The Wall Street Journal - 30 09 2020

2020·21.32 MB·English

****** WEDNESDAY, SEPTEMBER 30, 2020 ~ VOL. CCLXXVI NO. 77 WSJ.com HHHH $4.00
DJIA27452.66 g131.40 0.5% NASDAQ 11085.25 g0.3% STOXX600 361.49 g0.5% 10-YR.TREAS. À 5/32, yield0.644% OIL $39.29 g$1.31 GOLD $1,894.30À$21.50 EURO$1.1744 YEN105.67
Biggest
What’s
Utility
News
In U.S.
Business&Finance
Pursues
NextEraEnergyre-
centlymadeatake- Duke
overapproachtoDukeEn-
ergy,testingthewatersfor
whatwouldbea$60bil- NextEra’s$60billion
lion-pluscombinationof
twoSouthernutilities.A1 takeoverproposalwas
(cid:2)Disneysaiditwouldlay rebuffed,butitstill
offabout28,000employees hasinterestindeal
atitsdomesticthemeparks,
asCaliforniasignaledthat
Disneylandlikelywould
NextEraEnergyInc.recently
havetoremainclosedfor
theforeseeablefuture.A1 S(2) mDuakdeeEanetarkgeyoCveorrpa.,pparcocoacrdhintog
(cid:2)JPMorganagreedto AGE to people familiar with the
M
pay$920millionandad- I matter, testing the waters for
Y
mitmisconducttiedto GETT what would be a $60 billion-
manipulationofprecious- N/ pluscombinationoftwoSouth-
O
metalsandTreasurymar- OLS ernutilities.
(cid:2)ketAsb,ureDguhlaabtoirssovsearide.igAn1- SCOTTPresidentTrumpandDemocraticcandidateJoeBidenfaceoffatthefirstpresidentialdebateTuesdayinCleveland. ByMCaaurraeeLnomFabrarredllo,
wealthfundMubadalais
andDanaCimilluca
investinginSilverLake Trump, Biden Trade Insults
andcontributing$2billion
Duke rebuffed the approach
tohelpthefirmlauncha
butNextEraisstillinterestedin
newlong-termstrategy.B1
pursuing a deal, some of the
(cid:2)Boeingwillsetplans In Debate Full of Crosstalk peoplesaid.Thereisnoguaran-
thisweektoconsolidate teeNextErawilldosoandifit
787Dreamlinerassembly does,thatadealwouldresult.
inSouthCarolina,ending Duke,basedinCharlotte,N.C.,
productionofthatjetliner hasamarketvalueofabout$61
inWashingtonstate.B1 billionfollowinga14%declinein
BYKENTHOMAS stantly spoke over each other hall in Cleveland, the candi- dentcriticizedhismilitarydis- itssharepricethisyear,andan
(cid:2)Retailstoreclosingsin ANDCATHERINELUCEY inanumberofcontentiousex- datesduringthefirstofthree charge. While Mr. Trump acquisitionofthecompanycould
theU.S.reachedarecordin
changes in the 90-minute de- scheduled debates were vying soughttoputMr.Bidenonthe be the largest utility deal ever
thefirsthalfof2020andthe
PresidentTrumpandJoeBi- bate, more notable for rancor foranarrowsliceofpersuad- defensive, he was repeatedly and the biggest merger so far
yearisonpaceforrecord
denclashedovertheSupreme than any policy nuance. Mr. ablevotersinaracethatpolls pushedtodefendhimselfonra- thisyear.
bankruptciesandliquida-
Court,thecoronavirusandthe Trump, who was repeatedly showhasbeenremarkablysta- cial issues, his record on the Pullingoneoffwon’tbeeasy.
tionsamidthepandemic.B1
economyinadebatemarkedby chidedbymoderatorChrisWal- ble during a turbulent year, pandemic and his tax pay- First, NextEra would have to
(cid:2)U.S.stockspulledbackaf- interruptionsandinsultsTues- laceofFoxNewsforinterrupt- withMr.Bidenenjoyingasolid ments. overcome any resistance from
tertwosessionsofsolidgains, day, with the Republican in- ing,questionedMr.Biden’sac- lead nationally and in several Mr.Wallace,whosteeredthe Dukeanditsexecutivesandhos-
withtheDowandS&P500 cumbent telling his rival that complishments. keystates. debateamonganumberofpre- tiledealsintheutilityindustry
bothclosingdown0.5%and for“47yearsyou’vedonenoth- Mr.Biden,whoatonepoint Mr.Trumpatonepointde- announcedtopics,oftenstrug- arerare.Anyagreeddealwould
theNasdaqfalling0.3%.B13 ing”andtheDemocraticchal- toldthepresidentto“shutup,” flected a question about gled to control the bickering, havetopassmusterwithanar-
lenger calling Mr. Trump the foundfaultintheRepublican’s whether he would denounce repeatedlycallingonthecandi- rayofgovernmentofficialsina
(cid:2)Goldmanshuffledexec-
“worstpresidentthatAmerica stewardship of the economy whitesupremacistgroups.Mr. dates to stop speaking over highlyregulatedindustry.
utiveranksandunits,as
haseverhad.” and his coronavirus response. Biden’s voice rose as he de- eachotherandhisquestions. Withamarketvalueofabout
CEOSolomoncontinuesto
The two candidates con- From a socially distanced fendedhissonafterthepresi- PleaseturntopageA4 PleaseturntopageA9
puthismarkonthefirm.B12
China Expands Its
World-Wide
TheConferenceBoardConsumerConfidenceIndex(1985=100) Signsof
160 RECESSION Recovery
(cid:2)TrumpandBidenclashed U.N. Clout, One
overtheSupremeCourt,the 140 Spark
coronavirusandtheeconomy
Optimism
inadebatemarkedbyinter- Vote at a Time 120 March2002
+15.7points
ruptionsandinsults,withthe
Republicanincumbenttelling 100 Consumer
hisrivalthatfor“47years confidencesurged
you’vedonenothing”andthe 80 inSeptember,its
Democraticchallengercalling biggestincrease
TthrautmApmtehrieca“whaosrsetveprrhesaidd.”enAt1 Adecadelongcampaignisnowhelping 60 mLaorngtehslty CAhuagn.gtoeSfreopmt. sainndcereAvperrislin2g00t3wo
(cid:2)Bidenreleased2019tax shieldBeijingfrominternationalscrutiny increase +15.5points monthsof
40
returnsshowingthathepaid since2000 declines.Itwas
nearly$300,000infederal +19.6 theindex’shighest
taxes,seekingtodrawa WhenChinacurtailedpo- andpartners,tothehelmof 20 points levelsinceMarch,
contrastwithTrumpinthe liticalfreedomsinHong U.N.institutionsthatset whentheCovid-19
hoursbeforetheirdebate.A4 Kongthissummer,tworival globalstandardsforair 0 pandemicthrust
declarationscirculatedatthe travel,telecommunications 2001 '05 '10 '15 '20 thenation’s
(cid:2)AlawyerforFlynntold UnitedNationsHuman andagriculture.Gainingin- economyintoa
ajudgethatshehadrecently RightsCouncil.One,drafted fluenceattheU.N.permits Source:TheConferenceBoard recession.A2
spokenwithTrumpaboutthe byCubaandcommending Chinatostifleinternational
caseandaskedthepresident Beijing’smove,wonthe scrutinyofitsbehaviorat
nottopardontheformer homeandabroad.InMarch, Disney Lays Off 28,000 Staff
nationalsecurityadviser.A4 ByYaroslavTrofimov, Beijingwonaseatonafive-
(cid:2)PelosiandMnuchinare DrewHinshaw memberpanelthatselects
makingalatepushtotryto andKateO’Keeffe U.N.rapporteursonhuman- At Parks in Latest Virus Blow
reachacoronavirus-relief rightsabuses—officialswho
dealbeforetheelection, backingof53nations.An- usedtotargetBeijingforim-
despiteskepticismonCap- other,issuedbytheU.K.and prisoningmorethanamil-
itolHillthatanagreement expressingconcern,secured lionUighursatso-calledre-
ispossibleatthisstage.A6 27supporters. educationcampsinXinjiang. BYR.T.WATSON restrictions on the way they lowDisneylandtoreopen.”
China’sshowofstrength Washingtonhasrecently canoperate. Throughtheweekend,Cali-
(cid:2)TheTreasurysaidithas wasjustthelatestdiplo- attemptedtocounterthisef- WaltDisneyCo.saiditwould The laid-off workers have forniahaddetected805,263to-
closedloanstosevenairlines matictriumphinBeijing’s fortattheU.N.,cajolingand layoffabout28,000employees been on furlough since April, tal cases, including 2,955 new
andjoinedwiththeindustry drivetoswaythesystemof wooingcountriesaroundthe at its domestic theme parks, the company said, collecting casesrecordedonSunday.
tocallonCongresstoextend internationalorganizations world.Thoseefforts,ham- making the announcement health benefits but not pay. Atopstatehealthofficialsaid
moreaidtopreventmassive initsdirection.Asthe strungbydamagedrelation- shortlyafterthestateofCali- About two-thirds of them are Tuesday that Orange County,
jobcutslaterthisweek.A2 Trumpadministration shipswithpartnersandal- forniasignaledthatDisneyland part-time employees, Disney hometoDisney’sflagshiptheme
(cid:2)Thepresidentofthe steppedbackfrommany lies,havehadalimited would likely have to remain said,addingitwouldsoonenter park, failed to meet guidelines
largestU.S.firefighters partsofthemultilateralor- impactsofar. closed for the foreseeable fu- discussionswithunionsabout thatwouldhaveallowedeasing
unionhasdecidednottoseek derestablishedafterWorld China’ssuccessraisesa tureduetoCovid-19concerns. “nextsteps”fortheirmembers. restrictionsonbusinesses.The
re-electionamidaprobeinto WarII,Chinahasemergeda conundrumfortheU.S.and Thelayoffsarethelatestex- In announcing the layoffs countyiscurrentlyinthesecond
pensionpaymentstohimself chiefbeneficiary,intensifying itsallies.AftertheSoviet ample of ongoing tension be- Tuesdayafternoon,Disneysaid of four tiers that measure the
andaformerunionofficial.A3 amethodical,decadelong Unionfell,thesenationsex- tween governments trying to theimpactofthepandemichas riskofcontagion,indicatingthe
campaign. pectedtheU.N.tobecomea keep the new coronavirus in been“exacerbatedinCalifornia stateconsidersthespreadofthe
(cid:2)Died:SheikhSabahal- Beijingispushingitscivil mechanismtopromotede- check and businesses strug- bytheState’sunwillingnessto coronavirus“substantial.”Local
Ahmadal-Sabah,91,ruled servants,orthoseofclients PleaseturntopageA12 glingtomakeendsmeetamid liftrestrictionsthatwouldal- PleaseturntopageA6
Kuwaitsince2006.A8
INSIDE
South Korea Excuses Everyone U.S. Smacks JPMorgan
JOURNALREPORT From Stressful Family Gatherings
Womeninthe With $920 Million Fine
Workplace:ASetback i i i
inthePandemicR1-10 Residents welcome official advice to
BYDAVEMICHAELS spoofing,atypeofmarketma-
CONTENTS PersonalJournalA13-14 skip holiday trips home amid pandemic nipulation,theagencysaid.
ArtsinReview...A15 PropertyReport...B6
JPMorgan Chase & Co. “Spoofing is illegal—pure
BusinessNews..B3,5 Sports........................A16
Crossword..............A16 Technology...............B4 agreedtopay$920millionand and simple,” CFTC Chairman
HeardonStreet...B14 U.S.News.........A2-4,6 BYTIMOTHYW.MARTIN Thatadvicewasenthusias- admit misconduct tied to ma- Heath Tarbert said. “This re-
Markets....................B13 Weather...................A16 ANDDASLYOON tically embraced by some of nipulation of precious-metals cord-setting enforcement ac-
Opinion..............A17-19 WorldNews.......A8-9
SouthKorea’s52millionresi- andTreasurymarkets,regula- tion demonstrates the CFTC’s
SEOUL—SouthKorea’sver- dents.Chuseokisthecountry’s torssaidTuesday. commitmenttobeingtoughon
> sion of Thanksgiving, where most important holiday—as FAMILY&TECH Thesettlementresolvesin- those who intentionally break
millionscrisscrossthecountry well as its most agonizing. Familiespackupthe vestigationsbytheJusticeDe- ourrules.”
toseetheirfamilies,hasgot- Nearly 90% of citizens polled partment,CommodityFutures The settlement is just the
laptopsandhitthe
tenapandemiccomplication. ina2019surveysaidtheyfeel Trading Commission and the latest move from prosecutors
roadtoescapevirtual-
“Don’t visit home,” the coun- stress during Chuseok (pro- SecuritiesandExchangeCom- and regulators that began
s2020DAollwRJigohntessR&esCeormvepdany,Inc. try’s prime minister recently nounced “choo-suck”), which schoolstress.A13 mission.Thefineisthelargest cracking down on spoofing in
pleaded. PleaseturntopageA12 theCFTChaseverimposedfor PleaseturntopageA2
A2|Wednesday,September30,2020 THEWALLSTREETJOURNAL.
