. Please
him exploded in a crowded neighborhood and blame the Reaper drone pilot. The goal is to get include your city, state and telephone
the dead included children who approached the those at the top of the Administration to start number. All letters are subject to
car when it backed into a courtyard. telling the truth, and taking responsibility, for editing, and unpublished letters cannot
be acknowledged.
Targeting terrorists is a fraught endeavor, the calamitous Afghan withdrawal. “I have a bad feeling about this.”
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | A17

OPINION

How to Stop Politicians From Cooking the Books

By John Steele Gordon made the management look good print money out of the hands of

T
and, not infrequently, concealed politicians. A Federal Accounting
he federal government ran their malfeasance. Board would keep the power to
budget surpluses from At first most corporations didn’t cook the books out of their hands
1998 to 2001. Yet the na- even issue annual reports. When as well. Like the Fed, it would be
tional debt went up in ev- the New York Stock Exchange run by a board of seven members,
ery one of those four wanted financial information from all professional accountants of long
years. How can debt go up when the Delaware, Lackawanna and experience, serving 14-year terms.
you’re running surpluses? Easy, bor- Western Railroad, the company They could be removed only for
row the surpluses then flowing into curtly replied that the, “Railroad cause. One member would be ap-
the Social Security Trust Fund and makes no reports” and “publishes pointed chairman, serving a four-
call it income. Any corporate CEO no statements.” year term.
who tried this stunt would go to jail. Even when a corporation issued a The board would take over the
But no CEO would try because Wall report, it often concealed more than duties of the Congressional Budget
Street made such boldface account- it revealed. The Erie Railway, one of Office, and the White House Office
ing fraud impossible more than a the most mismanaged in history, had of Management and Budget would
century ago. to file an annual report because be reduced to formulating the an-
some of its bond issues were guaran- nual budget. The board would esti-
teed by New York State. In 1870 Hor- mate future revenue and the costs

CHAD CROWE
A Federal Accounting ace Greeley harrumphed in the New of all legislation. It would also set
York Tribune that if the new Erie an- the rules for how the federal books
Board would audit the nual report were accurate, then must be kept (no calling borrowed
nation’s accounts the way “Alaska has a tropical climate and money “income”), and would deter-
strawberries in their season.” into law, with criminal penalties for stance, Congressional rules require mine if they are accurate and com-
a CPA does for a business. But the situation was beginning to failure to comply. that spending bills project their cost plete, as a CPA does for corporate
change. That year one business Wall Street also began to require over 10 years. But the $3.5 trillion books.
newspaper noted that, “The one con- that corporate books be certified as “social infrastructure” bill now be- Wall Street had the power to im-
After the Civil War, the American dition of success in such intrigues [of accurate and complete by indepen- fore Congress calls for several of its pose honest books on corporations.
industrial base exploded in size. dishonest accounting] is secrecy. Se- dent accountants. Almost all accoun- most expensive programs (such as Congress and the president would
There were no industrial corpora- cure to the public at large of know- tants had been corporate employees Medicare expansion) to lapse after have to pass and sign the legislation
tions listed on the New York Stock ing all that a director can know of until the final two decades of the three years. But everyone knows needed to create a Federal Account-
Exchange in 1860. By 1900 there were the value and prospects of his own 19th century. In 1884 there were 81 that such programs, once enacted, ing Board. They would be loath to
hundreds. Previously, the owners of stock, and the occupation of the self-employed accountants listed in are politically untouchable and will do so, as it would expose the true
businesses had almost always been ‘speculative director’ is gone.” the New York, Philadelphia and Chi- be made permanent. The actual pro- condition of the federal fisc and ex-
the managers of them as well. But as By the 1880s Wall Street banks cago city directories (the Victorian jected cost of the bill is probably pose the real costs of legislation.
capital needs expanded, ownership of and the New York Stock Exchange equivalent of the phone book). Five north of $5 trillion. But a president who campaigned
corporations increasingly separated began requiring corporations that years later there were 322. In 1896 How can we stop politicians from on the issue and a congressional
from management. This caused a big wanted securities underwritten or a New York State law regulating ac- so casually lying to their stockhold- majority that made it a plank in a
problem in accounting. listed on the exchange to keep their counting used the phrase “certified ers (you and me) for their own new contract with America could
The shareholders, Wall Street books according to what became public accountant” for the first time. short-term political benefit and to get it done. It’s hard to argue that it
banks and brokerage houses wanted known as “generally accepted ac- A profession was born. the country’s long-term financial is good for the country to have the
books that accurately reflected fi- counting principles.” Corporate Unfortunately, Wall Street didn’t detriment? What’s needed is the government continue to cook the
nancial reality. They also wanted to managers weren’t happy, but they have the power to impose such dis- equivalent of the reforms forced on books.
compare the results with those of had no choice if they wanted access cipline on government, and govern- corporations 140 years ago.
competing companies. Managers, on to capital. By World War I, the new ment financial numbers remain One justification for the Federal Mr. Gordon is the author of “An
the other hand, wanted books that accounting rules had been enacted fraught with deception. For in- Reserve is to keep the power to Empire of Wealth.”

Congressional Democrats Are Weaponizing Federal Labor Law

By Michael J. Lotito punitive one designed to penalize about speaking out on labor issues the five employees in violation of alone this led to a 57% increase in fil-
And Glenn Spencer employers should they (knowingly or enforcing workplace policies for their rights to engage in concerted ings, which ultimately resulted in lost

T
or unknowingly) violate it. fear of incurring potentiality mil- activities. The board could con- economic output of $33 billion, ac-
he Protecting the Right to Or- Amending the NLRA to include lions of dollars in civil penalties. clude that since eight unfair labor cording to the International Fran-
ganize Act, or PRO, is a radi- civil penalties would fundamentally Suppose, for example, a supervisor practices have been committed, chise Association.
cal piece of legislation that overturn 85 years of precedent. For who isn’t familiar with labor laws the company is liable for at least Using legislative procedures de-
would rewrite our nation’s labor employers, fines could range from says to five employees: “If you $400,000 in penalties. signed to address budget issues to
laws in at least 51 different ways. $50,000 to $100,000 for each It may be tempting to view the make fundamental, substantive
Passed by the House earlier this charge of unfair labor practices. addition of penalties as simply an changes in labor law is wrong-
year, the bill has 47 co-sponsors in That’s over and above any actual in- Unions and their allies enhanced deterrent to ensure com- headed and will have profound con-
the Senate, all Democrats. Unions juries claimed by workers or pliance, but reshaping the nature of sequences. The proposed changes
and their allies aren’t waiting for unions. can’t pass the PRO Act on the NLRA from focusing on remedies will result in lost jobs, increased lit-
more support. Instead, they are de- It isn’t unusual for a union to file its own so they’re sneaking to focusing on punishment will have igation and reduced productive
termined to change the National La- several unfair labor practice claims effects on employers that go far be- business behavior. Converting the
bor Relations Act by inserting the against a business during a labor it into the budget bill. yond fines. The lure of high-dollar National Labor Relations Act into a
penalty provisions of the PRO Act dispute or organizing campaign. penalties will embolden organized punitive statute is perhaps as radi-
into the $3.5 trillion budget bill. Many of these claims have nothing labor and likely result in a dramatic cal and far-reaching change to our
Congress passed the NLRA in to do with pay or benefits or even walk off the job because you don’t increase in unfair labor practice fil- labor laws as one can imagine. Con-
1935, forming the core of U.S. labor core working conditions, but in- like our Covid policies, you can get ings at an astronomical cost to em- gress should reject it.
law. Congress deliberately avoided stead concern technical violations in trouble.” The employees could ployers and consumers.
punitive measures, such as civil of the NLRA. They can be as minor then file an unfair labor practice This isn’t speculation; we’ve seen Mr. Lotito is a management-side
penalties, against either labor or as an employee-handbook provision charge with the NLRB. After a this result from other changes to en- labor lawyer who provides counsel
management. In Republic Steel v. that the National Labor Relations hearing, the board might find that forcement of federal labor law. When to the Coalition for a Democratic
NLRB, the Supreme Court held in Board feels is worded in such a way three of the company’s handbook the NLRB adopted a broad new stan- Workplace. Mr. Spencer is senior
1940 that Congress intended the as to disfavors unions. rules are “overbroad.” Addition- dard of joint employment liability in vice president of the employment
act to be a remedial law focused If the civil-penalty scheme be- ally, the board might say it be- 2014, unfair labor practice claims policy division at the U.S. Chamber
on making employees whole, not a comes law, employers will worry lieves the supervisor threatened skyrocketed. In the franchise industry of Commerce

The Texas Abortion Law Is Unconventional Because It Had to Be

By Bryan Hughes necessities. This year we added more from Dallas, Bexar, Nueces and Fort even if Roe is overturned, and the case, the right to keep and bear arms

T
than $20 million to the program, Bend counties in Texas—have an- party who directly suffered harm can- and the right to free speech are liter-
here has been so much ill-in- bringing total funding to over $100 nounced their refusal to enforce laws not bring a claim, what’s left? Some- ally present in the U.S. Constitution,
formed commentary on Texas million. regulating abortion, even before they one else must enforce the law. whereas the “right” to abortion is a
Senate Bill 8, the Heartbeat The law departs from conven- become law and before they’re liti- In contexts other than abortion, fantasy spun by the ludicrous logic of
Act, that I feel compelled to explain tional enforcement channels, obvi- gated. Even if Roe is overturned, they citizens often sue to enforce laws Roe v. Wade.
its provisions and defend its logic. I ously. Most 19th- and 20th-century say, they won’t enforce democrati- that are otherwise difficult for the I believe life begins at concep-
am the author of the bill, which Gov. abortion laws prohibited or regu- cally passed abortion laws. If officials government to enforce through tradi- tion, and I believe most Texans are
Greg Abbott signed in May. lated the practice in the traditional sworn to enforce state laws pre-emp- tional channels. “Qui tam” actions, in in line with that understanding of
The law does not ban abortions af- tively decide they won’t do it, even which an individual sues on behalf of human personhood. If they are not,
ter six weeks. It requires that a phy- when the laws are passed and rati- himself and the people, were enacted we have free and fair elections in
sician performing an abortion first After Roe v. Wade, fied and have not been challenged in in the U.S. as early as the first Con- which they can make their differ-
check for a fetal heartbeat. If there is the courts, state legislators are gress. Texas law, for example, allows ences understood. Elected officials
a heartbeat, the physician may not many people think obliged to get creative. individuals to sue on behalf of the in other states may take a different
abort the child. When a physician abortion is off limits Many crimes have a civil analog. state to recover money taken by view and they are not beholden to
performs an abortion without check- Someone who commits a criminal as- Medicaid fraud. Texas’ voters.
ing for a heartbeat, or finds a heart- to democracy. It isn’t. sault, for instance, may be sued in A common objection against the The Heartbeat Act was necessary
beat and performs the abortion any- civil court for assault and battery Heartbeat Act warns that left-leaning because Roe v. Wade attempted to
way, he has performed an illegal (recall the civil O.J. Simpson trial). states may use similar laws to punish take the question of abortion out of
abortion. way. But that is much harder to do Someone who steals property from behavior progressives don’t like. The the hands of American democracy.
Unlike other such laws passed in thanks to the Supreme Court’s Roe another may be pursued for the civil Journal’s editorial board asks: “Could Like it or not, states will keep craft-
other parts of the country, the Heart- v. Wade decision of 1973—a ruling tort of conversion. In almost every California allow private citizens to ing unconventional means of regulat-
beat Act does not empower any gov- acknowledged even by liberal schol- case, the person wronged, and there- sue individuals for hate speech? Or ing abortion until the Supreme Court
ernmental authority to mete out pun- ars to be a travesty of constitutional fore the person who brings the claim, New York deputize private lawsuits puts the question back where it be-
ishment for the crime. Instead it interpretation. is the plaintiff. against gun owners?” Those are fair longs.
decrees that the doctor may be sued One of the numerous unfortunate In the case of abortion, the wronged questions, but Texans are not respon-
for breaking the law. consequences of Roe is that many party has been extinguished. If we sible for what progressive politicians Mr. Hughes represents District 1 in
The mother cannot be sued, and people mistakenly believe any regula- can’t depend on criminal enforcement, in California and New York do. In any the Texas Senate.
we have bolstered programs to sup- tion on abortion must be illegitimate.
port expectant mothers. Last year This is not so. The Supreme Court

Notable & Quotable: Free Speech Denied

the state’s Alternatives to Abortion does not have the power to declare
program provided support to more subjects off limits to democratically
than 100,000 pregnant women and elected legislatures.
adoptive parents through counseling, Yet prosecutors from across the From the Sept. 5 resignation an- Security Law occurred despite there elsewhere when freedom of speech
classes, car seats, diapers and other country—including district attorneys nouncement by the board of directors having been no trials and no convic- was denied: No other rights are safe.
of Hong Kong’s Next Digital, which tions. Under this new law, a company In 2019, when Apple Daily launched
published the newspaper Apple Daily: can be forced into liquidation without its program of charging a subscrip-
the involvement of the courts. . . . tion price for access to its website
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Following the arrests of the two We would like to take this oppor- and mobile products, more than
Rupert Murdoch Robert Thomson directors of the Company and last tunity to thank the shareholders of 500,000 Hong Kong people quickly
Executive Chairman, News Corp Chief Executive Officer, News Corp
year of founder Jimmy Lai, seven for- Next Digital for their support. Media subscribed out of the total population
Matt Murray Almar Latour
Editor in Chief Chief Executive Officer and Publisher
mer Next Digital executives, editors reports indicate that there was a sig- of 7.5 million—by far the greatest
and editorial writers have also been nificant increase in the purchase of penetration of digital subscribers of
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT:
Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer;
arrested under the National Security shares in May 2021, following the in- any news publisher in the world.
Jason Anders, Chief News Editor Mae M. Cheng, SVP, Barron’s Group; David Cho, Law. The Hong Kong government has vocation of the National Security Law More than one million copies were
Thorold Barker, Europe; Elena Cherney, Coverage; Barron’s Editor in Chief; Jason P. Conti, General never indicated which articles pub- to freeze founder Jimmy Lai’s bank printed of the final print issue of Ap-
Andrew Dowell, Asia; Anthony Galloway, Video & Counsel, Chief Compliance Officer; Frank Filippo, lished by Apple Daily allegedly vio- accounts and deny him the right to ple Daily. Loyal readers reaffirmed
Audio; Brent Jones, Culture, Training & Outreach; EVP, Business Information & Services;
Alex Martin, Print & Writing; Michael W. Miller, Robert Hayes, Chief Business Officer, New lated the National Security Law. This vote his 71% of the shares in the Apple Daily’s editorial commitment
Features & Weekend; Emma Moody, Standards; Ventures; Aaron Kissel, EVP & General uncertainty created a climate of fear, Company. . . . to Hong Kong values of the rule of
Shazna Nessa, Visuals; Matthew Rose, Manager, WSJ; Josh Stinchcomb, EVP & resulting in many resignations among We thank the readers of Apple law, open markets, greater democ-
Chief Revenue Officer, WSJ | Barron’s Group;
Enterprise; Michael Siconolfi, Investigations the remaining staff at the company in Daily. You put your trust in the work racy and individual opportunity.
Christina Van Tassell, Chief Financial Officer;
Paul A. Gigot Suzi Watford, EVP, Consumer & Chief Hong Kong, including those responsi- of our journalists, and you under- We are confident that the Com-
Editor of the Editorial Page Marketing Officer ble for the regulatory compliance du- stand that a free society and free pany’s founder, majority shareholder
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
ties of a publicly traded company. markets depend on the free flow of and former chairman, Jimmy Lai,
EDITORIAL AND CORPORATE
HEADQUARTERS:
We observe that the events affect- information. As Apple Daily often ob- would join us in these expressions of
1211 Avenue of the Americas, New York, N.Y., 10036 ing the company and its people fol- served, Hong Kong people have a col- gratitude if he were able to communi-
Telephone 1-800-DOWJONES lowing the invocation of the National lective memory of what life was like cate from his prison cell.
 .

A18 | Monday, September 13, 2021 * * THE WALL STREET JOURNAL.

WORLD NEWS

Travel Curbs Exacerbate Economic Pain

Border closures, visa
delays in effort to
contain Covid-19 slow
company investments
The economic damage from
Covid-19 travel restrictions is
piling up, with more compa-
nies holding back on large in-
vestments or postponing deci-
sions as border closures and
visa delays stymie operations
for longer than expected.

By Liza Lin in
Singapore and Stella
Yifan Xie in Hong Kong

ROMAN PILIPEY/EPA/SHUTTERSTOCK
The situation has been most
acute in Asia, where govern-
ments, worried about the Delta
variant, are refusing to lift re-
strictions that have limited
travel for more than a year.
China has kept its borders
mostly shut since March 2020.
Japan, Australia, Singapore and A man waited last month at a departure hall in Beijing’s airport. China has kept its borders mostly shut since March 2020 in an effort to stem the pandemic.
other countries are still block-
ing borders or requiring tion partners and add more canceled significant business isting factories. Still, the said authorities apologized for Japanese executives to travel
lengthy quarantines for visitors. staff and testing equipment in decisions because executives dearth of large reinvestments disruptions and were trying to abroad. Prime Minister Yoshi-
The restrictions, which ex- China, as demand for its prod- weren’t in the country. would “severely impact protect the city. hide Suga on Thursday said he
ist to a lesser degree in Eu- ucts skyrocketed during the The American Chamber of China’s manufacturing output As in Hong Kong, business wanted to move toward re-
rope, South America and else- pandemic. However, those Commerce chapter in southern two to three years from now,” leaders in Tokyo have ex- opening Japan in line with the
where, are contributing to the plans had to be put on hold, as China, the hotbed of the na- it said. pressed deepening concern federation’s recommendations,
extended pain in industries in- D3O didn’t have a senior man- tion’s manufacturing sector, Travel barriers have exacer- that travel curbs and compul- but didn’t specify the timing.
cluding tourism and higher ed- ager in China to scout out new said the lack of business visas bated other issues that are sory quarantines are hurting “The business world has a
ucation. They are also forcing production plants. has led to a decrease in larger causing problems in Asia, in- their competitiveness. strong need” for travel to re-
companies to rethink overseas “The market for motorcy- projects. Only 4% of surveyed cluding port congestion, surg- The Japan Business Federa- sume, Mr. Suga said.
strategies, and depriving some cles is booming,” said Mr. Gr- members said they had bud- ing shipping costs and geopo- tion proposed this month Border restrictions’ impact
countries of projects that ezes. “But we can’t make prod- geted for reinvestments valued litical tensions. opening Japan’s borders to on tourism, meanwhile, keeps
could sustain growth once ucts fast enough.” at more than $250 million, In an open letter in August foreigners who were vacci- mounting.
Covid-19 concerns start to ebb. In July, the U.S.-China Busi- typically seen as the threshold to Hong Kong Chief Executive nated, saying it feared the According to the United Na-
François Grezes, Asian pro- ness Council said Covid-related for building new facilities. Carrie Lam, the European country was falling behind the tions World Tourism Organi-
duction director at D3O, a travel restrictions were among Businesses cited their inability Chamber of Commerce warned U.S. and Europe, which have zation, as of June, 70% of des-
British manufacturer of pro- the top three challenges for its to send in engineers who that travel restrictions could been more open to interna- tinations in Asia-Pacific were
tective gear for motorcycle members this year. Travelers could supervise construction lead to the departure of more tional travel. Currently, Japan considered “completely
riders and hockey players, has need special government ap- or the changing of production expatriates and further bans nearly all short-term vis- closed,” while 13% were closed
been managing his team in proval to enter China, and lines, among other issues. threaten the city’s status as an itors. in Europe, 20% in the Ameri-
China from southern France those who get a visa must The chamber predicted to- international business center. People who do enter Japan cas and 31% in the Middle
for a year, after failing to se- serve quarantines that in some tal reinvestments would re- Most arrivals from overseas have to isolate themselves for East.
cure a visa to return. cities stretch to 28 days. Al- main steady, as companies di- are confined to a hotel room 14 days, something the federa- —Peter Landers
He said the company had most 30% of respondents the verted spending into smaller for as long as three weeks. tion petitioned authorities to and Yang Jie in Tokyo
wanted to find more produc- council polled had delayed or projects, like expansions of ex- A government spokesperson reduce to make it easier for contributed to this article.

