The Wall Street Journal - 02 12 2020

2020·15.9 MB·English

****** WEDNESDAY, DECEMBER 2, 2020 ~ VOL. CCLXXVI NO. 130 WSJ.com HHHH $4.00
DJIA29823.92 À185.28 0.6% NASDAQ12355.11 À1.3% STOXX600 391.90 À0.7% 10-YR.TREAS. g 27/32, yield0.933% OIL $44.55 g$0.79 GOLD$1,814.10 À$38.40 EURO$1.2072 YEN104.33
Transition Moves Apace Despite President-Elect’s Injury Salesforce
What’s
Sets Deal
News
For Slack,
Business&Finance With Big
S
alesforceagreedtobuy Premium
messagingcompany
Slackina$27.7billiondeal
thatshowshowthebig- Business-softwarefirm
gestplayersincloudcom-
putingareracingtoadd topay$27.7billionfor
muscleamidthepandemic’s officemessagingapp,
remote-workboom.A1
challengingMicrosoft
(cid:2)Nasdaqispushingtore-
quirefirmslistedonitsstock BYAARONTILLEY
exchangetoincludewomen,
racialminoritiesandLGBT
Salesforce.com Inc. agreed
individualsontheirboards,
to buy messaging company
aimingtobringmorediver-
sitytoU.S.corporations.A1 RESS S$l2a7c.7kbTiellciohnnodloegailetshaIntcs.hionwas
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m(cid:2)aTdheepErCivBa’tsecchaiellfsetcoobnaonmkisst OCIATED hcloowudtchoempbuigtignegstarpelraayceirnsgtino
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meetingsthisyear,breaking K/ demic’sremote-workboom.
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ofdeliveringinformationto H made public Tuesday, is the
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everyoneatthesametime.A1 RE biggestmoveyetbySalesforce
D
(cid:2)TheS&P500andNasdaq AN ChiefExecutiveMarcBenioff,
ONTHEMEND:JoeBidensportedamedicalbootinWilmington,Del.,onTuesday.Thepresident-electtwistedhisankle a pioneer in selling subscrip-
hitrecords,gaining1.1%and
overtheweekendwhileplayingwithhisdogMajor,hisaidessaid,andwasdiagnosedwithafracturedfoot. tions to software run on re-
1.3%,asinvestoroptimism
moteservers,toturnthecom-
extendedintoanewmonth.
pany he co-founded 21 years
TheDowadvanced0.6%.B11
ago into a broad-reaching
Nasdaq Pushes Diversity Rule
(cid:2)MorethanhalfofU.S.ad powerhouse in tech tools for
spendingisforthefirsttime businesses.Thedealisalmost
settogotodigitalplatforms, twice as large as Salesforce’s
theworld’slargestadbuyer largestacquisitionsofar,and
said,asmarketers’strategy wouldturnthecombinedcom-
shiftsamidthepandemic.B1 BYALEXANDEROSIPOVICH listed companies to have at and male boardrooms of U.S. the diversity requirements, a pany into a more formidable
ANDAKANEOTANI least one woman on their companies. Nasdaq’s move personfamiliarwiththereview competitortoMicrosoftCorp.
(cid:2)HPEismovingitshead-
boards,inadditiontoadirec- couldhavegreaterimpactbe- said,addingitwasdifficultto and Google parent Alphabet
quarterstotheHouston
NasdaqInc.ispushingtore- torwhoisaracialminorityor causeofitsabilitytosetrules measure because of inconsis- Inc. The Wall Street Journal
area,thelatestsignofhow
quirethethousandsofcompa- onewhoself-identifiesasles- forthenearly3,000corpora- tencies in the way companies previouslyreportedSalesforce
thepandemicisreshaping
nies listed on its stock ex- bian, gay, bisexual, transgen- tionslistedonitsexchange. reportsuchdata. and Slack were in advanced
thewaySiliconValley
change to include women, derorqueer. Inareviewcarriedoutover Nasdaqdefinedunderrepre- dealtalks.
companiesoperate.B1
racialminoritiesandLGBTindi- Companiesthatdon’tmeet the past six months, Nasdaq sentedminoritiesasindividu- The combination also
(cid:2)U.S.shoppersspent vidualsontheirboards,inwhat the standard would be re- found that more than three- als self-identifying as Black, brings together two of the
significantlylessthanlast wouldbeoneofthemostforce- quiredtojustifytheirdecision quartersofitslistedcompanies Hispanic,Asian,NativeAmeri- techindustry’shighest-profile
yearoverafive-dayholi- fulmovesyettobringgreater in order to remain listed on would fall short of the pro- can or belonging to two or CEOs—peoplewhohavemade
day-weekendstretchthat diversitytoU.S.corporations. Nasdaq. posed requirements. Around moreracesorethnicities. a career of taking on Silicon
includedBlackFridayand Theexchangeoperatorfiled Banks,assetmanagersand 80%or90%ofcompanieshad The review found smaller Valley icons. Mr. Benioff has
CyberMonday.B1 aproposalwiththeSecurities lawmakers in California have at least one female director, companiestendedtohaveless positionedhimselfasapromi-
andExchangeCommissionon taken various steps to diver- butonlyaboutaquarterhada diverse boards and would nentvoiceinU.S.business,us-
(cid:2)Airbnbsaiditplansto
Tuesday that would require sify the predominantly white second one who would meet PleaseturntopageA2 PleaseturntopageA6
sell50millionsharesinan
IPOthatcouldgivethe
Biden’s Economic
companyavaluationofas Big Cities Face Setbacks
muchas$35billion.B3
World-Wide Team Seeks
As Office Returns Fall Off
(cid:2)TheJusticeDepartment Global Reset
hasn’tfoundevidenceof
widespreadvoterfraudthat BYPETERGRANT 100% Percentageof returnedtoworkasofNov.18.
couldreverseBiden’selec- U.S.workersreturning Thatrateisupsharplyfrom
tionvictory,Barrsaid,deal- U.S. employees started totheoffice anAprillowoflessthan15%,
ingablowtoTrump,who heading back to the office in which largely consisted of
80
launchedfreshlegalclaims greater numbers after Labor building-maintenance and es-
tocontesttheresults.A5 Day but that pace is stalling sentialworkers.Theofficere- President-elect’sadvisorypicksare
(cid:2)BarrnamedDurhama now, delivering another blow turnrateclimbedsteadilydur- circumspectaboutpitfallsTrumphighlighted
specialcounsel,givinghim toeconomic-recoveryhopesin 60 ingthesummerandearlyfall,
protectiontocontinueinto manycities. but it has flattened out after
theBidenadministrationhis TherecentsurgeinCovid-19 reachingahighpointof27%in BYJONHILSENRATH thoughtheincomingadmin-
investigationoftheoriginsof cases across the country has Nov.25 mid-October, Kastle said. The ANDNICKTIMIRAOS istrationistryingtoalter
40 17.6%
theFBI’s2016Russiaprobe.A5 led to an uptick in people re- rate for last week was down importantpartsofit.
suming work at home after evenmoresharplythaninpre- JoeBiden’seconomic Formanyyears,peakingin
(cid:2)AU.S.panelrecommended
some momentum had been viousweeksbutlikelyreflected teamistakingshapewith the1990s,mainstreamDemo-
thathealth-careworkersand
building for returning to the 20 theThanksgivingDayholiday. planstoremaketheTrump cratsandRepublicanscham-
residentsoflong-term-care
workplace, property analysts “There’s a huge headwind administration’sapproachto pionedglobalizationand
facilitiesbethefirsttoreceive
said.Floorafterfloorofempty againstcompanyexecutivesto economicrelationsoverseas, tradeagreementswithChina,
anyCovid-19vaccinedoses
fromthelimitedsupplythat office space is a source of 0 stronglypushtheiremployee withadistinction:agree- Mexicoandothersasdevel-
greatfrustrationforlandlords basestocomebacktowork,” mentwithPresidentTrump’s opmentsthatwouldmake
willbeavailableinitially.A6 Feb.2020 Nov.
andcompanies,whichhavein- saidDouglasLinde,president assertionthatglobalization Americansbetteroff.Econo-
(cid:2)Lawmakersreleaseda vested millions of dollars in Source:KastleSystems of big office owner Boston hasbeenhardonmany mistssaidthattherewould
blitzofcompetingcoronavi- adapting building plans and PropertiesInc. Americansbutdifferenceson bewinnersandlosersasthe
rus-reliefproposals,reignit- developing new health proto- cess-cardswipesinmorethan Despitethesuccessofwork howtoaddressit. U.S.importedandexported
ingstalledtalksbutwithno cols to make employees com- 2,500officebuildingsin10of PleaseturntopageA4 ThedistinctionshowsMr. PleaseturntopageA10
clearsignsthatDemocratic fortablewithasharedlocation. the largest U.S. cities, said Trumplikelywillhavealast-
andRepublicanleaders Kastle Systems, a national that about a quarter of em- (cid:2)Paneladvisesthathealth ingimpactonthedirection (cid:2)BlackRockalumnitappedfor
wouldreachaconsensus.A3 security firm that tracks ac- ployeesinthosebuildingshad workersgetfirstvaccines...A6 ofU.S.economicpolicy,even newadministration................A10
(cid:2)TheTreasury’sdecision
nottorenewasuiteofemer- Soccer Fans
gencyFedlendingprograms ECB Economist Broke
Salesforce.
spurredapartisanfightover
whetherandhowtheBiden Rate Players
administrationshouldbeal- With Practice on Calls
lowedtousetheprograms.A3 For Wrinkles #1 CRM.
(cid:2)TheSBAreleaseddetailed
loaninformationformil-
lionsofborrowersunder i i i BYTOMFAIRLESS ilegingbiginvestorswithsen-
thePaycheckProtection ANDPAULJ.DAVIES sitive information. Public
Program,amidsignsof Stars of the 1980s diariesshowthatneitherMs. Ranked#1forCRMApplicationsbasedon
fraudinthereliefeffort.A3 FRANKFURT—The Euro- Lagarde’s predecessor, Mario IDC2020H1RevenueMarketShareWorldwide.
compete for title 19.8%
pean Central Bank’s chief Draghi, nor his chief econo-
(cid:2)Trumpthreatenedto
economistmadedozensofpri- mist,PeterPraet,madesimilar
vetoadefense-policybillif of oldest-looking
vatecallstobanksandinves- calls during their last two
itdoesn’tincludelanguage
torsafterpolicymeetingsthis yearsinoffice.
overturningaprovisionthat
BYJAMESHOOKWAY year,breakingwiththebank’s In2015,theECBtightened
givessocial-mediacompa-
usualpracticeofdeliveringin- itscommunicationrulesafter
niesbroadimmunityforthe
Backinthe1980s,whenhe formation to everyone at the aboardmembergaveaclosed-
contenttheypublish.A2
playedgoalkeeperforScottish sametime,accordingtothree door speech to investors at a
(cid:2)Chinasaiditlandeda soccer side Ayr United, Hugh people with whom he spoke dinner that revealed changes
probeonthemoon,itslat- Sproatlikedtoentertainfans andareviewofhisschedule. toitsbond-buyingprogram.
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CONTENTS PersonalJournalA11-12 mustache,whichthisfallmade pronouncements, began in few,” said Panicos Demetria- 33..98%%
ArtsinReview...A13 PropertyReport...B6
him a front-runner in a con- March, after ECB President des, a former member of the
BusinessNews..B3,5 Sports.......................A14
Crossword..............A14 Technology...............B4 test to see who was the old- ChristineLagardeflummoxed ECB’s rate-setting committee
2016 2017 2018 2019 2020H1
HeardonStreet.B12 U.S.News.............A2-6 est-looking player before tradersbysuggestingthecen- as head of Cyprus’s central
Markets.....................B11 Weather...................A14 sportsnutritionandicerecov- tralbankwouldn’tpropupIt- bank.“Talkingonlytothebig Source:IDC,WorldwideSemiannual
Opinion..............A15-17 WorldNews........A7-9 erybathstookoverthegame. aly’s bond market. Italian playersiswhatyou’renotsup- SoftwareTracker,October2020.
Englishman Winston Gal- stocksandbondsslumped. posedtobedoingasthecen-
> lagherstartedthetournament Hourslater,PhilipLane,the tral bank. It’s not helpful for
just as much of the U.K. was chiefeconomist,placedsepa- relationswiththepublic.”
heading into its second lock- rate calls to 11 banks and in- An ECB spokesman con-
salesforce.com/number1CRM
down. He was inspired by an vestorsinwhichhesoughtto firmed the calls. He said the
album of old soccer cards he clarifythemessage. bank decided in September CRMmarketincludesthefollowingIDC-definedfunctionalmarkets:SalesForceProductivityandManagement,
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A2|Wednesday,December2,2020 THEWALLSTREETJOURNAL.
*****
U.S. NEWS
President
Amid Presidential Transition, Construction Continues Along U.S.-Mexico Border
Threatens
Defense
Bill Veto
BYANDREWRESTUCCIA
ANDLINDSAYWISE
WASHINGTON—President
Trump threatened to veto an
annualdefense-policybillifit
doesn’t include language re-
voking a provision that gives
social-mediacompaniesbroad
immunityforthecontentthey
publish from users on their
sites.
Mr. Trump demanded on
Tuesday night that Section
230 of the 1996 Communica-
S tionsDecencyActberepealed.
AGE “[I]f the very dangerous &
M
YI unfairSection230isnotcom-
GETT pletely terminated as part of
R/ theNationalDefenseAuthori-
AKE zation Act (NDAA), I will be
UFF forcedtounequivocallyVETO
H
DY theBillwhensenttothevery
N
A beautiful Resolute desk,” he
S
IMPASSE:CrewsworkedontheborderwallTuesdayinJacumba,Calif.,aslawmakersinWashingtonaresplitoverincludingtheprojectinspendingbillsneededtokeep wroteonTwitter.
thegovernmentrunningthismonth.President-electJoeBidenhassaidhewouldstopbuildingthewall. The president had previ-
ously threatened to veto the
same defense bill, which in-
Court Hears Suit on Child-Slavery Liability cludesa3%payraiseforU.S.
troops,overhisoppositionto
language that would rename
military bases honoring Con-
federatecommanders.
BYJESSBRAVIN U.S.courts. senting the defendant compa- wherethiscorporationishead- soughttominimizetheimplica- The legislation would au-
In2013,thecourtruledthat nies. quarteredanddoesbusiness.” tionsoflettingthesuitproceed thorizeatotalof$740billion
WASHINGTON—SeveralSu- foreign corporations were im- Justice Samuel Alito, along “Idon’tthinkyourhypothet- undertheAlienTortStatute. infiscalyear2021fortheDe-
premeCourtjusticesexpressed munefromsuitunderthestat- withotherjustices,seemedre- ical states a violation of the ThesuitallegesthatCargill fense Department’s and En-
doubtsTuesdayoveralawsuit ute, in part because it found luctanttofullyimmunizeAmer- Alien Tort Statute because and Nestle aided and abetted ergyDepartment’snational-se-
that aims to hold Nestle USA suchliabilitycouldcomplicate ican corporations for any hu- there is no domestic injury,” the violation of international curityprograms.
Inc. and Cargill Inc. liable for diplomaticrelationsandexpose man-rights abuses they might Mr. Katyal said. More impor- lawsagainstchildslavery. The Senate version passed
theexploitationofchildslaves Americancompaniestosimilar commitoverseas. tant,headded,“yourhypotheti- “Thesecorporationssetupa 86-14, and the House version
onIvoryCoastplantationsthat legal actions overseas. But “Mr. Katyal, many of your caldoesviolateotherstatutes.” supplychainwheretheyknow passed295-125,morethanthe
supplythefoodmakerswithco- Tuesday’scaseinvolvedAmeri- argumentsleadtoresultsthat Whilecorporateliabilityisin that cocoa beans are being
coa. cancompanies,andChiefJus- are pretty hard to take,” said dispute,thereisnolegalques- made by means of child-slave
Thecasewasthelatesttest- ticeJohnRobertsimmediately JusticeAlito. tionthattheAlienTortStatute labor,”Mr.Hoffmansaid,allow- Atissueisa
ing of the reach of the Alien notedthedistinction. “SupposeaU.S.corporation permits lawsuits against indi- ing the companies to buy the
provisiongiving
Tort Statute, a law originally “In this case, no foreign makesabigshowofsupporting viduals. Justice Elena Kagan commoditycheaplyandgaina
passedin1789toconformthe country has objected to the every cause du jour, but then questionedthatdistinction. competitive advantage in the social-mediafirms
newAmericanRepublictothe United States hauling its own surreptitiouslyhiresagentsin “If you could bring a suit U.S.market.
broadimmunity.