******
U.S. NEWS
City Tests No-Strings Payments Treasury Closes
7 Airline Loans
BYDAVIDHARRISON
Last year, Stockton, Calif.,
embarked on a civic experi- BYALISONSIDER mentcomesdaysafterAmeri-
ment. For 18 months the city cansaidithadsecureda$5.5
would send $500 a month to The U.S. Treasury said it billionloanfacilitythatcould
125randomlyselectedhouse- hasclosedloanstosevenpas- be increased to $7.5 billion,
holdsinlow-incomeneighbor- sengerairlinesandjoinedwith themosttheTreasurywillal-
hoods. Researchers would the industry to call on Con- lowanyoneairlinetoborrow.
comparetheeffectonpartici- gress to extend more aid to The Treasury didn’t say how
pants’ health and economic preventmassivejobcutslater muchotherairlinesagreedto
S
situation to that of residents GE thisweek. borrow.
A
whodidn’tgetpayments. IM Airlinescontinuetograpple These airlines will be able
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i3s0t-Thyheeeabr$-r3oa.li8dncmhmiillldiaoynoofre,SxtpoMecrkiicmthoeanne’stl SSE/GETT pwbeaitcnhadueasmsehicaorafpndtdhroeapc-ccooofmrfoipnnaatnvryairivnuegsl ttteohreryoetochereiigrvsien,aimnllcoylruaednimtnigcoinpDeaeytletadthAaaifnr-
Tubbs, made possible by the PRE restrictions. The loans were LinesInc.andSouthwestAir-
Economic Security Project—a NCE- one of two major sources of lines Co., decided to forgo
A
groupco-foundedbyFacebook FR aidtoairlinesundertheCares theirshare.
co-founder Chris Hughes that NCE ActpassedinMarch.Airlines Airlines and unions are in
fundsguaranteed-incomeproj- GE also received $25 billion to thefinalhoursofamajorlob-
A
ects—andotherdonors.Stock- O/ continue paying workers byingpushtosecureanother
tonisattheforefrontofare- OTT throughthesummer. sixmonthsworthoffundsto
K
thinkingoftheAmericansafety NIC Airlineshavesaidtheywill avertthefurloughs.
netamongsomeacademicsand MichaelTubbs,mayorofStockton,Calif.,isexperimentingwithgivingcashtothecity’spoor. furlough more than 30,000 Treasury Secretary Steven
publicofficials,particularlyas workers Thursday when the Mnuchin said Tuesday: “We
thecoronaviruspandemichas regardless of income, Stock- clude some form of work Second,anationalguaran- job protections that accom- callonCongresstoextendthe
revealedthefinancialfragility ton’sexperimenttargetspoor requirement. teed income would carry a pany that aid expire, with PayrollSupportProgramsowe
ofmanyhouseholds.Theysay neighborhoods. Criticspointtoseveralpo- steeppricetag.Giving$10,000 AmericanAirlinesGroupInc. cancontinuetosupportavia-
thebestwaytocombatpoverty Ifimplementednationwide, tentialdrawbacks. a year to individuals earning andUnitedAirlinesHoldings tion industry workers as our
istogivecashtopoorhouse- guaranteed income along the First,ifonlypeoplebelowa lessthan$20,000ormarried Inc.accountingforthebulkof economyreopensandwecon-
holds, trusting them to make Stockton model would repre- certain income receive the households earning less than thecuts. tinueonthepathtorecovery.”
theirownbestdecisions. sentasignificantexpansionof transfers,andaren’trequired $40,000withalongphaseout TheTreasurysaidTuesday DemocratsintheHouseof
The idea is related to uni- the safety net and one that towork,theymayhesitateto periodwouldcostroughly$1.2 it closed loans to American Representativesthisweekin-
versalbasicincome,popular- isn’tconditionalonworkingor takeajob,orahigher-paying trillion, accordingtoUniver- Airlines, United Airlines, cluded more than $25 billion
ized by former Democratic lookingforwork.Foodstamps, one, since they would then sity of Maryland economist AlaskaAirlines,FrontierAir- forairlinesintheirlatestaid
presidentialcandidateAndrew welfare,Medicaid,theearned- forgothepayment.Theresult Melissa Kearney and Magne lines,JetBlueAirwaysCorp., proposal,whichcouldcomeup
Yang. Whereas UBI involves income tax credit and unem- could be less work and less Mogstad,aneconomistatthe Hawaiian Airlines and Sky- for a vote in the House as
regularpaymentstoeveryone ploymentcompensationallin- economicdynamism. UniversityofChicago. WestAirlines.Theannounce- soonasWednesday.
Judge Blocks Immigration Fee Increases Slated for This Week
BYMICHELLEHACKMAN creases in July and said they asylum application. Most fee changestogoaheadwhilethe pointee,wrote. ment.
wereintendedtohelpshoreup waiversforlow-incomeimmi- lawsuitcontinueswouldirrepa- Unless his decision is ap- The government typically
AfederalcourtinSanFran- thecash-strappedagencythat grantswouldhavebeenelimi- rably harm immigrants who pealed, the fee increases will raises immigration fees every
cisco on Tuesday temporarily processes most immigration nated under the changes. A couldn’taffordthenewfees. remainonholduntilthejudge twotofouryearstokeeppace
blockedtheTrumpadministra- applications. group of immigrant-advocacy “Ifittakeseffect,itwillpre- reachesafullrulinginthecase. withinflationandrisingcosts.
tion from raising the cost of Under the proposed fee in- organizationssuedtostopthe ventvulnerableandlow-income U.S. Citizenship and Immi- But immigrant advocates ar-
citizenshipandotherimmigra- creases, the cost of a citizen- feechanges. applicants from applying for grationServices“isreviewing guedthattheadministration’s
tion applications, whose fees ship application would have U.S.DistrictJudgeJeffreyS. immigrationbenefits,blockac- therulingonthefeeruleand changeswerestructuredtodis-
weresettoincreaseattheend risen to $1,160 from $640, or WhiteoftheNorthernDistrict cess to humanitarian protec- hasnofurthercommentatthis courage low-income immi-
oftheweek. more than 80%, and for the of California issued a nation- tions,andwillexposepopula- time,”theagencysaid.TheDe- grantsfrommovingtotheU.S.
The Department of Home- firsttimetheU.S.wouldhave wide preliminary injunction, tionstofurtherdanger,”Judge partmentofHomelandSecurity or from becoming American
landSecurityissuedthefeein- chargedafeeof$50tofilean ruling that allowing the White, a George W. Bush ap- didn’treturnrequestsforcom- citizens.
U.S.WATCH
U.S. Consumers Gain
LOUISVILLE ShillerNationalHomePriceIn- Confidence on Economy
dex,whichmeasuresaverage
Prosecutor to Release
homepricesinmajormetropoli-
Grand Jury Recording tanareasacrossthenation,rose BYGWYNNGUILFORD ploymentrateto8.2%.
SS 4.8%intheyearendedinJuly. Coronavirustrendsarealso
TheKentuckyattorneygen- PRE Pricesrose0.8percentagepoint Consumers are growing a likely factor, said Pooja
D
eral’sofficesaiditwouldrelease ATE fromJunetoJuly,afterstaying more optimistic about the Sriram,U.S.economistatBar-
therecordingofthegrandjury OCI flatduringthepreviousmonth. stateoftheU.S.economy,ac- clays. She noted the steady
proceedingsintheBreonnaTay- SS Salesofexistinghomes,mean- cordingtoSeptembersurveys, dropinconfidenceinJulyand
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lpoarrtcatsoeabdydrneososnaWleegdanlecsodmapy,laiinnt NICLE/ wanhialen,nhuaavlebassuirsgeind,Aruisginugst1,0a.c5c%orodn- atostghrealdaubaolrlymiamrkpertocvoentainndueda AbruegaukstinaccCoamlifpoarnniiead, aFnlooriudta-
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filedbyoneofthejurorswho HR ingtotheNationalAssociationof summercoronavirussurgere- andotherlargestates.
C
saidtheattorneygeneralhasn’t N Realtors.Thatincludeda44%in- cededinpartsofthecountry. “With the rise of Covid
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beentransparent. ST creaseinthesalesofhomescost- The Conference Board, a cases in the summer, worries
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Anattorneyfortheanony- HO ingmorethan$1million. privateresearchgroup,saidits about whether we’re headed
mousjurorsaidthejurorsought MER/ Homesalesduringthepan- indexofconsumerconfidence foranotherperiodofshutdown
thereleaseofallrecordings, OO demichavebeenboostedbymore surgedto101.8inSeptember, ordersmayhavebeenweighing
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thecourtforadeclarationallow- RUNAGROUND:OfficialsinvestigatedalightplanecrashTuesdayoff morecomfortablyworkfrom since April 2003—reversing bormarkethasseensteadyim-
ingmembersofthegrandjury therunwayatHooksAirportinTomball,Texas.Thepilotwasn’thurt. home.Theirpurchaseshavebeen two months of decline and provement.There’salongway
todiscloseinformationandde- aidedbyhistoricallylowmortgage bringingtheindextoitshigh- togobutthere’sbeenafairly
tailsabouttheproceedings, federalinvestigation. HOUSING interestrates. estlevelsinceMarch,whenthe consistentcontributiontopay-
whichareboundbysecrecypro- Mr.Cameronhasfacedcriti- Seattle,PhoenixandCharlotte coronavirus pandemic thrust rollseachmonth.”
Prices Increased 4.8%
visionsunderthelaw.Astate cismforhishandlingofthecase postedthehighestpricegainsof theU.S.economyintoareces- ThepreliminarySeptember
judgeorderedthattherecording ofMs.Taylor,a26-year-old In July From Year Ago allmajorU.S.cities.“Priceswere sion.Thismonth’spreliminary reading of the University of
ofthegrandjuryproceedingsbe BlackwomankilledinMarchby particularlystrongintheSouth- reading on consumer confi- Michigan’sindexofconsumer
releasedbynoonWednesday. policeexecutingasearchwar- Home-pricegrowthbeganac- eastandWestregions,andcom- dencewasbasedonsurveyre- sentiment, released Sept. 18,
AttorneyGeneralDanielCam- rantatherapartment.The celeratinginJuly,asignthatthe parativelyweakintheMidwest sponsescollectedSept.1-18. registeredalessdramaticin-
eronsaidhisofficewouldcomply grandjuryindictedoneofficer slowdowninhomepricescaused andNortheast,”saidCraigLaz- Consumerbullishnesslikely crease, climbing to 78.9 for
withthejudge’sorder,thoughhe forfiringrecklesslyandendan- bythecoronaviruspandemic zara,amanagingdirectoratS&P reflected in part consistent thefirsthalfofthemonth.It
expressedconcernthatdoingso geringherneighbors. maybereversing. DowJonesIndices. improvements in the labor was also the highest level
wouldcompromiseacontinuing —ArianCampo-Flores TheS&PCoreLogicCase- —WillParker market. The share of respon- since March, though it rose
dents in the Conference only 4.8 points over August.
Board’sindexreportingjobsas The University of Michigan
JPMorgan Theunlawfultradingingold, anceandoversightprograms. Fiveformertradersonthe “plentiful”climbedto22.9%in will publish its final reading
silverandotherpreciousmet- The SEC’s investigation in- bank’sTreasurysdeskwerein- September,from21.4%inAu- forthemonthonFriday.
alsinvolvedatotalof10trad- volvedspoofinginthe$20tril- volvedinspoofingfrom2008 gust—andcomparedwithjust The optimism among con-
Fined for ers, according to Justice De- lionmarketforTreasurybonds to 2016, according to Justice 16.5%inMay. sumersalsomaydependsome-
partmentdocuments. andnotesandothersecurities. Departmentdocuments,which The August unemployment what on where people live.