Brazil Looks Past Rebel Guided Peru’s Brutal Shining Path

Chinese Vaccine BY RYAN DUBE back a once-vibrant and demo- the cultural revolution to learn
cratic political left, whose political tactics and guerrilla
JAIME RAZURI/AGENCE FRANCE-PRESSE/GETTY IMAGES

LIMA, Peru—Abimael members were targeted by warfare. In 1970, he formed the

Guzmán, who turned Peru into rebels for promoting peaceful Shining Path, a Maoist-inspired
BY LUCIANA MAGALHAES data shows. one of the world’s most brutal alternatives to the revolution. offshoot of Peru’s Communist
AND SAMANTHA PEARSON Brazil bought 100 million Cold War battlegrounds as the Mr. Guzmán’s 1992 arrest Party. The radical group was
doses of Sinovac, nearly all of messianic leader of a ruthless by police, which received sup- initially ostracized by other
SÃO PAULO—Brazil, a major which have been delivered. communist insurgency in the port from the CIA, was a turn- leftists. In Lima, the military
buyer of China’s CoronaVac About two-thirds of Brazilians 1980s and early 1990s, has ing point for Peru, providing regime largely ignored the in-
shot and a poster child for have had one vaccine shot, and died. He was 86 years old. the foundations for the peace surgency in the Andes.
Beijing’s efforts at vaccine di- just over a third have had two. Mr. Guzmán, and stability needed to attract In 1980, a year after Mr.
plomacy, is making a speedy The purchase of another 30 OBITUARY a stocky former foreign investments and re- Guzman went underground, the
retreat from the Covid-19 vac- million doses of Chinese vac- ABIMAEL philosophy pro- cord robust economic growth. Shining Path launched its war.
cine as concerns grow over its cines—a move considered by GUZMÁN fessor known It was also a major victory When communities resisted,
efficacy against the Delta vari- Brazilian health authorities 1934-2021 to his zealous for then-President Alberto Fu- they faced brutal retaliation. In
ant and other vaccines become until at least August—is no followers as jimori, who used the fight 1983, the Shining Path killed 69
more readily available. longer under discussion, a Chairman Gonzalo, launched Abimael Guzmán, seen in 2004, against terrorism to justify his people in Lucanamarca, one of
Brazil’s federal government government spokesman told one of Latin America’s most vi- launched one of Latin America’s authoritarian rule, showing off the war’s worst massacres. El-
has halted negotiations over The Wall Street Journal. The olent civil wars in 1980 to in- most violent civil wars in 1980. the defeated rebel leader derly men, pregnant women and
additional doses of Sinovac’s Butantan Institute, Brazil’s lo- stall a totalitarian state just as dressed in black and white 18 children, including a 6-
vaccine, CoronaVac, spokes- cal producer of CoronaVac, Peru returned to democracy af- terrorist. Other Latin American prison stripes. Three decades month-old, were murdered with
people for the government and told the Journal talks for the ter military rule. His rigid ideol- rebel groups distanced them- later, Mr. Fujimori’s political machetes and boiling water.
its local producer, the Butan- purchase hadn’t advanced and ogy and brutal tactics once led selves from Shining Path. movement continues to exert a By the end of the 1980s,
tan Institute, told The Wall no deal would be signed. a top U.S. State Department of- Mr. Guzmán’s war led to strong influence among Peru- half of Peruvians lived under a
Street Journal. The govern- Health Minister Marcelo ficial to warn of a “third geno- nearly 70,000 deaths as Shin- vians who credit him with im- state of emergency. The Shin-
ment has also said it won’t Queiroga said in a television cide of the 20th century.” ing Path militants used pick- proving security, despite the ing Path appeared on the verge
recommend use of CoronaVac interview last week that the Mr. Guzmán was revered by axes and machetes to massacre former president’s own im- of toppling a government grap-
for a third booster shot. government no longer recom- thousands of Shining Path mil- Andean peasants, according to prisonment on corruption and pling with hyperinflation.
Brazil’s shift away from the mends using CoronaVac as a itants, a cultish guerrilla force a government-backed Truth human-rights crimes. On Sept. 12, 1992, police
Chinese vaccine, which it re- booster dose, recommending that considered him the heir to Commission. The military re- Mr. Guzmán was born on raided a house in Lima, arrest-
Pfizer instead. Marx, Lenin and Mao, while sponded with a bloody counter- Dec. 3, 1934, in Mollendo, a ing Mr. Guzmán and his sec-
China’s government, Sino- deriding Cuba’s revolution as offensive, the type of violent coastal town in the southern ond in command and future
vac, and Sinopharm didn’t im- bourgeois. For them, Mr. reaction that Mr. Guzmán state of Arequipa. In the 1960s, wife, Elena Iparraguirre.
Chinese shots now mediately respond to requests Guzmán was the last true com- sought to provoke to force Pe- he moved to Ayacucho, an im- Mr. Guzmán was later con-
account for less than for comment. munist stalwart at a time when ruvians to support his “people’s poverished Andean state that victed of terrorism. He spent
Other countries are also the Soviet Union was falling war.” Poor, indigenous Peruvi- became the cradle of his insur- the rest of his life, mostly in
35% of doses, down shifting away from the Chi- apart and China was imple- ans were caught in the middle, gency. He taught philosophy at solitary confinement, at a navy
from 80%. nese vaccine. In neighboring menting market-oriented eco- accounting for about 75% of the Ayacucho’s San Cristóbal de base outside Lima where a
Peru, Sinopharm’s shot now nomic reforms. But for most victims, the commission found. Huamanga University while se- maximum-security jail was
represents less than a third of Peruvians, he was a murderous Mr. Guzmán’s uprising set cretly traveling to China during built for him.
doses after accounting for

WORLD WATCH
lied on heavily this year, comes nearly all Covid-19 doses in
as several other Latin Ameri- the initial months of the coun-
can nations and southeastern try’s immunization campaign,
Asian countries also reduce displaced by Pfizer shots.
their reliance on Chinese-made Less demand for CoronaVac NORTH KOREA VATICAN
Covid-19 vaccines, marking a both in Brazil and elsewhere in
potential turning point in the South America has upended Pyongyang Says It Pope Urges Hungary
global pandemic response as plans for local production of the Tested New Missiles To Be More Open
the U.S. establishes itself as vaccine. The Butantan Institute,
the go-to global supplier. a Brazilian state-run research North Korea says it success- Pope Francis urged Hungary
China came to the rescue of institute, is building a factory fully test-fired what it described on Sunday to “extend its arms
many developing nations this on the outskirts of São Paulo to as newly developed long-range towards everyone,” in a veiled
VATICAN MEDIA/EPA/SHUTTERSTOCK

year, supplying governments produce the Chinese shot for cruise missiles, its first known critique of Prime Minister Viktor
with vaccines as richer nations distribution across Latin Amer- testing activity in months that Orban’s anti-migrant policies as
bought up the majority of ica. But given lower demand for underscored how it continues to the pontiff opened a visit to
Western-made shots. Govern- the Chinese vaccine, Butantan is expand its military capabilities Central Europe.
ment officials in countries like looking at alternative products amid a stalemate in nuclear ne- Pope Francis presided over a
Brazil credit the Chinese shots to manufacture in the factory, gotiations with the United States. Mass in Budapest for a crowd
with saving many lives. Brazil which is due to be finished in The Korean Central News organizers said reached 100,000
is second only to the U.S. in coming months, one person Agency said Monday the cruise people. He spent only seven
the number of official Covid-19 close to its operations said. missiles, which had been under hours in Budapest before mov-
deaths at nearly 600,000. Butantan held CoronaVac’s development for two years, suc- In a photo provided by the Vatican, Pope Francis and Hungarian ing on Sunday afternoon to a
But as the pace of immuni- largest clinical trials in the cessfully hit targets 932 miles Prime Minister Viktor Orban meet in Budapest on Sunday. four-day tour of Slovakia. The
zation slows in the U.S., freeing world and this year said it could away during its flight tests on lopsided itinerary suggested that
up supplies of Pfizer and Mod- start shipping the shot to Ar- Saturday and Sunday. The North FRANCE win the Socialist Party nomina- Pope Francis wanted to avoid
erna shots, poorer countries gentina, Bolivia, Colombia, Hon- hailed its new missiles as a tion. Ms. Le Pen, leader of the far- giving Mr. Orban—the type of
are now backing away from duras, Peru and Uruguay as of “strategic weapon of great sig- Two Seek to Be First right party, started her campaign populist nationalist he frequently
those made by Sinovac and May. That hasn’t yet happened. nificance” that meets leader Kim Female President with a pledge to defend French criticizes—a political boost ahead
Chinese state firm Sinopharm. In Brazil, São Paulo’s state Jong Un’s call to strengthen the “liberty.” They join the list of chal- of elections next spring.
The Chinese shot accounted government is still administer- country’s military might. The Two politicians have declared lengers to centrist incumbent Em- Pope Francis met upon arrival
for 80% of administered doses ing CoronaVac as a booster South Korean military didn’t im- their intentions to seek to be- manuel Macron. with Mr. Orban, whose refugee
during the first two months of dose, despite the federal gov- mediately confirm the tests. come France’s first female presi- Mr. Macron is expected to de- policies clash with the pope’s call
Brazil’s immunization cam- ernment’s guidelines that it no Talks between the U.S. and dent in next year’s spring election. clare his candidacy, a necessary for welcome and integration of
paign this year, but now ac- longer be used. “People should North Korea have stalled since National Rally’s Marine Le Pen formality for successive elections. those seeking better lives in Eu-
counts for fewer than 35%, as take whichever vaccine is the collapse of a summit be- and Paris’s Socialist mayor, Anne The poll is expected to boil down rope. Mr. Orban wrote on Face-
Brazil has also stepped up lo- available,” said João Gab- tween then-President Donald Hidalgo, both officially launched to a duel between Ms. Le Pen book: “I asked Pope Francis not
cal production of the Oxford- bardo, head of the state’s Trump and Mr. Kim in 2019. their campaigns Sunday. and Mr. Macron. to let Christian Hungary perish.”
AstraZeneca shot, government Covid-19 task force. —Associated Press Ms. Hidalgo is the favorite to —Associated Press —Associated Press
 .

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Rivals’ Fight for Railroad Takes New Turn

Kansas City Southern existing agreement with Kansas prevail, it would reunite two shares and $200 in cash, valued week that it is disappointed in holder to contend with in Lon-
City Southern, Canadian Na- companies that first agreed to at about $334 a share. the STB’s ruling and is evaluat- don-based hedge fund TCI
says Canadian Pacific’s tional now has five business a $25 billion tie-up in March, Canadian National’s bid suf- ing its options. Fund Management Ltd. The
latest offer is superior days to improve its offer to before Canadian National fered a setback on Aug. 31, It said it remains confident fund, which owns a roughly 5%
avoid termination of the deal. It swooped in with a roughly $30 when the Surface Transporta- its proposal is in the public in- stake, has urged the railway op-
to one it had agreed to could also choose to walk billion topping bid. tion Board, a five-member terest. erator to abandon the deal and
away—and receive a $700 mil- In a deal with Canadian Pa- panel that must bless mergers The STB decision had been replace its chief executive. TCI
BY CARA LOMBARDO lion breakup fee and reimburse- cific, Kansas City Southern of freight railroads, ruled that eagerly awaited by the compa- also owns a roughly 8% stake in
ment for a similar fee it previ- shareholders would receive the company wouldn’t be per- nies and investors. Canadian Pacific and favors a
Kansas City Southern said ously covered. 2.884 Canadian Pacific shares mitted to complete a deal using It prompted Kansas City deal between that railroad and
a recent takeover offer from Canadian Pacific, which had and $90 in cash for each of a temporary voting trust that Southern to evaluate an offer it Kansas City Southern.
Canadian Pacific Railway Ltd. given Kansas City Southern un- their shares, now valued at was crucial tothe offer. had received this month from Kansas City Southern
is superior to one it already ac- til Sunday to make a determi- about $288 a share, or $26 bil- The STB ruled that Canadian Canadian Pacific, which had re- emerged as a takeover target a
cepted from Canadian Na- nation, said Sunday it stands lion. National hadn’t demonstrated ceived the go-ahead for a simi- year ago when a group of buy-
tional Railway Co. in the latest ready to complete a deal. Cana- Under the current deal with that its use of a voting trust lar trust months ago. out investors approached it. The
twist in a hotly contested battle dian National said it is evaluat- Canadian National, Kansas City would be consistent with the As Canadian National deter- smallest of the major freight
for the railroad. ing all of its options. Southern shareholders would public interest. mines its next move, it also has railroads in the U.S., it plays a
As set out in the terms of its Should Canadian Pacific receive 1.129 Canadian National Canadian National said last an increasingly vocal share- key role in U.S.-Mexico trade.

Number of ultra-large
container ships delivered or
scheduled for delivery
TransUnion
30
Is Near
$3.1 Billion
20
Purchase
BY CARA LOMBARDO

TransUnion is nearing a
deal to buy information-ser-
10 vices company Neustar Inc.
PETER BOER/BLOOMBERG NEWS

for $3.1 billion, according to

people familiar with the mat-
ter, a move that could help the
consumer-credit-reporting
company diversify beyond its
0 core business and put data to
new uses.
2012 '15 '20 '24
The purchase of closely
Source: VesselsValue
A handful of big shipping players control the majority of containers via giant vessels. A Maersk container ship. held Neustar could be final-
ized by Monday, the people

Fewer Shipping Options Add to Cargo Woes

said, assuming the talks don’t
fall apart at the last minute.
Based in Reston, Va.,
Neustar uses analytics and
BY COSTAS PARIS modeling to help businesses
pandemic disrupted operations, executives say. The shipping industry con- in Asian manufacturing and de- identify potential customers
A wave of shipping consoli- according to cargo owners and “A few years ago we would solidated between 2016 and mands by cargo owners to keep and determine which ads to
dation over the past five years freight forwarders, who secure get a half-dozen competitive 2018, when a string of deals transport costs under control. serve them, according to its
is adding to the supply-chain ship space to move cargo. freight offers from shipping valued at around $14 billion cut The big liners also formed website. It also provides cy-
woes caused by Covid-19 out- The top six container opera- companies within a couple of the number of global boxship three global alliances that bersecurity services.
breaks, further delaying the tors control more than 70% of hours,” said Mark Murray, operators by about half. The share ships, cargo and port Chicago-based TransUnion,
movement of cargo across the all container capacity, accord- owner of DeSales Trading Co., deal making was part of ship- calls. Some smaller operators with a market value of
oceans. ing to maritime data provider a North Carolina importer of owners’ efforts to cope with joined in giving those groups roughly $24 billion, is one of
A handful of big shipping Alphaliner. As businesses try to rubber threads and elastic difficult conditions in the after- control over the vast majority the major credit-reporting
players control the majority of restock after the lifting of the bands. “Now it’s a couple of math of the 2008 financial cri- of available capacity. firms, alongside Experian PLC
containers via giant vessels, Covid-19 restrictions, they are days to get an offer from one of sis, when freight rates barely The result was a streamlined and Equifax Inc.
leaving the world with fewer paying at least four times more the big boys, you have to pay covered fuel costs and ships system in which fewer, but big- TransUnion is best known
routes, fewer smaller ships and to move their products com- crazy freight rates and your operated at deep losses. ger, ships called in at specific for selling credit reports and
fewer ports that could keep the pared with last year and face shipment is months late. Our Among other factors driving ports in Asia and then sailed to other consumer data to lend-
flow of goods moving when the long delivery delays, industry hands are tied.” the consolidation were a surge Please turn to page B2 ers for underwriting purposes.
Along with others in the in-
dustry, it has been adding ca-

Viacom Revamps Paramount, pabilities as more businesses

adopt their own criteria for
assessing customers. The Bi-
den administration has also

