For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 24483.05 À 293.60 1.2%
What’s
News
Business & Finance
enture-capital invest-
V ment from Asia is soaring,
possibly heralding a shift in
power over technological in-
novation away from the U.S. A1
 A feud between Tesla
and the NTSB escalated,
sidelining the auto maker
from an official investiga-
tion into a fatal crash. A1
 Uber is committed to its
self-driving-car program,
the company’s CEO said. B3
 GE is exploring a public
offering for one of its divi-
sions and discussing hybrid
deals with public compa-
nies to combine assets. A1
 VW’s board ousted CEO
Müller and named Diess,
who ran the auto maker’s
namesake brand, as chief. B1
 Many financial firms are
shedding ties with Russia’s
En+ following the latest
wave of U.S. sanctions. B1
 More private companies
are taking steps toward go-
ing public following a burst
of successful tech IPOs. B1
 Wynn has been in talks
to sell its partially built
Boston-area casino project
to rival MGM Resorts. B1
 U.S. stocks rebounded
as bank shares surged. The
Dow gained 293.60 points,
or 1.2%, to 24483.05. B11
 BlackRock pulled in
nearly $57 billion in new in-
vestor cash last quarter, with
the bulk going to ETFs. B10
 Some Rite Aid sharehold-
ers oppose the Albertsons
deal, saying it undervalues
the drugstore chain. B3
 Zillow is getting into
the business of buying and
flipping homes. B2
World-Wide
 The White House plans
to boost pressure on China
by focusing on new tariffs
and threatening to block
Chinese technology invest-
ment in the U.S. Meanwhile,
Trump has told aides to
investigate the possibility
of rejoining the TPP. A1, A4
 The U.S. and allies united
around broad plans for a
military strike against Syria,
as they worked to bridge dif-
ferences over its scope. A8
 Trump intends to pardon
Libby, a former top aide to
Cheney who was convicted
in a CIA leak case. A4
 Pressure on Rosenstein
intensified amid a dispute
between Congress and the
Justice Department over
access to documents. A4
 Former FBI chief Comey,
in a new memoir, describes
Trump as a “deeply flawed
person and leader.” A4
 Pompeo sought to reas-
sure a Senate panel that he
would be a sober voice on
foreign policy if confirmed
as secretary of state. A2
 The Senate approved
former coal lobbyist An-
drew Wheeler to be Pruitt’s
deputy at the EPA. A5
 China staged a show of
force in the South China
Sea, with Xi presiding over
a parade of naval ships. A16
 Trump issued an execu-
tive order creating a task
force to recommend reforms
in the U.S. Postal Service. A3
 Oklahoma teachers
ended a strike that re-
sulted in pay raises and
more education funding. A3
CONTENTS
Business News...... B3
Crossword.............. A10
Heard on Street. B12
Life & Arts....... A10-11
Mansion............. M1-14
Markets............. B11-12
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
* * * * * *
NASDAQ 7140.25 À 1.0%
Secretary of State Nominee Faces Questions as Syria Move Looms
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
UNDER SCRUTINY: Central Intelligence Agency Director Mike Pompeo faced sometimes-contentious questions Thursday from senators
considering his nomination for secretary of state. Meantime, Britain, France and the U.S. agreed on the outline of a military attack on Syria. A2, A8
Asia Funds Challenge Silicon Valley
America’s wide lead in
venture capital fades,
threatening to shift
power over innovation
BY PHRED DVORAK
AND YASUFUMI SAITO
Silicon Valley, long the un-
disputed king of venture capi-
tal, is now sharing its throne
with Asia.
m e
A decade ago, nearly three-
quarters of the world’s financ-
ing of innovative, tech-heavy
m rp
startups and young companies
Going, Going, Gone
co Fo
The glut of stored oil among industrialized economies—which
helped keep prices low for years—has shrunk after production cuts
by OPEC and Russia. That has sent prices higher. B11
Total oil inventories in OECD countries compared
with their five-year averages
400 million barrels
300
200
n-
100
0 0
no
–100
–200
2013 ’14
Source: Organization of the Petroleum Exporting Countries
GE Explores Further
Spinoffs, Joint Deals
As its strategic review
stretches into a ninth month,
General Electric Co. is ex-
ploring a public offering for
one of its divisions and dis-
cussing hybrid deals with
public companies to combine
assets, according to people
familiar with the matter.
By Thomas Gryta,
Dana Mattioli
and David Benoit
Unlike straight asset sales,
the hybrid deals would leave
GE shareholders with stakes
Opinion.............. A13-15 in multiple public companies.
Sports........................ A12
Streetwise................. B1 The possibilities include spin-
Technology............... B4 ning off a division and com-
U.S. News............. A2-5 bining it with a smaller public
Weather................... A11
World News. A6-8,16
company in a way that avoids
a big tax bill. Such moves
would give the industrial con-
> glomerate and its sharehold-
ers a chance to participate in
the turnaround of struggling
businesses.
GE Transportation could
be a model, according to
some of the people. GE is now
FRIDAY, APRIL 13, 2018 ~ VOL. CCLXXI NO. 86
STOXX 600 378.82 À 0.7% 10-YR. TREAS. g 12/32 , yield 2.832%
on
us l,
took place in the U.S., with
American investors plowing
al a
e
money into mostly U.S.-based
venture firms.
Now, a surge of new
ci on
money—mostly from China—
has helped drive funding totals
into the stratosphere and has
transformed the venture land-
scape, according to an exclusive
er rs
Wall Street Journal analysis of
venture funding data.
Asian investors directed
nearly as much money into
startups last year as American
investors did—40% of the re-
cord $154 billion in global ven-
ture financing versus 44%, the
Above average Below average
’15 ’16 ’17
unlikely to sell the business,
which makes diesel freight lo-
comotives, and is preparing
for an initial public offering
or spinoff of the division,
some of the people said. The
unit could be merged with
another company that would
leave GE investors in control
of a new public business that
has a broader set of opera-
tions than the GE unit, one
person said.
GE, whose share price has
tumbled by more than half
over the last 12 months, will
be facing questions about its
portfolio review in coming
weeks.
The company reports first-
quarter results on April 20
and hosts its annual share-
holder meeting the following
week. Chairman and Chief
Executive John Flannery is
the headliner at a major in-
dustrial conference May 23.
“The pressure on GE to an-
nounce some sort of breakup
is very high,” analyst Scott
Please see GE page A8
OIL $67.07 À $0.25
Journal’s analysis of data from
private markets data tracker
Dow Jones VentureSource
found. Asia’s share is up from
less than 5% just 10 years ago.
That tidal wave of cash into
promising young firms could
herald a shift in who controls
the world’s technological inno-
vation and its economic fruits,
from artificial intelligence to
self-driving cars.
Silicon Valley previously was
far and away the leader for
tech entrepreneurs in both
money and know-how, says Kai-
Fu Lee, a veteran tech executive
who headed China units of Mi-
Tesla, Investigators
Feud Over a Crash
An unusual public feud be-
tween Tesla Inc. and federal ac-
cident investigators escalated
Thursday over the examination
of a fatal car crash, sidelining
the auto maker from an official
By Mike Spector,
Tim Higgins
and Andy Pasztor
probe concerning its semiau-
tonomous driving system.
In dueling explanations,
Tesla and the National Trans-
portation Safety Board clashed
over whether the company
withdrew or was removed as
’18 an official party to the agency’s
investigation into last month’s
crash of a Model X sport-utility
You Say
‘Fiddy,’ I Say
‘Foedee’
i i i
Tax Act yields new
jargon but no
pronunciation key
BY RICHARD RUBIN
AND THEO FRANCIS
WASHINGTON—Fiddy isn’t
just a rapper’s name anymore.
In 2018, it’s a tax break.
Technically, it is a deduc-
tion in the new tax law, for
Foreign-Derived Intangible In-
come, available to U.S. export-
ers. FDII, as it’s abbreviated,
could cause a trans-Atlantic
spat over whether it violates
international trade rules.
It’s already causing a
squabble over something
else—how to pronounce FDII.
The “F” comes from “for-
eign,” so some tax lawyers call
it “FOE-dee,” putting it along-
side FOGEI and FORI, long-
Please see TAXES page A9
WSJ.com
GOLD $1,338.40 g $18.10
.
ly
crosoft and Google before
founding his own Beijing-based
venture-capital firm, Sinovation
Ventures, in 2009. The rise of
China’s venture market “signi-
fies a shift from a single-epi-
center view of the world to a
duopoly,” he says.
U.S. investors remain the
biggest single source of global
venture capital, and they do
more deals than anyone else—
nearly half of all venture
rounds in 2017, according to
VentureSource data. The U.S. is
still an important driver of in-
novation, with many of China’s
Please see FUND page A9
vehicle that killed the driver
near Mountain View, Calif.
The NTSB said Thursday
that it tossed Tesla from the
probe, asserting the auto
maker violated a formal agree-
ment when it released detailed
information this week about
the crash before government
investigators had vetted it.
Tesla late Wednesday, and
again on Thursday, contended
it dropped out, saying restric-
tions on disclosures could
jeopardize public safety by
blocking the timely release of
relevant information to the
Please see TESLA page A2
 Uber is committed to self-
driving cars, CEO says.......... B3
HHHH $4.00
EURO $1.2327 YEN 107.32
U.S. Set
To Boost
Pressure
On China
White House proposes
tariffs on more goods,
explores rejoining
Trans-Pacific trade pact
BY BOB DAVIS
AND LINGLING WEI
WASHINGTON—The Trump
White House, confident that its
hard-line trade strategy is suc-
ceeding, is planning to ratchet
up the pressure on China by fo-
cusing on new tariffs and
threatening to block Chinese
technology investment in the
U.S., according to officials fa-
miliar with the strategy.
The additional moves come
as President Donald Trump has
told his senior aides to investi-
gate the possibility of rejoining
the Trans-Pacific Partnership, a
move that would reverse a
Trump campaign promise and
further challenge China, which
isn’t part of the trade pact.
The president’s new open-
ness toward the TPP comes as
he is seeking allies in his trade
battle with Beijing and faces
criticism from U.S. farmers
who now face retaliatory Chi-
nese tariffs on their products.
For its part, China is looking
to line up other countries
against the U.S., Chinese officials
said—especially in Europe,
whose firms could benefit
should China react to the
stepped-up pressure by expand-
ing its retaliation against the U.S.
Administration officials fa-
miliar with the U.S. strategy
say that the U.S. trade repre-
sentative, as early as next
week, will detail which prod-
ucts are on the list of $100 bil-
lion in Chinese goods subject
Please see TRADE page A4
 West’s curbs on Russia
haven’t deterred trade......... A6
INSIDE
LOS ANGELES’S
HIGH-TECH
PLAYA VISTA
MANSION, M1
VOLKSWAGEN
OUSTS ITS
CEO
BUSINESS & FINANCE, B1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Friday, April 13, 2018
Pompeo Promises
Not to Be ‘Yes Man’
Nominee for secretary
of state tells senators
he’ll back Trump, but
dissent when needed
BY MICHAEL R. GORDON
AND NANCY A. YOUSSEF
Mike Pompeo sought to re-
assure the Senate Foreign Re-
lations Committee on Thurs-
day that he would be a sober
voice on foreign policy if con-
firmed as the next U.S. secre-
tary of state and would carry
out President Donald Trump’s
agenda while not hesitating to
differ in internal debates.
After firing Rex Tillerson as
the chief U.S. diplomat, Mr.
Trump stressed that he
wanted a secretary of state
like Mr. Pompeo, who would
be on the “same wavelength.”
Lawmakers acknowledge
that Mr. Pompeo’s closeness to
the president could give him
leverage in international nego-
tiations, but some also ex-
Endangered Birds Find Their Sea Legs
KEITH SRAKOCIC/ASSOCIATED PRESS
BUOYANT INDEED: Two African penguins hatched in December got a feel for the water Thursday at the National Aviary in Pittsburgh.
TESLA
Continued from Page One
public including about its
semiautonomous driving sys-
tem, called Autopilot.
The safety board countered
that its procedures call for im-
mediate recommendations if
no
emergency safety fixes are re-
quired.
The dispute between an un-
conventional Silicon Valley
electric-car maker and a small
government agency with siz-
able influence over transporta-
tion safety illustrates how
both sides are grappling with
new investigative and public-
relations issues stemming
from crashes of vehicles with
driverless-car technologies.
The safety board, with five
members confirmed by the
Senate, is responsible for in-
vestigating accidents across
various transportation modes
and then issuing nonbinding
recommendations to regula-
tory authorities.
Despite a sterling world-
wide reputation for dissecting
aviation disasters, the NTSB
lacks extensive experience
looking into the complexities
of autonomous systems con-
trolling passenger vehicles.
While the safety board has
no regulatory mandate, its find-
ings and recommendations
have shaped aviation, railroad
and pipeline operations. It has
relied on companies and unions
to participate in accident
probes by contributing techni-
cal expertise, but those so-
called parties to federal investi-
gations have to follow strict
prohibitions against unilaterally
giving out information to the
public or prematurely announc-
ing conclusions to the media.
Sen. Richard Blumenthal
(D., Conn.), who has long
delved into auto-safety issues,
said Thursday he was “trou-
bled by Tesla’s reckless disre-
pressed concern during his
confirmation hearing Thurs-
day that Mr. Trump’s decision
to surround himself with like-
minded national-security offi-
cials carried risks.
“Many strong voices have
been terminated or resigned,”
said Sen. Bob Corker (R.,
Tenn.), chairman of the panel.
“It’s fair for our members to
ask whether your relationship
is rooted in a candid, healthy,
give-and-take dynamic, or
whether it’s based on deferen-
tial willingness to go along,”
Mr. Corker said.
Sen. Bob Menendez (D.,
N.J.) was more blunt, asking
Mr. Pompeo whether he would
advocate for diplomatic solu-
tions or would serve as a “yes
man” who would take the U.S.
into unnecessary wars.
During hours of testimony,
Mr. Pompeo sought to distance
himself from some of the more
assertive comments he had is-
sued as a lawmaker, insisting
that he favored strong diplo-
macy over preemptive military
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
gard” of its obligations to the
NTSB. “If autonomous-vehicle
manufacturers like Tesla can-
not be trusted to fully cooper-
ate, then it’s clear that Con-
gress must act,” he said in a
written statement.
n-
Removals from NTSB party
agreements are rare. The
agency in 2014 revoked party
status for United Parcel Ser-
Unlike other car
makers, Tesla doesn’t
shy from confronting
government agencies.
vice Inc. and a pilots union in
the probe of a crash of one of
the package-delivery com-
pany’s cargo planes after pub-
lic comments were made by
each side about circumstances
surrounding the accident.
For Tesla, a departure from
the NTSB agreement risks di-
minishing the car maker’s in-
fluence over and insight into
an investigation that could ul-
timately reach critical conclu-
sions about one of the com-
A Tesla employee driving one of the company’s Model S electric
vehicles, equipped with the semiautonomous Autopilot system.
U.S. NEWS
strikes and was more inter-
ested in negotiating than en-
couraging regime change.
Mr. Pompeo bridled at sug-
gestions that he was a “hawk,”
arguing that as a former Army
officer who served in the 1991
Persian Gulf War, he knew the
horrors of combat.
“There’s no one like some-
one who’s served in uniform
who understands the value of
diplomacy and the terror and
tragedy that is war,” he said. CIA Director Mike Pompeo, left, told senators such as Bob Corker, right, that he favors strong diplomacy.
Currently the Central Intel-
ligence Agency director, Mr. a meeting of the Group of 7
Pompeo also portrayed himself leading nations and at a gath-
as a counterpoint to Mr. Tiller- ering of North Atlantic Treaty
son, vowing to improve morale Organization foreign minis-
at the State Department, fill ters, both later this month.
longstanding vacancies and The U.S. and its allies ap-
empower career diplomats. pear to have resolved many of
If confirmed, one of Mr. their differences about ways
Pompeo’s early challenges will to limit Iran’s ballistic-missile
be trying to resolve differ- program and to reinforce the
ences with key European allies need for thorough inspections.
about ways to strengthen the But top officials have yet to
2015 international agreement agree on ways to dissuade Iran
that constrains Iran’s nuclear from expanding its capability
program. Mr. Pompeo said he to enrich uranium in future
planned to take up the issue at years, especially eight years
pany’s signature products.
Tesla’s pugnacity toward
the NTSB reflects its icono-
clastic approach to corporate
nore warnings from the vehicle.
The NTSB is also investigat-
ing the January crash of a
Tesla Model S into the back of
communications that often in- a firetruck near Culver City,
volves Chief Executive Elon Calif. The vehicle’s driver said
Musk assailing critics on Twit- Autopilot was engaged at the
ter, even joking about the time of the crash, according to
company’s financial ruin. local firefighters. And the
Unlike other car makers, NTSB is probing the March 18
Tesla doesn’t shy from con- death of a pedestrian struck
fronting government agencies. and killed in Arizona by an
On Thursday, it repeated an Uber Technologies Inc. self-
earlier point Mr. Musk had
tweeted, calling the NTSB an
driving car, though not a
Tesla, that had a safety opera-
“advisory body” as opposed to tor behind the wheel.
a “regulatory” one and de- Tesla released information
scribing its own relationship about the March 23 fatal crash
with the National Highway under investigation several
Traffic Safety Administration, times recently, suggesting that
the main federal agency that the driver, Walter Huang, was
oversees vehicle makers, to blame because, though Au-
“strong and positive.” topilot was activated before
Autopilot has garnered in- the crash, he still had at least
vestor enthusiasm and helped five seconds to take over the
Tesla at one point surpass Gen- wheel before it collided with a
eral Motors Co. as the U.S.’s highway barrier.
most valuable auto maker by The NTSB said such re-
market capitalization. The leases can prompt “speculation
technology has also drawn and incorrect assumptions
scrutiny, though, with the about the probable cause of a
NTSB determining after the crash, which does a disservice
May 2016 fatal crash of a Tesla to the investigative process
car that Autopilot allowed a and the traveling public.”
driver to go long periods with- NTSB Chairman Robert
out hands on the wheel and ig- Sumwalt and Mr. Musk last
Friday appeared to defuse ten-
sion, with the men discussing
the agency’s investigative pro-
cesses and recommendations
U.S. investigators made after
the May 2016 fatal Tesla crash,
according to a letter released
Thursday.
But on Wednesday, Tesla
came out with a stronger state-
ment defending Autopilot and
blaming the incident on Mr.
JASPER JUINEN/BLOOMBERG NEWS
Huang after his family hired a
lawyer to explore legal options.
“The crash happened on a
clear day with several hundred
feet of visibility ahead, which
means that the only way for
this accident to have occurred is
if Mr. Huang wasn’t paying at-
tention to the road, despite the
car providing multiple warnings
to do so,” the company said.
* ***** THE WALL STREET JOURNAL.
ALEX BRANDON/ASSOCIATED PRESS
from now when Iran would be to the president that we do
allowed to start operating our level best to work with
more efficient centrifuges un- our allies to achieve a better
der the current agreement. outcome and a better deal,”
Mr. Trump has set May 12 Mr. Pompeo said.
as a self-imposed deadline for Some experts have specu-
strengthening the deal or be- lated that talks could continue
ginning the process of formally even if no agreement was
withdrawing from the accord. reached by May 12 because the
In an exchange with lawmak- Trump administration would
ers, Mr. Pompeo left open the have latitude about how
possibility that talks with al- quickly to impose some key
lies might continue after Mr. sanctions.
Trump decided to withdraw.
“If there’s no chance that  U.S., allies draft plan for
we can fix it, I will recommend military strike in Syria......... A8
U.S. WATCH
.
ly
COURTS Messrs. Lacey and Larkin also
earlier pleaded not guilty to the Cal-
Backpage.com, CEO ifornia charges after a judge last
Enter Guilty Pleas year allowed the state to continue
The chief executive of a website
with money-laundering charges.
—Associated Press
that authorities have dubbed an
“online brothel” pleaded guilty ECONOMY
Thursday to state and federal
charges including conspiracy and Jobless Claims Hit
Record Streak
money laundering, and agreed to
testify in prosecutions against oth-
ers at Backpage.com, authorities Initial jobless claims, a proxy
said. The company itself pleaded for layoffs across the U.S., de-
guilty to human trafficking in Texas. creased by 9,000 to a season-
Authorities allege the site was ally adjusted 233,000 in the
often used to traffic underage vic- week ended April 7, the Labor
tims, while company officials said Department said Thursday. This
they tried to scrub the website of means claims have now held
such ads. below 300,000 for 162 consecu-
Chief Executive Officer Carl Fer- tive weeks, cementing the lon-
rer will serve no more than five gest streak for weekly records
years in prison under a California dating back to 1967.
agreement in which he pleaded The consistently low claims
guilty to one count of conspiracy levels point to labor market
and three counts of money launder- health because they mean rela-
ing in California. tively few Americans are losing
Also Thursday, Texas Attorney their jobs and applying for bene-
General Ken Paxton said the com- fits to tide them over.
pany pleaded guilty to human traf- —Sarah Chaney
ficking.
The guilty pleas are the latest SOUTHWEST
developments against the company
founded by Michael Lacey, 69 years Drought Worsening
old, and James Larkin, 68. The com- Across the Region
pany founders were among Back-
page officials indicted by a federal Drought is tightening its grip
grand jury in Arizona. Attorneys for
the company and Messrs. Ferrer,
Lacey and Larkin didn’t respond to
requests for comment.
across the Southwest as extreme
conditions spread from Oklahoma
to Utah, according to new federal
data released Thursday. On the
Messrs. Lacey and Larkin remain southern high plains, Oklahoma re-
jailed in Arizona while they await mains ground zero for the worst
hearings on whether they should drought conditions in the country.
be released after pleading not guilty About 20% of the state is facing
to federal charges alleging they exceptional drought conditions, the
helped publish ads for sexual ser- worst possible classification.
vices. —Associated Press
CORRECTIONS  AMPLIFICATIONS
Investors in Alphabet Inc. During March 2017, about
and others have renewed calls 12,000 people were arrested
for more transparency about crossing the U.S. border ille-
its YouTube business’s finan- gally from Mexico. An April 6
cial performance. In some edi- U.S. News article about Presi-
tions Thursday, a Page One dent Donald Trump’s plans to
What’s News item incorrectly send National Guard troops to
referred to YouTube investors. the border incorrectly said
March 2018.
In some editions Wednes-
day, special counsel Robert Netflix Inc. is spending $8
Mueller’s last name was mis- billion on original and acquired
spelled as Muller in one refer- content in 2018. A Page One ar-
ence in a Page One article ticle Tuesday about efforts by
about congressional lawmak- movie theaters to lure custom-
ers’ warnings against firing ers incorrectly said the amount
the special counsel. was only for original content.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Friday, April 13, 2018 | A3

U.S. NEWS

Task Force
To Review
Guard at Border Splits Arizonans
BY ALICIA A. CALDWELL

Finances ARIVACA, Ariz.—At a mi-

grants-assistance office here, a

Of USPS sign declared “Make militari-

zation of the border a thing of
the past,” indicating how some
BY HEIDI VOGT view President Donald Trump’s
plan to deploy the National
WASHINGTON—President Guard to the nearby Mexican
Donald Trump issued an exec- border.
utive order Thursday creating A few miles away, amid the
a task force to recommend re- scrub brush that dots the arid
forms in the U.S. Postal Ser- landscape around the interna-
vice, following weeks of tweets tional boundary, the Guard’s call-
accusing the agency of giving up couldn’t come soon enough
a sweetheart deal to Amazon for some longtime cattlemen.
Inc. for package delivery. “I am absolutely elated,”
The Postal Service “is on an said Jim Chilton, a 79-year-old
unsustainable financial path fifth-generation Arizonan and
and must be restructured to cattle rancher. “It’s what’s
CAITLIN O’HARA/AGENCE FRANCE-PRESSE/GETTY IMAGES

prevent a taxpayer-funded needed.”

bailout,” Mr. Trump said in the Along the Arizona border,
order. Mr. Trump’s decision last week
A Postal Service spokesman has spurred emotional and
didn’t immediately respond to wide-ranging reactions from
requests for comment. lawmakers, law-enforcement
The order didn’t directly officials and local residents.
address the Postal Service’s More than 4,000 U.S. Bor-
contracts with Amazon Inc., der Patrol agents already are
but did say the task force will assigned to the roughly 370
look at the pricing in the pack- miles of Mexican border in Ar-
age-delivery market. izona. More than 330 Arizona
Mr. Trump said the Postal National Guard troops are ex-
Service needs to “compete pected soon to join them to
fairly in commercial markets.” help address what the admin- Arizona National Guard members mustered Monday in Phoenix ahead of deployment to the Mexican border.
In his tweets, Mr. Trump istration has called a “crisis.”
has chastised the Postal Ser- The Arizona contingent is cord lows and since has said in a statement Tuesday.
Existing border fence
vice as Amazon’s “delivery part of a force of 2,000 to steadily risen. The Republican governors CA L I F.
boy” and said “only fools” 4,000 National Guard troops It has remained at low lev- of Texas and New Mexico also
10 Densely populated areas
Phoenix
would believe the service that Mr. Trump said likely els last seen in the early 1970s. have pledged troops. The first
makes money with Amazon. In would be deployed along the Mr. Trump, however, de- Guard troops in Texas—about AR IZO NA

.
8 N.M.
fact, while the Postal Service 2,000-mile border. There is no clared the level of arrests at 250—were deployed last week.

ly
has posted a net loss for word yet on how long they the border an “UNACCEPT- California Gov. Jerry Brown, a Yuma
years, revenue from these may stay. ABLE 46 year low” in a tweet Democrat, said his state would UNITED 10
STATES Tucson
package contracts has been Santa Cruz County Sheriff last week. send about 400 troops, al-
increasing in recent years and Tony Estrada, a Democrat who on Former Presidents George though he emphasized their Arivaca
the Postal Service is banned has worked in law enforce- W. Bush and Barack Obama role would be limited. Sierra
from signing any contract that ment in the area since 1966, each deployed the National Mr. Chilton, whose 50,000- Vista
would lose money. said he didn’t know what crisis Guard to the border in the past acre ranch skirts about 14 Gulf of MEXICO Nogales
Some analysts have argued Mr. Trump was referring to. dozen years—one time apiece. miles of border, agrees with California
us l,

that the Postal Service should “We’ve had issues in the past, The troops, who stayed on and the president. He said drug 50 miles Caborca SO N O RA
consider charging Amazon and but what is the crisis if the off for several years, backed up smugglers and others made 50 km
al a
e
other package deliverers more numbers are down,” said Mr. the Border Patrol, helping their way north across his land
Note: Due to the scale of the map, some gaps in the border fence may not be visible.
to make up for other liabilities Estrada, referring to the de- monitor surveillance cameras, each day, with some leaving
Sources: Reveal from The Center for Investigative Reporting and OpenStreetMap
in pension and health-care cades-low number of illegal repair fences and vehicles, and behind trash and breaking
ci on

contributors (border fence); Oak Ridge National Laboratory’s LandScan population

costs, but few analysts agree border crossers arrested in other nonenforcement tasks. fences. data (population density)
with the president’s assertion 2017 by the Border Patrol. “I Arizona Gov. Doug Ducey, a Mr. Chilton said before the THE WALL STREET JOURNAL.
that Amazon causes the ser- think it’s a made up crisis by Republican who has been sup- National Guard was deployed
vice to lose money. the president to muscle Con- portive of the latest deploy- to the area during the Bush der the Bush administration, and other residents here wor-
The executive order also gress into building his big ment, said troops from his administration in 2006, as he said a smaller number of ried the National Guard de-
er rs

says the task force should beautiful wall.” state would do the same this many as 30,000 people crossed people began traipsing across ployments were unnecessary
look at issues around pen- In the first few months of time around. “Despite what his land every year. When the his land once more. Mr. Chil- and dangerous—and some of
sions and medical costs, along the Trump administration, the some may say, our southern Guard arrived, the crossings ton said he believed many them say the community al-
with “inflexible costs” man- number of people arrested border is not secure. That is stopped, he said. were armed drug smugglers. ready had plenty of Border Pa-
m e

dated by law. each month plummeted to re- the truth, plain and simple,” he But after the troops left un- Immigrant-rights groups trol agents around.
m rp

Oklahoma Teachers to End Their Nine-Day Walkout

BY MICHELLE HACKMAN giving up and going home,” 28% since the 2008-09 reces-
co Fo

Ms. Priest said, saying the sion, making it the steepest

Most Oklahoma teachers union would launch a three- cut in the country, according
will return to school on Friday, year campaign to pressure to the liberal-leaning Center
putting an end to a nine-day lawmakers to vote for addi- for Budget and Policy Priori-
strike that resulted in pay tional funding increases. ties.
raises and boosted state fund- The threat of a strike last Gov. Mary Fallin congratu-
ing for education. month prompted the Republi- lated Republicans for passing
The demonstrations, which can-dominated Legislature to what she called a historic pay
sent teachers by the tens of pass legislation awarding raise and chided teachers for
thousands to the state Capitol teachers the raise this year, their prolonged strike despite
each day schools were closed, funded through new taxes on what she viewed as the Legis-
represented the strongest la- the oil and gas industry. The lature’s generosity.
bor action the conservative Legislature also raised overall “I am very proud that Re-
state has seen in several de- education funding through a publican lawmakers have led
n-

cades. combination of new taxes. the way on increasing educa-

SUE OGROCKI/ASSOCIATED PRESS

The threat of a strike ini- That was particularly note- tional expenditures for Okla-
tially prompted legislators to worthy because Oklahoma re- homa’s students this session,”
give the teachers a $6,000 av- quires 75% of lawmakers to she said.
no

erage raise this year and add approve tax increases, making The strike angered many
nearly $500 million in educa- them rare, and much of the lawmakers, who appeared in-
tion funding. During the sub- state’s existing revenue comes creasingly unwilling to pass
sequent walkout, the Legisla- from its dominant energy sec- additional sources of revenue.
ture passed several other tor. One Republican legislator la-
revenue increases to benefit Public school teachers protested on Thursday outside of the state Capitol in Oklahoma City. The teachers opted to strike mented teachers’ “stinking”
education, including a new tax anyway, demanding that the behavior in a since-deleted
on online sales and an expan- this year, after West Virginia, ciation President Alicia Priest, majority of members believed Legislature award them a Facebook video.
sion of the types of games and with educators threaten- representing the state’s largest continuing the strike wouldn’t $10,000 overall pay increase Teachers in a Facebook
permitted at casinos. ing imminent work stoppages teachers union, made the an- produce any further results. and reverse additional cuts it group with over 73,000 mem-
Oklahoma was the second in Kentucky and Arizona, it nouncement at a news confer- “While the walkout is end- had made to the state’s educa- bers vowed to continue pro-
state to hold a prolonged, will likely not be the last. ence in Oklahoma City Thurs- ing today and we are going tion budget. Oklahoma’s edu- testing despite their union’s
statewide teachers strike just Oklahoma Education Asso- day afternoon. She said a large back to school, we are not just cation funding has fallen by wishes.

District Drops Plan to Name Mississippi Orders Bridges Closed BY CAMERON MCWHIRTER dye Hendrickson, acting ad- 615,002 bridges nationwide

School After Blackstone CEO The state of Mississippi’s

bridges are in such bad shape
ministrator of the Federal
Highway Administration,
which listed bridges that in-
were determined to be “struc-
turally deficient” by the Fed-
eral Highway Administration,
that the governor has ordered spectors determined to be un- meaning the bridge needed sig-
BY TAWNELL D. HOBBS ment, approved last month by derson. “When asked to help at least 102 closed this week. safe. The state must close un- nificant repair. The American
the school board, outlined his alma mater, Mr. Mississippi Gov. Phil Bryant, safe bridges immediately or Society of Civil Engineers has
Blackstone Group LP CEO stipulations for the deal. Schwarzman agreed whole- a Republican, issued an emer- the administration “will be estimated it would cost $123
Stephen Schwarzman has One condition in particu- heartedly. His intent was sin- gency declaration, authorizing compelled to follow-up with billion to repair all the nation’s
dropped his stipulation that lar, renaming the school gularly to support the school’s the Mississippi Department of bridges. In March 2017, the so-
his high school be renamed Abington Schwarzman High desire to improve student pre- Transportation workers to ciety issued its “Infrastructure
after him as a condition for School, evoked concern by paredness.” shut down the bridges. The de- Report Card”—released every
his $25 million gift, the larg-
est known gift to an individ-
ual public school.
The condition, which
some community members
who said it was done without
public input and called it “un-
necessary and extreme” in an
The revised agreement in-
cludes naming the planned
center the Stephen A.
Schwarzman Center for Sci-
partment began notifying
counties Thursday to shut
down the bridges within 24
hours or the state would step
102
Mississippi bridges to be shut
four years—and gave U.S. in-
frastructure an overall grade of
“D+”—below standard.
President Donald Trump has
wasn’t disclosed when Mr. online petition to keep the ence and Technology. in, according to officials. down because of safety concerns said that fixing the nation’s in-
Schwarzman announced his old school name. Other changes include The dilapidated bridges frastructure is a priority. But
gift in February, ran into ob- Mr. Schwarzman withdrew omitting a previous stipula- “create extreme peril to the his top infrastructure adviser
jections from the community the naming proposal when ob- tion to name “additional safety of persons and prop- quit last week and his funding
in Abington, Pa., after the jections were raised. The spaces” for Mr. Schwarzman’s erty,” the governor said in the consequential actions,” she plan—involving $200 billion
school board disclosed it last board rescinded its vote on twin brothers and limiting Mr. order. If the bridges aren’t wrote. Mississippi was the over 10 years—has little chance
month. Plans for the gift in- the initial agreement on Tues- Schwarzman’s participation in closed, the Federal Transpor- only state to receive a letter of getting through the Republi-
clude paying for a major reno- day. A revised agreement will the planning, design and con- tation Administration has recently, said a spokesman for can-controlled Congress before
vation at Abington Senior be considered on April 24. struction of the building to threatened to withhold fund- the U.S. Department of Trans- the midterm elections.
High School, where Mr. “The naming was inconse- semiannual written reports ing to the state, according to portation, which oversees the Mr. Bryant’s proclamation
Schwarzman graduated in quential, which is why he im- provided by the district. Melinda McGrath, MDOT’s ex- highway administration. hits 16 of the state’s 82 coun-
1965, and adding a new sci- mediately withdrew the pro- The initial agreement gave ecutive director. Mississippi’s bridge prob- ties but also said it would in-
ence and technology center. posal,” said Blackstone him the right to participate in The move follows an April 5 lems mirror the nation’s. As of clude “other parts of the state”
An initial pledge agree- spokeswoman Christine An- person or by phone. letter to Mr. Bryant from Bran- the end of 2017, 54,560 out of if bridges are found unsafe.
A4 I Friday, April 13, 2018
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ U.S. NEWS_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Pressure Facing Rosenstein Intensifies
GOP leaders say the
Justice Department
hasn't turned over
requested documents
By Aruna Viswanatha
And Byron Tau
WAS HIN GTON—A dispute
between Congress and the Jus­
tice Department about access to
law-enforcement documents has
further ratcheted up pressure
on Deputy Attorney General
Rod Rosenstein, who is already
a target of President Donald
Trump’s criticism.
The president and his allies
have accused Mr. Rosenstein of
stonewalling Congress and al­
lowing special counsel Robert
Mueller’s investigation into al­
leged Russian meddling in the
2016 presidential election to
stray beyond its scope. While
leaders in both parties have
publicly said Mr. Mueller should
be allowed to finish his work,
some Republicans have increas­
ingly directed their ire at Mr.
Rosenstein.
Mr. Rosenstein, who ap­
pointed Mr. Mueller and over­
Ex-FBI Director James Comey
White House Rethinks TPP to Counter China
By Michael C. Bender
WASHINGTON—A little over
a year after withdrawing the
U.S. from the Trans-Pacific
Partnership, President Donald
Trump has asked his top eco­
nomic advisers to study the
possibility of re-entering the
trade pact negotiations.
Mr. Trump has deputized
Robert Lighthizer, the U.S. trade
representative, and Larry Kud-
low, the director of the National
TRADE
Continued from Page One
to 25% import tariffs. The ini­
tial hit list of $50 billion in
Chinese imports didn’t include
some consumer staples such as
clothing, mobile phones
shoes, to minimize consumer
impact and limit domestic crit­
icism. But trade experts say the
sheer size of the expansion of
the hit list makes the inclusion
of consumer goods inevitable.
At the same time, the Trea­
sury Department is crafting
sharp prohibitions on Chinese
investment in advanced U.S.
technology, whether by acquisi­
tion, joint ventures, licensing or
any other arrangement, accord­
ing to a senior administration
official. The agency is targeting
China’s subsidization of domes­
tic industries to turn them into
so-called technology national
champions, the official said.
The administration is debat­
ing whether to make the in­
vestment restrictions perma­
nent, even if China changes its
industrial policies, the official
said. The restrictions
could be used to make sure
China carries out pledges and
would warn other countries
not to mimic Chinese behavior.
The Treasury is expected to de­
vise a plan by early June.
The actions come as admin­
istration officials argue the
Chinese are already bending to
the U.S.’s will. They point to a
speech on Tuesday by Chinese
President Xi Jinping,
promised to roll out measures
this year to lower tariffs on im­
ported cars and to ease foreign
ownership restrictions on auto
makers in China.
“It was the most concilia­
tory thing we’ve heard since
the whole discussion began,”
said a White House official.
sees his investigation, is in an
increasingly precarious position
in Washington—with few allies
inside of the administration or
on Capitol Hill. This week, one
Republican House chairman
threatened to try to impeach
Mr. Rosenstein over an impasse
over congressional access to
documents related to the Russia
probe—an unusual confronta­
tion between a senior Republi­
can and a high-level official in
the administration of his own
party.
Justice Department officials
have said that requested docu­
ments—involving grand-jury se­
crecy and other information—
need to be redacted, making it
time-consuming to review. The
agency has put dozens of em­
ployees on the project to move
it along, officials said.
Mr. Trump, who appointed
Mr. Rosenstein last year, dispar­
aged the deputy attorney gen­
eral in a tweet on Wednesday,
writing he was conflicted and
linking him to the “Fake & Cor­
rupt Russia Investigation.”
Later Wednesday, Mr. Trump
directed his Twitter followers to
Sean Hannity’s Fox News pro­
gram, where a lawyer close to
Comey Book Slams ‘Deeply Flawed’ Leader
By Erica Orden
.
ly
Former FBI Director James
Comey describes President
Donald Trump as a “deeply
flawed person and leader” in a on
new memoir that also com­
pares him to a Mafia boss and
characterizes his presidency
us l,
g as a “forest fire,” according to
“ a copy reviewed by The Wall
2 Street Journal.
al a
e
g The book, “A Higher Loy-
g alty,” is scheduled for release
ci on
i Tuesday. Mr. Comey was fired
1 by Mr. Trump in May of last
3 year and since then has been
g the subject of frequent criti-
< cism by Mr. Trump on Twitter.
Mr. Comey accuses Mr.
er rs
m e
m rp
Economic Council, to study the
possibility of re-entering the
TPP if the terms were favorable,
the president told a group of
lawmakers on Thursday.
“Would only join TPP if the
co Fo
deal were substantially better
than the deal offered to Pres.
Obama,” Mr. Trump said in a
tweet Thursday night.
The president’s new open­
ness toward the TPP, which he
had said during his campaign
was a deal “pushed by special
n-
no
or
Chin
“Up to then, it was mean,
nasty, cruel name-calling.”
then Business groups in Washing­
ton have been lobbying hard,
telling the White House that tar­
iffs are counterproductive. But
administration officials have
come to the opposite conclu­
sion: They believe the threats
are working. “China basically
surrendered [with the Xi
speech] and he [Trump] is prob­
ably going to put even more
pressure on them before he ac­
who cepts whatever their bottom
line becomes,” said a person fa­
miliar with White House views.
Publicly, Chinese officials
deny they are bending to Wash­
ington’s pressure, but privately,
they acknowledge that the trade
threats are leading them to ac­
celerate their plans to liberalize.
Beijing levies a 25% import
P W L C 1 0 1 1
Mr. Trump urged Attorney Gen­
eral Jeff Sessions to dismiss Mr.
Rosenstein.
“Jeff Sessions now has an
obligation to the president of
the United States to fire Rod
Trump of “leading through
fear” and demanding personal
loyalty above all else. And Mr.
Comey says he told former
President Barack Obama in an
Oval Office meeting shortly af­
ter the election, “I dread the
next four years.”
Mr. Comey in the book de­
fends his decisions surround­
ing his controversial series of
disclosures of the Hillary Clin­
ton email investigation in the
final weeks and days of the
2016 presidential election cy­
cle. Mr. Comey suggests that
he feared that withholding in­
formation from the public
could have made Mrs. Clinton
an “illegitimate president.”
interests who want to rape our
country,” comes as he is facing
criticism from farmers and
looking for allies in his escalat­
ing trade battle with China. Bei­
jing had long feared that Wash­
ington would use the TPP,
envisioned as having 12 mem­
bers, as a way to try to contain
China economically.
“You can explain this initia­
tive entirely in the context of
U.S.-China relations,” said
Gary Hufbauer, a trade special-
tariff on vehicles, compared
with the U.S. 2.5% tariff—an
imbalance Mr. Trump has re­
peatedly attacked, even though
the U.S. has its own 25% tariffs
on pickup trucks.
Beijing also requires foreign
car makers to enter into a
50%-50% partnership with Chi­
nese companies to set up
plants. Chinese officials said
the auto tariff would be re­
duced and the ownership cap
would be lifted gradually, add­
ing they might lift the cap
within three to five years.
While that might seem slow
to U.S. officials, such a timeta­
ble would require Beijing to
take on powerful local inter­
ests, including state-owned
firms. “Pressure from the U.S.
is providing an impetus to the
need for change,” said a Chi-
1 2 H T G K B F A M 1 2 3 4 5 6
Rosenstein,” said Joseph diGen-
ova, who briefly served on Mr.
Trump’s legal team.
The immediate cause for
concern was an FBI raid of Mr.
Trump’s personal lawyer’s of­
The White House didn’t im­
mediately respond to a re­
quest for comment. The ad­
ministration, however, is
preparing to counter the criti­
cisms of Mr. Trump. At the
White House’s urging, the Re­
publican National Committee
has drafted talking points for
surrogates on the book and is
preparing a rapid-response
operation, according to people
familiar with the matter.
One person familiar with
the White House’s thinking on
the Comey book said in an in­
terview Thursday: “The presi­
dent has been very clear what
he thinks of James Comey. He
has politicized investigations,
ist at the Peterson Institute
for International Economics.
“Trump has got to get some
allies. As of now, [China’s
President] Xi has the upper
hand in world opinion.”
After Mr. Trump in recent
weeks took aim at China with
new steel and aluminum tariffs,
the two nations have issued tit-
for-tat retaliatory levies on var­
ious imports. Beijing responded
by announcing it would place
penalties on a list of agricul-
nese official.
Resistance to such change
was on display at a closed-door
panel discussion Tuesday at the
high-level Boao Forum, where
politicians mingle with business
leaders. China’s former com­
merce minister, Chen Deming,
said at one panel that if Beijing
were to make concessions in
the auto sector, it should ask
Washington for similar conces­
sions in return, said people fa­
miliar with the discussions.
Both sides are gearing up
for a lengthy fight. When Mr.
Trump announced the addi­
tional tariffs on $100 billion in
goods on April 5, many trade
experts dismissed it as simply
talk. But officials said that it
had been discussed earlier with
U.S. Trade Representative Rob­
ert Lighthizer, Treasury Secre-
7 8 9 0 I X X kkkkkk THE WALL STREET JOURNAL.
g mittee has subpoenaed docu-
z ments related to the opening of
£ a counterintelligence investiga-
| tion into Mr. Trump’s 2016 cam-
3 paign. Separately, Rep. Bob
§ Goodlatte (R., Va.), chairman of
£ the House Judiciary Committee,
5 has pressed the Justice Depart-
5 ment to turn over documents
fice on Monday, which Mr.
Rosenstein authorized before a
federal judge signed off on it.
Mr. diGenova called the search
targeting Michael Cohen “un­
constitutional and unprofes­
leaked confidential material
and lied under oath.”
In the book’s discussion of
the Clinton probe, the former
FBI director accuses then-At-
torney General Loretta Lynch
of effectively siding with the
Clinton campaign in directing
him, in his initial public com­
ments at an event with report­
ers in October 2015, to play
the probe down by calling it a
“matter” instead of using the
word “investigation.” “The FBI
didn’t do ‘matters,’ ” he says.
Recalling the first time he
met Mr. Trump—when he went
to Trump Tower to brief the
president-elect on the dossier
written by former British spy
tural products that would affect
swaths of the president’s politi­
cal base. Mr. Trump has since
threatened tariffs on as much
as $150 billion in Chinese im­
ports over a fight involving in­
tellectual property. Once again,
China retaliated by threatening
to add levies on imports of U.S.
agriculture.
Mr. Trump was meeting with
lawmakers from states that rely
on agriculture when he made
the comments about TPP.
tary Steven Mnuchin and
White House trade adviser Pe­
ter Navarro, among others.
According to the Trump
White House, the U.S. had been
judicious in its initial threat of
tariffs on $50 billion in Chinese
goods, which equals about 10%
of Chinese merchandise exports
to the U.S. of $506 billion.
China quickly retaliated with its
own $50 billion threat, but that
equals 38% of the U.S.’s $130
billion in exports to China. The
additional $100 billion in goods
targeted for retaliation was
meant to even the score—about
30% of China’s goods exports
would be subject to tariffs, U.S.
officials said. China said it
would retaliate for these levies
too but wasn’t specific.
—Peter Nicholas
contributed to this article.
sional.”
The increasing attacks on Mr.
Rosenstein have alarmed many
Democrats who see it as a pre­
lude to firing Mr. Mueller and
installing someone else to su­
pervise the Russia investigation.
“The road to firing Mueller
goes through Deputy Attorney
General Rosenstein,” said Sen.
Sheldon Whitehouse (D., R.I.).
On Capitol Hill, the primary
dispute with the Justice Depart­
ment is over thousands of pages
of documents that have been
subpoenaed by several Republi-
can-run congressional panels.
The House Intelligence Com-
related to the 2016 investigation
into Democratic presidential
candidate Hillary Clinton’s pri­
vate email server and informa­
tion about a warrant used to
obtain a surveillance order
against an adviser to Mr.
Trump.
Christopher Steele—Mr. Comey
writes that he was alarmed by
Mr. Trump’s behavior.
After Mr. Comey disclosed
some of the dossier’s allega­
tions to the president-elect,
including the assertion that
Mr. Trump had engaged pros­
titutes in a Moscow hotel in
2013, Mr. Trump asked if he
seemed like someone who re­
quired the services of prosti­
tutes and launched into a rec­
ollection of cases in which
women had accused him of
sexual assault.
To curb Mr. Trump’s reac­
tion, Mr. Comey writes, he told
Mr. Trump that, “we are not
investigating you.”
Trump
To Pardon
Cheney
Aide Libby
By Peter Nicholas
President Donald Trump in­
tends to pardon I. Lewis
“Scooter” Libby Jr., who was a
former top aide to Vice Presi­
dent Dick Cheney—a step that
George W. Bush refused to
take, a person familiar with
the matter said Thursday.
Mr. Libby, now 67 years old,
was convicted in 2007 of lying
to a grand jury and obstruct­
ing justice in a case that in­
volved the leaking of the iden­
tity of a Central Intelligence
Agency officer, Valerie Plame.
The White House didn’t im­
mediately respond to a ques­
tion about why Mr. Trump has
chosen to pardon Mr. Libby.
Mr. Libby was sentenced to
30 months in prison. Then-
President Bush commuted the
sentence, describing it as “ex­
cessive.” But he didn’t issue a
pardon, despite entreaties
from Mr. Cheney.
In his memoir, “Decision
Points,” Mr. Bush described a
tense encounter with Mr. Che­
ney over Mr. Libby’s fate.
He instructed lawyers to re­
view the case and hear out Mr.
Libby. In the end, they told Mr.
Bush they could find “no justi­
fication for overturning the
jury’s verdict,” the former
president wrote.
He concluded the jury’s ver­
dict “should be respected.”
As his tenure was winding
down, during one of their final
meetings, Mr. Cheney asked
him to reconsider.
“I can’t believe you’re going
to leave a soldier on the bat­
tlefield,” Mr. Cheney said.
Mr. Bush wrote that over
the previous eight years he
had “never seen Dick like this,
or even close to it.”
Mr. Libby’s conviction
capped a four-year investiga­
tion by special counsel Patrick
Fitzgerald into the leak of Ms.
Plame’s CIA identity.
At a 2005 news conference,
after Mr. Libby was indicted,
Mr. Fitzgerald cast Mr. Libby’s
obstruction-of-justice charge
as serious, saying it was tanta­
mount to throwing “sand” in
the eyes of a baseball umpire.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Ryan Exit Dents Odds of Entitlement Cuts
GOP speaker has long
advocated curbing
Social Security and
Medicare outlays
BY LOUISE RADNOFSKY
AND NICK TIMIRAOS
WAS H I N G T O N —W h e n
House Speaker Paul Ryan
leaves Congress, the Republi-
can Party will lose its most in-
fluential advocate for changes
to Social Security, Medicare
and Medicaid.
As Budget Committee chair-
man, a vice-presidential run-
ning mate to Mitt Romney in
2012, Ways and Means chair-
man and finally House speaker,
Mr. Ryan had pressed for curbs
on federal spending on the
three programs. These retire-
ment and health-care pro-
grams are popular with voters,
but their costs are rising faster
than the current funding to
pay for them.
Mr. Ryan will leave Con-
gress in January with no sub-
stantial progress on any of
them, few lawmakers inter-
ested in picking up the torch,
and a clear signal that pros-
pects are dim for any big over-
haul in the foreseeable future.
“Slim and None, and Slim is
packing his bags to leave
town,” said Tom Miller, a resi-
dent fellow at the American
Enterprise Institute, the con-
servative think tank where Mr.
Ryan unveiled the “Better
Way” plan in 2016 that served
as the party’s policy blueprint
on federal programs.
Mr. Ryan faced long odds on
the programs, as past efforts
to alter entitlements came up
short. In 2005, Republican
President George W. Bush pro-
posed allowing younger work-
ers to divert a share of their
Social Security payroll taxes to
personal investment accounts.
But Mr. Bush failed to win over
reluctant Republicans. Later,
Democratic President Barack
Obama floated a change in the
way benefits are calculated,
dubbed chained CPI, but that
was dropped as well amid po-
J. SCOTT APPLEWHITE/ASSOCIATED PRESS; ALEX EDELMAN/CNP/ZUMA PRESS (BELOW)
no
Andrew Wheeler, below, will become the EPA deputy administrator, second to Scott Pruitt, above.
Senate Confirms Wheeler
In No. 2 Role at the EPA
BY HEIDI VOGT
AND TIMOTHY PUKO
WASHINGTON—The Senate
approved Andrew Wheeler as
deputy administrator of the En-
vironmental Protection Agency,
confirming him to the agency’s
No. 2 post with the support of
three Democrats.
The chamber had been ex-
pected to confirm Mr.
Wheeler’s nomination, but the
stakes have recently risen as
the agency’s chief, Scott Pruitt,
has become involved in travel
and spending controversies. Mr.
Wheeler’s confirmation Thurs-
day puts the former coal lobby-
ist and Senate staffer in line to
run the agency if Mr. Pruitt
were to leave the post.
Mr. Wheeler, reached by
phone Thursday night, said he
was looking forward to working
with Mr. Pruitt “to implement
President Trump’s agenda.”
Environmental groups and
many Democrats have criticized
the nomination, pointing to Mr.
Wheeler’s lobbying for the coal
industry and, in particular, his
work for behalf of Ohio-based
Murray Energy Corp. Murray
Energy, the country’s largest
privately held coal-mining com-
pany, and its controlling owner,
Robert Murray, have been some
* * * *
House Speaker Paul Ryan, left, in December with House Majority Leader Kevin McCarthy, center, and House Majority Whip Steve Scalise.
Speaker Defends
Plan to Keep Post
WASHINGTON—Republican
House Speaker Paul Ryan went
on the defensive Thursday, vig-
orously rejecting any suggestion
that he should step down as
speaker before his stated inten-
tion to do so in January.
One day after announcing his
decision not to run for re-elec-on months leading up to a midterm
tion, Mr. Ryan pushed back
against some skepticism among
GOP lawmakers and aides that
he would be able to remain in
us l,
his post until early next year.
Some worry that would prevent
al a
e
House Republicans from unifying
around their next leader heading
into a difficult midterm election
ci on
in November.
“I’ve talked to a lot of mem-
litical opposition.
er rs
Mr. Ryan’s prospects rose
when the GOP gained control
of the House, Senate and
m e
m rp
co Fo
n-
of the largest donors to Mr.
Trump’s political groups. (See
related article on page B5.)
Sen. Tom Carper of Dela-
ware, the environment commit-
tee’s top Democrat, said he
found Mr. Wheeler to be some-
one he could work with on poli-
cies where they agreed, but
that he was troubled by some
of the nominee’s “recent pro-
fessional history.”
In the interview, Mr.
Wheeler said Murray was just
one client and that he had oth-
ers in nuclear and air quality
management. Some critics, for
“political reasons,” want to
highlight his one coal client, he
said. Murray’s top priority for
him was not environmental is-
sues, but to get help from
Washington for miners’ under-
U.S. NEWS
bers, a lot of members who
think it’s in all of our interests
for this leadership team to stay
in place and to run through the
tape,” Mr. Ryan told reporters
Thursday.
Few House Republicans have
publicly contradicted the Wiscon-
sin lawmaker, who only became
speaker in 2015 at their urging.
But some are skeptical that a
lame-duck speaker will be able to
stay at the helm for the seven
election in which Republicans are
widely seen as at risk of losing
control of the House.
One danger is the race to
succeed Mr. Ryan as speaker—in
which Majority Leader Kevin
McCarthy (R., Calif.) and Majority
Whip Steve Scalise (R., La.) are
considered the front-runners—
could become a damaging dis-
traction if it goes on for months.
White House in the 2016 elec-
tions. But the party faltered
badly on its first push: repeal
of Mr. Obama’s 2010 health
funded pensions.
President Donald Trump
has so far stood by Mr. Pruitt,
saying he has done a great job.
Recently, the head of the gov-
ernment’s ethics office urged
the EPA to “take action” to ad-
dress any ethical violations by
the administrator. The Wall
Street Journal reported earlier
this month that White House
chief of staff John Kelly re-
cently told Mr. Trump that Mr.
Pruitt should step down.
Mr. Wheeler said nobody in
the administration has talked
to him about him filling any
position other than deputy,
and that he hasn’t spoken yet
with Mr. Pruitt about allega-
tions of mismanagement and
wasteful spending. “I’ve been
around Washington long
enough to recognize a charac-
ter assassination,” he said.
Democrats had sought to
hold up the vote on Mr.
Wheeler, arguing they should
apply the kind of scrutiny to
his nomination that would be
applied to a nominee for the
agency’s top job. The commit-
tee’s hearing on Mr. Wheeler’s
nomination was held last year,
before calls for Mr. Pruitt to
be replaced.
—Natalie Andrews
contributed to this article.
“I don’t know if the palace
can sustain that much intrigue,”
said Rep. Thomas Massie (R.,
Ky.). “This just seems like such
an improbable proposition that
we would have a lame-duck
speaker for eight months.”
With control of the House
at stake in November, Mr.
Ryan’s planned departure could
also leave House Republicans
without a leader able to credibly
communicate their future plans
to voters.
When voters prepare to
choose between the two parties,
“you want to know who’s going
to be embodying that vision,”
said Rep. Scott Perry (R., Pa.).
“Who is that person right now?
It’s not Paul Ryan, because he’s
not running.”
Mr. Ryan countered that he
was best prepared to lead Re-
publicans into the midterm bat-
law, and with it, a rollback of
spending on Medicaid, the
state-federal health program
for the poor. The repeal push
Friday, April 13, 2018 | A5
House on a second try before
finally failing in the Senate.
Complicating matters fur-
ther, President Donald Trump
had previously said he wanted
no big changes to retirement
benefits, spurning calls to ex-
tend retirement ages or reduce
benefit payments for wealthier
Americans in Social Security.
Underscoring the lack of de-
sire on Capitol Hill, when Mr.
Ryan said in December that he
wanted to turn his attention to
entitlements, Senate Majority
Leader Mitch McConnell (R.,
Ky.) said that was unlikely.
The result is that now Mr.
Ryan’s supporters are talking
up the passage of last year’s
tax overhaul as the central
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
piece of his legacy, as Congress
pursues relatively minor
changes to food stamps and
the Trump administration
seeks to add work require-
ments for Medicaid beneficia-
ries in a handful of states.
“Paul Ryan was really the
only leader willing to push his
party to do entitlement re-
form, and who knew the spe-
cifics, including that there
tle, touting his role as a fund- were hard choices involved,”
raising powerhouse for the said Maya MacGuineas, presi-
House GOP. dent of the Committee for a
“There’s nobody who’s come Responsible Federal Budget,
close to being able to raise the which supports debt reduction.
kinds of funds I have and still At the same time, the tax
can raise for this majority,” Mr. cuts Mr. Ryan helped secure
Ryan said. The speaker noted he last year “greatly complicated
had set a goal of raising $20 the entitlement problems” by
.
million in this election cycle, be- adding to deficits that are al-
ly
fore doubling that to $40 million ready set to swell larger, she
and reaching that mark eight said. “We have taken a lot of
months early. “It makes no steps back.”
sense to take the biggest fund- Part of the challenge for the
raiser off the field and I think al- GOP is that its base has aged,
most all of our members see it which has made Republicans
that way as well.” wary of embracing Mr. Ryan’s
Some GOP lawmakers have calls for benefit overhauls.
suggested that donors may be Meanwhile, some Democrats
less willing to cut big checks to have called for more generous
Mr. Ryan if he won’t be control- benefits for retirees and also
ling the House GOP and its leg- to swear off any cuts, positions
islative agenda next year. that have grown popular on
—Kristina Peterson the left.
and Siobhan Hughes The costs of Medicare and
Social Security are set to rise
due to the aging of the U.S.
set off a groundswell of sup- population. Medicare and So-
port for both Medicaid and the cial Security accounted for 41%
health law. The repeal bid of federal spending last year,
barely made it through the up from 36% in 2011.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

