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What’s Leaders Demand War-Crime Probe
News
Biden supports a trial;
Business & Finance West to aid Ukraine in
collecting evidence of
alleged Russian killings

T esla chief Musk dis- BY BRETT FORREST
closed a 9% stake in AND ISABEL COLES
Twitter, turning one of the
social-media company’s FELIPE DANA/ASSOCIATED PRESS BUCHA, Ukraine—Western
most famous users into its leaders vowed to investigate
largest shareholder. A1 A woman stands Monday outside her home in Bucha, Ukraine, where her husband, brother and another man were killed. alleged war crimes in Ukraine
and impose new penalties on
 Starbucks’s Schultz sus- Invasion Drives Countries Moscow over reports of Rus-
pended share repurchases To Green Energy, but Not Yet sian atrocities against Ukrai-
and said his immediate focus nian civilians that have
would be on cafes, custom- BY JENNY STRASBURG to ensure that they can heat The energy shock tied to ready threatened the global sparked international condem-
ers and employees rather AND PHRED DVORAK homes, power factories and Russia’s war on Ukraine is economy. Prices of oil, gas and nation and outrage.
than the stock market. A1 transport goods over the next testing nations’ resolve to rap- other vital commodities have
Russia’s invasion of Ukraine few years. idly reduce carbon emissions surged further since the out- President Biden called for a
 Sequoia Capital named has led countries to tear up to combat global warming, as break of war. While European war-crimes trial over the ac-
Roelof Botha as its new their timelines to transition At the same time, many, es- more than 190 nations have leaders have been reluctant to counts of rape and killings of
leader, settling speculation from fossil fuels. In their quest pecially in Europe, are acceler- pledged to do under the Paris place sanctions on the Russian hundreds of civilians in Bucha
over who would assume the for more secure energy sup- ating plans to switch to green agreement. The international energy supplies that the conti- and other formerly Russian-oc-
job with the expected re- plies, they are simultaneously energy such as wind and solar pact aims to limit global tem- nent relies on, French Presi- cupied towns around the
tirement of Doug Leone. B1 rushing toward and away from power. The goal is to meet cli- perature increases to below dent Emmanuel Macron called Ukrainian capital. He said Pres-
oil, gas and coal. mate targets as well as perma- two degrees Celsius by the for such a move on Monday, ident Vladimir Putin of Russia
 An investor accused nently reduce exposure to oil end of the century, compared citing evidence of war crimes must be held accountable.
Morgan Stanley of leaking in- For the near term, many and gas supplies that are geo- with preindustrial levels. in Ukraine.
formation about a large sale countries are leaning even politically volatile. Some are “We have to get all the de-
of shares of Palantir Technol- more on fossil fuels. They are revisiting nuclear power. The shock comes on top of Please turn to page A10 tail so this can be an actual
ogies, saddling it with mil- in a race to lock up enough rising inflation, snarled supply war-crime trial. This guy is
lions of dollars in losses. B1 supply from non-Russian “It has to be a twin track,” chains and other problems re-  U.N. panel urges faster shift brutal, and what’s happening
sources, including more coal, said Louise Kingham, the U.K. lated to the pandemic that al- to renewables......................... A10 in Bucha is outrageous and ev-
 U.S. stocks climbed, business head for BP PLC. eryone has seen it,” Mr. Biden
with the Nasdaq, S&P 500 said at the White House on
and Dow posting gains of Monday, adding that Washing-
1.9%, 0.8%, and 0.3%, respec- ton was seeking additional
tively. Oil prices rose. B11 sanctions against Moscow. He
didn’t provide details.
 U.K. regulators launched
a review into last month’s The U.S. and European
breakdown in nickel trading Union said Monday that they
and signaled they expect ma- would assist Ukrainian author-
jor changes at the LME to ities with investigations and
address what went wrong. B1 collecting evidence.

 Roblox’s chief received a President Emmanuel Macron
pay package that the firm val- of France called for additional
ued at $233 million last year, sanctions on Russian oil and
putting him among the coal, despite the pain it would
country’s top-paid CEOs. B1 inflict on Europe’s economies.

 Hasbro rejected calls “It is very clear today that
from activist Alta Fox to spin there are clear indications of
off its Wizards of the Coast war crimes,” Mr. Macron said
gaming unit and added two on French radio. “It was more
directors to its board. B1 or less established that this is
the Russian army.”
 Shein was valued at $100
billion in a recent funding The German government
round, making the apparel
seller one of the world’s most Please turn to page A6
valuable private companies. B1
The Ukraine Crisis
World-Wide
 EU pressured to bolster
 Western leaders vowed sanctions............................ A6
to investigate alleged war
crimes in Ukraine and im-  Berlin to temporarily
pose new penalties on Mos- control Gazprom unit.... A6
cow over reports of Russian
atrocities against Ukrainian  Intelligence sharing marks
civilians that have sparked new U.S. front.................. A7
international condemna-
tion and outrage. A1, A6-7 Kansas Wins NCAA Men’s Title Musk Acquires 9% of Twitter,
Becoming Its Top Stockholder
 Jackson cleared a proce-
dural hurdle on her way to TOM PENNINGTON/GETTY IMAGES BY SARAH E. NEEDLEMAN from his more than 80 million media platform that has at
all but certain confirmation AND WILL FEUER Twitter followers and has criti- times struggled to deliver
to the Supreme Court, as The Jayhawks trailed by as much as 16 points but stormed cized the service broadly. shareholder growth. The out-
three Republicans joined all back Monday to beat North Carolina 72-69 in New Orleans. It Elon Musk disclosed a 9% spoken entrepreneur in recent
50 senators who caucus with was their fourth men’s college basketball championship. A14 stake in Twitter Inc., turning In a securities filing Mon- weeks has mused publicly
the Democrats in voting to one of the social-media com- day, Mr. Musk reported own- about Twitter’s commitment
advance her nomination. A4 pany’s most famous users into ing nearly 73.5 million shares to free speech and has said he
its largest shareholder. of Twitter as of March 14, rep- was considering starting a ri-
 Countries must make ma- resenting a stake valued at val social-media platform.
jor, rapid shifts from fossil fuels The surprise move sent $2.9 billion based on Friday’s
to renewable energy to meet Twitter’s stock up 27% Mon- closing price. That gives Mr. It also raises questions about
the goals in the 2015 Paris day, its largest one-day per- Musk more Twitter shares Mr. Musk’s plans with Twitter.
agreement, experts tapped by centage gain on record. Still, than the company’s co-founder After he took a stake in the
the U.N. said in a report. A10 little is known about Mr. and former CEO, Jack Dorsey, company, he tweeted that he
Musk’s intentions. The Tesla as well as large investors such
 Senators unveiled a $10 Inc. chief executive, and as the Vanguard Group. Please turn to page A2
billion deal to further fund world’s richest person, has pre-
the U.S. response to the pan- viously reveled in the attention Mr. Musk’s arrival as an in-  Heard on the Street: Musk’s
demic with money repur- vestor adds a jolt to a social- tantrum needs a timeout... B12
posed from earlier aid rounds,
well below what the White Tokyo Spa Starbucks to Prioritize
House originally requested for Makes Big
vaccines and therapeutics. A3 Stock Splash Cafes, Not Stock Price

 Rather than emerging iii BY HEATHER HADDON fall, represented the clearest
from a two-stage lockdown indication yet of the plans be-
on Tuesday as planned, most Bathhouse owner On his first day back as ing set by Mr. Schultz, return-
Shanghai residents remained Starbucks Corp. chief executive, ing this week to his third stint
homebound as Covid-19 joins Sony, Toyota Howard Schultz suspended bil- as CEO. The move comes as
cases continued to rise. A8 lions of dollars in share repur- Starbucks has struggled with
in top market tier chases and said his immediate staffing some locations, and as
 Carrie Lam said she focus would be on cafes, cus- U.S. baristas have mounted the
wouldn’t seek a second term BY SURYATAPA BHATTACHARYA tomers and employees, rather most serious unionization
as Hong Kong’s top official, than the stock market. push in the chain’s history.
stepping down with Chi- TOKYO—The Tokyo Stock
nese leaders’ approval. A8 Exchange inaugurated its new “I am not in business, as a Mr. Schultz said Starbucks
top-tier Prime section on shareholder of Starbucks, to had to grow faster and redesign
 Costa Ricans elected ex- Monday, and all the familiar make every single decision its store experience to be more
World Bank official Rodrigo names were present, Toyota, based on the stock price for relevant to consumers, even if
Chaves as president. A9 Sony, Honda and the like. the quarter,” Mr. Schultz said that means sacrificing quar-
during an employee forum at terly earnings and shareholder
 Police in Sacramento, And then there was Econ- the company’s headquarters returns in the short term.
Calif., arrested a suspect ach Holdings Co., which has 13 Monday.
in connection with Sun- full-time employees and hasn’t Mr. Schultz is returning as
day’s mass shooting. A3 paid a dividend since 1969. “Those days, ladies and gen- interim CEO to run the coffee
The company owns Thermae- tlemen, are over,” Mr. Schultz chain he built over several de-
CONTENTS Opinion.............. A15-17 yu, a bath and spa in a Tokyo said to applause, in the address cades after Kevin Johnson, who
Arts in Review... A13 Personal Journal. A11-12 red-light district that features to employees reviewed by The had served as Starbucks’s CEO
Business News.. B3,4 Sports....................... A14 a massage parlor, a pub and Wall Street Journal. since 2017, made public in
Crossword.............. A13 Technology............... B4 all-night service. March his intention to step
Equities....................... B9 U.S. News............. A2-4 Wall Street responded in down. Mr. Schultz said he would
Heard on Street. B12 Weather................... A13 It is no insult to say that turn, sending shares down focus on reinvigorating Star-
Markets..................... B11 World News....... A6-9 Econach operates at some dis- 3.7% to $88.09.
tance from the stock exchange’s Please turn to page A4
> aim that Prime companies Mr. Schultz’s comments,
along with news that the com-  Heard on the Street: Schultz’s
s 2022 Dow Jones & Company, Inc. Please turn to page A4 pany would suspend a stock delicate balancing act......... B12
All Rights Reserved buyback program initiated last

A2 | Tuesday, April 5, 2022 **** THE WALL STREET JOURNAL.

U.S. NEWS

Inflation Hits Sales of Consumer Staples

BY SHARON TERLEP pandemic, they say. Private-label brands’ share of sales, change from previous year and 7.2%, respectively, for consumer spending, but have
Private-label brands, after 0.8 percentage points those categories. told Wall Street they believe
Household staples are no consumers will continue to
longer immune to inflation. two years in which they lost Edibles Non-edibles RBC analyst Nik Modi said covet items like Tide laundry-
market share to brand names, 0.6 cost-cutting on staples is most detergent pods, Gillette razors
American consumers are have begun to lure back buy- pronounced among lower-in- and Pampers diapers, which
starting to cut costs on main- ers. In the three-week period 0.4 come Americans. In part that often are the priciest option
stays from toothpaste to baby ended March 13, edible pri- is because income groups that on store shelves.
formula as inflation hits a vate-label brands increased 0.2 typically buy lower-priced
swath of the economy that had share slightly and non-edible household goods switched to “Consumers continue to
thus far proved resistant to store brands held steady, ac- 00 pricier brands amid the pan- prefer P&G brands and supe-
substantial price increases. cording to data from research demic, as homebound consum- rior performance they provide
firm IRI. –0.2 ers spent less on travel, dining even as inflation is impacting
Procter & Gamble Co., Clo- out and other perks. Now bud- household budgets,” P&G fi-
rox Co., Kraft Heinz Co. and The most recently available –0.4 get-conscious consumers are nance chief Andre Schulten
other consumer-products gi- data from the Bureau of Labor returning to discount brands, said in a January call with an-
ants have bet that consumers Statistics showed that the an- 2017 ’18 ’19 ’20 ’21 ’22 Three-weeks he said. alysts. The company declined
will pay up for household nual inflation rate had risen to to comment on consumer
products even as inflation 7.9%, a four-decade high, with ended P&G has reported gains in spending.
takes hold. Over the past year, oil and commodity market dis- both pricing and volume sales
the companies have seen prof- ruptions from the Ukraine cri- Source: IRI March 13 since the start of 2019, mean- Kraft, maker of Oscar
its and market share grow as sis expected to add more cost ing consumers bought greater Mayer meats and Jell-O des-
they have raised prices on pressures. available now than during the ing people are buying main- quantities of items at higher serts, is counting on price in-
products from detergent and height of the pandemic, when stays in smaller quantities. Be- prices. The maker of Tide de- creases to help offset the ef-
diapers to snacks and soda. The consumer-staples in- high demand and supply-chain fore and during the height of tergent and Pampers cut dis- fects of inflation this year,
dustry “has crossed a thresh- problems led manufacturers to the pandemic, sales volumes counts and shifted to higher- finance chief Paulo Basilio said
Now consumers are draw- old,” said Krishnakumar shift products away from store of staples increased even as end products in an effort to in a February call with inves-
ing a line, analysts and retail- Davey, president of strategic brands in favor of pricier prices rose. On Feb. 22, vol- boost revenue. Consumers tors. For the full fiscal year,
ers say. Shoppers are buying analytics for IRI. “Consumers name brands, Mr. Davey said. ume sales of cereal were down were willing to pay more, a General Mills Inc. said it ex-
staples in smaller quantities, have been pinched for some But consumer demand for 7.2% on a two-year compound trend that accelerated during pects organic net sales to rise
switching to store-name time, they are observing that cheaper items is also a factor, basis; cleaning product volume the pandemic, when high de- by 5%, in part due to higher
brands and more rigorously they are paying more and he and other analysts say. sales fell 5.1% in that period, mand led to product shortages pricing. The company previ-
hunting for deals. The shift is more, and they are beginning according to a Bernstein anal- of mainstays from paper tow- ously said it expected a 4% to
especially pronounced among to drop some items from their Another telling sign: Sales ysis of Nielsen figures. Prices els to soap. 5% increase in sales.
lower-income consumers who basket.” volumes have begun to fall in for those products rose 9.5%
splurged on household prod- a number of categories, mean- P&G executives say they are —Jaewon Kang
ucts amid the heights of the Part of that shift is because prepared for a downturn in contributed to this article.
private-label options are more

U.S. WATCH

WASHINGTON SETH WENIG/ASSOCIATED PRESS ply for clemency should go fully fees, and applications can now
online by the end of the year, an be downloaded from online.
Court Lifts Barrier for CRASHED: A single-engine plane crashed Monday in Manville, N.J., the Federal Aviation effort to improve access to an
Administration said. One person was reported hurt. The plane had taken off from Greensboro, N.C. emerging cornerstone of the na- —Associated Press
Suits Against Police tion’s criminal-justice movement
The case before the justices Mr. Thompson’s lawyer Amir PENNSYLVANIA and to reduce the wait by years, NEVADA
In a victory for people falsely involved the 2014 arrest of Ali said the court’s decision was Lt. Gov. John Fetterman said
accused by police of crimes, the Brooklyn, N.Y., resident Larry “welcome and needed,” eliminat- State to Speed Up Monday. Toad Is Declared
Supreme Court removed a bar- Thompson, who sued for mali- ing “completely unjust and really Clemency Process Endangered
rier Monday to lawsuits against cious prosecution after charges senseless barrier to bringing Mr. Fetterman, a Democrat
law enforcement for malicious against him resulting from a these lawsuits.” The process for inmates and who is running for the U.S. Sen- In a rare emergency move, the
prosecution. scuffle with police were dropped. ex-convicts in Pennsylvania to ap- ate, said his goal is for the state U.S. government temporarily de-
—Associated Press Board of Pardons to use the on- clared a northern Nevada toad en-
The 6-3 ruling means some line system to turn around an ap- dangered Monday, saying a geo-
malicious prosecution lawsuits plication for a pardon or commu- thermal power plant in the works
that had previously been thrown tation in a year or less. could result in its extinction.
out at an early stage will instead
be allowed to move forward. The The process often takes sev- The Fish and Wildlife Service
ruling was joined by both liberal eral years currently under what announced it is formally propos-
and conservative justices. Mr. Fetterman calls an ineffec- ing a rule to list the Dixie Valley
tive and paper-based system. toad as an endangered species
Justice Brett Kavanaugh subject to 60 days of public
wrote for the majority of the Mr. Fetterman as lieutenant comment under the Endangered
court that a person seeking to governor chairs the five-member Species Act’s normal rule-making
sue for malicious prosecution un- Board of Pardons, and has process.
der a federal civil-rights law has worked to transform the tiny
to prove that the case brought agency into a bigger tool in a But it said the emergency list-
against him “ended without a criminal-justice change move- ing goes into effect immediately
conviction.” The justices rejected ment working to undo laws and and will continue for eight
a higher bar that federal appeals systems that inflated prison months while more permanent
courts in much of the country populations, disproportionately protections are considered for the
had adopted that said the person with racial minorities. toad at the only place it is known
had to show their case ended be- to exist in the world.
cause they were innocent. The pardons system once re-
quired someone seeking an ap- It marks only the second time
Justice Samuel Alito wrote in plication to mail in a check or in 20 years the service has listed
a dissent that his colleagues’ de- money order, wait to receive the a species as endangered on an
cision “has no basis in the Con- application by mail and then to emergency basis.
stitution and is almost certain to mail it back in, filled out, with
lead to confusion.” He was joined documents from their criminal It wasn’t immediately clear
by two other conservatives, Jus- case—and another payment. how the toad’s listing might affect
tice Clarence Thomas and Justice construction of the power plant
Neil Gorsuch. After taking office in 2019, about 100 miles east of Reno.
Mr. Fetterman got rid of the
—Associated Press

Musk Buys Mr. Musk and Twitter Twitter stock price $50 cism over how they handle blocked in error. Late Notice
9% Stake didn’t respond to requests for 45 content on their platforms. Mr. Musk has taken aim at Risks SEC
In Twitter comment. The type of regula- Monday Some people have accused the Scrutiny
tory form Mr. Musk used to companies of censoring the software that the big plat-
Continued from Page One disclose his stake marks him $49.97 speech, while others said they form providers use to surface BY DAVE MICHAELS
had been “giving serious as a passive investor with no +27% don’t do enough to moderate content to their users. These
thought” to creating a new so- intention to change or influ- content on their platforms that algorithms commonly encour- Elon Musk has set the stage
cial-media platform, without ence control of the company. 40 can lead to harm. age users to spend more time for a new fight with the Securi-
disclosing specifics. Mr. Musk on the platform and, in turn, ties and Exchange Commission,
hasn’t said how he would juggle “There’s no such thing as a 35 Twitter last year perma- to view more advertisements. this time over how he dis-
such an effort along with run- passive stake with Elon Musk,” nently banned the account of closed his investment in Twit-
ning Tesla, rocket company Cascend Securities analyst Jan. Feb. March 30 then-President Donald Trump Some lawmakers have said ter Inc. that has made him the
SpaceX and his other endeavors. Eric Ross said. “He’s clearly April following the Jan. 6 attacks on those algorithms can affect company’s largest investor.
going to roll his sleeves up.” Source: FactSet the U.S. Capitol by a mob of how people form opinions and
On March 25, 11 days after his supporters, citing concerns make decisions in the real The Tesla Inc. chief execu-
becoming the largest share- Mr. Musk, who had a net a heart emoji. Twitter and El- about incitement to violence. world. The companies have said tive disclosed his 9.2% hold-
holder in the social-media worth of $273 billion as of liott struck an agreement to The move drew condemnation their software is designed so ings in a form investors are
company, Mr. Musk tweeted a Monday, according to the keep Mr. Dorsey in place, from some Trump backers, users enjoy their experiences. required to file when they buy
poll, saying, “Free speech is Bloomberg Billionaires Index, though Mr. Dorsey later re- and some took to Twitter more than 5% of a company’s
essential to a functioning de- didn’t offer any clarity on his signed, saying the company Monday expressing the hope On March 24, Mr. Musk stock, without planning to
mocracy. Do you believe Twit- reasons or plans for the pur- had outgrown its founders. Mr. Musk’s ownership stake polled his Twitter followers, seek control. But the notice
ter rigorously adheres to this chase, tweeting on Monday would lead that decision to be asking them whether “Twitter came several days late. It also
principle?” He added in a fol- only, “Oh hi lol.” Later he Twitter late last year named overturned. algorithm should be open didn’t include a standard cer-
low-up tweet: “The conse- tweeted “Do you want an edit Parag Agrawal, previously the source,” referring to software tification that underscores an
quences of this poll will be im- button?” in reference to a chief technology officer, as its Mr. Musk has complained that is publicly accessible. Mr. investor’s passive status.
portant. Please vote carefully.” function many Twitter users new CEO. on Twitter about instances Dorsey then retweeted Mr.
have long requested. where companies have moved Musk’s poll, saying, “The Mr. Musk didn’t respond to
More than 70% of the In recent years, Twitter and to remove content from their choice of which algorithm to a request for comment.
roughly two million people Twitter has shrugged off Meta Platforms Inc.’s Facebook platforms. In one instance he use (or not) should be open to
who responded voted no. shareholder pressure before. and Instagram have faced criti- blasted Amazon.com Inc. for everyone.” The SEC in the past has
Activist investor Elliott Man- restricting the sale of an e- brought enforcement actions
agement Corp. took a stake book that questioned whether “Any of these social net- against some people who
two years ago, nominated four the Covid-19 virus is as deadly works need to make a decision missed ownership-disclosure
directors to its board and as experts were saying at the about how their algorithms are deadlines repeatedly.
pushed for the replacement of time. Amazon later restored going to prioritize some
Mr. Dorsey. Mr. Musk tweeted the book, saying it was speech over others,” said Nate Mr. Musk last month asked
in support of Mr. Dorsey, using Persily, director of the Stan- a federal judge to scrap a
ford Cyber Policy Center. Oth- fraud settlement he reached
THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS erwise, he said, “bad actors with securities regulators in
will manipulate the platform 2018, which requires some of
(USPS 664-880) (Eastern Edition ISSN 0099-9660) Boeing Co. was incorrectly Alphabet subsidiary Wing and harm the user experience.” his Tesla-related tweets to be
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) referred to as Boeing Corp. in is delivering goods by drone in preapproved by company law-
a Page One article on Monday Christiansburg, Va. An Ex- Mr. Musk’s Twitter stake yers. Mr. Musk’s failure to file
Editorial and publication headquarters: about companies’ rethinking change article on Saturday disclosure could be a new the required form on time
1211 Avenue of the Americas, New York, N.Y. 10036 mask and vaccine mandates. about drone delivery incor- point of friction with regula- could hurt his ability to con-
rectly said the company is de- tors. Investors whose holdings vince the court that regulators
Published daily except Sundays and general legal holidays. Thirty-two Hong Kong- livering in Charlottesville, Va. surpass 5% of a company’s are unnecessarily hounding
Periodicals postage paid at New York, N.Y., and other mailing offices. listed companies suspended shares outstanding are re- him, lawyers said.
trading in their shares on Short-selling reports for quired to report their owner-
Postmaster: Send address changes to The Wall Street Journal, April 1 to comply with the March 15 were released on ship within 10 days on a form “He is making all these
200 Burnett Rd., Chicopee, MA 01020. city’s listing rules. An Ex- March 24. The Ticker table of filed with the SEC, and Mr. claims the SEC is harassing him
change article and headline on the week’s scheduled market Musk’s notice was late. and going after him for noth-
All Advertising published in The Wall Street Journal is subject to the applicable rate card, Saturday about the suspen- events in Monday’s Business & ing, and if he goes ahead and
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., sions incorrectly said that the Finance section incorrectly Mr. Musk has long been ac- violates a pretty straightfor-
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to city’s exchange operator, Hong said short-selling reports for tive on Twitter, sharing infor- ward rule, that is certainly not
accept an advertiser’s order. Only publication of an advertisement shall constitute final March 15 were scheduled for mation about his businesses going to help his argument with
acceptance of the advertiser’s order. Kong Exchanges & Clearing release on Monday. including electric-vehicle the judge,” said David Rosen-
Ltd., suspended the shares. maker Tesla, rocket company feld, a former SEC enforcement
Letters to the Editor: Fax: 212-416-2891; email: [email protected] Space Exploration Technolo- attorney now teaching law at
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THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A3

U.S. NEWS

Oakland Senators Set $10 Billion Covid Package
A’s, City
Deal reached to use ASHLEY LANDIS/ASSOCIATED PRESS Under the agreement an-
Sued Over unspent previous aid nounced Monday, the $10 bil-
to buy tests, vaccines Two people leaving a Covid-19 vaccination clinic last week in Long Beach, Calif. lion package would repurpose
Stadium in battle against virus money from Small Business
ment, many Democrats and Re- the virus could lead to testing said the White House would Administration programs, in-
Project BY NATALIE ANDREWS publicans are committed to shortages similar to those ex- continue to press for funding cluding the Shuttered Venue
pursuing a second supplemen- perienced during the winter’s for global vaccination efforts. Operators Grants and Eco-
BY PAUL PAGE WASHINGTON—Senators tal later this spring,” Majority Omicron surge. nomic Injury Disaster Loans,
unveiled a $10 billion deal to Leader Chuck Schumer (D., Any spending deal needs bi- as well as a aviation manufac-
A coalition of shipping-in- further fund the U.S. response N.Y.) said on the Senate floor. The White House backed partisan support in the evenly turing-jobs program and a
dustry groups, including port to the coronavirus pandemic the deal and urged Congress divided Senate. Republicans higher-education relief fund.
managers, trucking operators with money repurposed from Top U.S. health officials have to pass the bill promptly, balked at spending more
and the dockworkers’ union, is earlier aid rounds, well below been closely monitoring the while noting it was less than money on pandemic relief, The money also takes funds
asking a California court to halt what the White House origi- Omicron BA.2 variant, which the $22.5 billion the adminis- pointing to unused money after from the State Small Business
plans by the Oakland Athletics nally requested for vaccines has triggered a surge in cases tration had requested for vac- Congress approved trillions of Credit Initiative, which directs
baseball team to build a sta- and therapeutics. in parts of Europe and Asia, cines, boosters, treatments dollars in aid since early 2020. money to states, territories
dium at the city’s port. and now represents more than and testing. Democrats rejected a previous and tribal governments for
The package will allow the half of new Covid-19 cases in bipartisan deal involving $15.6 programs that provide venture
The groups filed suit late U.S. to purchase supplies, in- the U.S. President Biden said “We will continue to work billion in repurposed funding capital or encourage private
Friday against the A’s, the city cluding more tests and vac- last week that without more with Congress to fund our re- because it would have taken lenders to issue loans to small
of Oakland, the city council cines, that the Biden adminis- federal dollars, another wave of maining domestic needs,” said money from states. firms. Some Republicans had
and the Port of Oakland on en- tration said would be needed press secretary Jen Psaki. She contended that the program
vironmental grounds over a to continue to fight the virus. was unnecessary, given that
project aimed at providing the The $10 billion pulls from un- more than $1 trillion in federal
team with a new venue that used money in earlier bills funding had already been di-
would keep it in the city. The passed by Congress, rather rected toward small busi-
stadium would replace the A’s than representing new spend- nesses over the course of the
56-year-old home with what ing. pandemic.
developers depict as a scenic
site that includes housing, a “This bill is comprised of The lack of funding for
hotel and retail shops on the dollar-for-dollar offsets and poorer nations could spell
Oakland waterfront. will not cost the American problems in the House, where
people a single additional dol- several Democrats have already
The plans would put the sta- lar,” said Sen. Mitt Romney raised objections to the bill.
dium at the Port of Oakland’s (R., Utah), one of the key ne-
Howard Terminal, pitting the gotiators of the deal. House Democrats watching
team and supporters seeking to the negotiations warned last
keep the A’s from moving Mr. Romney has been work- week that cutting the global re-
against shipping groups that ing to get 10 Republican sena- sponse money was a problem
say the effort would undercut a tors to join with all 50 Demo- for some members, but it
major economic driver for the crats to pass the Covid-19 wasn’t known whether that
city and take valuable freight response deal through the could hold up a package.
space from a port overburdened Senate. Lawmakers hope to
by the flood of container vol- pass the bill this week. “We know that the virus is
umes hitting U.S. shores. going to mutate much more
Lawmakers were unable to effectively in large bodies of
Union Pacific Corp. joined reach an agreement on money unvaccinated people,” said
with its own suit against the to help poor nations address Rep. Jake Auchincloss (D.,
project, the railroad said Mon- the pandemic, though Demo- Mass.), co-chair of the Global
day, over what it said were crats said such funds could be Vaccination Caucus, saying
safety concerns about mixing in a future bill. spending now could save the
industrial operations with the U.S. from having to spend
traffic that the sports and “While we were unable to more in the future.
mixed-use site would draw. reach an agreement on interna-
tional aid in this new agree- —Sabrina Siddiqui
The A’s have been looking and Amara Omeokwe
for years to move from the contributed to this article.
team’s cavernous, aging home,
now called RingCentral Coli- Deal Ends
seum.
Strike by
A’s President David Kaval
called the court action “an- Teachers in
other sign of how challenging
it is to do business in Califor- Sacramento
nia.” Mr. Kaval said the team
hopes to remain in Oakland but BY SARA RANDAZZO
is also working with authori-
Thousands of students re-
Shipping groups turned to classrooms Monday
asked a court to halt in Sacramento, Calif., after an
plans for an arena at eight-day teacher and staff
the city’s port. strike ended in a tentative deal
over the weekend to boost pay
ties in Nevada on a prospective FRED GREAVES/REUTERS and improve health benefits.
ballpark site in Las Vegas.
A police evidence technician photographed the crime scene on Monday after the shooting early Sunday in downtown Sacramento. Unions representing 4,600
Justin Berton, a representa- teachers and staff in Sacra-
tive for the Oakland mayor’s of- Arrest Made in Fatal Shooting of Six mento City Unified School Dis-
fice, said, “The city stands by trict walked out in March over
the integrity of its process and BY GINGER ADAMS OTIS complex involving many wit- The coroner’s office identi- in her arms,” Mr. Alexander working conditions that they
analysis” that led the city coun- nesses, videos of numerous fied Johntaya Alexander, 21, said Monday. Police hadn’t said left hundreds of vacancies
cil to certify an environmental Police in Sacramento, Calif., types and significant physical Melinda Davis, 57, and Yamile given him details about the unfilled, resulting in students
impact report on the project. arrested a suspect in connec- evidence,” she said. “We antici- Martinez-Andrade, 21, as the shooting, but Mr. Alexander routinely being without a reg-
tion with Sunday’s shooting pate more arrests in this case.” female victims. The three male said he believed his daughter ular teacher or substitute.
The terminal is no longer that killed six people and victims are Sergio Harris, 38, was an innocent bystander
used to load and unload con- wounded 12 and sent late- Police Chief Kathy Lester Joshua Hoye-Lucchesi, 32, and caught in the crossfire. The deal, which the unions
tainer ships, but the area is night revelers in a popular bar said Sunday that authorities Devazia Turner, 29. and school board will vote on
“heavily industrialized,” accord- district running for cover. haven’t determined a motive The police have asked the later this week, includes an-
ing to the suit, and the Howard but are investigating a possible Ms. Alexander’s father, public to share videos and nual 4% pay raises for teachers
Terminal site now handles over- Dandrae Martin, 26 years connection to a large fight in John Alexander, described his other evidence that could help and staff, plus back pay retro-
flow sea containers from other old, was taken into custody the area before the shooting. daughter as “bright and beau- lead them to the shooters. As active to 2019-20 and bonuses.
terminals. It is next to a steel and charged with assault and tiful, just beginning her life.” of Monday, investigators had Substitute teachers will get
recycling plant operated by illegal firearm possession, Sac- Rapid-fire gunshots erupted received more than 100 photo 25% higher pay, and the staff
Schnitzer Steel Industries Inc., ramento police said Monday. around 2 a.m. local time Sun- She had moved to Sacra- and video tips and hoped for contract includes several pro-
which joined the suit, and an He is a “related suspect,” po- day in downtown Sacramento, mento from Elk Grove, a city more, police said. visions aimed at recruiting
active rail yard operated by lice said. an area crowded with bars and about 20 miles south of the more bus drivers, including a
Union Pacific. Also joining the anchored by the Golden 1 Cen- state capital, six months ago Streets that had been $5,000 signing bonus.
suit were the Pacific Merchant Mr. Martin didn’t appear to ter, where the NBA’s Sacra- to get her own apartment and blocked off overnight were re-
Shipping Association, which have an attorney as of Monday mento Kings play. More than job, he said. Her dream was to opened Monday, allowing cars The district conceded on
represents ocean container afternoon. The Sacramento 100 spent shell casings were become a social worker. and foot traffic back into the one major sticking point: to
lines and terminal operators; County public defender’s of- recovered from the scene. area around 10th and K continue to fund its current
the International Longshore and fice said one would be ap- Three buildings and three ve- Ms. Alexander hadn’t gone streets. two types of healthcare plans
Warehouse Union; and the Har- pointed, if needed, after his hicles were hit by bullets, po- out the night she died, he said, for teachers.
bor Trucking Association, which arraignment. lice said. but went to the area to pick Of the 12 people wounded,
represents truckers at the port. up her sister, who was leaving four had life-threatening inju- “It can’t magically over-
Mr. Martin hasn’t been The three women and three a nightclub. ries, said Keith Wade, a cap- night fill every vacancy, but
The environmental review, charged with homicide, Sacra- men who died ranged in age tain with the Sacramento Fire it’ll stop the bleeding,” said
the groups said, “fails to ade- mento County District Attor- from 21 to 57, the Sacramento “I got the call at 2 a.m. Department. Those patients David Fisher, president of the
quately analyze or mitigate ney Anne Marie Schubert said. County coroner’s office said from my other daughter tell- were in critical but stable con- Sacramento City Teachers As-
public safety risks and other “The investigation is highly Monday. ing me [Johntaya] had just dition Monday, police said. sociation, of the agreement.
impacts associated with in- been shot and she was dying
creased vehicle, bicycle and Hundreds of teachers, staff
pedestrian traffic crossing the and families throughout the
heavily used Union Pacific rail- district rallied Friday in front
road tracks” and doesn’t ad- of the district offices, yelling
dress the impact of an active demands to Superintendent
baseball stadium alongside Jorge Aguilar through a bull-
port facilities with large cargo horn and encouraging drivers
ships nearby. in passing cars to honk in sup-
port. A group of parents
Road-Rage Gunfire Deaths Double Prepandemic Levels camped out, sleeping over-
night inside the district office
BY TALAL ANSARI day, found that there were 728 incidents involving a gun. That translated to under 300 Wisconsin–Green Bay. for several days to increase
road-rage incidents with a gun “Driving gets heated in people for each of those years. “One of the contributors to pressure on the negotiations.
Road-rage shootings killed or last year—the highest in the In 2021, it was nearly two-
injured an average of 44 people six years that the gun-control plenty of other countries, but thirds, or over 500 people. any angering situation is the Hours of talks over the
a month in 2021, according to a advocacy group has recorded only in the U.S. is someone shot mood we’re in at the time we weekend broke the impasse
new study by Everytown for incidents. and injured or killed every 17 Anxiety and uncertainty are provoked,” Dr. Martin said. and led to the tentative deal
Gun Safety Support Fund. hours in a road-rage incident,” over the Covid-19 pandemic, in “If we’re already stressed, we’re reached late Sunday night, Mr.
The study used nonprofit said Sarah Burd-Sharps, direc- addition to economic uncer- more likely to snap.” Fisher said. If approved, the
That figure is double the Gun Violence Archive’s data- tor of research for Everytown. tainty and other stresses, are contract would be in effect
prepandemic average of 22 peo- base, which is collected from causing a lot of anger on the The study found that the through June 2023.
ple killed or wounded in such law enforcement, government, From 2016 to 2019, about road, said Ryan Martin, associ- states with the highest rates of
incidents each month in 2019. media and other sources and one-third of road-rage incidents ate dean and professor of psy- road-rage shootings include Mr. Aguilar said in a state-
verified, to analyze road-rage involving a gun resulted in in- chology at the University of New Mexico, Texas, Arizona, ment that the district, which
The analysis, released Mon- jury or death, the study found. Wisconsin and Tennessee. has around 40,000 students,
“did all that we could to dem-
onstrate how highly we value
our employees.”

Labor strife has hit districts
elsewhere in the U.S. In Min-
neapolis, classrooms were
closed for most of March be-
fore a deal over pay and bene-
fits brought teachers back to
work last week.

A4 | Tuesday, April 5, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Starbucks
Suspends
Buybacks

WIN MCNAMEE/GETTY IMAGES Continued from Page One
bucks as the chain navigates
Sen. Patrick Leahy (D., Vt.) addresses the Senate Judiciary Committee as it took the first in a series of votes needed to advance Judge Ketanji Brown Jackson. rising costs and the unioniza-
tion drive among U.S. baristas,
Jackson Path to High Court Clears while the company plans to
build thousands of new cafes.
BY LINDSAY WISE in a statement. absence left them a vote short. and questioned her candor.” the vote was on a motion sim-
Later she acknowledged to Mr. Padilla’s initial cross-coun- Sen. Chuck Grassley of ply to discharge her nomina- At the forum at the com-
Judge Ketanji Brown Jack- try flight had been turned tion from the committee and pany’s headquarters, Mr.
son cleared a procedural hur- reporters that she could face back to Los Angeles for a med- Iowa, the top Republican on send it to the Senate floor. Schultz promised employees
dle on her way to all but cer- political consequences for her ical emergency. He arrived in the Judiciary Committee, said that the company’s best days
tain confirmation as the first vote. “I have assumed a level the Senate late Monday after- Democrats “should be very “I’m going to tell you right were ahead. He said that while
Black woman to serve on the of risk in doing this because it noon, at which point Mr. proud of her achievements,” now, five years from now, no- Starbucks had traditionally
Supreme Court, as three Re- is a position that my confer- Durbin reconvened the com- but said he couldn’t support body will remember what the been a corporate leader, it
publicans joined all 50 sena- ence has not taken,” she said. mittee for the vote. Judge Jackson because he dis- committee vote was,” said hadn’t done enough in recent
tors who caucus with the agreed with her judicial phi- Sen. Cory Booker (D., N.J.). years. “We have to reimagine
Democrats in voting to move Earlier in the day, the Sen- In opening the hearing, Mr. losophy and ideology, which “This is a historic nomination, the role and responsibility of a
her nomination forward Mon- ate Judiciary Committee dead- Durbin called the vote a his- he said was too liberal. an extraordinarily magnificent public company in America to-
day night. locked on Judge Jackson’s toric moment. “It’s the first nominee, who is going to be day,” he said.
nomination, with the panel’s 11 time that the committee has “When interpreting the law now, by almost all indications,
The 53-47 tally likely pre- Democrats supporting her and had the opportunity to ad- and Constitution, understand- a member of the United States Mr. Schultz said that he
views Judge Jackson’s confir- 11 Republicans opposed. It un- vance the nomination of a ing the principle of limited Supreme Court.” wasn’t antiunion, but said that
mation vote later this week, derscored the intense parti- Black woman to sit on the Su- government is essential. Oth- he couldn’t have built Starbucks
with Republican Sens. Susan sanship that has come to de- preme Court,” he said. erwise, there would be no In recent Supreme Court from a handful of stores into a
Collins of Maine, Mitt Romney fine the Supreme Court checks on the federal govern- confirmations, members of coffee giant with a union. Star-
of Utah and Lisa Murkowski of confirmation process, and Three Republicans ment,” Mr. Grassley said. both parties have taken a hard bucks needs to acknowledge
Alaska ensuring her nomina- forced another procedural line with justices nominated that the Covid-19 pandemic has
tion will have bipartisan sup- vote later Monday on the Sen- joined Democrats in Since 1870, the Judiciary by a president of the opposing made the working environment
port in an era of deep polar- ate floor, where a simple ma- Committee typically has re- party. In 2017, Senate Republi- more difficult for store employ-
ization on Capitol Hill. jority, or 51 votes, was needed. voting to move the ported a favorable recommen- cans unilaterally lowered the ees, he said, and the company
dation for confirmation if a threshold for advancing high- should do more. “We haven’t
Mr. Romney said in a state- Ties in committee are rare, nomination ahead. majority of committee mem- court nominees from 60 votes done enough,” Mr. Schultz said.
ment shortly before he voted in part because the majority bers support the nominee. The to 51, lessening the need to “I promise to do better.”
that while he did not expect to party usually holds more seats He admonished some of his panel has favorably reported win votes from the other side
agree with Judge Jackson’s ev- on the committee than the mi- Republican colleagues, saying 77 Supreme Court nomina- when the White House is con- Starbucks previously halted
ery decision, he found her to nority. But the Senate is di- they had used Judge Jackson’s tions over the past century trolled by the same party as share repurchases in 2020 af-
be “a well-qualified jurist and vided 50-50 between the par- hearings to grandstand and and a half, and 71 of those the Senate. ter the pandemic hurt its busi-
a person of honor.” ties, with Vice President badger her. During the hear- went on to be confirmed, ac- ness. The company told inves-
Kamala Harris holding the tie- ings, some Republicans ag- cording to the Congressional Now that the full Senate tors in October that it would
Ms. Murkowski, who is run- breaking vote. A power-shar- gressively questioned her on Research Service. has voted to discharge Judge make a new authorization of
ning for re-election this year, ing agreement reached last her sentencing record in Jackson’s nomination from $20 billion in dividends and
said her choice to support year between Senate leaders child-pornography cases, Three nominees were re- committee, Senate Majority buybacks over three years.
Judge Jackson rested on her gave Republicans an equal which they said were too le- ported to the Senate explicitly Leader Chuck Schumer (D., About two-thirds of that
qualifications, demonstrated number of seats to Democrats nient, and criticized her work without recommendation, but N.Y.) is expected to set up an- spending would go to share
judicial independence, de- on every committee, while as a public defender repre- went on to be confirmed any- other procedural vote for repurchases, the company said
meanor and the perspective Democrats hold the chairman- senting Guantanamo Bay de- way: two justices in the 19th Thursday, followed by a final at the time. Starbucks in Feb-
the judge would bring to the ships. tainees. century and Justice Clarence confirmation vote later Thurs- ruary issued $1.5 billion in
court. “It also rests on my re- Thomas, who had been ac- day or Friday, both at simple debt for corporate purposes
jection of the corrosive politi- The Judiciary Committee “They repeated discredited cused of sexual harassment, in majority thresholds. that included buybacks.
cization of the review process vote came after an unusual de- claims about Judge Jackson’s 1991. Justice Thomas denied
for Supreme Court nominees, lay. Shortly after 1 p.m., Chair- record,” Mr. Durbin said. the allegations. If confirmed, Judge Jackson The company said in Febru-
which, on both sides of the man Dick Durbin (D., Ill.) “They impugned her motives would fill the seat of Justice ary that it had repurchased 31.1
aisle, is growing worse and moved to recess while Demo- The committee didn’t vote Stephen Breyer, who has said million shares in its quarter
more detached from reality by crats awaited the arrival of Monday on whether to report he intends to retire at the end ended Jan. 2, and had about
the year,” Ms. Murkowski said Sen. Alex Padilla (D., Calif.), a Judge Jackson’s nomination of the term, in late June or 17.8 million shares remaining
member of the panel whose favorably, unfavorably or with- early July. available for purchase under
out recommendation. Instead, the current authorization.

