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Protests, Clashes Draw Nation’s Tense Focus in Two Cities Chinese

What’s
News Rules
Business & Finance
Cloud
lans to quickly com-
TikTok
P plete a deal between
TikTok’s Chinese parent and
suitors for the app’s U.S. op-
erations have been thrown
Deal
off track in the wake of new App’s parent and
Chinese restrictions. A1 suitors pull back to
 A revamped Dow falls weigh new restrictions
short of matching tech’s influ-
ence in the S&P 500, poten- as deadline approaches
tially widening a performance
gap with the broader index. A1
BY GEORGIA WELLS
 McDonald’s ex-human AND CARA LOMBARDO
MORRY GASH/ASSOCIATED PRESS

resources chief is emerg-

ing as a focus of the com- Plans to quickly complete a
pany’s probe into possible deal between TikTok’s Chinese
impropriety under former parent company and suitors
CEO Steve Easterbrook. B1 for the app’s U.S. operations
have been thrown off track as
 United said it is perma-
the parties huddled over the
nently ending flight-change
weekend to weigh new Chi-
fees for most domestic tick-
ON THE GROUND: Wisconsin National Guard troops arrived Sunday at the county courthouse in Kenosha, Wis., where nese restrictions that appear
ets, the latest effort to boost
thousands have taken to the streets to protest the police shooting of Jacob Blake. In Portland, Ore., police said they designed to affect a potential
demand in the pandemic-
opened a homicide investigation after a man was killed Saturday amid unrest that has rocked the city. A3 sale, people familiar with the
struck air-travel industry. B1
discussions said.
 New SEC forms meant to China late on Friday issued
simplify disclosures by invest- restrictions on the export of

Labs Push to Build Up Tests

ment firms often contradict artificial-intelligence technol-
longer filings on the agency’s ogy that forced ByteDance
website, a Wall Street Ltd., TikTok’s parent, to slow
Journal analysis found. B1 down talks with companies in-
cluding Microsoft Corp., Wal-

For Virus Before Flu Season

 KKR is nearing a deal to
mart Inc. and Oracle Corp. for
sell Epicor Software to a
a portion of the social-media
group led by private-equity
app, people familiar with the
firm Clayton Dubilier & Rice
matter said.
for around $4.7 billion. B3
ByteDance, which received
 A small-business pandemic BY SARAH KROUSE produce cannabinoid molecules Laboratories LLC are assem- tests that don’t need to be the broad outlines of bids on
emergency loan program that AND BRIANNA ABBOTT for medical-marijuana prod- bling new equipment that shipped to labs for processing. Friday for the TikTok assets,
has been criticized for delays ucts, scientists are working to might soon deliver a 10-fold in- The goal of these efforts is had been expected to enter
and fraud has focused atten- Companies are racing to develop a Covid-19 testing sys- crease in molecular coronavi- to quickly diversify and grow into exclusive discussions with
tion on the role of a small firm bolster Covid-19 testing as tem that searches for the vi- rus-testing capacity at one of the U.S.’s Covid-19 testing infra- one group of suitors over the
that earned nearly $800 mil- schools reopen and flu season rus’s genetic code. The com- Arizona’s largest private labs. structure as the flu season ap- weekend, the people said.
lion in fees and subcontracted approaches, saying they aim to pany, Ginkgo Bioworks Inc., Other companies including Ab- proaches. This fall, doctors are The Trump administration
the bulk of the work. A4 avoid a repeat of July when hopes by the fall to create a bott Laboratories and public- concerned about a potential in early August set a mid-Sep-
demand for testing led to long system that will use analyzers health authorities are aiming Please turn to page A6 tember deadline for ByteDance
World-Wide delays for results. the size of washing machines for broader Covid-19 diagnosis to sell its American operation.
In a Boston lab where tech- to process 100,000 tests a day. and screening with large-scale  Sub-Saharan Africa masks Microsoft and Walmart
nicians programmed yeast to Scientists at Sonora Quest production of rapid antigen scope of crisis........................... A6 Please turn to page A9
 Companies are racing to
bolster Covid-19 testing as
schools reopen and flu sea-
son approaches, saying
they aim to avoid a repeat
INSIDE Amazon-Like Marketplace
of July when overwhelming

For Farmers Faces Hard Row

GARETH CATTERMOLE/GETTY IMAGES FOR DISNEY

demand for testing led to

long delays for results. A1
 The number of confirmed
coronavirus cases crossed
25 million globally. A6
 A man was killed Satur- Agricultural suppliers undermine upstart Farmers Business Network
day in Portland, Ore., amid
unrest that rocked the city
BY JACOB BUNGE and-green flannel shirt, warned the audience
after Trump supporters
that big companies often sell seeds and her-
clashed with violent pro-
OMAHA, Neb.—Inside a packed arena last bicide sprays at inflated prices, protecting
testers, police said. A3
December, 2,700 farmers sipped coffee from their profits. FBN, he said, allows users to
 The U.S. intelligence chief paper cups and listened to remarks on the compare prices across products and suppli-
said his office will curb in- Midwestern economy: incomes down, costs ers, helping farmers negotiate.
person briefings to Congress OBITUARY PERSONAL JOURNAL up and bankruptcies rising. “It is critical that you have control,” said
about security threats to the Actor Chadwick Teachers brush up The speaker wasn’t a politician or an aca- Mr. Baron.
2020 election, saying he was demic. He was Charles Baron, co-founder of FBN doesn’t have a lot right now. Some of
concerned lawmakers had
Boseman’s work skills to reach students Farmers Business Network, or FBN, a Silicon the world’s biggest farm suppliers, including
leaked classified materials. A4 shined a light on Black online as schools turn Valley startup that is trying to build an Ama- Bayer AG, Corteva Inc. and Syngenta AG
 Beijing’s crushing of Hong
history and culture. A12 to remote learning. A11 zon-like online marketplace for agricultural have refused to sell their brand-name seeds
supplies. and crop sprays to the startup. Executives
Kong pro-democracy forces
Mr. Baron, pacing the stage in a black- Please turn to page A10
is injecting new energy into
Taiwan’s efforts to build

Dow’s Gap With S&P to Grow

up its military defenses. A7
 California’s firefighting
The Scariest Part of the Great
resources are already close
to the breaking point with
Outdoors? A Brand-New Camper
months still to go until the i i i
end of fire season. A5 BY MICHAEL WURSTHORN 52-week performance
 A top aide to Shinzo Abe
Mishaps abound as city slickers escape 20%
S&P 500 Index
The Dow Jones Industrial
was poised to enter the
race to become Japan’s next
to nature; ‘I have never been so cold’ Average has struggled this
year to keep up with the gains 10
leader and face the country’s
of its broader counterpart, the
economic challenges. A8
BY RACHEL WOLFE started googling,” Ms. Toal S&P 500, which has more rep-
 Died: Chadwick Boseman, AND JENNIFER CALFAS said of how the trio chose resentation from surging tech 0
43, “Black Panther” star. A12 their destination. But she left stocks. Changes coming to the
Last summer, Samantha one crucial item behind. Dow on Monday likely won’t -10
Jones Toal spent her week- “We had made the decision help. Dow Jones
CONTENTS Outlook....................... A2 ends bar hopping with friends not to bring our sleeping bags That’s because the biggest
Arts in Review... A13 Personal Journal A11-12 Industrial Average
Business News... B3,5 Sports....................... A14 in the Boystown neighborhood because it was supposed to be change is Apple Inc.’s stock -20
Crossword.............. A14 Technology............... B4 of Chicago. This summer, ab- so hot out and we knew from split, which takes effect Mon-
Heard on Street... B10 U.S. News............. A2-5 sent many opportunities to our research that weight is su- day and slashes the tech com-
Markets...................... B9 Weather................... A14
have fun inside, the 23-year- per important,” she said. They ponent of the price-weighted -30
Opinion.............. A15-17 World News......... A6-9
old and two equally indoorsy slept in a tent, but didn’t an- Dow more than the addition of 2019 '20
friends went a few steps out- ticipate having to spend their new member Salesforce.com Source: FactSet
> side their com- first night in a Inc. boosts it.
fort zone: valley where The S&P 500’s year-to-date Data. Short-term rifts between track each other more closely
backpacking 18 the tempera- increase in 2020 is outperform- the two benchmarks aren’t un- over longer periods. But this
miles through ture dropped ing the Dow industrials by common, said Howard Silver- year has been markedly differ-
s 2020 Dow Jones & Company, Inc.
the Ozarks of precipitously. roughly 8 percentage points— blatt, a senior index analyst at ent due to how the pandemic
All Rights Reserved Missouri. Please turn to the widest gap since 1932, ac- S&P Dow Jones Indices, and the has deepened a split within the
“We just page A10 cording to Dow Jones Market Dow and the S&P 500 tend to Please turn to page A2
A2 | Monday, August 31, 2020 * **** THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Nick Timiraos
ECONOMIC
CALENDAR
Fed Tools Lose Some Bite After Shift Tuesday: Private surveys of
Now that How the federal-funds rate changed in the last Difference between 10-year Treasury yield and sodes in which interest rates purchasing managers from Asia,
the Federal four downturns federal-funds rate before and after the last Fed can’t be lowered once falling Europe and the Americas are
Reserve has rate cut to near zero. If the central expected to show a continued,
formally codi- bank targets 2% inflation and if patchy, increase in manufac-
1990 2001 2007-09 2020 1992 2003 2008 2020
fied changes consistently falls short, ex- turing activity during August,
to its policy %  percentage points pectations of future inflation with a revival in export orders
framework to seek periods of will slide, making it much pointing to a further recovery of
higher inflation, the question   harder to achieve the target. supply chains that were dis-
is how to achieve it. rupted by pandemic lockdowns.

F
No one expects its policy-   ed officials hope their The surveys are also likely to
setting revamp to boost policy will help by in- point to continued job losses
growth right away. Unem-   fluencing expectations world-wide, which would weigh
ployment is above 10%. The of future inflation by inves- on the recovery.
coronavirus pandemic is dev-   tors, consumers and busi- Thursday: U.S. applications
astating broad swaths of nesses, thus avoiding the for unemployment benefits are
commerce.  – monetary black hole that has projected to fall slightly in the
But once the crisis recedes, hampered Europe for part of week ended Aug. 29. Even so,
the central bank will rely on  –
the last decade and Japan for layoffs are likely to remain his-
economic stimulus tools that most of the last two decades. torically elevated amid continu-
may be less powerful today 5 10 15 20 25 30 35 40 -2 -1 0 1 2 3 4 5 6 7 8 9 10 If investors believe the Fed’s ing pandemic fallout.
than they were when the Fed MONTHS AFTER THE RATE PEAKED YEARS SINCE LAST CUT words are credible, markets The U.S. trade deficit in
used them last decade. Sources: Federal Reserve (interest rates); Nomura Securities (difference) will expect a longer period of goods and services is expected
The past six months have easier policy, increasing the to widen in July, reflecting a rise
shown that the Fed is far the economy into a recession describing the inflation and be the “critical determinant” amount of effective stimulus, in demand for overseas prod-
from powerless to avert fi- in March. employment conditions that in whether the Fed meets its said former Fed Chairman ucts as the economy reopened.
nancial panics by devising As a result of the yearlong would need to be satisfied be- goal of a higher trajectory for Ben Bernanke in an interview. The Institute for Supply
new emergency lending back- review, the Fed had already fore considering rate in- inflation. The changes take the Fed Management’s survey of ser-
stops. This is different from essentially previewed its play- creases or a slowdown in as- The Fed’s new framework back to the 1930s and 1940s, vice-sector purchasing manag-
providing stimulus that can book, reinforcing expectations set purchases. codifies two important when its leaders were ani- ers is likely to show another
spur more lending and invest- of rates that would stay lower Still, officials have warned changes. First, it effectively mated by an emphasis on im- significant pickup in U.S. activity
ment to support a recovery. for longer. these tools could pack less raises the Fed’s inflation tar- proving the labor market. during August. Service indus-
“The Fed is never going to punch today because long- get by saying the central bank “Bolstering jobs—more so tries were especially hard-hit by

T
say the cupboard is bare be- he flip side of its ag- term interest rates are al- should take past misses of the than curtailing inflation— the Covid-19 crisis, but even
cause that’s alarming. But gressive action this ready low. It is a big reason 2% target into account and dominates the political his- with rapid gains, sector-wide
they’ve reached the area of spring is that its tools why Fed officials, who are seek periods of moderately tory of the Fed,” said Sarah output and employment aren’t
very rapidly diminishing re- may be able to achieve less normally hesitant about wad- higher inflation to compen- Binder, a political scientist at likely to return to prepandemic
turns,” said William Dudley, now. “The Fed is operating at ing into a partisan scrum, sate. George Washington Univer- levels for some time.
who was president of the the margins. That needs to be have issued more calls for Second, officials won’t sity who wrote a history of Friday: U.S. employers are
Federal Reserve Bank of New recognized. If it’s not recog- elected officials and other raise interest rates simply be- the Fed. expected to add more than a
York from 2009 to 2018. nized, there is a risk people parts of the government to cause unemployment rates Even with the changes, the million jobs in August, the
Lewis Alexander, chief U.S. are overinvested in what the provide economic support fall below a level estimated to Fed is going to be less capa- fourth straight month of histori-
economist at Nomura Securi- Fed can do,” Mr. Dudley said. with changes to spending or put pressure on prices. In do- ble of buffering the economy cally large gains across the la-
ties, said the public process Going forward, the Fed has tax policy. ing so, they have set aside the from recessionary shocks bor market. Economists caution
to re-evaluate the Fed’s indicated it will rely primarily That worry is shared by consensus that guided central than it would have been 20 or that temporary government hir-
framework already notched on the two tools—asset pur- economists outside the cen- bank policy following the run- 40 years ago, said David Wil- ing for the census could raise
an important victory by shap- chases and guidance about its tral bank. Pimco economists away inflation of the 1970s. cox, a former Fed economist. the headline figure by about
ing how investors expected policy plans—it used after Allison Boxer and Joachim The new policy highlights a He said he worries the types 250,000. Even with that short-
the Fed to react to a down- cutting rates to near zero fol- Fels, in a report Friday, said deficiency their old one con- of changes being introduced lived boost, employment would
turn before the pandemic-in- lowing the 2007-09 recession. additional government spend- fronted in a world with more will “only be very modestly remain well below prepandemic
duced economic shock threw This could take the form of ing or the lack thereof would frequent or extended epi- helpful.” levels.

A revamped Dow Jones Industrial Average Technology's influence in the U.S. WATCH
29000 would have charted a similar path as its Dow Jones Industrial Average will
shrink after Apple's share split, even
precursor over the course of the year. with the addition of Salesforce.com. KENTUCKY 29, had been with the depart-
ment for three and a half years.
28000
Dow Jones Industrial Average DJIA sector weightings* Key Report Filed in A second officer was shot in
The Dow with Apple 2020 including Apple's share Breonna Taylor Case the leg.
27000 shares split, split and new index additions The 43-year-old suspect was
Salesforce.com, Kentucky’s attorney general taken into custody Sunday
Amgen and has received a long-awaited FBI morning, police said.
Honeywell Technology ballistics report in the fatal po- “This is a horrific reminder of
26000 24.3% lice shooting of Breonna Taylor. the dangers our brave men and
Attorney General Daniel Cam- women willingly face everyday
eron tweeted Sunday that there to keep us safe,” Mayor Lyda
25000 is additional analysis needed Krewson said.
now that the report is in his Police Chief John Hayden said
Health care hands. He has indicated the bal- the gunman ordered a family
24000 listics report was an important out of their home at gunpoint
18.5%
piece of evidence still needed in and barricaded himself inside for
the investigation of Ms. Taylor’s almost 12 hours.
23000 killing by police on March 13. —Associated Press
Ms. Taylor was shot several
Industrials times by officers who went to PHILADELPHIA
22000 Largest positive and negative point her home with a search warrant
contributions of the DJIA components, as part of a drug investigation. Two Children Killed in
year to date Consumer Officers used a no-knock search Early-Morning Crash
21000 discretionary warrant to break down the door,
Apple 1,413.8 points
14.1% and were met with gunfire from A driver will face third-degree
Microsoft 488.6
Ms. Taylor’s boyfriend. No drugs murder charges in a collision in
Home Depot 468.6 Financials were found in the home. Philadelphia that claimed the lives
20000 Visa 193.1 —Associated Press of two young children, police said.
–235.8 Chevron Consumer Two vehicles collided in the
–247.3 JPMorgan Chase staples
19000
MISSOURI Juniata neighborhood shortly af-
–432.4 United Technologies Comm. ter 12:30 a.m. Sunday, and a
–1,013 Boeing services Police Officer Slain, driver fled the scene until the
18000 Energy 2% Second Is Shot car broke down. He and another
man fled on foot but he was
Jan. Feb. March April May June July Aug. 2015 ’16 ’17 ’18 ’19 ’20 Materials A St. Louis police officer who soon apprehended, police said.
*2020 figures as of Friday; The utility and real-estate sectors aren't represented in the Dow. was shot in the head while re- A 7-year-old boy and a 9-year-
Sources: Dow Jones Market Data; S&P Dow Jones Indices (2020 sector weights) sponding to a shooting on the old boy died, police said. Their
city’s south side died Sunday, mother was in stable condition

Dow’s Gap S&P Dow Jones Indices.

Growth stocks in the S&P
500 have soared 25% this year
a serious dent in the tech sec-
tor’s influence in the Dow. The
committee that manages the
merger with UnitedTechnolo-
gies Corp. overlapped with
aerospace and defense giant
authorities said.
Officer Tamarris L. Bohannon,
and their father was also injured.
—Associated Press

With S&P versus an 11% decline for value

shares. The outperformance of
growth stocks has driven the
Dow, which includes editors of
The Wall Street Journal, which
is published by Dow Jones &
Boeing Co. The substitution of
Honeywell International Inc. di-
versifies the Dow’s industrial
CORRECTIONS  AMPLIFICATIONS
To Widen market-cap-weighted S&P 500
up 57% from its March 23
trough and 8.6% for the year.
Co., a part of News Corp,
sought to rectify the imbalance
by replacing Exxon Mobil Corp.
stocks.
There are limitations to the
Dow. Investors have long ques-
Sleeping Bear Dunes Na-
tional Lakeshore is on Lake
Wall Street Journal staff
members are working re-
The Dow tilts more toward with Salesforce.com, along with tioned why Amazon and Alpha- Michigan. An Exchange article motely during the pandemic.
Continued from Page One value by having a bigger repre- two other component swaps. bet aren’t included when they Saturday about tourism during For the foreseeable future,
market along familiar lines: sentation of industrial, financial But those changes nudged represent the 21st century the pandemic incorrectly said please send reader comments
growth versus value. and health-care stocks relative tech’s weighting up only to 24%. economy. Their hefty share it was on Lake Superior. only by email or phone, using
Many tech and communica- to the S&P 500. Its price- The disconnect, for however prices would wreak havoc on the contacts below, not via
tions companies in the S&P 500 weighted structure doesn’t usu- long it might last, isn’t a major the index by drastically boost- Notice to readers U.S. Mail.
are growth stocks, or those that ally help matters, since stocks concern, said Mr. Silverblatt. ing the weightings of their cor-
promise to deliver faster-than- with the highest share price After all, the Dow isn’t meant to responding sectors. That under- Readers can alert The Wall Street Journal to any errors in news articles by
average profit growth in the fu- have the most influence. imitate the S&P 500 or any scores why $31.5 billion in emailing [email protected] or by calling 888-410-2667.
ture. More staid businesses, The run-up in Apple’s share other index. Instead, the Dow’s assets are linked to the Dow
such as industrial and financial price this year has benefited construction is intended to em- through index funds versus
companies, are often in the both indexes and kept the gap ulate the top of the U.S. stock more than $11 trillion for the THE WALL STREET JOURNAL
value bucket and typically trade from widening even further. market, he said. S&P 500. (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
at low valuation multiples. Shares of Apple have traded Take the inclusion of Sales- That hasn’t fazed some in-
Editorial and publication headquarters:
Technology stocks have been higher than the 29 other Dow force. Its addition not only vestors who have hitched their 1211 Avenue of the Americas, New York, N.Y. 10036
clear winners during the coro- stocks for much of the year, pushed tech’s weighting in the portfolios to the Dow. Tim Published daily except Sundays and general legal holidays.
navirus crisis. People are work- contributing more than 1,400 Dow higher, but it also diversi- Courtney, chief investment offi- Periodicals postage paid at New York, N.Y., and other mailing offices.
ing from home, streaming mov- points to the index. And Apple’s fied the sector’s representation cer of Exencial Wealth Advisors, Postmaster: Send address changes to The Wall Street Journal,
ies and using social media to 70% gain since the end of De- by adding a pure-play cloud said several clients have sought 200 Burnett Rd., Chicopee, MA 01020.
connect with friends and family, cember has pushed its market company. When it came time to to follow the Dow by buying All Advertising published in The Wall Street Journal is subject to the applicable rate card,
hastening the adoption of tech cap above a record $2 trillion. decide what Salesforce would shares of a $23 billion ex- copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc.,
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in their everyday lives. Those Before Apple’s 4-for-1 stock replace, an energy stock was change-traded fund that tracks accept an advertiser’s order. Only publication of an advertisement shall constitute final
changes in behavior have made split, tech stocks represented the obvious choice, Mr. Silver- the index, the SPDR Dow Jones acceptance of the advertiser’s order.
big tech stocks among the few 28% of the Dow, on par with the blatt said. Industrial Average ETF Trust. Letters to the Editor: Fax: 212-416-2891; email: [email protected]
reliable bets during a crisis that S&P 500. But some of its other Similar thinking likely played “Some investors think Need assistance with your subscription?
has upended most other busi- most powerful constituents out with the Dow’s other they’re getting better exposure By web: customercenter.wsj.com; By email: [email protected]
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nesses. based on share price—Goldman changes. Pfizer Inc. has the low- to the broader economy, and
Reprints & licensing:
“With the economy we have Sachs Group Inc., Boeing Co. est share price of the 30 stocks you might want to do that if By email: [email protected]
now because of Covid-19 and and Caterpillar Inc.—are down in the index, diminishing the you feel like market weightings By phone: 1-800-843-0008
the difference between whether in 2020. And the Dow’s most in- health-care sector’s influence. in the other two indexes have WSJ back issues and framed pages: wsjshop.com
companies are open or not, fluential stock following the Ap- Its replacement, Amgen Inc., gone too far,” he said. “They’re Our newspapers are 100% sourced from sustainably certified mills.
over the short term we could ple split, UnitedHealth Group boosts the sector’s heft. Mean- more concerned about valua-
see a significant variance con- Inc., is up just 6.9% this year. while, Raytheon Technologies tions so they go to an area not GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
tinuing,” said Mr. Silverblatt, at Apple’s split would have put Corp.’s business following the so focused on growth.”
THE WALL STREET JOURNAL. * * * * Monday, August 31, 2020 | A3

U.S. NEWS

Man Killed
In Portland
Amid Unrest
BY SARA RANDAZZO County Courthouse, a site of
AND SHAYNDI RAICE clashes between protesters and
police the week before.
A man was killed Saturday On Saturday, thousands took
in Portland, Ore., amid unrest to the streets in Kenosha to
that rocked the city after a protest the police shooting of
caravan of Trump supporters Mr. Blake, according to local
clashed with protesters, police news. The shooting of Mr. Blake

NATHAN HOWARD/GETTY IMAGES

said. sparked days of violence and
Police said they opened a ho- property destruction in the
micide investigation after find- lakefront city of 100,000. The
ing a man who had been shot in city has been relatively calm
the chest and killed around 9 since Wednesday, with the pro-
p.m. local time. Portland Police tests that have continued re-
Chief Chuck Lovell said Sunday maining mostly peaceful. Presi-
the caravan already had cleared dent Trump plans to visit
the downtown area by the time Kenosha on Tuesday to survey Portland, Ore., Mayor Ted Wheeler and Police Chief Chuck Lovell at City Hall on Sunday, a day after a man was shot dead.
of the shooting but offered no the damage.
other details on the victim or A Getty images photo pub- night cannot be repeated.” The organizer said that An hour before the Portland some protesters turned violent
possible shooters. lished Sunday showed the man A man who identified him- there were antifa members killing, police had warned resi- and tried to block roads and
Protests have rocked Port- who died in Portland wearing a self on the phone and on Face- blocking the main route of the dents to stay away from down- threw things at the caravan,
land since the killing of George hat from the far-right Patriot book as Alex Kyzik said he was pro-Trump caravan and some town as “a significant number while Trump supporters fired
Floyd while in Minneapolis po- Prayer Group. The group’s one of the organizers of the people veered off into down- of vehicles” that were part of a paintballs and used bear spray
lice custody on May 25 and leader, Joey Gibson, told The pro-Trump caravan. “The only town Portland, although he had pro-Trump caravan clogged against protesters, the Associ-
have been given fresh impetus Wall Street Journal last year reason I formed it was to sup- published calls on Facebook roadways, where they clashed ated Press reported.
by the police shooting of Jacob that he began holding rallies in port our president and to keep asking people to stay away with protesters against police President Trump took to
Blake in Kenosha, Wis., on Aug. Portland and other cities in praying for our country,” he from the downtown area. brutality. Police said they ar- Twitter on Sunday to criticize
23. Violent clashes with coun- 2016 because he felt police said, adding that he had orga- The man also said that the rested 10 people as officers re- Mr. Wheeler for not asking for
terprotesters have added a layer weren’t protecting protesters nized two similar caravans in person who was killed Satur- sponded to scenes of fights, federal help in controlling
of danger, highlighted by the from counterprotesters. Boise, Idaho, in the last two day night wasn’t a member of disturbances and collisions in clashes in the city.
shooting deaths of two protest- Mr. Gibson told the Associ- months. his group. He wouldn’t confirm the area. The president also
ers this past week in Kenosha. ated Press via text on Sunday (A cross reference of infor- a name for the man who was Still, it wasn’t known retweeted a video of Trump
In Kenosha on Sunday, that the man who died was “a mation indicated his real name killed. whether the killing was related supporters heading into Port-
scores of demonstrators came good friend and a supporter of is Alex Kuzmenko, but a man Mr. Lovell said the police to the clashes. Police said they land, calling them, “GREAT PA-
out to show their support for Patriot Prayer.” who answered the phone num- had been in touch with orga- were looking for eyewitnesses TRIOTS!”
police, the Associated Press re- Portland Mayor Ted Wheeler ber listed for Alex Kuzmenko nizers of the caravan and had and firsthand video. —Jim Oberman
ported. National Guard troops denounced the violence Sunday, insisted his name was Alex urged them to stay on the high- Videos posted on social me- and Lee Hawkins
arrived Sunday at the Kenosha saying “the tragedy of last Kyzik.) way and avoid downtown. dia showed sporadic fights, as contributed to this article.

Call to Arms in Kenosha Drew Interest of Thousands

BY ERIN AILWORTH lab, analyzed a number of so- surprised by the attention his
cial-media posts that called for Facebook event received.
KENOSHA, Wis.—Worried people to take up arms Tuesday While Mr. Mathewson de-
about escalating violence fol- night. He said it is often hard scribes the Kenosha Guard as a
lowing the police shooting of a to discern where someone militia and himself as the com-
Black man, former Kenosha Al- stands on the spectrum of mili- mander, he said that there is no
derman Kevin Mathewson on tancy and how sympathetic or formal group and that he was
Tuesday posted a call to arms connected he or she might be the only person behind the
TYLER LARIVIERE/CHICAGO SUN-TIMES/ASSOCIATED PRESS

on the Kenosha Guard page on to a certain group or ideology. Facebook page, which got little
Facebook that he created in “On the one end, you may attention until his Tuesday
June. have someone who sees them- post. He said he thought of the
Over the two previous selves as a gun owner who be- page as a way to get the mes-
nights, Mr. Mathewson said he lieves they have a civic duty to sage out about Second Amend-
had seen police outnumbered help local businesses, and on ment rights. “I’ve never carried
by crowds attacking officers, the other extreme, irresponsi- a rifle out in public before
looting and setting fires to ble gun owners who are there Tuesday, I promise you that,”
businesses during protests to knock some heads and get in he said. “In this instance, it
spurred by the Aug. 23 shoot- on the action if the opportunity made me feel safer.”
ing of Jacob Blake that was arises,” he said. Mr. Mathewson said that
caught on a viral 21-second Michael German, a former when he heard about the
video. Mr. Mathewson, a 36- Federal Bureau of Investigation shooting the next day he was
year-old married father of two special agent, said another “sad and disgusted that some-
who bought his first firearm—a challenge is that militants often body lost their life.” He added:
rifle—at age 18, wanted to en- Ex-Kenosha official Kevin Mathewson, left, and a Black Lives Matter activist came face to face Tuesday. take advantage of that ambigu- “I think I wouldn’t be human if
courage local gun owners to ity to obscure their extremism. I didn’t feel some sort of
step up that evening. other wounded. Prosecutors shooting Tuesday night. nosha on Tuesday night. Mr. “It’s true that there are some pause, think…did I have some-
“I said, ‘Are there patriots have filed charges against 17- It is unclear whether the McGinniss didn’t respond to re- regular citizens and business thing to do with it?” Mr.
among us that are willing to year-old Kyle Rittenhouse, an group Mr. Rittenhouse is seen quests for comment. owners who think it’s necessary Mathewson said. “But I’m
take up arms and defend our Antioch, Ill., resident whom in- with in social-media videos was “So, people are getting in- to go out and protect my prop- pretty confident to say that I
lives, homes, neighborhoods vestigators have identified as an ad hoc group of armed citi- jured…and part of my job is to erty, but they’re not operating didn’t have any role.”
and businesses?’” he recalled the person seen in multiple vid- zens or something more orga- also help people,” Mr. Ritten- in a vacuum,” said Mr. German, He said Tuesday’s shooting
of the Facebook event he eos carrying a long gun and nized. In a video posted by The house says in the 19-second now a fellow at the Brennan occurred after he was at home
posted, which he said began shooting at and scuffling with Rundown Live, a Milwaukee- clip. “If there’s somebody hurt, Center for Justice. He said such for the night, asleep.
racking up likes. Thousands pursuers that night. based independent news and I’m running into harm’s way. people need to realize “they are Facebook Inc. has desig-
responded that they would be Lawyers for Mr. Ritten- talk-radio program, the group That’s why I have my rifle be- taking actions that can be asso- nated the Tuesday shooting in
attending, he said. house said in a statement that is described as a militia by the cause I need to protect myself, ciated with the more militant Kenosha as a mass murder and
It was just one of several the teen’s actions were in self- videographer. obviously, but I also have my or more racist groups.” removed Mr. Rittenhouse’s
similar posts now being scruti- defense against angry protest- In another video by Daily med kit.” Mr. Mathewson said he sup- page from the platform. Face-
nized as police investigate the ers. Mr. Mathewson said he Caller reporter Richard McGin- After the Tuesday shooting, ports protesters and police re- book also removed the Kenosha
Tuesday night shooting in doesn’t know Mr. Rittenhouse niss that was posted to Twitter, Andy Carvin, a senior fellow at form but remains concerned Guard page, saying it violated a
downtown Kenosha in which or the people the 17-year-old Mr. Rittenhouse explains his the Atlantic Council think about the damage done around new company policy about dan-
two people were killed and an- was seen with before the presence on the streets of Ke- tank’s digital forensic research Kenosha. He added that he was gerous organizations.

Cities Strain to Collect Trash as Volumes Rise and Workers Get Sick
BY SCOTT CALVERT understood the griping. “You Piling Up lays as crews scrambled to fin-
expect every week, on that day,
As more trash is being generated, the number of 311 calls about One Neighborhood ish routes. “Everything is just
The coronavirus pandemic is to get your trash picked up,” taking longer than it normally
snarling municipal trash pickup she said. “It’s frustrating for us
trash and recycling collection has also increased in Philadelphia. Acts on Its Own would have,” Ms. Smith said.
in several U.S. cities, sparking not to be able to meet the 311 calls for trash and recycling collection, by week March 23 The number of 311 trash
complaints from frustrated res- needs.” Stay-at-home order complaints soared in July to
idents as uncollected garbage Ms. Jones, 55 years old, said went into effect Some residents are taking 6,658, a 543% jump from July
0 2,500 5,000
bakes in the summer sun. she knew quite a few sanitation matters into their own hands. 2019, though this month’s tally
The problem stems in part workers who battled Covid-19 On two occasions the is down compared with last
20,000 tons
from the sheer volume of resi- but believed all had recovered. West Passyunk Neighborhood August.
dential trash and recycling, Going to work was scary, she Association in South Philadel- In Baltimore, so many sani-
which is far higher than usual said. Trash
Trash ccollected,
ash ollec
ecte
ec ted,
te by
d, bywweek*
eek
e * phia has trucked trash and tation workers tested positive
with so many people at home. “In the back of your mind, 15,000 recyclables in rented pickups for the coronavirus in June
Some cities are struggling be- there is always worry and con- to a city facility, after waiting that, for three weeks, the pub-
cause many sanitation workers cern,” she said. “Am I going to in vain for municipal crews. lic-works department closed
have contracted the virus, have take it home to my children, to 10,000 “Our streets looked like the operations center that
had to quarantine due to possi- my spouse, to my mother?” the city was abandoned,” said serves the city’s east side, dis-
ble exposure or have been The one-two punch of the James Gitto, the association’s rupting garbage and recycling
afraid to go to work. pandemic began hitting the president. “It’s a daunting collection.
5,000
“Both large and small cities Philadelphia Streets Depart- task when you look out and Last month, after employ-
have been experiencing this ment in March, when residen- there is trash everywhere.” ees had recovered and re-
double-whammy of increased tial trash volumes rose after At its worst, he said, the turned to work, exhaustion
waste volume as well as staff- schools closed and many people 0 smell of rotten meat seeped and a string of 90-plus-degree
ing shortages,” said David Bi- started working from home or Jan. April July Oct. Jan. April July into his home from trash days began taking a toll on
derman, executive director and lost their jobs, said Scott 2019 2020 bags piled by the street, and mask-wearing workers, result-
chief executive officer of the McGrath, who oversees sanita- at night he could hear cats ing in heat-related injuries and
*Doesn't include recycling collected
Solid Waste Association of tion services for the city. Source: City of Philadelphia fighting over the spoils. other ailments, said Matthew
North America, which repre- Since mid-July, the city has Jessica Wang/THE WALL STREET JOURNAL Garbark, acting public works
sents more than 10,000 indus- collected roughly 14,800 tons of director. In addition, he said,
try professionals. trash a week from houses and with 15% to 20% usually. The city is hiring 120 tem- Nashville hasn’t had staff- some employees have stayed
Philadelphia and Baltimore small businesses, up from about The result: Trash and recy- porary workers to bolster a ing shortages but still has home out of fear of catching
are among the hardest hit cit- 10,700 tons weekly a year ear- cling languishes curbside for collection staff that is usually grappled with increased resi- the virus.
ies, though others, such as At- lier. Staffing issues emerged in days. And residents aren’t around 900 workers strong, dential trash volume, said On Thursday, Mr. Garbark
lanta and Nashville, also are April and have persisted. About happy. Since July 1, trash com- Mr. McGrath said. The city Sharon Smith, assistant public said the city would suspend
having trouble. 30% of the staff is now out, he plaints to 311 are up 90% com- also extended drop-off center works director. From April recycling pickup so workers
Wanda Jones, a Philadelphia said—whether due to Covid-19 pared with the same period hours. “We’re slowly catching through July, tonnage was up can place a priority on gar-
sanitation supervisor, said she or other reasons—compared last year. up,” he said. about 13%, causing some de- bage collection.
 A4 | Monday, August 31, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.

U.S. NEWS

Protests Dominate
Presidential Campaign
BY REBECCA BALLHAUS led city in Portland.” been shaped by the protests
AND ELIZA COLLINS “The president’s on the side rocking the country over three
of law enforcement and the months since the killing of
Issues of racial justice, pro- rule of law, and he’s been very George Floyd, a Black man, in
tests and urban violence have consistent in that,” Mr. Mead- May by Minneapolis police.
taken center stage in the pres- ows added. Those protests gained new
idential campaign as President Mr. Biden released a state- momentum after the police
Trump and Democratic chal- ment Sunday afternoon calling shooting of Mr. Blake.
lenger Joe Biden enter the fi- the shooting in Portland unac- Mr. Trump is expected to
nal sprint to Election Day. ceptable—and blaming Presi- travel to Kenosha on Tues-
Amid recent unrest in Wis- dent Trump for inciting the day to meet with law enforce-
consin and Oregon sparked by violence. ment and survey damage from
police shootings of Black peo- “We must not become a recent protests, a White House
ple, Mr. Trump has accused country at war with ourselves. official said.
Democrats of fostering an en- A country that accepts the Ben Crump, an attorney for
vironment of lawlessness that killing of fellow Americans the Blake family, said Sunday
has led to recent incidents of who do not agree with on CBS that the family hadn’t
violence. you,” Mr. Biden said. “What been contacted by the White
He has sought to make the does President Trump think House ahead of the president’s
November election a referen- will happen when he continues visit. The White House de-
dum on the question: Who will to insist on fanning the flames clined to comment.
keep the nation safe? of hate and division in our so- On Friday, Mr. Trump
Mr. Biden, meanwhile, has ciety…? He is recklessly en- weighed in for the first time
accused the president and his couraging violence.” on the shooting of Mr. Blake,
allies of inflaming tensions, Mr. Biden has also sought five days after a video of the
focused on racial injustice and event went viral.
police misconduct that cata- “It was not a good sight,”
lyzed the protests and sought the president told reporters.
to align his campaign with
President Trump The Justice Department said
peaceful protesters while con- has sought to put on Wednesday that it had
demning violence. opened a federal investigation
The debate intensified after
safety issues at the into the shooting of Mr. Blake.
a man was shot and killed late center of the election. Mr. Biden issued a state-
Saturday in another night of ment Tuesday condemning the
violent turmoil in Portland, shooting.
Ore. City police said a caravan He and his running mate,
of Trump supporters took to to turn the campaign debate Sen. Kamala Harris of Califor-
the streets and clashed with to a broader range of issues, nia, had an hour-long conver-
protesters. including what he has called sation with the Blake family,
Separately, in Kenosha, Mr. Trump’s mishandling of Mr. Blake’s father, Jacob Blake
Wis., a 17-year-old was the pandemic and the result- Sr., said on CNN on Friday.
charged Thursday with six ing economic fallout. Republican politicians dis-
counts including first-degree The weekend clash over cussing Kenosha in recent
intentional homicide after protests and violence comes days have stopped short of
FROM TOP: ABC NEWS/ZUMA PRESS; SPENCER PLATT/GETTY IMAGES

prosecutors said he opened as the campaign shifts into criticizing Kyle Rittenhouse,
fire on protesters, killing two high gear after the back-to- the 17-year-old charged with
people and wounding another. back weeks of political con- fatally shooting two men and
That followed the police ventions concluded on Thurs- wounding another amid cha-
shooting in Kenosha on Aug. day. otic street clashes following
23 of Jacob Blake—a Black While the coronavirus pan- Mr. Blake’s shooting. Mr. Rit-
man who remains hospitalized demic has upended traditional tenhouse’s now-deleted Face-
and paralyzed—and several campaigning, both candidates book page featured a picture
nights of violence and de- are looking to battleground of him with the words “Blue
struction of property in that states for visits. Lives Matter” framing it.
city. Mr. Trump is expected to Mr. Trump declined, when
White House chief of staff travel to North Carolina this asked, to comment on the case
Mark Meadows, asked on NBC week. Mr. Biden, who in recent on Saturday. He has liked a
on Sunday if the president months has done very limited tweet calling Mr. Rittenhouse
should bear responsibility for campaign travel, is scheduled a “good example of why I de-
recent violence, blamed Demo- to speak Monday in south- cided to vote for Trump.”
crats. “Most of Donald western Pennsylvania on the The White House didn’t re-
Former Vice President Joe Biden has accused the president and his allies of inflaming tensions and Trump’s America is peaceful,” theme: “Are you safe in Don- spond to a request for com-
sought to align his campaign with peaceful protesters, while President Trump has accused he said, adding that the recent ald Trump’s America?” ment on the president’s Twit-
Democrats of fostering an environment of lawlessness that has led to recent incidents of violence. shooting was in a “Democrat- Campaign travel has also ter activity.

