Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* * * * * * FRIDAY, MARCH 23, 2018 ~ VOL. CCLXXI NO. 68 WSJ.com HHHH $4.00
DJIA 23957.89 g 724.42 2.9% NASDAQ 7166.68 g 2.4% STOXX 600 369.15 g 1.5% 10-YR. TREAS. À 19/32 , yield 2.832% OIL $64.30 g $0.87 GOLD $1,326.60 À $5.90 EURO $1.2304 YEN 105.28
.
Nasdaq +3.8%
of traffic citations. B1, B5 S&P 500 –1.1% Trade tensions ratcheted
ly
Dow Industrials –3.1% higher as the Trump administra-
Steve Wynn has sold his
U.S. exports tion said it would impose tariffs
entire stake in Wynn Resorts,
to China on tens of billions of dollars of
the company said, the final on 2017 Please see STOCKS page A2
step in his dramatic exit. B1
Dropbox priced its IPO at $129.14B
JONATHAN ERNST/REUTERS
Sources: Commerce Department (imports/exports); WSJ Market Data Group (markets) government shutdown...... A2
Pershing Square cashed President Donald Trump took steps Thursday to impose tariffs on imports from China, as well as restrict technology transfers.
out of its Nike holding, mak-
ing some $100 million. B3
Credit-reporting firms
Bolton Tapped to
er rs
World-Wide in 14 months.
President Donald Trump Mr. Bolton, who won’t need
named former Ambassador Senate confirmation, has been
Trump launched a trade John Bolton his new national a controversial figure in
offensive against China, in- security adviser, succeeding Lt. Washington and has pressed
co Fo
cluding a threat of tariffs Gen. H.R. McMaster. the White House to take
on $60 billion of imports “I am pleased to announce tougher positions on Iran and
and tighter restrictions on that, effective 4/9/18, @Amb- North Korea in editorials, tele-
acquisitions and technology JohnBolton will be my new Na- vision commentary and other
transfers. China unveiled tional Security Advisor,” Mr. conversations.
plans for tariffs against Trump tweeted Thursday. “I In a Fox News interview
$3 billion in U.S. imports. A1 am very thankful for the ser- Thursday evening, Mr. Bolton
The president formally vice of General H.R. McMaster seemed taken aback by the
approved temporary exclu- who has done an outstanding news of his appointment. “I re- A man forages for food in a Caracas, Venezuela, garbage bin, as the economic downturn worsens.
sions from metal tariffs for job & will always remain my ally didn’t expect the an-
six nations and the EU. A2 friend. There will be an official nouncement this afternoon,”
Officials are signaling
that they have cleared a road-
block on thorny auto-indus-
contact handover on 4/9.”
The 69-year-old Mr. Bolton,
the former U.S. ambassador to
he said. “I think I still am a Fox
News contributor,” he added.
Mr. Trump last week con-
With Venezuela in Crisis,
n-
confrontational approach. A4 a month with Venezuela’s currency collapse. was told,” she said in this arid town near
She struggles to feed her 10-year-old son the Colombian border. “They are playing
A U.S.-European rift over and is unable to treat the small tumor on with people’s hunger.”
parts of the Iran nuclear deal her breast because the health-care system Any government would struggle to win
threatens to scuttle efforts is in shambles. elections while presiding over widespread
to preserve the accord. A7 Still, Ms. Meza voted for the ruling So- food shortages, inflation expected to reach
The CIA gave some details cialist Party in recent mayoral elections, 13,000% this year, and an economy falling
John Bolton, President Trump’s pick for national security adviser. fearing that otherwise she would have lost Please see VOTE page A9
about Trump’s pick for direc-
tor, who has spent her career
in clandestine operations. A4
Strikes in France shut
schools and halted trains Largest U.S. Banks Extend INSIDE
amid protests against Ma-
cron’s economic overhauls. A8
The decision to dismiss U.S.
Their Dominance in Deposits
charges against most mem-
bers of the Turkish leader’s BY RACHEL LOUISE ENSIGN combined in 2007. its. By the end of 2017, they
security detail over a Washing- The outsize gain began held 32%, or $3.8 trillion.
ton melee drew criticism. A7 Americans are parking when the trio of lenders—JP- It marks a new phase of
more money with the biggest Morgan Chase & Co., Bank of consolidation in the banking
banks than ever before, ce- America Corp. and Wells industry, one driven first by
AFP/GETTY IMAGES
CONTENTS Opinion.............. A15-17 menting the firms’ domi- Fargo & Co.—did huge deals the acquisitions and then by
Business News B3,5-6 Sports....................... A14
Crossword.............. A13 Streetwise................. B1 nance of the financial indus- during the financial crisis. customers’ attraction to the
Heard on Street. B12 Technology............... B4 try less than a decade after Their heft has continued to digital tools and ubiquitous
Life & Arts...... A12-13 U.S. News............. A2-6 the 2008 crisis. increase in recent years as locations of the biggest
Mansion.............. M1-12 Weather................... A13
Markets............. B11-12 World News. A7-8,18
The three largest U.S. consumers opt to put their banks.
banks by assets have added money at the behemoths over Last year, about 45% of
>
more than $2.4 trillion in do-
mestic deposits over the past
smaller U.S. banks.
While the crisis led many
new checking accounts were
opened at the three national
AT HOME HUMAN
10 years, a 180% increase, ac- to question whether banks banks, even though those ON THE ‘DRIVER’ EYED
cording to a Wall Street
Journal analysis of regula-
had become too large, the
lead of the biggest lenders
lenders had 24% of U.S.
branches, according to re-
RAILROAD IN UBER CRASH
s Copyright 2018 Dow Jones &
tory data. That amount ex- has only widened. At the end search by consulting firm No-
Company. All Rights Reserved ceeds what the top eight of 2007, the three banks held vantas. Regional and commu- MANSION, M1 BUSINESS & FINANCE, B1
banks had in such deposits 20% of the country’s depos- Please see BANKS page A8
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
U.S. NEWS
Congress Passes $1.3 Trillion Spending Bill
Approval in Senate frustrated by its impact on the Trump’s border wall. the forest-naming language, in- cal barriers on the border with
deficit. White House officials The bill, which was un- furiating fellow senators. Mr. Mexico and other security
averts government said Thursday that Mr. Trump veiled Wednesday evening, is Risch had battled with Mr. An- measures.
shutdown; Trump would sign it. the first installation of the drus, who once called Mr. Risch Conservatives had said the
The Senate vote was 65-32 two-year agreement reached “one of the most partisan peo- bill spent too little money on
expected to sign and followed House passage last month between congres- ple I’ve ever had to deal with.” the border wall and too much
on Thursday. There were 24 sional leaders and Mr. Trump Mr. McConnell took to the on other policy items.
BY KRISTINA PETERSON Republican senators who to lift federal spending above floor to pass a measure as a House Speaker Paul Ryan
AND SIOBHAN HUGHES voted against the legislation, curbs set in 2011. technical correction that (R., Wis.), who met with Mr.
led by Sen. Rand Paul (R., Ky.), The Senate vote was de- passed without a roll call Trump yesterday to discuss
WASHINGTON—The Senate who complained about voting layed Thursday by objections vote. But the House bill still the bill, defended the bill’s
passed a $1.3 trillion spending just a day after the release of from Mr. Paul, but also one included the language, so it border security funding.
bill early Friday, acting to the 2,232-page measure. from Sen. Jim Risch (R., was unclear how that would “This actually has more wall
SHAWN THEW/EPA-EFE/REX/SHUTTERSTOCK
avert a government shutdown Senate Majority Leader Idaho), who was upset that the be resolved. Mr. McConnell funding, and more wall allot-
with less than 24 hours to Mitch McConnell (R., Ky.) de- measure included language to and other senators pressed ment than the administration’s
spare and bringing to a close a picted the bill as “legislation name an Idaho forest after one Mr. Risch to yield, escorting request had,” Mr. Ryan said.
messy negotiating process over that neither side sees as per- of his nemeses, Cecil Andrus, a him off the Senate floor to “We’re going to be getting a
the sprawling measure. fect, but which contains a host former Democratic Idaho gov- work through the matter pri- down payment and starting on
The bill, which now goes to of significant victories and im- ernor and Carter administra- vately. A spokesperson for Mr. the border security.”
President Donald Trump for portant achievements on be- tion Interior secretary. Mr. Risch didn’t reply to a request The bill passed the House
his signature, would lift mili- half of the American people.” Andrus died last year. for comment, and Mr. Risch with the support of 145 Re-
tary spending by $80 billion Among them, he said, are a Mr. Risch, who is in line to didn’t respond to reporters. publicans and 111 Democrats.
this year and domestic pro- 15% increase in military be the next chairman of the The repeated delays left It was opposed by 90 Republi-
grams by $63 billion, a deci- spending and funding to com- Senate Foreign Relations Com- senators tired and angry. cans and 77 Democrats.
sion lauded by defense hawks bat an opioid epidemic as well mittee, insisted on holding up The bill includes $1.57 bil- —Natalie Andrews Speaker Ryan praised the bill’s
and criticized by lawmakers as a down payment toward Mr. the bill so long as it included lion for construction of physi- contributed to this article. spending on border security.
.
Organization was a “disaster” ics said. For one, many in the
ly
and “very unfair” to the U.S. U.S. technology industry worry
Mr. Trump sees confrontation they will face higher costs
as the way to get results, feel- through tariffs, and even face
ing that past administrations on retaliation against their com-
haven’t been tough enough, se- panies doing business in China.
CHINATOPIX/ASSOCIATED PRESS
nior White House officials said. Tariffs on communications
The White House is putting products, “would make it more
together a package of 25% tar- expensive to expand and up-
us l,
ports of “about $60 billion,” Chinese steel already faces U.S. tariffs. New White House policies would add actions against China. The tariffs also would be
but his advisers, speaking ear- levied without first bringing a
lier, said that it was more Allies Receive gentina, Australia, Brazil, temporary. According to a metal production that has led case to the WTO, which adju-
likely to be $50 billion, or Canada, Mexico, European White House statement, the to an export surge. But nearly dicates trade claims. Trade
roughly 10% of the more than Tariff Exemptions Union nations and South Korea. administration will decide all of Beijing’s exports of steel lawyers are split on whether
er rs
$500 billion the U.S. imported Effectively, that means tariffs whether to extend the exemp- and aluminum to the U.S. are the U.S. has the authority to
from China last year. will apply to three major steel ex- tions based on how negotia- already covered by different do so. But even if it is permit-
The administration says it WASHINGTON—President porters: China, Russia and Japan. tions are progressing. forms of import restrictions. ted under WTO rules, it would
will publish a formal list of Donald Trump formally ap- Political leaders had been fu- “These suspensions are It isn’t clear what the vari- upend the practice of bringing
m e
proposed tariffs in 15 days. U.S. proved temporary exclusions riously lobbying for exclusions based on factors including on- ous countries are pledging to disputes first to the Geneva
industry would get 30 days to from steel and aluminum tariffs before the Friday deadline. The going discussions regarding do to avoid tariffs. The EU, for trade body.
comment on which products until May 1 for six nations and U.S. initially granted them to measures to reduce global ex- instance, has said it wanted to The U.S. also is planning to
m rp
should be selected for tariffs, the European Union. Mexico and Canada as part of cess capacity in steel and alu- join the U.S. in addressing Chi- bring a case to the WTO argu-
said the office of the U.S. Trade Tariffs of 25% on steel im- negotiations to revamp the minum production by address- nese overcapacity. It won a ing that China is favoring do-
Representative. The goal, ac- ports and 10% on aluminum im- North American Free Trade ing its root causes,” it said. temporary exclusion. But Japan mestic companies when it
cording to USTR officials, is to ports go into effect Friday for Agreement. The U.S. is now con- The U.S. has been widely has pledged the same thing comes to licensing. The WTO
keep the pressure on China to nations not covered by exclu- ducting talks on steel and alumi- criticized for proposing to levy and tariffs go into effect on adjudicates trade cases and
co Fo
make changes in its practices, sions. The president late Thurs- num tariffs with other nations. tariffs globally when trade ex- Japanese exports. can authorize countries to as-
while giving U.S. industry a day suspended tariffs for Ar- The exclusions granted are perts blame Beijing for a glut of —Bob Davis sess tariffs when a country
chance to make its case about doesn’t comply with interna-
which tariffs would be espe- tional trade rules.
cially harmful to U.S. industry. the president. “I don’t agree is “now trying to form a com- Beijing contends that it has narrow the trade deficit, it China has been a big target
Mr. Trump has said he with President Trump on a mon front in the dispute improved its protection of in- should ease restrictions on ex- for cases brought by the U.S.,
wants Beijing to come up with whole lot, but today I want to against China,” said Eswar tellectual property and that it ports of U.S. high-technology Japan and the European Union,
a plan to slash the U.S. $375 give him a big pat on the back,” Prasad, a China expert at Cor- is moving fast to further liber- goods to China—precisely the and the U.S. hopes to sign up al-
billion merchandise trade defi- said Senate Minority Leader nell University. alize its economy. It also is opposite of what the U.S. is lies for its planned WTO action.
cit with China by $100 billion. Chuck Schumer (D., N.Y.). Chinese officials complain putting together an additional planning to do. Mr. Trump gave the U.S.
Many trade economists say The aim of the administra- that the U.S. has suspended package of retaliatory mea- The scope and substance of Treasury 60 days to come up
changing trade policies won’t tion’s steel and aluminum tar- formal trade talks and hasn’t sures against the latest U.S. the Chinese imports that will with a specific plan to restrict
have much of an impact. iffs was to get allies to pres- given them a clear idea of tariffs that include its own be targeted by the tariffs has Chinese investment. The U.S.
Rather, trade deficits are con- sure China to reduce its excess what the U.S. wants Beijing to tariffs on soy, sorghum and been a moving target. A White already has made it tough for
n-
trolled by macroeconomic capacity—and exports—in do. “We don’t want a trade live hogs—some of which are House official said that the Chinese firms to invest in the
measures, such as changing those commodities. Those tar- war,” said Chinese Ambassador exported from states that were harm to the U.S. from forced U.S., blocking the purchase of
national spending and saving iffs, though, have split the U.S. to the U.S. Cui Tiankai. “But big supporters of Mr. Trump technology transfer, once esti- a number of U.S. semiconduc-
patterns. and its allies and made Wash- we are not afraid of it. If in the 2016 presidential elec- mated at $30 billion, had been tor firms.
no
The White House’s actions ington the target of criticism, somebody tries to impose a tion. updated to $48 billion. —William Mauldin
did win praise from some Dem- rather than Beijing. trade war on us, we will cer- Chinese officials have also It’s “$50 billion and may be and Rebecca Ballhaus
ocrats who rarely line up with The Trump administration tainly fight back and retaliate.” said that if the U.S. wants to as high as $60 billion once contributed to this article.
U.S. NEWS
coming of age and joining the ruling by a lower court in clips from the week before the munition and tools, as well as
wave of young people across 2015 that UCLA had no duty attack, released by MGM Re- other clues should have raised
the U.S. calling for stronger to protect the student. sorts International, which red flags at Mandalay Bay.
gun laws. —Douglas Belkin owns the Mandalay Bay, show “They had employees who
Jr. Newtown Action Alli- Newtown students are joining protests for stronger gun laws. Paddock on video for the first were handling these unusually
ance, along with its parent or- time. But they offer no clues heavy bags over and over and
ganization, the Newtown Ac- there is a room full of kids.” of what they had felt, it really completely changes a person.” to Paddock’s motive, which re- over,” said Ms. Tuegel. “I
tion Alliance, has rented eight Mr. Mittleman said the stu- galvanized them.” Tommy Murray, a Newtown mains a mystery, and little can don’t think that’s normal in
buses to transport 350 people, dent group had only a handful The Sandy Hook shooting High junior, said the Sandy be detected about his state of Vegas, I don’t think that’s nor-
including up to 250 students, of members at Newtown High had a profound impact on the Hook shooting motivated him mind from the footage. Pad- mal anywhere.”
to Washington, D.C., for Satur- School at the beginning of lives of young people who to join Jr. Newtown Action Al- dock’s dress and demeanor ap- Paddock checked into the
day’s March for Our Lives. 2018, but has grown to about grew up in the tightknit com- liance in his first year of high pear relaxed as he is shown at Mandalay Bay on Sept. 25.
The group is pushing for 100 since the Parkland shoot- munity. Jenny Wadhwa, a ju- school. His mother, Po Murray,
mandatory background checks ing. nior at Newtown High who is also the co-founder of the
for all firearms purchases, a “It especially hit home with was 11 at the time of the Newtown Action Alliance.
.
federal ban on assault-style Newtown,” said Ron Pinciaro, shooting, said the tragedy Mr. Murray said he is frus-
ly
weapons and raising the age former executive director of transformed her perception of trated by the federal govern-
to purchase any gun to 21. Connecticut Against Gun Vio- the world. ment’s inaction on gun laws.
“In the past, we struggled lence, an advocacy group that “It was the first time in my “Nothing has been changed at
to get kids that were inter- lobbies for stronger gun laws. on entire life that I realized that I all,” he said. “That has just
ested,” said Mr. Mittleman, a “When they felt that their had something to be afraid gotten people angry. It’s got-
high-school junior and co- whole generation now under- of,” she said. “After kids were ten more students motivated
chairman of the group. “Now stood something to the effect shot right down the road, that to make a change.”
us l,
1, the region showed a net loss still grew 0.6% last year, but squeezed out—particularly se- tion Project.
of nearly 24,000 residents to that was less than the national nior citizens, workers in At the same time, the cost
the rest of the country, rate of 0.7%. lower-wage jobs in other sec- of living has surged, led by
roughly double the loss of the The ripple effect of explo- tors, and young families look- home prices and rents. Re-
previous year and a sharp re- sive growth is a familiar theme ing for a less expensive start. strictive home-building rules
versal from net annual gains of in Northern California, where “The two things can happen in California held back new TOD’S MEN’S DOCUMENT BAG - $1,995
about 15,000 as recently as the rise of the world’s tech simultaneously: A strong, supply even as the population
2013-14. capital, Silicon Valley, re- thriving, innovative economy, swelled.
Economists said the outflow shaped a vast region. and a housing crisis that “In some ways, given house
is being driven by the high But despite a continued pushes people at the margin, prices, it’s surprising how long 650 MADISON AVENUE
cost of housing in the area, technology boom, the sudden either to keep their jobs but the party has continued,” said
where the average home value outflow of people is raising move outside or move away Brian Brennan, a senior vice NEW YORK CITY - 212 644 5945
in several counties surpasses questions about the sustain- entirely,” said Stephen Levy, president at the Silicon Valley 800-457-TODS
$1 million. Thanks to immigra- ability of growth there. It illus- director of the Center for Con- Leadership Group, a public
n-
tion and more births than trates how people on the mar- tinuing Study of the California policy advocacy group that led SHOP TODS.COM
deaths, the overall population gins of the tech industry are Economy in Palo Alto. the report on competitiveness.
no
Men’s
S PR I N G WA R D R O B I N G
30%
S A K S F I F T H AV E N U E
COLLECTION & MODERN
OFF *
*Offer valid on Saks Fifth Avenue Collection and Saks Fifth Avenue Modern only. Offer excludes Madison Supply & Anthony Davis x Saks Fifth Avenue.
No adjustments to prior purchases. Excludes Saks Fifth Avenue OFF 5th stores, gift wrap, taxes and shipping. Offer valid 3/22/18 through 4/3/18.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
U.S. NEWS
BRENDAN MCDERMID/REUTERS
the Republican president and compromising in the presi-
Mr. Mueller, whose probe in- dent’s business background.
cludes whether Mr. Trump ob- Democrats, who plan to re-
structed justice in firing James lease a dissenting report, said
Comey as Federal Bureau of Congress had failed to to probe
Investigation director to try to a serious offense against the
stop the Russia probe. U.S. democratic process.
Mr. Trump has denied ob- —Byron Tau
structing justice. The negotia- John Dowd declined to say why he is leaving President Donald Trump’s legal team. ‘He was very gracious. I love the guy,’ Mr. Dowd said.
tions over an interview have
recently entered more-ad- was expanding the roster of at- wasn’t leaving because of Mr. out exposing himself to unnec- to step aside in the thick of an dling in the election.
vanced stages, according to a torneys to include Joseph diG- diGenova’s hiring. “That’s his essary risks or legal jeopardy. investigation. With Mr. Dowd’s departure,
person close to the legal team. enova, a former U.S. attorney [the president’s] call,” he said. Mr. Trump has appeared “Whatever is going on behind Mr. Trump’s legal team faces
Mr. Dowd told the president who has said that federal agents Asked his views on joining more receptive to the idea of the scenes, it must be pretty more pressure to hire new
of his move Thursday morn- have sought to frame Mr. Trump Mr. Trump’s legal team, Mr. testifying. When asked Thurs- chaotic—and this will make it lawyers—a step people famil-
ing. “He was very gracious. I for partisan political purposes. diGenova said it was “wonder- day if he was open to speaking more chaotic,” said Peter Hardy, iar with the team’s thinking
love the guy,” Mr. Dowd told Another person close to the ful” to be part of it. to Mr. Mueller, Mr. Trump a former federal prosecutor and said is necessary to help work
The Wall Street Journal. “I re- legal team said the addition of Inside the Trump team, Mr. said: “Yes, I would like to.” a white-collar defense lawyer. through the constitutional,
ally wish him well and I think Mr. diGenova was one of sev- Dowd argued against an inter- Mr. Trump has previously Apart from the obstruction practical and legal consider-
.
he’s got an excellent case.” eral reasons for Mr. Dowd’s view with Mr. Mueller, a per- said he would be willing to inquiry, Mr. Mueller is investi- ations involving the presi-
ly
Mr. Dowd declined to give his departure. In his new role, Mr. son familiar with the matter take part in such an interview, gating whether Mr. Trump’s dent’s possible testimony.
reasons for stepping down. One diGenova was expected to said. That put him at odds but noted the decision would associates colluded with Rus- One difficulty in finding at-
person familiar with the legal work with Mr. Dowd as his with some other legal advisers be up to his lawyers. sia’s alleged effort to interfere torneys to join the team is
team’s thinking said Mr. Dowd equal, according to a person on who believed that under cer- Legal experts said it is un- in the 2016 U.S. election. Mr. that many law firms in Wash-
felt blindsided by the announce- close to the legal team. tain conditions, Mr. Trump usual for an attorney who fig- Trump has denied collusion, ington represent other clients
ment Monday that Mr. Trump Mr. Dowd said Thursday he could give an interview with- ures so prominently in a case and Moscow has denied med- involved in the Russia probe.
us l,
BY NANCY A.YOUSSEF first was Richard Helms, who sity of Louisville with a degree On Ambassador Picks
ci on
Agency director—Gina Haspel into an unusually public role— work as a contractor for the blocking votes on Trump ad- Republicans, have been block-
keeps a lower profile than al- the first woman to head the U.S. Army’s 10th Special ministration ambassadorial ing votes on a series of Trump
most anyone in the U.S. CIA—while the agency strives Forces Group, which was then nominees, arguing that the ab- administration appointees,
After a career as a CIA clan- to continue protecting ele- based there, working in the li- sence of ambassadors in key sometimes to acquire leverage
m e
destine officer, little, if any- ments of her decadeslong fur- brary and foreign language countries is hurting diplomacy. over the White House in policy
CIA/ASSOCIATED PRESS
thing, was known about Ms. tive career. lab. Sen. Chris Coons of Dela- disputes and sometimes for
Haspel’s private or public life. She became a spy before There, she ran into a young ware, a member of the Senate reasons that aren’t clear.
m rp
Her hometown, family back- the internet age and remained officer named Michael Vickers, Foreign Relations Committee, President Donald Trump
ground, education, marital sta- in that secret life for three de- who would eventually become specifically called for a confir- has begun complaining more
tus, interests and other details cades, leaving behind no digi- the undersecretary of defense mation vote on Richard frequently about the holdups.
have remained shrouded in tal profile. She isn’t on any so- for intelligence, and he en- Grenell, the nominee for am- In some cases, though, the
mystery. Until last year, when cial-media page, LinkedIn, CIA chief nominee Gina Haspel couraged her to apply to the bassador to Germany, who has absence of ambassadors and
co Fo
she was named deputy direc- high-school or college alumni CIA, according to an agency been in limbo since last fall. other top State Department of-
tor of the agency, her name linkup group or even sites five children, and the daughter biography. “I’ll be glad to press for ficials is the result of the ad-
wasn’t publicly known. such as ancestry.com. She has of an airman who raised her When she heard that Grenell to get a vote, because ministration’s own problems in
On Thursday, however, the no record of public speeches, all around the world as he women could work there and we shouldn’t have a country as proposing candidates.
CIA began to release personal writing or congressional testi- served at various bases. She even go into clandestine ser- significant as Germany, we For example, the nominee
information about Ms. Haspel mony. graduated from high school in vices overseas, she applied shouldn’t have any country for assistant secretary of state
to Capitol Hill, where she has So it falls to the agency to the U.K., the agency said, with- and was accepted, according without an ambassador,” Mr. for Asian affairs, Susan Thorn-
been meeting with legislators share something about her out naming which city. to the agency. Coons told conservative radio ton, was delayed because of a
ahead of her coming confirma- and her interests. According to Ms. Haspel wanted to at- Senators of both parties host Hugh Hewitt. disagreement between the
tion hearing. the CIA, she is a Johnny Cash tend the U.S. Military Academy said they would seek answers But Mr. Coons said the issue State Department and White
If confirmed, Ms. Haspel, 61 fan and has a full-size cutout at West Point, but her father about her through her confir- is broader than a single coun- House. And the leading candi-
years old, would be the second of the music icon in her of- told her girls weren’t welcome mation hearing. try. “I think we have a signifi- date to be ambassador to
person to become director af- fice. She is single. at the time, according to the —Jim Oberman cant problem in that we have South Korea, Victor Cha, with-
ter spending an entire career The CIA said she is a native agency. Instead, she graduated and Siobhan Hughes more than 25 critical nations— drew in an apparent disagree-
n-
in clandestine operations. The of Ashland, Ky., the oldest of with honors from the Univer- contributed to this article. South Korea, for example, ment over North Korea.
no
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
ly
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
n-
no
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
U.S. NEWS
Fed Tackles Mission Improbable on Jobs BY GREG IP Fed projects employers will theory, unemployment will idea that unemployment can employment.
Lower Target have to dig deep into a dimin- eventually have to go back to stay lower than in the past. It may seem absurd that the
The Federal Reserve projects the The Federal Reserve is at- ishing supply of workers. That 4.5%, or inflation will head And he noted that the link be- Fed could trigger a recession
unemployment rate will drop to tempting in the next few years will cause unemployment, al- even higher. Yet since records tween unemployment and in- by raising its short-term rate
3.6% by the fourth quarter of something it has never accom- ready at a 17-year low of 4.1%, began in 1948, unemployment flation has weakened. target, now between 1.5% and
2019. plished before: guiding unem- to sink to 3.6% by the fourth has never risen by 0.9 point, “We will know the labor 1.75%, to just above 3%. But re-
ployment up without causing a quarter of 2019, a level last except in a recession. market is getting tight when cessions aren’t caused simply
10% recession. It faces high odds of seen in the 1960s. That’s well Of course, this is not the we do see a more meaningful by higher interest rates, but by
failure—and few below the “natural rate” of Fed’s plan. Chairman Jerome upward move in wages,” he a complex series of events:
8 ANALYSIS alternative paths. 4.5%, which is the rate Fed of- Powell intends to gradually said. Higher rates cause asset prices
Massive tax ficials and many economists raise interest rates so that Yet allowing for the uncer- to fall, credit to tighten and
6 cuts, robust fed- think the economy can sustain growth and unemployment re- tainty around the future and businesses and households to
eral spending and a synchro- without eventually producing turn to their long-run sustain- the natural unemployment become more risk-averse.
4 nized global upswing are ex- inflation. able levels and inflation rate, the Fed faces long odds. Both the 2001 and 2007-09
pected to push annual growth For now, that’s to be wel- reaches the Fed’s target. Even the most optimistic Fed recessions were driven more by
Actual Federal in economic output to 2.7% this comed, as inflation has for At a press conference on official thinks the natural rate collapsing asset prices than by
2
unemployment Reserve year and 2.5% next—past what several years now been below Wednesday, Mr. Powell played of unemployment is still 4.2%. higher interest rates. By some
rate forecast Fed officials consider its long- the Fed’s 2% target. An over- down the significance of the It’s true that in the past the measures asset prices are even
0 run sustainable rate of 1.8%— heating labor market will help Fed’s longer-term projections, Fed has achieved “soft land- higher now. Fear is more pow-
2000 ’10 according to projections Fed of- push it back to 2%, or even saying they reflect a range of ings”—a rise in rates that erful than greed, so just as
Note: Seasonally adjusted ficials released after their slightly above that level, ac- disparate views. slows the economy without a markets fall faster than they
Source: Labor Department, Federal Reserve meeting Wednesday. cording to Fed projections. His comments suggest he is recession. But this has never rise, unemployment rises faster
THE WALL STREET JOURNAL. To sustain such growth, the But it faces a problem: In more open than some to the required actually raising un- than it falls.
.
Trump met last week with Mr. to deal with Russia and the opportunity to toughen his ap-
ly
Bolton, and met with him wisdom of the 2003 U.S. inva- proach to Russia. “This is a po-
again on Thursday. sion of Iraq. tential pivot point for Trump,”
SAUL LOEB/AFP/GETTY IMAGES
In a statement, Mr. Trump During the George W. Bush Mr. Bolton said.
thanked Gen. McMaster for his on administration, Mr. Bolton, then On Thursday, during a Fox
service. “He helped develop our undersecretary of state for News interview, Mr. Bolton de-
America First National Security arms control, staunchly sup- clined to say how he would ad-
Strategy, revitalize our alli- ported the invasion of Iraq, vise Mr. Trump on the adminis-
ances in the Middle East, championing the now-discred- tration’s relations with Russian
us l,
smash ISIS, bring North Korea ited view that Saddam Hus- President Vladimir Putin.
to the table, and strengthen our sein’s regime had weapons of —Nancy A. Youssef
al a
e
nation’s prosperity,” he said. Lt. Gen. H.R. McMaster will step down as President Donald Trump’s national security adviser.
Gen. McMaster said Thurs-
day in a statement that he was retary of State Rex Tillerson rity. He has long been known nuclear deal, which Mr. Trump “excellent choice.” after he failed to gain support
ci on
“requesting retirement from and others senior officials, left for his hawkish stances. has repeatedly criticized. Mr. Democrats and some Re- in Congress to be confirmed in
the U.S. Army effective this the West Wing in a downbeat In recent columns published Trump faces a deadline in May publicans have previously sug- 2006. Mr. Bush had originally
summer after which I will leave mood Thursday evening. by The Wall Street Journal, to extend sanctions relief gested that if Mr. Bolton were used a recess appointment to
public service.” He said he was Mr. Bolton, in addition to Mr. Bolton has urged the ad- granted to Iran under the accord. nominated for roles at the put him in the role after his
“thankful” to the president and his U.N. post, also served in ministration to strike first Some GOP lawmakers on State Department, they would nomination had been blocked
er rs
proud to have served in the job. the Bush administration as un- against North Korea. Thursday praised the appoint- oppose him, citing his foreign- by a Democratic filibuster.
The announcement, coming dersecretary of state for arms Mr. Bolton has also said he fa- ment of Mr. Bolton. Sen. Tom policy views. —Peter Nicholas
so soon after the firing of Sec- control and international secu- vors withdrawing from the Iran Cotton (R., Ark.) called him an Mr. Bolton left his U.N. post contributed to this article.
m e
i i i
SEATTLE—Inside Ezell’s
Famous Chicken in Seattle’s
Central District neighbor-
hood, there is the unmistak-
able smell of fried breading,
and an endorsement from
Oprah Winfrey.
“Ezell’s, I don’t know what I
like more, the chicken or the
sweet potato pie!” Ms. Winfrey
wrote on a framed photograph
RODERICK DEMMINGS
WORLD NEWS
U.S.-Europe Rift Clouds Iran Deal Rescue
Officials disagree over Washington wants to en- the gap on the so-called sunset
shrine nuclear limits perma- clauses, suggested by people
parts of pact that are nently, but the Europeans have familiar with the talks, would
set to lapse, amid talks refused, saying doing so would be a European Union-U.S. dec-
amount to a renegotiation of laration of a joint policy goal
on supplemental accord the deal itself. of keeping Iran at a significant
Even if international officials distance from the ability to
BY FELICIA SCHWARTZ can find a way to somehow gather enough material for a
narrow their differences, no nuclear weapon. Those people
WASHINGTON—A disagree- one can say whether Mr. Trump said such a declaration
ment between Washington and will accept the result. National wouldn’t threaten specific Eu-
Europe over a key Trump ad- Security Council officials have ropean steps if Iran doesn’t
ministration concern about also been part of the talks. comply, but could exert pres-
the Iran nuclear agreement Departing Secretary of State sure on Iran’s future behavior.
threatens to scuttle efforts to Rex Tillerson appointed Brian American officials said Eu-
preserve the international ac- Hook to lead the State Depart- rope has recently begun to
cord, U.S. officials said, as ment’s policy-planning depart- move on nonnuclear issues of
talks continue on a supple- ment and tapped him to lead concern in Washington.
mental agreement. the effort to salvage the nuclear France, Germany and the
.
sunset clauses. for sanctions relief. threatened in January to pull Mr. Hook ultimately will leave One possible way to narrow contributed to this article.
ly
Dismissal of U.S. Charges Against Erdogan Guards Draws Ire on
BY DION NISSENBAUM Erdogan’s security team, The sion to drop the charges. with Mr. Erdogan, and the two the rule of law. “One cannot
Wall Street Journal reported on President In his private meeting with leaders agreed to keep work- avoid comparing this decision
us l,
WASHINGTON—Lawmak- Wednesday, in a case that cre- Erdogan’s Mr. Erdogan last month, Mr. ing together, according to the to President Trump’s decision
ers, activists and local officials ated a long-running rift be- bodyguards Tillerson mentioned the deci- White House. Relations have to congratulate [Russian Presi-
al a
e
expressed disappointment tween Turkey and the U.S. were charged sion to drop the charges, but been strained due to differ- dent Vladimir] Putin on a
over federal prosecutors’ deci- Prosecutors asked a judge to in the beatings not as any sort of quid pro ences over ways to contain the sham election while not rais-
sion to drop charges against drop charges against four of the of protesters quo, she said. war in Syria. ing either Russia’s attack on
ci on
most members of Turkish men on Nov. 7, the day Turkey’s in Washington. U.S. officials said prosecu- The decision to drop the U.S. elections or Russia’s
President Recep Tayyip Erdo- premier flew to Washington for tors dropped some of the charges triggered outrage and chemical-weapons attack in
gan’s security detail who were talks. They then dropped charges because several men skepticism from lawmakers, the U.K.,” Mr. Cardin said.
accused of playing a role in charges against seven other Heather Nauert, the State were able to show that they Washington leaders and activ- An official at the Turkish
the beating of protesters in members of the team Feb. 14, Department spokeswoman, said weren’t at the scene of the ists. Embassy said Thursday it had
er rs
May 2017 in Washington. the day before Secretary of Thursday that the timing was a beatings when they occurred. Sen. Ben Cardin (D., Md.) no comment on the matter. The
Prosecutors dropped charges State Rex Tillerson flew to An- coincidence and that no one at On Thursday, President said he was alarmed at what White House didn’t respond to
against 11 of 15 members of Mr. kara for talks with Mr. Erdogan. State played a role in the deci- Donald Trump spoke by phone appeared to be disregard for a request to comment.
m e
m rp
co Fo
Cruise Ships
1.50
8-month CD
%
APY
airbornewirelessnetwork.com
products requiring an eligible HSBC checking account. Monthly maintenance fee will be incurred if minimum balance requirements are not
maintained for your account. Premier relationship requires an HSBC Premier checking account and the maintenance of $100,000 in U.S. personal
deposit and investment balances to avoid a monthly maintenance fee of $50. Advance relationship requires an HSBC Advance checking account
and the maintenance of combined U.S. personal deposit and investment balances of at least $10,000 OR at least $5,000 with direct deposit to
avoid a monthly maintenance fee of $25. Investments and certain insurance products, including annuities, are offered by HSBC Securities (USA)
Ticker: ABWN Inc. (HSI), member NYSE/FINRA/SIPC. HSI is an affiliate of HSBC Bank USA, N.A. • Offer available only at an HSBC branch. • New Money is
defined as deposits and investments not previously held by any member of the HSBC Group in the U.S. • HSBC reserves the right to change or
terminate this offer in its sole discretion. • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. • ©2018 HSBC
Bank USA, N.A.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
WORLD NEWS
.
hauls. A rebound of the French being made,” Mr. Berger said. civil servants. The move— brother-in-law, a Franco-Leba-
ly
economy drove an acceleration Overcoming the resistance which Mr. Macron is set to nese businessman close to the
in the eurozone last year, but from rail workers and civil pass by decree—aims to pre- regime and others—were part
France is still lumbered with servants would burnish Mr. pare the heavily indebted of an effort to sabotage his
high unemployment and Mr. Macron’s reputation as a bold, on SNCF for competition in the political career.
Macron’s government says it rapid reformer compared with rail sector. In April 2012, between the
must continue with overhauls his predecessors. If he is For now, surveys show a first and second round of the
of business regulations, wel- forced to scale back his plans, majority of French people French election, the French
fare and labor rules to keep up economists warn that France don’t support rail workers’ website Mediapart reported on
us l,
the momentum. risks slipping back into iner- with past attempts, largely be- resisted attempts to tinker plans for prolonged strikes. a Libyan document drafted in
Protesters in France are tia, hamstringing its growth cause unions representing pri- with their privileged status. But some union leaders are December 2006 that described
al a
e
balking at the 40-year-old prospects compared with vate-sector employees were With about 4 million trips calling for private-sector a plan to funnel €50 million
leader’s push for greater flexi- other European countries. too divided to mobilize work- taken on French trains daily, workers and retirees angry ($61.2 million) to Mr.
bility and his challenge to so- For the private sector, Mr. ers. rail strikes can wreak havoc on about tax increases to join the Sarkozy’s 2007 presidential
ci on
called “insiders,” whose pro- Macron has already decreed But civil servants and rail the French economy. demonstrations. If different election. At the time, Mr.
tections and safety nets he more-flexible labor laws and workers at state-owned opera- The public-sector overhauls protests fuse into the broader Sarkozy was locked in a close
says are costly for state fi- slashed taxes that weigh on tor SNCF are powerful, more- aim for greater labor-market backlash, Mr. Macron could contest with the Socialist
nances, discourage risk taking investment. Those overhauls cohesive constituencies in flexibility by cutting back on find himself isolated and François Hollande, who would
and take opportunities away proceeded smoothly compared France that have for decades jobs for life, using more con- forced into retreat. go on to defeat Mr. Sarkozy.
er rs
BY PAUL HANNON May has said the U.K. must ment to Catholic doctrine.
m rp
Union doesn’t leave it with a tion for the U.K. after it leaves tries. Turning its gaze to the
visible land border, but they the bloc in March 2019. How- rest of Europe helped Ireland
want to avoid alienating the ever, Ireland effectively se- grow out of its obsession with
country’s larger neighbor, with cured a veto over the overall perceived mistreatment by
which it has only Brexit deal from other EU Britain, and by the time Irish
ANALYSIS lately become members should it be uncon- voters were asked to renounce
reconciled. vinced by the U.K.’s border a territorial claim on the part
As fellow EU proposals. Yet wielding the of the island that was in the
members, the U.K. and Ireland veto over the border issue U.K. in 1998, a staggering 94%
trade without customs checks would stir British animosity. assented.
and the two countries have an From the moment British But progress has been slow,
agreement to allow people to voters chose to leave the EU in and it wasn’t until 2011 that
freely cross their borders. June 2016, Ireland’s govern- Queen Elizabeth II made the
Since the 1998 Good Friday ment has sought to ensure first official visit by a British
n-
peace agreement, security that the Brexit negotiations monarch to Ireland in a cen-
checkpoints have been re- result in “the closest possible tury. The first official visit by
ERIC VIDAL/REUTERS
moved between Ireland and relationship” between the U.K. an Irish president to the U.K.
Northern Ireland, which is and the EU. Mrs. May’s stance followed two years later.
no
part of the U.K. on the customs union and sin- In a speech at Windsor Cas-
Both sides have pledged gle market makes that a chal- tle during that trip, President
that there will be no resurrec- lenge. Michael D. Higgins quoted an
tion of a physical land border At an economic level, Ire- Prime Minister Theresa May, in Brussels for a meeting with European Union leaders on Thursday. Irish language phrase: “Ar
after Brexit. Yet British Prime land can see little upside from scáth a chéile a mhairimid.”
Minister Theresa May has cat- Brexit, and only a range of 2% and 3.1%, with those on the U.K., and chair of the U.K. the EU at the same time, and That roughly translates as “We
egorically ruled out the one more- or less-bad outcomes. lower incomes suffering most. Group at Dublin’s Institute of Ireland was marginally the live in the shadow of each
concrete solution so far to Ireland’s Economic and Social But the potential damage International and European less enthusiastic of the two, other.”
have emerged: an EU proposal Research Institute on Wednes- goes beyond economics. Affairs. “It developed when with conservatives fearing That is the way it still is,
that would, in effect, have day estimated that a “hard” “The relationship with the both were members of the EU, membership in the bloc would and the way it will be after
Northern Ireland remain a Brexit that led to new tariffs U.K. will inevitably be set and the relationship will not dilute an idiosyncratic culture Brexit.
part of the EU’s customs union would increase the cost of liv- back,” said Daithi O’Ceallaigh, be as close.” built around the rejection of —Jason Douglas
and single market, which Mrs. ing for households by between a former Irish ambassador to The two countries joined modernity and a fierce attach- contributed to this article.
IN DEPTH
.
sition strongholds in Caracas mother of five, didn’t want to
ly
to remote towns that have 30 vote for anyone in last year’s
long been bastions of govern- elections, but feared the food
ment support, found that 20 would be withheld if she ab-
even poor communities dis- 1998 ’00 ’05
on ’10 ’15 ’17 stained. Ms. Castellano said
couraged by the rapidly wors- Source: Andrés Bello Catholic University THE WALL STREET JOURNAL. her two youngest daughters—
ening situation were willing aged 4 and 6—have lost about
to back Mr. Maduro. ships of the past did. Tomas Paez. Hundreds of requiring citizens to hold new ing party worked the levers of 10 pounds in recent months
Many of his critics, mean- “I don’t want to be part of thousands have fled to Colom- identification cards, which au- government to ensure that as the family is forced to eat
us l,
while, say all hope is lost. that so-called official opposi- bia and Brazil in recent thorities say have been issued likely supporters made it to just once a day.
“I won’t vote again,” said tion,” said Henrique Capriles, months, prompting the two to about half of Venezuela’s the polls. In a giant red tent, “They tell me, ‘Mommy,
al a
e
Luis Alberto Guerra, 83, a re- a two-time presidential candi- countries to deploy troops to 30 million people. Socialist activists scanned please, I’m hungry, I want to
tired lawyer and opposition date whom the government their lawless borders with The so-called Fatherland voters’ Fatherland Cards. Us- eat.’ ” said Ms. Castellano. “I
supporter who said he was has barred from holding of- Venezuela. Card, using technology from ing a computerized database, voted swearing at the govern-
ci on
threatened by pro-govern- fice. “This country stopped The scarcity and cost of Chinese telecom giant ZTE they could determine who ment.”
ment activists in a Caracas being a democracy a while food is a main driver of the Corp., allows the government hasn’t voted and what bene- Nelly Cedeño, 62, runs the
slum where his voting center ago. I never thought Maduro exodus. Millions who remain to keep track of who has fits those people receive. Gov- CLAP program in the nearby
had moved last year. “What would take things this far.” here depend on the state. voted. That permits officials ernment supporters called town of Santa Lucia. During
am I doing voting if the gov- More than a dozen coun- About 3.5 million of Vene- to put pressure on food recip- “patrollers” were then dis- an election, she helps manage
er rs
ernment is always doing these tries in the hemisphere, in- zuela’s 6 million homes re- ients if they are reluctant to patched on motorbikes to the the ruling party’s tent, where
tricks? They will never accept cluding the U.S., Canada, Bra- ceive boxes of food through cast a ballot, according to homes of food recipients to Fatherland Cards are scanned.
defeat.” zil, Argentina and México say the military-run Local Com- election experts, government remind them of the benefits She has a team outfitted with
they won’t recognize the re- mittee for Supply and Produc- critics and ruling party activ- and convince them to turn cars and motorbikes to hunt
m e
sult of the May poll. Mr. Ma- tion, according to pollster ists. out, according to a local rul- down prospective voters.
duro said he wouldn’t be de- Delphos. That program— By law, the vote is sup- ing-party official. “Maintaining this system is
‘They bought our terred. known by its Spanish initials, posed to be secret. But at vot- If that isn’t enough, there a priority for us,” said Ms.
m rp
votes,’ says a street “With or without an oppo- CLAP—is the main food ing centers in the capital, Ca- is also the practice of “as- Cedeño, whose family of 13
sition, in Venezuela there will source for 15% of Venezue- racas, and the westernmost sisted votes” in some polling gets everything from hot
vendor who says she be an election and the people lans, according to Caracas’s state of Zulia during the De- places, according to several meals to their concrete-block
was offered free food. are going to come out by the Catholic University. cember municipal elections, it people who monitor voting home from the state. “The
millions to vote,” the former “With an economy that is was easy to see how the rul- stations. They say ruling- government has guaranteed
co Fo
bus driver said in a recent destroyed, every day Venezu- party supporters sometimes that we get our little drop.”
televised news conference. elans become more dependent physically help voters cast The power of Mr. Maduro’s
The leading opposition po- Venezuela’s electoral coun- on the state,” said Mr. Hunger Pangs ballots. electoral machine has dis-
litical parties have said they’ll cil and information ministry Capriles. “If you’re not loyal More than 12 million Venezuelans “It is really a very powerful couraged opposition support-
abstain from the May vote, af- didn’t respond to emails and you don’t eat.” receive government food control system,” said Michael ers such as Larry Segovia, 36,
ter talks with the government phone calls seeking comment. In November, a month assistance, much more than for Penfold, a professor at the who lives in Santa Lucia.
to organize fair elections In the past, Mr. Maduro has ahead of the mayoral elec- healthcare or housing. IESA business school in Cara- Worn out from juggling his
broke down on Feb. 9. One op- dismissed criticism of Vene- tions, Mr. Maduro offered 15 million cas who has closely studied crumbling accounting busi-
position candidate, Henri Fal- zuela’s electoral system as pork joints to voters. Weeks how the Fatherland Cards ness, Mr. Segovia said he’s
cón, has defied the boycott part of a campaign led by the later, with people struggling work. “They are going to scale now thinking of backing the
and is looking to unseat the U.S. and his domestic political to pay for goods amid hyper- this up as much as they can.” government as he watches his
incumbent with a proposal to foes to destabilize his leftist inflation, he promised voters 10 State benefits have been pro-Socialist neighbors get
end hyperinflation by dollar- government. cash bonuses. And then on important to turning out vot- food and other perks.
izing the economy and prom- The president has hun- election day, with turnout Food ers, according to a study of “If you can’t beat them you
n-
ising amnesty for government kered down by forgoing calls slumping, he enticed voters 5 142 voting centers during the might as well join them, just
loyalists. Adversaries of Mr. for changes and blocking in- with what he said would be a December municipal elections to be able to take advantage
Falcón and the government ternational humanitarian aid, special gift. It was unclear Healthcare by Torino Capital, a New of something,” he said from
say taking part only validates exacerbating a crisis that has what the gift was, although Housing
York-based investment bank his cramped office. “How are
no
a manipulated electoral sys- pushed nearly three million many voters did get boxes of 0 which closely follows Venezu- you going to fight against
tem in which the president ef- people to leave the country in food. 2015 ’16 ’17 ela. The study showed Mr. that elephant?”
fectively picks his opponents, 19 years, according to sociolo- To receive benefits, the Source: EnCoV Research Group Maduro’s party received over —Maolis Castro in Caracas
as Latin American dictator- gist and migration expert, government is increasingly THE WALL STREET JOURNAL. 700,000 more votes in that contributed to this article.
down of personnel there by the said it “would do all possible Corps officials last week.
