.

* * * * * MONDAY, AUGUST 28, 2023 ~ VOL. CCLXXXII NO. 49 WSJ.com HHHH $5.00
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Mourners Turn Out as Prigozhin Death Confirmed Higher

What’s
News Rates
Business & Finance Loom
 Investors are growing more
concerned the 2023 stock rally
Over
will end after Powell suggested
the Fed will likely keep rates
high for the foreseeable future
and as rising bond yields dent
Market
the attractiveness of equities. A1
Expectations that
 Central bankers from around long-term yields will
the world voiced uneasy opti-
mism that inflation is slowing, af-
stay elevated put
ter their meeting in Wyoming. A2 pressure on stocks
 Utilities across the West are
BY KAREN LANGLEY
pushing to get power shut-off
plans in place as wildfire risk
Jerome Powell’s much-an-
rises, making outages likelier for
ticipated speech Friday did lit-
customers in the future. A1
tle to resolve the conflict grip-
NATALIA KOLESNIKOVA/AFP/GETTY IMAGES

 3M is nearing a settle- ping markets late this

ment to resolve 300,000 summer: whether a rapid
claims from veterans who climb in interest rates spells
say earplugs made by the doom for the surprising 2023
company failed to protect stock-market rally.
them from hearing loss. B1 The Federal Reserve chair
said in his address at the Kan-
 Nvidia’s earnings showed
sas City Fed’s annual sympo-
strong demand will likely carry
sium that inflation remains too
its chip business to new heights,
MAKESHIFT MEMORIAL: People gathered at a tribute in Moscow to Yevgeny Prigozhin, who headed the Wagner paramilitary high and officials are open to
but concerns persist about how
group and whose death Russia officially confirmed Sunday. The leader of a short-lived rebellion was killed in a plane crash. A8 raising rates again if needed.
long the boom will last. B1
He suggested that interest
 Crowdfunding, usually asso- rates could stay high for the

Utilities Face Major Dilemma:

ciated with artists and startups, foreseeable future, keeping
is being increasingly used by big borrowing costs elevated and,
manufacturers to gauge con- in turn, pressuring stocks as
sumer interest in products. B3 investors more deeply dis-

Shut Off Power or Risk Fires

count the value of future cor-
Subpar results from retailers in-
porate earnings.
cluding Macy’s and Dick’s indicate
The message wasn’t terribly
consumers, pressed by debt and
different from his previous
inflation, are redirecting spending
comments, analysts and inves-
from certain products. B3
tors said. But it wasn’t music to
 Alumni of Fidelity, a 77- BY KATHERINE BLUNT litigation over whether it was West are pushing to get shut- serves 10 western Washington the ears of the many portfolio
year-old cornerstone of tradi- negligent in failing to take that off plans in place as wildfire counties. “As the risks change, managers who have been cross-
tional finance, have become About three years before step, a wildfire prevention risk—exacerbated by heat, so must our tools and so must ing their fingers that the fast-
some of the most prominent the fires in Hawaii, hot, dry measure that to date has rarely drought and climate change— our processes.” est rate cycle in decades is fi-
players in cryptocurrency. B1 winds threatened to sweep been used outside California. increases alongside litigation Murphy said the company nally at an end.
western Oregon and elevate Oregon’s 2020 Labor Day risk. Industry executives and began last year assessing its Stocks rose Friday, a rare
 Dating-app companies such as
the risk of wildfire. State offi- fires burned more than 1.2 observers expect companies to riskiest circuits and confer- advance in an August slog for
Match Group and Grindr are add-
cials advised utility companies million acres, destroyed more employ this strategy more fre- ring with customers, local of- U.S. indexes, but futures mar-
ing new premium tiers, hoping
to do something unusual: pre- than 5,000 homes and busi- quently, making it likely that ficials and others about how kets showed a growing expec-
users will pay more for love. B4
emptively shut off power lines nesses, and killed nine people. more utility customers will ex- to best communicate the need tation that rates could stay
 A Brookfield-backed carbon- to prevent sparks. PacifiCorp’s power lines are perience outages during fire for outages and minimize higher for longer. Higher yields
capture venture has been blocked PacifiCorp, a utility com- believed to have played a role season for years to come. their impact. It aims to have Please turn to page A2
by a California restriction on pipe- pany serving parts of Oregon in several of the fires, though “Climate change is driving an initial shut-off plan in
lines, an example of uncertainties and other Western states, official investigations are much more extreme condi- Please turn to page A6  Central bankers show an
for clean-energy investors. B7 didn’t shut off its lines. Three pending and the company de- tions,” said Ryan Murphy, di- uneasy optimism............... A2
years later, the unit of Berk- nies negligence. rector of electric operations at  In Lahaina, a struggle to  Heard on the Street: The
World-Wide shire Hathaway is embroiled in Now, utilities across the Puget Sound Energy, which identify victims.................. A6 Fed is likely done............ B10

 Ideology is driving China’s

economic policy to a degree
not seen since the country’s A Sperm Donor’s INSIDE Ideology Drives Plans
For China’s Economy
opening to the West nearly
half a century ago, deterring its
leaders from taking steps to
spur the stalling economy. A1
Quest to See Kids
 Countries around the world
are already contemplating BY LINGLING WEI objections to Western-style
AND STELLA YIFAN XIE consumption-driven growth,
what would happen if Trump Man chases a role in the lives people familiar with decision-
returns as president, with U.S.
allies nervous even as other
of the 96 children he fathered HONG KONG—Ideology is making in Beijing said. Xi sees
nations see benefits. A1
SPORTS driving China’s economic pol- such growth as wasteful
BY AMY DOCKSER MARCUS recalled, and unexpected Novak Djokovic has a icy to a degree not seen since and at odds with his goal of
 A 21-year-old man was feelings of kinship. the country’s opening to the making China a world-leading
new, much younger
identified as the white Dylan Stone-Miller took a “I think of her as my first West nearly half a century industrial and technological
shooter who killed three Black 9,000-mile road trip this child,” Stone-Miller said. He rival in Carlos Alcaraz. ago, deterring its leaders from powerhouse, they said.
victims at a dollar store in summer to see some of his met Harper when she was 3 A14 taking steps to spur the sput- Xi believes Beijing should
Jacksonville, Fla., in what po- 96 children. and decided he wanted to tering economy. stick to fiscal discipline, espe-
lice called a racist attack. A3 Emotionally, logistically, foster relationships with as Economists and investors cially given China’s deep debt.
 The death of Prigozhin in a in all ways, it is complicated many of the children as pos- have been calling on Beijing to That makes stimulus or wel-
for the kids, their families sible. He quit his job as a make bolder efforts to boost fare policies akin to those in
plane crash was confirmed by
and for Stone-Miller, a pro- software engineer and has output—especially by promot- the U.S. and Europe less likely,
the Kremlin, which said ge-
lific 32-year-old sperm do- funded his quest with sav- ing consumer spending, if nec- the people said.
netic testing was able to iden-
nor. His road trip is part of a ings. So far, Stone-Miller has essary, by offering cash hand- Also unlikely are major
tify all 10 people who were
aboard the aircraft. A8 larger odyssey—to figure out met 25 of his biological chil- outs, as the U.S. did during market-oriented changes, or a
how he fits in the lives of dren. Because tracking prog- the pandemic. dramatic reversal in the multi-
 Zimbabwe’s president the boys and girls he fa- eny from a donor isn’t al- Accelerating China’s transi- year shift toward more cen-
was declared the winner of a thered in absentia. It began ways reliable, “I will never PERSONAL tion to a more consumer-led tralized control of the econ-
second term, after the fair- three years ago, when he know for sure how many TECHNOLOGY economy—such as that of the omy. Although Beijing has
ness of the national election first saw a photo of one of children I have,” he said. Joanna Stern searches U.S.—would make growth eased off efforts to clamp
was criticized by interna- his biological children, a tod- Stone-Miller’s mission is more sustainable in the long Please turn to page A9
tional observers. A18 dler named Harper who had itself an accident of birth, for the best EV under term, economists said.
 Tropical Storm Idalia his blue eyes and his sister’s springing from the unfore- $60,000. A12 But top leader Xi Jinping  Raimondo, in China, aims
blond curls. He got tears, he Please turn to page A10 has deep-rooted philosophical to ease tensions................ A4
gained strength and speed as
it moved toward the Florida

World Mulls Prospect

Gulf Coast, and was threat-
ening to reach hurricane sta-
tus by midweek. A3
‘Look, Muffy, Three Marines Killed in Crash
A Book
 Three U.S. Marines were
killed in the crash of their Os-
prey aircraft on a remote is-
For Us’
Of a New Trump Term
land in Australia as they sup-
ported a training exercise. A18 i i i The U.S. presidential elec- Others, including Beijing
tion is more than a year away, and Moscow, see potential ben-
 Commerce Secretary
Raimondo arrived in Beijing 1980s Preppy but allies and adversaries efits from Trump, whom they
around the world have already view as a transactional leader
to begin a four-day visit to
China aimed at easing tense Handbook is begun to contemplate—and who might be willing to strike
even plan for—the possible re- deals to ease tensions in hot
trade relations. A4
again a must-read turn of Donald Trump to the spots such as Ukraine and Tai-
 Died: Bob Barker, 99, long- White House. wan, according to analysts. Na-
time host of the game show BY JOHN CLARKE tionalist and populist politi-
“The Price Is Right.” A5 By Stacy Meichtry in cians also voice support for
G. Daniel Brown, a retired Paris, Austin Ramzy in Trump’s ambitions.
CONTENTS Opinion................ A15-17 teacher in Saginaw, Mich., Hong Kong and Bojan Policy makers and politi-
Arts in Review......A13 Outlook.......................... A2
paid about $100 for a paper- Pancevski in Berlin cians were reluctant to make
DAVID GRAY/AFP/GETTY IMAGES

Business & FinanceB2,6,7 Personal Journal.... A11-12

Business News....... B3 Sports.......................... A14 back not long ago. That is jaw- public statements that might
Crossword................ A14 Technology........................ B4 dropping considering that the For many foreign capitals, rile the current administration
Heard on Street.... B10 U.S. News.............. A2-6 volume, “The Official Preppy the possibility of a second or an incoming one. But offi-
Markets.......................B10 World News.... A8-9,18
Handbook,” was published in Trump administration is a cials interviewed by The Wall
1980, retailed for $3.95 and is source of anxiety. Allies from Street Journal did share their
> now out of print. Paris to Tokyo regard Trump, thoughts about what a Trump
“It is worth every cent to the front-runner for the GOP return to the world stage
have this little gem in my li- Survivors were transported to Darwin after the crash of an nomination, as an erratic leader Please turn to page A4
brary,” says Brown, who de- Osprey aircraft killed three U.S. Marines on a remote island with little interest in cultivating
s 2023 Dow Jones & Company, Inc.
scribes his sartorial leanings in northern Australia during a training exercise Sunday. A18 long-term ties to counter Rus-  Trump’s party rivals make
All Rights Reserved Please turn to page A6 sian and Chinese expansionism. little headway..................... A4
 .

A2 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Chelsey Dulaney and Eric Wallerstein

Emerging Markets Take Hit From U.S., China

R
ising U.S. interest Powell on Friday argued for Foreign currenciesʼ losses Annual economic growth* that risks further eroding emerging markets.
rates and China’s holding rates steady for now, against the U.S. dollar the attractiveness of their Beijing appears reluctant
Emerging markets China
economic slug- he kept the door open to in August countries’ assets. to use the type of forceful
gishness are deal- raising them later this year 7.5% “The market’s reassess- economic stimulus measures
Colombian peso
ing a double blow if the U.S. economy doesn’t ment of the Fed…probably that it had used in previous
–4.7% ESTIMATES
to emerging markets. slow enough to keep infla- 5.0 will limit the number of rate slowdowns. It is weighed
Investors had expected tion declining. South African rand cuts emerging-market cen- down by debt, the real-es-
developing economies from U.S. borrowing costs and –4 2.5 tral banks are able to tate market is in crisis, and
Brazil to Thailand to shine the dollar are the backbone South Korean won
achieve,” said Kieran Curtis, it is running out of new
this year as U.S. interest of global financing markets, 0 head of emerging-market lo- things to build to boost
–3.7
rates fell, the dollar weak- and their fluctuations have cal-currency debt at Abrdn. growth.
–2.5
ened and Chinese demand far-reaching effects. Brazilian real Analysts don’t believe the Global investment banks,
rebounded after three years “Everyone was excited –3 selloff portends the return of including Barclays, now esti-
–5.0
of pandemic-driven lock- about emerging markets at Chinese yuan extreme market turmoil. But mate China’s economy will
downs. the beginning of the year,” –2 –7.5 higher U.S. rates will make it grow less than 5% this year,
Instead, the reverse hap- said Phillip Wool, head of re- 2020 ’21 ’22 ’23 ’24 ’25 more difficult for countries below Beijing’s target.
pened: The Federal Reserve search at Rayliant Global Ad- *Inflation adjusted such as Kenya or Egypt to Some analysts still see
kept raising U.S. interest visors, a $17 billion emerg- Sources: Tullett Prebon (losses against dollar); Oxford Economics (economic growth) borrow in foreign markets. reason for optimism. The re-
rates to slow inflation, driv- ing-market asset manager. Some of the most fragile de- mapping of global supply
ing the dollar higher. Sepa- “It’s clear that sentiment for tractive to investors. The ex- their dollar-denominated veloping countries were fro- chains is benefiting coun-
rately, China’s recovery rates remaining higher for tra yield that emerging-mar- debts. The greenback has zen out of debt markets last tries such as Mexico, while
faded amid fears its econ- longer is growing in the U.S. ket bonds offer over their risen for six straight weeks, year after Russia’s invasion government investment in
omy is entering an era of now, so it might be some U.S. counterpart has fallen bringing its gains for the of Ukraine exacerbated price the clean-energy transition
slower growth. Disappointed time before the Fed eases, to the lowest level since year to 2.2% as measured by pressures and prompted is expected to spur growth
investors are now dumping the dollar weakens and man- 2007, according to Allianz the WSJ Dollar Index. global central banks to raise in emerging economies.
assets across the developing ufacturing rebounds.” Global Investors. U.S. Trea- The current situation will rates. Asian countries such as
world. surys now offer roughly 2% make it hard for emerging “They still have a prob- South Korea have had suc-

M
The retrenchment under- SCI’s benchmark in- annual returns on top of in- markets’ central banks to lem,” said Lanau. “For most cess in tilting trade away
scores the risks still looming dex of emerging- flation. cut their own interest rates of these places, people are from China and toward
over the global economy this market stocks has “The worse the interest- to stimulate their economies not willing to buy any of other markets such as the
year even as some central tumbled 7.3% in August, on rate differential, the more as they slow further. Many these bonds” except at un- U.S. and Europe.
banks wind down their ag- track for its worst month in reluctant people are to in- of them began raising rates sustainably high interest “The difference between
gressive inflation-fighting almost a year. The Colom- vest in emerging markets,” in 2021—well before the Fed rates. today and two decades ago
campaigns. Investors are bian peso has shed 4.7% said Sergi Lanau, director of did—boosting their credibil- is that China was the driver

C
recognizing that U.S. interest against the dollar, while In- global emerging-market ity as aggressive inflation hina’s economic mal- of emerging markets then,”
rates will likely stay higher dia’s rupee and China’s off- strategy at Oxford Econom- fighters, said Richard House, aise is also a disap- said Marko Papic, chief
for longer than they ex- shore yuan have traded near ics. Allianz Global Investors’ pointment for investors strategist at Clocktower
pected, a shift that sent record lows. Higher U.S. rates also typ- head of emerging-market who hoped Beijing’s aban- Group, an asset manager
Treasury yields to their Emerging markets are es- ically boost the dollar, mak- debt. Now, many are switch- donment of strict zero-Covid based in Santa Monica, Calif.
highest levels in nearly 16 pecially sensitive to Fed pol- ing it more expensive for ing to lowering rates as in- policies would drive up de- “Now, it will be capital ex-
years this month. icy because higher U.S. rates other countries to buy goods flation falls, with Chile and mand for oil, metals and penditures around the
While Fed Chair Jerome make riskier assets less at- priced in dollars or service Brazil leading the way. But goods produced by other world.”

High Rates S&P 500 performance this year

18%
Yield on 10-year Treasury
inflation-protected securities
3%
Central Bankers Air
Loom Over 15
+14.7%
year to date 2 RECESSION
Uneasy Optimism
Stocks 1

0
BY NICK TIMIRAOS Other policy makers high-
12 lighted the potential for a
Continued from Page One JACKSON HOLE, Wyo.—Cen- slowdown in China’s property
typically dent the attractive- –1 tral bankers from around the sector to create a bigger down-
ness of risky investments such world are finally getting the in- turn in the world’s second-
as stocks by providing opportu- 9 –2 flation slowdown they have largest economy and a major
nities for returns elsewhere in 2007 ’10 ’15 ’20 long been expecting, but worry global trade partner. “The pace
the markets. it won’t last. of economic activity in China
“At what point does the S&P 500 price/earnings ratio, next 12 months That apprehension ex- has been a disappointment,”
bond market provide competi- 6 24 times plained the uneasy optimism said Bank of Japan Gov. Kazuo
tion to the stock market in underlying their discussions Ueda on Saturday.
the eyes of investors?” said 21 RECESSION here in the Wyoming moun- U.S. inflation has retreated
David Donabedian, chief in- tains this past weekend about from a 40-year high in June
vestment officer of CIBC Pri- 3 whether interest rates have 2022. The consumer-price in-
vate Wealth US. 18 reached a summit. dex rose 3.2% in the 12 months
Although U.S. indexes re- Federal Reserve officials are through July this year. Core
main in the green for the year, 15 grappling with new economic prices, which exclude volatile
this month has been difficult 0 crosscurrents. U.S. consumer food and energy categories,
for investors in riskier assets. 12 spending has grown faster rose just 0.2% on a monthly ba-
Signs of continued strength in than they expected, buoyed by sis in June and July.
the U.S. economy, a flood of higher inflation-adjusted Reducing annual inflation all
Treasury debt sales and expec- –3 9 wages. Stronger demand the way to the 2% rate seen be-
tations that the Fed could keep Jan. 2023 Aug. 2007 ’10 ’15 ’20 prompted concerns that it fore the pandemic could be
rates higher for longer lifted Source: FactSet might prevent inflation from more difficult if workers’ rapid
government bond yields to de- falling further. income growth is primarily re-
cade-plus highs. failed to power a broader mar- interest rates. The yield on the In any case, rising interest But a surge in long-term sponsible for strong demand or
Traders assigned on Friday a ket rally. Some analysts have 10-year U.S. Treasury note rates threaten share prices by government bond yields—com- companies’ raising consumer
54% probability to the central suggested that even a very rose to as high as 4.339% in offering investors competing bined with weakening growth prices to cover those costs.
bank lifting rates again by the rosy earnings picture is re- recent days, its highest settle ways to earn a return—a ma- abroad—could help touch off That could require a sharper
end of the year, up from the flected in the shares. since 2007 and up from jor shift in the financial land- the U.S. economic slowdown slowdown in hiring to bring
32% chance they estimated a The recent climb in long- 3.956% at the end of July. Ris- scape after years of rock-bot- that Fed officials have tried to down inflation.
week earlier, according to CME term bond yields, meanwhile, ing yields drive up borrowing tom rates led many to believe engineer by raising rates ag- “The hardest part now is
Group’s FedWatch tool. has accentuated concerns costs throughout the economy there were no meaningful al- gressively. That could help sus- bringing down domestic ser-
Investors also are foresee- that the stock market as a and tend to reduce the prices ternatives to stocks. Higher tain inflation’s descent. vices inflation and wage infla-
ing a longer horizon before whole is trading at lofty valu- that investors are willing to rates also dent the worth of “We are very close to a good tion,” said Forbes, a former
the central bank starts to re- ations that leave it vulnerable pay for investments, such as future earnings in widely point, and then we’ll let the member of the Bank of Eng-
verse course. to disappointing news. While stocks, that are valued based used pricing models. The re- economy tell us” how long to land’s monetary policy commit-
Traders see a 62% chance buzz about AI and growing on future cash flows. sult, if the market accepts keep rates high, Cleveland Fed tee. “It looks like things are
that the Fed by next June will confidence in the economy Some analysts place a par- those trimmed-down prices, President Loretta Mester said heading in the right direction.
have cut rates from current have driven ticular signifi- would be stocks trading at in an interview Saturday that The challenge is will it con-
levels, down from the 83% stocks higher cance on moves lower multiples of their pro- summed up two days of pre- tinue to head in that direction
probability they assigned one this year, fore- in real yields, a jected earnings. sentations, discussions, dinner- for long enough?”
week earlier. casts for corpo- Many portfolio measure of the “Valuations at some point table conversation and hiking. Officials are also trying to
Investors plan on Thursday rate earnings managers had return on Trea- are going to have to acknowl- Kristin Forbes, a professor understand how past policy
to parse a new release of the have risen sury bonds that edge the move in interest at the Massachusetts Institute moves could slow the economy
Fed’s preferred gauge of infla- more modestly. hoped the rate is adjusted for rates and the real rates,” said of Technology, compared the going forward. In a ballroom
tion, the personal-consump- The stronger inflation. Based Lisa Shalett, chief investment job facing central bankers to under elk-antler chandeliers,
tion expenditures price index, growth in
cycle was finally on 10-year Trea- officer at Morgan Stanley hiking a mountain where the central bankers debated new
as well as Friday’s monthly share prices at an end. sury inflation- Wealth Management. “As your trail disappears above the tree research on the impact of
jobs report, as they try to an- has left the protected secu- cost of capital goes up, your line. higher rates on technology-in-
ticipate the market’s next market looking rities, real yields valuation multiples go down. “You know where you want tensive spending, including
turn. They also will review richly valued recently hit 2%, It is just math.” to go. You know where the venture capital investment.
earnings reports from the compared with history. a level not seen since 2009. The broad stock index is summit is, but there are no The paper suggested such “in-
likes of Best Buy, Salesforce “U.S. stocks are really in a Since companies are often trading at 18.6 times its pro- more markers and you have to novation activities” could be
and Dollar General. difficult position,” said James able to pass along higher in- jected earnings over the next 12 feel your way,” Forbes said in more sensitive than some other
The creeping shift in the St. Aubin, chief investment of- put costs to customers by rais- months, according to FactSet. an interview. “And even though sectors to higher interest rates.
rates picture coincides with ficer at Sierra Mutual Funds. ing their own prices, these an- That is up from 16.6 at the you’ve covered most of the dis- “If everything becomes like
signs that the artificial-intelli- “They’ve been bid up to the alysts believe that real yields start of the year and above tance, that can be the hardest the service sector and is not
gence trade is fizzling. Nvidia, point where the earnings mul- are the appropriate rate to use the 15.8 multiple at which it part. It’s steeper. It’s rockier.” interest-rate sensitive, then our
the graphics-chip maker at the tiple is extended and funda- in gauging stock valuations. has traded on average over Fed officials lifted their job just got a lot harder,” said
heart of the AI boom, gave an- mentals will have to validate Others said real rates are es- the past 20 years. benchmark federal-funds rate Chicago Fed President Austan
other blockbuster forecast on that move.” pecially important because “In a 2% real-yield world, last month by a quarter-per- Goolsbee. But if newer, innova-
Wednesday while reporting That is especially true, they show the true cost of can you justify a 19 multiple centage-point to a range be- tion-intensive investments are
record sales for the latest many investors argue, given money in the economy, aside on the market? It seems a lit- tween 5.25% and 5.5%, a 22- in fact more sensitive to higher
quarter. But the numbers the recent climb in long-term from fluctuating inflation. tle rich,” Donabedian said. year high. In June, most rates, the Fed can more easily
officials thought they would slow economic activity, he said.
raise it by another quarter
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THE WALL STREET JOURNAL. * * Monday, August 28, 2023 | A3

U.S. NEWS

Florida
Gunman

MICHAEL NAGLE/BLOOMBERG NEWS; RON ADAR/SOPA IMAGES/ZUMA PRESS(HOCHUL); MICHAEL BROCHSTEIN/ZUMA PRESS(ADAMS)
Targeted
Black People
In Killings
BY MARIAH TIMMS

Authorities in Jacksonville,
Fla., identified a local 21-year-
old Sunday as the white gun-
man who shot and killed three
Black victims at a Dollar Gen-
eral store before killing himself,
an attack that officials said was
racially motivated.
Ryan Christopher Palmeter,
who is believed to have died by
a self-inflicted gunshot wound
at the scene, entered the store
Saturday afternoon wearing a
tactical vest and carrying a
handgun and a military-style
semiautomatic rifle with swas-
tikas marked on it, according to
police.
“He targeted a certain group
of people, and that’s Black peo-

New York Officials Clash Over Migrants

ple,” Jacksonville Sheriff T.K.
Waters said at a Saturday eve-
ning news conference. “I don’t
know that the targets were spe-
cific, but I know that anyone of
that race at that time was in BY ERIN AILWORTH lem and East rivers—is the New York City Comptroller
danger.” AND LIYAN QI city’s 203rd emergency shelter Brad Lander, whose office is
The shooter left behind nu- for migrants. Over 100,000 mi- tracking city contracts and
merous racist writings, which NEW YORK—Gov. Kathy grants have come to New York budgeting for services pro-
he alerted his father to by text Hochul and Mayor Eric Adams City since spring 2022 and vided to asylum seekers, said
message during the approxi- promised to be better partners continue to arrive at a rate of all levels of government
mately 11 minutes he was inside than their predecessors. A mi- more than 2,000 a week. As of could better coordinate.
the Dollar General, Waters said. grant crisis—and who is to last week, more than 59,000 “What we need is an am-
The sheriff’s office on Sun- blame for it—is testing their were in the city’s care. bitious partnership at the
day identified the victims as resolve. “We’ve run out of space in city, state and federal levels,
Angela Michelle Carr, 52, Anolt As the job of housing mi- New York City and we’re mak- and it is not just disappoint-
Joseph “AJ” Laguerre Jr., 19, grants—required because of a ing more space in parking lots ing but harmful that we
and Jarrald De’Shaun Gallion, decades-old legal obligation to and parks like this,” said Dr. don’t have it,” Lander said.
29. shelter people in need—gets Ted Long, a senior vice presi- Hochul and Adams have also
Carr was shot while she sat harder, Adams and other local dent at New York City Health called on Washington to do
in a vehicle parked outside the officials have increasingly and Hospitals, which is man- New York Gov. Kathy Hochul has allocated $1.5 billion to more.
store, and the other two were turned their frustration at aging the Randall’s shelter. support migrants. New York City Mayor Eric Adams has said The Adams administration
killed inside. The shooter fired Hochul. Those critics, as well “New York state stepped up on other communities should also have to house migrants. Top, is taking a second look at po-
several other rounds at other as housing and homelessness this for sure.” cots in a tent shelter for migrants outside a closed tential shelter sites that were
patrons who were inside and at advocates, say she has led an Some 350 adults were stay- psychiatric center in Queens. previously rejected. The city
a security camera, Waters said. inadequate state response to ing at the shelter by Wednes- initially passed on the park-
The sheriff said Sunday the the crisis. She has hit back day. Biden to urge the administra- including making space avail- ing lot at Creedmoor Psychi-
shooter purchased both fire- that Adams was slow to take Without more support, New tion to expedite work authori- able at the Port Authority Bus atric Center when the state
arms legally this year. Investi- her up on offers to help. York City officials say they are zations for incoming migrants Terminal for use as a migrant made it available in May but
gators have no indication that Much of the criticism has at the point where shelters and provide other aid to New welcome center and encourag- opened a shelter there earlier
the shooter was part of a larger centered on the lack of a state- such as the one on Randall’s York. ing the city to set up congre- this month.
group, he said. wide plan to address the hun- Island will become more com- “This crisis originated with gate shelters akin to those Zach Iscol, New York
President Biden condemned dreds of migrants arriving in mon. the federal government and it used after natural disasters. City’s commissioner of emer-
the attack Sunday. “We must New York City daily. It was “We need a real strategy,” must be resolved through the Earlier this month, lawyers gency management, said
refuse to live in a country this past May, roughly a year said Joshua Goldfein, staff at- federal government,” she said for the city and state met with state aid has been helpful,
where Black families going to after the city began seeing an torney at the Legal Aid Soci- Thursday. a New York Supreme Court particularly as the city maxes
the store or Black students go- uptick in migrant arrivals, that ety, which helped establish Adams has said state law, judge who might consider out its own resources to open
ing to school live in fear of be- Hochul declared a state disas- New York City’s right to shel- upon which the city’s right-to- modifications to the decades- ad hoc facilities in spaces
ing gunned down because of ter emergency. She has allo- ter. The governor “has not shelter obligation is based, old legal right to shelter in such as former prisons and
the color of their skin,” he said. cated $1.5 billion to supporting treated it as an urgent prob- should compel the governor to New York City at the request commercial buildings.
Attorney General Merrick migrants, as well as four sites lem.” require other communities to of the Adams administration. “It’s not just space that
Garland said the Justice De- for shelters that are either on Hochul has become openly house migrants—something A lawyer for Hochul later we’re out of, right: It’s staff-
partment was investigating the state-owned land or state- critical of Adams’s handling of Hochul has ruled out. The Ad- blasted the city on several ing, it’s logistics, it’s all of
shooting as a hate crime. funded, like one on Randall’s the situation and has publicly ams administration has esti- fronts, taking the Adams ad- the operations that go into
Saturday’s attack is the lat- Island. increased her own efforts in mated that migrants will cost ministration to task for failing caring for 60,000 people on a
est in a string of shootings Built in 10 days this month, recent days. She announced the city $12 billion by fiscal to coordinate with the state daily basis with another 400
that appeared to be fueled by the complex of white tents and last week a tentative agree- year 2025. and other communities before to 600 people coming every
racial animus, including a rac- trailer shower facilities at ment to put a shelter at a for- A lawyer for the state says attempting to send migrants single day,” Iscol said during
ist massacre at a Buffalo, N.Y., Randall’s—an island park mer naval air station, and on the governor was engaged in to be housed in hotels outside a tour of a respite center for
supermarket last year. sandwiched between the Har- Thursday wrote to President the summer and fall of 2022, New York City. migrants in Queens.

To Recruit Teachers, Schools Offer Affordable Housing Storm Gains

Speed, Heads
BY CHRISTIAN ROBLES

Alexandria Millet found a

son—one of the priciest towns
in the nation—has for years
provided teachers with single-
To Gulf Coast
way to sharply cut her rent this family homes, including a log
year and move closer to her job cabin. BY GINGER ADAMS OTIS
at Central High School in Kan- The school district con-
sas City, Mo.—live in a duplex verted four classroom trailers Tropical Storm Idalia
built to house teachers. into teacher housing in June gained strength and speed
A 10th-grade English and and is seeking $16 million in Sunday as it moved toward
journalism instructor, Millet, funding to build three 24-unit the Florida Gulf Coast, and
24 years old, now pays $400 a apartment buildings for edu- might reach hurricane status
month to live with two other cators. by midweek, the National Hur-
teachers in a home provided Jackson’s lack of affordable ricane Center said.
through a partnership between housing dissuades teachers Florida Gov. Ron DeSantis
Kansas City Public Schools and from coming to the area, dis- on Saturday declared a state
Teachers Like Me, a nonprofit trict superintendent Gillian of emergency for roughly 30
building housing to help re- Chapman said. A typical Jack- counties along the Panhandle
cruit Black teachers. son home sold for $1.3 million and other parts of the Sun-
KCPS is one of several in July, and typical rent was shine State.
ALEXANDRIA MILLET

school districts across the $5,700 a month, according to Idalia grew from a tropical
country—in urban and rural Zillow estimates. depression into a tropical
areas from California to West “Our teachers never get a storm Sunday as it moved
Virginia and Florida—that are chance for mastery because over parts of the Yucatán Pen-
trying to use affordable hous- Alexandria Millet, a 10th-grade teacher at Central High School in Kansas City, Mo., pays $400 they are so stressed out and insula in Mexico and western
ing to hire and retain teachers a month to live in an affordable duplex with two other educators. they are constantly trying to Cuba, prompting flash-flood
amid a nationwide shortage of find a place to live, and often- and landslide warnings in
both. The efforts join state and the organization’s founder and Change in payrolls from most recent Labor Department times they leave,” Chapman those places.
federal programs that have for a former Kansas City school February 2020 data, with 10% of them earning said. The storm is expected to
years provided teachers grants administrator. less than $46,090. School officials and commu- become a Category 1 hurricane
and down payment assistance The Covid-19 pandemic 5.0% Meanwhile, housing prices nity leaders in the St. Helena over the southeastern Gulf of
to purchase homes. prompted hundreds of thou- have soared at double-digit Parish northeast of Baton Mexico early Tuesday, accord-
“Not having to pay high sands of teachers to leave the 2.5 RECESSION rates in recent years. Shelter Rouge, La., are pursuing a plan ing to the National Hurricane
rent and having a program profession, many to earn more 0 All nonfarm
prices were 17.6% higher in to build single-family homes Center. It is expected to bring
that supports you specifically in other fields. State and local employees July than in February 2020, and apartments for teachers. A dangerous storm surges,
in terms of housing” made it governments boosted pay, of- -2.5 according to the Labor Depart- housing shortage there has pounding rain and strong
easier to stay in Kansas City, fered bonuses and eased hiring ment. High mortgage rates and made it hard to recruit teach- winds to Florida’s Gulf Coast
Millet said, as she wanted to rules as they worked to fill -5.0 a low supply of homes for sale ers, said Virginia Bell, vice and Panhandle.
do after working there a year teaching positions. As of July, have kept prices high, contrib- president of the local school A Category 1 hurricane has
-7.5
as an AmeriCorps volunteer. government education payrolls uting to a record increase in board and executive director of wind speeds of 74 to 95 miles
The low-cost housing “made still had about 136,000, or 1.7%, -10.0 homelessness this year. the St. Helena Economic Devel- an hour. Idalia had 45 mph
Local government
it come together,” said Millet, fewer workers than in Febru- education “Because there is such a opment Foundation, an eco- winds as of Sunday, according
who is from Milwaukee. She ary 2020, before the pandemic -12.5 profound educator shortage, nomic-development group. to meteorologists.
earns about $48,000 a year in hit the U.S. economy, Labor districts may decide investing Proponents of the plan hope Forecasts indicate Idalia
a metropolitan area with a Department figures show. -15.0 in educator housing is a neces- the new housing, along with won’t reach the destructive
typical monthly apartment Part of the problem is 2021 ’22 ’23 sary option,” said Sasha Pudel- higher teacher pay that would strength of Hurricane Ian,
rent of $1,437 in July, accord- teachers’ low pay compared Source: Bureau of Labor Statistics ski, advocacy director for be funded by a proposed sales which slammed into Florida in
ing to Zillow estimates. with that of other workers AASA, the School Superinten- tax, will reduce turnover and September 2022 as a powerful
Teachers Like Me opened its with similar education levels, lower- and middle-income dents Association. attract teachers from nearby Category 4 storm with maxi-
first duplex in February and according to a 2022 report by workers. Median pay for high- Teton County School Dis- Baton Rouge and New Orleans mum sustained winds of 150
has plans to house as many as the Economic Policy Institute, school teachers was $61,820 a trict in Wyoming, which in- to the majority-Black, low-in- miles per hour. Ian killed at
25 teachers, said Trinity Davis, a think tank that advocates for year in 2021, according to the cludes the resort city of Jack- come school district. least 130 people.
 .

A4 | Monday, August 28, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Trump’s Rivals
In Party Make
Little Headway
BY ALEX LEARY who is neutral in the race but,
AND JOHN MCCORMICK like many others in the party,
has come to see Trump as in-
Is Donald Trump unstoppa- evitable. “Every time they
ble? punch him, he gets stronger.
For months the question He’s Teflon Don.”
has hung over the Republican More than four months re-
presidential race, but recent main until the first nominat-
days have pushed it convinc- ing contest in Iowa, and

JOHN ARTHUR BROWN/ZUMA PRESS

ingly toward the yes column. Trump could still fall under
Trump’s gamble to skip the weight of his problems or
Wednesday’s GOP primary de- a rival could finally figure out
bate paid off, as he emerged a path. Polling continues to
not just unscathed but with show the former president
his dominance affirmed: All with a huge lead, but also indi-
but two of the eight candi- cates voters are willing to con-
dates raised their hand to say sider alternatives.
they would support him as the “Anything can happen,” Supporters of former President Donald Trump outside Georgia’s Fulton County Jail, where he turned himself in on Thursday.
party’s nominee even if he is said Jeanita McNulty, a GOP
convicted on one of the dozens county chairwoman in Iowa, position to Covid-19 restric- tacks that went mostly unan- 21st century.” But Ramaswamy watched poll in the state.
of criminal charges he faces. who attended the debate in tions. swered, something widely has a long way to catch up. Trump was at 23%.
Less than 24 hours later, as Milwaukee. But she concluded The tide turned for Trump viewed as a tactical mistake. “Nothing happened to him President Biden and fellow
rivals tried to build off the de- no one damaged Trump, who in the spring. In April the first DeSantis tried to run to this past week that made it less Democrats are treating Trump
bate, Trump made a splashy that night appeared in an in- indictment against him was Trump’s right, which turned likely to get the nomination, like the inevitable GOP nomi-
visit to Atlanta and left with a terview with Tucker Carlson, unveiled, in a New York case off some supporters and do- which is still overwhelmingly nee—and privately many Dem-
glowering mug shot ready- and said the criminal prosecu- involving hush-money pay- nors without peeling off any likely, but not certain,” said ocrats hope he is, since they
made for fundraising—for both tions have only further galva- ments. Republicans rushed to Trump backers. GOP strategist Scott Jennings. see him as vulnerable.
parties—and a surprise return nized the grassroots. rally around him. Three more DeSantis has tried to recali- DeSantis has the resources The incessant Trump legal
to X, the online platform for- Late last year, it seemed indictments followed, forcing brate but hasn’t regained the for a long haul, including a su- saga means the GOP nomina-
merly known as Twitter. Trump was fading. The GOP candidates to echo Trump’s ground he lost, though some per PAC with $85 million to tion fight will remain a refer-
For now, it appears more underperformed in the mid- claims that the charges are po- surveys suggest debate viewers spend. Aides to him and other endum on him—which is good
plausible that the 77-year-old term elections, with candi- litically motivated. thought he performed well. Trump challengers like to say news for the front-runner.
Trump might still be stopped dates backed by the former DeSantis officially entered Former South Carolina Gov. that voters won’t really begin “As long as the majority of
by jail time or some unex- president who echoed his false the race in late May, adding to Nikki Haley also did well in focusing on their choices until the field is defending Trump
pected issue, such as health, claims about 2020 election a large field of candidates that postdebate polls, but she re- the weather starts turning cold on at least some of his biggest
than by a fellow Republican fraud losing key races. His has been reluctant to criticize mains far behind Trump. If in places such as Iowa and New liabilities,” said nonpartisan
candidate. fundraising got off to a slow Trump for fear of turning off there was a debate standout in Hampshire. election analyst Nathan Gonza-
“He has a special ability to start, and Trump was ner- his supporters. terms of winning attention, it There is some truth to that. les, “it’s hard to see how
take the most negative things vously eyeing Florida Gov. Ron The Florida governor en- was biotech entrepreneur At this point in 2015, Sen. Ted Trump is dethroned.”
and capitalize on them,” said DeSantis, who won re-election dured millions of dollars in at- Vivek Ramaswamy. He zeal- Cruz of Texas, the winner of —Sadie Gurman
Jordan Bryngelson, a Republi- in a landslide and gained na- tack ads from Trump’s team ously defended Trump, calling the 2016 Iowa caucuses, was at and Aaron Zitner
can activist in South Carolina tional prominence for his op- before he got in the race—at- him the “best president of the just 8% in the most closely contributed to this article.

