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The Wall Street Journal - Vol. 277 No. 075 (01 Apr 2021)
The Wall Street Journal - Vol. 277 No. 075 (01 Apr 2021)
AND DANA CIMILLUCA The Tokyo-based company have been getting could also
The Covid-19 vaccine from
Pfizer and BioNTech safely had been planning an initial The Covid-19 vaccine from be made available to children.
Micron Technology Inc. and public offering before shelving Pfizer Inc. and BioNTech SE Like other authorized vac-
protects children between the
Western Digital Corp. are each it in late September, citing the safely protects children be- cines, the Pfizer-BioNTech shot
ages of 12 and 15, the firms
exploring a potential deal for coronavirus pandemic and tween the ages of 12 and 15, the hasn’t yet been cleared for use
said, results likely to lead to
Kioxia Holdings Corp. that market volatility. companies said, results likely to in adolescents under 16.
inoculations within that age
could value the Japanese semi- An IPO later this year is lead to inoculations within that Health experts said children
group before this summer. A1
J&J said one batch of its conductor company at about still a possibility should the age group before this summer. will need to be vaccinated for
Covid-19 vaccine didn’t meet $30 billion, according to peo- company fail to reach agree- The vaccine was 100% effec- a population to move past pan-
quality standards at a con- ple familiar with the matter, as ment on a deal with one of the tive in protecting against demic restrictions, like mask-
tract manufacturer and the a global scramble for memory suitors, the people said. symptomatic disease in a study ing and physical distancing.
doses weren’t distributed. A6 chips used in smartphones and Kioxia is considered a of more than 2,200 children, Given the Pfizer-BioNTech
other devices heats up. crown-jewel asset in Japan, the companies said Wednes- results, adolescents in the U.S.,
Derek Chauvin defended A deal for Kioxia, controlled and—given the additional po- day. Researchers also didn’t at least, could start getting
his actions to a bystander af- by private-equity firm Bain litical sensitivities of transfer- French President Emmanuel find any safety concerns. Please turn to page A6
ter holding George Floyd to Capital, isn’t guaranteed, and ring ownership of key technol- Macron announced a na- The findings, though ex-
the ground with his knee for it isn’t clear how one might be ogy like that in chips—any tional lockdown Wednesday pected, were much anticipated J&J says a batch of its
about nine minutes, accord- structured. Should a deal transaction would require the as Covid-19 cases soar. A7 by parents, health authorities vaccine was ruined..................A6
ing to video played at the come together, it could be fi- blessing of the government and school officials. They have U.S. cases rising despite pickup
former police officer’s trial. A3 nalized later this spring, some Please turn to page A4 been waiting for signs on in pace of vaccinations...........A6
Russia has begun mobi-
No Fooling:
lizing troops along its border
with Ukraine, presenting a
fresh challenge to the U.S. Huawei Ban Puts
and threatening to upend a
Exclusive
cease-fire between Ukraine
and pro-Russia fighters. A16
College Is Fake
Competitor in a Bind Cybersecurity
The White House decided
not to renew a ban on H-1B
and other work-based visas
that were imposed last year in
i i
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
H
2.0%
to remake the and education and training Mr. Biden aims to reduce e could accomplish
American has declined steadily since net carbon emissions to zero more at far less cost
economy the 1960s, to between 1% and in power generation by 2035 through a carbon price
comes in two stages. Stage 2% of GDP recently. Mr. Biden 1.5 and the rest of the economy that lets the market find the
one, the $1.9 trillion American aims to reverse that, boosting by 2050. This will require cheapest way to cut emis-
Rescue Plan, is intended to federal investment by 1% of swapping out an energy and sions. Or he could lighten reg-
jolt the economy back to life GDP over eight years. 1.0 transportation mix largely re- ulation, as he did by fast-
with a huge dollop of old- A quarter of the money is Education liant on fossil fuels for one tracking offshore wind
and training
fashioned Keynesian demand- aimed at the roads, bridges, reliant on renewables and projects or plans to do so
side stimulus. Mr. Biden public transit and other physi- perhaps nuclear power. with a clean-energy standard.
should be pleased with the cal infrastructure that has tra- 0.5 The price tag is staggering: Mr. Biden has big ambitions
results: as checks have landed ditionally generated some of R&D Net-Zero America, a Princeton to bolster human capital such
in bank accounts, growth has the highest returns of any fed- University project, estimates as with free community col-
begun to surge. eral investment. Every dollar Physical this could require at least lege tuition and universal pre-
0 capital
Stage two is more supply- spent on the interstate high- 1965 ’70 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20
$2.5 trillion in capital by 2030 K; both of those were largely
sided: He aims to raise the way system in the 1950s and over and above what the ex- absent from this week’s plan.
economy’s productive poten- 1960s generated around $2.50 Note: 2020 estimate isting system would require. He does propose $400 billion
tial by investing in physical worth of economic output, ac- Source: Office of Management and Budget That money must come for care for the elderly and
and human capital. Stage two cording to Daniel Leff Yaffe, a overwhelmingly from private disabled, which doesn’t really
matters more because its con- Ph.D. graduate of the Univer- likely to generate fewer pro- need of repair and to focus on producers and consumers of meet any conventional defini-
sequences will be more en- sity of California, San Diego. ductivity gains.” building on time and on bud- energy. But because renew- tion of investment.
during. The efficacy of public in- get. But competing priorities ables are not broadly compet- Finally, the net benefits of
M
It is also much harder to r. Biden, however, vestment is often undermined could work against this: He itive with fossil fuels, the fed- Mr. Biden’s plan depend not
pull off. That’s because long- confronts diminishing by how it is allocated. Rural wants the materials made in eral government needs to just on how he spends, but
run growth depends not just returns: Contrary to highways get more funding the U.S. and the construction nudge the transition along. how he finances it. His pro-
on the quantity of investment popular belief, the U.S. trans- than urban ones despite being done by unionized labor. Research and development posed increase in corporate
but how it’s targeted. portation infrastructure, one in better condition, according More broadly, a lot of Mr. are an effective target of pub- taxes could depress private
Mr. Biden’s $2.3 trillion in- study found, is not crumbling, to the Congressional Budget Biden’s plan aims not just to lic investment. Mr. Biden pro- investment. True, former
frastructure plan has goals and new infrastructure is un- Office. It took so many years build up economic capacity poses to spend $180 billion President Donald Trump’s cut
beyond simply raising gross likely to get as much use as for President Barack Obama’s but to create jobs for, and re- on R&D, much of it on zero- in the corporate tax rate
domestic product: narrowing what already exists. Interstate stimulus to translate into con- dress disparities afflicting, carbon-emissions energy or didn’t seem to deliver much
racial, urban-rural and eco- highways, with 1% of the na- struction that it didn’t deliver disadvantaged communities, carbon capture and storage. of a supply-side boost to in-
nomic disparities, boosting tion’s road mileage, account a short-term boost to employ- whether in the location of But Mr. Biden plans to vestment.
union membership and com- for 25% of distance traveled, ment, according to a study by clean energy demonstration spend even more on tax cred- It’s a useful reminder that
bating climate change. Not to Mr. Leff Yaffe writes in his Valerie Ramey, an economist projects or the rehabilitation its and subsidies, such as to no matter how good in theory
mention the challenge of get- dissertation. “A second inter- at UCSD. of housing. buy electric vehicles or make a president’s plan looks for
ting any legislation through state, or any other highway Mr. Biden plans to target Other investments don’t buildings more energy effi- growth, it’s more complicated
Congress. built today in the U.S., is the roads and bridges most in add to GDP but improve the cient. Those are among the in practice.
Bridges,
highway
$400 $286
Affordable housing
$213
National
Science
$280
Workforce
development
BY RICHARD RUBIN gets passed on to workers ei- $174 roads Foundation $48
ther through lower wages or $115 $50
President Biden is calling for higher prices.
Worker Climate Innovation
corporate tax increases over 15 Those workers and share- rehab technology and job creation
years to pay for his infrastruc- holders include some people programs $35 $30
ture plan. Here are the basics making under $400,000, the $40
of the revenue-raising side of threshold below which Mr. Bi-
the plan, which reverses many den has promised no tax in- Research
Remove infra-
of the changes from the 2017 creases; Biden aides said dur- lead pipes
Public transit Disaster structure
tax law written and passed by ing the campaign that that $45 $40
$85 safe-
Republicans. pledge applies to direct tax in- guarding
How big is the tax in- creases. $50 Domestic Monitoring Clean Education
crease? What does the plan mean High-speed Improve power grid Upgrade and $137 billion
manufac- industrial energy broadband $100 build public
Not counting the Biden for U.S. companies operating turing capacity $46 $100 schools
plan, corporate taxes are pro- abroad? Airports $52 $50
Passenger $25 $100
jected to be 1.3% of gross do- The 2017 law created a mini-
and freight Small business
mestic product over the next mum tax on foreign profits of trains Semi-
$31 Improve water
decade, according to the Con- U.S. companies. Those paying $80 conductors
system safety Expanding
gressional Budget Office. This nothing abroad pay a 10.5% $50 Pandemic pre-
$66 child care access
plan would add 0.5 percentage minimum tax to the U.S. The paredness $30 $25 billion
point of GDP, according to the Biden proposal would raise
administration. that 10.5% minimum to 21%, Note: Totals are preliminary estimates Manufacturing Utilities
What happens to the cor- though that would still be Source: The White House $300 billion $266 billion
porate tax rate? lower than the 28% rate on do-
It would go up to 28% from
21%. That’s still lower than the
35% that existed before the
mestic profits.
Mr. Biden would also require
companies to calculate that tax
President ture, $400 billion to help care
for the aging and those with
disabilities, $300 billion to
finance it. Republicans are es-
pecially unlikely to agree to re-
verse the 2017 tax law that
speech in Pittsburgh, Mr. Biden
said he plans to invite Republi-
cans to the Oval Office to dis-
2017 law, but it would put the
U.S. back toward the top of the
pack among major economies.
on a country-by-country basis.
And it would change a provi-
sion that lets companies ex-
Sets Public boost the manufacturing in-
dustry, $213 billion on retrofit-
ting and building affordable
they supported enthusiastically.
Sen. Mitch McConnell of
Kentucky, the chamber’s GOP
cuss the proposal.
“If it’s a Trojan horse for a
massive tax increase, put me
Why does the corporate
tax matter?
Higher tax rates reduce the
clude 10% of their tangible for-
eign assets from the calculation
of the base of the minimum
Works Plan housing, and $100 billion to
expand broadband access.
The plan calls for modern-
leader, said Mr. Biden called
him Tuesday to discuss the
plan, which Mr. McConnell said
down as highly skeptical,” Mr.
McConnell said Wednesday at
an event in Kentucky.
return on investment, so busi- tax. That provision, Democrats izing 20,000 miles of roadway; appeared to be only nominally —Andrew Duehren
ness groups say companies argue, provides an incentive to Continued from Page One building 500,000 electric-vehi- about infrastructure. In his contributed to this article.
might be less likely to build put factories abroad, but there months. A second plan focused cle charging stations; replac-
factories or make other invest- is little evidence that compa- on child care, healthcare and ing the country’s existing lead
ments in the U.S. Some projects
that make sense at a 21% tax
nies have actually made deci-
sions based on that provision.
education is slated to be re-
leased in April. Combined, Mr.
pipes and service lines; repair-
ing aging schools; expanding
CORRECTIONS AMPLIFICATIONS
rate won’t make sense at a 28% What is the rationale for Biden’s economic proposals home care for the elderly and
rate. the tax changes on interna- are expected to cost between disabled; and investing billions The name of United Euro- A photo of Fort Lauderdale
Did the 2017 corporate tax tional income? $3 trillion and $4 trillion over of dollars in domestic semi- pean Car Carriers AS was in- from MediaPunch/Associated
cut encourage investment and Democrats argue that the a decade, according to people conductor manufacturing. Mr. correctly given as Norwegian Press accompanied a March 20
boost the U.S. economy? existing system gives compa- involved in the discussions. Biden also proposes mandat- Car Carriers AS in a Page One Review essay by Florida Gov.
The evidence is mixed. Many nies an incentive to shift jobs Mr. Biden’s infrastructure ing that more of the nation’s article Wednesday about the Ron DeSantis. A correction
companies used the proceeds and operations abroad. Compa- proposal faces hurdles, includ- electricity be generated from Suez Canal. published Friday incorrectly
to buy back stock and boost re- nies—particularly those pro- ing GOP opposition to signifi- low-carbon sources. said the photo was from Miami
turns to investors. There was ducing heavy equipment or cant tax increases, disagree- The rollout of the proposal Illumina Inc. said its deal Beach, and it incorrectly said
also a modest boost in business consumer goods—say they gen- ments among Democrats about will kick off months of negoti- to acquire Grail Inc. wouldn’t the photo credit was Cover Im-
investment after the law erally have foreign operations how to pay for the package ations between the White reduce the number of competi- ages/Associated Press.
passed. Republicans credit the to serve foreign markets. and progressives’ concerns House and Capitol Hill, as well tors in the marketplace. In
tax cuts and other Trump-era The minimum tax was de- that it isn’t ambitious enough. as a wave of lobbying by busi- some editions Wednesday, a Notice to readers
policies for the decline in un- signed to be hiah enough to The plan would cost about ness and industry groups. Page One article about the Wall Street Journal staff
employment and increase in limit the benefits of booking $2.3 trillion over eight years White House officials acknowl- Federal Trade Commission’s members are working remotely
wages that happened before profits abroad, but low enough and be paid for over 15 years by edged that the shape of the lawsuit to block the acquisi- during the pandemic. For the
the coronavirus pandemic. so that U.S. companies didn’t raising the corporate tax rate package could change as law- tion incorrectly implied that foreseeable future, please send
Who pays the corporate face too large a burden in com- and increasing taxes on compa- makers—eager to put their Illumina said the FTC’s suit reader comments only by email
tax? peting against foreign-head- nies’ foreign earnings. The tax stamp on it and score victories wouldn’t reduce the number of or phone, using the contacts
That’s hotly debated among quartered companies that changes would revamp or re- for constituents—offer up competitors. below, not via U.S. Mail.
economists. Many, including don’t have similar taxes in place much of the international their own proposals. Mr. Bi-
those at the congressional their home countries. Compa- tax structure congressional Re- den’s advisers hope Congress Readers can alert The Wall Street Journal to any errors in news articles by
Joint Committee on Taxation, nies and Republicans have publicans established four years will pass it this summer. emailing [email protected] or by calling 888-410-2667.
say most of the burden falls on warned that higher taxes on ago in the law signed by then- Republicans and Democrats
the owners of capital, such as U.S.-based companies could President Donald Trump. have struggled in recent years
corporate shareholders. That make them takeover targets for Mr. Biden’s proposal in- to pass major infrastructure THE WALL STREET JOURNAL
can get reflected in stock foreign-led firms that wouldn’t cludes $621 billion to modern- legislation, disagreeing over (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
prices. Some of the burden face those taxes. ize transportation infrastruc- how much to spend and how to
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Mr. Biden’s plan, released build its own chip-making capac- Works, another conservative —Alex Leary
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U.S. NEWS
The devices will be based and automotive manufacturing. The new deal with the U.S. hattan District Attorney Cyrus
on Microsoft’s HoloLens head- The Army sees AR headsets Army comes after Microsoft in Vance Jr. said Wednesday.
set that made its debut in as a potential way to make 2018 won a $480 million con- Video of the incident showed
2016, the company said in a sure troops are more aware of tract to supply it with 100,000 a security guard watching the
blog post Wednesday. More dangers around them, keeping modified HoloLens headsets. attack from the lobby of a lux-
than 120,000 units of the cus- them safer. The custom-designed devices ury apartment building without
tom gear will be delivered Microsoft has a long history will help soldiers make in- intervening. The guard has
over a 10-year period and sup- Soldiers wearing augmented-reality headsets during training at Fort supplying tools to the U.S. mil- formed decisions as they con- been suspended from his job
ported by Microsoft’s Azure Pickett, Va. Microsoft will build custom AR headsets for the Army. itary. In 2019, the company front current and future ad- pending an investigation.
cloud-computing service. The won a landmark cloud-com- versaries, the Army said. For NYPD officials said detectives
headsets will run on Microsoft training opportunities. more widely available, adding puting contract with the Pen- example, the headsets will fea- learned of Mr. Elliot’s identity
software and help keep Amer- The military has long relied to a push to find a new tech- tagon worth up to $10 billion ture night vision capabilities from anonymous tips the NYPD
ica’s soldiers safer as well as on vision-enhancing tools like nology edge. over the next decade, beating and allow soldiers to measure received after he was recog-
make them more effective, the night-vision goggles to improve The U.S. Army called Micro- out Amazon.com Inc., which the distance between their nized in a video circulated on
company said, in part by en- combat effectiveness. But that soft an “industry leader in de- had been widely seen as the current location and their social media by police.
hancing their situational advantage has been reduced as veloping innovative technol- front-runner. team members in the dark, ac- —Katie Honan
awareness and providing such equipment has become ogy.” Also that year the U.S. gov- cording to Microsoft. contributed to this article.
coming into the country. The them to give priority to green Collegiate Athletic Association
Trump administration had im- cards over work visas. could lawfully prohibit schools
posed it in June, saying it was “Visa processing won’t pick from competing for athletes by
necessary to safeguard jobs for up as quickly as everyone will offering better benefits.
American workers as the econ- want,” said Sharvari Dalal- Justice Brett Kavanaugh, one
omy sputtered and unemploy- Dheini, director of government of several big sports fans on the
ment soared because of lock- relations at the American Im- court, said the antitrust laws
downs designed to contain the migration Lawyers Association. shouldn’t work in a way that Gonzaga and USC squared off Tuesday in the NCAA Men’s Basketball Tournament in Indianapolis.
coronavirus. On Dec. 31, then- Labor unions, some of Mr. provides “cover for exploitation
President Donald Trump re- Biden’s most ardent allies, have of the student athletes.” fan, noted the discrepancy be- with total market power, fixing limited cash awards for aca-
newed the ban through the in the past taken issue with The NCAA rules, he said, tween the NCAA’s insistence prices.” demic achievement, which un-
end of March. some of the same work-based mean schools are effectively that athletes must be amateurs At issue was the NCAA’s ap- der those rulings could run to
The White House declined visas targeted by the ban. conspiring with one another “to to preserve the integrity of col- peal of lower-court rulings that nearly $6,000.
to comment on the expiration. Immigration hard-liners pay no salaries to the workers lege sports while many coaches found the governing body of NCAA lawyer Seth Waxman
The decision to let the ban who favor the more aggressive who are making the schools bil- are allowed to earn eye-pop- college athletics unlawfully sup- said those court-mandated ad-
expire will benefit a range of policy approach taken by the lions of dollars, on the theory ping salaries. “It just strikes me pressed competition for player ditional benefits, no matter the
companies, from technology to Trump administration criti- that consumers want the as odd,” Justice Thomas said, talent. Those rulings didn’t re- label for them, are “akin to pro-
landscaping, that say there cized the decision to let the schools to pay their workers later wondering aloud whether quire the NCAA to remove all fessional salaries” and would
aren’t American workers who ban expire, saying it would nothing. And that just seems extra compensation for athletes compensation limits but did say erode college athletics.
can fill their specific needs. hamper economic recovery. entirely circular and even would exacerbate disadvantages the association must allow col- “For more than 100 years,
Tech companies left jobs un- “President Biden often por- somewhat disturbing.” for schools with more-moderate leges to recruit athletes by of- the distinct character of college
filled or hired preferred em- trays himself as a man from the Justice Samuel Alito cited a budgets. fering them additional compen- sports has been that it’s played
ployees to work remotely from ‘working class’ who is a tireless litany of arguments critics have Justice Elena Kagan, mean- sation and benefits, as long as by students who are amateurs,
abroad. Seasonal employers, defender of the American made against the NCAA—that while, said the NCAA could only they are tied to education. which is to say that they are not
including landscapers, resort worker, yet his administration college athletes in football and rely on its appeals to its 115- If those decisions are upheld, paid for their play,” Mr. Waxman
owners and summer camps, does the opposite with immi- basketball have to work so hard year-old history for so long, es- it would open the door to told the court. “Maintaining that
use other visa types covered by gration policy,” said RJ Hau- they have no energy for their pecially because today’s college schools offering benefits be- distinct character is both pro-
the ban to employ foreign man, government relations di- classes, are discouraged from sports marketplace is so yond the cost of attendance, competitive because it differen-
workers for their busy seasons, rector at the Federation of taking harder courses and often changed from the past. She of- such as scholarships for gradu- tiates the NCAA’s product from
and families use them to hire American Immigration Reform, don’t graduate. fered a different framing of the ate or vocational school, intern- professional sports and can be
au pairs. a group that favors limiting le- Justice Clarence Thomas, a NCAA’s efforts: “These are com- ships, computer equipment and achieved only through agree-
Even with the ban lifted, im- gal immigration. passionate Nebraska football petitors, all getting together study-abroad programs, and ment.”
