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* * * * WEDNESDAY, AUGUST 16, 2023 ~ VOL. CCLXXXII NO. 39 WSJ.com HHHH $5.00
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What’s
India Independence Day’s Sweet Spot
Georgia Case
News
Business & Finance
Holds Pitfalls
Russia’s central bank
pushed up its key interest
rate at an emergency meet-
For Both Sides
ing to stem a sharp selloff in
the ruble and resurgent infla- Trump indictment is nal enterprise to change the
tion, a response to the 2020 presidential election in
mounting financial costs of most sweeping yet, his favor, in violation of the
Moscow’s war in Ukraine. A1 but prosecutors will state’s antiracketeering law.
Trump, a Republican, has
Americans boosted their still face challenges denied wrongdoing. The for-
retail spending last month
mer president has called Wil-
at the fastest pace since the
BY CORINNE RAMEY lis partisan and said he didn’t
start of the year, as consum-
AND JAMES FANELLI tamper with the election.
ers continue to bolster the
The Georgia law is modeled
resilient U.S. economy. A2
The indictment in Georgia on the 1970 federal Racketeer
Home Depot expects cost against Donald Trump for Influenced and Corrupt Organ-
inflation to ease in the back racketeering and a dozen izations Act, which gave fed-
half of the year as pandemic- other alleged offenses repre- eral prosecutors a new tool to
era pressures that plagued its sents the most ambitious and pursue the Mafia by tying mob
supply chain finally recede. B1 sweeping case brought against bosses to the conduct of sub-
NARINDER NANU/AGENCE FRANCE-PRESSE/GETTY IMAGES
.
hits including “Avatar: The
ly
Way of Water” and the
“Deadpool” franchise for
Twentieth Century Fox, sued
the studio and its Disney par- BITE SIZE: Members of the Indian Border Security Force give each other sweets in a celebration
Giuliani Is Caught Up
ent for breach of contract. B1
The UAW said labor nego-
tiations with the Detroit au-
on
of the country’s 77th Independence Day on Tuesday at the India-Pakistan Wagah border post.
In a Law He Wielded
tomakers have been slug-
Russia Boosts Key Rate in Bid
us ,
up its key interest rate at an forming currencies. Ukraine. It also faces the ment to hire prosecutors once championed. He was also
versions of its U.S. Model S
emergency meeting to stem a While it fell into a recession mounting impact of sanctions across the country who would charged with other counts, in-
and Model X vehicles that
m er
sharp selloff in the ruble and last year, the Russian economy and a drastic labor shortage. ferret out and prosecute crimi- cluding soliciting public offi-
cost $10,000 less and cover
resurgent inflation, a response was able to weather the wave Russia’s macroeconomic nal enterprises of all shapes cials to violate their oaths,
fewer miles per charge, the
to the mounting financial costs of Western sanctions because stability is “now in a more vul- and sizes. Then, as Manhat- making false statements and
company’s website said. B4
of Moscow’s war in Ukraine. of a windfall of oil-and-gas nerable position than at any tan’s top federal prosecutor, he conspiracy.
The bank raised the rate to revenue, hefty government point since the early stages of wielded the Racketeer Influ- “I’m the same Rudy Giuliani
m rp
World-Wide 12% from 8.5% on Tuesday, a stimulus and the country’s the war,” said Liam Peach, se- enced and Corrupt Organiza- that went after the Mafia,”
day after the currency tempo- swift ability to divert trade to nior emerging-markets econo- tions Act with huge success Giuliani said Tuesday after-
rarily fell past 100 to the U.S. Asia from Europe. mist at Capital Economics. against Mafia dons, corrupt noon on WABC radio. “The
The indictment in Geor- dollar for the first time since But the ruble’s recent slide Fast-rising imports and politicians and financiers. same quest for justice. Gosh al-
gia against Trump for rack- the weeks after Russia in- is an indication that the inter- slower exports this year, cou- Now Giuliani, 79 years old, mighty, if Donald Trump com-
co Fo
eteering and a dozen other vaded Ukraine. The ruble re- lude of relative stability in the pled with capital outflows and is on the other side of the law mitted a crime, love him
alleged offenses represents covered somewhat in anticipa- economy has passed. Russia is Please turn to page A7 that was the essential scaffold- Please turn to page A4
the most ambitious and
sweeping case brought
Salesforce.
oligarch Oleg Deripaska. A16 Stand
British police arrested five 0
people, including at least three Outside for
#1CRM.
2011 ’15 ’20 ’23
Bulgarian nationals, believed
*Launch info for first ad-free plan. †Launch info for first streaming-only plan
to have been living undercover
in the U.K. while working for
Note: Monthly prices for the most popular ad-free versions in the U.S. and as of Aug. 10, except for
Hulu and Disney+ prices, which go into effect Oct. 12. Max was known as HBO Max until May 2023.
Health?
Russian intelligence. A16 Sources: the companies i i i Ranked #1 for CRM Applications based on
The Missouri Supreme IDC 2022 Revenue Market Share Worldwide.
Court upheld a law that al-
Call it streamflation. prices in pursuit of fast Fans try barefoot
The average cost of watch- growth, most of the big play-
lows parents to be jailed if
their children don’t attend
ing a major ad-free streaming ers face a financial reckoning, ‘earthing’—watch
service is going up by nearly with tens of billions of dollars
school regularly, which the
court defined as every day
25% in about a year, accord- in losses piling up. out for bees
ing to a Wall Street Journal Now, in a push for profit-
class is in session. A3
ability, they are testing the BY ALEX JANIN
Neuroscientists recon- By Robbie Whelan, loyalty of their customers,
structed a classic rock song Joe Flint betting that increasing prices When Sara Jean Meyer got
from recordings of the and Nate Rattner won’t lead more people to a text from her mom that said,
brain activity of 29 patients cancel service, an industry “I have a surprise for you,”
who had heard it while un- analysis, as entertainment gi- phenomenon known as churn. she assumed it would be a
dergoing brain surgery. A3 ants bet customers will pay “Can you raise prices by free bubble tea. Instead, her
up or switch to their cheaper 30% and not increase churn? mother showed up with a roll
CONTENTS Opinion................ A13-15 and more-lucrative ad-sup- That’s the big question,” said of foil tape, a long copper
Arts in Review..... A13 Personal Journal A9-10
Business News........B3 Property Report.... B6
ported plans. Rich Greenfield, an analyst pipe, an electrical wire and a
Crossword................ A12 Sports.......................... A12 Disney raised the price of with LightShed Partners. rod clamp.
Source: IDC, Worldwide Semiannual Software Tracker, April 2023.
Heard on Street....B12 Technology.................... B4-5 its Disney+ and Hulu stream- The price increases come as They were all supplies re-
Markets.......................... B11 U.S. News.............. A2-5 ing services last week for the streaming services are enjoy- quired to “ground” Meyer’s
Markets Digest...... B9 World News.........A7,16
second time since last fall, af- ing a larger audience than bed. Grounding is what propo-
ter similar announcements by ever before. Streamers cap- nents call the process of con-
> the owners of Peacock, Max, tured a record 38.7% of Ameri- necting to the earth’s natural
Paramount+ and Apple TV+. cans’ viewing time last month, electric charge, often by phys-
The wave of price increases Please turn to page A2 ically touching it or connect- salesforce.com/number1CRM
signals a new phase in the ing to the grounding system CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
U.S. NEWS
Retail Sales Rise Is Fastest Since January
July increase of 0.7% port for spending,” said Rich- The retail-sales report
ard Moody, chief economist at mainly captures spending on
reflects consumers’ Regions Financial. Nonethe- goods rather than most ser-
spending on food, less, he expects consumer vices such as travel, housing
spending to slow after the and utilities. The Commerce
clothing and gasoline summer months in categories Department will release its
such as travel, entertainment monthly report that includes
BY HARRIET TORRY and recreation. “There’s only more complete spending fig-
AND CHRISTIAN ROBLES so long strength in that is go- ures later this month.
ing to persist,” he said. Consumer confidence has
Americans boosted their re- Wyatt Link, a marketing been relatively robust in re-
tail spending last month at manager from Jacksonville, cent months, thanks to lower
the fastest pace since the start Fla., and his wife have been inflation and a strong labor
of the year, as consumers con- traveling in recent months, at- market. The Federal Reserve
tinue to bolster the resilient tending weddings in Hawaii Bank of New York’s Survey of
JOE RAEDLE/GETTY IMAGES
U.S. economy. and London, trips that also in- Consumer Expectations found
Shoppers spent more at cluded shopping and theater perceptions about households’
bars and restaurants and on and museum visits. current financial situations
back-to-school categories, “I still think there’s a leg- improved in July. The share of
such as clothing and books, acy that Covid shut down ev- respondents expecting to be
despite the Federal Reserve erything,” the 34-year-old better off a year from now
A CVS store in Miami. Back-to-school-related items sold briskly last month. raising interest rates to try to said. “You’ve got to take ad- was the highest since Septem-
cool the economy and bring vantage of these opportunities ber 2021, the New York Fed
Retail sales for select categories, Overall retail sales in July down inflation. Price pres- while you can.” said Monday.
change from previous month +0.7% sures are easing, so officials In July, shoppers also in- Still, some retailers are
are likely to hold rates steady creased their outlays at gro- bracing for uncertainty in the
Online retailers rather than approve another cery and hardware stores. A months ahead.
Sporting goods, hobby stores, bookstores increase at their September measure of online spending Home Depot on Tuesday re-
meeting. rose 1.9% in July, a month that affirmed its forecast that rev-
Restaurants and bars Retail sales—a measure of saw Amazon.com’s Prime Day enue would decline this year
Clothing stores spending at stores, online and summer promotion. for the first time since 2009,
in restaurants—rose a season- Sales declined at auto deal- saying consumers are shifting
Department stores ally adjusted 0.7% in July from erships and electronics and to smaller projects and defer-
Grocery stores the prior month, the Com- furniture stores, which are ring larger ones as they con-
merce Department said Tues- sensitive to higher borrowing tend with unpredictability in
July
Home-improvement stores day, an acceleration from costs. the economy.
Health/personal-care stores
June June’s 0.3% gain. Unrounded Retail sales aren’t adjusted “There’s uncertainty with
at 0.729%, July’s pace was the for inflation and reflect price respect to where the con-
Gas stations fastest since January. differences as well as pur- sumer goes in the second half,
Motor-vehicle dealers* The retail sales gain also chase amounts. and obviously with the Fed
.
was higher than the 0.2% in- Gasoline sales rose 0.4% in moves, we’re waiting to see
crease in consumer prices last July. Gasoline prices ticked up what kind of impact that
ly
Electronics, appliance stores
Furniture stores month, a sign that Americans’ to $3.76 a gallon at the end of might have on spending,” fi-
spending is outpacing infla- July from $3.54 at the start of nance chief Richard McPhail
-2 -1 0 1 2% tion. the month, according to en- said.
*Includes parts dealers
Source: Commerce Department
on Note: Seasonally adjusted
“The fact that the labor
market is still strong is a sup-
ergy-data provider OPIS, and
have risen further in August.
—Dean Seal
contributed to this article.
U.S.WATCH
us ,
l
e
al a
HAWAII many survivors started mov- ARKANSAS course could violate state WEST The U.S. government an-
ing into hundreds of hotel law. nounces water availability for
Death Toll in Maui State, College Board Water Cuts From
ci on
rooms set aside for displaced Arkansas is one of more the coming year months in
Fires Surpasses 100 locals, while donations of Clash Over AP Class than a dozen Republican-led Colorado River Ease advance so that cities, farm-
A mobile morgue unit ar- food, ice, water and other es- Arkansas said the Ad- states that have passed laws Federal officials said they ers and others can plan. The
rived Tuesday to help Hawaii sentials poured in. vanced Placement African limiting discussion of race in will ease water cuts for West- reductions announced on
officials working painstak- Crews using cadaver dogs American Studies course may public schools. ern states reliant on the Colo- Tuesday are in the same
ingly to identify the remains have scoured about 32% of be unlawful, leaving schools In a statement, the Arkan- rado River in 2024, because of “Tier 1” category that were in
er s
of people killed in wildfires the area, the County of Maui and students in limbo. sas education department a slightly improved outlook. effect in 2022. That means
that ravaged Maui, as the said Tuesday. Just three bod- The Arkansas Department said it “encourages the teach- The river serves seven U.S. Arizona again will mark an
m er
death toll rose above 100 and ies have been identified, ac- of Education said the course ing of all American history states, Native American tribes 18% cut from its total Colo-
teams intensified the search cording to Maui Police Chief may not meet graduation re- and supports rigorous and two states in Mexico. It rado River water allocation,
for more victims in neighbor- John Pelletier, who renewed quirements or qualify for col- courses not based on opin- also supports a multibillion- down slightly from this year.
hoods reduced to ash. an appeal for families with lege credits. State law also ions or indoctrination.” dollar farm industry in the Nevada receives far less
Gov. Josh Green an- missing relatives to provide contains provisions prohibit- The College Board, the or- West and generates hydroelec- water than Arizona and Cali-
m rp
nounced the confirmed death DNA samples. So far 41 sam- ing certain topics, the depart- ganization that created AP tric power. Years of overuse by fornia. Its reduction will be
toll had risen from 99 to 101 ples have been submitted, ment said. African American Studies, farms and cities, and the ef- down slightly from this year.
in an afternoon video address, the county said. It said it doesn’t want said it “rejects the notion fects of drought worsened by California hasn’t faced any
saying, “We are heartsick The governor warned that teachers to inadvertently vio- that the AP African American climate change, has meant forced water cuts yet, based
that we’ve had such loss.” scores more bodies could be late the law, and can’t ap- Studies course is indoctrina- much less water flows today on its legal status as a high-
co Fo
A week after a blaze tore found. prove it as an AP class. It tion in any form.” through the Colorado River priority user.
through historic Lahaina, —Associated Press didn’t specify what in the —Joseph De Avila than in previous decades. —Associated Press
CORRECTIONS
AMPLIFICATIONS Streamers the advertising revenue more
than offsets the lower sub-
scription cost.
Streaming-service prices
With ads Without ads
thing really good,” he said.
“You need a lot of hits, and to
get them, you have to take a
With Prices
editions Tuesday showed offering its basic $9.99-a-month Max ming that appeals to the grow-
Judge Robert McBurney hand- ad-free tier in the U.S., which ing parts of their user bases.
ing a document to the Fulton had the effect of significantly Netflix U.S. households that have at
n-
County clerk after a grand jury expanding the price gap be- least one streaming platform
in Atlanta issued an indict- Continued from Page One tween its $15.49 standard ad- Disney+* subscribe to an average of 4.1
ment of former President Don- according to Nielsen data re- free plan and its $6.99 ad-sup- services, for which they pay
ald Trump and 18 others. The leased Tuesday, which showed ported tier. The streaming giant Paramount+ $29.64 a month, according to
no
caption incorrectly said the television viewing fell below also started limiting password- S&P Global Market Intelli-
county clerk handed the docu- 50% for the first time. sharing in earnest earlier this gence—nearly twice as much as
Peacock
ment to the judge. Streaming inflation could year, which led many house- in 2018, just before the stream-
drive more people to cycle in holds to pay a new monthly fee ing wars began in earnest.
$0 a month 5 10 15 20
Tesla’s Model Y is a cross- and out of subscriptions—just to share an account with people Over the course of a few
over sport-utility vehicle. A to catch their favorite shows— who don’t live with them—a months between the fall of
Monthly spending on Number of streaming
Business & Finance article on and to switch to lower-cost price increase of sorts. Disney 2019 and the summer of 2020,
streaming services† services used†
Tuesday about Chinese stocks service options that come said this month that it plans to four major streaming ser-
incorrectly described the with ads. crack down on account-sharing $30 a month 4 vices—Disney+, Peacock, Ap-
Model Y as Tesla’s top-end car. When the monthly cost of starting next year. ple TV+ and the platform now
the ad-free Disney+ service of- Overall, the price of most known as Max—were
Readers can alert The Wall Street ficially goes up to $13.99 in a major ad-free streaming plat- 3 launched.
Journal to any errors in news articles few weeks, the service will forms is about twice as high Greenfield said the risk
by emailing wsjcontact@wsj.com or 20
by calling 888-410-2667. cost twice its 2019 introduc- as their ad-supported alterna- that customers will hop on
tory price of $6.99. Disney was tives, with Max being the sole 2
and off between services
the first company to raise exception: At $15.99 a month, when they are done watching
THE WALL STREET JOURNAL prices twice its ad-free tier a specific show is likely to in-
10
(USPS 664-880) within a year. carries a 60% crease given the growing cost
(Eastern Edition ISSN 0099-9660)
There is one premium over 1 of each platform.
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241) category of Raising prices the $9.99 Max “It’s just so easy to just
Editorial and publication headquarters:
1211 Avenue of the Americas,
streaming plat- is only part of with ads.
0 0
cancel and rejoin streaming
New York, N.Y. 10036 forms that Dis- Many of services,” he said. “You sub-
Published daily except Sundays and general ney left un- the strategy to these ad-sup- 2015 ’20 ’23 2015 ’20 ’23 scribe to Disney+ for ‘The
legal holidays. Periodicals postage paid at New touched: the ported plans Mandalorian,’ or to Max for
York, N.Y., and other mailing offices.
advertising-
narrow losses aren’t yet a
*Ad-free prices beginning Oct. 12. †Average among U.S. households that subscribe to at least one
‘House of the Dragon,’ then
Postmaster: Send address changes to streaming service; 2023 data as of August.
The Wall Street Journal, 200 Burnett Rd., supported ver- in streaming. year old. Netflix Notes: Monthly prices for each individual service in the U.S. Figures as of Aug. 10, except for cancel once you watch it.”
Chicopee, MA 01020. sions of Disney+ and Disney+ Disney+ and Hulu; ad-free prices are for the most popular versions. One way that companies
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Journal is subject to the applicable rate card,
and Hulu, which have seen their Sources: the companies (prices); S&P Global Market Intelligence (spending, number of services) can partly shield themselves
copies of which are available from the will be $6 and subscriber from customer defections is
Advertising Services Department, Dow Jones $10 cheaper, respectively, than numbers in North America subscribers to the ad-free ver- every subscriber, we want to by bundling their streaming
& Co. Inc., 1211 Avenue of the Americas, New
York, N.Y. 10036. The Journal reserves the the ad-free alternatives once stagnate in recent quarters, sion swallowed the $3 in- make sure we get paid and offerings. Data provider An-
right not to accept an advertiser’s order. Only the latest increases go into ef- and offering a more affordable crease and stuck with the ser- that we get paid fairly,” Zaslav tenna, which tracks consumer
publication of an advertisement shall
constitute final acceptance of the advertiser’s fect on Oct. 12. ad-supported option gives vice. This was a sign to the told investors last year. spending habits in the U.S. on
order. “We’re obviously trying them a chance to appeal to company that there was room Raising prices is only part products including streaming
Letters to the Editor: with our pricing strategy to price-conscious customers. for further price increases, of the strategy for entertain- services, has long noted that
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
migrate more subs to the ad- Disney said since it Iger said last week. Disney is ment companies to narrow churn in the Disney bundle,
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ported versions of their ad-free plan but pay $10.99 or streaming services are under- ing subscriber growth. ney grew its streaming busi-
GOT A TIP FOR US? streaming platforms generate keep paying $7.99 but be served priced given the amount spent “You have to be releasing ness very fast, “before we even
SUBMIT IT AT WSJ.COM/TIPS more money per user than ads—few customers defected. on content. “We’re not in the enough content that in any understood what our pricing
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U.S. NEWS
WASHINGTON—The court
fight over Hunter Biden’s
botched plea deal intensified
Tuesday as prosecutors blamed
the implosion on defense mis-
steps and a lawyer for the pres-
ident’s son stepped down, say-
ing he would testify as a
witness in future battles over
the now-defunct agreement.
The outcome of the dueling
filings appeared to increase
Hunter Biden’s legal jeopardy.
They came as both sides tried
to move forward after prosecu-
tors said last week that plea
talks were at an impasse, and
Attorney General Merrick Gar-
land named Delaware U.S. At-
torney David Weiss as a special
.
elsewhere, such as in Califor-
ly
the years at issue in the case.
Defense attorneys argue the
Justice Department “reneged”
on the previously agreed-upon
terms and that a provision—
known as a diversion agree-
ment—that would have allowed
BY DANIELA HERNANDEZ
In a scientific break-
on Neuralink, for instance,
showed a video of “telepathic
typing” from a monkey with a
bled each other. That was the
case for individual patients
and all 29 in aggregate.
Hunter Biden to skirt prosecu- through, researchers have got- Neuralink brain implant, “Some of the richness of
us ,
tion on a gun charge should ten one step closer to develop- which contains threadlike the original audio frequencies
l
stand. ing devices that say aloud electrodes—the equivalent of isn’t there in the reconstruc-
e
al a
On Tuesday morning, Chris what people are thinking. microphones for neural activ- tions, but it looks like a
Clark, the defense attorney With further development, ity—that penetrate the brain. pretty good approximation,
who has long represented this could give patients who The animal wasn’t typing into even visually,” said Dr. AZA
ci on
Hunter Biden in the probe, have lost the ability to speak— a keyboard but was able to Allsop, a musician and assis-
withdrew from the case, citing because of a stroke or other move a cursor to images of tant professor of psychiatry
the recent developments. brain injuries—the power to letters. at Yale University and How-
“It appears that the negotia- communicate in a way that In the new study, research- ard University who wasn’t in-
tion and drafting of the plea sounds more natural and less ers took recordings from dif- volved in the study.
er s
agreement and diversion agree- robotic. ferent regions of the brain The researchers’ goal is to
ment will be contested, and Mr. Neuroscientists at the Uni- using a grid-like pad studded leverage the technology to
m er
Clark is a percipient witness to versity of California, Berkeley with electrodes placed on the develop neural prosthetics
those issues,” a new lawyer for reconstructed Pink Floyd’s organ’s surface as patients that can give patients back
the younger Biden said in a classic rock song “Another underwent surgery for treat- the ability to speak more nat-
court filing. Earlier this week, Brick in the Wall, Part 1” us- ment-resistant epilepsy. Each urally, according to Dr. Rob-
Abbe Lowell, a veteran of ing recordings of the brain ac- heard the Pink Floyd song a ert Knight, a UC Berkeley
m rp
Washington legal circles who tivity of 29 patients who single time. neuroscientist and an author
has defended many politicians heard the song while undergo- The researchers then on the new study. Currently,
over the years, filed court doc- ing brain surgery. Though less homed in on key brain areas, “the output of these devices
LUDOVIC BELLIER
uments signaling he would now polished than the band’s ver- like the superior temporal has a monotonic, kind of ro-
represent Hunter Biden. sion, the reconstructed tune gyrus in the auditory cortex, botic quality” he said. “Mu-
co Fo
Later Tuesday, prosecutors was recognizable. which is responsible for pro- sic, given its strong emo-
filed a response insisting they The study was published cessing sounds. The activity tional and rhythmic
hadn’t reneged on the terms of Tuesday in the journal PLOS The reconstructions from neural activity (bottom three there—monitored by only a components, would allow us
the plea agreement. They said Biology. panels) are visually similar to the original song (top panel). handful of electrodes— to add an effectual compo-
defense attorneys fumbled The ability to re-create tracked most closely with the nent to [computer-generated]
when they said in court that complex musical elements amount of data,” said Dr. Ed- As computer models and hit song. The team found they speech.”
the younger Biden at first in- from brain-activity patterns ward Chang, a neurosurgeon artificial intelligence have be- could largely tune out the The new algorithms were
tended to plead guilty because advances the development of at the University of California, come more sophisticated, rest of the data and still get also able to sing back partial
the diversion agreement on the therapeutic technologies to San Francisco’s Weill Institute similar studies using brain- recognizable, if somewhat vocals. The playback of one
gun charge included a provi- help patients regain the ability for Neurosciences who studies computer interfaces—devices garbled, playbacks. patient’s brain activity, for
sion granting him immunity to communicate. music and language percep- that interact with the brain— Visual versions of the orig- example, contained a few dis-
from future prosecution on any “It’s very exciting. What tion. Chang wasn’t involved in have re-created images and inal and reconstructed cernible words, including
crimes resulting from his activ- they’re showing is that they the study but has previously produced simple language songs—which look like a “all,” “was” and “just a
n-
ities during that time. But that can get pretty high perfor- worked with the study au- from neural data. mashup of a heat map and an brick,” according to the
clause wasn’t in the separate mance with a relatively low thors. Last year, Elon Musk’s audio waveform—also resem- study.
plea agreement, prompting
questions from the judge, who
no
U.S. NEWS
ELIJAH NOUVELAGE/REUTERS
eral court on the grounds that gal experts said.
When will Trump surrender? it involves actions that Trump Willis on Monday wouldn’t
Fulton County District Attor- took while serving as presi- say whether she had been in
ney Fani Willis gave Trump and dent. Experts say that would touch with Smith’s team but
the other 18 defendants 10 have several advantages for had previously suggested they
days, until Aug. 25, to volun- Trump, including a larger and had been operating indepen-
tarily surrender. In the three more politically diverse jury dently.
other criminal cases against pool from outside of Demo- Fulton County District Attorney Fani Willis spoke to the media in Atlanta late Monday. “It could go very smoothly
Trump, no mug shot was taken. cratic-leaning Atlanta. Willis’s if Willis and Smith work well
But experts said that would be prosecutors could still try the given the expected lengthy making the courtroom central of the same witnesses and together, and they understand
a departure from standard case in the federal venue. pretrial litigation involving a to his campaign. facts. Several of the people they both have one goal, and
practice in Georgia, where he But such requests, made large group of defendants. Jack Smith, the Justice De- charged in Georgia, including that’s justice,” said Barb Mc-
will also be fingerprinted. within the first 30 days of With so many people named partment special counsel who Trump-allied lawyers Rudy Quade, a former U.S. attorney
Veterans of the Georgia charges, haven’t been granted in the indictment, scheduling has indicted Trump on sepa- Giuliani, John Eastman and for the Eastern District of
court process said Trump’s to Trump in the past. A judge will be hard. For Trump him- rate, federal election-interfer- Sidney Powell, are easily rec- Michigan. “But they have gen-
lawyer will likely request what in July declined to move his self, it could be even harder, as ence charges in Washington, ognizable as co-conspirators uine strategic differences of
is known as a consent-bond, New York state hush-money he is facing the prospect of has requested a Jan. 2 trial who haven’t been charged in opinion, so they will have to
which would allow Trump to prosecution to federal court, three other criminal trials that date. If accepted by a judge, Smith’s case. Other people, work together to try to figure
immediately be released on cer- finding that he wasn’t carry- will likely begin within months that could delay the timing of such as Trump’s former chief out what’s best going for-
tain conditions. The alternative ing out his presidential duties of each other—especially as Willis’s case in Georgia. of staff Mark Meadows, testi- ward.”
is to appear within 72 hours for when allegedly reimbursing the 2024 presidential contest fied before Smith’s grand jury
a bond hearing, where a judge money paid to silence a porn heats up. Will the Georgia charges but only were charged in Wil- What has Trump said about
will decide whether he is a star. impact Jack Smith’s case? lis’s case. the case?
.
flight risk or otherwise poses a How would that shape the Possibly. Smith’s recent fed- The overlap creates a situa- Trump, on social media, de-
danger to the community. eral indictment of Trump for tion where some witnesses, if clared the investigation a witch
ly
When would a trial start? campaign?
Willis said Monday that she Instead of deciding how to allegedly seeking to overturn summoned to testify in the hunt and said Tuesday that he
How would court proceedings wants to try all 19 defendants divide his time between the the 2020 election hits some of federal trial, may invoke their would hold a news conference
take shape? within six months, which legal campaign trail and court, the same themes as the Geor- Fifth Amendment right against next week to present a report
A defendant in Georgia can experts say is highly unlikely, onTrump is merging the two, gia case, and it relies on many self-incrimination, knowing on the election in Georgia.
spiracy to subvert the election, King & Spalding. “The risk to challenges. She has said she lenging and move slowly. He
Charges Posted
l
Early by Error
Loom for with Trump the alleged politi- the primary defendants in this would seek a trial date within has already argued weeks of
e
al a
cal equivalent of a mob boss. case is much greater,” he said. the next six months, but de- pretrial motions on behalf of
“If Jack Smith’s tightly fo- Another prominent feature fense attorneys said such a Williams and still has 50 more The Fulton County,
Both Sides cused indictment against of Georgia’s racketeering law: timeline was likely unrealistic. left to be heard by a judge.
ci on
law throughout the following Brookings Institution. “It’s as lich, a former federal prosecu- political nature of the case Such a move would require the Trump on Monday, hours
decades to bring down several large and complex as the al- tor and Atlanta-based criminal and the anticipated length of a approval of a judge. The former before the actual indict-
m er
prominent Mafia families and leged conspir- defense lawyer. potential trial. president made a similar re- ment was made public.
other criminal enterprises. acy itself was.” In some past “The federal cases are more quest in his New York prosecu- Fulton County Supe-
Georgia’s law is in some re- The large cases, judges likely to go to trial quickly, and tion, involving the payment of rior Court briefly re-
spects broader than the fed- number of al- Trump would have allowed not get bogged down by multi- hush money to a porn star. It leased a document list-
eral version, as it includes a leged partici- lack the ability convicted de- ple defendants and arguments,” was rejected, on the grounds ing several charges that
m rp
longer list of underlying of- pants in the fendants to said John Fishwick Jr., a for- that Trump wasn’t carrying out appeared related to
fenses that can qualify as a scheme also po- to wipe away a serve at least mer U.S. attorney in Virginia. his presidential duties in the election interference, be-
basis for alleging that a group tentially gives parts of their The Georgia case, he said, “is alleged hush-money scheme. fore the document was
of defendants engaged in a Willis, a Demo-
state conviction sentences on the dream case to delay.” Some lawyers said Trump taken down. The
joint criminal enterprise. crat, more le- or prison term. probation Another pending case illus- might have stronger arguments charges were the same
co Fo
“Georgia’s RICO statute, be- verage. In a rather than be- trates the point. Last year, for moving the Georgia case, ones he was indicted on
cause of the breadth of it, al- typical RICO hind bars. Willis brought a 56-count because it is much more di- later in the day.
lows the prosecutor to tell the case, prosecu- If Trump RICO indictment of 27 defen- rectly tied to the presidency. Clerk Ché Alexander’s
whole story: the who, what, tors often look to secure plea wins the next presidential dants associated with a violent Trump has now been in- office said the release
when, where and how,” said deals from some defendants in election, he could attempt to street gang. Some defendants dicted in four separate cases. was of a “sample working
Gwen Keyes Fleming, a former exchange for their testimony pardon himself in any federal have accepted plea deals, but He pleaded not guilty to the document related” to
DeKalb County, Ga., district against the highest-profile tar- case or steer the Justice De- jury selection for the remain- other indictments and accused Trump. It was running a
attorney who is now at law gets. Monday’s 98-page indict- partment to retreat from ing defendants began in Janu- the prosecutors of seeking to test of the system “in an-
firm DLA Piper. ment suggests prosecutors al- Smith’s charges. In Georgia, he ary and is expected to last for interfere with his electoral ticipation of issues that
Special counsel Jack Smith’s ready have cooperating would lack the ability to wipe another month or two. The prospects. arise with entering a po-
recent federal indictment of witnesses, including some peo- away a state conviction or trial is expected to take be- tentially large indictment.”