World Mulls that Trump, if elected, would

back away from helping Kyiv.
U.S. support for Taiwan could
Texas, a GOP bastion, to famil-
iarize herself with the party.
Some governments welcome
White House and on a recent
trip to Camp David. That con-
trasts with Trump, who criti-

Prospect of waver under Trump, according

to analysts, if Beijing dangles
concessions on trade.
the possibility of Trump’s re-
turn. Prime Minister Viktor Or-
ban of Hungary, who maintains
cized Seoul for not paying
enough for the roughly 28,500
U.S. military personnel sta-

New Term “Trump values U.S. allies

less, and Beijing therefore ex-
pects that U.S. alliances and
a friendly relationship with
President Vladimir Putin of
Russia and opposes Western
tioned in South Korea.
In the Middle East, the
leaders of Israel and Saudi
coalitions would fray and ease arms deliveries to Ukraine, has Arabia are weighing whether
ALEX BRANDON/ASSOCIATED PRESS

Continued from Page One pressure on China,” said Bon- said on numerous occasions he their push to establish diplo-
would mean for geopolitics. nie Glaser, managing director hopes Trump wins the next matic ties have a better shot
Among the most wide- of the Indo-Pacific program at election, even as Trump’s legal with Biden in office or Trump.
spread fears is that Trump the German Marshall Fund of woes have mounted. “Keep on While leaders in both coun-
would spark a global trade the United States. fighting, Mr. President! We are tries have had chilly relations
war. The candidate has threat- Those scenarios send a chill with you,” Orban wrote in a re- with Biden, they are wrestling
ened to impose fresh tariffs on down the spine of allies in Eu- cent social-media post. with the possibility that the
all goods imported into the rope and the Pacific. For China, Trump was the Democratic president might be
U.S.—hitting friend and foe The Biden administration Donald Trump has vowed to impose sweeping new tariffs. leader who ignited trade ten- better positioned than Trump
alike—a move that risks sow- has worked to corral allies in sions with the U.S. while a Bi- to broker a pact.
ing divisions in trans-Atlantic Asia, deepening military coop- Military expenditures are saying President Biden den presidency held out the Trump remains broadly
relations in a time of war. eration and helping mend rela- rising across the continent, but strongly opposes the plan. prospect of a return to the popular with the Israeli public
Trump has also threatened tions between Japan and South Europe has struggled to wean Germany, Europe’s eco- previous era of relations. But and aligned with Prime Minis-
to withdraw the U.S. from the Korea. And Washington has itself off U.S. hardware. Ma- nomic powerhouse, is focused Biden maintained much of his ter Benjamin Netanyahu’s gov-
North Atlantic Treaty Organiza- sent billions of dollars in arms cron was blindsided when a on forging channels of commu- predecessor’s tough policies ernment, which bills itself as
tion, a move that his former na- and humanitarian aid to German-led coalition an- nication in an effort to avoid toward Beijing. Tariffs re- the most right-wing and reli-
tional security adviser John Bol- Ukraine, allowing Kyiv to hold nounced plans to spend bil- the experience of 2016, when mained in place. Restrictions gious in the country’s history.
ton recently described as a near its own on the battlefield lions of euros on a program to Trump’s election took world on Chinese technology compa- But Trump was critical of Ne-
certainty if he is elected again. against Russia. buy Patriot missile systems leaders by surprise. The gov- nies expanded, including a tanyahu after the prime minis-
Some governments are mov- French officials have been from the U.S., snubbing a rival ernment of Angela Merkel, U.S. ban on sales of advanced ter congratulated Biden on his
ing to lock in military assis- warning European allies that system developed by France, who was then chancellor, semiconductors and chip- 2020 victory.
tance to Ukraine to strengthen the possibility of Trump’s re- Italy and the U.K. struggled to gain access to the making equipment to China Iran is moving to release
security there in case a newly turn requires the continent to Trump has vowed to impose White House as Washington last year. U.S. detainees in a bid to gain
elected Trump scales back U.S. significantly expand arms pro- sweeping new tariffs, stating aimed a barrage of tariffs at “On policy substance, even access to around $6 billion in
support. Members of the duction, from artillery to mis- in a recent interview that he Germany and other countries though Trump kicked off the oil revenue. The money, which
Group of Seven wealthy na- sile defense systems, so it can would set an automatic 10% in Europe. trade war, it was Biden that was effectively frozen in South
tions are trying to reach bilat- supply Ukraine on its own. tariff on all foreign imports to Leading members of the implemented policy more ef- Korea under U.S. sanctions, is
eral agreements with Kyiv to Eastern European countries the U.S. three parties of German Chan- fectively and was able to being transferred through
provide weapons that meet and France are also pushing al- “When companies come in cellor Olaf Scholz’s governing bring in important allies that Switzerland to Qatar for possi-
NATO standards. lies to admit Ukraine into and they dump their products coalition have been jetting Trump had alienated,” said ble release to Iran.
“There’s a strong possibility NATO, a move that would sig- in the United States, they across the Atlantic ever since Mary Gallagher, a political- This month, Iran moved
Trump might be re-elected,” nificantly raise the stakes with should pay, automatically, they took power in late 2021, science professor at the Uni- four U.S. citizens from prison
said Benjamin Haddad, a Russia by providing Kyiv with let’s say a 10% tax,” Trump meeting with GOP officials and versity of Michigan. to house arrest, the first step
French lawmaker from Presi- security guarantees. said in an interview with Fox Trump confidants. A key South Korea and Japan this in a hoped-for prisoner release
dent Emmanuel Macron’s “We’ve been lucky with Business. “I do like the 10% Scholz aide, Wolfgang Schmidt, year turned the page on years agreement between Tehran
party. “It forces us Europeans Ukraine to have an American for everybody.” has made regular visits to of historical quarrels, allowing and the Biden administration.
to read the writing on the wall administration that helped us,” Economists were quick to Washington, forging links with for deeper military coordina- —Dion Nissenbaum,
and take more responsibility.” Macron recently told Le Point warn that Trump’s proposal key Republicans. In September, tion with Washington. Sabrina Siddiqui, David S.
With Russia digging in for a magazine. “Can we let Ukraine could ignite a global trade war German Foreign Minister An- President Yoon Suk Yeol of Cloud, Laurence Norman,
long fight in Ukraine, the lose and Russia win? The an- and raise prices for U.S. con- nalena Baerbock will embark South Korea forged a personal Timothy W. Martin
Kremlin is waiting out the Bi- swer is no…We have to hold sumers. The White House on a 10-day visit to the U.S., in- bond with Biden during an of- and Chieko Tsuneoka
den administration in the hope out over time.” slammed Trump’s comments, cluding an extended visit to ficial state visit in April to the contributed to this article.

Raimondo, in China, Aims to Ease Tensions, Defend Export Controls

BY YUKA HAYASHI Raimondo will carry mes- tions that had all but stopped. nesses and also pertains to dis-
AND CHARLES HUTZLER sages that are similar to those The recent deterioration in cussions on export restrictions.
of other administration offi- China’s economy gives Beijing The controls the Biden ad-
BEIJING—Commerce Secre- cials who have recently visited a fresh incentive to mend the ministration imposed last Octo-
tary Gina Raimondo said she Beijing, where Chinese leaders ties to prevent declines in ber on exports of advanced
would use a four-day visit to have characterized the technol- trade and foreign invest- semiconductors and chip-man-
China this week to ensure an ogy restrictions as part of an ments. ufacturing equipment, which
easing in tense relations while effort to suppress China’s rise. Raimondo is the third cabi- were preliminary, are expected
standing firm in confrontations Raimondo said she would net secretary to travel to Bei- to be finalized in the coming
over technology restrictions explain that the technology jing this summer, following vis- weeks.
and Chinese trade practices. controls are intended to be its by Secretary of State Beijing has retaliated by
ANDY WONG/PRESS POOL

Raimondo, who arrived in narrowly targeted against a Antony Blinken and Treasury placing export restrictions on
Beijing on Sunday, said she small range of items to protect Secretary Janet Yellen. Their key minerals used to make mi-
would seek to “protect what we American national security. visits are meant to pave the crochips and banning the use
must and promote where we She said that the U.S., far from way for a meeting between of products from American
can” as she discusses economic seeking to disengage from the President Biden and Xi Jinping semiconductor maker Micron
and commercial relations with Chinese economy, wants to during the Chinese leader’s Technology in critical infra-
her Chinese counterparts. maintain a robust economic re- Commerce Secretary Gina Raimondo arrived in Beijing Sunday. visit to the U.S. in November to structure.
On the list to discuss are lationship. attend an Asia-Pacific Eco- Chinese officials have criti-
U.S. export controls opposed by “Look, this is just the real- relationship responsibly,” Rai- compete for global pre-emi- nomic Cooperation meeting in cized what they see as unfair
China that restrict transfers of ity: The U.S. and China share a mondo told reporters Friday nence. San Francisco. treatment of the country’s
advanced semiconductors, and large, dynamic, growing eco- before her trip. After fresh tensions this The commerce chief said Bi- companies. Beyond the con-
Chinese regulations and other nomic relationship, one of the The visit is the first by a year over a suspected Chinese den told her to convey the mes- trols on technology transfers,
methods that U.S. officials say largest trade relationships in U.S. commerce secretary in spy balloon and the Ukraine sage that regular communica- the officials said, the U.S. has
Beijing has used unfairly the world, and both of our seven years. In that time, rela- war, both governments have tion is crucial to avoid conflict. placed some 1,300 Chinese
against American companies in countries, in fact, the entire tions have deteriorated to his- been cautiously moving to re- That is a message, she said, she companies on sanctions and
recent months. world, need us to manage that toric lows as the two countries store high-level communica- heard from American busi- export blacklists.
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | A5

U.S. NEWS

Cap on Tax Deductions Has a Business Loophole

BY RICHARD RUBIN As a result, the cap—part of “If you have a SALT cap, it “state and local tax”—changes estimate found the work- taxes on those pass-through
the 2017 tax overhaul—is gener- doesn’t make any sense to say should be made by Congress arounds were likely saving entities. The business chooses
Many business owners can ating 80% to 85% of its intended that the richest workers are and that the administration businesses more than $10 bil- to pay that levy before pass-
easily—and legally—dodge the revenue, according to the Tax basically exempt from it, but would implement them. lion a year. The Journal ing profit through to its own-
$10,000 cap on state and local Policy Center, which is a joint everybody else is subject to The SALT cap has repeat- started with state-reported ers. That entity-level tax
tax deductions, and that costs venture of the Urban Institute it,” said the Tax Policy Cen- edly bedeviled lawmakers, and data on the workarounds, counts as the owners’ state
the federal government as and Brookings Institution. That ter’s Leonard Burman, who it is again an irritant as Re- while the Tax Policy Center tax payment, and it effectively
much as $20 billion a year, ac- means the cap doesn’t offset was a Treasury official during publicans try to figure out started with Internal Revenue lowers the income the owners
cording to a new estimate by other tax cuts as much as ex- the Clinton administration. how it fits in with an exten- Service data on business report to the federal govern-
the Tax Policy Center. pected, complicating lawmak- The workarounds were en- sion of the expiring tax cuts. owners. ment.
The so-called SALT cap lim- ers’ plans to extend the bulk of acted by 36 of the 41 states Continuing the cap, which Entities such as partner- The upshot: The state gets
its the break that individuals the law beyond its scheduled with income taxes, and state also expires after 2025, would ships and S corporations en- its tax revenue. The business
can get by deducting their state expiration at the end of 2025. lawmakers see them as a way raise about $960 billion over a able closely held businesses to owner effectively gets a full
and local taxes from their fed- The state-based work- to aid local businesses with- decade—and closing the be organized without being deduction for state taxes and
eral taxable income. But owners arounds apply only to business out reducing state revenue. workarounds would generate taxed directly. Instead, they perhaps other tax advantages
of closely held businesses such owners who report profits on The workarounds were an additional $190 billion, ac- pass their profits through to from having a lower adjusted
as law firms and car dealer- their individual tax returns. blessed by the Trump admin- cording to the Committee for their owners, who report that gross income. The federal
ships use workarounds allowed That means they can escape istration and left in place by a Responsible Federal Budget, income on their individual tax government doesn’t get all the
by three dozen states to avoid the SALT cap, while wage the Biden administration. a nonprofit group that advo- returns. money lawmakers expected
paying more to the federal gov- earners, sole proprietors and A Treasury spokesman said cates for deficit reduction. To implement the work- when they capped the SALT
ernment. property owners can’t. any SALT—which stands for A 2022 Wall Street Journal arounds, states create elective deduction.

U.S.WATCH

GREEN JOBS
PHIL HAN/ZUMA PRESS

Bob Barker

OBITUARY
‘Price Is Right’ Host
Bob Barker, Age 99
Bob Barker, the longtime
host of “The Price Is Right”
who welcomed everyday peo-
ple to “come on down” and
test their knowledge of Ameri-
can consumer goods, has died,
according to his publicist,
Roger Neal. He was 99 years
old.
Barker was a former radio
host who started hosting
game shows—or as he called
them, “audience-participation
games”—in the 1950s. His
broadcast career started when
he was in his 20s and was
asked to substitute for a radio
host one day. His wife turned
to him afterward and told him
he’d found a career.
“You did that better than
anything you’ve ever done,”
she told him, according to an
interview Barker gave to the
Television Academy in 2000.
Barker said he described his
job as creating “spontaneous
entertainment with unre-
hearsed contestants.”
At the end of every episode,
seconds after giving a jumping
contestant a new car or trip to
Hawaii, he struck a serious
tone, repeating words that
longtime viewers could recite
along with him: “Help control
the pet population. Have your
pets spayed or neutered.”
—Erich Schwartzel

NASCAR
Driver in Daytona
Crash Is Discharged
Nascar driver Ryan Preece,
whose car rolled about a
dozen times during a terrify-
ing crash at Daytona Interna-
tional Speedway, was on his
way home about 12 hours
later after being discharged

i ng
from a hospital Sunday.

p e n
o h
Stewart-Haas Racing said

o n t
Preece was headed back to

m
North Carolina after getting

e x t
clearance from doctors at

n
Halifax Health Medical Cen-
ter. The team earlier said
Preece was “awake, alert and
mobile” and “had been com-
municating with family and
friends.”
The 32-year-old Preece

Our
was able to climb out of his
mangled No. 41 Ford on Sat-
urday night with help before
emergency workers put him
on a gurney and into an am-

100% Recycled
bulance. He initially went to
the track’s infield care center
before being transported to
Halifax Health for overnight

Paper Mill
observation.
Preece tweeted about two
hours after the race, posting:
“If you want to be a race car
driver, you better be

Kentucky
tough.…I’m coming back.”
Preece and SHR teammate
Chase Briscoe made contact
coming out of Turn 4, and
Preece’s car turned hard left
and then went into an uncon-
trollable barrel roll as soon as
it slid from the asphalt to the
infield grass. The car came to
a halt on all four tires, with
some minor damage to the
roll cage.
—Associated Press
 .

A6 | Monday, August 28, 2023 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Utilities lawsuit who lost homes in the

2020 Labor Day fires in Ore-
gon, and that figure could

Are Facing eventually top $1 billion as

others pursue claims. The
company has said it would ap-

A Dilemma peal the decision.

During the trial, PacifiCorp
attorneys told the jury that
the company didn’t turn off
Continued from Page One the power because doing so
place next year. created other risks, while at-
Other utilities have been hit torneys for the victims ar-
with lawsuits attacking their gued that the company didn’t
decisions to keep the lights on have the proper structures
in risky conditions. and processes in place to
YUKI IWAMURA/AGENCE FRANCE-PRESSE/GETTY IMAGES

In Maui, the site of the make the decision. According

deadliest U.S. fire in more to the company, it has im-
than a century, Hawaiian Elec- proved its shut-off plan in re-
tric is facing a financial crisis cent years.
and mounting litigation over “It doesn’t make sense to
indications that its power wait for regulators to step up
lines might have played a role or to wait for some catastro-
in igniting the fire. It didn’t phe to happen before utilities
shut down its power lines have a plan to shut off the
ahead of time. power,” said Matthew
Maui County filed a lawsuit Preusch, a partner at Keller
on Thursday alleging that the Rohrback who represented
company’s power lines ignited victims in the case. His firm
Search and recovery workers check through ash and ruins in the aftermath of the Maui wildfires in Lahaina, Hawaii. Below, the fire, and that it was negli- plans to pursue litigation
Maurice Buen, 79, is among the missing. Buen’s daughter says she hasn’t gotten any answers from government officials. gent in failing to take that ac- against Hawaiian Electric.
tion. It also alleges that the In a statement, PacifiCorp

In Lahaina, a Major Struggle

company didn’t take proper said it has invested substan-
measures to safely maintain tially in reducing wildfire risk
its system. and developed shut-off plans
“We are very disappointed for the areas it serves.
that Maui County chose this California regulators first

To Locate, Identify Victims

litigious path while the inves- determined in 2012 that the
tigation is still unfolding,” state’s investor-owned utili-
Hawaiian Electric said in a ties had the authority to shut
statement. off power to protect public
Xcel Energy, which serves safety. Since then, most of
parts of eight Western and them have done so during pe-
Hundreds are still know if there’s a body or not,” Midwestern states, is similarly riods of high risk, typically for
she said.” dealing with litigation related autumn windstorms.
missing after fire, Her father, she said, is blind to its likely role in a 2021 fire PG&E, the utility company
and some remains in one eye, partially blind in the in Colorado and its failure to serving most of Northern Cali-
other and uses a walker and implement a shut-off as winds fornia, in 2019 implemented
might never be found wouldn’t have been able to picked up. unprecedented shut-offs that
leave the area on his own. His Xcel declined to comment. left millions of people in the
With 115 people confirmed name is included in the official It has publicly disputed find- dark for days. Economists es-
deceased, the wildfire that de- list of the missing. ings that its lines probably timated that losses amounted
stroyed Lahaina is already the contributed to the fire. to billions of dollars. The com-
deadliest in the U.S. in more Shutting off power is diffi- pany has since installed tech-
than a century. But the diffi- DNA sought cult and complex: It can affect nologies allowing for a more
cult process of identifying and Because many remains that water, transportation and surgical approach.
are found don’t have finger- communications services. It During the 2020 Labor Day
By Alicia A. Caldwell, prints or dental records that can endanger customers who fires, Portland General Elec-
Ben Kesling and can be used to identify them, rely on electricity for medical tric, Oregon’s largest utility,
Shannon Najmabadi officials are relying on DNA needs and complicate evacua- shut off power in risky areas
matches. But many people tion processes. And it results for the first time. It did so
transporting human remains with missing loved ones in La- in economic losses by forcing again in 2022, and is working
in an all-but-incinerated town haina have been unwilling or business closures. to refine its ability to pinpoint
means there might never be unable to submit their genetic Utilities aren’t required by risky areas and better target
answers about many of the material. regulators to shut off power in shut-offs.
hundreds of people who are Andrew Martin, the Maui risky conditions, but numer- Larry Bekkedahl, Portland
still unaccounted for. County prosecutor who is over- ous regulations direct them to General Electric’s senior vice
“When this is all said and seeing a family-assistance cen- operate their systems safely, president of advanced energy
done, realistically let’s be hon- possible remains to remove the they are looking for. The list of ter in West Maui, said hesitancy as well as reliably. Michael delivery, said the company
est here, we’re going to have a ash, said John Byrd, the DPAA’s missing people has fluctuated, to share DNA is likely driven by Wara, a lawyer who directs once relied on Portland Inter-
number of confirmed and laboratory director. Anything at one point shrinking to about several factors, including as- the Climate and Energy Policy national Airport readings to
we’re gonna have a number of left that might be a bone is sent 850 before rising again to sumptions that the process, Program at Stanford Univer- assess the weather throughout
presumed” dead, Maui County to a lab for processing. “It’s a nearly 1,100 earlier this week. which requires running a cotton sity, said safety might have to its service territory.
Police Chief John Pelletier bit of a misnomer that remains A validated list of 388 people swab over a cheek, is more in- come at the expense of reli- It has since installed 69
said this week. are burned into ash and there’s still unaccounted for was pub- vasive than it actually is. “And ability during periods of dry, weather stations to gather
For more than two weeks, nothing left,” Byrd said. “If lished by the county late Thurs- you combine that with elements heavy winds capable of trans- granular data on wind speeds,
search-and-rescue crews in- there’s nothing we can recog- day. The county said the list of mistrust in the community of forming sparks into wildfires. humidity levels and other
cluding cadaver dogs and foren- nize as human bones, it means was compiled by the Federal government, and that’s historic, “Utilities need to have a variables that help it deter-
sic anthropologists have been there was no body there.” Bureau of Investigation and in- this mistrust,” Martin said. process to evaluate when it is mine whether shut-offs are
looking for any signs of victims, The process is slow, particu- cluded people for whom author- Martin also acknowledged safe to operate their systems necessary in the fire-prone
including bone fragments or larly now that search teams ities have a first and last name, the possibility that entire fam- in red-flag conditions,” he foothills surrounding the Wil-
metal medical devices. have gone through all the sin- and contact information for the ilies might have perished in said. “If they don’t, that’s a lamette Valley.
Just identifying human re- gle-story structures in Lahaina person who reported the indi- the fire, leaving nobody to problem.” “We no longer have to
mains amid the rubble is diffi- and are starting the more diffi- vidual as missing. submit DNA. Many families in Lawyers suing PacifiCorp worry about what’s happening
cult, according to profession- cult task of sorting through the Maui live in multigenerational scored a victory in June when down in the southern part of
als involved in the search. rubble of what were multistory households. a jury determined that the the valley versus the northern
buildings. Difficult wait Witnesses who fled the company owes about $90 mil- part,” he said. “We can get
“We’re talking weeks…to get The slow pace has been hardest-hit areas, including lion in damages to certain right down into the canyons
Looking for fragments through all that,” said Army painful for friends and relatives Front Street, reported seeing members of a class-action and see what’s happening.”
“What we are talking about Col. David Fielder, deputy com- of the missing. filled-up cars being overtaken
in these fire situations…is basi- mander of a team of nearly 600 Kimberly Buen, who lives in by flames before drivers could
cally fragments of bone and active duty, reserve, guard and Palmdale, Calif., has been mak- make it to safety.
ashes,” said Stephen Meer, chief Army civilians involved in the ing calls since early Aug. 9, the DNA doesn’t always make
information officer and manag- effort. day after the Lahaina fire, to identification possible. For re-
ing director of critical opera- A Navy dive team joined the shelters, the police, the FBI and mains burned at high tempera-
tions for ANDE, a Colorado- response Thursday at the re- hospitals in search of her fa- tures that eliminated all soft
based DNA analysis company quest of the Maui fire depart- ther. “I’m not getting any an- tissue, there is no DNA left to
helping identify victims. “These ment. Many people fled the fire swers from government offi- analyze, Byrd said. The collagen
victims don’t come in body by diving into the Pacific Ocean. cials over there,” she said. inside bones, a source of DNA,
bags, they come in paper bags.” Three dozen civilian mortu- Buen said officials have con- can be destroyed in intense
To help identify victims, the ary experts and a portable firmed searching the apartment fires like that in Maui.
ROB SCHUMACHER/PRESS POOL

Defense Department sent six fo- morgue were also sent by the building where Maurice Buen, Complicating matters more,
rensic anthropologists from the federal Administration for Stra- 79, was living, but no one has Maui County officials warned of
Defense POW/MIA Accountabil- tegic Preparedness and Re- said if he and or anyone else possible scammers trying to
ity Agency, which is typically sponse to help identify victims. was found. collect DNA from relatives of
tasked with identifying remains Officials involved in the ef- “Right now, as it stands, I the missing. Officials said a
of American service members fort say the search is particu- feel like I’m back to square one. family-assistance center in
who died in past conflicts. larly difficult because they don’t He’s still missing, his building’s West Maui is the only official
Team members are sifting know for sure how many people been checked, but we don’t collection site on the island. A utility worker did repairs amid wildfires in Oregon in 2020.

Preppy ing boarding schools, Ivy

League quads and vacation
colonies where summer is a
$7,500 advance and sold 2.3
million copies over 38 print-
ings, the last one in 1986. She
that was published 43 years
ago,” Birnbach says, “It’s a lit-
tle nutty, right?” Birnbach
ture is,” he says. “There is
something sort of escapist and
an element of idealism in it.”
mental, dotted, and paisley.
Since we’re in the warm
months, he’s embracing pinks

Handbook verb. Though intended as ir-

reverent satire, “people used
the book as a literal guide-
says there have been discus-
sions of a reprint over the
years, and it’s also been op-
says she has noticed that
when life seems particularly
unstable, the Preppy Hand-
Today’s preppiness tran-
scends its “old-money Waspy”
reputation, he says, and “any-
and greens. “A tennis or ma-
dras shirt with shorts and
Top-Siders makes for good

In Demand book,” says Preppy Handbook

author Lisa Birnbach.
Chloe Miner, a flight-school
tioned for features and Broad-
way. From 2000 to 2019, an
average of 300 copies sold ev-
book is a comfort item, “as
much as macaroni and cheese
and chicken pot pie.”
one can be preppy.”
The Preppy Handbook Fan
Club delves into obvious ter-
summer weekend wear,” he
says.
On another Facebook group
intern who lives in Jackson, Psychologist Clay Routledge rains such as décor, vacations, called “Preppy Life: ‘Look,
Continued from Page One Mich., is in her 20s and wasn’t says the book’s popularity fits and clothes, such as socks or Muffy, A Group for Us,’” fans
as classic prep—heavy on around when the Preppy perfectly with the science of no socks with the boat shoes? post pictures of themselves
Brooks Brothers Oxford shirts Handbook came out, but is nostalgia he has studied for (The Preppy Handbook ad- sporting Lilly Pulitzer, sweat-
and suits. fascinated with the lifestyle. two decades. In a recent sur- dressed ‘The Sock Contro- ers from Trimingham’s of Ber-
Preppy style and the “old She bought a copy on Face- vey he conducted about online versy’ on page 138.) muda, signet pinky rings, and
money aesthetic” have popped book Marketplace for about culture, the majority of respon- Chad Briesacher, a general debate the merits of tartans.
up again, like collars on polo $100, and knows people who dents wanted to go back to a manager at a radio station in Tatania Whitney King, a vi-
shirts, and people are feeling have paid more than $500. time when everyone wasn’t so St. Charles, Mo., picked up a sual designer in Walnut Creek,
inspired to revisit cable-knits, “That was the most I’ve ever plugged in—“a time when copy of the Preppy Handbook Calif., says her family would
pearls and tennis-core fashion, paid for a book, but it’s a clas- Americans got along better.” for about $40 and says the read the Preppy Handbook
even by those who never step sic,” says Miner. “It’s a preppy Matthew Longcore, who book’s emphasis on decorum aloud during cocktail hour
on the court. In its 2023 fash- must-have.” Fashionable read grew up in the preppy envi- appeals to him. “American so- from chintz chairs while nib-
ion forecast, retail-styling She has been inspired to in- rons of Westport, Conn., runs ciety has lost all sense of oc- bling on water crackers and
company Stitch Fix heralded vest in Sperry Top-Siders and ery year on eBay. Starting in the Preppy Handbook Fan casion,” he says. Boursin cheese. “It was so
this year’s rise of “prep school Ralph Lauren blazers. She 2019, that number jumped, Club, which includes more Briesacher encourages col- damn accurate,” she says.
fashion.” imagines herself one day join- with an average of 600 a year than 30,000 members across lege kids he works with to “Right down to the duct tape
That means new attention ing a country club and living selling each year over the past its social media groups. present themselves better, on our L.L. Bean Bluchers.”
for “The Official Preppy on a lake—two Handbook-ap- four years, according to eBay Longcore, who works at rather than “wear hoodies She says she found a
Handbook,” which has a front- proved pursuits. “I’m in col- spokeswoman Samantha Zola. Yale University, says the surge year-round,” he says. He Preppy Handbook on eBay for
cover tagline saying, “Look, lege and broke,” Miner says. “I Asking prices on eBay and in interest began during the wears a tie and jacket to work, $53 that was in just “read-
Muffy, a book for us.” The can’t live that lifestyle at the elsewhere range from $80 for pandemic. “People just tweed in the winter and linen able” condition. “It must have
New York Times bestseller is a moment. But someday.” a used paperback to a $1,600 wanted something bright and in the summer. The tie is al- been a chew toy for the dog in
deadpan guide to preppies in Birnbach pulled the book hardcover. cheery and colorful…that de- ways Brooks Brothers and he the back of the Volvo,” she
their natural settings, includ- together in 12 weeks with a “We’re talking about a book scribes what a lot of prep cul- rotates through repp, regi- says, “so authentic.”
 .

THE WALL STREET JOURNAL. NY Monday, August 28, 2023 | A7

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A8 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

WORLD NEWS
Russia Confirms Death of Wagner’s Chief
Kremlin denies it Committee said Sunday that some other form of sabotage matched the passenger list respects to Prigozhin, who had betrayed the country.
genetic testing had confirmed caused the crash. U.S. satel- that was released by Russia’s many enemies in the Russian The crash was the end of
was behind alleged the identities of all 10 passen- lites with infrared sensors can civil aviation authorities, leadership but also enjoyed a the latest chapter in Russia’s
assassination of gers who died aboard the Em- detect the heat from missile which included Prigozhin and high level of popularity among violent politics as the coun-
braer Legacy 600 jet that launches, and none was found two other top Wagner com- ordinary Russians who re- try’s mounting losses in
Yevgeny Prigozhin plunged from the skies over at the time the plane was manders. spected his candid statements Ukraine fuel deepening rifts in
the Tver region. downed, defense officials said. The Russian statement ends about the shortcomings of the upper ranks of the mili-
BY MATTHEW LUXMOORE A day after the plane went The Kremlin has rejected days of speculation on social Russia’s military and its tary and the governing elite.
down, U.S. officials said pre- allegations it was behind media and among Russian stalled campaign in Ukraine. The war, unleashed by Putin
Russia officially confirmed liminary evidence suggested Prigozhin’s alleged assassina- pundits, who initially cast The Russian government in February 2022, is the dead-
the death of Yevgeny Prigo- the plane crashed as a result of tion, though Russian President doubt on the claims of Prigo- has said it is investigating the liest conflict for Russia since
zhin, the Wagner paramilitary an assassination plot, adding it Vladimir Putin has stated on zhin’s death. Telegram chan- cause of the plane crash, but World War II.
group boss who controlled a wasn’t shot down by a surface- several occasions that betrayal nels close to Wagner had urged hasn’t offered an explanation. Separately, in Ukraine,
vast business empire in Africa to-air missile, as some sources can never be forgiven. Numer- caution among the group’s During the aborted mu- three pilots were killed in a
and led a short-lived rebel- close to Wagner had said. ous critics of Putin have been supporters, asking them not to tiny launched by Prigozhin collision between two combat
lion against the country’s de- The preliminary U.S. gov- killed during his 23 years in take action until an official with several thousand Wagner training aircraft in the west of
fense establishment before be- ernment assessments, which power. statement was released. fighters in June, Putin ap- Ukraine, casting a shadow
ing killed in a plane crash last officials stressed were incom- Officials didn’t name the But dozens across Russia peared on live television in over the start of training on
week. plete, suggest that a bomb ex- people identified by the ge- immediately flocked to make- Russia and said those who or- F-16 jet fighters by the U.S.
The country’s Investigative ploded on the aircraft or that netic testing but said they shift memorials to pay their ganized the insurgency had and its allies abroad.

Ukraine Farmers Struggle Amid Uncertainty Lawyers

BY ALISTAIR MACDONALD
Appeal
AND OKSANA PYROZHOK

PISKY, Ukraine—As Russia

Extending
squeezes Ukraine’s ability to
export its huge grain harvests,
it is farmers like Valery Ko-
Reporter’s
losha who are counting the
cost.
Russia last month pulled
Detention
out of an international agree-
ment that facilitated Ukrai- BY ANN M. SIMMONS
nian exports via the Black Sea
and has since launched a se- Lawyers for jailed Wall
ries of attacks on port facili- Street Journal reporter Evan
JOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL

ties in the country. Together, Gershkovich have appealed a

those actions have hindered Moscow court’s decision to ex-
the exit points for three-quar- tend his pretrial detention un-
ters of Ukraine’s grain. til Nov. 30.
At the sharp end of these Gershkovich, a 31-year-old
moves are Ukrainian farmers, U.S. citizen accredited to work
whose tough lot just got as a foreign correspondent by
harder. Kolosha says he now Russian authorities, was de-
can’t sell his grains and will tained March 29 while on a re-
struggle to break even this porting assignment. Russia’s
year, as his transport costs Federal Security Service al-
rise and his income falls. leges he was engaged in espio-
While global grain prices Valery Kolosha, a farmer in Ukraine’s Chernihiv region, has turned to growing sunflowers to keep his business afloat. nage, an accusation he, the
rose sharply when the Black Journal and the U.S. govern-
Sea deal collapsed, they fell in metric ton for wheat they de- around $215 a metric ton for Ukraine’s Chernihiv region, 2022-23, according to the as- ment vehemently deny.
Ukraine as the local market liver to ports on the Danube wheat. northeast of Kyiv. sociation. The journalist has been
was flooded by supplies River, less than before the “Today, the market is When he heard the news Before the war, the Danube held at Lefortovo prison in
trapped in the country. deal collapsed, analysts say. dead…I am just trying to keep that Russia had pulled out of ports of Reni and Izmail Moscow since he was de-
Ukrainian farmers currently Just across that same river, my head above water,” said the grain deal, he punched the shipped almost no grain, but tained. If the latest extension
get paid up to about $160 a Romanian farmers can get Kolosha, who farms in wall of his office in frustra- today vessels are backed up. stands, he will have been be-
tion, he said. Barges continue to sail from hind bars for at least eight
Starved of income, many the ports to Constanta in Ro- months before the start of any
farmers will likely struggle to mania, where cargoes are trial. Russian prosecutors ha-
finance the planting of the loaded onto larger ships. ven’t said when a trial would
next round of crops. That in More than 250 cargo ves- be held.
turn could limit production in sels were recently at the Black Gershkovich’s appeal was
one of the world’s biggest Sea end of the Danube, listing lodged at the Lefortovo Dis-

Gold Goes
grain suppliers at a time of al- Reni, Izmail or Constanta as trict Court in Moscow on Fri-
ready high food prices. their destination, according to day, according to the court.
Some farmers said they ship-tracking data from Spire The appeal is to be heard at

with have decided to plant less

winter wheat because of re-
cent events. Others, in antici-
Global.
If the Black Sea stays
closed, “Ukrainians will be
the Moscow City Court.
Gershkovich’s lawyers
couldn’t be reached for com-

Everything pation of export problems,

had already started switching
to more lucrative crops such
faced with huge problems,”
said Serhii Kravchuk, chief ex-
ecutive of Gals Agro, a diver-
ment. Previously, Gershk-
ovich’s lawyers have asked the
court to grant him bail or al-
as sunflowers. sified agriculture group based low him to await trial under
Before the war, almost all north of Kyiv. house arrest. Their requests
COMPLETE YOUR LOOK of Ukraine’s agricultural prod- The cost of exporting have been repeatedly denied.
WITH A LITTLE SHINE AND ucts were exported through grains over land or via the Gershkovich is the first
Black Sea ports, which closed Danube is typically far greater American journalist arrested
A LOT OF STYLE when Russia invaded in Febru- than going out via the Black on espionage charges in Rus-
ary of last year. That route Sea, according to the UGA. sia since the end of the Cold
then reopened in July 2022 af- Last November, it cost around War. The State Department
ter the United Nations and $29 a ton to ship grain from has deemed him wrongfully
Turkey brokered an agreement central Ukraine out via the detained, unlocking a broad
with Moscow. Black Sea but $124 a ton from U.S. government effort to ex-
Grain vessels have been Danube ports, the UGA said. ert pressure on Russia to free
steering clear of Odesa-area Around the same time, it cost him.
ports since Russia scuttled the $140 a ton to export over land On Thursday, the Journal
deal last and out of the expressed disappointment
month, leaving Polish port of over the extension of Gershk-
thousands of Gdansk. ovich’s detention.
tons of grain ‘Today, the Kravchuk “We are deeply disap-
stranded in market is dead… said he expects pointed he continues to be ar-
$
695
Compare at $1,095
warehouses
there. Turkish
and U.N. offi-
I am just trying
to keep my head
export costs to
rise and that
the evolving
bitrarily and wrongfully de-
tained for doing his job as a
journalist,” the newspaper
cials are push- situation has said in a statement. “The
ing Russia to above water.’ created con- baseless accusations against
rejoin the pact, stant uncer- him are categorically false,
while the Euro- tainty. and we continue to push for
pean Union and Agricultural his immediate release. Jour-
U.S. are working on alterna- company IMC is now rethink- nalism is not a crime.”
tive export routes. ing its strategy in the wake of Emma Tucker, editor in
For now, Ukraine’s exports the grain deal’s collapse, said chief of the Journal, and Al-
go out via its western land Chief Executive Alex Lissitsa. mar Latour, chief executive of
Skillfully crafted in Italy, our on-trend paper clip link borders or two small ports on Issues under consideration in- Dow Jones and publisher of
necklace glows in 14kt yellow gold. Wear the toggle the Danube, which have been clude whether to diversify the Journal, said in a joint
attacked by Russia. crops or target different end statement that it was “also a
clasp in the front or back – either way, it gracefully August is typically a slow markets, as well as how best reminder of the fight we’re in
period for Ukrainian grain ex- to store grain that it can’t ex- as Evan has now been wrong-
drapes the neckline in a chic silhouette you'll love. ports. The true test for port. fully detained for five
Ukraine’s stressed borders will Some farmers, including months—a horrific and sober-
Gorgeous on its own or layered with other favorites! come in September and Octo- Kolosha and Lissitsa, have al- ing milestone in our efforts to
ber, when the country’s mas- ready planted more sunflow- free him.”
sive corn and edible oil har- ers, whose seeds can be used
Available in 16" $695, 18" $785 and 20" $875 vest is brought in. to make cooking oil.
This season, Ukraine is set Sunflowers, whose broad
NATALIA KOLESNIKOVA/AGENCE FRANCE-PRESSE/GETTY IMAGES

to export around 57 million yellow faces are a common

metric tons of grains and edi- sight across Ukraine, currently
ble oils, according to the offer a higher margin than
Ukrainian Grain Association. corn, Ukraine’s biggest crop.
Ukraine’s land borders with That means farmers don’t need
the EU only have capacity to to export as much to make the
export 15 million to 16 million same amount of money.
tons a year, meaning the The catch is that Ukrainian
country’s Danube ports will farmers say sunflowers drain
ORDER TODAY! have to handle the rest with- their soil of nutrients.
To receive this special price and free shipping use offer code: ALLURE74 out an improvement in capac- “It’s not good, it’s bad for
ity at land borders, the UGA the soil, but you need to sur-
1.800.556.7376 or visit ross-simons.com/allure said. Around half of Ukraine’s vive,” said Kolosha, who dou-
grain exports, or some 29 mil- bled the amount of land he
Item #926742 lion metric tons, went out via planted with sunflowers from Russian prosecutors haven’t
the Black Sea corridor during the season before the war said when a trial of Evan
the last harvest season of started. Gershkovich would be held.
 .

THE WALL STREET JOURNAL. * * * * * Monday, August 28, 2023 | A9

WORLD NEWS

Ideology What stimulus Beijing has

provided has come in dribs
and drabs, and to limited ef-

Drives Xi’s fect. Several interest-rate cuts

have failed to expand activi-
ties because of tepid demand

Fiscal Plans for credit.

Fear of ‘welfarism’
Continued from Page One Beijing’s reluctance to bet
down on consumer internet more heavily on consumption
firms and other private compa- goes back years. Chinese offi-
nies—a campaign that led to cials resist policy changes that
weaker private investment—it would encourage people to save
remains skeptical of their un- less and spend more, such as
regulated expansion. expanded health and unemploy-
Meanwhile, China’s eco- ment benefits. The lack of
nomic outlook continues to spending on social welfare runs
darken. counter to some stated goals of
Manufacturing activity has China’s Communist Party, which
contracted, exports have fallen, has staked its legitimacy on de-
home prices are weakening and livering continued prosperity.
consumer prices have dipped Chinese households’ cash
into deflation. Youth unemploy- benefits from the social-secu-

LIANG ZHIQIANG/XINHUA/ZUMA PRESS

ment has reached record highs. rity system make up 7% of the
Xi signaled Beijing’s intent country’s gross domestic
to avoid more Western-style product—about a third of the
stimulus in a speech published ratio in the U.S. and the Euro-
on Aug. 16 by the Communist pean Union, according to Bert
Party’s premier journal, Hofman, head of the National
Qiushi. He urged “patience” University of Singapore’s East
and the need to avoid follow- Asian Institute.
ing a Western growth model. Economists and investors have been calling on Beijing to promote consumer spending by offering handouts. “In terms of concrete mea-
Timing of the publication sures aimed at expanding de-
was intentional, according to China's household Household expenditure mand, nothing much has been
two of the people familiar Calls for stimulus savings rate* 2022 as a share of GDP
Looming risks done,” said Hofman, the World
with Beijing’s decision-mak- Beijing might eventually 33.5% The longer China waits, the Bank’s former country direc-
ing. Xi gave the speech in Feb- back more-aggressive stimu- 34% 70% U.S. more it risks slipping into pro- tor for China. “The principal
ruary, but it was made public lus, especially if it risks signif- longed stagnation, some econ- reluctance to do so is ideologi-
only after China released new icantly missing the govern- omists warn, potentially turn- cal, and Xi Jinping has repeat-
data showing continued eco- ment’s growth target of 5% or 32 60 ing the country from a reliable edly said that China should
nomic weakening. so for this year. Some econo- World source of global growth into a not create a Western-style
By publicizing the speech mists note how Beijing ini- risk to the world economy. welfare state.”
now, the people said, the lead- tially refused to abandon “Investors are waiting for People familiar with Bei-
30 50
ership intended to push back tough Covid-control mea- signs that Beijing will adopt sig- jing’s thinking said Xi made
EU
on voices at home and abroad sures, only to abruptly change nificantly more forceful and ef- his feelings on the matter
urging Beijing to do more to course when costs grew too fective stimulus policies,” said known as far back as 2016.
help the economy, particularly high. 28 40 Michael Hirson, head of China “Our country does not have in-
with a fiscal package targeting More likely options now Research at New York-based sufficient demand,” Xi said in
households rather than gov- include greater spending on China consulting firm 22V Re- a speech that year, shortly af-
ernment projects. infrastructure and other gov- 26 30 search. “The latest signals sug- ter launching overhauls meant
Another party journal, ernment-favored projects, as 2013 ’15 ’20 1980 ’90 2000 ’10 ’20 gest continuation of a conserva- to expand Chinese industry.
Study Times, published an ar- well as further credit loosen- tive approach despite the risks Chinese officials told their
*Percent of disposable income
ticle that specifically argued ing—following several recent Source: UBS (savings rate): World Bank (household expenditure)
that it is insufficient to address counterparts at multinational
against handing out cash to interest-rate cuts—economists China’s current challenges.” institutions that the many
consumers. “While such mea- and people familiar with Bei- Communist Party aims. clicking again. Investment in Beijing’s stimulus options hardships Xi survived during
sures could work in stimulat- jing’s thinking said. The Aug. 16 Study Times roads, factories and other hard are further constrained by high the Cultural Revolution—when
ing consumption to some ex- Such moves reflect Beijing’s article emphasized the bene- assets to drive growth has debt levels, especially among he lived in a cave and dug
tent, the cost of doing so is preference for having the gov- fits of the longstanding in- been yielding diminishing re- local governments. The people ditches—helped shape his
too great and it is absolutely ernment play the central role vestment-led model, saying turns as the government runs familiar with Beijing’s decision- view that austerity breeds
unfeasible in China’s case,” in goosing growth, either by “investment not only gener- out of useful projects to build. making said Xi and his team prosperity, the people said.
the publication said. investing in infrastructure or ates immediate demand, but Consumption remains a believe they must be careful “The message from the Chi-
The State Council Informa- by channeling funds to se- also serves as the true driving smaller part of the economy, with stimulus so they don’t un- nese is that Western-style so-
tion Office, which handles me- lected sectors such as semi- force for growth.” and could drive years of dermine efforts to limit debt cial support would only encour-
dia inquiries for senior leaders, conductors and artificial intel- But many economists worry growth if properly encour- and curb speculation, espe- age laziness,” one person
didn’t respond to questions. ligence that can advance more is needed to get China aged, economists said. cially in the property sector. familiar with the meetings said.

Colleges Spend Students foot the bill for flagship state

universities that pour money into new
buildings and programs with little pushback.