.
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U.S. WATCH
CALIFORNIA TREASURY
Four People Killed Yellen Says Panel
In Office Shooting To Address Risks
A shooting at a Southern Cali- Treasury Secretary Janet Yel-
fornia office building on Wednes- len convened a council of regula-
day killed four people, including a tors tasked with monitoring the
child, and injured a fifth person stability of the financial system,
before police shot and wounded homing in on risks that emerged
the suspect, police said. during the market turmoil of a
Shots were being fired as offi- year ago when the coronavirus
cers arrived at a two-story office pandemic hit the U.S. economy.
building on Lincoln Avenue in Or- Ms. Yellen led her first meet-
ange, south of Los Angeles, at ing Wednesday as head of the Fi-
-3.6%
Exxon Mobil Corp. is up 35% blocks, causing a swift decline point in mid-February.
for the year, while Ama- in the share prices of compa- But markets are fickle. And
zon.com Inc. is down 5% and nies such as Viacom and sad- what works one month won’t
Apple Inc. is down 7.9%. dling the late sellers with necessarily be in favor the
So what lessons have inves- painful losses. The return for the ARK next. GameStop has never re-
tors taken away from the past “It’s not just being driven Innovation ETF this year. claimed the high it hit late
three months? Money manag- by the Robinhood traders,” January. And after long-term
ers point to the following: said Liz Ann Sonders, chief in- bond yields jumped in Febru-
When Reddit traders dove vestment strategist at Charles ary and March on bets of a
into shares of companies such Schwab. “There’s a tremen- where it closed out last year. powerful economic recovery,
as GameStop and AMC Enter- dous amount of speculation Blank-check companies—also the fervor for growth stocks
tainment Holdings Inc. in Jan- everywhere, and we don’t known as SPACs, or special- faded, too.
uary and February, many pro- know if there are other whales purpose acquisition compa- The ARK Innovation ETF is
fessional money managers out there [like Archegos] that nies—have cooled lately, but now down around 3.6% for the
wrung their hands. They could cause broader turmoil in only after a stunning stretch year.
warned that individual inves- the financial system.” of gains. Between November “I think clients really
tors were getting ahead of Investors with a skeptical and February, 231 consecutive learned a big lesson about pa-
themselves. Maybe picking view have been trying in vain SPACs went public without tience there,” Ms. Bragar said.
and choosing stocks was best to predict when frothy parts of dropping below their IPO price —Amrith Ramkumar
left to the professionals. the market would start falling on their opening trading day, contributed to this article.
one Chip Maker valuation soar since it backed Toshiba Corp. retained a 40% other major type of memory
away from the IPO. It was ex- stake in the business, which used in devices. A combination
pecting a valuation then of was renamed Kioxia the fol- with Kioxia would expand its
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15M
epidemiologists, and is close to powers during the pandemic. Evers has declared a half-dozen new one. U.S., so it is hard to know pre-
the height of the country’s sec- The 4-3 decision marked a new states of emergency, re- The governor argued that cisely how much spread is due
ond surge in July 2020. defeat for the governor in his peatedly resetting the 60-day the changing conditions of the to variants. In Michigan, how-
Federal officials have for long feud with the Republican- clock. His most recent declara- Covid-19 crisis gave him the ever, variant surveillance is
weeks cautioned about a fourth led legislature and conservative tion in early February came the right to declare new emergen- much better. “We’re seeing the Doses of main ingredient in
surge of infections, saying that activists. same day the legislature passed cies to control the spread of in- B.1.1.7 variant [U.K.] in particu- vaccine affected by lapse
the U.S. is on a path to follow State law authorizes the a joint resolution revoking his fection. —Jacob Gershman lar contribute to the surge in
some other European countries cases in the state,” he said.
that have seen recent spikes. Michael G. Ison, professor of
In interviews with epidemi- has to date largely centered on ers, those in blue-collar jobs, School of Public Health. “Peo- infectious diseases at North- would be able to make enough
ologists and public-health offi- people 65 and older. and people who may be more ple are looking for any reason western University’s Feinberg doses to meet production tar-
cials, common themes emerged. But a review of CDC data socially active. to celebrate,” she said. School of Medicine, said the gets for the U.S. in the coming
Many cited a mixture of in- shows that since last summer The current bump in cases “The folks who are driving three variants are either months.
crease in infections among the weekly incidence of cases could partly be attributed to transmission are not a big spreading in states with in- J&J didn’t disclose the na-
younger people, pandemic fa- has largely been highest among gatherings among younger peo- overlapping Venn diagram with creasing infection rates, such as ture of the quality lapse or how
tigue, the rollback of restric- people aged 18 to 24, followed ple, such as spring break, said the folks who have gotten vac- Minnesota and Michigan, or in many doses were affected.
tions, and the spread of more by people 25 to 34. Those age Angela Clendenin, an assistant cinated to date,” said Sten H. states that are drawing increas- Two people said the batch
contagious variants. groups represent a large pro- professor of epidemiology and Vermund, dean of the Yale ing visitors, including Florida, was contaminated. One of the
The vaccination campaign portion of public-facing work- biostatistics at Texas A&M School of Public Health. Texas and Colorado. people, who said the quality
problem affected approximately
15 million doses of the vaccine’s
Pregnant Women’s Shots Seen Protecting Newborn main ingredient, said it isn’t ex-
pected to affect that many po-
tential finished doses.
J&J has enough main-ingre-
dient supplies elsewhere in its
BY SARAH TOY at the University of Washing- manufacturing pipeline to meet
ton in Seattle, who wasn’t in- the U.S. government’s supply
Pregnant women who get volved in the research. targets, the person said.
the coronavirus vaccine pass As Covid-19 shots have The New Brunswick, N.J.,
their antibodies on to their rolled out, many pregnant company said it shared infor-
newborns, recent studies sug- women have struggled over mation about the issue with the
gest, a promising sign that ba- whether to get immunized U.S. Food and Drug Administra-
bies can acquire from their Pfizer and BioNTech have tion. The FDA is investigating,
mothers some protection begun administering their according to a separate person
against Covid-19. Covid-19 vaccine to pregnant familiar with the matter.
At least three studies have women as part of a clinical Emergent declined to com-
found that women who re- trial studying the vaccine’s ment.
ceived either the Pfizer Inc.- safety and efficacy in expectant J&J’s vaccine was the third
BioNTech SE vaccine or the mothers. The companies are to be authorized for use against
Moderna Inc. shots during now enrolling around 4,000 Covid-19, after shots from
pregnancy had coronavirus pregnant women into the trial, Pfizer Inc. and its partner BioN-
antibodies in their umbilical- which will also look at the vac- Tech SE and from Moderna Inc.
cord blood. That indicates the cine’s safety in infants and Health authorities especially
women’s babies got the anti- whether antibodies can get welcomed the addition of the
bodies, too. transferred over to them. J&J vaccine because it requires
One of the studies also Earlier studies reported just one dose and is easier to
found antibodies in the breast that antibodies triggered by store.
milk of mothers who had re- real-world infections crossed Supplies in the U.S. were ex-
ceived the vaccine during the placenta. There wasn’t ev- pected to increase as J&J’s
pregnancy. idence until the recent stud- manufacturing network ramped
The studies didn’t look spe- ies, however, indicating that up production, accelerating a
cifically at the safety of vacci- expectant mothers could pass mass vaccination campaign that
nations, though in one of to fetuses the antibodies gen- has been gaining steam.
them, pregnant women who erated by vaccines. The New York Times earlier
were vaccinated didn’t report Nor was there evidence un- reported that J&J doses were
more side effects than those til recently indicating that new ruined due to an accidental
who weren’t pregnant. mothers who were vaccinated mix-up of ingredients at Emer-
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL
WORLD NEWS
Macron Orders New Nationwide Lockdown
The president has been paign has left the nation vul- week later, Mr. Macron said. nity to bring the pandemic un- tion has received at least one presidency in 2017 with 66%
nerable to more contagious Unlike a year ago at the der control. “Show me how a vaccine dose, compared with of the vote against Ms. Le Pen.
criticized for failing to coronavirus variants, which start of the pandemic, the two-month lockdown in De- 12% in France. On Sunday, On Wednesday evening, Mr.
control Covid-19 surges have sent cases soaring and public won’t be required to fill cember-January is worse than London recorded zero deaths Macron defended his decision
filled the country’s intensive- out a form to leave the house what we’ve been living the for the second time since the not to impose a national lock-
in France this winter care units with patients. during France’s third nation- past six months,” said Gilbert pandemic began. down or close schools earlier
“It would be false to say wide lockdown. Deray, a doctor at the Pitié- Mr. Macron’s management this year. “We won precious
BY MATTHEW DALTON that things will get better on In an attempt to cushion Salpêtrière Hospital in Paris. of the pandemic is shaking days of liberty, weeks of learn-
their own,” Mr. Macron said. France’s economy, Mr. Macron Now, the French are staring confidence in his leadership 13 ing for our children. We al-
PARIS—French President Restrictions that currently left the country relatively open into an abyss of uncertainty months ahead of the next pres- lowed hundreds of thousands
Emmanuel Macron announced apply only to Paris and other during the depths of winter and that risks extending into the idential election. His approval of workers to keep their heads
a national lockdown Wednes- hard-hit areas will be extended then hewed to softer restric- summer, when the country’s rating has slipped below 40% above water without ever los-
day, shuttering schools and across the country for four tions in mid-March as infec- tourism industry usually shifts in recent weeks, according to ing control of the epidemic,”
nonessential businesses, amid weeks, starting Saturday eve- tions surged and intensive-care into high gear. an Ifop poll published Wednes- he said. “I think we did well.”
mounting public frustration ning, the president said. Schools units in Paris overflowed. France’s vaccine rollout, day. Nearly 60% say Mr. Ma- France’s intensive-care units
over his government’s han- will close for three weeks begin- French authorities were loath meanwhile, has been ham- cron was wrong not to impose nationwide are at 100% capac-
dling of the pandemic. ning Monday, Mr. Macron said, to shut schools, taking pride in strung by a lack of supplies a lockdown in January. ity. Hospitals in hard-hit areas
Speaking from the Élysée with spring break shifted to co- avoiding that step even as Ger- and mixed messages from Mr. A poll published by Harris have canceled surgeries and
Palace on national television, incide with the last two weeks many and other European coun- Macron and health authorities Interactive in March suggested are preparing to open make-
Mr. Macron said new measures of the shutdown. Elementary tries closed them months ago. across the continent about the he faces a close race against shift intensive-care units under
are needed after his strategy school students will return to Some French doctors say safety and effectiveness of the his main rival, far-right leader outdoor tents. Mr. Macron an-
of relying on targeted restric- in-person classes after the vaca- the president’s refusal to im- AstraZeneca PLC vaccine. Marine Le Pen, with Mr. Ma- nounced plans to raise the
tions failed to tame Covid-19. tion, while middle and high- pose strict measures during Across the English Channel, cron projected to win 53% of country’s intensive-care capac-
France’s sluggish vaccine cam- school students will return a the winter missed an opportu- about 45% of the U.K. popula- the vote. Mr. Macron won the ity from 7,000 beds to 10,000.
Officials
Work to
Ease Ship
Gridlock
BY BENOIT FAUCON
Suez Canal Pilots Come Under Scrutiny After Accident resolve a buildup of hundreds
of ships lying at anchor wait-
ing for it to reopen. They esti-
mated it would take two to
ISMAILIA, Egypt—With his remarks as an attempt to be- insurance is in place for liabil- Many of those who do have captain began to scream and three days to clear, and that
ships moving again in the Suez smirch Egypt’s reputation. ity claims against the owner of the requisite skills don’t nec- cry, he said. They then turned they could move 100 vessels
Canal after the Ever Given was One current pilot said de- the ship, officials with its in- essarily work as long hours or off the engines and a tugboat through the canal each day.
refloated, the Egyptian sailors mands for cigarettes and free surance program have said. as many days as they used to. pulled the ship back to the Canal authorities said 81
tasked with piloting huge ves- food were once commonplace. Shipping accidents in the Wassim Hafez, 77 years old, middle of the canal. ships passed through Wednes-
sels through one of the world’s By tradition, canal workers di- Suez Canal are rare, according is one of them. When the Ever This calm under fire doesn’t day—42 southbound and 39
busiest waterways are back at vide up their haul among to insurer Allianz Global Corpo- Given got stuck last week, he come overnight. To qualify for heading north. But even as they
themselves, a former pilot said. rate & Specialty, with 75 re- was aboard another vessel the job, pilots must first obtain waved dozens of vessels
By Summer Said, Questions also are being ported incidents between 2010 heading in the opposite direc- a license, called a certificate of through over the past two days,
Stephen Kalin raised in the industry about and the end of 2019. Ground- tion. The 45-year veteran competency as master of a for- more are arriving almost as
and Rory Jones the role canal pilots might ings, like that of the Ever Given, dropped anchor in the Great eign-going ship, which requires quickly. On Wednesday morn-
have played when the 1,300- though less serious, are the Bitter Lake, a halfway point, eight years of training, accord- ing, there were 292 vessels
work—and facing growing foot Ever Given veered right and asked to go home until the ing to the canal authority’s waiting on both sides of the ca-
scrutiny. during a sandstorm on March blockage was cleared. regulations. Before applying, nal, according to Leth Agencies,
Authorities plan to more 23, lodging its bow in the side “I estimated this would take they need three years of expe- a ship-services provider in the
than double the number of ves- of the canal and backing up
Egyptian authorities a long time because it was a big rience at sea; then after six canal. That is a net reduction of
sels passing through the 120- traffic for days. examine sailors’ role ship,” he said. “Staying on board months of training, they can 33 ships from Monday, before
mile canal each day to clear a Two pilots were aboard the the ship isn’t comfortable.” start working on small ships. the Ever Given was refloated.
backlog of more than 400 container ship at the time, but
in the grounding of Mr. Hafez said he still works To operate larger ships, pilots An additional 46 ships were
ships that were left waiting for authorities have released few the Ever Given. the pilots’ customary eight-hour have to pass certain exams. At- expected to reach one of the en-
days after the Ever Given ran details about them, except shifts, but in shorter stretches taining the highest level, chief trances of the canal within the
aground a week ago. Local reg- that they each have more than than he did before, one of his pilot, can take about 15 years. day, Leth said. A canal official
ulations require that one or 30 years of experience, ac- few concessions to his advanc- Fewer people are register- said the new arrivals were slow-
two pilots, in some cases three, cording to people familiar most common cause accounting ing years. He says he works for ing to train as pilots these ing efforts to end the logjam.
must be on board to help cap- with the matter. The current for a third of all incidents, it eight days before taking a cou- days, however, and the ranks A.P. Moller-Maersk A/S, a
tains navigate the narrow chief of the Suez Canal Au- said in a note. Water levels in ple of days off before working of the most senior specialists major shipping company, has
channel. To meet the increased thority, Osama Rabie, said the channel rise and fall with another three, followed by five are quickly aging, despite the estimated it will take at least a
demand, some former pilots they weren’t to blame. the tide, which can catch ships days off. Most pilots are as- prestige the job confers and week to clear the backlog. It
since assigned to desk jobs are “The two Egyptian pilots out in some sections. signed to work for 10 days in a the growing sense of profes- said it is refusing short-term
being sent back to the canal. aboard the vessel were senior The clamor for canal pilots’ row before getting days off. sionalism it now requires. bookings for goods going
The pilots, many of whom level and highly competent,” services, meanwhile, is rising Mr. Hafez said ships run Canal authorities have through the canal.
are retired sailors from the said Mr. Rabie, who was previ- as authorities race to clear the into problems on the Suez Ca- backed campaigns to root out About $400 million of cargo
Egyptian navy, haven’t always ously the head of Egypt’s navy. logjam of ships waiting to tra- nal from time to time, but that corruption. The Maritime normally flows through the ca-
been entirely welcome. The pair could, however, verse the channel. More than last week’s drama was unprec- Anti-Corruption Network, a nal every hour, said U.S. data
In 2017, a local shipping agent become a focus of the investi- 300 pilots work on the Suez, edented. He remembers a close global group of shipping com- analytics company Dun & Brad-
complained about pilots de- gation into how the accident but there is a shortage of those call 25 years ago when the panies, reported a significant street in a report Wednesday.
manding 17 cartons of cigarettes occurred, along with other with sufficient experience of steering broke on an 80,000- decrease in reports of de- It said the food, construction
and other goods to let his ship factors, including mechanical handling extra-large vessels ton Turkish bulk carrier he was mands for cigarettes and and automotive industries in
pass. The head of the Suez Canal faults and the impact of high such as the Ever Given, one of piloting. As the vessel swung fewer threats to the safety of Western Europe would be the
Authority at the time dismissed winds. More than $3 billion of the world’s biggest ships. toward the bank, the foreign crew and vessels. worst affected by the delays.
.