U.S. Army Corps of Engineers. work with the funds available” Michael Byrne, the federal
The Army Corps stepped in before the contractors leave. coordinating officer for the
after Hurricane Maria struck But documents compiled by hurricane response, testified
in September. It hired two Prepa and people familiar with on Thursday that the remain-
contractors, Fluor Corp. and the matter suggest a series of Puerto Rico’s power monopoly, known as PREPA, has to do most of repair work now. ing work would be the most
PowerSecure Inc., to spear- problems stemming from sup- difficult.
head reconstruction of dam- ply bottlenecks have hindered Andrew Phillips of the non- while the Army Corps was re- million into the island economy “It’s like working on a car en-
aged transmission and distri- the agency’s power restoration profit Electric Power Research sponsible for filling supply through hiring of local workers, gine,” he said. “You could bring
bution lines. The companies efforts. Institute, based in Palo Alto, Ca- shortfalls “as well as expedit- suppliers and subcontractors. in lots more mechanics, but you
are now demobilizing workers The Army Corps has ac- lif., advised repair crews in ing the delivery and distribu- PowerSecure said it “has can get only so many hands into
as those federal contracts knowledged the supply short- Puerto Rico and said they would tion of those supplies.” But a been responsible for restoring the vehicle at one time.”
reach their limits. ages and said natural disasters ask if they could safely use con- Fluor spokesman said the power to tens of thousands of The Army Corps said
Fluor and PowerSecure had last year in Texas, Florida and ductors, scavenged transform- Army Corps was charged with people despite facing difficult Wednesday it was “on track
1,141 contract workers in Puerto California strained supplies of ers and other parts that didn’t supplying materials. conditions and terrain.” with its contribution to the
Rico on Wednesday, down from construction materials across meet required specifications. Fluor said its work in Puerto Twelve Democratic senators goal” of restoring power to 95%
more than 4,000 in much of the U.S. A Prepa spokesman de- An Army Corps spokesman Rico turned the lights back on wrote a letter to Army Corps of- of Prepa customers by the end
February, according to tweets clined to comment, referring said Fluor was authorized to for more than a quarter-million ficials on March 16 asking if of the month. The final 5% could
from the official Army Corps questions to the Army Corps. purchase needed supplies customers and injected $185 keeping its contractors in place take until late May, it said.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Friday, March 23, 2018 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, March 23, 2018 | A11
.
ly
on
us l,
al a
e
ci on
er rs
m e p
om or
n -c F
no
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
graduating class of the city’s critics charge that her charters The seniors at Success incentives are gone, he said,
ly
largest charter network have impose excessive discipline and Academy High School of the and risk stumbling.
gotten into four-year colleges, systematically nudge out strug- Liberal Arts on East 33rd “It’s not necessarily disci-
including Boston College, Em- gling students, claims that Ms. Street in Manhattan are the plinary trouble, but an inabil-
ory University and Tufts Uni- Moskowitz disputes. on network’s pioneers. Their June ity to focus on the academic
versity. They all started to- graduation ceremony will be side without someone looking
gether in 2006, when the held at Lincoln Center’s Alice over their shoulder,” he said.
network opened its first ele- Tully Hall, with donors paying Ms. Moskowitz said Suc-
mentary school in Harlem. In
73 for the venue. “This is an edu- cess Academy sought to en-
us l,
addition to their own ambi- cational community that has courage more autonomy as
tion, they faced pressure to ex- defied gravity,” Ms. Moskowitz students matured, to get them
al a
e
cel as a proof point for a char- Number of Class of 2018 pupils said in an interview. ready. “We have tried to really
ter network that has ardent that started at the school in 2006. Back when the Class of balance independence with
fans and fierce detractors. 2018 started, they were among avoiding fatal failure,” she said.
ci on
Its founder, Eva Moskowitz, has drains resources from them, schools that had less home- take pride in their persistence. environment with people who The charter high school in-
long championed her charters as because charters get per-pupil work, fewer rules, shorter Success Academy officials look like you…black and brown vests heavily in helping seniors
orderly, rigorous escapes from funding from the city’s educa- days, more sports and bigger say their charters have low at- kids, and world-class teach- Please see GRADS page A11B
m e
BY TED MANN jobs to the region,” said Mr. The added funding for Am-
AND KRISTINA PETERSON Murphy, a Democrat. trak is subject to review by the
Yet the essential disagree- Transportation Department, one
co Fo
$322 million from 2017. The new plans for the Gateway tunnel happy that the spending bill
funding would enable the rail- project a “medium-low” rating, would include funding that
road to contribute $388 million which would make it ineligible might be put toward Gateway,
to infrastructure improvements to receive grants from the New which they have said the federal
no
PETER FOLEY FOR THE WALL STREET JOURNAL; LE GRILL DE JOËL ROBUCHON (BELOW)
A measure protecting em- $40 to $55 on such menu
ployees from penalties for ig- items as Wagyu steak and
noring communications from venison paired with foie
work when they are off is gain- gras. For those who really
ing steam among New York wanted to make an evening
Democrats, while drawing con- of it, the dining spot offered
cern from business groups. a six-course tasting menu,
Councilman Rafael Espinal dubbed “un
(D., Brooklyn) introduced the FOOD & voyage d’itali-
bill in the New York City Coun- CULTURE enne,” for
cil on Thursday, and state Sen. $125, with an
Diane Savino (D., Staten Is- optional wine
land) is working on a version pairing for an additional $95.
in the state Legislature. “It’s But as of this month, the
important for workers to be restaurant, which opened in
able to draw a line between late 2016, has rebranded it-
their work lives and personal self as the more casual Trat-
lives,” said Mr. Espinal. toria Italienne, and is touting
Mr. Espinal’s legislation a new menu with many
would make it illegal for an lower-priced offerings.
employer with more than 10 Bar snacks can be had for
workers to require employees as little as $3 and entrees
to access their work-related generally top out at about Trattoria Italienne, above, is offering a new menu with lower-priced options. Below, lobster bisque is served at Le Grill de Joël Robuchon.
communications outside of $35. And while there is still
normal work hours. It doesn’t a tasting menu, it is a rela- same attention to detail” at lason, and is served on a bun
apply to government workers. tively modest four-course af- both restaurants. The main seasoned with smoked salt
Business groups said the fair that runs $65. difference is that L’Atelier and vegetable “ash.”
measure is too broad and- The idea, says general puts an emphasis on more The reason for the change,
would hamstring employers. manager and co-owner fanciful preparations. explains owner Claus Meyer,
“I think they have to refine James King, is to make the If anything, Mr. Gaudelet has to do with the difficulty
the industries this can be ap- restaurant more welcoming sees Le Grill as a starting the restaurant has faced at-
plied to,” said Helena Natt, ex- so diners stop by a few point for some diners, espe- tracting patrons since having
ecutive director of the Greater times a month rather than cially millennials, who appre- to shut down for a time be-
.
New York Chamber of Com- seeing it as an occasion-only ciate fine cuisine, but can’t cause of a flood in Grand
ly
merce. She pointed to indus- destination. “We’d have peo- necessarily pay to enjoy it in Central. “We felt the need to
tries like hospitality that call ple say, ‘We love this place. its most luxurious iteration— be slightly more relevant to
for on-the-fly labor. We’ll be back for our anni- at least not yet. “In four or hundreds of people who
The idea is still far from be- versary,’ ” Mr. King says. on five years, maybe they can don’t need a 10-course tast-
coming law. New York Gov. An- Trattoria Italienne is hardly afford to come to L’Atelier,” ing menu,” he says.
drew Cuomo, New York City the only New York City res- he says. “It’s like recruiting Ultimately, each restaurant
Mayor Bill de Blasio and City taurant taking a fresh look at the next generation.” may have its individual rea-
Council Speaker Corey John- pricing these days in an effort Agern, the Nordic-inspired sons for adopting lower-price
us l,
son declined to take a position to broaden its customer base. restaurant in Grand Central models and approaches. But
on the bill Thursday. In some instances, dining Terminal that also offers if there is a common thread,
al a
e
New York state labor law al- spots are trying to offer two $100-plus tasting menus, has it is the increased emphasis
ready requires certain compa- concepts under a single roof taken another approach to on casual dining in our culi-
nies to pay hourly workers for and appeal to different mar- pricing. In recent weeks, it nary culture, says Arlene
ci on
work outside their usual hours. ket segments simultaneously. space with his “elegant, yet fixe menu for $65. All prices has expanded its a la carte Spiegel, a New York-based
But employers have more ju- When the Michelin- approachable” Le Grill de include tipping. offerings—even going so far hospitality consultant.
risdiction over when they can starred, Paris-based chef Joël Robuchon concept. Alex Gaudelet, CEO of In- as to add a burger and Today’s diner “doesn’t want
ask salaried employees to be Joël Robuchon opened his At the former, a main vest Hospitality, the New chicken wings, albeit in gour- the restaurant to tell them
on the job. high-end L’Atelier de Joël course can cost as much as York-based company that has met-minded versions. The what to wear or how much to
er rs
Mr. Espina is planning a Robuchon restaurant in the $135 and tasting menus run partnered with Mr. Robu- $26 burger, for example, is spend,” she says. “They want
council hearing on the mea- Meatpacking District last $145 to $265. At the latter, chon on the restaurants, says made with a secret-spice mix, to feel welcome whether they
sure for this summer. November, he had it share there is a three-course prix- dishes are created with “the according to chef Gunnar Gís- are in jeans or tuxedos.”
m e
Loving
HoW
co Fo
©2018 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
You
SETH WENIG/ASSOCIATED PRESS
Live.
n-
SNOW DAY: Ruth Wertentheil shoveled her sidewalk in Englewood, N.J., while her children played
Thursday, a day after a spring nor’easter dropped up to a foot of snow in some parts of the region.
no
LIFE&ARTS
TELEVISION REVIEW
By Dorothy Rabinowitz
From Russia
With
No Love
‘Isle of Dogs’:
Wes Anderson Unleashed
FX
.
pelled by years of a bloodstained career of garbage and includes the voices of Bryan
ly
of murder and deceit, and no longer will- Cranston, Scarlett Johansson, Bill Murray,
ing to serve the Kremlin, is interested Edward Norton, Tilda Swinton, Liev Schreiber,
now in pursuing a normal American life. Jeff Goldblum, Harvey Keitel, F. Murray
But Elizabeth Jennings (Keri Russell), on Abraham and Bob Balaban.
more devout then ever in her belief that
the Americans are simply awaiting their and Prokofiev’s “Midnight Sleighride”
chance to destroy her country, is enlisted played by the trailblazing Sauter-Finegan
in a KGB plot to sabotage a planned nu- Orchestra of the 1950s.
us l,
clear disarmament conference. She is, in “Fantastic Mr. Fox” was memorably clever
her now impenetrable dark tone, a new and very funny. “Isle of Dogs” is clever,
al a
e
Elizabeth—sleepless, a chain-smoker funny, startlingly beautiful, politically acute
barely able to be in the same room with and surprisingly heartfelt. The silly stuff
her husband. Philip has not only turned isn’t cultural appropriation, but high-bur-
ci on
his back on their mission, he harbors lesque borrowing. The beauty can be eclectic
hopes for the success of that confer- WHEN WE WERE KIDS we didn’t know or rights. Japanese actors voice everyone else, to the point of wackiness—an overhead shot,
ence—a prospect abhorrent to her. care how movies were made. They were mag- from Kobayashi (Kunichi Nomura) down to as if from a hovering drone, of a sushi chef
The series, which has taken on added ical entities unto themselves, and we Assistant-Scientist Yoko-ono (Yoko Ono, of doing his samurai thing; kidney-transplant
relevance thanks to multiplying Russian- watched them rapt. Recapturing that state of course) and, most notably, Atari (Koyu surgery studied from the same point of view.
er rs
directed assassinations in the U.K. and mind, eye and heart is certainly hard, but not Rankin), Mayor Kobayashi’s 12-year-old ward. But many settings and scenes take your
elsewhere, has now moved on to the era impossible, as “Isle of Dogs” shows. Wes An- Atari, the film’s hero, flies himself to the breath away with their bold graphics: a rab-
of Gorbachev and the prospect of change derson’s joyous stop-motion feature looks island in a hijacked plane to find and then ble-rousing rally worthy of Leni Riefenstahl;
in the U.S.S.R.—the kind Kremlin hardlin- and sounds like nothing we’ve encountered rescue his own beloved Spots. The plane, we an island trashscape that recalls “WALL-E”;
m e
ers are determined to prevent via action before, including his previous stop-motion are told, is a Junior-Turbo Prop XJ-750; that a furious dogfight enveloped by a giant cot-
by agents like Elizabeth and a far-flung feature, “Fantastic Mr. Fox,” which was is to say, it’s a sweet little toy that seems to ton ball of dust; a miniature mushroom
spy network working to penetrate, and pretty wonderful too. This one follows its have been cobbled together from mismatched cloud rising from a coal-and-copper cove to-
m rp
undermine, the arms summit conference own goofy rules, fills the screen with aston- parts. Many of Mr. Anderson’s live-action ward a lowering gray sky.
on which Gorbachev has staked every- ishing images, tells a touching tale of outcast films evoke toys in dollhouse sets that are Had I been able to see the film again I
thing. Helping coordinate the plot is the dogs and a faithful boy, and does so with ul- photographed head-on, with an emphasis on might have watched it happily without
couple’s former handler, the richly com- tralively deadpan wit. My only regret after symmetrical planes—Matisse crossed with sound, just concentrating on the visuals, but
plicated, old-school communist Claudia— seeing it at a screening was that I couldn’t Joseph Cornell. Those elements recur here in then I would have missed the dialogue’s emo-
co Fo
an irresistible portrayal by Margo Mar- stay and see it again. tional content and real-world rele-
tindale. Claudia’s icy pragmatism comes The story is set 20 years in the vance. Mayor Kobayashi is a
mingled with motherly warmth, which future in a Japan that, for all its strongman in the modern mold,
she lavishes on the Jenningses’ daughter, advanced technology, recalls the fanning the flames of public fear
Paige, who has turned out, against all early gangster sagas of Akira Kuro- about a canine plague for which a
odds, to be an eager KGB spy-in-training. sawa, with their noirish plots and cure has already been found, but
To watch Paige (Holly Taylor) employ explosive consonants. Mayor Ko- secretly concealed. His opponent,
her lethal martial-arts skills on two col- bayashi, the scowling thug who the Science Party candidate, has
lege-age bozos is to grasp how much this runs Megasaki City—he looks a lot been sent to prison. His allies, the
former devotee of Bible-study classes has like Toshiro Mifune—has responded Clenched Fist Gang, have elimi-
learned. It’s a stunning scene, one of the to a surfeit of canines and an out- nated public opposition to deport-
many in these memorable final epi- break of snout fever by banishing ing Megasaki City’s beloved canines
sodes—among them, the impassioned re- all dogs to Trash Island, the isle of en masse, and prepared the way for
cital Claudia delivers, for Paige’s educa- the title, a vast garbage dump off a final solution.
n-
tion, on the battle of Stalingrad and the the Japanese coast. On Trash Island, though, the
world’s failure to grasp that it was the All of the dog barks, as a title card ex- a production designed by Paul Harrod and drama is less political than human, as it con-
Russians who delivered the death blow plains, have been rendered into English, Adam Stockhausen and photographed by cerns young Atari (who writes a haiku about
to the German forces in World War II. while humans speak in their native lan- Tristan Oliver. dogs, love, spring and eternity), and quasi-
no
Not the Americans. guages, with English subtitles where needed. But there’s a new explosion of creativity, but-deeply human in the case of the dogs,
The designs against Gorbachev are The movie’s pooches are played by a superb as well as consonants, that seems to have who yearn for the good old days with ador-
widespread and murderous—but they voice cast: Bryan Cranston (who voices the been ignited by drawing from the majesty ing masters or mistresses. It’s a defining mo-
don’t go unopposed. The retired Oleg Bu- alpha dog Chief) and Scarlett Johansson (as and oddity of great Japanese movies. One ment for these frightened and depressed ex-
rov (Costa Ronin), KGB agent with a con- the lovely and sophisticated Nutmeg), plus has a sense that this film, like “The Simp- iles, and for Chief, their leader. “We’re a pack
science, has been persuaded to return to Bill Murray, Edward Norton, Tilda Swinton, sons” over the years, was a receptacle for of scary, indestructible alpha dogs!” he tells
Washington to counter the efforts of Gor- Liev Schreiber, Jeff Goldblum, Harvey Keitel, comic ideas from who knows how many tal- them in an effort to lift their tails and stiffen
bachev’s enemies. Burov, loath to leave F. Murray Abraham and Bob Balaban. (Anjel- ented collaborators. Mr. Anderson wrote the their spines. Yet there’s also time for ro-
his happy life with his wife and infant ica Huston wins the prize for best screen screenplay, but he shares credit for the mance. “I’m not a violent dog,” Chief insists
son, is driven by one cause—saving Gor- credit as a mute poodle.) A couple of English story with Roman Coppola, Jason Schwartz- to the lissome Nutmeg. “I don’t know why I
bachev, and the hope for a freer Russia speakers play humans: Frances McDormand man and Mr. Nomura. Alexandre Desplat bite.” Her reply is all he could ask for: “I’m
he represents. Responding to his wife’s is Interpreter Nelson, and Greta Gerwig is wrote the score, which is supplemented by not attracted to tame animals.” Mr. Ander-
despairing plea that he stay at home Bu- Tracy Walker, an American foreign-exchange ominous taiko drumming, and by music that son’s film is all a movie lover could ask for.
Please see AMERICANS page A13 student who speaks out for the canines’ civil includes a mambo from “Seven Samurai” It’s the canine version of the cat’s meow.
CAROL ROSEGG
out which there would be no plot,
land Sawyer in a psychiatric hospi-
tal, which is just as clearly the
worst possible place for someone
who keeps insisting on her sanity. Barbara Garrick, Laurence Lau, Jodie Markell and Liam Craig
So is she sane? That’s one possi-
bility, though perhaps a simplistic
one in the fraught circumstances.
Another possibility, advanced by a
THEATER essentially eminent Bostonian.
Steven Kemp’s set, a high-rise
terrace overlooking Boston Har-
fellow patient named Nate Hoffman Continued from page A12 bor, is miraculously evocative,
(Jay Pharoah), is that Sawyer is the claims to have met him years and Jennifer Paar’s costumes for
Juno Temple and Claire Foy in ‘Unsane’ victim of a health-insurance scam. ago. They start to reminisce, in- the 10 characters played by Mr.
Nate’s notion seems plausible, terrupted at frequent intervals Craig and Ms. Markell (the wigs
PEOPLE HAVE a stilted way of fying everything that comes close given the state of our nation’s by the other guests, all of them in particular) are a big part of
talking in “Unsane,” and some- to it, including hands resting on health care, but, again, it may not variously eccentric (and all the reason their impersonations
times they seem to have huge tables, desks or sofa arms. The ef- explain everything that’s going on played with great variety and are so convincing.
hands. Both of these oddities are fect, like the film as a whole, is in the heroine’s life, and head. flair by the same two actors, As for the play, it put me in
intentional. Steven Soderbergh’s more peculiar than anything else, What I can tell you without giving Liam Craig and Jodie Markell). mind of Terence Rattigan, an-
paranoid thriller riffs on, and cele- but you’ve got to hand it to an art- too much away is that everything In between, they strike romantic other insufficiently appreciated
brates, genre gems of an earlier ist who’s always up for doing in the film, which was written by sparks—until an unexpected oc- specialist in sharply drawn por-
era, when characters on screen something new. (New for him, that Jonathan Bernstein and James currence throws them off course, traits of men and women who
emitted dialogue that barely re- is. Sean Baker shot his 2015 “Tan- Greer, is meant to evoke such dis- at which point “Later Life” takes are prisoners of self, looking in
sembled everyday street talk. And gerine” on an iPhone, which is tinctive examples of the genre as on an appropriately Jamesian vain for a way to crash out. No
Mr. Soderbergh, who loves to ex- turning out to be a surprisingly “Shock Corridor,” “The Snake Pit” darkness and emotional gravity. more than Rattigan was Mr. Gur-
periment and often serves as his practical filmmaker’s tool.) and, on a much grander scale, “One Unflashy conversation pieces ney a poet of the stage—his vir-
own cinematographer, shot this The heroine, Sawyer Valentini, Flew Over the Cuckoo’s Nest.” And like “Later Life” don’t play them- tues lie elsewhere—but he knew
spare, chilly feature on an iPhone is played by Claire Foy, recently of it’s also safe to say that whether or selves. They must be knowingly how to write dialogue that bites,
7 Plus, with auxiliary optics rang- “The Crown.” Far from queenly, or not you enjoy “Unsane”—I didn’t, cast and intelligently directed to and you’ll catch your breath at
ing from telephoto to extreme for that matter English, Sawyer is for the most part—there’s a terrific make their full effect, and Keen evening’s end when Austin
wide angle. His wide-angle lens a clearly troubled American scene in a padded cell. It’s when Company, here as always, is up speaks what turns out to be his
suggests a sense of unhingement, woman who analyzes data for a Sawyer confronts her figurative de- to the challenge. Jonathan Silver- spiritual epitaph: “People don’t
.
if not flat-out unsanity, by magni- living and believes herself to be mons, and her demon in the flesh. stein, who directed Keen’s very change. Not at our age. We are
ly
fine 2007 revival of “The Dining who we are, only more so.”
Room,” has staged “Later Life”
with identical skill and sensitiv- Later Life
on ity, striking just the right balance Keen Company, Clurman Theatre,
TELEVISION REVIEW | By Dorothy Rabinowitz between the growing seriousness 410 W. 42nd St. ($65-$80),
of Austin and Ruth and the fri- 212-239- 6200, closes April 14
Lau, who carries himself like a drama critic, is the author, most
collateral descendant of George recently, of “Billy and Me.” Write
al a
e
Apley, John P. Marquand’s quint- to him at tteachout@wsj.com.
WITHIN ITS FIRST half hour cial tastes and their impor-
the sparkling, if somewhat tance. Better still if the pro-
ci on
dential election. Their elec- the family too, and the addict Continued from page A12
tion choices have caused a in question is Roseanne, rov points to his son and asks,
furious dispute between Rose- caught by husband Dan (John what kind of a life can he expect
anne (Roseanne Barr), a Goodman) stocking pain med- if his father takes no action?
m e
Trump voter, and her sister, ication from illicit sources. He’s not the only former So-
Jackie (Laurie Metcalf), who It’s a situation given a tone of viet agent responding to the call
ABC
chose Green Party star Jill great seriousness—unlike a of conscience. Philip Jennings,
m rp
Stein. This, it turns out, is the John Goodman and Roseanne Barr much earlier scene, a fore- who had quietly retreated from
easiest solved of the thorny shadowing of sorts, in which active work for the Kremlin, will
issues up for discussion in the whom, the prepubescent Mark Dan and Roseanne dive into a huge do so as well—not without con-
packed Conner household. The sis- (Ames McNamara)—a boy who pile of their medications and trade flict, but not without certainty,
ters forgive one another, grudg- takes care not to smudge his freshly pills: an exchange they play for either, of the path he must fol-
co Fo
ingly. What they don’t do—as is applied nail polish—is a committed comedy, and genuine comedy it is. low. He had come to America to
true of most people who’ve experi- cross-dresser with a dazzling taste Much the same can be said about do battle and had lost his heart
enced ruptured relationships as a in scarves and skirts. It’s explained most of the episodes available for to the country and its people,
FX
result of that election—is forget. that Mark is undergoing a pro- review. The writing is sharp, the and is now, like any entrepre- Matthew Rhys as Philip Jennings
Other matters are more compli- cess—he’s searching. The show’s performances skilled. Ms. Barr and neur, a man who wants to suc-
cated. Daughter Becky (Lecy Goran- creators were apparently impelled, Mr. Goodman are their splendidly ceed in business. The Philip It comes as no surprise that
son) is looking forward to becoming in honor of current orthodoxy, to seasoned comic selves, and that’s shown this season giving heart- one of the greatest drama series
a surrogate mother for a payoff of include a young character of uncer- more than enough reason to wel- felt pep talks to the sales staff in television history should come
$50,000. Daughter Darlene (Sara tain sexual identity. All would have come the return of “Roseanne.” of his travel agency—once a to its end as powerful as ever.
Gilbert), now jobless, has moved worked far better if Mark, a 9-year- mere front for his spying activi-
back in with her parents. She brings old, weren’t so impossibly perfect, Roseanne ties—is a far cry from the per- The Americans, season 6
with her two children, one of so serenely confident about his spe- Begins Tuesday, 8 p.m., ABC son he once was. Begins Wednesday, 10 p.m., FX
n-
0s
___ your heart?”
V
Vancouver C ry
Calgary 10s 14 15 16
30s 62 Hearing-related
40s 10s
Seattle 30s p
Winnipeg 17 18 19 63 Black, to
20s
50s 40s Botticelli 24 Sicilian sight
Montreal 30s 20 21 22
l
Helena 64 Creator of 26 Smart
Portland
d 50s Bismarckk ttawa
Ottawa 40s
Billings A g t
Augusta 23 24 25 26 27 Perry, Della and 27 Place
Eugene 30s
Boise 50s
30s p s / . Paul
Mpls./St. T t
Toronto A b nyy
Albany
t
Boston
28 29 30 31
Paul 29 Showed another
30s ff l 40s Hartford
Buffalo 60s
oux FFalls
Pierre Sioux
P ll k
Milwaukee Detroit
rtford 65 Formation time
50s ew Y
New Yorkk 32 33 34 35 36 flyers
50s 40s Des
Cleve
Clevelandd 70s 31 Bite
Reno L kke City
Salt Lake C
Cittyy 40s Ch es Moines
i
y
Cheyenne C h
hi
Chicago Phhil d lphi
h
Philadelphia
h
Omaha Pittsb
Pittsburghh 80s 66 McGregor of 32 Clumsy clods
Sacramento 60s 60s Indianapolis 37 38 39 40
40s 40s Denver To
Tope k Kansas Springfield
Topeka 30s h
hi
ington
gton
Washington D.C.
D C 90s “Beginners” 33 Parts of hearts
Sann Francisco p g 41 42 43 44
C
Colorad
Colorado C
City Ch l t
Charleston h
Richmond d 100+ 67 Increased
LLas p
Springs St.. Louis Lou
L ill
Louisville 34 Gets the mood
60s Ve g
Vegas h
Wichita
Down
70s ta FFe
50s l igh
Raleighh 45 46 47 of
Los A
Ange l
Angeles 50s Santa 70s h ill
Nashville C h l tt
Charlotte 1 Euphonium’s
48 49 50 51 52 36 Makes
80s Alb q q
Albuquerque klahom
ma City
Oklahoma phi
Memphis C b
Columbia
Warm Rain cousin comments
San Diego Ph
h
Phoenix Little Rock Atl t
Atlanta
90s i gh
Birmingham 53 54 55 56 2 Words a bluffer about
Ft.. Worth
Wor D ll
Dallas 60s
Tucson
Tucson
El P
Paso
Cold T-storms dreads 38 Whole collection
Jackson
80s bil
Mobile Jacksonville 57 58 59 60 61
10s 0s A ti
Austin
70s Stationary 3 Suspect’s 39 Agreeable
t
Houston Snow
90s ew Orleans
New l d
Orlando 62 63 64 story 42 Some small
20s 70s 80s an Antonio
San Tampa
Showers Flurries 65 66 67 4 Low bows planes
30s Honolulu
l l Miami
A h g
Anchorage 90s 5 Urban limits 44 More
60s
40s Ice 6 Sun Devil’s sch. intoxicating
UNDERSTATED | By Marie Kelly 46 Chant
7 Org. that
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
The answer to 22 Merchant vessel 40 Size shower recovers black 47 Hit letters
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest officer 41 Noisy boxes 49 Not quite right
Omaha 54 37 r 45 31 c Frankfurt 48 35 c 51 33 pc
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 73 49 s 80 56 s Geneva 50 33 pc 55 39 s
crossword is an 23 Prone altercation 8 In the future
Today Tomorrow adjective. 51 Drag-racing fuel
Philadelphia 45 28 pc 46 30 pc Havana 78 56 s 83 60 s 25 Layers of bricks 43 Objective 9 Fanciful 52 Flip decision?
City Hi Lo W Hi Lo W Phoenix 82 59 pc 81 53 pc Hong Kong 75 67 s 76 67 pc Across 28 Honorific for 44 Murderous Mr. 10 “La Forza del
Anchorage 32 20 s 35 19 pc Pittsburgh 38 17 pc 39 20 pc Istanbul 60 46 sh 52 44 sh 54 Regatta team
Atlanta 61 47 pc 72 59 c Portland, Maine 41 30 pc 41 29 c Jakarta 90 76 sh 89 76 t 1 Andalusian aunts Lyonnaise 45 Hit’s back Destino” heroine
lawyers 56 Patella’s place
Austin 83 63 pc 84 65 c Portland, Ore. 48 36 r 52 34 c Jerusalem 83 61 pc 66 49 c 5 Jargon 46 To be safe 11 Nuptial promise
Baltimore 46 27 pc 45 27 pc Sacramento 59 44 pc 56 39 sh Johannesburg 62 56 sh 72 57 pc
30 Offer an address 57 Routine unit
Boise 53 38 c 50 34 c St. Louis 51 42 c 53 35 r London 55 43 r 51 37 c
9 Duper’s 48 ASAP part 12 Goddess of the
declaration 32 Regatta team 58 Wish undone
Boston 42 31 pc 42 32 pc Salt Lake City 61 46 sh 55 40 c Madrid 58 41 r 54 38 c 50 Straying from dawn
Burlington 38 26 pc 35 24 pc San Francisco 59 48 pc 56 45 sh Manila 87 77 c 87 75 c 14 Bruins’ sch. 59 “You ___ Here”
35 Madison Ave. the course 13 Strands in a
Charlotte 59 39 pc 50 38 sh Santa Fe 66 34 pc 66 34 pc Melbourne 82 67 s 76 65 t 60 ___ Isthmus
Chicago 44 32 s 37 30 sn Seattle 49 36 r 51 35 c Mexico City 80 53 pc 82 53 pc 15 Analogy snippet heading, roughly 53 Censor’s first crime lab
16 Seduced (narrow part of
Cleveland 37 23 s 39 25 pc Sioux Falls 42 32 r 40 30 c Milan 58 39 s 55 40 pc 36 Containing more sound 19 Simile snippet
Dallas 82 68 pc 89 67 pc Wash., D.C. 47 31 pc 48 31 pc Moscow 37 16 c 29 15 s the Malay
17 Can opener? than a few 55 First capital of
Denver 69 35 c 68 36 s Mumbai 88 75 s 92 79 s 21 Hawks’ org. Peninsula)
18 Where the f-bombs, perhaps Russia’s
Detroit
Honolulu
44 25 s
82 72 r
43 25 s
80 70 t
International Paris
Rio de Janeiro
44 41 r
89 76 s
54 41 c
90 76 s Crimson Tide 37 Didn’t fast American Previous Puzzle’s Solution
Today Tomorrow Riyadh 91 63 s 91 61 s
Houston 81 68 pc 83 68 c plays 38 Site of the colonies Y A WP S A C E I T F O E
Indianapolis 49 31 c 33 26 sn City Hi Lo W Hi Lo W Rome 53 37 s 55 41 pc O C E A N D O N D I E L M
Kansas City 63 48 t 51 34 c Amsterdam 48 37 c 51 37 c San Juan 86 74 sh 84 74 sh 20 Capital featured Archway, 57 Site of the G E N R E D R E AM T E A M
Las Vegas 72 53 pc 69 49 s Athens 64 51 s 63 48 t Seoul 51 36 s 55 41 s in William honoring the local King’s Walk Golf A R T D E A L E R E A S Y A
T O R N T O O L S
Little Rock 77 60 pc 80 49 c Baghdad 89 64 s 93 69 pc Shanghai 65 49 s 67 52 pc Kennedy’s role in westward Course, designed A T O N T I E A I K M A N
Los Angeles 65 51 pc 62 49 pc Bangkok 91 78 pc 93 79 pc Singapore 92 79 pc 90 79 pc “Ironweed” expansion by Arnold Palmer R H OM B S M A R M E L O
Miami 76 61 s 78 65 s Beijing 68 41 pc 72 43 s Sydney 75 68 sh 81 70 pc O R F E O A P E I P A D S
Email your answer—in the subject line—to crosswordcontest@wsj.com
s
SPORTS
NCAA TOURNAMENT
BY ANDREW BEATON
AND BEN COHEN
.
threes were blocked by Kevin Du- Above, Syracuse’s Oshae Brissett throws the ball in during a game against
ly
rant. Team USA won that day be- Duke on Feb. 24. Left, Jim Boeheim greets Mike Krzyzewski.
cause of the zone.
What happens on Friday won’t team starring freshmen that had fensive performance in the last
be so different. Krzyzewski’s team on been heralded as the top recruit- five years of ACC play.
will either win or lose because of ing class in the country (again) “I don’t think that Coach K
the way it uses Boeheim’s zone. was playing lousy defense (again). should really be allowed to play
Krzyzewski playing zone defense “There are very few freshmen zone,” Boeheim said. “I’m surprised
is about as stunning as Krzyzewski that understand how to play de- that he would even do that.”
us l,
coaching in a Speedo. This is the fense,” says Duke associate coach He was so deadpan that Boeheim
coach who literally wrote the book Jeff Capel. had to clarify that he was joking.
al a
e
on playing man-to-man defense. It’s It didn’t take long for Duke’s Syracuse’s zone is so effective
called “Duke’s Team Man-to-Man coaches to realize why their de- because Boeheim recruits athletic
Defense Book.” fense was getting torched. They players with long reaches who are
ci on
He was a man-to-man doctrinaire saw other teams spreading the perfectly suited for his style. Duke
who sneered at the idea of a zone court, drawing Duke’s bigs to the already had players whom Boeheim
defense—which, in the simplest of perimeter and getting them in foul could’ve plugged into his zone.
terms, requires a player to defend thony, who won a national champi- loathing a defense that baits other trouble. The solution was so obvi- Four of Duke’s eight rotation play-
an area of the court instead of a onship in his one year at Syracuse. teams into long-range shots, this ous that Duke had already experi- ers have wingspans longer than 7
er rs
specific player. Then he became the Those practices may have been the was a nightmare scenario. “I think mented with it. When they beat No. feet. When they go big with Mar-
U.S. national coach and picked the only time that NBA stars looked to guys who don’t use the zone a lot, 2 Michigan State in November, the vin Bagley III, Wendell Carter and
brains of those around him. Minne- him for defensive expertise. as soon as someone hits two Blue Devils had played zone. They Javin Delaurier or Marques Bolden,
sota Timberwolves coach Tom Thi- “Melo would talk a lot of trash,” threes, they say: ‘Man, that’s not decided that’s what they would they’re bigger than some NBA
m e
bodeau on “icing” defenders in the Collins said. working,’” he said in a Dan Patrick play for the rest of the season. teams. And even their 6-foot-3
pick-and-roll. Houston Rockets It wasn’t until 2015, the same Show interview this week. Krzyzewski’s assistants say there point guard Trevon Duval has a
coach Mike D’Antoni on spacing. year he won his first title with The Cardinals took three more was a time they never would have wingspan longer than 6-foot-9.
m rp
And his old friend Boeheim on zone. one-and-done players, that Krzyze- threes before the first media time- believed that could happen. But he It’s only natural that Duke’s
Chris Collins, the Northwestern wski gritted his teeth and adopted out. They missed all three. Duke adapted, and it worked. Duke’s de- matchup zone looks similar to Syr-
coach who was a Duke assistant a zone at Duke. The Blue Devils stuck with the zone and won the fense ranked 108th nationally in acuse’s. Krzyzewski and Boeheim
and Team USA scout, says Boe- had lost two straight games in game. Krzyzewski slowly became January, according to KenPom.com. are close, and their assistants
heim was the only person who January of that year to unranked comfortable enough with the zone It’s now ranked No. 8. trade ideas and spent time to-
co Fo
could have convinced Krzyzewski teams, in large part because its to use it in Duke’s biggest games The highlight of this transfor- gether in Japan, Beijing, Turkey,
to practice zone with LeBron man-to-man defense was putrid. of that season. They even played mation came in February against London, Spain and Rio de Janeiro
James, Kobe Bryant and the best The next game was on the road zone in their last win of the sea- the coach who made it possible. during Team USA competitions
players on the planet for 10 min- against a highly ranked Louisville son: the national championship. Syracuse walked onto Duke’s home over a decade. But the coaches say
utes every day. team. They came out in zone. But it didn’t become their de- court and had to watch the Blue that Duke and Syracuse aren’t ex-
The one player on that team al- The Cardinals opened the game fault until Duke found itself with a Devils running their defense—only actly identical.
ready comfortable with Boeheim’s with a wide open 3-pointer. For a familiar problem this year. It had better. Duke held Syracuse to 44 “I’m sure they didn’t give us ev-
matchup zone was Carmelo An- coach who spent his entire career lost two in a row (again) because a points. It was the team’s best de- erything,” Capel said.
(MORE) FOOTBALL?
no
OPINION
Russia, the NRA and Fake News BOOKSHELF | BY Moira Hodgson
Washington in
2016 saw one
of most auda-
weird was that so many jour-
nalists were simultaneously
doing this story—among them
“an effort by Russia to create
a back channel or assist the
Trump campaign through the
publication that this was false,
that she has spoken to no one
about the NRA’s actions in
The Affair
cious dirty
tricks in polit-
ical history:
Michael Isikoff of Yahoo News,
the self-described “old friend”
of Fusion GPS co-founder
NRA.” Another flurry of arti-
cles. All still based on nothing
but Mr. Simpson’s infiltration
2016, and that she believes
the entire NRA-Russia story
line is preposterous. She
L’Étoile de Mer
POTOMAC the Donald Glenn Simpson, who was also claim. asked the reporters to explain
WATCH Trump-Rus-
sia collusion
among the first to write about
the dossier—at Mr. Simpson’s
In a response to Mr.
Wyden, the NRA flatly denied
to whom she supposedly said
this, when and in what con-
Diving for Starfish
By Kimberley
claim. Now pitch. the accusation. It explained text. They couldn’t, but ran By Cherie Burns
A. Strassel
it’s happening This January, the House In- how it scrupulously monitors the story anyway. Ms. Mitchell (St. Martin’s, 230 pages. $26.99)
T
again—same telligence Committee released its donations and noted that calls it “the quintessential
partisans, same media; new its transcript of Mr. Simpson’s all its political decisions are definition of fake news.” he starfish brooch is huge and heavy, the size of the
conspiracy, new victims, in- November testimony, in which made by U.S. citizens. It also Ms. Mitchell notes that palm of your hand. Its five gold rays, studded with 71
cluding the National Rifle he regaled incredulous com- reported it had had no contact other news outlets backed off rubies and 241 amethysts, are articulated so that if
Association. mittee Republicans with a the story after she denied it, you touch them they curl up, as though alive. Three
Remember how the Trump- wild new tale—of how the with one reporter agreeing in versions of this pin were made in the mid-1930s by a
Russia trick played? Hillary Russians had “infiltrated the Journalists propagate email that he did not want to famous Parisian jeweler. What kind of woman would wear
Clinton’s campaign hired op- NRA.” Fusion GPS had “spent “be associated with some left- such a splashy piece of jewelry? One was the film star
position-research firm Fusion a lot of time investigating” a another wild tale wing conspiracy.” A Mc- Claudette Colbert. The second was the Standard Oil heiress
GPS to compile a dossier of “Mafia leader named Alexan- from Fusion GPS’s Clatchy investigative editor Millicent Rogers. The third is a mystery.
salacious Trump allegations. der Torshin” and a “suspi- emailed me that since the Freelance journalist Cherie Burns became obsessed with
The Fusion team delivered it cious” and “big Trump fan,” Glenn Simpson. “central assertion” of the the brooch after seeing one of them at a book launch for
to the Federal Bureau of In- Maria Butina. Mr. Simpson story was that “congressional her 2011 life of Rogers, “Searching for Beauty.” During the
vestigation, then, when brief- provided zero detail to back investigators are looking at party, which was held in a private Manhattan jewelry salon,
ing reporters, cited the bu- up this claim—no names, with the FBI. House Intelli- information” that Ms. Mitchell the owner took her over to a glass showcase. Ms. Burns
reau’s interest to establish dates, money transfers or spe- gence Committee Democrats said something, it didn’t mat- writes, “The starfish looked real enough to climb out of the
the document’s credibility. To cific actions. nonetheless last week issued a ter if she had denied it. The case and march up my arm. . . . It seemed not just to spar-
this day the accusations in But never mind. The day document demanding they get editor noted that McClatchy kle, but also to effervesce as
the dossier have not been Mr. Simpson’s conspiracy- to continue investigating the had published her denial, and if it were visibly radioactive.”
corroborated. laden transcript was due to go “NRA’s relationship” with Mr. corrected its headline to re- She was dazzled by it, so
To pull this off, Clinton par- public, McClatchy ran this Torshin and Ms. Butina as flect that she is not a current much so that she returned the
tisans needed government offi- headline: “FBI investigating well as . . . Washington lawyer NRA lawyer. Fusion GPS did next day for another look. But
cials willing to entertain wild whether Russian money went Cleta Mitchell, who hasn’t not respond to a request for the brooch was gone. Where
claims and media willing to to NRA to help Trump.” The done legal work for the NRA comment. was it? The owner of the jew-
propagate them. Both still exist story cited only two unnamed in a decade. No one has provided a scin- elry store was tight-lipped and
in abundance, as we now wit- “sources familiar with the mat- A few days later, the same tilla of evidence to support vague. “ ‘A jeweler in London, I
ness a new conspiracy theory ter.” The article admitted it two McClatchy reporters were the claim the NRA was “infil- think,’ he said before he waved
elevated into news. “could not be learned” out with this: “NRA lawyer ex- trated”—and it is appalling good-bye and jauntily retreated
Starting in February 2017, whether the FBI had any evi- pressed concerns about that it or Ms. Mitchell must down the hall to his office.”
media outlets began issuing dence involving the NRA, but it group’s Russia ties, investiga- defend against baseless Obsessed with the starfish
.
stories about a Russian central nonetheless went on at length tors told.” It again cited two claims. But these days all it now, Ms. Burns was determined
ly
banker named Alexander Tor- about the group. A flurry of ar- anonymous sources claiming takes to turn the most out- to try to find out more about all
shin and a Russian gun-rights ticles from other news organ- Congress was investigating landish accusation into three brooches, who had worn
activist named Maria Butina. izations followed, while Dem- Ms. Mitchell’s worries that the “news” is the whispers of a them and where they had ended up.
Most broadly claimed the duo ocratic Sen. Ron Wyden fired NRA had been “channeling
on couple of Democratic lawmak- Part history, part investigative journalism,
had been cozying up to U.S. off letters demanding the Russia funds into the 2016 ers or an anonymous refer- part personal quest, “Diving for Starfish” is filled with
conservatives; they specifi- NRA account for itself. House elections to help Donald ence to the FBI. Let’s see drama and intrigue, and peopled by a cast of characters
cally noted that they had an Democrats jumped in, with Trump.” Ms. Mitchell tells me what’s next. worthy of “The Maltese Falcon.” Like Dashiell Hammett’s
interest in the NRA. What was Rep. Adam Schiff positing she told McClatchy before Write to kim@wsj.com. hard-boiled detective Sam Spade, Ms. Burns comes up
us l,
against more than she had bargained for when she first set
out on her search for information. Her trail takes her to
al a
HOUSES OF A couple of three decades ago by Cardinal the needs of poor and middle- soon be even more morbidly is deeply secretive and doesn’t welcome even the most
WORSHIP events over John O’Connor; she was the class children in Catholic expanded. For instance, under innocent of questions. She calls it a “shadow business.” The
By Cardinal the past few first layperson and first schools, and the right to life the proposed Reproductive worst sin a person in the trade can commit is to reveal the
Timothy Dolan w e e k s woman to hold the prestigious of the baby in the womb— Health Act, doctors would not name of a buyer. Jewelry may be kept secret for tax
brought to position. Grier was passionate largely have been rejected by be required to care for a baby reasons. Men usually buy it for women, and some estab-
er rs
mind two about civil rights, especially the party of our youth. An es- who survives an abortion. The lishments even have two entrances in case a wife and a
towering people who had a the right to life of babies in teemed pro-life Democrat in newborn simply would be al- mistress arrive at the same time.
tremendous effect on the the womb. She never missed Illinois, Rep. Dan Lipinski, ef- lowed to die without any legal The jeweler that created the starfish was the House of
Archdiocese of New York and an opportunity to defend, lov- fectively was blacklisted by implications. And abortions Boivin, which opened in the 1890s. In the 1930s it came out
m e
the U.S. more broadly. Their ingly but forcefully, their right his own party. Last year, Dem- would be legal up to the mo- with complex, innovative creations that were a radical
witness is worth remember- to life. ocratic National Committee ment of birth. departure from the geometric Art Deco pieces that had
ing, especially in this political Grier attributed her pro-life Chairman Tom Perez insisted The “big tent” of the Dem- been so popular in the previous decade. Boivin’s designers,
m rp
moment. sensitivity to the Rev. Jesse that pro-life candidates have ocratic Party now seems a three women (unusual for the time), had a playful sense of
Last Saturday’s feast of St. Jackson, who preached that no place in the modern Demo- pup tent. Annafi Wahed, a for- humor. They made shells, sea creatures and flowers such as
Patrick, the patron saint of abortion was an act of geno- cratic Party. mer staffer to Hillary Clinton, orchids and foxgloves—but their work wasn’t sentimental.
our cathedral and archdiocese, cide against minorities. No recently wrote in this newspa- The craftsmanship established the value of the jewelry, not
reminded me of Archbishop wonder, she often observed, per about her experience at- the gems. The pieces weren’t signed—and they didn’t need
co Fo
John Hughes. As the first abortuaries were clustered in If you value religious tending the Conservative Po- to be. The jewelry was an art form, the designers (who
archbishop of New York poor black and brown neigh- litical Action Conference. She often didn’t even bother to keep the drawings) immediately
(1842-64), “Dagger John” dis- borhoods. The statistics today education or life’s complimented the conserva- recognizable.
played dramatic reverence for confirm her observation: In sanctity, you’re not tive attendees, pointing out
the dignity of Irish immi- 2013 there were more black that most made her feel wel-
grants. Thousands arrived babies aborted in New York welcome in the party. come at their meeting. They A journalist traces the hidden history of three
daily in New York—penniless, City (29,007) than were born listened attentively to her alluring, witty, starfish-shaped brooches and
starving and sometimes ill— here (24,758), according to a views—a courtesy, she had to
only to be met with hostility, report from the New York City It is particularly chilly for admit, that would not be the remarkable women who wore them.
bigotry and injustice. Department of Health and us here in the state Hughes given to them at a meeting of
An immigrant himself, Mental Hygiene. and Grier proudly called their political liberals.