Congressoutlawedspoofing The DOJ settlement also cov- didn’t name the individuals. rateplummetedto8.4%,from Consumerconfidenceboomed
Spoofing inthe2010Dodd-Frankfinan- eredthatconduct. Thetradersknowinglyentered 10.2% in July. Economists ex- inNewEnglandandthePacific
cial overhaul law. The Justice “Theconductoftheindivid- orders on electronic trading pect continued, if less dra- in September. However, opti-
Department’s Fraud Section, ualsreferencedintoday’sreso- platformstheydidn’tintendto matic,improvementinSeptem- mismslippedintheWestNorth
basedinWashington,hasbeen lutions is unacceptable and fill, hoping the prices would ber, with those surveyed by Centralregion,whichincludes
ContinuedfromPageOne particularly active going after they are no longer with the trickothersintothinkingsup- TheWallStreetJournalexpect- statesthathavesufferedcoro-
2014. Since then, the Justice individual traders accused of firm,” said Daniel Pinto, co- plyordemandwaschanging. ingapayrollsgainof800,000 navirus flare-ups in the last
Department has charged 20 spoofing. presidentofJPMorganandCEO Thetraderssometimesen- thismonth,bringingtheunem- month.
people with spoofing-related “Dodd-Frank made it very tered the misleading orders
crimes,andbanksandotherfi- clear, that this is against the ononetradingvenue,hoping CORRECTIONS(cid:2)
nancialinstitutionshavecollec- law to do and there are now ‘Alittlerazzle- to ease the fulfillment of or- THEWALLSTREETJOURNAL
tivelypaidmorethan$1billion personal consequences—you dersonanotherplatformata AMPLIFICATIONS (USPS664-880)(EasternEditionISSN0099-9660)
dazzletojukethe (CentralEditionISSN1092-0935)(WesternEdition
infinestiedtocivilandcrimi- cangotojailifyouspoof,”said better price. Spoofing often ISSN0193-2241)
nalspoofingprobes. TravisSchwab,chiefexecutive algos,’onetrader tricks computer models that Editorialandpublicationheadquarters:1211Avenue
Theagreementmadepublic ofEventusSystemsInc.,atrad- trade using algorithms and oftheAmericas,NewYork,N.Y.10036
Tuesday is notable because it ingsurveillanceandrisk-man- wrote. may not be able to judge ThenameoftheDrugEn- Phoulbidliasyhse.dPdeariiolydiecxaclsepptosStuangdeaypsaidanadtgNeenweraYlolrekg,aNl.Y.,
involved claims that traders agementsoftwareprovider. whetherorderslookgenuine, forcementAdministrationwas andothermailingoffices.
spoofedtomanipulatetheprice The agencies’ announce- regulatorssay. givenincorrectlyastheDrug Postmaster:SendaddresschangestoTheWallStreet
Journal,200BurnettRd.,Chicopee,MA01020.
of Treasury securities, one of mentsconfirmnewsofthefine Traderssometimesbragged EnforcementAgencyinaPage
AllAdvertisingpublishedinTheWallStreetJournalis
the largest and most liquid that was first reported last oftheCorporate&Investment about spoofing Treasury OnearticleMondayaboutthe subjecttotheapplicableratecard,copiesofwhichare
availablefromtheAdvertisingServicesDepartment,
tradingmarketsintheworld. week.Theclaimsincludealle- Bank.“Weappreciatethatthe prices, according to prosecu- nominationofJudgeAmyCo- DowJones&Co.Inc.,1211AvenueoftheAmericas,
Spoofers enter and quickly gationsthatJPMorgantraders considerable resources we’ve tors.“Alittlerazzle-dazzleto ney Barrett to the Supreme NewYork,N.Y.10036.TheJournalreservestheright
nottoacceptanadvertiser’sorder.Onlypublicationof
cancellargeordersinaneffort manipulated Treasury securi- dedicated to internal controls juke the algos,” one trader Court. anadvertisementshallconstitutefinalacceptanceof
theadvertiser’sorder.
todeceiveothersaboutsupply tiesfrom2015to2016,theSEC wasrecognizedbytheDOJ.” wroteinamessagein2012.
anddemand,movingpricesina saidinasettlementorder. The spoofing spanned at The conduct caused losses Notice to readers FLaextt:e2r1s2-t4o16th-2e8E9d1;iteomr:ail:[email protected]
directionthespooferfavors. TheJusticeDepartmentsaid leasteightyearsandinvolved of$106milliontootherstrad- Wall Street Journal staff Needassistancewithyoursubscription?
FourformerJPMorganpre- JPMorganagreedtoadeferred- hundredsofthousandsofmis- ing Treasury debt and Trea- members are working re- Byweb:customercenter.wsj.com;
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THEWALLSTREETJOURNAL. ** Wednesday,September30,2020|A3
U.S. NEWS
Navy Chief
Fell Ill,
Had Heart
Surgery
BYGORDONLUBOLD
ANDNANCYA.YOUSSEF
WASHINGTON—ThePenta-
gon’schiefofnavaloperations
fellillrecentlywhileonarun
nearhishomeandunderwent
heart surgery soon after, ac-
cordingtoNavyofficials.
Adm. Mike Gilday, 57 years
old, recuperated at home and
returned to the Pentagon on
Monday,officialssaid.Adm.Gil-
day’smedicalprocedurehasn’t
beenpreviouslydisclosed.
As the senior officer in
charge of the Navy, Adm. Gil- S
GE
dayisamemberofthePenta- A
M
gon’sJointChiefsofStaff,serv- YI
ingatatimewhentheNavyis GETT
expanding its global reach SSE/
whilealsoconfrontingaseries RE
P
ofoApdemra.tGioilndaaylcwhaasllerunngnesin.gon ANCE-
R
tNhaevyWbaassheinwgthoenreNhaevyliYveasr,d,ona GENCEF
Aug. 10, when he became ill, M/A
accordingtoseveralpeoplefa- U
R
miliarwiththematter.AMa- CO
rinepassingbyprovidedassis- UEL
M
tancebeforeAdm.Gildaywas A
S
taken immediately to see his The42,650-acreGlassFireinwinecountrywasatzerocontainmentTuesday.Calmerwindshelped,butweatherconditionsareexpectedtoworsenlaterthisweek.
physician,theysaid.
Winds Ease, Aiding Firefighters
About two weeks later,
Adm.Gildayunderwentheart
surgery,thoseindividualssaid.
Navyofficialsdeclinedtosay
what his medical condition
was, citing privacy concerns, BYJENNIFERCALFAS intheNapa-Sonomawinecoun- County.OnTuesday,the3,400 5,100homesandkilled22peo- entistssaythemostsignificant
but said the condition was ANDJIMCARLTON try, north of San Francisco, residents of nearby Angwin ple. The fire on Tuesday causesarepoorforestmanage-
pre-existing. stood at zero containment werealsoorderedtoevacuate. threatened10,712structures. ment and climate change,
The Navy didn’t disclose Calmer winds on Tuesday Tuesday,asofficialsstruggled About 68,000 residents were “There’s a lot of country whichcauseshighertempera-
themedicalprocedureuntilits gavefirefightersareprievebat- to gain a foothold against the evacuated around Sonoma outhere,”saidJasonShanley, turesandlongerdroughts.
media-relations department tling two out-of-control wild- blazes. Officials in Shasta County,includinginthecityof aspokesmanfortheCalifornia Morethan3.8millionacres
received a query from The firesinNorthernCalifornia,but Countywereinvestigatingthree SantaRosa.Together,thetwo Department of Forestry and havebeenscorchedinCalifor-
WallStreetJournal.Inastate- hot and dry conditions later fatalitiesfromtheZoggFire. fireshavedestroyedmorethan FireProtection,orCalFire.“A nia this year by a total of
ment Tuesday, the Navy de- thisweekwereexpectedtocon- “Weather is giving us a 250structures. lotofitisunburnedfuel.” morethan8,100fires,accord-
scribed the surgery as a straineffortstoreininblazes break,”SeanKavanaugh,inci- California Gov. Gavin Severe weather conditions ingtoCalFire.Sincemid-Au-
plannedprocedurefora“pre- thatsofarhaveclaimedthree dentcommanderfortheZogg Newsom declared a state of havehelpedpowerhistorically gust, at least 29 people have
existing medical issue” but livesanddrivennearly100,000 Fire,saidTuesday. emergency Monday in Napa, large fires in California and died. The fires in Northern
didn’tprovidespecifics. peoplefromtheirhomes. The Glass Fire prompted SonomaandShastacounties. across the Western U.S., with California this week are
“The chief of naval opera- Both the 40,317-acre Zogg mandatory evacuation orders TheGlassFirecomesnearly record-setting heat, gusty among more than two dozen
tions, Adm. Mike Gilday, re- FireinShastaCounty,nearOre- late Monday for Calistoga, a threeyearsafterapairofin- windsanddryvegetationfuel- major wildfires now burning
cently underwent a medical gon,and42,650-acreGlassFire cityofmorethan5,200inNapa fernos in the area destroyed ingfast-spreadingblazes.Sci- acrossthestate.
procedure for a pre-existing
medicalissue,”saidhisspokes-
Owl Protections Questioned as Blazes Rage
man, Cmdr. Nathan Chris-
tensen. “He is in good condi-
tionandreturnedtofullduty
yesterdayinthePentagon.”
BYJIMCARLTON spottedowlhasbeenoneofthe
ANDZUSHAELINSON mostcontentiousenvironmen-
Tensions talissuesinthePacificNorth-
TALENT,Ore.—Thewildfires west, pitting conservationists
thatravagedtheWestCoastin againstresidentsofsmallrural
Hit U.S. recent weeks have renewed a towns whose economies have
debateinOregonandNorthern shrunkalongwithadeclinein
Californiaoverprotectionsfor logging,dueinparttoendan-
Business the northern spotted owl, gered-speciesprotections.
whichsomesaypreventedlog- Theamountoftimberhar-
gingthatwouldhavethinned vested from federal lands in
Group out forests and made the Oregon plummeted from four
blazeslessdestructive. billion board feet in 1990 to
The northern spotted owl 486millionin2019,according
BYBRODYMULLINS waslistedasafederallythreat- totheOregonForestResources
ened species in 1990, which Institute,astateagency.
WASHINGTON—The top addedrestrictionstotree-cut- Now, large wildfires that
campaignstrategistattheU.S. tingonmillionsofacresofthe are primarily affecting rural
Chamber of Commerce left region’snationalforests.Proj- communitiesareaddingtoan-
the organization Tuesday in ects ranging from major log- gerovertheissue.
thelatestsignofpoliticalten- gingeffortstosmalleffortsto “Something needs to
sion at the nation’s largest reducetheovergrowthoftrees SS change.Thesecitiesarebeing
businesslobby. have been delayed or blocked PRE leveled—it is really devastat-
D
Scott Reed, a longtime Re- by lawsuits under the federal ATE ing,”saidNicoleRuyle,areal-
publican political strategist, EndangeredSpeciesAct. OCI estateagentwhosefamilylost
said he is leaving because he “Wehavecrippledthewhole SS their vacation home to the
A
wasn’tabletosecureapproval processtodoeffectivefederal N/ wildfireinDetroit.Ms.Ruyle,
A
tospendmillionsofdollarsin landmanagementthere,”said RY whoismarriedtoafirefighter,
N
mediaadvertisementsinalast- John Bailey, professor of for- DO saidherin-lawslosttheirper-
ditchefforttohelptheelection estryandfiremanagementat Thenorthernspottedowl’sdesignationasathreatenedspeciesaddedrestrictionstotree-cutting. manenthomeintheblaze.
campaignsofRepublicansrun- OregonStateUniversity. Lawmakers from the two
ningfortheU.S.Senate. The West Coast’s latest est wildfires. A 204,340-acre spotted-owlhabitat. pactontheprojectarea,pend- major parties have blamed
AfternewsofMr.Reed’sde- wildfires are burning in Cali- firethatleveledthesmalltown But the Ninth U.S. Circuit ing post-burn assessments. eachotherforeithernoteas-
parture became public, the fornia’swinecountry.Butthey ofDetroitinnorthwesternOre- CourtofAppealsputaholdon Theysaidthethinningproject ing endangered-species pro-
Chamber said Mr. Reed had havebeenfueledbydrybrush, gonspreadinasectionofna- the Crystal Clear Restoration aimedtochopdowntoomany tectionrulesorunderfunding
beenfired.“Aninternalreview rather than trees deep in the tionalforestwhereonlyabout ProjectinMayafteralawsuit of the large, old-growth trees thinningprojects.