WORLD NEWS
West’s Curbs on Russia Don’t Deter Trade
Surge in business with
Open for Business
Germany, France, U.S. Trade between the EU and
illustrates limits on Russia rose for the first time
since the bloc imposed sanctions
efficacy of sanctions on the country in 2014.
BY ANDREA THOMAS €300 billion

BERLIN—Trade has surged

between Russia and its main 200
Western antagonists even as
relations have deteriorated, Exports
raising questions about the to Russia
long-term impact of economic 100
Imports
sanctions on Moscow. from
The U.S. and Europe’s larg- Russia
est nations, including France
0
and Germany, saw exports to
and imports from Russia sky- ’14 ’15 ’16 ’17
rocket in 2017 after three years Note: €1 = $1.24
of decline. Both now stand at Source: Eurostat
ANDREY RUDAKOV/BLOOMBERG NEWS

their highest levels since 2014, THE WALL STREET JOURNAL.

the year Russia invaded
Ukraine and annexed Crimea, sanctions’ potency seemed to
prompting the U.S. and its Eu- wane, China briefly overtook
ropean allies to impose curbs. Germany as Russia’s top sup-
The turnaround could be plier of machinery and capital
short-lived. After Washington goods in 2016 but lost its posi-
this month unveiled fresh tion again a year later, Ger-
sanctions against senior Rus- many’s VDMA engineering as-
sian government officials and sociation said.
companies in the latest U.S. A reach stacker carried a shipping container in a storage area operated by TransContainer PJSC in Kaluga, Russia, on April 9. Trade is only the most visi-
retaliation against Moscow’s ble aspect of the economic
election meddling, markets punitive measures. While Western sanctions: The first The rebound in commercial intensified following the latest links between Europe and Rus-
tanked in Russia and several sanctions can inflict much ones restrict access to Western activity is particularly jarring chemical-weapon attack there sia. Another one is invest-
Western companies with oper- damage in the short term, financial markets and services because political relations be- this week. President Donald ment, which doesn’t appear in
ations there began reconsider- their potency wanes as busi- for Russian state-owned com- tween the two sides markedly Trump on Wednesday warned import-export statistics. Ger-
ing their investments. nesses, and in some cases gov- panies in the banking, defense deteriorated last year. Accusa- Russia of reprisals for shoot- man direct investment in Rus-
As Russia emerged from re- ernments, work to circumvent and energy sectors. The sec- tions of Russian meddling in ing down missiles fired at sia surged to $1.08 billion in

.
cession to post 1.6% growth in the barriers and rebuild eco- ond type bans exports to Rus- the 2016 U.S. presidential elec- Syria, but adding in another the first three quarters of 2017

ly
gross domestic product last nomic ties. sia of special high-technology tion have been poisoning the tweet that “Russia needs us to from $274 million in all of
year, total trade between the In the wake of the Ukraine oil-exploration and -production rapport between Washington help with their economy.” 2016, according to Bank of
EU and Russia rose 17.9% from crisis, the U.S. and the Euro- goods. The third forbids the and Moscow. European coun- But Burkhard Dahmen, chief Russia statistics. France’s in-
2016, to $285.8 billion. The pean Union imposed sanctions exports of special military and
on tries and the U.S. recently ex- executive of German plant- vestments in Russia rose to
U.S. saw its trade with Russia on Russia that targeted the dual-use goods to Russia. pelled scores of Russian diplo- construction and mechanical- $524 million during the period
rise by 12.5% that year. Invest- defense, energy and financial Initially, the sanctions mats after the U.K. blamed engineering company SMS from $438 million.
ment from some European sectors, as well as specific in- worked, compounding the ef- Moscow for the attempted kill- Group GmbH, said “our busi- —James Marson in Moscow
countries has also risen dividuals involved in or bene- fect of weak oil prices and ac- ing of a former Russian double ness hasn’t suffered from the and Stefan Lange in Berlin
us l,

sharply. fiting from Crimea’s annexa- celerating a sharp drop in the agent using nerve gas. sanctions.” SMS has closed contributed to this article.
But last year’s renaissance tion. Russia reacted with a ban ruble’s exchange rate. In 2015, Relations could worsen more than a dozen deals there
al a

 Banks flee companies on new

e
still poses serious questions on Western food imports. trade between the EU and even more after Western criti- since 2017.
about the effectiveness of such There are three types of Russia fell more than 25%. cism of Russian policy in Syria In one example of how the sanctions list............................... B1
ci on

Chemical-Weapons Watchdog Backs U.K. on Identity of Nerve Agent

BY JENNY GROSS backed Britain’s assessment Thursday repeated Moscow’s
er rs

that it was highly likely Russia assertion that it had declared

LONDON—The global chem- was responsible for the attack, and completed the destruction
ical-weapons watchdog con- and last month the U.S., Can- of its chemical-weapons stock-
firmed in a report Britain’s ada and more than a dozen piles last year in coordination
m e

analysis of the type of nerve European countries expelled with the OPCW.
agent used in the poisoning of scores of Russian diplomats in “All stocks of chemical
former Russian double agent response. The Kremlin has de- weapons were declared to the
m rp

Sergei Skripal and his daugh- nied any involvement. Organization for the Prohibi-
ter. Russian Foreign Ministry tion of Chemical Weapons,” he
The Organization for the spokeswoman Maria told Russian news agency In-
Prohibition of Chemical Weap- Zakharova repeated Moscow’s terfax. Russia has said the U.K.
WILL OLIVER/EPA/SHUTTERSTOCK

ons, which conducted its in- position that it wants a joint hasn’t provided any evidence
co Fo

quiry at the request of the investigation into the chemical linking Moscow to the poison-
U.K. government, analyzed attack and said it wouldn’t ac- ing.
samples collected by U.K. au- cept the OPCW’s conclusions The Novichok class of nerve
thorities from Mr. Skripal, his until Russian experts had ac- agents was developed in the
daughter, Yulia, and a police cess to materials the organiza- Soviet Union and its existence
officer who was exposed to tion tested. She said Moscow was revealed in the early
the nerve agent. They were didn’t know under what condi- 1990s by a dissident Russian
poisoned in early March in the After the OPCW report, Britain said only Russia had ‘means, motive and record’ to carry out attack. tions the samples were taken. scientist.
English city of Salisbury. The OPCW’s report’s con- U.K. officials said Russia
The nerve agent used in the tion said this added weight to laboratory by skilled chemists tion about who was responsi- clusions raise “questions has produced Novichok in the
attack was of “high purity,” Britain’s conclusion that the who were familiar with the ble—only Russia has the among Russian experts and of past decade, violating chemi-
said the OPCW, an interna- attack was carried out by agent. means, motive and record,” course demand additional de- cal-weapons treaties, and that
tional agency that monitors Moscow since the compound, “There can be no doubt U.K. Foreign Secretary Boris tailed analysis,” she said. there is no other explanation
the use of chemical weapons. known as Novichok, could be what was used and there re- Johnson said Thursday. Russian Trade and Industry than that Moscow is responsi-
n-

People close to the investiga- made only in a sophisticated mains no alternative explana- Western leaders have Minister Georgy Kalamanov on ble.

ECB Fear Points to Caution

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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

.
ly
on
us l,
al a
e
ci on
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

WORLD NEWS WORLD WATCH

U.S., Allies Are Drafting Syria Plan

UNITED KINGDOM
Brexit Chief Asks EU
To Respect U.K. Rules
Trump confers with U.K. Brexit secretary David
Davis said he envisioned a fu-
May, Macron as Mattis ture trade agreement between
warns a mistake could the U.K. and the European Union
that would levy no tariffs and
broaden the conflict relied on each side respecting
the other’s regulations on prod-
BY DION NISSENBAUM ucts and services.
AND GORDON LUBOLD Brussels says it wants a zero-
tariff trade deal with the U.K.
WASHINGTON—Britain, but has rejected the idea that
France and the U.S. united the EU would recognize different
around broad plans for a mili- regulatory regimes for products
tary strike against Syria as they and services set in the U.K.
worked to bridge differences Speaking at The Wall Street
over the scope and purpose of a Journal’s CEO Council in London,
coordinated response to a sus- Mr. Davis said: “The balancing
pected chemical weapons at- act that I have to deal with is
tack, U.S. officials said. how do we give control back to
President Donald Trump met Parliament and eventually back
with his national security team to the people...and at the same
on Thursday to weigh military time maintain a trading relation-
options while Syrian President ship with the Europeans.”
Bashar al-Assad sought to limit He said to achieve this, the
the impact of an expected at- U.K. favored a system where
tack by moving warplanes un- London would have the ability to
AREF TAMMAWI/EPA/SHUTTERSTOCK

der the protection of Russian set different product and ser-

air defenses. vices regulations from the EU.
While officials in all three However, in some sectors where
countries said there is definitive U.K.-EU trade is important, both
proof that Syria used chemical sides would agree to recognize
weapons last weekend to kill each other’s regulations. An in-
dozens of civilians, they had yet dependent arbitrator would set-
to complete plans for a strike as tle any disputes.
the Pentagon warned about the —Jenny Gross
risks of miscalculation. Evacuees fled Douma after the Syrian city was targeted in what U.S. and French officials said was a chemical attack by the government.
Momentum had been build- INDONESIA
ing for a unified reprisal, espe-
cially after Mr. Trump sug- Assad Forces Close middle of February to consoli- istry as saying in a statement. Floggings to Move
gested Wednesday on Twitter
In on Rebel Town
date control around Damascus. Syrian state media didn’t re- Out of Public Sight
that a cruise missile strike was Mortar attacks and airstrikes port it has taken control of the
looming. Hit by Chemicals compelled thousands to flee city and on Wednesday said the Floggings carried out under

.
But Defense Secretary Jim their homes. Douma was the fi- exit of Jaish al Islam rebels and Islamic law will no longer be

ly
Mattis injected a public note of nal rebel holdout in Ghouta until their families was continuing. held in public or be allowed to
caution into the discussion Government forces tight- Saturday’s attack. The Syrian Observatory for be recorded in an Indonesian
SANA/ASSOCIATED PRESS

Thursday, suggesting that the ened their grip on the rebel-held More than 165,000 people Human Rights reported that a province where Christians, ho-
allies had to carefully calibrate town of Douma near the capital on have left Ghouta, according to brief exchange of gunfire broke mosexuals and unmarried cou-
any strike to ensure that it where the regime is accused of Syrian state media. The Russian out Thursday when a group of ples have increasingly been
didn’t trigger a broader conflict using chemical weapons. defense ministry said Thursday regime forces along with negoti- whipped in front of jeering
with Syria’s two biggest back- Thousands of residents and that more than 13,500 rebel ators and Russian journalists en- crowds, provincial authorities
ers, Russia and Iran. rebels are leaving Douma follow- fighters and their families had tered Douma and raised the Syr- said.
us l,

“We are trying to stop the ing the suspected attack, which
murder of innocent people, but, killed dozens of people—many of
al a
e
on a strategic level, it’s how do them women and children—and
we keep this from escalating sickened hundreds. Rebels who
out of control,” he told U.S. law- were holding out agreed to a
ci on
Bashar al-Assad’s regime is evacuated Douma alone.
consolidating control of Syria. Russia’s ministry said that
Syrian forces had taken control of
armed rebels to parts of northern Douma along with Russia’s mili-
Syria still under opposition control. tary police to guarantee security
ian flag. The group chanted in
support of the Assad regime.
Rebels opened fire on the
group, injuring a few people in-
cluding two journalists, forcing
The floggings will be moved
into prisons, authorities said, to
protect children from seeing the
whippings and to prevent re-
cordings that go viral on the in-

makers. surrender and evacuation deal in
Mr. Mattis brought those the wake of the attack.
concerns directly to the White At least three convoys of
House on Thursday, where buses in recent days have left
press secretary Sarah Huckabee Douma and taken civilians and
er rs
The regime of Syrian Presi- and order in the city. “The situa- the group to leave the city im- ternet, turning into a never-end-
dent Bashar al-Assad, backed by tion in the city is stabilizing, the mediately, according to the Ob- ing punishment.
Russia and Iran, has carried out city has passed into control of the servatory. The whippings in Aceh prov-
a military assault on the enclave government of the Syrian Arab —Raja Abdulrahim ince, on the northern tip of Su-
of Eastern Ghouta since the Republic,” Interfax quoted the min- and Thomas Grove. matra Island, are an extreme el-

Sanders said the national secu- ement of Indonesia’s broader

rity team didn’t agree on a re- shift toward Islamic conserva-
sponse. a Damascus suburb. U.S. officials said Mr. Mattis Assad was moving to protect sia and the U.S.] unfortunately tism more associated with the
Mr. Trump spoke again Mr. Macron said Thursday had been raising concerns for his air force by moving planes because we saw messages that Middle East than the more tol-
m e

Thursday night with British there was proof that Mr. Assad days about the risks of an ex- to a Russian-operated base are coming from Washington,” erant traditions of the religion
Prime Minister Theresa May, used chemical weapons. Two pansive attack on Syria that equipped with sophisticated air Mr. Nebenzia said. in Southeast Asia. Indonesia
and he was expected to talk to U.S. officials said aid groups might accidentally kill Russians defenses, according to pro-re- Russia asked for an open Se- has one of the region’s stron-
m rp

French President Emmanuel working in Syria had collected
Macron, as they sought agree- the most definitive evidence
ment on a way forward. He said yet: Urine samples from victims
a decision would be made collected at hospitals contained
“fairly soon.” traces of chlorine and a nerve
co Fo
working with Syrian forces. gime media. curity Council emergency meet- gest democracies and the multi-
Russia repeatedly has Russia’s ambassador to the ing Friday and called for U.N. ple religions are constitutionally
warned the U.S. that it might United Nations, Vassily Neben- Secretary-General António Gu- protected.
strike back if Mr. Trump de- zia, warned Thursday that there terres to brief the council. In Aceh, whippings are car-
cides to hit Syria. was a danger war could escalate —Raja Abdulrahim in Beirut, ried out by masked men swing-

The three leaders have been agent. But the U.S. had yet to The U.S. was considering beyond Syria because of Rus- Nancy A. Youssef in ing rattan canes in a public
working for days to agree on a independently verify the use of strikes on several Syrian air- sia’s military presence. Washington and Farnaz place, such as a stage near a
response to the weekend attack chemical weapons, Mr. Mattis fields and suspected chemical “We cannot exclude any pos- Fassihi at the U.N. contributed mosque.
that killed at least 43 people in told lawmakers. weapons storage sites, but Mr. sibilities [of war between Rus- to this article. —Anita Rachman

GE investors expected, and he

considers spinoffs more
likely.
In October, Mr. Flannery
Continued from Page One promised to sell $20 billion
Davis of Melius Research worth of assets. So far GE
wrote in a note to clients last has announced a handful of
month. Mr. Davis said asset deals totaling less than $4
n-
tury-old GE Lighting division
has been on the auction block
for more than a year. In Jan-
uary, Mr. Flannery said he
agement is moving fast
enough. Some say uncertainty
about strategy and future
structure has depressed the
last shares in late 2015.
GE combined its Oil & Gas
division with Baker Hughes
in July 2017 to form a new
GE has examined different
options for the transporta-
tion division since last fall
but hasn’t been able to find a
was considering separate stock price. Other investors public company with a for- buyer, according to a person
structures for the core divi- argue GE should avoid a fire mer GE executive as CEO. GE familiar with the matter.
sions—health care, aviation sale of assets since it doesn’t said in November it would Weak demand has hit loco-
and power—in what would face a liquidity crunch. look to exit from Baker motive sales, but a public of-

sales are going slower than billion. The company’s cen- amount to a breakup of the People close to Mr. Flan- Hughes but changed course fering could allow GE inves-
industrial giant. nery say he is being methodi- tors to benefit if the market
Rather than breaking off cal and measured in his ap- turns around.
units to make smaller compa- proach to making changes. The Wall Street Journal
GE is now
no

nies, GE is now considering There is a sense of urgency previously reported that

deals that would build bigger in the process, but GE also considering deals shedding the division could
businesses that are better has access to cash and most be complicated because an
positioned in their sectors, of its major businesses are
that would build outright sale could trigger a
the people familiar with the performing well, these people bigger businesses. big tax hit. GE has owned the
matter said. They point to said. business for more than a cen-
Baker Hughes, an oil-field GE has a history of divest- tury.

SIT LIKE AN ASl:RONAUT services company that GE

combined with its own oil-
ing itself of businesses in
phases. It sold its media in February, saying it
The transportation unit,
which had sales of $4.2 bil-
and-gas operations, and the business, NBCUniversal, to wouldn’t consider selling its lion last year, is one of the
Relieve Back Pain Dow-DuPont deal that com- Comcast Corp. in several majority stake before 2019. company’s smaller divisions.
bined two formidable busi- steps. Shares of Baker Hughes It has an enterprise value of
nesses and opened the way to Its consumer-finance unit, have fallen about 15% since about $7 billion, according to
the creation of three differ- Synchrony Financial, went the deal with GE was com- Bank of America Merrill
ent companies. public in 2014 and GE sold its pleted. Lynch. In the freight rail
GE is exploring the struc- market, it competes primar-
tural changes to narrow its ily with Electro-Motive Die-
focus, improve its profits and Fear of the Unknown sel, a unit of Caterpillar Inc.
better deploy its limited re- GE's share price continues to fall as the company considers the fate GE is also reviewing what
sources, Mr. Flannery says. of some of its business units. to do with what remains of
Using spinoffs and retaining its financial-services busi-
stakes, however, won’t neces- Share price 2017 segment revenue ness, GE Capital. The com-
sarily translate to success if $35 pany in 2015 sold most of the
the businesses themselves Power unit, which was once one of
don’t turn around and that $36B the biggest U.S. lenders. But
can take time, analysts say. 30 some pieces remain and have
Some are concerned that caused problems. Shortfalls
parting with too many indus- in a long-term care insurance
trial assets could leave the business recently forced GE
25
company too exposed to the Capital to set aside $15 bil-
liabilities and debts that re- Aviation lion in reserves over seven
$27.4
main in its GE Capital arm. years.
“GE should have sufficient 20 GE is further paring the fi-
liquidity through ’20 to meet nance business and is even
its projected cash outflow considering selling the entire
commitments,” said Bank of 15 Health Care GE Capital portfolio, accord-
$19.1
America Merrill Lynch ana- ing to the people familiar
lyst Andrew Obin in a note to Thursday with the matter. Although GE
clients this week. But he 10 Oil & Gas Capital has about $157 billion
$13.18 $17.2
added: “There is little room in assets, some analysts say
844-697-8246 for error from the execution ▼58% since it has zero equity value.
Renewable
Svagorelief.com 844-MY-SVAGO standpoint or another sizable
charge at GE Capital.”
5 start of 2016
Energy $10.3 They say the liabilities and
uncertainties might require
GE has a mixed record on Capital $9.1 GE to write a check to com-
Order before April 20th to receive exclusive offers: deal making, and simplifying plete such a deal. The unit
0
Free Shipping • 30 Day Risk Free Return the conglomerate may take
’16 ’17 ’18 Lighting $2 Transportation $4.2
had about $31 billion in cash
years. Investors have differ- and $95 billion in debt as of
ent views on whether man- Sources: FactSet (shares); S&P Capital IQ (revenue) THE WALL STREET JOURNAL. Dec. 31.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
FUND
Continued from Page One
bigger investments merely
copying American technologies.
For startups, the big increase in
Asian funds also makes more
cash available to finance new
technology.
The surge also positions
Asia’s investors to win stakes
in markets that Western com-
panies covet, or that have na-
tional security implications.
The U.S. government has
grown increasingly uneasy
about Chinese advances in key
technologies such as artificial
intelligence.
The expanding pool of ven-
ture capital from the East “is
powerful rocket fuel for inno-
vative activity,” says Josh Ler-
ner, a Harvard Business School
professor and expert on ven-
ture financing. “If you think
that being the locus of inven-
tion gives you a boost to your
GDP and so forth, that’s a dete-
rioration of the U.S. competi-
tive advantage.”
Chinese activity
Although one of the biggest
Asian investors is Japan’s Soft-
Bank Group Corp., which has
tapped Middle Eastern money
to create the world’s largest
tech-investment fund, it is Chi-
nese activity that is having the
greatest impact.
The prospect of a trade war
between the U.S. and China
could crimp venture finance
along with overall investments
if the countries go through with
threats to levy billions of dol-
lars in tariffs on each others’
products. But since the tariffs
are so far largely focused on in-
dustrial or agricultural exports
like cars, chemicals and corn,
they are unlikely to have much
direct impact on most startups.
China is creating unicorns—
startups valued at a billion
dollars or more—at much the
same pace as the U.S., drawing
on funding from internet gi-
ants like Alibaba Group Hold-
The funds from Asia
are ‘powerful rocket
fuel for innovative
activity.’
ing Ltd. and Tencent Holdings
Ltd. as well as more than a
thousand domestic venture-
capital firms that have raised
billions of dollars a year for
the past few years, according
to VentureSource.
Chinese-led venture funding
is about 15 times its size in
2013, outpacing growth in U.S.-
led financing, which roughly
doubled in that time period, the
Journal’s analysis shows.
Most Chinese-led invest-
ment so far has gone to the
country’s own firms, the Jour-
nal analysis found. Many of
them, like the Yelp equivalent
Meituan-Dianping, are house-
hold names with millions of
customers in China, yet virtu-
ally unknown elsewhere.
no
Slowing growth and fierce
competition in China is
prompting the country’s tech
champions to look for markets
overseas. Last year, the amount
TAXES
Continued from Page One
standing international tax acro-
nyms for Foreign Oil and Gas
Extraction Income and Foreign
Oil Related Income.
Phooey to Foedee, says a
younger crowd with a rare tax-
meets-hip-hop sensibility and a
familiarity with the rapper 50
Cent, also known as Fiddy and
famous for his album “Get Rich
or Die Tryin’.”
“In the absence of published
guidance from the government,
I’m going with Fiddy,” says
Shamik Trivedi, a 35-year-old
senior manager at the Grant
Thornton LLP accounting firm
in Washington.
University of Michigan law
and economics professor James
R. Hines Jr., 59 years old, puts
himself staunchly in the Foedee
camp. “Millennials,” he says.
“What are you going to do?”
Others eschew both acronym
pronunciations, says Catherine
Schultz, vice president for tax
policy at the National Foreign
Trade Council: “Some people
are saying, ‘I’m just going to
say eff dee eye eye, because the
other two sound silly.’ ”
The Fiddy-Foedee ferment is
part of a broader struggle
among tax professionals to
come up with common names
of China-led venture invest-
ment outside the country more
than doubled, the Journal’s
analysis found.
Of the five biggest venture
investments led by Chinese in-
vestors in 2017, three were
rounds led by Tencent or Ali-
baba in e-commerce and ride-
hailing startups in India and In-
donesia.
Many Chinese tech compa-
nies are “at this critical size
that the China market alone is
not enough to support their
business and valuation,” says
Brian Gu, who recently left a
position as J.P. Morgan’s Asia
Pacific investment banking
chairman to become vice chair-
man and president of Alibaba’s
electric-car startup, Xiaopeng
Motors. “The money will first
go to adjacent markets where
Chinese technology, Chinese
business models, Chinese capi-
tal will have more impact.”
Madhur Deora, chief finan-
cial officer for Paytm, one of
India’s biggest e-payments
firms, says the company ap-
proached Alibaba affiliate Ant
Financial instead of U.S. back-
ers for funding in 2015 because
Chinese mobile-internet inno-
vations are “way far ahead of
anything that’s happened in the
U.S.” Ant is preparing to raise
$9 billion in a private funding
round, according to people fa-
miliar with the matter, valuing
it at close to $150 billion.
Ant and Alibaba eventually
invested a total of around $800
million in Paytm parent One97
Communications, while Soft-
Bank later poured in around
$1.4 billion. That made the trio
the biggest investors in the
company, says a person familiar
with the transactions, and gave
them board seats. The company on Venture capital
hasn’t had “meaningful” U.S.
investors, Mr. Deora says. Soft-
Bank led another investment of
$445 million in Paytm’s online
us l,
mall in recent weeks.
One reason China’s push into
al a
e
new technologies worries many
in the U.S. is that, unlike the
hunt for good returns that un-
ci on
derpins most Western venture
finance, a lot of Chinese invest-
ment is driven by strategic in-
terests, some carrying the spec-
ter of state influence.
er rs
China is pushing hard into
semiconductors, for which the
government has provided bil-
lions of dollars in public fund-
m e
ing, and artificial intelligence,
where Beijing in July set a goal
of global leadership by 2030.
m rp
China’s state and local govern-
ments have also put money into
private venture funds, and Bei-
jing’s interest has spurred a
rush of startup VC activity, ex-
co Fo
perts say.
Chinese venture investments
include stakes in companies
like Megvii Technology Inc., a
Chinese facial-recognition firm
that has worked with financial
firms on systems that match fa-
cial scans with databases for
loan approvals. It has also
helped Chinese police with sur-
veillance systems.
U.S. investors are still pump-
ing more money into AI start-
ups than Chinese, leading $4
n-
billion in funding rounds last
year, double the previous year’s
amount, according to the Jour-
nal’s analysis of VentureSource
data. Chinese investors led
around $2.5 billion in AI ven-
ture financing last year—up
from less than $100 million a
few years before.
and terms for new provisions in
last year’s tax overhaul.
The name of the tax law it-
self has tax experts doing lin-
guistic gymnastics because it’s
a mouthful, thanks to a last-
minute squabble as Congress
rushed to complete the legisla-
tion.
Democrats raised a proce-
dural challenge and Republicans
couldn’t muster the 60 votes
needed to call it the Tax Cuts
and Jobs Act, as they wanted.
President Donald Trump’s
IN DEPTH
Rise of the East
A flood of money from Asian investors over the past five years is challenging the U.S. dominance of venture
finance.
Venture capital by place of origin
Dot-com
bubble
In 1992
U.S.: $2.3 billion
1995
Note: Bands represent the amount of investment led by investors of each country, ranked in order from the top for each year. Mixed refers to
investment rounds with no clear lead.
Source: WSJ analysis of VentureSource data
Staff in Jakarta at Tokopedia, an internet shopping site that has drawn big investments from China.
Shifts in Landscape
Venture money targeting Chinese companies is approaching the amount flowing to U.S. companies, while
Chinese and Japanese investors have poured money into Indian companies. AI is a growing area of focus,
especially by China.
U.S.
Targeting U.S. and Chinese
companies, share of total
100%
75
50 In 2017
44.6%
31.6%
25
0 0
1992 2000 2010
*Includes companies working in machine learning, neural networks and predictive analysis.
Source: WSJ analysis of VentureSource data
China’s tech giants have
their own agendas for invest-
ment, separate from govern-
ment policy. Yet they have
faced intense pressure to serve
state interests, creating worries
that even funds from private
sources could come with gov-
ernment strings attached.
Tencent says it is focused on
investments in companies with
leading technologies or re-
search as well as top players in
high-growth markets “where
we can share our experience
and contribute to building the
internet ecosystems.”
Alibaba has taken stakes in
companies abroad to expand its
services and hopes to create
“chemistry” with others in the
Alibaba group to “build long-
term value,” Alibaba Executive
Vice Chairman Joseph Tsai told
investors last June.
Mr. Lee, the venture inves-
tor, predicts that in the next
choice, the Cut Cut Cut Act, was
never really on the table.
The formal title is “An Act to
provide for reconciliation pur-
suant to titles II and V of the
concurrent resolution on the
budget for fiscal year 2018.”
Companies laying out the
law’s impact for investors have
struggled to agree on what to
call it. Some simply use “The
Tax Cuts and Jobs Act,” but se-
curities lawyers can be sticklers
for precision. In a March 8 se-
curities filing, Dr Pepper Snap-
$87
2000 ’05 ’10
China Japan Others
Targeting India
$8 billion
6 3
4 2
2 1
2007 ’09 ’11 ’13 ’15
five to 10 years Chinese tech
companies will become pace-
setters for tech-related devel-
opment, vying with the likes
of Alphabet Inc.’s Google and
Facebook for dominance in
markets outside the English-
speaking world and Western
Europe.
Different strategies
“All the rest of the world
will basically be a land grab be-
tween the U.S. and China,” he
says.
“The U.S. approach is: We’ll
build a better product and just
win over all the countries,”
says Mr. Lee. The Chinese ap-
proach is “we’ll fund the local
partner to beat off the Ameri-
can companies.”
Last year, deals led by U.S.
venture-capital and tech-invest-
ment firms, such as Sequoia
Capital or Andreessen Horo-
ple Group Inc. resorted to “the
recently enacted U.S. tax re-
form legislation commonly re-
ferred to as the Tax Cuts and
Jobs Act of 2017.”
European consumer-prod-
ucts giant Unilever PLC joined
ILLUSTATION: WSJ; PHOTOS: ASSOCIATED PRESS, ISTOCK/GETTY IMAGES
others in preferring “HR1, for-
merly known as The Tax Cuts
and Jobs Act.”
The tax world already ran on
arcane jargon, a gumbo of ab-
breviations and numbered In-
ternal Revenue Code sections
that let tax experts share a
common tongue. The new tax
act scrambled much of that ar-
got, and veteran lawyers say
they sometimes feel as if they
are back in law school, deci-
phering a new code even as
they learn new rules and devise
new strategies.
“You have to rethink every-
thing you’ve ever done on tax
planning before. You can throw
it out and start all over again,”
says the foreign-trade council’s
Ms. Schultz. “It seems to be
never-ending right now.”
Journalists and commenta-
tors have struggled to find
clear, succinct and still accurate
ways to refer to what is for-
mally known as the “treatment
of deferred foreign income
upon transition to participation
exemption system.”
Some call it a toll charge.
Others call it a mandatory one-
time tax on stockpiled foreign
In 2017
U.S.: $67 billion
China: $38
Japan: $18
Mixed: $12
Europe: $11
Other Asia: $5.2
’15 Others: $2.8
THE WALL STREET JOURNAL.
.
ly
Targeting artificial-intelligence
companies*
$4 billion
0
’17 2007 ’09 ’11 ’13 ’15
THE WALL STREET JOURNAL.
witz, accounted for about $67
billion in venture financing,
slightly more than the $61 bil-
lion led by Asian investors, in-
cluding Tencent and SoftBank,
according to the Journal’s anal-
ysis of VentureSource data.
A decade earlier, U.S. inves-
tors led 73% of the $41 billion
in venture finance logged; in
1992, the figure was 97% of $2
billion, when VentureSource’s
records begin.
The Journal’s analysis
looked at the source of venture
finance based on the headquar-
ters of the company or compa-
nies leading or making up the
majority of each round’s inves-
tors.
Asia’s rise as a startup fi-
nancier is even starker in the
biggest venture investments—
those of $100 million or more.
These megadeals have become
an increasingly important part
of venture finance as valua-
profits. Tax lawyers just call it
“965,” after the legislative sec-
tion spelling out the provision.
None of this is helped by the
dubious wit of congressional
drafters. A provision intended
to make it harder for compa-
nies to shift profits offshore
was dubbed the Base Erosion
and Anti-Abuse Tax, or BEAT.
The minimum tax on U.S. com-
panies’ foreign income is offi-
cially called the Global Intangi-
ble Low-Taxed Income
provision, or GILTI.
Both terms first appeared in
the Senate tax plan in Novem-
ber. Headline writers at indus-
try publication Tax Notes took
notice, offering up “More GILTI
Than You Thought,” “Get with
the BEAT,” “A Response to an
Off-BEAT Analysis” and “Can
Marked-Up Services Skip the
BEAT?” among others.
“The Senate triumphed
with better acronyms,” says
Steven Rosenthal, senior fel-
low at the Tax Policy Center.
“Those staffers deserve some-
thing for that.”
Make that the “guilty” tax, if
you’re trying to read about
what corporate executives are
saying about it. The term ap-
pears to have been mistyped in
more than a dozen corporate
conference calls transcribed for
Standard & Poor’s since the end
of 2017.
“However, the negative ef-
Friday, April 13, 2018 | A9
tions have ballooned, with
their proportion of deal vol-
ume growing from around 8%
in 2007 to around half of the
total last year.
Online marketplace
In 2017, deals led by Chi-
nese investors made up a big-
ger portion of that megafi-
nance than those led by U.S.
investors. Japanese-led fund-
ing—largely by SoftBank—
came in third.
In Southeast Asia, a flood of
Chinese money into local start-
ups—such as the $1.1 billion
Alibaba-led investment into In-
donesian online marketplace PT
Tokopedia last year—is draw-
ing the region closer to China,
says Santitarn Sathirathai,
Credit Suisse’s lead economist
for emerging Asian markets.
Chinese money is also play-
ing a big role in India, which,
with a population of 1.2 billion,
has been described as the next
big internet market. Chinese
and Japanese investors each
led nearly $3 billion in venture
finance in India last year, ahead
of the nearly $2 billion in deals
led by U.S. investors, which
DIMAS ARDIAN/BLOOMBERG NEWS
have been the top source of In-
dia’s VC money in recent years.
Last year, Tencent led a $1.1
billion round in Indian ride-
hailing company Ola, which is
piling up cash to battle U.S. ri-
val Uber Technologies Inc. Ten-
cent and SoftBank, another big
investor, got seats on the board
of Ola’s parent.
The money has helped Ola
continue a tight race with Uber
for market share in India, as
well as challenge Uber in Aus-
tralia, where Ola recently
launched operations with intro-
ductory free rides.
Tencent and SoftBank also
each led billion-plus rounds
into Flipkart, India’s biggest lo-
cal e-commerce company, earn-
ing them board seats as well.
Flipkart has also recently dis-
cussed selling a stake in itself
to Walmart Inc., people familiar
with the discussions say, and is
facing a challenge from Ama-
zon.com Inc., which has an-
nounced plans to pour $5 bil-
lion into its India operations
and is gaining market share.
Walmart and Flipkart declined
to comment.
Vijay Shekhar Sharma, the
founder of Paytm, the Indian
’17
e-payment firm, visited Ali-
baba’s home base of Hangzhou
several years ago, and was
amazed at the online retail
and payments market it pio-
neered with its affiliate Ant,
says Mr. Deora, the CFO.
Paytm executives adapted
practices they saw in China, in-
cluding distributing stickers
with QR codes to Indian mer-
chants that let them accept
payments via mobile phones,
and rolling out shops that pop
up for a limited time in Indian
malls, where buyers can check
out goods before they buy them
online. Paytm is going up
against Google and Facebook,
which have also launched or
tested services in India that let
users pay through their phones.
“Think of strategic invest-
ments and M&A as playing a
game of go,” said Mr. Tsai, the
Alibaba executive vice chair-
man, at the investor conference
last year. “In a game of go the
strategic objective is to put
your pieces on the chessboard
and surround your opponent.”
fects, mostly the so-called
guilty tax of the tax reform, will
not impact us until fiscal year
’19,” Didier Hirsch, chief finan-
cial officer of biomedical in-
strument maker Agilent Tech-
nologies Inc., told investors on
a Feb. 14 conference call, ac-
cording to a transcript.
In other areas, the law’s
drafters managed to avoid cute-
ness. That has left tax experts
referring to the new deduction
for partnerships and other
pass-through businesses by its
code section, 199A, or as QBI,
for the Qualified Business In-
come deduction that section
creates.
They reserve the term “Cue-
Bye” not for QBI but for QBAI,
the Qualified Business Asset In-
vestment, which has absolutely
nothing to do with QBI.
All the new terminology has
left Jeffery Yablon, a Washing-
ton lawyer who specializes in
tax-exempt groups, happy with
his earlier decision to leave
the profession at the end of
2017.
“I had announced I was go-
ing to retire way before this tax
law was going to pass, but I’m
delighted with my timing,” says
Mr. Yablon, the author of “As
Certain As Death: Quotations
About Taxes,” which runs 338
pages. “I don’t have to spend a
lot of nonbillable time learning
about stuff.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A9A | Friday, April 13, 2018 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Struggling LIRR Gets New Leader Policing
Program
MTA executive Phil Eng will step down Friday after a storms and other adverse in March 2017, he helped New New York Penn Station.

will take the helm of a

railroad plagued by
four-year tenure that became
increasingly tenuous because of
rising commuter anger over de-
delays, overcrowding
layed and overcrowded trains.
“It’s been miserable for
commuters,” said state Sen.
BY PAUL BERGER Todd Kaminsky, a Nassau
County Democrat. “What rid-
The Long Island Rail Road, ers want to see is somebody
the nation’s busiest commuter who is able to light a fire un-
railroad that has been the der the agency and get every-
scourge of thousands of trav- body working overtime to get
elers for its chronic delays, is things back on track.”
getting new leadership. Mitch Pally, chairman of the
Phil Eng, the Metropolitan MTA board committee that
Transportation Authority’s oversees the railroad, said
chief operating officer, has many of the delays were out of
been chosen to take over fol- Mr. Nowakowski’s control. But
lowing the resignation of Pat he said the railroad could have
Nowakowski. Mr. Nowakowski done a better job planning for
weather conditions, and better
informing commuters about
train delays.
York state plan a $2.6 billion
project to add a third track
along a 10-mile stretch of the
With Mr. Eng, the rail line LIRR’s heavily used Main Line
corridor between Floral Park
and Hicksville. That project
Phil Eng will will begin shortly.
lead a system He will be tasked with turn-
that carries ing around the LIRR, which
about 300,000 last year recorded its worst
passengers on on-time performance in 18
an average years, according to a March
weekday. report by state Comptroller
Thomas DiNapoli. With more
than 7,500 employees and a
is getting a transportation vet- $1.6 billion operating budget,
eran with experience oversee- the commuter line carries
ing major highway and bridge about 300,000 passengers on
projects but limited exposure an average weekday, most of
to rail. Before joining the MTA them headed into and out of
Many of the LIRR delays
were caused by a series of
track and power issues at
Penn Station, which is owned
and operated by Amtrak. But
the comptroller’s report also
found fault with the LIRR.
Mr. Nowakowski unveiled a
turnaround plan in March that
included upgrading signals,
hiring additional workers to
tackle equipment breakdowns
and improving communication
with passengers. In a state-
ment Thursday, he said: “I’m
pleased with the direction the
railroad is headed.”
Mr. Eng said in a statement
that he would continue Mr.
Nowakowski’s turnaround plan.
Expands
To Subway
BY ZOLAN KANNO-YOUNGS
Mayor Bill de Blasio extended
his hallmark neighborhood po-
licing program on Thursday,
moving it underground to the
city’s subway system.
Standing alongside police of-
ficials at the entrance to the At-
lantic Avenue-Barclays Center
subway stop in Brooklyn, the
mayor said the program, which
directs officers to establish rela-
tionships with community
members to hear their needs
and gain information about

Strike Up the Orchestra—At the Movies

crimes, would expand to subway
stations and lines in the Bronx
and Brooklyn.
“At first it sounds a little so
BY CHARLES PASSY far out of the box, you wonder if
it will work,” said Mr. de Blasio,
The New York Philharmonic a Democrat. “What I have seen
currently is offering a lively happen is a whole neighborhood
all-Mozart affair, with excerpts policing notion: When people
from symphonic works, operas get familiar with each other…it
and the choral masterpiece, just starts a natural dialogue.”
GO NAKAMURA FOR THE WALL STREET JOURNAL; JOHN TAGGART FOR THE WALL STREET JOURNAL (BELOW)

the “Requiem.” Mr. de Blasio and Commis-

But this isn’t a concert as

.
such: It’s a night at the movies.

ly
The Philharmonic is showing
the Oscar-winning 1984 Miloš
Forman film “Amadeus” with
live orchestral accompaniment.
“The orchestra makes the
on 63
The number of precincts where
movie better and the movie community policing is active
makes the orchestra better,”
said Adrianne Silver, a longtime
us l,

Philharmonic at-
FOOD & tendee who was sioner James O’Neill have made
al a

CULTURE
e
on hand for this the community policing pro-
past Wednes- gram a priority since it began in
day’s “Amadeus” 2015 in the wake of protests
ci on

presentation. (The program will sparked by the death of Eric

be repeated through Tuesday.) Garner after he was put in a po-
For the Philharmonic, such lice chokehold, as well as the fa-
cinematic undertakings are be- tal shooting of two officers in
coming a key part of its pro- Brooklyn. A crime statistics
er rs

gramming. For the past five briefing rarely passes without

seasons, the orchestra has of- the program getting credited.
fered the screenings on an oc- Officials from across the coun-
casional basis as part of its try have visited 1 Police Plaza to
m e

the Art of the Score series, un- learn about the program.
der the artistic advisory of the Above ground, the program
actor, classical-music enthusi- is active in 63 precincts, where
m rp

ast and Philharmonic board help the orchestra’s bottom line
member Alec Baldwin. in that the Philharmonic, a non-
Past presentations have in- profit institution with a $77
cluded “The Godfather,” “West million annual budget, still
Side Story,” “Manhattan” and loses money on the concerts,
co Fo
The New York Philharmonic accompanies a screening of ‘Amadeus.’ Fans who showed up in “neighborhood coordination
costume got early access to tickets in May 2017 to the orchestra’s ‘Star Wars’ concert film series. officers” oversee groups of of-
ficers who patrol the same
portions of a community each
day to build connections with

an Alfred Hitchcock event in- said Deborah Borda, the orches- residents.
corporating clips from several tra’s president and chief execu- The concept will follow a
of the director’s films. The or- tive officer. But Ms. Borda, who similar template with subways:
chestra also has featured four came aboard in 2017, said the Train lines in Brooklyn and the
of the “Star Wars” movies sep- movies are a powerful form of Bronx will be divided into sec-
arate from the Art of the outreach. “This is genuine tors. Two neighborhood coordi-
Score series. crossover,” she noted. nation officers will be assigned
Philharmonic officials see The events pose technical to each of those portions and
the cinematic programming as challenges. When an orchestra will supervise groups of officers
a good way to reach audiences plays to a film, synchroniza- focused on specific areas.
who might not go to a classi- tion becomes critical. “There But some New Yorkers on
cal event. The idea is that is no gray area. It’s either in Thursday were skeptical the
once they experience a live or- sync or not in sync,” said communication would flow—es-
chestra, they will return, per- Richard Kaufman, who is con- pecially underground.
n-

haps to a concert sans film. ducting the Philharmonic in “You get on the train, you’re
The cinematic events are “a the “Amadeus” presentation trying to get somewhere,” said
gateway drug,” said Mr. Baldwin. and leads orchestras world- Arthur Langaigne, 16 years old,
“We will capture some people.” wide in similar film programs. who takes the subway from his
no

Either way, the events are Bill Silver, a regular at- home in Crown Heights to
proving plenty popular. During tendee of the series, said he school in Park Slope. “You’re
its five-season history, the Art has learned to stay in his seat not really thinking about the
of the Score series has drawn when the final credits roll. police. I’m trying to go about
an audience of 98% capacity. Otherwise, he said, “you’ll my day. They’re going about
The series doesn’t necessarily miss some of the best music.” their day.”