Shakes Up Its Management signaled interest in establish-

ing a government-backed con-
sumer-credit firm.
TransUnion Chief Executive
BY JOE FLINT The Wall Street Journal mount come as ViacomCBS Christopher Cartwright, who
previously reported that Mr. leadership including Chair- took the top role in 2019, in
ViacomCBS Inc. is revamp- Robbins will be tapped to suc- woman Shari Redstone and recent earnings calls has em-
ing the operations of its Para- ceed Jim Gianopulos as chief Mr. Bakish are putting a prior- phasized the company’s plans
mount Pictures movie and of Paramount Pictures. ity on Paramount+. to make use of the troves of
television production unit as For Mr. Nevins, the appoint- The company has made sev- data it handles. TransUnion
part of a broader shake-up of ment will add to a portfolio eral content deals for the ser- has made a string of smaller
the management there that that already includes oversight vice of late, including one with acquisitions recently and
will give television veteran Da- of the premium cable channel “South Park” creators Matt pushed further into areas in-
vid Nevins a larger role, peo- Showtime and responsibility Stone and Trey Parker. cluding insurance and fraud
ple familiar with the matter for original content for the As part of the new align- prevention. The Neustar deal
said. Paramount+ streaming plat- ment, Paramount Television is would be TransUnion’s biggest
Under the new structure, form. expected to focus primarily on since its 2015 initial public of-
the movie and television arms Nicole Clemens, who cur- making content for its sister fering.
AARONP/BAUER-GRIFFIN/GETTY IMAGES

will be run as separate enti- rently oversees the Paramount cable and streaming networks, Fraudulent purchases, in
ties, the people said. TV arm, will now report to Mr. the people said. particular, have become a
Nickelodeon chief Brian Nevins. Paramount Television cur- growing issue as consumers
Robbins will oversee films Both Messrs. Robbins and rently makes shows for a shift more of their shopping
while Mr. Nevins, a longtime Nevins will report to Viacom- range of services including Ap- online. Fraud-prevention ser-
ViacomCBS television execu- CBS Chief Executive Robert ple’s TV+ platform and Netflix. vices are also in demand
tive, will add oversight of the Bakish. The strategy echoes a simi- among credit-card issuers,
Paramount television unit. Mr. Nevins declined to com- lar approach being taken at which are sometimes on the
The realignment is expected ment. Ms. Clemens couldn’t be other media companies includ- hook when such purchases are
to be unveiled as early as reached for comment. ing Walt Disney Co. and Com- made with their cards.
Monday, they said. The moves inside Para- cast Corp.’s NBCUniversal unit. The movie and television arms will be run as separate entities. Please turn to page B2

INSIDE Restaurants Revisit Plans for Indoor Dining

BY HEATHER HADDON month as diners grew nervous. five weeks, data from restau- Covid-19-related restrictions
Mallorca brought back interior rant-analytics firm Black Box eased, lifting sales. Now, nearly
Restaurants’ plans to return dividers and spaced out tables Intelligence showed. one in five Americans say they
diners to indoor tables are un- again to help customers feel Bars and restaurants lost are no longer going out to res-
raveling. comfortable inside, but Ms. Tor- 41,500 jobs in August, the larg- taurants, and 9% have canceled
Chains such as McDonald’s res said she expects the fall to est monthly decline of any sin- existing plans to eat out in re-
Corp. and Chick-fil-A Inc. are remain tough. gle sector, according to Labor cent weeks, according to a na-
slowing their dining rooms’ re- “The sand is shifting again,” Department figures released tional survey of 1,000 adults by
openings, given the Delta- said Ms. Torres, who is closing this month. It was the food-ser- the National Restaurant Associ-
driven surge in Covid-19 infec- early on weekends and shutting vice industry’s first monthly de- ation last month.
tions. Other restaurants are entirely on Mondays because of cline since December. “I’m going to stay home for a
again losing customers and try- uncertain demand and staffing The Delta variant has re- while,” said Elaine Cory, a 64-
ing to squeeze more diners into struggles. “It’s just so hard to versed some of the reopening year-old North Carolina resi-
outdoor patios while weather predict.” momentum seen earlier in the dent who was eating out and
SEMICONDUCTORS HEARD ON THE still allows. Covid-19’s resurgence is cre- summer. Rising numbers of traveling for roughly four
Shortage of chips STREET Laurie Torres, owner of Ma- ating whiplash for restaurants, Covid-19 cases in recent weeks months after she was vacci-
llorca in downtown Cleveland, which have slogged through a have led to canceled concerts, nated but has since stopped.
brings auto and State of natural-gas said sales at her Spanish- year and a half of pandemic-re- postponed trips and the return Shares of casual-dining res-
technology industries market seems themed restaurant had risen lated disruptions. Sales that had of mask mandates. taurant chains, which depend
closer. B3 unnatural. B10 earlier in the summer from pan- steadily grown earlier in the Restaurants came into the more on dine-in sales than fast-
demic lows but fell again last summer have fallen in the past summer with optimism as Please turn to page B2
 .

B2 | Monday, September 13, 2021 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Abbott Laboratories...A7
Amazon.com ............... B4
Entertainment..........B2
DeSales Trading..........B1
Deutsche Bank............A1
N
NeuStar.......................B1
New York Life.............A2
Food Deliverers Step Up Battle
Dine Brands Global.....B2 Nvidia..........................B3
BY PREETIKA RANA chief executive of Tulsa-based
A. P. Moller-Maersk ... B2
Apollo Global .............. B3 DoorDash.....................B2 P-R AND HEATHER HADDON Longbow Asset Management,
Apple......................A1,B4 E Paramount Pictures....B1
who said he sold shares in
AT&T............................A1 Epic Games ................. B4 Qualcomm...................B3 America’s biggest food-deliv- Grubhub this year.
B F Renault........................B3 ery apps are fighting regulators The delivery companies say
Bank of America.........A1 Fantasia Holdings.......B9 T in their top markets, escalating the new regulations are leading
Brinker International..B2 TCI Fund Management a battle over how restaurants to higher prices for consumers,
G
C B1 and consumers should be which translates to fewer res-
General Motors...........B3 T-Mobile US................A1
Canadian National GrubHub......................B2 charged after the pandemic taurant orders and lost earn-
TransUnion..................B1
Railway ..................... B1
Canadian Pacific
Guangzhou R&F..........B9 21Shares ..................... B9 prompted a shift to their plat- ings for drivers. They also have
Railway ..................... B1 H U forms. diversified their delivery ser-
Capital Maritime Group Hertz Global Holdings B3 Uber Technologies.B2,B3 DoorDash Inc., Grubhub Inc. vices outside of restaurants
B2 Home Depot................B2 V and Uber Technologies Inc. into consumer staples and gro-
Cheniere Energy........B10 I-K Veoneer.......................B3 sued New York City last week, ceries and to ferrying goods for
Chick-fil-A...................B1 Intel.............................B3 Verizon Communications
China Evergrande........B9 calling the city’s decision to other businesses.
Kansas City Southern B1 A1
China South City ........ B9 ViacomCBS..................B1 permanently cap what they Many restaurants hope addi-
CIFI Holdings (Group) B9 L could charge restaurants “un- tional regulation will improve
Laboratory of America
W
Citigroup ..................... A1 constitutional, harmful and un- their financial benefit from ser-

EVAN ANGELASTRO FOR THE WALL STREET JOURNAL

CoinShares..................B9 A7 Walgreens Boots........A7
Country Garden...........B9 Logan Group................B9 Walmart......................B2 necessary.” DoorDash and vices that have become increas-
CVS Health ................. A7 M X Grubhub sued San Francisco in ingly important to them. Res-
D Match Group...............B4 Xinyuan Real Estate...B9 July after the city imposed a taurants logged more than 350
Daimler........................B3 McDonald’s..................B1 Y similar limit. million in food- delivery orders
Dave & Buster's Morgan Stanley..........A1 Yanlord Land Group....B9 The companies are battling in July, more than double the
with regulators and policy mak- number during the same month
ers over other practices, too. before the pandemic, data from
INDEX TO PEOPLE Chicago sued Grubhub and
DoorDash last month, accusing
market-research firm NPD
Group show.
them of being deceptive over Individual restaurants can
B J S how fees are listed to custom- pay apps a commission as high
Bennett, Naftali.........A8 Jackson, Luke............B10 Salebra, Mark..............B2 ers and how restaurants are as 30% of an order. San Fran-
Brownell, Stan..........B10 Jensen, Lars Mikael ... B2 Sheets, Andrew..........A2 treated, including whether they cisco has capped app commis-
C M Stone, Paul..................B3 are listed on sites with their The companies say regulations lead to higher consumer prices. sions at 15%, while New York
Subramanian, Savita..A2
Cartwright, Christopher Marinakis, Evangelos . B2 permission. Lawmakers in Cali- City capped them at 23%. Both
B1 Sweeney, Tim ............. B4
Montagu, Chris...........A2 fornia recently passed a bill of hefty losses that have con- think regulatory challenges cities had temporarily capped
Chen, Iris.....................B9 Mora, Enrique.............A8 T that would require apps to tinued during their booming present a long-term threat to what apps could charge restau-
D Mosis, Samer............B10 Torres, Laurie..............B1 show consumers how much res- sales in the pandemic. Delivery, the companies’ ability to de- rants as the health crisis
Dollarhide, Jake..........B2 Murray, Mark..............B1 V taurants make on their order. already an expensive logistical liver returns. crushed in-store dining, but the
E N Vaez, Ali......................A8 The regulatory snares are undertaking, has become cost- “The golden age of food de- delivery companies were ex-
Eslami, Mohammad....A8 Nevins, David..............B1 Z complicating the companies’ ef- lier as companies compete for livery probably already oc- pecting those requirements to
G R Zeng, Jenny.................B9 forts to become profitable, sus- market share in overlapping ge- curred in the worst of the pan- be lifted as lockdown restric-
Grossi, Rafael.............A8 Raisi, Ebrahim ............ A8 Zhou, Chuanyi.............B9 tainable businesses after years ographies. Some investors demic,” said Jake Dollarhide, tions eased.

Shipping
Options
Dry Up
Continued from page B1
Europe or the U.S., carrying
cargo that would go straight
onto shelves or production
SARAH BLESENER FOR THE WALL STREET JOURNAL

lines. The new model cut waste

from the system, limiting un-
used space on ships and reduc-
ing warehousing expenses for
importers.
Covid-19 highlighted the fra-
gility of the new supply-chain
model. Outbreaks over the
summer at big export hubs like
Yantian and Ningbo in China
idled ships for weeks as they
waited for terminals to reopen.
After they sailed, they got stuck
Bars and restaurants lost 41,500 jobs in August, the largest at congested Western ports
monthly decline of any single sector. that couldn’t handle the cargo
deluge.

Restaurants because of staffing shortages,

and it supported operators’ de-
cisions to close indoor dining if
Unlike in the pre-consolida-
tion era, when shippers could
call on a range of small- and

Revisit they needed to.

At Chick-fil-A, where drive-
through lines at restaurants
medium-size operators to help
them through disruptions,
cargo owners say they have

Plans have stretched across parking

lots during the pandemic, the
Atlanta-based company has al-
largely had to choose between
long waits and crippling costs.
Mr. Murray of DeSales said a
lowed owners to keep dining shipment from Malaysia that
Continued from page B1 rooms closed if they wish. Last was supposed to leave June 26
food companies, have sagged in
recent weeks. Chili’s owner
Brinker International Inc. said
month, the chain extended that
option until January out of
safety concerns, and most
got bumped back to July 7.
Then a Covid-19 outbreak de-
layed sailing to early Septem-
PortfolioAnalyst –
last month that Delta had begun Chick-fil-A dining rooms remain ber with an estimated arrival
to depress sales, and its shares
are down 16% since early June.
shut, a company spokeswoman
said.
date in early October.
DeSales paid $9,500 to book
The new standard for portfolio
Dave & Buster’s Entertain- Dining room policies have at the container, up from around
ment Inc. shares have lost 18% times divided companies and $3,000 before the pandemic, Mr. management software and financial
and Applebee’s owner Dine restaurant owners. Murray said. It got the price af-
Brands Global Inc.’s stock has
fallen 14% over the same period.
The National Owners Associ-
ation, a group of McDonald’s
ter negotiating with a number of
freight forwarders, who had
account consolidation
Drive-through and to-go franchisees, told the company originally asked to be paid
sales helped fast-food chains in May that some franchisees around $19,000.
weather last year. As infections had felt pressured by local The big liner operators say
dropped earlier this year, many McDonald’s corporate represen- the issue isn’t that capacity is
chains and owners wrestled tatives to speed up reopening of being controlled by a few big Link accounts across multiple financial
with reopening their dining their dining rooms earlier in the players. They say Covid-19 out- institutions for consolidated portfolio tracking,
rooms. Fast-food companies year, according to an email the breaks at global transport hubs
generally have sought to re- group sent to its members. have exposed capacity short- analysis, and reporting.
sume indoor dining when al- “It is about when you are comings on shore, where there
lowed, but the number of cus- ready, not a count-down clock,” isn’t enough manpower, trains, Returns are now Global Investment Performance
tomers eating their meals inside wrote a McDonald’s franchisee trucks and warehouses to move
has remained below pre-pan- representative in the email. the cargo inland.
Standards (GIPS®) verified.
demic levels, data from market- McDonald’s said that the “In the U.S. West Coast the
research firm the NPD Group chain has worked closely with terminals can’t absorb more ca- Measure time or money-weighted returns against
shows. franchisees to put the well-be- pacity,” said Lars Mikael Jensen, more than 200 industry benchmarks.
Many operators have strug- ing of restaurant employees at head of global ocean network at
gled to hire enough workers the forefront of its decision Denmark-based A.P. Moller-
this year, and some have argued making. Mark Salebra, chair- Maersk AS, the world’s biggest Better understand risks vs. returns with powerful
that it isn’t worth dedicating man of the National Franchisee boxship operator. “There are suf- analytics.
employees to sit-down service Leadership Alliance, the official ficient ships if we could get into
when indoor business remains McDonald’s owners group, said Los Angeles and then sail off the
much slower than to-go sales. restaurant operators are work- next day. But now we can waste
Wendy’s Co. told investors last ing with McDonald’s to be agile weeks waiting.”
month that some of its restau- when it comes to opening and Forty or more loaded ships
rants were closing their dining closing dining rooms in re- have been waiting at anchor off
rooms during parts of the day sponse to local case counts. the coast of Los Angeles on any
given day in recent weeks, ac-
cording to the Marine Exchange
PortfolioAnalyst
TransUnion sizable acquisition was a $1
billion-plus deal to buy con-
sumer-credit and identity-ver-
of Southern California. Before
the pandemic, a single ship at
anchor was unusual.
powered by

Closes In ification company Callcredit

Information Group Ltd. in
2018.
The capacity crunch has led
some shippers to hire their own
vessels. Walmart Inc. said in

On Deal An investor group led by

Golden Gate Capital that also
includes Singapore sovereign-
August that it chartered its own
ships to move Asian imports, af-
ter a similar move by Home De- portfolioanalyst.com/gips
wealth fund GIC took Neustar pot Inc. in June.
Continued from page B1 private in 2017 in a roughly Capital Maritime Group,
Equifax earlier this year $1.8 billion deal. which operates 108 vessels of
bought fraud-prevention com- Neustar had been part of all types, had a client charter a Interactive Brokers LLC - member NYSE, FINRA, SIPC. Any trading symbols displayed are for illustrative purposes
pany Kount Inc. in its first Lockheed Martin Corp. before small, 2,000-container ship to only and are not intended to portray recommendations. GIPS® is a registered trademark owned by CFA Institute.
major acquisition since it suf- the defense contractor di- move furniture and sports CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the
fered a major 2017 data vested itself of the business in clothing from China to Liver- content contained herein 08-IB21-1481CH1479
breach. 1999. Neustar went public in pool, England, said Evangelos
TransUnion’s most recent 2005. Marinakis, Capital’s chairman.
 .

THE WALL STREET JOURNAL. Monday, September 13, 2021 | B3

BUSINESS NEWS

Hertz Is on the Hunt

For Its Next CEO
Following Bankruptcy
Hertz Global Holdings Inc. inventory management, and to
is in talks to name a new chief transition the fleet to include
executive officer, as the car- more electric vehicles. They are
rental company resets after searching for a leader with the
experience and expertise to
By Emily Glazer, lead such a transformation, one
Alexander Gladstone of the people said.
and Becky Yerak Mr. Stone, who has led the
company’s roughly 24,000 em-

WOLFGANG RATTAY/REUTERS
emerging from bankruptcy un- ployees during the pandemic,
der new ownership, people fa- previously was its chief retail
miliar with the matter said. operations officer in North
CEO Paul Stone has had the America for two years. Before
top job at Hertz since May joining Hertz, he was chief re-
2020, taking the position days tail officer at outdoor products
before the company filed for merchant Cabela’s.
bankruptcy protection. Hertz The car-rental business has Intel said it would start a robotaxi service using its Moovit mobility app and the self-driving technology of its Mobileye unit.
exited chapter 11 earlier this snapped back from the start of

Chip Shortage Drives Tech

year and is now controlled by the pandemic. Many travelers
an investor group led by Cer- have found it challenging to
tares Management LLC and book rental cars on their post-
Knighthead Capital Manage- pandemic trips, while others
ment LLC. have turned to renting cars
Hertz is talking to several
potential CEO candidates and a
decision hasn’t been completed,
the people said. It is unclear
from private individuals or bik-
ing around during vacations. At
leisure destinations, rental of-
fices have been swarmed by
travelers eager for a vehicle.
And Car Industries Closer
Hertz was one of the high- BY ASA FITCH critical customer segment for company’s luxury-car business, last month started a $4.6 bil-

$19B
est-profile corporate defaults semiconductor companies. A Mercedes-Benz, has had to lion bid for the Swedish auto-
stemming from the coronavirus Cooperation between semi- fifth of the cost of the materi- juggle chip supplies, encoun- tech company Veoneer Inc.
pandemic when it filed for conductor companies and the als that go into making pre- tering delays for some models Analysts expect the chip
bankruptcy. As would-be driv- automotive industry is moving mium-segment cars, he said, and giving priority to its and car industries’ interdepen-
The amount of debt the ers stayed home in spring into the fast lane, driven by a would be semiconductors by most-profitable vehicles for dence will only accelerate. The
company had in spring 2020 2020, Hertz staggered under chip shortage and a recogni- 2030, up from 4% in 2019. processor allocations. research firm IHS Markit Ltd.
$19 billion of debt, much of it tion that cars are becoming “We need you, and you need Cristiano Amon, chief exec- estimates the automotive chip
tied to its fleet. The company evermore digital. us,” he said at the event. “This utive of the mobile-phone-chip market will be worth around
had been losing money for sev- More than a year into the is a symbiotic future that we company Qualcomm, said $85 billion in 2027, up from
when a leadership change may eral years before the crisis and crisis, executives from car and are off innovating and supply- Wednesday in Munich that the around $52 billion this year.
be announced. Hertz didn’t re- facing competition from ride- chip makers are establishing ing as the automobile becomes deployment of superfast 5G The auto sector provides
spond to requests for comment. hailing services such as Uber closer ties to address the short- a computer with tires.” communications networks chip makers with considerable
Hertz exited bankruptcy on Technologies Inc. age and working together to in- Even as cars started to would help enable new car expansion opportunities, un-
June 30 and said in August it Executives from Certares, troduce new products. The shift sport more chips in recent features, including the deploy- like in more-mature semicon-
planned to bring its shares Knighthead and Apollo Global was on display as executives years, the relationship be- ment of self-driving cars. Car ductor markets, said Phil Am-
back to a major stock ex- Management Inc., which also from such chip companies as tween auto and chip makers companies, he said, “should all srud, an IHS auto analyst.
change by the end of this year. backed the company’s exit Intel Corp., Qualcomm Inc. and often remained indirect. Car be seen as technology compa- At the car event, Mr. Gel-
It is planning a roadshow to from chapter 11, occupy five of Nvidia Corp. flocked to Munich makers largely relied on their nies and part of the tech sec- singer said Intel would start a
woo institutional investors as the nine seats on the Hertz last week for an annual auto parts vendors to buy the chips tor.” That means auto makers robotaxi service using its
part of the relaunch. board. Certares founder Greg- show, lured by the promise of their vehicles needed. That need to have direct ties to Moovit mobility app it ac-
Several qualified candidates ory O’Hara serves as Hertz’s selling chips for new car dis- disconnect contributed to the tech companies, he added. quired a year ago for about
have expressed interest in the chairman. plays, driver-assistance features auto chip crisis of recent Qualcomm said earlier in $900 million and leveraging
CEO job, and Hertz would like Hertz stock closed Friday at and other vehicle applications. months, car- and chip-industry the week that its chips would the self-driving technology of
to have the decision made be- $15.91 in over-the-counter trad- The chip crisis highlighted executives have said. Those drive infotainment systems in Mobileye, its roughly $15 bil-
fore the stock is relisted on a ing, with a market capitaliza- to car makers how dependent ties are being reset, industry Renault SA’s new electric cars. lion bet on the automotive
major exchange, one of the tion of more than $7.4 billion. they have become on semicon- officials are now saying. The chip company agreed in sector four years ago. Mobil-
people said. The Hertz bankruptcy was a ductors, but Intel Chief Execu- Daimler AG CEO Ola Källe- January to expand its work eye, an Israeli autonomous-
Hertz’s new owners are seek- rarity in that it returned tive Officer Pat Gelsinger told nius told The Wall Street Jour- with General Motors Co. on driving company, supplies
ing to drive a transformation of roughly $8 a share to its stock- car-industry officials at the nal last week that the com- digital-cockpit and driver-as- technology to established auto
the business, implementing new holders. Typically in business event Tuesday that the appe- pany was now in direct sistance features. In another makers including BMW AG and
software to accurately forecast bankruptcies, equity owners tite of the auto industry for contact with chip makers to sign of Qualcomm’s interest in Ford Motor Co. for their
customer demand and optimize walk away empty-handed. processors is making it a more monitor supply. The German the auto sector, the company driver-assistance features.