“lawofnations.”Itallowsfor- citizensintoitsowncourts,so Africa to kidnap children and against 10 slaveholders, when Otherjusticessuggestedthat
eigncitizenstoseekredressin why should we be cautious in keep them in bondage on the those 10 slaveholders form a Congress, rather than the
U.S.courtsforsuchaffrontsto terms of international rela- plantationssothatthecorpora- corporation, why can’t you courts,wasthebetterplaceto
universalnormsaspiracyand tions?”heasked.“Whatobjec- tioncanbuycocoaorcoffeeor bringasuitagainstthecorpo- seek more expansive liability
attacksondiplomats. tion would foreign countries someotheragriculturalproduct ration?”sheasked. forchildslavery. two-thirds supermajority
In recent years, human- havetoensuringthatU.S.cor- atbargainprices,”JusticeAlito Thecasewasoriginallyfiled “Thiscasereallyisacase,I neededtooverrideapotential
rights lawyers have targeted porationsfollowcustomaryin- said. “You would say that the in2005overabusesthatalleg- think,abouttheproperroleof veto.Negotiatorsareworking
deep-pocketed companies for ternationallaw?” victims who couldn’t possibly edly began in the 1990s. Paul the judiciary as compared to tohammeroutacompromise
alleged misconduct overseas. The “potential for friction getanyrecoveryinthecourts Hoffman, the Hermosa Beach, the proper role of Congress billthatwouldthenneedtobe
Corporationshavefoughtback, militates against recognizing ofthecountrywheretheyhad Calif., lawyer who represents here in fleshing out the Alien passedbyeachchamber.
withsignificantsuccess,tonar- foreign injury claims,” replied beenheldshouldbethrownout sixplaintiffsallegingtheywere TortStatute,”saidJusticeBrett Congresshaspassedannual
row their potential liability in NealKatyal,thelawyerrepre- of court in the United States enslaved on the plantations, Kavanaugh. defensepolicybillseveryyear
for59yearsinarow,withbi-
Nasdaq to partisansupport.
whichhavenowomenontheir subject to review by the SEC Presidents from both par-
boards. Others with all-male and will undergo a public- tieshavealwayssignedthem,
Push Board boardsincludesolarcompany commentprocess,meaningit evenafterissuingvetothreats.
Array Technologies Inc., bio- will likely be months before AspokesmanforSenateMa-
technology company Allakos the commission approves or jorityLeaderMitchMcConnell
Diversity Inc. and National Beverage rejectstheplan.Thedecision (R.,Ky.)declinedtocomment.
Corp.,makerofLaCroixspar- would likely come under the House Speaker Nancy Pelosi
klingwater. incoming administration of (D.,Calif.)didn’trespondtoa
Foreignandsmallercompa- President-electJoeBiden,who requestforcomment.
nies could meet the require- will appoint a new person to “The President is right,”
S
W
ContinuedfromPageOne ment with two female direc-NE lead the SEC. Mr. Biden, a tweetedSen.JoshHawley(R.,
needtodomoretorespondto tors, Nasdaq said. Non-U.S.G Democrat,hasmadediversity Mo.), an outspoken critic of
R
theproposedrule,saidNelson companies could satisfy Nas-BE a priority in selecting nomi- bigtechcompanies.
M
Griggs,anexecutivevicepres- daq’s diversity requirementsOO neesforhiscabinet. The annual defense bill is
identatNasdaq.“Withsmaller byappointingboardmembersN/BL Corporate boards have oneofseveralpiecesoflegis-
issuers, there will be greater from groups that are under-SO made their ranks somewhat lation Congress is aiming to
W
impact,”hesaid. representedintheircountries.A more diverse. Last year, 44% pass before the end of the
D
Potentially,companiesthat Themoveisunlikelytode-N of nonexecutive director ap- year, along with a spending
O
M
failtomeettherequirements ter companies from listingSI pointments that companies bill to keep the government
couldbedelisted,thoughNas- with Nasdaq, according to Nasdaqwillmakeitso‘everycompanyhasaverystraightforward madeintheU.S.werewomen, fundedandlegislationtopro-
daqexecutivessaidthatisun- ScottYonker,aprofessoroffi- waytomeetthestandards,’saiditschief,AdenaFriedman. accordingtoexecutive-search videbillionsofdollarsincoro-
likely.Companiescouldsatisfy nanceatCornellUniversity. firm Heidrick & Struggles. navirusaid.
the rule by making a disclo- “The cost of doing this is diversity statistics within a ice in Wonderland require- Thatmarkedthehighestshare Section 230 has given on-
sure that explains why they relativelyminor,”hesaid.Be- year.Timeframestomeetdi- ment,” said Tom Fitton, sincethefirmbegantracking line companies broad immu-
aren’tmeetingNasdaq’sdiver- cause many big companies versityrequirementsforboard presidentofconservativelegal thedata11yearsago. nity from legal liability for
sity target—for instance, be- havebecomemorediversein compositionwoulddependon group Judicial Watch, which And big institutions have their users’ actions and wide
cause they have a different recentyears,theylikelywon’t a company’s listing tier, with suedCaliforniathisyearovera becomemorevocalaboutthe latitude to police content on
philosophyregardingdiversity. struggle much to find board larger companies generally state law mandating greater importanceofdiversity. theirsites.
Only firms that don’t make members who meet the re- gettingfouryearstohavetwo boardroom diversity. “This is Goldman Sachs Group Inc. Butithasemergedinrecent
such a disclosure could face quirements,Mr.Yonkersaid. diversedirectors,andsmaller Nasdaqgettingintowokeide- saidthisyearthatitwouldno years as a source of frustra-
delistingproceedings.“Weare Nasdaq’s main rival, the companiesgettingfiveyears. ology,andit’soutsidethelaw.” longerunderwriteinitialpublic tionforthepresidentandhis
goingtomakeitsothatevery NewYorkStockExchange,set Executive recruiters said Ms.Friedmansaidthepro- offerings of companies in the allies, who allege that social-
companyhasaverystraight- up an advisory council last some companies might face posalwouldultimatelybenefit U.S. and Europe unless they mediacompaniesaremisusing
forwardwaytomeetthestan- yeartohelpitslistedcompa- difficultiescomplyingwiththe investors. “There are many had at least one “diverse” theprovisiontolimitconser-
dards,” Nasdaq Chief Execu- niesidentifyboardcandidates proposed rules. Board candi- studiesthatindicatethathav- boardmember,withafocuson vative viewpoints on their
tiveAdenaFriedmansaid. from diverse groups. But the dateswouldneedtovolunteer ingamorediverseboard…im- women. Asset managers like sites. Democrats have raised
Mostofthebiggestcompa- NYSE, owned by Interconti- duringthehiringprocessthat proves the financial perfor- BlackRockInc.andStateStreet separateconcernsaboutparts
nies listed on Nasdaq appear nental Exchange Inc., hasn’t theyidentifyasLGBTQ,forin- manceofacompanyaswellas Global Advisors have pushed ofSection230,arguingithas
to already comply with the gone so far as to mandate it stance,saidPeterCrist,chair- lowerstheriskprofileofcom- their portfolio companies to allowed companies to ignore
new criteria. Among those throughalistingrule. manofexecutiverecruitment panies,”theNasdaqCEOsaid. havemorefemaledirectors. false and dangerous informa-
thatdon’tareChineseinternet If Nasdaq’s proposal is ap- firmCrist|KolderAssociates. Like other proposed —AndrewAckerman tion spreading online, and
companies Pinduoduo Inc., provedbytheSEC,companies CriticscalledNasdaq’spro- changes to exchange listing andChipCutter President-electJoeBidenhas
JD.com Inc. and Baidu Inc., wouldhavetodiscloseboard- posalanoverreach.“It’sanAl- rules, Nasdaq’s proposal is contributedtothisarticle. alsocalledforrevokingit.
CORRECTIONS (cid:2) AMPLIFICATIONS
THEWALLSTREETJOURNAL
(USPS664-880)(EasternEditionISSN0099-9660)
(CentralEditionISSN1092-0935)(WesternEditionISSN0193-2241)
Editorialandpublicationheadquarters: Blackworkerswithabach- ceived nearly 101,000 more Amazon.comInc.’sholidaybo- nicipal-bondinsuranceindus-
1211AvenueoftheAmericas,NewYork,N.Y.10036
elor’sdegreehadaloweraver- votes than Mrs. Clinton in nusforworkersfailedtomen- tryincorrectlysaid96%.
PublisheddailyexceptSundaysandgenerallegalholidays. age rate of unemployment in WashtenawCounty. tionTarget’sOctoberbonus.
PeriodicalspostagepaidatNewYork,N.Y.,andothermailingoffices.
the12monthsendedinOcto- MichaelaCoel’ssisterad-
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berthanLatinoworkers.The Former Zappos.com Inc. Some U.S. local and state miredMs.Coel’sabilityduring
200BurnettRd.,Chicopee,MA01020.
Outlook column in Monday’s Chief Executive Tony Hsieh governments have imposed childhoodtomakefriendseas-
AllAdvertisingpublishedinTheWallStreetJournalissubjecttotheapplicableratecard,
copiesofwhichareavailablefromtheAdvertisingServicesDepartment,DowJones&Co. U.S. News section incorrectly died at a hospital in Bridge- lockdownsinresponsetothe ily. An article about Ms. Coel
Inc.,1211AvenueoftheAmericas,NewYork,N.Y.10036.TheJournalreservestheright said Black workers had a port, Conn. In some editions coronaviruspandemic.ABusi- inWSJ.Magazine’sNovember
nottoacceptanadvertiser’sorder.Onlypublicationofanadvertisementshallconstitute higherunemploymentrateat Tuesday, a U.S. Watch article ness & Finance News article issueincorrectlysaidhersis-
finalacceptanceoftheadvertiser’sorder.
each level of educational at- aboutthemedicalexaminer’s Saturdayaboutlockdown-wary terwaschagrined.
LetterstotheEditor:Fax:[phone];email:[email protected] tainmentthanLatinoworkers. findings incorrectly said Mr. financial officers incorrectly
Needassistancewithyoursubscription? Hsieh died in New London, implied that the U.S. experi- Notice to readers
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THEWALLSTREETJOURNAL. ***** Wednesday,December2,2020|A3
U.S. NEWS
Lawmakers Offer Competing Aid Plans
GOPpushesfundsfor the12spendingbillsthatfund
thegovernment.
smallbusinesses,legal
EarlierTuesday,agroupof
shields;bipartisanbid lawmakers from both the
House and Senate unveiled a
hintsatcompromise
$908 billion aid proposal,
S
GE highlightingthegrowingpres-
A
BYKRISTINAPETERSON IM sure from rank-and-file law-
ANWDAANSDHREINWGDTUOEHNR—ENLawmak- RESSE/GETTY omnaaTkvheirersupstrooappidao.sssala,dwdhitiicohnawlocuolrd-
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A
alsTuesday,reignitingstalled FR by both parties. Lawmakers
talks as the pandemic surges NCE included $160 billion in state
acrossthecountry,butwith- AGE andlocalfunding,longoneof
out clear signs that Demo- OEB/ thebiggeststickingpoints.
craticandRepublicanleaders L The bipartisan proposal
UL
wouldreachaconsensus. A alsogivesanodtooneofRe-
S
Abipartisangroupfromthe publicans’toppriorities:legal
House and Senate unveiled a Sen.MittRomney(R.,Utah)onTuesdayspokeaboutthenewbipartisanproposal,whichwouldrunthroughMarch. protectionsforbusinessesand
roughly $900 billion compro- otherentities.Lawmakerssaid
mise proposal, offering one In an indication that GOP ance programs that expire at package passed in the lame- Under the GOP plan, busi- they would provide a short-
route between House Demo- leaders weren’t yet ready to theendofDecember.Itdoesn’t ducksessionislikelytobe—at nessescouldreceiveasecond term suspension of liability
crats’last$2.4trillionbilland makemajorconcessions,Sen- includeadditionalfundingfor best—justastart.” loan through the Paycheck lawsuitsrelatedtoCovid-19at
Senate Republicans’ recent ate Majority Leader Mitch stateandlocalgovernments,a The Republican proposal Protection Program, and thestateorfederallevel,giv-
$650 billion proposal. Mean- McConnell(R.,Ky.)circulated priorityofDemocrats. would also repurpose money schoolsandcollegeswouldre- ingstatestimetoputinplace
while, GOP and Democratic anewplantohiscaucusthat On Monday night, Mrs. fromFederalReservelending ceivemorethan$100billionin theirownprotections.
leaders traded new offers as he said reflected what Presi- Pelosi and Senate Minority facilities, which Mr. Mnuchin aid,while$31billionwouldgo The proposal also includes
theloomingexpirationofsome dentTrump would be willing Leader Chuck Schumer (D., islettingexpireattheendof toward vaccine development $288billionforsmall-business
reliefmeasuresintensifiedthe to sign, after speaking with N.Y.) sent a letter to Mr. theyear.Unemploymentpro- anddistribution. relief,includingPPP,$16billion
paceofyear-endlegislating. WhiteHouseofficials. McConnell outlining Demo- grams that expand eligibility Lawmakers are also work- forthedistributionofacoro-
Inanothersignofthenew The new Republican offer, craticleaders’latestoffer. for receiving jobless benefits ing to finalize a full-year navirusvaccine,$82billionfor
urgency,HouseSpeakerNancy similar to the recent Senate Mr. Schumer declined to andextendthetimelineforre- spending bill before the gov- schools, $25 billion for rental
Pelosi(D.,Calif.)andTreasury GOP bill, includes more fund- givedetailsoftheproposal. ceivingthemwouldbecontin- ernment’scurrentfundingex- assistanceand$180billionfor
Secretary Steven Mnuchin ingforsmallbusinesses,legal DemocraticPresident-elect ued for another month, into piresat12:01a.m.onDec.12. additional unemployment in-
heldtheirfirstphoneconver- protectionsforentitiesoperat- Joe Biden again urged Con- January. People who already Lastweek,SenateRepublicans surance,including$300aweek
sationsincetheelectiononre- ingduringthepandemicanda gress to reach a virus-relief participate in the programs and House Democrats agreed throughMarch,aidessaid.
lief measures and spending one-month extension of ex- agreement before the end of could draw benefits for two on how to divvy up the $1.4 Inaddition,theplanwould
legislation. panded unemployment insur- the year. He said that “any additionalmonths. trillion pot of money across give$17billiontoairlines.
Fed, Treasury Divide Over Lending
BYNICKTIMIRAOS TheTreasurycommitted$$195billiontobackstoplossesinFedlendingprogramsthatwillstop
ANDKATEDAVIDSON purchasingloansorsecuritiesonDec.31.TheTreasurydeclinedtorenewtheseprograms.
TheTreasuryDepartment’s $25billion Municipal Initialinvestment Treasuryfunds Assets
Liquidity announcedby transferred purchased
decisionlastmonthnottore-
Assets theTreasury totheFed* bytheFed*
newasuiteofemergencyFed- purchased TermAsset-
eralReservelendingprograms 20 Backed $80billion
touched off a partisan fight Securities
overwhetherandhowtheBi- Loan
den administration should be 15 $60
MainStreet
allowedtousetheprograms.