Intelligence Briefings Small Firm Got Huge SBA Contract

To Congress Curbed BY YUKA HAYASHI

WASHINGTON—A federal
BY DUSTIN VOLZ and makes it possible for in- small-business pandemic emer-
AND BRODY MULLINS formation to be concealed. gency loan program that has
“Being able to call them been criticized for delays and
The head of federal intelli- out, hold them accountable, fraud has focused attention on
gence agencies said Sunday have them testify before Con- the role of a small consulting
that his office will curb in-per- gress, forces accountability,” firm that earned nearly $800
son briefings to Congress California Rep. Adam Schiff million in fees and subcon-
about security threats to the said. Asked about issuing a tracted the work to a unit of
2020 presidential election be- subpoena, Mr. Schiff said “that the nation’s largest mortgage
cause of his concern that law- is certainly one of the tools” lender.
makers had leaked sensitive Congress could use. Federal government con-
classified materials to the Earlier, House Speaker tracting records show the
public. Nancy Pelosi and Mr. Schiff is- Small Business Administration
John Ratcliffe, the Director sued a joint statement criticiz- has awarded at least $770 mil-
of National Intelligence, told ing the move as “a shocking lion to RER Solutions Inc. of
Fox News that he will continue abdication of [the intelligence Herndon, Va., to process loans
ERIN SCOTT/PRESS POOL

to keep Congress informed via office’s] lawful responsibility and grants for small businesses
written reports and will con- to keep the Congress currently affected by the coronavirus
tinue to brief relevant con- informed, and a betrayal of pandemic under the SBA’s Eco-
gressional committees. the public’s right to know how nomic Injury Disaster Loan
“We will do what is re- foreign powers are trying to program, or EIDL. That is a
quired by law,” Mr. Ratcliffe subvert our democracy.” steep increase from a $10 mil-
said. “What we won’t be doing Mr. Schiff was asked if he lion contract the company ini- Small Business Administration administrator Jovita Carranza at a House committee hearing in July.
is all-member briefings, to all or anyone on his staff had tially signed with the SBA in
members of the House and all been responsible for leaking 2018. of EIDL went badly, leaving first awarded a contract for RER Solutions was originally
members of the Senate. We classified information to the The bulk of that loan-pro- hundreds of thousands of processing EIDL loans. The pro- given a $10 million contract by
have tried that and the infor- media. “I haven’t; my staff cessing work was then subcon- small-business owners “demor- gram expanded dramatically as the SBA in 2018 to upgrade the
mation hasn’t been protected.” hasn’t,” he said. But he said tracted to Rocket Loans, a unit alized, confused and an- small businesses reeled from EIDL program as loan demand
“Make no mistake, Congress that he “can’t speak for what of lending giant Rocket Cos., gered.” She says the program the economic impact of the rose following the 2017 hurri-
will be fully and currently in- all the members of the com- which also owns Quicken has improved since. pandemic. cane season. It was awarded
formed as required by law,” mittee have done or not done, Loans, according to both The EIDL program also came “At a time of great need, our the contract under the SBA’s
Mr. Ratcliffe said. “But what including a lot of the Republi- Rocket and federal officials, under criticism from the SBA’s team responded quickly to as- 8(a) program designed primar-
we are also going to do is pro- can members.” though its name doesn’t appear inspector general, which in a sist the SBA in overhauling the ily to assist small minority-
tect information from getting Republican lawmakers in any of the publicly available July report cited “pervasive pre-existing EIDL lending plat- owned firms.
leaked for political purposes. played down the change. Sen. documents on the federal con- fraudulent activity,” pointing to form, which allowed the admin- The SBA’s Ms. Carranza on
It has just happened too much Ron Johnson (R., Wis.) said tracts awarding the work to more than 5,000 instances of istration to process an extraor- April 17 approved raising the
and I won’t stand for it.” Sunday on CNN that “this is RER. suspected fraud from banks dinary influx of applications," RER’s original $10 million con-
The move by the intelli- being blown way so out of Under the EIDL program, where EIDL funds were depos- spokesman Aaron Emerson said tract to $600 million—without
gence office to restrict con- proportion” because “we know more than 3.6 million loans in a statement. The company competitive bidding—as mil-
gressional briefings has fur- that foreign actors are trying worth $188 billion have been declined to comment on how lions of EIDL applications
ther inflamed tensions to influence, trying to destabi- issued to date since the pan- much it has earned through its flooded in.
between the Trump adminis- lize our political system.” demic, in addition to $20 bil-
The loan program subcontract. In an SBA internal document
tration and Capitol Hill over Florida Sen. Marco Rubio, lion in grants to 5.8 million came under criticism The work being done by justifying the contract modifi-
congressional access to top of- the acting Republican chair- companies, according to the both companies has attracted cation without open bidding,
ficials, and concerns the White man of the Senate panel, of- SBA.
from the SBA’s congressional scrutiny. The senior SBA officials said that
House may be playing down fered support for Mr. Ratc- The SBA is the administrator inspector general. House Select Subcommittee on without such an increase, the
possible challenges to the in- liffe’s decision late Saturday, of the program, which is sepa- the Coronavirus Crisis, along SBA would “suffer serious in-
tegrity of the November vote. saying it was the result of “the rate from the SBA’s better- with the House small business jury” and negatively impact
Democrats signaled on Sun- willingness of some to commit known $670 billion Paycheck panel, have been reviewing the “millions of Americans and the
day that they would challenge federal crimes for the purpose Protection Program, where ited in customer accounts. RER contract. economy as a whole.” They also
the decision and may seek to of advancing their electoral banks and other financial ser- The inspector general esti- “Recent reports about the said outsourcing saves the cost
issue a subpoena to intelli- aims.” vices companies act as inter- mated that about $250 million EIDL program raise questions of hiring thousands of workers.
gence officials demanding they The decision to restrict in- mediaries in assessing appli- in loans and grants have gone about whether RER Solutions The document was posted on
appear before the intelligence person briefings is a departure cants and processing loans. to businesses that could be in- and Rocket Loans have pro- GovTribe, a private database on
committees, and hold them in from precedent. Lawmakers Groups representing small eligible. vided adequate services to SBA government contracting.
contempt if they don’t comply. and their staff members typi- businesses say the EIDL loan Errin Green, chairman and and the millions of small busi- Ms. Carranza in August ap-
The Democratic chairman cally prefer live briefings from program has been plagued by chief executive of RER, declined ness seeking EIDL funds,” Rep. proved further increasing the
of the House Intelligence Com- the agencies they oversee, so delays. Karen Kerrigan, who to comment. James Clyburn (D., S.C.), chair- contract’s potential limit to
mittee said Sunday on CNN they are able to ask follow-up heads Small Business & Entre- A spokesman for Rocket man of the select panel, and $850 million, of which $770
that the move could allow the questions and press adminis- preneurship Council, an advo- Loans confirmed the company Nydia Velazquez (D., N.Y.) wrote million has already been ap-
Trump administration to re- tration officials on issues they cacy group, told House law- has been working with RER in a letter to SBA Administra- proved for payment to the
duce congressional oversight deem important. makers in June the execution since 2018, the year RER was tor Jovita Carranza on July 30. company.
THE WALL STREET JOURNAL. Monday, August 31, 2020 | A5

U.S. NEWS

Pandemic Upends California’s Lawmaking Process

BY CHRISTINE MAI-DUC adjourn for the year on Mon- home orders were issued in covers are now fixtures in
AND ALEJANDRO LAZO day, bill wish lists have been March. “I’m not convinced that meeting rooms, only a handful
slashed by legislators and lob- being comfortably home in my of which are large enough to
SACRAMENTO, Calif.—Ev- byists to focus on the most ur- PJs renders the same results.” support social distancing.
ery August, lobbyists here typ- gent issues. Marathon negotia- Of more than 2,200 legisla- “Politics is an in-person
ically zip between lawmakers’ tions on policy now happen by tive proposals introduced at craft,” said Assemblyman Da-
offices or park themselves in phone or video chat, and even the beginning of the year, only vid Chiu, a Democrat from San
the halls of the state Capitol, fundraisers have gone virtual. about 600 remained by early Francisco. “You have a much

SALGU WISSMATH FOR THE WALL STREET JOURNAL

seeking to shape bills that Some lawmakers have partici- August. That is about half the better sense of the issues that
pass in the closing days of the pated in legislative sessions number the body typically con- matter when you see how
legislative session. from home or district offices, siders during the final weeks of many people have come to a
But this year, the coronavirus including 10 of the state Sen- its session, said Chris Micheli, rally, when you’re lobbied on
pandemic has upended the Cali- ate’s 11 Republicans after one a veteran business lobbyist. an issue.”
fornia capital, with most staff of them tested positive for Since several legislators and In a letter to leaders of the
and advocates working from Covid-19, the disease caused staff tested positive this sum- California Legislature in June,
home as access to the building by the coronavirus, following a mer, in-person debate has re- the Institute of Governmental
has greatly diminished. The re- caucus meeting last week. sumed but members have been Advocates, a lobbyist associa-
sult is a striking shift in the way “I am twitchy about not be- allowed only one aide in the tion, said some of the proto-
laws are made in the nation’s ing in that crowded, tense, hot Capitol a day, and the public is cols adopted by the Legisla-
most populous state and hallway,” said Jennifer Fearing, barred except to observe spe- ture were “serious
world’s fifth-largest economy. a lobbyist who has steered clear cific proceedings. Plexiglass, impediments to effective pub-
With the Legislature set to of the statehouse since stay-at- caution tape and microphone lic access and advocacy.” Safety protocols have made in-person lobbying rare in Sacramento.

Acres burned in major

California fires
1.00 million

0.75

0.50

0.25

0
1990 2000 ’10 ’20
Note: For fires of at least 5,000 acres that
caused property loss or destroyed structures.
2020 fires through Aug. 27.
Source: CALFIRE

Wildfires
Stretch
Fighters’
Capacities
BY ALEJANDRO LAZO

SAN FRANCISCO—With
months still to go until the end
of fire season, California’s fire-
fighting resources are already
close to the breaking point.
In just the first month of
the August-December period
when California typically expe-
riences its most destructive
blazes, it is contending with
the second- and third-largest
wildfires in state history, both
of which were 35% contained
on Friday. Last weekend, 96%
of the California Department
of Fire and Forestry’s available
engines were working or en
route to emergencies.
With fire crews overworked
and inmate teams on which the

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“This could really be just
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Firefighters are warning
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in Southern California, be-

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cause of predicted high tem-
peratures and strong Santa
Ana winds that can cause fires
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“The potential for large fire
is going to be well above nor-
mal in October, November and
December, even in September,”
said Matt Shameson, a meteo-
rologist with the U.S. Forest
Service in Riverside. “It’s go-
ing to be hotter and drier than
normal and we will start get-
ting some winds in October.”
Recruiting enough federal,
state and county firefighting
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A6 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

WORLD NEWS
Sub-Saharan Africa Masks Scope of Crisis
Reticent governments,
lack of testing capacity Countries Suppress
fuel countries’ claims Data on Outbreaks
of beating coronavirus
FROM TOP: BRIAN INGANGA/ASSOCIATED PRESS; ALEX MCBRIDE/AGENCE FRANCE-PRESSE/GETTY IMAGES

Some countries have gone

The global effort to to great lengths to ensure
thwart the coronavirus has a that information on coronavi-
vast blind spot: sub-Saharan rus testing isn’t shared. The
Africa. government of Equatorial
In Tanzania, the govern- Guinea expelled WHO repre-
ment outlawed coronavirus sentatives, accusing them of
falsifying new virus cases af-
By Nicholas Bariyo ter announcing its out-
in Kampala, Uganda, break was over. When Bu-
and Joe Parkinson rundi’s 55-year-old
in Johannesburg president, Pierre Nkurunziza,
died in June, his autocratic
testing and declared its na- government said the cause
tional outbreak defeated, even was a heart attack, but diplo-
as hundreds of people died mats and medical profession-
monthly from unexplained re- als say they believe he was
spiratory problems. Last the world’s first head of state
month in Zambia, 28 people to die from Covid-19.
died at home in a single day Tanzanian authorities
with Covid-19-like symptoms closed a local newspaper af-
while waiting to be tested. In ter it published a picture of
South Sudan, government President John Magufuli at a
forces barricaded thousands of crowded fish market in April, in
people inside refugee camps, violation of social-distancing
claiming they were infected rules announced by his gov-
but refusing to conduct tests. ernment. Another local televi-
A lack of testing capacity, Truckers, above, were tested on their way into Kenya from Tanzania in June, while protective boots were dried in South Sudan in May. sion station had its license sus-
limited access to data and se- pended in July after it reported
cretive governments across and shrinking the continent’s an alert from the U.S. Embassy
Africa have made it appear as newly minted middle warning of an elevated corona-
if many of the world’s most class. The risk is compounded virus risk. A law introduced in
impoverished econo- by fears that African countries July prohibits citizens from dis-
mies have avoided the worst may be forced to wait for cussing infectious diseases on-
effects of a disease that has Covid-19 vaccines given pro- line without government ap-
killed at least 830,000 peo- duction constraints and the proval.
ple world-wide. But the plight scramble among wealthier Zambia began testing by
of many of sub-Saharan Af- countries to secure supplies. late February, but the heavily
rica’s one billion people is ef- “We are fighting this dis- indebted nation has struggled
fectively invisible to global au- ease in the dark,” said Stacey to expand its facilities, Zam-
thorities trying to gauge the Mearns, senior technical ad- bian officials and health ex-
severity of the pandemic. viser of emergency health at perts said. The country of 18
The paucity of data—com- the International Rescue Com- million has conducted
bined with reports from sev- mittee. “The world doesn’t re- 100,000 tests, but pleas from
eral nations of spikes in ally know the scale of the dis- the Treasury, which spends
deaths from respiratory ill- ease on the continent.” one-third of its revenue ser-
nesses—is raising fears that a Data on the virus’s spread vicing debt to lenders includ-
silent epidemic could be rag- across Africa is woefully limited. ing China and the Interna-
ing in parts of the conti- Sub-Saharan Africa’s 46 nations tional Monetary Fund, for
nent. Official coronavirus have conducted a total of 6.3 emergency funding have
cases in sub-Saharan Africa million coronavirus tests for a largely been rebuffed.
have doubled in the past population of one billion, sig-
month to more than one mil- nificantly less than the number
lion, but the official death in the state of New York, which opia—meaning that data from scale-up of diagnostic testing a $1 testing kit that produces est tests in the world, accord-
rate—at 20,000—remains sig- has 8.3 million inhabitants. the rest of the continent is is critical in response efforts results in less than 10 minutes ing to the World Health
nificantly lower than those of African nations average perilously scarce. to contain the pandemic.” are under way in Senegal and Organization, at 63 per one
less-populous Europe and the around 5,000 tests per one “There is a significant un- The most granular data and Ghana, which have used 3-D million people, before it
U.S., according to World million people, according to dercount of coronavirus cases proactive efforts to contain the printers to produce ventilators. stopped providing interna-
Health Organization data. data from the African Union, in Africa due to insufficient virus on the continent have But across swaths of the tional bodies with test data.
The World Bank says these compared with nearly 500,000 testing,” said Farouk Um- come from a handful of demo- continent, the true scale of the Shabir Madhi, a professor of
unknowns could prevent Afri- tests per one million people in aru, director of global public cratic governments that have virus is unknown. South Sudan vaccinology at the University of
can economies from reopening the United Arab Emirates and health laboratory programs at mobilized public and private has tested 15,000 of its 12 mil- the Witwatersrand in Johannes-
fully for years, aggravating an 200,000 in the U.S. Three Pharmacopeia, a Washington- sectors to give a clearer sense lion people. Several countries, burg, said the testing figures
economic emergency the quarters of tests in sub-Saha- based nongovernmental organ- of trends. South Africa has con- including Niger, Eritrea and across Africa were so incom-
United Nations has warned is ran Africa have been con- ization that advises the U.S. ducted more than 3.5 mil- Guinea, have each carried out plete they were meaningless. “It
already pushing tens of mil- ducted by four nations—South government on medical stan- lion Covid-19 tests for its 60 fewer than 10,000 tests. Tan- doesn’t quantify the true magni-
lions of people into hunger Africa, Kenya, Ghana and Ethi- dards and licensing. “Rapid million people. Trials to develop zania has conducted the few- tude of circulation of the virus.”.

Labs Push to grow, said Brett Giroir, the

Trump administration’s testing
coordinator, and the U.S. should Global Virus Cases
To Speed Surpass 25 Million
have more than 90 million cor-
onavirus tests available in the
month of September compared

Test Efforts with 25 million done in July.

The U.S.’s growing testing ca-
pacity is adequate, he said, but BY DAN STRUMPF can Airlines Group Inc. and
isn’t enough for every Ameri- United Airlines Holdings Inc.
Continued from Page One can to regularly get tested. The total number of con- warned of potential layoffs to
swell of people with respiratory One major lesson from July: firmed coronavirus cases come.
symptoms who might seek test- The lab-based molecular tests crossed 25 million globally, a In California, the pandemic
ing to figure out which virus that comprise the bulk of the grim milestone that came even is taking a toll on the ability of
they have, stressing capacity U.S.’s current testing infra- as the pace of new infections firefighters to contain the
and supplies of components structure can’t scale fast in the U.S. has fallen from a state’s raging wildfires, as re-
GINKGO

needed for both tests. enough to keep up with large recent peak. cruiting enough firefighting
“I see this like us ramping surges in demand. That makes The U.S. continued to lead teams during the health crisis
up as a nation after Pearl Har- Ginkgo is planning a method to look at a number of samples at once. additional forms of testing the world in the total number has proved difficult. Federal
bor was bombed,” Emily Volk, key, some pathologists and of cases. On Saturday, the fire officials have asked uni-
president-elect of the College in part because most flu tests and preparing additional test- public-health officials say. country logged 47,161 new versities to allow students
of American Pathologists, said. rely on the same components, ing options. By Labor Day, the At Sonora Quest, Chief Ex- cases, the sixth straight day of who work as seasonal fire-
“I think right now, it’s the equipment and personnel as company expects to have the ecutive David Dexter formed a higher case tallies, according fighters to start classes late,
calm before the storm with Covid-19 tests, pathologists say. capacity to run 185,000 plan in late June to expand the to data compiled by Johns while National Guard troops
the fall flu season.” Around 30 components feed Covid-19 molecular tests a day, number of Covid-19 tests the Hopkins University. That have been trained as fire
Dr. Volk, senior vice presi- into a Covid-19 test, said Eric which is 60,000 more than the company could process to brings the total number of crews to help battle blazes.
dent of clinical services at Blank, an official at the Associa- capacity in mid-July, she said. 15,000 a day from 6,000— cases to 5.96 million, roughly a Hawaii, meanwhile, contin-
University Health System in tion of Public Health Laborato- A significant increase in de- which was lower than usual quarter of the world’s total. ued to report an uptick in
San Antonio, said she is push- ries. A shortage in one of the mand and supply-chain con- because of limited reagent The number of new cases is cases, logging an additional
ing the lab’s suppliers to en- components holds up capacity. straints in early July meant supplies. When he presented up from a recent low point of 310 on Saturday. The state had
sure there will be enough A surge in demand for test- LabCorp’s average turnaround his idea to state health offi- just under 35,000 cases on been one of the most insulated
swabs and transport liquid— ing in July as the new corona- time for results briefly shifted cials and executives at one of Aug. 23, but it is well below from Covid-19 because of its
for flu and Covid-19 tests. virus spread in the South and to four to six days, but is now the lab’s parent companies, the recent peak of more than relative isolation and manda-
Flu season complicates West of the country strained one or two days, a spokes- they urged him to boost ca- 77,000 new daily cases re- tory 14-day quarantine. Hawaii
Covid-19 testing efforts, public- capacity and led to weekslong woman said. It is expanding pacity to 60,000 within the ported in mid-July. had fewer than 2,000 cases of
health officials say, because capacity as equipment and next two months, he said. The U.S. reported 969 new Covid-19 between March and
both ailments can have similar supplies are available, she The lab hired 200 additional deaths, bringing the total late July, one of the lowest in-
symptoms like fever and fatigue, added, and preparing for flu staff members and built new number of deaths to 182,779, fection rates in the nation. It
along with other viruses such as
The seven-day and Covid-19 testing. equipment as testing demand according to Johns Hopkins has reported more than 5,500
respiratory syncytial virus. average of new daily Some states have revised surged. By early August, the data. in the past month.
Tests that detect several criteria for who should be pri- company had cleared a backlog Although the U.S. has Elsewhere, cases ticked
pathogens such as the flu and
tests in the U.S. was oritized for a test, which, along that had grown to 65,000 tests logged the largest cumulative higher. South Korea reported
Covid-19, called multiplex tests, 696,886 as of Friday. with long wait-times, has the month before, and short- number of cases, other coun- 299 new coronavirus cases,
are slowly coming to market tamped down demand. The ened turnaround times to one tries are reporting higher bringing the total number of
and might help doctors avoid CDC dialed back guidelines for to three days from a week or rates of infection. infections to 19,699, according
diagnostic trial and error. who should be tested, saying more. Sonora Quest can now India, for example, is re- to the Korea Centers for Dis-
Companies including Salt delays for some test results, close contacts of those with handle about 30,000 tests a day porting the highest rate of ease Control and Prevention.
Lake City-based BioFire Diag- stymying containment efforts. confirmed cases don’t neces- and expects to meet a goal of new daily cases. On Sunday Two more patients died, rais-
nostics received emergency ap- The virus spread fast as sarily need to get tested if they 60,000 by mid-September. morning, the country reported ing the death toll to 323. The
proval for a test that detects states reopened before hitting don’t have symptoms. The To turbocharge U.S. testing 78,761 new cases of coronavi- number of daily cases has
several pathogens, in addition to public-health checkpoints—and agency didn’t say the guideline capacity, some biotech and life- rus in the preceding 24 hours, stayed in the triple digits for
a multiplex test from the Cen- as some Americans refused to was changed as a result of ca- science companies are develop- the highest single-day in- more than two weeks.
ters for Disease Control and wear masks. Efforts to expand pacity concerns. ing new testing methods that crease, taking the total con- New Zealand recorded two
Prevention. San Diego-based testing capacity couldn’t keep Cases have fallen in states can process thousands of sam- firmed cases to 3,542,733, ac- new cases, as the prime minis-
Quidel Corp., which is ramping pace, supply-chain constraints that had outbreaks earlier in ples simultaneously. Ginkgo is cording to the Ministry of ter announced a lifting of
up production of its Covid-19 persisted and big diagnostic the summer and the total planning to use technology that Health and Family Welfare. strict lockdown measures in
rapid antigen test, which looks companies, including Quest Di- amount of testing done de- looks for the virus’s genetic ma- It reported 948 new deaths Auckland, the country’s largest
for virus proteins, aims to intro- agnostics Inc. and Laboratory clined. The seven-day average terial in a large number of sam- due to the disease, with total city. Some restrictions will re-
duce a test that checks for coro- Corp. of America Holdings, or of new daily tests in the U.S. ples at once. It is one of several deaths at 63,498. main from midnight Sunday,
navirus antigens and the flu by LabCorp, were quickly over- was 696,886 as of Friday, companies that received fund- The U.S. continues to brace however, including capping so-
the end of next month. whelmed with demand. down from 812,260 a month ing through a National Insti- for lasting economic damage cial gatherings at 10 people
Supply shortages persist for A spokeswoman for Quest earlier, according to the Covid tutes of Health competition as a result of the pandemic. and limiting visits to nursing
chemicals needed to process says the company is continuing Tracking Project. meant to speed up the develop- Several big U.S. companies, in- homes to protect the city’s
tests, and are likely to continue, to coordinate with its suppliers Testing capacity continues ment of diagnostic technologies. cluding Coca-Cola Co., Ameri- most vulnerable residents.
THE WALL STREET JOURNAL. Monday, August 31, 2020 | A7

WORLD NEWS

China Threat
Puts Taiwan
On Defensive
Beijing’s crushing of pro- goal of assimilating Taiwan
democracy forces in Hong can’t be put off indefinitely.
Kong has deepened Taiwanese Mr. Xi’s moves to undercut
fear and resentment of China’s Hong Kong’s partial autonomy
Communist Party, injecting and silence dissent, in defiance
new energy into the island de- of Western criticism, have
mocracy’s efforts to build up stoked concern among Taiwan-
its military defenses. ese that their democracy is the
In recent weeks, Taiwanese next target, local lawmakers say.
President Tsai Ing-wen has un- Many Taiwanese follow de-
veiled her self-ruled island’s velopments in Hong Kong
largest-ever military budget closely, “and we’re like, ‘Wow,
and pledged closer security so this is how it feels like when
cooperation with the U.S. and you lose democracy and free-

ANN WANG/REUTERS
other democracies, as Beijing dom,’ ” said Freddy Lim, an in-
dependent lawmaker who ad-
By Chun Han Wong in vocates Taiwanese nationhood.
Hong Kong and Joyu As a result, he said, “Taiwan’s
Wang in Taipei determination to defend itself
reached a historical high.” Soldiers attended an Aug. 23 event in Kinmen, Taiwan, honoring Taiwanese troops killed in a 1958 Chinese artillery bombardment.
enforced a new national-secu- The Communist Party has
rity law in Hong Kong and sought to gain control over sive re-election victory, Ms. chance to wait for the U.S.
conducted military maneuvers Taiwan since Mao Zedong’s Tsai laid out a strategy for Islanders’ Wariness pressed support for the Hong military to assist.”
in the Taiwan Strait. forces seized power on main- bolstering deterrence against Kong protest movement. Ms. Tsai’s ruling Democratic
“After Hong Kong, Taiwan land China in 1949 and drove China built around improving Of Neighbor Grows In a June survey, the Tai- Progressive Party accused Mr.
stands increasingly on the front Chiang Kai-shek’s Nationalist the island’s ability to wage wanese Public Opinion Founda- Ma of denigrating and demor-
lines of freedom and democ- government to retreat to the asymmetric warfare. tion found that about 76% of alizing Taiwan’s military.
racy,” Ms. Tsai said on Thurs- island. Beijing committed to a Taipei in August said de- Growing fear of Chinese en- respondents felt pessimistic Beijing appeared to back
day. Taiwan is strengthening its policy of “peaceful unification” fense-related spending would croachment have lent more ur- about Hong Kong’s future. Mr. Ma’s claims. A day after
defenses, she said, because “we in 1979, and has offered to as- jump roughly 10% to 453.4 bil- gency to President Tsai Ing- Now that China is treating the top U.S. health official
know that in terms of our cur- similate Taiwan under the “one lion New Taiwan dollars ($15.4 wen’s goal of strengthening Hong Kong just like a mainland concluded a rare high-level
rent situation, strength can be country, two systems” frame- billion) next year. Its de facto Taiwan’s defenses. region, “surely it will treat us U.S. visit to Taiwan, the Chi-
correlated with deterrence.” work applied to Hong Kong— envoy to Washington signaled A survey conducted this the same in the future,” said nese military’s Eastern The-
Military tensions have while stressing that a military plans to buy more American spring by Taipei’s Academia Si- Michael Chen, a 62-year-old re- ater Command said it has been
climbed in the region, with takeover remains an option. arms that can help Taiwan’s nica, a state-funded think tank, tired Taiwanese entrepreneur conducting combat drills in
China’s People’s Liberation Beijing’s clampdown on 215,000 soldiers, sailors and found that some 73% of re- who ran an electronics busi- the Taiwan Strait and warned
Army recently conducting pa- Hong Kong represents an ill airmen punch above their spondents rejected the notion ness in southern Guangdong the U.S. against encouraging
trols and combat exercises the omen for Taiwan because it weight against China’s two- that “the mainland Chinese province, which borders Hong Taiwanese independence.
Chinese military suggested shows Mr. Xi feels less con- million-strong military. government is Taiwan’s friend,” Kong. “If I knew things would These drills show that the
were intended as a warning to strained by global opinion Ms. Tsai has been pushing up from 58% a year earlier, turn out like this today, I would “PLA is capable of launching a
the U.S. and Taiwan. This past than his predecessors, some for stronger ties with the U.S., while more than two-thirds ex- have never invested there.” full scale attack and capturing
week, Beijing denounced the observers said. Taiwan’s most important unof- the island within hours,” leav-
U.S. for sending a spy plane “For the longest time, China ficial ally and arms supplier. ing the U.S. military with “no
over one of these drills while was very meticulous in caring On Aug. 23, she appeared warned against efforts to pur- for warmer ties with Beijing, time to react,” Hu Xijin, chief
the Pentagon voiced concern about its international image, alongside the de facto U.S. en- sue “Taiwan independence.” said it was folly for Taiwan to editor of Communist Party
over the PLA’s recent firing of and wanted to maintain the im- voy to Taipei at a ceremony Rising tensions have fueled think it could withstand a Chi- tabloid Global Times, said on
ballistic missiles into the con- age of a peaceful rising power,” honoring Taiwanese troops debate in Taiwan about whether nese attack long enough for Twitter.
tested South China Sea. said Derek Grossman, a senior killed in a 1958 Chinese artil- moves to build up the military the U.S. to intervene. Under the 1979 Taiwan Re-
Beijing has sought to defense analyst at Rand Corp. lery bombardment of the Kin- and move closer to Washington The Chinese military’s Tai- lations Act, the U.S. is commit-
squeeze Ms. Tsai’s government “I’m not really sure if that ap- men Islands, just over a mile make sense in the face of what wan strategy is built around ted to selling defensive weap-
with economic and military plies anymore under Xi.” off mainland China. some local politicians describe the notion that “the first bat- onry to Taipei and must treat
pressure under Chinese leader The risk of armed conflict Beijing’s Taiwan Affairs Of- as overwhelming odds. tle is the final battle,” Mr. Ma threats to the island as a mat-
Xi Jinping, who has reinforced in the Taiwan Strait is low but fice accused Ms. Tsai’s govern- Former Nationalist Party said in a recent speech. “This ter of “grave concern,” though
Communist Party control rising, Mr. Grossman added. ment of “leaning on foreign Chairman Ma Ying-jeou, who means, once initiated, the bat- the law doesn’t specify how
around the country’s periphery In her second inaugural ad- powers to increase provoca- was Taiwan’s president from tle must be finished in a very Washington should respond to
and declared that the party’s dress in May, following a deci- tion.” The Chinese military 2008 to 2016 and advocated short time, and you have no a Chinese attack.

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WORLD NEWS

Abe’s Rule Showed Central Bank’s Limits

A top aide to Japan’s on its pick in mid-September. The Bank of Japan's shooting the 2% target four Hiroshige Seko, minister of
On Sunday, Yoshihide Suga, a holdings of Japanese years ago, with little effect. economy, trade and industry
prime minister is top aide to Mr. Abe, was poised government bonds as Mr. Abe’s critics say he until last year, said a shift to
expected to enter the to enter the race, according to percentage of the total failed to address structural technology should be at the
public broadcaster NHK. problems such as a declining core of a new growth strategy.
race to replace him Mr. Suga, 71 years old, 50%
population and onerous gov- “The government needs to
served as a cabinet minister in ernment regulation in order to raise the flag for a real push
BY ALASTAIR GALE a role resembling chief of staff 40 boost growth potential. With- towards digitalization,” he said.
AND MEGUMI FUJIKAWA for the entire period of Mr. out those changes—which Mr. Like many other countries,
Abe’s second stint as prime Abe termed the “third arrow” Japan has taken a blow from
30
TOKYO—Japan’s next leader minister, from December 2012 of Abenomics—BOJ policy the pandemic. Its gross domes-
will face a question many other to the present, and would be wasn’t enough, they say. tic product fell 7.8% in the sec-
countries are now grappling likely to press on with Mr. 20 Instead, some analysts said, ond quarter of 2020 from the
with because of the coronavi- Abe’s policies. monetary policy—the first ar- previous quarter. Central banks
rus pandemic: How much can One of the most important row—dominated, while the are stepping in with new mea-
10
central banks do to pull econo- of those policies has been to second arrow of government sures, such as the Bank of
PRESS POOL

mies out of a deep malaise? achieve steady inflation as a spending was deflected by tax Japan’s decision to double its
Shinzo Abe, who said Friday way of stimulating a virtuous 0 increases. holdings of stock funds and the
he would resign after nearly cycle of higher investment and 2012 ’14 ’16 ’18 ’20 The pandemic has high- Fed’s program to buy corpo-
eight years in office because of spending. The Bank of Japan Shinzo Abe leaned on the Bank lighted Japan’s relatively low rate bonds. At the same time,
illness, leaned heavily on the set a target of 2% inflation and of Japan to steady inflation as a Note: figure as of March of each year. productivity compared with central bankers are making it
Source: Bank of Japan
Bank of Japan’s aggressive bought trillions of dollars in way to try to stimulate spending. the U.S., caused in part by a clear they don’t see themselves
monetary easing in his “Abe- government bonds to get there. slow transition to the digital as the primary drivers of re-
nomics” plan to revive the It mostly hasn’t worked. including the U.S., that are “a quite difficult macroeco- age. Many companies and gov- covery from the pandemic.
economy. Corporate profits and While prices are no longer fall- leaning on their central banks nomic context of low interest ernment departments still de- “It is the government’s role
the stock market surged, yet ing, inflation both before and to help recover from the pan- rates, low inflation, relatively pend on paperwork, faxes and to prevent the spread of infec-
growth was generally sluggish. after the pandemic has been demic. low productivity, slow growth in-person meetings, making it tions and bring it to an end. It
The ruling Liberal Demo- barely above zero, and many On Thursday, the Federal and those kinds of things.” harder to operate during social is also up to the government to
cratic Party, which controls the young Japanese have no expe- Reserve signaled it wanted in- Japan has been dealing with distancing and quarantines. compensate for declines in pro-
choice of a successor because rience of steadily rising prices. flation to rise modestly above all of those problems since the Mr. Abe said Friday he had re- duction, wages and consump-
of its majority in Parliament’s That experience carries im- its 2% target, reflecting what 1990s—and the BOJ already grets about Japan’s sluggish tion,” Bank of Japan Gov. Har-
lower house, is set to decide plications for other countries, Chairman Jerome Powell called set the same goal of over- adoption of technology. uhiko Kuroda said in March.

WORLD WATCH
IRAN mourning the seventh-century garded safety measures, but the
killing of one of Shiite Islam’s main rally still took place.
Government Scales holiest figures. Iranians instead Coronavirus skeptics are a
Back Major Holiday gathered in open areas, with minority. A median of 73% of
most wearing masks and spaced people across 14 advanced na-
Iran on Sunday allowed thou- several yards apart, although tions polled by the Pew Re-
sands of its Shiite faithful to some mourners in Tehran gath- search Center between June and
gather for one of the Islamic ered in proximity, many without August said their country had
sect’s most important holidays, masks. done a good job fighting the vi-
as authorities try to preserve a —Aresu Eqbali rus. In Germany, a poll for Ger-
sense of normalcy amid high man broadcaster ZDF published
Covid-19 infection rates. GERMANY Friday showed 88% viewed coro-
Iran has struggled to contain navirus measures as adequate
the pandemic, which has killed Berlin Demonstrators or insufficient while 10%
more than 21,000 people in the Denounce Virus Curbs thought they were excessive.
country. Rather than keep Iran But the eclectic front of con-
locked down, the government Tens of thousands of pro- spiracy theorists, libertarians,

THIBAULT CAMUS/ASSOCIATED PRESS

has sought to balance public- testers occupied the center of far-right activists and other dis-
health concerns without stran- Berlin, the German capital, for contents that was represented
gling an economy battered by the second time in a month on at the Berlin protest could pose
U.S. sanctions. Saturday, denouncing pandemic a challenge to nations scram-
That tension has become pro- restrictions in defiance of gov- bling to get the pandemic under
nounced around the holiday of ernments that are battling a re- control before the winter.
Ashura, an annual day of mourn- surgence in infections. The Pew study showed a
ing for the world’s Shiites. Iran In the early afternoon police median of 48% thought the pan-
canceled the traditional street broke up a march through Ber- demic had deepened divisions in
processions that typically show- lin’s Mitte district after tens of society. CLIMB: Spectators watched the Tour de France’s second stage, a mountainous stretch through southern
case chest-beating marchers thousands of protesters disre- —Ruth Bender France. Many are heeding pleas to watch the action on TV. The race finishes in Paris on Sept. 20.

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THE WALL STREET JOURNAL. * * * * * Monday, August 31, 2020 | A9

WORLD NEWS

As Belarus Staggers,
It Leans on Moscow
BY GEORGI KANTCHEV On Thursday, Mr. Lukash-
enko said his government was
The long rule of Alexander in discussions with Moscow,
Lukashenko, the embattled its largest creditor, on refi-
president of Belarus, has left nancing a $1 billion payment,
his country economically de- state news agency Belta re-
pleted and reliant on Russia, ported.
largely trapped in its Soviet- Sensing an opportunity to
era past and likely bound to strengthen Russia’s influence,

FERLEY OSPINA FOR THE WALL STREET JOURNAL (2)

Moscow for many years to the Kremlin says it is discuss-
come. ing the request. Mr. Putin has
Mr. Lukashenko, Belarus’s also warned European coun-
president for 26 years and a tries from interfering and as-
close ally of Russian President sembled a special security
Vladimir Putin, has presided team to shore up the Belarus
over a top-down political and government if it appears close
economic system that he to toppling.
tightly controls, with much of Russia has long viewed Be-
the economy still in the hands larus, which is around the size
of the state. of Kansas, as an important
Now, as popular anger with buffer between the heartland
Mr. Lukashenko boils over into and the West that must stay
large-scale protests, some fear under Moscow’s control. Na- Venezuelans try to return home from Colombia. Many, after losing livelihoods abroad due to coronavirus lockdowns, walk most of the way.
that even if the president does poleon and Hitler each at-

Migrants Who Fled Venezuela

fall, the country’s economic tempted to invade Russia
weakness means Russia’s le- through Belarus, and the coun-
verage over its neighbor will try is a major transit route for
only grow. Russian oil and gas to Europe,
“Russia has always been the Moscow’s largest energy mar-
lender of last resort, and now
we find ourselves again at the
mercy of Russia because
there’s nobody else to turn
ket. Its fertile plains are an
important source of grain.
On Thursday, Mr. Putin
noted in a television interview
Struggle to Return in Pandemic
to,” said Kateryna Bornukova, that some 90% of Russia’s agri-
academic director of Beroc, a cultural imports come from Be- BY JOHN OTIS “We are urging Venezuelan
Minsk-based think tank. larus. “We aren’t indifferent to migrants not to travel,” said
Belarus has been slower to what happens there,” he said. CHOCONTÁ, Colombia—Hag- Juan Francisco Espinosa, head
escape its past than most other Mr. Lukashenko’s govern- gard and hungry, Nelson Tor- of Colombia’s immigration ser-
countries in the old Soviet ment is warning street pro- relles took a midmorning vice. “This is not the time to be
bloc. Some key sectors are con- testers not to go too far and breather at a truck stop after moving around. It’s the time to
trolled by the state. State-con- risk losing Russia’s economic walking for hours with his wife be taking care of one another.”
trolled enterprises are respon- support, both in trade and in and 5-year-old daughter along But 39-year-old Jackson Al-
sible for around 50% of gross credit lines. a Colombian highway leading varado, like many migrants,
domestic product and 75% of “Considering that coopera- back to their home in Venezu- says he has no choice.
industrial output, according to tion with Russia forms over ela. Three hundred more miles, After losing his job uphol-
a 2018 World Bank paper. 50% of gross domestic prod- many to be covered on foot, re- stering furniture in Lima, Peru,
At the same time, average uct, approximately half of that mained. he began the 2,160-mile jour-
wages of around $400 a month amount will be immediately The Torrelles family are ney back to Venezuela with his
lag far behind those next door gone from our balance sheet,” among the five million Venezu- wife and infant son. They se-
in Poland and Lithuania. That Valery Belsky, Mr. Lukash- elans who have since 2014 fled cured just three truck rides
has added to the anger felt by enko’s aide for financial and their country, escaping hunger, during their nearly three
hundreds of thousands of pro- credit affairs, told state news crime, unemployment and an months walking across moun-
testers when they took to the agency Belta last week. “Living authoritarian regime. More tains, jungle and desert. The
streets after Mr. Lukashenko standards will dip at least by than 100,000 of these migrants flimsy plastic wheels on their
claimed victory this month in the same percentage.” have opted to return to Venezu- stroller kept breaking.
a presidential election, the lat- To modernize, the Belaru- ela since March, when corona- For the Alvarado family
est in a number of votes that sian economy has to diversify virus lockdowns shattered the Restrictions on the Venezuelan border have created a bottleneck in members, their travels came to
critics say were marred by ir- away from Russia, some ana- lives they were rebuilding in Colombia. Peggi Piñero stays at a camp in Cúcuta waiting to get home. a temporary halt in the Colom-
regularities. lysts say. Colombia, Peru and other Latin bian border city of Cúcuta, one
Russia’s role in the Belarus Meanwhile, said Ms. Bornu- American countries. joint. His landlord evicted the ing Venezuela. of the main crossing points into
economy looms large. Last kova at the Minsk think tank, Many returnees have set off family for falling behind on Some good Samaritans still Venezuela. Fearing returnees
year, Russia bought 42% of Be- “the economic situation is un- on foot, pulling roller suitcases, rent. Like many of the return- insist on helping the migrants. could spread coronavirus, the
larus’s exports, mostly agricul- raveling in crisis mode.” pushing shopping carts piled ees, he and his wife, Betania Authorities ordered Martha Venezuelan government allows
tural produce and trucks. In high with their belongings, and Torrelles, plan to ride out the Duque to close the shelter she only about 1,000 a week back
return, Minsk gets 100% of its GDP per capita, pleading for food and rides pandemic with family and has run out of her house in the into the country and sometimes
natural gas and most of its oil adjusted for inflation along the way. What awaits in friends back in Venezuela Colombian town of Pamplona. blocks the flow altogether.
from its energy-rich neighbor. $20,000 Venezuela is more hardship— where, bad as things are, at “These people need love and The restrictions on the Ven-
Russia has tried to expand state-run quarantine centers least he won’t have to pay for understanding,” said Ms. ezuelan side of the border have
the two countries’ current cus- Lithuania for returning migrants and, lodging. Duque, who admitted she still created a bottleneck on the Co-
toms and security agreements Poland once released, the daily strug- But it has been the wrong opens her doors, on the sly, to a lombian side where returnees,
for years, and both have been Latvia gle to secure food in a country time to be on the road. Return- few of the most vulnerable. “I by the time they reach the
15,000
working toward closer politi- widely considered a humanitar- ees walk much of the journey can’t bear to see a baby sleep- frontier, have nearly run out of
cal integration into what Mos- ian disaster. because quarantines and travel ing outside in the rain.” food and money. Some wait
cow calls a Union State, “I wanted to stay put in Co- bans have eliminated most There are other dangers. Ve- weeks for permission to cross
Russia long-distance bus service. Mo- hicles have struck and killed
though negotiations have lombia to build a better future back to their homeland.
stalled as Mr. Lukashenko has 10,000 for my daughter. But we have torists, fearing infection, tend migrants. There have been re- With shelters closed, about
resisted Belarus being fully ab- to go back,” Mr. Torrelles said to ignore hitchhikers. What is ports of drivers raping women. 1,500 migrants have built a
sorbed into its larger neighbor. in the Colombian potato-farm- more, government officials Some have gotten lost and died sprawling camp out of tree
The current turmoil has Belarus ing town of Chocontá, a three- have closed shelters and soup of hypothermia while trying to branches and plastic sheeting,
largely cut off Belarus’s access 5,000 day trek from his starting point kitchens now considered high- take shortcuts through the where they cook over open
to foreign funding. The Belaru- of Bogotá but two mountain risk sites for coronavirus. mountains, human-rights activ- fires, bathe in fetid puddles and
sian ruble has slumped to re- ranges away from his Venezue- “If you have a shelter with ists say. defecate behind bushes. The
cord lows against the U.S. dol- lan hometown of Acarigua. 100 people sleeping right next To help them to stay put, encampment, which sits next to
lar and some 90% of its debt is 0 When Colombia’s economy to each other, it could become a some state and local govern- the border bridge, is so
denominated in foreign cur- 2000 ’10 ’19 closed down in March, Mr. Tor- health tragedy,” said Victor ments in Colombia are handing crowded and dirty that health
rencies, making it harder to relles, 30, lost his job waiting Bautista, the top border official out groceries and urging land- officials warn that it could be-
repay. Source: World Bank tables at a Bogotá barbecue in the Colombian state border- lords not to expel migrants. come a virus hot spot.

