TWSJ 08062022
TWSJ 08062022
TWSJ 08062022
00
DJIA 33180.14 À 264.36 0.8% NASDAQ 12175.23 À 0.9% STOXX 600 442.88 g 0.3% 10-YR. TREAS. À 19/32 , yield 2.969% OIL $119.41 À $0.91 GOLD $1,847.50 À $8.30 EURO $1.0707 YEN 132.60
he Treasury’s Yellen
warned that the U.S. is
Will Hit Profit
likely facing a prolonged Retailer plans to use same stores are grappling with
period of elevated inflation, a swift reversal of buying be-
while the World Bank sharply discounts to unload its havior, with consumers spend-
lowered global growth fore- surplus of goods as ing less on goods in favor of
casts and flagged a risk of re- services and necessities such as
cession in many countries. A1 shopper demand shifts food and fuel.
Less than three weeks after
Target said its profit
BY SARAH NASSAUER reporting a lower-than-ex-
would drop because it needs
pected quarterly profit, Target
to cancel orders with ven-
Target Corp. warned its said Tuesday it has further
dors and offer discounts to
profit would drop because it tempered its profit outlook for
clear out unwanted goods. A1
needs to cancel orders with the year. Inventory rose 43% in
NICHOLAS KAMM/AGENCE FRANCE-PRESSE/GETTY IMAGES
Commercial real estate is vendors and offer discounts to the April quarter as demand for
showing the first signs of clear out unwanted goods, the outdoor furniture, small appli-
cooling in more than a year, latest sign of the sudden mis- ances and some electronics de-
disrupted by rising interest match between supply and de- clined faster than expected and
rates that are already caus- mand inside U.S. stores. supply-chain snarls delayed the
ing some deals to collapse. A1 Big retailers benefited over arrival of many goods past the
the past two years from the ideal selling window, Target
U.S. stock indexes
pandemic rush to buy patio fur- previously said. The company is
climbed in a volatile ses-
niture, laptops and home décor, Please turn to page A2
sion, with the S&P 500,
as shoppers were buoyed by
Nasdaq and Dow industri-
savings and government stimu- Heard on the Street: Target
als gaining 0.95%, 0.94%
lus checks. Now many of those warning is an omen............. B13
and 0.80%, respectively. B12
Michael Barr edged
closer to being confirmed
by the Senate as the Federal
Reserve’s top banking regu-
Treasury Secretary Janet Yellen, testifying before the Senate Finance Committee on Tues-
day, said that the U.S. faces ‘huge inflation pressures’ that are likely to persist.
Commercial Property
lator after winning the sup-
port of a key Republican. A2
Foster Farms agreed to
Yellen, World Bank Warn Shows Cooling Signs
a takeover by private-equity
BY WILL PARKER out in favor of remote work.
firm Atlas Holdings. The
AND KONRAD PUTZIER
Of Stubborn Inflation
A rebound began in late
chicken company will install
2020, as investors took advan-
former Tyson Foods chief
Commercial real estate is tage of low interest rates and
Donnie Smith as its leader. B1
showing the first signs of started to buy in anticipation
Toshiba’s CEO said he cooling in more than a year, of an eventual rebound. De-
wanted any buyer of the Jap- Rising prices expected recession in many countries. trended above 8%. “The num- disrupted by rising interest mand for multifamily and in-
anese industrial conglomer- Ms. Yellen, speaking Tuesday bers aren’t locked in, but it’s rates that are already causing dustrial properties in particu-
ate to keep it in one piece to persist, slowing on Capitol Hill, said the White likely to be higher” than the ini- some deals to collapse. lar helped fuel commercial
to promote innovation. B3 global growth, boosting House would likely revise up its tial 4.7% forecast, she said. Property sales were $39.4 sales through 2021 and into
U.S. inflation forecast—which Ms. Yellen’s testimony be- billion in April, which was this year. The success of those
Western Digital reached risk of ‘stagflation’ showed prices rising this year fore the Senate Finance Com- down 16% compared with the sectors outweighed the drag
a settlement with activist in-
at nearly twice the prepan- mittee came as the World Bank, same month a year ago, ac- on property markets caused
vestor Elliott Management
BY ANDREW DUEHREN demic rate. in a report, projected several cording to MSCI Real Assets. by underperforming office
that calls for the company to
AND YUKA HAYASHI “I do expect inflation to re- years of high global inflation The decline followed 13 con- buildings, which continue to
consider splitting into two. B3
main high, although I very much and tepid growth reminiscent secutive months of increases. be hurt by remote work.
WASHINGTON—Treasury hope that it will be coming of the stagflation of the 1970s. Property sales tanked Now, some analysts are
World-Wide Secretary Janet Yellen warned down now,” Ms. Yellen said, Citing the damage from Rus- sharply during the early starting to ask whether the
that the U.S. is likely facing a adding the Biden administration sia’s invasion of Ukraine and months of the pandemic, when rally is running out of steam.
prolonged period of elevated was updating its forecast from Please turn to page A2 thousands of hotels temporar- Hotels, office buildings, senior
European officials
inflation, while the World Bank March that inflation would aver- ily closed and furloughed staff, Please turn to page A7
blamed Moscow for a loom-
sharply lowered global growth age 4.7% this year. In recent Imports drop, shrinking U.S. nonessential retail stores
ing global food crisis as
forecasts and flagged a risk of months, consumer inflation trade gap...................................... A2 closed, and offices emptied The Property Report...............B6
Russia’s blockade of Ukrai-
nian ports threatens the
U.S. NEWS
Imports Drop, Shrinking Trade Gap Republican
Senator
BY YUKA HAYASHI amid cooling of commodity A 3.4% decrease in imports helped narrow Still, the trade deficit in
really evaluate the overall op- we want to be,” said John her 2-year-old son found a gun
erating environment,” Target Furner, head of Walmart U.S. in their home and fatally shot
Chief Executive Brian Cornell Macy’s net sales jumped his father, authorities said.
said. That includes watching 13.6% in the spring quarter While the father, Reggie
consumers’ behavior as they compared with a year before. Mabry, 26, was playing video-
face high rates of inflation, he But the company said mark- games on May 26, the boy ob-
said, and seeing many other downs to clear the excess in- tained the gun and shot him in
retailers talk about high inven- The retailer aims to restock stores with products in high demand such as food and beauty products ventory would weigh on profit their Orlando home, the Orange
tory levels during their earn- margins going forward and County Sheriff’s Office said. Ma-
ings presentations. “We have ing shifts to entertainment, in- during the current quarter. Mr. part because of labor costs that warned of higher promotional rie Ayala, 28, was charged with
to be decisive and get out in flation squeezes shoppers, and Cornell wants to restock were higher than it anticipated levels throughout the industry manslaughter by culpable negli-
front of this to make sure this supply-chain snarls ease. Order stores with products in high and spending shifts. Walmart, as other retailers do the same. gence, possession of a firearm
doesn’t linger through the books for many retailers are demand such as food, beauty the country’s largest retailer by Macy’s Chief Executive Jeff by a felon, and other offenses,
back half of the year,” he said. developed nearly a year in ad- products and back-to-school revenue, also reported inven- Gennette said in an interview in Sheriff John Mina said Monday.
Mr. Cornell said he wanted vance, meaning that they are items, he said. tory was up around 33% in the late May that the shift away Her public defender didn’t return
to share the new profit esti- projecting sales for goods and Target now expects its sec- most recent quarter. The rise from casual clothes to more requests for comment.
mates ahead of Target’s annual fashion trends well before con- ond-quarter operating margin reflected buying behavior, the dressy attire was significant —Alyssa Lukpat
shareholder meeting Wednes- sumers typically would be rate will be in a range around higher costs of goods because and happened faster than the
day. Target’s stock opened ready to buy them. 2%, down from its late-May es- of inflation and a sudden uptick company had anticipated.
down more than 7% Tuesday Many retailers said they timate of around 5.3%. For the in goods moving through U.S. —Suzanne Kapner THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-
but the decline moderated and have too much inventory on full year, the company expects ports after Walmart earlier contributed to this article. 9660) (Central Edition ISSN 1092-0935)
it closed down 2.3% to $155.98. hand when they reported earn- to be slightly below earlier (Western Edition ISSN 0193-2241)
The shares are down 33% for ings in recent weeks, including forecasts because of the moves Editorial and publication headquarters: 1211
the year, compared with a
roughly 13% decline in the S&P
Walmart, Macy’s Inc. and Gap
Inc. Some are discounting
it is making in the second quar-
ter, Mr. Cornell said. In May,
CORRECTIONS AMPLIFICATIONS Avenue of the Americas, New York, N.Y. 10036
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500. Shares of other big retail- goods, as well as holding on to Target said it expected full-year
Postmaster: Send address changes to The Wall
ers including Amazon.com Inc. some items to sell at the sea- operating margin to fall in a Stanford University’s Insti- ern Ukrainian province of Zapor- Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
and Walmart Inc. also closed sonally appropriate moment, range around 6%. The company tute for Economic Policy Re- izhzhia. A Ukraine Crisis article All Advertising published in The Wall Street Journal
lower, in contrast with gains in retail executives have said. continues to expect full-year search used data compiled by on Tuesday about the Chernobyl is subject to the applicable rate card, copies of
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major U.S. stock indexes. They pointed to rapidly revenue growth in the low- to the Washington Post in a work- nuclear plant incorrectly said Department, Dow Jones & Co. Inc., 1211 Avenue of
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“Coming so soon after its changing shopper preferences, mid-single digit percent range. ing paper that said that more the Zaporizhzhia facility is in reserves the right not to accept an advertiser’s
downbeat quarterly results, as well as unpredictable import Target’s lower profit esti- than 240,000 U.S. students ex- the city of the same name. order. Only publication of an advertisement shall
constitute final acceptance of the advertiser’s order.
today’s update from Target shipping schedules, as some of mates are the latest sign that perienced a school shooting be- Letters to the Editor:
comes across as somewhat the reasons for an oversupply. many retailers are struggling tween 1999 and 2019. A Page In a photo with a Business Fax: 212-416-2891; email: [email protected]
careless,” said Neil Saunders, Dealing with the excess in- to navigate a rapidly changing One article on Friday about & Finance article on Saturday Need assistance with your subscription?
By web: customercenter.wsj.com;
managing director of Global- ventory as quickly as possible environment. Sales are grow- school-shooting survivors about Javier Olivan, Meta By email: [email protected]
Data. The update could signal could benefit Target if it is able ing at many retailers, but failed to mention that the re- Platforms Inc.’s next chief op- By phone: 1-800-JOURNAL (1-800-568-7625)
Reprints & licensing:
that demand for some catego- to restock its shelves with more profits have suffered as costs searchers drew that statistic erating officer, Mr. Olivan is By email: [email protected];
ries, such as home goods—an in-demand goods later in the rise amid inflation and con- from a database compiled by seated on the left, and Chief By phone: 1-800-843-0008
area where Target sells a vari- year while competitors are still sumers spend more of their the Washington Post. Executive Mark Zuckerberg is WSJ back issues and framed pages: wsjshop.com
ety of products—has deterio- working through excess items, disposable income on experi- on the right. The caption in- Our newspapers are 100% sourced from
sustainably certified mills.
rated further, Mr. Saunders a Target spokeswoman said. ences such as travel, enter- The Zaporizhzhia nuclear- correctly identified Mr. Olivan
said. Target said it aims to can- tainment and dining out. power plant is in the southeast- as the person on the right.
The warning also under- cel orders with suppliers when Walmart posted lower-than- GOT A TIP FOR US?
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THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A3
U.S. NEWS
pleaded guilty Tuesday to work- first prosecution in the United airstrike, the document said. By the end of that year,
U.S. NEWS
San Francisco
Prosecutor
Is Recalled
Voters’ rejection of reform policy we’ve imple-
mented is aimed at making
Chesa Boudin is blow our community safer,” he said.
to progressive district At a polling place on San
Francisco’s more politically
attorneys movement moderate west side Tuesday
morning, Maureen Hurley said
BY ZUSHA ELINSON Mr. Boudin did little to stem
AND CHRISTINE MAI-DUC the city’s crime problem.
DAVID PAUL MORRIS/BLOOMBERG NEWS
Gun-Law Talks Turn to Screening Young Buyers his opponents were exploiting
people’s fears about crime.
“Every single criminal-justice
the experience necessary to
broker solutions to the home-
lessness and crime problems.
BY LINDSAY WISE certain weapons to 21 years school in Uvalde, Texas, and a didn’t set a date.
AND SIOBHAN HUGHES old. President Biden has ar- supermarket in Buffalo, N.Y., a Senate Minority Leader
gued for a broad set of new bipartisan group of senators is Mitch McConnell (R., Ky.) said
WA S H I N G T O N — D e m o - gun restrictions including a trying to find consensus this he “would prefer to get an out-
cratic and Republican negotia- ban on assault-style weapons, week on gun-control measures. come, and I hope that we’ll have
tors focused talks on a narrow but he has said he backed the Any legislation would need at one sooner rather than later.”
set of proposals designed to current negotiations and would least 60 votes to advance, un- Negotiators say they are ex-
keep guns out of the hands of give negotiators room to work. der the Senate’s filibuster rules. ploring an extended waiting
potentially dangerous young Mr. Biden met with the lead Senate Majority Leader period for people under 21 that
adults, as President Biden and Democratic negotiator, Sen. Chuck Schumer (D., N.Y.) said would give background checks
JUSTIN SULLIVAN/GETTY IMAGES
leaders of both parties said Chris Murphy of Connecticut, on the Senate floor he was time to access confidential ju-
they were encouraged by prog- on Tuesday. The White House willing to give the talks more venile records that could re-
ress in the discussions so far. said Mr. Biden was likely to ac- time, after Mr. Murphy asked veal mental problems or crimi-
In recent days, Republican cept any deal, even if small. “He for room to find common nal histories.
negotiators in the Senate have believes any step is a step for- ground with Republicans. “I They also are discussing
signaled openness to closer ward,” said White House press have given him the space,” Mr. ways to help states establish
scrutiny of juvenile records secretary Karine Jean-Pierre. Schumer said. He promised the and enforce red-flag laws and
while sidelining a proposal to Following recent mass Senate would vote in the near boost funding for mental health
raise the minimum age to buy shootings at an elementary future on gun legislation, but programs and school security. San Franciscans voted to recall District Attorney Chesa Boudin.
Youre a local.
Youre one of us.
VisitHouston.com
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A5
T
he COVID-19 pandemic wasn’t the first global health crisis in our lifetimes — and if recent findings are to be
believed, it won’t be the last. At least one recent study indicates that the annual risk of intense outbreaks could
triple in the years ahead.
So how can we prepare today for what whether due to the average age of the popu- Levy’s program works to drill down and
may come tomorrow? As it turns out, some lation, varying social norms or a host of other develop vaccine adjuvants — molecules
of the most meaningful lessons in pandemic factors — insights that could give health care added to vaccines — that can boost an im-
response have come from a pediatric re- leaders a leg up in a future health crisis. mune response, making them even more
search organization. Health care leaders at Other experts are working alongside the effective. One formulation, which com-
Boston Children’s are building on ground- private sector in order to better understand bines a portion of the COVID-19 spike pro-
breaking work they conducted through disease spread. John Brownstein, chief in- tein with two adjuvants, may help better
the COVID-19 pandemic, employing data- novation officer at Boston Children’s, has protect older adults at the highest risk of
driven analytics, public-private partnerships spent years helping some of the world’s severe illness from the disease.
and precision vaccine development. Beyond most prominent tech companies engage in Precision vaccine development can only
raising the bar of what’s possible today, these public health, using their reach and wealth go so far, however, without the tools needed
advances could help ensure the world is bet- of data to support what he calls an “ecosys- to close gaps in access and inform pandemic Ofer Levy, M.D., Ph.D.
ter armed for the next widespread outbreak tem of innovation.” response. This is where Levy, Majumder and
of infectious disease — a matter that’s not an One partnership with a social media Brownstein’s efforts intersect — and pro-
“if,” but a “when.” platform has helped leaders gain a better vide a road map to future success. For in-
“We’ve learned a great deal from previous understanding of attitudes surrounding vac- stance, a new tool called Outbreaks Near
epidemics and earlier surges of the coronavi- cines. Another, with Google, produced the Me uses crowdsourced data to identify local
rus pandemic,” says Dr. Maimuna Majumder, Vaccine Equity Planner, a tool designed to COVID-19 outbreaks, information that is fed
a researcher with Boston Children’s. “We help public health officials and others iden- directly to the CDC.
don’t reinvent the wheel every single time, tify areas with limited access to vaccination Meanwhile, Majumder and her team’s
which allows us to get ahead of potential sites — information that could then be used work with social media data has helped sci-
new crises much more quickly.” to inform interventions. Paired with vac- entists better understand how an individual’s
cines.gov, developed in partnership with the beliefs and behaviors impact their suscepti-
Innovative Data Capture Centers for Disease Control and Prevention bility over time — for example, groups that
Majumder works at the intersection of dig- and the White House, these advances have wore masks during earlier stages of the pan- Maimuna Majumder, Ph.D.
ital technology and epidemiology as a mem- played a critical role in the mission to make demic, but are no longer doing so. And with
ber of the Computational Health Informatics care more accessible and equitable. full COVID-19 vaccination rates hovering
Program (CHIP) at Boston Children’s. By “We’re trying to figure out how to opti- near 66% in the United States, the data also
mining data from social media down to the mize networks so certain populations are shines a light on the continued challenge of
local level and drawing on learnings from not disadvantaged by how public health is vaccine hesitancy.
previous outbreaks, Majumder and her team structured,” Brownstein says. “We recog- By creating projection models that ac-
identified trends that help advance research nize now that making data rapidly available count for nuances in human behavior,
into the current pandemic. “In the early days is paramount. We’ve learned lessons and we Majumder says we can gain a better under-
of COVID, several innovative data-capture are building infrastructure that will extend standing of population-level health dynam-
platforms improved surveillance, filling gaps well beyond COVID-19.” ics. Together with her colleagues’ efforts in
in our public health infrastructure,” she says. vaccine development, these advances could
Majumder’s group also produced one of Tomorrow’s Vaccine give the world better odds in readying for fu-
the first estimates of COVID-19’s transmis- ture pandemics. But the potential impact of John Brownstein, Ph.D.
Breakthroughs
sibility potential, determining that the basic The development of these tools goes this research extends further than individual
reproduction number of the disease in its ini- hand in hand with the other key part of fu- moments of crisis. It points toward a new era
tial, pre-variant form was somewhere in the ture pandemic prevention: vaccines. Dr. of care, one where data provides unprece-
range of two to three, meaning one infected Ofer Levy, director of the Precision Vaccines dented insight into need at the local — and Learn more
individual will directly cause two to three Program at Boston Children’s, works to de- sometimes individual — level. about Boston
other cases. Ensuing research from other velop more sophisticated, individualized ap- “We have a beautiful amalgamation of
groups turned up similar results, forming a proaches to vaccination. new data sources, with new computational
Children’s:
scientific consensus. “The notion of precision medicine is that tools that have allowed us to process an
The innovations behind these discover- each of us, due to genetic and epigenetic immense amount of data we couldn’t 10 or
ies have uses well beyond the here and now. reasons like age and exposure, is distinct in 20 years ago,” she says. “One of the things
One model developed by Majumder and our response to medicines and vaccines,” he that makes Boston Children’s unique is its
her colleagues gauges how different popu- says. “While typical vaccine development has commitment to innovation in this space,
lations might respond to the same medical been approached as one-size-fits-all, ad- and we’re really ahead of the curve in terms
intervention, helping to determine its ef- dressing the current pandemic and future of thinking about the way this technol-
fectiveness in one location as opposed to ones will require tailoring vaccines to distinct ogy is going to shape health research and
another. After all, an approach that works in vulnerable populations, such as the young the future of care for not just children,
New York City might not in Lombardi, Italy, and old.” but everyone.”
The Wall Street Journal news organization was not involved in the creation of this content.
Wall Street Journal Custom Content is a unit of The Wall Street Journal advertising department.
A6 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
U.S. NEWS
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THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A7
U.S. NEWS
IHS Faulted
For Response
Commercial
Property
Sales Slow
TED SHAFFREY/ASSOCIATED PRESS
Meet
housing and industrial proper-
ties recorded big drops in
sales last month. Sales of re-
tail properties were up in
April, the fourth consecutive A buyer backed out of a deal for a Manhattan office tower
month that U.S. households after surging interest rates made it harder to find a mortgage.
Sandra,
boosted spending, while apart-
ment building sales continued Commercial property sales Surging interest rates in re-
to rise due to strong tenant volume, change from a cent weeks have left many in-
demand and landlords’ ability year earlier vestors with a choice between
to raise rents. But analysts losing their deposit or paying
250%
and brokers said activity in much more than expected for
even these sectors might be their mortgage, said Jay IT Consultant at Intact Technology.
200
slowing as rising interest rates Neveloff, a partner at law firm
keep some investors from
150
Kramer Levin Naftalis & Fran- One of over 70,000 Google Career
making competitive offers. kel LLP. Certificate graduates.
April’s 16% decline in sales 100
Most have been moving
marked an abrupt turn from ahead with planned purchases,
March, when total commercial 50 he said, but other investors
property sales rose 57% from are more cautious now about
the same month a year before. 0 signing new contracts. That
“The speed of that transi- will inevitably drive down
tion is shocking,” said Jim –50 April prices. “The pricing can’t be
Costello, chief economist at –16% blind to changes in capital
MSCI Real Assets. A drop in –100 markets,” Mr. Neveloff said.
sales can be an early indicator But lower prices also offer
2020 ’21 ’22
of stress in real-estate mar- an opportunity for bargain
Note: Volume is measured by the
kets because prices are usually total dollar value of reported sales. hunters, especially for real-es-
slower to change, he said. Source: MSCI Real Assets tate investment funds that are
Moreover, the prospect of a sitting on big cash reserves. “I
slowdown in the U.S. economy are now tightening their stan- have heard people say, ‘This is
later this year or next is dards for more-speculative when I’m making deals, this is
weighing on sales because it deals, brokers said. when I’m finding properties,’ ”
could lead to lower office, re- In certain sectors, such as Mr. Neveloff said.
tail and apartment rents, ana- smaller industrial and retail The investment firm Apollo
lysts said. real estate, prospective buyers Global Management Inc. and
But with interest rates con- that wrote letters of intent to hospitality investor Newbond
siderably higher—the yield on purchase properties weeks ago Holdings recently agreed to
10-year Treasury notes, a com- are now dropping their bids buy the Hilton Times Square
mon benchmark for commer- because the cost to borrow for about $85 million, accord-
cial mortgages, has nearly has risen so quickly, said ing to people familiar with the Google Career Certificates When I was younger, I
doubled this year—property Joshua Campbell, a senior vice matter, a significant discount help career switchers like
investors that relied on large president at Stan Johnson Co., to the hotel’s 2006 sale price Sandra launch new careers lacked the confidence
amounts of cheap debt to pur- a commercial real-estate bro- of $242.5 million. in fast-growing fields like IT and support to pursue
chase buildings have been kerage. As the buyer pool narrows support, data analytics, and
some of the first ones to fall “That was not happening and interest rates rise, sellers a career in tech.
out of the market, brokers and two to three years ago,” Mr. are becoming more likely to
more. Certificate graduates
can connect with over 150 After completing the
investors said. Campbell said. make concessions to close
“Suddenly, you’re just not Other investors are walking deals, said Henry Stimler, an national and local employers certificate, I was finally
competitive,” said John Carra- away from large deals already executive in the multifamily that are hiring. able to get my new
fiell, co-chief executive of in contract. Innovo Property capital-markets division at the
property investment firm Ben- Group recently backed out of Newmark real-estate firm. job in IT.
tallGreenOak, describing buy- an agreement to buy a Mid- His firm recently brokered Learn more at
ers who use debt to finance town Manhattan office tower the sale and financing of a grow.google/certificates
60% or more of a property’s for $855 million after surging $457.5 million multifamily
-Sandra Massie
sale price. interest rates made it harder portfolio concentrated in the Front Royal, Virginia
In some cases, investors are to find a mortgage, according Carolinas, where rent growth
finding that with the increased to a person familiar with the has been strong over the past
cost to borrow, their near- matter. The about-face meant year.
term rate of return runs below the investor lost its $35 million “It’s now turning into a
the interest rate on their deposit, according to another buyer’s market,” Mr. Stimler
mortgage. Lenders, in turn, person involved in the deal. said.
A8 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
MAXAR
second-biggest grain terminal a one third of whom were
in the southern port city of members of the regiment that
Mykolaiv over the weekend. An overview of ships loading grain and nearby storage facilities in Sevastopol, Crimea, last week. Russia previously annexed Crimea. defended the steel plant in
The Ukrainian military’s Mariupol.
southern command said Russia Monday. our help, proceed towards in- has questioned whether Russia Mr. Peskov said, “There Nelya Shastun, whose son
had fired cruise missiles from Mr. Putin has previously re- ternational waters.” He said could be trusted and U.S. and have been statements of mis- Igor was killed in Azovstal,
over the Black Sea toward jected accusations that Moscow vessels entering the ports U.K. officials voiced early op- trust by Ukrainian representa- said she wasn’t sure if he was
Mykolaiv on Sunday. Two mis- is hindering Ukrainian wheat would undergo checks to en- position to such a deal. tives. We have heard these among them. “I hope my older
siles were shot down, the exports. He said that it was up sure they weren’t carrying Regarding Russian offers to statements.” son is in this list,” she said.
command said, but others hit to Ukraine to demine Black Sea weapons. Mr. Peskov said the ease exports of grain, Mr. Michel said he had seen Her younger son, Nikita, is
port facilities and grain stor- ports, and that Russia was Russian side wouldn’t use de- Mykhailo Podolyak, an adviser millions of tons of grain and in Russian captivity. He was
age silos. ready to export Ukrainian mined corridors for any offen- to Ukrainian President Volod- wheat stuck in containers and on patrol with his brother and
“In light of such reports, wheat via ports it now controls sive operations against seaside ymyr Zelensky, said: “Swear- ships at the Ukrainian Black the rest of their unit when a
the disinformation spread by on the adjacent Azov Sea. cities. ing that it does not want a Sea port of Odessa several Russian airstrike targeted
[Russian President Vladimir] Kremlin spokesman Dmitry Russian officials have ex- food crisis, but destroying weeks ago. Russian attacks on their position. The explosion
Putin deflecting blame be- Peskov said Tuesday that dem- pressed willingness to ease [Ukrainian] grain terminals. transport infrastructure and blew off Igor’s leg and he bled
comes ever more cynical,” Mr. ining would allow ships to the blockade if sanctions on Does anyone pay attention to grain-storage facilities, as well to death, Nikita told his
Borrell said on Twitter on load grain and then “even with Moscow were lifted. Ukraine the Kremlin’s promises?” as tanks, bombs and mines are mother in April.
industry in the hope that it In new guidance, the Trea- payments on its dollar-denom-
might compel Belarusian Pres- sury Department said U.S. per- inated debt through U.S. finan-
ident Alexander Lukashenko to sons remain prohibited from cial institutions.
allow a rail corridor for new investment in Russia, The new guidance from
Ukraine’s grain. which now includes “purchas- Treasury appears to be a
Officials at the State De- ing both new and existing debt broader interpretation of ex-
partment don’t want to lift and equity securities issued by isting sanctions that were lev-
sanctions and say the idea Seeds sit in a grain silo destroyed by repeated shelling in the Donetsk region of Ukraine. an entity in the Russian Feder- ied against Russia back in
lacks any real potential of ation.” Investors would still be April, seeking to curtail new
working, in part because Mr. world’s wheat, a quarter of its curity,” an NSC spokesperson which sent démarche cables to allowed to sell or transfer se- capital inflows into Russia af-
Lukashenko is unlikely to barley and nearly three-quar- said in response to questions, several governments in recent curities as long as they do so ter its invasion of Ukraine. The
agree to a deal because of his ters of its sunflower oil, ac- adding that Russia has dam- weeks urging them against ac- to a non-U.S. counterparty, ac- expansion of sanctions is
close ties to Russian President cording to the International aged Ukraine’s roads, railroads cepting Ukrainian grain alleg- cording to the Treasury, and likely to force U.S. investors to
Vladimir Putin, according to Food Policy Research Institute. and rail stations that facilitate edly looted by Russia. Those they can also continue to hold sell Russia-linked debts or
those involved in the discus- The Ukrainian government ex- overland transportation. “We countries who received the the already issued debt. write them off as having little
sions. Officials at the White pects less than half of this urge Russia to allow the safe U.S. warning included Turkey, “Consistent with our goal to no value.