FROM PAGE ONE Repurchases can support
stocks by boosting per-share
Spa Makes is designated for companies ECONACH HOLDINGS CO. curlers to hair straighteners, profit, and boost investor sen-
Big Splash that meet thresholds for mar- but Rika said she preferred to timent about a company’s pros-
In Tokyo ket value and other measures. An outdoor hot-springs bath at Thermae-yu in Tokyo. do her hair and makeup at pects. Companies this year are
home. She soaked in a tub spending more money on divi-
Continued from Page One Some investors at first an- station, Shinjuku. The parcel heit. Bathing is good business with moisturizing lotion said dends and share repurchases
“center their business on con- ticipated a wholesale culling ended up in Econach’s hands in a country where dipping to plump dehydrated skin. after preserving cash following
structive dialogue with global of the more than 2,100 compa- to develop, part of a portfolio into hot springs is a national “This is kind of a refreshing the pandemic’s first hit.
investors” and serve as “invest- nies on the current top tier, that includes a commercial- pastime. start,” she said.
ment instruments for many in- known as the First Section. residential building in Tokyo Starbucks’s shares have
stitutional investors.” The bath- that it mostly owns. Yoshiko Iguchi, a 76-year- Econach’s market capital- been trailing other restaurant
house’s top-tier ranking can be But Tokyo officials, reluc- old kindergarten principal, has ization, currently the equiva- stocks over the past 12 months
chalked up, in part, to Japan’s tant to force demotions on At first, the company oper- stopped by several times. lent of $40 million, would as the company navigates
respect for the venerable, an companies, many with decades ated a parking lot on the site. “Though you are in a busy have to double to meet the growing costs for supplies and
area in which Econach excels. or centuries of history, created Mr. Okumura said he consid- city, you can relax here,” she Prime threshold. Its revenue in wages. Investors have been
Its history dates to 1926. a loophole. Companies that fell ered other options, such as said after a massage. “You can the first nine months of its asking about Mr. Schultz’s
short of Prime requirements erecting a Ferris wheel. Rather come here without bringing current fiscal year, April to plans and whether they could
The exchange’s reshuffling, on paper could simply declare than offer more entertain- anything. Just bring yourself.” December 2021, was the equiv- further pressure profit mar-
its biggest in 60 years, is in- they made the cut and offer a ment, he said, the red-light alent of $4 million, about as gins, Wall Street analysts said.
tended to consolidate listings plan to clear the thresholds district needed a place for lo- A bar hostess, who goes by much as Toyota Motor Corp.
and create an elite group of later. No rush, though. There cals and visitors to relax with her professional name, Rika, brings in every 10 minutes. Stock buybacks have long
globally competitive compa- isn’t a deadline. good, clean fun. arrived at Thermae-yu by bicy- faced criticism. Pro-union
nies along the lines of Nas- cle on a late afternoon on her Tokyo Stock Exchange Pres- baristas and politicians sup-
daq’s Global Select class. Prime Hideo Okumura, who im- The idea became Thermae- way home before going to work ident Hiromi Yamaji said he porting their efforts have criti-
mersed Econach in the bath- yu, a $22 million, six-level that evening. Rika, who said wasn’t familiar with Econach’s cized Starbucks’s buybacks and
Crafted in gold & platinum house business, said the com- temple of bathing that trucks she was in her late 20s, carried business but that companies issuing of dividends, saying the
pany would have gladly in 2,690 gallons of water a day a Louis Vuitton tote and wore declaring themselves Prime- money would be better in-
Rush! accepted a lesser designation, from a hot spring 90 miles gray-tinted contact lenses. Her worthy should be closely scru- vested in wages and benefits.
if ordered to. But the company away. Aside from the baths, manicured nails were en- tinized to ensure they are on
Service didn’t want to voluntarily sink which cost anywhere from $20 crusted with rhinestones. track. Starbucks Workers United,
to a lower rung, said Mr. Oku- to $26, there is a stone sauna the union formed as cafe
Available mura, a company director. where patrons lie on rocks The women’s dressing room “Not only we, but the mar- workers in the Buffalo, N.Y.,
heated to 118 degrees Fahren- at Thermae-yu offers pricey kets can check the progress as area voted to unionize late last
Immortalize Your Anniversary Econach started life as Nip- new hairstyling gadgets from well,” Mr. Yamaji said. “And if year, said Monday that the
in Roman Numerals! pon Lace Co. During World War the gap is big, we will request union aimed to have a real
II, the company made electric them to devise a plan.” voice in the company and that
JOHN-CHRISTIAN.COM 888.646.6466 heaters and military garments. Mr. Schultz should end the
When the postwar Tokyo Stock Econach’s president, Ryuta company’s pushback at their
Exchange opened for business Suzuki, said the company’s efforts to support employees.
in 1949, it was listed on the Prime status shows investors
First Section, the top tier. it has high ambitions, which is Some Starbucks investors
helpful because the company said the pause of the buybacks
As the decades rolled by, wants to open more spas. “We could help the company in the
the company imported tuna don’t want to look like we’re long run, if it helps slow the
and operated a golf course. not forward-looking, that we unionization effort. A group of
Then Mr. Okumura cobbled to- are not making an effort,” Mr. shareholders who previously
gether a plot of land in the Suzuki said. urged Starbucks to cease any
densely built Kabuki-cho red- antiunion communications
light district, a short walk —Chieko Tsuneoka with employees said they still
from the world’s busiest train contributed to this article. want the company to ensure it
will do so.

During his address Monday,
Mr. Schultz said that Starbucks
had a winning strategy and
millions of loyal customers,
and that it wasn’t worth fixat-
ing on the company’s stock. He
said he faced pushback when
investing returns in benefits
for part-time employees when
he first started the company,
but it was the right thing to do
for Starbucks and its workers.

Starbucks share buybacks,

quarterly

80 million shares

60

40
31M*

20

Buybacks
halted

0

2017 ’18 ’19 ’20 ’21

*For the quarter ended Jan. 2
Source: FactSet

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A5

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A6 | Tuesday, April 5, 2022 ***** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

EU Pressured to Bolster Sanctions Oligarch’s

War-crime allegations FILIP SINGER/EPA/SHUTTERSTOCK officials said Sunday they Yacht
were reviewing the work in
intensify calls for the Germany said Monday that it would expel 40 Russian staff from Moscow’s embassy in Berlin. light of the reports from Is Target
Ukraine to make the new sanc-
bloc to limit Russia’s about what the EU should do countries ousted 43 Russian tional security. A French offi- tions package bolder. Of U.S.
to stop funding Russia’s war envoys, the latest in a coordi- cial said the total number ex-
energy exports effort. That has pushed capi- nated wave of expulsions pelled was about 35. The European diplomats said Forfeiture
tals that have so far trodden aimed at weakening Russian Lithuanian government also there is a range of options be-
BY LAURENCE NORMAN carefully on energy sanctions intelligence networks in the said Monday it was ordering ing discussed. One is to present BY SAIDE GURMAN
AND BOJAN PANCEVSKI to be more openly supportive. bloc, according to diplomats home the Russian ambassador. a separate package that could
involved in the decisions. include oil and coal sanctions, AND ERIC SYLVERS
BERLIN—French President “What happened in Bucha Moscow has said it would which could be phased in. A
Emmanuel Macron’s call Mon- requires a new round of sanc- Berlin announced it would respond in kind to the expul- second possibility is that Euro- U.S. and Spanish authorities
day for sanctions banning im- tions,” Mr. Macron said. “Al- expel 40 Russian officials who sion of more than 180 Russian pean leaders could be called to seized a $90 million super
ports of Russian oil and coal ready on coal and oil, which must leave Germany within officials from EU countries discuss energy sanctions. yacht in Spain that they said is
into the European Union fol- we know would be particularly five days. A government offi- since the invasion of Ukraine. owned by a sanctioned oligarch
lowing the recent allegations painful, we can act.” cial said they were intelligence Among the ideas under con- with close ties to Russian Pres-
of atrocities in Ukraine is set workers spying in Germany. The European Commission sideration is the possibility of ident Vladimir Putin, marking
to trigger the most divisive in- Mr. Macron’s call came as had been expected to present placing a significant tariff on the first such seizure in the Bi-
tra-EU clash yet about how to France and Germany became Mr. Macron’s government a new sanctions package dur- Russian oil and coal imports in a den administration’s efforts to
respond to Russia’s invasion of the latest European countries announced the expulsion of ing the next couple of days, in- bid to encourage member states hunt down the luxury real es-
its neighbor. to expel dozens of Russian “numerous Russian officials” cluding banking and other tar- to rapidly reduce their use. tate, private jets, yachts and
diplomats. Last week, four EU whose activities threaten na- geted measures. However other assets of Russian elites
European governments, Germany, Austria and Hun- stashed around the globe.
some of them divided inter- gary’s newly re-elected gov-
nally on the issue, have so far ernment have led the opposi- Unlike a handful of seizures
tiptoed around energy imports, tion to energy-import bans, of yachts and villas in Europe
with proponents of some form although German officials since Moscow invaded Ukraine,
of energy ban—including Po- have signaled wiggle room on U.S. officials said Monday they
land, the Baltic states, Sweden oil and coal import bans. Ber- would seek the yacht’s forfei-
and the Netherlands—accept- lin has presented a plan to ture, alleging it represents the
ing that opposition in other phase out the use of Russian spoils of a crime. Governments
capitals remained too strong. coal by the summer and Rus- have wide latitude to sanction
sian oil by the end of the year. individuals, subjecting their
The EU was preparing for a assets to potential freezes as
sanctions package this week Germany’s minister of the long as the sanctions remain
that was set to avoid new en- economy, Robert Habeck, reit- in effect. Such moves typically
ergy sanctions, instead pro- erated the government’s oppo- don’t require proof of crimi-
posing moves intended to re- sition to an immediate ban on nality. They can be challenged,
inforce previous measures. Russian gas and oil imports but the process can take years.
because he said the German
Yet, the emerging reports of economy needs time to find In the case of Monday’s sei-
potential war crimes commit- alternative supplies. zure, “we will now seek to
ted in Bucha—a town near Kyiv have the vessel forfeited as the
where the bodies of hundreds “We are pursuing a strategy proceeds of a crime,” Attorney
of people killed during the war to make ourselves indepen- General Merrick Garland said.
were found over the week- dent of Russian gas, coal, and
end—have shifted the debate oil, only not immediately,” he A filing in federal court in
said in a Sunday TV interview. Washington says the 250-foot
luxury yacht, named Tango, is
Berlin to Temporarily Control Gazprom Unit owned by Viktor Vekselberg,
one of Russia’s richest men,
BY GEORGI KANTCHEV ership of Gazprom Germania, as nominated in euros. dependent on Moscow for en- stage of the plan, which could who has invested in U.S. com-
well as uncertainty as to who Germany and other Euro- ergy, importing more than half kick off if gas supplies are in- panies, real estate and other
AND BOJAN PANCEVSKI owns the assets, Mr. Habeck of its gas and about a third of terrupted, would see gas being opportunities. He bought the
said. Gazprom didn’t respond to pean nations mostly have de- its oil from Russia last year. rationed in the country. yacht in 2011 but used shell
BERLIN—The German gov- a request for comment. nounced the step, saying that Consecutive German govern- companies to try to conceal his
ernment will temporarily take they would continue to pay for ments gradually increased the A German government offi- ownership and avoid financial
control of a key unit of Rus- Gazprom Germania oper- the gas in euros or dollars. A country’s dependence on cheap cial said Gazprom’s attempt to oversight, an FBI agent wrote
sian state-owned natural gas ates critical infrastructure in decree signed by Mr. Putin last energy imports from Russia. transfer the ownership of the in the filing, an application for
giant Gazprom PJSC in Ger- Germany, including gas stor- week outlined a plan whereby company to a foreign entity a warrant to seize the vessel.
many in a bid to secure gas age, trading and transporting Following Russia’s invasion, without seeking permission
deliveries, as tensions grow of natural gas. Failure to notify the German government an- from the authorities fell afoul U.S. authorities said they are
between Russia and Europe Germany about a nounced that it aimed to stop of German laws. It remains un- investigating Mr. Vekselberg
over energy supplies. Mr. Habeck said gas supply change of ownership all gas imports from Russia by clear why Gazprom transferred for tax fraud, money laundering
currently is guaranteed. Gaz- prompted the move. 2024 and end Russian oil im- the ownership, and the com- and using fake documents and
Economy minister Robert prom has said that exports to ports by the end of the year. pany hasn’t communicated its shell companies to avoid sanc-
Habeck said Monday that the Europe are continuing in line European customers would pay Just before the start of the intention to the government, tions and hide his ownership of
Federal Network Agency would with contracts. in euros or dollars to a Russian war, Berlin halted the certifi- the official said. the Tango. Representatives for
become a trustee of Gazprom bank which would then pur- cation of the Nord Stream 2 Mr. Vekselberg weren’t reach-
Germania GmbH until Sept. 30. Russia’s Feb. 24 invasion of chase rubles to pay for the de- undersea pipeline, which Under German law, foreign able for comment.
The move comes after Gaz- Ukraine and Europe’s subse- liveries. The new rules would would have doubled the vol- acquisitions of strategic assets
prom on Friday said that it quent sanctions against Mos- cover payments that have to ume of Russian gas exported such as energy infrastructure Authorities from the U.S.
was exiting its business in cow have triggered a growing be made later this month. directly to Germany. must be approved by authori- Federal Bureau of Investigation,
Germany without elaborating. tussle between the two over ties if the buyer is a company Department of Homeland Secu-
oil and gas supplies. Last Germany has been heavily Last week, Berlin triggered from a non-EU third country. rity and Spain’s Civil Guard
“The arrangement of the month, President Vladimir Pu- the early-warning stage of a boarded the yacht and seized
trust administration serves to tin said Russia would only re- contingency plan that aims to Gazprom Germania will electronic devices and docu-
protect public safety,” he said. ceive rubles as payment for insulate the country against now be under state adminis- ments. The yacht was in a ship-
gas exports. Gas contracts be- any possible reduction in Rus- tration for six months until yard on the island of Mallorca,
The move was triggered by tween German and Russian sian gas deliveries. The final the legal situation is cleared, in the Mediterranean Sea.
Gazprom’s failure to notify the companies are typically de- the German official said.
government of a change of own-

War-Crime EFREM LUKATSKY/ASSOCIATED PRESS ties said.
Ukrainian officials were
Inquiry Volunteers collect bodies of slain civilians in Bucha, Ukraine. More than 400 bodies have been removed from the Kyiv area, officials said.
bracing for a renewed Russian
Demanded had been removed from the central hospital to receive med- He said authorities were fat and ugly.” offensive in the east after Mos-
areas surrounding Kyiv after icine and a hot meal. In the shipping newly recovered Two crosses made of sticks cow drew troops back from the
Continued from Page One Russian troops withdrew last hospital’s backyard, Leonid corpses to an out-of-town north and said it would con-
said it would temporarily take week. Human Rights Watch re- Cherkassky, the informal coor- morgue to collect DNA sam- were stuck in the dirt. Two centrate on taking full control
control of a unit of Russian leased a report documenting dinator of Bucha’s humanitarian ples. men, civilians, Ms. Aleksan- of the Donbas region. The U.K.
state-owned natural gas giant instances of rape and sum- effort, loaded food into a white drovna said, had been shot Ministry of Defense said Rus-
Gazprom PJSC in Germany in mary executions. van for delivery to retirees. Three days after Ukrainian and left for dead. Their neigh- sian troops, including merce-
a bid to secure gas deliveries. forces retook Bucha, people bors buried them by a row of naries from the Wagner Group,
More than 100 civilians “We’ve stopped being across town continued to parked cars. were moving into the area.
France and Germany said were buried in mass graves by afraid,” Mr. Cherkassky said. share accounts of occupation.
they were expelling dozens of residents in Bucha, and Ukrai- “We’re free people. Bucha was Kremlin spokesman Dmitry Efforts to evacuate civilians
Russian diplomats, and Ger- nian soldiers and police said occupied but not taken.” A group of people gathering Peskov said specialists from from Mariupol foundered
many’s foreign minister, An- Monday that they were clearing outside a kindergarten said the Russian Defense Ministry again on Monday. Mayor
nalena Baerbock, said images the town of booby traps set by A batch of bodies in black Russian troops had evicted had detected “signs of video Vadym Boichenko said the
of bodies on Bucha’s streets fleeing Russian forces. An ex- body bags covered those pre- them from their homes, which fraud and fakes.” Russian military had detained
bore witness to the brutality plosion sounded but the combat viously laid in the mass grave were now destroyed. They Red Cross representatives,
of Russia’s leadership. engineers crowding the side- behind Bucha’s St. Andrew’s lived in the school basement. In Ukraine’s south, missiles thwarting their mission to
walk near the administrative Church, though men by the struck the city of Odessa for a open a safe passage for civil-
President Volodymyr Zel- headquarters paid little notice. open pit said Monday they Tatiana Aleksandrovna said second consecutive day, ac- ians to leave Mariupol. A Red
ensky of Ukraine visited Bucha would bring no more corpses. a Russian soldier had shot a cording to Serhiy Bratchuk, a Cross spokesman confirmed
on Monday afternoon, arriving There were some signs on woman standing near her. “I Ukrainian military spokesman. the team was being held.
in a convoy of military and po- Monday that normal life was “No people are being buried looked at the brains lying on
lice cars. Mr. Zelensky de- gradually returning to Bucha. A in mass graves anymore,” said the floor.” The mayor of Mykolaiv, About 130,000 people re-
scribed Russian forces as girl in a purple helmet rode a Andrei Verlaty, a deputy com- Oleksandr Senkevych, said main trapped in Mariupol, Mr.
“murderers” and “rapists,” and bicycle past a destroyed coro- mander of Bucha’s territorial She spoke of other cruel- Russian forces had also fired Boichenko said.
vowed to hold the perpetra- navirus clinic. A couple walked defense brigade. “We still find ties. “They took away all several missiles at the city.
tors to account. four dogs off leash. a large number of them. Tor- young girls, especially Over 30 people were killed in The European Commission,
tured. Raped women. We don’t blondes,” she said. “I smeared a missile strike on the regional the EU’s executive body, said
In his nightly video address, Crowds lined up at Bucha’s have an exact number yet.” my face with mud and stuffed administrative building in Monday that it had set up a
Mr. Zelensky said more than rags under my clothes to look Mykolaiv last week, authori- joint team with Ukrainian au-
300 people are believed to thorities to investigate war
have been killed in Bucha crimes in Ukraine, and the
alone. “It is likely that the list State Department said the U.S.
of victims will be much larger was assisting the Ukrainian
when the whole city is prosecutor general’s war
checked. And this is only one crimes unit in collecting, pre-
city,’’ he said, adding, “In serving, and analyzing evi-
many villages of the liberated dence of atrocities there.
districts of the Kyiv, Chernihiv
and Sumy regions, the occupi- In mid-March, the U.S. gov-
ers did things that the locals ernment formally accused
had not seen even during the Russian forces in Ukraine of
Nazi occupation 80 years ago.’’ committing war crimes. At the
time, Secretary of State Ant-
The Russian Defense Minis- ony Blinken cited reports of
try has dismissed the reports attacks on civilian targets, in-
of widespread killing of civil- cluding apartment buildings,
ians in Bucha, calling them schools and hospitals.
“another provocation” by the
Ukrainian side. Moscow said —Andrew Restuccia
no local residents suffered in Washington, Matthew
from violence while Bucha was
under Russian control. Dalton in Paris and
Laurence Norman in Berlin
Ukraine’s prosecutor gen- contributed to this article.
eral’s office has said that more
than 400 bodies of civilians Watch a Video

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the mass graves

in Bucha,

Ukraine.

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A7

THE UKRAINE CRISIS

Intelligence Sharing
Marks New U.S. Front
In Information War

BY WARREN P. STROBEL The initiative Mr. Biden ap- DAWID ZIELINSKI FOR THE WALL STREET JOURNAL (2)
proved in November, a senior
WASHINGTON—As Russian official said, was an outgrowth Members of Taras Stetsenko's family from Ukraine began taking refuge in his apartment in Kalisz, Poland, on Feb. 27.
troops amassed at Ukraine’s of expanded U.S. intelligence-
border in early December, sharing with European allies. In Poland, Most Ukrainian Refugees
White House officials pored That trans-Atlantic effort was
over multiple versions of a aimed at ensuring that Wash- Find Shelter in Private Residences
highly classified map that de- ington and its partners had a
tailed Moscow’s burgeoning common picture of Russia’s WARSAW—The living room
military presence. gathering military might in Taras Stetsenko’s apartment
around Ukraine, and at bolster- is filled with bunk beds. There
The administration provided ing resolve to act, U.S. officials is no space to keep clothing.
a version of the map and ac- said. The refrigerator in the two-
companying text to the Wash- bedroom residence west of
ington Post, which published it In terms of convincing allies
online Dec. 3, just days before a of the threat, however, the in- By Ian Lovett,
tense phone call between Presi- formation sharing yielded
dent Biden and Russian leader mixed results. European allies, Natalia Ojewska
Vladimir Putin. The release of except Britain, greeted Ameri- and Eric Sylvers
the map—a blend of secrets can predictions of an invasion
gathered by U.S. spy agencies with skepticism, U.S. officials Warsaw can’t hold enough Taras Stetsenko’s two-bedroom apartment is cramped, with 10 people—including six children.
and commercially available sat- said. food for eight relatives from
ellite images—kicked off a vir- Ukraine who have moved in. In 2015, Poland refused to cluding six children and Mr. children to take Polish lessons.
tually unprecedented effort by The Biden administration accept Syrian refugees. But Stetsenko’s ex-wife—in the Anna Stachowicz has turned
the Biden administration to use has also had to tread a fine line “I think some more family early in the war, Polish Prime two-bedroom apartment. For
U.S. intelligence to shape the between warning of Russia’s will arrive,” said the 41-year- Minister Mateusz Morawiecki meals, they crowd around a her house into a way station.
battlefield of Europe’s bloodi- plans and being painted as too old, who moved to Poland said the country would accept small square table, surrounded Since the war began, the mother
est conflict in decades. alarmist. from Ukraine five years ago. all Ukrainians who needed safe by beds. There is only one of two has hosted 18 Ukrainians
harbor. “We are ready to ac- bathroom. “The day begins in her living room. It started by
The new approach to public For example, one version of More than four million cept tens of thousands, hun- with a line to the toilet,” said accident—a friend asked if she
intelligence sharing has in- the map made public in early Ukrainians have fled their coun- dreds of thousands,” he told a Mr. Stetsenko, who works at a could help a young couple on
volved declassifying a cascade December had bright red ar- try since Russia invaded over a German newspaper. furniture factory. their way to Estonia. She took
of secrets normally reserved rows pointing from Russian month ago. But instead of large- them in, and, after the first cou-
for top policy makers: updates military encampments into scale refugee camps, the refu- The reality has been far There is also, for now, only ple left, signed up as a host at
on Russian troop movements; Ukraine, showing where troops gees mostly have found shelter more—2.4 million Ukrainians one income for the entire the Warsaw train station.
detailed allegations that Mos- would breach the border. Some in private homes. Hundreds of have fled to Poland so far. Al- household. Still, he insists the
cow would stage a pretext for officials looking at that depic- thousands of Poles, Western though there is no official count, family can live this way as Now, on the coffee table, she
its invasion; even, last week, tion realized it might errone- Europeans and, especially, aid groups estimate well over and her husband have set out a
reports of growing tension be- ously suggest a Russian inva- Ukrainians in diaspora, have half of those refugees remain in 2.4M computer, the Wi-Fi password,
tween Mr. Putin and his gener- sion was imminent. It was taken with refugee families. the country. As many as two coffee mugs and a basket with
als. White House officials call decided, “No, we’re not going million Ukrainians were living in Number of people who have soap and toothbrushes. Most
the strategy “downgrade and to use that one,” a senior U.S. This massive, informal net- Poland before the war began, come to Poland, fleeing the war are eager to shower and sleep
share”—with “downgrade” re- official involved in the process work—which also has offered and many refugees have found but hardly eat, then move on
ferring to lowering the classifi- said. food, transportation and, in shelter with family and friends. long as the war lasts: “Com- after a night or two.
cation level of U.S. documents some cases, jobs—has eased pared to Ukraine, we’re in
or data. It was set aside in favor of a the burden on public services, Mr. Stetsenko’s home is a good condition.” “They are not hungry at
map that denoted the location and smoothed the welcome for microcosm of how Polish soci- all,” Ms. Stachowicz, a 36-
The new approach of Russian units with circles, the refugees. ety has absorbed the influx of Poles, too, are offering what year-old Polish-language pri-
the official said. people. When the war broke they can to refugees. Thousands vate tutor, said. “Their stom-
has involved Still, a month into the war, out, he was living with his have signed up online to host achs are in knots.”
U.S. officials declined to dis- local officials are wary of longtime girlfriend. “We need a Ukrainians, while others showed
declassifying a cuss some aspects of “down- backlash, aware that the good- bigger apartment,” he thought. up at train stations to offer As the war drags into its
grade and share,” including the will toward refugees—and the their pullout couches or sum- second month, however, the
cascade of secrets. sources of the intelligence and invitations to stay at their Two Polish friends helped mer country homes to those need for permanent housing is
details of the interaction be- homes—eventually will run him find a place in Kalisz, sev- who had just arrived. Compa- growing. While many Ukraini-
U.S. officials say that al- tween the White House and out. Donations to aid groups eral hours west of Warsaw. One nies have converted unused of- ans want to stay in Poland—
though the tactic didn’t pre- U.S. spy agencies. already have fallen consider- of them, using money his daugh- fice space into dormlike housing with its familiar Slavic lan-
vent the Russian invasion of ably since the start of the war. ter in the U.S. raised, provided or classrooms for Ukrainian guage, large expat community
Ukraine, they have evidence the Current and former intelli- blankets, carpets, mattresses, and proximity to Ukraine—
public deployment of intelli- gence officials suggested the Of more than 300,000 refu- shelves and an oven. The other more refugees are filtering
gence has been effective in declassified information is gees currently in Warsaw, only is charging only nominal rent. across the continent to places
other ways. It did, they say, drawn mostly from communi- about 10,000 are staying in the with less competition for ac-
stymie Mr. Putin’s plans to use cation intercepts, satellite im- temporary housing the city has Family members began ar- commodation and jobs.
a “false flag” operation, essen- ages and other technical set up at exhibition halls or riving Feb. 27. Quarters are
tially a staged attack Moscow means. Current officials de- warehouses; most have found cramped, with 10 people—in- —Anastasiia Morozova
would blame on Ukraine, as a clined to say whether the CIA’s their way into private resi- contributed to this article.
pretext for war, and might have human source network is in- dences, said Renata Kaznowska,
delayed the invasion itself, giv- volved. the vice president of Warsaw.
ing Kyiv more time to prepare.
“My sense is, it isn’t, other- The city, she said, couldn’t
Citing those successes, some wise they wouldn’t have done have absorbed so many refu-
see “downgrade and share” as it” because of the risks to pre- gees without the thousands of
foreshadowing future uses of cious human spies, said Mark volunteers who stepped up,
intelligence in international cri- Lowenthal, a former CIA and but this impromptu system
ses. State Department intelligence isn’t sustainable. “You can al-
official. ways expect that some ani-
“I really think this is a har- mosities could emerge,” she
binger,” said Glenn Gerstell, The material prepared for said. “We assume that they
former general counsel at the release goes through standard might soon start to search for
National Security Agency. “Fu- declassification channels, a U.S. their own apartments.”
ture conflicts are going to be intelligence official said, rather
shaped, instigated and deterred than some special task force
by releases of information be- created to handle it. The latter
forehand.” might have raised concerns
that the White House was ma-
The plan to declassify and nipulating or politicizing the
share intelligence dates to the intelligence flow.
fall of last year, when Mr. Biden
signed off on it. His national Ms. Haines’s office has coor-
security adviser, Jake Sullivan, dinated with declassification
was a prime architect and over- experts across U.S. intelligence
saw execution of the initiative, agencies to make declassifica-
U.S. officials said, with support tion decisions, said Nicole de
from Secretary of State Antony Haay, a spokeswoman for the
Blinken, CIA Director William Director of National Intelli-
Burns and Director of National gence. “The intelligence com-
Intelligence Avril Haines. munity surged personnel and
resources to support classifica-
tion reviews,” Ms. de Haay
said.

—Dustin Volz
and Vivian Salama
contributed to this article.

Nations World-Wide Pile on Debt to Ease Inflation Pain

A surge in food and fuel ALTAF QADRI/ASSOCIATED PRESS proposed €500 million govern- about $7 trillion this year, up ernment expenses by about $1
prices is raising pressure on gov- ment aid package as too small. from $5.5 trillion in 2021. billion, prompting it to regulate
ernments world-wide to pick up People protest rising inflation and price hikes in New Delhi. Germany recently unveiled cash prices of non-subsidized bread.
the tab for consumers, stretch- payments to taxpayers, heavily Across Africa, governments
diesel prices make their big- Danone SA and Heineken NV discounted public-transport tick- struggling to recover from Economists say Asian coun-
By Tom Fairless, gest jumps since the oil shocks to warn of production cuts. ets and a temporary price cap Covid-induced recessions have tries are in better shape to
Nicholas Bariyo of the 1970s against a backdrop on gasoline and diesel. retained or reintroduced sub- weather the inflationary shock
and Ryan Dube of rampant inflation. After Inditex SA, the Spanish ap- sidies and tax breaks, threat- from the war than they were in
chafing under Covid rules, Eu- parel maker behind Zara, said All this extra expenditure ening to worsen the conti- previous crises, with sounder
ing precarious public finances ropeans are protesting their the strike could delay getting tops three years of surging nent’s debt crisis. With food public finances and reduced
and intensifying political insta- dwindling purchasing power. products to stores. Inflation in pandemic-related public spend- and fuel prices surging again, reliance on foreign capital.
bility in the shakiest economies. Spain rose to 9.8% in March, ing. Governments in the 19-na- many African nations are
Greek farmers in mid- according to preliminary fig- tion eurozone are likely to run caught in the middle, unravel- Some, such as Malaysia and
Spooked by protests from March drove their tractors to ures released last week, the budget deficits of about 4.5% ing efforts to repair the havoc Indonesia, are net exporters of
Bangkok to Sicily, many gov- the Agriculture Ministry in highest level since 1985. of GDP on average this year in wrought by the pandemic. commodities. Higher revenues
ernments have adopted subsi- Athens to demand relief. In part because of new subsidies, from these exports could help
dies or tax breaks to shield Sicily, protesting truckers dis- In mid-March, France staved said Capital Economics. In Nigeria authorities have finance subsidies without
households and businesses rupted food deliveries. In off a similar strike with a €400 suspended long-touted plans to blowing big holes in their bud-
from the soaring prices. Yet, Spain, striking truckers caused million relief package, equivalent Many economists say subsi- scrap gas subsidies, while the gets, economists say.
the handouts are boosting food shortages in some areas to $442 million, that includes di- dies often are politically diffi- government in Zambia is ex-
high government debt as bor- and prompted companies like rect payments to truckers. In cult to withdraw when they panding subsidies on fertilizers In India, the government
rowing costs are rising. For Spain, strikers have rejected a have outlived their purpose. to support corn farmers, has budgeted about $40 bil-
some countries, the increase The International Monetary threatening the highly indebted lion for a food and fertilizer
may prove too much, raising Fund has said they tend to ben- nation’s promises to rein in subsidy program for the fiscal
the specter of political unrest. efit richer households that con- soaring external debt. After year through March 2023,
sume more energy. Gas and oil public protests, Kenya, east Af- aimed at supporting consum-
Subsidies “might support subsidies also could undermine rica’s largest economy, offered ers and farmers. Surging
consumer confidence in the a planned shift away from fossil new subsidies to help poor prices mean the bill for the
short term, but they also pre- fuels. Global fossil-fuel subsidies households. It plans to spend treasury could rise to between
vent healthy adjustments in the already were worth about $6 more than $500 million in the 1.0% to 1.5% of national in-
economy,” deterring companies trillion or 7% of global output in next two years to ease spiral- come, said Andrew Wood, a
and consumers from adjusting 2021, according to the IMF. ing costs, said the treasury. director in S&P Global Ratings’
to economic shifts, said Jörg sovereign-ratings team, mak-
Krämer, chief economist at For emerging markets in Egypt, the world’s largest ing it more difficult for the
Commerzbank in Frankfurt. particular, the cost of often wheat importer, normally buys government to meet its goal of
depleted public coffers is also 70% of its grain from Ukraine narrowing its budget deficit to
In Europe, Russia’s attack an issue. Emerging economies and Russia. Rising flour and 6.4% of gross domestic prod-
on Ukraine saw gasoline and must refinance debt worth fuel prices have increased gov- uct from 6.9% this fiscal year.

A8 | Tuesday, April 5, 2022 NY * * * * THE WALL STREET JOURNAL.

WORLD NEWS

Shanghai Keeps Lockdown as Cases Soar

Most of city’s 25 million COSTFOTO/DDP/ZUMA PRESS transportation when the city’s
residents remain stuck total cases were under 100 a
at home as officials try Shanghai has accounted for more than two-thirds of China’s total Covid-19 infections in recent days. Most of the cases are asymptomatic. day. After a weeklong lock-
to squelch outbreak down, and three rounds of
by Chinese leader Xi Jinping In recent days, Shanghai strictions, such as imposing lion people is unprecedented mass testing, Shenzhen re-
BY LIYAN QI with leading the fight against has accounted for more than flash lockdowns on a shop or a even in China, where local au- turned to business as usual.
the virus. After inspecting two-thirds of China’s total grocery store. It has been thorities have adhered to a Shenzhen reported no new
Rather than emerging from testing sites and quarantine cases. Most of the cases have praised by many as the strategy of trying to stamp out cases Monday.
a two-stage lockdown on centers, Ms. Sun urged local been asymptomatic. “Shanghai model.” outbreaks quickly wherever
Tuesday as planned, most of officials to work toward they occur. Thousands of medical work-
Shanghai’s 25 million resi- stamping out the spread in the Over the past two years, Now, the city seems to be ers, including from the Peo-
dents remained homebound as city as quickly as possible, ac- the financial hub, with a local facing a task that is more chal- In mid-March, the southern ple’s Liberation Army, have
the city’s daily Covid-19 cases cording to a statement posted economy of over $660 billion lenging than any other city in manufacturing hub of Shen- gone to Shanghai to help out
continued to rise. on Shanghai’s government in 2021, had tried to avoid a mainland China. zhen imposed a stay-at-home with mass testing and han-
website. blanket lockdown and instead order for its 17 million resi- dling logistics.
Shanghai reported over relied on more targeted re- Managing a potentially dents and suspended public
13,000 new local infections weekslong lockdown of 25 mil- A Shanghai government
Tuesday, more than tripling press briefing referred to foot-
the number reported nine days age circulating on social media
ago, when it said it would showing the arrival of medical
close down half of the city at a workers on long lines of buses.
time for four days. The part of A squad of nurses and doctors
the city locked down in the vowed to help Shanghai come
first phase had been scheduled through the crisis before
to emerge Friday. The second boarding a flight from Hainan
stage was due to end at 3 a.m. in southern China.
Tuesday.
With most people who test
Late Monday, city authori- positive showing no symp-
ties said the lockdown would toms, public frustration is
continue while the situation is growing over what many see
evaluated and the result of as heavy-handed policies that
citywide Covid-19 testing is have brought life to a stand-
analyzed. still.

The decision came amid a Many residents are strug-
visit by Vice Premier Sun gling to find food and access
Chunlan, the official charged to medical services. Factories
are closed and workers stay
home, as supply-chain disrup-
tions cause parts shortages.