TikTok’s The new Chinese restric-

tions highlight the extent to
which TikTok, a breakout so-
International Business and
Economics professor Cui Fan,
told Xinhua that ByteDance
and restricted technology ex-
ports also specified new re-
strictions on laser technology,

U.S. Deal cial-media hit—especially with

younger U.S. users—has been
thrust into a geopolitical con-
owes its success internation-
ally to China’s domestic tech-
nology prowess and providing
cryptography, chip design and
other high-tech categories.
The continuing conflict be-

Stumbles test between the U.S. and

China over the future of global
technology.
updated algorithms to firms
overseas is a form of technol-
ogy export. That means that
tween the U.S. and China,
which earlier in the Trump ad-
ministration was focused on
China’s move to give the no matter who is the new op- tariffs, has increasingly come
Continued from Page One government a say in the out- erator of ByteDance’s interna- to focus on technology.
have been working together, come is an attempt to level the tional business, there likely In addition to TikTok, the
and Oracle has been joined by playing field with the U.S., and will be some cross-border White House has targeted a
ByteDance investors General could affect other Chinese com- technology transfer, he said. growing number of Chinese
Atlantic, Sequoia Capital and panies, some of the people said. ByteDance said on Sunday technology companies, namely
Coatue Management LLC. “We’re seeing geopolitical that it was aware of the new Huawei Technologies Co. and
“We are studying the new tension between the U.S. and restrictions and will “strictly Tencent Holdings.
regulations that were released China, and we are in the mid- comply with” China’s regula- Over the past two years, the
Friday,” ByteDance general dle of that,” TikTok’s interim tions on tech exports. U.S. government has cam-
counsel Erich Andersen said. head, Vanessa Pappas, said in The comment in official paigned to blacklist Huawei’s
“As with any cross-border an interview with the “Today” Chinese media and the new 5G technology globally—with
transaction, we will follow the show before China announced rules in part appear to mirror increasing effectiveness—citing
applicable laws, which in this its new restrictions. U.S. regulations that limit security risks associated with
case include those of the U.S. Those involved in discus- technology transfer in mergers its ties to the Chinese govern-
and China.” sions on a potential sale said involving U.S. companies and ment. The Trump administra-
The talks are far from being they don’t yet have a complete foreign buyers. tion has curbed Huawei’s access
scuttled, but the latest devel- understanding of how China The updated list of banned to foreign-made chips, squeez-
opments do make clear that will enforce the strictures, ing its ability to source parts.
China plans to keep as close a which were unveiled by the Tencent’s messaging app
watch on any potential deal as country’s ministries in charge WeChat, which serves as a
the Trump administration. of commerce and science and crucial bridge between U.S.
President Trump and other technology. businesses and the Chinese
U.S. officials have raised the They cover such computing market, faces the same effec-
specter of privacy and national- and data-processing technolo- tive ban as the TikTok app, on
security concerns over TikTok’s gies as text analysis, content national-security grounds.
data collection in demanding recommendation, speech mod- Tencent has said that the
that its U.S. operations be sold eling and voice recognition. president’s order appears to
WANG YING/XINHUA/ZUMA PRESS

or that it face a ban. Technologies on the list can’t be only apply to the international
TikTok has said it hasn’t exported without a license from version of WeChat, meaning
and won’t share data on users local commerce authorities. most of the app’s business
with the Chinese government. On Saturday, China’s official would remain intact. Huawei
ByteDance has sued the U.S. Xinhua News Agency quoted a said this year it “has never and
government in federal court, government trade adviser as will never do anything that
saying it protects user data and saying ByteDance should study would compromise or endan-
challenging an executive order the new export list and “seri- ger the security of networks
from Mr. Trump that would ef- ously and cautiously” consider and data of its clients.”
fectively ban the video-sharing whether or not it should halt U.S. officials have raised privacy —Miriam Gottfried,
app if a buyer for its U.S. oper- its sales negotiations. and national-security concerns Eva Xiao and Liza Lin
ations can’t be found. The adviser, University of over the app’s data collection. contributed to this article.
A10 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

FROM PAGE ONE

motion inside the tent and was the rate of previous years. The
Pandemic horrified to realize she had left
the tent flap wide open.
app saw 150% growth in daily
active users in May.
Ohio resident Olivia
LaBenne sat in the pouring rain
with her girlfriend for three
“As I approached somewhat
Camping Is cautiously to investigate, I was
stunned: I saw a large bird
An April 2020 survey from
campsite operator Kamp-
grounds of America, Inc. found
hours after she failed to set up
their canopy correctly and it
collapsed under the weight of

Challenge poking and pecking around in-

side.”
The bird had probably been
a third of leisure travelers who
had never been camping said
they were intrigued by the idea.
the consistent showers.
“If the fellow campers were
to play the game ‘One of these
attracted to the trail mix they “It literally is the only way doesn’t belong,’ I think it
Continued from Page One had left open, Ms. Wang said. you can vacation at a beautiful would be pretty obvious that
“Let’s just say I have never “Dumb move, I know, but I place, at a decent cost and lit- it was me,” said the 23-year-
been so cold in my life,” Ms. never expected that this would erally control 90% of your old, who says she also made
Toal said. happen so quickly.” variables,” said Margaret Bai- the mistake of packing 18 out-
For those whose wilderness (In upstate New York, a ley, senior vice president at fits for a three-day trip.
résumés are limited to stints as Wall Street Journal reporter CHM Government Services, For some, nature extends
childhood rock collectors or and first-time camper set up which tracks hospitality and only as far as the nearest flush
spectators of “Survivor,” the a tent on a small farm that al- recreation-industry trends. toilet. Damini Dhawal, ready

DAVID FU
great outdoors is now one of lows camping and was awoken “It’s almost like complexity for a new adventure as she ar-
the few viable vacation options. by a Highland calf jumping on and chaos has bred simplicity.” rived at a Wisconsin campsite
Suddenly, bears, bugs and bad David Fu, left, during his first camping trip, in upstate New York. top of the tent.) Jacques Lowe, an Eagle with her husband, 12-year-old
sleep are no longer big-enough Hipcamp, which arranges Scout who went camping for daughter and newly purchased
drawbacks to outweigh the mosquito net to wear while work and a busy life, 32-year- reservations for outdoor stays, the first time in five years, tent, quickly discovered unap-
chance to leave home. sleeping in his hammock and a old startup founder Christine said it has seen three times chose not to set up the outer pealing campsite bathrooms.
David Fu, a 27-year-old foldable camping chair. But, Wang “hadn’t been in any- the amount of bookings this layer on his tent so he could She found a solution: a gas
Brooklyn resident who de- after getting blisters while thing even remotely resem- summer compared with last. enjoy the stars with his camp- station a mile away.
scribes himself as “very on- wearing his “worse for the bling the wilderness in years Between March 1 and August fire beside him. Disaster “We ended up going to the
line,” joined a group of friends wear” leather boots hiking, before this summer.” 1, 29.2% of National Park visi- struck when rain began to restrooms there,” the 42-year-
for his first camping trip this the video editor plans to in- Figuring the pandemic was tors who responded to a cus- pour and wind blew embers old said. “My husband’s like,
month upstate in Phoenicia, vest in new footwear for any the perfect opportunity to es- tomer survey from Recre- into his tent. ‘Oh, you just did 90% of camp-
N.Y. It took some convincing, future outings. “I didn’t really cape the “concrete jungle” of ation.gov said they were there “I was now the proud ing. I’m like, ‘Yeah, give me
but the promise of good food modify for the trip,” he said. San Francisco, she ventured for the first time, compared owner of a dirty, muddy tent time, we’ll make it to 100%
and beautiful scenery was Beyond bringing the wrong outside Colorado’s Great Sand with 25.3% during the same filled with burnt holes,” said next time.’” She also visited the
enough to get him mostly un- clothing and camping gear, a Dunes National Park to set up period in 2019. AllTrails, a hik- Mr. Lowe, a 26-year-old medi- gas station for other necessi-
plugged for the weekend. “I lot can go wrong when sleep- camp with her partner. Their ing trails and maps database, cal student who was roadtrip- ties: at 2:30 a.m., too cold to
was really skeptical,” he said. ing under the stars. first day, after returning from a reported that people are hit- ping back to school from Cali- sleep, she sneaked over for a
To prepare, Mr. Fu bought a Thanks to the demands of quick hike, Ms. Wang noticed ting the trails at three times fornia to Illinois. quick decaf coffee to warm up.

In an interview, Mr. Boden

Farming said Syngenta isn’t opposed to
online retailing, but that
stores provide service and ad-
Startup vice that ensure farmers use
Syngenta’s pesticides and

Hits Bump seeds properly. Selling pesti-

FROM LEFT: KC MCGINNIS FOR THE WALL STREET JOURNAL; FARMERS BUSINESS NETWORK (2)

cides through approved dis-

tributors makes sure farmers
don’t get watered-down, inef-
Continued from Page One fective crop sprays, he said.
say traditional stores remain FBN’s Mr. Baron said the
central to their business. company has sold Syngenta
Major farm retailers and chemicals purchased from bro-
wholesalers have urged farm- kers and they were not faulty
ers and suppliers to avoid the or mishandled.
platform, in some cases circu- In early 2018, FBN began
lating letters and emails warn- discussions to acquire Yorkton
ing that FBN’s goal is to Distributors, a Saskatchewan-
gather and secretly sell data based farm supply store, as a
on crops and farms. Mr. Baron potential launchpad for FBN’s
says it doesn’t. nascent Canadian business.
And after FBN purchased a The 40-year-old retailer sold
Canadian agricultural supplier seed and pesticides made by
in 2018, some large farm-sup- companies including Bayer,
ply companies stopped provid- Corteva and others.
ing their products to the busi- Before the purchase, FBN
ness, leaving FBN unable to executives said, they talked to
sell them. That maneuver some manufacturers that sold
sparked an investigation by products to the company, mak-
Canadian regulators, which is ing sure they would continue
ongoing. Workers load products at a Farmers Business Network facility in Newton, Iowa. The startup was founded by Amol Deshpande, above to supply the Canadian busi-
Low-cost, web-based com- right, and Charles Baron, who got to know each other in previous jobs in San Francisco’s tech scene. Neither grew up on a farm. ness.
panies have upended retail,
grocery and other American in a letter that FBN wasn’t do-
industries over the past two
Crops and Shops ing anything different than the Business model
decades, offering consumers The costs associated with planting an acre of corn have roughly doubled in the past 20 years. Most typical farmer-owned retail “No one indicated they’d be
an array of choices in products agricultural supplies are sold through farming cooperatives and independent stores, along with a operation. disfavorable,” Mr. Baron said.
at low prices with speedy de- handful of major retail chains. Farmers Business Network has attracted users who want to “FBN just does it with little FBN announced its deal for
livery. The coronavirus pan- compare and buy agricultural supplies online. overhead and without return- Yorkton on March 27, 2018,
demic has accelerated the phe- Corn production costs Agricultural retailers by 2018 FBN membership† ing any profits to you the saying that the acquisition
nomenon, pushing more U.S. market share [producer], while lining the would let FBN sell name-brand
shoppers online. Seed Fertilizer 12,500 pockets of [investors] and big seed and pesticides to Cana-
The $40 billion U.S. farm Chemicals Other* data companies like Google.” dian farmers.
supply business is a holdout. Co-ops Mr. Baron said that FBN Four days later, Patrick
FBN wants to change that, un- $360 per planted acre 10,000 doesn’t sell farmers’ data to Bergermann, head of agricul-
Independents
dercutting bricks-and-mortar other companies, and only ture for Federated Co-opera-
retailers on price and deliver- 300 Nutrien shares data if directed by tives Ltd., a competing Cana-
ing supplies directly to farm- farmers. dian seed and pesticide
7,500
ers. Its battles, involving some 240 Helena A CHS spokeswoman said retailer with $7 billion in an-
of the industry’s biggest play- local farm retailers benefit nual sales, sent an email to ag-
ers, show how hard it can be. Growmark from relationships among riculture industry officials, ac-
180 5,000 farmers, salesmen and other cording to court documents.
Wilbur- Ellis advisers who know the land He warned that FBN would
Local knowledge 120 and work in their communi- undermine the industry’s ex-
Big seed and chemical sup- Pinnacle 2,500 ties. “That was true in 2016, isting business model, harm-
pliers say they have done 60 and it’s even more true today,” ing both farm retailers like
nothing improper. Executives CHS she said. Federated and manufacturers
say they need to control who 0 Simplot Retail 0 of crop seeds and chemicals.
they allow to sell their prod- “How our key manufactur-
ucts to make sure farmers
1996 2000 ’05 ’10 ’15 ’19 0% 10 20 30 2016 ’17 ’18 ’19 ’20‡ Bigger roadblocks ing partners decide to engage
don’t wind up with the wrong *Includes custom services, fuel, lube, electricity, repairs, irrigation water, and other operating capital. †Individual farms; includes members in the FBN ran into bigger road- with this business will be
seed for their soil, or ineffec- U.S., Canada and Australia. ‡2020 figure is an estimate for the end of September. blocks with seed and pesticide closely observed by us and
tive spray. Major farm retail- Sources: U.S. Department of Agriculture (corn production); Nutrien (retailers); CropLife Magazine (retailers); Farmers Business Network (membership) makers, who largely refused to likely all of our traditional re-
ers say they provide in-the- directly supply the platform tailing peers across Western
field service and local was generating hundreds of office in Kleiner Perkins’ base- data on supply costs or seed and allow it to sell Farm Belt Canada,” Mr. Bergermann
knowledge that FBN can’t millions of dollars in sales, Mr. ment. performance, they get access staple products like Syngenta’s wrote in the email, according
match. Deshpande said at the time. Their initial task was to re- to FBN’s crowdsourced price Force insecticide, or Corteva’s to court documents.
“Is that online tool going to Neither Mr. Deshpande, 42, cruit farmers. The close-knit and product database. Farmers Pioneer corn seed. A Federated spokesman de-
bring you the skid of product nor Mr. Baron, 37, grew up on agricultural supply industry can use it to bargain with sup- FBN executives said in clined to comment.
you need on a Sunday?” wrote a farm. Mr. Baron is from Palo remains heavily centered on pliers for better deals. some cases they are able to Despite the industry oppo-
Neil Douglas, head of Canada Alto, Calif. and worked on re- rural stores and grain eleva- Bayer AG, the world’s larg- procure name-brand farm sition, Mr. Deshpande and Mr.
agriculture for farm chemical newable energy projects at Al- tors. Sacks of seed and truck- est supplier of biotech seeds, products from brokers or Baron believe they can grow
distributor Univar Solutions phabet’s Google unit before loads of fertilizer still get sold tractor maker Deere & Co., wholesalers, but at higher FBN.
Inc., in a 2018 email. FBN, he enrolling in Harvard Business across the hood of pickup grain giant Archer Daniels prices than traditional retail-
wrote to agricultural manufac- School. trucks, between farmers and Midland Co. and other compa- ers. They said the startup has
turers and colleagues, is a Pitching in with the harvest salesmen who may know one nies in recent years have spent otherwise been shut out by Seed line
“data company that wants to in Nebraska where his wife’s another from church or coach- hundreds of millions of dollars manufacturers intent on pro- The company started its
collect and aggregate data to family farms, Mr. Baron said ing Little League Baseball. A to build data-powered plat- tecting the existing network of own line of seeds and pur-
eventually sell for a profit.” he was struck by radio broad- handful of multibillion-dollar forms geared toward selling farm retailers, and its estab- chased a Canadian chemical
Amol Deshpande, FBN’s casts discussing crops in Bra- corporations handle the bulk farm-management services, lished profit margins. business to produce FBN’s own
chief executive and co-founder zil, and how global forces of of U.S. seed, pesticide and fer- while also deepening their Syngenta, the world’s big- weed and bug sprays. But
said: “These are the tactics the supply and demand shaped tilizer sales. own view into farms. Other gest pesticide manufacturer, in those efforts are proving
industry will use to keep play- U.S. farmers’ livelihoods. startups also have tried. FBN March 2018 told agricultural costly, and last year FBN laid
ers like us out, because they Mr. Deshpande is a native says its crowdsourced pricing retailers in a letter that FBN off some staff as it restruc-
can.” of the Chicago suburbs, where Silicon Valley information and direct-to-farm had been selling some of the tured its sales division. Mr.
Six-year-old FBN is among his father, an environmental Messrs. Baron and Desh- delivery set it apart. Swiss company’s products de- Baron said the company is
the best-funded farming start- engineer, had worked with pande, meanwhile, are outsid- Introducing the e-com- spite not being an authorized adding more employees, in-
ups. It has raised about $571 farmers. Mr. Deshpande took a ers with a Silicon Valley back- merce platform at a 2016 con- dealer. Syngenta said it cluding its own crop advisers.
million, including $250 million job at a hedge fund firm ground that has made some ference, FBN flashed charts planned to step up audits of The company hasn’t yet
this month, from investors owned by the agriculture giant farmers leery. To develop their showing that prices for seed its retailers to determine turned a profit.
such as heavyweight venture- Cargill Inc. after completing platform, they gathered a half- and chemicals increased as whether its seeds and sprays Over time, as FBN signs up
capital firms Kleiner Perkins Cornell University’s manage- dozen farmers in early 2014 manufacturers got bigger. were being resold to FBN and more farmers, its executives
and Alphabet Inc.’s GV, as well ment program. In 2008, he around potato skins and spin- “You need true competition other unauthorized brokers, believe more seed and chemi-
as money-management giants joined Kleiner Perkins as a ach dip at a Springfield, Ill., for your business, because potentially violating Syngeta’s cal companies will be willing
T. Rowe Price Group Inc. and partner, where he saw food Applebee’s, discussing how without it, we see those policies. to work with the company.
BlackRock Inc. and technology increasingly data analysis could help solve forces, consolidation and price The company warned that In March, as Covid-19
Based in San Carlos, a small entwined. their economic problems. At a increases, continuing,” Mr. products sold through FBN’s spread and corn prices sagged,
community in the San Fran- He and Mr. Baron, who recent conference, they of- Baron told the audience. platform could be unreliable. FBN signed on more members
cisco Bay Area, the company knew each other from San fered computer data science Soon, long-established agri- “We have concerns about than any month in its history,
employs about 500 people, Francisco’s tech scene, paired classes to farmers. cultural companies began product integrity, stewardship, Mr. Deshpande said.
with additional operations up to build a platform that By the end of FBN’s first pushing back. and regulatory compliance,” “People are saying, ‘I’ve got
across the Midwest. Its nearly would let farmers compare year, nearly 300 farms had In 2016, officials for CHS wrote Michael Boden, Syn- to have more competition for
13,000 members farm an area pesticide and crop-seed per- signed up, Mr. Baron said. Big Sky, a Montana branch of genta’s head of U.S. crop pro- my business,’” he said.
roughly the size of Wisconsin. formance and prices. They Membership costs $700 annu- the biggest U.S. agricultural tection sales, in a letter to —Brent Kendall contributed
As of late 2018, the company launched FBN in 2014 from an ally, and if farmers provide cooperative, warned farmers vendors. to this article.
THE WALL STREET JOURNAL. * * NY Monday, August 31, 2020 | A10A

GREATER NEW YORK

Town Confronts Legacy of Segregation
Movement seeks to reforms are our best bet for
leveling the playing field for
create more multiunit everyone,” said Ms. Bronin,
housing to diversify who is a professor specializing
in property and land use at
Connecticut suburbs the University of Connecticut’s
School of Law.
BY JOSEPH DE AVILA Westport became populated
predominantly by white resi-
In one of Connecticut’s dents decades ago because of
wealthiest towns, where about restrictive covenants that
1% of the population is Black, barred Jewish and nonwhite
residents are considering a people from owning homes and
question about the racial other discriminatory practices
makeup of the community: such as redlining, said Danielle
“Why is Westport so white, Dobin, the Democratic chair-
and what you can do about it?” woman of the town’s planning
That very question is the and zoning commission.
name of an event organized by “I want people that live in
a group of residents in the Westport now to understand

DESIREE RIOS FOR THE WALL STREET JOURNAL

community. Monday’s discus- that that’s the history because
sion will address how changes generally they don’t know it,”
to zoning regulations can said Ms. Dobin, one of the
bring more multiunit housing, hosts of the “Why is Westport
and with it more families of so white and what you can do
color, to the tony Gold Coast about it” event.
town known for its multimil- Now, the town faces other
lion-dollar homes on the Long obstacles. Westport is ap-
Island Sound. proaching a cap that bars mul-
“It’s going to be uncomfort- tiunit housing from exceeding
able for some people,” said 10% of its housing stock, and
Harold Bailey, chairman of Ms. Dobin is calling to remove
TEAM Westport, a town com- In the wealthy town of Westport, about 1% of the population is Black. Most of Connecticut’s Black and Latino residents live in urban areas. the restriction. She is also
mittee that leads discussions proposing zoning changes to
on multiculturalism and diver- necticut’s 3.57 million popula- housing advocates and com- The Connecticut Council of ments built off single-family make it easier to build acces-
sity. “I think most people in tion, respectively, according to munity groups, backs legisla- Small Towns, another lobbying homes, she added. sory apartments, which would
town want to see this kind of census data. Most live in ur- tion sponsored by Mr. Anwar. group focused on smaller com- “I just believe, as a city and open up more affordable-hous-
change. Honestly, we will see.” ban areas like Bridgeport and The bill proposes to make munities, said its members a town, we should be able to ing options in the town.
The discussion of the racial Hartford, while the state’s statewide changes to zoning have concerns about taking a determine where they are Westport First Selectman
composition in Westport suburbs are populated pre- rules that would apply to ev- statewide approach to zoning built,” Ms. Stevenson said. Jim Marpe, a Republican and
comes following the formation dominantly by white people. ery town, making it easier for changes. It supports affordable Ms. Stevenson noted that the town’s top elected official,
of a statewide movement Half of the state’s Black and real-estate developers to build housing and building walkable Darien, a community of 21,000 said he backs the zoning
pushing for changes to zoning Latino population lives on 2% multiunit housing across Con- communities, said Betsy Gara, where about 90% of the popu- changes proposed by Ms.
rules that advocates say keep of the state’s land, according necticut’s suburbs. the group’s executive director. lation is white and about 1% is Dobin. But he said it would be
communities in Connecticut to state Sen. Saud Anwar, the The Connecticut Conference “But they need to be able to Black, has approved or con- tough to get public support for
segregated. Housing advocates Democratic chairman of the of Municipalities, an influen- do that without a one-size- structed about 850 units of the statewide mandates for
in the state have long called state Legislature’s housing tial lobbying group that repre- fits-all mandate,” Ms. Gara multiunit housing over the which Mr. Anwar is calling.
for many of these reforms, but committee. sents all cities and towns in said. past two decades. “In Westport we are taking
these discussions have wid- “This is by design,” Mr. An- the state, has said it is largely Jayme Stevenson, the Re- Sara Bronin, an organizer action to address the very is-
ened after the nationwide pro- war said. “We have a responsi- on board with Desegregate publican first selectman of Da- with Desegregate Connecticut, sues that legislation intended
tests that erupted this year bility to undo the wrong that Connecticut’s agenda and sup- rien, said she also has con- said local zoning regulations to accomplish,” said Mr.
demanding more police ac- has been done to people in ports lawmakers pursuing leg- cerns about statewide changes are enabled by state laws that Marpe, referring to Mr. An-
countability and racial justice. these communities.” islation that leads to a greater to zoning regulations. She have remained largely un- war’s bill. “And we’ll do it in a
Black and Latino residents Desegregate Connecticut, a range of housing options and doesn’t oppose multiunit changed for a century. way that makes sense to my
make up 12% and 17% of Con- newly formed coalition of diverse communities. housing or accessory apart- “We think that state-level residents.”

Orchestra Takes Show on the Road Antibias Training

BY CHARLES PASSY

During normal times, the

Sees Some Success
New York Philharmonic
spends many of its nights at BY BEN CHAPMAN sioner Ben Tucker, who helped
Lincoln Center’s David Geffen oversee the implementation of
Hall, a 2,738-seat space that it A program to fight implicit the program, said that the les-
has called home for more bias among New York Police sons were meant to remind of-
than 50 years. Department officers success- ficers of their biases in their
But these are far from nor- fully changed many officers’ interactions with members of
mal times, of course. So on attitudes, according to an the community.
late Friday afternoon, three analysis of the effort commis- “We all have those biases,
orchestra members—violinist sioned by NYPD officials. and those biases do indeed in-
Yulia Ziskel, violist Cynthia Implicit bias, sometimes de- fluence our decision making
Phelps and cellist Sumire fined as the unconscious prac- and our discretion,” Mr.
Kudo—took their place next tice of linking groups to ste- Tucker said. “We want [offi-
to a pickup truck parked on reotypes, is believed by social cers] to be reminded of those
the periphery of Brooklyn’s scientists to affect the percep- as they come to work and en-
Betty Carter Park, a sliver of tions and behavior of people. gage in their daily encounters
an urban green space in the It has become an important with our citizen.”
borough’s Fort Greene neigh- part of discussions around Fair and Impartial Policing
borhood. race and policing, gaining CEO Lorie A. Fridell, who is a
They were joined by a vo- prominence with the rise of professor of criminology at
cal soloist, countertenor An- the Black Lives Matter move- the University of South Flor-
thony Roth Costanzo, who ment and widespread protests ida, said that the training of-
turned the truck bed into a over the killing of George fered by her company helps
makeshift riser, allowing him Floyd while in the custody of officers become aware of un-
to better project his angelic Minneapolis police in May. conscious bias and take action
voice to the few dozen park- NYPD leadership and Mayor
goers and passersby who con- Bill de Blasio sought to intro-
stituted the audience. From left, Yulia Ziskel, Anthony Roth Costanzo, Sumire Kudo and Cynthia Phelps put on a pop-up duce members of the NYPD to NYPD First
“We’re excited to start com- concert Friday next to Brooklyn Bridge Park. Sheet music from a NY Phil Bandwagon performance. the topic in an effort to improve Deputy
municating again,” said Mr. relations with the community Commissioner
Costanzo to the small crowd. the musicians with umbrellas. amid changes to the depart- Ben Tucker
The concert, about 25 min- The rain threatened to cancel ment that included overhauls to helped oversee
utes in length, was part of a two other Bandwagon perfor- use-of-force protocols, enforce- implementation
new Philharmonic initiative mances elsewhere later that ment and patrol tactics, and of the program.
called the NY Phil Bandwagon day, as did concerns about a disciplinary processes for offi-
that runs for the next several nail in one of the truck’s tires, cers accused of wrongdoing.
weeks. It is conceived in part- but these proved to be nonis- The city contracted with to address it. “These biases
nership with Mr. Costanzo, sues: The skies eventually Fair and Impartial Policing, a may well be inconsistent with
who was last seen in the New cleared and the tire didn’t Florida-based company, to de- their consciously held beliefs,”
York area playing the title role lose air. liver the training for $5.5 mil- Dr. Fridell said.
in the Metropolitan Opera The final performance of lion. In the program, groups of Fair and Impartial Policing
production of Philip Glass’s the day—actually, by then it officers received lessons last- has worked with hundreds of
“Akhnaten.” was night—brought the or- ing a day or a day and a half departments in the U.S. and
The idea is just what the chestra to Dante Park on Man- to help them recognize bias Canada to train officers, said
project’s name implies. With- hattan’s Upper West Side, an- and provide them with tech- Dr. Fridell. She said the training
out the ability to perform in other one of those almost niques to reduce it. offered by her company can
Geffen Hall (formerly Avery unnoticed urban patches of The training program, give attendees skills needed to
ERIN BAIANO (2)

Fisher Hall), the orchestra has green. But it so happens, this started in 2018 and concluded induce bias-free behavior.
been largely limited to sharing patch sits almost directly op- in 2019, delivered classroom The analysis of the NYPD
music online, apart from some posite Geffen Hall, a point that lessons at the NYPD academy training found that 58% of
of its members playing in didn’t go unnoticed by the that focused on implicit bias participants attempted to use
stairwells or on rooftops for Philharmonic musicians as to all 36,000 uniformed mem- some of the coaching they re-
neighbors on an ad hoc basis. tra with a 178-year history has the world premiere of a they continue to contend with bers of the department, police ceived in their duties. The re-
Now, the Philharmonic is now turned into your favorite crowd-pleasing work the or- a pandemic that has upended officials said. port found insufficient evi-
taking to the streets with a streetcorner busker. chestra commissioned for the their professional lives. A report produced for the dence to conclude that racial
rented pickup truck embla- “The city is full of surprises, occasion: Carlos Simon’s “It’s kind of sad,” said Ms. NYPD in July and viewed by and ethnic disparities in en-
zoned with the Bandwagon right?” said Clancy Fink, a 35- “Loop,” a kinetic piece that Mr. Kudo, the cellist and a 14-year The Wall Street Journal studied forcement were reduced by
project logo. Mr. Costanzo year-old Fort Greene resident Costanzo noted was inspired veteran of the orchestra, of the effect of the training pro- the training.
even made sure that “Phil ’er who chanced upon the Friday by the crazed reality of pan- performing in the location. gram, which was meant to raise Mr. Tucker said that the de-
up” was printed next to the concert as she was running an demic life. But this last show of the officers’ awareness of implicit partment would continue to
gas-cap cover, a pun that errand in the neighborhood. Still, outdoor concerts come night had an especially buoy- bias in their decision-making reinforce the lessons of the
speaks to the project’s playful Notwithstanding its im- with their challenges, such as ant quality despite that fact or on the job and outside of work. training and would look into
sensibility. promptu nature, the perfor- when a blast of salsa music perhaps because of it. The According to the analysis of ways to expand on the effort.
The concerts—as many as mance in the Brooklyn park from a passing vehicle nearly string players tore through a the training, which was pro- Former Philadelphia Police
three daily—are more like had soulful and stirring mo- interrupted the late-afternoon Beethoven work with an ener- duced by a team of criminolo- Commissioner Charles Ram-
flash-mob events in that the ments such that even a sharp- performance. Ms. Ziskel, the getic focus that spoke to their gists and based on surveys of sey, who co-chaired a federal
orchestra doesn’t announce lo- tongued music critic might violinist who has been with determination. participants, 70% of officers policing task force that recom-
cations in advance. The idea is pause and praise. In particu- the Philharmonic for nearly 20 And Mr. Costanzo sent the reported a better understand- mended implicit-bias training
to avoid having too large a lar, Mr. Costanzo, whose vocal years, said such moments crowd that had suddenly gath- ing of implicit bias after the in the wake of protests over
crowd gathering during these range is roughly equivalent to “make you listen more in- ered home on a happy note, training. More than two-thirds the killing of Michael Brown in
times when social distancing that of a mezzo-soprano, de- tently,” but they don’t deter with a charming rendition of of participants reported they Ferguson, Mo., said that
remains a concern. livered a haunting rendition her from the task at hand. Gershwin’s “I Got Rhythm.” had learned new strategies courses such as those em-
But it also lends the con- of the Handel aria “Lascia There was also the slight “We hope to see you on a and skills they could use in ployed by the NYPD help offi-
certs a freewheeling, only-in- ch’io pianga.” drizzle that had Philharmonic street corner soon,” he told their work. cers break the use of poten-
New York feel, as if an orches- The string players offered support staff rushing to cover the listeners as they departed. NYPD First Deputy Commis- tially harmful stereotypes.
A10B | Monday, August 31, 2020 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Parents Hunt for Classroom Spaces GREATER NEW

YORK WATCH
BY AKANE OTANI and a community space, and
another will meet at another NEW YORK CITY
New Yorkers keeping their family’s apartment that is
children out of schools this close to Bleecker Playground, Teachers Union Mulls
fall over concerns about the where she hopes the children Possible Strike Vote
new coronavirus are getting can learn outside on fair-
creative with space, repurpos- weather days. The New York City teachers
ing city gyms, condo rooftops, “I’m a clean freak on a non- union is preparing for a possible
music schools and more into Covid day, so there’s no way I strike-authorization vote to de-
makeshift classrooms. will have other kids in my lay opening school buildings.
When schools abruptly shut apartment,” said Ms. Collins, a The preparations follow the
in the spring, many parents former public-school teacher union president’s recent threat to
resorted to having their chil- who will teach her son and the strike if he deemed it necessary
dren learn wherever they had other children in the pod. to protect staff from coronavirus.
space—propping tablets and Other New Yorkers hope Mayor Bill de Blasio has previ-
laptops up on kitchen coun- the rush to form pandemic ously called the union’s strike
ters, or spreading out colored pods will create a new market threat a provocation and a stunt.
CLOCKWISE: ERIN GILBERT (2)

pencils and glue on a dining in real estate. The 100-member executive

room table. This time, many Before coronavirus, luxury- board of the United Federation
parents say that layout won’t real-estate broker John Gomes of Teachers plans to meet Mon-
work. might have overlooked the day evening. The union also
Erin Gilbert, a parent on spare room in the penthouse scheduled a meeting online
Manhattan’s Upper West Side, unit of the Emerson, an eight- Tuesday for thousands of mem-
is renting a 685-square-foot unit condo in Manhattan’s bers of its delegate assembly,
children’s music school with Erin Gilbert, shown below with her son, Calvin, is renting this Manhattan music school with a handful of Chelsea neighborhood. At which includes representatives
two windows that open out to other parents so that their children can be taught by a facilitator outside the home in a ‘pandemic pod.’ nearly 7 feet by 8 feet, it isn’t from each school building, a
a patio. With a handful of enormous, but it is probably spokesman said. If the executive
other parents, she will share owner of two children’s gyms too big to be a closet, he said. board approves a resolution to
the costs for the space, as in Brooklyn, has been busy Now, Mr. Gomes, who works authorize a strike, the resolution
well as a facilitator whom posting on various Facebook for Douglas Elliman, is staging could be presented to the dele-
they plan on having teach groups where parents in the the spare room as a space for gate assembly for a vote on
their children in person on city have been trying to match a pod. He envisions furnishing Tuesday, UFT spokesman Dick
the days that they would have up with others hoping to form the area with a table and Riley said Saturday.
been expected to learn re- “pandemic pods.” The purpose chairs suitable for children to The Department of Education
motely. of the pods is so the same draw, write and study. referred a request for comment
Since her own apartment is group of children learn and Many of his clients have left to the mayor’s spokesman, who
just around 500 square feet, play together, reducing their New York for the Hamptons or said talks about reopening
paying for the extra space exposure to other people and Florida. But parents who plan schools were continuing.
feels worth it, Ms. Gilbert said. lowering the risk of infection. on staying in the city will need —Leslie Brody
The thought of herself and His offer: rent out his to find ways to fit “creative
her husband trying to work spaces, My Gym Cobble Hill little nooks” in their apart- NEW YORK STATE
from home while helping teach and My Gym Park Slope, as ments, he said, especially with
their 6-year-old son again was classrooms for small groups. many of them likely keeping Virus Spike Shuts
soul-crushing, she said. “This “A lot of parents just want their children out of in-person SUNY Campus
is much more doable.” to bring their kids and not instruction at schools this
New York City officials say have to worry about the year. One of the State University of
they expect about a quarter of cleanup, and My Gym would The Emerson is across the New York’s campuses will close
their public-school students to be happy to do that,” Mr. street from Avenues: the for two weeks after more than
do full-time remote learning Wacht said. World School, a for-profit 100 people in the college com-
when the school year starts in Some parents say they are school offering families the munity tested positive for the
September. The rest have lucky enough to live in build- option of having a teacher coronavirus, officials said Sunday.
opted for a hybrid approach, ings that have potential pod come to their homes to deliver The positive cases at SUNY
which mixes some in-person spaces built in. in-person instruction. Mr. Oneonta in central New York
classroom time with remote Rachel Glazer, an associate Gomes hopes the proximity to represent about 3% of the stu-
learning. real-estate agent at Compass, the school and the spare room dents and faculty on campus
The city’s classrooms will has the option of choosing will wind up being a major this semester, said Jim Malatras,
have to shut down, however, if from her building’s rooftop, selling point when the pent- the chancellor of the state uni-
Covid-19 cases pop up. And if music rooms or a lounge. She house unit is unveiled to the versity system.
public schools wind up being hopes at least one of them will public next month. Mr. Malatras said five students
the source of enough out- work out for her 3-year-old apartments.” Manhattan’s Hudson Heights, “I wouldn’t have done it if have been suspended because of
breaks, the entire public- son and another child in the Other parents are having plans to have her 7-year-old we weren’t under these cir- large parties that were held last
school system may have to building. their children learn in apart- join two different pandemic cumstances, but in the times week. He said three rapid-result
move to online-based learning, “It’s about as safe as you ments this year—just not their pods this year. One will meet that we’re living, I felt that it testing sites will be set up in
city officials have said. can get,” she said. “Worst-case own apartment. at a neighbor’s building that was appropriate,” Mr. Gomes Oneonta starting Wednesday.
That is why Evan Wacht, the scenario, we’ll do it in our Serena Collins, a parent in has access to a rooftop garden said. —Associated Press

Medicine in the Raw

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 CAREERS & LEADERSHIP

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

Schedule time to check email, the

news or social media, and for
breaks with children, loved ones
or even pets.

How to Know Thyself

Self-awareness counts. “Thinking
Stay Focused about things like the time of the
day and when you’re best able to

While Working either be distraction-free or to fo-

cus is critical,” said Dr. Wright. “So
if you know, for example, you’re
From Home better able to focus on harder tasks
in the morning, block that out in
your schedule as your thinking time
or your writing time. It may be you
schedule tasks that require a little
bit less concentration or attention
in the afternoon, when you’re a lit-
tle bit more tired.”
Dr. Avitzur added that some
people might find a TV on in the
background distracting, while oth-
ers don’t. Similarly, some think
listening to music helps them fo-
cus, while others think it is dis-
tracting. She cited a 2012 study
that suggested music without lyr-
ics is preferable to music with lyr-
ics, because if you start thinking
about what the lyrics are saying,
it is another form of distraction,
she said. “Everyone has to know
MICHAEL GLENWOOD

their strengths, and what makes

them maximally productive when
it comes to external interference
like music.”

Environment Matters
Try to make your environment as
Limit surfing online and have a defined work “Communicate to those in your fam- help with reminders or to mark work-like as possible, including pay-
ily: ‘Look, when I’m here at this desk, where to resume if you’ve been mo- ing attention to ergonomics. Try to
space to boost your concentration, experts say at this table, between here and here, mentarily distracted, said Orly Avit- work from a desk or at a table with
it’s a distraction-free zone. You can’t zur, president-elect of the American a proper chair with back support.
BY RAY A. SMITH

N
“Our level of impaired concentra- come ask me questions,’” said Dr. Academy of Neurology. Working from a couch can cause
tion is a result of a combination of Wright. Shut the door to the home They are also places to jot down back and shoulder strain. “Any kind
ow that many employees stress and our environments right office or room, if possible, to make random things that cross your of pain, stiffness or other symptoms
are deep into working now, and the distractions,” said Vaile the Do Not Disturb message even mind. “Whenever those thoughts is a distraction from being able to
from home, and may have Wright, senior director of health care more clear. pop into your head, just write them perform our work,” said Dr. Avitzur.
to keep doing so indefi- innovation at the American Psycho- down and say, ‘I’ll deal with that Consider standing desks, too.
nitely, some are finding it logical Association. “There is no Get Supplies later but not right now. For the Avoid working from your bed.
harder to maintain the in- shortage of distractions for most Tools you can use include white next 45 minutes, I’m focused on “You should only associate your
tense concentration that kicked in people right now.” noise machines, noise-canceling this,’ ” Dr. Swody said. bedroom with sleeping and inti-
during the early days of forced re- If your concentration is flagging, headphones, note pads and sticky macy, otherwise you really run into
mote work. here is how experts say to boost it. notes, and caffeine. Document It the risk of sleep disruptions,”
At first, workers were gung-ho “If there is distracting noise, Set down the day’s work goals on which will impact alertness, said
about working from home, produc- Preempt Distractions white noise may help to reduce this paper or in digital notes. Block out Dr. Wright.
tive in a team-spirit way but also to Silence news and other alerts on distraction,” said Kenneth M. Heil- times with a physical or digital cal-
show they were indispensable in a phones and laptops or minimize man, distinguished professor emer- endar, or in a notebook, to devote Self Care
time when jobs might be more vul- news alerts to one trusted source, itus in the department of neurology to finishing a task. “A popular time Make sure you eat, and eat well,
nerable. Just 22% of workers had dif- said organizational psychologist at the University of Florida’s Col- people use is 25 minutes, but it and don’t gorge to the point you’ll
ficulty concentrating back in April, Cathleen Swody. “Some people I lege of Medicine. “Our brains have could be 45 minutes,” said Dr. become sleepy. Make sure you get
according to a survey of 1,099 work- know even turn the Wi-Fi off on their the ability to open and close sen- Swody. “A short block of time to enough sleep at night, too. “Con-
ers by the Society for Human Re- laptop and say, ‘OK, I’m not turning sory channels. With the presence of get a particular task done is great centration is a lot easier when we
source Management. the Wi-Fi back on until I finish this constant white noise, we may not for our brains, because they don’t feel well, when we’re not too hun-
But as that early rush has worn paper or until I finish this analysis,’ attend to sounds coming into our feel as tortured.” gry, not too full, when we’ve had
off, and distractions continue to so you don’t go down the internet brain, and thus the presence of this sleep, when we’ve had the right
mount, including a summer surge of rabbit hole and start looking at white noise can help to mask other Schedule Breaks amount of caffeine,” said Dr.
coronavirus cases, the presidential things, or checking email,” she said. sounds.” Noise-canceling head- “Taking breaks is actually a way to Swody. Find time to exercise, too.
election, back-to-school concerns and phones, meanwhile, will block noise improve concentration,” said Dr. “Those are all going to help us
renewed racial unrest, continuing to Set Boundaries from others in the house, neighbors Wright. “If we try to force our- manage our stress, which is going
stay focused has become more chal- Make clear to others in your house or the outdoors. selves to stay in focused attention to help us concentrate,” said Dr.
lenging. when you cannot be disturbed. Note pads and sticky notes can for too long, it doesn’t work.” Wright.