Paid Sick Leave Among Raft of Bills Passed by N.J. Lawmakers

BY KATE KING to the U.S. illegally as children
by their parents, to apply for
New Jersey lawmakers state financial aid for higher-
Thursday unlocked several education costs.
bills that have long been stuck And lawmakers sent a bill
in Trenton, greenlighting ev- to Gov. Phil Murphy to auto-
erything from subsidies for matically register and update
the state’s nuclear-power in- the voter rolls with residents
dustry to mandatory paid sick who apply for driver’s li-
leave. censes, a measure Democrats
Another measure would al- said was aimed at bolstering
low so-called Dreamers, mean- voter participation.
ing people who were brought The measures are now on
the desk of Mr. Murphy, a
Democrat who took office in
January after campaigning on
a progressive policy agenda.
The governor already has
moved to implement stricter
gun-control regulations, and
has said he would sign a pay-
equity bill passed by the Dem-
ocratic-controlled Legislature
last month. A spokesman said
Thursday that Mr. Murphy
would review the legislation.
Many of the bills had come
up in previous legislative ses-
sions but faced veto threats
from former Gov. Chris Chris-
tie, a Republican, or failed to
muster enough support from
the Legislature. Some of the
measures that had faced resis-
tance were modified during
this legislative session to
gather more support among
lawmakers.
Lawmakers had debated for
months whether to subsidize
nuclear power in the state af-
ter Public Service Enterprise
Group Inc., the state’s largest
operator, threatened to close
two plants it owns and oper-
ates in the state’s southern Sa-
lem County.
To get it through, it was
paired with wide-ranging en-
ergy legislation that, among
other things, requires the
state to get 50% of its electric-
ity from renewable energy,
such as wind and solar, by
2030.
Under current law, the state
is on track to get 17.88% of its
electricity from these renew-
able sources by 2021.
Mr. Murphy said last year
that he supported keeping the
nuclear-power plants open as
long as it didn’t interfere with
the state’s progress toward
Please see BILLS page A9B
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * NY Friday, April 13, 2018 | A9B

GREATER NEW YORK

Housing Agency Sued Spreading the Word to Younger Generations

Over Heat, Hot Water

BY CORINNE RAMEY
A lawsuit filed Thursday de-
mands rent rebates for New
York City public-housing resi-
dents who didn’t have heat or
hot water for some periods this
past winter, creating an addi-
tional headache for an agency
that has faced persistent com-
plaints of infrastructure and
management failings.
The proposed class-action
suit, filed by the Legal Aid Soci-
ety and private firm Willkie
Farr & Gallagher LLP, claims
that the New York City Hous-
ing Authority has “openly
flouted the law” by allowing the
quested rent rebates would be
better spent on fixing the build-
ings’ aging infrastructure.
A’Seelah Diamond, one of the
named plaintiffs in the lawsuit,
lives in a city building in Brook-
lyn with her husband and three
children, paying $1,282 in
monthly rent. During December
and January, Ms. Diamond had
regular heat and hot water out-
ages, the complaint alleges. The
cold exacerbated her daughter’s
asthma, the complaint says, and
the whole family crowded into
one bed to stay warm at night.
NYCHA officials have blamed
declines in federal funding for
its struggle to maintain basic

GO NAKAMURA FOR THE WALL STREET JOURNAL

majority of residents to go with-
out heat or hot water for sub-
stantial lengths of time.
“Every landlord in New York
City is legally obligated to pro-
vide adequate heat and hot wa-
ter, NYCHA included,” said Mary
Eaton, a partner at Willkie Farr
& Gallagher, in a statement.
“NYCHA’s failure to provide
these basic services, or to com-
pensate its tenants for their
losses, is inexcusable.”
A spokeswoman for the
housing authority said the re-
services. The lawsuit comes on
the heels of difficult months for
the agency, which has been
pummeled by criticism from
lawmakers, residents and advo-
cates. In addition to heat and
hot-water issues, it has faced
criticism related to the handling
of mold and lead paint.
Earlier this month, New York
Gov. Andrew Cuomo, a Demo-
crat, declared a state of emer-
gency for the agency. This week, NEVER FORGET: Ruth Zimler, who is 90 years old, and other Holocaust survivors spoke about their experiences Thursday at the
agency head Shola Olatoye an- Museum of Jewish Heritage in lower Manhattan, part of the institution’s observance of Holocaust Remembrance Day.
nounced she would resign.

GREATER NEW YORK WATCH

NEW JERSEY NEW YORK
BILLS It also would establish
binding arbitration for reim-
bursement disputes between
insurance carriers and out-of-
Continued from page A9A network providers.
Jersey employers to provide
40 hours of paid sick leave a
year. Workers would be eligi-
ble for sick leave after 120
back against the measure,
saying businesses with 10 or
fewer employees should be
exempt from providing paid
days of employment. sick leave.

.
Man Is Sentenced Green Party Hopeful greater reliance on renewable “At the end of the day, we In addition to personal ill- “If small businesses and

For Bank Robberies
A New Jersey man has been
sentenced to more than nine
years in prison for robbing four
banks in three states last year.
Israel Cosme previously
pleaded guilty to robbing the
Announces New Run
Howie Hawkins, a two-time
Green Party candidate for New
York governor who finished third
in the 2014 election, has an-
nounced that he is again seeking
the party’s nomination to run in
us l,
energy.
Lawmakers also on Thurs-
day passed legislation to limit
on surprise out-of-network medi-
cal bills, which can occur when
a patient schedules surgery at
an in-network facility and
doesn’t realize that the anes-
all pay those bills,” said state
Sen. Joseph Vitale, a Demo-
crat, on the Senate floor in
Trenton. “It matters what
those payments look like. Let
them be reasonable.”
State Sen. Robert Singer, a
Republican, opposed the bill,
ly
ness, employees could use startups can no longer afford
sick leave to care for children the cost of labor the good in-
tentions of this bill will be of
no help to our employees,”
Gov. Phil Assemblyman Robert Auth
Murphy, a said last month. “They will be
Democrat, is relegated to the unemploy-
reviewing bills ment line or to the under-

banks in January 2017 in Little
Ferry, N.J.; Essex and Baltimore
in Maryland; and New York.
A federal judge in Newark
sentenced Mr. Cosme on Thurs-
the November election.
The 65-year-old retired Team-
al a
e
ster from Syracuse launched his
campaign at a news conference
in Albany, saying he is running
ci on
thesiologist is out-of-network
until a large bill arrives.
The measure wouldn’t ap-
ply to self-insured plans, al-
though they could “opt in” to
which he said would deter approved by ground economy.”
doctors from working in the New Jersey Democrats, however, said
state. lawmakers. the measure was long over-
“I’m concerned about mak- due.
ing sure that we keep our “Earned sick leave is a ba-

day to 115 months in prison.
All four banks were TD
Banks. The robberies occurred in
an 11-day period. In each rob-
bery, the 36-year-old Elizabeth
on a progressive “Green New
Deal” platform that includes rais-
ing taxes on millionaires and in-
vesting in clean-energy projects
and infrastructure improvements.
er rs
its provisions.
The legislation, which law-
makers have been debating for
years, would require health-
care facilities and profession-
doctors in New Jersey, that
our specialists are here to
treat our children, to treat
our aging population and all
of us,” Mr. Singer said in
and sick family members.
The sick-leave bill exempts
certain construction employ-
ees, per-diem health-care
workers and public employees
sic workers’ right that should
be extended to all employ-
ees,” Sen. Loretta Weinberg
said in a statement. “It will
create a healthier and safer

resident handed tellers a note
indicating he had a gun.
—Associated Press
He was the party’s candidate als to better inform patients Trenton. who already are eligible for work environment for our
for governor in 2010 and 2014. about out-of-network care and Another bill passed Thurs- more generous sick leave. residents, but also will pro-
—Associated Press costs. day that would require New Some Republicans pushed tect the health of the public.”
m e
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Loving
HoW
co Fo

©2018 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.

You
Live.
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A10 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

LIFE&ARTS
TELEVISION REVIEW

By John Anderson

Re-Entering
TheTV
Atmosphere

SONY PICTURES CLASSICS (2)

Brady Jandreau
as Brady
Blackburn, left
and below

FILM REVIEW | By Joe Morgenstern

NETFLIX

Maxwell Jenkins in ‘Lost in Space’

THE FOLKS BEHIND the new “Lost in

Space” have essentially done what a car
mechanic once advised me to do with my
‘Rider’: A Cowboy Life
1966 Oldsmobile Jetstar 88: Jack up the
radiator cap and slide a new car under-
neath. What else could they do? Televi-
sion is awash in remakes right now, and
if you’re doing “Howards End,” say, or
In the Balance

.
even “Roseanne,” there’s a reasonable

concern about fealty to the source mate-
rial. But the campy old “Lost in Space”?
It never even knew what it wanted to be.
So you might say the Netflix reboot has a
leg up
Whether the resulting vehicle will get
the Space Family Robinson off their hos-
tile planet, or into the hearts of viewers,
HOW MANY STIRRING moments does it
take to make a great movie? Whatever the
number, “The Rider” has more than enough—
moments between a man and a horse; be-
on
tween an injured man and his shattered
friend, or his different-minded sister; silent
moments when the camera studies the hero’s
appealing face, and one heart-stopping frac-
us l,
says with boundless pleasure in another fac-
tual detail, a videotaped interview from his
cherished past.)
The bond between Brady and Lane is as
fateful as it is tender. Brady’s doctors have
warned him he must never ride again, let
alone compete in the rodeos he loves. His
body confirms the danger with sporadic sei-
ly
was, and was meant to be—is the movie’s
main concern, and his spastic right hand an
emblem of the choice that confronts him. How
much of his former life can he let go?
It’s a rare treat to be so affected by—and
connected to—a movie hero of so few words,
and such vivid ones. Sitting around a fire with
a group of buddies, Brady recalls his horse-

remains to be seen. Whether those view-
ers will be trembling with suspense is
even less certain. The CBS series
(1965-68) was fairly lighthearted, and
though the woeful film version of 1998
tion of a moment when a father tells his son
to whistle. This poetic, laconic and ineffably
al a
e
beautiful drama has an unerring feel for its
subject, a young cowboy struggling against
his implacable fate in the American
ci on
zures, pain that keeps him popping pills, and a
right hand he can’t unclench without prying
the fingers open with his left hand. Lane’s
plight is another stark reminder of who Brady
riding days: “I learned a lot being on their
backs, looking down on them ears.” Are they
Ms. Zhao’s words, those of the real-life Brady
or a combination of both? It doesn’t matter,
because this is a drama, after all,

took a much darker tack—likewise the
new show—it didn’t do much for the
franchise except for the presence of Gary
Oldman as Dr. Zachary Smith, devious
stowaway on the Space Family Robin-
West. That’s notable in itself, and all and it’s filled with lines of stripped-
the more so since the film was writ- back eloquence: Brady’s friends of-
ten and directed by Chloé Zhao, a fering up a Lakota prayer for the
Chinese woman born in Beijing. fallen Lane, along with the hope
The specific setting is the Pine “that he gets to ride again, feel the
er rs

son’s homesteading journey. It’s the Iago
role, you might say, especially if you
wanted to overstate it, and this time
around is in the hands of the estimable
Ridge Indian Reservation in South wind at his back, watch it flow
Dakota. The rider of the title, Brady through the grass”; or Brady’s sister,
Blackburn, is played by Brady Jan- with her sweet spirit and her special
dreau, though “played by” doesn’t take on life, considering the sky at
m e

Parker Posey. She makes the counterfeit suggest the complexity and poi- dusk and saying “Goodnight, sun,
doctor a bona-fide sociopath. And a solid gnancy of his performance. The see you in the morning.”
reason to keep watching. character is a fictionalized version The best parts of Ms. Zhao’s film,
m rp

You may need one. In what’s probably
a trend, the 10 episodes of the 2018 “Lost
in Space” seem intentionally constructed
with the binge-watcher in mind, hence
the leisurely, erratic rollout of character,
of the nonprofessional actor, a La-
kota cowboy and horse trainer who
had a promising career on the rodeo
circuit until a bucking bronco threw him off,
stomped on his head, and left him with a trau-
co Fo
could become if he injures himself again, but
he can’t live with his sense of who he is now,
though, are quiet ones in which the
images tell most of the tale. (Joshua
James Richards did the lovely cine-
matography. The editor was Alex O’Flinn. Na-
than Halpern composed the music.) In real life

conflict and circumstances, and an intro-
duction rooted in pure boredom: The
Robinson family, aboard their Kubrick-
worthy spaceship, playing a lethargic
hand of go-fish as they make their te-
dious way toward a new world and away
from an imperiled Earth. (The ecological
crisis they’re fleeing seems to have been
caused by contact with an asteroid, re-
sulting in the kind of climatological ca-
lamity that might have extinguished the
Please see LOST page A11
n-
matic brain injury that required a metal plate
in his skull.
Weaving her story around Mr. Jandreau,
Ms. Zhao cast her film entirely with members
of his family and friends, including his kid sis-
ter, Lilly (Lilly Jandreau), who in fact has
Asperger’s syndrome, and his closest friend,
Lane (Lane Scott), a former rodeo rider who
sustained a catastrophic injury and remains in
a rehab facility, paralyzed and mute. (“There’s
nothing like strapping yourself onto a 2,000-
pound animal and just going with it,” Lane
a man stripped of the proudest achievements
that defined his manhood.
Masculine pride isn’t the only subject of a
film that raises issues deftly without naming
them. “The Rider” touches on the economic
constraints of Brady’s life (for an analogous
viewpoint, see Francesco Rosi’s masterly por-
trait of a bullfighter, “The Moment of Truth”),
and the dwindling place of cowboys in mod-
ern culture. (You might re-see “The Misfits,”
directed by John Huston from a script by Ar-
thur Miller.) But Brady’s pride—in who he
Mr. Jandreau is a gifted horse trainer. His on-
screen counterpart seems less a whisperer
than a wizardly empath, whether he’s taking
his own horse out for a bareback canter at
sunrise, or asserting his authority with a will-
ful animal who’s never had a human on his
back, then telling him, in a comradely tone,
“Let’s go for a cruise.” Watching Brady as he
watches a rodeo, his seemingly placid expres-
sion masking his excitement, it’s hard to be-
lieve that he will resist temptation, and
harder to think what may happen if he won’t.

JULIETA CERVANTES
The WSJ Daily Crossword | Edited by Mike Shenk
THEATER REVIEW | By Terry Teachout 1 2 3 4 5 6 7 8 9 10 11 67 Jam option
12 13
PUZZLE
CONTEST
no

72 Opposite of

IT HAS UPS AND DOWNS

14 15 16
mega-
17 18 19 73 Fun time
74 “But you said...” 28 Aphid eater
20 21 22 23
response 30 Singer Lisa and
24 25 26 27 28 29 30 75 Abbr. before a jazz guitarist
year Chuck
New York that has been garishly over-restored. Not 31 32 33 34 35 36 76 Really enjoying 33 Put on the
OF THE MUSICALS by Richard Rodgers only are Santo Loquasto’s elaborate sets too 37 38 39 40 41 77 They can make canvas, maybe
and Oscar Hammerstein II that continue to pretty—and, in the case of the vision of good food and 35 Salad root
hold the stage, “Carousel” is—up to a heaven, too campy—but Mr. O’Brien has also 42 43 44 45 bitter butter 36 One at a time
point—the strongest. That point arrives to- seen fit to have the whole show rechoreo- 46 47 48 49
Down 38 Like some
ward the end, when the ghost of Billy Big- graphed by Justin Peck of New York City 1 With it sauces
elow, the show’s romantic antihero, returns Ballet. It’s not merely that the original 50 51 52 53 54 2 Tokyo, once 40 “Stop arguing!”
to earth, watches his daughter graduate dances, by Agnes de Mille, are a time-hon- 55 56 57 58
3 Montmartre me 44 Cabin
from high school and is escorted back to the ored part of “Carousel”: They’re as masterly 4 “Who ___?” component
Pearly Gates by an angel as the company as the ones made by Jerome Robbins for 59 60 61 62 63 64 5 What gibberish 49 Circling the
sings a reprise of “You’ll makes Earth, say
65 66 67 68 69 70 71
Never Walk Alone,” the 6 Dot 51 Finish for puppet
stickiest song that Rodgers 72 73 74 7 Maximal suffix or profit
and Hammerstein ever 8 Movie scene 53 Theater
75 76 77
9 The suicide king, projectile, back in
wrote (though the competi- the day
e.g.
tion is stiff). Until then, the
show is a miraculous fusion
COLORFUL CHARACTER | By Matt Gaffney 10 Belief 56 Bar food
11 Evidence in 59 Be plenty mad
of sentiment and craftsman- The answer to 21 Against the antis 47 Grieve audibly
many “Law & 60 Uplifting name
ship, and even the finale can this week’s contest 23 Former 48 On the way up Order” episodes 62 School attended
be made to work by a smart crossword is a 24 Not working 50 Microsoft
famous novel 12 Move aimlessly by 19 prime
director who isn’t afraid of 27 Coach Chuck purchase of 2011 ministers
hinted at five times 29 Related 13 Risked getting
heartfelt emotion. 52 Tag preceder pulled over 64 Difficult to
in the grid. 31 Don Ho often 54 Number on a
Jack O’Brien is very 18 Rare birds capture
smart, but his Broadway re- Across performed with soccer “clean
22 “Awesome!” 66 Stashed
vival of “Carousel” is un- 1 Strategically one sheet”
24 Kaitlin of “It’s 68 Twaddle
confine 32 Prime purchase 55 Makes blue,
even, enough so that those Always Sunny 69 Criticize
6 Crash tender 34 Party people perhaps in Philadelphia” severely
who know the show may
10 Some early 37 Director 57 ___ further et al. 70 Pierce-Arrow
find it a disappointment— Eisenstein (stop)
PCs 25 Fail to ail contemporary
though they’ll certainly be 39 Springfield grunt 58 007, e.g.
14 “Yeah-hunh!” 26 Sidewalk 71 FG
staggered by the singing. Jessie Mueller and Joshua Henry in ‘Carousel’ 15 Key on a map 41 Sewing case 59 On behalf of
Jessie Mueller, Joshua protrusion measurements
16 Give discreetly 42 Unstylish spread 61 Wish undone
Henry and Lindsay Mendez, who play Julie, “West Side Story,” and shouldn’t be replaced 17 Plant named for 43 1967 title role for 63 Extra Previous Puzzle’s Solution
Billy and Carrie, are all such resplendently unless the new ones are decisive improve- an early U.S. Warren 65 State that has K I R O V O C T A D MA C
fine vocalists that they need make no apolo- ments. Not so Mr. Peck’s choreography, most diplomat in 45 Animal house voted Republican I C OM E WH A L E A B E
D E C A L P L A C E S R C A
gies for sharing a stage with Renée Fleming, of which is no more than fluent, while his Mexico 46 Neighborhood in the last 13 S T A N C E S I R P I T S
R O OM T O P R O V E
who plays Nettie Fowler and so gets to sing one striking contribution, a vigorous all- 19 Tunnel creator next to the East presidential R I P C O R D S E E N
“June Is Bustin’ Out All Over” and “You’ll male dance in the style of Michael Kidd’s 20 Galaxy note Village elections OMO O I O U S A C E L A
B A L L P A R K E S T A T E S
Never Walk Alone.” Voice for voice, I’ve work on “Seven Brides for Seven Brothers,” Email your answer—in the subject line—to crosswordcontest@wsj.com
s

E X I L E S E L L S T O P
never heard a better-sung revival of a is less appropriately characterful than De by 11:59 p.m. Eastern Time Sunday, April 15. A solver selected at random
T
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golden-age musical. Mille’s hornpipe. will win a WSJ mug. Last week’s winner: Mike Sorrenti, Pawtucket, RI. N I C E D O A H A T P I N
A L I I MO U T T A H E R E
So what’s wrong? Mr. O’Brien’s “Carou- Mr. Henry’s performance contributes to Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. F E Z L A N Z A C O R K S
sel” feels slick, like an old-master painting Please see CAROUSEL page A11 Void where prohibited. U.S. residents 18 and over only.) U S E K N E E D T R U S T
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | A11

LIFE & ARTS

FILM REVIEW | By Joe Morgenstern
LOST
‘Lean On Pete’: A Boy, Continued from page A10
dinosaurs.) Only the ex-
tremely qualified have been

A Horse, a Bond approved for travel and,

presumably, survival. One
wonders: These slugs are
the best we can do?
As it turns out, Maureen
Robinson (Molly Parker) is
an accomplished aerospace
engineer; her husband,
John (Toby Stephens), is
some kind of military spe-

cialist who’s been stationed
for three years in what
looks like Iraq. (Considering
that the year is 2046, this
is, presumably, a joke.)
Their daughters, Judy and
Penny (Taylor Russell and
Mina Sundwall), are sa-
vants, Penny at one point
performing minor surgery
on Mom while Judy talks
her through it by radio,
while encased in a frozen
sinkhole. The family out-
lier—the underachieving
Will Robinson (Maxwell
Jenkins)—is an anxiety-rid-
den dweeb who didn’t actu-
ally make the cut. But like
any mother worth her io-
dized salt, Maureen pulls a
few illicit strings and gets
her boy aboard the space
ark, which will be attacked
by scaly aliens and end up
A24 FILMS (2)
Parker Posey in the Netflix reboot
as flaming wreckage spin-
ning though space, knock-
ing the Robinsons’ escape
pod off course and landing
them on a world that is
suspiciously Earth-like.
Also among the crash-
landed: one of those scaly
aliens, whom Will saves and
who in turn helps his family,
but not before honking out
the old show’s catchphrase,
“Danger, Will Robinson.”
But what’s really tanta-
lizing—and even likable,
given all the sniping among
the Robinsons—is Ms.
Posey. Her character is a
conscience-free, homicidal
opportunist who steals the
ID off a doomed crewman
NETFLIX
during the alien attack and
henceforth becomes Dr. Z.
Smith, psychologist, a char-
acter to whom the actress
applies a piquant touch of
pure insanity. How nuts is
she? It takes till episode 3
to get a really solid sense,
but her potential for chaos
seems as limitless as the
space-time through which
the Robinsons get lost. And
she’s certainly the more
plausible representation of
how humans would really
act if there were only one
way off our star-crossed
planet.
Lost in Space
Friday, Netflix

THE BOY and the horse in

CAROUSEL cents are decidedly bones style. By paring “Car-

.
“Lean On Pete” are two of a askew). As for the prob- ousel” down, Mr. Newell

ly
vulnerable kind. Charley, a lematic final scene, it ends desentimentalized the show
lonely teen who’s played Continued from page A10 on a note so flat-footed while simultaneously pre-
marvelously well by Charlie the problem: He fails to that you’ll feel the curtain serving its emotional inten-
Plummer, is loosely con- on dig deeply into the part, came down too soon. sity. Mr. O’Brien, by con-
nected at best to the adult charging through “Solilo- trast, merely skates around
world. His mother split long quy” as if he had to catch on the surface. Trust me:
ago and his no-account father a train. Having seen him There’s much more to “Car-
doesn’t understand that the act with formidable au-
This staging, while ousel” than this revival is
us l,

boy needs a functioning par- thority in “The Scottsboro remarkably sung, able to put across.
ent. The horse, Lean On Pete, Boys,” I can’t help but
disappoints in
al a

Carousel
e
or Pete for short, is loosely wonder whether Mr.
connected to a seedy part of O’Brien might be the truly other ways Imperial Theatre,
the racing world where quar- guilty party. Moreover, I 249 W. 45th St. ($69-$169),
ci on

ter-horses like him run for didn’t feel that the ensem- 212-239-6200/800-432-7250
measly purses, rarely get rest ble as a whole suggested
and end up as horsemeat in Steve Buscemi, above, and Charlie Plummer, top, in Andrew with any consistency that The best “Carousel” I’ve Mr. Teachout, the Journal’s
Mexico if they don’t stay in a Haigh’s latest feature most of the characters in ever seen, Charles Newell’s drama critic, is the author,
winning groove. How these “Carousel” are working- 2008 Court Theatre pro- most recently, of “Billy and
er rs

two make their connection is road, and on the high desert. mer’s remarkable perfor- class people from 19th- duction, was a small-scale Me.” Write to him at
part of the story in this fine, (Their conversations are mance. He’s young and looks century Maine (their ac- version staged in a bare- tteachout@wsj.com.
discursive film, which An- one-sided. Pete whinnies, younger at the start, when
drew Haigh directed from a snorts and bellows, but oth- Charley seems so innocent
m e

script he and Willy Vlautin erwise keeps his counsel.) In and earnest that you fear for
based on the latter’s novel. another film such soliloquies his ability to survive in the
The other part is the harsh might seem like a case of world. That changes, and rad-
m rp

A TAUT “
and affecting odyssey that clumsy exposition, but ically, as his travels with Pete
takes boy and horse from Or- they’re perfectly natural and progress, yet the wonder—as
egon to Wyoming, leading often moving in the circum- well as the point—of this
Charley toward the outskirts stances; Charley needs a lis- memorable portrayal is the

SPY THRILLER.
”
of manhood. tener as urgently as Pete persistence of Charley’s inno-
co Fo

What is it that makes us needs caresses on his nose. cence through it all. Steve
impute deep wisdom to Mr. Haigh’s previous fea- Buscemi provides sardonic
horses? In the other of this ture was “45 Years,” a drama relief as Del, Pete’s sleazy
week’s equine sagas, “The of marital distress, starring owner and an unlikely stand-
Rider,” man-and-horse com- Charlotte Rampling and Tom in for Charley’s father. Chloë “A S R E L E VA N T
munications are more mysti- Courtenay, in which the Sevigny is Bonnie, Del’s girl- AS IT IS
cal than audible. In “Lean On strongest feelings went un- friend and jockey, who keeps
Pete” they’re hyperverbal— spoken. The words in his new warning Charley not to get E N T E R TA I N I N G,
Charley tells his life story to film are pungent in them- attached to Pete. “He’s not a AND IT IS VERY
his cherished companion selves, but they’re given pet,” she says, “just a horse.” ENTERTAINING
during long days on the greater power by Mr. Plum- It’s a tough sell. INDEED.”
LOS ANGELES TIMES

“J O N HAMM HAS
Weather
n-

F U L LY A R R I V E D
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
ON THE BIG SCREEN.
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50s g
Billings 30s A g t
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Eugene
20s pls //St. Paul
Mpls./St. Pau T
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60s t
Boston 50s A SMART AND COMPLEX
Boise
60s
40s 20s ux FFalls
Pierre Sioux ll k
Milwaukee
ff
Buffalo Albany
A b rtford
Hartford 60s TALE THAT HAS ECHOES
Detroit
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40s 60s 50s C h g
Chicago Cleveland
70s New ew Y
Yorkk 70s OF JOHN LE CARRÉ.”
70s Reno Lake
Salt La
L ke City
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hil d lphi
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Philadelphia THE GUARDIAN
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Des b h 80s
Pittsburgh
Indianapolis Pit
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Denver 80s 90s
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San 20s T
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40s 80s   

Honolulu
l l Showers Flurries
90s Miami
A h
Anchorage 50s 70s
Ice “A M U S T S E E !
IT WILL HAVE YOU ON
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Omaha 77 39 t 40 22 sn Frankfurt 62 47 t 70 50 pc THE ENTIRE TIME.
Orlando 84 64 s 88 71 pc Geneva 61 45 t 64 47 pc
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Austin 85 54 c 75 45 s Portland, Ore. 56 48 r 57 47 sh Jerusalem 75 52 s 75 52 s
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Boston 62 50 pc 54 36 c Salt Lake City 49 34 sf 58 43 s Madrid 57 42 t 63 42 pc
Burlington 52 34 c 35 27 sn San Francisco 66 51 s 66 53 s Manila 93 81 s 94 79 s SAN FRANCISCO CHRONICLE
Charlotte 80 60 s 81 66 pc Santa Fe 48 23 c 59 29 s Melbourne 78 54 s 62 52 r
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Rio de Janeiro
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Houston 82 61 c 66 45 s Today Tomorrow Riyadh 93 65 s 92 69 s
Indianapolis 76 60 c 68 48 t City Hi Lo W Hi Lo W Rome 66 52 pc 76 55 pc
Kansas City 74 43 t 46 27 c Amsterdam 60 46 pc 64 50 pc San Juan 83 76 sh 85 75 pc
Las Vegas 71 53 s 76 58 s Athens 76 58 pc 79 57 pc Seoul 66 47 c 52 40 r
Little Rock 75 56 t 64 36 pc Baghdad 77 59 sh 84 63 s Shanghai 68 61 sh 63 51 c
Los Angeles 76 58 s 80 56 s Bangkok 98 83 s 98 82 s Singapore 88 80 pc 88 79 t
Miami 84 73 pc 85 77 sh Beijing 51 43 r 64 41 s Sydney 90 70 t 87 64 s
Milwaukee 45 34 r 38 30 r Berlin 68 49 t 68 50 pc Taipei City 91 75 t 89 67 pc
Minneapolis 41 26 sn 31 24 sn Brussels 63 48 pc 65 52 pc Tokyo 66 53 s 65 62 r
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97
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A12 | Friday, April 13, 2018
The Yankees-Red Sox Rivalry Is Back
Well, baseball,
you’ve had a nice run
lately—but it’s over.
You’ve been so lik-
able! Baseball’s been
new, exciting, delight-
ful—even open to change. The
Cubs and the Astros won the last
two World Series. The Cubs and
the Astros! One club’s first title
since 1908—and the other club’s
first title since, well, ever.
There’s been thrilling, upstart
talent, none bigger than the Angels
newcomer Shohei Ohtani, the Japa-
nese phenom who’s a brilliant two-
fer—a world-class pitcher, and, it
appears, a world-class home run
slugger.
This has all been fantastic for
baseball. It’s impossible to not enjoy.
But now it’s over. Kaput. Finished.
Because they’re back.
Them.
The Red Sox and Yankees.
Ugh. It’s brutal. If you hate Bos-
ton or New York—or both—it’s
time to flee the country. Or at
least follow hockey and basketball.
Baseball’s most oxygen-sucking ri-
valry is about to suck all of the ox-
ygen out of the sport again.
It’s like finding out that your
uncle who threw up on the couch
is coming for an indefinite stay.
Why the revival? That’s easy: the
hate is percolating. For the first time
in a while, Red Sox and the Yankees
A) are simultaneously stacked, and,
far more importantly, B) don’t want
to snuggle. On Wednesday night at
Fenway, the teams got into a zesty,
bench-clearing brawl—pushing,
shoving, and taking swings like old,
Pedro vs. Zimmer times.
The rivalry had been dormant for
a while. The Red Sox and Yankees
were kind of…boring. The Yankees
went into a rebuild mode—or at
least, what’s a rebuild mode for them
(it’s like watching a billionaire pass
on a sculpture at Sotheby’s). The Red
Sox went into underachieving mode.
They both reconstructed their ros-
ters, promoted youngsters, and when
they played each other, there was lit-
tle sizzle or anger. It didn’t help that
the players were kind of sweet, ei-
ther. Aaron Judge—who hates Aaron
Judge? That dude rules.
I’m not saying Boston vs. New
THE FIRST SHOTS OF THE NBA’S 3-POINT REVOLUTION
BY BEN COHEN
IT TOOK DECADES for the NBA
to realize it should be taking more
of the shots that are literally
worth one more point.
But once NBA teams began to
embrace 3-pointers, the game
changed forever. They slowly mi-
grated away from the basket and
behind the 3-point line as the per-
centage of field-goal attempts that
were 3-pointers increased almost
every season.
no
And then they stopped taking
more 3-pointers.
The proportion of threes in the
seasons between 2008 and 2012
somehow remained almost exactly
the same: They accounted for
22.2%, 22.4%, 22.2%, 22.2% and
22.6% of total shots.
That period of stasis, when it ap-
peared the sport had reached equi-
librium, is worth revisiting on the
eve of the NBA playoffs, after a reg-
ular season in which the 3-point rev-
olution accelerated and with a gen-
eration that has been raised to play
this style of basketball on the way.
NBA teams this season attempted
an exceptional 33.7% of their shots
from behind the 3-point line. It was
the seventh consecutive season they
smashed the previous season’s re-
cord for 3-pointers, and the result
of those incremental adjustments is
a transformational shift over the
course of the last six years that
makes it almost impossible to win a
championship without strategizing
around the 3-point line.
This season alone was responsi-
ble for five of the top-10 teams and
10 of the top-20 teams in the his-
tory of the NBA in terms of 3-point
reliance. In the year before Stephen
Curry entered the league, only
three teams attempted more than
26% of their field goals from behind
the 3-point line, and not a single
team relied on 3-pointers for more
than 33.5% of its shots. Now, with
more players shooting from all over
the court, every team is above 26%,
and half the league is above 33.5%.
The average for the entire NBA this
year, in fact, was higher than any
individual team’s from the prehis-
toric Before Curry era.
All of which makes those five
years when 3-pointers flatlined so
The Yankees’ Tyler Austin charged the mound after being struck by a pitch from Red Sox pitcher Joe Kelly during Wednesday’s game at Fenway Park.
York got kissy-kissy—but the true,
feel-it-in-your-soul, pass-on-to-
your-kids fury was on hold. Out-
side Fenway, they still sold those
“Yankees [RHYMES WITH DUCK]”
T-shirts, but nobody’s heart was
that into it. Red Sox-Yankees felt
on
like two strangers sitting next to
each other on Amtrak.
For the rest of baseball, this
was fine. Welcome, even. The
us l,
deadening of Yankees-Red Sox al-
lowed other flowers to bloom. We
al a
e
all know what it’s like when the
Red Sox-Yankees rivalry gets kick-
ing. It’s as if every other baseball
ci on
club ceases to exist. Boston and
New York hog all the TV and me-
dia time and it drives fans in other
regions completely bananas.
You know those lines about East
er rs
Coast media bias and how New York
and Boston people think they’re the
center of the universe? It’s true! We
really do think we’re the center of
m e
the universe! And Red Sox-Yankees
m rp
co Fo
n-
puzzling. How was an entire league
so wrong for so long about some-
thing that now seems so obvious?
“The idea that 3 points is 1.5
more times than 2 sounds simple,
but it took a lot of time,” said
Golden State president of basket-
ball operations Bob Myers.
In the beginning, the 3-pointer
was a gimmick. The percentage of
field-goal attempts that were 3-
point attempts was only 3.1% in
1980. It increased to 7.6% in 1990
and 16.7% in 2000 before it hit
22.2%. And then it leveled off.
But near the end of the 2009
regular season, when the number
of 3-pointers attempted held
steady, the former ESPN analyst
John Hollinger published an influ-
ential article identifying one statis-
tic that correlated to winning: the
number of 3-pointers attempted.
THE WALL STREET JOURNAL.
SPORTS
MLB | By Jason Gay
games are 19 hours long! amateur comedy theater.
We’re the worst, I recognize this. Wednesday’s brawl was like
.
I say “we” because I know this watching Obi-Wan power up a dusty
ly
rivalry well. I live in New York and old light saber. Emotions flared when
grew up in Massachusetts a Red Yankee Tyler Austin slid into second
Sox fan. Bucky Dent basically ru- base, spikes raised, and collided with
ined my childhood. I consider the Red Sox infielder Brock Holt in a way
anniversary of the 2004 American that Holt didn’t appreciate. Benches
League Championship (the one cleared, but no punches were thrown.
where Boston came back from 0-3) When Austin came to the plate in
a bigger moment than even my the seventh inning, Boston pitcher
wedding and the birth of my chil- Joe Kelly plunked him in the back,
dren. I think a photo of Jason and it was on. Austin approached
Varitek mashing his catcher’s mitt the mound, Kelly said “Let’s go”—
into A-Rod’s face should be printed not a joke, he really appeared to say
on $20 bills. “Let’s go”—and they tangled as their
But Boston’s moved onto other teammates took the field and had
obsessions. The Red Sox are still a their own argy-bargy shove party.
draw, still a topic, but they’re like I know I’m supposed to be an
the 12th topic behind the first 11 evolved baseball fan in 2018—I’m
things Bill Belichick is doing. It supposed to hate brushback pitches
doesn’t matter if it’s Super Bowl and aggressive slides and all that
week—or the second week of April. caveman stuff. I should think about
Boston is an NFL town, which feels the message it sends to the kids!
super strange if you grew up there My own kids are signing up for
when the Patriots were basically an baseball this spring—I don’t want
BASKETBALL
In 2008, the year before Stephen The Revolutionary Warriors
Curry entered the NBA, only three How the NBA learned to love 3-pointers
teams attempted more than 26%
of their field goals from behind The percentage of NBA shots that were 3-pointers (3PA/FGA)
the 3-point line. 40%
30
20
10
0
1980 1990
1. The Rise (1980-07) 2. The Plateau (2008-12)
The 3-point line was But the boom ended.
added before the 1980 The number of field-goal
season, and NBA teams attempts across the
took more threes every league that were
year as they slowly 3-pointers hit 22% and
embraced the game's then settled there for the
latest innovation, which next five seasons. That
was initially dismissed seemed to be the sport's
CHARLES KRUPA/ASSOCIATED PRESS
as a novelty. equilibrium.
Note: The NBA moved the line closer in 1994-1995 and back to its original distance in 1997-1998
Sources: Basketball Reference, Stats LLC
shots from behind the arc, but
when the Magic relied on 3-point-
ers for 35% of their field-goal at-
tempts, they sensed it was only a
matter of time before other teams
“There’s a simple formula for suc- caught onto their edge.
cess in the NBA these days,” wrote “Back then,” said Rockets for-
Hollinger, who is now a Memphis ward Ryan Anderson, who also
Grizzlies executive. “If you want to played for those Magic teams, “it
exceed expectations, start bombing felt like we were taking more
away from downtown. And if you threes than we are now because
want to disappoint everyone, stop.” it was abnormal.”
The Orlando Magic were one of As teams studied ways to break
the first teams to stumble on this the defensive stranglehold on the
exciting new way to play and push game, the smartest ones pored
the game forward. And it only through data and came to believe
happened because Orlando for- that 3-pointers were a market in-
ward Tony Battie injured his efficiency waiting to be exploited.
shoulder in a pickup game before But acting on that idea wasn’t
the 2007-08 season, and the Magic so easy. “There are analytical rea-
were forced to start experimenting sons to do it, but then I’m not sure
with a lineup of two guards and many thought it was possible or
two small-ball forwards around prudent,” Myers said. NBA teams
center Dwight Howard. also had to fight biases that per-
The Magic went to the NBA Fi- sisted in a league that frequently
nals the next season. Their con- dismissed 3-pointers with a four-
trarian style is conventional now letter word: soft.
that Houston takes 50% of its “Coaches didn’t like it. They
CHARLES KRUPA/ASSOCIATED PRESS
them emulating this garbage.
But I can’t lie. I kind of loved it.
It was just the juice this sleepy ri-
valry needed. I know I’m not alone.
Yankee fans are defending Tyler
Austin. Joe Kelly is going to drink
free at Dunkin’ Donuts for a while.
For the rest of baseball, all I can
do is apologize. There is nothing
more obnoxious in 2018 than a Bos-
ton fan getting excited about sports.
And Yankees fans aren’t much better.
They’ve already won 27 World Se-
ries. Twenty-seven! It’s like rooting
for Jeff Bezos to get a new airplane.
(Meanwhile, Mets fans are like:
We’re 10-1! What do we got to do
around here?)
It’s only going to get worse. If
you think it’s obnoxious now, wait
until this rivalry gets back to the
Bronx in May. Wait until that series
right before the Fourth of July. It’s
gonna be hot and bonkers.
But likable? Not really. Boston vs.
New York is back. Sorry, baseball.
2018
33.7%
3
2
1
2000 2010
3. The Revolution (2012-18)
Until now. That period of
stasis helped usher in the
3-point revolution that has
dramatically changed the
league. The Warriors and
Rockets pushed the game
forward—and they're
favored to win the NBA
championship.
THE WALL STREET JOURNAL.
didn’t think it was coaching. It was
just loosey-goosey,” said Rockets
coach Mike D’Antoni.
Myers always believed there
were psychological incentives to
shoot more 3-pointers. “I remem-
ber viscerally feeling that when
you were rooting for a team and
the other team hit a 3-pointer, it
felt like five points,” he said.
“Those shots hurt more than they
actually even did.” Golden State
started taking more of those shots.
But the Warriors are no longer
outliers. The rest of the league
adapted to such a degree that
Golden State has become average:
15th of 30 teams in 3-point reli-
ance this season.
The question that fascinates
and frustrates bright minds across
the NBA is what comes next. NBA
teams in the future might look
back at this season and wonder
the same thing they’re asking to-
day about five years ago.
Why weren’t we taking more
3-pointers?
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Use Nafta to Ease Regulation
Congressio-
nal Republi-
cans of late
have become
innovative
about using
POTOMAC p r o c e d u r a l
means to fur-
WATCH
ther their pol-
By Kimberley
icies. Witness
A. Strassel
the latest idea
from a trio of
senators to transform the reg-
ulatory landscape.
In a March 20 letter to Pres-
ident Trump, Ted Cruz of
Texas, Steve Daines of Montana
and Cory Gardner of Colorado
urged him to use the renegotia-
tion of the North American
Free Trade Agreement to re-
form domestic regulation and
enhance U.S. competitiveness.
Specifically, they suggested he
include a “competitiveness”
chapter in the new Nafta,
streamlining permitting for
projects, bolstering infrastruc-
ture and codifying key regula-
tory reforms. “Rather than
pursuing a defensive strategy
that focuses solely on what
other countries are doing to us,
we need to develop a more
comprehensive, offensive U.S.
strategy to strengthen our
economy from within,” wrote
the senators.
These ideas aren’t new. Con-
gressional Republicans have
been pushing them for years,
and Mr. Trump campaigned on
them. The novelty is the legis-
lative vehicle: Nafta. Any final
trade agreement will be rati-
fied under Trade Promotion
Authority, which requires only
50 votes in the Senate, and
therefore escapes a Democratic
The Story Behind ‘Paul, Apostle of Christ’
HOUSES OF I went to see No doubt he was aware that his rickety tenements that were movie, which takes place in
WORSHIP “Paul, Apostle limited budget could not do jus- breeding grounds for disease. the dank and clamorous Ro-
By Charlotte of Christ”—
Allen the recently
released film
about the
New Testament’s hardest-trav-
eling Christian missionary—
with low expectations. Faith-
based films have fared poorly
since Mel Gibson’s 2004 block-
buster, “The Passion of the
Christ.” Typically they’re low-
budget ventures produced with
biblical fidelity but weak
scripts, B-list acting and cor-
ner-cutting sets.
The latest film’s $5 million
production budget didn’t in-
spire much confidence, nor did
its slow start. It begins with
the aging Paul (James Faulk-
ner) imprisoned in Rome,
awaiting the beheading that
Christian tradition accords
him. All the excitement and
spectacle of the story of Paul’s
arrest is already in the past or
well offstage. There’s no mani-
acal Nero blaming the Great
Fire of A.D. 64, which burned
down most of Rome, on the
Christians to deflect suspicion
that he himself set the fire.
Nero’s tyrannies are strictly
the stuff of fearful whispering
no
in this movie. Though the film
does feature some of the grue-
some punishments Nero
meted out on the hapless
Christians: being burned alive
as human torches or marched
into the arena to be torn apart
by animals.
Nonetheless, writer-producer
Andrew Hyatt has managed to
put together a surprisingly ef-
fective—and affecting—movie.
Leave Apu Alone—He’s a Great American
By Tunku Varadarajan
A
n American icon is un-
der attack and, for a
change, it isn’t a dead
white male. It’s Apu of “The
Simpsons,” a brown man in a
town full of bright-yellow
people. A clamor has gone up
in the media—both “main-
stream” and social—decrying
the owner of Springfield’s
Kwik-E-Mart as a racist cari-
cature that portrays South
Asians as interlopers in
America.
This latest cultural ulula-
tion was set off by a tart little
episode of “The Simpsons”
last week, conceived as a ri-
poste to “The Problem With
Apu,” a documentary in which,
as the blurb puts it, “come-
dian Hari Kondabolu confronts
his cartoon nemesis.” Mr.
Kondabolu accuses the makers
of “The Simpsons” of racism
and laments that Apu’s ac-
cent—voiced by the Greek-
American actor Hank Azaria—
sounds like “a white guy doing
filibuster. A competitiveness
chapter can be included as an
annex that applies only to the
U.S., so that neither Mexico
nor Canada would need to
agree.
The Nafta vehicle would al-
low Republicans to multiply
the Trump administration’s
deregulatory wins, further bol-
stering the economy. Take
project permitting. Washing-
ton can take years to conduct
environmental assessments,
turning off investors and run-
ning up costs. Alaska Sen. Dan
Sullivan already has a proposal
to overhaul the decades-old
system that is ready-made for
a new Nafta competitiveness
chapter.
Equally important, such a
chapter would allow Republi-
cans to guard against regulatory
incursions by future Democratic
presidents. Mr. Trump has been
aggressive in rolling back the
Obama regulatory agenda, but a
President Elizabeth Warren
could pile the crushing rules
back on. The Cruz-Daines-Gard-
ner letter proposes including in
any Nafta chapter the Regula-
tions From the Executive in
Need of Scrutiny Act, or Reins
Act, a proposal that would re-
quire congressional approval of
any regulation costing $100 mil-
lion or more. The House passed
that bill a year ago, but Senate
Democrats stymied it with the
threat of a filibuster.
Some conservatives feel un-
easy about the idea of muddy-
ing up traditional trade talks.
But it’s hard to envision this
on
roiling Nafta negotiations as it
would impose no obligations
on the other parties.
us l,
al a
e
ci on
tice to the panorama of Paul’s
Mediterranean travels, his ship-
wreck off Malta, or his dramatic
encounters with rulers and
er rs
crowds. Mr. Hyatt chose to fo-
cus instead on the first Chris-
tians who formed Paul’s
churches. In A.D. 67, when Paul
m e
met his death, historians have
estimated that there were only
about 2,500 Christians scat-
m rp
tered in small communities
throughout the Roman Empire.
By the year 350 there were
nearly 34 million of them, a ma-
jority of the empire’s popula-
co Fo
tion. Why did these early Chris-
tians thrive, despite being
universally despised?
Mr. Hyatt could have used
as his guidebook Rodney
Stark’s “The Rise of Christian-
ity” (1996). Mr. Stark used so-
cial-science methodology,
such as statistical arithmetic
and the study of social net-
works, to argue that this ex-
plosive growth was owing nei-
ther to God’s miraculous favor
nor to the heavy hand of
n-
Christian emperors such as
Constantine. Christians took
care of each other and, when
possible, their pagan neigh-
bors. They took seriously Je-
sus’ injunction to feed the
hungry and visit the sick, Mr.
Stark argued. This made a
huge difference in ancient cit-
ies, including Rome.
Once you got away from
the impressive monuments,
Rome was essentially a hell-
hole of filth, stench, cultural
chaos and casual cruelty. Most
people were crammed into
an impression of a white guy
making fun of my father.”
In response, the show gave
viewers a scene in which
Marge Simpson reads her
daughter Lisa a bedtime story
so stripped of all political in-
correctness that it’s “as boring
as a Sunday in Cincinnati.” The
camera then pans to a framed
An unfunny comedian
launches an attack on
‘his cartoon nemesis.’
portrait of Apu on Lisa’s bed-
side, in which he’d inscribed
an exhortation to the young
vegetarian: “Don’t have a
cow!” Predictably, the critics
went bovine, accusing “The
Simpsons” of treating Mr.
Kondabolu with disdain.
Let us accept that Apu’s ac-
cent is inauthentic. Does it
matter? He’s a caricature, like
everyone else in the show—
most notably Homer Simpson,
OPINION
Supporters argue that all
trade discussions would bene-
fit from an emphasis on struc-
tural issues that affect domes-
tic competitiveness. Americans
gripe about bad deals and un-
fair practices, while ignoring
the barriers imposed by
Washington. Instead of seek-
ing to protect U.S. companies
with tariffs or subsidies, why
not put an emphasis on true
Republicans are
getting creative about
procedural means to
achieve policy goals.
competitive advantage? Such
provisions might even make
Nafta and other trade agree-
ments more attractive to wa-
vering Republicans—free-trad-
ers and protectionists alike.
Then there’s the worry that
this would set a precedent, al-
lowing that future President
Warren to codify, say, union
card check. But the better ques-
tion is why she’d need prece-
dent as her excuse. The idea is
already out there. Democrats
have long used trade talks to
try to force costly labor rules,
and they’ve never been de-
terred by Republican restraint
before. President Obama
(whose use of recess appoint-
ments the Supreme Court
found unconstitutional) and
Harry Reid (who killed the fili-
buster for nominations) proved
the left isn’t constrained by
procedural norms that get in
the way of its agenda.
But as Mr. Stark points out,
simply nursing and feeding
the sick increased Christians’
survival odds and gave them
a demographic edge over
their pagan neighbors, who
typically fled epidemics and
often abandoned sick rela-
tives to die.
When he died in A.D.
67, there were 2,500
Christians. By 350
there were 34 million.
As Mr. Stark also pointed
out, women enjoyed higher
status in early Christian cir-
cles than elsewhere in classi-
cal society, which made them
ready converts. As Paul’s let-
ters showed, they were leaders
and benefactors of churches,
especially when it came to dis-
pensing charity. Furthermore,
Christian husbands were en-
joined to love their wives and
be faithful to them.
Christian prohibitions
against abortion and infanti-
cide encouraged the survival
of baby girls and dramatically
increased Christian fertility
over the long term once those
girls grew up and married.
Many took pagan husbands,
whom they sometimes con-
verted, and then raised their
children as Christians—an-
other demographic boost.
All this is at the very heart Search for the Historical Je-
of Mr. Hyatt’s understated sus” (Free Press, 1998).
an exaggeratedly feckless, un-
deremployed blue-collar white
guy who guzzles cheap beer at
midday. He is coastal Amer-
ica’s archetype of a Trump
voter, although he first ap-
peared 31 years ago.
But the quintessence of
Apu—and the fundamental
flaw in the critique of his
character—is that he is both
foreign and very American.
Apu is lovable in his familiar-
ity: the stalwart, law-abiding
proprietor of a 24-hour shop
who, through his hard work
and desire to succeed, en-
hances the neighborhood com-
munity. He gives idle teenag-
ers a place to buy Squishees,
and dads a place to pick up di-
apers and beer at 2 a.m. He
represents the American tra-
jectory of immigrant success
and assimilation.
Apu is not a cultural sepa-
ratist but an American, with
American friends of all ethnic-
ities with whom he shares a
common culture—in parallel
with the culture of his South
That realization has in-
spired Republicans to think
more creatively about proce-
dure—from bolder use of the
Congressional Review Act, to
the revival of congressional
spending-rescission powers, to
this Nafta plan. They recognize
that they may have a brief
window of power, a chance to
do real good. They also see an
icy Democratic resistance,
which—also expecting the
GOP’s time in power to be
short—steadfastly refuses to
compromise. Thwarting that
blockade, taking this opportu-
nity, requires a fresh approach
to how things have tradition-
ally been done.
That’s a growing consen-
sus among conservatives, to
judge by the many groups
that are racing to support the
Cruz-Daines-Gardner strat-
egy—Americans for Tax Re-
form, the Competitive Enter-
prise Institute, the Club for
Growth, the Independent
Women’s Forum. In a recent
letter to Mr. Trump, 30 such
organizations endorsed the
idea of a Nafta competitive-
ness chapter, arguing that it
would “strengthen the core ob-
jectives of the Nafta renegotia-
tions” by “making it more at-
tractive for companies to
invest and create jobs in the
United States,” even as it made
“another Obama-like regula-
tory assault on the U.S. econ-
omy nearly impossible.”
That would be another ac-
complishment Republicans
could use to motivate their
base in the midterms—and an-
other Trump promise fulfilled.
Write to kim@wsj.com.
man alleyways where slaves
are bought and sold and mob
violence rules. While Paul and
Luke (Jim Caviezel) are central
to the story, as important are
Aquila (John Lynch) and Pris-
cilla (Joanne Whalley). This
affluent Christian married
couple opened their house to
alleviate some of the misery
around them, feeding and
sheltering families made
homeless by the Great Fire.
Luke uses his physician’s
skills, not a miracle, to heal a
dying erstwhile pagan girl
and touch the hearts of her
parents. The imprisoned Paul
is an icon of the power of for-
giveness, for he himself has
been forgiven for murdering
Christians in his youth. The
Christians marked for death
in the arena are terrified or-
dinary people who somehow
summon the faith to trust in
an eternal life they have
never seen.
Mr. Hyatt has dedicated his
movie to “all who have been
persecuted for their faith.” To-
day that resonates in large and
small ways—from Islamic
State’s violent repression of
Christians to the controversy
over wedding cakes in the U.S.
It also should resonate with
the future makers of faith-
based movies: You don’t need
$30 million to tell a powerful
Christian tale.
Ms. Allen is the author of
“The Human Christ: The
Indian roots. He honors his or-
igins by marrying his harridan
mother’s choice of bride, and
his American friends celebrate
the Indian wedding. He had
been Springfield’s most
sought-after bachelor, be-
cause—caricature alert!—he
has an advanced degree and
his own business. He also
drives an eye-catching Pontiac
Firebird.
His accent apart, Apu is a
Midwestern pillar. Would the
critics really have him speak
like the other characters in
the show, as if to say you’re
not American unless you
sound like someone from Des
Moines? Are all caricatured
accents racist? Should we ban
“foreigners” from comedy
shows altogether?
Naturally not—because we
wouldn’t, then, have Apu. And
can you really imagine Amer-
ica without him?
Mr. Varadarajan is a fellow
at Stanford University’s Hoo-
ver Institution.
Friday, April 13, 2018 | A13
BOOKSHELF | By Henry Hitchings
More Trouble
In the Colonies
The Prodigal Tongue
By Lynne Murphy
(Penguin, 360 pages, $17)
W
ho said that America and Britain are two countries
separated by a common language? Credit usually
goes to George Bernard Shaw, but the line is
sometimes attributed to Oscar Wilde or Winston Churchill.
No Briton or American will struggle to produce pungent
examples of this linguistic division, and while there are
differences in grammar, spelling and pronunciation, it is the
variations in vocabulary that most exercise pundits and
pedants.
An American arriving in Britain for the first time is likely
to be puzzled that “getting pissed” is a twice-weekly
recreation, and even a seasoned visitor might be nonplussed
by the following: “Feeling peckish, I put on my trainers and a
khaki jumper and left my flat, only to find that some tosser
had parked his lorry right across the pavement.” There is
even a curious subspecies
of Brit who conveys the
wish to be woken after a
night’s sleep with the words:
“Will you knock me up in the
morning?”
Lynne Murphy is an
American-born professor of
linguistics at the University of
Sussex on Britain’s south coast.
She has had plenty of exposure
to the discrepancies between the
language of her birthplace and
that of her adopted home, and
.
since 2006 has written a blog
ly
exploring them. In “The Prodigal Tongue”
she draws on extensive research to sink some of
the myths kept afloat by this trans-Atlantic love-hate
relationship, and she carefully investigates its psychology.
Ms. Murphy begins by noticing how much British
commentary on American usage eschews expertise in favor
of vitriol. Never mind that American usage tends to be more
consistent than its British counterpart—its spellings a little
leaner, its grammar a bit less leaky. No, what matters is that
Americans call bacon “ham” and ham “bacon,” the mere
thought of which is enough to make the more chauvinistic
sort of Brit turn the color of those foodstuffs and declare,
“Were it not for us, you’d all be speaking French!”
Such porcine bluster can seem, in Ms. Murphy’s phrase,
“pathologically unhinged,” and she has a name for it:
“Amerilexicosis.” Even when the critique is intended to be
humorous, it comes across as snooty. Thus the assessment
of the parody royal Twitter account @Queen_UK: “There is
no such thing as American English. There is English. And
there are mistakes.” Respectable British publications are
happy to carry stories about the so-called curse of
Americanisms, labeling them “ugly” or “vile.” The irony, of
course, is that many of the words impugned in this way,
such as “oftentimes” and “soccer,” originated in Britain. As
“The Prodigal Tongue” repeatedly makes clear, there is a
special kind of British purist who aches with nostalgia for a
linguistic Eden that never existed.
That Americans call bacon ‘ham’ and ham
‘bacon’ is enough to make the more chauvinistic
sort of Brit turn the color of those foodstuffs.
The practice of disparaging American English satisfies
two British enthusiasms—for complaining and for “being
right.” I enclose “being right” in queasy quotation marks
because the enthusiasm isn’t so much a matter of putting
forward cogent arguments as a delight in marshaling
disdain and indignation at a volume sufficient to cow all
adversaries. Underlying this impulse, however, is a dark
suspicion that Ms. Murphy identifies—that American
English is “an invasive species that will choke and supplant
the native wordlife.”
In reality, specimens move in both directions, as Ms.
Murphy notes. British items such as “kerfuffle,” “sell-by
date” and “queue” are finding their way into the American
vocabulary. She makes the case for further adoptions, such
as “bumf” (tedious printed material of the kind that clogs
one’s mailbox) and “plonk” (cheap but serviceable wine).
Yet if there’s a British stereotype of American English as
twangy and slangy, there’s a corresponding American
stereotype of British English as quaint and feather-brained.
When James Corden, who grew up in Buckinghamshire,
started hosting “The Late Late Show” on CBS, he was
apparently encouraged to use words such as “willy” and
“squiffy” in order to sound more charmingly archaic.
“The Prodigal Tongue” is acute about the more subtle
differences between America and Britain, not least in
perspectives on class and race. For instance, Americans
refer to “the middle class” five times as often as Britons do,
and Britons refer five times as often to “the middle
classes”—one of many small but telling signs of Brits’
addiction to precisely placing one another socially. Another
intriguing detail: Americans add “please” to requests only
half as frequently as Brits do, because in American English
this use of “please” is a marker of urgency—suggesting
bossiness or desperation, not solicitude.
Yet the book’s chief pleasure is a simple one: Instead of
sending the language to school, it savors a great many
words and phrases that are staples on one side of the pond
and unfamiliar on the other. Ms. Murphy has an amusing
facility for zapping tired language myths, and she peppers
her lively chapters with snippets from latter-day Bernard
Shaws—such as Homer Simpson, with his deathless line:
“English? Who needs that? I’m never going to England!”
But the most striking feature of her writing is a
fascination with the quirks of usage. She succeeds in her
ambition to increase “our enjoyment of our common
language and our pride in it,” and her essential argument
is that the plurality of English, a result of the riotous
drama of history, is something to extol: “What if instead of
tutting, we marveled?”
Mr. Hitchings is the author of “Sorry! The English and
Their Manners” and “The Language Wars: A History of
Proper English.”
In SPRING BOOKS this weekend
Books for baseball fans, foodies & nature lovers • Gary
Giddins on Sophie Tucker • The original Siamese Twins •
Renaissance birdwatching tips • The art of the wasted day
• The perfect cake • Stanley Kubrick’s ‘2001’ • & much more
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, April 13, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