Hong Kong Leader Pledged Unity, Reaped Division

BY NATASHA KHAN swath of the population, trig- thriving retail economy has Choy, a political scientist at known, though local media has sues instead of political strife.
AND DAN STRUMPF gering mass protests that led cratered. Mrs. Lam herself has the Chinese University of touted John Lee, her deputy “My priority will be to heal
Beijing to embark on a crack- been sanctioned by the U.S., Hong Kong. “Judging from and the city’s former security
When China tapped career down in the name of national which accuses her government both the will of Beijing and chief, as a leading contender. the divide and to ease the
bureaucrat Carrie Lam to be- security. Strict border controls of trampling people’s freedoms. the Hong Kong people, she is a The job remains a task frustrations, and to unite our
come Hong Kong’s top official imposed during the Covid-19 failed chief executive.” of managing the expectations society to move forward,” she
in 2017, she was widely viewed pandemic incurred the wrath of China’s gateway to the of the city’s 7.4 million people, said after winning the vote.
as a conciliatory figure, pledg- foreign businesses, which com- West, Hong Kong has long Mrs. Lam said in a curt who are accustomed to decades
ing to heal divisions surround- plained the moves reduced the seen its political leaders press conference Monday that of Western-style freedoms, But two years into her
ing the city’s pro-democracy city’s appeal as a global finance caught between the city’s in- she wouldn’t be standing for while heeding the directives of term, her proposal to amend
struggles. hub. And even her pro-Beijing ternationally minded populace the top job again in a small- an increasingly authoritarian extradition legislation—which
allies turned sharply critical af- and the interests of Beijing. As circle vote to be held on May Chinese government. would have allowed criminal
Instead, Mrs. Lam, who said ter a runaway outbreak of Omi- rifts between the two widened, 8, saying she wanted to focus suspects to be sent to main-
Monday that she wouldn’t cron killed thousands this year. Mrs. Lam proved increasingly on her family. She said she Mrs. Lam, a career civil ser- land China for trial—sparked a
seek a second term, citing incapable of bridging them. had been put under great vant, is known for her strong- political uprising that saw a
family reasons, has presided As the city has lurched pressure after the extradition minded governance and a million people march in the
over the most divisive period through the crises, local and In the end, she appeared to bill, blaming “foreign forces” stubborn will to get things streets on June 9, 2019.
since the former British colony foreign workers have left by lose Beijing’s confidence, too, for interference, as well as the done. In 2017, after she was
returned to Chinese rule a the tens of thousands, opposi- stepping down with Chinese onslaught of Covid-19, but elected by a committee of Bei- The following months saw
quarter-century ago. tion politicians languish in jails leaders’ approval. paid tribute to China’s leader- jing loyalists, Mrs. Lam more mass rallies and increas-
and independent media outlets ship for its support. stressed that it was time to fo- ingly violent protests, which
An extradition bill she pro- have shut down. The once- “The difficulty of the gov- cus on social and economic is- at times shut down the city
posed in 2019 upset a vast ernment is you have to bal- Her successor isn’t publicly and continued after Mrs. Lam
ance both sides,” said Ivan finally shelved the bill.

game.qu.edu

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As a student, Megan Martucci ’18, MBA ’19, served as chair of the
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student-run financial conference in the world. As a School of Business UNPARALLELED SERVICE
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THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A9

WORLD NEWS

Costa Ricans Elect
Former Finance Chief

JEFF PACHOUD/AGENCE FRANCE-PRESSE/GETTY IMAGESBY SANTIAGO PÉREZduring his time at the Worldmental policies in a regionFormer World Bank official Rodrigo Chaves swept to victory Sunday vowing to root out corruption,
LUIS ACOSTA/AGENCE FRANCE-PRESSE/GETTY IMAGESBank was a predominant themescarred by violence, inequalitybut many voters expressed concerns about sexual-harassment allegations against him.
Costa Rican voters elected in the presidential election. But and social turmoil.
former World Bank official Ro- voters also embraced his anti- denied wrongdoing, and the in Costa Rica before going on to The labor tribunal found
drigo Chaves as president in a establishment platform and “As a woman, mother, former president hasn’t been complete a Ph.D. in economics that the World Bank ignored
runoff vote, with rising discon- pledges to root out corruption. grandmother or sister, I just charged with any crime. at Ohio State University. complaints about Mr. Chaves’s
tent about corruption prevail- can’t endorse that lack of eth- behavior from as far back as
ing over concerns about sexual- Mr. Chaves received close ics by Mr. Chaves,” said Su- “In general, there was a He joined the World Bank 2009.
harassment allegations against to 53% of the votes. His oppo- sana Soto, a 57-year-old edu- strong rejection of both candi- as a financial economist in
the U.S.-trained economist. nent, former President José cation consultant who voted dates,” Mr. Alfaro said. 1996, and rose through a num- A spokesperson said that
María Figueres of the centrist for Mr. Figueres. ber of managerial positions the World Bank doesn’t com-
Mr. Chaves, 60 years old, National Liberation Party, con- But unlike politicians in re- over several decades. ment on staff cases because of
studied and worked abroad for ceded and congratulated the Mr. Chaves, running for the cent elections across the re- confidentiality rules.
about three decades, and was president-elect after getting newly created Social Demo- gion, both candidates were In 2010, Mr. Chaves won the
unknown to many Costa Ricans 47% of the votes on Sunday. cratic Progress Party, was seen as market-friendly. Mr. World Bank’s Diversity and In- The bank also issued a “no
until late 2019 when he became boosted by a wave of dissatis- Chaves told the Journal last clusion award for his perfor- rehire” flag, banned Mr. Chaves
the country’s finance minister, Mr. Chaves had risen faction with traditional politi- year that his priority will be to mance as manager of about 60 from entering World Bank of-
days after being demoted by steadily in the polls, casting cal parties. Voters also em- create jobs, lower the cost of staffers. fices and informed the IMF’s
the World Bank for misconduct. himself as an outsider with braced his pledges to bolster living and fight widespread security team of those restric-
vast international experience employment and growth, just corruption that threatens It was around that time tions. An IMF spokesperson
He is now set to become the and economic expertise. as the 67-year-old Mr. Costa Rica’s political stability. that female employees began said that the fund has the same
first head of state to be barred Figueres failed to overcome to report incidents of alleged access restrictions for Mr.
from entering World Bank and Turnout was low in both corruption allegations. During the campaign, Mr. sexual harassment involving Chaves as the World Bank.
International Monetary Fund rounds, and one in five voters Chaves portrayed himself as a Mr. Chaves, according to a rul-
offices globally after several was undecided just days before Eduardo López, a 76-year- self-made man who had to work ing released last year by the —Juan Carlos Rivera
women told World Bank inves- the election, said Ronald Al- old university professor and to pay his way through college World Bank’s labor tribunal. contributed to this article.
tigators about actions during faro, a political scientist and father of five girls, said that
his time at the bank’s head- coordinator of polls conducted he voted for Mr. Chaves in
quarters in Washington. by the University of Costa Rica. hopes that he will fight cor-
ruption. “I just can’t vote for
Throughout his campaign, In his victory speech on Sun- Figueres,” he added.
Mr. Chaves denied that he sex- day night, Mr. Chaves pledged
ually harassed female col- to foster dialogue in search of Mr. Figueres’s campaign
leagues. The complaints likely democratic consensus. was tainted by allegations that
originated from “cultural dif- he received some $900,000 in
ferences and behaviors that, For many Costa Ricans, the consulting fees from telecom-
for other people, would not be allegations against the presi- munications firm Alcatel-Lu-
offensive,” he told The Wall dent-elect are a stain on the cent when the company was
Street Journal last year. tiny Central America nation, seeking government contracts
which has long been seen as a about 20 years ago. Both Mr.
The behavior of Mr. Chaves model of democratic stability, Figueres and Alcatel-Lucent
welfare and strong environ-

Two Big India Lenders Merge, Creating a Behemoth

BY SHEFALI ANAND the duo as the resulting com- Deal combines top Friday’s close. But the bank’s Bank of India, which has a big- deposits to fund lending.
pany would benefit from extra private-sector bank effective outlay will be lower, ger balance sheet but is less The combined group will
India’s biggest home-lending scale, for example, by being and biggest home- since it can cancel the 21% of prized by investors.
company and its largest private- able to cross-sell products lending company. its current share count that is also seek to expand its lending
sector bank agreed to combine, such as credit cards and car now held by HDFC. With 68 million customers, portfolio. With a bigger bal-
creating a financial giant that loans to mortgage borrowers. HDFC’s stock, and shareholders HDFC Bank is one of India’s ance sheet, the company can
aims to ride a surge in demand in the latter will end up with Shares of the two companies largest lenders to companies underwrite big infrastructure
for housing in the country. “This merger was much 41% of the combined company. jumped between 9% and 10% and individuals but had largely loans, while lending more to
awaited,” said Jayesh Bhanush- Monday, helping lift the left home financing to HDFC. support government priorities
The share-based deal to ali, assistant vice president of The deal values the housing broader Indian market. The S&P such as farming and affordable
unite Housing Development research at IIFL Securities Ltd., lender at about $60 billion BSE Sensex Index rose 2.3%. Nonbank financial compa- housing, HDFC Chairman
Finance Corp. and its affiliate a Mumbai brokerage firm. The based on the share ratio nies in India such as HDFC Deepak Parekh said.
HDFC Bank Ltd. will result in combined group will be able to agreed by the duo and on HDFC Bank, founded in have been subjected to in-
a company with a combined grow a little faster than HDFC HDFC Bank’s share price at 1994, is the third-most valuable creasingly strict regulation, The deal requires approval
loan book of 17.87 trillion In- Bank has in the past one or Indian-listed company, with a making their regulatory re- from shareholders and a host
dian rupees in advances, or two years, he added. market capitalization of about quirements closer to those of of regulators, including India’s
the equivalent of $235 billion. $121 billion as of Monday’s traditional banks. But they ha- central bank, the country’s fi-
The companies called the close, according to FactSet. It ven’t been able to fund them- nancial-markets and competi-
Market participants have tie-up a merger. HDFC Bank is valued more highly than the selves as cheaply as regular tion regulators, and its two
long expected a deal between will issue new shares to pay for government-backed giant State banks, which can use customer stock exchanges.

WORLD WATCH Canada Firms Expect
Jump in Inflation

VINEYARD OF LIGHTS: French vintners in Puligny-Montrachet, Burgundy, used candles Monday to thaw their grapevines to save them BY PAUL VIEIRA creases throughout the year
from a late frost following a winter warm spell. Temperature swings are threatening fruit crops in multiple countries. given the level of inflation,
OTTAWA—A record number employment firmly above pre-
SRI LANKA posal. grounded 62 flights scheduled for mutilated, six hanged and one poi- of Canadian companies expect pandemic levels and early data
“The people of this country Monday after canceling at least soned during the clash Sunday in significant rises in the prices indicating the economy is on
Opposition Rejects 222 flights over the weekend, Turi, about 190 miles south of the they pay for goods and what pace for faster-than-antici-
want Gotabaya and the entire while British Airways said some capital Quito. At least five people they charge customers as a re- pated annualized growth of 4%
Unity Government Rajapaksa family to go and we three dozen out of its 115 flights had serious injuries. sult of labor shortages, supply- for the first quarter of 2022.
can’t go against the people’s will canceled Monday were due to chain constraints and robust Last month, Sharon Kozicki, a
Sri Lanka’s largest opposition and we can’t work alongside the pandemic-related problems. Speaking to Radio Democracy, consumer demand, according deputy governor at the Bank
party rejected an invitation from corrupt,” top SJB official Ranjth the interior minister linked the to the Bank of Canada’s latest of Canada, said it was ready to
the president on Monday to Madduma Banadara said. An easyJet spokesman said it riot to a “criminal economy” with business-outlook survey. move “forcefully” to contain
form a unity government, as is “experiencing higher than usual links to politics, but he didn’t ex- inflation.
protests continued over the SJB has 54 lawmakers in the levels of employee sickness” as a pand on that. Some economists say the
country’s worst economic crisis 225-member Parliament. Its rejec- result of high rates of Covid-19 report published Monday, The survey indicated lon-
in memory and deepening mis- tion of the president’s request is infections across Europe. Gen. Carlos Cabrera, the com- which includes a special sec- ger-term inflation expecta-
trust in his leadership. likely to result in continued uncer- mander of police, told a news tion on the impact of the con- tions—over a horizon of about
tainty and protests, which were The airline added that the conference that authorities were flict in Ukraine, likely cements three years—remain anchored
All 26 cabinet ministers held throughout the country on number of cancellations “repre- making a block by block search the case for a half-point in- at about 2%, though that is
handed in their resignations Monday. A countrywide curfew sents a small proportion” of the of the prison. crease in the central bank’s contingent on not just rate in-
Sunday night after thousands of was lifted Monday morning. total of more than 1,600 flights benchmark rate on April 13, creases but a resolution of
people defied a countrywide planned for Monday. What appeared to be gunfire when it is scheduled to an- supply-chain constraints.
state of emergency and curfew —Associated Press and screaming could be heard on nounce its latest policy deci-
and joined street protests de- —Associated Press videos of the incident broadcast sion. Annualized inflation in The central bank could use
nouncing the government. UNITED KINGDOM by local news media. Mr. Carrillo Canada rose 5.7% in February, this finding to justify a less
ECUADOR said on Sunday that about 1,000 a three-decade high, and there aggressive rate-rising cam-
A Monday statement from Flights Canceled as police and military personnel is worry that price pressures paign, said Stephen Brown,
the office of President Gotabaya Covid Cases Surge Prison Gang Fight worked to control the riot. are broadening. economist at Capital Econom-
Rajapaksa said he “invites all po- Leaves 20 Dead ics.
litical parties represented in the British travelers going abroad Amnesty International said More than two-thirds of
Parliament to come together to for the Easter holidays faced A clash between prison gangs last month that at least 316 businesses surveyed for the A record number of firms
accept ministerial portfolios in disruptions Monday as two main armed with guns and knives left prisoners died in confrontations quarterly publication said they said they expected significant
order to find solutions to this carriers, British Airways and 20 people dead, Ecuadorean offi- in Ecuadorean prisons in 2020, expected inflation above 3% increases in their input and
national crisis.” easyJet, canceled dozens of cials said Monday, and they an- with 119 of those dying in a for the next two years. A sepa- output prices, the survey
flights because of staff short- nounced that they had fully re- September riot. rate online survey the Bank of found. About three-quarters
The largest opposition politi- ages related to soaring cases of gained control of the penitentiary. Canada conducted in early suggested they expected wages
cal party, the United People’s Covid-19 in the U.K. The government in the past March, related to the conflict to rise over the year at a faster
Force, or SJB, immediately re- Interior Minister Patricio Carrillo has blamed confrontations on drug in Ukraine, indicated half of pace than the previous 12-
jected the unity government pro- Budget carrier easyJet said five of the dead had been gangs linked to Mexican cartels. companies expect the war to month period.
affect their operations, mostly
—Associated Press through higher costs for com- Roughly half of survey re-
modities and relevant supply- spondents said they expected
chain difficulties. input prices—what they pay
for items required to produce
“Many firms plan to pass and deliver goods and ser-
conflict-related cost increases vices—to also increase at a
on to their customers,” the faster pace over the next 12
central bank said. months compared with the
previous one-year period.
The Bank of Canada, which
sets policy to achieve and Four out of five businesses
maintain 2% inflation, raised reported they would have
its benchmark interest rate “some” or “significant” diffi-
last month by a quarter-per- culty meeting an unexpected
centage point, to 0.50%. increase in demand, due
largely to labor-market or sup-
“Clearly, the economy and ply-chain snarls. About a third
inflation pressures are too firm of those surveyed said capac-
to justify emergency-low levels ity constraints are holding
of interest rates,” said Nathan back sales expectations.
Janzen, economist at Royal
Bank of Canada. He is among a Meanwhile, a separate cen-
growing group of analysts who tral-bank survey of households
predict a half-percentage-point indicated short-term inflation
increase in the Bank of Canada expectations reached a high.
rate next week to 1%. Respondents said they ex-
pected the consumer-price in-
Some economists have ad- dex to increase 5.1% over the
justed their outlooks and now next 12 months, and 4.6% in
expect aggressive rate in- two years’ time.

A10 | Tuesday, April 5, 2022 ** THE WALL STREET JOURNAL.

FROM PAGE ONE

Countries FROM TOP: JAN WOITAS/DPA/ZUMA PRESS; ANDREY RUDAKOV/BLOOMBERG NEWS measures to double the amount
of biomethane produced from
Speed Up land and offshore wind re- pean energy needs with fuel South Korea and elsewhere Wind turbines in Germany, agricultural waste and other
sources and solar-power proj- made using water and Austra- around Asia are now vying above. The country moved up sources, and roughly triple the
Green Shift ects. The country has moved lian wind and solar power. with European firms to buy its goal to reach almost 100% amount of hydrogen targeted
up its goal to reach almost U.S. liquefied natural gas sup- renewable energy to 2035. Left, by 2030, to reduce dependence
Continued from Page One 100% renewable electricity to “The leaders I speak to say plies, said Dan Brouillette, a gas collection point in Russia. on natural gas. The commis-
Some energy executives and 2035—15 years ahead of its everything has changed,” Mr. president of LNG exporter and sion is proposing to double the
earlier target. Forrest said. “What many infrastructure developer Sem- the government about costs pace of deploying heat
advisers say the current crisis economies around the world pra Infrastructure and former and other details related to pumps—electrical devices that
provides an overdue reality New opportunities are looking at now is acceler- U.S. energy secretary. India is prolonging the reactors’ use. can replace traditional gas fur-
check on the challenge of re- ating completely replacing taking advantage of the West’s naces—and speed up wide-
placing the fossil fuels that the The war has triggered emo- Russian fossil fuels,” he added. pullback from Russian oil to Belgian officials are in dis- spread installation of rooftop
world still heavily relies upon, tional pleas from European buy from the country at a dis- cussions with Engie and aim solar systems to generate more
and will likely need to meet politicians and environmental- In Asia, countries are more count. Chinese officials are to reach an agreement on ex- electricity without fossil fuels.
demand for years to come. ists who see Russia’s aggres- focused on limiting the eco- stressing the importance of tending the reactors’ lives by
sion as the clearest reason yet nomic impact of high fossil ensuring there’s enough do- June, according to a spokes- Adding to the complexity,
“You can’t get renewables to cut use of fossil fuels that fuel prices. Japan, a top oil- mestic production of its main- man for the Belgian energy higher commodity prices and
on stream fast enough for the financially support President and-gas importer, is shifting stay fuel, coal. minister. The government is supply-chain issues have
pace of sanctions,” said Ro- Vladimir Putin’s government. its energy policy toward secu- also planning to build two new raised the cost of wind and so-
berta Downey, a London-based Many countries are recon- gas-fired plants that it says lar farms, which face lengthy
partner with law firm Vinson “They don’t produce solar Weaning Europe off sidering sources of energy can later be used with lower- regulatory approval processes,
& Elkins LLP who is focused panels or wind turbines,” said Russian supplies they had hoped to retire for carbon energy such as hydro- lawyers and investors said. In
on energy infrastructure. Borislav Sandov, Bulgaria’s remains a safety reasons. gen. The spokesman said those a recent research note,
deputy prime minister for cli- monumental task. plants can help supply power Deutsche Bank AG senior
Among those who say the mate and environmental pol- In Belgium, government of- while the Doel and Tihange economist Eric Heymann cited
turmoil could ultimately has- icy, of Russia. “Instead they rity and affordability and away ficials plan to postpone long- nuclear reactors get necessary skilled-labor and material
ten the world’s transition to produce fossil fuels, which we from climate, said Ryo Mi- standing plans to decommis- upgrades. shortages as well as commu-
cleaner energy is Larry Fink, have to phase out.” nami, deputy commissioner sion two 1980s-era nuclear nity opposition to wind farms
chief executive officer of as- for international affairs at reactors by 2025. The country In the Netherlands, govern- as some of the obstacles.
set-management giant Black- That has created new op- Japan’s Ministry of Economy, had planned to replace their ment officials have debated
Rock Inc. “I believe that recent portunities for companies and Trade and Industry. electrical capacity with natu- whether to increase planned The U.K. plans to increase
events will actually accelerate investors pitching green en- ral-gas-fueled power, but offi- production from a natural-gas investment in solar projects
the shift toward greener ergy solutions, such as Austra- The country remains com- cials said supply uncertainties field earmarked to be shut off and offshore wind power. Offi-
sources of energy in many lian billionaire Andrew For- mitted to the energy transi- now make that move too risky. almost entirely this year. The cials have discussed encourag-
parts of the world,” he wrote rest, chairman of Fortescue tion, he said, but “with oil Groningen field, one of the ing more onshore wind farms,
in his annual letter to share- Future Industries, the renew- prices so high and the troubles The reactors, called Doel 4 world’s biggest natural-gas re- which in some parts of the
holders. able-energy unit of miner in Ukraine, the weight of eco- and Tihange 3, are operated serves, came under public fire U.K. have faced public and po-
Fortescue Metals Group Ltd. nomics and energy security is by French utility Engie SA. after regulators and scientists litical opposition.
Alternate sources growing.” Engie has said that extending linked production there to
The company said last week the reactors’ lives beyond earthquakes that had damaged At a March 14 meeting with
The crisis is most urgent for that it is teaming up with Ger- Companies from Japan, 2025 “raises significant Dutch villages. executives of offshore oil and
Europe. For years, Germany man energy group E.ON SE to safety, regulatory and imple- gas producers including BP
and other countries chose in- supply green hydrogen to re- mentation constraints,” ac- Dutch Prime Minister Mark and Shell PLC, British Prime
expensive Russian supplies place Russian gas, a multibil- cording to a spokesman. He Rutte said in February that the Minister Boris Johnson dis-
over imports from the U.S. and lion-dollar effort to sate Euro- said that Engie is talking with government had no plans to cussed streamlining drilling li-
elsewhere. Russia recently pro- increase or prolong production censes to encourage new in-
vided around 40% of the gas at Groningen, but he and other vestment and production in
that Europe uses to heat officials have said those plans the North Sea, according to a
homes and make electricity. could be reconsidered if there’s government brief.
a crisis-level gas shortage.
The U.S. now plans to boost In addition, the U.K. has
liquefied natural gas ship- “We don’t think it’s wise to looked at extending the
ments to Europe, aiming to use Groningen, because it’s a lifespans of coal-fired power
ship 50 billion or more cubic safety hazard,” said a spokes- stations slated to close in Sep-
meters a year through at least woman for the Dutch State Su- tember, while still promising
2030, to help meet the conti- pervision of Mines, which ad- to drop coal for good in 2024.
nent’s demand. vises government ministers on
risks related to domestic natu- ‘Coal, coal, coal’
“We’re serious about decar- ral-gas extraction.
bonizing while providing reli- Some of the proposals con-
able energy that doesn’t de- ‘Freedom energies’ cern climate advocates, who
pend on foreign adversaries,” oppose additional spending on
U.S. Energy Secretary Jennifer For the longer term, offi- fossil-fuel production.
Granholm recently told an en- cials across Europe describe a
ergy conference in Houston. new sense of urgency and “Energy stability in the fu-
“That means we can walk and greater public support for re- ture is not served by increased
chew gum at the same time.” newable investments. Ger- drilling,” said Jill Duggan, ex-
many’s finance minister re- ecutive director for Europe
Weaning Europe off Russian cently described renewables as with the nonprofit Environ-
supplies remains a monumen- “freedom energies.” mental Defense Fund. “It
tal—and expensive—task. Di- makes no sense for investors
vorcing the European Union In early March, the Euro- to think the immediate prob-
from Russian gas imports pean Commission proposed lem in Ukraine is a green light
would require additional an- to invest in oil and gas.”
nual spending of at least €170
billion (about $187 billion) on China, the world’s largest
renewable-energy production greenhouse gas emitter, was
over six years, or about 1.3% already wary of shifting too
of the bloc’s gross domestic quickly from coal, its mainstay
product, researchers at Ger- fossil fuel, following wide-
man insurer Allianz SE esti- spread power outages last
mated. Even at that price, it year. Government reports fol-
rated renewables as the lowing the country’s annual
cheapest path to European en- legislative session in March
ergy self-reliance. were full of references to en-
ergy security. That means
Days after Russia’s invasion “coal, coal, coal,” said Michal
of Ukraine, German Chancellor Meidan, director of the China
Olaf Scholz reversed course on energy program at the Oxford
decades of national energy Institute for Energy Studies.
policy and said the country
would build two new liquefied Chinese officials are closely
natural gas import terminals, watching whether Europe
boost stockpiles of the fuel mulls a slower phaseout of
and gradually shift energy coal following the Ukraine in-
purchases away from Russia. vasion, said Yan Qin, an Oslo-
German officials have said based senior energy and car-
they might prolong the use of bon analyst at financial data
coal-fired power plants, which provider Refinitiv. Ms. Qin
the country had planned to said China contacts have asked
shut down by 2030. her whether Europe is giving
up on its green ambitions, to
Germany’s Federal Ministry which she has answered, no.
for Economic Affairs and Cli-
mate Action proposed speed- “Exactly because fossil fuels
ing up a range of green-energy are getting so costly now, it
plans, including expansions in will only make a case to make
green energy more competi-
tive,” she said.

—Anna Hirtenstein
contributed to this article.

U.N. Panel Urges a Faster Shift to Renewable Energy

BY NIDHI SUBBARAMAN “We know time is running Global greenhouse gas emissions from human activities The report considers the Celsius since about 1850, ac-
out,” said Michael Grubb, an continue to rise with 2019 marking a new annual high. role of carbon-removal tech- cording to the IPCC. Mon-
Countries must make ma- economist and energy policy nologies—ranging from plant- day’s report was prepared by
jor, rapid shifts from fossil fu- expert at University College Annual global net greenhouse gas emissions from human ing trees to absorb carbon di- 278 scientists from 65 coun-
els to renewable energy to London, and a lead author of activity, by major contributing gases oxide to more nascent tries.
meet the goals in the 2015 the report. “All the economic technologies that use chemi-
Paris agreement, climate ex- analyses suggest the need for 60 gigatons of CO2 equivalent Fluorinated gases cal processes to trap carbon For the first time, the IPCC
perts tapped by the United more rapid and substantial 50 Nitrous oxide (N2O) dioxide from the air—more panel broadly evaluated how
Nations said in a report re- emissions reductions” to lev- 40 CO2 from land use thoroughly than before. These changes to daily activities
leased Monday. els that aren’t reflected in cli- and forestry have a limited role to play, to and lifestyle could contribute
mate plans from countries, he Methane (CH4) balance emissions from sec- to emissions reductions.
Carbon-dioxide emissions said. tors that are known to be Walking or biking instead of
must be halved by 2030 from 30 challenging to cut back, such driving, shifting to sustain-
estimated 2019 levels, and There are some signs of as agriculture and aviation, able diets that use less land
methane emissions cut by a progress. At least 18 coun- 20 CO2 from fossil fuel the report states. and water, reducing food
third, if warming is to stay tries have reduced green- and industry wastes and designing build-
within 1.5 degrees Celsius house-gas emissions for a de- “We’re talking about off- ings that are more energy-ef-
past preindustrial levels, a cade or more, and more city 10 setting about 10% of our ficient are all examples of
target in the Paris accord, sci- and local governments have emissions,” said Gregory shifts that contribute, the re-
entists assembled by the U.N. made climate pledges. 0 ’10 Nemet, a public policy re- port said. Cumulatively, such
Intergovernmental Panel on 1990 2000 searcher who studies energy changes could contribute be-
Climate Change said. “The fact that we’ve expe- and climate at the University tween 40% and 70% of emis-
rienced this highest increase Source: Intergovernmental Panel on Climate Change of Wisconsin-Madison, and a sions reductions by 2050.
Countries are off track to in greenhouse-gas emissions lead author of the report.
meet those goals, climate ex- this past decade, in spite of Between 2010 and 2019, the at the Massachusetts Institute “The rest of the work, that’s Such behavioral changes
perts said. The last decade this action, is worrisome,” cost to manufacture and sell of Technology, who wasn’t in- 80 or 90% of the emissions could only be effective if
saw the highest average said Karen Seto, an urban sci- solar energy technology fell volved with the report. Dr. reductions, has to be done backed by institutions or gov-
yearly greenhouse-gas emis- entist at Yale University and a 85%, while corresponding Trancik’s work showed that elsewhere.” ernments, the report states.
sions from human activities lead author of the report. costs for wind energy and the steep drop in solar and For example, if local munici-
ever recorded. Current cli- “There’s an urgency now.” lithium-ion batteries have lithium-ion battery technol- IPCC reports are regarded palities invested in public
mate policies are set to push dropped 55% and 85%, respec- ogy was enabled by market- as the most comprehensive transport systems or bike
global average temperatures Dramatic cost drops in so- tively. expansion policies as well as reviews of the state of cli- lanes, that would offer com-
between 2.4 and 3.5 degrees lar, wind and other renewable investment in research and mate science. muters a low-carbon option
Celsius past preindustrial lev- technologies present the best “That’s really changed the development by governments to get to work.
els by the end of the century, opportunity yet to forgo fossil conversation,” said Jessika and the private sector. Emissions from human ac-
the report said. fuels and cut carbon-dioxide Trancik, an energy engineer tivities have resulted in the —Timothy Puko
emissions, the report said. Earth warming 1.1 degrees contributed to this article.

PERSONAL JOURNAL.

© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JO Tuesday, April 5, 2022 | A11

FROM TOP: PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (6); GETTY IMAGES

BY ANDREA PETERSEN Clues Grow on Depression cades to use hormone-replacement
In Middle-Aged Women therapy for menopausal symptoms.
F or years, middle-aged In 2002, a large study, the Women’s
women have had some of Hutner, a reproductive psychi- had a previous episode of depres- see her body changing in Health Initiative, was stopped after
the country’s highest atrist in New York City. “Those sion. Menopause is defined to have ways she felt she couldn’t women taking hormone therapy had
rates of antidepressant shifts can be hard for our occurred one year after a woman’s control. an increased risk of breast cancer,
use. Now, scientists are brain to take.” last menstrual period. The median heart attacks and strokes. Later
starting to better under- age of menopause in the U.S. is 51. “I went through a life- analyses found that the risks were
stand why—and to develop more Scientists are working to altering move, my kids largely concentrated among women
targeted treatments for women’s understand just how hormones Doctors also note that midlife is were angry with me, deal- who were older when they started
midlife depression. may drive depression, but re- often a time of marked stress for ing with middle age and hormone therapy. For women in
ceptors for estrogen and pro- women—and stress can increase the Covid and my body chang- their 50s, hormone therapy actually
About one in five women ages gesterone are found through- risk of depression. Many women are ing,” says Ms. DeMartin, reduced the risk of heart disease
40 to 59 and nearly one in four out the brain including in juggling careers, raising children and who works in home remod- and death from any cause.
women ages 60 and over used an- regions involving movement, caring for elderly parents. Women eling in Frisco, Texas.
tidepressants in the last 30 days cognition and mood regulation, also may be more likely to seek care Hormone therapy, either estro-
during 2015 to 2018, according to says Hadine Joffe, a professor for a mental-health problem than Ms. DeMartin says she gen alone or combined with a pro-
the latest data from the National of psychiatry at Brigham and men, which may lead to higher rates didn’t seek therapy or take gestogen, is the most effective
Center for Health Statistics. Women’s Hospital and Harvard of diagnosis and treatment. antidepressant medication. treatment for hot flashes and
Among women ages 18 to 39, the Medical School in Boston. She says she has coped by night sweats, according to the
figure was about one in 10. Among Valerie DeMartin, 59 years old, reaching out to friends and staying North American Menopause Soci-
men, 8.4% of those ages 40 to 59 New treatments for depression says she fell into a depression in busy with work. She’s also planning ety and the American College of
and 12.8% of those 60 and older in midlife women may be on the ho- 2020. She was dealing with sleep to try hormone-replacement ther- Obstetricians and Gynecologists.
used antidepressants in the last 30 rizon. Scientists at the National In- problems, the stress of the pandemic apy. “Hopefully I’ll have a little more Some research has found that it
days, according to the NCHS data. stitute of Mental Health, for exam- and a move with two teenagers from energy and sleep better,” she says. can also improve mood.
ple, are studying a medication that the family’s longtime home in Cali- Researchers at NIMH who have
The figures are drawing increas- acts on an estrogen receptor in the fornia to Texas. An avid exerciser, been following 90 women since Still, many women and doctors
ing attention from scientists and brain. The hope is that, unlike typi- she says she was also feeling sad to 1988 have found that the incidence are looking for alternatives. “Peo-
doctors. Many are alarmed at how cal antidepressants, it will directly of women’s midlife depression is ple are so deathly afraid of pre-
high depression rates were among target depression symptoms related concentrated in the two years be- scribing hormones,” says Stepha-
midlife women even before the pan- to estrogen withdrawal but without fore and after the last menstrual nie Faubion, medical director of
demic, now that the past two years the side effects of traditional hor- period, Dr. Schmidt says. The qual- the North American Menopause
have exacerbated mental-health is- mone therapy commonly used for ity of women’s midlife depression is Society and the director of Mayo
sues for many Americans. And some menopausal symptoms, notes Peter distinct, too, he says, in that it often Clinic Women’s Health. “A lot of
doctors are also concerned that an- Schmidt, chief of the Behavioral En- involves intense anxiety, irritability women, unfortunately, who are go-
tidepressants are being overpre- docrinology branch in NIMH’s Intra- and sleep problems along with the ing to their doctors because of hot
scribed for menopausal symptoms. mural Research program. more typical sadness and loss of flashes and night sweats are get-
pleasure in once-enjoyed activities. ting slapped on antidepressants.”
In general, women have higher Studies have found that women’s Doctors speculate that antide-
rates of depression than men risk of having an episode of major pressant use among middle-aged Research has shown that some
throughout much of their lives ac- depression is two to four times women is being driven in part by antidepressants can ease hot flashes
cording to scientific research. In higher around menopause than at the reluctance of women—and many and night sweats. But Dr. Faubion
midlife, the risk is greatest during other times during their lives; it is of their physicians—in recent de- says they are much less effective
the years leading up to menopause even greater for women who have a than hormones. The even higher
and right after it. The dramatic fluc- rates of antidepressant use among
tuations in hormones that cause the women 60 and over may partly re-
most-commonly known symptoms sult from women being put on them
of hot flashes and night sweats can when they’re younger, during this
wreak havoc on mood, too. earlier period of mental-health vul-
nerability, and then being left on
“Estrogen and progesterone are them by default, Dr. Hutner says.
fluctuating a great deal,” says Lucy

How to Understand WHAT YOU CAN DO connections in the brain to allow environment of TikTok doesn’t re-
Kids’ TikTok Brains you to stop again next time.” quire sustained attention. “If kids’
Parents and kids can take brains become accustomed to con-
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL|, ISTOCK FAMILY Douyin, the TikTok equivalent in steps to boost attention, but  Use tech’s own tools. TikTok stant changes, the brain finds it dif-
& TECH China, made by the same Chinese it takes effort, the experts say. has a screen-time management ficult to adapt to a nondigital activ-
JULIE parent company, ByteDance Ltd. It setting that allows users to cap ity where things don’t move quite
JARGON found that the personalized videos  Swap screen time for real their app usage. Parents can also as fast,” he said.
the app’s recommendation engine time. Exercise and free play are establish screen-time limits for
R emember the good old days shows users activate the reward among the best ways to build at- their kids with Family Pairing, TikTok is now allowing users to
when kids just watched You- centers of the brain, as compared tention during childhood, says Jo- which requires parents to create make videos as long as 10 minutes,
Tube all day? Now that they with the general-interest videos hann Hari, author of “Stolen Fo- a TikTok account and link it to up from the previous maximum of 3
binge on 15-second TikToks, those shown to new users. cus: Why You Can’t Pay their teen’s. minutes and from its initial 60-sec-
YouTube clips seem like PBS docu- Attention—and How to Think ond maximum.
mentaries. Brain scans of Chinese college Deeply Again.” Dedicating after- YouTube allows parents to set
students showed that ar- school and weekend time for time limits for younger kids. For A dopamine machine
Many parents tell me their kids eas involved sports, play dates, family hikes or kids using the regular YouTube
can’t sit through feature-length in addic- trips to the park can help focus app, parents can create super- Dopamine is a neurotransmitter
films anymore because to them the the brain. vised accounts using Google that gets released in the brain
movies feel painfully slow. Others tion were highly Family Link to manage screen when it’s expecting a reward. A
have observed their kids struggling activated in those who watched  Practice restraint. Your time, provide take-a-break re- flood of dopamine reinforces crav-
to focus on homework. And reading personalized videos. It also found child’s brain won’t inher- minders and choose age-appro- ings for something enjoyable,
a book? Forget about it. some people have trouble control- ently want to set priate content. whether it’s a tasty meal, a drug or
ling when to stop watching. aside a device that’s a funny TikTok video.
What is happening to kids’ brains? delivering entertain-  Ensure good sleep. Teens are
“It is hard to look at increasing “We speculate that individuals ment, Dr. Nagel suffering from a sleep deficit. “TikTok is a dopamine machine,”
trends in media consumption of all with lower self-control ability have said. “When you Proper sleep is essential for fo- said John Hutton, a pediatrician and
types, media multitasking and rates more difficulty shifting attention practice stopping, it cus and attention, which is why director of the Reading & Literacy
of ADHD in young people and not away from favorite video stimula- strengthens those phones and other devices should Discovery Center at Cincinnati Chil-
conclude that there is a decrease in tion,” the researchers at China’s be kept out of the bedroom at dren’s Hospital. “If you want kids to
their attention span,” said Carl Zhejiang University wrote. up more of the same. Tik- night. pay attention, they need to practice
Marci, a psychiatrist at Massachu- Tok said it is now developing paying attention.”
setts General Hospital in Boston. A Wall Street Journal investiga- ways to diversify the videos. rected attention. This function
Links between attention-deficit tion last year found that TikTok’s al- A TikTok spokeswoman said the starts in the prefrontal cortex, the Researchers are just beginning to
hyperactivity disorder diagnoses gorithm figures out what users like company wants younger teens to part of the brain responsible for de- conduct long-term studies on digital
and screen time are subject to de- based on the amount of time they develop positive digital habits early cision making and impulse control. media’s effects on kids’ brains. The
bate, since many factors could ac- watch each video, and then serves on, and that it recently made some National Institutes of Health is
count for a steady rise in cases. Yet changes aimed at curbing extensive “Directed attention is the ability funding a study of nearly 12,000
even parents whose children don’t app use. to inhibit distractions and sustain adolescents as they grow into
qualify for that medical diagnosis Kids have a hard time pulling attention and to shift attention ap- adulthood to examine the impact
say their kids are more distracted. away from videos on YouTube, too, propriately. It requires higher-order that many childhood experiences—
Emerging research suggests that and Google has made several skills like planning and prioritizing,” from social media to smoking—have
watching short, fast-paced videos changes to help limit its use, includ- said Michael Manos, the clinical di- on cognitive development.
makes it harder for kids to sustain ing turning off autoplay by default rector of the Center for Attention
activities that don’t offer instant— on accounts of people under 18. and Learning at Cleveland Clinic The study’s investigators are fo-
and constant—gratification. Children’s. cusing now on the impact specific
One of the few studies specifi- Brain science apps have on children’s brain devel-
cally examining TikTok-related ef- Kids generally have a harder time opment.
fects on the brain focused on When kids do things that require doing this—and putting down their
prolonged focus, they’re using di- videogame controllers—because the The results aren’t in yet. Bonnie
prefrontal cortex isn’t fully devel- Nagel, one of the study’s investigators
oped until age 25. and a professor of psychiatry and be-
havioral neuroscience at Oregon
Dr. Manos said the ever-changing Health & Science University, said she
predicts they will find that when
brains repeatedly process rapid, re-
warding content, their ability to pro-
cess less-rapid, less-rewarding things
“may change or be harmed.”