Teachers Brush Up Skills TIPS FOR EFFECTIVE

REMOTE TEACHING:
To Reach Students Online Briefer Videos: Children have sig-
nificantly shorter attention spans
BY YOREE KOH tion to school districts, said that is when learning through a screen.
why Edgenuity’s videos are no lon- Break lectures into bite-size

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

new class through a computer. Va., for example, John Rolfe, one essential to building a sense of plan outlining what the district to some students she knew from
Craig Sanders, a history and eco- of its early settlers, could be the community, which is harder to do will provide—came to their house the previous year, sharing class
nomics high-school teacher in mystery guest. The students would online than in a classroom. three times to get him over the links and suggesting they set an
Sugar Land, Texas, a Houston sub- ask the guest questions over pri- Stanford Online High School finish line after it looked as if he alarm so they wouldn’t miss it. A
urb, spent much of the summer in vate chat to figure out his or her said that nearly 7,200 teachers had completed only 40% of the week later, a few children still
training webinars and workshops identity. registered for their webinars on school’s e-learning curriculum. hadn’t logged in.
for online teaching. He and other Teachers are learning to em- how to teach online since the “To be honest with you, I It is hard to pull aside a young-
teachers say the biggest lesson brace different features on video spring. This was the first time the wouldn’t even know where to start ster on Zoom to ask how things
from the spring is that students’ platforms, including breakout school offered the instruction, re- on what a successful e-learning are going. “How do I make sure
attention spans are much shorter rooms and texting. Meg Lamont, sponding to the nationwide shift fall would look like,” Ms. Rizo said. you’re OK? How do we build com-
online. Deborah Rayow, a vice an English teacher and assistant to remote learning. The shift has Her job as a cashier in a restau- munity? In a month or two from
president at Edgenuity, which pro- head of school at the Stanford On- profound consequences for educa- rant brings her out of the house now, what does that mean?” Ms.
vides digital curricula and instruc- line High School, said the teachers tors across the country. According some days during school time. Her Bien said.
 A12 | Monday, August 31, 2020 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Hollywood Makes
Historic Gamble on
Christopher Nolan’s
Big-Budget ‘Tenet’
BY JOHN JURGENSEN between the making of a film and
AND R.T. WATSON

I
the world it goes out into,” he says.
Starting with an Aug. 26 open-
n Christopher Nolan’s thriller, ing in parts of Europe and else-
“Tenet,” the fate of humanity where, the rollout of “Tenet”
pivots on characters moving back reaches the U.S. Sept. 3. It is the
and forth through time. It is an fourth domestic release date for the

WARNER BROS. PICTURES (2)

epic, brain-bending exploration movie—which was delayed repeat-
of ideas the filmmaker has spent edly as studio and theater execu-
decades examining. tives dealt with shifting lockdown
But now, as “Tenet” opens after measures—yet it is still unclear
multiple delays in cinemas around when it will open in regions where
the world, it comes loaded with indoor theaters remain closed. That
symbolism that its writer and di- includes two cities that are nor-
rector could never have foreseen. mally first to get new movies, New
As the first big-budget theatrical York City and Los Angeles. net,” a Warner Bros. executive cluding China, the world’s second- ics who accused them of prioritiz-
release since Covid-19 struck, “Te- When coronavirus lockdowns says, even as others experimented biggest market, on Sept. 4) it won’t ing an expensive movie over the
net” represents one of the biggest descended in March, Mr. Nolan with online releases. face major Hollywood competition risk to moviegoers. Debate flared
gambles in Hollywood history— says, his team’s first challenge was “Tenet” had a budget of about until “Wonder Woman: 1984” around an online video showing a
from the studio wagering it can re- to use remote methods to put the $200 million. At that scale, there comes out in October. This plan has gung-ho Tom Cruise wearing a
lease the movie amid the pan- final touches on “Tenet” and turn is no alternative to a world-wide the industry on the edge of its seat. mask and joining an audience for
demic, to long-dormant theater it in on time to AT&T Inc.’s War- theatrical release, Mr. Nolan says, “This is going to be one of the “Tenet” at a London theater.
chains banking on it spurring a re- ner Bros. studio. Meanwhile, every adding that people confuse his most important events in cinema Mr. Nolan supported the stu-
covery for their business, to poten- big movie on deck for the season, commitment to that model for a this year, if not the most important dio’s release plan because its grad-
tial ticket buyers balancing safety starting with the James Bond in- disdain for digital formats and one,” said Mooky Greidinger, chief ual pace is designed around “the
concerns with their urge to get stallment “No Time To Die,” re- home viewing. “It’s not just an ar- executive of Cineworld PLC, the comfort and safety of our pa-
back to the big screen. treated on the calendar to fall or tistic choice,” he says. “In the cur- world’s second-largest theater trons,” he says. “That has to be
Mr. Nolan, though known as a next year. By contrast, Warner rent industry in which we work, chain and owner of Regal Cinemas balanced against the need to re-
champion of the theatrical experi- Bros. pushed back the July 17 re- there’s no path to profitability for in the U.S. turn to business.”
ence, is somewhat uneasy with all lease of “Tenet” by only two a film like this that circumvents Because Warner Bros. will have “When people think about mov-
the significance assigned to his sci- weeks, and later pushed it again. movie theaters.” to make money gradually from ies, they tend to think of movie
fi spy picture. “This is the most rad- The studio never seriously consid- However, the famously secretive “Tenet” amid theater attendance stars and directors and studio ex-
ical shift in my career, my lifetime, ered an online premiere for “Te- filmmaker made peace with the caps and a slower pace of ticket ecutives and people who are mas-
fact that the staggered re- sales, the studio is requiring multi- sively overprivileged and make
lease of his movie makes plexes to show the movie for up to more money than they deserve,”
plot spoilers inevitable. 12 weeks, a considerable increase Mr. Nolan says. “But the movie
“It’s not a time to be pre- from the standard commitment. business is about people in com-
cious about anything,” he That is on top of charging cinemas munities, who work jobs like sell-
says. Besides, “Tenet” is nearly 65% of ticket sales to show ing popcorn or taking tickets. It is
so narratively complex, he the film, instead of closer to the a massive industry made up of or-
jokes, “it’s not the kind of widely accepted 50/50 split, ac- dinary people.”
film you can spoil.” cording to a person familiar with Like its title, “Tenet” was con-
As closings dragged on the deal terms. ceived as a palindrome. The actor
in the U.S., but infection For theaters that have been John David Washington is an un-
rates dropped in other closed, or subsisting on old films named agent who, with a partner
countries, Warner Bros. and smaller independent releases, played by Robert Pattinson, learns
abandoned the playbook “Tenet” represents a potential life- to use time as a two-way street in
for tentpole movies requir- line. “If this movie didn’t follow a mission to prevent an apocalyp-
ing simultaneous pre- this new release pattern, I didn’t tic war.
mieres around the world think the movies would be open Without an opening date yet for
to maximize opening- until much later in the year or next “Tenet” in the city where the direc-
weekend returns. Instead, year,” says Richard Gelfond, CEO of tor lives, Los Angeles, he is forgo-
the studio is relying on a IMAX, which is showing “Tenet” on ing the ritual of popping into a the-
patchwork release pattern, 250 of its international screens, ater where his latest movie is
starting with international with at least 900 more to follow in playing. Emma Thomas, a producer
markets it says contrib- China, Russia and the U.S. of “Tenet” and past movies with
John David Washington, top left, and Robert Pattinson, play agents in the uted two-thirds of ticket sales for In that role, Warner Bros. and Mr. Nolan, her husband, says, “We
sci-fi spy thriller, ‘Tenet.’ Mr. Washington, above left, on set with Mr. Nolan’s past releases. As “Te- its star filmmaker have taken never feel like the film is finished
Christopher Nolan, director of the film, which began rolling out Aug. 26. net” arrives in various regions (in- plenty of fire, including from crit- until it’s on screen with audiences.”

brightness and the promise of to- Actor Chadwick Boseman in 2014.

The Lasting morrow” in “Black Panther,” said
Rhea Combs, curator of photogra-
He died on Friday of colon cancer.

Legacy of phy and film at the Smithsonian

National Museum of African Amer- dren see characters who looked
Chadwick ican History & Culture, which has
one of Mr. Boseman’s Black Pan-
like them on screen as larger-
than-life heroes, and involved
Boseman ther costumes in its collection.
Recent projects of Mr. Bose-
about 2,000 screenings and raised
$1 million. The release of “Black
man’s and new ones he had put in Panther” not only marked a cele-
motion offer glimpses of his un- bratory event for audiences in
BY JOHN JURGENSEN fulfilled potential in Hollywood. Black communities, its success
Following his performance in spurred the development of other
The surprise news on Friday of Spike Lee’s “Da 5 Bloods” as a tentpole movies built around he-
actor Chadwick Boseman’s death Vietnam War soldier whose death roes of color.
at age 43 left his fans and industry bonds his comrades, Mr. Boseman “That renaissance has ripple ef-
peers struggling to take stock of a will be seen in an adaptation of fects. We got all of that thanks to
meteoric career cut short, and the the August Wilson play “Ma ‘Black Panther’ and Chadwick,” Mr.
impact of an actor whose work Rainey’s Black Bottom,” which Joseph says, citing movies like
shined a light on Black history and Netflix plans to release later this “Spider-Man: Into the Spider-
culture. year. He starred as a trumpeter in Verse” and a coming Marvel movie
His acting career began in tele- a band led by the title character, about the comic book character
vision in the early 2000s, but the played by Viola Davis. She was Shang-Chi.
legacy he left on screen largely among the actor’s many co-stars As his career took off, Mr. Bose-
rests on a streak of movies re- and admirers who paid tribute to man always seemed mindful of the
leased in a five-year period, start- him, including Denzel Washing- broader significance of his perfor-
ing in 2013, in which he portrayed ton, who once helped pay for the do it all while in pain—what a use with fans posting images of a mances.
a series of Black icons: Jackie Rob- former Howard University student of his years,” Mr. Obama said in a cross-armed salute from “Black Black actors “all know what it’s
inson (“42”), James Brown (“Get to attend an acting program at message posted to Twitter. Panther,” and pledging to dive into like to be told that there is not a
On Up”), Thurgood Marshall Oxford. Gov. Henry McMaster of South his movies. place for you to be featured,” said
(“Marshall”), and the fantastical Many expressed astonishment Carolina, where Mr. Boseman was Frederick Joseph, who led a Mr. Boseman early last year, sur-
role that resonated most widely, at what Mr. Boseman accom- born, ordered flags in the state- charitable campaign that began rounded by his “Black Panther” co-
T’Challa, the King of Wakanda and plished while fighting what proved house in Columbia, S.C., to fly at with his idea for sending children stars as they accepted the award
title hero of “Black Panther.” The to be a fatal disease; in announc- half-staff. in Harlem to free showings of for best ensemble cast in a movie
2018 release from Disney’s Marvel ing his death, his family revealed It was announced last year that “Black Panther,” says he has so far at the Screen Actors Guild Awards.
DAN HALLMAN/ASSOCIATED PRESS

earned $1.3 billion at the global that he had been diagnosed with Mr. Boseman had signed on to star turned down invitations to partici- “We knew we had something spe-
box office. It was the first block- colon cancer in 2016. Former Pres- as a samurai warrior in an action pate in any memorial viewings of cial that we wanted to give the
buster superhero movie led by a ident Barack Obama recalled a movie set in the 16th century, a the Marvel movie. The loss feels world, that we could be full human
Black cast. visit to the White House by Mr. project he was also producing. He too raw for him to see the actor beings in the roles that we were
In this range of roles “he was Boseman to work with children seemed poised to exert additional on screen just yet, in any role. playing, that we could create a
not only a conduit to the past and around the time he played Jackie influence from behind the camera. He says Mr. Boseman was un- world that exemplified a world
the way African-Americans perse- Robinson. “To be young, gifted, Over the weekend, social media hesitating in his support of the that we wanted to see.”
vered and pushed through so many and Black; to use that power to platforms transformed into a flow- #BlackPantherChallenge, which —R.T. Watson
challenges, he also represented give them heroes to look up to; to ing memorial to Mr. Boseman, was aimed at helping Black chil- contributed to this article.
THE WALL STREET JOURNAL. Monday, August 31, 2020 | A13

ARTS IN REVIEW

The Breakfast Room at Glensheen in Duluth,

Minn., left; view from the library of the staircase
at Filoli in Woodside, Calif., above

ABROAD AT HOME

Homes of History and Splendor

BY JUDITH H. DOBRZYNSKI

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

this recent look titled

“Sotterley Plantation |
Maryland”; the house
interior is shown in
black-and-white pho-
tographs at the Li-
brary of Congress
that are accessible
online.
Just before the
Civil War, a fine Ital- Clockwise from left:
ian Villa-style home, The Victoria Mansion
now called Victoria in Portland, Maine;
Mansion, was rising the Crane Estate,
in Portland, Maine, Castle Hill in Ipswich,
for Ruggles Sylvester Mass.; the Reception
Morse, a hotel mag- Room at Filoli; the
nate. Its boxy exterior, Glessner House
completed in 1860, Library
looks stodgy, but the
interior! Unveiled in
an introductory video
on the mansion’s web-
site, it’s a confection of hand- chanting features, like the wood- South of San Francisco, in
painted trompe l’oeil walls and paneled main hall, bay-windowed Woodside, Calif., sits Filoli, a glam-
ceilings; enormous mirrors; a dining room and beamed-ceiling li- orous 56-room Georgian Revival
grand staircase; gaslights; and brary, plus English and American country estate with 16 acres of for-
richly carved, inlaid furniture. It is arts-and-crafts objects. Glessner mal gardens that was built in
the only extant interior created by House recently started two You- 1915-17 from the gold rush and gas
Gustave Herter, who co-founded Tube series—on its secrets (such fortune of William Bowers Bourn
the famed Herter Brothers design as a hidden passage) and on its II. Filoli’s YouTube channel pres-
firm, which counted the Vander- sounds (like the servants’ call sys- ents a 21-minute video detailing its alist Richard T. Crane Jr. erected Houses blog post written in 2014
bilts and Theodore Roosevelt’s tem). history and design, including its his spectacular, 59-room Stuart- by the architectural historian
White House as clients. Herter’s On the shores of Lake Superior, hand-painted ballroom wall panels, style “summer getaway” mansion, John Foreman. If you don’t mind
handiwork can be seen in two in Duluth, Minn., Glensheen, a Ja- period light fixtures, sumptuous Castle Hill, on 2,100 acres in Ip- kitsch—an actor as the butler es-
short videos on the mansion’s You- cobean Revival mansion with 39 fabrics and an ornate marble man- swich, Mass. Its most stunning corting you around—go to Pixie-
Tube channel. rooms, provides a window on telpiece. There’s a passage on “the feature is a half-mile-long “Grand cropolis on YouTube for a half-
The work of another famous de- North Country wealth. Completed drunks dinner,” a formal affair cel- Allée” grass mall that rolls from hour visit.
signer—architect Henry Hobson in 1908 for an iron-ore tycoon ebrating the end of Prohibition— the portico down to the sea, Virtual visits are never as good
Richardson—is on view at Glessner named Chester Congdon, the inte- also detailed in a 50-minute video clearly visible in a WGBH You- as the real thing, of course, but
House in Chicago. Completed in rior is an eclectic mélange, with on Filoli’s YouTube channel, one of Tube video. For the inside, Crane they may entice you to add more
1887, this Romanesque home has a lots of carved wood, including cy- several extended histories there. raided an English country home historic homes to your travel
fortress-like appearance, with press and mahogany, brickwork, YouTube has many videos of the and an 18th-century London agenda. Many, including all those
deep-set front windows and a and a delightful breakfast room, gardens, yet few of the house inte- townhouse, shipping paneled mentioned here except Victoria
rough granite-block façade. It’s not made of handmade tiles and rior. You may not need much rooms, elaborate moldings, par- Mansion, are reopening and, bar-
as opulent as most Gilded Age stained glass windows. A six-min- more, as TV’s long-running “Dy- quet floors, and a library with or- ring a nationwide resurgence of
mansions (John Glessner was ute video on YouTube by Life to nasty” series from the 1980s was namental carvings by the 18th- the coronavirus pandemic, others
merely a partner in a farm equip- the Max TV provides a good over- filmed there, and the Library of century sculptor Grinling Gibbons can’t be far behind.
ment firm), as you’ll see in an in- view, and a one-hour Duluth public Congress has black-and-white pho- across the Atlantic. You can see
troductory video on the home’s television special, also on You- tos online. them, and more, in photographs Ms. Dobrzynski writes about the
YouTube channel and the virtual Tube, digs deep into Glensheen’s A year before the stock market published in 2018 by Architec- arts for the Journal and other
tour on its website. Still, it has en- history, design and life. crashed in 1929, Chicago industri- tural Digest and on a Big Old publications.
A14 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

SPORTS
High Schools Can Play. Ohio State Can’t.
Ohio Gov. Mike DeWine gave the go-ahead for football. The Buckeyes, however, remain on the sidelines.

BY ANDREW BEATON
AND LOUISE RADNOFSKY

High schools can play football

in Ohio. Two NFL teams are gear-
ing up to play. Even the University
of Cincinnati can play. But Ohio
State, the team around which the
state revolves, cannot play fall
football.
It’s a contradiction in the re-
sponse to the novel coronavirus—
and few officials in the state are
saying who’s right or who’s wrong.
The game is the same at all lev-
els. There’s blocking and tackling.
In social distancing terms, those
are about as bad as a hug, and hugs
are pretty bad. This one state un-
masks the inconsistencies that have
emerged trying to reconcile some-
thing immensely popular, football,
with something else that’s deeply
polarizing—how schools should be
operating during a pandemic.
In the 2020 that America was
expecting, what happened in Ohio
in the fall was going to matter be-
cause in a presidential election
year, as Ohio goes, so goes the na-
tion. In the 2020 that America got,
Ohio turned out to be the bell-
wether for a fractured approach to
football in which parents, schools,
administrators and leaders are
drawing different conclusions about

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

Weather 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.
Edmonton
d t <0 1 2 3 4 5 6 7 8 9 10 11 12 13 5 Bibliography 32 Amazon Prime
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BALLPARK FIGURES | By Anthony Romeo 29 Not over the
score on
plate
U.S. Forecasts City
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Tomorrow
Hi Lo W City
Today Tomorrow
Hi Lo W Hi Lo W
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30 Pulitzer-winning 60 Advanced
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Omaha 81 57 pc 78 60 r Frankfurt 69 53 t 66 52 t author James
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Today Tomorrow Philadelphia 79 66 r 77 67 r Havana 91 74 t 92 74 pc chinchillas
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Phoenix 98 75 t 97 77 t Hong Kong 91 81 c 95 82 t
Anchorage 63 54 r 62 52 r Pittsburgh 76 64 r 82 67 c Istanbul 86 69 s 88 70 s 10 Sentry’s station 35 Not squaresville bus
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Baltimore 78 66 r 80 68 r Sacramento 95 59 pc 93 61 s Johannesburg 66 47 pc 59 47 pc birthstone 40 Native of 66 Place for French A L L E N R C A WE R E I
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Chicago 85 66 pc 79 66 r Seattle 75 59 pc 81 60 s Mexico City 76 56 t 75 54 t 16 “Do ___ others...” 43 Reach A U N T I M P A I R
Cleveland 80 63 pc 82 66 pc Sioux Falls 77 52 pc 78 56 c Milan 73 55 t 78 59 pc 68 Audacity, slangily V A N Z E T T I A G E N T S
Dallas 99 76 t 91 73 t Wash., D.C. 77 67 r 80 71 r Moscow 82 65 pc 68 49 pc 17 Baker’s bowlful 47 Neighbor of the E C O S H A K E N S A R A
Denver 81 53 t 80 55 pc Mumbai 85 79 t 85 77 t nave 69 Rids of I S A E L S A G A Y
19 Spring I G O T A N A M E L E G G S
Detroit
Honolulu
80 62 pc 82 68 pc
90 78 pc 90 76 pc
International Paris
Rio de Janeiro
68 50 pc 68 50 pc
79 71 pc 79 70 pc 20 Lyric poem
48 Willow hoop with roughness, in a K I R B Y L O N L I E I N
Today Tomorrow beads and wood shop E L L E A H A A N D C O
Houston 97 80 t 97 79 s Riyadh 108 80 pc 107 79 pc
Indianapolis 82 65 pc 84 68 t City Hi Lo W Hi Lo W Rome 72 58 r 78 61 pc
21 Shade tree feathers 70 Tacks on The contest answer is (COCO) CHANEL. As
indicated by the clue at 72-Across, the first word of
Kansas City 78 64 t 78 65 r Amsterdam 65 50 pc 64 51 pc San Juan 89 79 t 87 80 t 22 Feudal tenants 50 In the altogether Down six clues take the prefix “co-” to suggest the other
Las Vegas 102 78 s 98 78 s Athens 97 76 s 94 76 s Seoul 87 74 t 89 74 t
Little Rock 89 74 t 88 74 t Baghdad 116 81 pc 115 80 pc Shanghai 95 79 pc 94 80 sh 24 View 52 Diner dessert 1 A little, in music possible answer. MARX’s co-author was ENGELS,
Los Angeles 80 61 pc 78 62 pc Bangkok 93 79 t 92 79 t Singapore 85 79 t 85 77 t Allen’s co-founder was GATES, PHILBIN’s co-host
26 Yale student 53 Alias: Abbr. 2 Apple tablet was RIPA, VANZETTI’s co-defendant was SACCO,
Miami 91 81 t 92 80 t Beijing 81 64 sh 91 65 pc Sydney 69 52 s 64 51 pc
Milwaukee 79 62 pc 75 64 r Berlin 70 52 t 66 55 c Taipei City 93 80 t 91 80 r 28 Umpire’s ruling 54 Japanese warrior 3 Step back and KIRBY’s co-creator was LEE, and ECKHART’s
Minneapolis 74 56 c 77 58 c Brussels 66 48 pc 65 49 pc Tokyo 92 78 t 86 79 r assess co-pilot was HANKS. Six grid answers anagram to
29 Waitstaff’s 56 Hall of Famer those names plus one letter: ANGELES, AGENTS,
Nashville 88 73 t 87 74 t Buenos Aires 56 46 pc 53 49 c Toronto 76 65 s 79 69 pc
New Orleans 91 79 t 94 77 pc Dubai 110 89 s 107 89 s Vancouver 68 56 pc 69 57 s refilling aid Ripken 4 Brewer’s product CAPRI, CHACOS, ELLE and SHAKEN. The extra
New York City 77 67 pc 75 67 r Dublin 62 50 c 64 55 r Warsaw 68 54 sh 61 55 r letter in each, taken in grid order, spells CHANEL
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 90 70 t 81 69 t Edinburgh 62 47 pc 64 54 r Zurich 67 52 t 66 49 t (whose first name is fitting for the theme).
THE WALL STREET JOURNAL. Monday, August 31, 2020 | A15

OPINION
California Is Coming for You BOOKSHELF | By Edward Kosner

I didn’t have
to read the en-
tire Demo-
solar cells are worthless. So
California has to buy energy on
the spot market—sometimes
averaged $106,986 in 2018, and
they still got a 5% raise last
October.
tion 22, to exempt drivers
from reclassification and pro-
vide new minimum wages and
Hiroshima
cratic Party
platform, let
alone
spend-tasma-
the
for 10 times normal prices
when it’s hot. So we get rolling
blackouts. This craziness could
be yours too in the near future.
There’s no question that the
state is a parasite. But the first
rule of parasites is: Don’t kill
the host. California is trying
benefits. This paper reported
that only 2% of California Uber
drivers used the app for more
than 40 hours a week, and only
And After
INSIDE
VIEW goric Biden-
Sanders Unity
Get used to higher bills and re-
setting your clocks.
nonetheless, especially with
innovation dynamos Uber and
14% of Lyft drivers drove more
than 20 hours a week. Some
Fallout
By Andy
Task Force California is No. 3 in the na- Lyft. Assembly Bill 5 kicked in drivers use both apps, but it’s By Lesley M.M. Blume
Kessler
recommenda- tion in water prices. Sad, since on Jan. 1, reclassifying many still overwhelmingly part-time (Simon & Schuster, 276 pages, $27)

‘A
tions. Sitting it grows 90% of America’s “gig economy” workers as em- work.
here in California, I’m already broccoli, 95% of its garlic, 71% ployees, a blatant move to help So what do the 300,000 t exactly fifteen minutes past eight in the morning, on
living it. If polls are to be be- of spinach, 69% of carrots and unions organize. Uber and 200,000 Lyft drivers August 6, 1945, Japanese time, at the moment when the
lieved, left-coast policies are two-thirds of fruits and nuts. actually want, as opposed to atomic bomb flashed above Hiroshima, Miss Toshiko
coming to you soon—and you’re Your prices are going up. And what California says they want? Sasaki, a clerk in the personnel department of the East Asia
not going to like it. California is kiss incandescent lightbulbs Its energy, tax and Like any good tech experiment, Tin Works, had just sat down at her place in the plant office
an early glimpse for the rest of goodbye—most were outlawed let’s do an A/B test. Have Uber and was turning her head to speak to the girl at the next desk.”
the country of a blackout-roll- in California as of Jan. 1. regulatory failures are drivers classified as employees That’s the deadpan first sentence of the most celebrated
ing, water-deprived, tax-hiking, Someone please send a box of the Democrats’ ideal and Lyft drivers as independent magazine article of our time, John Hersey’s 31,000-word
spending-spiking one-party 60-watt flame-tip candelabra contractors, or vice versa. “Hiroshima,” published as the only piece in the extraordinary
state longing for its old incan- base bulbs my way. I’m getting for national policy. Within a month we’d see which Aug. 31, 1946, issue of the New Yorker. The first detailed account
descent glow. desperate. model drivers prefer. I’m tired of what happened to the victims of that first atomic explosion,
The U.S. may flip to one And of course, California of power grabs under the guise “Hiroshima” was a world-wide sensation as a piece of reporting,
party rule; California is al- spends money like a drunken It’s a mess. Close to home, of good intentions. later sold millions of copies in a slender hardback edition, and
ready there. Democrats have sailor. The state is blessed freelance journalists are limited A law as stupid as AB 5 has lost none of its horrific power when reread now, 75 years
controlled the state Assembly with tax dollars spouting from to an arbitrary 35 submissions. could never go nationwide, since the first use of the weapon that changed the world.
since 1997 and the governor- employees of Apple, Google, Monday, Aug. 31 is the deadline right? The bombing of the thriving Japanese city, followed by the
ship since 2011—or 1999 if you Facebook, Microsoft via for several bills to provide jour- Think again. The U.S. House devastation of Nagasaki three days later, led to Japan’s
ignore Arnold the Governator, LinkedIn, Amazon (whose nalists and others exemptions. of Representatives has already surrender some 31/2 years after
as most do. Single-party rule search operation is based in But holding it up, quelle sur- passed the blatantly union- the surprise attack on Pearl
means single-party rules. Palo Alto), Twitter, Uber, Lyft, prise, is a debate over giving friendly (though refreshingly Harbor. Emperor Hirohito’s
We’re No. 1 in the top marginal Airbnb, Palantir and—oops, exemptions to “certified trans- honestly named) H.R. 2474— capitulation touched off
income tax rate at 13.3%, in- check that, Palantir is moving lators” but not to interpreters. Protecting the Right to Organize ecstatic V-J Day celebrations in
cluding for capital gains. That its headquarters to Colorado. What a surprise, the interpret- Act, which is “revising the defi- Times Square and around the
beats New York City. We’re Can’t say I blame them. ers are up in arms. You can’t nition of ‘employee.’ ” It's like Allied world, but the unleashing
also No. 1 in state sales tax, but Where does the money go? make this stuff up. Stop micro- “Poltergeist”: “They’re here . . .” of the atom bombs also
only ninth when you include A clue recently emerged after managing; better to repeal AB 5 Earlier this month, Uber prompted vexing questions
local levies. Still impressive! a pushing incident and subse- outright. CEO Dara Khosrowshahi told that linger: Did America commit
Everything else follows. quent lawsuit involving an Uber and Lyft, the real tar- the Verge website, “I do think a war crime—an atrocity
This month Californians Oakland deputy sheriff and the gets of AB 5, threatened to halt we have the system that’s opti- comparable in its way to the
have been subjected to rolling president of the Toronto Rap- California operations rather mized . . . it’s called capitalism. Nazi Holocaust and the Japanese
blackouts because of the state’s tors at last year’s NBA Finals. than classify drivers as em- It’s not called labor-ism. It’s “rape of Nanking”? Why did
renewable energy man- Twitter wags quickly noted the ployees. On Aug. 20 an appeals not called socialism.” Except in America suppress the truth
dates—33% today, 60% by 2030 deputy made $287,000 in 2016. court allowed them to con- California, laborism probably about the radioactivity gener-
and 100% by 2045. When the A deputy! Teachers aren’t far tinue temporarily. They and is the right word. And be ated by the bombs that doomed
sun goes down, which I under- behind. Menlo Park certifi- DoorDash are funding a ballot warned, it’s about to spread. countless survivors to death later?
stand happens every evening, cated teachers’ compensation measure in November, Proposi- Write to [email protected]. Lesley M.M. Blume, whose previous work told the behind-
the-book story of Ernest Hemingway’s “The Sun Also Rises,”
raises these issues and others in “Fallout,” her brisk account

A U.S. Airdrop of Dollars in Venezuela of how Hersey got his story. Hersey’s lean prose and meticu-
lous detail won “Hiroshima” a place in the pantheon of liter-
ary journalism. But Ms. Blume is far more interested in
The Trump that it controls to Venezuelan election, the Maduro-con- could be cut back when do- Hersey as a “whistleblower” who exposed “one of the deadliest
ad m i n i s t ra- medical workers on the front trolled Supreme Court de- mestic production has nearly and most consequential government cover-ups of modern
tion’s efforts lines of the Covid-19 pan- posed the party’s leadership collapsed. times,” especially about the radiation’s toll on the Japanese.
to block oil demic. Until now those assets and assigned an ad hoc board Mr. Guaidó’s announce- She calls Hiroshima “a massacre of biblical proportions” and
and gasoline have been frozen in the U.S., of directors. ment that Treasury has castigates officials who “suppressed, contained, and spun”
shipments and last week a Treasury A statement released by agreed to use frozen Venezu- reports from ground zero to hide “their handiwork.” She
AMERICAS into and out spokesman declined to com- the PPT said the court had elan assets to pay 62,000 quotes President Harry Truman, an artillery officer in World
of Venezuela ment on Mr. Guaidó’s claims done the same to “several health care professionals War I, calling the bomb “nothing else but an artillery weapon.”
By Mary
are designed when I asked. But if they are left-wing organizations” in $100 a month for three Hersey (1913-1993), tall and handsome, was a wunderkind
Anastasia
to force true, it is a rare and much recent years, assigning them months also dings Mr. Ma- war correspondent for Time magazine. By age 31, he had
O’Grady
strongman needed victory for the oppo- boards allied with Mr. Ma- duro. Mr. Guaidó had prom- published two books about combat in the Pacific as well as
Nicolás Ma- sition in its struggle to un- duro’s United Socialist Party ised as much back in April “A Bell for Adano,” winner of the 1945 Pulitzer Prize for Fiction.
duro to step aside. But his seat Mr. Maduro. of Venezuela. In June 2019 but has so far failed to de- But he had a falling-out with Time’s autocratic ruler, Henry
supporters say the sanctions Mr. Guaidó was constitu- the Communist Party also liver. My sources in Venezu- Luce, and quit. He then went to work for the New Yorker,
demonstrate indifference to tionally recognized in Janu- ela say that if the interim which was edited by Harold Ross, its prickly co-creator, and
the suffering of Venezuelans. ary 2019 as Venezuela’s in- president does so now, it will his odd-couple deputy, a quiet little man named William Shawn.
Their argument would be terim president by the The opposition will go a long way toward repair- Ms. Blume turns the writing of “Hiroshima” into the cliff-
more convincing if not for Mr. National Assembly he pre- ing his damaged prestige. hanging saga of an intrepid young newsman outplaying his own
Maduro’s persistent cruelty sided over. But his efforts to score a victory if It won’t be easy for Mr. government to get the facts. By 1946 a handful of American-based
against his own people. assert the powers of his of- frozen assets are Maduro to prevail against journalists had eluded the Allied occupiers to document the
Take his regime’s decision fice have been checked at ev- Airtm since would-be users physical devastation of Hiroshima, but none had dared report on
this month to try to block the ery turn and Venezuelans used to pay doctors. should be able to add a virtual Hersey’s chosen topic: the human cost of the blast. When Hersey
use of Airtm, an increasingly seem to have lost confidence private network to their com- wasn’t worrying about getting unsupervised access to survivors,
popular digital-currency plat- in his leadership. The opti- puters or smartphones to cir- he fretted about U.S. military censors. He also worried about how
form that allows Venezuelans mism that prevailed in the broke with Mr. Maduro, as- cumvent the block and access to structure his story so that readers would “suffer some of the
to receive, save and transact early days of his ascent, in- serting that he had reneged the platform. His superintend- pain, some of the disaster.” En route to Japan, Hersey read
in U.S. dollars and to buy or side and outside Venezuela, is on promises he made in 2018 ent of banks recently warned Thornton Wilder’s novel “The Bridge of San Luis Rey”—which
sell bolivars at market rates. no longer in fashion. to win its support. Among financial institutions not to linked the stories of five people who died when a rope bridge
One reason the regime Still, Venezuela isn’t yet the broken commitments, it transact with Airtm. But since collapsed over a canyon in Peru—and had an epiphany.
doesn’t like Airtm is that it al- the totalitarian hellhole that said, was failure to respect users transact with agents on
lows individuals to buck a the Castro family has made the rights of workers to the platform and the money
measure of state control. By Cuba. Mr. Maduro’s rule unionize. merely moves between two John Hersey’s profile of six survivors of
making markets in cyber- might seem invincible, but he Paging Bernie Sanders. bank accounts, the banks have the A-bomb blast, published 74 years ago
space, Venezuelans no longer is in a constant game of The regime also took a hit no knowledge of transactions
need permission from the cen- Whac-A-Mole against the this month when the U.S. related to Airtm. today, has lost none of its horrific power.
tral bank to buy dollars, and Venezuelan people. Recently seized the cargo of four Libe- If agents are uncovered,
they are not forced to accept he has chalked up a few sig- rian-flagged tankers carrying state reprisals are a risk. But
the government’s overvalued nificant losses. gasoline from Iran to Venezu- even in the worst of circum- After authorities granted him 14 days in Hiroshima to inter-
price of the bolivar when buy- One development that flew ela. It was the first time the stances underground markets view hibakusha—Japanese for “atomic bomb-affected people”—
ing. As the cyberspace market under the international radar U.S. had successfully denied innovate and flourish and I Hersey sought out six linked protagonists for his story. Early on,
has blossomed, the regime has this summer was the decision passage of gasoline to Vene- expect Venezuelans will find he found a German Jesuit priest who was 1,400 yards from
had to abandon its pegged ex- by the hard-left Nation for zuela. Five Iranian tankers in ways to circumvent regula- ground zero when the “noiseless flash” went off; he somehow
change rate. All party (PPT) to break with the original flotilla presum- tors. As use spreads, includ- managed to get to nearby Asano Park, where he comforted
Worse for Mr. Maduro is Mr. Maduro. When the PPT, ably got through but the sei- ing among merchants, sheer many survivors, some with the flesh melting off their bodies.
that, according to Venezuelan which had a close bond with zure may make non-Iranian numbers are likely to over- The priest led Hersey to a Japanese Protestant minister, the
Interim President Juan the late Hugo Chávez, re- merchant vessels think twice whelm enforcers. In a nation Charon of Hiroshima, who had ferried victims across the river
Guaidó, the U.S. Treasury has fused to accept the slate of about violating U.S. sanctions hungry for dollars, the incen- to the park by poling a boat he found on the shore.
agreed to use Airtm to dis- regime-approved candidates against Tehran. If so, supplies tives are gigantic. Hersey also interviewed two doctors, one the sole surviving
tribute Venezuelan assets for the December legislative to its South American ally Write to O’[email protected] physician at the 600-bed Red Cross hospital besieged by
10,000 walking wounded after the blast, the other a Japanese
humanitarian who had donated medical supplies to the Jesuit

New York’s AG Lays a Rotten Egg mission, which the priest and others used to bandage their
wounds. One of the two women Hersey chose, the widow of a
draftee killed in action, had desperately dug her three children
By Richard J. Sexton New York Attorney General Le- substitution of grocery pur- like Walmart and Kroger. The out alive from the wreckage of their home. The other, the
And Daniel A. Sumner titia James alleged the egg chases and home cooking in smaller stores that serve young woman Hersey wrote of in the first sentence of his

A
producer had “exploited hard- place of restaurant dining and mostly low-income neighbor- story, was buried under a mountain of books in her office.
bright spot during the working New Yorkers to line commercial food services hoods would get none. And Upon Hersey’s return to New York, Ross, Shawn and the
pandemic has been the its own pockets” and “made when governments shut down without a monetary incentive author locked themselves in Ross’s shabby office for secret
resilience of the food millions by cheating our most much of the economy. Ameri- for suppliers to increase the marathon editing sessions. The finished piece was cleared by
supply, which kept staples on vulnerable communities and cans typically spend nearly number of hens, those shelves Gen. Leslie Groves, the military’s atom czar—and one of Ms.
shelves. But now state attor- our service members.” half of their food dollars on would have stayed empty. Blume’s prime cover-up culprits. Still, Ross fretted that
neys general in New York, Never mind that the relative meals away from home. Con- Out-of-state egg suppliers advertisers would be enraged by being included in the
Texas and West Virginia are price increases observed in New sumers also rushed to stock- could have avoided Ms. James’ “Hiroshima” issue and that squeamish readers would cancel
taking aim at farmers—and the York, Texas and West Virginia pile eggs. wrath and her lawsuit by ship- their subscriptions. Like any anxious editor, Shawn sent an
market forces—that helped were modest compared with As much as farmers wished ping their eggs to states with- underling to Grand Central Terminal on publication day to see
keep eggs on Americans’ the national average increase. for more eggs, it takes several out price-gouging laws or with how the magazine was selling. He needn’t have worried.
plates. weeks to expand the number less reckless prosecutors. New For all the virtues of her narrative, Ms. Blume is guilty of the
What did the farmers do to of laying hens. The slight sup- York consumers would have historian’s sin of “presentism”—judging the actions of the past
run allegedly afoul of the law? A lawsuit accuses ply increase that did occur re- been left with even more by the standards of today. Some may consider any use of
They responded to an unprece- farmers of price gouging sulted from repurposing eggs empty shelves. Farmers have nuclear weapons immoral, but ending the war without invading
dented increase in demand for from food processing and food now likely learned which Japan was a compelling option for Truman and his military,
retail groceries, including during the pandemic. service to retail markets. By states to avoid in the unfortu- whose first responsibility was the preservation of American
eggs, by selling eggs at pre- late-April egg suppliers had nate event of a future national lives. Imagine the furor that would have erupted if—after
vailing market prices, which time to expand and, though emergency. hundreds of thousands of Allied and Japanese troops (and
rose in New York from about The U.S. Agricultural Marketing demand remained high, prices Attorney General James al- countless Japanese civilians) had been killed and maimed in an
$1 for a dozen large eggs from Service reports that the average in New York and nationally re- leges an overcharge of $4 mil- invasion—it were revealed that the U.S. had a secret weapon that
January through early March wholesale price of large white turned to pre-pandemic levels. lion by Hillandale, which could have ended World War II in a week but refused to use it.
to about $3 on April 1. During eggs rose from about 60 cents Would suppliers have re- amounts to about 20 cents per What’s more, Japan was notorious for the savagery of its
normal times, our economy re- per dozen in January through sponded so readily if eggs had New Yorker. Doesn’t she have troops during the war. The Nazi Holocaust was genocide, not a
lies on price adjustments to early March (about the same continued to trade for around better uses of her time and military tactic. Suppressing word of the enduring radiation
avoid shortages. price as last year) to more than a buck a dozen? Not likely. New York taxpayer resources? hazard from nuclear weapons can be decried. Still, actions
In pandemic times, opportu- $2.50 at the beginning of April, If the state AGs had their taken in wartime or its immediate aftermath ought not to be
nistic politicians call these ad- a fourfold increase. way, sellers would have had to Messrs. Sexton and Sumner judged only by peacetime standards.
justments “price gouging.” In That price jump reflected a ration their supplies. Goods are professors of agricultural
announcing her lawsuit against limited supply of eggs suitable would have likely gone to the economics at the University of Mr. Kosner is the former editor of Newsweek, New York
Ohio-based Hillandale Farms, for retail stores and a sudden biggest and best customers— California, Davis. magazine, Esquire and the New York Daily News.
A16 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Portland Clashes Paper Towels and Manufacturing Philosophy