hasrevealedthatReedrepeat- forestwhereowlslive. one-third of the needed tree filedbyenvironmentalgroups, thatspottedowlsdependon. Shane Jimerfield, program
edly breached confidentiality, Cutting down trees in old- thinningwasbeingdone,said in part because the area in- “Ihavesupportedsmall-di- directorforanonprofitcalled
distortedfactsforhisownben- growthforestscanthreatenlo- MikeCloughesy,directoroffor- cludesspotted-owlhabitat.On ameter tree removals, [but] theLomakatsiRestorationProj-
efit,withheldinformationfrom cal wildlife like the northern estryfortheOregonForestRe- Aug. 17, a lightning strike ig- whattheywanttotakearethe ect that thins trees in thou-
Chamberleadershipandleaked spottedowl,butsuchactivities sourcesInstitute,agovernment nitedafirethatforest-service bigtreesthatmaketheforest sandsofacresofforestsevery
internal information to the arecriticaltoreducingcombus- agencyfundedbytimbertaxes. officials say ripped through more resilient,” said Brenna year,saiditispossibletodoso
press,”theorganizationsaid. tiblefuelandloweringtherisk In2016,theU.S.ForestSer- about1,400acresoftheproj- Bell, staff attorney and policy while respecting the spotted
It said the “Chamber’s po- of wildfires growing and vice began planning a 13,271- ect area. The blaze grew to coordinatorwithBark. owl’s needs. “We don’t clear
litical program will continue spreadingquickly,accordingto acrethinningprojectonOre- morethan17,383acres. A spokeswoman for the cut,wedorestoration,”hesaid.
strongerthanever”andthatit forest-managementexperts. gon’s Mount Hood to help Activists at Bark, an envi- Forest Service declined to “Yeah,ifyouwanttogoinand
plans to announce a new Timberofficialssayreduced reducewhatitcalledthehigh ronmental group that led the commentbecauseofthepend- clearcutandliquidatethefor-
roundofspendingWednesday. logging likely contributed to firethreatinthefirandpine suit,saiditistooearlytodraw inglitigation. est, you’re going to come up
Mr.Reedsaidheleftofhis theferocityofsomeofthelat- forests there, including in a conclusionsaboutthefire’sim- Thethree-decadesagaofthe againstlotsofbarriers.”
own accord. He said he had
raised millions of dollars to
supportpro-businessRepubli- Union President Won’t Seek Re-Election Amid Probe
can candidates in close races
inMaine,IowaandNorthCar-
olinabutthatseniorChamber
officials didn’t give him final BYBRODYMULLINS of the International Associa- pensionfunds,eventhoughhe than $3 million in deferred Mr. Schaitberger has said
approvaltospendthemoney. ANDTEDMANN tion of Fire Fighters. “After stillworkedattheunion.The compensation payments he that union rules allowed him
Severalyearsago,President dedicatingalmost50yearsof pensionpaymentswereamong hadreceivedovertheyears. toaccepttheretirementfunds
and CEO Thomas Donohue WASHINGTON—Harold my life to this wonderful several unusual financial ar- The Journal reported in becausehehadworkedatthe
hiredafriend,SuzanneClark, Schaitberger, the longtime union, I have decided not to rangements that The Wall June that Mr. Schaitberger unionformorethan20years
tohelphimruntheorganiza- presidentofthenation’slarg- runforre-election.” StreetJournaldocumentedin and the union ran up thou- at the time. When he was
tion. Last year, she replaced estfirefightersunion,hasde- A union spokesman de- June. sands of dollars in steak din- electedpresident,Mr.Schait-
Mr.Donohueaspresident;he cided not to seek re-election clined to comment on Mr. Earlierthisyear,theunion’s ners, bar tabs and music bergermovedintoanewpen-
remainsCEO. amidafederalprobeintopen- Schaitberger’s decision. His electedtreasurerissuedare- downloads, according to tax sion fund for managers, and
Ms. Clark has sought to sionpaymentstohimselfand successor is expected to be port that laid out a series of filingsandcurrentandformer began to withdraw payments
shedtheChamber’sreputation aformerunionofficial. electedinJanuary. allegedproblems.InJune,the unionmembers. fromhispriorpension.Earlier
asasteadfastsupporterofthe “This is the most difficult Federal law-enforcement Journal reported that Mr. Mr. Schaitberger declined thismonth,acommitteeofthe
RepublicanPartyanditscan- communication that I’ve had authoritiesrecentlyopeneda Schaitberger had collected tocommenttotheJournalat union board ruled that Mr.
didates,advocatingforforging todelivertoallofyouovermy probeintoMr.Schaitbergerto more than $1 million in pen- thetime.Inanemailtounion Schaitberger wasn’t at fault
morerelationshipswithDemo- 49 years with this incredible determinewhetherheimprop- sion payments. The article officials about the Journal’s for accepting the payments,
cratic lawmakers to advance IAFF of ours,” Mr. Schait- erly received more than $1 alsoreportedthatMr.Schait- reporting, Mr. Schaitberger and that the union wouldn’t
the interests of U.S. busi- bergerwroteinanemailTues- million in retirement pay- bergerfailedtopaymorethan said the story was based on try to recoup any of the
nesses. day to the 300,000 members mentsfromoneoftheunion’s $1 million in taxes on more “unfoundedaccusations.” money.
A4|Wednesday,September30,2020 THEWALLSTREETJOURNAL.
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 ******
U.S. NEWS
GOP Lines Up More Tax-Cut Plans
Biden Paid
IRS Nearly
BYRICHARDRUBIN taxcutsslatedfor2026. thoughthepromisedbusiness- Full, immediate write-offs for business research and en- $300,000
Lawmakers“kindofhavea investment bump was rela- of businesses’ capital invest- couragecompaniestoputintel-
WASHINGTON—In a presi- built-intaxpolicyagenda…with tivelysmallandthepandemic mentsstartphasingoutafter lectualpropertyintheU.S.
dency full of unexpected alltheprovisionsthataresun- later erased economic gains, 2022. And starting in 2022, Futuretaxcutsmighthave Last Year
twists,taxpolicyunderPresi- setting and sunrising,” said theyseethetaxcutasarea- companies must slow deduc- adiminishingeconomiceffect
dentTrumphappenedbythe Ray Beeman, a former House son why middle-class wages tions for research costs and on long-term investment be-
book:Republicansgotelected GOP aide now at accounting rose and poverty dropped in facetighterlimitsoninterest cause they will be seen as
and Republicans cut taxes. firmEYLLP. 2018and2019. deductions. Those tax in- temporaryanduncertaingiven BYRICHARDRUBIN
What happens if they win Mr.Trump,whofacedDemo- The way Congress passed creasescouldcreatepressure long-runbudgetdeficits,said ANDKENTHOMAS
again?Probablymoretaxcuts. cratJoeBideninthefirstpresi- the tax cut forces lawmakers forCongresstodelayeffective Adam Michel, a senior policy
Taxcutsremainacore,uni- dentialdebateTuesday,alsohas to revisit it, and those dead- dates, especially if the econ- analyst at the conservative DemocraticnomineeJoeBi-
fying aspect of GOP ideology. saidhewouldcutthetopcapi- omyremainsweak. HeritageFoundation. den released his 2019 tax re-
FullRepublicancontrolofgov- tal-gains tax rate to 15% from Expirationsofindividual-tax “Ifyouwanttodoubledown turnsonTuesday,showingthat
ernment—though unlikely— 20%.Hebacksincentivestore- TheTrumpcamphas cutshappenafter2025,making on even larger tax cuts, the hepaidnearly$300,000infed-
wouldyieldattemptstoforgive locate production to the U.S., quickactionlesslikelythereas pressure of the entitlement eral taxes, seeking to draw a
releasedmostly
this year’s deferred payroll particularlyformedicalsupplies thepartiesjockeyforelectoral spendingsideoftheequation contrastwithPresidentTrump
taxes,lockintaxcutssettoex- neededtofightpandemics. bulletpointsabouta advantage.Democratswantto hastocometoaheadatsome in the hours before their first
pireincomingyearsandcreate Beyond that, the second- extendmostofthosechanges, point,”hesaidofSocialSecu- debate.
second-termagenda.
new breaks. Details are scant term tax agenda is murky. but the parties differ on tax rityandMedicare. Mr. Biden and his wife, Jill,
astheTrumpcampaignhasre- Larry Kudlow, the top White cuts for people making more AsecondTrumptermalso reportedreceiving$985,233in
leasedmostlybulletpoints. Houseeconomicadviser,said than$400,000andthe$10,000 wouldaddressleftoversfrom adjustedgrossincomein2019,a
In a more likely divided- thismonththathecouldspeak caponthedeductionforstate the pandemic response. Mr. year in which he was mostly
government scenario, Mr. only “pre-decisionally” about lines will shape the years andlocaltaxes. Trumpisencouragingemploy- runningforpresident.Theirtax
Trump’s re-election would somesecond-termplans,even ahead.Thecorporatetaxrate “Innormaltimes,itwouldbe erstostopcollectingthe6.2% ratewas29.5%,andtheirincome
temper Democrats’ ability to withtheelectionweeksaway. cutfrom35%to21%lacksan importanttocreatepermanence SocialSecuritypayrolltaxon meanstheywouldlikelybesub-
raisetaxesoncompaniesand Without any Democratic expiration date, but other inthetaxcode,”saidRep.Kevin many workers for the rest of ject to several of the tax in-
high-incomehouseholds.Law- votes, Congress in 2017 cut pieceslapse. BradyofTexas,thetopRepubli- 2020.Manyemployershaven’t creasesMr.Bidenisproposing.
makers still would face the corporate, individual and es- Republicans limited them- can on the House Ways and done so, but the federal gov- Mr.Trump,meanwhile,has
same deadlines—temporary tate taxes and curbed some selvesto$1.5trillioninnettax MeansCommittee.“Nowthat’s ernment has, and the presi- refusedtoreleaseanyofhistax
pandemicprovisionsexpiring tax breaks; the law was pro- cuts. To keep that number moreimportantthanever.The dent is pressing Congress to returns,breakinga40-yeartra-
soon, business-tax increases jected to lower revenue by down, they set expiration uncertaintyofthepandemicis turn that tax deferral into a dition of major-party candi-
scheduledfor2022and2023 $1.5trillionoveradecade. dates for some tax cuts and unprecedented.”Mr.Bradyalso taxcutinsteadofforcingdou- datesandpresidents.TheNew
and expiration of individual Republicanswantmore.Al- scheduledfuturetaxincreases. wantstodoublethetaxcredit blewithholdinginearly2021. York Times reported Sunday
thatMr.Trumphasn’tpaidfed-
eralincometaxesinmanyre-
Barrett cent years and paid just $750
for2016andthesameamount
Comes to for 2017. Mr. Trump has dis-
missedtheTimes’reportingas
inaccuratebuthasdeclinedto
Capitol Hill specifyanyerrors.
TheTimesreportdetaileda
seriesofquestionabletransac-
JudgeAmyConeyBarrett tionsbyMr.Trump,including
madeherfirstappearanceon deductions for hair styling,
CapitolHillsinceshewasnomi- claimsoflargelossesandcon-
natedbyPresidentTrumpforthe sultingpaymentstohisdaugh-
SupremeCourt,meetingwithRe- ter, Ivanka Trump. The presi-
publicansenatorsTuesday,two dent has said he is still being
weeksbeforeherconfirmation audited by the Internal Reve-
hearingsarescheduledtobegin. nueService.