High Stakes in Syria Lower Standards Lead to Degree Inflation

D
onald Trump treasures nothing more troops and irregular forces, supported by Iran, Regarding Frederick M. Hess and cated people will automatically boost
than unconstrained access to the world have enabled Assad to obliterate his opposition Grant Addison’s “Degree Inflation efficiency, improve organizations,
and Discrimination” (op-ed, April 3): and so on, may be to misunderstand
through Twitter. So you know the Presi- in Aleppo, Ghouta and now, with chemical weap-
As we debate the legal arguments in a fundamental way the nature of
dent is having a bad week ons, Douma. This is another day surrounding the protection of job ap- American education, which functions
when his tweets come back to A token missile attack at the office for the opportunis- plicants who haven’t finished col- to an important, indeed depressing
haunt even him, as they have won’t deter the Assad- tic Mr. Putin, who has obtained lege, we must also remember the extent as a licensing agency.” Little
with Syria. The Syrian tweets long-term leases with Syria on economic argument that leads to the has changed in the last 50 years.
were especially damaging—to Iran-Russia axis. the naval base in Tartus and the practice. Employers are simply try- ROBERT NEUMAN
him personally and his role as air base at Hmeimim. ing to solve the adverse selection Davis, Calif.
Commander in Chief of the Keeping Russia out of the problem when applicants lack a cred-
U.S. military. Middle East was a signature U.S. achievement ible way of signaling how good they I don’t know how anyone can say
After tweeting that the U.S. is planning mis- during the Cold War. Now Russia has platforms are for the job. Not only does a col- that getting an education is a waste.
sile strikes against Syria and its patron Russia, for threatening NATO’s southern flank, as it is al- lege degree confirm the baseline ver- I’ve been unemployed since August
bal and written skills (as the authors 2017 and can tell you first hand that
the twitterverse resurrected his past words ready doing with active military operations
point out), it also signals determina- there are companies advertising jobs
mocking Barack Obama for “broadcasting when across the Baltic and North Seas. tion, discipline, commitment and that are really sales positions, mean-
we are going to attack Syria.” Mr. Trump has lit- Against this backdrop, we would argue there other intangibles that employers ing commission only, not salaried.
tle use for consistency, but the contradiction is is no need for a token strike in the next few days look for in their applicants. There- I’m almost 50 years old and don’t
an acute embarrassment. merely to make good on the President’s Wednes- fore, while the job in question may have a college degree, but I do have
By Thursday military analysts were saying day tweet. There isn’t much utility in destroying not need a college degree, it needs over 25-plus years of experience. Yet
that Mr. Trump’s premature public announce- an Assad air base or two, which Russia, Iran and these other qualities, which, at the somehow my years of experience
ments of missile strikes had compromised the Syria would regard as a small price to pay for moment, a college degree appears to mean nothing.
U.S. ability to execute a coordinated, effective their gains the past year. signal best. The solution, then, may We, the experienced unemployed,
response to Syrian strongman Bashar Assad’s The goal now, in an extremely difficult situa- not be to sue the employer but for are out here, but do employees re-
likely use of chemical weapons against civilians tion, should be for the U.S. to formulate a re- the job applicant to figure out a way ally want us? I’ve sent out hundreds
of credibly communicating these of resumes in reply to job postings,
in Douma. Amid this confusion, the President sponse that acts as a deterrent. The word “deter- qualities. but have only had about 20 inter-
tweeted what for him was a mea culpa: “Never rent” is key. Last year’s Tomahawk strike could PROF. SUBIMAL CHATTERJEE views, most of them phone inter-
said when an attack on Syria would take place. have been a deterrent if it had been followed up Binghamton University, SUNY views. I’ve even had my resume re-
Could be very soon or not so soon at all!” with other measures. It was not. Binghamton, N.Y. jected out of hand because I’m
It is never easy to figure where Mr. Trump’s Messrs. Putin, Assad and Iranian Supreme “overqualified or too experienced.”
omnipresent persona connects with real policy, Leader Ali Khameini concluded it was a gesture, It’s too bad that employers have Hey, I know I’ll be taking a pay cut,
but Syria is the moment to make the effort. Be- and they moved forward. Israel already has rec- still not accepted that, for the most but I still need a job.
yond the Trump tweets lie harsh realities that ognized the distinction—and the stakes. Its war- part, college degrees do not corre- And what about all the companies
need to be addressed. It’s true that Mr. Obama’s planes have been carrying out strikes repeatedly late with higher productivity or prof- paying people under the table? Isn’t
inaction dealt the Trump Presidency a tough against military targets inside Syria against Iran its. As long ago as 1970, Ivar Berg, in that a big reason why there are
his classic book, “Education and fewer jobs available?
hand in the Middle East, and that Mr. Trump and Hezbollah.
Jobs: The Great Training Robbery,” ALAN BAUMOHL
struck the Assad forces last April with Toma- Despite his confusion this week, Mr. Trump wrote that “to argue that well-edu- Jamaica, N.Y.
hawk cruise missiles. He also allowed the Penta- has in place the basis for shaping a strategy. He

.
gon to intensify its effort to erode Islamic State says that he finally has a national security team

ly
in Iraq and Syria. with which he feels comfortable. Alongside De-
Since then, though, Mr. Trump has shown fense Secretary Jim Mattis, his new National Se-
Weight Doesn’t Equal Safety in Cars, Trucks
ambivalence toward the region, saying in Ohio curity AdviserJohn Bolton arrived Monday, and In “Coffee Won’t Kill You, But superior ability to absorb crash
recently that “We’ll be coming out of Syria, like, Mike Pompeo, whose confirmation hearings for
on CAFE Might” (op-ed April 5) on au- forces to better protect vehicle occu-
very soon.” His ambivalence has produced un- Secretary of State began Thursday, will be on tomotive corporate average fuel pants. The lighter F-150 also delivers
fortunate results. The U.S. has had no identifi- board soon. economy (CAFE) regulations, Sam the highest fuel economy for all gas-
able policy toward Syria in a year. Meanwhile, Mr. Trump—and the United States—also has Kazman confuses size and weight in powered trucks of its size, best-in-
considering safety. They are distinct class towing and payload capacity,
us l,

Russia and Iran have moved to consolidate a willing NATO allies in France’s Emmanuel Ma-
attributes, and size—not weight—is and the lowest emissions. Lighter
joint hegemony that would dominate Syria and cron and the U.K.’s Theresa May. Saudi Arabia’s the leading automotive safety deter- yet stronger material is also used in
Iraq and threaten Israel. Crown Prince Mohammed bin Salman made
al a
e
minant. Bigger vehicles offer greater electric vehicles, like Tesla’s, which
Iran’s goal, beyond extending its political clear his country’s commitment during his re- crush space than do smaller ones. rely on an aluminum body to cut
dominance from Tehran to the Mediterranean, cent visit to the U.S. Light, yet strong materials help auto weight and extend the battery range
ci on

is to use Syria as a military base to station an Mr. Trump needs to give this team and its al- makers keep or increase size for of its 5-star safety-rated Model S.
army of Hezbollah fighters backed by the Iranian lies time to shape a strategy the world will rec- safety while reducing weight for bet- From traditional pickups to
Revolutionary Guard Corps. The target is Israel. ognize as a sustained commitment to deterring ter efficiency and performance. emerging electric vehicles and ev-
The risk is a Middle East war that inevitably Russian and Iranian aggression in the region One need look no further than erything in between, lighter vehi-
would draw in the U.S. and, yes, Assad’s “animal” assaults on Syrian ci- Ford’s top-selling, highly profitable cles on the road today confirm au-
er rs

F-150 to disprove the commentary’s tos can be designed not just to be

Turkey, a NATO ally, has interpreted U.S. am- vilians. What is needed is a substantial degrada-
premise. The older, steel-bodied better for consumers and the envi-
bivalence as a pretext to settle old scores tion of the Syrian regime’s military capacity. F-150 received a 4-star safety rating, ronment, but safer than their
against Syria’s Kurds. That undermines our in- That may well include calling Mr. Putin’s bluff while the newer, aluminum-bodied heavier predecessors.
fluence in the region and will erode hard-won on collateral Russian casualties.
m e

F-150—more than 700 pounds HEIDI BROCK

gains against Islamic State, which is dispersed Meanwhile, let the Twitter account go silent lighter—upgraded to a perfect 5-star President & CEO
but survives. on Syria. The next public event needs to be a dis- crash rating from safety regulators. The Aluminum Association
m rp

Surveying all this is Vladimir Putin, whose play of effective American leadership. This is due, in part, to aluminum’s Arlington, Va.

Trump’s Pacific Rim Shot Blue Eyes vs. Brown: Triumph or Child Abuse?
I
co Fo

t’s not the Trump Administration, it’s an in particular to an argument that the Trans-Pa-
What an inspiring story Michael find inspiring stories about coura-
adventure, and on Thursday there was a cific Partnership (TPP) would be economic and Judge tells (“My Grandfather and the geous educators?
glint of good news on trade of all things. strategic leverage with China, which isn’t a ‘Blue Eyes-Brown Eyes’ Lesson,” op- FRED SELLERS
In a meeting with Republicans member of the 11-nation pact. ed, April 7) about a courageous Georgetown, Texas
from farm states, President Getting back into TPP That’s an argument some of us teacher and an equally courageous
Trump directed his advisers to would be strategic made before Mr. Trump with- principal who backed him when he I must have been about 10 years
examine if the U.S. could nego- drew. But now that he’s in a came under attack in 1968 for teach- old when I was subjected to the
tiate its way back into the Pa- leverage with China. trade showdown with Beijing, ing his young students about racial Blue Eyes-Brown Eyes lesson in ele-
cific trade deal he walked Mr. Trump might see the logic tolerance. I couldn’t help contrasting mentary school. At that point it was
away from in 2017. of better trade relations with this with accounts of recent attacks one of the most disturbing and emo-
Who knows if this was merely another other Pacific nations. on Prof. Amy Wax of the University tional things I had ever experienced.
of Pennsylvania Law School who was Teachers whom I once looked up to
please-the-crowd attempt that will vanish like Mr. Trump is also hearing that his tariff-first
persecuted for suggesting, among were subjecting me to irrational and
n-

a tweet. But those in the room say Mr. Trump policy is setting up farm states for an economic other things, that fathers should arbitrary treatment based on my
directed chief economic adviser Larry Kudlow beating from foreign retaliation. American take responsibility for the children eye color.
and trade negotiator Robert Lighthizer to see growers are petrified they’ll lose export mar- they sire and that affirmative-action I relayed this to my parents. My fa-
if they could negotiate a better deal than the kets. Midwest farmers tend to rotate soybeans policies may harm the people they ther was a lifelong educational pro-
no

original one. and corn, and they face a decision soon about are supposed to be helping. Do we fessional and an elementary-school
That won’t be easy, not least because Mr. which to plant this year. really have to go back 50 years to principal in the Denver public-school
Lighthizer was barely out the door before he or If they plant beans, will they lose big if China system. He was aghast. He called my
his office was telling reporters the directive slaps on a 25% tariff? Or if they grow corn, will school’s leadership and received a
wasn’t serious. But later in the afternoon dep- so many others do the same that prices plunge? If We Insist on Perfection, complete apology. I was very proud
of my father, and never held my
uty press secretary Lindsay Walters confirmed This is the political uncertainty that Mr. Memorial Sculpture Is Dead teachers in the same respect. This ex-
that the President had asked the two advisers Trump’s trade policy has added to the other Karl Rove describes the misguided ercise is child abuse, and I’m amazed
to try. Let’s hope they make the effort. risks of farming. All the more reason to open and uninformed move in nearly 100% that Mr. Judge is proud of it.
Our sources say Mr. Trump was responding up non-China markets to U.S. growers. Democratic Arcata, Calif., to remove DALE L. MCCONNELL
a statue of the surprisingly enlight- San Francisco
ened Republican President William
Auto-Lending Lemon Repeal McKinley from the town square (“The It’s ironic: On the same day the