Hughes prophetically and vig- The values Archbishop earthly home. In recent years, I’m a pastor, not a politi- Boivin was nothing if not exclusive. It never advertised
orously defended their dig- Hughes and Dolores Grier some Democrats in the New cian, and I’ve certainly had and had no ground-floor window displays. Patrons were
nity. Because the schools at cherished—the dignity and York state Assembly repeat- spats and disappointments admitted by referral only. The look of the store was very
n-
the time were hostile to these sanctity of human life, the edly blocked education tax with politicians from both of different from the traditional silk, velvet and wood
immigrants, he initiated Cath- importance of Catholic credit legislation, which America’s leading parties. But paneling of other establishments. Straw marquetry covered
olic schools to provide chil- schools, the defense of a would have helped middle- it saddens me, and weakens the walls, wood fretwork was painted to look like white
dren with a good education baby’s civil rights—were, and class and low-income families the democracy millions of enamel, and the air was filled with the aroma of
no
sensitive to their religion and still are, widely embraced by make the choice to select Americans cherish, when the sandalwood incense. The showroom was like a salon. In
to prepare them as responsi- Catholics. This often led Cath- Catholic or other nonpublic party that once embraced addition to the usual panoply of royals and socialites, the
ble, patriotic citizens. The olics to become loyal Demo- schools for their children. Op- Catholics now slams the door group that gathered there included Freud, Satie, Bonnard,
schools worked. Many remain crats. I remember my own posing the bill reduces the on us. Degas, Colette, Cocteau and Cole Porter. What did they talk
open to this day, their mission grandmother whispering to ability of fine Catholic To Archbishop Hughes, Do- about as they looked over such treasures as a chameleon
unchanged. me, “We Catholics don’t trust schools across the state to lores Grier, and Grandma brooch that could change its color with a push of its
The second event was the those Republicans.” continue their mission of Dolan, I’m sorry to have to tongue?
recent funeral of a great Afri- Such is no longer the case, serving the poor, many of write this. But not as sad as While Ms. Burns was able to learn a great deal about
can-American woman, Dolores a cause of sadness to many them immigrants. you are to know it is true. Boivin’s history, she had less luck when it came to
Grier. A convert to Catholi- Catholics, me included. The More sobering, what is al- information from the jeweler about its starfish. Intrigue
cism, she was named vice two causes so vigorously pro- ready the most radical abor- Cardinal Dolan is arch- and conjecture surrounded the provenance of its pieces,
chancellor of the archdiocese moted by Hughes and Grier— tion license in the country may bishop of New York. since the archive has been kept for the most part private.
Nathalie Hocq, the owner of Boivin since 2000, wants to
keep it that way. Françoise Cailles, the house authenticator,
The Orange Is the Apple of My Eye whose certification is needed for a sale, is equally close-
mouthed: “She steadfastly refuses to show what she has, or
as she explains most things, they are a secret.”
By Andrew Furman claims of orange juice’s tonic “fresh” foods—the industry I can still taste on my tongue The person who might have helped Ms. Burns the most
effects. began advertising “not from the impossibly sweet, sun- in her quest was the legendary Fred Leighton. The son of a
F
Boca Raton, Fla. Demand began to spike in concentrate” juice. warmed juice. Bronx cabdriver whose real name was Murray Mondschein,
lorida, which typically the 1930s, bolstered by enthu- Since those halcyon days, I can’t be the only one con- he was a major presence in the world of fancy jewelry.
produces more than 70% siasm for the newly identified natural calamities like canker cerned that an increasing Every great piece, it seemed, had passed though his hands,
of America’s citrus sup- Vitamin C and the industry’s and greening have proved amount of the orange juice including the Millicent Rogers starfish. When Ms. Burns
ply, may have lost about 70% ingenious “Drink an Orange” costly. Yet nutritionists and Americans consume might be finally runs into him, “a man in a black raincoat with a
of its crop this season. That ad campaign. Throughout the pediatricians may represent sourced in Brazil and Mexico stringy ponytail comb-over covering his bald spots,” he
would make 2018 the worst 20th century the industry the greatest threat today. rather than Florida and Cali- won’t talk to her. “What’s it benefit me?” he asks unsmiling
year for Florida’s citrus crop continued responding to, and Sugar has replaced fat as the fornia. If there’s one thing the before he disappears. He died two years later.
in decades. Hurricane Irma dominant bugaboo in Amer- U.S. ought not to outsource, As for Claudette Colbert’s brooch, the executor of her
decimated citrus groves as it ica’s perennial obsessiveness it’s the food supply. Shoppers estate tells her it may have been lost some time in the
tore through the state last But the miraculous over what foods to avoid. Or- who wish to support U.S. 1950s, left in a blue Pan Am bag on a seat in a waiting
year, and citrus production in citrus is falling on ange juice—along with other growers ought to read those room. But Ms. Burns is not done yet. She asks the opinion
Florida had already declined fruit juices and sodas—has be- labels carefully at the super- of a former close friend of Colbert’s, a crusty 88-year-old
roughly 50% during the five hard times in Florida. come a target. Even so, in a market and shell out a bit who is a major collector of Asian art. She shows him a life-
years prior to Irma. What’s time of heavily processed, more money for domestic size photograph of the starfish, hoping he might shed
going on? powdered protein drinks and juice. I think it seemed a mira- further light upon the subject. He’s unimpressed. Too big
First, consider how the or- even shaping, the capricious souped-up “water,” I still put cle to my parents, hailing from and too gaudy. If he’d seen it, he says, “I would have
ange made its way into the demands of consumers. Fro- my faith in actual food. That frigid Pennsylvania, that they thrown it in the fireplace.”
American kitchen. The notion zen concentrate orange juice, includes fresh-squeezed or- could raise their own citrus
of drinking oranges was an developed soon after World ange juice. trees and pick oranges to juice Ms. Hodgson is the author of “It Seemed Like a Good
alien concept at the beginning War II, promised to save While I’ve lived in Florida and enjoy over their breakfast. Idea at the Time: My Adventures in Life and Food.”
of the 20th century. Then the housewives hours of domestic most of my adult life, I was It sure seemed like a miracle
Spanish Flu pandemic of 1918 labor. Readers of a certain age raised in California’s San Fer- to me, and it still does.
struck, claiming some 675,000 will remember teasing the fro- nando Valley, that other orange Coming in BOOKS this weekend
American lives. Parents were zen mass out of cylindrical mecca. Surviving trees from a Mr. Furman, a professor at Freeman Dyson in his letters • Joseph Epstein on class
primed for dietary solutions to containers with a wooden defunct grove could be found Florida Atlantic University, is and capitalism • The world on the streets of Calcutta •
stave off future scourges. The spoon. When tastes shifted in in backyards across my subdi- the author of “Goldens Are A new history of Roman religion • Blues, rock and soul
citrus industry responded by the late 1980s—from labora- vision. I remember my father Here,” forthcoming from Green in Memphis • Sam Sacks on new fiction • & much more
advancing often exaggerated tory-spawned products to picking oranges from our trees. Writers Press.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
P
resident Trump announced his long- their exports from China, but then other coun- Your editorial “The GOP’s Internet Court, “technology has simply
awaited trade assault on China Thursday, tries would supply that $100 billion in goods. The Tax” (March 16) questioning Con- eroded” that concern since the Quill
gress’s consideration of the proposed decision was handed down in 1992. A
and this time at least he is closer to the overall trade deficit wouldn’t change much.
federal law authorizing states to im- variety of software is available today
right target. But his decision Then there’s the matter of pose their respective sales tax on re- to automatically calculate the tax
seems unconnected to any Stocks fall as markets how China will retaliate. Bei- mote sellers mentions that South Da- owed, much of it available free or at
larger trade strategy, and his doubt the White House jing officials have easy targets kota’s sales tax has risen 30% since low cost. The calculation is no more
main remedy of tariffs will among the $130 billion in an- 2013, but fails to mention that South burdensome than knowing how much
harm American consumers and has a trade strategy. nual U.S. exports. One will be Dakota increased its sales-tax rate in shipping to charge.
businesses as much as they U.S. farm goods that have a 2016, accounting for much of this in- Furthermore, the legislation sup-
will the People’s Republic. large market share in China crease. You note that retailers such as ported by the retail industry—includ-
No one should be surprised by the $60 billion but also have global competition. U.S. farmers Amazon already voluntarily comply ing both local and online sellers—
in border taxes on China, given that Mr. Trump sell $12.4 billion in soybeans to China that Brazil with local sales obligations but don’t wouldn’t apply to truly small
campaigned on worse. He is also responding to could replace. Ditto for $1 billion in pork exports mention that over one-half of the businesses, exempting those with less
commerce on Amazon’s website is than $500,000 in annual sales. The
the genuine problem of Chinese mercantilism. that Canada or Europe could supply.
sold by a third party and that such bill proposed by Rep. Bob Goodlatte
China’s government steals the intellectual prop- The collateral damage in a tariff war with third parties aren’t subject to this that you favor is complex and confus-
erty of U.S. companies or forces them to turn it China is likely to include the economies of voluntary agreement. A number of lo- ing and wouldn’t create the true level
over, and Beijing uses regulation to discriminate states that supplied Mr. Trump with his Elec- cal retailers in my legislative district, playing field sought by our industry.
against foreign firms. toral College victory: Iowa, Indiana, Wisconsin, the growing and vibrant community You also say that online sales-tax
This might have been tolerable when China Michigan and Texas. Other victims are likely to of Sioux Falls, have closed in the last collection amounts to “raising taxes.”
was a smaller economy trying to reform, and the be companies that Mr. Trump touts as the win- two years. Although there were many In fact, consumers who don’t pay
U.S. made a reasonable bet in 2001 when it let ners from his tax and regulatory reform. Boeing factors, the unfair competition from sales tax at time of purchase are al-
China enter the World Trade Organization. The fell more than 5% Thursday amid investor wor- remote sellers exempt from the com- ready legally required to report the
gamble was that China would continue to re- ries about the trade fallout. China can always bined state and local sales-tax rate of purchases and pay “use” tax instead,
6.5% was certainly one. and are at risk of audit or prosecution
form, adapt to global trade norms, and eventu- buy Airbus planes.
South Dakota has the second-low- if they don’t.
ally become a genuine market economy. i i i
est amount of general state revenue As an organization that represents
That hope showed early promise but has be- Which brings us to Mr. Trump’s overall trade per citizen of the 50 states; we are a both bricks-and-mortar and online
come forlorn as President Xi Jinping has pushed strategy, which is hard to discern. If bad Chinese low-tax, business-friendly jurisdic- sellers of all sizes, we believe the
“national champions” like Huawei and Tencent. practices are his main target, then he’ll need al- tion. We expect business to compete time has come for all retailers to play
Facebook still can’t operate in China, and Tesla lies in Europe and Asia to present a united front. on an even, fair playing field. Having by the same tax rules regardless of
is punished with a 25% tariff on imported elec- Yet the President began his protectionist bar- an evenly applied sales-tax obligation whether they sell and deliver their
tric cars. The U.S. tariff on cars from China is rage this year by announcing a global tariff on on all retailers would allow South Da- merchandise in a store, through the
2.5%. China’s predatory behavior has eroded po- steel and aluminum imports. Mr. Trump then ex- kota to provide for a fairer competi- mail or over the internet.
litical support in the West for the very free- empted Canada and Mexico, and Thursday he tive environment while maintaining MATTHEW SHAY
trade rules that have lifted hundreds of millions added the European Union, Australia, Argentina, our low-tax, business-friendly climate. President and CEO
G. MARK MICKELSON National Retail Federation
of Chinese out of poverty. Brazil and South Korea to the exemption list. But
Speaker, South Dakota Washington
i i i then why alienate these trading partners in the House of Representatives
In typical Trumpian fashion, however, the first place? Sioux Falls, S.D. Article 1, Section 9 of the Constitu-
.
President combines a useful focus on these prac- The economic worry is that Mr. Trump has tion says, “No Tax or Duty shall be
ly
tices with nonsense trade economics. He said no real strategy other than to show he’s “tough” You contend that small businesses laid on Articles exported from any
Thursday that he’s asked China to “reduce the on trade. Liu He, China’s main economic policy lack the resources to know how much State.” It is not clear how Congress,
trade deficit” with the U.S. “immediately by maker, visited Washington recently to negotiate tax to collect given different sales-tax or the Supreme Court, can sidestep
$100 billion,” as if that would be a political or on trade but found no one willing or able to
on rates and lists of taxable items from this simple protection.
economic victory. make decisions. state to state. But as we wrote in a ANSON J. GLACY JR., CFA
The reality is that the $375 billion annual U.S. The President’s trade hawks, led by White brief filed with the U.S. Supreme New York
trade deficit with China has many causes, and House aide Peter Navarro, want to punish China
us l,
it is the reverse of America’s capital surplus. more than they want to change its behavior. Mr.
Faster growth under Mr. Trump’s policies will Navarro really does believe that China today is
attract more global capital, which under na- the equivalent of Germany a century ago. Mr. Toys ‘R’ Us Didn’t Die, It Was Suffocated
al a
e
tional trade accounting means a larger trade Trump said Thursday that this tariff action Regarding “Toys ‘R’ Us Set to Close excessive debt, self-dealing dividends
deficit. Someone in America is buying that $100 would be “the first of many.” All U.S. Stores” (Business, March 15) and payouts and bankruptcy leading to
ci on
billion in goods, and those Americans would suf- This is the mentality that could lead to a and “Chain of Nursing Homes Files for tens of thousands of job losses for av-
fer if they suddenly couldn’t. trade war and economic damage for everyone. Chapter 11” (Business, March 6): The erage Americans.
Apple’s iPhones are assembled in China, for Equity markets reflected that worry Thursday Toys “R” Us and HCR ManorCare bank- RAM KELKAR
example, but China’s contribution is mainly la- by falling nearly 3% on the day, and 724 points ruptcies in recent weeks are perfect Chicago
bor. Most of the value, including the phone’s de- on the Dow Jones Industrial Average. examples of how private-equity firms
er rs
Robert Lighthizer, 15 days to come up with a list tially ended amid fears of a trade war. in theory free management to think enormous debt pulling it under.
of tariff targets. Presumably Apple has enough A rising and aggressive China poses consider- long term and take the hard decisions Would the result be the same with a
clout to win an exemption. able risks to world order, but persuading its needed to make a business successful. sound balance sheet with a strong eq-
But the tariff process is inherently political leaders to conform to trading norms requires However, due to the greed or inepti- uity base and the liquidity available
and introduces new uncertainty to investment more than scattershot tariffs. It demands pa- tude of private-equity firms in an age from safely leveraging a great brand
co Fo
of cheap debt, they don’t seem to be name, customer loyalty and a strong
decisions. Over time Apple and other companies tient, sophisticated American leadership to rally
capable of actually reviving failing net worth?
could adapt their global supply chains to reduce other nations to join the effort. companies. In most instances, it seems High risk and high reward some-
these firms do the reverse and destroy times equals crash and burn. It is too
P
the discipline of private ownership. with the private-equity funding that
resident Trump has said he is at last as- Secretary of State last year and has discussed It would be interesting to see how flew a good company into a mountain
sembling a Cabinet team to his liking, foreign issues often with him since. many success stories private-equity of debt.
and late Thursday he announced that The charge that Mr. Bolton can be an un- firms can point to for reviving failing JEFF SOLBERG
John Bolton will replace General H.R. McMaster guided missile misconstrues his ideas and expe- businesses versus the typical story of Bonita Springs, Fla.
as his National Security Adviser. It is a solid and rience. He served in the State Department dur-
experienced choice. ing both Bush Presidencies. Under George W.
Lay Off, Notre Dame Hasn’t Become Pagan
n-
General McMaster, like others, reportedly had Bush he created the multinational Proliferation
fallen out of favor with Mr. Trump. But there Security Initiative in 2003, a useful effort explic- As a Notre Dame graduate and life- Happily, Notre Dame seems to rec-
should be no doubt that General McMaster itly designed to deter North Korea’s efforts to long Catholic, I find Alexandra DeSanc- ognize that Catholic teaching about
helped the President through a challenging first smuggle weapons materials. tis’s criticism of the university’s recent birth control has been a source of ma-
no
year, which included an array of problems inher- Those wanting an understanding of John Bol- decision to provide “simple contracep- jor controversy among Catholics at
ited from the Obama Administration, not least ton’s thinking on security issues should read the tives” to employees and students least since Vatican II, with surveys
the North Korean nuclear threat. many essays he has written for these pages in through its health-insurance program showing that Catholics are no different
Mr. Bolton’s critics often accuse him of bellig- recent years—most recently “The Legal Case for to be rigid and arrogant (“Notre Dame than other groups in supporting the
erence and reactive saber-rattling. He is indeed Striking North Korea First” on Feb. 28. Becomes a Bit Less Catholic,” Houses appropriate use of its many forms.
of Worship, March 9). To say that Notre Dame “caved in”
direct. No listener comes away from a conversa- Mr. Bolton’s first job will be to prepare the
While briefly acknowledging that and may have “abused the legal pro-
tion with John Bolton in doubt about where he President for an historic meeting with Kim Jong Catholic teaching on moral matters cess when it sued the Obama adminis-
stands. That must include Mr. Trump, who had Un. We may assume Pyongyang knows now that emphasizes an individual’s primacy of tration for relief” from the ObamaCare
Mr. Bolton under consideration to be his first bluffing the U.S. won’t work. conscience, Ms. DeSanctis insists that contraception mandate is extreme at
Notre Dame abdicated its status as an best. Instead, Notre Dame has demon-
F
medical insurance. Obviously, neither ployees and students while still
rench President Emmanuel Macron is ment. Unions failed to rally opposition to those employees nor students, some of whom providing universitywide forums for
facing the biggest challenge so far to his measures, not least because Mr. Macron cam- aren’t Catholic, will be forced to accept discussion of dissimilar moral views
economic reform program amid nation- paigned and won on a promise to do all of it. or use birth-control items available among Catholics and others on the
through university insurance. They will topic of birth control. Notre Dame will
wide strikes, and the labor disruption will get By contrast, Mr. Macron didn’t campaign on
be free to reject them as their own in- continue to be a thoroughly Catholic
worse as the spring progresses. Having chosen the rail overhaul. And though polls show the pub- formed consciences may suggest. pre-eminent university.
this battlefield, he has to win or risk jeopardiz- lic is broadly on Mr. Macron’s side against the JOHN LEDDY
ing his entire reform agenda. strikers, unions hope voters will be sufficiently Naples, Fla.
Railway workers, teachers, air-traffic control- surprised by his “attack” on France’s beloved rail- An Epitaph for the New Czar
lers and other government workers walked out ways to support the union anti-reform agenda. If
Regarding Tunku Varadarajan’s
Thursday in the largest labor action in Mr. Ma- unions can’t sway public opinion now, they may “The Weekend Interview with Ste-
Pepper ...
cron’s tenure. The strikes forced the cancellation struggle to win the coming war against Mr. Ma- phen Kotkin: Will Putin Ever Leave? And Salt
of 30% of flights in and out of Paris, and at least cron’s other promised overhauls of government Could He if He Wanted?” (March 10):
half of local and long-distance train services employment. The biggest fight, set for later this While Prof. Kotkin makes some inter- THE WALL STREET JOURNAL
were cut. Rail unions are threatening to strike year, concerns pension reform to consolidate an esting points about Russian President
on and off until June. array of overly generous public retirement plans Vladimir Putin, the probable outcome
The unions are trying to defeat Mr. Macron’s into a single benefit. of his hold on power may be found in
plan to reform employment practices at SNCF, Mr. Macron did campaign on a promise to re- the dispositive words of Cardinal
the heavily indebted national rail operator. His form pensions and unemployment insurance. John Henry Newman: “Flagrant evils
plan would end lifetime employment guarantees But he might not get the chance if he can’t defeat cure themselves by being flagrant.” It
is as good an epitaph for Mr. Putin as
and early retirement for new hires to boost pro- unions on the railway showdown. He cam-
one is likely to find.
ductivity and restore financial stability as SNCF paigned against the “insiders” whose influence ANTHONY CREBBIN
prepares to face new competition under Euro- has ossified France’s economy, and now he has Kansas City, Mo.
pean Union rules. Other civil servants are un- to persuade voters that this includes railway em-
happy about Mr. Macron’s goal of introducing ployees with jobs for life who can retire nearly
more merit pay and contracting out some func- a decade before most workers. Letters intended for publication should
tions to private companies. Mr. Macron has taken an enormous political be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
The unions also think they’ve sniffed a bigger risk by choosing to tackle the railways now, or emailed to wsj.ltrs@wsj.com. Please
political vulnerability. In a year in office Mr. Ma- when more consequential reforms for which he include your city and state. All letters
cron has pushed through the most significant has clear electoral support remain to be done. are subject to editing, and unpublished
overhaul of France’s employment laws in at least This is a fight he ought to win on the policy mer- letters can be neither acknowledged nor “Wake up, it’s your
returned.
a generation and a major cut in taxes on invest- its, and it’s one he can’t afford to lose. tooth-whitening fairy.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
OPINION
‘R
nored. When it comes to grades— amounts to predetermining a verdict
eality is that which, which measure students’ knowledge, of “guilty as charged,” violates basic
when you stop be- proficiency and achievement—we principles of fair play and gives rise
lieving in it, doesn’t can declare they don’t matter and to justified resentment.
go away,” observed that complete nondisclosure is Universities, like other institutions,
Philip K. Dick in “I therefore a wise course. scheme relentlessly to keep such facts
Hope I Shall Arrive Soon.” The problem is that students, in- from view. Yet although the culture
Somewhere deep in a file drawer, cluding law students, go out into the war is now tilted against those ac-
or on a computer server humming real world. They are hired, paid and cused of discrimination, politics per-
away in a basement, are thousands expected to perform, and their ac- sists, and frustration tells at the bal-
upon thousands of numbers, with tions have real consequences for oth- lot box. The deeper price is that
names and identities attached. ers. Whether we like it or not, grades people come to believe that truth
They’re called grades. They repre- help predict future performance. yields to power, and that political
sent an objective reality, which ex- Some social actors acknowledge this, pressure should be brought to bear to
ists independent of what people implicitly or overtly. As a law profes- avoid inconvenient realities.
want reality to be. They sit silently, sor, I observe, for example, that fed- Some in this camp claim benign
completely indifferent to indigna- eral judges unapologetically select motives. They seek to safeguard the
CHAD CROWE
tion, angry petitions, irritable ges- clerks based on academic record and feelings of those who might be dis-
tures, teachers’ removal from class- rank, and that elite law firms are tressed by public knowledge. One
rooms—all the furor and clamor of also highly grade-conscious. can argue about when, how and in
institutional politics. Another reason measures of aca- what form the disclosure will best
demic performance are hard to ig- conversation behind closed doors, in well-established. Viewing these facts balance personal privacy and our
nore is that students often expect offices and hallways, around kitchen as offensive will not make them go society’s need to know. But when
Aggressive suppression equality of results and—especially tables, in living rooms and in private away.” facts are concealed, they do not
in our identity-conscious world—is- correspondence. The mindset that values openness change. They have consequences
of the truth is a central sue loud demands for equality in But what everyone currently un- understands that the truth can be whether or not we are prepared to
feature of American group outcomes. When that doesn’t derstands, and recent events rein- inconvenient and uncomfortable, face them.
happen, frustration and disappoint- force, is that these conversations may doesn’t always respect our wishes, That belief that political force de-
higher education. ment ensue, followed by charges of not take place publicly or even be ac- and sometimes hurts. Good feelings termines objective reality has charac-
racism, sexism and other forms of knowledged openly. My students and reality don’t always mix. But terized totalitarian regimes world-
discrimination. know that. So do working lawyers there is a price to be paid for put- wide and throughout history—
Those numbers are now solely Those accusations are bound to and judges, and everyone else trying ting the quest for psychological regimes that are responsible for
within the control of the individual provoke concern from the accused, to run institutions, decide cases, comfort over openness on matters untold amounts of human misery.
students who earn them and the especially those who deny that big- serve clients, and make a buck. So do central to how our society is orga- That mindset is dangerously incon-
educational institutions that gener- otry is the chief cause of certain in- employers and other citizens, includ- nized. While some people benefit sistent with the kind of free society
ate them—powerful entities ruled equalities by pointing to possible ing many people, young and old, from from the favored view, others lose Americans have painstakingly built
by bureaucracies that serve as alternatives—including group dis- around the country who have deluged out. People accused of bigotry and and defended over many centuries, at
gatekeepers to privileged positions parities in qualifications, skills, per- me with letters, phone calls, and discrimination—claims that are the cost of blood and treasure. Per-
in our society. They are jealously formance or life choices. Keeping emails setting out forthright, com- more pervasive than ever—are un- haps we no longer want such a soci-
guarded, protected by cloaks of key documentation about the mon-sense observations, such as this derstandably unhappy about being ety. But we relinquish it at our peril.
confidentiality and secrecy. But sources of disparities out of view one: “The facts about the comparative deprived of the ability to defend
.
they are what they are. Hiding does not prevent people from dis- performance of the different groups themselves by pointing to alterna- Ms. Wax is the Robert Mundheim
ly
facts is not the same as changing cussing them and their conse- on [for example] the bar, medical tive reasons for group differences. Professor at the University of Penn-
them. quences. They are a regular topic of boards, SATs, MCATs, LSATs etc. are Hoarding and hiding information sylvania Law School.
Is Narendra Modi Adityanath, a hard-line Hindu monk to target. sparked several high profile mob lation and about 11% of gross domes-
beatable in next elevated to chief minister of Uttar Though the government has es- lynchings of Muslims accused of tic product.
al a
e
year’s national elec- Pradesh last year. For Mr. Adityanath’s caped being tarred by a major cor- eating it or of transporting cattle Should Congress lose the southern
tions? A few months critics, the BJP’s defeat rebukes the ruption scandal, it has become hard for illegal slaughter. state of Karnataka later this year, it
ago, the prime min- party for handing the state to a zealot for it to argue that it has vanquished To sum up the opposition narra- will not control a state that houses
ci on
ister’s grip on Indian best known for inflammatory anti- the problem. Earlier this year, a tive, four years ago Indians elected any of India’s 20 largest cities. As
EAST IS
voters appeared so Muslim rhetoric. high-profile jeweler, Nirav Modi—no Mr. Modi to deliver development. In- elections become more expensive,
EAST
firm that the ques- Nor have the BJP’s recent troubles relation to the prime minister— stead they got economic mismanage- Congress may find it difficult to
By Sadanand
tion barely seemed been confined to Uttar Pradesh. scooted overseas after allegedly de- ment and religious zealotry. If an compete with a well-funded BJP.
Dhume
worth asking. But af- Since February, the party has also frauding a state-owned bank of $1.8 electoral wave gave the prime minis- The BJP also benefits from the
er rs
ter a string of de- lost parliamentary and state legisla- billion. ter India’s first single-party majority grass-roots strength of the Hindu
feats for the ruling Bharatiya Janata tive by-elections in Rajasthan, Ma- in 30 years, then a counterwave could nationalist Rashtriya Swayamsevak
Party in the populous Hindi heart- dhya Pradesh and Bihar. Together just as easily depose him. Sangh and its army of khaki-clad
land, Mr. Modi no longer appears a these four Hindi belt states account The opposition has a case How likely is it? At this point Mr. volunteers. Party president Amit
m e
shoo-in. for nearly a third of 543 seats in the Modi still appears to be the front- Shah has built a reputation for the
Earlier this month, two rival lower house of Parliament. Four that his economic policies runner, Over the past four years the strongest “ground game” in Indian
caste-based parties cobbled together years ago, the BJP stormed to power have failed to deliver on his BJP has emerged as India’s dominant politics.
m rp
an unlikely alliance that wrested in large part by virtually sweeping political party, and Mr. Modi as its Control of the national broad-
two parliamentary seats from the them. promise of ‘good days.’ most popular politician. Parliamen- caster, and support from a clutch of
BJP in Uttar Pradesh, India’s most The opposition now has a story to tary by-election losses notwithstand- breathless propaganda channels and
populous state. The seats had be- tell. As it goes, Mr. Modi has failed to ing, the BJP has continued to con- fake news sites give the BJP the
come vacant after sitting BJP mem- deliver the achhe din—“good days”— Entrepreneurs complain about a quer new territory. Barely 10 days power to shape the national conver-
co Fo
bers moved to the state legislature that he promised. Job growth remains convoluted goods-and-services tax before the shock defeats in Uttar sation that it once lacked. And al-
following the party’s crushing vic- sluggish. As private-sector opportuni- introduced last year. The World Bank Pradesh, the BJP and its allies cap- though WhatsApp jokes about Con-
tory in state elections last year. ties fail to materialize, even tradition- recently called it among the most tured power in three small states in gress president Rahul Gandhi have
These opposition triumphs barely ally dominant castes have taken to complex taxes of its kind in the the northeast, including two with subsided of late, many middle-class
change the balance of power in Par- the streets in several states demand- world, and with the second-highest large Christian majorities. Indians continue to view the 47-year-
liament, where the BJP and its allies ing quotas in government jobs. rates. Currently the BJP and its allies old Mr. Gandhi as too callow for high
enjoy a comfortable majority. But The Modi government’s hare- Meanwhile, harsh new rules on control 20 states, which account for office.
they give the opposition a confi- brained decision in 2016 to invalidate cattle sales have hurt many farmers nearly two-thirds of India’s popula- As 2019 approaches, there’s no
dence boost. suddenly nearly 90% of India’s cur- and damaged dairy and leather tion and nearly 55% of economic out- doubt Mr. Modi has handed his oppo-
One of the two seats the BJP lost, rency by value crushed the working businesses that employ millions of put. By contrast, the opposition Con- nents a club. Whether they can wield
the party stronghold of Gorakhpur, poor while doing little to trouble the people. In north India, the Hindu gress Party and its allies run only it effectively is an open question.
By Ted Frank the March of Dimes could turn its California over Google’s practice of lawyers to double-dip in the settle- have gone to those charities even
I
focus to other childhood diseases divulging consumers’ search queries ment fund. Class counsels Michael without a settlement. Worse, a
no
f an attorney raids a client’s once polio was eradicated. While to third-party websites. The plain- Aschenbrener and Kassra Powell judge might have designs on what
settlement money, he’ll get dis- appropriate in the trust context, cy tiffs’ lawyers alleged that because Nassiri graduated, respectively, from has become essentially a slush fund,
barred and could go to prison pres’s application to class-action this search data could be traced Chicago-Kent and Harvard Law. Both and encourage the parties to steer
for embezzlement. But if the same suits enables attorneys to bilk their back to the individual, Google had institutions happened to receive money to his own particular favor-
attorney raids settlement money clients by claiming it would be too violated federal privacy laws that funds in the settlement. ite charity—as happened in yet an-
from a class-action suit, charities difficult to distribute the money to provide statutory damages of $1,000 other Google case, in which now-re-
may laud him and courts award him class members. per violation. If the plaintiffs had a tired federal district judge James
millions of dollars. My colleagues Right away there is a conflict of real case, the damages would be in They funnel millions in Ware rewrote the settlement to di-
and I are asking the Supreme Court interest. Any attorney with a choice the trillions of dollars. But the law- rect $500,000 to Santa Clara Law
to put an end to the abuse of a between sending out a million $5 yers must not have thought much of settlement money to select School, where he taught. The
trust-law doctrine known as cy checks to clients he’s never met or their claims—they settled for a pal- causes—including their money went to fund a center for
pres, under which class-action law- being part of a ceremony to hand try $8.5 million. ethics.
yers have funneled millions of dol- over oversize $1 million novelty Because of cy pres, however, that own alma maters. The Ninth U.S. Circuit Court of
lars of settlement money to select checks to five of his favorite chari- number is entirely imaginary. Under Appeals approved the Google settle-
charities. ties—and receiving a full fee either the settlement, class members get ment my firm challenged because it
In French, cy pres (pronounced way—will have a strong incentive to nothing and Google makes no mate- Tech companies that settle class thought actually distributing the
see-PRAY) means, roughly, “as near leave the clients with nothing. rial change to its practices—but the actions often tacitly collude with money to such a large class would
as possible.” As a legal doctrine it That’s exactly what happened in the attorneys collect more than $2 mil- plaintiffs’ attorneys to funnel be too difficult. But under the new
typically applies to charitable trusts case we’re asking the justices to lion. The rest of the money is going money to the defendants’ preferred standard they created, almost any
that have outlived the cause or issue take up. to a variety of charities affiliated charities. In such cases the “relief” class-action lawyer can claim the
they were originally established to Paloma Gaos filed a class action with Google and the plaintiffs’ at- to the class can be entirely illusory, same thing. When other appellate
address. Under cy pres, for instance, in 2010 in the Northern District of torneys, essentially allowing the because the money would likely courts have applied the correct
standard and agreed that attorneys
shouldn’t get paid unless their cli-
WORLD NEWS
.
Mixed 1.5 Green 12.8 Black 7.2
Brazilian airports last year, offi- with her partner, Priscilla. country where about 80% of the mand is growing fastest
ly
cials and sperm-bank directors The preference for white Asian 1.2 Hazel 11.6 Red 2.1 richest 1% are white, according among the latter two groups.
said, up from 16 in 2011. donors reflects a persistent Black 0.2 Black 0.1 to Brazil’s statistics agency. Eduardo Motta, a director at
U.S. sperm-bank directors preoccupation with race in a Imports are rising in part the Huntington fertility clinic
said preferences like those of country where social class and on Source: Brazil's national health surveillance agency THE WALL STREET JOURNAL. because many Brazilians sim- here, said his well-off patients
Brazilian purchasers hold skin color correlate with glar- ply don’t trust the national often insist on blue-eyed donors
across their global market. ing accuracy. More than 50% of colonizers and immigrants— In such a racially divided product. Unlike in the U.S., it because they see that character-
“The vast majority of what we Brazilians are black or mixed- many of whom were lured to society, having fair-skinned is illegal to pay men to donate istic as a surefire way to get a
have and what we sell are the race, a legacy of Brazil having Brazil in the late 19th and offspring is often viewed as a their sperm here, so domestic donor that “doesn’t put in jeop-
us l,
Caucasian blond-haired, blue- imported more than 10 times early 20th centuries when the way to provide a child with stocks are low and information ardy the color of the skin.”
eyed donors,” said Fredrik An- as many African slaves than ruling elite explicitly sought to better prospects, from a about Brazilian donors sparse. White heterosexual couples con-
al a
e
dreasson, CFO of Seattle Sperm the U.S.; it was the last West- “whiten” the population—con- higher salary to fairer treat- “It basically says ‘brown sider this important, he said,
Bank, which provides about a ern country to ban slavery, in trol most of the country’s po- ment by the police. eyes, brown hair, likes ham- when an infertile husband plans
quarter of Brazil’s imports. 1888. The descendants of white litical power and wealth. Money is also a factor set- burgers’ and what their zodiac to pass the child off as his own.
ci on
American, Canadian and has slowed while U.S. imports of vehicles and parts have risen. could alter the pace of talks.
Mexican officials are signaling At the end of the latest
they have cleared a roadblock U.S. auto and parts workers, U.S. imports of passenger round of Nafta talks in Mexico BY JAKE MAXWELL WATTS
m rp
on auto-industry issues that change from previous year cars and parts earlier this month, Mr. Light- AND YANTOULTRA NGUI
PEDRO PARDO/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.S. Trade Representative ment in principle. Mr. Gua- the half brother of North Ko-
Robert Lighthizer struck a jardo said last week that the rea’s leader, prosecutors have
conciliatory tone on Wednes- 4 50 three countries need to reach yet to establish a clear mo-
day in testimony before Con- From Canada a deal by the end of April, or tive—raising the prospect no
gress on the auto proposal, they might extend talks until one will be convicted.
which includes the U.S. de- 2 25 late 2018 because of the Mexi- The chief investigator had
mand that a revised Nafta re- can and U.S. votes. to defend his case against an
quire light vehicles to contain Leftist nationalist Andrés increasingly glaring weak-
0 0
50% U.S. content to cross U.S. Manuel López Obrador, the ness—the absence of the main
borders duty-free. 2010 ’15 ’17 2010 ’15 ’17 presidential candidate who North Korean suspects, who
Mr. Lighthizer told mem- Employees at a Volkswagen Sources: U.S. Census Bureau (imports); Labor Department via Federal Reserve Bank of St. currently leads Mexican polls escaped after the killing.
bers of the House Ways and car plant in Puebla, Mexico. Louis (employees) THE WALL STREET JOURNAL by a wide margin, warned on Wan Azirul Nizam Che Wan
Means Committee the U.S. Tuesday that negotiations Aziz has become the face of a
auto proposal—widely seen as to reach a deal as early as next “Did we get to somewhere quirement for every car. shouldn’t conclude before beleaguered prosecution strug-
n-
the most contentious issue in month, people familiar with where you could shake hands A senior Mexico official this July’s election. He named a gling to identify a motive for
the negotiations—is meant to the talks say, before a likely and say, ‘We’ve got a deal?’ ” week also pointed to a more former World Bank economist the only suspects arrested. The
draw more manufacturing jobs stall in the run-up to Mexican he said. “Absolutely not. But I compromising tone on the auto who once represented Mexico women say they were aspiring
back to the U.S., especially elections in July and U.S. mid- took it as being a positive issue, saying the parties were at the World Trade Organiza- actresses manipulated into
no
from Mexico. He added Canada term elections in November. thing that they had another weighing proposals that don’t tion to lead the country’s murdering Kim Jong Nam on
likely has a similar objective, On Tuesday, Canada’s am- way of getting at that issue.” necessarily require national Nafta negotiating team should Feb. 13 last year at Malaysia’s
since its manufacturing sector bassador to the U.S., David Mr. MacNaughton said the content. Mexico’s Economy he win the election. main airport, as part of an in-
has lost capacity to lower-cost MacNaughton, told reporters ideas build on proposals Cana- Minister Ildefonso Guajardo The Trump administration tricate hoax.
jurisdictions such as Mexico. in Washington that U.S. offi- dian officials presented in Jan- plans to meet with Mr. Lighthi- might also want a quick end to The slaying added fuel to a
“Our hope is we get some- cials appeared to have soft- uary to broaden the definition zer before Easter and ahead of the Nafta talks in view of U.S. drive to isolate North Ko-
thing that some of the large ened their approach on auto- of what could be counted to- the next round of talks, tenta- Thursday’s announcement on rea and its leader, Kim Jong
manufacturers will find useful,” content rules. ward U.S. content, including tively scheduled for April 8, trade actions against China, Un, to counter its worsening
Mr. Lighthizer said. As for talks “They put some interesting items such as software, tech- one Mexican official said. according to one trade analyst. nuclear menace.
among the three Nafta coun- ideas on the table…which were nological components, and raw Mr. Guajardo said last week The U.S. “will need all its The investigator, Mr. Wan
tries on autos, “we are trying actually quite creative. To materials like steel. He also that rules of origin for the au- trade resources on China and Azirul, said Thursday he didn’t
to work our way through that,” which we sort of said, ‘Yeah, said the recent American pro- tomotive sector would have to not on fighting North Amer- agree with the defense that the
he said. “And I think we are in we can work with that,’ ” Mr. posals could help the U.S. change in the renegotiation of ica,” said Eric Miller, global absence of the four North Ko-
a position where we are start- MacNaughton said in remarks achieve its goal of safeguard- Nafta. Current rules aren’t fellow at the Washington- reans suspected of orchestrat-
ing to converge.” to the Canadian Press news ing auto production there, po- sustainable, he said, as they based Wilson Center. ing the killing would prejudice
A breakthrough on autos agency, confirmed by the Ca- tentially without a strict were defined nearly 26 years —Santiago Pérez the trial of the two, who face
could put the parties on track nadian embassy. American-made content re- ago based on 1992 model cars. contributed to this article. the death penalty if convicted.
WORLD WATCH
EUROPEAN UNION bury,” EU leaders said in their The evacuation in Harasta on
statement. “It agrees with the Thursday is the first of its kind
Leaders Back U.K. United Kingdom government’s since the rebel enclave of East-
Over Spy Poisoning assessment that it is highly ern Ghouta was besieged by
likely that the Russian Federa- Syrian regime forces in February,
European Union leaders pointed tion is responsible.” forcing thousands of civilians to
the finger of blame at Russia over For now, new EU-wide sanc- flee a relentless ground assault.
the poisoning of a Russian former tions aren’t on the table but the It brings the regime of Syrian
double agent in Britain, backing bloc’s leaders signaled that could President Bashar al-Assad,
U.K. Prime Minister Theresa May’s change if Russia doesn’t cooperate backed by Russia and Iran, within
claim that there was no other with investigations into the attack. reach of capturing the area and
plausible explanation. —Laurence Norman eliminating the main opposition
In a significant show of soli- and Jenny Gross bastion near Damascus. Mr.
AMMAR SAFARJALANI/XINHUA/ZUMA PRESS
S&P 2643.69 g 2.52% S&P FIN g 3.70% S&P IT g 2.69% DJ TRANS g 2.85% WSJ $ IDX À 0.14% LIBOR 3M 2.286 NIKKEI (Midday) 20827.92 g 3.54% See more at WSJMarkets.com
STEPHEN LAM/REUTERS
BY BRENT KENDALL Warner’s stable of program- morning for a chance to wit- at cheaper prices. basic $20-a-month TV pack-
AND DREW FITZGERALD ming, including the Turner ness the start of the proceed- ages, both of which carry
networks and HBO. ings. The crowd filled two Turner channels.
WASHINGTON—The Justice “If the merger goes for- courtrooms and included the Google’s YouTube TV of-
Department and AT&T Inc.
traded legal jabs Thursday as
a federal judge opened pro-
ceedings on whether the tele-
ward, consumers all across
America will be worse off as a
result,” said Justice Depart-
ment lawyer Craig Conrath.
companies’ chief executives,
AT&T’s Randall Stephenson
and Time Warner’s Jeff
Bewkes, as well as U.S. anti-
$400M
DOJ estimate of added cost to
fered more proof of Turner’s
power, the Justice Department
lawyer said. The cablelike
streaming service launched
Mark Zuckerberg
.
of its users’ information will
ly
help identify and deter bad ac-
In Empire biologic drugs, implementing a Top 10 drugs (2015) of thousands of apps that col-
us l,
BY CHRIS KIRKHAM
e
lation that promoted lower Eylea Regeneron $1.84 billion “many millions of dollars,” Mr.
AND KATE O’KEEFFE prices. Zuckerberg said in an inter-
The move came after months Rituxan Genentech/Biogen $1.58 view.
ci on
Steve Wynn sold his entire of intense lobbying last year by Facebook will dispatch au-
Neulasta Amgen $1.27
stake in Wynn Resorts Ltd. on pharmaceutical companies to ditors to analyze the servers
Wednesday and Thursday, the overturn an Obama administra- Remicade Johnson & Johnson $1.26 of developers who scooped up
company said, the final step in tion policy, introduced in 2015, Total a suspicious amount of data
a dramatic exit after female that rewarded doctors with $23 billion Lucentis Genentech $1.17 and interrogate them about
er rs
employees made allegations of larger profits if they used the (2015) their business practices. It
sexual misconduct against the lowest-price biosimilars, which Avastin Genentech $1.13 isn’t clear how many apps will
casino giant’s co-founder. are genericlike copies of brand- Xgeva Amgen $0.93 need audits—which Facebook
The sale of $2.1 billion name biologic drugs. The ratio- expects will be most expensive
m e
worth of stock over two days nale was that steering doctors Herceptin Genentech $0.65 part of the process—and Face-
followed a series of moves he to lower-price products would book still doesn’t know
and the company made in re- compel drugmakers to cut Alimta Eli Lilly $0.55 whether its investigation will
m rp
cent weeks to allow Mr. Wynn prices to capture market share. take a matter of months or
Velcade Takeda $0.51
to untangle himself from the Drugmakers argued the old longer to complete, Mr. Zuck-
casino corporation amid a se- rule would discourage invest- erberg said.
ries of investigations by state ment in biosimilars. “Like any security precau-
Drug type (2014) Generic alternatives available (2014)
gambling regulators. The Trump administration’s tion, it’s not that this is a bul-
co Fo
Until Wednesday, Mr. Wynn new policy is an industry- Spending on expensive biological medicines Drugs lacking generic competition represent letproof solve,” Mr. Zucker-
had been the company’s larg- backed approach that drugmak- dwarfs their usage among patients vast majority of spending, but only a third of berg said. “It’s not that any
est shareholder, owning about ers say will help them earn suf- administrations to patients process by itself is ever going
12% of its stock. ficient profit on their to find every single thing,” but
Drug spending Drug administrations Drug spending Drug administrations
That day Mr. Wynn sold investments in biosimilars. In it will be a strong deterrent to
4,104,999 shares of common turn, drugmakers say, the policy Synthetic Biologic Synthetic Biologic Yes No Yes No stop developers who are “do-
stock in open market transac- will attract more competitors to 32% 68% 76% 24% 11% 89% 66% 34% ing bad things” and help Face-
tions at $180 a share, Wynn the market and reduce drug book track down what users’
Resorts said in a Thursday fil- costs over the long term. It is data was mishandled, he
ing, for a combined $738.9 an argument industry lobbyists added.
million. Wynn Resorts had made repeatedly last year in “The real point of what
said earlier on Wednesday dozens of meetings with mem- we’re trying to do is to make
that Mr. Wynn “intends to sell bers of Congress and federal it a lot harder for anybody to
all or a portion” of his stock. and White House officials, ac- misuse the data,” he said.
n-
On Thursday evening the cording to a Wall Street Journal Note: Only includes drugs paid based on average sales price. The comments underscore
company said two existing in- analysis of federal lobbying dis- Source: U.S. Government Accountability Office THE WALL STREET JOURNAL. the challenge confronting
stitutional shareholders pur- closure records. Facebook as it seeks to quell a
chased Mr. Wynn’s remaining Coherus BioSciences Inc., a ing, Coherus executive vice costliest drugs in Medicare Part Plans, the health insurer trade controversy that has knocked
no
8 million shares, for a com- biosimilar developer that lob- president for sales and market- B were biologics and repre- group. its stock price lower and trig-
bined $1.4 billion. A company bied for the change, has called ing, on a recent conference call sented $9.8 billion in spending. “Such a policy would de- gered renewed calls for gov-
spokesman did not respond to the new policy a significant vic- with analysts. Opponents of the change in- crease price competition be- ernments to better regulate
a request for comment on tory. “We view that as very, The new payment policy will cluded the Medicare Payment tween the biosimilars and result technology businesses that
which investors bought the very positive for our company affect biosimilars paid for under Advisory Commission, an inde- in higher spending for benefi- hold mountains of information
shares. and our industry because it es- Medicare Part B, which covers pendent agency that advises ciaries and taxpayers,” MedPac about their users. It is notori-
It was also unclear Thurs- sentially means that we’re in outpatient doctor and hospital Congress; AARP, the large advo- wrote in a September 2017 let- ously difficult to track down
day evening who the com- command of our own pricing services for the elderly and dis- cacy group for older adults; and ter to federal officials. and secure personal informa-
pany’s largest shareholder is. strategy,” said Michael A. Flem- abled. In 2015, eight of the 10 America’s Health Insurance Please see BIO page B2 Please see DATA page B4
As of Thursday morning, be-
fore Mr. Wynn sold off the re-
mainder of his stake, his ex-
wife, Elaine Wynn, would have
been the largest shareholder
INSIDE Role of Human ‘Driver’ Is
with a 9.3% stake in the com-
pany, followed by Vanguard
Group, which owned 8.5%.