KILEY GILBRIDE
Demirkan, an 18-year-old Los look convincing to some in the school. “I wanted to know: ‘Is Rick Astley song “Never Gonna
Angeles resident. Mr. Demir- Reddit group—or at least pro- this a school I’ve never heard Give You Up,” a popular old
kan spent many nights over vide them with a laugh. of, or am I just falling for a internet joke.
the past year scrolling through Once a week, the Applying joke?’ ” the George Washington Ms. GilBride’s acceptance
a discussion forum on Reddit to College group allows jokes Kiley GilBride reacts to the news of her ‘acceptance’ to SRIIOTA. University sophomore, 19, said. video racked up thousands of
called “Applying to College.” and memes to add some levity A Reddit spokeswoman said views. “I got a FaceTime call
The page, where people trade to the waiting process. This our way of releasing some of gos for the school. Dozens of she wasn’t aware of the parody from a friend who goes to my
tips and advice, has around spoof was more elaborate than that tension,” she said. others contributed class ideas. school, but said the Applying high school being like, ‘this is
340,000 members. most. Students eventually cre- The students chose “Carl the As part of the made-up admis- to College group is a popular really weird but I opened up
Mr. Demirkan said he was ated a website for the school, Soft Shell Crab, SRIIOTA’s one sions process, there were in- one; the group has seen a 55% Reddit and saw you got into
intending to poke fun at the came up with courses and intri- and only,” for a mascot, said structions to answer supple- increase in comments and posts this place, why didn’t you tell
intensity of the admissions cate application requirements. Sarang Patki, 17, a high-school mental essay questions and a for the year ended in October. me you were applying?’” the
process and let off steam dur- “Everyone is waiting anx- senior from Somerset, N.J. For directive to “Create your own Alex Wan, a high-school se- aspiring theater major
ing the stressful decision sea- iously at their laptops for that a motto, they used the Latin box and paint the outside of it nior was bored at home in said. “She was ready to throw
son, which spans from Febru- ding from their email,” said phrase “et surrexit” (or “got with murals representing your Detroit when the SRIIOTA me an acceptance party and I
ary to May. He said he got the Kiley GilBride, 18, a high- them”)–“though our Latin is personality and how you’ll fit prank began unfolding. Imme- was like, ‘no, no, no, this is a
idea for a fake school after school senior in Phoenix, who probably inaccurate,” said se- in on campus.” The website ex- diately, he wanted to pitch in. prank, this is a joke,’ ” Ms. Gil-
seeing another member’s post filmed a video of her elated nior Jenny Stinehour, 17, of plains SRIIOTA values “outside “I saw they didn’t have a web- Bride said. “That’s when I re-
asking students to respond reaction to supposedly getting Killeen, Texas, who designed the box thinking.” site and I was like, ‘I know alized we did something that
with their top-choice into the fake school. “This was five different graphics and lo- A PDF breaks down applica- how to make websites,’ ” Mr. would be remembered.”
countries to buy their equip- icsson said he could stay in jor shares in several busi- He says he has been sur-
ment, while a former official the U.S. He wakes at 4 a.m. to nesses that do big business in prised that politics has be-
in the Trump administration accommodate the time zone China, including Swiss indus- come part of his daily life. “I
even floated the idea of the difference and shuttles among trial giant ABB, Swedish didn’t think about this at all
U.S. government buying stakes homes in Colorado, Connecti- home-appliance maker Elec- when I took this job,” he says.
in them. cut and Sweden. trolux AB and British-Swedish “We find ourselves in an epi-
Ericsson is now walking a Months into his new job, pharmaceuticals maker Astra- center of activity, geopoliti-
tightrope—trying to position Mr. Ekholm concluded Erics- Zeneca PLC. Some writers sug- cally, which I think was cer-
itself to benefit from the son had spread itself too thin gested that some of the Wal- tainly not the main reason I
Western backlash against Hua- and should focus on its core lenbergs’ major holdings signed up and have no real
wei while also protecting its business of making cellular Engineers install Ericsson 5G equipment in Switzerland. should face consequences if background in.”
.
Physical distance can keep you safe and healthy. But if an emotional
distance forms between you and those closest to you, it may be due
to drug or alcohol use. Partnership to End Addiction works with you to
establish the connections that can help save lives and end addiction.
PERSONAL JOURNAL.
© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, April 1, 2021 | A9
THE MIDDLE
SEAT
SCOTT
McCARTNEY
S
ee a great flight for a
summertime trip? You
can buy it, but it may
not be real.
As airlines rebuild
schedules amid vaccine-
fueled demand, they’ve abandoned
historical travel data and are now
scheduling in a different way. They
are loading “placeholder’’ sched-
ules chock-full of flights into res-
ervation systems six to nine
band, who have begun collecting rearing two daughters and develop- February. Glenstone owns the quilt
Ms. Ringgold’s works, were ing her own artistic practice. “I Faith Ringgold’s 1983 quilt, titled, ‘Who’s Afraid of Aunt Jemima?’ is “Who’s Afraid of Aunt Jemima?”
“blown away” by the scope of the couldn’t imagine my life without among the artist’s works in an exhibition opening April 8 at Glenstone. and Ms. Rales said she is curious to
Serpentine exhibit and felt com- art, so it was persistence all the see how visitors react to it.
pelled to bring it to the Washing- way,” said Ms. Ringgold, who lives its expanded galleries and hung it flecting that some founders of the The show’s final gallery features
ton area. “Nobody used to pay and works in New Jersey. near Pablo Picasso’s 1907 “Les Dem- NAACP were white, Ms. Ringgold the “Dahs,” a group of rainbow-hued
much attention to her work, and Her first break came in 1967 oiselles d’Avignon.” pierced accepted narratives to re- abstracts that Ms. Ringgold painted
now she’s finally getting her due,” when Spectrum Gallery in New York Ms. Rales said given the mural’s veal more complicated truths, Ms. following the death of her mother in
Ms. Rales said of the artist, who is gave her a solo show. Many works popularity, she didn’t ask MoMA’s Rales said. “Faith likes to problem- 1981. The artist said that after years
90 years old. in her “American People” series in curators to lend it. Instead, the atize everything,” she said. of having so much to protest and
The Glenstone version is bigger that debut have become iconic, such Glenstone show brims with other, Nothing from her Spectrum champion in her art, she was
than earlier iterations, with galler- as “American People Series #20: early works in which Ms. Ringgold show sold immediately. Ms. Ring- shocked to find that her grief was
ies devoted to Ms. Ringgold’s soft, Die,” a Guernica-like mural depict- critiques the power dynamics that gold said she didn’t care at the best expressed in wordless, colorful
sculptural works and installa- ing splayed and spattered bodies informed the country’s race rela- time, noting that she just wanted abstraction. “I tried to imagine what
tions—as well as a series of color- swept up in a race riot. The same tions, midcentury. From board- someone “to put me on a wall and the next world looked like,” she
ful, abstract paintings never before work caused a stir in 2019 when the rooms filled with imperious-looking let me speak.” The scale and polit- said, “and I didn’t see sadness, so I
exhibited. For those unfamiliar Museum of Modern Art reopened white men to a group portrait re- ical bite of her canvases grew, painted a joyful, safe space.”
.
Oscar-Nominated Shorts
(ShortsTV)
There are 15 nominees in the Os-
cars’s three shorts categories—ani-
mated shorts, live action shorts and
documentary shorts—that feature
submissions from around the world.
ShortsTV packages these films by
category and distributes them in
theaters every year. This year, the
titles hit both physical and virtual
theaters on Friday. Find a partici-
pating theater at Shorts.tv.
FROM TOP: WARNER BROS. PICTURES AND LEGENDARY PICTURES; NETFLIX
‘Prank Encounters’
(Netflix)
“Prank Encounters,” an elabo-
rate hidden-camera show that puts
unwitting participants into choreo-
graphed scenarios in which things
like teddy bears, scarecrows and
corpses have a tendency to come
Above: ‘Godzilla vs. Kong’ comes to theaters and HBO Max; Inset: Gaten Matarazzo hosts ‘Prank Encounters,’ a hidden camera series on Netflix. to life, returns for its second sea-
son today.
In each episode, two people who
BY CHRIS KORNELIS
W
much different. mentary. “And rather than try to ex- don’t know each other are pranked.
“As I researched it, I realized plain to him that he’s wrong, The scenarios are loosely scripted
hether you’re look- there are definitely financially inter- they’re just going to change the and executed by many of the same
ing for one of the esting questions about the rapid meaning of that word.” actors in each episode, who know
year’s biggest rise and fall of WeWork, but it how to improvise if one of their
spectacles or one wasn’t really a fraud story, per se,” ‘Godzilla vs. Kong’ marks takes an unforeseen turn.
of the year’s short- says the director of the documen- (HBO Max) As in the first season, each epi-
est, celebrated tary, out Friday. “It was more of a The premise of Adam Wingard’s sode culminates with host Gaten
films, all of it and more is stream- story of collective delusion and hu- new movie is one that’s played out Matarazzo—better known as Dustin
ing this week. bris and a lot of very smart people in bathtubs and sandboxes for gen- in “Stranger Things”—entering the
wanting something to be, maybe erations: If Godzilla fought King scene to calm everyone down, point
‘WeWork: Or the Making and greater and more than it was.” Kong, who would win? at the cameras and convince them
Breaking of a $47 Billion One example of that hubris, ac- “I remember my best friend had Monsters,” (2019) also streaming the bear isn’t what they think it is.
Unicorn’ cording to the documentary, comes a definitive idea of who we on HBO Max. So far, Mr. Matarazzo says, epi-
(Hulu) over a cup of coffee. A Forbes edi- thought would win and I had mine The giants go head-to-head and sodes have gone down without inci-
Jed Rothstein said that when he tor, Alex Konrad, recounts the time and I could not believe who he fist to face numerous times in vari- dent, and the participants have
started working on the documen- he met with the company’s charis- thought would win in this fight,” ous locations—including once on an been happy to be on the show. But
tary “WeWork: Or the Making and matic co-founder, Adam Neumann. says the director of “Godzilla Vs. aircraft carrier. But unlike 1962’s that doesn’t mean he wants to push
Breaking of a $47 Billion Uni- Mr. Neumann ordered a latte at We- Kong,” now in theaters and “King Kong vs. Godzilla,” which Mr. the envelope further. That, he said,
corn,” he thought it was going to Work’s headquarters but was given streaming on HBO Max. “From that Wingard felt didn’t have a decisive would make prank day just too
be a pure follow-the-money story a cappuccino instead because, as day going forward, I never changed winner, he wanted there to be no nerve-racking.
along the lines of the tale he told in Mr. Konrad is informed, that’s what my opinion.” His answer, naturally, mistaking who came out on top in “The whole day it’s just nervous,
his documentary “The China Hus- Mr. Neumann called them. is revealed at the end of the film. his film. The result, he concedes, nervous, nervous: What’s going to
tle.” But as he explored the story of “It stood out to me as a strange, The big-budget spectacle is the might be too violent for fans in the happen—for a moment that’s liter-
the share-space company whose gratuitous reality distortion mo- collision course created by the pre- early single digits, but perhaps ap- ally three minutes and then you go
$47 billion valuation plummeted ment around Adam because he was ceding films in the “MonsterVerse” propriately frightening for their home,” he says. All this, he says, ““I
ahead of a planned IPO that ulti- ordering lattes but wants cappucci- franchise: “Kong: Skull Island” older siblings. don’t really want to push the
mately failed, he found something nos,” Mr. Konrad says in the docu- (2017) and “Godzilla: King of the “10, that’s the sweet spot,” he boundaries too much.”
MASTERPIECE/PBS
Sofia Helin as Crown Princess Martha and Kyle MacLachlan as President Franklin Roosevelt
ARTS IN REVIEW
The new exterior, left, and interior,
below, of Smith College’s Neilson
ARCHITECTURE REVIEW Library
MUSIC REVIEW | MARK RICHARDSON her descent to rock bot- midtempo number “Melon Cake,”
tom. “Anyone,” which which describes the visual center-
her debut album, the bubble-gum health was profound. And all of dued. It’s a ballad-heavy set with killer chorus, and “The Way You that by doing so we’re joining the
rock outing “Don’t Forget,” ap- this horror occurred while Ms. Lo- many songs that feature vocals and Don’t Look at Me” is a whispered image-obsessed forces that led her
peared when she was 16. From the vato was a famous pop star already pared-back arrangements, some- ballad with a finger-picked acoustic to a place where she almost died.
outset, the sheer force of her voice in the tabloids, so fans and papa- times just a piano or acoustic gui- guitar in which Ms. Lovato con- For some, that unease will hover
was remarkable, and it grew richer. razzi alike scrutinized every detail tar. The first three songs serve as a fronts issues with body image. She over this project, even when the
By the time she was 18, she left a of her trauma and recovery. triptych as Ms. Lovato chronicles explores that theme further with the music is powerful.
.
SPORTS
The Final Four’s Surprise Underdog NFL Teams
Moving Fast
UCLA joins No. 1 seeds Gonzaga and Baylor and No. 2 Houston in the national semifinals
On QBs
BY LAINE HIGGINS BY ANDREW BEATON
T
he 2021 men’s NCAA JUST 14 MONTHS AGO, there was
tournament featured a moment when every quarterback
more upsets than ever wanted to be Jimmy Garoppolo. He
before. After 64 games, had a bright future. He had a rich
however, it has produced contract. He was minutes away
a Final Four that features a pair of from being able to call himself a
top-seeded teams, a No. 2 and a Super Bowl champion.
very unusual Cinderella that hap- But things change quickly in the
pens to own more title banners NFL. Patrick Mahomes and the
than anyone else. Kansas City Chiefs spent the wan-
The Final Four field was filled out ing minutes of that Super Bowl
Tuesday when overall No.1 seed mounting a dramatic comeback
Gonzaga advanced its quest to be- against Garoppolo’s 49ers. Now
come the first undefeated champion San Francisco looks like it’s ready
since 1976 by dispatching Southern to completely move on from Ga-
California. The Zags will enter the roppolo.
weekend as the largest favorites in a It has been a jarringly fast
semifinal game in Final Four his- pivot. It’s also telling. That’s be-
tory. cause NFL franchises are moving
Gonzaga on Saturday will play on from their so-called franchise
11th-seeded UCLA—the most deco- quarterbacks faster than ever.
rated team in tournament history— This NFL offseason has been de-
which completed its transformation fined by a dizzying flurry of quar-
to the underdog role by edging No. 1 terback movement. The Rams’
seed Michigan on Tuesday behind Jared Goff is now a member of the
28 points from sophomore Johnny Detroit Lions. The Lions’ Matthew
Juzang. UCLA became just the sec- Stafford plays for the Los Angeles
ond team to advance from the First Rams. Carson Wentz was shipped
Four to the Final Four, fol- from Philadelphia to Indianapolis.
lowing in the footsteps of UCLA, above, and Baylor, left, players Mitchell Trubisky was replaced by
Virginia Commonwealth celebrate making the Final Four. Andy Dalton in Chicago, and
in 2011. plenty of other teams are still
They join No. 1 seed UCLA. The Zags bear the burden of sorting out their situations.
Baylor and No. 2 Houston, the present, the Bruins the past. Almost all of the rapid upheaval
winners of the other re- The Zags are no strangers to the can be traced back to one idea
gional semifinals on Mon- late rounds of the tournament, hav- that has rapidly proliferated in a
day, completing the first ing lost to North Carolina in the manner of weeks: there’s no longer
Final Four grouping in 2017 final, but they’ve never come a belief in being patient when it
which all the teams hail home with the hardware. For comes to the most important posi-
from west of the Missis- months, this 2021 team has been ex- tion in football.
sippi River. pected to change that. They’ve won The pace at which teams have
When Baylor and Hous- 30 straight this season and are two been making these moves means
ton square off on Satur- wins away from becoming the first that the NFL in 2021 will barely
day, they will represent undefeated NCAA champions since resemble the NFL in 2020. And
two redemption arcs that Bobby Knight’s Indiana team in there’s a reason why teams are
originate from different 1975-76. pulling the trigger so quickly on
parts of Texas. South re- Meanwhile, UCLA is battling the these decisions that would have
gional champion Baylor long shadow of legendary coach once been considered shocking.
reached its first Final Four John Wooden, who won 10 titles They’re highly incentivized to do
FROM TOP: DARRON CUMMINGS/ASSOCIATED PRESS; ROBERT DEUTSCH/REUTERS; MARK J. TERRILL/ASSOCIATED PRESS
since 1950, a milestone with the Bruins in a 12-year span just that.
many expected the Bears during 1960s and ’70s. The only There’s nothing more important
to achieve last year before banners that hang from the rafters for NFL teams than finding the
the emerging coronavirus in Westwood, Calif., are from na- right quarterback. Top-shelf quar-
pandemic canceled the tional championships. Anything less terbacks—or others who may be
tournament in March is a disappointment—or so second- on that trajectory—are paid huge
2020. tional semifinal since its “Phi college basketball with their explo- year coach Mick Cronin told his sums of money.
“We were on the verge of having Slamma Jamma” heyday, when the sive dunks and above-the-rim style, team before they beat Michigan. When they actually play at an
the first No. 1 seed in school’s his- program made three consecutive Fi- this one is more of a menace on the UCLA’s NCAA tournament run elite level, they’re a fantastic
tory,” said Baylor coach Scott Drew. nal Four appearances from 1982 to boards and on defense. nearly ended before the round of 64, value. When they don’t, they be-
“It’s nice that these guys were able 1984 but never managed to win the Houston’s defense-minded style is as the Bruins needed overtime to come albatrosses. Replacing an ex-
to celebrate, especially after last championship. a hallmark of Sampson, who last dispatch No. 11 Michigan State in pensive, underperforming quarter-
year.” “Thirty-seven years ago is irrele- coached in a Final Four in 2002 with their play-in game. Next, UCLA back with an unknown quantity
The heartbreak of last season’s vant to our team. Our team is now,” Oklahoma and spent the better part cruised past No. 6 BYU and No. 14 from the draft has one guaranteed
abrupt ending has turned into a said coach Kelvin Sampson. “Most of the last decade scrubbing his rep- Abilene Christian. The Bruins stayed upside: the quarterback will be far
strength for this veteran 2021 team: of our guys were born in the utation after he resigned from the hot through the Sweet 16, upsetting cheaper.
four of the 2020 starters came back, 2000s.” head coaching position at Indiana in No. 2 Alabama in overtime before
including first-team All American Though the Cougars earned a 2008 amid allegations of NCAA vio- warding off the top-seeded Wolver-
Jared Butler. The oddities of the high seed for the tournament just lations. It isn’t lost on Sampson that ines.
pandemic season included a 21-day like the high-flying teams of the his return to college basketball’s It’s incongruous to see UCLA
pause in February when the major- 1980s, the 2021 squad had a most biggest stage is happening in India- playing the part that teams like
ity of the Bears’ roster contracted unusual path to the Final Four. napolis, not far from where his ca- George Mason and Loyola-Chicago
Covid-19, which Drew said rein- Houston defeated a double-digit reer bottomed out with the Hoo- have filled in the past. But Cronin
forced the value of sacrifice. seed in every round—beating No. 15 siers. “You have to remind people, says his players have come to em-
“When we are at our best, every- Cleveland State, No. 10 Rutgers, No. young men in these situations, don’t brace it after knocking off a two-
one sacrifices for each other. And 11 Syracuse and then held off a late be afraid to fail,” said Sampson on seed and a one-seed in the regional
this year that’s why we won.” surge from No. 12 Oregon State on Monday. round.
Houston also snapped a decades- Monday night. There’s more experience—and “Their resilience is unbelievable,”
long Final Four drought on Monday If the “Phi Slamma Jamma” weightier expectations—on the said Cronin. “Nobody picked us. No-
by winning the Midwest regional, teams, headlined by a young other side of the Final Four, where body believed in us. That’s just how
earning its first trip back to the na- Hakeem Olujawon, revolutionized No. 1 Gonzaga will meet No. 11 we like it.” 49ers quarterback Jimmy Garoppolo
OPINION
Joe Biden, Which Side Are You On? BOOKSHELF | By John Tierney
With about 15
minutes left
in the hour
Let us pause, though, to
notice a real-world contradic-
tion in Mr. Biden’s meander-
have grown deeply frustrated
and increasingly concerned
about the lack of practical de-
biggest labor story was the
teachers strikes of 2019 in
West Virginia, California, Ari-
Harder, Greener,
Joe Biden al-
lotted last
week for his
once-only
ings down memory lane. The
bitter strife occurring today
isn’t between unions and
managers in high hats. It’s be-
tails in how to return to
work,” the petition says.