D
Pitchforks Are Out for McKinley,” op- Journal reported on the merits of the
eregulation has been a major Republican $18 million in penalties without being accused ed, April 5). Blue Eyes-Brown Eyes experiment as
policy success in the current Congress, of a specific act of discrimination. In 2015 the While any town has the right to a means to reduce bias and discrimi-
and the GOP may not be done. Next up CFPB extended this “guidance” to nonbank auto- determine which statues, if any, are nation, I received a notice from the
to be displayed, the removal of some Fertility Institute: “New! Now! Choose
for the potential axe: The noto- finance companies.
under the guise of confused histori- your baby’s eye color and gender.”
rious auto-lending rule. Congress has a Relief may finally be on cal reasoning may eventually lead to GALE LARGEY
This is an Obama Adminis- chance to kill one of the way thanks to Senator a memorial-free America. While a Mansfield, Pa.
tration classic. Recall that Pat Toomey, among others. statue of Mother Teresa might make
Dodd-Frank expressly prohib- Obama’s worst rules. Last year the Pennsylvania the cut, certainly Franklin Roosevelt,
ited the Consumer Financial Republican asked the Gov- who interned Japanese-American cit- Pepper ...
Protection Bureau from regu- ernment Accountability Of- izens, should be scrubbed from me-
lating auto dealers. That didn’t stop former fice (GAO) to judge whether the guidance was morialization. Racist Woodrow Wil-
And Salt
CFPB chief Richard Cordray, who used the back the equivalent of a rule under the Congressio- son must go, along with slave owners THE WALL STREET JOURNAL
door of auto-financing to regulate dealers. He nal Review Act—the law Republicans have George Washington, Thomas Jeffer-
set about trying to show that minorities pay used to overturn more than a dozen Obama son, Zachary Taylor and many others.
Politicians who demeaned women by
higher interest rates than whites on vehicle regulations.
cheating on their wives are toast, as
loans facilitated by car dealers. The GAO took its time but on Dec. 5 con- are the wives who protected them.
But since dealers are barred by law from col- firmed that the auto-lender guidance is a rule Should we drift into moral weak-
lecting data on race, Mr. Cordray used statisti- under CRA. That finding gives Congress 60 legis- nesses as a cause for removing stat-
cal models to guess the race of borrowers based lative days (up to about May 10) to overturn the ues and honorary building names, I
on surnames and addresses. In 2013 the CFPB rule with simple majorities in the House and would be hard pressed to contem-
issued “guidance” requiring lenders and deal- Senate. Kansas Republican Jerry Moran has in- plate a single worthy public figure.
ers to change their practices to account for troduced a repeal resolution, and we’re told Sen- JAMES W. BENEFIEL
“disparate impact” based on whether borrow- ate leaders will make that vote a priority. Dunedin, Fla.
ers were, say, a Johnson (black) or an O’Hara Repeal should have bipartisan support given
(must be white). The “guidance” ruse also let the reach of car dealers around the country. In Letters intended for publication should
Mr. Cordray duck the rule-making process with November 2015 the House voted 332-96 to nul- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
its formal public-notice period. lify the auto-lender rule, though the Senate or emailed to wsj.ltrs@wsj.com. Please
The bureau proceeded to use the rule to never acted amid a filibuster threat. The days include your city and state. All letters
charge discrimination and coerce settlements of GOP control of Congress may be numbered, are subject to editing, and unpublished
from auto lenders. Ally Bank of Detroit was blud- so Republicans should pile up as many policy letters can be neither acknowledged nor
returned.
geoned into paying $80 million in damages and victories as possible while they can. “I found another deduction.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The Women’s
March Holds
A One-Way
‘Discussion’
By Kassy Dillon
I
South Hadley, Mass.
’m a student at Mount Holyoke
College, a women’s liberal-arts
school, which last weekend
hosted the 2018 Women of Color
Trailblazers Leadership Confer-
ence. Keynote speakers included
National Women’s March founders
Tamika Mallory, Carmen Perez and
Linda Sarsour.
As president of the Mount Holy-
oke College Republicans, I was
looking forward to this event,
billed as a “discussion.” I was ex-
cited to engage the ideas pre-
sented by these far-left figures and
cover the event on my online pub-
lication, Lone Conservative.
When its leaders came to
my campus, photos and
recording were barred, and
questions were screened.
But outside the conference
venue, I was greeted by signs pro-
hibiting photography and record-
ing. Audience members weren’t
permitted to ask questions di-
rectly to the speakers. Instead, we
had to write them on note cards,
and only preapproved questions
would be answered during the 15
minutes dedicated to Q&A. Some
discussion.
As I walked in, I could feel my
peers glaring at me—a familiar
enough experience for an outspo-
ken Republican on a campus full
of leftist women. But I was sur-
prised that only about 75 people
showed up, in a room that can
hold up to a thousand.
I wrote a question on my note
card. It wasn’t asked. But Ms.
Mallory did notice my live tweet-
ing of the event. “There is some-
one here at this school who is on
Twitter lying saying this room is
empty and that all of you are not
here,” she said, knowing I was for-
bidden to take photos to prove my
claim.
As for Ms. Sarsour, she said:
“In 30 years from now you’ll be
asking, ‘Where were you during
this fascist administration?’ ” I si-
lently answered: Sitting in a room,
listening to you exercise your free
speech without restriction.
I did not care for the choice of
speakers. Ms. Sarsour once told
Ayaan Hirsi Ali, a survivor of fe-
male genital mutilation, that she
doesn’t “deserve” to be a woman.
In March Ms. Mallory wrote of the
Nation of Islam that she has “al-
ways held them close to my
heart”—this after its leader, Louis
Farrakhan, doubled down on his
longstanding anti-Semitic views in
a rant about “Satanic Jews.”
Nevertheless, I welcomed the
event because I believe in free
speech. Instead of calling for
these divisive speakers to be dis-
invited, as leftist students often
no
do, my campus group planned a
Conservative Women Summit, held
this Wednesday, which featured
five speakers offering different
perspectives.
I have worked to promote free
speech throughout my four years
in college. I believe in civility and
real discussion, so I would never
disrupt an event. Instead, I prefer
to ask tough questions. This event
only allowed scripted ones, be-
cause the Women’s March found-
ers knew they couldn’t defend
their ugly and radical ideas.
Ms. Dillon is a senior at Mount
Holyoke College studying interna-
tional relations and Middle East-
ern studies. She is the MHC Col-
lege Republican president and
founder of LoneConservative.com.
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Terror Plot? There’s an App for That
By Steven Stalinsky
R
ight now Islamic State
and its followers around
the world are using mo-
bile devices to choose
targets, discuss methods
and timing, and even raise funds.
With the aid of encrypted messag-
ing apps—most of which are devel-
oped by Western companies—these
terrorists can communicate fully
out of sight of intelligence and law-
enforcement agencies. The murders
of countless innocent people have
been planned this way, and most
Western leaders seem unsure about
how to stop it.
Counterterrorism officials are
overwhelmed by the sheer number
of potential terrorists using these
apps on mobile devices. They are
further handicapped by their inabil-
ity to access the encrypted informa-
tion, which could help them stop at-
tacks. In a January speech at the
International Conference on Cyber
Security, FBI Director Christopher
Wray called the threat from terror-
ist use of encrypted apps “an urgent
public safety issue.” He revealed
that, as part of lawful investiga-
tions, the FBI had tried and failed to
access encrypted information on
nearly 8,000 devices in 2017. Ap-
pealing to the technology sector for
help, Mr. Wray said: “I’m open to all
kinds of ideas, because I reject this
notion that there could be such a
place that no matter what kind of
lawful authority you have, it’s ut-
terly beyond reach to protect inno-
cent citizens.”
In response, Sen. Ron Wyden
(D., Ore.) wrote a highly critical let-
ter. He called Mr. Wray’s speech
“ill-informed” and damaging to
on
America’s security, economy and
freedom: “Building secure software
is extremely difficult . . . and intro-
ducing vulnerabilities would likely
us l,
create catastrophic unintended con-
sequences that could debilitate
al a
e
software functionality and security
entirely.”
Terrorist groups play close atten-
ci on
When Governments Refuse to Choose
er rs
London
House Speaker
Paul Ryan’s im-
pending departure
m e
is a blow for
many reasons.
One is that with-
m rp
POLITICAL
ECONOMICS out politicians like
him, you end up
By Joseph C.
with crises like
Sternberg
London’s current
crime wave.
co Fo
That isn’t hyperbole, even if the
recent headlines saying London’s
murder rate exceeds New York
City’s are misleading. The British
capital recorded 37 murders in
February and March, compared
with 32 among the similar popula-
tion of New York. London’s year-
to-date murder trend is up com-
pared with last year, while New
York’s is down. Many of those Lon-
don deaths are stabbings or shoot-
ings related to gang activity. It
isn’t quite Chicago-on-Thames, but
n-
it’s still worrying after a long spell
of low crime rates.
The trend is in part a result of
the failure of a particular kind of
center-right governance. The right
is typically associated with fiscal
prudence, but there are different
kinds of it, and since 2010 Britain’s
Conservatives have chosen the
wrong kind.
David Cameron and George Os-
borne, Britain’s prime minister and
chancellor of the Exchequer, re-
spectively, between 2010 and 2016,
staked their political fortunes on
“austerity,” plain and simple. They
coupled a substantial corporate tax-
rate cut, to 17% by 2020 from 30%
in 2008, with spending reductions
of a bit more than 10% overall. This
reversed the run-up in spending
and debt after the 2008 panic. But
it still amounted to a spending in-
crease relative to the size of the
economy, to 39.3% of gross domes-
tic product from 39% in 2007.
Robert Thomson
Chief Executive Officer, News Corp
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OPINION
tion to these debates. They learn
from Western leaders’ words and
actions and adjust their behavior ac-
cordingly. Many groups rely on se-
cure communications for maintain-
ing their global networks and
recruitment efforts. ISIS members,
Encrypted messaging
systems pose a real threat,
and Western leaders need
to engage their creators.
affiliates and sympathizers are con-
stantly sharing information, tutori-
als and recommendations about en-
cryption. Over the past year, jihadist
propaganda operations such as the
al-Hayat Media Center and the al-
Naba newsletter have published
how-to articles on encryption.
The number of encryption apps
used and experimented with by ter-
rorist groups is constantly increas-
ing. Many of the companies respon-
sible for developing and
disseminating these apps are based
in Europe, where officials have
been quick to criticize American so-
The only problem? This fiscal
program can’t rightly be called a
success by any measure. Not even
its own: The deficit hasn’t disap-
peared and shows no signs of doing
so anytime soon, despite the
growth boost from the corporate
tax-rate cuts and an increase in
consumption taxes that has been
punishing for low-income house-
holds.
The deeper failure is one of ba-
sic governance. Choosing austerity
means refusing to choose in any
meaningful way. The Conservatives’
short-term focus on deficit targets
elided a bigger argument about
how to reform the long-term driv-
ers of government spending.
Austerity’s main effect was not
to rebalance the budget, but to un-
balance it differently. Defense fell
to 5% of total spending from 5.7%
in 2007; education, to 11.5% from
13%. Health spending, meanwhile,
grew to 18.3% from 16.8%. Medical
and old-age spending is where the
money is. Left unchecked, old-age
entitlements, including pensions
and health care, will steadily crowd
out every other spending priority
by the 2060s.
London’s new crime wave is one
of the results. Police spending was
easy to cut in the era of intellectu-
ally lazy austerity, especially when
Don’t Blame Tips for Sexual Harassment
By Dawn Lafreeda
F
or years I was told that run-
ning a full-service restaurant
was a man’s game. I still re-
member the response from the
banker I approached in 1984 to open
my first company account: “Young
lady, are you sure you’re not the
waitress?” I was a waitress at one
time—saving my tips and maxing
out credit cards to buy my first res-
taurant—but not that day.
A lot has changed. Today I’m the
owner-operator of 81 Denny’s res-
taurants across the South and Mid-
west. I don’t get many double-
takes when I try to open a bank
account, but I still encounter peo-
ple who suggest women can’t fend
for themselves in the restaurant
industry.
Consider the claimed link be-
tween sexual harassment and tips.
Because female servers earn most of
their compensation through tip in-
come, the narrative goes, they’re
forced to put up with bad behavior
from customers. We’re told that
women are powerless victims, so
dependent on the customer for their
next dollar that they’ll tolerate any
boorish behavior.
But that doesn’t describe the
thousands of women I work with.
Servers in my restaurants, espe-
cially women, don’t see tip income
CHRISTOPHER SERRA
cial-media companies like Face-
book, Twitter and YouTube for
hosting terrorist content. These
same officials have been notably
slow in addressing the terrorists’
affinity for platforms based in their
own countries.
Telegram, currently the terror-
ists’ app of choice, states on its
website that most of its developers
“originally come from St. Peters-
burg,” but “had to leave Russia due
to local IT regulations.” In recent
years, Telegram “has tried a number
of locations as its base, including
Berlin, London and Singapore.” The
company is now based in Dubai un-
til “local regulations change.” Tele-
gram CEO Pavel Durov earlier cre-
.
ated the popular Russian social-
ly
media platform VK, which offers its
own internal encryption setting and
is widely used by Russian-speaking
jihadists.
The editors of the online English-
language jihadist magazine Al-Haq-
iqa accept reader comments and
suggestions via Tutanota, a Han-
nover, Germany-based encrypted
email platform. Switzerland-based
ProtonMail, which brags that its en-
crypted email service is “NSA-
proof,” is frequently used by the
crime rates were falling. The Con-
servative government after 2010
substantially reduced the inflation-
adjusted budgets of both the Home
Office, which is responsible for po-
licing, and the Justice Department.
Public safety’s share of total spend-
ing declined to 4% from 5.6%. The
number of police officers in Britain
fell to around 123,000 in 2017 from
nearly 144,000 in 2010.
The U.K. attempted the
‘conservative’ alternative
to Paul Ryan. The results
haven’t been pretty.
Many factors make a crime
wave. But in general there’s a cor-
relation between spending on secu-
rity and the level of security the
public enjoys. The current govern-
ment of Prime Minister Theresa
May admits, however indirectly,
that the Tories got this balance
wrong. An internal Home Office re-
port this week argued that cuts to
police are “not the main driver” of
rising crime but have “likely con-
tributed” to it.
All of us in Western democracies
have become so inured to reckless
as a drawback. It’s a great feature
of the job. Having cash at the end
of the day—and not just on pay-
day—helps a lot. Bad behavior is an
occasional problem in any industry,
but blaming the tipping system in-
sults millions of women who benefit
from it.
I own and operate 81
restaurants. Waitresses
see gratuities as a great
feature of the job.
Yet some want to do away with
tipping. New York Gov. Andrew
Cuomo is considering a proposal to
eliminate the lower minimum wage
for tipped workers. This could lead
to the end of tipping.
The theory is that replacing tips
with a higher base wage will reduce
sexual harassment. In reality it will
result in less take-home pay for a
large section of the hourly labor
force. New York restaurateurs have
already learned that lesson the hard
way. Servers are fleeing restaurants
that try higher base wages in lieu of
tips. Some 97% of restaurant staff
prefer the status quo to a tipless al-
ternative, according to data from
Upserve. Even a base wage of $20
Friday, April 13, 2018 | A15
pro-ISIS hacking group United Cyber
Caliphate.
In 2016, five ISIS-linked terrorists
used Threema, another Switzerland-
based encrypted app, to plan an at-
tack on a bakery in Dhaka, Bangla-
desh, that left 29 people dead. The
suicide bomber who killed 22 and
injured more than 500 at a May
2017 Ariana Grande concert in Eng-
land used the Austin, Texas-based
encrypted app Zello to communicate
with his ISIS handlers. Before being
killed by a U.S. drone strike in Syria,
the 21-year old ISIS hacker Junaid
Hussain reportedly used the en-
crypted Canadian mobile messaging
app Kik to coordinate cyberattacks
on Defense Department computer
servers.
After the 2015 mass-shooting at-
tack at the Inland Regional Center
in San Bernardino, Calif., the FBI
sought to force Apple to help it un-
lock an iPhone belonging to perpe-
trators Syed Farook and Tashfeen
Malik. That spawned a debate about
terrorist use of encryption technol-
ogy, which has since gone global.
Even as Silicon Valley social-media
giants are cooperating with govern-
ment officials to help keep bad ac-
tors off their platforms, a new gen-
eration of messaging services based
outside the U.S. are—wittingly or
unwittingly—catering to the terror-
ists’ need for electronic secrecy.
In a world of increasingly cyber-
savvy terrorist threats, the develop-
ers of encrypted apps for mobile de-
vices need to take greater
responsibility for the uses to which
their technologies are being put. At
the same time, Western leaders
need to find ways to work produc-
tively with the developers of en-
crypted app technology to help keep
their citizens safe.
The FBI can’t do it alone.
Mr. Stalinsky is executive director
of the Middle East Media Research
Institute and author of “American
Traitor: The Rise and Fall of Al-
Qaeda’s U.S. Born Leader Adam Ga-
dahn” (MEMRI, 2017).
governance that we can fail to no-
tice how shocking this trend is.
Providing security in the streets is
supposed to be a hallmark of the
modern state. But political leaders
now find it easier to neglect that
duty than to argue for entitlement
reform—and voters punish them if
they try to do any differently.
Paul Ryan bucked the trend, or
tried to. The departing speaker’s
central insight is that serious gov-
ernments have to choose. His
yearslong effort to reform Amer-
ica’s entitlements was really an at-
tempt to guide a new debate about
the “what” and “why” of govern-
ment spending. The shame of the
Ryan years—and it’s our shame as
voters, not his—is that too few Re-
publicans, let alone citizens at
large, were prepared to engage that
discussion seriously.
The dangerous alternative into
which parties of the right too often
fall is to obsess solely over the fis-
cal “how much.” Republicans are as
prone to this failure as their British
Conservative counterparts. The
mark of a party that’s truly ready
to lead will not be the passage of a
gimmicky and futile balanced-bud-
get requirement. It will be a politi-
cal commitment to the entitlement
reforms without which a balanced
budget will never be possible.
an hour wouldn’t compensate many
servers for the income they would
lose if tips disappeared.
Jobs, not only income, are on the
line too. In states that have followed
the wage model now proposed for
New York, dramatically higher labor
costs have forced unreasonable
price hikes, which not all customers
are willing to pay. San Francisco’s
experiment with a high base wage
for wait staff led to an increase in
restaurant closures each time the
rate was increased, according to a
2017 Harvard study. Equal Employ-
ment Opportunity Commission data
show that California also has a
higher rate of restaurant-related
sexual harassment claims than New
York, suggesting a state’s tipping
system has nothing to do with cus-
tomers’ bad behavior.
I don’t own restaurants in New
York, and my employees won’t be
harmed by Mr. Cuomo’s proposed
policy. But I’m still concerned that
an idea based on such scant evi-
dence could ruin countless servers’
income opportunities. Here’s my tip
for the governor: Listen to the
servers affected by this proposal.
This is one so-called “raise” they
don’t want.
Ms. Lafreeda is owner-operator
of Den-Tex Central, which owns 81
Denny’s restaurants.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A16 | Friday, April 13, 2018
China Flexes Muscle With Naval Flotilla
Xi’s show of force in
South China Sea is
latest move reflecting
Beijing’s military might
BY JEREMY PAGE
BEIJING—China staged a
show of force in the disputed
South China Sea, with Presi-
dent Xi Jinping presiding over
the country’s biggest-ever pa-
rade of naval ships, subma-
rines and aircraft.
As Mr. Xi watched the pro-
cession off China’s southern
coast on Thursday, a maritime
agency said live-fire naval
drills would be held to the
north in the stretch of water
that separates the Chinese
mainland from the island of
Taiwan, which Beijing sees as
a rebel province.
The maneuvers are Mr. Xi’s
latest moves to showcase
China’s military might. It is a
growing concern to the U.S.
and its partners, especially
since Beijing stepped up ef-
forts in recent years to assert
its territorial claims in the
South China Sea, an area vital
for global shipping.
Mr. Xi, who is China’s mili-
tary commander-in-chief,
boarded a guided-missile de-
stroyer to review a parade of
48 vessels—including nuclear
missile submarines and
China’s first aircraft carrier—
sailing in formation off the is-
land province of Hainan, state
television showed.
Wearing military fatigues,
Mr. Xi was shown watching
J-15 fighter jets taking off
from the carrier, the Liaoning,
A Plea Further Secures Xi’s Grip on Power
BY CHUN HAN WONG
BEIJING—A purged Com-
munist Party politician once
regarded as a future Chinese
leader stood trial on corrup-
tion charges in a case seen as
part of an effort by President
Xi Jinping to neutralize poten-
tial political rivals.
Sun Zhengcai, a member of
the ruling Politburo until his
abrupt removal last year,
pleaded guilty and expressed
remorse for taking bribes
worth millions of dollars and
abusing his power during his
half-day trial on Thursday, ac-
cording to a statement on the
trial court’s official microblog.
Prosecutors alleged that Mr.
Sun’s crimes stretch back 15
years before his removal, a pe-
riod when he rose up the
ranks, running a suburban Bei-
jing district, the Agriculture
Ministry, the northeastern
province of Jilin and the in-
land megacity of Chongqing.
Many China politics experts
and some party insiders attri-
bute Mr. Sun’s downfall to his
reputation as a possible next-
no
Former President Warns of Economic Threat to Peru
BY RYAN DUBE
LIMA, Peru—The political
turmoil that led Peru’s Pedro
Pablo Kuczynski to resign is
hurting investor confidence
and threatening to slow
growth in one of Latin Amer-
ica’s strongest economies, the
former president said.
Mr. Kuczynski, a former
World Bank economist,
stepped down as he was facing
a second impeachment vote
over allegations of corruption,
which he denied.
In his first interview since
leaving office last month, Mr.
Kuczynski warned the at-
tempts to oust him from office
set a bad precedent for the
Andean nation as his succes-
sor, Martin Vizcarra, looks to
stimulate the economy with
investments in infrastructure.
“By pushing for an uncon-
stitutional impeachment of the
president, you put this whole
situation at risk,” said Mr.
Kuczynski, 79 years old. “What
will happen next?”
Private-sector economists
have been cutting their fore-
cast for growth this year as a
result of the uncertainty. Bro-
kerage Inteligo SAB said last
month that political tensions
risked undermining invest-
ments and that growth could
fall to 2.8% in 2018 from a
projected 4.8%. BBVA Research
said the first quarter likely ex-
panded 3% from the year-ear-
lier period, rather than the
Chinese President Xi Jinping reviewed the People’s Liberation Army naval parade in the South China Sea on Thursday.
following the parade, which
China Central Television said
included a total of 76 helicop-
ters, fighters and bombers.
He later dined and chatted
with sailors on board the de-
stroyer and delivered a
speech, in which he said that
building a world-class navy
was part of his broader goal to
“rejuvenate” the nation, the
us l,
al a
e
ci on
generation leader whose rise
and allegiances lay in his ties
to senior party figures other
than Mr. Xi.
The goal in purging and de-
er rs
nouncing Mr. Sun is to “set
new rules and eliminate chal-
lengers” to Mr. Xi’s power,
said Wu Qiang, a current-af-
m e
fairs commentator and former
politics lecturer in Beijing.
“This also disrupts efforts by
m rp
rival factions to renew them-
selves.”
Neither Mr. Sun nor his
lawyer, whom the court didn’t
identify, could be reached to
co Fo
comment.
Before he was placed under
investigation in July, Mr. Sun
was party chief of Chongqing
and the youngest among the
Politburo’s 25 members. Presi-
dent Xi was preparing for a
Communist Party congress in
the fall that would mark his
ascent as China’s most power-
ful leader in decades and allow
him to promote allies to senior
posts.
Mr. Sun was the highest-
n-
ranking serving official snared
by the sweeping anticorrup-
Pedro Pablo Kuczynski spoke on the phone as he vacated the presidential residence in March.
projected 4%.
“What is concerning is the
constant political noise and its
impact on confidence,” said
Hugo Perea, BBVA’s chief econ-
omist in Peru.
Mr. Kuczynski’s downfall
came in the wake of a scandal
involving Brazil’s Odebrecht
SA, which admitted in a plea
deal with the U.S. Justice De-
partment to paying nearly
$800 million in bribes to se-
cure government contracts in
Latin America and Africa. That
WORLD NEWS
TV report said.
“The mission of building a
mighty people’s navy has
never been more urgent than
it is today,” Mr. Xi said.
“Strive to make the people’s
navy a first-rate world navy.”
on The display was “clearly in-
tended to underscore Beijing’s
interests in the South China
Sea,” said Andrew Erickson, an
Sun Zhengcai, seen last year when he was Chongqing party chief.
tion campaign that Mr. Xi has
used to sideline rivals and
consolidate power. Mr. Xi then
promoted a protégé, Chen
Min’er, as the new Chongqing
party chief.
During Thursday’s trial, Mr.
Sun read his concluding state-
ment off a piece of paper. “I
sincerely plead guilty and ex-
press remorse,” Mr. Sun said,
according to state television
footage. “I have only myself to
included $29 million in Peru,
where politicians from several
parties have been ensnared in
accusations of wrongdoing.
In December, a congressio-
nal committee led by Popular
Force, the country’s biggest
opposition party, headed by
Keiko Fujimori, released docu-
ments showing that more than
a decade ago Odebrecht had
paid $780,000 to a Florida-
based financial-consulting
firm owned by Mr. Kuczynski.
He was prime minister and fi-
* * THE WALL STREET JOURNAL.
showed more than 40 ships
sailing in formation near Hai-
nan.
The drills came as a U.S.
aircraft carrier, the Theodore
Roosevelt, visited the region,
stopping in Singapore last
week and arriving on Wednes-
day in the Philippines, a U.S.
treaty ally whose territorial
claims overlap with Beijing’s
in the South China Sea.
The Chinese exercises took
place from March 24 to April 5
off the coast of southern
Guangdong province and then
moved farther south off the
coast of Hainan, where they
concluded on Thursday, ac-
cording to notices from the
provinces’ maritime-safety ad-
ministrations.
FENG KAIXUAN/CHINA’S MINISTRY OF NATIONAL DEFENSE
Another live-fire drill is
scheduled to take place
Wednesday in the Taiwan
Strait, according to the mari-
time-safety administration of
Fujian province, which lies op-
posite Taiwan. It didn’t pro-
vide further details.
Tensions have also been ris-
ing between the Chinese lead-
ership and Taiwan, the demo-
cratically ruled island that
split from the mainland in a
civil war nearly seven decades
ago and whose current gov-
ernment has refused to en-
dorse Mr. Xi’s preferred for-
expert on China’s military at China Sea and elsewhere, it mulation for relations between
the U.S. Naval War College. employs two other sea forces. the two sides.
“It draws on its rapidly China’s coast guard and mari- Taiwan’s defense ministry
.
strengthening navy, which al- time militia likewise have the said the exercises appeared to
ly
ready has the world’s largest world’s largest number of be part of routine annual drills
number of ships—slightly ships.” and that they were fully capa-
more than the U.S. Navy,” he In recent days, U.S. officials ble of responding.
said. “Also important is what said China appeared to be “Citizens, please feel at
Beijing didn’t showcase in this staging its biggest-ever naval ease,” the ministry said.
event: To further its sover- exercises in the South China —Xiao Xiao
eignty claims in the South Sea, after satellite images contributed to this article.
Japan
Reviews
bailiffs.
Prosecutors accused Mr.
Sun and unidentified associ-
ates of illegally accepting Foreign
WANG ZHAO/AGENCE FRANCE-PRESSE/GETTY IMAGES
more than 170 million yuan
($27 million) in assets in re-
turn for help winning project
tenders, personnel appoint-
Labor
ments and other favors, the BY PETER LANDERS
court said.
The trial was adjourned, TOKYO—Japan plans to cre-
the court said, and a verdict ate a new program for foreign
would be announced on an un- workers to counteract a labor
specified date. shortage, the government said
Mr. Sun’s downfall echoes Thursday, in what would be
the 2012 purge of Bo Xilai, another crack in the island na-
who was also Chongqing’s tion’s longstanding resistance
party chief and a rival to then to immigrant labor.
leader-in-waiting Mr. Xi. Mr. Chief government spokes-
Bo was dismissed after his man Yoshihide Suga said a de-
blame and deserve to be pun- wife was implicated in the cision would be reached by
ished.” murder of a British business- summer on a “new framework
In China, where convictions man, and he is serving a life that will make possible the ac-
in high-profile trials are typi- sentence for corruption and ceptance of foreigners with a
cally foregone conclusions, de- abuse of power—charges he certain level of specialization
fendants are expected to ex- denied during his trial. or skill.”
press remorse to get any The Tianjin court’s micro- The new program would
leniency in sentencing. blog announced Mr. Sun’s trial build on an existing one that
The No. 1 Intermediate Peo- minutes after the hearing’s has brought hundreds of thou-
ple’s Court in the northern scheduled start on Thursday sands of foreigners to Japan
port city of Tianjin also posted morning. It said a public no- for as long as five years as
photos on its microblog show- tice of the trial was posted “trainees.” They work in fields
ing Mr. Sun flanked by two Sunday. such as construction, agricul-
ture and nursing care where
the country suffers from what
Mr. Suga called a “severe
shortage of people.”
As of Oct. 31, about 258,000
people were working in Japan
what the opposition tried to under the program, up 22%
do is link me to that [scan- from the previous year.
dal].” On paper, the program is
Mr. Kuczynski survived an designed to train foreigners
impeachment vote in Decem- from poorer nations such as
ber after 10 lawmakers from Vietnam and the Philippines
Popular Force, including Ms. so they can learn skills to help
Fujimori’s younger brother their home countries develop.
Kenji Fujimori, abstained. But In practice, the program
the president quickly came un- serves employers who can’t
der fire again after pardoning find Japanese people to fill
Ms. Fujimori’s father, former difficult, low-paying jobs such
strongman Alberto Fujimori, as manual construction work,
who was serving a 25-year labor specialists say.
prison sentence for human- In response to criticism
rights crimes and corruption. that the program left foreign
Rights activists and leftist workers vulnerable to abuses
politicians accused Mr. Kuc- such as forced unpaid over-
MARTIN MEJIA/ASSOCIATED PRESS
zynski of cutting a deal with time, parliament passed a law
the younger Mr. Fujimori: par- that went into effect in No-
doning the former quasi-dicta- vember setting punishments
tor in exchange for support in for exploitative employers and
the impeachment vote. avenues for workers to report
“That is complete rubbish,” abuses.
said Mr. Kuczynski. He said he Prime Minister Shinzo Abe
began the steps to issue the has repeatedly said he doesn’t
pardon in August but should want to open the door for for-
have waited to release him eign laborers to immigrate to
from prison to avoid accusa- Japan and settle permanently,
nance minister when some of tions of a quid pro quo. although many companies
those payments were made. In March, Mr. Kuczynski would eagerly hire such immi-
Mr. Kuczynski said he had faced a second impeachment grants if they were available.
no contact with the firm while vote when Popular Force re- The country has about 1.6
in government and that the leased secretly recorded vid- jobs open for every job
contracts were managed by a eos it said showed government seeker.
Chilean business partner. Ode- allies offering to reward oppo- Employers have been turn-
brecht confirmed the con- nents with public contracts in ing to backdoor routes to hir-
tracts were managed by Mr. exchange for shielding the ing, such as the trainees or
Kuczynski’s partner and president. Mr. Kuczynski de- students who are allowed to
weren’t part of its corruption nied the accusations but work up to 28 hours a week.
plea deal. stepped down. Overall, the number of foreign
“There was nothing illegal, “Nobody offered one cent workers jumped 18% to nearly
these weren’t payments under to anybody,” he said. “This 1.3 million as of Oct. 31, a re-
the table,” he said. “Obviously, was all a manufactured thing.” cord.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
BUSINESS & FINANCE
© 2018 Dow Jones & Company. All Rights Reserved.
S&P 2663.99 À 0.83% S&P FIN À 1.82%
VW Picks Chief After Boardroom Coup
Herbert Diess gets top
role; move comes nearly
three years after diesel
scandal hit car maker
BY WILLIAM BOSTON
BERLIN—Volkswagen AG’s
board ousted Chief Executive
Matthias Müller and replaced
him with Herbert Diess, who
quietly orchestrated a board-
room coup as he also was re-
building the company’s name-
sake brand.
The move comes nearly
three years after Volkswagen
admitted to rigging 11 million
diesel-powered vehicles to
cheat on emissions tests,
sparking a large recall and
criminal prosecutions, while
costing the company more
than $25 billion in fines, pen-
Tech IPO
Market
Is Starting
To Heat Up
BY MAUREEN FARRELL
A recent burst of successful
technology IPOs has led some
richly valued companies that
were content to dwell in the
private markets to take steps
toward going public.
The solid debuts of firms
such as Spotify Technology
SA, Dropbox Inc. and Zscaler
Inc. have helped catalyze a
shift among private-company
CEOs and senior executives to-
ward viewing public markets
as a hospitable place to raise
capital, said bankers, lawyers
and investors in interviews.
That comes after years of rela-
tively weak issuance, particu-
larly among tech companies.
For instance, tech compa-
nies Eventbrite and Upwork
have taken steps toward initial
public offerings, according to
people familiar with their
plans. Both of the California
companies are expected to de-
but on the public markets in
the second half of this year,
these people said.
Please see IPOS page B2
STREETWISE | By James Mackintosh
As Earnings Rev Up,
Investors Shift Down
no
Only once
before have
U.S. earnings
expectations
risen so far,
or so fast, as
they have this year. Yet, in-
vestors couldn’t care less as
shares are down. The result
is that Wall Street’s favorite
valuation measure has fallen
at a speed usually only seen
in a crisis.
That doesn’t mean stocks
are a screaming bargain. But
the 12-month forward price/
earnings ratio on the S&P
500 has fallen from a 16-year
high of 18.6 times adjusted
earnings at the end of Janu-
INSIDE
BANK SHARES
POWER DOW
REBOUND
MARKETS, B11
TECHNOLOGY: AMAZON’S RIVALS FEAR LOSING OUT ON CONTRACT B4
S&P IT À 1.29%
alties, consumer compensation
and legal fees.
The global auto industry is
undergoing big changes. Ever
tougher emissions regulation
is driving the development of
electric cars, and technology
companies are moving into the
core business of conventional
auto makers.
“In a phase of profound up-
heaval in the automotive in-
dustry, it is vital for Volks-
wagen to pick up speed,” Mr.
Diess said on Thursday.
Mr. Müller was made CEO
in September 2015, replacing
the disgraced chief, Martin
Winterkorn, who was forced to
resign in the wake of the die-
sel scandal.
Mr. Müller led a charge to
overhaul the company’s cor-
porate culture, accelerate
development of electric ve-
hicles, and steer the com-
The Thrill Is Gone as the Frenzy Over Bitcoin Fizzles
Signs of bitcoin fever have receded recently as the cryptocurrency’s price
declined sharply from its peak late last year. B10
How many U.S. dollars one bitcoin buys
us l,
al a
ci on
er rs
2016
Average quarterly growth of total
cryptocurrency wallets, or online accounts
m e
8%
m rp
6 600
4 400
co Fo
2 200
0 0
2015 ’16
Sources: CoinDesk (price); Blockchain.info (wallets); Bitcoinity.org (volume); Google (index)
n-
ary to 16.4 times at Tues-
day’s close, putting it back
to where it stood in 2014, ac-
cording to Thomson Reuters
IBES. Stocks are less obvi-
ously expensive, although
still above their average
since 1985.
Such a combination of
falling share prices and fast-
rising earnings estimates is
rarely seen outside of crises,
because typically the pros-
pect of higher profits at-
tracts investors. The last two
times the forward P/E ratio
tumbled this far, this fast,
were the 2010 Greek crisis
and the aftermath of the
Please see STREET page B11
SELF-DRIVING
CARS STILL
UBER PRIORITY
BUSINESS NEWS, B3
* * * ** THE WALL STREET JOURNAL.
DJ TRANS À 1.64%
pany through its worst crisis
ever.
Over the past few months,
Mr. Müller lost favor with
the company’s core share-
holders.
Mr. Diess, who was mak-
ing progress turning around
the sluggish Volkswagen
brand, the company’s biggest
business by sales, began
pressing shareholders quietly
to oust Mr. Müller and put
him in charge, according to
people familiar with the situ-
ation.
Hans Dieter Pötsch, Volks-
wagen’s chairman, said that
Mr. Diess had “demonstrated
to impressive effect the speed
and rigor with which he can
implement radical transforma-
tion.”
In addition to the change at
the top, Volkswagen’s direc-
tors also approved a plan to
on
e
’17
Bitcoin daily trading volume across
several cryptocurrency exchanges
800 thousand bitcoins
’17 ’18 Oct. 2017
Wynn Resorts Seeks a Sale in Boston
BY KATE O’KEEFFE
AND ALEXANDRA BERZON
Wynn Resorts Ltd. has been
in talks to sell its partially built
Boston-area casino project to
rival MGM Resorts Interna-
tional, according to people fa-
miliar with the matter, as Mas-
sachusetts regulators continue
their investigation into the
company’s handling of sexual-
misconduct allegations against
founder Steve Wynn.
The talks, which pertain to
the Wynn Boston Harbor prop-
erty and no other parts of the
company’s gambling empire,
are at an early stage and may
not result in a deal, the people
said.
Regulatory issues surround-
ing any potential deal would be
complex, since Massachusetts
forbids companies from oper-
ating more than one casino in
the state, and MGM is planning
to open one in the city of
Springfield this year, they
added.
Wynn Resorts estimates its
Massachusetts project, sched-
uled to open next year, will
cost a total of $2.5 billion to
build, making it one of the
largest U.S. casino projects
ever undertaken beyond Las
Vegas. As of the end of 2017,
Wynn said it had spent $1.1 bil-
lion.
Wynn Resorts shares rose
3.8% to $186.64 on Thursday.
If MGM’s nearly $1 billion
project in Springfield were to
emerge as a sticking point, the
company could try to sell it to
a buyer who passes regulatory
muster. But the politics could
be tricky in a city that is bank-
ing on this casino to help re-
WSJ $ IDX À 0.21% LIBOR 3M 2.348
prepare its commercial-vehicle
division, Volkswagen Truck &
Bus, for a potential stock-mar-
ket listing as early as next
year.
The board also gave the
green light to a reorganization
Mr. Diess met
secretly with
shareholders
for months
to craft a
reorganization
plan.
of the company’s business
units. Mr. Diess was instru-
mental in crafting the plan
during months of talks with
shareholders without Mr. Mül-
ler’s knowledge, according to
people familiar with the situa-
tion.
Google Trends index of global searches
for ‘bitcoin’
100
80
60
40
Weekly data
20
0 to the deep reach of this round
’18 2016
SCOTT EISEN/BLOOMBERG NEWS
The company is in talks with MGM about selling Wynn’s partially built casino in the Boston area.
vive its downtown core. The
company could also try to get
permission to operate two
properties in the state, or seek
some other arrangement, ac-
cording to the people familiar
with the matter.
Mr. Wynn resigned from his
roles as Wynn Resorts’ chair-
man and chief executive in Feb-
ruary and sold off his entire
12% stake for $2.1 billion last
month. The moves came after a
January article in The Wall
Street Journal detailed allega-
tions that Mr. Wynn had en-
gaged in sexual misconduct
against employees for decades,
and that he paid $7.5 million to
a manicurist at his Wynn Las
Vegas resort who in 2005 told
people that Mr. Wynn had
NIKKEI (Midday) 21771.69 À 0.51%
Under the plan, the com-
pany’s passenger-car brands
that include such storied
marques as Volkswagen, Audi,
Porsche and Lamborghini,
would lose some independence
and be grouped into three pas-
senger car divisions: Volume
brands, Premium brands, and
Super Premium brands.
Under the reorganization,
the mass-volume car brands
VW, Seat, Skoda and VW’s
small vans and trucks unit
would be grouped together,
people familiar with the situa-
tion said, creating a car group
with €118 billion ($145 billion)
in revenue and sales of 8.4
million vehicles.
Mr. Diess will also have
considerably more power than
his predecessor.
He will be CEO of the entire
company, but will also be in
Please see VW page B2
.
$20,000
ly
16,000
12,000
8,000
4,000
0 were placed on a list sanction-
’18
’17 ’18
THE WALL STREET JOURNAL.
forced her to have sex with
him.
Mr. Wynn has said it is pre-
posterous that he would as-
sault a woman; he hasn’t re-
sponded to other allegations of
sexual misconduct. An attorney
for Mr. Wynn earlier sent a
statement on his behalf saying
he “declined to participate in
The Wall Street Journal’s re-
porting because it is clear that
the Journal has no intention of
treating him fairly.”
Even though Mr. Wynn no
longer owns shares in Wynn
Resorts, a special committee of
the company’s board is investi-
gating the allegations, as are
state regulators in Nevada and
Massachusetts.
The Massachusetts Gaming
Friday, April 13, 2018 | B1
See more at WSJMarkets.com
Drying Up
Syndicated loan volume for
Russian corporations
$60 billion
50
40
30
20
10
0
2006 ’08 ’10 ’12 ’14 ’16 ’18*
*As of April 12
Source: Thomson Reuters LPC
THE WALL STREET JOURNAL.
Banks Flee
New Firms
On List for
Sanctions
BY MAX COLCHESTER
AND MARGOT PATRICK
Six months ago, Russian
power-to-aluminum company
En+ Group PLC listed on the
London Stock Exchange,
cheered on by a former U.K.
government minister and a
cluster of big-name banks.
Today, many of those banks
are racing to disentangle them-
selves from En+ as the effects
of the latest wave of U.S. sanc-
tions sweep across the global
finance industry.
EN+, its aluminum-produc-
ing unit United Co. Rusal and
their owner, Oleg Deripaska,
ing dozens of Russian individu-
als and entities last Friday.
Banks including Citigroup
Inc. and Credit Suisse Group
AG are now shedding ties to
the group, according to people
familiar with the matter. Other
financial-services companies
are rushing to distance them-
selves, with ratings firms
Moody’s Investors Service and
Fitch Ratings removing their
ratings for Rusal and the Lon-
don Metal Exchange saying it
won’t stock its metal.
The flurry of activity points
of sanctions and the potential
ramifications for both U.S. and
non-U.S. financial firms that do
Please see BANKS page B2
Commission has said it is look-
ing into who was told of Mr.
Wynn’s alleged behavior and
what, if anything, they did in
response. The regulator has
said the company failed to dis-
close the allegations related to
the 2005 settlement involving
the manicurist before the com-
mission granted Wynn Resorts
a license in September 2014, or
at any point before the Journal
report. Wynn has said the ap-
plication process didn’t ask for
disclosure of that type of infor-
mation. The regulator can re-
voke the Wynn license if it de-
termines the company isn’t
suitable as a casino operator.
—Jon Kamp
and Chris Kirkham
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Friday, April 13, 2018
INDEX TO BUSINESSES
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
Airbnb..........................B4
Albertsons...................B3
Alphabet......................A9
Amazon.......................B4
American Express.......B2
Amgen.......................B12
Apple.........................B10
B Goldman Sachs Group
Backpage.com.............A2
Biogen ....................... B12
BlackRock...........B10,B11
Blackstone Group.......A3
Blockchain.info..........B10
C United Parcel Service.A2
Capcom........................B4
Celgene......................B12
Cerberus Capital
Management.............B3
Citigroup..............B1,B11
Coinbase....................B10
Credit Suisse...............B1
D Murray Energy............B5
Delta Air Lines ........... B2
Dropbox.......................B1
E O-R
EN Group.....................B1
INDEX TO PEOPLE
A H
Akitani, Hisako...........B4
B J
Bastian, Ed..................B2
Beene, Alex...............B10
Blankfein, Lloyd........B10
Boyapati, Vijay..........B10
Brossat, Ian.................B4
Brzeski, Carsten.........A6
C Lacey, Michael............A2
Calk, Stephen..............A4
Cellupica, Paul.............B6
Chan, Norman...........B10
D Madoff, Bernard ....... B10
Diess, Herbert.............B1
E
Everson, Carolyn.........B4
F-G
Ferrer, Carl..................A2
Fink, Laurence...........B10
Griffith, Jerome..........B5
BANKS
Continued from the prior page
business with those on the list.
“This is uncharted terri-
tory,” said Tom Cummins, a
partner in London at law firm
Ashurst.
Never before have individu-
als been targeted that are so
“integrated into commodities,
global markets and interna-
tional trade,” he added.
The sanctions also have
sparked wider caution about
dealing with or owning the as-
sets of any individual or com-
pany with ties to the Kremlin,
for fear that Washington could
expand the list.
That fear has roiled mar-
kets, leading to a selloff of the
ruble, Russian debt and many
of the country’s biggest compa-
nies.
Global banks, often from
London, have helped Russian
companies list, issue bonds and
have lent them money. Last
year, for instance, Russian
companies raised $14.6 billion
in syndicated loans, according
to data from Thomson Reuters
LPC. They have raised $1.7 bil-
lion so far this year.
En+ listed on the London
Stock Exchange in November
2017, raising $1.5 billion, with
Citigroup, Credit Suisse and
France’s Société Générale SA
among the Western banks tak-
IPOS
Continued from the prior page
“Our pipeline is larger than
I’ve seen it in at least a few
years,” said Richard Truesdell,
a partner at law firm Davis
Polk & Wardwell LLP. Compa-
nies from a wide range of in-
dustries are seeking to list this
year, he said, calling it a “good
sign for the robustness of the
IPO market.”
In a sign of investors’ eager-
ness for IPOs, Zuora Inc., a
software company that man-
ages subscription services for
corporate clients, priced its IPO
at $14 a share Wednesday,
above its already boosted ex-
pected pricing range, and it
then traded up 43% on Thurs-
day to close at $20. Zuora’s
founder and chief executive,
Tien Tzuo, said in an interview
that in addition to raising capi-
tal—the firm generated $154
million in the offering—the
public markets offer a sign to
clients that the company will be
around for the long term. “Our
customers are the biggest com-
panies in the world, and they’re
public companies,” he said.
In recent weeks, bankers
say there has been a steady
drumbeat of “bake-offs,” in
which companies interview
potential underwriters to help
them prepare for an IPO. Be-
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Eventbrite ................... B1
F
Facebook.......B4,B10,B12
Redfin..........................B2
Rite Aid.......................B3
S
VW
Fimalac........................B6 Sega Games................B4 Continued from the prior page
G SMS Group..................A6 charge of the Volume car busi-
Sony.............................B4
General Electric..........A1 ness, adding Skoda and Seat to
Spotify Technology.....B1
General Motors...........A2
Synchrony Financial ... A8
his current job of running the
Gilead Sciences.........B12 Volkswagen brand.
T
The Porsche brand would
...................................B10 Tesla.......................A1,B3
Gree.............................B4 Twitter ...................... B10
take control of a broader
sports-car group that would
H U
also include Lamborghini, Bu-
Hearst..........................B6 Uber Technologies ...... B3
PATRICK T. FALLON/BLOOMBERG NEWS
United Co. Rusal.........B1
gatti and Bentley. Audi is ex-
J pected to remain independent
JPMorgan Chase..B2,B11 as the company’s premium
Upwork........................B1
L brand.
V
Lands' End...................B5
Volkswagen.................B1 Mr. Müller had granted the
Level-5.........................B4 brands considerable indepen-
W
M dence, but Mr. Diess, a former
Walmart......................A9
MGM Resorts
Walt Disney................B5 senior executive at BMW AG,
International.............B1 who has long been known as
Wells Fargo...............B11
Wynn Resorts.............B1 “Mr. Cost Killer” for his ag-
N The airline’s sales from businesses including loyalty revenue and jet repairs rose 32% from a year earlier. gressive restructuring efforts,
Z
Novartis.....................B12 wants to put them on a tighter
Zillow Group ............... B2
Card Revenue Aids Delta
Zscaler.........................B1 leash again.
Open Door Labs..........B2 Zuora...........................B2 That could make it easier
for managers at Volkswagen’s
Wolfsburg headquarters to
BY DOUG CAMERON those are a more durable base
of revenue,” he said.
other travel-related companies
such as hotel operators. It has
force the brands to share costs
and technology more equita-
Delta Air Lines Inc. is bank- Sales from businesses in- hardly improved even as the bly, these people said.
R ing on branded credit cards, cluding the credit cards and airline boosted earnings and People familiar with the
Hino, Akihiro...............B4 Rascoff, Spencer.........B2 repairing jets and plusher pas- aircraft repairs jumped 32% reduced its debt after emerg- situation said that Mr.
Roper, Barbara............B6 senger amenities to drive from a year earlier, surpassing ing from bankruptcy protec- Diess’s new plans also will
Jourova, Vera..............B4 S growth. $1 billion in the quarter tion and agreeing to merge herald an increased influence
The No. 2 U.S. carrier beat through March 31. Revenue with Northwest Airlines 10 by organized labor over the
K Sandberg, Sheryl ........ B4
quarterly earnings forecasts on from ticket sales rose 7%, ac- years ago this week. group.
Keon, Ed....................B11 Schwarzman, Stephen
.....................................A3
Thursday, thanks to rising pas- counting for 77% of sales. “Over time, if we are unable A year ago, Mr. Diess
Khosrowshahi, Dara ... B3
Silverblatt, Howard..B11
senger and cargo traffic as Cargo revenue climbed 23%. to get our valuation to where looked like he could lose his
Kostin, David ............ B11
well as nonticket revenue that The search for alternative we think it needs to be, we’re job over conflicts with the
L T is growing at an even faster revenue streams comes as open to options and ideas,” company labor representatives
Taori, Hiromu..............B4 pace. growth begins to slow from an- said Mr. Bastian. But I’d say it’s over cost cuts.
Lai, Kevin .................. B10 Tsujimoto, Ryozo........B4 Airlines have become in- premature to come to that.” But since then, Mr. Diess
Larkin, James ............. A2 Tzuo, Tien....................B2 creasingly reliant for sales and Shares of Delta and its rivals patched things up with the
M V profits on services and prod- in recent months have been hit workers’ representatives, who
ucts such as co-branded credit
Delta’s valuation is by investor concerns that ex- hold half of the 20 seats on
Vekselberg, Viktor......B2
.
Malik, Monica ........... B10
W cards from issuers including below that of other cess capacity could dampen Volkswagen’s board, winning
ly
Müller, Matthias.........B1 American Express Co. and JP- fares and lower earnings. their support to make him
Morita, Atsushi .......... B4 Watanabe, Kanta........B4
Morgan Chase & Co.
travel-related Delta said its closely CEO.
Winklevoss, Cameron
Murray, Robert ........... B5
...................................B10
Delta said American Express companies. watched average revenue was Spokesmen for Mr. Diess
Musk, Elon..................A2 on secured more than a million expected to rise by 3% to 5% in didn’t respond to requests for
N Wynn, Steve...............B1
new accounts for their joint the June quarter, in line with comment.
Nagoshi, Toshihiro......B4 Z credit card last year, plus a re- analysts’ expectations, after
Name, Timothy Van ... B4 Zuckerberg, Mark B4,B12 cord number in the first quar- cillary sales in services ranging climbing 5% in the first quarter.
ter that gave the airline a sales from baggage charges to fees The airline maintained its Bulking Up
us l,
boost through payments the for assigned seats. These fees full-year earnings guidance
VW’S new CEO seeks a bigger
ing lead roles. company receives for frequent- still generated $57 billion for even though jet fuel prices— bang by combining businesses.
al a
e
The former British climate- flier miles. Delta generated $3 airlines world-wide last year, which have climbed by 25%
change minister Gregory billion in revenue from the according to IdeaWorksCom- over the past year—are pro- 2017
Barker—who now sits in the card last year. pany, a consultancy. viding a headwind. Sales in millions of units
ci on
Revenue in billions
House of Lords—was brought “That’ll continue to grow at Delta also is making more Delta reported profit of
Operating profit in billions
in to chair the company. The a double-digit clip,” Delta by offering passengers extra $547 million in the March
board later expanded with Do- Chief Executive Ed Bastian ways to upgrade their tickets— quarter compared with $561 Passenger Car Group
minique Fraisse, head of said. for example, allowing business million a year earlier, lifted by
Brands: Volkswagen brand, Seat,
natural resources at French Mr. Bastian said revenue travelers barred from flying in buoyant international traffic. Skoda, Volkswagen Nutzfahrzeuge
er rs
bank Natixis, among those from carrying cargo and re- the premium cabin to use their Per-share earnings rose a
8.4
joining. pairing other carriers’ planes own frequent-flier points to penny to 78 cents, with the
€118.34
The impact has been swift. also was growing at a double- secure better seats. adjusted total of 74 cents
€5.96
Clearing house LCH Ltd. said digit pace. Delta’s valuation—at just beating Wall Street estimates.
m e
this week it will no longer clear “I think there’s a consider- seven times forward earn- Revenue rose 10% to $9.97 bil- Sports Car Group
shares of Rusal or EN+ Group, able potential, and I think ings—is well below that of lion, a record for the quarter.
Porsche, Lamborghini, Bugatti, Bentley
and index provider FTSE Rus-
m rp
sell said Rusal and EN+ Group 0.3*
23.50†
would be removed from FTSE
indexes on Friday.
The holding company is
hemorrhaging board members,
Zillo Starts Home-Flip Business 4.06
Premium Car Group
Audi
co Fo
with Mr. Fraisse exiting. Citi BY LAURA KUSISTO aren’t looking to get rid of competitors, including Open
and Credit Suisse have quit as AND ROLFE WINKLER real-estate agents, who gener- Door Labs Inc. and Redfin 1.88‡
corporate brokers, according to ate revenue for its listings Corp., into the sales business. 60.13††
people familiar with the mat- Real-estate listings com- business by purchasing ads Zillow executives say consum- 5.06
ter. En+ Group global deposi- pany Zillow Group is getting and customer leads. Instead, ers are used to smaller trans-
Financial Services Group
tory receipts in London lost into the business of buying they say they have handpicked actions that are virtually
half their value before being and flipping homes, a risky agents to work on the transac- seamless thanks to technology. 33.70
suspended from trading Mon- and untested business model tions in its “Zillow Instant Of- Those same consumers are 2.67
day. for the online service that fers” business. increasingly impatient with Volkswagen Truck & Bus GmbH
Other sanctioned companies could disrupt the traditional Nonetheless, agents are the process of selling a home,
MAN and Scania trucks, to be
looking to raise money in Eu- brokerage business. much less essential to these which can include investing converted to a joint stock corporation.
rope have had to change plans. Zillow said Thursday it will quick-flip transactions, which money and time in repairs,
0.2
This week, Citigroup and Gold- purchase homes from consum- are powered by technology putting up with repeated
27.16‡‡
man Sachs Group Inc. stopped ers in Las Vegas and Phoenix, rather than face-to-face inter- showings and worrying
n-
1.84
working on a planned initial renovate them and aim to flip actions. This is the latest in a whether their current home
public offering for Italian data them within 90 days. The string of new technologies and will sell before they close on a *Excluding Bugatti
services company Octo Tele- company initially plans to hold businesses that are threaten- new one. †Excluding Lamborghini, Bugatti
matics, people familiar with 300 to 1,000 homes by the end ing to disrupt the multibillion- “Consumers now expect an ‡Excludes Lamborghini, Ducati
no
††Includes Lamborghini, Ducati
the transaction said. The com- of the year, which amounts to dollar residential brokerage on-demand experience,” Spen- ‡‡Includes Scania, MAN trucks,
pany’s indirect controlling an investment in the $75 mil- business and the livelihood of cer Rascoff, Zillow Group’s MAN Power Engineering
shareholder, Viktor Vekselberg, lion to $250 million range. tens of thousands of Realtors. chief executive, said on a call Source: the company
is on the sanctions list. Zillow executives said they Zillow is following other with investors Thursday. THE WALL STREET JOURNAL.
Warming Up
Companies are increasingly looking to public markets to raise money.
Amount raised by companies going public on U.S. exchanges
$120 billion As of April 11 2018
Rest of the year $17.2 billion
100
80
60
40
20
HOW DO YOU KNOW YOU CAN
0
1995 2000 2010
TRUST THE NEWS?
Number of IPOs
800 Tech
2018
600
All other industries 51
400
200
0
1995 2000 2010
Note: All data are full-year except 2018, which is as of close of trading April 11.
Source: Dealogic THE WALL STREET JOURNAL.
cause of this activity, bankers any capital. Still, this year’s is-
and other market participants suance is up slightly from this
now expect a busy second half time last year, when 37 com- Because we’ve covered the We’ve never taken sides in any
of 2018 for IPOs. panies had raised $16.2 billion. story from every angle. war, revolution or election.
This year through Wednes- It is well above 2016’s weak is-
day’s close, 51 companies have suance market, when just 10 We’ve reported the facts And we always champion
gone public on U.S. exchanges, companies had raised $1.25 whatever the obstacles. the truth.
raising $17.2 billion, according billion at this point in the
to data provider Dealogic. One year, Dealogic data show; 2016 We’ve always asked the
bbc.com
of those companies—Spotify, wound up being the slowest difficult questions.
which was one of the largest year for new offerings in more
by market value to debut this than a decade, as measured by
year—did so without raising the amount of money raised.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
“Ultimately, self-driving cars will be safer than humans,” CEO Dara Khosrowshahi said Thursday.
Uber Sticks to Self-Driving
CEO says company
will keep pursuing the
technology after fatal
accident in test drive
BY CARA LOMBARDO
Uber Technologies Inc.
Chief Executive Dara Khosrow-
shahi said the ride-hailing
firm is “absolutely committed”
to its self-driving-car program
after one of its autonomous
vehicles struck and killed a pe-
destrian in Arizona last
month, but said the technol-
ogy needs to be refined.
“Ultimately, self-driving
cars will be safer than hu-
mans,” Mr. Khosrowshahi said
on NBC’s “Today” show Thurs-
day. “But right now self-driv-
no
ORGANIZERS
ing cars are learning. They’re
student drivers.”
Uber suspended its pro-
gram in four test cities follow-
ing the March 18 accident,
which is believed to be the
first known fatality involving
an autonomous vehicle.
Mr. Khosrowshahi told “To-
day” show host Savannah
Guthrie that the company was
us l,
working with investigators to
determine whether the ride-
al a
e
hailing firm’s technology was
at fault.
He also said he is reviewing
ci on
the company’s safety prac-
tices, ranging from driver
training to software.
The vehicle was in autono-
mous mode but had a human
er rs
safety operator at the wheel
when it hit 49-year-old Elaine
Herzberg, who police say later
m e
m rp
co Fo
3 DAYS TO
n-
MAY 24-25-26
BUSINESS NEWS
died from her injuries.
Her family since settled
with Uber for undisclosed
terms.
The accident has increased
scrutiny on Uber and other
oncompanies collectively spend-
ing billions of dollars develop-
ing and testing autonomous
cars, which they contend will
cut traffic fatalities. Regula-
tors have said human error
causes 94% of crashes.
Tesla Inc. this week de-
fended its semiautonomous
Autopilot system, blaming a
fatal March 23 accident on the
driver, who it alleges didn’t
heed the car’s warnings to pay
attention to the road.
Navigating Uber’s response
to the fatal March 18 accident
is one of Mr. Khosrowshahi’s
early tests as CEO.
PARIS FRANCE
Get your pass now on
PLATINUM PARTNERS
MEDIA PARTNERS
He succeeded Uber co-
founder Travis Kalanick last
year with a mandate to repair
the company’s image after a
string of scandals including al-
legations that management
had ignored female workers’
complaints of sexism and sex-
ual harassment. He said on the
“Today” show that the
changes to the culture since he
and his team took over are
“night and day.”
Mr. Khosrowshahi said the
company is adding a 911 but-
ton to its ride-hailing applica-
tion that will directly connect
riders to emergency operators
and share their locations. Uber
also recruited former Home-
land Security Secretary Jeh
Johnson to chair its safety
council, Mr. Khosrowshahi
said.
Rite Aid Deal
Hits Resistance
BY HEATHER HADDON
AND MIRIAM GOTTFRIED
Some Rite Aid Corp. share-
holders plan to oppose a
merger with grocer Albert-
sons Cos. that they believe un-
dervalues the struggling phar-
macy chain.
Rite Aid’s shares have fallen
about 20% since the compa-
nies said they would merge on
Feb. 20, a sign of deepening
investor disapproval. Albert-
sons is closely held. Rite Aid
said Thursday that same-store
sales fell 1.7% in its fourth
quarter, the sixth straight pe-
riod of declines.
Rite Aid investors who op-
pose the approximately $24
billion deal say they aren’t get-
ting a big enough share of the
company that would be formed
by the combination. These in-
vestors say Rite Aid would be
better off overhauling its phar-
macies on its own.
One of Rite Aid’s 10 biggest
shareholders, which declined
to be named, said it planned to
vote against the deal because
it doesn’t give shareholders a
fair premium.
Under the deal, Rite Aid in-
vestors may exchange 10 of
their shares for a share in the
combined company plus $1.83
in cash, or alternatively 10
.
shares for 1.079 new shares.
ly
They would own about 30% of
the new business.
Rite Aid shares fell slightly
to $1.63 on Thursday.
“The deal is absurd based
on fair value of Rite Aid’s ex-
isting stores and what it could
do with them,” said Steve Krol,
an investor from Florida
whose shares in the drugstore
chain are worth around
$415,000.
Other shareholders say they
don’t want to invest in the
grocery industry, where com-
petition from Amazon.com Inc.
and discounters is hurting the
sales and margins of tradi-
tional supermarkets.
Executives from the two
companies have said the merged
HOSTING PARTNER
Friday, April 13, 2018 | B3
Not Feeling So Hot
Rite Aid shares have dropped
65% in the past 12 months.
$5
Feb. 20: Albertsons
4 merger is announced.
3
2
1
0
2017 2018
Source: FactSet
THE WALL STREET JOURNAL.
business would appeal to cus-
tomers who want to buy food
and drugs at the same store.
“It makes sense for us stra-
tegically and financially. The
merger will transform Rite
Aid,” Chief Executive John
Standley said Thursday on a
conference call with investors.
Rite Aid and Albertsons,
which have struggled to com-
pete with bigger rivals, are the
third-biggest company in their
respective industries in terms
of outlets. Rite Aid has around
2,600 pharmacies, far fewer
than rivals Walgreens Boots
Alliance Inc. and CVS Health
Corp. The company sold 1,932
stores to Walgreens in March.
Albertsons has around 2,300
grocery stores. The combined
company would have 4,345
pharmacies, including those
currently run by Albertsons.
“Both companies are get-
ting squeezed,” said Loren
Trimble, chief executive of
AArete, a management con-
sulting firm. “If they do noth-
ing, it’s a death sentence for
both of them.”
Closely held Albertsons
hasn’t faced the same push-
back. Its largest investor, Cer-
berus Capital Management
LP helped broker the deal,
which would return Albert-
sons to a public listing after 12
years of private ownership.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Friday, April 13, 2018
Pentagon to Update Cloud Terms
Some Amazon rivals
worry the tech giant
will be only firm to be
awarded the contract
BY TED MANN
AND BRODY MULLINS
WASHINGTON—The De-
fense Department will release
a revised list of requirements
in the coming days for a hotly
contested, multibillion-dollar
contract to move the Penta-
gon’s data into the cloud, and
it says it won’t give in on a
central demand: awarding the
business to a single winner.
Some computing companies
vying for the cloud contract
have been fighting to prevent
the department from awarding
the work to a single vendor,
Facebook Doesn’t Expect Revenue to Suffer
BY STU WOO
AND SAM SCHECHNER
LONDON—Facebook Inc.
doesn’t expect the recent up-
roar over its users’ digital pri-
vacy to affect sales signifi-
cantly, a top advertising
executive for the global social-
media platform said.
Facebook users largely ha-
ven’t changed their privacy
settings in the
7 CEO 7 past four weeks
COUNCIL amid heightened
scrutiny over
how it shares in-
dividual data, Facebook Vice
President of Global Marketing
Solutions Carolyn Everson
said at The Wall Street Jour-
nal CEO Council in London.
“We have not seen wild
changes in behavior with peo-
ple saying I’m not going to
share any data with Facebook
anymore,” Ms. Everson said on
Thursday.
The company also doesn’t
expect stricter privacy laws,
which could lead consumers to
opt out of targeted ads, to cut
into its ad sales, she added.
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* * THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Paris Sues
Airbnb
fearing that would guarantee passed in March that would gon office in charge of the “We have no favorites,” Mr.
Amazon.com Inc. the busi-
ness. Already dominant in the
private-sector cloud market,
require Defense Secretary Jim
Mattis to report to Congress
within 45 days on how the re-
procurement deal, told The
Wall Street Journal on Tues-
day that the Pentagon plans to
Van Name said.
A spokeswoman for Ama-
zon’s cloud unit, Amazon Web
To Remove
Amazon has been steadily win-
ning government contracts for
cloud services in recent years.
quest for the JEDI bids was
structured.
“There are concerns about
issue a new draft request for
proposals from contractors
“within the next week.” The
Services, declined to comment.
Amazon Web Services has
been raking in contracts as
Listings
The Pentagon’s Joint Enter- the proposed duration of a part of a multiyear shift in BY SAM SCHECHNER
prise Defense Infrastructure single contract, questions which government bodies AND NOEMIE BISSERBE
cloud contract, known by the about the best value for the ranging from the Central Intel-
acronym JEDI, could be worth taxpayer, and how to ensure
The cloud contract, ligence Agency to the Smithso- PARIS—The city of Paris is
billions over a decade, and is the highest security is main- called JEDI, could nian Institution are moving to suing Airbnb Inc. to remove
expected to be the biggest tained,” a summary of the ap- store and analyze vast tens of thousands of unregis-
government contract ever for propriations language said.
be worth billions amounts of government data tered listings in the French
cloud computing. The impend- But defense officials are over a decade. in the cloud, rather than in capital, heralding what could
ing deal has sparked a fierce forging ahead, arguing that their own data centers. be a costly showdown in one
lobbying fight among Amazon awarding the cloud business The Pentagon contract fight of the company’s largest mar-
and rival computing giants, to a single entity will protect also comes as President Don- kets.
such as Oracle Corp. and Mi- the data and help the depart- new request for proposals ald Trump has lashed out at Paris demanded Thurs-
crosoft Corp., that are threat- ment meet the goal of acceler- takes into account some of the Amazon on Twitter, in broad- day that a French court force
ened by Amazon’s rise. ating the adoption of cloud criticism from Amazon’s de- sides that have led analysts to Airbnb—and other smaller
Amazon’s rivals have tried computing, including for tractors this year, he said. But question whether he would platforms—to remove listings
to slow down progress on the forces in combat zones. he disputed the charge that take any action to blunt the that don’t comply with a new
deal. Language was inserted in Timothy Van Name, the the process is tilted in Ama- rise of Amazon’s government law that requires Parisians
the omnibus spending bill deputy director at the Penta- zon’s favor. business. renting out their primary resi-
dences on sites like Airbnb to
display a city registration
number in their listings.
The city has asked the
court to fine the home-sharing
sites €1,000 ($1,233) a listing a
social network’s data policies. day if they don’t comply—
EU Justice Commissioner fines that could total more
Vêra Jourová spoke by phone than €1 million a month for
Thursday evening with Ms. Airbnb, given its number of
Sandberg to seek clarifications listings, according to Ian Bros-
on the steps the company has sat, Paris’s deputy mayor in
taken since revelations that charge of housing policy.
the social network allowed A trial date is set for June
personal information of as 12, Mr. Brossat said.
many as 87 million users to be “We are disappointed by
obtained by data-analytics this decision, which will hurt
.
firm Cambridge Analytica. local families who share their
ANDREW HARRER/BLOOMBERG NEWS
ly
The EU justice chief said homes and puts their needs
she was particularly con- behind the financial interests
cerned about the 2.7 million of big hotel chains and well-
on Europeans affected and urged funded lobby groups,” a
Facebook to fully cooperate spokesman for Airbnb wrote
with European investigators in an emailed statement. “We
probing the case. will continue working with
A Facebook spokeswoman Paris on clear and simple rules
us l,
agreed it was a constructive that work for everyone—not
Facebook’s Carolyn Everson said the network’s users haven’t dramatically changed their behavior. discussion. just big businesses,” he added.
al a
e
Ms. Everson reiterated The case escalates pressure
“We are not anticipating ma- with digital-privacy worries their privacy. Thursday the company is on Airbnb over the impact it
jor changes to our overall rev- that prompted Congress this European officials also have “deeply concerned” about “any allegedly has on local rental
ci on
enue and business model.” week to question Chief Execu- been scrutinizing the company time there is a breach of markets. Paris and many other
Facebook’s business model tive Mark Zuckerberg, who over the latest data controver- trust.” In response to the scru- cities argue that the firm’s
relies on allowing companies told lawmakers the company sies. The European Union’s tiny, the company has made short-term rentals make it
to show individuals targeted would thoroughly investigate justice chief on Thursday had several changes to limit user more lucrative for property
ads, based on information us- and disclose what data were a “constructive and open dis- data it shares with apps on owners to cater to tourists
er rs
ers share with the social-me- improperly shared. He also cussion” with Facebook Chief Facebook. than to rent out homes to
dia site. said the company had given Operating Officer Sheryl Sand- —Natalia Drozdiak long-term residents, and have
Facebook has been dealing users better tools to control berg in a phone call over the contributed to this article sought to limit them.
m e
m rp
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Hisako Akitani, owner of Tokyo store Ma-Ya, was known for her outspoken views on the industry.
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Japan’s Videogame Queen Departs
BY TAKASHI MOCHIZUKI scolded a company that adver- most of the shop’s sales, Ms.
just $59.95 each. Order 20 or more and take tised famous voice actors in Akitani made that her main fo-
another $10 off per coin—that’s HALF OFF TOKYO—In some ways, its game but gave them only cus about a quarter-century
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came to pay tribute to a
woman whose frankness made
her one of the industry’s most
Asian countries, said he some-
times exchanged emails with
Ms. Akitani at midnight about
began to copy them down.
Many took notes on their
chats with her and would
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Ms. Akitani made her name her firsthand input would trek parlors, veteran game develop-
Call toll-free for fastest service with unvarnished views about to her store in eastern Tokyo. ers remember.
games and how they are mar- Via Ms. Akitani, feedback from “It was like a believer hand-
1-888-517-8627 keted, taking stands that a child in a neighboring apart- copying a sacred text,” said
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Please mention this code when you call. publications often wouldn’t the executive suite. veloper now at Gree Inc. who
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“She’ll talk to you about Level-5 Inc., that games for for ideas on how to make a
anything with complete hon- children should cost less than popular game.
esty,” said Ryozo Tsujimoto, ¥5,000 ($47). Mr. Hino said he Games will keep selling on-
managing corporate officer of followed her advice whenever line, but e-commerce can’t
Japanese videogame company possible. fully replace her, game cre-
Capcom Co. and a creator of “I’m the kind of person who ators said. “For her, doing
its hit franchise “Monster has to say things directly,” business wasn’t just a matter
Hunter.” said Ms. Akitani. “It was just of selling stuff,” said Toshihiro
At her shop, called Ma-Ya, necessary for a small shop’s Nagoshi, chief product officer
and since the early 2000s on a survival.” of Sega Games Co. “It was
blog, Ms. Akitani would dress Ma-Ya was a toy store when about loving the product and
down game makers for miss- it opened nearly four decades getting customers to love it.
ing promised launch dates. ago. After finding that video- That’s what touched our
She recalled the time she games were accounting for hearts.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Coal CEO Says Bailout No Longer Needed
Murray Energy chief
credits pickup in
exports to Asia
for business revival
BY TIMOTHY PUKO
AND ANDREW SCURRIA
Coal magnate Robert Murray,
after warning his company could
be pushed into bankruptcy if the
Midwest coal industry failed to
get a bailout from federal regu-
lators, said he expects his com-
pany to thrive whether or not
the Trump administration inter-
venes.
Mr. Murray, chief execu-
tive and controlling owner
of Murray Energy Corp. and a
major Trump supporter, said in
an interview that surging de-
mand for coal in Asia, along with
his company’s growing exports
to that region, have revived his
business. Growing Chinese im-
ports, and a recovering global
economy, drove up coal prices,
offsetting a long-term decline in
U.S. demand.
Murray Energy also is ramp-
ing up sales in India with help
from a London-based trading
firm that the company helped
open in 2015.
“I’ve got the best coal com-
pany in the world,” he said.
That optimistic outlook
marks a strong contrast to what
Mr. Murray has said about his
business not long ago. Last
summer, he told the White
House that his company’s Appa-
lachian mines might close with-
out an emergency lifeline for the
power-plant fleet at FirstEnergy
Lands’ End Returns to Classics, Elastic Waistbands
BY SUZANNE KAPNER
Within a week of taking the
helm of Lands’ End Inc., Je-
rome Griffith knew what he
needed to do to fix the strug-
gling apparel seller: Get rid of
the flashy clothes.
The new chief executive
discontinued a line of higher-
end clothing introduced by his
predecessor, called Canvas,
that was meant to appeal to
younger women who shopped
at trendy retailers such as J.
Crew and Zara. The clothes
were more expensive and had
a slimmer fit than Lands’
End’s traditional outdoorsy
garb.
“It all got marked down,
and it didn’t sell at markdown
because it didn’t fit our cus-
tomers,” Mr. Griffith, a retail
veteran who joined Lands’ End
last March, said in an inter-
view. Getting rid of it “was a
no-brainer.”
That is not the only about-
face at the catalog retailer
known for its expedition jack-
ets, turtlenecks and chinos.
Gone are the strappy high-
heeled sandals and glossy
magazine ads, part of a failed
remake by former CEO Feder-
ica Marchionni, who was
no
ousted in 2016. Ms. Marchio-
nni declined to comment on
ESPN Casts Wider Net for Viewers With Digital Service
BY SHALINI RAMACHANDRAN
ESPN is launching a new
streaming service that will
test the sports juggernaut’s
ability to attract viewers who
don’t want to pay for cable
without losing the business of
those who do.
The $4.99-a-month service,
called ESPN+, offers an array
of live sports, including some
college games, pro golf and
Grand Slam tennis, along with
more niche offerings like box-
ing, cricket and rugby. The
service will also showcase one
Major League Baseball and one
National Hockey League game
a day during both sports’ reg-
ular seasons, as well as more
than 250 Major League Soccer
games.
The digital service falls
short of the sports fan’s Holy
Grail, something like an a la
carte version of ESPN with any
sport a consumer would want
to watch—but such an offering
would risk cannibalizing the
network’s existing cable busi-
ness.
ESPN+ subscribers won’t be
able to stream the company’s
namesake cable channel or its
sister channels like ESPN2.
That means marquee Monday
Night Football or National
Basketball Association games
on cable won’t be available,
* *
Murray Energy CEO Robert Murray, right, had warned of a possible bankruptcy if the Trump administration didn’t intervene.
Corp., a major coal-burning cus-
tomer of Murray En-
ergy. A FirstEnergy subsidiary
requested federal interven-
tion last month and the Energy
Department is weighing a re-
sponse.
Mr. Murray rose to promi-
nence after acquisitions made
his company the largest pri-
vately owned U.S. coal mining
firm earlier this decade.
us l,
al a
e
Comeback Trail
ci on
Lands' End quarterly revenue,
change from previous year
12%
4Q 2017
$510.6 million
er rs
8 Despite telling employees at
▲11.3%
4 headquarters reminded her of
m e
0 she grew up, according to peo-
m rp
–4
–8
co Fo
–12
2014 ’15 ’16 ’17
Source: S&P Capital IQ
THE WALL STREET JOURNAL.
the changes.
Mr. Griffith’s retooling so
far seems to be working. The
company posted a profit for
the year ended in February af-
ter two years of losses. Sales
in that year rose 5.3% to $1.41
billion. And the number of
n-
customers who shopped with
Lands’ End for the first time
jumped 30% in the fourth
quarter, compared with the
same period a year ago, ac-
cording to the company.
raising questions about how
broad of an appeal the new
product will have.
The sports giant is launch-
ing ESPN+ at a critical mo-
ment for the company, as well
as for its majority owner, Walt
Disney Co., which has laid out
a strategy of new direct-to-
consumer offerings to help ex-
pand revenue.
ESPN’s traditional business
has come under pressure due
to customers dropping their
cable packages and downgrad-
ing to cheaper skinny bundles
without ESPN. At the same
time, sports-focused streaming
competitors like CBS Sports
HQ and Turner’s Bleacher Re-
port Live have launched.
“ESPN+ represents a new
step in giving our company
more flexibility, capability and
control of our future irrespec-
tive of possible marketplace
changes,” said James Pitaro, a
former Disney consumer-prod-
ucts and digital chief who took
over as ESPN’s new president
in March.
ESPN executives say they
are targeting three types of
fans: the core ESPN user who
is hungry for more sports, the
niche sports fan who follows
rugby and the like, and the un-
derserved fan who can’t find
sports from his or her alma
mater on traditional TV.
BUSINESS & TECHNOLOGY
After Donald Trump was
elected president, Mr. Murray in-
jected himself into the center of
a national debate about what the
Trump administration might do
to save the shrinking coal indus-
try. He has asked Mr. Trump to
arrange an emergency order—
one designed for times of war
and natural disasters—to keep
onunprofitable coal-fired plants
open, saying losing them creates
The catalog is utilitarian as the retailer focuses on digital marketing.
“When you have a well-re-
garded brand that has gone off
the track, you go back to its
roots,” said the 60-year-old
Mr. Griffith, who was most re-
cently CEO of luggage maker
Tumi Holdings Inc. He previ-
ously worked at Esprit,
Tommy Hilfiger and Gap.
Lands’ End lost its luster
following its 2002 acquisition
by Sears, Roebuck & Co., now
Sears Holdings Corp. After a
string of record profits, results
Face-Off
ESPN's new streaming service joins a growing roster of competitors.
Price: $4.99/month
Key offerings: Pro baseball,
hockey and soccer; college
sports; exclusive home of all
‘30 for 30’ documentary
films; ‘Detail’ studio show
hosted by Kobe Bryant
Source: the companies
ESPN’s Buster Only interviewed Byron Buxton of the Minnesota Twins last month during a spring training game in Fort Myers, Fla.
a national-security risk. But Mr.
Murray’s critics say intervention
undermines free competition
and distorts markets.
An emergency request in
front of the Energy Department
formally filed by a FirstEn-
ergy subsidiary would benefit
many of the plants in Ohio and
the surrounding states that buy
Murray coal. He has already re-
vived his company through a se-
LANDS’ END
began to deteriorate in 2008
and continued to slide after
Sears spun off the unit in
2014.
Lands’ End shares, which
had fallen below $12 in Novem-
ber, are now trading around
$22. The apparel chain has a
market value of $715 million,
which is more than double
what Sears is currently worth.
Ms. Marchionni, a former
Ferrari and Dolce & Gabbana
executive who became CEO of
Price: to be set in the
summer Price: $9.95/month
Key offerings: NBA games for Key offerings: From CBS
purchase, college sports Sports, offers live and
championships, National on-demand college sports,
Lacrosse League, World Arm Crossfit, National Lacrosse
Wrestling League League, boxing, rugby and
water polo
Friday, April 13, 2018 | B5
the Journal.
The country’s electricity grid
is in the middle of a historic
transformation. Rapid techno-
logical advancements have made
gas-fired and renewable power
cheaper, running dozens of nu-
clear and coal-fired competitors
out of business. The viability of a
number of corporations—and
thousands of jobs—are on the
line.
Some states have approved
help for nuclear-power plants,
and FirstEnergy has forced a
similar decision on the Trump
JEFF SWENSEN FOR THE WALL STREET FOR THE WALL STREET JOURNAL
administration. In late March it
asked the Energy Department to
declare an emergency under a
lightly used, 83-year-old law to
guarantee profits for its nuclear
and coal-fired plants and dozens
of others across the Midwest
and Mid-Atlantic states. Its
FirstEnergy Solutions power-
generation businesses, known as
FES, filed for bankruptcy pro-
tection two days later.
FES operates coal-powered
plants in Ohio and Pennsylvania
with combined capacity over
4,700 megawatts. It was bank-
ruptcy warnings from FES last
year that prompted Mr. Murray
to warn last year that Murray
Energy, too, could go under. He
ries of acquisitions and by creat- said an FES chapter 11 would tip
ing a trading house, Javelin Murray Energy into an “immedi-
Global Commodities Ltd., just as ate bankruptcy” as well.
prices started to rebound. Mr. But Murray Energy hasn’t
Murray spent much of 2016 and filed for bankruptcy protection
2017 publicly fretting he may and doesn’t need to now, Mr.
.
miss payments on more than $4 Murray told the Journal. It isn’t
ly
billion in debt at Murray and a clear whether Murray Energy’s
sister company, and an addi- supply deals with FES will sur-
tional $2 billion in retiree obli- vive those businesses’ bank-
gations, but now he is making ruptcy. An FES spokesman de-
them without trouble, he told clined to comment.
Lands’ End in 2015, injected boat equipment. Now, it is re-
more fashion into the brand focusing on the classics.
by overhauling its merchan- “Our customers search our
dise and marketing. The cata- website for snow boots, rain
log, known for its informative boots and walking shoes,” Mr.
product shots, morphed into a Griffith said. “They don’t
slick magazine. search for pumps, wedges or
high-heeled stilettos.”
a town-hall meeting that the Lands’ End’s catalog has re-
company’s Dodgeville, Wis., verted to its utilitarian style
with product shots and de-
the village near Rome where scriptive text. But Mr. Griffith
is spending less on catalogs as
ple who were there, Ms. Mar- he focuses on digital market-
chionni spent about one week ing. Other traditional advertis-
a month in Dodgeville. In- ing, such as print and televi-
stead, she worked out of an sion ads, has been slashed as
office in New York that has well.
since been downsized. Ms. The company’s advertising
Marchionni, who had been liv- spending fell to $15 million
ing in New York before joining last year, more in line with
Lands’ End, didn’t want to up- historical levels, after balloon-
root her young son, according ing to nearly $46 million in
to a company spokeswoman. 2016, according to Kantar Me-
Mr. Griffith, who grew up dia. The figures don’t include
milking cows on a dairy farm catalog mailings.
in Pennsylvania’s Amish coun- Mr. Griffith will have to
try, also told employees that continue to increase sales in a
Dodgeville reminded him of difficult retail environment.
home. He relocated to nearby Traditional brands have been
Madison, Wis. losing share to e-commerce
He discovered that new companies as more shoppers
products customers didn’t shift their buying online.
want had crowded out best- Lands’ End is still depen-
sellers such as walking shoes, dent on Sears, which has been
elastic waistband Starfish shrinking. It operates roughly
pants, and canvas totes—a nod 174 shops at Sears stores, rep-
to the company’s 1963 start as resenting 11% of its overall
a mail-order supplier of sail- sales.
Price:
From $35
Price: free to $75
Key offerings: 24-hour sports Key Offerings: From NBC, six
news, highlights and pre-and separate subscriptions to
post-game analysis sports including Premier
League soccer, Tour de
France cycling, World Cup
rugby and motocross
THE WALL STREET JOURNAL.
MARK BROWN/B51/GETTY IMAGES
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