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B4 | Monday, September 13, 2021 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Amazon Quotas Get Tested Apple Still Faces

California Legislature
approves bill to
Risk After Verdict
address complaints on BY TIM HIGGINS by a powerful judge endorsed
Apple’s practices.
employees’ work pace Apple Inc. scored a partial When the trial in Oakland,
victory Friday in a landmark Calif., began in May, the first
BY SEBASTIAN HERRERA antitrust case, but its fight big challenge for Epic was to
with opponents of the App define the market in question.
California is taking aim at Store is far from over. In a blow to the company, the
the grievances of some Ama- While U.S. District Judge judge ultimately rejected its
zon.com Inc. warehouse em- Yvonne Gonzalez Rogers left in claim that Apple improperly
ployees, who have complained place many of Apple’s restric- controlled distribution of apps
about the pace at which the tions for third-party software, onto the iPhone and forced
company requires them to sort she raised the specter of the use of its in-app payment sys-
TERRY PIERSON/SCNG/ZUMA PRESS

packages, injuries and surveil- tech company nearing a point tem.

lance they face on the job. where it could be deemed a Instead, she zeroed in on
If enacted, a new state law monopoly in the mobile video- the power Apple holds over
would require Amazon to dis- game market. the mobile game market,
close any quotas it applies to The warning was tucked in- cautioning that a market share
workers in the state, a step the side her 180-page ruling Fri- of more than 55% wasn’t yet
bill’s supporters say would al- day, which was broadly high enough to sustain a mo-
low regulators to assess greeted by Apple as a re- nopoly case.
whether its employees have sounding victory. Still, the “The court cannot conclude
sufficient time for breaks, or if If enacted, a California law would require Amazon to disclose quotas it applies to workers in the state. judge’s findings included criti- that Apple’s market power
performance goals are affecting cism of its business as well as reaches the status of monop-
the health and safety of work- the majority of its 950,000 U.S. long-term, Ms. Reese said, heavily on algorithmic-based requirements that it stop pro- oly power in the mobile gam-
ers in other ways. employees being warehouse since Amazon has struggled performance measures that can hibiting software developers ing market,” she wrote. “That
The bill would be the first to staff. As with many California with high turnover among its easily lead to being terminated. from informing users of alter- said, the evidence does sug-
require more transparency laws, the bill could set a na- warehouse staff. Amazon has said less than 1% native payment methods out- gest that Apple is near the
about a central facet of working tional standard given the state’s Amazon doesn’t disclose its of firings happen due to under- side their apps. precipice of substantial
for the tech giant, which has be- size and political influence. quotas but has said rate expec- performance. Her decision will be scruti- market power, or monopoly
come the nation’s second-larg- “Increasingly, employers tations are measured over time Quotas and break times were nized by lawmakers, regula- power, with its considerable
est private employer. Amazon look to what Amazon does and are based on employees’ among reasons some employ- tors and rivals around the market share.”
warehouse workers often refer when implementing technology experience levels, and that it ees sought to organize in a world as they look at ways to That language was seen by
to the sorting requirements as at their own facilities,” said El- accounts for health and safety widely covered union election rein in the power held by Big some legal observers as a yel-
“making rate.” The company has len Reese, chair of labor studies when forming performance at a warehouse in Bessemer, Tech and protect digital mar- low flag of caution to Apple.
long made performance quotas at the University of California, goals. A typical shift at an Ama- Ala., earlier this year. Although ketplaces. “I think the battle continues
central to its operations, al- Riverside and the lead author zon fulfillment center can be 10 Amazon overwhelmingly won, Rivals pointed to the deci- for Apple,” said Sam Wein-
though it has said the rate em- of a 2019 research paper that hours, with an hour break in to- the election is likely headed to sion as proof that antitrust stein, a law professor at Car-
ployees must meet varies based examined experiences of Ama- tal. An employee is likely to a rerun after a federal labor of- laws need to be updated for a dozo School of Law at Yeshiva
on the job and experience level. zon warehouse employees in handle thousands of items ficial found Amazon violated la- new era. “What today’s rul- University and a former anti-
The California Legislature, the state. “The pressure to throughout their shift. bor practices during the vote, a ing…makes clear is that anti- trust lawyer for the Justice
which is dominated by Demo- make rates is very stressful, Amazon has recorded higher charge Amazon has denied. quated antitrust laws cannot Department who has been fol-
crats, approved the bill last and for many warehouse work- injury rates than the national While labor organizations solely be fixed by the courts,” lowing legal challenges to how
week. Gov. Gavin Newsom, who ers, they have to cut corners in average, according to company have cheered the bill, the mea- said Match Group Inc., the on- Apple runs its business.
faces a recall election Tuesday, safety to make rates.” and federal workplace data. The sure has been opposed by busi- line dating company. The judge’s language, he
hasn’t indicated whether he Amazon’s quotas play a sig- company has taken several ness groups that include the Lawmakers in Congress and said, suggests that “on an-
would sign the bill. The Demo- nificant role in the company’s steps to combat injuries, in- California Chamber of Com- Europe have been working on other day with more facts, a
crat has until Oct. 10 to decide. intricate logistics apparatus, cluding launching a safety and merce and the California Retail- legislation that would have couple of years down the line,
If he is removed from office in which includes complex algo- well-being education program ers Association. Amazon is a ramifications for Apple’s maybe Apple loses.”
the recall, his successor likely rithms that measure productiv- for its employees and announc- member of both groups. business. South Korean legis- Early in the case, the judge
wouldn’t take office until after ity and keep the company’s ing a $12 million contribution Rachel Michelin, head of the lators recently passed a law acknowledged that no matter
the deadline. Amazon, which supply chain humming, along to the National Safety Council California Retailers Association, that would prohibit Apple’s in- how she ruled, the decision
hasn’t taken its own position on with machinery and robots that to solve workplace injuries. It said the bill would increase the app payment system, which would likely be appealed in a
the bill, declined to comment. speed up Amazon’s processes. also eased a policy known as cost of living and damage a was at the heart of the com- process that could likely take
While it could affect numer- It isn’t clear to what extent “time off task” that in part fragile supply chain already plaint from Epic Games Inc., years to resolve. Apple on Fri-
ous companies, Assembly- the bill would harm Amazon, measures worker productivity. strained by the Covid-19 pan- the maker of the “Fortnite” day was coy about its next
woman Lorena Gonzalez, the but the company could be Performance goals have been demic. “Everything we buy and videogame. step, while Epic told the court
bill’s Democratic author, has forced to hire additional work- a source of tension inside Ama- use moves through the manu- The Justice Department has Sunday it plans to appeal. Tim
made Amazon the central focus ers to keep its quick shipping zon warehouses. In interviews, facturing, storage and distribu- also been looking at Apple’s Sweeney, co-founder and chief
in public statements about the times intact if it were forced some employees have said tion process—we will all pay App Store, but legal scholars executive of Epic, seemed
legislation. Amazon trails only to lower quotas. Greater in- managers obsess over meeting the price,” she said. have been saying it would be eager to continue his battle. In
Walmart Inc. as the largest pri- vestment into its workforce quotas and have complained —Christine Mai-Duc hard to move ahead with any a tweet, he wrote, “We will
vate employer in the U.S., with could pay off for the company that Amazon’s model relies too contributed to this article. possible case if a strong ruling fight on.”

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THE WALL STREET JOURNAL. Monday, September 13, 2021 | B5

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B6 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

INSIDER TRADING, BONDS & COMMODITIES

Insider-Trading Spotlight Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
new information about the prospects of a company. Insiders are required to report large trades to the SEC
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
Money Rates September 10, 2021
Refinitiv on September 10, and year-to-date stock performance of the company Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer guide to general levels but don’t always represent actual transactions.
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
unknown VP: vice president Excludes pure options transactions July index Chg From (%)
level June '21 July '20 Low 0.0200 0.0200 0.0900 0.0000 Commercial paper (AA financial)
Biggest weekly individual trades Bid 0.0700 0.0700 0.0900 0.0100 90 days 0.09 0.10 0.25 0.04
U.S. consumer price index Offer 0.1000 0.1000 0.1200 0.0500
Based on reports filed with regulators this past week Libor
All items 273.003 0.48 5.4
No. of shrs in Price range ($) $ Value Core 279.146 0.33 4.3 Treasury bill auction One month 0.08388 0.08288 0.15863 0.07263
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) 4 weeks 0.060 0.035 0.090 0.000 Three month 0.11575 0.11550 0.25388 0.11413
International rates 13 weeks 0.045 0.045 0.115 0.015 Six month 0.14938 0.14838 0.28188 0.14663
Buyers Week 52-Week
26 weeks 0.050 0.055 0.125 0.030 One year 0.22250 0.22275 0.41388 0.21950
Latest ago High Low Euro Libor
Aug. 26 Humacyte HUMA B. Dougan DOI 1,523 10.00 15,225 13.88 36.5 Secondary market
Sept. 2-3 J. Kushner 485 17.53-18.35 8,771 17.50 One month -0.582 -0.580 -0.558 -0.607
Oscar Health OSCR HI Prime rates Fannie Mae Three month -0.566 -0.565 -0.507 -0.574
Sept. 8-9 Ault Global Holdings DPW M. Ault ODI 493 2.74-2.82 1,371 2.79 -35.9 U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.535 -0.539 -0.491 -0.548
Sept. 2-7 M. Ault ODI 507 2.65-2.67 1,351 Canada 2.45 2.45 2.45 2.45 One year -0.497 -0.499 -0.418 -0.511
Japan 1.475 1.475 1.475 1.475 30 days 2.368 2.357 2.622 1.836
Sept. 7 ON Semiconductor ON G. Waters DI 17 45.26 769 46.89 43.3 60 days 2.402 2.392 2.674 1.875 Secured Overnight Financing Rate
Sept. 9 REV Group REVG P. Bamatter D 50 15.17 759 16.19 83.8 Policy Rates
Other short-term rates 0.05 0.05 0.11 0.01
Euro zone 0.00 0.00 0.00 0.00
Sept. 1 Wheels Up Experience UP D. Adelman DI 100 7.54 754 7.73 -22.5
Switzerland 0.00 0.00 0.00 0.00 Value 52-Week
Sept. 7-9 Rocky Mountain Chocolate Factory B. Radoff B 67 8.20-8.27 551 8.48 109.4 Week 52-Week Latest Traded High Low
RMCF Britain 0.10 0.10 0.10 0.10 Latest high low
ago
Sept. 7 Veritex Holdings VBTX A. Acosta D 15 35.85 538 35.50 38.3 Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index
Sept. 3 Texas Capital Bancshares TCBI R. Holmes CEO 8 60.29 501 56.59 -4.9 Overnight repurchase Call money Treasury 0.057 72.830 0.132 -0.008
Sept. 2 T. Storms O 4 59.83 250 U.S. 0.05 0.05 0.12 -0.04 2.00 2.00 2.00 2.00 MBS 0.058 13.800 0.143 0.002
Aug. 31 RumbleON RMBL D. Dixon D 14 33.00 450 35.88 18.8 Notes on data:
U.S. government rates
Sept. 3 Enstar Group ESGR R. Campbell D 2 223.88 448 233.85 14.1 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
Sept. 1 E2open Parent Holdings ETWO C. Chu DI 28 10.60 300 12.00 10.7 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is
0.25 0.25 0.25 0.25 as of September 9, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
Sept. 2-3 Reservoir Media RSVR S. Cook DI 32 8.68-8.94 276 9.55 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Sept. 2-7 Lumos Pharma LUMO K. Lalande DI 24 11.11-11.35 274 11.19 -68.7
Effective rate 0.0800 0.0800 0.1000 0.0500 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Sept. 3-7 MaxLinear MXL S. Litchfield CFO 5 54.25-54.73 250 52.23 36.8 High 0.0900 0.0900 0.1500 0.0700 Tullett Prebon Information, Ltd.
Sept. 3 Terminix Global Holdings TMX B. Ponton CEO 6 41.66 249 45.44 -10.9

Sellers Cash Prices | wsj.com/market-data/commodities Friday, September 10, 2021

Sept. 7-9 Walmart WMT S. Walton DOI 2,001 146.45-148.86 294,353 145.89 1.2 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Sept. 7-9 A. Walton BI 2,001 146.45-148.86 294,353 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Sept. 7-9 J. Walton BI 2,001 146.45-148.86 294,353
Sept. 3 S. Walton DOI 544 148.46-149.25 81,137 Friday Friday Friday
Sept. 3 A. Walton BI 544 148.46-149.25 81,137 Iron Ore, 62% Fe CFR China-s 128.8 Wheat,Spring14%-pro Mnpls-u 9.7875
Sept. 3 J. Walton BI 544 148.46-149.25 81,137 Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.0750
Sept. 8 Elastic ESTC S. Schuurman DOI 500 165.35 82,675 159.66 9.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.800 Steel, HRC USA, FOB Midwest Mill-s 1951 Wheat - Hard - KC (USDA) $ per bu-u 7.0850
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.350 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 10.9250
Sept. 3 Bill.com Holdings BILL B. Murray OI 265 287.98-298.59 77,603 281.04 105.9
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 15950 Food
Sept. 2 ZoomInfo Technologies ZI T. Crockett DI 991 66.03 65,460 63.16 31.0 BMI Lithium Hydroxide, EXW China, =56.5% -v,k 18400
Sept. 2 J. Mironov DI 991 66.03 65,460 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 12012 Beef,carcass equiv. index
Sept. 2 T. Crockett DI 1,043 62.00 64,668 Engelhard industrial 1795.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5775 choice 1-3,600-900 lbs.-u 248.16
Sept. 2 J. Mironov DI 1,043 62.00 64,668 Handy & Harman base 1794.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 530 select 1-3,600-900 lbs.-u 218.83
Sept. 3 J. Mironov DI 746 65.74 49,030 Handy & Harman fabricated 1992.01 Broilers, National comp wtd. avg.-u,w 1.0578
Sept. 7 T. Crockett DI 724 65.41 47,371 LBMA Gold Price AM *1795.35
Fibers and Textiles Butter,AA Chicago 1.7850
Sept. 7 J. Mironov DI 724 65.41 47,371 LBMA Gold Price PM *1788.25 Cheddar cheese,bbl,Chicago 147.75
Burlap,10-oz,40-inch NY yd-n,w 0.7775
Krugerrand,wholesale-e 1862.12 Cheddar cheese,blk,Chicago 179.00
Sept. 7-9 Palantir Technologies PLTR A. Karp CEO 1,916 25.51-26.56 49,886 26.28 11.6 Cotton,1 1/16 std lw-mdMphs-u 0.9348
Maple Leaf-e 1880.03 Milk,Nonfat dry,Chicago lb. 135.75
200 224.47-226.78
Cotlook 'A' Index-t *103.65
Sept. 1 NVIDIA NVDA J. Huang CEO 45,036 224.78 72.2 American Eagle-e 1880.03
Coffee,Brazilian,Comp 1.7957
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 2.3810
Sept. 7 Alphabet GOOG S. Brin DO 14 2892.87-2914.44 40,390 2838.42 62.0 Mexican peso-e 2166.81 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.3150
Austria crown-e 1758.05
* Half the transactions were indirect **Two day transaction Grains and Feeds Flour,hard winter KC 19.10
Austria phil-e 1880.03
p - Pink Sheets Hams,17-20 lbs,Mid-US fob-u 0.68
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 92.90
Engelhard industrial 24.1500 Bran,wheat middlings, KC-u 120 Pork bellies,12-14 lb MidUS-u n.a.
Buying and selling by sector Handy & Harman base 23.9150 Corn,No. 2 yellow,Cent IL-bp,u 5.2000 Pork loins,13-19 lb MidUS-u 1.0600
Handy & Harman fabricated 29.8940 Corn gluten feed,Midwest-u,w 146.4 Steers,Tex.-Okla. Choice-u n.a.
Based on actual transaction dates in reports received this past week LBMA spot price *£17.4800 Corn gluten meal,Midwest-u,w 514.9 Steers,feeder,Okla. City-u,w 171.63
(U.S.$ equivalent) *24.1450 Cottonseed meal-u,w 310
Sector Buying Selling Sector Buying Selling Coins,wholesale $1,000 face-a 19774 Hominy feed,Cent IL-u,w 155 Fats and Oils
Basic Industries 258,163 7,006,419 Finance 2,313,837 67,043,951 Other metals Meat-bonemeal,50% pro Mnpls-u,w 355 Degummed corn oil, crude wtd. avg.-u,w 53.6600
LBMA Platinum Price PM *n.a. Oats,No.2 milling,Mnpls-u 5.1800 Grease,choice white,Chicago-h 0.5400
Business services 53,363 36,774,843 Health care 717,958 109,537,974
Platinum,Engelhard industrial 981.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.50 Lard,Chicago-u n.a.
Capital goods 0 0 Industrial 2,752,840 18,943,639 Palladium,Engelhard industrial 2215.0 Sorghum,(Milo) No.2 Gulf-u 6.7763 Soybean oil,crude;Centl IL-u,w 0.6872
Consumer durables 0 2,328,679 Media 0 8,030,799 Aluminum, LME, $ per metric ton *2817.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 340.80 Tallow,bleach;Chicago-h 0.6625
Consumer nondurables 549,168 31,184,055 Technology 804,640 210,653,024 Copper,Comex spot 4.4480 Soybeans,No.1 yllw IL-bp,u 12.5500 Tallow,edible,Chicago-u 0.7000
Consumer services 25,400 45,356,401 Transportation 56,724 6,423,201
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 200 230,500 Utilities 7,707 8,039,496 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence;
W=weekly; Z=not quoted. *Data as of 9/9
Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data