Like There’s No Some of the best-known public universities have been on

decadeslong spending sprees. WSJ’s exclusive investigation
reveals that they’ve been relying on students’ tuition – helping

Tomorrow. ‘These
drive student debt to record highs.

Places Are Just

READ NOW
WSJ.com/EducationInvestigation

Devouring Money.’

© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0048
 .

A10 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

FROM PAGE ONE

Donor
Visits
Children
Continued from Page One
seen union of in vitro fertiliza-
tion, the internet and low-cost

FROM TOP: DAVID WALTER BANKS FOR THE WALL STREET JOURNAL; SOPHIE PARK FOR THE WALL STREET JOURNAL (2)
DNA testing. Together, these
disparate advances have made
it possible to find biological
fathers who in the past were
kept largely anonymous by
sperm banks.
Months after Stone-Miller
and his wife split up in 2020,
a stranger messaged him. “I
really hope you don’t feel vio-
lated in any way, but it’s Ca-
nadian Thanksgiving and I
wanted to tell you how grate-
ful my family is to you,” wrote
Alicia Bowes, one of Harper’s
two mothers. She had tracked
Stone-Miller through social
media and clues from his do-
nor file, including his first
name and his father’s occupa-
tion as a forensic psycholo-
gist.
Stone-Miller opened
Bowes’s Instagram page and
saw Harper’s photo. Days
later, he asked Bowes if he
could join a Facebook group of
parents called Xytex 5186 Off- Dylan Stone-Miller, left, holding J, one of his biological children, during a May visit with the family of Lindsay Harris, right, and Lindsay Murphy, J’s two
spring, named after his sperm mothers, and their son Cal, another of Stone-Miller’s biological children; below, Dylan Stone-Miller during a stop on his 9,000-mile road trip.
bank ID. She agreed to form a
new group for those inter- 14 on his road trip, setting
ested. When he told the group aside the longest amount of
he wanted to meet their chil- time for Harper and Harlow.
dren, the parents of 20 of He arrived to see the girls on
them responded. Most of the July 10 and stayed nearby. He
parents in the group are fe- babysat them, affording their
male couples or single women, mothers a night out. Stone-
reflecting a trend in the Miller said he made ravioli
sperm-bank industry. that night, but Harper didn’t
Stone-Miller learned about like it. He fixed her toast and
the Facebook group at a tough eggs. He read the girls bed-
time in his life. His former time stories and helped them
wife and her young son had brush their teeth.
moved out of the three-bed- During the visit, he took
room house in east Atlanta Harper to the mall, and at the
they bought together. “I felt food court a passerby told her,
like such a failure,” he said. A “That’s one good dad,” Stone-
few months later, on the first Miller recalled. It was an awk-
day of a new job, he received ward moment. “We look
Bowes’s message. alike,” he said. “With the type
The relative ease of finding of intimacy Harper and I
the identity and whereabouts share, it was easy for people
of sperm donors is remaking to say this is a father-daugh-
traditional views of what com- ter relationship.” Harper, he
prises a family. Parents say in- said, calls him Donor Dylan.
troducing a biological father Harper and Harlow had an
to their children carries po- older brother, Huxley, who
tential rewards, as well as the died three days after his birth.
risk of hurt feelings and failed To commemorate Huxley, his
expectations. More than a mil- mothers got matching tattoos
lion Americans have been con- of Benedict the bunny, a
ceived through artificial in- stuffed toy, sitting atop the
semination and in vitro moon, three stars for the
fertilization; the number born number of days the baby lived
of sperm donors isn’t tracked. and his name. They also got
Sperm donation, long washable tattoos for Harper
shrouded in secrecy, had al- and Harlow to wear. During
ready changed by the time his visit in July, Stone-Miller
Stone-Miller began. He gave her biological grandchildren. dad. You have a donor.’ ” years, and Cal told his two about nearby plants. also wore one. Stone-Miller,
permission for the sperm bank “I can see facets of Dylan in That didn’t set well with mothers that he wanted to “Is that poison oak?” he who was Huxley’s biological
to reveal his identity to any of almost all of the children,” she Stone-Miller. “It was hard to spend time alone with Stone- asked. “I don’t want him to father, said he, too, felt the
his biological children after said. “So many of them are look my biological daughter in Miller. The moms agreed to let touch that if it’s poison oak.” loss.
they turn 18. Joining the Face- blond and blue-eyed the way the eye and tell her I wasn’t Stone-Miller drive Cal to a He took a photograph of
book group opened the door he was. I can see the spark, her dad,” he said. Target store to buy toys. the tattoo and asked the
years early. “I wanted to the spark he always had.” Early in his trip, Stone- “I have some trepidation Perfect storm mothers whether they minded
watch the children grow up,” As a college student, Stone- Miller stopped at his grand- about sending Cal off in the Stone-Miller’s parents di- if he got a real one like theirs.
he said. Miller said, he donated sperm mother’s house in Marshfield, car with Dylan,” said Lindsay vorced when he was 14. He Bowes said that was fine.
Some parents decided they for the money, $100 a visit. Mass., and voiced his disquiet Harris, one of Cal’s mothers. and his sister, who is four Later that night, the moms
wanted nothing to do with Looking back, he said, it was about finding his place among “But I believe Dylan is who he years younger, spent six out of talked it over. They discussed
him. Those who have wel- more than cash that kept him all the children. “Am I a par- says he is. He has proven that. every 14 days with their father personal boundaries—what
comed him to their home are at it for six years. ent? Maybe sometimes from It feels reassuring. I totally and the rest with their belonged to the family, what
trying to figure out his role—a Stone-Miller has twice vis- the child’s perspective? I don’t trust him.” mother, who was a professor they felt comfortable sharing
biological father, a donor dad, ited Harper and her sister know,” he said. “It’s not for After Target, they went to of ancient indigenous Ameri- with Stone-Miller. They have a
a visitor or special friend. Nei- Harlow—also one of his bio- me to say, but it certainly the park to spend the after- can art history at Emory Uni- role as parents, and he has a
ther parents nor Stone-Miller logical children. In July, he feels like parenting every once noon with Cal’s moms and his versity in Atlanta. smaller role as a donor. Hux-
are certain where to draw the stayed nine days at an Airbnb in a while.” 3-year-old brother, another of When he was 19, Stone- ley’s memory was theirs, they
line. near their house in Edmonton, Stone-Miller said he had Stone-Miller’s biological chil- Miller said, a woman he dated decided.
“There are moments when Canada, the longest visit of his told his therapist that he ex- dren. When it was time to told him she was pregnant. “It felt like he was pushing
it feels intrusive with Dylan,” road trip. The girls’ mothers pected to stay connected with leave, Cal was sad and so was She had planned to have the too much,” Alicia Bowes said.
said Bowes, who has allowed acknowledged the complexi- his biological children indefi- Stone-Miller. “It’s hard to say baby but changed her mind. “I “No one could understand the
Stone-Miller to visit twice in ties of the relationship, from nitely. “And yet,” he asked, goodbye each time,” he said. had started to make the men- grief of losing your child. This
the past year. “It’s about us his role in their lives to what “how is that possible?” Cal’s mothers were grateful tal shift toward becoming a felt like our personal space,
figuring out what boundaries to call him. for the visit. “Where we live, father,” he said. “I had a vi- something very close to our
are, as well as him figuring “I don’t want Harper to feel there is no family like ours,” sion in my mind about what it hearts.”
out his boundaries.” like she can call him any- Hard goodbyes Harris said. “So when a kid might look like to have The next day, Bowes’s wife
Stone-Miller’s mother, Re- thing,” Bowes said. “He is not Before leaving on his trip, says, ‘You don’t have a dad,’ brought life into the world.” sent Stone-Miller an Insta-
becca Stone, said she doesn’t her dad. Period. If she were to Stone-Miller went to see Cal, Cal can say, ‘I do have a bio- Her decision left him with a gram message saying she
have a simple answer to ex- say that in front of us, we his 6-year-old biological child logical dad. I have a donor lingering feeling of loss, he wasn’t comfortable with him
plain her son’s motive. She is would straight up say, ‘Dylan who lives in a suburb of At- dad. I see him. He is part of said. getting the tattoo.
delighted, though, to see the is not your dad. He will never lanta. He had visited the boy my life.’ ” Nine months later, Stone- “I understand I did not go
photos Stone-Miller sends of be your dad. You don’t have a several times in the past two Two days later, on May 26, Miller, who was studying psy- through the loss in the same
Stone-Miller ate a pile of ba- chology at Georgia State Uni- way they did,” Stone-Miller
nana pancakes, and at 9 a.m. versity, was arrested for said. “It was their experience.
he left Atlanta in a Toyota underage drinking. His par- I had my own experience of
RAV4 packed with clothes for ents told him he had to pay it.”
hot and cold weather, camping for a lawyer. A roommate told Bowes said she has come to
gear, Frisbees and children’s him about the money he was better understand Stone-
books, including “Harold and making as a donor at the Miller, and that she can imag-
the Purple Crayon.” He sperm bank Xytex. The oppor- ine the powerful tug he feels
reached his most distant tunity came during a “perfect toward the boys and girls who
point, Vancouver, at the end of storm of financial need and look like him and want his
July, and he expects to return personal events,” he said. time and attention. She under-
home by September. Xytex said it monitors the stands that her family and the
Stone-Miller made an early reported geographic distribu- other parents are connected to
stop in eastern Connecticut, to tion of children born from a a man they barely know and
see 5-year-old Mac common donor, in line with whose steadfastness is un-
Wraichette, who was waiting industry guidelines. tested.
expectantly. “The moment he Stone-Miller collected sea- “We came on the scene
woke up, he asked, ‘Is Dylan shells from a beach in Costa when he was going through
coming?’” said Jessie Rica, where his father, now re- hard times. Being with the
Wraichette, one of Mac’s two married, lives. When Stone- children gave him a renewed
mothers. It was Stone-Miller’s Miller visits his biological chil- sense of purpose,” Bowes
third visit. dren a second time, he asks said. “As we get to know him
During their time together, them to choose one as a gift. more, we all feel more com-
Mac got in the pool to show He said he tries to be fair fortable. But my sense is he is
off his swimming. “You’re like about splitting his time with going to feel more entitled,
a fish,” Stone-Miller told him. the children. He keeps a which can be problematic. We
He pushed Mac on the back- spreadsheet for their names, need to keep enough walls up
yard swing set. When Mac ran ages and birthdays and when to protect our girls and our
to the slide and climbed the he last saw or spoke with family, but to make them per-
ladder, Stone-Miller called out them. meable enough that he can
Dylan Stone-Miller during a visit with Mac Wraichette, one of his biological children. a warning to Mac’s mothers Stone-Miller planned to see come in.”
 .

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, August 28, 2023 | A11

almost constantly.
But tech can be part of the so-
lution. Apple this fall is offering
two new features to assist in the
prevention of myopia.
With WatchOS 10, which is ex-
pected next month, the device’s
ambient light sensor will track
how much time people are spend-
ing in daylight. The feature will
be available on Apple Watch Se-
ries 6 and later and on Apple
Watch SE, which is the model
worn most by young kids. That
data will show up in the Health
app of the iPhone with which the
watch is paired.

Myopia progression
among children
increased by up to 35%
during the pandemic.

Apple is also introducing a new

feature in iOS 17 and iPadOS 17,
also due out next month, for de-
vices that have Face ID. It prompts
people to hold their iPhones or
iPads farther away if the devices’
sensors detect they’re being held
closer than 12 inches for an ex-
tended period. Once you get the
software update, you can enable
the feature by going to Screen
Time in Settings and turning on
Screen Distance.
Korn says decreasing the

More Sun, Less Screen

amount of time you spend looking
closely at books or digital devices
can reduce the progression of
myopia.

To Protect Young Eyes

What else you can do
Find small chunks of time. The In-
ternational Myopia Institute rec-
ommends children spend 80 to
120 minutes in daylight every day.
Too much screentime, lack of outdoor playtime causing rise in myopia This doesn’t have to be all at
once, say doctors—15 minutes
here and there adds up. Send your
clear. Our vision is getting worse focus, so objects in the distance kids to the backyard while you
FAMILY because of our relationship with appear blurry. prepare dinner, have them walk to
& TECH our devices. “There’s something in the spec- school if possible and build in
While there’s no consensus on trum of visible light that prevents other routine ways for them to
JULIE how much time kids spend out- the eyeball from growing too catch some rays.
JARGON side, doctors like to cite one stat, much,” says Dr. Tommy Korn, an Do any outside activity. The time

K
from a 2015 University of Michi- ophthalmologist in San Diego. kids spend outside doesn’t have to
ids aren’t spending gan study: Kids spent just seven If myopia is left untreated with involve sports or other strenuous
enough time outside. minutes a day in unstructured glasses or contact lenses, it can physical activity. Taking a walk or
It’s fueling an epidemic outdoor play time. If anything, eventually lead to cataracts or reading a book under a tree is
of nearsightedness. that figure has shrunk in recent blindness. Korn and other doctors fine. (Just be sure your kids hold
Nearsightedness de- years. say myopia diagnoses have accel- their books more than a foot away
velops in childhood, Schools and child-care centers erated in the past three years as from their face.)
typically between ages 5 and 16, still have recess, and many kids schoolwork shifted online and kids Don’t worry about the weather.
and it’s closely linked to a lack of play outdoor sports, so they’re spent more time inside during the You don’t have to be exposed to
exposure to sunlight. Eye doctors likely getting more outdoor time pandemic. Myopia progression direct sunlight to derive benefits.
say more kids are developing the than that. But they aren’t wander- among children increased by up to Being in the shade or under clouds
condition and at earlier ages. Half ing the streets or riding bikes like 35% during the pandemic, accord- is fine.
FROM TOP: ILLUSTRATION BY JON KRAUSE; APPLE

the global population is expected they did in past decades. ing to one report.  With the coming update, certain Make it a family thing. Haggar, the
to be nearsighted by 2050, up People with myopia, the condi- Apple Watch models will be able pediatrician, says kids are more
from 30% now, according to the tion’s formal name, have a hard Tech reminders to sense how much time you likely to spend time outside if
World Health Organization. time seeing things clearly in the “Kids are busy with structured spend in daylight. their parents do, so do outdoor ac-
Sure, kids choosing screens distance. It’s referred to as near- activities and when they’re given tivities together.
over outdoor fun is a long-run- sightedness or shortsightedness the opportunity to have free Track it. Tracking goals is thought
ning—potentially overplayed— because people can see things up time, they often choose inside ac- Sanford School of Medicine. to lead to more accountability, so
theme. And as annoying as it is to close more easily. When eyes don’t tivities like electronics,” says Dr. Children spend more than keep a log of how much time your
parents, it’s been hard to quantify get enough natural light, they Jennifer Haggar, a clinical asso- seven hours a day looking at kids spend outside. You can use
the damage. In the case of eye- grow longer, say researchers. The ciate professor of pediatrics at screens, on average, and some plain old paper if you don’t have a
sight, however, the research is longer shape makes it harder to the University of South Dakota studies find that teens are online watch or other device.

MY RIDE BY A . J. BAIME

Film Director Goes

Off Script with Truck
Nicholas Maggio, 43, writer and ries on a group of guys in northern
director of the feature film “Mob Alabama who were big into beat-up
Land” who lives in Los Angeles, on muscle cars. They built these cars
his custom 1978 GMC Sierra with whatever they had, because
Grande pickup called “Deth Clutch,” they wanted to do burnouts and
as told to A.J. Baime. drag races and have fun. Those
guys inspired me.

I
have always loved the late During the pandemic, I found a
1970s GMC and Chevy “square farm truck on Craigslist. It was
body” pickups. Even though I nothing special, just a survivor, and I
grew up in Bakersfield, Calif., where bought it for $7,200. Within a cou-
everyone had pickups, I had never ple of weeks, I had it in a buddy’s
owned one myself. I knew I wanted speed shop in Compton. be me in truck form, a hodgepodge Clutch,” and I have that on the horn Camaro because I like the shape and
to do a custom build, but I didn’t The idea became: Let’s build a of everything I love. A little beat up, button at the center of the steering color. My buddy made a custom alu-
have a clear idea. I did a photo se- backyard race truck, something that getting up in years, loud and ab- wheel. My buddy at the Compton minum racing dash with AutoMeter
was hand-built and spliced together surd, like a junkyard special, but speed shop rebuilt the motor, gauges and hand-fabricated a grille.
with whatever we had around. But more high-end. Sort of tastefully squeezing as much out of the 350 We stripped the interior and put in
Maggio says his Sierra Grande it would actually not be that; it distasteful. It was never meant to cubic-inch V-8 engine that he could all-new suspension. All of it sits on
includes things he loves, like 1980s would be a homage to that. In fact, be serious—just a way to have fun. without a turbo or supercharger. big Mickey Thompson-brand tires
Chevrolet Camaro seats. it would be highly curated. It would The truck’s name is “Deth We pulled seats out of an ’80s [Thompson was a famous drag racer
who was murdered in 1988].
I started a truck club with a
buddy called ‘El Los Sadboys.’ It’s
only him and me. Our motto is, “So
Far, So Good”—a nod to the French
movie from the 1990s called “La
Haine.” In it, there’s a voice-over
about a guy who falls off a building,
and he is counting the floors as he
JULIEN JAMES FOR THE WALL STREET JOURNAL (4)

falls. With each floor, he says, “So

far, so good.” Meaning: I’m not dead
yet. That about sums it up.
When I drive Deth Clutch
through Los Angeles, most people
see it and think, “What is this gross
truck? Get out of the way.” But a
niche type of motor-sport person
will see it and really love this truck.
It’s not terribly fast, but it is a raw,
visceral driving experience. You’re
doing 80 mph, and it feels like 210.
 .

A12 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Buying the Best EV

experience is tied in to Tesla’s
PERSONAL charging network and integrates
TECHNOLOGY live battery information. There’s
JOANNA no Apple CarPlay or Android
STERN

Under $60,000
Auto, but you can pair your
phone. If you pay for the $10-a-

W
month Premium Connectivity
hat does a tech package, you can stream directly
columnist like me via in-car Apple Music and Spotify
know about cars? music apps, plus other options.
So much.
Our tech columnist reviewed five electric vehicles for battery life, touch Ford’s and Hyundai’s own soft-
Sure, I
thought “drive-
screens and smart assistance—and came up with a winner ware looks like Windows 95 by
comparison, but they make up for
train” was what a rail- it with CarPlay and
road engineer does, Android Auto. Ford
and a “catalytic con- has wireless CarPlay
verter” was a meow- and deeper Apple
to-English translator. Maps integration.
But in the past decade,
cars became comput- Assisted
ers on wheels. Espe- driving
cially the new electric All three finalists
cars. And I do know have active driving
computers. assistance, including
Batteries, fast char- adaptive cruise con-
gers, touch screens, trol and lane center-
cameras, apps, operat- ing for controlling
ing systems. The elec- speed and steering.
tric-vehicle revolution Ford’s BlueCruise
has brought smart- assesses road condi-
phone and laptop es- tions and consults
sentials to the open built-in maps to indi-
road, while pushing cate when you are in
much of the 20th-cen- a “hands-free zone.”
tury mechanics onto In such a stretch of
the exit ramp. highway, it prompts
So when I decided you to take your
to look to the future hands off the wheel.
and buy an EV for my To initiate a lane
second family car, I change, you just flick
needed to think charg- the turn signal.
ing cables, not jumper The first time I let
cables. The hard part the Ford’s system
was figuring out shift lanes on the Gar-
which EV to buy—and den State Parkway at
if any could actually 65 mph, I had to re-
rival the industry pio- mind myself I had
neer, Tesla. (Spoiler: good life insurance.
Some do!) The more I trusted
My criteria: around the car, the more
300 miles of battery comfortable I got.
range, strong safety Tesla’s Enhanced
ratings and all the Autopilot tells you to
coolest tech. And a keep your hands on
price tag of $60,000 or the wheel at first. In
less. and the Ford were neck and neck,  Columnist Joanna Stern’s  Charge speed: That SemaCon- my tests on the highway, however,
Before I knew it, my driveway with around 150 miles left on the criteria consisted of a vehicle nect charger was slow—Level 2 in I was able to use it hands-free. En-
looked like a Hertz lot. I had five of battery. The Hyundai was just be- having around 300 miles of EV speak, just a notch up from the hanced Autopilot can even actively
the leading electric compact SUVs: hind at around 125 miles left. battery range, strong safety wall plug that charges your phone. follow the navigation, automati-
Ford’s Mustang Mach-E, Hyundai’s That’s in part because of the con- ratings and all the coolest tech. It took roughly six hours to charge cally merging onto highways and
Ioniq 5, Kia’s EV6, Tesla’s Model Y figurations we tested. The Tesla the Ford and Hyundai from about taking exits. I couldn’t bring my-
and Volkswagen’s ID.4. Model Y Performance is rated for 40% to 100%. Charging a car can self to trust it.
All of the companies except a 303-mile range by the Environ- eral occasions, I had to restart the take less than an hour using DC
Tesla provided loaner vehicles, mental Protection Agency, while process. Once, in Maryland, I fast charging if you can find it. Lo- The verdict
which I tested for about 10 days the Ford Mustang Mach-E Pre- couldn’t connect the charger prop- cating Tesla’s fast chargers, aka OK, buying a car isn’t exactly like
each. I rented a six-month-old mium with its extended battery is erly and had to get back in the car Superchargers, was easier wher- buying a computer: It’s a more
Tesla Model Y on the car-sharing rated for 290 miles. The Hyundai and repark at another stall. ever I was. emotional decision.
marketplace Turo. loaner was rated for 266 miles. (A Sara Rafalson, a senior vice The good news? Tesla has Sure, Tesla has a superior
I took the three top contend- rear-wheel-drive option is rated president at EVgo, attributes this agreed to allow other cars from charging network—and my 6-year-
ers—the Tesla, Ford and Hyun- for 303 miles.) to the “complicated handshake Ford, GM and others to access old loved how the car makes fart
dai—on a road trip. I evaluated My EV road rally ended up be- that happens between the vehicle more than 12,000 Superchargers noises. (Seriously.) But I found the
battery range, charging, infotain- ing less of a race and more of a and the charger,” explaining that in early 2024. Ford to be a smoother, more enjoy-
ment and assisted-driving sys- confirmation that Teslas aren’t the this should improve as industry able drive, and I really felt more
tems. Just like with Mac vs. PC only 300-mile options out there. standards develop. EV drivers can Infotainment comfortable with the screen over
and iPhone vs. Android, I found also use the company’s app to According to my growth projec- the steering wheel. Plus, I don’t ex-
these cars ran on distinct plat- Battery charging simplify the process, she added. tions, cars will have touch screens pect to road-trip more than two or
forms, each with their own hard- Tesla uses its own charging con- the size of pickleball courts by three times a year in this car, and
ware and software trade-offs. nector and port, which it now  Payment apps: The apps might 2027. I’m installing a home charger.
calls the North American Charg- be helpful for repeat customers, Both Ford and Tesla have re- So my plan is to lease the Ford
Battery range ing Standard. After you’ve put but they’re a pain when you pull placed virtually all buttons, knobs Mustang Mach-E. With this tech-
Decades of testing gadget batter- your payment information in the up to a charger and there’s no and dials with center-console tab- nology improving so quickly, just
ies has taught me two things: 1) Tesla app, you can plug in at a other way to pay. Here’s a fun lets. The Tesla’s 15.4-inch screen is as smartphones did in their first
There’s no perfect way to test, Tesla station, which automatically story: Late one night in rural Con- horizontal while the Ford’s 15.5- decade, it’s hard not to want to
since everyone uses their devices starts charging the car—and your necticut, we came across a Sema- inch screen is vertical—and has a upgrade after a few years. And the
differently. 2) You should do it account. Connect charger with no credit- physical knob to control volume Mustang, nice as it is, might end
anyway. Ford, Hyundai and those others card reader. With little cellular and temperature. up being the BlackBerry of EVs.
So I recruited two of my col- I tested use the Combined Charging service, I tried downloading the But Ford has another screen As with so many of my past
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL

leagues, and together we drove System port, which is bulkier than app—only to learn that another behind the steering wheel so you columns, I’m betting on a dongle—
the three finalists to the same Tesla’s design and works at charg- charging company, Blink, had can monitor speed, range and the one that plugs Fords into the
place on the same day. ing stations operated by a variety bought SemaConnect. So I down- more without looking over. With Tesla networks—to connect the
The destination: Lime Rock of new names, including EVgo, loaded another app. Fifteen min- the Tesla, I found it distracting to past to the future.
Park racetrack in Lakeville, Conn., ChargePoint and Blink. utes fumbling in the dark, and I keep glancing to the right. The
about 130 miles north of my house I encountered three issues with was finally charging. Hyundai also has two screens,
in New Jersey. We charged all the non-Tesla chargers: SemaConnect’s transition to though less ginormous. Watch a Video
cars to 100% and tried to stan- the Blink network might have Tesla is closest to having a Scan this code for a
dardize battery drain by maintain-  Reliability: At a local EVgo sta- caused an inconvenience for some whole-car operating system. You video on Joanna
ing similar speeds and air-condi- tion, it often takes time for the users, a Blink spokesman said. tap the display to set the child Stern’s road trip to
tioning levels. charger to communicate with the Also, the company is adding more lock, open the glove compartment find the best EV for
When we arrived, the Tesla vehicle and start charging. On sev- chargers with credit-card readers. and do other tasks. The navigation under $60,000.

Real Cost of cedures, even if these “incidentalo-

mas” are usually benign. The clinics
tating effects of cancer and often-
times, it’s diagnosed in its later

Body Scans
generally don’t handle that in-house, stages, where the chances of survival
instead flagging concerns that pa- decrease, treatment becomes less ef-
tients can take to a specialist. fective and quality of life can quickly

Goes Beyond And while many scans employ

magnetic resonance, which has no
decline,” says Andrew Lacy, Prenuvo’s
chief executive, adding, “The risk of

The Price Tag

radiation exposure, others do ex- uncovering findings of indeterminate
pose patients to potentially un- significance and false positives are
healthy radiation. not new and exist in any radiologic
“These are a bad idea,” says Dr. examination.”
Mirza Rahman, a physician and
BY ALEX JANIN president of the American College Recommended scans
of Preventive Medicine. “Follow-ups Some doctors may recommend full-

C
ompanies are selling body mean everything from more costs body scans in asymptomatic pa-
scans to seemingly healthy pa- to more procedures that may lead tients with certain risk factors, in-
tients, promising peace of to complications.” cluding a genetic predisposition to
mind. Traditional medical profession- The ACPM has published formal forming multiple tumors, says Dr.
als are concerned about the costs. guidance recommending against Resten Imaoka, a radiologist at
The financial cost for a preven- full-body scans in asymptomatic pa- come even more popular among body and cardiac CT scans at its Washington University School of
tive scan ranges from $650 to sev- tients. The American College of Ra- wealthy patients who feel detection four locations. Medicine in St. Louis.
eral thousand dollars. Insurance diology released a statement in of any life-altering illness is worth Taylor Dukes, a 33-year-old nurse The U.S. Preventive Services Task
generally doesn’t cover it. April: “There is no documented evi- the extra hassle and cost. practitioner with a functional medi- Force recommends annual lung-can-
Demand for these types of pro- dence that total body screening is cine practice in Fort Worth, Texas, cer screening with CT scan for
cedures has surged, particularly cost-efficient or effective in pro- Health risks believes her 2022 Prenuvo scan adults between ages 50 and 80
among the wealthy, healthcare pro- longing life.” Radiologists in the There are dozens of clinics that spe- was a lifesaver. The company of- who have smoked the equivalent of
fessionals say. People are driven by Netherlands who conducted a cialize in or offer full-body preventive fered it free to her. At the time, a pack a day for 20 years and cur-
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ISTOCK

a fear of mortality. The clinics say meta-analysis of studies on preven- imaging, including MRI, CT scans and Dukes says, she felt no symptoms rently smoke—or who quit within
they can help patients catch early- tive full-body MRI screenings found DEXA scans, which can measure and didn’t anticipate the MRI would the past 15 years.
stage health issues such as cancer scans yielded false positives 16% of bone density and body composition. reveal a “significant finding.” Dr. Ron Primas, a concierge medi-
or aneurysms before symptoms oc- the time on average. “We often see There are more health risks associ- There was a mass on her brain, cine doctor who specializes in pre-
cur. Kim Kardashian recently shared patients coming to the hospital be- ated with imaging that uses radia- and among several potential diagno- vention and longevity, recommends
an Instagram post touting her own cause of an incidental finding, and tion, such as CT scans, radiologists ses was an aggressive, often lethal full-body MRIs for people with
scan from the preventive-MRI com- we have to deal with it,” says Dr. say. Exposure to low-dose radiation tumor. Subsequent imaging and re- strong family histories of certain
pany Prenuvo. Thomas Kwee, associate professor slightly elevates a person’s risk of de- moval surgery revealed the mass malignancies or aneurysms. He says
But beyond the upfront price tag, in the University of Groningen’s ra- veloping cancer, research shows. was a less aggressive but still can- 15% or 20% of his patients have
these scans can trigger unnecessary diology department and lead writer “Disease is there and if you can cerous tumor called oligodendro- done it. “In September when every-
expenses and anxiety, say some ra- on the meta-analysis. go and look for it, you’ll find it glioma, says Dukes. If left untreated, body comes back from the Hamp-
diologists and family doctors. The But healthcare professionals ac- there,” says Dr. David Fein, medical the condition could cause seizures tons and they all start getting physi-
detection of unexpected masses knowledge preventive scans aren’t director at Princeton Longevity and, in some cases, death. cals for the year, I’m sure I’m going
can lead to follow-up tests and pro- going away—and are likely to be- Center, a private firm offering full- “Many of us have felt the devas- to get a lot more requests,” he says.
 .

THE WALL STREET JOURNAL. NY Monday, August 28, 2023 | A12A

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A12B | Monday, August 28, 2023 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, August 28, 2023 | A13

ARTS IN REVIEW
EXHIBITION REVIEW

A Palace of Spain’s Imperial Past

BY DOMINIC GREEN

G
Madrid
eography makes his-
tory. For centuries, the
wall of the Pyrenees
meant that Spain was
of Europe but not in it.
Yet imperial Spain
shaped early modern Europe and
made Iberia a treasure house of
the continent’s religious and artis-
tic past. Too distant to be assimi-
lated but too important to be ig-
nored, Spain was ruled from 1555
to 1931 by foreign dynasties. As
Austrian Habsburgs and French
Bourbons built the Spanish state,
they built palaces and bought pos-
sessions, domesticating European
styles to Spain’s crepuscular inte-
riors and Catholic mission.
Today, Spain is a constitutional
monarchy. Madrid’s Royal Palace,
set on a flattened hilltop above the
city like an acropolis, doubles as a
museum. A government agency,
National Heritage, administers the
royal patrimony. Designed by
Emilio Tuñón Álvarez and Luis
Moreno García-Mansilla, the new
Royal Collections Gallery, which
opened on June 28, buttresses the
104-foot drop where the southern
edge of the palace plaza overlooks
the Campo del Moro gardens.
The lowest four of the mu-
seum’s 14 stories make an 86,000- ing of imported taste and local tal-
square-feet public space. Entering ent, through 650 of National Heri-
from the plaza, visitors descend by tage’s 170,000 holdings. Her The vast museum,
stone ramps to two giant exhibi- economical and expert selection which opened in June,
tion halls. Each is laid out like a includes tapestries, armor,
Roman racetrack, just over 300 bronzes, furniture, state coaches tells a four-century
feet long and only 50 feet wide, and paintings by Caravaggio, Ve-
one for “The Austrians” and one lázquez, Mengs and Goya.
dynastic story.
for “The Bourbons.” If the ramps After unifying Spain in the late
suggest Spain’s decline from impe- 1400s, the “Catholic Monarchs,”
rial glory, the halls’ long straights Ferdinand and Isabella, married
and tight corners evoke interna- their children into Europe’s royal ager, Philip inherited his father’s
tional competition and royal ba- houses. In England, Henry VIII’s portable altar in ebony, silver and
ton-passing. As each dynasty ran dissatisfaction with their daughter gold and a peripatetic Spanish
its course, it accumulated a house Catherine precipitated the Refor- court. The massive Flemish tapes-
style, kept up Catholicism, and mation. In Austria, their Habsburg tries that subdivide “The Austri-
kept out its neighbors and rivals. grandson Charles V ruled a vast ans” were luxurious symbols: In
The gallery’s director, Leticia Ruiz European empire. In 1556, Charles’s Michel Coxcies’s tapestry, Noah
Gómez, traces four centuries of son became Philip II of Spain. A pi- builds the Ark as Philip will build
imperial patronage, and the mix- ous patron and imperial microman- the empire. They also warmed his
chambers in the winter.
El Escorial, Philip’s summer
palace outside Madrid, had a pan-
theon, a seminary and a library. its monastery as lavish as possi- A room in Madrid’s Royal
There were Italian frescoes; ble; and his reliquary collection, Collections Gallery devoted to the
Philip’s collection of over 7,000 including a gilded fold-out minia- Austrian Habsburgs, whose
saintly relics and Counter-Refor- ture of the Duomo of Milan and a Spanish rule began in the 16th
mation artworks; an Embroidery teak casket trimmed in mother-of- century, top; a view of the
Workshop, to make the services at pearl from India. El Greco’s “Ado- museum’s vestibule, above
ration of the Name of Jesus,” also
called “Allegory of the Holy
‘A White Horse’ (1634-38) by Diego League” (c. 1577-79), encapsulates The expense of Philip’s Viet-
Velázquez, left; the ebonized this Hispanic mixture of piety and nam-like entanglement with the
walnut Black Carriage, below; and luxury. A tumble of bright colors Protestant rebels of the Nether-
a gallery devoted to the French carries the eye from the saints in lands broke the empire’s finances.
Bourbons, who succeeded the heaven to Earth, where the pope The round marble base of the Ea-
Habsburgs as rulers of the Spanish blesses a kneeling, black-clad gle Fountain (c. 1540) steers the
empire, bottom Philip for defeating the Turks. visitor around the end of the hall
and into imperial decline. The
Habsburgs took it on their fa-
mously prognathous chins. Philip
III (1598-1621) achieved a 20-year
truce with England and spent the
dividend on tapestries rather than
war. Philip IV (1621-1665) posed as
Hercules in his portrait by Ve-
lázquez, lost both Portugal and the
Netherlands, but gained Caravag-
gio’s “Salome With the Head of
John the Baptist” (c. 1607). Aus-
trian Spain now resembled Ve-
lázquez’s “White Horse” (1634-38),
rearing militantly with no one in
the saddle. The last Habsburg,
Charles II (1665-1700), is repre-
sented by his Black Carriage (c.
1670-80), an anticipation of his
own funeral in ebonized walnut.
Exit the morbid Baroque. Enter
the Bourbon Philip V (1700-1746),
bearing bright French rugs; bright
ideas about creating royal work-
shops for tapestries, glass and
crystal, porcelain, silk, clocks and
silverware; and also the plans for
the Royal Palace up on the plaza.
Enter also Philip’s Italian wife,
Elizabeth Farnese, bearing paint-
ings by Corrado Giaquinto from
Naples, Neoclassical knickknacks,
Chinese lacquer, Edo and Imari
jars from Japan, and also Charles
III (1759-1788), who did his best to
inhabit his paintings by Watteau
through French-style parties at his
country retreats.
The Bourbons were never as
Spanish as the Austrians. Where
other kings had nudes, Philip V
hid Michel Ange Houasse’s scenes
of French peasant life in his cabi-
net. Spain was not what it was, ei-
ther. In Spenglerian form, the arts
ripened as the dynasty declined.
The northern connection now
found expression in the Classical
fantasias of Anton Mengs, not the
religious intensity of the Flemish
weavers. Goya’s patron, Charles IV
(1788-1808), was chased out by
Napoleon and his son Ferdinand
VII restored by the British. When
we see Ferdinand VII’s carriage, a
sporty post-Napoleonic model, we
PATRIMONIO NACIONAL (5)

know the gilt is thinning and the

end is near.