Trump for allegedly seeking to ple identified in the document prison term. Even if Trump tween six and nine months. Reuters reported the
overturn the 2020 election as unindicted co-conspirators. were to seek a state pardon, Atlanta-based Lawyer Brian Watch a Video midday post Monday,
n-
hits some of the same themes Other defendants might he wouldn’t be eligible to do Steel represents Jeffery Wil- Scan this code later walking back its re-
as the Georgia case, but with a also eventually decide to coop- so until after serving a sen- liams, better known as rapper for a video on porting.
concise, targeted approach. erate, especially when they tence for any conviction. In Young Thug, who is one of the Trump’s legal —Suryatapa Bhattacharya
By contrast, Willis’s indict- know an immediate pardon is Georgia, any such pardon defendants in the gang case. and campaign
no
ment, put forth chronologically unavailable if convicted, said would be determined by a Steel said RICO prosecutions strategies.
success taking on the mob and Trump in power and change they had a disproportionate
Wall Street miscreants into election results in battleground impact on people of color.
two high-profile terms as New states. It details Giuliani’s pub- “As mayor, Giuliani claimed
York City’s first Republican lic and private efforts to push to be a law-and-order kind of
mayor in decades. His dra- unsubstantiated claims about guy, but he ran roughshod over
matic efforts in reducing crime voter fraud in the aftermath of the civil rights of Black and
were widely copied elsewhere, the 2020 election, including in brown New Yorkers with his
and his resolute response to news conferences in which he policing policies and practices,”
the Sept. 11, 2001, attacks and others claimed interna- said Donna Lieberman, execu-
earned him the nickname tional collusion and in calls tive director of the New York
“America’s mayor.” with Arizona and Pennsylvania Rudy Giuliani, shown in 1985 when he was U.S. attorney in Manhattan, displayed a chart of Civil Liberties Union. “If ever
Giuliani always had his crit- officials in which he allegedly people with alleged mob ties, as then-FBI Director William Webster looked on. there was a public fall from
ics, however, and they multi- pressed them to act on his grace, it’s name is Rudy Giu-
plied once he started working false allegations of fraud. separate decision, a District of Giuliani used RICO to attack Milken that the Justice Depart- liani, but he’ll have his day in
as Trump’s personal attorney, It also details his efforts in Columbia-based disciplinary the leadership of New York’s ment approved racketeering court.”
disseminating conspiracy theo- Georgia, including falsely tell- panel recommended last month major organized-crime fami- charges against the firm. (The By 2019, some of Giuliani’s
ries, including efforts to push ing lawmakers there that dead that Giuliani be disbarred. lies. In 1987, after three Mafia firm later pleaded guilty to six friends were telling him to
Ukraine to investigate now- people and felons had improp- On the witness stand in De- “bosses” and four associates lesser felony counts; Milken keep a low profile as federal
President Biden that led to erly voted, that at least 96,600 cember in Washington, Giuliani his prosecutors convicted each pleaded guilty to several secu- prosecutors probed his busi-
Trump’s first impeachment. mail-in ballots were counted in asserted he had witnessed received 100-year prison sen- rities-law violations in 1990, ness dealings and his client,
By 2020, Giuliani had be- the election without records of voter fraud firsthand. tences, Giuliani said that with- served 22 months of a 10-year then-President Trump, was un-
come the butt of late-night them having been returned, “My role was to show how out the RICO law, the convic- prison sentence, and was par- dergoing an impeachment in-
jokes, including for a last-min- and that thousands of ballots Pennsylvania involved the tions and sentencings “might doned by Trump.) quiry. He instead escalated his
ute Philadelphia news confer- were illegally counted by Ful- same set of eight or 10 suspi- not have been possible.” The law turned out to be so push for Ukraine to conduct in-
ence in front of a landscaping ton County election workers. cious actions—illegal actions, He also pioneered its use in effective, experts said, in part vestigations into Biden and
business with extravagant alle- Last month, Giuliani said he whatever you want to call securities-related fraud, work- because it allowed prosecutors worked on a TV series about it.
gations of fraud after Biden wouldn’t contest the claim by them, irregular actions—that ing with regulators to build a to pull together lesser criminal That year, Giuliani told New
was declared the winner of the two of those workers who sued could not be the product of ac- strong enough case against acts and allege a pattern of York Magazine: “My attitude
presidential election. him for defamation. A New cident,” Giuliani testified. Drexel Burnham Lambert in racketeering punishable by as about my legacy is ‘F— it.’”
“He rose to prominence as York court suspended his law As the U.S. attorney for the connection with the misdeeds much as 20 years in prison for —Erin Ailworth
the most honest of them all— license there in 2021. And in a Southern District of New York, of junk-bond king Michael each count. contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
U.S. NEWS
Criminal prosecutions
of Donald Trump
State case Federal case
Stormy
Daniels
payment
April INDICTED
2023 April 4
May
June
July
Efforts to overturn
2020 election in
runup to Jan. 6 Former President Donald Trump on Saturday appeared at the Iowa State Fair in Des Moines, where he received an enthusiastic reception by his supporters.
INDICTED
.
case will dominate headlines
Sept. for months in a state that Bi-
ly
but is seen as a risk
den won by roughly 12,000
in general election votes. “Georgia is not a state
that has a lot of room for er-
Donald Trump faces a di-
lemma as his criminal cases
pile up and his first presiden-
tial primary contest nears:
on ror in statewide elections. I
would qualify dozens of
charges as errors,” Hall said.
Alice Stewart, a Republican
Oct.
how will he divide his time be- strategist and former adviser
us ,
2024 For now, the various criminal bit different than our standard DuHaime, who is an adviser to said Tuesday that he would Trump if he is the GOP pick.
proceedings in New York, Wash- case where we would pull our former New Jersey Gov. Chris hold a news conference next “The indictments are not a
Iowa
ington, Florida and Georgia are hair out” over such comments, Christie, one of Trump’s chal- week to present a report on deal breaker for Trump be-
caucuses drowning out his primary chal- attorney John Lauro recently lengers and most vocal antag- the election in Georgia. “They cause suburban Republicans’
lengers and fit a message that said. “He feels strongly that he onists. “But that is not win- never went after those that dissatisfaction with Biden will
Trump has been preaching to needs to speak out.” ning him back anybody he lost Rigged the Election. They only always make it winnable for
the party faithful for eight Continuing to do so, how- between 2016 and 2020. It’s a went after those that fought Republicans, but the indict-
years: that the Washington bu- ever, could result in limits on short-term sugar high.” to find the RIGGERS,” he said. ments will make it difficult, no
Feb. reaucracy, which he regularly what Trump can say publicly A large share of Republicans question,” said Chris Baker, a
describes as the Deep State, and hinder his chance of ac- believe there was widespread Republican strategist working
isn’t just out to get him but is quittals. The cost of defending Campaign shifts gears fraud in the 2020 presidential for Phoenix-area Rep. David
out to get his supporters too. himself and dozens of aides Trump’s team is mapping election even though no evi- Schweikert, who represents
“If these illegal persecutions pulled into investigations has out ways for him to remain in dence has emerged after many one of the most competitive
n-
succeed, if they’re allowed to drained tens of millions from public view, should he be tied investigations and lawsuits. districts in the country.
set fire to the law, then it will his campaign. up in court. Plans include us- Trump often schedules po- Baker said the indictments
March Super
not end with me… They’ll come “He’s very skillful at play- ing social media, including litical rallies on the weekends, are “another brick in the wall
Tuesday for YOU,” read a Trump fund- ing the victim, and it’s help- live evening events and prere- when courts are closed. Even that he has built between him-
no
raising email sent Monday ing,” said GOP strategist Mike corded policy videos. Trump his court appearances have self and suburban Republicans.”
night, moments after he and 18 turned into made-for-TV
alleged co-conspirators were events, with networks carry-
charged in Fulton County, Ga., ing live footage of his motor- Risk of sitting out
with racketeering and other al- Early-Voting States Will Be Key cade and sticking for hours to The biggest risk for Trump
SCHEDULED TRIAL leged crimes in pursuit of over- court procedural events, such is that voters might stay home
April March 25 turning Joe Biden’s 2020 vic- It is unlikely that any of one else. as arraignments, that can last instead of supporting him,
tory in the state. Donald Trump’s legal prob- “They think if you can barely minutes. said Ryan O’Daniel, who ran
That message resonated lems will be adjudicated get the drama out of the “The former president is a the 2016 re-election campaign
with voters like Deborah Rena, before the first votes are White House, conserva- unique individual in that he’s of the late Sen. John McCain
a retired salon owner who cast in Iowa and New tives could hold it for a able to take these things that in Arizona. He believes disaf-
lives in suburban Des Moines, Hampshire, the states that long time,” LeClair said. to others are debilitating and fected voters contributed to
Iowa. “I’m going to vote for hold the initial nominating Any possible disillusion- turn them into a positive,” Biden’s 2020 win over Trump
the guy with the most indict- contests in January. ment about Trump could said former federal prosecutor in the state by just over
May ments,” she said, vowing to Ryan Rhodes, who was increase among voters Jennifer Beidel. Still, she said 10,000 votes.
back Trump in the caucuses Republican presidential once the trials start, he the time commitment could be Scott Case, 47, a Phoenix
that start the presidential candidate Ben Carson’s said, given there will inevi- intense. A client helping attor- resident who works in hospi-
nomination voting on Jan. 15. Iowa campaign manager in tably be wall-to-wall cover- neys respond to a motion, or tality, is the type of voter Re-
2016, said he expects the age of the former presi- sorting through discovery ma- publicans could lose in a gen-
latest indictment will dent in the dock. terial, could spend 20 or 30 eral election. Case twice voted
SCHEDULED TRIAL GOP rivals hold back change few minds among In South Carolina, hours in a given week. for Trump and liked his ac-
May 20 Other Republicans seeking GOP caucus-goers in the another state in the early “Facing a felony indictment tions as president, but he is
June the presidential nomination Hawkeye State. “People window of nomination is an all-consuming experience ready for the party to move
have largely tried to avoid up- just assume indictments voting before more states for most people. It drains on. “He’s not the nicest indi-
setting Trump’s supporters, so are going to keep coming,” weigh in on Super their resources, their money vidual, he can be nasty,” he
they hold back on directly crit- he said. “It’s opened the Tuesday in March, Amy and their time. Donald Trump said.
icizing his alleged behavior, door for other candidates, Florez, a 46-year-old is facing four of them,“ said Case said if it is Trump ver-
join in on attacks of the prose- but it’s also solidified” interior designer from Renato Mariotti, a former fed- sus Biden he may stay home,
cutions and repeat calls for in- Trump. Charleston, worries that eral prosecutor. but he won’t vote for Biden.
vestigations into President Bi- However, Rhodes said Trump will struggle in a In addition to Georgia, Still, he thinks that the indict-
July
den and his son, Hunter. he doesn’t think Trump general election. Trump has been charged fed- ments are politically moti-
“We see the legal system be- can afford to skip cam- The indictments “add erally for conspiring to undo vated and that Trump doesn’t
GOP ing weaponized against political paigning aggressively in baggage for the indepen- the 2020 election results in deserve to be prosecuted.
convention opponents. That is un-American Iowa, even if he is tied up dent and moderate voters, which he lost to Biden as well For now, though, many of
and unacceptable,” Sen. Tim with court hearings. “He especially the women who as the improper storage of the GOP faithful are sticking
Scott (R, S.C.) told reporters at needs to make sure he’s in don’t like him because of classified documents at his with the former president.
the Iowa State Fair on Tuesday. Iowa a significant amount his personality,” she said. Florida estate, and he faces “What they’re doing to
Aug. “I hope to be the president of because if he wins here, Biden won the 2020 Manhattan charges related to Donald Trump is absolute
the United States where we it’s over,” he said. presidential election hush-money payments to a crap,” said Ann Conder, a 69-
have an opportunity to restore Dan LeClair, a county handily but by narrow porn star. Together they year-old retired counselor
confidence and integrity” in the GOP chairman in New margins in a handful of amount to 91 criminal counts. from Moncks Corner, S.C.
Justice Department, he said. Hampshire who knocked battleground states— He has pleaded not guilty in “Everybody has a little
But Trump’s strategy of us- on doors for Trump in Georgia, Arizona, Michigan, the two federal cases and the something they did at some
ing his criminal charges as a 2016 and hasn’t endorsed Pennsylvania and Manhattan cases; he has yet point in time whether know-
political weapon carries risks. a candidate this year, says Wisconsin—with the help to be arraigned in Georgia. ingly or unknowingly that
Sept. His aggressive words toward many New Hampshire of moderate Republicans Cody Hall, an adviser to might have been illegal, every-
prosecutors and judges are al- voters are open to some- and independents. Georgia Republican Gov. Brian body has,” she said. “But I don’t
Source: WSJ analysis of the proceedings ready causing challenges for Kemp and who also advises see President Trump being ne-
Adrienne Tong/THE WALL STREET JOURNAL his lawyers. “I think it’s a little the campaign of Florida Gov. farious and guilty of any crime.”
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To show support for Evan, please follow the latest updates at WSJ.com/Evan
and add the hashtag #IStandWithEvan across social media.
.
ly
on
us ,
Evan doesn’t just make friends—he builds communities. His innate ability
l
to connect diverse circles and build bridges where none existed has been
e
al a
At Bowdoin College, this trait shone brightly. Whether it was his friends,
housemates, soccer teammates, kitchen colleagues, or fellow philosophy
majors, Evan wove a tapestry of connection and created bonds among
er s
diverse groups.
m er
The abrupt and unjust detention of Evan is hard to fathom. A key link has
been severed from a vibrant, intricate network of relationships.
Yet, the bridges Evan built still stand strong. The connections he formed
persist. And we are united and resolute in our mission: to ensure the return
of our friend, our colleague, our brother. We will not stop until Evan, the
n-
Sam Silverman
no
#IStandWithEvan
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WORLD NEWS
China Struggles to Halt Economic Slide
Officials cut interest lication of data on youth unem- China in the second quarter economy and the absence of
ployment in China, citing plans touched its lowest level in de- meaningful stimulus. The in-
rates, move to hide to revisit the methodology. cades and exports crumbled vestment bank’s new projec-
data on high youth For investors and econo- as Western consumers contin- tion undershoots Chinese pol-
mists, the abrupt suspension ued to pare spending. icy makers’ official GDP target
unemployment fits a worrying pattern of in- “The message is loud and of about 5% this year, a goal
creasing haziness around key clear: China is experiencing many economists had re-
BY JASON DOUGLAS aspects of China’s economy. all-out deflation,” economists garded as conservative.
AND STELLA YIFAN XIE They warn that Beijing’s moves at Société Générale said in a An especially pressing task
to stifle the flow of information note to clients. for policy makers is to salvage
China’s authorities re- may further depress fragile con- On Tuesday, Fu Linghui, a the property sector, which in
sponded to another burst of fidence and undermine China’s spokesman for China’s statis- recent years has accounted for
dire economic news with a well- appeal as a destination for in- tics bureau, said China hasn’t as much as a fifth of China’s
honed playbook: They cut inter- vestment—just when Beijing is seen deflation and won’t see total economic output. Home
THOMAS PETER/REUTERS
est rates and withheld some po- talking up the importance of at- it, repeating official rhetoric sales tumbled in June and
tentially embarrassing data. tracting foreign capital. aimed at dispelling fears of a July while one of China’s big-
The trouble, say investors China also has expanded its sustained decline in prices. gest real-estate giants, Coun-
and economists, is that lower anti-espionage law and raided China’s economy expanded try Garden Holdings, faces ris-
borrowing costs and greater offices of international business just 0.8% in the second quar- ing risk of debt default.
opacity aren’t what China consulting firms including Bain ter compared with the first Monetary easing probably
needs to reignite growth and & Co., which foreign business People attend a job fair in Beijing. More than 21.3% of China’s three months of the year, or a won’t be sufficient to arrest
restore vanishing confidence. executives who have met with 16- to 24-year-olds in urban areas were out of work in June. healthier-looking 6.3% when the slowdown in the economy,
China’s economy is stagger- Chinese authorities say is part compared with the same quar- said Ting Lu, chief China
ing under challenges, includ- of an effort by Beijing to exert youth unemployment as the The headline measure of ter a year earlier, when Shang- economist at Nomura in Hong
ing a drawn-out real-estate greater control over how the latest crop of graduates com- overall joblessness, the urban hai and other cities were hit Kong. Lu and other econo-
crunch, worsening relations rest of the world views China. pleted their studies this sum- surveyed unemployment rate, by lockdowns. mists say Beijing must con-
with the U.S.-led West and dif- China’s rocketing youth un- mer when the statistics bureau moved higher for the first Some economists worry sider bolder moves to revive
ficulties in nurturing a con- employment rate in recent was expected to publish the time since February, rising to that without more-forceful ac- flickering growth, such as
sumer-led expansion while the months became the focus of data Tuesday. But that never 5.3% in July, from 5.2%. tion to turn the economy propping up ailing real-estate
usual growth engines of in- considerable domestic and in- happened. Instead, China’s Na- Tuesday’s batch of data re- around, China risks falling into developers and easing home-
vestment and exports misfire. ternational attention. More than tional Bureau of Statistics said vealed an economy struggling a downward spiral of weaken- buying restrictions in major
Gauges of consumer spend- one fifth—21.3%—of China’s 16- it would hit pause on publish- across the board. Figures last ing growth as sagging busi- cities to stabilize the property
ing, industrial production and to 24-year-olds in urban areas ing the data while its statisti- week showed consumer prices ness and household confidence market, or writing checks to
public and private investment were out of work in June, ac- cians looked at how the fig- in China fell in July from a reinforce declines in spending, consumers to drive spending.
in China missed expectations by cording to the latest available ures are compiled and whether year earlier, while demand for hiring and investment. —Xiao Xiao and Grace Zhu
a wide margin in July, data official data. As recently as De- students in particular should loans from households and On Tuesday, Barclays low- contributed to this article.
showed on Tuesday. At the cember the figure was 16.7%. be counted among the unem- businesses evaporated. ered its full-year GDP forecast
same time, China’s statistics bu- Economists were anticipat- ployed if they are still study- On the international front, to 4.5% from 4.9%, citing Heard on the Street:
reau said it would suspend pub- ing another nudge higher in ing while seeking work. foreign direct investment in broad-based weakness in the China’s contract frays... B12
.
Brutal Summer Heat Tests Energy Exporters at Home
ly
BY CHAO DENG
CAIRO—Energy-rich coun-
envelop the region, with the
thermometer reaching 122 de-
grees Fahrenheit in Baghdad,
onresidents from going outside,
and officials have urged peo-
ple to consume less electricity.
tion is down and there are no
exports at a time when they’re
desperate to export.”
firm Kpler, fell to zero in June
and rose only slightly in July.
Problems with power and
duction and decrease imports.
But pressure by the govern-
ment to accelerate the devel-
tries across the Middle East buckling aging power grids. In Egypt, analysts say ex- The Egyptian government gas supplies were among the opment of Zohr caused water-
us ,
and North Africa are strug- A lack of electricity to run treme summer temperatures denies it is facing a gas short- grievances that contributed to infiltration problems that have
l
gling to keep power flowing to air conditioners, refrigerators have been exacerbated by a age and says power cuts are the downfall of President Mo- persisted and which are in
e
al a
their own citizens during in- and fans led to small protests lack of maintenance of some necessary because of rocket- hammed Morsi in 2013. Elec- part responsible for lower gas
tense summer heat, with on the streets of Baghdad this power stations, rising demand ing demand during the heat tricity outages persisted after output this year, Egyptian of-
Egypt the latest to impose month. Similarly, in some cit- from a fast-growing popula- wave. Blackouts this summer President Abdel Fattah Al Sisi ficials familiar with the mat-
ci on
rolling blackouts. ies in Iran, where electricity tion and falling output at the have been especially painful. came to power, leading him to ter said.
The outages here have usage hit a record in July, the country’s largest gas field. Temperatures topped 114 de- spend enormous sums to in- In a speech in October, Sisi
prompted concerns that weight of demand has caused “It’s very likely that Egypt grees Fahrenheit in late July, crease the capacity of the coun- said he had told Eni—one of
Cairo’s domestic gas supply is power networks to collapse in has a shortage in gas,” said according to the Egyptian Me- try’s power network. The 2015 the developers of the Zohr gas
running low. recent weeks. Timothy Kaldas, deputy direc- teorological Authority. discovery of a mammoth gas field—it had 18 months to de-
er s
Iran and Iraq, both oil ex- The Iranian government tor of the Tahrir Institute for Still, Egypt’s gas exports, field in the Mediterranean, velop the reservoir, compared
porters, also are facing black- shut banks and public offices Middle East Policy, a Washing- which peaked in December, ac- known as Zohr, allowed Egypt with the five-year timeline the
m er
outs as blistering temperatures for two days to discourage ton-based nonprofit. “Produc- cording to commodities data at one point to increase gas pro- Italian firm had proposed.
Russia Aims Russia's key interest rate have also provided a rare win-
dow into the tensions be-
m rp
Turmoil
15
blamed the weak ruble on
co Fo
and Western sanctions for the and project economic strength. generally a lack of confidence
long term. Western nations have spent in leadership at the top.”
“The ruble fall reflects the billions of dollars to shore up A loss of confidence is a
fundamental imbalance in the Ukraine’s economy and supply major risk to the value of the
Russian economy because of its war effort. ruble. Russians withdrew
the war,” said Alexandra The central bank has attri- about $1 billion from Russia’s
Prokopenko, a former Russian buted the ruble’s decline to the banks in the days after the
central-bank official who is country’s deteriorating trade Wagner mutiny, adding to a
now a nonresident scholar at position. Moscow sells its steady stream of outflows
the Berlin-based Carnegie Rus- crude at a discount to global since the war began as they
sia Eurasia Center. “Funda-
mentally, the central-bank rate
prices and has stopped natu-
ral-gas deliveries to much of
opt for cash and stash money
abroad. The ruble’s decline, HIGH GLAMOUR
can’t change the trend.”
For Russia’s economy, a lon-
Europe, traditionally its big-
gest market.
the rise in inflation and grow-
ing political division all could
GIOVANNI BOLDINI
ger war means higher inflation Russia’s current-account encourage more capital flight, Iconic subject. Timeless elegance. Important artist.
as the government spends surplus, a broad measure of which would in turn fuel more
more on weapons and social funds flowing into the econ- pressure on the ruble, some Italian master Giovanni Boldini composed
measures to placate the popu- omy, shrank to $25.2 billion in analysts said. this exceptional portrait of French actress
lation at home. A weaker ruble the first seven months of the Another option for the Lucie Gérard. The original pastel on canvas
makes imports more expensive. year, an 85% fall compared Kremlin to steady the ruble:
Prolonged sanctions mean with the same period last the reimposition of capital is a stunning example of Boldini’s specialty:
that Russia’s international year, central-bank data controls to prop up demand capturing the allure and grace of elegant women.
supply chains will remain dis- showed last week. for rubles. At once traditional and modern, the work
rupted, adding further pres- Some of the weakening in That formula of much is exemplary of Boldini’s highly distinctive
sure on prices. Russia’s trade position stems higher rates and restrictions style that was greatly admired by his fashion-
Currently, Russia is able to from an increased reliance on on money leaving the country conscious clientele. Circa 1890. Signed “Boldini”
import many of the goods that imports from places like China helped stabilize the ruble af-
the West has banned—from and Turkey. ter it plunged in the months
(lower right). Canvas: 221/4”h x 18 5/8”w. Frame:
iPhones to cars to computer In Russia’s war economy, after the start of the war in 29 5/8”h x 25 7/8”w. #31-5664
chips—but it does so via third domestic demand has out- 2022.
countries, a roundabout that stripped Russia’s capacity to “In the short term, they Scan to read
increases prices. produce, particularly in indus- can slow the bleeding with more about
“Inflationary pressure is tries that have been hit by the large rate hikes like this but it this painting
building up,” the central bank withdrawal of Western firms doesn’t fundamentally alter
said. “The pass-through of the and sanctions. the picture for the ruble,” said
ruble’s depreciation to prices Russian imports of goods Peach of Capital Economics.
is gaining momentum and in- rose 18% in the first seven Higher rates will make it
flation expectations are on months of 2023 compared more attractive for local sav-
the rise.” with a year earlier. ers to keep their money in ru-
The central bank’s move on Political turmoil will also bles, but it will also weigh on
Tuesday follows a larger- continue to undermine the ru- Russia’s already-muted eco-
than-expected rate increase in ble as the war drags on. The nomic growth by driving up 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
July. The bank’s next planned currency’s slow decline since the cost to borrow and in-
meeting is in September. the start of the year picked up vestment. Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
For the Kremlin, the deteri- pace after the Wagner mutiny There is another complica- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
oration in the economy pres- created uncertainty around tion: It will also make it more
ents a fresh set of challenges President Vladimir Putin’s grip expensive for the Russian
as its military fights off Ukrai- on power. government to service its do-
nian advances in the field of The currency’s gyrations mestic debt.
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CLOCKWISE: LAURA BUCKMAN/BLOOMBERG NEWS; LINDSEY NICHOLSON/UNIVERSAL IMAGES GROUP/GETTY IMAGES; MIKE BLAKE/REUTERS; CRISTOBAL HERRERA-ULASHKEVICH/EPA/SHUTTERSTOCK
at such a chaotic pace that a written statement, “Every
workplace injuries are rising stakeholder, from airports, to
among the army of ground ground handlers and airlines,
staff who refuel planes, handle must maintain rigorous train-
baggage and help move air- ing and safety standards.” The
craft around the tarmac, ac- group said airlines “meticu-
cording to interviews with ex- lously” audit the safety of ser-
ecutives, workers, union vice providers.
representatives, safety spe-
cialists and aviation consul-
tants. ‘Really frightening’
While passengers and avia- After Courtney Edwards’s
tion regulators are typically death, an initial report sum-
more focused on safety in the marizing the incident by the
air, people who work under National Transportation
the belly of an aircraft on the Safety Board showed there
side of the runway face a mul- had been safety briefings be-
titude of risks. Workers have fore the aircraft arrived and
fallen off the vehicles, known said she was warned by col-
as tugs, that push back air- leagues that the engine she
craft; inexperienced staffers was approaching was on.
have caused aircraft to collide; During its investigation, an
others have had limbs crushed OSHA representative review-
by falling containers. ing video footage noticed
Understaffed and inexperi- something strange, according
enced ground crews regularly to people familiar with the in-
didn’t receive adequate train- vestigation: At about the same
ing for their roles, the inter- time that she moved into the
views show. That problem has left engine’s “ingestion” zone,
been compounded by a lack of her colleague, Mariko Dean,
investment during the pan- on the right-hand side of the
demic that left many workers aircraft, had done the same.
using faulty heavy machinery. Had the pilot not moments
For ground workers, scenes on earlier shut down that engine,
the tarmac and in baggage the OSHA investigator deter-
.
rooms have often been cha- mined it was likely Dean also
otic. would have died, people famil-
ly
Last summer, when the in- iar with the probe said.
dustry restarted, “I think ev- A spokesman for OSHA said
eryone just went, ‘Right, let’s the regulator isn’t able to
just go for it,’ ” said Warwick
Brady, chief executive of Swis-
sport, the world’s biggest
ground-handling company.
on comment on cases that are be-
ing contested.
The finding prompted an
investigator to ask other Pied-
“The airports weren’t pre- mont workers a basic ques-
us ,
pared properly, the ground Ground handlers manage a variety of tasks at airports, from refueling planes to handling baggage and helping move aircraft tion: What is the safe distance
l
workers between 2019 and 2022, by select U.S. airports each month‡
Courtney Edwards, said its ex- aviation services companies pressures, and the rapid pro- from 2 feet to 30 feet. The
isting policies exceed industry motion of new employees to correct answer, according to
standards and actively ad- 800,000 supervisory roles. the airline’s operating manual,
GAT†
dress the concerns laid out in The percentage of workers is 15.
the citation issued by OSHA. A that had been with GAT for “It was really frighten-
er s
600,000
spokeswoman said, “Our Southwest more than a year fell from ing…it could have went a dif-
thoughts and prayers continue GroundOps 68% before the pandemic to ferent way for either of us,”
m er
to go out to Courtney’s family 400,000 22% in 2022, Hough said. said Dean, who had been
and friends and the aviation “Wages and turnover went working for Piedmont for
community who have been im- Dnata through the roof at a time about two months at the
pacted.” The company is con- 200,000 when people needed us to go time.
testing the fine. from around 1,800 team mem- It wasn’t clear to the inves-
m rp
Across the entire U.S. avia- Unifi bers back up to about 5,000 in tigator whether Edwards, who
tion industry, rates of injuries 0 a period of 30 to 60 days,” had been at the company for
per 100 employees that led to 0 20 40 60 80% 2019 ’20 ’21 ’22 ’23 Hough said. “It was a mad- about a year, and her col-
at least one day away from house.” leagues clearly understood
*Injury rate is the number of injuries that led to at least one day away from work for every 100 fulltime workers; Occupational Safety and Health
work increased 17% last year Administration data is self reported by companies. †GAT Airline Ground Support ‡Data show total flights scheduled. GAT’s serious injury rates that the technical terms used
co Fo
compared with 2019, accord- Sources: WSJ analysis of OSHA data (change in injury rate); Cirium (departures) rose 72% last year compared in the earlier safety briefings
ing to an analysis of OSHA with 2019, ac- meant they
data by The Wall Street Jour- operations, according to a would give the FAA 180 days tional Airport. She worked for cording to the would be meet-
nal. That figure includes all May survey by the Interna- to begin a review of the sector GAT Airline Ground Support, OSHA data re- ing an aircraft
aviation-related jobs—includ- tional Air Transport Associa- and later present measures to an aviation-services company viewed by the ‘I was trained by with active en-
ing ground handlers, cabin tion, a trade body. More than improve safety, including de- headquartered in Georgia with Journal. Hough someone who gines, accord-
crew, check-in agents, security a third expected staffing veloping new training and re- operations at more than 70 said the com- ing to people
guards and maintenance shortages to continue beyond quiring on-site instruction to airports across North Amer- pany’s injury didn’t know familiar with
workers. It only includes com- 2023. protect workers from running ica. rate in 2022 the investiga-
panies that reported their engines. OSHA’s investigation found was broadly in
what they were tion.
data to OSHA.