The sales by Mr. Wynn had
Scrutinized in Uber Fatality
earlier been restricted by a
complex shareholder agree- TEMPE, Ariz.—The test op- Vasquez, is seen in a video ground-check requirements
ment with two other parties. erator in the Uber Technolo- looking down for several sec- and remains an employee.
Wynn Resorts also an- gies Inc. self-driving car that onds as the car moved at about Uber generally screens for vio-
nounced Thursday that Hong killed an Arizona woman was 40 miles an hour, right before lations or criminal history dat-
Kong-listed casino operator a felon with a history of traffic it hit and killed a pedestrian. ing back seven years, part of a
Galaxy Entertainment Group According to Arizona De- policy that gives a second
has agreed to purchase 5.3 By Tim Higgins, partment of Corrections re- chance to potential drivers
million shares of Wynn Re- Greg Bensinger cords, the driver was convicted who made prior bad decisions,
sorts at $175 each, resulting in and Alejandro Lazo and received a five-year sen- according to the spokeswoman.
$927.5 million in gross pro- tence in Maricopa County for More than three moving vi-
ceeds for the U.S. company. citations who wasn’t watching attempted armed robbery in olations within the past three
The purchase of these new the road before the accident 2000 and served the sentence years is typically enough to
shares will give Galaxy a 4.9% happened, facts that raise new concurrently with a one-year disqualify a potential driver,
stake in Wynn Resorts, which questions about the company’s sentence for a false-statement according to Uber’s poli-
competes against Galaxy in the testing process for autono- conviction in 1999. In 1998, the cies. Uber declined to com-
Chinese territory of Macau, mous technology. driver pleaded guilty to driv- ment further.
which is the world’s largest The accident and its result- ing with a suspended, revoked Uber has tussled with regu-
gambling hub and Wynn’s ing disclosures are a potential or canceled license in Tucson lators about background
most important market. setback in the progress of self- City Court and was cited for checks of drivers.
Grant Govertsen, an analyst driving cars and to Uber, failing to produce proof of in- In November, Colorado offi-
at Macau-based Union Gaming, which has grappled with a surance and for driving with- cials fined Uber $8.9 million
praised the move as strategic number of problems including out a current registration. after discovering it had al-
in a note. “We think the mar-
ket was largely ignoring the PRIVATE EQUITY HOLDS legal woes and clashes among
its board and investors that
The case wasn’t fully re-
solved until 2012. The driver
lowed several dozen drivers
Please see CRASH page B5
significant risks to the Wynn
Macau licenses should the
$1 TRILLION IN TIGHT FIST led to the replacement last
year of its founder and chief
couldn’t be reached.
An Uber spokeswoman said Car’s failure to brake puts
company continue to operate executive. the driver, who identifies as focus on sensor........................ B5
as is without a takeover or sig- VENTURE CAPITAL, B6 The driver, whom police Rafaela, fell well within the Uber gets $1.5 billion in
Please see WYNN page B10 have identified as Rafael company’s standard back- leveraged-loan deal.............. B10
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
Fenwick, Suzanne.......B2 Wu Shenyi...................B4
Fleming, Michael A. ... B1 Okada, Kazuo..............B1 Wynn, Elaine...............B1 could lead to unpredictable Instead, the money markets in 2008.
ly
Freund, Matt.............B12 Parker, Mark ............... B3 Wynn, Steve...............B1 ruptures as the markets are being distorted by a The regime shift in 1994
adapt to a new monetary re- combination of vast U.S. gov- may be a better parallel, be-
gime. The danger signals at ernment borrowing needed
The trouble is that cause banks are stronger and
BIO Unlike traditional pills made the moment are coming from for the deficit-financed tax distorted money structured finance is less
from chemicals, biologic drugs
are proteins made in living
on the money markets, where
banks are having to pay a
cut and companies shifting
offshore money from corpo-
markets have real- prevalent than a decade ago.
The Fed’s surprise rate in-
cells, which are sometimes ad- bigger premium to borrow rate bonds into cash ready to world effects. creases in early 1994 hum-
Continued from the prior page ministered via infusion or injec- than during the 2012 euro spend. Regulatory restric- bled some of the biggest
us l,
The change is one example of tion at a doctor’s office or hos- crisis. Savers are directing tions on balance sheets limit names in finance, with
how the Trump administration’s pital. Physician practices and their money to the U.S. Trea- banks’ ability to step in and hedge-fund legend Michael
al a
e
efforts to make regulations hospitals typically purchase sury rather than the banks, even out the distortions. When markets shift re- Steinhardt closing up shop
more business-friendly have these pharmaceuticals upfront just as they did in the past The trouble is that dis- gime, those who gambled ev- the following year. But Mex-
benefited drugmakers. The ad- and bill Medicare or other in- two major crises. torted money markets have erything on the old model ico was bailed out, and U.S.
ci on
ministration made cuts to a surers. The cause this time isn’t a real-world effects. The U.S. get crushed. The first symp- stocks came through without
government program requiring Biosimilars, which are just panicked flight to safety. Yet, Treasury is crowding out tom of change came last a serious selloff.
pharmaceutical companies to starting to come on the U.S. the money-market stress short-term financing for the month, when structured History won’t repeat pre-
provide steep discounts to cer- market, are cheaper than their comes amid a transition to a private sector, while the products designed to bet on cisely. But tighter financial
tain hospitals, and proposed brand-name counterparts. So new phase of the financial huge cash piles that compa- volatility were cleaned out. conditions expose those who
er rs
limits on Medicare beneficia- far, only two products are di- and economic cycle. It is a nies built up are no longer What else is lurking? have been, as Warren Buffett
ries’ annual out-of-pocket costs rectly affected by the new pol- time when those who fail to available to finance other The first to face problems puts it, swimming naked.
for drugs, which would make it icy: Inflectra from Pfizer Inc. prepare can be exposed—and companies’ bonds. from higher dollar costs are The change in the regime is
easier for patients to afford ex- and Renflexis from Merck & Co. in the past such shifts have The result is that the tril- usually offshore dollar bor- big: from dovish to hawkish,
m e
pensive medicines. and Samsung Bioepis. Both led to the collapse of hedge lions of dollars of loans tied rowers. Speculators have midcycle to late cycle, fear-
“The Trump administration drugs are biosimilar versions of funds and banks, and even to Libor cost more than they piled into the biggest-ever ing deflation to fearing infla-
may be talking against [high] Johnson & Johnson’s Remi- sovereign defaults. otherwise would, while high- futures bets on rising cash tion.
m rp
cade, an anti-inflammatory drug Today’s insistent warning quality, short-term corporate yields for offshore dollars, Hopefully the victims of
with $4.5 billion in U.S. sales is coming from the extra bond yields are up, albeit known as eurodollars. But so the shift this time won’t be
last year. cost that banks pay to bor- from low levels. The effect is far, there are few signs of big enough to shake the en-
Drugmakers argued Under the previous policy, row dollars from each similar to the Fed having stress for dollar borrowers tire system.
the old rule would Medicare reimbursed doctors
co Fo
idea that the administration drug reimbursed under its own tives and senior managers have
seeks to accommodate drug- code, at the price negotiated by left since Amazon acquired
makers. its maker. Whole Foods last year, accord-
The OMB official said the After Mr. Trump’s election, ing to former employees and
no
administration is grappling with the industry began a lobbying recruiters steering them to new
how to lower costs while also effort to have the Department jobs. People who have left in-
promoting innovation. of Health and Human Services clude leaders of the bakery,
“The president wants to change the payment rule, ac- produce, sustainability and lo-
lower drug prices, but he is cording to federal lobbying re- cal-foods divisions.
TAMPA BAY TIMES/ZUMA PRESS
sympathetic to the fact we want ports and congressional aides. Some veterans have left even
a robust drug industry that can The Journal’s analysis of those though higher-ups asked them
develop new medicines for the reports shows 16 drugmakers, to stay. Others say they were
American people,” the official industry trade groups and non- pushed out after the deal was
said. profits lobbied Congress or fed- announced but before it closed,
The new biosimilar policy is eral agencies about biosimilar as Whole Foods sought to
a market-friendly approach that reimbursement in 2017. tighten command.
will bring savings, the official —Tom McGinty Executives from Amazon and
said. contributed to this article. Whole Foods said that the two The natural grocer has lost more than a dozen executives and managers since its acquisition by Amazon.
companies share a customer fo-
BUSINESS NEWS
Credit
Reports
Ackman Nets $100 Million in Nike
Pershing Square sold
To Remove stock after a 32% rise;
activist needs a gain
Tax Liens to hold on to investors
BY ANNAMARIA ANDRIOTIS BY DAVID BENOIT
crease the chance they will get The activist investor dis-
new loans from banks. closed in January that it had
The firms, TransUnion, taken the stake in the fourth
Equifax Inc. and Experian quarter, intending to keep it as
PLC, have decided to delete a passive bet on a company it
the liens from credit reports believed was undervalued. But
and to stop adding new tax- after the stock jumped some
lien information, according to 32% from Pershing Square’s
a court document and two of purchasing costs, it sold the
the companies. The changes stake, people familiar with the
will go into effect as soon as matter said.
April. Pershing Square owned
The effort to remove the about 5.8 million shares at the
tax liens could affect millions end of 2017, which would
of borrowers. More than 5.5 mean the bet scored about
million liens will be removed $100 million in profit. The ex-
from consumers’ credit re- act size of the take couldn’t be The sportswear maker’s sales rose 7% to $9 billion for the three months ended Feb. 28. Its sales in North America declined 6%.
ports as a result of the determined, given the poten-
changes, according to esti- tial for other trading tied to 6.2% this year through Tues- Nike last recorded a quar-
mates by LexisNexis Risk Solu- Nike that the firm didn’t dis- day with bets on Fannie Mae terly net loss in May 1998. Nike CEO Cites ‘Deep provide additional details.
tions, a unit of RELX Group close. and Freddie Mac, Mondelez Sales in Nike’s home mar- Last week, The Wall Street
PLC that provides lien and This year is critical for Per- International Inc. and Auto- ket, North America, declined Leadership Bench’ Journal reported that Nike had
judgment information to shing Square and Mr. Ackman. matic Data Processing Inc., 6% to $3.6 billion for the latest received internal complaints that
credit-reporting firms and As a result of bad bets on com- which are all in the red. period. Executives said they preceded the exits of two execu-
lenders. panies including Valeant Phar- On Thursday, Nike re- expect the region to be Nike Inc. Chief Executive tives. Nike said Trevor Edwards,
For consumers, the change maceuticals International Inc. ported its latest results after roughly flat in the current Mark Parker told investors the the company’s No. 2 executive,
means that a negative event and Herbalife Ltd., the firm has the stock market closed. The quarter and to return to sales company has “a deep leader- resigned as Nike brand president
.
that could have held them suffered three straight years of company’s sales rose 7% to growth in the quarter that be- ship bench,” a week after com- and is retiring in August. Jayme
ly
back from getting approved declines that have spurred in- $9 billion for the three gins in June. plaints about workplace behav- Martin, a vice president and gen-
for financing will be wiped off vestor withdrawals and months ended Feb. 28. Shares of Nike fell 2.9% to ior triggered a management eral manager of global categories,
their credit reports. That dragged down assets. It needs The company posted a net close at $64.42 amid broad shuffle and the resignation of was forced out, people familiar
could increase their credit some wins to persuade remain- on loss of $921 million, because stock-market declines on his heir apparent. Mr. Parker with the matter said. Nike has
score and make them look ing investors to hang on. of a $2 billion charge on for- Thursday, but rallied in after- began a conference call Thurs- received complaints pertaining to
more creditworthy to lenders. The publicly traded Persh- eign earnings after the U.S. tax hours trading and were up day by saying there have been Mr. Martin but no direct com-
The three companies, which ing Square Holdings Ltd., overhaul. Pretax income was nearly 6% at $68.20. “behavioral issues” at the plaints about Mr. Edwards, a per-
provide vital, behind-the- which closely tracks Mr. Ack- $1.2 billion, down 12% from —Sara Germano sportswear company but didn’t son familiar with the matter said.
us l,
scenes services in consumer man’s private funds, had lost the previous year. contributed to this article.
credit, have been grappling
al a
BUSINESS WATCH
e
with class-action lawsuits over
mation.
In TransUnion’s case, the CONAGRA BRANDS The grocery chain said Thurs-
lawsuits are playing a role in
its decision to remove tax
liens from credit reports, ac-
To Comedian’s Media Firm Food Maker Lifts
Outlook for Profit
day it doesn’t believe proposed
board changes from Blackwells
are necessary to boost share-
er rs
This would be the second trepreneur Byron Allen struck day raised its profit outlook de- FORD MOTOR
time in about nine months a deal to acquire the Weather spite rising costs for ingredients
that the credit-reporting firms Channel from Comcast Corp. and shipping. Auto Maker Deepens
m rp
have moved to remove public and private-equity firms Conagra on Thursday pro- Partnership in India
records information from Blackstone Group LP and jected adjusted earnings of up to
credit reports. In July, they Bain Capital for $300 million. $2.05 a share for its fiscal year Ford Motor Co. is taking
began removing most civil Mr. Allen said Thursday ending in May, about 8% higher steps to solidify its partnership
judgments and many tax liens. that he is buying the Atlanta- than expected. It expects sales with Indian auto maker Mahin-
co Fo
That effort was focused on based television network to grow 2% on a comparable ba- dra & Mahindra Ltd. by jointly
TIFFANY ROSE/GETTY IMAGES FOR LUPUS LA
removing judgments and liens through his company, Allen sis in the current quarter. developing several new models,
on which the companies didn’t Media LLC. Conagra also followed General an attempt at lowering costs in
have enough personal infor- The head of Entertainment Mills this week in saying it an important emerging market.
mation to be certain that they Studios Inc., which owns eight might raise prices to reflect The Dearborn, Mich., based
were matching the events to cable networks such as Pets.TV higher costs. Chief Executive car maker said Thursday it would
the correct consumer credit and Comedy.TV and produces Sean Connolly said keeping develop new sport-utility vehicles
reports. movies and television shows, prices flat while costs rise would and a small electric car through
Mr. Allen said the Weather cut into product-development in- the partnership and sell them in
Channel will provide leverage to vestments that grocery stores India and other emerging mar-
expand the rest of his holdings. want Conagra to make. kets where demand is high for
The effort to remove “It is a stronger relative to Net income for its latest low-cost cars that return only
the tax liens could help pull us along,” Mr. Allen Byron Allen’s company plans to buy the network for $300 million. quarter rose to $362.8 million. slim margins.
said. He plans to acquire other Adjusted earnings, excluding The move is part of a broader
affect millions
n-
independent media assets to favor of lower-priced stream- work’s format beyond more in- one-time events like a lower tax strategy under Chief Executive
of borrowers. better position his company in ing services, an issue facing vestment. rate, came to 61 cents a share. Jim Hackett to cut costs by us-
the wake of consolidation cable networks across the dial. For Comcast, Bain and Revenue rose 0.7% to $2 billion. ing partnerships to help defray
among bigger media firms, in- The Weather Channel does Blackstone, the sale ends a less- —Annie Gasparro the hefty expense of engineering
no
cluding AT&T Inc.’s purchase of have its own special set of is- than-stellar run with the and building new models.
An Experian spokesman satellite broadcaster DirecTV sues that could make future Weather Channel assets. NBC- SUPERVALU —Christina Rogers
said the company removed and proposed acquisition of growth challenging. Weather Universal, then owned by GE,
about half of tax liens from its Time Warner Inc., which is be- information is now readily along with the private-equity Blackwells Mounts MONSANTO
credit-report information da- ing challenged in court by the available to consumers via mo- firms bought the Weather Fight for Board Artificial Intelligence
tabase last year and that it has Justice Department. bile devices. Efforts by the Channel from closely held
continued to monitor tax-lien Once in more than 95 mil- Weather Channel to go beyond Landmark Communications in A proxy fight is under way at Is Brought to Bear
submissions for compliance lion homes, the Weather Chan- rain and snow and into enter- 2008 for $3.5 billion. Comcast Supervalu Inc. as an activist in-
with a settlement the three nel’s national distribution has tainment and reality program- inherited NBCUniversal’s 25% vestor seeks to overhaul the Monsanto Co. is using artifi-
credit-reporting firms reached fallen over the past decade to ming have fallen flat, and ca- stake in the Weather Channel board at one of the largest gro- cial intelligence to forecast farm-
with state attorneys generals just over 80 million homes. ble and satellite operators when it bought NBCUniversal cery companies in the U.S. ers’ need for crop seeds, and
dating back to 2015. Much of the subscriber losses have squeezed the network to from GE. In 2015, the owners Blackwells Capital LLC, save money.
An Equifax spokes- can be attributed to consum- lower its distribution fees. sold the digital assets to Inter- which was already pushing for Jim Swanson, chief informa-
woman said that “after a con- ers cutting the cord to their Mr. Allen said he doesn’t national Business Machines change at Supervalu, has nomi- tion officer, said machine-learning
tinued review of tax liens, traditional pay-TV packages in plan major changes in the net- Corp. for $2 billion. nated candidates for six seats techniques have produced more
Equifax determined that with on the nine-person board. accurate projections of how much
only a small amount of tax Supervalu officials said the extra seed Monsanto needs to
liens remaining on our files,
all tax liens would be removed
and no longer be reported.”
For lenders, the move cre-
Ex-Takata Staffers Settle Fight advancement of six candidates
constitutes an effort to take
control of the company. Super-
valu said it is outsize to the
keep on hand, helping to reduce
its “safety stock.” Whereas the
world’s largest seed supplier used
to maintain a safety stock of
ates a potential blind spot for BY MIKE SPECTOR case, the people said. $850 million Takata owed to stake the firm holds and is un- about 5% of production, AI has in
risk. Lenders rely on credit re- The settlement is expected car companies set aside while fair to other shareholders. some cases helped get that down
ports to help determine Three former Takata Corp. to be outlined in court docu- awaiting a review of their as- Supervalu said excluding cer- to 2%, Mr. Swanson said at an
whether consumers are likely employees calling themselves ments during coming days, the sertions by the U.S. transpor- tain options, Blackwells has a 2% event in Chicago. “That’s signifi-
to pay back loans that they are whistleblowers settled a legal people said. tation secretary. stake. Including those options, cant dollars,” he added.
applying for. A tax lien, which battle over $850 million the Lawyers were still in the Auto makers, federal prose- Blackwells put the stake at 4.9%. —Jacob Bunge
basically follows when a tax- supplier of exploding air bags process of signing settlement cutors and a court-appointed
payer hasn’t paid what is due owes to car companies shoul- documents on Thursday that official overseeing the restitu-
in taxes, is a negative event dering costs for unprece- would require a bankruptcy tion fund had opposed the for-
that can result in lenders de- dented safety recalls. judge’s approval, so a deal mer employees’ attempt to
clining loan applicants. The former employees isn’t guaranteed, they said. freeze the money.
Lenders who want to keep reached a settlement this A settlement would clear The former employees said
SARAH L. VOISIN/THE WASHINGTON POST/GETTY IMAGES
tabs on such liens and other week with the Japanese auto- the way for payouts to auto in court filings that they pro-
judgments will need to take motive supplier that would makers recalling tens of mil- vided evidence to U.S. officials
the extra step of finding a end their attempt to freeze lions of air bags that risk ex- that Takata concealed design
company that will sell them $255 million of a legally man- ploding in crashes and spray- flaws and problems that
that information or go through dated restitution fund for car ing metal shards, a defect emerged in testing of the air
public records themselves. companies, people familiar linked to nearly two dozen bags. The information assisted
The latest move comes as with the discussions said. deaths, hundreds of injuries authorities in criminally pros-
credit-reporting firms face In exchange for dropping and the largest automotive re- ecuting Takata, they said.
class-action lawsuits. Allega- their pursuit of the auto mak- call in U.S. history. The court-appointed official
tions in those suits include ers’ restitution, the former The former employees had overseeing the compensation
that the companies haven’t Takata employees are ex- made claims for financial fund for auto makers disputed
been accurately updating tax- pected to be considered awards under a nascent fed- the former employees’ claims,
lien information to reflect among other creditors for a eral law covering whistleblow- in part arguing they didn’t
when the matter is withdrawn potential financial recovery in ers at automotive companies. provide crucial information to
or otherwise put to rest. the supplier’s U.S. bankruptcy They wanted a portion of the authorities. Supervalu opposes board changes proposed by Blackwells Capital.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
TECHNOLOGY WSJ.com/Tech
.
that many questions were left ing policies to add structure The controversy knocked a provements to user-data poli- who also deleted her account contributed to this article.
ly
DATA internet advertising industry
should have a lower transpar-
ency standard than print or
TV ads,” he said. But he didn’t
onreview process. “Because of
the tools that we have...we can
get leverage and we hire
20,000, 30,000, 40,000 people
Mr. Zuckerberg
noted his openness
quiz app in 2013 that plugged
directly into Facebook’s plat-
form.
At the time, the social-me-
other developers might have
done the same.
Many of the offending
apps may no longer exist and
Continued from page B1 say other specific areas where and that is a reasonable dia company’s platform al- it is hard to pin down how
tion once it has been un- Facebook would be open to amount,” he said.
to rules requiring lowed outsiders access to ex- much of the data they col-
us l,
leashed online, experts and more regulation. Facebook’s current crisis more disclosure. tensive data about its users as lected was copied or distrib-
former Facebook employees Over the past 18 months, began last Friday, when it said well as their Facebook connec- uted or where those copies
al a
e
say. Facebook has promised to hire it was looking into reports tions. By 2015, Facebook had might exist.
Mr. Zuckerberg reiterated more content moderators and that data-analytics firm Cam- severely restricted the amount Mr. Zuckerberg said, inter-
his openness to regulation re- security experts to help the bridge Analytica, which sity of Cambridge, years after of data available to outsiders, nally, company officials dis-
ci on
quiring more disclosure company handle its various worked with the Trump cam- the parties certified to Face- but by then app developers cussed whether “there are
about online advertising—an challenges. Mr. Zuckerberg paign in 2016, retained Face- book that the records had like Mr. Kogan already had enough trained audit teams in
area Facebook is already said the company’s artificial book user data obtained by been expunged. data about Facebook users in the world to go audit the
working on. intelligence tools will help Aleksandr Kogan, a psychol- Mr. Kogan collected the hand. number of apps that were us-
“There’s no reason why the Facebook bolster its human- ogy professor at the Univer- data by creating a personality- It isn’t clear how many ing our platform.”
er rs
Kong Xi- thousands of articles and vid- said, were early adopters, huge online population that
aohua, a mid- eos. She posts links to recruit while the second was driven by isn’t shopping on Alibaba
dle-aged his- users for the app, an effort young people in major cities. Group Holding’s Taobao—the
co Fo
tory teacher in that comes with cash rewards. “About half of the Chinese dominant online market-
WANG DINGCHANG/XINHUA//GETTY IMAGES
a small town China’s relatively young in- population is not yet heavy place—with 400 million
near the bor- ternet industry is facing a internet users, and they’re monthly users. “We serve the
der with Russia, is among the mature-market problem: User the third wave of the demo- demographics not reached by
online world’s most sought- growth for popular online graphic dividend,” he says. Taobao,” says Wu Shenyi,
after users right now. Going services such as instant mes- “And they’re usually the ones chief financial officer of Pin-
after users like her marks the saging, search, online news that are in charge of a fam- duoduo. “They’re older, have
Chinese internet’s race to go and video has fallen to single ily’s daily consumption.” lower income and live in
low: lower income, lower-tier digits. Online population Only 56% of 1.4 billion Chi- smaller cities.”
cities and lower internet-ser- growth has hovered around nese—about 772 million peo- Pinduoduo works directly
vice penetration. 5% to 6% annually since 2014, ple—use the internet, accord- with factories to offer low
Ms. Kong shopped online which is only slightly higher ing to official data. The U.S. prices. The company orga-
for the first time last year. than in mature economies. reached that level of penetra- nizes group buying among us- Chinese Internet companies are now aiming to attract older
Using a social commerce app Unlike in many developed tion in 2002, according to the ers by tapping the power of Internet users as well as people in smaller cities.
n-
called Pinduoduo, she’s markets, a vast number of Chi- United Nations. WeChat, the ubiquitous so-
bought clothes and household nese are unconnected. As they Interest in the lower end of cial-media app developed by comparison, China’s top two for every article they read and
products. slowly come online, they’re the internet market has been Tencent Holdings, which is a news apps, Tencent News every new user they recruit.
She also started spending a creating a sizable market that building; live-streaming ser- Pinduoduo investor. and Jinri Toutiao, draw Mr. Tan says the program is
no
lot of time on Qutoutiao, a companies can tap into—if vices have attracted working- For news app Qutoutiao, about one-third of their us- like a game that adds fun to
news app that runs content they can figure out how. class Chinese. This time, the which means “interesting ers from smaller cities and reading because rewards are
based mostly around relation- “The Chinese internet is ex- spread of e-commerce and headlines,” more than 70% of rural areas, and women make capped at about one-tenth of
ships, cheap comedy and sen- periencing the third wave of new business models are un- its 80-million-plus registered up only 27% of their reader- a yuan—or less than 2 cents—
sational social news. The app [a] demographic dividend,” locking more potential. users live in cities with a ship, according to Analysys per day per user.
pays its users small sums to said Wang Hua, a partner at Pinduoduo, which is devel- million people or fewer, and International.
read. Ms. Kong says she’s re- venture-capital firm Sinovation oped by Shanghai Xunmeng about 60% of its readers are Qutoutiao, developed by Follow Li Yuan on Twitter
ceived 60 yuan ($9.50) from Ventures, at a speech in De- Information Technology, women, according to founder Shanghai Jifen Culture Com- @LiYuan6 or write to
the app by browsing through cember. The first wave, he saw an opportunity in the and Chairman Eric Tan. By munication, rewards readers li.yuan@wsj.com.
cease selling Huawei phones in research firm IDC. Huawei also another country.
the next few weeks, this per- runs a lower-end brand called The company’s prominence
son said. Best Buy is one of Honor, which had 0.1% of the as a network-equipment maker
several U.S. retailers, including U.S. market last year. also entered into President
Amazon.com Inc., that offer In a written statement, Donald Trump’s recent deci-
the brand. Huawei said it “values the re- sion to scuttle a proposed $117
Huawei is the world’s third- lationship it has with Best Buy billion takeover attempt by
largest smartphone vendor by and all our other retail part- Broadcom Ltd. of rival chip
units shipped, but its share of ners. As a policy, we do not company Qualcomm Inc.
the U.S. smartphone market discuss the details of our part- A government advisory
has been tiny since a 2012 ner relationships.” panel had warned that the
congressional report advised CNET reported on Best deal could blunt San Diego-
carriers against doing busi- Buy’s decision on Wednesday. based Qualcomm’s edge over
ness with the Chinese tech gi- In addition to selling smart- Huawei in wireless-technology
ant over security concerns. phones, Huawei is the world’s research.
The report about the threat, top maker of the equipment —Khadeeja Safdar
which Huawei has denied, has that goes into cellular towers contributed to this article. The electronics retailer is dropping sales of smartphones made by the Chinese wireless-equipment firm.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
TECHNOLOGY
Uber Car’s Failure to Brake Eyes on the Road Autonomous cars use an array of cameras, radar, lidar and sensors
Lidar
.
cycle across multiple lanes of have hailed as a fundamental happen and how the car
ly
traffic. They say it is clear the part of bringing driverless should respond.
system failed, though some cars to the road. Because it was night, Uber’s Sources: Srikanth Saripalli, Texas A&M University (sensor details); Uber (sensor locations);
pointed to hazards that can The collision occurred as system was likely relying WSJ analysis of Google Maps (crash scene); THE WALL STREET JOURNAL.
confuse a robot’s brain and the car was headed north- on heavily on laser sensors, called
eyes, such as shrubs that en- bound on North Mill Avenue, lidar, which emit beams that and detect objects hundreds of an object. Snowflakes, for ex- say Uber’s system could have
croach on the roadway or the which rapidly widens from bounce off objects to paint a feet away. ample, can appear to be men- been confused by the shrub
woman’s bike with bags on it. two lanes to five as it ap- picture of the world, outside But lidar sometimes strug- acing solid obstacles. It works alongside the roadway and
Uber called the video “dis- proaches a vast intersection. experts say. The bulky box of gles to create a complete pic- best at night, when there is no may not have discerned the
us l,
turbing and heartbreaking” Police on Tuesday wouldn’t sensors, mounted on the car’s ture, especially if only a few sun interference. difference between shrub
and said it has suspended test- say precisely where the inci- roof, can see in 360 degrees laser points are bouncing off Some driverless-car experts branches and a pedestrian.
al a
e
CRASH tention was a concern and fo- istential” to Uber’s future. Fully
ci on
felony convictions, a violation ployees and instructed them Internally, though, some ex-
of state rules for ride-hailing to monitor the roadway. The ecutives have called on Uber to
firms. Uber attributed the hir- employees were video re- consider paring back spending CLASS ACTIONS
ings to a “process error.” It has corded. The videos showed on it as the firm seeks an initial
m e
resisted allowing fingerprint- employees quickly became public offering in 2019.
ing in most markets, saying comfortable with the self-driv- Uber said it has a total of
the process can be lengthy and ing technology and their at- some 400 drivers in Tempe,
m rp
produce misleading results. tention wandered. Videos Toronto, San Francisco and
Drivers of autonomous ve-
hicles, called test operators or
show one employee sleeping;
another applied makeup.
Pittsburgh, where it is testing
self-driving cars. It has pulled
safety drivers, are trained to
monitor the road and to take
Sunday’s fatal crash,
thought to be the first by a
the vehicles from public roads
while the crash investigation
! "
# $ %& '
co Fo
# 9
3"
driver training document from
a startup (even a well-funded Legal Notices
'
(
"
no
( :
and robots can operate a car (
4 @ $9 '$ *$' <@ ' =*>? & '$
$&$ $'&$ $& @
5
$9 1 &'$ & :1$ $
! "
2
-; -.,? ,,@/8 "" #
together. Experts question & 11 1 (@ A$ 1
@ @
5
& <&9&'
$ $1
5?
# $ %& ###&"#$&!
4 -!
9
whether a human can handle B'
C& 5&&$<? 0'5
4' 5
& & & 1$ 5
@ DE
2
when the car’s brain hands
$
( " 0
!"
# " #A B -/7; 9
C //.-,*
over control in a complex driv-
$%&' &() +" ( ,# 8/7; <
2
-; -.,?"
ing situation, especially when 4, 4$5
& & $ 6! !
+ 7$ 8$ 9 $ 6
!
!
$ %%
#
there is little time to react. 3
! 4 7& *$' 4'
6 (
$
6
:4
$9 $$ 6 ! 1
" " 1
23 3"
2
-; -.,?
/
0 6 1
" 2
"
$
! ! %$ &'$ 6
-.
9
$
1
!4 (
5
"
Uber says background
! 44
4!
('$
'$ $
;'5$& 8$ $$
6!
6 " (
5
2
3"
( :
!" 3
checks of the self-
$ (
! 1
(
%
!"
# (
(
% !
driving car’s operator
$%&' &() *) %
"
met its guidelines. ! " #
$ $$
( 2 !"
(
3
! %$ &'$ %
&
"
( ) )'$ "
&
!*! #
'
+
!
%
!
&%#
C ,? -.,?"
!* #
'
+ ( 2
! , !* #
' -$
$
+
$
)
$
(
“This event only highlights !* #
'
+
6778..... '(%!
( "
the handover problem,” Missy , !* #
' -$
$
+ :
"
'"(" %
, !* #
' -$
$
+ 2
9 %
9
1
Cummings, a professor of me- . # "
&
$
( :
chanical engineering and mate- !! /$
$$ 0$1$$& 2 $ ! D/. E E 2$ ( 9
! /$
&3 0$1$$& "
2
( "! (
8D,.D + = -.,? ,.@.. ""
rial science at Duke University, !! /$
&3
6;8..... 1
said in an email. “If trained )
B' 2 )$
* 0$9
B' $1$& ( 1 0$1
( 59 $1$ 67;...... ( 9
$1$$& =/
)
> *
1 )
B' '5F
1 $ & & F " 3
)
‘safety’ drivers can not make
( " #
&
& $
&$ 4$ && 1 8$ ! 5 & ) )'$
" 0
themselves pay attention, how "
& &
1
&$ @ $ '$$
$ $
'& $ 1 C$ $1'
+
($
9
3
$ " :
& $1
will the rest of us fare?” 4&&
1$ 4
5& ' 5 '5& 5
5
592& +& 7&
$& @
<
$
<
<" #
Her research has found $ & & 1$ 5& < = (0">? $
0'5
4' && 6-/....
( 9
"
5 &9&
1 592& <&9&'
$ $1
5? @
5 &
people have difficulty remain- B'
C& 5&&$<? -$ &&
1$ $$& 0'5
4' & 5 +&
(
ing vigilant when monitoring 0 @ & %% %3 49' -
$ (@ A$ (A 4E G +'$
"
(
" 9
8 7$$ *
(E !
2
E F5'$H@ -
(E I &
automation for long periods. A'
7$$ *
(E
2
E '
H@ -
(E (
<
$ ,*?77*8.;*,--; $
"
Her group studied 27 subjects * 0'5
4' @
5 '5
& <@ 1 2 1 :? 6,7=-/... -/>
(
2
( "" 0
during four hours of simulated
7
$ * *$' '$J& 0'5
4' 1 *$' & $ $ $@ &95
9!
& 6778.... ,.>
2
$ $B'$& 5
5
@ & E <? $$ $9 5&&$ $ '$$ 1 1 592
driving and found vigilance & 5
& $ @ <? $$ & @$$ $ =B'
C& '
5'$>
( 9! $ #"A" B -/7; 9
C
' $ &C& )'
4<?<? $'
& 5
'&$ '$ 4 1 && < //.-,*8/7;"
decreased in about 21 minutes =(>? & =B'
C& '$$> 1$ '$ 1 <?<!? 1 :& 9 4
1 &&I & <? $ @
$
' @'
@ $$
on average. $B'$ 1 4 &
5
'$
@ $ '$' 9
& 3 $1$ & <5?
Waymo, which began work- ' $
$ & @ 0'5
4' *$' & $ $
&95
$&$
@ 4 $ $
5
@
ing on autonomous vehicle D 4
1 1$ & $ & 5 1 @
& 1 *$' 1
1
technology as a Google project 5' 1(2
BUSINESS NEWS
.
but they haven’t been outright of Unilever PLC’s spreads unit, 0.6 8 dard fund life of 10 years, the deals of the past spell oppor-
ly
purchases for double-digit bil- which has struggled in the face list gets much longer. Univi- tunity.
lions. In January, for example, of declining margarine con- 6 sion Communications Inc., for Private-equity firm Z Capi-
0.4
Blackstone Group LP an- sumption. 4 example, was taken private in tal Group has found at least
nounced a deal to take a 55% “What we’re in is a situa- 0.2
on 2007 in a $13.7 billion lever- three of its recent deals scour-
stake in the financial-informa- tion where you leave no stone 2 aged buyout by a consortium ing old funds it defines as
tion and terminal business of unturned in terms of trying to 0 0 0 0 0 of private-equity firms. Most zombies, with the help of a
Thomson Reuters Corp. that find your next deal,” said of its owners hold it in funds proprietary database on more
2000 ’05 ’10 ’15 ’18* 2005 ’10 ’15 ’18*
values the operation at $20 Brenda Rainey, global practice that closed in 2006 and 2007, than 35,000 companies. Last
us l,
billion including debt. It is director at Bain & Co., the con- *As of March 21 according to people familiar year, it bought the parent of
Blackstone’s largest non-real- sulting firm. Sources: Preqin (dry powder); Dealogic (buyouts) THE WALL STREET JOURNAL. with the matter. Univision re- horse-racing publication Daily
al a
e
estate transaction. In a sign Armed with easy credit and cently canceled plans for an Racing Form for less than $100
the private-equity firm may a lack of competition from cor- Hilton Worldwide Holdings hampered flexibility. initial public offering, said its million from lenders after a re-
have gotten a good deal, porate buyers, buyout shops Inc. is one of the most-suc- That has contributed to a chief executive would retire, structuring process, according
ci on
Thomson Reuters’s chairman made a series of big bets in cessful private-equity invest- mushrooming in zombie pri- and is undergoing a strategic to a person familiar with the
privately harbored concerns the years leading up to the cri- ments ever. But in a number of vate-equity funds, so called be- review. matter. Arlington Capital Part-
that directors had failed to sis, often joining with rivals others, the buyers failed to cause they are stuck with It isn’t just painful memo- ners, another buyout shop, had
seek a higher price or consider and loading their targets with find a profitable exit path as holdings well beyond the point ries holding buyout firms back. purchased the company for
other potential buyers, The debt. In some cases, these onerous debt restricted their by which they should have Booming equity markets have $200 million in 2007. It held
er rs
Wall Street Journal has re- deals led to big profits through ability to respond to competi- sold them. There is no stan- stretched valuations, causing the asset in a $575 million
ported. sales or initial public offer- tive threats and multiheaded dard definition of zombie concern that potential deals fund, which closed in 2006,
Before the government re- ings—Blackstone’s purchase of ownership structures further funds. Bain identified 19 firms won’t clear return thresholds. the person said.
m e
m rp
co Fo
n-
Join Wall Street Journal Live Journalism and Special Coverage Editor Nikki
Waller and Business Editor Jamie Heller at the WSJ Women in Finance
dinner on Monday, April 23rd in New York City.
At a deining moment for women in business, Women in Finance gathers top Stephanie Cohen
Wall Street leaders and deal makers for lively, candid conversations about Chief Strategy Officer at Goldman Sachs
building a lasting career and fostering advancement for all. Panelists include
Stephanie Cohen, Chief Strategy Oficer at Goldman Sachs, Sandra Horbach,
Managing Director & Co-Head of US Buyouts at the Carlyle Group, and Eileen
Nugent, Partner, Mergers and Acquisitions at Skadden.
PROUDLY SPONSORED BY
Eileen Nugent
Partner, Mergers and Acquisitions
at Skadden
© 2018 Dow Jones & Co., Inc. All rights reserved. 6DJ6429
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PAID ADVERTISEMENT
CHINA DAILY
SECOND EXPOSURE
DAYS OF THE POLAROID AND
INSTAMATIC ARE BACK, P4 President Xi Jinping joins deputies from the Inner Mongolia autonomous region for a group discussion of the Government Work Report during
the first session of the 13th National People’s Congress, which opened at the Great Hall of the People in Beijing on March 5. XIE HUANCHI / XINHUA
Focus Moves to
Quality of Growth
.
ly
on 6.2% annual rise in GDP needed over next three years to meet goal of
‘moderately prosperous society’ by 2020. Andrew Moody reports
us l,
for Wok Wonders Work Report at the annual two sessions toward higher quality growth. But the
er rs
people know little about. period in the transformation of its growth increasing innovation efforts; deepening
The popular documentary “What’s more, A Bite of model, its structural improvement and reforms, particularly those of State-
m rp
A Bite of China , which China brings me closer to its shift to new growth drivers,” he said. owned enterprises; dealing with what
explores the relationship home.” “China’s economy is transitioning were described as three critical battles
between Chinese people and Ji, who watched the from a phase of rapid growth to a stage (defusing financial risks, targeting
food, returned for its third episode online, said she of high-quality development.” poverty and dealing with pollution);
season last month during the plans to buy a handcrafted The report, which sets the revitalizing rural areas; regional
Spring Festival holiday. wok featured in the episode. government’s agenda for the year development; boosting consumption
co Fo
Some viewers tuned in She has watched the ahead, is one of the keynote events of and effective investment; opening up
to watch the show’s new previous seasons at least the National People’s Congress, China’s the economy to foreign investment; and
season with the hope of twice, she said. highest legislature. The NPC sits at the China’s economy is transitioning improving people’s well-being.
understanding Chinese A Bite of China III has eight same time as the National Committee from a phase of rapid growth Li said the government must now act on
c u l t u re t h ro u g h fo o d , episodes, each of which of the Chinese People’s Political to a stage of high-quality Xi Jinping Thought on Socialist Economy
while others just wanted lasts 50 minutes. Besides Consultative Conference, the country’s with Chinese Characteristics for a New
the mouth-watering effect cookware, it also covers the top political advisory body, during the development.” Era in its economic policy making.
of seeing the delicacies themes of snacks, banquets, two sessions. LI KEQIANG “We will strongly promote high-quality
featured in the documentary. diet therapy, chefs, dim The GDP growth target was set at CHINESE PREMIER development. Development is the
Following the huge success sums, food associated with “around 6.5%,” in line with almost all underpinning and the key for solving all
of A Bite of China I in 2012 traditional Chinese solar forecasts. our country’s problems,” he said.
and A Bite of China II in 2014, terms and fusion cuisine. The government’s central aim and more efficient energy consumption Zhu Ning, professor of finance at
the public has high hopes Liu said she wants people remains to meet the centennial target focused on achieving that overall goal. Tsinghua University, said the work report
n-
for the show’s third season, t o a d m i re t h e b ea u ty of achieving a “moderately prosperous “ T h e a b ove t a rge t s t a ke i n t o was in line with the Central Economic
which is also produced by of Chinese food while society in all respects” by 2020, in time consideration the need to secure a Work Conference, a key economic policy
China Central Television. discovering the rich culture for the 100th anniversary of the founding decisive victory in building a moderately meeting held in Beijing in December.
The first episode of the behind it. of the Communist Party of China the prosperous society in all respects,” he “The focus now is on the development
no
latest season, broadcast on Wei Dichun, deputy head following year. said. of the overall economy. People have
CCTV on Feb. 19, is about a of CCTV, said earlier that the To do this it needs to double its 2010 Stephen Roach, senior fellow at Yale criticized China’s growth being all
variety of cookware used in third season will resonate GDP per capita level, which requires an University’s Jackson Institute for Global about growth’s sake and not about
Chinese cooking, including with people at home and average growth rate of 6.2% over the Affairs and former Asia head and chief development. We want a broader based
the famous iron wok and abroad. next three years. economist of investment bank Morgan more inclusive development than just
bakeware made of stone. The handcrafted iron wok Li said the GDP target and others such Stanley, said China is right to focus on the growth of the number,” he said.
Cookwareisthefoundation has become a must-have as creating 11 million new urban jobs the quality of its growth.
of Chinese cooking, but item for many people after it this year, more equal income growth “The senior Chinese leadership has SEE “TARGET” ON P3
people often forget about was featured in the popular
its importance in forming TV documentary, sparking
cooking techniques, said Liu the industry to recruit more
Hongyan, chief director of A
Bite of China III.
Ji Chi, who works in New
York, said, “It makes me
young craftsmen to meet the
booming demand.
The episode focused
on cookware and featured
Cartoon Emotions Rake in the Cash
$2.2 million
hungry every time I watch a brand of iron wok that is By CHENG YU downloaded more than 800 million
the documentary, which handmade in Zhangqiu times through WeChat.
demonstrates the beauty of district in Jinan, Shandong The emoji is the newest piece of Through donations from WeChat
Chinese food so well. Also, province. intellectual property in China’s creative the amount paid by WeChat users to emoji users doting on Budding Pop, its creator
artists in China last year
it is surprising to see that sphere that is spawning millions of yuan today earns a decent monthly income.
there are so many Chinese SEE “FOOD” ON P2 for its creators as well as peddlers. Tens of thousands of people in China
The digital-age art form is also creating WeChat, a widely used emoji could such as her are now using their artistic
a whole new line of business that some prove a money-spinner and a precious talent to create emojis and make money.
are forecasting will experience huge commodity. Their investment, besides their talent
growth over the next few years. A 22-year-old collegian in Anhui for creative drawings, includes hardware
Emojis are standardized sets of province using the name Mao Tui can like a PC or an electronic drawing board
stylized images such as smileys that testify to the power of emojis. Four years and software such as open-source
express a range of emotions or short ago, just for fun, she drew a cartoon drawing apps, all costing no more than
messages (like “Hello” and other kinds character and named it Zhangcao a few thousand yuan.
of greetings, exclamations, snubs). Yantuanzi, or Budding Pop, a chubby, Returns on such investment can be
Emojis, an evolution of yester-year text adorable, genderless character, about handsome. A WeChat user can donate
character-based emoticons, are part 4 years old, with a tuft of grass, rather up to 200 yuan ($33) per emoji at a
and parcel of most messages exchanged a couple of green leaves on a stem, for time. Tencent, which owns WeChat,
by users of instant messengers, social hair. said the app had more than 900 million
media, email and the like. Soon, Budding Pop evolved into a active users in China alone at the end of
Many users like emojis because they series of drawings expressing a range September. They are said to send out
help spice up their messages with slick of emotions for different occasions 38 billion messages every day. Tencent
meanings, or moods or mind states, that and moods. They were digitalized and declined to divulge the number of emoji
they feel are better expressed through animated later. downloads and the number of messages
images rather than words. M o re t h an h al f of Ch in a ’s 1 . 3 with emojis last year.