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THE WALL STREET JOURNAL. Monday, September 13, 2021 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
34607.72 t 761.37, or 2.15% last week Trailing P/E ratio 23.52 27.16 4458.58 t 76.85, or 1.69% last week Trailing P/E ratio * 31.41 36.58 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 18.94 26.54 High, low, open and close for each of P/E estimate * 22.10 25.57
the past 52 weeks Dividend yield 1.84 2.22 the past 52 weeks Dividend yield * 1.31 1.79 IPOs in the U.S. Market
All-time high 35625.40, 08/16/21 All-time high 4536.95, 09/02/21
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.15188516925198 Rule 144a market; deal amounts are for the U.S. market only
36000 4500 Symbol/ Pricing
Week's high
Expected primary Shares Range($)
DOWN UP
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
t

Monday's open Friday's close 34000 4250

Friday's close Monday's open 9/14 6/1 EzFill Holdings Inc EZFL 6.3 4.00/ FordhamFinancialManagement
t

Provider of fuel delivery Nq 4.00

services.
Week's low 32000 4000
9/13 8/17 Sportradar Group AG SRAD 19.0 25.00/ JPM, MS, Citi, UBS,
65-day Parent company of Nq 28.00 BofA Securities,
moving average 30000 3750 Sportradar Holding AG, DB, Jefferies,
Software-Computer, Canaccord
65-day Traditional & Other, Genuity
Software company
moving average providing sports data.
28000 3500
9/14 8/18 PROCEPT BioRobotics Corp PRCT 5.5 22.00/ BofA Securities, GS,
Medical device company Nq 24.00 Cowen &
focused on the treatment Company LLC,
200-day moving average 200-day moving average of tissues. Guggenheim
26000 3250 Partners, SVB
Leerink
Bars measure the point change from Monday's open
9/14 8/20 Tyra Biosciences Inc TYRA 6.7 14.00/ BofA Securities, Jefferies,
24000 3000 Commercial stage Nq 16.00 Cowen &
S O N D J F M A M J J A S S O N D J F M A M J J A S biopharmaceutical Company LLC
company.
Primary
NYSE weekly volume, in billions of shares market Composite 9/14 8/20 Dutch Bros Inc BROS 21.1 18.00/ BofASecurities,JPM,Jefferies,
t
t

Operator of a drive- N 20.00 Barclays, Piper

36 Track the Markets through coffee chain. Sandler, R W
Compare the performance of selected Baird & Co, W.
24 Blair LLC
12 global stock indexes, bond ETFs,
currencies and commodities at 9/14 8/20 Definitive Healthcare Corp DH 15.6 21.00/ GS,JPM,Barclays,CreditSuisse,
0
S O N D J F M A M J J A S wsj.com/graphics/track-the-markets Software-Medical Nq 24.00 DB, MS
Technology company
engaged with healthcare
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index data & analytics platform.

Major U.S. Stock-Market Indexes Nasdaq Composite 9/14 8/20 Thoughtworks Holding Inc
Software-Computer,
TWKS
Nq
36.8 18.00/ GS, JPM, Credit Suisse,
20.00 BofA Securities,
Latest Week 52-Week % chg t 248.02, or -1.61% Traditional & Other.
Software company
Citi, RBC Cptl
Mkts, HSBC
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
last week engaged with software
development and digital
transformation consulting
Industrial Average 35373.24 34599.61 34607.72 -761.37 -2.15 26501.60 l 35625.4 25.1 13.1 10.2 services.
Transportation Avg 14794.05 14364.43 14366.89 -384.73 -2.61 10945.62 l 15943.3 27.3 14.9 7.5 9/14 8/23 On Holding AG ONON 31.1 18.00/ GS,MS,JPM,Allen&CoLLC,UBS,
15450
Utility Average 951.63 928.77 929.14 -15.79 -1.67 785.16 l 952.62 16.2 7.5 8.0 Company engaged in N 20.00 Credit Suisse
providing athleisure
Total Stock Market 47034.65 46189.26 46196.95 -869.27 -1.85 33005.83 l 47089.89 36.1 17.8 15.6 products
Barron's 400 1035.27 1024.63 1024.76 -19.95 -1.91 687.57 l 1047.16 44.9 20.2 9.6 15300
9/15 8/23 ForgeRock Inc FORG 11.0 21.00/ MS,JPM,DB,Mizuho,HSBC
Nasdaq Stock Market Software-Computer, N 24.00
15150 Traditional & Other.
Nasdaq Composite 15403.44 15111.31 15115.49 -248.02 -1.61 10632.99 l 15374.33 39.3 17.3 24.0 Software company
providing identity
Nasdaq-100 15701.40 15433.43 15440.75 -212.11 -1.36 10833.33 l 15675.76 39.3 19.8 27.5 management solutions.
15000
S&P 3 6 7 8 9 10 9/14 8/25 Dice Therapeutics Inc DICE 10.0 15.00/ BofASecurities,SVBLeerink,
500 Index 4535.38 4457.66 4458.58 -76.85 -1.69 3236.92 l 4536.95 33.5 18.7 15.7 September Biotechnology company Nq 17.00 Evercore Inc
engaged with therapies in
MidCap 400 2760.55 2686.17 2686.53 -74.02 -2.68 1792.09 l 2773.83 44.8 16.5 9.8 DJ US TSM immunology for patients
with debilitating disease.
SmallCap 600 1371.40 1326.46 1326.93 -42.80 -3.12 822.63 l 1414.12 53.9 18.6 7.0 t 869.27, or -1.85%
Other Indexes last week Lockup Expirations
Russell 2000 2300.59 2227.54 2227.55 -64.50 -2.81 1451.46 l2360.17 48.8 12.8 9.1 Below, companies whose officers and other insiders will become eligible
NYSE Composite 16909.72 16562.62 16563.48 -346.24 -2.05 12359.16 l 16926.72 29.7 14.0 8.6 to sell shares in their newly public companies for the first time. Such
Value Line 671.85 655.13 655.17 -16.68 -2.48 444.77 l 685.08 41.8 15.2 3.9 47050
sales can move the stock’s price.
NYSE Arca Biotech 5998.75 5855.65 5881.57 -117.18 -1.95 5151.66 l 6319.77 14.2 2.5 4.5
Lockup Offer Offer amt Through Lockup
NYSE Arca Pharma 789.78 757.61 757.73 -32.05 -4.06 613.07 l 811.41 15.0 9.9 9.5 46700
expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision
KBW Bank 128.33 124.69 125.03 -1.67 -1.32 69.87 l 134.82 63.8 27.7 4.5
PHLX§ Gold/Silver 135.38 128.40 128.42 -7.62 -5.60 125.78 l 166.01 -14.6 -10.9 27.5 Sept. 12 March 16, ’21 Jowell Global JWEL 7.00 26.0 –17.1 180 days
46350
PHLX§ Oil Service 54.67 51.30 52.30 -1.539 -2.86 26.30 l 69.77 59.6 18.0 -27.3 Sept. 14 March 18, ’21 AFC Gamma AFCG 19.00 118.8 10.3 180 days
PHLX§ Semiconductor 3468.68 3350.26 3416.66 -14.23 -0.41 2126.69 l 3446.44 59.9 22.2 35.4
l 46000 March 17, ’21 American Acquisition OpportunityAMAOU 10.00 100.0 1.7 180 days
Cboe Volatility 21.13 16.89 20.95 4.54 27.67 15.07 40.28 -22.0 -7.9 13.9
3 6 7 8 9 10

Nasdaq PHLX March 16, ’21 Sun Country Airlines Holdings SNCY 24.00 200.0 25.4 180 days
Sources: FactSet; Dow Jones Market Data September
March 17, ’21 Vine Energy VEI 14.00 328.1 13.1 180 days

March 17, ’21 Duckhorn Portfolio NAPA 15.00 300.0 48.7 180 days
International Stock Indexes Commodities and
Latest Week 52-Week Range YTD
Currencies March 18, ’21 Finch Therapeutics Group FNCH 17.00 112.5 –21.2 180 days
Region/Country Index Close % chg Low Close High % chg March 18, ’21 Tuya TUYA 21.00 806.4 –43.3 180 days
Last Week YTD
World MSCI ACWI 737.28 –1.23 549.57 • 748.21 14.1 Close Net chg %Chg % chg March 18, ’21 Connect Biopharma Holdings CNTB 17.00 150.0 31.0 180 days
MSCI ACWI ex-USA 353.95 –0.50 273.57 • 359.82 8.4
DJ Commodity 900.62 -0.67 -0.07 23.11 March 17, ’21 Revolution Healthcare AcquisitionREVHU 10.00 –1.5 180 days
MSCI World 3122.07 –1.32 2292.93 • 3169.64 16.1 500.0
MSCI Emerging Markets 1308.94 –0.53 1057.74 • 1444.93 1.4 Refinitiv/CC CRB Index 220.43 0.31 0.14 31.37 March 17, ’21 Research Alliance II RACB 10.00 130.0 –2.9 180 days
Americas MSCI AC Americas 1731.90 –1.74 1250.80 • 1762.61 18.0 Crude oil, $ per barrel 69.72 0.43 0.62 43.69
Sept. 18 March 22, ’21 DragoneerGrowthOpportunities III DGNU 10.00 400.0 –1.5 180 days
Canada S&P/TSX Comp 20633.06 –0.90 15580.64 • 20821.43 18.4 Natural gas, $/MMBtu 4.938 0.226 4.80 94.49 Sources: Dealogic; Dow Jones Market Data
Latin Amer. MSCI EM Latin America 2396.79 –2.65 1801.73 • 2687.02 –2.2 Gold, $ per troy oz. 1789.60 -41.30 -2.26 -5.47
Brazil BOVESPA 114285.9 –2.26 93580.35 130776.27 –4.0 IPO Scorecard
3 • U.S. Dollar Index 92.64 0.61 0.66 3.02
Performance of IPOs, most-recent listed first
Chile S&P IPSA 2978.89 –0.11 2423.14 • 3396.76 4.24 WSJ Dollar Index 87.26 0.43 0.49 2.66
% Chg From % Chg From
Mexico S&P/BMV IPC 51521.80 –0.60 35517.77 • 53304.74 16.9 Euro, per dollar 0.8467 0.005 0.58 3.43 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
EMEA STOXX Europe 600 466.34 –1.19 341.76 • 475.83 16.9 Yen, per dollar 109.91 0.21 0.19 6.39
IPO date/Offer price
Bannix Acquisition
close ($) price close
1.2
IPO date/Offer price
Digital Wlrd Acquisition 10.03
close ($) price close
0.3
STOXX Europe 50 3563.30 –1.39 2700.62 • 3664.18 14.6
U.K. pound, in dollars 1.38 -0.002 -0.18 1.23 BNIXU Sept. 10/$10.00
10.12 ...
DWACU Sept. 3/$10.00
0.2
Eurozone Euro STOXX 467.05 –0.83 333.02 • 474.76 17.5
First Light Acquisition 9.94 –0.6 ... Oxus Acquisition 10.08 0.8 0.2
Euro STOXX 50 4170.35 –0.75 2958.21 • 4246.13 17.4 52-Week
FLAG.UT Sept. 10/$10.00 OXUSU Sept. 3/$10.00
Austria ATX 3609.97 –1.42 2034.19 • 3670.93 29.8 Low Close(l) High % Chg
Future Health ESG 9.90 –1.0 ... DTRT Health Acquisition 10.04 0.4 –0.6
Belgium Bel-20 4178.00 –2.93 3036.59 • 4361.97 15.4 DJ Commodity 611.51 l 915.91 45.29 FHLTU Sept. 10/$10.00 DTRTU Sept. 2/$10.00
France CAC 40 6663.77 –0.39 4569.67 • 6896.04 20.0
Refinitiv/CC CMD 144.12 l 221.21 50.55
SilverSPAC 9.82 –1.8 ... Insight Acquisition 9.86 –1.4 ...
Germany DAX 15609.81 –1.09 11556.48 • 15977.44 13.8 SLVRU Sept. 10/$10.00 INAQ.UT Sept. 2/$10.00
Greece Athex Composite 901.13 –1.52 564.93 • 929.26 11.4 Crude oil, $ per barrel 35.79 l 75.25 86.77 Banner Acquisition
BNNRU Sept. 6/$10.00
9.92 –0.8 0.2 Concord Acquisition II
CNDA.UT Sept. 1/$10.00
9.89 –1.1 0.3
Israel Tel Aviv 1800.42 1.90 1275.23 • 1800.42 20.1 Natural gas, $/MMBtu 1.834 l 5.031 117.63
Italy FTSE MIB 25686.47 –1.45 17872 • 26653 15.5
Gold, $ per troy oz. 1677.70 l 1960.20 -7.65 Sources: Dow Jones Market Data; FactSet
Netherlands AEX 788.49 –0.13 533.88 • 798.55 26.2
Portugal PSI 20 5306.87 –3.31 3863.20 • 5505.55 8.3 U.S. Dollar Index 89.44 l 94.64 -0.74 Other Stock Offerings
Russia RTS Index 1725.25 –0.51 1066.60 • 1737.01 24.3
WSJ Dollar Index 84.56 l 89.50 -1.26 Secondaries and follow-ons expected this week in the U.S. market
South Africa FTSE/JSE All-Share 64296.06 –3.13 51684.70 • 69617.16 8.2 Symbol/
Spain IBEX 35 8695.30 –1.90 6411.8 • 9281.1 7.7 Euro, per dollar 0.8112 l 0.8597 0.31 Primary Amount Friday’s
Sweden OMX Stockholm 981.16 –1.40 679.56 • 1003.75 27.7 Yen, per dollar 102.72 l 111.53 3.53
Expected Issuer/Business
Sept. 16 Destination XL Group
exchange ($mil.)
DXLG
price ($) Bookrunner(s)
DA Davidson, Craig-Hallum Group
Switzerland Swiss Market 12060.64 –2.36 9556.14 • 12545.35 12.7 U.K. pound, in dollars 1.27 l 1.42 8.10 DXLG Nq
... 6.76
U.K. FTSE 100 7029.20 –1.53 5577.27 • 7220.14 8.8
Asia-Pacific MSCI AC Asia Pacific 206.61 0.79 167.7 • 220.6 3.3 Off the Shelf
Australia
China
Hong Kong
S&P/ASX 200
Shanghai Composite
Hang Seng
7406.60
3703.11
26205.91
–1.55
3.39
1.17
5784.1
3217.53
23235.42 •
•
•
7628.9
3703.11
31084.94
12.4
6.6
–3.8
WSJ
.com
None expected this week

India S&P BSE Sensex 58305.07 0.30 36553.60 • 58305.07 22.1

Real-time U.S. stock quotes are
Japan NIKKEI 225 30381.84 4.30 22977.13 • 30467.75 10.7
available on WSJ.com.
Public and Private Borrowing
Malaysia FTSE Bursa Malaysia KLCI 1575.97 –0.83 1461.45 • 1684.58 –3.1
Treasurys
Singapore Straits Times 3098.80 0.49 2423.84 • 3221.58 9.0 Track most-active stocks, new highs/
South Korea KOSPI 3125.76 –2.35 2267.15 • 3305.21 8.8 lows, mutual funds and ETFs. Monday, September 13 Thursday, September 16
Taiwan TAIEX 17474.57 –0.24 12232.91 • 18034.19 18.6 All are available free at Auction of 13 and 26 week bills; Auction of 4 and 8 week bills;
Source: FactSet; Dow Jones Market Data WSJMarkets.com announced on September 9; settles on September 16announced on September 14; settles on September 21