BANKING & FINANCE

 
  

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 © 2018 Dow Jones & Company, Inc.
All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
CHINA DAILY
ALL YOU NEED TO KNOW
This supplement was paid for and prepared solely
by China Daily, an official publication of the People’s
Republic of China.The Wall Street Journal news
organization and advertising department were
not involved in the creation of this content.
FAVORITE COLOR: GREEN
NEW ECONOMIC CENTER
SETS OUT ITS PRIORITIES, P2
UP WITH THE PLAY
ROBOTS GIVEN A SEAT
AT GAMERS’ TABLE, P3
Underground World
a Home to Wonders
By WANG KEJU
and YANG JUN
Shuanghe Cave in
Southwest China’s Guizhou
province, which was named
the longest cave in Asia on
March 24, houses a trove of
wonders, including a lizard-
like endangered species,
0.33 feet long and fossils of
vertebrates such as giant
pandas and what appear to
be rhinoceros, saber-tooth
tiger and elephant remains.
The slithery lizard, found
in an underground river in a
major branch of the cave, is
similar to a giant salamander.
A full definition of the new
species will require further
research by scientists.
Unlike scientific surveys on
no
the surface, a cave can retain
traces of a place for a long
time, including its ancient
ge o l o g y, m e te o ro l o g y,
paleontology and even
hydrology, said Li Po, chief
engineer of the Guizhou
Academy of Sciences’
Mountain Resource Research
Institute.
“Those key elements will
help us better understand
the ancient environment and
our current environment.
Guizhou is truly rich in
geological resources, and
many caves have unique
ecosystems that need further
research.”
S h u a n g h e C ave i s a
karst formation that was
discovered in the late 1980s.
Nineteen major surveys have
been carried out by Chinese
and foreign researchers. This
year’s survey has begun.
Researchers explore Shuanghe Cave in Guizhou province.
PROVIDED TO CHINA DAILY
on
us l,
al a
e
ci on
er rs
m e
m rp
Thecave,locatedinSuiyang
county, is the sixth-longest in
the world, researchers said.
“The length of a cave
system equals the total
length of all its main caves,
co Fo
branch tunnels, cenotes and
underground rivers,” said
Qian Zhi, secretary-general
of Guizhou Cave Association.
A team of Chinese and
Fre n c h s p e l a e o l o g i sts
announced on March 24 that
the surveyed passageways in
Shuanghe Cave had reached
148 miles, making it the
longest in Asia. Previously,
the longest knownAsian cave
was the Clearwater Cave in
n-
Malaysia, at 140 miles.
The known longest cave
system in the world is
Mammoth Cave in central
Kentucky, with 412 miles of
surveyed passageways.
The cave researchers
conducted a joint expedition
on March 11 at Shuanghe
Cave,attractingmorethan30
experts from China, France,
Canada and Portugal.
Jean Bottazzi, a well-
known French caver who
spent several years in China
exploring the underground
kingdom, found a new tunnel
inShuangheCaveconnecting
with Duiwo Cave, where the
new lizard-like species was
found.
DuiwoCavewasdiscovered
in 2003 but was not explored
until 2015 because of
technical difficulties. After
three years’ exploration it is
reckoned to be 5 miles long.
Dong Xianwu contributed to
this story.
China Watch materials are distributed by China Daily Distribution Corp., on behalf of China Daily Beijing, China.
Additional information is on file with the Department of Justice, Washington, D.C.
NY
PAID ADVERTISEMENT
China’s reform
and opening-up
meets its people’s
aspiration for
development,
innovation and a
better life. It also
meets the global
trend toward
development,
cooperation and
peace.”
PRESIDENT
XI JINPING
IN THE KEYNOTE SPEECH AT
THE OPENING CEREMONY OF
THE BOAO FORUM FOR ASIA
President Xi Jinping delivers the keynote speech at the opening ceremony of the annual conference of the Boao Forum for Asia 2018 in Boao,
Hainan province, on April 10. LI XUEREN / XINHUA
Duty on cars and other products will be cut, President Xi Jinping says
at forum opening. An Baijie reports
P
resident Xi Jinping has
a n n o u n ce d i m p o r t a n t
measures, including
reducing tariffs on motor
vehicles this year, to open
the world’s second-largest
economy “wider and wider.”
“We will take the initiative to expand
imports,” Xi said in the keynote speech
at the opening ceremony of the annual
conference of the Boao Forum for Asia
in the southern island province of Hainan
on April 10.
The theme of this year’s conference
was “An open and innovative Asia for a
world of greater prosperity.”
China does not seek a trade surplus,Xi
said, adding that the country would like
to increase imports and achieve greater
balance of international payments under
the current account.
“This year we will significantly lower
import tariffs on motor vehicles and
reduce import tariffs on some other
products,” he said. “We will import more
products that are competitive and
needed by our people.”
The first China International Import
Expo planned in Shanghai in November
will not be just another expo in an
ordinary sense, but “a major policy
initiative and commitment taken of
our own accord to open up the Chinese
market,” he said.
China will significantly broaden market
access and create a more attractive
investment environment, he said.
“An investment environment is like
air, and only fresh air attracts more
investment from the outside.”
China will continue to strengthen
protection of intellectual property rights,
Xi said, adding that it will provide the
biggest boost to the Chinese economy’s
competitiveness.
Trade Tension Sparks Deep Concern
By CHEN WEIHUA
Trade tensions between China
and the United States continue to
escalate following the latest move by
U.S. President Donald Trump to slap
additional tariffs on $100 billion worth
of imports from China.
Trump made the new threat in a
statement on April 5, a day after China
announced 25% new tariffs on 106
U.S. goods, worth $50 billion, ranging
from soybeans and cars to whiskies and
planes, in response to the U.S. Section
301 tariffs proposed on April 3 on 1,300
Chinese products, primarily technology
goods, worth $50 billion.
China responded swiftly to Trump’s
latest move on $100 billion of imports
with Ministry of Commerce spokesman
Gao Feng vowing countermeasures.
“China will fight to the end and is willing
to pay any price. China will firmly fight
back with new measures,” he said.
“We don’t want a trade war, but we
are not afraid of it,” said Foreign Ministry
spokesman Lu Kang.
Just days earlier, China retaliated
against new U.S. tariffs on steel and
aluminum imports imposed on March
23. China targeted 128 U.S. products,
worth $3 billion, including nuts, fruits,
pork and seamless steel pipes.
Amid concerns of a trade war, Larry
Kudlow, the new director of the White
House National Economic Council, has
for days tried to calm concerns of U.S.
investors and farmers by saying that
the two countries are talking to each
other and the threat of tariffs is just a
negotiation tactic for Trump.
Tariffs to Fall
in Further
Reform Push
In his speech, he reaffirmed China’s
commitment to deepen reform and
opening-up.
“China’s reform and opening-up meets
its people’s aspirations for development,
innovation and a better life. It also meets
the global trend toward development,
cooperation and peace.”
Over the past 40 years China’s GDP
has grown at an average of about 9.5%
a year, Xi said.
To promote common prosperity,
countries have no choice but to pursue
greater connectivity and integrated
development, he said.
“Human history shows that openness
leads to progress, while seclusion leaves
one behind.”
Austrian President Alexander Van der
Bellen said that economic openness,
which involves as many countries and
sectors as possible, will benefit not only
a small and open economy like Austria’s,
but all others, too.
“The so-called trade wars are the last
thing we need,” he said.
Mark Rutte, prime minister of the
Netherlands, called in his speech for
joint global efforts to oppose trade
protectionism.
“History shows trade barriers divide
not only markets but also the people and
their ideas.”
Singapore’s Prime Minister Lee Hsien
Loong said in his address at the opening
ceremony that the multilateral World
Trade Organization system must be the
basis for global trade.
“Since China joined the WTO in 2001,
its weight in the global economy and
its share of world trade have grown
enormously, and this has greatly
benefited China itself and many other
countries of the world, including
Singapore.”
We don’t want a trade war, but
we are not afraid of it.”
LU KANG
FOREIGN MINISTRY SPOKESMAN
Peter Navarro, the White House trade
advisor and a China trade hawk, also
indicated on April 5 that a solution will
be found through negotiations between
U.S.Trade Representative Bob Lighthizer
and Treasury Secretary Steven Mnuchin
and Chinese officials.
But Gao of the Chinese Ministry of
Commerce said that the two sides have
not held any talks over the current trade
friction, adding that “it’s impossible for
both side to engage in any negotiation”
under U.S. coercion.
The proposed Section 301 tariffs will
have a public comment period until late
May. The Trump administration will then
have 180 days to decide if it wants to
enact the tariffs.
Douglas Paal, vice-president for
studies at the Carnegie Endowment for
International Peace, said White House
officials are sending confusing signals.
“That may be Mr. Trump’s intention, to
meet political and economic objectives
that are a bit out of alignment with
each other. But it may reflect different
objectives from different wings of the
White House,” he said.
Many U.S. lawmakers, especially from
Friday, April 13, 2018 | B6A
Forum gives leaders
chance to pool ideas
.
ly
Boao Forum for Asia, established
in 2001, is a nongovernmental and
nonprofit international organization.
Boao Town, Hainan province, serves
as its headquarters. Since 2002 BFA
has held its annual conference in
Boao.
The forum is a high-level meeting of
leaders of governments, businesses
and academia in Asia and elsewhere.
It arranges platform for dialogue
involving the public and private
sectors and academia. It is widely
regarded as an important event at
which Asia’s future is envisaged and
discussed.
This year’s conference, with the
theme “An open and innovative Asia
for a world of greater prosperity,” was
held from April 8 to 11.
On the opening day the forum
issued three annual reports, titled
Asian Competitiveness, Progress
of Asian Economic Integration
and Development of Emerging
Economies. They discuss Asian
economic issues and set out what are
seen as key challenges for regional
growth.
Almost 2,000 politicians and
business and media leaders, as well
as academics took part in the forum.
Ban Ki-moon, former secretary-
general of the United Nations, was
elected chairman of the Board of
Directors of the Boao Forum for Asia.
The General Meeting of Members
of the Boao Forum for Asia elected
the new board of directors, and Ban
replaced Yasuo Fukuda, former
Japanese prime minister, to become
the new chairman of the 19-member
Board of Directors.
the Midwest farm states, have voiced
deep concern that a trade war with
China would negatively impact their local
economies and the mid-term elections
later this year. Eight out of the top 10
soybean-producing and exporting states
in the U.S. voted for Trump in 2016.
Senator Chuck Grassley, a Republican
from Iowa, a major soybean exporter to
China, said farmers and ranchers should
not bear the brunt of any trade war.
“If U.S. farm exports are squeezed
out of the Chinese market by double-
digit tariffs, the rural economy would
suffer a severe downturn. That’s why I
have been urging the president and his
administration to carefully consider the
devastating repercussion that tariffs
present for rural America,” he wrote in
an article posted on his website on April
6. Grassley recently went to China with a
Congressional delegation amid growing
bilateral trade tension.
Marcus Noland, executive vice-
president and director for studies at
the Peterson Institute for International
E c o n o m i c s , s a i d t h e Tr u m p
administration has not really articulated
its goal, a mechanism or a timeline.
“They seem to be going off on a
trajectory where they are going to act
tough. They’re not going to have clear
goals. They’re not going to have a clear
mechanism for resolving the issues,
and they really seem to be heading in
a direction that imposition of measures
that are supposed to address some
kind of issue and end up just being a
permanent feature,” he said.
SEE “TARIFFS” ON P3
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6B | Friday, April 13, 2018
2 | China
An aerial view of Baiyangdian, the largest freshwater wetland in North China, in Xiongan New Area, Hebei province. MU YU / XINHUA
A
year ago plans to
develop Xiongan
N e w A re a i n t o a
demonstration
center for innovative
development were
announced, and local small-sized
companies, which are often major
polluters, are quickening up the
pace of going green to meet strict
environmental standards.
On April 1 last year, Liu Jianhong,
president of Xueruisha Feather and
Down Product Co., which makes
winter-wear like down jackets, heard
about Xiongan New Area.
The company is in Dazhangzhuang
village,Anxin county, Baoding, which
is a less developed region in the
central part of Hebei province.
From news reports he gleaned a
rough idea of what the region would
be like.
According to an earlier report
by Xinhua News Agency, the aim
is for Xiongan New Area to have a
global perspective and conform to
international standards.
The zone is expected to help spare
Beijing of functions unrelated to its
status as national capital and has
caught the spotlight worldwide with
its fast and efficient construction.
Xiongan NewArea will initially cover
about 40 square miles and later cover
Xiongxian, Rongcheng and Anxin
counties in Hebei province,eventually
taking up about 770 square miles.
The move is a “major historic and
strategic choice made by the CPC
Central Committee with Comrade
Xi Jinping as the core,” said a circular
issued a year ago by the CPC Central
Committee, which described the
decision as “a strategy crucial for a
millennium to come.”
The new area, about 60 miles
southwest of Beijing, is among
measurestoadvancethecoordinated
development of the Beijing-Tianjin-
Hebei region. It is the third new
area of national significance after
Shenzhen Special Economic Zone
and Shanghai Pudong New Area.
Liu found his company was located
at the very center of Xiongan New
Area.
no
News Digest
Expo proves to be strong magnet
More than 1,600 companies from
more than 120 countries and regions
have applied to attend the China
International Import Expo, to be held
in Shanghai in November. More than
600 applicants have signed contracts
for the event, which will occupy a
display area of about 30 acres, the
organizer said.
Yuan crude futures eye global move
The Chinese futures market
took another step toward
internationalization with the unveiling
on March 26 of yuan-denominated
crude oil future contracts, the first of
their kind open to overseas investors.
The futures, under discussion for
nearly 17 years, will set a crude oil
pricing benchmark that reflects
supply and demand in China and
Asia, said Jiang Yang, vice-chairman
of the China Securities Regulatory
Commission. With this step, China
is taking the lead with innovative
measures to make up for the lack
of a benchmark for crude oil in Asia,
industry insiders say.
WeChat on board to lure tourists
Washington’s tourism department
announced on March 20 that it is
partnering with the social media
app WeChat to attract more Chinese
tourists. As part of the partnership,
Tencent, the owner of WeChat, will
help businesses in Washington to set
up official accounts on its platform,
create WeChat mini-programs, and
plug into the WeChat Pay system.
Proposed modern economic center makes progress, but change
rattles some local firms. Wang Yanfei reports
on
us l,
al a
e
ci on
er rs
m e
Clockwise from above: Workers of China State Decoration Group Co., with a scale model of a service center. WANG JING / CHINA DAILY
m rp
The Xiongan Citizen Service Center being built in the new economic zone near Beijing. MU YU / XINHUA
“It was something like hitting a
jackpot,” he said. “Something big is
co Fo
going to happen here, bringing new
opportunities.”
He thought the influx of more
new residents into the region might
increase his company’s sales, but
he later found that an immediate
challenge ahead was to adapt to
stricter environmental standards,
the central government having made
environmental protection a priority.
For the past several decades
the down and feather industry has
been pivotal to local economic
n-
growth. Local manufacturers of
down clothing could easily get raw
materials. For example, the soft layer
Tomb held liquor of very old vintage
Archaeologists have unearthed a
bronze kettle containing liquor from
a tomb dating back more than 2,000
yearsinShaanxiprovince.Thekettleis
a sacrificial vessel. It was among 260
items unearthed from a graveyard
of commoners’ tombs from the Qin
Dynasty (221-206 B.C.). Most of
the relics were for worship rituals.
Xu Weihong, a researcher with the
provincial archaeological institute,
said about 300 milliliters of liquor
was found in the kettle, which had its
opening sealed with natural fibers.
The liquor is a transparent, milky
white.
Panda cubs have ID microchips
All 17 pandas born at Shenshuping
protection base in Wolong National
Nature Reserve, Sichuan province,
last year have had ID microchips
implanted to trace their movements
and keep records of their growth.
“The ID chip is half the size of a grain
of rice,” said Li Desheng of the China
Conservation and Research Center
for the Giant Panda. “It contains a
uniqueidentificationcodeand,usinga
sensor, the panda’s basic information
such as health records and age can
be retrieved.”
Power generator for sun and rain
Scientists have developed a cost-
effective hybrid power system that
generates electricity both in sunny
conditions and by collecting rain. In a
study published in the latest edition of
ACSNano,amonthlyscientificjournal
NY
PAID ADVERTISEMENT
Xiongan New Area — A Timeline
July 6, 2017 –
July 18, 2017 –
D6655, a new China Xiongan
high-speed train Construction and
connecting Beijing Investment Group
and Xiongan New Co. Ltd. is
Area, starts service established
March 1, 2018 –
The Xiongan campuses of Beijing Chaoyang
Experimental Primary School, Beijing No. 80 High
School, Beijing 61 Kindergarten, and Beijing Haidian
Zhongguancun No. 3 Primary School are founded
Source: CHINA DAILY
of duck feathers was obtained from
the nearby Baiyangdian wetland, a
region that includes more than 140
lakes.
Villagers either started business at
home, worked for local factories, or
set up small firms to produce down
products. But sewage generated in
the process was dumped directly into
the wetland,damaging the ecological
system.
There were 68 small-sized
companies and family-owned
workshops in the village, but half
of them had to shut because they
failed to meet the new environmental
standards by the end of last year.
The remaining 34 factories were
Tea for two
Farmers pick spring tea in Bashan, a village in Zhejiang province,
on March 26. Some 1,650 acres of tea is planted and farmers in the
village in Hangzhou sell more than 210,000 kilograms a year. The
crop has become villagers’ main source of income. XU YU / XINHUA
of the American Chemical Society,
scientists from Soochow University
in Jiangsu province presented
their invention — a device that
combines an existing solar cell with
a triboelectric nano-generator. Solar
energy is collected as the source for
electricity,and the generator harvests
the mechanical energy generated
from the motion of raindrops and
transforms it into electricity.
Firms helped recruit foreign lawyers
Shanghai is drafting rules that will
allow local law firms to employ foreign
Go-Ahead Area
Turns Green
With Gusto
Sept. 28, 2017 – Feb. 10, 2018 –
Forty-eight enterprises, The administrative
including Alibaba, Tencent, committee of Xiongan
Baidu, JD Finance, Qihoo New Area holds an
360, China Telecom and
academic seminar on
PICC, are admitted into the theme “Exploring
Xiongan New Area a new model of
residential leasing
management with
Feb. 28, 2018 – home rental loans as
Construction of the
Beijing-Xiongan
a point of entry,”
aiming to establish a
Intercity Railway mechanism for home
begins
leasing
asked to cut production time by half
to reduce pollution, mainly sewage
flowing into Baiyangdian lakes.
“ Lo c a l g ove r n m e n t s h a ve
tightened up regulation over
environmental protection since last
year,” said Chen Yue, a villager who
has closed his family-owned down
production workshop last year.
“Officials conducted random
inspections and no one dared
to restart factories that had to be
closed. Any company that failed to
meet environmental standards or
failed to get a license for operations
had to shut down.There are no other
options. The low-end manufacturing
sector won’t be allowed to continue.”
lawyers, as the city aims to boost
legal services for overseas investors,
it was announced on March 28. The
city’s Justice Bureau said it is ironing
out procedures for recruiting legal
professionals from overseas and
their qualification requirements. “As
an incentive, we may also provide
policy support to assist expat lawyers
in obtaining residence permits in
Shanghai, as well as receiving social
welfare and social security,” said Lu
Weidong, director of the bureau.
CHINA DAILY
THE WALL STREET JOURNAL.
CHINA DAILY
It will not be an easy task for local
people to find a new economic driver
in the short term, experts said, as
the whole province has long relied
on resource-dependent industries,
falling behind other comparable
regions.
Last year the tertiary sector
accounted for 41.7% of total
economic output in Hebei province,
.
about 10 percentage points lower
ly
than the national average.
The indicator was way lower than
that of Tianjin and Beijing.
“Moving away from traditional
highly polluted industries will be a
painful process for companies, and
yet it is an irreversible trend,” said
Chen Jian, vice-president of the
China Society of Economic Reform.
Liu’s company is one of the
remaining businesses that took steps
to remake themselves so as not to
violate the environmental standards
and thus stand a better chance to
stay competitive.
He moved production lines of all
products to another base, in Linyi,
Shandong, that he established in
2010.
The relocation would also help
avoid rising labor costs in Xiongan,
which have almost doubled since last
year, Liu said.
He plans to renovate the factory
and turn it into a hotel for young
skilled people seeking work there.
Part of the space will be turned
into a museum as well, to keep alive
memories of the Anxin county, he
said.
“Large-scale high-tech, clean
energy,water treatment and financial
industries are encouraged to come
to Xiongan in the early stages, and
later there will be more measures
to encourage entrepreneurs to
start their businesses,” said a
researcher who has helped draft the
construction plan.
“Entrepreneurs and innovators
who can help local companies to
transform through the Internet Plus
strategy are particularly welcome,”
he said.
An Baijie contributed to this story.
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THE WALL STREET JOURNAL.
CHINA DAILY
Robot That Makes World
of Gaming More Human
Developers have combined gaming content with real-life interaction, and in any strife
between gamers, a mechanical referee will have the last say. Zheng Yiran reports
T
he party card game
Werewolf is a regular
part of life for Tracy
Xing, 27, an office clerk
in Beijing who meets
colleagues to play the
game in her office’s public area at
noon every Friday.
Now she has a new game mate — a
robot.
Werewolf is a simple reasoning
group game that requires a judge
to preside over the activity. It can be
playedonline,withdifferentrolessuch
as villagers and killers assigned to the
players and the computer acting as
the judge.
Like Xing, many people prefer
to play the game with friends or
colleagues face-to-face offline, and
the players take turns being the judge.
But now, an AI robot can serve as the
judge so that the participants can
enjoy the game even more.
During the game, the robot,
invented by Rokid Co. Ltd., an AI firm
in Hangzhou, can give instructions
and play background music, creating
an immersive experience for players.
Rokid gained a patent award in
SiliconValley last year for its Werewolf
judge function.
“Having robots take some of
humans’ routine work, and set
people free to engage in face-to-face
interaction, is the original intention of
inventing Rokid,” said Jiang Gonglue,
chief designer of the AI robot.
“In this information technology
era, people are used to chatting
with friends via WeChat. We wish
to bring our users back to the time
when we accompany our friends
and talk with each other face-to-
face,” Jiang said, adding that the
company will continue to develop
multiplayer social games based on
AI robots, such as knowledge quiz
and music contest.
Misa Zhu, founder and chief
executive of Rokid, said that “taking
advantage of AI, we want to create a
cozy and pleasant environment for
friends to stay closer.”
Apart from promoting social
interaction, AI technology is also
helping get game players involved in
exercises offline in the real world.
Walkup, a mobile game developed
by the internet company Breeze
Co. Ltd. of Beijing, integrates offline
walking with mobile games, via a
virtual world cruise.
Specifically, each step the user
physically takes will be tracked by
Tariffs: Numbers Called Misleading
no
FROM PAGE 1
Fred Bergsten, a senior fellow
and director emeritus of the
Peterson Institute, expressed
concern about Trump’s demand for
China to reduce the bilateral deficit
by $100 billion. “What he wants is
some declaration of a victory that
he is cutting the bilateral deficit,”
he said.
Trump regularly blames China
and other nations for the U.S. trade
deficit. On April 7, he tweeted that
“The United States hasn’t had
a trade surplus with China in 40
years. … The U.S. is losing $500
billion a year.” In reality, the U.S.-
China trade deficit was $375 billion
according to U.S. data and $275
billion according to Chinese data.
Most economists believe the
bilateral trade deficit does not
matter and the U.S. trade deficit
is a result of its fiscal policy, low
savings rate and the role of the U.S.
dollar as a global currency. Trump
tax cuts effective this year are also
set to widen the trade deficit.
Many economists are alarmed
at Trump’s misreading of the
trade deficit as a loss for the U.S.
The U.S. trade deficit with China
is misleading because China has
become the global assembly line
where most high-value components
are supplied by other countries.
The often-cited example is
the iPhone. While each phone is
counted as hundreds of dollars by
the U.S. as an import from China,
China only makes $10 on an iPhone;
the rest goes to Apple, and other
on
A group of people play the party card game Werewolf with an AI-enabled robot invented by Rokid Co. Ltd. as the judge.
PROVIDED TO CHINA DAILY
us l,
al a
e
AI will take the place of many
ci on
scenario-based functions, ...
boosting the advancement
of the gaming industry, as
well as serving game players
er rs
better.”
DONG ZHEN
ENTERTAINMENTANALYST WITH THE INTERNET
m e
CONSULTANCYANALYSYS
m rp
Walkup and transferred to the outline
of a world map. The more steps one
takes, the further one walks in the
virtual world tour. To offer more fun,
the game allows real-time interaction.
Players may invite their friends to join
co Fo
the game and compare their progress
on their routes. Because players
worldwide can take part, participants
can even see their world rankings.
By September the game had
accumulated more than six million
users, three years after it was
launched, with those aged 19 to 30
accounting for more than 70% of
the users, according to Chen Yang,
founder of Walkup.
n-
Workers sort almonds at a packing plant in California. XINHUA
U.S., Japanese, South Korean and
German companies.
A Deutsche Bank Research report
in late March pointed out that the
U.S.-China trade imbalance is
misleading because it includes only
trade but not the sales generated
through U.S. subsidiaries based in
China, which reached $223 billion
in 2015 and are rising.
For example, General Motors sold
more than 4 million cars in China
in 2017 and there were 310 million
active iPhones in China with Apple
generating $48 billion revenues in
2016, figures that have not been
counted in bilateral trade because
they were mostly made in China.
According to the bank’s aggregate
sales balance,the bilateral imbalance
was only $30 billion in favor of China
but tilting toward the U.S.
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The number of daily active users
surpassed 400,000, with a monthly
retention rate of more than 30% and
2.4 million visits every day.
“The gamification of a product
is the future trend. In the game, we
establish a motivating mechanism,
encouraging users to exercise offline.
In their daily routine, users enjoy the
game, interact with their friends and
achieve their goals of exercising every
day. This is how we gain user loyalty,”
Chen said.
“This mobile game motivates me
to exercise. It tracked my steps and
transferredthosestepsontomyworld
map,” said Lu Bei, 25, a Beijing-based
Walkup fan.
“Starting from Beijing, China,
... I’ve already ‘walked’ to Tokyo,
Japan. Nowadays, I take my phone
everywhere. I would love to see my
icon move on the map, and to check
my ranking among my friends,” Lu
said.
Dong Zhen, an entertainment
analyst with the internet consultancy
Analysys in Beijing, said the gaming
industry, “like other internet
industries, will present its scenarios
offline after all.”
“For users, offline scenarios of a
game are more vivid, and are easier
for gamers to interact with each other,
Besides trade deficits,
Washington has accused Beijing of
forcing U.S. companies investing in
China to transfer technology, and
theft of U.S. intellectual property.
The Chinese government has
denied the accusation and says
the country has been working to
strengthen intellectual property
protection to evolve into an
innovation-driven society. Premier
Li Keqiang said at the recent
National People’s Congress that
China will not force any technology
transfer from any foreign
company and will enhance efforts
to protect intellectual property
rights and severely crack down on
infringements. Li said he welcomes
more globally competitive
businesses to share China’s growth
opportunities.
Business | 3
while for game developers,combining
onlinegamingwithofflineinteractions
is a wise choice to gain the loyalty of
users and expand their market share,”
Dong said.
“AI will take the place of many
scenario-based functions, just like
what the AI robot is doing in getting
everybody involved in the Werewolf
game, boosting the advancement of
thegamingindustry,aswellasserving
game players better.”
According to a report jointly issued
by the Game Publishers Association
Publications Committee, Gamma
Data Corp. and International Data
Corporation, China’s gaming market
was worth 203.6 billion yuan ($32.3
billion) last year,up 23% year-on-year,
andthenumberofgameplayersinthe
country reached 583 million.
AI products such as the judge in
the Werewolf game, which link game
players online and offline, have a
market potential of about 70 billion
yuan, according to Gao Yang, a big
data specialist at YY Inc., a Nasdaq-
listed social platform.
The AI industry will become a key
new growth point for the nation’s
economy by 2020, with the core
industry value totaling more than 150
billion yuan, according to a guideline
releasedby the StateCouncil lastJuly.
While Chinese and U.S. officials
have not directly engaged in talks to
resolve the current tension, it is not
clear if Chinese Minister of Finance
Liu Kun and People’s Bank of China
Governor Yi Gang will meet senior
Trump officials during the 2018
IMF/World Bank Spring Meeting
to be held in Washington from April
20 to 22.
Senator Deb Fischer,a Republican
from Nebraska, tweeted on April 4
that the proposed retaliation from
China will have a negative impact on
her state.“@POTUS must negotiate
with the Chinese in a constructive
way to get good trade results for
our farmers and ranchers,”she said.
Grassley, the Iowa senator, said
history shows that tariffs can spiral
into global instability and economic
uncertainty. “The U.S. and China
need to step away from the edge
of the tariff cliff and broker trade
agreements in good faith that open
market access in both nations to
create higher-paying jobs, benefit
consumers, drive investment and
productivity and grow the economic
pie for generations to come,” he
said.
“A trade war would be immensely
damaging to China, the U.S., and
the world. Supply chains would be
disrupted, factories would close,
people would lose their jobs, and
global financial markets would
fall,” said Henry Levine, a senior
advisor at consulting firm Albright
Stonebridge Group and a former
U.S. deputy assistant secretary of
commerce.
“No one can win a trade war,” he
said.
Friday, April 13, 2018 | B6C
Short and
Sweet is
Secret of
Success
By HE WEI
China’s booming short video
services are becoming popular
overseas with companies looking
to capitalize on markets where
mobile internet is developing
rapidly.
VigoVideo,the overseas version
of the Chinese short video app
Huoshan Video, has topped the
download chart in Brazil and
Indonesia’s Google Play software
store, just three months after
taking its offerings outside China.
This follows the successful
landing of TikTok — an overseas
iteration of the short video
app Douyin — in Thailand and
Japan, said Beijing Bytedance
Technology Co. Ltd., the company
behind these apps.
Like many services, Vigo Video
.
looks to capture moments in life
ly
by offering easy-to-use video
editing tools, as well as a suite of
special effects such as the real-
time beautifying camera to attract
users.
Butthebiggestsellingpointisits
use of artificial intelligence, which
can help users discover videos
and connect with audiences for
their works through personalized
content feeds.
The tech firm,which started out
with an algorithm-backed news
aggregator Toutiao, is on a buying
spree to drive the globalization
goal set by its founder and CEO
Zhang Yiming.
Short video is proving
to be the next global
trend in terms of mobile
entertainment.”
MA SHICONG
NEW MEDIAANALYSTATTHE CONSULTANCY
ANALYSYS
By launching indigenous
services and acquiring foreign
startups from musical.ly to Top
Buzz, Bytedance houses more
than 100 million content creators
across Southeast Asia, Europe
and the Americas.
It is looking to have more
than half the users coming from
overseas in three years, Zhang
said at a public meeting in March.
“Our approach (for overseas
expansion) is to utilize AI
technologies to empower local
content creators and partners,”
said Liu Zhen, senior vice-
president of the company.
Short video entertainment is
gaining momentum in China
as attention spans shorten and
people become increasingly time-
conscious.
The consultancy iiMedia said
that while the sector is projected
to boast 353 million users this
year, growth is slowing, from 74%
in 2016 to 46% this year.
The market is scattered, with
dozens of players, including
Kuaishou, Miaopai, Douyin
and Xigua Video, which are all
scrambling for a share of people’s
attention on their respective apps.
“Given the intensified domestic
competition, going overseas is
a good choice to optimize their
resources,enhancetheiruserbase
andenrichtheircontentofferings,”
said Neil Wang, president of the
consultancy Frost & Sullivan
China.
Southeast Asia and South
America are notably gravitating to
short video companies thanks to a
massive young population eager
to embrace the fast-developing
mobile internet, said Ma Shicong,
a new media analyst at the
consultancy Analysys.
“Short video is proving to be
the next global trend in terms of
mobileentertainment.AI-powered
recommendation mechanisms
are adding a stream to Chinese
players, whose technologies are
already world-leaders.”
But Chinese companies should
bewaryofpotentialhurdlesarising
fromcultural,religiousandpolitical
differences as they step up their
pace of expansion,Wang said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6D | Friday, April 13, 2018
4 | Life
Besides being a food writer, Crystyl
Mo is also an equity partner in Bon
App and a certified life coach.
PROVIDED TO CHINA DAILY
Tongue-Tied Path to
Being Media Top Dog
A desire to learn Chinese led this journalist to China, where she on
found a passion for food, a husband and a new place to call home.
Alywin Chew reports
C
rystyl Mo’s chops
as an authority on
food is without doubt
impressive.
Besides being a
well-known food
writer,the Shanghai-basedAmerican
has appeared as a guest and host
on television programs featuring
cuisines from around the world.
Mo is also the academy chair for
The World’s 50 Best Restaurants
for China and South Korea, and the
strategicadviserandequitypartnerat
BonApp,afoodandsocialnetworking
app developed by a Shanghai startup.
However, this illustrious career in
food was one she accidentally fell into.
Her stumbling block? A desire to
learn Chinese.
“I thought I was either going to
work in the fields of medicine or
psychology when I was in college, but
I got waylaid by my ‘China project,’”
quipped the 44-year-old.
“My decision to learn the language
was rather random. Maybe it was
becausemymotherisfromShanghai,
but it certainly wasn’t because of
a burning desire to find my roots. I
didn’t grow up thinking I was Chinese.
I felt 100% American. My mother
left China when she was 5, and she
speaks American English. We don’t
speak Chinese at home.”
Mo started to learn Chinese in
1996 at Nanjing University in Jiangsu
no
province. She also did a short stint at
theJohns Hopkins graduate program
in the city before enrolling in the
Inter-University Program for Chinese
Language Studies at Tsinghua
University in Beijing.
Learning the language, Mo
said, ranked among the toughest
challenges in her life. There were
times when she felt deflated by the
magnitude of the task.
“Studying Chinese from scratch
as an adult is an awful experience.
It’s rewarding, but really hard,” she
laughed.
“I remember walking down
the streets in Nanjing and seeing
someone talk to his dog. I didn’t
understand what he was saying but
the dog seemed like it could. I was
thinking that the dog probably speaks
more Chinese than I do.”
Her learning journey culminated
us l,
al a
e
ci on
I love the idea of using food
to bring people together.
er rs
Food is a language that
everyone speaks.”
CRYSTYL MO
m e
U.S. FOOD WRITER LIVING IN SHANGHAI
m rp
at the Middlebury School in China,
considered to be the gold standard
in Chinese language teaching. Eager
to use her newly acquired language
skills, Mo found a position as a
correspondent with the magazine
co Fo
Asiaweek in Hong Kong that allowed
her to travel extensively across China.
Some of the highlights of her time
at Time Warner included rubbing
shoulders with the basketball player
Yao Ming and the highly acclaimed
Chinese film director Feng Xiaogang.
“I was with Feng Xiaogang on the
day China won the bid to host the
2008 Olympics,” she said. “He was
driving his red BMW convertible. The
entire city of Beijing was screaming.It
was one of the most incredible days
n-
of my life.”
Asiaweek closed down in 2001,
Mo moved to Shanghai the next year
to work as a freelance writer. She
regularly contributed to magazines
such as Conde Nast Traveler and
Travel and Leisure, and this marked
the beginning of her rise as a food
expert.
“When you write about travel,
you always write about food, and
so I started to learn more about
restaurants and chefs.This was when
I realized that my past experience of
being in the kitchen with my mother
proved to be really valuable.
“I had absorbed from her a lot of
knowledge about things that were
only just starting to become in
vogue, such as farm-to-fork dining,
fermentation, ancestral recipes and
cooking everything from scratch.
My mother used to grind her own
wheat to make bread.She also has an
amazing organic garden.”
The most significant moment of
her adventure in Shanghai was also
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food-related. While working on a
Conde Nast article in 2003, Mo met
Anthony Zhao, who used to be the
chef de partie at the now defunct
Laris Restaurant at the Bund. Sparks
flew, at least from Mo’s end. It was
love at first touch.
“I realized he had these big, meaty
hands with burns on them. Mine are
quite big too, and so we both held
up our hands to compare. I felt a
chemistry the moment we touched
hands,” laughed Mo, who married
Zhao in 2005.
“I was pretty into him.I’m not afraid
to say I chased him. In fact, I’m proud
of it. I have an awesome husband.”
Even after taking on roles at
Bon App and The World’s 50 Best
Restaurants a few years ago, Mo
managed to find space on her plate to
revisit her interest in psychology.The
fastest way to getting a degree in the
subject, she later found, was through
an 18-month course at Columbia
University in New York.
Reluctant to leave Shanghai, she
decided to sign up for an online
program by the Bulletproof Training
Institute in 2016.
Now the only certified Bulletproof
Coach in China, Mo often conducts
coaching sessions to help clients
raise their levels of happiness and
self-awareness and find meaning in
their lives.
“After studying about positive
psychology and the science of
happiness, I’ve realized that life is
about gratitude, forgiveness and
having genuine communication with
people around you — that is what
makes life meaningful.”
In fact, the reason Bon App has a
social networking feature was largely
shaped by the last aspect.
“I told the founder of Bon App that
I would only join if the company is
about connecting people and not
just about food,” she said. “I want
the app to have more meaning than
something used to find the best
French fries in town.
“I don’t want to be involved in any
more projects that are only about
making profits. Anything that I’m
doing has got to be meaningful. … I
love the idea of using food to bring
people together. Food is a language
that everyone speaks.”
Bean There, Done
That, in Red, Yellow,
Green and Black
By PAULINE D. LOH
To the Chinese, food is medicine.
Every mouthful is beneficial in some
way, and there are strict rules as to
when to eat, what to eat and how
to eat.
It is only in the past 30 years
that animal protein has played an
increasingly large role in Chinese
diets, a departure from the
traditional daily meals where meat
was frugally used as flavoring. The
fattened pig, cow and lamb were
killed only for major festivities.
Take a classic Chinese stir-fry,
with its base of aromatics like
garlic and ginger, followed by vast
quantities of neatly cut vegetables
and a few slivers of meat. The meat
plays a supporting role and serves
onlytoenhancethesweetness
of the greens.
Chinese
housewives
have, over
.
generations,
ly
developed
ingenious
ways of
making
plant protein
taste good
and compiled
a whole
encyclopedia of
reasons to justify
why these are good
for you.
Just as Indian vegetarian
food depends a lot on lentils and
pulses, the Chinese pantry cannot
do without beans.
Re d b ea n s, g re e n b ea n s,
soybeans, black beans, speckled
b e a n s — eve n b e a n s w i t h
“eyebrows.” We eat these so often
they have become forgotten,part of
the background of everyday home-
cooked food.
Yet they are indispensable. We
use them when we braise a pot
of fragrant stewed meats, we use
them in a vast variety of soups. We
mix them into rice, deep-fry them
as crunchy garnishes for noodles,
we make desserts from them. The
list is endless.
They are enjoyed equally by
vegetarians and carnivores.
The ubiquitous red bean, or
adzuki, is what mothers turn to
when the family seems a little under
the weather.A few handfuls soaked
in water and added to the rice pot is
said to improve blood.
In cases of more severe anemia,
a course of red beans, aged citrus
peel and dried Chinese jujube
brewed as a drink will do the trick.
Red beans are also widely used
in desserts, after they are cooked
down to a thick sweet paste that
then goes into cakes and snacks.
Their slightly smaller cousin,
A Chinese pantry cannot do without beans (above), which can help create
desserts like a Red bean smoothie (top). PHOTOS PROVIDED TO CHINA DAILY
THE WALL STREET JOURNAL.
CHINA DAILY
the green or mung bean, is used
in many ways, and often similarly.
But while the red bean warms the
blood, the green bean cools the
body, so it is more often eaten in
summer when the system easily
overheats. Green bean soup,
with a sprinkle of the appropriate
dried herbs, will chase away thirst
and sunstroke, as every Chinese
granny will tell you.
Of course, sprouted green beans
are probably the most familiar form,
a favored micro-vegetable that is
now equally beloved in international
kitchens for its crisp sweet crunch,
raw or lightly cooked.
And there is the soybean, upon
which rests the foundation of all
Chinese food.
Fresh, the bean is cooked in its
pod and eaten as a vegetable.
Dried, it becomes
the miraculous
starter to sauces,
pastes, drinks,
seasoning
and a whole
category of
ingredients
starting
from the
humble bean
curd and its
huge extended
family of related
products.
Ground soybeans
cooked in water become
soybean milk. Soybean curds
become tofu, which is then made
into soft, hard, semi-fermented,
fermented, salted and preserved
products. It is almost impossible
to enter a Chinese kitchen and not
encounter the soybean in some
form.
One reason for the processing
was the embarrassing effect
soybeans have on the human gut.
But this inconvenience does not
affect its popularity. The whole
beans are still widely used to
sweeten stock, add body to braised
pots of meat and cooked and deep-
fried as a beer snack.
Apart from the soybean, other
beans are equally popular in various
regions.
For example, there is the black-
eyed pea, which the Chinese call
meidou, or the cream-colored bean
with black eyebrows, referring to
the dark scar where the bean
connects to its pod.
There is a rainbow of beans, from
grass-green broad beans to deep
chocolate kidney beans to red and
white speckled beans. And every
one is treasured.
The best way to show off the
creativity with beans in the Chinese
kitchen is to showcase some classic
recipes, from staples to soups to
desserts.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. CognizantTech CTSH 81.55 1.62 ExxonMobil XOM 77.22 -0.21 HuntingtonBcshs HBAN 14.99 0.34 LockheedMartin LMT 342.88 3.44 Pfizer PFE 36.32 0.53 TechnipFMC FTI 32.34 0.98
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ColgatePalm CL 70.94 -0.44 F5Networks FFIV 148.35 2.96 HuntingIngalls HII 257.21 2.69 Loews L 50.54 0.46 PhilipMorris PM 100.25 -0.47 TeckRscsB TECK 26.15 -0.54
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ColumbiaSportswr COLM 80.76 -1.25 FMC FMC 80.00 1.57 Huntsman HUN 29.83 0.86 LogitechIntl LOGI 36.98 0.30 Phillips66 PSX 102.63 0.08 TelecomArgentina TEO 31.05 -0.09
that include primary market trades as well as quarters. Comcast A CMCSA 33.13 -0.43 Facebook FB 163.87 -2.45 HyattHotels H 76.42 0.80 LogMeIn LOGM 117.55 ... PilgrimPride PPC 23.88 0.02 TelecomItalia TI 10.67 0.10
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Comerica CMA 98.48 2.22 FactSet FDS 198.41 1.63 IAC/InterActive IAC 157.27 2.98 Lowe's LOW 87.04 0.39 PinnacleFoods PF 55.46 0.16 TelecomItalia A TI.A 9.05 -0.14
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s CommerceBcshrs CBSH 63.14 3.76 Fastenal FAST 50.71 -0.34 ICICI Bank IBN 8.85 0.11 s lululemon LULU 92.02 0.94 PinnacleWest PNW 77.30 -1.21 TeledyneTech TDY 194.14 3.89
Nasdaq ISE. standards CommScope COMM 41.02 1.38 FederalRealty FRT 114.96 -1.35 IdexxLab IDXX 194.21 1.80 LyondellBasell LYB 103.70 1.49 PioneerNatRscs PXD 182.61 0.83 Teleflex TFX 258.22 2.92
The list comprises the 1,000 largest companies lf-Late filing SABESP SBS 9.91 -0.11 FedEx FDX 241.91 3.91 IHSMarkit INFO 48.71 0.36 PlainsAllAmPipe PAA 23.87 -0.69 TelefonicaBras VIV 14.49 -0.61
based on market capitalization. q-Temporary exemption from Nasdaq ConagraBrands CAG 36.78 0.04 Ferrari RACE 122.02 1.59 ING Groep ING 17.34 0.30 M N PlainsGP PAGP 24.04 -1.07 Telefonica TEF 10.04 -0.01
Underlined quotations are those stocks with requirements. ConchoRscs CXO 146.32 -0.45 FiatChrysler FCAU 23.35 0.49 Invesco IVZ 30.82 0.22 PolarisIndustries PII 124.09 1.72 TelekmIndonesia TLK 27.03 -0.87
large changes in volume compared with the t-NYSE bankruptcy s ConocoPhillips COP 63.24 0.01 FibriaCelulose FBR 19.54 0.05 IPG Photonics IPGP 227.58 -2.19 M&T Bank MTB 187.14 2.21 Pool POOL 145.92 -0.18 Tenaris TS 37.23 0.18
issue’s average trading volume. v-Trading halted on primary market. ConEd ED 76.31 -1.20 FidNatlFin FNF 38.53 0.33 IQVIA IQV 96.12 0.14 MGM Resorts MGM 34.93 1.25 Praxair PX 146.92 2.32 Teradyne TER 43.71 0.51
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ConstBrands A STZ 224.22 -1.23 FidNatlInfo FIS 96.68 0.34 IRSA Prop IRCP 45.16 0.15 MKS Instrum MKSI 117.50 1.50 PrincipalFin PFG 61.05 0.87 Tesla TSLA 294.08 -6.85
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ContinentalRscs CLR 60.99 -0.86 FifthThirdBncp FITB 32.26 0.79 IcahnEnterprises IEP 61.36 0.83 MPLX MPLX 32.62 -0.51 Procter&Gamble PG 77.79 -0.48 TevaPharm TEVA 18.18 0.19
previous closing price was $2 or higher. or securities assumed by such companies. Cooper COO 221.02 0.41 FirstAmerFin FAF 55.47 0.11 Icon ICLR 119.20 2.71 MSCI MSCI 149.30 1.05 Progressive PGR 60.50 0.51 TexasInstruments TXN 104.24 1.90
Copart CPRT 50.84 0.42 FirstData FDC 15.44 0.29 IDEX IEX 142.20 1.14 Macerich MAC 57.60 -0.48 Prologis PLD 61.64 0.02 Textron TXT 59.05 0.41
Corning GLW 27.57 0.16 FirstHorizonNatl FHN 19.00 0.25 IllinoisToolWks ITW 155.74 1.24 Macy's M 28.90 -0.17 Proofpoint PFPT 122.94 2.10 ThermoFisherSci TMO 213.33 0.54
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
CoStar CSGP 367.73 8.42 FirstRepBank FRC 90.24 0.73 Illumina ILMN 242.09 4.42 MadisonSquGarden MSG 240.67 -3.58 PrudentialFin PRU 105.03 2.07 ThomsonReuters TRI 39.45 0.30
changes in the closing prices from 4 p.m. the previous day.
Costco COST 188.82 4.17 FirstSolar FSLR 71.23 -0.02 ImperialOil IMO 29.11 0.51 MagellanMid MMP 62.36 -0.72 Prudential PUK 51.77 0.56 ThorIndustries THO 108.52 -2.14
Coty COTY 18.00 -0.27 FirstEnergy FE 34.09 -0.41 Incyte INCY 69.83 3.54 s MagnaIntl MGA 60.55 0.28 PublicServiceEnt PEG 49.44 -0.42 3M MMM 216.42 2.09
Thursday, April 12, 2018 Net Net Credicorp BAP 233.43 -2.78 Fiserv FISV 70.98 0.13 Infosys INFY 18.01 0.66 Manpower MAN 116.40 1.65 PublicStorage PSA 196.31 -2.37 Tiffany TIF 98.45 0.75
Net Stock Sym Close Chg Stock Sym Close Chg CreditAcceptance CACC 319.14 2.12 FleetCorTech FLT 200.68 0.61 Ingersoll-Rand IR 84.30 0.71 ManulifeFin MFC 18.53 0.12 PulteGroup PHM 29.11 -0.44 TimeWarner TWX 96.34 0.07
Stock Sym Close Chg ApplMaterials AMAT 56.43 1.48 Brown-Forman B BF.B 55.39 -0.16 CreditSuisse CS 16.48 0.15 Flex FLEX 16.74 0.28 Ingredion INGR 129.89 1.10 MarathonOil MRO 17.63 0.11 Qiagen QGEN 32.58 0.61 Toll Bros TOL 42.26 -0.50
CrownCastle CCI 103.86 -1.00 FlirSystems FLIR 51.52 0.25 Intel INTC 52.72 1.62 MarathonPetrol MPC 74.25 0.23 Qorvo QRVO 72.51 0.31 Torchmark TMK 84.23 0.81
s Aptargroup ATR 92.70 0.45 Brown-Forman A BF.A 54.24 0.78 CrownHoldings CCK 51.69 0.14 Flowserve FLS 45.91 -0.35 InteractiveBrkrs IBKR 72.34 1.25 Markel MKL 1153.83 -1.17 Qualcomm QCOM 55.20 0.19 Toro TTC 60.37 0.39
A B C Aptiv APTV 85.86 0.46 BuckeyePtrs BPL 38.36 0.44 Ctrip.com CTRP 45.38 -0.28 Fluor FLR 58.62 -0.15 ICE ICE 72.46 1.07 MarketAxess MKTX 203.48 -2.37 QuestDiag DGX 100.25 1.19 TorontoDomBk TD 55.83 -0.05
ABB ABB 22.84 0.08 AquaAmerica WTR 33.32 -0.29 Bunge BG 75.05 0.56 Cullen/Frost CFR 107.00 1.95 FomentoEconMex FMX 96.76 0.19 InterContinentl IHG 60.69 -0.09 Marriott MAR 133.01 0.98 QurateQVC A QRTEA 24.89 -0.09 Total TOT 60.30 -0.12
ADT ADT 9.10 0.08
Aramark ARMK 37.81 0.01 BurlingtonStrs BURL 137.76 1.61 Cummins CMI 161.79 2.93 FordMotor F 11.31 -0.12 IBM IBM 158.07 2.71 Marsh&McLen MMC 81.99 0.80 TotalSystem TSS 85.42 0.84
AES AES 11.29 -0.13 ArcelorMittal MT 32.27 0.41 CA CA 34.54 0.05 CurtissWright CW 137.51 1.03 Fortinet FTNT 56.09 1.26 IntlFlavors IFF 137.34 0.88 MartinMarietta MLM 202.42 -0.40 R S ToyotaMotor TM 128.63 0.82
Aflac AFL 44.65 0.46 ArchCapital ACGL 80.95 1.16 CBD Pao CBD 20.29 0.04 CypressSemi CY 17.55 0.49 Fortis FTS 33.32 -0.38 IntlPaper IP 52.59 0.15 MarvellTech MRVL 22.42 0.35 TractorSupply TSCO 60.20 -1.14
AGNC Invt AGNC 18.62 -0.18 ArcherDaniels ADM 45.30 1.17
CBRE Group CBRE 47.21 -0.03 Fortive FTV 74.75 0.30 Interpublic IPG 23.30 0.07 Masco MAS 40.82 0.33 RELX RENX 21.29 -0.18 TransCanada TRP 42.23 0.13
ANGI Homesvcs ANGI 13.71 0.38 Arconic ARNC 23.48 0.52 CBS B CBS 50.06 -0.95 D E F FortBrandsHome FBHS 58.85 0.13 Intuit INTU 173.63 2.04 Mastercard MA 174.80 2.44 RELX
MatchGroup MTCH 44.76 0.86 RPM
RELX 21.66 -0.16
RPM
TransDigm TDG 308.19 1.45
CBS A CBS.A 50.26 -1.07 Franco-Nevada FNV 69.72 0.32 IntuitiveSurgical ISRG 415.05 49.23 0.45
Ansys ANSS 159.04 2.03 AristaNetworks ANET 268.89 2.31 2.93 TransUnion TRU 57.98 1.05
ASML ASML 206.24 0.69 ArrowElec ARW 76.94 0.28 CDK Global CDK 64.45 0.38 DISH Network DISH 38.68 -0.16 FranklinRscs BEN 33.34 0.86 InvitatHomes INVH 22.54 -0.13 MaximIntProducts MXIM 58.60 0.87 RSP Permian RSPP 45.48 -0.20 Travelers TRV 137.29 0.70
AZPN 83.61 1.04 CDW CDW 70.07 0.24 DTE Energy DTE 102.10 -1.24 FreeportMcM FCX 17.86 -0.07 s iQIYI 19.04 0.97 McCormick MKC 105.08 -1.51 RalphLauren RL 113.99 -0.37
AT&T T 35.16 -0.09 AspenTech IQ Trimble TRMB 34.96 0.05
CF Industries CF 38.20 0.79 DXC Tech DXC 104.00 1.52 FreseniusMed FMS 50.87 0.24 IronMountain IRM 33.16 -0.38 McCormickVtg MKC.V 106.20 -1.66 RandgoldRscs GOLD 80.77 -1.86
AbbottLabs ABT 58.83 0.66 AstraZeneca AZN 36.36 -0.08 CGI Group TurkcellIletism TKC 8.67 0.17
GIB 58.26 0.14 Danaher DHR 99.00 0.58 McDonalds MCD 161.62 -1.72 RaymondJames RJF 87.13 1.32
AbbVie ABBV 92.12 -0.56 AthenaHealth ATHN 144.38 1.01 CH Robinson CHRW 95.41 1.46 Darden IsraelChemicals ICL 4.39 0.05 TurquoiseHill TRQ 3.09 -0.04
Abiomed ABMD 296.94 0.54 Athene ATH 48.31 0.32
DaVita
DRI 86.85
DVA 62.87
0.35
-0.09
G H I ItauUnibanco ITUB 15.18 0.09 McKesson MCK 143.94 0.86 Raytheon RTN 220.94 2.55 21stCenturyFoxA FOXA 36.49 0.31
CIT Group CIT 52.67 1.02 Medtronic MDT 79.84 1.25 RealtyIncome O 50.70 -1.13 21stCenturyFoxB FOX 36.07
Accenture ACN 150.09 1.69 Atlassian TEAM 60.64 1.98
s MelcoResorts MLCO 31.16 1.85 RedHat
0.42
CME Group CME 164.21 2.95
ActivisionBliz ATVI 67.22 1.37 AtmosEnergy ATO 82.68 -1.16 CMS Energy CMS 43.96 -0.59 DellTechs
Deere DE 150.26
DVMT 72.68
5.85
0.75
GGP
Gallagher
GGP 19.85
AJG 68.56
0.02
0.51
J K L RHT 159.20 2.80
MercadoLibre MELI 327.40 -1.30 RegencyCtrs REG 58.19 -0.68
Twitter TWTR 29.00 -0.39
Adient ADNT 66.19 0.52 Autodesk ADSK 132.17 1.23 s TylerTech TYL 214.64 0.22
ATHM 97.08 2.54 CNA Fin DeltaAir DAL 52.98 1.51 Gaming&Leisure GLPI 33.36 -0.44 JD.com JD 40.60 0.14 Merck MRK 56.74 0.54 RegenPharm REGN 325.08 2.30
AdobeSystems ADBE 226.96 3.33 s Autohome
CNA 49.02 0.36 TysonFoods TSN 70.15 -0.57
CNOOC CEO 159.13 3.24 DentsplySirona XRAY 49.19 -0.10 Gap GPS 30.64 0.09 JPMorganChase JPM 113.37 2.75 MetLife MET 47.03 0.98 RegionsFin RF 18.98 0.56 UBS Group UBS 17.53
AdvanceAuto AAP 110.57 -0.36 Autoliv ALV 149.71 0.16
DeutscheBank DB 14.41 0.22 GardnerDenver GDI 31.55 0.55 JackHenry JKHY 120.14 -0.07 MettlerToledo MTD 569.76 4.59 ReinsGrp RGA 151.94 0.93
0.21
AdvMicroDevices AMD 10.08 0.26 ADP ADP 115.26 -0.32 CPFLEnergia CPL 14.28 -0.08 UDR UDR 35.26 -0.49
CRH CRH 33.89 0.25 DevonEnergy DVN 32.83 -0.91 Garmin GRMN 59.30 0.01 JacobsEngg JEC 59.46 -0.06 MichaelKors KORS 66.08 0.98 RelianceSteel RS 86.87 2.15 UGI UGI 44.75 0.23
AdvSemiEngg ASX 7.28 0.11 AutoZone AZO 616.51 0.55
DexCom DXCM 72.70 1.74 Gartner IT 116.64 0.32 JamesHardie JHX 17.86 0.18 MicroFocus MFGP 17.74 1.25 RepublicSvcs RSG 65.65 0.11
s Aegon AEG 7.23 0.15 Avalonbay AVB 165.20 -0.83 CSX CSX 56.11 1.10 US Foods USFD 33.70 0.49
Diageo DEO 141.45 0.08 Gazit-Globe GZT 9.70 ... JanusHenderson JHG 31.98 0.34 MicrochipTech MCHP 89.06 0.56 ResMed RMD 98.50 2.06
AerCap AER 51.86 0.20 Avangrid AGR 49.61 -0.89 CVS Health CVS 64.00 0.93 UltaBeauty ULTA 217.81 4.51
CabotOil COG 23.56 0.06 DiamondbkEner FANG 116.34 -0.20 GeneralDynamics GD 218.22 2.83 JazzPharma JAZZ 156.46 1.49 MicronTech MU 52.59 2.11 RestaurantBrands QSR 56.15 0.26 UltSoftware ULTI 245.39 -0.68
Aetna AET 173.28 2.01 AveryDennison AVY 105.49 0.20 CadenceDesign CDNS 37.47 0.77 DigitalRealty DLR 100.99 -3.56 GeneralElec GE 13.18 0.21 JetBlue JBLU 19.55 0.22 Microsemi MSCC 64.26 -0.28 RioTinto RIO 53.81 0.67
AffiliatedMgrs AMG 173.31 2.49 AveXis AVXS 212.39 0.54 t UltraparPart UGP 19.50 -0.36
CaesarsEnt CZR 11.30 0.40 DiscoverFinSvcs DFS 71.61 0.71 GeneralMills GIS 44.58 -0.29 J&J JNJ 130.43 0.80 Microsoft MSFT 93.58 1.72 RobertHalf RHI 58.92 0.66 UnderArmour A UAA 17.04 0.30
AgilentTechs A 67.20 1.12 AxaltaCoating AXTA 32.35 0.07 CamdenProperty CPT 84.83 -1.26 DiscoveryA DISCA 23.18 0.63 GeneralMotors GM 38.83 -0.17 JohnsonControls JCI 34.21 -0.09 MidAmApt MAA 90.43 -0.92 Rockwell ROK 173.97 2.11
AgnicoEagle AEM 43.51 -0.46 BB&T BBT 53.05 0.85 UnderArmour C UA 14.99 0.28
DiscoveryC DISCK 21.35 0.80 Genpact G 31.90 0.24 JonesLang JLL 173.50 -0.06 Middleby MIDD 122.55 -1.13 RockwellCollins COL 133.96 0.02
AirProducts APD 163.04 1.43 BCE BCE 43.16 -0.19 CampbellSoup CPB 42.67 -0.17 s
Unilever UN 56.68 -0.02
BHPBilliton BHP 46.22 0.11 CIBC CM 87.96 -0.37 Disney DIS 100.39 -0.41 Gentex GNTX 24.28 0.12 JuniperNetworks JNPR 24.85 0.16 MitsubishiUFJ MUFG 6.61 -0.03 RogersComm B RCI 45.01 -0.62 Unilever UL 55.73 -0.15
AkamaiTech AKAM 71.92 0.33 CanNtlRlwy CNI 74.75 -0.21 DolbyLab DLB 67.12 1.01 GenuineParts GPC 90.13 0.47 KAR Auction KAR 53.90 -0.12 MizuhoFin MFG 3.67 0.01 Rollins ROL 51.32 0.23
AlaskaAir ALK 60.27 1.21 BHPBilliton BBL 41.14 0.05 CanNaturalRes CNQ 34.52 0.16 DollarGeneral DG UnionPacific UNP 134.42 3.22
96.89 0.62 Gerdau GGB 4.79 0.11 KB Fin KB 55.94 1.01 MobileTeleSys MBT 9.83 -0.06 RoperTech ROP 274.39 4.37 UnitedContinental UAL 66.10 1.23
Albemarle ALB 93.39 0.08 BOK Fin BOKF 103.18 2.06
DollarTree DLTR 98.10 Gildan GIL
CanPacRlwy CP 177.62 -0.75 -0.15 29.57 0.17 KKR KKR 20.58 0.35 MohawkInds MHK 239.57 1.06 RossStores ROST 78.15 0.85 UnitedMicro UMC 2.61 0.04
Alcoa AA 54.47 0.50 BP BP 43.06 ...
Canon CAJ 36.38 -0.12 t DominionEner D 64.07 -0.81 GileadSciences GILD 75.29 0.96 KLA Tencor KLAC 109.12 2.48 MolsonCoors B TAP 73.61 -0.28 RoyalBkCanada RY 76.88 -0.23
AlexandriaRlEst ARE 120.79 -0.30 BT Group BT 17.13 0.17 UPS B UPS 106.99 0.90
Domino's DPZ 231.48 0.48 GSK GSK 40.62 0.05 KT KT 13.53 -0.50 Momo MOMO 35.39 -2.01 RoyalBkScotland RBS
AlexionPharm ALXN 111.29 0.50 BWX Tech BWXT 65.99 0.13 CapitalOne COF 96.88 1.53 Donaldson DCI GlobalPayments GPN 109.56
7.66 0.09 UnitedRentals URI 176.32 2.35
CardinalHealth CAH 62.26 -1.71 44.53 0.17 0.86 KSCitySouthern KSU 110.62 1.25 Mondelez MDLZ 42.03 0.20 RoyalCaribbean RCL 114.73 1.57 US Bancorp USB 51.24 0.69
Alibaba BABA 175.92 0.56 Baidu BIDU 231.34 1.69
Carlisle CSL 99.61 1.13 DouglasEmmett DEI 35.37 -0.16 GoDaddy GDDY 61.84 0.54 Kellogg K 62.61 -0.74 Monsanto MON 125.31 0.11 RoyalDutchA RDS.A 68.21 -0.29 US Steel X 35.88 1.14
AlignTech ALGN 263.76 6.74 BakerHughes BHGE 32.13 0.91 Carlyle CG 20.65 0.15 Dover DOV 93.69 0.14 Goldcorp GG 14.25 -0.08 KeyCorp KEY 19.85 0.39 MonsterBev MNST 56.53 0.31 RoyalDutchB RDS.B 69.85 -0.37
Alkermes ALKS 42.96 -0.04 Ball BLL 40.51 0.26 UnitedTech UTX 123.25 0.80
CarMax KMX 61.00 0.50 DowDuPont DWDP 66.47 1.74 GoldmanSachs GS 259.59 6.65 KeysightTechs KEYS 53.84 0.73 Moody's MCO 163.95 1.55 RoyalGold RGLD 87.56 -0.97 UnitedHealth UNH 224.24 2.34
Alleghany Y 593.67 6.45 BancoBilbaoViz BBVA 7.79 -0.03 Carnival CCL 63.75 0.11 DrPepperSnap DPS 120.75 0.22 Goodyear GT 27.74 0.09 KilroyRealty KRC 69.01 -0.87 MorganStanley MS 53.85 1.11 Ryanair RYAAY 121.39 3.33
ALLE 85.31 0.77 BancodeChile BCH 101.20 -0.60 Carnival UniversalHealthB UHS 120.10 1.03
Allegion CUK 64.29 0.21 s DropBox DBX 33.27 0.95 Graco GGG 46.06 0.43 KimberlyClark KMB 106.16 -1.63 Mosaic MOS 24.82 0.42 SAP SAP 107.91 0.94 UnumGroup UNM 47.99 1.18
Allergan AGN 166.31 1.25 BancoMacro BMA 109.32 0.43 Caterpillar CAT 150.14 3.35 DukeEnergy DUK 76.14 -0.94 Grainger GWW 283.90 4.73 KimcoRealty KIM 14.01 -0.32 MotorolaSol MSI 108.33 0.70 S&P Global SPGI 192.17 2.72
AllianceData ADS 207.95 2.08 s BcoSantChile BSAC 34.69 0.13 Cavium CAVM 82.67 0.41 DukeRealty DRE 25.39 -0.27 GreatPlainsEner GXP 30.50 -0.46 KinderMorgan KMI 15.34 -0.01 MuleSoft MULE 44.43 0.19 SBA Comm SBAC 164.45 0.06
VEREIT VER 6.69 -0.19
AlliantEnergy LNT 40.52 -0.50 BcoSantMex BSMX 7.44 0.12 CboeGlobalMkts CBOE 109.67 1.22 s ENI VF VFC 77.71 0.17
E 37.77 0.03 Grifols GRFS 21.04 0.46 Knight-Swift KNX 43.20 ... Mylan MYL 41.26 0.87 SEI Investments SEIC 70.40 -0.87
Allstate ALL 96.75 0.55 BancoSantander SAN 6.60 0.02 VICI Prop VICI 18.17 ...
Celanese A CE 104.37 1.31 EOG Rscs EOG 109.98 0.58 GrubHub GRUB 99.90 1.58 Kohl's KSS 63.06 -0.32 NRG Energy NRG 30.02 -0.62 Sina SINA 98.82 -1.70
AllyFinancial ALLY 27.60 0.39 BanColombia CIB 50.00 -0.79 Visa V 121.07 1.29
Celgene CELG 89.74 1.03 EPAM Systems EPAM 113.94 1.30 GpoAeroportuar PAC 105.85 -0.87 KoninklijkePhil PHG 39.54 0.45 NTTDoCoMo DCM 25.60 -0.35 s SINOPEC SHI 64.25 0.52
AlnylamPharm ALNY 100.75 3.12 BankofAmerica BAC 30.65 0.75 Cemex VailResorts MTN 225.87 -2.08
CX 7.13 0.02 EQT EQT 48.33 -0.38 GpoAvalAcc AVAL 9.16 0.02 KoreaElcPwr KEP 15.99 -0.21 NVR NVR 2988.02-101.98 SK Telecom SKM 23.71 -0.45
Alphabet A GOOGL 1037.29 12.23 BankofMontreal BMO 75.51 0.02 CenovusEnergy CVE Vale VALE 13.08 -0.06
9.89 -0.07 E*TRADE ETFC 57.74 0.62 GpoFinGalicia GGAL 66.59 0.60 KraftHeinz KHC 60.94 -0.60 NXP Semi NXPI 114.17 -1.71 SLGreenRealty SLG 95.00 -0.11 s
Alphabet C GOOG 1032.51 12.54 BankNY Mellon BK 52.01 1.06 ValeroEnergy VLO 100.53 0.22
Centene CNC 106.02 0.09 EastWestBncp EWBC 62.14 0.86 GrupoTelevisa TV 17.58 0.24 Kroger KR 23.60 0.12 s Nasdaq NDAQ 86.62 0.87 SS&C Tech SSNC 50.41 0.85
Altaba AABA 70.54 -0.01 BkNovaScotia BNS 61.04 -0.27 CenterPointEner CNP 26.53 -0.30 EastmanChem EMN 106.21 VarianMed VAR 121.01 1.87
1.07 Guidewire GWRE 82.80 0.56 Kyocera KYO 55.95 -0.49 NationalGrid NGG 58.46 -0.36 SVB Fin SIVB 250.56 6.97
AlticeUSA ATUS 19.16 0.13 BankofOzarks OZRK 47.76 1.73 CentraisElBras EBR Vedanta VEDL 18.06 -0.49
5.67 0.16 Eaton ETN 77.44 0.27 HCA Healthcare HCA 96.63 0.44 LATAMAirlines LTM 15.75 0.27 NatlInstruments NATI 50.32 0.36 Sabre SABR 20.05 -0.04
Altria MO 63.40 -0.44 Barclays BCS 12.45 0.19 CenturyLink CTL 17.25 -0.22 EatonVance EV VeevaSystems VEEV 73.28 1.01
55.26 0.68 HCP HCP 22.24 -0.64 L Brands LB 36.17 -1.74 s NatlOilwell NOV 40.64 1.21 SageTherap SAGE 169.28 2.26
AlumofChina ACH 15.33 0.03 BarrickGold ABX 12.88 -0.20 Cerner Ventas VTR 48.35 -0.65