Mr. Green is a Journal contributor

and a fellow of the Royal Histori-
cal Society.
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A14 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

SPORTS
BY JOSHUA ROBINSON

Novak Djokovic has spent nearly

his entire professional career chas-
ing the twin targets of Roger
Federer and Rafael Nadal. By the
time he won his first Grand Slam
tournament, in 2008, the other two
had 15 major titles between them.
Fifteen years later, those twin
monuments to sporting greatness
are all but gone. Federer retired
last year and Nadal is recovering
from injury in the hopes of making
next season his swan song. For the
first time in his tennis life, Djok-
ovic, 36, is by himself at the pinna-
cle of the game.
Or at least he was. Carlos Al-
caraz, the 20-year-old tennis prod-
igy from Spain, has given Djokovic
a new rival to concentrate on wher-
ever he goes. Just as Federer and
Nadal seemed ever-present to him,
Djokovic can be sure that for the
rest of his career, the road to more
trophies will usually go through Al-
caraz.
“Carlos is No. 1 in the world,”

MATTHEW STOCKMAN/GETTY IMAGES

Djokovic said. “Sure, there’s always
an eye that follows him from my
team.”
The men’s singles draw couldn’t
have made the objective any
clearer. If all goes according to
plan, Djokovic and Alcaraz would
meet for the fourth time in three
months. After years of battling with Roger Federer and Rafael Nadal, Novak Djokovic, right, has a new and much younger rival in Carlos Alcaraz, left.
Their first Grand Slam encoun-

Djokovic Has a New Rival

ter came in Paris, at a Roland-Gar-
ros semifinal in June, where fans
were robbed of a potential epic as
muscular cramping prevented Al-
caraz from playing his best. The
Spaniard had no such physical is-
sues at Wimbledon in July, where The 23-time major champion is settling into an explosive rivalry with World No. 1 Carlos Alcaraz
he outlasted Djokovic in a grueling
4-hour, 42-minute final, a feat akin
to beating a kangaroo in a hopping coincidence that over the course of vided a few rare exceptions to that end of the season in a way…the last said she is still getting used to her
contest. Most recently, the two men his career, Djokovic narrowly owns rule. Though he excels on hard Grand Slam of the year,” Djokovic status in the game. Winning three
met again this month in the final of the head-to-heads against Federer courts and has won the Australian said. “It’s been eight tough months of the past six majors had put a
the Western & Southern Open in and Nadal. Open on 10 occasions, Djokovic’s re- of tennis for all the players.” target on her back.
Cincinnati, where Djokovic pre- “It is key that you know your- cord in Queens is a little thinner The extra fatigue also makes an “I felt like everybody started to
vailed as the best-of-three match self, what makes you tick and that than you might expect. He’s won already unpredictable women’s analyze my game, to learn a little
went the distance. you embrace that,” ESPN analyst the US Open three times—as many draw even more open—there aren’t bit more,” she said on Friday. “They
“He’s always pushing me to the John McEnroe said. “And use that times as the clay-court French two clear favorites and the rest. kind of focused on winning with
limit,” Djokovic said. “I think I do hopefully to your advantage.” Open—but lost six finals. The most The three Grand Slam tournaments me. So it wasn’t easy—I felt that.”
to him pretty much the same Even by the standards of mono- recent came in 2021, when Djok- this season have been won by three It’s a problem that Djokovic has
thing.” maniacal athletes, Djokovic is more ovic’s bid for a calendar-year sweep different players: Aryna Sabalenka, been familiar with for a while, es-
Far from being a thorn in his single-minded than most. Alcaraz, of all four majors ended with an Iga Swiatek, and Marketa Von- pecially in New York where he
side, Alcaraz serves a useful pur- the defending champion in pursuit emotional defeat against Daniil drousova. But any of half a dozen hasn’t been a champion since five
pose for a player like Djokovic, who of his third career Slam, called that Medvedev. women could make a compelling years.
thrives on high-level rivalries. As he focus Djokovic’s “mental rock”: Then again, the US Open is a lit- case to win, including World No. 4 “I get nervous as anybody else,
chases a 24th major title, Djokovic Even when he looks like he’s on the tle more prone to upsets than most. Elena Rybakina. really,” he said. “People think that I
has both an unparalleled ability to verge of losing, “he always gives No man has repeated as singles Swiatek, meanwhile, remains the don’t have any stress or tension.
tailor his game to face his best op- the chance to himself to keep play- champion since Federer won five ti- World No. 1 and defending cham- Actually on the contrary, I have
ponents and the control to raise his ing and be able to win.” tles in a row from 2004 to 2008. pion, though she has complained quite a lot of that. I have to deal
level when he needs it most. It’s no Strangely, the US Open has pro- “Could be the fact that it’s the about exhaustion this season and with it, manage it.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 27 Porridge-
eating trio
Spain’s Soccer Chief Suspended
14

17
15

18 19
16 of story
28 “Really, I kid
you not!”
As Players Push for a Change
20 21 22 29 Any minute BY JOSHUA ROBINSON
now
23 24 25 30 Chick tenders One tumultuous week af-
31 Urban haze ter Spain won the first
26 27 28 29 30 Women’s World Cup in its
32 “If I Only ___ history, the country is still
31 32 33 34 Brain” (song dealing with the fallout from
in “The federation chief Luis Rubi-
35 36 37 38 Wizard of ales forcibly kissing national
Oz”) team player Jenni Hermoso
39 40 41 33 Move on the pitch after the vic-
smoothly tory.
42 43 44 45 On Saturday, soccer’s
36 “Camelot” role
world governing body provi-
46 47 48 49 37 Justice sionally suspended Rubiales
Kagan from all soccer activities for
50 51 52 53 54 38 Clarinet part 90 days after he adamantly
43 Westminster refused to resign despite
55 56 57 widespread calls for his
Abbey setting
KIM HONG-JI/REUTERS

ouster with the federation in

58 59 60 44 Workers with disarray. All 23 players of
hills the national team have said
61 62 63 that they wouldn’t represent
45 Ruler for
whom a roll Spain again under the cur-
is named rent leadership. Several FIFA suspended Spain soccer chief Luis Rubiales for 90 days.
ENVIRONMENTAL MOVEMENT | By Mike Shenk members of the women’s
47 Where Minos
Across 33 Equipment 58 Not more 11 Like some coaching staff, including fied for its first women’s holding onto the player to
ruled trainers and analysts, re- World Cup in 2015 and has avoid falling,” the federation
1 Is audibly 34 Foot feature than vaccines
48 Raring to go signed over the weekend in now won the whole tourna- said,
mournful 35 “Anne of the 59 Make a 12 Western
49 Dalmatian protest of Rubiales’s con- ment in only its third try. In- The statement never ad-
5 Utah’s state Thousand speech writer Grey
features duct. stead, the incident has dressed the kiss from Rubi-
tree is one Days” 60 Fat used in 13 Early In addition to the suspen- sparked a war between a ales. Earlier in the evening,
playwright mincemeat automaker 50 Like robin’s
10 Foolish fellow sion, FIFA also barred Rubi- world champion team and its Rubiales also appeared to
Ransom eggs ales “from contacting or at- own governing body and grab his crotch while cele-
14 Clumsily sit 39 Lofty poem 61 School on the
Thames 19 Jake who 51 Enthralled tempting to contact the prompted a larger reckoning brating in the VIP box at
(down) 40 Broadcasts
was in both 52 Not fooled by professional player of the over sexist behaviors in Stadium Australia.
15 Handle 41 Isn’t perfectly 62 Circus Spanish national football Spanish soccer. “The RFEF respects, as it
performer the Senate 53 Driver of
16 River of upright and space team Ms. Jennifer Hermoso In their open letter, co- has always respected, the
“Star Wars: or her close environment.”
Russia and 42 Draped 63 Possessive on signed by 58 other players, decisions of the players to
21 Green item in The Rise of Now, Spain’s soccer fed- the women’s national team participate or not with the
Kazakhstan decorations a towel
a Monopoly Skywalker” eration will hold an urgent expressed its “firm and re- Spanish national team in in-
17 Jessica of 45 Boat Down game 56 Money for meeting on Monday to eval- sounding condemnation of ternational matches,” the
“Sin City” backbone 1 Fire starter 24 “That was senior years: uate the situation. behaviors that have violated statement added.
18 Pore filler 46 At some 2 Jump by a close!” Abbr. The incident in question the dignity of women.” In a news conference on
earlier time skateboarder 25 Actors Ladd, 57 Some occurred on the pitch in Then a few hours later, Friday, the 46-year-old Rubi-
20 One of 24 in
47 Birthday cake Alda and volcanic Sydney, right after Spain had the Spanish soccer federation ales accused his critics of at-
the human 3 Typical 1940s
adornments Rickman output beaten England 1-0. As the responded by defending Ru- tempting to take him down
body Sinatra fan players filed past the po- biales in a lengthy statement with “false feminism” in a
21 Foot feature 50 Author 4 Relaxing dium to collect their medals, that accused Hermoso of ly- “social assassination.” “I will
Previous Puzzle’s Solution
Charlotte, retreat Rubiales greeted each one ing about the incident. “Only not resign,” Rubiales said. “I
22 Birds in many Emily or Anne
B O N D H E MA N S P I N
government 5 State with A N Y A I T A L Y T A L E individually with a hug. But when an insurmountable red will fight this to the end.”
agency seals 53 Opera piece confidence
D I P L O MA T I C O S L O when Hermoso’s turn ar- line was crossed did he pub- Rubiales was already an
U N D I D O P S
54 Spigot rived, Rubiales grabbed her licly provide his version of unpopular figure among the
23 Term typed 6 Made a dress, O R S K UWA I T I
face with both hands and the events,” the federation Spanish women’s team. He
S E R E N D I P I T O U S
into a search 55 Earth say A L P O P I E R C E N F L kissed her on the lips. wrote. had been the one who de-
field movements, 7 Banana waste L I E N S P B S S L A T E “I felt vulnerable and the Specifically, it pointed to a cided to maintain women’s
25 4,840 square and a I N C L U P I T A I T S Y victim of an assault, an im- string of four photos, arguing national coach Jorge Vilda in
description 8 Letter that A D I P O S E T I S S U E
yards pulsive, macho act that was that Hermoso had put her his role last year, despite a
of the circled looks like an H S H A R P E R E A U
L I E L E T H E out of place and without any arms around Rubiales and walkout from 15 players who
26 Close letters 9 Aid for a SW I M O E D I P U S R E X consent from me,” Hermoso lifted him off his feet as play- argued that his methods
27 Coax with 57 Ship whose speaker, H A Z E U R G E D T O M E had said on Friday. “Simply ers filed past while collecting were too controlling. Vilda
flattery perhaps E Y E S R E A R S D I P S
crew sought put, I was not respected.” their World Cup winners’ remained in place and a few
The contest answer is UNDERCHARGED. As The controversy has medals. “[Hermoso] contin- of the players, including
31 Puma the Golden 10 Swelled suggested by the clue at 69-Across, take the
products Fleece unnaturally three letters beneath DIP in the four theme wiped out what should have ues to hold the President in Hermoso, came back to the
answers (UND/ERC/HAR/GED) to spell the been a week of celebration the same manner, while the squad after talks with the
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. contest answer. for Spain, which only quali- President must continue federation.
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | A15

OPINION
Little to Like on the Prefix Menu BOOKSHELF | By Robert W. Merry

Why the post-

haste to use
late-stage socialism looks like.
It works both ways. A doc-
the Times, from tech and arti-
ficial-intelligence skeptic Evg-
Doctors throw out long words
like contraindicatory rather
Friends
In High Places
“post”? A post- tor looking at my A1C blood- eny Morozov pining for a than say, “Don’t take that
truth world, test readings told me I was “post neoliberalism” future—a drug.”
post-gender pre-diabetic and to give up double bagger. Of course, Here’s something very
society, post- bread. How “pre”? Because that’s simply a mushy way to 2020s: Call something “mid”
liberal order. I I’m also pre-death. In Silicon say he hates free markets. as in middling or mediocre,
INSIDE
recently read Valley, most software is pre- Neo-stupidism. like Netflix shows or AI skep-
VIEW
of a post-pres- release, even though it’s been If there’s a “pre” and a tics. It evidently started on
The Rough Rider and the Professor
By Andy
tige TV era. released. Renamed “beta” to “post” then surely there must TikTok as a putdown for the By Laurence Jurdem
Kessler
Since “Mister make it sound cool, these are be a “peak,” right? Peak popu- Midwest: “Skyline Chili? Mid. (Pegasus, 464 pages, $32)
Ed,” has it ever test versions of the future. larity. Peak performance. Your Cincinnati Reds who ha-

I
been prestigious? Or postmod- ChatGPT was released with Maybe we’ve hit peak ESG. In ven’t won a World Series since n 1884, as Henry Cabot Lodge of Massachusetts prepared
ernism. Shouldn’t modernism many flaws—let users find all June BlackRock CEO Larry 1990? Mid.” Time to forbid to attend the Republican National Convention, he sent a
always be current? That’s as the mistakes. Fink said he’d stop using the mid. letter to Theodore Roosevelt of New York, who was also
illogical as post-apocalyptic. “Uber” was a cool preemie, But not if it is replaced by scheduled to be at the Chicago gathering. The two men had
But my favorite post is post- as in uber-athlete, Über- “doom” as in doom-scrolling never formally met, but Lodge felt they had much in common.
rationalists—known on Twit- mensch, until canceled ride From ‘post’ to ‘late,’ and doom loops. This will Neither was particularly well-known. The political experience
ter as “postrats”—kind of a pickups ruined it. The umlaut probably have legs as doom- of each at that point consisted mostly of brief stints in their
beyond-truth troop. Irrational version of über is a nice touch. ‘neo’ to ‘uber,’ we’re sayers and doomsdayers start respective state legislatures. Each harbored, however,
but fitting. And be warned, adding “su- gorging on faddish to doom Zoom about every- overpowering political ambitions.
Don’t get me started about per” in front of any word can thing. Here’s a snappy come- Lodge’s note touched off a remarkable 35-year friendship
“late” as in late-stage capital- be super-annoying. constructions. back: “OK Doomer.” that was nurtured by some 2,500 letters. That correspondence
ism. How many times have Here’s another trick. Add Anyone can play this game. forms the foundation for Laurence Jurdem’s lively narrative,
you heard pretentious poseur “neo” before almost any “ism” “Pseudo” is a good working “The Rough Rider and the Professor,” rendered in unadorned
know-it-alls talking to their and it makes it sound über-hip, abbreviation for environmen- modifier that usually means prose and with a touching sympathy for his subjects. Mr.
post-pierced barista and fel- super-now. What was tired be- tal, social and governance in- sham or superficial. Like Jurdem, who teaches history at Fairfield University and
low pre-employed chai latte comes new again. Like neoclas- vesting because it had been pseudoscience. If you want to wrote “Paving the Way for Reagan” (2018), illuminates not
sipping layabouts using sicism, which is almost an oxy- “weaponized.” It’s about time. be really annoying, which I of- only the momentous lives of
daddy’s credit card discussing moron. Neoexpressionism. I noted a year ago that Black- ten do, pronounce it “sway- these two powerful figures
how capitalism isn’t simply Neo-Confucianism. Sadly, Rock is the one that weap- dough.” Especially to and the affection they held for
over but “so over”? whenever I hear “neo,” all I onized ESG as a marketing tag pseudointellectuals talking each other but also the history
The German economist can think of is Keanu Reeves’s to charge higher fund fees. about post-neoliberalism or of America from the 1880s to
Werner Sombart is said to character Neo, from “The Ma- Have we hit peak DEI as the late, later, latest stages of the 1920s.
have been the first to print the trix” movies, dodging bullets well? The Journal noted in capitalism. Lodge and Roosevelt grew
term late-stage capitalism, and still talking as if he’s in July that high ranking diver- “Quasi”—fun as “KWAY- up in similar circumstances,
around the turn of the cen- “Bill & Ted’s Excellent Adven- sity, equity and inclusion exec- zigh”—is another great one, in spacious, high-ceilinged
tury—the 20th century, that ture.” Neocolonialism. Neo- utives at Disney, Netflix and defined as “seemingly” or “ap- mansions, the former on
is. More than 120 years on, Marxism. You can neo any- Warner Bros. have left. This is parently but not really.” Quasi- Boston’s Beacon Street and the
can it get any later? Better thing. a sharp contrast to 2019-22 official, quasi-monopoly. “Ap- latter in New York’s Gramercy
late than post, I guess. Late- There are already too many when, according to LinkedIn, parently but not really” Park. Both were Harvard men
stage capitalism means folks “isms” and “ists.” Impres- chief DEI officer ranks rose describes almost everything and Porcellian Club members.
are fed up with having to work sively, a New York Times col- 169%. It’s all peak to me. spewing from politicians’ Both viewed political success as a
hard and instead are looking umnist used the words mascu- “Counter” also gets over- mouths. kind of birthright. And both
for handouts. Complain about linist, individualist, narcissist, used. Counterculture, counter- Have we hit peak Biden? embraced two political themes that
capitalism all you want, but victimologist and safetyism in revolutionary, which almost Peak Trump? Pre-sumptuous. gained force in America as the Gilded Age faded into the
folks in Russia, Venezuela and short order. In six months, he sound like contradictions. And Nonetheless, I hope someday Progressive Era. One was that the United States, now fully
Seattle, the short-lived home can write another column go ahead, use “contra” instead to live in a neo-post-peak pre- secure on the North American continent and protected from
of the Capitol Hill Autono- about neo-masculinists, and so of “counter” for a 1980s vibe, fix world. encroachment by two vast oceans, must embrace the
mous Zone, sure know what on. Or how about this, also in as in the Nicaraguan Contras. Write to kessler@wsj.com. challenge of global leadership. Already the country boasted
the world’s largest economy. Lodge and Roosevelt wanted it
also to become the world’s leading military power. “The

Socialism Sinks Venezuela’s Schools United States must not fall out of the line of march,” declared
Lodge in advocating what he called a “large policy” of imperial
expansion, including the acquisition of Cuba and Hawaii,
An abiding teachers said that average pay most of its educators are also to land at a school run by a construction of a U.S.-dominated canal across Central America,
promise of is $6 to $20 a month, far from deficient in the area of read- private charity or a Catholic and an unsurpassed navy. Roosevelt embraced this vision, and
Latin Ameri- what’s needed to meet monthly ing, hinting at an educational institution like Fe y Alegría. ultimately so did America, as evidenced by the thrust of
can socialism expenses. An estimated 25% of swamp far more entrenched Children are a good prop for William McKinley’s 1898 war against Spain.
is public edu- teachers left the profession than many experts believed communists, but the regime The other broad concern was the progressive imperative
cation for all. from 2018-21, and many have possible.” has written them off. It doesn’t brought on by the country’s frenzied post-Civil War industrial
AMERICAS But when the fled the country. Those who re- The conventional explana- even track students or admin- expansion. Many industrialists and their allies contended
left gets to main serve mostly part-time tion for Chávez’s popularity ister standardized tests. that the expansion had generated vast wealth and spread
By Mary
power, it because they need to earn is that a market economy left Private research and anec- prosperity across the land. True, but it also had brutalized
Anastasia
rarely delivers money elsewhere. too many Venezuelans be- dotal reports do, however, many Americans left behind or struggling in an economy
O’Grady
the goods. One result is high dropout hind. Yet after Venezuela re- provide some insights into the dominated by abusive corporate plutocrats. Lodge and
Observe the rates among adolescents. But turned to democracy in 1958, matter. One of those is Encovi, Roosevelt, reformers by nature with strong sensibilities of
full-fledged train wreck that is after seven years of dysfunc- it mostly had populist, left- an annual survey of Venezue- civic morality, advocated government intervention to redress
Venezuela’s public school sys- tional public education, exac- of-center governments for 40 lan living conditions designed the troublesome economic disparities.
tem. Its victims are the coun- erbated by the pandemic, even years. They promised to to “offer a social x-ray on a That posed some tricky questions: How much intervention
try’s most vulnerable children, those who formally finish high make life fair through deficit national scale.” Its latest re- was needed to do the job? And when would it begin to crimp
who number in the millions. school are unlikely to have spending, price and capital port found that “an estimated the wealth-generating machine that was the U.S. economy?
Dictator Nicolás Maduro mastered their topics. 1.5 million children and ado- That’s where frictions sometimes emerged between the two
hasn’t yet announced the date Shoddy schooling isn’t new lescents (between 3 and 17 friends, with the more conservative Lodge wanting to pull
for the reopening of Venezue- in Venezuela. For decades be- Raging inflation years old) remained outside Roosevelt back from what he considered to be too much
lan schools after the summer fore the 1998 presidential the school system in the regulation. Roosevelt, though quick to denigrate what he
recess. But for most families election of Hugo Chávez, Ven- destroys the salaries 2021-2022 period.” called “fool reformers” early in his career, later became an
that’s a mere technicality. ezuelan governments led by of teachers, who have This grim statistic doesn’t occasional fool reformer himself.
Even after the official start of social democrats put unions count the large number of stu- The disparity reflected some significant differences in
classes, many students will ar- above children and continu- stopped showing up. dents who are officially en- personality. Lodge was the consensus builder, the political
rive to find class isn’t in ses- ally fell short of the goal of rolled in school but aren’t ac- networker, always seeking the middle ground and working for
sion. Never mind the squalid, universal access to high-qual- tually learning because Republican unity. Mr. Jurdem writes that Lodge’s natty dress
dilapidated classrooms with ity teaching. By the controls, a state-owned oil teachers don’t regularly show and chiseled features gave him “every inch the image of
leaky roofs, toilets that don’t mid-1990s, Venezuelan pri- company and lots of labor up. “In public schools,” the elegance and dignity.” Roosevelt, by contrast, was impetuous,
flush and no food. In many mary and secondary school regulation. Instead corrup- online Venezuelan newspaper voluble, erratic, amusing, grandiose and prone to marking his
schools there will be no learning was alarmingly poor. tion and poverty flourished— TalCual reported in June, territory with political defiance.
teacher. “Ignorance, more than per- and education came a crop- “classes are now taught with
In July a teacher who had sonal insecurity, inflation or per. When Chávez arrived on irregular, incomplete and
worked in the slums of the unemployment, is the biggest the scene, pledging to upend changing schedules, depend- A friend noted that, while Henry Cabot Lodge
city of Maracaibo told the In- problem facing Venezuela,” things, he became a folk ing on the day of the week.” craved success, Roosevelt was ‘happiest when
ter Press Service news agency the Caracas-based newsletter hero. This “mosaic schedule” isn’t
about her own experience: Veneconomia said in a No- He died in 2013 and oil “a law, it is not written on pa- he conquers but quite happy if he only fights.’
“For many days in a row there vember 1994 editorial titled prices plunged the following per and, until now, no author-
is no running water, there are “Recipe for an Underclass.” year. The economy is now in ity from the Ministry of Edu-
blackouts, and it’s impossible The piece cited a study by the ruins and Venezuelans cation has clarified or denied Lodge, who began his career as a Harvard instructor before
to use the fans to cool off the Central University of Venezu- scrounge daily for food and its approval,” TalCual ex- entering politics, became a U.S. senator in 1893, at age 43,
classrooms.” That bleak pic- ela indicating that “the deep other necessities amid persis- plained. But it’s “an unfortu- and settled in happily at that station for the next 31 years.
ture is repeated all around the problems of the educational tently high inflation. More than nate reality that reached the Roosevelt, meanwhile, set his sights on a more lofty goal
country. Yet the teacher short- system endanger the develop- seven million have emigrated, majority of public schools at but often seemed stymied by his own combative nature.
age may be the most difficult ment and long-term competi- many of them professionals. the beginning of the 2023 New York’s powerful GOP boss, Thomas Platt, despised him,
problem to overcome. tiveness of the nation. It’s not Education has gone from school term.” It’s one more declaring, “I want to get rid of the bastard.” When friends put
Qualified instructors are news that the primary educa- bad to worse. Children no lon- reason Mr. Maduro doesn’t Roosevelt’s name forward as a possible assistant secretary of
hard to find because since 2015 tion system has been churning ger have access to schooling want to face a competitive state, Secretary James G. Blaine rejected him, saying, “I fear
inflation has destroyed sala- out illiterates for some time, unless their parents can pay election. he lacks the repose and patient endurance required.”
ries. In February protesting but the study suggests that for it or they’re lucky enough Write to O’Grady@wsj.com. A friend to both Lodge and Roosevelt captured a telling
difference between them in saying that, while Lodge craved
success, Roosevelt “is happiest when he conquers but quite

Country Isn’t as Grumpy as Oliver Anthony happy if he only fights.” Keeping Roosevelt’s fighting spirit
in check became a lifelong preoccupation for Lodge, whose
affection for his friend spawned a conviction that Roosevelt
By A.J. Kritikos sharp contrast with Mr. An- Johnson. Dozens of his songs white” before he met his bride. must capture the White House someday. Even as Roosevelt
thony’s song. They’re joyful, focus on his gratitude for his She “brought the beauty I was languished in what seemed like a dead-end job as New York

K
icking off the first 2024 gratitude-laden tunes like wife, daughters and faith. missin’ with her / Showed me City’s police commissioner from 1895 to 1897, Lodge wrote to
presidential debate with Kane and Katelyn Brown’s Mr. Johnson was a bull colors I ain’t ever seen. . . . I him, “I do not say you are to be president tomorrow. I do not
a question about a “Thank God,” in which the hus- rider in his youth. He was good thank God every day for how say it will be—I am sure it may and can be.” To that end,
country song was music to my band-and-wife express grati- enough to make the profes- He made her / My life was Lodge worked tirelessly to promote Roosevelt for various
ears. tude for bringing them to- sional circuit but not good black and white, but she’s the government stepping-stone jobs. “You are certainly the most
Alas, the song was Oliver gether, or Jordan Davis’s enough to be elite. When he painter.” loyal friend that ever breathed,” Roosevelt once wrote to
Anthony’s “Rich Men North of excellent “Next Thing You washed out of bull riding, Mr. Mr. Anthony may be right Lodge in gratitude.
Richmond,” which turned Mr. Know,” which covers the full Johnson said he was in a that the rich men north of But Roosevelt’s big break came with his courageous
Anthony into an overnight su- “pretty dark period” and felt Richmond “just wanna have derring-do during the 1898 Spanish-American War. Eager to
perstar. That chart-topper is like a “loser” and “failure.” total control,” but they’re pow- see battle, he helped form a voluntary calvary, known as the
about young men despairing ‘Rich Men North Mr. Anthony’s hit song erless to keep someone like Rough Riders, and traveled to Cuba to join the fray. He
because the elites “keep on opens with a young man la- Mr. Johnson down. Maybe in quickly became the country’s most stirring political figure and
kickin’ them down.” It will be a of Richmond’ is an menting that he works hard the next debate the modera- parlayed his new stature into a New York governorship and
shame if pop or rock fans come outlier in a genre only so he can “waste my life tors will play a tune by Mr. later (after Platt undermined his chances for re-election) the
away from the debate thinking away” and “drown my troubles Johnson and ask those vying vice presidency under McKinley. With McKinley’s assassination
Mr. Anthony’s song is repre- devoted to gratitude. away.” It’s easy to see how that to be the next leader of the in September 1901, the Rough Rider became president.
sentative of country music. could have been Mr. Johnson free world to explain the limits That inevitably brought about a change in the Lodge-
I was a late-blooming coun- at his nadir. of what politics can do—and Roosevelt relationship. Once a mentor, Lodge now became,
try fan, but what hooked me is span of a married couple’s re- Mr. Johnson could well have what lies beyond. at most, a peer. “Instead of Lodge running me,” Roosevelt
that more than any other lationship. It includes a touch- gotten stuck in a rut. Luckily, That’s the real beauty of declared, “I run Lodge.” Despite intermittent disagreements,
genre, country songs often em- ing take on becoming empty he wasn’t alone. His wife quit country music. Find someone however, the friendship would endure, cemented in part by
phasize contentment with nesters that sees opportunity school to help support him or something to bring color to the powerful belief they shared, notes Mr. Jurdem, “in the
what you have. You’re much in loss: “You get to know your while he pursued his dreams. your life, and you won’t be greatness of the United States.”
more likely to hear a country wife again / And you’re more He has been writing songs able to help but say, sing, or
song about spending time with in love than you’ve ever been.” about her ever since. shout how thankful you are. Mr. Merry, formerly a reporter with The Journal and
family than living in a mansion Of all the great country art- In Mr. Johnson’s new hit CEO of Congressional Quarterly, is the author of five books
or flying on a private jet. ists, none may be a better anti- “The Painter,” he sings about Mr. Kritikos is a lawyer in on American history, including “President McKinley: Architect
The tracks I enjoy are in dote to despair than Cody how his life was “black and Texas. of the American Century.”
 .

A16 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Progressive Prejudice and the Courts California Enforces Mathematical Mediocrity

The irony of California’s drive for math and many can advance at least

J
udges are apparently supposed to live mo- grancy into the Constitution?
nastic existences. And whatever they do, Fix the Court also complains that the Alaska “equity” in mathematics is that it will two levels higher during their school-
have the opposite effect (“California’s ing. This would require more efficient
they shouldn’t stay current on the law. At event featured our columnist Kimberley Stras-
Weapons of Math Destruction” by teaching early on so that most stu-
least that’s the implication sel, “who unironically gave a Faith Bottum, Cross Country, Aug. dents can start algebra in seventh or
from the latest progressive at- Now the left goes after talk titled ‘Media Attacks on 19). Even if schools remove algebra eighth grade. California’s proposed
tack on conservative jurists. judicial conferences— Judges and the Campaign to from middle-school curricula, many timing is the opposite of what the
The leftwing outfit Fix the Delegitimize the Judiciary’ students will still learn it so they can U.S. needs. As Virginia Gov. Glenn
Court is at it again, this time and our Kim Strassel. just months after referring to be ready for college STEM programs. Youngkin says, “We can raise the
in a letter to Judge Roslynn Justices [Elena] Kagan and Some well-educated parents will ceiling and the floor.”
Mauskopf, Secretary of the Ju- [Sonia] Sotomayor as ‘radical teach their children directly, while JEAN CUI
dicial Conference that administers the federal judges.’” others will hire tutors or enroll their Garden City, N.Y.
courts. The Aug. 10 complaint says that dozens Fix the Court linked to a video of Ms. Strassel children in online programs. Only
of Republican-appointed appellate judges have on “WSJ at Large” after Justice Stephen Breyer students whose parents lack the nec- It is laudable that the board has
essary knowledge or resources will issued a 1,000 page guide for the
reported participating in educational events announced his retirement. She didn’t call Jus-
miss out—and fall further behind public schools to deal with this in-
sponsored by the likes of the Law & Economics tices Kagan or Sotomayor radical. She merely their peers. sidious “problem” of some students
Center at the Antonin Scalia Law School and the said a more radical liberal block might em- MITCHELL KEITER being better at math than others.
Judicial Education Institute. Oh, no, better call bolden conservative Justices. Her analysis is a Beverly Hills, Calif. But the big idea of the document is
the cops. far cry from the baseless campaign to delegiti- that “unequal outcomes in math per-
The Judicial Conference’s ethics guidelines mize conservative Justices that Fix the Court In a strange way, I found Ms. Bot- formance are proof of a racist soci-
require, among other things, that judges dis- has been leading. tum’s discussion of the new math ety,” Ms. Bottum writes. Then
close when private organizations pay more than It’s notable that Fix the Court singles out Re- policies of my home state of Califor- shouldn’t California public schools
$480 for their travel, food, lodging and other publican-appointed judges, as if Democratic-ap- nia encouraging. Yes, the California ban mathematics from the curricu-
expenses for attending educational-related pro- pointed judges have never attended seminars State Board of Education wants to lum? The board might also think
dumb down math in the name of eq- about looking carefully at the 100-
grams. Fix the Court perused these disclosures at nice hotels. “But there’s nice, and then there’s
uity. Yes, ir wants to restrict access meter dash. Some students run
and didn’t like what it found. nice,” the outfit writes. Do progressives have to advanced math to students who faster than others.
Seminars are “becoming more overtly ideo- a judicial balancing test to determine when ho- might excel in it. This will inordi- T.J. SEXTON
logical,” Fix the Court says. By ideological, it tels are too nice? nately disadvantage certain groups, St. Paul, Minn.
means intellectual. The outfit complains they are Fix the Court also takes aim at seminars fo- such as Asian-American students,
often held at high-end hotels in remote locations. cusing on originalism, the judicial philosophy who excel in math. I don’t expect the The board is really on to some-
This “appears inconsistent with Canon 2 of the of interpreting the U.S. Constitution based on liberal leopards of California educa- thing. If you think about it, math is
Code of Conduct for U.S. Judges, which states, its original meaning. “With all of this method’s tion to change their spots, but I was rife with inequities. It has always
‘A judge must avoid all impropriety and appear- practitioners on one side of the ideological di- delighted to read that hundreds of bothered me that 6 has less value
ance of impropriety in all activities.’” vide, we question whether such an event com- professors have pointed out the ab- than 7. It isn’t 6’s fault that it will
Fix the Court doesn’t elaborate on the impro- ports with ethical norms and the goals of legal surdity and unfairness of this en- never equal 7. The answer seems
forced mediocrity. clear to me. All numbers should be
priety. But it points to a colloquium sponsored education,” the letter says.
MERRITT WIDEN the same. I like 1 because it is so
by the Scalia Law School at a “resort” in Gird- Originalists aren’t a secret society, and origi- Brisbane, Calif. sleek—and easy to write for those
wood, Alaska. The daily rates there are about nalism doesn’t result in pre-ordained outcomes, who don’t know how to write cursive.
the same as at an Embassy Suites in Washing- as the different opinions by Justices Clarence I got into the Massachusetts Insti- From now on, only use 1 for all num-
ton, D.C. Yet the letter grouses that “it’s unclear Thomas and Neil Gorsuch, among others, have tute of Technology partly because I bers. That’s what equality is all
why this symposium had to be conducted in the made clear. Even liberal judges employ the advanced two grade levels in math. about.
49th state.” method from time to time in their opinions, Most American students should ad- JONATHAN SCHEFF
Perhaps because judges and legal scholars even if they come to different outcomes. vance at least one level higher in San Diego
enjoy the great outdoors. Where are they sup- Fix the Court claims to be nonpartisan, yet
posed to meet? How about a practicum in San its ethics complaints against judges swing one
Francisco’s open-air drug markets about the way. Its latest salvo is a partisan drive-by straf-
destructive impact of the Ninth Circuit Court ing that the Judicial Conference would do a Two Sides of the Debate on Debt Forgiveness
of Appeals’s rulings that read a right to va- public service by ignoring. Regarding Allysia Finley’s “How for college: out of past income (sav-
the Student-Loan Payment Pause ings), current income or future in-

A Study in Infrastructure Madness Hurt Borrowers” (Life Science, Aug.

21): Student-loan interest rates have
hovered around 6%, which is usuri-
come (loans). This approach seems to
have fallen on deaf ears as families
seem to care more about the name of

P
oliticians pretend to worry about crum- claim is the bridge’s rightful owner. Attorney ous. The pause made up some of the the college than the cost or quality of
bling roads and bridges while ignoring General Drew Wrigley stayed clear of the fight difference. Three years at 6% plus the education.
the red tape that helps keep them for years, but he told a historic board last three years at 0% equals about 3% for I blame colleges. They keep in-
shabby. Even in the wild and month that final say over the six years, quite reasonable. creasing the cost of tuition, knowing
free Great Plains, litigation is Litigation stalls a replacement proposal rests Why forgive loans? Dropping the
rate across the board to 3% would
that price doesn’t affect the appli-
cant pool. The federal government
propping up a decrepit bridge much-needed new with “a private entity that create an entirely different dynamic keeps offering more bailout pro-
that a railroad is paying mil- owns the bridge.” A filing this for most borrowers. Don’t forget grams for graduates, even for those
lions to replace. bridge for five years. month from the AG’s office that these loans enabled equal-op- with masters degrees, so cost is no
North Dakota’s Supreme warns that the court “should portunity higher education, a great deterrent.
Court heard a case this month not reward” the activists’ le- investment that will pay dividends Under President Clinton, the
that pits BNSF Railway against an activist gal maneuver. for decades. amount that students and parents
group trying to stall it. The dispute is over a The good news is that BNSF will proceed DON COOK could borrow increased. The price of
140-year-old bridge connecting Bismarck to with a new bridge while the suit over the old Santa Barbara, Calif.college rose much faster than infla-
Mandan across the Missouri River. The com- one drags on. It began construction in July on tion. President Obama took the lend-
pany received final state and federal approval the replacement, which will cost about $100 As a retired school counselor who ing program from banks and imbed-
helped many students access higher ded it in the government. Colleges
this year to replace it, but appeasing the activ- million over three years of construction.
education, I am disappointed that the again raised prices. Add in the stu-
ists has delayed the process for five years and But even a ruling in the company’s favor system is so broken. dent-loan payment pause and the cri-
counting. won’t return wasted time and money. Friends At every financial-aid program sis has worsened.
Friends of the Rail Bridge lay out their legal of the Rail Bridge offered to help raise millions held at our high school, we empha- LINDA STURM
claim in a 58-page memo with a dubious theory of dollars to fund a preservation plan. As of this sized that there are three ways to pay Venice, Fla.
of property rights. It concedes that a 19th-cen- year, the group reported a mere $17,000 bank
tury federal law gave BNSF’s predecessor “right balance and no major partner. BNSF has had to
of way through the public lands . . . for the con- cover rising maintenance costs and delay the
struction of a railroad,” but it says that owner- introduction of heavier rail cars.
The Ukraine War and America’s War of 1812
ship is void because the company lacks an origi- No matter the ruling, the case is an example Kira Rudik’s perspective on the Now, 32 years after the Ukraine’s
nal deed. of America’s infrastructure madness. When any war in Ukraine is reminiscent of the declaration of independence, the
War of 1812 (“Ukraine Renews Its In- young country is defending itself
That claim has already been dismissed by stray objector can tie up critical projects, it’s
dependence,” op-ed, Aug. 24). against its former imperial overlord,
the state of North Dakota, which the activists a wonder the U.S. can build anything. Thirty-six years after our Decla- one that is adjacent, not an ocean
ration of Independence, England away, and equipped with overwhelm-

Jobless Benefits for Susan Sarandon signaled its refusal to accept the
new reality by impressing American
seamen into service for the Royal
ing military advantages.
Where would the U.S. be today had
we not risen to defend our legitimacy

T
o what extent does Big Labor control still $18 billion in the red from the pandemic. Navy. The young U.S. needed to de- as a free nation? Ukraine is merely
the Legislature in Sacramento? Con- The state borrowed $20 billion from the feds fend its legitimacy as a nation by attempting to do the same, and
sider that during the final days of the to pay benefits as unemployment spiked and fighting back. against extreme odds. It can only
legislative session, Democrats then slowly receded following hope for a treaty with terms like
are trying to jam through a bill California moves to pay prolonged lockdowns. Raising the Inflation Target
those between England and the U.S.
in 1814: that all lands would return to
to extend unemployment ben- Hollywood actors California could have re- their status before the war.
efits to Hollywood actors and paid the federal loan from its Would Only Add Volatility PETER COFFEY
screenwriters as well as other when they go on strike. $100 billion surplus last year, Jason Furman suggests that the Fed- Madison, Conn.
workers who go on strike. but Democrats spent the eral Reserve should set a higher infla-
Democratic Senators intro- money on welfare and green tion target than the current 2% (“The
duced a bill last week that would allow striking subsidies. Now the state is paying interest on Fed Should Carefully Aim for a Higher Ludicrous Logic on Adoption
workers to receive unemployment benefits af- the federal loans from its general fund to the Inflation Target,” op-ed, Aug. 21).
Regarding William McGurn’s “No
ter two weeks. Federal law requires that work- tune of $300 million a year. Employers are also But he never explains why hitting
Catholics Need Adopt” (Main Street,
ers be “able to work, available to work, and ac- assessed a surtax that increases each year until a higher target would be easier to
Aug. 15): By the reasoning of the Mas-
tively seek work” to qualify for jobless benefits, the loan is repaid. The surtax will raise about hit than the current one. Many
sachusetts Department of Children
economists believe that a little in-
which on average replace about 45% of weekly $900 million next year. and Families, perhaps all LGBTQ par-
flation is a good thing because it es-
wages in California. At this rate it could take decades for the sentially taxes idle balances that
ents should be prohibited from adopt-
But striking workers have jobs. They choose state to repay its federal loan, especially since ing older children who were raised
could be invested productively. But
not to work to increase their leverage in con- its debt continues to grow as joblessness re- strong Catholics. Would those parents
why so much higher than the cur-
tract talks. Unions typically pay striking work- mains elevated. According to the U.S. Labor De- be supportive of their beliefs?
rent 2%?
LARY SCHULHOF
ers small sums from a strike fund that is fi- partment, California’s insured unemployment Years ago a friend and I published
Asheville, N.C.
nanced with member dues. rate is nearly twice the national average. This a paper in a leading economics jour-
U.S. labor law since the Taft-Hartley Act of year benefit payments will exceed state payroll nal showing that, for a very large
1947 has been aimed at creating a level playing tax contributions by $1.1 billion. sample of countries, higher average
field for unions and management to make their As the state Legislative Analyst’s Office ex- inflation was associated with greater Pepper ...
variability, thus making it more diffi-
case to workers. But Democrats are now seeking plained last month, “historically, benefit pay-
cult for businesses and individuals to
And Salt
to put their thumb on the bargaining scale by ments have only exceeded contributions during
plan. A few years later we published THE WALL STREET JOURNAL
extending unemployment benefits for up to 26 major economic downturns—most recently, dur- a paper showing high average infla-
weeks to workers on the picket lines. This is a ing the pandemic and Great Recession. For the tion rates or their variability led to
bargaining-table subsidy for actors like Susan first time, the fund is expected to be out of bal- much more volatile economic perfor-
Sarandon and Paul Dano. Unions could also di- ance during a period of job growth.” The short- mance.
rect more member dues to political campaigns fall could balloon if there’s a recession. Surely, more volatility isn’t helpful.
instead of strike funds. Extending unemployment benefits to strik- Keeping inflation low has worked for
New York and New Jersey are the only other ing workers would add to the fund deficit and many years, why change now?
states that provide jobless benefits to striking result in higher taxes on businesses. That may EM. PROF. DENNIS E. LOGUE
workers. The legality of this union welfare hasn’t be part of the plan. The bill’s sponsor said he Dartmouth College
Hanover, N.H.
been reviewed in court. But California businesses hoped the bill would spur discussions in the
would likely have legal standing to sue since they Legislature to raise taxes on business “to make
Letters intended for publication should
would have to pick up the cost. sure that the fund is solvent.” be emailed to wsj.ltrs@wsj.com. Please
Unemployment benefits are funded by pay- If Sacramento wants to give Hollywood pro- include your city, state and telephone
roll taxes that vary by employer. Those that ducers and other employers even more incen- number. All letters are subject to
have laid off more workers pay higher taxes. tive to use artificial intelligence to replace editing, and unpublished letters cannot
be acknowledged.
California’s unemployment insurance fund is workers, here it is. “Any wiggle room on those?”
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | A17

OPINION

Let Ukraine Direct Its Own Counteroffensive

By Jack Keane mechanized operations against a se- east in Zaporizhia has also pinned

U
rious and capable enemy that is em- Russian forces on that sector that
.S. military personnel are ploying a comprehensive defense. could otherwise have shifted to the
voicing their frustrations The last time was the Metz cam- west. Similar smaller-scale Ukrai-
over the way Ukraine is paign in France in 1944, led by Gen. nian attacks elsewhere along the
conducting its counter- George S. Patton. The massed attack line have had the same effect.
offensive. This is alarm- toward Melitopol that some are de- Ukrainian pressure along the line
ing. American officers appear to manding is the most obvious thing has deprived the Russians of almost
have unrealistic expectations of what Ukraine could do and would concen- any meaningful reserve with which
a single counteroffensive operation trate Ukraine’s offensive combat to contest a major Ukrainian break-

PRESIDENTIAL OFFICE OF UKRAINE/ZUMA PRESS

can achieve. The U.S. should be fo- power on a drive down the shortest through.
cused on helping Ukraine fight the road to the sea. This approach seems The seizure of Melitopol on its
war the way it wants to fight, not appealing and militarily sound. own can’t win the war for Ukraine.
chirping from the sidelines. The trouble is that the Russians The demands that Ukraine focus ev-
American military leadership also had the same thought. They de- erything on that drive, combined
wants Ukraine to concentrate the ployed the strongest of their remain- with warnings that the West won’t
forces the West has equipped and ing defending forces on this axis. restock Ukraine for future opera-
trained for the counteroffensive on a They dug deep, extensive trench tions, suggest that at least some of
single sector in western Zaporizhia lines and covered the earth in mines. those criticizing the Ukrainian offen-
Their best pilots flying their most sive aren’t serious about helping
advanced attack helicopters are situ- Ukraine liberate all its territory. If
American officers chirping ated in this area ready for the Ukrai- President Volodymyr Zelensky visits troops in the Zaporizhia region. that is the case, and if the Penta-
nian attack. They’ve been fortifying gon’s position is that it doesn’t ex-
from the sidelines have Melitopol and the next town to the focus on a single thrust toward Meli- The Russians have redeployed pect Ukraine to liberate its people, it
never done what Kyiv’s north, Tokmak, for a year. This topol. forces to Zaporizhia. They haven’t would be better to say so clearly
shortest road to the sea is also the Such advice is military malprac- sent more reinforcements, in part than to make oblique and inaccurate
forces are trying to do. best-prepared part of the Russian tice. Well-designed mechanized cam- because Ukrainian attacks have attacks on the way Ukraine is fight-
defenses in the theater. paigns almost always advance on pinned them all along the line. The ing.
The Ukrainians have actually multiple axes rather than one. That much-condemned Ukrainian counter- It is a vital national-security in-
oblast, where the goal would be to made a priority of this route and is what American-led coalitions did offensive around Bakhmut has drawn terest for the U.S. that Ukraine liber-
break through Russian lines rapidly have recently made important gains. against Iraq in 1991 and 2003. It’s elements of multiple Russian air- ate its land and its people from Rus-
and seize the city of Melitopol. But they have also been attacking how the Americans, Germans and borne divisions and separate bri- sian aggression. America should stop
American officials are reportedly ir- further east in Zaporizhia oblast and Soviets fought in World War II. The gades to hold the line there. Those the criticism about what Ukraine is
ritated that Ukraine has kept large have made gains there as well. The reason is simple: Advancing along a units had been fighting in Luhansk doing and focus instead on helping
numbers of forces in its east, partic- effort that seems to aggravate Amer- single axis allows the defender to and Kharkiv oblasts and would have Ukraine achieve our common aims as
ularly around the town of Bakhmut, ican officials most of all, however, concentrate fully on stopping that been available to reinforce the Meli- rapidly as possible. That would be
and that Ukraine has been pursuing has been the Ukrainian push to re- one advance. In this case, the Rus- topol axis. sound strategy.
multiple offensive thrusts within capture the city of Bakhmut, which sians would almost certainly have Now they are being ground down
Zaporizhia oblast itself rather than the Wagner Group seized at tremen- moved forces from other parts of the around Bakhmut because the Ukrai- Mr. Keane, a retired four-star
focusing on only one. dous cost this spring. U.S. military theater as rapidly as they could to nians keep pushing on a city that general, was the Army’s vice chief of
No one in the American military experts appear to want the Ukraini- stop the Ukrainian drive on Melito- the Russians aren’t prepared to staff and is chairman of the Institute
today has designed large-scale ans to hold on all other fronts and pol. lose. The Ukrainian attack further for the Study of War.