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer 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. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 2.88% Fri YTDchg Fri YTDchg
5-year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Credit Union of New Jersey 2.13% 2.50%
adjustable-rate 10% Americas Vietnam dong .00004394 22758 –1.4
4.00% Ewing, NJ 609-538-4061
mortgage (ARM) 2.00 Argentina peso .0102 98.0157 16.5 Europe
t East Cambridge Savings Bank 2.38% Tradeweb ICE 5 Yen Euro
3.00 Brazil real .1906 5.2468 1.0 Czech Rep. koruna .04661 21.454 –0.1
t

s s
Cambridge, MA 866-354-3272 Friday Close 1.50 Canada dollar .7879 1.2692 –0.3 Denmark krone .1588 6.2960 3.4
2.00 Citizens Equity First Credit Union 2.50% 0 Chile peso .001268 788.46 11.0 Euro area euro 1.1811 .8467 3.4
1.00 Colombiapeso .000261 3835.00 12.1 Hungary forint .003376 296.24 –0.3
5-year Treasury Peoria, IL 309-633-3603
note yield 1.00 –5 s Ecuador US dollar 1 1 unch Iceland krona .007811 128.02 0.2
Haven Savings Bank 2.50% One year ago 0.50
t t Mexico peso .0503 19.8934 0.1 Norway krone .1153 8.6754 1.1
Hoboken, NJ 201-659-3600 WSJ Dollar Index
0.00 Uruguay peso .02342 42.7000 0.8 Poland zloty .2599 3.8471 3.1
0.00 –10
Citadel Federal Credit Union 2.63% Asia-Pacific Russia ruble .01366 73.187 –1.1
O N D J F M A M J J AS 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Sweden krona .1158 8.6342 4.9
2020 2021 Exton, PA 800-666-0191 month(s) years Australian dollar .7353 1.3600 4.6
Switzerland franc 1.0891 .9182 3.8
China yuan .1552 6.4443 –1.4
3-yr chg maturity Turkey lira .1181 8.4695 13.9
Yield/Rate (%) 52-Week Range (%) Hong Kong dollar .1286 7.7777 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0374 26.7500 –5.6
India rupee .01360 73.525 0.7
UK pound 1.3833 .7229 –1.2
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.75 Corporate Borrowing Rates and Yields Indonesia rupiah .0000704 14203 1.1
Japan yen .009098 109.91 6.4 Middle East/Africa
Prime rate* 3.25 3.25 3.25 l 3.25 -1.75 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002345 426.38 1.2 Bahrain dinar 2.6529 .3770 –0.02
Libor, 3-month 0.12 0.12 0.11 l 0.25 -2.22 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1248 8.0150 0.3 Egypt pound .0637 15.7088 –0.2
Money market, annual yield 0.08 0.08 0.08 l 0.23 -0.38 Malaysia ringgit .2418 4.1365 2.8 Israel shekel .3125 3.2005 –0.4
Five-year CD, annual yield 0.44 0.44 0.42 l 0.65 -1.39 U.S. Treasury, Barclays 0.890 0.880 -2.35 5.05 New Zealand dollar .7114 1.4057 1.0 Kuwait dinar 3.3278 .3005 –1.2
30-year mortgage, fixed† 3.07 3.05 2.83 l 3.37 -1.53 U.S. Treasury Long, Barclays 1.870 1.880 -7.92 9.56 Pakistan rupee .00595 168.200 4.9 Oman sul rial 2.5973 .3850 0.01
Aggregate, Barclays 1.440 1.430 35 29 62 -0.21 5.55 Philippines peso .0200 49.937 4.0 Qatar rial .2718 3.679 1.0
15-year mortgage, fixed† 2.35 2.35 2.28 l 2.64 -1.69
Singapore dollar .7456 1.3412 1.5 Saudi Arabia riyal .2666 3.7507 –0.03
Jumbo mortgages, $548,250-plus† 3.09 3.08 2.85 l 3.41 -1.72 Fixed-Rate MBS, Barclays 1.710 1.710 32 7 69 -0.12 3.90
South Korea won .0008544 1170.38 7.8 South Africa rand .0704 14.2095 –3.3
Five-year adj mortgage (ARM)† 2.88 2.87 2.83 l 3.43 -1.57 High Yield 100, ICE BofA 3.290 3.293 264 247 470 9.78 5.95 Sri Lanka rupee .0050065 199.74 7.8
New-car loan, 48-month 3.73 3.89 3.72 l 4.23 -0.70 Muni Master, ICE BofA 0.814 0.815 10 7 37 2.51 4.86 Taiwan dollar .03615 27.666 –1.5 Close Net Chg % Chg YTD%Chg

Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 4.538 4.528 310 303 409 3.97 7.21 Thailand baht .03055 32.730 9.0 WSJ Dollar Index 87.26 0.09 0.10 2.66
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
 .