House’s National Security year’s harvest to make it out passage of commercial vessels Egypt, Libya, Pakistan, India, to deny Russia the financial “Treasury’s past statements
Council believe that while of the country. to and from Ukraine’s Black Eritrea and Ethiopia, a Euro- resources it needs to continue made it clear that they were
complicated, the idea is among The discussion over alterna- Sea ports, which they are cur- pean diplomat said. its brutal war against Ukraine, trying to prevent fresh funds
the only viable alternatives to tives for getting this year’s rently preventing, so they can On Monday, Turkey and Treasury has made clear that from coming into Russia,” said
consider. stockpiles of grain out of deliver vital food supplies to Russia discussed a tentative U.S. persons are prohibited Dennis Hranitzky, head of the
No formal proposals have Ukraine underscores the di- countries around the world.” deal to restart shipments of from making new investments sovereign litigation practice at
been put forward to date as lemma facing policy makers in Officials are also working to Ukraine’s agricultural products in the success of Russia, in- Quinn Emanuel Urquhart &
policy makers continue to ex- Washington and in capitals find solutions to address from a Black Sea port, a move cluding through purchases on Sullivan. “This does something
plore their options, the offi- around the world. The problem, Ukraine’s growing stockpiles that drew skepticism from the the secondary market,” a very different.”
cials said. officials say, is both helping since their silos are full and government in Kyiv, as well as Treasury spokesperson said. Prices of dollar-denomi-
Meanwhile, international Ukraine get its grain out of the need to be emptied in prepara- in Washington, since Ukraine Secondary purchases of nated Russian government
food markets are likely to face country, while also dissuading tion for the current harvest. isn’t a party to the agreement. Russian corporate debt in the bonds traded between 15 and
serious shortages this year as others from buying grain alleg- The State Department Russian presidential spokes- U.S. and Europe have already 25 cents on the dollar Tues-
a result of the conflict, which edly stolen by Russia. didn’t respond to a request for man Dmitry Peskov said Tues- been limited because of sanc- day, investors said, about 5
has trapped much of the grain “We are actively exploring comment. day there were no agreements tions against financial institu- cents lower than Monday. Rus-
destined for export inside the options with the international Kyiv has accused Russia of in place to get the grain out tions such as Sberbank and sian state gas giant Gazprom’s
country and allegedly led to community to re-establish seizing Ukrainian grain since through the Black Sea and re- VTB Bank and the perceived bonds also fell by about 5
Russian looting. Ukrainian exports and allevi- shortly after the Feb. 24 inva- peated the Kremlin’s demand reputational cost of backing cents from their value Monday
Russia and Ukraine together ate the impacts of Russia’s ag- sion, an allegation backed by that Ukraine first remove entities based in the country. to trade between 25 and 30
supply almost one-third of the gression on global food inse- the U.S. State Department, mines from the port of Odessa. Still, some opportunistic buy- cents on the dollar Tuesday.
about what the sanctions en- Western nations have banned Secretary Jennifer Granholm clined to comment.
tailed, or specifically why it Russian airliners from enter- and White House Communica- Adena Friedman, president
was targeting those it named. ing their airspace. Within days tions Director Kate Bedingfield. and CEO of Nasdaq Inc., was
In some cases, it included of the ban, Delta abandoned White House press secre- also included. So was Jeffrey
leaders of companies that its code-sharing agreement tary Karine Jean-Pierre said Sprecher, the chairman and
have pulled out of Russia in with Russia flag carrier Aero- she didn’t have any comment CEO of Intercontinental Ex-
the wake of the invasion, or flot, and all three main U.S. on the matter. At the State De- change Inc., which owns the
that have taken other action carriers stopped flying over partment, spokesman Ned New York Stock Exchange.
that Moscow criticized at the Russian airspace. Delta de- Price told reporters that he Both ICE and Nasdaq halted
time. clined to comment. thought the move highlighted trading of several U.S.-listed
For instance, the Foreign Universal Pictures President the imbalance between the Russian stocks shortly after
Ministry included Netflix Chief Peter Cramer was also sanc- U.S. and Russia. the invasion’s start. Represen-
Wrestler John Cena meets his fan, Misha Rohozhyn, who has Executive Reed Hastings on tioned. The studio, like others, “The United States is a tatives for ICE and Nasdaq de-
Down syndrome and needed motivation to travel through danger. the list. About a year before said it would pause its release banking center, it’s a financial clined to comment.
QUIET CONTEMPLATION
CHILDE HASSAM
American master. Important series. Impressionist legend.
This monumental original oil by Childe
Hassam captures the artist’s wife silhouetted
by a window overlooking New York City in
their apartment on West 57th Street. The
work hails from his celebrated “window series”
– intimate scenes of contemplative women in
well-appointed interiors, always positioned
before a window. Marked by a sense of
tranquil beauty and a light-filled, jewel-like palette, this monumental
painting is undoubtedly the high point of the series. Other works from the
series reside in prestigious museums across the country, including three
belonging to the Smithsonian Institution. Signed and dated 1919 (lower
left). Canvas: 481/8”h x 581/8”w; Frame: 561/8”h x 661/8”w. #31-4949
Small
Cities Lose
Flights
Continued from Page One
into big hubs in Chicago, At-
lanta and Dallas.
For many small communi-
ties, flights operated by re-
gional carriers are their only
link to the broader aviation
BY ALEX JANIN
A
professional success can feel more also being primed, including your even a relic from his high-school can help to remember that most
intense given the pandemic. fears of rejection.” days was still standing: the vend- classmates are likely feeling the
fter more than two Samantha Bloom, a 28-year-old At his recent high-school re- ing machine near the locker rooms same way and use that as an op-
years of delayed social marriage and family therapist in union in Dallas, Quincy Ndukauba that he and his brother knocked portunity to make other people
events, the high-school Henderson, Nev., is feeling both couldn’t believe how much it felt into more than 10 years prior— feel like they belong, Dr. Franco
reunion isn’t just back. excitement and concern. Her work like nothing had changed. Over the dent and all. says. Conversely, those who feel
It’s bigger than ever. in psychology has helped her pro- past decade, he blossomed into a Michelle Walker, an executive strongly that they don’t want to
Reunion-planning cess and prepare for her 10-year successful content creator with assistant in Indianapolis, recently go shouldn’t force it, she says.
companies across the country say high-school reunion in June, which over 400,000 YouTube followers. embarked on a “double nickels” Identifying a specific goal, such
they are seeing an influx of inter- she is ultimately looking forward He recently purchased a Tesla and reunion trip to Clearwater, Fla.— as making one new friend, making
est from alumni groups, many of to, she says. a new television for his mother. At so named because she and her amends or just forming new, more
which postponed class get-togeth- “It doesn’t really matter what the reunion, all of that went out classmates were all turning 55 positive memories with your high
ers originally scheduled for 2020 they think about me, because I’m the window. years old. school, can help you decide
or 2021. Reunion season, which She was excited, but had a whether or not attending your re-
usually runs from late spring to fleeting fear: “We’ve all gained 20 union is the right decision, Dr.
early fall, is about 25% busier pounds since Covid, do I really Franco says.
25%
than it would be in a typical have to wear a swimsuit in front Gwendolyn Davis-Loyd, 65, who
year prepandemic for Fran How much busier of all these people?” lives in Lincolnwood, Ill., decided
McLean, founder and this reunion season The fear of rejection that typi- her goal for her high-school re-
owner of Maryland-based is for an event cally accompanies large social union in May was to make the ulti-
Five Star Reunions. Cyndi gatherings can cause people to mate comeback.
Clamp, who runs St. Louis- planner in Maryland overestimate how much people are For her recent 47-year reunion,
based reunion-planning paying attention to their appear- which she says was postponed
company Varsity Reunions, ance and behavior, says Jessica Ay- twice because of the pandemic, Ms.
says she is working on around 65 ers, a social psychologist and in- Davis-Loyd donned a bejeweled,
reunions this season, up from going to show up with a degree in Mr. Ndukauba says he felt the coming assistant professor at above-the-knee, skintight black
seven last year and just one in counseling and hand out unsolic- same excitement and insecurities Boise State University. This phe- dress, paired with high heels and
2020. ited advice to people I haven’t he felt in high school during the nomenon, known as the spotlight matching jewelry. The former self-
Driving the heightened plans seen in 10 years,” she jokes. reunion. effect, is particularly prevalent in described “ugly duckling” says the
and larger-than-usual attendance People going into their re- “In my head, there were all situations where we are reminded look was designed to show off her
is a pent-up desire for connec- unions should expect some mental these questions, like, what if peo- of our younger selves. newfound figure—and confidence.
tion. Psychologists say people are regression, says counseling psy- ple don’t like me? What if people “When we’re talking about the Classmates immediately recog-
balancing this yearning for social chologist Marisa G. Franco. Re- judge me based off of how I was in fear of rejection, it’s really playing nized her husband, a former popu-
engagement and interaction with gardless of how much time has high school?” those neural mechanisms that are lar football player, she says, but
reality that this particular type of passed, she says, it is normal to The former football player, who hard-wired just to make sure that she was pleased to discover that
gathering can be a breeding feel like no time has passed at all. described himself as a good student you are able to survive,” she says. most didn’t recognize her.
ground for anxiety. “When we interact with some- who was somewhat reckless, says In reality, Dr. Ayers says, there will “Someone asked me, ‘Who’s
As a whole, social anxiety has one from our past, we don’t just he was glad he went because he re- only be a few people paying close your cosmetic surgeon?’ I said, ‘I
increased during the pandemic. have to face them, we have to face connected with some old friends attention, as most will be focused don’t have a surgeon. I work out
Concern over how others view who we were,” she says. “If you’re and even apologized to one former on their own interactions. every day and eat healthy,’ ” she
changes in their appearance, such being primed to be who you were classmate for a years-old flub. For those who are anxious recalls. “When I left there, I
as weight fluctuation or aging, or in high school, your same fears are He was shocked to find that about their coming reunions, it thanked God.”
Go Four It: U.K. Tries Leland said. “But if you talk to any-
body who works at any company,
they’ll tell you all the ways their
work is inefficient and they waste
T
time after logging more than 32
housands of workers in the U.K. hours a week was shelved. It failed
are embarking on four-day to advance after the California State
workweeks this week, one of Assembly’s Labor and Employment
the largest tests of whether employ- Committee declined to set it for a
ees can accomplish just as much—for policy hearing, effectively ending its
the same pay—in fewer hours. chances of progressing in the cur-
More than 3,300 workers at 70 rent legislative session.
businesses ranging from banks to Research into the impact of
fast-food restaurants to marketing shortened weeks on the broader
agencies are participating in the economy is mixed. Studies by univer-
six-month pilot project. The study’s sity economists out of Germany and
organizers include U.K.-based think Can fewer hours boost workers’ well-being without cutting productivity? France found that fewer hours didn’t
tank Autonomy and two nonprofits increase employment. A 2013 study
focused on the four-day approach. led by a labor economist at the Or-
They will work with researchers at extended the trial until the end of crowdfunding company Kickstarter ganization for Economic Cooperation
Cambridge University, Oxford Uni- June. Spain’s government said last began experimenting with a Mon- and Development on private compa-
versity and Boston College to ex- year it would pay companies to test day-through-Thursday workweek in nies in Belgium found that employ-
plore how a shorter workweek af- out a four-day week, and in Belgium, April and is participating in 4 Day ees who worked between 25 and 35
fects company revenue and government leaders have proposed Week Global’s North American hours a week were more productive
FROM LEFT: MATT DUNHAM/AP; PETER NICHOLLS/REUTERS
productivity, as well as employee they look to boost employee loyalty allowing employees to work more study. Chief Strategy Officer Jon than those who worked more or less
turnover and health. and morale. hours a day to forgo a fifth workday. Leland said that, so far, employee than that.
The study is the latest effort to “The biggest driver of change has Those initiatives follow an Iceland engagement has been high and pro- In 2019, Microsoft Corp. discon-
examine whether reducing workers’ been the impact of the pandemic, study, in which more than 2,500 em- ductivity consistent. tinued a four-day week experiment
hours can improve employee well- but specifically the impact on lead- ployees across industries worked a Kickstarter, which has roughly 90 in Japan after five weeks. A spokes-
being without sacrificing productiv- ers becoming interested in this idea,” shorter week between 2015 and employees, didn’t adjust any of its woman for the company declined to
ity, an approach that has attracted said Joe O’Connor, chief executive of 2019. Researchers reported the find- business targets to accommodate comment on the outcome.
more attention in recent years, ac- 4 Day Week Global, one of the non- ings last year and said overall output the truncated hours. Instead, it is And some employers aren’t in fa-
cording to company executives, labor profits organizing the U.K. study. didn’t decline in most workplaces trying to eliminate or shorten unnec- vor of a four-day workweek.
organizers, academics and some Companies in the U.S. and Canada over the four years. In some cases, it essary meetings, he said. Though A recent survey of 459 compa-
governments. The four-day work- are participating in a smaller pilot improved, they said. Meanwhile, employees are free to communicate nies, mostly in technology, found
week is one of many ways some led by the organizers of the U.K. most workers maintained or im- on Fridays, which they now have off, that 90% of firms didn’t plan to
employers say the Covid-19 era has study. Consumer-goods company proved their productivity and re- managers aren’t supposed to con- adopt a four-day workweek, accord-
prompted them to rethink the tradi- Unilever recently tested the concept ported reduced stress. tact direct reports. ing to Sequoia Consulting Group,
tional five-day, 40-hour schedule as in its New Zealand offices and has In the U.S., Brooklyn-based “It sounds really dramatic,” Mr. which conducted the research.
A12 | Wednesday, June 8, 2022 NY THE WALL STREET JOURNAL.
PERSONAL JOURNAL.
PERSONAL
TECHNOLOGY
NICOLE
Apple Unveils New Hardware
NGUYEN
And Much More at Big Show
A
pple’s Worldwide
Developers Con-
ference (aka
WWDC) typically
kicks off with a
laundry list of the A new 35-watt compact
new free features coming to charging adapter. Below, you
iPhones, iPads, Apple can view your heart-rate
Watches and Macs in the fall. zone to help track workouts.
In other words, software.
This year’s keynote was a
bit different: It also had
hardware.
No, there wasn’t any
mention of the hotly antici-
pated virtual-reality headset
at the Monday keynote,
which was pretaped but
shown to an in-person audi-
ence of media and develop-
ers at the company’s Cuper-
tino, Calif., headquarters.
Nor was there any mention
of the next iPhone, which
will likely come in Septem-
ber. However, Apple un-
veiled its latest processor,
the M2, and with it a re-
vamped MacBook Air and an
upgraded MacBook Pro. mastering the iPad’s many
Of course, most of the complicated multitasking
screen time dwelt on iOS 16, Apple’s Craig gestures, but now they may
iPadOS 16, WatchOS 9 and Federighi shows off not be necessary.
MacOS Ventura, the updates Continuity Camera. With iPadOS 16, the tablet
expected to be free this fall. will behave more like a Mac.
Free for those of you with The windows of different ap-
supported devices, that is. plications overlap, and you
(Sorry iPhone 7 users, you can resize them freely, in-
didn’t make the cut.) Here 720p, surrounded by a notch that. It starts at $1,299. Ap- data in the Fitness app, called Reincubate Camo to stead of using Apple’s prede-
are the most noteworthy reminiscent of the latest ple said both laptops will be alongside workouts from do the same thing, but the termined proportions. For
hardware and software iPhones. It’s a touch thinner available in July. third-party apps such as native Mac version will have iPads with the M1 chip,
highlights from the event. and lighter, though the over- Strava. more bells and whistles. The there’s even full external dis-
all footprint is just slightly iOS 16 Your lock screen—the software automatically keeps play support. With a monitor
New MacBook Air larger. (We’re talking milli- Come this fall, you’ll be able screen you see when you’re your video in frame as you connected, those tablets will
and Pro meters here.) to edit and recall sent mes- checking the time a hundred move, blurs your background be able to run up to eight
The MacBook Air got a new The new MacBook Air sages in the Messages app. times a day—is about to get and applies lighting features apps simultaneously. When
look and the more powerful, starts at $1,199—a $200 The functionality will be fancier. Android phones to brighten the image. you lump in past additions
battery-efficient M2 chip. It price hike. A 30-watt brick available for 15 minutes af- have long had custom lock- Desk View shows a sec- such as mouse support, you
ditches the classic Air is included with the base ter you send it. And if screens and were once the ond angle, a birds-eye view can finally see iPads becom-
wedge for all straight edges, configuration, but if you pay you’re overloaded with mes- object of iPhoners’ (read: of your desk for demos, by ing “real” computers. (But
and there’s a new deep-blue $20 extra, or choose a pric- sages and want to revisit my) envy. At last, iPhones just using the iPhone’s ultra- I’ll test this in the fall to
color option. One feature ier configuration, you can any, you’ll be able to mark will show calendar events, wide-angle camera and im- make sure.)
that made me double-take: get it with either a new 35- them as unread, like an weather and other customiz- age processing. (Before de-
The MagSafe charging cable watt compact adapter op- email. able information at a glance, ploying this feature, make WatchOS 9
is back. So if you trip on tion with two USB-C ports The Fitness app, previ- without you needing to un- sure there’s nothing on your There are a slew of new
your power cord, that de- or a 67-watt adapter. Both ously reserved for Apple lock the device. You can also desk you wouldn’t want col- health and fitness features
taches without taking your will also be sold separately Watch users, will be avail- personalize the font and leagues to see.) Apple says for the watch.
whole laptop with it. for $59. able to everyone. The color of the clock. You can it’s working with Belkin to A feature to help remind
It has a larger 13.6-inch The 13-inch MacBook Pro iPhone’s motion sensors, set up multiple lock screens create mounts, due later this you to take and log medica-
display, up from 13.3 inches. is getting a processor bump which already estimate your and associate them with dif- year, for perching an iPhone tions will be built into the
It also has an improved to the M2, but remains rela- steps and distance for the ferent Focus Modes, a suite on a MacBook’s open top. Apple Watch with WatchOS
1080p webcam, up from tively unchanged beyond Health app, will show that of complicated but useful 9, and it will also be in the
custom Do Not Disturb set- Health app on the iPhone
tings. with iOS 16. You can share
In iOS 16, you’ll be able the medication log with
to dictate with your voice family members, and the
and edit the text with the app can note any potentially
touch screen simultaneously, dangerous interactions be-
by selecting text with your tween the medications, sup-
finger then speaking new plements and vitamins
words, for example. you’re taking. Snap a picture
Apple redesigned the of the medication’s label
way parents can set age re- with an iPhone to automati-
strictions on their kids’ con- cally add it to the app.
tent, making it easier to do Sleep tracking can some-
more. Another parental-con- times hurt more than it
trol change: Screen-time re- helps, but for those who do
quests can be granted or de- like a record of their good
nied right from the night’s rest, or lack thereof,
Messages app. the watch will show time
In the Photos app, fami- spent in different sleep
lies will be able to create stages.
shared libraries. For in- While working out, you
stance, all the pictures ev- will get a new heart-rate
eryone takes on a family va- You’ll be able to glance at zone view to gauge intensity
cation can be shared either information without level. Runners can see their
voluntarily or automatically unlocking your phone. vertical oscillation, stride
based on your preferences. length or ground contact
I wish my car had Car- time metrics, and both run-
Play, Apple’s iPhone-friendly, Passwords are out, pass- ners and cyclists can com-
in-vehicle infotainment sys- keys are in. Safari will sup- pare current and past per-
tem. Now that Apple teased port passkeys, which use the formance on the same route.
the next generation of Car- biometric sensors in your A new multisport workout
Play, I’m thinking about device to authenticate log- mode that automatically
holding off on my next vehi- ins. That means no pass- transitions between swim,
cle purchase. It’s a full Ap- words to remember or store bike and run will be avail-
ple takeover of the dash- in a password manager. You able.
board, so you get speed and just need the device that’s Finally, for swimmers,
other standard instrument on you. Apple is working to the Apple Watch has long
data superimposed on top of make passkeys compatible been kickboard-challenged
turn-by-turn directions. And with online services by way because wrists are station-
while Apple listed partners of the FIDO Alliance, an in- ary while kicking. Now,
including Ford, Honda and dustry group, so it’s likely when you’re doing kickboard
Volvo, the company said ve- other devices and operating drills, the watch will recog-
hicle announcements aren’t systems will follow suit. It’s nize kicking as its own
due until late 2023. a big step toward a pass- stroke type.
word-less future.
MacOS Ventura
Your iPhone’s high-resolution iPadOS 16 Scan this code
camera can become your As a longtime iPad-as-com- to watch a video
next Mac webcam with puter person, I have been on the new
what’s called Continuity waiting for this software up- features Apple
Camera. I’ve used an app date. I have spent years unveiled.
APPLE (5)
The next generation of CarPlay imagines a full Apple takeover of the vehicle dashboard.
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A13
ARTS IN REVIEW
HBO (2)
‘WE WERE CRIMINALS,” says one TELEVISION REVIEW | JOHN ANDERSON was raped in her own bed at knife-
of the subjects of “The Janes” on point and the college health services
HBO. “We were felons.” Her state- department provided nothing be-
ment isn’t a confession. It certainly
isn’t an act of contrition.
“The Janes” celebrates—that’s
the only word—the ad-hoc alliance
‘The Janes’: yond a lecture on the victim’s own
“promiscuity.” Part of the success of
Jane, members recall, reflected the
disbelief among male authorities
of Chicago activists who facilitated
or performed an estimated 11,000
abortions in the few years leading up
to the Supreme Court’s 1973 Roe v.
Wade decision. The documentary by
Women Underground that women would be/could be en-
gaged in such an elaborate, years-
long, clandestine operation.
As “Jody” tells the camera in
one archival interview, the Janes
directors Tia Lessin and Emma felt a moral obligation to “disre-
Pildes—a timely, enthralling if per- spect a law that disrespected
haps late-inning addition to the women,” but as had been the case
abortion debate—may be intended as with the Volstead Act the authori-
a hand-grenade lobbed into the cul- ties were inclined to turn a blind
ture wars. But it’s a gripping histori- eye to abortion, despite or because
cal document, regardless of where of the fact that organized crime had
one stands on the central argument. been running the abortion game in
Much of the debate over the is- Chicago. “Who cares?” says homi-
sue now seems to occur in the ab- cide detective Ted O’Connor, recall-
stract, concerned with the sanctity ing the sentiments of his fellow of-
of life and the metaphysics of con- ficers, who finally busted Jane in
ception. None of the members of the 1972. Two women had complained
group that called itself Jane—many that their sister-in-law was getting
of whom are identified even now by an abortion, and the Chicago homi-
first name only—address those cide squad was given the assign-
points here. Nor, for that matter, do ment. Mr. O’Connor’s account is col-
they bother to argue the realities ored by his own evident
that compelled them to do what they embarrassment at having been in-
did: Sex was going to happen. Abor- volved at all, arresting a group of
tions were going to happen. Women women for something that didn’t
were going to die. The group’s objec- seem to be his business. The Janes
tive was keeping women alive. There even had clergy among their al-
wasn’t much to be debated as far as lies—the Clergy Consultation Ser-
they were concerned. vice, a pandenominational group,
Ms. Lessin (“Trouble the Water”) came out in support of a woman’s
and Ms. Pildes, who’s also a pro- right to choose and made its own
ducer here, have a challenge on referrals for abortions. Jane’s cli-
their hands: rendering what’s ents, members attest, included the
largely an oral history into a com- wives, girlfriends and mistresses of
pellingly visual production. Aside policemen and politicians.
from the plentiful head-on inter- Members of the Janes in 1972, above, and Jane member mug shots from the same year, top There’s no mistaking the senti-
views, the film is mostly a collage of ments of “The Janes”—its directors
period footage, a river of images began making it in response to re-
that serves as a reflection, rather ica are inescapable: The interview- motivated by a sense of mission; was a step up for me,” he says. cent appointments to the Supreme
than evidence, of the stories being ees argue that much of the “re- self-administered abortions often “The Janes” isn’t quite agitprop, Court and the realization that legal
told. Which is fine, because the tales spect” for abortion laws had to do ended tragically. (One, involving but it may come as something of a precedent was at risk. What they
of the Janes, and the story of Jane, with legality rather than morality, carbolic acid, makes for a particu- shock to younger viewers, specifi- cover in their interviews with the
carries one along seamlessly enough and Illinois legislation, inextricably larly harrowing anecdote.) Others cally younger women, that the kind activists, beyond good storytellers
into a sexual-political past that linked to the Catholic Church, made were simply in it for the money. of sexism recounted was so systemic and astounding/appalling stories, is
some people seem to have largely abortions, as intended, hard to ob- Some weren’t doctors at all, in- as recently as the late ’60s. (To con- a great deal of territory that isn’t
forgotten. If one is young enough, it tain. As “The Janes” vividly recalls, cluding “Mike,” who became Jane’s temporaries of the Janes, the re- being argued about now, but which
may be a complete revelation. In ad- the Chicago mob had stepped into principal abortionist in the early sponse might be “no kidding.”) is—as both sides would uncharacter-
dition, the narrative tension—how the void, providing unsafe proce- days and had learned the trade, as it Women could lose their jobs if they istically agree—about life and death.
long could they continue at what dures at extortionate rates and thus were, at the elbow of an actual sur- became pregnant—abortion was
they were doing?—makes “The criminalizing desperate people who geon. Mike, who is something of a thus, for many, an economic-survival
Janes” a bit of a thriller. believed they had nowhere else to character, says he had previously issue. As one Jane recalls, a class- The Janes
The echoes of Prohibition Amer- turn. Some abortion doctors were worked in construction. “Abortion mate at the University of Chicago Wednesday, 9 p.m., HBO
CULTURAL COMMENTARY she was way into her 20s and 30s, comes the pet project of alcoholic
she was addicted to sleeping pills fading movie star (and future
F
Happy” in “Summer Stock” (1950), self as “Mrs. Norman Maine,” Gar-
or those who remember her Garland’s performances at MGM are land seems to be announcing that
best as the sweet-natured farm among the glories of the Golden she, too, was ready to be her own
girl Dorothy Gale in “The Wiz- Age. person—not merely MGM’s best
ard of Oz” (1939), the romantic foil Early on, however, Garland showed trouper but a first-class tragedian.
to Mickey Rooney in a series of jolly a willingness to set aside the most “A Star Is Born” netted Garland
entertainments, or the even-keeled virtuosic sides of her talent—including an Oscar nomination (her only stat-
sister in a large Midwestern brood in her singing voice—to push herself in uette was a Juvenile Award for her
“Meet Me in St. Louis” (1944), the fresh directions. In her then-husband output in 1939, including “Oz”), and
idea of the centennial of actress and Vincente Minnelli’s 1945 drama “The though she was always a natural
singer Judy Garland might come as Clock”—just released on Blu-ray by for films about show people—her fi-
something of a shock. Warner Archive—Garland sings not a nal film role was as a diva in the
Because of her extraordinary run note yet wrings emotion from the 1963 drama “I Could Go On Sing-
of performances as the American viewer all the same. In the classic love ing”—her best late-career choices
moviegoers’ model of the “girl next story, Garland plays Alice Maybery, a were daringly unexpected. She was
door”—as well as her own premature New York secretary whose fluke en- again Oscar-nominated for playing a
death, following an accidental barbi- counter with an Army corporal on a witness at the Nuremberg trials in
turate overdose at age 47 in 1969— two-day leave, Joe Allen (Robert Stanley Kramer’s “Judgment at Nu-
there’s the temptation to regard Gar- Walker), begins a courtship that cul- remberg” (1961), and she was ex-
land as forever frozen in cinematic minates in a whirlwind attempt to ex- traordinarily effective as a teacher
amber. Certainly we should feel change vows before the 48 hours of mentally disabled and unwell chil-
cheated for not being able to see have expired. dren in John Cassavetes’s “A Child Is
Garland advance past middle age, Far removed from the glamour Waiting” (1963). We need not strain
but a reappraisal of her legacy re- and corn of her earlier productions, our eyes too much to imagine Gar-
veals a career that progressed far Garland effortlessly inhabits the land, had she lived, playing the sort
beyond her iconic ingenue image. more realistic scenes and settings of of emotionally exposed parts Cas-
Born Frances Ethel Gumm in 1922 “The Clock.” When Alice and Joe Judy Garland in her Oscar-nominated role in ‘A Star Is Born’ savetes wrote for his wife, Gena
in a household of vaudevillians in share a glum dinner after their mod- Rowlands, in films like “A Woman
Grand Rapids, Minn., Garland had est civil ceremony, Garland’s expres- Under the Influence.”
showmanship in her bones, and we sion of mixed emotions is entirely tions Garland out of her extended masterpiece, “A Star Is Born,” in Yes, Garland never had a chance to
should not undersell her energy and credible. Thanks to Garland’s subtle cinematic adolescence, exemplified in which Garland blended her incompa- win the sort of challenging, unvar-
effervescence during her peak years shadings, we believe both Alice’s ar- the penultimate scene in which Alice rable way with a tune—the film’s nished parts common in the New Hol-
at MGM, her professional home—al- dor for Joe and her rather bewil- and Joe share a breakfast after their numbers include the famous “The lywood era of the 1970s, but we
beit a dysfunctional one—through dered reaction to the breakneck, first night as man and wife; the Man That Got Away”—with a subtle, shouldn’t diminish what she packed
BETTMANN ARCHIVE
1950. Garland maintained an unsus- bare-bones ceremony. “I guess I don’t scene—a ballet of eye contact, played unflinching performance that drew into her truncated, but dazzling, career.
tainable schedule thanks to studio- feel very married,” she says, starting without dialogue for a long stretch— upon her firsthand experience in the
mandated pharmaceutical interven- to laugh and cry, and reminding us of is more mature than what passes as Hollywood trenches. In a coup of Mr. Tonguette is a contributing
tions that led to lasting problems how easily Garland can wilt on grown-up movie romance today. casting, Garland played Esther writer at the Washington Examiner
with drugs and alcohol. “By the time screen. “The Clock” artfully transi- Then came George Cukor’s 1954 Blodgett, an aspiring singer who be- magazine.