Craftsmen hammer out iron woks in Zhangqiu district, Jinan, With hundreds of millions of users billion people have had dealings with
Shandong province. CHEN ZEBING / CHINA DAILY now using social media such as Budding Pop since. The emoji has been SEE “ECOSYSTEM” ON P2
China Watch materials are distributed by China Daily Distribution Corp., on behalf of China Daily Beijing, China.
Additional information is on file with the Department of Justice, Washington, D.C.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PAID ADVERTISEMENT
Ecosystem: Emojis
emoji artists last year, parting with documentary, said that only 10 and lift heavy hammers weighing
nearly 14 million yuan in all, up 13% minutes after the first episode was at least 7.5 kilograms.
year-on-year. broadcast his business had sold The traditional craft was once
Encouraging by the evolving its complete stock of nearly 2,000 close to vanishing. The demand
business, other media players are pans. for high-quality products stoked
in Cyberspace
called Dao Jun or Dao Knowhow, a producing a little over 100 pans a once were ‘only’ blacksmiths, but
teal-hued dolphin-like imaginary day. It’d take us two years to fill the now they have more pride in what
creature, on the WeChat emoji store. orders we’ve received.” they are doing,” Liu said.
“This image is now used in some Liu said iron woks normally sell L i u a n d h i s two pa r t n e rs
of our comics,” said Wang Xiaoying, for between 339 and 1,000 yuan planned to recruit more young
FROM PAGE 1 times and exchanged more than 400 head of Vision News. “We want to ($54 to $158), while one made by people as apprentices to enlarge
million times in e-messages. take advantage of this lovely image a seasoned master is 1,299 yuan. the business and bring in fresh
It is not just individual artists who to create some amusing visual news On the Tmall online marketplace, energy.
“The income of emoji creators stand to earn from emojis. Creative products.” sales of Zhangqiu woks have Wu Han, 26, a native of Jining,
depends on the popularity of their design firms and groups of artists Cheng Yanbo, an independent increased 6,000-fold since the said he was fortunate to join four
work,” said Zhang Xuchen, 39, a part- are sprouting up everywhere. They game analyst, said, “In the internet broadcast. years ago and become trained so
.
time emoji artist in Beijing.“The more pay artists to create emojis,which are era,users have short attention spans. The overwhelming demand he could earn a better living.
ly
users like their work, the more they then peddled to WeChat and the like. They don’t pay attention to one emoji
earn. The maximum I’ve earned is For its part, WeChat gains the for a long time. So, emoji painters
tens of thousands yuan for a set. I loyalty of users by providing them need to keep innovating and creating
know some emoji artists who earn with content that appeals to them.
on new ones.”
hundreds of thousands of yuan.” Although Tencent declined to Protecting intellectual property
Zhang, who is a forklift truck driver disclose financial figures relating to rights would help increase revenues
in Tianjin, has created 12 sets of emojis,it is conceivable the company for the emojis, Cheng said.
emojis.A set takes at least one or two may be earning commission on paid- From a business point of view, the
us l,
months to create, he said. Typically, for emojis, if not taking a cut from growing Chinese emoji segment
other emoji artists may spend one to money that users donate to emoji is not very different from Japan’s
al a
e
three months to create a set. artists. cartoon industry, where emojis first
The most popular set of emoji Then there are IP specialists such emerged in the 1990s as a way for
ci on
among Zhang’s creations — it is as Block 12 that leverage emojis for people to quickly communicate
called Huaijiu Xiyouji, inspired by the licensing deals with movie producers, through pictures.
ancient Chinese novel Journey to the TV channels, product makers, comic Japan then created an array of
West, a story about four characters book publishers and such. For cartoon figures such as Kumamon
who go on a pilgrimage in search instance, Budding Pop is already and Poinko. Similarly, Chinese emojis
of Buddhist scriptures — has been featured on toys, bank cards and in now integrate some special Chinese
er rs
the 2018 Sina and CMIG Business At the summit, Wang Hui,
Lead e rs S u m m it in Davos, chairperson of CMIG Futurelife,
An elderly service center in Shanghai operated by CMIG Futurelife, one of CMIG’s subsidiaries. PHOTOS PROVIDED TO CHINA DAILY Switzerland, on Jan. 23. explained CMIG’s business model
“There is no evidence to show to participants.
no
PAID ADVERTISEMENT
COMMENT
THE
O
ver the past year, under first forum and starting preparations sincerity for dialogue and negotiation
the strong leadership for the second one. and to facilitate constructive or less
of the Communist This will enable us to break new interactions. To put it more broadly, trillion in local 4.5% registered urban
Party of China Central
Committee with
ground in opening-up. We will host
a number of events, including the
as a partner that all sides can count
on, China will continue to uphold the
1.35 government
special bonds
unemployment
rate
issued, in yuan
Comrade Xi Jinping annual conference of the Boao equality of countries regardless of
at its core, China’s diplomacy has Forum for Asia, the Summit of the their size, strength and wealth, stand
minimum
3%
honored its solemn commitment Shanghai Cooperation Organization, for dialogue and consultation as the
cut in energy
with real actions to serve the Chinese the Summit of the Forum on China- only approach to solving disputes
2.6%
deficit as a consumption
Dream of national rejuvenation with Africa Cooperation, and the China and differences, support political percentage per unit of GDP
a strong sense International Import Expo, to add settlement to regional hotspots and of GDP
of mission and momentum to the trend of openness act constructively to that end. It is
contribute and development. our sincere hope that dialogue and
30
to the world In 2018, we look forward to a cooperation will prevail in our world. million metric tons
dream of world of more cooperation and less Given that China is still the world’s minimum cut in of steel production
lasting peace
and shared
friction. In this age of globalization,
the world is in fact a global village.
largest developing country, serving
development at home remains
30% rates for mobile
internet services
capacity reduced
prosperity in Instead of showing off power by the top priority on its diplomatic
a pioneering flexing muscles, countries should agenda. We will act upon the new
150
spirit. embrace cooperation to face development philosophy, present million tons cut
The year common challenges and make Chinese provinces, regions and cities million minimum in coal production
Wang Yi, Chinese
foreign minister
2018 is the first
year following
the pie of shared interests larger.
In that spirit, China will expand
to the world under the theme “China
in the New Era,” and contribute to
10 reduction of poor
rural population
capacity
the 19th CPC its global network of partnerships the coordinated development of
.
National Congress and marks the and build a framework for major the Beijing-Tianjin-Hebei region, the
100
ly
40th anniversary of China’s reform country relations featuring overall planning and development of the million acres
cut in emissions
3%
and opening-up policy. The world stability and balanced development. Xiongan New Area and the hosting of afforestation
of sulfur dioxide
is watching closely how China will With regard to our relations with of the 2022 Winter Olympics. We will and nitrogen
handle its relations with other neighbors, we will follow the
on explore a mechanism for protecting oxide
countries in this new era. principles of amity, sincerity, mutual the safety and security of Chinese
My message is, China’s diplomacy
will follow the guidance of Xi Jinping
benefit and inclusiveness.
We will broaden cooperation and
nationals and entities abroad to
effectively safeguard our legitimate
billion tax cut
125,000
800
Thought on Socialism with Chinese narrow differences with them to rights and interests. China will work miles expansion
us l,
on businesses
Characteristics for a New Era, stay jointly build a community with a with the parties involved to properly of rural roads
and individuals,
committed to peaceful development, shared future in Asia. We will uphold address trade disagreements on the in yuan
al a
e
work with other countries to build a justice while pursuing shared basis of mutual respect, equality and
new form of international relations interests for greater solidarity mutual benefit. billion
732
investment
ci on
and a community with a shared and cooperation with other The year 2018 is the Year of the
in railway
1.8
future for humankind, and make new developing countries. We will add Dog. In another Year of the Dog 120 trillion investment
in highways and construction,
progress in major country diplomacy new dimensions to our cooperation years ago, when China was poor and in yuan
with Chinese characteristics. mechanisms with Africa, Latin weak because of domestic turmoil waterways, in yuan
In 2018, we look forward to a America and the Caribbean, and Arab and foreign aggression, a group
world of greater openness and less countries to keep the mechanisms of patriotic Chinese pushed for a
er rs
isolation. The green shoots in the vibrant in changing circumstances. “Hundred Days’ Reform.” They tried
1 trillion investment in
water conservation,
2.8
new round of global growth must be Such efforts will enable us to but eventually failed to find a way to million people to
be relocated from in yuan
nurtured by all countries. What China set an example for a new type national rejuvenation and prosperity.
inhospitable areas
has learnt in its 40 years of reform of international relations. With Today, 120 years on, China has
m e
and opening-up is that prosperity a commitment to extensive not only found a path of socialism
only comes to those who embrace consultation, joint contribution and with Chinese characteristics
13
million people to
m rp
the world with open arms. China will shared benefit, we will take an active but also achieved a remarkable yuan increase in the gain permanent
remain committed to opening-up as
a fundamental policy and a mutually
part in multilateral cooperation and
the establishment of a global system
transformation — it has stood up,
grown rich and is becoming strong. 40 per capita financial
subsidy for basic
urban residency
beneficial strategy. of governance. A sea change has taken place medical insurance
We will get more in line with in China, which represents new
international economic and trade Finding solutions to thorny issues opportunities for the peace and
co Fo
rules, significantly widen market In 2018, we look forward to a world development of the world. The world
access, open the services sector, of more trust and less estrangement. that we look forward to is what we will
especially the financial sector, To navigate the complicated strive for in our diplomatic work in
wider, and create a more appealing international landscape, countries 2018. I encourage our friends around
Economic and social
investment environment. We will
promote trade and investment
need to have more mutual trust and
less suspicion. Efforts must be made
the world to continue to follow
China’s development and diplomacy.
development of China
liberalization and facilitation, and to find political solutions to long- Together, let us write a new chapter as measured in 2017
develop the global governance running hotspots and thorny issues in the win-win cooperation between
system to make economic and bring about outcomes that are in China and the rest of the world.
globalization more open, inclusive the interest of all parties.
and balanced so that its benefits The current momentum of The author is minister of foreign
can be shared by all. We will work de-escalation on the Korean affairs of China.
n-
PAID ADVERTISEMENT
Celebrated City
A collector (left) shows off
his extensive collection of
vintage cameras to camera
enthusiasts in Beijing.
Tied Up With Bows
PHOTOS PROVIDED TO CHINA DAILY
By ALYWIN CHEW in Wuxi, at least among older folk.
Since 2013 well-known erhu
It is one of the art and cultural players from around the country
centers in China’s Jiangnan have been invited to perform at
region, the area south of the the city’s New Year concerts at
Yangtze River. So, it comes as little the Wuxi Grand Theater as well as
surprise that Wuxi’s most famous on other occasions at the Meicun
product, the two-stringed bowed Erhu Cultural Park.
instrument the erhu, is related to But Zhou Sujiang, a music
the field music. teacher at the Wuxi Arts and
Such is the city’s reputation for Culture Institute, said that while
crafting the instruments that it many Chinese are captivated by
was officially recognized as the the heart-wrenching and poignant
Land of the Erhu in China by the sounds of the erhu, children and
Chinese Musicians Association young adults are slow to warm to
in 2011. the instrument.
Also known as the Chinese violin “There is no other instrument
in the West, the erhu comprises a that can produce as melancholic
long neck with two tuning pegs and bittersweet a sound as the
located at the top and a sound box erhu . But young people today
partially covered with snake skin don’t like such music. They prefer
at the bottom. more upbeat and edgy tunes.
Typically made with either Interest in erhu classes at the
Film, Pronounced
redwood, rosewood or black institute is dwindling.”
sandalwood, the erhu produces Most erhu makers in Wuxi are
a hauntingly beautiful sound based in Meicun, a quiet town
that typically evokes a sense of northeast of the city center that
melancholy among listeners. is said to have more than 3,200
.
such as Moon Reflected in the The town’s links with the erhu
ly
Second Spring by China’s most date back to 1965 when the first
famous erhu player, Hua Yanjun, folk-music workshop was founded
depict this mood. there, officials say.
Hua, more commonly known as Chen Shasha, a prominent
Old brands and cameras are finding acceptance among
on A Bing, was born in Wuxi in 1893,
and learned how to play a variety
young erhu player from Meicun,
said there are now about 20 erhu
consumers who crave nostalgia. Ren Xiaojin reports of Chinese instruments, including makers in the town who produce a
the erhu, when he was a child. total of about 50,000 instruments
us l,
T
echnology has been medium, compared with a digital religious rites. Gu Yue is one of the best-known
ci on
shaping modern life, record in a smartphone or a camera. Hua’s life took a downward companies making the instrument
and many things can We make the memory warmer by spiral following his father’s death, in China. And the company —
be done by the preserving it in film.” and he fell prey to opium addiction founded by Wan Qixing more than
simple click of a Rather than considering and lost sight in both his eyes after 60 years ago — has a factory in
mobile phone. it as a dying business that contracting syphilis. Meicun, which is home to dozens
But that has not deterred thrives on nostalgia, Fujifilm Homeless and penniless, he of middle-aged artisans who
er rs
some young Chinese has turned traditional took to the streets as an itinerant painstakingly assemble each erhu
people from immersing film photography into erhu performer, and this was by hand.
themselves in nostalgia a modern fashion by ironically how he eventually came There is no high-tech production
and bringing new life to developing an instant into fame. line here, just rudimentary tools
m e
items from the past. camera and turning the But the erhu is more than just a such as sewing machines, drills,
Nowadays, anyone camera roll into instant local product — it is the way of life saws and disc sanders.
m rp
film and wait for it to be developed, are also hard to find as they are industry, there is a growing demand Playing the erhu, which for many in Wuxi is a way of life. ALYWIN CHEW / CHINA DAILY
even though it takes a day or two. replaced by memory sticks. But for movies shot on real film.
“Unlike digital cameras that can Fujifilm of Japan, one of the earliest “The demand for real pictures
take loads of photographs in a commercial film manufacturers, h a s m a d e a c o m e b a c k . Fo r
CONTACT US
no
minute, the old ways really make is still carrying on the mission of example, people are using their China Daily Asia Pacific
you think about framing and lighting reviving film photography. photos to decorate their walls, and China Daily Hong Kong
before pressing the shutter,” she The company has put high hopes smartphones cannot meet this new China Daily Room 1818, Hing Wai Centre,
said. on the Chinese market, which demand.” 15 Huixin Dongjie, 7 Tin Wan Praya Road,Aberdeen,
Besides her studies, she runs contributed 12% to 13% of the Film photography is not the only Chaoyang, Beijing, Hong Kong
an online shop that sells vintage company’s global revenue last year. classic that is witnessing a revival. China 100029 +852 2518 5111
cameras she collects from all “Since the advent of digital Late in 2017, many classic games, +86 (0) 10 64918366 editor@chinadailyhk.com
around the world. (camera) in 2000,global demand for such as Mario Bros, Punch-Out!!, chinawatch@chinadaily.com.cn editor@chinadailyasia.com
“Most vintage cameras you see color film has fallen sharply by 20% The King of Fighters ’95, announced Advertising:
on the market are incredibly cheap, to 30% every year,” said Hiroyuki their return to Nintendo Switch, the +86 (0) 10 64918631; China Daily U.K.
ranging from 50 yuan ($7.90) to 100 Matsuura, general manager of the Japanese game giant’s new product ads@chinadaily.com.cn 90 Cannon Street, London
yuan,” she said.“Those sellers import photo imaging production division released last year. Website: EC4N6HA
electronic product waste from Japan of Fujifilm (China) Investment Co. The development is going to make www.chinadaily.com.cn +44 (0) 207 398 8270
and Europe by metric tons, pick Ltd. gaming enthusiasts who grew up Follow us on: editor@chinadailyuk.com
cameras from the garbage, and then “Since then, the company has in the 1980s and 1990s nostalgic. Facebook.com/chinadaily
sell them whether they are working faced the biggest crisis since its Cafes and restaurants with vintage twitter.com/ChinaDailyUSA China Daily Africa
or not.” inception.” loft designs can also be found P.O.Box 27281-00100,
Lin realized from her observations Matsuura said the company everywhere in Beijing and Shanghai. China Daily U.S.A. Nairobi, Kenya
that there was a huge market for decided to preserve its business Maybe just as F. Scott Fitzgerald 1500 Broadway, Suite 2800, +254 (0) 20 2428589
quality vintage cameras in China and and even expand it globally. once wrote in his signature novella New York, editor@chinadailyafrica.com
decided to launch her own business “First of all,it is more reliable to use The Great Gatsby, “So we beat on, NY 10036
two years ago. “I have buyers in film to preserve historical moments. boats against the current, borne +1 212 537 8888 © 2018 China Daily
Europe and Japan who go to vintage Also, film is a more sentimental back ceaselessly into the past.” editor@chinadailyusa.com All Rights Reserved
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago
Last Year ago
23957.89 t 724.42, or 2.93% Trailing P/E ratio 25.07 21.07 2643.69 t 68.24, or 2.52% Trailing P/E ratio * 25.68 24.89 7166.68 t 178.61, or 2.43% Trailing P/E ratio * 26.84 26.02
High, low, open and close for each P/E estimate * 16.90 17.92 High, low, open and close for each P/E estimate * 17.60 18.35 P/E estimate * 21.10 20.32
Dividend yield 2.23 2.36 Dividend yield 1.86 1.97
High, low, open and close for each
trading day of the past three months. trading day of the past three months. trading day of the past three months. Dividend yield 0.98 1.12
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 All-time high: 7588.32, 03/12/18
22800 2525
Bars measure the point change from session's open Session low
22000 2450 6300
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
.
Nasdaq NYSE Arca
iSh iBoxx $ Invt Gr Cp Bd LQD 2,800.2 116.01 -0.08 -0.07 116.09 116.00
MidCap 400 1915.40 1875.86 1875.86 -48.83 -2.54 1995.23 1681.04 10.6 -1.3 6.8 Total volume*2,317,083,008 356,088,861
ly
SmallCap 600 962.24 943.35 943.41 -20.74 -2.15 979.57 815.62 14.2 0.8 9.1 Percentage gainers… Adv. volume* 500,323,197 72,920,067
Decl. volume*1,797,780,428 282,995,043
Other Indexes SMART Global Holdings SGH 75.7 48.00 3.93 8.92 49.50 46.39
Issues traded 3,090 1,359
Russell 2000 1576.59 1543.87 1543.87 -35.43 -2.24
on 1610.71 1345.24 14.1 0.5 6.8 Nike Cl B NKE 1,212.7 68.20 3.78 5.87 69.30 63.06
Advances 583 265
NYSE Composite 12597.10 12369.73 12377.39 -306.37 -2.42 13637.02 11324.53 8.3 -3.4 3.8 Office Depot ODP 154.5 2.27 0.12 5.58 2.27 2.13 Declines 2,385 1,089
Value Line 560.29 547.68 547.71 -12.58 -2.25 589.69 503.24 7.0 -2.6 2.0 Geron GERN 133.4 5.43 0.17 3.23 5.44 5.26 Unchanged 122 5
NYSE Arca Biotech 4711.86 4598.31 4600.10 -108.20 -2.30 4939.86 3449.61 31.9 8.9 2.8
Macquarie Infrastructure MIC 50.1 37.80 0.97 2.63 37.80 36.80 New highs 39 2
us l,
New lows 62 29
NYSE Arca Pharma 534.36 523.21 524.21 -15.87 -2.94 593.12 498.46 2.7 -3.8 -3.5 ...And losers
Closing tick 422 150
KBW Bank 111.44 107.24 107.54 -4.64 -4.14 116.52 88.02 18.5 0.8 13.3 Progenics Pharmaceuticals PGNX 266.3 6.77 -1.59 -19.02 8.36 6.53 Closing Arms† 0.88 0.82
al a
PHLX§ Gold/Silver
e
80.62 79.28 79.39 -1.20 -1.49 93.26 76.42 -6.0 -6.9 4.7 American Tower REIT AMT 75.8 137.00 -6.01 -4.20 143.51 137.00 Block trades* 8,926 1,636
PHLX§ Oil Service 140.57 136.62 137.00 -4.36 -3.08 171.55 117.79 -16.4 -8.4 -10.0 Micron Technology MU 6,846.4 56.71 -2.21 -3.75 59.45 53.85 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 1399.63 1368.50 1368.98 -39.00 -2.77 1445.90 960.01 37.3 9.3 23.3 ProSharesUltVIXST UVXY 902.4 18.38 -0.30 -1.61 18.70 18.19 †(TRIN) A comparison of the number of advancing and declining
23.81 18.12 5.48 37.32 9.14 issues with the volume of shares rising and falling. An
Cboe Volatility 23.34 30.68 77.9 111.4 21.5 Twilio Cl A TWLO 66.3 41.00 -0.65 -1.56 41.72 40.85 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3039.36 –48.75 –1.58 –1.5 Odyssey Marine Expln OMEX 8.30 4.50 118.42 13.75 2.98 144.2 Century Aluminum CENX 16.76 -3.64 -17.84 24.77 11.26 39.7
DJ Global Index 394.07 –6.20 –1.55 –0.8
m e
Omeros Corp OMER 15.75 4.11 35.31 27.09 8.36 38.6 China Auto Logistics CALI 4.41 -0.91 -17.11 8.77 1.30 186.4
DJ Global ex U.S. 265.00 –1.60 –0.60 –0.7 Guess GES 19.91 4.39 28.29 20.21 9.56 82.2 Herman Miller MLHR 32.20 -5.13 -13.73 41.85 29.25 1.9
Americas DJ Americas 634.82 –15.60 –2.40 –1.2 iFresh IFMK 7.60 1.59 26.35 18.24 4.62 -54.8 AbbVie ABBV 98.10 -14.35 -12.76 125.86 63.12 49.4
m rp
Brazil Sao Paulo Bovespa 84767.88 –208.70 –0.25 10.9 Lands' End LE 21.25 4.40 26.11 24.80 10.55 9.5 Commercial Metals CMC 20.91 -2.92 -12.25 26.72 17.05 10.6
Canada S&P/TSX Comp 15399.93 –275.35 –1.76 –5.0 VS 2x VIX Short Term TVIX 9.52 1.90 24.93 47.19 4.66 -76.8 Direxion CSI China Int CWEB 57.37 -7.86 -12.05 69.08 28.35 103.8
Mexico S&P/BMV IPC 47361.04 –160.80 –0.34 –4.0 ProSharesUltVIXST UVXY 18.68 3.09 19.82 87.00 8.52 -75.4 G-III Apparel Group GIII 33.01 -4.50 -12.00 40.96 18.00 43.8
Chile Santiago IPSA 4153.59 –19.67 –0.47 –1.4 Innovate Biopharm INNT 21.34 3.28 18.16 25.80 3.43 62.9 InterNAP INAP 11.22 -1.49 -11.72 22.36 11.22 -23.6
VivoPower International VVPR 2.36 0.35 17.36 4.73 1.72 -46.3 Direxion China Bull 3X YINN 33.90 -4.43 -11.56 53.89 18.41 59.4
EMEA Stoxx Europe 600 369.15 –5.81 –1.55 –5.1
co Fo
Velocity VIX Tail RiskETN BSWN 12.20 1.75 16.75 24.95 9.02 -46.9 ProShs UltraPro Finl Sel FINU 98.80 -12.74 -11.42 134.30 59.70 51.5
Eurozone Euro Stoxx 373.13 –5.90 –1.56 –3.2
Belgium Bel-20 3858.50 –67.28 –1.71 –3.0 American Realty Investors ARL 17.94 2.41 15.52 17.94 7.00 140.5 Remark Holdings MARK 7.35 -0.92 -11.12 15.10 1.93 148.3
Denmark OMX Copenhagen 885.54 –13.64 –1.52 –4.5 Fusion Telecomm Intl FSNN 3.11 0.40 14.76 4.42 1.11 106.0 US Steel X 34.50 -4.26 -10.99 47.64 18.55 1.4
France CAC 40 5167.21 –72.53 –1.38 –2.7 LiveXLive Media LIVX 3.97 0.51 14.74 30.00 3.43 -80.2 Direxion Rg Banks Bull 3X DPST 78.49 -9.65 -10.95 95.94 43.51 37.0
Germany DAX 12100.08 –209.07 –1.70 –6.3 ProShs UltraPro Shrt Finl FINZ 7.88 0.92 13.22 16.27 6.47 -47.9 Resonant Inc. RESN 3.77 -0.44 -10.45 8.55 3.64 -21.3
1470.44 –2.6 iPath S&P 500 VIX ST Fut VXX 47.47 5.52 13.16 73.60 25.59 -30.5 Biostar Pharmaceuticals BSPM 3.46 -0.40 -10.36 5.97 1.18 53.1
Israel Tel Aviv –12.98 –0.88
Italy FTSE MIB 22397.84 –422.28 –1.85 2.5
Netherlands AEX 528.37 –8.11 –1.51 –3.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1258.89 –11.19 –0.88 9.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 57224.60 –1064.27 –1.83 –3.8
Spain IBEX 35 9487.40 –143.50 –1.49 –5.5 SPDR S&P 500 SPY 130,160 18.2 263.67 -2.50 286.63 231.61 Stellar Acquisition III STLR 1,264 6725 10.32 -0.06 10.49 9.99
Sweden SX All Share 552.49 –11.32 –2.01 –2.9 Bank of America BAC 107,919 49.2 30.55 -4.14 33.05 22.07 MTech Acquisition Cl A MTEC 210 3893 9.60 -0.21 9.62 9.58
Switzerland Swiss Market 8637.87 –145.83 –1.66 –7.9 VS 2x VIX Short Term TVIX 84,992 157.9 9.52 24.93 47.19 4.66 Fidelity Corporate Bd FCOR 298 2338 48.91 -0.12 51.30 48.87
n-
Turkey BIST 100 117110.25 –541.05 –0.46 1.5 Finl Select Sector SPDR XLF 83,761 37.0 27.66 -3.69 30.33 22.89 Gaia Cl A GAIA 1,474 1693 16.10 ... 17.70 9.05
–9.6
iShares MSCI Emg Markets EEM 82,039 15.7 47.86 -3.33 52.08 38.71 Nabriva Therapeutics NBRV 3,734 1654 5.63 -0.88 14.10 4.75
U.K. FTSE 100 6952.59 –86.38 –1.23
U.K. FTSE 250 19393.89 –274.15 –1.39 –6.4 Neovasc NVCN 80,650 474.1 0.11 6.67 2.04 0.10 Omeros Corp OMER 15,403 1468 15.75 35.31 27.09 8.36
ProSharesUltVIXST UVXY 75,841 86.9 18.68 19.82 87.00 8.52 Guess GES 14,735 1037 19.91 28.29 20.21 9.56
Asia-Pacific
no
Facebook Cl A FB 73,298 182.0 164.89 -2.66 195.32 138.77 Cadiz CDZI 837 961 13.85 -1.42 16.25 9.65
Australia S&P/ASX 200 5937.20 –13.10 –0.22 –2.1
General Electric GE 69,828 -22.2 13.35 -3.82 30.54 13.32 WisdomTree Glbl xMexico XMX 357 939 29.65 -2.19 31.68 25.58
China Shanghai Composite 3263.48 –17.47 –0.53 –1.3
Micron Technology MU 66,581 35.0 58.92 -3.52 63.42 26.04 Arena Pharmaceuticals ARNA 8,847 836 41.18 -6.41 45.85 11.30
Hong Kong Hang Seng 31071.05 –343.47 –1.09 3.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 33006.27 –129.91 –0.39 –3.1 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 21591.99 211.02 0.99 –5.2
Singapore Straits Times 3491.37 –19.76 –0.56 2.6 Track the Markets
South Korea Kospi 2496.02 11.05 0.44 1.2 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan Weighted 11005.84 –5.23 –0.05 3.4 global stock indexes, bond ETFs,
Thailand SET 1798.55 –2.88 –0.16 2.6
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: SIX Financial Information; WSJ Market Data Group
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004391 22773 0.3
Americas
Argentina peso .0495 20.2177 8.7 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Brazil real .3017 3.3149 0.1 Czech Rep. koruna .04842 20.652 –2.9
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
COMMODITIES WSJ.com/commodities
Metal & Petroleum Futures Cocoa (ICE-US)-10 metric tons; $ per ton.
Agriculture Futures May 2,550 2,567 2,506 2,535 11 113,651 Currency Futures
Contract Open July 2,570 2,589 2,532 2,560 11 74,163
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 375.50 377.50 374.00 376.00 1.00 674,516 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .9468 .9512 .9446 .9486 .0045 824
Copper-High (CMX)-25,000 lbs.; $ per lb. July 383.00 385.50 382.00 384.25 1.25 469,629 May 119.35 119.65 118.15 119.00 .15 141,188 June .9495 .9556 .9482 .9524 .0044 159,345
March 3.0485 3.0485 t 2.9955 3.0120 –0.0365 1,136 121.45 121.80 120.35 121.20 .20 53,516 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 3.0785 3.0890 t 3.0030 3.0200 –0.0385 150,898
Oats (CBT)-5,000 bu.; cents per bu. July
May 229.50 232.50 228.25 228.75 –2.75 4,250 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. April .7754 .7798 .7742 .7746 .0002 279
Gold (CMX)-100 troy oz.; $ per troy oz. July 236.50 240.50 236.50 237.00 –1.50 1,057 May 12.64 12.81 12.60 12.77 .10 426,265 June .7763 .7807 .7736 .7754 .0002 117,956
April 1332.00 1335.00 1324.60 1327.40 5.90 198,405 British Pound (CME)-£62,500; $ per £
June 1338.00 1340.80 1330.30 1333.20 5.90 252,515
Soybeans (CBT)-5,000 bu.; cents per bu. July 12.86 12.98 12.80 12.95 .08 225,188
May 1032.00 1035.50 1022.25 1029.75 … 366,203 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April 1.4177 1.4225 1.4095 1.4126 –.0023 1,017
Aug 1343.70 1345.70 1336.80 1339.30 5.90 45,187 June 1.4194 1.4272 1.4126 1.4161 –.0023 166,749
July 1042.25 1045.75 1033.00 1040.75 .25 226,634 May 24.71 24.71 24.65 24.66 .01 3,221
Oct 1350.10 1352.30 1344.10 1345.30 6.00 6,117 Swiss Franc (CME)-CHF 125,000; $ per CHF
Dec 1356.50 1358.30 1350.40 1351.70 5.90 43,392
Soybean Meal (CBT)-100 tons; $ per ton. July 25.35 25.35 25.34 25.34 –.01 2,678
May 366.00 368.90 365.00 368.00 3.50 189,026 June 1.0616 1.0647 1.0587 1.0596 –.0004 45,637
Feb'19 1361.70 1361.70 1358.80 1357.90 5.70 2,776 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 368.20 371.10 367.60 370.40 3.60 120,468
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 82.66 83.21 81.77 82.15 –.44 118,942 April .7782 .7782 .7692 .7710 –.0046 1,106
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 77.88 78.00 77.59 77.95 –.05 70,974
June 984.50 991.35 968.00 981.80 –4.65 23,379 Dec May .7782 .7782 .7696 .7711 –.0046 469
May 32.35 32.41 31.71 31.88 –.49 235,395
Sept 983.55 983.55 963.50 976.95 –4.70 1,103
July 32.58 32.64 31.94 32.12 –.48 113,219 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .7777 .7788 .7689 .7712 –.0045 98,191
Dec ... ... ... 971.95 –4.50 33 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 137.50 137.65 135.85 136.00 –1.15 9,497 Sept .7788 .7788 .7701 .7717 –.0046 524
Platinum (NYM)-50 troy oz.; $ per troy oz. May 1230.50 1235.00 1226.00 1232.50 1.00 5,859 July 137.85 137.85 136.70 136.80 –.90 1,828 Dec .7693 .7719 t .7693 .7724 –.0045 342
April 958.30 963.80 945.80 949.10 –1.50 36,628 July 1245.50 1250.00 1239.00 1247.50 2.00 1,274 Mexican Peso (CME)-MXN 500,000; $ per MXN
July 963.30 969.00 951.80 954.90 –1.20 38,196 Wheat (CBT)-5,000 bu.; cents per bu. June .05349 .05357 .05287 .05328 –.00004 189,903
Silver (CMX)-5,000 troy oz.; $ per troy oz. Interest Rate Futures
May 453.50 459.75 451.25 455.75 2.25 218,415 Euro (CME)-€125,000; $ per €
March 16.490 16.505 16.490 16.328 –0.029 126 July 468.75 475.25 467.00 472.00 2.75 120,532 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% April 1.2364 1.2406 1.2311 1.2330 –.0025 1,953
May 16.565 16.610 16.330 16.387 –0.032 150,407 Wheat (KC)-5,000 bu.; cents per bu. June 143-230 145-160 143-220 144-240 1-08.0 785,409 June 1.2420 1.2468 1.2365 1.2387 –.0025 486,889
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 467.50 475.00 463.25 471.00 5.50 110,078 Sept 144-120 144-150 143-160 143-240 1-08.0 76
May 65.62 65.74 64.14 64.30 –0.87 535,408 July 484.25 493.50 481.75 490.00 6.25 72,567 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
June 65.41 65.52 s 64.00 64.18 –0.77 350,689 Wheat (MPLS)-5,000 bu.; cents per bu. June 120-035 120-250 120-030 120-165 18.0 3,545,808 Mini DJ Industrial Average (CBT)-$5 x index
July 65.01 65.11 s 63.65 63.83 –0.71 143,839 May 589.75 594.75 587.00 593.00 3.75 32,080 Sept 119-310 120-080 119-310 120-070 19.0 463 June 24732 24803 23932 23963 –764 106,660
Sept 63.88 64.00 s 62.63 62.84 –0.58 156,021 July 598.75 603.25 596.00 601.50 2.75 12,237
Dec 62.23 62.46 s 61.08 61.35 –0.43 245,776
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 24776 24803 24012 24008 –765 248
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 114-075 114-145 114-075 114-127 9.2 15,271 S&P 500 Index (CME)-$250 x index
Dec'19 57.48 57.65 56.57 56.90 –0.23 126,993 March 136.800 137.925 t 136.250 137.525 .750 3,575
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 113-280 114-082 113-275 114-032 9.7 3,396,737 June 2718.30 2722.30 2642.20 2643.30 –75.00 34,663
May 137.000 138.800 t 136.400 138.525 1.575 17,671 2696.50 2699.50 2655.50 2654.30 –76.20 300
April 2.0156 2.0156 1.9807 1.9923 –.0114 47,607 Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec
May 2.0179 2.0192 1.9839 1.9950 –.0124 115,040 March 106-157 106-180 106-157 106-167 1.0 14,919 Mini S&P 500 (CME)-$50 x index
April 117.950 118.425 117.450 118.150 .450 52,112 June 2718.25 2726.25 2641.75 2643.30 –75.00 2,722,391
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 107.300 108.775 107.075 108.400 1.025 158,430 June 106-070 106-100 106-060 106-080 1.5 1,892,704
April 2.0212 2.0227 1.9890 2.0096 –.0026 51,389 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept 2724.25 2733.00 2647.00 2648.50 –76.25 29,757
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
May 2.0306 2.0322 1.9978 2.0179 –.0043 157,594 April 62.625 t 60.850
62.725 61.325 –1.250 30,549 March 98.498 98.498 t 98.495 98.498 … 119,331
June 1930.30 1935.50 1875.40 1878.10 –50.10 79,927
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 76.825 t 74.900
77.150 75.475 –1.750 91,448 April 98.320 98.320 t 98.310 98.315 –.005 377,317
Sept 1924.40 1924.40 t 1914.00 1884.10 –49.80 1
April 2.650 2.667 2.611 2.617 –.021 61,447 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 2.680 2.699 2.650 2.656 –.011 365,341
Mini Nasdaq 100 (CME)-$20 x index
May 481.30 487.30 480.70 484.80 2.00 5,450 June 93.922 94.297 s 93.688 94.031 .703 28,993 June 6883.3 6915.0 6686.0 6692.0 –192.0 224,175
June 2.740 2.754 2.710 2.715 –.009 92,555 July 475.70 475.70 474.60 475.10 2.70 728 1 Month Libor (CME)-$3,000,000; pts of 100% Sept 6921.5 6946.3 6720.0 6725.5 –192.3 2,110
July 2.795 2.811 2.769 2.776 –.008 141,387 Milk (CME)-200,000 lbs., cents per lb. 98.1025 98.1050 98.1025 98.1100 .0125 4,096
Sept 2.797 2.810 2.777 2.783 –.004 91,986
April Mini Russell 2000 (ICE-US)-$100 x index
March 14.21 14.22 14.19 14.21 –.07 4,284 May 98.0800 98.0800 98.0800 98.0800 .0275 1,410 June 1583.70 1589.50 1542.40 1544.20 –39.80 8,029
Oct 2.803 2.820 2.788 2.794 –.005 127,750 April 14.43 14.49 14.29 14.31 –.16 3,365 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 1000 (ICE-US)-$100 x index
April 97.7050 97.7225 97.6900 97.7125 .0225 278,573 June 1493.60 t 1467.90 1467.00 –39.30
1494.10 25
June 97.6750 97.7100 97.6550 97.6900 .0300 1,737,634 U.S. Dollar Index (ICE-US)-$1,000 x index
Cash Prices | WSJ.com/commodities Thursday, March 22, 2018 Dec
Dec'19
97.4550
97.0950
97.5100
97.1700
97.4350
97.0750
97.4750
97.1350
.0350
.0700
2,115,543
2,267,988
June
Sept
89.27
88.75
89.58
89.05
88.99
88.60
89.47
89.05
.10
.10
30,212
889
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Thursday Thursday Thursday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 16.5200 SoybeanMeal,Cent IL,rail,ton48%-u 372.50
Energy
Coins,wholesale $1,000 face-a 12106 Soybeans,No.1 yllw IL-bp,u 9.7950 Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.8106 Other metals Wheat,Spring14%-pro Mnpls-u 7.5300
Butane,normal,Mont Belvieu-g 0.8979 Wheat,No.2 soft red,St.Louis-bp,u 4.5600 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
LBMA Platinum Price PM *947.0
NaturalGas,HenryHub-i 2.620 Platinum,Engelhard industrial 953.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6100 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 2.590 Platinum,Engelhard fabricated 1053.0 Wheat,No.1soft white,Portld,OR-u 5.5288 Total Total
NaturalGas,TranscoZone6NY-i 2.740 return YTD total Yield (%) return YTD total Yield (%)
Palladium,Engelhard industrial 989.0 Food
NaturalGas,PanhandleEast-i 2.060 close return (%) Index Latest Low High close return (%) Index Latest Low High
Palladium,Engelhard fabricated 1089.0
NaturalGas,Opal-i 2.070 Aluminum, LME, $ per metric ton *2056.5 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
.
NaturalGas,MarcellusNE PA-i 2.410 Copper,Comex spot 3.0120
choice 1-3,600-900 lbs.-u 201.82
NaturalGas,HaynesvilleN.LA-i 2.530 select 1-3,600-900 lbs.-u 193.92 1905.82 -2.0 U.S. Aggregate 3.200 2.380 3.230 1956.94 -1.6 Mortgage-Backed 3.410 2.660 3.410
67.7
ly
Iron Ore, 62% Fe CFR China-s
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 63.000 Broilers, National comp wghtd-u,w 0.9904 1921.12 -1.7 Ginnie Mae (GNMA) 3.410 2.630 3.410
Shredded Scrap, US Midwest-s,m 366 U.S. Corporate Indexes Bloomberg Barclays
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.400 Butter,AA Chicago 2.1875
Steel, HRC USA, FOB Midwest Mill-s 851
Cheddar cheese,bbl,Chicago 151.25 2714.99 -3.0 U.S. Corporate 3.830 3.030 3.860 1148.01 -1.5 Fannie mae (FNMA) 3.410 2.670 3.410
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 156.50
on 2571.04 -1.9 Intermediate 3.520 2.530 3.550 1768.49 -1.6 Freddie Mac (FHLMC) 3.420 2.680 3.420
Gold, per troy oz Milk,Nonfat dry,Chicago lb. 69.25
Burlap,10-oz,40-inch NY yd-n,w 0.6150 -1.3
Engelhard industrial 1338.92
Cocoa,Ivory Coast-w n.a. 3725.24 -5.4 Long term 4.490 3.990 4.530 515.45 Muni Master 2.502 1.736 2.520
Cotton,1 1/16 std lw-mdMphs-u 0.8115 Coffee,Brazilian,Comp 1.1953
Engelhard fabricated 1439.34 Cotlook 'A' Index-t *92.45 554.36 -2.4 Double-A-rated 3.290 2.470 3.320 358.14 -2.0 7-12 year 2.608 1.744 2.635
Coffee,Colombian, NY 1.3877
Handy & Harman base 1329.15 Hides,hvy native steers piece fob-u 66.000 Eggs,large white,Chicago-u 2.2650 701.09 -2.8 Triple-B-rated 4.100 3.340 4.120 404.64 -1.8 12-22 year 2.877 2.213 2.905
Handy & Harman fabricated 1475.35
us l,
Handy & Harman fabricated 20.5000 Sorghum,(Milo) No.2 Gulf-u 8.0988 Tallow,bleach;Chicago-h 0.2525 1454.52 -0.5 10-20 years 2.490 1.490 2.530 561.41 0.2 Netherlands 0.630 0.390 0.830
LBMA spot price £11.6400 Tallow,edible,Chicago-u n.a.
3296.59 -2.7 20-plus years 3.250 2.730 3.400 930.62 -0.02 U.K. 1.550 1.340 1.830
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence; 2414.71 -2.0 Yankee 3.470 2.610 3.500 788.89 -2.4 Emerging Markets ** 6.062 5.279 6.077
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 3/21
m e
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Source: WSJ Market Data Group
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
m rp
Canada 3.45 3.45 3.45 2.70 Bid 1.6700 1.4000 1.6700 0.8100 3.50 3.25 3.50 2.75 1.400 Spain 2 -0.320 t l -0.307 -0.383 -0.204 -260.7 -260.7 -145.6
Japan 1.475 1.475 1.475 1.475 Offer 1.6900 1.4600 1.6900 0.8200
Commercial paper (AA financial) 1.400 10 1.283 t l 1.331 1.521 1.728 -154.8 -155.3 -68.0
Policy Rates Treasury bill auction 90 days 2.25 1.92 2.25 0.95 2.000 U.K. 2 0.901 t l 0.929 0.673 0.106 -138.6 -137.1 -114.6
Euro zone 0.00 0.00 0.00 0.00
4 weeks 1.720 1.650 1.720 0.695
no
Switzerland 0.50 0.50 0.50 0.50 4.250 10 1.440 t l 1.532 1.551 1.176 -139.1 -135.1 -123.2
Britain 0.50 0.50 0.50 0.25 13 weeks 1.780 1.670 1.780 0.760 Libor
26 weeks 1.950 1.850 1.950 0.890 Source: Tullett Prebon
Australia 1.50 1.50 1.50 1.50 One month 1.87150 1.80820 1.87150 0.98167
Three month 2.28557 2.17750 2.28557 1.14678 Corporate Debt
2.44730 2.34175 2.44730 1.39072 in that same company’s share price.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Six month
One year 2.67700 2.60138 2.67700 1.69511
Investment-grade spreads that tightened the most…
Euro Libor Spread*, in basis points Stock Performance
Largest 100 exchange-traded funds, latest session Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
One month -0.409 -0.411 -0.391 -0.420
Thursday, March 22, 2018 Closing Chg YTD General Electric GE 5.300 Feb. 11, ’21 87 –36 109 13.35 –3.82
ETF Symbol Price (%) (%) Three month -0.386 -0.379 -0.356 -0.389
Closing Chg YTD General Motors Financial GM 3.200 July 6, ’21 78 –32 109 … …
ETF Symbol Price (%) (%) 108.79
Six month -0.330 -0.330 -0.247 -0.339
iShS&P500Value IVE –2.33 –4.8
iShUSPfdStk PFF 37.47 –0.32 –1.6 One year -0.251 -0.254 -0.110 -0.263 Washington Prime WPG 5.950 Aug. 15, ’24 393 –26 402 6.45 3.70
AlerianMLPETF AMLP 9.38 –2.60 –13.1
CnsmrDiscSelSector XLY 102.19 –2.13 3.5 iShShortTreaBd SHV 110.27 –0.02 0.0 Sherwin–Williams SHW 2.250 May 15, ’20 52 –23 75 393.10 –2.99
CnsStapleSelSector XLP 51.50 –0.83 –9.5 iShTIPSBondETF TIP 112.52 0.29 –1.4 Euro interbank offered rate (Euribor) Reckitt Benckiser Treasury Services RBLN 2.750 June 26, ’24 101 –22 n.a. ... ...
EnSelectSectorSPDR XLE 67.18 –2.04 –7.0 iSh1-3YTreasuryBd SHY 83.48 0.05 –0.4 One month -0.371 -0.371 -0.366 -0.375
iSh7-10YTreasuryBd IEF 102.56 0.41 –2.9
AT&T T 2.450 June 30, ’20 51 –22 71 35.37 –1.75
FinSelSectorSPDR XLF 27.66 –3.69 –0.9 -0.328 -0.325 -0.332
123.50 2.4
Three month -0.329 Morgan Stanley MS 2.800 June 16, ’20 65 –15 83 54.64 –4.32
GuggS&P500EW RSP 99.18 –2.22 –1.8 iShRussellMCGrowth IWP –2.46
PIMCOEnhShMaturity MINT 101.54 0.02 –0.0 Six month -0.271 -0.271 -0.241 -0.279 Barclays Bank BACR 2.650 Jan. 11, ’21 70 –14 84 ... ...
HealthCareSelSect XLV 81.36 –2.88 –1.6
IndSelSectorSPDR XLI 73.82 –3.30 –2.4 PwrShQQQ 1 QQQ 162.80 –2.47 4.5 One year -0.191 -0.191 -0.107 -0.194
iShIntermCredBd CIU 106.79 0.08 –2.2 PwrShSrLoanPtf BKLN 23.08 –0.09 0.2
Value 52-Week
…And spreads that widened the most
iSh1-3YCreditBond CSJ 103.72 0.02 –0.8 SPDR BlmBarcHYBd JNK 35.71 –0.61 –2.8
iSh3-7YTreasuryBd IEI 120.24 0.20 –1.6 SPDR Gold GLD 125.98 –0.40 1.9 Latest Traded High Low Cox Communications COXENT 3.250 Dec. 15, ’22 112 22 88 ... ...
iShCoreMSCIEAFE IEFA 64.91 –1.82 –1.8 SchwabIntEquity SCHF 33.23 –1.92 –2.5 Deutsche Bank AG* DB 7.500 April 30, ’49 434 21 369 14.19 –4.06
SchwabUS BrdMkt SCHB 63.94 –2.43 –0.9 DTCC GCF Repo Index
iShCoreMSCIEmgMk IEMG 57.73 –3.25 1.5 HSBC Holdings HSBC 6.250 March 23, ’49 306 21 n.a. 48.03 –2.66
SchwabUS Div SCHD 48.52 –2.18 –5.2 Treasury 1.755 27.950 1.836 0.791
iShCoreMSCITotInt IXUS 62.31 –2.15 –1.2
SchwabUS LC SCHX 63.16 –2.49 –1.0
Nordstrom* JWN 5.000 Jan. 15, ’44 249 17 225 46.87 –1.74
iShCoreS&P500 IVV 265.47 –2.52 –1.3 MBS 1.746 94.000 1.852 0.794
iShCoreS&P MC IJH 187.19 –2.49 –1.4
SPDR DJIA Tr DIA 239.36 –2.94 –3.2 Barclays BACR 4.836 May 9, ’28 247 15 229 ... ...