A12 | Tuesday, April 5, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

PERSONAL devices using a hacked mo-
TECHNOLOGY bile number.
NICOLE
NGUYEN You can even mix and
match your second factors
C ybercrime is way for extra security: Yubico’s
up and a strong authenticator app for desk-
password isn’t top and mobile requires se-
enough to protect curity-key authentication.
your money, your
work and your Just make sure you input
family. To protect your ac- the code only when your
counts from increasingly ac- service requests it, and that
tive evildoers, you need a you don’t accidentally give
second factor. it to a malicious website. If
you get an email or text
More and more internet message asking to log into a
accounts offer two-factor service you use, don’t click
authentication, which gen- the link inside that message.
erally entails a code you in- Instead, go to the website or
put after typing in your app you normally visit and
password. Requiring that log in directly.
second factor is like having
a door with multiple locks: Consider setting
If a burglar gets hold of
one key, there’s still an- up a security
other deadbolt sealing the
door. key if you’re at

There are different types higher risk.
of two-factor authentication,
and each comes with its Some app-based authen-
own security-convenience tication involves push
tradeoffs. Here’s a guide to alerts. In rare cases, hack-
different options, and what ers can employ an attack
you need to know to protect that triggers multiple noti-
your digital life. fications, hoping a user ac-
cidentally taps “allow” on
Use Unique Passwords one of them, so always read
before you tap.
Before activating two-factor
authentication, take a look Text-Message Codes:
at your passwords. How of- Use With Caution
ten do you reuse them?
Criminals commonly take One of the most familiar ap-
usernames and passwords
leaked from one breach and proaches of two-factor au-
try the credentials on
other sites. thentication is the code sent

Use a password manager via text message. For most
to generate—and remem-
ber—long, unique pass- people, any extra authenti-
words for each of your ac-
counts. For the less tech- How to Crack the Code on cation beats a username and
savvy, I recommend starting password. Still, you need to
with the free manager built know this method’s vulnera-
into your browser or oper-
ating system. If you use a bility.
lot of online services,
changing all the credentials Two-Factor Authentication “SIM swapping” is
can be a tedious, time-con- where criminals steal a vic-
suming task. But it’s worth tim’s phone number by
it, especially if your old duping the carrier into
passwords have already
been exposed in a breach. porting the number to a
(Check at haveibeen-
pwned.com, which won’t new account. These kinds
ask for your passwords,
only your email or phone Once your passwords of authentication, and even them to authenticate many have to interact with the se- of attacks are on the rise,
number.)
are strengthened, turn on add multiple as backups. popular sites such as curity key. according to the Federal

two-factor. Not all services Google, Facebook and most There are limitations. Bureau of Investigation, but

support it, and ones that Security Keys: The password managers. “Security keys can be a huge they are generally targeted

do may bury it in settings, Most Protection A typical laptop-based pain in the butt to manage attacks, where hackers

usually under sections la- Security keys are one form flow looks like this: Go to a for organizations and peo- know who they are after

beled “account” or “secu- of two-factor authentication. website or app, type in your ple,” Mr. Noon said. People and what they can steal.

rity.” Once you find it, as- They’re little dongles, often username and password, lose keys, and that can mean Prime targets include peo-

sess your options. Some USB sticks, that hang from then, when prompted, insert losing access to their ac- ple with fat bank accounts

services allow you to your keychain or plug into your key into the computer’s counts. Some accounts allow or crypto wallets.

choose from various types your computer. You can use port. Touching the key’s you to print out a set of sin- It’s best to avoid using

gold tip or disc triggers the gle-use access codes for dire SMS-based two-factor au-

authentication. For a smart- circumstances, but it pays to thentication if you can. For

phone or tablet, you can get buy and register a spare. some services, however, it’s

keys with wireless alterna- the only option. To protect

tives, such as near-field Authentication Apps: your phone number, log

communication (NFC), so Free and Convenient into your carrier account

you don’t even have to in- While many sites support and review the security op-

sert the key. two-factor authentication, tions. Some will even allow

Security keys are the not all accept security keys, you to add a passcode,

most secure factor you can including PayPal and Ama- which is required if anyone

use to protect your account, zon. For the rest of your ac- attempts to port the

said Ryan Noon, chief execu- counts, use an authentica- number.

tive at security firm Mate- tion app, which generates Whatever you choose,

rial Security. To log in, a time-based login codes. make sure your accounts

hacker would need both the They work even without an are protected by more than

password and physical ac- internet connection and, as a bad, recycled password.

cess to the security key, I’ll explain,

rather than remote access to they’re safer

a string of numbers, he ex- than getting

plained. codes via text

If you’re at higher risk— message.

perhaps you’re an executive, You can set

an administrator who man- up a single au-

ages sensitive data, a social- thentication

media influencer or high- app for multiple

net-worth individual— accounts and

consider setting up a services. I like

security key for accounts Twilio’s Authy

that support it. because of its

I’ve used Yubico’s keys, user-friendly

which start at $25, for interface and

years. They’re small, sturdy ability to de-

and well-trusted. (Google liver codes on

and Twitter hand out Yubico desktop and

keys to their employees.) mobile. Add ex-

The most user-friendly tra protection

setup includes a $60 Nano by requiring a

plugged into your primary fingerprint or

laptop while in a trusted en- face ID to ac-

vironment, like a home of- cess the app,

fice, and a $55 NFC-enabled and turning off

key on a keychain to use on “Allow Multi-

the go. Once you log in, Device” to pre-

check the “Do not ask again vent attackers User-friendly authentication apps such as

on this device” option if from enrolling Twilio’s Authy offer more protection than

available, and you’ll hardly unauthorized getting codes via text message.

PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (6); TWILIO; YUBICO

Yubico’s small, sturdy security key, which can cost as little as $25, can be plugged into a
USB-C port or tapped on the back of a NFC-compatible phone to authenticate logins.

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A13

ARTS IN REVIEW

ART REVIEW

A Biennial Staging That Mutes Its Merits

WHITNEY MUSEUM OF AMERICAN ART (3)BY BRIAN P. KELLY morous—ceramic sculptures of ev- At the Whitney, visitors alike. By not hiving it off Clockwise from left: Emily Barker’s
eryday objects by Woody De Othello. often compelling from other media, the organizers
W New York works in an are challenging us to see these ‘Kitchen’ (2019); still from Raven
alking through Other juxtapositions serve works unfavorable setting. works on an equal footing with all
“Quiet as It’s even worse. Raven Chacon’s trio of the others represented here. Chacon’s ‘Three Songs’ (2021);
Kept,” the latest videos features American Indian copter hovers over protest-
iteration of the women singing about indigenous ers’ heads, and fans whir to But in practice it doesn’t work: detail of Andrew Roberts’s ‘La
Whitney Biennial, suffering—the Navajo Long Walk, life above museum visitors, Some of the videos here stretch
I found myself the Trail of Tears—as they beat a their roar overpowering the over an hour, and there’s no way to Horda (The Horde)’ (2020)
thinking of Segway, olestra and drum. The sparseness of these short songs in Ms. Chacon’s videos. tell when they start other than to
Google Glass. In short, of products songs makes them all the more For an exhibition that prides itself wait in the screening area for one Dave McKenzie’s videos in which
with well-intentioned aims—elec- powerful. That is, until Alfredo on the laudable goal of inclusivity— airing to end and another to be- he tries to “fit” himself into ob-
tric personal transport, healthier Jaar’s nearby Biennial contribution “American art” here extends beyond gin—a problem that’s solved by jects (an Ikea table, a pane of
food options, wearable tech—that begins. In videos of a Black Lives the borders of the U.S.—silencing having just the kind of dedicated glass), a balletic performance that
flopped when on-paper ideas met Matter rally in Washington, a heli- the voices of Native women is a par- film series that the curators have upends the way we think about the
real-world experiences. ticularly awkward (and surely unin- eschewed. Few attendees will have physical world and calls to mind
tended) misstep. the patience to wait and watch, work by Joan Jonas and Bruce
This Biennial, the 80th edition Video is a major part of this and then to do so over and over Nauman; Sable Elyse Smith’s Ferris
of the exhibition that remains the year’s Biennial, and the curators again, and so there’s a tragic irony wheel, built out of prison tables
most influential museum survey of have purposely excluded a stand- that by trying to elevate the form, and chairs, and an accompanying
contemporary American art, was alone film program this time the curators may have caused even video of TV programming about
pushed back from 2021 due to around. In theory, this might have more video-art visitor attrition policing, an excoriation of the way
Covid-19. Co-curated by the mu- been a coup for video art, which is than usual. the criminal justice system and en-
seum’s David Breslin and Adrienne often neglected by curators and tertainment overlap.
Edwards, it includes 63 artists and That is a shame because so
collectives spread mainly across much video work is good here: There are also plenty of non-
two floors of the museum. And Lucy Raven’s meditative film of an video pieces that demand atten-
while there are many standout explosives test site in New Mexico, tion. Danielle Dean’s large-scale
works here, the way the curators a portrait of a mythologized, wild watercolors blend Ford advertise-
have chosen to display them— west landscape deeply impacted— ments with references to at-home
choices that were doubtlessly in the most literal sense—by man; Amazon “click-workers” in colorful
made in good faith—does little to yet cautionary visions of environ-
highlight the art and, in some mental and techno dystopias. Em-
cases, even detracts from it. ily Barker’s plastic kitchen, scaled
to give those who are ambulatory a
The two primary floors are similar experience to the one she
starkly different—one has in most kitchens while using
dark and labyrinthine, the her wheelchair, is a rallying cry for
other open and airy—the
dichotomy “acknowledg- accessibility in design
ing the acute polarity of while also being haunt-
our society,” Mr. Breslin ingly beautiful, its
and Ms. Edwards say in ghostly cabinets catching
their curatorial statement. light from nearby win-
No one will argue against dows and recalling the
the idea that society is in- work of Rachel White-
credibly polarized, but the read. And Rose Salane’s
choices of floor placement carefully documented
for certain works can collection of “slugs”—
seem arbitrary. Coco counterfeit currency
Fusco’s film “Your Eyes used to trick transit-fare
Will Be an Empty Word,” collection machines in
in which the artist uses a New York—is a singular
rowboat to paddle around work of contemporary
Hart Island, a potter’s urban archaeology, glim-
field serving New York, mering piles of “coins”
and casts flowers into the glinting like treasure but
water, is a moving essay ultimately worthless,
on death and Covid, and and proves she’s one of
makes sense on the fune- the most interesting conceptual
real sixth floor. But what artists working today.
are Cy Gavin’s De Koon- Putting together an exhibition
ing-esque painting of a like this is always a nearly impos-
tree and WangShui’s AI- sible task, and Mr. Breslin and Ms.
powered LED sculptures Edwards should be applauded for
doing here? embracing diversity—both in terms
of artists and media—while ensur-
The fifth floor has had ing that much of the work here is
all interior walls removed. worth visitors’ time. But the set-
When the Whitney opened ting in which the work is viewed is
its Renzo Piano-designed as much the responsibility of the
building in 2015, much was curators as the selection of the
made of the fact that it could host works themselves, and in this re-
floor-though exhibitions without the gard the show stumbles. Even
need for internal supports, but here though they were made with good
the choice to do so seems to have intentions, the curatorial choices in
been made purely because it’s an “Quiet as It’s Kept” are too loud, a
option, not because the sightlines it din that drowns out the best parts
offers particularly enhance any of of this Biennial.
the exhibits. Andrew Roberts’s eight-
channel video installation of zombi- Whitney Biennial 2022: Quiet as
fied tech workers is far too necro- It’s Kept
mantic for this light-filled space, but Whitney Museum of American Art,
here it is, in between a human-size April 6-Sept. 5
drinking bird by Eric Wesley and the
similarly oversize—and similarly hu- Mr. Kelly is the Journal’s associate
Arts in Review editor. Follow him
on Twitter @bpkelly89.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. 65 Clinic worker 28 “Casablanca”

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Seattle 50s 50s Winnipeg 10s 17 18 19 67 Start of a 29 Long-running
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Mpls./St. Paul 90s 24 25 26
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90s Mobile Jacksonville Cold T-storms 8 Fun, for short 46 Possible
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Miami
Anchorage 66 67 68
49 Letter after
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for an emergency
Ice BO TIES | By Amy Goldstein & 50 Bathed from
Lorraine Goodman below, in a way
Forecasts and graphics provided by AccuWeather, Inc. ©2022 12 Ariana DeBose’s
role in 2021’s
U.S. Forecasts City Today Tomorrow City Today Tomorrow 51 Blooper
Hi Lo W Hi Lo W Hi Lo W Hi Lo W “West Side
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Omaha Frankfurt Across 24 City grocery 42 Onion, for one
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice Orlando 62 40 r 55 35 pc Geneva 53 48 r 60 48 c stores that sell Story” 52 Common port
Philadelphia 88 71 t 89 72 t Havana 55 39 c 57 45 c 1 Auto blemishes Impressionist 43 They have bit
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Pittsburgh 92 67 s 95 67 s Istanbul 77 67 s 78 67 s 6 Number near an
City Hi Lo W Hi Lo W Portland, Maine 60 46 r 65 44 r Jakarta 56 45 r 59 44 s APR 27 Open-source 45 Jordan’s capital 18 “r u srs?!” 55 Creole veggie
Portland, Ore. 53 36 pc 44 38 r Jerusalem 90 76 sh 91 75 sh operating system
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Boston 55 43 pc 48 43 r Seattle 72 36 s 60 26 s Mexico City 67 58 c 69 56 pc 15 Maker of 31 Author buried 53 Starfleet’s Stripes and the
Burlington 56 37 pc 54 43 c Sioux Falls 52 35 pc 59 42 pc Milan 84 56 pc 85 56 c TravelMate near Thoreau and Deanna Troi, for Black Keys, e.g. 60 Carp in some
Charlotte 70 60 r 81 64 pc Wash., D.C. 57 36 r 46 32 sn Moscow 61 39 s 62 40 pc laptops Hawthorne one ponds
Chicago 55 47 r 60 42 r 64 54 r 67 54 pc Mumbai 41 33 sf 38 31 c 25 Boater’s obstacle
Cleveland 58 47 pc 60 43 r Paris 93 82 pc 92 83 pc 16 Covid-19, slangily 33 2019 World 54 Letter before 61 It carries a small
Dallas 89 56 s 73 47 s Tomorrow Rio de Janeiro 60 44 sh 58 49 sh Series champs 49-Down 26 Crow charge
Denver 54 29 sh 46 28 pc Hi Lo W Riyadh 85 75 t 82 74 t 17 Dress part
Detroit 55 46 c 55 42 r Rome 98 72 s 97 76 s decorated 34 Apiary insect 55 Amiss 27 Placed, as a bet 62 Call at the plate
Honolulu 81 70 sh 82 70 pc 54 45 r San Juan 62 42 s 60 47 r with game
Houston 90 69 pc 83 55 pc International 68 54 s Seoul 85 74 s 84 73 pc equipment? 37 Egyptian fertility 58 “To thine own Previous Puzzle’s Solution
Indianapolis 56 48 r 58 42 r 97 72 pc Shanghai 60 40 pc 64 43 pc goddess ___ be true”
Kansas City 65 40 sh 60 40 pc Today 95 78 pc Singapore 66 52 c 76 55 pc 19 Life sentences? R I SEN ENDS SEC
Las Vegas 90 63 s 80 58 s City Hi Lo W 62 36 c Sydney 87 77 t 86 76 t 38 Wall of a garden 59 Tom Joad
Little Rock 77 58 c 69 46 pc 55 46 c Taipei City 76 65 s 71 65 sh 20 Absorbed, as a maze working the I NTRO SORE ATRA
Los Angeles 81 60 s 90 62 s 54 46 sh Tokyo 78 62 s 79 64 pc cost races?
Miami 85 77 pc 89 77 pc Amsterdam 54 47 r 75 63 s Toronto 61 53 pc 65 53 c 40 Collapsed G I ANTSQU I D LORD
Milwaukee 44 42 c 53 39 r Athens 67 51 pc 95 74 s Vancouver 48 40 pc 50 43 r 21 Sister channel of 63 Shout before the
Minneapolis 48 37 r 48 36 sn Baghdad 92 61 pc 53 34 sh Warsaw 51 37 s 53 42 c Showtime 41 “___ Kapital” weekend STR I F E SEAF LOOR
Nashville 67 57 t 69 45 t Bangkok 94 76 pc 50 32 r Zurich 47 37 c 56 47 c
New Orleans 82 71 t 86 60 t Beijing 72 40 s 53 36 r 58 45 c 22 Calm 64 Party swag L EATHERNEEDL E
New York City 56 48 r 55 45 r Berlin 46 43 c
Oklahoma City 77 45 pc 67 42 s Brussels 56 46 r AL I ROE SLY
Buenos Aires 73 60 s
Dubai 94 74 s SONG F I E F LOCAL
Dublin 56 41 c
Edinburgh 52 41 r TOGA FRYUP ORSO

I T SME S E E R P E AR

ERA LOG APE

T RO P I C A L S T ORM

ROUL ETTE I CECAP

I OTA SEEDPOTATO

s Solve this puzzle online and discuss it at WSJ.com/Puzzles. AME N A I L S L I K E D

L SD S T A T D E EMS

A14 | Tuesday, April 5, 2022 ****** THE WALL STREET JOURNAL.

SPORTS

Kansas Rallies to Win NCAA Title

The Jayhawks trailed by as much as 16 points, but stormed back to beat North Carolina, 72-69

BY LAINE HIGGINS

K New Orleans (TOP TO BOTTOM) TOM PENNINGTON/GETTY IMAGES; BOB DONNAN/USA TODAY SPORTS
ansas staged a stun-
ning comeback from a Kansas beat North Carolina, 72-69, to numbers of banners he added to the was far and away the top team in painful enough to convince players
15-point halftime defi- win the national title. The Jayhawks, rafters of Phog Allen Fieldhouse. the country in February and March. like Agbaji and McCormack to stick
cit to win the NCAA who trailed by as much as 16, The Jayhawks won the Big 12 regu- around rather than try their luck in
men’s basketball cham- stormed back in the second half. He’s won all but two Big 12 regu- lar season title, but wouldn’t get a the NBA.
pionship with a roller coaster 72-69 Right, Kansas coach Bill Self. lar season titles in the last 17 years, chance to add a second league
win over North Carolina at the Cae- but the conference dominance crown: the Big 12 tournament was It’s a big reason why Kansas’s
sars Superdome. It was a comeback made possible hasn’t always translated to March canceled on March 12. One day starting five features three upper-
in equal parts by Kansas’s lanky glories. The Jayhawks lost to a his- later, the entire NCAA tournament classmen and two redshirt sopho-
The Jayhawks, who trailed by as guard Christian Braun, who added torically dominant Kentucky team followed suit. mores and their bench has one
much as 16, rocketed back into con- 10 second half points, and North in the 2012 final. In 2018, the Jay- graduate transfer and two super se-
tention with a 20-6 run after the Carolina’s ineptitude on offense— hawks reached the national semifi- “There’s always that what-if fac- niors, including one who’s been in
break, pulled off the biggest come- the Tar Heels shot 26.3% from the nal, but ran into a buzzsaw from tor after that 2020 season, espe- college since 2015.
back ever in an NCAA title game, field and made just one of six 3- Villanova, the eventual champions. cially after the run that we had to
besting the previous record of 15 point attempts in the first 10 min- close out that season was unbeliev- “I know what we would have
points set by Loyola Chicago in utes of the second half. The disappointment of the 2018 able,” senior Ochai Agbaji said. done that year. We were just on a
1963. run pales in comparison to what positive slope. Everything was kind
North Carolina eventually got a might have been in 2020. Kansas The memories of 2020 were of going right for us,” McCormack
The win brought a fourth NCAA lift from sophomore Puff Johnson, said on Sunday. “I just see this year
title to a program that has made who added 9 points off the bench, as an avengement to that team and
miracle wins a part of its legacy. including a game-tying trey, for a what they likely deserve.”
The Jayhawks won the 1988 title team that had rarely played more
with a team nicknamed “Danny and than five deep in the postseason. To be sure, the lengthy ongoing
the Miracles,” led by Danny Man- NCAA investigation into rules viola-
ning. In 2008, it won in overtime But it wasn’t enough. The Jay- tions at Kansas tied to the 2017
with “Mario’s Miracle,” behind fu- hawks never let North Carolina get Federal Bureau of Investigation into
ture NBA star Mario Chalmers’ late- ahead by more than one point in corruption in college basketball has
game heroics. the final minutes. Kansas senior Da- cast a cloud over the program and
vid McCormack, a burly 6-foot-10, forced Self to rely more heavily on
“I told them at halftime would 250-pound big man, put the game older players and transfers.
you rather be down by 15 at half or away by putting back his own re-
be down by nine with two minutes bound with under 20 seconds to go. It could be a new blueprint for a
left, because that’s what we were in North Carolina missed a trio of 3- blueblood that just became the win-
2008,” coach Bill Self said after the point attempts as the clock ran ningest program in college basket-
game. down, preventing them becoming ball history this month, surpassing
the first No. 8 seed since 1985 to Kentucky after the Wildcats lost to
On Monday night, there wasn’t win a title. No. 15 Saint Peter’s in the first
any one man who could say they round.
pulled off a miracle, as the Jay- The win is the second title for
hawks saw five players score dou- Self, who had established himself as But it’s unclear how long that
ble-digits for an unusually balanced one of the top coaches in the field will last: Kansas could see numer-
offensive attack. It was a fitting in every metric except, perhaps, the ous wins vacated if the NCAA inves-
way to end the season for a team tigation finds evidence of major in-
that crushed opponents with its fractions.
depth, owning six players that could
punish teams but never needing all
of them to go off on a given night
to win.

The contest opened looking like
Kansas would romp, not need to
rally. The Jayhawks, one of the
most deadly transition-scoring
teams in college basketball, passed
circles around the Tar Heels, kept
the Tar Heels’ 3-point sharpshoot-
ers from getting any open looks and
jumped out to an early 7-0 lead.

North Carolina settled in after
five minutes and gradually got its
bearing, going on an 8-0 run to tie
it up at 12. Kansas started to reel as
it was forced into more closely con-
tested shots, its field goal percent-
age dropping off precipitously.

That’s when North Carolina
launched a deadly run that seemed
to level the Jayhawks. By the time
the flurry was over, the Tar Heels
had finished the half with an 18-3
run that sent them into the break
with a 15-point advantage.

Kansas came out of the break
with a powerful burst of energy.
They tied it up at 50 with just over
10 minutes to go, thanks to a 20-6
run to start the half.

40 Years Before He Retired, Mike Krzyzewski Was Nearly Fired

BY BEN COHEN AND ANDREW BEATON DAVID BRESLAUER/ASSOCIATED PRESS; tacularly wrong they were, but it Duke to 52-52. That winning per-
was impossible to know at the time centage of .500 was the lowest it
MIKE KRZYZEWSKI WAS YOUNG, Duke basketball coach Mike Krzyzewski, above, during the 1986 Final Four. if Butters would be right. would be for the rest of his career.
unproven, inexperienced and terri-
fied when his boss summoned him not in her possession. A spokesman 16 years. At the very beginning I “There comes a point when a de- In the meantime, the criticism
early one morning in January 1984. for Krzyzewski had no idea where started two files: one contains let- cision is made that really affects ev- that most bothered Krzyzewski
He thought he was getting fired. they might be. Other Duke officials ters of discontent, anger and threat; erything for a long period of time,” came from disgruntled members of
had their own theories that hit dead the other contains letters of appre- said Dan Hill, a Butters friend. “That the Iron Dukes, the school’s booster
Duke athletic director Tom But- ends. ciation. It is my understanding that one really courageous decision has club. They called themselves the
ters was feeling pressure from a new wing is being considered in resulted in things that even Tom or Concerned Iron Dukes.
alumni, fans and donors to do But tucked inside obscure files the archives to accommodate the Mike could not have ever imagined.”
something about this coach with a within the school’s archives, a hand- former, and your letter looks some- “What the hell were they con-
funny last name who was underper- ful of those letters and Butters’s re- what lonely placed carefully in a It was hard for anyone to imag- cerned about?” Krzyzewski said in
forming three years after Butters plies exist. They offer a peek inside manila envelope.” ine his success during Krzyzewski’s 2004. “They were concerned about
took a risk on him. If he were his mailbox and his mind when early years at Duke, which started me. Because they didn’t think I
coaching today, Krzyzewski proba- Krzyzewski’s job was at stake. Krzyzewski’s hiring prompted rocky and cratered with the most could do the job. Well, obviously
bly would have been canned. Even one such letter bound for the spe- lopsided loss in school history to they were wrong. Then you never
then, it was the safe decision, and it “I understand your concern,” But- cial wing. It began “Why? Why? end 1983. After two years with 10-17 hear from those people.”
would have been the popular one. ters wrote one donor in 1982. “I can Why?” and ended with a plea for and 11-17 records, Duke started the
only assure you that the program is the athletic director’s head on a next season 14-1, until three straight Some of those people would like
But what happened in that meet- in solid hands with Coach Krzyze- platter. “BUTTERS MUST GO!” the losses to ranked conference teams, to be heard from. One of them is a
ing would change the course of bas- wski and that in the very near fu- Duke fan wrote. including one to rival North Caro- major donor named K.D. Kennedy, a
ketball history. Butters wanted to ture our basketball program will lina and another by 33 points, leader of the Concerned Iron Dukes
see Krzyzewski for exactly the rea- once again be successful.” “I am in receipt of your April 26 plunged Krzyzewski’s team back who wants to set the record
son that he feared: He wanted to rip letter, along with several others into the familiar tumult. straight. What concerned these fans
up his contract. Except he wasn’t To an unusually courteous note which were received this morning,” was the state of the football team,
firing him. He was giving the coach from a Duke economics professor, Butters responded. “Yours was not The timing was conspicuous for he says. Krzyzewski’s future wasn’t
an extension. Butters wrote: “I have had the privi- among the most disturbing.” an unscheduled meeting with the on their agenda. “It was never men-
lege of working for Duke University athletic director when Krzyzewski tioned,” Kennedy says. “He needs to
It turned out to be the right call. and its athletic program for nearly It’s almost impressive how spec- popped into Butters’s office. get off of that, because it’s just not
In the alternate universe where true.”
Butters had simply fired the coach, “You wanted to see me?” he
the entire sport of basketball would said. He could only guess why Krzyze-
look different four decades later. wski would blame the Concerned
But his unwavering faith in Krzyze- “We’ve got a problem,” Butters Iron Dukes all these years later.
wski was rewarded with more than said. “We’ve got a public that
1,000 wins, 60 NBA players and five doesn’t know how good you are. “He had to have a devil,” Ken-
national championships by the time We’ve got a press that is too damn nedy said, “and that’s a good name
he coached his final game on Satur- dumb to tell them how good you to have as a devil.”
day night. are. And right now I have a coach
How close was the winningest that I’m concerned doesn’t know The Concerned Iron Dukes had
coach in men’s basketball to getting how good he is.” many reasons to be seething. It
fired with a losing record? wasn’t just Krzyzewski struggling as
“He was a heartbeat away,” But- Butters opened his drawer and nearby rivals North Carolina and
ters said in a 2011 interview, five pulled out a five-year contract. North Carolina State won champi-
years before he died. Krzyzewski cried. onships in 1982 and 1983. They
The backlash he faced was so were appalled that Butters fired
fierce that Butters liked to remind “Tom, you don’t have to do this,” football coach Red Wilson after a
people in the following years that he said. 1982 season that ended with a win
he kept the evidence: a stack of over UNC. And what infuriated peo-
scathing letters he received from “On the contrary,” Butters re- ple around town was his decision to
alumni, fans and boosters. called saying. “I not only have to do ban smoking in the basketball
What happened to those letters it. I have to do it today.” arena. “You’re talking about a
remains a mystery. Butters said he school in a town that was built on
kept them in a box at home, but his In the interview nearly three de- tobacco,” said Johnny Moore, Duke’s
widow, Lynn Butters, said they were cades later, Butters added: “I did it assistant sports information direc-
much to the disappointment and tor at the time.
consternation of my alumni—all of
whom I heard from.” —Jake Piazza
contributed to this article.
The new deal was announced the
day before Krzyzewski lost a fourth
straight game to drop his record at

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A15

OPINION

Biden’s Ugly Options in Ukraine BOOKSHELF | By Micah Mattix

We are only power survived, and the war perhaps escalating military, both committed to weakening Lest We
dragged on. economic and political conflict American power by any avail-
six weeks into as each looks for some path- able means, a confrontation Forget!
World War I started out in way to victory. Russia is refo- with the revisionist powers
Vladimir Pu- much the same way. The cusing its military efforts on spearheaded by Russia may Recessional
French and the Germans had the east and stepping up the prove to be the most arduous
tin’s war both planned what they hoped level of violence on the battle- challenge faced by an Ameri- By David Mamet
would be decisive attacks, the field and against civilians to can administration since the (Broadside, 227 pages, $28.99)
against French over their eastern bor- terrorize Ukrainians into ac- height of the Cold War.
der and the Germans with the cepting Russian dominance. I n 2008 the playwright David Mamet famously
Ukraine, but Schlieffen plan for an attack Ukraine is redoubling its ap- But the other two options announced that he had become a conservative and was
through Belgium that would peal to Western countries for are also bad. A Russian vic- no longer a “brain-dead liberal.” He explained why in his
GLOBAL the conflict capture Paris. Both offensives more military aid and tougher tory would inflict a massive 2011 book, “The Secret Knowledge: On the Dismantling of
VIEW has already fell short, leaving the coun- economic sanctions. blow to American prestige American Culture.” Mr. Mamet wrote: “Liberalism is a
By Walter settled into a tries locked in a conflict that and the health of the North religion” that asserts that “evil does not exist.” This is
familiar pat- neither side knew how to Pushing to defeat Atlantic Treaty Organization, “contrary to common sense.”
Russell Mead tern. Both win—and neither was willing Russia has high risks especially if the West were
to lose. and costs, but so do seen as forcing Ukraine to “The Secret Knowledge” was Mr. Mamet’s first collection
sides often go the alternatives. surrender to Russian de- of political essays (though his 1996 “Make-Believe Town”—
Something similar seems to mands. Freezing the conflict a collection of “essays and remembrances” about Hollywood
into wars with a theory of vic- be happening with Mr. Putin’s As the two sides stumble in is also perilous, as this would and Broadway—had a few political zingers). His latest
war. The original Russian plan search of a path to victory, presumably leave Russia volume, “Recessional: The Death of Free Speech and the
tory, and it is only when both was to break the Ukrainian the Biden administration has holding even more Ukrainian
state by quickly taking the three ugly options from which territory than it did follow- Cost of a Free Lunch,” picks
theories fail that the true capital and major cities such to choose. ing the 2014 invasions of Cri- up where “The Secret
as Kharkiv. It failed. Ukraine mea and the Donbas. It Knowledge” left off, but
shape of the conflict begins to hoped that the shock of mili- The first option, helping would be hard to spin this as there are a few differences
tary setbacks plus major eco- Ukraine win, is the most emo- anything but a partial victory between the two.
appear. In the Second Punic nomic sanctions would either tionally appealing and would for Russia—and Mr. Putin
force Mr. Putin to accept certainly be the most morally would remain free to renew Mr. Mamet was particu-
War (218-201 B.C.), Hannibal peace terms favorable to justifiable and politically ben- hostilities at a time of his larly eager to explain his
Ukraine or lead to his over- eficial, but the risks and costs choosing. political thought in “The
thought that if he could get an throw. That plan also seems are high. Russia won’t accept Secret Knowledge,” citing
to have failed, at least for defeat before trying every tac- The failure to deter Mr. Pu- Friedrich Hayek and Thomas
army into Italy and win some now. tic, however brutal, and per- tin’s attack on Ukraine is more Sowell, among others.
haps every weapon, however than a failure of the Biden ad- “Recessional” is more anec-
conspicuous victories, the Now both sides are stuck murderous. To force Russia to ministration. Donald Trump, dotal. He writes about his
with a war that neither knows accept failure in Ukraine, the Barack Obama and George W. early years in Chicago, his
other Italian city-states, rest- how to win, and it is difficult Biden administration would Bush must share the blame. time in Vermont, the
to see the outlines of a com- likely have to shift to a war- This failure may prove to be “unspeakably louche
less under Roman rule, would promise peace that both sides time mentality, perhaps in- even costlier than failing to atmosphere of Broadway and
can accept. Ukraine cannot ac- cluding the kind of nuclear prevent the 9/11 attacks, and Times Square in the 1970s,”
revolt and enable him to cept a peace that leaves it ex- brinkmanship not seen since President Biden’s place in his- dealing with producers, and his literary tastes. (“I can
posed to further Russian ag- the Cuban missile crisis of tory hangs on his ability to reread my beloved Trollope’s forty-seven novels again and
break Roman power for good. gression and that involves 1962. With China and Iran manage the consequences of again but can’t force myself back to George Eliot,” he writes.
further territorial sacrifice, and this increasingly unspeakable He doesn’t get Dickens but loves Tom Clancy.)
The Romans thought that Mr. Putin cannot end the war and unpredictable war. To give you an idea of the breadth of the topics covered,
without demonstrable gains at Mr. Mamet discusses “King Kong,” the Miss America
their superior legions with the expense of Ukraine. The William McGurn is away. Pageant, Sigmund Freud, Sammy Davis Jr., the Holocaust,
logic of warfare now seems to the film “Mandingo,” the Modern Jazz Quartet and de
their fighting spirit and disci- lock the two sides into further, Clérambault’s syndrome (erotomania)—and that’s in one
essay.
pline would quickly show This isn’t a criticism. Mr. Mamet is at his best when
remembering a conversation or sharing a tidbit of history
Hannibal who was boss. he has picked up over the years. He progresses by
association. Most of the essays first appeared in National
Both sides discovered that Review and have an off-hand quality that will annoy some
readers and charm others.
their initial strategies did not He has the artist’s eye for incongruity and the stand-up
comic’s sense of timing. “In the 1930s and 1940s,” he writes
work. The Romans were in an essay on Hollywood, “Limousine Communism replaced
mahjong as the activity adding some zest to life among the
shocked by a series of disas- sheltering palms.” In another, he writes: “Film executives, in
their multitudes, are the inevitable dross of any successful
trous military defeats and endeavor.”
His recurring concerns are—as they were in “The Secret
faced the greatest challenge Knowledge”—freedom and the folly of equity. Conservatives
are losing the battle on free speech, he tells us, and need to
in Roman history. Hannibal show some courage. “Observe that every conservative who
employs the preface ‘This may not be politically correct but’
achieved his initial goals, get- is not only acknowledging but aiding the forces of thought
control.”
ting his army over the Alps This is one reason Mr. Mamet is so direct in “Reces-
sional.” He doesn’t wring his hands, which would suggest
and winning a series of dra- one shouldn’t say what one is about to say. He simply says
it, as when he writes that in Holocaust films “my people,
matic victories, still studied the Jews, are awarded a temporary status as honorary
human beings. The audience is invited to feel sympathy in
today by ambitious young return for the assurance that we will end the film as soap.”

military officers all over the With an artist’s eye for incongruity and a

world. But his strategy failed. comic’s sense of timing, the playwright

Even after his overwhelming skewers our political and cultural decadence.

victory at Cannae, only a The other reason he doesn’t mince words is that he is a
provocateur—a role he relishes. Does he really believe that
handful of Italian city-states “the Miss America Pageant is, essentially, the reenactment
of a slave auction” or that “King Kong” is a rape fantasy
went over to his side. Roman where “the huge black creature wants the defenseless
white woman so badly he is willing to die for her”?
You’ll Miss Fossil Fuels When They’re Gone Perhaps. In “Theatre” (2010) Mr. Mamet observed that
great drama leads us from “a supposedly understood
By Allysia Finley for a quarter of global wheat this past year as demand in- sutures, food containers, fur- first principle to its astounding and unexpected con-
exports. Wheat prices last creased. In 2018 the American niture and plastic drinking clusion.” But playwrights also know how to put on a show,
W hat would a world month hit a record. While Chemistry Council estimated straws. Progressives in places and the more shocking the conclusions, the more attention
without oil and gas Americans will have to pay that 333 chemical-industry like Seattle and San Francisco a show gets.
look like? We’re get- more for cereal and pasta, Af- projects valued at more than have banned single-serve
ting a preview: surging prices ricans could experience severe $200 billion had been an- plastic straws. Yet they man- This is not to say that Mr. Mamet is disingenuous. He is
for food and other everyday food shortages. nounced since 2010. dated face masks, which are clearly worried about how easily young people give up basic
goods. Oil and natural gas made from the same raw ma- freedoms. He is concerned about the dogmatic irrationality
aren’t needed to only gener- At the same time, food With so much gas from terial. Surgical masks are now of transgenderism and antiracism. In one essay, he skewers
ate energy. They’re also criti- manufacturers report that the shale fields, the U.S. in 2015 among the most common the idea that whites are guilty of racism simply by being
cal for an array of products cost of plastics for containers became the world’s top ex- kinds of litter in California, white. This is a blindly racist assertion, Mr. Mamet
including face masks, diapers and packaging is soaring. porter of ethane, surpassing especially near schools. observes, but it’s one that many white liberals are happy
and vegan leather. Plastics are made from oil and Norway. Ethane exports have to make. Why? Because it allows them to entertain a “sick
natural gas, which are in increased to 508,000 barrels a The inconvenient truth for fantasy of victimhood.” It became “another battle star to
Consider fertilizer, which is short supply globally. day from nothing in 2013 and progressives is that petro- their superiority ribbon, for how might one feel guilty about
produced using hydrogen have become a major feed- chemicals are ubiquitous and abuse of power if one did not have power?” Like the slaves
from natural gas (the mole- Progressives may stock for petrochemical plants indispensable. Replacing oil before them, contemporary liberals also suffer at the hands
cule CH4). Natural gas ac- loathe oil and gas, but in Canada, China, Europe and and gas as an energy source of their slave-owning forefathers—they are rendered
counts for about 75% to 90% modern life doesn’t India. poses enormous technological “genetically inferior” by guilt.
of fertilizer production costs. work without them. challenges. Replacing them as
Russia and Belarus are large One little-appreciated fact a product feedstock would be He also laments the increasing heavy-handedness of
producers, and uncertainty Hydrocarbons known as is that some cheap plastic next to impossible. As much Hollywood and Broadway, where audiences are subjected to
about sanctions has reduced natural-gas liquids are used as products imported from as progressives loathe fossil “hectorings called dramas.” “Tourists may come to New
their exports. But skyrocket- feedstock for petrochemical China are made from ethane fuels, they can’t live without York to see musicals and enjoy the pageant,” he writes.
ing natural-gas prices in Eu- plants. Ethane (C2H6) is iso- fracked in the U.S. Overseas them. Drive an electric car or “But who would devote his vacation to sermons?”
rope have also pushed fertil- lated from natural gas and petrochemical plants also use ride a bike? Streets are paved
izer producers such as then processed into ethylene, the petroleum-based hydro- with asphalt, which is made The problem is not politics per se but a paranoid
Norway’s Yara and Hungary’s which is converted through a carbon naphtha as a feed- from petroleum bitumen. The didacticism. Mr. Mamet’s own plays have always been
Nitrogenmuvek to curtail pro- chain of chemical reactions stock. Russia is a major ex- cost of asphalt, by the way, is political and have become increasingly so since at least
duction. Some suspended op- into polyethylene—the most porter of naphtha, but also soaring in tandem with “November”—a scathingly funny rendering of a day in the
erations last fall when Russia common plastic in use today, fracking has made low-cost oil prices. life of an American president that opened on Broadway in
slowed natural-gas deliveries. found in shopping bags, water American ethane more glob- 2008. Almost every critic panned “Bitter Wheat,” his 2019
bottles, catheters and even ally competitive. Russia’s invasion of play on Harvey Weinstein. It was too soon, the critics said,
As a result, fertilizer prices bulletproof vests. Ukraine has highlighted how too much of a farce, too David Mamet. The real problem,
last month hit a record. Many Another common byprod- even a modest decline in the it seems, is that it didn’t sermonize. It has been woefully
farmers are scaling back land U.S. shale fracking pro- uct of natural-gas processing supply of oil and gas can send misunderstood.
in cultivation. Some say they duced a gusher of natural-gas and oil refining is polypropyl- prices for energy and raw ma-
plan to use less fertilizer, liquids including ethane. As a ene. There’s a good chance terials soaring. Government The title of this collection might at first suggest that this
which could reduce crop result the cost of plastic feed- you’re wearing something policies that restrict oil and is Mr. Mamet’s exit hymn—a recessional to his work on
yields. Others are switching stock plunged and petrochem- with polypropylene. It’s in gas production won’t only in- stage and film. He is 74. But it turns out the book is named
from planting corn and wheat ical investment exploded. Eth- iPhone cases, fitness apparel crease energy prices. They after a Rudyard Kipling poem, which includes the following
to soybeans, which require ane prices today are about and female sanitary products. will raise prices and lead to lines: “Lo, all our pomp of yesterday / Is one with Nineveh
less fertilizer. half of what they were in Early in the pandemic, Exxon shortages across the economy. and Tyre! / Judge of the Nations, spare us yet, / Lest we
2011, though they crept up Mobil tapped its petrochemi- Welcome to the wonderful forget—lest we forget!”
The fertilizer shortage cal supply chain to ramp up world without oil and gas.
couldn’t have come at a worse polypropylene production for In “Recessional,” Mr. Mamet hopes that America, too,
time. The war is disrupting face masks. Ms. Finley is a member of will be spared and will rise from its political and cultural
grain shipments from Russia the Journal’s editorial board. decadence, however unlikely that seems.
and Ukraine, which account Polypropylene is also often
used in appliances, medical Mr. Mattix is a senior editor at the Spectator World.