A14 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
SPORTS
Johnson Quits PGA Tour for LIV Golf
BY ANDREW BEATON
B
Hemel Hempstead, England
ack in February, Dustin
Johnson said he was
“fully committed” to the
PGA Tour. Then in a
The former U.S. Open and Masters champion said he still plans to play in major championships
stunning pivot last
week, he became the face of the ri- Johnson from playing in future
val Saudi-backed LIV Golf venture. Ryder Cups, under the current
In yet another jarring twist, rules, which Johnson recognized.
Johnson is now so fully committed “Hopefully, at some point it’ll
to the LIV Golf series of events change and I’ll be able to partici-
that he has resigned his member- pate,” said Johnson, who has
ship from the PGA Tour. The ex- played for the U.S. in the event
traordinary decision by one of the five times. “But if it doesn’t, it was
best golfers in the world to defect another thing that I really had to
from the game’s most powerful think long and hard about, and ul-
tour reflects the chasm—and un- timately I decided to come do this
certainty—LIV has created in the and play out here.”
industry. The outstanding—and most
Johnson and other golfers pub- pressing—question is whether
licly, and in depth, addressed their these golfers will be permitted to
decisions to join LIV for the first play in the major championships
time at the Centurion Club, just that are overseen by different bod-
northwest of London. They at- ies. When Mickelson committed to
tempted to hype the tournament’s LIV, he said in a statement that he
new format, awkwardly sounded planned to play in major champi-
optimistic views of doing business onships. He also said in an inter-
with Saudi Arabia and ultimately view with si.com that he has had
made clear their decisions to bolt conversations with organizers and
to this new series was about that he is “under the understand-
money. ing” that he will be able to play in
“I thought it was best for me the U.S. Open, which takes place
and my family,” Johnson said. “I next week.
don’t want to play golf for the rest Johnson, despite leaving the
of my life, which I felt like I was PGA Tour, also says he plans to
probably going to have to do.” play. He also seems to understand
“We’re running a business the uncertainty of all of it.
here,” said Graeme McDowell, a “I can’t answer for the majors,
former U.S. Open champion seated but hopefully, they’re going to al-
next to Johnson on the dais. low us to play,” he said. “I plan on
McDowell added that the debate playing there—unless I hear oth-
over issues like the killing of jour- erwise.”
nalist Jamal Khashoggi “has been Much of the fallout from the
incredibly polarizing. I think we all players splitting from the PGA
agree up here, take the Khashoggi Tour—which has made clear to its
situation—we all agree that that members they weren’t permitted
was reprehensible. No- to play in this event—has yet to
body is going to argue Dustin Johnson and Graeme materialize. McDowell nodded to
that fact.” He added: McDowell spoke with the media one of the more explosive possibil-
“But we are golfers,” during a news conference for the LIV ities when he said that he doesn’t
noting that he thinks Golf event at the Centurion Club. “want to get involved in a legal sit-
golf can be a force for uation with the PGA Tour.” Na ex-
good in the world. time in career earnings behind plained the potential for litigation
“If Saudi Arabia Mickelson and Tiger Woods. That is one of the reasons he gave up
wanted to use the game sum reflects just a portion of the his Tour membership.
of golf as a way for financial windfall he has received The players here, who will com-
them to get to where by playing professional golf. Add- pete for a $25 million purse in ad-
they want to be and ing in other factors, such as his dition to any appearance fees they
they have the resources pension plan, his earnings associ- may have received, also had to
to accelerate that expe- ated with the PGA Tour were up- reckon with the source of that
OPINION
The Putin Puzzle BOOKSHELF | By Dominic Green
Vladimir Pu-
tin may have
One pity is that NATO coun-
tries did not assert some dom-
lack of a retirement plan
were a strategic nightmare-
enemy’s arsenal as possible
before it can be used.
Ruling
Earthly Realms
f lubbed inance early in the crisis, say, in-waiting for the world. This risk Moscow and
most of his by escrowing Russia’s energy It may take years for Rus- Washington are long-prac-
war aims revenues contingent on a sia’s military to recover the ticed in managing, as per-
but he’s ar- cease-fire. This column was manpower and munitions haps reflected in the Biden
g u a b l y more open than most also to a losses from its early fumbles administration’s growing
BUSINESS
achieving no-fly zone for the same rea- in Ukraine, but Mr. Putin can comfort with escalations.
WORLD
the most im- son—to force Mr. Putin radi- buy those years with his Plausibly, in fact, nothing
In the Shadow of the Gods
By Holman W.
portant, cally to reappraise the costs barely dinged oil revenues. would end Mr. Putin’s regime By Dominic Lieven
Jenkins, Jr.
neutralizing and risks of the adventure he Under his leadership or a quicker, at the hands of his (Viking, 500 pages, $40)
T
Russia’s own was undertaking. successor’s, Russia can be- own confederates, than if he
urban, educated middle class, The only way to get to an come North Korea-like in were seen to be leading them he talent that creates an empire is often in conflict
the real threat to his regime. early endgame, after all, was subordinating every other into a nuclear war. with the skills that preserve it. The “recklessly heroic
Whatever the merits of his with some atypical risk-tak- consideration to its unfin- So the moment for deals style” of Alexander the Great, Dominic Lieven notes in
complaints about NATO or ing by Western politicians. ished war if those revenues that might restore the status his new book, was a political dead end. Even in durable
Western hypocrisy, these are Now the U.S. finds itself sub- remain intact. quo ante or something re- empires, a tension remains between the emperor, whose
not sensible motives for the ordinated to the Ukrainians, sembling it is passing. Pa- authority is supreme and superhuman, and the empire, in
war he launched. Destroying thanks to their unexpected tience will be needed. As which power is managed by bureaucrats, soldiers, viceroys
the infrastructure and pro- resistance, and to Mr. Putin’s Russia’s leader sees with the first cold war, we’re and local elites. Empires are founded by war and personal cha-
ductivity of a territory you calculus for managing his in for another long wait for risma, but they are sustained by paperwork and compromise.
propose to annex, alienating waning years. the Ukraine war as a the worm to turn in Moscow. Mr. Lieven, a fellow of Trinity College, Cambridge,
its 44 million inhabitants, is If rumors of ill health are way to make sure he It might seem strange to compares the Chinese emperor who bore the Mandate of
not a useful goal except on accurate, it only accentuates mention it but no military on Heaven to the helmsman of “a great modern family firm.”
the way to another goal. his craving for control as dies in office. earth, in these past 30 years, Most heirs and emperors are not up to the job, but the
Mr. Putin, even if he be- well as shortening his time has been more widely experi- system sustains them regardless. The emperor is always a
lieved his forces would have horizon. He saw the fate of enced and battle-hardened “captive of his officials.” Valentinian I of Rome, who seems
an easy run to the capital of Egypt’s Hosni Mubarak, pros- In Ukraine, rapidly being than the U.S. military, from to have found this arrangement frustrating, kept Goldflake
Kyiv, the original plan, knew trate in a hospital bed at- born is a polity with the will small-unit counterinsurgency and Innocence, “two savage
he wasn’t deploying enough tending his own trial. A and popular support to fight fighting to the logistics of and underfed man-eating
force to control Ukraine to chronic war in Ukraine might the Russians indefinitely, or moving multi-division forces bears, outside his bedroom as
its western borders. This secure his reign for another as long as the U.S.’s deepen- halfway around the world. a warning to his entourage.”
tells you something. His goal 10 years, with enough hound- ing investment holds out. Lessons the U.S. and NATO “In the Shadow of the
was destabilization, to create ing of “traitors” to suppress When Defense Secretary are learning from their close Gods” is an instructive epic,
conflict with the West, to any lingering domestic oppo- Lloyd Austin speaks of ensur- association with the Ukraine deficient only in that the
wreck Ukraine so its emer- sition. And it’s working: “The ing the Russian military can- fight will probably be useful author does not pursue his
gence as a prosperous, re- Russian elite have become so not renew its aggressions in the century ahead. Ameri- subject to the present day.
forming society could not worried about how to guar- against neighbors, he is com- cans may not like what his- Mr. Lieven defines emperors as
threaten his hold on power at antee political stability and mitting the U.S. to a five-, tory has in store for them. “hereditary holders of supreme
home. avoid protests that they have 10-, 20-year effort. China’s military buildup is authority,” ruling disparate
This is still the best expla- consolidated around Putin,” The risk of general nuclear especially worrisome. But— populations over long dis-
nation of why the Ukraine writes Kremlin watcher Tati- war seems low, and likely to as the Russians have been tances. They are usually male,
war is happening. ana Stanovaya of the Carne- rise only in an unlikely cir- showing us—there’s nothing notwithstanding Catherine the
President Biden was well gie Endowment for Interna- cumstance: if a rational like actual fighting to equip Great of Russia, Victoria of
advised to pull out the stops tional Peace. leader on either side thinks a military with lessons to Great Britain, and Cixi, the
to deter Mr. Putin’s invasion in Here we are. For the better an attack is imminent and succeed in actual fighting. dowager empress of China. The modern age, Mr. Lieven
the first place. To those now part of two decades, this col- the only way to minimize The U.S., in a certain way, is argues, is a “radically new era” in which hereditary and
worried about a risky, open- umn warned that Russia’s nu- devastation to his society is still a country apart in that sacred monarchy are “no longer viable.”
ended conflict, yes, exactly. clear arsenal plus Mr. Putin’s by destroying as much of the regard. Imperial authority always was symbolic as well as actual.
From his invention, the emperor was, if not divine, then the
next best thing, tricked out in the ancient robes of “sacred
Fuel Prices Aren’t Going Down Soon monarchy.” The first emperor was Sargon of Akkad
(2334-2279 BCE), a Near Eastern priest-king who found his
city-state too small and conquered modern Iraq and Syria.
President Bi- To begin: The goal of “en- source of energy. Longtime have experts warning of rolling As Elizabeth II, the daughter of the last emperor of India,
den says that ergy independence,” often opponents of nuclear power, blackouts this summer. Long heads the Church of England, so Sargon’s daughter became
in the short touted by Republicans, is mis- including climate-change ac- stretches of extreme weather, high-priestess of the moon god in the temple at Ur.
term, there is leading. The U.S. can achieve tivist Bill McKibben, are construction delays and—iron- One of the things the Romans did for us was to define
little he can an arithmetic balance between coming around to the view ically—a faster-than-expected empire. Under the Roman republic, an imperator was a
do to lower the total energy it produces that the U.S. cannot afford to transition to electric vehicles victorious general, and later one of two consuls. The empire
POLITICS gas prices. and consumes, and between phase it out. California Gov. are combining to put pressure began in 27 BCE under Augustus, the victor of Rome’s civil
Unfortu- production and consumption Gavin Newsom, who bro- on a power grid that has been wars. A “ruthless and skilful politician,” Augustus mollified
& IDEAS
nately, he’s in specific sectors such as kered a plan to shutter the neglected for decades. Yielding the senatorial aristocracy with a small share of his power
By William
right. Releas- crude oil and natural gas. But state’s last operational nu- to objections from property and a “much greater helping of top jobs and patronage.”
A. Galston
ing supplies America cannot decouple itself clear plant, Diablo Canyon, owners, state regulators have He learned from his uncle Julius Caesar’s mistakes, refusing
from the Stra- from the international market, by 2025, is open to extend- been slow to authorize the to be “officially proclaimed a living god” in Rome, and calling
tegic Petroleum Reserve has which determines the prices ing its life. It’s now possible transmission lines needed to himself primus inter pares, “first among equals.” But he ac-
had virtually no impact on for these commodities. Fossil- to build smaller nuclear bring power from remote solar cepted the divine status bestowed by local elites in his eastern
fuel costs, and the modest in- fuel costs for U.S. consumers plants that could alleviate and wind farms to big cities. A empire. The geography of empire always includes a gulf of
crease in production Saudi will decline only when global environmental and safety national energy-transition pol- hypocrisy between the metropolis and the provinces.
Arabia recently announced supply outruns demand. In- concerns. icy must reduce regulatory de- The western Roman Empire lasted five centuries and
won’t either. Nor would au- creased production could help, lays, now up to five times as became the template for the modern European empires.
thorizing the completion of but shifting the mix of energy long as peer countries like Its eastern, Byzantine heir endured for another millennium,
the Keystone pipeline. The consumption away from fossil But a realistic energy Germany, Canada and Austra- until Constantinople fell in 1453. Yet Rome’s emperors, Mr.
global economic recovery fuels toward other sources lia, while giving federal agen- Lieven suggests, struggled at the basic task of succession.
from the pandemic shutdown would have a greater impact plan would help bring cies the authority they need to When Diocletian (284-305 CE) upgraded the emperor from
has boosted demand, and Rus- over time. them down over the overcome today’s fragmented first citizen to divine autocrat, living up to the image “put
sia’s invasion of Ukraine has Another key premise: Ideo- oversight of the national an extra strain” on an emperor. Add the intriguing of the
scrambled supply lines in logically driven thinking gets next few years. power grid. Praetorian Guard, and the Romans got through 53 emperors
ways that won’t be fixed soon. in the way. The right’s refusal Finally, a realistic approach in 311 years: not much different to the election cycles of
Only a global recession, which to take climate change seri- to our energy future must ac- the American republic, with their “never-ending” factional
no one wants, would lower ously has little to do with sci- In addition, the U.S. should knowledge the increased in- struggles. The Sassanids of Persia, founded in 224 CE, had
prices appreciably in the next ence; it is part of the culture revise its approach to coal. fluence of geopolitics on na- 30 emperors in three centuries, and the British have had
year or two. war it is waging against the Coal advocates insist that it tional policies. In the wake of only a dozen monarchs since 1707. No wonder that the
The problem extends well left. Conversely, the left’s be- can be used without spewing the Russian invasion of “Meditations” of Marcus Aurelius, the most personal testi-
beyond crude oil and its de- lief that humanity can declare unacceptable amounts of car- Ukraine, political risks have mony left by a Roman emperor, advises Stoic endurance.
rivatives. The price of natural a “climate emergency” and bon dioxide into the atmo- risen, and the fuel prices will
gas has soared, futures for quickly phase out fossil fuels sphere. If they can show that reflect enhanced concerns
coal delivered to Europe have is a fantasy. innovations in carbon capture about the resilience of energy Imperial authority always was symbolic as well
risen 137% this year, and cash Everyone should set ideol- and sequestration would allow supply chains. Europe’s plan as actual. From his invention, the emperor was,
prices for Appalachian coal ogy aside and start thinking power plants to meet this to decouple from Russia will
have more than doubled since practically. Let’s assume that test, fine. Government should reorder energy flows every- if not divine, then the next best thing.
last June. we are in the early stage of establish a level playing field where. And so long as demand
Yet the long-term outlook transition toward a new bal- by setting reasonable environ- for oil remains high, the U.S.
is more hopeful. The policies ance between fossil fuels and mental standards for all en- will be forced to deal with au- Russia’s Romanovs lasted three centuries, the Habsburgs
we adopt in response to the other energy sources. We ergy sources and determining tocratic countries such as nearly a millennium in various forms, but the Chinese are
current price surge can create need to plan for this transi- whether an energy source can Saudi Arabia in ways that of- the long-distance champions: their first imperial dynasty,
a more stable energy sector a tion in a manner that is con- meet them. The public inter- fend our moral sensibilities— the Qin, was founded in 221 BCE. The unification of China
decade from now. We need sistent with costs, technologi- est is in the ends, not the unless the American people under the Tang dynasty (618-907 CE) led to “great economic
something we haven’t had for cal possibilities and public means. decide that they are happy to advances and a superb flowering of Chinese literary and
a long time: a comprehensive opinion. Without electricity, life as pay much higher prices to artistic high culture.” The second Tang emperor, Taizong,
energy strategy built on real- To do this, America we know it would grind to a power their cars and heat was “beyond question one of history’s greatest emperors,”
istic premises about supply, should rethink—without pre- halt. But mounting problems their homes. I’m not holding combining military and administrative skills with a “flair
technology and politics. conditions—every possible with the nation’s electrical grid my breath. for the dramatic, flamboyant gesture.” Like Marcus Aurelius,
he bequeathed advice to his heirs.
The Tang emperors were Confucians, ruling through the
The Christian Martyrs of Nigeria aristocracy. Their replacements, the Song dynasty, absorbed
elements of Buddhism and Daoism, and ruled through a
bureaucratic elite which excelled in gathering taxes from the
By David Curry whereabouts are unknown, International Religious Free- of the report to designate provinces. Their civil-service examinations and the “neo-
A
and other Christian leaders dom, to which I was recently countries of particular con- Confucian ideology” welded the Chinese elite to the imperial
s Christians in Owo, Ni- kidnapped in similar circum- appointed, has recommended cern. Given the carnage at St. order. Mr. Lieven compares the examination system to “the
geria, gathered to cele- stances have died in captivity. since 2009 that Nigeria be Francis Xavier Church, the role of the public schools and Oxbridge” in Victoria’s empire.
brate Pentecost on Sun- My organization, Open added to the U.S. govern- president should redesignate No empire “spread so far or so fast” as the Arab cali-
day, gunmen burst into St. Doors USA, ranks the coun- ment’s “Country of Particular Nigeria immediately. phate. Within three generations of Muhammad’s death in
Francis Xavier Catholic tries that are most hostile to Concern” list. The list is an In theory, that’s just the 632 CE, his heirs ruled from Spain to the borders of China.
Church and began shooting. Christians. Nigeria is seventh important tool for identifying first step. A designation re- The Umayyad dynasty at Damascus legitimated hereditary
Eyewitness reports suggest at on the list. Though the coun- the worst violators of reli- quires the president, with monarchy in Islam; not until the British Empire would an-
least 50 parishioners, includ- try places few restrictions on gious freedom across the some exceptions, to enact other system have a “wider or deeper impact on humanity.”
ing young children, were worship, it ranks first for the globe. In December 2020, the sanctions. Yet in the 24 years The transition from the Umayyads to the Abbasids in 750,
killed. Trump administration heeded since the International Reli- Mr. Lieven notes, resembles that from the Principate of
The shock waves of this that advice. The following gious Freedom Act was Augustus to the Dominate of Diocletian. The early Umay-
massacre are still reverberat- Why did the Biden year, however, the Biden ad- passed, no president has en- yads “camouflaged the reality of dynastic monarchy behind
ing through Nigeria’s Chris- ministration reversed the de- acted any meaningful sanc- a facade of modesty and loyalty to tradition,” while the
tian community, a group al- administration lift cision without explanation. In tions against a CPC country Abbasids “represented imperial monarchy in full Iranian glory.”
ready reeling from a flood of its designation as a fact, it removed Nigeria from expressly because of reli- Mr. Lieven’s emphasis on non-European empires is
recent violence. Four weeks the list hours before Secre- gious-freedom violations. refreshing, but his story peters out, rather like the British
ago a mob of Muslim stu- country of concern? tary of State Antony Blinken Mr. Biden has the opportu- Empire. It would have been instructive if he had pursued
dents beat to death Deborah landed in the country for offi- nity to send a clear signal his theme, rather than grumbled about Donald Trump’s
Samuel, a young Christian cial meetings. that the U.S. won’t stand by putative similarity to Kaiser Wilhelm II. The 1940s saw the
woman accused of offending total number of Christians Last week the State Depart- as the innocent faithful are defeat of the German, Italian and Japanese empires, the
Islam after sharing the mes- killed for their faith. Our ment released its annual re- persecuted. He should make eclipse of the British and French empires, and the mutation
sage “Jesus Christ is the most recent annual report port on international religious the redesignation and enforce of the imperial idea in the age of superpowers. Today’s
greatest. He helped me pass documented the killing of freedom, highlighting a range sanctions without delay. multipolar world was made by empires. The only people
my exams” on a WhatsApp 4,650 Christians in Nigeria in of violent incidents perpe- who believe that the modern American, Russian and
messaging group. 2021, more than one every trated against religious com- Mr. Curry is president and Chinese states are not empires by other names are
Two weeks later, on May two hours. The violence munities in Nigeria. Under the CEO of Open Doors USA and a American, Russian and Chinese.
25, the Rev. Stephen Ojapa shows no signs of abating this International Religious Free- member of the U.S. Commis-
and his assistant were kid- year. dom Act of 1998, the president sion on International Reli- Mr. Green’s latest book is “The Religious Revolution:
napped by gunmen. Their The U.S. Commission on has 90 days from the issuance gious Freedom. The Birth of Modern Spirituality, 1848-1898.”
A16 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
China’s Great Naval Leap Forward Fed Should Remove Its Core Inflation Blinders
F
irst by stealth, then by degrees, and now development agreement. The Pacific countries Alan Blinder writes that “the Fed Prof. Blinder and former Fed Chair-
by great leaps, China is building a blue rejected a formal accord, but China will be back can’t do anything about food and en- man Arthur Burns have something in
ergy prices” (“Inflation Isn’t Transi- common. In the 1970s, Mr. Burns ar-
water navy and a network of bases to ex- with more money and other promises. China
tory, but It Isn’t Permanent Either,” gued that fast-rising consumer price
tend its military and political wants to dominate shipping op-ed, June 2). That may have been inflation was due to unique factors,
influence. A new secret Chi- A base in Cambodia is lanes that have long been true before, but the Federal Reserve and that loose monetary policy
nese military base in Cambo- the latest sign of Beijing’s guaranteed by the reach of the is now knee-deep in the murky wa- wasn’t the price catalyst. He ordered
dia ought to wake up Amer- U.S. Navy. ters of climate change, energy policy the Fed staff to create a consumer-
ica’s political class—including global military ambition. China wants a global net- and sustainability. price index excluding food and en-
the U.S. Navy brass—to what work of bases that would In 2020 the Fed joined the Net- ergy, which has grown to become the
is fast becoming a global Chi- make it easier to project work of Central Banks and Supervi- core inflation index.
nese challenge. power. The PLA already has a base in the East sors for Greening the Financial Sys- Fast-forward to today. Mr. Blinder
The Washington Post on Monday cites West- African nation of Djibouti. Gen. Stephen tem, a group of central banks whose cites a Fed staff estimate of “Covid-
ern officials about the facility under construc- Townsend, head of U.S. Africa Command, told “purpose is to help strengthening sensitive” and “Covid-insensitive”
[sic] the global response required to prices. According to the Fed staff,
tion at Cambodia’s Ream Naval Base on the Gulf Congress in March that Beijing also wants a
meet the goals of the Paris agreement without Covid-related price increases,
of Thailand. The Journal reported in 2019 that base in West Africa on the Atlantic Ocean. The and to enhance the role of the finan- core inflation is running at roughly
Cambodia and China had secretly agreed to let Journal reported last year that U.S. officials cial system to manage risks and to 1.5%. By stripping out food, energy,
the Chinese military use a naval base in the suspect China wants a base in the United Arab mobilize capital for green and low- Covid-sensitive items and housing,
Southeast Asian nation. China and Cambodia Emirates, though construction stopped after carbon investments in the broader less than a third of the consumer bas-
denied it at the time. Washington intervened. context of environmentally sustain- ket of goods and services remains
But now China is building a naval facility for China’s strategic goals here are political, able development.” and there is little inflation to worry
its exclusive use “and taking extraordinary economic and military. Beijing has long taken Policies to “mobilize capital for about. If policy makers listen to the
measures to conceal the operation,” according a mercantilist view of natural resources and green and low-carbon investments” Fed staff’s research, the odds are
to the Post. doesn’t trust normal commercial trading rules. have contributed to the shift away high of repeating the 1970s mone-
The Cambodian government is denying the Like Japan in the 1930s, Beijing believes that from fossil fuels, raising energy costs tary-policy blunders.
along with costs to produce and trans- JOSEPH CARSON
latest report, and that’s no surprise. The Cam- a far-flung base network is necessary to guaran- port food. The Fed is partly culpable. Westport, Conn.
bodian constitution bans foreign military bases tee the supply of oil, minerals and other raw CHARLES D. EDEN Mr. Carson was chief economist at
inside the country’s borders, and the presence materials in case of sanctions, global shortages Atlanta Alliance Bernstein.
of the Chinese forces could stir a nationalist or conflicts.
backlash. China’s naval base also won’t please Military bases are also a form of potent per-
Cambodia’s Southeast Asian neighbors, includ- suasion for smaller nations skeptical of Chinese
ing Thailand, which has been a major non-NATO intentions. Bases make it easier to monitor U.S.
ally of the U.S. since 2003, and Vietnam, which ship movements and threaten U.S. installations
A Lonely Free-Marketeer in the Solar Industry
has had a tense relationship with China. in Guam and elsewhere in the event of a con- T.J. Rodgers, whom I have admired I find it odd that Mr. Rodgers
Beijing has a long history of lying about its flict. A base network will also help China deploy for years as a free-market advocate writes that three solar-energy compa-
who practiced what he preached, nies are “refocusing on Europe, Asia
military intentions. Recall Chinese President Xi and utilize its own version of the U.S. satellite
makes a convincing case against the and Australia, where the solar mar-
Jinping’s promise that he wouldn’t militarize Global Positioning System. pending petition to impose tariffs on kets are growing rapidly and suffer
the artificial islands in the South China Sea it The proliferation of PLA bases is being solar-panel imports—until his last less from government interference.”
developed during Barack Obama’s Presidency. matched with an ever-growing Chinese navy. paragraph (“Tariffs Throw Shade on Government interference in the mar-
The islands are now home to an array of ad- The U.S. is heading in the opposite direction, the Solar Industry,” op-ed, May 25). ket, through taxpayer-funded subsi-
vanced Chinese military equipment. with 297 ships and plans to fall to 280 by 2027. There he concedes that the 26% roof- dies, is the only reason that the U.S.
Earlier this year China and the Solomon Is- China has 355 and is headed to 460 by 2030. top-solar tax credit is a hefty subsidy solar industry is as big as it is.
lands in the South Pacific signed a security pact. Beijing relies on smaller vessels, but it will soon for solar-panel makers. TERRANCE TSCHATSCHULA
Both governments deny that the agreement will launch an advanced aircraft carrier that will let If tariffs on solar panels are so un- Centennial, Colo.
lead to a Chinese base or permanent presence, it project air power abroad. fair, why am I required to pay my rich
but China operates in stages until one day the Some in Congress seem aware of this relative neighbors down the street and around The unasked question is whether
the country a kind of domestic tariff, Mr. Rodgers would trade elimination
world learns there’s an operating base. The Sol- U.S. naval decline, but the U.S. Navy and Penta-
through my taxes, of nearly $5,000 on of the solar-panel tariffs for the elim-
omons aren’t far from Australia and are near gon don’t seem alarmed. They should be. The their $19,000 rooftop solar systems? ination of the 26% solar tax credit.
important commercial shipping lanes. Chinese military is advancing around the world, CHRISTOPHER J. WARNER LAWRENCE ANVIK
Chinese Foreign Minister Wang Yi recently and the best guarantee of keeping the peace is St. Helena, Calif. North Myrtle Beach, S.C.
took an eight-country tour through the South a U.S. military and Navy that can reassure allies
Pacific to drum up support for a security and and deter the hawks in Beijing.
Why I Leave Out Politics From My Preaching
The WHO’s Climate Neurosis As one who has also “preached
nearly every Sunday of my adult life,”
appropriate and arrogant of me to
use that sacred time to espouse my
M
easles cases are spiking globally. the reason for the absence of advo- own political agenda. The people of
The WHO says many young people report feel-
cating one side of the aisle over the God deserve more than that.