SPDR S&PMdCpTr MDY 340.86 –2.51 –1.3 Open Implied Hartford Financial Services HIG 5.125 April 15, ’22 77 15 70 51.88 –2.85
iShCoreS&P SC IJR 77.46 –2.06 0.8
SPDR S&P 500 SPY 263.67 –2.50 –1.2 Settle Change Interest Rate
iShS&PTotlUSStkMkt ITOT 60.55 –2.47 –1.0
SPDR S&P Div SDY 90.21 –2.08 –4.5
Kraft Heinz Foods KHC 5.200 July 15, ’45 215 15 203 … …
iShCoreUSAggBd AGG 106.61 0.19 –2.5
TechSelectSector XLK 66.04 –2.58 3.3 DTCC GCF Repo Index Futures Fifth Third Bancorp* FITB 4.300 Jan. 16, ’24 125 14 117 32.30 –3.93
iShSelectDividend DVY 94.03 –1.70 –4.6
VanEckGoldMiner GDX 21.50 –1.65 –7.5
iShEdgeMSCIMinEAFE EFAV 72.70 –1.30 –0.4 Treasury Mar 98.360 0.010 2122 1.640 High-yield issues with the biggest price increases…
VangdInfoTech VGT 173.25 –2.68 5.2
iShEdgeMSCIMinUSA USMV 51.45 –1.86 –2.5 Treasury Apr 98.235 0.010 1446 1.765
VangdSC Val VBR 129.20 –2.34 –2.7 Bond Price as % of face value Stock Performance
iShEdgeMSCIUSAMom MTUM 106.88 –3.27 3.6
VangdSC Grwth VBK 165.07 –2.13 2.6 Treasury May 98.220 0.005 811 1.780 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShFloatingRateBd FLOT 50.89 –0.06 0.1
VangdDivApp VIG 100.53 –2.51 –1.5
iShGoldTr IAU 12.75 –0.39 1.9 9.000 March 15, ’19 55.500 2.00 n.a. ... ...
VangdFTSEDevMk VEA 43.85 –1.84 –2.3 Weekly survey Claire's Stores CLE
iShiBoxx$InvGrCpBd LQD 116.09 0.17 –4.5
iShiBoxx$HYCpBd HYG 85.14 –0.60 –2.4
VangdFTSE EM VWO 46.55 –3.16 1.4
Latest Week ago Year ago
First Quantum Minerals FMCN 7.500 April 1, ’25 98.950 1.70 n.a. ... ...
VangdFTSE Europe VGK 57.55 –2.24 –2.7
iShJPMUSDEmgBd EMB 111.54 –0.29 –3.9 T–Mobile USA TMUS 4.750 Feb. 1, ’28 97.364 1.11 96.625 61.25 –2.14
VangdFinls VFH 69.70 –3.52 –0.5
iShMBSETF MBB 104.27 0.24 –2.2
VangdFTSEAWxUS VEU 53.85 –2.18 –1.6 Freddie Mac CF Industries CF 3.400 Dec. 1, ’21 99.653 1.02 n.a. 37.27 –3.60
iShMSCI ACWI ACWI 71.31 –2.37 –1.1 VangdGrowth VUG 143.06 –2.53 1.7 30-year fixed 4.45 4.44 4.23 ZF North America Capital ZFFNGR 4.750 April 29, ’25 101.625 1.00 102.700 ... ...
iShMSCIBrazil EWZ 43.91 –2.38 8.6 VangdHlthCr VHT 153.80 –2.83 –0.2
iShMSCI EAFE EFA 68.70 –1.86 –2.3
15-year fixed 3.91 3.90 3.44 Charter Communications Operating CHTR 5.375 May 1, ’47 94.962 0.78 96.087 … …
VangdHiDiv VYM 82.56 –2.53 –3.6
iShMSCI EAFE SC SCZ 64.61 –1.64 0.2 VangdIntermBd BIV 81.35 0.21 –3.0
Five-year ARM 3.68 3.67 3.24 McClatchy MNI 6.875 March 15, ’29 117.250 0.75 113.500 9.01 –0.11
iShMSCIEmgMarkets EEM 47.86 –3.33 1.6 VangdIntrCorpBd VCIT 84.26 0.15 –3.6
iShMSCIEurozone EZU 42.82 –2.15 –1.3 VangdLC VV 121.31 –2.52 –1.0 Notes on data: …And with the biggest price decreases
iShMSCIJapan EWJ 59.53 –0.92 –0.7 VangdMC VO 154.35 –2.33 –0.3 U.S. prime rate is the base rate on corporate
iShNasdaqBiotech IBB 108.13 –2.30 1.3 loans posted by at least 70% of the 10 largest Teva Pharmaceutical Finance IV TEVA 2.250 March 18, ’20 90.500 –4.50 95.000 … …
VangdMC Val VOE 109.03 –2.25 –2.3
iShNatlMuniBd MUB 108.68 0.28 –1.9 VangdRealEst VNQ 74.64 –0.59 –10.1 U.S. banks, and is effective March 22, 2018. CHS/Community Health Systems CYH 7.125 July 15, ’20 76.750 –2.75 80.500 … …
iShRussell1000Gwth IWF 136.80 –2.61 1.6 Other prime rates aren’t directly comparable; Weatherford International WFT 9.875 March 1, ’25 91.000 –2.50 94.750 2.39 –2.85
VangdS&P500 VOO 243.27 –2.49 –0.8
lending practices vary widely by location;
iShRussell1000 IWB 146.99 –2.47 –1.1 VangdST Bond BSV 78.34 0.12 –1.0 Acosta ACOSTA 7.750 Oct. 1, ’22 67.500 –2.25 71.750 ... ...
Discount rate is effective March 22, 2018. DTCC
iShRussell1000Val IWD 119.49 –2.38 –3.9 VangdSTCpBd VCSH 78.23 0.01 –1.3 GCF Repo Index is Depository Trust & Clearing
iShRussell2000Gwth IWO 193.16 –2.25 3.5 VangdSC VB 147.19 –2.24 –0.4 Corp.'s weighted average for overnight trades in Revlon Consumer Products REV 5.750 Feb. 15, ’21 76.000 –2.25 78.000 … …
iShRussell2000 IWM 153.35 –2.19 0.6 VangdTotalBd BND 79.50 0.16 –2.5 applicable CUSIPs. Value traded is in billions of James Hardie International Finance Dac JHXAU 5.000 Jan. 15, ’28 97.000 –2.22 98.000 ... ...
U.S. dollars. Federal-funds rates are Tullett
iShRussell2000Val IWN 122.59 –2.12 –2.5 VangdTotIntlBd BNDX 54.58 0.31 0.4
Prebon rates as of 5:30 p.m. ET. Futures on the
Intelsat Jackson Holdings S.A. INTEL 7.250 Oct. 15, ’20 92.250 –2.00 93.750 ... ...
iShRussell3000 IWV 156.59 –2.44 –1.0 VangdTotIntlStk VXUS 55.99 –2.17 –1.4
DTCC GCF Repo Index are traded on NYSE Liffe DISH DBS DISH 7.750 July 1, ’26 92.438 –1.90 96.125 37.77 –3.30
iShRussellMid-Cap IWR 206.21 –2.31 –0.9 VangdTotalStk VTI 135.95 –2.45 –0.9 US.
iShRussellMCValue IWS 86.01 –2.14 –3.5 VangdTotlWrld VT 73.54 –2.34 –1.0 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; Bureau of Labor
iShS&PMC400Growth IJK 218.59 –2.45 1.3 VangdValue VTV 102.67 –2.48 –3.4 Statistics; DTCC; SIX Financial Information; Note: Data are for the most active issue of bonds with maturities of two years or more
iShS&P500Growth IVW 156.02 –2.65 2.1 WisdTrJapanHdg DXJ 54.42 –1.77 –8.3 Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
AllianceData ADS 220.37 -6.41
BlueBuffaloPet BUFF 39.85 -0.05 SABESP SBS 11.54 -0.24 Fortinet FTNT 53.61 -0.96
JohnsonControls JCI 35.50 -0.83 Nasdaq NDAQ 82.02 -2.19 RogersComm B RCI 44.34 -0.89 Welltower WELL 52.75 0.30
bluebirdbio BLUE 181.30 -3.30 ConagraBrands CAG 35.45 0.11 JonesLang JLL 172.84 -3.83 NationalGrid NGG 53.32 -0.46 Rollins ROL 50.72 -1.08 Teleflex TFX 256.81 -3.24 WestPharmSvcs WST 88.88 -1.12
ly
AlliantEnergy LNT 39.83 0.17 Fortis FTS 33.48 0.21 ROP 280.86 -9.00 TelefonicaBras VIV 14.78 -0.24 WestarEnergy WR 50.56 -0.27
Boeing BA 319.61 -17.49 ConchoRscs CXO 153.02 -0.14 JuniperNetworks JNPR 24.79 -0.51 NatlInstruments NATI 51.27 -1.36 RoperTech
Allstate ALL 94.65 -2.19 Fortive FTV 76.69 -1.66 Telefonica TEF 9.49 -0.21
AllyFinancial ALLY 26.48 -0.99
BookingHldgs BKNG 2113.80 -31.18 ConocoPhillips COP 56.50 -0.54
FortBrandsHome FBHS 59.69 -1.18
KAR Auction KAR 53.38 -2.32 NatlOilwell NOV 37.18 -0.86 RossStores ROST 75.04 -2.37 TelekmIndonesia TLK 26.59 -0.66 WestAllianceBcp WAL 57.65 -2.30
BorgWarner BWA 49.84 -1.24 ConEd ED 76.76 0.09 KB Fin KB 57.69 -1.13 NektarTherap NKTR 104.01 -2.90 RoyalBkCanada RY 77.83 -1.43 WesternDigital WDC 100.83 -2.01
AlnylamPharm ALNY 142.50 -3.76 Franco-Nevada FNV 68.16 -2.27 7.31 -0.17 Tenaris TS 33.49 -3.63 t WesternGasEquity WGP 33.38 -0.95
Alphabet C GOOG 1049.08 -41.80
BostonProps BXP 122.58 -1.77 ConstBrands A STZ 224.23 -1.84
FranklinRscs BEN 37.27 -1.42
KKR KKR 21.07 -0.74 NetApp NTAP 62.16 -1.95 RoyalBkScotland RBS
BostonSci BSX 26.94 -0.72 ContinentalRscs CLR 57.13 -0.58 KLA Tencor KLAC 112.92 -5.14 Netease RoyalCaribbean RCL 120.18 -3.19 Teradyne TER 47.72 -1.78 WesternGasPtrs WES 43.17 -1.54
Alphabet A GOOGL 1053.15 -40.85 FreeportMcM FCX 18.05 -1.13 NTES 302.51 -17.26
RoyalDutchA RDS.A 62.37 -1.11 Tesla TSLA 309.10 -7.43 WesternUnion WU 19.35 -0.33
Altaba
AlticeUSA
t Altria
AABA 74.57 -3.50
ATUS 19.28 -0.65
MO 60.39 0.39
AlumofChina ACH 13.15 -0.63 t
Braskem BAK 28.42 -0.84 Cooper
BrightHorizons BFAM 101.88 -0.43 Copart
BrighthouseFin BHF 52.40 -1.43 Corning
Bristol-Myers BMY 63.95 -2.15 CoStar
CPRT 49.87 -1.38
GLW 28.56 -0.81
on
COO 224.78 -3.56 FreseniusMed FMS 50.24 -0.42
Kellogg
KeyCorp
KT
K
13.14 -0.20 Netflix
KSCitySouthern KSU 108.31 -1.55 Neurocrine
NFLX 306.70 -9.78
NBIX 83.83 -1.00
63.37 -0.31 NewOrientalEduc EDU 91.12 -4.70 Ryanair
KEY 20.02 -0.95 NY CmntyBcp NYCB 13.48 -0.60 SAP
RoyalDutchB RDS.B 63.85 -1.07 TevaPharm TEVA 17.31 -0.29 WestlakeChem WLK 113.36 -4.25
RYAAY 124.66 -0.87 TexasInstruments
SAP 103.94 -1.16 Textron
TXN 103.90 -4.74 WestpacBanking WBK 22.41 -0.56
TXT 57.55 -1.75 WestRock WRK 62.74 -2.10
BritishAmTob BTI 54.06 0.33 Costco COST 182.64 -3.43 GGP GGP 21.12 0.06 KeysightTechs KEYS 51.89 -1.27 NewellBrands NWL 25.84 -0.97 S&P Global SPGI 189.08 -4.73 ThermoFisherSci TMO 207.33 -5.63 Weyerhaeuser WY 35.20 -0.18
Amazon.com AMZN 1544.92 -36.94
KilroyRealty KRC 70.07 -0.53 NewmontMin NEM 37.61 -0.61 SBA Comm SBAC 169.41 2.32 t ThomsonReuters TRI 38.80 -0.67 WheatonPrecMet WPM 20.15 0.30
Broadcom AVGO 243.57 -2.43 Coty COTY 18.20 -0.16 Gallagher AJG 68.57 -1.70
us l,
50.93 -1.64 Garmin GRMN 58.34 -1.17 Knight-Swift KNX 48.88 -0.74 Nike
AmericaMovil A AMOV 18.92 -0.28 Brown-Forman B BF.B 53.94 -0.82 CrownCastle CCI 108.95 1.36 NKE 64.42 -1.93
e
Gartner IT 119.42 -3.43 Kohl's KSS 63.01 -0.73 NiSource SLGreenRealty SLG 96.05 -0.93 Toll Bros TOL 44.05 -0.95 Wipro WIT 5.07 -0.13
AmericaMovil AMX 19.06 -0.06 Brown-Forman A BF.A 53.07 -1.23 t CrownHoldings CCK 48.52 -1.14 Gazit-Globe GZT 9.65 0.09
NI 23.39 0.10
KoninklijkePhil PHG 38.89 -1.11 NobleEnergy NBL 30.55 -0.44 SS&C Tech SSNC 52.41 -0.73 Torchmark TMK 83.83 -2.23 WooriBank WF 43.29 -1.09
AmerAirlines AAL 52.31 -1.78 t BuckeyePtrs BPL 39.33 -1.17 Ctrip.com CTRP 48.19 -1.28
Cullen/Frost CFR 105.63 -2.84 GeneralDynamics GD 218.37 -5.38 KoreaElcPwr KEP 14.67 -0.02 Nokia SVB Fin SIVB 250.67 -14.37 Toro TTC 60.85 -1.92 Workday WDAY 131.22 -2.21
NOK 5.50 -0.21
ci on
AEP AEP 67.36 0.45 Bunge BG 72.05 -0.97 Cummins t GeneralElec GE 13.35 -0.53 t KraftHeinz KHC 60.53 -1.46 NomuraHoldings NMR 5.77 -0.20 Sabre SABR 21.63 -0.38 TorontoDomBk TD 57.93 -1.25 Worldpay WP 82.45 -0.87
AmerExpress AXP 91.41 -3.33 BurlingtonStrs BURL 129.85 -0.57 CMI 157.55 -3.93
CurtissWright CW 135.77 -3.05 t GeneralMills GIS 44.45 -1.06 Kroger KR 23.39 -0.06 Nordson SageTherap SAGE 160.13 -6.16 Total TOT 56.58 -0.75 Wyndham WYN 115.20 -2.72
AmericanFin AFG 111.77 -3.53 CA NDSN 135.27 -5.51
CA 34.31 -1.00 CypressSemi CY 17.67 -0.57 GeneralMotors GM 36.35 -1.23 Kyocera KYO 55.72 -0.90 Nordstrom Salesforce.com CRM 118.04 -3.66 TotalSystem TSS 87.22 -1.95 WynnResorts WYNN 175.54 -3.38
AIG AIG 54.81 -1.03 CBD Pao JWN 46.87 -0.83
CBD 19.57 0.12 Genpact G 31.51 -0.72 LATAMAirlines LTM 15.03 -0.30 NorfolkSouthern NSC 134.19 -5.26 Sanofi SNY 39.43 -0.48 ToyotaMotor TM 127.02 -2.26 XPO Logistics XPO 102.18 -2.21
AmerTowerREIT AMT 143.01 0.68 CBRE Group CBRE 46.48 -1.24
AmerWaterWorks AWK 80.15 -0.70 CBS A
D E F Gentex GNTX 22.80 -0.72 L Brands LB 38.36 -1.06 NorthernTrust NTRS 102.51 -4.44 SantanderCons SC 16.16 -0.66 TractorSupply TSCO 60.02 -1.85 XcelEnergy XEL 44.57 0.11
CBS.A 50.46 -0.33 GenuineParts GPC 87.98 -2.50 t LG Display LPL 12.31 -0.47 NorthropGrum NOC 338.83 -8.39 Sasol SSL 33.61 -1.02 TransCanada TRP 40.91 -1.07 Xerox XRX 29.80 -1.06
Ameriprise AMP 151.06 -6.80 CBS B CBS 50.26 -0.61 t DISH Network DISH 37.77 -1.29 Gerdau GGB 4.58 -0.26 LINE LN 38.51 -0.60 t NorwegCruise NCLH 52.71 -1.46 Schlumberger SLB 65.52 -2.22 TransDigm TDG 302.73 -6.61 Xilinx XLNX 73.94 -1.73
AmerisourceBrgn ABC 85.00 -4.50 CDK Global CDK 65.27 -1.62 DTE Energy DTE 102.55 0.02 Gildan GIL 28.93 -0.57 LKQ LKQ 37.91 -1.59 Novartis SchwabC SCHW 53.40 -2.44 TransUnion TRU 58.14 -1.07 Xylem XYL 77.38 -1.96
er rs
AndeavorLog ANDX 43.53 -0.56 CMS Energy CMS 43.95 0.14 DeltaAir DAL 54.67 -1.28 t Goodyear 37.67 -0.98 Twitter TWTR 31.20 -1.53 ZayoGroup ZAYO 34.94 -0.53
AB InBev BUD 108.48 -1.75 CNA Fin CNA 50.31 -1.59 DentsplySirona XRAY 52.66 -1.47 Graco
GT 27.36 -0.82 Lazard LAZ 52.03 -2.30 O P Q ServiceCorp SCI
ServiceMaster SERV 49.98 -0.96 TylerTech TYL 210.05 -2.43 ZebraTech ZBRA 138.29 -5.17
GGG 45.17 -1.54 Lear LEA 187.64 -4.96
AnnalyCap NLY 10.55 0.01 CNOOC CEO 145.59 -7.27 t DeutscheBank DB 14.19 -0.60 Grainger GWW 280.17 -5.30 Leggett&Platt LEG 44.23 -1.04 OGE Energy OGE 31.81 0.02 ServiceNow NOW 168.76 -4.43 TysonFoods TSN 72.70 -0.99 Zillow A ZG 55.63 -1.57
AnteroResources AR 19.85 -0.26 CPFLEnergia CPL 14.39 -0.19 DevonEnergy DVN 32.29 -0.63 GreatPlainsEner GXP 30.45 -0.21 LDOS 65.98 -1.57 ONEOK OKE 57.33 -1.13 t ShawComm B SJR 18.60 -0.15 UBS Group UBS 17.34 -0.78 Zillow C Z 55.58 -1.69
m rp
Leidos
Anthem ANTM 218.85 -7.14 CRH CRH 33.46 -0.70 DexCom DXCM 66.74 -0.97 Grifols GRFS 20.48 -0.46 Lennar A LEN 58.68 -1.22 OReillyAuto ORLY 241.16 -5.89 SherwinWilliams SHW 393.10 -12.13 UDR UDR 34.77 -0.52 ZimmerBiomet ZBH 111.38 -3.00
Aon AON 139.31 -4.10 CSRA CSRA 41.44 -0.13 Diageo DEO 132.95 -0.71 GrubHub GRUB 105.91 -4.11 Lennar B LEN.B 47.49 -0.82 OccidentalPetrol OXY 65.18 -0.86 ShinhanFin SHG 41.58 -0.73 UGI UGI 43.48 -0.09 ZionsBancorp ZION 53.07 -2.03
Apache APA 37.28 -0.82 CSX CSX 55.29 -1.61 DiamondbkEner FANG 127.78 -2.40 GpoAvalAcc AVAL 8.40 -0.02 LennoxIntl LII 206.05 -5.22 OldDomFreight ODFL 146.64 -3.93 Shire SHPG 126.39 -2.33 US Foods USFD 33.35 -0.69 Zoetis ZTS 82.06 -2.04
ApartmtInv AIV 39.11 -0.68 t CVS Health CVS 61.79 -0.63 DigitalRealty DLR 102.91 -0.46 GpoFinGalicia GGAL 65.01 -0.50 LeucadiaNatl LUK 22.36 -0.80 OldRepublic ORI 21.17 -0.36
ApolloGlbMgmt APO 30.52 -1.47 CabotOil COG 23.96 -0.43 DiscoverFinSvcs DFS 71.89 -2.97 GrupoTelevisa TV 15.30 0.72 LibertyBroadbandA LBRDA 85.27 -0.98 Omnicom OMC 70.80 -1.64
Apple AAPL 168.85 -2.42 CadenceDesign CDNS 37.39 -0.96 DiscovComm C DISCK 19.88 -0.62 Guidewire GWRE 82.99 -3.32 LibertyBroadbandC LBRDK 85.76 -1.26 ON Semi ON 25.90 -0.60
CZR 11.80 -0.40 s DiscovComm B DISCB 38.00 2.40 HCA Healthcare HCA 99.79 -1.11
ApplMaterials AMAT 58.96 -1.82 CaesarsEnt
Aptiv APTV 83.79 -4.35 CamdenProperty CPT 82.03 -0.96 DiscovComm A DISCA 21.52 -0.64 HCP HCP 22.61 0.09
LibertyGlobal C LBTYK 31.13 -0.13 OpenText
LibertyGlobal A LBTYA 32.06 -0.22 Oracle
OTEX 34.71 -1.02
ORCL 45.89 -1.13 Dividend Changes
co Fo
AquaAmerica WTR 33.26 -0.36 CampbellSoup CPB 42.10 -0.07 Disney DIS 100.60 -1.22 HDFC Bank HDB 96.88 -0.71 LibertyQVC B QRTEB 26.00 0.21 Orange ORAN 16.74 -0.27
Aramark ARMK 39.79 -1.02 CIBC CM 89.79 -1.55 DolbyLab DLB 65.23 -1.36 HD Supply HDS 37.98 -0.74 LibertyQVC A QRTEA 25.58 -0.65 OrbitalATK OA 132.29 -0.01 Dividend announcements from March 22.
ArcelorMittal MT 31.46 -2.01 CanNtlRlwy CNI 71.90 -1.73 DollarGeneral DG 91.75 -1.23 HP HPQ 22.47 -0.81 t LibertyFormOne A FWONA 29.00 -0.67 Orix IX 88.57 -0.05
Amount Payable /
ArchCapital ACGL 84.36 -1.46 CanNaturalRes CNQ 30.26 -1.19 DollarTree DLTR 93.54 -1.18 HSBC HSBC 48.03 -1.31 t LibertyFormOne C FWONK 30.36 -0.59 Oshkosh OSK 76.98 -2.62
ArcherDaniels ADM 41.94 -0.68 CanPacRlwy CP 173.29 -4.11 t DominionEner D 67.87 0.23 Halliburton
Company Symbol Yld % New/Old Frq Record
HAL 46.38 -0.73 LibertyBraves A BATRA 23.11 -0.05 OwensCorning OC 79.08 -1.62
Arconic ARNC 22.68 -1.48 Canon CAJ 37.06 0.24 Domino's DPZ 226.40 -1.86 t Hanesbrands HBI 18.59 -0.40 LibertyBraves C BATRK 23.29 0.02 PG&E PCG 44.13 1.17 Increased
AristaNetworks ANET 273.74 -8.96 CapitalOne COF 94.65 -3.53 Donaldson DCI 44.15 -1.76 t HarleyDavidson HOG 42.13 -1.15 LibertySirius B LSXMB 44.75 -0.78 PLDT PHI 28.22 0.34
ArrowElec ARW 77.21 -2.76 CardinalHealth CAH 63.86 -1.83 DouglasEmmett DEI 36.36 -0.37 Harris
Great Southern Bancorp GSBC 2.3 .28 /.24 Q Apr16 /Apr02
HRS 154.57 -5.24 LibertySirius C LSXMK 41.04 -1.16 PNC Fin PNC 153.28 -5.61
PKX 76.93 -3.85 Horizon Bancorp (Indiana) 2.0 .15 /.13 Apr20 /Apr06
AstraZeneca AZN 34.47 -0.14 Carlisle CSL 105.34 -1.85 Dover DOV 98.98 -4.09 HartfordFinl HIG 51.88 -1.52 HBNC Q
LibertySirius A LSXMA 41.11 -1.20 POSCO
AthenaHealth ATHN 141.56 -4.12 Carlyle CG 21.80 -0.40 DowDuPont DWDP 65.62 -1.81 t Hasbro HAS 84.66 -1.94 LibertyProperty LPT 39.20 -0.43 PPG Ind PPG 111.31 -2.64 Raytheon RTN 1.7 .8675 /.7975 Q May10 /Apr11
Athene ATH 49.19 -1.12 CarMax KMX 60.00 -1.51 DrPepperSnap DPS 118.02 0.02 Heico A HEI.A 70.40 -2.35 EliLilly LLY 76.53 -1.71 PPL PPL 27.32 0.10
Atlassian TEAM 57.51 -0.81 Carnival CCL 66.20 -0.86 DukeEnergy DUK 76.19 0.01 Heico HEI 86.61 -2.94 LincolnElectric LECO 90.78 -3.44 PTC PTC 78.92 -1.18
Foreign
AtmosEnergy ATO 81.17 -0.21 Carnival CUK 65.88 -0.75 DukeRealty DRE 25.75 -0.27 Helm&Payne HP 66.35 -2.53 LincolnNational LNC 73.60 -3.60 PVH PVH 141.45 -1.55 City Office REIT CIO 8.2 .235 Q Apr25 /Apr11
Autodesk ADSK 131.41 -4.13 Caterpillar CAT 146.90 -8.90 ENI E 34.80 -0.50 HenrySchein HSIC 65.93 0.26 LiveNationEnt LYV 42.50 -0.59 Paccar PCAR 64.32 -2.50 City Office REIT Pfd A CIOpA 7.0 .41406 Q Apr25 /Apr11
Autohome ATHM 89.60 -2.64 Cavium CAVM 84.20 -1.84 EOG Rscs EOG 104.29 -0.49 Herbalife HLF 97.53 -0.35 LloydsBanking LYG 3.74 -0.11 PackagingCpAm PKG 112.98 -4.67
Autoliv ALV 147.47 -2.65 CboeGlobalMkts CBOE 112.62 -4.71 EPAM Systems EPAM 116.75 -4.06 Hershey HSY 97.05 -1.42 LockheedMartin LMT 327.15 -8.32 PacWestBancorp PACW 49.52 -2.16
Special
ADP ADP 113.14 -3.22 Celanese A CE 100.38 -3.70 EQT EQT 48.77 -0.77 Hess HES 50.10 -0.59 Loews L 50.24 -1.35 PagSeguroDig PAGS 35.60 -0.40 Ocean Bio-Chem OBCI .06 Apr16 /Apr02
AutoZone AZO 643.37 -4.75 Celgene CELG 86.91 -1.40 E*TRADE ETFC 54.97 -2.64 HewlettPackard HPE 18.32 -0.39 LogitechIntl LOGI 37.52 -1.14 PaloAltoNtwks PANW 184.83 -3.14
Avalonbay AVB 160.26 -2.98 Cemex CX 6.64 -0.17 EXACT Sci EXAS 45.99 -3.07 Hexcel HXL 64.56 -2.36 LogMeIn LOGM 119.30 -5.35 ParkerHannifin PH 175.87 -5.88
27.50 -0.64 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
n-
Avangrid AGR 49.91 0.44 CenovusEnergy CVE 8.41 -0.52 EastWestBncp EWBC 62.98 -2.23 Hilton HLT 80.44 -1.40 Lowe's LOW 85.70 -1.55 ParsleyEnergy PE
AveryDennison AVY 105.92 -4.22 Centene CNC 103.84 -0.85 EastmanChem EMN 103.97 -3.50 HollyFrontier HFC 48.18 -0.85 lululemon LULU 81.10 0.40 Paychex PAYX 63.49 -2.06 spin-off.
Rayonier RYN 36.31 1.0 BigLots BIG 43.99 -3.1 CyclacelPharm CYCC 1.42 -5.3 GoPro GPRO 4.76 -2.8 LibertyFormOne A FWONA 28.78 -2.3 Pulmatrix PULM 1.06 -1.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American SPS Commerce SPSC 65.29 1.6 Bitauto BITA 22.41 -6.5 DISH Network DISH 37.75 -3.3 GraceWR GRA 61.53 -3.2 MDC Partners MDCA 6.60 -5.0 Resonant RESN 3.64 -10.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest SSLJ.com SSLJ 5.25 7.4 BluerockResPfdA
BRGpA 24.78 -0.3 Dave&Buster's PLAY 42.06 -1.6 GrayTelevision A GTN.A 10.40 -3.3 MIIIAcquisition MIII 8.93 -4.7 resTORbio TORC 13.04 -10.3
session. % CHG-Daily percentage change from the previous trading session. SinovacBiotech SVA 8.75 -0.2 Boxlight
BOXL 3.08 -16.7 DeutscheBank DB 14.17 -4.1 GreenlightCapRe GLRE 15.45 -1.3 MacquarieInfr MIC 36.81 -2.3 RoadrunnerTrans RRTS 3.37 -5.6
SoundFinBancorp SFBC 36.25 1.1 BritishAmTob
BTI 53.38 0.6 DominionEner D 67.32 0.3 Hanesbrands HBI 18.54 -2.1 MeetGroup MEET 2.01 -5.1 SapiensInt SPNS 8.58 5.0
Thursday, March 22, 2018 Strats GSG GJS GJS 21.27 1.3 BrookfieldProp
BPY 19.53 -1.2 DominionEnerUn DCUD 46.04 0.5 HarleyDavidson HOG 42.13 -2.7 MelintaTherap MLNT 9.32 -1.6 ScrippsEW SSP 12.11 -2.9
52-Wk % 52-Wk % 52-Wk % SuperiorDrilling SDPI 1.78 1.2 BuckeyePtrs
BPL 39.05 -2.9 DominionEnerMid DM 15.75 -1.5 HarvestCap6.125Nt HCAPZ 24.89 -0.2 MeridianWasteWt MRDNW 0.05 -0.6 ShawComm B SJR 18.50 -0.8
TabulaRasaHlth TRHC 41.30 3.2 CVS Health
CVS 61.74 -1.0 EdgewellPersonal EPC 46.37 -1.2 Hasbro HAS 84.51 -2.2 MerrimackPharm MACK 9.32 -3.6 ShellMidstream SHLX 21.00 -4.8
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
TechTarget TTGT 19.92 0.8 Caesarstone
CSTE 18.55 -5.5 EldoradoGold EGO 0.92 -11.5 HavertyFurn HVT 19.20 -3.3 MicroFocus MFGP 12.67 -2.0 SolidBiosci SLDB 7.95 -2.7
Durect DRRX 2.30 1.8 NextEraEnergy NEE 164.25 1.1 Twilio TWLO 42.41 0.8 CellcomIsrael SonocoProducts SON 46.55 -2.8
CEL 7.25 -4.9 EnLinkMidPtrs ENLK 13.10 -3.3 HelenofTroy HELE 83.30 -2.0 MilestoneSci MLSS 0.88 -1.1
Highs Floor&Decor FND 52.78 0.4 NextEraEnergyUn NEEpQ 72.74 2.1 US Cellular USM 41.41 -1.7 Check-Cap Wt
CHEKW 0.11 -31.0 EnzoBiochem ENZ 5.83 -3.2 HollyEnergy HEP 27.00 -2.3 Netlist NLST 0.25 -1.7
SpectraEnerPtrs SEP 32.70 -2.8
Geron GERN 6.68 5.4 NextEraEnergyUn NEEpR 58.10 0.5 Ultralife ULBI 10.25 2.0 Check-Cap Sphere3D ANY 1.70 -8.4
AAON AAON 40.25 -1.3 CHEK 0.47 4.1 EstreAmbWt ESTRW 0.53 -0.4 HudsonTech HDSN 4.68 -4.1 NielsenHoldings NLSN 31.81 -1.9
Guess GES 20.21 28.3 NAmerEnergyPtr NOA 5.75 -2.8 UnionAcqnUn LTN.U 10.23 1.5 ChinaLifeIns StericyclePfdA SRCLP 45.76 -3.7
AMN Healthcare AMN 60.80 1.0 LFC 13.97 -3.0 EthanAllen ETH 22.70 -2.2 IMPAC Mortgage IMH 7.45 -2.6 NorwegCruise NCLH 52.55 -2.7
HealthEquity HQY 68.75 2.1 Nutanix NTNX 55.25 -1.0 UplandSoftware UPLD 30.50 2.7 ChinaMobile SuburbanPropane SPH 22.65 -1.3
AddusHomeCare ADUS 46.10 3.0 CHL 44.90 -0.7 ExxonMobil XOM 73.39 -2.1 Innophos IPHS 40.43 -2.3 Nutrisystem NTRI 27.95 -3.3
ICF Intl ICFI 62.00 -0.6 OdysseyMarine OMEX 13.75 118.4 UsanaHealth USNA 84.40 0.1 ChinaTelecom TC PipeLines TCP 34.57 -2.5
Ameresco AMRC 12.55 0.8 CHA 42.30 -1.7 EyegatePharm EYEG 0.48 -5.5 Inovalon INOV 10.45 -5.9 OaktreeCapital OAK 39.60 -0.4
JasonIndustries JASN 3.65 0.8 OldLineBcshs OLBK 33.90 -1.8 VaronisSystems VRNS 63.50 -2.4 CidaraTherap Tegna TGNA 11.29 -2.1
AmRltyInv ARL 17.94 15.5 CDTX 5.25 ... Flexsteel FLXS 36.31 -2.6 Inpixon INPX 1.13 -7.0 OfficeDepot ODP 2.15 -6.5
LegacyReserves LGCY 4.52 -0.5 OneMadisonWt OMAD.WS 1.00 3.1 TataMotors TTM 25.46 -1.2
ArQule ARQL 2.99 -1.4 CincinnatiBell CBB 13.50 -2.9 FourSeasonsEduc FEDU 6.10 -6.1 InterNAP INAP 11.22 -11.7 OncoCyte OCX 1.10 -13.3
Avaya AVYA 23.76 -0.7
LeisureAcqnWt LACQW
LunaInnov LUNA
0.72 2.9
2.93 7.8
OpesAcqn
PCSB Fin
OPESU
PCSB
10.06 0.1
21.75 -0.8
Lows CitigroupWt19 C.WS.A 0.04 -28.6 Francesca's FRAN 4.64 -0.6 Intersections INTX 1.69 -2.2 OrexigenTherap OREX 0.21 -4.9
ThomsonReuters TRI
TootsieRoll TR
38.68
29.35
-1.7
-2.2
AxoGen AXGN 39.95 0.4 MSCI MSCI 159.47 -1.3 PFSweb PFSW 8.96 1.8 Ability ABIL 0.32 -12.8 ClearSignWt CLIRW 0.22 0.7 Gafisa GFA 5.92 -3.9 JAKKS Pacific JAKK 1.95 -2.4 PBF Logistics PBFX 18.45 -2.1 TrueCar TRUE 9.50 -1.3
Bandwidth BAND 33.18 0.2 ManhattanBridge LOAN 6.95 2.2 PacificMercBncp PMBC 9.90 -1.5 AcuityBrands AYI 133.09 -8.4 Coca-Cola Bottl COKE 174.50 -0.5 GameStop GME 13.59 -1.4 KimberlyClark KMB 107.42 -0.8 Patterson PDCO 22.10 -1.9 Tuniu TOUR 6.50 -3.8
BlackRidgeAcqn BRAC 9.72 0.6 MarathonPetrol MPC 73.89 -0.3 PalatinTech PTN 1.20 5.4 Adecoagro AGRO 7.57 0.1 Comcast A CMCSA 33.21 -3.7 GeneralElec GE 13.32 -3.8 KingswayFin KFS 3.75 -1.3 PA REIT PfdD PEIpD 20.16 -0.2 UnitedTherap UTHR 106.30 -0.6
CallawayGolf ELY 16.59 -1.2 McGrathRentCorp MGRC 55.65 -0.7 Pareteum TEUM 3.59 -3.0 Altria MO 59.65 0.7 CompassPfdA CODIpA 22.55 -0.9 GeneralMills GIS 44.44 -2.3 Knowles KN 12.96 -3.3 PA Reit Pfd B PEIpB 21.59 -0.1 WPP WPP 76.89 -1.3
Crocs CROX 15.85 -0.3 MerchantsBancorp MBIN 23.04 0.4 PureCycle PCYO 9.60 -1.6 AscentCapital A ASCMA 4.45 -6.5 CooperT&R CTB 29.55 -1.3 GladstonePfdD GAINM 25.07 -0.2 KraftHeinz KHC 60.49 -2.4 PennREITPfdC PEIpC 20.88 -0.2 WeatherfordIntl WFT 2.33 -2.8
CryoPortWt CYRXW 7.38 -3.4 NGL EnergyPfdB NGLpB 25.56 7.5 QTSRealtyPfdA QTSpA 25.59 -0.4 Atento ATTO 8.00 ... CorpAmAirports CAAP 12.45 -1.4 GlobalIndemnity GBLI 34.13 -3.1 LG Display LPL 12.31 -3.7 PlymouthREITPfdA PLYMpA 24.02 -0.4 WesternGasEquity WGP 33.29 -2.8
DenburyRscs DNR 2.76 -4.1 NRG Energy NRG 30.85 0.4 Quidel QDEL 50.68 0.7 BCE BCE 42.62 -0.9 CrossAmerPtrs CAPL 20.54 -0.1 GolarLNGPartners GMLP 17.07 -2.4 LegacyAcqn LGC 9.51 -0.5 PostHoldings POST 70.66 0.3 Whirlpool WHR 155.47 -1.7
DiscovComm B DISCB 38.00 6.7 NewMediaInvt NEWM 17.95 -0.2 RadNet RDNT 14.15 3.0 BT Group BT 15.41 -1.5 CrownHoldings CCK 48.50 -2.3 Goodyear GT 27.34 -2.9 LibertyFormOne C FWONK 30.14 -1.9 Procter&Gamble PG 76.37 -0.8 ZK Intl ZKIN 6.55 -2.4
B10 | Friday, March 23, 2018 * *** THE WALL STREET JOURNAL.
Wager on Neighbor
Proves Lucrative
BY BRIAN BLACKSTONE
comment on his investments.
ZURICH—The biggest win- Mr. Siegert, 70 years old,
ner of one of the past year’s isn’t a household name even in
best stock bets is a German in- Germany, where he runs his
vestor who bought into Swit- family business, de Haen-
zerland’s central bank. Carstanjen & Söhne. It was
Düsseldorf, Germany-based originally set up as a trading
businessman Theo Siegert’s business 200 years ago, deal-
stake in the Swiss National ing with goods for drugstores,
Bank soared in value over the among other things. Today, it
past year as the central bank’s is a family office, managing in-
stock price gained more than vestments. He sits on the
250%. boards of several large Ger-
The SNB is a rarity among man companies, including
QILAI SHEN/BLOOMBERG NEWS
BY STEVEN RUSSOLILLO
by more: Belgian drugmaker
Ablynx NV surged after being
bought out by French rival
Sanofi SA in January.
250%
Rise in Swiss National Bank’s
AND ALEXANDRA WEXLER Investor Is Africa’s National Party, which came to “You never lose with Koos” Mr. Siegert was the SNB’s stock price over past year
power in 1948 and instituted became a popular saying in second-largest shareholder
One of the oldest and largest Most Valuable Firm the system of racial segrega- South African investment cir- last year, according to the
investors in Tencent Holdings tion known as apartheid. cles as the company’s fortunes SNB’s annual report released
Ltd. is selling close to $10 billion In the 1980s, the company soared, alongside those of Ten- Thursday, ceding the top spot a tiny dividend. It is governed
of shares in the Chinese internet A $34 million bet in 2001 began expanding beyond its cent. Mr. Bekker is the com- he held at the end of 2016 to under laws for both public and
giant, reducing one of the on China’s Tencent Holdings publishing roots. In 1991, a pany’s chairman. the Swiss canton of Berne. Mr. private institutions, and
world’s most lucrative tech bets Ltd. transformed Naspers Ltd. team lead by Koos Bekker— Recently, Naspers has taken Siegert reduced his stake by owned primarily by individual
at a time of turbulence for the into a media and internet jug- who served as chief executive on industry giants in other sec- 650 shares last year, leaving Swiss states, known as can-
.
sector. gernaut and one of the world’s from 1997 to 2014—and other tors. The company launched a him with 6,070 shares at year- tons, and cantonal banks. Pub-
ly
Naspers Ltd., a South African savviest—if little known—tech partners launched the mobile video-streaming service called end. Those 650 shares could lic-sector bodies own almost
media and internet firm, said investors. phone operator MTN Group ShowMax across Africa in 2015, have been valued at well over 80% of voting shares.
Thursday it will sell 190 million Founded in the wine capital Ltd., now Africa’s largest tele- just ahead of Netflix Inc.’s entry 2 million francs, depending on Shareholders have no say in
shares of Tencent, cutting its of South Africa—Stellenbosch— on com company. on the continent. when they were sold. the SNB’s monetary policy or
stake in the company to 31.2% in 1915, Naspers was originally After the end of apartheid, Naspers is also going toe- Even accounting for the how it manages its 790 billion
from 33.2%. The shares were De Nationale Pers Beperkt, or Mr. Bekker oversaw Naspers’s to-toe with Craigslist Inc. in the lower number of shares, Mr. franc war chest of foreign-cur-
priced at HK$405 each on Friday the National Press Ltd., which transformation to Africa’s biggest U.S. with mobile app Letgo. In Siegert’s stake doubled in rency stocks and bonds, built
morning in Hong Kong, a 7.8% produced a Dutch-language company, including the acquisi- 2016, the company opened a value last year, to nearly 24 up through years of interven-
us l,
discount to Tencent’s closing newspaper for the country’s Af- tion of the firm’s Tencent stake. venture-capital outfit in Silicon million francs, based on the tions to weaken the franc.
share price the previous day. rikaner population. The com- Naspers now has investments in Valley to be closer to the tech- year-end closing price. His On the plus side, the SNB is
al a
e
The sale represents a windfall pany and its publications be- about 50 brands that operate in innovation hub. 6,070 shares were valued at perceived as ultrasafe. It
for Naspers, which paid just $34 came propagandists for the more than 120 countries. —Alexandra Wexler 35.2 million francs on Thurs- prints its own currency—and
million for its Tencent stake in day, assuming he has held on the franc is among the world’s
ci on
more of its shares for at least light of the Naspers sale. bled this week after criticism Inc. and Alphabet Inc.-owned
three years. A Tencent representative said over its handling of user infor- Google. Swiss Bliss
Tencent, best known in China the company was aware of mation. The controversy has A survey this week by Bank of German investor Theo Siegert is the Swiss National Bank's largest
for its WeChat messaging app Naspers’s intention to sell a stake prompted renewed calls for gov- America Merrill Lynch found private shareholder, and the value of his stake has soared along with
m e
and being the world’s largest vid- and said the company’s commit- ernments around the world to that the “long FAANG+BAT” the SNB's share price.
eogame publisher by revenue, ment to not sell any more shares better regulate giant technology trade—meaning investors who
has become one of the world’s for several years “indicates con- companies that have amassed have piled into these technology Stake in the Swiss National Swiss National Bank's weekly
m rp
most valuable technology com- fidence in our long-term growth large volumes of user data. The giants—was the most crowded Bank owned by Mr. Siegert share price
panies. Its shares have nearly and management.” tech-heavy Nasdaq Composite trade on Wall Street. 8,000 shares 6,000 Swiss francs
doubled over the past year, cata- Naspers, which has become has fallen in six of the past eight Nevertheless, Naspers will
pulting the company’s market Africa’s most valuable company trading days, and is down 5.6% still be a major shareholder in 6,000
capitalization to about $532 bil- in large part because of its Ten- from its record earlier this Tencent and several other tech 4,000
co Fo
lion, putting it ahead of Face- cent stake, said it would use the month. companies. The company,
book Inc. and Berkshire Hatha- proceeds from the share sale to The sale of Tencent shares founded in 1915, also holds 4,000
way Inc. invest in its classifieds, online could add more pressure to stakes in a host of other tech 2,000
Tencent’s shares fell 5% on food delivery and financial-tech- global tech stocks. Tencent, firms, including Mail.ru Group, a 2,000
Thursday in Hong Kong after the nology businesses, as well as to along with search giant Russian internet company that
company’s quarterly results, re- pursue other growth opportuni- Baidu.com Inc. and e-commerce runs two of the country’s three 0 0
ported a day earlier, showed ties. Naspers shares dropped titan Alibaba Group Holding Ltd., biggest social networks; Delivery 2008 ’10 ’12 ’14 ’16 2008 ’10 ’12 ’14 ’16 ’18
slowing revenue growth from 4.6% on Thursday in South Africa make up the three so-called BAT Hero, a food-delivery company 100 Swiss francs = $105.34
mobile and PC games, one of its trading. stocks that, because of their size, based in Germany; and Flipkart, Sources: Swiss National Bank (stake);
main profit drivers. The sale comes at a sensitive clout and market dominance in India’s biggest e-commerce site. WSJ Market Data Group (share price) THE WALL STREET JOURNAL.
Uber Gets $1.5 Billion WYNN in the late 1980s and 1990s,
only to lose them in a sale to
misconduct against employees.