For Mental Illness, Make Pills a Last Resort

By Erica Komisar drugs—has failed. been exhausted. Why is ther- therapeutic treatment as part
Doctors prescribe these apy instead often a last resort of my training as a psychoana-
Y ou’ve probably heard for patients? In part because it lyst. This is a critical part of
that anxiety and depres- medications as a quick fix. is uncomfortable. Some pa- training, so that practitioners
sion are “brain disor- But the pills merely mask the tients temporarily become don’t risk exposing patients to
ders” that must be treated patient’s emotional pain. more symptomatic when they their own psychological con-
with psychotropic medication. Some medications come with expose themselves to the ori- flicts. But medical schools
That’s closer to a pharmaco- serious side effects and are gins of their pain. This tempo- don’t require it of psychia-
logical marketing slogan than extremely difficult to quit. In rary pain is necessary for long- trists, and many short-term
settled science. These condi- 2020 the Food and Drug Ad- term relief, but it’s easier to therapy clinicians have never
tions, along with ADHD and ministration issued a warning numb with pills. been in any kind of substantial
addiction, result from trauma, about a class of drug fre- mental-health treatment.
loss, psychosocial stressors quently prescribed for anxi- Therapy is also expensive.
and failed relationships. Even ety: “The current prescribing Even if a patient does get a There are no shortcuts to
when there is a genetic pro- referral to a therapist, it will treating mental illness. Insur-
clivity to severe mental ill- Psychiatrists and even likely be a cognitive behav- ance companies should be
ness, such as bipolar disorder internists are often far ioral therapist who focuses on pressured into covering treat-
and schizophrenia, the envi- too eager to medicate symptom relief rather than ments that work. Patients
ronment plays a central part their patients. the underlying causes. The have to be consumers and say
in triggering the disease. rise in CBT therapy came out no to medication as a first
information for benzodiaz- of insurance companies’ de- course of treatment unless
Roland Kuhn, the Swiss epines does not provide ade- mand for a short-term solu- their symptoms are severe.
psychiatrist who discovered quate warnings about the se- tion to the expensive problem Doctors must acknowledge
one of the first antidepres- rious risks and harms. . . . of treating mental health. CBT that medication can be risky
sants, imipramine, in 1956, Physical dependence can oc- has an important role to play and have severe iatrogenic ef-
later warned that many doc- cur when benzodiazepines are in treating some obsessive fects. Medication should only
tors would be incapable of us- taken steadily for several days disorders and post-traumatic be used for serious clinical
ing antidepressants properly to weeks, even as prescribed.” stress disorder, and with pa- conditions, or only after ev-
“because they largely or en- tients who are extremely non- erything else has been tried
tirely neglect the patient’s Medication can be a god- verbal and lack the capacity and failed.
own experiences.” He was send in the right context. But it for deep introspection. But
right. As a psychoanalyst, I is risky and should be offered it’s being used as a go-to ther- Ms. Komisar is a New York
often see patients who come only after nonmedical options, apy for anxiety and depres- psychoanalyst and author of
to me after medication pre- such as psychoanalysis, have sion, moving patients further “Chicken Little the Sky Isn’t
scribed by psychiatrists—and from the root causes of the Falling: Raising Resilient Ado-
even internists, who have no illness. lescents in the New Age of
specialization in psychotropic Anxiety.”
I was required to undergo

A16 | Tuesday, April 5, 2022 * * THE WALL STREET JOURNAL.

OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Consequences of War Crimes The Undiminished Pleasures of Driving Stick

T he scenes of murder and mass graves Russian defense officials and officers respon- Faith Bottum writes of a few rea- The second-hardest thing I’ve ever
from Bucha and other towns and cities sible from the general staff down to company sons to commend a stick shift (“The had to do is to put my father in a
in Ukraine are shocking the world, and commanders. Dying Art of Driving a Stick Shift,” op- nursing home. The hardest was learn-
ed, March 28), such as lower cost and ing to drive a stick shift.
we hope they linger in mem- Russian officers should In a famous case from less theft, largely because there are
ory for longer than a TikTok World War II, Japanese gen- few people left in North America who CECILY FRANKLIN
know how to operate one. I would em- Pittsburgh
video. The war crimes on be named, starting eral Tomoyuki Yamashita was phasize the pure joy of the human-ma-
prima facie display should un- with the general staff. tried by an American military chine interface, where driver and vehi- I take issue with a few points in
derscore the West’s resolve tribunal for war crimes com- cle become one. There is a magic and Ms. Bottum’s op-ed. For one thing,
satisfaction with a perfect shift. three-speed manuals with a shifter
that they can’t go unpunished. mitted by troops under his mounted on the steering column—
On the other side of the automatic “three on the tree”—haven’t been
President Biden added his command in the Philippines. transmission lies the next step in the sold for decades. Modern manuals
evolution to complete passivity: the have between five and seven gears.
outrage on Monday by repeating his charge that His defense was that he didn’t order his troops driverless vehicle. I worry that we Six is most common.
are becoming entranced by the
Vladimir Putin is “a war criminal” who should to commit such acts and wasn’t aware they screen, and losing the capacity to be While it’s true that only 1% of U.S.
physically engaged with the world. cars are manual, Europe is nowhere
be put on trial. He called for an investigation, were committed. The court nonetheless held The stick allows that, for the vehicle near 80%. Contrary to Ms. Bottum’s
is useless absent a human exerting claim that manuals are more efficient,
which is already underway at the U.S. State De- him responsible for the war crimes of his subor- his or her will upon its heft. I will not modern automatics deliver better fuel
relinquish that affirmative command economy because they shift more effi-
partment and the International Criminal Court dinates. His appeals for clemency were rejected for as long as I am able. ciently and have more gears, typically
between eight and 10. This is seen by
in the Hague. But now that Mr. Biden and other all the way up to President Harry Truman, and DAVID KAREKEN comparing manual and automatic
Indianapolis fuel-economy performance on EPA
leaders are calling out the crimes, they have to Yamashita was hanged. tests. And the Europeans, who pay at
In 2008 my high-school-senior least twice as much as we do for fuel,
do something or the world will see that such A war crimes investigation needn’t start daughter drove a Toyota MR2, a very have noticed. Moreover, electric cars,
cool two-seater runabout convertible which are slowly creeping into the
brutality leads to momentary outrage but noth- with Mr. Putin, and it might be better if it with a small engine and a manual five- market, are inherently automatic.
speed transmission. It was the perfect
ing more. didn’t. The war is continuing, and the impact car for a 17-year-old girl. Here’s why: Finally, Mario Andretti wouldn’t
have any logging trucks stacked up
The scenes are widespread enough that they might be more significant on Russian morale 1. Studies show the most common behind him, because in addition to
passenger for a teenage-girl driver is knowing how to drive a manual, he
suggest more than the acts of a few renegade if Russian officers know they will be held ac- another teenage girl. Now, the car is knows how to pass on back roads.
full, no room for a teenage boy. Per-
soldiers or a rogue squad or company. Bodies countable. Start at the top with Sergei Shoigu, fect from a Dad point of view. CSABA CSERE
Golden, Colo.
are strewn up and down streets, some shot in the Army general who has been minister of 2. For the occasional teenage boy Mr. Csere was editor in chief of
who did get in the car, and then asked Car and Driver (1993-2008).
the head with their hands tied. Reports of rape defense for a decade. Then move down “Can I drive it?,” the teenage girl
would respond, “Can you drive a stick? The most important advantage of
are widespread. through the ranks of officers who have served (Awkward pause.) “Well then, no.” the stick shift? It engages the driver
more directly with the car’s engine
Survivors say that Ukrainian officials who in Ukraine, starting with those who com- Q: What is the most humiliating and power, giving the driver better
experience for a teenage boy? control of the car. This enhances the
refused to cooperate with Russians occupying manded troops in the regions where war experience and pleasure of driving.
A: To be driven around by a girl. Driving a car without a manual trans-
their towns were shot. Russians reportedly kid- crimes were committed. Again, Dad finds this perfect. mission is like drinking fine wine
When she went off to college, we from a paper cup.
napped the mayor of the village of Motyzhyn The indictments should name individuals sent her in a tank with an automatic
transmission. ROBERT M. LEVIN
on March 23, along with her husband and son, and the specific crimes that occurred in the ar- Boston
BRUCE ANDERSON
and all three bodies were discovered in a well eas under their command. The names and Houston

on Saturday. Graves in Bucha hold dozens of charges, once announced, are sure to become

bodies of civilian non-combatants, and aerial known to the Russian forces. Perhaps it will

photos show evidence from before the Russian concentrate minds about the dirty war they

departure from Bucha. have been asked to prosecute and the trouble

These are all clear violations of the laws of Mr. Putin has put them in.

war as understood by longtime custom. The in- This may also be a prosecution better done

vestigations should pinpoint responsibility as by Europeans than by the U.S. They are the peo-

much as is possible given the wartime exigen- ple most acutely threatened by the war, and Mr.

cies. That doesn’t mean only looking to see if Putin would only be too happy to turn this into

certain soldiers carried out the acts or if indi- a Russo-U.S. fight. What matters is that the war

vidual officers gave the commands. crimes in Ukraine are investigated and, no mat-

The widespread marauding suggests a ter the difficulty in prosecuting them, at least

general breakdown in military order that is a diligent, determined effort is made to render

the responsibility of officers whose men are justice so the world can see that Mr. Putin’s

under their command. That means holding brand of war can’t be tolerated.

Carrie Lam’s Hong Kong Legacy Is Our Military Ready for What May Come?

T he death of free Hong Kong was planned sition has been disqualified from holding office, President Biden’s proposed budget As a senator, Mr. Biden famously
in Beijing, but Carrie Lam will go down driven into exile, or arrested. The press has been is hamstringing our defense readiness said, “Show me your budget and I’ll
in history as its chief executioner. On stifled or had its assets seized, and the courts at a time of extreme international un- tell you what you value.” President
Monday she said she won’t seek a second five- can’t be trusted. rest (“America’s Declining Military,” Biden, show us that you support our
year term as the city’s chief executive, but her Review & Outlook, March 30). Despite military’s defense readiness by keep-
legacy is secure. Ms. Lam presided over all of this. Perhaps analysis that the Air Force is the ing the Savannah CRTC open.
she’ll say someday, when it’s safe to do so in ex- least prepared it has ever been, this
A career civil-servant who prospered under ile, that she had little choice given Beijing’s or- administration plans to shut down REP. EARL L. “BUDDY” CARTER (R., GA.)
British rule, she was obliged as governor under the ders. But she could have resigned if she objected the Combat Readiness Training Cen- Washington
city’s Basic Law to preserve the city’s autonomy to the national-security law. It would have been ter (CRTC) in Savannah, Ga.
(“one country, two systems”) that China promised a significant symbolic statement. Or perhaps she “A decades-long decline in Ameri-
after it took control in 1997. She failed utterly. In is a Communist true believer. A $24 million airplane hangar is can military power is an under-appre-
2019 she frightened the public by trying to muscle near completion at the Savannah Air ciated reason the world’s authoritari-
through an extradition bill to subject Hong Kongers Her biggest offense may be that she and other Dominance Center to support Air ans are on the march.” This
to mainland laws and courts. Millions protested Hong Kong officials continue to pretend that Force pilot training. Just last week, statement from your editorial re-
and Ms. Lam backed down. Hong Kong retains its autonomy and indepen- $1.2 million in new technology was minds me of the dark days in World
dent rule of law. Beijing will appoint her succes- installed that isn’t available anywhere War II when the huge British military
But in 2020 she swung the axe when China sor, and repression is now part of the job de- else in the country. presence in Singapore was over-
imposed a national-security law that outlaws scription. At least Ms. Lam’s tenure is a warning whelmed by the Japanese. Much of
dissent, with a maximum penalty of life in to democratic Taiwan about its fate if it suc- That money came from single the blame for the debacle lies with 10
prison. Nearly Hong Kong’s entire political oppo- cumbs to Chinese Communist Party rule. moms, firefighters, teachers and mili- years of British leftists chipping away
tary service members. But we are at the military budgets around the
The Shrinking U.S. Navy throwing it out the window for ad- empire—Singapore, India, South Af-
ministrative convenience. This is ex- rica, Australia, etc. British armed
P resident Biden says he’ll boost defense issues to their engines in 2020, which rendered actly the type of wasteful spending forces were hollowed out and found
spending next year because the world is both ships inoperable,” the Government Ac- that frustrates taxpayers. themselves woefully unable to defend
more dangerous. But the budget details countability Office reported in February. “The themselves abroad when the time
Our military was caught off guard came. The empire depended on the
don’t match his rhetoric, and The Biden budget would Navy terminated both deploy- by Russia’s invasion of Ukraine. China military to enforce its hold on these
Exhibit A is the bleak outlook ments early to perform repairs is on the brink of invading Taiwan, countries and, when it failed to do so,
and the time may come when U.S. the empire collapsed.
for the Navy. The bill for de- build nine ships next on these ships.” troops are needed to secure peace
cades of complacency and ne- year but retire 24. It is tempting to stop abroad. We all hope it won’t happen, HUDSON B. DRAKE
glect is coming due at a dan- but we must be ready if it does. Right Del Mar, Calif.
throwing money down this now, we aren’t.
Saudis Are a Junior Partner
gerous moment, as China hole, but the Navy’s replace- The Savannah CRTC is the most ef-
ficient, heavily utilized CRTC center in I understand the importance of the
ramps up its fleet. ment, a new frigate, is still in the country. It has trained every sin- U.S.-Saudi relationship. But Karen El-
gle F-22 pilot over the past two years. liott House’s suggestion that an
The Navy’s 2023 budget released last week development and years away from entering the American president “seek forgive-
Ask Biden: Do the Words ness” from the Saudi Royal family
asks to purchase nine ships while retiring 24, fleet. Meanwhile, the Navy wants to retire five and mimic China in showing “great
Of a President Still Matter? deference” to the crown prince goes
and you don’t need an advanced math degree to cruisers that each pack more than 120 missile too far (“Biden Needs to Make Up
After this past year, and after With Saudi Arabia,” op-ed, April 1).
understand that will shrink the 298-ship fleet. tubes—serious offensive firepower—arguing reading Karl Rove’s op-ed “Biden’s
Gaffes Grate on Voters” (March 31), it I carry no brief for the Obama and
The Navy’s estimates show the fleet contracting that the 30-plus-year-old ships are so rundown is easy to see why President Biden Biden administrations’ diplomatic
doesn’t take questions on a regular strategy, but Americans should re-
to 280 ships in 2027. A congressional aide tells they’re unsafe. basis. We were told during his cam- member that the Saudis are the ju-
paign that “the words of a president nior partner in our partnership. They
us the Navy is essentially double-counting a ship As the U.S. debates its least-bad options for matter.” Here we are, a couple of can cause us headaches, but that is
years later, and Mr. Biden is even nothing compared with the damage
Congress already authorized, so at eight new managed decline, China is laying hulls. The chart walking that back. the withdrawal of Western oil-field
technology, financing and diplomatic
ships the Navy adds one for every three it would nearby illustrates how China’s fleet will soon Americans are supposed to pretend cover can do to them. To the crown
that we didn’t hear the things Mr. Bi- prince: When a U.S. president calls,
scrap. dwarf the U.S. Navy. No den said in regard to a regime change you pick up the phone.
Meanwhile, the Battle Force Ships in the U.S. Navy and Chinese in Russia and troops being deployed
Navy’s top officer has Navy, 2005-2030 matter, some say, since to Ukraine. Instead of asking the MICHAEL A. WOOD
president tough questions about this, Fort Worth, Texas
U.S. ships are more ca- many in the mainstream media get
mad at Fox News’s White House cor- Pepper ...
said that a Navy capa- PLA Navy US Navy pable. But quantity is respondent, Peter Doocy, for asking And Salt
the president about his own words.
ble of defeating peer underrated in prevent-
adversaries like China 500 Battle Force Ships BRANDON LAYMAN
ing wars and surviving Fort Myers, Fla.

needs about 350 ships 450 them if they start. The
and another 150 un- Pacific isn’t the world’s

manned or lightly 400 only water to police.

manned vessels, for a The U.S. Navy has been
total of 500. A reason- 350 spending less time in

able observer may 300 the Black Sea in recent

wonder how the Navy years, according to one
plans to grow by get- 250
analysis, and Vladimir

ting smaller. 200 Putin may have priced
The truth is the that into his Ukraine
2005 '10 '15 '20 '25 '30 invasion calculation.
Navy finds itself with-
Note: 2021-2030 are estimated THE WALL STREET JOURNAL
out the resources to Source: Tom Shugart, Center for a New American Security; Congressional Congress last year Judge Jackson’s Originalism
expand its fleet or sus- Research Service; Department of the Navy intervened to buy more
I’d like to talk to anyone who
tain its current ships, ships, and it will need thinks Judge Ketanji Brown Jackson
is an originalist (“Ketanji Brown Jack-
and some of its inventory is ill-suited for the to come to the rescue again. Promising ideas for son and the Triumph of Originalism”
by Randy Barnett, op-ed, March 25). I
next fight. The Navy wants to retire nine littoral making the most out of ships in the water: Out- have several bridges for sale.

combat ships, arguably the service’s biggest ac- fitting the littoral combat ships with the long- CHUCK MCGEE
Moultonborough, N.H.
quisition failure of all time in a crowded field. range Naval Strike Missile, or tying up the poor

As usual with these Pentagon disasters, the ad- old cruisers to do air defense over Guam.

mirals and civilians responsible have long since But the Navy’s proposal to retire two dozen

left the building. ships to save $3.6 billion over five years—a tiny

The littoral ship designed to operate in shal- fraction of the service’s budget, as Democratic Letters intended for publication should
be emailed to [email protected]. Please
low waters has struggled to carry out any useful Rep. Elaine Luria has pointed out—suggests the include your city, state and telephone
number. All letters are subject to
mission. One marked for retirement was com- institution lacks a strategy as well as money. editing, and unpublished letters cannot
be acknowledged.
missioned less than two years ago. The USS De- Americans have grown accustomed to peaceful

troit and USS Little Rock, slated for early retire- seas over the past 70 years, but that luxury will “We can determine your child’s
IQ and student debt load.”
ment, “both experienced major propulsion fade if the U.S. Navy does.

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | A17

OPINION

Civilian Volunteers Are Ukraine’s Secret Weapon

By Jillian Kay Melchior provide Ukraine with equipment to dish for the people who cannot pay,”

defend itself, and Ukrainian civilians he says. “You want to still feel hu-

H Lviv, Ukraine have sought to compensate. The High JILLIAN MELCHIOR; VOLODYMYR GNATKIVSKIY man.” Exhausted refugees can enjoy
ow has Ukraine stood its Professional and Technical College in a thoughtfully prepared sit-down
ground against Russia’s Vynohradiv usually produces electri- meal. Mr. Klopotenko says the res-
larger force? Part of the cians, plumbers and other skilled taurant will also enable him to create
answer is that the workers. But since war broke out, it jobs and pay taxes to support the
smaller country has a has served as a small factory, churn- Ukrainian government.

strong civil society. Russia has delib- ing out defensive equipment. As we speak, star-struck diners

erately slaughtered Ukrainian civil- In early March, students welded hug Mr. Klopotenko and take photos

ians, including by bombing apart- together “hedgehogs”—heavy barri- with him. He sees his fans as fellow

ment buildings, medical facilities and ers that look like toy jacks and can foot soldiers: “We have two armies—

shelters where children sought ref- block tanks. The week I visited, our military, and we are an army.”

uge. Ukrainians responded with vol- teachers were recycling leaf springs Locals have donated ingredients and

unteer efforts that have made impor- from cars into plates for bulletproof cash to support the free menu, and

tant contributions to the country’s vests. They researched how to make others stop in to buy extra desserts,

defense. them online, then tested them for asking the waiters to give them to

quality by shooting at them. The someone in need.

The strength of its civil first three batches failed and were The Ukrainian volunteers I inter-

thrown away, but the latest model Chef Ievgen Klopotenko cooks for refugees in Lviv; antivehicle (in foreground) viewed said their civic work wards

society is disproving can block a bullet from standard and antitank ‘hedgehogs’ at a warehouse in Vynohradiv. off despair and boosts national mo-
Russian weapons. rale. Soldiers at the frontline can
Putin’s claim that Ukraine
When the test succeeded, the anthem over it. Internal refugees I interviewed said rest assured that someone is looking

isn’t a real nation. school’s director, Volodymyr Gnat- “The front can’t exist without its they fear becoming a burden, so after their wives and children.

kivskiy, 58, said he felt “no emo- backside, without civil society,” says they have thrown themselves into Today’s volunteer movement be-

tions, just a feeling that it works. If Sofiya Filonenko, 47, who fled the volunteering. gan to form in 2014, after the pro-

it works, you should do it as much eastern port city of Berdyansk on the One of them is Serhii Hnylytskyi, Russian then-President Viktor Yanuk-

When Russian troops were mass- as possible.” Teachers stacked the first day of war. Now in Lviv, “I see 48, who fled Kharkiv with his wife and ovych responded with brutality to

ing across the border, Ukrainian ci- finished plates, each weighing some that everybody is doing something, daughters. The women have contin- young protesters gathering in Kyiv’s

vilians met during weekends to learn 22 pounds, in a tidy row in their something useful. Everyone wants to ued to Germany, but with few excep- Maidan Square to demand political

how to administer battlefield first warehouse. be active. . . . I don’t want to identify tions Ukrainian men 18 to 60 are pro- and economic integration with Eu-

aid, how to handle a weapon and Elsewhere, civilians have gathered myself as a refugee. I’m not a victim. hibited from leaving the country. Mr. rope. The demonstrations swelled as

other basic wartime skills. Many to weave camouflage nets by hand I think I’m actually not weak but Hnylytskyi volunteered in Lviv to help violence galvanized the public.

have joined the fight as part of the for soldiers on the frontline. They cut strong, active, and I think of me as a new arrivals from the east. Since our Kyiv residents brought protesters

Territorial Defense, where they are short and long strips of fabric, which volunteer, so I do everything I can to interview, he has returned to Kharkiv food, fuel for fires, and tires to build

“a great help to the regular military,” they call “butterflies” and “snakes” make our victory closer.” to help clear rubble. “Someone helped barricades. Doctors and nurses

former Defense Minister Andriy respectively, and tie the ribbons to The war has displaced as many as me, and I am helping someone else,” feared injured protesters would be

Zagorodnyuk says. With only “very nets. Each takes a day or longer to 1 in 4 Ukrainians. In the early he says. “That’s the way it is.” arrested if they showed up at hospi-

basic training,” they have helped complete. In Uzhhorod, I saw moth- weeks, families in western Ukraine In late March, Ukrainian celebrity tals, so they formed makeshift clin-

build barricades, patrol roads and ers and their young children working took in those forced to flee. Workers chef Ievgen Klopotenko, 35, opened ics. The protests culminated after Mr.

territory, and even attack Russian on them in the town square. In Lviv, at schools, libraries, gymnasiums Inshi, his newest restaurant, in Lviv. Yanukovych fled to Russia in Febru-

convoys and capture enemy soldiers. volunteers told me they bless each and other institutions converted There are two menus: one for paying ary 2014, but by then dozens had

The U.S. and Europe were slow to finished net by singing the national their spaces into makeshift shelters. customers and another with a “chef’s died after riot police opened fire into

the crowd. In the weeks that fol-

Disney Decides to Go for Woke lowed, Vladimir Putin invaded east-
ern Ukraine and annexed Crimea.

By that point, Ukrainian civilians

felt emboldened. Some Maidan

who, after transitioning, became the subscribe to the mandatory proposi- “White supremacy” is imputed to all alumni joined volunteer battalions to

most successful circus act of all time, tion that there is no such thing as bi- white people, and only those who fight in the eastern provinces of Do-

easily surpassing in aerial agility all ological sex. own up to it can begin the long jour- netsk and Luhansk. Some donated

FREE the cisgendered females. It’s the same with race. Even a de- ney toward eradicating it. In this money, bought medical and military

EXPRESSION Before admission to Disney World, cade ago we all knew what bigotry now-dominant view, race is now in- equipment, and ferried it to the front

By Gerard Baker every 5-year-old should be required looked like. A white supremacist was deed the defining characteristic of line. Others focused their efforts on

I f executives of the Walt Disney to sit through a day-long induction someone who believed that race was humans—the determinant of every rooting out corruption and promot-
Co. are serious about tackling program on the full rainbow of sex- the defining characteristic of hu- individual’s moral condition. ing democratic reform in Ukraine.
the endemic poison of cisgen- ual and gender possibility. Then, duly mans and the determinant of their
re-educated and LGBTQIA2s+ accred- ability, and that white people were So, instead of striving to be a tol- Ukrainians have spent the past
erant society, we are now directed to eight years strengthening their abil-

dered-white-patriarchal ideology in ited, interrogated to protect the pub- inherently superior. (I always found become the very opposite. This intol- ity to govern themselves, and a vi-

our wicked society, it’s high time lic against any lingering vestige of it self-refuting that the white people erant place—where any risk of genu- brant civil society is proving to be a

they revisited their enormous back- prejudice, and carefully inspected for who articulated this view always ine intellectual diversity, indepen- significant advantage in the war

catalog of works that have pro- the removal of offensive items such seemed to be among the lowest dent thought or the rights of parents against Russia.

moted this pernicious propaganda as “princess” costumes, they will be forms of intelligent life on the to instruct their children—evidently

for too long. permitted to proceed through the planet.) needs coercive policing by institu- Ms. Melchior is a Journal editorial

It is not enough to start making turnstiles into an ideologically com- But “bigotry” has been redefined. tions wearing Mickey Mouse ears. page writer.

movies that reflect and celebrate our pliant theme park that will really be

modern sexual mores, as we have the Happiest Place on Earth.

learned lately is their intent. They It’s easy to mock, but when a

need to make urgent reparations for company whose products have enter-

the pollution they have poured into tained, enlivened and enriched the

the impressionable minds of young lives of billions of children and their

children over the first disgraceful parents decides it must take a stand

century of the company’s existence. against the Parental Rights in Educa-

tion Bill, what does it expect? By

Is opposition to parents’ joining in the campaign to distort

the objective of Florida’s new law,

rights really the hill for a defame the people behind it, and de-
prive parents of the right to deter-
children’s entertainment mine whether their children as
young as 5 should be taught about
company to die on? sexual orientation or gender identity

in the classroom, Disney executives

invite something much worse than

I would recommend establishing a ridicule. They risk placing them- INTRODUCING

large team of young managers, re- selves on the side of a small minority
cent graduates in critical gender of unrepresentative ideologues who
theory from our most selective uni- are trying to remake the relationship

versities, all thoroughly trained in between children, their parents and ‘FREE EXPRESSION’
enforcement techniques used in cor- their teachers.
porate diversity, equity and inclusion
The larger problem Disney’s duti-

programs and dedicated to eliminat- ful obeisance to the noisy extremists

ing every noxious hint of gender ri- represents is the way in which those With Gerard Baker
gidity from the company’s output. who seek to control our culture are

The work will be arduous because redefining a central element of dem-

the damage is vast. From “Lady and ocratic pluralism—what it means to

The Tramp” and “Snow White and be an open and tolerant society.

the Seven Dwarfs” to “The Lion I am sure there is no shortage of In a new weekly podcast, WSJ Editor-at-Large Gerry Baker
King,” the very titles of these repug- bigots in this country and elsewhere speaks with some of the world’s most in luential people.
nant efforts at juvenile indoctrina- with malevolent views about minori-

tion are throwbacks to an age of ties, people who would deny basic hu- From P izer CEO Dr. Albert Bourla to former Attorney General
prejudice, stereotyping and the study man rights to people of a certain sex- William Barr, Baker’s lively interviews give context to the
of human biology. ual orientation or those genuinely

Perhaps the smart people in the ambivalent about their gender iden- biggest headlines on a wide variety of topics. Listen for free
company’s technology department tity. But most Americans aren’t like wherever you get your podcasts.
might come up with some kind of that. They are sympathetic to the par-

digital book-burning exercise to ex- ticular challenges that these people

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sively binary “One Hundred and One nities available to everyone.

Dalmatians.” That used to be considered, in the

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fairies and, yes, “lost boys”; “Dumbo, ent our culture—to expand the hori-

Preferred Pronoun: She,” the inspir- zons of sexual awareness for every 5-

ing tale of the brave little elephant year-old in the country and

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Silicon Valley Giant Shifts Chiefs Investor
Accuses
Sequoia Capital named a the firm’s mandatory retire- By Heather Somerville, Years of mounting geopoliti- has made enormous returns for
new leader, a rare transfer of ment age of 65. He joined Se- Rolfe Winkler cal tensions and U.S. regula- the fund through investments Morgan
power at one of Silicon Valley’s quoia in 1988 and has led the tions have complicated tech in- in companies including e-com-
most storied venture-capital firm for about the past decade. and Eliot Brown vesting for venture firms with merce platform JD.com Inc., Stanley
firms. Chinese ties, particularly ties to ride-hailing company Didi
Sequoia is known for early the pending change. the Chinese government. In the Global Inc. and food-delivery Of Leak
Sequoia partner Roelof Bo- investments in Apple Inc., In his email, Mr. Leone said past year, scrutiny from both company Meituan.
tha will take on a new role Google and Airbnb Inc., among governments has made it more BY CORRIE DRIEBUSCH
overseeing the firm’s U.S. and other companies. It has more he would continue to be active difficult for Chinese startups to Mr. Shen will continue run-
European funds, the company recently become entangled in the firm and continue to rep- go public on a U.S. stock ex- ning the China operations for An investor accused Morgan
said. In a concurrent note to in- over its growing business in resent Sequoia on a number of change, adding uncertainty to Sequoia, according to the an- Stanley of leaking information
vestors, exiting Sequoia leader China, where it invested in Tik- boards. investing in China. nouncement. Mr. Botha will act about a large sale of shares of
Doug Leone wrote that Mr. Bo- Tok owner Bytedance Ltd. as “senior steward” of the firm, Palantir Technologies Inc., sad-
tha “will set the overall tone The appointment of Mr. Bo- Sequoia Capital China chief the announcement added. dling it with millions of dollars
and oversee the global central- Sequoia shared Mr. Botha’s tha, who got a career boost in Neil Shen has in recent years in losses.
ized functions.” His ascension new role with its investors who 2017 when he was handed re- influenced the firm’s global Mr. Botha assumes Sequoia’s
settles widespread speculation are gathering in London this sponsibility for the firm’s U.S. strategy, along with Mr. Botha top job after a two-year tear Morgan Stanley is at the cen-
over who would assume the job week, people familiar with the operations, comes as Sequoia and Mr. Leone, people familiar during the pandemic that saw ter of a federal investigation into
with the expected retirement of matter said. The change is set tries to navigate its increas- with the matter said. Mr. Shen valuations and venture financ- whether Wall Street banks told
Mr. Leone. to take place in July and was ingly complex relationship with is one of China’s most well- ing reach record highs. Yet the favored clients about pending
announced after The Wall its powerful China affiliate, said known venture capitalists and public-market gyrations and sales, known as block trades,
In July, Mr. Leone will reach Street Journal inquired about people familiar with the matter. that they were hired to carry out
Please turn to page B11 quietly. The investor, Disruptive
Hasbro Technology Solutions LLC, and
Trading Disruptions Percentage of world nickel mine production in 2021, by country affiliated funds on Monday filed
Rejects a demand for arbitration against
Nickel prices on London Metal Exchange* the bank with the Financial In-
Call for $50,000 a metric ton dustry Regulatory Authority, a
copy of which was viewed by
Spinoff 45,000 Market Indonesia The Wall Street Journal.
resumes 37%
BY PAUL ZIOBRO Disruptive alleges that Mor-
40,000 Other gan Stanley and a senior execu-
Hasbro Inc. rejected calls countries tive there leaked information
from an activist investor to 35,000 Philippines Russia New ahead of the fund’s sale of more
spin off its Wizards of the 15% 14% 9.3% Caledonia than $300 million of Palantir
Coast gaming unit and added 30,000 shares in February 2021, result-
two directors to its board, set- 7.0% ing in “tens of millions of dollars
ting up a proxy battle at its in damages.”
coming annual meeting. 25,000 Market Australia Canada China Brazil U.S.
halted The Securities and Exchange
In a letter to shareholders 20,000 Commission and Justice Depart-
Monday, Hasbro Chairman Rich Jan. Feb. March April 5.9% 4.8% 4.4% 3.7% 0.7%
Stoddart said the board evalu- Please turn to page B10
ated a tax-free spinoff of the *Daily prices for three-month contracts. Data through April 1. Sources: FactSet (nickel prices); U.S. Geological Survey via FactSet (production)
unit, which houses properties
like “Magic: The Gathering” U.K. Regulators Launch Probe
and “Dungeons & Dragons,” and
determined that it wouldn’t be Into Breakdown of Nickel Market
in the best long-term interest
of shareholders. BY JOE WALLACE CHRIS J. RATCLIFFE/BLOOMBERG NEWS Roblox

Mr. Stoddart said that a U.K. financial regulators Traders and brokers on the trading floor of the open outcry pit at the London Metal Exchange CEO Jumps
spinoff would diminish benefits launched a review into last
the division gets from Hasbro’s month’s breakdown in nickel senior figures in finance. and brokers were collectively change’s response to the nickel Into Ranks
long standing strategy, known trading and signaled they ex- Another point of contention: on the hook for billions of dol- blowup. However, the FCA said
as the Brand Blueprint, that fo- pect major changes at the Lon- lars owed by Chinese nickel Monday the LME had agreed Of Top Paid
cuses on telling stories around don Metal Exchange to address Some members also sit on the and steel producer Tsingshan that appointing additional in-
its brands to help sell products. what went wrong. boards of, or used to work for, Holding Group after prices dependent directors would im- BY SARAH E. NEEDLEMAN
banks that stood to benefit shot up. prove the skills and composi- AND THEO FRANCIS
Based in Pawtucket, R.I., The Financial Conduct Au- from the decision to cancel tion of its board.
Hasbro also said that it has thority said Monday it will ex- trades. LME Chairman Gay A Standard Chartered The boss of Roblox Corp.
amine the way the LME han- Huey Evans is on the board of spokeswoman declined to com- The FCA and the Prudential received a pay package that
Please turn to page B2 dled the suspension of nickel Standard Chartered PLC. The ment. Regulation Authority, part of the videogame company val-
trading on March 8 and the British lender, JPMorgan the Bank of England that su- ued at $233 million last year,
Retailer market’s resumption a week Chase & Co. and other banks LME officials have said instantly putting him in the
later. The Bank of England, those ties didn’t affect the ex- Please turn to page B11 ranks of the country’s top-paid
Shein Worth meanwhile, plans to review the chief executives, a Monday Se-
operation of the LME’s clear- curities filing showed.
$100 Billion inghouse when the market im-
ploded. David Baszucki, co-founder
BY MIRIAM GOTTFRIED and chief executive officer of
AND CHARITY L. SCOTT The two regulators said Roblox, had received $6.8 mil-
they would look for ways the lion in 2020. Most of his 2021
Fast-fashion retailer Shein LME can improve its gover- package is made up of re-
was valued at $100 billion in a nance, market oversight and stricted stock dependent on
recent funding round, accord- risk management. The LME the company meeting mile-
ing to people familiar with the said it welcomed the reviews stones, a common retention
matter, making the China- and would appoint indepen- tool that underscores how
based apparel seller one of the dent experts to carry out a some executives can end up
world’s most valuable private separate study. with big payouts.
companies.
Following the trade cancel- Please turn to page B4
The funding round, which lation, some traders and
closed last week, raised be- money managers raised con-
tween $1 billion and $2 billion cerns about the makeup of the
for Shein, the people said. Pri- LME’s board. They said it
vate-equity firm General At- lacked commodities know-how
lantic participated in the because it mainly consisted of
funding round, which included
prior Shein investors Tiger INSIDE Family to Slash Its Constellation Stake to 20%
Global Management and Se-
quoia Capital China. BANKING BY WILL FEUER voting control the family GEORGI LICOVSKI/EPA/SHUTTERSTOCK
JPMorgan CEO Jamie holds in Constellation to
Shein declined to comment. The family that controls roughly 20% from about 60%
Shein was valued at roughly Dimon warns of Constellation Brands Inc. has currently. A copy of the letter
$15 billion in 2020, according unprecedented risk to proposed relinquishing major- was disclosed in a securities
to PitchBook Data Inc. ity voting power in the filing Monday.
At $100 billion, the startup the economy. B10 brewer of Corona and Modelo
is worth more than the com- beers. The proposal holds signifi-
bined market capitalizations cant benefits for Constellation The brewer of Corona and Modelo is controlled by the Sands family.
of European rivals H&M Rob Sands, Constellation’s and shareholders, Mr. Sands
Hennes & Mauritz AB and Zara executive chairman and for- wrote in the letter, adding
owner Inditex SA. mer chief executive officer, that the family has held vot-
wrote in a Saturday letter to ing control since the com-
Please turn to page B4 the company that entities pany’s inception. The Sands
connected to the Sands family family collectively holds more
are proposing to exchange than 98% of the B shares of
each Class B share owned for the wine and spirits maker.
1.35 shares of Class A stock.
The move would reduce the Constellation on Monday
Please turn to page B2

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INDEX TO BUSINESSES BUSINESS & FINANCE

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

A GlaxoSmithKline ......... B3 Q FABRIZIO BENSCH/REUTERS
Goldman Sachs...........B4
Advanced Micro Devices Qualcomm ................... B4 Birkenstock says it has an obligation to protect its brand and will make it available only to retailers that maintain its integrity.
.....................................B4 H
Alphabet....................B11 R Birkenstock Pushes Retailers
Hasbro ......................... B1
B HDFC Bank..................A9 Riverview Acquisition
Hertz Global ........ B4,B11 .....................................B3
Birkenstock ................. B2 Roblox..........................B1
Block............................B3 I Roche...........................B3
Boeing ......................... A2
BP................................A1 Inditex ......................... B1 S
ByteDance.................A11 Intel ............................. B4
Sequoia Capital...........B1
C J Shein ........................... B1
SoftBank ................... B10
Cal-Maine....................B4 JPMorgan Chase..B1,B10 Space Exploration
China Evergrande......B11
Clorox .......................... A2 K Technologies.............A2
Coinbase Global........B11 Standard Chartered....B1
Constellation Brands..B1 KKR..............................B4 Starbucks ..... A1,B11,B12
Credit Suisse.............B10 Kraft Heinz.................A2
Kroger..........................B4 T
D
L Target .......................... B4
Discovery.....................B4 Tesla ..A1,A2,B4,B11,B12
Disruptive Technology Luckin Coffee............B12 Tokio Marine.............B10
Tsingshan .................... B1
Solutions...................B1 M Twitter....A1,A2,B11,B12