T
he violent protests of the last three the Kenosha riots and the GOP convention, I am encouraged by the shift in For argument’s sake, assume the
months in Portland, Ore., escalated this has become a political liability. So they’re mindset expressed by Kellogg CEO number of consumers remains the
Steve Cahillane and others in the same and each of these consumers,
on Saturday night into a right-left pivoting to blame Mr. Trump and claim that
Aug. 22 Exchange article about the fearful of running out of a good, in-
confrontation that resulted “his America” is causing it. detriment of lean manufacturing creases their purchases by 30%. The
in one man shot dead in the Trump should tell his As if Trump supporters be- techniques to pandemic readiness rate of usage may have nudged up a
streets. This is what hap-
pens when political leaders
supporters to stay away long to Antifa and dominate
U.S. cities.
(“The Covid Storm: Why Aren’t bit, but not to the extent that war-
There Enough Paper Towels?”). rants this level of forward purchas-
fail to perform the most ba- from Antifa protests. As he often does, however, Converting this talk into lasting, ing. Now imagine thousands of sup-
sic responsibility of govern- Mr. Trump took the bait and meaningful change across U.S. indus- ply-chain systems and managers
ment to protect innocent fired off tweets that CNN and tries won’t be easy, however. Busi- seeing this rise in demand and in-
lives and property. Democrats spun as incitement. “The big back- ness leaders must implement mea- creasing order size and frequency to
The main failure here lies with Portland lash going on in Portland cannot be unex- sures of operational resilience, distributors or manufacturers di-
Mayor Ted Wheeler and Gov. Kate Brown, who pected after 95 days of watching and incom- embrace them, and hold themselves rectly. The result: The multiplication
accountable to them long after this effect on the demand side creates a
have consistently indulged the rioters. Every petent Mayor admit that he has no idea what
period of uncertainty and peril sub- bubble, resulting in a seller’s market.
night for more than 90 days, Black Lives Mat- he is doing. The people of Portland won’t put sides. Otherwise, a regression to In this scenario, witnessed several
ter and Antifa protesters have demonstrated up with no safety any longer. The Mayor is overly optimized practices is inevita- times in the past, this bubble out-
in Portland. Many are peaceful, but a hard core a FOOL. Bring in the National Guard!” he ble, leaving us once again unpre- strips capacity and shortages occur.
have repeatedly attacked police and burned tweeted. pared for significant threats to our Lean practices are part of the solu-
buildings. He’s right about the National Guard, but Mr. economy, public health and safety. tion set to improve responses to
When President Trump sent federal law en- Trump would help Portland and his own politi- Tempering lean or just-in-time changing customer demands.
forcement agents to Portland this summer to cal cause more if he called for calm on all sides. principles sounds prudent now, but to JAMES DRENNEN
protect federal buildings, the mayor and Gov- That includes his supporters who rolled into give that concept permanence, espe- Minneapolis
ernor blamed Mr. Trump for the violent Portland for a counter-protest on Saturday. Ac- cially in boardrooms and shareholder
clashes. But when federal agents stood down, cording to news reports, the man who was calls, a new paradigm of business op- It is true that Toyota’s lean manu-
timization must emerge, one in which facturing system strives to reduce
the violence continued against Portland police killed in the streets was wearing a hat for “Pa- profitability and resilience are equal inventory and waste to improve effi-
and property. On Friday Mr. Wheeler issued an triot Prayer,” the right-wing group that some- priorities, each deserving of measure- ciency and profits. It is also true
open letter rejecting Mr. Trump’s latest offer times clashes with Antifa. ment and monitoring, and supported that Toyota’s system strives to
of federal help to restore order. Mr. Trump should tell his supporters to stay by investment. From storage and achieve a stable and predictable pro-
“We don’t need your politics of division and away from Portland, Kenosha, Wis., and other maintenance of stock reserves to ana- cess. The Covid-19 pandemic de-
demagoguery. Portlanders are onto you. We cities where rioters reign. Democrats and Mr. lytic capabilities that can detect sup- stroyed stability and predictability,
have already seen your reckless disregard for Trump’s media opponents will take any open- ply-chain vulnerabilities, businesses which unfortunately caused a tempo-
human life in your bumbling response to the ing they can to make alleged vigilantism the will incur costs to make resiliency a rary paper-towel supply shortage.
COVID pandemic. And we know you’ve reached story rather than the failure of progressive reality. Metrics are needed urgently The Toyota Production System
the conclusion that images of violence or van- Democratic governance. to demonstrate the value of these in- works. If you have any doubts, check
vestments, in good times and bad. Toyota’s historic bottom line over
dalism are your only ticket to reelection,” Mr. The President can continue to offer local of-
BRUCE KAPLAN the years.
Wheeler wrote. ficials federal help if they want it. And he Tysons, Va. Unfortunately, we forget about the
Yet his city is the one burning and where should offer sympathy for the people of Port- millions of dollars of improved prof-
someone has now been killed. Mr. Wheeler, land, Kenosha and other violent cities who have The root cause of shortages isn’t its that come from the system every
Gov. Brown and state lawmakers have ham- been let down by state and local leaders. the result of lean practices, where time there is a short-term break-
strung police by limiting anti-riot tactics. At Vigilantism isn’t the cause of the current fast responses to customer demands down in stability. Toyota would
a Sunday press conference the Portland police urban violence, but it could become one result drive waste out of the process. The rather manage these blips than in-
chief said his department lacked the resources of the failure to control violence. Americans root cause of out-of-stock items is vest millions of dollars in unneces-
to separate the fighting factions, but the feck- have watched for weeks as rioters burned and more likely the multiplier effect in sary facilities. We should follow Toy-
less Mr. Wheeler offered little more than a plea looted businesses that people spent a lifetime customer demand and the reactions ota’s example.
against violence and rhetoric about reform to building. Yet mayors like Ted Wheeler have to this increased demand in the sup- ED KEMMERLING
ply chain. Brighton, Mich.
address racial injustice. let it happen. Inevitably, average citizens will
That hasn’t stopped Democrats from blam- move to defend themselves if elected officials
ing Mr. Trump for the violence, as they did all won’t protect them. The proper place to do
day Sunday. Democrats spent their convention that is at the ballot box, however, not in the
never mentioning the urban violence, but after streets with guns.
The Joe Biden We Know Should Do Very Well
Your editorial “The Joe Biden We change are negligible goals that
Know” (Aug. 21) suggests that Vice don’t help the working man is to
A Good Hurricane Response President Joe Biden lacks strong,
consistent policy views. But he’s al-
not understand that a more just
and safer society benefits everyone,

P
resident Trump on Saturday visited areas dead, most due to carbon monoxide poisoning ways been pro-worker. He and the including the working man.
in southwest Louisiana and Texas rav- from unsafe generators. Katrina killed 1,836. Democrats are actively pushing an JULIAN KLAZKIN
agenda for workers. Are a better Bethesda, Md.
aged by Hurricane Laura, which also The Federal Emergency Management Agency health-care system and fairer taxa-
marked the 15th anniversary of has been on the ground work- tion intended for some other group Much of what you are critiquing
Hurricane Katrina. While the Laura was a killer storm ing with the Red Cross and Sal- of voters? Only the Democrats of- about Mr. Biden applies equally well
destruction was grim, there but governments seem to vation Army to provide shelter fered a comprehensive health-care to President Trump. I thought it was
were many fewer human casu- and food for displaced resi- system, known as ObamaCare. telling that on the same day as your
alties than expected thanks to have coordinated well. dents, doing search-and-res- Flawed as it may be, it gave 20 mil- editorial and since, scores of promi-
effective government prepara- cue, and surveying the damage. lion more workers a health-care nent and well-respected Republicans
tion and response. Indiana has also deployed a plan they never previously had. The advertised that they would be vot-
Laura struck the Gulf Coast on Thursday as search-and-rescue team. Government at all levels Democrats wanted to improve it, ing for Joe Biden, concluding that
a Category 4 storm and the strongest hurricane seems to have worked effectively, which is proba- but Republicans did everything they Donald Trump was unfit for the of-
could to kill it, and replace it with fice. This is on the heels of a steady
to hit Louisiana in 150 years. Densely populated bly why the press has been more interested in
nothing. Add to that a flawed tax- stream of thoughtful and principled
areas were spared the storm’s brunt. But Texas baiting the President with questions about the reform system the Republicans es- conservatives ranging from George
and Louisiana had prepared for a bigger hit, re- NBA protests. tablished a few years ago that Will to Gen. Jim Mattis who have
questing federal emergency declarations sev- Oh, and climate change. President Trump largely benefited the rich, not the warned us all about the lack of char-
eral days before and mobilizing the National rightly replied that “we’ve had tremendous working man. acter and leadership our current
Guard. storms in Texas for many decades and for many That being said, making the president continues to demonstrate.
Governors also issued mandatory evacuation centuries and that’s the way it is” and “we han- country safer for workers and em- Your cautions about Joe Biden
orders for some half a million residents in high- dle them as they come.” Banishing fossil fuels ployers with a comprehensive im- might well prove true if he is
risk areas. Texas marshaled 400 buses equipped won’t prevent powerful storms or wildfires. migration system is something that elected. But this is one independent
with face masks and disinfectants to assist with Governments can do more to gird their infra- would benefit all. Such a system voter who will take his chances and
the evacuation. People were encouraged to stay structure, elevate homes and toughen building was championed by the late John vote for the Joe Biden you say you
McCain, but stymied in the House know over the President Trump I
in hotels, though shelters provided protective codes as Louisiana has over the past 15 years.
by Speaker John Boehner. To sug- definitely know.
equipment and virus tests. Congress could also reform federal flood insur- gest that striving for racial justice DAVID BEALS
Most people appear to have complied with ance so homeowners aren’t encouraged to re- and paying attention to climate Glenview, Ill.
evacuation orders, which has helped minimize build in high-risk areas. But green energy won’t
deaths. As of Sunday morning 16 were reported control the winds or tides.
Counting the Cost of U.K., U.S. Lockdowns
California’s Radical Indoctrination Regarding your editorial “Count-
ing the Cost of Britain’s Lock-
The National Child Mortality Da-
tabase in the U.K. shows an in-

C
onservatives and fair-minded liberals are ples of systems of power, which can include eco- down” (Aug. 22): Nothing speaks crease in child suicides in the early
alarmed that high schools are drawing up nomic systems like capitalism and social sys- to the dysfunction in American weeks of the U.K. lockdown. During
health care more to me than the lockdown, domestic-abuse hotline
plans to teach the “1619 project,” the New tems like patriarchy.” Students can then be fact that, during a world-wide pan- calls were up over 60% in the U.K.
York Times’ revisionist ac- taught “the four ‘I’s of oppres- demic, doctors and nurses in the According to Dame Vera Baird, vic-
count of race and the American A bill would establish a sion”—ideological, institu- U.S. were furloughed, some perma- tims’ commissioner in the U.K., do-
founding, in history classes.
The reality is turning out to be
K-12 curriculum in the tional, interpersonal and in-
ternalized.
nently. In my lifetime the practice mestic-abuse murders of women in-
of medicine has gone from a call- creased significantly, possibly
worse. The largest state in the ‘four I’s of oppression.’ The state guidance includes ing to a business, and now to an doubled, during lockdown. Drug
union is poised to become one more than 200 pages of ap- industry. As in education, I believe abuse and alcoholism are up. Let’s
of the first to mandate ethnic proved course outlines. Some choice in medical care promises be clear, all of this added death
studies for all high-school students, and the of these seem to mandate student political ac- the best for you and your family. isn’t due to Covid-19. The destruc-
model curriculum makes the radical “1619 proj- tivities, potentially raising First Amendment How much choice will there be in tion of the world economy, and
the Democrats’ Medicare for All? with it millions of lives, was caused
ect” look moderate and balanced. concerns. “Students acquire tools to become
MARK GREGORY, M.D. by incorrect information from
Last year California’s Assembly passed its positive actors in their communities to address St. Louis China and then misinterpretation
ethnic-studies bill known as AB 331 by a 63-8 a contemporary issue and present findings in of data, leading to an unnecessary
vote. Then the state department of education a public forum,” says one outline. Among the response to the virus. In much of
put forward a model curriculum so extreme and approved topics: “Racism, LGBTQ rights, immi- It’s Hard for Office Workers the U.S. excess mortality is now al-
ethnocentric that the state Senate’s Democratic gration rights, access to quality health care, in- most back to the pre-Covid base-
supermajority balked. The curriculum said come inequality,” and so on. What about the With Kids Taught Remotely line.
among other things that “within Ethnic Studies, fifth “I” of indoctrination? Regarding Jeff T. Blau’s “It’s Time MICHAEL P. CARTER, M.D.
scholars are often very critical of the system of It’s not a coincidence that many radical left to Open New York’s Offices” (op-ed, Blue Ridge, Ga.
capitalism as research has shown that Native movements are infused with anti-Semitism. Aug. 26): I am one of the New York
people and people of color are disproportion- They posit theories of control by shadowy capi- City office workers who have worked
ately exploited within the system.” talist groups that often echo anti-Semitic con- from home during the pandemic. Mr. Pepper ...
Blau exhorts us to “get back to the of-
The bill was put on ice, but protests and riots spiracy theories. One course outline tips its hat fice,” and I can see his point of view.
And Salt
in recent months gave Sacramento’s mavens of at this. “Students will write a paper detailing But many of us are parents of chil- THE WALL STREET JOURNAL
racial division more leverage. The education de- certain events in American history,” it says, dren who will be learning remotely
partment delivered a new draft model curricu- “that have led to Jewish and Irish Americans this school year. I guess Mr. Blau ex-
lum this month, and AB 331 has been revived. It gaining racial privilege.” pects us to bring our children into the
passed a Senate committee Aug. 20 and is ex- This is ugly stuff, a force-feeding to teenag- office with us? Or does he expect us
pected to go before the full body soon. If Gov. ers of the anti-liberal theories that have been to leave them at home to fend for
Gavin Newsom signs it, the legislation would re- percolating in campus critical studies depart- themselves? Talk about “kidding.”
quire all school districts to offer a semester-long ments for decades. Enforced identity politics KATIE MCGONIGLE
ethnic studies class starting in 2025. and “intersectionality” are on their way to re- Midland Park, N.J.
The model curriculum now on the education placing civic nationalism as America’s creed.
Letters intended for publication
department’s website says the course should Liberals who consider themselves moderate and should be emailed to [email protected].
“build new possibilities for post-imperial life don’t understand the sense of urgency and as- Please include your city, state and
that promotes collective narratives of transfor- sault felt by so many Americans ought to read telephone number. All letters are sub-
mative resistance.” Yes, this is a course for K-12 this curriculum. And responsible statesmen in ject to editing, and unpublished letters
cannot be acknowledged.
students. It suggests teachers provide “exam- Sacramento ought to stop it. “And what’s your domain name?”
THE WALL STREET JOURNAL. Monday, August 31, 2020 | A17

OPINION

Free Speech Absolutism Killed Free Speech

By Tony Woodlief we could cultivate thoughtful citi- erybody should be allowed to ex-

C
zens by exposing them to a bazaar press his views, but that doesn’t re-
onservatives calling for of competing ideas and ideologies, quire us to empower and elevate
more free speech as a way we ironically encouraged the decline people who would afford themselves
to push back against cam- of truth-seeking itself. As the politi- the right to speak and take it from
pus cancel culture are try- cal theorist Willmoore Kendall pre- everybody else.
ing to repair the stable dicted in the 1950s, a community How can we hold anti-free-speech
when the horses bolted long ago. It that treats every idea as ultimately ideologues accountable? While fed-
may seem reasonable to think aca- refutable will eventually conclude eral courts properly protect the
demic diversity and open debate can that no real truth exists. And once rights of professors to associate
counter progressive groupthink, but that happens, he reasoned, a for- with unpopular organizations and
the intolerance prevailing on college merly “open society” will “overnight disseminate radical views to the
campuses isn’t the result of too lit- become the most intolerant of pos- broader public, they’ve also made
tle speech. It’s a consequence of too sible societies and, above all, one in clear that the classroom is not a
much speech. which the pursuit of truth . . . can fiefdom and students are not a
Older conceptions of free speech only come to a halt.” teacher’s ideological playthings. The
are present in texts stretching back When no dogma can finally be judicial system typically obliges in-
to Plato, but the modern form of the put to rest, it becomes easier—al- stitutions to uphold their own stan-
idea is the creation of John Stuart most obligatory—to do whatever we dards, and the stated standards of

CHAD CROWE
Mill. In “On Liberty” he posited a like. Ideas are evaluated, not based universities are solidly in favor of
kind of reverse Gresham’s Law of on their reasonableness or coher- free speech.
ideas: Good ideas, he argued, inevi- ence, but by how much they tickle The American Association of Uni-
tably drive out the bad ones in the the ears of the in-crowd. Harder versity Professors, in its Statement
court of educated opinion. truths become offensive. The only was widely considered obscene then and administrative perches to per- of Professional Ethics, makes clear
intolerable citizen, in such a regime, is less so now. Such is the way of suade the young that freedom is a that educators are to “practice intel-
is the one whose belief in truth things when no idea is beyond the fiction. These ideologues have a lectual honesty,” “encourage the free
An unthinking belief in the compels him to attack beliefs he be- pale; we abandon the firm ground chokehold on our universities and pursuit of learning in their stu-
lieves to be false even if his attacks necessary to call evil by its rightful many other institutions. They have dents,” and “respect and defend the
equality of all ideas has led disturb the equanimity of the estab- name. This is why ideas inimical to no interest in the principle of free free inquiry” of fellow academics.
to cancel culture and the lishment. His criticism becomes too free speech—Marxism and its iden- speech, and we’re wasting time try- Furthermore, as citizens, scholars
hurtful—even a form of “violence.” titarian offshoots—receive perenni- ing to get them to abide by it. have “a particular obligation to pro-
persecution of heretics. For the safety of the community, he ally fresh hearings under various Consider how even the University mote conditions of free inquiry.”
must be cast out. guises in departments ranging from of Chicago—birthplace of the 2014 University administrators may not
I once worked at a university that gender studies to philosophy to “Chicago principles,” affirming the have the courage to hold their insti-
Mill believed we are better off giv- hired a scholar with widely pub- English. Adherents of these ideolo- importance of open debate—has tutions to these standards, but
ing a platform to the “heretic”—his lished opinions on bioethics. During gies have no problem denying bowed to anti-free-speech fervor. there’s no reason courts won’t.
term—for two reasons. First, he an introductory lunch, a faculty speech to their opponents. Our com- Two years ago, the university that These standards should be rigor-
might be right. Second, even if he is member took issue with his position mitment to granting every idea once famously extended free speech ously applied to every university in-
wrong, the exercise of combating his against human cloning, in particular space to bloom has ironically to an actual Nazi allowed radical structor on the left and right. Anti-
bad opinion strengthens society’s ca- his concern that bereaved spouses yielded speech codes, safe zones faculty members to obstruct Steve free speech academics may sue, but
pacity for reason and healthy argu- might one day clone their lost part- and purges of independent-minded Bannon from speaking on campus, let’s get on with it. While professors
ment. The heretic should never be ners and bring up the replacements, scholars. Now this illiberalism is claiming his words were dangerous have academic freedom as research-
pressured out of the public square, raising the specter of incest. boiling over from campuses into the to students. ers, they have clear duties as educa-
Mill argued, no matter how many “What’s wrong with incest?” this streets of Portland and other uni- The solution is not to issue more tors. To save free speech in our
times his views have been refuted in faculty member asked. “I can’t be- versity-heavy cities. bromides about the importance of broader society, it’s imperative that
the past. In the spirit of open inquiry, lieve,” our new scholar replied, “I We’re seeing free speech driven free speech. It’s to take the principle we demand its more responsible ex-
everyone should have a voice. have to explain to an educated adult from campuses, in other words, be- itself more seriously. Mill believed ercise in our classrooms.
Mill’s free-speech absolutism has what’s wrong with incest.” cause our unthinking commitment heretics should be heard, not put in
been a guiding light for universities He didn’t last long in the job. to it has kept us from constraining charge of classrooms and permitted Mr. Woodlief is founder of Inten-
for many decades. But in imagining That was 20 years ago, and what radicals who use their classrooms to create despotic speech codes. Ev- tionalFathering.com.

How to Stop Iran From Terrorizing Dissidents Abroad

By Cameron Khansarinia in Western countries are understand- When Ali Khamenei became su- tion gathering. And late last year a siding over the gunmen’s trial con-
And Kaveh Shahrooz ably alarmed by this apparent uptick preme leader in 1989, an entity under former defense ministry cybersecu- cluded that top regime officials on

J
in kidnappings and hope that their his direct authority known as the rity expert who had escaped to Istan- the committee for special operations
amshid Sharmahd, a California- adopted democratic homes will pro- special affairs committee began to bul was shot dead. in Tehran had ordered the killings.
based Iranian opposition activ- tect them. But safeguarding these recommend individual assassinations. Iranian journalists working at for- Almost immediately, European
ist, disappeared in late July dissidents will require world leaders The victims included former Prime eign-based news outlets have faced Union member nations withdrew
while traveling to a technology con- to stop thinking of such incidents as Minister Shahpour Bakhtiar, suffo- repeated threats on their lives and their ambassadors to Iran and cut off
ference in India by way of Dubai. Mr. isolated crimes, and instead confront cated and stabbed to death in Paris in those of their families living inside diplomatic ties. Although the rebuke
Sharmahd’s family tracked his move- them as state-sanctioned intimida- August 1991, and outspoken singer Iran. Other outspoken activists have was temporary, the regime recoiled
ments using mobile phone data to a tion policy. and activist Fereydoun Farrokhzad, reported that regime officials have and there was a long lull in its assas-
remote region of neighboring Oman Iran’s leaders have been hunting approached family members in Iran to sination campaign.
before he dropped off the map. Days and killing their opponents since the lure them to nearby countries where Western governments will only be
later, he appeared blindfolded on Ira- Islamic Republic was established in Western countries need to they can be more easily abducted. able to protect dissidents, often full
nian state television as a result of 1979. During a reign of terror in the Many of the assassins and their citizens of their adopted countries,
what the Islamic Republic termed a early 1980s the regime executed take Tehran’s murderous collaborators are closely allied with by forcing Iran’s leaders to pay for
“complex operation” by “anonymous thousands, including former mem- campaign seriously and the regime’s so-called moderates. Ac- their crimes. Toothless statements
soldiers.” bers of the Iranian parliament, lead- tivists, dissidents and opposition won’t be enough. As long as Iranian
More frightening than the appar- ers of the country’s Jewish commu- hold officials accountable. leaders living in exile represent a officials can freely roam European
ent kidnapping of the U.S.-based dis- nity, and Iran’s first female minister. mounting threat to the regime as it capitals, they will know there is no
sident is the fate that likely awaits When dissidents fled into exile, gov- faces financial pressure and political price to pay for killing dissidents—
him. This summer Tehran sentenced ernment assassins followed. stabbed repeatedly in Bonn, Germany unrest at home. In response, Tehran and Iranians abroad like Mr. Shar-
to death another kidnapped oppo- On direct orders from the regime, in August 1992. The next month, sev- has turned again to a strategy of kid- mahd will continue to live in fear of
nent, who had been living as a refu- Cpt. Shahriar Shafiq and Gen. Ali eral Kurdish dissidents were gunned napping and killing. the assassin’s bullet and the kidnap-
gee in France. And in recent weeks a Gholam Oveissi, former imperial mili- down at Berlin’s Mykonos restaurant. Experience shows that Tehran is per’s trap.
prominent Iranian women’s rights tary officers who were leading active This vast, coordinated campaign only willing to halt its extraterritorial
activist based in the U.S. revealed opposition groups, were assassinated continues today. In 2017 the head of thuggery when the costs of its ac- Mr. Khansarinia is policy director
that her family had been pressured in Paris in 1979 and 1984, respec- a popular television station that tions outweigh the benefits. After the for the Washington-based National
to invite her to a get-together in tively. The former Iranian embassy beamed banned content into Iran was Mykonos restaurant bloodbath, Ger- Union for Democracy in Iran. Mr.
neighboring Turkey so she could be press attaché was shot and killed in assassinated in an Istanbul street. In many’s chief federal prosecutor im- Shahrooz is a lawyer and a senior fel-
abducted. the doorway of his Bethesda, Md., 2018 French police foiled an at- plicated Iran’s ministry of intelligence low at the Ottawa-based Macdonald-
Iranian democracy activists living home in July 1980. tempted bombing of a large opposi- in the crime. In 1997, the judge pre- Laurier Institute.

Sweden Shouldn’t Be America’s Pandemic Model

By Scott Gottlieb means continued universal masking, cohort and then seeped into an older population while taking steps to pro- North Carolina. And Sweden is far

T
social distancing, and diagnosing population. A wedding in Maine tect the elderly. The Swedish view short of herd immunity, even as the
he Trump administration’s and tracing of individual cases. caused an outbreak that spread to a was that the country could reach country’s economic recovery ranks
Covid response seems increas- While age appears to be the stron- rehabilitation center and a jail. It is herd immunity without jeopardizing among the worst in its region. A
ingly to reflect a policy prefer- gest predictor of death and severe neither possible nor desirable to lock the economy. But holding up Sweden May survey of Swedish exposure to
ence among some conservatives: disease, other risks like diabetes and away the elderly and people with un- as an enlightened model misreads coronavirus found that 6.7% of those
Protect the elderly and let others try obesity correlate with bad outcomes. derlying health conditions. important parts of its experience. aged 20 to 64 had evidence of past
to get on with their lives. This think- About 10% of Americans have diabe- Yet this week proponents of the infection, along with 4.7% of those
ing assumes that herd immunity will tes, and 40% are considered obese. let-it-rip policy hailed a rewrite of younger than 19 and 2.7% of those 65
slow the pandemic if more younger Young people can fall seriously ill. Centers for Disease Control and Pre- The Swedes aren’t close to and older. Stockholm, the country’s
people are infected. Many features About 40% of hospitalizations in vention guidelines that appears to single large population center, also
of federal policy seem to be follow- Sunbelt states in the last week of discourage testing asymptomatic reaching herd immunity. has a much lower density than most
ing this philosophy. June were in people ages 18 to 49. people who have been exposed to We need to continue to American cities. That reduces Swe-
It’s important to protect the old Then there are those who survive but the virus. The new guidance, what- den’s risk of continued epidemic
and the vulnerable, who are at the don’t fully recover. There’s growing ever its intent, will discourage com- contain the virus spread. spread.
highest risk of severe illness and bad evidence that the virus can damage munities from testing the young and Yet embrace of the “Swedish
outcomes. But like most issues of the heart and cause dangerous auto- the healthy. This will make it more model” is based on assumptions that
medicine, it isn’t a binary choice. immune and inflammatory condi- difficult to track and trace cases. Many Swedes pulled back from sidestep some of these facts. The
Given the uncertainties of how this tions, including in children. Proponents point to Sweden as a normal activities to shelter them- biggest misconception is a belief that
virus spreads and its high risk of in- Covid spreads too easily to think successful model of this approach. selves from infection anyway, even there’s a large reservoir of Ameri-
firmities, it would be unwise to it can be confined to the young. The Swedish government officials ini- younger and middle-aged people. cans who are already immune to
abandon efforts to limit Covid summer epidemics in Sunbelt states tially sought to let the virus run The country experienced 5,821 Covid Covid. This view is based on the fact
spread wherever possible. That initially affected mainly a younger largely unchallenged in the general deaths in a population the size of that as many as 50% of people have
immune cells, called T-cells, that de-
velop in response to other seasonal

Notable & Quotable: Sports

coronaviruses and which have been
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY shown to counter the Covid virus in
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
petri-dish tests. Yet the science here
Matt Murray Almar Latour
Steven Malanga writing at City sports figures. With their entourages, is preliminary, and this lab finding
Editor in Chief Chief Executive Officer and Publisher Journal, Aug. 28: security forces, and legions of adoring may not have any bearing on the
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: social media followers, they live in a pandemic’s dynamics.
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; With their boycott of games earlier kind of bubble . . . The players have Confronting a dangerous pan-
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer;
this week to protest the police shoot- become more dogmatic, more certain demic requires containing spread
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; ing of Jacob Blake in Kenosha, Wis- of the righteousness of their approach wherever it is reasonably possible.
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer consin, athletes in the National Bas- to the issues, and more dismissive of Sensible measures such as universal
Features & Special Projects; Andrew Dowell, Asia;
Anthony Galloway, Video & Audio; Brent Jones, OPERATING EXECUTIVES: ketball Association and Major League those who don’t agree with them. On masking, testing and widespread and
Culture, Training & Outreach; Alex Martin, Print & Jason P. Conti, General Counsel; Baseball have crossed a bridge that social media and in polls, they get rapid contact tracing can help. The
Writing; Michael W. Miller, Features & Weekend; Tracy Corrigan, Chief Strategy Officer; they may find difficult to return from. some support for their activism—but best way to protect the vulnerable is
Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer;
Though professional athletes have be- it’s also clear that they’re leaving to try to protect everyone.
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; come increasingly politicized since plenty of other people behind.
Gerard Baker, Editor at Large
Thomas San Filippo, Customer Service; former San Francisco 49ers quarter- Sports leagues and teams never Dr. Gottlieb is a resident fellow at
Josh Stinchcomb, Advertising Sales; back Colin Kaepernick began his “Star had to deal with political partisanship the American Enterprise Institute
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Spangled Banner” protests in 2016, as a filter for attracting fans. Up until and was commissioner of the Food
the widespread cancellation of games, recently, sports united people of dif- and Drug Administration, 2017-19.
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; including NBA playoff contests, is ferent political persuasions. Now, we He serves on the boards of health-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head unprecedented. . . . have whole leagues embracing ques- care companies involved in the
EDITORIAL AND CORPORATE HEADQUARTERS: Modern professional athletes are tionable political messages designed Covid-19 response and is a partner
1211 Avenue of the Americas, New York, N.Y., 10036 wealthier—staggeringly so—and more to offend and alienate large segments at the venture-capital firm New En-
Telephone 1-800-DOWJONES
popular than previous generations of of the target audience. terprise Associates.
A18 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

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McDonald’s Inquiry Turns to HR United

Change
Executive says portedly making women at the ing an anonymous tip that the McDonald’s global chief people tiated his severance.
department head who
was dismissed made
company feel uncomfortable
on numerous occasions at
business events, McDonald’s
company said led to evidence
that he had sexual relation-
ships with three other
officer in April, said in re-
sponse to a question about Mr.
Fairhurst’s dismissal during the
McDonald’s said last week
that its continuing investiga-
tion into Mr. Easterbrook’s
Fees to Be
women feel uneasy
current HR chief Heidi Capozzi
told employees during an on-
line meeting last week, notes
McDonald’s employees.
The company has said the
men’s dismissals weren’t con-
online meeting with employees
last week, according to the
notes reviewed by the Journal.
conduct is examining whether
he covered up improprieties
by other employees, including
Eliminated
BY HEATHER HADDON from which were reviewed by nected. The company declined Mr. Fairhurst didn’t respond personnel in the HR depart- BY DOUG CAMERON
The Wall Street Journal. The to comment on whether it is to requests for comment. “I ment led by Mr. Fairhurst.
McDonald’s Corp.’s former reason for Mr. Fairhurst’s ter- seeking to recoup severance have decided the time has come Messrs. Easterbrook and United Airlines said it is
head of human resources is mination hadn’t been previ- from Mr. Fairhurst. He said at for me to move on to my next Fairhurst started working to- permanently ending flight-
emerging as a focus of the ously disclosed by McDonald’s. the time of his departure that career challenge,” he wrote in a gether at McDonald’s in the change fees for most domestic
company’s investigation into Mr. Easterbrook was fired he was moving on to another LinkedIn post last fall. U.K. in 2005. tickets, the latest effort to
possible impropriety under last November after acknowl- career challenge. Mr. Easterbrook, whose at- Soon after Mr. Easterbrook boost demand in an air-travel
former Chief Executive Steve edging a consensual sexting “The actions taken by for- torneys didn’t respond to re- became CEO in 2015, he re- industry hit hard by the coro-
Easterbrook. relationship with an em- mer leadership aren’t represen- quests for comment, said in a cruited Mr. Fairhurst to Chi- navirus pandemic.
David Fairhurst, global ployee. McDonald’s in August tative of this company as a legal filing this month that the cago as head of HR. The Chicago-based United and
chief people officer under Mr. sued Mr. Easterbrook to re- whole, nor are they representa- company had information McDonald’s board approved other carriers have already ex-
Easterbrook, was fired for cover tens of millions of dol- tive of us as an HR team,” Ms. about his relationships with his appointment to the ex- tended temporary freezes on
cause last November after re- lars in severance after receiv- Capozzi, who became other employees when it nego- Please turn to page B2 change fees for domestic and
international travel. But the
sluggish rebound in passenger

Banks Have Lots of Cash, Little to Do With It

demand since April and con-
cerns that Covid-19 cases could
rise during the fall and winter
season have pushed airlines to
BY DAVID BENOIT U.S. banks’ industrywide net income Average net interest margin identify new competitive strat-
egies.
The coronavirus threw the $60 billion 3.8% United is the first U.S. car-
U.S. banking system into ex- rier to completely drop its do-
treme gyrations. mestic change fees. Alongside
The normally unexciting baggage charges, they have
quarterly industry report from long been a strong source of
the Federal Deposit Insurance 3.6 revenue and profit for airlines
Corp., released last week, and a key subject for criticism
showed in stark detail how the from passengers, consumer
pandemic is ensnaring banks groups and lawmakers.
big and small. 40 Ancillary fees have climbed
Profits tumbled as the 3.4 fivefold over the past decade
banks put aside billions for and accounted for about 15% of
loan losses. Margins hit an sales at U.S. carriers last year,
all-time low. Fee income hit a according to consulting firm
record high. Customers IdeaWorksCompany.
flooded banks with more de- Seat assignments and other
3.2
posits than they had ever extras have remained popular
seen, so much so that the na- 20 through the pandemic-driven
tion’s safety net for bank fail- travel downturn, according to
ures fell below a legal limit. low-cost specialists like Spirit
The banks, a gauge for the Airlines Inc. that rely heavily
broader economy, have sig- 3.0 on non-ticket revenue.
naled they anticipate a lon- Some lawmakers last spring
ger, deeper recession than called for change fees to be
they first expected in the curtailed or removed alto-
spring. gether as a condition for fed-
Though much of the econ- 0 2.8 eral aid to the industry, but
omy has held up relatively ’15 ’20 2008 ’10 ’15 ’20 carriers have opted for volun-
well, the banks say that gov- tary relaxation to lure back
ernment stimulus measures travelers.
and other reprieves have Southwest Airlines Co. al-
Loan-loss provisions Total deposits Banking revenue
likely only delayed the pain, ready doesn’t charge baggage
not overcome it. Many lenders $80 billion $15 trillion $200 billion or change fees, a longstanding
are bracing for a wave of de- policy it has used as a market-
faults. ing tool. Most other U.S. carri-
160
The turmoil has made it –20 60 ers have long charged change
Fee and other revenue
hard to see how banks will 10 fees ranging from $200 to
boost profits, one reason 120 $500 that can sometimes ex-
shares have failed to rally 40 ceed the original fare.
along with the market. 80 United Chief Executive Scott
“The banks have been 5 Net interest income Kirby on Sunday said the com-
flooded by cash and it’s hard 20 pany planned to start a new
40
to know what to do with it,” playbook to avoid mistakes—
said Brian Foran, an analyst at such as introducing extra
–40 0 0 0
Autonomous Research. “That charges—made in previous
narrative is not an attractive 2008 ’10 2008 ’10 ’15 ’20 2008 ’10 ’15 ’20 2008 ’10 ’15 ’20 downturns that upset passen-
investment story.” Note: Quarterly data gers. “Getting rid of this fee is
Please turn to page B9 Source: FDIC often the top request,” said Mr.
Kirby in a video message to
customers.

Firms Fail to Own Up to Advisers’ Past Misdeeds International sales and non-
refundable basic economy fares
aren’t included in the move,
which takes effect immediately.
BY JASON ZWEIG tors with a simple way of eval- high-profile effort to ensure level of transparency and com- sis showed. That is about 20% Parent United Airlines Hold-
AND ANDREA FULLER uating financial advisers by that financial advisers act in parability that the relationship of the roughly 6,200 firms in ings Inc. generated $625 million
asking and answering a hand- their clients’ best interest. summary will provide,” he the analysis that reported they from change and cancellation
In July, millions of Ameri- ful of basic questions about This followed a battle over the said last year. had no past blemishes. fees last year; analysts estimate
can investors received a new matters including fees, miscon- Labor Department’s effort un- Instead, the new forms, They include a firm that that around 55% related to do-
government-mandated form duct and conflicts of interest. der the Obama administration which firms had to file by state regulators found had mestic travel itineraries.
from their financial planners In a marketplace where ex- to craft a rule that placed a fi- June 30, often contradict lon- misrepresented and improp- U.S. airlines overall gener-
that required advisers to dis- isting disclosures were long duciary responsibility on many ger disclosures on the SEC erly disclosed fees, as well as ated $2.8 billion in revenue
close past misdeeds. But hun- and complex, investors have financial advisers. website, the Journal’s analysis firms where employees were Please turn to page B2
dreds of the firms didn’t tell often been victimized when In November 2018, SEC found. fined by regulators for alleg-
the full truth, a Wall Street brokers with a record of mis- Chairman Jay Clayton called At least 1,300 brokerage edly committing forgery, im-
Journal analysis has found.
The Securities and Ex-
change Commission finalized
behavior haven’t clearly re-
ported that history.
Called a “customer or client
the pending disclosure a “clear
and concise” document that
would help consumers decide
and financial-advisory firms
incorrectly stated on the new
document that neither they
personating customers or sell-
ing unsuitable investments.
Only about 1,800 firms—
INSIDE
the form last year at a maxi- relationship summary” or whether to work with an in- nor their financial profession- nearly one-quarter of the
mum of four pages. The aim Form CRS, the disclosure was vestment professional. “No ex- als had legal or disciplinary roughly 8,100 reviewed—dis-
ADAM HUNGER/REUTERS

was to provide ordinary inves- a linchpin of the agency’s isting disclosures provide the histories, the Journal’s analy- Please turn to page B9

‘Tenet’ Draws International Eyes,

But U.S. Box Office Is Lackluster RETAIL
Coupon-clipping
BY R.T. WATSON The studio, owned by AT&T side the U.S. this weekend.
Inc., expressed satisfaction While major theater chains
fades into history
As theaters in the U.S. with the opening. “We are off such as AMC Entertainment as Covid-19
groan back to life after being to a fantastic start interna- Holdings Inc., Cineworld speeds digital shift. B2
shut for more than five tionally,” said Toby Emmerich, Group PLC’s Regal Entertain-
months, Warner Bros.’ “Tenet” who heads Warner Bros.’ ment Group and Cinemark
is giving Hollywood something movie operation. “Given the Holdings Inc. began gradually
to cheer about after a promis- unprecedented circumstances reopening in recent weeks,
20TH CENTURY STUDIOS/EVERETT COLLECTION

ing international debut. of this global release we know many cinemas in major do-
Director Christopher No- we’re running a marathon, not mestic markets, including Los
lan’s time-bending spy flick a sprint.” Angeles and New York City,
won’t open in the U.S. until As many nations fared bet- are still closed amid govern-
Labor Day weekend, but it ter than the U.S. in containing ment efforts to curb the
grossed $53 million from 41 the coronavirus, they began spread of the coronavirus.
international markets, accord- reopening their economies Business has been slow to BUSINESS
ing to preliminary estimates sooner, including movie the- rev up at U.S. theaters that Chinese tourists can’t
from Warner Bros. That total aters. Taking that into ac- have reopened.
includes Canada, which nor- count, and after having to al- Walt Disney Co.’s long-de-
go abroad and that has
mally is counted with U.S. the- ter its release plans four layed X-Men spinoff “The New benefited the country’s
ater grosses as part of a single times, Warner Bros. said it de- Mutants,” grossed a paltry $7 theme parks. B3
Disney’s ‘The New Mutants’ had a weak opening in the U.S. North American market. cided to release “Tenet” out- Please turn to page B2
B2 | Monday, August 31, 2020 * *** 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...A1
D
Dunkin' Brands Group B2
Q
Quotient Technology .. B2
Coupon-Clipping Fades Into Past
Activision Blizzard....B10
AMC Entertainment
Holdings ...................B1
American Airlines Group
E
Epicor Software..........B3
F
R
RER Solutions.............A4
Rocket Cos..................A4
As Covid-19 Speeds Digital Shift
.................................. B2 Facebook ...............A3,B5 S BY ANNIE GASPARRO Digital coupons surpassed paper leaflets ing love it,” Ms. Bush said.
Apax Partners.............B3 G Salesforce.com......A1,A2 for first time amid the pandemic. That ability to target cus-
Apple....................A1,B10 Clipping coupons is becom- tomers based on their pur-
General Atlantic ......... A9 Samsung Electronics..B5
AT&T............................B1 ing a thing of the past, as the Share of product coupon redemptions
edemptions chase history makes digital
Ginkgo Bioworks ........ A1 Sequoia Capital .......... A9
B coronavirus pandemic acceler- coupons a better investment
I Solstice Studios..........B2 ates a shift to digital deals. Quarterly First half of year than paper ones broadly dis-
Bayerische Motoren Sonora Quest
Imax.............................B2 With more people shopping 100% tributed to consumers based
Werke......................B10 Laboratories ............. A1 50%
Itochu .......................... B6 online, redemptions of digital Other* on their ZIP Codes, brands and
Berkshire Hathaway.. B6 Southwest Airlines .... B1
K coupons in the U.S. surpassed Newspaper retailers said.
ByteDance...................A1
U redemptions of paper coupons 40 inserts Dual print While paper inserts and cir-
C Kering........................B10
Ulta Beauty.................B2 for the first time during the 75 & digital culars have to be planned
KKR..............................B3
China Evergrande Group United Airlines Holdings second quarter, according to Printed on months in advance, “digital
.................................. B3 M .................................. B1 market-research firm Inmar 30 receipts coupons you can pull on and off
China Tourism Group Marubeni.....................B6 Intelligence. in a day,” said Steven Boal,
Duty Free................B10 V 50 Affixed to
McDonald's..................B1 The shift is bringing a cen- products founder of digital marketing
Cinemark Holdings ..... B1 Microsoft .................... A1 ViacomCBS .................B3 tury-old couponing industry 20 and analytics company Quo-
Cineworld Group.........B1 Mitsubishi...................B6 Vizio ............................ B5 into the present. Consumer- tient Technology Inc. “You
Digital, Newspaper
Citic Securities ........... B6 Mitsui..........................B6 W product companies and chains app-based 25 inserts need to be able to do that in
Clayton, Dubilier & Rice Mondelez International such as Dunkin’ Brands Inc. 10 the pandemic,” said Mr. Boal,
Walgreens Boots
.................................. B3 .................................. B2 and Walgreens Boots Alliance Digital, whose clients include Wal-
Alliance.....................B2
Coatue Management..A9 Inc. are improving their apps app-based greens, CVS, Mondelez Inter-
O Walmart......................A1 0
Coca-Cola.....................B2 and rethinking marketing plans 0 national Inc. and Procter &
Oracle..........................A1 Walt Disney...........B1,B3
Comcast .....................B3 to accommodate more digital 2015 ’16 ’17 ’18 ’19 ’20 2015 '20 Gamble Corp.
CVS Health..................B2 P Z deals. Companies say they ex- Coupons date to the late
CVS Pharmacy ............ B2 Paramount Pictures....B3 Zynga ....................... B10 pect consumers to stick with *Includes direct-mail coupons Source: Inmar Intelligence 19th century, when Coca-Cola
the convenience of online Co.’s founder, Asa Candler, be-
shopping and digital deal-seek- 80% over the past year. In Sheri Bush, a real-estate gan mailing handwritten tick-
INDEX TO PEOPLE ing after the pandemic passes.
“Everybody, even my grand-
June, the company suspended
its print circular promoting
agent in Fresno, Calif., said she
was frustrated by how long it
ets for a free glass of soda to
consumers.
mother, is shopping for gro- weekly deals. Now it is only took for her coupons and re- For decades, leaflets in-
A-B Emmerich, Toby..........B1 L-M ceries online now,” said Luke published online. ceipt to print while shopping at serted in newspapers were the
Andersen, Erich..........A2 F Lovett, Michael...........B9 Rauch, vice president of com- CVS Health Corp., known CVS recently. Ms. Bush said she most-used coupons. Digital
Boyson, Nicole............B9 Mayo, Mike.................B6 mercial strategy at Walgreens. for long receipts full of cou- prefers digital coupons, like coupons gained over the past
Fairhurst, David..........B1
Buffett, Warren..........B6 P Companies expect coupons pons, said it made the deals those from Ulta Beauty Inc., decade with the rise of smart-
G
C Pappas, Vanessa.........A2 to become even more impor- available in the CVS Pharmacy because they are more conve- phones. In 2019, 23% of cou-
Gelfond, Richard..A12,B2 R-S
Clayton, Jay ................ B1 tant in the coming months as app too, a new function nient and are more often for pon redemptions were digital,
Courtney, Tim.............A2 Gilbert, Greg ............... B9
Stone, Andy................B5 unemployment remains high launched during the pandemic. products she wants. After she and 31% were from paper in-
D H W and concerns about the health “We’ve needed to be nimble,” bought hair spray there, she re- serts, according to Inmar. This
Das, Ankhi...................B5 Harbath, Katie............B5 Webb, James .............. B9 of the economy persist. said Michele Driscoll, vice ceived a digital coupon for a July, the balance had shifted
E J Z Digital-coupon redemptions president of digital e-com- conditioner from the same to 31% redeemed digitally and
Easterbrook, Steve.....B1 Jacobs, Paul................B9 Zuckerberg, Mark ....... B5 at Walgreens are up about merce and promotions at CVS. brand. “I bought it, and I freak- 26% from the paper varieties.