His position as a major
share by late January before
plunging after the Jan. 26 arti-
n-
Kirk Kerkorian’s MGM Grand shareholder in Wynn Resorts cle in the Journal and hover-
BY SAM GOLDFARB centage points above the he wrote. Casino industry ex- The company later went on Massachusetts, who are inves- in March following the com-
AND MATT WIRZ benchmark London interbank ecutives and analysts have dis- to build two resorts in Macau tigating the claims. pany’s efforts to distance itself
offered rate, down from an ini- cussed growing concerns and is building a $2.4 billion Mr. Wynn has said it was from Mr. Wynn and to resolve
Uber Technologies Inc. tial proposal of 4.25 to 4.5 per- about whether the Macau gov- casino in the Boston area. “preposterous” that he would outstanding litigation. In
raised $1.5 billion from its sec- centage points. ernment will renew licenses All that remains of Mr. Wynn assault a woman; he hasn’t re- 2002, underwriters priced
ond-ever high-yield loan issu- Uber raised $1.15 billion for the territory’s six licensees at the casino empire—aside sponded to other allegations. A Wynn Resorts’ initial public
ance, highlighting the strength through its first leveraged loan when they begin expiring in from the fact that he is allowed lawyer for Mr. Wynn didn’t im- offering at $13 a share. The
of the leveraged-loan market, in July 2016. 2020. They have said that U.S. to reside in a villa at the Las mediately provide comment stock price peaked at just over
which has benefited from rising Leveraged loans are a pri- operators such as Wynn are Vegas casino through May—is Thursday beyond an earlier $247 in March 2014.
interest rates while other risk- vate variant of junk bonds. more at risk than Chinese op- his signature splashed as a logo statement he had issued saying Over the past month, the
ier assets have wobbled. Banks typically make the loans erators such as Galaxy. atop its casino resorts. that Mr. Wynn would decline company and Mr. Wynn had
Uber completed the loan to companies with below-in- Mr. Wynn founded Wynn Mr. Wynn resigned last to cooperate with the Journal worked to remove several
deal the same week one of its vestment-grade credit ratings Resorts in 2002 along with month as chairman and chief because he doesn’t believe the roadblocks that prevented him
self-driving cars struck and and sell them to professional Ms. Wynn, and Japanese pa- executive of Wynn Resorts fol- newspaper will treat him fairly. from being able to sell his
killed a pedestrian in Arizona, investors such as mutual funds, chinko magnate Kazuo Okada. lowing a January article in Mr. Wynn sold his shares in stock. A shareholder agree-
causing the ride-sharing com- hedge funds and insurance Having built a series of mega- The Wall Street Journal that the middle of their recent ment dating to 2010 had pre-
pany to pull such cars from the companies. Issuers of the loans resorts including the Mirage, detailed allegations of a de- trading range. Wynn Resorts vented Mr. Wynn, Ms. Wynn
road in the four cities where it don’t need to publicly report fi- Treasure Island and Bellagio cadeslong pattern of his sexual stock had risen to over $200 a and a former business partner,
has been testing them. nancial information because the Universal Entertainment Corp.,
Uber also continues to lose debt is sold privately to inves- from selling without the per-
money, a characteristic that tors who are thought to be mission of the other parties.
would typically reduce the ap- more sophisticated. Wynn Resorts earlier this
peal of its debt to creditors, An attractive feature of lev- month agreed to pay $2.6 bil-
who generally care more about eraged loans is that they typi- lion to settle litigation with
companies’ near-term abilities cally are secured by corporate Universal, which then agreed
to generate cash and meet their assets, giving creditors higher to drop its rights in the share-
loan obligations than their recoveries in a default than holder agreement. Last week,
growth prospects. owners of unsecured bonds. Mr. Wynn and Ms. Wynn
Not including certain items Their coupons also rise and fall agreed in a Nevada state court
like interest, taxes, depreciation with benchmark interest rates, to dissolve their part of the
and amortization, Uber’s loss making them especially popular shareholder agreement.
was $775 million in the fourth when rates are rising. Another complication re-
quarter, compared with $1.02 Underscoring the appeal of solved Tuesday involved an
billion in last year’s third quar- the asset class in the current agreement with the company’s
ter. Uber also reported net rev- environment, mutual funds that bondholders. Under the previ-
enue increased 12% to $2.26 bil- specialize in leveraged loans ous terms of one set of notes,
lion from three months earlier, have recorded net inflows of the company could have been
but it continues to operate at a $2.3 billion through the past 10 forced to offer to buy back all
loss as it invests in growth ini- weeks ended March 14, accord- of the bonds issued by its Wynn
tiatives like expansion overseas ing to data service Thomson Las Vegas subsidiary if any in-
and driverless car technology. Reuters Lipper. High-yield bond vestor were to gain a larger
Despite its unconventional mutual funds and exchange- share in the company than Mr.
CHARLES KRUPA/AP
profile, Uber met with strong traded funds have experienced and Ms. Wynn combined.
demand from investors, allow- outflows of $13.9 billion over The company on Tuesday
ing it to increase the size of the the same period. said it had reached a deal with
deal from its initial proposal of —Ben Eisen bondholders to rewrite that
$1.25 billion. It also cut the and Greg Bensinger provision in exchange for $25
loan’s interest rate to 4 per- contributed to this article. Steve Wynn and the company worked to remove roadblocks preventing him from selling his stock. million.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MARKETS
Treasurys
Rally on
Dropbox IPO Tops Expectations
BY MAUREEN FARRELL heavily oversubscribed, valued tech startups still wait- Dropbox won’t surpass the $10 into the consumer-storage
.
The anxiety over trade is- revenue—and companies are
ly
sues followed a Fed meeting preparing to rush in.
where policy makers showed a Dozens of early-stage drug-
reluctance to pencil in an ad- makers and other biotech
ditional increase in interest firms are planning to list in on
rates in 2018, which bond in- Hong Kong over the next two
vestors saw as a dovish signal. years, say executives, bankers
Fed officials on Wednesday and investors, as the exchange
increased their benchmark pushes through its biggest
us l,
(all with minimum denominations and neck cancer. to be a success, there are Mr. Li said the Hong Kong ing in the city. Bankers expect 0
of $100): Hong Kong Exchanges & many that end up failing. One listings won’t be a free-for-all. offering sizes to span a few
Monday: $51 billion in 13- Clearing Ltd. is expected to concern is that Hong Kong is Pre-revenue biotech compa- hundred million dollars on av-
–100
week bills, a reopening of an is- complete rules by late April inviting new listings in a mar- nies need to have successfully erage.
no
sue first sold on Dec. 28, 2017, that will allow biotech compa- ket that has relatively few in- completed a phase-1 drug trial Hong Kong’s opening up is 2010
maturing June 28, 2018. Cusip nies that have yet to generate stitutional investors and bro- to list, among other require- also drawing companies that Source: Thomson Reuters
number: 912796PM5. any revenue or profit to list in kerages specializing in biotech ments being discussed. Drug have been listed in other mar- THE WALL STREET JOURNAL.
Also, $45 billion in 26-week the city, making it the second stocks. candidates are tested on hu- kets.
bills, dated March 29, 2018, ma-
turing Sept. 27, 2018. Cusip
the bills must be received by 11 York Mercantile Exchange on multuous on record for the “There’s more risk premium
a.m. EDT Tuesday and competi- Thursday. volatility index, better known being priced into stocks right
tive tenders, by 11:30 a.m. For Brent, the global bench- as the VIX. now,” said Pravit Chintawong-
the notes, the deadlines are mark, dropped 56 cents, or The gauge has surged by vanich, head of derivatives
noon and 1 p.m. EDT Tuesday. 0.8%, to $68.91 a barrel on ICE more than 20% six times this strategy at broker-dealer
Wednesday: $15 billion in Futures Europe. year, sending the Cboe VIX of Macro Risk Advisors. “People
one-year, 10-month 0% floating- Oil has often come under VIX index, which measures think stocks are riskier than
rate notes, a reopening of an is- the sway of broader financial moves of the VIX itself, to a they were before. Why that
sue first sold on Jan. 31, 2018, markets in recent weeks, and Worries about a possible trade war pressured crude oil. record during the quarter. is—it could be tariffs, they
maturing Jan. 31, 2020. Cusip escalating trade tensions with The VIX of VIX has aver- could have woken up on the
number: 9128283T5. China weighed on stock and omy has triggered a little soft- more than 5% Tuesday and aged 113.73 this year, the high- wrong side of the bed—who
Also, $29 billion in seven-year oil prices Thursday. President ening,” said Gene McGillian, Wednesday, testing recent est quarterly average in Cboe knows?”
notes, dated April 2, 2018, ma- Donald Trump said Thursday research manager at Tradition highs amid concerns about data going back to 2007. Last month’s sudden mar-
turing March 31, 2025. Cusip that the U.S. is planning to Energy. U.S. relations with major oil The VIX uses options on the ket downturn shattered a pro-
number: 9128284F4. levy tariffs on about $60 bil- Meanwhile, the U.S. dollar producers Venezuela and Iran. S&P 500 index to measure longed period of quiet during
Noncompetitive tenders for lion of imports from China and strengthened slightly, some- “It’s a good area to back off. traders’ expectations for which the VIX remained sub-
the FRNs must be received by to impose restrictions on the thing that often makes com- The question now is how much short-term market moves. It dued. But when stocks plunged
11 a.m. EDT Wednesday and country’s technology transfers modities that are priced in does it give back before find- typically rises when stocks on Feb. 5, the VIX more than
competitive tenders by 11:30 and acquisitions. dollars more expensive for ing its legs again,” said Ric fall, which is why traders buy doubled. Three days later, as
a.m. For the notes, the deadlines “Concerns about these tar- buyers using foreign curren- Navy, senior vice president for volatility futures, options and stocks plummeted again, the
are noon and 1 p.m. EDT on iffs and what it’s going to do cies. energy futures at R.J. O’Brien exchange-traded funds as in- VIX of VIX hit a record of
Wednesday. to trade and the global econ- Crude prices had increased & Associates. surance against a sudden mar- 180.61, according to Cboe data.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MARKETS
Air Is Coming Out of Inflation Wagers
BY DANIEL KRUGER 2.25% while signaling it could raise
short-term interest rates at a
Measures of investors’ bets 2.20 Gauges of investors' expectations slightly more aggressive pace
on a pickup in inflation are
2.15
for inflation in coming years have U.S. five-year, in coming years to keep the
falling from recent highs, a retreated from recent highs. five-year strengthening economy on an
sign that many believe tax cuts 2.10 forward inflation even keel. And compared with
and increased government break-even rate December, more officials think
spending aren’t likely to jolt 2.05 they will need to raise interest
the U.S. economy from its tepid U.S. 10-year rates at least four times this
postcrisis expansion for long. 2.00 break-even year if the economy performs
The 10-year break-even rate, inflation rate in line with their expectations.
which tracks investors’ expec- 1.95 While inflation expectations
tations for average annual in- appear stalled, investors sub-
flation over the next 10 years, 1.90 mitted an above-average
settled Thursday at 2.10%, ac- amount of bids at the govern-
cording to Thomson Reuters, 1.85 ment’s $11 billion auction of
after hitting 2.16% last Treasury inflation-protected se-
1.80
month—its highest level in curities, a sign that demand per-
more than three years. A mea- sists among some investors for
1.75
sure of inflation expectations a hedge against higher prices.
for the five-year period begin- 1.70 The price index for per-
ning in 2023 closed Thursday sonal-consumption expendi-
at 2.10%, down from a recent 1.65 tures, the Fed’s preferred infla-
peak of 2.25% in February. tion measure, advanced 0.4%
The moderation of those April 2017 June Aug. Oct. Dec. Feb. ’18 in January from a month ear-
wagers marks a significant re- lier and 1.7% from a year ear-
versal from earlier in the year, Still, Treasury yields and oil prices have risen recently and the Fed has raised rates. lier. The annual gain was the
when signs of accelerating in- same as recorded in December
10-year Treasury yield Front-month crude oil Federal-funds target rate
flation upended financial mar- and November. The index has
kets, spurring sharp selling in 3.0% $65 a barrel 2.00% Wednesday undershot the Fed’s 2% target
stocks and helping send Trea- Fed raises rates to for annual inflation in 67 of
sury yields to multiyear highs. 1.75 a range between the past 69 months.
1.5% and 1.75%
In one sign that expecta- 2.8 60 At the same time, tighter fi-
tions have shifted, the climb in 1.50 nancial conditions and rising
Treasury yields has stalled, market volatility have “in-
with the yield on the bench- 1.25 creased the probability of a
2.6 55
mark 10-year Treasury note policy error” as the Fed con-
still below 3%—a level it last 1.00 tinues to raise rates, said Dan-
reached at the end of 2013. In- 2.4 50 iela Mardarovici, who helps
flation poses a threat to the 0.75 manage the BMO TCH Core
.
value of government bonds be- Plus Bond Fund. Such mistakes
ly
cause it erodes the purchasing 0.50 could slow growth or tip the
2.2 45
power of their fixed payments. U.S. into recession.
The day after the Federal 0.25 Some analysts said inflation
Reserve raised interest rates on remains hindered by structural
2.0 40 0
Wednesday, noting average an- forces, such as improving tech-
nual inflation is expected to March 2017 July Oct. Jan. ’18 March 2017 July Oct. Jan. ’18 March 2017 July Oct. Jan ’18 nology, an aging population
“move up in coming months,” Sources: Thomson Reuters (inflation rates); Ryan ALM (Treasury yield); SIX Financial (oil); FactSet (Fed target rate) THE WALL STREET JOURNAL. and the possibility of a decline
the 10-year yield had its big- in immigration, which could
us l,
gest drop in more than six 2018, nine years into one of Yet recent data have sug- earlier in the year—was re- Freund said. He noted a rise in reduce the available workforce.
months, settling at 2.832%, the longest expansions on re- gested inflationary pressures vised downward. personal savings in January That means investors would
al a
e
compared with its 2018 high of cord, was rooted in the recent are still relatively muted— Many investors and econo- suggested consumers earning need to see higher wages,
2.943% reached Feb. 21. $1.5 trillion tax cut. Investors something that could help cap mists had speculated that ris- incomes near the national me- stronger demand or higher
“Inflation pressures have anticipated that overhaul a rise in bond yields for now. A ing worker pay would lead to dian may have felt the need to commodity prices, such as for
ci on
been more expected than real- would spur business invest- gauge of consumer prices rose an increase in consumer improve their personal balance oil, to bet on a further climb.
ized,” said Matt Freund, co- ment and lead companies to less than expected in February, spending and higher prices, the sheets after overspending. “The market has fully dis-
chief investment officer and raise pay for their employees. while wage growth slowed kind of inflation widely re- The Fed noted Wednesday counted all of the imminent
head of fixed-income strate- A $300 billion, two-year fed- from the previous month and garded as healthy. Yet consum- that economic data on spend- upticks to inflation,” said
gies at Calamos Investments. eral funding increase also the annual wage gain in Janu- ers may already have acceler- ing and business investment Gemma Wright-Casparius, who
er rs
Much of the belief that in- boosted expectations for ary—one element behind the ated spending in anticipation have moderated from strong manages the Vanguard Infla-
flation might accelerate in growth and rising prices. selling in stocks and bonds of tax cuts or higher wages, Mr. readings at the end of last year, tion-Protected Securities Fund.
hogs and cereal crop sor- like Huawei Technologies, The largest wage shortfall ory chips have driven the chip
ghum. Not coincidentally, 20 meanwhile, are already was found in tech juggernaut maker’s sales and earnings to
those are all items produced Electrical machinery largely excluded from U.S. South Korea, where 3.7% of record levels. Fiscal second-
mainly by Farm Belt states 10 and electronics markets, a key difference people overall work in tech quarter results reported late
no
that overwhelmingly voted Textiles with the last trade war with but women earn 41% less Thursday were no exception.
for Mr. Trump in 2016. Japan in the 1980s. than their male counterparts. Revenue surged 58% year
0
But wait, China has a gar- Another target for Mr. The country surveyed with over year to $7.4 billion, beat-
gantuan trade surplus with 1998 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 Trump could be textiles and the smallest share of people ing Wall Street’s estimates,
the U.S., and millions of Chi- Source: CEIC THE WALL STREET JOURNAL. the like: Furniture, bedding, engaged in tech, Turkey, also while operating earnings
nese jobs depend on Ameri- apparel and footwear were had the smallest wage gap at surged to $3.6 billion, more
can exports. Surely the U.S. China has also become a nese sectors to go after isn’t close to 15% of Chinese ex- a bit over 8%. than triple the previous year’s
has the upper hand? large customer for U.S. farm straightforward either. ports to the U.S. last year. The differences are strik- result.
Actually, less than you products. Purchases have China’s leaders aren’t likely Even there, the shift away ing, but the best place for But great numbers from
might think. roughly tripled since the to be concerned with the from manufacturing is clear. women in tech actually may Micron were never likely to
China is still the factory middle part of the last de- overall impact of Mr. In 2008, close to 1% of the be a country that wasn’t the be great enough this time.
of the world, but that’s not cade, making it the second- Trump’s plans: a 25% tariff Chinese workforce was em- most equitable on any mea- The company’s stock price
all it is anymore. Ten years largest U.S. agricultural im- on $60 billion of exports to ployed in textiles, according sure: the U.S. has been running hot, up
ago, the number of Chinese porter, just a smidgen below the U.S. would knock Chinese to Chinese data. Now, it is Female tech workers in more than 40% just in the
workers employed in indus- Canada in 2017. Those prod- growth off only about 0.1% only half a percent. the U.S. earn nearly 12% less past two months on strong
try was still rising. Today, ucts tend to be produced in in 2018, according to Louis Mr. Trump seems intent than male peers but make by signs for memory demand
less than a third of the Chi- relatively poor, undiversified Kuijs at Oxford Economics. on punishing China’s trade far the most, nearly four this year. That easily beats
nese workforce is there, state economies, meaning What they would worry practices. He should be times as much as their coun- any of Micron’s semiconduc-
while services accounted for political pain would be swift about is an increase in un- aware he’s aiming at a mov- terparts in South Korea and tor peers. The shares tipped a
44% of jobs in 2016, up from if China pulls the trigger. employment. But the biggest ing target. about twice those in Turkey. high just above $61 this week,
31% in 2005. Figuring out which Chi- Chinese export to the U.S. is —Nathaniel Taplin putting them close to Wall
Street’s median price target.
Micron’s shares fell 3.8% fol-
The Treasury Market Looks to Be a Hostile Place to Hide lowing the report Thursday,
even after losing 3.5% during
the market’s brutal selloff in
For bond investors, a con- the bond is purchased. That gap between short- and ropean Central Bank’s nega- the regular session.
cept called “rolldown” is like Higher, Flatter offers protection for bond in- long-maturity bonds shrink- tive-rate policy, which it is Fears of a downturn in
a virtuous form of financial U.S. Treasury yields vestors in a rising-rate envi- ing in both yield and spread in no rush to change, is act- memory prices haunted Mi-
gravity, a force that gener- ronment, notes TwentyFour terms. A number of forces ing as an anchor for yields, cron late last year. The com-
ates returns without doing 3% Now Asset Management. are potentially at play here, reassuring bond investors. pany and others in the busi-
much work. A flattening The U.S. yield curve still as with the rise in London Coupled with the cost for ness have argued the sharp
yield curve, however, is 2 slopes upward, with 10-year interbank offered rates. foreign investors to hedge volatility of years past should
threatening the physics that One year ago Treasurys yielding 0.57 per- Higher U.S. Treasury bill dollar-denominated bonds, moderate due to rising de-
investors rely upon. centage point more than issuance is competing for in- U.S. bonds lose out despite mand from new markets such
The signals sent by the 1 two-year securities. But the vestors’ cash. And the pool of their higher yields. All of as data centers and autos.
Federal Reserve on Wednes- further out you go, the flat- funding for short-dated debt that may lead to tighter U.S. But Micron is entering the
day suggest the yield curve ter the curve gets. There is may also have shrunk due to financial conditions. second year of its strong
0
could flatten further: Its rate now only a 0.07 percentage- corporate cash repatriation, The absence of rolldown growth phase, and the com-
increases will raise short- 2 year 5 7 10 point gap between seven- Citigroup suggests. If dollars is just one factor in the in- parisons are becoming harder.
dated yields, but there is still Source: FactSet and 10-year Treasury yields, can be repatriated and spent, vestment equation. But piled The company projected reve-
skepticism that rates in the a gap that has more than they don’t need to be tied up on top of a Fed that looks nue growth of 29% to 37% for
long term will be materially curve. As a 10-year bond halved from a year ago. The in bond investments. set to carry on raising rates the fiscal third quarter, which
higher. over time becomes a nine- potential for rolldown gains By contrast, steeper and concerns about inflation, is ahead of Wall Street’s esti-
When the yield curve is year bond, all else being is small. curves in eurozone govern- it makes the U.S. bond mar- mates but pales in compari-
steep, investors benefit from equal, its yield falls and its A similar phenomenon is ment and corporate bond ket an unfriendly place for son with last year’s 92%.
the yield on a long-term price rises, producing a gain showing up in U.S. corporate markets may make them at- investors. Chips can’t run hot forever.
bond “rolling down” the above the initial yield when bond markets, too, with the tractive to investors. The Eu- —Richard Barley —Dan Gallagher
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
‘Neither a wise man nor a brave
R.O. Blechman’s man lies down on the tracks of
success with history to wait for the train
shaky lines
M5 of the future to run over him.’
—Dwight D. Eisenhower
HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS
© 2018 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, March 23, 2018 | M1
.
ly
on
RAIL PALACE John Paul DeJoria, founder of Patrón Spirits Co., has completed a $2 million renovation on his vintage 1927 railcar, the Patrón Tequila Express, done in what he describes as a maharajah’s
palace style. The train costs the billionaire about $10,000 a month for maintenance, insurance, storage and crew.
m e
Train buffs travel cross-country in luxury private railcars hooked to Amtrak trains;
co Fo
vintage cars can top $800,000, and an interior restoration can cost millions.
says he and his 10-year-old son and 8-year-old pending on the condition.
BY NANCY KEATES
daughter prefer it to their family’s second home Renovating and restoring cars at the highest
in the Adirondacks because every day they wake end can cost more than $1 million. To travel,
WHEN JOHN WEBB takes his family to Califor- up somewhere different. owners pay Amtrak $2.90 per mile, plus addi-
nia, Washington and Oregon for vacation from “It touches places you can’t get to by road,” tional fees for services. Add the expenses of
his home in Dutchess County, N.Y., they don’t fly says Mr. Webb, head of an insurance brokerage crew and connection transportation, and a
or drive. They travel hooked to the back of an in Fishkill, N.Y. cross-country trip can cost tens of thousands of
n-
Amtrak train in a 1950s-era private railcar that There currently are about 150 private railcars dollars. Storing the cars costs about $600 to
Mr. Webb spent three years and nearly $1 mil- (also called “varnish”) in good enough shape to $1,000 a month.
lion restoring. be certified to run attached to Amtrak trains in Private rail travel evokes images of the Van-
Traveling across the country by private rail the U.S., according to the American Association derbilts and Woolworths sipping tea as they re-
no
takes a lot of planning, requiring connections to of Private Railroad Car Owners. Cost of the cars cline in plush leather armchairs, trundling
various trains and layovers. But Mr. Webb, 35, ranges from $25,000 to more than $800,000, de- Please turn to page M12
BY KATHERINE CLARKE
KNOWN FOR his lavish purchase, people familiar and a third retreat on the
spreads in his hometown of with the transaction said. Big Island of Hawaii’s Kohala
Austin, Texas, and on the Big Last year, he snapped up a coast.
Island of Hawaii, tech mogul penthouse seeking $40 mil- A college dropout, Mr.
Michael Dell has expanded lion at the Four Seasons Pri- Dell earned his fortune by
east, buying two super-de- vate Residences One Dalton starting Dell Technologies,
luxe high-rise homes in Bos- Street in Boston. which makes and sells per-
ton and in New York City in The purchases signifi- sonal computers and other
recent years. cantly add to Mr. Dell’s real- technology products. Most of
In 2014, Mr. Dell, 53, spent estate holdings, according to that fortune lies in his pri-
$100.47 million on a pent- a Wall Street Journal analy- vate-investment firm MSD
house on New York Billion- sis. Before these buys he Capital, which was set up to
aire’s Row, setting a record owned two homes around his manage his family’s fortune.
for the city’s priciest home hometown of Austin, Texas, Please turn to page M7
INSIDE
HOOP VILLAGE
DREAMS PEOPLE
L.A. home Country
with sports charm that’s
galore seeks still close to
$49.9 million London
M2 M6
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
.
20,000 square feet of indoor The property has been reno-
ly
entertainment space with a spa, vated several times was recently
an indoor pool, a game room, a redesigned by prominent English
LIVE
LIVE wine cellar, a bowling alley, a designer Gavin Brodin, Ms. Rey
ABSOLUTE
on cinema, a bar and a basketball said. Mr. Brodin also designed
AUCTION and a racquetball court. billionaire British heiress Petra
The house, built in 1927, is Ecclestone’s Holmby Hills
ON-SITE
ON-SITE located on tony St. Pierre Road manse.
us l,
in the affluent East Gate area “It really feels like your own
of Bel-Air, made up of storied personal resort,” Ms. Rey said.
estates that were largely built nian family with homes in Lon- Joyce Rey, one of the listing “It has everything.”
al a
e
before World War II. don and Los Angeles. A agents, but the price is not Ms. Rey, of Coldwell Banker
Property records show it is spokesman for the family de- available in public records. The Global Luxury, is co-listing the
ci on
owned by St. Pierre Holdings, a clined to comment. main house features a vaulted property with Aaron Kirman
limited-liability company linked The Mossanen family pur- entryway with a sweeping stair- and Marco Naggar of Pacific
to the Mossanen family, an Ira- chased it in 2008, according to case, according to the listing. Union International.
er rs
Saturday, April at AM, ET lion, after almost two years on of Columbus Circle and the
Royal Plaza Drive, Fort Lauderdale, Florida the market, according to people south end of Central Park and
with knowledge of the deal. has parquet de Versailles wood
The sale represents a small floors that were saved and re-
OPEN HOUSE EVERY WEEKEND from - PM loss for Mr. Tada, a real-estate constructed from a French cha-
co Fo
Private Appointments & Phone Bidding Available developer who bought the teau, the listing shows.
Broker Cooperation property for $26.022 million in Mr. Tada heads Tokyo-based
2008, property records show. Daisho Development, a com-
He first listed it for $40 million pany that develops and owns
VIDEO TOUR & DETAILS
AT DECAROAU CTIONSCOM in May 2016 but reduced the office buildings in cities such
price several times, most re- as Sydney, Singapore and To-
cently to $27.5 million, accord- kyo, according to its website.
In cooperation with Sheryl Hodor, ing to listings website Street- Forbes magazine pegs his net
Coldwell Banker
Residential Real Estate, LLC Easy.com. showed the property was no The unit measures approxi- worth at $2.1 billion.
The listing agents, Howard longer available, and a spokes- mately 6,360 square feet, with
Property listed and offered for sale by Coldwell Banker Residential Real Estate, LLC. Listing agent Sheryl Hodor.
Daniel DeCaro Real Estate Auctions, Inc., is a licensed Florida Real Estate Broker (#AU3074) performing
Margolis, Marie Espinal and man for the firm confirmed six bedrooms and six bath- See more photos of notable
auction and auction-marketing services as part of this transaction. Coldwell Banker Residential Real Estate, LLC and Jeff Adler of Douglas Elliman, that it had closed. rooms, according to the listing. homes at WSJ.com/Mansion.
affiliate logos are registered (or unregistered) service marks used with permission. Neither Coldwell Banker
Residential Real Estate, LLC, nor any of their affiliated companies is providing any product or service in connection declined to comment on the Mr. Tada could not immedi- Features include a marble- Email: privateproperties@
n-
with this event other than as required by applicable law. Review the Terms and Conditions for further details
at DeCaroAuctions.com. sale, but Elliman’s website ately be reached for comment. floored foyer, black-lacquered wsj.com
no
P DCASTS
Secrets of
Wealthy Women
Join The Wall Street Journal’s Veronica Dagher, together with renowned
experts and successful leaders, as they reveal how women can empower
themselves and thrive both inancially
and professionally.
Guest speakers include Morgan Stanley Vice Chair and Managing Director
Carla Harris, Ellevest CEO and co-founder Sallie Krawcheck, real estate
mogul and “Shark Tank” investor Barbara Corcoran, Skinnygirl founder
Bethenny Frankel, and Birchbox CEO Katia Beauchamp.
ApplePodcasts.com/WealthyWomen
© 2018 Dow Jones & Co., Inc. All rights reserved. 6DJ6267
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
W H E R E E XC E L L E NC E L I V E S
CONCORD, MASSACHUSETTS CAMBRIDGE, MASSACHUSETTS GREENWICH, CONNECTICUT WESTPORT, CONNECTICUT REDDING, CONNECTICUT
Exquisite property on 14+ acres offering 18 rooms, Impeccably restored Victorian home with exquisite Amazing Granoff Architects/Silver Properties new The ultimate modern farmhouse, featuring resort- Gorgeous entertaining home, exquisitely detailed &
antique fireplaces, intricate millwork, high-end woodwork, stained glass, ornate fireplaces, chef’s construction home w/elegant custom marble & worthy entertaining spaces, walls of glass, collector designed w/gallery hall, 2 rec. rooms, 1st fl. master.
kitchen, 5 bedrooms, ponds, terraces, pool, tennis kitchen, 4 to 5 bedrooms, and upper cupula deck hardware, rift sawn oak paneling, elevator. 3.03 garage, geotherm, elevator, cottage & cabana. Private 19 acres w/ stunning pool, charming Koi
court, and cottage. $12,000,000 with panoramic views. Price Upon Request Mid country acres & pool. $9,975,000 73OldHillRoad.com $6,285,000 ponds, waterfall. $6,000,000
Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Lili Banani, Sales Associate Tamar Lurie, Sales Associate Joni Usdan, Sales Associate Gail Zawacki, Sales Associate
B. 508.935.7496 | P. 978.302.3988 C. 617.407.0402 C. 203.536.6953 C. 203.216.7654 C. 203.856.9949
ENGLEWOOD, NEW JERSEY GREENWICH, CONNECTICUT SADDLE RIVER, NEW JERSEY GREENWICH, CONNECTICUT NORWALK, CONNECTICUT
This East Hill estate on nearly three acres includes New construction Georgian Col. w/gorgeous It’s the fine custom touches like a mahogany foyer, Shingle home radiates beauty. Custom light, 5 On quaint Bell Island is this magnificent, 5 bedroom/5
entry foyer with elevator, formal living room, grand custom millwork, 5 fireplaces. Wolf commercial stone fireplaces, indoor pool & spa, cedar closets, fireplaces, Savant Smart Home. 4 flrs of bath home with open floor plan & commanding
dining room, chef’s kitchen, deluxe master and kitchen, 6 en suite bedrooms. Control 4 comfort slate roof & more that welcome you home to this exceptional living space featuring 5 bdrms, 8 baths. views. Has Beach, dock & mooring rights. Walking
guest cottage. $5,995,000 systems. Serene 1.41 acres w/pool. $5,895,000 stunning mansion. $4,595,000 Less than 5 mins to Greenwich Ave! $4,250,000 distance to town. $3,999,000
Michele Kolsky-Assatly, Sales Associate Rose Russo, Sales Associate Michael Randy & Elizabeth T. Boggia, Sales Associates Diana Baxter Heidenreich, Sales Associate Isabelle Morrison, Associate Broker
C. 201.310.6136 | O. 201.461.5000 C. 203.803.7142 C. 201.218.5850 | O. 201.327.5050 C. 203.505.2545 C. 203.249.8989
.
NEWTON, MASSACHUSETTS RYE, NEW YORK WESTON, MASSACHUSETTS STAMFORD, CONNECTICUT GREENWICH, CONNECTICUT
ly
Sophisticated new Contemporary Colonial home European-inspired Flagler Mathews luxury estate Masterfully rebuilt home with formal rooms, stone Wraparound harbor/shoreline views. Sunny, Gated, long sweeping driveway to Classic Manor
with amazing craftsmanship, 12 rooms, gourmet on gated lawns w/beautiful pool/cabana. Palladian fireplaces, office, mudroom, chef’s kitchen with 2 re-imagined, beautifully decorated 5-bedroom House exuding unerring taste. Opulent custom
kitchen, 2 fireplaces, 5 bedroom suites, patio, great room; Magnificent rms open to verandas & islands, 5 BRs, recreation rooms & bluestone patio. waterfront home. Has its very own pool & deepwater appointments, foyer w/heated floor, versatile game
recreation, plus 3-car garage. $3,699,000 terraces. 3BeechwoodCircle.com $3,595,000
on 4 levels of living. $3,500,000 dock plus Dolphin Cove amenities! $3,395,000 room & master sanctuary. $3,300,000
Jeff Groper, Sales Associate Michele C. Flood, Associate Real Estate Broker Deena Powell & Elly Pendergast, Sales Associates Emile P. de Neree, Sales Associate Barbara Zaccagnini, Sales Associate
C. 617.240.8000 C. 914.420.6468 | O. 914.967.0059 D. 781.718.6555 | E. 781.718.5152 C. 914.572.4526 C. 203.249.1454
us l,
al a
e
ci on
NEWTON, MASSACHUSETTS MILL NECK, NEW YORK NEWTON, MASSACHUSETTS IRVINGTON, NEW YORK WEEHAWKEN, NEW JERSEY
Stunning contemporary home set on ½ acre cul de This equestrian dream estate offers a glorious, sun- Spectacular Georgian Revival on W. Newton Hill Exquisite English Arts & Crafts home beautifully Offering timeless details and countless updates,
er rs
sac offering inlaid cherry hardwoods, 2 offices, filled modern design, 12-stall barn & foaling barn, featuring columns, pilasters, archways, Palladian renovated to accommodate today’s modern living. this Colonial features living room with parlor and
cathedral ceilings, chef’s kitchen, 5 bedrooms, Olympic jumping ring, paddocks & more only 30 windows, fireplaces, bridal staircase, widow’s walk, Chef’s kitchen, guest house & pool/spa on 1.25 solarium, spacious eat-in kitchen, deluxe master
gym, wine room, and patio. $3,299,000 miles from Midtown. $2,988,000 and porte-cochère. $2,950,000 acres, approx. 36 mins. to NYC. $2,695,000 suite and guesthouse. $2,600,000
Jennifer Lafleur, Sales Associate Eva Lee, Real Estate Salesperson Ilene Solomon, Broker Sales Associate Therese Militana Valvano, Associate Real Estate Broker Francesco Mazzaferro, Sales Associate
C. 617.852.6070 C. 516.859.1887 | O. 516.365.5780 C. 617.702.6050 C. 914.715.2715 | O. 914.693.5476 C. 201.410.3020 | O. 201.604.4200
m e
m rp
co Fo
COHASSET, MASSACHUSETTS MONTVILLE, NEW JERSEY CONCORD, MASSACHUSETTS CARLISLE, MASSACHUSETTS WHITEHOUSE STATION, NEW JERSEY
Historic building in Cohasset Harbor transformed Pamper yourself in the endless luxuries & smart Traditional New England-style home with 2-story Remodeled historic farmhouse with carriage house, The Stone Manor on Cushetunk Mt. Built 2003.
into 5 luxury condominiums, each with high-end home technologies of this builder’s personal chef’s kitchen, open floor plan, elegant family room, barn and pool. 5+ acres with panoramic water, Yesterday’s charm, today’s finest features. Views, 6
kitchen, luxurious baths, Jacuzzi, and hardwood custom-built Hampton-style manor home on a cul screened porch, 5 bedrooms, 3rd floor, mudroom, meadow & woodland views over 21 acres of acres, 4 bedrooms, 4 full & 2 half bathrooms,
floors. Parking included. $2,495,000 de sac with easy access to NYC. $2,488,000 and 3-car garage. $2,333,000 co-owned agricultural land. $2,200,000 private suite, 4-car gar. A unique jewel. $2,160,000
Todd Glaskin, Premier Agent Joshua M. Baris, Sales Associate Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc Sharon Ortepio, Sales Associate
C. 617.843.5685 C. 201.741.4999 | O. 201.461.5000 B. 508.935.7496 | P. 978.302.3988 B. 508.935.7496 | P. 978.302.3988 C. 908.310.8800 | O. 908.766.2900
n-
no
CHESTER, NEW JERSEY RYE, NEW YORK WESTON, MASSACHUSETTS MADISON, CONNECTICUT MASSAPEQUA, NEW YORK
Set on over four acres, this custom staycation Spectacular & spacious rebuilt colonial. Corner Custom shingle-style home set on 2.67 acres with Sunny, remodeled, Liberty St. home. Surround Breathtaking bay front views illuminate window
home includes six en-suite bedrooms, open floor location in enviable Rye Gardens. Sunny rms, rich details, high-tech systems, custom kitchen, sound, chef kitchen, updated baths, 2 offices, 2 walls & balconies of this Mediterranean-inspired
plan, chef’s kitchen, walkout lower level, luxurious custom marble/stainless kitchen, 2 family rms, sunken family/living room, 2 masters, sports court, driveways. 1+ acre, gardens, 3 outbuildings, home with terracotta roof, spa-like marble baths &
pool and sports court. $2,100,000 bonus rm, 50ClaremontAvenue.com. $2,095,000 and 3 garage spaces. $2,000,000 association beach. $2,000,000 stunning chef’s kitchen. $1,975,000
Kelly Peterpaul, Sales Associate Michele C. Flood, Associate Real Estate Broker Deborah S. Bernat, Broker Associate Cathy Lynch, Sales Associate Nick Sakalis & Harriet Trastelis, Real Estate Salespersons
C. 908.410.6777 | O. 908.766.0808 C. 914.420.6468 | O. 914.967.0059 C. 617.699.5878 C. 203.627.2331 C. 917.545.8050 | O. 516.864.8100
DANBURY, CONNECTICUT WESTFIELD, NEW JERSEY DEEP RIVER, CONNECTICUT WESTFIELD, NEW JERSEY WESTFIELD, NEW JERSEY
West Exposed waterfront with panoramic vistas, Accented by exquisite details, this Frank Lloyd Breathtaking CT River views! Lovely Brockway Elegantly appointed and extensively renovated, this Impressive new Colonial offers 5 bedrooms and 6
walls of windows, hardwoods, 4 stone fireplaces, Wright-inspired home features main level master Landing home has ultimate spaciousness, updated classic English Tudor is set within a prime Westfield baths. Gourmet kitchen, fabulous master suite,
chef’s kitchen, vaulted great room, wrap decks, suite, gourmet kitchen and lower level recreation Carrera marble kitchen, 1st fl. master. Steps from a neighborhood and blends vintage beauty with third floor bedroom and bath and spacious finished
spa, dock, guest cottage & more! $1,795,000 room and indoor lap pool. $1,776,000 deep water dock w/lift. $1,750,000 modern luxury. $1,699,000 basement. $1,625,000
Barbara Sivba, Associate Broker Kimberley Haley, Sales Associate Terry Kemper, Sales Associate Kimberley Haley, Sales Associate Frank D. Isoldi, Broker Sales Associate
C. 203.667.4336 C. 908.377.7174 | O. 908.233.5555 C. 860.908.7820 C. 908.377.7174 | O. 908.233.5555 C. 908.787.5990 | O. 908.233.5555
MILFORD, CONNECTICUT SCOTCH PLAINS, NEW JERSEY WESTFIELD, NEW JERSEY EDGEWATER, NEW JERSEY BEDFORD, NEW HAMPSHIRE
The Bonsilene Hotel circa 1920s, rebuilt top to Sprawling custom home offering gourmet kitchen, Fabulous, custom home offers five levels of living. This tri-level townhome in a premier luxury Beautiful custom home set on 1.6+ acres with 12
bottom in 2011. 12 rooms, 5 fireplaces, gas fabulous family room, 1st floor MBR suite. Set on Situated on the 15th fairway of Echo Lake Country waterfront community features gourmet chef’s rooms, 4 bedrooms, hand carved millwork, built-
utilities, custom porches, chef’s kitchen. Beach & over two acres of property, this fabulous home is Club, this outstanding residence enjoys kitchen, large living room, formal dining room, and ins, 2 fireplaces, chef’s kitchen, cathedral family
stunning LI Sound views! $1,599,999 not to be missed. $1,500,000 breathtaking views. $1,399,000 outdoor space on every level. $1,398,888 room, and updated deck. Price Upon Request
Barbara Lehrer, Sales Associate Frank D. Isoldi, Broker Sales Associate Frank D. Isoldi, Broker Sales Associate Joshua M. Baris, Sales Associate Jennifer Riley, Sales Associate
C. 203.640.6407 C. 908.787.5990 | O. 908.233.5555 C. 908.787.5990 | O. 908. 233.5555 C. 201.741.4999 | O. 201.461.5000 C. 603.674.0278 | O. 603.471.0777
COLDWELLBANKERLUXURY.COM C O L D W E L L B A N K E R R ES I D E N T I A L B R O K E R AG E
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without
personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2018 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the
principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks registered or pending registration owned by Coldwell Banker
Real Estate LLC. 298552_3/18
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
FIFTH AVENUE PENTHOUSE CONDO MULTI-FAMILY TOWNHOUSE AMAZING SKYLINE & RIVER VIEW
MidtowN EAst, NYC ChElsEA, NYC MidtowN EAst, NYC
$15,750,000 | we#17307685 $8,750,000 | we#18150133 $6,395,000 | we#18222965
dna sc enman 212.381.2319 sana “lr” Feer-Fuger 212.381.6532 Rex Gnae 212.381.4245
.
ly
on
STUNNING TOP FLOOR HOME MAJESTIC & HISTORIC ESTATE SPECTACULAR DUPLEX
us l,
UppER EAst sidE, NYC shoRt hills, NJ UppER EAst sidE, NYC
$6,395,000 | we#17988517 $5,499,000 | we#16228839 $5,745,000 | we#17142157
al a
e
s arn Fa y 212.381.3217 C r lane 201.478.6735 s. C r
er haea 212.381.3220
ci on
er rs
m e
m rp
GORGEOUS NEW CONSTRUCTION STUNNING RIVER VIEW CONDO LOFT MAGNIFICENT PANORAMIC VIEWS
co Fo
CHIC FULL FLOOR LOFT 15 ROOM MANSION – RIVER VIEW PARK AVENUE CLASSIC 6
soho, NYC NYACk, NY UppER EAst sidE, NYC
$3,650,000 | we#17881436 $2,700,000 | we#4804117 $2,595,000 | we#17835796
Anne prer 212.381.3348 dan dane 212.381.3325 | Ann sanc ez 718.878.1726 la Ma a 212.381.3213
TIMELESS ELEGANCE THE FIG TREE – FOUR CONDOS UNSURPASSED PREWAR QUALITY
UppER EAst sidE, NYC hobokEN, NJ GRAMERCY pARk, NYC
$2,225,000 | we#18004376 Frm $1,900,000 | we#18052212 $1,595,000 | we#18170922
Arene weerg 212.381.3321 | ira M. weerg 212.381.3241 Ma brn 201.478.6709 | peer C 201.478.6710 Anna ka n 212.381.2214
Halstead Property, LLC; Halstead Brooklyn, LLC; Halstead Connecticut, LLC; Halstead Property New Jersey, LLC; Halstead Property Hudson Valley, LLC; A nfrman frm urce eeme
reae u ujec errr, mn, c ange r
rce,
rr ae r raa u nce. N re
reenan r guarany mae a accuracy f any ecr
n. A meauremen an
er nfrman u e re-cnfirme y cumer. A Ne Yr
Yan
ee raemar
an c
yrg are ne y e Ne Yr
Yan
ee an ue e
ermn f e Ne Yr
Yan
ee.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
JUMBO JUNGLE | ROBYN A. FRIEDMAN
CHRIS GASH
.
keting their homes. “Even if Quicken Loans Home Price
ly
they create a website for Perception Index for Febru-
their property, how are they ary, appraisers valued homes
pushing that out to potential an average of 0.53% lower
buyers using search-engine 2017 survey. Even factoring on Sellers wanting to list hired a full-service real-es- director of residential lend- than what owners estimated.
optimization or other tools?” in the typical 6% commis- their home in the local MLS tate agent to sell the house. ing for Boston Private, a pri- An appraisal can provide a re-
asks David Dweck, a real-es- sion, the agent-assisted sale can opt for a $295 package, Another hurdle for home- vate bank. liable valuation and may even
tate agent with Signature would still net $235,000. although that will obligate owners who list their homes While the exact definition help buyer and seller arrive
us l,
Real Estate in Boca Raton, Still, there are numerous them to pay a real-estate is ensuring that a buyer has of each term varies by at an agreeable sales price.
Fla. “How are they using so- websites that provide ser- commission to the selling sufficient cash—or a mort- lender, in general, a prequal- • Hire an attorney. With-
cial media properly unless vices to FSBOs. For exam- agent, typically 3%. gage—to pay for the house. ification letter indicates that out a real-estate agent to
al a
e
they are marketing-savvy, ple, Ladera Ranch, Calif.- PJ Mitchell, Fizber’s presi- A broker typically ensures a prospective buyer would guide them, FSBOs should
which most aren’t and don’t based Fizber.com will list a dent, says only 18% of homes that the buyer is financially qualify for a mortgage based seek out the help of a real-
ci on
have the time for?” house on its website free. that sold after being listed qualified by reviewing the on verbal representations estate attorney. An attorney
Last year, homes listed For $99, the company will on Fizber were sold without preapproval letter or con- made to the lender and con- can help qualify a buyer, ne-
with a real-estate agent had prepare a digital brochure the MLS, so sellers may want tacting a lender. There is an tingent upon providing sup- gotiate contract terms, han-
a median sales price of and video tour of the prop- to keep that option open. He important distinction be- porting documentation. A dle title problems, advocate
$250,000, compared with erty and list it on Zillow, also says that 70% of sellers tween a prequalification let- preapproval letter, on the for the seller after inspec-
er rs
$190,000 for owner-listed Trulia and Redfin for addi- who initially posted a FSBO ter and a preapproval letter, other hand, typically indi- tions are completed and han-
homes, NAR reported in the tional exposure. listing with Fizber ultimately says Charles Nilsen, national cates that a lender has veri- dle the settlement.
m e
m rp
co Fo
tomorrowsleep.com
*Valid on purchases of (1) queen or king size Tomorrow mattress, one (1) Tomorrow Foundation and one (1) Tomorrow Mattress Protector at tomorrowsleep.com. Offer value is $250 off with the
purchase of a king mattress and $225 off with the purchase of a queen mattress. Cannot be combined with any other offers. Valid Thru 4/1/18 until supplies last.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
2. Upholstered in pink
linen, these Lawson-Fen-
ning chairs combine a
masculine, Midcentury
shape with a feminine,
contemporary color. “I en-
joy those pink chairs every
single day,” Ms. Mak said.
Price: Each, $1,450 plus
$550 for fabric
.
Midcentury Modern, Colorful but Not Kitschy 6. The pendant light helps
ly
anchor the room along
with the rug, Ms. Murray
The period design was preserved, then got a boost from bright colors, custom fabrics on said. The Arteriors fixture
is retro without going “full
’50s,” she said.