Lending
Lawmakers pressed Trea-
surySecretaryStevenMnuchin 10 $40
overhisdecisionatahearing
Tuesday with Fed Chairman
JeromePowellbeforetheSen- 5 Corporate $20
ateBankingCommittee.Itwas Credit
their first joint appearance
since last month’s decision,
which drew a rare objection 0 $0
fromtheFed. April Nov. Municipal TermAsset- MainStreet Corporate
The Fed and Treasury had 2020 Liquidity BackedSecurities Lending Credit
mostlycollaboratedsmoothly Source:FederalReserve *AsofNov.25 Facility LoanFacility Program Facilities
overprovidingemergencysup-
porttofinancialmarketsuntil Democratsseetheprograms Mnuchin to allocate to Fed election bid that Republican
Mr.MnuchinsaidNov.19that as a potential toolfor the Bi- lendingprogramsintheCares lawmakers and the Treasury
hewouldn’textendthefacili- den administration to deliver Act pandemic relief bill in DepartmentindicatedthatMr. THE WAVE COLLECTION
ties because he believed he more aid to hard-hit busi- March. Mnuchinlackedtheauthority WAVECUFF:22KVIRGINGOLD,$18,750
lackedtheauthoritytodoso,a nesses,citiesandstatesifCon- Stockmarketsreboundedin to extend the lending pro-
MARQUISEWAVECUFF:
legalopinionthatisn’tshared gress doesn’t act to approve the days after the Fed and grams
DIAMONDAND22KVIRGINGOLD,$33,500
by the Fed. He also said that more spending. Sen. Sherrod Treasury announced the pro- “Ending these facilities is
the programs were no longer Brown (D., Ohio) said to Mr. grams and staged a rapid re- notmandatedbylaw,”Mr.Me-
neededandthataround$430 MnuchinatTuesday’shearing, coveryinthefollowingmonths. nendezsaid.
bbtaeilnlbicoeent.teinrsupneunsteodnfuonthdesrwaossuilsd- “swaYaboyoutoaaugptepthethaeerdeotocoornb.”oemtyryoinngthtoe apcoclLiutasiwcesdmwathikteehrsothtihenepbrroootgfhrpaplmaarystiinoengs bthoeuWFnheddieledantmhdeomreeacnosyntrpoorminvygalthyeafstohrraeen-- reserved.
Mlitni“cuMacl.hyIitmnwostaaiisvdap.tu“iorIfenlyywolauesgwanalo,”nttMptoro-. athreeRceweponurtbrrilaeilcdabnaasnbkohuatotverdeselalyiividnegrthroeeny- Tdpaeurcetismsdioeannyt.,bBDyeeftmohroeecTrlaartesicatslmuawroynmtDahke’s-- cswaahisdotethrhsaedannbuteimceinbpeadrteisodpf,lAMamcre.edProifcrwaoenmlsl MODERN, BEFORE THE WORLD WAS C.Allrights
extendthis,bringbacklegisla- liefasasubstituteforspend- ershadbeenwaryofthedis- theirjobsduringthepandemic LL
ttoioTndohtehitaF.”tedwsoauidlditawutohuoldrizperemfeer iwanvigothiddeCcomisniogorrnpeshsistnh.ga“tWtsheheowsueladnptrertosot- cMhraerd.tiMroennfuetrchrheeidnC;atsoreevstheAreac$lt4og5fa4tvhebeitmlo- sofitfnilajlonebcxliceaeslescndreeissdisst.hfreowmotrhstel2e0ve0l8s 742512F7IF0T2H9A0V4E0N•UBEE,LSPUEITRERO12N10.C,ONMYC ©Belperron,
the lending programs remain gramsintoamissionthatwas lionasa“slushfund.” “We can both acknowledge
in place until the risks posed never the intended purpose,” But on Tuesday, Sen. Tom theprogressandpointoutjust
totheeconomybythecorona- saidSen.PatToomey(R.,Pa.) Cotton (R., Ark.) said it ap- howfarwehavelefttogo,”he
Bubbly
viruspandemic,whichhasled inaninterviewonMonday. pearedthatDemocrats,inde- said.Helaterlikenedthegov-
toanewsurgeofinfectionsin The Treasury and Fed cryingMr.Mnuchin’sdecision, ernment’seconomic-policyre-
theU.S.andgloballyinrecent launched five programs in “wouldliketohavea$454bil- sponsetoabridgebuildercon-
weeks,hassubsided. MarchandAprilsupportedby lionslushfund”fortheBiden structingaroadacrossachasm
“Any central banker would $195billionthattheTreasury administration. createdbythepandemic.“We
BUBBLE CLUSTER
tell you it’s premature to be providedtocoverlosses.Con- Sen. Robert Menendez (D., can see the end,” Mr. Powell
CLIP EARRING
pulling back support for the gress had approved $454 bil- N.J.)saiditwasn’tuntilafter said. “We just need to make
economy,”Mr.Powellsaid. lion in such funding for Mr. President Trump lost his re- surewegetthere.”
SBA Releases Details on More Borrowers
BYAMARAOMEOKWE tensofthousandsofcompanies American workers when they ers from PPP, as well as those
that received PPP loans for neededitmost,”anSBAspokes- fromaseparateSBAcoronavirus
WASHINGTON—The Small whichtheyappeartohavebeen personsaidaboutthenewdis- reliefeffortknownastheEco-
Business Administration on ineligible,suchascorporations closures. nomicInjuryDisasterLoanPro-
Tuesdayreleaseddetailedloan createdafterthepandemicbe- The agency had fought the gram.
informationformillionsofbor- gan. releaseofadditionalinformation Judge Boasberg originally
rowersunderthePaycheckPro- ThePaycheckProtectionPro- on PPP loans, citing concerns gave the SBA until Nov. 19 to
tectionProgram,amidsignsof gram was a centerpiece of the overborrowers’privacy.Those providetheinformation,butthe
fraudinthegovernment’ssigna- $2.2 trillion coronavirus relief concernswereechoedbysome SBArequestedastay,whichthe
turecoronavirusreliefeffortfor bill known as the Cares Act, judgegrantedtemporarilyashe
smallbusinesses. which was approved by Con- consideredwhethertograntit.
The disclosure provides the gress in March. Launched the ThePaycheck Judge Boasberg last week re-
names, addresses and precise following month, PPP offered jectedtherequestandordered
ProtectionProgram
loanamountsforeachPPPbor- forgivable loans to small busi- theagencytoreleasetheinfor-
rower.TheSBAhadpreviously nessesandnonprofits,indepen- wasacenterpieceof mationbyDec.1.
issued some detailed informa- dent contractors and self-em- Thepublic“maintainsanur-
theCaresAct,
tion for PPP loans above ployed workers and had gentandimmediateinterestin
$150,000,thoughthebulkofthe distributed$525billionwhenit assessing the results of SBA’s
program’s loans were smaller closedinAugust. initialeffortatadministeringa
thanthat. Severalcongressionalpropos- massive small-business relief
U.S. District Judge James alshavecalledforreopeningthe small-businessadvocacygroups. packageandextractinglessons
Boasbergorderedthereleaseof programtoofferfurtherassis- Theloans,whichwereissued wherepossible—bothtoinform
more information on PPP bor- tancetoailingbusinessesamid by financial institutions and acritical,ongoingfederaldebate
rowersinresponsetoalawsuit signsthattheeconomicrecov- backedbytheSBA,werealife- and to remedy failures in the
filedbynewsorganizationsun- ery is cooling as winter ap- lineforfirmshitbyshutdowns loan-disbursementprocessmov-
dertheFreedomofInformation proaches. Treasury Secretary andsocial-distancingmeasures ing forward,” Judge Boasberg
Act. Plaintiffs included Dow StevenMnuchin,inSenatetesti- during the coronavirus pan- wroteintheorder.
Jones & Co., publisher of The mony Tuesday, also called for demic.Theloansareforgivable TheSBAhadpreviouslypro-
WallStreetJournal. additional aid for small busi- providedborrowersmeetcertain videdthenamesandaddresses PAULMORELLI.COM
The SBA’s inspector general nesses. criteria,andtheSBAhasbegun of borrowers whose PPP loans NYC: 895 MADISON (72ND & MADISON)
saidinOctoberthattherewere “SBA’shistoricallysuccessful processingforgivenessrequests. exceeded $150,000 along with PHL: 1118 WALNUT STREET
“strongindicatorsofwidespread Covidreliefloanprogramshave JudgeBoasberginNovember theirloanrangeacrossfivecate-
212.585.4200
potentialabuseandfraudinthe helped millions of small busi- ordered the agency to release gories, from $150,000 to the
PPP.” The watchdog counted nesses and tens of millions of moreinformationaboutborrow- maximumof$10million.
A4|Wednesday,December2,2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THEWALLSTREETJOURNAL.
U.S. NEWS
Trump’s
Action Urged on Climate Change
H-1B Visa
Corporationscallon mateaccord,andurge“Presi- fromawarmingEarth. “TheUnitedStateshasmade letter—including Ford, Inter- Rules
dent-elect Biden and the new “Climate is going to be a important strides—emissions national Business Machines
Congresstoworkwith
Congress to work together to much bigger deal in the next aredown,andcleanenergyis Corp., Unilever PLC and Wal-
Bidenonissue,back enact ambitious, durable, bi- Congressbecausethereisthe up,”thelettersaid.“Withthe martInc.—havealreadysigned Set Aside
partisanclimatesolutions.” prospect of something hap- electionofanewPresidentand ontosupporttaxingemissions
rejoiningParisaccord
Theletterdoesn’tdetailany pening”whenpreviouslythere Congress,wenowhaveacriti- or have pledged to change
specific action plan or policy was none, said Stephen calopportunitytosignificantly their business practices to
BYTIMOTHYPUKO proposal, but it is the latest Harper,seniordirectorofen- strengthentheseefforts.” eliminateemissionsfromtheir
indication that a significant vironment and energy policy The companies have ownoperations. BYMICHELLEHACKMAN
WASHINGTON—A broad cohortofcorporateAmericais forIntelCorp.,oneofthesig- warned of rising costs from Severalofthosecompanies
crosssectionofbigU.S.corpo- liningupwithenvironmental- natories.“It’llbesmallerstuff, climate-relateddisasters,and hopethatbyvocallysupport- A federal judge in San
rationsincludingAmazon.com istsonclimatechange. buthopefullyit’llbeapatch- attimesinWednesday’sletter ing new legislation, it gives Francisco on Tuesday set
Inc., Citigroup Inc. and Ford Companies are responding workofthingsthataddupto echoedMr.Biden’sowncam- Republicanscovertotakeac- asidetwoTrumpadministra-
MotorCo.,arecallingonCon- topressurefrombothconsum- makeadifference.” paign, saying leveraging tion in collaboration with tion policies that required
gresstoworkcloselywithPres- ers and their own workers Theletterwasorganizedby American investment and in- Democrats,Intel’sMr.Harper employers to pay foreign
ident-electJoeBidentoaddress who are increasingly con- theCenterforClimateandEn- novationtorespondcanitself andotherssaid. workersonH-1Bvisassignifi-
thethreatofclimatechange. cernedaboutclimatechange. ergy Solutions, or C2ES, an boosttheU.S.economy. President Trump has cantlyhigherwagesandnar-
InalettertobesenttoCon- Andtheyseeanewpresident environmental group that Corporate momentum has workedtoscalebackmanyof rowedeligibilityforthepro-
gressandtheBidentransition andCongress,includingsome works with businesses and beenbuildinginrecentyears the country’s environmental gram valued by U.S. tech
teamonWednesday,morethan conservatives,puttingabigger governments. Several of the ontheneedtoaddressclimate regulations, and sometimes firms and other employers.
40companiessaytheysupport emphasis on finding ways to companiesthatsigneditwork change.Severalofthecompa- fumed at companies that ThedepartmentsofLabor
theU.S.rejoiningthePariscli- avoid catastrophic outcomes withandhelpfundC2ES. nies that signed the newest didn’tsupporthisefforts. and Homeland Security each
issuedvisarulesinearlyOc-
Panel U.S.WATCH tober as part of a long-
awaited tightening of the
H-1Bvisaprogram,whichthe
Backs Trumpadministrationargues
undercutsAmericanworkers
byallowingemployerstohire
More FTC foreigncounterpartsforcov-
etedpositions,sometimesat
lower salaries.
Authority Therulingcomesinalaw-
suitfiledbytheU.S.Chamber
ofCommerce,oneofthreele-
gal challenges filed against
BYYUKAHAYASHI the policy changes.
“This ruling has many
WASHINGTON—Aninfluen- companiesacrossvariousin-
tialbipartisancommissionon dustries breathing a huge
ChinarecommendedthatCon- sighofrelieftoday,”saidJon
gress expand the Federal Baselice,directorofimmigra-
TradeCommission’sauthority, tion policy for the Chamber
whichwouldallowittoexam- ofCommerce.“Bothofthese
ine the influence of foreign ruleshadthepotentialtobe
government subsidies earlier incredibly disruptive to the
intheprocessofconsidering GES operations of many busi-
largemergersandacquisitions MA nesses.”
involvingforeigncompanies. YI In a 23-page order, U.S.
Companiesaren’tcurrently GETT District Judge Jeffrey S.
requiredtodisclosesuchsub- SSE/ White of the Northern Dis-
sidiestotheFTC. RE trict of California took issue
P
Thelatestrecommendation NCE- with the way the policies
fromtheU.S.-ChinaEconomic A wereissuedonanemergency
R
asinodnSreecfluercittsygRreovwieiwngCcoomncmeirsn- GENCEF bcoamsism,ebnytpapsesriinogd.acustomary
thattheactivitiesandinvest- O/A Theadministrationhadar-
ments of private U.S. compa- NG gueditwasjustifiedinrush-
nies are aiding the ability of DUE ingthroughthenewrules,in-
R
the Chinese government and A voking what is known as a
O
military, threatening Amer- RD good-causeexceptiontolaws
A
ica’s national security, said RIC governing how federal poli-
Carolyn Bartholomew, vice TheradiotelescopeatPuertoRico’sAreciboObservatorycollapsed,withits900-tonreceiverplatformfallingontoareflectordish. cies are issued, because of
chairmanofthecommission. soaringunemploymentlevels
In its annual report, the JUSTICEDEPARTMENT PUERTORICO reading,butachievementslowed CALIFORNIA spurred by the coronavirus
commission said U.S.-based inmathsincethecoronavirusshut pandemic.