McDonald’s in a press release at the time

of the promotion.
At McDonald’s headquar-
Mr. Fairhurst and the de-
partment he rebuilt after
many veterans retired or took
ers and executives they felt was
inappropriate or unfair. Some
of those people told the Jour-
the HR chief and one of his
subordinates made inappropri-
ate physical contact, people fa-
conduct bars harassment or
intimidation. The code also
bars relationships between

Probes HR ters, Mr. Easterbrook charged

Mr. Fairhurst with transform-
ing the company’s work envi-
buyouts replaced a longstand-
ing performance-review sys-
tem with “performance moti-
nal they feared retaliation for
reporting the conduct of co-
workers and executives to HR.
miliar with the incident said.
McDonald’s legal counsel
conducted an investigation that
employees and direct or indi-
rect reports. Mr. Easterbrook
was fired for violating that as-

Ex-Chief ronment, including tying em-

ployee performance more
closely to business results,
vation,” as he called it in
interviews at the time. Re-
views were reduced to more
Mr. Fairhurst also contrib-
uted to a party culture that
developed among some execu-
year, those people said. An ex-
ecutive told employees who at-
tended the gathering that such
pect of the company’s code,
McDonald’s said at the time.
Ms. Capozzi said during the
said Dave Ulrich, a professor casual conversations with tives and managers during Mr. excessive drinking was inappro- department meeting last week
Continued from page B1 at the University of Michigan’s managers, and some former Easterbrook’s tenure, accord- priate and should be reported if that McDonald’s has policies
panded role as global chief Ross School of Business who executives said this contrib- ing to former employees, some it happened again, the people preventing retaliation against
people officer, the company consulted with McDonald’s ex- uted to less accountability and of whom said they saw him in- familiar with the incident said. employees who speak up and
said in a release at the time. ecutives on the company’s HR room for employee feedback. toxicated at company events. The company fired Mr. that any worker who doesn’t
“David is the leader we systems from 2016 to 2019. Some former managers and Mr. Fairhurst’s conduct dur- Fairhurst after receiving an- feel that their concerns are
need to continue supporting “Steve said to David, ‘You employees told the Journal that ing a department holiday party other complaint about his be- being addressed should con-
the business turnaround and have to change the culture. they felt HR leaders under Mr. in 2018 drew a complaint from havior around women at tact her directly, according to
driving our global people That’s why you’ve been Fairhurst ignored complaints an employee who said some McDonald’s, company execu- notes of the meeting viewed
strategy,” Mr. Easterbrook said hired,’ ” Mr. Ulrich said. about the conduct of co-work- staffers drank heavily and that tives said. McDonald’s code of by the Journal.

U.S. Box Last weekend, independent

Solstice Studios’ “Unhinged,”
one of the only new films in
rest of the world.
China, where the Covid-19
pandemic first broke out, ap-

Office Is theaters, nabbed the top spot at

the box office, with $4.2 million
in the U.S. and Canada. “Un-
pears to be leagues ahead of
the U.S. in terms of moviego-
ing. Powered by Chinese mov-

Lackluster hinged” ranks as Hollywood’s iegoers, the local war epic

FIND THE
first true test case of a wide re- “The Eight Hundred” grossed
lease since the pandemic shut about $70 million this week-
theaters in the U.S. in March. end, according to media-mea-
Continued from page B1 The action movie, starring Rus- surement company Comscore
million from about 2,400 the- sell Crowe, has grossed $8.8 Inc. The Chinese blockbuster
aters in the U.S. and Canada, million domestically. has made more than $270 mil-
according to preliminary stu- Hoping to entice the public lion since premiering Aug. 17.
dio estimates. Disney esti- back to theaters, major cinema IMAX Chief Executive Rich-
mated about 62% of the theat- chains in the U.S. recently ad- ard Gelfond said the perfor-

PERFECT VIEW
rical market in the U.S. and opted industrywide safety pro- mance of “Tenet” in Canada—a
Canada is open. tocols such as enhanced sani- market he says is a good pre-
Expectations were low for tation and encouraging dictor of consumer behavior in
“The New Mutants,” which was contactless sales of tickets and the U.S.—suggests the movie
originally supposed to arrive in refreshments. By government will do well in America. With
theaters in 2018. But the mandate, theaters also are op- most auditoriums limited to 50
movie’s opening weekend tally erating under strict capacity seats, Mr. Gelfond said many
was notably weak, even by the restrictions that limit the showings in Canada sold out,
Give yourself the freedom to
DeskFone ™
standards of box-office duds re- number of people allowed. generating what he described
leased under more normal cir- The U.S. debut of “Tenet,” as encouraging grosses. view your phone in portrait
cumstances. Last year, even af- which stars John David Wash- Executives at rival studios
ter being widely panned by
critics, Disney’s “X-Men: Dark
Phoenix” earned $32.8 million
ington and Robert Pattinson,
could represent a lifeline for
theaters, which for months
are keeping a close eye on
“Tenet,” which will be show-
ing for up to 12 weeks in some
Two View or landscape — completely
hands-free. Portrait is
its first weekend in about 3,700 have been unable to offer U.S. multiplexes, hoping a perfect for video calls and
domestic theaters. high-profile films. Most the- strong performance will signal landscape is ideal for fitting
Nonetheless the domestic aters plan to show the film on the beginning of a new phase
market has shown growth for as many screens as possible to for their business—one that your whole crew into a selfie.
two consecutive weekends, ac- compensate for reduced ca- could sustain them past the
cording to how much the top pacity. But it remains to be end of the pandemic.
film in the U.S. and Canada seen how far behind the U.S. —Yin Yijun
earned at the box office. market is compared with the contributed to this article.

United to Checked Out

Ticket changes have been a
stable source of revenue for
flying following the end of the
summer travel season. United
expects to fly around 55% of

End Most carriers, reaching more than

$2.8 billion in 2019.
Change and cancellation
capacity in the third quarter
compared with a year earlier,
while Southwest expects to op-

Change Fees revenue in 2019

Delta
erate 40% to 50% though con-
tinues to block most middle
seat sales.
$830 million American Airlines Group
Continued from page B1 American Inc., which expanded flying
819
from change and cancellation during early summer, contin-
United
fees last year, according to the 625 ues to pull back, and said Sun-
Transportation Department, JetBlue day that it will fly 55% of its
half the amount reaped from 195 pre-pandemic schedule in Oc-
baggage fees. Most have re- Alaska tober.
laxed or removed the charges 192 The looming end on Oct. 1

Also Available
through the end of the year, as Spirit to federal payroll support pay-
passengers navigate an ever- 63 ments that included restric-

in White
Frontier
changing web of travel restric- 49
tions on furloughs and cutting
tions and sharply-reduced Allegiant flights has also triggered a
flight schedules as a result of 38 wave of planned workforce
the pandemic. Hawaiian changes.
Some carriers continue to 23 United said it would fur-
block middle seats, and the in- Source: Department of Transportation lough 2,850 pilots in the com-
dustry continues to push for ing months if more federal aid
unified protocols for passenger
health screening, wrestling
fortunate financial incentive
for passengers to fly when
doesn’t emerge, and 36,000
employees—half its domestic Made in the USA
Auto. Home. Pet. Find Your Fit.
with issues such as customers sick,” said Jay Sorensen, workforce—have been told © 2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500
who become ill before they IdeaWorksCompany’s market- their jobs will be at risk. Amer-
travel. ing president. ican said it would cut 1,600 pi-
“Change and cancellation United’s move comes as air- lots and as many as 19,000
fees provide a strong and un- lines continue to pull back on workers in total.
THE WALL STREET JOURNAL. * * Monday, August 31, 2020 | B3

BUSINESS NEWS

KKR
Nears Sale
China Theme-Park Sector Booms
Pandemic curbs spur
Of Epicor more domestic travel,
accelerating demand
Software for colorful destinations
BY MIRIAM GOTTFRIED BY TREFOR MOSS

KKR & Co. is nearing a deal KUNMING, China—With for-

to sell Epicor Software Corp. eign vacations off limits, China
to a group led by private-eq- is in the middle of a theme-
uity firm Clayton Dubilier & park boom as domestic tourists
Rice LLC for around $4.7 bil- seek amusements in their own
lion, including debt, according backyards.
to people familiar with the In Wuhan, the epicenter of
matter. the initial Covid-19 outbreak,
A deal for the company, thousands of people packed the

AGENCE FRANCE-PRESSE/GETTY IMAGES

which makes back-office and Maya Playa Water Park in mid-
sales software for manufactur- August for a pool party, banish-
ing, distribution, retail and ing memories of the 76 days
service-industry customers, the city had spent under strict
could be announced in the lockdown until early April.
coming days, the people said. To sustain that uncorked en-
The deal isn’t final, and it thusiasm, entry to the water
could fall apart. park is free until the end of
KKR bought Epicor in 2016 2020 as Maya Playa, like many
for around $3.3 billion, includ- other Chinese parks, seeks to
ing debt, from private-equity capitalize on the foreign-travel Thousands packed the Maya Playa Water Park in Wuhan this month for a pool party, celebrating the city’s rebound from health crisis.
firm Apax Partners. Last freeze by offering deals to drive
month KKR used some of the up visitor numbers. (The park Space Project Mars, a re-cre- Number of theme parks in China southern city of Zhuhai, which
proceeds from an Epicor-is- generates revenue from food, ation of the Martian surface. In had 11.7 million visitors last
sued loan to pay itself a divi- souvenirs and other items.) Yunnan, a smaller local “attrac- 175 Shanghai Disney opens year, and Shanghai Disney, with
dend of around $560 million, At Colorful Yunnan Paradise tion” is the Kingdom of Little 11.2 million.
one of the people said. in Kunming, the capital of Yun- People, where visitors can tour 150 And soon there could be
Based in Austin, Texas, the nan province, the Ferris wheel a miniature realm populated by 125 trouble in paradise. As the local
software company has com- is decorated with a vast neon dwarfs. government develops Kunming
pleted a number of acquisi- peacock, a traditional symbol in Two years ago, authorities 100 into a regional tourist hub,
tions under KKR’s ownership. Yunnan. One recent day the intervened to cool the over- eight more theme parks are
Those include deals for elec- mostly college-age visitors heating industry, but parks 75 due to open over the next few
tronic-data interchange soft- shrieked as they corkscrewed have nonetheless continued to 50 years, including the first Para-
ware maker 1 EDI Source Inc. past the outstretched talons of sprout across the country as mount Pictures park in China
and warehouse-management a giant sculpted eagle while developers tap middle-class 25 and Evergrande Fairyland, a
software provider Majure Data riding the Broad-Winged Snow consumers’ rising demand for $4.6 billion development being
Inc., which were announced in Eagle Roller Coaster. local leisure experiences. 0 undertaken by real estate giant
October and July of 2019, re- Some park visitors said that There are now around 160 2008 '10 '15 '20* Evergrande Group.
spectively. without coronavirus-related large-scale theme parks operat- *2020 figure is as of August. Kunming’s culture and tour-
With offices in New York travel restrictions they might ing in China, triple the number Source: Aecom ism bureau declined to answer
and London, CD&R has in- never have come. of a decade ago, according to questions about what it said
vested $30 billion in more Rachel Zhang, a 25-year-old U.S. engineering firm Aecom, navirus, the international travel the $6.5 billion Universal Stu- were ongoing projects.
than 93 companies since it Kunming native who previously which advises theme-park devel- shutdown appears to be boost- dios Beijing scheduled to open China can absorb more
was founded in 1978. The firm traveled to Disney’s resorts in opers. Well-known U.S. brands, ing attendance, as people seek in May—competition will in- parks, said Mr. Yoshii: The an-
has significant experience in- Hong Kong and Shanghai, from ViacomCBS Inc.’s Nickel- diversions closer to home. tensify. nual rate of theme-park visits
vesting in the industrial sec- opted for a local excursion this odeon to Comcast Corp.’s Uni- As of August, domestic tour- “There are a lot of failed per capita is around 0.16, a
tor, from which most of Epi- summer. “I didn’t have great versal Parks & Resorts, are pil- ism in China nearly recovered theme parks,” said Chris Yoshii, quarter of the U.S.’s level. But,
cor’s customer base hails. In expectations for this park,” Ms. ing in alongside local operators. to pre-Covid-19 levels. For a vice president at Aecom. “there is going to be a shake-
addition to software and tech Zhang said. “But I have to say I For the region’s premier many parks, the question is “There is still demand—but for out—those that don’t deliver a
services, the firm does deals was impressed.” venues the pandemic has been whether the effect will last better-quality parks.” great experience won’t sur-
in the consumer and retail and Amusement parks have a a setback: Shanghai Disneyland once global travel resumes. Colorful Yunnan Paradise is vive,” he said.
health-care sectors. checkered history in China. In was shut from January until Making money has long the first big theme park in Kun- Some of China’s more color-
CD&R is a pioneer of the addition to the larger parks, the May and then reopened at just been a challenge for parks lo- ming, a city of six million peo- ful parks include a marine-
model of using operating part- country is dotted with hun- 30% capacity. The official limit cated outside of China’s biggest ple. Opened two years ago, it themed venue featuring a life-
ners—executives who have dreds, if not thousands, of local has since increased to 50%, cities. According to people in drew over two million visitors size replica of the Titanic in
held senior leadership posi- attractions of varying quality with social-distancing measures the industry, about a third of in its first 14 months of opera- landlocked Sichuan province,
tions at major global corpora- and scope. discretionary. China’s 160 major theme parks tion. That is relatively modest and a destination with a repro-
tions—to help it source and Travelers to the country’s But for some regional parks, make a steady profit. And with compared with the country’s duction of the Sphinx in central
evaluate deals and provide northwest desert can, for in- which rarely exceeded half up to 60 more parks due for top theme-park venues, Chimel- Hebei province that sparked a
strategic advice. stance, make a side trip to C- their capacity before the coro- completion by 2024—including ong Ocean Kingdom in the 2016 complaint from Cairo.

Airport Shopping Drops Amid Travel Slump Cohen in Talks to Acquire

BY BENJAMIN KATZ
Majority Stake in the Mets
BY MIRIAM GOTTFRIED pop star Jennifer Lopez, and
LONDON—Think retailers AND JARED DIAMOND another led by private-equity
and restaurants are having a executives Josh Harris and Da-
hard time during the pan- For the second time in the vid Blitzer, whose Harris
demic? Try selling just about past year, billionaire Steven A. Blitzer Sports & Entertain-
anything these days at Lon- Cohen is in the driver’s seat to ment also owns the Philadel-
don’s Heathrow Airport. acquire a majority stake in the phia 76ers NBA team.
Traffic at its once-teeming New York Mets. News of Mr. Cohen entering
terminals is down to a trickle Mr. Cohen—who saw a pre- exclusive negotiations was
because of the coronavirus vious bid for the team collapse first reported by CNBC.
LAURA PANNACK FOR THE WALL STREET JOURNAL

pandemic, leaving the airport’s earlier this year—has entered Late last year, Mr. Cohen, a
retail establishments largely exclusive negotiations with the hedge-fund manager, had ten-
closed. The few pubs, bou- Wilpon family to purchase the tatively agreed to gain control
tiques and restaurants that are club, a person familiar with the of the team, which has suf-
open are essentially operating matter said. A Mets spokesman fered from financial difficulties
in a ghost town. said, “We won’t be giving up- off the field and erratic perfor-
The loss of those sales has dates on the timeline or pro- mance on it under the current
a major impact on Heathrow’s cess until we are prepared to owners, Sterling Equities, the
business. Retail revenues at make a public announcement.” real-estate firm owned by the
the airport have more than Mr. Cohen beat out two controlling Wilpon family.
doubled in the decade since other groups, including one But that transaction unrav-
2009 and now bring in about fronted by former baseball su- eled in February over control
25% of its overall revenue each perstar Alex Rodriguez and issues.
year. The loss of retail sales has a major impact on Heathrow’s business. Above, Terminal 2 last week.
Airports share that depen-
dence globally. Retail sales doors if the potential sales strongest entry points in equally respectful of the fact SOUTHERN CALIFORNIA EDISON COMPANY
brought in $78 billion for the aren’t worth the expense. terms of wealthy consumers that the retailer is a business NOTICE OF REDEMPTION
world’s airports in 2018, the Heathrow has made pan- into the U.K.,” said Chief Fi- as well and needs to make OF ALL OUTSTANDING SHARES OF
latest year of data from con- demic-fueled changes to the nancial Officer Javier Echave. some money.” Cumulative Preferred Stock, par value $25.00 (the “Preferred Stock”), including
sulting firm Generation. That shopping experience, funnel- The pandemic shut that down, Leon, a British fast-food Cumulative Preferred Stock, Series 4.32% - CUSIP No. 842400400 (“4.32% Preferred”)
is more than double their haul ing passengers through new, but “we are getting ready to chain that serves fare like hot Cumulative Preferred Stock, Series 4.08% - CUSIP No. 842400202 (“4.08% Preferred”)
10 years ago, driven by soar- one-way routes at shops, of- get back there as soon as pos- chicken sandwiches and Mo- Cumulative Preferred Stock, Series 4.24% - CUSIP No. 842400301 (“4.24% Preferred”)
ing passenger numbers. Aver- fering app-based food order- sible,” he said. roccan meatballs, was one of Cumulative Preferred Stock, Series 4.78% - CUSIP No. 842400509 (“4.78% Preferred”)
age passenger spending at air- ing at restaurants and joining It won’t be easy. The air- the first eateries to reopen in NOTICE IS HEREBY GIVEN pursuant to Paragraph 2(d) of Article Sixth of
the Restated Articles of Incorporation of Southern California Edison Company (the
ports hasn’t risen much over other bricks-and-mortar retail- port’s second runway is only Heathrow’s Terminal 2. It kept “Company”), as filed with the Secretary of State of California on March 2, 2006
that same period—to just over ers that offer online shopping. partially open, and all flights stores outside the airport (the “Articles”) that the Company has elected to redeem all of the outstanding
shares of its Cumulative Preferred Stock at the redemption price set forth in
$18 a traveler, from about $17 Heathrow passengers can have been rerouted through open throughout the U.K.’s the Articles.
in 2009, according to Genera- make airport purchases ahead two of its four terminals. pandemic lockdown, providing All outstanding shares of Preferred Stock will be redeemed on September 27, 2020
tion and publicly available of time and pick up their Only about 60 of the 340 meals for essential workers. (the “Redemption Date”) at a redemption price equal to:
global passenger numbers. goods en route to their gates. shops, restaurants, cafes and Based on the chain’s experi- • $28.75 per share, plus accrued and unpaid dividends to the Redemption
Date of $0.261 per share, for a total redemption price of $29.011 per
Heathrow doesn’t charge All this is being done to currency exchanges across its ence operating with social dis- share for the 4.32% Preferred,
retailers rent and instead preserve the airport’s rela- four terminals have opened tancing at those other restau- • $25.50 per share, plus accrued and unpaid dividends to the Redemption
Date of $0.0765 per share, for a total redemption price of $25.5765 per
takes a cut of sales, though it tively affluent customer base. their doors again as of the end rants, there “was a keenness share for the 4.08% Preferred,
doesn’t disclose how much. In Heathrow—before the pan- of July, the latest period for at Heathrow that Leon re- • $25.80 per share, plus accrued and unpaid dividends to the Redemption
normal times, as many as 80 demic, the world’s second- which the airport said it has open,” said Nick Scovell, Date of $0.0795 per share, for a total redemption price of $25.8795 per
share for the 4.24% Preferred, and
million passengers pass largest airport by interna- information. Leon’s head of franchise. • $25.80 per share, plus accrued and unpaid dividends to the Redemption
through Heathrow, owned by tional travelers, after Dubai— Some are unable to reopen It reduced kitchen staff by Date of $0.089625 per share, for a total redemption price of $25.889625
per share for the 4.78% Preferred.
privately held Heathrow Air- has over the last decade because the terminal where 50% and instituted social-dis-
On or prior to the Redemption Date, the Company will deposit with Equiniti Trust
port Holdings Ltd., each year. shifted from selling midmarket they were located remains tancing rules for customers. Company, as redemption agent (“EQ”), cash in the aggregate amount of the
During the height of the pan- travel essentials to higher-end closed, while others have The decision to open early Redemption Price for all of the outstanding shares of Preferred Stock in trust for
the account of the holders of shares of the Preferred Stock. EQ shall pay to the
demic’s lockdowns and travel goods like luxury handbags, balked at the operating costs paid off in the beginning: As registered holders of the Preferred Stock the applicable Redemption Price, net
bans, those numbers ap- scarfs and jewelry. Luxury while traffic is slow. Just one of the few fast-food res- of any withholding tax, upon presentation and surrender of the certificate(s) for
such shares at the offices of EQ in accordance with the instructions set forth in
proached zero and have risen goods can be more profitable 867,000 passengers passed taurants serving passengers, it a Letter of Transmittal sent to all holders of Preferred Stock. EQ’s address is EQ
only modestly since, to about and more resistant to booms through the airport in July, monopolized business. As Shareowner Services, Equiniti Trust Company, Attn: Account Management Team,
1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120-4101.
15% of normal traffic. and busts. compared with 7.8 million a other eateries reopened, Pursuant to Paragraph 2(d) of Article Sixth of the Charter, upon deposit of the
While London itself is open Punctuating that new em- year earlier. At Terminals 2 though, sales fell back again, aggregate amount of the Redemption Price with EQ, all shares of Preferred
for business, a large majority phasis, the airport last month and 5, the airport’s two oper- Mr. Scovell said. Stock shall be immediately deemed no longer to be outstanding for any
purpose, and all rights with respect to such shares shall thereby cease and
of stores inside the airport re- reported its highest-yet rise in ating terminals, Heathrow Retailers and Heathrow, terminate, excepting only the right of the holders of the certificates for such
main closed, many behind average retail spending per says 62% of stores are open. meanwhile, are scrambling to shares to receive, out of funds so deposited in trust with EQ, the Redemption
Price, without interest and net of any withholding tax, to which each is entitled.
metal curtains. Heathrow offi- passenger, thanks to a single The airport says it under- rethink the shopping experi- Notwithstanding the foregoing, all shares of Preferred Stock represented by
cials say they are working purchase: a £65,000 ($85,300) stands the retailers’ plight. ence, starting with a “large, global certificates registered in the name of the nominee of The Depository Trust
Company (“DTC”) will be redeemed, and payment of the Redemption Price for
hard to coax companies into engagement ring bought at “We want the retailer to large, large amount of Perspex such shares will be made, in accordance with DTC’s procedures and all other
returning at its two open ter- Heathrow’s recently reopened open as soon as possible,” screens,” Mr. Brown said, re- uncertificated shares held electronically will be redeemed automatically.
minals, but some businesses Tiffany & Co. boutique. Heathrow’s Retail Director ferring to clear plastic divid- Date of Notice: August 28, 2020
are unwilling to open their “We are probably one of the Fraser Brown said. “But we’re ers.
B4 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Wilson Rothman

How to Set Chromebook Parental Controls

While set- apps for more specific pa-
ting up paren- rental controls. For instance,
tal controls on both Netflix and HBO Max
my daughter’s (home of “Friends”)—must-
Chromebook, I haves for my daughter—al-
accidentally low you to lock profiles so
wiped her off the internet. kids can’t just hop around
The email address she used and watch programs in-
for half her life got shut tended only for adults.
down. And with it any chance

W
I had at Dad of the Year. ith under-13 ac-
I’m no tech-challenged counts, Google
schmo, either. I just didn’t blocks a bit more
realize that, in trying to by default. The biggest ex-
keep the regulators away, ample is YouTube, which is
Google set a nasty booby completely blocked. The site
trap for unauthorized under- won’t load, and parents can’t
age accounts. At least that give permission to allow it.
experience, and what fol- When you try to download
lowed, can now help you. the YouTube app in the
See, most anybody can use Google Play store, it’s grayed
a Chromebook, which is why out. The YouTube Kids app is
they are in such crazy de- the only option—my son is
mand right now. But staying not amused.
ahead of your sneaky kids— For all accounts, you can
by activating Google’s free see app activity, set individual
screen-time controls and app time limits and block in-
content filters—takes a bit of stalled apps. If your kids did
work. Screen-time management lets parents set a limit for apps and make the device inoperable when children are supposed to be sleeping. manage to sneak an alternate
Parental controls aren’t browser or a forbidden game,
built into Chromebooks. In- way to create a Google-con- by downloading Google’s whatever else was stored. The most basic controls you can see that it’s installed,
stead, Google’s Family Link doned account for kids under Family Link for Children & When I took the problem have to do with search and and block it on their device,
app is the parental-control 13. My wife and I created a Teens app from the Google to Google, the product man- content filtering. In both right from your phone.
center for all brands of Google account for my daugh- Play store, then followed in- agers I spoke with acknowl- cases, Google says it’s possi- This is not a total surveil-
Chromebook, and newer An- ter when she was 6, mostly so structions until the process edged the issue—that parents ble for some questionable lance package, mind you. You
droid devices (which I’m not she could email with grand- was handed off to me. Since who set up accounts for their content to sneak through but can’t monitor kids’ mes-
covering here). The parents’ parents. It wasn’t officially a she and I were looking at her kids before Family Link’s ar- that the settings block most sages, emails and web activ-
version is available on An- “supervised” account, but we Google account, I thought I’d rival fudged birth years be- porn sites and other sexual ity remotely. There are other
droid and iOS, so iPhone certainly supervised it. The help her make it safer by cause they couldn’t use their or violent content, searches apps for that, but none that I
owners can supervise their catch is, the account said my turning on two-factor au- kids’ real ages. The company for such material, and other
kids’ Google devices too. daughter was born in 1978. thentication and logging off says it’s working on a better potentially nasty stuff. If kids
The simplest thing you can She’s not 42, she’s 12, but at old machines. solution for this problem, ex- have a reason to be on a par-
do to virtually corral your the time, inputting 2008 as But then I did it. I pected by the end of the year. ticular blocked site, they can
Create a supervised
kids is download the Family her birth year would have pre- foolishly decided to correct Meanwhile, learn from my ask a parent to unblock it. account for your
Link app from the Google Play vented us from creating the her age. mistake: Don’t correct your More advanced options in-
store or Apple App Store, log account. When we updated her kids’ birth dates, even once clude screen-time manage-
child after getting
in with your Google creden- birth year, she was logged they are under your supervi- ment and a bedtime clock. the Family Link app.

F
tials, then follow the instruc- ortunately, Google un- off, without any warning or sion. Since my kids are going to
tions to create a supervised derstands not all ac- other sign we’d just stepped be using their Chromebooks

O
account for each child. Any counts we want to add on a virtual land mine. When nce you’ve got your for school, I decided not to
supported device they are to Family Link were created she logged back in, an alert kids’ accounts super- aim for a set screen time have tested lately, or recom-
logged into is under your su- using Family Link. It also un- appeared: “Account disabled. vised on Family Link, each day, but I did make sure mend. I find it’s enough to
pervision. That is how it went derstands that some of us It looks like you’re not old you should be able to see each Chromebook is inopera- put in the guardrails, but if
with our 10-year-old son. don’t think teenagers make enough to have a Google ac- supported devices where they ble when my kids are sup- you truly don’t trust your
But it’s too simple, be- great choices on the internet. count without parental su- are logged in. (It might take a posed to be asleep or read- kids, you would need to take
cause it assumes parents So Family Link lets you add pervision.” Funny, as I had little time for them to appear ing (real paper!) books. Once more physical control over
know about the Family Link existing Google accounts, just added parental supervi- in the parents’ app.) This in- you’ve set this up, you also the devices, locking them up
app, or that they didn’t cre- provided the account holder sion to the account. The no- cludes Android devices and get a kill switch that lets you at night, for instance. You
ate Gmail accounts for their is on board. tice said her information Chromebooks but not iPads disable the Chromebook any- might also want to have
kids before Family Link was It was easy to add my would be deleted in 29 days, or iPhones where they might time you need to. more conversations with
launched a few years ago. daughter’s account using her and gave her the opportunity have Gmail or other Google You can also control what them about your
Before that, there was no Chromebook. She initiated it to download old emails and apps. apps they install. Don’t for- expectations and how they
If you have a new get, Chromebooks support can meet them.
Chromebook, logging in with Android apps, downloadable As for my daughter’s con-
a supervised account will from the Google Play store. demned Gmail account,
lock it down, preventing the By default, kids need your there’s some good news. Just
child from adding any new permission to download apps, hours before this column
accounts without permis- but you can change it, say, to went live, I tried logging into
sion—or using the guest only prevent in-app pur- her account on a different
login that kids have found to chases. Stick with the default: computer—and was given an
be a convenient sneak- If your kid downloads one of option of updating the birth-
around. A new feature lets the many free browsers avail- day associated with her ac-
you add your kid’s school- able in the Play store, they count. The catch was that I
based Google account and will have the run of the web, had to verify the change us-
associate it with his or her live and unfiltered. ing a valid credit card. I held
A classic symbol of eternity home account, for easier ac- Once you install apps, you my breath, and it worked.
in 14kt yellow gold cess to classwork. will have to look to those She’s 42 again…and loving it.

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THE WALL STREET JOURNAL. Monday, August 31, 2020 | B5

BUSINESS NEWS

TV Makers Seek Cut From Streaming Ads

Samsung, Vizio, others time spent on streaming ser- “What you have seen “We’re definitely starting to
vices, but it is flowing none- change in the last 12 to 18 consider them more,” he said.
try to catch up with theless. Usage of these devices months is that the smart TV Roku and Amazon’s plat-
established players as also has accelerated during manufacturers have begun to forms have large user bases,
the coronavirus pandemic, as raise their game,” said Sean which makes them more at-
apps and devices grow homebound viewers have had Buckley, chief operating officer tractive for TV and video
more time on the couch. of SpotX. buyers seeking national scale
BY SAHIL PATEL But the manufacturers still The improvements come as and placements with high-
have a long way to go to catch streaming continues to gain quality programming, Mr.
Late last year, Vizio Inc. up to established streaming ad ground on traditional TV view- Campanelli added. Vizio and
formed a new business unit to players—specifically, stream- ing. Streaming inside homes Samsung are attractive for
start selling some of the ad- ing device makers Roku Inc. capable of accessing such ser- digital buyers looking to use
vertisements that appear and Amazon.com Inc. (Apple vices accounted for 25% of con- audience data from the TV
while people are streaming Inc., another large streaming sumers’ collective time spent makers to more precisely tar-
movies, TV shows and digital TV player, doesn’t sell its own watching TV in the second get individual users.
videos on its screens. ads on Apple TV.) The TV quarter of 2020, up from 19% Roku reported a 46% year-
The company, one of the makers will need to prove they in the fourth quarter of 2019, over-year increase in its sec-

NATHALIA ANGARITA/BLOOMBERG NEWS

biggest makers of TVs in are committed to a business according to TV industry yard- ond-quarter platform revenue
North America, area they haven’t been famil- stick Nielsen Holdings PLC. to $244.8 million. It has 43
MARKETING wants to get a iar with historically. Streaming time, however, is million active accounts, up
& MEDIA piece of the “They have some challenges still largely controlled by a 41% year over year, the com-
growing amount to overcome, namely, a lot of handful of apps: Netflix, You- pany said. The company also
of ad dollars going to stream- the companies in this space Tube, Hulu, Amazon and Dis- licenses its platform technol-
ing video, and in doing so, are culturally removed from ney+ combined accounted for ogy to 15 different TV manu-
build a new, recurring revenue the advertising business,” said 77% of usage in the second facturers, and said one in
source that isn’t entirely reli- Brian Wieser, global president quarter, per Nielsen. three TV sets sold in the U.S.
ant on the sale of TV sets. of business intelligence at The amount of ad spending come embedded with its oper-
This year, advertising will WPP PLC-owned GroupM. Smart TVs account for a rapidly rising percentage of ad spending. going directly to the TV mak- ating system.
account for most of Vizio’s “They are manufacturers, first ers is still relatively small, Advertisers could benefit
platform revenue, which is on and foremost; they aren’t me- accounted for 10% of internet- ing system. “All the apps that said Tal Chalozin, chief tech- from having more platform ad
pace to double year over year, dia companies.” connected TV ad spend. people want are right there nology officer of ad-serving sellers not only by gaining le-
according to people familiar Data suggests that smart Vizio is on pace to sell without needing another de- technology business Innovid verage when negotiating
with the matter. The com- TVs that can connect to the in- roughly 7 million new TV sets vice,” Mr. O’Donnell said. Inc. “They are growing from prices, but also by getting
pany’s platform business also ternet on their own increas- this year, all of which come “It’s very clear this is a big such a tiny base,” he said. more concessions from plat-
includes Vizio’s cut of the sub- ingly are the portals through with its SmartCast operating part of the future of the or- Roughly 80% of the adver- forms, like better visibility
scription revenue generated by which streaming TV ad spend- system through which the ganization,” he added. “The tising dollars ad agency Hori- into where their ads are ap-
its platform as well as revenue ing flows. Smart TVs now ac- company offers its own free more TVs we sell, the more we zon Media Inc. spends on pearing, Mr. Campanelli said.
from Inscape, its TV data op- count for 30% of ad spending video streaming service as can get people to engage with streaming TV platforms—ex- “Options are always good for
eration. going toward all internet-con- well as apps from TV networks us, the more money we can cluding deals Horizon does di- the buying side,” he said.
The shift to streaming nected TVs on SpotX Inc.’s and digital media companies, make.” rectly with app publishers on
video has created new oppor- platform, which helps publish- said Mike O’Donnell, the head Growth in smart TV use can those platforms—goes to Roku
tunities for TV makers such as ers sell video ads. Streaming of Vizio’s platform business. be partly attributed to im- and Amazon, said Dave Cam- More online at
Vizio and Samsung Electron- boxes and sticks represent the More than 90% of consum- provements the manufacturers panelli, chief investment offi- CM O TO DAY
ics Co. Ad money has lagged remaining 70%, the company ers who buy Vizio TVs are ac- have made in their operating cer at the agency. The rest wsj.com/news/cmo-today
behind growth in consumers’ said. In July 2019, smart TVs tivating its SmartCast operat- systems. goes to TV makers selling ads.

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Facebook Executive Draws Scrutiny on Political Stance

BY JEFF HORWITZ it was open to anyone in the a million fans on Facebook.
AND NEWLEY PURNELL company globally who wanted Mr. Modi soon launched his
to join. campaign for national office,
A Facebook Inc. executive at Ms. Das is at the center of a with Facebook again offering
the center of a political storm political outcry in India over training and assistance. Her
in India made internal postings Facebook’s handling of hate Facebook colleague, Ms. Har-
over several years detailing her speech on the platform, fol- bath—a Republican—wrote that
support for the now ruling lowing a Journal article earlier Ms. Das characterized Mr. Modi
Hindu nationalist party and this month. That article as “the George W. Bush of In-
disparaging its main rival, be- showed that Ms. Das earlier dia,” according to a 2013 inter-
havior some staff saw as con- this year opposed moves to nal post featuring a photo of
PRIYANKA PARASHAR/MINT/GETTY IMAGES

flicting with the company’s ban from the platform a politi- the two women and the future
pledge to remain neutral in cian from Mr. Modi’s party prime minister. Facebook said
elections around the world. whose anti-Muslim comments it offered similar meetings and
In one message, Ankhi Das, violated Facebook’s rules. training to other parties during
head of public policy in the From its earliest days, Face- Ms. Harbath’s time in India.
country, posted the day before book has presented itself as a Ms. Das made her senti-
Narendra Modi swept to vic- neutral platform that doesn’t ments on the race clear. When
tory in India’s 2014 national favor any party or viewpoint. a fellow staffer noted in re-
elections: “We lit a fire to his Chief Executive Mark Zucker- sponse to one of her internal
social media campaign and the berg has repeatedly stressed posts that the BJP’s primary
rest is of course history.” his position that the company opponent, the Indian National
“It’s taken thirty years of should remain politically neu- Ankhi Das, shown in 2014, is at the center of a debate in India over Facebook’s handling of hate speech. Congress, had a larger follow-
grassroots work to rid India of tral, including this year when ing on Facebook than Mr.
state socialism finally,” Ms. Das he defended his decision not make and enforce the plat- A spokesman called the em- Indian political parties on how Modi’s individual page, Ms.
wrote in a separate post on the to act against provocative form’s rules about what is and ployee requests “a prime ex- best to use the platform to mo- Das responded: “Don’t dimin-
defeat of the Indian National posts from President Trump. isn’t allowed to be posted, and ample of the type of open cul- bilize supporters. One was Mr. ish him by comparing him
Congress party, praising Mr. Facebook on Tuesday said they represent the company’s ture we value at Facebook” Modi’s 2012 campaign for re- with INC. Ah well—let my bias
Modi as the “strongman” who the posts by Ms. Das don’t interests before governments. and said the company stands election as chief minister of the not show!!!”
had broken the former ruling show inappropriate bias. Critics both outside the com- against anti-Muslim bigotry. western Indian state of Gujarat. Internally, Ms. Das pre-
party’s hold. Ms. Das called “These posts are taken out pany and inside have increas- India is a key market for Mr. Modi’s political career sented the company’s work
Facebook’s top global elections of context and don’t represent ingly raised concerns about Facebook because its nascent had been sullied by deadly reli- with the BJP as benefiting
official, Katie Harbath, her the full scope of Facebook’s ef- how those roles may conflict. internet economy represents gious riots in the state in 2002, Facebook as well. “We’ve been
“longest fellow traveler” in the forts to support the use of our Opposition lawmakers in mammoth room for growth. soon after he came to power. lobbying them for months to
company’s work with his cam- platform by parties across the India are seeking to question Facebook in April said it was Critics accused him of not do- include many of our top prior-
paign. In a photo, Ms. Das Indian political spectrum,” Facebook executives following investing $5.7 billion in a new ing enough to stop the violence ities,” she said of the BJP’s of-
stood, smiling, between Mr. spokesman Andy Stone said. the Journal’s recent article, tie-up with an Indian telecom that killed more than 1,000 ficial platform, noting that the
Modi and Ms. Harbath. Ms. Das didn’t respond to and Facebook employees are operator, its biggest foreign people, most of them Muslims, document was littered with
Ms. Das’s posts, which were multiple requests for com- pressing leadership to investi- investment to date. Facebook allegations Mr. Modi denied. A the word “technology” and ap-
viewed by The Wall Street ment. She has apologized to gate why the company hasn’t India reports directly to Face- court in 2013 said there wasn’t peared to embrace Facebook’s
Journal, haven’t been previ- colleagues for sharing a post done more to address toxic book’s top executives in Menlo enough evidence to prosecute desire for an expanded but
ously reported. Some Face- described in the previous content in a country with a re- Park, Calif., exempting Ms. him, but he was barred on hu- less heavily regulated internet.
book employees said the senti- Journal article, in which she cent history of lynchings and Das’s team from regular over- man-rights grounds from visit- “Now they just need to go and
ments and actions described approvingly reposted an essay communal violence. A nonpar- sight by both Facebook’s lead- ing the U.S. before his election win the elections,” she wrote.
by Ms. Das conflicted with the from a former Indian police tisan group of 54 former civil ership in Asia and Facebook’s as prime minister. By the end of the 2014 na-
company’s longstanding neu- official who said the country’s servants in India last Monday global public policy team. “Success in our Gujarat tional campaign, Ms. Das
trality pledge. Muslims have historically been circulated an open letter to Ms. Das arrived at Facebook Campaign,” Ms. Das wrote of shared with colleagues internal
The posts cover the years “a degenerate community.” Mr. Zuckerberg, asking him to in 2011, a time when the social the training of Mr. Modi’s BJP election predictions of a
2012 to 2014 and were made As in the U.S., Facebook’s audit the implementation of media giant was eager to dem- Bharatiya Janata Party team in Modi victory that she said she
to a Facebook group designed India-based public policy team Facebook’s hate-speech policy onstrate its utility in politics. It October of 2012, noting the had obtained from a “senior
for employees in India, though serves two functions. Staffers in the country. rolled out training for several campaign was close to reaching leader and close friend in BJP.”
B6 | Monday, August 31, 2020 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

STREETWISE | By James Mackintosh
Berkshire Buys Up
Fed Gives Itself Latitude Stakes in 5 Storied
The Federal
Reserve has
The Law of Averages
The Federal Reserve is targeting 2% average inflation,
policy: Start from 2012, and
the next five years need infla-
Japanese Companies
given itself a tion of 3.2% to bring the aver- BY KOSAKU NARIOKA
but without specifying the time period. It matters.
license to do age up to the goal.
pretty much Average inflation* through July 2020 since each starting Start from Mr. Powell’s ap- Warren Buffett’s Berkshire
what it wants. point or from the start of each Fed chairman’s term, and pointment, and it needs to be Hathaway Inc. has taken
Chairman Jerome Powell as needed over next five years to reach a 2% average target 2.3%, while starting five years stakes of slightly more than
will no doubt disagree: His ago would require inflation of 5% in five of Japan’s most ven-
As needed to reach a 2% target Through July
speech on Thursday set out 2.5%. erable corporate names with
a new target for average in- Rather than get lost in the big investments in energy.
flation of 2%. But because he math, the Fed’s new policy is Berkshire disclosed the in-
ruled out any mathematical Since 1980 just saying that the central vestments in Mitsubishi Corp.,
definition of the average, bank will be really dovish for Mitsui & Co., Sumitomo

NATI HARNIK/ASSOCIATED PRESS

anything from serious defla- a really long time. The dov- Corp., Itochu Corp. and Mar-
Alan Greenspan
tion up to inflation of 3.2% ishness is backed up by a ubeni Corp. just before the
over the next five years shift on unemployment, too, Tokyo stock market opened
could count as success. where low numbers of jobless Monday.
Ben Bernanke
This isn’t really a problem. will no longer prompt pre- Shares in the five surged
The broad thrust of the Fed’s emptive action to head off in- at least 5% and in some cases
new strategy is that it will be Janet Yellen flation. more than 10%, helping drive
even more dovish, and inter- It is easy to argue that all the overall Nikkei Stock Aver-
est rates will stay low for this is irrelevant. The Fed is age up 2% in intraday trading Warren Buffett
even longer. But—and it is a Jerome Powell stuck with zero rates, has Monday.
vital point—what the Fed is ruled out going negative and Berkshire didn’t say how networks of companies that
really saying is that we has been slow to set explicit much it spent to acquire the sometimes invest in each
should trust that it won’t let Since 2% rule† targets for bond yields, stakes. Based on the compa- other or have joint projects.
inflation spiral out of control, something known as yield- nies’ Friday closing prices, a Mitsubishi Corp. held 20% of
so any overshoots of 2% won’t -3% -2 -1 0 1 2 3 curve control. With its infla- 5% stake in each would col- Mitsubishi Motors Corp. as of
last long. The Fed wants peo- *Geometric average of personal consumption expenditure price index. †2012 tion measure at just 1% last lectively be worth about $6 March 31.
ple to believe inflation will be Source: Refinitiv month, there is little need to billion. Berkshire Hathaway said it
roughly 2% in the long run, worry about what will hap- The five are often called may increase its stake up to
and more precision than that Inflation during each Fed leader's term pen at 2% now. trading companies, but in- 9.9% in any of the five com-
isn’t really necessary. vestment company might be panies, depending on price,
Volcker Greenspan Bernanke Yellen Powell

B
ut it matters for mar- closer to the mark. but it said it would make no

T
hose who prefer their 12 % kets, and so for the All have stakes in a wide purchases beyond that unless
monetary policy to be economy. Thursday’s variety of businesses includ- the board of the company re-
governed by rules will 10 markets did exactly what Mr. ing interests in energy and ceiving the investment ap-
be disappointed. The Fed Powell must have been hop- mining. Mitsubishi and
used to let bygones be by- 8 ing: higher long-dated Trea- Itochu each control a major
gones, ignoring what had sury yields, but also higher convenience-store chain in
happened to inflation in the 6
stock prices—with the big- Japan.
Investments made in
past as it pursued its goal of 4 gest losers this year turned “I am delighted to have Mitsubishi, Mitsui,
2% in future. A catch-up into winners, and vice versa. Berkshire Hathaway partici-
strategy means that the fail- 2 Out of Thursday’s top 100 pate in the future of Japan
Sumitomo, Itochu
ure to hit 2% for most of the performers in the S&P 500, and the five companies we and Marubeni.
past decade could be used to 0 all but six had lagged behind have chosen for investment,”
justify inflation above 2% for the index this year, with the Mr. Buffett said in a state-
most of the next decade. The -2 majority falling by double- ment.
lack of a firm rule, though, 1980 '85 '90 '95 2000 '05 '10 '15 '20 digit percentages. The refla- He said the five companies proves. Berkshire said it in-
means Mr. Powell isn’t tied to Note: Change from a year earlier in monthly personal-consumption-expenditures-price index tion trade was back, and “have many joint ventures tended to hold its Japanese
having to compensate for any Source: Federal Reserve Bank of St. Louis showed that investors think throughout the world and are investments for the long
future period above 2% by the Fed still has power. likely to have more of these term.
running below that for a of the Fed’s preferred infla- problem bedevils what might Quite how that power will partnerships.” The trading companies
while afterward. tion measure). appear to be more reasonable be used is less clear than it The five companies all generally have low stock-mar-
Mr. Powell says the new A hawk applying a strict approaches. Should the aver- was. The new policy means have long histories—dating ket valuations relative to
approach is flexible. He isn’t policy of inflation averaging age apply since the Fed ad- the Fed can more easily justify back to the 17th century in their profits, partly owing to
kidding. Choose your period, could justify aiming for defla- opted its target in 2012? higher inflation, and will. But the case of Sumitomo—and their exposure to energy in-
and almost anything can be tion for years to bring the Since Mr. Powell took over in where it will draw the line re- are considered prestigious vestments such as oil and
justified. Since 1960, inflation long-term average back down 2018? Since five years ago? mains uncertain. If and when employers in Japan. natural-gas fields.
has averaged 3.2% (using the to 2%. Some bygones will still There is no correct answer, inflation picks up again, work- Mitsubishi, Mitsui and That may have made them
mathematically correct geo- be ignored. and the results are different ing out what “flexible” means Sumitomo sit at the center of attractive to a value investor
metric, or compound, average The same mathematical enough to be significant for will be critical for investors. keiretsu, loosely affiliated such as Mr. Buffett.