E Mephisto ..................... B2 U
Meta Platforms
Eli Lilly........................ B3 ...................... A2,B11,B12 Union Pacific...............A3
Endeavor ..................... B4 Morgan Stanley..........B1
V
F N
Veoneer ....................... B4
Ford Motor................B12 Netflix ....................... B11
Novartis.......................B3 W
G
P Walmart ...................... B4
Geely Automobile.......B4 Westrock Coffee.........B3
General Mills .............. A2 Palantir Technologies.B1
General Motors.........B12 Pensando Systems.....B4 Z
Pfizer...........................B3
Procter & Gamble.......A2 Zhejiang Geely............B4

INDEX TO PEOPLE To Stop Offering Copycats

A H R BY SUZANNE KAPNER sandals that his company has the original,” she said. Zappos alikes, said Megan Bannigan, a
Haley, Conner..............B2 sold for more than two de- declined to comment. partner at the law firm Debev-
Agrawal, Parag...........A2 Hamren, Elizabeth......B2 Roland, Emily............B11 Birkenstock, whose popular cades, because they look too oise & Plimpton LLP, which de-
Ross, Eric....................A2 chunky sandals spawned many similar to Birkenstock’s Ari- Companies from Nike Inc. fended YSL in the Louboutin
B J copycats, is pressuring retail- zona style. Representatives for to Chanel SA go to great case but isn’t involved with
Jain, Prem...................B4 S ers to stop selling similar the other footwear brands lengths to protect their brands Birkenstock’s efforts. “There
Basilio, Paulo..............A2 Jorgensen, Blake ........ B2 styles from other brands, ac- didn’t respond or had no com- from copycats. Nike stopped have been so many copycats
Baszucki, David...........B1 Samuelson, Adam.......B4 cording to people familiar ment. selling directly to Amazon.com out there for years, it could be
Botha, Roelof..............B1 K Sands, Richard............B1 with the situation and emails Inc. in 2019, and Chanel has hard for Birkenstock to show
Bowman, Max.............B4 Kassam, Altaf...........B11 Scherr, Stephen..........B4 viewed by The Wall Street A spokesman for Birken- sued luxury consignment re- that they have been using
Schulten, Andre..........A2 Journal. stock Group B.V. & Co. said tailer The RealReal Inc. over some of these designs exclu-
D L Schultz, Howard retailers are making the deci- alleged counterfeits. sively,” she said.
Leone, Doug................B1 ...................... A1,B11,B12 Some retailers, including sion about what to sell on
Dimon, Jamie............B10 Shen, Neil....................B1 Nordstrom Inc. and Zap- their own. He added that In 2011, Christian Louboutin The Birkenstock spokesman
Dorsey, Jack................A1 M Shmulik, Mark .......... B12 pos.com, stopped carrying Birkenstock has an obligation SA sued Yves Saint Laurent said the company has been
Modi, Nik .................... A2 Shufu, Li......................B4 some of the styles, which are to protect its brand and will over a monochromatic red successful in defending its
E Musk, Elon Stoddart, Rich.............B1 sold by brands such as Me- make it available only to re- shoe that Louboutin said vio- trademarks.
........... A1,A2,B4,B11,B12 phisto, Naot, Freedom Moses tailers who maintain its integ- lated its trademarked red
Emanuel, Ari...............B4 W and Viking Sandals, the people rity. soles. A federal appeals court Founded in 1774 by German
N said. ruled that Louboutin’s soles brothers Johannes Birkenstock
F Narasimhan, Vas.........B3 Wieser, Brian............B12 Tacey Powers, Nordstrom’s are protected—but only if the and Johann Adam Birkenstock,
“This is competitive bully- general merchandise manager entire shoe isn’t red. the brand became known for
Fink, Larry.................A10 P Z ing,” said Rusty Hall, chief ex- for shoes, said the depart- its sandals with a cork-latex
Ford, Scott..................B3 Passi, Pawan.............B10 ecutive of Mephisto USA. “We ment-store chain is eliminat- Birkenstock’s footbeds are sole and an orthopedic foot-
Zaslav, David .............. B4 haven’t infringed on any de- ing duplication. “We always trademarked, and it holds sev- bed secured by leather straps.
G sign patent.” Mr. Hall said try to be thoughtful about eral design patents on newer For many years the brand was
shoes that closely resemble an styles, according to the U.S. more popular with nature
Gelsinger, Pat ............. B4 Nordstrom and Zappos re- iconic style, especially when Patent and Trademark Office. watchers than runway watch-
Greensill, Lex............B10 cently canceled orders for Me- we know our customers love ers.
phisto’s Harmony and Hester Nevertheless, it might be
Brewer itate any specific corporate difficult for it to police look-
Revisits transaction. Class B shares
Its Control convey 10 votes apiece while Tom Brady Joins Business Advisory
Class A shares convey one,
Continued from page B1 giving the family greater in- BY CHIP CUTTER made a career of advising cor- mance, and teamwork.” A rep- His best-known venture is
confirmed receipt of the pro- fluence on matters requiring AND ANDREW BEATON porate leaders. He resigned as resentative for Mr. Brady de- his wellness brand, TB12
posal that would transition shareholder votes such as Teneo’s CEO and chairman and clined to comment. Sports, where he partners with
the company to a single-class mergers and acquisitions. Tom Brady has a new posi- apologized after behaving inap- Alex Guerrero, a health and
share structure. The deal tion: partner at a business advi- propriately with people at a ce- Mr. Brady’s off-the-field in- training guru who has worked
would have to be approved by Mr. Sands was the third in sory firm. lebrity-filled event hosted by terests have grown during the closely with Mr. Brady for
a special committee of inde- his family to lead the Victor, the charity Global Citizen in sunset of his career. For a brief years. Mr. Guerrero was fined
pendent Constellation board N.Y.-based company and in The National Football May 2021. moment, it appeared that they by the Federal Trade Commis-
members and a majority of 2019 handed the leadership League star is listed as a part- would become his entire pro- sion, which alleged that he
Class A shareholders that reins to one of his lieutenants, ner on the website of a new Consello says it advises cli- fessional future. He said he was made false claims about the
don’t hold Class B stock. Bill Newlands. His father company run by Declan Kelly, ents on mergers, business de- stepping away from playing benefits of his alternative-med-
Marvin Sands in 1945 bought who resigned as chief executive velopment and digital curren- football earlier this year. But icine products. Mr. Brady has
The letter said the family is Canandaigua Industries, a of consulting firm Teneo in cies, among other matters, and the quasiretirement of the 44- also expanded into media and
pleased with the company’s company with eight 2021 after behaving inappropri- has an investment business. year-old, who has won seven fashion. He has a brand of
success under the first non- employees that sold bulk wine ately at a charity event. He Consello and Mr. Kelly didn’t Super Bowls, didn’t last long. clothes. He co-founded an NFT
family CEO, adding “We be- in barrels to East Coast bot- started his new firm, called respond to requests for com- Just 41 days after calling it business, Autograph, where he
lieve that a declassification tlers. Canandaigua Wine Com- Consello LLC, later that year. ment. quits, he said in March that he has joined with other sports
will help the Company con- pany Inc. went public in 1973 would return for another sea- stars such as Tiger Woods and
tinue in its growth, and that and was renamed Constella- Mr. Kelly, who drew notori- Consello’s site says that Mr. son with the Tampa Bay Bucca- Naomi Osaka.
our stockholders would over- tion in 2000. ety for appearing to fall asleep Brady has mastered the skills of neers.
whelmingly support the pro- at the 2020 Super Bowl, has “leadership, strategy, perfor-
posed transaction.” His brother, Richard Sands,
served as Constellation CEO
The Sands family said the from 1993 and 2007 and
proposal wasn’t made to facil- remains as executive vice
chairman.

Shares in Constellation fell
1.7% on Monday. The shares
are about even over the past
year, compared with a 14%
gain in the S&P 500.

Hasbro BENNETT RAGLIN/GETTY IMAGES FOR REEDPOP
Rejects Call
To Split

Continued from page B1 The maker of Dungeons & Dragons said a spinoff of its Wizards of the Coast gaming unit wouldn’t be
in the best interest of shareholders. Above, fans playing the game at Comic Con in New York last year.
added two executives with
technology and gaming exper- Hasbro segment revenue cerns about the company’s in-
tise to its board. The new di- sular and ineffective corporate
rectors, Elizabeth Hamren, $2.0 billion governance,” Mr. Haley said.
chief operating officer of Dis-
cord Inc., a chat startup popu- 1.5 Entertainment Mr. Haley said the firm had
lar with gamers, and Blake Jor- Wizards of proposed a settlement that
gensen, former finance chief 1.0 The Coast & would add one Alta Fox nomi-
and chief operating officer at Digital Gaming nee to the board and another
videogame maker Electronic 0.5 mutually selected director. “The
Arts Inc., were appointed to the Consumer board’s desire to continue oper-
board last week. 0 ’21 Products ating Hasbro like a family busi-
ness is a flashing red light for
The hedge fund Alta Fox 2020 ject the firm’s nominees. “We change and an obvious indica-
Capital Management LLC dis- believe Hasbro’s decision to ini- tor that shareholder-appointed
closed its proxy battle in Febru- Source: the company tiate what appears to be a de- directors are needed at the
ary. Chris Cocks began his ten- fensive and reactionary expan- company,” he said.
ure as chief executive Feb 25. duction house that also owned sion of its board validates
Mr. Cocks had previously led Peppa Pig. shareholders’ significant con- In a filing Monday, Hasbro
Wizards of the Coast and was said it had interviewed two of
promoted to lead the company Alta Fox’s managing partner, Alta Fox’s nominees and re-
following the death of Brian Connor Haley, Monday criti- viewed the qualifications of the
Goldner in October. cized Hasbro’s decision to add other three. It concluded that
the two new directors and re- Ms. Hamren and Mr. Jorgensen
Alta Fox, which owns 2.5% of “were the most likely to posi-
Hasbro, called for spinning off tively impact the company’s op-
Wizards of the Coast and pro- erations and enhance share-
posed five new directors. holder values.”

It leveled other criticism at
Hasbro, including lackluster
disclosure around Wizards of
the Coast, whose revenue rose
42% in 2021 to $1.29 billion and
nearly half of Hasbro’s adjusted
earnings before interest, taxes,
depreciation and amortization.
The firm also took issue with
capital-allocation strategies,
such as a $4 billion purchase of
Entertainment One Ltd., a pro-

THE WALL STREET JOURNAL. ** Tuesday, April 5, 2022 | B3

BUSINESS NEWS

Westrock Novartis to Shake Up Leadership
Coffee to
Go Public Some executives,
Via SPAC including chief medical
officers, are leaving;
$1 billion savings seen

BY AMRITH RAMKUMAR BY CECILIA BUTINI DERAJINSKI DANIEL/ABACA/REUTERS

Westrock Coffee Holdings AND ALLISON PRANG The pharma company said its organizational chart will be simplified. The use of liquid nitrogen to store medicines at a French factory.
LLC is combining with a spe-
cial-purpose acquisition com- Novartis AG said Monday ing its pharmaceuticals and tis to use in other areas, in- Novartis also said it would to work at the company, as its
pany to go public with a valua- that it is undergoing a re- oncology units into two medi- cluding potential deals. also create an operations unit new chief medical officer and
tion of roughly $1.2 billion, structuring that it expects will cines units—one for the U.S. by combining its technical op- president of global drug de-
company officials said. save the company $1 billion by and one that focuses on the In Monday’s announce- erations and customer and velopment.
2024. international market. ment, Novartis said it was technology solutions units.
Little Rock, Ark.-based creating a new strategy-and- Novartis said late last year
Westrock sits in the middle of Several of the Swiss phar- The announcement comes growth business that will The company said its presi- that it was buying British bio-
the supply chains for coffee, maceutical company’s top after Novartis said in Novem- combine corporate strategy, dents for its oncology, cus- tech company Gyroscope
tea and other beverage ingre- management, including its ber that it was selling its research and development, tomer and technology solu- Therapeutics for up to $1.5
dients, working with small- chief medical officer, will be stake in Roche Holding AG for and business development. tions and global drug billion. The deal grows the
scale farmers around the world leaving, the company said. $20.7 billion, ending an un- The unit is meant to drive No- development are all leaving company’s gene therapies
to eventually provide products usual arrangement between vartis’s growth strategy and the company, along with No- pipeline for eye diseases and
for restaurants and brands “The simpler organizational the two Swiss giants and a provide opportunities to vartis’s chief medical officer. was one of a few deals by the
such as Walmart Inc. and model we are unveiling today move that freed up a substan- strengthen its pipeline, the Novartis also named company building on its ex-
McDonald’s Corp. It says its is central to our growth strat- tial sum of money for Novar- company said. Shreeram Aradhye, who used pertise in that area.
operations account for more egy as it will make us more
than 20 million cups of coffee agile and competitive,” Chief
daily from sustainable, digi- Executive Vas Narasimhan
tally traceable supply chains. said. He has been aiming to
focus Novartis on selling and
Westrock is merging with making innovative drugs.
Riverview Acquisition Corp.,
a SPAC, in a deal unveiled on Shares of Novartis fell 0.4%
Monday. in Monday trading. The stock
is roughly unchanged over the
Founded in 2009 to work past 12 months. Novartis’s ex-
with coffee farmers in pected $1 billion cost reduc-
Rwanda, Westrock calls itself a tion could boost earnings by
beverage-solutions provider 5% within four to five years,
for large companies and says analysts at Citigroup esti-
it can do everything from mate.
package custom drinks to de-
velop new coffee products. Large drugmakers includ-
Consumer demand for such ing Pfizer Inc., GlaxoSmith-
drinks surged in recent years. Kline PLC and Eli Lilly & Co.
in recent years have cut costs
“Our customers are riding and restructured research and
that wave,” Westrock Chief Ex- other operations, in efforts to
ecutive Scott Ford said. hone their focus on the most
promising medicines.
Also called a blank-check
company, a SPAC is a shell Novartis said it is integrat-
company that raises money
from investors and lists pub-
licly on a stock exchange with
the sole purpose of merging
with a private firm to take it
public. After regulators review
the deal and it is completed,
the private company replaces
the SPAC in the stock market.

Such mergers have become
popular alternatives to tradi-
tional initial public offerings,
in part because companies go-
ing public can make projec-
tions that aren’t allowed in
traditional IPOs. Westrock
says it expects to be profitable
this year and for sales to in-
crease more than 30% to about
$960 million.

As part of its deal, Westrock
is raising a $250 million pri-
vate investment in public eq-
uity, or PIPE, from investors in-
cluding Southeastern Asset
Management and the family in-
vestment office of the
Haslams—part owners of truck-
stop operator Pilot Co. and
owners of the National Football
League’s Cleveland Browns.

That money and the $250
million the Riverview SPAC
raised in August could be used
to expand the business,
though SPAC investors can
withdraw their money before a
deal is completed. Low share
prices encourage withdrawals.

Block Global events are shining a light on the importance of energy
Discloses security for the United States. Canada’s oil is trusted oil. It
Data Breach should be the preferred energy supplier to the US. Canada is
recognized as an indisputable leader in environmental, social
BY PATRICK CHU and governance (ESG) standards. So, if not Canada, who are
you entrusting your country’s energy security to? Find out
Block Inc. said a former more about why Canada is the solution.
employee downloaded reports
from the company’s Cash App This material is distributed by DDB Canada on behalf of the Canadian Energy Centre. Additional information is on file with the Department of Justice, Washington, D.C.
without Block’s permission
that contained information
from some U.S. customers.

Block, formerly called
Square Inc., said the reports
included full names and bro-
kerage-account numbers used
in its Cash App Investing of-
fering. The information in-
cluded brokerage portfolio
value, holdings and stock-trad-
ing activity.

The reports were accessed
on Dec. 10, according to a
company filing with the Secu-
rities and Exchange Commis-
sion on Monday.

The San Francisco-based
company said it started an in-
vestigation and contacted 8.2
million current and former
customers about the incident,
including regulators and law
enforcement.

The reports that were ac-
cessed by the former em-
ployee didn’t contain user-
names, passwords, Social
Security numbers, birth dates,
payment-card information,
customer addresses, bank-ac-
count balances or other infor-
mation that would identify us-
ers, Block said. The
investigation hasn’t been com-
pleted, but the company said
the incident won’t have a ma-
terial impact.

B4 | Tuesday, April 5, 2022 ***** THE WALL STREET JOURNAL.
WSJ.com/Tech
TECHNOLOGY

AMD Returns to Hertz Agrees to Buy 65,000 EVs
Deal Making With BYNORAECKERT

Pensando Purchase Hertz Global Holdings Inc.
agreed to purchase up to
BY ASA FITCH deal that gives it control of 65,000 electric vehicles over SEONGJOON CHO/BLOOMBERG NEWS
driver-assistance-technology five years from the Swedish
Advanced Micro Devices company Arriver, previously a auto maker Polestar, part of the The rental-car company expects Polestar vehicles to be available beginning this spring in Europe.
Inc. plans to buy chip and unit of Swedish autonomous- rental-car company’s goal of ex-
software startup Pensando driving specialist Veoneer. panding its plug-in offerings. in Hertz’s lineup have enough Automobile Holdings Ltd., electric-car pioneer Tesla.
Systems Inc. for $1.9 billion, battery range that drivers Volvo Car Group and other At the time, Hertz said the
returning to the acquisition The deal-making bonanza is The rental-car industry, don’t need to charge them dur- electric-vehicle brands. Polestar
playbook shortly after closing taking shape against a back- long a big bulk purchaser of ing their reservation. “We’ve said it produced 29,000 vehi- order would increase its mix of
its biggest-ever transaction. drop of soaring demand for new models in the car busi- not experienced any elevated cles in 2021. electric cars to 20% of its over-
computers, phones, cars and ness, is increasing efforts to level of anxiety on the part of all fleet.
The proposed deal, which other devices that need chips add more battery-powered ve- the customer,” Mr. Scherr said. Hertz said it will finance the
AMD disclosed on Monday, to operate. The shift toward hicles to fleets. purchase of the Polestar vehi- Tesla Chief Executive Elon
would add to its product pal- working from home during the Polestar, owned by Chinese cles through asset-backed secu- Musk later cast doubt on the
ette as semiconductor vendors pandemic led more people to The addition of EVs enables car maker Zhejiang Geely ritizations, a structure that al- deal, writing on Twitter that a
reposition their offerings to buy computers and use inter- rental-car companies to show Holding Group Co., focuses on lows it to raise funds at lower contract had yet to be signed.
take advantage of growing de- net services that run on chips their embrace of greener tech- high-performance electric cars. rates than if it were to issue its Hertz, in response to Mr.
mand for chips. Pensando from AMD and its peers. Semi- nologies and cut their green- Zhejiang Geely is controlled by own debt as a corporate entity. Musk’s tweet, reaffirmed the
would give AMD capabilities in conductor sales last year sur- house-gas emissions, but it its billionaire chairman and order had been placed, stating
the fields of networking, secu- passed $500 billion for the comes with challenges. Electric founder Li Shufu. It owns Geely In October, Hertz placed a that some deliveries of Tesla
rity and other services aimed first time, and some industry vehicles are typically more ex- 100,000-vehicle order from Model 3s already had begun.
at the data-center market, analysts and executives expect pensive, creating higher up-
which has grown explosively. them to roughly double to $1 front costs for rental-car com- sortment of trendy clothes at creased its market share sig- passe.
trillion within the decade. panies and potentially raising cheap prices. The company, nificantly during the pan- The growing popularity of
Pensando, based in Milpitas, prices for renters. Additionally, which has no physical stores, demic, surpassing H&M, Zara
With demand soaring, many a dearth of public charging net- ships to more than 150 coun- and Forever 21 to become the secondhand resellers such as
The $35 billion semiconductor companies saw works could prove difficult for tries world-wide. Although it biggest fast-fashion retailer in Depop, point to a rising inter-
purchase of chip their stocks rise before the leisure travelers and hurt the sources much of its merchan- the U.S. by sales, according to est among teenagers in keep-
maker Xilinx Inc. market slumped after Russia customers’ experience. dise from Chinese factories, a June report from Earnest ing more clothes out of land-
closed in February. invaded Ukraine. The higher Shein doesn’t sell in mainland Research. fills.
valuations for chip companies Hertz expects Polestar vehi- China, where the competition
Calif., produces chips and soft- helped fuel deal-making. cles to be available beginning for inexpensive clothes is Sustainable apparel brands, Shein’s success, which re-
ware designed to speed data this spring in Europe and later fierce. such as Everlane and Allbirds, lies on a constant flow of
flow and lower operating costs AMD has in recent years this year in North America and have argued that younger con- fresh, inexpensive styles,
for big server farms, AMD said. gained a performance edge on Australia. Hertz will initially or- Founded in 2008, Shein be- sumers care about the envi- points to fast fashion’s contin-
Intel, its main rival in CPUs, der the Polestar 2, the EV gan as a womenswear seller ronmental impact of the ued appeal among budget-con-
AMD shares advanced 2.2% sending its stock to new heights. maker’s main production model, named “Sheinside.” clothes they wear, and that scious shoppers.
to $110.53 on Monday. The company has a big business which is marketed as a compet- fast fashion will soon be —Juliet Chung contributed to
supplying graphics-processing itor to Tesla Inc.’s Model 3. The online-only seller in-
There has been a rush of chips for personal computers this article.
deal making in the chip indus- and videogame consoles. Stephen Scherr, Hertz’s
try in recent years, including CEO, said higher gas prices are
AMD’s own $35 billion purchase AMD had a 10.7% share of pushing some rental customers
of chip maker Xilinx Inc., which the market for data-center into electric models. He added
closed in February. Graphics- CPUs in the final quarter of that nearly half the EVs offered
chip giant Nvidia Corp. pursued 2021, according to Mercury
British chip-design firm Arm Research, up by 3.6 percentage Retailer
but called off the blockbuster points from a year earlier.
transaction in February amid Valued at
regulatory challenges. Chip Pensando, founded in 2017,
maker Intel Corp. sold its mem- received several rounds of $100 Billion
ory-chip business in China to funding from investors includ-
South Korea’s SK Hynix Inc. ing Qualcomm’s venture-capi- Continued from page B1
Qualcomm Inc. on Monday said tal arm, Hewlett Packard En- Shein has won the hearts of
it closed a previously agreed terprise Co. and investment
bank Goldman Sachs Group American teens and 20-some-
Inc., the startup has said. things by offering a seemingly
endless and ever-changing as-
Pensando Chief Executive
Prem Jain and other Pensando
employees will join AMD follow-
ing the acquisition, AMD said.

BUSINESS NEWS

Demand for Cage-Free Eggs Pressures Cal-Maine

BY KRISTIN BROUGHTON was cage free, roughly on par CAL-MAINE FOODS ducers, a trade group. ing to have to pay for it,” said
with a year earlier but up The state policies follow vol- Adam Samuelson, lead analyst
Cal-Maine Foods Inc., the sharply from 2018 when cage- A Cal-Maine facility in Delta, Utah, dedicated to cage-free eggs for the agribusiness sector at
nation’s largest egg producer, free hens accounted for 18% of untary commitments by large Goldman Sachs Group Inc.,
faces rising capital costs as it the total U.S. flock, according about a third of total volume of in frozen and liquid form. grocery chains and food-ser- adding that the costs will even-
revamps its hen houses and to the Agriculture Department. eggs sold, compared with 27.4% In addition to California and vice companies. For instance, tually be passed on to consum-
builds new ones to meet a during the prior-year period. Walmart Inc., one of Cal- ers in higher prices.
growing demand for cage-free The remainder of the U.S. Massachusetts, seven states— Maine’s largest customers,
eggs. layer flock were raised in During the quarter, 24% of Nevada, Oregon, Washington, committed in 2016 to selling The price of eggs has
cages. Hens that produce eggs revenue generated by the sale Colorado, Michigan, Utah and only cage-free eggs by 2025. jumped in recent months fol-
The company last week said labeled as cage free must be of shell eggs were cage-free Rhode Island—have similar Several other retailers and food lowing an outbreak of avian in-
it would invest $82 million to given unlimited access to food eggs, according to the com- policies that are set to take ef- chains, including Target Corp. fluenza, which has resulted in
and water and must have free- pany. In addition to shell eggs, fect in the coming years, ac- and Kroger Co., made similar the deaths of millions of birds.
expand produc- dom to roam inside a produc- the company sells egg products cording to the United Egg Pro- commitments. Shell egg prices last week rose
tion facility, according to the to $2.88 a dozen, up about 52%
CFO JOURNAL tion of cage- USDA. After years of corporate since Feb. 8, when the USDA
pledges and political cam- confirmed the first case of the
free eggs in Cal-Maine since 2008 has al- paigns, the shift toward cage- disease in a U.S. commercial
Delta, Utah, and Guthrie, Ky. located about $625 million to- free egg production is now tak- turkey flock in Indiana.
The Ridgeland, Miss., company ward cage-free egg production, ing place on a large scale, the
plans to fund the projects with including its latest investment, Humane League and the Hu- Cal-Maine’s facilities, which
existing cash. It reported $96.7 accounting for about 40% of its mane Society of the United are primarily located in the
million in cash and short-term total capital budget over that States, two animal-rights southern U.S., haven’t been af-
investments as of Feb. 26, com- time. Over the past five years, groups, said. “Now we’re see- fected by the disease yet, ac-
pared with $169.5 million at spending on cage-free facilities ing the implementation of it,” cording to Mr. Bowman.
the end of its prior fiscal year has accounted for about 70% of said Josh Balk, vice president
on May 29, 2021. The decline the company’s total capital for farm animal protection at In addition to higher capital
was due in part to capital budget, Chief Financial Officer the Humane Society, which is costs for building facilities,
spending, the company said. Max Bowman said. pushing for state-level policy production costs for cage-free
changes. eggs are generally higher than
Cal-Maine’s planned invest- “Our job is to produce what for conventional eggs because
ment underscores a broader our customers—and our cus- The transition to cage-free of higher feed costs—the birds
shift among egg producers to- tomers are retail customers— facilities is costly for egg pro- are more active and therefore
ward cage-free eggs, spurred in and what the ultimate con- ducers and requires coordina- need more calories—as well as
part by state-level mandates sumer wants. And a lot of that tion with customers to make higher facility costs because it
and voluntary commitments by is cage-free today,” Mr. Bow- sure that producers meet their takes more people to run a
retailers and restaurant chains man said. demands, said Chad Gregory, cage-free facility. Mortality
to stop buying eggs from caged president and chief executive rates for cage-free birds are
hens. This year, laws took ef- Cal-Maine produced 264.4 of the United Egg Producers, a generally higher, according to
fect in California and Massa- million dozens of eggs, a stan- trade group. The trade group’s Mr. Bowman.
chusetts requiring that all eggs dard industry metric, during members support all types of
sold in those states come from the quarter ended Feb. 26, or hen housing, he said. WSJ CFO JOURNAL
cage-free hens. about 7% more than a year ear- wsj.com/news/
lier. Specialty eggs—a category “The whole industry has to .COM cfo-journal
As of last month, about a that includes cage-free, organic afford these kinds of capital in-
third of hens raised to lay eggs and brown eggs—accounted for vestments, and someone is go-
in the U.S—a layer flock that
totals about 322 million birds—

Judge Strikes Down Diversity Law Roblox’s and Endeavor aren’t in the ceive no shares under the
S&P 500. grant. Roblox shares have
BY LAUREN WEBER diverse director by 2021. considered eligible for meeting CEO Pay Is traded as high as $141.60 and
A lawsuit backed by Judicial the requirement. Roblox shares were first closed at $50.02 on Monday.
A judge struck down a Cali- Among Best traded in March 2021 at
fornia law that requires public Watch, a conservative founda- In a statement, Judicial around $65 when they were Last month, Intel Corp. dis-
companies based in the state tion, said the law violated the Watch President Tom Fitton Continued from page B1 first offered on the market closed in a regulatory filing
to have at least one board di- equal protection clause of the applauded the court for up- Mr. Baszucki’s compensa- through a direct listing. They that its chief executive officer,
rector from underrepresented state’s constitution. holding “the core American almost doubled in price by No- Pat Gelsinger, received com-
groups, a setback to efforts to value of equal protection un- tion approaches that of the vember amid the hope the pensation last year valued
mandate board diversity. The board-diversity quota der the law.” biggest pay package so far dis- company would benefit from at nearly $180 million, pegged
was the first of its kind in the closed for 2021 for S&P 500 rising interest in the meta- to performance targets in-
Judge Terry Green of the U.S. and followed a similar Cali- It wasn’t clear if the defen- companies, that of Discovery verse. Its shares have slid tended to improve its stock
Superior Court of California in fornia measure enacted in 2018 dant in the case, the California Inc. CEO David Zaslav, at $247 since then. price.
Los Angeles County granted a that mandated female directors secretary of state’s office, million.
summary judgment in favor of on boards of the state’s public would appeal the decision. The Mr. Baszucki’s equity award Overall pay increases for
a lawsuit challenging the law companies. That measure is agency didn’t respond to re- At least two other public is designed to vest—or be- U.S. CEOs have been gaining
as unconstitutional, according facing legal challenges in state quests for comment. companies have reported big- come fully his—over seven momentum. Median pay rose
to a decision issued Friday. and federal courts. ger pay packages for their years if Roblox shares average to $14.2 million last year for
Judge Green offered no rea- The requirements are now CEOs: more than $500 million at or above a series of target the leaders of S&P 500 compa-
soning for his decision. Under the board-diversity on hold pending any potential each for KKR & Co.’s co-CEOs prices for at least 90 days, nies from a record $13.4 mil-
law, individuals who identify as appeals. Esther Aguilera, pres- and $308 million for En- starting at $165 after early lion for the same companies a
The law, enacted in 2020, Black, African-American, His- ident and chief executive of deavor Group Holdings Inc.’s March 2023 and continuing year earlier, based on disclo-
required the boards of publicly panic, Latino, Asian, Pacific Is- the Latino Corporate Directors Ari Emanuel. Like Roblox, KKR through $375 a share, the sures through Friday evening,
traded companies based in the lander, Native American, Native Association, said: “Even when company’s annual proxy state- according to a Wall Street
state to have at least one ra- Hawaiian or Alaska Native, or the law was passed, there was ment says. If the initial price Journal analysis of pay data
cially, ethnically or otherwise who identify as gay, lesbian, bi- always discussion that this target isn’t reached by March for more than half the index
sexual or transgender, would be might be the outcome.” 2028, he would ultimately re- from MyLogIQ LLC.

THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | B5

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B6 | Tuesday, April 5, 2022 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Tuesday, April 5, 2022 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
How to Read the Stock Tables Footnotes:
The following explanations apply to NYSE, NYSE
Arca, NYSE American and Nasdaq Stock Market