Unlike teachers drawing
paychecks for less work,
zona, Virginia, Georgia and
elsewhere. Those walkouts
were a precursor to today’s
refusal to return to school
Faster, Smarter
WONDER
LAND press confer-
ence, the
tween unions and regular
middle-class people.
unionized performers haven’t
been getting paid. From
during the pandemic. Some
unions, as in Los Angeles,
Rescuing the Planet
By Daniel
president sort In the same week Mr. Bi- Broadway to Dallas, theater is have negotiated smaller work By Tony Hiss
Henninger
of ran out of den was saying the unions a union-ordered dead zone for loads. (Knopf, 306 pages, $28)
T
steam for built the middle class, Ameri- middle-class incomes. Actors’ Joe Biden and his adminis-
questions and filibustered the can Federation of Teachers Equity won’t budge. tration’s new generation of wo decades ago, Peter Huber surprised his fellow
time remaining by delivering President Randi Weingarten left-wing economists may libertarians and conservatives with a book urging them
his campaign speech. After told middle-class parents their think bringing back the soak- to become environmentalists. By that he didn’t mean
Mr. Biden revived the line, “I kids would have to stay home In ProgressiveWorld, the-rich 1930s will help the joining Greenpeace. He divided environmentalists into two
am running for three reasons,” from school as long as she middle class, but the more apt categories: Hard Green (the title of his book) and Soft Green.
he invoked the middle class. says so. The Centers for Dis- everyone becomes a analogy is the geographical The mainstream environmental movement was dominated by
The middle class, he said, ease Control and Prevention de facto member of migrations these policies will Soft Greens hostile to capitalism and new technologies who
“built America, and unions had just issued new guidelines cause again. wanted to limit energy consumption and economic growth.
built them.” reducing classroom social dis- the teachers union. In the 1980s, when auto In reality, Huber wrote, there was only one scarce resource
With this assertion that tancing from 6 feet to 3 feet. companies in the North could worth worrying about: wilderness. Free-market forces would
unions created the American Ms. Weingarten replied that no longer bear collective bar- keep supplying everything else, but wild areas and wildlife
middle class, the political and her members still aren’t going Historically, the core of the gaining’s burdens, they moved needed special protection. The good news was that capi-
social goals of the Biden ad- back to the classrooms unless labor-union model has been to lower-cost Southern states. talism had made us rich enough to save them. Huber, who
ministration come into focus. they see something called negotiations leading to com- Today, frustrated parents who died in January, urged conservatives to become Hard Greens
Recall how the Democratic “baseline mitigation strate- promise, which is what many can afford to move are aban- and offered a manifesto: “We are committed to maintaining
Party’s other old gent, Sen. gies.” thought Mr. Biden was prom- doning locked-out public and extending uneconomic forests, uneconomic lakes,
Bernie Sanders, said in July In New Jersey, frustrated ising in his campaign. Next schools from New York to Los uneconomic shores, uneconomic wetlands, uneconomic
that Mr. Biden could be the parents in politically liberal time—in the 2022 midterm Angeles. As to those left be- wilderness.”
most progressive president communities—Montclair, elections—voters should for- hind, a recent poll of New Hard Greens will take heart from Tony Hiss’s “Rescuing the
since Franklin D. Roosevelt. Scotch Plains-Fanwood and get the candidates and take a York City residents by the Re- Planet: Protecting Half the Land to Heal the Earth.” Mr. Hiss,
It’s noteworthy that Mr. Sand- South Orange-Maplewood— harder look at the beliefs of gional Plan Association found a former staff writer for the New Yorker whose previous
ers was heralding the 1930s, a have filed lawsuits to force the parties. “80% of African Americans say books include “The Experience of Place,” is no conservative,
time of economic depression their school districts to open. Hiding in plain sight is the they would move out of their and he occasionally lapses into
marked by significant strife In turn, the South Orange-Ma- reality that the Democratic community if they could.” Soft Green doomsaying about
between industrial labor plewood district has sued the Party has passed from Carter- New York state is consider- endangered humanity and
unions and big companies. teachers unions to get their Clinton liberalism to an Amer- ing an array of wealth taxes planetary catastrophe. But the
Recall as well how Mr. Bi- members back to work. ican left whose political base- (atop the coming Biden fed- book is mostly an upbeat and
den said constantly in the Where’s Pete Seeger when line is clear: They don’t eral tax increases). engaging account of the
campaign that he would make you need him to sing the compromise. One result is certain: More remarkable progress being
a point of elevating the teach- 1930s union anthem, “Which The old private-sector companies with middle-class made to preserve vast wild
ers unions: “You’ll have an Side Are You On?” unions did deals with owners employees will move out, as spaces for animals to roam.
NEA member”—Jill Biden—“in That is the question many out of mutual self-interest. will board members who prop Mr. Hiss wants to see half of
the White House.” of the nation’s unemployed ac- They’ve been displaced in the up New York’s now-struggling all the land in the world
On Wednesday, the White tors are putting to their union. Democratic coalition by public cultural institutions. protected, and he aims to
House announced a vast infra- Some 2,500 stage actors have unions that “negotiate” with Once inside Joe Biden’s accomplish it in North America
structure program and indus- signed a petition demanding complicit politicians. The ProgressiveWorld, everyone by 2050—“50 by ’50,” as he
trial policy benefiting unions that the Actors’ Equity Associ- managers of major cultural will be a de facto member of calls the goal. “This may sound
and paid for by squeezing ation modify its pandemic-in- nonprofits, such as New York’s the teachers union: You do unimaginable, preposterous,
money out of corporations duced nearly total ban on ac- Metropolitan Opera, have been whatever you want, and the impossible—in a word, outlandish
and “the wealthy.” So, yes, in tors participating in live equally helpless negotiating public pays forever. It won’t (literally),” he writes. “It took 150 years after setting up
one sense it’s the 1930s all performances. “Many Equity with no-compromise unions. work. Yellowstone, the world’s first national park, to protect almost
over again. members, and many theaters Before the pandemic, the Write [email protected]. 15 percent of the continent, and the challenge now is to work
at a pace at least twelve times faster.”
By the end of the book, it doesn’t sound so outlandish.
I
ing within 150 feet of a polling rather than waiting for Elec- polls? All three states require human activities—cities, suburbs, farms, mines and all the
n last week’s press confer- place or 25 feet of anyone tion Day. Neither state’s new it and accept many of the same rest—take up less than 40% of the continent, and there’s a
ence, President Biden la- waiting in line by saying politi- reforms restrict the practice. forms (driver’s license, pass- growing army of conservationists working at “large land-
beled Republican efforts to cally involved groups wooing Unlike Iowa and Georgia, port, etc.), though Iowa and scape scale” who are determined to protect the rest of it.
reform state election laws in voters with free food and Delaware forbids no-excuse Georgia provide free identifi- These conservationists operate on such large scales that
Georgia and Iowa as “un-Amer- drinks couldn’t operate that mail-in absentee voting. Only cation cards upon request. If Mr. Hiss invents new units of measurement to describe their
ican” and “sick.” That charge is close to the polls and lines. If voters who meet a specific cri- Delaware voters don’t have projects. One measure he calls the Y, equal to two million
malarkey, to use one of the you’re more than 150 feet from teria can vote by mail, such as such ID, they can “sign an affi- acres, the size of Yellowstone National Park. Another is the
president’s favorite words. the building and 25 feet from government employees; stu- davit of affirmation that the CAL, 100 million acres, the size of California. He explains the
Mr. Biden made three spe- voters waiting in line, knock dents; those with work or reli- voter is the person listed on need for these enormous projects by telling the story of a wolf
cific claims. First, that Republi- yourself out. Inside those lines, gious prohibitions, an illness the election district record,” named Pluie, one of the first wolves to wear a tracking collar.
cans would “end voting at 5 the law allows only for elec- or a disability; or those vaca- opening them to fines and pos- When researchers started following the radio signals from
o’clock when working people are tion officials providing “self- tioning or living outside the sibly jail time if they aren’t. her collar in 1991, they assumed that Pluie would travel no
just getting off work.” That isn’t service water from an unat- U.S. Some have critiqued Geor- So what’s the effect of these more than about 60 miles from Canada’s Banff National Park.
true. No state closes its polls at tended receptacle to an elector gia for capping the number of differences among the three But they were astonished to see her travel hundreds of miles
5 p.m. Iowa’s new law moved up waiting in line to vote.” additional dropboxes for ab- states? While 59% of Iowa’s and to open prairie in Montana, then hundreds of more miles as
closing time by an hour, but sentee ballots beyond the one 80% of Georgia’s votes last fall she crossed Idaho and the Rockies, passing near Spokane,
polls are still open from 7 a.m. required for each county at were cast early by mail or in- Wash., before heading back to Banff.
to 8 p.m. Georgia’s election re- He has his facts wrong one per 100,000 active voters person, in Delaware only 29% “What animals like Pluie have shown us,” Mr. Hiss writes,
forms left the state’s 7 a.m. to 7 (of which the state has nearly were. Bottom line: Iowa and is “that as stand-alones and set-asides, even gargantuan
p.m. polling hours unchanged. on Iowa and Georgia 7.4 million) or one for every Georgia make it easier to vote national parks are too small to serve as containers for wide-
The president also charged and applies standards early voting site, whichever is than Delaware did last fall. ranging wildlife.” That lesson inspired a 3-CAL project that
“there will be no absentee bal- fewer. But Delaware has about Mr. Biden said last week started in the 1990s and now involves hundreds of groups
lots.” That’s also false. Iowa’s inconsistently. half as many dropbox locations he’d “spend my time . . . edu- and a diverse coalition of Native Americans, foresters,
only absentee voting change per capita—only four across cating the American public” biologists, mining executives, highway engineers, local offi-
was to say ballots must arrive the entire state. about election reform. If he re- cials and conservationists. Their goal is to create a network
by 8 p.m. on Election Day. Mr. Biden closed his re- Moreover, both Iowa (since ally wants to keep voters in- of hundreds of parks and protected areas connected by green
Georgia made all of one signif- marks on the subject by calling 1990) and Georgia (since formed about election reform, corridors stretching 2,000 miles from Yellowstone to the
icant change to absentee vot- Iowa and Georgia’s actions 2004) have long had no-excuse the president should get his Yukon—Y2Y, as the project is called. “Since 1993,” Mr. Hiss
ing: replacing the requirement “despicable . . . the most perni- in-person early voting. It’s facts straight and apply his writes, “the amount of land within Y2Y that protects animals
that counties verify the signa- cious thing” and declaring, available in Iowa during an standards equally. Mr. Biden on the move has jumped from 11 percent to 21 percent, with
tures of mail-in voters. In- “This makes Jim Crow look election’s last 29 days. This can either stop slandering improved conservation on another 30 percent. In Y2Y’s office
stead, voters will provide the like Jim Eagle.” This is some year’s Georgia reforms require Iowa and Georgia with accusa- just south of Banff, Pluie’s collar occupies an honored place.”
number from their driver’s li- weird phrasing: A crow and an 17 mandatory days and two tions of racism or apply the
cense or free state-provided ID eagle are both birds, the eagle optional Sundays of early vot- same obnoxious label to the
or a photocopy of the IDs more fearsome than the crow. ing, up four days from last fall. election practices of his home Could a ‘Hard Green’ commitment to the
given to government employ- Get it? But Mr. Biden is using By contrast, Delaware has state, which has voted for him environment allow half the globe’s lands to be
ees, military members or tribal unnecessarily incendiary lan- never allowed no-excuse early for nearly half a century. And
members—making it easier guage. voting. To date, only voters eli- oh, Delaware’s polls are open 7 protected from development?
and quicker to verify and pro- Using the Biden Standard, gible to cast mail-in absentee a.m. to 8 p.m., just like Iowa’s.
cess mail-in ballots. let’s compare the supposedly votes were allowed to vote
Finally, the president also un-American and racist prac- early in-person. That is set to Mr. Rove helped organize Mr. Hiss is an indefatigable reporter and graceful writer,
criticized “some states” for tices of Iowa and Georgia change in 2022, but even then the political-action committee traversing the continent to observe the animals being saved
saying “you cannot bring wa- with—to pick one state—Dela- Delaware will allow no-excuse, American Crossroads and is and profile their saviors. Much of the preservation is done
ter to people standing in line ware. Iowa and Georgia both in-person early voting for only author of “The Triumph of Wil- by the Nature Conservancy and other private groups through
waiting to vote.” Here’s the allow unlimited, no-excuse ab- 10 days. liam McKinley” (Simon & land purchases and “conservation easements” that pay
fuller picture: Georgia clarified sentee voting by mail. Any reg- How about the bugaboo Schuster, 2015). landowners to preserve forests and open spaces. Some
conservationists do it all by themselves, like M.C. Davis, a
multimillionaire commodities trader who bought 51,000 acres
Rogers Hornsby’s Unbreakable Record of degraded farms and forests in northwest Florida and
proceeded to plant millions of trees to restore part of the
Piney Woods, a longleaf pine forest that once stretched from
By Fay Vincent who gave him the best advice age of .402. Those numbers was a Hall of Famer, called Virginia to Texas. It will take many years for his trees to
B
on hitting. He was, after all, confound the new breed of the Rajah “a hitting machine” mature, but already black bears are returning to the area.
aseball is rooted in the the last man to hit over .400 experts, whose reliance on who “would stand deep in the Mr. Hiss tells a good story, whether he’s describing his
records established by in the big leagues. His answer statistics often leads them to batter’s box and step into the traipses through the wild or chronicling the history of the
great players. Many was Hornsby, who was coach- absurdities. pitch, so many of his hits were conservation movement through figures like Benton MacKaye,
claim that Joe DiMaggio’s 56- ing in Minneapolis when Wil- A few years ago I read a to the right side over the sec- a forester and avid hiker. In 1921, inspired by the sweeping
games hitting streak is the re- liams briefly played in the mi- column by a writer who ond baseman’s head. He was vistas from peaks in New England, MacKaye published an
cord most likely never to be nors. “He told me never to let claimed Jeff Kent was the best all business.” Hornsby, whose essay promoting the radical idea of a hiking trail from Maine
broken. But for many years right-handed-hitting second .358 career average puts him to Georgia. Sixteen years later, the 2,000-mile Appalachian
fans believed Babe Ruth’s 60 baseman of all time. As evi- second only to Ty Cobb, was Trail was complete, running through public and private lands,
home-run season was a mark For a five-year period dence he cited the statistic so intense about the art of built mainly by unpaid volunteers, who have maintained it
that would stand forever. known as “total bases per at hitting he refused to go to the ever since and inspired similar trails in America and around
Then Roger Maris hit 61 in in the 1920s, he hit bat,” which is sometimes movies. He worried the flick- the world.
1961. That record, too, has better than .400. That called “slugging percentage.” ering light on the screen By the standards of today’s conservationists, the Appala-
since been broken—multiple Mr. Kent did hit more homers might hurt his eyesight. Ge- chian Trail is quite cramped, because its corridor is only
times, though not without won’t happen again. than Hornsby but never came nius often comes wrapped in 1,000 feet wide. To accommodate migrating animals, Mr. Hiss
controversy. close to the batting averages eccentricities. explains, a green corridor should be at least a mile and a
Obviously records are made the older player rang up. Mr. I missed baseball during its quarter wide, ideally much wider, and he sketches possibili-
to be broken and the DiMag- anyone try to get me to Kent, who topped .300 only pandemic-induced absence ties for these wild stretches all over the continent, even in
gio hit streak may one day go. change my swing, and that I three times in a 17-year ca- last spring. Now I begin to the crowded Northeast. The job of assembling and linking
But I submit humbly that should swing at my pitch and reer, was a solid player but think of the likes of Hornsby, such disparate plots of land is daunting, and his “50 by ’50”
there is another record that not at the pitcher’s pitch.” hardly a Hall of Famer. I often Feller and Williams and I find goal may be hard to meet. But however long it takes, this
will never be broken: From Williams was correct to wonder whether these experts hope in a game that has no inspiring book shows that there are plenty of Hard Greens
1921-25 Rogers Hornsby, the seek advice from “the Rajah,” believe baseball was invented pretense of being important. hard at work to make it happen.
St. Louis Cardinals second as Hornsby was called. In in the 1970s. It knows its place.
baseman, hit for an average of those five remarkable sea- Bob Feller was the only Mr. Tierney, a contributing editor at City Journal, is co-
over .400. sons, Hornsby hit .397, .401, pitcher I knew who played Mr. Vincent was commis- author of “The Power of Bad: How the Negativity Effect Rules
I once asked Ted Williams .384, .424 and .403—an aver- against Hornsby. Feller, who sioner of baseball, 1989-92. Us and How We Can Rule It.”
.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Here Come the Biden Taxes Matt Pottinger on China and U.S. Business
S
o much for the illusion of cost-free French and Germans, working through the In “Beijing Targets American Busi- I was struck by the thought that
spending blowouts. The bill for Presi- Organization for Economic Cooperation and ness” (op-ed, March 27), Matt Pot- the Democratic Party is attempting to
tinger quotes Chinese President Xi do with social media what Mr. Pot-
dent Biden’s agenda is coming due, Development. But even the OECD has been
Jinping in 2013 describing the ulti- tinger says Mr. Xi is attempting to do
starting with Wednesday’s discussing a global mini- mate triumph of socialism over all with critical technology and industry.
proposal for the largest cor- The middle class will mum tax of about 12%, while other economic systems. The reli- Weaponizing social media and other
porate tax increase in de- pay for the largest tax Mr. Biden wants 21%. Only gious fervor of the socialist faithful is U.S. businesses to do what the Consti-
cades. Can we finally drop the in Washington would the widespread throughout the world in- tution would not allow government to
pretense that any of this is increase since 1968. left punish American em- cluding the U.S. President Xi doesn’t do is Big Brotherism.
moderate or unifying or bi- ployers in the hope that the seem able to admit that China under JAY CAMPBELL
partisan? rest of the world will be as Mao and up until Paramount Leader Camden, S.C.