Republicanleadersareona TheIRSsaidTuesdaythatit
fast-pacedcoursetoconfirm had assessed its taxpayer-pri-
JudgeBarrett,whocurrentlysits vacy protections and special
ontheSeventhU.S.CircuitCourt safeguardsforcertaintaxpay-
ofAppeals,byElectionDay.With ers and found no issues. The
thatacceleratedtimetableand agencyalsosaid,however,that
thecontinuingcoronaviruspan- itwasaskingitsinspectorgen-
demic,meetingsthathaveinthe eral to assess the agency’s
pastbeendonewithpompand practices “in an abundance of
ceremony—withanentouragees- caution.”
cortingthenomineearoundthe Mr. Biden’s campaign said
Capitolcomplex—haveinstead thelatestreleasemeanshehas
beenabbreviated.Someofthe now released 22 years of tax
meetingswillhappenremotely. records, covering years when
ShefirstmetwithMajority heservedintheSenaterepre-
LeaderMitchMcConnell(R.,Ky.), sentingDelaware,asvicepresi-
whotoldreporters,“We’reglad dentandhistimeafterheleft
tohaveherhereandgetthe theObamaadministration.
processstarted.” OL “This is a historic level of
O
Democratshavecalledfora P transparencymeanttogivethe
delayintheconfirmationprocess, RESS American people faith once
spareysinidgenthtiaatlwcohnoteevsetrowniNnsovt.h3e HAFF/P alogoakinoutthfaotrtthheemiralneaddneortsthweiilrl
shouldselectthenominee. SC own bottom line,” said Kate
N
—NatalieAndrews RI Bedingfield,Mr.Biden’sdeputy
E
campaignmanager.
Mr. Biden’s running mate,
Flynn’s Lawyer Asked Trump Not to Pardon Him CaliforniaSen.KamalaHarris,
also released her 2019 tax re-
turnswithherhusband,Doug
Emhoff,alawyer.
Mr.Bidenemployedasignif-
BYBYRONTAU case. Tuesday’s hearing was nal case. Ms. Powell went on Trump added: “I hope that Mr.Flynnwasinitiallyaco- icantlyscaled-backversionofa
onthequestionofwhetherthe to accuse Judge Sullivan of he’s going to be able to win operating witness in former tax-avoidancetechniquethathe
WASHINGTON—Anattorney trialjudge,U.S.DistrictJudge bias and asked him to recuse it.”Hehasn’truledoutapar- special counsel Robert Muel- used in 2017 and 2018 on the
for former national security Emmet Sullivan, would sign himself from the case, a re- doninthefuture. ler’sprobeintoRussianinter- income that he and his wife
adviser Michael Flynn told a off on that effort. He said he questthatthejudgeaskedher The White House declined ferenceinthe2016presiden- earned from books and
U.S. District Court judge that would make a ruling in the toputinwriting. tocommentonTuesday. tialelection,whichconcluded speeches.TheysetupScorpo-
shehadrecentlyspokenwith nearfuture. Inthepast,presidentshave Ms.EllisconfirmedthatMs. that Moscow had meddled in rationstoreceivethatincome.
President Trump about the In a testy exchange with takenstepstoavoidbecoming pursuit of a Trump victory. By doing so and by taking
case and briefed Jenna Ellis, JudgeSullivan,Ms.Powellat- involved directly in criminal Mr. Flynn pleaded guilty to a relatively small salaries from
whoservesasalegaladviser temptedtociteexecutivepriv- cases to preserve the Justice Ajudgewill single charge of lying to the thosecompaniesasashareof
to Mr. Trump’s re-election ilege to avoid discussing the Department’s reputation for rulesoonon FBI and provided key testi- profits,theyavoideda3.8%tax
campaign. substanceofherconversation independence.Mr.Trumphas droppingthe mony to the special counsel onthoseprofits,totalingupto
The attorney, Sidney Pow- with the president, a legal departed from those norms, caseagainst about his time as a Trump $500,000 in savings in those
ell, said she asked the presi- principle aimed at shielding frequently making comments ex-national campaign adviser and White earlieryears.
dent “not to issue a pardon someconversationsfrompub- about criminal cases. He has securitychief Housenationalsecuritychief. TheBidensreportedreceiv-
andgavehimageneralupdate licscrutinythathasgenerally alsomadedecisionsaboutwho MichaelFlynn. Last year, he abruptly ing income from several
onthestatusofthelitigation.” been recognized as applying tograntpardonsorcommuta- changedtactics,endinghisco- sources, including Northern
A pardon would end Mr. only to close presidential ad- tions to himself, rather than operation with the govern- Virginia Community College,
Flynn’s legal jeopardy, al- viserswithinthegovernment. rely on a process usually Powell had asked the presi- mentontheeveofthetrialof whereDr.Bidenhasworkedas
though he appears on the JudgeSullivanreplied:“You drivenbyspecializedattorneys dent not to issue a pardon, a former business associate, an English professor, and the
precipiceofwinningoutright don’t work for the govern- attheJusticeDepartmentwho and said: “There is no legal firinghislegalteamatWash- University of Pennsylvania,
dismissalofhiscaseafterthe ment”andpressedMs.Powell reviewsuchpetitions. reason that Judge Sullivan ington law firm Covington & whereMr.Bidenestablisheda
Justice Department earlier to answer his question about InJuly,Mr.Trumpsaidthat should not dismiss this case Burling,hiringMs.Powell,and centerfordiplomacy.
thisyearreversedcourseand her interactions with the Mr.Flynnwas“doingverywell immediately.Heisajudge,not seekingtowithdrawhisguilty Mr. Biden also receives a
asked the court to drop the WhiteHouseaboutthecrimi- withrespecttohiscase.”Mr. aprosecutor.” plea. federalpension.
Candidates porterstoactaspollwatchers. aNewYorkTimesreportinre- whitesupremacistsandmilitia decisiontonominateJudgeAmy law enforcement. “You can’t
When Mr. Biden was asked centdaysthathepaid$750a groups and tell them to stand ConeyBarrettfortheSupreme evensaythewordlawenforce-
the same question, he re- yearinfederalincometaxesin downinviolentclashessuchas Court before the election, de- ment because if you say the
Exchange sponded: “Yes, here’s the deal: both2016and2017,andnoin- those in Kenosha, Wis., and spite Republicans’ successful words,you’regoingtoloseallof
Theycounttheballots…Someof cometaxesin10oftheprevi- Portland,Ore. movetoblockahighcourtnom- yourradicalleftsupporters,”Mr.
these ballots, in some states, ous 15 years. The president, “Sure,I’mwillingtodothat,” inationbyPresidentObamain Trumpsaid.
Insults can’tevenbeopeneduntilElec- whohasshieldedhistaxesfrom thepresidentsaid,adding:“But theninemonthsbeforethe2016 Mr. Trump repeatedly criti-
tionDayandifthere’sthousands public view, insisted he had IwouldsayalmosteverythingI election. cizedMr.Biden’ssonHunterBi-
ofballots,it’sgonnataketime.” paid “millions of dollars” in see is from the left-wing. Not “We won the election and denoverhisinternationalbusi-
With more than 200,000 thoseyears. fromtheright-wing.” therefore have the right to ness dealings when his father
ContinuedfromPageOne peopleintheU.S.deaddueto “Showusyourtaxreturns,” Mr. Wallace and Mr. Biden chooseher,”Mr.Trumpsaidin wasvicepresident.
Inonenotableexchange,Mr. the coronavirus, the duo par- saidMr.Biden.Inthehoursbe- continuedtopushhim,withMr. earlymomentsofthedebate. HealsocriticizedHunterBi-
Trumpsidesteppedaquestion riedoverthenation’sresponse forethedebate,theformervice Biden encouraging him to de- Mr. Biden said the voters den as Mr. Biden spoke about
about whether he would urge tothevirus.Mr.Bidencitedthe presidentreleasedhis2019tax nounce the group the Proud shouldhavetherighttosaywho hisolderson,BeauBiden,who
hissupporterstostaycalmand number of people who have returns. Boys,whichhasbeendesignated thenomineeisthroughtheNo- served in the Delaware Army
notengageinanycivilunrestif diedinthehealthcrisisandac- Stewardshipoftheeconomy by the Southern Poverty Law vemberelection. National Guard and was de-
there was a period after the cused Mr. Trump of failing to remains one of Mr. Trump’s Center as a hate group. Mr. On why voters should trust ployedtoIraqin2009.BeauBi-
Nov. 3 election while votes warnthepublicaboutthepan- strengths, polls show, and he Trumpsaid,“ProudBoys,stand himtodealwithraceissues,Mr. dendiedofbraincancerin2015
werestillbeingtabulated.Mr. demic,whichthepresidentsaid playedtothat,accusinghisrival back and stand by...Somebody Biden said: “We have never attheageof46.
Trumphasalleged,withoutof- hedidbecausehedidn’twant of trying to kill any progress has to got to do something walkedawayfromtryingtore- ThepresidentsaidHunterBi-
feringevidence,thatthewide- peopletopanic. that has been made. “People aboutantifaandtheleft.” quireequityforeveryone,equal- den was discharged from the
spread use of mail-in voting “Youdidn’tpanic,”Mr.Biden wanttheirplacesopen,”hesaid Antifa—short for “antifas- ityforthewholeofAmerica.We military over cocaine use,
during the pandemic would toldviewers,speakingintothe of the lifting of virus-induced cist”—is a loose network of haveneveraccomplishedit.We promptingMr.Bidentorespond:
leadtofraud. camera.“Hepanicked.” shutdowns. “They want to get groupsthatcoordinatesantira- haveneverwalkedawayfromit “Myson,likealotofpeople,like
“If it’s a fair election, I am Mr.Trumpdefendedhisre- backtotheirlives.” cistactivismonanadhocbasis. likehehasdone.” a lot of people you know at
100%onboard.ButifIseetens sponse to the virus, saying it Mr. Biden, in response, Mr. Biden noted that Christo- ThepresidentinvokedMr.Bi- home,hadadrugproblem.He’s
of thousands of ballots being was“China’sfault”andthathis pointedtojoblossesandthetoll pher Wray, the director of the den’ssupportforthecontrover- overtakenit.He’sfixedit.”
manipulated, I can’t go along actions prevented what could onfamilies. FBI, had referred to Antifa as sialcrimebillin1994,thensug- —ElizaCollins,TariniParti
withthat,”saidMr.Trump,who havebeenmoredeaths. Mr.Trumpwaspressedover “anidea,notanorganization.” gestedtheformervicepresident andMadelineNg
alsosaidhewasurginghissup- Mr.Trumpwasaskedabout whether he would condemn Mr.Trumpalsodefendedhis was not supportive enough of contributedtothisarticle.
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U.S. NEWS
New York City
Positivity Rate
Raises Alarm
BYMELANIEGRAYCEWEST shut several yeshivas that
ANDTALALANSARI weren’tincompliance.
“Thisisaninflectionpoint.
The daily share of people Wehavetotakemoreaction,”
testedinNewYorkCitywhoare Mr.deBlasiosaid.
positiveforCovid-19hit3.25% Someofthehotspotneigh-
for the first time since June, borhoods, in New York City
MayorBilldeBlasiosaidTues- and the nearby counties, are
day,justasmostpublicschools generally home to large com-
SS
beganreopeningandlimitedin- munities of ultra-Orthodox RE
P
doordiningissettobegin. Jewish families, Gov. Andrew A
M
Theriseincaseswasfueled Cuomosaid.Hesaidhewould U
Z
binyhsootustphoetrsninBnrinoeokZlIyPnCoadneds mloecaetlwofitfhiciraellsigitohuisslweaedeekr,saanndd OTLER/
C
Queens,whichhaveseenmore stressed that municipalities UCE
than a threefold increase in must enforce rules on crowd BR
casesinthepasttwoweeks. sizeanduseofmasks.Hesaid PeopleweretestedforthecoronavirusTuesdayatapop-upsiteinaBrooklynneighborhoodthathasseenarisingnumberofcases.