R Slisted securities. Prices are composite quotations

that include primary market trades as well as
trades reported by Nasdaq BX (formerly Boston),
Chicago Stock Exchange, Cboe, NYSE National and
Nasdaq ISE.
The list comprises the 1,000 largest companies
based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issue’s average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
s-New 52-week high. DraftKings DKNG 20.41 1.36 HF Sinclair DINO 39.22 -0.67 LincolnNational LNC 64.76 -0.91 OpenText OTEX 43.24 0.63 QuestDiag DGX 134.54 -1.79 Shell SHEL 55.82 0.10
t-New 52-week low. 0.26 1.04
dd-Indicates loss in the most recent four Dropbox DBX 24.15 -1.03 HP HPQ 36.64 -0.15 Linde LIN 321.44 -1.29 Oracle ORCL 84.07 2.06 SherwinWilliams SHW 259.04 3.83
quarters. -0.40 0.19
FD-First day of trading. DukeEnergy DUK 111.79 0.13 HSBC HSBC 34.49 -1.52 LithiaMotors LAD 301.12 0.58 Orange ORAN 11.80 -0.19 ShinhanFin SHG 34.03 0.27
h-Does not meet continued listing 0.82 0.67
standards DukeRealty DRE 58.83 0.70 Halliburton HAL 38.77 4.02 LiveNationEnt LYV 116.17 1.80 Organon OGN 34.72 -0.43 RELX RELX 31.63 0.49 Shopify SHOP 727.29 34.29
lf-Late filing -0.01 0.24 -2.63 0.82 -0.02
q-Temporary exemption from Nasdaq DuPont DD 74.88 0.50 HartfordFinl HIG 71.02 0.86 LloydsBanking LYG 2.44 -0.02 Orix IX 99.26 0.36 RPM RPM 83.48 3.07 Sibanye-Stillwater SBSW 16.58 -0.81
requirements. 10.90 0.69 -0.77 -0.42 1.53
t-NYSE bankruptcy DutchBros BROS 57.65 0.33 Hasbro HAS 85.12 -1.63 LockheedMartin LMT 444.01 -1.97 OtisWorldwide OTIS 76.64 RalphLauren RL 115.07 -1.08 SignatureBank SBNY 289.01 0.10
v-Trading halted on primary market. 0.07 -2.25 ... -0.87 2.25
vj-In bankruptcy or receivership or being Dynatrace DT 48.55 -2.59 HashiCorp HCP 58.02 2.26 Loews L 63.86 -1.40 s Ovintiv OVV 54.47 -0.20 RangeResources RRC 31.13 -0.33 SimonProperty SPG 134.53 1.18
reorganized under the Bankruptcy Code, 0.23 0.72 1.67 -1.96 0.01
or securities assumed by such companies. ENI E 29.67 -0.89 HealthpeakProp PEAK 35.25 0.03 LogitechIntl LOGI 76.44 5.00 OwensCorning OC 92.14 0.76 RaymondJames RJF 107.86 -0.87 SiriusXM SIRI 6.69 -2.87
-0.98 -0.94 -0.64 3.58
EOG Rscs EOG 120.83 -0.30 s Heico HEI 157.21 1.63 Lowe's LOW 204.12 1.72 PG&E PCG 12.07 -0.32 RaytheonTech RTX 99.30 Skyworks SWKS 134.28 1.95
0.08 -0.83 1.98 ... 4.90
EPAM Systems EPAM 297.94 -0.24 Heico A HEI.A 129.32 3.69 Lucid LCID 25.21 0.66 PNC Fin PNC 182.81 -0.71 RealtyIncome O 70.57 -2.57 SmithAO AOS 67.06 6.42
-2.79 0.17 -0.60 -1.11 0.38
s EQT EQT 36.36 0.04 HenrySchein HSIC 87.71 0.04 LufaxHolding LU 6.06 0.37 POSCO PKX 60.49 RegalRexnord RRX 146.51 -1.11 Smith&Nephew SNN 32.30 12.48
3.77 0.18 0.80 -0.73 2.12
EastWestBncp EWBC 78.41 -3.43 Hershey HSY 216.52 -0.72 lululemon LULU 384.18 16.74 PPG Ind PPG 133.37 16.99 RegencyCtrs REG 70.97 0.77 Smucker SJM 134.64 -1.00
2.79 0.48 -1.18 -0.17
EastGroup EGP 206.24 -0.12 HertzGlobal HTZ 23.38 -0.10 LumenTech LUMN 11.53 0.02 PPL PPL 28.70 0.32 RegenPharm REGN 698.41 3.63 Snap SNAP 39.34 0.02
0.23 -0.50 0.52 -1.30 0.10
EastmanChem EMN 111.61 0.05 s Hess HES 109.71 0.37 Lyft LYFT 38.96 1.44 PTC PTC 108.75 1.94 RegionsFin RF 21.47 0.09 SnapOn SNA 208.60 -0.76
-0.04 0.87 0.44 2.48 5.14
Eaton ETN 150.92 -0.07 HewlettPackard HPE 16.32 -0.32 LyondellBasell LYB 102.52 -0.82 Paccar PCAR 84.51 7.66 RelianceSteel RS 182.20 0.33 Snowflake SNOW 241.23 0.57
10.49 13.27 6.63 -3.40
eBay EBAY 56.73 -0.63 HighwoodsProp HIW 45.65 -3.72 PackagingCpAm PKG 155.16 5.19 Repligen 4.00 s SOQUIMICH SQM 89.13 0.03
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -0.68 -4.38 RGEN 186.91 0.50 -1.39
0.18 PalantirTech PLTR 14.63 1.50 -3.31
M Nchanges in the closing prices from 4 p.m. the previous day. 0.37 ... 0.14 -0.26 ...
Ecolab ECL 180.07 1.46 Hilton HLT 152.34 -0.76 PaloAltoNtwks PANW 628.10 -0.09 RepublicSvcs RSG 132.14 SolarEdgeTech SEDG 335.31 -1.75
0.02 -0.84 -6.39 9.03 -0.09
s Ecopetrol EC 19.01 0.02 Hologic HOLX 76.10 0.40 M&T Bank MTB 165.57 0.91 ParamountB PARA 37.72 -0.44 ResMed RMD 245.71 0.28 Sony SONY 105.04 -3.93
-0.75 4.25 -1.71 4.93 0.05
Monday, April 4, 2022 EdisonInt EIX 70.80 -1.11 HomeDepot HD 305.58 0.50 MGMGrowthProp MGP 38.69 -0.65 ParamountA PARAA 40.78 1.08 RestaurantBrands QSR 58.99 2.56 Southern SO 73.12 -2.58
-1.50 0.11 0.05 0.96 -0.18
Net Net EdwardsLife EW 120.28 -1.40 HondaMotor HMC 28.47 -5.36 MGM Resorts MGM 42.50 0.63 ParkerHannifin PH 284.14 0.05 RexfordIndlRealty REXR 76.12 -0.24 SoCopper SCCO 78.00 0.66
-3.60 0.15 -0.63 -1.41 0.06
Net Stock Sym Close Chg Stock Sym Close Chg ElancoAnimal ELAN 26.16 4.21 Honeywell HON 196.07 -0.11 MPLX MPLX 33.71 0.29 Paychex PAYX 139.31 -0.50 RingCentral RNG 124.80 0.38 SouthwestAir LUV 45.93 0.41
9.12 -1.81 0.71 -0.83 -0.54
Stock Sym Close Chg AxonEnterprise AXON 140.00 0.69 CentraisElBras EBR 8.58 0.17 Elastic ESTC 96.03 -9.81 HorizonTherap HZNP 107.33 -0.19 MP Materials MP 58.26 1.72 PaycomSoftware PAYC 358.64 6.65 RioTinto RIO 81.38 0.56 SouthwesternEner SWN 7.45 5.17
-0.64 -2.79 -0.49 1.85 0.47
BCE BCE 56.11 -0.02 CeridianHCM CDAY 70.13 1.11 ElbitSystems ESLT 216.54 -0.72 HormelFoods HRL 51.70 1.32 MSCI MSCI 519.51 3.51 Paylocity PCTY 216.46 Rivian RIVN 46.53 6.42 Splunk SPLK 147.11
0.62 -1.20 2.59
A B C BHP Group BHP 78.78 -0.52 Cerner ElectronicArts EA 128.02 -0.32 DR Horton DHI 76.66 1.65 MagellanMid MMP 50.05 0.44 PayPal PYPL 121.86 -0.40 RobertHalf RHI 116.11 Spotify SPOT 158.84
-0.91 1.08 0.10
CERN 93.29 -0.20 EmersonElec EMR 98.30 0.44 HostHotels HST 19.45 0.97 MagnaIntl MGA 64.51 0.18 Peloton PTON 27.81 Robinhood HOOD 13.83 StanleyBlackDck SWK 141.47
-3.38 0.13
ABB ABB 32.93 0.06 BJ'sWholesale BJ 67.71 0.08 CharlesRiverLabs CRL 287.27 -1.39 s Enbridge ENB 46.63 0.04 HowmetAerospace HWM 35.82 -1.29 ManhattanAssoc MANH 141.97 1.85 s PembinaPipeline PBA 38.18 Roblox RBLX 50.02 Starbucks SBUX 88.09
AECOM ACM 75.89 -1.71 BP BP 29.79 -0.05 CharterComms CHTR 562.00 0.32 2.83 -8.09
Endeavor EDR 29.55 1.08 HuanengPower HNP 17.85 1.09 ManulifeFin MFC 21.42 0.05 Pentair PNR 54.79 RocketCos. RKT 11.54 StateStreet STT 85.84
BIDU 153.80 12.83 CheckPoint CHKP 141.16 1.93 4.05 0.46
AES AES 26.16 -0.06 Baidu EnelAmericas ENIA 6.02 3.14 Huazhu HTHT 35.93 -2.08 s MarathonOil MRO 25.68 -0.07 Penumbra PEN 220.94 Rockwell ROK 281.17 SteelDynamics STLD 83.60
BakerHughes BKR 36.43 0.01 CheniereEnergy LNG 141.44 -0.65 0.48 0.01
Aflac AFL 63.61 -1.23 Ball BLL 89.84 0.62 CheniereEnerPtrs CQP 57.71 1.14 s EnergyTransfer ET 11.45 -1.25 Hubbell HUBB 185.23 0.12 MarathonPetrol MPC 85.07 0.26 PepsiCo PEP 169.32 s RogersComm B RCI 56.87 Stellantis STLA 16.35
AGCO AGCO 143.10 -1.62 BancoBilbaoViz BBVA 5.83 0.07 s ChesapeakeEner CHK 88.98 -1.02 -3.26 -3.49
AMC Ent AMC 23.31 0.01 EnphaseEnergy ENPH 216.38 0.39 HubSpot HUBS 504.20 -0.40 MaravaiLifeSci MRVI 35.15 -0.12 PerkinElmer PKI 169.86 Roku ROKU 134.59 Steris STE 246.25
10.35 -0.34
ANSS 323.21 6.72 BancoBradesco BBDO 3.89 0.04 Chevron Entegris ENTG 124.50 -0.55 Humana HUM 437.69 21.72 Markel MKL 1476.21 -17.01 PetroChina PTR 52.75 Rollins ROL 35.09 STMicroelec STM 42.67
-0.11 -3.29
Ansys CVX 164.37 0.15 Entergy ETR 119.41 -0.13 JBHunt JBHT 177.13 -0.68 MarketAxess MKTX 345.51 6.07 PetroleoBrasil PBR 15.15 RoperTech ROP 481.26 Stryker SYK 265.12
0.25 -0.40
s APA APA 42.98 0.76 BancodeChile BCH 21.67 0.11 ChewyA CHWY 45.82 4.89 s EnterpriseProd EPD 26.04 0.07 HuntingtonBcshs HBAN 14.44 0.01 Marriott MAR 174.65 0.97 PetroleoBrasilA PBR.A 14.19 RossStores ROST 93.17 SumitomoMits SMFG 6.41
-1.05
ASETech ASX 7.19 0.15 BancSanBrasil BSBR 7.87 -0.03 ChinaEastrnAir CEA 17.35 0.25 Equifax EFX 234.50 -0.61 HuntingIngalls HII 201.87 4.22 Marsh&McLen MMC 171.10 -0.58 Pfizer PFE 50.94 RoyalBkCanada RY 110.70 SunComms SUI 178.59
ASML 680.83 13.10 BcoSantChile BSAC 22.62 -0.01 ChinaLifeIns LFC 7.94 0.13 -0.05 0.60
ASML T 24.18 0.20 BancoSantander SAN 3.49 0.01 ChinaPetrol SNP 51.98 0.20 Equinix EQIX 764.46 -0.28 Huntsman HUN 36.77 0.13 MartinMarietta MLM 384.97 -0.09 PhilipMorris PM 96.28 RoyalCaribbean RCL 83.42 SunLifeFinancial SLF 55.64
0.19 0.22
AT&T s Equinor EQNR 37.68 5.59 HyattHotels H 95.16 0.34 MarvellTech MRVL 72.96 1.89 Phillips66 PSX 86.67 s RoyalGold RGLD 144.92 SuncorEnergy SU 33.43
AbbottLabs ABT 118.88 0.30 s BanColombia CIB 42.50 -0.84 ChinaSoAirlines ZNH 30.67 0.45 1.83 0.33
ABBV 161.89 -0.79 BankofAmerica BAC 40.83 -0.07 Chipotle Equitable EQH 30.87 4.24 IAC/InterActive IAC 105.48 1.83 Masco MAS 51.96 0.41 Pinduoduo PDD 49.30 RoyaltyPharma RPRX 39.74 Suzano SUZ 11.76
-0.29 0.16
AbbVie CMG 1610.75 16.71 EquityLife ELS 78.32 3.88 ICICI Bank IBN 19.72 -1.72 Masimo MASI150.47 -1.24 PinnacleWest PNW 78.83 RyanSpecialty RYAN 38.91 SynchronyFin SYF 35.57
-0.68 0.15
Abiomed ABMD 325.70 -12.94 BankofMontreal BMO 117.64 0.65 Chubb CB 213.57 -2.98 EquityResdntl EQR 91.05 0.01 ICL Group ICL 11.98 1.87 Mastercard MA 366.91 2.94 Pinterest PINS 27.40 Ryanair RYAAY 89.16 SyneosHealth SYNH 82.23
Accenture ACN 344.47 3.83 BankNY Mellon BK 49.51 0.06 ChunghwaTel CHT 44.81 0.11 7.68 -0.04
ActivisionBliz ATVI 80.73 -0.09 BkNovaScotia BNS 70.90 0.51 Church&Dwight CHD 100.81 -0.55 ErieIndemnity A ERIE 178.75 0.21 IdexxLab IDXX 548.08 0.46 MatchGroup MTCH 113.34 4.32 PioneerNatRscs PXD 252.75 SAP SAP 112.48 Synopsys SNPS 340.15
0.28 2.42
ADBE 468.81 10.62 t Barclays EssentialUtil WTRG 51.19 0.51 ING Groep ING 10.73 0.16 Mattel MAT 23.03 0.61 PlainsAllAmPipe PAA 10.99 S&P Global SPGI 414.30 Sysco SYY 82.88
0.19 6.78
Adobe BCS 7.83 -0.12 ChurchillDowns CHDN 228.00 5.13 EssexProp ESS 349.89 0.24 Invesco IVZ 23.20 2.40 McCormickVtg MKC.V 100.12 -2.11
T U VAdvanceAuto AAP 211.92 4.44 BarrickGold GOLD 24.86 -0.08 Ciena -0.86 -0.30
CIEN 61.74 0.70 EsteeLauder EL 278.62 0.09 IQVIA IQV 238.50 0.12 McCormick MKC 101.35 -0.57 PlainsGP PAGP 11.75 ... SBA Comm SBAC 355.08 4.48
-0.06 -0.08 PLTK 19.83 0.13 SEI Investments SEIC 60.84 -0.34
AdvDrainageSys WMS 122.22 2.15 Bath&BodyWks BBWI 47.82 0.36 Cigna CI 242.26 -3.99 Etsy ETSY 136.17 -0.16 IcahnEnterprises IEP 52.81 1.19 McDonalds MCD 246.83 -2.42 Playtika SK Telecom SKM 26.57 0.48 TC Energy TRP 57.57
-1.61 SS&C Tech
AdvMicroDevices AMD 110.53 2.34 BauschHealth BHC 23.63 0.59 CincinnatiFin CINF 135.13 -2.94 EverestRe RE 297.29 -0.67 Icon ICLR 243.84 -0.01 McKesson MCK 305.76 -1.24 PlugPower PLUG 31.75 3.41 StoreCapital SSNC 75.47 0.34 TD Synnex SNX 103.71 0.46
AEG 5.40 -0.09 BaxterIntl BAX 75.47 -3.11 Cintas -0.75 -0.18 Pool POOL 430.74 5.71 SVB Fin 0.97
Aegon CTAS 429.22 5.34 Evergy EVRG 68.42 -2.48 IDEX IEX 193.48 0.08 MedicalProp MPW 21.26 -0.28 PrincipalFin PFG 73.41 -0.48 STOR 29.60 0.03 TE Connectivity TEL 132.15 0.33
AER 51.11 0.61 BectonDicknsn BDX 258.31 -4.19 CiscoSystems CSCO 55.87 0.21 5.73 0.10 ProcoreTech PCOR 60.60 0.53 0.03
AerCap BGNE 216.05 18.95 t Citigroup C EversourceEner ES 89.12 -0.12 IllinoisToolWks ITW 208.95 0.12 Medtronic MDT 110.88 -1.64 SIVB 546.90 -0.85 s Telus TU 26.65
AffirmHldgs AFRM 47.70 1.09 BeiGene 2.64 -0.04
52.80 0.47 ExactSciences EXAS 76.23 0.83 Illumina ILMN 365.55 -0.04 MercadoLibre MELI 1265.01 40.88 Procter&Gamble PG 154.08 -1.01 Salesforce CRM 218.85 6.60 Ternium TX 47.08 -0.14
14.43 0.18
AgilentTechs A 134.81 1.05 BentleySystems BSY 44.85 0.60 CitizensFin CFG 43.55 -0.64 Exelon EXC 47.34 -3.28 s ImperialOil IMO 50.24 1.01 Merck MRK 83.49 -0.03 Progressive PGR 114.10 -1.09 Sanofi SNY 52.55 0.35 TFI Intl TFII 96.12 -4.28
agilon health AGL 25.88 -0.17 Berkley WRB 65.96 -1.35 CitrixSystems CTXS 101.42 -0.07 -0.47 -0.53
AgnicoEagle AEM 63.40 0.12 BerkHathwy A BRK.A 518714-9046.00 Clarivate Expedia EXPE 197.29 -0.36 Incyte INCY 80.91 0.16 MetaPlatforms FB 233.89 9.04 Prologis PLD 163.78 -2.02 Sasol SSL 24.69 -0.12 TJX TJX 62.07 1.18
0.22 10.10
CLVT 17.19 0.18 ExpeditorsIntl EXPD 100.46 1.21 Infosys INFY 24.74 -0.79 MetLife MET 69.64 -0.86 PrudentialFin PRU 116.38 -2.02 Schlumberger SLB 41.55 -0.14 T-MobileUS TMUS 132.59 1.83
AirProducts APD 252.65 3.66 BerkHathwy B BRK.B 345.43 -6.45 Cleveland-Cliffs CLF 32.45 0.09 -0.05 -0.51
ABNB 177.02 3.95 BerryGlobal BERY 58.11 -1.29 Clorox ExtraSpaceSt EXR 206.19 3.35 IngersollRand IR 48.96 0.41 MettlerToledo MTD 1357.43 -14.20 Prudential PUK 29.98 0.16 SchwabC SCHW 82.30 -1.24 TPG TPG 31.23 0.38
-0.03 0.78
Airbnb CLX 145.00 2.17 ExxonMobil XOM 83.16 1.00 Insulet PODD 270.93 0.14 MicrochipTech MCHP 74.38 0.41 PublicServiceEnt PEG 70.29 -0.77 Sea SE 132.72 11.62 TRowePrice TROW 155.76 2.90
AkamaiTech AKAM 120.46 -0.05 BestBuy 4.24 -1.07
Albemarle ALB 226.04 1.12 Bilibili BBY 94.34 3.96 Cloudflare NET 126.90 3.40 F5 FFIV 212.00 -0.14 Intel INTC 49.20 -0.02 MicronTech MU 77.67 1.49 PublicStorage PSA 394.10 -2.41 Seagate STX 90.97 1.55 TaiwanSemi TSM 104.79 2.00
BILI 32.19 4.57 Coca-Cola KO 62.54 -0.33 0.72 0.26
Albertsons ACI 33.87 -0.06 Bill.com BILL 243.15 10.65 Coca-ColaEuro CCEP 48.97 -0.87 FMC FMC 132.21 1.55 InteractiveBrkrs IBKR 67.23 -0.55 Microsoft MSFT 314.97 5.55 PulteGroup PHM 43.17 0.80 Seagen SGEN 149.91 1.02 TakeTwoSoftware TTWO 154.43 2.55
5.10 0.54
AA 90.90 0.28 Bio-Techne TECH 432.04 -1.23 Cognex FactSet FDS 433.17 -1.49 ICE ICE 130.62 1.42 MidAmApt MAA 210.86 -2.46 PureStorage PSTG 35.25 0.13 SealedAir SEE 67.66 0.06 TakedaPharm TAK 14.75 0.24
-0.77 0.37
Alcoa CGNX 78.81 0.75 FairIsaac FICO 452.43 2.62 InterContinentl IHG 68.93 0.45 Middleby MIDD 159.84 -1.65 Qiagen QGEN 49.72 0.32 Sempra SRE 166.76 -3.58 Tapestry TPR 36.21 0.10
ALC 79.75 0.01 Bio-RadLab A BIO 569.55 -1.34 CognizantTech CTSH 90.02 0.01 -1.16 -0.08
Alcon Fastenal FAST 60.15 IBM IBM 130.27 -0.03 MitsubishiUFJ MUFG 6.29 -0.02 Qorvo QRVO 123.49 1.98 SensataTechs ST 51.00 0.44 s TargaResources TRGP 76.99 -0.35
AlexandriaRlEst ARE 203.10 -2.87 Biogen BIIB 211.64 0.99 CoinbaseGlbl COIN 191.65 4.69
BABA 117.50 7.30 BiohavenPharm BHVN 119.10 0.17 ColgatePalm CL 76.59 0.17 FederalRealty FRT 122.98 IntlFlavors IFF 130.84 MizuhoFin MFG 2.63 0.03 Qualcomm QCOM 153.81 6.82 SentinelOne S 41.54 2.66 Target TGT 214.41 3.87

Alibaba FedEx FDX 217.99 IntlPaper IP 45.90 Moderna MRNA 172.54 -4.05 QualtricsIntl XM 29.02 0.85 ServiceCorp SCI 65.55 -1.46 TataMotors TTM 29.69 0.47
AlignTech ALGN 445.39 -1.02 BioMarinPharm BMRN 80.28 1.01 Comcast A CMCSA 48.11 0.41
Alleghany Y 852.15 -2.67 BioNTech BNTX 186.24 7.46 Comerica CMA 89.27 -0.77 Ferguson FERG 134.21 Interpublic IPG 35.12 MohawkInds MHK 126.30 2.06 QuantaServices PWR 131.44 -0.18 ServiceNow NOW 574.82 26.13 TeckRscsB TECK 40.94 -1.25

ALLE 111.30 -0.22 BlackKnight BKI 59.27 1.49 CommerceBcshrs CBSH 70.97 -0.65 Ferrari RACE 231.43 Intuit INTU 505.65 MolinaHealthcare MOH 328.67 -10.74 QuantumScape QS 21.58 1.33 ShawComm B SJR 31.23 0.13 Continued on Page B10

Allegion FidNatlFin FNF 46.41 IntuitiveSurgical ISRG 302.25 MolsonCoorsB TAP 52.07 -0.35
AlliantEnergy LNT 62.69 -0.60 BlackRock BLK 782.23 12.47 ConagraBrands CAG 34.12 0.04
ALL 137.09 -2.45 Blackstone BX 130.57 2.44 Concentrix CNXC 166.05 2.14 FidNatlInfo FIS 103.26 InvitatHomes INVH 40.36 Mondelez MDLZ 63.04 -0.49

Allstate SQ 145.19 11.57 Confluent CFLT 43.64 2.05 FifthThirdBncp FITB 41.67 IronMountain IRM 55.83 MongoDB MDB 458.60 4.15
AllyFinancial ALLY 43.44 -0.54 Block
FirstCitizBcshA FCNCA 658.48 s ItauUnibanco ITUB 5.86 MonolithicPower MPWR 474.53 10.93
J K L Dividend ChangesAlphabet A GOOGL 2859.43 56.42 Boeing
AlnylamPharm ALNY 161.77 -7.52 BlueOwlCapital OWL 13.05 0.26 ConocoPhillips COP 100.55 -0.03 FirstHorizon FHN 23.62 MonsterBev MNST 82.60 0.45
BA 191.18 0.42 ConEd
ED 95.45 -0.66 FirstIndRlty FR 62.39 Moody's MCO 342.38 2.05
Alphabet C GOOG 2872.85 58.85 BookingHldgs BKNG 2374.97 7.14 s ConstBrands B STZ.B 272.95 38.47
FirstRepBank FRC 161.32
Dividend announcements from April 4.Altria
MO 52.72 0.01 BoozAllen BAH 88.26 -1.05 ConstBrands A STZ 229.71 -4.00 FirstSolar FSLR 83.96 JD.com JD 63.31 MorganStanley MS 87.28 0.29

AlumofChina ACH 15.09 0.06 BorgWarner BWA 38.79 -0.57 ContinentalRscs CLR 62.71 -0.19 FirstEnergy FE 46.31 JPMorganChase JPM 135.91 Morningstar MORN 274.15 3.52

Amazon.com AMZN 3366.93 95.73 BostonProps BXP 128.32 -1.92 Cooper COO 417.32 -11.10 Fiserv FISV 103.18 Jabil JBL 61.93 Mosaic MOS 67.00 1.12 Amount Payable /
New/Old Frq Record
Ambev ABEV 3.28 -0.01 BostonSci BSX 44.16 -0.83 Copart CPRT 127.59 1.91 FiveBelow FIVE 168.27 s JackHenry JKHY 200.64 MotorolaSol MSI 239.89 1.75 Company Symbol Yld %
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Amcor AMCR 11.48 -0.06 BrightHorizons BFAM 137.54 1.94 Corning GLW 36.59 0.23 Five9 FIVN 118.33 JacobsEngg J 139.92 NICE NICE 232.83 9.51 Increased Apr29 /Apr14
Apr29 /Apr14
Amdocs DOX 83.11 -0.35 s BristolMyers BMY 73.79 -0.03 Corteva CTVA 58.67 0.38 FleetCorTech FLT 253.84 JamesHardie JHX 30.34 NIO NIO 23.85 1.92 PNC Fincl Svcs
Watsco May05 /Apr19
Amerco UHAL 584.19 -0.02 BritishAmTob BTI 42.65 -0.13 Cosan CSAN 20.46 0.13 Flex FLEX 18.22 JazzPharma JAZZ 160.73 NOV NOV 20.14 -0.08 Watsco B PNC 3.3 1.50 /1.25 Q May05 /Apr19
Broadcom AVGO 634.85 7.87 CoStar CSGP 67.64 1.64 WSO 2.9 2.20 /1.95 Q Apr18 /Apr14
Ameren AEE 94.39 -0.40 BroadridgeFinl BR 156.61 0.30 Costco COST 575.13 -0.44 t Floor&Decor FND 84.06 JefferiesFin JEF 33.45 NRG Energy NRG 37.67 -0.73 Foreign WSOB 2.9 2.20 /1.95 Q Apr18 /Apr14
Apr18 /Apr14
s AmericaMovil A AMOV 21.61 0.02 FomentoEconMex FMX 82.32 J&J JNJ 176.47 NVR NVR 4548.42 17.01 Costamare Apr18 /Apr14
Costamare May06 /Apr28
s AmericaMovil AMX 21.65 -0.14 BrookfieldMgt BAM 58.62 1.47 CoterraEnergy CTRA 26.58 -0.52 FordMotor F 16.66 JohnsonControls JCI 66.64 NXP Semi NXPI 182.61 0.59 Costamare 8.875% Pfd. E Apr29 /Apr19
Costamare Pfd. B
AmerAirlines AAL 18.23 -0.01 s BrookfieldInfr BIP 67.54 0.28 Coupang CPNG 18.94 0.57 Fortinet FTNT 346.69 JonesLang JLL 238.48 Nasdaq NDAQ 182.36 0.44 Costamare Pfd. C
Credicorp BAP 169.39 -1.11 Costamare Pfd. D
AmCampus ACC 56.74 -0.70 BrookfieldRenew BEPC 42.83 -0.70 CreditAcceptance CACC 550.63 0.91 s Fortis FTS 50.34 JuniperNetworks JNPR 36.79 NationalGrid NGG 76.89 -0.13 Intercorp Finl Svcs CMRE 2.7 .115
CreditSuisse CS 8.08 0.09 Sandstorm Gold
AEP AEP 100.65 -0.86 Brown&Brown BRO 72.20 -0.36 CrowdStrike CRWD 229.03 1.18 Fortive FTV 60.91 KB Fin KB 50.16 NatlRetailProp NNN 45.51 -0.30 Q
CrownCastle CCI 189.09 0.05
AmerExpress AXP 187.66 0.49 Brown-Forman B BF.B 67.39 -0.46 CrownHoldings CCK 125.77 0.01 FortBrandsHome FBHS 75.41 KE Holdings BEKE 16.43 NatlStorage NSA 62.95 -1.43 CMRE 2.7 .50 Q
CubeSmart CUBE 52.48 -0.79 Q
AmericanFin AFG 143.84 -4.38 Brown-Forman A BF.A 63.60 0.01 Cullen/Frost CFR 137.90 -1.61 FoxA FOXA 39.55 KKR KKR 59.94 Natura&Co NTCO 12.03 0.08 CMREpE 8.3 .55469 Q
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AIG AIG 62.54 -1.25 BuildersFirst BLDR 64.92 0.72 Franco-Nevada FNV 162.81 Kanzhun BZ 28.25 NetApp NTAP 83.65 1.45

AmerTowerREIT AMT 257.83 0.88 Bunge BG 111.45 -1.33 FranklinRscs BEN 28.02 Kellogg K 65.31 NetEase NTES 98.07 2.26 CMREpC 8.1 .53125

AmerWaterWorks AWK 166.25 -2.59 BurlingtonStrs BURL 187.82 5.87 FreeportMcM FCX 50.90 KeurigDrPepper KDP 38.36 Netflix NFLX 391.50 18.03 CMREpD 8.2 .54688

Ameriprise AMP 297.53 0.12 CBRE Group CBRE 92.25 0.52 FreseniusMed FMS 33.55 KeyCorp KEY 21.58 Neurocrine NBIX 97.50 1.93 IFS 4.8 1.75

AmerisourceBrgn ABC 154.75 -1.77 CDW CDW 178.83 1.03 KeysightTechs KEYS 159.59 NewFortressEner NFE 48.29 3.37 SAND 0.7 .016

D E F G H IAmetek KilroyRealty KRC 76.43 NewellBrands NWL 21.75 0.35
AME 134.00 -0.38 CF Industries CF 101.74 1.95
KimberlyClark KMB 125.02 s Newmont NEM 81.25 -1.53
Amgen AMGN 244.87 1.75 CGI GIB 80.74 1.43 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
DISH Network DISH 32.20 ... GFLEnvironmental GFL 31.57 KimcoRealty KIM 24.61 NewsCorp B NWS 22.45 0.14 spin-off.
Amphenol APH 75.99 0.42 CH Robinson CHRW 102.72 -0.41
DTE Energy DTE 133.63 -1.31 GXO Logistics GXO 68.47 s KinderMorgan KMI 19.30 NewsCorp A NWSA 22.11 0.18
AnalogDevices ADI 164.50 -0.86 CME Group CME 234.59 -5.23
Danaher DHR 289.25 -2.44 Gallagher AJG 173.92 KoninklijkePhil PHG 31.25 NextEraEnergy NEE 85.62 -0.09
Anaplan PLAN 65.33 0.12 CMS Energy CMS 70.59 -0.51
Darden DRI 131.29 1.22 GameStop GME 170.73 KoreaElcPwr KEP 9.54 NielsenHoldings NLSN 27.44 0.11
AngloGoldAsh AU 24.08 -0.39 CNA Fin CNA 48.21 -1.24
DarlingIngred DAR 81.04 -2.16 Gaming&Leisure GLPI 47.00 KraftHeinz KHC 39.89 Nike NKE 134.34 0.82
AB InBev BUD 61.81 0.59 CNH Indl CNHI 15.68 -0.12
Key Interest RatesAnteroResources AR 31.08 0.01
AnnalyCap NLY 7.03 -0.03 CRH CRH 40.28 0.02 Datadog DDOG 156.56 3.06 Garmin GRMN 118.75 Kroger KR 57.44 NiSource NI 31.72 -0.36

CSX CSX 35.61 0.10 DaVita DVA 113.11 -1.04 Gartner IT 300.29 LKQ LKQ 45.38 Nokia NOK 5.59 0.04

NomuraHoldings NMR 4.28 0.02
Data are annualized on a 360-day basis. Treasury yields are per annum,Anthem
ANTM 489.34 -9.99 CVS Health CVS 100.00 -1.09 Deere DE 417.45 0.65 Generac GNRC 315.43 LPL Financial LPLA 184.39 Nordson NDSN 227.18 -0.75

Aon AON 326.73 -2.10 CableOne CABO 1496.75 -4.02 DellTechC DELL 49.38 0.58 GeneralDynamics GD 239.23 L3HarrisTech LHX 252.64
on actively traded noninflation and inflation-indexed issues that areAptIncmREIT AIRC 54.04 -0.69 CadenceDesign CDNS 167.11 1.48 DeltaAir
DAL 39.40 0.09 GeneralElec GE 92.02 LabCorp.ofAmerica LH 263.33 NorfolkSouthern NSC 266.90 1.06

CAE 27.45 1.24 DentsplySirona XRAY 48.68 -0.57 GeneralMills GIS 68.49 NorthernTrust NTRS 115.41 -0.14
adjusted to constant maturities. Data are from weekly Federal ReserveApple
ApolloGlbMgmt APO 63.36 1.03 CAE GeneralMotors GM 43.18 LamResearch LRCX 535.55 NorthropGrum NOC 452.29 -2.50

AAPL 178.44 4.13 CaesarsEnt CZR 80.69 4.04 DeutscheBank DB 13.04 -0.06 LamarAdv LAMR 117.51
release H.15.ApplMaterials AMAT 129.44 2.03
CamdenProperty CPT 168.99 -2.61 DevonEnergy DVN 60.85 0.50 Genmab GMAB 37.85 LambWeston LW 60.69 NortonLifeLock NLOK 26.97 0.03

Applovin APP 57.78 4.51 Cameco CCJ 28.43 -0.60 DexCom DXCM 522.20 -9.37 Genpact G 43.45 LasVegasSands LVS 39.93 NorwegCruise NCLH 21.97 0.15 Week Ended 52-Week Week Ended 52-Week
Apr 1 Mar 25 High Low Apr 1 Mar 25 High Low
Aptiv APTV 118.73 -0.34 CampbellSoup CPB 44.99 -0.06 Diageo DEO 205.94 0.81 GenuineParts GPC 129.28 LatticeSemi LSCC 59.84 Novartis NVS 87.33 -0.36 1.07 0.03
1.07 0.96 1.67 0.04
Aramark ARMK 37.58 -0.18 CIBC CM 121.59 0.65 DiamondbkEner FANG 139.59 1.15 Gerdau GGB 6.48 Lear LEA 142.54 NovoNordisk NVO 113.81 0.90 6-month 1.67 1.55 2.35 0.14
1-year 2.35 2.18 2.52 0.31
ArcelorMittal MT 32.67 -0.17 CanNtlRlwy CNI 130.12 2.31 Dick's DKS 102.63 1.31 GileadSciences GILD 60.67 Leidos LDOS 107.23 Novocure NVCR 89.90 2.24 Federal funds (effective) 2-year 2.52 2.38 2.49 0.69
3-year 2.49 2.40 2.48 0.99
ArchCapital ACGL 47.08 -1.54 CanNaturalRes CNQ 64.01 0.95 DiDiGlobal DIDI 3.00 0.18 GitLab GTLB 58.92 Lennar A LEN 82.31 NuHoldings NU 8.07 0.01 0.33 0.33 0.33 0.05 5-year 2.48 2.42 2.38 1.22
7-year 2.38 2.37 2.68 1.78
ArcherDaniels ADM 90.43 -0.74 CanPacRlwy CP 78.77 0.57 DigitalRealty DLR 146.55 0.65 GSK GSK 43.75 Lennar B LEN.B 69.83 Nucor NUE 149.52 0.26 10-year 2.64 2.68
20-year
AresMgmt ARES 84.38 1.34 Canon CAJ 24.43 0.04 DiscoverFinSvcs DFS 110.82 0.70 GlobalPayments GPN 140.50 LennoxIntl LII 261.68 Nutrien NTR 102.80 -0.97 Commercial paper

arGEN-X ARGX 324.41 -0.99 CapitalOne COF 131.67 0.78 DiscoveryB DISCB 26.71 -1.28 GlobalFoundries GFS 62.29 LeviStrauss LEVI 20.37 Nuvei NVEI 77.40 1.66

AristaNetworks ANET 142.75 3.27 CardinalHealth CAH 56.70 -0.90 DiscoveryA DISCA 25.80 0.78 Globant GLOB 262.71 LiAuto LI 28.66 NVIDIA NVDA 273.60 6.48 Nonfinancial

CSL 247.91 -2.28 DiscoveryC DISCK 25.81 0.76 GlobeLife GL 99.01 1-month
O P QAssurant AIZ 181.80 -3.62 Carlyle 2-month
AspenTech AZPN 167.72 0.76 Carlisle GlobusMedical GMED 75.40 LibertyBroadbandC LBRDK 139.20 3-month 0.34 0.33 0.36 0.02
0.46 0.47 0.64 0.03
CG 49.26 -0.16 Disney DIS 138.58 1.58 LibertyBroadbandA LBRDA 134.39 n.a. n.a. 0.73 0.04

AstraZeneca AZN 66.67 -0.14 CarMax KMX 101.37 2.88 dLocal DLO 33.79 1.28 GoDaddy GDDY 87.32 LibertyGlobal A LBTYA 25.87 OGE Energy OGE 41.02 -0.26

Atlassian TEAM 317.18 11.43 Carnival CCL 19.74 -0.31 DocuSign DOCU 112.28 3.65 GoldFields GFI 14.96 LibertyGlobal C LBTYK 26.36 ONEOK OKE 71.17 -0.26 Financial

AtmosEnergy ATO 119.18 -2.23 Carnival CUK 17.97 -0.28 DolbyLab DLB 79.39 0.30 GoldmanSachs GS 328.21 -2.01 s LibertyFormOne A FWONA 63.37 0.10 OReillyAuto ORLY 686.85 19.42 1-month Treasury yields (secondary market)
2-month
Autodesk ADSK 218.77 5.73 CarrierGlobal CARR 45.25 -0.79 DollarGeneral DG 226.27 0.52 GoodRx GDRX 20.02 0.34 LibertyFormOne C FWONK 69.77 -0.31 OccidentalPetrol OXY 57.79 -0.32 3-month 0.45 0.42 0.46 0.05 1-month 0.16 0.18 0.21 0.00
n.a. 0.64 0.64 0.08 3-month 0.55 0.52 0.55 0.01
ADP ADP 235.18 1.68 Carvana CVNA 132.96 13.50 DollarTree DLTR 156.77 -2.66 Grab GRAB 3.92 0.45 LibertyBraves A BATRA 29.17 0.32 Okta OKTA 160.42 11.63 0.73 0.78 0.87 0.07 6-month 1.03 0.94 1.03 0.03

AutoZone AZO 2016.38 41.87 Catalent CTLT 113.40 -0.65 DominionEner D 85.35 -0.98 Graco GGG 70.83 0.09 LibertyBraves C BATRK 28.10 0.21 Olaplex OLPX 16.46 0.68

Avalara AVLR 107.35 5.77 Caterpillar CAT 220.81 1.04 Domino's DPZ 403.79 6.61 Grainger GWW 519.33 1.78 LibertySirius C LSXMK 46.07 0.25 OldDomFreight ODFL 277.71 -0.79

Avalonbay AVB 251.01 -3.43 Celanese CE 143.38 -0.30 DoorDash DASH 127.21 6.31 Grifols GRFS 12.17 0.24 LibertySirius A LSXMA 46.07 0.18 OldRepublic ORI 25.14 -1.18 Discount window primary credit TIPS

Avangrid AGR 47.01 -0.48 Cemex CX 5.27 -0.02 Dover DOV 157.93 -0.62 GpoAeroportuar PAC 164.25 0.44 LibertySirius B LSXMB 46.51 -0.63 Olin OLN 52.90 -0.28 0.50 0.50 0.50 0.25

Avantor AVTR 32.75 -1.44 s CenovusEnergy CVE 17.31 0.37 Dow DOW 64.01 -0.17 Guidewire GWRE 95.69 1.23 LifeStorage LSI 141.63 -2.56 Omnicom OMC 82.04 -0.66 5-year -0.91 -1.16 -0.91 -1.88
7-year -0.68 -0.82 -0.68 -1.47
AveryDennison AVY 174.57 -0.47 Centene CNC 84.18 -1.33 Doximity DOCS 54.00 1.21 HCA Healthcare HCA 245.59 -5.16 EliLilly LLY 291.42 -1.25 OnHolding ONON 26.82 1.19 Treasury yields at constant 10-year -0.48 -0.56 -0.46 -1.14
maturities
AvisBudget CAR 283.74 23.16 CenterPointEner CNP 30.93 -0.22 DrReddy'sLab RDY 56.45 0.63 HDFC Bank HDB 67.67 4.75 LincolnElectric LECO 135.77 -1.67 ON Semi ON 59.59 -0.04

1-month 0.17 0.18 0.22 0.00 20-year -0.16 -0.18 -0.05 -0.72

New Highs and Lows 3-month 0.55 0.52 0.55 0.01 Long-term avg -0.01 -0.03 0.08 -0.60

Stock 52-Wk % 52-Wk % 52-Wk %
Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Notes on data:

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American NorthfieldBanc NFBK 14.06 -2.1 RailVision RVSN 2.17 -10.3 10XCapVentII Wt VCXAW 0.48 -16.0 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest OceanTechI Wt OTECW 34.63 0.5 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
session. % CHG-Daily percentage change from the previous trading session. OncternalTherap ONCT 0.12 ... RailVisionWt RVSNW 0.51 -15.8 Terex TEX 26.00 -3.1 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
PacificPremBncp PPBI 58.41 0.1 primary credit rate is charged for discounts made and advances extended under the Federal
1.34 5.9 Recruiter.comWt RCRTW 0.55 -23.4 TimberlandBncp TSBK Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
8.11 4.2 Timken Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
34.55 -1.5 RiteAid RAD TKR yields for all TIPS with remaining terms to maturity of 10 years or more;

ParabellumAcqn PRBM.U 9.89 -0.5 RoivantSciences ROIV 4.49 -6.2 TurmericAcqnWt TMPMW 0.20 -30.2 Sources: Federal Reserve; for additional information on these rate data and their derivation,
ParabellumAcqnWt PRBM.WS 0.19 -11.9 US Bancorp USB 51.92 -0.5 please see, www.federalreserve.gov/releases/h15/data.htm
Monday, April 4, 2022 12.23 2.0 SellasLifeSci SLS 3.71 -2.2 Valens VLNS 1.61 -4.1
Park-Ohio PKOH 56.40 -5.5 2.19 -0.4 ValensSemicon VLN 4.93 1.0 “The Best Solution to Hearing What People Say on TV” Newsweek
52-Wk % 52-Wk % 52-Wk % SenseiBiotherap SNSE 0.18 -6.4 VerbTech VERB 0.77 -4.8
Sym Hi/Lo Chg Sym Hi/Lo Chg Sym Hi/Lo Chg PatrickIndustries PATK 0.61 4.8 4.81 -5.9 VincerxPharma VINC 3.82 -0.5 SAVE
Stock Stock Stock 51.65 -1.2 ShapewaysWt SHPW.WS
PA Reit PEI 0.18 3.0 $50
0.51 -3.7 SharpsCompliance SMED
PennyMacFin PFSI Reg. $24999 | SALE $19999
HelixAcqn HLXA 12.39 6.9 WestlakeChemPtrs WLKP 27.70 0.8 0.88 8.9 SimmonsFirstNat SFNC 25.29 1.9 ViveonHealth VHAQ.U 9.24 -3.0
HighsAGBAAcquisition AGBA 45.75 1.3 YamanaGold AUY 5.96 3.1 PioneerMergerWt PACXW 10.01 -1.4 Can’t Hear
Helm&Payne HP 18.63 -1.7 ZaniteAcqnA ZNTE 10.28 0.1 SoloBrands DTC 7.71 -4.9 WD-40 Voices On TV?
111.66 0.7 PostHldgsWt PSPC.WS 3.36 0.6 WDFC 174.00 -0.7
HerculesCapital HTGC 23.51 -2.3 7.77 -3.3 SpecialOppsPfdC SPEpC 24.53 -1.4 WalgreensBoots WBA 42.90 -1.0 The AccuVoice® AV157 Speaker uses
11.19 0.3 50.27 2.2 ProQR Therap PRQR 317.00 3.2 patented hearing aid technology to create
43.69 1.8 Hess HES 27.61 -1.7 SperoTherap SPRO 6.51 -3.9 WernerEnterprises WERN 37.10 -0.1
LowsAcerTherap 3.77 4.1 9.97 0.3 PyrophyteAcqn PHYT.U 12 levels of dialogue clarity.
APA APA 21.17 -4.9 HostessBrands TWNK 36.81 4.7 TKBCriticalTech1Wt USCTW
9.90 0.1 31.97 0.9 PyxisOncology PYXS 0.21 -28.6 WescoPfdA Flat-screen TVs use tiny speakers with tinny sound. So many people
ACER 10.10 0.4 ImperialOil IMO 169.43 3.3 WCCpA 28.47 -1.3 have to use closed-captioning to watch a movie or sporting event.
23.24 -1.4 10.25 1.7 Our patented hearing aid technology lifts voices out of the soundtrack
AdicetBio ACET 10.11 0.3 IndepRealty IRT 5.89 0.2 AcutusMedical AFIB 1.24 -0.8 PzenaInvtMgmt PZN Talon1AcqnWt TOACW 0.17 -42.3 WstAstMtgCap WMC 1.60 -1.2 and clarifies them. The result is remarkable. The AV157 has 12 levels
21.91 -0.6 201.39 0.1 AgileTherap AGRX 0.19 -6.1 of voice boost – in case you need extra clarity. Only 17" wide, it fits
AetheriumAcqnA GMFI 21.77 0.1 IndlTechII A ITAQ AkebiaTherap AKBA 0.65 -1.3 RH RH TaroPharm TARO 42.59 -1.2 XPEL XPEL 50.71 -0.9 just about anywhere. Hookup is simple – one connecting cord.
56.80 0.2 AlloVir ALVR 6.69 2.3
AhrenAcqn AHRNU IntercorpFinSvcs IFS AmerAcqnUn AMAOU 9.89 -2.8
AmerisBancorp ABCB 42.05 -1.0
AllscriptsHlthcr MDRX InvenTrust IVT AmplitechWt AMPGW 0.65 -6.7
Annexon ANNX 2.64 15.4
Borrowing BenchmarksAmericaMovil AMX
AlpineAcqn REVE iRhythmTechs IRTC

IronSparkI ISAA
wsj.com/market-data/bonds/benchmarksAmerElecPwrUn AEPPZ
AmericaMovil A AMOV ItauUnibanco ITUB

AmphastarPharm AMPH JackHenry JKHY Money Rates19.35 0.4 ArchCapitalPfdG ACGLN
38.10 1.3 KinderMorgan 20.97 ...
AndrettiAcqn WNNR.U 10.10 0.1 KosmosEnergy KMI 8.10 1.3 ArrowFinancial AROW 31.39 -1.3 April 4, 2022
3.12 10.7 Lantheus KOS 59.13 -2.8 Athersys ATHX 0.53 -4.8
Assertio ASRT LNTH

AtlanticusNts26 ATLCL 25.21 0.3 LatAmGrowth LATGU 10.08 0.2 AultDisruptWt ADRT.WS 0.11 -34.1 Key annual interest rates paid to borrow or lend money in U.S. and
AuroraTechA ATAK 9.89 0.4 LibertyFormOne A FWONA 64.21 0.2 BankofAmPfd2 BMLpH 19.08 -0.4

BP Prudhoe BPT 16.82 1.0 MGP Ingredients MGPI 90.73 -0.8 Barclays BCS 7.73 -1.5 international markets. Rates below are a guide to general levels but
BRC BRCC 29.20 28.7 MarathonOil 26.40 -0.3 BarnesGroup B 39.33 ...
MRO
BRT Apartments BRT 25.31 -3.4 Marcus&Millichap MMI 57.56 -0.6 Bioventus BVS 10.61 -2.5 don’t always represent actual transactions.
BanColombia CIB 43.74 -1.9 MastechDigital MHH
20.73 5.1 BrookfldInfrPfdA13 BIPpA 20.26 -0.6