Mr. Biden’s corporate tax increase alone is self-destructive. Deng Xiaoping had a crippled econ-
more than $1.5 trillion over 10 years, with an- All of this is in addition to the looming Biden omy. Deng famously said: “Let some Mr. Pottinger’s analysis of Chinese
other $1.5 trillion coming soon on individual tax increases on dividends, capital gains and people get rich first” to move the strategy to undermine American busi-
country forward. The pro-business ness and reduce the West to eco-
income and investment. That’s about $300 bil- other investment income. The lower 2017 cor-
policies rocketed many Chinese into nomic dependency makes for dispirit-
lion a year, or 1.36% of GDP each year, assuming porate rate was intended to reduce the double billionaire status. The booming econ- ing reading. In particular, the
U.S. GDP of $22 trillion. Dan Clifton of Strate- taxation of corporate income that is built into omy has allowed Mr. Xi to militarize shortsightedness of firms that fool-
gas Research Partners compares that to Bill the U.S. code. Mr. Clifton calculates that if the capitalism and make China the second ishly rushed in to make quick bucks
Clinton’s 1993 tax increase of 0.4% of GDP, mak- Biden plan becomes law the U.S. would have largest economy in the world. selling high-technology enterprises to
ing the Biden increase the largest since 1968. the highest overall tax burden on corporate in- What changed China was an em- China, only for China to promptly
i i i come—62.7%—in the OECD. brace of capitalism. Yet the Chinese copy those technologies and start
Mr. Biden’s corporate increase amounts to The great political fakery here is that corpo- Communist Party sees its world domi- making them itself, makes one believe
the restoration of the Obama-era corporate tax rate taxes merely fall on CEOs and rich share- nance disconnected from the eco- Lenin was right about capitalists aid-
burden, only much more so. The GOP tax re- holders. But as everyone knows, corporations nomic system that saved it. Similarly ing in their own destruction.
form of 2017 was designed to fix a corporate don’t really pay taxes. They are vehicles for col- in the U.S. our voters are swallowing ROBERT FRAZER
a myth system built around a socialist Salford, Lancashire, U.K
tax system that was uncompetitive and convo- lecting taxes that are ultimately paid by some fantasy. Look at the CCP and the num-
luted. Companies paid taxes in countries where combination of customers in higher prices, ber of billionaires in China. China’s Considering Mr. Pottinger’s piece,
they earned the income, but then again if they workers in lower wages, and shareholders in leaders believe they are running a so- perhaps the “G” in ESG (environmen-
returned the money to the U.S. Trillions of dol- lower returns on investment. cialist country, but that some social- tal, social and governance) investing
lars piled up overseas. Remember the string of The economic literature is clear on this ists can be billionaires. As George Or- should include assessment and scor-
corporate “inversions” when CEOs moved their point. Kevin Hassett, Aparna Mathur, Laurence well put it in “Animal Farm”: “All ing of a company’s fiduciary perfor-
headquarters overseas? Kotlikoff and other economists have done ex- animals are equal, but some animals mance not only to their shareholders
Those inversions all but ended after 2017 as tensive work showing how lower corporate tax are more equal than others.” but to their country.
reform lowered the top corporate rate to 21% rates result in higher wages. Higher after-tax JOE BOCCUZZI JEFF FULMER
from 35% and moved the U.S. closer to a terri- profits mean more corporate investment, Stamford, Conn. St. Augustine, Fla.
torial tax system in which income is taxed which means more productive workers, whom
where it is earned. Mr. Clifton calculates that companies can afford to pay more.
companies repatriated $1.6 trillion from over- In other words, Mr. Biden’s corporate tax in-
seas to the U.S. from 2018-2020, which they de- creases will hit the middle class hard—in the U.S. Should Follow EU’s Lead on ESG Policy
ployed for a variety of useful economic pur- value of their 401(k)s, the size of their pay The European Union is setting a welcomed on both sides of the Atlantic.
poses. The repatriation total three years before packets, and what they pay for goods and ser- standard for environmental, social and As the leader of the Robert F. Ken-
reform: only $495 billion. vices. This damage won’t show up immediately, governance (ESG) disclosures that the nedy Compass Investor Program, a
Mr. Biden wants to raise the corporate rate especially as the economy booms as Covid U.S. needs to work quickly to catch up network of over 300 institutional in-
back up to 28%, but that’s the least of his pro- eases this year, but the corrosive impact will to (“EU Rules Challenge U.S. Funds,” vestors, asset managers and invest-
posals. He also wants to add penalties that compound in the coming years. Banking & Finance, March 23). ment consultants controlling close to
would make inversions punitive, and he’d im- i i i At a time when the Black Lives Mat- $7 trillion in assets under manage-
ter movement and Covid-19 pandemic ment, I have routinely heard how im-
pose a global minimum corporate tax of 21%. How much of this will pass Congress? The
are prompting organizations to re-eval- portant ESG factors have become to
This would shoot the tax burden on U.S. compa- tax increases are so extreme that they seem in- uate their responsibilities to society, major pensions and endowments.
nies back toward the top of the developed tended to give Democrats like Joe Manchin and the U.S. still hasn’t required companies More important, I continue to hear
world list. At least nine major countries have Kyrsten Sinema room to demand changes and to report ESG data, even though it how well ESG funds perform against
cut their corporate tax rate since 2017, includ- then claim victory before voting for increases could help ensure better racial and traditional funds in terms of the re-
ing France, Sweden and the Netherlands. that would still be enormous. Note that the gender equity, among other benefits. turn on investments.
The larger Biden goal is to end global tax White House increased the magnitude of the Americans regularly consider whether Transparency and accountability are
competition, much as its ban on state tax cutting increases at the insistence of the Congressional food is fairly traded, organic and lo- cornerstones of any strong democratic
seeks to end income-tax competition among the left, and with no input from Republicans. cally sourced as they hunt for low society. As the U.S. seeks to reclaim its
50 states. “The United States can lead the world Once again the plan is to use budget recon- prices. In buying clothing, sustainabil- position as a moral authority during
ity and ethical labor practices are often the Biden administration, it’s impera-
to end the race to the bottom on corporate tax ciliation to jam $4 trillion more in spending
major factors. It can and should be no tive that the country not lag behind in
rates,” says the White House fact sheet. Mr. Bi- and $3 trillion in tax increases through Con- different in the investment of retire- important financial decisions.
den says he wants “other countries to adopt gress on a partisan vote. And to do so with the ment funds. What’s more, the man- SANCIA DALLEY
strong minimum taxes on corporations” so na- narrowest majorities in decades. dated disclosure of them should be Austin, Texas
tions like Ireland can no longer compete for cap- Joe Biden wants to pass an FDR agenda on
ital with lower tax rates. a Donald Trump mandate. We hope he gets the
This has long been the dream of the furious resistance he’s inviting. Science’s Real-World Issue Is Not Marketing
I think that the problem Neil de- metallurgy has advanced by leaps and
Building Government Back Bigger Grasse Tyson assigns to bad market-
ing is more attributable to prominent
bounds. There were electric cars over
100 years ago but my 2020 Tesla is a
S
scientists overstepping the bounds of completely different beast than the
ens. Elizabeth Warren and Bernie Sand- union—jobs. Will non-unionized auto makers
their fields (“What I’ve Learned From 1903 Columbia Electric Runabout.
ers lost the Democratic presidential not qualify for subsidies? the Pandemic Year: Science Needs This advancement comes from scien-
nomination, but you wouldn’t know Mr. Biden also wants to force-feed green en- Better Marketing,” Review, March tific research and discovery. We call
from President Biden’s first ergy onto the U.S. electric 20). Science should inform, not dic- this progress.
two months in office. First ‘Infrastructure’ now grid—especially after the em- tate, politics. Science is never settled, Those of us on the right are quite
came $1.9 trillion in social means climate subsidies barrassment of the last year’s so it’s OK to challenge scientists on tired of being cast as rubes and
spending under the cover of power outages in California the facts as well as their predictions. know-nothings by the self-proclaimed
Covid-19, and now comes $2.3 and social welfare. and Texas due to their over- Many of the inventions Dr. Tyson illuminati of the left. We are thinking,
trillion more for climate and reliance on solar and wind. He attributes to science (smartphones, feeling and responsible Americans
political spending dressed as wants $100 billion to “decar- jet flight and the internet) are in fact who happen to be keenly aware of
“infrastructure.” bonize” the grid by 2035—e.g., banish coal and the work of engineers. Of course, the recent weaponization of science.
these inventions are based on sci- We like clean water, clean air, a
Most Americans think of infrastructure as natural gas.
ence. But unlike raw science, they healthy body and a healthy environ-
roads, highways, bridges and other traditional This will require 20 gigawatts of “high-volt- have to work in the real world, sub- ment. We just don’t agree on whose
public works. That’s why it polls well, and every age capacity power lines” to transport solar ject to economics, politics and cul- science will allow us to reach and
President has supported more of it. power from California to Texas and wind power ture. Scientists sometimes forget that sustain these goals.
Yet this accounts for a mere $115 billion of in reverse. Good luck getting the permits to political and societal decisions are RANDALL SPANGLER
Mr. Biden’s proposal. There’s another $25 bil- build those lines, as environmental groups have much more complicated than scien- Norfolk, Va.
lion for airports and $17 billion for ports and blocked transmission lines to transport hydro- tific facts.
waterways that also fill a public purpose. The power from Canada to the Northeast. PRAYSON PATE
rest of the $620 billion earmarked for “trans- On that point, missing from the Biden plan Durham, N.C. Colleges, Sexual Assaults
portation” are subsidies for green energy and is any mention of easing National Environmen-
One need look no further than the
And the Laws of the Land
payouts to unions for the jobs his climate regu- tal Policy Act reviews. These have delayed and
1955 set of encyclopedias in your par- In his discussion of how universi-
lation will kill. This is really a plan to build gov- raised costs for countless public works over the ent’s library to understand that sci- ties handle sexual assault cases, Ken-
ernment back bigger than it has ever been. years, and Donald Trump wanted Congress to ence is not an irrefutable truth. While neth Margolis (Letters, March 11)
i i i streamline permitting. Democrats refused, and the elements of the 1955 periodic ta- makes an implicit distinction by only
The magnitude of spending is something to Mr. Biden doesn’t seem to care how long these ble remain on the 2021 list, many including private universities. I agree
behold. There’s $85 billion for mass transit plus projects will take. more have been added. The naming with him, provided applicants are
$80 billion for Amtrak, which is on top of the Mr. Biden is also redefining infrastructure of clouds is the same today as it was given full information about the poli-
$70 billion that Congress appropriated for as social-justice policy and income redistribu- in 1955, but how we study and pre- cies as well as historical data about
mass transit in three Covid spending bills. The tion. He promises to target 40% of “climate and dict weather has changed dramati- the distribution of outcomes. But
money is essentially a bailout for unions, whose clean” investments “to disadvantaged commu- cally. Base metals are the same, but what about public institutions? It
generous pay and benefits have captured funds nities”—defined in part by race—and tie fed- seems to me that, as extensions of
government, they should be expected
meant for subway and rail repairs. eral spending to union prevailing wages.
Mr. Biden also proposes to build “broadband His plan also includes $213 billion for afford-
When the Economic Cure to follow government rules. Those
are more commonly referred to as
infrastructure in unserved and underserved ar- able housing, $100 billion for retrofitting public Is Worse Than the Disease “laws.”
eas” by subsidizing government-owned and schools, $25 billion for child-care facilities and Daniel Henninger’s “Biden Aban- EM. PROF. TONY LIMA
nonprofit networks. But the Trump Federal $400 billion for increasing home-health care. dons Normalcy” (Wonder Land, CSU East Bay
Communications Commission unleashed pri- “We think that caregiving is an essential Amer- March 18) accurately describes the Hayward, Calif.
vate broadband investment by liberating pro- ican infrastructure,” says Service Employees Democrats’ strategy as pointing to
viders from Obama net neutrality rules, International Union president Mary Kay Henry. alleged impending disasters that re-
streamlining regulations and limiting how i i i quire immediate action in Washing- Pepper ...
much cities could extort them to install 5G Note the political irony of all this. Mr. Biden ton, such as Covid-19 recovery and
climate change. The irony is that
And Salt
sites. In 2019 providers built over 46,000 cell says “public investment” has fallen as a share
the real catastrophe the country is THE WALL STREET JOURNAL
sites, up from a mere 708 in 2016. of the economy since the 1960s, and he has a
facing isn’t the alleged disasters
Then there’s $174 billion for electric vehi- point. But the main reason is that government cited by Democrats, but rather the
cles, including money to build 500,000 charg- spending on social welfare, entitlements and Democrats’ policy “solutions” and
ing stations and for consumer “incentives” on public unions have squeezed out public works. the staggering debt, high taxes, rav-
top of the current $7,500 federal tax credit to Now he’s redefining social welfare as public aged energy sector and reduced eco-
buy an EV. Electric cars are fine with us if they works to drive more social-welfare spending, nomic growth that they create. In
can compete on their own merits. But they are which will further crowd out money for public area after area, I believe that the
still too expensive for most Americans, and works and government R&D to compete Democrats’ cure is a much greater
their limited battery range makes them imprac- against China. threat than the disease.
tical outside metropolitan areas. As usual, Mr. Biden professes to want to DANA R . HERMANSON
Marietta, Ga.
No matter. Democrats believe that if govern- make this bill “bipartisan,” but also as usual he
ment subsidizes EVs enough, Americans will let Democrats on Capitol Hill write his plan.
Letters intended for publication should
buy them. If not, they will eventually be forced That explains its money-for-everybody-and-ev- be emailed to [email protected]. Please
to, as California has signaled it will do. The erything character. Along with his gigantic tax include your city, state and telephone
United Auto Workers has warned EVs will de- increases (see nearby), Mr. Biden has proven number. All letters are subject to
stroy jobs, but Mr. Biden promises that cars to be the perfect political front for the Warren- editing, and unpublished letters cannot
be acknowledged.
will be made by workers with “good”—i.e., Sanders agenda. “I believe it was called ‘cursive’.”
.
OPINION
N
age recovery.
Hong Kong ow that its debt-funded
relief program has be-
Stock prices—as distinct from
earnings—have risen about 81% from
come law, the Biden ad- the pandemic bottom on March 23,
By Fred McMahon ministration is looking to 2020. Is that a windfall? It is surely
And Michael Walker bankroll even bigger a win for the brave few who dared to
T
spending programs—the American put their capital at risk to buy that
he people of Hong Kong de- Jobs Act, announced Wednesday, day. But to get that gain investors
serve to have their descent into calls for higher taxes on corpora- with a buy-and-hold strategy had to
tyranny recorded. History also tions, and another bill is reportedly endure a 33.8% decline from prepan-
deserves a record of the Chinese coming soon calling for higher taxes demic highs. Taking both the initial
Communist Party’s suppression of on wealthy individuals. The usual loss and the subsequent gain into ac-
what was once the freest place on the narrative pushing tax hikes is that count, stocks are up a more modest
planet. One international index has the rich should pay their “fair 19.6%, not extravagantly better than
already expunged Hong Kong, but the share.” But President Biden has in- the 11.5% historical average for com-
Economic Freedom of the World In- troduced a new one: that the rich got parable periods.
dex, published by Canada’s Fraser In- windfalls during the pandemic while Those stock-market gains do ben-
CHAD CROWE
stitute, and the Human Freedom In- ordinary people suffered. efit the wealthy, but they benefit ev-
dex, co-published by Fraser and the There can be a debate about eryone else, too. According to the
Cato Institute, won’t abandon Hong what constitutes a “fair share” of Fed, 53% of American families own
Kong. the overall tax burden. But the pur- stocks, either directly or through
International indexes create infor- ported economic disparities in the jobs saw little or no change in their $445 billion, cumulatively, through mutual funds and retirement pro-
mation on the human condition by pandemic among the middle class, earnings. The only evidence that year-end. The stimulus payments grams. Among the bottom 50% of in-
comparing like to like. They are most the wealthy and corporations are higher earners did well in the pan- were means-tested, available fully come-earners, 31% of families own
valuable when tracking fast-moving, illusory. demic is BLS data suggesting that in- only to persons earning under stocks.
fundamental changes, like those in According to income data from comes in the top 10% of earners $75,000 a year and quickly phasing It’s time to set aside social-justice
Hong Kong. But the Heritage Founda- the Commerce Department’s Bureau grew, at most by 1.7%. out for those who earn more. No arguments that have no economic re-
tion’s 2021 Index of Economic Free- of Economic Analysis, wages, bene- That’s hardly a windfall for the windfall for the rich there. ality. Those who were hurt in the
dom created a new rule to eliminate fits and small-business proprietors’ higher earners, but at least they kept Large corporations also haven’t pandemic received relief, a great
Hong Kong. “The Index this year mea- income was running at $1.08 trillion their jobs while middle-class Ameri- received a pandemic windfall. To be deal of it, and there is more on the
sures economic freedom only in inde- a month in February 2020, the last cans who became unemployed lost. sure, there were some winners, but way—more unemployment benefits,
pendent countries,” Heritage wrote. complete month before the pan- there were losers too. Companies more stimulus checks.
“Hong Kong and Macau are thus no demic started to shut down the that could be expected to benefit Where’s the justice in decrying
longer included.” economy. That was the peak after Some big companies rose from the need for people to shop and people and corporations who prof-
which things began to go downhill. be entertained from home should ited by stepping up during the pan-
By the end of the year, cumulative to the occasion during the have all been winners. According to demic? Calling their well-earned
The Fraser Institute, monthly losses of income compared pandemic and did well. Bloomberg, Amazon’s earnings per profits mere windfalls demeans their
with February’s added up to $417 share doubled in 2020. But where’s service to us all. It is like resenting a
unlike Heritage, will billion. But there were losers too. the windfall? It wasn’t luck that Am- nurse in a Covid ward for earning
measure its descent into At first glance, those losses ap- azon rose to the occasion, risking its overtime by working two shifts.
pear to have been borne by the mil- capital and using its managerial ex- Should we think they suffer from
tyranny and domination. lions who lost their jobs or busi- But this disparity has already been pertise to hire half a million new em- survivors’ guilt that needs expiation
nesses in the pandemic. According to addressed by relief policy. The $522 ployees in the pandemic. with higher taxes?
the Labor Department’s Bureau of billion in state unemployment bene- There were no winners among the If the idea is to unite Americans,
This contradicts past practice. In- Labor Statistics, as many as 25.3 mil- fits and federal government top-ups corporations in industries that suf- then it doesn’t help to identify win-
ternational indexes, including Heri- lion became newly unemployed in more than offset the $417 billion in- fered from the cessation of travel— ners and losers falsely. We should be
tage’s, measured Hong Kong when a April, and 8.9 million were still un- come loss. In the aggregate, the un- such as airlines, hotels and energy thankful that those who lost their
London-appointed, monarchical gov- employed at year-end. The job losses employed were quite literally paid producers. They saw their earnings jobs and businesses have compensa-
ernor set policy. They also rated Leba- were concentrated among lower in- 25% more not to work than to swing to outright losses. According tion already. And we should thank,
non under Syrian control and scores come earners. On net, they fell en- work—while the employed were paid to Bloomberg data, S&P 500 esti- not punish with higher taxes, those
of indebted nations when the Interna- tirely in the income brackets below no more to keep working. mated earnings stood at $172 a share who kept on working and investing—
tional Monetary Fund and World Bank $1,000 a week, with half the losses in Add to this the stimulus pay- before the pandemic. By year-end and profiting—for seeing America
set policy. The index is about eco- brackets below $600. ments, which are separate and apart 2020 they had fallen 19%, to $139. through a historic crisis.
nomic freedom, not who rules whom. At the same time, according to a from unemployment benefits. These Raising the corporate tax rate pun-
In its annual report, Heritage ad- study by the Federal Reserve Bank of and other relief payments (other ishes them all, winners and losers Mr. Luskin is chief investment of-
mits that Hong Kong enjoys “policies San Francisco, those who kept their than unemployment benefits) were alike. If anything, a tax break for cor- ficer of TrendMacro.
that in many respects offer their citi-
zens more economic freedom than is
available to the average citizen of
China.” So why not measure it?