City officials warned last thestateissendingrapid-test-
weekthattheywouldmoveto ingmachinestoaffectedareas. demic,morethan23,800peo- confirmedinfectionssincethe colder and more activities Matthew Dellinger, associ-
shut down nonessential busi- Many students in grades K ple have been confirmed or beginning of the pandemic, moveindoors. ateprofessorofepidemiology
nessesandlimitlargegather- through 8 returned to city presumed to have died from the U.S. accounts for more Rates of Covid-19 have in- attheMedicalCollegeofWis-
ingsinthoseneighborhoodsif schoolsforin-personinstruction Covid-19inNewYorkCity,and than a fifth of the more than creasedacrossWisconsin,in- consin,believestherelaxingof
the positivity rates didn’t de- Tuesday.High-schoolandmid- morethan238,000havecon- 33.4 million cases reported cluding in rural areas, said restrictions and sending stu-
creasebyTuesday.Mr.deBla- dle-schoolstudentswillstartin- tractedthedisease,according globally. Laura D. Cassidy, professor dentsbacktoschoolhascon-
siosaidthecitywouldincrease person classes Thursday. The todatafromthecity’shealth Whilemanypeoplehavere- and director of epidemiology tributedtotheriseincasesin
its enforcement of face mask mayorsaidthecitywouldclose department. covered, more than 205,000 attheMedicalCollegeofWis- thestate.
usage and social-distancing publicschoolsifthepercentage Hospitalizations in New havediedintheU.S. consin.Rateswereparticularly “In rural Wisconsin, many
protocolsinthesecommunities. ofpositivetestscitywideis3% YorkCitypeakedinApriland California and Texas re- highintheyoungadultpopu- barsandrestaurantsremained
Closingbusinessesandschools forsevendays.Hesaidthere- begantodeclineinlateApril ported more than 2,000 new lation at the end of summer, openthroughoutthesummer.
remains a possibility, he said, centriseinCovid-19casesisa andMay.Aphasedreopening caseseachMonday,according shesaid. Grocery stores and hardware
and a decision on that could much bigger challenge than beganinJuneaftermonthsof to Johns Hopkins data, while “Goingintotheschoolyear storeswereshouldertoshoul-
comeasearlyasWednesday. otherupticksthecityhasseen. lockdown. Illinois,Kansas,Michigan,Mis- with high community rates, der with visitors from down-
City officials said a multi- The city’s health commis- TheU.S.reportedjustover souriandWisconsinrecorded especially in the college age state and Illinois,” Dr. Del-
agency team would go into sioner, Dave Chokshi, called 33,000newcasesforMonday, more than 1,000 new infec- group,makesthecollegesand lingersaid,basedonwhathe
private schools in the neigh- theuptickthemostprecarious slightlylowerthantheprevi- tions. universities more vulnerable hasseenthroughhisworkasa
borhoods to ensure they are momentsincethecity’slock- ous day’s tally, according to RisingcasesintheMidwest tospreadwhentheybringthe risk-assessmentandcommuni-
abiding by guidelines. The downinMarch. JohnsHopkinsdata. have been of particular con- students back,” Dr. Cassidy cationresearcherinruralWis-
healthdepartmentalreadyhas Since the start of the pan- Withmorethan7.15million cern, as the weather turns said. consinandMichigan.
CDC Urges Colleges to Boost Virus Measures New Drug
Shows
BYSARAHTOY Given the risks, CDC offi- Brown is testing its stu-
cials recommended stronger, dentstwiceaweek,whichhe
Federalandstatehealthau- more comprehensive safety saidisthekindofsurveillance Progress
thorities warned about the strategies,includingusingso- requiredtoidentifythosewho
threat posed when younger cialmediatocommunicateto are infected but aren’t show-
people are infected with the AL younger people the impor- ingsymptomsbeforetheycan In Earlier
new coronavirus, and recom- RN tanceofmaskwearing,social spreadtheviruswidely.
U
mended universities and col- O distancingandhandwashing. Somesupportersofschool
J
lliemgeitstsrtarnesnmgtihsseinonm.easuresto STREET andInNothrtehsCeacroonlidnashtueadlyt,hCoDffCi- apnodinttuontivheerlsoitwyrisrkeoopfeynoiunnggs Stages
Colleges have struggled ALL cials,alongwithUniversityof peoplewhoareinfecteddevel-
with Covid-19 outbreaks, in- W North Carolina researchers, opingseverecases.
cluding campuses in Georgia, THE alsocalledforgreaterenforce- In the new studies, the
TexasandIowa.TheUniversity FOR ment of mask requirements health officials and research- BYJOSEPHWALKER
of North Carolina at Chapel ND and increased testing, and ersraisedthebroaderrisksto
A
Hill,whichfacedanumberof KL suggested reducing the den- contactsandcommunitymem- Regeneron Pharmaceuti-
R
outbreaksinAugust,isamong KI sityofon-campushousing. bers that college students cals Inc.’s experimental
N
the schools that decided to RI “This does not mean that pose. Seventy-one percent of Covid-19 drug helped reduce
E
sendstudentshome,alarming MaskedstudentswalkthroughtheUniversityofMichigancampus. collegesanduniversitiescan’t young adults ages 18 to 22 virus levels and improve
health officials who say they open for in-person instruc- yearsresidewithaparent,one symptomsinsickpatientswho
could spread the infection to morevulnerabletoseveredis- andMortalityWeeklyReport. tion,”saidAshishJha,deanof of the studies said. Around weren’thospitalized,thecom-
thoseintheircommunities. easebecauseofageorhealth- Young adults are also less Brown University’s School of 50% attend colleges and uni- panysaid,advancingdevelop-
Youngpeopletendtobeat related conditions, public- likelythanotheragegroupsto PublicHealth,whowasn’tin- versities, and among those, ment of a medication that
lower risk of having a severe health officials from the U.S. adheretoCovid-19prevention volvedineitherstudy. 33%livewithaparent. could be among the first to
caseofCovid-19,buttheycan Centers for Disease Control measures,CDCofficialssaidin Rather, he said, schools Weeklycasesamongpeople treat early-stage illness from
infectolderpeopletheycome and Prevention wrote in two onestudy,posingachallenge need to implement measures ages 18 to 22 years rose 55% thenewcoronavirus.
intocontactwithintheirfami- separatestudiespublishedon to school administrators and that research suggests could acrosstheU.S.betweenAug.2 The preliminary results
liesandcommunitieswhoare TuesdayintheCDC’sMorbidity public-healthofficials. keeptransmissionatbay. andSept.5,thestudysaid. from the company’s clinical
trial could support an emer-
gency use authorization, or
Both Sides Make a Late Push for a New Aid Package EUA,fromU.S.regulators,said
GeorgeD.Yancopoulos,Regen-
eronpresidentandchiefscien-
tific officer, on a conference
BYKRISTINAPETERSON for50minutesTuesdaymorn- suggested the officials were Wednesday. Still, lawmakers ationswiththeWhiteHouse. callwithanalystsonTuesday.
ANDNATALIEANDREWS ing,onedayafterHouseDemo- makingasubstantiveattemptto havebeendownbeataboutthe “Thelegislationthatweplan Thatmayallowthedrugtobe
cratsunveiledanew,lessexpen- seewhethertheycouldagreeon chances of reaching a new bi- tosendtothefloorwillformal- prescribedbeforeclinicaltri-
WASHINGTON—House sive version of their previous astimuluspackage.Mrs.Pelosi partisanaccordoncoronavirus izeourproffertoRepublicans als are completed showing it
SpeakerNancyPelosi(D.,Calif.) aidpackage.Thenewbillshaved toldreportersafterthemeeting aidsoclosetotheelection. tocometonegotiationstoad- issafeandeffective.
andTreasurySecretarySteven the price tag to $2.2 trillion, Tuesday that she was hopeful “Thefactthatbothsidesare dressthehealthandeconomic “The totality of the data
Mnuchinaremakingalatepush downfrom$3.5trillion,andwas shecouldreachadealthisweek. actuallyengaging,whichwasa catastrophe in our country,” and the way it all hangs to-
to try to reach a coronavirus- expectedtocomeupforavote Mrs.PelosiandMr.Mnuchin muchbetterplacethanwewere Mrs.Pelosiwroteinaletterto gether really suggests we’re
reliefdealbeforetheelection, intheHousepotentiallyassoon havestruckdealsoncoronavi- at,isabigdeal,”saidRep.Josh House Democrats Tuesday impactingviralload,”Dr.Yan-
despite skepticism on Capitol asWednesday.Mrs.Pelosiand rusaidinthepastandjustlast Gottheimer(D.,N.J.). night.Previously,someDemo- copoulossaidonthecall.“It’s
Hillthatanagreementispossi- Mr.Mnuchinwereexpectedto weekreachedanagreementon Mrs. Pelosi said Tuesday cratshadexpectedhertowait uptoregulatorsandsocietyto
bleatthisstage. talkagainWednesday. aseparatespendingbillthatis nightthattheHousewouldvote on a vote if the negotiations decide”whetherandwhento
Thetwotalkedonthephone The string of conversations expectedtopasstheSenateon onthebillaspartofhernegoti- weregoingwell. makeitavailablemorewidely
topatients,hesaid.Onepossi-
Disney Cuts bilityisthatregulatorsaskthe
gerandwonderingwhen[guid- WaltDisneyemployeecount hobbled in its ability to pro- beenclearedtoreopen. company to confirm the re-
anceonthemeparks]iscom- duce and distribute films. Its “In the city of Anaheim, sults with an analysis of pa-
225,000 223,000
28,000 Jobs ing,”Mr.Ghalysaidatanews cruise ships have been idled. there has been an increase of tientsthatithassubsequently
conference. “We’re working And its ESPN sports network about 12% for the unemploy- enrolledinthetrial,headded.
200,000
withthoseindustriestoputout spentmonthsfillingprogram- mentrateandthecitycouldbe Regeneron’s drug, code-
At Its Parks somethingthat’sthoughtful.” ming hours with old footage facing a $100 million budget namedREGN-COV2,ispartof
175,000
Amovetothethirdtierwould and documentaries, until pro- shortfallinlargepartbecause aclassofmedicinesknownas
haveallowedmoreindoorpublic fessionalsportsresumed. of lost tourism dollars that is monoclonalantibodiesthatare
150,000
spaces to reopen in Orange Butthepandemicmighthave created through Disneyland,” designedinlabstomimicthe
County, and some that are al- helped its Disney+ streaming AssemblywomanSharonQuirk- naturallyoccurringantibodies
125,000
ContinuedfromPageOne readyopencouldhaveincreased service—a focus for investors Silvasaid. that the immune system pro-
officials and business leaders theirmaximumoccupancy. becauseofitspotentialtodrive Last week Disney sent re- ducestofightoffvirusesand
100,000
hadhopedthecounty,southof Disneyland closed its gates growth. Disney said in August porters a video in which it otherforeigninvaders.
Los Angeles, would qualify for in March, along with most that the new service had sur- pleadedforCaliforniatoallow So far, only a few drugs
75,000
thethirdtier,adesignationthat other such establishments passed60.5millionsubscribers themeparkstoreopen. have been shown to work
the region has improved to a around the world. It remains inlessthanninemonths.Disney Atonepointinthe25-min- against Covid-19 and only in
50,000
“moderate”spreadlevel. theonlyoneofthecompany’s sharesonTuesdayedgeddown ute video, Patrick Finnegan, a hospitalized patients. Regen-
Thestate’scolor-codedsys- theme parks that has not re- about1.5%inafter-hourstrad- vicepresidentatDisneylandre- eron is among a number of
25,000
tem ranks contagion risk into opened.WaltDisneyWorldin ingfollowingthelayoffnews. sorts,lamentedthelackofstate companies racing to develop
fourtiers,fromthepurpleTier Orlando,Fla.,inJulybeganal- 0 DisneyhadexpectedDisney- guidanceonthemeparkswhile effective treatments that can
1,for“widespread,”toTier4, lowingvisitorstoreturninlim- landtoreopeninmid-July,but assertingthecompany’sreadi- be used before patients be-
FY2009 ’11 ’13 ’15 ’17 ’19
yellow,for“minimal.”Eachtier itednumbers.Disneyhasalso hadtoreverseplansinJuneas nesstoresumeoperations.“We comeseverelyill.
spellsoutrestrictionsforabout reopened its parks in Japan, Source:thecompany Californiastruggledtocurbthe are ready to open and we are SharesofRegeneronrose2%
20 industries or other public FranceandChina. spreadofthecoronavirus.The hoping we will have guidance inafter-hourstrading;thestock
establishments,includingplay- TheDisneydivisionthatin- lioninthethreemonthsended companysaidnearly80,000lo- fromthestatesoon,”hesaid. isupmorethan50%sofarthis
grounds,family-entertainment cludes theme parks and con- June27,itsfirstquarterlyloss caljobsaredependentonthe Anaheim’smayorandother year, largely on high expecta-
centers, wineries and nail sa- sumerproductsgeneratedmore innearlytwodecades.Thepre- theme park. The travel and electedofficialshavejoinedOr- tionsfortheantibodydrug.
lons. There are no guidelines revenuelastyearthananyother viousyearthecompanygener- tourismindustryhasbeendeci- angeCountybusinessleadersin The company’s Covid-19
specific to theme parks, a businessunit,makingreopening ated a profit of $1.43 billion matedbythepandemicasair lobbyingforthestatetoprovide drug was most effective in
sourceoffrustrationforthein- apriorityforthecompany. duringthesameperiod. travel and hotel occupancy clarity on when theme parks treating patients who hadn’t
dustryandsomelawmakers. AttheDisneyparksthatare Thepandemichasburdened haveplummeted. canreopen.OrangeCounty,Ca- yetdevelopedaneffectiveim-
MarkGhaly,secretaryofthe open again, customers are re- several parts of the company, On Monday, a group of lif., registered a 2.7% Covid-19 mune response, which re-
California Health and Human quiredtosubmittotemperature whosechiefexecutive,BobCha- nearly20Californialegislators positivityrateduringthemost searchersmeasuredbytesting
ServicesAgency,saidthatthe checkswhenenteringandwear pek,tookthereinsinlateFeb- sent a letter to Gov. Gavin recent 14-day period, a state patientsforantiviralantibod-
stateis“gettingveryclose”to facecoveringsexceptwheneat- ruary,shortlybeforelockdowns Newsom, urging him to con- websiteshowed,comparedwith ies before beginning treat-
unveiling theme park-specific inganddrinking.Theparksare wentintoeffectintheU.S.and siderallowingthemeparksto 4.3% in Orange County, Fla., ment, and in patients with
guidelines. “We know that a operatingatlimitedcapacity. muchoftheworld.Disney,like reopen, noting that some in- homeofWaltDisneyWorld,ac- highviruslevelsintheirrespi-
numberofCaliforniansareea- Disneysaiditlost$4.72bil- othermoviestudios,hasbeen doorpublicspaceshavealready cordingtoacountywebsite. ratorysystems.