B8 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk 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 Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not Nuveen Credit Strat Inc JQC 6.97 6.50 -6.7 12.5 BR MuniYld Qly 3 MYI 15.48 14.90 -3.7 4.0 Schrdrs Opp Inc;A 25.83 NA NA 3.1
buy their shares back from investors who wish to cash VAGIAI & Tech Opptys AIO 29.84 27.87 -6.6 48.9 NuvFloatRateIncFd JFR 10.54 10.13 -3.9 6.3 BNY Mellon Muni Bd Infra DMB 14.75 15.61 +5.8 4.0 Broadstone Rl Est Acc:W 2.08 NA NA 2.6 Schrdrs Opp Inc;A2 NA NA NA 1.3
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not VDivInt&PremStr NFJ 16.88 15.47 -8.4 39.9 NuvFloatRteIncOppty JRO 10.44 9.95 -4.7 6.3 BNY Mellon Str Muni Bond DSM 8.47 8.39 -0.9 4.2 CBRE ClrnGlbRlEst IGR 9.77 9.16 -6.2 41.7 Schrdrs Opp Inc;I 25.83 NA NA 3.3
available or not applicable. NS signifies funds not in Income & Preferred Stock Funds Nuveen Senior Income NSL 6.20 5.88 -5.2 6.6 BNY Mellon Strat Muni LEO 8.85 9.15 +3.4 4.4 CIM RA&C A 25.86 NA NA 9.1 Schrdrs Opp Inc;SDR 25.88 NA NA 3.4
existence for the entire period. 12 month yield is CalamosStratTot CSQ 18.12 18.65 +2.9 49.9 High Yield Bond Funds DWS Muni Inc KTF 12.83 12.15 -5.3 4.0 CIM RA&C C 25.59 NA NA 8.3 Invesco Sr Loan A 6.62 NA NA 3.3
computed by dividing income dividends paid (during
the previous 12 months for periods ending at month- CohenStrsLtdDurPref&Inc LDP 26.43 27.09 +2.5 20.0 AllianceBernGlHiIncm AWF 13.07 12.37 -5.4 6.3 EVMuniBd EIM 14.16 13.86 -2.1 4.3 CIM RA&C I 25.94 NA NA 9.3 Invesco Sr Loan C 6.64 NA NA 2.6
end or during the previous 52 weeks for periods CohenStrsSelPref&Income PSF 27.28 29.20 +7.0 16.9 Barings Glb SD HY Bd BGH 17.98 17.17 -4.5 7.4 EVMuniIncm EVN 14.34 14.07 -1.9 4.0 CIM RA&C L 25.77 NA NA 8.8 Invesco Sr Loan IB 6.62 NA NA 3.5
ending at any time other than month-end) by the
CohenStrsTaxAvPreSecs&I PTA 26.24 25.47 -2.9 NS BR Corporate HY HYT 12.31 12.57 +2.1 7.4 EVNatMuniOpp EOT 22.27 22.31 +0.2 3.3 Clarion Partners REI D 11.01 NA NA 17.5 Invesco Sr Loan IC 6.62 NA NA 3.4
latest month-end market price adjusted for capital
gains distributions. Depending on the fund category, FirstTrIntDurPref&Inc FPF 25.18 25.74 +2.2 26.0 BlackRock Ltd Dur Inc BLW 17.07 17.37 +1.8 6.7 InvAdvMuIncTrII VKI 12.30 12.75 +3.7 4.5 Clarion Partners REI I 11.02 NA NA 18.0 Invesco Sr Loan Y 6.62 NA NA 3.5
either 12-month yield or total return is listed. JHanPrefInc HPI 20.74 21.47 +3.5 17.7 BNY Mellon Hi Yield Str DHF 3.31 3.31 0.0 7.6 Invesco MuniOp OIA 7.95 8.17 +2.8 4.4 Clarion Partners REI S 11.02 NA NA 16.9 High Yield Bond Funds
Source: Lipper Clarion Partners REI T 11.00 NA NA 16.9
JHPrefIncII HPF 20.48 21.87 +6.8 30.2 Brookfield Real Asst Inc RA 20.41 22.25 +9.0 10.8 InvescoMuOppTr VMO 13.78 13.93 +1.1 4.5 Griffin Inst Access Cd:A NA NA NA 6.1
Friday, September 10, 2021 HnckJPfdInco III HPS 18.32 18.90 +3.2 25.1 CrSuisHighYld DHY 2.58 2.54 -1.6 7.6 InvescoMuTr VKQ 13.81 13.92 +0.8 4.4 Griffin Inst Access RE:A 27.61 NA NA 15.6 Griffin Inst Access Cd:C NA NA NA 6.1
52 wk J Han Prm PDT 14.82 17.19 +16.0 45.9 DELAWAREIVYHIGHINCOPP IVH 15.01 14.20 -5.4 7.0 InvescoQual Inc IQI 13.89 13.72 -1.2 4.5 Griffin Inst Access RE:C 26.39 NA NA 14.8 Griffin Inst Access Cd:F NA NA NA 6.1
Prem Ttl Griffin Inst Access RE:I 28.04 NA NA 15.9 Griffin Inst Access Cd:I NA NA NA 6.1
Fund (SYM) NAV Close /Disc Ret LMP CapInco SCD 15.87 14.54 -8.4 52.4 DoubleLine Inc Sol DSL 18.58 17.97 -3.3 8.1 InvTrInvGrMu VGM 14.21 14.22 +0.1 4.5
Nuveen Pref & Inc Opp JPC 9.98 9.93 -0.5 20.9 DoubleLine Yld Opps DLY 20.40 19.91 -2.4 7.0 InvescoValMunInc IIM 16.88 17.14 +1.5 4.4 GS Real Est Div Inc:P NA NA NA NS Griffin Inst Access Cd:L NA NA NA 6.1
General Equity Funds Nuveen Fd JPS 9.97 10.04 +0.7 17.4 First Tr Hi Inc Lng/Shrt FSD 16.47 16.01 -2.8 8.2 MAINSTAY:MKDEFTRMUNOP MMD 21.23 22.36 +5.3 4.5 NexPointRlEstStrat;A 18.98 NA NA 34.1 PIMCO Flexible Cr I;A-1 9.70 NA NA NS
Adams Diversified Equity ADX 23.71 20.43 -13.8 35.4 Nuveen Pref & Inc Term JPI 25.51 25.40 -0.4 17.8 First Trust HY Opp:2027 FTHY 20.87 20.63 -1.1 6.8 NeubrgrBrm NBH 15.31 16.22 +5.9 4.4 NexPointRlEstStrat;C 19.19 NA NA 33.0 PIMCO Flexible Cr I;A-2 9.70 NA NA 7.1
Boulder Growth & Income BIF 16.00 13.52 -15.5 37.4 Nuveen TxAdvDivGr JTD 17.85 16.62 -6.9 36.2 KKR Income Opportunities KIO 16.79 16.70 -0.5 7.8 Nuveen AMT-Fr Mu Val NUW 17.61 16.98 -3.6 2.7 NexPointRlEstStrat;Z 19.18 NA NA 34.4 PIMCO Flexible Cr I;A-3 9.70 NA NA NS
Central Secs CET 50.51 42.50 -15.9 54.7 TCW Strat Income TSI 5.96 5.83 -2.2 6.9 NexPointStratOppty NHF 22.67 14.56 -35.8 4.3 Nuveen AMT-Fr Qlty Mun I NEA 16.05 15.89 -1.0 4.4 PREDEX;I 26.71 NA NA 11.3 PIMCO Flexible Cr I;A-4 9.70 NA NA 7.1
CohenStrsCEOppFd FOF 14.23 14.69 +3.2 36.8 Nuveen AMT-Fr Mu CI NVG 17.65 17.86 +1.2 4.4 PREDEX;T 26.86 NA NA 11.2 PIMCO Flexible Cr I;Inst 9.70 NA NA 7.8
Convertible Sec's. Funds Nuveen CI Nov 2021 Tgt JHB 9.42 9.38 -0.4 2.5
EVTxAdvDivIncm EVT 28.03 28.21 +0.6 52.7 Nuveen Dyn Muni Opp NDMO 16.08 16.42 +2.1 NS PREDEX;W 26.86 NA NA 11.2 WA Middle Mkt Inc 649.09 NA NA 5.3
AdvntCnvrtbl&IncFd AVK 20.05 19.36 -3.4 51.3 Nuveen Crdt Opps 2022 TT JCO 8.27 8.23 -0.5 6.3
GabelliDiv&IncTr GDV 29.20 26.61 -8.9 50.5 Nuveen Enh Muni Val NEV 16.04 16.66 +3.9 4.2 Principal Dvs Sel RA A 27.87 NA NA 21.8 Other Domestic Taxable Bond Funds
CalamosConvHi CHY 16.15 16.45 +1.9 50.3 Nuveen Global High Inc JGH 17.15 16.29 -5.0 7.3
Gabelli Equity Tr GAB 6.55 6.99 +6.7 39.3 Nuveen Int Dur Mun Term NID 14.91 14.80 -0.7 3.5 Principal Dvs Sel RA Ins 27.94 NA NA 22.0 AFA MMC;Inst 10.05 NA NA NS
CalmosConvOp CHI 15.30 15.78 +3.1 51.8 PGIM Global High Yield GHY 16.83 16.03 -4.8 8.0
GeneralAmer GAM 52.90 44.97 -15.0 42.6 Nuveen Mu Crdt Opps NMCO 15.73 15.68 -0.3 4.7 Principal Dvs Sel RA Y 28.06 NA NA 22.3 AFA MMC;Inv 10.05 NA NA NS
VAGI Conv & Inc II NCZ 5.72 5.38 -5.9 42.9 PGIM High Yield Bond ISD 17.33 16.59 -4.3 7.7
JHancockTaxAdvDiv HTD 25.00 24.37 -2.5 37.6 Nuv Muni Credit Income NZF 17.31 17.28 -0.2 4.5 RMR Mortgage Trust RMRM NA 10.88 NA NA Alternative Credit Inc:A NA NA NA 6.2
VAGI Conv & Inc NCV 6.37 6.18 -3.0 45.3 PGIM Sh Dur Hi Yld Opp SDHY 19.97 18.90 -5.4 NS
Liberty All-Star Equity USA 8.19 8.84 +7.9 66.5 NuvMuniHiIncOpp NMZ 14.81 15.21 +2.7 4.9 The Private Shares;A 44.26 NA NA 43.9 Alternative Credit Inc:C NA NA NA 5.5
VAGI Dvs Inc & Conv ACV 36.41 36.36 -0.1 55.4 PioneerHilncm PHT 9.72 10.97 +12.9 7.2
Liberty All-Star Growth ASG 8.90 8.82 -0.9 39.6 Nuveen Muni Val NUV 10.79 11.40 +5.7 3.1 The Private Shares;I 44.68 NA NA 44.3 Alternative Credit Inc:I NA NA NA 6.5
VAGI Eqty & Conv Inc NIE 33.65 30.38 -9.7 35.5 Wells Fargo Income Oppty EAD 9.27 9.12 -1.6 7.4
Royce Micro-Cap Tr RMT 13.24 11.69 -11.7 59.4 Nuveen Quality Muni Inc NAD 16.45 16.35 -0.6 4.3 The Private Shares;L 43.87 NA NA 43.5 Alternative Credit Inc:L NA NA NA 6.0
World Equity Funds WstAstHIF II HIX 7.23 7.37 +1.9 7.8 USQ Core Real Estate:I 26.15 NA NA 9.3
Royce Value Trust RVT 20.28 18.45 -9.0 51.5 Nuveen Sel TF NXP 16.52 16.75 +1.4 3.1 Alternative Credit Inc:W NA NA NA 6.2
Aberdeen Emg Mkts Eq Inc AEF 9.78 8.86 -9.4 40.3 Western Asset Hi Inc Opp HIO 5.51 5.32 -3.4 7.1 USQ Core Real Estate:IS 26.17 NA NA 9.4
Source Capital SOR 48.79 45.07 -7.6 30.3 Nuveen Sel TF 2 NXQ 15.74 15.54 -1.3 3.1 Angel Oak Str Crdt:Inst 23.04 NA NA 8.2
Aberdeen Tot Dyn Div AOD 10.98 10.26 -6.6 37.8 Western Asset Hi Yld D O HYI 15.96 15.93 -0.2 7.2 Versus Cap MMgr RE Inc:I 29.08 NA NA NE
Tri-Continental TY 38.60 34.37 -11.0 39.3 PIMCO MuniInc PMF 13.45 15.13 +12.5 4.2 BR Credit Strat;A 10.42 NA NA 5.0
Specialized Equity Funds BlackRock Capital Alloc BCAT 21.53 21.69 +0.7 NS Other Domestic Taxable Bond Funds Versus Capital Real Asst 26.31 NA NA 9.6
Apollo Tactical Income AIF 16.83 15.84 -5.9 6.4 PIMCOMuniIncII PML 12.49 14.95 +19.7 4.7 BR Credit Strat;Inst 10.42 NA NA 5.7
Aberdeen Glb Prem Prop AWP 6.85 6.60 -3.6 50.9 Calamos GloDynInc CHW 10.14 10.47 +3.3 38.8 Wildermuth Endwmnt:A 14.33 NA NA 8.7
Ares Dynamic Crdt Alloc ARDC NA 16.37 NA 7.1 Pimco Muni III PMX 11.49 12.63 +9.9 4.2 BR Credit Strat;U 10.42 NA NA NS
Adams Natural Resources PEO 16.87 14.74 -12.6 43.1 China CHN 31.25 27.80 -11.0 20.4 Wildermuth Endwmnt:C 13.71 NA NA 7.9
BlackRock Mlt-Sctr Inc BIT 18.38 18.93 +3.0 7.9 PioneerHilncAdv MAV 12.32 11.86 -3.7 5.0 BR Credit Strat;W 10.42 NA NA NS
ASA Gold & Prec Met Ltd ASA 23.31 20.45 -12.3 -10.2 EV TxAdvGlbDivInc ETG 22.55 22.21 -1.5 55.4 Wildermuth Endowment:I 14.43 NA NA 9.0
PioneerMunHiIcm MHI 13.24 12.51 -5.5 4.6 BlackRock Mlt-Sctr Oppty 89.97 NA NA 7.1
EtnVncTxAdvOpp ETO 31.30 33.40 +6.7 67.2 BlackRock Tax Muni Bd BBN 25.91 26.58 +2.6 5.2
BR Enh C&I CII 21.42 21.48 +0.3 48.3 Putnam Mgd Inc PMM 8.40 8.48 +1.0 4.4 Income & Preferred Stock Funds BlackRock Mlt-Sec Opp II 92.98 NA NA 7.1
BlackRock Energy & Res BGR 9.48 8.86 -6.5 45.5 FirstTr Dyn Euro Eq Inc FDEU 14.67 13.37 -8.9 35.0 DoubleLine:Oppor Crdt Fd DBL 19.57 19.80 +1.2 8.6 A3 Alternative Inc 9.60 NA NA -5.5
Putnam Muni Opp PMO 14.03 14.25 +1.6 4.5 Carlyle Tact Pvt Cred:A NA NA NA 6.7
BlackRock Eq Enh Div BDJ 10.29 10.08 -2.0 45.3 Gabelli Multimedia GGT 8.88 9.44 +6.3 49.6 EVLmtDurIncm EVV 13.47 13.34 -1.0 9.0 Calamos L/S Eqty and DI CPZ 21.38 20.43 -4.4 25.5
RiverNorth Flx Mu Inc II RFMZ 20.47 21.65 +5.8 NS Carlyle Tact Pvt Cred:I NA NA NA 7.3
BlackRock Enh Glbl Div BOE 13.22 12.45 -5.8 36.4 Highland Global Alloc HGLB 11.81 9.91 -16.1 71.2 Franklin Ltd Dur Income FTF 9.24 9.35 +1.2 8.6 Destra Multi-Altrntv;A 12.20 NA NA 11.7
RiverNorth Mgd Dur Mun I RMM 20.36 20.95 +2.9 5.1 Carlyle Tact Pvt Cred:L NA NA NA 6.8
BlackRock Enh Intl Div BGY 6.82 6.43 -5.7 26.9 India Fund IFN 26.31 23.44 -10.9 56.3 J Han Investors JHI NA 18.95 NA 7.4 Destra Multi-Altrntv;C 11.60 NA NA 10.7
Western Asset Mgd Muni MMU 14.19 13.50 -4.9 3.8 Carlyle Tact Pvt Cred:M NA NA NA 6.5
BlackRock Hlth Sci Tr II BMEZ 30.14 28.82 -4.4 30.0 Japan Smaller Cap JOF 10.96 9.50 -13.3 18.3 MFS Charter MCR 8.66 8.68 +0.2 8.1 Destra Multi-Altrntv;I 12.47 NA NA 11.9
Single State Muni Bond Carlyle Tact Pvt Cred:N NA NA NA 7.2
BlackRock Hlth Sciences BME 47.73 48.95 +2.6 23.1 Korea KF 48.79 42.55 -12.8 44.8 Nuveen Taxable Muni Inc NBB 23.21 23.41 +0.9 5.0 Destra Multi-Altrntv;T 11.80 NA NA 11.1
BlackRock CA Mun BFZ 16.12 14.81 -8.1 3.2 Carlyle Tact Pvt Cred:Y NA NA NA 7.0
BlackRock Res & Comm BCX 9.49 9.30 -2.0 56.3 LazardGlbTotRetInc LGI 21.94 21.59 -1.6 47.9 PIMCO Corp & Inc Oppty PTY 14.38 18.14 +26.1 7.6 Flat Rock Opportunity 22.34 NA NA 45.6
BR MH CA Qly Fd Inc MUC 16.02 15.71 -1.9 4.1 CION Ares Dvsfd Crdt;A NA NA NA 5.4
BlackRock Sci&Tech Tr II BSTZ 43.71 41.38 -5.3 77.7 MS ChinaShrFd CAF 23.52 21.20 -9.9 9.5 PIMCO Corp & Inc Strat PCN 14.56 17.63 +21.1 7.3 The Relative Value:A NA NA NA NS
BR MH NJ Qly MUJ 16.13 15.99 -0.9 4.7 CION Ares Dvsfd Crdt;C NA NA NA 5.4
BlackRock Sci&Tech Trust BST 56.67 54.45 -3.9 43.3 MS India IIF 31.99 27.74 -13.3 60.1 PIMCOHilnco PHK 5.92 6.41 +8.3 8.4 Variant Altrntv Inc:Inst 28.06 NA NA 12.0 CION Ares Dvsfd Crdt;I NA NA NA 5.4
PIMCO IncmStrFd PFL 10.63 11.87 +11.7 8.2 BR MH NY Qly MHN 15.20 14.66 -3.6 4.4
BlackRock Utl Inf & Pwr BUI 25.65 26.75 +4.3 30.5 New Germany GF 23.72 21.21 -10.6 49.3 Variant Altrntv Inc:Inv 28.06 NA NA 11.7 CION Ares Dvsfd Crdt;L NA NA NA 5.4
PIMCO IncmStrFd II PFN 9.38 10.18 +8.5 8.4 BR MuniYld CA MYC 16.48 15.20 -7.8 3.3
CLEARBRIDGEENGYMDSOPP EMO 25.85 21.21 -17.9 135.9 Templeton Dragon TDF 20.39 18.91 -7.3 17.8 Zell Capital NA NA NA NS CION Ares Dvsfd Crdt;U NA NA NA 5.4
Putnam Mas Int PIM 4.10 4.05 -1.2 7.0 BR MuniYld CA Qly MCA 16.35 15.95 -2.4 4.0
ClearBridge MLP & Midstm CEM 30.51 26.41 -13.4 128.4 Templeton Em Mkt EMF 20.04 17.98 -10.3 23.3 Convertible Sec's. Funds CION Ares Dvsfd Crdt:U2 NA NA NA 5.4
Putnam Prem Inc PPT 4.57 4.56 -0.2 7.4 BR MuniYld MI Qly MIY 15.89 15.60 -1.8 4.2
ChnStrInfr UTF 27.32 28.50 +4.3 34.5 Wells Fargo Gl Div Oppty EOD 6.05 5.92 -2.1 46.0 Calmos Dyn Conv and Inc CCD 31.13 31.99 +2.7 33.9 CION Ares Dvsfd Crdt;W NA NA NA 5.4
Wells Fargo Multi-Sector ERC 12.92 13.74 +6.3 8.4 BR MuniYld NJ MYJ 16.22 15.86 -2.2 4.6
Cohen&SteersQualInc RQI 16.60 16.09 -3.1 53.7 Prem12 Mo World Equity Funds CNR Select Strategies 11.81 NA NA 0.0
BR MuniYld NY Qly MYN 14.55 14.25 -2.1 4.2
Cohen&Steers TotRet RFI 15.46 17.43 +12.7 44.2 Fund (SYM) NAV Close /Disc Yld World Income Funds ACAP Strategic:A 25.89 NA NA 10.1 First Eagle Crdt Opps A 26.28 NA NA NS
Abrdn AP IncFd FAX 4.62 4.26 -7.8 7.7 EVCAMuniBd EVM 12.63 11.96 -5.3 4.1
CohenStrsREITPrefInc RNP 27.67 28.17 +1.8 51.3 U.S. Mortgage Bond Funds ACAP Strategic:W 19.19 NA NA 10.9 First Eagle Crdt Opps I 26.29 NA NA NS
BrndywnGLB Glb Inc Oppts BWG 13.68 12.67 -7.4 7.2 Eaton Vance NY Muni Bd ENX 13.47 12.31 -8.6 4.1
Columbia Sel Prm Tech Gr STK 33.54 33.81 +0.8 70.0 Aspiriant Rsk-Mgd Cap Ap NA NA NA NS FS Credit Income;A 13.61 NA NA 5.2
BlckRk Income BKT 5.96 6.46 +8.4 6.4 InvCaValMuIncTr VCV 13.76 14.02 +1.9 4.0
DNP Select Income DNP 9.67 10.89 +12.6 15.6 EtnVncStDivInc EVG 13.59 14.12 +3.9 7.4 CalamosGlbTotRet CGO 15.68 16.68 +6.4 36.9 FS Credit Income;I 13.65 NA NA 5.5
Invesco HI 2023 Tgt Term IHIT 9.42 9.75 +3.5 6.0 InvPAValMuIncTr VPV 14.43 13.39 -7.2 4.4
Duff&Ph Uti&Infra Inc Fd DPG 13.89 14.81 +6.6 50.7 MS EmMktDomDebt EDD 6.83 6.28 -8.1 6.5 CPG Cooper Square IE A NA NA NA NS FS Credit Income;T 13.64 NA NA 5.0
Investment Grade Bond Funds InvTrInvGrNYMu VTN 14.64 13.64 -6.8 4.0
EtnVncEqtyInc EOI 18.94 19.24 +1.6 39.8 PIMCO Dyn Crd & Mrt Inc PCI 20.47 21.61 +5.6 9.3 CPG Cooper Square IE I NA NA NA NS FS Credit Income;U 13.58 NA NA 4.8
Angel Oak FS Inc Trm FINS 19.07 18.20 -4.6 6.9 Nuveen CA AMT-F Qual MI NKX 16.84 16.32 -3.1 3.9
EtnVncEqtyIncoII EOS 23.74 24.53 +3.3 41.0 BlRck Core Bond BHK 16.26 16.78 +3.2 5.3 PIMCO Dynamic Income PDI 25.12 27.29 +8.6 9.2 Primark Priv Eq Inv:I 13.19 NA NA 32.0 FS Credit Income;U-2 13.67 NA NA NS
PIMCO Dynamic Inc Opp PDO 20.51 21.30 +3.9 NS Nuveen CA Val NCA 10.85 10.59 -2.4 2.9 Thornburg Inc Bldr Opps TBLD.O 20.12 NA NA NS
EVRskMnDvsEqInc ETJ 10.47 10.98 +4.9 21.5 BR Credit Alloc Inc BTZ 15.72 15.60 -0.8 6.5 NuveenCAQtyMuInc NAC 16.24 15.99 -1.5 4.0 GL Beyond Income 0.48 NA NA NE
ETnVncTxMgdBuyWrtInc ETB 16.00 16.51 +3.2 29.6 Insight Select Income INSI 22.01 21.58 -2.0 3.7 PIMCO Income Opportunity PKO 23.78 25.32 +6.5 8.5 VirtusTotalRetFd ZTR 9.29 9.69 +4.3 16.2 KKR CREDIT OPPTY;D 25.00 NA NA NS
PIMCO Stratg Inc RCS 6.50 7.50 +15.4 7.6 NuvNJ Qual Muni Inc NXJ 16.75 15.66 -6.5 4.4
EtnVncTxMgdBuyWrtOpp ETV 15.94 16.47 +3.3 26.7 InvescoBond VBF 21.23 20.85 -1.8 3.3 Nuveen NY AMT/FrQual MI NRK 15.17 14.02 -7.6 4.0 Prem12 Mo KKR CREDIT OPPTY;I 27.85 NA NA 5.6
EvTxMnDvsEqInc ETY 14.06 14.55 +3.5 41.6 J Han Income JHS 16.12 16.14 +0.1 5.2 Templeton Em Inc TEI 8.28 8.15 -1.6 6.2 Fund (SYM) NAV Close /Disc Yld KKR CREDIT OPPTY;T 27.60 NA NA 4.9
Nuveen NY Qual Muni Inc NAN 15.67 14.80 -5.6 4.1
EtnVncTxMgdGlbB ETW 10.98 11.17 +1.7 38.3 MFS Intmdt MIN 3.73 3.70 -0.8 8.9 Templtn Glbl Inc GIM 5.70 5.49 -3.7 4.2 U.S. Mortgage Bond Funds KKR CREDIT OPPTY;U 26.61 NA NA NS
Nuveen OH Qual Muni Inc NUO 17.67 16.58 -6.1 3.5
EVTxMnGblDvEqInc EXG 10.42 10.63 +2.0 50.2 Western Asset Inf-Lk Inc WIA 14.82 13.90 -6.2 6.3 WstAstEmergDebt EMD 14.82 14.00 -5.5 7.8 Arca US Treasury NA NA NA 0.0 Lord Abbett Cred Opps Fd 10.93 NA NA 6.1
Nuveen PA Qual Muni Inc NQP 16.12 15.02 -6.8 4.4
First Trust Energy Inc G FEN 14.17 13.56 -4.3 60.4 Western Asset Inf-Lk O&I WIW 14.79 13.41 -9.3 2.9 Western Asset Gl Cr D Op GDO 18.65 18.57 -0.4 6.6 Loan Participation Funds Lord Abbett Cred Opps Fd 10.93 NA NA 6.8
Nuveen VA Qlty Mun Inc NPV 15.50 16.85 +8.7 3.3
First Tr Enhanced Eq FFA 20.90 21.27 +1.8 50.4 Westn Asst IG Def Opp Tr IGI 21.96 22.06 +0.5 3.6 National Muni Bond Funds 1WS Credit Income;A2 21.57 NA NA NS Lord Abbett Crd Op:U 10.93 NA NA 6.1
PIMCO CA PCQ 14.16 18.85 +33.1 4.1
FirstTrMLPEner&Inc FEI 8.01 7.18 -10.4 60.6 Loan Participation Funds AllBerNatlMunInc AFB 15.50 15.09 -2.6 4.2 1WS Credit Income;Inst 21.62 NA NA 5.5 Palmer Square Opp Inc 18.95 NA NA 4.9
PIMCOCAMuniII PCK 9.12 9.57 +4.9 3.9
Gabelli Healthcare GRX 15.56 13.84 -11.1 39.6 Apollo Senior Floating AFT 16.70 15.81 -5.3 6.3 BlckRk Inv Q Mun BKN 16.69 18.69 +12.0 4.4 AlphCntrc Prime Merid In 9.77 NA NA 10.5 Thrivent Church Ln&Inc:S 10.70 NA NA 2.4
4.38 8.19 +87.0 22.7 BlackRock Muni 2030 Tgt BTT 27.19 26.14 -3.9 2.8 52 wk
Gab Utility GUT BR Debt Strategy DSU 11.71 11.56 -1.3 6.5 Prem Ttl Axonic Alternative Inc 22.53 NA NA 7.4 World Income Funds
GAMCOGlGold&NatRes GGN 3.81 3.84 +0.8 19.9 BR F/R Inc Str FRA 13.98 13.40 -4.1 6.2 BlackRock Muni BFK 14.82 15.57 +5.1 4.4 Blackstone FR EI D NA NA NA 5.4 BlueBay Destra Itl E:A 29.81 NA NA 2.2
Fund (SYM) NAV Close /Disc Ret
J Han Finl Opptys BTO 36.05 40.16 +11.4 89.8 BlackRock Floatng Rt Inc BGT 13.57 13.28 -2.1 6.2 BlackRock Muni II BLE 15.16 15.95 +5.2 4.6 Blackstone FR EI I NA NA NA 5.6 BlueBay Destra Itl E:I 29.83 NA NA 2.4
Neuberger Brmn MLP & EI NML 6.02 4.81 -20.1 101.3 BlckRk Muni Inc Qly BYM 15.95 15.83 -0.8 4.2 General Equity Funds BlueBay Destra Itl E:L 29.78 NA NA 2.0
Blackstone Strat Cr BGB NA 14.03 NA 6.5 Blackstone FR EI T NA NA NA 5.1
NuvDow 30 DynOverwrite DIAX 17.95 17.49 -2.6 35.3 Eagle Point Credit ECC NA 14.03 NA 7.2 BR MuniAssets Fd MUA 15.12 16.28 +7.7 3.9 Alternative Strategies:I 6.58 NA NA 42.5 Blackstone FR EI T-I NA NA NA 5.1 BlueBay Destra Itl E:T 29.72 NA NA 1.9
NuvCorEqAlpha JCE 17.43 17.42 -0.1 46.8 EtnVncFltRteInc EFT 14.63 15.52 +6.1 5.2 BR MuniHoldings Qly MFL 15.37 15.14 -1.5 3.9 BOW RIVER CAPTL EVGN;I NA NA NA N Blackstone FR EI U NA NA NA 5.1 National Muni Bond Funds
NuveenNasdaq100DynOv QQQX 29.72 30.48 +2.6 31.7 EV SenFlRtTr EFR 14.39 14.57 +1.3 5.7 BR MH Qly 2 MUE 14.36 14.76 +2.8 4.2 Specialized Equity Funds Blstn Commnty Dev 10.10 NA NA 2.8 Ecofin Tax-Adv Soc Impct 9.40 NA NA 4.2
Nuv Real Est JRS 12.16 11.51 -5.3 59.8 EVSnrIncm EVF 6.98 6.85 -1.9 5.9 BR MuniHoldngs MHD 17.40 16.81 -3.4 4.2 Aspiriant Rsk-Mgd RA NA NA NA NS BNYM Alcntr Glb MS Cr Fd 105.53 NA NA 6.6 Nuveen En HY Muni Bd:A 10.15 NA NA NS
Nuveen Rl Asst Inc & Gro JRI 17.12 16.16 -5.6 44.0 FT/Sr Fltg Rte Inc 2 FCT 12.45 12.51 +0.5 9.5 BR MuniVest Fd MVF 10.07 9.80 -2.7 4.1 Bluerock Total Inc+ RE:A 31.93 NA NA 14.8 CliffwaterClFd;I 10.60 NA NA 8.0 Nuveen En HY Muni Bd:I 10.16 NA NA NS
NuvS&P500DynOvFd SPXX NA 18.14 NA 42.4 FT/Sr Fltg Rte 2022 TgTr FIV 9.70 9.56 -1.4 1.6 BR MuniVest 2 MVT 15.70 16.12 +2.7 4.1 Bluerock Total Inc+ RE:C 30.21 NA NA 13.9 CliffwaterElFd;A 10.35 NA NA NS PIMCO Flex Mun Inc;A-3 11.95 NA NA 1.8
NuvSP500BuyIncFd BXMX 15.10 14.89 -1.4 38.6 Highland Income HFRO 13.97 10.90 -22.0 8.4 BR MuniYield Fd MYD 15.37 15.34 -0.2 4.4 Bluerock Total Inc+ RE:I 32.60 NA NA 15.1 CNR Strategic Credit 10.94 NA NA 8.0 PIMCO Flex Mun Inc:A1 11.95 NA NA 2.1
ReavesUtilityIncome UTG 34.80 35.66 +2.5 20.9 InvDYCrOpp VTA 12.52 11.67 -6.8 7.6 BR MuniYield Qlty MQY 16.63 16.61 -0.1 4.7 Bluerock Total Inc+ RE:L 31.59 NA NA 14.5 FedProj&TrFinanceTendr 9.99 NA NA 1.8 PIMCO Flex Mun Inc;A2 11.95 NA NA NS
Tortoise Enrgy Infra Crp TYG 33.50 26.66 -20.4 83.9 InvSnrIncTr VVR 4.71 4.41 -6.4 5.7 BR MuniYld Qlty2 MQT 14.64 14.77 +0.9 4.4 Broadstone Rl Est Acc:I 2.10 NA NA 3.2 Flat Rock Core Income 20.59 NA NA NS PIMCO Flex Mun Inc;Inst 11.95 NA NA 2.6

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THE WALL STREET JOURNAL. * * Monday, September 13, 2021 | B9

MARKETS

Risky China Realty

Bonds Take Big Fall
BY FRANCES YOON sulted in difficulties in debt re- into subinvestment grade.
financing and are now worried The company has dollar
Bonds from lower-rated Chi- that other weak developers bonds due each year from 2022
nese property developers have may struggle to survive,” said to 2025. As of Friday afternoon
fallen steeply in price after Iris Chen, a credit analyst at in Hong Kong, the longest-
warnings of a potential default Nomura. dated of those bonds was
at China Evergrande Group Ms. Chen said risk appetite quoted at 28.9 cents on the
sent investors scrambling to remains fragile, putting pres- dollar, according to Tradeweb,
protect themselves against sure on the weaker developers. down from nearly 80 cents at
trouble elsewhere in their port- “This may result in more dis- the end of May. The bond has a
folios. tress cases,” she said. yield of about 55%.
Various dollar bonds due in Chinese property debt Bonds from Fantasia due in
2023 and 2024 from Fantasia makes up a chunk of Asia’s March 2024 have dropped and
Holdings Group Co. and high-yield bond market and un- were bid at 48.7 cents on the