Moving aircraft
Industry executives say the GAT violated standards for line with previ- doing either.’ When OSHA
Company-specific data majority of safety incidents machine operations and fined ous years, and issued its pen-
shows more alarming in- Ground handlers are re- arise because workers are fa- the company its maximum that 2019’s rate alty, it criti-
n-
creases among ground-han- quired to navigate a ballet of tigued, inexperienced or have penalty of $15,625. GAT is con- was lower than cized Piedmont
dling operations. Southwest moving aircraft and vehicles been rushed onto the tarmac testing the penalty. average. for failing to provide proper
Airlines’ ground-handling on the tarmac, operate heavy without sufficient training. GAT’s CEO, Mike Hough, “This summer feels much on-the-job instruction. After a
units recorded a 64% rise in machinery, and do it all under Workers say training mod- called the incident a highly more palatable,” he said. week-long training course in
no
the rate of such injuries com- immense time pressure. ules have shifted online in improbable accident. Thomp- an office setting, Dean said he
pared with 2019, according to In Austin in April, Michal some cases, are required to be son had been fully trained, the was told to learn from other
the analysis. Rates rose 25% at Ingraham, a worker at Ameri- done outside work hours and equipment she was using was Hourly workers workers.
Unifi, which is 49% owned by can Airlines, died after a tug aren’t supplemented with on- three months old, the flight Competitive pricing, infla- “Honestly, I was trained by
Delta Air Lines and is the big- he was driving began acceler- the-ground training. was on time, and her station tion and tight labor markets somebody who didn’t know
gest ground-handling contrac- ating, hit an airport jet bridge “What we’ve been taught was fully staffed, Hough said. have meant ground-handling what they were doing either,”
tor in the U.S. And dnata, one and left him trapped between doesn’t match what is being Thompson was following a companies have battled to pay Dean said. “I finally found out
of the world’s biggest avia- the two, denting his skull and done on the field,” said Ernest company policy that all work- enough to lure workers to a that I wasn’t learning any-
tion-services companies, re- crushing his abdomen, accord- Tanga, who has worked for ers have their hair tied behind job that requires manual labor thing that I was supposed to
ported a 54% jump in the U.S. ing to a report by the Austin Swissport at Washington Dul- their back while working ma- and months waiting for man- be learning once we met with
Southwest said training Police Department. les International Airport for a chinery, he said. datory security checks. OSHA.”
and new operational tools are Police discovered the vehi- year and a half. “You don’t “It’s just that she had such Ground workers are typi- Dean was suspended with-
helping lower the total num- cle had been involved in a sep- want to be blamed for delay- long hair and she was moving cally hourly employees, who out pay after Edwards’s death
ber of injuries among workers. arate collision 10 days earlier ing the plane, so you work at a so quickly that it was swing- start at or near minimum for failing to follow safety pro-
Unifi said it was investing in when its brakes failed. When speed that could make you ing behind her and it got wage. cedures. He said he was dis-
its training and “since the re- asked by police, London-based hurt yourself.” caught,” Hough said. “It was a Airlines are putting huge missed in April over an unre-
covery of air travel, our safety Menzies Aviation, which was Tanga is one of a number of crazy set of circumstances.” cost pressure on these service lated incident, which he said
numbers are showing year-on- responsible for the tug, didn’t Swissport’s U.S. staffers who Hough said GAT in general providers, ground-handling he chose not to appeal.
year improvement.” provide evidence that mainte- filed OSHA complaints cover- is wrestling with similar chal- companies say. Piedmont said safety is its
A dnata spokesman said it nance work was conducted af- ing six of its locations, which lenges facing other ground- “Some of the airlines think, top priority, adding that it
actively encourages employees ter the incident. Detectives re- raised concerns in- ‘Well I need to have provides “a safe work environ-
to report safety incidents and ferred the matter to OSHA cluding inadequate prices back to 2018 ment through robust initial,
near misses, over 10,000 of which is investigating. The forklift training and levels because I’m recurrent and supplemental
which were internally re- findings were earlier reported faulty equipment, in- struggling,’” Swiss- training along with regular
ported in the last financial by the Austin-American cluding tugs that port’s Brady said. “I’m briefings.”
year. Statesman. don’t have seat belts like, ‘Guys, I don’t Edwards’s mother said she
Although aviation compa- Menzies Aviation said it is or properly working know what planet had frequently told her daugh-
nies operating in the U.S. are fully cooperating with the in- brakes. you’re living on, but if ter to find another job. “You
required under federal law to vestigation. American said it Swissport said the you want a quality, need to leave that airport,”
self-report injuries each year, is “heartbroken by the acci- health and safety of safe, consistent ser- Natalie English, now guardian
the data aren’t perfect. Some dent” and fully cooperating all its employees is its vice, you’re going to to Edwards’s three young chil-
fail to report, have different with the investigation. highest priority, and have to pay us for dren, recalled telling her
attitudes toward reporting, that it fully complies what we do.’ ” daughter again two days be-
miss deadlines or file for only with all applicable la- At a closed indus- fore her death.
part of their operations. OSHA Limited oversight bor regulations. Injury try meeting in April, a On a phone call with the
last year announced a program Regulatory oversight of data from Swissport safety manager at the president of Piedmont and the
to crack down on missing fil- ground staff in the industry is for 2022 was missing parent company of CEO of American Airlines af-
ings and in July expanded re- limited, in contrast to the from publicly avail- Frankfurt Airport ter her daughter died, English
quirements for next year. tightly monitored regulations able OSHA filings. showed a picture of said she raised her concerns
This summer, the aviation across most of the aviation Jermani Thompson, an employee stacking about workers juggling too
industry is even busier. De- sector. In most cases, over- 27, died in August last suitcases in the belly many tasks, the intense time
lays, which put increased sight falls to airlines. year when her hair of an aircraft, likening pressure, the low pay and the
pressure on ground handlers, In July, in its 928-page bill was caught in a con- it to an image of dangers they face.
are even worse than last year setting out the Federal Avia- veyor belt, causing Welsh coal miners A fundraiser was started by
in the U.S. and Europe. tion Administration’s renewed her neck to snap, as from the 1930s, ac- Edwards’s union to help sup-
About 60% of ground-han- mandate, the House of Repre- she was unloading cording to a copy of port her children. It raised
dling professionals across the sentatives issued a “call to ac- bags from a Frontier the presentation re- close to $125,000, about eight
globe don’t have enough quali- tion” for the safety of ground Airlines aircraft at Courtney Edwards in a photo posted to her viewed by the Jour- times more than the OSHA
fied staff to ensure smooth workers. If it becomes law, it New Orleans Interna- Facebook page in December 2021. nal. fine.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, August 16, 2023 | A9
ELIZABETH
BERNSTEIN
B
rady Gray was hoping
to meet “the one” when
he composed his social-
media post.
“Married couple
looking for friends to
hang out with in middle TN, just a
little north of Nashville,” he wrote
recently on Reddit. “We are early
40’s, pretty laid back, no kids. We
really enjoy board games.”
Gray and his wife had moved to
the area a few months earlier.
They were eager to meet a couple
who might join them for dinner
out, a pitcher at a local brewery,
or a game of Catan.
He waited anxiously for re-
sponses for weeks. No one replied.
It can be tricky to find the right
couple match. Building a couple
friendship is a lot like dating, ex-
cept all four people have to click.
There are political differences, geo-
graphical barriers and personality
incompatibilities that can ruin a
coupling before it starts.
But the effort is worth it. Cou-
ples who have more couple friends
are happier in their own relation-
ships and more likely to stay to-
gether, research shows. Hanging
out with another couple can pro-
vide social support and help you
see your partner in a new light.
“Couple friends can help you to
Couples Who Have Couples
.
better appreciate your partner,”
says Richard Slatcher, a psychol-
ly
As Friends Benefit All Around
ogy professor at the University of
Georgia who studies couple friend-
ships. When you see other people
enjoying your partner’s company,
he says it can make you think: “My
partner is pretty great.”
It gets tougher to make any
on
Making compatible four-way friendships can be tricky and takes time, but is worth it
new friends as we get
us ,
older. We have less time to cial psychologist Arthur Discuss what you’re looking for. Carry your part
l
get together. We no longer Aron, called “Fast Some people like to keep their cou- of the conversation.
e
al a
have a ready-made pool of Friends,” designed to help ple friendships light and fun while Don’t let others do all the work.
potential friends as we did people develop interper- others prefer a deeper emotional That can be annoying to your
when we were in school. sonal closeness. bond, says Geoffrey Greif, a profes- partner and intimidating to the
ci on
We’re more inhibited, too. The questions start sor at the University of Maryland other couple. Let the other couple
Gone are the days when out slightly personal. School of Social Work and co-au- get to know you.
we can approach a new kid (“Would you like to be fa- thor of “Two Plus Two: Couples Don’t hog the limelight, either.
in the sandbox and happily mous? In what way?” and Their Couple Friendships.” “One-sided relationships are usu-
just start playing together. “What would constitute a ally ultimately doomed,” Slatcher
er s
Couple friendships can ‘perfect’ day for you?”) says. So let everyone have a
be scary in some grown-up Then they slowly become Put yourself chance to shine.
out there.
m er
ways, as well: envy, extra- more intimate. (“How do Sean and Lauren McLarnon,
marital attraction, listening you feel about your rela- You need to create opportunities both 31, have been searching for
to a couple on the rocks tionship with your to meet other couples, the Univer- couple friends since they moved to
bicker through dinner. mother?” “Of all the peo- sity of Georgia’s Slatcher says. Duncan, S.C. They’ve struck up
Gray, 44 years old, and ple in your family, whose Join a club or volunteer. You’ll conversations with other couples
m rp
his wife, Tasha Erickson, death would you find meet like-minded folks. If you’re at sports bars, street fairs and
FROM TOP: ILLUSTRATION BY CECILIA CASTELLI; SARAH WESTMORELAND GREEN
42, who have been married most disturbing? invited to a party or gathering, go. farmers markets.
14 years, have endured a Why?”) All four partners Be brave and host a dinner One couple they met via an app
number of challenges in answer all questions. party or invite another couple out turned out to be “as interesting as
their quest to find compati- The gradual disclosure to dinner. “Food always helps drywall,” Sean says. And when he
co Fo
ble couple friends, includ- is key. It gives people a build relationships,” Slatcher says. posted in a chat group that the
ing several conversations chance to respond to each couple had two free Bon Jovi tick-
so “generic and awkward” they po- Sean and Lauren McLarnon other’s revelations, which is im- ets and were looking for people to
litely said goodbye and left early. recently joined a social club in portant for bonding, Aron says. Ask questions join them, no one answered. They
“It was disappointing,” says their search for couple friends. Here’s some advice to help you and share. took Lauren’s mom.
Gray, who lives in Portland, Tenn., find the right couple friends. Research shows that couples who The McLarnons have met one
and is the general manager of a Psychologists say there are discuss personal issues bond more couple they like and the wives
landscaping company. ways to develop couple friendships closely than couples who stick to have become best friends. The
While they’re still looking for more quickly. Researchers have
Confer with small talk. husbands, while friendly, don’t
friends near their new home, they come up with a set of 31 questions your partner. It’s important to open up have a lot in common, though.
have a backup plan: Begging their that in a lab have helped couples Do you both want new couple slowly, though, says Aron. Start They’ve recently joined a local
bestie couple friends from back become close in under an hour. It’s friends? It’s important to be on with topics that are lighter and social club to continue their
home to move closer. (So far, no an adaptation of a similar ques- the same page because making less emotional and go from there. search. “We will keep our hearts
n-
luck.) tionnaire created by research so- friends takes time. You don’t want to scare them off! open,” Sean says.
no
A
Cancún and the surrounding region Baruch says a number
merican travelers are having has fluctuated in recent months. of new luxury resorts have
fun in the sun, but they’re Ryan Hymel, Playa’s chief finan- opened in the area in re-
thinking beyond old standbys cial officer, said during the com- cent years. The combina-
like Cancún. pany’s earnings call that this is due tion of declining demand
U.S. travelers put the brakes on to “destination fatigue.” Mexico was and more supply meant
trips to Cancún and neighboring Ri- the place to be in 2021 and 2022, hotels had to lower rates,
viera Maya this spring, turning their but it became less of a priority as he says. Last quarter, U.S.
attention to destinations like Eu- people could travel to Europe or travelers to his resort paid
rope, Japan and other parts of the other Caribbean spots, he said. about $626 a night, $45
Caribbean. The number of U.S. trav- Playa CEO Bruce Wardinski said cheaper than a year earlier,
elers flying nonstop to Cancún—the travelers have many options in the he said.
biggest Mexican resort region—fell high season. The average round-trip
slightly compared with the same U.S. travelers still love Mexico. economy flight to Cancún
period a year before, according to The tourism board for Quintana this month costs $424, a
data from the U.S. Roo, the Mexican 10% decrease from last
Department of Com- state that is home to year, according to data
merce’s International Cancún and the Rivi- from travel search-engine
Trade Administration. Tourists chose era Maya, says U.S. Kayak.
Hotels and airlines Mexico early visitor numbers for Spirit’s flights to Can-
say they also have the region were up cún were sold out in April,
noticed occasional in the pandemic about 12% from Jan- even at higher prices, says
drops in demand. uary to June, com- Travel companies that operate Vacationers feel more anxious Matt Klein, the airline’s executive
“I’m kind of Mex-
but now pared with the first in Mexico’s Cancún region are about traveling to Cancún due to vice president and chief commercial
ico-ed out,” says go elsewhere. six months of 2019. lowering prices in the short term. reports of violence, but many ulti- officer. But in June, revenue fell in
Khayla Morris, a 28- That means the mately end up traveling there any- the “very high double-digit num-
year-old content cre- spring figures repre- Mexico’s tourism business council way because they stay in the tour- bers” compared with the year be-
ator from Charlotte, sent a slowdown in has cited a few reasons for the ist-centric hotel zone and Riviera fore, he said in the company’s earn-
N.C. Morris traveled to Cancún with pandemic-era growth, not a de- drop in U.S. visitors this spring, in- Maya, says Christine Hardenberger, ings call. “The demand just fell off,”
her sisters in May 2022, and went crease in the U.S. visitor market, the cluding the appreciation of the owner of Modern Travel Profession- he said. Spirit lowered fares to ad-
in 2017 and 2018. tourism board says. Mexican peso to its strongest level als, a travel agency based in Freder- dress the drop-off.
Travel companies that operate in U.S. nonstop passenger numbers in nearly eight years, which makes icksburg, Va. They find their money Many travel executives think the
the Cancún region are lowering to Cancún picked back up in June Mexico more expensive. Other fac- goes much further compared with drop in demand is temporary and
ELIZABETH RUIZ/AFP/GETTY IMAGES
prices in the short term, and airfare and July, exceeding those from the tors include more competition from other international destinations. are betting on long-term interest by
has also dropped compared with previous year, International Trade other destinations and traveler con- adding flight capacity. United Air-
last year as air carriers have bet on Administration data shows. cerns about security. Expect bargains lines recently said it would fly its
the long term and increased routes. Many U.S. tourists chose Mexico Drug-related violence caused the Travelers should expect deals this larger, Boeing 777-200s on three
early in the pandemic. Unlike other homicide rate in parts of Mexico to fall as hotels compete for their routes to Cancún starting in late
Looking elsewhere major destinations, the country reach record levels in recent years. business, says Tulio Baruch, director October.
Executives from Spirit Airlines and didn’t require proof of vaccination More police officers have begun pa- of sales marketing for the upscale —Anthony Harrup
Playa Hotels & Resorts said in re- or a negative Covid test to enter. trolling Cancún in recent months. Viceroy Riviera Maya. contributed to this article.
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PERSONAL JOURNAL.
Bad weather
Canceling a trip because you’re
worried about major storms typi-
cally won’t entitle you to a refund,
says Shelby Dziwulski, founder of
the Denver-based luxury-travel
company Authenteco.
“Something bad has to happen
in order for you to use the policy,”
she says. Sweltering heat in your
destination won’t usually get you
a refund on your flight or hotel if
the plane you booked a seat on is
still running.
If your flight is canceled for a
reason covered in your plan, most
insurance providers will refund
you for any prepaid, nonrefund-
able deposits you made and lost,
Dziwulski says, like for a missed
cruise or a night’s stay at a resort.
.
The premium on refundable air-
fare can also be much higher than
ly
adding insurance to your trip. Re-
fundable fares on domestic flights
cost 49% more than nonrefundable
BY ETHAN M. STEINBERG
on ones during the past
three months, on av-
T
when travel advisers and veteran erage, according to
travelers say you need it—and the booking site
he travel insurance busi- when you definitely don’t. Hopper. For interna-
us ,
The wildfires on Maui, which personal finance coach in New Premium credit
decimated the tourist town of La- York, was in Mexico last year when cards can provide
haina, is one example of why trav- her mother got food poisoning and some travel insur-
elers worry more now about less had to pay $635 for a doctor to ance for people who
predictable trips. visit their villa. While El-Amin was book their travel with
er s
Airline meltdowns, inflation insured, her mother wasn’t. the card and must
and Covid sickness have also She says experiences like that cancel for a reason
m er
with Allianz, its largest insurance founder of TravelInsurance.com. ages people to check
partner, rose 48% through June He says the average plan costs 4% their credit cards be-
from a year earlier. The com- to 10% of the trip it is covering. A fore assuming they’ll
pany’s insurance-based revenue 24-year-old taking a weeklong trip need insurance.
increased 75% during that period, for $2,000 can get insurance for Airline delays can wreak havoc on company spokeswoman says lack- She also warns against buying
FROM TOP: ROSS D. FRANKLIN/ASSOCIATED PRESS; MARIO TAMA/GETTY IMAGES
co Fo
Executive Vice President Tara less than $100, while a 75-year-old plans—and are prompting more ing documentation is the top rea- travel coverage for short domestic
Minson says. Customers are also on the same trip would have to people to buy travel insurance. son claims are denied. She says trips, because the cost of rebooking
buying costlier, more comprehen- pay anywhere from $131 to $654, the company recommends follow- the ticket with the airline might be
sive plans. Sandberg says. with Allianz for over six months ing up any self-administered diag- cheaper or cost nothing at all.
But while consumers dig deep Often, it works out. Emily Car- about $7,157 in claims she filed. noses with a doctor or pharmacy. Travel advisers caution that
into their wallets to protect them- son, sales director at adventure- Her husband tested positive for credit cards often provide insur-
selves with some form of insur- travel agency MT Sobek in the San Covid in Ireland last year, just be- ance up to a certain dollar limit,
ance, they remain confused about Francisco Bay Area, tested positive fore the couple was set to board a A relative becomes ill usually less than what insurance
exactly what is covered and for Covid six days into a 12-day cruise to Greenland. Hughes says Canceling a vacation before it providers will guarantee. Kelso,
whether the policy is worth it. tour of the Alps last July. She that Allianz initially didn’t pay her starts because you’re sick is some- the AAA agent, says one client
Costs for policies can vary scrambled to book a new hotel and for the price of the cruise she thing many plans cover. So is can- turned down insurance because
widely—from less than $50 to postpone her flight—her insurance missed because her husband celing to care for a sick relative or she thought her credit card pro-
thousands of dollars. And learning covered most of those extra costs. hadn’t seen a doctor. Their tour’s for the unexpected death of a fam- vided coverage.
n-
every nuance of the fine print is But filing a claim isn’t always wellness director had adminis- ily member. Knowing that some- When the client had to cancel
overwhelming. easy. tered the test. one in your life is sick, travel the trip, she found out that her
This lack of clarity can leave Angela Hughes, founder of Allianz paid two of Hughes’s agents say, is one reason to invest credit card would only cover
consumers uncomfortable even Florida-based Trips and Ships three claims after The Wall Street in coverage no matter how expen- $5,000 of the $20,000 down pay-
no
when they have insurance. Here’s Luxury Travel, says she wrangled Journal inquired about the case. A sive the trip. ment she lost.
ates, and in July 2023, TikTok Chevalier, director of the nonprofit conflicts of interest. Many earthers concede the pla- does something good for you, then
searches for the hashtags #ground- Earthing Institute, which funds re- “At the most basic physics level, a cebo effect could be at play in health who cares?”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
ARTS IN REVIEW
OPERA REVIEW
.
BY HEIDI WALESON Emilie Kealani (center) in ‘La
S ly
Bohème,’ above; Korin Thomas-
Cooperstown, N.Y. Smith, Keely Futterer and Anthony
tarting in the 1990s, the Roth Costanzo in ‘Rinaldo,’ left
Glimmerglass Festival pi-
oneered baroque opera in
the U.S., staging numer-
ous titles over many
summers in its ideally
on Futterer as the slave trader Van-
derdendur—her high E-flat in “Bon
Voyage” brought back memories of
sized 900-seat theater. This season, her Armida the previous night. Jo-
us ,
ines his way out of the total ton Irving story, dealing with a ru-
powerlessness of childhood and ill- ral town (not unlike Cooperstown)
ness by adopting the storybook role ess Armida—contrasted smartly the work of the continuo group mounted this season by its chore- in which the adults have blocked
of knight and rescuer. with the modern technology of the and some excellent solo instru- ographer, Eric Sean Fogel. The cell service to protect their chil-
Streamlined by some score cuts hospital; a trio of leaping black-clad mentalists. splendid underwear-clad dance en- dren from the evils of constant
m rp
and aided by the design team— dancers, choreographed by Jorrell E. Loren Meeker’s production of semble that tied the show together connection to the internet.
Matt Saunders (set), Amith Chan- Lawyer-Jefferson, intensified Ar- Puccini’s “La Bohème” stuck to was a tribute to his work, and to Performed in the company the-
drashaker (lighting), Montana mida’s witchiness. the original period with simple but Ms. Zambello’s decade-long project ater, with an attractive set by
Blanco (costumes), Jorge Cousineau Mr. Costanzo’s distinctive, mus- effective sets by Kevin Depinet and of mounting classic musicals with James F. Rotondo III, directed by
(projections)—the production cular sound was arresting in attractive costumes by Erik appropriate casting and no ampli- Brenna Corner, and conducted by
co Fo
morphed elegantly between hospital Rinaldo’s calls to battle, and soft- Teague. The Café Momus scene fication at Glimmerglass. Kamna Gupta with piano accompa-
room and fantasy land while re- ened effectively in laments such as was especially colorful, thanks to “Candide” exists in multiple niment, the piece deftly showcased
maining grounded in the universe “Cara sposa”; he was convincing some banners, awnings, and a trio versions; this one, which runs a bit the young performers in music of
of a child’s imagination. A large throughout as a child. Keely Fut- of ruffled can-can dresses; the de- long and includes some unfamiliar appropriate difficulty for each age
central window became both a por- terer was a thrilling whirlwind as tailed directing made the horse- lyrics, emphasizes the darkly satir- group. The catchiest number of
tal and a backdrop for animations Armida, ornamenting wildly and play scenes in the garret seem au- ical nature of the source material the evening came from the ensem-
of the imagined world. Crusaders unafraid to take high notes into thentic. Tenor Joshua Blue was a as expressed through Bernstein’s ble of grandparents: Performed by
burst through it and used medical shriek territory. Korin Thomas- charmingly shy Rodolfo and Te- effervescent score. Brian Vu’s light the youngest children, bent over
supplies to outfit the boy/Rinaldo Smith (Argante) was announced as resa Perrotta a robust Mimi. Both tenor made for a poignant Can- walkers, their disco-inspired
(Mr. Costanzo) with their red- indisposed before the show. He got have large, well-controlled instru- dide, hanging on to his optimism theme song urged the nervous
crossed uniform. As the captured through his florid opening aria, ments; their conclusion of the Act through episodes of war, death, parents to remember that “You
maiden Almirena (Jasmine Haber- “Sibillar,” with only a few wobbles 3 quartet was especially moving. flogging, betrayal, and more. Ka- have to live a little while you’re a
sham) lamented her fate (here she in his imposing baritone, but after Darren Lekeith Drone (Marcello), trina Galka’s brittle coloratura so- kid.” The audience of enthusiastic
n-
was a critically ill patient sharing intermission he walked the role Emilie Kealani (Musetta) and con- prano was perfectly suited to Cu- adults and children was a testa-
Rinaldo’s room), her dancer double while his cover, Jason Zacher, ca- ductor Nader Abbassi made solid negonde, who blithely sells herself ment to Glimmerglass’s efforts to
underwent a brain scan, with its CT pably sang from the side of the contributions. to survive; Meredith Arwady cap- be not just an artistic powerhouse,
images flashed on the window. To stage. Ms. Habersham was an af- This is the first season for Rob tured the Old Lady with her boom- but a centerpiece of its upstate
no
rescue her, Rinaldo and the Crusad- fecting Almirena; Kyle Sanchez Ainsley, Glimmerglass’s new gen- ing contralto and big personality; community.
ers transformed the boy’s hospital Tingzon displayed a powerful eral and artistic director. But one actor Bradley Dean ably did the
bed into a boat and sailed off, vio- countertenor as Goffredo, the Cru- of the shows was a revival of honors as the narrator Pangloss/ Ms. Waleson writes on opera for
EVAN ZIMMERMAN (2)
lently buffeted by the winds (the sader king, contrasting effectively Leonard Bernstein’s “Candide,” Voltaire. Big-voiced standouts in the Journal and is the author of
aria is Rinaldo’s “Venti, turbini, pr- with Nicholas Kelliher’s lighter originally directed by its previous smaller roles included Jonathan “Mad Scenes and Exit Arias: The
estate”). The elaborate storybook countertenor as the Sorcerer. Con- leader, Francesca Zambello, in Patton as the pessimist Martin, Death of the New York City Opera
costumes of the villains—the Sara- ductor Emily Senturia’s stylish 2015. This vivid staging, which has Jonathan Pierce Rhodes as Can- and the Future of Opera in Amer-
cen general Argante and the sorcer- reading was much enhanced by traveled extensively, was re- dide’s friend Cacambo, and Ms. ica” (Metropolitan).
Among Wolves
phone, but after Marius gives him a
tutorial on wolves and their habitat,
the kid suddenly has a real interest,
and displays a real instinct for judg-
T
ing animal behavior that Marius ac-
he campaign to reintroduce knowledges—to Leo’s delight, and
apex predators into their old ours: Maybe there is a cure for
hunting grounds has led to screens. Maybe it’s in Norway. It is
bared fangs on both sides of the is- easy to see how the slightly older
sue: Conservationists want to re- Daniel became impassioned about
boot a food chain out of whack; wolves, and the fear that they also
farmers, reasonably, don’t want led to his demise haunts the action
their sheep devoured. Each side has and all the waking moments of
its points. But throw a child into the Ida Elise Broch, left; Magnus Krepper and Viljar Knutsen Bjaadal, above Daniel’s mom, the barely functioning
mix—as happens in the absorbing, Kathinka (Julia Schacht, giving a
six-part “Fenris”—and rationality very convincing portrayal of a
goes into hibernation. wolf, Marius starts scrambling. The characters may have to be intro- mother falling apart). Her boyfriend,
The wolves circulating unseen Emma, summoned back home, is duced to us, but they don’t have to Knut Ove (John Emil Jørgensrud),
around the deeply forested village of baffled: None of what seems obvious be introduced to each other. Everyone seems more interested in hunting
Østbygda may not be so big and so makes sense. knows everyone else and there are wolves than finding Daniel, but one
bad, but whether they are innocent Ms. Broch is playing a rather fero- very few human secrets, including, in of the intriguing things about the
bystanders is the question plaguing cious character herself in “Fenris,” this case, why Emma moved away thoroughly engrossing “Fenris” is
Emma Salomonsen (Ida Elise Broch), ers of children, and the interests be- which is the name of the suspect from town as a little girl. She experi- the multitude of possible motives
a wolf scientist doing lab work in hind a proposed lodge that promises male wolf and of the latest effort by ences recurring flashbacks of a trau- among the villagers. And the variet-
Oslo. Her father, Marius (Magnus to bring tourist dollars to backwoods Simen Alsvik, also a director on the matized childhood for which her fa- ies of their animal instinct.
Krepper), a controversial wildlife re- Norway—but not if there are human- popular “Lilyhammer,” which starred ther seems to be to blame, at least at
searcher back in their small home- eating wolves going unhunted. When Steven Van Zandt and featured Ms. first. While the complete facts of her Fenris
VIAPLAY GROUP (2)
town, has managed to establish a the old man’s young acolyte, Daniel Broch. Østbygda is the kind of out-of- life will be revealed little by little, one Thursday, Viaplay
“wolf zone” that has agitated almost (Alfred Vatne), disappears, and a the-way place that exemplifies why of the more emotionally satisfying
everyone of any importance. These jacket is found bearing both Daniel’s so much fictional death takes place in aspects of “Fenris” is the relationship Mr. Anderson is the Journal’s
include breeders of livestock, moth- blood and the hair of an alpha male so many rustic and unlikely settings: between Emma and her father—she TV critic.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
SPORTS
JASON GAY We have to do it, because every-
.
ments thinking the col- lonely teams still left in the for two exams in six hours and is Melissa Korn, Andrea Fuller, and status quo.
lapse of the Pac-12 would Pac-12—should join the ACC. wedged in the middle seat of a Jennifer S. Forsyth about the run- Over the past week, I have heard
ly
help college sports. This That’s right: The Atlantic Coast transcontinental flight. away spending which has con- from many of you on this topic, and
plainly ridiculous chaos would pro- Conference. When you think of the Does anyone think the chaos sumed college campuses. This is I am grateful for all the feedback.
voke school presidents, trustees East Coast of the United States, you ends here, that schools will stop college in general, not college Lots of you relayed personal experi-
and conference officials to finally
step up and stop the madness.