Donald Trump, 2024 and the Reasoning Republican Voter

Say this much for candidates from cues. His seminal ities, such as his record. Inflation, unemployment and crime DeSantis didn’t raise his hand until
Vivek Ramaswamy: 1991 book, “The Reasoning Voter,” “There are a lot of things he were low under Mr. Trump until he saw others do so. This signals to
He has an impres- applied the rational-choice theory didn’t do that he said he would,” the pandemic. Voters don’t blame voters a lack of leadership and
sive aptitude for of economics to voting. Mr. Popkin says. “Making a substan- him for what followed even though guts. Ditto his ducking questions.
attracting atten- He argued that voters are public tive argument is more effective his administration supported the They might ask themselves: Is
tion. Last Monday investors who “combine, in an eco- than saying he is evil and dishon- Covid lockdowns and Congress’s this guy really tough enough to be
he tweeted a video nomical way, learning and informa- est. Don’t tell voters you were spending spree, as Ron DeSantis commander in chief and leader of
LIFE
of himself shirtless tion from past experiences, daily wrong to vote for Trump. You can’t and Nikki Haley noted during last the free world? Will he take on pro-
SCIENCE
and slugging ten- life, the media, and political cam- say ‘I told you so.’ They’ll give you week’s debate. Reminding voters of gressives in Congress and the ad-
By Allysia
nis balls. (It wasn’t paigns” to make reasoned judg- more credit when you don’t rub it these facts is one way to appeal to ministrative state as he promises?
Finley
clear whether his ments about politicians. Voting, in their face.” voters’ reasoned judgment. If China invades Taiwan, will he
shots landed in.) Mr. Popkin explained, is a “rea- Trump supporters are neither wilt?
The caption: “Three hours of solid soned investment in collective stupid nor politically monogamous. Unlike most of the press, Mr.
debate prep this morning.” His lack goods, made with costly and im- The rational-choice theory Many have flirted with supporting Popkin hasn’t written off Mr. De-
of actual debate prep showed in his perfect information under condi- Mr. DeSantis, who in January came Santis. He also thinks Virginia Gov.
amateurish performance Wednesday tions of uncertainty.” of economics still applies within a 15-point striking distance Glenn Youngkin could be a formida-
evening. Eager to understand Donald to the GOP. And Mr. of the former president in polls. ble challenger if he enters the race.
In political-science jargon, Mr. Trump’s appeal, I sat down with Mr. He’s now trailing by around 40. Mr. Trump isn’t “a new face any-
Ramaswamy’s tennis video was a Popkin in 2016 for a Journal Week- Trump can be beaten. Why hasn’t the Florida governor more,” Mr. Popkin says. “The shock
heuristic, a cue voters use to infer end Interview. The scholar, who gained more traction? of the new has a built-in decay,” he
qualities about a candidate. In this served as a campaign consultant to Mr. Popkin thinks the answer has adds, quoting a 2022 essay in the
case, it may have evinced cockiness. Jimmy Carter, Bill Clinton and Al A recent CBS poll found that 72% to do with his insular campaign New York Review of Books by the
Some Twitter users pointed out Gore, attributed Mr. Trump’s popu- of likely Republican voters are con- that has focused heavily on cultural actor Simon Callow.
that he was fed balls almost all in larity to his celebrity, bombast, free sidering a vote for Mr. Trump, yet issues and shied away from taking If voters under Mr. Popkin’s
roughly the same spot. Could he re- media and Republican disgust with many of them are keeping their op- Mr. Trump head on. Despite occa- theory are public investors, could
turn a shot on the run? Not during the establishment. tions open. Ninety-nine percent of sional tough talk, voters may have Mr. Trump’s high levels of support
the debate. How does that fare seven years those who are considering Mr. inferred from cues that Mr. DeSan- be akin to an economic bubble like
More than three decades ago, later? I checked in with Mr. Popkin, Trump said it is because things tis lacks the courage of his convic- Chinese real estate, bound to de-
Samuel Popkin, a political scientist 81, last week to ask. He thinks Mr. were better during his presidency tions and won’t fight for them. flate? For that to happen, Republi-
at the University of California, San Trump’s support is softer than the than they are now. Ninety-five per- Recall the moment in the debate can challengers would have to give
Diego, made a contrarian argument polls suggest but that his Republi- cent cited that “he fights for people when the candidates were asked voters reasons to support them.
that “low-information” voters de- can opponents haven’t done a good like me.” whether they’d support Mr. Trump Merely being youthful clones of Mr.
velop logical conclusions about job of attacking his chief vulnerabil- These voters aren’t irrational. if he’s convicted of a felony. Mr. Trump isn’t one.

Purdue Pharma’s Bankruptcy Heads to the Supreme Court

By David Skeel victim to come to the trusts for com- Purdue Pharma. In return for pay- victims with serious illness. The But as long as third parties are re-
pensation. The order also protected ments of $4.325 billion (later Johns Manville approach is superior quired to disclose their assets, as

T
he Supreme Court has agreed the insurance companies from litiga- bumped up to $6 billion), the Sack- than the chaos that would otherwise they would if they had filed for
to review the proposed reor- tion, even though they weren’t in lers would be protected against fu- occur. bankruptcy, and as long as the court
ganization of Purdue Pharma, bankruptcy, in return for their ture lawsuits by the victims. The U.S. But there’s a problem: Except in is persuaded the victims have been
the opioid manufacturer that filed agreement to contribute to the Trustee, a government watchdog, asbestos cases, the law doesn’t au- heard and will receive as much as
for bankruptcy in September 2019. trusts. Because the solution was appealed the Sackler deal, which So- thorize judges to give the benefits of they would if they sued outside of
This signals that the justices may novel and of uncertain legality, par- licitor General Elizabeth Prelogar bankruptcy to parties that haven’t bankruptcy, due process should be
end a 40-year-old strategy for deal- ticipants later persuaded Congress called “a roadmap for wealthy cor- filed for bankruptcy themselves. To satisfied.
ing with the litigation free-for-all to amend bankruptcy law to autho- porations and individuals to misuse justify the Sackler deal, the lower If the justices hold that the deal is
that occurs when a company faces rize the strategy explicitly in asbes- the bankruptcy system to avoid mass court pointed to language saying a constitutional but not authorized by
massive lawsuit liability. tos bankruptcies. tort liability.” reorganization plan can “include any statute, the ball will be in lawmak-
The legal strategy began with As a practical matter, the Sackler other appropriate provision.” This is ers’ court. Congress will need to
Johns Manville, a major asbestos deal is compelling, Ms. Prelogar’s hy- mop-up language—it doesn’t autho- amend bankruptcy law to allow the
producer that filed for bankruptcy in A 40-year-old strategy perbole notwithstanding. If the deal rize judges to extend the protections Johns Manville strategy in cases that
1982 after being sued by numerous is struck down, the victims would be of bankruptcy to whomever they don’t involve asbestos.
victims. Although bankruptcy law for dealing with mass torts forced to litigate, perhaps for years. want. Congress doesn’t “hide ele- Yet there’s no reason to wait. Opi-
clearly allowed Manville to restruc- may end up needing a The Sacklers have much of their as- phants in mouseholes,” as Justice oid victims have been waiting two
ture current claims, many potential sets in offshore accounts, so even if Scalia famously said about another years for the payments promised by
victims wouldn’t experience illness new look from Congress. the victims won, they might end up attempt to use a narrow provision to Purdue Pharma’s reorganization
until years after the bankruptcy fil- collecting far less than $6 billion in extend a law. plan. Congress should amend bank-
ing. Not only did these victims have the end. The only winners would be The government also argues that ruptcy laws now, so that victims can
claims against Johns Manville, but This approach—funneling victims the trial lawyers. Congress couldn’t provide the power be paid quickly, assuming the court
they also could file against insurers, into a trust and protecting the other This creative use of bankruptcy to protect third parties even if it gives its constitutional blessing. The
directors and officers of the com- parties victims might sue—was also isn’t perfect. Many companies that wanted to. It would be a violation of amendment would also assure that
pany. Ordinarily the victims would used for litigation over silicone deal with asbestos have been forced victims’ right to due process, the ar- the remarkable experiment pio-
need to sue these defendants sepa- breast implants, defective airbags to file for bankruptcy. In many of gument goes, if their ability to sue neered by Johns Manville a genera-
rately outside of the bankruptcy. and sex-abuse claims against the Boy these cases, claimants who haven’t the Sacklers were taken away in the tion ago can continue.
Johns Manville devised an inge- Scouts and USA Gymnastics. yet experienced asbestos illness grab Purdue Pharma bankruptcy. If this is
nious solution: It created trusts for Purdue Pharma followed the same most of the money, and the lawyers correct, it would also render the as- Mr. Skeel is a law professor at the
the benefit of the victims, funded by playbook. These protections became take their cut, with little going to bestos provision unconstitutional. University of Pennsylvania.
most of the value of the company, controversial because the biggest
and persuaded the bankruptcy judge beneficiary of the trust arrangement
to issue an order requiring every is the Sackler family, who founded
A Spa Day, and the Price Is Right
By Mike Kerrigan Sometimes it was the next was getting ready for work was all
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY day’s middle-school pre-algebra that stood between me and a men-

B
Rupert Murdoch Robert Thomson ob Barker’s death at 99 hits lesson—witchcraft to me at the tal-health day highlighted by an
Executive Chairman, News Corp Chief Executive Officer, News Corp me—and, I suspect, many of time—that I couldn’t face. Other hour with the charming Mr. Barker.
Emma Tucker Almar Latour my Generation X contempo- times it was not wanting to run Invariably recharging, this self-help
Editor in Chief Chief Executive Officer and Publisher
raries—hard. The entertainment was like an adolescent spa day in
Liz Harris, Managing Editor DOW JONES MANAGEMENT: value of “The Price Is Right,” the Reagan era.
Charles Forelle, Deputy Editor in Chief
Elena Cherney, News; Chip Cummins, Newswires;
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, EVP, General Manager,
which he hosted masterfully from How Bob Barker helped me I pray Mr. Barker has won his
1972 to 2007, is only part of the heavenly Showcase Showdown, the
Andrew Dowell, Asia; Brent Jones, Culture,
Training & Outreach; Alex Martin, Print &
Leadership; David Cho, Barron’s Editor in Chief;
Jason P. Conti, General Counsel, Chief Compliance reason for this profound sense of through my adolescence. just reward for a life well lived.
Writing; Michael W. Miller, Features & Weekend; Officer; Dianne DeSevo, Chief People Officer; loss. But I miss my friend who saw me
Frank Filippo, Chief Transformation Officer;
Emma Moody, Standards; Prabha Natarajan, The 1980s were a less communi- through adolescence and find my-
Professional Products; Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business
Intelligence; Elizabeth O’Melia, Chief Financial cative era than the present. The the 50-yard dash in gym class, self recalling a beautiful line from
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations; Amanda Wills, Video Officer; Dan Shar, EVP, General Manager, need for wellness was there, only it where my time was measurable the poetry of Elizabeth Akers Al-
Wealth & Investing; Josh Stinchcomb, EVP & was more inchoate and much less with a sun dial, that bade me to len: Make me a child again, just for
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page frequently discussed. As the name stay home. But I was never alone: tonight.
Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
“self-care” suggested to latchkey Bob Barker beckoned.
1211 Avenue of the Americas, New York, N.Y., 10036 kids like me, one’s care was largely A minute of poorly faked flu Mr. Kerrigan is an attorney in
Telephone 1-800-DOWJONES up to oneself. symptoms before a mom who herself Charlotte, N.C.
 .

A18 | Monday, August 28, 2023 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Zimbabwe
President
Declared
Election
Winner
BY GABRIELE STEINHAUSER

Emmerson Mnangagwa,
who became president of Zim-
babwe after ousting longtime
strongman Robert Mugabe in

Women’s Rights Spark Israel Rallies

a 2017 coup, was declared the
winner of the country’s presi-
dential election, which had
been widely criticized by in-
ternational observers.
Mnangagwa, of the ruling
Story of teen girls ZANU-PF party, won 53% of
the ballots cast in Wednes-
scolded by bus day’s election and secured a
driver comes amid second five-year term as pres-
ident, Zimbabwe’s electoral
religious parties’ rise commission said late Satur-
day. Nelson Chamisa of the
BY SHAYNDI RAICE opposition Citizens Coalition
for Change received 44%, the
BNEI BRAK, Israel—When commission said. The remain-
Maayan Elkabir boarded a pub- der of the votes went to can-
lic bus in the Israeli city of Ash- didates from smaller parties.
dod, she said the driver scolded Chamisa’s CCC quickly chal-
the 15-year-old for wearing a lenged the results, pointing to
tank top and shorts on a line discrepancies with its own
used by ultra-Orthodox Jews. parallel vote count. “We will
She said he told her and her not roll over and accept ficti-
teenage friends to sit at the tious lies,” the party said.
back of the bus and cover them- Observers from the Euro-
selves up with blankets. pean Union, the regional
“It was completely humili- Southern African Development
ating,” Maayan said in an in- Community and the Common-
KOBI WOLF FOR THE WALL STREET JOURNAL (3)

terview. wealth of Nations had all

Maayan’s story made head- pointed to serious issues with
lines in Israel, helping to gal- the conduct of the election be-
vanize a pro-democracy pro- fore results were declared.
test movement around These included widespread
women’s rights and what intimidation of voters and op-
demonstrators see as the rise position parties by govern-
of ideas like public gender seg- ment agencies, including
regation under Prime Minister through the passing of new,
Benjamin Netanyahu’s right- repressive legislation, as well
wing, religious and ultranation- as questions over the accuracy
alist governing coalition. Ultra- Protesters, above and top right, marched last week on Thursday in support of women’s rights in the Israeli city of Bnei Brak. of the voters’ roll.
Orthodox Jews, known as A demonstrator and an ultra-Orthodox man, top left, argue during the Bnei Brak protest. “Violence and intimidation
Haredim in Israel, are an im- resulted ultimately in a cli-
portant part of Netanyahu’s co- about how women cannot sit the Supreme Court, Haredi rabbinical courts to discuss ited the Western Wall, one of mate of fear,” Fabio Massimo
alition. or dress the way they like.” parties hope to pass a series civic matters rather than just Judaism’s holiest sites. The Castaldo, the head of the EU
In response to Maayan’s Netanyahu, who is secular, of laws that would likely be divorce and marriage, where Western Wall bill was ulti- mission, said on Friday.
case, and several similar cases condemned the bus incident overturned by the current both parties in the matter mately shelved. Prospective voters told The
in recent weeks, hundreds of involving Maayan. “No one will courts. Chief among their consent. Eliyahu Hazan, 27, a Bnei Wall Street Journal that they
Israelis on Thursday marched restrict who can get on public goals is passing a law to en- The uproar over the pros- Brak resident, said buses in had been forced to attend
through the streets of Bnei transportation, not where he shrine an exemption from pect of gender segregation Haredi-majority neighbor- ZANU-PF rallies and feared ret-
Brak, calling for democracy or she will sit,” he said. mandatory military service for also comes as religious law- hoods should be segregated. ribution if they voted for the
and equality. Haredi political The Nateev Express bus the ultra-Orthodox. makers, including a leading “There is no desire for women opposition—allegations that
parties are key supporters of company said it is still investi- Beyond that, Haredi parties Haredi politician, this year to board exposed in bras and the ruling party denied. The
efforts to limit the powers of gating the incident but that aim to advance legislation have pushed for separate make a scene,” he said. CCC said more than 100 of its
Israel’s Supreme Court, a the actions of the driver as de- that would expand the already hours for men and women at Malky Levi, 44, said she campaign events had been
move that protesters argue scribed go against its policies. tremendous power they hold national parks with water strongly supports separating thwarted by local authorities
would allow the government The uproar underscores over many aspects of public springs. men and women on public and that one of its supporters
to pass legislation that would how underlying the judicial life. Haredim control the Rab- The coalition agreement buses because she was once had been stoned to death by
discriminate against women. legislation is a chasm between banut, a governmental body between Haredi parties and sexually harassed by a man ZANU-PF youth on his way to
“Too many red lines have religious and secular Israeli that oversees marriage and di- Netanyahu laid out a plan to when she was pregnant. “It an opposition rally three weeks
been crossed,” said Ayelet De- Jews over what it means to be vorce and determines who is a impose a fine of 10,000 Israeli took me a long time to get before the election.
Picciotto, 58, who was at the both a Jewish and a demo- Jew. Haredi lawmakers have shekels—about $2,600—or six over that,” she said. On election day, many poll-
Bnei Brak protest. “Every day cratic state. recently proposed legislation months jail time for immod- — Anat Peled ing stations, especially in op-
you hear a different story By limiting the powers of to broaden the jurisdiction of estly dressed women who vis- contributed to this article. position strongholds in the
capital, Harare, and other ur-
ban centers, opened late, forc-

Three Marines Killed in Aircraft Crash in Australia ing voters to queue for hours
in the glaring sun. The elec-
toral commission extended
voting to an unprecedented
second day. After polls closed
BY DAVID WINNING Pacific region. service in 2007 and has been on Wednesday, police arrested
Several weeks ago, militar- involved in a number of acci- dozens of local election ob-
SYDNEY—Three U.S. Ma- ies of the U.S., Australia and dents that claimed the lives of servers and confiscated their
rines died after their Osprey other allies practiced amphibi- dozens of service members and phones and computers.
aircraft crashed on a remote ous landings, ground maneu- prompted changes in its design After ousting his longtime
island in northern Australia vers, air combat and maritime and operating procedures. ally, Mugabe, in a 2017 coup,
while supporting a training operations as part of the Tal- The safety record also re- Mnangagwa became president,
exercise, U.S. military officials isman Sabre exercise, which flects its use in some of the pledging economic recovery,
said. officials said was the most ex- most challenging environ- more freedoms and an end to
Five other Marines have pansive iteration ever held in ments, including deserts, at Zimbabwe’s international iso-
been transported to hospital northern Australia. sea and on missions for spe- lation, including sanctions
DARREN ENGLAND/AAP IMAGE/AP

in Darwin, capital of the Washington has laid out cial operations forces. from the U.S. and other West-
Northern Territory, in serious plans to deploy more military A joint venture between ern governments over wide-
condition. assets in Australia. Last year, Boeing and Textron has built spread human-rights viola-
A total of 23 Marines were the two countries said they more than 450 of the aircraft, tions. In 2018, he narrowly
aboard the MV-22B Osprey would place more munitions with a tilt-rotor design that won the presidency at the bal-
when it crashed on Melville Is- and fuel in Australia to sup- allows it to take off and land lot box, a day after soldiers
land in the territory at around port U.S. military activity, vertically like a helicopter and shot six demonstrators pro-
9:30 a.m. local time on Sunday. The cause of the Osprey aircraft crash is being investigated. jointly develop airfields in fly forward like an airplane. testing delays in the declara-
The U.S. military said the northern Australia to support The Marine Corps, the Navy tion of results.
marines aboard the aircraft ern Territory’s police commis- U.S. Marines have been ro- more rotations of U.S. aircraft, and the Air Force grounded Over the past five years,
were flying in support of the sioner, said other military air- tating into northern Australia expand locations where U.S. some of their Ospreys earlier the 80-year-old Mnangagwa
Predators Run military exer- craft that were in the vicinity for annual training exercises troops can conduct exercises this year for repairs following has delivered on few of his
cise. It said the cause of the of Melville Island, part of the that have become more impor- and further integrate their de- problems related to the gearbox. pledges. Gross domestic prod-
crash is being investigated. tropical Tiwi Islands, were tant as an assertive China fense-industrial bases. —Doug Cameron uct collapsed by a cumulative
Michael Murphy, the North- first to respond to the crash. stokes tensions in the Indo- The MV-22 Osprey entered contributed to this article. 11.7% in 2019 and 2020.
Annual inflation hit 827% in
July 2020 and was at 77% in
the latest reading for August,
WORLD WATCH a drop that is largely the re-
sult of much of Zimbabwe’s
economy switching back to
NORTH KOREA UNITED KINGDOM MADAGASCAR ROMANIA GREECE the U.S. dollar. The local cur-
rency now trades at close to
Citizens Allowed British Museum Stampede Kills Fire, Explosions Firefighters Battle 5,000 Zimbabwe dollars to the
Home After Covid Recovers Items 12 Sports Fans At Fueling Station New Wildfires U.S. dollar.
North Korea said Sunday it The head of trustees at A crush of people at a sta- A fire at a fueling station More than 600 firefight-
will allow its citizens staying the British Museum said Sat- dium in Madagascar left at in Romania caused an explo- ers, including reinforcements
abroad to return home in line urday that the museum has least 12 dead and 85 injured sion that killed at least one from several European coun-
with easing pandemic situa- recovered some of the 2,000 as sports fans attended the person and injured at least tries, backed by water-drop-
tions worldwide, as the coun- items believed to have been opening ceremony of the In- eight others on Saturday, ping planes and helicopters,
try slowly eases its draconian stolen by an insider, but ad- dian Ocean Island Games, au- prompting an evacuation of were tackling the remnants
coronavirus restrictions. mitted that the 264-year-old thorities said Saturday. the immediate area, authori- of three major wildfires in
Analysts predicted the an- institution doesn’t have re- The stampede at the Ma- ties said. Greece on Sunday.
AARON UFUMELI/EPA/SHUTTERSTOCK

nouncement would lead to cords of everything in its vast hamasina Stadium in Anta- A second explosion at the Firefighters were battling
the return of North Korean collection. The items include nanarivo happened Friday. station injured at least 26 105 wildfires on Sunday, with
students, workers and others gold jewelry, gemstones and The opening ceremony still firefighters, emergency offi- 46 of them having broken out
who have had to stay abroad, antiquities as much as 3,500 went ahead. President Andry cials said. between Saturday evening
mostly in China and Russia. years old. Rajoelina was there and The explosions happened and Sunday evening.
North Korea banned tour- Museum director Hartwig asked the crowd at Maha- at a fueling station in the Authorities are investigat-
ists and jetted out diplomats Fischer announced his resig- masina Stadium to observe a town of Crevedia that pro- ing the causes, with arson
after the pandemic began. nation on Friday. moment of silence. vides liquefied petroleum gas. suspected in some.
—Associated Press —Associated Press —Associated Press —Associated Press —Associated Press Emmerson Mnangagwa
 .

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Nvidia Supply Woes Ease, Risks Lurk 3M Nears

Accord
Questions persist Nvidia’s quarterly Share-price and index performance, Quarterly revenue, change
regarding artificial-
intelligence demand
net profit
$6 billion
$6.19B
year to date
250% Nvidia
from a year earlier
100% $13.51B
To Settle
and geopolitics 5
200
80
+101%
Earplugs
BY ASA FITCH

Nvidia’s earnings last week

showed strong demand will
4
150
60
Claims
3 40
likely carry the chip maker’s
business to new heights in the 100 BY BOB TITA AND JOHN KEILMAN
coming quarters—but concerns 2 20
persist about how long the PHLX Semiconductor Index 3M and plaintiffs attorneys
boom will last. 50 are nearing a settlement that
1 0
Nvidia eased worries of a would resolve hundreds of
S&P 500
short-lived AI rally by handily thousands of claims by veter-
beating estimates and giving a 0 0 –20 ans that earplugs made by 3M
glowing outlook, citing an ex- FY2021 ’22 ’23 ’24 2023 Aug. FY2021 '22 '23 '24 and a subsidiary failed to pro-
pected boost in supplies. The Note: Fiscal quarter ended July 30 tect them from hearing loss.
company isn’t shipping close to Sources: S&P Capital IQ, the company (profit, revenue); FactSet (performance) Under the terms being dis-
demand, Chief Executive Jensen cussed, 3M would pay about
Huang said, suggesting there is executives said they might cut software and services compa- In the near term, demand creasingly convinced that AI is $5.5 billion, people close to
more upside even after a pair of back on the purchases of AI nies and of course the venture for Nvidia’s products could indispensable for their the discussions said. Negotia-
record quarters. chips if they aren’t translating [capital] world,” said Dylan Pa- hardly be hotter. Customers growth, and analysts estimate tions are continuing, they
Analysts have raised ques- into new business. tel of SemiAnalysis, an industry are racing to install chips that that Nvidia has a market share said, and the amount hasn’t
tions about the supply chain “All major tech companies research firm. “The question is, underlie artificial-intelligence of more than 70% in AI chips. been finalized yet.
and the long-term strength of are going to plow money into how long will they continue to systems such as OpenAI’s Like its chips, Nvidia’s shares The 3M board hasn’t yet
the current boom, while tech this—not just big tech, but also plow money in?” ChatGPT. Companies are in- Please turn to page B2 voted on a proposal to settle
the case, the people said.
The earplug litigation has

Obscure Company Is a Big Winner of AI Boom

become the largest mass tort
in U.S. history with more than
300,000 claims. Veterans al-
lege that 3M and Aearo Tech-
nologies, a company 3M ac-
BY JIYOUNG SOHN AND YANG JIE processors are specialized the boom-and-bust world of pany’s product design for ad- Samsung Electronics, is nar- quired in 2008, produced
memory chips that enable the memory chips, but it hasn’t vanced memory, said the field rowing. faulty earplugs that failed to
One of the world’s hottest mind-boggling number of historically been viewed as an was considered uncharted ter- SK Hynix says its next-gen- protect their hearing from
chip areas is dominated by a nearly instantaneous computa- industry pioneer. ritory at the time. eration HBM chips can process noise damage when issued to
relatively little-known South tions behind AI applications. A decade ago, SK Hynix bet Now, with the rise of AI ap- the equivalent of 230 full-high- them by the U.S. military. 3M
Korean company: SK Hynix. SK Hynix is the main pro- more actively than its rivals on plications that rely on high- definition movies in a second. is contesting the cases, and
The hardware powering the vider of the latest high-band- high-bandwidth memory, or bandwidth memory, SK Hynix Memory chips are no longer has said the earplugs work
current artificial-intelligence width memory chip for Nvidia’s HBM, in which memory chips has emerged as one of the early just supporting players in com- correctly when used with
craze is most closely linked top-line AI processor chip. The known as DRAM are stacked on hardware victors, although puting, said Park. “In essence, proper training.
with Nvidia. But packaged Icheon, South Korea-based firm top of one another. Park My- competition is intensifying and the evolution of memory tech- The settlement amount be-
alongside Nvidia’s brainy H100 has long been a major player in eong-jae, who heads the com- the gap with its local rival, Please turn to page B2 ing considered is substantially
less than the $10 billion to $15
billion that some analysts

Extending Manufacturers Say ‘Show Us the Money’ First have predicted the case would
cost 3M. The possible settle-
ment was earlier reported by

Human Life Bloomberg News.

3M’s ability to absorb a
huge earplug settlement has

Fuels New been diminished by a tentative

settlement in June for litiga-
tion over so-called forever

Biotech chemicals in municipal drink-

ing water. That agreement be-
tween 3M and municipal wa-

Projects ter providers, which still

needs court approval, could
cost 3M as much as $12.5 bil-
lion over five years.
BY DOMINIQUE MOSBERGEN The earplugs, which were
developed by Aearo Technolo-
Scientists obsessed with gies, were designed to protect
aging are sketching a road users’ hearing from loud
map of how our bodies change noises such as explosions, but
as we grow old in the hopes permit voices or softer noises
that it will lead to treatments to be heard.
that could help us live longer, 3M agreed in 2018 to pay
healthier lives. $9.1 million to the U.S. govern-
They call this road map the ment to resolve allegations
JON CHERRY FOR THE WALL STREET JOURNAL

“hallmarks of aging”—a set of that 3M’s earplugs were defec-

biological features and mecha- tive because they could imper-
nisms linked to our inexorable ceptibly loosen in a wearer’s
march toward death. The re- ear. 3M had argued that the
search is drawing the attention earplugs were effective if
of biotechnology companies worn correctly.
looking to develop drugs that Aearo last summer filed for
could extend human lifespans. bankruptcy as a separate com-
Over the past decade, the pany, accepting responsibility
hallmarks have helped guide for all the liability claims. The
the development of drugs that THE NEW FOCUS GROUP: Companies are using crowdfunding to gauge consumers’ interest before unveiling a product. An move was meant to give Aearo
clear away cells that have employee for GE Appliances’ FirstBuild unit pieces together components for one of the company’s newest projects, the leverage in bankruptcy court
stopped dividing and gene Mella, a chamber the size of a large microwave oven that allows foodies to grow their own mushrooms. B3. to craft a settlement with the
therapies that appear to restore Please turn to page B4
cells to a more youthful state.
Scientists in Europe codified
nine hallmarks in a 2013 paper
in the journal Cell that is
widely cited in the aging field.
They include shortening of tel-
INSIDE Behind Crypto’s Rise, a ‘Fidelity Mafia’
omeres (DNA segments at the
ends of chromosomes); cell se- BY VICKY GE HUANG Price of one bitcoin and startup founders. They
nescence, when cells stop di- playfully call themselves the
$70,000
viding; and breakdowns in how Some of the most promi- Fidelity mafia, much like the
cells regulate nutrients. nent players in the digital-as- PayPal mafia of alumni who
60,000
The hallmarks appear to sets industry cut their teeth at went on to launch their own
manifest with age and acceler- the same place: Fidelity In- technology companies.
ate aging when enhanced. vestments. 50,000 The group includes Alex
They are interconnected in A storied mutual-fund pow- Thorn, head of firmwide re-
ways researchers are trying to erhouse, Fidelity is a corner- 40,000 search at crypto financial-ser-
understand. Some believe this TECHNOLOGY stone of the traditional finan- vices firm Galaxy Digital; Juri
could unlock insights into why cial system that the founders Bulovic, head of mining at bit-
PATRICK T. FALLON/BLOOMBERG NEWS

Makers of dating apps 30,000

we age. of bitcoin and other crypto- coin miner Foundry; Matt
“Aging has excited the
add premium tiers, currencies intended to dis- 20,000 Walsh, founding partner at
imagination throughout the counting on users to rupt. Yet the 77-year-old com- crypto venture firm Castle Is-
history of humankind,” said spend more for love. B4 pany became a bitcoin pioneer 10,000 land Ventures, and more than
Carlos Lopez-Otin, a biochem- in 2014, mining the token a dozen others.
ist at the University of Oviedo when it was trading around 0 “There are a lot of us that
in Spain who co-wrote the $400. It encouraged employ- 2014 ’17 ’20 ’23
have worked on crypto for so
hallmarks paper. “But it’s only ees to experiment with block- long because Fidelity has
recently that it has been sub- chain technology and develop Source: CoinDesk Fidelity’s Abby Johnson. worked on crypto much longer
jected to profound scientific new products that led to the than any other traditional fi-
scrutiny.” launch of its crypto business the crypto industry after a ering around $26,000, well be- nancial firm,” said Thorn, who
One hallmark attracting at- unit four years later. string of high-profile company low its high from two years set up a Telegram chat group
tention is changes in the epi- Along the way, it built a failures last year that culmi- ago. The industry has lost tens with former colleagues.
genome, which consists of deep talent pipeline for the in- nated in the collapse of ex- of thousands of jobs since the Championed by Chief Exec-
chemical compounds and pro- dustry. change FTX. The Securities beginning of last year, and utive Abby Johnson, Fidelity’s
teins that can attach to DNA Fidelity eventually grew and Exchange Commission re- skeptics question its future crypto initiative began by
and regulate whether genes BUSINESS NEWS wary about expanding too cently sued Binance and Coin- role in finance after the down- trading and storing bitcoin for
are turned on or off. Some re- FTC gives reprieve to quickly in an unproven field, base Global, two of the larg- fall of Sam Bankman-Fried big investors such as hedge
searchers think an accumula- causing some of its earliest est crypto exchanges, for and others who were once funds. Over the following
tion of errors in the epige-
Amgen on acquisition employees to depart. offering unregistered securi- considered crypto visionaries. years, it made crypto more ac-
nome drives aging and that of Horizon That caution may ulti- ties, among other things. Fidelity’s crypto alumni cessible for small investors as
removing the errors by “re- Therapeutics. B6 mately prove wise. Regulators And despite a rebound in group features venture-capital well. Companies can include
Please turn to page B2 have waged a crackdown on prices in 2023, bitcoin is hov- investors, heads of research Please turn to page B2
 .

B2 | Monday, August 28, 2023 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Eurowag......................................B10 N-O
Biotech
Abercrombie & Fitch...........B3
Activision Blizzard.................B6
Advanced Micro Devices.B2
F
Foot Locker..................................B3
Fourneau........................................B3
Netflix............................................B10
Nexi..................................................B10
Nikon..............................................B10 Firms Take
On Aging
Adyen.............................................B10 Nissan Motor..........................B10
G Nvidia................................................B1
Airbnb............................................B10
Ajinomoto..................................B10 Galaxy Digital.............................B1 OpenAI..............................................B1
Alphabet.........................................B2 Gals Agro......................................A8 P
Altos Labs....................................B2 Gap.....................................................B3
PacifiCorp.......................................A1
Amgen.............................................B6 H PayPal Holdings....................B10 Continued from page B1
ARK Investment Haier Group.................................B3 Peloton Interactive...............B3 programming” cells could
Management.......................B10 Hasbro..............................................B3 Petco.................................................B3 lengthen life.
B Hawaiian Electric PG&E.................................................A6 Shinya Yamanaka, a Japa-
Portland General Electric
Bath & Body Works............B3 Industries..................................A6
........................................................... A6
nese stem-cell researcher,
Berkshire Hathaway.............A1 Home Depot...............................B3 shared a Nobel Prize in 2012 for
Binance............................................B1 Honda Motor...........................B10 R
discovering proteins that repro-
Brookfield......................................B7 I-K Retro Biosciences..................B2
gram a cell’s epigenome to its
Bumble............................................B4 Indiegogo.......................................B3 S embryonic state. Scientists have
C Intel....................................................B2 Samsung Electronics...B1,B2 used the proteins to extend the
Calbee............................................B10 Japan Exchange Group..B10 Senolytic Therapeutics......B2
lifespan of mice and reverse

DOG AGING PROJECT

Canon................................................B3 Keller Rohrback.......................A6 SK Hynix.........................................B1
Carbon TerraVault.................B7 Kohl’s.................................................B3 Spire Global................................A8 blindness in mice and monkeys.
Castle Island Ventures.......B1 L T- X Biotechnology companies
Coinbase Global........................B1 Taiwan Semiconductor such as Altos Labs, which Ya-
Lone Cypress Energy
Courtland Brooks...................B4 Services.......................................B7 Manufacturing......................B2 manaka advises, Retro Biosci-
D Lowe’s...............................................B3 Target...............................................B3 ences and Calico Life Sci- The Dog Aging Project is testing whether rapamycin can extend the lifespan of pet dogs.
Dick’s Sporting Goods.......B3 M
Telos Biotech.............................B2 ences, part of Google parent
DoorDash......................................B4
Macy’s..............................................B3
Tesla................................................A12 Alphabet, are probing Drugs including rapamycin clear that extending telomeres field. But while they describe
3M........................................................B1
Dorian Therapeutics............B2
Match Group..............................B4 whether cellular reprogram- that appear to mimic the ef- would lengthen life. Activating some of what happens during
Toyota Motor..........................B10
E Meta Platforms...............B2,B6 Urban Outfitters.....................B3 ming could extend lifespans or fects of calorie restriction have telomerase can allow cancer aging, they don’t explain why
eBay................................................B10 Micron Technology...............B2 Worldline.....................................B10 improve health. increased life expectancy in cells to replicate unchecked. these changes occur, said Da-
Edenred........................................B10 Microsoft.............................B6,B10 Xcel Energy.................................A6 Dorian Therapeutics and mice. Rapamycin, which blocks People who have unusually vid Gems, a geneticist at Uni-
Senolytic Therapeutics are a type of nutrient sensor, is long telomeres have an in- versity College London.
developing drugs that eradi- typically taken by organ-trans- creased risk of developing tu- They fall short of what phi-
INDEX TO PEOPLE cate or prevent the formation
of senescent cells, another
plant recipients to suppress
the immune response.
mors and a blood disorder, ac-
cording to a study published
losopher Thomas Kuhn de-
fined in the 1960s as a para-
hallmark, to see if that slows The Dog Aging Project, in May in the New England digm: shared values and ideas
B Hobart, Lauren.........................B3 Pyka, John....................................B3 aging and mitigates age-re- based at the University of Journal of Medicine. that explain a scientific phe-
Bankman-Fried, Sam...........B1 House, Richard.........................A2 Q lated diseases. Washington, is testing whether Still, some researchers and nomenon. “You can’t have a
Huang, Jensen...........................B1
Boswell, Gina.............................B3 Quirk, Dan.....................................B3 Other scientists are experi- rapamycin can extend lifespan companies including Telomere field without a paradigm,”
Jessop, Tom................................B2
Brooks, Mark..............................B4
Johnson, Abby...........................B1 R menting with drugs targeting a in pet dogs. AgelessRx and re- Therapeutics and Geron are Gems said.
Buffett, Warren.....................B10
K Rasmussen, Lene Juel.......B2 hallmark called nutrient-sens- searchers at Columbia Univer- manipulating telomeres in ef- The group behind the origi-
Bulovic, Juri..................................B1 Roman, Mike..............................B4 ing pathways: sensors that cells sity are among the groups forts to treat cancers and nal hallmarks of aging sug-
Burdett, Ted................................B3 Kim, Bernard..............................B4
Kress, Colette.............................B2 S use to recognize fuel sources helping to develop clinical tri- other age-related disorders. gested three more earlier this
C such as sugars and proteins. als to test rapamycin’s antiag- “It’s like Dr. Jekyll and Mr. year based on subsequent re-
L Shalett, Lisa................................A2
Center, Becky.............................B3
Lanau, Sergi................................A2
Shay, Jerry...................................B2 The sensors become less ef- ing potential in people. Hyde: We want to stop telom- search: chronic inflammation;
Coughlin, Ronald.....................B3 St. Aubin, James....................A2 fective with age and their de- A popular theory that erase in cancer cells…but elon- imbalance in the microbiome,
D M
T terioration has been linked to emerged in the past century gating telomeres safely could be the community of microorgan-
Millasich, Doug.........................B3
Daswani, Pavan.....................B10 Mitchell, Adrian.......................B3
Thorn, Alex...................................B1 myriad health problems in- held that telomeres, another useful for a variety of age-re- isms that live inside people;
Dickson, Richard......................B3 Murphy, Kathleen..................B2 Tokunari, Muneaki..............B10 cluding metabolic disorders hallmark, could offer a silver- lated conditions,” said Jerry and defects in autophagy, a
Dillon, Mary.................................B3 Murphy, Ryan.............................A1 U and cancer. bullet solution to aging. Re- Shay, a molecular biologist at cell’s ability to recycle dam-
G N Uytdehaage, Ingo................B10 Nutrient-sensing pathways searchers who discovered the the University of Texas South- aged parts of itself.
Gems, David................................B2 Nolan, Kevin................................B3 W are affected by restricted di- molecular nature of telomeres western Medical Center in Dal- More hallmarks will likely
Gennette, Jeff...........................B3 Novogratz, Mike......................B2 Walsh, Matt.................................B1 ets, which research shows can and telomerase, an enzyme las and co-founder of Telos emerge and others will be dis-
Gould, Chris.................................B7 P Wood, Cathie...........................B10 bolster longevity. Diets that that can maintain or extend Biotech, which is lengthening carded or combined as re-
Gupta, Navdeep.......................B3 Papic, Marko..............................A2 Wool, Phillip................................A2 significantly cut calories in- their lengths, won a Nobel telomeres to try to improve im- search advances, said Danish
H-J Park Myeong-jae.....................B1 Y crease lifespans and improve Prize in 2009. mune function in cancer pa- geneticist Lene Juel Rasmus-
Herd, Whitney Wolfe.........B4 Patel, Dylan..................................B1 Yoon, Harry..................................B2 health, studies have shown. Telomeres shorten as people tients. sen, who suggested a few oth-
One theory is that calorie re- age, and shorter telomeres ap- Researchers of aging said ers with colleagues last year.
striction stresses cells and in- pear to be associated with dis- the hallmarks have helped “The hallmarks are dy-
creases their resilience. ease, studies show. But it isn’t shape a shared vision for the namic,” Rasmussen said.

Nvidia’s Nvidia dependent on others’

ability to boost production at

Supply
times of high demand. TSMC
has been expanding its capac-
ity, including with a $2.9 bil-
Fidelity’s sible for individuals and insti-
tutions, according to Walsh,
who joined Fidelity out of
vestments business, told the
Dallas Business Journal in
2018 that the firm’s crypto of-
clarity.
Fidelity struggled to hold
on to its crypto talent during

Woes Ease
lion investment unveiled in
July to expand advanced man-
ufacturing that knits together
Crypto business school in 2014.
“This was when Jamie Di-
mon said that bitcoin was tu-
ferings would be limited to so-
phisticated investors due to
regulatory concerns.
the pandemic when bitcoin
prices skyrocketed, eventually
rising above $60,000.