LAM YIK/BLOOMBERG NEWS

Guangzhou R&F Properties til recently was popular with dollar on Friday, according to
Co. have fallen to less than 60 international investors. These Tradeweb. Dollar bonds from
cents on the dollar, pushing buyers were attracted by the China South City Holdings
yields on most of these debts combination of high returns— Ltd., Guangzhou R&F and
above 40%. yields often topped 10%—and Xinyuan Real Estate Co. are
Fantasia, Guangzhou R&F the sector’s economic impor- also trading at levels indicating
and others, like Evergrande, tance to China, which many be- a high probability of default,
are trying to adapt to a lieved meant lower investment Tradeweb data show, with Warnings of a potential default by China Evergrande, developer of Emerald Bay, set off the slide.
tougher new regime under risk. However, this year has yields in some cases above 50%.
which Chinese authorities are challenged that assumption. All four companies are ers with slightly stronger rat- Prices of selected Chinese property
pushing developers to cut debt, As a result, the extra re- graded single-B by S&P Global ings have fared better, even if dollar bonds due 2024, by issuer
partly by forcing them to fall turns investors demand to hold Ratings and have similar as- they are still deemed to be sub- 110 cents on the dollar
into line with a series of lever- Chinese high-yield dollar bonds sessments from other credit- investment-grade. Investors
age limits known as the “three instead of U.S. equivalents have rating companies. The ratings say they prefer companies that CiFi
red lines.” soared, with that spread wid- firms have either cut their rat- have shown they can cut lever- 100 Logan
The selloff has sharpened ening to about 9.4 percentage ings or lowered their outlook age and can still issue interna-
the distinction between compa- points as of Thursday, up from on the debt indicating a future tional bonds to refinance debt
nies seen as financially stron- about 4.8 percentage points downgrade is possible, citing coming due soon. “There has 90
ger and those where investors three months earlier, according potential difficulties repaying been significant divergence of
have concerns about borrowers’ to ICE BofA indexes. debt due this year and next Chinese high-yield property
ability to repay or refinance Evergrande said on Aug. 31 amid volatile market condi- bonds’ performance year to 80
dollar bonds that are coming that work has been suspended tions. date,” said Jenny Zeng, co-head
due in the next year or so. on some real-estate projects af- Fantasia created extra un- of Asia Pacific fixed income at 70
The market moves them- ter it delayed payments to its certainty for bondholders in AllianceBernstein.
selves add to the challenge be- suppliers and contractors and August, when it told investors For example, bond prices
cause they could make it much warned for the first time that it would refinance a $250 mil- have remained relatively stable 60
harder, or impossible, for bor- it may default on its borrow- lion bond due in December for companies such as Country Guangzhou
rowers to issue new debt at ings if it can’t resolve its li- with a mixture of its own funds Garden Holdings Co., Logan R&F
reasonable interest rates. quidity problems. This month, and asset sales, said Chuanyi Group Co., Cifi Holdings 50 Fantasia
“Investors saw one of the Moody’s Investors Service and Zhou, a credit analyst at Lucror Group Co. and Yanlord Land April 2021 May June July Aug. Sept.
largest property developers go Fitch Ratings cut their credit Analytics. Group Ltd. All four have dou-
through a vicious cycle that re- ratings on the company deeper At the same time, develop- ble-B credit ratings from S&P. Source: Refinitiv Note: Data as of Sept. 7

Overseas Funds Cash In on Cryptocurrency Boom

BY MICHAEL WURSTHORN
steep cost. Some Crypto ETPs Performance this year of lation if the regulator can’t coins were worth about $404, Crypto ETP Investors can
Some overseas investors charge investors as much as the 21Shares Binance ETP monitor trading in the under- putting the ETP’s stockpile at bank on experiencing the same
are reaping big gains from a 2.5% annually of their invest- lying assets. about $443.6 million. volatility as they would with
1,750%
handful of exchange-traded ment, more than double the For most U.S. investors, That’s a 2,083% gain for the actual coins.
products that have surged average expense of all open- buying a crypto ETP that anyone who held the coin. The Crypto ETP investors had to
alongside many digital coins. end mutual funds. 1,500 trades overseas isn’t an op- ETP, however, is up 1,928% contend with the same turbu-
Eight of the 10 best-per- The ETPs are also volatile, tion. Most big brokerages, in- since inception. The lower re- lence that brought bitcoin up
forming exchange-traded like the cryptocurrencies and 1,250 cluding Charles Schwab & Co., turn highlights a key drawback to about $63,000 apiece in
products in the world this digital tokens they track, ex- restrict buying of funds that of any crypto-holding ETP ver- April, then down to less than
year are European-based funds posing investors to potentially trade on overseas exchanges. sus holding the coin directly: $30,000 in July, only to rise
that track some form of cryp- significant losses. And because 1,000 Six of the top-performing the annual fees investors pay. again to $45,619 on Friday.
tocurrency. A binance coin- ETPs typically are structured crypto ETPs are run by Most of 21Shares’s ETPs CoinShares’ Ethereum Tracker
tracking exchange-traded as notes backed by issuer’s 750 21Shares. Its binance coin charge a 2.5% yearly levy, plus One ETP was up nearly 300%
product run by Swiss firm holdings, there is the added product is the top performer, additional entry and exit costs. through April, then fell 23%
21Shares AG is up 10-fold this risk of losing some or all of followed by ETPs tracking rip- If an investor cashed in a over May and June, reflecting
500
year. A pair of ethereum notes the investment if the issuer ple, ethereum and tezos, along $10,000 investment in the Bi- the performance of ethereum.
managed by CoinShares in defaults—a risk that largely with two others mixed with nance ETP after a year, Those steep downdrafts
Europe have risen more than doesn’t exist in traditional ex- 250 various cryptocurrencies, all 21Shares estimated total costs highlight the possibility for
threefold, as has a ripple- change-traded funds. of which have at least doubled of about $382, or a 3.8% im- big losses following a period
based ETP run by 21Shares. “The toughest clients un- 0 this year. pact on return. That doesn’t of massive gains. It’s happened
The average exchange- derstand the nuances,” said Some of 21Shares’ ETPs fol- include additional costs with highflying tech and
Jan. 2021 Sept.
traded product trading in Ophelia Snyder, co-founder low indexes, such as its Crypto charged by brokerages, includ- meme stocks, and analysts say
stocks, bonds and other secu- and president of 21Shares. Source: FactSet Basket Index tracking the top ing asset-management fees cryptocurrencies are just as
rities has gained 11% for 2021, “But I literally built this prod- five digital coins, while its sin- and commissions. susceptible to a substantial
according to FactSet, while the uct for my mom.” gle-coin products aim to fol- Laurent Kssis, global head pullback. High fees during
S&P 500 index is up 19%. So far this year, investors securities regulators in the low a reference price calcu- of ETPs at 21Shares, said the such stressful periods would
Asset managers say crypto have poured $3.4 billion into U.S. are likely closely watching lated from cryptocurrency higher management fee was only add to investors’ losses.
ETPs can provide investors global crypto ETPs, according the development of crypto data provider CryptoCompare. due to more costly infrastruc- “Investor protection, in
with an easy, tax-efficient way to Simon Mott, chief market- ETPs overseas as they wrestle When 21Shares launched its ture that previously didn’t ex- some ways, is what this whole
to gain exposure to digital ing officer at Trackinsight, with whether to approve such binance ETP in October 2019, ist for crypto products, includ- fight is about,” said David
coins, which rank as some of helping to push assets to $9.25 funds. The Securities and Ex- it held roughly 1.1 million ing custody and market Grim, a Stradley Ronon Stevens
the best-performing assets in billion, most of which reside in change Commission worries coins worth about $20.7 mil- making, as well as the higher & Young LLP lawyer who previ-
markets so far in 2021. But Europe. that the funds could be sus- lion, or $18.52 each. As of late risk that a service provider ously worked with the SEC, of
those benefits can come at a Analysts and lawyers say ceptible to fraud and manipu- Friday afternoon, binance takes on with a crypto issuer. the regulator’s hesitancy.

Libor Transition Stokes Sales of Risky Corporate Debt

BY SEBASTIAN PELLEJERO topped $19.2 billion in August, new revenue, rather than wait “Most managers plan to is- in an August note. They expect agreements, where large banks
a monthly record in data going and see how the Libor transi- sue one more CLO before year- new CLO sales tied to Wall and hedge funds borrow or
Wall Street’s shift away back a decade, according to tion affects the market. Inves- end and will likely pursue a Street’s preferred replace- lend to one another using U.S.
from Libor is fueling sales in S&P Global Market Intelli- tors who participate in the deal in the near-term to avoid ment, the Secured Overnight Treasurys as collateral. Unlike
the red-hot market for bundles gence’s LCD. CLO deals can earn relatively any potential disruptions that Financing Rate, or SOFR, to Libor, which tends to rise dur-
of risky corporate loans. That record came during higher fixed-income yields might come from the Libor begin in the fourth quarter. ing periods of market stress, it
Managers of collateralized what is typically a slow month with familiar deal documents, transition,” he said. A wave of CLO refinancings doesn’t adjust for shifts in
loan obligations—securities for the market, a sign that sometimes including language A strong U.S. economic re- this year allowed some man- credit.
made up of bundled loans with managers are pushing to finish that plans ahead for Decem- covery and support from the agers to include fallback lan- During last year’s spring
junk credit ratings—are rush- deals ahead of Libor’s expira- ber’s deadline. Federal Reserve has improved selloff, the difference between
ing to close deals ahead of the tion, analysts said. Rather than wait to see the prospects for many low- three-month Libor and SOFR

$19.2B
year-end move away from the Some CLO documents lack how the transition shakes out, rated companies borrowing rose to 1.4 percentage points
London interbank offered rate. language covering the change- CLO managers are taking ad- through the leveraged loan at its peak, according to BofA.
The interest-rate benchmark over to a new interest-rate vantage of recent investor de- market, which is often used by That means CLO debtholders
underpins trillions of dollars benchmark, which could spark mand and closing deals if pos- private-equity firms to finance received a higher rate than
of financial contracts but was disruptions as the new year sible, said Joe Lynch, global acquisitions. That marks a re- U.S. issuance of collateralized what they would have if their
scheduled for phaseout after a approaches. head of noninvestment grade versal after the pandemic’s loan obligations in August bonds were linked to SOFR.
manipulation scandal. For CLO portfolio managers credit at Neuberger Berman, outbreak fueled worries about “This is particularly impor-
That is helping push CLO on Wall Street, bringing deals which manages and invests in mass defaults and sent prices tant for [triple-A CLO bond-
sales to records. U.S. issuance forward allows them to lock in CLOs. for riskier debt plummeting in holders] where the reference
2020. guage shifting to SOFR in their rate [makes] up a significant
THE TICKER | MARKET EVENTS COMING THIS WEEK The trailing 12-month de-
fault rate for the S&P/LTSA
documents, analysts said. But
for other deals, CLO managers
portion of the interest rate,”
said the bank’s analysts in a
Monday Wednesday leveraged loan index fell to and investors must negotiate note.
Industrial production Expected 318,000
0.47% in August—the lowest that changeover, which could The move away from Libor
July, previous up 0.9%
Treasury budget Capacity utilization Philadelphia Fed survey level since March 2012. create conflicts if they have also means that some CLO se-
Aug., expected up 0.5%
Aug., ’20 July, previous 76.1% Aug., previous 19.4 That recovery has helped different rate preferences. curities may have a different
$200 billion deficit Aug., expected 76.4% Mort. bankers indexes spur investors’ demand for Disruptions to the transi- benchmark rate from the loans
Sept., expected 18.9
Aug., ’21, expected Purch., prev. down 0.2% CLOs, which are the largest tion could increase the extra in their collateral pool. That
EIA status report Refinan., prev. down 3% Retail sales
$199 billion deficit Previous change in stocks in buyer of leveraged loans. As of yield, or spread, that inves- makes it more difficult for in-
millions of barrels July, previous down 1.1% August, sales of new CLOs in tors’ demand to hold triple-A vestors to protect their hold-
Earnings expected*
Estimate/Year Ago Crude-oilstocks down1.5
Thursday Aug.,expected down0.7% the U.S. in 2021 have sur- rated CLO debt during the ings against fluctuations in in-
Oracle 0.97/0.93 Gasoline stocks up 7.2 Business inventories passed $111 billion, according fourth quarter of this year, de- terest rates and underlying
Retail sales, ex. autos
Distillates down 3.1 June, previous up 0.8% to LCD—on pace to pass pending on how quickly the loan prices.
July,previous down0.4%
Tuesday Empire Manufacturing July, expected up 0.5% Aug., expected up 0.2%
2018’s record of around $129 loan market transitions and “We anticipate that it will
EIA report: natural gas billion. how new CLO deals and inves- take the market a little time to
Consumer-price index Aug., previous 18.3 Many expect new CLO sales tors position themselves, said digest [new] issuance when
Previous change in stocks in
All items, July up 0.5% Sept., expected 17.2 billions of cubic feet
Friday to remain elevated in Septem- Citi analysts in a June note. the shift to SOFR occurs in the
Aug., expected, up 0.4% Import-price index up 52 U.Mich. consumer index ber as issuers try to finish SOFR is based on the cost new year,” said Serhan Sec-
Core, July up 0.3% July, previous up 0.3% Initial jobless claims Aug., final 70.3 deals ahead of the transition, of transactions in the market men, head of CLO investments
Aug., expected up 0.3% Aug., expected up 0.3% Previous 310,000 Sept., preliminary 72.0 said Bank of America analysts for overnight repurchase at Napier Park Global Capital.
 .

B10 | Monday, September 13, 2021 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

State of Natural-Gas Market Looks Unnatural

Storage levels appear thin globally, while prices have surged; a cold winter in parts of the world could send prices higher
Natural gas could really use an U.S. natural gas in
OPEC-style, coordinated produc- underground storage
tion ramp-up right now.
3.5 trillion cubic feet
U.S. Henry Hub natural-gas
prices, at around $5 per million
British thermal units (MMBtu), 3.0
have more than doubled from a Five-year
year earlier. When the benchmark 2.5 average
broke the $4 mark in early August
it was a rare milestone—especially
so far ahead of the winter heating 2.0
season. The sticker shock is even
greater elsewhere in the world: 1.5
East Asian benchmark futures are
four times where they were a year
1.0
ago, while European natural-gas
spot prices are five times as high.
Both benchmarks have exceeded 0.5
$18 per MMBtu.
Europe’s natural-gas prices typi- 0
cally track lower than those seen
Jan. 2021 Sept.
in Asia, but they have had to rise
to attract flexible liquefied natu- Source: U.S. Energy Information Administration
ral-gas cargoes. “On any day, Asia

PETER BOER/BLOOMBERG NEWS

and Europe are neck-and-neck in Jackson says. “So the question is:
terms of who offers the best eco- Do we finally get that response by
nomics,” said Anatol Feygin, chief the winter?”
commercial officer at U.S. LNG ex- To catch up to the five-year av-
porter Cheniere Energy. erage storage level by early No-
The prices are more alarming if vember, the U.S. would have to in-
one considers the fact that the ject roughly 90.4 billion cubic feet
once-glutted U.S. is itself behind each week from now, about 40.6%
on stocking up for winter. Data Despite healthy LNG imports this year, Asia and Europe likely need more for winter. Silos in Rotterdam, the Netherlands. higher than the five-year average
from the U.S. Energy Information weekly buildup pace. That would
Administration show that natural require a rapid ramp-up from pro-
gas in underground storage last at Argus Media. That domestic its deliveries. A severe winter in the U.S. could ducers, which is hardly a given.
week was 7.4% below the five-year stockpiling hasn’t been happening Samer Mosis, analyst at S&P mean that domestic markets may Natural-gas producers have sig-
average and only slightly above as much this year as the U.S. flexes Global Platts, noted that Asia still have to compete with hungry Asian naled that they will conserve cash
what it was in 2018, when natural- its expanded liquefaction capacity. needs to build more supply than and European buyers. If European and maintain relatively flat output.
gas inventories were at a record In the first half of the year, the usual over September and October and Asian natural-gas prices stay at Oil drillers, which produce associ-
low heading into the winter. U.S. has exported roughly 10% of to reach comfortable levels heading their current levels, both Mr. ated gas, and natural-gas produc-
How did we get here? U.S. con- its natural gas, or 41% more than a into winter. Meanwhile, natural gas Brownell and Luke Jackson, analyst ers have gradually increased their
sumption isn’t really the driving year earlier, according to EIA data. in storage in Europe is 16% below at S&P Global Platts, figure that rig count, but the number of active
force. Overall domestic natural-gas Despite the healthy pace of LNG the five-year average and at a re- Henry Hub prices would have to rigs for both remains 45% and
consumption through June was in imports this year, Asia and Europe cord low for September, according jump to $10 or more to provide an 34%, respectively, below 2019 lev-
line with 2020 levels, according to likely need to stock up more to to the data provider. The hunger of incentive to fulfill domestic natu- els, according to Baker Hughes.
data from the U.S. Energy Informa- prepare for winter. Non-U.S. LNG international markets later this ral-gas demand. Prices haven’t been A severe winter in the U.S., let
tion Administration. The real cul- exporters haven’t been pitching in year will depend on some unwieldy that high since 2008, when the U.S. alone elsewhere, would mean the
prit is international demand. Nor- as much supply because of various variables, including how severe was producing about 40% less nat- world needs many independent
mally, excess natural gas during maintenance-related snags. Eu- winter will be in other parts of the ural gas. market players to make just the
the summer that isn’t liquefied rope, in particular, is in a precari- world, how quickly Russia starts up “It’s notable that natural-gas right, urgent decisions to prevent
and exported to foreign markets ous position heading into winter its controversial Nord Stream 2 prices have been climbing for an even crazier surge in natural-
would go into underground stor- as Russia, its most important natu- pipeline and whether it revives its three to four months, but we ha- gas prices.
age, notes Stan Brownell, analyst ral-gas provider, has been slowing flow of natural gas to Europe. ven’t seen producers respond,” Mr. —Jinjoo Lee

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