THEWALLSTREETJOURNAL. Wednesday,September30,2020|A7
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WORLD NEWS
Sheikh’s Death to Test Kuwait Neutrality
Successormustweigh a process that could take year and domestic priorities
weeks,orpossiblymonths. like fighting corruption and
normalizingIsraelties
Thechoiceofcrownprinceis reinvigorating an economy
ifPalestiniansremain significant,sinceSheikhNawaf weighed down by mounting
isalready83andinpoorhealth. debt, low oil prices and the
withoutowncountry
Amongtheleadingcandidates coronaviruspandemic.
are Sheikh Sabah’s eldest son, SheikhSabahhadsoughtto
BYSTEPHENKALIN S 72-year-old Sheikh Nasser al- entrenchhiscarefulapproach
ANDSUMMERSAID AGE Sabah;andhisnephew,former toforeignpolicy—hetriedfor
M
I Prime Minister Sheikh Nasser yearstomediatetheGulfrift
Y
cmhaaFnroytreodfdetahceandeMeusitd,rdaKlleucwEoaausirtts’sehianins- RESSE/GETT aWl-iMAkicoLcheoaarkmdsmincaegdbl,e7,t9oS.heiakhS2a0b0a8h octeavcdehrrneoQocafrtdaaitrps—l.oBbmuyattctiuchlertoirvyiasatklisntaghnadat
tdreaactthabolef ictosnflloinctgst.imBeutrutlheer NCE-P h“madainetnatirnuisntgedahdisiscsroenetwainthd SmhoeriekhplNiaabwleafttourthnesoduetmtaonbdes
A
leaveshissuccessorwithadi- FR confidential liaison relation- ofSaudiArabiaandtheU.A.E.
lemma:whetherornottonor- NCE ship with a dual national Is- couldfurtherescalatetensions
malizetieswithIsraelwithout AGE raeli representative based with Iran, London-based re-
statehoodforthePalestinians. AT/ elsewhereintheGulf.” searchconsultingfirmCapital
Y
SheikhSabahal-Ahmadal- AY Suchsecretivecontactsbe- Economicswroteinanote.
Z
Jaber al-Sabah, who died on AL- tween Arab states and Israel Because Kuwait is seen as
Tuesday,wasaveterandiplo- SSER haveproliferated,butonlyre- themostpro-Palestinianofthe
matwhoremainedasteadfast A cently began evolving into ArabGulfcountries,adealwith
Y
supporter of the Palestinians SheikhSabahal-Ahmadal-Jaberal-Sabah,center,visitingparliamentin2019.OnTuesday,the normalization. Israel could help cement the
evenasArabbackingfortheir legislatureendorsedCrownPrinceSheikhNawafal-Ahmadal-Jaberal-Sabah,left,asthenewruler. Whileneighborsmightpoke Jewishstate’sacceptanceinthe
visionofanindependentstate and push Kuwait to see what region,butitsdomesticpolitics
waned. The recent U.S.-bro- be the next country to forge as pro-Palestinian popular Kuwait to follow their lead theycancomeupwith,“we’re anddiminishedstatusrelative
kerednormalizationoftiesbe- formal relations with Israel. opinionthatisamplifiedbya more, especially on regional notacountrythatshiftsover- totheU.A.E.andSaudiArabia
tween Israel and two Arab ButaweeklaterattheUnited local media and parliament issues where Sheikh Sabah night,”saidBaderal-Saif,as- makeKuwaitlessofapriority
Gulf states—the United Arab Nations,Kuwait’sprimeminis- that are both among the re- soughttoplaythemiddle.But sistantprofessorofhistoryat fortheJewishstate,saidYoel
Emirates and Bahrain—has terreiteratedthecountry’sin- gion’smostpowerful. he said the new emir was Kuwait University. Given Guzanksy, former head of the
heapedpressureonothers,in- sistence that peace with the OnTuesday,Kuwait’sparlia- heavilyinvolvedinhisprede- strongpublicopinionagainst Gulf desk on Israel’s national
cludingKuwait,tofollowsuit. Palestinians precede normal- ment endorsed Crown Prince cessor’sdecisionsanddoesn’t normalization,headded,“No securitycouncilandnowatthe
After an Oval Office meet- izationwiththeArabworld. SheikhNawafal-Ahmadal-Jaber advocateunilateralnormaliza- incomingrulerwillshoothim- InstituteforNationalSecurity
ingthismonthwithSheikhSa- Unlike most of its neigh- al-Sabah as the new ruler and tionwithIsrael. selfinthefootbydoingthis.” StudiesinTelAviv.
bah’seldestson,aformerde- bors, Kuwait must balance announceda40-daymourning Thenewemirwillsoonbe- After re-establishing the “I don’t see it coming,” he
fense minister who is a pressurefromtheU.S.,itstop periodforhispredecessor. gin deliberations with other line of succession, Sheikh said. “It’s going to be suicide
leading contender to become securityguarantor,againstthe AseniorKuwaitiroyalsaid leadingmembersoftheruling Nawaf’s agenda will likely be internally.”
the next crown prince, Presi- peaceable ties it maintains he expects Saudi Arabia and familytoselectseniorofficials, toppedbyparliamentaryelec- —FeliciaSchwartz
dentTrumpsaidKuwaitwould withneighboringIranaswell the U.A.E. to try to pressure includinganewcrownprince— tionsslatedfortheendofthe contributedtothisarticle.
Longtime Ruler Guided Gulf State Into Modern Age With Steady Hand
BYSTEPHENKALIN had traveled to the U.S. for Prime Minister Sheikh Nasser led invasions of Afghanistan withneighborsevenwhenthey SheikhSabahmediatednu-
medicalcarefollowingcompli- al-Mohammed,whois79. and Iraq and later for air- wereatoddswitheachotheror merous regional disputes.
KuwaitirulerSheikhSabah cations from bladder surgery Asforeignministerforfour strikes against Islamic State theU.S.SheikhSabahcultivated Mostrecently,hesoughttore-
al-Ahmadal-Jaberal-Sabah,a in July. State news agency decades and then ruler since militants.Mostrecently,addi- anauraofneutralitytoposition solveaflare-up pittingSaudi
veteran diplomat who posi- KUNAreportedhisdeath. 2006,SheikhSabahisthefig- tional U.S. soldiers deployed Kuwaitasareliableintermedi- Arabia,theUnitedArabEmir-
tioned the small Arab Gulf Heissucceededbyhishalf- uremostassociatedwithmod- therefollowingthestrikethat aryinsomeoftheregion’smost atesandBahrainagainstQatar
brother Crown Prince Sheikh ernKuwait,whichgainedinde- killedIraniancommanderQas- intractableconflicts. thathastornasunderthesix-
OBITUARY
Nawafal-Ahmadal-Jaberal-Sa- pendencefromBritainin1961. semSoleimaniinJanuary. “Sabah al-Ahmad showed nationGulfCooperationCoun-
SHEIKH SABAH AL-AHMAD
bah,whois83andalsoinpoor Hehelpedrebuildrelationswith Former U.S. Secretary of that he was able to steer a cilhehelpedcreatein1981.
AL-JABER AL-SABAH
health. Sheikh Nawafisn’t ex- neighbors after Saddam Hus- State JamesA.Baker,whoin- middlegroundandavoidget- At home, Sheikh Sabah
1929-2020
pected to make dramatic sein’sinvasionsenttheKuwaiti teractedcloselywithhisKuwaiti tingsuckedintoregionalcon- drew criticism from interna-
changestoKuwaitipolicies,but royalfamilyintoflight,before counterpartduringthe1991Gulf flicts by taking sides,” said tional human-rights groups
stateasaregionalpeacemaker the battle to succeed him as theU.S.ralliedtheinternational War, called him a wise leader Kristian Coates Ulrichsen, over restrictions on freedom
andforgedaU.S.alliancethat crownprincecouldprovedivi- communitytoousttheIraqis. and effective mediator for re- MiddleEastfellowatRiceUni- ofexpressionandassembly.
deepened after the country siveanddrawnout.Amongthe The American military gionalpeaceandstability. versity’s Baker Institute for “Sabahal-Ahmad…[tried]to
was invaded by Iraq in 1990, leading candidates are Sheikh stayed on, placing Kuwait Nestledbetweenlargerpow- PublicPolicy.Theemir’sdeath ensurethatdisputeswereset-
hasdied.Hewas91yearsold. Sabah’s son, former Defense squarely under its security ers—Saudi Arabia, Iran and robs the region of an elder tledbymediationratherthan
SheikhSabah,whosuffered Minister Sheikh Nasser al-Sa- umbrellaandusingbasesthere Iraq—Kuwait has managed to statesmanandWashingtonof throughforce,”Mr.Ulrichsen
a debilitating stroke in 2019, bah,72;andhisnephew,former aslaunchingpadsfortheU.S.- stay on relatively good terms atrustedpartner,headded. said.
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****
WORLD NEWS WORLD WATCH
CANADA Eastasthetwolongtimerivals
competeforregionalsupremacy.
Covid-19 Cases Spike,
Saudisecurityforcesarrested
Prompting New Rules 10peopleonSept.23,including
threethekingdomsaidhadre-
Canadaisseeingasharprise ceivedmilitarytrainingandin-
incasesofCovid-19,alarming structioninmakingbombsin
healthofficialsandtriggeringa 2017atsitesinIranbelongingto
secondroundoflockdownsand theGuards,theSaudinational
strictdistancingrecommendations. securityagencysaidlateMon-
Averagedailycasecountshave day.Itdidn’tidentifythesus-
nearlyreachedthepeaklevelsset pects,citingcontinuingprobes.
inApril,accordingtothecountry’s Theagency,knownasthe
chiefpublic-healthofficer.Con- StateSecurityPresidency,saidit
RS firmedcasesforthepastseven hadseizednineimprovisedex-
UTE days—9,636endedSept.28—rose plosivedevicesandmorethan5
RI/RE 29%fromthepreviousseven-day kilogramsofgunpowder,along
AL-FETO pJoehrinosd,HaocpcokrindsinUgntiovedrastitay.frTohmatis wtroitnhicfsusuesse,dchinemboicmalbsmanadkienlge.c-
N roughlytriplethetallyfromthe PhotographspublishedinSaudi
A
MR lastsevendaysinAugust. mediashowedacacheofarms
MO Nearlyallofthegrowthin andmilitaryuniformsthatwere
SA confirmedinfectionsisinthe confiscatedatahouseanda
E
TheU.A.E.issuspectedofarmingaLibyanmilitiacommandedbywarlordKhalifaHaftar.MembersofthemilitiarestnearSirte. twobiggestprovinces,Ontario farmbeingusedasstoragesites.