Continued from page B1

numerous chips in one pack-
age. Nvidia uses that packag-
ing in many of its advanced AI
Pipeline lip bubbles, and there was no
use looking at it,” Walsh said.
“Abby was taking the total op-
Those comments discour-
aged employees interested in
reaching smaller investors,
Thorn left in 2021 to build
a research department at Mike
Novogratz’s Galaxy Digital, a
have been sought-after by in- chips, and the company reas- posite end of it.” some former employees said. crypto financial-services firm
vestors, having more than tri- sured investors Wednesday Continued from page B1 Despite her enthusiasm, Murphy declined to comment. with businesses in trading, in-
pled this year, propelling it to a that it secured more of it. bitcoin in the Fidelity retire- Johnson, whose family owns Fidelity’s crypto ambitions vestment banking, asset man-
valuation north of $1 trillion. As its supplies grow, Nvidia ment plans they offer their 49% of Fidelity, faced internal were criticized on a bigger agement and mining.
The stock finished higher last might have to fend off compa- employees, and Fidelity gives and external pushback about stage last year when U.S. La- Walsh resigned in 2018 to
week despite falling later in the nies ordering more than they the majority of its 43 million staking too bor Department scratch his entrepreneurial itch.
week following its earnings re- need, which could mask weaker customers the option to trade much of the officials said its His crypto venture firm, Castle
port Wednesday. long-term demand. “For the bitcoin and ether. company’s fu- plan to allow Island, is backed by Fidelity
Analysts at UBS forecast time being, demand seems un- “It wasn’t like we were ture on crypto. Fidelity still investors to put and has about $360 million in
Thursday that Nvidia’s current bounded,” Susquehanna Inter- learning about this crazy crypto In a speech views crypto as bitcoin in their assets under management.
supply agreements could take national Group analysts said in thing with kid gloves on be- last year, John- 401(k) accounts Today, crypto continues to
its revenue to as much as $25 a note. “However, we worry cause we were traditional,” said son said she a long-term would risk the be viewed as a long-term
billion a quarter, not factoring about double-ordering and ra- Thorn. “We took a huge step put together a retirement se- growth opportunity at Fidel-
in the expectation that supply tionalization into 2024.” into it, and that made Fidelity proposal in
growth curity of Amer- ity. The company stores bil-
will grow. The path to get to China, which historically ac- an early magnet for talent.” 2014 to spend opportunity. icans. The com- lions of dollars in customer
around that amount in fairly counts for 20% to 25% of Thorn started as an entry- $200,000 to pany pushed crypto assets, while the head
short order “seems pretty clear Nvidia’s sales in its data center level analyst in Fidelity’s legal buy bitcoin back against count in its crypto unit has
to us,” UBS said in a note. division, is a wild card. Intent department in 2009. An early mining equip- that criticism, steadily risen to more than
That figure would be a large on curtailing Chinese access to bitcoin believer, he volun- ment from suppliers in China. reiterating its commitment to 600 from a few dozen in 2018.
leap from the $13.5 billion of advanced AI, the Biden adminis- teered to help with Fidelity’s The plan was rejected by Fi- digital assets as key to the fu- Fidelity also is in the race
revenue for its recently com- tration last year blocked exports first crypto experiments, win- delity’s finance department ture of finance. to launch the first exchange-
pleted quarter and the $16 bil- of Nvidia’s most advanced chips ning the nickname “Bitcoin Vi- and security staff, she re- Some former employees traded fund that holds actual
lion it forecast for its current without a license. Further re- king” from Johnson. He even- called. said Fidelity could have been bitcoin. If approved by regula-
quarter. Three years ago, Nvidia strictions are under consider- tually co-managed a Fidelity- “I kind of had to walk down more aggressive with its tors, it would allow investors
was averaging around $3 billion ation, and Chief Financial Offi- affiliated crypto venture firm. to people’s offices and say, crypto efforts. They were to buy and sell the token
in revenue a quarter. cer Colette Kress told analysts Other former employees ‘Look, it’s $200,000, we’re do- frustrated about losing cus- through a brokerage account
Some analysts see potential Wednesday that a ban on sales also say Johnson’s early com- ing this,’” she said. tody-business clients to Coin- as easily as shares of stock.
problems in Nvidia’s supply of AI chips to China would cost mitment to bitcoin drew them Even years later, some Fi- base, which was founded in “We are now working with
chain. It designs chips but re- the U.S. industry a permanent to Fidelity. delity executives continued to 2012. Others say Fidelity’s every business unit of Fidelity
lies on contract manufactur- loss of opportunities in one of She gave a rare vote of con- doubt crypto would reach a traditional money-manage- on what I would call long-
ers—primarily Taiwan Semi- the world’s biggest markets. fidence to bitcoin at a confer- mainstream customer. Kath- ment business prevented it term digital-asset strategy,”
conductor Manufacturing Co. —Dan Gallagher ence in 2017 when she urged leen Murphy, then head of Fi- from diving into a high-risk said Tom Jessop, president of
—to produce them. That makes contributed to this article. making the token more acces- delity’s sprawling personal-in- venture without regulatory Fidelity’s crypto operations.

Obscure its advances in high-bandwidth

memory. By contrast, Nvidia’s
profit for the May-to-July
Share-price performance, year to date
70%
deed laid the foundation for
the cryptocurrency and AI
boom later.”
processor for accelerated com-
puting and AI, set to arrive in
the second quarter of 2024 and

Company Is quarter topped $6 billion.

Generative AI tools such as
ChatGPT guzzle vast amounts
60

50
SK Hynix
SK Hynix said in April it ex-
pected its HBM revenue for
2023 to grow more than 50%.
equipped with the “world’s
fastest memory.” It didn’t men-
tion the supplier’s name.

AI Winner of data that must be retrieved

from memory chips and sent to
the processing units for com-
40

30
Micron
The portion of worldwide
DRAM revenue that comes
from AI demand is projected to
Industry experts say the
firm best primed to meet
Nvidia’s requirements is SK
putations. HBM is designed to Technology grow to 41% in 2025 from 16% Hynix, which said earlier this
Continued from page B1 work more closely in tandem 20 Intel this year, analysts at Citi said. month that it had begun pro-
nology, including HBM, is pav- with processors designed by Samsung SK Hynix isn’t assured of viding samples of its next-gen-
ing the way for the future de- the likes of Nvidia, Advanced 10 Electronics keeping its early lead. eration HBM to customers.
velopment of AI systems,” he Micro Devices and Intel, boost- Samsung, the world’s big- SK Hynix hasn’t said how
said in a written interview. ing performance. 0 gest maker of memory chips much it has invested in high-
Despite a severe downturn SK Hynix, together with –10
overall, is preparing to intro- bandwidth memory and
in the broader memory-chip AMD, was the first to introduce duce its next-generation model doesn’t break out sales figures
2023 Aug.
world, caused in part by high-bandwidth memory to the later this year and is working for the chips, but it says the
slumping sales of smartphones market in 2013. Its newest Source: FactSet to expand partnerships with category that includes HBM
and computers, SK Hynix’s fourth-generation version customers, said Harry Yoon, now accounts for more than
stock price has risen by almost stacks 12 traditional DRAM requests with more concerted early period, Lee said. Samsung’s vice president and 20% of total DRAM sales, up
60% since the start of the year, chips together, up from eight in investment. “It reflects both a Park, the SK Hynix execu- head of memory marketing, in from a single-digit percentage
nearly triple the gains of Sam- the previous version, and pro- commitment to a new technol- tive, said the company’s HBM a written interview. It plans to as recently as last year.
sung Electronics and above the vides the industry’s top levels ogy and a bit of luck in having task force at first didn’t see AI invest aggressively and double Park said SK Hynix still held
roughly 30% gains logged by of data-transfer efficiency and bet big on a product that’s as a leading use for the new HBM production by 2024 from an edge in development speed,
Micron Technology and Intel. heat dissipation. gained spotlight in the AI era,” type of memory chip. The driv- this year’s level. quality and readiness for mass
Nvidia’s share price has more Roughly a decade ago, said Kim, a professor of me- ing mission, he said, was over- Samsung is expected to production. “Based on these
than tripled in 2023. Nvidia and AMD sought part- chanical engineering at the Ko- coming the “memory wall,” re- catch up to SK Hynix in market advantages, the company in-
The stock rise comes despite ners to build a new type of rea Advanced Institute of Sci- ferring to the tech industry’s share this year, with both tak- tends to keep leading the mar-
a rough year for SK Hynix, memory chip capable of trans- ence and Technology. perception that computing per- ing 46% to 49% of the market, ket,” he said.
which still relies overwhelm- ferring bigger volumes of data Initially, the memory indus- formance was limited by mem- according to market-research
ingly on its traditional mem- at once to their graphic-pro- try’s investment in HBM was ory-chip speed. firm TrendForce. Micron of the
ory-chip business for revenue. cessing units with more speed, limited because of low demand “We were confident that U.S. is projected to take roughly Watch a Video
In the April-to-June quarter, SK said Kim Joung-ho, whose uni- and technical difficulties, said high-bandwidth memory for 5%, TrendForce said. Micron Scan this code
Hynix reported a net loss versity research lab has worked Peter Lee, a Seoul-based semi- high-performance computing has expressed confidence that to watch a
equivalent to about $2.2 billion, on high-bandwidth memory conductor analyst at Citi. But would eventually lead to the it could catch up with its two video on
showing that its financials have with SK Hynix since 2010. SK Hynix was more bullish on appearance of relevant applica- Korean competitors. Nvidia’s AI
yet to see much benefit from SK Hynix responded to those HBM’s prospects during that tions,” Park said. “And HBM in- Nvidia recently touted a new strategy.
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | B3

BUSINESS NEWS

Crowdfunding
Is the New Way
To Test Market
BY JOHN KEILMAN hits: A company called Oculus,
for example, raised $2.4 mil-
GE Appliances is a sprawl- lion on Kickstarter to make
ing company, with 16,000 em- virtual-reality headsets. In
ployees and factories spread 2014, two years after the cam-
across six states. When it paign began, Facebook bought

JON CHERRY FOR THE WALL STREET JOURNAL (2)

comes to developing niche Oculus for $2 billion.
products, though, it takes a Large manufacturers took
page from garage tinkerers. notice. Indiegogo, which
The Louisville, Ky., manu- started in 2008 to help small
facturer uses crowdfunding, filmmakers get financing, has
an online tool for raising hosted campaigns for corpora-
money, to gauge consumer in- tions like Whirlpool, Sony and
terest in potential products. If Lenovo. The platform’s chief
enough people are willing to executive, Becky Center, said
pay ahead of time for some- big companies see crowdfund-
thing such as an indoor ing as an alternative way to
smoker or an induction cook- perform research. One of GE Appliances’ newest projects is the Mella mushroom grower. Employees in the company’s Micro Factory in
top, GE Appliances’ FirstBuild “This is the new focus Louisville, Ky., work on putting together the chambers. Below, the finished product.
unit will put it into produc- group,” she said. “Instead of
tion. If not, the concept dies. paying people to come, people market. Revealing a product
Crowdfunding is usually as- are paying you, and they’re kind before it is ready to be sold
sociated with independent of voting with their wallets.” could allow competitors to rush
artists and startups. But GE Camera maker Canon used a copycat to market, he said.
Appliances, owned by China- Indiegogo last year to intro- Nolan, of GE Appliances,
based Haier Group, is among duce a product called the Pow- said the public feedback crowd-
a number of big companies, erShot Pick, which tracks faces funding can generate is crucial
including camera makers, toy and automatically shoots pho- to the process. “I still think the
producers and others, using tos and video. The camera was little guy is going to out-inno-
the platforms. Though they available in Europe and Asia, vate any big company any day
usually charge close to full but the company said it of the week because most big
price for early access to a wanted to use crowdfunding to companies won’t do this,” he
product, the companies’ goal gauge its viability in the U.S. said. “Most big companies
is more about gleaning insight Canon offered the cameras want to keep things secret.”
into consumers’ thinking, ex- at a discount on Indiegogo The first product GE Appli-
ecutives said. and from those sales har- ances crowdfunded has been
“We are trying to get true vested 343 reviews, which it its biggest hit. The Opal,
consumer validation and basi- used to adjust its packaging which makes chewable ice
cally avoid traditional market design and marketing mes- nuggets, went into regular
research,” said GE Appliances sages before distributing the production following its 2016
Chief Executive Kevin Nolan. product to retailers. debut and has sold hundreds
The company launched seven HasLab, part of the Hasbro of thousands of units. One of
products via crowdfunding toy company, makes limited- the company’s newest projects
and killed an eighth, a cold- run action figures that can is the Mella, a chamber the
brew coffee machine, when it cost hundreds of dollars. size of a large microwave oven
didn’t meet its funding goal. While fans have backed most calibrate its offerings. Hasbro said its participa- students at the University of that allows foodies to grow
Crowdfunding took off in of its concepts, including a 27- John Pyka, a Nashville, tion in crowdfunding gives Illinois at Chicago about using their own mushrooms.
the 1990s as a way for film- inch-tall Transformer and Tenn., toy collector who hosts priority to fans and doesn’t crowdfunding in their own en- Doug Millasich, a software
makers, bands and other art- Jabba the Hutt’s sail barge, a pop-culture podcast called prevent others from conduct- trepreneurial pursuits. developer who lives outside of
ists to raise money needed to others have come up short. “Back of the Cereal Box,” is ing their own campaigns. Dan Quirk of Quirk’s Media, Austin, joined the Mella
complete their projects. Do- A flaming muscle car driven turned off by corporate Ted Burdett, who has used which publishes a magazine crowdfunding effort, though
nors acted as patrons, their by the Marvel character Ghost crowdfunding, saying large Kickstarter to fund several and runs conferences on mar- he said the complexity and ex-
contributions repaid with tick- Rider needed 9,000 backers to companies such as Hasbro projects for his small cook- keting research and insight, pense of operating the device
ets, CDs or their names in the go into production but got just have no business engaging in ware company Fourneau, said said traditional surveys and fo- convinced him to go back to
credits. Entrepreneurs picked over 5,000. A replica of a light- a practice that should be re- crowdfunding is one of the cus groups still hold many ad- getting his mushrooms at the
up on the technique, offering saber seen in the Star Wars served for small creators. few ways in which small busi- vantages. He said people who farmers market. Millasich said
customers discounted prices show “Obi-Wan Kenobi” got “They’ve already got money nesses can attract attention. participate in crowdfunding are he might support another
on a product if they paid in less than a third of the 5,000 they can invest in marketing “To have large companies likely to be more affluent and crowdfunded product. “If
advance to fund its develop- backers it sought. Hasbro, and advertising that cam- that don’t need it on the plat- tech savvy than the average somebody said to me, ‘I’ll sell
ment and manufacture. which didn’t produce either, paign,” he said. “They can suck form just doesn’t feel right,” consumer, so their enthusiasm you a jetpack for $300,’ I
It yielded some notable said such rejection helps it re- the oxygen out of the room.” said Burdett, who has taught might not reflect the larger might be inclined,” he said.

Retailers Lose Boost They Got From Pandemic Trends

BY DEAN SEAL swing to a $5 million loss in Dick’s also highlighted weaker and Gap were down in the
the second quarter from a $94 demand for apparel, despite second quarter, with both not-
Shoppers have shifted their million profit last year, along- the strong performance of ing softness in demand for ac-
spending habits in a postpan- side higher markdowns, lower smaller lifestyle brands. tivewear. Gap is cutting its
demic world, leaving retailers sales and elevated costs. Macy’s recently said that full-year revenue guidance
in the lurch. A rise in organized retail categories including ac- amid declines at Banana Re-
The stocks of major retail- crime is weighing on Macy’s. tivewear, casual and sleep- public and its namesake
ers have tumbled as Chief Financial Officer Adrian wear are facing challenges, brand.
stores including Macy’s, Mitchell said the department- dragging the company’s top “We have to do things dif-
Dick’s Sporting Goods and store chain is relocating high- line down 8% for the latest ferently, with a clear focus on
Foot Locker posted slowing theft items away from store quarter. Dick’s is seeing de- redefining our brands’ mean-
sales, weakening profits and entrances as shrink hits re- mand for its apparel offerings ing to consumers,” newly ap-
SCOTT OLSON/GETTY IMAGES

tepid forecasts. cord levels for the second year softening, according to CEO pointed CEO Richard Dickson
Their lackluster results of- in a row. Lauren Hobart. said.
fer more evidence that “We continue to put miti- Foot Locker said apparel Not every clothing brand is
strained consumers feeling gation strategies in place to sales were down significantly struggling. Abercrombie &
the weight of higher debt and address it, but these mitiga- because of consumer softness. Fitch logged a 13% jump in
increased prices are redirect- tion strategies will likely take The New York-based company comparable sales in the sec-
ing their discretionary spend- Lowe’s executives said do-it-yourself demand is weakening. time to effectuate,” Mitchell aims to better compete for ond quarter, sending its
ing away from certain prod- said on a call with analysts. wallet share among its cus- shares higher. Urban Outfit-
ucts and goods. flects a shrewder spending at- ing to the promotional and tomers by amping up promo- ters also reported higher
“Consumers still have good titude among shoppers, she discounting playbook they last tions more heavily than it ini- sales, fueled by its Free People
savings, but they are being said. used in 2019. Out of fashion tially planned, CEO Mary and Anthropologie brands.
more judicious in how they The purveyor of soaps and “It’s really a return to pre- The second-quarter reports Dillon said. —Suzanne Kapner
spend,” Macy’s Chief Execu- candles reported a smaller pandemic promotional levels from Macy’s, Foot Locker and Comparable sales at Kohl’s contributed to this article.
tive Jeff Gennette told The profit for the July quarter on based on supply now being
Wall Street Journal last Tues- lower sales. more in balance with de-
day. “More of their money is Peloton Interactive was a mand,” Chief Executive Ronald
going to services and experi- big winner in the first wave of Coughlin said on a call with
ences.” the pandemic as gyms locked analysts.
Retailers are dealing with their doors and people sought SAVE SMARTER
their own intensifying chal- out home exercise equipment,
lenges, particularly a rise in but the struggles it faced in ‘Shrink’ challenge
theft and inventory losses the years since remain, as Several major retailers say
known as shrink, that are cut- paying subscribers continued their margins and profits are
ting into their top and bottom to decline and inventory was being dented by shrink, an in-
lines. still elevated. dustry euphemism for inven-
Here is what we learned Home-improvement re- tory lost through shoplifting, Earn 8x the national average*
about the retail landscape tailer Lowe’s reported lower employee theft, misplacement with a Synchrony Bank
from recent quarterly earn- revenue as comparable sales, or other administrative errors. High Yield Savings account.
ings reports. which adjust for store open- Dick’s cut its full-year prof-
ings and closings, dropped in itability guidance after sec-
the second quarter, albeit less ond-quarter earnings declined
‘Normalization’ dramatically than analysts had more heavily than expected,
Early in the pandemic,
shoppers started pouring
money into the homes where
expected.
Lowe’s executives said de-
mand is weakening from the
partly because of higher in-
ventory shrink.
“We thought we had ade- 4.50%APY* 0.54%APY* DREAM
BIGGER
they were spending more do-it-yourself customers that quately reserved for it,” Dick’s Synchrony Bank National
High Yield Savings Average
time. Now that lockdowns are make up about 75% of its cus- Chief Financial Officer
in the rearview mirror, the tomer base, while sales rose Navdeep Gupta said on a call
spending on renovation proj- among its smaller professional with analysts. “However, the See our current rates at synchronybank.com/wj
ects, workout equipment and cohort, which includes con- number of incidents and the
home goods has cooled. tractors and electricians. organized retail crime impact
Bath & Body Works Chief Petco Health & Wellness came in significantly higher *ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 7/11/23. APY is subject to change at any time without notice. Offer
applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the
Executive Gina Boswell said also is suffering from the than we anticipated.” rate may change after the account is opened. Visit synchronybank.com for current rates, terms and
sales of home fragrances and slowdown in discretionary Earlier this month, execu- account requirements.
hand sanitizers are dropping spending after benefiting from tives at Target and Home De- NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S.
as part of an expected “post- millions of new pets being pot similarly cited shrink as a banks (ranked by total deposits) provided by Curinos LLC as of 7/3/23. High Yield Savings Rates:
Average APYs are based on High Yield Savings Accounts of $10,000. Curinos data is obtained
pandemic normalization” that added to homes during the growing headwind in their lat- from public sources; accuracy and completeness is not guaranteed. Curinos is not
the company is factoring into pandemic. The pet-food re- est completed quarter. liable for reliance on the data.
its guidance for lower sales tailer said the pullback has re- Foot Locker pointed to ele- © 2023 Synchrony Bank
this year. The outlook also re- sulted in competitors revert- vated shrink as a factor in its
 .

B4 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Apps Put a Higher Price on Love

Tinder, Bumble and is precedent behind the move
to raise prices. Mark Brooks,
others add higher- CEO of Courtland Brooks,
priced tiers, betting which helps online dating com-

3M
panies grow, said that other The earplugs.
users will pay up brands, such as eHarmony and

BY DENNY JACOB
Tawkify, have for years priced
their premium services above
what Tinder, Hinge and Bum-
3M Nears
Dating apps are testing the
limits of how much users will
pay in their quest for love.
ble charged.
The stakes are high in
showing users that paying is
Accord on
Match Group, which owns worth it, Brooks said. Other-
Earplugs

PEERAPON BOONYAKIAT/SOPA IMAGES/ZUMA PRESS

a fleet of dating apps, recently wise, they could defect to
added a plan to Hinge with a competing platforms.
monthly rate around $50, up “They’ve got to actually really
from its previous high of $35, deliver on it, because they’ll Continued from page B1
and is examining user interest get crucified if they don’t,” plaintiffs. 3M pledged to pay
in a plan for Tinder nearing said Brooks. for any settlement that Aearo
$500 a month. Bumble is con- Elevating subscription reached.
sidering a tier above its cur- prices further comes during a U.S. Bankruptcy Court
rent $60-a-month plan, while tricky time in the economy, Judge Jeffrey Graham in Indi-
gay dating app Grindr plans to with consumers dealing with anapolis dismissed Aearo’s
widen its subscriptions with still-inflated prices and layoffs bankruptcy filing in June, say-
more premium offerings. hitting industries such as ing that Aearo didn’t qualify
The premium push comes Tinder owner Match Group is weighing a plan that would cost users nearly $500 a month. technology, finance and enter- for bankruptcy protections as
as consumers are paying more tainment hard. But mass-mar- a distressed company as long
for a range of services, from adding premium tiers with Share-price and index Revenue per paying user, ket dating apps present a it had 3M’s pledge to pay for a
streaming to shopping, as higher price tags will boost performance over the quarterly more-affordable option even settlement. Aearo plans to ap-
companies try to squeeze growth, even if adoption is past year when charging more com- peal the ruling.
more revenue out of each user limited to a fraction of users pared with more exclusive of- 3M Chief Executive Mike
20% $24
and recoup rising costs. who are more intentional dat- ferings. The League, another Roman said during the second
The challenge for these ers willing to pay more. S&P 500 app in Match’s suite of offer- quarter earnings call last
companies will be to convince Some platforms have seen 10 22 ings, has a $1,000 weekly month that the company was
Bumble
customers of the value of paying users dwindle. Match, subscription. making progress on its litiga-
higher-priced dating options the largest of the dating com- 0 While such high costs for a tion issues. It still faces law-
20
when consumers are feeling panies, has reported three dating app may come as a suits from state attorneys
financial pressure from nearly straight quarters of declining -10 Match shock to some, author and general and personal injury
all fronts. Many dating apps payers. The company has made Group 18 consultant Robbie Kellman claims over forever chemicals,
are betting that users will pay up ground, with revenue per –20 Baxter wasn’t surprised by known broadly as PFAS. The
up for the chance to never payer rising in the past two Tinder’s price testing. company said last year it
16
have to use their apps again. quarters. Competitor Bumble –30 “When it comes to what would stop making and using
Paying more can eliminate reported that paying users rose Match you’re willing to pay a pre- the chemicals by the end of
ads from Hulu shows or deliv- 20% to 3.6 million in its most Group mium [for], finding a life part- 2025.
–40 14
ery fees from DoorDash orders. recent quarter from a year ear- ner is way up there on value,” —Andrew Scurria
With dating apps, premium lier, while total average reve- said Baxter, who has studied contributed to this article.
–50 Bumble 12
memberships offer some fea- nue per paying user declined a subscription businesses for
tures, such as unlimited swipes little more than 1%. Sept. 2022 '23 2021 '22 '23 more than two decades.
used to signal interest to other Executives at Match, which Sources: FactSet (performance); the companies (revenue) Nicholis Sassoon said he
users, that can increase the will roll out a superpremium has paid for Tinder, Bumble
odds of landing a date. tier for Tinder users in the fall, services delivering new oppor- by Tinder propelled dating and Hinge since first trying
Lizz Evalen decided to pay said that converting a small tunities. “We see that there’s apps into the mainstream over online dating in 2016. He esti-
$50 for a three-month sub- pool of users to the premium a lot of runway to expand the past decade. mates he has spent close to
scription to Tinder. The 31- tier can have a big payoff. there,” she said on a recent in- Ainsley Hylton has used $800 on dating apps during

TAKAAKI IWABU/BLOOMBERG NEWS

year-old got a flood of inter- “If you actually take a small vestor call. dating apps mostly because that period, while landing only
est, some dates, but no long- fraction of our payers at higher The growth of premium- they show him other men he a handful of dates.
term match. She decided not price points, you actually get a tier subscriptions is the latest might be interested in. He still “From the amount of time
to extend her subscription. number that’s in the tens of evolution in online dating doesn’t see the value in pay- I’ve been on it, it hasn’t paid
“I realized that in the few millions of dollars on an annual websites, which have existed ing. “A lot of the time, it’s off,” said Sassoon. Still, the
months of checking who liked basis,” Chief Executive Bernard in some form since the over $20 a month for it,” said 29-year-old is sticking with
me, I maybe only matched with Kim said this month. mid-1990s. The growing ubiq- Hylton. “For that, I could get them, citing convenience and
five of the guys,” said Evalen. Bumble CEO Whitney Wolfe uity of smartphones and the two streaming subscriptions.” difficulty meeting people in
Companies are betting that Herd similarly sees premium swipe-right concept pioneered Even if uptake is slow, there Los Angeles. CEO Mike Roman

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B6 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

FTC Gives Reprieve to

Amgen’s Horizon Buy
Agency suspends its The pause, effective until hibit this acquisition of Hori-
Sept. 18, allows the FTC’s zon and to finally bring
challenge to the deal three commissioners to decide medicines to more patients
and charts a path whether the agency should suffering from rare diseases.”
settle the case. Amgen has A FTC spokesman declined
toward settlement said its purchase of Horizon to comment.
would improve the availability If the FTC proceeds to set-
BY DAVE MICHAELS of Horizon’s drugs for rare tle the case, it would be a rare
diseases and panned the FTC’s instance of the agency throw-
WASHINGTON—The Fed- theory opposing it as far- ing in the towel on litigation.

ROGER KISBY FOR THE WALL STREET JOURNAL

eral Trade Commission sus- fetched. The FTC under Chair Lina
pended its challenge of Am- Amgen said Friday that it Khan has been more aggres-
gen’s $27.8 billion acquisition has committed to renounce sive about probing deals and
of Horizon Therapeutics, giv- any future sales tactics that then suing to block them.
ing the agency time to weigh a FTC officials believe would be Khan, a merger critic, has said
settlement that would allow illegal. Amgen said it she favors blocking deals out-
the deal to close with condi- wouldn’t, for example, bundle right rather than implement-
tions. Horizon’s Tepezza and ing conditions that allow them
The FTC said in a court fil- Krystexxa treatments with its to pass legal muster.
ing late Friday that it would own products, which the FTC But the FTC has stumbled
pause a challenge it filed in its said could give them a pre- in court several times after fil- A settlement would allow the $27.8 billion acquisition to close with conditions. An Amgen lab.
internal court that alleged the ferred position on insurers’ ing aggressive merger chal-
deal violates antitrust law. lists of covered medicines. lenges. It recently lost a fed- tive, case the FTC filed against trial plays out. federal court that the FTC’s
The FTC’s lawyers have ar- “We would be pleased if eral-court case in which it Amgen is part of a two-step The FTC and Amgen are ability to wage merger law-
gued that Amgen, one of the our commitment were hon- sought to block Microsoft legal process often used to scheduled to argue over the suits in both administrative
world’s largest pharmaceutical ored instead of going through from buying Activision Bliz- thwart mergers. The agency injunction in Chicago federal and federal court is unconsti-
companies, could abuse its a lengthy court process,” Am- zard. A judge also rejected its needs time to prosecute the court next month. If the two tutional. The FTC shares anti-
power to entrench the monop- gen said. “That said, we are challenge of Meta Platforms’ internal case, so it also seeks sides agree to settle, the in- trust authority with the Jus-
olies of Horizon’s top-selling prepared to demonstrate to acquisition of a virtual-reality an injunction in federal court junction hearing won’t be nec- tice Department, which can
therapies for thyroid eye dis- the courts that there is no le- company. to block the parties from clos- essary. only challenge mergers in fed-
ease and gout. gal or factual reason to pro- The internal, or administra- ing while the administrative Amgen has argued to the eral court.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday Wednesday Mort. bankers indexes Personal spending up 18 August, expected
Earnings expected EIA status report Purch., previous June, previous up 0.5% 165,000
Estimate/Year Ago Previous change in stocks in down 5.0% July, expected up 0.7% Earnings expected
Estimate/Year Ago
Heico 0.73/0.60 millions of barrels Refinan., previous Unemployment rate
Crude-oil stocks down 3.0% Personal income Broadcom July, previous 3.5%
down 6.1 June, previous up 0.3% 10.43/9.73 August, expected 3.5%
Tuesday Gasoline stocks Earnings expected July, expected up 0.3% Campbell Soup
up 1.5 Estimate/Year Ago 0.50/0.56 Construction spending
Consumer Confidence Distillates up 0.9 Brown-Forman Chicago PMI Dollar General June, previous up 0.5%
July, previous 117.0 0.53/0.52 July, previous 42.8 2.48/2.98 July, expected up 0.5%
August, expected GDP Deflator Cooper Cos. August, expected 44.2 Hormel Foods
116.5 2nd qtr. adv. est. 3.34/3.19 0.41/0.40 ISM mfg. index
up 2.2% Five Below 0.83/0.74 Freddie Mac mortgage Lululemon Athletica July, previous 46.4
Earnings expected 2nd qtr. sec. est. Pure Storage survey 2.54/2.20 August, expected 46.6
Estimate/Year Ago
up 2.2% 0.28/0.32 VMware 1.72/1.64
SARAH SILBIGER/BLOOMBERG NEWS

Previous weekly averages

Best Buy 1.06/1.54 Salesforce 1.90/1.19 30-year fixed 7.23%
Catalent 0.11/1.19 Gross domestic Veeva Systems 15-year fixed 6.55% Friday Monday
Donaldson product: 1.13/1.03
0.78/0.84 Nonfarm payrolls U.S. Stock and Bond
Percentage change, annual EIA report: natural gas
Hewlett Packard rate July, previous markets closed for
Enterprise 0.47/0.48 2nd qtr. adv. est. Thursday Previous change in stocks in
billions of cubic feet 187,000 Labor Day holiday
HP 0.86/1.04 up 2.4% Initial jobless claims
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
J.M. Smucker 2nd qtr. sec. est. Previous 230,000 theses) u Adjusted for stock split
Five Below is expected to post per-share earnings of 83 cents. 2.02/1.67 up 2.4% Expected 235,000 Note: Forecasts are from Dow Jones weekly survey of economists
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | B7

BUSINESS & FINANCE ADVERTISEMENT

The Marketplace
Pipeline Pause Weighs To advertise: 800-366-3975 or WSJ.com/classifieds

On Carbon Business
CLASS ACTION

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

BY LUIS GARCIA If you held or traded Sterling LIBOR-Based Derivatives during the period from January 1, 2005 through
December 31, 2010, your rights may be affected by a pending settlement and you may be entitled to a
portion of the settlement.
Carbon TerraVault, a
Brookfield-backed joint ven- A proposed settlement totaling $5,000,000.00 has been reached with Defendant Deutsche Bank AG (“Deutsche Bank”) in a pending
class action (“Action”). Deutsche Bank denies any liability, fault, or wrongdoing in connection with the allegations in the Action.
ture, has been blocked from
The U.S. District Court for the Southern District of New York (“Court”) authorized this notice and appointed Lowey Dannenberg, P.C.
providing carbon-capture ser- and Lovell Stewart Halebian Jacobson LLP as Class Counsel to represent the Settlement Class.
vices to some industrial cus-
Who is a member of the Settlement Class?
tomers by a California law Subject to certain exceptions, the proposed Settlement Class includes all Persons or entities that transacted in Sterling
that temporarily bars CO2 LIBOR-Based Derivatives at any time from January 1, 2005 through December 31, 2010 (“Class Period”).
from flowing through new A more detailed description of the case and this Settlement may be found by visiting www.SterlingLiborSettlement.com.
pipelines in the state, one ex-
What is this lawsuit about and what does the Settlement provide?
ample of the uncertainties that Representative Plaintiffs allege that Defendants, including Deutsche Bank, unlawfully and intentionally manipulated Sterling
clean-energy investors face. LIBOR and the prices of Sterling LIBOR-Based Derivatives in violation of federal and common law during the Class Period.
Infrastructure investor To settle these claims, Deutsche Bank agreed to pay $5,000,000.00 (“Settlement Fund”). If the Settlement is approved, the
Settlement Fund, plus interest earned from the date it was established, less any taxes, the reasonable costs of Class Notice and
Brookfield and oil-and-gas pro- administration, any Court-awarded attorneys’ fees, litigation expenses and costs, and any other costs or fees approved by the Court,
ducer California Resources set will be divided among all Settlement Class Members who file timely and valid Proof of Claim and Release forms (“Claim Forms”).
JIM WEST/ALAMY

up Carbon TerraVault as a joint Will I get a payment and what are my rights?
venture last year with a goal of If you are a Settlement Class Member and do not opt out, you may be eligible for a payment under the Settlement if you file a
capturing and storing under- Claim Form.
ground five million metric tons If you are a Settlement Class Member and do not opt out, you will release certain legal rights against Deutsche Bank and
Released Parties as explained in the detailed Notice and Settlement Agreement, which are available at
of CO2 annually by 2027. The Elk Hills oil field near Bakersfield, Calif. www.SterlingLiborSettlement.com. If you do not want to participate in the proposed Settlement, you must opt out by
Toronto-based Brookfield October 19, 2023. If you want to object to the proposed Settlement, the Distribution Plan, and/or Plaintiffs’ Counsel’s request
for attorneys’ fees, and payment of litigation costs and expenses, you must do so by October 19, 2023.
pledged $500 million to Car- pipeline development until customers with more distant
Claim Forms must be postmarked by January 16, 2024, or submitted online at www.SterlingLiborSettlement.com on or before
bon TerraVault and owns a federal rules and regulations plants that the company could 11:59 p.m. E.T. on January 16, 2024.
49% stake in the business. were done,” he said. “Recog- only serve through pipelines,
Long Beach, Calif.-based Cali- nizing this issue, we pivoted Gould said. When is the Fairness Hearing?
The Court will hold the Fairness Hearing via telephone using the dial-in 888-363-4749 and access code 2682448 on
fornia Resources owns the to projects that do not require “It isn’t going to solve the November 16, 2023, at 11:00 a.m. E.T. to consider whether to finally approve the proposed Settlement, Distribution Plan, and the
rest and operates the com- transport along a pipeline.” problem of the legacy emis- application for an award of attorneys’ fees and payment of litigation costs and expenses. You or your lawyer may ask to speak at
the hearing, but you do not have to. Any changes to the time and place of the Fairness Hearing, or other deadlines, will be posted
pany as a subsidiary. Carbon TerraVault has dis- sions of existing infrastruc- to www.SterlingLiborSettlement.com as soon as is practicable.
The venture initially in- closed several CO2-management ture,” he said about the joint To obtain more information about the Settlement, visit www.SterlingLiborSettlement.com
tended to serve industrial op- agreements with customers venture’s focus on greenfield or call toll-free 1-877-495-0835 (from outside the U.S. or Canada, call 1-414-921-2346).
erations such as refineries, such as hydrogen producer projects. “Ultimately, it will **** Please do not call the Court or the Clerk of the Court for information about the Settlement. ****
ammonia factories and cement Lone Cypress Energy Services. make it more challenging for
plants across California, and In December, Lone Cypress said our business to scale.”
expected to build pipelines to it would build a plant in the Elk Brookfield declined to com-
transport captured emissions Hills oil field operated by Cali- ment. NOTICE OF SALE PUBLIC NOTICES
to storage sites, said Chris fornia Resources near Bakers- The U.S. would need nearly
Gould, California Resources field, Calif., where the joint ven- 66,000 miles of CO2 pipelines to
NOTICE OF UCC PUBLIC AUCTION SALE
executive vice president and ture expects to use depleted help meet a national net-zero-
chief sustainability officer. He underground reservoirs to store emission target by 2050, while PLEASE TAKE NOTICE, that in accordance with
applicable provisions of the Uniform Commercial Code
also serves as a managing di- collected CO2 gas. such conduits currently cover as enacted in New York (the “UCC”), 56TH AND PARK
(NY) OWNER, LLC, a Delaware limited liability company
rector at Carbon TerraVault. Lone Cypress said its project less than 5,500 miles, according (the “Secured Party”), will offer for sale at public
auction (the “Public Sale”) all of the right, title and
But Carbon TerraVault’s could produce as much as 60 to a recent study from Prince- interest of 432 FF&E MEZZ LLC, a Delaware limited
plans changed after California metric tons a day of hydrogen ton University researchers. liability company (the “Pledgor”) in and to the following
assets: (i) one hundred percent (100%) of the limited
last September enacted the from natural gas, while captur- Building such an extensive liability company interests in 432 FF&E LLC, a Delaware
limited liability company (such entity, the “Pledged
law that prevents using new ing 205,000 metric tons of CO2 network would mean traversing Entity”; such interests, the “Equity Interests”); and
CO2 pipelines until the estab- annually for storage. Production nonindustrial areas and require (ii) certain related rights and property relating thereto
(collectively, (i) and (ii) are the “Collateral”). Secured
lishment of federal safety is expected to begin in 2025. many more connection points Party’s understanding is that the principal asset of
the Pledged Entity is that certain fee interest in the
standards for transporting the Grannus, a producer of am- compared with most current premises located at 432 Park Avenue, Unit 78A, New
York, New York 10022 (the “Property”).
gas. That forced the business monia and hydrogen, as well as systems, according to industry The Collateral secures indebtedness owing by
to shift its focus to so-called biofuel makers InEnTec and analysts and carbon-capture op- Pledgor to Secured Party in a principal amount of
$14,293,940.31 plus unpaid interest on principal, default
greenfield projects, where in- Verde Fuels, have also signed erators. That raises concerns interest through the date of the Public Sale, attorneys’
fees, reasonable fees and costs, including the costs
dustrial customers would up to build Elk Hills plants with about the adequacy of current to sell the Collateral, subject to open charges and all
additional costs, fees and disbursements permitted
build new plants near its stor- CO2-capture services provided building and operating stan- by law (the “Debt”). In connection with a loan (the
age sites, Gould said. by Carbon TerraVault. dards to ensure safety, the ana- “Loan”) that Secured Party, as lender, made to Pledgor,
Secured Party was granted a first priority lien on the
“When we started [Carbon The joint venture has other lysts said. The rupture of a CO2 Collateral by Pledgor pursuant to that certain Pledge
and Security Agreement, dated as of May 9, 2022 (the
TerraVault], we were focused projects in sight as it seeks to pipeline in rural Satartia, Miss., “Pledge Agreement”). The Secured Party is offering the
on emissions by existing attract industrial businesses in February 2020, sending more Collateral for sale in connection with the foreclosure on
the pledge of such interests based upon the occurrence
plants. But the bill effectively to Elk Hills, but that still than 40 people to hospitals, of one or more Events of Default under the Pledge
Agreement and in accordance with its rights as holder of
put a moratorium on CO2 leaves out numerous potential added to the concerns. the security under Article 9 of the UCC by virtue of that
certain UCC-1 Filing Statement filed with the Delaware
Department of State on May 12, 2022, as U.C.C. Filing
No. 2022 4018164.
The Public sale will be conducted by Mannion Auctions,
Insider-Trading Spotlight LLC (“Mannion”), under the direction of Matthew D.
Mannion, licensed auctioneer (DCA #1434494) (the
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys “Auctioneer”) or such other auctioneer licensed in the
State of New York as is selected by Secured Party in its
new information about the prospects of a company. Insiders are required to report large trades to the SEC sole and absolute discretion. The Public Sale will be held
at 2:30 p.m. (EDT) on Wednesday, October 11, 2023, at
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by the offices of Alston & Bird LLP, 90 Park Avenue, 15th
Refinitiv on August 25, and year-to-date stock performance of the company Floor, New York, New York 10016 and will also be
broadcast for virtual bidding via Zoom videoconference
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer as follows: NOTICE OF SALE
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Meeting link: https://bit.ly/432ParkUCC (URL is case
sensitive), Meeting ID: 864 7417 7472,
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Passcode: 571617
unknown VP: vice president Excludes pure options transactions One Tap +16469313860,,86474177472#,,,,*571 NOTICE OF UCC ARTICLE 9 PUBLIC SALE OF ASSETS OF
617# US SOUKOS ROBOTS DEMIL USA, INC. AND SOUKOS DEMIL HOLDINGS USA, LLC
Mobile: +16465588656,,86474177472#,,,,*571
Biggest weekly individual trades 617# US (New York) Secured Party Sale at Public Auction
September 20, 2023, at 11:00 a.m. (prevailing Eastern Time)
Dial by your location: +1 646 931 3860 US
Based on reports filed with regulators this past week Based upon information provided by Pledgor, Pledged
NOTICE IS HEREBY GIVEN that, pursuant to Section 9-611 of the Uniform Commercial Code of the State of New York
(the “UCC”), the authorized agent (“Secured Party Agent”) for secured parties (“Secured Parties”) to Soukos Robots
Entity, and certain other persons or entities affiliated Demil USA, Inc., a California corporation, and Soukos Demil Holdings USA, LLC, a Delaware limited liability company
No. of shrs in Price range ($) $ Value therewith, it is the understanding of Secured Party (but (collectively, the “Debtors”) intends to offer to sell, or cause to be sold, at a public sale on September 20, 2023, at
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) without any representation or warranty by Secured 11:00 a.m. (prevailing Eastern Time), at a location and in a manner to be determined by Secured Party Agent (the
Party as to the accuracy or completeness of the following “Public Sale”), all right, title, and interest of the Debtors in, under, and to the Sale Assets. The Sale Assets may
matters) that: (i) Pledgor owns one hundred percent be sold in one or more lots and may be subject to inclusions or exclusions as Secured Party Agent may determine.
Buyers (100%) of the Equity Interests; (ii) Pledged Entity has
good, marketable and insurable fee simple title in and “Sale Assets” means all of the Debtors’ right, title, interest, claims, and demands in and to substantially all personal
to the Property; and (iii) the Property is encumbered by property of the Debtors that are pledged to the Secured Parties as of the time of the Public Sale and capable of being
Aug. 17-21 Energy Transfer ET K. Warren OD 3,000 12.93-13.00 38,893 13.16 10.9 and subject to a Mortgage (And Assignment of Leases conveyed pursuant to Article 9 of the UCC, including, without limitation:
and Rents) and Security Agreement and Financing 1. all Goods(1), Accounts (including all Receivables), Chattel Paper, Documents, Equipment, General Intangibles,
Aug. 17-18 Asana ASAN D. Moskovitz CEO 690 19.79-20.35 13,788 21.60 56.9 Statement (the “Mortgage”) held by Secured Party Intellectual Property, Inventory, Investment Property, Letter of Credit Rights, Equity Interests pledged to
Aug. 22-23 D. Moskovitz CEO 160 21.50-22.15 3,478 securing indebtedness under the Loan Documents in the the Secured Parties, Vehicles, wherever located;
original principal amount of $155,000.00. 2. all of the Debtors’ books and records relating to any of the foregoing; and
Aug. 15 Fox FOXA L. Murdoch CEOI 141 33.84 4,784 32.43 6.8 The Collateral is being offered as a single lot, “AS
IS, WHERE IS”, with no express or implied warranties, 3. to the extent not otherwise included, all other property of the Debtors and all Proceeds, products, accessions,
representations (including, without limitation, any rents and profits of any and all of the foregoing and all collateral security, Supporting Obligations and
Aug. 18 Mercury Systems MRCY W. Ballhaus CEO 40 37.57 1,500 39.32 -12.1 guarantees given by any Person with respect to any of the foregoing.
representation or warranty of merchantability or
Aug. 18 R. Krone DI 15 38.50 578 fitness), statements or conditions of any kind made by The foregoing definition of “Sale Assets” shall not include cash, cash equivalents, or Deposit Accounts.
Aug. 18 H. Lance DI 9 37.83 350 the Secured Party or any person acting for or on behalf Secured Parties hold security interests in the Sale Assets to secure the timely payment and performance of the
of the Secured Party, without any recourse whatsoever Debtors’ obligations to the Secured Parties, and the Debtors are in default of their obligations to the Secured Parties.
Aug. 21 B. Riley Financial RILY B. Riley CEO 25 47.31 1,183 45.14 32.0 to the Secured Party or any other person acting for or
on behalf of the Secured Party and each bidder must The Public Sale is subject to certain bidding procedures and any prospective bidder must enter into a confidentiality
make its own inquiry regarding the Collateral. The agreement to be eligible to receive any due diligence materials, the bidding procedures, or to become a qualified
Aug. 7 MIRA Pharmaceuticals MIRA G. Cappy BI 119 7.00 833 6.38 n.a. bidder in order to participate and bid at the Public Sale. The bid deadline is September 15, 2023 at 5:00 p.m.
winning bidder shall be responsible for the payment of
transfer taxes, stamp duties and similar taxes incurred (prevailing Eastern Time). Potential bidders must contact Candlewood Partners, attn Steve Latkovic, via email at
Aug. 18 AerSale ASLE N. Finazzo CEOI 66 12.56-12.70 830 13.62 -16.0 sjl@candlewoodpartners.com to obtain the form of confidentiality agreement, the bidding procedures, and access to
in connection with the purchase of the Collateral.
Prospective bidders will be required to represent in due diligence materials.
Aug. 18-21 Spectrum Brands Holdings SPB D. Maura CEO 10 79.19-79.22 792 81.55 33.9
writing to Secured Party that they will adhere to the Secured Party Agent reserves the right, in its sole discretion, to cancel the Public Sale at any time, or to cause the
Aug. 23 Cassava Sciences SAVA S. Robertson D 30 17.45 524 18.26 -38.2 terms of sale and are purchasing the Collateral for Public Sale to be adjourned from time to time, without further notice or publication other than by announcement at
their own account, not acquiring it with a view toward or prior to the Public Sale.
Aug. 23 Fortrea Holdings FTRE T. Pike CEO 20 25.23 505 27.47 n.a. the sale or distribution thereof and will not resell the THE SALE OF THE SALE ASSETS IS “AS IS AND WHERE IS” AND NO SECURED PARTY MAKES ANY, AND EACH
Collateral unless pursuant to a valid registration under SECURED PARTY DISCLAIMS ANY, REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE SALE
Aug. 22-23 PENN Entertainment PENN D. Handler D 20 22.65-22.81 453 23.50 -20.9 applicable federal and/or state securities laws, or a ASSETS.
valid exemption from the registration thereunder. The
Collateral has not been registered under such securities
(1)
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the credit documents
Aug. 16-17 Expensify EXFY S. Mclaughlin BI 100 4.49-4.50 449 4.49 -49.2 laws and cannot be sold by the winning bidder without between the Debtors and the Secured Lenders.
registration or application of a valid exemption.
Aug. 16-18 SeaChange International SEAC K. Singer BI 72 4.86-4.92 352 4.88 -48.2 Secured Party reserves the right to credit bid, to set
a minimum reserve price, reject all bids (including,
Aug. 17 Beauty Health SKIN B. Miller D 60 5.81 349 6.18 -32.1 without limitation, any bid that it deems to have NOTICE OF UCC PUBLIC AUCTION SALE
been made by a bidder that is unable to satisfy the
Aug. 17-18 Safeguard Scientifics SFE T. Satterfield B 294* 1.17-1.19 347 1.20 -61.3 requirements imposed by the Secured Party upon PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted
prospective bidders in connection with the Public Sale in New York (the “UCC”), 56TH AND PARK (NY) OWNER, LLC, a Delaware limited liability company (the “Secured
or to whom in Secured Party’s sole judgment a sale may
Sellers not lawfully be made), terminate or adjourn the Public
Party”), will offer for sale at public auction (the “Public Sale”) all of the right, title and interest of FR-AM Two LLC,
a Delaware limited liability company (the “Pledgor”) in and to the following assets: (i) one hundred percent (100%)
Sale to another time, without further notice, and to sell of the limited liability company interests in FR-AM One LLC, a Delaware limited liability company (such entity, the
Aug. 22 Wendy's WEN P. May DOI 2,906 20.30 58,983 20.18 -10.8 the Collateral at a subsequent public or private sale and “Pledged Entity”; such interests, the “Equity Interests”); and (ii) certain related rights and property relating thereto
to impose any other commercially reasonable conditions (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged
Aug. 22 N. Peltz DOI 2,906 20.30 58,983 upon the sale of the Collateral as Secured Party may Entity is that certain fee interest in the premises located at 432 Park Avenue, Units 78B and 28H, New York, New
Aug. 22 M. Peltz DOI 2,906 20.30 58,983 deem proper. Secured Party further reserves the right York 10022 (the “Property”).
to determine the qualifications of any bidder, including The Collateral secures indebtedness owing by Pledgor to Secured Party in a principal amount of $31,622,858.29
Aug. 15 Holley HLLY D. Lobel DOI 5,500 6.30 34,650 5.81 174.1 a prospective bidder’s ability to close the transaction plus unpaid interest on principal, default interest through the date of the Public Sale, attorneys’ fees, reasonable
on the terms and conditions referenced herein and to fees and costs, including the costs to sell the Collateral, subject to open charges and all additional costs, fees and
Aug. 22-23 Datadog DDOG A. Agarwal P 224 92.95-95.76 21,091 92.60 26.0 modify the terms of sale. disbursements permitted by law (the “Debt”). In connection with a loan (the “Loan”) that Secured Party, as lender,
Bidder Qualification Deadline: Interested parties made to Pledgor, Secured Party was granted a first priority lien on the Collateral by Pledgor pursuant to that certain
Aug. 17 A. Agarwal P 124 90.09-90.52 11,179 who intend to bid on the Collateral must contact either Pledge and Security Agreement, dated as of May 9, 2022 (the “Pledge Agreement”). The Secured Party is offering the
OFFICIAL Partners, Attention Tal Alexander, 331 Park Collateral for sale in connection with the foreclosure on the pledge of such interests based upon the occurrence of one
Aug. 18 Airbnb ABNB J. Gebbia DOI 167 125.30 20,883 125.79 47.1 Avenue South, 10th Floor, New York, NY 10010, +1 or more Events of Default under the Pledge Agreement and in accordance with its rights as holder of the security under
(917) 334-5501, tal@officialpartners.com (“Official”) or
Aug. 15-16 Ares Management ARES D. Kaplan ODI 200 97.51-100.78 19,670 99.97 46.1 North Point Real Estate Group, Attention Greg Corbin, Article 9 of the UCC by virtue of that certain UCC-1 Filing Statement filed with the Delaware Department of State on
+1 (212) 419-8101, greg@northpointreg.com (“North May 12, 2022, as U.C.C. Filing No. 2022 4018123.
Aug. 15 M. Arougheti CEOI 150 97.82-100.56 14,755 Point”) to receive the Terms and Conditions of Sale and The Public sale will be conducted by Mannion Auctions, LLC (“Mannion”), under the direction of Matthew D. Mannion,
bidding instructions by October 9, 2023 at 4:00 p.m. licensed auctioneer (DCA #1434494) (the “Auctioneer”) or such other auctioneer licensed in the State of New York
Aug. 18-21 Paylocity Holding PCTY S. Sarowitz DO 91 190.34-193.97 17,486 198.05 2.0
Upon execution of a standard confidentiality and non- as is selected by Secured Party in its sole and absolute discretion. The Public Sale will be held at 2:00 p.m. (EDT) on
disclosure agreement, additional documentation and Wednesday, October 11, 2023, at the offices of Alston & Bird LLP, 90 Park Avenue, 15th Floor, New York, New York
Aug. 21 Celsius Holdings CELH J. Fieldly CEO 90 174.35 15,691 181.99 74.9 information will be available. Interested parties who 10016 and will also be broadcast for virtual bidding via Zoom videoconference as follows:
Aug. 23 N. Castaldo DI 55 181.58 9,987 do not contact either Official or North Point and by the Meeting link: https://bit.ly/432ParkUCC (URL is case sensitive), Meeting ID: 864 7417 7472, Passcode: 571617
above deadline and qualify prior to the Public Sale will One Tap +16469313860,,86474177472#,,,,*571617# US
Aug. 22 T. David O 55 176.17-179.00 9,795 not be permitted to enter a bid. Mobile: +16465588656,,86474177472#,,,,*571617# US (New York)
Dial by your location: +1 646 931 3860 US
Aug. 18-22 CVR Energy CVI C. Icahn BI 397 34.50-35.15 13,800 32.93 5.1 Based upon information provided by Pledgor, Pledged Entity, and certain other persons or entities affiliated
therewith, it is the understanding of Secured Party (but without any representation or warranty by Secured Party as
Aug. 21 Broadridge Financial Solutions BR R. Daly OD 72 178.29 12,846 183.69 36.9 to the accuracy or completeness of the following matters) that: (i) Pledgor owns one hundred percent (100%) of the
Equity Interests; (ii) Pledged Entity has good, marketable and insurable fee simple title in and to the Property; and
Aug. 21-22 Murphy USA MUSA R. Clyde CEO 41 310.65-314.40 12,666 319.65 14.3 (iii) the Property is encumbered by and subject to a Mortgage (And Assignment of Leases and Rents) and Security
Agreement and Financing Statement (the “Mortgage”) held by Secured Party securing indebtedness under the Loan
Aug. 16-17 Endeavor Group Holdings EDR M. Shapiro P 469 24.29-24.66 11,478 23.67 5.0 Documents in the original principal amount of $345,000.00.
The Collateral is being offered as a single lot, “AS IS, WHERE IS”, with no express or implied warranties,