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

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
28653.87 s 723.54, or 2.59% last week Trailing P/E ratio 28.62 18.96 3508.01 s 110.85, or 3.26% last week Trailing P/E ratio * 36.19 22.30 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 25.89 17.10 High, low, open and close for each of P/E estimate * 26.74 17.65
the past 52 weeks Dividend yield 2.23 2.28 the past 52 weeks Dividend yield * 1.75 1.95 IPOs in the U.S. Market
All-time high 29551.42, 02/12/20 All-time high 3508.01, 08/28/20
None expected this week

Current divisor 0.14579812049809

30000
Lockup Expirations
3500
Below, companies whose officers and other insiders will become eligible
to sell shares in their newly public companies for the first time. Such
28000 sales can move the stock’s price.
3250
Lockup Offer Offer amt Through Lockup
26000 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision
3000 Aug. 30 March 3, ’20 GFL Environmental Inc GFL 19.00 1500.0 -1.7 180 days
200-day moving average Sources: Dealogic; WSJ Market Data Group
24000
2750 IPO Scorecard
Week's high
22000 200-day moving average
DOWN UP Performance of IPOs, most-recent listed first
65-day moving average
t

Monday's open Friday's close 65-day moving average % Chg From % Chg From
2500 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
Friday's close Monday's open 20000 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
t

Harbor Custom Development 7.50 25.0 ... FAST Acquisition 9.97 –0.4 0.4
Week's low 2250 HCDI Aug. 28/$6.00 FST.UT Aug. 21/$10.00
18000
Burgundy Technology Acquisition 9.99 –0.1 0.1 Horizon Acquisition 10.10 1.0 1.0
Bars measure the point change from Monday's open BTAQU Aug. 27/$10.00 HZAC.UT Aug. 21/$10.00
16000 2000 CF Finance Acquisition II 9.94 –0.6 ... Kymera Thera 33.28 66.4 0.1
CFIIU Aug. 27/$10.00 KYMR Aug. 21/$20.00
AS O N D J F M A M J J A AS O N D J F M A M J J A
FTAC Olympus Acquisition 9.95 –0.5 0.2 Nano-X Imaging 25.98 44.3 19.7
Primary FTOCU Aug. 26/$10.00 NNOX Aug. 21/$18.00
NYSE weekly volume, in billions of shares market Composite
t
t

Financial Flashback Colonnade Acquisition 9.89 –1.1 –0.3 Foley Trasimene Acquisition II 10.06 0.6 0.6
36 CLA.UT Aug. 21/$10.00 BFT.UT Aug. 19/$10.00
24 The Wall Street Journal, August 31, 2000
Sources: Dow Jones Market Data; FactSet
12 AOL’s purchase of Time Warner is coming under criticism
0 from European antitrust enforcers, who are concerned that Other Stock Offerings
AS O N D J F M A M J J A AOL’s online service could dominate Web access in Europe.
Secondaries and follow-ons expected this week in the U.S. market
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
None expected this week
Major U.S. Stock-Market Indexes Nasdaq Composite
Off the Shelf
Latest Week 52-Week % chg s 383.83, or 3.39%
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. “Shelf registrations” allow a company to prepare a stock or bond for
last week
Dow Jones sale, without selling the whole issue at once. Corporations sell as
Industrial Average 28733.35 28041.75 28653.87 723.54 2.59 18591.93 l 29551.42 8.5 0.4 9.5 conditions become favorable. Here are the shelf sales, or takedowns,
Transportation Avg 11331.90 10993.93 11322.00 381.32 3.49 6703.63 l 11322 11.8 3.9 7.3 over the last week:
11750
Utility Average 819.61 794.45 800.73 -8.88 -1.10 610.89 l 960.89 -5.3 -8.9 2.3 Takedown date/ Deal value
Issuer/Industry Registration date ($ mil.) Bookrunner(s)
Total Stock Market 35730.45 34768.75 35720.40 1094.38 3.16 22462.76 l 35720.4 19.2 8.1 12.3
Barron's 400 739.72 734.82 739.71 11.90 1.64 455.11 l 746.64 12.4 1.0 5.2 11500 Mohawk Group Holdings Inc Aug. 24 $23.5 AGP/Alliance Global Partners Corp
Computers & Electronics July 1,320
Nasdaq Stock Market 21Vianet Group Inc Aug. 25 $352.8 Credit Suisse, MS, Jefferies
11250 Computers & Electronics July 23,320
Nasdaq Composite 11730.02 11297.53 11695.63 383.83 3.39 6860.67 l 11695.63 46.9 30.3 23.0
Nasdaq 100 12047.99 11535.55 11995.85 440.69 3.81 6994.29 l 11995.85 56.0 37.4 27.1 Ovid Therapeutics Inc Aug. 25 $50.0 Cowen & Company LLC, W. Blair LLC
11000 Healthcare June 1,318
S&P 21 24 25 26 27 28 iMedia Brands Inc Aug. 26 $15.0 Craig-Hallum Group
500 Index 3509.23 3413.13 3508.01 110.85 3.26 2237.40 l 3508.01 19.9 8.6 12.8 August Retail July 14,320
MidCap 400 1947.10 1915.92 1946.51 36.26 1.90 1218.55 l 2106.12 3.5 -5.6 4.5 DJ US TSM Ceridian HCM Holding Inc Aug. 25 $561.4 BofA Securities, JPM
Computers & Electronics May 21,319
SmallCap 600 914.57 896.62 912.02 17.28 1.93 595.67 l 1041.03 -0.7 -10.7 3.3
s 1094.38, or 3.16% CohBar Inc Aug. 26 $15.0 Roth Cptl Ptnrs
Other Indexes last week Healthcare Nov. 22,317
Russell 2000 1578.34 1554.10 1578.34 25.87 1.67 991.16 l
1705.22 5.6 -5.4 4.5 Odonate Therapeutics Inc Aug. 27 $79.8 Jefferies
13173.97 12881.40 13170.96 361.89 2.83 8777.38 l
14183.2 -5.3 Healthcare Sept. 27,319
NYSE Composite 3.4 3.7
Value Line 484.62 471.40 484.62 13.22 2.80 305.71 l 562.05 -3.8 -12.2 -1.7 35500 AudioEye Inc Aug. 27 $7.3 B Riley FBR Inc
Computers & Electronics April 1,320
NYSE Arca Biotech 5434.54 5301.41 5370.24 -22.80 -0.42 3855.67 l 6142.96 22.4 6.0 10.3
Cocrystal Pharma Inc Aug. 26 $15.0 HC Wainwright & Co LLC
NYSE Arca Pharma 678.80 666.35 673.59 2.36 0.35 494.36 l 675.14 15.8 3.1 8.8 35000 Healthcare April 17,320
KBW Bank 78.49 74.39 78.35 4.14 5.58 56.19 l 114.12 -15.8 -30.9 -5.8 NanoVibronix Inc Aug. 24 $3.3 HC Wainwright & Co LLC
PHLX§ Gold/Silver 153.69 142.47 152.85 5.34 3.62 70.12 l 161.14 54.4 43.0 19.7 Healthcare July 21,320
PHLX§ Oil Service 2.12 l 34500
37.82 35.06 36.38 0.755 21.47 80.99 -42.2 -53.5 -32.9 Oncternal Therapeutics Inc Aug. 27 $4.5 HC Wainwright & Co LLC
PHLX§ Semiconductor 2264.59 2202.77 2264.14 65.81 2.99 1286.84 l 2264.14 50.4 22.4 27.9 Healthcare Dec. 22,317
CBOE Volatility 27.09 20.92 22.96 0.42 1.86 11.54 l 82.69 21.0 66.6 26.6 34000

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
21 24 25 26 27 28
August
Public and Private Borrowing
Treasurys
International Stock Indexes Commodities and Monday, August 31 Thursday, September 3
Auction of 13 and 26 week bills; Auction of 4 and 8 week bills;
Region/Country Index Close
Latest Week
% chg Low
52-Week Range
Close High
YTD
% chg
Currencies announced on August 27; settles on Sept. 3 announced on Sept. 1; settles on Sept. 8

World The Global Dow 3111.97 2.80 2138.97 • 3300.22 –4.3 Last Week
Close Net chg %Chg
YTD
% chg
DJ Global Index 446.62 2.70 292.30 • 446.62 2.9 A Week in the Life of the DJIA
DJ Global ex U.S. 253.96 2.00 174.38 • 267.54 –3.7 DJ Commodity 636.32 15.93 2.57 -0.93
A look at how the Dow Jones Industrial Average component stocks did in the past
Americas DJ Americas 815.01 3.19 512.68 • 815.01 7.1 TR/CC CRB Index 153.44 3.48 2.32 -17.41 week and how much each moved the index. The DJIA gained 723.54 points, or
Brazil Sao Paulo Bovespa 102142.93 0.61 63569.62 • 119527.63 –11.7 Crude oil, $ per barrel 42.97 0.63 1.49 -29.63 2.59%, on the week. A $1 change in the price of any DJIA stock = 6.86-point change
in the average. To date, a $1,000 investment on Dec. 31 in each current DJIA stock
Canada S&P/TSX Comp 16705.79 1.14 11228.49 • 17944.06 –2.1 Natural gas, $/MMBtu 2.657 0.084 3.26 21.38 component would have returned $29,394, or a loss of 2.02%, on the $30,000
Mexico S&P/BMV IPC 37794.25 –0.79 32964.22 • 45902.68 –13.20
Gold, $ per troy oz. 1964.60 28.60 1.48 29.29 investment, including reinvested dividends.
Chile Santiago IPSA 2669.39 –3.12 2045.49 • 3722.44 –20.0
The Week’s Action
EMEA Stoxx Europe 600 368.80 1.02 279.66 • 433.90 –11.3 U.S. Dollar Index 92.29 -0.96 -1.03 -4.25 Pct Stock price Point chg $1,000 Invested(year-end '19)
Stoxx Europe 50 2976.34 0.59 2383.14 • 3539.12 –12.5 WSJ Dollar Index 87.52 -1.06 -1.20 -2.28
chg (%) change in average* Company
7.46 15.89 108.99 Microsoft
Symbol Close
MSFT $228.91
$1,000
$1,463
Eurozone Euro Stoxx 364.32 1.73 261.53 • 421.34 –9.8 Euro, per dollar 0.8399 -0.0079 -0.93 -5.81 6.65 6.39 43.83 American Express AXP 102.54 835
Euro Stoxx 50 3315.54 1.71 2385.82 • 3865.18 –11.5
Yen, per dollar 105.37 -0.44 -0.42 -3.01 6.59 8.67 59.47 Walmart WMT 140.30 1,196
Austria ATX 2253.26 2.66 1630.84 • 3250.61 –29.3
1.34 0.0263 2.01
6.36 8.10 55.56 Walt Disney DIS 135.54 937
Belgium Bel-20 3378.60 2.29 2528.77 • 4198.31 –14.6 U.K. pound, in dollars 0.69
5.67 11.58 79.42 Visa V 215.71 1,153
France CAC 40 5002.94 2.18 3754.84 • 6111.24 –16.3 52-Week
5.64 2.46 16.87 Dow DOW 46.05 885
Germany DAX 13033.20 2.10 8441.71 • 13789.00 –1.6 Low Close(l) High % Chg
5.60 5.45 37.38 JPMorgan Chase JPM 102.77 757
Greece Athex Composite 634.47 0.19 484.40 • 948.64 –30.8 DJ Commodity 433.70 l 647.86 6.71 5.39 2.55 17.49 Coca-Cola KO 49.83 916
Israel Tel Aviv 1412.44 1.27 1171.21 • 1751.79 –16.1
TR/CC CRB Index 106.29 l 187.39 -9.93 4.96 8.30 56.93 Boeing BA 175.80 543
Italy FTSE MIB 19841.01 0.74 14894 • 25478 –15.6
Crude oil, $ per barrel -37.63 l 63.27 -22.01 3.76 5.20 35.67 Caterpillar CAT 143.63 995
Netherlands AEX 556.80 0.99 404.10 • 629.23 –7.9
3.63 4.06 27.85 Travelers TRV 115.89 858
2.862 16.28
Portugal PSI 20 4342.98 –0.03 3596.08 • 5435.85 –16.7 Natural gas, $/MMBtu 1.482 l
3.27 1.97 13.51 Raytheon Technologies RTX 62.24 720
Russia RTS Index 1265.62 0.29 832.26 • 1646.60 –18.3 Gold, $ per troy oz. 1452.10 l 2051.50 29.33
2.61 5.28 36.21 Goldman Sachs GS 207.71 915
South Africa FTSE/JSE All-Share 56057.10 0.19 37963.01 • 59001.87 –1.8
U.S. Dollar Index 92.27 l 102.82 -6.70
2.44 3.95 27.09 3M MMM 165.66 966
Spain IBEX 35 7133.00 2.16 6107.2 • 10083.6 –25.3 2.33 1.15 7.89 Intel INTC 50.43 857
Sweden OMX Stockholm 700.75 1.03 478.95 • 732.67 2.9 WSJ Dollar Index 87.52 l 97.02 -4.64
2.31 2.54 17.42 Nike NKE 112.29 1,117
Switzerland Swiss Market 10164.49 –0.53 8160.79 • 11263.01 –4.3 Euro, per dollar 0.8382 l 0.9352 -7.69 1.58 3.34 22.91 McDonald’s MCD 214.91 1,102
U.K. FTSE 100 5963.57 –0.64 4993.89 • 7674.56 –20.9 Yen, per dollar 102.37 l 112.11 -0.86 1.55 1.91 13.10 IBM IBM 125.07 968
Asia-Pacific U.K. pound, in dollars 1.15 l 1.34 9.79 1.08 3.06 20.99 Home Depot HD 286.29 1,328
Australia S&P/ASX 200 6073.80 –0.61 4546.0 • 7162.5 –9.1 0.97 1.33 9.12 Procter & Gamble PG 138.77 1,132
China Shanghai Composite 3403.81 0.68 2660.17 • 3451.09 11.6 Real-time U.S. stock 0.79 0.67 4.60 Merck MRK 85.65 957
•
WSJ
Hong Kong Hang Seng 25422.06 1.23 21696.13 29056.42 –9.8 quotes are available 0.65 0.55 3.77 Chevron CVX 85.63 740
India S&P BSE Sensex 39467.31 2.69 25981.24 • 41952.63 –4.3 on WSJ.com. Track 0.58 0.88 6.04 Johnson & Johnson JNJ 153.64 1,075
Japan Nikkei Stock Avg 22882.65 –0.16 16552.83 • 24083.51 –3.3 most-active stocks, 0.46 0.27 1.85 Verizon VZ 59.26 997
Malaysia FTSE Bursa Malaysia KLCI 1525.21 –3.29 1219.72 • 1615.67 –4.0 .COM new highs/lows, 0.35 1.75 12.00 Apple AAPL 499.23 1,712
Singapore Straits Times 2539.63 0.44 2233.48 • 3285.72 –21.2 mutual funds and 0.07 0.23 1.58 UnitedHealth Group UNH 314.37 1,078
South Korea Kospi 2353.80 2.14 1457.64 • 2437.53 7.1 ETFs. –0.12 –0.05 –0.34 Cisco Systems CSCO 42.20 901
Taiwan TAIEX 12728.85 0.96 8681.34 • 12956.11 6.1
All are available free at
–0.78 –0.32 –2.19 Exxon Mobil XOM 40.69 615
–1.77 –0.70 –4.80 Walgreens WBA 38.76 679
Source: FactSet; Dow Jones Market Data WSJMarkets.com –2.49 –0.97 –6.65 Pfizer PFE 37.91 997
*Based on Composite price. DJIA is calculated on primary-market price.
Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet.

U.S. consumer rates Selected rates Treasury yield curve Forex Race
A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies
benchmark over the past year notes and bonds major U.S. trading partners
Bankrate.com avg†: 3.29% U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Old National Bank 2.75% 2.50%
8% Fri YTDchg Fri YTDchg
4.00% Appleton, WI 812-464-1494 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
t One year ago 2.00
Star One Credit Union 2.75% t Euro Americas Vietnam dong .00004315 23175 0.01
5-year 3.00 4 s
Sunnyvale, CA 408-742-2801 1.50 Argentina peso .0135 73.9332 23.5 Europe
adjustable-rate
mortgage (ARM) 2.00 Citadel Federal Credit Union 2.88% 0 Brazil real .1855 5.3906 34.1 Czech Rep. koruna .04560 21.929 –3.3
1.00 Canada dollar .7635 1.3098 0.8 Denmark krone .1600 6.2512 –6.2
5-year Treasury Exton, PA 800-666-0191
Chile peso .001283 779.50 5.4 Euro area euro 1.1907 .8399 –5.8
note yield 1.00 Hanscom Federal Credit Union 2.88% Tradeweb ICE 0.50 –4 s .000267 3745.50 .003363 297.33
s Colombiapeso 14.1 Hungary forint 0.7
t Friday Close t Yen
Hanscom AFB, MA 800-656-4328 WSJ Dollar index Ecuador US dollar 1 1 unch Iceland krona .007272 137.51 13.5
0.00 0.00 –8 Mexico peso .0460 21.7532 14.9 Norway krone .1137 8.7977 0.2
S O N D J FMAM J J A Associated Bank, NA 3.00% 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02344 42.6650 14.9 Poland zloty .2712 3.6871 –2.8
Rockford, IL 2019 2020
2019 2020 800-682-4989 month(s) years Asia-Pacific Russia ruble .01350 74.085 19.4
Sweden krona .1160 8.6239 –7.9
maturity Australian dollar .7365 1.3578 –4.7
Switzerland franc 1.1061 .9041 –6.6
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1457 6.8654 –1.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Turkey lira .1364 7.3333 23.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7506 –0.5
Ukraine hryvnia .0363 27.5500 16.4
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00
Corporate Borrowing Rates and Yields India rupee .01367 73.129
Indonesia rupiah .0000684 14625
2.5
5.3
UK pound 1.3352 .7490 –0.7
Spread +/- Treasurys, Japan yen .009491 105.37 –3.0 Middle East/Africa
Prime rate* 3.25 3.25 3.25 l 5.25 -1.00
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002379 420.37 10.1 Bahrain dinar 2.6524 .3770 –0.01
Libor, 3-month 0.24 0.25 0.23 l 2.16 -1.08 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1253 7.9800 –0.5 Egypt pound .0630 15.8690 –1.1
Money market, annual yield 0.23 0.24 0.23 l 0.78 -0.06 Malaysia ringgit .2401 4.1655 1.8 Israel shekel .2976 3.3600 –2.7
U.S. Treasury, Barclays 0.510 0.480 6.46 5.11
Five-year CD, annual yield 0.66 0.67 0.66 l 1.74 -0.81 New Zealand dollar .6744 1.4828 –0.2 Kuwait dinar 3.2737 .3055 0.8
U.S. Treasury Long, Barclays 1.400 1.250 11.04 10.71 Pakistan rupee .00597 167.385 8.0 Oman sul rial 2.5972 .3850 0.01
30-year mortgage, fixed† 3.15 3.04 3.03 l 4.22 -0.69
-0.46
Aggregate, Barclays 1.180 1.130 n.a. 39 127 6.12 5.08 Philippines peso .0207 48.361 –4.6 Qatar rial .2746 3.641 –0.1
15-year mortgage, fixed† 2.59 2.64 2.58 l 3.57
Fixed-Rate MBS, Barclays 1.270 1.180 n.a. 28 132 4.70 3.70 Singapore dollar .7364 1.3580 0.9 Saudi Arabia riyal .2666 3.7505 –0.02
Jumbo mortgages, $510,400-plus† 3.20 3.06 3.06 l 4.71 -1.14 South Korea won .0008470 1180.61 2.2 South Africa rand .0603 16.5903 18.5
Five-year adj mortgage (ARM)† 3.29 3.27 3.06 l 4.78 -0.01
High Yield 100, ICE BofA 4.238 4.564 393 271 1018 2.252 3.936 Sri Lanka rupee .0053674 186.31 2.7
New-car loan, 48-month 4.19 4.26 4.17 l 4.65 1.30 Muni Master, ICE BofA 1.000 0.949 28 -12 41 3.797 3.987 Taiwan dollar .03407 29.347 –1.9 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 4.730 4.663 383 277 662 3.670 3.985 Thailand baht .03215 31.100 4.5 WSJ Dollar Index 87.52 –0.79–0.90 –2.28
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data
B8 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not BR Credit Alloc Inc BTZ 15.15 13.94 -8.0 6.8 Nuveen Taxable Muni Inc NBB NA 22.66 NA 4.9 BR MH NJ Qly MUJ 15.77 13.99 -11.3 4.5 Loan Participation Funds
buy their shares back from investors who wish to cash FirstTrEnergyInfra FIF 12.15 10.01 -17.6 -30.3 Insight Select Income INSI NA 20.50 NA 3.8 PIMCO Corp & Inc Oppty PTY 12.72 16.20 +27.4 10.3 BR MH NY Qly MHN 14.92 13.74 -7.9 3.9 1WS Credit Income NA NA NA 6.3
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not FirstTrMLPEner&Inc FEI 6.79 5.34 -21.4 -46.6 InvescoBond VBF 21.24 20.23 -4.8 3.6 PIMCO Corp & Inc Strat PCN 13.06 15.76 +20.7 9.2 BR MuniYld CA MYC 15.92 14.10 -11.4 3.5 AlphCntrc Prime Merid In 9.97 NA NA NS
available or not applicable. NS signifies funds not in
existence for the entire period. 12 month yield is
Gabelli Healthcare GRX 12.91 10.81 -16.3 10.0 J Han Income JHS 16.15 15.19 -5.9 4.6 PIMCOHilnco PHK 5.16 5.43 +5.2 13.6 BR MuniYld CA Qly MCA 15.84 14.55 -8.1 3.8 Angel Oak Str Crdt:Inst 21.57 NA NA 7.8
computed by dividing income dividends paid (during Gab Utility GUT 3.96 7.65 +93.2 27.2 MFS Intmdt MIN 4.01 3.83 -4.5 8.8 PIMCO IncmStrFd PFL 9.69 10.04 +3.6 10.8 BR MuniYld MI Qly MIY 15.71 13.98 -11.0 4.1 Axonic Alternative Inc NA NA NA 4.0
the previous 12 months for periods ending at month-
end or during the previous 52 weeks for periods GAMCOGlGold&NatRes GGN 4.20 3.65 -13.1 -4.4 Western Asset Inf-Lk Inc WIA NA 12.86 NA 3.1 PIMCO IncmStrFd II PFN 8.70 9.02 +3.7 10.8 BR MuniYld NJ MYJ 15.81 14.22 -10.1 5.0 Blackstone/GSO FR EI D 22.76 NA NA 6.3
ending at any time other than month-end) by the J Han Finl Opptys BTO 21.76 23.46 +7.8 -16.5 Western Asset Inf-Lk O&I WIW NA 11.56 NA 3.7 Putnam Mas Int PIM 4.34 4.16 -4.1 8.5 BR MuniYld NY Qly MYN 14.33 13.15 -8.2 3.9 Blackstone/GSO FR EI I 22.73 NA NA 6.6
latest month-end market price adjusted for capital
gains distributions. Depending on the fund category, Neuberger Brmn MLP & EI NML 3.72 2.77 -25.5 -55.8 Westn Asst IG Def Opp Tr IGI NA 21.91 NA 3.8 Putnam Prem Inc PPT 4.80 4.59 -4.4 8.8 EVCAMuniBd EVM 12.71 11.50 -9.5 3.9 Blackstone/GSO FR EI T 22.69 NA NA 6.1
either 12-month yield or total return is listed. Blackstone/GSO FR EI T-I 23.17 NA NA 6.1
Source: Lipper
NuvDow30DynOverwrite DIAX NA 14.20 NA -13.0 Loan Participation Funds Wells Fargo Multi-Sector ERC NA 11.28 NA 10.4 Eaton Vance NY Muni Bd ENX 13.35 11.95 -10.5 3.9
NuvCorEqAlpha JCE NA 13.34 NA 2.4 Apollo Senior Floating AFT NA 12.74 NA 8.5 World Income Funds InvCaValMuIncTr VCV 13.51 12.32 -8.8 4.2 Blackstone/GSO FR EI U 23.69 NA NA NS
Friday, August 28, 2020
NuveenNasdaq100DynOv QQQX NA 26.14 NA 27.4 BR Debt Strategy DSU 11.21 9.99 -10.9 InvPAValMuIncTr VPV 14.01 12.55 -10.4 4.5 Blstn Commnty Dev 10.17 NA NA 3.4
52 wk 8.6 Abrdn AP IncFd FAX 4.70 4.15 -11.7 7.0
Prem Ttl Nuv Real Est JRS NA 8.10 NA -17.6 InvTrInvGrNYMu VTN 14.12 12.60 -10.8 4.5 BNYM Alcntr Glb MS Cr Fd 95.17 NA NA NS
BR F/R Inc Str FRA 13.39 11.76 -12.2 8.1 BrndywnGLB Glb Inc Oppts BWG NA 12.31 NA 6.5
Fund (SYM) NAV Close /Disc Ret CLIFFWATER CL FD;I 10.27 NA NA 3.1
Nuveen Rl Asst Inc & Gro JRI NA 12.28 NA -20.7 BlackRock Floatng Rt Inc BGT 12.99 11.42 -12.1 8.0 EtnVncStDivInc EVG NA 11.45 NA 8.0 Nuveen CA AMT-F Qual MI NKX NA 15.28 NA 4.0
General Equity Funds NuvS&P500DynOvFd SPXX NA 14.17 NA -6.5 Nuveen CA Val NCA NA 10.62 NA 3.1 CNR Strategic Credit 9.15 NA NA 9.3
Blackstone / GSO Strat BGB 13.60 11.97 -12.0 10.8 MS EmMktDomDebt EDD 6.99 5.83 -16.6 8.3
Adams Diversified Equity ADX 19.72 16.84 -14.6 18.8 NuvSP500BuyIncFd BXMX NA 11.87 NA -0.5 NuveenCAQtyMuInc NAC NA 14.61 NA 4.2 FedProj&TrFinanceTendr 9.90 NA NA 3.8
Blackstone/GSO Sr Flt Rt BSL 15.08 13.28 -11.9 9.3 PIMCO Dyn Crd & Mrt Inc PCI NA 18.88 NA 13.0
Boulder Growth & Income BIF 12.53 10.33 -17.6 -0.2 ReavesUtilityIncome UTG 31.18 31.54 +1.2 -8.4 FS Global Crdt Opptys D NA NA NA 7.5
EtnVncFltRteInc EFT NA 12.11 NA 8.3 PIMCO Dynamic Income PDI NA 24.32 NA 12.2 Nuveen MD Qual Muni Inc NMY NA 13.17 NA 4.1
Central Secs CET 36.74 29.42 -19.9 0.4 Garrison Capital Inc GARS NA 3.50 NA NA
Tortoise Enrgy Infra Crp TYG NA 16.74 NA -77.7 EV SenFlRtTr EFR NA 11.79 NA 8.3 PIMCO Income Opportunity PKO NA 23.07 NA 9.4 Nuveen MI Qual Muni Inc NUM NA 14.04 NA 3.8
CohenStrsCEOppFd FOF 11.84 11.79 -0.4 2.6 Schrdrs Opp Inc;A 24.85 NA NA NS
Income & Preferred Stock Funds EVSnrIncm EVF NA 5.85 NA 7.0 PIMCO Stratg Inc RCS NA 6.40 NA 11.0 NuvNJ Qual Muni Inc NXJ NA 13.65 NA 4.6
EVTxAdvDivIncm EVT NA 20.43 NA -5.8 Schrdrs Opp Inc;A2 NA NA NA NS
CalamosStratTot CSQ 14.50 14.22 -1.9 23.1 FT/Sr Fltg Rte Inc 2 FCT 12.65 11.23 -11.2 9.3 Templeton Em Inc TEI 8.97 7.65 -14.7 8.6 Nuveen NY AMT/Fr Qual MI NRK NA 13.04 NA 4.1
GabelliDiv&IncTr GDV 22.63 19.34 -14.5 0.1 Schrdrs Opp Inc;I 24.90 NA NA NS
CohenStrsLtdDurPref&Inc LDP 24.78 23.93 -3.4 2.1 FT/Sr Fltg Rte 2022 TgTr FIV 9.17 8.59 -6.3 3.6 Templtn Glbl Inc GIM 6.16 5.32 -13.6 5.3 Nuveen NY Qual Muni Inc NAN NA 14.01 NA 4.1
Gabelli Equity Tr GAB 5.35 5.47 +2.2 1.3 Schrdrs Opp Inc;SDR 24.92 NA NA NS
CohenStrsSelPref&Income PSF 25.65 27.11 +5.7 0.0 Highland Income HFRO 12.51 8.90 -28.9 11.4 WstAstEmergDebt EMD NA 13.01 NA 9.3 Nuveen OH Qual Muni Inc NUO NA 15.24 NA 3.4
GeneralAmer GAM 42.88 35.48 -17.3
Invesco Sr Loan A 6.00 NA NA 5.1
7.2 FirstTrIntDurPref&Inc FPF 22.94 22.17 -3.4 2.1 InvDYCrOpp VTA 10.92 9.11 -16.6 9.8 Western Asset Gl Cr D Op GDO NA 17.30 NA 7.0 Nuveen PA Qual Muni Inc NQP NA 13.63 NA 4.3
Invesco Sr Loan C 6.01 NA NA 4.3
JHancockTaxAdvDiv HTD 21.49 19.50 -9.3 -19.2 JHanPrefInc HPI 18.89 20.11 +6.5 -8.9 InvSnrIncTr VVR 4.24 3.68 -13.2 7.9 National Muni Bond Funds Nuveen VA Qlty Mun Inc NPV NA 15.13 NA 3.5
Invesco Sr Loan IB 6.00 NA NA 5.4
Librty AllStr Eq USA 6.74 6.20 -8.0 12.2 JHPrefIncII HPF 18.56 18.34 -1.2 -13.4 Nuveen Credit Strat Inc JQC NA 6.12 NA 19.2 AllBerNatlMunInc AFB 15.15 13.54 -10.6 PIMCO CA PCQ 13.96 17.68 +26.6 5.0
4.0 Invesco Sr Loan IC 6.00 NA NA 5.2
Librty AllStr Gr ASG 7.14 7.55 +5.7 39.5 HnckJPfdInco III HPS 16.61 16.55 -0.4 -6.4 NuvFloatRateIncFd JFR NA 8.31 NA 8.6 BlckRk Inv Q Mun BKN 16.32 15.79 -3.2 4.1 PIMCOCAMuniII PCK 8.87 9.00 +1.5 4.2
Invesco Sr Loan Y 6.00 NA NA 5.4
Royce Micro-Cap Tr RMT 9.75 8.17 -16.2 13.1 J Han Prm PDT 12.93 13.18 +1.9 -16.8 NuvFloatRteIncOppty JRO NA 8.19 NA 8.6 BlackRock Muni 2030 Tgt BTT 26.13 24.57 -6.0 3.0 Pimco CA Muni III PZC 10.06 10.27 +2.1 4.4 Pioneer Sec Inc 8.71 NA NA NS
Royce Value Trust RVT 15.85 13.71 -13.5 10.8 LMP CapInco SCD NA 10.99 NA -9.0 PionrFltRate Tr PHD 10.85 9.82 -9.5 7.0 BlackRock Muni BFK 14.31 13.94 -2.6 4.4 52 wk High Yield Bond Funds
Source Capital SOR 42.31 37.03 -12.5 7.4 Nuveen Pref & Inc Opp JPC NA 8.81 NA -4.3 High Yield Bond Funds BlackRock Muni II BLE 14.78 14.76 -0.1 4.4
Prem Ttl
Griffin Inst Access Cd:A NA NA NA 6.7
Fund (SYM) NAV Close /Disc Ret
Tri-Continental TY 31.25 27.23 -12.9 11.7 Nuveen Fd JPS NA 9.16 NA 1.3 AllianceBernGlHiIncm AWF 12.33 10.87 -11.8 7.3 BlckRk Muni Inc Qly BYM 15.57 14.07 -9.6 3.9 Griffin Inst Access Cd:C NA NA NA 6.7
Specialized Equity Funds General Equity Funds
Nuveen Pref & Inc Term JPI NA 22.81 NA 1.4 Angel Oak FS Inc Trm FINS NA 16.84 NA 8.3 BR MuniAssets Fd MUA 14.02 14.27 +1.8 4.4 Griffin Inst Access Cd:F NA NA NA 6.8
Aberdeen Glb Prem Prop AWP 5.77 4.88 -15.4 -11.4 FNEX Ventures 10.00 NA NA N
Nuveen TxAdvDivGr JTD NA 13.73 NA -8.7 Barings Glb SD HY Bd BGH 15.05 13.33 -11.4 12.4 BR MuniEnhanced MEN 12.21 11.18 -8.4 4.0 Griffin Inst Access Cd:I NA NA NA 6.8
Specialized Equity Funds
Adams Natural Resources PEO 12.96 11.73 -9.5 -16.1 TCW Strat Income TSI NA 5.90 NA 9.8 BR Corporate HY HYT 11.49 11.09 -3.5 8.7 BR MuniHoldings Qly MFL 14.74 13.36 -9.4 3.9 Griffin Inst Access Cd:L NA NA NA 6.8
Bluerock Total Inc+ RE:A 29.34 NA NA 2.2
AllianzGI AI & Tech Opps AIO 24.87 21.91 -11.9 NS Convertible Sec's. Funds BlackRock Ltd Dur Inc BLW 16.36 15.01 -8.3 7.7 BR MH Qly 2 MUE 14.02 12.68 -9.6 4.1 PIMCO Flexible Cr I;A-2 NA NA NA NS
Bluerock Total Inc+ RE:C 27.99 NA NA 1.5
GI DivInt&PremStr NFJ 14.31 12.45 -13.0 11.2 AdvntCnvrtbl&IncFd AVK 16.65 14.42 -13.4 11.6 BNY Mellon Hi Yield Str DHF 3.15 2.76 -12.4 9.4 BR MuniHoldngs MHD 16.81 15.45 -8.1 4.6 Bluerock Total Inc+ RE:I 29.88 NA PIMCO Flexible Cr I;A-4 NA NA NA 10.9
NA 2.5
ASA Gold & Prec Met Ltd ASA 26.81 23.22 -13.4 74.8 GI Conv & Inc NCV 5.40 4.89 -9.4 -1.2 Brookfield Real Asst Inc RA 19.54 16.92 -13.4 14.0 BR MuniVest Fd MVF 9.61 8.69 -9.6 4.6 Bluerock Total Inc+ RE:L 29.11 NA NA 2.0 PIMCO Flexible Cr I;Inst NA NA NA 11.8
BR Enh C&I CII 17.59 16.00 -9.0 10.5 AGI Conv & Inc II NCZ 4.84 4.35 -10.1 -2.1 CrSuisHighYld DHY 2.40 2.09 -12.9 10.0 BR MuniVest 2 MVT 15.11 14.04 -7.1 4.6 CIM RA&C A NA NA NA NS PionrILSBridge NA NA NA 0.0
BlackRock Energy & Res BGR 7.92 7.07 -10.7 -26.3 AGI Dvs Inc & Conv ACV 29.81 27.10 -9.1 27.3 DoubleLine Inc Sol DSL 16.43 16.15 -1.7 11.7 BR MuniYield Fd MYD 14.77 13.71 -7.2 4.7 CIM RA&C C NA NA NA NS WA Middle Mkt Dbt NA NA NA 8.5
BlackRock Eq Enh Div BDJ 8.52 7.59 -10.9 -6.0 AGI Eqty & Conv Inc NIE 28.72 25.38 -11.6 27.0 DoubleLine Yld Opps DLY 19.04 NA NA NS BR MuniYield Qlty MQY 16.28 15.86 -2.6 4.0 CIM RA&C I NA NA NA NS WA Middle Mkt Inc NA NA NA 10.0
BlackRock Enh Glbl Div BOE 11.36 9.89 -12.9 3.8 CalamosConvHi CHY 13.69 12.48 -8.8 23.7 EVHiInc2021 EHT NA 9.76 NA 4.1 BR MuniYld Qlty2 MQT 14.26 13.04 -8.6 4.0 CIM RA&C L NA NA NA NS Other Domestic Taxable Bond Funds
BlackRock Enh Intl Div BGY 6.22 5.50 -11.6 9.6 CalmosConvOp CHI 12.99 11.77 -9.4 25.8 Clarion Partners REI D NA NA NA NS Am Beacon Apollo TR:T 10.14 NA NA NS
First Tr Hi Inc Lng/Shrt FSD 16.01 14.08 -12.1 9.4 BR MuniYld Qly 3 MYI 14.87 13.38 -10.0 3.9
BlackRock Hlth Sci Tr II BMEZ 25.23 24.18 -4.2 NS Clarion Partners REI I NA NA NA NS Am Beacon Apollo TR:Y 10.16 NA NA 3.1
World Equity Funds IVY HIGH INCOME OPP IVH 13.66 11.99 -12.2 10.3 BNY Mellon Muni Bd Infra DMB 14.26 13.65 -4.3 4.6
BlackRock Hlth Sciences BME 42.84 43.19 +0.8 21.0 Clarion Partners REI S NA NA NA NS Am Beacon SP Enh Inc:T 9.20 NA NA NS
Aberdeen Emg Mkts Eq Inc AEF 7.99 6.79 -15.0 1.6 NeubHgYldStrt NHS 12.03 11.28 -6.2 9.7 BNY Mellon Str Muni Bond DSM 8.14 7.50 -7.9 5.0 Clarion Partners REI T NA NA NA NS Am Beacon SP Enh Inc:Y 9.23 NA NA 4.7
BlackRock Res & Comm BCX 7.71 6.56 -14.9 -4.8 Aberdeen Tot Dyn Div AOD 9.57 8.19 -14.4 11.5 New Amer Hi Inc HYB NA 8.32 NA 7.1 BNY Mellon Strat Muni LEO 8.43 8.22 -2.5 4.9 GS Real Est Div Inc:A 9.63 NA NA -4.9 BR Credit Strat;A 10.09 NA NA NS
BlackRock Sci&Tech Tr II BSTZ 29.04 26.46 -8.9 NA Calamos GloDynInc CHW 8.63 8.45 -2.1 23.1 NexPointStratOppty NHF 17.19 9.63 -44.0 19.7 DWS Muni Inc KTF 12.55 11.18 -10.9 4.2 GS Real Est Div Inc:C 9.62 NA NA -5.5 BR Credit Strat;Inst 10.09 NA NA 5.0
BlackRock Sci&Tech Trust BST 43.04 43.91 +2.0 48.3 Cdn Genl Inv CGI 43.16 27.70 -35.8 18.5 Nuveen CI Nov 2021 Tgt JHB NA 9.12 NA 5.0 EVMuniBd EIM 14.17 13.03 -8.0 4.1 GS Real Est Div Inc:I 10.04 NA NA -4.8 BlackRock Mlt-Sctr Oppty 84.30 NA NA 9.0
BlackRock Utl Inf & Pwr BUI 21.63 22.20 +2.6 2.1 China CHN NA 26.20 NA 44.4 Nuveen Crdt Opps 2022 TT JCO NA 8.14 NA 6.8 EVMuniIncm EVN 13.93 12.57 -9.8 4.3 GS Real Est Div Inc:L 9.63 NA NA -5.1 BlackRock Mlt-Sec Opp II 86.23 NA NA 8.8
CBRE ClrnGlbRlEst IGR 7.57 6.16 -18.6 -11.7 EV TxAdvGlbDivInc ETG NA 15.83 NA 8.8 Nuveen Global High Inc JGH NA 14.14 NA 8.6 EVNatMuniOpp EOT 21.34 20.52 -3.8 4.0 GS Real Est Div Inc:W 9.78 NA NA -4.8 Carlyle Tact Pvt Cred:A NA NA NA 8.2
CLEARBRIDGEENGYMDSOPP EMO NA 11.80 NA -68.8 EtnVncTxAdvOpp ETO NA 22.05 NA -3.0 PGIM Global High Yield GHY 15.67 13.42 -14.4 9.5 InvAdvMuIncTrII VKI 11.95 10.85 -9.2 4.8 NexPointRlEstStrat;A 15.23 NA NA -21.6 Carlyle Tact Pvt Cred:I NA NA NA 9.0
ClearBridge MLP & Midstm CEM NA 15.06 NA -69.3 Gabelli Multimedia GGT 7.31 7.20 -1.5 0.8 PGIM High Yield Bond ISD 16.06 14.05 -12.5 9.1 Invesco MuniOp OIA 7.46 7.37 -1.2 5.1 NexPointRlEstStrat;C 15.39 NA NA -21.8
Carlyle Tact Pvt Cred:L NA NA NA 8.5
ChnStrInfr UTF 23.46 23.19 -1.2 -5.4 Highland Global Alloc HGLB 9.89 6.70 -32.3 -22.9 PioneerHilncmTr PHT 8.86 8.08 -8.8 9.5 InvescoMuOppTr VMO 13.37 12.35 -7.6 4.7 NexPointRlEstStrat;Z 15.38 NA NA -21.1
Carlyle Tact Pvt Cred:M NA NA NA NS
Cohen&SteersQualInc RQI 12.64 11.41 -9.7 -18.0 India Fund IFN 19.98 17.09 -14.5 -2.8 Wells Fargo Income Oppty EAD NA 7.53 NA 9.6 InvescoMuTr VKQ 13.37 12.29 -8.1 4.7 PREDEX;I 25.31 NA NA 0.5
Carlyle Tact Pvt Cred:N NA NA NA 9.0
Cohen&Steers TotRet RFI 12.80 12.99 +1.5 -4.4 Japan Smaller Cap JOF 9.66 8.01 -17.1 6.0 WstAstHIF II HIX NA 6.61 NA 8.8 PREDEX;T 25.40 NA NA 0.5
InvescoQual Inc IQI 13.57 12.30 -9.4 4.7 Carlyle Tact Pvt Cred:Y NA NA NA 8.7
CohenStrsREITPrefInc RNP 22.66 20.05 -11.5 -8.4 PREDEX;W 25.40 NA NA 0.5
LazardGlbTotRetInc LGI 18.20 15.68 -13.8 9.95 Western Asset Hi Inc Opp HIO NA 5.01 NA 7.7 InvTrInvGrMu VGM 13.79 12.61 -8.6 4.7 CION Ares Dvsfd Crdt;A NA NA NA 5.9
Principal Dvs Sel RA A 23.17 NA NA -5.3
Columbia Sel Prm Tech Gr STK 22.90 22.80 -0.4 20.4 MS ChinaShrFd CAF 27.08 22.30 -17.7 10.5 Western Asset Hi Yld D O HYI NA 14.70 NA 7.7 InvescoValMunInc IIM 16.47 14.79 -10.2 4.5 CION Ares Dvsfd Crdt;C NA NA NA 5.9
Principal Dvs Sel RA Ins 23.21 NA NA -5.0
DNP Select Income DNP 8.75 10.19 +16.4 -11.8 MS India IIF 21.31 17.92 -15.9 -0.6 Other Domestic Taxable Bond Funds MAINSTAY:MKDEFTRMUNOP MMD NA 20.84 NA 4.8 CION Ares Dvsfd Crdt;I NA NA NA 5.9
Principal Dvs Sel RA Y 23.26 NA NA -4.8
Duff&Ph Uti&Infra Inc Fd DPG 12.85 11.21 -12.8 -19.6 New Germany GF 20.22 17.06 -15.6 29.0 Ares Dynamic Crdt Alloc ARDC NA 12.63 NA 10.1 NeubrgrBrm NBH 14.90 14.93 +0.2 4.8 CION Ares Dvsfd Crdt;L NA NA NA 5.9
SharesPost 100;A 31.49 NA NA 8.1
EtnVncEqtyInc EOI NA 15.48 NA 11.6 Templeton Dragon TDF 28.59 24.95 -12.7 49.2 Barings Part Inv MPV NA 11.22 NA 10.4 Nuveen AMT-Fr Mu Val NUW NA 15.97 NA 3.1 SharesPost 100:I 31.70 NA NA 8.3 CION Ares Dvsfd Crdt;U NA NA NA NS
EtnVncEqtyIncoII EOS NA 19.51 NA 27.3 Templeton Em Mkt EMF 17.96 15.70 -12.6 19.2 BlackRock Mlt-Sctr Inc BIT 17.78 16.06 -9.7 9.6 Nuveen AMT-Fr Qlty Mun I NEA NA 14.11 NA 4.4 SharesPost 100:L 31.30 NA NA 7.8 CION Ares Dvsfd Crdt:U2 NA NA NA NS
EVRskMnDvsEqInc ETJ NA 10.26 NA 22.1 Wells Fargo Gl Div Oppty EOD NA 4.57 NA -4.4 BlackRock Tax Muni Bd BBN 24.87 26.25 +5.5 5.0 Nuveen AMT-Fr Mu CI NVG NA 15.61 NA 4.9 USQ Core Real Estate:I 24.90 NA NA 0.2 CION Ares Dvsfd Crdt;W NA NA NA 5.9
ETnVncTxMgdBuyWrtInc ETB NA 14.20 NA 1.2 Prem12 Mo DoubleLine:Oppor Crdt Fd DBL 19.31 19.48 +0.9 7.2 Nuveen Enh Muni Val NEV NA 14.90 NA 4.6 USQ Core Real Estate:IS 24.90 NA NA 0.2 CNR Select Strategies 11.11 NA NA 0.0
EtnVncTxMgdBuyWrtOpp ETV NA 14.69 NA 11.8 Fund (SYM) NAV Close /Disc Yld Duff&Ph Util Cor DUC 9.67 9.23 -4.6 5.6 Nuveen Int Dur Mun Term NID NA 13.30 NA 3.8 Versus Cap MMgr RE Inc:I 26.84 NA NA NE GL Beyond Income 0.89 NA NA NE
EvTxMnDvsEqInc ETY NA 11.55 NA 7.7 U.S. Mortgage Bond Funds EVLmtDurIncm EVV NA 11.72 NA 9.8 Nuveen Mu Crdt Opps NMCO NA 12.75 NA NS Versus Capital Real Asst 24.73 NA NA 0.3 KKR CREDIT OPPTY;I NA NA NA NS
EtnVncTxMgdGlbB ETW NA 8.99 NA 5.3 BlckRk Income BKT 6.32 6.19 -2.1 6.7 Franklin Ltd Dur Income FTF 9.30 8.82 -5.2 11.3 Nuv Muni Credit Income NZF NA 14.78 NA 5.0 Wildermuth Endwmnt:A 13.37 NA NA -0.2 KKR CREDIT OPPTY;T NA NA NA NS
EVTxMnGblDvEqInc EXG NA 7.86 NA 6.9 Invesco HI 2023 Tgt Term IHIT 8.21 7.85 -4.4 7.5 J Han Investors JHI 17.68 16.55 -6.4 8.3 Wildermuth Endwmnt:C 12.90 NA NA -1.1 Lord Abbett Cred Opps Fd 9.34 NA NA NS
NuvMuniHiIncOpp NMZ NA 13.50 NA 5.3
Wildermuth Endowment:I 13.43 NA NA -0.5 Lord Abbett Cred Opps Fd 9.34 NA NA 8.4
First Trust Energy Inc G FEN 12.60 10.04 -20.3 -45.6 Investment Grade Bond Funds KKR Income Opportunities KIO NA 13.36 NA 11.5 Nuveen Muni Val NUV NA 10.71 NA 3.5
Income & Preferred Stock Funds Lord Abbett Crd Op:U 9.34 NA NA NS
First Tr Enhanced Eq FFA 17.14 15.85 -7.5 9.5 BlRck Core Bond BHK 16.19 15.49 -4.3 4.9 MFS Charter MCR 8.83 8.54 -3.3 8.2 Nuveen Quality Muni Inc NAD NA 14.35 NA 4.4 A3 Alternative Cr 10.57 NA NA NS Palmer Square Opp Inc 17.29 NA NA 6.7
Nuveen Sel TF NXP NA 16.73 NA 3.3 Calamos L/S Eqty and DI CPZ 18.66 15.61 -16.3 NS Resource Credit Inc:A 9.77 NA NA 8.1
Nuveen Sel TF 2 NXQ NA 15.36 NA 3.3 Destra Multi-Altrntv;A 11.62 NA NA -7.9 Resource Credit Inc:C 9.87 NA NA 7.3
Insider-Trading Spotlight Nuveen Sel TF 3 NXR NA 16.55 NA 3.1 Destra Multi-Altrntv;C 11.14 NA NA -8.5
Resource Credit Inc:I 9.79 NA NA 8.3
PIMCO MuniInc PMF 12.99 13.31 +2.5 4.9 Destra Multi-Altrntv;I 11.85 NA NA -7.7
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Resource Credit Inc:L 9.76 NA NA 7.8
PIMCOMuniIncII PML 12.15 13.37 +10.0 5.3 Destra Multi-Altrntv;T 11.30 NA NA -8.3
new information about the prospects of a company. Insiders are required to report large trades to the SEC Flat Rock Opportunity 17.24 NA NA -2.4
Resource Credit Inc:W 9.76 NA NA 8.1
Pimco Muni III PMX 11.08 11.49 +3.7 4.9
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Thrivent Church Ln&Inc:S NA NA NA 2.8
PioneerHilncAdv MAV 12.17 10.92 -10.3 4.1 Variant Altrntv Inc:Inst 26.47 NA NA 6.2
Thomson Financial on August 28, and year-to-date stock performance of the company Variant Altrntv Inc:Inv 26.47 NA World Income Funds
PioneerMunHiIcmT MHI 13.03 11.67 -10.4 4.5 NA 5.9
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:A 23.82 NA NA 5.5
Putnam Mgd Inc PMM 8.00 7.76 -3.0 4.9 Destra Int&Evt-Dvn Crd:I 23.83 NA NA 5.7
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Calmos Dyn Conv and Inc CCD 26.01 23.61 -9.2 43.4
Putnam Muni Opp PMO 13.69 13.14 -4.0 4.7 Destra Int&Evt-Dvn Crd:L 23.81 NA NA 5.2
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: World Equity Funds
RiverNorth Mgd Dur Mun I RMM 18.67 16.98 -9.1 5.2 Destra Int&Evt-Dvn Crd:T 23.79 NA NA 5.0
unknown VP: vice president Excludes pure options transactions ACAP Strategic:A 26.21 NA NA 42.8
Western Asset Mgd Muni MMU NA 12.31 NA 4.5 National Muni Bond Funds
ACAP Strategic:W 19.55 NA NA 43.9
Westn Asst Mu Def Opp Tr MTT NA 20.23 NA 3.6 BMO LGM Front ME;I 6.29 NA NA -22.9 PIMCO Flex Mun Inc;A-3 NA NA NA NS
Biggest weekly individual trades Single State Muni Bond CalamosGlbTotRet CGO 12.93 12.75 -1.4 24.3 PIMCO Flex Mun Inc:A1 NA NA NA NS
Based on reports filed with regulators this past week BlackRock CA Mun BFZ 15.58 13.37 -14.2 3.4 Primark Priv Eq Inv:I NA NA NA NS PIMCO Flex Mun Inc;Inst NA NA NA 2.9
No. of shrs in Price range ($) $ Value
BR MH CA Qly Fd Inc MUC 15.72 14.47 -8.0 3.7 VirtusTotalRetFd ZTR 9.04 8.06 -10.8 -1.3 Tortoise Tax-Adv Soc Inf 9.65 NA NA 5.1
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)