Perhaps to avoid public-relations
An Auschwitz Survivor Dies in a New York Nursing Home
problems. Fraser got pushback for By Faith Bottum she wouldn’t lie down and die. vivors in Poland that her intended, Jewish organizations late in life, but
F
ranking Hong Kong first in 2020, When the Nazis emptied Kraków’s Elias, had been transferred to Czech- she generally refused to talk about the
based on 2018 data, the most recent elicia Friedman survived the ghetto in the spring of 1943, she was oslovakia. With no family left, she Holocaust and the concentration-camp
comprehensive data available. Hong Nazis. She survived the Red separated from her family and sent to walked and hitchhiked her way to the number tattooed on her arm. “She
Kong will be at or near the top of Army, dodging her way across the Płaszów camp, where she worked Theresienstadt transit camp, where didn’t want to share her war experi-
global economic freedom in 2021 Eastern Europe after World War II. on Bakelite radios and munitions for she posed as a nurse to help him re- ences,” her grandson Aaron Friedman
(with 2019 data), too. To maintain She survived immigration and a new the German military. The notorious cover from typhus. They were mar- told me. “She didn’t want the family to
Hong Kong’s economic success, the life in America. The only thing she commandant, Amon Göth, “would ried in October 1945, surrounded by experience pain from her own pain.”
Communist Party will likely avoid un- didn’t survive was a Long Island beat people mercilessly,” she would American military police at an Allied Felicia Friedman left behind two
dermining economic freedom unless nursing home infected with Covid-19. remember. One guard “had this huge displaced-persons camp in Germany. children, nine grandchildren, and 25
it threatens the regime. She died on May 19, 2020, at 94. German dog, and the dog really didn’t great-grandchildren. In a filmed 1998
Hong Kong will decline more in Born Felicia Deutscher, a Jewish like noise,” so he would set the dog interview she spent a good portion of
our broader Human Freedom Index, girl in Poland, she was 13 when the on any who bothered him. “I sur- At 94, Felicia Friedman her time showing pictures of her de-
but not all at once. Many officials will Germans invaded in 1939. From the vived,” she liked to say. “He didn’t.” succumbed to Covid-19 scendants. “She was very sweet,” her
slow-march tyranny and millions of ghetto in Kraków to the Płaszów labor In the fall of 1944, she and others grandson remembers. “Any family
Hong Kongers will preserve their re- camp, from Auschwitz to a death from Płaszów were shipped by cattle and bureaucratic bungling. gathering turned into how apprecia-
maining freedom as best they can. march west to Neustadt-Glewe, she car to Auschwitz. Lined up for the tive she and my grandfather were for
Yet Heritage accepts Beijing’s new would spend the next 5½ years gas chambers twice, she survived the everything they had. It was tinged by
one-state, one-system principle, ex- caught up in the Holocaust. She saw first time when the gas ran out, and After returning to Poland to testify everything they lost.”
plaining that “developments in Hong her 6-year-old cousin shot for picking the second time when a group of gyp- against Göth, they were turned away In the end, she died as a result of
Kong or Macau that are relevant to a flower. She was beaten repeatedly sies were herded in ahead of her. at the Italian border in an attempt to bureaucratic bungling when Gov. An-
economic freedom will be considered for the offense of being a Jew with a In January 1945, with the Red get to Israel. In 1947, they won visas to drew Cuomo’s administration allowed
in the context of China’s evaluation.” German-sounding surname. She was Army approaching, a group of the U.S., where the husband found a Covid-19 patients to be moved to
Fraser teamed with Milton and chased by military dogs and hounded Auschwitz prisoners were forced on job cleaning toilets at Barton’s Candy nursing homes—stealing from us a
Rose Friedman and 60 of the world’s by SS guards. She watched a friend a death march. Felicia observed her Co. in New York. He eventually rose to treasure of historical memory.
top scholars beginning in 1984 to de- executed for humming a Russian tune. 19th birthday trudging through the become Barton’s vice president. Feli-
fine and measure economic freedom. Along the way, she saw thousands snow toward the German border. cia took night classes to improve her Ms. Bottum is a civil-engineering
The resulting books, starting in 1986, put to death or succumb to frostbite After the Soviets liberated her at English and worked as a bookkeeper. student at the South Dakota School of
have informed all subsequent eco- and starvation. Somehow, through it Neustadt-Glewe, she heard from sur- Felicia gave some interviews to Mines.
nomic freedom research. Fraser’s in- all, she kept her faith intact. After
dex first appeared in the mid-1990s, hearing a fellow teenager claim that
covering years from 1970. Hong Kong
was No. 1 from the start.
Let’s remember that miracle.
their horrific situation proved God
did not exist, she answered that the
oppression of the Jews proved God’s
Build Infrastructure With Private Cash
“Hong Kong, left devastated at the reality, for all that was happening to By Robert Poole brand-new facilities, like the express ment agencies. And it has loosened
P
end of World War II, by granting its them came from evil people. A young toll lanes added to freeways outside what used to be a ban on using tolls
people the highest level of economic man named Elias Friedman over- resident Biden unveiled his Washington and in Dallas. But there on the 95% of the interstate system
freedom in the world, rose to become heard her and vowed to marry her—if $2.3 trillion infrastructure are a few examples of public-private originally developed with 90% fed-
one of the most prosperous places on they survived. proposal on Wednesday, plan- partnerships improving existing fa- eral funding.
the planet. . . . Civil and personal Felicia was a tiny woman, only 5 ning to fund it mostly via huge cor- cilities via long-term leases, includ- But those provisions aren’t
freedom blossomed.” foot 2 as an adult, but she was always porate tax increases, with the rest ing the Indiana Toll Road and the enough if the goal is to overhaul the
That’s from a 2020 petition sup- quick on her feet. Ambitious, too. De- apparently from more federal bor- San Juan International Airport. interstates at a cost of $1 trillion.
porting the people of Hong Kong, ini- cades later she would boast of having rowing. But if the White House and The administration’s Build Back The current federal cap of $15 billion
tiated by Fraser and signed by insti- been valedictorian of her grade Transportation Secretary Pete Butt- Better program could encourage worth of private-activity bonds has
tutes in 39 nations. We won’t school. Perhaps her overarching char- igieg truly want a bipartisan bill, state and local governments to mod- recently been reached, and a biparti-
abandon Hong Kong. We will keep acteristic, though, was her ferocity. they should invite private capital to ernize aging and outdated highways, san bill has been introduced to dou-
measuring freedoms to hold the Chi- As a teenager, she was the family play a major role in paying for por- bridges and utilities via equity in- ble that. But the law authorizing
nese Communist Party to account. breadwinner, allowed out of the tions of the plan. That would reduce vestments from infrastructure in- such bonds also referred exclusively
ghetto (with an armband) to sell her the extent of federal tax increases vestment funds. Take the Interstate to new public projects, when today’s
Mr. McMahon is a resident fellow knitting and sewing. Told a beating and borrowing. Highway System. A 2018 study by need is mostly to rebuild existing in-
at the Fraser Institute. Mr. Walker is would stop if she begged, she re- Few people understand how the Transportation Research Board frastructure. That needs to be fixed.
the institute’s founder. fused. Marched through the snow, much private capital is available found that most of the original pave- Also, states still aren’t generally per-
and in use across the world to fi- ment is wearing out. Some major mitted to finance interstate modern-
nance infrastructure. Last year bridges and interchanges need re- ization with tolls. This option should
alone, infrastructure investment placing, and truck-intensive corri- be available to all states, with pro-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY funds raised a near-record $102 bil- dors need more lanes. The estimated tections to ensure it is done in a cus-
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
lion in equity. Despite the pandemic, cost: $1 trillion over 20 years. tomer-friendly way.
Matt Murray Almar Latour
they invested $54 billion in projects These would be ideal projects for Several weeks ago the nonprofit
Editor in Chief Chief Executive Officer and Publisher world-wide last year. Those who in- public-pension fund investment. U.S. Bipartisan Policy Center hosted a
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: vest in these funds are institutional and Canadian pension funds are al- webinar on paying for the new infra-
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; investors, such as insurance compa- ready investors in the public-private structure program. Much of the
Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; nies and public pension funds. They partnership companies of the Indi- event dealt with the case for long-
News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; seek to invest equity in long-lived ana Toll Road, Chicago Skyway and term public-private partnerships to
Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer
projects that generate revenue and the Virginia express lanes, diversify- finance such an effort. This is the
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
are a good match for their long- ing their portfolios in hopes of a path to a bipartisan bill: Don’t fund
OPERATING EXECUTIVES:
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; term liabilities. higher return. Were Congress to per- it exclusively via borrowing. Don’t
Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; The large majority of this private mit tolling to finance reconstruction risk economic recovery by enacting
Shazna Nessa, Visuals; Matthew Rose,
Kristin Heitmann, Chief Commercial Officer; investment goes to projects outside of individual corridors, provided large federal tax increases. Open the
Enterprise; Michael Siconolfi, Investigations;
Stephen Wisnefski, Professional News
Nancy McNeill, Corporate Sales; the U.S. Other countries have privat- states were willing, pension funds door to hundreds of billions in pri-
Thomas San Filippo, Customer Service; ized airports, seaports and toll and other equity investors would vate capital from investors like pub-
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page;
roads, so the funds can invest equity jump at the chance to finance such lic pension funds. That will help
Suzi Watford, Chief Marketing Officer;
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International
in either acquiring or modernizing megaprojects. build infrastructure back better.
them. But in this country, those as- In recent years, Congress has
WALL STREET JOURNAL MANAGEMENT:
Joseph B. Vincent, Operations; Professional Information Business: sets are owned by government. The taken a few steps in this direction. It Mr. Poole is director of transpor-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head only way funds can invest equity is if authorized the issuance of tax-ex- tation policy at the Reason Founda-
EDITORIAL AND CORPORATE HEADQUARTERS: the facilities are leased long-term as empt private-activity bonds, to put tion and author of “Rethinking
1211 Avenue of the Americas, New York, N.Y., 10036 public-private partnerships. Most public-private partnerships on a America’s Highways” (University of
Telephone 1-800-DOWJONES
current public-private projects are level cost-of-debt basis with govern- Chicago Press, 2018).
.
WORLD NEWS
chains. lance. have been dealing with a Biden have talked of the need
Prime Minister Scott Mor- Mr. Morrison said at the shortage of vaccines locally. for greater collaboration by
rison said 1 billion Australian time that Australia needed to More recently, global sup- allies on security issues.
dollars, equivalent to US$761 prepare for a world after the ply chains have been dis- While Australia appears to
million, would be invested in pandemic that was poorer, rupted by the extreme be doubling down on its com-
a new enterprise that will more dangerous and more weather that triggered mass mitment to its U.S. alliance,
provide weapons to Austra- disorderly. blackouts in Texas and the the Trump era shook Can-
lia’s military. Defense officials Australia currently gets its blockage of the Suez Canal by berra’s confidence, said Sam
will select a company to run missiles from manufacturers a grounded container ship. Roggeveen, director of the in-
the operation; they didn’t say in the U.S., Europe and Israel, Prime Minister Morrison announced the missile plan Wednesday. Guided weapons can rely ternational security program
when the first missile will according to defense experts. on thousands of components at Australia’s Lowy Institute,
likely be produced. Many manufacturers of mis- included in last year’s de- stockpiles. so take several years to de- a think tank. China’s military
“As the Covid-19 pandemic siles, including Raytheon fense-strategy paper as a Global supply chains for a liver when ordered from rise has also been so dra-
has shown, having the ability Technologies Corp. and Lock- possibility, but the govern- variety of products including overseas, said Marcus Hellyer, matic that Australian officials
for self-reliance, be it vaccine heed Martin Corp., have Aus- ment said it was motivated cars and clothing have been a senior analyst at the Aus- have needed to rethink their
development or the defense tralian units. BAE Systems by supply-chain shocks to act disrupted by the pandemic tralian Strategic Policy Insti- defense strategy, he said.
of Australia, is vital to meet- PLC, a U.K. arms supplier, now. Guided weapons play a over the past year. As the tute, or ASPI, a government- “Increasingly, when it
ing our own requirements in said on Tuesday that it will key role in modern warfare coronavirus spread around backed security think tank. comes to the defense of Aus-
a changing global environ- step up investment in Austra- by enabling military chiefs to the world, hospitals and pub- “So, in essence, guided tralia, we are going to be on
ment,” Mr. Morrison said. lia to support the develop- attack targets with precision, lic-health officials in coun- weapons are a supply-chain our own and we need to be
Australia is overhauling its ment of locally made high- minimizing the risk of killing tries including the U.S. ra- crisis just waiting to happen,” able to do these things on our
military to create a larger, speed weapons. innocent civilians. Australia tioned medical masks due to Dr. Hellyer said. own,” or at minimum have
more powerful force focused Manufacturing guided hasn’t said how many guided hoarding elsewhere. Now, as Australia currently pro- bigger stores of guided weap-
on the Indo-Pacific as it seeks weapons within Australia was missiles are in its existing countries accelerate the roll- duces some components of ons, Mr. Roggeveen said.
WORLD WATCH
RUSSIA CHINA NIGER
Imprisoned Navalny Consumers Boost Attempted Coup
Begins Hunger Strike Economic Recovery By Military Thwarted
Kremlin critic Alexei Navalny China’s economic recovery Niger’s security forces
has begun a hunger strike to pro- picked up a surprising amount of thwarted an attempted military
test a lack of treatment for what steam in March, boosted by coup at the West African coun-
he describes as a debilitating strong domestic consumption try’s presidential palace overnight
health issue he has suffered since and unquenchable foreign de- just two days before the newly
being imprisoned in February, the mand for Chinese-made goods. elected president is to be sworn
latest standoff between Russian The country’s official manu- in to office in a peaceful transfer
authorities and the protest leader. facturing purchasing managers of power, the government said.
The opposition politician’s an- index, a gauge of factory activ- The coup attempt raises fear
nouncement comes as his follow- ity, hit a three-month high of of more violence coinciding with
ers are working to rally support 51.9 in March, topping February’s newly elected President Mo-
for new protests after street reading of 50.6 with the 50 hamed Bazoum’s inauguration on
DONAL HUSNI/ZUMA PRESS
demonstrations earlier this year mark separating expansion from Friday. Already his administra-
were called off in the face of po- contraction, according to the Na- tion faces unprecedented threats
lice violence and the detention of tional Bureau of Statistics. from Islamic extremists near its
thousands countrywide. More encouraging for China’s troubled border with Mali.
Mr. Navalny, who is over 6 feet leaders—who have been eager Several people have been ar-
tall, said he suffered a pinched to rebalance the economy to- rested in connection with the
nerve because of cramped condi- ward consumer spending after a coup attempt while others linked
tions in police wagons, jail cells year in which manufacturing Indonesia’s National Transportation Safety Committee will examine the cockpit recorder for clues to to the events are being sought,
and the cages reserved for defen- drove the recovery—a parallel why a Sriwijaya Air jet crashed into the Java Sea, killing all 62 people aboard, on Jan. 9. a government spokesman said.
dants in criminal cases in Russia. gauge of services and the con- The overnight crackle of gun-
The country’s main prison facili- struction industry jumped even INDONESIA crashed into the Java Sea in three days after the accident. fire in the neighborhood near
ties authority said his health is more in March, suggesting a January, killing all 62 people on The device could help investi- the palace immediately
stable and satisfactory and that broadening of consumer activity. Recorder Is Found in board, officials said Wednesday. gators determine what caused prompted concerns of a coup at-
he has received all necessary The official nonmanufacturing Sriwijaya Air Crash Transportation Minister Budi the Boeing 737-500 to nosedive tempt given that Niger has a
medical assistance. Mr. Navalny PMI surged to 56.3 from Febru- Karya Sumadi said divers re- into the ocean in heavy rain long history of the military seiz-
says he has been offered ibupro- ary’s 51.4 reading, the statistics bu- Indonesian navy divers recov- trieved the cockpit recorder Tues- shortly after it took off from Ja- ing power by force since its in-
fen to relieve the pain. reau said Wednesday. ered the cockpit voice recorder day night, near where the flight karta on Jan. 9. dependence from France in 1960.
—Thomas Grove —Jonathan Cheng of a Sriwijaya Air jet that data recorder was recovered —Associated Press —Associated Press
.
Treasury Selloff Foreign investors have been taking a smaller share of the U.S. Treasury market over the past few two major truck plants, as a
years as issuance has grown. This year there was heavy selling during Asian trading hours driven global shortage of semicon-
mostly by Japanese investors locking in returns ahead of their financial year-end on March 31. ductors upends vehicle manu-
facturing for car makers in
Market share of major holders of U.S. Treasurys Foreign investors' holdings of
Accelerated by
North America.
U.S. Treasurys, monthly The company said Wednes-
45%
$7.5 trillion
day that it would halt produc-
tion for two weeks in April at
40
Investors in Asia
its truck plant in Dearborn,
7.0 Mich., and take a week of
downtime on the truck side of
35
its Kansas City, Mo., assembly
In 2013, foreign investors 6.5 plant, starting Monday. It also
The sharp rise in Treasury ing on investment plans for 30 owned more than 43% of all plans to suspend work tempo-
Foreign
yields in recent weeks looked the new fiscal year. Treasurys. By 2020, their share investors rarily and cancel planned
like a test of whether the Fed- Large Japanese investors dropped to less than 30% 6.0 overtime at several other fac-
25
eral Reserve can keep interest have collectively made net tories in North America, at-
rates low after the economy sales of ¥2.815 trillion, equiva- tributing the work stoppages
Federal
regains its footing. lent to $25.43 billion, of for- 20 Reserve 5.5 to tight chip supplies.
eign bonds since the start of Like other car companies,
By Paul J. Davies, February, according to Ministry
Domestic
Ford has been struggling to
Megumi Fujikawa of Finance data up to March 15 secure enough semiconductor
mutual funds 5.0
and Frances Yoon 20, the most recent available. chips as makers of those com-
It wasn’t only Japanese 10 ponents have been slammed
Under the surface, other fac- firms. Seoul’s Kyobo Life In- 4.5 with surging demand from
tors drove the selloff in U.S. surance Co. was also a seller other industries.
government bonds, pushing of longer-dated U.S. Treasurys, 5 Ford in February said it
prices down and yields up, ac- according to Matt Lee, head of 4.0 plans to cut production of its
cording to investors and ana- overseas investments at the 0 F-150 pickup truck-the nation’s
lysts. One factor was heavy company. “There’s a high top-selling vehicle and the
2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 ’20 3.5
selling by investors in Japan chance that U.S. interest rates company’s biggest money
who were locking in investment will continue to rise,” he said. Please turn to page B5
Buying during Asian hours has led Treasury
returns for their year-end. One sign that Asian inves-
yields back down from their recent peaks. 3.0
The yield on the 10-year tors led the selloff in Trea-
Treasury rose from close to 1%
at the end of January to an in-
traday peak of over 1.77% on
surys was the timing of the
market moves, according to
several investors. Some Trea-
Trading hours during which 10-year
Treasury yields moved in recent weeks
2.5
Companies
0.6 percentage points
Tuesday to end at 1.749%
Wednesday.
Banks and insurers in Japan
sury auctions struggled in late
February. Analysts at that
time spoke of a buyers’ strike
Tokyo
day
London
2.0
Push Up
put extra impetus into a wave
of global selling in February,
according to investors and an-
among Asian investors causing
a shortfall in demand.