How naive can a sports colum-
nist be? It was like hoping a poker
wild horses of the Outer
on
think of Maine lobster, the Cyclone
roller coaster at Coney Island, the
sandwich. reworked the U.S. map to install rying their weight. that’s what you do, and if you don’t beloved Wisconsin.
l
I should ask the Journal’s ace Los Angeles, New Jersey and Mary- There will always be greener ar- do it, students will go somewhere Almost everyone told me how
e
al a
car columnist Dan Neil if he wants land in a historically Midwest ath- tificial turf. As Stanford and Cal else. the game made you feel, as a stu-
to trade jobs. I’ll drive Lambos in letic conference, what is the big mull ACC life, current ACC member Sound familiar? It’s the same dent, as a player, as an alum, as a
the Alps, and Dan can enjoy the deal about Stanford in Miami? Florida State is ready to leave— pretzel logic of college athletics, a fan in the stands on any given Sat-
ci on
pageantry of Oregon at Rutgers. It has been amazing to see some they’re on the front steps with a trap the schools themselves created urday.
ing ball pushes on. would think. before they rush out the door? ing saddled with debt, the spending obvious outcome. They can’t help it.
This week the realignment cir- Is that so? In a couple of years, I hope everyone got a chance to continues apace. So it continues..
m er
22 Printer’s
12 13 14 15 measures
16 17 18 24 Set setting PSG’s Superteam Collapses
26 Polio vaccine
co Fo
19 20 21 22 developer BY JOSHUA ROBINSON tions I take will make it clear he was ready to leave. And in
what I’m thinking.” June, he did.
23 24 25 26 27 “Jeopardy!” THE PARIS SAINT-GERMAIN Those actions were to sign Mbappé, 24, was also
rating experiment of recent seasons off on PSG’s decision to cut thinking about his future and
27 28 29 30 31 32 28 Advice to was supposed to be a plan so Neymar loose, six unhappy announced this summer that
Junior’s “I’m lavish and so ambitious that years after the club made a he hoped to leave as a free
33 34 35 36 bored!” it would bend all of European single wire transfer of $220 agent when his contract was
soccer to PSG’s will. By the million to bring him to France up next June. That led to a
37 38 39 40 29 Daring
summer of 2021, the club had from Barcelona. Neymar had standoff with PSG’s directors,
swingers
acquired the most expensive joined the club hoping to es- who had no intention of let-
41 42 43 30 Pub order player in the world, the cape Messi’s shadow, win the ting him leave without receiv-
31 15th-century brightest young talent in the Ballon d’Or award as the ing a nine-figure transfer fee
44 45 46 world and one of the greatest world’s best player, and lift for him. But as the club
Florentine
n-
painter players of all time. the Champions League trophy. shopped him around this
47 48 49 50 That trio of Neymar, He will leave having failed to summer, no serious buyer
35 “Have a Little Kylian Mbappé, and Lionel achieve any of those. emerged. During the weeks-
51 52 53 54 55 56 57 58 Faith in Me” Messi had cost more than half
singer/
no
OPINION
Why Are Carbon Emissions Up? BOOKSHELF | By Marc Levinson
Hooray, the
climate prob-
lem is solved.
shoulder is cackling, she’s an
economist.)
Even the White House Of-
lines and space travel for the
middle class. You would open
your windows in the winter to
around the world, wind and
solar still accounted for less
than 2.4% of humanity’s total
The Battle of
At least if the
new spend-
ing estimates
fice of Management and Bud-
get couldn’t conceal a guilty
conscience. In trumpeting the
enjoy the benefit of fresh air
and heat at the same time.
Energy is convenience. Energy
energy consumption. Their an-
nual increase was still a small
fraction of the annual increase
Bricks and Clicks
BUSINESS under Joe Bi- private studies, it noted that is control over our environ- in fossil-fuel consumption.
WORLD den’s Infla-
tion Reduc-
“complicated economic inter-
actions” might affect “real-
ment. Humans will consume
all the energy it makes sense
They remain functionally ad-
ditive to humanity’s energy
Winner Sells All
By Holman W.
tion Act are world” emissions. to consume at the available budget, rather than displacing By Jason Del Rey
Jenkins, Jr.
matched by How are Americans sup- price. coal or oil on a global basis. Harper Business, 304 pages, $32
I
similar ex- posed to evaluate the policies When President Obama I’ve referred in the past to
pected declines in emissions. of their government if even launched today’s worldwide the problem of “sophisticated n 1995, a startup called Amazon.com began selling
The estimated spending has supposedly independent pri- gush of green-energy subsidies state failure.” Miracles can’t books on the World Wide Web from the garage of a
tripled, to $1.2 trillion, so the vate analysts enlist in the in 2009, his allies in Congress be expected, but there’s no house near Seattle. A few months later, Walmart, the
estimated benefits must have cause of propaganda? Good reason democratic societies world’s biggest retailer, tiptoed into the future by offering
tripled too. Instead of a 40% question. can’t improve their ability to holiday gift baskets on the web. Neither venture enjoyed
drop, U.S. emissions will be Meanwhile, a censorious re- Green subsidies aren’t address complex problems. instant success. Amazon, wildly burning cash to build its
down 120%. We’ll be sucking port on National Public Radio, Needed is a news media able business, would not book substantial earnings for another
CO2 out of the air. citing a poll, accuses Republi- working when CO2 is to think and communicate in two decades. Walmart would churn through strategy after
I’m joking, of course, but so can voters of being content to growing faster than multi-variable terms rather strategy as it struggled to mesh online retailing with its
were the original estimates by “do nothing” about climate than single-variable terms very profitable base of almost 5,000 U.S. stores.
three private groups touted change. In fact, neither party energy consumption. (e.g., green energy = good). Jason Del Rey’s “Winner Sells All: Amazon, Walmart, and
last year by the White House. proposes to do anything about In the absence of a carbon the Battle for Our Wallets” offers an engrossing account of
All three ignored the price ef- climate change. Democrats tax, green-energy subsidies the clash between these two giants. This is no bird’s-eye
fect: When certain consumers propose to spend a lot more added financing for a National mainly stimulate more energy view: The author knows both companies well, and he is not
are subsidized to use less fos- money doing nothing. Academy of Sciences study, consumption overall. In the afraid of plumbing the details of their attempts to meet their
sil energy, others in the U.S. It helps to be realistic which would later conclude, at presence of a carbon tax, customers online. While retailing
and world will take advantage about our energy economy, a length of 198 pages, that they’re redundant and make is his nominal topic, Mr. Del Rey’s
of lower prices to consume including the term “alterna- such subsidies were a “poor carbon-saving decisions less real subject is the difficulty of
more. tive” energy. As much wood is tool for reducing greenhouse efficient than they would oth- driving change in a large organi-
One outfit, the Rhodium burned in the U.S. today as in gases and achieving climate- erwise be. zation. His book will fascinate
Group, lamely said it was put- 1885, when coal surpassed it change objectives.” This isn’t hard but it’s too anybody who is trying to run one.
ting off consideration of such to become our largest energy The numbers bear this out. hard for today’s media, and In its earliest days, Amazon
“energy system outcomes” for source. Wind and hydropower Worldwide investment in re- the output is Team Biden’s In- seemed more of a nuisance than a
a future “deeper dive.” An- were in use centuries before newable energy, by some dubi- flation Reduction Act. challenger to executives at
other, EnergyInnovation.org, fossil fuels arrived and never ous measures, has exceeded At least one honest climate Walmart’s Bentonville, Ark., head-
lost itself in the weeds of Mr. stopped growing. Solar vol- investment in fossil fuels in advocate works in the admin- quarters. Although Amazon
Biden’s domestic oil and gas taic has grown like topsy recent years, yet this merely istration—whoever was re- poached key Walmart
leasing policies. since its invention in the testifies to how inefficient sponsible for its recent en- technologists as early as 1997,
Least dishonest was the 1950s. such investments are in pro- dorsement of research into Walmart’s annual revenue that year
Princeton University-con- There’s only “additional” ducing energy output. Cut to geoengineering, or injecting was nearly 700 times Amazon’s and
.
nected REPEAT Project. It energy and no upward limit the chase: global CO2 emis- particles into the atmosphere growing at a double-digit rate. David Glass, then Walmart’s
omitted the effect of lower fuel on humanity’s willingness to sions actually grew 12% faster to slow warming even as our chief executive, rejected proposals to invest heavily in
ly
prices on emissions but in- consume it except through the in 2022 than energy consump- green subsidies uselessly ac- selling online. Walmart.com, Glass predicted, would never
cluded them as a side benefit workings of price. If energy tion did. cumulate in the pockets of become a meaningful part of the company’s business.
for fossil-fuel consumers. (If were cheap enough, we’d have With deployments goosed green-energy lobbyists like Al Walmart’s lack of interest was partly cultural: Its
the person reading over your flying cars, supersonic air- on
by Obama-like handouts Gore. executives were trained to cut costs, not to take gambles,
and many of its customers lived in rural areas where high-
speed internet service was years in the future. The high-
Is China Past Its Peak? tech precincts of Silicon Valley and Seattle were a foreign
country. When executives from down-to-earth Bentonville
us ,
At the risk of stock market crashed in the one of China’s largest re- a fundamental improvement in Francisco Bay, one interviewee told Mr. Del Rey, it was
e
al a
looking ridic- early 1990s, initiating what be- maining developers, missed U.S.-China relations. “like they were walking into a porn shop.”
ulous five came known as the “Lost De- interest payments on debt These developments are re- But there were also good business reasons for Walmart
years from cade” of deflation and slow with a face value of $1 billion, ducing domestic demand, to move slowly. “Online sales could siphon sales from the
ci on
now, I want to growth. Then Germany suffered sending new shock waves threatening China’s debt-rid- cash machine that was its Supercenter stores,” Mr. Del Rey
pose a ques- a period of economic stagna- through the sector. The den economy with deflation observes. Store managers and division executives feared
POLITICS tion: Have we tion and high unemployment. monthly value of new home and hurting China’s labor mar- their performance and compensation would take a hit from
seen peak Is China next? sales by China’s 100 largest ket. Since 2000, the number of online sales. If the quickest way to deliver an item ordered
& IDEAS
China? This year, India’s popula- property developers has Chinese students graduating online was to pluck it from the shelves of a brick-and-mortar
By William
er s
I’m not tion surpassed China’s for the fallen more than 80% since from universities annually has store near the customer’s home, would the stores division or
A. Galston
suggesting first time, not only because late 2020. Looking forward, soared from fewer than one the online division receive the credit? If a store employee
m er
that the India is growing rapidly, but annual housing demand is es- million to 11.6 million this was assigned to gather an online grocery order for customer
threat China poses to the also because China is declin- timated at between nine mil- year. Until recently, China’s pickup, which division would bear the labor cost?
American-led economic and ing. Long-term projections lion and 10 million units, well rapidly growing technology Within the corporate bureaucracy, such issues took years
security system will abate suggest that China’s popula- below the peak (much of it and export sectors provided to resolve. As late as 2020, Walmart asked customers
soon. I’m wondering, rather, if tion, which now stands at speculative) of 14 million these graduates high-paying placing orders via smartphone to use an orange-colored app
m rp
China’s economic model, about 1.4 billion, will drop be- purchases in 2021. jobs with opportunities for ad- to buy groceries and a blue one for general merchandise. If
which delivered such dramatic low one billion by 2080 and vancement. But the urban un- the customer mistakenly typed “Legos” into the grocery
growth between 1990 and 800 million by 2100. China’s employment rate for young app, Mr. Del Rey reports, the software would respond that
2020, can continue to produce working-age population, Its rising debt, adults hit a record 21.3% in the product was not available rather than filling the order.
over the next three decades. which peaked in 2011, is pro- July, and the country’s educa- Not that things were going seamlessly for Amazon. At one
aging population
co Fo
This question has a history. jected to decline nearly a tional and political leaders are point, it offered customers the choice of three different
In the 1970s and ’80s, we were quarter by 2050. Meanwhile, and sinking housing urging recent graduates to re- virtual shopping carts, sometimes displaying different prices
told that first Japan and then the number of elderly Chinese duce their expectations and for similar items. It committed to matching Walmart’s
Germany were supposedly on will rise from 200 million to market suggest it is. accept jobs—including factory famously low prices, even tracking prices on competitors’
track to displace the U.S. as 500 million at midcentury, and work—that they hoped their websites, but its price-matching never quite worked. An app
the world’s fastest-growing providing for their needs will degrees would help them that allowed a shopper to scan a product bar code in any
economy. Economists and so- be a mounting challenge for China’s export-driven avoid. Xi Jinping has said that store and immediately compare Amazon’s price incited a
cial-policy experts studied the China’s workers and policy growth model is also in trou- young people should work nationwide uproar amid claims that Amazon was spying on
advantages Japan gained from makers. ble. Over the past year, the hard jobs and learn to “eat
tight relations among govern- While these demographic country’s exports dropped bitterness.” China’s press is
ment planners, banks and trends will cause issues in 14.5%. Its exports to the U.S. filled with reports of young Walmart executives were initially skeptical
leading manufacturers. In a the future, current problems accounted for just 13.3% of people who are “lying flat” of online retail’s future. They were used to
similar vein, these experts ex- are challenging the playbook U.S. imports during the first (dropping out), and the coun-
cutting costs, not making risky investments.
n-
amined how Germany used its that China has used to main- half of 2023, the lowest share try’s think tanks worry openly
apprenticeship system and tain growth in recent de- in 20 years, and its exports to about disruptive social and
networks of medium-size busi- cades—infrastructure devel- the European Union sagged as political consequences.
nesses to grow its exports of opment, housing production well. President Biden’s recent None of this means that the mom-and-pop shops. With Walmart’s prices typically lower in
no
advanced-manufacturing and exports. executive order banning new odds of a confrontation with stores than on Walmart.com and varying by location, Amazon
products. America’s failure to Burdened by rising debt, U.S. investment in Chinese China over Taiwan will dimin- couldn’t figure out which price to meet—and how to adjust
adopt these practices, some local governments are finding technologies that could be ish. Indeed, the odds may in- for its delivery costs. Eventually, Amazon abandoned its claim
argued, would reduce our ca- it difficult to sustain their used to enhance Beijing’s mili- crease if China’s leaders in- to match all prices and had its website declare an item out of
pacity to meet the challenges current pace of infrastructure tary will worsen this decline. crease nationalist appeals to stock when Walmart’s price was too low to match profitably.
of an emerging order no lon- investment. Meanwhile, The intensifying struggle deflect attention from the Walmart hoped its 2016 acquisition of Jet.com, a year-old
ger defined by the unchal- China’s housing sector looks between the two superpowers country’s economic woes. But online retailer, would revive its lagging online operation.
lenged pre-eminence we en- desperate. Dozens of develop- has led companies in the U.S. China’s prospects of ever Walmart paid $3.3 billion and put Jet’s founder, Marc Lore,
joyed after World War II. ers have defaulted on bonds and elsewhere in the West to reaching U.S. levels of house- in charge of Walmart.com. Within a year, Walmart swallowed
We know what happened and other financial obliga- reconfigure their supply hold income are certainly dim- internet-oriented fashion retailers Bonobos and ModCloth,
next. After a period of rapid as- tions in the past two years. chains, a process that they mer than they seemed at the footwear website ShoeBuy, and outdoor-gear store Moosejaw;
set inflation, the Japanese Last week, Country Garden, aren’t likely to reverse without beginning of the decade. opened an outlet called Store No. 8 to test new ideas; and
beat Amazon to offer to-the-fridge grocery delivery. Its
share price soared, along with its online sales. “The pace of
Why Lawmakers Should Pass the SALT action and change was astounding for a company like
Walmart,” Mr. Del Rey writes. Perhaps too much so. After
Walmart.com repeatedly failed to meet its financial targets,
By John Tamny against federal taxes paid. as subsidizing wasteful great amounts, so can govern- Mr. Lore departed, and most of the acquisitions were sold
A
The 2017 tax overhaul insti- spending in California and ments with taxing power over off. Only in 2020 did Walmart belatedly merge its online
s lawmakers debate the tuted a $10,000 limit on that New York, but if Californians the rich. If we limit the taxes and in-store sales efforts into a single business.
state and local tax de- deduction, slated to run and New Yorkers want lots of paid by the richest, basic Both companies have struggled to profitably expand into
duction, it is important through 2025. On Capitol government, they should be bond math tells us we’ll limit new product lines, such as healthcare and video. And both
to remember that when Con- Hill, a fight is brewing over free to pay for it. the federal government’s abil- have spotty records abroad: Amazon.com was pushed out of
gress taxes away our earn- whether to increase the SALT opponents argue ity to borrow. China and managed to gain a retail foothold in South Korea
ings, representatives don’t sit amount that can be deducted that it gives rich coastal Moreover, preserving the only through a deal with a local online retailer, while Wal-
and stare admiringly at the beyond $10,000. elites too much of a break. $10,000 cap is the GOP’s un- mart has exited Japan, Germany, Brazil and South Korea.
dollars. When Congress But isn’t a tax cut for the witting way of maintaining a “Winner Sells All” makes no mention of Alibaba, the Chinese
spends, politicians substitute rich what growth-focused higher flow of tax revenue to merchandising and cloud-computing giant, and Coupang,
themselves for the market- Keep unchecked conservatives should want? the federal government from which is dominant in South Korea, but these and other
place, which directs goods, government in New You can’t prize prosperity the very Americans most foreign-based companies may have the scale and know-how
services and labor to its while shunning reduced taxa- comfortable with a more ex- to threaten both Amazon’s and Walmart’s positions in
highest purposes. York and California. tion on those with the most. pansive federal government online retailing.
Every dollar the federal The rich are most capable of in the first place. Conversely, Mr. Del Rey thinks that Amazon’s aggressive instincts
government collects or bor- powering growth because eliminating the SALT cap and quick execution are winning the battle with Walmart.
rows expands the govern- It’s now accepted wisdom they have the most unspent would keep lots of money out But while Amazon has more online customers—168 million
ment’s control over the U.S. among conservatives that Re- wealth to save and invest. of Washington, and by exten- U.S. households pay annual fees to Amazon Prime—its
economy. In this way, a fed- publicans should stand firm Full deduction would foster sion would sideline coastal profits come mainly from cloud-computing services, and its
eral tax on New Yorkers or against blue-state representa- the capital formation that notions about the role of the North American retail business consistently underperforms
Californians doesn’t sap only tives—including some GOP forms companies and creates federal government. In short, Walmart’s (measured by operating income as a percentage
their freedom or economic members—who want to raise jobs. a revived SALT would keep of sales). Amazon’s attempts to compensate for Walmart’s
prospects, but everyone’s. Re- the SALT cap. It would be Republicans also worry support for unchecked gov- enormous fleet of physical stores by building high-tech
publicans should favor any- more consistent with conser- about undercutting federal ernment power in the high- stores of its own have flopped. Despite massive
thing that limits that con- vative principles to remove revenue when we’re strug- tax states where it belongs. investments, including the 2017 acquisition of Whole Foods
trol—even SALT. the cap altogether. gling with a rising debt of $31 Market, Amazon poses little threat to Walmart’s leadership
SALT thus protects not Republicans should em- trillion. Yet substantial and Mr. Tamny is president of of the U.S. grocery market. The intense contest that Mr. Del
only rich blue-staters but all brace any measure that local- rising government revenue is the Parkview Institute, editor Rey so vividly portrays is by no means over.
of us. It allows taxpayers izes taxation and government what enables all the borrow- of RealClearMarkets and au-
who itemize to deduct cer- spending, as SALT does. GOP ing. Just as rich people and thor of “The Money Confu- Mr. Levinson’s books include “The Great A&P and the
tain state and local taxes opponents characterize SALT businesses can borrow in sion.” Struggle for Small Business in America.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Indictment Four: Trump as Racketeer Federal Judges Deserve Due Process, Too
T
he fourth indictment of former President for four more years. A hand recount of wards in Greg Dolin and Philip Hamburger’s Neither judge was removed from a
Donald Trump reads like an exercise at Wisconsin found areas where 10.5% of ballots for op-ed “Judges Attack Judicial Inde- docket involuntarily pending the con-
pendence” (Aug. 11) in defense of clusion of our lengthy investigations.
throwing everything at the jury to see President Biden went GOP for Congress. Mr.
Judge Pauline Newman of the Federal But in Judge Newman’s case, it ap-
what might stick. Fani Willis, Trump lagged Wisconsin’s five Circuit is exactly right. Judge New- pears that career-ending removal
the Democratic district attor- Alleging a RICO Republican Congressmen by man is a brilliant, capable jurist as from her judicial duties is being im-
ney in Fulton County, Ga., has conspiracy makes the 63,547 votes, as Mr. Biden ran well as a friend of mine. posed by her court, with no time
assembled a 98-page charge ahead of Democrats in those Except for short and precise peri- limit and with little heed for the reg-
sheet with 41 counts and 19 de- case less credible. races by 64,880. In Milwaukee ods, no Article III federal judge can be ulations and case law. At odds with
fendants, yet little fresh evi- Mr. Trump actually improved removed from judicial duties other fundamental due process, members of
dence regarding Mr. Trump. his margin, to 19.6% of the than by congressional impeachment her own court sit in inherently con-
The big news is the DA’s use of the state’s vote, from 18.4% in 2016. proceedings. As the chief judge of the flicting positions as prosecutors,
Racketeer Influenced and Corrupt Organizations But Mr. Trump had serpents whispering the U.S. Court of Appeals for the Fifth Cir- judges, jurors and witnesses.
Act, or RICO. It treats Mr. Trump’s attempt to re- opposite into his ears. “There was no point in cuit, I had significant experience with To obviate unethical conflicts and
federal judicial discipline. I presided provide objectivity, the normal appli-
verse the 2020 election as if it were a mafia op- time,” former Vice President Mike Pence said
over two matters, involving extrajudi- cation of judicial misconduct rules re-
eration rather than bumblers who controlled no last week, “that the President ever told me that cial misconduct by federal district quires that a matter about a circuit-
election machinery in Georgia or anywhere else. he knew he had lost.” judges, that led our circuit’s Judicial court judge be transferred to another
The alleged behavior was rotten, but inflating Mr. Trump’s lawyers will first seek to move Council to recommend impeachment. circuit’s chief judge and Judicial
it into a RICO conspiracy makes the case less the case out of Georgia to a federal court, and One judge was removed after im- Council. The chief justice and a com-
credible, not more. they have a point. Many of the alleged RICO acts peachment and conviction, and the mittee of the Judicial Conference of
We should add that these columns criticized relate to events in Pennsylvania, Arizona and other resigned. Thankfully, such out- the U.S. could enforce this norm. Why
the use of RICO for uses other than against orga- other contested states. comes are rare in federal judicial his- the usual practice wasn’t followed
nized crime when then U.S. Attorney Rudy Giu- As with the Smith indictment, Mr. Trump also tory. In each case, we scrupulously here is inexplicable.
liani used it against Wall Street in the 1980s. has a reasonable claim of “absolute immunity” followed the statutes and regulations JUDGE EDITH H. JONES
Now Mr. Giuliani, in an irony noticed by the New for actions taken related to his duties as Presi- that protect judges from peremptory, U.S. Court of Appeals for the Fifth Circuit
biased and ill-considered punishment. Houston
York Sun, is charged with violating RICO. Its use dent, including trying to uncover voter fraud.
now is no better than it was then. See the Supreme Court’s 1982 ruling in Nixon v.
Unlike the federal indictment from special Fitzgerald. The press corps is ignoring this de-
counsel Jack Smith, the Georgia filing doesn’t ad- fense, but then they are often caught by legal
dress Mr. Trump’s free speech under the First surprise.
U.S. Nuclear Umbrella May Be Getting Smaller
Amendment. Every half-baked tweet from Mr. The most damaging parts of the indictment Israeli Foreign Minister Eli Cohen The belief that large numbers don’t
Trump is presented as another RICO act: “DON- are the counts alleging that lawyer Sidney Pow- argues that “Korea Is A Model For matter in nuclear deterrence is false.
ALD JOHN TRUMP caused to be tweeted from the ell hired a Fulton County contractor to travel to Middle East Peace” (op-ed, Aug. 9), We’ve avoided a third world war be-
Twitter account @RealDonaldTrump, ‘The Vice Coffee County, where the team apparently met citing the U.S. commitment to de- cause of an acknowledged, powerful
President has the power to reject fraudulently up with the sympathetic then-elections supervi- fend South Korea, with nuclear American nuclear posture. As U.S.
weapons if necessary. His proposal nuclear power shrinks, other coun-
chosen electors.’ This was an overt act in further- sor. The intent, says the indictment, included
would dissuade Saudi Arabia from tries start believing that we won’t
ance of the conspiracy.” Ms. Willis is reading ge- “tampering” with election equipment and “re- acquiring its own nukes in favor of risk New York for Seoul or Riyadh.
nius calculation into desperation. moving voter data.” Physical security of voting
.
sheltering under the U.S. nuclear They’re correct.
Mr. Trump is also charged with soliciting a machines is crucial, but those counts don’t in- umbrella. There is reason to be skep- This is why Britain and France
ly
public officer to violate his oath, based on his in- clude Mr. Trump and could be filed as separate tical it will work. strove to avoid war with Hitler in the
famous call urging Secretary of State Brad indictments for computer crimes. The Biden administration plans a 1930s. They had awakened to the fact
Raffensperger to find enough votes to overturn i i i vast reduction in the role of nukes in that decades of military atrophy had
the Georgia result. The worst part of the call was on
The Georgia indictment is unlikely to move
Mr. Trump’s warning that Mr. Raffensperger was public opinion, in part because of its breadth and
taking “a big risk,” because failing to report timing. Ms. Willis spent two-and-a-half years in-
U.S. defense posture, reducing the
need to even retain them. This ex-
plains our desultory nuclear modern-
ization efforts to date. How many
weakened them relative to Germany.
Even an assertive stance was thus
deemed too provocative.
Mr. Cohen’s security proposal re-
fraud, “that’s a criminal offense.” vestigating. Now she wants a trial in six months,
countries can shelter under a shrink- quires paradigm shifts in U.S. policy
us ,
But can Ms. Willis prove that Mr. Trump’s smack in the middle of the 2024 primaries. After
ing umbrella? and years of funding increases, both
l
conduct was criminal, not delusional? “I didn’t watching prosecutors, especially New York’s Al- As the U.S. nuclear arsenal of which are very unlikely. He needs
e
lose the state, Brad,” Mr. Trump said. “People vin Bragg, stretch the law to encircle Mr. Trump,
al a
other Republicans hadn’t lost, while he had. There’s no defending Mr. Trump’s awful con-
“They had people in Georgia, for instance, that duct after the 2020 election, and it would be a
won, and I was way ahead of them,” Mr. Trump mistake for Republicans to try. But most Repub-
told a state investigator on a December 2020 licans look at these indictments, and the pass for
Before We Change the Global Monetary System
call. “They call it coat tails, right, and we pulled Hillary Clinton and Hunter Biden, and see parti- Brian Brooks and Charles Calomiris shift to dollar-backed stablecoins?
er s
world where a permanent and in- won’t be happy about it either. De-
O
creasing structural U.S. budget deficit spite the potential benefits for indi-
ne myth that Democrats and the press Kemp didn’t gloat but he did get to the heart would be necessary to support the viduals, there is more than a small
continue to peddle about Donald of the political matter for Republicans: global payments infrastructure? Mass scent of neocolonialism (and a big
Trump’s effort to overturn the 2020 “The 2020 election in Georgia was not sto- adoption of stablecoins would require scent of opportunism) in the idea
co Fo
crypto promoters.
Kemp and Secretary of State Brad Raffen- think the indictments against Mr. Trump are TODD H. BAKER
sperger, who were privately leaned on and pub- partisan. But if they want to lose again in 2024, A Bargain for the Treasury Richman Center, Columbia University
licly denounced by Mr. Trump. they’ll dive down Mr. Trump’s 2020 rabbit hole Your editorial “A Peacetime Fiscal Berkeley, Calif.
On Tuesday after the new indictment, Mr. instead of facing Mr. Kemp’s reality.
no
U
sist Digital Domination” (Aug. 11)
.S. stocks took a header on Tuesday af- tic. China’s official youth unemployment rate simply by increasing gross sovereign
highlights how books demand singu-
ter fresh economic data showed a con- has doubled since 2019 to 21.3% amid President debt by 1.1%. Spending for one item
lar concentration, whereas digital
doesn’t preclude spending on other
tinued softening in China’s economy. Xi Jinping’s zero-Covid policy and regulatory items. The Office of Management and
versions promote multitasking. I have
Another reason for investor crackdown on its tech indus- experimented with audiobooks and
Budget projects net interest on $36.8
unease is the Chinese govern- Beijing won’t publish try and others that threaten trillion of sovereign debt in fiscal
concluded it as a costly failure. True,
ment’s suspension of youth you can do something else with your
unemployment data, which
youth unemployment the Communist Party’s politi-
cal control.
year 2025 will be 2.3%—quite a bar-
hands while listening to an audio-
gain to leverage growth for the bene-
data as it grows worse. book, but that is less multitasking
comes amid a Communist China’s major tech compa- fit of the American people.
than plain distracting, while I’m occu-
Party campaign to limit nies have shed more than $1 The low rate reflects Treasury’s
pied by another task as the narrator
transparency. trillion in market value and ability to issue a trillion dollars of
drones on.
China’s collapsing real-estate bubble is laid off hundreds of thousands of workers over new debt this year at lower short-
I end up not focusing on and miss-
raising investor worries about financial conta- the past two years. For years the government term rates, and then refinance that
ing entire passages, which become
debt at maturity, with longer maturi-
gion as Country Garden, one of its largest de- boosted favored industries like real estate and background noise. This forces me to
ties when long-term rates are lower.
velopers, edges toward default. Press reports electric vehicles, but these are now deflating. A bookkeeper’s mentality would miss
skip back, searching for what I’ve
said Monday that trust companies affiliated Several hundred EV startups have gone bust in missed, or restart whole chapters
it, but this is a win-win for the Amer-
with one of China’s largest financial firms, the past few years. again. Even as books are less porta-
ican people.
Zhongzhi Enterprise Group, missed payments Many young, highly educated Chinese who ble, they remain more convenient.
ROBERT DE PORRES-RAS
ROBERT FRAZER
owed to clients. can’t find jobs in their chosen fields have Oak Brook, Ill.