U.A.E. Evaded Arms Ban, U.N. Says andQuebec,whichaccountfor Irandidn’tcommentonthe
nearlytwo-thirdsofthepopula- arrests.
tion,but80%ofcases.Overall, —StephenKalin
though,Canada’scasecounthas
beenmuchlowerthanthoseof BELARUS
BYJAREDMALSIN teeth to the embargo, this lutiontotheconflict.TheEmir- theU.S.andEurope.
U.K.,CanadaImpose
monthstoppedavesselloaded ates has in recent years sent signing an agreement to up- Therisecanbepartlyattri-
The United Arab Emir- withjetfuelthatEUofficials armeddrones,air-defensesys- holdtheU.N.armsembargoon butedtotransmissionatprivate SanctionsonPresident
ates ramped up deliveries allegewasmeantformilitary tems,laser-guidedbombsand Libya,buttheflowofweapons socialgatherings,healthofficials
ofmilitarysuppliestoLibyan use in an area controlled by attack helicopters to Mr. Haf- tothecountryhassinceesca- say.Otherfactorsincludechildren TheU.K.andCanadaimposed
warlord Khalifa Haftar this Mr.Haftar. tar’sforces,accordingtoprevi- lated. returningtoschool,workplaces sanctionsonBelarusPresident
year,accordingtoaconfiden- TheweaponsfromtheU.A.E. ouslypublishedU.N.reports. The influx of military sup- reopening,andcoolerweather AlexanderLukashenkoandse-
tial United Nations report, havecontributedtoamassive “The U.A.E. have been the pliesfromtheU.A.E.peakedin thatisdrivingpeopleindoors,in- niorfiguresinhisgovernment,a
flouting an arms embargo as arms buildup in Libya. The leadingspoilerinLibyasince late 2019 and early 2020 as fectious-diseaseexpertssay. signofwideningdiscontentin
theGulfstatetriedtosalvage backingforMr.Haftarina14- 2015,”saidWolframLacher,a Mr. Haftar’s campaign sput- QuebecmovedMondaytore- theWestoverrepressionof
theleader’smilitarycampaign month assault on the central LibyaexpertattheGermanIn- tered against the U.N.-recog- imposerestrictions.Itbanned peacefulprotestsagainsthis
andchecktheinfluenceofre- governmentinTripolihasput stitute for International and nizedgovernment.Asthetide barsandrestaurantsfromoffer- purportedvictoryinadisputed
gionalrivalTurkey. the Emiratis on the opposite Security Studies, a Berlin turned against him, the Gulf ingoutdoorandindoorservicefor election.
TheU.A.E.’smilitaryflights sideoftheU.S.Washington,like thinktank. nation dispatched about 150 a28-dayperiodinMontrealand BritishForeignSecretary
surgedasMr.Haftarfoughtto theU.N.,recognizesauthorities militaryflightsprimarilyusing theprovincialcapital,QuebecCity, DominicRaabaccusedMr.Lu-
prevent the collapse of his inTripoliasLibya’slegitimate massive Russian-made cargo startingOct.1.Ithasorderedli- kashenkoandhisalliesofmulti-
yearlongattackonLibya’sin- government,althoughPresident Thereportsaysthe planes to eastern Libya and braries,museumsandmoviethe- plehuman-rightsviolationsin
ternationallyrecognizedgov- Trump praised Mr. Haftar in westernEgyptbetweenJanu- aterstocloseforthatperiod. detainingandallegedlytorturing
Gulfstateramped
ernmentinTripoli,according 2019,leavingU.S.policyonthe aryandApril,accordingtothe Ontario,Canada’smostpopu- protestersfollowingtheAug.9
to a diplomat with access to conflict muddled for several updeliveriestoa U.N.report,whichwassubmit- lousprovince,hasresistedim- election,whichMr.Lukashenko’s
an unpublished report pre- months. tedtotheU.N.SecurityCoun- posingwidespreadrestrictions, opponentsandWesterngovern-
Libyanwarlord.
pared by a U.N. expert panel The Emirates’ airlift of cilinlateAugust. insteadrelyingonpeople’svol- mentssaywasriggedinhisfa-
monitoringthearmsembargo. weaponsandothersuppliesto Many of the flights untarycooperationwithdistanc- vortoextendhismorethana
BetweenJanuaryandApril, Mr.Haftarhasalsomadethe landedatEgypt’sSidiBarrani ingandstayinghomewhenill. quarter-centuryinpower.
theU.A.E.airforcedispatched small, wealthy nation one of airbase,neartheLibyanbor- Now,thecityofTorontoiscon- Mr.Lukashenko,hissonand
some 150 flights U.N. experts thepowerbrokersoftheLib- The U.A.E.’s minister of der. From there, vehicles and sideringreducingfurtherseating nationalsecurityadviserViktor
believecarriedammunitionand yanconflictalongsideTurkey stateforforeignaffairs,Anwar aircrafthauledmilitaryhard- capacityinrestaurantsand Lukashenko,andsixothersenior
defense systems. Dozens of andRussia.Turkeyhasinter- Gargash, declined to discuss wareintoLibya,accordingto othermeasurestargetingsocial officialswerebannedfromen-
flights continued from the vened in the conflict in sup- the specifics of the country’s the U.N. report, which cites interaction. teringtheU.K.,andBritish-based
Emiratesoverthesummerus- port of the Tripoli govern- arms shipments to Libya and aerialimagesofthebaseand —PaulVieira financialinstitutionswereor-
inganAmerican-madeC-17mil- ment,hopingtooutflankrivals saidtheEmirateswasfighting flightrecords. deredtofreezeanyoftheiras-
itary transport plane even af- like Russia and the Emirates terrorist groups in Libya Mr.Haftar’soffensiveended SAUDIARABIA setstheymayhold.
ter Mr. Haftar’s offensive and claim commercial inter- alongsideallies. in failure in June when pro- Canadaissuedtravelbans
Terror Cell Destroyed,
unraveled,thediplomatsaid. estssuchasnatural-gasrights “In Libya, we don’t work governmentforces,backedby andimposedassetfreezeson11
TheU.A.E.hasalsobeenac- intheMediterranean. alone,” he said. “We work in Turkey,droveMr.Haftar’smi- Government Says people,includingMr.Lukashenko
cused of using ships to ferry Arms supplies from the tandem with the Egyptians, litiasawayfromthecapital. andhisson.
jet fuel to Libya for military Emirateshavebeenessentialto with the French, with other An Egyptian government SaudiArabiasaiditdisman- Mr.Lukashenko’sofficeand
purposes in violation of the Mr. Haftar’s military takeover countries.” spokesman didn’t respond to tledaterroristcellwithtiesto Belarus’sInteriorMinistrydidn’t
Libyanarmsembargo.TheEu- of the eastern half of Libya, In January, U.A.E. Crown requests for comment on the Iran’sIslamicRevolutionaryGuard respondtoarequestforcom-
ropeanUnion,whichthisyear wherehecontinuestoresistat- Prince MohammedBinZayed helicoptersandarmstransfers Corps,thelatestindicationof ment.
launchednavalpatrolstogive temptstobrokerapoliticalso- joinedotherworldleadersin toLibya. heightenedtensionsintheMiddle —JasonDouglas
FROM PAGE ONE
NextEra
Seeks Deal
With Duke
ContinuedfromPageOne
$139billionafteritsstockrose
22%sofarthisyear,JunoBeach,
Fla.-basedNextEraisthelargest
publicutilitycompanyintheU.S.RESS
ItownsFloridaPower&LightAP
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Co., which has more than fiveU
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millioncustomersinFloridaandS/
is the biggest rate-regulatedTIME
electricutilityintheU.S.byre-AY
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tailelectricityproduced,accord-A
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ingtothecompany’swebsite.ItA
alsoownsGulfPowerCo.,whichD/T
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northwestFlorida. SR.
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UtilityinvestorsseeFloridaasGL
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a particularly desirable marketDO
giventheconstantneedforair Dukeprovideselectricityto7.7millioncustomers.AFloridastation.
conditioningandgrowingpopu-
lation. Itwentfrombeingthe30th companieshaverecentlyflirted
NextEraownsaclean-energy largest U.S. power company in withdealmaking,sometimesat
businessthat,alongwithaffili- 2001tothelargesttoday.Butit thebehestofactivistinvestors.
ates,istheworld’slargestgener- hasfacedchallengesintryingto EvergyInc.,an$11billionelectric
atorofrenewablewindandsolar expand, including regulatory utilitybasedinKansasCity,Mo.,
energy. It also operates emis- pushbackandthephasingoutof was urged by Elliott Manage- The time of Pharaohs
sions-freeelectricityfromplants certaintaxcredits.Texasregula- mentCorp.toconsidersellingit-
inFlorida,NewHampshire,Iowa tors rejected its bid in 2017 to self.Evergyundertookastrate-
Egyptian sarcophagus Mask
andWisconsin. buy a large transmission com- gicreviewbutdidn’tultimately
Duke provides electricity to panyandHawaiiregulatorsre- pursueasale.Itschiefexecutive
about7.7millionretailcustomers jecteditsbidforthestate’slarg- officerannouncedplanstoretire
Egyptianrelic.Importantritual.Ancient
insixstates,includingtheCaroli- estutilityin2016. inAugust.
nas,someMidwesternstatesand Duke,runbyLynnGood,was CenterPoint Energy Inc., artistry. Originally part of a sarcophagus
Florida,accordingtoitswebsite, foundedin1904.Itgrewthrough where Elliott has also been in- that protected a mummy, this mask hails
and distributes natural gas to a series of deals, including a volved,inMayformedastrate-
fromthe26thDynastyoftheLateKingdom
morethan1.6millioncustomers roughly$5billiondeal,excluding gicreviewcommitteethatplans
of Egypt. It is carved from a single piece
inOhio,Kentucky,Tennesseeand debt, to buy Piedmont Natural tomakerecommendationstothe
theCarolinas.Ithasacommer- GasCo.thatclosedin2016. boardbyOctober.Thecompany of cedar and remarkably still bears the
cialbusinesswithpower-genera- Since the coronavirus pan- hassaiditwillupdateinvestors originalpaintthatrepresentsthekah,orthe
tionassetsinNorthAmericain- demicstrucktheU.S.inMarch, byearlynextyear. immortalspiritdouble,ofthedeceased.A
cludingarenewablesportfolio. utility companies have been Merger and acquisition vol-
veryimportantaspectofancientEgyptian
NextEra has been an active dealingwithasurgeinretailen- umesaredown22%globallyand
burials,suchmasksareextremelyrareon
acquirerofsmallerassetsinre- ergy use as big chunks of the 43%intheU.S.comparedwith
cent years and has also eyed population work from home, lastyear,inlargepartbecause themarket.111/2”wx121/2”h.#29-6005
largerdeals,benefitingfromits along with a decrease in com- executives shifted focus from
bulkandastockpricethathas mercialdemand. deal making to respond to the
outperformedthoseofitspeers. Duke,forexample,saidinits impactofthecoronaviruspan-
ItannouncedadealTuesdayto secondquarterthatcommercial demic.
buyanindependenttransmission andindustrialcustomerelectric- Recently,however,themerger
company for $660 million, in- ityvolumesfell13%and15%,re- andacquisitionmarkethasbe-
cludingdebt. spectively, though most of its guntoshowsignsoflifeascom-
NextEra,runbyJamesRobo, largerbusinessclientshavere- paniesbegintoregaintheirfoot-
becamearenewable-energygi- sumed operations. While retail ing and look to establish 622RoyalStreet,NewOrleans,LA • 877-677-2801 • [email protected] • msrau.com
antusingtaxsubsidiestohelpfi- typically offers higher profit strategicplansforthepost-pan-
nance wind and solar projects margins,itisn’tclearhowlong demicera. Since1912,M.S.Rauhasspecializedintheworld’sfinestart,antiquesandjewelry.
aroundthecountryandavoiding largeportionsofthepopulation The biggest deal announced Backedbyourunprecedented125%Guarantee,westandbehindeachandeverypiece.
debt.Itsellstheoutputtoutili- willcontinueitsoutsizeuseas sofarthisyearisNvidiaCorp.’s
ties, many of which must pro- workersareexpectedtogradu- $40 billion acquisition of Soft-
curepowerfromgreensources allyreturntotheiroffices. Bank Group Corp.-owned chip
tomeetstatemandates. A handful of other utility designerArmLtd.
A10|Wednesday,September30,2020 THEWALLSTREETJOURNAL. THEWALLSTREETJOURNAL. Wednesday,September30,2020|A11