More than 1,000 monkeypox cases ing “impairing distress,” perhaps due to alarmist other from the pulpit has nothing to REV. SCOTT J. SUSKOVIC
have been reported in 29 countries, news stories. “Various terms have emerged to de- do with employment but rather with Charlotte, N.C.
and children around the world scribe these responses, partic- the purpose of worship (“Why Most
are developing hepatitis for The global health shop ularly among youth affected by Pastors Avoid Politics,” Review, May Ordained ministry is not a career
unknown reasons. And what is says eco-anxiety is an climate change, including cli- 28). These topics should be addressed path or a “strategic calculation.” It is
the World Health Organiza- mate change anxiety, solastal- in a forum where there can be discus- a calling. We serve the local church
tion focused on? Climate urgent problem. gia, eco-anxiety, environmental sion with opposing views and in- but we are appointed to that ministry
change, naturally. distress, ecological grief, and depth conversation rather than with by a much higher authority. The rea-
The WHO on Friday pub- climate-related psychological a pastoral monologue with quips and son so many of us choose not to en-
lished a report on the potential mental-health distress,” the report says. sound bites, as if one speaks ex offi- gage in politics from the pulpit is be-
cio for God regarding politics. cause the message we are called to
impact of climate change, and better see your Believe it or not, some therapists report they
From my Lutheran perspective, the share is of so much greater value,
psychiatrist before it’s too late. “There are gaps are seeing more young patients afflicted by par- purpose of worship is to preach the and is needed all the more so because
in understanding the impact of climate change alyzing climate dread. A recent study in The Gospel, praise God and administer of the divisiveness and hostility of to-
on mental health and psychosocial well-being, Lancet reported that 45% of young people sur- the sacraments. It would be highly in- day’s political climate.
but current knowledge is sufficient to act!” the veyed in 10 mostly higher and upper-middle in- REV. BOB ELLSON
16-page report says. When do knowledge gaps come countries said their feelings about climate Mt. Pleasant, Pa.
ever stop climate lobbyists from demanding change hurt their daily functioning. Fluvoxamine, Covid and the
that governments grab more power? Maybe the WHO could do a public-health As a Presbyterian pastor in the San
Colorful graphics explain that “witnessing service by informing young people that the
Limits Placed on Physicians Francisco Bay Area for 40 years, I
changes and damage to landscape and ecosys- world isn’t doomed. Ah, but its goal is to per- Allysia Finley’s title question “Why didn’t avoid addressing political is-
tems” and “awareness of climate change and ex- suade wealthy countries to give it more money. Won’t the FDA Let Doctors Prescribe sues because I feared for my job. It
Fluvoxamine for Covid?” (op-ed, May was because I believed what people
treme weather events and their impacts” could The WHO knows that mental illness has become
31) has a simple answer: The FDA al- needed most was the love, grace and
lead to strained social relationships, anxiety, a hot issue in the West in the wake of Covid ready has—physicians can write pre- hope of the Gospel. As one of the
depression, intimate partner violence, helpless- lockdowns, which it supported. Now it sees a scriptions for off-label use. But on ex- members of our congregation said to
ness, suicidal behavior and alcohol and sub- new opportunity to expand its brief, which amination, the question grows more me: “I have plenty of politics at work.
stance abuse, among other things. could be a money-maker for decades. complex. Most primary-care physi- I don’t need them in my church!”
Yes, the WHO has found a way to link climate The WHO lost credibility after being late to cians are employed by hospitals or REV. JAMES W. RUEB
change to every social problem under the sun. raise alarms about Covid and then helping China other entities that have policies of Poulsbo, Wash.
If rising sea levels, warmer temperatures, wild- whitewash an investigation into its origins. Like treating Covid according only to CDC
fires and hurricanes don’t destroy civilization, many bureaucracies, it wants to expand its au- recommendations and FDA rules.
anxiety about apocalyptic predictions will. thority despite failing in its core responsibilities. Another factor is that an emer- Georgia Puts Trump to Test
gency-use authorization can be
I voted for President Trump twice.
granted only when no adequate alter-
His policies were very good for this
The Parental Revolt Continues natives exist, and when the potential
benefits outweigh the potential risks.
country. But if Mr. Trump doesn’t come
out and get behind the re-election of
T
This interpretation of the arcane and
he political fallout from school closings come. Parents who have day jobs and lack the Georgia Gov. Brian Kemp (“Will Trump
ambiguous FDA policies leaves lots of
and curriculum battles continues, as time to monitor school instruction are at a disad- Help to Elect Stacey Abrams?” Review
wiggle room for insiders like Big
& Outlook, May 26), then he will lose a
school board incumbents are losing at an vantage, and school board elections typically take Pharma to rule the playing field.
lot of respect in my eyes and, I sus-
unusual rate. That’s the news place on primary or other days JAMES W. CRICHTON, M.D.
pect, those of many other supporters.
from Ballotpedia, which ana- Ballotpedia finds voters when turnout is low. Helena, Mont.
This is a test of Mr. Trump’s lead-
lyzed recent school board elec- delivered a school board “Union-endorsed candi- ership. Can he put his disagreements
tions in three states. dates win roughly 70 percent with Mr. Kemp behind him and put
“Incumbents lost at nearly shake up in April. of all competitive school board The Other Changes Behind the welfare of Georgia, the country
twice the historical average,” elections,” Boston College’s The Mental-Health Crisis and the Republican Party ahead of his
the website that tracks elec- Michael Hartney discovered ego? President Trump, please take
In “The West’s Struggle for Mental
tion results reported last week. Parents are re- after examining school board races in California the high road.
Health” (op-ed, June 1), Liah Green-
volting over how districts handled Covid and and Florida over an extended duration. His find- JAMES EMORE
feld attributes the increase in mental
Canton, Ga.
how schools teach race and gender. School board ings were published in January in the journal In- illness in the U.S. to a post-1960s ex-
candidates campaigned on at least one of these terest Groups & Advocacy. pansion of equality and choice, as
issues in 141 school district elections in Mis- The pandemic shutdowns gave parents more well as to changes in Western values
souri, Oklahoma and Wisconsin. incentive and opportunity to pay attention and, following the dissolution of the So- Pepper ...
A third of incumbents lost re-election, com- when they did, many school boards dismissed viet Union. Lack of a “common oppo-
nent rendered individual identities in
And Salt
pared to an average of 18% in the races Ballot- their concerns. Teachers union leaders these
the West more confusing and dissat- THE WALL STREET JOURNAL
pedia tracked from 2018 to 2021. Candidates days, even at the local level, aren’t focused on
isfying,” she writes.
who opposed woke instruction or Covid policies student performance as they once were. They’re Surprisingly, she makes no men-
such as the shutdowns or mask mandates won part of an increasingly ideological vanguard that tion of the more likely causes of this
36% of the 334 seats in these districts. Those follows progressive national dictates no matter increase, including the increase in
with unclear positions won 19%, Ballotpedia what parents might prefer. Recall the recent in- single-parent families, the advent of
says. Candidates taking a more progressive vestigation of three students in rural Kiel, Wis. social media, an increasingly dysfunc-
stance won 45%. of all places, for not using politically correct tional educational system and a di-
Voter recall efforts have also soared. Not all woke pronouns. minishing of traditional supportive
are successful, but Ballotpedia tracked attempts It isn’t clear how long this parental interest institutions, such as religious ones.
to boot 126 board members in 2021, up from 28 will persist once memories of the lockdowns JOHN FALKOWSKI, PH.D.
Maynard, Mass.
in 2019. Recalls have already been mounted fade, and the unions and incumbents will try to
against 77 current board members. ride out the revolt. School choice is the best
Letters intended for publication should
This surge in successful challenges is welcome long-run antidote to the progressive union mo- be emailed to [email protected]. Please
because the root problem with public schools has nopoly. But parents who are taking on the bur- include your city, state and telephone
long been traceable to failed monopoly gover- den and risk of challenging entrenched boards number. All letters are subject to “I’m going between the walls now.
nance. School boards are dominated by teacher’s are acting in the best tradition of American self- editing, and unpublished letters cannot Don’t try to find me, it’s just
be acknowledged.
unions, which have an intense interest in the out- government. something I need to do.”
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | A17
OPINION
S
In 1983 Congress established COLAs from higher-income retir-
ocial Security is a perennial the Social Security Reform Com- ees. Those who report income of
crisis. Eighty-three percent mission. It recommended and more than $60,000 (a threshold
of Generation X and 77% of Congress agreed to increase the that itself would rise with infla-
millennials say they worry full retirement age—at which a re- tion) from sources other than So-
that the program will run tiree is eligible for full benefits— cial Security could be denied the
out of money in their lifetimes, ac- from 65 to 67. The increase was COLA every other year for up to
cording to a June 2021 Harris poll for gradual, over 44 years, and will be six years.
the Nationwide Retirement Institute. fully in effect in 2027. • Give the COLA not annually
The latest report of the Social Secu- I’ve updated my reform propos- but every 14 or 15 months using the
rity Trustees backs them up, finding als: 12 months of lowest inflation.
that the Old Age and Survivors Insur- • Raise the full retirement age • Tax Social Security income for
ance trust fund “will be able to pay further. Starting in 2028, it would higher-bracket taxpayers, and give
scheduled benefits on a timely basis go up by one month every half- them the option to forgo all or part
until 2034, one year later than re- year until it reaches 68½ in nine of their monthly payment. The for-
ported last year.” That’s only 12 years years. That means that in 101 gone amount could be deducted as
from now. years (1935-2036) the full retire- a charitable contribution. In high-
ment age would have risen 3½ income-tax states, forgoing Social
years—far less than the increase Security payments would incur lit-
‘What the hell are bend in average life span over the same tle or no cost. Skeptics may be sur-
MARTIN KOZLOWSKI
period. prised by how many Americans
points?’ a fellow senator • Raise the early eligibility age. will forgo a part of their monthly
asked me in 1983. The Since the 1960s, all workers have checks to assure the system’s sol-
had the option of retiring at 62 vency for their grandchildren. The
answer is still crucial. with benefits reduced by around election to forgo would be revers-
25%. Most retirees now claim So- ible annually.
cial Security at 62, and the rising full be. First they take the 35 years of than 35, since Americans not only • Raise the payroll tax by 0.1% of
When Congress passed the Social retirement age strengthens the in- your highest income. Thirty-five live longer but work longer, and the wages every other year—half from
Security Act of 1935, 42 people centive to do so. Once it’s at 67, hold- years ago, you were a junior em- inflation-adjusted average wage withholding, half for the employer’s
worked for each 65-year-old retiree. ing out for higher payments will ployee and the dollar didn’t go as far. should be discounted by 5%. contribution—for 20 years, a total
The trust fund ran surpluses for mean giving up five years’ worth of So each year’s wages are adjusted for • Slow the growth of benefits for tax increase of 1%.
years. But as life spans grew longer benefits—a three-year gap will have inflation to compute an average new and existing beneficiaries alike When the Social Security actuar-
and birthrates declined, fewer wage widened to five. monthly wage in today’s dollars. by changing the basis on which ies and the Congressional Budget Of-
earners were called on to support If my first reform were enacted, Using the present rules, assume they’re indexed for inflation. All in- fice put numbers on these reforms, it
more retirees. By the start of the the gap would grow further, to an ir- you’re retiring in 2022 and your av- dexing of Social Security now uses may show that the Social Security
Covid pandemic, there were only 2.7 resistible 6½ years. So Congress erage inflation-adjusted monthly the Consumer Price Index for Urban trust fund can be made sustainably
workers per retiree. should return to the three-year gap wage is $6,572. Your first check Wage Earners and Clerical Workers, solvent without all the reforms being
Many of today’s problems date by raising the early eligibility age to would be $2,628.96—90% of the first or CPI-W. Economists agree that the necessary.
back half a century. Just before the 65½ as soon as possible. $1,024 (or $921.60), plus 32% from Chained CPI is the most accurate in- If lawmakers fix Social Security,
1972 election, Congress and President • Change the way benefits are cal- $1,024 to $6,172 (or 1,647.36), plus flation index available. Between 2000 the largest of all entitlements, they
Richard Nixon raised Social Security culated for new recipients. At a 1983 15% in excess of $6,172 (or $60). and 2020, the Chained CPI was would gain the credibility to fix other
payments by 20% and added annual White House Rose Garden ceremony, The bend points are $1,024 and around 0.3 percentage point lower entitlements that underlie our budget
cost-of-living adjustments, or COLAs. I sat next to a Senate member of the $6,172. They were $230 and $1,388 in each year than the CPI-W. The gov- deficits. Further reforms may be nec-
Within a decade, the crisis was clear. Social Security Reform Commission. 1982, when I wrote my constituent ernment uses Chained CPI to index essary decades down the line if medi-
In the spring of 1982, despite my ner- I told him, “You can fix Social Secu- newsletter. The growth in benefits income-tax brackets and the higher cal advances continue to lengthen
vous Senate staff, I sent Minnesotans rity by not indexing the bend points could be constrained by indexing the CPI-W to calculate government out- American life spans. Let’s hope so.
a newsletter titled “Saving Social Se- for five years.” His response: “What bend points every other year rather lays, including Social Security cost-
curity.” It contained 19 suggested re- the hell are bend points?” than annually for six to 10 years. In of-living adjustments—which leads Mr. Boschwitz, a Republican,
forms, plus a table enabling readers Bend points determine how much addition, the initial benefit should be both taxes and spending to rise more served as a U.S. senator from Minne-
to rate each proposal. The response your initial Social Security check will based on 38 years of wages rather quickly. sota, 1978-91.
P
witty, a Falstaff with the common ited in 2020. Mr. Johnson justified alone; Mr. Johnson apologized per- ginning of the end for the prime
rime Minister Boris Johnson touch. No other Conservative could the sacrifice by appealing to the sonally to Elizabeth II. It was alleged minister. As a biographer of Winston
has described his 211-148 mar- have won a landslide by breaking the Blitz spirit and a shared burden. that in June 2020 Mr. Johnson had Churchill, Mr. Johnson might prefer
gin of victory in Monday’s no- “red wall” of Labour seats in North- In November 2021, reports celebrated his birthday in his office to think of it as the end of the begin-
confidence vote as “decisive” and ern England, as Mr. Johnson did in emerged of staff getting “totally plas- with his wife, between 12 and 30 ning. He may be right. “The thing
“conclusive,” but it is neither. In December 2019. But he is also a man tered” in the offices of 10 Downing staffers and a cake emblazoned with about the greased piglet is that he
1990 Margaret Thatcher won by a of appetites and evasions. “Our pol- Street during the lockdowns. Mr. the British flag. manages to slip through other peo-
similar margin (204-152), yet the icy is having our cake and eating it,” Johnson, who lives upstairs, admitted The “Partygate” revelations were ple’s hands where mere mortals fail,”
opposition from within the Conser- he quipped in 2016, assuring the attending a November 2020 event for typical of British office life, but Mr. former Prime Minister David Cam-
vative ranks was enough to force British public that Britain could a departing colleague, but he insisted Johnson had banned the British eron, a friend of Mr. Johnson at Eton
her to stand down. In 2018 Theresa leave the European Union but remain the rules had been followed and from drinking at their desks and in and Oxford, has observed.
May won by a wider margin within its trade zone. This isn’t what their gardens. He had betrayed the There are reasons to think Mr.
(200-117), only to resign six months happened, but Mr. Johnson neverthe- public’s trust, and his legalistic de- Johnson’s luck will hold. There is
later. History suggests that Mon- less claimed that his Brexit deal was Thatcher was driven out nials seemed furtive and unconvinc- no serious Conservative challenger
day’s vote leaves Mr. Johnson mor- the “cakiest treaty” possible. ing. The exposure of lockdown vio- for the poisoned chalice. Mr.
tally wounded. Yet these are un- The prospect of striking a sweet after winning a similar lations of the beer-and-curry variety Starmer has the charisma of two-
usual times, and he is an exceptional spot in relations with Brussels vote. But circumstances in the Labour Party, and the re- day-old takeout. Labour may lead in
politician. soured with the onset of the pan- branding of Labour’s leader, Sir Keir the polls, but it isn’t unusual for
The vote was not about Mr. John- demic in the third month of Mr. are different today. Starmer, as “Sir Beer Korma,” failed the opposition to lead in the middle
son’s policies, disarrayed and unpop- Johnson’s new government. The vi- to shift the blame. As Orwell had of a term. Mr. Johnson can’t print
ular though they are. It was about rus laid him low medically as well as written of political gluttony, “All an- any more money, but he can still
his greatest strength and weak- politically, as he was hospitalized in there were no parties. Further leaks imals are equal, but some animals bring home the bacon by reversing
ness—his outsize personality—and intensive care. He emerged promis- described late-night drinks and take- are more equal than others.” his unpopular “net zero” environ-
his government’s handling of an un- ing to lay off the booze and “the deli- out meals in the Department for A civil-service inquiry unearthed mental policies and tax hikes, cut-
precedented challenge, the Covid-19 cious late-night binges of cheese and Work and Pensions, more drinks to further gatherings. The Metropoli- ting back on a bureaucracy that has
pandemic. Its economic hangover chorizo” and insisted that his energy celebrate the Treasury’s budget re- tan Police investigated 12 events crept up to pre-Thatcher levels, and
shows little sign of abating, and the was unimpaired. view, and the dispatch of minions to and issued 126 fixed penalty notices, cranking up the battered British
mood in the U.K., as in other West- The prime minister followed the a nearby supermarket with an empty the equivalent of parking fines, to economy. That’s what he was
ern democracies, is bitter. The bu- advice of government scientists and suitcase, to smuggle even more booze 83 people for attending eight of the elected to do, and he has more than
reaucrats who devised the lock- imposed three long lockdowns. The into Downing Street. events. By the time Mr. Johnson was two years until the next general
downs and masking rituals are restrictions on personal movement Photographs appeared showing given his single fine, Conservative election. He may yet have more
beyond the public’s wrath, but the and socializing were unprece- Mr. Johnson at a party in the garden members of Parliament had begun cake and eat it, too.
elected leaders who took their ad- dented. Mourners were banned of No. 10 with his wife and their in- filing letters calling for a vote of no
vice are vulnerable. As President Bi- from funerals, pubs were closed, fant son during the first lockdown. It confidence. Some were old enemies, Mr. Green is a fellow of the Royal
den may find in November, Mr. John- and the elderly were trapped in emerged that Downing Street staff Remainers who resented his Brexit Historical Society. His latest book is
son’s humbling is a foretaste of their homes. The lockdowns were had partied the day before Prince victory, but others were new mem- “The Religious Revolution: The Birth
voters’ revenge. deeply unpopular, especially when Philip’s funeral in April 2021, when bers from behind the red wall. of Modern Spirituality, 1848-98.”
WORLD NEWS
Embattled Johnson Tries to Pivot in U.K.
Having weathered a bid was over. “We’re able to get The Conservative Party trails
on with talking about what I the opposition Labour Party in
to unseat him, prime think the people in this coun- the polls.
minister pledges to try want us to,” Mr. Johnson In Parliament, Conservative
told his colleagues, who were lawmakers are struggling to
refocus on key issues gathered round the cabinet ta- reconcile that their party,
ble in Downing Street during which has long traded on a
BY MAX COLCHESTER televised remarks. reputation for law and order,
To underscore this point, has a leader who was fined for
LONDON—British Prime Mr. Johnson plans a packed breaking the law by attending
Minister Boris Johnson on agenda, of which details ha- his own birthday party during
Tuesday pledged to refocus his ven’t been disclosed. This a lockdown.
government on tackling vot- week, he will address the issue Mr. Johnson has apologized
ers’ priorities, trying to rally of housing affordability during for the Downing Street parties
his party behind him following a keynote speech. Next week, and said he thought attending
IAN VOGLER/AVALON/ZUMA PRESS
an effort by his fellow Conser- Mr. Johnson will set out his such events was a part of his
vative lawmakers to oust him. plans for shoring up Britain’s responsibility to motivate staff.
On Monday evening, 41% of inflation-stricken economy be- He has spent the past few days
Conservative lawmakers voted fore burnishing his credentials urging disgruntled lawmakers
to topple Mr. Johnson in a as a global leader this month to move on from the “party-
leadership challenge. The ef- at meetings of the Group of gate” scandal. On Monday,
fort failed, but it was a sur- Seven leading economies and James Cleverly, a Conservative
prisingly large rebellion North Atlantic Treaty Organi- lawmaker loyal to the prime
against a leader who until six zation. minister, said Mr. Johnson was
months ago was feted as one The government also plans Boris Johnson on Tuesday said he wanted to discuss ‘what I think the people in this country want us to.’ in “serious mode” and refocus-
of the Conservative Party’s to send a first batch of asylum ing his operation.
most effective political com- seekers from various countries eral election doesn’t have to with tax increases and policies son is the problem.” “The prime minister’s oppo-
municators. to Rwanda, part of a contro- be held until early 2025. intended to protect the envi- A survey this week of nor- nents have to accept that he
Approval ratings for the versial strategy to disincentiv- Furthermore, the Conserva- ronment that have alienated mally loyal Conservative won, and his supporters and
British leader have tanked ize illegal immigration, a pri- tive Party lacks high-profile al- many traditional Conserva- grass-roots members by the the prime minister himself
amid a cost-of-living crisis and ority for many British voters. ternatives to Mr. Johnson, tives. Mr. Johnson’s biggest is- website Conservative Home have got to accept that a
his attendance at several par- On paper, Mr. Johnson’s some analysts say. No other sue is that the backlash has found that 55% thought law- change of policy is needed,”
ties in Downing Street during hand looks strong. He presides Tory has his name recognition now become personal, said makers should remove Mr. said David Frost, a member of
Covid-19 lockdowns. over an 80-seat majority in or electoral record. Tim Bale, professor of politics Johnson. A poll by YouGov on the House of Lords who used
On Tuesday, Mr. Johnson Parliament, and under Conser- However, some Conserva- at Queen Mary University of Monday found that six in 10 to advise Mr. Johnson. “If he
rallied his ministers, saying it vative Party rules there can’t tive Party members see Mr. London. “It is not simply a voters think the government can change that, then he can
was time to focus on policy be another leadership chal- Johnson’s brand as tainted by policy problem, it is a person- doesn’t have the right ideas to get onto a different path and
now that the abortive revolt lenge for a year. The next gen- successive scandals, combined ality problem,” he said. “John- fix the cost-of-living crisis. save the premiership.”
WORLD WATCH
Japan Stops Worrying About Ballooning Debt SOUTH AFRICA
BY PETER LANDERS and at the same time one of Percentage of Japanese taxes or other revenue—in Finance Minister Fukushiro
AND MEGUMI FUJIKAWA the most powerful factions ar- government bonds held by other words, that outsize bor- Nukaga. Gupta Brothers
guing that the world’s under- type of holder rowing can’t go on forever. “I believe it is our role and Arrested in Dubai
TOKYO—When Japan’s standing of debt is flawed. Now that the worst of the pan- responsibility to maintain
leader released his economic This camp, led by former demic is over, they say Japan trust in our finances and trust Dubai police arrested two
Bank of Japan 43%
vision on Tuesday, he left out Prime Minister Shinzo Abe, needs to rein in debt soon. in the currency,” Mr. Nukaga brothers at the center of a
an important date. says Japan has room to spend a Last fall, vice minister of fi- said in an interview. sprawling government graft
Prime Minister Fumio lot more—including on its de- Japanese banks 34 nance Koji Yano published an He said Japan would even- scandal in South Africa, offering
and insurers
Kishida deleted a pledge from fense budget to counter China. article in the monthly magazine tually need to look at raising some relief to that country’s em-
earlier government statements The other side of the argument Foreign Bungei Shunju denouncing the its national sales tax, which battled president, Cyril Rama-
calling for Japan’s budget to be is spearheaded by a vice finance 14 MMT-oriented camp and com- currently stands at 10%. An in- phosa, and his sputtering anti-
institutions
balanced by 2025. And he de- minister who says the country paring Japan to the Titanic. crease “could actually promote corruption drive.
clined to give a date by which is like the Titanic, heading for a Individual “I don’t know how far until greater consumption by eras- South African authorities
households 5
Japan would do something to massive iceberg of debt. and others we crash into it, but we can be ing worries about the future,” have accused Atul and Rajesh
lower its government debt, Some members of the free- sure that Japan is barreling he said. Gupta of leveraging their close
while promising to significantly spending group have em- Public pensions 4 toward an iceberg,” Mr. Yano Mr. Nukaga leads a ruling ties to former President Jacob
increase military spending. braced a maverick American wrote. party study group that has Zuma and paying off senior offi-
It is a bold stance, given economic school of thought Note: As of Dec. 31, 2021
More recently, the weak competed with another group, cials in the ruling African Na-
that the debt tops 1.1 quadril- known as modern monetary Source: Bank of Japan yen—which fell to another 20- led by MMT advocate Mr. tional Congress to gain lucrative
lion yen, or $8.3 trillion at cur- theory, or MMT. It says coun- year low against the U.S. dol- Nishida. Their tussle came to a government contracts. By the
rent rates, more than twice the tries that issue debt denomi- In recent speeches, Mr. Abe lar this week—has added to head in recent weeks as the time Mr. Zuma resigned in 2018
size of the economy. The omis- nated in their own currency, has echoed such theories. He concerns that relying on the Kishida government weighed over escalating corruption allega-
sion marks a high point in the like the U.S. and Japan, won’t described the central bank, the Bank of Japan to buy govern- whether to uphold earlier tions, the Indian-born brothers
influence of a group within the ever need to default on debt Bank of Japan, as a subsidiary ment debt at low interest pledges to get the budget into had built a business empire that
ruling Liberal Democratic Party because they can simply print of the government and said rates could undermine confi- primary balance by 2025. Pri- spanned from media to mining.
that has embraced a view attri- more currency to pay it back. any expiring government debt dence in the currency. mary balance means outlays Police in Dubai said Atul and
buted to former U.S. Vice Pres- “Trying to achieve fiscal could simply be rolled over Mr. Nishida, the MMT advo- match revenue, excluding in- Rajesh Gupta were arrested on
ident Dick Cheney: “Reagan balance is meaningless per se,” into new debt. The Bank of cate in the ruling party, called terest payments on govern- an Interpol red notice, a global
proved deficits don’t matter.” said Shoji Nishida, a member Japan already owns nearly Mr. Yano a con artist, saying ment debt and revenue from alert through which governments
Many countries added heav- of Parliament’s upper house half of the government’s debt. he was trying to scare people new issuances. can seek help in detaining and
ily to their debt during the from the Liberal Democratic This playing down of debt— to preserve the ministry’s The final language nodded later extraditing wanted suspects.
Covid-19 pandemic and a Party who keeps a book by or denial that it is really debt longtime power over the na- to the need for healthier fi- South African lawyers for the
global debate is under way American MMT guru Stephanie at all—alarms others in the rul- tion’s purse strings. Mr. Yano nances but mainly sided with two brothers, who have previ-
about whether they need to cut Kelton on his desk. “The reason ing party and career officials at declined to comment through the free-spending camp by ously denied any wrongdoing,
back now. Japan’s experience is Japan is in a mess is because the Ministry of Finance. a spokesperson. leaving out the 2025 date. didn’t respond to requests to
likely to be instructive because of the mistaken view by the They say every yen spent Mr. Yano’s argument has That clears the way for a gen- comment Tuesday.
it has the highest government Ministry of Finance that there by the government ultimately won support from many in the erous increase to the defense — Gabriele Steinhauser
debt among leading economies is a limit to fiscal resources.” has to be recouped through ruling party, including former budget next year.
SOUTH KOREA
U.S., Allies Fly Jets
Kurdish Diaspora Complicates Sweden’s Bid for NATO Over Peninsula
BY SUNE ENGEL RASMUSSEN The U.S. and its Asian allies
flew dozens of jet fighters over
STOCKHOLM—Sweden has waters surrounding the Korean
long been a haven for refugees Peninsula on Tuesday in a show
and dissidents, from Iranians of force as their diplomats dis-
fleeing the Islamic Revolution cussed a coordinated response to
to Chileans escaping dictator- a possibly imminent North Korean
ship, helping the country’s nuclear test.
reputation as a peacemaker on The flights came as U.S. Dep-
the world stage. uty Secretary of State Wendy
But now this open-door pol- Sherman traveled to Seoul for
icy is complicating Sweden’s discussions with South Korea
bid to join NATO after Russia and Japanese officials over the
invaded Ukraine, with Turkey gathering North Korean threat
blocking Stockholm’s plans and warned of a “swift and
over its contacts with Kurdish forceful” counterresponse if the
groups hoping to carve out a North proceeds with a nuclear
homeland straddling the bor- test explosion, which would be
ders of Turkey and Syria. its first in nearly five years.
Turkish President Recep —Associated Press
ÅKE ERICSON FOR THE WALL STREET JOURNAL
DJ TRANS À 0.13%
THE WALL STREET JOURNAL.
Won’t Solve
investigation tariffs on solar imports
state senate on Thursday and
0 iShares the assembly on Friday, it
Global Clean heads to the desk of Gov.
Energy ETF
Solar Challenges
Kathy Hochul, who has until
–1.4% July 1 to sign the bill before
–10 the existing law on ticketing
NextEra expires.