Salford, England
But unknown risks are usually more worri- dropped out of the labor force, which they de-
some than those that are known. In recent scribe as “lying flat.” One Peking University
months Beijing has been tightening the clamp economist estimated that youth unemploy- Justice, Thou Shalt Pursue
on economic information shared with the pub- ment would have hit 46.5% this spring if the Reader Michael Zappas feels it is
Pepper ...
lic. A newly amended counterespionage law millions of workers who have stopped looking important to investigate former And Salt
criminalizes sharing sensitive economic infor- for work had been counted. President Donald Trump and his at-
THE WALL STREET JOURNAL
mation. For “sensitive,” read negative. Not sur- The government is telling college graduates tempt after the 2020 election to
prisingly, Chinese economic analysts have be- to settle for lower-paying, blue-collar jobs. “The “co-opt the Justice Department”
come tight-lipped. more ambitious you are, the more down to (“How to Balance Two Great Politi-
Domestic law firms have been told by securi- earth you need to be,” the Communist Party’s cal Scandals?” Letters, Aug. 12). I
agree wholeheartedly; we need to
ties regulators to censor negative language People’s Daily said last month. The censorship
understand why Mr. Trump failed
about China from investor disclosures. Rather of unemployment data is aimed at preserving and President Biden has been so
than discuss “adverse changes” in the economy, social stability amid a growing class of edu- successful at it.
companies are to describe it as “evolving.” The cated, disillusioned and restless young people JIM WOOD
Orwellian wordplay would be comically Com- who could become a source of political unrest. Jensen Beach, Fla.
munist if it didn’t bespeak a government-wide But the price of this lack of transparency is
campaign to limit access to material economic less confidence in Chinese financial markets.
Letters intended for publication should
information. Especially in times of economic weakness, a be emailed to wsj.ltrs@wsj.com. Please
That’s also how to read Beijing’s decision to lack of transparency can feed financial panics. include your city, state and telephone
stop publishing the youth unemployment rate The government is trying to attract more for- number. All letters are subject to
while it does what the government calls “fur- eign investment, but it’s giving investors an- editing, and unpublished letters cannot “I knew she was feral
be acknowledged.
ther optimization” and research on the statis- other reason to run away. from the first cigarette.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
OPINION
I
Circuit Court of Appeals affirmed appeal is an opportunity for the jus-
s rent control constitutional? the trial court’s decision that rent tices to take another look.
To look at the case law, the stabilization, even in its 2019 ver- Scalia’s standard cuts against the
answer would appear to be sion, isn’t a government taking, notion that a legislature’s “broad
yes. The Supreme Court “has which would require compensation authority” to regulate the landlord-
consistently affirmed that under the Fifth Amendment. The tenant relationship insulates such
States have broad power to regulate landlords have petitioned the jus- regulation from serious constitu-
housing conditions in general and tices to hear an appeal. tional scrutiny. “The fact that gov-
the landlord-tenant relationship in The 1969 law was followed by the ernment acts through the landlord-
particular,” as Justice Thurgood Emergency Tenant Protection Act in tenant relationship,” he wrote, “does
.
rates. Before 2019, however, land- ad hoc, factual inquiries” by consider- by rent stabilization undermines its lengthy footnote, which concludes as practice. He served as law clerk to
lords could exit the rent-stabiliza- ing several factors, including the stat- stated purpose of increasing the follows: “We decline to employ a test Judge Jon O. Newman of the U.S.
ly
tion scheme under certain condi- utory scheme’s economic impact on a availability of affordable housing that has never been adopted by the Court of Appeals for the Second Cir-
tions. The 2019 law eliminated those landowner, the extent to which the units. Owners of buildings with rent- Supreme Court.” That was the right cuit and to Judge Sidney H. Stein of
exceptions. scheme interferes with a landowner’s stabilized apartments have begun thing to do; appellate courts are ob- the U.S. District Court for the South-
A group of landlords sued and on
investment-backed expectations, and “warehousing” them—keeping them ligated to follow the precedents of ern District of New York.
By Janet L. Yellen the cost of clean energy technolo- investment to mobilize private capi- requirements to reap the full value greater certainty for families and
e
al a
W
gies, which will boost their adoption tal, spurring economic growth and of many of its incentives. The law businesses on their energy costs.
hen I gave my first major and reduce emissions globally. helping the U.S. reach its climate promotes investment in low-income The Inflation Reduction Act aims to
climate speech in the late The law is also designed to ad- goals. communities and those historically make this transition easier for
ci on
1990s, many still regarded vance two other goals: economic op- Since the Inflation Reduction dependent on fossil-fuel jobs and households through cost savings on
the effects of climate change to be portunity and resilience. It’s already Act’s passage, we’ve begun provid- revenue. As one example of the law’s electric vehicles, heat pumps and
abstract and remote. No longer. To- delivering on both fronts. ing the long-term certainty that early impact, commentators are now other energy-efficient appliances.
day, no one can ignore the mounting businesses need to invest at scale. dubbing the Midwest and the South But our strategy is more ambi-
evidence of climate change’s destabi- With expanded demand- and sup- as the new “Battery Belt” because of tious than that. Advancing U.S. en-
er s
lizing effect on our planet and on The demand for electric ply-side tax incentives, companies the rise in electric-vehicle battery ergy security also means reducing
our way of life. in the clean-energy industry are factories there. the risks of overconcentration in our
cars has spurred a ‘battery
m er
Americans are witnessing it first- finding an even greater commercial Expanding economic opportunity critical clean-energy supply chains,
hand this summer. From Phoenix to belt’ of new factories in the case to invest in the U.S., creating isn’t only morally right—it’s also which create potential choke points
Miami, the past few months have high-quality, well-paying American good economics. Research has shown and heighten the likelihood of dis-
featured extreme heat. Major parts Midwest and South. jobs. The Inflation Reduction Act is that investments in underserved ruption. The Inflation Reduction
of the country have been shrouded helping power a boom in U.S. fac- communities can deliver a bigger Act’s two-pronged approach begins
m rp
in smoke from wildfires abroad, tory construction spending, which bang for the buck. That means that with building up our industrial base,
while others are experiencing floods Building a clean-energy economy has doubled in real terms since the taxpayer resources are spent more while also encouraging companies to
and droughts. is among the biggest economic end of 2021. Since President Biden productively and the benefits to the work with trusted trading partners
These phenomena have a serious transformations of our lifetimes. took office, companies have com- overall economy are magnified. on secure global supply chains for
economic cost, both in lost produc- Global investment in clean energy mitted more than $500 billion in The Inflation Reduction Act is clean-energy inputs and products. In
co Fo
tive capacity and in their potential has reached more than $1 trillion a investments in clean energy and also strengthening our economic re- the past year, we have begun estab-
long-term threat to macroeconomic year. For too long, the U.S. lacked a manufacturing. silience. While oil prices have de- lishing formal mechanisms to facili-
stability. concerted strategy to lead the devel- I am seeing these green shoots clined significantly in the past year, tate these efforts.
One year ago, President Biden opment of low-carbon technologies emerge around the country. In Las their spike after Russia’s brutal inva- The Inflation Reduction Act is a
signed the Inflation Reduction Act and other industries of the future. Vegas this week, I spoke with mem- sion of Ukraine caused significant turning point in the national effort
into law. It’s the boldest climate ac- With the Inflation Reduction Act, we bers of an electrical workers union hardship for many families. Building to preserve the planet and to shape
tion in the nation’s history—one that are delivering on what I call “mod- that has called the Inflation Reduc- a clean-energy economy means re- a prosperous, inclusive and resilient
pushes us toward a net-zero econ- ern supply-side” economics: a policy tion Act a “historic win.” The law re- ducing U.S. dependence on fossil fu- economic future.
omy by 2050. Over time, the Infla- framework that animates much of quires companies to pay prevailing els and exposure to the autocratic
tion Reduction Act will drive down Bidenomics. It includes government wages and abide by apprenticeship regimes that control them, providing Ms. Yellen is Treasury secretary.
A highlight of mov- possessed by the devil far more re- the film, died last week at 87. Two resisting arrest. Apparently, lurid the materialism, drugs, promiscuous
ing to New York City pulsive than spooky. years before “The Exorcist,” he made and sensationalistic depictions of a sex and thuggish behavior that per-
no
after college 30 The movie’s most famous scenes another pathbreaking movie, “The preteen girl performing lewd acts vade the songs of some of hip-hop’s
years ago was the are when the girl, Regan, vomits French Connection,” which collected with a religious object are fine, but most popular artists. They aren’t wor-
second-run movie into the face of a priest and when Oscars for best picture and best di- realistic cop dialogue in a 50-year- ried about their kids watching “The
houses that afforded she slowly rotates her head until it’s rector. “The French Connection” old movie somehow offends current French Connection.”
me the chance to facing backward. Elsewhere in the stars Gene Hackman as Jimmy “Pop- sensibilities. The censors are wor- Chuck D of Public Enemy, a pio-
UPWARD
MOBILITY see classic films— film, however, she urinates on a car- eye” Doyle, a New York City detec- ried about the N-word, but it’s diffi- neering rap group, took pride in
“Lawrence of Ara- pet in front of guests at a dinner tive who’s trying to bust up an inter- cult to take that concern seriously. spreading degeneracy among the
By Jason L.
bia,” “Ace in the party, defaces a statue of the Virgin national drug-smuggling ring. There Earlier this month, fans of hip- younger generation. “You walk into
Riley
Hole,” “Rear Win- Mary, and stabs herself repeatedly hop marked the 50th anniversary of a fourth or fifth grade black school
dow,” “Sweet Smell in the crotch with a crucifix and the musical genre’s creation. It today,” he told the Village Voice in
of Success”—on the big screen, as then rubs her mother’s face in the Censors scrub a 50-year- would be difficult to name another 1991. “I’m telling you, you’re finding
they were intended to be viewed. blood. “The Exorcist” doesn’t wear cultural phenomenon that has done chaos right now, ’cause rappers came
Some showings were packed with its misogyny lightly. For most of the old film to remove a racial more than hip-hop to normalize—if in the game and threw that confus-
fellow film buffs while others were film, you’re watching grown men slur that kids hear every not popularize—use of a racial slur. ing element in it, and kids is like, Yo,
oddly deserted for a city of more torment a helpless little girl with es- Children today are far more likely to f— this.”
than seven million. One evening in calating cruelty. day in popular music. hear the word coming from a black For generations, pop music has
the late 1990s I caught “The Exor- “It’s easy to see why people, espe- person than a white person. Ameri- been a vehicle for adolescent rebel-
cist” at a multiplex on 42nd Street. cially women, detested the picture,” cans of all racial and ethnic back- lion, but we’re a long way from wor-
Maybe a dozen other people showed Peter Biskind wrote in “Easy Riders, “were no clear-cut heroes and vil- grounds now dance, sing and laugh— rying about Elvis’s gyrating hips or
up. The only thing more surprising Raging Bulls,” his acclaimed history lains” in the film, Mr. Biskind wrote. seen a Dave Chappelle stand-up the Beatles singing about their acid
than the near-empty theater was of the era’s defining movies. “It “Friedkin resisted Hackman’s incli- routine lately?—to entertainers who trips. Decades of glorifying the gang-
how much I disliked the film, espe- presents a male nightmare of female nation to sentimentalize his charac- spew the term with abandon. sta-rap lifestyle and, worse, present-
cially given its reputation as one of puberty. Emergent female sexuality ter.” So much for that. A-list hip-hop artists such as Jay-Z, ing it as the only authentic black ex-
the all-time greatest horror flicks. is equated with demonic possession, The New York Times recently re- Dr. Dre and Puff Daddy became fabu- perience, have come at a cost. This
The acting seemed fine, and the spe- and the men in the picture—almost ported that a version of the “The lously wealthy trafficking in racist is the hip-hop legacy that must be
cial effects were impressive for a all celibate priests—unite to abuse French Connection” now available gutter lyrics and ugly stereotypes confronted sooner or later by people
film released in 1973. Still, I found and torture Regan.” for streaming edits out a scene early about black people. For decades, black eager to edit an ugly word out of an
the story about a 12-year-old girl William Friedkin, who directed in the film in which Doyle uses a ra- parents have devoted an inordinate old movie while ignoring its continu-
cial slur to refer to a black suspect amount of time—with mixed suc- ing use—and the implications of its
who stabbed Doyle’s partner while cess—to shielding their children from use—in so many other contexts.
WORLD NEWS
.
leashed missile and drone fall harvests. risen by 10% since Russia ex- forts to coax Russia back into agreements that smoothed the shipment to the world market.
ly
U.K. Arrests Trio of Bulgarian Spy Suspects on Ex-Agent
BY DAVID LUHNOW trin Ivanova, 31—were also world, apart from its official vate communications, among to the U.K., Marin Raykov, told
Takes Plea
AND GEORGI KANTCHEV charged with possession of false spies that are often based in other areas. He also lists being Bulgarian state newswire BTA
Over Ties
us ,
identity documents with im- its embassies. More than 400 an adviser to Bulgaria’s En- that the embassy didn’t have
l
LONDON—British police proper intention, the Met said. suspected Russian spies work- ergy Ministry in 2008-09. any details about the deten-
To Oligarch
e
al a
have arrested five people, in- The BBC, which earlier re- ing at embassies have been According to their social- tions and hadn’t been informed
cluding at least three Bulgar- ported the arrests, said the expelled from Europe since media profiles, Ivanova and by the British authorities.
ian nationals, believed to have three are Bulgarian nationals the start of the Ukraine war, Dzambazov ran “Bulgarian So- Raykov said that, according to
ci on
been living undercover in the believed to be working for Rus- part of some 600 Russian offi- cial Platform,” an organization U.K. practice, when a detained
U.K. while working for Russian sian intelligence. It said they cials kicked out, the U.K. spy that offers help to Bulgarians foreign national doesn’t want BY DYLAN TOKAR
intelligence, the latest in a se- were caught with forged pass- chief, MI5 Director-General in the U.K. their country informed of their AND ALAN CULLISON
ries of arrests across Western ports and documents from the Ken McCallum, said last year. In a 2019 interview with detention, the British authori-
countries of alleged Russian U.K., Bulgaria, France, Italy, In the case of the U.K., the state Bulgarian National ties don’t inform the embassy. A former high-level U.S.
er s
agents posing as seemingly Spain, Croatia, Slovenia, Greece three of the spies don’t appear Radio, Ivanova said she and The U.K. has had an in- counterintelligence agent
ordinary people. and the Czech Republic. to be Russian but Bulgarian. Dzambazov, who is her part- creasingly fraught relationship pleaded guilty to accepting se-
m er
Three men and two women Two U.K. government offi- Roussev was living in Great ner, moved to London in 2012 with Russia in recent years cret payments from Russian
were arrested in early Febru- cials confirmed that report to Yarmouth, a resort town on and started helping compatri- over crimes committed in the oligarch Oleg Deripaska after
ary on suspicion of violating The Wall Street Journal. the east coast of England, and ots “from our living room.” U.K. by Russian agents. In making a deal with prosecu-
the U.K.’s Official Secrets Act There have been a string of Dzambazov and Ivanova were Five years later, they started 2018, Russian agents used a tors that reduces the prison
1911, which criminalizes espio- similar arrests of deep-cover living in Harrow, a suburb in their community organization. deadly nerve agent in an at- time he faces.
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nage, the Metropolitan Police Russian spies in recent northwest London. According to her LinkedIn tempt to kill former Russian The guilty plea entered by
said on Tuesday. The five peo- months across a range of Roussev’s LinkedIn page profile, Ivanova works as a double-agent Sergei Skripal Charles McGonigal in Manhat-
ple were released on bail and countries, often posing as says he was the owner for the medical-laboratory assistant. and his daughter in Salisbury, tan federal court represents a
are due to appear in court in South Americans but living in past decade of a company According to posts on his and they were both seriously spectacular admission for a for-
September, the Met said. European countries. called NextGen, which is de- Facebook page, Dzambazov is injured. In 2006, another for- mer senior official at the Fed-
co Fo
Three of the five—identified The arrests have laid bare a scribed as working in artificial an avid soccer fan. His latest mer Russian intelligence offi- eral Bureau of Investigation. He
by the Met as Orlin Roussev, 45, widespread network of “illegal intelligence and signals intelli- post was on Jan. 26. cer, Alexander Litvinenko, was retired from the agency in 2018
Biser Dzambazov, 42, and Ka- spies” Russia uses around the gence, which intercepts pri- The Bulgarian ambassador murdered in London. after a career that saw him rise
to become the head of the
agency’s counterintelligence op-
WORLDWATCH erations in New York, where he
oversaw some of the agency’s
most sensitive investigations.
On Tuesday, McGonigal said
he had agreed to do open-
source research for Deripaska
on one of the oligarch’s rivals,
Vladimir Potanin, in hopes of
n-
© 2023 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Wednesday, August 16, 2023 | B1
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Possible Steel
Deal Spooks
Metal Users
Sale of U.S. Steel spending on transportation
and energy infrastructure, gi-
could leave buyers ant manufacturing plants and
fewer options to electric vehicles are expected
to stoke demand for more steel
source the material in the years ahead.
Steel production in the U.S.
BY BOB TITA already is concentrated among
four big suppliers—U.S. Steel,
A takeover of United States Cleveland-Cliffs, Nucor and
.
glomerate Esmark have both of B. Walter & Co., an Indiana-
made offers for U.S. Steel that based manufacturer of wire
ly
would value the company at racks, furniture hardware and
more than $7 billion. other fabricated steel products.
Suitors for U.S. Steel are at- “It’s hard to compete with
tracted to the 122-year-old
company’s relatively low stock
price and its hefty capacity to
produce steel that includes
companies outside the U.S.
who have access to much
lower-priced steel.”
Cleveland-Cliffs Chief Exec-
onBY DEAN SEAL
steel mills in the country, ac- that absorbing U.S. Steel’s op- era pressures that plagued its 25 15
l
cording to analysts. Elevated Please turn to page B6 supply chain finally recede.
e
al a
0 million 5 10 15 20 25
Cleveland-Cliffs/ tion in the company’s second
U.S. Steel quarter declined year over 10 0
Nucor year and is down meaningfully
Steel Dynamics
from peak levels. Inflation in 5 –5
product and transportation
er s
NorthStar that’s completely abated,” The home improvement gi- forecasts. Comparable sales, polled by FactSet.
Decker said. ant on Tuesday reported which strip out the effects of Americans have been pull-
Algoma stronger earnings than ex- store openings and closings, ing back their spending on
Note: Based on 2022 shipments Heard on the Street: Home pected as sales slipped but fell 2% rather than 3.9%, as home improvement after more
Source: Cleveland-Cliffs Depot gets a lift.............. B12 still came in above analyst had been expected by analysts Please turn to page B2
co Fo
Estée Lauder’s longtime helped finance hits including cluding critical darlings such as
chief, Fabrizio Freda, is under “Avatar: The Way of Water” “Hidden Figures,” “Jojo Rab-
pressure to show he can turn and the “Deadpool” franchise bit,” “The Shape of Water” and
around the beauty giant’s key for Twentieth Century Fox, is “The Banshees of Inisherin.”
China and U.S. businesses. suing the studio and its parent In the lawsuit, TSG said Dis-
Shares of the company have company Walt Disney for al- ney and the studio “have tried
LAMBERT/GETTY IMAGES
slumped roughly 30% so far leged breach of contract. to use nearly every trick in the
this year, hitting their lowest A suit filed Tuesday in Los Hollywood accounting book” to
levels in more than three Angeles Superior Court by TSG deprive it “of hundreds of mil-
years. Estée Lauder has alleges that the Disney-owned lions of dollars.”
missed out on a stock market movie studio intentionally Representatives for Disney
rally that has lifted the S&P withheld profits and cut sweet- didn’t respond to a request for
500 index by about 16% since In the 1950s, the TV was central to family entertainment. Streaming has changed that today. heart deals to boost its own comment.
the start of the year. streaming platforms Hulu and Public battles between en-
The company is losing mar-
ket share in its homegrown
market. U.S. sales haven’t yet TV Makes Up Less Than 50% Disney+, as well as its stock
price, at the expense of its part-
ners.
tertainment companies and ac-
tors and writers over profits
are fairly common, but it is rare
harder for Estée Lauder to get sign of the rapid erosion of the own direct-to-consumer ser- YouTube was the most-
rid of excess inventory. cable-TV bundle, which has lost vices to take on industry leader watched streaming platform in
Estée Lauder, which is still about a quarter of its subscrib- Netflix. As they sought to rap- the U.S. last month, with 9.2%
controlled by its founding ers over the past decade, as idly expand their subscriber of overall viewing time, while
family, is slated to report its more Americans cut the cord in bases, many of them chose to Netflix, with 8.5%, was second.
latest results on Friday. Ear- favor of streaming services like make their highest-profile and In addition to “Suits,” another
lier this year, Freda warned Netflix, Alphabet’s YouTube costliest content available ex- streaming show that performed
that sales for the fiscal year and Disney’s Hulu. clusively on streaming. well was “Bluey,” an Australian
ended June 30 could drop as Cable television accounted While original content helps cartoon about a family of dogs
much as 12%, hurt by weak for 29.6% of total U.S. viewing reel in subscribers and build available on Disney+.
demand in Asia. time in July, while broadcast streaming brands, the most- The erosion of traditional AUTOMOBILES MARKETS
China’s economy barely attracted 20%, Nielsen said in a watched programs are some- TV is picking up pace, while The UAW plans a strike Global wealth fell in
grew in the second quarter release published Tuesday. times older TV shows. Last overall streaming usage grew
compared with the first quar- Streaming services, meanwhile, month, the show Americans by a quarter from July 2022, a
authorization vote as it 2022 for the first time
ter, and customers are now captured 38.7% of Americans’ spent the most time watching 12% faster pace of growth than says talks with car in 14 years, and the U.S.
being more selective with viewing time, while a category was “Suits,” a legal drama star- a year earlier. Streaming makers stall. B3 lost millionaires. B11
Please turn to page B2 labeled “Other”—which Nielsen ring Meghan Markle made for Please turn to page B2
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
Freda, Fabrizio...........................B1 pered when the first summer faster to trends and keep rebal- Yang Hu said a lack of invest-
of Covid-19 drove a shift to on- ancing the distribution of its ments in the area would put
ly
Gates, Bill......................................B4 Minson, Tara............................A10 Yan, Hui Ka.................................B4
line shopping, leading to mul- products to continue betting on “As soon as we have fin- in danger the company’s long-
tiple closures across Estée its retail partnerships with Ulta ished this balancing of the key term growth.
Below 50% Football.” print to be a “clear headwind.” Tok, with one million alize the company’s supply Lauder is no longer giving pri-
l
Even companies that gener- The majority of Estée Lau- followers. chain away from China and, ority to China.
e
al a
20.0
charging bar- w o r k i n g
gain-basement on bringing
prices for their news and live 10 Other
YouTube was
WALT DISNEY/EVERETT COLLECTION
over the past platform. eral high-pro- Note: Totals don't always add up to 100
year or so, re- file leagues, in- due to rounding.
moving content cluding the TSG Entertainment helped finance cinematic hits including ‘Avatar: The Way of Water.’ Source: Nielsen
from their National Bas-
streaming platforms to cut
costs and launching advertis-
ing-supported versions of their
ketball Association and Major
League Baseball.
Disney’s ESPN, mean-
Disney The way such arrangements
typically work is that the finan-
cier invests in a slate of films
on streaming platform Disney+
at the same time as its theatri-
cal release. Johansson argued
ment assets, the deal was
changed to give Disney the
right to put films on Disney+
services that give them a
chance to broaden their appeal
while, is hunting for a strategic
partner to aid its transition to Sued by and subsequently can invest
more in individual titles within
that the move breached her
contract, which guaranteed an
and Hulu at the same time as
HBO. In return for HBO giving
n-
and bring in more revenue. streaming. The network has a time frame determined by the exclusive theatrical release that up exclusivity, the license fees
Most streamers are also
raising prices significantly. The
average cost of watching a ma-
held talks with potential part-
ners and investors. It is work-
ing to make a stand-alone ver-
Financier terms of the deal.
TSG recently requested an
audit after noticing a decline in
factored heavily into her poten-
tial salary. That suit was even-
tually settled.
it pays for the movies were re-
duced.
The suit alleges that the re-
no
jor ad-free streaming service is sion of its flagship TV channel its profits. After examining the TSG is represented by Bird vised HBO deal cost the Fox
going up by nearly 25% in available to cord-cutters in two Continued from page B1 books for three undisclosed Marella partner John Berlinski, movie studio “many millions of
about a year, according to a to three years, or once its reach studio, any dispute gets filed in films, TSG alleges it found the same lawyer who repre- dollars,” a portion of which
Wall Street Journal analysis, as in the cable-TV world falls be- court first before the two sides “rampant self-dealing” and “ac- sented Johansson. TSG would otherwise have re-
companies bet that customers low 50 million households, the agree on a private judge. By fil- counting tricks” that showed it In this case, TSG alleges that ceived.
will either pay up or switch to Journal previously reported. ing in court, both sides will had been underpaid by $40 mil- a recent renegotiation of the TSG also said it tried to ex-
their cheaper and more lucra- About 75 million U.S. then have the ability to appeal lion. TSG also alleges it wasn’t Fox movie studio’s deal with ercise a right to sell its stake in
tive ad-supported plans. households still subscribe to a that ruling if they desire. credited with revenue it should Warner Bros. Discovery’s HBO other films it had funded back
Several streaming services pay-TV package, down from a Headed by brothers Chip have received. Additionally, it channel and Max streaming to the movie studio or to a
started offering some live- peak of around 100 million and Robert Seelig, both Wall said it was charged tens of mil- service had a similar effect on third party. Disney refused to
sports coverage in recent years, about a decade ago. Street veterans, TSG has long- lions of dollars for distribution its potential profits. engage and challenged what
which added to their costs “Taking our ESPN flagship standing relationships with fees that weren’t part of its Under the terms of the origi- films TSG believed it had the
while further threatening the channels direct-to-consumer several Hollywood studios, in- revenue-participation deal. nal agreement, HBO paid a pre- rights to sell off, the suit said.
viability of pricey pay-TV pack- is not a matter of if, but cluding Warner Bros. and Sony The suit is similar in some mium for an exclusive window As a result, TSG claims it
ages. U.S. households spend when,” Disney Chief Execu- Pictures. Its partnership with respects to one that was filed in to carry its movies on its ser- didn’t have the resources to in-
about $103 a month on average tive Bob Iger told investors the Fox movie studio was 2021 by the actress Scarlett Jo- vice. vest more in certain films, in-
for cable TV, according to S&P last week during a conference struck in 2012 and it has been hansson against Disney over the In 2021, about two years af- cluding the hit “Avatar: The
Global Market Intelligence. call to discuss the company’s amended several times since company’s decision to put her ter Disney acquired the Fox stu- Way of the Water,” the suit
Peacock and Apple TV+ latest quarterly earnings. then. Marvel movie “Black Widow” dio along with other entertain- said.
BUSINESS NEWS
Wheels Up Secures
$500 Million Rescue
BY SOMA BISWAS Wheels Up benefited from
a surge in demand after the
Private jet membership onset of the Covid-19 pan-
company Wheels Up Experi- demic as travelers sought to
ence has reached a deal to re- stay away from crowded air-
ceive a $500 million rescue fi- ports and flights.
nancing package from Delta Wheels Up shares, which
Air Lines and investors with soared to more than $100 in
turnaround experience in the 2021 after the company went
travel and tourism industries, public in a merger with a spe-
the airline said on Tuesday. cial-purpose acquisition com-
With the new capital infu- pany, dwindled to just over $1
sion, Wheels Up, a startup that this year as losses widened
was founded on the idea of ex- and founder Kenneth Dichter
panding access to private-jet stepped down as chief execu-
ownership, has a path to tive in May.
PAUL SANCYA/ASSOCIATED PRESS
.
said Tuesday labor negotia- strike if leaders see fit. The to support employees seri- panies and the automakers teamed up in the travel indus- utive Ed Bastian.
tions with the Detroit auto- union requires at least two- ously, and is bargaining in speaking openly about their try before, taking over Hertz Delta finance chief Dan
ly
makers have been sluggish thirds of voting members to good faith to reach an agree- intentions and gripes. Global Holdings in its bank- Janki is joining the Wheels Up
and the union would hold a back the authorization to move ment, a GM spokesman said. The change-minded UAW ruptcy in 2021. board as chairman.
strike authorization vote next forward, a bar that it has eas- Ford declined to comment. leader was elected in March
week, a procedural step
needed for its leadership to
call a work stoppage.
“Today marks 30 days until
ily passed in the past.
Union officials say this
doesn’t guarantee a strike will
happen and it will depend on
on Stellantis didn’t respond to a
request for comment.
Analysts have warned the
probability of a walkout is
and quickly threw out the tra-
ditional union playbook. He
ditched the typical handshake
with automotive executives to
the union’s contract with the how negotiations unfold in higher this year in part be- kick off labor talks and instead,
us ,
Big Three expires, but bargain- coming weeks. cause the union has struck a shook hands with members
l
ing at all three tables has yet UAW President Shawn Fain, more militant tone and en- while visiting unionized plants.
e
al a
to progress beyond noneco- during a live stream event tered into talks with a list of As negotiations have pro-
nomic issues,” the union said. Tuesday, said he doesn’t plan demands that are far more ag- gressed, he has bashed specific
The UAW is negotiating to extend the contracts past gressive than in previous proposals from the companies
ci on
contracts expire on Sept. 14. what happens next,” Fain said, million, the union said. clude a more than 40% pay
A strike authorization vote addressing the Detroit compa- The negotiations this time hike for workers and the return
m er
is an action that typically takes nies. “Either stop dragging around have led to more pub- of cost-of-living adjustments. Private jets line up at Friedman Memorial Airport in Idaho.
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FOODIES
dog•ged REJOICE
co Fo
/'dôg d/
adjective
CUPCOFFEE® FLOORLINER HP TM
TECHNOLOGY
BY ED BALLARD
AND AMRITH RAMKUMAR Peter Rawlinson Vivas Kumar
Kunal Girotra CEO of Lucid: $11 billion CEO of Mitra Chem: $67 million Peter Carlsson
Governments everywhere CEO of Lunar Energy: Rawlinson led engineering of Tesla’s Kumar worked on Tesla’s battery supply CEO of Northvolt:
are trying to build domestic $300 million Model S luxury sedan before joining chain during the chaotic 2018 ramp-up of $8 billion
clean-energy industries, from Girotra joined Tesla in Lucid. He became CEO in 2019, leading Model 3 manufacturing. That supply- Carlsson co-founded
electric cars to solar panels. 2015 and eventually ran the luxury electric automaker through a chain experience helped him launch Swedish battery maker
No company has had more re- its energy division. He deal to go public that valued it at about Mitra. The startup, backed by venture Northvolt with Paolo
cent success doing that than founded Lunar in 2020. $24 billion. The company has struggled capitalist Chamath Palihapitiya, is Cerruti after the pair spent
Tesla, and no executives are The company has to scale up manufacturing and its attempting to use machine learning to years at Tesla managing its
in greater demand than the developed a home-energy shares have tumbled. build battery components in the U.S. supply chain. The company
automaker’s alumni. system that combines has raised roughly $8
More than 30 companies led solar panels and batteries. billion from investors
or launched by former Tesla Girotra has hired several including Volkswagen and
employees have raised more ex-Tesla employees, Goldman Sachs to make
than $26 billion in the past de- including Kevin Fine, who low-emissions batteries in
cade, most in the past few led the engineering team Europe and combat China’s
years, a Wall Street Journal behind the Powerwall. industry dominance.
analysis of data from PitchBook
shows.