SHOWROOM
Aug. 22 HubSpot HUBS D. Shah CT 20 500.81-510.19 10,114 512.75 77.3 representations (including, without limitation, any representation or warranty of merchantability or fitness),
statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured
* Half the transactions were indirect **Two day transaction Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured
p - Pink Sheets Party and each bidder must make its own inquiry regarding the Collateral. The winning bidder shall be responsible
ADVERTISE TODAY for the payment of transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the
Collateral.

Buying and selling by sector (800) 366-3975 Prospective bidders will be required to represent in writing to Secured Party that they will adhere to the terms of
sale and are purchasing the Collateral for their own account, not acquiring it with a view toward the sale or distribution

Based on actual transaction dates in reports received this past week

sales.showroom@wsj.com thereof and will not resell the Collateral unless pursuant to a valid registration under applicable federal and/or state
securities laws, or a valid exemption from the registration thereunder. The Collateral has not been registered under
such securities laws and cannot be sold by the winning bidder without registration or application of a valid exemption.
For more information visit: Secured Party reserves the right to credit bid, to set a minimum reserve price, reject all bids (including, without
Sector Buying Selling Sector Buying Selling limitation, any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed
wsj.com/classifieds by the Secured Party upon prospective bidders in connection with the Public Sale or to whom in Secured Party’s
Basic Industries 774,477 7,365,537 Finance 6,121,306 68,126,088 sole judgment a sale may not lawfully be made), terminate or adjourn the Public Sale to another time, without
further notice, and to sell the Collateral at a subsequent public or private sale and to impose any other commercially
Capital Goods 3,330,443 24,284,384 Health care 3,750,275 77,526,448 reasonable conditions upon the sale of the Collateral as Secured Party may deem proper. Secured Party further
reserves the right to determine the qualifications of any bidder, including a prospective bidder’s ability to close the
Consumer durables 1,095,144 41,771,081 Public Utilities 36,282 4,448,727 transaction on the terms and conditions referenced herein and to modify the terms of sale.
Bidder Qualification Deadline: Interested parties who intend to bid on the Collateral must contact either OFFICIAL
Consumer non-durables 2,098,359 53,709,542 Technology 3,137,292 209,113,460 Partners, Attention Tal Alexander, 331 Park Avenue South, 10th Floor, New York, NY 10010, +1 (917) 334-5501,
tal@officialpartners.com (“Official”) or North Point Real Estate Group, Attention Greg Corbin, +1 (212) 419-8101,
Consumer services 6,935,172 217,096,376 Transportation 954,713 3,654,856 greg@northpointreg.com (“North Point”) to receive the Terms and Conditions of Sale and bidding instructions by
© 2023 Dow Jones & Company, Inc. October 9, 2023 at 4:00 p.m. Upon execution of a standard confidentiality and non-disclosure agreement, additional
Energy 823,899 32,740,821 All Rights Reserved. documentation and information will be available. Interested parties who do not contact either Official or North Point
and by the above deadline and qualify prior to the Public Sale will not be permitted to enter a bid.
Sources: Refinitiv; Dow Jones Market Data
 .

B8 | Monday, August 28, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
34346.90 t 153.76, or 0.45% last week Trailing P/E ratio 25.01 19.00 4405.71 s 36.00, or 0.82% last week Trailing P/E ratio * 20.18 22.84 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 18.73 17.79 High, low, open and close for each of P/E estimate * 19.99 18.37
the past 52 weeks Dividend yield 2.06 2.18 the past 52 weeks Dividend yield * 1.55 1.54 IPOs in the U.S. Market
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
None expected this week

Current divisor 0.15172752595384 Lockup Expirations

35200 4550
200-day Below, companies whose officers and other insiders will become eligible
moving average to sell shares in their newly public companies for the first time. Such
33900 4350 sales can move the stock’s price.
200-day moving average Lockup Offer Offer amt Through Lockup
expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
32600 4150 Aug. 29 Aug. 29, ’22 Hempacco HPCO 6.00 6.0 –94.8 365 days
Sources: Dealogic; Dow Jones Market Data

Week's high 31300 3950

65-day DOWN UP
IPO Scorecard
moving average Monday's open Friday's close Performance of IPOs, most-recent listed first
t

30000 3750
% Chg From % Chg From
Friday's close Monday's open
t

Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
65-day moving average IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Week's low 28700 3550 99 Acquisition Group 10.21 2.1 0.5 ParaZero Technologies 1.14 –71.5 –68.3
NNAGU Aug. 18/$10.00 PRZO July 27/$4.00
Bars measure the point change from Monday's open
Sacks Parente Golf 2.76 –31.0 –90.5 Surf Air Mobility 1.34 –93.3 –57.5
27400 3350 SPGC Aug. 15/$4.00 SRFM July 27/$20.00
A S O N D J F M A M J J A S O N D J F M A M J J A
SRM Entertainment 1.65 –67.1 –67.0 Haymaker Acquisition 4 10.25 2.5 1.3
Primary SRM Aug. 15/$5.00 HYAC.UT July 26/$10.00
NYSE weekly volume, in billions of shares market Composite
t
t

Scan this code LQR House 1.02 –79.6 –73.8 Janover 1.26 –68.5 –67.0
36 LQR Aug. 10/$5.00 JNVR July 25/$4.00
24 Get real-time U.S. stock quotes and track
NeurAxis 5.16 –14.0 –14.0 Keen Vision Acquisition 10.15 1.5 0.7
12 most-active stocks, new highs/lows, mutual NRXS Aug. 9/$6.00 KVACU July 25/$10.00
0 funds and ETFs..
Fitell 2.55 –49.0 –49.5 Turnstone Biologics 10.91 –9.1 –0.8
A S O N D J F M A M J J A Available free at WSJMarkets.com FTEL Aug. 8/$5.00 TSBX July 21/$12.00
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index MIRA Pharmaceuticals 6.38 –8.9 –14.0 ODDITY Tech 41.62 18.9 –12.4
MIRA Aug. 3/$7.00 ODD July 19/$35.00
Major U.S. Stock-Market Indexes Nasdaq Composite
Cheetah Net Supply Chain Service 2.33 –41.8 –66.2 Apogee Therapeutics 23.75 39.7 11.9
Latest Week 52-Week % chg s 299.87, or 2.26% CTNT Aug. 1/$4.00 APGE July 14/$17.00
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann.
Dow Jones
last week Hanryu Holdings 3.90 –61.0 –50.0 Nabors Energy Transition II 10.22 2.2 1.0
HRYU Aug. 1/$10.00 NETDU July 14/$10.00
Industrial Average 34694.68 34029.22 34346.90 -153.76 -0.45 28725.51 • 35630.68 6.4 3.6 6.7 SharkNinja 34.97 16.4 –17.3 Sagimet Biosciences 12.04 –24.8 –24.5
Transportation Avg 15816.69 15504.27 15614.94 -85.66 -0.55 11999.40 • 16695.32 8.6 16.6 12.0
13800
SN July 31/$30.05 SGMT July 14/$16.00
Utility Average 890.11 865.88 882.70 4.68 0.53 838.99 • 1061.77 -14.0 -8.8 2.9
Total Stock Market 44441.52 43425.69 43919.77 312.96 0.72 36056.21 • 45969.67 7.3 14.0 7.8
Sources: Dow Jones Market Data; FactSet

Barron's 400 986.74 967.09 978.07 -5.55 -0.56 825.73 • 1036.97 2.5 6.3 10.0 13500
Public and Private Borrowing
Nasdaq Stock Market
Nasdaq Composite 13834.69 13325.59 13590.65 299.87 2.26 10213.29 • 14358.02 11.9 29.8 5.8
13200 Treasurys
Nasdaq-100 15279.24 14715.36 14941.83 246.99 1.68 10679.34 • 15841.35 18.5 36.6 8.4 Monday, August 28 Wednesday August 30
12900
S&P Auction of 13 and 26 week bills; Auction of 17 week bill;
18 21 22 23 24 25
500 Index 4458.30 4356.29 4405.71 36.00 0.82 3577.03 • 4588.96 8.6 14.7 8.6 August announced on August 24; settles on August 31 announced on August 29; settles on September 5
MidCap 400 2610.88 2554.12 2579.20 0.34 0.01 2203.53 • 2728.44 3.2 6.1 10.0 DJ US TSM Auction of 2 year note;
SmallCap 600 1213.01 1183.82 1196.69 -4.69 -0.39 1064.45 • 1315.82 -2.4 3.4 9.5
s 312.96, or 0.72% announced on August 24; settles on August 31
Other Indexes last week
Auction of 5 year note;
Russell 2000 1873.48 1831.95 1853.63 -5.79 -0.31 1655.88 • 2003.18 -2.4 5.2 5.7
NYSE Composite 15894.31 15632.57 15766.91 16.74 0.11 13472.18 • 16427.29 3.9 3.8 6.6 announced on August 24; settles on August 31
Value Line 563.47 552.61 557.76 -1.84 -0.33 491.56 • 606.49 -1.2 4.0 5.2 44300
Tuesday, August 29 Thursday, August 31
NYSE Arca Biotech 5273.85 5157.62 5247.22 89.61 1.74 4390.11 • 5644.5 11.0 -0.6 -0.9
NYSE Arca Pharma 918.12 903.67 911.67 -1.55 -0.17 737.84 • 916.5 17.0 5.0 10.7
43900
Auction of 7 year note; Auction of 4 and 8 week bills;
KBW Bank 82.17 79.00 80.04 -1.74 -2.13 71.96 • 115.1 -25.6 -20.6 1.1 announced on August 24; settles on August 31 announced on August 29; settles on September 5
PHLX§ Gold/Silver 116.94 110.60 114.40 2.72 2.44 91.40 • 144.37 10.2 -5.3 -7.8
PHLX§ Oil Service 92.98 88.64 89.84 -2.232 -2.42 56.08 • 94.51 24.9 7.1 34.7 43500
PHLX§ Semiconductor 3663.95 3425.79 3495.65 32.91 0.95 2162.32 • 3861.63 24.9 38.1 15.9 A Week in the Life of the DJIA
Cboe Volatility 18.11 15.45 15.68 -1.62 -9.36 12.91 • 33.63 -38.7 -27.6 -10.7 43100 A look at how the Dow Jones Industrial Average component stocks
18 21 22 23 24 25
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data August did in the past week and how much each moved the index. The DJIA
lost 153.76 points, or 0.45%, on the week. A $1 change in the price of
any DJIA stock = 6.59-point change in the average. To date, a $1,000
International Stock Indexes Commodities and investment on Dec. 31 in each current DJIA stock component would
have returned $31,707, or a gain of 5.69%, on the $30,000
Latest Week 52-Week Range YTD
Currencies investment, including reinvested dividends.
Region/Country Index Close % chg Low Close High % chg
Last Week YTD
The Week’s Action
World MSCI ACWI 670.23 0.52 550.37 • 707.11 10.7 Close Net chg %Chg % chg
Pct Stock price Point chg $1,000 Invested(year-end '22)
MSCI ACWI ex-USA 293.09 0.02 244.35 • 314.69 4.2 DJ Commodity 997.73 9.94 1.01 -4.86 chg (%) change in average* Company Symbol Close $1,000
MSCI World 2911.99 0.50 2367.69 • 3064.30 11.9 Refinitiv/CC CRB Index 278.20 2.72 0.99 0.16 2.79 3.94 25.97 IBM IBM $145.35 $1,071
MSCI Emerging Markets 971.04 0.68 842.76 • 1052.46 1.5 Crude oil, $ per barrel 79.83 -0.83 -1.03 -0.54 2.36 4.12 27.15 Apple AAPL 178.61 1,381
Americas MSCI AC Americas 1666.25 0.77 1363.36 • 1742.64 14.3 Natural gas, $/MMBtu 2.540 -0.011 -0.43 -43.24
2.27 4.64 30.58 Salesforce CRM 209.47 1,580
Canada S&P/TSX Comp 19835.75 0.09 18206.28 • 20767.38 2.3 Gold, $ per troy oz. 1911.10 25.00 1.33 5.02
2.05 6.50 42.84 Microsoft MSFT 322.98 1,356
Latin Amer. MSCI EM Latin America 2382.29 1.23 2027.22 • 2570.27 11.9
U.S. Dollar Index 104.19 0.81 0.79 0.64
Brazil BOVESPA 115837.20 0.37 97926.34 • 122560.38 5.6
WSJ Dollar Index 98.66 0.46 0.47 2.18
1.85 4.40 29.00 Visa V 242.57 1,174
Chile S&P IPSA 3410.66 –1.45 3021.53 • 3629.67 7.5
Euro, per dollar 0.9263 0.0066 0.71 -0.86 1.53 0.50 3.30 Intel INTC 33.25 1,284
Mexico S&P/BMV IPC 53191.53 –0.01 44626.80 • 55534.68 9.8
Yen, per dollar 146.45 1.04 0.71 11.69 1.20 0.66 4.35 Cisco CSCO 55.70 1,196
EMEA STOXX Europe 600 451.39 0.66 382.89 • 471.74 6.2
U.K. pound, in dollars 1.26 -0.0156 -1.22 3.98 1.01 2.84 18.72 McDonald’s MCD 284.58 1,092
STOXX Europe 50 3921.96 0.94 3310.09 • 4079.60 7.4
52-Week 0.92 1.01 6.66 Merck MRK 110.21 1,007
Eurozone Euro STOXX 447.86 0.58 359.45 • 470.38 9.2 Low Close(l) High % Chg
Euro STOXX 50 4236.25 0.55 3279.04 • 4471.31 11.7
DJ Commodity 930.59 1113.32 -9.52
0.66 1.00 6.59 Procter & Gamble PG 153.54 1,032
Austria ATX 3098.91 –0.59 2647.43 • 3557.01 –0.9 l
0.51 0.17 1.12 Verizon VZ 33.35 890
Belgium Bel-20 3622.42 1.21 3313.82 • 3954.16 –2.1 Refinitiv/CC CRB Index 253.85 l 301.75 -6.99
–0.07 –0.11 –0.72 Walmart WMT 157.82 1,126
France CAC 40 7229.60 0.91 5676.87 • 7577.00 11.7 Crude oil, $ per barrel 66.74 l 97.01 -14.22
–0.07 –0.04 –0.26 Dow DOW 53.98 1,100
Germany DAX 15631.82 0.37 11975.55 • 16469.75 12.3 Natural gas, $/MMBtu 1.991 l 9.353 -72.68
Greece Athex Composite 1299.76 2.88 788.46 • 1345.95 39.8 Gold, $ per troy oz. 1623.30 l 2048.00 10.08 –0.15 –0.28 –1.85 Honeywell HON 186.30 883
Israel Tel Aviv 1839.56 0.60 1707.57 • 2067.23 2.4 –0.45 –1.24 –8.17 Caterpillar CAT 272.56 1,155
114.10 -4.24
Italy FTSE MIB 28208.45 1.61 20353 • 29645 19.0 U.S. Dollar Index 99.77 l
–0.51 –0.83 –5.47 Travelers TRV 161.64 872
Netherlands AEX 733.37 –0.23 630.58 • 794.27 6.4 WSJ Dollar Index 94.37 l 105.14 -1.34
–0.92 –0.56 –3.69 Coca-Cola KO 60.39 964
Norway Oslo Bors All-Share 1418.47 –0.35 1247.07 • 1473.35 4.1 Euro, per dollar 0.8897 l 1.0422 -7.69
Portugal PSI 20 6121.19 2.28 5190.28 • 6273.94 6.9 Yen, per dollar 127.86 l 150.15 6.45 –1.06 –1.06 –6.99 3M MMM 98.95 862
South Africa FTSE/JSE All-Share 73836.01 1.03 63263.94 • 80791.36 1.1 U.K. pound, in dollars 1.07 l 1.31 7.16 –1.11 –1.78 –11.73 Chevron CVX 159.12 912
Spain IBEX 35 9338.90 0.77 7261.1 • 9694.7 13.5 –1.19 –1.91 –12.59 American Express AXP 158.32 1,083
Sweden OMX Stockholm 795.34 –0.38 690.07 • 886.59 1.7 Go to WSJMarkets.com for free
–1.29 –1.92 –12.65 JPMorgan Chase JPM 147.05 1,121
Switzerland Swiss Market 10956.90 1.09 10072.62 • 11595.25 2.1 access to real-time market data.
U.K. FTSE 100 7338.58 1.05 6826.15 • 8014.31 –1.5 –1.38 –4.51 –29.72 Home Depot HD 322.86 1,037
Asia-Pacific MSCI AC Asia Pacific 158.06 0.22 134.3 • 170.8 1.5 –1.43 –3.24 –21.35 Boeing BA 223.41 1,173
Australia S&P/ASX 200 7115.20 –0.46 6456.9 • 7558.1 1.1 –1.47 –4.78 –31.50 Goldman Sachs GS 320.15 946
China Shanghai Composite 3064.07 –2.17 2893.48 • 3395.00 –0.8 –1.87 –9.32 –61.43 UnitedHealth Group UNH 489.12 930
Hong Kong Hang Seng 17956.38 0.03 14687.02 • 22688.90 –9.2
–2.08 –5.44 –35.85 Amgen AMGN 256.38 1,002
India S&P BSE Sensex 64886.51 –0.10 56409.96 • 67571.90 6.6
Japan NIKKEI 225 31624.28 0.55 25716.86 • 33753.33 21.2 –3.02 –2.60 –17.14 Walt Disney DIS 83.36 959
Malaysia FTSE Bursa Malaysia KLCI 1444.41 –0.12 1373.36 • 1512.05 –3.4 –3.62 –6.24 –41.13 Johnson & Johnson JNJ 166.25 962
Singapore Straits Times 3189.88 0.50 2969.95 • 3394.21 –1.9 –4.82 –1.28 –8.44 Walgreens WBA 25.26 708
South Korea KOSPI 2519.14 0.58 2155.49 • 2667.07 12.6
–5.70 –5.97 –39.35 Nike NKE 98.84 850
Taiwan TAIEX 16481.58 0.61 12666.12 • 17334.98 16.6
Source: FactSet; Dow Jones Market Data *Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 7.65% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Cedar Rapids Bank and Trust 6.00% 5.00%
t
14% Americas Vietnam dong .00004163 24020 1.6
7.00% Cedar Rapids, IA 319-862-2728 Tradeweb ICE
4.00 Euro Europe
Friday Close Argentina peso .0029350.0137 98.0
t s
30-year fixed-rate 6.00
Trustmark National Bank 6.13% 7 Brazil real .2052 4.8733 –7.8 Czech Rep. koruna .04479 22.327 –1.1
mortgage Panama City, FL 850-769-3333 3.00 Canada dollar .7351 1.3604 0.4 Denmark krone .1448 6.9044 –0.6
t Yen
1st Summit Bank 6.24% 0 Chile peso .001183 845.30 –0.3 Euro area euro 1.0796 .9263 –0.9
s
5.00 One year ago 2.00
10-year Treasury Johnstown, PA 888-262-4010 Colombiapeso .000243 4108.38 –15.3 Hungary forint .002828 353.66 –5.3
t note yield 4.00 –7 s Ecuador US dollar 1 1 unch Iceland krona .007587 131.81 –6.9
Community First Bank of Indiana 6.25% 1.00
WSJ Dollar Index Mexico peso .0597 16.7552 –14.0 Norway krone .0935 10.6979 9.1
Kokomo, IN 765-236-0600 Uruguay peso .02652 37.7050 –5.7 Poland zloty .2417 4.1373 –5.5
3.00 0.00 –14
Farmers State Bank 6.25% Asia-Pacific Russia ruble .01053 95.000 28.8
S O N D J FMAM J J A 1 3 6 1 2 3 5 7 10 20 30 2022 2023 Sweden krona .0905 11.0530 5.9
2022 2023 Marion, IA 319-390-2534 month(s) years Australiadollar .6403 1.5618 6.4
Switzerland franc 1.1307 .8844 –4.4
China yuan .1372 7.2897 5.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Turkey lira .0377 26.5515 42.1
Hong Kong dollar .1275 7.8440 0.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0271 36.9500 0.3
India rupee .01212 82.527 –0.3
UK pound 1.2579 .7950 –3.8
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000654 15298 –1.7
Japan yen .006828 146.45 11.7 Middle East/Africa
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002151 464.84 0.4 Bahrain dinar 2.6525 .3770 –0.01
SOFR 5.30 5.30 2.25 l 5.31 5.22 Macau pataca .1237 8.0830 0.4 Egypt pound .0324 30.8990 24.8
Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.60 0.57 0.12 l 0.60 0.36 Malaysia ringgit .2155 4.6400 5.3 Israel shekel .2630 3.8024 7.9
Five-year CD, annual yield 2.85 2.83 1.85 l 2.86 2.18 U.S. Treasury, Bloomberg 4.660 4.620 -3.43 -5.40 New Zealand dollar .5903 1.6941 7.6 Kuwait dinar 3.2409 .3086 0.8
30-year mortgage, fixed† 7.65 7.71 5.90 l 7.71 4.61 U.S. Treasury Long, Bloomberg 4.430 4.500 -11.72 -14.18 Pakistan rupee .00330 303.100 33.7 Oman sul rial 2.5974 .3850 ...
Aggregate, Bloomberg 5.130 5.120 n.a. 44 69 -2.98 -4.74 Philippines peso .0177 56.606 1.7 Qatar rial .2744 3.645 –0.6
15-year mortgage, fixed† 6.90 6.90 5.12 l 6.93 4.31
Singapore dollar .7375 1.3560 1.1 Saudi Arabia riyal .2666 3.7514 –0.2
Jumbo mortgages, $726,200-plus† 7.69 7.78 5.91 l 7.78 4.63 Fixed-Rate MBS, Bloomberg 5.180 5.180 n.a. 36 88 -4.17 -4.40
South Korea won .0007539 1326.37 5.1 South Africa rand .0537 18.6236 9.4
Five-year adj mortgage (ARM)† 6.50 6.46 4.40 l 6.52 3.30 High Yield 100, ICE BofA 8.131 8.212 342 321 467 5.043 1.382 Sri Lanka rupee .0030872 323.92 –11.9
Muni Master, ICE BofA 3.620 3.547 -3 -17 11 0.786 -1.601 Taiwan dollar .03142 31.826 3.9 Close Net Chg % Chg YTD%Chg
New-car loan, 48-month 7.32 7.31 5.10 l 7.64 3.06
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 7.939 8.018 352 334 478 2.633 -4.245 Thailand baht .02847 35.120 1.4 WSJ Dollar Index 98.66 0.17 0.17 2.18
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
 .