Energy
A main component of the
BY AMRITH RAMKUMAR darkening the outlook for –14.5% bill mandates “all-in” pricing
what was expected to be a hot –20 Sunrun for any concert, Broadway
Solar-power companies sector for renewable develop- show or sporting event held in
were already enjoying a re- ers. –16.9% the state of New York, requir-
bound from a nasty selloff Investors in recent years ing ticketing companies to dis-
when they got a boost from had piled into solar companies –30 close upfront the full ticket
the Biden administration, and large renewables compa- price inclusive of all ancillary
which said it wouldn’t impose nies such as NextEra Energy fees that must be paid to pur-
new tariffs on solar imports. Inc., hoping to cash in on the chase the ticket. It also re-
Investors in the industry have transition away from fossil fu- quires a seller to disclose “in a
–40
other things to worry about. els. Even though the compa- clear and conspicuous man-
Shares of companies that nies say demand has been con- ner” which portion of the
install solar projects such as sistently strong, higher costs ticket represents a service
Sunrun Inc. and Sunnova En- and the failure of President Bi- charge or other fee. A ticket’s
ergy International Inc. have den’s incentive-laden Build –50 final price must be disclosed
risen about 25% in the past Back Better Act to pass Con- Jan. 2022 Feb. March April May June in the ticket’s initial listing,
month, paring some of this gress were buffeting their before customers have entered
year’s declines. The latest share prices before the tariff- any of their information or
gains, so far this week, were dodging investigation. U.S. solar installations, Solar-panel imports to the U.S., clicked through to purchase it.
tied to the Biden administra- “It was kind of like the by category* by country of origin† Moreover, whenever a
tion’s statement that a U.S. cherry on top,” said Thomas ticket is being resold, the orig-
government probe into Biddinger, director of partner- 30 gigawatts 30 gigawatts inal ticket price must also be
ESTIMATE
whether Chinese solar produc- ships at Calibrant Energy, a disclosed.
ers are dodging tariffs by clean-energy services provider 25 25 New York is seen as a
routing panels through Cam- that installs solar projects for Countries under leader in ticketing regulation,
bodia, Thailand, Vietnam and customers. Calibrant is a joint investigation
and lawmakers and executives
Malaysia won’t result in addi- venture of Macquarie Group 20 At risk 20 Rest of world say they anticipate the new
tional levies. Ltd. and Siemens AG. in 2022 China legislation could have a dom-
Monday’s announcement The Commerce Depart- ino effect, prompting similar
15 15
could help kick-start activity ment’s investigation was trig- measures in other states or at
in the industry by easing some gered by a petition from Commercial the federal level.
price uncertainty. But utilities Auxin Solar Inc., a tiny, pri- 10 and industrial 10 “No longer will fans be
and developers still face rising vately held maker of panels, completely in the dark as to
borrowing costs and shortages and has drawn criticism from Residential whether they’re getting ripped
of commodities needed for so- industry executives who warn 5 5 off or not,” said Democratic
lar panels and batteries that that the U.S. can’t afford such Utility scale New York state Sen. James Sk-
store energy when the sun setbacks if it wants to avoid oufis. “If they’re getting a bad
0 0
isn’t shining. Analysts recently the worst effects of climate deal and still want to pay for
estimated about two-thirds of change. 2018 ’19 ’20 ’21 ’22 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 that ticket, God bless them.”
U.S. solar projects that were Regulatory hurdles and lo- *Note: 2022 figures are estimates before Monday's pause on new tariffs; at risk refers to expected delays or cancellations. Mark Yovich, president of
planned for 2022 were at risk cal opposition to clean-energy †Countries under investigation are Cambodia, Thailand, Vietnam and Malaysia. Ticketmaster, said the mea-
of being delayed or canceled, Please turn to page B12 Sources: FactSet (stocks); Rystad Energy (installations, imports) Please turn to page B6
tions around the world ease. months. Some big airports, for 2022 due to the war in Anheuser-Busch InBev SA and
International bookings from like London’s Heathrow, are Ukraine, but said the advertis- Netflix Inc. have suspended
the U.S. over the core summer snarled and beset by delays ing market remained healthy their businesses in Russia or
months—June through Au- and cancellations as airlines despite macroeconomic chal- pulled out entirely from the
gust—are currently at 97% of and airports struggle to meet lenges. country.
2019 levels, according to data the surge in demand. Zenith, an ad-buying unit of The conflict has had a chill-
compiled by travel-data spe- Still, for many in the com- Publicis, said it expects global ing effect on advertising
cialist ForwardKeys. Some mercial aviation and tourism ad spending to grow 8% to spending in the region, some-
places are seeing more Ameri- industries, the new demand is $781 billion this year, a down- thing that many tech compa-
can travelers than ever: Tick- being embraced as a possible grade from the 9.1% growth it nies including Facebook par-
ets issued on trips to the Ca- Airports like London’s Heathrow struggle to meet the surge. bookend to pandemic-era predicted in December. ent Meta Platforms Inc. noted
ribbean are higher than in travel woes. The firm said it reduced its in their most recent quarterly
2019, at 109% of their prepan- data compiled for The Wall The Asia-Pacific region is a “Everything is looking up,” projections because of the Please turn to page B2
demic level. Street Journal. The Forward- laggard, with China’s still- said Charles Neville, market-
Bookings to South America Keys data include all outbound strict Covid-19 policies re- ing director at New York-
and Europe are tracking at
95% and 93%, respectively, ac-
cording to the ForwardKeys
U.S. bookings. Flyers can still
cancel those bookings or add
to them in coming weeks.
stricting traffic and weighing
on the entire region’s recov-
ery. Bookings for Asia-bound
based travel firm JayWay
Travel, which specializes in ar-
Please turn to page B2
INSIDE
BY ALEXANDER OSIPOVICH traders say. changes grew out of the fren- investors’ stock orders to auc-
The agency is preparing to zied trading in GameStop Corp. tions, where trading firms
The Securities and Exchange propose major changes to the and other meme stocks in early could compete to fill the order
Commission’s expected stock market’s plumbing as 2021, which resulted in heavy at the best price, the Journal BUSINESS NEWS PROPERTY REPORT
changes to U.S. stock-trading soon as this fall, The Wall scrutiny of the handling of in- reported. The CEO of Toshiba A Hilton in New York’s
rules are likely to prompt Street Journal reported Mon- dividual investors’ trades. Such auctions would repre-
fierce opposition from the bro- day. SEC Chairman Gary Gen- One of the most consequen- sent a big shift to the working
says he wants any Times Square plans to
kerages and electronic market- sler is expected to outline tial changes being discussed by of the U.S. stock market. Cur- buyer to keep the reopen, banking on a
making firms that handle small some of the SEC’s plans the SEC is a possible require- rently, when investors enter company intact. B3 tourism revival. B6
investors’ orders, analysts and Wednesday in a speech. The ment to send more individual Please turn to page B12
B2 | Wednesday, June 8, 2022 NY * *** THE WALL STREET JOURNAL.
A Frontier........................B2 Publicis........................B1
Airbus..........................B2 G R
Alaska Airlines ........... B2 GameStop....................B1 Raytheon Technologies
American Airlines.....A10 General Electric .......... B3 .....................................B4 BY ALISON SIDER bidding war for Virgin Amer-
Apollo Global Goodyear Tire & Rubber Robinhood ................. B12
Management.......A1,B6 .....................................B7
ica Inc. Losing that deal set
Ryanair........................B2
Apple...........................B4 JetBlue Airways Corp. has back JetBlue’s ambitions on
H S
Auxin Solar.................B1 until Friday to convince Spirit the West Coast, analysts said.
Hard Rock International Sam's Club................B13
B .....................................B6 Airlines Inc. investors to Some investors are skepti-
Sanderson Farms........B1
Bayer...........................B7 Humana.......................A7 SkyWest Airlines ....... A1
spurn another offer and accept cal of JetBlue’s plans for
Bed Bath & Beyond..B13 J Snap.............................B2 its hostile bid. Spirit. Frank Holmes, chief ex-
Best Buy ................... B13 JetBlue Airways ......... B2 Spirirt Airlines............B2 JetBlue CEO Robin Hayes ecutive and chief investment
Better.com ................ B12 J.M. Smucker..............B7 Sunnova Energy said the reason for chasing officer of U.S. Global Inves-
BlackRock....................A9 Johnson & Johnson....A6 International.............B1 Spirit is clear: buying the car- tors, said it’s less clear Jet-
Blackstone .................. A1 SunRun........................B1
8%
chain problems and higher the past two years. While the
commodity prices. U.S. was among the first do-
Those fears were ratcheted mestic aviation markets to
up after retailers such as Wal- bounce back from pandemic
mart Inc. and Target Corp. New forecast for ad spending shutdowns, carriers across the
posted weaker-than-expected growth, down from 9.1% globe have largely kept their
quarterly earnings and most wide-body aircraft parked. The
major digital-ad players re- new flying, though, comes as
ported a notable slowdown in airlines and airports face
ad-revenue growth during maceuticals, entertainment staffing crises that have led to
their latest earnings reports. and travel, while others such flight cancellations and hours-
Social-media giant Snap Inc., as cars have been shrinking, long waits to get through
which generates most of its partly due to supply shortages. check-in and security lines.
revenue from advertising, re- Automotive ad spending in “Travel during the pan-
cently warned investors that the U.S. declined about 8% in demic has been characterized
its second-quarter revenue the first quarter from a year by a tug of war between pent-
and earnings would be lower earlier, according to esti- up demand on one side and A delicious and simple dish. Ingredients fresh,
than expected because the mates from Standard Media travel restrictions on the
macroeconomic environment Index, whose research cap- other,” said Olivier Ponti, vice
had deteriorated further and tures data from national- president of insights at For-
faster than the company had brand spending with major wardKeys. “Right now, pent-up
!"
expected. ad-buying companies. demand is in the ascendancy,
Despite these headwinds, Zenith said it expects digi- with the likely impact being
ad spending has “remained on tal-ad spending globally to rising airfares and all kinds of
track,” Zenith said. The firm grow by 13% to $472 billion, logistical issues as the bat-
expects ad spending in North
America to grow by 12% to
down slightly from the 13.7%
growth it expected in Decem-
tered travel industry struggles
to keep pace with the recov-
Creamy Lemon Chicken
$332 billion this year. ber. Zenith said that higher ery.” All natural, hormone-free crispy Parmesan-crusted chicken with a creamy
Zenith attributes the ad prices for TV ads, caused by Over the four-day holiday lemon sauce. Served with herbed new potatoes and seasonal greens
market’s resiliency partly to lackluster ratings, are causing weekend in the U.K. celebrat-
consumer spending, which brands to accelerate their shift ing Queen Elizabeth II’s 70
continues to grow, as people to digital ads. The ad firm es- years on the throne, carriers Creamy Lemon Chicken is just one of over 60 Plus, our dinners are so fresh, they’ll last up
are looking to travel and enjoy timates that 62% of ad budgets including discounters easyJet restaurant quality meals Georgie & Tom’s will to seven days after delivery, so you can choose
entertainment such as going will be spent on digital media PLC, Wizz Air Holdings PLC, deliver right to your door! We offer a diverse when you want to eat them.
to the movies, experiences in 2022, up from 59% in 2021. British Airways and holiday selection of cuisines and wide variety of dietary
specialist TUI AG canceled Meals are just $14.50/person. Customize your
options, so whether you’re Paleo, gluten-free,
large numbers of flights amid low-carb, or vegan, we’ve got you covered.
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Holdings PLC Chief Executive All our meals are ready to eat in a matter of You can skip or pause your subscription any
Michael O’Leary called on the minutes - no prepping or chopping required. week or cancel any time.
U.K. to deploy the military to
help facilitate chaotic lines
that reached into airport park-
ing lots over the weekend. The Make dinner time tasty and easy.
British government declined. Visit www.georgieandtoms.com to get started.
Dutch flag carrier KLM over
EVGENIA NOVOZHENINA/REUTERS
BUSINESS NEWS
As Losses Mount
improve the valuation.
Western Digital in 2020 de-
cided to form separate units
for its two businesses, a move
Elliott praised and some saw
BY CHARITY L. SCOTT manent successor. as a precursor to a potential
The RealReal shares have split.
Luxury consignor The Real- tumbled more than 80% over Meanwhile, Japanese chip
Real Inc. said its chief execu- the past year, pushing its mar- maker Kioxia Holdings Corp.
tive is stepping down, becom- ket capitalization to below is still open to a possible deal
ing the latest online retailer to $300 million. The company with Western Digital, some of
replace its founder at a time went public in 2019 with a the people said.
DAVID PAUL MORRIS/BLOOMBERG NEWS
of upheaval in the shopping market value of $1.65 billion. Western Digital and Kioxia
industry. It was the second e-com- had been speaking since early
Julie Wainwright, who merce startup that Ms. Wain- 2021 and were working on a
founded the company in 2011 wright took public. She was stock deal that would have
and has since led the online CEO of retailer Pets.com, created a memory-chip power-
marketplace, is also resigning as which closed months after house, The Wall Street Jour-
board chair and member of The joining the stock market in nal reported last summer. But
RealReal’s board. The changes 2000. Her comeback was the talks stalled months later,
are effective immediately. Ms. closely watched in the venture partly because of a decline in
Wainwright will continue to capital world. Western Digital’s shares.
serve in an advisory role The RealReal offers luxury Julie Wainwright, who founded the luxury consignor in 2011, is leaving amid upheaval in the industry. Kioxia’s business would be
through the end of this year. goods from handbags to furni- a logical fit for Western Digi-
The company named two of ture, taking a commission on but its losses have mounted 2018. Last year, it logged a commerce company to have its tal’s flash unit, which Elliott
Ms. Wainwright’s deputies as in- each transaction. since going public. It recorded loss of $236 million on reve- founder and CEO resign, fol- estimated could command an
terim co-CEOs and said its board The company has been add- a net loss of $76 million on nue of $468 million. lowing Glossier Inc. in May enterprise value of $17 billion
had started a search for a per- ing customers and expanding revenue of $214 million in The RealReal is the latest e- and Stitch Fix Inc. last year. to $20 billion.
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B4 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
EU Charger
Deal Freezes
Out Apple
BY KIM MACKRAEL get more time to do so, the
parliament said.
BRUSSELS—Sales of Apple The legislation is a blow to
Inc. products that use the Apple, which uses its Light-
company’s proprietary Light- ning charging ports on new
ning charger port would be smartphones. Replacement
banned in the European Union chargers for iPhones are typi-
under a deal lawmakers cally more expensive than the
agreed to Tuesday, aiming to standard USB Type-C cables
set a common charging stan- that are used for many other
dard for mobile phones and brands of phones.
other portable electronic de- Apple said last year that it
vices, and potentially hitting opposed the EU proposal, say-
ARND WIEGMANN/REUTERS
the U.S. tech giant in one of its ing it would harm innovation.
biggest markets. The plan for a common
The planned legislation, charger could “disrupt a thriv-
which Apple has opposed, is ing ecosystem, create elec-
aimed at reducing electronic tronic waste, and greatly in-
waste and improving con- convenience users,” the
sumer convenience. It would company said at the time.
make USB Type-C chargers— A spokeswoman for Apple The military contractor will retain its existing facility in Waltham, Mass., after the move to Virginia. Its Pratt & Whitney engine.
which are typically installed declined to comment on the
Women In:
Sustainable
Finance
JUNE 8, 2022 | ONLINE | 12:00—2:00 PM ET
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THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B5
THOUGHTFUL
GIFTS FOR
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B6 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
lion of operating debt held by fered during the pandemic, Street, according to people fa-
Cipriani’s U.S. subsidiary, ac- when public-health restric- miliar with the matter.
cording to people familiar tions prevented restaurateurs The company has been in
with the matter. from offering indoor dining default since May 2020 on the
That funding would retire for long stretches. It was del- loan, which is packaged into A rendering of Cipriani Residences Miami. Cipriani SA was expanding throughout the pandemic.
loans dating back to 2018 from uged with cancellations during bonds and was transferred
Ares Capital Corp., a busi- a surge in Covid-19 cases that year to a special servicer, ings world-wide in the next where Mr. Cipriani served ce- “This year we’re opening 16
ness-development company caused by the Omicron vari- according to real-estate data three years, including another lebrities like Orson Welles and new projects,” said Mr. Cipri-
that lends to midsize busi- ant, undermining its lucrative firm Trepp. Casa Cipriani in Milan in Au- Ernest Hemingway. ani, between sips of a Negroni.
nesses. King Street also would holiday-party and other big- Parent company Cipriani gust, which will include a res- In April, the founder’s “During the pandemic, instead
extend additional funding that event business. SA, meanwhile, has been ex- taurant, spa and hotel and great-grandson and the com- of stopping, I traveled all over
would help the company grow Now, the Prosecco corks are panding throughout the pan- have reciprocity membership pany’s chief executive, also the world and we signed onto
its brand in the U.S., these popping again. Cipriani’s busi- demic and has restaurants, with its New York location. named Giuseppe Cipriani, vis- new projects. We’re very ex-
people said. ness has been recovering over clubs and hotels in more than The far-flung hospitality ited Miami to celebrate the cited.”
Cipriani, which manages 11 the past several months as the a dozen cities. The company company started with Harry’s launch of sales for Cipriani —Deborah Acosta
Manhattan restaurants, aftereffects of the pandemic has plans for another 20 open- Bar in Venice in the 1930s, Residences Miami. contributed to this article.
BUSINESS NEWS
the price including all the information in its review of of the Foster Family and the
fees,” he said. “This removes Cargill and Continental Grain’s business they’ve built over the
all those awful surprises later planned acquisition of Sander- past eight decades,” Mr. Smith
in the checkout.” son Farms, the third-largest said. “In this new era, we will
While Gov. Hochul hasn’t U.S. chicken processor by vol- maintain and further that leg-
publicly indicated support for ume. acy, rooted in animal welfare,
the bill, she is widely expected This year, Brazilian meat- superior product quality, cus-
to sign it, legislators and exec- packing giant JBS SA said it tomer service and community
utives say. The measures The measure is a rare win for consumers who, lawmakers say, have suffered from predatory pricing. scrapped plans to buy the rest engagement.”
would take effect 60 days from
when the law is signed. checkout. But with StubHub’s commended New York for tak- pricing, he had advocated for
Other measures in the bill listed prices appearing more ing the lead and said he hoped several pieces of his bill that
include a ban on the sale of expensive, sales fell as fans it would lead to federal legis- didn’t make it across the line,
free tickets—such as when gravitated toward sites that lation. “It’s not going to hap- including mandatory reporting
Pope Francis visited New York listed lower base prices and pen on its own,” he said. of “bot” activity to the attor-
and tickets distributed free hid fees, the company said at Brett Goldberg, co-chief ex- ney general’s office; mandatory
were listed for hundreds of the time. Less than two years ecutive of TickPick, which has offering of refunds for post-
dollars on eBay and Craigs- later, after losing market offered all-in pricing since poned events and mandatory
list—and a ban on delivery share, StubHub returned to its 2011 and charges only sellers— disclosure and capping of the
charges for tickets that are system of adding fees at the not buyers—a fee on transac- amount of tickets that artists,
printed at home or sent digi- last minute. tions, said the mandate will teams, promoters and venues
tally. The bill also increased the StubHub’s experience drive more fair and transpar- hold back when an event’s
penalty for the use of software served as a cautionary tale to ent competition between tickets are listed for sale.
“bots” that are illegally used to the industry. Publicly and to ticket sellers, ultimately lead- He also pointed to Ticket-
buy up swaths of tickets the in- lawmakers, ticketing compa- ing to lower prices for con- Master’s dominant position in
JUSTIN SULLIVAN/GETTY IMAGES
stant they are available. nies have said they support sumers. the marketplace. Ticketmaster
Ticket resale company all-in pricing as long as it is “This is a huge win for con- commands some 70% to 80%
StubHub in 2014 moved to an legally mandated so that no sumers and a sign of what’s to market share, according to in-
“all-in” pricing plan following one platform has a competi- come in the industry, as de- dustry estimates, and is
years of consumer research tive advantage. Most of Eu- ception has continued to in- owned by Live Nation Enter-
showing that fans hate noth- rope, as well as Canada, Aus- tensify over the past few tainment Inc., the world’s
ing more than to see their fi- tralia and New Zealand years,” he said. largest concert promoter.
nal ticket price jacked up with already have some form of all- While Mr. Skoufis hopes Mr. Yovich said the industry
additional fees and service in pricing requirements. the new law will bring in- is as competitive as it has ever The West Coast-based company has $3 billion in annual revenue.
charges when they reach Ticketmaster’s Mr. Yovich creased transparency to ticket been. Chicken packages at a store in San Francisco.
THE WALL STREET JOURNAL. * * Wednesday, June 8, 2022 | B7
Results
40
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food shortages stoked by Rus- 30 Corteva
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demand for seeds and pesti- 20
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Finance-Vice President
alliance mortgage fund (New York, NY): Structure & syndicate collat-
eralized loan obligations (CLO) products for key
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK 7%-8% Return
portfolio managers comprised of large financial
institutions, hedge funds, & insurance compa-
nies. Coordinate the entire deal flow from incep-
REAL ESTATE SECURED tion through closing, including working with mul-
Sullivan, et al. v. Barclays plc, et al. No. 13-cv-2811 (PKC) FIXED INCOME FUND
tiple different external stakeholders. Conduct
portfolio analysis using statistical modeling &
analysis (probability distribution functions &
SEEKING RIA’S & Monte Carlo simulations). Apply Rating Agency
SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT methodology for structuring deal cash flows.
ACCREDITED INVESTORS Use comprehensive financial models to run var-
If you transacted in Euribor Products1 between June 1, 2005 and March 31, 2011, inclusive CALL: ious return scenarios, including analysis & un-
derstanding of different iterations & nuances of
(“Class Period”), then your rights will be affected by a pending class action settlement,
and you may be entitled to a portion of the settlement fund.
866-700-0600 mathematical modeling of cash flows generated
by products. Ensure deal documents are
drafted & executed appropriately. Negotiate
ALLIANCE MORTGAGE FUND deal related items with market investors & man-
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656 age negotiations between investors & clients.
The purpose of this Notice is to inform you of your rights in connection with the Members who either previously submitted a Claim Form in connection with an www.AllianceMortgageFund.com Coordinate origination efforts for select clients
proposed settlement with Settling Defendants Crédit Agricole S.A. and Crédit Agricole earlier settlement in the Action or submit a valid Claim Form before the claims filing & investors, including managing key relation-
CIB (collectively, “Crédit Agricole”) in the action titled Sullivan, et al. v. Barclays plc, deadline may receive a share of the Settlement Fund after they are reduced by the ships, evaluating prospective deals, & pitching
et al., 13-cv-2811 (PKC) (S.D.N.Y.). The settlement with Crédit Agricole (the
“Settlement”) is not a settlement with any other Defendant and thus is not dispositive
payment of certain expenses. The Settlement Agreement, available on the Settlement
Website, describes all of the details about the proposed Settlement. The exact amount
ATTENTION new mandates where possible. Lead & train
new team members. Apply knowledge of struc-
tured products & credit markets, including anal-
of any of Plaintiffs’ claims against other Defendants. each qualifying Settlement Class Member will receive from the Settlement Fund
cannot be calculated until (1) the Court approves the Settlement; (2) certain amounts
For collection or write-off ysis & understanding of different dynamics af-
fecting the pricing of products. Reqs Masters
The Settlement has been proposed in a class action lawsuit concerning the alleged
manipulation of the Euro Interbank Offered Rate (“Euribor”) and the prices of Euribor
identified in the full Settlement Agreement are deducted from the Settlement Fund; USD 100 million from degr plus 3 yrs exp or Bachelors degr plus 5
yrs exp. Please forward your resume to Credit
and (3) the number of participating Class Members and the amount of their claims are
Products during the Class Period. The Settlement provides a total of $55 million to pay
claims from persons who transacted in Euribor Products during the Class Period. If you
determined. In addition, each Settlement Class Member’s share of the Settlement HSBC [Hong Kong] Suisse, P.O. Box DR-CS-064, 909 Third Ave-
nue, 15th Floor, New York, NY 10022. No
Fund will vary depending on the information the Settlement Class Member provides Contact: [email protected]
qualify, you may potentially receive benefits from the Settlement if you (a) previously phone calls.
on their Claim Form.
submitted a Proof of Claim and Release form (“Claim Form”) in connection with prior
settlements in this Action or (b) submit a Claim Form by the deadline set forth below.
You can also choose to exclude yourself from the Settlement, or object to the
The number of claimants who send in claims varies widely from case to case. If
less than 100% of the Settlement Class sends in a Claim Form, you could get more Black Swan Insurance M & A BUSINESS BROKERS
Seeking investors for a 400+acres “Safe Haven”
Settlement. money. farm, located three hours from NYC. Premises Sell & Show Businesses
The United States District Court for the Southern District of New York (500 Pearl offers high operational security, above and below
St., New York, NY 10007-1312) authorized this Notice. Before any money is paid, the
How Do You Ask For a Payment? ground facilities, self-sustaining food supplies Oppty To Earn $200K to $500K
If you timely submitted a Claim Form pursuant to either: (1) the November 29, 2017 and part-time medical director for members. Min-
Court will hold a Settlement Hearing to decide whether to approve the Settlement.
Notice (the “2017 Notice”) related to the $94 million settlement with Defendants imum investment of $3M. Serious inquiries only. As Independent Contractor
Who Is Included? Barclays plc, Barclays Bank plc, and Barclays Capital Inc. (collectively, “Barclays”), Contact Jim: 646-325-4339 Work From Home / Outside Sales
the $45 million settlement with HSBC Holdings plc and HSBC Bank plc Email: [email protected]
You are a “Settlement Class Member” if you purchased, sold, held, traded, or
otherwise had any interest in Euribor Products during the Class Period, and during the
(collectively, “HSBC”), and the $170 million settlement with Deutsche Bank AG and Leads Furnished Training Since
DB Group Services (UK) Ltd. (collectively, “Deutsche Bank”); and/or (2) the
Class Period were either domiciled in the United States or its territories or, if domiciled
December 19, 2018 Notice (the “2018 Notice”) related to the $182.5 million BUSINESS SERVICES 1985 Send Letter & Resume to:
outside the United States or its territories, you transacted in Euribor Products in the
settlement with Citigroup Inc. and Citibank, N.A. (collectively, “Citi”) and JPMorgan
United States or its territories during the Class Period. “Settlement Class Members”
Chase & Co. and JPMorgan Chase Bank, N.A. (collectively, “JPMorgan”), then YOU
[email protected]
include, but are not limited to, all persons who during the Class Period traded CME
Euro currency futures contracts and options, all persons who during the Class Period
DO NOT HAVE TO SUBMIT A NEW CLAIM FORM TO PARTICIPATE in the ***TEMP LABOR STAFFING*** Visit: gottesman-company.com
Settlement with Crédit Agricole. Any Settlement Class Member who previously ACCELERON GROUP LLC
transacted in NYSE LIFFE Euribor futures and options from a location within the
United States, and all persons who during the Class Period traded any other Euribor
submitted a Claim Form in connection with the 2017 Notice and/or the 2018 Notice
IMMEDIATE HIGH-QUALITY TEMPS US Canada Europe Asia S America
will be subject to and bound by the releases set forth in the Settlement Agreement
Product from a location within the United States or its territories.
with Crédit Agricole, unless such member submits a timely and valid request for BEAT OUR COMPETITOR PRICING
Contact your brokerage firm to see if you purchased, sold, held, or traded or exclusion, explained below. SKILLED & UNSKILLED Financial Services
otherwise had any interest in Euribor Products. If you are not sure you are included,
If you are a Settlement Class Member and have not previously submitted a Claim WWW.ACCELERONGROUP.BIZ Morgan Stanley Smith Barney, LLC hiring for
following roles thruout facilities in NY, NY: Vice
you can get more information, including the Settlement Agreement,2 the Notice of
Proposed Class Action Settlement, October 4, 2022 Settlement Hearing Thereon, and
Form, you may seek to participate in the Settlement by submitting a Claim Form to 855-512-2235 | 888-51-ACCEL President, Wealth Management Field to assess
the Claims Administrator at the address in the Settlement Notice postmarked no later current mrkt conditions & help set medium/long-
Settlement Class Members’ Rights (the “Settlement Notice”), Plan of Allocation, Proof term strategy for Wealth Mgmt (WM) Field or-
than November 3, 2022. You may obtain a Claim Form on the Settlement Website or
of Claim and Release, and other important documents, at www.EuriborSettlement.com ganization w/ objective to increase Net Ac-
(“Settlement Website”) or by calling toll free 800-492-9154.
by calling the toll-free number referenced above. If you are a Settlement Class CAREERS quired Assets / Net New Assets (3179909); VP
Member and do not file a Claim Form, you will still be bound by the releases set forth to support Wealth Mgmts strategic objectives
in the Settlement Agreement if the Court enters an order approving the Settlement thru use & interpretation of data & analytical as-
What Is This Litigation About? To apply, send resume to: [email protected]. sets to deliver insights to Clients & Finl Advi-
Agreement.