Price: $2,100
us l,
PRESERVE A Midcentury Modern rate, including Caitlin Murray, pet completed the humdrum look. fresh look with offbeat colors and 7. Ms. Mak wanted tod-
vibe without crossing into kitschy: founder of Los Angeles-based Black “Mainly we were trying to bring a contemporary fabrics. dler-friendly, durable furni-
al a
e
This was the goal of the redesign of Lacquer Design, who redid the living little bit of life into a kind of bland To tie everything together, she ture, so no sharp edges.
a 1963 house in San Marino, Calif. and dining rooms. This phase of the room,” said Ms. Mak, a 36-year-old asked Ms. Mak, an amateur artist The couple already had a
ci on
Jennifer and Jason Mak spent a project, costing nearly $30,000, was veterinarian. Mr. Mak, 37, is a com- whose subjects are often her dogs, West Elm bentwood coffee
year updating the four-bedroom, finished in January 2017. mercial real-estate developer. The to paint a statement piece to hang table, which fortunately
3½-bathroom home. Mr. Mak’s fa- The 18-by-30-foot living room couple has a 2-year-old son and a over the sofa. matched the original stain
ther had paid $2.52 million for the was dauntingly large, with a con- newborn baby. Here’s a look at some of the other on the doorframes.
property in 2013, and later trans- temporary sectional in the middle Ms. Murray wanted to showcase elements that went into the design Price: N/A. The item is
er rs
ferred it to the couple. The couple but hardly any other furniture. the original travertine fireplace, update. discontinued
enlisted two designers to redeco- White walls and a white shag car- while giving the Midcentury decor a —Leigh Kamping-Carder
m e
m rp
New York, NY: Rarely available oasis in the sky! This New York, NY: This loft dweller’s dream is the Crown Jewel
sprawling Midtown West duplex with 5 bedrooms and 5.5 of Tribeca. Full-floor, 4 bedroom home with high ceilings,
baths boasts spectacular panoramic NYC views. $8,750,000 wood paneling and wood burning fireplace. $8,500,000
Engel & Völkers New York City evre.nyc Engel & Völkers New York City evre.nyc
Julie Zelman +1 917-848-8500 Howard Morell +1 917-843-3210
n-
New York, NY: Stunning and light-filled, this 4 bedroom, New York, NY: Park Avenue Glamour – be the first to
L I V E W E L L AT C A N YO N R A N C H
no
New York, NY: This exquisitely renovated, spacious and Flathead Lake, MT: Montana’s Shelter Island estate on 22+
very private UWS home features 2 grand bedrooms, a private island acre in the middle of Flathead Lake. Includes a
home office and 2 newly renovated baths. $1,795,000 boat/guest house on island, mainland properties. $17,750,000
Engel & Völkers New York City evre.nyc Engel & Völkers Missoula westernfrontier.evusa.com
Julie Zelman +1 917-848-8500 Dawn Maddux +1 406-550-4131
CR Lenox Residences, LLC (“Developer”) is developer of Canyon Ranch Living® in Lenox. This is not an offering of property in any jurisdiction where
prior registration is required unless Developer has met such requirements. Sketches, renderings, graphic materials, plans, specifications, prices, terms,
conditions and statements contained in this advertisement are proposed only, and Developer reserves the right to modify or withdraw any or all of same
in its sole discretion and without prior notice. Actual improvements may vary from those shown and views may not be available from all Residences.
Copyright © 2018 – CR Lenox Residences, LLC - All rights reserved.
EAST SIDE
FOREVER FIFTH AVENUE Upper East Side. Prewar 7 on Fifth across from Met
and park. Open south views. WBF, FDR, 2 MBR, 2 maid rooms, 3 baths, W/D, 24hr DM.
$3.75M. WEB# 18171027.
Marjorie Flannigan MacLachlan 212-588-5643
Amanda Brainerd 212-452-4515
TRIPLE MINT HOME W/ PANORAMIC VIEW +:: ; < )
LUXURY LIVING DEFINED Upper East Side. Stunning home designed by Peter Pennoyer w/ Victoria Hagan. 7 stories, 6BR, grand corner apt w/ balcony & W/D. Top Co-op w/ gym, garage, playground & storage. Pets OK.
entertaining rooms, roof terrace & English cellar. $30M. WEB# 18171685. $2.595M. WEB# 18077406.
Heather Sargent 212-712-1116 Daniella G. Schlisser 212-906-9348
Caitlin Williams 212-712-1117 Matthew D. Hughes 212-906-9351
SUNNY & SPACIOUS CLASSIC 6 90th/Lexington. Renovated 3BR, 2 baths, closeted
GRAND RIVER DUPLEX Beekman Place. 12 room w/ spectacular BEST OF CARNEGIE HILL !"%' ( ) *
maid’s room, dining, WBF, W/D, eat-in kitchen, 10.5’ beamed ceilings, storage. $2.15M.
3 baths w/ amazing city, park & reservoir views. Excellent closets, WEB# 18196360.
wine cellar. 3 WBF. $8.995M. WEB# 17976001. balcony & W/D. Steps from CP, fab amenities, excellent Condop. Allison Kahn 212-317-7749
Jill Roosevelt 212-906-9340 $3.45M. WEB# 18140706.
50 EAST 79TH STREET, 15D +:: ; = > ) > )
Nada Rizk 212-317-7705
GRAND 8 ROOM PREWAR RESIDENCE Park Ave & 62nd. 1,600SF+/- 5 room home near Central Park. $2M. WEB# 17930087.
Joanne Greene 212-906-9341
Excellent 2BR, 3.5 bath apt w/ open city views & great light. Private Ellen G. Victor 212-906-9386
landing, LR, FDR, lib, renovated EIK, staff room. $4.495M. EXCELLENT VALUE 2BR AT TOP CONDO Off Park.
CLASSIC PREWAR 6 ON SUTTON Sutton Place South. Spacious 2BR, 3 bath in
WEB# 16559094. Only $1,475 psf, 2BR, 2 baths plus den, approx. 1,831SF. Lots
Leslie R. Coleman 212-906-9387 of closets, W/D. FS w/ gym, sky lounge/terrace, garage. $2.7M. Candela bldg. LR w/ WBF, FDR, maids, many architectural details, pets OK. $1.73M.
Mary K. Rutherfurd 212-906-9211 WEB# 16523794. WEB# 16885934.
Noah D. Dopkins 212-906-9263 Linda De Luca 212-906-9208 Daniel G. Farris 212-906-9296
Corinne Vitale 212-906-9249 Burt F. Savitsky 212-906-9337
WEST SIDE
.
ly
on
us l,
al a
e
ci on
DUPLEX IN THE SKY Columbus Circle/W. 58th. Mint 3BR duplex w/ top-of-the-line
> Y Y X> ; > ^]%''
`
{ |%|'%
Ileen G. Schoenfeld 212-396-5878
Aracely Moran 212-588-5649
er rs
CLASSIC 6 PLUS W/ BIG PARK VIEWS Upper West Side. 2-3BR, 3.5 baths w/
\ Y Z (> ) `" ; ^
]
PANORAMIC CENTRAL PARK VIEWS One57. Newly renovated 4BR Condo with park views, central AC, 24hr DM, pool & gym, hotel WEB# 18181909.
services. $21.995M. WEB# 18034415. Lisa K. Lippman 212-588-5606
m e
Elegant, 20’ wide brownstone on quiet tree-lined street w/ plans for Central Park & midtown views from mint corner 2BR, 2 bath w/ Judith A. Furgiuele 212-588-5693
single family conversion. $9.995M. WEB# 15882687. private balcony, chef’s kit, doorman. $5.95M. WEB# 18159364.
QUIET, NEW TO MARKET 55th off 5th Ave. Fab deco tranquil 1BR, 1 bath w/ lovely
Wolf Jakubowski 212-588-5630 Edward F. Joseph 212-588-5646
garden views in arts and crafts masterpiece landmark bldg. $900K. WEB# 17815660.
Thomas “Nat” Chandler 212-452-6288
Leslie A. Crossley 212-906-9218
DOWNTOWN
co Fo
n-
WEB# 18030994.
Mike Lubin 212-317-3672
Mark J. Policarpio 212-452-6259
MINT, 3BR GOLD COAST CONDO > ; > ]; > ) *
DREAM LOFT ON WEST 14TH STREET \: ]
] )X> X@ " : Z 3 bath Condo at Devonshire House. Corner unit w/ prewar detail. $4.85M. WEB# 17673897.
Meatpacking District/Chelsea. $3.495M. WEB# 18181386. Rachel A. Glazer 212-317-3661
Timea Ferber Greenberg 212-452-6278 Douglas Bellitto 212-906-0542
Paul Anand 212-452-6275
PERFECTION IN WEST VILLAGE 45 Christopher St. Beautiful and bright 1BR,
1 bath Condo w/ fantastic city views. Sunken living room, WBF, a wow home. $1.875M.
STUNNING TRIPLEX PENTHOUSE ;( ; X) X@Z SUPER CHIC CONDO LOFT SoHo. Exquisite 2BR, 2 bath w/ WEB# 18134381.
triplex penthouse in heart of SoHo, 16’ ceilings, private terrace, 3BR, west-facing exposure overlooking cobblestone Greene street. $5.125M. Wendy L. Richardson 212-906-9257
3 baths. $9.35M. WEB# 17966327. WEB# 17504376.
Wendy Maitland 212-452-6255 Judith M. Gillis 212-452-4490 SUN-FLOODED PIED-A-TERRE Greenwich Village. Soaring 14’ ceilings, huge industrial
Ginger C. Brokaw 212-906-0593 Liz Dworkin 212-906-0509 windows, open kitchen, vast views. 24hr DM, roof terrace. $1.225M. WEB# 17890379.
Emma Maitland 212-906-0543 Caroline Gatewood Buck 212-396-5889
BROOKLYN
LIMESTONE MANSION Park Slope. Perfectly restored & upgraded single-family home,
legal 2-family. Prewar details, 5 stories. $8.5M. WEB# 16254860.
Terry Naini 212-452-6267
EXTRA WIDE FEDERAL ERA TOWNHOUSE Brooklyn Heights. Elegantly proportioned
XZ *XYZ :\ : > Y Z >XYZ
$7M. WEB# 17987570.
Jill Seligson Braver 718-858-5905
25’ MIXED-USE ESTATE SALE Williamsburg. 4,800SF and 2,700SF of air rights.
> ) : ] : <Y ^_''
`
{ |}'
%]
Sal “Cappi” Capozucca 718-399-4103
27 WINDOWS ON PARK SLOPE Park Slope. 4BR, 4 baths overlooking Grand Army
<~ Y~ > Y |] ) ' > ]%}
; ] ^*
WEB# 17918641.
; Q ]|]X'_X']|
1903 ROMANESQUE REVIVAL Park Slope. 2-unit brownstone w/ original stained
> X : ) > Y Y > > :@
block in Center Slope. $3.5M. WEB# 18102637.
Alex Weider 718-399-4104
Rosalie Weider 718-399-4115
PERFECT LOCATION Brooklyn Heights. Spacious 2BR, 1 bath Co-op in prewar elevator
bldg. Great potential, original condition, near everything. $1.1M. WEB# 18042628.
Nancy Giddins 718-858-3914
SUPERBLY RENOVATED BROWNSTONE <@ ;: Q> >XYZ [ Y@ > XZ :
basement, 5BR, 3 full baths, 2 half baths, stunning throughout. $4.95M. WEB# 18000944.
Lee Solomon 718-399-4105
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal
without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PRIME UES TRIPLE MINT TOWNHOUSE PARK AVENUE FULL FLOOR CONDO YOUR OWN FLOOR SUN FLOODED TRIPLEX HOME
36 East 64th Street WEB# 5189046 515 Park Avenue WEB# 5324330 UES/Park Avenue WEB# 5266707 15 East 82nd St WEB# 5249177
$16.5M – Stunning 5-story townhouse across from the Plaza $15.9M – 8 rooms & studio. Rarely available 4 BR/4 bath full $13.9M – Spectacular high floor condo; 5 bedroom plus $11.95M – Unique and grand with approximately 4,000 SF,
Athenee. Grand scale, high ceilings, 5 bedrooms, garden floor condo with panoramic Central Park views, formal dining library; 5 bath; 4,653 SF; private entrance; wood burning this 4 bedroom, 4 full and 2 half bath home is in excellent
and roof terrace, elevator, top-of-the-line everything. room, 18 closets, separate studio & storage in modern, white- fireplace; sweeping City and Park 360 views. condition. Located just off Fifth Avenue and steps to the
Approximately 8,000 SF. A must see. glove building of only 33 residences. Betsy Messerschmitt : 212.836.1059 Metropolitan Museum of Arts.
Leighton Candler : 212.937.6677 Brian Philpott : 212.605.9244 Meredith Verona : 212.893.1759 Carrie Chiang : 212.836.1088
.
ly
PENTHOUSE SOUTH AT 10 GRACIE SQUARE EXQUISITE 7-ROOM ON PRIVATE FLOOR SKY-HIGH FULL FLOOR 9 ROOM PRISTINE & RARE PARK AVENUE CLASSIC
10 Gracie Square WEB# 5358399 60 EAST 86TH STREET, 4 FL WEB# 5359844 733 Park Avenue, 22nd floor WEB# 5314020 930 Park Avenue WEB# 5358422
$11.5M – Grand 12-rm Residence with unobstructed East $9.45M – 3,209 SF – living/dining, 4 BRs, 4.5 baths, custom $9M – Elegant, grand living & entertaining space throughout. $7.85M – Sun-filled home in mint condition in white-glove
River views & beyond. Grand scale rm w/soaring 12.5-ft ceils chef’s Kit with breakfast area, top appliances & finishes;
on Great room, dining room, 3 BRs+ staff, 4.5 baths, chef’s EIK. bldg. LR with WBFP, Library, stunning DR with view. 3 BR,
& floor-to-ceil windows. 4 BR/4 bath, double staff rm & bath. laundry room. New development condo with excellent Open city views – N/S/W exposures. Luxury F/S white-glove 3 bath, gourmet EIK + bonus room with view.
Significant terraces, 4 wood burning fireplaces. amenities. Immediate occupancy. post-war co-op; private storage, gym. Helen Strilec Schatiloff : 212.875.2831
Maria & Joanna Pashby : (m) 917.520.0592 Sharon E. Baum : 212.836.1036 Sharon E. Baum & John Gasdaska: 212.836.1036 Maria Pashby : 212.893.1436, (m) 917.520.0592
us l,
al a
e
ci on
er rs
m e
LANDMARK CLASSIC 7 LUXURY MANHATTAN CONDO ARCHITECTURAL PERFECTION OFF FIFTH PERFECT FOR INVESTORS
325 West End Ave WEB# 5277149 524 East 72nd Street WEB# 5143672 31 West 11th Street WEB# 5341010 1 Central Park South WEB# 3626217
m rp
$6.55M – 4 bedroom, 3.5 bath with brilliant sun, gorgeous $5.39M – Stunning 3 BR, 4 bath home with panoramic city and $5.265M – Luxurious Village condo. 3 BR, 3.5 marble baths, $4.95M – Stunning views over Central Park from this beautiful
architectural detail, high ceilings, best West End Avenue river views Downtown loft feel with grand open layout. F/S expansive great rm, top-of-the-line open chef’s Kit, high 1 bedroom, 1.5 bath home. Oversized windows and 11’
location. Impeccably restored 9 into 7 mansion style home at building with access to gym, pool and spa. Co-exclusive. ceils & W/D. Property has highly crafted details throughout. ceilings add to the grand proportions. Beautiful finishes
white-glove address, huge eat-in kitchen. Patricia Cliff : 212.836.1063 Sprawling elegance meets modern allure. F/S building. complete this special residence. Tenant in place until 2/2019.
Daniel Douglas : 212.875.2835 John Gasdaska : 212.821.9138 Thomas Di Domenico : 212.848.0486 Elyse Gutman : (m) 917.796.3144
co Fo
n-
TRIPLE MINT CONDO STUNNER PENTHOUSE WITH WRAP TERRACE EXTRAORDINARY 2 BR/2.5 BATH CONDO BRIGHT & AIRY TOP FLOOR, 7-ROOM GEM
400 East 51st Street WEB# 5323293 169 East 78th St WEB# 5252019 160 West 66th Street WEB# 5188192 156 East 79th Street WEB# 5321545
no
$4.75M – Grand 3-4 BR at the highly sought after Grand $4.65M – Dramatic sun-filled duplex penthouse with wood $3.895M – Mesmerizing views from every room in the only $3.3M – Beautifully appointed prewar home. LR with 10’ ceils,
Beekman. Every room of this 2,347 SF+/-, high floor apt has burning fireplace & grand 40’ living/dining room with 11’ ceils. condo in the footprint of Lincoln Center. Elegant foyer WBFP, FDR, library/media room, 3 BRs, 2.5 baths, windowed
picturesque views of the River & NYC skyline. Everything has Entertainers dream. 2-3 BR/2.5 bath and windowed EIK. leads to stunning corner LR. Split en-suite BR layout & top chef’s EIK. F/S, pet-friendly building close to Central Park.
been newly designed with no detail overlooked. Douglas J. Albert : (m) 917.744.8820 appliances in windowed Kit & W/D in unit. FSB w/gym & pool. Sharon E. Baum : 212.836.1036
Leighton Candler & Gilda Shani: 212.937.6677 Brian G. Rice : (m) 917.658.1685 Maria & Joanna Pashby : (m) 917.520.0592 John Gasdaska : 212.821.9138
PREWAR CLASSIC SEVEN PARLOR FLOOR PERFECTION THREE BEDROOM LUXURY CONDO IN HARLEM HOTEL LIVING ON FIFTH
410 East 57th Street WEB# 4970720 347 West 22nd Street WEB# 5349346 380 Lenox Avenue WEB# 5288794 988 Fif th Avenue WEB# 5201581
$2,399,999 – Prewar classic 7-room apt in one of Sutton $2.35M - Mint 2 BR/2 bath+ dining w/11’4’ ceils, oversized $1.45M – Rare corner 3 BR/2 bath in the heart of Harlem w/ $100,000/mo. Stunning duplex penthouse with 2 enormous
Place’s most desirable white-glove doorman building. 3 pic winds, gorgeous oak floors, PW details, WBFP, balcony, open city views. Oversized windows allows for spectacular landscaped terraces. Each room of this 3 BR, 3.5 bath PH has
bedroom, 3 bath, dining room, eat-in kitchen, wood burning sound/lighting system, central AC/Heat, w/d permitted, priv. eastern & northern light. Soaring 10’ ceils, reno Kit custom- breathtaking views of Central Park and the NYC skyline. Rent
fireplace, washer/dryer, pets OK. storage & more. Mt $2,200 fitted closets. FSB w/gym & gar. Tax abatment until 2032. includes daily staff service with laundry, flowers & utilities.
Kedakai Lipton : 212.893.1435 John Gasdaska & Jonathan Conlon : 212.821.9138 Christina Lee & Maria Pashby : 212.893.1418 Leighton Candler : 212.937.6677
Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers
indicate listing agent direct line unless otherwise noted. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is
presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
HOUSE CALL | R.O. BLECHMAN
(L-R) R.O. BLECHMAN; JULIE BIDWELL FOR THE WALL STREET JOURNAL; ILLUSTRATION BY R.O. BLECHMAN
The damage was so great that
we were forced to move to an
apartment building on Ocean Ave-
nue. My parents never thanked me
for saving everyone. They weren’t brought in “The Juggler of Our
very complimentary people. Lady.” Holt published it in ’53.
I hated living in an apartment My shaky-line drawing style be-
instead of a home. The social expe- gan in the early ’60s. It came natu-
rience each day was fighting or rally, mostly as an expression of
watching others fight. Fist-fighting who I was.
was a way of life then. Most took Today, my wife, Moisha, and I
place in vacant lots. I wasn’t espe- live in Ancram, N.Y. About 15 years
cially strong but I was fast. ago we moved into a Victorian
I never drew as a kid. I did put home here built in the 1850s on 125
out my own newspaper, though. acres. I have a gorgeous studio in a
Someone had given me a little nearby stand-alone structure that
printing press with rubber type. we gutted and enlarged. It has its
You set the type and then printed own kitchen and bathroom. Big
pages by inking the letters. windows let in lots of light. Other
As a kid, I was a showoff. But I windows are antique stained glass.
was very shy and often sat in back LINED UP R.O. Blechman in his stu- In the 1960s, Moisha and I were
of the class. Yet every now and dio in Ancram, N.Y., right, and at age in Paris browsing used-book sell-
.
then I’d step out from the shadows 6 in Brooklyn, above. Far right, a self- ers. I came across “Contes pour
ly
and do something crazy to com- portrait for The Wall Street Journal. Maxa” (“Tales for Maxa”). It’s a
mand attention. series of children’s stories written
My real name was Oscar and my pianist. She was a beautiful of the park. But from our living My big break came later when I by Max Nordau in 1929 and illus-
middle name was Robert. I re- woman who played popular music on room I became an avid student of returned to New York from Ober- trated by his daughter, Maxa, my
versed the initials in later years. I and jazz, and had taken lessons street life. The room I shared with lin. In the bus terminal, someone former neighbor. I keep the book
hated Oscar. One day, in my aunt’s with Teddy Wilson. my brother overlooked the build- shouted, “Don’t move.” It was Bob in my studio now. The drawings
car, I told her I wanted to change My brother, Burt, was older ing’s courtyard. Every so often, an Gill, a former Music & Art class- are charming and distinctive. I’m a
us l,
my name. Buddy was popular then. than me by a few years. I hated organ-grinder would show up with mate. He was there sketching peo- little intimidated by them. I think I
She liked Buddy and encouraged him. We fought like cats and dogs. his monkey and play there. People ple for Seventeen magazine. was as much in love with her art
me to use it. So I did, but I made I was the cat. He was a vicious, would shower him with coins. To help me start selling my work, as I was with her.
al a
e
the mistake of keeping it through mean guy with me. Next door was an artist, Maxa Bob gave me a list of contacts. One —As told to Marc Myers
college. To this day, I’m still When I was 11, we moved into Nordau, a beautiful bohemian was a book-jacket designer who
ci on
known as Buddy at Oberlin re- Manhattan. World War II had just French woman. She encouraged me sent me to an editor at publisher R.O. Blechman, 87, is a New Yorker
unions. And I cringe. started, along with gas rationing. to apply to Manhattan’s High Henry Holt. The editor wanted holi- magazine cover artist, animated
My father, Samuel, was known The car trip from our new apart- School of Music & Art. I guess I day-theme stories. A friend sug- filmmaker and illustrator. His lat-
as Chick. He was a partner in a 10- ment to his store was much shorter. wanted to impress her. She helped gested I adapt a medieval one about est book is “Amadeo & Maladeo”
story dry-goods store on Lower Our home was on Central Park West me with my portfolio, which led to a juggler. So I set to work on a (Fantagraphics), a graphic novel
er rs
Broadway. My mother, Mae, was a and 91st Street. We were on the an entrance exam that I passed. book, drawing the illustrations and fictionalizing the life of Mozart
homemaker and an accomplished third floor, so we didn’t have a view This was the start of my art career. writing minimal text in longhand. I and his imaginary brother.
m e
m rp
CENTRAL VIRGINIA
New York, NY: Rarely available oasis in the sky! This New York, NY: This loft dweller’s dream is the Crown Jewel
sprawling Midtown West duplex with 5 bedrooms and 5.5 of Tribeca. Full-floor, 4 bedroom home with high ceilings,
baths boasts spectacular panoramic NYC views. $8,750,000 wood paneling and wood burning fireplace. $8,500,000
Engel & Völkers New York City evre.nyc Engel & Völkers New York City evre.nyc
Julie Zelman +1 917-848-8500 Howard Morell +1 917-843-3210
n-
New York, NY: Stunning and light-filled, this 4 bedroom, New York, NY: Park Avenue Glamour – be the first to
no
3 bathroom grand scale loft with soaring ceilings offers enjoy this newly, exquisitely renovated and designed
panoramic downtown skyline views. $ 5,695,900 expansive 3 bedroom Park Avenue residence. $4,950,000
Engel & Völkers New York City evre.nyc Engel & Völkers New York City evre.nyc
Julianne Bond +1 917-709-2076 Noel Berk + 1 212-371-4065
RAPIDAN FARM
Extraordinary 1,674-acre farm/estate in the Piedmont Hills of Orange County,
Virginia! The property showcases a gorgeous manor home with pool, cabana,
and tennis court with magnificent views of the surrounding countryside. Set in
total privacy, this agricultural treasure offers fertile soil, gently rolling cropland
and pastureland, and boarders the clear waters of the Rapidan River for almost 4
miles.Includes several residences,extensive grain handling facilities and multiple
New York, NY: Light-filled and spacious, this corner 2 bed- New York, NY: Elegant and modern, this Midtown West
equipment, storage, and livestock buildings. Additional offerings available.
room, 3 bath UES home with wall-to-wall windows show- corner 2 bedroom, 2 bath residence with floor-to-ceiling
cases expansive open views in every direction. $3,995,000 glass windows offers unobstructed city views. $1,895,000
Engel & Völkers New York City evre.nyc Engel & Völkers New York City evre.nyc
Robb Saar + 1 917-597-0404 Kathy McFarland +1 917-838-4218
New York, NY: This exquisitely renovated, spacious and Flathead Lake, MT: Montana’s Shelter Island estate on 22+
very private UWS home features 2 grand bedrooms, a private island acre in the middle of Flathead Lake. Includes a
home office and 2 newly renovated baths. $1,795,000 boat/guest house on island, mainland properties. $17,750,000
Engel & Völkers New York City evre.nyc Engel & Völkers Missoula westernfrontier.evusa.com
Julie Zelman +1 917-848-8500 Dawn Maddux +1 406-550-4131
GALLISON HALL
Glorious Blue Ridge Mountain views from this one-of-a-kind architectural gem,
just 3 miles west of UVA! Sited amidst 43 acres of expansive lawns and gardens
stands this extraordinary, c. 1931-1933, Georgian Revival-style residence noted
Santa Monica, CA: Stunning 5 bedroom Villa in Santa Wellington, FL: Large waterfront 4/3 home in a terrific low HOA
for its quality workmanship, elaborate woodwork, and exquisite architectural
Monica neighborhood. Beautiful finishes, perfect floor plan, gated community. Close to stables, equestrian venues, country details inspired by some of Virginia finest estates. This rare offering includes
Tuscan and Craftsman touches, streaming light. $4,895,000 club, golf, tennis and dog park, 25 min to Palm Beach. $599,500
Engel & Völkers Santa Monica santamonica.evusa.com Engel & Völkers Wellington wellington.evusa.com a spectacular indoor pool pavilion; tennis pavilion with gallery; log cabin; and
Andrea Martin +1 310-460-2525 Jacqueline Abramson +1 561-908-4777 additional improvements—all in excellent condition. On Historic Registers.
MANSION
THE MARKET
BY RUTH BLOOMFIELD
LONDON
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
charming English village in mon, Abinger Hammer and
the Surrey Hills, a 163- Sutton Abinger. Abinger
square-mile pastoral milieu Hammer, with its village
just west of London and a green and pub, is a quintes-
popular location for people sentially charming village
who want to live in the where a 16th-century timber-
country but work in the city. framed farmhouse, with five
Sales prices in the Surrey bedrooms and two bath-
Hills increased 3.2% last rooms is currently listed
year, and 7.9% in 2016, ac- with both Strutt & Parker
cording to a recent report and Hamptons International
from real-estate agency and for about $1.5 million.
research firm Knight Frank. Its period features include
This performance easily out- a “priest hole” beside the
paces prime central London, fireplace in the master bed-
where prices have fallen room, where Catholic fami-
.
around 7% since the 2014 lies would hide priests dur-
ly
peak. And Knight Frank ex- ing the years of Elizabethan
pects growth of around 3% persecution.
this year, while prime Lon- SMALL-TOWN FEEL The historic town of Guildford, above, is within a 40-minute train ride from London. In Abinger Common, a five- A more typical Surrey
don remains flat. bedroom house with a redbrick facade and leaded-glass windows, below left and right, is on the market for about $2 million.
on Hills house is available in
Most movers to the Sur- Abinger Common, where
rey Hills are families. The Jackson-Stops is listing a
area has highly regarded five-bedroom house with a
us l,
stockbrokers and chief exec- for golf and horseback rid- buyer. “A foreign billionaire
utives,” said buying agent ing, but its biggest sport is would tend to prefer a home
m rp
Mark Crampton of Middleton cycling. The chef Gordon on one of Surrey’s golf es-
Advisors. Ramsay credits his recent tates, even closer to London
On the western fringes of weight loss to a vigorous and with more security,” he
don is the historic town of in the Surrey Hills. a little wilder and a little
Guildford, beloved of fami- Also in demand are homes less polished.”
sense of history.”
Education is a driver for
ambitious parents hoping to
win a place at its trio of
no
high-performing private
schools: Royal Grammar
STRUTT AND PARKER
.
ly
50 CROWS NEST, BRONXVILLE VILLAGE, NY
$6,900,000 I 9 Beds I 5.1 Baths I 10,442 Sq. Ft.
on 274 PONDFIELD ROAD, BRONXVILLE VILLAGE, NY
$5,100,000 I 5 Beds I 4.2 Baths I 5,288 Sq. Ft.
6 NORTHERN AVENUE, BRONXVILLE VILLAGE, NY
$4,995,000 I 6 Beds I 4.2 Baths I 6,531 Sq. Ft.
Exquisite Estate I Commanding Manhattan Views Open House: Sunday, March 25th 2:00pm - 4:00pm Open House: Sunday, March 25th 2:00pm - 4:00pm
us l,
Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Bill Dowling 917.837.5037
al a
e
ci on
er rs
m e
m rp
12 ORCHARD PLACE, BRONXVILLE VILLAGE, NY 51 CENTRE STREET, RYE, NY 6 PLATEAU CIRCLE WEST, BRONXVILLE VILLAGE, NY
$3,695,000 I 5 Beds I 6.1 Baths I 4,418 Sq. Ft. $3,499,000 I 5 Beds I 4 Baths I 3,528 Sq. Ft. $3,250,000 I 5 Beds I 5.1 Baths I 5,400 Sq. Ft.
Open House: Sunday, March 25th 2:00pm - 4:00pm Private and Quiet Location in Rye I Walk to All Open House: Sunday, March 25th 2:00pm - 4:00pm
Bronxville Brokerage I Kathleen Collins 914.715.6052 Rye Brokerage I Fiona Dogan 914.414.5147 Bronxville Brokerage I Kathleen Collins 914.715.6052
co Fo
n-
no
180 BAYBERRY ROAD, NEW CANAAN, CT 16 COURSEVIEW ROAD, BRONXVILLE VILLAGE, NY 142 MONTEREY AVENUE, PELHAM, NY
$2,895,000 I 5 Beds I 4.3 Baths I 7,281 Sq. Ft. $2,895,000 I 4 Beds I 3.1 Baths I 3,532 Sq. Ft. $2,598,000 I 6 Beds I 4.1 Baths I 5,375 Sq. Ft.
Quality Craftsmanship I Walk to Park, Town & Train Open House: Sunday, March 25th 2:00pm - 4:00pm Pelham Heights I A Victorian Masterpiece
New Canaan Brokerage I Janis Hennessy 203.856.8827 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Holly Mellstrom 914.224.3867
1 NORTHGATE, UNIT 3A, BRONXVILLE VILLAGE, NY 98 PARK AVE, BRONXVILLE P.O./EASTCHESTER, NY 53 NORTHWAY, BRONXVILLE P.O./EASTCHESTER, NY
$1,995,000 I 4 Beds I 3 Baths I 2,607 Sq. Ft. $1,825,000 I 5 Beds I 3.1 Baths I 3,380 Sq. Ft. $1,595,000 I 5 Beds I 3 Baths I 3,229 Sq. Ft.
Open House: Sunday, March 25th 2:00pm - 4:00pm Exceptionally Lovely Home I Walk to Village & Train Open House: Sunday, March 25th 2:00pm - 4:00pm
Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052 Bronxville Brokerage I Kathleen Collins 914.715.6052
williampitt.com juliabfee.com
Each Office is Independently Owned and Operated. Equal Housing Opportunity.
or personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com
.
ly
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
n-
no
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
MICHAEL DELL
LUXURY PROPERTIES | TIMBERLAND | CONSULTING
MA1874
New York
AGENCE FRANCE-PRESSE/GETTY IMAGES; GETTY IMAGES (PORTRAIT)
MA2088
Winsor Way Compound 33 Proctor Street
4.57± Acres, Weston, MA | $18,500,000 2± Acres, Manchester-by-the-Sea, MA | $13,750,000
Terrence Maitland Lanse Robb
617-357-8949 • tmaitland@landvest.com 617-357-8996 • robb@landvest.com
ME1381
ME1437
ABOVE IT ALL Michael Dell, pictured below, spent $100.47 million on a penthouse in One57, above, Nimaha Eastern Point Cottage
the more than 1,000-foot tower in an area of New York City referred to as Billionaire’s Row. 1.91± Acres, Rockport, ME | $7,500,000 1.14± Acres, York Harbor, ME | $5,800,000
Terry Sortwell Karen N. Reiche
207-236-3543 • tsortwell@landvest.com 207-874-6159 • kreiche@landvest.com
ME1434
Austin
CT0117
Continued from page M1 School House Road, Manson’s Island Swans Island Head
4.79± Acres, Stonington, CT | $1,895,000 165± Acres, Swans Island, ME | $1,600,000
PICTOMETRY
.
MSD Capital’s real-estate Joanna Dresser Story Litchfield
ly
holdings are purely for in- 617-357-0444 • jdresser@landvest.com 207-276-3840 • slitchfield@landvest.com
vestment purposes, a person NY0328
AUSTIN
MA2099
approximately 33,000- 5 Pine Ridge Lane at the Bay Club Sky View
square-foot compound for .77± Acres, Mattapoisett, MA | $1,475,000 26.07± Acres, Old Chatham, NY | $1,375,000
his family. He and his wife, Joanna Dresser Cindy Welch
Susan, completed the prop- 617-357-0444 • jdresser@landvest.com 413-329-3999 • cwelch@landvest.com
erty in 1996, according to a
er rs
Mr. Dell tapped New York BIG DEAL In Boston, Mr. Dell purchased a penthouse asking $40
City firm Gwathmey Siegel & million in the Four Seasons Private Residences One Dalton Street.
m rp
Associates Architects—
whose founder Charles
WSJ TALK / E XPE RIENCE / OFFER / GE TAWAY
Gwathmey was best known Hawaii
for designing homes for the
likes of Steven Spielberg and
co Fo
polished wood panels and a exclusive Kukio community on the Big Island of Hawaii.
bowed steel banister, which
frames a sculpture by artist operations in Hopkinton, in a lot of negative stories
Joel Shapiro. Mass., where it is located, ac- about unsold units and new
no
Property records show cording to a statement from competition from other proj-
that Mr. and Mrs. Dell own the company at the time. ects.” A buyer who paid $32
several vacant lots adjacent In 2017, Mr. Dell inked a million for an apartment at
to their property, bringing contract for a penthouse at One57 in 2014 sold it for
the total compound to about the Four Seasons Private $23.5 million in 2016, public
119 acres. The adjacent lots Residences One Dalton records show.
all have a conservation ease- Street, according to people
ment, meaning they are per- familiar with the transaction. HAWAII
manently restricted from be- The tower will be Boston’s MSD Capital has been a
ing developed. The property
is a 20-mile drive from
Round Rock, Texas, where
tallest residential building
when it is completed next
year. The unit is one of three
major investor in Hawaii
since 2004, when it bought
the Four Seasons Maui. In
Attend the
Dell Technologies is based.
In 1997, Mr. Dell chal-
lenged his $600,000 prop-
penthouses and was most re-
cently on the market for
about $40 million. The build-
partnership with former
Walmart chairman Rob Wal-
ton, it also owns the entirety
Riders Masters
erty-tax bill after county as-
sessors valued the home at
$22.5 million, according to
ing’s three penthouses have
soaring ceilings and double-
height terraces with outdoor
of Hualalai, a master-
planned residential commu-
nity on the Big Island sur-
Cup as a VIP
legal filings. At the time, Mr. fireplaces, according to the rounding the highly rated
Dell’s attorney said his client project’s website. Four Seasons there.
had spent about $30 million Mr. Dell’s personal home Witness the best equestrians from the United
on improvements to the NEW YORK is located in the nearby, ex- States and Europe face off in a transatlantic
property. The resolution Mr. Dell’s $100.47 million clusive residential commu- battle at the Riders Masters Cup Hosted by
wasn’t disclosed. purchase at One57, the more nity of Kukio. Unlike other the Longines Masters of New York. As a WSJ
In the hills about 12 miles than 1,000-foot condo tower Hawaiian coastal communi-
member, enjoy an exclusive rate on VIP tickets
away, Mr. Dell also owns a on Manhattan’s West 57th ties, Kukio is accessible only
quirky geometric house street, set the record for the to homeowners and their that give you access to prime seats and more.
known as 6D Ranch. Named most expensive home ever guests. Visitors need permis-
after the six members of the sold in New York City. His sion of a homeowner to en-
family, it is where their Ara- aerie totals 10,923 square ter. A clubhouse in the com- EXCLUSIVE TO WSJ MEMBERS
bian horses are kept, accord- feet, with six bedrooms and munity fronts Hawaiian fish BOOK NOW AT
ing to a person familiar with six bathrooms, according to ponds and an archaeological
WSJPLUS.COM/LONGINES-MASTERS
the property. an offering plan for the proj- reserve, with views of the is-
ect. The building’s glassy land of Maui, according to
BOSTON units have sprawling views the community’s website.
In September 2016, Dell of Central Park. Mr. Dell’s home appears to
Technologies completed an Luxury agents say build- be the largest in the commu-
approximately $67 billion ing’s reputation as the pin- nity at 18,500 square feet
deal to acquire EMC, a com- nacle of prestige has faded. and with seven bedrooms, ac-
pany dealing in data storage “When he bought it, it was cording to plans. People call
and data protection, marking the symbol of success for su- the property Raptor Resi-
what was then the largest pertalls,” said New York ap- dence, as Mr. Dell purchased
technology merger in U.S. praiser Jonathan Miller. it in under a limited-liability © 2018 Dow Jones & Co., Inc. All rights reserved. 3DJ6423
history. EMC would keep its “Since then, it’s been mired company of that name.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
ADVERTISEMENT
JOHN’S ISLAND – VERO BEACH, FLORIDA PARK CITY/HEBER VALLEY, UTAH BOCA/DELRAY BEACH, FLORIDA
Located where the “tropics begin” sits one of the most renowned Play Golf Magazine’s 2009 “Best New Private Course,” ski where Ultimate luxury at Seven Bridges – brand new estate homes in a highly
eastern coastal communities with 3 miles of pristine beach, 3 championship Olympians raced, and come home to the glorious views of your luxurious amenitized non-golf community in Boca Raton/Delray Beach area. Generous
golf courses, 17 Har-tru tennis courts, pickleball, squash & Beach Club. 5,284 sf Rocky Mountain home, being built today on a high plateau in Red features include impact glass, granite or quartz countertops, gourmet kitchens
Offering 130 feet of Intracoastal frontage, this 5BR/7.5BA retreat enjoys Ledges. As the most successful private community in the Park City area, Red and a stunning 30,000 sq. ft. club. Low HOA fees, close to world-class
8,306± GSF, .85± acres, 3-car garage pool, and new trex boat dock. Ledges offers serious outdoor fun an easy drive from SLC’s hub airport. shopping, great schools. Experience Seven Bridges today!
.
ly
on
NEWPORT, RHODE ISLAND BOCA RATON, FLORIDA DOWNTOWN ST. PETERSBURG FLORIDA
us l,
Ocean Drive Classic – ‘Hexagon House’ offers sweeping views of the A luxurious transitional single-family residence just steps away Live a fabulous Urban Lifestyle in vibrant downtown St. Petersburg. 3
al a
Atlantic and out to Block Island. A 2,950 sq. ft. contemporary-style on from Mizner Park. This majestic 6,100 sq. ft. home features: A spacious blocks from the water, artfully designed townhomes now under construction
e
Newport’s stunning Ocean Drive in a spectacular, private, and natural ground floor master suite, gourmet kitchen, exquisite hardwood flooring, on a private, gated lane. Totaling 2,335 sq. ft., 3 bedrooms, 3 ½ baths, 2
setting directly on Lily Pond. Private walking paths and waterside pool. SmartHome infrastructure, large open great room, wine cellar, game room, car garage, private elevator, and amazing rooftop terrace. Low HOA fees.
ci on
a state-of-the-art front door, swimming pool with spa, summer kitchen. Walking distance to world-class restaurants, museums, shopping, parks,
marina, and Tampa Bay.
$5,500,000 GustaveWhite.com $2,390,000 avivaeyal.keyes.com From the $800’s to $900’s www.RegentLane.com
Keyes Luxury Portfolio
er rs
Gustave White Sotheby’s International Realty Aviva Eyal NJR Property Investments LLC
phone: 401.849.3000 phone: 561.452.4422 phone: 727.515.5556 email: natalie@njrdevelopment.com
m e
m rp
co Fo
Legacy Ranch in Southwest Arkansas is 1,500 acres of diverse land Live the lifestyle of your dreams in Naples, Florida! Gorgeous single- EXECUTIVE RETREAT & SPORTSMAN’S PARADISE, GOLF, HUNTING,
with sloughs, oxbow lake, and Red River Sandbars, Big Game Hunting and family residences up to 4,879 s/c sq. ft. Amazing six-acre recreation area with FISHING & GREAT RESTAURANTS are all convenient. Abundant deer & other
Upland bird and waterfowl hunting areas, along with a 6,000 sq. ft. lodge, 13,000 sq. ft. clubhouse, resort pool, fitness, tennis, indoor sports court and wildlife. Large gracious stone & frame home on 120 private wooded acres
dog kennels and many other activities possible. We have operated as a much more – all included in low HOA fees. This is an incredible opportunity in in an historic area in the beautiful mountains of West Central Pennsylvania.
no
commercial hunting resort and we were an Orvis endorsed wing shooting a great Naples, Florida location – call today! Airport half hour away (8,000 ft. strip). Caretaker home & barns included.
lodge. For sale or will consider selling ownership shares of the property.
$5,000,000 From the $400’s to the $800’s glhomes.com/StoneCreek $2,950,000 www.rock-ridge.com
Berkshire Hathaway Real Estate
Jeff Ashley GL Homes Leslie Serenyi
phone: 903.277.2456 phone: 800.281.9239 phone: 724.238.7600 leslieserenyi@thepreferredrealty.com
ADVERTISEMENT
Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
MASSACHUSETTS
!
"
%
& # " ' ( )
#
$!
!!
! ! !
.
ly
on
() ! #
" *& +
#
*& #, - (!
"
us l,
" '
!
! * .. &
*& . !
al a
e
ci on
er rs
m e
m rp
/! &
0&
12 3! -
.
2 4
# !
+
!
+
!
" ! #" #"
$
% &&' (
"
#" ) *
co Fo
MANSION
RELATIVE VALUES | SANDRA WARD
The 12,000-square-foot main house on 5 acres has five patios This 8,076-square-foot French Provincial-style house in the Stone This 1,600-square-foot postwar triplex penthouse has a private
overlooking a pool and fountains. A family room by the kitchen Oaks community has several covered patios, plus one surrounding roof deck with 1,000 square feet of outdoor space and an adja-
and breakfast room connects to a covered patio running the an in-ground pool. A basement rec room opens onto its own pa- cent sunroom. The living and dining areas on the first level, and
length of the home. An office and gym are in separate buildings. tio. The kitchen, dining and living rooms also look onto a patio. the master bedroom on the second, have access to balconies.
Agent: Libby Cohen, Walt Danley Christie’s International Agent: Dee Priddy, Coldwell Banker Agent: Gail Bomze, Compass
ADVERTISEMENT
Distinctive Properties
.
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
ly
VIRGINIA VIRGINIA FLORIDA
on
DISTINCTIVE
PROPERTIES
us l,
!!"!" !!"("(
#
$%&#
#
&"
' )$%&#
#
&"
'
al a
e
ci on
!"#!$ %&! '#!( )'*
$$$#+,)-((%+.%/
#+,) -((%+0 +.0 !)-'%
er rs
!"
# $
%
m e
m rp
" &
'"
! """ #
(
$ $
!!
$%
! &
co Fo
)*(+,-(---
& '%
#$ (
)*+,-./,00*-
%%
/
* 0-
(
(
)(11,(---
n-
!
" SELECT RESIDENTIAL
$#
LISTINGS EVERY
# !
" $
FRIDAYS IN MANSION
no
+
$,-. /
/
) List Your
0
#
1
2
1 Property Today
$#
! " #$%&'(%(((
))*! +, *)-!
./.0 1 ),*
!"# (800) 366-3975
234
*))5!% &
.00
6!
$ 0/
6! sales.realestate
NEW JERSEY
.,,,7
,!6! 6).76).
*0 /) ,,,7 500
@wsj.com
) 7 ).+!
!
8&2$9 (2":':
,;).,*)+0!<)5 For more
).,*)+,*<)5
< &<3 <'&$3
information visit:
wsj.com/classifieds
FLORIDA FLORIDA
!
"#""$$
"#%#"
!&'
(!)
VIRGINIA
# !
!
"
" #
" !
!
$
% !
111
!
" !" #$
© 2018 Dow Jones & Company, Inc.
"!
All Rights Reserved.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
(
!
!! $! #
$
7
$
/
$#
$ '
%
!
$ (
$
$ # ) $# # !
8
" $*
$ +
!
"
#
(
(
( $!
(
$ #
"
$
%
$$
9
:
( !!
!
#
;
(
) $#
(
)!
!
$
,- !
!
!$
#
(
1 !
! (
!
" (
!$
$
( <#
= #
$
#
.
." /" #
ly
$
8
$
#
$
7
$ #
(
$
on " "
# $
)
>
(! #(
#
! $
!
/ ?
!
$ "
$)$
#
!
$
&$$
$$
al a
e
(
(
#
/ 7 9
7
+ )!
ci on
$)$
$ # ( #
#
1 !
! +
! !
$ +
#
# $
er rs
$
"
m e
m rp
co Fo
n-
'' ( !" " !"" - ./& !")"
#
#
$ 0+
no
$
%
&
+
,&
) )
+
&
*&
.
!" " 5
./& !")" 0( #/ !""
$ 0+ %+
4* 3/
- 4*
')) '
16
1(
. 58&
9::&- ;:- 58&
%&
9::&-
$
5
*" <
:
- ( :
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
MANSION
.
and Clark Gable.
ly
It’s a tradition that harks back
to the late 1800s in the U.S., until
it was diminished by the Great De-
pression and replaced by air on
travel, virtually disappearing for a
while after the 1950s. It wasn’t un-
til the creation of Amtrak in 1971
us l,