Guneet Dhingra, head of
0.4 day
publicly clashed with Georgia’s In a Wednesday appearance again as fliers ance from the internet in
governor over a similar law on CNBC, Coca-Cola Chief Ex- return. B3 China.
passed there last week. ecutive James Quincey said the “We want to be a responsi-
The efforts by Black busi- company had always opposed ble buyer, in China and else-
ness leaders, as well as new the legislation, which he called where, and are now building
statements from Delta, Coca- unacceptable. Private efforts to forward-looking strategies and
Cola Co. and other companies lobby hadn’t worked, he said, actively working on next steps
on Wednesday, come after “and so we’re being more with regards to material
civil-rights advocates had for forceful in our public position.” sourcing,” said Chief Executive
days said Georgia-based corpo- The 72 Black executives, Helena Helmersson during a H&M said about 500 of its stores in China had been closed.
rations hadn’t done enough to who include Merck & Co. CEO conference call coinciding with
push back against that new Kenneth Frazier, former Amer- the company’s earnings. viral. That triggered govern- leagues and business partners
state voting law. ican Express Co. CEO Kenneth Last week, China’s leading ment criticism and attacks in China.” She said 20 of
Opponents say the new vot- Chenault and Mellody Hobson, e-commerce, ride-hailing, from pro-Beijing social-media H&M’s roughly 500 stores in
ing rules will make it harder Starbucks Corp. chairwoman TECHNOLOGY daily-deals and map applica- influencers in the country. the country had been closed,
for voters in underrepresented and co-CEO of Ariel Invest- Smartphone app tions removed any reference Ms. Helmersson said the answering a question about
communities to cast ballots, ments LLC, signed an open let- to H&M after a statement it is- Swedish company remained whether landlords were forc-
while backers say the rules are ter published in a full-page
pitches 99-cent views sued last year about not committed to the Chinese Please turn to page B2
needed to preserve election in- New York Times ad on for young sports fans sourcing material from Xinji- market and was “dedicated to
tegrity. Wednesday. In it, they pushed without cable. B5 ang, a major cotton-producing regaining the trust and confi- China’s attacks on H&M and
Though Delta, Coca-Cola Please turn to page B2 region in China, suddenly went dence of our customers, col- other brands follow script.. B2
.
Deliveroo.....................B4
Intel.............................A4 T
Delta Air Lines......B1,B3 J TaxBit........................B14
Deutsche Bank..........B14 Jasper Ridge Partners Tesla..........................B14
...................................B12 Twitter ........................ B5
E
J.M. Smucker..............B6 U
CHINATOPIX/ASSOCIATED PRESS
Elliott Investment
Management.............B4 K United European Car
Endeavor ..................... B5 Kimberly-Clark............B1 Carriers.....................A2
UnitedMasters............B4
F M
V
Facebook ..................... A3 Merck.....................B1,B5
Flagship Pioneering....B5 Microsoft .................... A3 Visa............................B14
Ford Motor..................B1 Moderna.................A6,B5 W
G Morgan Stanley........B14 Waste Management...B6
GameStop....................B7 N WestRock....................B6 The campaign was directed at companies that expressed concern over forced labor. A cotton harvester in China’s Xinjiang region.
Geely ......................... B14 Nike.............................B2 X
INDEX TO PEOPLE
B
Bastian, Ed..................B2
Bessel, Rich .............. B13
Bissoon, Neranjan.......B7
H
Harmening, Jeff..........B1
Hart, Nate...................B7
Hauenstein, Glen........B3
M
Madrigale, Angelo ...... B7
Musk, Elon.............B5,B7
Celebrated by Chinese Officials
N
C Helmersson, Helena...B1
Nally, Michael.............B5
BY EVA XIAO other hot-button issue, Hong suggested China should respond tions, instead describing the in-
Chenault, Kenneth......B1
Hobson, Melody..........B1 Kong. At a meeting late last reasonably and with legal evi- ternment camps as vocational-
Horrowitz, Andreessen Q Propaganda officials quietly month officials from China’s dence if foreign companies pub- training centers aimed at
Clepp, Chris.................B7
.....................................B4 Quincey, James...........B1 celebrated in Beijing two days Foreign Ministry and the Com- lished “improper statements” countering terrorism and reli-
Cue, Eddy .................... B4
Hu, Ken........................B1 R after a Chinese social-media munist Party’s Propaganda De- on Xinjiang, but that pressure gious extremism.
D
J Reilly, Joseph..............A4 post helped ignite a frenzy of partment raised the example of should come from the public Despite the Chinese govern-
Dhingra, Guneet..........B1 outrage against Western cloth- Hong Kong, and talked about and industry, not the govern- ment’s efforts, Western nations
Dorsey, Jack................B7
Josephson, Adam ....... B6 S
Jun, Lei......................B14 ing brands, according to people the need to push back on Xinji- ment. have grown more aggressive in
F-G Stoute, Steve..............B4
K
familiar with the matter, in ang as international attention Allegations that Beijing is attempting to punish China
Struckhoff, Chris ........ B7
Fish, Jim......................B5 what they saw as a victory in a has shifted to the Uyghurs, ac- committing crimes against hu- over Xinjiang. In March, the Eu-
Fohlin, Caroline...........B7
Kehoe, James..............B3 T-W new effort to inoculate China cording to people briefed on the manity or genocide in the re- ropean Union imposed sanc-
Frazier, Kenneth ......... B1 L Thompson, Al ............. A4 against criticisms from the proceedings. gion, which it denies, have be- tions on Chinese officials for
Gelsinger, Pat.............A4 Lee, Matt .................... B1 Wuttke, Joerg.............B2 West. After pro-democracy pro- come a flashpoint in relations the first time in four decades
The furor that scorched tests broke out in Hong Kong in with Western nations. China’s for human-rights abuses against
Hennes & Mauritz AB’s H&M, 2019, Beijing authorities ini- ruling Communist Party has be- Uyghurs. The U.S., U.K. and
SAVE
the public that voting is fair that were initially proposed by to elaborate on why or when. suffered losses as officials be-
and to ease concerns there the state’s GOP legislators. The She also declined to answer a gan suspending operations at
$
100
might have been fraud this law requires absentee voters to question about whether H&M’s some stores, citing code viola-
past election season. No court request ballots by providing supply chain in China has been tions. It retreated from the
or legislative body has found their driver’s license number, impacted. market in 2017.
evidence of widespread voter the last four digits of their So- The standoff has turned H&M has more room to ma-
fraud. cial Security number or a copy H&M, one of the world’s largest neuver than other companies.
Despite pressure from then- of some other accepted form of clothing retailers, into the lat- While publicly listed, it is fam-
President Donald Trump to identification. They also have est test case for how a big ily controlled, giving it some
overturn the results, Republi- to provide this information Western brand navigates a Chi- freedom from investor pres-
can Gov. Brian Kemp, Georgia’s when they mail in their ballots. nese government increasingly sure. China was H&M’s third
secretary of state and other Currently, people sign an ab- willing to assert itself over the biggest market by sales in the Reg. $29999 | SALE $19999
Republican officials also af- sentee-ballot application and actions of foreign companies. quarter ended February, ac-
firmed the integrity of the sign an inside envelope con- For many consumer-focused counting for 6% of overall rev-
state’s 2020 presidential elec- taining the ballot when they companies, the country is their enue. The company didn’t dis-
tion after conducting two mail it in. fastest-growing market. But close any financial impact
statewide recounts and a par- The law also places new Beijing’s willingness to inter- from the ban.
tial audit of mail-in votes in limits on how parties and vot- vene with Western companies, H&M said last September
one county. ing groups mail out absentee- or call out foreign businesses it that it wasn’t sourcing mate-
On Wednesday, Delta CEO ballot request forms, and lim- sees as not toeing the govern- rial from China’s Xinjiang re-
Ed Bastian issued a memo to its the number of ballot drop ment’s line, can become a ma- gion, where human-rights or-
employees more sharply criti- boxes to one per county except jor pitfall. ganizations say authorities use
cizing the new Georgia law
than the company had in pre-
for large counties, which can
set up one box for every
Alexander Shapiro, head of
strategy at Beijing branding
forced labor. Beijing denies the
accusation.
Can’t Hear
vious statements. After he had
time to fully understand the
100,000 registered voters.
—Alison Sider
agency PBB Creative, said
H&M essentially has two
That statement began circu-
lating widely only last week in Voices On TV?
legislation’s provisions and contributed to this article. choices: It can keep its head Chinese media, sparking a New AccuVoice® AV157 Speaker uses
down and hope the boycott consumer boycott and H&M’s patented hearing aid technology to create
ends quietly. Or it could stick erasure from online shops, 12 levels of dialogue clarity.
by its human-rights stance, search engines and other in-
risking sales indefinitely. It ternet services. Chinese social- Flat-screen TVs use tiny speakers with tinny sound. So many people
have to use closed-captioning to watch a movie or sporting event.
could also pre-emptively pull media users also have turned
Our patented hearing aid technology lifts voices out of the soundtrack
out, a move that could benefit on other brands, including
MARK KAUZLARICH FOR THE WALL STREET JOURNAL
and clarifies them. The result is remarkable. The AV157 has 12 levels
the brand outside China if it is Nike Inc. and Adidas AG,
of voice boost – in case you need extra clarity. Only 17" wide, it fits
seen as willing to stand up to which had issued similar
just about anywhere. Hookup is simple – one connecting cord.
Beijing. “The attention could statements about forced-labor
have more value than your concerns in Xinjiang. Only
Chinese business,” he said. H&M, though, has been sub- “It’s Like A Hearing Aid You Plug Your TV Into.” Techhive
BUSINESS NEWS
Walgreens Profit
Gets Boost From
Covid-19 Vaccines
BY SHARON TERLEP workers and customers safe
AND MICAH MAIDENBERG and stores stocked.
The U.S. Centers for Medi-
Walgreens Boots Alliance care and Medicaid Services an-
Inc. says money made from nounced in March that it would
administering Covid-19 vac- increase the payment rate for
cines should begin to offset vaccines to $40 for each dose,
pandemic-related losses as up from $28 for a single dose
SHANNON STAPLETON/REUTERS
more people get shots and the and $45 for two doses.
U.S. government pays a higher It isn’t clear if all insurers
reimbursement rate. will match the government’s
The company said Wednes- $40 rate, Walgreens finance
day it has administered more chief James Kehoe said, though
than eight million vaccines to the company’s increased profit
date, including four million in forecast is based on that reim-
March. Executives now expect bursement rate.
the company to administer 26 The company reported a The airline says it will change its policy starting May 1 as nearly 65% of its customers anticipate having a vaccine by that date.
million to 34 million shots stronger profit for its latest
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TECHNOLOGY WSJ.com/Tech
Deliveroo
Plunges 26%
In Debut
Selloff highlights angst and other cyclical stocks that
struggled during the spread of
about the food-delivery Covid-19 appear more attrac-
startup’s ability to tive.
Deliveroo, the U.K.’s equiva-
sustain growth
CHRIS J. RATCLIFFE/BLOOMBERG NEWS
TECHNOLOGY
Endeavor Files With SEC for Listing Ford to added that it would provide an
update on the financial impact
of the semiconductor shortage
when it reports quarterly re-
BY KIMBERLY CHIN
AND MAUREEN FARRELL
public in the coming weeks.
As part of the deal in a sep-
what it plans to raise.
In its filing, Endeavor also
pose acquisition companies.
Endeavor publicly filed for
Halt Some sults on April 28.
Factory workers at the af-
arate private placement that revealed that Elon Musk, CEO an IPO in May 2019 but tabled
Endeavor Group Holdings
Inc. is set to go public, disclos-
will take place at the time of
the IPO, Endeavor will raise
of Tesla Inc. and Space Explora-
tion Technologies Corp., known
those plans later in the year.
The company, known for
Factories fected plants will be put on
layoff status during the down-
time, a Ford spokeswoman
ing plans to take full owner- nearly $1.8 billion from a mix as SpaceX, had been nominated representing Hollywood talent said. In addition to unemploy-
ship of UFC and highlighting of investors. They include Fi- to the company’s board. like Dwayne Johnson and Continued from page B1 ment benefits, Ford also pro-
its transformation from a tal- delity Management & Re- The move to jump on the Charlize Theron, also owns maker--because of the short- vides unionized workers with
ent agency to a media con- search Co., Dragoneer Invest- public-market bandwagon sports and modeling agency age. It also said at the time supplemental pay per the la-
glomerate with a collection of ment Group LLC and Elliott comes as investors are clamor- IMG Worldwide Inc. and the that the production losses bor contract, she added.
high-profile sports and enter- Management Corp. That fund- ing for shares of fast-growing Miss Universe pageant. In globally from the chip short- The actions Ford is taking
tainment brands. ing will go toward buying out companies from videogame 2016, Endeavor bought part of fall in the first and second now illustrate how global car
On Wednesday, Endeavor the 49.9% it doesn’t own of Ul- platforms such as Roblox Zuffa LLC, owner and operator quarters could cut $1 billion to companies confront a bumpy
unveiled paperwork it filed timate Fighting Championship. Corp. to food-delivery compa- of Ultimate Fighting Champi- $2.5 billion from its pretax recovery from the pandemic,
with the Securities and Ex- Endeavor will raise addi- nies such as DoorDash Inc. onship. Endeavor applied to bottom line this year. which last spring led to wide-
change Commission, which sets tional funds from public mar- The IPO market has also been list on the New York Stock Ex- On Wednesday, Ford reaf- spread factory shutdowns in
the stage for the company to go ket investors but didn’t reveal fueled by a rise in special-pur- change under the symbol EDR. firmed its early guidance and the auto industry.
Ray Dalio
Founder,
Co-Chairman
and Co-Chief
Investment Gabrielle Union
Officer,
Bridgewater Actress and
Associates Entrepreneur
Chairman Singer-
and CEO, Songwriter, Multi-
Pernod Ricard Instrumentalist
North America and Producer
Bill Ackman
José Andrés
Just Announced
CEO, Pershing
Square Capital Chef and Owner,
Management, LP ThinkFoodGroup
© 2021 Dow Jones & Co., Inc. All Rights Reserved. 6DJ8356
.
BUSINESS NEWS
PETER FOLEY/EPA/SHUTTERSTOCK
alent to about 477 square -2.5
miles of additional corrugated
board—enough to cover New 325
York City and then some. -5.0
The demand prompted pro-
ducers to raise prices to new
300 -7.5
highs in autumn and again re-
cently, adding to the supply- 1990 ’95 2000 ’05 ’10 ’15 ’20 1990 ’95 2000 ’05 ’10 ’15 ’20
chain woes piling up on busi- The Amazon retail model calls for more cardboard than a store model, said Waste Management’s CEO. Sources: Fibre Box Association (shipments); KeyBanc Capital Markets (growth)
nesses as the economy reopens.
Already contending with re- board. “I might build wooden than half as a precaution. Chief Executive Jim Fish said such as pulp, chemicals, fuel the proximity to the fall price
cord wood prices, scarce ship- boxes, but cardboard is a sig- “Box demand fell off a cliff more e-commerce could boost and even recycled material increase as well as ransom-
ping containers and fast-rising nificant expense,” he said. for two months, but starting the waste hauler’s recycling like junk mail and boxes. Pro- ware attacks that fouled up
freight, cabinetmaker John K. Box pricing is usually based in June it came roaring back business, which collects card- ducers initiated a $50-a-ton billing systems at big produc-
Morgan now faces more costly on the price of container- as you had the economy re- board curbside and sells it to increase for containerboard in ers forced the latest increase
corrugated board. His Green board, specifically 42-pound open and economic stimulus,” be pulped anew for more the fall, raising the benchmark to be phased in. “There will
Forest Cabinetry is paying unbleached kraft linerboard. said Adam Josephson, a paper boxes. When a store like Best grade to an average of about probably be additional price
22% more for boxes than a That is an often-used variety and packaging analyst at Key- Buy orders 25 Bluetooth speak- $765 a ton. gain in April,” he said.
year ago. Bales of corrugated of the thick paper that sand- Banc Capital Markets. ers, they arrive in one box. Producers announced addi- WestRock executives say
board, which are folded into wiches the fluted layer inside The pandemic housing Sold through Amazon.com, tional increases earlier this the Atlanta company’s mills
custom packaging at the com- box walls and serves as the boom and a surge in remodel- each is shipped in its own box. year. Some said they wanted are back to normal operating
pany’s Chesapeake, Va., fac- basis of many box contracts. ing necessitated a lot of corru- “There is more cardboard and $60 more, others $70. Fast- levels following disruptions
tory, cost nearly 10% more and Producers battened down gated board to wrap big items demand for that cardboard markets RISI’s PPI Pulp & Pa- from a Jan. 23 ransomware at-
he was warned by his supplier for recession at the start of like appliances and cabinets. through an Amazon model than per Week, a trade publication tack that forced it to shut
that prices are headed higher. the pandemic, unsuspecting of Spending shifted from services, there is through a Best Buy that surveys buyers and sell- down information systems, de-
Mr. Morgan ships cabinets the box boom to come. In May, like dining out, traveling and store model,” Mr. Fish said. ers, pegged the March price at layed shipments to customers
across the eastern U.S. and is WestRock Co., the second- live entertainment, to goods. Containerboard supplies an average of $785 a ton. and cost it about 125,000 tons
tinkering with box designs and largest containerboard pro- At a recent investor confer- tightened and prices rose for Greg Rudder, the publica- of output in February and late
using more straps to save card- ducer, cut its dividend by more ence, Waste Management Inc. box makers’ raw materials, tion’s managing editor, said January.
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people are spending less time years. But he still expects the
-1.78 Singapore dollar
at home and can shop and market to continue growing,
-2.00 Sao Paulo Bovespa travel normally. That could even if prices of some assets
-2.15 Russian ruble send prices sharply lower. come under pressure.
-2.44 VangdTotIntlBd “We have an abundance of “You could buy something
-2.76 Mexico peso money and very little cost at- entirely driven by hype that’s
-2.77 New Zealand dollar
tached to it,” said David Kotok, worthless in a year,” he said.
chief investment officer at “It’s impossible to time the
-2.99 Malaysian ringgit
Sarasota, Fla.-based Cumber- top. I wouldn’t say today is
-3.27 Indonesian rupiah land Advisors. “On top of that, A gallery in New York displayed NFT artwork last week. the top.”
-3.51 Wheat
-3.58 Czech koruna
-3.70
-3.75
-3.77
Coffee
South Korean won
Hungarian forint
Selloff in into London hours and then
early New York trading.
Some of the biggest Japa-
globally for Deutsche Bank AG
from Singapore. Deutsche
Bank estimates that Treasurys
bonds are important sources of
income for Japanese investors,”
Mr. Ueno said. “They have no
-3.79
-3.81
Israeli shekel
Thai baht
Treasurys nese investors, such as the
Government Pension Invest-
ment Fund, Japan Post Bank
outstanding could grow by
$1.7 trillion this year.
International investors
choice but to buy.”