Plaintiffs allege that during the Class Period, Defendants (including Crédit Must reference job code # below: sors (3197892); & Senior Vice President,
Agricole) conspired to manipulate and manipulated Euribor and the prices of Euribor Wealth Management Field to research
What Are Your Other Options? Product Marketing Lead (New York, NY) Design, mrktplace & provide clients w/ info on new & ex-
Products. Plaintiffs allege that Defendants did so by using several means of develop, & execute global marketing programs isting products & srvcs (3189929). All positions
All requests to be excluded from the Settlement must be made in accordance with
manipulation. For example, Plaintiffs allege that panel banks that made daily Euribor
the instructions set forth in the Settlement Notice and must be postmarked to the informed by market research & analysis to grow req rel degree &/or exp &/or skills. Multiple open
submissions to Thomson Reuters, falsely reported banks’ costs of borrowing in order various Google products. Job Code: 1615.49144 positions at various profl levels. For more info
Claims Administrator no later than August 23, 2022. All requests for exclusion must Exp Inc: media analytics, advertising sales, digital & to apply online, visit https://ms.taleo.net/
to financially benefit their Euribor Products positions. Plaintiffs also allege that
comply with the requirements set forth in the Settlement Notice to be honored. The media & marketing, & consulting; strategic & careersection/2/jobsearch.ftl?lang=en Scroll
Defendants requested that other Defendants make false Euribor submissions on their
Settlement Notice, available at the Settlement Website, explains how to exclude operational sales initiatives, quantitative analysis, down to Join our team heading & search for
behalf to benefit their Euribor Products positions. these opptys. No calls pls. EOE
yourself or object. If you exclude yourself from the Settlement Class, you will not be & industry research; cross-functional collaboration
Plaintiffs further allege that Defendants continuously conspired to fix the prices of bound by the Settlement Agreement and can independently pursue claims at your w/ stakeholders to define & remedy operational
Euribor Products in the over-the-counter market to financially benefit their own own expense. However, if you exclude yourself, you will not be eligible to share in problems; financial considerations to stakeholders
& internal teams, & financial analysis; marketing
COMMERCIAL REAL ESTATE
Euribor Products positions. In addition to coordinating Euribor submissions and the Net Settlement Fund or otherwise participate in the Settlement.
agreeing on where to price Euribor Products, Plaintiffs allege that to effectuate their analysis; presentations on market analyses,
alleged manipulations of Euribor and Euribor Products during the Class Period,
The Court will hold a Settlement Hearing in this case on October 4, 2022 at
3:45 p.m. (ET), to consider whether to approve the Settlement and a request by the
product strategy, or business strategy; analytics Real Estate for Sale
& presenting compelling insights to senior mgmt;
Defendants engaged in “pushing cash,” transmitted false bids and offers, used
derivative traders as submitters, and rigged bids and offers for Euribor Products.
lawyers representing all Settlement Class Members (Lowey Dannenberg, P.C. and corporate strategy w/ a focus on internet, media, MARTHA’S VINEYARD
Lovell Stewart Halebian Jacobson LLP) for an award of attorneys’ fees of no more tech, telecom, & consumer industries & functional
exposure to sales strategy, digital marketing;
DIRECT HARBORFRONT.
Plaintiffs have asserted legal claims under various theories, including the Sherman than sixteen and one-half percent (16.5%), or $9,075,000, of the Settlement Fund for 6 Luxury Apartments
Act, the Commodity Exchange Act, the Racketeering Influenced and Corrupt investigating the facts, litigating the case, and negotiating the settlement, and for solving complex business problems & executing
Organizations Act, and common law. reimbursement of their costs and expenses in the amount of no more than $1,000,000. complex strategic & operational initiatives; & DOCK. 9 DEEPWATER SLIPS. PRISTINE CONDITION
The Plaintiffs may also request no more than $400,000 from the Settlement Fund as manage global programs. Trvl Rq’d. Priced at: $12 Million
Crédit Agricole has agreed to enter into this Settlement Agreement, while denying Position reports to the Google NY office & may
the allegations brought in this action and maintaining that it has meritorious defenses
reimbursement of their own expenses and compensation for their time devoted to this Call: 781-264-3440
litigation. The lawyers for the Settlement Class may also seek additional allow for partial telecommuting
to Plaintiffs’ claims of liability and damages, in order to avoid further expense,
reimbursement of costs and expenses in connection with services provided after the
inconvenience and the distraction of burdensome and protracted litigation, and thereby
Settlement Hearing. These payments will also be deducted from the Settlement Fund DEA
to resolve this controversy and avoid the risks inherent in complex litigation.
before any distributions are made to the Settlement Class. Senior Associate Attorney
Senior Associate Attorney (Counsel) (Pri-
What Does the Settlement Provide? You may ask to appear at the Settlement Hearing, but you do not have to. For vate Equity and Borrower-Side Finance) LEGAL NOTICE
more information, call toll free 800-492-9154 or visit the website sought by Davis Polk & Wardwell LLP in New DEA NOTICE OF FORFEITURE
Under the Settlement, Crédit Agricole agreed to pay a total of $55 million into the York, NY to represent corporate clients and pri-
Settlement Fund. If the Court approves the Settlement, eligible Settlement Class www.EuriborSettlement.com. vate equity funds in complex commercial fi- SOUTHERN DISTRICT OF TEXAS
nancing transactions, including acquisition fi- $74,086.00 USC seized from Jesus
nancings and financing for related investment Cantu Gonzalez on 09/07/21 at
1 “Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in transactions, in each case as a senior deal Applebee's Restaurant Parking Lot,
any way to Euribor, including but not limited to, New York Stock Exchange (“NYSE”) London International Financial Futures and Options Exchange (“LIFFE”) Euribor futures team member in charge of most aspects of the Houston, TX. Any person desiring to
contracts and options, Chicago Mercantile Exchange (“CME”) Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, transaction. Position must work from and report
to the firms office at 450 Lexington Avenue, claim the above USC has 30 days from
Euribor-based forward rate agreements, and/or any other financial instruments that reference Euribor.
New York, NY 10017, however, partial telecom- 06/06/22 to file a claim with DEA,
2 The “Settlement Agreement” means the agreement between Plaintiffs and Crédit Agricole S.A. and Crédit Agricole CIB, entered into on March 10, 2022, and filed with the muting is permitted. Send resume to: Kristen 18050 Saturn Lane, Ste. 240, Nassau
Court in this action. Schulte at [email protected]. Bay, TX 77058, Attn: DEA ARG/Group
Must specify job code JOKS Supervisor
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B9
CTAS 403.60 6.18 Floor&Decor FND 76.36 -0.60 Savings 0.07 0.06 0.06 0.08 0.14 0.21 0.31 0.30 0.42
Aptargroup ATR 110.18 0.93 CiscoSystems CSCO 45.57 0.24 FomentoEconMex FMX 73.53 -0.47
Aptiv APTV 109.66 -0.23 Citigroup FordMotor F 13.74 0.28
Jumbos 0.13 0.06 0.06 0.09 0.15 0.23 0.34 0.30 0.44
C 52.10 0.70
Aramark ARMK 34.93 0.07 CitizensFin CFG 41.06 0.45 Fortinet FTNT 305.38 8.41 Weekly change Edmund Lukas kind and engaging with everyone he met,
ArcelorMittal MT 33.39 0.51 CitrixSystems CTXS 98.77 FTS 49.73 0.08 Savings
-0.57 Fortis 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 possessing a unique ability to connect with
ArchCapital ACGL 47.42 0.32 CivitasRsrcs CIVI 83.75 0.25 Fortive FTV 63.67 0.67 May 30, 2022 people of all ages and from all walks of life.
ArcherDaniels ADM 89.52 1.11 Clarivate Jumbos 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLVT 15.03 0.10 FortBrandsHome FBHS 70.96 0.17 His sense of humor and sublime knack for
AresMgmt ARES 73.18 -0.19 ClearwayEnergyA CWEN.A 34.05 0.77 FoxA FOXA 34.60 0.52
arGEN-X ARGX 325.51 8.07 ClearwayEnergyC CWEN 36.94 storytelling and writing celebration poems
AristaNetworks ANET 104.30 0.79 Cleveland-Cliffs CLF 23.91
0.85
0.59
FoxB FOX 32.04
Franco-Nevada FNV 146.28
0.45
2.18 Consumer Savings Rates were legendary. To be around Ed was to
know just how good it feels to laugh.
ArrowElec ARW 124.61 1.77 Clorox CLX 134.28 -2.76 FranklinRscs BEN 26.94 0.16
s AspenTech AZPN 210.23 8.80 Below are the top federally insured offers available nationwide according to Bankrate.com's That wit and sense of humor were
Cloudflare NET 54.73 0.82 FreeportMcM FCX 43.39 0.61
Assurant AIZ 185.58 2.40 Coca-Cola FreseniusMed FMS 29.10 0.38
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please matched only by his keen intellect. Ed’s
KO 63.25 0.38
AstraZeneca AZN 65.58 2.06 Coca-ColaEuro CCEP 53.89 -0.35 FullTruck YMM 7.96 0.84 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. grasp of history was remarkable, as was
Atlassian TEAM 200.85 10.58 Cognex his ability to immediately “adopt” any
AtmosEnergy ATO 117.43 0.67 CognizantTech CTSH 74.09
CGNX 48.67 0.42
0.21 G H I High yield savings foreign language of the many countries he
Autodesk ADSK 207.17 -1.43 CoinbaseGlbl COIN 69.57 Bank Yield Bank Yield
-1.10 GFLEnvironmental GFL 31.89 -0.17 visited. His incredibly diverse knowledge
Autoliv ALV 80.91 -0.19 ColgatePalm CL Phone number Minimum (%) Phone number Minimum
ADP ADP 222.28 2.77 Comcast A CMCSA 42.63
78.71 -0.07 GSK GSK 44.25 1.44 (%) and willingness to patiently explain any
0.35 Gallagher AJG 163.56 1.56 subject matter were appreciated by all
AutoNation AN 122.41 -0.37 Comerica CMA 81.84 0.06 Money market and savings account Six-month CD
AutoZone AZO 2119.98 20.92 CommerceBcshrs CBSH 69.50 GameStop GME 146.50 18.40 types of audiences, and he was fondly
0.77 Gaming&Leisure GLPI 48.44 0.35 TAB Bank $0 1.26 Merrick Bank $25,000 1.26 referred to in the family as “Mr. Google.”
Avalara AVLR 90.50 0.56 ConagraBrands CAG 32.60 0.39
Avalonbay AVB 204.85 4.05 Garmin GRMN 105.79 1.18 (800) 355-3063 (866) 638-6851 Ed was a noble man of integrity,
Concentrix CNXC 161.86 0.59
Avangrid AGR 47.59 -0.05 s Gartner IT 267.32 0.22 BaskBank,adivofTexasCapitalBank,NA $0 1.25 Live Oak Bank $2,500 1.25 compassion and humility, never seeking
ConocoPhillips COP 122.71 5.33 Generac GNRC 292.78 8.44
Avantor AVTR 32.86 0.56
ConEd ED 98.48 0.38 (877) 839-2265 (866) 518-0286 the limelight but comfortable with it when
AveryDennison AVY 181.62 1.61 GeneralDynamics GD 235.58 5.68
ConstBrands A STZ 246.24 0.37 CFG Community Bank $1,000 1.17 TAB Bank $1,000 1.20 he walked into a room or onto a stage. He
AvisBudget CAR 194.54 2.97 GeneralElec GE 78.00 1.00
ConstBrands B STZ.B 278.67 0.87 GeneralMills GIS 69.16 0.39 (888) 205-8388 (800) 355-3063 had a calm demeanor but the presence
AxonEnterprise AXON 104.07 1.39 of a giant. He was New York tough and
ConstellationEner CEG 66.55 0.16 GeneralMotors GM 38.37 0.54
BCE BCE 55.11 0.85 s One-month CD One-year CD
BHP Group BHP 69.21 2.43
ContinentalRscs CLR 72.65 1.73 Genmab GMAB 30.76 0.96 competitive but had the huge heart of an
BJ'sWholesale BJ 61.98 0.73
Cooper COO 347.51 2.90 Genpact G 45.36 0.42 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 2.26 angel—especially with children, pets, and
Copart CPRT 116.50 1.57 anything patriotic. He was kind, consider-
s BP BP 34.19 1.09 Gentex GNTX 31.05 0.03 (713) 358-9400 (800) 845-5025 NEW YORK, N.Y. - Edmund (Ed) Lukas
Corning GLW 35.84 -0.05 GenuineParts GPC 140.81 1.15 ate, understanding, tolerant, reasonable,
Baidu BIDU 150.58 3.59
Corteva CTVA 62.38 0.66 State Bank of India California $1,000 0.15 TAB Bank $1,000 1.85 peacefully passed on May 30, 2022, at
BakerHughes BKR 37.66 -0.02 Gerdau GGB 6.28 -0.01
(877) 707-1995 (800) 355-3063 the age of 83 on Cape Cod, surrounded even-tempered, and forgave easily. He
Cosan CSAN 16.83 -0.80
Ball BALL 74.17 0.40 GileadSciences GILD 62.54 0.51
by his loving family and in the arms of his held no grudges and disliked ill-spirited
BancoBilbaoViz BBVA 5.42 ...
CoStar CSGP 61.96 0.83 GlobalPayments GPN 128.88 -0.29 Presidential Bank, FSB $1,000 0.10 Popular Direct $10,000 1.85 gossip. His moral compass was exemplary.
Costco COST 471.78 -0.69 GlobalFoundries GFS 56.51 -0.72 (800) 799-1424 (800) 274-5696
adoring wife, Fran.
BancoBradesco BBDO 3.32 -0.07 Always exhibiting decorum, he was an
CoterraEnergy CTRA 36.11 0.16 Globant GLOB 205.77 6.01
Ed was born in the Bronx, NY, son
BancodeChile BCH 20.96 0.37 impeccable dresser and well-mannered,
BancSanBrasil BSBR 6.51 -0.20
Coupang CPNG 12.16 -0.63 GlobeLife GL 99.02 1.30 Two-month CD Two-year CD of Marie and Edmund, Sr. He attended
Credicorp BAP 135.95 -0.84 Stuyvesant High School before his family as he believed that “manners make
BcoSantChile BSAC 19.49 -0.21 GoDaddy GDDY 74.09 1.41 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 2.86 everything easier.”
CreditAcceptance CACC 582.77 17.51 GoldFields GFI 9.55 0.07 moved to Huntington, NY. At Central High
BancoSantander SAN 3.21 ...
CreditSuisse CS 6.94 -0.03 (713) 358-9400 (800) 845-5025 When news of Ed’s passing became
BanColombia CIB 43.39 -0.49 GoldmanSachs GS 321.51 1.00 School he was Student Council President
CrowdStrike CRWD 176.68 7.71 State Bank of India California $1,000 0.15 Merrick Bank $25,000 2.45 known, some of the words and phrases
BankofAmerica BAC 36.35 0.20 Grab GRAB 2.65 0.01 and participated in many sports, theatre
BankofMontreal BMO 110.30 0.55
CrownCastle CCI 185.96 1.18 Graco GGG 64.00 0.29 (877) 707-1995 (866) 638-6851 and music. There he made life-long used to describe him included Bright
CrownHoldings CCK 109.97 2.12 Grainger GWW 507.17 8.44 VirtualBank $10,000 0.15 TAB Bank $1,000 2.30 Light, Mentor, Counselor, Extraordinary,
BankNY Mellon BK 46.34 0.39
CubeSmart CUBE 44.27 0.96
friendships and his classmates voted him
BkNovaScotia BNS 68.07 0.80 Grifols GRFS 12.79 ... (877) 998-2265 (800) 355-3063 “wittiest” and “most likely to succeed.” Courageous, Magnificent, Rock Star, One
Cullen/Frost CFR 127.82 1.34
Barclays BCS 8.67 0.02
CMI 215.26 2.61
GpoAeroportuar PAC 146.65 2.37
Spot on. in a Million, Life Force, Magical, and a King
BarrickGold GOLD 20.74 0.23
Cummins HCA Healthcare HCA 207.52 2.70 Three-month CD Five-year CD After graduating from Cornell in Among Men. As expressed by his niece,
Bath&BodyWks BBWI 37.67 0.45 HDFC Bank HDB 58.43 0.12
BaxterIntl BAX 72.58 0.08
D E F s HF Sinclair DINO 57.55 3.27
Luana Savings Bank $1,000 0.80 Connexus Credit Union $5,000 3.21 1960 with a degree in Economics and Brooke, “Any person who has been a part
(800) 666-2012 (800) 845-5025 Government, Ed proudly served two years of Ed’s life is truly to be considered among
BectonDicknsn BDX 257.92 -0.80 DCP Midstream DCP 39.41 1.02 HP HPQ 39.36 0.09
HSBC 33.46 0.08 Synchrony Bank $1 0.50 Popular Direct $10,000 2.85 as a Lieutenant in the Navy. Returning the fortunate.” He was loved by everyone.
BeiGene BGNE 154.57 16.14 DISH Network DISH 21.28 -0.24 HSBC
BentleySystems BSY 35.78 0.61 DTE Energy DTE 134.05 1.48 s Halliburton HAL 42.53 1.21 (800) 677-0718 (800) 274-5696 to Huntington and raising his family, he Ed supported the West Barnstable
s Berkley WRB 72.27 0.71 DXC Tech DXC 35.69 0.29 HartfordFinl HIG 73.43 0.66 Goldwater Bank $5,000 0.50 CFG Community Bank $500 2.82 briefly taught high school history before Civic Association, 1717 Meetinghouse, and
BerkHathwy A BRK.A 4714993099.90 Danaher DHR 268.27 4.53 Hasbro HAS 88.82 0.25 pursuing an illustrious and successful Save our Sound. He was a member of
(480) 281-8200 (888) 205-8388 both Our Lady of Victory Parish, as well as
BerkHathwy B BRK.B 313.65 1.50 Darden DRI 124.91 -1.01 t HealthpeakProp PEAK 28.75 0.26 career on Wall Street. As Vice President
BerryGlobal BERY 60.28 -0.14 s DarlingIngred DAR 87.18 3.44 Heico A HEI.A 123.07 2.44 at the NY Stock Exchange, he established St. Vincent Ferrer in Manhattan.
BestBuy BBY 78.35 -0.92 Datadog DDOG 108.06 4.90 Heico HEI 151.19 2.72 High yield jumbos - Minimum is $100,000 the NYSE International Division in London, Ed is preceded in death by his parents,
Bilibili BILI 28.03 2.54 DaVita DVA 95.33 -0.49 HenrySchein HSIC 85.34 1.18 subsequently listing over 200 companies Marie and Edmund, Sr., and his first wife,
Bill.com BILL 136.22 7.07 DeckersOutdoor DECK 272.47 -2.45 Hershey HSY 211.77 0.36 Money market and savings account Six-month CD Elizabeth, and is survived by his loving
while tirelessly traveling around the globe.
Bio-Techne TECH 366.00 2.60 Deere DE 367.84 4.93 HertzGlobal HTZ 18.13 -0.83 CFG Community Bank 1.17 Merrick Bank 1.26 and devoted wife, Fran, his brother and
DELL 51.15 1.11 Hess HES 129.09 2.48
Upon retirement, he became a consultant
Bio-RadLab A BIO 540.37 5.39 DellTechC (888) 205-8388 (866) 638-6851 his wife, Henry and Carol Lukas, his son
Biogen BIIB 201.08 3.97 DeltaAir DAL 39.74 0.74 HessMidstream HESM 34.84 1.19 for specialist firm Spear Leeds and Kellogg,
Luana Savings Bank 1.11 Live Oak Bank 1.25 and would later contribute a weekly and daughter, Peter Lukas and Kate Lukas
BiohavenPharm BHVN 145.00 -0.07 DentsplySirona XRAY 40.52 0.09 HewlettPackard HPE 15.34 0.12
11.13 -0.01 HighwoodsProp HIW 39.09 0.77 (800) 666-2012 (866) 518-0286 financial segment as a radio co-host of the McGowan, daughter-in-law Madeline,
BioMarinPharm BMRN 78.20 2.12 DeutscheBank DB
BioNTech BNTX 160.12 0.81 DevonEnergy DVN 78.04 0.99 Hilton HLT 143.82 -0.60 Connexus Credit Union 1.10 Luana Savings Bank 1.25 Cape Cod Real Estate Show on Saturday son-in-law James, grandchildren Katherine
BlackKnight BKI 69.29 0.25 DexCom DXCM 308.40 12.08 Hologic HOLX 76.62 1.49 mornings. He believed he was the luckiest and Abigail Lukas, Dylan and Elizabeth
(800) 845-5025 (800) 666-2012 McGowan, several in-laws, nieces and
BlackRock BLK 679.61 4.27 Diageo DEO 187.03 0.02 HomeDepot HD 301.77 -2.12 man to have a career that he loved for
Blackstone BX 119.83 1.03 s DiamondbkEner FANG 160.40 4.59 HondaMotor HMC 25.59 0.36 One-month CD One-year CD many decades. nephews, cousins, and a multitude of
Block SQ 84.60 1.22 DiDiGlobal DIDI 2.24 -0.06 Honeywell HON 197.62 2.43
Lone Star Bank 0.20 Connexus Credit Union 2.26 Ed relished spending his retirement friends from around the world.
BlueOwlCapital OWL 12.52 -0.30 DigitalRealty DLR 135.26 0.35 HorizonTherap HZNP 91.66 4.44 between Manhattan and his home on In lieu of flowers, please make a
(713) 358-9400 (800) 845-5025
Boeing BA 140.82 1.58 DiscoverFinSvcs DFS 113.20 2.20 HormelFoods HRL 45.63 0.03
Cape Cod, where he enjoyed the beauty donation to Tunnel to Towers Foundation
BookingHldgs BKNG 2326.73 -20.57 Disney DIS 107.79 -0.04 DR Horton DHI 75.49 -0.11 State Bank of India California 0.15 TAB Bank 1.85 at T2T.org or St. Jude’s Children’s Research
of everything the Cape has to offer. He
BoozAllen BAH 88.79 0.76 dLocal DLO 28.91 0.51 HostHotels HST 21.16 ... (877) 707-1995 (800) 355-3063 Hospital at www.stjude.org.
BorgWarner BWA 39.83 -0.25 DocuSign DOCU 87.74 3.48 HowmetAerospace HWM 37.43 0.78
was an astute and appreciative observer
VirtualBank 0.10 Merrick Bank 1.85 of nature, the sky and, of course, the sea. The family would like to sincerely thank
BostonProps BXP 107.44 2.15 DolbyLab DLB 77.80 -0.05 HuanengPower HNP 21.24 0.45
BostonSci BSX 39.58 0.20 DollarGeneral DG 234.32 1.85 Huazhu HTHT 33.81 -0.04
(877) 998-2265 (866) 638-6851 A favorite summer pastime of Ed’s was en- the staff of Cape Cod Hospital, Spaulding,
BAK 18.55 -0.79 DollarTree DLTR 161.94 0.49 Hubbell HUBB 203.63 5.67 joying the late afternoon sun on the beach Mayflower, as well as Ed’s doctors at
Braskem Two-month CD Two-year CD Cornell Weill in Manhattan for their kind
at New Seabury CC. He and his wife, Fran,
Lone Star Bank 0.20 Connexus Credit Union 2.86 shared a passion for travel, especially to and loving care of him.
(713) 358-9400 (800) 845-5025 new destinations. They were inseparable, Visiting hours will take place Sunday,
Dividend Changes State Bank of India California
(877) 707-1995
0.15 Merrick Bank
(866) 638-6851
2.45 and from the beginning of their courtship June 5 from 4-7 pm at Nickerson Bourne
Funeral Home, Sandwich, MA. A Funeral
in 2002 were affectionately known as
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: VirtualBank 0.15 TAB Bank 2.30 “Fr-Ed.” Mass will be celebrated 11 am Monday,
spin-off. (877) 998-2265 (800) 355-3063 Ed will always be remembered as a June 6 at Our Lady of Victory, Centerville,
gentleman and a gentle man. He was a MA.
Amount Payable / Three-month CD Five-year CD For online condolences or to share a
Company Symbol Yld % New/Old Frq Record proud father and grandfather, as well as a
Luana Savings Bank 0.90 Connexus Credit Union 3.21 devoted and loving spouse to Fran. Ed was memory visit www.nickersonbournefh.
Increased (800) 666-2012 (800) 845-5025
com
Essential Prop Realty Tr EPRT 4.6 .27 /.26 Q Jul14 /Jun30 Synchrony Bank 0.50 Popular Direct 2.85
Stocks (800) 677-0718 (800) 274-5696
AIkido Pharma AIKI 1:17 /Jun07 Goldwater Bank 0.50 CFG Community Bank 2.82
IN MEMORIAM
Fangdd Network Group ADR DUO 1:15 /Jun07 (480) 281-8200 (888) 205-8388
Foreign Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
compounding and rate stated for the lowest required opening deposit to earn interest. CD
ASE Technology ADR ASX 8.0 .4794 A Aug04 /Jun30
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
EVERY WEDNESDAY AND SATURDAY
OceanPal OP 19.3 .01 Q Jun21 /Jun14 which may be checks. Rates are subject to change. For more information visit: wsj.com/InMemoriam
Telekomunik Indonesia ADR TLK 2.7 1.0389 A Jul11 /Jun13
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 © 2022 Dow Jones & Company, Inc. All Rights Reserved.
Sources: FactSet; Dow Jones Market Data Internet: www.bankrate.com
B10 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33180.14 s 264.36, or 0.80% Trailing P/E ratio 18.90 29.50 4160.68 s 39.25, or 0.95% Trailing P/E ratio * 21.72 36.97 12175.23 s 113.86, or 0.94% Trailing P/E ratio *† 26.47 36.10
High, low, open and close for each P/E estimate * 17.36 20.49 High, low, open and close for each P/E estimate * 18.05 22.52 High, low, open and close for each P/E estimate *† 22.75 28.06
trading day of the past three months. Dividend yield 2.10 1.80 trading day of the past three months. Dividend yield * 1.55 1.38 trading day of the past three months. Dividend yield *† 0.86 0.72
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
65-day moving average 34625 65-day moving average 4450 65-day moving average 13800
2.50 FirstBank Southwest –10 Euro Japan yen .007541 132.60 15.2
0.70
note yield Amarillo, TX 806-355-9661 Kazakhstan tenge .002319 431.15 –0.9 Bahrain dinar 2.6525 .3770 0.01
Yen
s
1.25 Raymond James Bank, NA 3.50% 0.00 –20 Macau pataca .1237 8.0860 0.6 Egypt pound .0535 18.6883 19.0
Malaysia ringgit .2275 4.3955 5.5 Israel shekel .2991 3.3437 7.5
St. Petersburg, FL 800-718-2265 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6491 1.5406 5.4 Kuwait dinar 3.2672 .3061 1.2
Premier Bank 3.63% month(s) years
J J A S O N D J F M A MJ Pakistan rupee .00493 202.700 15.0 Oman sul rial 2.5973 .3850 ...
Rochester, MN 800-772-6497 maturity Philippines peso .0189 52.840 3.6 Qatar rial .2747 3.640 –0.05
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7280 1.3737 1.9 Saudi Arabia riyal .2666 3.7513 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007969 1254.86 5.5 South Africa rand .0651 15.3640 –3.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027816 359.50 77.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.75-1.50 0.75-1.50 0.00 l 1.50 -1.50 Taiwan dollar .03389 29.506 6.5
Yield (%) 52-Week Total Return (%) Thailand baht .02904 34.430 3.6 WSJ Dollar Index 95.14–0.0002–0.0003 6.24
Prime rate* 4.00 4.00 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 1.69 1.61 0.11 l 1.69 -0.76 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2175.380 2.970 2.800 3.020 0.780 –8.212 –0.631
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.64
Five-year CD, annual yield 0.94 1.24 0.41 l 1.29 -1.02 U.S. Treasury Long, Bloomberg 3534.420 3.300 3.230 3.370 1.720 –15.518 –2.520 Commodities
30-year mortgage, fixed† 5.57 5.30 3.00 l 5.64 1.62 Aggregate, Bloomberg 2029.420 3.540 3.380 3.620 1.340 –8.951 –0.358 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.75 4.60 2.28 l 4.88 1.37 Fixed-Rate MBS, Bloomberg 2021.550 3.640 3.460 3.740 1.590 –8.328 –1.032
Jumbo mortgages, $647,200-plus† 5.60 5.29 3.03 l 5.65 1.30 DJ Commodity 1249.37 -2.24 -0.18 1264.48 853.12 38.05 32.04
High Yield 100, ICE BofA 3171.166 6.920 6.530 7.438 3.162 –6.828 1.543 Refinitiv/CC CRB Index 327.11 0.29 0.09 327.11 204.24 54.88 40.77
Five-year adj mortgage (ARM)† 3.90 3.90 2.82 l 3.92 -0.10
Muni Master, ICE BofA 562.187 2.576 2.613 3.191 0.687 –6.428 0.526 Crude oil, $ per barrel 119.41 0.91 0.77 123.70 62.32 70.46 58.77
New-car loan, 48-month 4.47 4.45 3.41 l 4.47 -0.32
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 783.534 6.966 6.820 7.150 4.516 –14.996 –2.205 Natural gas, $/MMBtu 9.293 -0.029 -0.31 9.322 3.128 197.09 149.14
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1847.50 8.30 0.45 2040.10 1721.50 -2.36 1.09
THE WALL STREET JOURNAL. * Wednesday, June 8, 2022 | B11
geopolitical and policy consult- nancial filings and other rep- distress.
ing. resentations it made as it at- The company lost $304 mil-
Teneo could finalize a deal tempts to go public. lion last year, according to
to buy a majority stake in Sarah Pierce, Better.com’s company filings. Last winter,
Washington-based WestExec former executive vice presi- Mr. Garg allegedly told the
Advisors as soon as Wednes- dent for sales and operations, company’s board and investors
day, according to people famil- alleged in the suit that Chief that the company would be-
iar with the matter. Executive Vishal Garg and the come profitable again by the
Roughly a year ago, Teneo’s company misrepresented Bet- end of the first quarter in
future was on shaky ground af- ter.com’s business and pros- 2022, according to the lawsuit.
ter its founder, Declan Kelly, re- Utilities and developers still face rising borrowing costs and shortages in the solar industry. pects to keep investors on- Ms. Pierce said in the suit that
signed following reports of board with a planned merger her operations team, in part-
drunken misbehavior at a char-
ity event.