BanyanAcqn BYN.U 10.53 -0.1 MatadorRscs MTDR 57.69 -1.4 BrookfieldPropPfd BPYPP 20.58 -1.4 Inflation Week —52-WEEK—
14.35 5.7 MurphyUSA MUSA 20.01 -0.2 Latest ago High Low
BlackStoneMin BSM 10.40 0.1 NationalFuelGas NFG 204.20 0.3 BrookfieldPropPf2A BPYPO 3.89 5.4 Feb. index Chg From (%)
4.86 13.3 NaturalResPtrs NRP 0.83 -8.8 level Jan. '22 Feb. '21 Federal funds
BlockchainMoonA BMAQ 74.89 ... Newmont NEM 71.20 -2.8 BurgerFiIntl BFI 51.66 0.9

BorrDrilling BORR 44.56 3.7 Calyxt CLXT

BristolMyers BMY 83.72 -1.8 Citigroup C

BrookfieldInfr BIP 68.17 0.4 NexTierOilfield NEX 10.74 -0.6 ColumbiaBanking COLB 30.01 0.2 U.S. consumer price index Effective rate 0.3400 0.3400 0.3400 0.0500
BurTechAcqnA BRKH 9.92 0.2 NorthernOil&Gas NOG 29.88 4.2 CorazonV838 Wt CRZNW 0.25 -24.1
CenaqEnergyA CENQ 10.02 0.1 OrlaMining 5.11 -0.4 Curis CRIS 1.47 -33.3 High 0.4000 0.4000 0.4500 0.0700
CF Acqn VIII CFFEU ORLA 4.01 -4.7 All items
CTO Realty CTO 10.32 1.3 Ovintiv 56.31 -1.4 DataIO DAIO 2.67 -3.6 Core 283.716 0.91 7.9 Low 0.3000 0.3000 0.3000 0.0100
OVV 288.059 0.72
67.38 -1.6 PaciraBioSci 78.59 -0.7 DecibelTherap DBTX 6.4 Bid 0.3100 0.3300 0.7000 0.0300
Cal-MaineFoods CALM PCRX 25.00 -0.5 DivrsHlthcrNts42 DHCNI
59.81 0.9 PampaEnergia 17.66 -1.8
CallonPetrol CPE 66.48 1.6 PembinaPipeline PAM 38.39 0.4 DivrsHlthcrNts46 DHCNL 19.01 -1.6 Offer 0.3300 0.3700 0.3800 0.0500
10.03 0.3 PoemaGlobal PBA 2.76 -11.7
CarticaAcqnA CITE 17.37 2.2 PoemaGlobalA PPGHU 15.31 20.6 DyadicInt DYAI 0.15 -25.0 International rates Treasury bill auction
12.14 2.5 PrecisionDrilling PPGH 0.43 -4.3
CenovusEnergy CVE 91.80 -1.1 ProPhaseLabs PDS 14.28 23.7 EvergreenWt EVGRW 6.57 -15.9 Week 52-Week 4 weeks
63.48 -1.6 RCM Tech PRPH 29.87 -2.6 Latest ago High Low 13 weeks
CenovusEnergyWt CVE.WS 59.86 -1.6 RPC RCMT 78.40 3.2 EvokePharma EVOK 0.16 6.2 26 weeks 0.135 0.135 0.195 0.000
11.19 RES 24.68 ... Prime rates 0.670 0.605 0.670 0.015
ChesapeakeEner CHK 2.4 RedwoodsAcqn RWODU 8.15 11.2 Expion360 XPON 32.46 0.6 1.110 1.050 1.110 0.030
4.55 RACYU U.S. 3.50 3.50 3.50 3.25
ChesapeakeWtB CHKEZ 1.1 RelativityAcqn 12.70 15.0 FS Bancorp FSBW

ChesapeakeWtC CHKEL 11.97 0.7 FatProjectsAcqnWt FATPW

SABESP SBS 10.08 0.2 FedAgricMtgPfdE AGMpE Secondary market

EngGr-Cmg C CIG.C 10.10 0.1 FirstBancshares FBMS

EngGr-Cmg CIG 3.32 1.5 RiverviewAcqnWt RVACW 0.80 19.6 FstCmntyBcsh FCBC 27.73 -0.2 Canada 2.70 2.70 2.70 2.45 Fannie Mae
COPEL ELP 57.25 -0.5 FirstInterBanc FIBK 35.42 -0.6 Japan 1.475 1.475 1.475 1.475
ComstockRscs CRK 8.15 -0.6 RogersComm B RCI FLIC 18.63 -1.6
ConstBrands B STZ.B RGLD 147.52 -1.0 FirstLongIsland FBC 41.01 0.3
CrescentEnergy CRGY 14.38 -2.9 RoyalGold FND 79.38 4.8 30-year mortgage yields
274.90 16.4 SigmaLithium SGML 17.36 6.2 Flagstar
18.83 0.5 SingularityFut SGLY 15.03 21.1 Floor&Decor Policy Rates
30 days 4.117 4.253 4.330 2.216
Crypto1AcqnA DAOO 9.95 -0.1 SOQUIMICH 90.87 0.4 FrequencyElec FEIM 8.30 2.2 Euro zone 0.00 0.00 0.00 0.00 60 days
Cutera CUTR 73.85 -1.5 SouthernUnA SQM 55.63 -0.7 FrontierInvtWt FICVW 0.19 -0.6 Switzerland 0.00 0.00 0.00 0.00 4.192 4.384 4.426 2.261
DelwindsInsA DWIN 9.95 0.2 SouthwestGas SOLN 81.05 0.9 GalectinTherap GALT 1.55 1.9 Britain
DigitalHealth DHAC 10.02 0.1 SpringValleyWt SWX 2.47 -1.3 GatesIndustrial GTES 14.20 -4.2 Australia 0.75 0.75 0.75 0.10 Other short-term rates
DorchesterMnls DMLP 27.50 0.3 Sprott SVSVW 52.06 0.5 GigCapital5Wt GIA.WS 0.18 0.6 0.10 0.10 0.10 0.10
SII
EQT 62.21 -0.4 Glatfelter
EagleBulkShip EQT 36.87 0.9 St.Joe JOE GLT 12.18 -2.5 Overnight repurchase Week 52-Week
Ecopetrol EGLE 70.98 -5.5 StratusProp STRS 10.20 -5.4 Latest ago high low
EmpirePetrol EC 19.35 0.4 Switch SWCH 43.29 -0.1 GlobisAcqn GLAQU 19.63 -0.9 U.S. 0.30 0.25
Enbridge EP 20.50 4.1 Swvl SWVL 9.79 0.2 Call money
ENB 46.81 0.5 Telus TU 31.80 ... Griffon GFF 24.96 0.1 0.30 -0.02

10.75 -7.8 GuildHldgs GHLD

26.70 0.1 HartfordFinDeb42 HGH U.S. government rates

EnergyTransfer ET 11.66 -0.6 TKBCritTech1 USCTU 10.42 -0.4 HealthcareAI Wt HAIAW 0.16 7.0 2.25 2.25 2.25 2.00

EnergyVaultWt NRGV.WS 3.31 9.5 TKBCriticalTech1 USCT 10.02 0.2 HemisphereMedia HMTV 4.41 -2.8

EnergyVault NRGV 18.99 13.4 TargaResources TRGP 77.85 -0.5 HillIntl HIL 1.49 -5.1 Discount Commercial paper (AA financial)
EnterpriseProd EPD 26.37 0.7 TastemakerA TMKR 9.91 0.1 Hilltop
Equinor EQNR 38.49 0.1 TeledyneTech TDY 485.50 2.2 Hovnanian HTH 28.76 -0.9 0.50 0.50 0.50 0.25 90 days 0.61 0.75 1.12 0.04
HOV 57.48 -0.6

EsportsEntWt GMBLZ 0.44 29.6 TelefonicaBras VIV 11.72 0.6 HuntCosAcqnI HTAQ.U 10.02 -1.0 Libor

EuroDry EDRY 38.24 13.6 10XCapIII A VCXB 9.98 -0.2 InflaRx IFRX 1.77 -5.8 Notes on data: One month
12.20 5.8 Tenable TENB 27.47 -2.0 U.S. prime rate is the base rate on corporate Three month
Euronav EURN 10.10 1.3 TidewaterWt TDW.WS 60.37 1.8 InnovativeIndPfdA IIPRpA 3.18 -3.9 loans posted by at least 70% of the 10 largest 0.42857 0.44943 0.46757 0.07263
9.80 0.3 TivityHealth TVTY 19.87 1.1 0.96900 0.99629 1.00600 0.11413
FTACEmeraldAcqn EMLDU 1.27 -8.3 IsoPlexis ISO

FTACEmeraldA EMLD 32.89 -1.1 JELD-WEN JELD

FatProjectsAcqn FATP 9.89 0.1 TootsieRoll TR 38.09 0.8 Kennametal KMT 27.47 -0.6 U.S. banks, and is effective March 17, 2022. Six month 1.49271 1.49271 1.49971 0.14663

Fortis FTS 50.40 0.4 TrineIIAcqnA TRAQ 9.96 ... Knightscope KSCP 4.50 10.9 Other prime rates aren’t directly comparable; One year 2.20143 2.19886 2.20300 0.21950
1.45 -6.9 lending practices vary widely by location;
GardinerHlthcr GDNR 9.92 0.2 TurquoiseHill TRQ 30.80 0.2 Kubient KBNT 9.75 0.4 Discount rate is effective March 17, 2022.
0.39 1.7 Secured Overnight Financing Rate is as of April
GasLogPfdA GLOGpA 26.40 1.4 USA Compression USAC 18.91 3.8 LiveOakCrestview LOCC.U 24.92 0.3 1, 2022. DTCC GCF Repo Index is Depository Secured Overnight Financing Rate
37.43 3.3 Trust & Clearing Corp.'s weighted average for
GladstoneLand LAND 38.65 -3.1 US Silica SLCA 19.98 -0.1 Lottery.comWt LTRYW 38.02 2.6 overnight trades in applicable CUSIPs. Value 0.30 0.28 0.30 0.01 Great Sound. Made Simple.
1.60 -2.4 traded is in billions of U.S. dollars. Federal-funds
GlblSynergyAcqnA GSAQ 9.96 -0.1 UTA Acqn Wt UTAAW 0.50 18.2 LumentFinPfdA LFTpA 84.32 -0.6 rates are Tullett Prebon rates as of 5:30 p.m. ET. 866-367-9869
8.96 -1.3 Sources: Federal Reserve; Bureau of Labor
GoldenEnt GDEN 59.96 -1.2 UnitedGuardian UG 23.90 -2.0 MDC Holdings MDC 0.22 -12.0 Statistics; DTCC; FactSet; 60-Day Home Trial | Free Shipping
10.38 0.3 Tullett Prebon Information, Ltd.
GreencityAcqn GRCY 10.48 0.4 US12mthNtlGas UNL 18.67 1.2 MarineMax HZO 11.74 -1.8 Value 52-Week ® ZVOX & AccuVoice are registered trademarks of ZVOX Audio.
Traded High Low
GrindrodShipping GRIN 28.47 -1.7 Valaris VAL 54.84 1.1 Marygold MGLD Latest AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM

GrAeroportuario OMAB 62.57 1.0 VertxPharm VRTX 269.30 0.9 MasoniteIntl DOOR

GulfportEnergy GPOR 91.81 -0.8 VickersVantageI VCKA 10.20 0.1 MayvilleEngg MEC DTCC GCF Repo Index

HanoverIns THG 154.98 -2.6 VistaOil&Gas VIST 9.82 6.0 MountainI Wt MCAAW Treasury 0.298 41.900 0.307 -0.006
MBS 0.318 32.060 0.318 0.004
HaynesIntl HAYN 49.76 -4.1 Walmart WMT 153.20 ... NY CmntyBcp NYCB

Heico HEI 158.53 0.6 Welltower WELL 99.43 -0.2 NorthernTechsIntl NTIC

B8 | Tuesday, April 5, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open

Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest

Metal & Petroleum Futures July 69.50 70.73 69.22 70.61 1.11 97,014 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June .04962 .05008 s .04959 .04988 .00016 168,932

Contract Open Rough Rice (CBT)-2,000 cwt.; $ per cwt. 7,263 June 91-070 91-075 90-230 90-315 –7.0 10,807 Euro (CME)-€125,000; $ per € 1.0966 1.0977 –.0068 4,451
1,686 1.0989 1.1001 –.0068 643,259
Open High hi lo Low Settle Chg interest May 16.05 16.07 15.89 15.97 –.04 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. April 1.1046 1.1058
120,038
Copper-High (CMX)-25,000 lbs.; $ per lb. Sept 15.98 16.08 15.95 16.04 –.02 106,992 March 99.5000 99.5050 99.4925 99.4950 –.0100 562,984 June 1.1069 1.1084

Wheat (CBT)-5,000 bu.; cents per bu. 63,607 June'23 96.8800 96.9800 t 96.8500 96.9500 .0050 534,155
61,196
April 4.7075 4.7810 4.7075 4.7765 0.0940 2,487 May 989.50 1014.50 984.75 1010.25 25.75 Eurodollar (CME)-$1,000,000; pts of 100% Index Futures
3,648
May 4.7055 4.8090 4.6880 4.7815 0.0930 112,014 July 986.50 1014.50 985.00 1010.00 25.75 18,042 April 98.9850 98.9900 98.9725 98.9800 –.0100 281,289 Mini DJ Industrial Average (CBT)-$5 x index

Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. 20,885 June 98.4150 98.4400 98.4000 98.4150 –.0150 1,044,506
132,411
April 1921.20 1936.10 1915.60 1929.20 10.10 11,601 May 1019.25 1044.75 1016.50 1037.75 24.75 Dec 97.1550 97.2350 t 97.1200 97.2000 … 1,342,281 June 34688 34849 34514 34829 111 65,930
16,862 119 182
May 1924.50 1938.00 1917.80 1930.60 9.70 5,325 July 1020.00 1046.00 1018.50 1039.25 25.50 89,392 Dec'23 96.7600 96.8150 t 96.7050 96.7900 .0050 1,296,573 Sept 34733 34812 34490 34804

June 1927.10 1941.60 1918.20 1934.00 10.30 472,058 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 1,457 Mini S&P 500 (CME)-$50 x index
959
Aug 1933.50 1946.10 1924.00 1939.70 10.50 37,625 April 161.150 161.700 158.000 158.375 –3.200 Currency Futures June 4538.25 4580.00 4527.75 4577.75 38.50 2,099,129
4,613 38.50 8,805
Oct 1937.00 1951.60 1930.20 1945.80 10.60 11,135 May 165.300 166.050 162.150 162.475 –3.650 5,253 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 4542.50 4582.50 4531.50 4581.00

Dec 1946.50 1960.80 1938.00 1953.30 10.60 22,425 Cattle-Live (CME)-40,000 lbs.; cents per lb. 56,078 April .8158 .8180 .8135 .8145 –.0012 1,582 Mini S&P Midcap 400 (CME)-$100 x index
63,451 243,306
Palladium (NYM) - 50 troy oz.; $ per troy oz. April 138.500 138.975 136.950 138.000 –.650 June .8171 .8193 .8147 .8157 –.0012 June 2699.00 2709.70 2686.20 2700.00 –5.50 45,971
82,062 764
April 2274.90 7.50 2 June 135.400 136.350 133.875 134.925 –.925 59,733 Canadian Dollar (CME)-CAD 100,000; $ per CAD 144,038 Sept 2709.00 –5.50 2

June 2280.00 2339.50 2266.00 2275.00 7.50 6,404 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 275,360 April .8002 .8020 .7982 .8009 .0016 1,080 Mini Nasdaq 100 (CME)-$20 x index
196,841 228,440
Platinum (NYM)-50 troy oz.; $ per troy oz. April 101.075 101.200 99.250 99.450 –1.850 June .7985 .8018 .7980 .8007 .0016 June 14846.00 15174.50 14801.00 15164.25 300.50 227,469
772 39,762 300.25 1,629
April 985.00 985.00 985.00 986.50 1.50 319 June 119.900 119.900 115.700 116.150 –4.300 1,885 British Pound (CME)-£62,500; $ per £ 167 Sept 14864.75 15206.25 14838.50 15198.00

July 989.30 1002.00 983.60 991.00 2.40 53,188 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 78,524 April 1.3107 1.3134 1.3093 1.3114 .0009 335 Mini Russell 2000 (CME)-$50 x index
143,389
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 965.00 993.30 945.20 966.50 1.60 9,403 June 1.3108 1.3134 1.3090 1.3112 .0009 June 2088.50 2097.00 2072.00 2094.60 6.30 463,377
2,930 50 5.90 183
April 24.435 24.565 24.435 24.584 –0.058 196 July 887.00 897.00 855.80 872.50 –15.40 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 2089.70 2097.90 2074.70 2096.50

May 24.735 25.005 24.385 24.590 –0.064 102,685 Milk (CME)-200,000 lbs., cents per lb. June 1.0830 1.0848 1.0806 1.0827 –.0008 Mini Russell 1000 (CME)-$50 x index

Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April 23.68 23.69 23.38 23.55 –.14 Sept 1.0895 –.0008 June 2518.10 2529.40 2506.60 2528.90 21.00 12,293

May 98.95 103.94 98.05 103.28 4.01 261,793 May 24.46 24.46 23.92 24.04 –.56 Australian Dollar (CME)-AUD 100,000; $ per AUD U.S. Dollar Index (ICE-US)-$1,000 x index

June 97.68 102.44 96.83 101.84 3.94 200,884 Cocoa (ICE-US)-10 metric tons; $ per ton. April .7491 .7558 s .7485 .7550 .0052 June 98.63 99.07 98.52 98.97 .35 51,228
.35 485
July 96.90 101.12 95.77 100.60 3.84 114,035 May 2,599 2,652 2,555 2,562 –37 June .7501 .7565 s .7492 .7557 .0053 Sept 98.23 98.66 98.23 98.73

Dec 91.50 94.66 90.70 94.47 3.14 250,539 July 2,640 2,688 2,600 2,613 –28 Mexican Peso (CME)-MXN 500,000; $ per MXN

June'23 86.75 89.52 86.24 89.36 2.49 108,923 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .05044 .05050 s .05022 .05038 .00016

May 227.80 231.85 226.25 230.60 2.20 Source: FactSet

Dec 83.71 85.89 83.21 85.67 1.88 125,045 July 227.65 231.85 226.25 230.60 2.15

NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.

May 3.4249 3.6000 3.4240 3.5461 .1221 55,797 May 19.37 19.77 19.37 19.61 .24 Bonds | wsj.com/market-data/bonds/benchmarks

June 3.2145 3.3734 3.2145 3.3265 .1020 39,192 July 19.19 19.55 19.19 19.42 .23

Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.

May 3.1499 3.2435 3.1180 3.1981 .0446 111,306 May 37.80 38.00 s 37.80 37.95 .85 Tracking Bond Benchmarks

June 3.1058 3.1979 3.0746 3.1561 .0472 53,031 July 36.95 –.05

Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week

May 5.745 5.857 s 5.650 5.712 –.008 232,313 May 134.60 138.60 134.60 137.94 3.39 highs and lows for different types of bonds

June 5.813 5.928 s 5.728 5.793 –.002 76,923 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.

July 5.868 5.988 s 5.792 5.858 .001 100,931 May 157.15 163.95 s 155.50 159.20 1.65 Total Total
return return
Sept 5.834 5.969 s 5.776 5.849 .011 75,302 July 156.45 162.95 s 156.30 158.90 2.25 close YTD total Yield (%) close YTD total Yield (%)
return (%) Latest Low High return (%) Latest Low High
Oct 5.847 5.982 s 5.788 5.867 .016 87,190 Index Index

Jan'23 6.175 6.303 s 6.115 6.196 .024 65,400 Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices

Agriculture Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2110.71 -6.1 U.S. Aggregate 2.990 1.340 3.040 2087.59 -5.2 Mortgage-Backed 3.060 1.590 3.140

June 177-130 177-160 175-050 176-050 –1-28.0 1,285,937

Corn (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Fixed Income Indices 2049.43 -4.3 Ginnie Mae (GNMA) 3.050 1.580 3.130

May 737.00 752.25 734.75 750.50 15.50 450,864 June 149-150 149-210 148-130 148-280 –30.0 1,120,519 3.630 1.910 3.760 1229.86 -5.3 Fannie mae (FNMA) 3.070 1.580 3.150
17.50 429,229
July 724.25 740.50 722.75 739.25 Sept 147-270 147-270 147-200 147-310 –31.0 40 3153.87 -7.7 U.S. Corporate
–9.50 1,458
Oats (CBT)-5,000 bu.; cents per bu. –.25 744 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2910.54 -5.4 Intermediate 3.400 1.260 3.490 1886.83 -5.5 Freddie Mac (FHLMC) 3.060 1.570 3.130

May 734.75 741.00 729.25 730.50 19.50 253,261 June 122-025 122-125 121-270 122-030 –4.5 3,680,618
22.25 189,736
July 698.50 718.00 s 698.50 711.50 Sept 121-280 122-060 121-230 121-300 –4.5 97 4551.67 -11.1 Long term 4.020 2.900 4.290 567.92 -5.7 Muni Master 2.331 0.687 2.431
5.10 150,227
Soybeans (CBT)-5,000 bu.; cents per bu. 5.00 133,608 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%

May 1584.00 1606.00 1576.75 1602.25 1.14 111,403 June 113-290 114-057 113-242 114-005 –.2 3,756,837 629.71 -7.8 Double-A-rated 3.160 1.650 3.260 399.34 -6.1 7-12 year 2.323 0.687 2.502

July 1567.75 1590.50 1560.50 1589.00 Sept 113-252 –.2 12 840.39 -7.9 Triple-B-rated 3.890 2.110 4.030 458.92 -6.7 12-22 year 2.611 1.000 2.655

Soybean Meal (CBT)-100 tons; $ per ton. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%

May 451.00 458.70 448.50 455.10 June 105-196 105-237 105-175 105-221 .2 2,197,764 High Yield Bonds ICE BofA 446.35 -8.1 22-plus year 3.089 1.443 3.141

July 442.80 451.00 441.60 447.80 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.

Soybean Oil (CBT)-60,000 lbs.; cents per lb. April 99.6600 99.6600 99.6550 99.6550 –.0025 476,319 498.27 -4.5 High Yield Constrained 6.046 3.796 6.447 Global Government J.P. Morgan†

May 71.20 72.43 70.90 72.34 May 99.2700 99.2750 99.2550 99.2600 –.0150 320,774 484.20 -3.9 Triple-C-rated 9.890 6.304 10.490 570.53 -4.9 Global Government 1.650 0.720 1.690

3326.37 -4.2 High Yield 100 5.487 3.162 6.055 794.37 -5.3 Canada 2.390 1.230 2.510

Cash Prices | wsj.com/market-data/commodities Monday, April 4, 2022 435.27 -5.4 Global High Yield Constrained 6.201 3.968 6.731 384.41 -5.3 EMU§ 1.175 0.163 1.246

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 332.77 -4.7 Europe High Yield Constrained 4.313 2.304 4.733 717.66 -5.6 France 1.060 0.080 1.110

separate from the futures price on an exchange, which reflects what the commodity might be worth in future U.S Agency Bloomberg Fixed Income Indices 511.01 -4.8 Germany 0.470 -0.410 0.580

months. 1755.60 -4.4 U.S Agency 2.600 0.640 2.630 289.54 -1.7 Japan 0.530 0.260 0.600

Monday Monday Monday

Energy Iron Ore, 62% Fe CFR China-s 160.8 Wheat,Spring14%-pro Mnpls-u 12.6500 1539.17 -4.0 10-20 years 2.560 0.520 2.590 560.65 -5.9 Netherlands 0.700 -0.290 0.800
Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 10.0250
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 106.150 Steel, HRC USA, FOB Midwest Mill-s 1450 Wheat - Hard - KC (USDA) $ per bu-u 10.4425 3787.05 -9.8 20-plus years 3.070 1.890 3.160 970.52 -6.5 U.K. 1.610 0.720 1.790
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.100 Wheat,No.1soft white,Portld,OR-u 10.7500
Battery/EV metals 2707.94 -6.3 Yankee 3.390 1.510 3.450 834.48 -9.3 Emerging Markets ** 5.924 4.516 6.529

Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 79550 Food *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 77650
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 18881 Beef,carcass equiv. index ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
BMI Nickel Sulphate, EXW China, >22%-v,m 6794 choice 1-3,600-900 lbs.-u
Engelhard industrial 1933.00 BMI Flake Graphite, FOB China, -100 Mesh, 94-95% -v,m select 1-3,600-900 lbs.-u 229.92 Global Government Bonds: Mapping Yields
Handy & Harman base 1930.30 695 Broilers, National comp wtd. avg.-u,w 221.39
Handy & Harman fabricated 2142.63 Butter,AA Chicago-d 1.5981
LBMA Gold Price AM *1933.35 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 2.7200
LBMA Gold Price PM *1929.40 Cheddar cheese,blk,Chicago-d 226.75
Krugerrand,wholesale-e 2007.93 Burlap,10-oz,40-inch NY yd-n,w 0.8550 Milk,Nonfat dry,Chicago lb.-d 226.25 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Maple Leaf-e 2027.24 Coffee,Brazilian,Comp-y 185.00 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
American Eagle-e 2027.24 Cotton,1 1/16 std lw-mdMphs-u 1.3894 Coffee,Colombian, NY-y 2.2708
Mexican peso-e 2335.84 Eggs,large white,Chicago-u 2.9385
Austria crown-e 1895.47 Cotlook 'A' Index-t *152.30 Flour,hard winter KC-p 2.8450 Country/ Spread Under/Over U.S. Treasurys, in basis points
Austria phil-e 2027.24 Hams,17-20 lbs,Mid-US fob-u 28.75
Hides,hvy native steers piece fob-u n.a. Hogs,Iowa-So. Minnesota-u Yield (%)
Silver, troy oz. 24.7500 Pork bellies,12-14 lb MidUS-u n.a. Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
24.5300 Wool,64s,staple,Terr del-u,w n.a. Pork loins,13-19 lb MidUS-u 98.40 1.490 0.184
Engelhard industrial 30.6630 Steers,Tex.-Okla. Choice-u 1.721
Handy & Harman base *£18.7900 Grains and Feeds Steers,feeder,Okla. City-u,w n.a. 2.250 U.S. 2 2.426 t l 2.430 1.722
Handy & Harman fabricated *24.6900 1.1269
LBMA spot price Barley,top-quality Mnpls-u n.a. 1.875 10 2.409 s l 2.374
(U.S.$ equivalent) 20728 n.a.
Coins,wholesale $1,000 face-a Bran,wheat middlings, KC-u 173 189.56 2.750 Australia 2 1.859 s l 1.848 1.134 0.089 -56.5 -61.7 -10.0
*995.0 1.794 44.3 7.4
Other metals 990.0 Corn,No. 2 yellow,Cent IL-bp,u 7.3000 1.000 10 2.835 s l 2.828 2.151 42.5
2325.0
LBMA Platinum Price PM Corn gluten feed,Midwest-u,w 225.9 0.000 France 2 0.003 0.003 -0.637 -0.638 -242.2 -246.2 -82.6
Platinum,Engelhard industrial *3483.0 0.000 10 1.005 t 1.033 0.417 -135.2 -179.9
Palladium,Engelhard industrial 4.7765 Corn gluten meal,Midwest-u,w 694.1 l
Aluminum, LME, $ per metric ton l
Copper,Comex spot Cottonseed meal-u,w 355 Fats and Oils -0.079 -140.5

Hominy feed,Cent IL-u,w 172 0.000 Germany 2 -0.089 t

Meat-bonemeal,50% pro Mnpls-u,w 375 Degummed corn oil, crude wtd. avg.-u,w 68.0000 l -0.062 -0.727 -0.698 -251.3 -252.7 -88.6
l 0.556 -0.068 -0.325 -190.5 -182.9 -204.4
Oats,No.2 milling,Mnpls-u 7.3050 Grease,choice white,Chicago-h 0.7100 0.000 10 0.505 t

Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Lard,Chicago-u n.a.

Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7358 0.000 Italy 2 0.325 t l 0.328 -0.116 -0.395 -209.9 -213.6 -58.3
0.950 10 2.078 t l 2.112 1.520 0.636 -33.2 -27.3 -108.4
SoybeanMeal,Cent IL,rail,ton48%-u,w 470.00 Tallow,bleach;Chicago-h 0.7450

Soybeans,No.1 yllw IL-bp,u 15.6300 Tallow,edible,Chicago-u 0.8150

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 0.005 Japan 2 -0.041 t l -0.040 -0.041 -0.123 -246.5 -250.4 -31.1
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark 0.100 10 0.217 s l 0.216 0.152 0.119 -219.4 -216.9 -160.1
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/1
0.000 Spain 2 0.214 t l 0.218 -0.239 -0.506 -221.1 -224.7 -69.4
Source: Dow Jones Market Data 0.306 -95.1 -88.1 -141.4
0.700 10 1.459 t l 1.504 0.961

Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.125 U.K. 2 1.363 s l 1.357 1.089 0.074 -106.2 -110.7 -11.4
4.250 10 1.548 t l 1.612 1.211 -77.3 -92.0
0.800 -86.2

Closing Chg YTD Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
ETF Symbol Price (%) (%)
Largest 100 exchange-traded funds, latest session

Monday, April 4, 2022 Closing Chg YTD iShCoreMSCITotInt IXUS 67.81 0.82 –4.4 Corporate Debt
Symbol Price (%) (%) 0.88 –3.8
Closing Chg YTD ETF iShCoreS&P500 IVV 458.80 –0.21 –4.8 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
ETF Symbol Price (%) (%) –0.40 –5.2 expectations
HealthCareSelSect iShCoreS&P MC IJH 269.52 0.81 –4.5
IndSelSectorSPDR 0.16 –6.5
InvscQQQI XLV 136.92 –0.83 –2.8 iShCoreS&P SC IJR 108.58 0.08 –6.3
InvscS&P500EW XLI 102.05 –0.13 –3.6 –0.40 4.5
CnsmrDiscSelSector XLY 189.39 2.25 –7.4 iShCoreDivGrowth QQQ 369.30 –7.2 iShS&PTotlUSStkMkt ITOT 102.19 0.98 –4.9
CnsStapleSelSector XLP 76.41 –0.31 –0.9 iShCoreMSCIEAFE RSP 158.56 2.06 –2.6 0.19 –3.3
DimenUSCoreEq2 DFAC 27.77 –4.1 iShCoreMSCIEM DGRO 53.51 0.21 –3.7 iShCoreTotalUSDBd IUSB 49.50 0.87 –6.6 Investment-grade spreads that tightened the most…
EnSelectSectorSPDR XLE 77.16 0.43 39.0 IEFA 70.46 0.06 –5.6 0.52 5.5
FinSelSectorSPDR XLF 38.05 0.13 –2.6 IEMG 57.45 0.37 –4.0 iShCoreUSAggBd AGG 106.84 0.76 –5.1 Spread*, in basis points
–0.44 1.74 0.35 –8.3 Current One-day change Last week
iShSelectDividend DVY 128.15 0.39 –10.0
0.20 –5.6
iShESGAwareUSA ESGU 102.58 0.97 –4.1 Issuer Symbol Coupon (%) Yield (%) Maturity
0.40 –5.2
iShEdgeMSCIMinUSA USMV 78.23 0.73 –7.8
1.76 –4.4
iShEdgeMSCIUSAQual QUAL 135.98 –0.24 0.5 Nomura Holdings NOMURA 1.851 3.61 July 16, ’25 101 –11 n.a.
0.09 –5.8 Citigroup C 5.500 3.39 Sept. 13, ’25 79 –10 105
iShGoldTr IAU 36.73 0.14 –4.2 Credit Suisse CS 3.750 3.91 March 26, ’25 131 –10 144
0.17 –8.0 Kraft Heinz Foods KHC 7.125 4.78 Aug. 1, ’39 214 –10 n.a.
iShiBoxx$HYCpBd HYG 82.57 1.78 –7.3
–0.16 –0.9
ADVERTISEMENT iShiBoxx$InvGrCpBd LQD 121.51 0.16 –6.5
–0.14 –2.1
The Marketplace iShJPMUSDEmgBd EMB 98.11 0.41 –5.1
–0.08 –1.8
To advertise: 800-366-3975 or WSJ.com/classifieds iShMBSETF MBB 101.46 0.83 –4.2
1.77 –7.0
CAREERS iShMSCI ACWI ACWI 101.40 –0.12 –0.3
–0.01 –0.2
iShMSCI EAFE EFA 74.59 –0.07 –4.8
0.06 –2.7
iShMSCI EAFE SC SCZ 67.38 –0.07 –7.3 Barclays BACR 4.375 3.76 Jan. 12, ’26 121 –9 131
–0.69 –11.3 EDP Finance EDPPL 1.710 3.99 Jan. 24, ’28 143 –8 153
iShMSCIEmgMarkets EEM 46.71 –0.08 –7.0 Ovintiv OVV 6.500 4.73 Feb. 1, ’38 210 –8 n.a.
0.06 –0.5 Banco Santander SANTAN 5.179 4.13 Nov. 19, ’25 153 –8 n.a.
iShMSCIEAFEValue EFV 50.66 0.02 –1.5
6.25 –26.0
iShNatlMuniBd MUB 109.51 –0.01 –0.0
0.48 5.5
iSh1-5YIGCorpBd IGSB 51.62 –0.07 –0.2
0.46 –4.3
iShPfd&Incm PFF 36.26 0.78 –4.5
0.14 –1.8
iShRussell1000Gwth IWF 283.21 0.93 –4.2
1.97 –6.5
iShRussell1000Val IWD 166.38 0.31 –6.2
–0.03 –4.4
iShRussell2000 IWM 207.91 0.35 –3.9 …And spreads that widened the most
–0.18 –4.8
iShRussell2000Val IWN 162.49 0.86 –3.8
–0.60 –0.3
iShRussellMid-Cap IWR 78.76 1.90 –7.1
1.97 –7.6
iShRussellMCValue IWS 120.15 –0.38 –1.4 Barclays BACR 3.650 3.47 March 16, ’25 87 16 120
0.71 –7.9 Morgan Stanley MS 4.000 3.35 July 23, ’25 73 15 79
iShRussell1000 IWB 253.20 0.90 –10.1 HSBC Holdings HSBC 4.250 3.90 Aug. 18, ’25 130 13 133
0.15 –5.1 Royal Bank of Canada RY 0.875 3.27 Jan. 20, ’26 72 13 n.a.
iShS&P500Growth IVW 77.80 0.43 –4.7
1.74 –3.3 3.49 March 19, ’26 93 10 98
iShS&P500Value IVE 156.19 0.06 –7.6 4.40 May 1, ’25 181 7 220
0.79 –4.3 3.38 July 12, ’26 83 6 88
iShShortTreaBd SHV 110.20 1.87 –8.4 4.03 March 8, ’27 148 5 160
–0.64 –3.9
iShTIPSBondETF TIP 123.00 –0.13 0.4
0.12 –7.1
iSh1-3YTreasuryBd SHY 83.19 0.26 –7.4
0.82 –4.6
iSh7-10YTreasuryBd IEF 106.58 0.51 –5.6
–0.32 –0.3
iSh20+YTreasuryBd TLT 131.46 0.16 –5.7 Deutsche Bank DB 1.686
–0.49 –5.2 7.000
iShUSTreasuryBdETF GOVT 24.80 0.85 –3.8 1.300
0.06 –3.9 3.205
JPM UltShtIncm JPST 50.25 0.12 –4.1 Delta Air Lines DAL
0.02 –1.7
PimcoEnhShMat MINT 100.02 0.16 –5.0
0.04 –6.2
ProShUltPrQQQ TQQQ 61.55 0.08 –6.5 Equitable Financial Life Global Funding …
0.23 –4.9
SPDRBlm1-3MTB BIL 91.42 0.81 –4.2
0.85 –4.5
SPDR Gold GLD 180.37 0.81 –4.3 Athene Global Funding …
–0.26 0.6
SPDRS&P500Value SPYV 41.90

SchwabIntEquity SCHF 37.19 High-yield issues with the biggest price increases…

SchwabUS BrdMkt SCHB 53.98

SchwabUS Div SCHD 79.34

SchwabUS LC SCHX 54.51 Bond Price as % of face value
Current One-day change Last week
SchwabUS LC Grw SCHG 76.55 Issuer Symbol Coupon (%) Yield (%) Maturity
TITIM
SchwabUS SC SCHA 48.01 Telecom Italia AAL May 30, ’24
American Airlines ISPIM July 15, ’25
Schwab US TIPs SCHP 60.13 Intesa Sanpaolo NAVI 5.303 4.30 June 26, ’24 102.030 1.03 99.600
Navient 11.750 5.67 Aug. 1, ’33 117.910 0.91 115.014
SPDR DJIA Tr DIA 349.24 OXY 5.017 4.21 101.695 0.83 99.912
Occidental Petroleum PRSESE 5.625 7.63 May 1, ’31 85.000 0.75 82.750
SPDR S&PMdCpTr MDY 492.86 Prime Security Services Borrower LINTA April 15, ’26
Liberty Interactive SATS
SPDR S&P 500 SPY 456.80 Hughes Satellite Systems Feb. 1, ’30
Aug. 1, ’26
SPDR S&P Div SDY 128.70

TechSelectSector XLK 161.47

VangdInfoTech VGT 423.43

VangdSC Val VBR 176.39

BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES VangdExtMkt VXF 168.36 7.500 4.43 122.750 0.75 121.560
5.750 5.29 101.645 0.65 100.011
VangdSC Grwth VBK 253.27 8.250 9.66 0.64 91.500
6.625 5.45 92.370 0.57 102.440
VangdDivApp VIG 162.95 104.446

VangdFTSEDevMk VEA 48.66

VangdFTSE EM VWO 47.83

VangdFTSE Europe VGK 63.05

VangdFTSEAWxUS VEU 58.65

VangdGrowth VUG 293.87

VangdHlthCr VHT 255.98 …And with the biggest price decreases

VangdHiDiv VYM 112.58

VangdIntermBd BIV 81.44

VangdIntrCorpBd VCIT 85.93 Transocean RIG 6.800 11.52 March 15, ’38 65.880 –1.87 66.063
American Airlines AAL 3.750 7.04 March 1, ’25 91.500 –0.50 89.030
VangdLC VV 210.78 Bath & Body Works BBWI 6.875 6.62 102.250 –0.25 101.510
Royal Caribbean RCL 7.500 6.15 Nov. 1, ’35 106.250 –0.25
VangdMC VO 240.41 Oct. 15, ’27 n.a.
3.70 101.770 –0.23
VangdMC Val VOE 149.87 3.51 March 15, ’23 105.280 –0.22 101.531
3.75 July 1, ’25 102.080 –0.17 n.a.
COMMERCIAL REAL ESTATE VangdMBS VMBS 49.83 April 1, ’24
102.250
VangdRealEst VNQ 109.94

VangdS&P500ETF VOO 419.85

VangdST Bond BSV 77.68

VangdSTCpBd VCSH 77.95 OneMain Finance OMF 5.625
Ball BLL 5.250
VangdShtTmInfltn VTIP 50.55 QVC QVCN 4.850

VangdSC VB 214.67

VangdTaxExemptBd VTEB 51.51

VangdTotalBd BND 79.23

VangdTotIntlBd BNDX 52.44

VangdTotIntlStk VXUS 60.88

VangdTotalStk VTI 230.52 *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.

VangdTotlWrld VT 102.77 Note: Data are for the most active issue of bonds with maturities of two years or more

VangdValue VTV 147.97 Source: MarketAxess