Japanese investors can earn
a 1.3% yield on 10-year Trea-
-3.92
-3.93
-3.96
Danish krone
VangdTotalBd
Euro area euro
Accelerated and the Norinchukin Bank, a
large lender for Japanese
farmers, haven’t disclosed re-
aren’t likely to be put off by
the flood of planned issuance,
said Gareth Colesmith, head of
surys including currency-
hedging costs, according to
Mayank Mishra, macro strate-
cent Treasury holdings and global rates at Insight Invest- gist at Standard Chartered
-3.97 Bulgarian lev Continued from page B1 declined to comment. ment in the U.K. “I don’t think PLC in Singapore. That is dou-
-4.27 Croatian kuna the selling was more split be- Foreign buyers are an impor- it’s about perception of the U.S. ble the yield on a 30-year Jap-
-4.55 Uruguayan peso tween Tokyo and London trad- tant source of funding for the as a credit risk yet, although if anese government bond.
-4.65 Sugar ing hours. In recent days, buy- U.S., while Treasurys are a safe this level of spending and debt Asian investors, particularly
ing during Asian hours has led home for dollars for banks in growth persists, you will even- those in Japan, would be drawn
-5.06 Romanian new leu
yields back down from their Asia and countries elsewhere tually see a ratings down- back to Treasurys because
-5.45 Polish zloty peaks, Mr. Dhingra said. that have large export indus- grade,” Mr. Colesmith said. yields on other safe debt are so
-5.75 Swedish krona The Japanese selling wasn’t tries. The dollar is the main The good news for Treasury low, according to Gary Smith,
-5.85 iShiBoxx$InvGrdCp driven by any fundamental con- currency used in global trade. markets is that Japanese inves- managing director at Sovereign
-5.85 iSh 7-10 Treasury cern or changes in investors’ Foreign investors’ share of tors’ sales have slowed. They Focus, which provides research
-6.07 iShJPMUSEmgBd views of Treasurys, Mr. Dhingra the Treasury market has fallen could also start buying again and advice to central banks and
said. Instead, banks in particu- in recent years as issuance has when the new financial year sovereign-wealth funds.
-6.20 Swiss franc
lar were looking to offset bond grown. At the end of 2013, for- begins in April. It might not “Japanese insurers or Asian
-6.69 Japanese yen losses against equity gains. eign investors owned more happen straight away, though central banks won’t look at re-
-6.89 Comex silver “The selling was driven by than 43% of all Treasurys, ac- the extra yield that U.S. Trea- cent performance and think:
-7.83 Brazilian real Japanese banks looking to cording to data from the Secu- surys offer over Japanese gov- ‘We’ll buy German bunds in-
-8.57 Argentine peso smooth the volatility of their rities Industry and Financial ernment debt has grown. stead,’” he said. “Negative
-9.47 Comex Gold
portfolio returns for the year- Markets Association, a trade Japanese investors are likely yields are a big problem for
end,” he said. body. Their share was less to be cautious while the market central banks as owners.”
-9.80 Cocoa
The rise in yields caused by than 30% by the end of 2020. is volatile but would have to
-9.84 Turkish lira this selling affected the psy- Asian investors broadly are return eventually, according to COMING NEXT WEEK
-10.26 Orange juice chology and market views of concerned by the extraordi- Tsuyoshi Ueno, an economist at The quarterly Investing in
-14.13 iSh 20+ Treasury other investors, who reacted nary supply of Treasurys to be NLI Research Institute, a unit Funds & ETFs report
*Continuous front-month contracts and began selling more them- sold this year, according to of Nippon Life Insurance Co. will appear on
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). selves. The pressure moved David Beale, who covers “Additional returns from U.S. Monday, April 5.
through the market in March, emerging-market institutions Treasurys and other foreign
.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32981.55 t 85.41, or 0.26% Trailing P/E ratio 33.48 16.29 3972.89 s 14.34, or 0.36% Trailing P/E ratio * 44.66 20.11 13246.87 s 201.48, or 1.54% Trailing P/E ratio *† 37.55 23.25
High, low, open and close for each P/E estimate * 21.24 15.12 High, low, open and close for each P/E estimate * 22.62 15.82 High, low, open and close for each P/E estimate *† 28.12 19.75
trading day of the past three months. Dividend yield 1.81 3.12 trading day of the past three months. Dividend yield * 1.48 2.41 trading day of the past three months. Dividend yield *† 0.78 1.15
All-time high 33171.37, 03/29/21 All-time high 3974.54, 03/26/21 All-time high: 14095.47, 02/12/21
Colorado Federal Savings Bank 0.75% 1.00 Hong Kong dollar .1286 7.7739 0.3
t 0.60 Wednesday Close s Ukraine hryvnia .0359 27.8500 –1.8
0 India rupee .01366 73.202 0.2
Greenwood Village, CO 877-484-2372 Yen UK pound 1.3783 .7255 –0.9
0.50 Indonesia rupiah .0000688 14525 3.4
0.40 TAB Bank 0.75% t –8 Japan yen .009032 110.72 7.2 Middle East/Africa
0.00 s
Ogden, UT 800-355-3063 Kazakhstan tenge .002349 425.71 1.0 Bahrain dinar 2.6522 .3771 ...
Federal-funds One year ago WSJ Dollar Index
0.20 CFG Community Bank 0.82% –0.50 –16 Macau pataca .1248 8.0131 0.3 Egypt pound .0636 15.7143 –0.2
target rate Malaysia ringgit .2412 4.1465 3.1 Israel shekel .2994 3.3397 3.9
t Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .6985 1.4316 2.8 Kuwait dinar 3.3084 .3023 –0.6
First Internet Bank of Indiana 0.96% month(s) years
AM J J A S O N D J F M Pakistan rupee .00655 152.620 –4.8 Oman sul rial 2.5973 .3850 0.01
Indianapolis, IN 888-873-3424 maturity Philippines peso .0206 48.515 1.0 Qatar rial .2747 3.640 –0.02
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7433 1.3453 1.8 Saudi Arabia riyal .2667 3.7502 –0.04
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008865 1127.97 3.9 South Africa rand .0677 14.7760 0.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0050135 199.46 7.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03514 28.459 1.3
Yield (%) 52-Week Total Return (%) Thailand baht .03202 31.230 4.0 WSJ Dollar Index 87.63 –0.12–0.13 3.10
Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.19 0.20 0.18 l 1.44 -2.12 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2350.550 1.000 0.930 1.000 0.400 –4.429 4.089
Money market, annual yield 0.10 0.10 0.08 l 0.34 -0.25
Five-year CD, annual yield 0.47 0.48 0.44 l 0.91 -1.19 U.S. Treasury Long, Barclays 4072.710 2.340 2.240 2.400 1.090 –15.803 5.865 Commodities
30-year mortgage, fixed† 3.26 3.36 2.83 l 3.89 -1.13 Aggregate, Barclays 2211.350 1.610 1.550 1.620 1.020 0.710 4.654 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.53 2.58 2.32 l 3.39 -1.32 Fixed-Rate MBS, Barclays 2205.870 1.830 1.750 1.850 0.980 –0.088 3.747
Jumbo mortgages, $548,250-plus† 3.27 3.40 2.85 l 4.00 -1.40 DJ Commodity 800.48 6.47 0.81 836.48 433.70 75.77 9.42
High Yield 100, ICE BofA n.a. n.a. 3.806 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 184.96 0.09 0.05 195.13 106.29 56.09 10.23
Five-year adj mortgage (ARM)† 3.12 3.15 2.85 l 3.51 -1.02
Muni Master, ICE BofA n.a. n.a. 0.982 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 59.16 -1.39 -2.30 66.09 -37.63 191.29 21.93
New-car loan, 48-month 4.05 4.05 4.02 l 4.44 0.38
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 4.936 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.608 -0.015 -0.57 3.354 1.482 64.34 2.72
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1713.80 29.90 1.78 2051.50 1578.20 8.59 -9.47
.
COMMODITIES wsj.com/market-data/commodities
Wednesday, March 31, 2021 Closing Chg YTD Schwab US TIPs SCHP 61.16 0.07 –1.5 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 330.18 –0.19 8.0 Bond Price as % of face value
Closing Chg YTD SPDR S&PMdCpTr MDY 476.05 0.10 13.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 53.34 0.51 3.2 SPDR S&P 500 SPY 396.33 0.41 6.0
ARKInnovationETF ARKK 119.95 4.83 –3.6 iShMSCIJapan EWJ 68.52 –0.95 1.4 SPDR S&P Div SDY 118.03 –0.62 11.4 Ball BLL 4.000 1.45 Nov. 15, ’23 106.500 2.50 106.250
iShNatlMuniBd MUB 116.05 –0.02 –1.0 TechSelectSector XLK 132.81 1.59 2.1
CommSvsSPDR XLC 73.32 0.40 8.7
iSh1-5YIGCorpBd IGSB 54.68 0.04 –0.9 VanEckGoldMiner GDX 32.50 2.10 –9.8 Occidental Petroleum OXY 6.450 5.45 Sept. 15, ’36 110.376 1.13 109.500
CnsmrDiscSelSector XLY 168.07 0.78 4.5
EnSelectSectorSPDR XLE 49.06 –0.69 29.4 iShPfd&Incm PFF 38.40 0.47 –0.3 VangdInfoTech VGT 358.49 1.66 1.3 Howmet Aerospace HWM 5.950 4.13 Feb. 1, ’37 121.030 1.03 119.420
iShRussell1000Gwth IWF 243.04 1.30 0.8 VangdSC Val VBR 165.61 –0.10 16.5
FinSelSectorSPDR XLF 34.05 –0.76 15.5
iShRussell1000 IWB 223.83 0.40 5.7 VangdSC Grwth VBK 274.65 1.85 2.6 Ford Motor F 4.750 4.68 Jan. 15, ’43 100.990 0.99 100.000
HealthCareSelSect XLV 116.74 0.20 2.9
iShRussell1000Val IWD 151.55 –0.37 10.8 VangdExtMkt VXF 176.91 1.32 7.4
IndSelSectorSPDR XLI 98.45 –0.32 11.2
iShRussell2000Gwth IWO 300.74 2.37 4.9 VangdDivApp VIG 147.08 –0.13 4.2 Dish DBS … 5.000 2.63 March 15, ’23 104.470 0.78 103.615
InvscQQQI QQQ 319.13 1.53 1.7
InvscS&P500EW RSP 141.66 –0.03 11.1
iShRussell2000 IWM 220.94 1.34 12.7 VangdFTSEDevMk VEA 49.11 –0.28 4.0 CF Industries CF 5.150 3.73 March 15, ’34 114.529 0.78 114.000
iShRussell2000Val IWN 159.47 0.44 21.0 VangdFTSE EM VWO 52.05 0.44 3.9
iShCoreDivGrowth DGRO 48.27 –0.17 7.7
iShRussellMid-Cap IWR 73.93 0.24 7.8 VangdFTSE Europe VGK 63.00 –0.16 4.6 Continental Resources CLR 5.750 4.08 Jan. 15, ’31 112.750 0.75 111.281
iShCoreMSCIEAFE IEFA 72.05 –0.48 4.3
iShCoreMSCIEM IEMG 64.36 0.45 3.7
iShRussellMCValue IWS 109.30 –0.35 12.7 VangdFTSEAWxUS VEU 60.68 –0.05 4.0 L Brands LB 6.875 4.98 Nov. 1, ’35 119.479 0.75 118.620
iShS&P500Growth IVW 65.11 1.21 2.0 VangdGrowth VUG 257.04 1.39 1.5
iShCoreMSCITotInt IXUS 70.28 –0.01 4.6 iShS&P500Value IVE 141.24 –0.49 10.3 VangdHlthCr VHT 228.75 0.88 2.2
iShCoreS&P500 IVV 397.82 0.39 6.0 iShShortTreaBd SHV 110.51 ... –0.0 VangdHiDiv VYM 101.09 –0.34 10.5 …And with the biggest price decreases
iShCoreS&P MC IJH 260.28 0.05 13.2 iShSilver SLV 22.70 1.98 –7.6 VangdIntermBd BIV 88.73 0.01 –4.4
iShCoreS&P SC IJR 108.53 0.37 18.1 iShTIPSBondETF TIP 125.50 0.02 –1.7 VangdIntrCorpBd VCIT 93.03 0.13 –4.2 Netflix NFLX 4.375 2.15 Nov. 15, ’26 111.725 –1.65 111.115
iShS&PTotlUSStkMkt ITOT 91.60 0.55 6.2 iSh1-3YTreasuryBd SHY 86.25 –0.03 –0.2 VangdLC VV 185.30 0.52 5.4 Ball BLL 5.250 2.03 July 1, ’25 113.000 –0.50 113.000
iShCoreUSAggBd AGG 113.83 0.02 –3.7 iSh7-10YTreasuryBd IEF 112.93 –0.14 –5.9 VangdMC VO 221.34 0.40 7.0
iShSelectDividend DVY 114.10 –0.28 18.6 iSh20+YTreasuryBd TLT 135.45 –0.56 –14.1 VangdMC Val VOE 134.87 –0.58 13.4 Lumen Technologies LUMN 7.600 6.26 Sept. 15, ’39 114.500 –0.38 115.406
iShESGAwareUSA ESGU 90.87 0.46 5.6 iShRussellMCGrowth IWP 102.06 1.82 –0.6 VangdMBS VMBS 53.37 ... –1.3 Howmet Aerospace HWM 5.870 1.97 Feb. 23, ’22 103.376 –0.36 104.375
iShEdgeMSCIMinUSA USMV 69.19 –0.12 1.9 iShUSTreasuryBdETF GOVT 26.19 –0.02 –3.9 VangdRealEst VNQ 91.86 –0.61 8.2
iShEdgeMSCIUSAMom MTUM 160.86 2.09 –0.3 JPM UltShtIncm JPST 50.76 –0.01 –0.1 VangdS&P500ETF VOO 364.30 0.40 6.0 Ford Motor Credit … 5.875 1.70 Aug. 2, ’21 101.345 –0.31 101.375
iShEdgeMSCIUSAQual QUAL 121.78 0.26 4.8 PIMCOEnhShMaturity MINT 101.91 –0.02 –0.1 VangdST Bond BSV 82.19 –0.01 –0.9
iShGoldTr IAU 16.26 1.50 –10.3 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdSTCpBd VCSH 82.50 0.08 –0.9 American Airlines AAL 5.000 6.59 June 1, ’22 98.250 –0.25 98.250
iShiBoxx$InvGrCpBd LQD 130.05 0.26 –5.8 159.96 1.52 –10.3 214.08 0.71 10.0 –0.25 96.000
SPDR Gold GLD VangdSC VB Teva Pharmaceutical Finance Netherlands … 3.150 4.05 Oct. 1, ’26 95.625
iShiBoxx$HYCpBd HYG 87.18 0.48 –0.1 SchwabIntEquity SCHF 37.62 –0.32 4.5 VangdTotalBd BND 84.72 –0.05 –3.9
iShJPMUSDEmgBd EMB 108.88 0.13 –6.1 SchwabUS BrdMkt SCHB 96.71 0.61 6.3 VangdTotIntlBd BNDX 57.12 0.02 –2.4 Occidental Petroleum OXY 2.700 2.56 Aug. 15, ’22 100.188 –0.23 99.900
iShMBSETF MBB 108.42 0.09 –1.6 SchwabUS Div SCHD 72.92 –0.38 13.7 VangdTotIntlStk VXUS 62.70 –0.03 4.2
iShMSCI ACWI ACWI 95.15 0.20 4.9 SchwabUS LC SCHX 96.03 0.46 5.6 VangdTotalStk VTI 206.69 0.61 6.2 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCI EAFE EFA 75.87 –0.43 4.0 SchwabUS LC Grw SCHG 129.78 1.45 1.1 VangdTotlWrld VT 97.29 0.20 5.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE SC SCZ 71.84 –0.25 5.1 SchwabUS SC SCHA 99.67 0.89 12.0 VangdValue VTV 131.46 –0.45 10.5 Source: MarketAxess
.
BlackRock Commits
To Secondary Deals
BY CHRIS CUMMING ondaries and liquidity solu- lion under management as of
tions group, which they helped the end of last year, is best
BlackRock Inc. has raised launch in 2018 after holding known for low-cost funds that
$3 billion to invest in the pri- senior positions at Goldman track exchanges.
vate-equity secondary market, Sachs Group Inc. BlackRock’s $259 billion al-
BLACKROCK INC. (3)
as the world’s largest asset Veena Isaac, a former exec- ternatives platform also is one
manager seeks to expand its utive at investment firms Jas- of the world’s largest, but it is
presence in illiquid alternative per Ridge Partners and Pan- tilted toward real estate, credit,
investments. theon Ventures, joined the infrastructure and hedge-fund
BlackRock Secondaries & group as a managing director investments, with a smaller
Liquidity Solutions LP is in 2019. presence in private equity. Veena Isaac Steve Lessar Konnin Tam
among the largest debut funds BlackRock’s secondary BlackRock Private Equity
ever raised to buy secondhand group aims to invest in mid- Partners managed about $26 fundraising by limiting travel to raise. or reinvesting in them through
private-equity stakes. size transactions, generally be- billion as of the end of last and in-person meetings. The BlackRock has so far made a new vehicle, hit some $32
Secondary funds have been tween $100 million and $200 year, the firm said. The Wall firm added that the fund 15 deals from the new fund, billion last year, up from $26
one of the fastest-growing million, across a range of deal Street Journal reported the closed on its first portion of said Mr. Tam. The group’s in- billion in 2019, according to
parts of the private-equity in- structures and strategies, said firm had lowered its fundrais- investor money last March and vestments so far have been di- secondary intermediary Ever-
dustry over the past year, with Mr. Tam. “We’re not limiting ing goal for a private-equity was able to invest through the vided fairly evenly between core Inc.
investor demand surging even ourselves to a particular part fund that would buy long-term market dislocations caused by traditional secondaries—in BlackRock’s secondary group
after the pandemic hit. Such of the secondary market. We stakes in companies. Initially the pandemic. which a private-equity inves- says that being part of a mas-
funds raised $16.72 billion can pivot to wherever the at- targeting $12 billion, the firm The $3 billion pool consists tor sells stakes in its hold- sive firm brings advantages.
globally this year through late tractive opportunities may hopes to raise $4 billion to $6 of a $2.4 billion fund and ings—and the fast-growing BlackRock’s large number of re-
March, nearly keeping up the be,” he said. billion for the vehicle, the about $600 million in addi- field of general partner-led lationships, direct investments
record pace of last year, when BlackRock Chief Executive Journal reported in January. tional capital from some of the deals, according to Mr. Lessar. and in-house expertise gives
they collected $80.86 billion in Laurence Fink has in recent BlackRock raised its first fund’s large backers to be in- GP-led deals, which allow the secondary group an advan-
total, according to data-track- years pushed to expand his stand-alone secondary fund vested in deals alongside the private-equity firms them- tage when sourcing or analyz-
ing firm Preqin Ltd. firm’s scale in illiquid alterna- despite the disruptions caused fund, said Mr. Tam. The final selves to offer their investors ing deals, said Mr. Lessar. “We
Steve Lessar and Konnin tive assets such as private eq- by the coronavirus pandemic, tally nearly doubled the $1.5 the option of cashing out of can tap into that very seam-
Tam co-head BlackRock’s sec- uity. The firm, with $8.68 tril- which upended private-equity billion the firm initially sought one or more assets in a fund lessly,” he said.
MARKETS
Robinhood S&P 500 sectors performance, Q1
Energy
To Remove Financials
Digital Industrials
Materials
HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY
Micron Gets
A Boon,
But Not
Chip Buyers
Great results come amid
‘severe undersupply’