Buyers
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Aug. 19-20 Axis Capital Holdings AXS C. Davis DI 502 45.58-45.86 22,933 48.37 -18.6 Money Rates August 28, 2020
Aug. 25-26 C. Davis DI 464 45.34-45.64 21,142
Aug. 21-24 C. Davis DI 311 45.00-45.71 14,057 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
373 14.09 14.18 -33.0
guide to general levels but don’t always represent actual transactions.
Aug. 20 Kinder Morgan KMI R. Kinder H 5,260
Week —52-WEEK— Week —52-WEEK—
Aug. 21 Centrus Energy LEU N. Subin DOI 500 10.00 5,000 10.99 59.7 Inflation Latest ago High Low Latest ago High Low
July index Chg From (%)
Aug. 21 Red Rock Resorts RRR L. Fertitta HI 290 16.94 4,912 18.07 -24.6 level June '20 July '19 High 0.1000 0.1000 3.0000 0.1000 Commercial paper (AA financial)
Aug. 21 F. Fertitta CEOI 290 16.94 4,912 Low 0.0500 0.0500 2.0500 0.0100
90 days n.a. 0.12 2.53 0.04
U.S. consumer price index Bid 0.0800 0.0800 2.1200 0.0100
Aug. 20-24 Flotek Industries FTK D. Nierenberg DI 690 1.85-2.11 1,378 2.31 15.5 Offer 0.1100 0.1100 2.5000 0.0500 Libor
All items 259.101 0.51 1.0
Aug. 19 Eyenovia EYEN S. Grant B 333 3.60 1,199 3.45 -23.0 Core 267.703 0.53 1.6 Treasury bill auction One month 0.15675 0.17513 2.08900 0.14925
Three month 0.24088 0.25000 2.16413 0.23375
57 19.69-19.99 1,131 20.74 9.1 International rates 4 weeks 0.080 0.080 2.060 0.000
Aug. 21-24 Live Oak Bancshares LOB J. Mahan CEOI Six month 0.30988 0.31438 2.08525 0.28913
13 weeks 0.100 0.105 1.950 0.000
Aug. 19-20 J. Mahan CEOI 58 19.30-19.65 1,122 One year 0.44525 0.44100 2.07413 0.43913
Week 52-Week 26 weeks 0.120 0.120 1.870 0.080
Aug. 26 Kennedy-Wilson Holdings KW W. Mcmorrow CEOI 75 14.07 1,055 14.36 -35.6 Latest ago High Low Euro Libor
Secondary market
One month -0.545 -0.540 -0.360 -0.621
Aug. 20-24 JBG SMITH Properties JBGS R. Stewart D 37 27.40-27.67 1,005 27.86 -30.2 Prime rates Fannie Mae Three month -0.509 -0.515 -0.142 -0.539
Aug. 20-24 Greenhill GHL S. Bok CEOI 66 11.07-11.33 740 11.29 -33.9 U.S. 3.25 3.25 5.25 3.25 30-year mortgage yields Six month -0.473 -0.472 -0.052 -0.491
Canada 2.45 2.45 3.95 2.45 One year -0.371 -0.362 0.008 -0.441
30 days 1.895 1.816 3.388 1.751
Aug. 20-21 Saul Centers BFS B. Saul CEO 20* 27.74-28.71 572 28.40 -46.2 Japan 1.475 1.475 1.475 1.475 60 days 1.951 1.869 3.403 1.804 Secured Overnight Financing Rate
Aug. 24-25 Calix CALX D. Listwin DI 28 19.82-19.98 560 21.92 174.0 Policy Rates 0.07 0.07 5.25 0.01
Other short-term rates
Aug. 26 B. Riley Financial RILY B. Riley CEO 20 26.67 533 27.06 7.5 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week
Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low
Aug. 21-25 American Assets Trust AAT E. Rady CEOI 20 25.06-25.65 507 25.72 -44.0 Britain 0.10 0.10 0.75 0.10 Latest ago high low
Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index
Call money Treasury 0.101 29.250 6.007 0.002
Sellers Overnight repurchase 2.00 2.00 4.00 2.00 MBS 0.122 50.050 6.699 0.011
Aug. 25-27 Fortive FTV S. Rales D 5,000 70.42-71.71 354,390 72.83 -4.7 U.S. 0.10 0.10 3.40 -0.07
Notes on data:
Aug. 21 Avantor AVTR J. Natauri DI 15,397 19.51 300,342 21.99 21.2 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary
Aug. 24 ZoomInfo Technologies ZI T. Crockett DI 8,197 35.80 293,446 37.21 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is
as of August 27, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
0.25 0.25 2.75 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
Aug. 24 Cal-Maine Foods CALM A. Baker CEOI 5,520 39.00 215,280 41.12 -3.8
funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Aug. 24 J. Adams B 1,380 39.00 53,820 Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Effective rate 0.0900 0.0900 2.3600 0.0600 Tullett Prebon Information, Ltd.
Aug. 25 Apple AAPL T. Cook CEO 265 493.50-500.11 131,762 499.23 70.0
Aug. 24-25 Royal Caribbean Cruises RCL A. Wilhelmsen DI 2,000 61.89-64.90 126,909 70.12 -47.5
Aug. 20 Purple Innovation PRPL T. Pearce BI 3,150 20.20 63,639 19.10 119.3 Cash Prices | wsj.com/market-data/commodities Friday, August 28, 2020
Aug. 20 T. Pearce BI 3,150 20.20 63,639 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Aug. 19 Comstock Resources CRK S. Porter DOI 9,843 5.60 55,118 6.13 -25.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Aug. 21 USANA Health Sciences USNA M. Wentz BI 600 80.00 48,000 78.68 0.2
Friday Friday Friday
Aug. 21 Synopsys SNPS C. Chan CEO 199 211.79 42,138 219.49 57.7 Aluminum, LME, $ per metric ton *1738.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8175
Energy Copper,Comex spot 2.9950 Wheat,No.1soft white,Portld,OR-u 5.2850
Aug. 20-24 Regeneron Pharmaceuticals REGN G. Sing D 61 592.27-619.33 36,930 602.61 60.5
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 123.3
Aug. 25 G. Sing D 34* 600.36-614.15 20,501 Shredded Scrap, US Midwest-s,m 235
Food
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600
Steel, HRC USA, FOB Midwest Mill-s 495 Beef,carcass equiv. index
Aug. 20-21 Abiomed ABMD M. Minogue CEO 100 305.20-314.13 30,912 303.04 77.6 Metals choice 1-3,600-900 lbs.-u 188.62
Aug. 24-25 W. W. Grainger GWW S. Williams DI 87 346.63-354.32 30,434 365.98 8.1
Fibers and Textiles select 1-3,600-900 lbs.-u 173.76
Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6382
Engelhard industrial 1959.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200
Aug. 19-21 BeiGene BGNE J. Oyler CEO 92 230.16-243.48 21,852 242.96 46.6 Butter,AA Chicago 1.4475
Handy & Harman base 1957.35 Cotton,1 1/16 std lw-mdMphs-u 0.5987 Cheddar cheese,bbl,Chicago 143.00
Aug. 6 FMC FMC P. Brondeau OD 197 106.79-108.80 21,106 109.15 9.3 Handy & Harman fabricated 2172.66 Cotlook 'A' Index-t *71.35 Cheddar cheese,blk,Chicago 182.75
LBMA Gold Price AM *1938.80 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 102.00
* Half the transactions were indirect **Two day transaction LBMA Gold Price PM *1923.85 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1426
p - Pink Sheets Krugerrand,wholesale-e 2046.10 Coffee,Colombian, NY 1.6915
Maple Leaf-e 2065.77 Grains and Feeds Eggs,large white,Chicago-u 0.7850
American Eagle-e 2065.77 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 13.95
Buying and selling by sector Mexican peso-e 2380.09 Bran,wheat middlings, KC-u 83 Hams,17-20 lbs,Mid-US fob-u n.a.
Austria crown-e 1931.45 Corn,No. 2 yellow,Cent IL-bp,u 3.3500 Hogs,Iowa-So. Minnesota-u 55.35
Based on actual transaction dates in reports received this past week Austria phil-e 2065.77 Corn gluten feed,Midwest-u,w 100.7 Pork bellies,12-14 lb MidUS-u 1.2892
Silver, troy oz. Corn gluten meal,Midwest-u,w 407.1 Pork loins,13-19 lb MidUS-u 0.8256
Sector Buying Selling Sector Buying Selling Engelhard industrial 27.6000 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u 105.00
Handy & Harman base 27.5520 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 152.88
Basic Industries 5,421,086 39,137,082 Finance 7,046,481 82,887,230 Handy & Harman fabricated 34.4400 Meat-bonemeal,50% pro Mnpls-u,w 183
LBMA spot price *£20.6700 Oats,No.2 milling,Mnpls-u 2.9575
Fats and Oils
Business services 405 7,384,362 Health care 599,056 113,124,103 (U.S.$ equivalent) *27.2450 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.0000
Capital goods 0 0 Industrial 372,367 92,327,026 Coins,wholesale $1,000 face-a 21815 Sorghum,(Milo) No.2 Gulf-u,k 5.3425 Grease,choice white,Chicago-h 0.2800
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 302.10 Lard,Chicago-u n.a.
Consumer durables 74,624 11,076,855 Media 149,100 3,382,440 LBMA Platinum Price PM *930.0 Soybeans,No.1 yllw IL-bp,u 9.3700 Soybean oil,crude;Centl IL-u 0.3477
Platinum,Engelhard industrial 933.0 Wheat,Spring14%-pro Mnpls-u n.a. Tallow,bleach;Chicago-h 0.3150
Consumer nondurables 523,758 26,235,047 Technology 463,144 142,498,357 Palladium,Engelhard industrial 2186.0 Wheat,No.2 soft red,St.Louis-u 5.5925 Tallow,edible,Chicago-u n.a.
Consumer services 62,123 89,652,341 Transportation 415,340 36,462,447
Energy 2,058,102 6,040,085 Utilities 769,378 74,895 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted; K=Prices are now in $ per
bushel *Data as of 8/27
Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data
THE WALL STREET JOURNAL. Monday, August 31, 2020 | B9

MARKETS

Oil-Spill Cleanup Work Turns to New Tech

BY ERIC SYLVERS that is impossible because of
AND SARAH MCFARLANE bad weather, they biodegrade
in the water.
Recent oil spills in Russia The wood chips can work in
and Mauritius have shown shallow water or in bad
that the industry still needs weather, situations when
better methods for cleaning up many standard methods are
accidents. Researchers are ineffective. They could have
working on some unlikely- been used in the Mauritius
sounding solutions, including spill, which was close to land
oil-absorbing wood chips, a and where cleanup efforts
solar-powered robot and a re- were hampered by poor
usable sponge. weather conditions, but they
The oil industry is con- need to be in place before-
trolled by large companies and hand, and locals need to be
their suppliers, which together trained on how to deploy
have often been the cause of them, said Holger Unbehaun, a
spills, but university research- scientist at Dresden Technical
ers and small firms are play- University who developed the

SOREN TECH
ing a key role in promoting wood chips.
new ways to clean up. The wood chips are in place
Researchers at Northwest- and ready to be used if there
ern University have developed Researchers in Germany developed a cleanup method using wood chips that are dropped by air into the sea and soak up oil. is a spill in the Baltic Sea off
a reusable sponge coated in a Germany’s northern coast.
mixture containing iron and made its way into the environ- Mexico. methods that have limitations, magic wand yet, we still have They have worked in labora-
carbon that can absorb 30 ment from tankers in 2019. Research on finding better and that often cause their own to deal with the environment tory and field tests, but ha-
times its weight in oil. The Regulations in many coun- ways to clean up oil spills ac- environmental damage, still and physics of oil dispersion,” ven’t been used in an emer-
sponge, similar to sponges in tries have helped reduce spills. celerated after the Deepwater dominate. said John Tarpley, regional op- gency yet.
everyday items such as furni- The 1990 Oil Pollution Act Horizon disaster. But the Booms can corral oil, but erations branch chief in the Tejas Kabra, a 24-year-old
ture cushions and packaging, proved a turning point in the spotty response to the spills in don’t work in rough seas or af- Emergency Response Division graduate student at North Car-
has attracted interest for fur- U.S., introducing changes in- Russia’s Arctic region, where ter the oil has dispersed of the National Oceanic and olina State University, devel-
ther testing from several ma- cluding increased penalties and fuel from a power station con- widely. Skimming the oil off Atmospheric Administration. oped a floating solar-powered
jor oil companies, according to requirements for vessel con- taminated land and several the surface of the sea usually Researchers at Dresden robot filled with nanoparticles
the researchers. struction, says Dana Tulis, the bodies of water in June, and in only works after booms have Technical University and Leip- made from leaves that sepa-
The number of spills has director of emergency manage- Mauritius, where last month a been successfully deployed. zig University in Germany rate oil from water. Once the
declined in recent years. There ment for the U.S. Coast Guard. ship ran aground against a Burning the oil or breaking it have developed a cleanup pro- robot is filled with oil, which
were only three from tankers The act came the year after coral reef, showed cleanup down with chemicals can dam- tocol using oil-absorbing wood can be reused, it returns to its
exceeding seven metric tons Exxon Corp.’s Valdez tanker hit methods in many cases have age marine life, and the smoke chips that are dumped into the base. Mr. Kabra developed the
last year, the lowest since the a reef off the coast of Alaska, advanced little. from burning causes air pollu- sea by plane, helicopter or robot while he was an under-
International Tanker Owners causing the second-largest spill Some progress has been tion. Plastics that absorb the ship following an oil spill. The graduate in India. It can be de-
Pollution Federation Ltd began in U.S. waters, trailing only BP made through the use of satel- oil must be disposed and con- wood chips can be recovered— ployed where there has been a
collecting data in 1970. But PLC’s Deepwater Horizon well lite images and remote sen- tribute to landfills. which sets them apart from spill, or it can roam freely
1,000 metric tons of oil still blowout in 2010 in the Gulf of sors on drones, but traditional “We have not invented the most existing solvents—and if looking for oil to suck up.

Cash Soars, Margins

Banks were whacked with
Firms Fail Financial firms are supposed to tell clients whether they
or their employees have any alleged past misconduct,
but many failed to do so in a newly required report.
cut through the dozens of
pages of other disclosures and
ought to summarize them ac-

Profits Fall the lowest lending margin in the

history of the FDIC’s data, which
goes back to 1984. The average
To Flag Customer-relationship-summary responses*
curately, so this kind of incon-
sistency strikes me as a huge
fail,” said Nicole Boyson, a

For Banks Past Issues

net interest margin, the differ- Correctly reported business professor at North-
no past events 4,876
ence between what the banks eastern University who studies
make on loans and pay out on Disclosed the financial-advice industry.
deposits, shrank to 2.81% com- past events 1,841 If firms are “opportunisti-
Continued from page B1 pared with 3.39% a year ago. Continued from page B1 cally” omitting information,
The Federal Reserve slashed in- closed past problems. Incorrectly reported then the new form “may be giv-
Profits terest rates to near zero in An SEC committee said on no past events 1,332
ing a false sense of security to
Net income for the banking March, and emergency cuts hit July 27 that initial reviews investors,” said Prof. Boyson.
industry as a whole plunged income faster than the banks have identified cases where Didn't answer
the question 82 “That’s potentially incredibly
70% from a year before to could reduce deposit costs. the forms lack some disclo- harmful to consumers, and the
$18.78 billion, according to the sures. A spokeswoman for the SEC may have compounded the
FDIC report. It was up slightly agency said staff members Unreported infractions† problem it was trying to fix.”
from the first quarter, but Fee income have “observed areas where Infinity Financial Services
both periods represent the With the Fed expected to disclosure may be inaccurate Customer dispute 1,592 Advisory of Oakland, Calif.,
lowest quarterly income since keep interest rates low for the or incomplete” and that the said on its form dated June
early 2010. The profits are foreseeable future, banks will agency’s examiners will for- Employment 2020 that “we do not have le-
skewed by the big four banks, need to increase fees or find mally review the filings to en- separation 320 gal and disciplinary events.”
JPMorgan Chase & Co., Bank other ways to replace that in- sure they are accurate and not after allegations Even so, regulatory infor-
of America Corp., Citigroup come. In the second quarter, misleading. Criminal mation displayed by the SEC
318
Inc. and Wells Fargo & Co., revenue from non-lending op- One of the questions each at adviserinfo.sec.gov shows
*Based on forms filed as of July 2020.
which make up roughly half erations increased 7% for the firm must answer: “Do you or †Some individuals have multiple disclosure
that 17 current Infinity em-
the drop. The FDIC said the industry, hitting a record. It your financial professionals Regulatory 307 types. Disclosures through June 30, 2020. ployees have disciplinary or
4,624 community banks in its was boosted by investment have legal or disciplinary his- Source: WSJ analysis of CRS disclosures legal histories, not counting
data actually posted an aggre- banking, mortgage fees and by tory?” The SEC’s instructions personal financial problems.
gate increase in net income of smaller banks selling loans. stipulate that firms must re- 70% of those had customer what the state deemed “un- Among them, five have been
$202.5 million. spond “yes” if they or their complaints. Roughly 300 had suitable investments.” FSIC fined, censured or suspended
advisers have disclosed any of disclosures of regulatory ac- and its employees neither ad- since 2015 by Finra. Regulators
Deposits several problems, including tions against them. A similar mitted nor denied the find- disciplined those advisers for
Provisions For the second quarter in a regulatory penalties, legal dis- number had criminal histories, ings; the firm’s CEO at the practices including allegedly
Profits were sunk by in- row, deposits increased by putes with customers or ter- and about as many had left time has since left. forging signatures, mismarking
creased credit loss provi- more than $1 trillion. There has minations by firms where they previous employers amid In 2017, FSIC’s brokerage trade orders and engaging in
sions, money the banks stash been $2.4 trillion added in six used to work. claims of misconduct. unit consented to a censure unauthorized trading. None of
aside to deal with potential months, five times any other However, about 80 firms in The Journal’s analysis ex- and $15,000 fine from the Fi- the advisers admitted or denied
future loan trouble. The six-month period, and roughly the Journal’s analysis didn’t cluded advisers whose only nancial Industry Regulatory Finra’s findings. Ten were ter-
banks parked away $62 bil- equal to the deposits of the en- answer either part of the disclosures involved personal Authority, a Wall Street minated by former firms for,
lion in the second quarter, on tire industry in 1984. The big question. financial problems, which watchdog, for failing to main- among other claims, allegedly
top of $53 billion in the first four banks have taken in $900 The Journal also identified don’t always have to be re- tain sufficient net capital. FSIC impersonating a client or fail-
quarter. billion of the year’s gains. 54 firms claiming to have a ported on the new form. neither admitted nor denied ing to disclose prior infractions.
The banks were also imple- Corporate customers have clean history on the new form Financial Services Interna- those findings. “I’m not looking to not tell
menting new accounting stan- loaded up with cash to back- that told the SEC otherwise on tional Corp. of Edmonds, Eight of FSIC’s advisers the public,” said Greg Gilbert,
dards that forced more provi- stop their businesses through annual registration docu- Wash., failed to report in its have disclosed events in regu- president of Infinity. “This
sions up front. The FDIC said a long slowdown. Consumers ments. And 26 other firms relationship summary that the latory filings available else- document isn’t the end-all and
the 253 banks that used the with nowhere to go have have adverse corporate disclo- firm had run-ins with regula- where on the SEC’s site. One be-all. It’s not a summary
new standards in the second slowed spending and received sures on adviserinfo.sec.gov, a tors. Those disclosures are paid $50,000 in 2004 to settle that’s trying to hide anything.”
quarter accounted for 90% of stimulus checks and increased public search tool provided by mentioned in a longer docu- a customer complaint over a He said the “no” response on
provisions. unemployment assistance. the agency. Nearly 1,300 firms ment on adviserinfo.sec.gov. risky bond; another pleaded its customer form was “an
That figure was again The surge was so quick that failed to indicate that any of In 2012, Washington state guilty to a misdemeanor count oversight mistake.” The day af-
driven by the big four banks, the FDIC insurance fund fell to their current employees had regulators fined FSIC $25,000 of battery in 1993; a third re- ter Mr. Gilbert spoke with the
which combined for $33 bil- just 1.3% of all deposits, disclosures elsewhere on the and suspended its then-chief signed from his prior firm in Journal, Infinity filed a new
lion—JPMorgan alone had breaching its legal require- SEC’s own website. executive from any manage- 2017 after he allegedly vio- form with a “yes” response to
$10.5 billion. ment of holding enough to All told, the Journal identi- ment role for 12 months. The lated the firm’s policies on the disciplinary question.
Actual losses remained at cover 1.35% of all deposits. fied about 2,300 individual regulators found FSIC employ- trust accounts. Mr. Gilbert said none of the
an average of just 0.57% of The agency expects the de- employees with disclosures ees had made “inadequate dis- FSIC didn’t respond to re- problems the advisers had at
loans, but the provisions posits to normalize and said that their firms failed to re- closures” and “misrepresenta- quests for comment. their prior firms have recurred
brace them for more. the fund would self-correct. flect on the new form. About tions” about fees and sold “Form CRS was supposed to at Infinity.

THE TICKER | Market events coming this week

Gasoline stocks, down 4.6 billions of cubic feet Earnings expected*

Monday Distillates up 1.4 Up 45 Estimate/Year Ago($)
Earnings expected* Broadcom 5.24/5.16
Estimate/Year Ago($)
Factory orders Campbell Soup 0.60/0.49
June, previous up 6.2% Initial jobless claims
Catalent Ciena 0.82/0.71
July, expected up 4.2% Previous 1,006,000
0.79/0.70 Cooper 1.53/3.23
Expected 980,000
Donaldson 0.44/0.61
Mort. bankers indexes 0.53/0.83
Tuesday Purchase, prev. up 0.4%
Toro

Construction spending Refin., prev. down 10% ISM nonmfg. index

July, previous 58.1
June, previous down 0.7%
Earnings expected* Aug., expected 57.9
Friday
July, expected up 1.4%
Estimate/Year Ago($
ISM mfg. index Productivity Nonfarm payrolls
July, previous 54.2 Brown-Forman 0.30/0.39 1st qtr., prev up 7.3% July, previous 1,763,000
Aug., expected 54.4 Copart 0.38/0.60 2nd qtr. prel, exp. up 7.5% Aug., expected 1,255,000
JIM WALSH/CHERRY HILL COURIER-POST/REUTERS

Five Below 0.14/0.51

Earnings expected* Guidewire Software
Estimate/Year Ago($) Int’l trade deficit Unemployment rate
0.45/0.56 in billions July, previous 10.2%
H&R Block 0.33/(0.72) Science Applications June, previous $50.7 Aug., expected 9.9%
International 1.44/1.35 July, expected $52.3
Wednesday
EIA status report
Previous change in stocks in
Thursday Unit labor costs Monday
millions of barrels 1st qtr., prev up 12.2%
Crude-oil stocks, EIA report: natural gas 2nd qtr. prel, exp. U.S. markets are closed
down 4.7 Previous change in stocks in up 12.1% for Labor Day

* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR
STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS Campbell Soup is expected to post earnings of 60 cents a share Thursday, up from 49 cents a year earlier.
 B10 | Monday, August 31, 2020 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Zynga’s Game Isn’t

Played Out Just Yet
Pandemic life has been largely But Zynga’s history and
good for videogame companies. scale—70 million users currently
Life should stay good for Zynga, as play its games at least once a
the rest of the world starts getting month—give it a large established
back to normal. base. Mr. Gibeau noted on the com-
Zynga Chief Executive Frank Gi- pany’s most recent earnings call
WIKTOR DABKOWSKI/DPA/ZUMA PRESS

beau concedes that the company’s that Rollic, a developer of “hyper-

booming mobile-games business casual” games that typically gener-
will see some level of “normaliza- ate most of their revenue from ads,
tion” at some point. But unlike titles doesn’t even use Apple’s Identifier
designed largely for stationary con- for Advertisers in player acquisi-
soles and PCs, Zynga’s games travel tion. This suggests there may be
anywhere. That convenience makes effective ways to deal with the
Zynga’s usage less susceptible to changes Apple is making. Zynga ac-
disruption, once all those workers quired Rollic earlier this month.
finally have to get back to the office. Zynga also has plenty of new
Beijing is encouraging domestic spending. Tourists on the beach on the island of Hainan in China. But Zynga’s also doing just fine games in the pipeline, including a

China Has a Twist on Reshoring

meanwhile. More than fine, in fact. fresh crack at “FarmVille.” That
Bookings, a measure of the trans- might seem like falling back on the
actions and advertising made company’s old hits, but big mobile
through the company’s games, hit a games have proven to be highly re-
record in the second quarter, jump- silient properties. Activision Bliz-
ing 38% year over year to $518 mil- zard’s “Candy Crush” remains one
lion. Zynga also projected a 57% of the highest-grossing mobile
Foreign brands need to retool as country’s consumers spend at home surge in the third quarter to $620 games more than eight years after
million. That would be almost dou- its launch. Zynga’s own “Poker” and
There has been lots of talk about larly the case for luxury goods as cal island of Hainan, sometimes ble the peak the company saw in “Words with Friends” properties are
shifting manufacturing away from their buyers are less hurt by the dubbed China’s Hawaii, and more its early days—before the bottom even older but among the company’s
China. But the most obvious re- pandemic. China sales at Kering, such policies could be coming. That fell out of its Facebook -based best performers. Zynga actually re-
shoring that is happening now is which owns brands like Gucci and means consumers, who used to game business that was anchored fers to its biggest games as “forever
actually being done by the Chinese Saint Laurent, were up over 40% have to fly to South Korea or Japan by the iconic “FarmVille” franchise. franchises.” They will certainly be
themselves. year-over-year in the second quar- to bring back their favorite cosmet- A pair of acquisitions in 2018 di- around much longer than the pan-
People in China have started to ter. BMW delivered 17% more cars ics, could instead make their shop- versified the company’s portfolio, demic will be. —Dan Gallagher
travel again, though almost all in China from a year earlier in the ping trips inside the country. adding strong mobile-game titles
within the country due to Covid-19 quarter, when sales everywhere Investors are certainly riding on “Empires & Puzzles” and “Merge Zynga’s bookings*
border restrictions. China’s domes- else fell. the theme: Shares of Hainan Mei- Dragons” to steady stalwarts such $2.5 billion
tic air-passenger traffic in June The strong sales in China lan International Airport, an opera- as “Words with Friends.” And in
Forecast
was down 34% from a year earlier, weren’t enough to offset weakness tor of an airport in the southern June, Zynga undertook its biggest
but has been rising steadily in the in other regions for these compa- Chinese province, have gained deal ever with its $1.8 billion buy- 2.0
past few months. That is a contrast nies, but it is likely they will de- 732% this year. State-backed China out of mobile-game developer Peak,
to international passenger traffic, vote more attention to selling their Tourism Group Duty Free Corp. which brings the popular “Toon
which was still down 98%. products to consumers in China go- has surged 148%. The rallies are Blast” and “Toy Blast” to the fold. 1.5
And that, in turn, is a big hit to ing forward. Morgan Stanley has probably overdone, but the new After leading other game stocks
companies selling to Chinese tour- estimated China’s “consumption re- policies will likely encourage more on a strong surge during the first
ists, who made 169 million trips shoring” could amount to $140 bil- shoppers to stay in the country half of the year, Zynga shares have 1.0
abroad in 2019. Shares of cosmetics lion to $165 billion this year. While even after the pandemic. Foreign slipped about 14% from their mid-
companies and department-store global travel should gradually come brands may need to put more ef- July peak. Some of that slide
operators in South Korea and back to normal, such reshoring fort into building their sales chan- stems from worries about changes 0.5
Japan, two of Chinese tourists’ fa- could still bring about $70 billion nels accordingly. Apple is making with its next iOS
vorite destinations, have plunged to $130 billion annually in the next Brands will need to sell more in- update, which are expected to
this year. three years, according to the bank. side of China. That may not be the hamper ad-tracking technologies
0
Foreign brands that are well-es- And Beijing is rolling out policies reshoring China hawks in the U.S. on the company’s devices. Apple’s
tablished are softening the blow by to encourage domestic spending. had envisioned, but it is the most update could affect advertising for 2012 '15 '20
* A measure of the transactions and advertising made
selling to Chinese consumers The government has relaxed limits obvious one happening now. game downloads as well as in- through the company’s games.
trapped at home. That is particu- on duty-free purchases in the tropi- —Jacky Wong game advertising directly. Source: the company

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