THE WALL STREET JOURNAL. Monday, August 28, 2023 | B9

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not BR Corporate HY HYT 9.29 9.01 -3.0 10.3 Nuveen Muni Val NUV 9.11 8.39 -7.9 3.8 PIMCO Flexible Cr I;A-3 6.75 NA NA 15.4
buy their shares back from investors who wish to cash VDivInt&PremStr NFJ 14.12 12.13 -14.1 5.3 BlackRock Ltd Dur Inc BLW 13.61 13.06 -4.0 8.8 Nuveen Quality Muni Inc NAD 12.60 10.75 -14.7 4.6 The Private Shares;A 39.81 NA NA -6.6 PIMCO Flexible Cr I;A-4 6.75 NA NA 15.4
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not V Art Int&Tech Opps AIO 19.05 17.69 -7.1 10.8 BNY Mellon Hi Yield Str DHF 2.55 2.19 -14.1 8.6 Nuveen Sel TF NXP 14.16 14.15 -0.1 3.9 The Private Shares;I 40.42 NA NA -6.4 PIMCO Flexible Cr I;Inst 6.75 NA NA 16.2
available or not applicable. NS signifies funds not in Income & Preferred Stock Funds Brookfield Real Asst Inc RA NA 16.83 NA 14.0 PIMCO MuniInc PMF 9.19 9.31 +1.3 5.6 The Private Shares;L 39.23 NA NA -6.9 Other Domestic Taxable Bond Funds
existence for the entire period. 12 month yield is
CalamosStratTot CSQ 14.41 14.28 -0.9 4.6 PIMCOMuniIncII PML 8.49 8.64 +1.8 6.2 Thirdline Real EstateI 10.11 NA NA 6.5 AFA MMC;Fndr 9.46 NA NA 9.2
computed by dividing income dividends paid (during CrSuisHighYld DHY 2.10 1.88 -10.5 9.8
the previous 12 months for periods ending at month- CohenStrsLtdDurPref&Inc LDP 19.64 17.81 -9.3 -4.7 USQ Core Real Estate:I 26.36 NA NA -11.1 AFA MMC;Inst 9.50 NA NA 9.2
end or during the previous 52 weeks for periods DoubleLine Inc Sol DSL 11.81 12.02 +1.8 12.5 Pimco Muni III PMX 7.79 7.32 -6.0 5.8
CohenStrsSelPref&Income PSF 19.28 17.83 -7.5 -8.2 USQ Core Real Estate:IS 26.42 NA NA -11.0 Alternative Credit Inc:A NA NA NA 7.2
ending at any time other than month-end) by the DoubleLine Yld Opps DLY 15.25 14.36 -5.8 9.7 PioneerHilncAdv MAV 8.66 7.45 -14.0 5.6
latest month-end market price adjusted for capital CohenStrsTaxAvPreSecs&I PTA 19.16 17.82 -7.0 -0.8 Versus Cap MMgr RE Inc:I 26.78 NA NA NE Alternative Credit Inc:C NA NA NA 6.4
gains distributions. Depending on the fund category, First Tr Hi Inc Lng/Shrt FSD 12.41 11.03 -11.1 10.9 PionrMuniHiIncOppty MIO 11.94 10.29 -13.8 5.7
FirstTrIntDurPref&Inc FPF 17.48 15.16 -13.3 -14.9 Versus Capital Real Asst 27.41 NA NA 2.7 Alternative Credit Inc:I NA NA NA 7.4
either 12-month yield or total return is listed. First Trust HY Opp:2027 FTHY 15.40 13.70 -11.0 10.9 PioneerMunHiIcm MHI 9.35 7.99 -14.5 5.7
Source: Lipper JHanPrefInc HPI 14.85 14.97 +0.8 -7.3 Wildermuth:I 9.97 NA NA -24.5 Alternative Credit Inc:L NA NA NA 6.9
Franklin Univ FT 7.33 6.73 -8.2 7.2 Putnam Mgd Inc PMM 6.30 5.73 -9.0 5.8
Friday, August 25, 2023 Income & Preferred Stock Funds Alternative Credit Inc:W NA NA NA 7.2
JHPrefIncII HPF 14.72 14.98 +1.8 -8.3 KKR Income Opportunities KIO NA 11.96 NA 11.2 Putnam Muni Opp PMO 10.74 9.80 -8.8 5.4
52 wk Calamos L/S Eqty and DI CPZ 17.59 15.32 -12.9 2.0 Angel Oak Str Crdt:FI 20.61 NA NA 8.0
HnckJPfdInco III HPS NA 13.75 NA -5.8 New Amer Hi Inc HYB 7.83 6.71 -14.3 7.9 RiverNorth Flx Mu Inc II RFMZ 14.89 13.43 -9.8 7.5
Prem Ttl Carlyle AlpInv Pvt Mkt:I NA NA NA NS Angel Oak Str Crdt:Inst 20.61 NA NA 8.6
Fund (SYM) NAV Close /Disc Ret J Han Prm PDT 11.41 10.16 -11.0 -26.1 Nuveen Global High Inc JGH 12.71 11.41 -10.2 11.0 RiverNorth Mgd Dur Mun I RMM 15.74 15.18 -3.6 6.9 Constitution Cap Acs A NA NA NA NS BR Credit Strat;A 8.68 NA NA 7.0
LMP CapInco SCD 14.66 12.97 -11.5 5.7 PGIM Global High Yield GHY 12.40 11.22 -9.5 11.0 Western Asset Mgd Muni MMU 11.26 9.54 -15.3 4.4
General Equity Funds Constitution Cap Acs D NA NA NA NS BR Credit Strat;Inst 8.65 NA NA 7.9
Nuveen Multi-Asset Inc NMAI 13.51 11.57 -14.4 -0.2 Single State Muni Bond
Adams Diversified Eq Inc ADX 19.97 17.06 -14.6 10.9 PGIM High Yield Bond ISD 13.50 12.12 -10.2 10.1 Flat Rock Opportunity 18.80 NA NA 9.4 BR Credit Strat;U 8.68 NA NA 7.0
Nuveen Pref & Inc Opp JPC 7.36 6.45 -12.4 -11.7 BlackRock CA Mun BFZ 12.57 11.27 -10.3 3.9
Central Secs CET 43.34 35.65 -17.7 2.9 PGIM Sh Dur Hi Yld Opp SDHY 17.05 15.19 -10.9 8.4 Lord Abbett Spec Sit I:A 9.11 NA NA 7.0 BR Credit Strat;W 8.68 NA NA 7.0
Nuveen Fd JPS 7.33 6.33 -13.6 -8.1 BR MH CA Qly Fd Inc MUC 12.18 10.30 -15.4 4.4 Lord Abbett Spec Sit I:I 9.11 NA NA 7.8
CohenStrsCEOppFd FOF 10.55 10.73 +1.7 -0.6 PioneerHilncm PHT 7.67 6.67 -13.0 10.2 BlackRock Mlt-Sctr Oppty 67.00 NA NA 9.0
Nuveen Pref & Inc Term JPI 18.17 17.32 -4.7 -7.5 BR MH NJ Qly MUJ 12.64 10.87 -14.0 4.8 Variant Altrntv Inc:Inst 29.30 NA NA 8.8
EVTxAdvDivIncm EVT 23.53 22.03 -6.4 -4.7 WstAstHIF II HIX 4.67 4.75 +1.7 11.9 BlackRock Mlt-Sec Opp II 69.31 NA NA 9.0
Nuveen Var Rate P&I NPFD 18.48 16.04 -13.2 -13.8 BR MH NY Qly MHN 11.61 9.88 -14.9 4.2 Variant Impact;Instl 27.84 NA NA 12.0
GabelliDiv&IncTr GDV 24.27 20.73 -14.6 1.4 Western Asset Hi Inc Opp HIO 4.19 3.76 -10.3 9.3 CION Ares Dvsfd Crdt;A NA NA NA 6.9
TCW Strat Income TSI 5.02 4.66 -7.2 1.9 BR MuniYld MI Qly MIY 12.52 10.63 -15.1 4.4 Convertible Sec's. Funds
Gabelli Equity Tr GAB 5.17 5.39 +4.3 -3.5 Western Asset Hi Yld D O HYI 12.31 11.54 -6.3 9.5 CION Ares Dvsfd Crdt;C NA NA NA 6.3
Convertible Sec's. Funds BR MuniYld NY Qly MYN 11.22 9.55 -14.9 4.1 Calmos Dyn Conv and Inc CCD 19.09 19.74 +3.4 -3.5
GeneralAmer GAM 50.12 40.77 -18.7 10.9 Other Domestic Taxable Bond Funds CION Ares Dvsfd Crdt;I NA NA NA 7.1
AdvntCnvrtbl&IncFd AVK 12.12 11.15 -8.0 -6.1 BlackRock NY Mun BNY 11.52 9.76 -15.3 4.1 World Equity Funds
JHancockTaxAdvDiv HTD 20.49 19.02 -7.2 -16.5 Allspring Multi-Sector ERC 9.82 9.53 -3.0 8.9 CION Ares Dvsfd Crdt;L NA NA NA 6.7
CalamosConvHi CHY 10.39 10.94 +5.3 -2.5 EVCAMuniBd EVM 10.01 8.63 -13.8 4.2 ACAP Strategic:A 16.69 NA NA 6.8
Liberty All-Star Equity USA 6.25 6.21 -0.6 3.9 Ares Dynamic Crdt Alloc ARDC NA 12.60 NA 10.0 CION Ares Dvsfd Crdt;U NA NA NA 6.5
CalmosConvOp CHI 9.84 10.42 +5.9 -2.3 Eaton Vance NY Muni Bd ENX 10.26 9.21-10.2 3.7 ACAP Strategic:W 12.48 NA NA 7.5
Liberty All-Star Growth ASG NA 5.20 NA -3.0 BlackRock Mlt-Sctr Inc BIT 14.27 14.72 +3.2 9.9 CION Ares Dvsfd Crdt:U2 NA NA NA 6.5
Ellsworth G&I Fund Ltd ECF 9.41 8.63 -8.3 -3.8 InvCaValMuIncTr VCV 10.69 9.20 -13.9 4.5 CalamosGlbTotRet CGO 9.98 9.23 -7.5 4.8
Royce Micro-Cap Tr RMT 9.97 8.79 -11.8 3.5 BlackRock Tax Muni Bd BBN 17.11 15.80 -7.7 7.8 CION Ares Dvsfd Crdt;W NA NA NA 6.7
V Conv & Inc NCV 3.72 3.29 -11.6 -6.1 InvPAValMuIncTr VPV 11.21 9.52 -15.1 4.4 Cantor Fitzgerald SI:A 10.23 NA NA -6.0
Royce Value Trust RVT 15.52 13.56 -12.6 -5.6 DoubleLine:Oppor Crdt Fd DBL 14.42 14.17 -1.7 9.1 CNR Select Strategies 12.97 NA NA 0.0
V Conv & Inc II NCZ 3.31 2.94 -11.2 -2.0 InvTrInvGrNYMu VTN 11.47 9.76 -14.9 4.2 Cantor Fitzgerald SI:C 10.19 NA NA NS
Source Capital SOR 42.22 38.60 -8.6 8.4 EVLmtDurIncm EVV 10.34 9.26 -10.4 11.7 First Eagle Crdt Opps A 23.59 NA NA 9.4
V Div Inc & Conv ACV 20.44 18.96 -7.2 -2.5 Nuveen CA AMT-F Qual MI NKX 12.69 10.94
-13.8 4.6 Cantor Fitzgerald SI:I 10.23 NA NA NS
Sprott Focus Trust FUND 8.53 7.93 -7.0 4.2 Franklin Ltd Dur Income FTF 7.06 6.14 -13.0 11.4 First Eagle Crdt Opps A2 23.55 NA NA 9.1
V Eqty & Conv Inc NIE 23.07 20.66 -10.4 10.6 Nuveen CA Val NCA 9.09 8.53
-6.2 3.8 Primark Priv Eq Inv:I 11.36 NA NA 0.3
SRH Total Return STEW 16.46 13.35 -18.9 11.4 J Han Investors JHI 14.01 12.67 -9.6 7.1 First Eagle Crdt Opps I 23.50 NA NA 9.99
World Equity Funds NuveenCAQtyMuInc NAC 12.21 10.33 -15.4 4.5 Sweater Cashmere 20.64 NA NA 3.2
Tri-Continental TY 31.16 27.28 -12.5 2.8 MFS Charter MCR 6.67 6.06 -9.1 0.0 First Trust Private Cr;A 10.31 NA NA NS
abrdn Emg Mkts Eq Inc AEF 5.91 5.05 -14.6 0.3 NuvNJ Qual Muni Inc NXJ 13.24 11.21 -15.4 3.8 Thornburg Inc Bldr Opps TBLD.O 17.28 15.17 -12.2 12.2
Specialized Equity Funds NuvCorePlusImpact NPCT 11.37 9.71 -14.6 11.1 First Trust Private Cr;I 10.33 NA NA 4.8
abrdn Glbl Dyn Div AGD 10.57 9.17 -13.2 4.4 Nuveen NY AMT/Fr Qual MI NRK 11.55 9.85 VirtusTotalRetFd ZTR 6.20 5.68 -8.4 -11.7
abrdn Glb Prem Prop AWP 4.01 3.93 -2.0 -11.3 -14.7 4.4 Franklin BSP Pvt Cr:A 10.35 NA NA NS
abrdn Tot Dyn Div AOD 9.14 7.89 -13.7 5.4 Nuveen Taxable Muni Inc NBB 16.38 15.01 -8.4 6.2 Prem12 Mo
abrdn Global Infra Inc ASGI 20.20 17.26 -14.6 -1.4 Nuveen NY Qual Muni Inc NAN 12.05 10.27
-14.8 4.5 Franklin BSP Pvt Cr:Adv 10.35 NA NA NS
Allspring Gl Div Oppty EOD 4.78 4.33 -9.4 -3.0 PIMCO Corp & Inc Oppty PTY 10.60 13.97 +31.8 10.6 Fund (SYM) NAV Close /Disc Yld
Adams Natural Resources PEO 26.19 22.64 -13.6 9.2 Nuveen PA Qual Muni Inc NQP 12.82 10.87
-15.2 3.5 FS Credit Income;A 11.84 NA NA 7.2
BlackRock Cap Alloc Term BCAT 16.87 14.84 -12.0 9.0 PIMCO Corp & Inc Strat PCN 10.86 13.63 +25.5 10.9 U.S. Mortgage Bond Funds
ASA Gold & Prec Met Ltd ASA 17.11 14.59 -14.7 1.6 Nuveen VA Qlty Mun Inc NPV 11.93 10.42
-12.7 4.3 FS Credit Income;I 11.88 NA NA 7.4
Calamos GloDynInc CHW 6.54 5.89 -9.9 -9.9 PIMCOHilnco PHK 4.38 4.91 +12.1 11.3 Arca US Treasury NA NA NA NE
BR Enh C&I CII 18.92 18.39 -2.8 8.2 PIMCO CA PCQ 9.93 9.38
-5.5 5.6 FS Credit Income;T 11.86 NA NA 6.9
EV TxAdvGlbDivInc ETG 17.98 16.15 -10.2 0.0 PIMCO IncmStrFd PFL 7.56 7.90 +4.5 11.7 Ellington Inc Opp:A 8.91 NA NA NA
BlackRock Energy & Res BGR 14.30 12.66 -11.5 13.0 PIMCOCAMuniII PCK 6.28 5.61 -10.7 5.1 FS Credit Income;U 11.82 NA NA 6.6
EtnVncTxAdvOpp ETO 24.42 22.33 -8.6 0.0 PIMCO IncmStrFd II PFN 6.66 6.82 +2.4 12.0 Ellington Inc Opp:M 8.80 NA NA NA
BlackRock Eq Enh Div BDJ 8.59 7.86 -8.5 52 wk FS Credit Income;U-2 11.92 NA NA 6.9
-5.4 Putnam Prem Inc PPT 3.75 3.51 -6.4 8.5 Loan Participation Funds
FirstTr Dyn Euro Eq Inc FDEU 13.30 12.85 -3.4 27.5 Prem Ttl GL Beyond Income 0.41 NA NA NE
BlackRock Enh Glbl Div BOE 11.32 9.83 -13.2 7.0 Western Asset Dvsfd Inc WDI 15.07 13.50 -10.4 11.1 Fund (SYM) NAV Close /Disc Ret 1WS Credit Income;A2 NA NA NA 6.3
Gabelli Multimedia GGT NA 5.90 NA 0.4 KKR CREDIT OPPTY;D NA NA NA 8.3
BlackRock Enh Intl Div BGY 5.98 5.20 -13.0 13.0 World Income Funds 1WS Credit Income;Inst NA NA NA 6.2
GDL Fund GDL 10.18 7.84 -23.0 0.0 General Equity Funds KKR CREDIT OPPTY;I NA NA NA 8.5
BlackRock ESG Cap All T ECAT 17.41 15.20 -12.7 13.6 abrdn AP IncFd FAX 3.01 2.65 -12.0 12.0 AlphCntrc Prime Merid In 7.90 NA NA 12.7
Highland Global Alloc HGLB NA 8.01 NA -13.2 Alternative Strategies:I 4.76 NA NA -9.1 KKR CREDIT OPPTY;T NA NA NA 7.8
BlackRock Hlth Sci Term BMEZ 17.95 15.48 -13.8 5.2 MS EmMktDomDebt EDD 5.48 4.70 -14.2 6.1 Axonic Alternative Inc 19.66 NA NA 9.0
India Fund IFN 16.23 16.56 +2.0 12.7 First Trust Hdg Strat;A 10.08 NA NA N KKR CREDIT OPPTY;U NA NA NA 7.9
BlackRock Hlth Sciences BME 42.00 39.72 -5.4 -1.1 PIMCO Dynamic Income PDI 16.81 18.26 +8.6 17.2 Blackstone FR EI D 21.63 NA NA 8.9
Japan Smaller Cap JOF 8.64 7.29 -15.6 14.9 First Trust Hdg Str;I 10.08 NA NA N Palmer Square Opp Inc NA NA NA 9.0
BlackRock Innov&Gro Term BIGZ 8.90 7.45 -16.3 -1.6 PIMCO Stratg Inc RCS 4.20 5.41 +28.8 11.1 Blackstone FR EI I 21.61 NA NA 9.2
LazardGlbTotRetInc LGI 16.91 14.67 -13.2 -2.9 Specialized Equity Funds The Finite Solar Finance NA NA NA 3.3
BlackRock Res & Comm BCX 10.51 9.21 -12.4 1.7 Templeton Em Inc TEI 5.63 5.07 -9.9
Blackstone FR EI T 21.56 NA NA 8.7
Mexico MXF NA 17.59 NA 30.2 10.6 ARK Venture 22.89 NA NA NS World Income Funds
BlackRock Sci&Tech Term BSTZ 20.33 17.13 -15.7 -5.6 Blackstone FR EI T-I 22.10 NA NA 8.7
Miller/Howard High Inc E HIE NA 9.92 NA 3.0 Templtn Glbl Inc GIM 4.42 4.02 -9.0 8.5 ArrowMark Financial Corp BANX NA 16.85 NA NA BlueBay Destra Itl E:A 23.42 NA NA 13.3
BlackRock Sci&Tech Trust BST 32.39 32.12 -0.8 -0.3 Blackstone FR EI U 22.52 NA NA 8.7
MS ChinaShrFd CAF NA 12.45 NA -15.8 WstAstEmergDebt EMD 10.00 8.96 -10.4 10.0 Bluerock Total Inc+ RE:A 32.25 NA NA -10.7 BlueBay Destra Itl E:I 23.44 NA NA 13.5
BlackRock Utl Inf & Pwr BUI 21.83 21.34 -2.2 -3.8 Bluerock HI Inst Crd:A 24.06 NA NA 8.1
MS India IIF NA 22.15 NA 5.8 Western Asset Gl Cr D Op GDO 12.64 12.02 -4.9 9.6 Bluerock Total Inc+ RE:C 30.10 NA NA -11.3 BlueBay Destra Itl E:L 23.39 NA NA 13.0
CLEARBRIDGEENGYMDSOPP EMO 35.71 30.90 -13.5 11.2 Bluerock HI Inst Crd:C 24.07 NA NA 8.1
MS CBRE Gl In Mg Term MEGI 14.94 12.99 -13.1 -12.5 National Muni Bond Funds Bluerock Total Inc+ RE:I 33.10 NA NA -10.4 BlueBay Destra Itl E:T 23.29 NA NA 12.9
CLEARBRIDGEMLP&MDSTMTR CTR 37.27 32.62 -12.5 12.1 Bluerock HI Inst Crd:F 24.06 NA NA 8.1
New Germany GF NA 8.68 NA 12.0 AllBerNatlMunInc AFB 11.93 10.14 -15.0 4.1 Bluerock Total Inc+ RE:L 31.75 NA NA -10.9 Calamos-Aksia ACI:A 10.18 NA NA NS
ClearBridge MLP & Midstm CEM 42.05 36.13 -14.1 9.6 Bluerock HI Inst Crd:I 24.07 NA NA 8.2
Templeton Dragon TDF 10.32 8.80 -14.7 -21.4 BlckRk Inv Q Mun BKN 12.62 10.98 -13.0 4.8 Bluerock Total Inc+ RE:M 30.23 NA NA -11.1 Calamos-Aksia ACI:C 10.16 NA NA NS
ChnStrInfr UTF 21.89 21.36 -2.4 -13.6 BNYM Alcntr Glb MS Cr Fd 89.85 NA NA 8.4
Templeton Em Mkt EMF 13.55 11.80 -12.9 7.7 BlackRock Muni 2030 Tgt BTT 23.09 20.32 -12.0 3.3 CBRE GlbRlEst IGR 5.50 5.16 -6.2 -20.0 Calamos-Aksia ACI:I 10.18 NA NA NS
Cohen&SteersQualInc RQI 11.89 11.22 -5.6
CliffwaterClFd;I 10.66 NA NA 9.6
-15.8 CIM RA&C A 25.18 NA NA 3.6 Calamos-Aksia ACI:M 10.17 NA NA NS
Prem12 Mo BlackRock Muni BFK 11.23 9.54 -15.0 4.2 CliffwaterElFd;I 10.82 NA NA 9.8
CohenStrs Real Est and I RLTY 15.30 13.47 -12.0 -16.8 CIM RA&C C 24.54 NA NA 2.8 Carlyle Tact Pvt Cred:A 8.44 NA NA 9.6
Fund (SYM) NAV Close /Disc Yld BlackRock Muni II BLE 11.60 9.90 -14.7 4.5 CNR Strategic Credit 7.53 NA NA 20.0
Cohen&Steers TotRet RFI 11.20 11.10 -0.9 -10.4 CIM RA&C I 25.38 NA NA 3.8 Carlyle Tact Pvt Cred:I 8.48 NA NA 10.2
U.S. Mortgage Bond Funds BlckRk Muni Inc Qly BYM 12.18 10.52 -13.6 4.5 Equalize Community Dev 9.32 NA NA 3.6
CohenStrsREITPrefInc RNP 19.33 18.73 -3.1 -9.1 CIM RA&C L 24.94 NA NA 3.3 Carlyle Tact Pvt Cred:L 8.43 NA NA 9.6
BlckRk Income BKT 12.25 11.63 -5.1 8.7 BR MuniAssets Fd MUA 10.88 9.65 -11.3 5.2 FedProj&TrFinanceTendr 10.03 NA NA 6.3
Columbia Sel Prm Tech Gr STK 26.82 29.25 +9.1 11.5 Clarion Partners REI D 12.12 NA NA 0.3 Carlyle Tact Pvt Cred:M 8.48 NA NA 9.3
Invesco HI 2023 Tgt Term IHIT 7.72 7.27 -5.8 5.6 BR MH Qly 2 MUE 11.09 9.40 -15.2 4.3 Flat Rock Core Income 20.53 NA NA 7.0
DNP Select Income DNP 8.01 10.07 +25.7 -3.7 Clarion Partners REI I 12.14 NA NA 0.7 Flat Rock Enhanced Inc 21.33 NA Carlyle Tact Pvt Cred:N 8.43 NA NA 10.2
Investment Grade Bond Funds BR MuniHoldngs MHD 13.07 11.12 -14.9 4.3 NA NS
Duff&Ph Uti&Infra Inc Fd DPG 10.79 9.53 -11.7 -28.3 Clarion Partners REI S 12.14 NA NA -0.1 InvDYCrOpp:A 11.11 NA NA 9.2 Carlyle Tact Pvt Cred:U 8.48 NA NA NS
Angel Oak FS Inc Trm FINS 13.66 11.66 -14.6 9.7 BR MuniVest Fd MVF 7.63 6.47 -15.2 4.2
EtnVncEqtyInc EOI 16.28 16.26 -0.1 13.0 Clarion Partners REI T 12.11 NA NA -0.2 InvDYCrOpp:R6 11.11 NA NA 9.5 Carlyle Tact Pvt Cred:Y 8.44 NA NA 10.0
BlRck Core Bond BHK 10.52 10.24 -2.7 8.2 BR MuniVest 2 MVT 11.86 10.06 -15.2 4.1
EtnVncEqtyIncoII EOS 18.36 17.50 -4.7 5.2 Forum RE Income;I 9.31 NA NA NS InvDYCrOpp:Y 11.10 NA NA 9.4 Fid MS Cr;A 10.07 NA NA NS
BR Credit Alloc Inc BTZ 11.01 9.88 -10.3 9.8 BR MuniYield Fd MYD 11.63 9.93 -14.6 4.6
EVRskMnDvsEqInc ETJ 8.38 7.93 -5.4 -7.7 GS Real Est Div Inc:A 9.25 NA NA -8.2 Invesco Sr Loan A 5.90 NA NA 10.7 Fid MS Cr;C 10.07 NA NA NS
InvescoBond VBF 15.72 14.62 -7.0 5.2 BR MuniYield Qlty MQY 12.72 11.07 -13.0 4.7 GS Real Est Div Inc:C 9.24 NA NA -8.9 Fid MS Cr;I 10.07 NA NA NS
ETnVncTxMgdBuyWrtInc ETB 13.97 13.21 -5.4 -10.1 Invesco Sr Loan C 5.92 NA NA 9.96
EtnVncTxMgdBuyWrtOpp ETV 12.85 12.43 -3.3 J Han Income JHS NA 10.71 NA 4.0 BR MuniYld Qlty2 MQT 11.26 9.69 -13.9 4.7 GS Real Est Div Inc:I 9.74 NA NA -7.9 Fid MS Cr;L 10.07 NA NA NS
-8.4 Invesco Sr Loan IB 5.90 NA NA 10.9
EvTxMnDvsEqInc ETY 12.20 11.86 -2.8 MFS Intmdt MIN 2.88 2.69 -6.6 0.0 BR MuniYld Qly 3 MYI 12.01 10.40 -13.4 4.5 GS Real Est Div Inc:L 9.26 NA NA -8.5 Lord Abbett Cred Opps Fd 8.83 NA NA 8.4
0.6 Invesco Sr Loan IC 5.90 NA NA 10.8
EtnVncTxMgdGlbB ETW 8.75 7.85 -10.3 -5.2 Western Asset Inf-Lk Inc WIA 9.43 8.15 -13.6 14.2 BNY Mellon Muni Bd Infra DMB 11.39 10.50 -7.8 4.4 GS Real Est Div Inc:P 9.75 NA NA -7.8 Lord Abbett Cred Opps Fd NA NA NA 9.1
Invesco Sr Loan Y 5.90 NA NA 10.9
EVTxMnGblDvEqInc EXG 8.48 7.65 -9.8 -3.5 Western Asset Inf-Lk O&I WIW 10.11 8.65 -14.4 12.3 BNY Mellon Str Muni Bond DSM 6.32 5.37 -15.0 5.0 GS Real Est Div Inc:W 9.42 NA NA -8.2 Lord Abbett FR Hi Inc:A 10.15 NA NA NS Lord Abbett Crd Op:U 8.84 NA NA 8.4
Ecofin S&S Impact Term TEAF NA 12.53 NA -8.5 Westn Asst IG Def Opp Tr IGI 16.84 16.09 -4.5 4.8 BNY Mellon Strat Muni LEO 6.61 5.71 -13.6 4.8 NexPointRlEstStrat;A 18.76 NA NA -9.6 Lord Abbett FR Hi Inc:I 10.15 NA NA NS Oaktree Dvsfd Income;D 8.93 NA NA 8.2
First Trust Energy Inc G FEN 15.49 13.73 -11.4 -1.9 Loan Participation Funds DWS Muni Inc KTF NA 8.26 NA 3.9 NexPointRlEstStrat;C 18.97 NA NA -10.4 Monachil Credit Income:I 9.99 NA NA NS PIMCO Flexible EM I;Inst 7.99 NA NA 9.1
First Tr Enhanced Eq FFA 17.99 17.42 -3.2 8.5 Apollo Senior Floating AFT NA 13.20 NA 10.0 EVMuniBd EIM 11.02 9.57 -13.2 4.3 NexPointRlEstStrat;Z 19.00 NA NA -9.4 Nomura Alt Inc;I 10.18 NA NA NS National Muni Bond Funds
FirstTrEnergyInfra FIF 17.20 15.21 -11.6 4.2 BR Debt Strategy DSU 10.75 10.09 -6.1 9.0 EVMuniIncm EVN 10.96 9.55 -12.9 5.0 PIMCO Flexible REI;Inst 10.19 NA NA NS OFS Credit Company OCCI NA 8.09 NA 27.2 Ecofin Tax-Exempt Prv Cr NA NA NA 5.1
FirstTrMLPEner&Inc FEI 9.28 7.98 -14.0 0.6 BR F/R Inc Str FRA 13.19 12.53 -5.0 8.8 EVNatMuniOpp EOT 17.75 16.46 -7.3 4.3 PREDEX;I 27.19 NA NA -12.7 Yieldstreet Prism NA NA NA 8.5 Lind Cap Pt Mun Cred Inc NA NA NA 4.5
Gabelli Healthcare GRX 11.49 9.51 -17.2 -9.8 BlackRock Floatng Rt Inc BGT 12.81 11.86 -7.4 8.9 InvAdvMuIncTrII VKI 9.33 8.12 -13.0 5.0 PREDEX;T 27.33 NA NA -12.8 High Yield Bond Funds Nuveen En HY Muni Bd:A1 7.12 NA NA 5.3
Gab Utility GUT 3.03 6.79 124.1 3.7 BS SFR 2027 T BSL 14.53 13.06 -10.1 8.8 Invesco MuniOp OIA 6.09 6.30 +3.4 5.2 PREDEX;W 27.33 NA NA -12.8 Apollo Diversified Cd:A NA NA NA 8.1 Nuveen En HY Muni Bd:A2 7.13 NA NA NS
GAMCOGlGold&NatRes GGN 3.83 3.75 -2.1 BS St Cr 2027 Tm BGB 12.48 11.03 -11.6 9.0 InvescoMuOppTr VMO 10.43 9.05 -13.2 4.9 Principal Dvs Sel RA A 24.96 NA NA -1.1 Apollo Diversified Cd:C NA NA NA 7.7 Nuveen En HY Muni Bd:I 7.12 NA NA 6.0
17.6
EtnVncFltRteInc EFT 13.15 12.10 -8.0 9.3 InvescoMuTr VKQ 10.48 9.02 -13.9 5.0 Principal Dvs Sel RA Ins 25.06 NA NA -0.8 Apollo Diversified Cd:F NA NA NA 10.5 PIMCO Flex Mun Inc;A-3 9.75 NA NA 3.4
J Han Finl Opptys BTO 25.94 26.50 +2.2 -21.1
EV SenFlRtTr EFR 12.94 12.13 -6.3 9.0 InvescoQual Inc IQI 10.52 9.09 -13.6 5.0 Principal Dvs Sel RA Y 25.28 NA NA -0.6 Apollo Diversified Cd:I NA NA NA 8.2 PIMCO Flex Mun Inc:A1 9.75 NA NA 3.7
Neuberger Brmn Enrgy I&I NML NA 6.98 NA 4.9
FT/Sr Fltg Rte Inc 2 FCT 11.11 10.10 -9.1 9.2 InvTrInvGrMu VGM 10.78 9.23 -14.4 4.9 Redwood Rl Est;I 25.07 NA NA NS Apollo Diversified Cd:L NA NA NA 8.0 PIMCO Flex Mun Inc;A2 9.75 NA NA 3.7
Neuberger Nxt Gen Conn NBXG 12.68 10.35 -18.4 7.7
Highland Oppty & Income HFRO NA 8.19 InvescoValMunInc IIM 12.89 11.46 -11.1 4.9 SS Priv Venture & Gr:D NA NA NA NS Apollo Diversified Cd:M NA NA NA 7.8 PIMCO Flex Mun Inc;Inst 9.75 NA NA 4.2
NuvDow30DynOverwrite DIAX 15.79 14.20 -10.1 -3.1 NA 10.8
MAINSTAY:MKDEFTRMUNOP MMD 16.56 16.69 +0.8 SS Priv Venture & Gr:I NA NA NA NS Opprtnstc Crdt Intrvl;I 12.09 NA NA 7.2 Single State Muni Bond
NuvCorEqAlpha JCE 13.07 12.70 -2.8 -0.6 InvDYCrOpp:AX VTA 11.10 NA NA NA 5.6
SS Priv Venture & Gr:S NA NA NA NS PIMCO Flexible Cr I;A-1 6.75 NA NA 15.6 PIMCO CA FMI;A-1 9.85 NA NA NS
NuveenNasdaq100DynOv QQQX 24.01 23.05 -4.0 6.6 InvSnrIncTr VVR 4.12 3.94 -4.4 13.9 NeubrgrBrm NBH 11.61 9.85 -15.2 5.1
SS Priv Venture & Gr;T NA NA NA NS PIMCO Flexible Cr I;A-2 6.75 NA NA 15.6 PIMCO CA FMI;Inst 9.85 NA NA 3.4
Nuv Real Est JRS 8.18 7.17 -12.3 -19.4 Nuveen Credit Strat Inc JQC 5.82 5.11 -12.2 10.9 Nuveen AMT-Fr Mu Val NUW 14.86 13.52 -9.0 3.4
Nuveen Rl Asst Inc & Gro JRI 12.86 11.10 -13.7 -10.4 NuvFloatRateIncFd JFR 9.13 8.13 -11.0 10.7 Nuveen AMT-Fr Qlty Mun I NEA 12.18 10.35 -15.0 4.4
NuvS&P500DynOvFd SPXX 16.15 15.21 -5.8 2.8 High Yield Bond Funds Nuveen AMT-Fr Mu CI NVG 13.02 11.07 -15.0 4.9
NuvSP500BuyIncFd BXMX 13.78 12.99 -5.7 3.0 abrdn Inc Credit Str ACP 6.82 6.93 +1.6 17.4 Nuveen Dyn Muni Opp NDMO 10.58 10.17 -3.9 7.6
ReavesUtilityIncome UTG 26.15 26.26 +0.4 -11.9 AllianceBernGlHiIncm AWF 10.62 9.88 -7.0 8.9 Nuveen Mu Crdt Opps NMCO 11.34 11.00 -3.0 5.7
Tortoise Enrgy Infra Crp TYG NA 29.94 NA -6.6 Allspring Income Oppty EAD 7.08 6.27 -11.4 9.7 Nuv Muni Credit Income NZF 13.13 11.16 -15.0 4.8
Tortoise Midstream Enrgy NTG NA 35.54 NA 0.9 Barings Glb SD HY Bd BGH 14.55 13.15 -9.6 9.4 NuvMuniHiIncOpp NMZ 10.55 10.07 -4.5 5.6

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Money Rates August 25, 2023
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
July index Chg From (%) Britain 5.25 5.25 5.25 1.75 13 weeks 5.300 5.295 5.300 2.740
level June '23 July '22 Australia 4.10 4.10 4.10 1.85 26 weeks 5.295 5.290 5.295 3.110
U.S. consumer price index Overnight repurchase Secondary market
All items 305.691 0.19 3.2 U.S. 5.34 5.26 5.35 2.25
Core 309.402 0.16 4.7 Fannie Mae
U.S. government rates 30-year mortgage yields
International rates 30 days 6.797 6.759 6.881 5.086
Discount
60 days 6.823 6.784 6.988 5.128
Week 52-Week 5.50 5.50 5.50 2.50
Latest ago High Low Other short-term rates
Federal funds
Prime rates Effective rate 5.3400 5.3400 5.3400 2.3300 Week 52-Week
U.S. 8.50 8.50 8.50 5.50 High 5.6500 5.6500 5.6500 2.4500 Latest ago high low
Canada 7.20 7.20 7.20 4.70 Low 5.3100 5.3100 5.3100 2.3000
Japan 1.475 1.475 1.475 1.475 Bid 5.3300 5.3300 5.3300 2.3000 Call money
Offer 5.3600 5.3600 5.3700 2.3200 7.25 7.25 7.25 4.25
Policy Rates
Euro zone 4.25 4.25 4.25 0.50 Treasury bill auction Commercial paper (AA financial)

Monitor the
Switzerland 2.25 2.25 2.25 0.25 4 weeks 5.285 5.280 5.840 2.310 90 days 5.40 5.39 5.54 2.64

Notes on data: Secured Overnight Financing Rate

U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 5.30 5.30 5.31 2.25
and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as Value 52-Week
Latest Traded High Low

Market
of August 24, 2023. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average
for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
are Tullett Prebon rates as of 5:30 p.m. ET. DTCC GCF Repo Index
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Treasury 5.344 11.916 5.365 2.221
Tullett Prebon Information, Ltd. MBS 5.377 66.100 5.407 2.319

Cash Prices | wsj.com/market-data/commodities Friday, August 25, 2023

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Build a custom watchlist to track
months. companies and indexes you care about.
Friday Friday Friday
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 8.9575
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 5.4725 EXPLORE
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 70.000 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 7.9400
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 6.8750 WSJ.com/buildwatchlist
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 31375 Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 29450
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
Engelhard industrial 1917.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 291.80
Handy & Harman base 1915.50 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 267.07
Handy & Harman fabricated 2126.21 Broilers, National comp wtd. avg.-u,w 1.1485
LBMA Gold Price AM *1920.70
Fibers and Textiles Butter,AA Chicago-d 2.6700
LBMA Gold Price PM *1917.05 Cheddar cheese,bbl,Chicago-d 180.00
Burlap,10-oz,40-inch NY yd-n,w 0.7200
Krugerrand,wholesale-e 1998.67
Cheddar cheese,blk,Chicago-d 194.50
Cotton,1 1/16 std lw-mdMphs-u 0.8451
Maple Leaf-e 2046.48
Milk,Nonfat dry,Chicago lb.-d 110.50
Cotlook 'A' Index-t *95.85 Coffee,Brazilian,Comp-y 1.5231
American Eagle-e 2046.48 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.8563
Mexican peso-e 2467.44 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.3150
Austria crown-e 1877.73
Austria phil-e 2008.23 Grains and Feeds Flour,hard winter KC-p 19.20
Hams,17-20 lbs,Mid-US fob-u 0.85
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 91.27
Engelhard industrial 24.2500 Bran,wheat middlings, KC-u,w 148 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 24.0950 Corn,No. 2 yellow,Cent IL-bp,u 4.9300 Pork loins,13-19 lb MidUS-u 1.1538
Handy & Harman fabricated 30.1190 Corn gluten feed,Midwest-u,w 155.2 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£19.0700 Corn gluten meal,Midwest-u,w 551.2 Steers,feeder,Okla. City-u,w 268.88
(U.S.$ equivalent) *24.1850 Cottonseed meal-u,w 350
Coins,wholesale $1,000 face-a 20681 Hominy feed,Cent IL-u,w 145 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *933.0 Oats,No.2 milling,Mnpls-u 4.6325 Grease,choice white,Chicago-h 0.6600
Platinum,Engelhard industrial 950.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1245.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7058
Aluminum, LME, $ per metric ton *2119.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 436.65 Tallow,bleach;Chicago-h 0.6950
Copper,Comex spot 3.7600 Soybeans,No.1 yllw IL-bp,u 14.2300 Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark ©2023 Dow Jones & Co. Inc. All rights reserved. 6DJ8683
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/24
Source: Dow Jones Market Data
 .

B10 | Monday, August 28, 2023 * **** THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Fed Is Likely Done Despite Powell’s Words

The central bank’s chief left its options open, in part to prevent investors from asking when rate cuts will arrive

Federal Reserve Chairman Je- There were some hawkish- The Federal Reserve’s target rate ther if inflation heads off in the ity that the just-right level of rates
rome Powell isn’t taking a victory sounding aspects to what Powell wrong direction again. for when the economy is in bal-
lap on the central bank’s efforts to said, including a pledge to raise 9% Another is that as soon as the ance might now be higher than it
cool the economy. He may still be rates further if necessary, and that 8 Fed says it probably won’t raise was before the pandemic, it is
done with rate increases. appeared to spook investors at rates again, investors’ focus will probably still significantly lower
Speaking at the Kansas City first, with stocks falling in early 7 quickly shift to when the Fed than the Fed’s target is right now.
Fed’s annual symposium in Jack- trading Friday. 6
might start cutting. Or, as Powell put it, “We see the
son Hole, Wyo., Powell on Friday But the substance of what Pow- If they do that, long-term inter- current stance of policy as restric-
provided a classic on-the-one- ell said indicated that if another 5 est rates in particular might start tive, putting downward pressure
hand, on-the-other-hand speech. increase comes, it probably won’t sliding, providing a fresh boost to on economic activity, hiring, and
4
On the one hand, the unwinding occur when policy makers meet the economy that policy makers inflation.”
of pandemic distortions and the next month. And his assessment 3 aren’t quite ready for. When might the cut come? It
Fed’s rate increases “are now that the central bank is now “in a The more time the Fed leaves won’t be necessary for inflation to
working together to bring down position to proceed carefully,” sug- 2 open the possibility of raising come all the way down to the
inflation.” gests the Fed isn’t in a rush to do 1 rates without actually raising Fed’s 2% target, but instead, as
On the other hand, “the process much of anything. Stocks ended them, the less likely it is that in- Powell reiterated Friday, for it to
still has a long way to go.” Bank the day higher. 0 vestors will start envisioning a be more clearly headed in that di-
lending standards “have tight- One reason Powell put the situ- 1990 ’95 2000 ’05 ’10 ’15 ’20 rapid series of rate cuts. rection.
ened” and “growth in industrial ation the way he did is that even And yet the Fed’s next move Even in the best of circum-
Note: Values from Dec. 16, 2008, onwards reflect
production has slowed,” but gross if policy makers suspect they midpoint of target range might, in fact, be to cut rates. Its stances, that might not happen
domestic product growth “has won’t need to raise rates again— Source: Federal Reserve current target on overnight rates, this year, but by the start of 2024
come in above expectations” and especially in consideration of how at a range of 5.25% to 5.5%, is the Powell could be ready to finally
“the housing sector is showing the full effects of increases al- economy—they don’t want to take highest in over two decades. And take that victory lap.
signs of picking back up.” ready made have yet to hit the away the option to raise rates fur- even if one allows for the possibil- —Justin Lahart

Digital Payments
Can’t Serve Up
A Free Lunch
For investors, the massive mar- are far less convenient than a
ket for digital payments used to smartphone when buying in-store.
offer a rare dreamland of growth There has been a postpandemic
companies with a low-risk, oligop- surge in so-called omnichannel

MAX LUDWIG/ALTO PRESS/ZUMA PRESS

olistic business. That Cathie Wood customers, who buy from the same
is doubling down on it should tell brand both physically and virtu-
them this was too good to be true. ally, and expect a unified, seamless
Wood’s ARK Investment Man- experience whether they use a
agement is known for betting on card or some e-payment system.
rapidly growing technology moon- They tend to be big, spur-of-the-
shots and for upping the stakes moment spenders who can renege
whenever other investors jump on a purchase if it doesn’t go
ship. Last week, ARK announced it through, so it is crucial that the
had nearly doubled its holdings in technology doesn’t glitch out. Shares of Dutch payments-processing company Adyen recently halved after disappointing half-year results.
Dutch payments-processing com- Many publicly traded European
pany Adyen, the shares of which paytech firms have risen to the for a top product that, unlike oth- integral to the operation of a mer- and apps of its particularly cyclical
are now worth half what they task. On top of breakneck revenue ers, it has built fully in-house with chant that they wouldn’t go to a customers as the European econ-
were on Wednesday of the previ- growth, investors love their mer- a single code base. It has organi- subpar acquirer.” omy weakened, the secular digiti-
ous week, before it reported disap- chants’ priority for quality over cally become the second-largest On top of PayPal’s Braintree, zation trend remains in place.
pointing half-year revenue and price, as well the high level of firm merchant acquirer in Europe, data Irish-American firm Stripe—which “We continue to expand our
earnings. specialization. Edenred and Eu- by Citi analyst Pavan Daswani for now remains privately owned— market share, even in the U.S.,”
This underscores how payments rowag focus on processing em- shows. has also emerged as a powerful ri- said Adyen co-Chief Executive Ingo
tech, once seen as a sure shot ployee food vouchers and freight Yet suddenly, the company is val, striking partnerships with Uytdehaage, who tried to reassure
amid a digital revolution in con- and road payments, respectively. reporting stiffer competition in Airbnb, Zara, WhatsApp and investors during a recent road-
sumer spending, could become a Meanwhile, Nexi and Worldline the U.S., its second-biggest market, Open-AI. In May, it joined forces show.
cutthroat market requiring back- are skewed toward on-premise and being undercut on price. This with Microsoft and PayPal to Indeed, the problem with pay-
ers comfortable with risk. spending. puts a crack in the thesis that a launch a new payments app for tech isn’t the business model but a
A recent Deutsche Bank survey Adyen, as a crown jewel of Eu- best-in-class paytech platform will North American small businesses. market with unrealistic expecta-
of consumers in the U.S., the U.K., ropean tech, epitomized investors’ necessarily have low churn and al- And there are challengers such as tions, based on the premise of big
France, Germany and Italy showed enamourment with the sector by most insurmountable barriers to Britain’s Checkout.com. margins that wouldn’t be com-
cash in decline as a payment having the biggest moat: Rather entry thanks to network and data To be sure, some of Adyen’s peted away. Adyen tops the charts:
method between 2019 and 2022. than starting in the midmarket, it advantages. supposed woes are exaggerated. Even after the selloff, it still trades
Adoption of digital wallets jumped, first targeted mammoth e-com- “I don’t believe competitors are Hiring costs have come under fire, at 32 times forward earnings.
with Apple Pay as the main benefi- merce customers such as eBay and providing a materially inferior but executives were right to poach Investors got a useful reminder
ciary. Much of this is down to e- Netflix, as well as omnichannel product,” said Daswani, who has talent at a time when tech giants that no company generates risk-
commerce, but also a realization merchants such as Gap and long had a “sell” recommendation were shedding it. Also, despite a less money. Not even those that
that pieces of paper and plastic McDonald’s. It charges a premium on Adyen stock. “Payments are so slowdown in the usage of websites process it. —Jon Sindreu

MARKETS

Japan Firms Make Big Promises to Lift Shares China Stocks

Rally After
BY DAVE SEBASTIAN

Japanese companies, long

Japan’s economy is growing,
and its stock market has
surged this year. But many of
Stock performance this year
60%
Price/book ratio of selected
Japanese companies*
follow suit based on external
peer pressure,” said Shuntaro
Takeuchi, a Japan portfolio
Beijing Moves
viewed as moribund, are trying its biggest companies aren’t Ajinomoto Ajinomoto 3.9 times manager at Matthews Asia. BY DAVE SEBASTIAN
to change how investors think efficient in how they use capi- Nissan Motor There has been a lot of fo- AND REBECCA FENG
about them by promising bet- tal. Calbee Shiseido 3.8 cus on the price-to-book ratio,
40
ter growth, governance and In March, the Tokyo Stock but it isn’t the only metric Stocks in mainland China
returns. Exchange told most of its Calbee 1.9 companies can use to prove soared on Monday, after the
Snack maker Calbee said listed companies to develop, themselves, said Hiromi Yam- government cut a tax on trad-
earlier this year that it had lay out and implement im- 20 Toshiba 1.6 aji, chief executive of Tokyo ing and said it would take
been hampered by a “conser- provement plans. It noted that Stock Exchange operator more steps to revive its sag-
vative, inward-facing corporate around half the companies on Yamaha Japan Exchange Group. ging capital markets.
Motor 1.1
culture and weak ability to ef- its main board were trading “If they would like to use The move is an attempt to
fect change.” The 74-year-old below their book value, mean- 0 Nikon 0.8 other indicators like [return on address a slide in Chinese
company has pledged to re- ing they were worth less in the equity] or [risk-adjusted re- stock prices this year, as in-
vamp its business and boost its market than the sum of their turn on capital] or [return on vestors have dumped shares
Nomura 0.5
profits. net assets. invested capital], we don’t amid worsening economic
Ajinomoto, the maker of In the U.S., price-to-book ra- –20 Nissan care,” Yamaji said in an inter- news and big rallies else-
0.4
monosodium glutamate and tios aren’t typically used as a 2023 Aug. Motor view. It is up to companies to where. China’s benchmark CSI
seasonings, plans to triple its valuation metric for most *As of Aug. 17 Source: FactSet communicate it to investors, 300 Index was down around
earnings per share by 2031. stocks. Investors generally pre- he added. 4.2% this year before Mon-
That will involve a “dramatic fer to look at companies’ price/ inflows from global investors businesses and securing Contacting some compa- day’s open.
expansion through business- earnings ratios, except in the that had previously neglected steady earnings at the mo- nies’ investor-relations de- The CSI 300 moved
model transformation,” the case of certain sectors, such as the world’s third-largest econ- ment are important issues for partments in the country used 2.4% higher in early trading,
company said. Nissan Motor banks and other financial in- omy. Some investors that have the time being,” a Nikon to be a laborious affair for putting the index on track for
recently increased its annual stitutions. turned bearish on China have spokesperson told The Wall Hisashi Arakawa, the deputy its biggest single-day gain
dividend and plans to raise it The large number of Japa- also moved money into Japan. Street Journal. head of investment manage- since last November. Hong
again. The automaker’s chief nese stocks that trade below In May, camera maker Honda Motor said in May it ment for Japan at Abrdn. He Kong’s Hang Seng Index,
executive said the company book value indicates “issues in Nikon’s finance chief, Muneaki expected to spend up to $1.4 said he had to first arrange a which includes the shares of
has an urgent need to improve terms of profitability and Tokunari, said improving the billion repurchasing shares in meeting through a broker and many Chinese companies, was
its price-to-book ratio, which is growth potential,” according to ratio is “an important manage- the current fiscal year, which in some cases wait for a few up 1.9%.
well below 1. the exchange. ment challenge,” and the com- ends in March 2024. Its stock weeks—or not secure a meet- China’s Ministry of Fi-
The pronouncements came The benchmark Nikkei 225 is pany needs to quickly find new has soared nearly 50% this ing at all. nance on Sunday said it
after a push from Japan’s larg- up 21% this year after hitting its sources of growth. Its price-to- year. Toyota Motor said in “If you just gave them ad would halve the stamp duty
est stock exchange—heeding highest level in more than three book ratio topped 1 in June May it would buy up to $1 bil- hoc calls, they wouldn’t an- on securities transactions, to
longtime pleas from inves- decades earlier in the summer. thanks to the market rally, but lion in shares. swer. But now we can call 0.05%, starting Monday, in an
tors—for companies to pay The market has benefited from has since dropped back to 0.84. Companies in Japan are them any time,” Arakawa said. effort to spur trading and
closer attention to their mar- a vote of confidence from “Even though it has fallen more likely to step up when “Every company that we hold boost confidence. It was
ket valuations and increase American billionaire Warren below 1.00 again, we believe their rivals are taking action, that’s below book—they want China’s first stamp-duty cut
shareholder returns. Buffett, a weak yen and large that quickly launching growth investors say. “People start to to do something,” he added. since 2008.