Alleged Pardon-Bribe Previously Damaged Captain Charged in
companies that benefit from schoolsinthespring,anationwide
thefinancialsupportofafor- Scheme Investigated Telescope Collapses reportontestresultsshows. Diving Boat Disaster
eigngovernmentshouldbere- Thereport,releasedTuesday, Theruleswould
quired to submit to the FTC TheJusticeDepartmentwas Ahuge,alreadydamagedra- lookedatresultsfornearly4.4 Thecaptainofascubadiving
havemadeit
detailed information on such investigatingasrecentlyasthis diotelescopeinPuertoRicothat millionpublic-schoolchildrenin boatthatcaughtfireandsankoff
subsidies as part of the pre- summeranalleged“bribery-for- hasplayedakeyroleinastro- gradesthreethrougheightwho thecoastofCalifornialastyear, toughertogetthe
merger notification pro- pardon”scheme,accordingtoa nomicaldiscoveriesformore tooktheonlinetestsatschool killing34peoplewhoweretrapped
H-1Bvisas.
cess.Further,itsaid,theFTC courtfilingmadepublicTuesday. thanhalfacenturycompletely andfromhome.Itfoundmost belowdeck,wasindictedTuesday
should develop a process to Thecourtfilingwasissuedby collapsedonTuesday. studentsmadeprogressinread- onfederalmanslaughtercharges
determinetowhatextentpro- BerylA.Howell,thechiefjudge Thetelescope’s900-tonre- ingandmathsincethepandemic foroneofthedeadliestmaritime
posed transactions are sup- oftheU.S.DistrictCourtin ceiverplatformandtheGregorian started,thoughtheirgainsin disastersinrecentU.S.history.
portedbyforeigngovernment Washington,D.C.,onAug.28.It dome—astructureastallasa mathweresloweronaverage JerryBoylanwascharged “Thecourtcannotcounte-
subsidies. wasunsealedonherorderTues- four-storybuildingthathouses thanusual. with34countsofseaman’sman- nance—reluctantly or other-
TheFTCcaneitherpropose dayinheavilyredactedform, secondaryreflectors—fellontoa NWEA,anot-for-profiteduca- slaughterfor“misconduct,negli- wise—defendants’relianceon
a modification to a potential withmostofthedetailsofthe portionofthevastreflectordish tionaltestingandresearchgroup, genceandinattention”byfailing theCovid-19pandemictoin-
mergerorprohibitthedealif allegedschemewithheld. morethan400feetbelow. releasedtheanalysisofitsMAP totrainhiscrew,conductfire voke the good-cause excep-
itfindsforeignsubsidieshave Prosecutorssaidtheywerein- TheU.S.NationalScience Growthassessments,whichare drillsandhavearovingnight tion,” Judge White wrote.
facilitatedthetransaction,the vestigatingallegationsofa“se- Foundationhadearlierannounced usedbythousandsofschoolsna- watchmanontheConception “The pandemic’s impact on
commissionsaidTuesday. cretlobbyingscheme”inwhich thattheAreciboObservatory tionwide.Thefindingsroughly whenfirebrokeoutSept.2, theeconomyistheonlyrea-
Thecurrentpremergerno- atleasttwoindividualswereact- wouldbeclosed.Anauxiliarycable mirrortrendsfoundindifferent 2019,theindictmentsaid. son DHS proffered as good
tification process requires ingasunregisteredlobbyiststry- snappedinAugust,causinga100- onlinetestsfromRenaissance “Asaresultoftheallegedfail- cause,anddefendantsdonot
companiestoprovidetheFTC ingtopersuadeWhiteHouseof- footgashonthe1,000-foot-wide LearningInc.,whichlastmonth uresofCaptainBoylantofollow dispute that the failure to
and Justice Department with ficialstograntanindividuala dishanddamagingthereceiver saidchildrenstartedschoolthis well-establishedsafetyrules,a provide notice and comment
informationaboutlargemerg- pardonorcommutation,thefiling platformthathungaboveit.Then fallsignificantlybehindexpecta- pleasantholidaydivetripturned was prejudicial.”
ersandacquisitionsandwait said.Theschemeallegedlyin- amaincablebrokeinNovember. tionsinmathandmodestlybe- intoahellishnightmareaspas- A spokeswoman for the
a certain period—usually 30 volved“asubstantialpolitical —AssociatedPress hindinsomegradesinreading. sengersandonecrewmember Justice Department, which
days—beforeclosing.During contributioninexchangefora NWEAresearcherscaution foundthemselvestrappedinafi- defended the rules in court,
that time, authorities can presidentialpardonorreprieveof EDUCATION thatitsanalysislikelyunderesti- erybunkroomwithnomeansof didn’t reply to a request for
challengethedeals. sentence,”itsaid. matestherealeffectsofCovid-19. escape,”U.S.AttorneyNick comment.Thedepartmentsof
School Closures Hurt
The commission also rec- AJusticeDepartmentofficial Dependingonthegrade,the Hannasaid.All33passengers LaborandHomelandSecurity
ommended Congress adopt saidthatnogovernmentofficial Math-Test Results students’medianachievement andonecrewmemberperished. also didn’t respond to re-
the principle of “reciprocity” wasoriscurrentlyasubjector levelinmathdroppedfiveto10 Apublicdefenderwhorepre- quests for comment. The
asfoundationalinalllegisla- targetoftheinvestigationdis- Americanchildrenperformed percentilepoints,onaverage, sentsMr.Boylandidn’treturn Trump administration could
tionregardingU.S.-Chinarela- closedinthefiling. nearlyaswellonaveragethisfall comparedwithtypicalyears. messagesseekingcomment. appeal the ruling.
tions. —ByronTau aslastfallonawidelyusedtestin —LeslieBrody —AssociatedPress Though the two agency
policies were issued to-
Office gether in October, only one
“Goingforwardwe’regoing Badloansarealsohigher.As ofthem,issuedbytheLabor
tocontinuetoencouragepeople ofthebeginningofNovember, Department,tookimmediate
Returns to work remotely,” said Thuc 2.3% of office mortgages that effect. That rule signifi-
Vu,chiefexecutive.“Let’sjust wereconvertedintomortgage- cantly raised the minimum
acceptitasthenewnormal.” backed securities were more salaries companies were re-
Stall Manyinthereal-estatein- than 30 days delinquent, up quiredtopaytheirH-1Bem-
dustrynowbelievethatare- from1.7%inFebruary,accord- ployees.
S turn to the office in large ingtodatafirmTreppLLC. Under the new salary
W
NE numbers likely won’t happen The San Francisco region benchmarks, an entry-level
G until well into next year as has been lagging behind all electrical engineer in San
R
ContinuedfromPageOne BE federalandlocalgovernments othersintheU.S.witha13.4% Jose, Calif., for example,
M
from home at a number of OO urgecaution. return rate as of Nov. 18, ac- would be paid at least
companies, many employers S/BL “People are slow to retake cording to Kastle. The Bay $127,042, compared with an
wouldliketoseemoreworkers RRI going to the office primarily Areaistrailingpartlybecause $88,712salarybeforethenew
O
back in the office where they M becauselocal-governmentoffi- ofthatcity’shighrelianceon ruletookeffect,accordingto
cancollaboratemoreeasily.In- AUL cialsarestronglyencouraging thetechnologycompaniesthat Labor Department data.
P
stead,companiesareextending D themtoworkremotelyifatall earlyonallowedemployeesto Asecondpolicy,issuedby
VI
theirwork-from-homepolicies DA possible,”Mr.LindeofBoston workremotelyevenbeforethe DHS, was set to take effect
wellintonextyearasinfection SanFranciscoislaggingbehindotherU.S.citiesinofficereturns. Propertiessaid. pandemichit. withindays.Thatrulewould
ratesreachnewhighs. Office holdings have long Theoffice-returnrateinthe havenarrowedwhoqualifies
Thelowlevelofemployees Francisco, Boston and Wash- RockefellerCenter.Thisyear, beenacornerstoneinvestment NewYorkCityregionisnearly forH-1Bvisasbasedontheir
at their desks is intensifying ington,D.C.,havelostbillions businessisdown85%to90% formajorreal-estatefundsfor asbadat15.9%.NewYork’sre- specifichigher-educationde-
the pain for cities geared to- of dollars in revenue from fromnormal,hesaid. their steady and reliable in- liance on mass transit—and grees and would have short-
wardofficelife.Cities’popula- monthsofemployeesfavoring Evensomeofthefirstcom- come. But values are falling concernsthatthenewcorona- ened the length of visas is-
tions are falling as people remotework. paniestoreturntothework- sharplyasagrowingnumberof virus could spread through sued to some contract
working from home move to Many restaurants, shops place are now having second tenants dump sublease space subways, buses or regional workers,achangetargetedat
the suburbs or other less and services that cater to a thoughts,revertingtoremote onthemarketordemandlower trains—haskeptmanypeople the information-technology
dense locations where they business crowd are barely workandZoomcalls. rents from their landlords workingfromhome. industry.
canfindmorelivingspacefor hangingon,orhavegivenup. Aboutthree-quartersofthe whentheirleasesexpire. Attheotherend,theDallas- Had they remained in ef-
lessmoney. PaulMcLaughlin,managing 25 employees at OhmniLabs Tenantsearchesfornewof- Fort Worth region had 40.3% fect, the new rules would
Apartment rents in down- partnerofOceanainMidtown Inc.,aSanJose,Calif.,robot- fice space have collapsed in of its workers back, Kastle havemadeittougherforfor-
townSanFranciscohavefallen Manhattan, said this time of icscompany,returnedtowork once-hotmarkets.InSanFran- said.Texashasthebenefitof eign workers, particularly
20%sincetheirpeakinMarch, yearhisseafoodrestaurantis thisfall.Butasinfectionrates cisco, this search activity in good weather, car-commut- new international graduates
according to CoStar Group usually packed with holiday increased, OhmniLabs re- October stood at only 13% of ingandaculturethathasbeen ofU.S.colleges,toqualifyfor
Inc.,asresidentsleave.Metro parties,businesslunchesand versed its policy for all but what it was in January 2018, more resistant to shutdowns anH-1Bvisaandsignificantly
public-transportationsystems touristswhocametoviewthe those directly involved in according to the VTS Office than those in states such as more expensive for compa-
incitiessuchasNewYork,San Christmas tree at nearby manufacturingtherobots. DemandIndex. NewYorkandCalifornia. nies to sponsor them.
THEWALLSTREETJOURNAL. Wednesday,December2,2020|A5
****
U.S. NEWS
Barr Says No
Evidence of
Voter Fraud
BYSADIEGURMAN RudyGiuliani,haveairedcon-
ANDJACOBGERSHMAN spiracytheoriestoexplainMr.
Biden’swin,sayingthatvoting
The Justice Department machinesweretamperedwith
hasn’tfoundevidenceofwide- and that collusion among
spread voter fraud that could judges, election officials and
reversePresident-electJoeBi- elected leaders in large cities
SS
den’selectionvictory,Attorney swungtherace. RE
P
GeneralWilliamBarrsaidTues- Mr. Trump’s legal advisers D
day,dealingablowtoPresident rejectedMr.Barr’sconclusion. ATE
Trumpashelaunchedfreshle- “Withallduerespecttothe SSOCI
gal claims to contest the re- AttorneyGeneral,therehasn’t H/A
sults. been any semblance of a De- HU
Mr.BarrtoldtheAssociated partmentofJusticeinvestiga- Y.
M
Pressthatfederalprosecutors tion,” Mr. Giuliani said in a NA
andFederalBureauofInvesti- joint statement with another Electionworkers,right,verifiedballotsasrecountobserverswatchedlastmonthduringahandrecountofvotesinMilwaukee.
gation agents have probed Trumplegaladviser,JennaEl-
complaints of voter fraud, in- lis. allies.“There’sbeenoneasser- campaignfiledfreshclaimsin leaving Mr. Trump with no about20,000votes,thepresi-
cludingallegationsaroundvot- They said the Justice De- tion that would be systemic itsso-farunsuccessfuleffortto known path to reversing the dent’slegalteamsaidinafiling
ing machines skewing the re- partment hadn’t, to their fraud and that would be the reverse the election results, outcomeinthecourts. tothestateSupremeCourtthat
sults. “To date, we have not knowledge, examined the evi- claimthatmachineswerepro- askingtheWisconsinSupreme TheWisconsinlawsuitasks thecollectionandcountingof
seenfraudonascalethatcould dence they said they uncov- grammed essentially to skew Court to disqualify more than thestateSupremeCourttodo absentee ballots in two popu-
have effected a different out- ered,includingswornwitness the election results,” Mr. Barr 200,000mail-inballotsandap- something judges elsewhere lous and heavily Democratic
comeintheelection,”hesaid. testimony. toldtheAP.TheJusticeDepart- pealingaMichiganjudge’sdeci- haverefusedtodo:Throwout counties,MilwaukeeandDane,
With his comments, Mr. Mr.TrumponSundaycriti- menthas“lookedintothat,and siondismissingitslegalaction votes en masse without pre- wasmarredby“systemicviola-
Barr,astrongallyofthepresi- cized the Justice Department so far, we haven’t seen any- there. senting direct evidence of tions”ofstateelectionlaws.
dent,directlycontradictedMr. andtheFBIfornotinvestigat- thingtosubstantiatethat.” Thenewlitigationfollowsa fraud.Suchalarge-scaleinvali- Thecampaign’spetitionsays
Trump,whohassaidtheelec- ing voter fraud, calling them A Justice Department stringofunsuccessfullawsuits dationofballotswouldbeun- thecourtshouldvoidcertifica-
tion was stolen from him and “missinginaction.” spokeswomansaidlaterTues- elsewhereandcomesafterev- precedented in a presidential tionoftheelectionandthatthe
refusedtoconcedetherace. On Tuesday, the attorney daythattheagencyiscontinu- ery major battleground state election. impropervotersshouldbeex-
Mr. Trump’s legal advisers, general dismissed allegations ingtoinvestigate. has certified results showing In Wisconsin, where state cluded from the counties’ re-
includinghispersonalattorney madebysomeofMr.Trump’s AlsoonTuesday,theTrump Mr. Biden won the election, officialssayMr.Bidenwonby counttotals.
Prosecutor Named Special Counsel on Russia-Probe Origins
BYSADIEGURMAN Moscow’s interference in the JusticeDepartmentwillbeleft tions,heisn’tsubjecttoday-to- fraud that would change the official,employee,oranyother
ANDARUNAVISWANATHA 2016electionandanylinksbe- toaddressMr.Durham’sinves- day supervision by agency outcomeofthe2020presiden- personorentity”violatedlaws
tween the Trump campaign tigation. A Biden spokesman officialsandcanbefiredbythe tial election, contradicting inthe“intelligence,counter-in-
Attorney General William andRussia. didn’trespondtoarequestfor attorneygeneralonlyformis- PresidentTrump. telligence,orlaw-enforcement
Barr named Connecticut U.S. InaletterdatedTuesdayto comment. A top Democratic conductoraconflictofinter- Mr. Durham’s probe has so activities”directedatthe2016
AttorneyJohn Durham a spe- Congress,Mr.Barrsaidhehad lawmakercriticizedMr.Barr’s est.Iftheattorneygeneralde- farledoneFBIlawyertoplead campaignsorindividualsasso-
cialcounsel,givinghimprotec- madetheappointmentonOct. move,callingitacontinuation cides to overrule an guilty to altering a document ciatedwiththeTrumpadmin-
tiontocontinueintotheBiden 19 but delayed notifying law- of“apoliticallymotivatedin- investigative or prosecutorial used to obtain surveillance istration.
administration his investiga- makers,“giventheproximityto vestigation.” stepaspecialcounselwantsto against a former Trump cam- Ina2019report,Mr.Muel-
tionoftheoriginsoftheFBI’s the presidential election.” He Mr.BarrtappedMr.Durham take,theattorneygeneralhas paignadviser. lerconfirmedthatMoscowin-
2016Russiaprobe. saidhewantedtogiveMr.Dur- in May 2019 to lead a wide- tonotifyCongress. Mr. Barr said in the two- terfered in the 2016 election
Mr.BarrappointedMr.Dur- hamandhisteam“theassur- ranging inquiry into the ac- The announcement came pageorderthatthe“publicin- anddetailedcontactsbetween
hamspecialcounselinOctober ancethattheycouldcomplete tions of investigators, but he shortlyafterMr.Barracknowl- terest warrants Mr. Durham the Russian operatives and
underthesameregulationused their work, without regard to hadnoofficialtitleotherthan edgedinaninterviewwiththe continuingthisinvestigation.” members of the Trump cam-
tonameRobertMuellerinMay theoutcomeoftheelection.” U.S.attorney.Thespecialcoun- AssociatedPressthattheJus- The order says that Mr. Dur- paign but said the evidence
2017tooverseethatRussiain- The move likely means seldesignationmeansthat,un- tice Department hasn’t found ham’smandateincludesinves- didn’testablishaconspiracyor
vestigation, which examined President-elect Joe Biden’s derJusticeDepartmentregula- evidence of widespread voter tigating whether “any federal coordinationbetweenthetwo.
Oldest Shall
Be First in
One Contest
ContinuedfromPageOne
drenusedtotrade. GES
“Ijustcouldn’tbelievehow MA
oldsomeoftheseguyslooked YI
for their age,” Mr. Gallagher GETT
said.Therewassomethinghe GES/
coulddowithit,hethought. MA
Theresult,“80sFootballers VI-I
AgingBadly,”hisfeedonTwit- The1983HelmondSportsoccerteam;OttoVersfeldinblueshirt.
ter,hasbecomesoccer’slock-
downeventoftheyear. terestingthantheactualfoot- ballersAgingBadly.”Butasit
Hematchedup128pictures ballwehavecurrentlywithout entereditsfinalstage,theten-
of players of the 1970s and fans,”hesaid. sionwaspalpable.