Teneo went on to post 2021
Solar nearly all of its drop for the
year. A similar fund of fossil-
fuel companies is up more
at the end of last year from
$15 a decade earlier.
Chief Executive John
with a special-purpose acqui-
sition company, or SPAC. The
deal was agreed to in May
nership with the company’s fi-
nance department, had pre-
sented internal projections to
revenue of nearly $500 million
and expects it to grow by about
10% this year, the people said.
Sector than 60% in that span, pushing
some investors back toward
traditional energy firms.
Ketchum on Monday said the
tariff pause was an important
step to the industry rebound-
2021 and has yet to close.
Ms. Pierce said in the suit
that she was pushed out of
Mr. Garg that showed the
company couldn’t expect to
break even until at least the
Its head count increased
roughly 600 people to about
1,500, with about half of the in-
Challenged The renewables industry is
particularly vulnerable to ris-
ing interest rates.
ing. The Florida-based firm
previously said it expects a
chunk of this year’s solar and
her role at the company in
February in retaliation for
raising these issues. She has
second half of this year.
The lawsuit contains color-
ful remarks allegedly made by
crease coming from its acquisi- Like the shares of other energy-storage projects to be also filed a complaint alleging Mr. Garg. He allegedly re-
tion of Deloitte’s U.K. restruc- Continued from page B1 richly valued companies, delayed. retaliation with the Occupa- placed one of the words in
turing business. infrastructure are hindering clean-energy stocks have Some analysts say the im- tional Safety and Health Ad- the acronym for the account-
WestExec was founded by many projects that aim to use fallen as investors switched to pacts of the tariff investiga- ministration under the Sar- ing phrase, GAAP, or “gener-
former Obama administration the sun and wind to replace more appealing bonds. The in- tion will still linger. Ravina banes-Oxley Act, according to ally accepted accounting prin-
officials Michèle Flournoy, Ser- fossil fuels. dustry itself, in particular resi- Advani, head of energy, natu- a footnote in the suit. ciples” with a profanity. He
gio Aguirre and Nitin Chadda. At the same time, Russia’s dential solar, depends on lend- ral resources and renewables “We have reviewed the told other executives at Bet-
Its roughly 40 people specialize invasion of Ukraine is fueling a ing to finance solar at BNP Paribas SA, said many claims in the complaint and
in helping companies under- scramble for oil and gas and installations. clients have been making in- strongly believe them to be
stand policy or geopolitical is- highlighting the need for do- Even with a recent recov- vestments in wind and hydro- without merit,” Better.com
sues such as trade dynamics
and use that knowledge to
make business decisions. It fo-
cuses on the security and de-
mestic sources of energy.
The iShares Global Clean
Energy ETF has risen about
12% in the past month, paring
ery, shares of NextEra and
other green stocks are down
nearly 15% this year.
NextEra had surged to $93
power while the solar investi-
gation plays out.
“The uncertainty definitely
had a domino effect,” she said.
said. “The company is confi-
dent in our financial and ac-
counting practices, and we
will vigorously defend this
$7B
Valuation at which Better.com
fense industries. lawsuit.” expects to go public
Teneo made a minority in- Better.com was a winner of
vestment in WestExec in 2021.
Companies such as Teneo
and WestExec exert behind-the-
Trading regulatory changes, said Joe
Saluzzi, partner and co-
founder of brokerage Themis
routed to market makers in-
stead of exchanges.
Virtu criticized Mr. Gensler’s
the boom in housing prices
and mortgage refinancing that
accompanied the pandemic ter.com that interest rates
scenes influence in American
corporations and around the
world, helping guide boards
Changes Trading LLC.
“Any time you threaten an
existing status quo that bene-
idea of bringing order-by-order
competition for individual in-
vestors’ stock orders, saying it
and low interest rates. The
company’s revenue grew
nearly 10-fold to $876 million
would stay low because Presi-
dent Biden would contract
Covid-19 and die, the suit
and executives on business
strategy and communications.
Demand for their services has
Criticized fits a lot of people, they will
fight you tooth and nail,” said
Mr. Saluzzi, whose firm han-
would eliminate a big benefit
of the current system: the
guarantee that a market maker
in 2020 from the year prior.
It posted a profit of $172 mil-
lion and hired thousands as it
says. Another former Bet-
ter.com executive said they
also remembered the GAAP
increased as companies face a dles stock trades for institu- must fill every retail order it rushed to keep up with the comments and Mr. Garg’s ex-
constant flow of political devel- Continued from page B1 tional investors and hedge gets from a broker at a price at market, company filings said. pectations that unforeseen
opments from around the globe orders using brokerages such funds. or better than the best price It raised $500 million from events would keep rates low.
to anticipate and respond to, as Robinhood Markets Inc., A spokeswoman for the SEC available on public stock ex- SoftBank Group Corp. last Ms. Pierce also alleges that
such as increased tensions with the brokers often route the or- declined to comment. changes. spring and weeks later said it the company had overstated
China and Russia’s war on ders to electronic market-mak- Executives at retail broker- If those orders were routed planned to go public at a valu- the strength of its brand in fi-
Ukraine. ing firms that execute them. In ages and market-making firms to auctions instead, the retail ation of $7 billion. nancial filings relating to its
Public relations company return, the market makers fre- have been wary of Mr. Gen- brokerage wouldn’t have a Better.com has since been potential merger.
Sard Verbinnen & Co. recently quently pay the brokerages sler’s plans since he indicated clear way to ensure that they rocked by the rise in interest In the prospectus for its
merged with rival Finsbury cash incentives, a practice would be executed. rates and resulting sharp pull- SPAC deal, Better.com said it
Glover Hering to create a large called payment for order flow. If an order went unexecuted back in refinancings and a believed that 30% of its loans
player in the sector, now called Mr. Gensler has criticized in an auction, the retail broker- highly publicized situation made directly to consumers
FGS Global. such payments as being a con-
Auctions would age would need to find another when Mr. Garg laid off 900 came through internet traffic
Teneo burst onto the public- flict of interest for brokers and represent a big shift place to execute and bear addi- workers via a Zoom call in De- that wasn’t generated by paid
relations scene in 2011 when has suggested that the busi- tional costs, such as exchange cember. marketing efforts. That com-
Mr. Kelly co-founded it with ness of retail market making is
to the working of the transaction fees. The end re- He took a brief leave after pared favorably to other large
former Clinton White House of- too concentrated. Market mak- U.S. stock market. sult wouldn’t necessarily be an the call sparked an uproar. financial brands despite
ficial Doug Band and Paul ers are firms that buy and sell improvement for ordinary in- The company has laid off lower advertising spending.
Keary, a former consulting ex- stocks throughout the day and vestors, according to Virtu. thousands more as the market In her complaint, Ms. Pierce
ecutive who now serves as its make a profit from collecting a Virtu Chief Executive Doug- for SPAC deals has also says that company’s internal
chief executive. The firm has difference between the buying last year that he would pursue las Cifu suggested in an cooled. data showed that number to
advised clients including Gen- and selling price. a shake-up of market structure. emailed statement that the In the aftermath of the De- be no more than 12%.
eral Electric Co. and Coca-Cola A handful of such firms, in- Firms such as Robinhood, Virtu SEC would face litigation if it cember layoffs, Mr. Garg said Ms. Pierce raised concerns
Co. and expanded to include cluding Citadel Securities and and Citadel Securities say in- pushed through with the in a public letter that he took about the alleged misrepre-
units focused on everything Virtu Financial Inc., handle vestors get high-quality execu- changes reported by the Jour- responsibility for the decision sentation to Mr. Garg and
from risk advisory to executive the lion’s share of U.S. stock tions from the current system, nal. to lay off the staff but “blun- Better.com ahead of the fil-
searches. trades for individual investors. because the market makers “The entire market will be dered the execution.” He be- ing’s publication, according
That rapid rise was threat- By funneling more such that handle small investors’ evaluating any proposal to en- gan a leave the following day, to the lawsuit.
ened when Mr. Kelly, the long- trades into competitive auc- trades provide better prices sure it complies with the rule- and Better.com said it hired an Mr. Garg allegedly repeat-
time public face of Teneo and tions, the SEC would seek to than they would get if their or- making requirements, aligns outside company to assess its edly defied advice from other
its biggest rainmaker, resigned have more market makers ders were routed to public with the SEC’s mandate, and culture and leadership. Mr. executives regarding the
after behaving inappropriately competing for individual inves- stock exchanges. includes complete economic Garg returned to his position mass Zoom layoff in Decem-
at a celebrity-filled event tors’ business, in hopes that in- Payment for order flow has and competitive analysis,” he in January, according to an ber, leading the company to
hosted by the charity Global vestors get better prices for also made it possible for bro- said. email sent to employees. likely violate the California
Citizen in May 2021. Mr. Kelly their orders. kerages to offer zero-commis- Robinhood declined to com- In her complaint, filed Worker Adjustment and Re-
is no longer involved with Te- Retail brokers and market sion trading. ment. A spokesman for Citadel Tuesday in federal court in training Notification Act,
neo, having sold his stake, and makers entrenched in the cur- Virtu has estimated that Securities said the firm looks Manhattan, Ms. Pierce says which requires employees re-
has since launched a new firm, rent system will fight Mr. Gen- U.S. individual investors saved forward to reviewing the SEC’s Mr. Garg and the company’s ceive 60 days’ notice in ad-
Consello LLC, with football star sler’s changes, potentially even $11 billion on their trades in proposals and working with alleged misrepresentations vance of mass layoffs, the
Tom Brady as a partner. filing lawsuits to block any 2020 by having those trades the agency. were made to keep its merger suit said.
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | B13
8
Long-term goal
cates that other retailers could be
undergoing the same kind of mar-
gin reckoning as they gauge the
Markets
its operating-margin guidance for was especially bad for the retailer. right sales mix. Other retailers
its second quarter to 2%, less than One is that the largest retailers 6 with much higher inventory levels
half the margin it telegraphed had the means to spend heavily to included Walmart, which saw a Chaotic leadership race is
three weeks ago. The company get more goods last year, when 33% increase in merchandise last preferred to uncertainty
4
said it is taking actions to “right- there were widespread concerns quarter compared with a year ear-
size” its inventory, which will in- about shortages. Companies in- lier, and Kohl’s, whose inventory It isn’t everywhere that the po-
volve more discounts and cancel- cluding Walmart, Costco and Tar- 2 rose 40%. It also portends a sum- tential ousting of a head of gov-
ing orders. get all paid for their own char- mer of heavy discounts, especially ernment is celebrated by investors
The company said in its latest tered ships to stock shelves up 0 in categories that Target said it as a step toward political stability.
earnings call on May 18 that it was ahead of last year’s holiday sea- FY2019 ’20 ’21 ’22 was carrying too much of, such as In the case of Britain, they might
holding too much merchandise son. This could have made them kitchen appliances, TVs and out- have a point.
Note: Second quarter 2022 is guidance from the
that consumers no longer more susceptible to accidental company. First quarter ended April 30 door furniture. Margins could take The pound was the best-per-
wanted—such as large appliances pileups of the wrong items. Sources: FactSet; the company a worse hit than expected at com- forming major currency Monday
and furniture. Consumers are still In an interview with The Wall panies such as online furniture after news broke that British Prime
spending on groceries and house- Street Journal, Target Chief Execu- preferences had already shifted. seller Wayfair, electronics retailer Minister Boris Johnson would that
hold essentials, while diverting tive Officer Brian Cornell said the Another reason could be that Tar- Best Buy and Bed Bath & Beyond, evening face a no-confidence vote
discretionary dollars to things company was “chasing hard in get’s sales mix is lighter on con- which sells kitchen appliances. by lawmakers of his own ruling
they need as they resume going to 2021 to get more of the inventory sumables (45%) like groceries, the It’s going to be a summer full of Conservative Party. The challenge
the office, traveling, attending that our guest was looking for.” one pandemic-winning category discounts for consumers and a to his leadership follows anger
concerts and so on—such as lug- But delayed shipments meant that still sees strong demand. Big- stressful, sweaty season of plan- about parties at Downing Street
gage, cosmetics and dressy goods arrived late, when consumer box retailers such as Walmart, ning for retailers. — Jinjoo Lee during the Covid-19 lockdowns. Mr.
Johnson ended up hanging on to
his job by 211 votes against 148,
which may help explain part of
trade deficit has weighed more dismal, and May’s GfK Consumer
heavily on GDP growth was during Confidence Barometer recently
the very different circumstances of came in at minus 40—the lowest
the early 1980s, when the U.S. since records started in 1974.
trade deficit with Japan soared. Yet, arguably, a chunk of the
But the tide is turning. On Tues- continuing underperformance is
day, the Commerce Department re- best ascribed not to specific trade
ported that the U.S. trade deficit in relationships, policies or even in-
April came to $87.1 billion, adjusted For some countries that export heavily to the U.S., the narrowing of the trade deficit could weigh on growth. discretions with cakes, but rather
for seasonal swings. That is a big to Mr. Johnson prolonging the
gap, but not nearly as wide as haircut manufactured in Hanoi. such as warehouses and stores, of the trade deficit could weigh on post-Brexit state of uncertainty.
March’s $107.7 billion. Given the ex- The shift toward services could have experienced the biggest ac- growth. China stands out, since it His threats to tear up the North-
cess inventory problems many big dent U.S.-based goods producers, celeration in employment. is a major source of consumer ern Ireland Protocol have put the
stores such as Target are facing, it but in many cases they might be Factory employment is likely be- products sold in the U.S., and, in new trade deal with the European
seems likely the trade deficit will better insulated than many of ing held back by semiconductor contrast to Canada and Mexico, Union at risk. The drought of capi-
narrow further in the months their overseas counterparts. Bank supply problems that continue to isn’t a major manufacturer of cars tal investment hasn’t been offset
ahead as they import fewer wares. of America economists point out beset the auto industry, which is a and car parts that make their way by any comprehensive industrial
If spending on things like furni- that the jobs recovery in goods- driver of overall U.S. manufacturing. into the U.S. policy, either.
ture and kitchen appliances starts producing industries has been sub- As chips become more available, car For the U.S., a narrowing trade Investors shouldn’t expect a po-
going toward services instead, that dued—manufacturing employment sales might be the portion of spend- deficit could keep the economy tential leadership reshuffle to trig-
will benefit U.S. growth, because is still slightly below its prepan- ing on goods that holds up best. from slowing down nearly as much ger a magical revaluation of U.K.
most of the services we purchase demic levels—while industries that For some countries that export as investors fear. stocks. But it could be a start.
are homegrown—you can’t buy a work to fulfill consumer demand, heavily to the U.S., the narrowing —Justin Lahart —Jon Sindreu
B14 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
Meet the ↷
New Creators
The visionaries creatively applying
technology in business to drive change.
ibm.com/new-creators
IBM and the IBM logo are trademarks of International Business Machines Corporation, registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on ibm.com/trademark. © Copyright IBM Corp. 2022
JOURNAL REPORT
CYBERSECURITY
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R1
The Bi
Th Biggest Mistakes
i t k
Companies Make With Cybersecurity
SONIA PULIDO
E
Managers routinely miss VERY MANAGER
knows it by now:
In our research at the
Massachusetts Institute of
ganizations that are resilient
to cyber threats, and have
opportunities to build Cyberattacks are Technology’s Sloan School of found a number of concepts
frequent and Management, we study how that managers routinely get
organizations that are resilient dangerous. You managers should build or- Please turn to page R4
need tough
to cyberattacks. It doesn’t defenses to stay safe. Dr. Pearlson is executive director of the Cybersecurity at MIT
Every manager knows it. Sloan consortium. Dr. Madnick is John Norris Maguire Professor
have to be that way. But they still get things of Information Technologies, Emeritus, at the MIT Sloan School
wrong with cybersecurity. All of Management and professor of engineering systems at the MIT
BY KERI PEARLSON AND STUART MADNICK the time. School of Engineering. They can be reached at [email protected].
S
different approaches to with an increase in cyberattacks,
TEP 1 for securely ac- of these four popular pass- unique passwords for all of message encryption. and many aren’t prepared, partly
cessing your online ac- word-management strategies. your accounts, and you only because they don’t think they will
counts: Create a com- Read on to find out what have to remember the master Here’s how to know
be targeted. R5
plex, unique password works, what doesn’t and what password that lets you into when your messages
for each account. Step 2: Ac- you can do to make your your password manager’s are the most secure. R2
tually remember those pass- password-storage tactics vault. PERSONALIZED ONLINE PRIVACY
words, or store them safely. stronger. Yet many people don’t use
There are plenty of tools to them. In a 2022 global survey How to improve on
help with Step 2, some safer from password manager Bit- ‘Accept all cookies.’ R6
than others. Some people use Safe: Password warden, only 30% of respon-
password managers, while Managers dents reported using a pass-
others use locked notes on The best way to save your word manager.
their phones. And then there passwords, experts say, is to Password managers aren’t Scan this code to
are people who write their lock them up in a password immune to vulnerabilities. But learn about a
passwords on a piece of paper manager such as Dashlane, the chances of a hacker cyberattack that
or depend on memory tricks. Keeper Security or LastPass. breaking in and stealing your forced one company
We assessed the security These tools let you set up Please turn to page R8 into bankruptcy.
R2 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
How Encryption
Does—or Doesn’t—Work
With Messaging Apps
CASEY CHIN
Here’s how to know when your messages are most secure BY DALVIN BROWN
W
HEN you gies Ltd. If hackers attack a To help sort all this out, here’s including in group chats with tapping the padlock icon at the
send a cloud service or data center, how the most popular messaging other Apple-device users. top of the screen. To start an en-
message to “emails get exposed, messages services available on Android crypted group chat, tap the pad-
someone, get exposed, photos get ex- and iOS handle encryption. Limitations: If you’re using Ap- lock button, then create a group.
it’s often posed,” says Mark Ostrowski, ple’s Messages app but the recip- Messenger will notify a user if
intended Check Point’s head of engineer- ient doesn’t have an iPhone, your someone takes a screenshot of a
for their ing for the eastern U.S. “It’s used messages won’t be encrypted. disappearing message. You can
eyes only. for extortion.” Signal That’s when your messages ap- also unsend messages before and
Whether only they see it or not Encryption for messaging End-to-end encrypted? Yes, by pear green, which means you’re after they’re viewed.
is determined largely by the tends to come in two main default, across Signal’s mobile doing standard SMS texting out- Instagram’s direct messages
level of encryption built into the forms: end to end, and in transit. and desktop apps. side of the iMessage service. also have a Vanish Mode if you
app you’re using. With end-to-end encryption, the Security experts widely con- Wireless carriers could intercept slide up on a chat. You also can
Included in most popular mes- messages are scrambled before sider Signal to be the gold stan- and see these messages. tap and hold a DM on Instagram
saging apps, encryption turns the text leaves the sender’s de- dard for private messaging. Users Encrypted iMessage chats can to unsend it, even after the re-
your text, photos and videos into vice. While passing through serv- can set messages that automati- be backed up to Apple’s iCloud, cipient has viewed it.
a meaningless string of charac- ers, the messages remain un- cally disappear from the sender’s but Apple says it may give your
ters so they’re shielded from readable. Only the receiver’s and receiver’s phones in as little iCloud content to the authorities Limitations: Encrypted messages
prying eyes on their journey to device can decode the message. as 30 seconds or as long as a in response to a search warrant. are stored in a separate part of
your recipient’s phone. Encryption in transit, which is month. To access these settings, You can disable iCloud backups the app, which means that when
Your messaging apps are considered less secure than end- go to each contact in the app, or back up your smartphone di- you go to send a new message to
probably among the tools you to-end encryption, scrambles then tap Disappearing Messages rectly to a computer using en- someone you can’t simply scroll
use most on your smartphone, messages only while the text to choose how long you want cryption. up to see old messages between
holding a stream of sensitive, makes its way to the servers for messages to last. You can also The Messages app doesn’t tell the two of you. Also, you can’t
identifiable information you processing. Once the text is on set group chats to disappear. users if someone takes a screen- access encrypted conversations
wouldn’t want in the wrong those servers, the messaging shot of a chat. on Facebook’s desktop website.
hands. People use the apps to provider may be able to read Limitations: Signal requires us- And you can’t start end-to-end
share addresses, phone numbers, them. Messages are encrypted ers to provide a phone number encrypted chats with people you
passwords and photos. Unless again before being sent to the at sign-up, and you have to give haven’t messaged before, so you
you use a secure, encrypted ser- recipient. people your phone number to WhatsApp have to send an innocuous mes-
vice, all of that information For maximum security, con- chat with them. It also offers End-to-end encrypted? Yes, by sage and receive a response be-
could be open to snooping. Hack- sumers should opt for a service fewer social-media features than default, across the Meta-owned fore you send anything en-
ers wouldn’t need your phone to service’s smartphone and desk- crypted.
try to see what you’re sending. top apps. Meta lets you message from
And companies offering these Without encryption, your messages The app uses Signal’s encryp- one of its platforms to people on
communication tools could take tion protocol to keep itself and another (e.g., from Instagram to
a peek at what you send and re- are vulnerable to hackers and any snoopers from accessing us- Facebook). But you can’t send
ceive. your messaging service could ers’ messages. Users can also en- encrypted messages from one of
Legally, providers of private able disappearing chats, includ- the apps to the other.
communication are allowed un- share them with law enforcement ing group chats, making
fettered access to users’ unen- messages go away after 24
crypted messages, says Paul
or use them to feed you customized hours, seven days or 90 days.
Ohm, professor of law at the ads or other marketing. Users also can unsend messages Telegram
Georgetown University Law Cen- before and after they’ve been End-to-end encrypted? Not by
ter specializing in information viewed by pressing down on the default, but it does always en-
privacy. They could not only with end-to-end encryption iMessage and WhatsApp, which text, tapping the trash-can icon crypt in transit.
share the information with law turned on by default, such as are both used by more people. and tapping Delete for Everyone. If you want end-to-end en-
enforcement, but also use the Apple Inc.’s iMessage or the app And there’s no way to access the cryption, turn on the Secret Chat
data to feed you customized ads Signal. Others, such as Tele- service through a web browser. Limitations: As with Signal, you feature. Tap a contact’s user-
or other marketing. gram and Meta’s Messenger, let Browser access is convenient for can’t message people on Whats- name, then More > Start Secret
Law-enforcement agencies are you turn that feature on—though users, providing a way to read App without giving them your Chat.
increasingly requesting data many people don’t. Some mes- and respond to messages on phone number. And users aren’t
from social-networking sites saging systems don’t offer en- multiple devices without needing notified if someone takes a Limitations: Telegram requires
about users, and companies are cryption at all. This includes to download an app. screenshot. your phone number to sign up.
“generally cooperative,” Mr. Ohm SMS text messages sent through Also, the Signal app can’t de- Secret Chat doesn’t work with
says. Meta Platforms Inc. re- your cellular provider, as well as tect when someone takes a group messages. Also, Telegram’s
ceived 215,000 government re- direct messages sent on TikTok screenshot of a message. cloud setup, which allows mes-
quests for user data from June and Twitter. Messenger and Instagram sages to sync across desktop and
to December of 2021, up from Also, keep in mind that while DMs smartphone apps, doesn’t work
191,000 during that time frame going the most secure route End-to-end encrypted? Not by with end-to-end encrypted
in 2020, according to the com- keeps your data shielded from Apple Messages app and default. You must turn the fea- chats.
pany’s biannual report on the middlemen, it doesn’t guarantee iMessage service ture on. Telegram will alert users if a
subject. Meta, which owns Face- 100% privacy, because encryp- End-to-end encrypted? Yes, There are two ways to enable screenshot of a message is taken
book, Instagram and WhatsApp, tion doesn’t determine who sees when you’re inside Apple’s end-to-end encryption on Meta’s with an iPhone, but it says such
provided some data on users a message once it reaches its re- walled garden. If your messages Messenger. Users can swipe up detection on Android phones is
nearly 73% of the time in re- cipient. Some services offer self- appear blue, they are part of on an existing chat to enter Van- more challenging and you might
sponse to those requests. destructing messages and tell iMessage and are end-to-end en- ish Mode. The chat’s messages not be notified.
Meanwhile, cyberattacks you if your recipient took a crypted. Apple says it can’t de- will be encrypted and will disap-
against the communications in- screenshot, but even with these crypt your conversation. Using pear for both parties once the Mr. Brown is a Wall Street
dustry rose 51% in 2021, accord- guardrails, you’d never know if the Messages app, your chats app is closed. Users can also Journal reporter in New York.
ing to the cybersecurity firm someone took a photo of the can remain end-to-end encrypted launch a “secret conversation” He can be reached at
Check Point Software Technolo- messages you sent. across multiple Apple devices— by starting a new message and [email protected].
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R3
JOURNAL REPORT
2.
Relying on training instead
of changing attitudes.
But even when companies do try
to get employees invested, they
usually do it the wrong way. At
many companies, making em-
ployees a part of cybersecurity
means one thing: basic training.
In other words, requiring every-
one to watch a short video once
a year.
Those efforts just aren’t
enough.
Managers told us time and
again that employees who suc-
cessfully completed training ex-
ercises still were fooled into
opening up suspicious websites,
downloading malware and more.
Many employees sheepishly ad-
mitted to writing email or play-
ing online games while complet-
ing the online program.
It is more effective to build a
cybersecurity culture—an effort
that goes beyond training and
gets employees to see security as
part of their job.
There are any number of ap-
proaches, from large to (seem-
ingly) small.
One financial institution we
studied, for instance, began to
use the term “data protection”
instead of “cybersecurity.”
The reason was that many
employees didn’t understand
what role they had in cybersecu-
rity.
But protecting company and
customer data was something
that every employee under-
stood—the company had empha-
sized it to them daily for years—
so the change in wording had a
significant impact in getting the
workers on board. A billboard in Las Vegas advertising
Regular testing, with tangible Apple Inc. iPhone security.
consequences, can also be impor-
tant in reinforcing attitudes and
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R5
| CYBERSECURITY
6.
Missing the competitive
advantage.
Many businesses view cyberse-
curity as a cost to be managed.
But it’s much more useful to see
it as a competitive advantage.
If a company makes a point of
having strong cybersecurity, it
may gain an edge with custom-
ers who are looking for safety.