Much of that money went to
a handful of companies in the
electric-car and battery supply Arch Rao JB Straubel
chain: luxury electric-vehicle CEO of Span: CEO of Redwood
company Lucid Group, Euro- $234 million Materials:
pean battery upstart Northvolt Rao was head of product $1.07 billion
and battery-recycling firm Red- at Tesla Energy, where he Straubel co-founded Tesla
wood Materials. helped commercialize the and served as chief tech-
Many of these companies fo- company’s battery nology officer for more
cus on domestic manufacturing, products. He founded than 15 years. He launched
as Tesla has for more than a Span, which sells a smart battery-recycling upstart
decade. electrical panel that Redwood Materials. The
They are well positioned to allows people to monitor company aims to address
take advantage of last year’s and control their potential shortages in bat-
U.S. climate law and Europe’s electricity use. Span tery materials by harvest-
response to it. A key goal for expects to sell tens of ing them from discarded
both is to whittle away at thousands of its panels batteries. He now sits on
China’s dominance in critical next year. Tesla’s board of directors.
clean-energy industries.
.
The Tesla diaspora continues
a pattern established earlier in
ly
Chief Executive Elon Musk’s ca-
reer. He is part of the so-called Mateo Jaramillo Gene Berdichevsky
PayPal mafia, the group of tech- CEO of Form Energy: CEO of Sila
nology-industry power brokers
who came out of the digital-
payments company.
Former Tesla executives say
$816 million
Jaramillo kick-started
Tesla Energy, including
development of Tesla’s
on Nanotechnologies:
$930 million
Berdichevsky was Tesla’s
seventh employee and lead
their experience ramping up Powerwall battery system, Enric Asunción Dorian West engineer on the lithium-ion
us ,
manufacturing of Tesla’s Model and started the company’s CEO of Wallbox: Co-founder of Electric Hydrogen: battery system for its first
l
3, an existential event for the supercharger effort. He co- roughly $390 million $222 million vehicle, the Roadster. He
e
al a
company, gives them credibility founded Form, which is Asunción spent about a year at Tesla West was an early Tesla employee who co-founded Sila more than
with investors. Some of them developing iron-air focused on charging stations before became director of engineering, working a decade ago to make
batteries that can co-founding home smart charger on the Roadster, batteries and semi more advanced silicon
and fundraising. generate power for several maker Wallbox. The Barcelona-based trucks. He co-founded Electric Hydrogen, anode battery materials.
Here is a look at some nota- days. The company is company has sold more than 500,000 which is backed by Amazon.com, Rio The company is building its
ble clean-energy executives building a $760 million EV chargers and last year started Tinto and Bill Gates. The company ex- first big facility in
who previously worked at factory in West Virginia. production at its first U.S. factory pects to start manufacturing electrolyz- Washington state.
Tesla and how much money in Texas. ers that make green hydrogen in 2024.
er s
The Marketplace
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BY ALYSSA LUKPAT charge, less than the 348-mile prices online. Tesla generally Ford Motor dropped the price
alliance mortgage fund FOR SALE SO. TEXAS range on the regular version. has less pricing transparency of its electric Mustang Mach-E
98% LEASED SHOPPING CENTER Tesla released cheaper ver- Tesla has cut prices for its than traditional automakers in January and later said it ex-
8%-9% Return UNDER $100 PSF
sions of its most expensive
U.S. vehicles, the Model S and
U.S. vehicles multiple times this
year in a bid to stoke demand in
that suggest prices to dealers.
Tesla, the world’s top EV
pected to lose $3 billion on its
EV business this year.
REAL ESTATE SECURED GROCERY ANCHORED AT $6.1M Model X, that cost $10,000 a competitive market. Chief Ex- seller, cut vehicle prices after a A Ford spokesman said
FIXED INCOME FUND CALL/EMAIL, B. BROOKS, BROKER, less and drive fewer miles per ecutive Elon Musk suggested difficult 2022. The company last Tuesday that it was scaling EV
SEEKING RIA’S & (512) 328-7800, bb3105@Hotmail.com
charge, according to the com- the January price drops fueled year posted its worst stock per- production this year and re-
ACCREDITED INVESTORS pany’s website. buyer interest. Some of the formance yet and fell short of ducing prices to make its elec-
CALL: NOTICE OF SALE
The electric-vehicle maker price cuts ensured its models its vehicle delivery targets. tric cars more accessible. GM
www.AlliancePortfolio.com PLEASE TAKE NOTICE that 100% of the limited liability $78,490 for a Model S and ments in China this week. The carmakers followed and low- Bolt. Tesla didn’t immediately
RE Broker • CA DRE • 02066955 Broker License ID company interests in 20 TSQ GROUNDCO LLC, a Delaware
limited liability company (the “Company”) and together
$88,490 for a Model X. EV seller dropped prices by up ered their prices. return a request to comment.
with all economic, management and other rights, The standard-range Model S to 4.5% for two versions of its Traditional auto companies
property and status relating thereto (collectively, the
ThermoWand Technologies “Collateral”), will be offered for sale at a public auction luxury sedan can drive roughly Model Y car and is offering an have broken into the EV mar-
Watch a Video
no
and sold to the highest “qualified bidder” on October 320 miles on one charge, com- insurance subsidy on some of ket but have struggled to gain
Novel Infrared thermometer 27, 2023 at 11 a.m. (New York Time). The sale will be
Includes social distancing, conducted through virtual attendance technology to be pared with 405 miles for the its new Model 3 vehicles. traction. General Motors said Scan this code
Non-Invasive detection of provided at a later date and in person at the offices of
Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, regular version, according to Texas-based Tesla sells vehi- it would phase out its first for a video on
Scientific-based CORE temp New York, New York 10006.
The principal asset of the Company is the leased Tesla’s website. The lower- cles directly to consumers with- mainstream EV, the Chevrolet expectations
www.ttinc.tech 2 patents. fee interest in that certain real property and the range Model X SUV has a range out going through a dealership. Bolt, at the end of the year for Tesla’s
improvements thereon commonly known as 20 Times
0.5M US for 2.5% invested Square and located at 701 Seventh Avenue (aka 165-179 of about 269 miles on one The company routinely adjusts and roll out a new version. Cybertruck.
West 47th Street), New York, New York 10036.
This sale is held to enforce the rights of HANA
ALTERNATIVE PRIVATE REAL ESTATE TRUST NO. 71
(as successor-in-interest to NATIXIS REAL ESTATE
NOTICE OF SALE
THE MARKETPLACE
company slid into financial was just $8.4 million last financing. swap their holdings into new
distress in 2021 and defaulted year. Evergrande Auto’s market long-term debt or take some
on its debts. The EV business, Last month, Evergrande capitalization, which topped principal losses and get a mix
ADVERTISE TODAY also known as Evergrande Auto said it had delivered the equivalent of $80 billion in of shorter-term bonds and eq-
(800) 366-3975 | sales.mart@wsj.com
Auto, said the investment by more than 1,000 of its Hengchi April 2021, was $2.4 billion as uity-linked notes backed by
NWTN was “the only viable 5 model as of the end of May of Tuesday’s close of trading shares of Evergrande or two
fundraising plan currently this year, after suspending in Hong Kong. Its shares of its listed subsidiaries, in-
© 2023 Dow Jones & Company, Inc. All Rights
available to the company to production for that model in surged at the market’s open cluding Evergrande Auto.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
TECHNOLOGY WSJ.com/Tech
.
has frequently tangled with 2024 election scrutiny—some see whether the projects will as late this year. ment, intellectual property and
American corporations over its season heats of it by mem- pencil out. “We are literally designing infrastructure.
ly
economic policies. But when it up, he predicts, bers of Con- The team must ensure the strategy, designing the or- Some team members, in-
comes to bringing advanced the program The U.S. makes gress. funded projects fulfill Presi- ganization and designing the cluding investment director
semiconductor manufacturing will become only about 10% “In an in- dent Biden’s political agenda, investment process as we go,” Faisal, who used to work at
back to the U.S., administration
officials say they need the
skills of investment bankers,
private-equity investors and
“less on chips,
and more on
creating happy
stories for job
of global
semiconductor
on vestment firm,
nobody
knows all the
ever
“Markets don’t always work Commerce a senior rela- strictions on expansion in investment needs, the $39 bil- they say, the aim is to build an
l
perfectly,” said Todd Fisher, a Department of- tionship direc- China, limits on executive com- lion in manufacturing incen- industry that can fund its own
e
al a
former executive at private-eq- ficials say that tor who was co- pensation, and mandatory day- tives is a “rounding error,” growth. “We are going to do
uity firm KKR who leads the the allocation won’t be based head of global technology care for workers’ children. says Stacy Rasgon, a senior an- this because we want to spur
investment team of the Chips on politics and that one reason banking at Goldman before The investment team works alyst at Bernstein Research. the private sector to come in,”
ci on
Program Office. the government assembled the founding his own investment closely with officials specializ- TSMC plans to spend $40 Faisal said.
“We are trying to correct a Wall Street team was to ensure firm. “Here, you are account-
dislocation,” Fisher said, be- careful rewarding of limited able for all your no’s, and there
cause “other countries put federal resources. are a lot of no’s.” ADVERTISEMENT
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the central role chips play in
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BY RICHARD VANDERFORD Inotiv provides drug-testing ficials allegedly received pay-
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$
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ments and information relat- main supplier of monkeys, In the Inotiv filing, it said
ing to the company’s and sev- along with two Cambodian the SEC asked for informa-
eral subsidiaries’ importation government officials, with in- tion covering a period from Herb Chambers BMW of Boston
of “non-human primates” volvement in a criminal con- December 2017 to the pres- 1168 Commonwealth Ave., Boston, MA 02134
from Asia, including whether spiracy to illegally bring wild ent.
its practices comply with the long-tailed macaques into the Inotiv is cooperating with
877-283-4516 • HerbChambersBMW.com
U.S. Foreign Corrupt Prac- U.S. Florida prosecutors and has
tices Act, Inotiv said in a re- The endangered species is stopped importing nonhuman BMW Certified Pre-Owned Medford
cent securities filing. protected under an interna- primates from Cambodia be- 60 Mystic Avenue Medford
Inotiv is fully cooperating tional treaty and can be im- cause of new export restric-
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quests, a representative said. mits. To make up for a December. *Pricing excludes tax, title, registration and doc fee. Must qualify with BMW Financial Services to be eligible. Rebate varies by model and years. Please
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A representative for the shortage of the monkeys at It is, however, selling those through BMW Financial Services and verification of graduation and employment. Recent graduate means graduation from an accredited college or university
with a doctorate, graduate, undergraduate, or associate degree earned within the previous 24 months, or is eligible to graduate within the next 6 months
SEC said the agency “does breeding facilities, the co- animals now in the U.S. Inotiv and has a verifiable offer of employment. To qualify, you must have a minimum of 6 months of credit on file and no previous derogatory credit on any credit
lines. Finance and lease terms to qualifying customers are subject to approval by BMW Financial Services based on credit score, credit application, and other
not comment on the existence conspirators allegedly ac- expects to establish new pro- considerations. Offer valid through 09/04/2023. Delayed first payment is not available in PA or ME. Interest will accrue during 90-day period to first payment
and will be due prior to maturity of the contract. This offer is available on all model-year 2018-2021 CPO BMW models with 36-to-72-month retail contracts
or nonexistence of a possible quired macaques through the cedures before it begins im- financed through BMW Financial Services NA, LLC, excluding Select contracts. To be eligible, qualified customers must have excellent credit history and
meet BMW Financial Services’ credit requirements. Not all customers will qualify. Other rates and terms available. All offers subject to vehicle availability.
investigation.” black market. porting primates from Cam- Offer valid through 09/04/2023.
.
downtown housing. ern China, said some of its ten- House and counts the U.S. gov-
The Westchester County city ants, including the Chinese op- ernment as its anchor tenant,
ly
of New Rochelle, N.Y., has erator of supermarket chain was valued at $124 million,
added about 2,500 apartment Carrefour, terminated leases versus $156 million at the end
units over the past eight years, early. It also disclosed in July of 2022.
following a period of hardly
any new multifamily supply. In
all, this city of 82,000 has ap-
proved construction of 6,300
on that its portfolio’s value de-
clined in 2022.
Some trust managers re-
cently asked the Monetary Au-
Its 11-story office property
at 500 Plaza Drive in Secaucus,
N.J., for instance, was worth
$67 million at the end of June,
apartment units across 30 real- thority of Singapore, the coun- down 27% from six months
us ,
estate projects near the New try’s top financial regulator, to earlier, according to valuations
l
Rochelle train station, which is ease its leverage limits to give provided by a unit of Jones
e
al a
about a 40-minute ride to Man- them more financial flexibility Lang LaSalle. Just 7 miles
hattan. to negotiate lending terms away, its office building at 10
Nearly 1 in 5 of the down- with banks, according to peo- Exchange Place in Jersey City
ci on
town apartments will be below ple familiar with the matter. was valued at $258 million,
market rate, boosting the city’s Singapore REITs generally down 11% from the end of
affordable housing stock by have to stay within a 45% 2022.
nearly two-thirds. Officials said debt-to-assets ratio. The overall loss in value,
they would give first prefer- A MAS spokesperson said it coupled with a sharp rise in in-
er s
ence to artists certified by the closely monitors macroeco- terest rates that increased its
city. nomic conditions and has reg- borrowing costs, caused the
m er
New Rochelle is emerging as ular discussions with the in- trust to breach one of its fi-
a potential blueprint for over- dustry. If trusts exceed the nancial covenants. The Manu-
coming the various political, fi- leverage limit because their life U.S. REIT didn’t make a
nancial and community obsta- property values declined, that cash distribution for the first
cles that have made efforts to wouldn’t constitute a breach, half. It said on Monday that its
m rp
the property developer that led Clockwise from top: construction in New ket for REITs outside of Japan. Phipps Tower, an office build-
the construction, expedited the Rochelle; One Clinton Park; and city residents The vehicles together account ing in Atlanta, to help bolster
zoning and environment review Bee and Rog Walker with their daughter. for 12% of Singapore’s total its liquidity.
process. They also spent a year stock-market capitalization. The Shares of the REIT dropped
talking to city residents at pub- along. The New York City firm neighborhood planning at the New Rochelle created a plan recent declines in U.S. property further on Monday. They have
lic hearings, online forums and spent $2.5 million to pay con- Regional Planning Association. that “allows developers to rule valuations and stock prices are lost close to half their value
during informal meetings to sultants and for research on “You’re still going through all out the guesswork and uncer- shaping up to be a test of the over the past month. The trust
help shape the building plan how the city’s land, environ- the steps that everybody else tainty that comes along with market’s resilience. also is considering other asset
and win over local opinion. ment and infrastructure would has to go through, but you’re entitling land for develop- Most China-focused REITs sales to third parties, said Car-
“We have a model that can accommodate thousands of doing it all at once.” ment,” said Joseph Graziose, haven’t reported such declines, oline Fong, Manulife U.S.
be replicated,” said New Ro- new units across 300 acres. Apartment buildings can an executive vice president at but analysts say the worry is REIT’s deputy chief executive
chelle Mayor Noam Bramson. City officials met often with take years to reach approval in RXR. “That process that could that the effects of China’s officer.
Economists estimate the U.S. community members to hear New York City and its suburbs. take years in many municipali- sputtering recovery will start Given the sharp drop in val-
n-
has a housing shortage in the their concerns about whether Under New Rochelle’s frame- ties is exceptionally shorter to affect occupancy at malls uations in the first half of the
millions. New York state alone adding more housing would work, RXR and other develop- and streamlined in a place like and industrial parks that some year, analysts from DBS said fi-
will need more than 800,000 strain public services. The city ers working on the project can New Rochelle.” of the trusts hold, and their nancial support from the
additional housing units by offered virtual-reality goggles gain approval in just 90 days. Now, nine developers are valuations. trust’s sponsor may be needed
no
2032, according to the Regional near the down- After several currently building in the city, “There’s a sense of nervous- to help resolve the problems.
Plan Association, a nonprofit town to help years of few to including Cappelli Organization ness in the market,” said Vijay That could be in the form of an
that studies the New York met- residents visual- no housing and Allstate Ventures. New Ro- Natarajan, a REIT analyst at equity injection or asset sales,
ropolitan area. New York Gov. ize the new ‘We have a building per- chelle offers developers a stan- RHB Bank Singapore. He said a they said.
Kathy Hochul is calling on New buildings and model that can mits from the dard package of tax deductions.
York’s suburban counties to offer their feed- city, officials The additional developers are Market capitalization of three Singapore-listed real-estate
help produce more housing. back. Officials be replicated,’ have approved following the same playbook as investment trusts
New Rochelle selected RXR also met some permits for RXR to keep the process from
in 2014, and the city council direct requests,
New Rochelle’s thousands of getting bogged down.
$2.5 billion
approved their master plan for such as agree- mayor said. housing units New Rochelle is attracting
Manulife US REIT
new housing units the follow- ing to build pla- since 2019. newcomers from New York 2.0
ing year. Unlike many other cit- zas that would RXR has in- City. Bee and Rog Walker and Keppel Pacific Oak US REIT
ies, which approve new zoning host free out- vested nearly $1 their 3-year-old daughter Prime US REIT
for apartment buildings on a door concerts as part of the billion in New Rochelle. It is moved to New Rochelle from 1.5
piecemeal basis, New Rochelle development. developing four apartment the Bronx in June 2022 after
effectively approved thousands The city’s environmental re- towers and more than 1,200 touring smaller apartments in
of units at once. Under this view process enabled the devel- residential units. Two buildings Manhattan. They now live in a 1.0
streamlined process, the city opers to skip individual envi- are complete and leasing. Their new two-bedroom apartment
council agreed to forfeit the ronmental impact statements second project, once a munici- with floor-to-ceiling windows
power to debate and raise ob- that often deter new projects. pal parking lot, is now the 28- that look out over the Long Is- 0.5
jections to each apartment “The secret to New Rochelle story One Clinton Park. The land Sound. Amenities include
building in exchange for mov- is having a comprehensive plan building is 85% leased after a gym and a children’s play-
0
ing ahead quickly. for what they were going to opening in April 2022. RXR’s room.
RXR also played a role in do,” said Moses Gates, vice first building that began leas- “The space is amazing,” Rog Sept. 2022 Jan. ’23 Aug.
speeding the development president for housing and ing in 2019 is 93% full. Walker said. Source: FactSet
BUSINESS NEWS
Proposed “unreasonable.”
Privately held Esmark,
which operates steel distribu-
Nucor, which is now the larg-
est domestic steelmaker, would
drop to second place with 18
motive steel market is likely to
become a flashpoint for steel
users and antitrust regulators.
would become the only steel
company in the U.S. using blast
furnaces. As a result, Cleve-
company capable of producing
steel for electric vehicle mo-
tors if it acquires U.S. Steel’s
COMMODITIES wsj.com/market-data/commodities
Metal & Petroleum Futures Jan'24 4.054 4.090 3.965 3.994 –.047 93,142 Nov 506.50 519.50 506.50 516.00 10.50 2,850
March 3.627 3.650 3.538 3.601 –.006 74,284 Milk (CME)-200,000 lbs., cents per lb. Currency Futures
Contract Open
Aug 17.26 17.35 17.24 17.33 .06 5,066 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest
Copper-High (CMX)-25,000 lbs.; $ per lb. Agriculture Futures Sept 17.78 18.15 17.52 18.04 .21 5,354 Sept .6907 .6928 t .6892 .6902 –.0008 242,800
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .7013 .7029 t .6993 .7003 –.0008 3,314
Aug 3.6760 3.6875 3.6530 3.6615 –0.0630 607 Corn (CBT)-5,000 bu.; cents per bu. Sept 3,308 3,376 3,305 3,340 19 19,469 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 3.7585 3.7810 3.6930 3.7055 –0.0530 94,810 Sept 474.00 474.00t 462.00 464.00 –11.75 239,969 Aug .7421 .7440 .7408 .7417 –.0006 377
Dec 3,395 3,466 3,384 3,433 36 144,932
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 485.00 485.50t 473.75 475.50 –12.25 621,677 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept .7431 .7444 .7410 .7414 –.0013 148,199
Aug 1906.00 1907.70 1895.00 1902.50 –8.10 103 Oats (CBT)-5,000 bu.; cents per bu. Sept 150.85 151.30 148.00 149.25 –1.85 21,988
British Pound (CME)-£62,500; $ per £
Sept 1911.00 1915.00 t 1899.70 1906.90 –8.70 2,759 Sept 425.00 431.25 424.75 429.50 2.50 610 Sept 1.2693 1.2755 1.2678 1.2708 .0030 199,391
Dec 152.20 152.90 149.40 151.35 –1.25 100,206
Oct 1920.00 1925.20 1909.00 1916.50 –8.70 33,152 Dec 1.2685 1.2752 1.2679 1.2705 .0027 11,220
Dec 441.75 447.00 436.75 445.25 1.50 2,991 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Dec 1939.40 1944.30 1927.50 1935.20 –8.80 368,316 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. Oct 24.03 24.28 23.70 23.77 –.28 379,032 Sept 1.1426 1.1478 1.1409 1.1421 .0002 41,201
Feb'24 1958.10 1964.00 1948.30 1955.10 –8.80 14,583 Sept 1344.25 1349.00 1319.50 1323.25 –29.75 33,484 March'24 24.27 24.51 23.95 24.01 –.26 239,205 Dec 1.1540 1.1588 1.1524 1.1534 .0003 834
April 1976.20 1982.80 1968.00 1974.10 –8.90 7,480 Nov 1317.50 1334.50 1303.00 1305.25 –20.75 303,849 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. Nov 40.98 40.98 40.98 40.98 … 1,535 Sept .6494 .6529 t .6458 .6469 –.0017 192,602
Aug 1227.70 –34.30 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .6514 .6549 t .6479 .6490 –.0017 3,023
Sept 413.50 416.20 403.10 403.80 –11.50 70,906
Sept 1269.50 1272.00 1233.00 1238.60 –34.30 13,310
Dec 390.50 393.40 379.80 380.50 –11.50 204,694 Oct 86.58 86.58 85.84 86.20 –1.45 92 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept .05825 .05834 .05780 .05811 –.00014 225,962
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 86.67 86.78 85.01 85.10 –1.37 132,008
Aug 885.90 –14.20 4 Dec .05691 .05734 .05687 .05713 –.00014 3,024
Sept 65.06 66.66 64.67 65.90 .85 71,110 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
Oct 904.60 906.20 t 882.60 892.20 –14.60 75,429 Sept 299.75 311.05 299.50 311.05 10.00 5,959
Dec 61.15 62.69 60.71 61.88 .73 189,993 Sept 1.0924 1.0971 1.0914 1.0922 … 743,160
Silver (CMX)-5,000 troy oz.; $ per troy oz. Nov 292.70 304.10 292.35 304.10 10.00 3,165 Dec 1.0973 1.1017 1.0962 1.0970 … 9,494
Aug 22.455 22.575 22.455 22.595 –0.049 20 Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Dec 22.985 23.080 22.585 22.973 –0.061 68,513 Sept 15.63 15.70 15.54 15.59 –.05 6,898
Nov 15.84 15.90 15.73 15.78 –.06 2,902
Interest Rate Futures Index Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Sept 82.52 82.91 80.40 80.99 –1.52 198,944 Wheat (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
Oct 81.98 82.33 79.95 80.50 –1.42 275,828 Sept 618.50 619.00 595.75 598.50 –17.50 81,278 Sept 126-130 126-150 124-290 125-270 –22.0 1,557,995 Sept 35347 35413 34957 35007 –364 102,953
Dec 644.50 644.50 621.75 623.75 –17.75 171,070 Dec 127-270 128-00 126-170 127-140 –24.0 24,362 Dec 35670 35731 35290 35337 –363 752
Nov 81.39 81.77 79.52 80.05 –1.32 161,064
Wheat (KC)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Dec 80.83 81.25 79.09 79.61 –1.25 234,371
Sept 4505.75 4517.75 4447.00 4454.00 –52.00 2,195,451
June'24 77.97 78.38 76.54 77.01 –1.00 127,000 Sept 750.50 754.75 735.50 737.50 –13.00 39,111 Sept 120-180 120-230 119-140 120-030 –19.0 1,327,251
Dec 4555.50 4567.00 4496.00 4503.00 –52.75 31,762
Dec 75.43 75.80 74.17 74.61 –0.86 127,579 Dec 759.25 763.00 742.75 745.50 –13.75 88,896 Dec 120-250 120-290 119-210 120-100 –19.0 37,503
Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 2675.80 2679.00 2635.70 2638.00 –36.70 39,966
Sept 3.0795 3.0921 3.0088 3.0280 –.0603 58,467 Aug 246.250 246.975 245.100 245.875 –.350 7,624 Sept 109-290 110-070 109-115 109-245 –7.5 4,789,282 Dec 2655.70 –37.30 n.a.
Oct 3.0604 3.0720 2.9938 3.0110 –.0572 73,818 Oct 252.250 252.825 250.575 251.550 –.300 15,523 Dec 110-135 110-225 109-260 110-080 –8.0 59,515 Mini Nasdaq 100 (CME)-$20 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cattle-Live (CME)-40,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 15279.00 15335.00 15074.75 15106.50 –163.75 260,354
179.825 180.025 178.975 179.100 –.650 12,075 Sept 106-010 106-092 105-215 105-312 –3.0 5,628,803 Dec 15461.00 15525.75 15268.25 15296.50 –165.75 9,750
Sept 2.9054 2.9318 2.8388 2.8476 –.0586 86,091 Aug
180.600 181.100 179.625 179.975 –.700 135,177 Dec 106-182 106-260 106-055 106-157 –3.5 119,820 Mini Russell 2000 (CME)-$50 x index
Oct 2.6531 2.6789 2.6039 2.6116 –.0480 94,352 Oct
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 1930.00 1933.90 1900.80 1902.40 –25.70 523,238
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 1951.00 1953.30 1920.80 1921.90 –26.10 2,490
Sept 2.810 2.863 2.647 2.659 –.136 145,306 Oct 79.000 79.875 77.950 78.200 –.950 85,125 Sept 101-107 101-142 101-073 101-113 .6 3,762,387
March'24 1940.60 –24.40 18
Oct 2.913 2.961 2.765 2.781 –.117 136,493 Dec 72.525 72.850 71.125 71.250 –1.400 57,032 Dec 101-251 101-289 101-211 101-255 .3 30,366 Mini Russell 1000 (CME)-$50 x index
Nov 3.382 3.432 3.270 3.287 –.077 188,075 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 2438.80 2464.10 2436.30 2440.50 –27.40 8,199
Dec 3.859 3.902 3.762 3.790 –.055 71,443 Sept 500.00 512.50 500.00 511.50 13.00 4,819 Aug 94.6725 94.6725 94.6700 94.6700 388,700 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 94.6400 94.6450 94.6350 94.6450 .0050 370,123 Sept 103.01 103.16 102.68 103.10 .04 26,769
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 102.71 102.80 102.36 102.78 .06 731
May 94.8550 94.8550 94.8550 94.8575 .0025 27,723
Bonds | wsj.com/market-data/bonds/benchmarks Dec 94.5900 94.6200 94.5800 94.6050 .0200 1,282,272 Source: FactSet
.
1132.79 -0.4 Fannie mae (FNMA) 5.120 3.530 5.390 Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 36975 Food
2911.13 1.4 U.S. Corporate 5.750 4.420 6.130
ly
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 35800
1741.72 -0.2 Freddie Mac (FHLMC) 5.250 3.520 5.370 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
2839.20 2.0 Intermediate 5.700 4.200 6.050
Engelhard industrial 1904.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 288.24
3807.22 0.4 Long term 5.840 4.800 6.370 566.46 1.8 Muni Master 3.460 2.623 3.936 Handy & Harman base 1903.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 264.10
Handy & Harman fabricated 2113.27 Broilers, National comp wtd. avg.-u,w 1.0668
558.83 0.6 Double-A-rated 5.150 3.810 5.320 404.65 1.6 7-12 year 3.096 2.392 3.794 Fibers and Textiles 2.6925
775.06 1.9
High Yield Bonds ICE BofA
493.06
Triple-B-rated 6.010 4.730 6.440
Eggs,large white,Chicago-u
473.76 12.7 Triple-C-rated 13.562 12.870 16.916 522.39 0.1 Global Government 3.370 2.170 3.370 Austria crown-e 1869.35
Grains and Feeds Flour,hard winter KC-p 18.30
Austria phil-e 1999.25
l
3309.52 6.3 High Yield 100 8.037 6.863 8.753 758.22 -0.7 Canada 3.850 2.880 3.850 Hams,17-20 lbs,Mid-US fob-u n.a.
Silver, troy oz. Barley,top-quality Mnpls-u n.a.
e
Hogs,Iowa-So. Minnesota-u 99.23
al a
428.52 5.6 Global High Yield Constrained 8.613 7.628 9.945 336.80 1.1 EMU§ 3.434 1.812 3.490 Engelhard industrial 22.6000 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 22.5980 Corn,No. 2 yellow,Cent IL-bp,u n.a. Pork loins,13-19 lb MidUS-u n.a.
325.87 5.5 Europe High Yield Constrained 7.425 5.958 8.508 622.37 0.4 France 3.310 1.620 3.310 Handy & Harman fabricated 28.2480 Corn gluten feed,Midwest-u,w 157.3 Steers,Tex.-Okla. Choice-u n.a.
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LBMA spot price *£17.8900 Corn gluten meal,Midwest-u,w 549.8 Steers,feeder,Okla. City-u,w 280.00
U.S Agency Bloomberg Fixed Income Indices 444.13 0.1 Germany 2.730 0.990 2.760 (U.S.$ equivalent) *22.7250 Cottonseed meal-u,w n.a.