1980s, in pairs. He gave fol- Mr.Sproat,now68,reckons “It’s becoming more parti-
lowers 24 hours to vote for the contest harks back to a san,” said Mr. Gallagher, who
theoldest-lookingofeachpair timebeforeclubnutritionists is a television director. “Peo-
forhisage,withthevictorgo- devisedindividualizeddietsor plearereallynailingtheircol-
ingontothenextround. specializedtrainingregimes. ors to the mast. The further
Standout performers in- “It was more of a sport we go into the competition,
cludeNivaldo,aBrazilianwho backthen,notabusinesslike themoretribalitgets.”
lost his flowing blond locks it is today,” he said from his Former Helmond Sport
duringasix-yearperiodinhis home in Prestwick, on Scot- goalkeeperOttoVersfeldtold
20s. Others tipped Welsh de- land’swestcoast.“Therewas aradiostationintheNether-
fender Terry Hennessy to go moreofaconnectionwiththe landsitwasinfootballers’na-
ontowinthewholethingfor fans.We’dgooutandsocialize turetowanttowin.“Ialways
growingoutanimpressiveset togetherafterthegames.That aimforthehighest,”saidMr.
of mutton chops, though he doesn’thappennow.” Versfeld,wholostmostofhis
lostinthequarterfinals. Mayur Ranchordas, who hairby26.Mr.Versfeldwent
Fans worked to lecturesonsportsnu- downtoMr.Sproat.
figure their players’ trition at Sheffield Mr. Sproat said he didn’t
chances. Craig Hallam University, realizehewasintherunning A WELCOME CHANGE
Walker from Scot- sayssoccerclubsused forthetitleuntilaWallStreet
land ran a series of to pay little heed to Journal reporter contacted
calculations to de- what their players him.Hehassincetakenakeen COLOR-CHANGE ALEXANDRITE
termine that a bald ate,whichmighthave interest, and provided a pic-
head equates to madethemlookolder. ture to show how he looks Natural color change. Coveted gem. Captivating beauty.
home-field advan- One coach made his now—slimmer, and without
Weighing4.52carats,thisalexandriteexhibitstheuniquecolor
tage. In the early playerseatsteakand theformerbigmustache.
round,allbaldplay- Nivaldo chips when he man- Excitement in the Sproat changeforwhichtheserarestonesarerenowned.Displaying
erswon.Thosewith aged a club in the householdgrew,too,asnews a lovely bluish-green hue in daylight, the GIA-certified
a tuft or two had a 60% win 1960sand’70s.Anotherwould broke that Mr. Sproat had gem exhibits a beautiful purple color when exposed to
rate,hefound. sometimes hand out beers to reachedthesemifinalsFriday
incandescentlight.Bothofthesedramaticcolorsareperfectly
“I’m spending about four playersonthewaytogames. after defeating former Bel-
accentedbywhitediamondsinaplatinumsetting.#31-1776
hours per day on it,” Mr. Attitudes began to change giumcaptainJulienCools.
Walkersaid. inthe1990s,butnotwithout Mr. Sproat ultimately lost
Others used fingers to someresistance.FormerArse- his match-up when fans
cover players’ bald spots or nalcoachArsèneWengeronce judgedthathelookedyounger
beardstofocusmoresharply described how his players than Brazilian ace Nivaldo—
ontheireyesandgetabetter would chant “We want our full name Nivaldo Gomes da
ideaofhowoldtheylooked. Mars bars!” from the back of Silva—whowentontofacea
Bookmakersofferedtotake the team bus when he intro- former Scottish goalkeeper,
bets on the face-offs. Star ducedstrictnewdiets. ErnieMcGarr,inthefinal.
SportsBet,basedinBrighton, Mr. Sproat, known in his Intheend,aftermorethan
England, gave odds of 5/1 on playing days as Shuggie, a 25,000voteshadbeencastin
Vito Chimenti, an Italian Scottish derivative of Hugh, the final round, Nivaldo was
striker,beforehewasbundled usedtorunupanddownthe triumphant. 622RoyalStreet,NewOrleans,LA • 877-677-2801 • [email protected] • msrau.com
outofthecompetition. playing field when he was Mr.Sproatsayshedoesn’t
As to why the contest bored or feeling cold. If sup- mind too much coming up Since1912,M.S.Rauhasspecializedintheworld’sfinestart,antiquesandjewelry.
caughton,onefollower,David porters sang “Shuggie, Shug- short.WhenAyrUnited’sfans Backedbyourunprecedented125%Guarantee,westandbehindeachandeverypiece.
Campbell, figures it provides gie, swing on the bars,” he voted him their all-time cult
some of the banter missing wouldhappilycomply.“Itwas favorite a few years ago, “I
from soccer stadiums as the fun,justagame,”hesaid. didn’t know about that, ei-
pandemicgrindson.“Morein- So, too, was “80s Foot- ther,”hesaid.
A6|Wednesday,December2,2020 THEWALLSTREETJOURNAL.
****
U.S. NEWS
Panel Recommends
Health Workers
Get First Vaccines
A federal vaccine advisory policy. A CDC spokeswoman
panel recommended that saidCDCDirectorRobertRed-
health-careworkersandresi- fieldwilllikelymakethedeci-
dentsoflong-termcarefacili- siononWednesday.
tiesbethefirsttoreceiveany Mr. Azar, who has sup-
Covid-19 vaccine doses from ported early vaccination of
thelimitedsupplythatwillbe nursing-home residents, has
availableinitially. saidstategovernorsmaymake
finaldecisionsaboutwhomto
ByPeterLoftus,Jared vaccinatefirstwiththedoses
S.Hopkins that the federal government
andBetsyMcKay allocates to them based on
theiradultpopulations.
The panel, which advises Stateswouldn’thavetofol-
the Centers for Disease Con- lowtheCDCrecommendations,
trolandPrevention,voted13-1 butstateandlocalauthorities
onTuesdayinfavorofgiving are expected to rely on them
RESS thefirstvaccinestoabout21 asguidepostsfordecidingwho
DP million health-care workers getsthevaccinefirst.
ATE andthreemillionresidentsof The CDC panel, an outside
OCI long-termcarefacilities. group of medical experts
ASS Health experts have long known as the Advisory Com-
X/
PI expectedthatthepanelwould mitteeonImmunizationPrac-
O
AT recommendhealth-carework- tices, held an emergency
N
HI ers get first dibs, but some meeting Tuesday to consider
C
Whentheglobaleconomydoescomeback,Chinaisexpectedtobethebigwinner.AlithiumbatteryfactoryinAnhuiprovince. federal health officials have howtoprioritizewhichgroups
Before Vaccine, a Hard Winter
been advocating including aremostinneedofreceiving
thosemostmedicallyvulnera- theinitialdoses.
bletoCovid-19. Also Tuesday, Dr. Redfield
Federal officials have said told members of the White
they expect there will be House’scoronavirustaskforce
about 40 million doses avail- thattheCDCwaspreparingto
BYPAULHANNON It now expects the global ProjectedGDP4Q2021, threemonthsof2019.Bycon- able in December. The initial recommendareducedquaran-
economy to grow 4.2% in changefrom4Q2019 trast,Argentina’seconomicout- vaccinesavailablearegivenin tine period for people poten-
Theprospectofcoronavirus 2021,havingcontractedbythe putisforecasttobe8%lower. twodosesthreeorfourweeks tiallyexposedtoCovid-19,ac-
–5 0% 5 10
vaccines on the horizon has samedegreethisyear.InSep- U.S. output is expected to apart,sotheremaybeenough cording to an administration
boostedhopesofanendtothe tember, when it last released China recover to its pre-pandemic for 20 million people to be official. The guidance would
pandemic-wrought down- quarterly forecasts, it ex- SouthKorea levelbythattime,buttheeu- vaccinatedintheearlyweeks. recommendaseven-dayquar-
turn—but first the global pected the economy to grow Indonesia rozone’soutputisprojectedto Supplies are expected to in- antine for individuals who
economycouldfacealongand 5%nextyear. be 3% lower, and the U.K.’s creaseduring2021. have received a negative test
World
difficultwinter. The OECD cut its forecast 6.4%downonthefinalquarter U.S.healthregulatorsareex- for Covid-19 and a 10-day
Turkey
Government restrictions for economic growth in 2021 oflastyear. pectedtodecideinthecoming quarantineforthosewhohave
Russia
andconsumers’fearofinfec- in the U.S. to 3.2% from 4%, According to those projec- weekswhethertoauthorizethe receivednotestresult,theof-
tionwillcontinuetoweighon anditsforecastsfortheeuro- U.S. tions, China will account for emergencyuseoftwoCovid-19 ficialsaid.
the global economy well into zoneto3.6%from5.1%.Itleft Australia roughly one-third of the in- vaccines, one from Pfizer Inc. Thedevelopmentscomeas
nextyear,evenasvaccinede- its growth forecast for China SaudiArabia creaseinglobaleconomicout- andBioNTechSEandanother theU.S.isstrugglingwithris-
velopments offer hope of an at8%. Japan putnextyear.Ms.Boonesaid fromModernaInc.Thecompa- ingcasesandhospitalizations.
end to the pandemic, the Or- Those forecasts are based the pandemic appeared to nieshavebeenmanufacturing NewlyreportedCovid-19cases
Germany
ganizationforEconomicCoop- onwhatMs.Boonesaidwasa have accelerated China’s rise doses,butitcouldtakeseveral began climbing back up after
Canada
erationandDevelopmentsaid “cautious” view of the logis- asaneconomicpower. monthstomakeenoughtovac- their usual dip at the begin-
France
Tuesday. ticsofmanufacturingandde- “There is a rebalancing in cinatethebroaderpopulation. ningoftheweek,ashospital-
Whentheworld’seconomy ploying vaccines, as well as Eurozone theglobaleconomy,”shesaid. TheCDCusuallyfollowsthe izationshitanotherhigh.
does come back, China will levels of take-up in popula- India The OECD said the world recommendationsofitsadvi- Thenationreported157,901
emergeasthebigwinner,ac- tions that may be skeptical Brazil outlook remained highly un- sorypanel,andiftheyareac- infectionsforMonday,accord-
cordingtotheresearchbody, aboutsafety. Italy certain.Amorerapiddeploy- cepted by the agency’s direc- ingtodatacompiledbyJohns
accountingforasmuchasone- The OECD expect most SouthAfrica ment of effective vaccines tor and Secretary of Health Hopkins University, higher
third of next year’s recovery, economiestobeoperatingun- could boost global growth to andHumanServicesAlexAzar, than the 138,903 cases re-
Mexico
as Western countries slowly der some form of constraint 5%in2021and5.5%in2022, theywillbecomeofficialCDC cordedSunday.
U.K.
shakeofftheeffectsof2020’s untilthefinalmonthsof2021. while a slower deployment
Argentina
record-settingcontractions. “Formostofnextyear,we would weaken the expansion DailyU.S.deaths DailyU.S.cases
Releasing new forecasts willhavetorelyonnonphar- to1.45%nextyearand2.2%in
Source:OrganizationforEconomicCooperation 1,172new 2,603 157,901 205,557
sinceanumberofpharmaceu- maceutical interventions to andDevelopment 2022. deaths peak newcases peak
ticalcompaniessaidtheirvac- keep on living,” Ms. Boone The Paris-based body pro-
cineswerehighlyeffectivein said. facturers, while those below vides policy advice to its
recent tests, the OECD said In the U.S., manufacturing 50signalcontraction. members, which include the 7-day 7-day
governmentsmustcontinueto companiescontinuedtoreport “There is some concern in U.S. It urged governments to average average
providesupporttotheirecon- activitygrowthinNovember, the report here about future continuehelpingtheneediest
omies to ensure a speedy re- according to surveys of pur- demand,”saidTimFiore,who households and businesses Wash.
N.H.
turntopre-pandemiclevelsof chasing managers released oversees the ISM survey of and provide broader-based
activity. Tuesday,markingtheseventh factorypurchasingandsupply stimulustoboostdemandand Ore.
N.Y.
“It’s not like we get a vac- straightmonthofgrowthfol- managers. He cited factors speedtherebound. Wherethecases
R.I.
cine and in a month every- lowingacontractionatthebe- suchasthecomingholidaype- Ms.BoonesaidtheOECD’s arerising Pa.
Nev.
thingreturnstonormal,”said ginningofthepandemic. riodandissuesrelatedtothe forecastsassumedfreshfiscal
7-dayaverageis W.Va.
Laurence Boone, the OECD’s The Institute for Supply coronavirus,includingworker stimulusinboththeU.S.and Calif. greaterthanthe Va.
chiefeconomist. Management’smanufacturing absenteeismandpandemicfa- Europe, adding that it would 14-dayaverage. Tenn. N.C.
The group cut its growth indexdeclinedinNovemberto tigue. beablowtoconfidencenotto
forecasts for most leading 57.5 from 59.3 in October. A The OECD said the pace of provideit.
Miss.Ala.
economies, citing a recent separatemanufacturingsurvey theglobalrecoverywouldcon- “Itwouldbereassuringfor
surgeininfectionsacrossthe byIHSMarkitputtheU.S.at tinuetobeveryunevenacross businessesandhouseholdsto
NorthernHemispherethathad 56.7 in November, up from countries. In the final quarter know we have learned from Alaska
promptednewrestrictionson 53.4inthepreviousmonth. of2021,China’seconomicout- thelastcrisis,”shesaid.
households and businesses Readingsabove50indicate put is expected to be 9.7% —HarrietTorry
andcautionamongconsumers. activityisexpandingatmanu- higherthanitwasinthefinal contributedtothisarticle. Note:AsofDec.1,6a.m.ET Source:JohnsHopkinsUniversity
Salesforce ployee,everypartnerandfor withSlack-likechatcollabora- matelypassedregulatoryscru-
everycustomerinteraction.” tionfeatures. tiny. And this summer, Slack
The purchase, which still “Salesforce and Slack will filedacomplaintwiththeEu-
Agrees to hastoclearSlackshareholder shapethefutureofenterprise ropeanUnionoverallegedan-
and regulatory approval, software and transform the titrust behavior by Microsoft
would underpin Mr. Benioff’s wayeveryoneworksintheall- inusingitsmarketdominance
Buy Slack effort to move Salesforce be- digital, work-from-anywhere topushTeams.
by yond its core product, which world,”Mr.Benioffsaid. Slackshareholdersaredue
helpscompaniesmanagetheir Earlyinthepandemic,Mi- to receive $26.79 in cash and
customerrelationships,topro- crosoftChiefExecutiveSatya 0.0776 Salesforce share for
ContinuedfromPageOne vidingthesoftwaretoolsthat Nadella said businesses were eachshareofSlackstock.That
ingvenuesliketheWorldEco- businessesneedforaswathof overhaulinghowtheyoperate. equates to $45.52, based on
Introducing an
nomic Forum in Davos, theirday-to-dayoperations. “We’veseentwoyears’worth Salesforce’sclosingshareprice
Ergonomic Heat Switzerland, to champion The deal also opens a new of digital transformation in Tuesday, or more than 50%
causesandburnishhisprofile. front in Salesforce’s battle twomonths,”hetoldanalysts. aboveSlack’sclosingpricethe
and Massage He set up Salesforce with a withmuchlargerrivalMicro- Salesforce and Slack, both day before the Journal broke
pledgeofcorporategivingand soft, which has been pushing based in San Francisco, have news of the talks last week.
Chair for Work
boughthimselfanevenlarger tobethego-tosoftwareven- longcompetedwithMicrosoft. The $27.7 billion price is so-
and Home platformwithhisacquisitionof dorforbusinesses,offeringa In 2016, Salesforce, after it calledenterprisevalue,which
TimeMagazinetwoyearsago. range of applications from lost out to its larger rival in typicallyincludesnetdebt,and
Slack CEO Stewart Butter- datastoragetovideocommu- buying LinkedIn Corp., urged isbasedonSalesforce’sclosing
fieldhasbeenoneoftheloud- nications. The Redmond, regulatorstoexaminethepro- priceMonday.
estvoicesarguingthatcompa- Wash.,companyintroducedits posed deal on antitrust Slack went public last year
nieshadtorevamphowthey Teamssoftwaresuitein2016 grounds.Thetransactionulti- through an unconventional
usetechnology.Heco-founded methodcalledadirectlisting.