Beefing up security may also end
up saving money—since more-re-
silient companies don’t get hit as
TRISTAN SPINSKI FOR THE WALL STREET JOURNAL
C
difficult to sell their offerings. $50 million in annual revenue) have in- pricing isn’t the only obstacle. “More
Eventually it will be table YBERATTACKS are be- surance coverage for cyber risks, com- small businesses on a percentage basis
stakes to have to demonstrate coming more common for pared with about 75% of larger busi- are being turned down due to tighter
your security practices. Right small businesses, and many nesses. underwriting requirements,” Mr. Thorn-
now, it can be a competitive ad- aren’t prepared to deal ton says.
vantage.. with an attack. Lisa Dickinson, executive liability and
As small businesses cyber practice leader for Marsh McLen-
have accelerated their adoption of new An expensive attack nan Agency’s Southeast region, says
technologies for remote work, commu- Great Northern Docks in Naples, underwriters had previously required
nication, production and sales during Maine, only had a commercial insurance larger businesses to meet cybersecurity
the pandemic, their expanded computer plan when hackers drained almost protocols before they could buy cover-
networks have created new vulnerabili- $250,000 from the company’s bank ac- age, but are now increasingly putting
ties to phishing and ransomware at- count in 2020. The insurance didn’t smaller businesses to the same test.
tacks. But many small businesses still cover most of the attack, which ended For example, companies may now be
don’t expect to be targeted by hackers, up costing Great Northern $218,000, in- required to have multifactor authenti-
so preparing for a cyberattack is well cluding money lost, legal fees for nego- cation for system administrators and
down their list of priorities. tiations with the bank, the hiring of fo- other employees, as well as vendors or
The risk of an attack has grown dra- rensic specialists to figure out what other third parties with access to the
matically for small businesses over the had happened and how it could be pre- company’s network, as a requirement
past couple of years. “During the pan- vented in the future, and the cost of for buying cyber insurance. Multifactor
demic, small businesses were attacked new IT infrastructure. authentication reduces the risk of sto-
at twice the rate of larger organiza- Dawn Merriam, who co-owns Great len credentials being used by cyber-
tions,” says Ajay Bhalla, president of cy- Northern Docks with her husband, says criminals to access a network. Insurers
ber and intelligence at Mastercard Inc. that in addition to the financial loss, may also require small businesses to
During 2020 and 2021, data figuring out next steps in the attack’s encrypt backup data and come up with
breaches at small businesses globally aftermath was difficult and she felt like a response plan for a cyberattack.
jumped 152%, compared with the two there was no one to shepherd them This is especially the case for com-
prior years, according to RiskRecon, a through the nightmare. “The episode panies with revenues between $25 mil-
Mastercard company that assesses took a few years off our lives,” she lion and $50 million, where the likeli-
companies’ cybersecurity risk. Breaches says. The company now has cyber in- hood of an attack and the potential
at larger organizations rose 75% in the surance. dollar amount of a claim are higher
same period, according to RiskRecon. In comparison, MI Metals Inc., an than for smaller companies, and for
aluminum-manufacturing company those operating in industries hit hard
based in Oldsmar, Fla., had cyber insur- by cyberattacks during the pandemic,
ance that covered a ransomware attack like manufacturing, Ms. Dickinson says.
Different focus on the business last July. The insurance Small businesses may be able to
But many small businesses are more company dispatched experts to MI skip some underwriting requirements
focused on keeping their heads above Metals’ plants and headquarters, who by purchasing a policy from a technol-
water amid the many other problems quickly determined that the attackers ogy company that sells insurance,
that have arisen or grown during the hadn’t compromised any sensitive in- known in the industry as insurtechs.
pandemic than they are on cybersecu- formation, like employee records or Insurtechs automate underwriting to
rity. “My clients are worried about the customer accounts. Aware that nothing a large extent by using artificial intelli-
ongoing effects of the pandemic, labor valuable had been compromised, Brook gence, which can help lower costs. For
and supply shortages and inflation,” Massey, the company’s owner, says he example, the AI looks at companies’
says Marilyn Landis, owner of Basic was able to rely on a backup of the networks to assess their security risks
Business Concepts Inc., a company that company system he had on his hard automatically. Specifically, the AI looks
acts as a chief financial officer for drive at home, and he rejected the at- for software that is out of date or con-
small businesses. Cybersecurity isn’t tackers’ ransom demand for $2.4 mil- tains known vulnerabilities to hacking,
top of mind for her clients, she says. lion in bitcoin. The insurance company and analyzes the security of the organi-
Some businesses are aware of the ultimately paid MI Metals about zation hosting the company’s website.
threat but don’t realize they aren’t in- $180,000 to cover attorney fees, hard- But there are hurdles here, too. Cy-
sured against it. “Too many small busi- drive replacements, forensic experts ber policies issued by insurtechs often
nesses incorrectly still expect to be and the cost of new software. have less onerous underwriting require-
covered for cyber risk under their prop- ments upfront, making it easier to ob-
erty and liability policies,” says Loretta tain a policy, but instead ask small
Worters, a spokeswoman for the Insur- businesses to regularly improve their
ance Information Institute. General Higher costs cybersecurity as a condition for main-
commercial business insurance tends to While cyber insurance can be vital for a taining coverage. That could help a
exclude items like additional legal fees small business in the aftermath of an company shore up its defenses, but Ms.
due to a cyberattack, and the cost of attack, it is becoming more expensive Dickinson says it could be a tough sell
repairing digital infrastructure and re- and difficult to obtain. “Pricing for for small companies more focused on
storing data. small-business cyber insurance has other areas of their business.
According to a WSJ Pro Cybersecu- gone up between 10% and 15% annually
rity survey of cybersecurity profession- since the pandemic began,” says Brian Ms. Ward is a writer in Vermont. She
DAVID PAUL MORRIS/BLOOMBERG NEWS
als published in December, 52% of Thornton, chief executive of ProWriters, can be reached at [email protected].
R6 | Wednesday, June 8, 2022 THE WALL STREET JOURNAL.
BETH GOODY
IN SEARCH OF Personalized BY LORRIE FAITH CRANOR
Online Privacy
People rarely read the privacy consents they
approve. There’s a better way to do this.
screen and then figure out what ads you would like to see and re- the only data collectors that con-
G
O TO almost build profiles of users that they to do. Second, if you do decide to ject those you don’t. Your web sumers encounter these days.
any website then share with advertising net- review your options, you will of- browser would act as your vir- Smart doorbells, smart appli-
these days and works and other third parties. ten find them written in a way tual agent, automatically accept- ances, a variety of Internet of
odds are a no- While my research has found that that makes it hard to know ing only those cookies that Things (IoT) devices and even
tice will pop some users like receiving ads for which cookies might be helpful match the preferences you speci- cars have sensors that collect
up explaining exactly that thing they were to you and which might invade fied and shooing away all the data, including information
how the site shopping for online, others find it your privacy. Furthermore, not others. It would take care of ev- about users’ location, audio and
uses cookies creepy and aren’t too pleased all the options are clearly la- erything seamlessly and even video.
and asking you to “accept” or when ads for lingerie or inconti- beled: If you click an X to close a use artificial intelligence to ad- If you think it’s hard dealing
“manage” them based on your nence products fill their com- cookie banner it isn’t at all clear just over time as your prefer- with consent banners on web-
preferences. Odds are also that puter screen at work. Even worse, what will happen. Finally, even if ences evolve. sites, imagine if every smart
you click “accept” without even cookies have been used to send we solved these problems, most This isn’t science fiction. I’ve lightbulb you walked by blinked
thinking about it. personal health information and users still have too many cookie been working with researchers at you until you confirmed you
And that’s a problem. other sensitive data to websites decisions to make because most and practitioners on ideas like were aware that it collects data.
These “cookie banners” be- without users’ permission, and users visit a lot of websites and these since the 1990s, and a Once again, research suggests
came ubiquitous when regula- data brokers sell users’ profiles most websites use cookies. number of systems and stan- a better way. My colleagues at
tors, worried about privacy, for purposes beyond advertising, Now, imagine a future where, dards have been proposed that Carnegie Mellon are working on
started requiring websites to such as deciding whether to offer with a click of a button, you would allow software acting on an IoT personal privacy assistant
post their data-collection poli- credit or whether to charge could automatically get rid of behalf of internet users to read app for smartphones and smart-
cies and get consent to gather higher or lower interest rates. watches that would notify con-
cookies—those bits of informa- The idea behind cookie ban- sumers of any sensors in their
tion that websites send to your ners was that websites should Imagine a future where, with a click of a vicinity and let them know what
browser to track your online ac- tell people upfront what kind of information is being collected
tivities, as well as identifiers cookies they use and why, and button, you could automatically get rid of and how it is being used. The
that can be used to recognize give users the option of accept- the cookies you don’t like and keep the app would then help consumers
you when you return. ing or rejecting them. However, configure privacy settings for
While the banners were sup- cookie banners have become ones you do at every website you visit. those IoT devices. I might tell
posed to give people more con- problematic for several reasons. such an agent that I’m OK with
trol over their personal data, in First, most cookie banners are smart lightbulbs detecting my
practice they have become an set up so the fastest way to the cookies you don’t like and privacy policies automatically anonymous presence and turning
annoyance and generally do little make them go away and get on keep the ones you do at every and make privacy decisions in themselves on and off accord-
to protect privacy. Part of the with your web browsing is to ac- website you visit. If you appreci- accordance with each person’s ingly, but I want to be informed
problem is that few people ever cept all the cookies. To reject ate targeted ads, for example, preferences. Such tools would go when I enter a space where mi-
click on the links that allow cookies, you generally have to you might configure your beyond the cookie controls most crophones might record my con-
them to manage how cookies are click through to a preferences browser to accept the types of web browsers have today and al- versations. I also might tell it to
used, according to my research low for more fine-grained deci- stop informing me about sensors
at Carnegie Mellon University’s sions about what personal infor- I already know about in spaces I
CyLab Security and Privacy In- mation people want to share and visit frequently.
stitute. And there is growing How a Privacy Assistant Works with which websites. While personal privacy assis-
recognition that asking consum- AI-driven tools could learn users' privacy preferences and help them manage We can use a similar approach tants offer the opportunity to ac-
ers to make data decisions every app permissions and cookies. Here's how one of these systems might work. to help people configure data tually protect privacy without
time they visit a new website is permissions for mobile apps, burdening users, making this vi-
unwieldy and ineffective. such as deciding whether to sion a reality will require buy-in
Is there a better way to help grant them access to location from websites, mobile-app plat-
consumers gain control of their data. My colleagues at Carnegie forms and IoT device manufac-
data, one that actually works? Mellon have tested an AI-driven turers, which will have to build
The good news is that re- privacy assistant that, based on the technology into their sys-
searchers, standards organiza- your answers to just a few ques- tems. That is unlikely to happen
tions and privacy experts are tions, can predict with a fair on a wide scale without laws
working on technology that amount of accuracy many of the that not only require companies
would make it easier for people privacy settings you would want to provide information about
to signal how they want to be for any app you download in the their data practices in plain Eng-
Information about how the The app asks a few up-front
tracked online. Some of the digi- 1 user uses their mobile device is 2 questions about the user's future. lish and in standardized forms,
tal tools being developed are so- recorded to help determine the privacy preferences to Recently, a handful of internet but also in a standardized com-
called personal privacy assis- user's privacy preferences. improve its accuracy. browsers and plugins—including puter-readable form so that per-
tants that would ask consumers those offered by Mozilla Corp.s sonal privacy assistants can read
to make a few decisions upfront Firefox and DuckDuckGo—began them automatically.
about how they want their data offering a privacy option called If we can move forward on all
used, and then communicate Global Privacy Control that al- these fronts, then consumers will
those preferences to websites lows users with a click of a but- no longer have to blindly accept
and apps behind the scenes, ton to opt out of the sale of their the privacy settings they don’t
without the individual having to personal information at every understand. They can get the
do anything more. website they visit. The California privacy they want, with little of
Attorney General announced in the angst they have today.
2021 that websites must comply
Problematic cookies with the request. This is a first Dr. Cranor is a professor of
Occasional prompts to The assistant is able to
Most people have no problem 3 the user about whether it 4 automatically grant
step toward building a more ro- computer science and of
with cookies when they are used bust system of computer-read- engineering and public policy,
is OK to grant certain permissions on a user's behalf,
to make online shopping carts permissions or share or it can run in a mode where able privacy signals. and the director of the CyLab
and other website features work, certain information the assistant makes a Security and Privacy Institute at
or when they help websites re- suggestion for the user to Carnegie Mellon University in
member their personal settings. confirm, either all the time or in What about IoT devices? Pittsburgh. She can be reached
But websites also use cookies to certain cases. Websites and mobile apps aren’t at [email protected].
THE WALL STREET JOURNAL. Wednesday, June 8, 2022 | R7
T
HE MISSION of the
Justice Department’s
National Security Di-
vision, led by Assis-
tant Attorney General
Justice Takes On Cybercrime
Matthew Olsen, is to The National Security Division’s Matthew Olsen on government can do in a way that steps to intimidate and silence
defend U.S. interests is designed to vindicate privacy dissidents in the U.S., including an
from malicious nation-state cyber
stopping attacks before they happen concerns when we take these ac- individual running for Congress in
activity, be it terrorism, espionage tions. New York.
or cybercrime. Such attacks often taken down a botnet, which it at- crowbar and a lock pick, we would So the range of threats is
are executed by people with—or tributed to Russian intelligence, seize that as evidence of a crime. broad and persistent. Also, China,
connected with—foreign intelli- before the botnet was able to do Similarly, we seized the malware Chinese attacks of course, uses cyber-enabled
gence services. Services in China, damage. Does that reflect a new as evidence of a crime—that is, • WSJ: Is economic espionage still means to carry out a number of
Russia and Iran have been impli- approach in how the National Se- the takeover of those computers. the context of what Chinese these threats. Particularly their
cated. curity Division works? We’ve only done this a couple hackers and spies are doing? economic espionage. So no short-
Mr. Olsen spoke with Wall times. But I do think it’s an exam-
Street Journal reporter Dustin Volz • MR. OLSEN: This is really part of ple of being creative and innova-
as part of the WSJ Pro Cybersecu- our broader effort to try to get tive to try to be more proactive in
rity Forum, a virtual meeting that ahead of the threat. Obviously, stopping these attacks or disrup-
took place on June 1. Mr. Olsen where there is an attack, and we tions from taking place—at the
called in from Tallinn, Estonia, have criminal-law-enforcement earliest possible stage.
where he was attending the Inter- tools to bring to bear, we can
national Conference on Cyber Con- prosecute, we can indict individu- • WSJ: Rule 41 raises some pri-
flict, an annual meeting organized als. But we’re much better posi- vacy concerns from civil-liberties
by the NATO Cooperative Cyber tioned if we’re able to actually groups who say we need to be
Defense Center of Excellence. Ed- stop an attack or stop a botnet careful about going on the offen-
ited excerpts follow. vulnerability or disruption from sive and accessing computer sys-
taking place. And that’s what hap- tems before a crime was commit-
• WSJ: Isn’t it difficult to discern pened in April, where Russian mil- ted. Obviously, there was a great
between criminal threats and na- itary intelligence actors, the GRU, deal of intelligence behind the
tion-state threats in cyberspace? had basically created a botnet takedown that you described.
through malware. But what are some of the privacy
• MR. OLSEN: We definitely see That botnet had infected thou- implications?
this blending. Even if you can at- sands of computers around the
tribute an attack to a group of world. We were able to use our • MR. OLSEN: Obviously, we’re very
criminal actors, in some cases authorities, under criminal law, concerned about the privacy impli-
these groups are abetted by intel- standard rules that allow us to go cations of any action we take. Technology transfer? Are there age of challenges when it comes
ligence services. For some of into a suspect’s house with proba- This was authorized by an inde- other intelligence concerns you to China and this landscape.
these countries, like Iran, we see ble cause in search for evidence of pendent judge that found proba- have about China?
that criminal actors, if not directly a crime. We used that court-au- ble cause to provide the authority • AUDIENCE QUESTION: What does
• MR. OLSEN: China, as the direc-
THE WALL STREET JOURNAL
part of, are linked to government thorized authority, or Rule 41 of to take this action. the Justice Department need
intelligence services. the Rules of Criminal Procedure, It was very targeted. It only re- tor of national intelligence has de- from the private sector to help
to go to the command-and-control moved the malware. We didn’t scribed, is the most persistent and you do your job better?
nodes for this botnet and to basi- search the computers beyond enduring economic espionage
Russian Botnet cally seize the malware. We were what we needed to do to seize threat to the U.S. There’s a range • MR. OLSEN: I worked in the gov-
• WSJ: In April, the Justice De- able to disrupt the botnet, be- the malware. So it’s done in a tar- of threats that we’re concerned ernment for 20-plus years, and
partment announced that it had cause it was no longer connected geted way with judicial oversight. about, from theft of trade secrets, then I spent several years in the
to the command-and-control layer. I understand privacy concerns theft of other intellectual property private sector, both at a cyberse-
If we had a suspect in a bur- anytime the government is taking from the U.S. We’re also con- curity startup and then as the
glary and we went to the sus- actions like this. But the legal au- cerned about traditional espionage chief trust and security officer at
pect’s house and we found a thority really constrains what the in the U.S. carried out by Chinese Uber. So I’ve seen this from both
intelligence officers as well as angles. What the government and
what we call transnational repres- the private sector need to do is to
sion—that is the PRC intelligence share information and to develop
officers harassing and intimidating trusting relationships so that
dissidents in the U.S. when there is information that
We recently brought a number the private sector has about a po-
of criminal cases against Chinese tential breach or potential nefari-
How Congress Can Help Make actors associated with the Chi-
nese government who had taken
ous activity, they know who they
can talk to.
C
ONGRESS recently approved a proach. However, it’s going to be really im-
federal law requiring companies portant that each of our federal agencies
to report cyberattacks and share see CISA as the lead agency and work very
relevant data with federal au- closely with them. CISA has the authorities
thorities. But concerns about
the law remain, both in the corporate world
to really take the lead in this space.
Every business
and in federal law-enforcement agencies.
U.S. Rep. Yvette Clarke, a New York Demo-
• WSJ: Since you head the subcommittee
that provides oversight of CISA, how do
needs balance.
crat and one of the engineers of the law, you see the agency’s future?
recently participated in the virtual WSJ Pro
Cybersecurity Forum. Ms. Clarke, a senior • REP. CLARKE: I and my colleagues see
member of the House Committee on CISA growing from strength to strength as
Homeland Security, spoke with David we become engaged with critical infra-
Uberti, a reporter for The Wall Street Jour- structure and emerging technologies. They
nal. Here’s an edited version of their con- have to build the workforce, they have to
versation. build the expertise to manage a growing
portfolio of means by which we protect the
• WSJ: What is the aim of the new law? homeland, infrastructure, the communities
we all reside in. CISA will manage a $1 bil-
• REP. CLARKE: The idea is working with the lion grant program that will help municipal-
private sector, identifying key stakeholders ities, localities and states stand up a more
in this space, we would create a safe space robust cybersecurity posture and infra-
at the Cybersecurity and Infrastructure structure.
Security Agency where the agency and the
companies would work together in real • WSJ: What’s on your legislative wish
time as they address these incidents. list?
• WSJ: The FBI and Justice Department • REP. CLARKE: We’ve got a pretty robust
have both said they oppose this law be- foundation. However, there are other
cause, in their view, it could damage their spaces in which we have to have eyes and
ability to conduct investigations. How do situational awareness, whether that is in- #1
you respond to those concerns? dustrial control or operational technology,
Most Improved
quantum computing, emerging technologies
• REP. CLARKE: We don’t necessarily agree in that space, or election systems and dis-
State for Business
on language, but that doesn’t mean that information. We intend to have a number (CNBC)
we can’t address conflicts if they arise. of hearings to really drill down and get
more intel on how we can provide CISA
• WSJ: Other agencies have rolled out with the authorities it needs to address all
TOP 5
rules and proposed regulations mandating of those areas that remain vulnerable. Happiest State
reporting regimes of their own. Do we (WalletHub)
need all these independent reporting • AUDIENCE QUESTION: What do you think
structures? about sharing intelligence gathered from 4 of the
disclosures back to the private sector af- TOP 10
• REP. CLARKE: The Biden administration is ter removing identifying attributes to help most culturally
looking for a whole-of-government ap- the private sector defend itself better? diverse cities in the
U.S. (WalletHub)
• REP. CLARKE: CISA will
be a great repository of
best practices, of case
studies. It’s important Maryland. See what’s here.
that it’s a two-way street, And why your company should be too.
that we’re able to get in- A highly-educated workforce. Ground-breaking innovation hubs in life sciences, cybersecurity
formation about incidents and aerospace. And, a quality of life that makes employees feel right at home. See why
and disseminate it to the businesses are starting up or relocating here, here!
various sectors so that
they can defend the pri- open.Maryland.gov/here
vate sectors where most
THE WALL STREET JOURNAL
Anatomy
currency and make the payment. situation at hand. I just knew that
Did you have that experience? I had to go through it, no other
choice. Maybe just a couple hours
• MR. DRAKE: The cybercriminal, if of sleep on a daily basis.
you will, gave me a day’s grace. I I was at a time when I was
had bought the bitcoin using very busy. My normal concerns
Western Union. I was doing this were overtime and production and
myself. Due to something that supply chain, and now all of that
Of a Cyberattack
happened overnight in the ex- was taken away.
change rate, bitcoin had jumped I had no idea who I had in-
10% in that time frame, and so I voiced the month or two months
came up short. before. I rebuilt my accounting
I tried to argue. I said, “I gave you system with bank statements. Not
the equivalent of U.S. dollars, the way I recommend anybody to
matching the value of the bitcoins do that.
Dain Drake describes what happened when his could help. The issue is, I was on yesterday.” But that was not what You also have tax liabilities, and
approximately 15 servers at the the person wanted. The person if you need to pay, or if you’re au-
network was held hostage time, in addition to another 400 wanted the actual whole coin. And dited, you’re in a situation where
machines, and the criminals that was new to me too. This is you don’t have records to support
wanted two bitcoins per address. 2019, I know it’s kind of a common you.
I
T IS EVERY executive’s night- Once I realized this was a cy- So it was pretty damaging, if I concept now, but in 2019, it was a
mare. You come into the office berattack, I started shutting down wanted to unlock all 400 ma- little new to me at the time.
one day and discover that your the servers. The business had • WSJ: Going into this, what did
computer systems have been over 400 machines that were on you think about the risks of cy-
locked by cybercrooks—and the network—personal computers bersecurity?
they want you to pay up to get or manufacturing equipment.
your network back. About 80% of it was jeopardized, • MR. DRAKE: I had been affected
That is what happened to Dain as the machines were left on and once before, by a virus. There was
Drake, president of steelmaker and attached to servers over the holi- no ransomware, and it did hurt
design firm United Structures of day weekend. By noon that day, all me for a day. After that, I had
America. In 2019, the Houston- production had ceased. multiple meetings, we had an IT
based company’s network was held staff, I solicited a third party to
hostage by crooks. handle my servers.
Even though the company paid • WSJ: Did you tell your custom- But once everything was pur-
the ransom, it got only a limited ers that you had suffered a seri- chased and executed, I never
amount of its data back—the hack- ous cyberattack? tested it, and I found out it failed
ers demanded even more ransom to me. Always test your weaknesses.
unlock the rest. The company strug- • MR. DRAKE: That wasn’t week
gled to reconstruct its data, and one, that was week two, or maybe
was eventually forced into bank- later in that week. • WSJ: Is there any other advice
ruptcy. Typically, I have a week’s or two you would put out there?
Mr. Drake, now principal at archi- weeks’ buffer between the need
tecture firm DRD Designs, spoke to for the steel and the delivery. • MR.DRAKE: The largest thing—it
Nicholas Elliott, head of professional At first, I was optimistic. This is was a new word to me at the
products innovation and strategy for another unfortunate event. I was time—was password hygiene.
The Wall Street Journal, at the WSJ under the impression that we had The hacker came into the sys-
Pro Cybersecurity Forum. Here are a fully operational backup system. chines. [The price of one bitcoin So, the attacker gave me grace to tem through my IT administrator’s
edited excerpts. It was installed, and so I wasn’t hit $13,879 in late June 2019.] subsidize the remaining fractions personal laptop. He had left his
terribly concerned until around the The consultants that I was so- of the coins. machine open, and so they came
noon hour. liciting basically told me they in through his machine as an ad-
But I realized that the backup would not recommend paying, but ministrator and were able to set
Early-morning scare system was installed but never they understood my decision ei- the problems in motion.
• WSJ: Can you tell us how you initiated and not properly ready. ther way. I did pay. The attack A clinical approach His password was the address
first became aware of the cyber- One of many lessons I learned is happened on the 29th, I paid on • WSJ: Here you are, everything’s of the business, and had been
attack and give us an idea of to always have fire drills and dry the first. The reason for that two- locked down, you’re having to that password for maybe six to
how the events unfolded? runs to make sure that the day delay is I was not familiar learn things on the fly, you’re eight years.
backup systems are operational with how to get hold of bitcoin at dealing with some mysterious cy- So, again, password hygiene. I
• MR. DRAKE: It was right after and working properly. the time, and it was not as easy bercriminal. How did you cope know people sometimes complain
requires you to respond to a ple to make them easier to re- words, you could memorize a few home can be risky, especially if
The Safest prompt sent to your computer or
phone after you enter your pass-
member, often using the minimum
number of characters required, ex-
of the most important ones. After
you create strong passwords, train
you are at risk of domestic abuse.
You might consider a drawer or
Ways to Store word to gain access. perts say—and that makes them your brain to remember them by container locked with a key you
easier to crack. It’s also common regularly entering them manually. keep with you.
Passwords to incorporate personal informa- You can also keep a list of
Safe-ish: The Mental tion into passwords, as well as passwords in a place where family
Continued from page R1 System 123, QWERTY or the name of the Safe-ish: Physical Copies members you trust can find it in
information are slim, experts say. About 55% of Bitwarden’s survey website you’re logging into. All A lot of people simply write their emergency situations. If you do
Managers don’t store master respondents said they sometimes those techniques are easy for passwords down on a piece of pa- this, Mr. Gosney recommends put-
passwords on their servers, so a rely on their memory to manage hackers to figure out. per. About 32% of Bitwarden’s sur- ting the list in a freezer so it has
hacker digging for one there their passwords, making it the And just as you shouldn’t use vey respondents said they some- a better chance of withstanding a
would come up empty-handed. most popular password-storage the same password on multiple times keep track of their fire or other disaster.
You could be vulnerable if you option world-wide. The strategy sites, you shouldn’t use similar passwords this way.
keep your master password in an has its benefits: Hackers can’t ac- variations of it on multiple sites The probability of someone
insecure place on your device. But cess what’s in your brain and nei- either, says Rita Gurevich, chief stealing a written password is Unsafe: Documents and
otherwise, to get into your ac- Apps
count, a hacker would have to ei- Roughly 23% of Bitwarden’s sur-
ther crack the encryption—typi- vey respondents reported some-
cally an improbable, slow and times storing their passwords in a
expensive process—or guess the document on their computer.
master password, says Jeremi M. It’s better to store your pass-
Gosney, who until recently was words in a document locked with
chief executive of a startup that a password than in an unlocked
sold password-cracking machines one. But ultimately, neither is a
to corporations, agencies and mili- good idea.
tary clients before it shut down A password list can be found
during the pandemic. even without direct access to the
“Unless you’re using a ridicu- device it’s stored on. Attackers
lously simple password,” Mr. Gos- can use malware or social-engi-
ney says, it’s unlikely someone will neering tactics to trick users into
guess it. “The cost and time giving them remote access to
needed to even try a million their devices and can then search
guesses against someone’s master for a password document and its
password is astronomical,” he says. credentials on the drive or in
Your browser or operating sys- memory, Mr. Gosney says.
tem’s built-in password manager, Copying your password from a
such as Google’s Password Man- document and pasting it into a
ager or Apple’s iCloud Keychain, is website’s login field could also
another relatively safe place to make your account vulnerable to
store your credentials, Mr. Gosney hackers. Applications running on
says. The biggest risks here are your device that have access to
browser security vulnerabilities your clipboard could view pass-
caused by malware, or a person words in plain text, says Joseph
using your device who could ac- Carson, chief security scientist at
cess your passwords if you’re Delinea, a cybersecurity company.
signed in. Some password managers, on
When choosing a password the other hand, have measures in
manager, make sure your selection place to prevent this. For instance,
has a password generator that 1Password can automatically re-
can create complex passwords for ther can authorities, even with a executive of Sphere Technology low—unless you leave it in plain move passwords from your clip-
your accounts. To come up with a warrant. Solutions, a cybersecurity com- view for others to find, like a note board so third parties can’t access
strong master password that you Still, the average American in- pany. For example, using a pass- stuck to your computer. A written codes you copied. Autofill can also
remember, you can use the gener- ternet user has 150 accounts that word that only differs by ending password should be stored some- be a safer bet since it sidesteps
ator for help, or think of a pass- need password protection, accord- with 123 on one site and 456 on where that’s easily accessible to the clipboard altogether, says
phrase using random words. (Bo- ing to Dashlane. So unless you another isn’t very clever. Even if you but not to other people. Craig Lurey, chief technology offi-
nus if some of those words are in have a photographic memory, you you have a system you swear is Consider your circumstances cer of Keeper Security.
different languages.) If you forget might reuse the same password foolproof, it only takes one or two before using this method. Some
your master password, you can re- over and over, which is a big secu- data breaches for a hacker to experts advise against keeping Ms. James is a Wall Street
CHRIS GASH
set it. rity risk. catch on to it. physical copies at work, including Journal reporter in New York.
Experts also encourage using Other potential pitfalls: Some While it’s likely impossible to under your desk or keyboard. Even She can be reached at
two-factor authentication, which people keep their passwords sim- remember all your account pass- storing your written password at [email protected].