.
CERN 57.17 0.29 eBay EBAY 40.53 0.70 HDFC Bank HDB 98.04 -0.16 LG Display LPL 11.69 0.16 NatlRetailProp NNN 38.01 -1.09 Salesforce.com CRM 121.40 2.24
Amazon.com AMZN 1448.50 21.45 BaxterIntl BAX 65.77 0.83 CharterComms CHTR 306.34 3.01 Ecolab VeriSign VRSN 121.71 1.32
ECL 141.38 0.73 HD Supply HDS 38.53 0.55 LINE LN 39.10 0.86 NektarTherap NKTR 103.74 0.97 Sanofi SNY 40.93 0.17 s
ABEV 6.77 -0.23 BectonDicknsn BDX 223.45 1.34 CheckPoint CHKP 102.68 0.92 s Ecopetrol VeriskAnalytics VRSK 106.34 0.29

ly
Ambev EC 21.85 -0.13 HP HPQ 21.94 0.35 LKQ LKQ 38.29 0.24 s NetApp NTAP 67.57 1.43 Sasol SSL 35.51 -0.03
Amdocs DOX 66.53 0.27 BeiGene BGNE 171.53 -0.29 Chemours Verizon VZ 47.74 0.16
CC 50.62 0.96 EdisonInt EIX 62.84 -0.27 HSBC HSBC 49.10 0.70 L3 Tech LLL 211.48 1.07 Netease NTES 275.81 -5.93 Schlumberger SLB 67.56 0.01
Amerco UHAL 341.44 -2.36 Berkley WRB 73.23 0.46 CheniereEnergy LNG 56.20 -0.05 EdwardsLife EW 139.28 VertxPharm VRTX 161.98 3.09
1.81 Halliburton HAL 50.21 0.62 LabCpAm LH 164.90 0.73 Netflix NFLX 309.25 5.58 SchwabC SCHW 51.73 0.81
Ameren AEE 55.33 -0.68 BerkHathwy B BRK.B 198.13 2.91 CheniereEnerPtrs CQP 29.81 0.23 ElectronicArts EA 121.09 Viacom A VIA 35.05 -0.20
2.31 Hanesbrands HBI 18.56 -0.22 LamResearch LRCX 206.02 5.16 Neurocrine NBIX 75.89 -0.60 Seagate STX 59.87 1.31
AmericaMovil A AMOV 19.44 0.01 BerkHathwy A BRK.A 2977954546.00 CheniereEnHldgs CQH 27.17 -0.02 EmersonElec EMR 68.20 Viacom B VIAB 30.52 0.01
1.12 HarleyDavidson HOG 42.14 0.09 LamarAdv LAMR 63.25 -0.50 NewOrientalEduc EDU 94.12 -1.35 SealedAir SEE 43.69 0.19
AmericaMovil AMX 19.54 0.02 BerryGlobal BERY 55.65 0.20 Chevron Vipshop VIPS 16.55 -0.20
CVX 119.23 -0.02 EnbridgeEnPtrs EEP 10.10 -0.05 Harris HRS 162.76 0.90 s LambWeston LW 63.32 -0.44 NY CmntyBcp NYCB 12.86 0.19 SeattleGenetics SGEN 51.63 -0.02
AmerAirlines AAL 46.57 1.17 BestBuy BBY 71.30 0.39 ChinaEastrnAir CEA 36.69 -1.39 Enbridge
on VirtuFinancial VIRT 36.00 0.55
ENB 31.95 0.05 HartfordFinl HIG 52.02 0.49 LasVegasSands LVS 72.37 1.52 NewellBrands NWL 25.76 -0.16 SemicondctrMfg SMI 6.45 -0.08 s
AEP AEP 66.64 -1.15 Bio-RadLab A BIO 250.48 3.04 ChinaLifeIns LFC 14.04 0.05 Encana VistraEnergy VST 21.46 -0.01
ECA 11.68 -0.05 Hasbro HAS 86.83 -0.50 Lazard LAZ 53.22 0.60 NewmontMin NEM 40.40 -0.24 SempraEnergy SRE 110.27 -0.72
AmerExpress AXP 93.35 1.75 Biogen BIIB 267.44 1.45 ChinaLodging HTHT 131.00 -1.75 EnelAmericas ENIA 11.95 VMware VMW 122.15 0.66
0.07 Heico A HEI.A 73.10 1.55 Lear LEA 195.86 0.93 NewsCorp B NWS 16.10 0.10 ServiceCorp SCI 38.19 0.13
AmericanFin AFG 111.71 0.97 BioMarinPharm BMRN 83.89 4.41 ChinaMobile CHL 47.02 0.02 EnelChile Vodafone VOD 29.74 0.33
ENIC 6.50 0.08 Heico HEI 87.79 0.55 Leggett&Platt LEG 44.41 -0.05 NewsCorp A NWSA 15.91 0.11 ServiceMaster SERV 50.45 -0.22
AIG AIG 53.49 0.13 BlackKnight BKI 47.80 -1.35 ChinaPetrol SNP 95.22 -0.83 EnelGenChile EOCC 24.79 VornadoRealty VNO 66.00 -0.75
0.06 Helm&Payne HP 72.51 1.00 Leidos LDOS 65.69 0.63 NextEraEnergy NEE 159.07 -1.97 ServiceNow NOW 168.57 2.07
AmerTowerREIT AMT 138.38 -1.54 BlackBerry BB 10.54 0.19 ChinaSoAirlines ZNH 51.67 -1.06 Energen VoyaFinancial VOYA 51.35 1.03
EGN 63.84 1.14 HenrySchein HSIC 69.72 0.65 Lennar B LEN.B 45.69 -1.31 Nike NKE 67.77 0.94 ShawComm B SJR 20.97 1.76
AmerWaterWorks AWK 80.65 -1.16 BlackRock BLK 533.01 7.70 ChinaTelecom CHA 45.73 0.54 EnergyTransferEq ETE 14.82 s VulcanMatls VMC 114.89 -0.11
-0.08 Herbalife HLF 101.54 0.60 Lennar A LEN 56.75 -1.44 NiSource
us l,

NI 23.52 -0.46 SherwinWilliams SHW 386.65 -1.98

Ameriprise AMP 143.53 2.16 Blackstone BX 31.13 0.15 ChinaUnicom CHU 13.20 0.21 EnergyTransfer ETP 17.07 t Hershey LennoxIntl
AmerisourceBrgn ABC 88.19 -0.90 BlueBuffaloPet BUFF 39.95 0.02 Chipotle CMG 325.08 3.33 Entergy ETR 77.35
-0.07
-1.10 s Hess
HSY 95.57
HES 55.00
-1.08
0.07
LII 202.11 2.54 NobleEnergy NBL 31.50 0.07 ShinhanFin
LeucadiaNatl LUK 24.36 0.05 Nokia
SHG 42.22 0.29 W X Y Z
NOK 5.56 -0.01 Shire SHPG 157.92 5.81
Ametek AME 75.15 1.08 bluebirdbio BLUE 177.70 3.35 Chubb CB 134.78 0.72 EnterpriseProd EPD 25.78 -0.01 HewlettPackard HPE 17.41 0.17 LibertyBroadbandA LBRDA 81.64 0.33 NomuraHoldings NMR 5.94 0.01 Shopify SHOP 120.75 1.22 WABCO WBC 133.45 2.86
Amgen AMGN 171.02 -1.39 Boeing BA 337.48 10.12 ChunghwaTel CHT 39.05 -0.23 Equifax EFX 116.91 -0.40 Hexcel HXL 65.42 0.20 LibertyBroadbandC LBRDK 81.95 0.42 Nordson
al a

NDSN 136.82 1.60 SignatureBank SBNY 139.88 2.20 WEC Energy WEC 61.55 -0.71
e
Amphenol APH 86.14 0.86 BookingHldgs BKNG 2085.81 5.16 Church&Dwight CHD 48.80 -0.58 Equinix EQIX 401.20 -7.78 Hilton HLT 79.95 0.34 LibertyGlobal A LBTYA 31.05 -0.33 Nordstrom JWN 48.37 -0.64 SimonProperty SPG 149.92 -3.69 WEX WEX 159.99 2.23
s AnadarkoPetrol APC 62.75 -0.45 BorgWarner BWA 53.57 0.36 Cigna CI 170.56 1.56 EquityLife ELS 86.89 -0.67 s HollyFrontier HFC 54.19 -0.38 LibertyGlobal C LBTYK 30.16 -0.25 NorfolkSouthern NSC 133.17 2.12 SiriusXM SIRI 6.23 -0.02 W.P.Carey WPC 61.13 -1.04
AnalogDevices ADI 93.02 2.22 BostonProps BXP 118.83 -2.12 CimarexEnergy XEC 93.54 -1.39 EquityResdntl EQR 61.45 -1.08 Hologic HOLX 37.05 0.28 LibertyFormOne A FWONA 28.18 -0.29 NorthernTrust NTRS 105.04 2.73 SkechersUSA SKX 42.32 0.13 WPP WPP 84.12 -0.47
Andeavor ANDV 110.13 -2.98 BostonSci BSX 28.23 0.30 CincinnatiFin CINF 73.98 0.57 Ericsson ERIC 6.36 0.03 HomeDepot HD 173.36 0.50 LibertyFormOne C FWONK 29.49 -0.35 NorthropGrum NOC 352.05 5.40 Skyworks
ci on

SWKS 99.91 1.54 WPX Energy WPX 14.86 0.33

AndeavorLog ANDX 46.22 -0.46 Braskem BAK 28.15 -0.06 Cintas CTAS 172.17 2.03 EssexProp ESS 240.26 -0.95 HondaMotor HMC 34.94 -0.26 LibertyBraves A BATRA 22.52 0.27 NorwegCruise NCLH 53.34 1.01 SmithAO AOS 63.99 0.41 Wabtec WAB 82.73 1.31
AB InBev BUD 105.20 -1.05 BrightHorizons BFAM 98.70 0.47 CiscoSystems CSCO 43.34 0.91 s EsteeLauder EL 151.49 -0.93 Honeywell HON 146.47 2.19 LibertyBraves C BATRK 22.56 0.16 Novartis NVS 81.44 0.53 Smith&Nephew SNN 38.31 0.26 WalgreensBoots WBA 64.04 -0.07
AnnalyCap NLY 10.32 -0.11 BrighthouseFin BHF 50.56 0.64 Citigroup C 72.13 2.24 EverestRe RE 250.65 -9.35 HormelFoods HRL 35.09 -0.27 LibertySirius C LSXMK 40.55 -0.03 NovoNordisk NVO 49.97 0.07 Smucker SJM 122.64 -0.97 Walmart WMT 85.43 -0.48
AnteroResources AR 20.74 -0.35 Bristol-Myers BMY 58.84 -1.34 CitizensFin CFG 43.24 1.06 EversourceEner ES 58.64 -0.77 DR Horton DHI 44.22 -0.30 LibertySirius A LSXMA 40.63 -0.07 Nucor WasteConnections WCN 72.46 0.36
NUE 61.92 0.94 Snap SNAP 14.92 0.12
Anthem ANTM 220.46 0.14 BritishAmTob BTI 59.01 -0.40 CitrixSystems CTXS 94.55 0.92 Exelixis EXEL 20.85 0.27 HostHotels HST 19.23 0.75 LibertyProperty LPT 38.91 -0.54 Nutanix NTNX 53.49 1.20 SnapOn SNA 145.44 0.85 WasteMgt WM 83.02 0.33
Aon AON 141.60 1.56 Broadcom AVGO 239.43 -0.89 Clorox CLX 124.67 -1.72 Exelon EXC 37.76 -0.72 HowardHughes HHC 136.41 0.91 EliLilly LLY 79.29 0.56
Nutrien NTR 47.02 0.59 SOQUIMICH SQM 53.25 0.46 Waters WAT 202.32 1.69
Apache APA 39.38 -0.26 BroadridgeFinl BR 107.20 -0.03 Coca-Cola KO 44.03 0.04 Expedia EXPE 107.20 -0.30 HuanengPower HNP 25.30 -0.12 LincolnElectric LECO 90.73 1.07 NVIDIA NVDA 234.60 8.36 Sony SNE 49.14 -0.21 Watsco WSO 187.87 3.26
ApartmtInv AIV 40.70 -0.54 BrookfieldMgt BAM 39.60 0.27 Coca-Cola Euro CCE 40.86 -0.11 ExpeditorsIntl EXPD 63.98 0.83 Hubbell HUBB 118.36 1.07 LincolnNational LNC 69.38 1.37 Southern SO 43.82 -0.65 Wayfair W 67.72 0.05
er rs

ApolloGlbMgmt APO 29.79 -0.02 BrookfieldInfr BIP

Apple
41.38 -0.26 Coca-Cola Femsa KOF 67.99 0.43 ExpressScripts ESRX 71.61
AAPL 174.14 1.70 Brown&Brown BRO 25.75 0.25 Cognex CGNX 50.72 0.46 ExtraSpaceSt EXR 85.49
1.89
-1.99
Humana
JBHunt
HUM 285.56
JBHT 114.18
3.28
1.09
LiveNationEnt LYV 38.03 0.04
LloydsBanking LYG 3.96 0.08
O P Q SoCopper SCCO 56.09 0.22 Weibo WB 122.59
WellCareHealth WCG 194.29
-1.32
3.20
SouthwestAir LUV 54.94 1.44
OGE Energy OGE 31.56 -0.24 SpectraEnerPtrs SEP 33.93 -0.22 WellsFargo WFC 52.70 0.77
ONEOK OKE 58.32 -0.30 SpiritAeroSys SPR 79.95 0.78 Welltower WELL 52.54 -1.45
OReillyAuto ORLY 229.85 -2.94 Splunk WestPharmSvcs WST 88.14 0.81
New Highs and Lows | WSJ.com/newhighs
SPLK 106.39 4.26
52-Wk % 52-Wk % 52-Wk % OccidentalPetrol OXY 71.78 0.10 Spotify SPOT 149.10 -0.47 WestarEnergy WR 50.65 -0.83
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OldDomFreight ODFL 145.39 2.49 Sprint S 5.88 -0.12 WestAllianceBcp WAL 58.15 1.10
m e

OldRepublic ORI 21.50 0.22 Square SQ 49.69 1.93 WesternDigital WDC 90.50 0.87
MomentaPharm MNTA 20.25 1.0 Vericel VCEL 13.20 -2.7 HSBCPfd HSEA 26.16 -0.2 Omnicom OMC 71.65 -0.38 StanleyBlackDck SWK 151.27 0.57 WesternGasEquity WGP 32.74 ...
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American NV5Global NVEE 64.50 7.4 VeriskAnalytics VRSK 106.93 0.3 Hershey HSY 95.10 -1.1 ON Semi ON 25.36 0.77 Starbucks WesternGasPtrs WES 44.14 0.11
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Nasdaq NDAQ 87.03 1.0 ViperEnergyPtrs VNOM 27.52 0.5 Huami HMI 9.51 -1.5
SBUX 59.43 0.01
OpenText OTEX 34.45 0.26 StateStreet STT 101.09 2.46 WesternUnion WU 19.01 0.09
m rp

session. % CHG-Daily percentage change from the previous trading session. NatlOilwell NOV 40.92 3.1 VistraEnerUn DYNC 91.43 -0.6 HudbayMineralsWt HBM.WS 0.03 -12.5 Oracle ORCL 45.88 0.27 Statoil WestlakeChem WLK 108.92 0.85
Neogen NEOG 68.96 0.7 VistraEnergy VST 22.16 ... InternetGold IGLD 4.25 -11.3 STO 25.58 -0.32
Orange ORAN 17.48 -0.01 SteelDynamics STLD 45.09 1.13 WestpacBanking WBK 22.49 0.01
Thursday, April 12, 2018 NetApp NTAP 67.93 2.2 WildHorseResource WRD 21.95 2.2 JerniganCapPfdB JCAPpB 22.81 -0.8 OrbitalATK OA 132.81 0.11 STMicroelec STM 22.84 1.09 WestRock WRK 64.84 0.59
NewaterTech NEWA 28.20 -38.4 WintrustFin Wt WTFCW 67.07 12.5 K12 LRN 12.72 -8.3 Orix IX 86.86 -0.49 Stryker Weyerhaeuser WY 35.92
SYK 158.56 0.71 0.16
52-Wk % 52-Wk % 52-Wk % 1-800-FLOWERS FLWS 13.33 -0.8 Xcerra XCRA 12.30 0.2 KimcoRealtyPfdK KIMpK 22.64 -0.6 OwensCorning OC 81.37 0.16 SumitomoMits SMFG 8.47 0.02 WheatonPrecMet WPM 21.06 -0.09
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OxfordLanePfd2024 OXLCM 25.93 0.5 Zumiez ZUMZ 26.30 -1.8 KinderMorganPfdA KMIpA 29.98 -0.5 PG&E PCG 44.63 -0.17 SunComms SUI Whirlpool WHR 149.03 0.10
PTC PTC 81.92 2.2 Mallinckrodt MNK 13.32 -6.8 90.11 -1.53
CYREN CYRN 3.15 29.9 HarvardBioSci HBIO 5.98 -1.8 PLDT PHI 28.50 0.26 SunLifeFinancial SLF Williams WMB 25.08 -0.27
Highs CAE CAE 19.53 1.0 HawthornBcsh HWBK 22.07 0.9
PVH
PAVmedWtZ
PVH
PAVMZ
162.79 2.7
1.30 30.0
Lows MedleyMgmt
MonakerGroup MKGI
MDLY 5.45 -0.9
3.35 -2.1
PNC Fin PNC 152.49 3.05 SuncorEnergy SU
40.92 0.08
37.50 -0.09 WilliamsPartners WPZ 34.70 0.09
CallawayGolf ELY 17.41 0.3 Herbalife HLF 101.65 0.6 1.55 -4.2 POSCO PKX 76.56 -0.46 SunTrustBanks STI WillisTowers WLTW 147.89 0.86
Pearson PSO 10.92 0.7 AlaskaCommSys ALSK NavideaBiopharm NAVB 0.30 1.4 69.12 1.45
co Fo

ADMA Biologics ADMA 5.43 1.0 CambiumLearning ABCD 11.99 3.7 Hess HES 55.98 0.1 PPG Ind PPG 110.04 0.76 Symantec Wipro WIT 5.35 0.03
Plantronics PLT 62.44 3.2 Altimmune ALT 0.80 -5.1 NewGold NGD 2.26 -3.8 SYMC 27.60 0.77
AMN Healthcare AMN 65.88 1.6 CapstoneTurbine CPST 1.85 10.3 HighwayHldgs HIHO 6.00 7.1 PPL PPL 27.54 -0.39 SynchronyFin SYF 34.83 0.59 WooriBank WF 41.00 0.93
Quidel QDEL 55.77 1.8 Amedica AMDA 1.25 -2.3 OpesAcquisition OPES 9.67 -0.1
Abercrombie&Fitch ANF 28.75 1.9 CareDx CDNA 9.28 4.6 HollyFrontier HFC 54.93 -0.7 s PTC PTC 81.41 1.77 Synopsys Workday WDAY 128.23 1.60
RMR Group RMR 77.20 0.6 ApogeeEnt APOG 37.24 -8.9 PDLCommBncp PDLB 14.46 0.3 SNPS 84.48 1.32
AcornIntl ATV 25.80 12.5 CharterFin CHFN 22.19 -0.2 Innoviva INVA 17.99 1.5 s PVH PVH 162.25 4.24 SynovusFin SNV 50.27 0.92 Worldpay WP 81.20 1.08
Renasant RNST 45.34 2.0 Argan AGX 36.67 -14.2 PrestigeBrands PBH 31.50 -2.5
Acushnet GOLF 24.49 0.9 CommerceBcshrs CBSH 63.60 6.3 Inogen INGN 138.22 2.7 Paccar PCAR 68.18 1.15 Sysco Wyndham WYN 112.03 0.54
Retrophin RTRX 27.76 6.3 B.RileyNts2021 RILYL 25.32 0.8 PurpleInnovation PRPL 7.80 -2.1 SYY 60.51 -0.01
Aegon AEG 7.25 2.1 CommVaultSystems CVLT 68.90 0.1 Insperity NSP 73.14 0.8 PackagingCpAm PKG 113.37 0.69 WynnResorts WYNN 186.64 6.81
Seacor CKH 56.78 0.3 BancoSantPfd5 SANpC 24.99 -0.2 ScrippsEW SSP 11.23 -1.0
AgiosPharm AGIO 88.24 3.7
Amedisys AMED 66.23 2.2
ComtechTel
ConocoPhillips
CMTL
COP
31.50
63.88
0.1
...
IntelligentSys
iQIYI
INS
IQ
5.22
19.40
2.6
5.4
SINOPEC SHI 64.56 0.8 BedBath BBBY 17.19 -20.0 Sea SE 10.42 -0.3 PacWestBancorp PACW 49.37 0.70
PagSeguroDig PAGS 34.80 -0.32
T U V XPO Logistics XPO 100.75
XcelEnergy XEL 44.02
2.43
-0.82
Semtech SMTC 44.85 1.0 BlinkChargingWt BLNKW 0.30 -13.5 Sibanye-Stillwater SBGL 3.63 -1.4
AmerEagle AEO 21.65 0.7 DropBox DBX 34.83 2.9 iRadimed IRMD 16.40 4.9 CMSEnerDeb78 CMSA 24.52 -0.5 PaloAltoNtwks PANW 190.48 3.49 TAL Education TAL 37.88 0.67 Xerox XRX 28.23 -0.02
SperoTherap SPRO 19.00 19.1 SigmaLabs SGLB 1.20 -8.0
AmericoldRealty COLD 19.63 -0.9 ENI E 38.00 0.1 KLX KLXI 73.94 0.9 PMTS 2.44 -0.8 ParkerHannifin PH 172.56 2.20 TD Ameritrade AMTD 60.29 0.81 Xilinx XLNX 69.53 1.52
Strats Allst GJT GJT 21.00 ... CPI Card StateStreetPfdD STTpD 26.10 -0.5
AnadarkoPetrol APC 63.55 -0.7 Ecopetrol EC 22.48 -0.6 Kirby KEX 84.75 0.7 6.19 3.9 ParsleyEnergy PE 28.22 0.15 TE Connectivity TEL 99.10 0.38 Xylem XYL 77.12 0.93
Strats GSG GJS GJS 21.52 0.8 ChickenSoupEntA CSSE SteelPtrsPfdA SPLPpA 20.06 -0.6
AngioDynamics ANGO 20.18 -0.5 eGain EGAN 9.13 3.4 KirklandLakeGold KL 17.43 -1.3 C.WS.A 0.04 23.7 Paychex PAYX 61.65 -0.02 Telus TU 35.39 -0.38 YPF YPF 22.33 0.15
Surmodics SRDX 40.30 2.8 CitigroupWt19 Synacor SYNC 1.35 -6.5
Aptargroup ATR 93.25 0.5 EsteeLauder EL 153.59 -0.6 LambWeston LW 64.09 -0.7 T2Biosystems TTOO 7.54 0.1 CompassPfdA CODIpA 21.23 0.4 SynovusFinlPfdC SNVpC 25.51 -0.6 PaycomSoftware PAYC 111.46 -0.81 Ternium TX 36.46 0.75 YY YY 97.01 -1.36
Autohome ATHM 97.59 2.7 Etsy ETSY 30.78 1.3 LeapTherap LPTX 10.25 3.1 TailoredBrands TLRD 29.08 0.8 CrossTimbers CRT 12.99 1.3 TC PipeLines TCP 30.57 -3.7 PayPal PYPL 77.46 0.96 TIM Part TSU 21.78 0.04 Yandex YNDX 33.16 -1.85
AxonEnterprise AAXN 44.06 0.7 Exponent EXPO 81.50 0.3 LegacyResPfdA LGCYP 10.05 -3.9 TheStreet TST 2.03 3.2 DRDGOLD DRD 2.60 -3.3 TiberiusAcqn TIBR 9.55 -0.1 s Pearson PSO 10.90 0.08 TJX TJX 82.53 0.48 YumBrands YUM 85.75 0.31
BcoSantChile BSAC 35.01 0.4 51job JOBS 92.55 4.0 LeMaitreVascular LMAT 40.89 1.1 TidewaterWtB TDW.WS.B 3.58 7.3 DominionEnerUn DCUD 44.54 -1.6 UltraparPart UGP 19.42 -1.8 PembinaPipeline PBA 31.48 -0.30 T-MobileUS TMUS 63.02 0.10 YumChina YUMC 41.05 -0.18
BankFinancial BFIN 17.25 0.1 FirstBanCorp FBP 6.75 4.8 lululemon LULU 92.13 1.0 TriNet TNET 50.57 3.9 DominionEner D 63.91 -1.2 Valeritas VLRX 1.81 -5.7 Pentair PNR 70.08 0.91 TRowePrice TROW 108.05 1.85 ZTO Express ZTO 15.65 0.13
BlueBird BLBD 24.25 0.2 FirstCash FCFS 85.00 0.6 MBIA MBI 10.97 13.0 TylerTech TYL 216.75 0.1 EVINE Live EVLV 0.76 -2.7 VictoryCapital VCTR 10.39 -0.3 People'sUtdFin PBCT 18.80 0.21 TableauSftwr DATA 81.16 1.52 ZayoGroup ZAYO 35.92 0.26
BostonBeer SAM 219.23 -0.7 FiveBelow FIVE 77.12 -0.7 MagnaIntl MGA 61.27 0.5 USG USG 41.45 2.4 Emcore EMKR 4.80 1.5 VornadoPfdL VNOpL 23.00 -0.7 PepsiCo PEP 108.31 -0.37 TaiwanSemi TSM 43.85 0.47 ZebraTech ZBRA 141.30 0.05
Buenaventura BVN 16.80 0.3 GDL Fd PfdC GDLpC 51.94 0.1 Mannatech MTEX 18.50 1.9 uniQure QURE 29.75 1.0 EmpireStateRealty ESRT 16.23 -1.3 VornadoPfdM VNOpM 22.14 -1.3 PerkinElmer PKI 74.56 0.30 TakeTwoSoftware TTWO 97.84 1.22 Zillow A ZG 53.77 0.36
BusFirstBcshs BFST 29.00 8.9 GeneralFin GFN 8.10 0.6 Medifast MED 100.25 -1.7 UrbanOutfitters URBN 39.32 2.0 GenieEnergy GNE 3.82 -0.8 WCF Bancorp WCFB 9.00 -4.1 Perrigo PRGO 80.86 -1.08 Tapestry TPR 52.68 0.22 Zillow C Z 53.60 0.39
CRA Intl CRAI 56.03 0.9 Gentex GNTX 24.39 0.5 MelcoResorts MLCO 31.34 6.3 UsanaHealth USNA 97.63 -0.2 GrayTelevision GTN 11.25 ... WRBerkleyDeb58 WRBpE 24.18 ... PetroChina PTR 72.90 1.06 TargaResources TRGP 45.08 -0.56 ZimmerBiomet ZBH 106.42 0.39
n-

CTS CTS 29.40 1.0 Guess GES 24.01 0.6 MellanoxTech MLNX 79.37 0.5 ValeroEnergy VLO 101.28 0.2 GrayTelevision A GTN.A 10.00 -0.5 WestmorelandRes WMLP 1.41 -10.2 PetroleoBrasil PBR 14.27 -0.06 Target TGT 72.43 -0.39 ZionsBancorp ZION 54.13 1.99
Curo CURO 19.11 -0.5 HailiangEduc HLG 88.92 5.5 Methanex MEOH 67.80 -0.4 VaronisSystems VRNS 65.95 0.9 GreentreeHospital GHG 11.25 -4.8 WideOpenWest WOW 6.66 1.0 PetroleoBrasilA PBR.A 12.76 -0.13 TataMotors TTM 27.17 -0.02 Zoetis ZTS 83.96 0.89