Slack, which grew out of a PurchasePower Inrecentmonths,Slackfailed
gaming company called Tiny to spark the kind of investor
Salesforce,whichconfirmeditspurchaseofSlackTechnologies,
Speck,andpitcheditsproduct excitement enjoyed by other
postedanuptickinrevenueinthethirdquarter.
as an alternative to office business-software companies
email. It quickly took off Salesforce’squarterlyrevenue Stockperformance more closely associated with
amongdevelopersintechnol- theboominvideoconferencing,
ogy companies when it be- $6billion 100% such as Microsoft and Zoom
came publicly available in Slack VideoCommunicationsInc.
(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:3)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:13)(cid:14)(cid:5)(cid:15)(cid:16)(cid:17)(cid:18) 2014. He is expected to con- 5 75 Salesforce Also Tuesday, Salesforce
tinuetorunSlackasaunitof postedearningsforthequar-
Salesforce after the deal’s 4 terendedOct.31,withsalesof
close,thecompaniessaid. 50 $5.42 billion, up from $4.51
Salesforce’s Slack acquisi- billiontheyearprior,generat-
3
tionisanothersignthatcom- ingnetincomeof$1.08billion.
paniesarebettingsomeofthe 25 The company lifted its full-
changes in the workplace 2 year sales outlook to $21.10
made in over recent months billionto$21.11billion.
FreeShipping&30DayRiskFreeTrial may outlast the pandemic. 1 0 Slackreportedfiscalthird-
Save$100Now!And,UsecodeErgonomic “We really see the world as S&P500 quarterresultsTuesday,post-
fundamentallyhavingshifted,” 0 –25 ingsalesof$234.5millionand
ForFreeX-WheelCasters
*$50permonthbasedonpurchaseof$89999for18-months0%interest SalesforceChiefOperatingOf- FY2019 2020 2021 Jan. Dec. a net loss of $68.4 million,
ficerBretTaylortoldanalysts. comparedwithsalesof$168.7
“Slackisreallythesystemof Note:FiscalyearendsJanuary31,2021 millionandanetlossof$89.2
engagement for every em- Source:thecompany(revenue);FactSet(stock) millionayearearlier.
THEWALLSTREETJOURNAL. NY Wednesday,December2,2020|A7
WORLD NEWS
Canada Spends Its Way Into Huge Deficit
Governmentofficials Ratingscitedasteepriseingov-
ernment debt and skepticism
hopeaggressivesteps
abouttheabilityamongpolitical
topropupeconomyin leaderstostabilizedebtgrowth
afterthepandemicpasses.
pandemicwillpayoff
CarolynWilkins,thesecond-
highest-ranking official at the
BYPAULVIEIRA BankofCanada,saidfiscalpol-
ANDKIMMACKRAEL icyisapowerfultoolwithinter-
estratesnearzeroandbusiness
OTTAWA—Canada’sdeficit activity constrained. Without
isgrowingatthefastestrate massive fiscal outlays, “you
amongdevelopednationsasit wouldn’tbeseeingtherecovery
seekstopropupitseconomy we’reseeingnow,”shesaid.
duringtheCovid-19pandemic. DeputyPrimeMinisterand
Canadian officials are bet- Finance Minister Chrystia
ting the aggressive approach Freeland on Monday said the
will pay off, pointing to the fiscal taps will remain wide
numberofjobsrecovered,and open for the foreseeable fu-
arguethatthecountrycanaf- ture.Shesaidinanannualfall
ford to pour money into the economicupdatethatthegov-
economy while borrowing ernmentissettospendupto
costsarehistoricallylow.But C$100billionoverathree-year
some economists warn the periodstartingin2021tohelp
heavyspendingcouldleadtoa fortify the recovery from the
fiscal crisis, and one major S pandemic. Stimulus spending
R
ratings firm has stripped the UTE wouldceaseonlywhenbench-
countryofitstriple-Arating. RE marksrelatedtoemployment
N/
Canada isn’t alone in its RE dataweremet,shesaid.
G
spending spree: The Interna- HEL “Canadiansunderstandthat
tional Monetary Fund esti- S this crisis demands targeted,
RI
matesgovernmentsaroundthe H time-limited support to keep
C
worldhavedoledout$12tril- AclosedfurniturestoreinTorontoreflectsthepotentialeconomictollincomingmonthsfromnewrestrictionsaimedatstemmingCovid-19. people and businesses afloat
liontominimizetheeconomic andtobuildourwayoutofthe
damage from restrictions in onMondaysaiditprojecteda Changeinfiscalbalanceasa Covid-19recession,”shesaid.
place to halt transmission of budgetdeficitintheyearend- percentageofGDP GDPJumped40.5% 2023,andCanada’sfederal Ms.Freelandsaidthegovern-
Covid-19.Canada’svirus-related ing March 30 to jump to at governmenthaspledgedthis mentwouldintroducerulesto
Discretionary InThirdQuarter
spending, the bulk of which leastC$381.6billion,or17.5%of weekanotherlargedollopof stabilizedebtgrowthbutonly
originateswiththefederalgov- grossdomesticproduct,versus Nondiscretionary fiscalfirepowertojuicethe aftertherecoveryiscomplete.
(includingautomaticstabilizers)
ernment,hastotaledabout382 adeficitofC$39.39billion,or economy. Mr.Jean,ofDesjardinsSe-
billion Canadian dollars, the 1.7%ofGDP,intheprevious12- Canada OTTAWA—Canadaended Earlyindicatorssuggest curities,saidthegovernment
equivalent of US$294 billion, monthperiod.TheU.S.budget twostraightquartersofvirus- fourth-quarteroutputwillbe is betting the massive fiscal
and accounts for roughly 19% deficittripledduringtheyear U.K. fueleddeclinesinoutputwith weak,asasecondwaveof outlays will prevent a catas-
ofCanada’seconomicoutput. that ended Sept. 30, to reach asurgeinthethirdquarter, Covid-19infectionsforceau- trophe in household and cor-
U.S.
YetIMFdataindicateCan- $3.1trillion,ortheequivalent withhouseholdspendingdriv- thoritiestoimposeneweco- poratebankruptcies.
ada’sfiscalpositionduringthe of16.1%ofeconomicoutput. Italy inggrowth. nomicrestrictions. YetDavidRosenberg,econ-
pandemic—incorporating all The deficit could swell to Thequarterlygain,however, Canada’sgrossdomestic omist and head of Toronto-
levelsofgovernment—hasde- nearC$400billionbecauseof Japan cameinwellshortofmarket product,thebroadestmeasure basedconsultingfirm Rosen-
teriorated at the fastest pace deterioratingeconomiccondi- expectations,andindicatesthe ofgoodsandservicesproduced berg Research, pointed out
Germany
amongthemajoreconomiesin tionsrelatedtoasecondwave roadtoafullrecoverywillbe intheeconomy,surgedata thatcombiningmountinggov-
theGroupof20industrialized ofCovid-19infections.Canada longanduneven,astheBank 40.5%annualizedrateinthe ernmentdebtandwhathouse-
France
countries as it seeks to keep anticipates the deficit to nar- ofCanadahaswarned. thirdquarterto2trillionCana- holdsandnonfinancialcorpo-
theeconomypumping. rownextfiscalyeartobetween –20pct.pts. –10 0 Thecentralbankhassig- diandollars,theequivalentof rations owe puts Canada’s
“Canadacouldcomeoffas C$121billionandC$166billion, Note:Discretionaryfiscalsupportismeasured naleditwillkeepitsbench- US$1.54trillion,StatisticsCan- total debt-to-GDP ratio at
heroicifthisspendingisdone depending on how much new asthechangeinthecyclicallyadjustedprimary markinterestrate,whichisat adasaidonTuesday. morethan400%—aheadofthe
right,” said Jimmy Jean, a spendingisdeployed. balance;nondiscretionaryfiscalsupportisthe nearzero,unchangeduntil —PaulVieira AmericansandChinese,buton
residualinpercentagepoints.
strategistatDesjardinsSecuri- Canadahasrecoveredabout Source:InternationalMonetaryFund parwithItalyandGreece.The
ties in Montreal. “If Canada 80% of the jobs lost in March lattertwocountriesdealtwith
fails,alltheemergencyspend- andAprilbecauseofthevirus, re-emergedtodealwithasec- from all levels of Canadian to reach 131%; 108% in the fiscalcriseslastdecade.
ing might have been done in whereastheU.S.hasregained ondwaveofCovid-19infections. government will surge to U.K.;and73%inGermany,ac- “The only way that Can-
vain because we won’t have just over half of employees The federal government’s roughly115%ofGDPthisyear cordingtotheIMF. ada’s aggregate debt ratio is
the capacity to power the shed. Growth is expected to debtisalsosettosurpassC$1 from 89% in 2019, the IMF Whendowngradingthecoun- sustainable is if we just have
alexa
post-vaccinerecovery.” grindtoahaltinthefinalthree trillion for the first time this said. The debt-to-GDP ratio try’sratingtodouble-A-plusin interestratesclosetozeroin
The Canadian government monthsof2020asrestrictions year,or50%ofGDP,anddebt thisyearintheU.S.isforecast late June from triple-A, Fitch perpetuity,”hesaid.
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A8|Wednesday,December2,2020 THEWALLSTREETJOURNAL.
WORLD NEWS
ECB Calls NATO
€1.35 trillion in June. Yields
havesincedeclinedforallEu-
Broke With ropean government bonds. Should
Bond values rise when yields
fall and this has meant that
Practice owningEuropeangovernment Focus on
debt has been profitable for
investorsthisyear.
Mr. Lane’s interventions, China, Says
along with a change in Ms.
ContinuedfromPageOne Lagarde’sowncommunications,
terpolicymeetings—whenMr. havehelpedswingmarketsenti- Report
Draghiwaspreparingtohand mentbehindtheECB.Yieldson
over the reins to Ms. 10-year bonds from Italy and
Lagarde—butonlybeganthem Spainhavefallentorecordlows.
in March. The briefings were On Sept. 10, Ms. Lagarde BYMICHAELR.GORDON
set up shortly before Ms. againjoltedfinancialmarkets ANDJAMESMARSON
Lagarde’snewsconferenceon by sounding optimistic about
March12,thespokesmansaid. the eurozone’s economy de- The North Atlantic Treaty
“Inlinewithourtranspar- spiteafreshsurgeincoronavi- Organization should devote
ency policies, we publish the rus infections. The euro rose muchmoreofitstimeandre-
names of the institutions againstothermajorcurrencies, sources to security threats
where they work and ensure K approaching a two-year high posed by China even while
thereisarotationbetweenin- STOC against the dollar, before re- seeking to deter Russian ag-
ssatiitdu.t“ioTnhse,”putrhpeosespisoktoeshmeaanr UTTER tTrheaattisnagmleatdearyi,nMthr.eLaafnteercnaololend. gmreensstioonf,tahehiaglhli-alnevcee’lsafsusteusrse-
H
the views of economists who A/S eightmajorEuropeanandU.S. saysinareport.
P
aacarnelylsEtCoeBnchlwynaitctoacuhlceqhrusoeansntpidounabdsl.idcrTeihnses- HOSLET/E boacaucntolkorsodtkionagdnitdsocumhsiossntdehitaearreyyc.opnoolmiciyc, NStAoTTlthOeenSsbeteucrdrgeytfoacorllymo-wGmeeidnsseciroraintleicJdiesbnmys
R
formationandtheironlyfocus VIE Inablogpostthefollowing lastyearbyFrenchPresident
isonthepolicydecisionpub- OLI day,Mr.Lanesoundedacau- EmmanuelMacronthattheal-
lishedbeforehand.” ChristineLagardedidn’tspeaktobanksorinvestorsonECBpolicy-decisiondaysin2019or2020. tious note on Europe’s eco- liancewasexperiencing“brain
To get on Mr. Lane’s call nomic recovery, saying there death”becauseofdifficulties
list,theinstitutionhadtobea vestmentManagementCo.,and Citi, Deutsche Bank, Gold- conference by saying the ECB was “no room for compla- coordinating among its 30
close follower of ECB policy, banks such as Citigroup Inc. manSachs,JPMorgan,Pimco was“notheretoclosespreads,” cency” and leaving the door members and uneven U.S.
thespokesmansaid. Deutsche Bank AG, Goldman and UniCredit declined to or narrow the differences in open for fresh stimulus. ECB leadership.President-electJoe
The spokesman said Ms. Sachs Group Inc., JPMorgan comment.BlackRockandUBS borrowing costs between officials have since signaled Bidenhasvowedtostrengthen
Lagardedeclinedtocomment. Chase&Co.andUBSGroupAG. didn’trespond. wealthy Germany and weaker theywillscaleuptheirmone- tieswithNATOandU.S.allies.
ECBpolicymakersobserve The calls lasted 10 or 15 Intheworldofcentralbank- governmentslikeItaly’s. tarystimulusattheirnextpol- “The really big message is
aquietperiodforsevendays minutes, according to people ing,smallchangesinemphasis Italy’s huge debt makes it icymeetingonDec.10. thatNATOhastoadaptitself
beforepolicymeetings,during who received them. Mr. Lane from a top official can have a vulnerabletoariseinborrow- The calls underscore Mr. foraneraofgreatpowercom-
which they are asked to re- took questions on the ECB’s bigimpactonarangeofasset ingcostsandaconcernforthe Lane’s growing influence petitionthatincludesnotonly
frain from commenting on policydecisionsandeconomic prices,allowingthemtostimu- integrity of the entire cur- within the ECB. The 51-year- Russia, but also China,” said
monetarypolicy. forecasts, but spent most of lateorslowtheentireeconomy. rencyunion. oldHarvard-trainedeconomist A.WessMitchell,whoserved
In the U.S., the Federal Re- the time listening, they said. Ms. Lagarde, a former In- Ms. Lagarde’s comments, joinedthebank’ssix-member as the top State Department
servehasablackoutperiodof Heclarifiedandfine-tunedthe ternational Monetary Fund whichsuggestedthattheECB executiveboardinJune2019. official for Europe from 2017
12 days that runs until a full ECB’smessage,andanswered wouldn’tsupportgovernments He is considered a so-called to 2019 and co-chaired the
dayafterpolicymeetings,dur- technical questions. Some of suchasItaly’siftheycameun- doveontheECB’srate-setting groupthatwrotethe67-page
ing which Fed officials don’t thepeoplesaidtheydon’tre- ECBchief der pressure in debt markets, committee, meaning he wor- report.
speak publicly or privately to call that Mr. Lane divulged economist helped prompt a surge in the ries more about unemploy- The report will be dis-
investors. Fed officials meet much new information. At PhilipLane country’sborrowingcostsanda mentthaninflation. cussedbyNATOforeignminis-
withbanksandassetmanagers least one other ECB staff clarifiedand 17%fallinitsstockmarket.Ms. Before March 12, Mr. Lane ters,whoareconveningTues-
to discuss market sentiment, memberwasonthecallstoo. fine-tunedthe Lagarde gave a TV interview hadnevercommunicatedwith day and Wednesday by
but the meetings take place “Itwouldbedesirableforall bank’smessage shortlyafterhernewsconfer- banksorinvestorsonthedays videoconference and will for
outsidetheblackoutperiodand playerstohaveaccesstorele- inhiscalls. encetorebalancethemessage. of ECB policy decisions, ac- thefirsttimeaddresstherise
involve officials asking ques- vant information at the same That same day, Mr. Lane cordingtohispublicdiary.Nei- ofChinawithcolleaguesfrom
tions. The Bank of England time.Otherwise,it’snotalevel held teleconferences with 11 therMs.LagardenortheECB’s non-NATOmembercountries.
briefsanalystsshortlyafterits playingfield,”saidStefanGer- managingdirectorandFrench banksandinvestorsincluding other four executive-board “China does not share our
policydecisions,butallanalysts lach, former deputy governor finance minister, hadn’t BlackRock,JPMorganandUni- membershavespokentobanks values,” Mr. Stoltenberg told
are briefed at the same time ofIreland’scentralbank. workedinacentralbankuntil Credit.Inablogpostedonthe orinvestorsonpolicydecision reportersMonday.“Itdoesnot
andanywhowanttocanjoin. AnAXAspokesmansaidMr. shetookthehelmattheECB ECB’s website the following daysthisyearorlast,accord- respect fundamental human
On each occasion, Mr. Lane Lane had spoken to the com- inNovemberlastyear. morning, Mr. Lane signaled ingtotheirpublicdiaries. rightsandtriestointimidate
discussedtheECB’srecentdeci- pany’schiefeconomistfollowing Her communications were that the bank was indeed SinceherMarchnewscon- othercountries.”
sion with officials—often the theECB’snewsconferencesthis especially vital this year. On ready to buy Italian govern- ference,Ms.Lagardehasheld AChineseEmbassyspokes-
chiefeconomist—atasubgroup year, saying the conversations March12,asthepandemichit mentbondsifnecessary. closely to the ECB’s written mansaid:“WehopeNATOwill
of18institutions,accordingto gavethegroupachanceto“di- Europeandtheborrowingcosts Sixdayslater,theECBun- policymessage,sayinginJune haveacorrectviewofChina,
hispublicdiary.Theyincluded gesttheECB’sannouncements ofSouthernEuropeangovern- veiled a €750 billion, equiva- that she wanted to be “very, look at China’s development
investors such as AXA SA, andaskanyofthemoretechni- ments surged, Ms. Lagarde lentto$894billion,bond-buy- veryspecific”inhercommuni- anddomesticandforeignpoli-
BlackRock Inc. and Pacific In- calquestionswemayhave.” stunnedinvestorsathernews ing program, scaling it up to cations. ciesinarationalmanner.”