1715.52 1.5 U.S Agency 5.060 3.390 5.080 279.35 0.6 Japan 0.990 0.570 1.060 Coins,wholesale $1,000 face-a 19734 Hominy feed,Cent IL-u,w 145 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
1519.86 1.5 10-20 years 5.070 3.360 5.100 479.72 0.02 Netherlands 2.990 1.320 3.000 LBMA Platinum Price PM *902.0 Oats,No.2 milling,Mnpls-u 4.4950 Grease,choice white,Chicago-h 0.6500
Platinum,Engelhard industrial 895.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Lard,Chicago-u n.a.
3212.67 0.8 20-plus years 5.000 3.810 5.240 741.14 -5.3 U.K. 4.710 2.400 4.710 Palladium,Engelhard industrial 1260.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6798
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2580.75 1.9 Yankee 5.520 4.180 5.840 791.30 3.0 Emerging Markets ** 7.917 7.102 9.159 Aluminum, LME, $ per metric ton *2096.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 434.30 Tallow,bleach;Chicago-h 0.6800
Copper,Comex spot 3.6615 Soybeans,No.1 yllw IL-bp,u n.a. Tallow,edible,Chicago-u n.a.
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
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KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/14
Global Government Bonds: Mapping Yields Source: Dow Jones Market Data
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
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selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Exchange-Traded Portfolios | WSJ.com/ETFresearch
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Closing Chg YTD
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
4.750 U.S. 2 4.952 t l 4.963 4.749 3.201 TechSelectSector XLK 167.89 –0.98 34.9
Tuesday, August 15, 2023 Closing Chg YTD
3.875 10 4.220 s l 4.181 3.818 2.790 ETF Symbol Price (%) (%) UtilitiesSelSector XLU 63.02 –1.62 –10.6
Closing Chg YTD VangdInfoTech VGT 425.65 –0.99 33.3
0.250 Australia 2 4.004 s 3.955 4.078 2.861 -101.4 -31.7
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l -94.5 ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 80.93 0.04 –0.3 VangdSC Val VBR 167.76 –1.46 5.6
iShRussMC IWR 72.68 –1.29 7.8
3.000 10 4.267 s l 4.206 4.002 3.375 4.2 1.1 58.8 CnsmrDiscSelSector XLY 167.92 –1.36 30.0
iShRuss1000 IWB 243.64 –1.11 15.7
VangdExtMkt VXF 149.02 –1.28 12.2
CnsStapleSelSector XLP 73.63 –1.07 –1.2 VangdSC Grwth VBK 226.66 –1.11 13.0
0.000 France 2 3.361 s l 3.328 3.398 0.471 -158.7 -164.1 -270.7 DimenUSCoreEq2 DFAC 27.28 –1.27 12.4 iShRuss1000Grw IWF 273.60 –0.95 27.7 VangdDivApp VIG 161.96 –1.06 6.7
EnSelSectorSPDR XLE 87.66 –2.08 0.2 iShRuss1000Val IWD 158.60 –1.33 4.6 VangdFTSEAWxUS VEU 53.53 –1.22 6.8
3.000 10 3.220 s l 3.173 3.037 1.460 -100.4 -102.2 -132.7 FinSelSectorSPDR XLF 34.21 –1.84 0.0 iShRussell2000 IWM 188.14 –1.32 7.9
VangdFTSEDevMk VEA 45.29 –1.39 7.9
HealthCareSelSect XLV 135.58 –0.37 –0.2 iShS&P500Grw IVW 70.29 –1.00 20.2
3.100 Germany 2 3.115 s l 3.065 3.209 0.526 -183.3 -190.4 -265.2 IndSelSectorSPDR XLI 107.54 –1.28 9.5 iShS&P500Value IVE 161.44 –1.28 11.3
VangdFTSE EM VWO 40.21 –1.06 3.2
VangdFTSE Europe VGK 60.79 –1.28 9.7
2.600 10 2.676 s l 2.638 2.513 0.900 -154.9 -155.7 -188.7 InvscQQQI QQQ 366.42 –1.06 37.6 iShSelectDiv DVY 112.50 –1.85 –6.7
VangdGrowth VUG 280.30 –1.00 31.5
InvscS&P500EW RSP 149.25 –1.32 5.7 iSh7-10YTreaBd IEF 93.80 –0.19 –2.1
VangdHlthCr VHT 248.06 –0.37 0.0
3.600 Italy 2 3.797 s l 3.727 3.841 1.286 -115.1 -124.3 -189.3 iShCoreDivGrowth DGRO 51.85 –1.20 3.7 iShShortTreaBd SHV 110.22 0.02 0.3
VangdHiDiv VYM 107.38 –1.37 –0.8
iShCoreMSCIEAFE IEFA 66.31 –1.27 7.6 iShTIPSBondETF TIP 105.24 –0.31 –1.1
4.350 10 4.354 s l 4.276 4.171 2.975 12.9 8.1 18.8 iShCoreMSCIEM IEMG 48.63 –0.98 4.1 iSh20+YTreaBd TLT 94.58 –0.61 –5.0
VangdIntermBd BIV 73.63 –0.20 –0.9
VangdIntrCorpBd VCIT 77.40 –0.35 –0.1
61.57 –1.25 6.4 iShUSTreasuryBd GOVT 22.41 –0.13 –1.4
0.005 Japan 2 0.025 s l 0.019 -0.035 -0.091 -492.3 -495.0 -326.9 iShCoreMSCITotInt IXUS
VangdIntermTrea VGIT 57.79 –0.05 –1.2
iShCoreS&P500 IVV 445.34 –1.13 15.9 JPMEquityPrem JEPI 55.13 –0.95 1.2
VangdLC VV 202.61 –1.11 16.3
0.400 10 0.632 s l 0.619 0.480 0.187 -359.3 -357.7 -260.0 iShCoreS&P MC IJH 262.59 –1.36 8.6 JPM UltShIncm JPST 50.10 0.02 –0.1
ProShUltPrQQQ TQQQ 39.15 –3.07 126.3 VangdMC VO 218.01 –1.31 7.0
iShCoreS&P SC IJR 100.42 –1.14 6.1
0.000 Spain 2 3.501 s l 3.446 3.496 0.697 -144.7 -152.3 -248.1 iShCoreS&PTotUS ITOT 97.82 –1.13 15.4 SPDRBbg1-3MTB BIL 91.61 0.01 0.2 VangdMC Val VOE 138.16 –1.48 2.2
SPDR DJIA Tr DIA 349.61 –1.02 5.5 VangdMBS VMBS 44.71 –0.25 –1.8
3.550 10 3.710 s l 3.649 3.526 2.005 -54.6 -78.2 iShCoreTotalUSDBd IUSB 44.44 –0.29 –1.1
-51.5
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SPDR Gold GLD 176.59 –0.27 4.1 VangdRealEst VNQ 81.85 –1.12 –0.8
iShCoreUSAggBd AGG 95.74 –0.27 –1.3
VangdS&P500ETF VOO 407.00 –1.15 15.8
0.625 U.K. 2 5.127 s l 5.057 5.202 2.033 17.9 8.8 -114.5 iShEdgeMSCIMinUSA USMV 74.57 –0.85 3.4 SPDRPtfDevxUS SPDW 31.92 –1.36 7.5
VangdST Bond BSV 75.30 ... 0.0
iShEdgeMSCIUSAQual QUAL 136.43 –0.89 19.7 SPDRS&P500Value SPYV 43.28 –1.28 11.3
4.250 10 4.591 s l 4.567 4.450 2.017 36.6 37.2 -77.0 iShGoldTr IAU 36.03 –0.30 4.2 SPDRPtfS&P500 SPLG 52.10 –1.16 15.8 VangdSTCpBd VCSH 75.34 –0.09 0.2
iShiBoxx$HYCpBd HYG 74.58 –0.32 1.3 SPDRS&P500Growth SPYG 60.85 –0.96 20.1 VangdShortTrea VGSH 57.61 0.05 –0.4
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShiBoxx$IGCpBd LQD 104.46 –0.52 –0.9 SPDR S&P 500 SPY 442.89 –1.16 15.8 VangdSC VB 199.37 –1.34 8.6
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iShJPMUSDEmBd EMB 84.42 –0.85 –0.2 SchwabIntEquity SCHF 34.93 –1.30 8.4 VangdTaxExemptBd VTEB 49.70 –0.14 0.4
.
AmericaMovil AMX 18.79 -0.21 AveryDennison AVY 180.32 -3.91 BristolMyers BMY 61.75 0.13 Euro zone
AmerAirlines AAL 15.55 -0.33 AvisBudget CAR 224.14 -7.64 BritishAmTob BTI 31.82 -0.53 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Secured Overnight Financing Rate
Switzerland 2.25 2.25 2.25 0.25
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t AEP AEP 79.10 -0.90 AxonEnterprise AXON 203.05 -3.57 BrixmorProp BRX 22.21 -0.37 spin-off. 5.30 5.30 5.31 2.25
Britain 5.25 5.25 5.25 1.75
Australia 4.10 4.10 4.10 1.85 Value 52-Week
Latest Traded High Low
ADVERTISEMENT Overnight repurchase
DTCC GCF Repo Index
Discount
5.34 5.32
Notes on data:
5.358
5.379
33.350 5.365 2.221
83.900 5.407 2.319
5.50 5.50 5.50 2.50 U.S. prime rate is the base rate on corporate
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Effective rate 5.3400 5.3400 5.3400 2.3300 prime rates aren’t directly comparable; lending
VIRGINIA INDIANA
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practices vary widely by location; Discount rate
5.6500 5.6500 5.6500 2.4500
al a
High
is effective July 27, 2023. Secured Overnight
Low 5.3100 5.3100 5.3100 2.3000 Financing Rate is as of August 14, 2023. DTCC
Bid 5.3300 5.3300 5.3300 2.3000 GCF Repo Index is Depository Trust & Clearing
BANK-OWNED REAL ESTATE AUCTION 5.3600 5.3500 5.3700 2.3200
Offer Corp.'s weighted average for overnight trades in
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REAL ESTATE AUCTION Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
5 VACANT LAND PARCELS 2143 CALUMET AVE., HAMMOND/WHITING, INDIANA BANKRATE.COM® MMA, Savings and CDs
COMBINED INTO 4 SEPARATE OFFERINGS (JUST 30 MINUTES FROM DOWNTOWN CHICAGO)
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ALL LOCATED IN FREDERICKSBURG, VIRGINIA This 2-story, approximately 13,000 sq. ft. building is Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Various potential uses from Hotel, Retail, Office, Assisted Living and more. National average
ideal to continue to be used as a surgical center, Savings 0.52 0.44 0.52 1.49 1.30 1.51 1.31 1.17 1.11
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Weekly change
You essentially receive two high-visibility stop light corner Located just 1 mile from Chicago and the Illinois border, Savings 0.01 0.23 0.28 0.06 0.02 -0.01 0.01 -0.04 -0.01
lots at the entry way to the Spotsylvania Regional Medical ALL equipment is included in the sale. Low Indiana Jumbos -0.02 0.23 0.00 0.07 0.03 0.01 0.01 -0.02 0.01
Center. The corner of Spotsylvania Pkwy and Hospital Blvd.
property taxes and Doctor’s malpractice insurance.
Previously Valued to $1,675,000 • Suggested Opening Bid $650,000
Consumer Savings Rates
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2 3.3 Acres, Ø Hospital Blvd., Pod C Parcel 4 Cosner East. Hammond Music Venue and lakefront development. Below are the top federally insured offers available nationwide according to Bankrate.com's
OFFERING
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
Zoned C-3. SouthsIde of Overview Dr., Eastside of Hospital Dr.
where Hospital intersects Mill Dr. Adjacent to Bojangles,
Previously Valued Over $5,000,000 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
High yield savings
Sheetz Gas Station. Suggested Opening Bid $850,000 Bank Yield Bank Yield
Previously Priced to $950,000 • Suggested Opening Bid $375,000
On-site inspections 10am to noon on August 22, Phone number Minimum (%) Phone number Minimum (%)
4 1.140 Acres, Cosners Corner, East of Patriot Hwy (U.S. 1) One-month CD One-year CD
OFFERING
Zoned C-3. Between Rt. 17 (Mills Dr.) to the North and IN CONJUNCTION WITH RICK LEVIN, LICENSED INDIANA AUCTIONEER VirtualBank $10,000 2.48 Connexus Credit Union $5,000 5.61
(877) 998-2265 (800) 845-5025
Spotsylvania Pkwy to the South. Behind a GNC store,
Colorado Federal Savings Bank $5,000 1.00 Forbright Bank $1,000 5.50
a Hair Cuttery and diagonally across from a Gourmeltz,
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MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34946.39 t 361.24, or 1.02% Trailing P/E ratio 25.61 20.13 4437.86 t 51.86, or 1.16% Trailing P/E ratio * 22.43 22.75 13631.05 t 157.28, or 1.14% Trailing P/E ratio *† 30.25 27.36
High, low, open and close for each P/E estimate * 19.18 17.90 High, low, open and close for each P/E estimate * 20.41 18.69 High, low, open and close for each P/E estimate *† 27.55 24.32
trading day of the past three months. Dividend yield 2.04 2.05 trading day of the past three months. Dividend yield * 1.56 1.54 trading day of the past three months. Dividend yield *† 0.85 0.82
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
.
Apple AAPL 3,408.1 177.41 -0.05 -0.03 179.46 177.31
500 Index 4478.87 4432.19 4437.86 -51.86 -1.16 4588.96 3577.03 3.1 15.6 9.6 Nasdaq NYSE Arca
ly
dLocal DLO 3,152.7 20.70 5.20 33.55 21.55 14.40
MidCap 400 2651.09 2627.65 2628.81 -36.03 -1.35 2728.44 2203.53 -0.2 8.2 10.5 Total volume*4,473,329,779 261,862,755
SmallCap 600 1230.51 1222.55 1222.94 -14.17 -1.15 1315.82 1064.45 -5.8 5.7 10.0 Percentage gainers… Adv. volume*1,721,218,353 41,732,692
dLocal DLO 3,152.7 20.70 5.20 33.55 21.55 14.40 Decl. volume*2,663,172,346 218,899,732
Other Indexes
Russell 2000
NYSE Composite
Value Line
1913.63 1895.75 1895.75 -24.74
16116.05 15897.33 15911.31 -204.74
576.55 568.33 568.45 -8.10
-1.29
-1.27
-1.40
on 2020.53 1655.88
16427.29 13472.18
606.49 491.56
-6.2
0.4
-5.3
7.6
4.8
6.0
6.3
7.2
5.5
CAVA Group
Hawaiian Electric Inds HE
H&R Block
CAVA
HRB
979.6
692.5
219.5
50.11
15.74
37.20
3.72
0.95
1.85
8.02
6.42
5.23
52.48
15.93
38.50
45.50
13.91
35.16
Issues traded
Advances
Declines
Unchanged
4,538
1,231
3,125
182
1,752
182
1,552
18
NYSE Arca Biotech 5269.33 5236.84 5259.86 3.27 0.06 5644.50 4390.11 4.2 -0.4 -1.8
Nu Holdings A NU 955.9 8.32 0.41 5.18 8.35 7.73
New highs 66 3
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NYSE Arca Pharma 918.63 911.56 916.50 1.27 0.14 916.50 737.84 13.9 5.6 11.4 ...And losers New lows 222 37
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KBW Bank 84.25 82.64 82.89 -2.34 -2.75 115.55 71.96 -28.3 -17.8 1.6 274.7 33.64 -3.42 40.54 32.00 Closing Arms† 0.61 0.43
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VinFast Auto VFS -9.23
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PHLX§ Gold/Silver 117.20 114.09 114.40 -3.20 -2.72 144.37 91.40 3.9 -5.3 -7.8 Taysha Gene Therapies TSHA 402.2 2.09 -0.09 -4.13 2.21 2.06 Block trades* 35,016 1,247
PHLX§ Oil Service 92.74 91.39 92.00 -1.47 -1.57 94.51 56.08 38.3 9.7 32.5 Agilent Technologies A 166.2 122.60 -3.05 -2.43 127.99 120.31 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 3607.97 3552.12 3553.96 -61.49 -1.70 3861.63 2162.32 16.7 40.4 17.3 Prime Number Acqn I Cl A PNAC 3,464.0 8.80 -0.20 -2.22 9.85 8.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.57 14.91 16.46 1.64 11.07 33.63 12.91 -16.4 -24.0 -9.3 Boot Barn Holdings BOOT 69.7 93.22 -2.01 -2.11 95.70 93.22 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
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World MSCI ACWI 678.47 –6.23 –0.91 12.1 Sacks Parente Golf SPGC 28.97 24.97 624.25 30.00 4.00 ... Galecto GLTO 0.67 -1.67 -71.22 3.70 0.64 -68.7
MSCI ACWI ex-USA 299.07 –1.45 –0.48 6.3 VinFast Auto VFS 37.06 26.61 254.64 38.78 10.45 ... Design Therapeutics DSGN 2.17 -5.17 -70.46 25.88 2.08 -90.7
MSCI World 2948.22 –28.64 –0.96 13.3 Delcath Systems DCTH 5.67 2.55 81.73 7.99 2.34 28.9 Altisource Asset Mgmt AAMC 10.28 -22.56 -68.70 103.50 9.85 -51.4
MSCI Emerging Markets 981.80 –4.48 –0.45 2.7 Paranovus Ent Tech PAVS 4.09 1.09 36.33 6.70 1.40 -8.1 MGO Global MGOL 1.19 -1.07 -47.35 16.61 0.92 ...
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Americas MSCI AC Americas 1678.85 –20.32 –1.20 15.2 Grove Collaborative GROV 2.85 0.66 30.14 35.70 0.91 -90.2 Hawaiian Electric Inds HE 14.79 -6.67 -31.08 44.01 14.49 -66.4
Canada S&P/TSX Comp 19899.79 –390.75 –1.93 2.7 Carmell Therapeutics CTCX 3.56 0.77 27.60 13.31 2.60 -63.4 Sea ADR SE 40.58 -16.32 -28.68 88.84 40.11 -47.6
Latin Amer. MSCI EM Latin America 2362.14 –16.65 –0.70 11.0 Marker Therapeutics MRKR 5.86 1.20 25.75 9.68 0.67 61.1 OptimizeRx OPRX 9.08 -3.49 -27.76 22.77 8.70 -42.5
Brazil BOVESPA 116171.42 –638.13 –0.55 5.9 Siyata Mobile SYTA 4.13 0.81 24.40 84.00 3.10 -95.0 Eastside Distilling EAST 2.19 -0.77 -25.93 14.00 2.00 -80.7
Chile S&P IPSA 3507.52 … Closed 10.6 LL Flooring Holdings LL 4.65 0.90 24.00 11.00 2.75 -56.0 AEON Biopharma AEON 4.11 -1.36 -24.86 14.68 4.06 -58.3
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Mexico S&P/BMV IPC 53568.32 286.28 0.54 10.5 Fifth Wall Acqn III Cl A FWAC 9.48 1.83 23.92 20.12 7.00 -3.2 Greenidge Generation GREE 5.02 -1.57 -23.82 40.80 1.55 -86.6
EMEA STOXX Europe 600 455.57 –4.29 –0.93 7.2 Paysafe PSFE 14.64 2.82 23.86 27.36 9.34 -46.0 Hanryu Holdings HRYU 5.17 -1.60 -23.63 9.50 4.00 ...
Eurozone Euro STOXX 453.09 –3.76 –0.82 10.5 Fitell FTEL 2.95 0.53 21.90 5.26 2.02 ... Laser Photonics LASE 1.77 -0.43 -19.55 7.23 1.50 ...
Belgium Bel-20 3672.40 –14.65 –0.40 –0.8 Healthcare Triangle HCTI 4.26 0.72 20.34 10.89 1.11 -39.1 VYNE Therapeutics VYNE 4.85 -1.16 -19.30 8.73 1.99 -21.6
Denmark OMX Copenhagen 20 2133.99 –0.93 –0.04 16.3 Telesat Cl A TSAT 17.15 2.77 19.26 17.65 6.00 32.7 OMNIQ OMQS 2.30 -0.52 -18.44 7.78 2.25 -69.0
12.3 Prime Number Acqn I Cl A PNAC 9.00 1.40 18.42 11.42 7.00 -9.8 NanoVibronix NAOV 2.18 -0.49 -18.41 12.90 2.04 -81.8
France CAC 40 7267.70 –81.14 –1.10
Germany DAX 15767.28 –136.97 –0.86 13.2
Israel Tel Aviv 1853.54 –2.91 –0.16 3.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28435.49 … Closed 19.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 759.28 –6.93 –0.90 10.2
Norway Oslo Bors All-Share 1438.95 –2.21 –0.15 5.6 T2 Biosystems TTOO 347,790 302.4 0.59 51.56 8.50 0.05 Prime Number Acqn I Cl A PNAC 3,508 12923 9.00 18.42 11.42 7.00
South Africa FTSE/JSE All-Share 75590.77 –570.10 –0.75 3.5 Novo Integrated Sciences NVOS 240,544 4097.6 0.12 63.61 1.85 0.07 FG Merger FGMC 1,205 8020 10.57 -1.40 11.48 9.60
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EBET EBET 147,138 512.9 0.04 22.06 2.66 0.03 Design Therapeutics DSGN 16,001 7193 2.17 -70.46 25.88 2.08
Spain IBEX 35 9347.50 –82.10 –0.87 13.6
ProSh UltraPro Shrt QQQ SQQQ 115,974 -4.2 19.46 3.18 69.55 16.38 iShares MSCI Qatar ETF QAT 525 3957 18.60 unch. 23.83 17.10
Sweden OMX Stockholm 815.90 –9.42 –1.14 4.4
2.4
WeWork WE 107,800 154.8 0.19 -13.61 5.86 0.12 Hawaiian Electric Inds HE 29,853 3493 14.79 -31.08 44.01 14.49
Switzerland Swiss Market 10985.22 –124.89 –1.12
Turkey BIST 100 7690.75 –46.63 –0.60 39.6 Kenvue KVUE 105,934 1017.7 23.26 1.39 27.80 22.49 Principal U.S. Small-Cap PSC 956 3057 42.74 -0.95 44.40 36.47
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U.K. FTSE 100 7389.64 –117.51 –1.57 –0.8 Delcath Systems DCTH 104,781 67061.8 5.67 81.73 7.99 2.34 Invsc BuyBack Achievers PKW 3,252 2904 92.93 -1.13 94.70 73.80
U.K. FTSE 250 18659.75 –101.68 –0.54 –1.0 Johnson Johnson JNJ 88,959 669.0 172.94 -0.29 181.04 150.11 Worldwide Webb Acqn Cl A WWAC 317 2768 10.49 0.19 10.75 9.91
Tesla TSLA 87,434 -34.2 232.96 -2.84 314.67 101.81 First Light Acqn Cl A FLAG 247 2377 10.62 0.09 11.57 9.80
Asia-Pacific MSCI AC Asia Pacific 161.45 –0.07 –0.04 3.7 TQQQ 80,702
ProShares UltraPro QQQ -19.4 39.15 -3.07 47.14 16.10 iSh Russell Top 200 Grw IWY 4,889 2199 157.87 -0.98 165.41 114.66
Australia S&P/ASX 200 7305.00 28.05 0.39 3.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3176.18 –2.25 –0.07 2.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18581.11 –192.44 –1.03 –6.1
Closed 7.5
Scan this code
India S&P BSE Sensex 65401.92 …
Japan NIKKEI 225 32238.89 178.98 0.56 23.5 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3232.74 –14.95 –0.46 –0.6 and track most-active stocks,
South Korea KOSPI 2570.87 … Closed 15.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16454.80 61.14 0.37 16.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1520.73 –14.43 –0.94 –8.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004171 23975 1.5
CREDIT MARKETS Argentina peso .0029349.9687 98.0 Europe
Brazil real .2006 4.9848 –5.7 Czech Rep. koruna .04521 22.118 –2.0
Canada dollar .7409 1.3498 –0.4 Denmark krone .1463 6.8338 –1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001159 863.05 1.7 Euro area euro 1.0907 .9169 –1.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4096.45 –15.5 Hungary forint .002810 355.92 –4.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007568 132.13 –6.7
A consumer rate against its 30-year mortgage, Rate Mexico peso .0583 17.1463 –12.0 Norway krone .0949 10.5389 7.4
benchmark over the past year 5.00% Uruguay peso .02596 38.5250 –3.6 Poland zloty .2436 4.1058 –6.2
Bankrate.com avg†: 7.63% 14% Russia ruble .01020 98.001 32.9
Tradeweb ICE t Asia-Pacific
1st Summit Bank 6.24% 4.00 WSJ Dollar Index Euro Sweden krona .0920 10.8652 4.1
Tuesday Close s s
Australiadollar .6454 1.5494 5.6
7.00% Johnstown, PA 888-262-4010 7 Switzerland franc 1.1382 .8786 –5.0
China yuan .1373 7.2826 5.6
t 3.00 Turkey lira .0370 27.0614 44.8
Fidelity Bank Trust 6.25% Hong Kong dollar .1278 7.8234 0.2
.0271 36.9500
t Ukraine hryvnia
30-year fixed-rate 5.50 0 0.3
2.00 India rupee .01199 83.389 0.8
mortgage Dubuque, IA 563-557-2300 One year ago UK pound 1.2706 .7870 –4.8
Indonesia rupiah .0000653 15318 –1.6
4.00 International Bank of Commerce 6.25% 1.00 –7 Japan yen .006869 145.58 11.0 Middle East/Africa
s
t Lawton, OK 580-355-0253 Kazakhstan tenge .002212 452.11 –2.3 Bahrain dinar 2.6529 .3770 –0.03
10-year Treasury Yen
2.50 Farmers Bank 6.38% 0.00 –14 Macau pataca .1240 8.0640 0.2 Egypt pound .0324 30.8954 24.8
note yield Malaysia ringgit .2157 4.6358 5.2 Israel shekel .2673 3.7416 6.1
Buhl, ID 208-734-1500 1 3 6 1 2 3 5 7 10 20 30 2022 2023
1.00 New Zealand dollar .5952 1.6801 6.7 Kuwait dinar 3.2500 .3077 0.6
Marathon Bank 6.38% month(s) years
S ON D J FMAM J J A Pakistan rupee .00347 288.125 27.1 Oman sul rial 2.5974 .3850 unch
Wausau, WI 715-845-7331 maturity Philippines peso .0176 56.765 1.9 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7361 1.3585 1.3 Saudi Arabia riyal .2666 3.7509 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007480 1336.87 5.9 South Africa rand .0522 19.1458 12.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031100 321.54 –12.5
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03133 31.923 4.2
Yield (%) 52-Week Total Return (%) Thailand baht .02827 35.370 2.2 WSJ Dollar Index 98.04 0.10 0.10 1.53
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.30 2.25 l 5.31 5.21 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2085.440 4.600 4.400 4.600 3.120 –4.502 –5.323
Money market, annual yield 0.57 0.57 0.12 l 0.57 0.33
Five-year CD, annual yield 2.83 2.85 1.83 l 2.86 2.16 U.S. Treasury Long, Bloomberg 3049.910 4.450 4.300 4.570 3.250 –14.157–14.048 Commodities
30-year mortgage, fixed† 7.63 7.55 5.50 l 7.67 4.45 Aggregate, Bloomberg 1955.040 5.080 4.880 5.210 3.600 –4.448 –4.742 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.82 6.73 4.94 l 6.82 4.12 Fixed-Rate MBS, Bloomberg 1928.310 5.130 4.930 5.380 3.530 –6.036 –4.480
Jumbo mortgages, $726,200-plus† 7.71 7.60 5.51 l 7.75 4.48 DJ Commodity 980.29 -14.54 -1.46 1113.32 930.59 -8.04 -6.52
High Yield 100, ICE BofA 3309.520 8.037 7.940 8.753 6.863 2.818 1.679 Refinitiv/CC CRB Index 274.30 -3.79 -1.36 301.75 253.85 -4.65 -1.24
Five-year adj mortgage (ARM)† 6.42 6.37 4.24 l 6.42 3.14
Muni Master, ICE BofA 566.458 3.460 3.485 3.936 2.623 0.125 –1.392 Crude oil, $ per barrel 80.99 -1.52 -1.84 97.01 66.74 -6.40 0.91
New-car loan, 48-month 7.31 7.30 5.07 l 7.64 3.04
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 791.303 7.917 7.677 9.159 7.102 1.115 –4.322 Natural gas, $/MMBtu 2.659 -0.136 -4.87 9.680 1.991 -71.50 -40.58
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1902.50 -8.10 -0.42 2048.00 1623.30 7.29 4.55
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
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CoreMoldingTech CMT 27.95 3.9 MontereyCapA MCAC 10.59 0.2 WellsFargoPfdQ WFCpQ 25.26 ... Avista AVA 33.94 -4.3 ConagraBrands CAG 30.27 -2.0 FusionFuelGreen HTOO 1.81 -4.6 MetenHolding METX 0.16 2.5 Prenetics PRE 0.60 -5.9 TelusIntl TIXT 8.55 -3.2 ZW DataAction CNET 1.14 -2.6
CornerGrowth2Wt TRONW 0.14 -1.2 NatlWesternLife NWLI 460.00 1.4 WelsbachTech WTMA 10.67 0.1 AxcellaHealth AXLA 0.15 -6.8 Concentrix CNXC 72.46 -1.7 Galecto GLTO 0.64 -71.2 MethodeElec MEI 31.33 -1.2 ProPhaseLabs PRPH 5.63 -1.2 TPIComposites TPIC 4.77 -17.8 Zynex ZYXI 7.56 -1.4
MSA Safety MSA 176.80 -1.78 NewsCorp A NWSA 20.91 -0.71 Pinterest PINS 25.70 -0.45 SS&C Tech SSNC 56.29 -0.11 TakeTwoSoftware TTWO 139.51 -2.87 VailResorts MTN 226.80 -2.51
Net Stock Sym Close Chg Stock Sym Close Chg
MSCI MSCI 533.82 -13.46 NewsCorp B NWS 21.38 -0.71 PioneerNatRscs PXD 233.72 -3.28 Saia SAIA 420.49 -5.58 TakedaPharm TAK 15.21 -0.06 Vale VALE 12.27 -0.20
Stock Sym Close Chg t NextEraEnergy NEE 67.35 PlainsAllAmPipe PAA 15.23 -0.06 Salesforce CRM 208.78 -3.28 TargaResources TRGP 84.07 -0.52 ValeroEnergy VLO 131.14
HP HPQ 31.84 -0.23 JamesHardie JHX 30.26 -0.09 MagellanMid MMP 65.55 -0.26 -1.21 -5.36
HSBC 38.62 -1.16 JazzPharm JAZZ 139.99 -0.01 MagnaIntl MGA 56.76 -0.66 Nike NKE 106.55 -1.09 PlainsGP PAGP 15.75 -0.17 Samsara IOT 23.65 -0.47 t Target TGT 125.05 -3.27 VeevaSystems VEEV 191.22 -1.30
Ferguson FERG 160.27 -1.11 HSBC
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8.56 -0.12 J&J ManulifeFinl MFC 18.78 -0.50 Noble NE 51.76 -0.41 PolestarAuto PSNY 3.87 -0.14 SareptaTherap SRPT 114.08 1.67 TeckResourcesB TECK 37.94 -1.90 VeriSign VRSN 206.13 -2.13
FidNatlFinl FNF 41.02 -1.02 Haleon HLN JNJ 172.94 -0.50
t Nokia NOK 3.80 -0.07 Pool POOL 368.09 -4.58 Sasol SSL 12.80 -0.50 TeledyneTech TDY 400.13 -2.36 VeriskAnalytics VRSK 234.78 -2.36
FidNatlInfo FIS 55.88 -0.11 Halliburton HAL 39.49 -0.82 JohnsonControls JCI 59.13 -0.29 MarathonOil MRO 25.86 -0.49
MarathonPetrol MPC 142.62 -5.17 Nomura NMR 3.65 -0.05 Primerica PRI 209.25 -3.85 Schlumberger SLB 58.33 -1.19 Teleflex TFX 224.35 -3.42 Verizon VZ 33.26 -0.30
FifthThirdBncp FITB 25.86 -0.93 HartfordFinl HIG 72.18 -1.09 JonesLang JLL 167.19 -4.41
HAS 64.03 -1.59 JuniperNetworks JNPR 27.33 -0.44 Markel MKL 1494.94 -10.05 Nordson NDSN 237.03 -4.16 PrincipalFinl PFG 76.48 -1.23 SchwabC SCHW 60.97 -0.81 Ericsson ERIC 4.91 -0.10 VertexPharm VRTX 349.78 0.41
FirstCitizBcshA FCNCA 1429.24 -31.43 Hasbro
MarketAxess MKTX 232.57 -4.42 NorfolkSouthern NSC 208.85 -6.58 ProcoreTech PCOR 62.75 -2.01 t Sea SE 40.58 -16.32 TelefonicaBras VIV 8.49 -0.08 Vertiv VRT 34.73 0.15
FirstHorizon FHN 12.83 -0.43 HealthpeakProp PEAK 20.33 -0.32 KB Financial KB 38.21 -0.40
KBR 60.46 -1.08 Marriott MAR 206.00 -0.84 NorthernTrust NTRS 76.95 -1.77 Procter&Gamble PG 154.79 -1.00 Seagate STX 65.50 -2.31 Telefonica TEF 3.88 -0.05 Viatris VTRS 11.16 -0.03
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Mattel MAT 21.25 -0.47 nVentElectric NVT 53.40 -0.65 Qiagen QGEN 43.84 -0.26 Shopify SHOP 55.34 -0.64 TevaPharm TEVA 9.53 -0.02
FomentoEconMex FMX 112.37 -0.20 HomeDepot HD 332.14 2.19 KimberlyClark KMB 126.50 -0.93 NVIDIA NVDA 439.40 1.87 Qorvo QRVO 99.52 -3.67 SimonProperty SPG 117.87 -1.15 TexasInstruments TXN 168.16 -2.32
McCormickVtg MKC.V 85.74 -3.62
FordMotor F 11.98 -0.22 HondaMotor HMC 30.71 -0.17 KimcoRealty KIM 19.81 -0.40 Qualcomm QCOM 111.68 -2.34 SiriusXM SIRI 4.71 0.01 TexasPacLand TPL 1848.84 -27.27
WEC Energy WEC 84.23 -1.95
McCormick MKC 85.88 -0.95
Fortinet FTNT 59.17 -0.49 Honeywell HON 187.80 -1.71 KinderMorgan KMI 17.36 -0.31
McDonald's MCD 288.30 -0.51 O P Q QuantaServices PWR 203.20 -0.34 SiteOneLandscape SITE 161.74 -1.60 TexasRoadhouse TXRH 106.70 -0.33
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Fortis FTS 39.68 -0.56 HorizonTherap HZNP 104.09 0.08 KinsaleCapital KNSL 382.93 4.95 QuestDiag DGX 133.53 -1.63 SkechersUSA SKX 52.48 -0.71 Textron
WPC 64.66 -0.80
McKesson MCK 430.91 -7.09 OGE Energy OGE 33.43 TXT 76.06 -1.58 WPP
Fortive FTV 79.11 -0.68 HormelFoods HRL 40.24 -0.63 Knight-Swift KNX 58.52 -1.62 -0.48
Skyworks SWKS 105.50 -3.33 ThermoFisher TMO 534.43 -5.91
WPP 48.21 -0.93
FortuneBrands FBIN 70.95 -0.99 DR Horton DHI 126.84 3.56 Philips PHG 21.01 -0.02 Medpace MEDP 265.26 -0.36 ONEOK OKE 65.43 -0.52 R S Wabtec WAB 112.58 -1.55
Medtronic MDT 82.84 -0.32 SmithAO AOS 70.82 -0.46 ThomsonReuters TRI 131.36 -1.70
FoxB FOX 31.90 0.14 HostHotels HST 16.02 -0.16 KoreaElecPwr KEP 6.88 -0.09 ON Semi ON 94.13 -2.99 WalgreensBoots WBA 28.60 -0.47
Smith&Nephew SNN 27.42 -0.62 3M
FoxA FOXA 34.01 0.17 HoulihanLokey HLI 100.78 -0.86 KraftHeinz KHC 33.76 -0.48 MercadoLibre MELI 1286.04 -10.48 OReillyAuto ORLY 951.36 6.21 RB Global RBA 56.78 -1.36 MMM 101.14 -2.28 Walmart WMT 159.18 -0.82
Smucker SJM 144.61 -1.99 Toast
Franco-Nevada FNV 137.61 -4.24 HowmetAerospace HWM 48.77 -0.45 Kroger KR 47.95 -0.61 Merck MRK 108.66 -0.25 OccidentalPetrol OXY 63.55 -1.56 RELX RELX 32.38 -0.41 TOST 23.11 -0.49 WarnerBrosA WBD 13.42 -0.11
Snap SNAP 9.56 -0.38 Toll Bros
FranklinRscs BEN 26.94 -0.88 Hubbell HUBB 306.70 -3.73 LKQ LKQ 52.91 -0.55 MetaData AIU 1.02 -0.02 Okta OKTA 72.26 ... RH RH 373.63 -9.32
Snap-On SNA 267.74 -2.89 s TopBuild
TOL 81.39 0.76 WarnerMusic WMG 32.92 -0.53
FreeportMcM FCX 39.85 -1.36 HubSpot HUBS 508.56 0.48 LPL Financial LPLA 222.19 -5.26 MetaPlatforms META 301.95 -4.24 OldDomFreight ODFL 409.64 -6.35 R1 RCM RCM 16.55 -0.25
Snowflake SNOW 151.10 -1.76 Toro
BLD 301.79 -0.10 WasteConnections WCN 138.35 -2.81
HUM 495.31 -1.90 L3HarrisTech LHX 182.37 -4.09 MetLife MET 61.86 -1.71 OldRepublic ORI 27.41 -0.20 RPM RPM 103.05 -0.79 TTC 100.66 -2.24 WasteMgt WM 158.97 -1.76
FreseniusMed FMS 24.78 0.18 Humana SOQUIMICH SQM 65.20 -1.03 TorontoDomBk TD
Freshworks FRSH 22.41 -0.35 JBHunt JBHT 199.54 -2.80 LabCorp.ofAmerica LH 216.16 -1.83 Mettler-Toledo MTD 1226.76 -13.41 Olin OLN 55.21 -2.79 RTX RTX 85.66 -0.78
SoFiTech
62.43 -1.36 Waters
SOFI 8.37 -0.31 TotalEnergies TTE 61.13 -0.49
WAT 285.47 -2.90
MicrochipTech MCHP 80.89 -2.15 OmegaHealthcare OHI 31.14 -0.36 RalphLauren RL 119.63 -1.44 Watsco WSO 360.70 -0.76
FullTruck YMM 6.49 -0.12 HuntingtonBcshs HBAN 11.30 -0.40 LamResearch LRCX 655.83 -11.37 t SolarEdgeTech SEDG 170.00 -6.99 ToyotaMotor TM 165.39 -1.31
Futu FUTU 48.21 -0.91 HuntingIngalls HII 222.78 -4.91 LamarAdv LAMR 87.84 -1.16 MicronTech MU 65.33 -2.95 Omnicom OMC 80.06 0.11 RangeResources RRC 31.93 -0.36
Sony SONY 83.53 -0.44 TractorSupply TSCO 222.05 -0.39
Wayfair W 76.81 -1.55
HyattHotels H 114.81 -2.34 LambWeston LW 95.99 -1.21 Microsoft MSFT 321.86 -2.18 OnHolding ONON 29.77 -4.84 RaymondJames RJF 105.06 -2.06
Southern SO 67.78 -1.05 TradeDesk
WebsterFin WBS 42.82 -1.30
G H I ICICI Bank IBN 22.82 -0.13 LandstarSystem LSTR 194.52 -3.11 MidAmApt MAA 141.78 -0.83 OpenText OTEX 37.34 -0.81 RealtyIncome O 57.43 -0.51
SoCopper SCCO 80.15 -1.50 Tradeweb
TTD 73.69 -1.57 WellsFargo WFC 42.73 -1.01
ICL Group ICL 6.14 -0.18 LasVegasSands LVS 54.64 -1.16 Middleby MIDD 146.88 -3.37 Oracle ORCL 117.29 1.72 RegalRexnord RRX 154.84 -2.04
SouthwestAir LUV 33.12 -0.41 TraneTech
TW 81.01 -1.01 Welltower WELL 83.27 -1.01
GE HealthCare GEHC 70.54 -1.26 IdexxLab IDXX 509.37 1.67 LatticeSemi LSCC 87.51 -0.82 MitsubishiUFJ MUFG 7.59 -0.03 Orange ORAN 11.07 -0.12 RegencyCtrs REG 63.05 -1.16
SouthwesternEner SWN 6.39 -0.08 TransDigm
TT 203.04 -1.81 WescoIntl WCC 154.42 -2.44
GFLEnvironmental GFL 32.76 -0.21 ING Groep ING 14.14 -0.15 Lear LEA 143.16 -1.40
MizuhoFin MFG 3.17 -0.05 Orix IX 88.61 -0.24 RegenPharm REGN 805.91 -2.47 TDG 860.55 -4.46 WestPharmSvcs WST 402.13 2.24
n-
GSK GSK 35.26 -0.18 Invesco Mobileye MBLY 38.10 -0.45 Splunk SPLK 98.04 -0.56 TransUnion TRU 78.89 -0.50
IVZ 15.58 -0.62 LegendBiotech LEGN 66.95 -3.40 OtisWorldwide OTIS 85.74 -1.31 RegionsFinl RF 19.74 -0.55 WesternDigital WDC 41.05 -1.55
GXO Logistics GXO 63.41 -0.20 IQVIA t Moderna MRNA 96.41 -3.59 Spotify SPOT 133.43 -5.95 Travelers TRV 163.48 -2.79 WesternMidstrm WES 27.08
IQV 217.66 -2.46 Leidos LDOS 97.60 -0.57 Ovintiv OVV 47.49 -0.53 ReinsGrp RGA 139.29 -0.80 -0.46
StanleyBlackDck SWK 93.02 -1.02 Trex
Gallagher AJG 223.86 -1.72 ITT ITT 96.93 -1.14 Lennar A LEN 126.06 2.19 MolinaHealthcare MOH 315.61 -3.96 s OwensCorning OC 141.27 -1.59 RelianceSteel RS 279.83 -4.99
Stantec STN 66.37 -0.08 Trimble
TREX 74.06 -0.94 Westlake WLK 130.08 -4.03
Gaming&Leisure GLPI 46.68 -0.69 IcahnEnterprises IEP 23.74 -0.42 Lennar B LEN.B 114.95 2.20 MolsonCoorsB TAP 63.65 -0.83 PDD PDD 78.84 -2.61 RenaissanceRe RNR 182.29 -1.12
Starbucks SBUX 100.04 -0.97 Trip.com
TRMB 55.64 0.12 WestRock WRK 32.78 -0.67
Garmin GRMN 102.98 -1.04 s Icon monday.com MNDY 163.22 -5.89 PG&E PCG 16.94 -0.26 RentokilInit RTO 37.94 -0.83 TCOM 39.61 -0.43 Weyerhaeuser WY 32.73 -0.40
ICLR 259.09 -0.12 LennoxIntl LII 369.37 -3.29 StateStreet STT 69.56 -1.78 TruistFinl
Gartner IT 334.15 -4.71 Mondelez MDLZ 72.28 -0.93 PNC Finl PNC 123.60 -3.68 Repligen RGEN 173.04 -1.79 TFC 29.60 -0.97 WheatonPrecMet WPM 42.44 -1.83
IDEX IEX 220.59 -2.15 LiAuto LI 40.60 0.65 SteelDynamics STLD 104.21 -3.44 Twilio
GenDigital GEN 20.79 -0.27 IllinoisToolWks ITW 237.45 -1.50 LibertyBroadbandC LBRDK 92.29 -0.30 MongoDB MDB 367.34 2.93 TWLO 61.22 -0.55 Whirlpool
no
POSCO PKX 106.81 -1.54 RepublicSvcs RSG 146.07 -1.95 WHR 138.44 -0.74
Generac GNRC 112.63 0.39 t Illumina MonolithicPower MPWR 518.89 -5.77 Stellantis STLA 18.14 -0.27 TylerTech TYL 380.25 -7.54 Williams
ILMN 176.02 0.88 LibertyBroadbandA LBRDA 92.60 -0.36 PPG Ind PPG 138.87 -0.76 ResMed RMD 183.35 2.50 WMB 34.76 -0.27
GeneralDynamics GD 223.13 -3.24 ImperialOil MonsterBev MNST 58.21 -0.80 Steris STE 229.50 0.36 TysonFoods TSN 53.73 -0.68
IMO 54.10 -1.21 LibertyGlobal C LBTYK 19.49 -0.25 PPL PPL 25.48 -0.54 RestaurantBrands QSR 70.97 -1.51 Williams-Sonoma WSM 132.51 -0.69
GeneralElec GE 113.85 -1.70 Incyte Moody's MCO 332.74 -6.04 Stevanato STVN 31.82 0.54 UBS Group UBS 23.41 -0.18
INCY 65.41 0.17 LibertyGlobal A LBTYA 18.25 -0.26 PTC PTC 145.01 -0.78 Revvity RVTY 117.10 -0.70 t WillisTowers WTW 196.50 -5.41
GeneralMills GIS 71.70 -0.57 MorganStanley MS 86.16 -1.17 STMicroelec STM 47.09 -0.74 UDR UDR 38.37 -0.66 WillScotMobile WSC 42.01
Infosys INFY 17.13 0.27 LibertyFormOne A FWONA 62.29 0.28 Paccar PCAR 85.07 -0.93 RexfordIndlRealty REXR 51.64 -0.81 -0.67
GeneralMotors GM 33.30 -0.77 Morningstar MORN 219.00 ... Stryker SYK 284.86 0.07 U-Haul UHAL 58.32 -0.62 Wipro
IngersollRand IR 67.00 -0.90 LibertyFormOne C FWONK 69.97 0.32 PackagingCpAm PKG 147.71 -3.13 RioTinto RIO 58.74 -1.20 WIT 4.98 ...
Genmab GMAB 37.19 -0.11 InspireMedical INSP 246.46 -4.97 LibertySirius B LSXMB 24.76 0.03 Mosaic MOS 39.21 -1.40 SumitomoMits SMFG 8.70 -0.09 U-Haul N UHAL/B 53.76 -0.96 Wolfspeed
PalantirTech PLTR 15.37 -0.35 Rivian RIVN 20.78 -0.78 WOLF 54.43 -1.76
Gentex GNTX 32.90 -0.27 Insulet MotorolaSol MSI 281.29 -3.75 SunComms SUI 122.23 -1.60 US Foods USFD 39.86 -0.98 WoodsideEnergy WDS 24.64
PODD 219.08 -4.81 LibertySirius A LSXMA 23.80 -0.34 PaloAltoNtwks PANW 215.66 -3.68 RobertHalf RHI 74.86 -1.16 -0.45
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INTC 34.77 -0.91 LibertySirius C LSXMK 24.07 -0.23 ParamountB PARA 15.37 0.44 Robinhood HOOD 10.41 -0.24 -0.19
Gerdau GGB 5.13 -0.05 MurphyUSA MUSA 315.74 -1.60 SuncorEnergy SU 31.04 -0.49 Uber UBER 44.08 -0.77 Workday
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GileadSciences GILD 79.64 -0.21 NICE NICE 214.76 -2.88 SuperMicroComp SMCI 264.22 -5.24 Ubiquiti UI 162.78 -2.44 WW Ent
ICE ICE 114.11 -0.81 s EliLilly LLY 546.62 8.62 ParkerHannifin PH 408.76 -5.06 RocketCos. RKT 10.89 -0.44 WWE 112.90 1.15
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SynchronyFinl SYF 33.48 -0.75 UltaBeauty ULTA 456.20 -2.36
-4.42
GlobalPayments GPN 123.56 -2.22 LIN 379.38 -2.79 NNN REIT NNN 38.84 -0.32 PaycomSoftware PAYC 291.96 -2.29 RogersComm B RCI 40.53 -1.20 XP XP 24.73 -0.67
IBM IBM 141.87 -0.04 Linde Synopsys SNPS 436.74 1.89 Unilever
GlobalFoundries GFS 57.17 -1.02 NOV NOV 20.37 -0.42 Paylocity PCTY 194.81 -5.81 RoivantSciences ROIV 10.97 -0.74 UL 51.34 -0.49 XPO XPO 72.39 -1.10
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Globant GLOB 171.11 -4.59 NRG Energy NRG 36.95 -0.05 PayPal PYPL 59.47 -3.80 Roku ROKU 82.69 0.43 XcelEnergy XEL 58.12 -1.12
IntlPaper IP 34.30 -0.40 LiveNationEnt LYV 86.11 -0.05
GlobeLife GL 113.02 -1.75 NVR NVR 6190.99 32.29 UnitedAirlines UAL 51.34 -0.97 XPeng
GoDaddy GDDY 70.05 -0.94
Interpublic IPG 32.62 -0.37 LloydsBanking LYG 2.11 -0.03
NXP Semi NXPI 201.74 -5.51
Pearson PSO 10.43
PembinaPipeline PBA 30.38
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RoperTech
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XPEV 16.11
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Intuit INTU 497.18 -8.62 LockheedMartin LMT 443.58 -6.50
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Netflix
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MARKETS
.
TCW Group, the big Los
Angeles money manager, is
After Fraud Claims
ly
gearing up for another wave
of high-profile exits.
Laird Landmann, one of the
firm’s three senior bond inves-
tors, will retire from the firm
in December. Another, Steve
Kane, will depart at the end of
on BY ALEXANDER GLADSTONE
TCW said it is promoting dustry, filed for bankruptcy in attracted backers including
l
Jerry Cudzil and Ruben Hov- the U.S. on Monday after be- Goldman Sachs and Banco
e
al a
The bond-investing revamp The Federal Bureau of In- It was valued at $1 billion in
is the clearest sign yet that vestigation, several state in- its latest round of fundraising
Katie Koch, a former Goldman surance commissioners and in October.
Sachs partner who joined as the Bermuda Monetary Au- Vesttoo acts as an interme-
er s
chief executive this year, is thority are conducting probes diary between insurers and
setting the firm on a different into the matter, The Wall investors, some of whom use
m er
course. TCW was one of the Street Journal reported ear- letters of credit provided by
managers that helped build lier this month. White Rock, a financial institutions for the
Southern California into a hub The changes indicate TCW CEO Katie Koch is setting the firm on a different course. subsidiary of insurance giant transactions.
for debt investing during the Aon that conducted business In July, an insurer de-
decadeslong bull market for hedge-fund manager Christo- out of the firm once their con- ing to quit. with Vesttoo, sued the firm manded payment in full un-
m rp
bonds. But rising interest pher James. tracts ended this year. A se- A compromise was reached, last week seeking to freeze its der one of the letters of
rates have hammered returns TCW was long dominated ries of trades by Landmann the people said: Rivelle set his assets and bank accounts, al- credit procured by Vesttoo,
on bond funds, and some cli- by a quartet of bond manag- earlier this year to sell down retirement date to December leging that Vesttoo presented issued by China Construction
ents have moved their money. ers. Landmann, Kane and his holdings in TCW funds ap- 2021, and TCW agreed to part it with fraudulent letters of Bank. CCB denied the in-
“It’s very natural when Whalen, along with former peared to confirm those ru- ways with Lippman when his credit from third-party insti- surer’s request for payment
co Fo
people doing something for fixed-income chief Tad Rivelle, mors, according to regulatory contract expired a year later. tutions totaling more than $2 and informed the insurer that
30, 40 years say it’s time to let oversaw most of the firm’s as- filings and people familiar Rivelle, Landmann and billion. it wasn’t issued by the bank
the next generation move up,” sets, owned a stake in the with the trades. Kane’s con- Kane worked at Pimco, a firm Two of Vesttoo’s co-found- and appeared to be fraudu-
Koch said. “The next 10 years company and maintained out- tract expired in June, while once dominated by star money ers, Yaniv Bertele and Alon lent.
in fixed income are going to size authority on corporate Landmann’s ends in December. manager Bill Gross. When the Lifshitz, and most of its se- This triggered an uproar in
look different. It’s the right decisions. They were fre- Koch’s talks with Landmann team co-founded Metropolitan nior leadership stepped down the insurance industry. Aon
time to look at our skill set quently at odds with Koch’s and with Kane, which began West Asset Management in earlier this month. The com- said that some of its clients
now and for the future.” predecessor, David Lippman, earlier this summer, have been 1996, they pledged to avoid pany’s new interim chief ex- and counterparties have ei-
TCW manages about $200 and sometimes one another, relatively amicable, a depar- the star culture that had ecutive officer, Ami Barlev, ther initiated or indicated
billion in assets, less than people familiar with the mat- ture from the bruising di- fueled Gross’s rise. Whalen, a said in a statement that fo- they might initiate legal pro-
what Koch alone oversaw as ter said. vorces TCW has endured in former bond salesman at rensic investigators working ceedings against Aon follow-
chief investment officer of The departures of Land- the past, people familiar with Credit Suisse who counted for Vesttoo found that “a ing allegations that fraudu-
Goldman’s public-equity in- mann and Kane will leave only the matter said. Pimco as a client, joined number of factors, external to lent letters of credit issued by
n-
vesting business and down Whalen, who has been co-in- Star money managers How- MetWest in 2004. the company, led directly to third-party banks were used
from $265 billion in 2021. vestment chief of fixed income ard Marks, Bruce Karsh and The four joined TCW in the current crisis, including in transactions involving
Koch arrived with a mandate with Kane since Rivelle’s 2021 Jeffrey Gundlach each left 2009 after it bought MetWest the involvement of certain Vesttoo.
to modernize the firm, round exit. Kane will step down as TCW on less-than-friendly to replace Gundlach and his foreign banks and financial Vesttoo’s bankruptcy peti-
no
out its investing offerings and Whalen’s co-CIO of debt in- terms. And when simmering team. institutions.” tion doesn’t list its estimated
expand internationally. TCW, vesting at the end of this year tensions between Rivelle and Gross left Pimco in 2014 af- Following Monday’s chap- number of creditors, esti-
which is owned in part by pri- but remain a generalist bond Lippman spilled into the open ter his relationships with ter 11 petition in the U.S. mated assets, or estimated li-
vate-equity giant Carlyle manager until his retire- in the summer of 2021, TCW’s other key executives soured. Bankruptcy Court in Wil- abilities. The company is rep-
Group and Japan’s Nippon ment. board pushed to oust Rivelle When the departure triggered mington, Del., Barlev said resented by DLA Piper.
Life Insurance, last month ac- Inside TCW, Koch’s arrival immediately. That plan a surge in client money away that in light of the various al- Vesttoo is based in Tel
quired the exchange-traded touched off speculation that sparked an internal revolt, from Pimco’s funds, TCW’s legations related to the fraud- Aviv but has several offices
fund business of Engine No. 1, Landmann and Kane would with Kane and client-services flagship bond fund was among ulent letters of credit used on around the world, including
the investment firm led by follow Rivelle and Lippman chief Patrick Moore threaten- the biggest beneficiaries. Vesttoo’s platform, the firm in New York, according to its
determined that bankruptcy website.
was necessary to protect its The case has been assigned
Private-Equity Firm Wraps Up Fund Above Target assets and “serve as a forum to Judge Mary Walrath.
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
.
Before It’s Too Late
ly
on Millions of people suffer from an
autoimmune disease that causes
painful skin lumps in places like the
Analyst estimates for MoonLake’s
sonelokimab sales
2033
groin and armpits. While only one $2.12 B
$2.00 billion
us ,
censing sonelokimab the year prior als is never precise, its drug bested
from Merck KGaA. There is a a placebo by 29 percentage points
chance it won’t be public for much at 12 weeks for the study’s primary
Rather than getting butts off so- compound annual rate of 29%. Its form. These “media services” come longer. Since its results, the com- goal. Analysts including BTIG’s Har-
fas, Hollywood’s strike may once cash flow has been positive despite with higher margins for Zoo. pany reportedly engaged in conver- rison and Jefferies’ Kelly Shi noted
again make people binge on Korean massive investments, and the firm Only a few other firms like Cali- sations with drugmakers interested that was a significantly better out-
soap operas instead of American said last week that profits in the 12 fornia’s Pixelogic offer end-to-end in a potential acquisition. come than UCB’s Bimzelx and Abb-
ones. Yet investors in Zoo Digital, months through March were al- language services for media. Zoo’s Betting on a takeover is always Vie’s Humira. Days after releasing
frankly, don’t need to give a damn. most six times higher than a year cloud-based technology cuts costs risky, but the hunt for drugs that data from the study, the company
Shares of this U.K.-based tech- earlier. by allowing many dubbing actors work in autoimmune diseases is in- raised $400 million to fund develop-
nology firm, which offers subtitling To get hooked again, investors to work from home. As streamers tensifying. Some of the biggest ment of the drug. It plans to release
and dubbing services for movies must brush off some misconcep- hunker down, they are likely to blockbusters in that category, Abb- more data from its 12-week results
and TV shows, have lost more than tions: Spending on new streaming streamline their supply chain, and Vie’s Humira and Johnson & John- at a scientific meeting in October.
n-
50% of their value over the past content may be a proxy for Zoo’s Zoo could take market share. son’s Stelara, are losing patent pro- MoonLake’s edge could have
three months, as the strike of Hol- business, but it is an imprecise one. Of course, high-growth compa- tection, creating a hole that the something to do with how deep it is
lywood writers and actors has in- Zoo doesn’t care about movie bud- nies come with risks. Chief among industry is looking to fill. The race able to deliver the medication.
terrupted television and film pro- gets, only about streamers adding them at Zoo is client concentration: heated up this year, with Merck While it acts much like UCB’s mono-
no
duction. minutes to their platforms, which In the year through March, 74% of paying $10.8 billion for Prometheus clonal antibody Bimzelx, by blocking
In 2021, Zoo was a sexy high- they are certain to keep doing. revenue came from a single cus- Biosciences and Eli Lilly paying $2.4 the IL17a and IL-17f proteins—sub-
growth venture with an enterprise The Covid-19 crisis showed that tomer, believed to be Walt Dis- billion for Dice Therapeutics. stances that play a role in inflam-
value of 80 times expected operat- when there is no new content, ney—now knee-deep in a crisis due Jorge Santos da Silva, chief exec- mation—it is a smaller biological
ing earnings. It now trades at a viewers simply watch old shows or to big streaming losses, movie utive at MoonLake, says sonelo- molecule, known as a nanobody.
multiple of 15, barely above the av- embrace foreign productions like flops and empty theme parks. Also, kimab has the “potential to be a That allows it to target harder-to-
erage of the U.K. stock market. Netflix’s “Squid Game.” For Zoo, AI has become good enough to cap- very large, multibillion-dollar drug.” reach tissues.
The Hollywood strike isn’t the which has a growing network of tion documentaries and YouTube “This naturally attracts interest After reports that MoonLake
only reason for the loss of confi- freelancers around the globe and is videos. but it also naturally represents as was in talks with potential buyers,
dence. Text-generating artificial in- opening new regional hubs, trans- But Zoo recently announced it solid a base as you can get to build Jefferies’ Shi issued a note point-
telligence could reduce the need to lating from foreign languages into has been selected as a key vendor a strong company around,” he says. ing out that recent deals in the
manually translate and caption dia- English is an opportunity. About by a second major Hollywood plat- Hidradenitis suppurativa is an space valued companies at about
logues. 27% of the world’s most popular ti- form. As for robots, they are still a autoinflammatory disease of the 2.4 to 4.5 times consensus peak
Also, streaming platforms such tles were made outside of the U.S. ways from being able to subtitle hair follicles, affecting about 1% to sales estimates. With those esti-
as Netflix, Disney+ and Amazon in 2021, from 15% in 2017, Ampere high-quality fiction, let alone do 4% of the U.S. population. Currently, mates for MoonLake at about $2
Prime Video plan to slash expenses Analysis data shows. dubbing, which is the segment the market is worth about $1.6 bil- billion, a potential deal could be
in an effort to become profitable Back catalogs can be cash cows, where Zoo has the most growth lion in annual sales. But with No- worth anywhere from $4.8 billion
after years of splurging on original too. Even when an old show has al- potential. vartis, UCB, and MoonLake showing to $9 billion. With MoonLake
content. Labor disruptions could be ready been dubbed and captioned, At these valuations, Zoo may be superior efficacy with a class of fetching a market capitalization of
an excuse to cut even more. it needs to be remastered and up- making investors an offer they drugs known as anti-IL-17s, the $3 billion, investors could reap
Between the 2015 and 2023 fis- graded to the modern technical can’t refuse. market could exceed $10 billion in gains from getting in before big
cal years, Zoo’s revenue grew at a standards required by each plat- —Jon Sindreu annual sales in the mid-to-late pharma does. —David Wainer