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THEWALLSTREETJOURNAL. Wednesday,December2,2020|A9
WORLD NEWS
China Lands
Probe on Moon
To Collect Soil
BYJAMEST.AREDDY The lander is expected to
ANDLIYANQI operate and depart from the
moon within one lunar day-
Chinasaiditlandedaprobe time, giving it about two
onthemooninitslatestspace weeksofEarthdays.
endeavorandhumanity’sfirst Aftercollectingsamples,it
bid since the 1970s to return is scheduled to blast off the
lunarsamplestoEarth. moon and connect with a lu-
The successful touchdown narorbiterbeforereturningto (2)
camealittlemorethanaweek Earthmidmonth. SS
aftertheunmannedChang’e5 China launched its first PRE
A
probeliftedofffromsouthern manned space flight in 2003 M
U
ChinaonNov.24,statemedia and in space has explored A/Z
saidlateChinatimeTuesday, quantum communications, HU
N
quotingChina’sNationalSpace erectedalargeradiotelescope XI
G/
Administration. andbuiltasystemofsatellites N
A
A round of applause broke tosupportaGPS-likenaviga- LIW
outintheBeijingcontrolroom tionsystem. JIN
where the landing was moni- China deliberately crashed
tored after an announcement aspacecraftintothemoonin China’sspaceauthorityreleasedphotographsitsaidshowedthe
theprobehad“landedonthe 2009 after mapping it from Chang’e5probelandingonthemoononTuesday.Atright,a
surfaceofthemoon,”accord- orbit and has now returned photosaidtohavebeentakenbythelanderofthelunarsurface.
ing to a broadcast on China there with three successful
CentralTelevision. unmannedlandings,including fromwhichitcouldfurtherex- ises to rewrite the global or-
Only the U.S. and the for- oneinearly2019,whenitput ploredeepspace. derinspace,andscientistssay
mer Soviet Union have man- a probe on the dark side of The moon’s supply of he- Beijingiseagertobuildcapac-
agedtoreturnlunarsamples, the moon, in a first for hu- lium-3, a potential energy ity there in terms of rules of
andnotinalmost45years. manity. source,hasbeenofparticular exploration and access to re-
The plan is to retrieve Chinahasn’ttriedtoputa interesttoBeijing. sources.
around 4.4 pounds of rock persononthemoon. Thepotentialforwateron Partly with an eye on
samples and materials from A Chinese Mars lander is the moon is important as a China’s efforts, President
justbelowthelunarsurface. dueattheRedPlanetaround possible rocket fuel if it is Trump last year announced
The moon is central to February. foundandcanbebrokeninto creation of the Space Com-
China’s fast-advancing scien- China hopes to establish a hydrogenandoxygen. mand to coordinate activity
tificandstrategicspaceambi- manned base on the moon Any permanent Chinese and a Space Force military
tions. during the current decade, presence on the moon prom- branchundertheAirForce.
Millions of Dead Mink Pose WORLDWATCH
Gruesome Problem for Danes
BRAZIL EGYPT IRAN
Bank Robbers Spark Rights Advocates Lawmakers Press for
A ‘Night of Terror’ Appear in Court Changes After Killing
BYJAMESHOOKWAY Denmark'sannualproduction beforebeingburiedagain. ThesmallBraziliancityofCri- Threeprominenthuman- Iranianlawmakersurgedthe
ofminkfurs RasmusPrehn,ministerfor ciumawasrockedbygunfire rightsdefendersappearedina Rouhanigovernmenttorestrict
Denmark’s government is food,agricultureandfisheries, andexplosionswhenaheavily Cairoterrorismcourtinacase UnitedNationsinspectionsofits
20million
facingagrislyproblem:What toldTV2thatthegovernment armedgangofrobbersbroke thathasdrawninternational nuclearactivitiesandboostura-
to do with the carcasses of won’trushtoadecision,and intoabank,tookhostagesand pressuretoreleasethem. niumenrichment,afterlastweek’s
some 17 million mink it or- thatthereisnoimmediateen- firedtheirgunsindiscriminately Thethreemembersofthe killingofatopnuclearscientist.
dered culled to stop the vironmentalthreat. tokeeppoliceatbay. EgyptianInitiativeforPersonal OnTuesday,amajorityof
spreadofapotentiallydanger- 15 Oppositionpoliticianssuch Thegroupofabout30gun- RightswerearrestedinNovember membersofparliamentagreed
ousmutationofCovid-19. asThomasDanielsen,fromthe menmadeoffwithanundis- afterthegroupbriefed13West- ontheoutlinesofamotionthat
Farmerswereinstructedto center-rightLiberalParty,say closedamountofmoneyfrom erndiplomats,includingambassa- wouldallowIrantocurtailac-
kill the animals, which are it would be cheaper to act theBancodeBrasilbranch,leav- dorsfromseveralEuropeancoun- cessforU.N.inspectorstoIra-
raised for their fur, after re- 10 sooner rather than later, as ingalargeamountofcash tries,onhumanrights. nianfacilitiesthataren’tde-
searchers last month found pressurebuildsonMs.Freder- strewninthestreetsastheyfled. Thearrestssparkedoutcry clarednuclearsites,andbegin
theycouldserveasareservoir iksen’sgovernment. “Itwasanightofterror,”Cri- fromEuropeangovernments, stockinghighlyenricheduranium,
forastrainofthevirusthatcan Farmershaveprotestedthe ciumaPoliceChiefAndréMila- UnitedNationsofficials,members anessentialstepinproducing
resistthevaccinesbeingdevel- 5 cull, which involved gassing nesesaid.“Thecenteroftown ofCongress,andAntonyBlinken, fissilematerialforapossiblenu-
oped. At least 12 Danes have the mink, and demanded sig- waslikeabattlefield,withmore President-electJoeBiden’snomi- clearweapon.Thelawhasbeen
beeninfectedwiththemutated nificant compensation. Gov- thanathousandshotsfired.” neeforsecretaryofstate. underdiscussionforweeks.
strainconnectedtomink. ernment officials have ac- Apoliceofficerandabank GasserAbdel-Razek,Karim Bothmoveswouldgutthe
The cull order effectively 0 knowledgedthatthecullwas guardwerewounded.Nodeaths EnnarahandMohammed keyremaininglimitsinthe2015
endswhathadbeenDenmark’s mishandled. Mogens Jensen werereported. Basheerarefacingchargesof nucleardealandlikelypushEu-
1990 2000 ’10 ’19
third-largest agricultural ex- resignedfromhisroleasagri- Therobberscarriedouttheir “belongingtoaterroristorgani- ropeanstoleavetheaccord,ef-
portindustry,generatingsome Source:StatisticsDenmark cultureministertobereplaced operationinjustundertwo zation”and“spreadingfalse fectivelyburyingitaftertheU.S.
$750millioninsaleslastyear. byMr.Prehnafteritemerged hours,sweepingintothecityof news”thatcouldharmpublicse- withdrewin2018.
PrimeMinisterMetteFred- dents at the two main burial therewasnolegalbasistoim- about200,000nearmidnight curity.Thegroupsaidthereisno MohsenFakhrizadeh,achief
eriksen wept while visiting a sitesnearthetownsofKarup pose the order; the govern- Monday.Theytookagroupof evidencetosupportanyofthe architectbehindIran’snuclear-
minkfarmlastweek,whereits and Holstebro worry they mentlaterintroducedretroac- municipalworkerswhowere charges.TheEgyptiangovern- weaponsprograminthe1990s
owners, a father and son, had couldcontaminatenearbywa- tive legislation to provide paintingsignsonthestreetas menthasn’telaboratedonthe andearly2000s,waskilledinan
seentheirlives’workdestroyed. ter sources, though environ- legalbackingforthecull.Le- humanshieldsastheybroke terrorismallegations. ambushFridayoutsideTehran.
“It’sbeenemotionalforthem,” mental officials have said galexpertshaddescribeditas intothebank,policesaid. Thehearing,whichwasthe IranianPresidentHassanRouhani
shesaid.“Formeaswell.” drinking-water supplies are unconstitutional,withopposi- Someofthegangbeganto firsttimeallthreemenap- hasaccusedIsraelofkillingthe
The big question has been safe. tion lawmakers calling for shootatrandom,whileothers pearedincourttogether,came scientist,butsaidIranwouldn’t
whattodowiththebodies.So Oppositionpartiesarepres- moreheadstoroll. setoffexplosivestoblast afteradecisionbyprosecutors retaliateimmediately,asTehran
many have been buried in suringthegovernmenttoex- It is rare for the virus to throughbankdoorsandwalls, tofreezethegroup’sassets. seekstokeepopenapathto
mass graves—some 10,000 hume the carcasses and find pass from one species to an- Mr.Milanesesaid.Therobbers TheEgyptianMinistryfor diplomaticre-engagementwith
metric tons of mink in all— someotherwaytohandlethe other, but mink have been stoppedfiringandfledabout ForeignAffairshassaidthat Washington.Israelhasn’tcon-
that some have resurfaced in problem.Officialslaidoutthe shown to be one of the ani- 1:45a.m.Tuesday,drivinginsev- EIPRwasoperatinginviolation firmedordenieditsinvolvement.
gruesome fashion, propelled availableoptionstoDenmark’s mals most susceptible to eralvehiclesafewmilesaway ofalicensinglawfornongovern- President-electJoeBidenhas
upthroughthesoilbythere- ParliamentonMonday,which Covid-19,partlybecausethey tothetownofNovaVeneza.Po- mentalorganizations,acharge saidhewouldre-enterthedealif
leaseofgasesastheydecom- includedincineratingthemor arefarmedinbignumbersin licesaidtheydidn’tknowwhere thehuman-rightsgroupdis- Iranreversesitsbreachesofsome
pose.Newspapershavecalled storing them in slurry tanks. close proximity with one an- theywentfromthere. putes. keylimitsofthenucleardeal.
them“zombiemink,”andresi- Theycouldalsobedisinfected other. —LucianaMagalhaes —JaredMalsin —AresuEqbali
K-Pop’s BTS Superstar Can Defer Military Service for Two Years
BYJAMESHOOKWAY lowonlyadeferment. shockiftheydrawred.
Anopinionpollpublishedby The draft is in decline in
Fans of K-pop sensations newsoutletE-Todayfoundthat othercountries,particularlyin
BTS were relieved to learn 53%ofrespondentssupported Europe. Germany, Poland and
thatoneoftheseven-member relaxingtheconscriptionrules Serbiaallgaveupconscription
bandwouldn’thavetoquitto forBTS,while47%wereagainst inthepastdecadeorso.Many
joinSouthKorea’smilitaryfor it, despite the world-wide fan economistshavecontendedthat
hismandatoryserviceforan- basethegrouphasdeveloped. it misallocates resources, and
othertwoyears. So far, BTS has twice topped thatpeoplewhomightbebetter
Thecountry’sNationalAs- the Billboard song chart, re- employedintheprivatesector
sembly on Tuesday amended leasedabestsellingalbum,and orlearningnewskillsshouldn’t
SouthKorea’sconscriptionlaw performedattheGrammys,all berequiredtospendayearor
in a way that would allow bysinginginKorean. twowearingauniform.
BTS’s oldest member, Kim SS The band’s management Thereislesspopularresis-
Seok-jin, who is just shy of RE company, Big Hit Entertain- tanceagainsttheideaofmili-
P
turning28,whenhewouldbe D ment Co., went public on the tary service in South Korea,
rpeoqsutpiroendetohirsepmoirlittaforrydsuetryv,ictoe SSOCIATE SinouOthctKoobreera,nrsatioscinkgexachroaunngde wknhoewreingyotuhnatgthmeeynwigllroawlmouspt
untilheis30. N/A $840millionthroughitsinitial certainly serve. “As a Korean,
Currently top of the Bill- SIO public offering with a valua- it’snatural,”Mr.KimtoldCBS
boardHot100withtheirsong NVI tionofabout$4billion. TV in 2019. “And some day,
“Life Goes On,” the members DER/I The merits of mandatory whendutycalls,we’llbeready
of BTS already were riding HI militaryserviceareanedgier torespondanddoourbest.”
N
high. But the group’s fans BE debateelsewhere.
were ecstatic at the prospect Chart-toppingBTSperformedattheNewYear’sEvecelebrationlastyearinTimesSquare. In Thailand, an opposition
of seeing Mr. Kim, better movementisaimingtoabolish
known as Jin, singing and soccerplayerSonHeung-min pandSouthKorea’ssoftpower, reasitsjustacrosstheborder. thepractice.Eachspring,tens Orderby
dancingforanothertwoyears. and classical musicians are asdiplomatscallit,andwhich Each year, tens of thou- of thousands of young men 12/22for
Christmas!
ManytooktoTwitter,Insta- sometimes exempted from nowmakethemeligibletodefer sandsofnewrecruitsarecon- whohaveturned21inthepre-
gram and other social-media military service for the pres- service when the last year for scripted into the military to cedingyeararecalledtodraft
channelstocelebrate,posting tigetheybringthecountry. military conscription—28— safeguard South Korea’s de- centers where they are sub-
images and videos of the One senior lawmaker, Noh comesaround.Thosechoosing fense.Eachservesforatleast jectedtoalottery.Inanerve-
sevenmembers. Woong-rae of the governing toputtheirserviceinearlycan 18months.TheMilitaryMan- rackingritual,theyarerequired
The reprieve came after DemocraticParty,supportedde- dosoassoonastheyare18. power Administration, which tolineupandpickcards.Ifitis
monthsofcampaigningtorec- ferring military service for K- Members of BTS and their enforces conscription proce- black,theyareexempt.Ifitis
ognizetheculturalcloutofthe popartists,helpingtoswingthe management couldn’t be dures,madeapointofsaying red,theyareassignedforduty.
country’s K-pop superstars, balanceinthegroup’sfavor.The reachedtocomment. it wouldn’t exempt BTS or Medical personnel are sta- YourChildren’sNameshand-craftedin
the same way sports stars singers had received govern- The draft remains a sensi- other K-pop superstars from tionedatrecruitmentcenters sterlingsesitlvienrswoliitdhgborilldlia-n$t3S9w0atroov$s4k5i0crystals
such as Tottenham Hotspur mentmedalsforhelpingtoex- tivetopicgiventhatNorthKo- servingentirely,andwouldal- tohelpthosewhocollapsein JOHN-CHRISTIAN.COM 888.646.6466
A10|Wednesday,December2,2020 THEWALLSTREETJOURNAL.
**
FROM PAGE ONE
BlackRock Alums Tapped for White House
BYDAWNLIM miliarwiththematter.Adewale Asset managers like Black- DeeseandAdeyemoworkedin Robert Rubinserved as Presi-
ANDGREGORYZUCKERMAN “Wally” Adeyemo, a former Rock don’t arrange mergers theObamaadministration. dentBillClinton’sTreasurysec-
chief of staff to BlackRock’s and acquisitions, they don’t BlackRock’sglobalfootprint retary,whileHenryPaulsonJr.
WallStreetbankers,andin chief executive, was named earn big profits from trading and experience with markets occupiedthepositioninPresi-
particularthosefromGoldman Tuesday as the No.2 at the andtheiremployees,whilewell “willbeinvaluableasthepresi- dentGeorgeW.Bush’ssecond
Sachs Group Inc., have long TreasuryDepartment. paid, often aren’t seen within dent-electnavigatesaslowing term. The Obama administra-
held senior positions in the “Bypickingfolkswithdeep the finance industry as swag- economyandturbulentmarkets tionhadfewWallStreetexecu-
WhiteHouse.UnderPresident- ties to large asset managers, gering bankers. The firm has inthewakeofthepandemic,” tives.
electJoeBiden,suchrolesare theadministrationcanhelpas- SS facedcriticismforinvestingin saidStefanSelig,aninvestment Mr. Adeyemo, a former se-
going to executives of Black- suagefinancialexecutives’con- RE companies that contribute to banker who runs BridgePark niorinternationaleconomicad-
P
RoAckfoInrmc.erGoldmanexecutive ctheernisn.dIutssternydtsoabcrleeaatrhseigenaasiletro: OCIATED ctolimlivaeteupchtaonigtse,oawnndrfhoertofraiiclinong AsedcvriestoarrsyLoLfCCoamndmewracseudnudrienrg- visitsreartdiounr,inigstehxepeOcbtaemdatoadsmerivne-
held the Treasury secretary They can plan for stability SS thesubject,environmentalac- theObamaadministration. asJanetYellen’stopdeputyat
A
post in three of the past four without likely facing massive K/ tivistssay.Itpledgedthisyear The Biden administration theTreasuryDepartment.The
administrations,butthefirmis new regulatory or tax risks,” RNI totakeatougherstance. economic team will be filled former BlackRock executive
A
absentsofarfromtheincom- said Tyler Gellasch, executive H The role of BlackRock with economists and policy workedasasenioradviserfor
W
ingWhiteHousethistime.In- directorofinvestortradegroup RE alumniintheBidenadministra- makers who focus on areas thecompanyfrom2017to2019,
D
stead,twoexecutiveswhohave HealthyMarketsAssociation. AN tion is the latest chapter in a suchasincomeinequalityand including as interim chief of
worked at asset-management Some progressives and in- Adewale‘Wally’Adeyemo decadelongriseinbothWash- labor markets. That is a con- staff to BlackRock CEO Larry
giantBlackRockwillbethese- vestoradvocatesworrythatthe ington and on Wall Street. trasttotheTrumpadministra- Fink.
nior Wall Street representa- naming of any finance execu- likeGoldmantendtogenerate. BlackRock is the largest asset tion, which named former Mr.Deesewasakeymember
tives. tivescouldresultinlooserreg- BlackRockisinthebusinessof managerintheworld,with$7.8 Goldman Sachs executive Ste- oftheWhiteHouseTaskForce
Mr. Biden is expected this ulatoryscrutinyonbigmoney investingmoneyforindividuals trillion under management as venMnuchinasTreasurysecre- overseeingthebailoutofGen-
weektonameBlackRock’shead managers. and institutions like endow- ofSeptember.Asithasgrown, tary,formerGoldmanPresident eralMotorsCorp.andChrysler
ofsustainableinvesting,Brian Butbroadly,BlackRockmay ments,andmuchofitsgrowth it has both boosted its opera- GaryCohnasaneconomicad- LLC in 2009 and advised the
Deese,toruntheNationalEco- notdrawthekindofangerthat comes from funds that track tionsinWashingtonandhired viserandotherfirmalumnito governmentinnegotiatingthe
nomicCouncil,saidpeoplefa- traditional Wall Street banks marketindexes. government officials. Messrs. seniorroles.Goldmanveteran 2015Parisclimateaccord.
Biden’s
are affected by competition
withlow-costworkersabroad.
Econ Team “Withopentradethereare
winnersandlosers,”Ms.Rouse
said in a 2019 interview with
Seeks Reset GES Worth magazine. “The losers
MA arereallylosing,andweneed
YI totakecareofthemandtake
GETT onmorenuancedmodelsofin-
SSE/ ternationaltradeasaresult.”
ContinuedfromPageOne RE Mr.Frankelsaidthereneeds
P
more, but that the trade-offs NCE- to be increased focus on do-
wouldbemanageable. A mesticworkersleftbehindby
R
yeaMrsr.agToruinmppa’srterleefclteicotnedfothuer GENCEF terdaudcea,ttioench,nwoitlohgmyoarnedsupnenedqiunagl
toll that foreign competition A/A domesticallyonpreschool,in-
took on Americans over two NN frastructureandhealth.
A
decadesofamped-upglobaliza- H Some observers see the
K
tion, particularly in manufac- AN new administration backing
D
turingcommunitiesrundown AN away from Mr. Trump’s ag-
H
by cheap imports. One of Mr. C gressive use of sanctions.
S;
Trump’s“AmericaFirst”mes- R Mark Sobel, who worked in
sages was that Washington REUTE the Treasury Department for
elites,joiningwithglobalcom- S/ four decades under different
panies,letU.S.workersdown MILLI administrationsandnowisat
with unbalanced trade deals. H the Official Monetary and Fi-
A
Another was deep skepticism LE nancial Institutions Forum, a
of global institutions like the OP: London-basedthinktank,said
T
WorldTradeOrganization. MT he sees Mr. Biden reserving
O
Theprimeexample,inthis President-electJoeBidenannouncesnomineesandappointeesforhiseconomic-policyteamonTuesday,includinghischoicefor R sanctionsforthemosturgent
F
view,wasChina,whichinthe Treasurysecretary,formerFederalReserveChairwomanJanetYellen,below. national-security objectives
twodecadessinceitjoinedthe and using them in concert
WTO has grown to be the globalist anymore,” said Jef- withothernations.
world’s second-largest econ- frey Frankel, a Harvard Uni-
omy,amassiveemployerand versityprofessorwhoworked
Dollar primacy
keymarketformanyAmerican with former Federal Reserve
companies—while,intheeyes ChairwomanJanetYellen,Mr. Mr. Trump’s liberal use of
ofmanyofficials,stealingU.S. Biden’s choice for Treasury sanctions at times led other
technologyandoftenskirting secretary, at the Council of countriestoseekworkarounds
internationalrules.Chinadis- EconomicAdvisersintheClin- that limited their use of the
putesallegationsthatitsteals tonadministration.“Theword dollar.SomeformerU.S.policy
technologyorbreaksrules. itself is so damaged. We’re makershaveexpressedconcern
President-elect Biden’s ini- definitelychastened.” that overrelying on sanctions
tial economic picks—most of Mr.Bidenhassaidhewon’t inthelongruncouldthusun-
whomservedintheObamaor pushfornewtradedealsuntil dermineconfidenceinthedol-
Clinton administrations—still theU.S.getsitsdomestichouse larasareservecurrency.
largely believe in the benefits inorder.Hehasalsocalledfor “TheObamaadministration
ofglobalizationandtrade,ac- theU.S.tostrengthentieswith clearly used sanctions. They
cordingtointerviewsandtheir traditionalallies. weren’t shy about that,” said
publicstatements.Yettheyalso Michael Pillsbury, an out- Mr. Sobel. “But they tried to
havegrowncircumspectabout sideadvisertoMr.Trumpon buildmultilateralsupportfor
thepitfallsofglobalizationthat China and a scholar at the their sanctions to a much
Mr.Trumphighlighted. HudsonInstitute,aconserva- greaterdegree.”
For Mr. Biden’s new eco- tiveresearchinstitution,said Whilethenewadministra-
nomicteam,theelectionrep- he didn’t think Mr. Biden tion is likely to seek to pre-
resents a bid to address the wouldbesoftonChinabuthe portsmoreexpensiveonworld said they didn’t push China tionalMonetaryFund,Bankfor servethedollar’srelevancein
failings of globalization in a didsuspectMr.Bidenwouldn’t markets,hurtingtheircompet- hardenoughonsecurityoreco- International Settlements and global trade and finance, it
morecooperativemannerwith beasinterestedintheChina- itiveness. “While the tariffs nomicissuesandhavelearned other global bodies. As a top might tolerate some weaken-
therestoftheworldthanMr. tradeissueasMr.Trump. may make goods more com- their lessons. Some business Fed official, Ms. Yellen inter- ing in the currency’s trade
Trump.Mr.Bidenhassignaled Toughtradedecisionsloom petitive, the appreciation of groupsareurgingthatMr.Bi- actedwithChinesefinanceoffi- value without saying it very
hewantstopushalliesforhelp for Mr. Biden, Mr. Pillsbury thecurrencywilloffsetthat,” dengiveupexistingtariffson cials for years, and as former explicitly, said Mr. Sheets.
confronting China and press said, including whether to shesaid.“So,Iregardedthat Chinaonlyinexchangeforcon- San Francisco Fed president That would help U.S. exports
formoreaggressiveprograms abide by a trade truce Mr. asnottheproperfocus.” cessionsinotherareas. shesoughttodeveloptieswith andevenoutU.S.imbalances
domesticallytohelpAmericans Trump struck with Chinese She added that tariffs had Mr.Sheets,whoworkedwith U.S.tradingpartnersinAsia. inglobaltrade.
hurtbytrade,andaideshave leader Xi Jinping last year, madeitmorecostlyforsome Ms. Yellen at the Federal Re- During and after the “The most interesting part
signaledaskepticismaboutus- whether to begin working U.S. manufacturers to import serveafterthe2007-09finan- 2007-09 financial crisis, fi- oftheYellenpickwillbewhat
ingtariffsasaweaponintrade againwiththeWTOtoresolve needed components, hurting cialcrisis,saidheexpectedthe nanceleaderssoughttocoor- shedecidestosayonthedol-
confrontations. tradedisputes,andwhetherto their competitiveness. She newadministrationtobereluc- dinateresponsestorecession. lar,”saidMarcSumerlin,ase-
“There was a clear state- restartsemiannualtalkswith welcomed Mr. Trump’s trade tanttoremovetariffsonChina Suchcoordinationcouldcome nioreconomicadvisertoPresi-
ment from U.S. voters four Chinaoneconomicandsecu- trucewithMr.Xi,stoppingan buttoexploreremovingtariffs backintoplaynowastheU.S. dent George W. Bush, now
yearsago,thatthegainsfrom ritymatters.Onsomeofthese escalation of tariffs. At the inotherareasthataffectallies, and other countries look to managingpartnerateconomic
globalization and our eco- issues, such as the bilateral same time, she agreed China suchassteelandaluminum. emergefromtheCovid-19cri- consulting firm Evenflow
nomic system needed to be talks Mr. Trump suspended, neededtobechallenged. Allies in Europe and Asia Macro. Market participants
sharedmorewidely,”saidNa- Mr.Pillsburysaidhesuspected “I do think the United areboundtodemandtheU.S. once hung on every Treasury
than Sheets, a Treasury De- Mr. Biden wouldn’t veer too Stateshasrealissuesinterms roll back tariffs on steel and ‘Thechallengefor secretary’swordaboutthecur-
partmentofficialunderPresi- farfromMr.Trump’spolicies. of its trade relations with aluminum, and Mr. Biden ar- rency. They are not as sensi-
theBiden
dentBarackObama,nowchief At the center of the new Chinaandmanyvalidconcerns guedduringthecampaignthat tivetotheseutterancesasthey
economistatinvestment-advi- economicpolicyisMs.Yellen, thatarecertainlyonthetable suchtariffshurttheU.S.econ- administrationisto usedtobe,butinvestorswould
soryfirmPGIMFixedIncome. who has publicly challenged fordiscussion,”shesaid.That omy. But even that won’t be takenoteifMs.Yellensignaled
carveoutathirdway.’
Still,hesaid,Mr.Bidenand Mr.Trump’suseoftariffs. includedgovernmentsupport easy, given support for the aninterestinortolerancefora
his new economic team dis- Speaking at a Bipartisan for state-owned enterprises, tariffsbyU.S.metalproducers weakercurrency,hesaid.
agreed with Mr. Trump’s tac- PolicyCentereventinFebru- its efforts to force U.S. firms andtheirunions. AdministrationsunderPresi-
tics,includingthewidespread ary, Ms. Yellen said tariffs to transfer high-tech know- AfterMs.Yellen’sselection dentsClintonandObamacalled
useoftariffsandhisconfronta- hadn’t been effective, in part how into the country and its wasmadeofficialMonday,sev- sis,someanalystssaid. forastrongdollar,thoughthey
tionalapproachwithtraditional becausetheyputupwardpres- slowpaceopeningitsmarkets. eralRepublicanssaidherlong Important parts of Mr. Bi- didn’twantittogettoostrong.
allies. “The challenge for the sure on the U.S. dollar. A Areturntopre-Trumppoli- record of service made her a den’s economic team are in- Mr. Bush’s administration
Bidenadministration,”hesaid, strongdollarreducesthecost cies toward China is unlikely. strong candidate for the job. complete, including the next called for a strong dollar but
“istocarveoutathirdway.” ofimportsandmakesU.S.ex- Some Obama veterans have But she drew criticism from U.S.TradeRepresentative,who tolerateditsweakeningaftera
some. Sen. Josh Hawley (R., willplayacentralrolecarving sharprun-upthathurtU.S.ex-
MoneyMoves Mo.) told reporters her past outatariffstrategy,andTrea- portersintheearly2000s.
‘Definitely chastened’
support of increased global sury and State Department Mr.Trumptookadifferent
AweakerdollarcouldhelpspurU.S.exports.
Globalization had its up- tradehadbeengoodforcorpo- deputiesthatwillshapeWash- course, often tweeting overt
sides, including cheap goods WSJDollarIndex Globaltradeingoods rationsbutnotforworkers. ington’sapproachwithBeijing. supportforaweakerdollar.
for U.S. consumers, more ex- AtaneventTuesdaywhere OtherpiecesofMr.Biden’s Currency could be an area
110 $20trillion
portmarkets,strongerglobal Mr. Biden unveiled his initial economicteamarefallinginto for negotiation between the
growthandcost-efficientsup- picksinWilmington,Del.,Ms. place.Ms.Yellen’sprospective Biden administration and
plychainsdeliveringprofitsto 100 Yellen pledged to make the deputy, Adewale “Wally” Ad- China.Beijingalloweditscur-
U.S. multinationals and their 15 Treasury Department “an in- eyemo, an economic adviser rency,theyuan,toappreciate
investors.Butfeweconomists 90 stitutionthatwakesupevery duringtheObamaadministra- between2005and2014,then
now dispute that trade dam- morning thinking about you, tion, now president of the allowed staggered deprecia-
aged many communities and yourjobs,yourpaychecks.” ObamaFoundation,hasanin- tions that hurt the U.S. trade
80 10
publicsupportforglobaldeals. Ms.Yellenmadehermarkin ternational mind-set, having position. The yuan has been
Bipartisanpoliticalsupportfor economicsresearchingU.S.la- helpedMr.Obamanegotiatea depreciatingagainsinceJune.
70
trade was visibly eroding in bormarkets,andattheFedshe trade deal with Pacific allies, If Chinese officials allow
2016 when the presidential 5 oftenpushedforlow-interest- whichtheU.S.neverjoined. their currency to rise, that
candidatesofbothpartiesop- 60 ratepoliciestodrivedownun- The new administration’s could take some pressure off
posed Washington’s entry to employment. She has also CouncilofEconomicAdvisers, U.S.-Chinarelationsandseta
the 12-nation Trans-Pacific 50 0 spent decades building up an headed by Cecilia Rouse, a stagefortheremovalofsome
Partnership, which later took international Rolodex with fi- Princeton University labor tariffs,Mr.Sheetssaid.
2005 ’10 ’15 ’20 1990 ’95 2000 ’05 ’10 ’15
effectwithouttheU.S. nanceandcentral-bankofficials economist,hasafocusonU.S. —BobDavis
“I would not call myself a Sources:WorldTradeOrganization(trade);DowJonesMarketData(index) at meetings of the Interna- workers, including how they contributedtothisarticle.