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
no

IncomeAdv 2.28 ... -1.7 EqInc NA ... NA ValAdml 40.69 +0.38 -1.2
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least FrankTemp/Franklin A EqIndex 71.52 +0.59 0.1 WdsrllAdml 66.27 +0.57 -1.3
$500 million each. CA TF A p 7.30 ... -1.4 Growth 65.51 +0.62 4.6 WellsIAdml 63.54 +0.06 -2.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IncomeA p 2.30 ... -1.7 HelSci 72.00 +0.79 2.3 WelltnAdml 71.30 +0.30 -1.2
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- RisDv A p 59.74 +0.45 -2.1 InstlCapG 39.08 +0.37 5.9 WndsrAdml 79.52 +0.65 0.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FrankTemp/Franklin C IntlStk 18.87 +0.05 1.1 VANGUARD FDS
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete Income C t 2.33 ... -1.9 IntlValEq 15.16 +0.05 0.3 DivdGro 26.21 +0.15 -0.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not FrankTemp/Temp A MCapGro 90.22 +0.73 3.7 HlthCare r 199.34 +1.21 -0.5
tracked. NS-Fund didn’t exist at start of period. GlBond A p 12.01 +0.05 1.7 MCapVal 30.65 +0.12 0.8 INSTTRF2020 22.52 +0.05 ...
Growth A p 27.03 +0.12 -0.8 N Horiz 56.25 +0.46 7.0 INSTTRF2025 22.88 +0.07 0.1
FrankTemp/Temp Adv N Inc NA ... NA INSTTRF2030 23.15 +0.08 0.1
Thursday, April 12, 2018 GlBondAdv p 11.96 +0.04 1.7 OverS SF r 11.45 +0.03 1.2 INSTTRF2035 23.43 +0.10 0.3
Net YTD Net YTD Net YTD Harbor Funds INSTTRF2040 23.71 +0.12 0.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret R2020 NA ... NA
CapApInst 73.46 +0.84 5.8 R2025 NA ... NA INSTTRF2045 23.89 +0.12 0.4
American Century Inv EmgMktVa 32.15 +0.07 3.0 NwInsghtI 32.50 +0.28 3.7 IntlInst r 68.63 +0.30 1.6 R2030 NA ... NA IntlVal 40.04 +0.14 0.4
Ultra 45.30 +0.41 4.3 EmMktCorEq 23.72 +0.06 2.2 Fidelity Freedom Harding Loevner R2035 NA ... NA LifeCon 19.83 +0.02 -0.3
American Funds Cl A IntlCoreEq 14.62 +0.05 0.6 FF2020 16.60 +0.04 0.2 IntlEq NA ... NA R2040 NA ... NA LifeGro 33.76 +0.15 0.3
AmcpA p 32.86 +0.28 4.4 IntlVal 20.64 +0.10 0.9 FF2025 14.44 +0.04 0.3 Invesco Funds A Value 36.75 +0.32 -1.5 LifeMod 27.14 +0.07 ...
AMutlA p 40.01 +0.23 -1.5 IntSmCo 21.48 +0.10 1.0 FF2030 18.14 +0.07 0.4 EqIncA 10.85 +0.08 -0.6 PRIMECAP Odyssey Fds PrmcpCor 27.00 +0.32 0.4
BalA p 26.93 +0.10 -0.4 IntSmVa 22.84 +0.13 -0.6 Freedom2020 K 16.58 +0.04 0.2 John Hancock Class 1 AggGrowth r 49.24 +0.50 11.1 SelValu r 30.02 +0.11 -4.0
BondA p 12.60 -0.03 -1.7 US CoreEq1 22.84 +0.18 0.5 Freedom2025 K 14.42 +0.04 0.3 LSBalncd 15.20 +0.05 0.3 Growth r 39.95 +0.44 7.2 STAR 26.93 +0.11 0.5
CapIBA p 61.11 +0.06 -1.9 US CoreEq2 21.54 +0.18 0.1 Freedom2030 K 18.11 +0.06 0.4 LSGwth 16.20 +0.07 0.7 Principal Investors STIGrade 10.49 -0.02 -0.6
CapWGrA 51.73 +0.13 1.6 US Small 35.96 +0.20 0.2 Freedom2035 K 15.31 +0.06 0.7 John Hancock Instl
DivIntlInst 13.94 +0.06 0.3 TgtRe2015 15.31 +0.03 -0.1
EupacA p 57.18 +0.05 1.7 US SmCpVal 37.82 +0.20 -0.3 Freedom2040 K 10.76 +0.05 0.7 DispValMCI 23.26 +0.14 -0.2 Prudential Cl Z & I TgtRe2020 31.37 +0.07 ...
FdInvA p 62.52 +0.47 0.8 US TgdVal 24.78 +0.15 -0.3 Fidelity Invest JPMorgan Funds TgtRe2025 18.50 +0.05 ...
TRBdZ 14.22 -0.03 -1.6
GwthA p 51.53 +0.40 4.0 USLgVa 38.53 +0.37 -1.1 Balanc 23.84 +0.11 0.8 MdCpVal L 39.64 +0.18 -1.6 TgtRe2030 33.68 +0.13 0.1
Schwab Funds
HI TrA p 10.26 +0.02 0.5 Dodge & Cox BluCh 91.75 +0.90 4.5 JPMorgan R Class TgtRe2035 20.74 +0.09 0.2
S&P Sel 41.26 +0.34 0.2
ICAA p 40.04 +0.20 -0.5 Balanced 104.69 +0.66 -0.6 Contra 125.96 +1.29 4.5 CoreBond 11.35 -0.03 -1.4 TgtRe2040 35.89 +0.17 0.3
TIAA/CREF Funds
IncoA p 22.96 +0.05 -1.1 GblStock 13.71 +0.11 -1.1 ContraK 125.92 +1.29 4.5 Lazard Instl TgtRe2045 22.58 +0.11 0.4
N PerA p 44.60 +0.25 3.3 Income 13.51 -0.02 -0.9
EqIdxInst 19.71 +0.15 0.3
CpInc r 10.20 +0.04 0.1 EmgMktEq 20.07 +0.10 0.2 TgtRe2050 36.34 +0.18 0.4
NEcoA p 47.55 +0.36 6.5 Intl Stk 46.08 +0.20 -0.5 IntlEqIdxInst 20.32 +0.06 0.7
DivIntl 39.83 +0.16 -0.5 Lord Abbett A TgtRetInc 13.48 +0.01 -0.2
NwWrldA 67.99 +0.04 1.6 Stock 200.07 +2.14 -0.3 Tweedy Browne Fds
GroCo 190.76 +2.23 6.8 ShtDurIncmA p 4.20 ... -0.1 TotIntBdIxInv 10.91 -0.01 0.8
SmCpA p 57.06 +0.22 2.3 DoubleLine Funds GrowCoK 190.78 +2.24 6.8 Lord Abbett F GblValue 28.43 +0.05 -0.2
VANGUARD ADMIRAL WellsI 26.23 +0.02 -2.0
TxExA p 12.81 ... -1.0 TotRetBdI 10.46 -0.02 -0.7 InvGB 7.75 -0.02 -1.5 ShtDurIncm 4.20 ... -0.1 Welltn 41.29 +0.18 -1.2
WshA p 45.40 +0.38 -0.1 Edgewood Growth Instituti InvGrBd 11.00 -0.02 -1.5 Metropolitan West 500Adml 246.13 +2.05 0.2
BalAdml 34.41 +0.13 -0.4
WndsrII 37.34 +0.32 -1.3
Baird Funds EdgewoodGrInst 31.69 +0.31 7.2 LowP r 54.65 +0.24 0.2 TotRetBd 10.43 -0.02 -1.6 VANGUARD INDEX FDS
AggBdInst 10.62 -0.02 -1.7 Federated Instl MagIn 107.42 +1.07 2.7 TotRetBdI 10.43 -0.02 -1.5 CAITAdml 11.58 ... -1.0
500 246.12 +2.04 0.1
CorBdInst 10.97 -0.02 -1.6 StraValDivIS 5.77 -0.02 -5.4 OTC 114.98 +1.19 4.7 TRBdPlan 9.81 -0.02 -1.5 CapOpAdml r 156.13 +2.02 1.6
ExtndIstPl 211.17 +1.23 1.3
BlackRock Funds A Fidelity Puritn 23.52 +0.14 0.8 MFS Funds Class I EMAdmr 39.09 +0.09 2.6
SmValAdml 56.15 +0.27 -1.1
GlblAlloc p 19.68 +0.02 -0.1 500IdxInst 93.12 +0.77 0.2 SrsEmrgMkt 21.66 +0.03 1.2 ValueI 39.79 +0.34 -2.1 EqIncAdml 76.36 +0.53 -1.5
TotBd2 10.46 -0.02 -1.7
BlackRock Funds Inst 500IdxInstPrem 93.12 +0.78 0.2 SrsGroCoRetail 17.82 +0.21 7.2 MFS Funds Instl ExplrAdml 93.31 +0.83 5.5
TotIntl 18.33 +0.05 0.7
EqtyDivd 22.32 ... -1.5 500IdxPrem 93.12 +0.78 0.2 SrsIntlGrw 16.24 +0.01 0.6 IntlEq 25.66 +0.07 0.8 ExtndAdml 85.57 +0.49 1.3
TotSt 66.66 +0.52 0.3
GlblAlloc 19.81 +0.03 ... ExtMktIdxPrem r 62.77 +0.36 1.3 SrsIntlVal 10.71 +0.03 0.2 Mutual Series GNMAAdml 10.25 -0.01 -1.2
VANGUARD INSTL FDS
HiYldBd 7.71 +0.02 0.4 IntlIdxPrem r 43.39 +0.09 0.6 TotalBond 10.43 -0.02 -1.3 GlbDiscA 31.63 +0.20 -0.5 GrwthAdml 73.52 +0.52 1.9
BalInst 34.42 +0.14 -0.4
StratIncOpptyIns 9.91 ... 0.4 SAIUSLgCpIndxFd 14.31 +0.12 0.2 First Eagle Funds Oakmark Funds Invest HlthCareAdml r 84.06 +0.51 -0.5
DevMktsIndInst 14.42 +0.04 0.3
Bridge Builder Trust TMktIdxF r 76.38 +0.60 0.4 GlbA 58.86 +0.15 -0.3 EqtyInc r 32.03 +0.17 -0.5 HYCorAdml r 5.81 +0.01 -0.4
DevMktsInxInst 22.54 +0.07 0.3
CoreBond 9.93 -0.02 -1.6 TMktIdxPrem 76.38 +0.60 0.4 FPA Funds Oakmark 84.72 +0.98 0.5 InfProAd 25.33 -0.04 -0.7
ExtndInst 85.57 +0.50 1.3
Dimensional Fds USBdIdxInstPrem 11.31 -0.02 -1.7 FPACres 34.67 +0.24 -0.1 OakmrkInt 28.35 +0.17 -0.8 IntlGrAdml 99.57 +0.27 4.2
GrwthInst 73.52 +0.51 1.9
5GlbFxdInc 10.82 -0.01 -0.5 Fidelity Advisor I FrankTemp/Frank Adv Old Westbury Fds ITBondAdml 11.02 -0.03 -2.3
InPrSeIn 10.32 -0.02 -0.7
LrgCpStr 14.55 +0.06 0.6 ITIGradeAdml 9.48 -0.02 -1.9 InstIdx 242.92 +2.02 0.2
Oppenheimer Y LTGradeAdml 10.02 -0.04 -4.5 InstPlus 242.94 +2.02 0.2
DevMktY 44.25 +0.06 3.1 MidCpAdml 191.59 +1.05 0.3 InstTStPlus 59.28 +0.46 0.4
Dividend Changes IntGrowY
Parnassus Fds
44.19 +0.17 1.3 MuHYAdml
MuIntAdml
11.22
13.87
...
...
-0.9
-1.1
MidCpInst 42.32 +0.23
MidCpIstPl 208.74 +1.15
0.3
0.4
ParnEqFd 42.67 +0.28 0.4 MuLTAdml 11.41 ... -1.3
Dividend announcements from April 12. PIMCO Fds Instl MuLtdAdml 10.81 ... -0.2
SmCapInst 71.15 +0.39 0.8
SmCapIstPl 205.38 +1.13 0.8
Amount Payable / AllAsset NA ... NA MuShtAdml 15.69 ... 0.3 STIGradeInst 10.50 -0.01 -0.5
Company Symbol Yld % New/Old Frq Record TotRt 10.06 -0.03 -1.4 PrmcpAdml r 136.42 +1.76 2.1 TotBdInst 10.49 -0.02 -1.7
PIMCO Funds A RealEstatAdml 105.23 -1.19 -9.6 TotBdInst2 10.46 -0.02 -1.7
Increased IncomeFd NA ... NA SmCapAdml 71.16 +0.39 0.8 TotBdInstPl 10.49 -0.02 -1.7
Genesis Energy GEL 10.0 .52 /.51 Q May15 /May01 PIMCO Funds Instl STBondAdml 10.26 -0.01 -0.6 TotIntBdIdxInst 32.74 -0.03 0.8
IncomeFd NA ... NA STIGradeAdml 10.50 -0.01 -0.5 TotIntlInstIdx r 122.64 +0.34 0.8
Foreign PIMCO Funds P TotBdAdml 10.49 -0.02 -1.7 TotItlInstPlId r 122.66 +0.34 0.8
Carnival ADR CUK 3.1 .50 Q Jun15 /May25 IncomeP NA ... NA TotIntBdIdxAdm 21.82 -0.02 0.8 TotStInst 66.70 +0.53 0.4
Price Funds TotIntlAdmIdx r 30.67 +0.09 0.8 ValueInst 40.69 +0.38 -1.2
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BlChip 102.39 +1.07 6.3 TotStAdml 66.69 +0.53 0.4 Western Asset
CapApp NA ... NA TxMIn r 14.40 +0.04 0.3 CorePlusBdI NA ... NA
spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
24483.05 s 293.60, or 1.21% Trailing P/E ratio 25.86 20.82 2663.99 s 21.80, or 0.83% Trailing P/E ratio * 25.04 24.45 7140.25 s 71.22, or 1.01% Trailing P/E ratio * 25.33 25.85
High, low, open and close for each P/E estimate * 16.34 17.59 High, low, open and close for each P/E estimate * 16.88 18.25 High, low, open and close for each P/E estimate * 19.68 20.25
trading day of the past three months. Dividend yield 2.18 2.38 trading day of the past three months. Dividend yield 1.96 1.98 trading day of the past three months. Dividend yield 1.06 1.11
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 All-time high: 7588.32, 03/12/18

Current divisor 0.14523396877348 Session high

26800 2900 7500
DOWN UP
t

Session open Close

Close Open 26000 2825 7300

t

65-day moving average

Session low
25200 2750 7100

24400 2675 6900

65-day moving average

23600 2600 6700

65-day moving average 6500

22800 2525

Bars measure the point change from session's open

6300
22000 2450
Jan. Feb. Mar. Apr.
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 744,904,216 11,358,011
Industrial Average 24592.12 24302.82 24483.05 293.60 1.21 26616.71 20404.49 19.7 -1.0 10.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 423,985,836 6,441,233
Transportation Avg 10408.40 10221.47 10360.41 167.59 1.64 11373.38 8783.74 16.7 -2.4 5.7 Most-active issues in late trading Decl. volume* 310,911,157 4,358,490
Utility Average 688.26 676.54 678.16 -8.52 -1.24 774.47 647.90 -3.6 -6.2 4.7 Volume After Hours Issues traded 3,068 320
Company Symbol (000) Last Net chg % chg High Low Advances 1,606 146
Total Stock Market 27739.19 27541.72 27632.44 214.11 0.78 29630.47 24125.20 14.5 -0.1 7.8
VanEck Vectors Gold Miner GDX 4,757.0 22.55 0.08 0.36 22.56 22.47 Declines 1,351 151
Barron's 400 719.77 714.66 717.40 4.34 0.61 757.37 610.89 17.4 0.9 7.4
Micron Technology MU 4,319.6 53.16 0.57 1.08 53.30 52.36 Unchanged 111 23
Nasdaq Stock Market SPDR S&P 500 SPY 3,684.1 265.66 -0.27 -0.10 266.10 263.74 New highs 53 1
Nasdaq Composite 7166.00 7105.09 7140.25 71.22 1.01 7588.32 5805.15 23.0 3.4 12.6 Ford Motor F 3,021.3 11.31 … unch. 11.40 11.28 New lows 42 2
6682.69 6618.81 72.81 7131.12 5353.59 4.1 Closing tick 352 36
Nasdaq 100 6656.26 1.11 24.3 14.6 Intel INTC 3,016.7 52.80 0.08 0.15 52.85 51.22
Closing Arms† 0.82 0.75
Oracle ORCL 2,632.8 45.88 … unch. 45.92 45.85
S&P Block trades* 5,888 124
0.83
Pfizer PFE 2,507.1 36.32 … unch. 36.33 36.17
500 Index 2674.72 2653.83 2663.99 21.80 2872.87 2328.95 14.4 -0.4 8.2

.
Nasdaq NYSE Arca
Kinder Morgan KMI 2,233.7 15.32 -0.02 -0.13 15.36 15.32
MidCap 400 1896.48 1884.61 1890.00 7.91 0.42 1995.23 1681.04 12.4 -0.6 7.2 Total volume*1,975,506,885 216,323,922

ly
SmallCap 600 959.85 952.74 956.52 4.99 0.52 979.57 815.62 17.3 2.2 9.8 Percentage gainers… Adv. volume*1,384,828,448 103,832,967
Decl. volume* 566,892,507 111,682,729
Other Indexes Broadcom AVGO 422.5 250.40 10.97 4.58 251.00 238.67
Issues traded 3,044 1,330
Russell 2000 1562.46 1548.03 1557.33 10.52 0.68
on 1610.71 1345.24 15.8 1.4 7.2 Geron GERN 98.6 4.11 0.12 3.01 4.12 3.97
Advances 1,879 815
NYSE Composite 12623.71 12552.72 12580.22 65.63 0.52 13637.02 11324.53 11.1 -1.8 4.2 Semtech SMTC 176.3 45.30 1.20 2.72 45.30 44.09 Declines 1,018 500
Value Line 554.96 550.99 553.41 2.42 0.44 589.69 503.24 8.9 -1.6 2.2 PulteGroup PHM 506.4 29.88 0.77 2.65 29.88 29.11 Unchanged 147 15
NYSE Arca Biotech 4675.07 4605.96 4650.31 63.64 1.39 4939.86 3480.26 31.9 10.1 4.5
Albemarle ALB 95.0 95.50 2.11 2.26 95.50 93.34 New highs 71 20
us l,

New lows 22 6
NYSE Arca Pharma 536.48 533.10 534.24 2.26 0.42 593.12 498.46 5.7 -2.0 -3.1 ...And losers
Closing tick 66 5
KBW Bank 109.24 106.82 108.60 2.31 2.18 116.52 88.02 23.4 1.8 14.3 Zillow Group Cl C Z 428.9 50.85 -2.75 -5.13 55.65 49.97 Closing Arms† 0.76 1.50
al a

PHLX§ Gold/Silver
e
83.17 82.29 82.76 -0.92 -1.10 93.26 76.42 -7.4 -2.9 6.1 MBIA Inc MBI 180.0 10.34 -0.51 -4.70 10.90 9.89 Block trades* 10,061 1,207
PHLX§ Oil Service 150.96 146.86 149.77 1.46 0.98 165.78 117.79 -8.9 0.1 -10.3 Sangamo Therapeutics SGMO 52.1 19.05 -0.55 -2.81 19.65 19.05 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1343.20 1324.09 1339.66 24.60 1.87 1445.90 960.01 39.5 6.9 23.6 First Data Cl A FDC 72.0 15.23 -0.21 -1.39 15.44 15.23 †(TRIN) A comparison of the number of advancing and declining
19.92 18.16 -1.75 -8.65 37.32 9.14 67.5 issues with the volume of shares rising and falling. An
Cboe Volatility 18.49 15.9 13.7 Fitbit FIT 54.3 5.25 -0.07 -1.32 5.32 5.25 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er rs

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3059.04 13.27 0.44 –0.9 Zuora ZUO 20.00 6.00 42.86 ... ... ... Newater Technology NEWA 16.50 -10.28 -38.39 28.20 7.32 ...
DJ Global Index 396.13 1.31 0.33 –0.3
m e

CYREN CYRN 3.00 0.69 29.87 3.15 1.35 50.0 China Adv Constr Matrl CADC 2.60 -0.70 -21.21 9.75 1.55 -16.1
DJ Global ex U.S. 265.94 –0.31 –0.12 –0.3 Arcadia Biosciences RKDA 31.00 5.99 23.95 66.56 3.60 98.7 Bed Bath Beyond BBBY 17.21 -4.29 -19.95 40.33 17.19 -55.2
Americas DJ Americas 639.72 4.61 0.73 –0.4 SteadyMed STDY 3.60 0.65 22.03 7.50 2.80 -41.9 Argan AGX 36.80 -6.10 -14.22 72.13 36.68 -43.3
m rp

Brazil Sao Paulo Bovespa 85443.53 197.94 0.23 11.8 Geron GERN 3.99 0.68 20.54 6.68 1.74 70.5 Novavax NVAX 1.81 -0.27 -12.98 2.75 0.73 100.7
Canada S&P/TSX Comp 15269.27 11.37 0.07 –5.8 Bellicum Pharmaceuticals BLCM 8.24 1.39 20.29 14.49 5.02 -38.5 Internet Gold-Golden IGLD 4.30 -0.55 -11.34 11.51 4.25 -57.5
Mexico S&P/BMV IPC 48782.56 250.42 0.52 –1.2 Selecta Biosciences SELB 12.04 1.98 19.68 24.02 7.95 -13.7 Daxor Corp DXR 7.68 -0.92 -10.70 21.66 3.40 8.6
Chile Santiago IPSA 4240.06 12.94 0.31 0.7 Spero Therapeutics SPRO 17.85 2.86 19.08 19.00 9.66 ... Daqo New Energy ADR DQ 52.97 -6.29 -10.61 72.50 18.01 182.4
0.70 QuinStreet QNST 11.84 1.70 16.77 14.65 3.36 197.5 VirnetX Holding VHC 4.15 -0.45 -9.78 8.75 2.03 93.0
EMEA Stoxx Europe 600 378.82 2.64 –2.7
co Fo

0.71 Rigel Pharmaceuticals RIGL 3.91 0.56 16.72 4.71 2.14 23.7 PolarityTE COOL 16.56 -1.75 -9.56 32.63 10.33 26.4
Eurozone Euro Stoxx 382.17 2.69 –0.9
Belgium Bel-20 3883.82 27.22 0.71 –2.4 Essendant ESND 9.83 1.36 16.06 18.30 7.25 -31.3 Galectin Therapeutics GALT 4.27 -0.45 -9.53 6.74 1.28 35.1
Denmark OMX Copenhagen 886.27 2.05 0.23 –4.4 Applied Genetic Techs AGTC 4.60 0.60 15.00 6.46 3.25 -25.2 Pretium Resources PVG 7.51 -0.76 -9.19 12.44 6.17 -31.9
France CAC 40 5309.22 31.28 0.59 –0.1 Ritter Pharmaceuticals RTTR 2.99 0.39 15.00 11.70 1.83 -72.3 Exela Technologies XELA 4.60 -0.46 -9.09 10.00 4.37 -53.9
Germany DAX 12415.01 121.04 0.98 –3.9 Northern Technologies NTIC 24.75 3.00 13.79 27.00 14.95 37.5 Verona Pharma ADR VRNA 17.51 -1.72 -8.94 25.55 10.44 ...
1461.65 1.54 –3.2 Innovate Biopharm INNT 27.96 3.35 13.61 50.50 3.43 154.2 Apogee Enterprises APOG 38.70 -3.76 -8.86 59.76 37.24 -23.7
Israel Tel Aviv 22.21
Italy FTSE MIB 23304.88 292.02 1.27 6.6
Netherlands AEX 547.90 3.40 0.62 0.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1125.09 41.56 3.84 –2.5 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 56480.98 310.91 0.55 –5.1
Spain IBEX 35 9747.00 11.20 0.12 –3.0 Neovasc NVCN 196,401 310.0 0.05 2.86 1.89 0.03 IQ Real Return CPI 461 7674 27.57 -0.24 27.85 27.15
Sweden OMX Stockholm 557.36 6.08 1.10 –2.0 SPDR S&P 500 SPY 64,934 -46.6 265.93 0.82 286.63 232.51 Siliconware Precision ADR SPIL 1,379 2493 8.65 -0.57 8.75 7.70
Switzerland Swiss Market 8774.76 66.32 0.76 –6.5 General Electric GE 61,457 -33.2 13.18 1.62 30.54 12.73 WisTree US SmCp Qlty Div DGRS 366 2213 34.61 0.06 36.82 31.44
n-

110235.41 0.90 –4.4 Finl Select Sector SPDR XLF 61,392 -5.8 27.88 1.75 30.33 22.89 Exela Technologies XELA 3,526 2209 4.60 -9.09 10.00 4.37
Turkey BIST 100 982.21
0.02 –5.6
Bank of America BAC 56,010 -25.8 30.65 2.51 33.05 22.07 WisTree Gl exUS Qlty Div DNL 214 2057 59.77 0.08 62.84 50.00
U.K. FTSE 100 7258.34 1.20
U.K. FTSE 250 19772.93 117.97 0.60 –4.6 iShares MSCI Emg Markets EEM 52,587 -30.8 48.05 -0.04 52.08 38.71 Apogee Enterprises APOG 3,033 1109 38.70 -8.86 59.76 37.24
Ford Motor F 43,963 -13.2 11.31 -1.05 13.48 10.14 Bed Bath Beyond BBBY 38,358 1006 17.21 -19.95 40.33 17.19
Asia-Pacific
no

Micron Technology MU 42,196 -21.9 52.59 4.18 63.42 26.36 Regalwood Gl Energy Cl A RWGE 501 940 9.65 -0.10 9.80 9.60
Australia S&P/ASX 200 5815.50 –13.20 –0.23 –4.1
Advanced Micro Devices AMD 40,837 -33.1 10.08 2.65 15.65 9.04 Bellicum Pharmaceuticals BLCM 8,684 929 8.24 20.29 14.49 5.02
China Shanghai Composite 3180.16 –27.92 –0.87 –3.8
Novavax NVAX 40,337 250.8 1.81 -12.98 2.75 0.73 SPDR Bloomberg 1-3M TBill BIL 8,101 770 91.48 ... 91.55 91.37
Hong Kong Hang Seng 30831.28 –66.43 –0.21 3.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 34101.13 160.69 0.47 0.1 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 21660.28 –26.82 –0.12 –4.9
Singapore Straits Times 3468.61 –11.15 –0.32 1.9 Track the Markets
South Korea Kospi 2442.71 –1.51 –0.06 –1.0 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10955.29 –18.73 –0.17 2.9 global stock indexes, bond ETFs,
Thailand SET 1767.17 3.95 0.22 0.8
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: SIX Financial Information; WSJ Market Data Group
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004388 22790 0.4
Americas
Argentina peso .0495 20.2023 8.6 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Brazil real .2930 3.4126 3.0 Czech Rep. koruna .04871 20.530 –3.5

U.S. consumer rates Selected rates andtoRates

Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7944 1.2588 0.1 Denmark krone .1655 6.0416 –2.6
major U.S. trading partners Chile peso .001676 596.80 –3.0 Euro area euro 1.2327 .8113 –2.6
notes and bonds
A consumer rate against its 5-year CDs Ecuador US dollar 1 1 unch Hungary forint .003960 252.54 –2.5
Mexico peso .0550 18.1898 –7.5 Iceland krona .010137 98.65 –4.7
benchmark over the past year 3.75% 15% .1287 7.7715 –5.3
Bankrate.com avg†: 1.68% Euro Uruguay peso .03537 28.2700 –1.8 Norway krone
s

Venezuela b. fuerte .00002049427.5001 477836.7 Poland zloty .2950 3.3898 –2.6

Barclays 2.75% 3.00 10
Thursday Russia ruble .01614 61.964 7.4
2.00% Wilmington, DE 888-720-8756 Asia-Pacific
t Sweden krona .1189 8.4076 2.7
Five-year CD yields 2.25 5 Australian dollar .7754 1.2897 0.7
Goldman Sachs Bank USA 2.75% Switzerland franc 1.0393 .9622 –1.3
t 1.50 China yuan .1589 6.2928 –3.2
Yen Turkey lira .2433 4.1102 8.3
s

New York, NY 855-730-7283 1.50 0

t Hong Kong dollar .1274 7.8493 0.5 Ukraine hryvnia .0385 25.9950 –7.6
1.00 Popular Direct 2.75% One year ago 0.75 India rupee .01532 65.288 2.2 UK pound 1.4227 .7029 –5.0
t –5 Indonesia rupiah .0000726 13774 2.2
New York, NY 800-274-5696 s Middle East/Africa
Federal-funds 0.50 0.00 WSJ Dollar index Japan yen .009318 107.32 –4.8
Third Federal Savings and Loan 2.75% –10 Bahrain dinar 2.6525 .3770 –0.03
target rate Kazakhstan tenge .003051 327.74 –1.5
Cleveland, OH 888-274-7952 1 3 6 1 2 3 5 710 30 2017 2018
Egypt pound .0568 17.6155 –0.9
0.00 Macau pataca .1237 8.0854 0.5
month(s) years Israel shekel .2847 3.5128 1.0
M J J A S O ND J FMA First Internet Bank of Indiana 2.78% Malaysia ringgit .2579 3.8770 –4.5 Kuwait dinar 3.3351 .2998 –0.5
Indianapolis, IN 888-873-3424 maturity New Zealand dollar .7377 1.3556 –3.8
2017 2018 Oman sul rial 2.5973 .3850 0.02
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Pakistan rupee .00865 115.650 4.5 Qatar rial .2746 3.642 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Philippines peso .0192 52.048 4.2 Saudi Arabia riyal .2666 3.7503 ...
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Singapore dollar .7619 1.3125 –1.8 South Africa rand .0829 12.0603 –2.4
Federal-funds rate target 1.50-1.75 1.50-1.75 0.75 l 1.50 1.50 South Korea won .0009337 1071.03 0.4
Yield (%) 52-Week Total Return (%)
Sri Lanka rupee .0064230 155.69 1.4 Close Net Chg % Chg YTD%Chg
Prime rate* 4.75 4.75 4.00 l 4.75 1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Taiwan dollar .03413 29.298 –1.2 WSJ Dollar Index 83.82 0.17 0.21 –2.51
Libor, 3-month 2.35 2.33 1.15 l 2.35 2.07 Treasury, Ryan ALM 1433.682 2.694 2.676 2.736 1.818 –1.147 0.156 Thailand baht .03202 31.230 –4.2 Sources: Tullett Prebon, WSJ Market Data Group
Money market, annual yield 0.35 0.35 0.25 l 0.36 -0.07 10-yr Treasury, Ryan ALM 1678.013 2.832 2.830 2.943 2.058 –2.930 –0.673
Five-year CD, annual yield 1.68 1.67 1.29 l 1.68 0.20 DJ Corporate 372.880 3.718 3.740 3.814 2.879 1.087 2.043 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 4.39 4.40 3.73 l 4.49 0.59 Aggregate, Barclays Capital 1911.680 3.170 3.180 3.230 2.380 0.349 1.105 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.86 3.86 2.99 l 3.95 0.78 High Yield 100, Merrill Lynch 2854.768 5.847 5.995 6.319 4.948 3.380 3.450 DJ Commodity 647.87 -0.40 -0.06 648.27 532.01 12.21 3.60
Jumbo mortgages, $424,100-plus† 4.64 4.66 4.21 l 4.96 0.54
Fixed-Rate MBS, Barclays 1961.030 3.320 3.340 3.410 2.660 0.086 1.041 TR/CC CRB Index 199.30 0.47 0.24 200.52 166.50 6.14 2.81
Five-year adj mortgage (ARM)† 4.30 4.20 3.20 l 4.50 1.01
Muni Master, Merrill 516.492 2.531 2.540 2.544 1.736 1.261 1.825 Crude oil, $ per barrel 67.07 0.25 0.37 67.07 42.53 26.12 11.01
New-car loan, 48-month 3.86 3.72 2.85 l 3.86 0.92
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
EMBI Global, J.P. Morgan 794.544 6.012 5.989 6.104 5.279 2.477 4.837 Natural gas, $/MMBtu 2.686 0.011 0.41 3.63 2.55 -16.76 -9.04
banks.† Excludes closing costs.
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Gold, $ per troy oz. 1338.40 -18.10 -1.33 1362.40 1208.60 4.08 2.46
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | B9

COMMODITIES WSJ.com/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Agriculture Futures Cocoa (ICE-US)-10 metric tons; $ per ton.
May 2,535 2,564 2,525 2,542 –5 20,689 Currency Futures
Contract Open Corn (CBT)-5,000 bu.; cents per bu. July 2,578 2,596 2,556 2,564 –16 121,743 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Open High hi lo Low Settle Chg interest May 386.50 389.25 385.00 388.75 1.75 428,833 Coffee (ICE-US)-37,500 lbs.; cents per lb. April .9361 .9365 .9318 .9329 –.0026 410
Copper-High (CMX)-25,000 lbs.; $ per lb. July 395.00 397.75 393.75 397.25 1.50 624,200 May 118.30 118.40 117.45 117.90 –.25 68,428 June .9399 .9411 .9346 .9365 –.0026 148,307
April 3.0480 3.0590 3.0450 3.0600 –0.0520 1,104 Oats (CBT)-5,000 bu.; cents per bu. July 120.35 120.40 119.45 120.00 –.25 114,131 Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 3.1135 3.1230 3.0405 3.0635 –0.0535 91,375 May 238.75 241.00 237.00 237.50 … 3,475 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. April .7956 .7956 .7930 .7948 –.0002 379
Gold (CMX)-100 troy oz.; $ per troy oz. July 245.75 247.00 243.75 243.75 –.25 2,477 May 12.04 12.15 11.97 12.05 –.01 221,753 June .7963 .7972 .7933 .7958 –.0002 119,637
April 1351.20 1351.50 1334.60 1338.40 –18.10 1,348 Soybeans (CBT)-5,000 bu.; cents per bu. July 12.08 12.19 12.04 12.13 .01 409,098
British Pound (CME)-£62,500; $ per £
June 1356.30 1356.70 1336.70 1341.90 –18.10 402,010 May 1047.75 1061.75 1047.25 1060.75 13.00 250,898 April 1.4183 1.4242 1.4160 1.4229 .0054 844
1362.60 1362.60 1342.90 1348.00 –18.20 53,559
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.4224 1.4286 1.4183 1.4265 .0054 182,517
Aug July 1058.75 1072.50 1058.25 1071.75 13.00 366,479
July 24.91 24.91 t 24.90 24.91 … 2,838 Swiss Franc (CME)-CHF 125,000; $ per CHF
Oct 1366.60 1366.70 1349.00 1354.10 –18.30 7,824 Soybean Meal (CBT)-100 tons; $ per ton.
1374.80 1375.80 1355.80 1360.70 –18.40 52,627 Sept 25.50 25.55 25.50 25.52 –.01 1,561 June 1.0500 1.0503 1.0419 1.0448 –.0045 50,926
Dec May 380.60 384.70 378.40 383.40 3.20 108,496
Feb'19 1378.50 1378.50 1363.00 1367.10 –18.30 2,497 July 384.30 388.50 382.10 387.40 3.10 207,580
Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 83.83 83.97 83.17 83.69 –.14 48,125 April .7758 .7764 .7740 .7756 –.0002 956
Soybean Oil (CBT)-60,000 lbs.; cents per lb. May .7765 .7767 .7745 .7757 –.0002 424
June 957.50 963.85 936.50 959.15 –1.80 20,443 May 31.53 31.73 31.40 31.63 .10 139,694 July 83.57 83.57 82.71 83.00 –.41 115,358
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .7764 .7773 .7739 .7757 –.0002 100,120
Sept 946.20 956.60 933.20 954.25 –1.90 2,523 July 31.81 31.99 31.67 31.90 .09 191,910 July .7765 .7768 .7750 .7758 –.0002 201
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 139.50 140.85 139.00 139.95 .70 7,626
Sept .7774 .7774 .7751 .7762 –.0002 781
April ... ... ... 929.00 0.20 11 May 1281.00 1289.00 1279.50 1288.50 8.00 4,135 July 139.90 141.00 139.80 140.35 .45 4,298
Dec .7752 .7767 .7751 .7769 –.0002 389
July 936.10 937.30 927.50 934.80 0.50 71,624 July 1289.00 1293.00 1286.50 1292.50 5.00 2,803 Mexican Peso (CME)-MXN 500,000; $ per MXN
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures June .05438 .05472 .05421 .05444 .00014 225,385
April 16.615 16.615 16.600 16.443 –0.295 217 May 483.50 484.75 474.75 481.00 –6.25 122,521 Sept .05364 .05395 s .05348 .05368 .00014 1,034
May 16.665 16.690 16.430 16.473 –0.295 118,807 July 500.50 501.50 492.00 498.25 –6.00 176,992 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. June 146-100 146-140 145-030 145-120 –24.0 783,415 April 1.2370 1.2375 1.2309 1.2332 –.0035 1,150
May 66.79 67.33 66.00 67.07 0.25 238,541 May 512.75 514.25 501.25 507.50 –9.25 67,022 Sept 145-110 145-110 144-160 144-160 –24.0 2,283 June 1.2424 1.2438 1.2357 1.2387 –.0036 500,123
June 66.70 67.22 65.94 66.95 0.21 459,834 July 532.00 533.25 520.50 526.00 –9.75 103,123 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
July 66.36 66.87 65.63 66.58 0.14 205,393 Wheat (MPLS)-5,000 bu.; cents per bu. June 120-290 120-310 120-130 120-150 –12.0 3,474,150 Index Futures
Sept 65.22 65.72 64.56 65.40 0.06 211,772 May 627.75 628.75 621.00 623.00 –6.00 24,504 Sept 120-180 120-180 120-060 120-065 –12.5 2,580 Mini DJ Industrial Average (CBT)-$5 x index
Dec 63.67 64.07 s 62.97 63.72 … 262,354 July 637.50 638.50 631.00 632.50 –6.25 23,856 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 24176 24561 24141 24459 292 94,876
Dec'19 58.15 58.48 s 57.63 58.05 –0.19 145,135 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 114-085 114-100 113-302 113-315 –8.2 3,431,137 Sept 24209 24572 24175 24480 293 2,309
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 135.975 139.500 135.975 138.875 3.600 4,443 Sept 113-227 113-227 113-227 113-210 –8.7 1,592 S&P 500 Index (CME)-$250 x index
May 2.0946 2.1035 2.0689 2.0838 –.0089 91,466 May 136.500 140.050 136.375 139.975 4.425 19,459 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 2645.50 2674.20 2640.30 2664.00 22.90 70,064
June 2.0850 2.0936 2.0614 2.0756 –.0074 113,494 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 106-082 106-090 106-057 106-060 –2.5 1,956,306 Mini S&P 500 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 113.850 116.175 113.850 115.750 2.250 16,313 June 2642.50 2675.00 2639.75 2664.00 23.00 2,860,319
Sept 106-007 106-007 106-007 105-312 –3.0 1,001
May 2.0645 2.0722 2.0392 2.0546 –.0130 104,815 June 102.275 104.475 101.850 103.700 2.125 155,765 Sept 2647.25 2679.00 2644.50 2668.25 23.00 84,754
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P Midcap 400 (CME)-$100 x index
June 2.0659 2.0735 2.0418 2.0571 –.0120 110,973 Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 98.315 98.315 98.313 98.315 … 349,493
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 1884.10 1898.50 1882.50 1890.80 8.40 76,939
April 53.750 54.375 53.600 54.300 1.000 12,479 Jan'19 97.855 97.855 97.815 97.820 –.035 311,171
May 2.673 2.700 2.647 2.686 .011 230,319 June 75.900 77.500 75.250 77.250 1.475 97,685
Mini Nasdaq 100 (CME)-$20 x index
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 6596.3 6693.8 6589.8 6670.8 78.0 232,226
June 2.707 2.731 2.684 2.717 .008 202,524 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 94.453 94.484 94.031 94.125 –.422 29,716
2.755 2.777 2.732 2.761 .004 172,904 Sept 6633.0 6719.8 6617.5 6696.8 78.0 10,654
July May 520.80 529.70 518.40 524.30 1.20 4,804
2.771 2.789 2.751 2.776 .003 138,679
1 Month Libor (CME)-$3,000,000; pts of 100% Mini Russell 2000 (ICE-US)-$100 x index
Sept July 507.20 515.70 503.70 510.50 –.20 1,754
April 98.1050 98.1050 98.1050 98.1075 .0050 4,094 June 1551.80 1565.50 1549.00 1559.10 10.80 8,989
Oct 2.785 2.802 2.764 2.790 .003 126,903 Milk (CME)-200,000 lbs., cents per lb. July 97.9025 97.9025 97.8975 97.9000 –.0100 592 Mini Russell 1000 (ICE-US)-$100 x index
April'19 2.660 2.677 2.647 2.679 .013 80,248 April 14.41 14.45 14.39 14.41 .01 3,548
Eurodollar (CME)-$1,000,000; pts of 100% June 1480.70 1482.80 1477.80 1477.80 12.30 55
May 14.63 14.75 14.57 14.63 –.04 3,811
April 97.6625 97.6625 t 97.6500 97.6500 –.0100 299,137 U.S. Dollar Index (ICE-US)-$1,000 x index
June 89.21 89.68 89.16 89.46 .20 32,545
June 97.6600 97.6650 t 97.6250 97.6300 –.0300 1,768,415
Sept 88.79 89.24 88.79 89.03 .20 1,021
Cash Prices | WSJ.com/commodities Thursday, April 12, 2018 Dec
Dec'19
97.4700
97.1800
97.4750
97.1900
97.4300
97.1250
97.4300
97.1300
–.0400
–.0500
2,047,268
2,138,916 Source: SIX Financial Information
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Thursday Thursday Thursday
Bonds | WSJ.com/bonds
*16.5600 SoybeanMeal,Cent IL,rail,ton48%-u 391.40
Energy (U.S.$ equivalent)
Coins,wholesale $1,000 face-a 12184 Soybeans,No.1 yllw IL-bp,u 10.2100
Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.8067 Other metals Wheat,Spring14%-pro Mnpls-u 7.6800 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Butane,normal,Mont Belvieu-g 0.9100 LBMA Platinum Price PM *933.0 Wheat,No.2 soft red,St.Louis-bp,u 4.8200 highs and lows for different types of bonds
NaturalGas,HenryHub-i 2.710 Platinum,Engelhard industrial 931.0 Wheat - Hard - KC (USDA) $ per bu-u 4.9750 Total Total
NaturalGas,TranscoZone3-i 2.630 Platinum,Engelhard fabricated 1031.0 Wheat,No.1soft white,Portld,OR-u 5.8650 return YTD total Yield (%) return YTD total Yield (%)
NaturalGas,TranscoZone6NY-i 2.380 Palladium,Engelhard industrial 960.0 Food close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,PanhandleEast-i 2.240 Palladium,Engelhard fabricated 1060.0
Beef,carcass equiv. index Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
NaturalGas,Opal-i 2.140

.
Aluminum, LME, $ per metric ton *2253.0
NaturalGas,MarcellusNE PA-i 1.760 choice 1-3,600-900 lbs.-u 188.85 1961.03 -1.4 Mortgage-Backed 3.320 2.660 3.410
Copper,Comex spot 3.0600 1911.68 -1.7 U.S. Aggregate 3.170 2.380 3.230

ly
NaturalGas,HaynesvilleN.LA-i 2.570 select 1-3,600-900 lbs.-u 177.06
Iron Ore, 62% Fe CFR China-s 64.8 U.S. Corporate Indexes Bloomberg Barclays 1926.61 -1.4 Ginnie Mae (GNMA) 3.300 2.630 3.410
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 61.100 Broilers, National comp wghtd-u,w 1.0874
Shredded Scrap, US Midwest-s,m 381
12.350 Butter,AA Chicago 2.3000 1150.23 -1.4 Fannie mae (FNMA) 3.320 2.670 3.410
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Steel, HRC USA, FOB Midwest Mill-s 883 2732.76 -2.4 U.S. Corporate 3.790 3.030 3.860
Cheddar cheese,bbl,Chicago 146.00
Metals Fibers and Textiles on Cheddar cheese,blk,Chicago 162.00 2579.80 -1.5 Intermediate 3.500 2.530 3.550 1771.41 -1.4 Freddie Mac (FHLMC) 3.340 2.680 3.420
Milk,Nonfat dry,Chicago lb. 73.50
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.5975 3774.28 -4.2 Long term 4.410 3.990 4.530 516.49 -1.1 Muni Master 2.531 1.736 2.544
Cocoa,Ivory Coast-w n.a.
Engelhard industrial 1344.43 Cotton,1 1/16 std lw-mdMphs-u 0.8269 Coffee,Brazilian,Comp 1.1954 557.54 -1.9 Double-A-rated 3.260 2.470 3.320 359.22 -1.7 7-12 year 2.595 1.744 2.635
Engelhard fabricated 1445.26 Cotlook 'A' Index-t *92.80 Coffee,Colombian, NY 1.4038
Handy & Harman base 1341.35 Eggs,large white,Chicago-u 2.0550 706.56 -2.2 Triple-B-rated 4.060 3.340 4.120 406.36 -1.4 12-22 year 2.865 2.213 2.905
63.250
us l,

Hides,hvy native steers piece fob-u

Handy & Harman fabricated 1488.89 Flour,hard winter KC 15.90
Wool,64s,staple,Terr del-u,w n.a. High Yield Bonds Merrill Lynch 394.39 -1.5 22-plus year 3.244 2.716 3.296
LBMA Gold Price AM *1345.20 Hams,17-20 lbs,Mid-US fob-u n.a.
LBMA Gold Price PM *1350.75 Grains and Feeds Hogs,Iowa-So. Minnesota-u 52.78 417.81 0.1 High Yield Constrained 6.132 5.373 6.417 Global Government J.P. Morgan†
al a
e
Krugerrand,wholesale-e 1392.25 Pork bellies,12-14 lb MidUS-u n.a.
Barley,top-quality Mnpls-u n.a. 426.41 1.5 Triple-C-rated 9.954 9.640 11.091 542.88 -0.2 Global Government 1.530 1.300 1.650
Maple Leaf-e 1405.64 Pork loins,13-19 lb MidUS-u 0.8086
Bran,wheat middlings, KC-u 100
American Eagle-e 1405.64 Steers,Tex.-Okla. Choice-u 115.61 2854.77 -0.2 High Yield 100 5.847 4.948 6.319 750.71 -0.5 Canada 2.260 1.570 2.340
ci on

Corn,No. 2 yellow,Cent IL-bp,u 3.5400

Mexican peso-e 1622.07 Steers,feeder,Okla. City-u,w 163.88
Corn gluten feed,Midwest-u,w 113.0 378.87 -0.02 Global High Yield Constrained 5.552 4.934 5.755 374.94 1.2 EMU§ 1.073 0.956 1.311
Austria crown-e 1315.19
Austria phil-e 1405.64 Corn gluten meal,Midwest-u,w 511.8 Fats and Oils 714.42 0.6 France 0.850 0.690 1.040
306.58 0.1 Europe High Yield Constrained 2.837 1.897 3.065
Silver, troy oz. Cottonseed meal-u,w 260 Corn oil,crude wet/dry mill-u,w 30.8000
Hominy feed,Cent IL-u,w 105 U.S Agency Bloomberg Barclays 507.73 0.1 Germany 0.540 0.210 0.740
Engelhard industrial 16.5500 Grease,choice white,Chicago-h 0.2200
Engelhard fabricated 19.8600 Meat-bonemeal,50% pro Mnpls-u,w 295 Lard,Chicago-u n.a. 1625.43 -0.7 U.S Agency 2.640 1.690 2.650 290.56 0.6 Japan 0.350 0.340 0.460
er rs

Handy & Harman base 16.5300 Oats,No.2 milling,Mnpls-u 2.7500 Soybean oil,crude;Centl IL-u 0.2998
1455.03 -0.5 10-20 years 2.530 1.490 2.530 561.31 0.1 Netherlands 0.640 0.390 0.830
Handy & Harman fabricated 20.6630 Rice, Long Grain Milled, No. 2 AR-u,w 25.75 Tallow,bleach;Chicago-h 0.2475
LBMA spot price *£11.6700 Sorghum,(Milo) No.2 Gulf-u n.a. Tallow,edible,Chicago-u n.a. 3312.28 -2.2 20-plus years 3.220 2.730 3.400 922.76 -0.9 U.K. 1.630 1.340 1.830
2425.99 -1.5 Yankee 3.460 2.610 3.500 794.54 -1.7 Emerging Markets ** 6.012 5.279 6.104
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
m e

M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/11 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Source: WSJ Market Data Group ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
m rp

Global Government Bonds: Mapping Yields

Borrowing Benchmarks | WSJ.com/bonds Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Money Rates April 12, 2018 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions.
co Fo

2.250 U.S. 2 2.348 s l 2.311 2.262 1.206

Week —52-WEEK— Week —52-WEEK— 2.750 10 2.835 s l 2.783 2.868 2.239
Inflation Latest ago High Low Latest ago High Low 4.500 Australia 2 2.039 t l 2.039 2.042 1.646 -31.0 -27.2 44.1
March index Chg From (%)
level Feb. '18March '17 Britain 0.50 0.50 0.50 0.25 13 weeks 1.715 1.740 1.780 0.820 2.250 10 2.675 t l 2.691 2.828 2.518 -16.0 -9.2 27.9
Australia 1.50 1.50 1.50 1.50 26 weeks 1.880 1.905 1.950 0.945
0.000 France 2 -0.494 t l -0.475 -0.469 -0.486 -284.2 -278.6 -169.2
U.S. consumer price index
Overnight repurchase Secondary market 0.750 10 0.749 s l 0.734 0.872 0.921 -208.5 -204.9 -131.9
All items 249.554 0.23 2.4
U.S. 1.75 1.83 2.18 0.76
Core 256.610 0.32 2.1 Fannie Mae 0.000 Germany 2 -0.579 t l -0.572 -0.569 -0.843 -292.7 -288.3 -204.9

International rates U.S. government rates 30-year mortgage yields 0.500 10 0.519 s l 0.500 0.635 0.198 -231.5 -228.3 -204.2
30 days 4.026 4.047 4.109 3.253 0.050 Italy 2 -0.302 t l -0.302 -0.241 -0.038 -261.3 -124.3
Discount -265.0
Week 52-Week 60 days 4.054 4.075 4.139 3.281
Latest High Low
2.25 2.25 2.25 1.50 2.000 10 1.811 s l 1.783 2.000 2.291 -102.4 -100.0 5.1
ago
Other short-term rates 0.100 Japan 2 -0.156 t l -0.156 -0.153 -0.226 -250.4 -246.7 -143.2
Federal funds
Prime rates 0.100 10 0.036 s l 0.029 0.050 0.019 -279.9 -275.4 -222.0
Effective rate 1.7100 1.7000 1.7100 0.8600 Week 52-Week
n-

U.S. 4.75 4.75 4.75 4.00 High 1.8125 1.9000 1.9000 1.0625 Latest ago high low
Canada 3.45 3.45 3.45 2.70
1.400 Spain 2 -0.337 t l -0.316 -0.270 -0.198 -268.5 -262.8 -140.3
Low 1.6700 1.5100 1.6700 0.7000
Japan 1.475 1.475 1.475 1.475 Bid 1.6700 1.6900 1.7000 0.8200 Call money 1.400 10 1.251 s l 1.246 1.397 1.649 -158.4 -153.7 -59.1
Offer 1.7100 1.7200 1.7200 0.8300 3.50 3.50 3.50 2.75 2.000 U.K. 2 0.928 s l 0.902 0.841 0.087 -142.0 -140.9 -111.9
Policy Rates
no

Euro zone 0.00 0.00 0.00 0.00 Treasury bill auction Commercial paper (AA financial) 4.250 10 1.457 s l 1.388 1.499 1.051 -137.7 -139.5 -118.8
Switzerland 0.50 0.50 0.50 0.50 4 weeks 1.620 1.695 1.720 0.695 90 days 2.27 2.24 2.31 0.99 Source: Tullett Prebon

Libor Corporate Debt

in that same company’s share price.
Exchange-Traded Portfolios | WSJ.com/ETFresearch One month
Three month
1.89688
2.34769
1.89519
2.33063
1.89713
2.34769
0.98833
1.15317
Investment-grade spreads that tightened the most…
Six month 2.48188 2.46625 2.48188 1.39072
Spread*, in basis points Stock Performance
Largest 100 exchange-traded funds, latest session One year 2.71719 2.70031 2.71719 1.69511 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Thursday, April 12, 2018 Closing Chg YTD Euro Libor Ford Motor Credit F 3.664 Sept. 8, ’24 145 –22 n.a. … …
ETF Symbol Price (%) (%)
Closing Chg YTD One month -0.400 -0.403 -0.391 -0.420 General Electric GE 5.300 Feb. 11, ’21 69 –20 106 13.18 1.62
ETF Symbol Price (%) (%) iShUSPfdStk 37.25 –0.13 –2.2 -0.366 -0.364 -0.358 -0.389
PFF Three month Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 197 –20 223 7.66 1.19
AlerianMLPETF AMLP 9.69 –0.72 –10.2 iShShortTreaBd SHV 110.29 ... 0.0 -0.324 -0.324 -0.257 -0.339
Six month Xerox XRX 4.500 May 15, ’21 105 –20 128 28.23 –0.07
CnsmrDiscSelSector XLY 101.79 0.43 3.1 iShTIPSBondETF TIP 112.95 –0.16 –1.0
One year -0.245 -0.246 -0.135 -0.263
CnsStapleSelSector XLP 52.33 –0.15 –8.0 iSh1-3YTreasuryBd SHY 83.39 –0.06 –0.5 Citizens Bank NA CFG 2.550 May 13, ’21 72 –16 n.a. … …
EnSelectSectorSPDR XLE 70.63 –0.01 –2.3 iSh7-10YTreasuryBd IEF 102.49 –0.36 –2.9
Euro interbank offered rate (Euribor) HSBC Holdings HSBC 6.250 March 23, ’49 250 –14 254 49.10 1.45
FinSelSectorSPDR XLF 27.88 1.75 –0.1 iShRussellMCGrowth IWP 123.07 0.82 2.0 Societe Generale S.A. SOCGEN 7.875 Dec. 18, ’49 282 –13 n.a. ... ...
PIMCOEnhShMaturity MINT 101.47 0.01 –0.1 One month -0.371 -0.372 -0.366 -0.374
HealthCareSelSect XLV 81.91 0.68 –0.9 JPMorgan Chase JPM 6.000 Aug. 1, ’49 219 –11 216 113.37 2.49
IndSelSectorSPDR XLI 74.17 1.44 –2.0 PwrShQQQ 1 QQQ 162.21 1.20 4.1 Three month -0.329 -0.328 -0.325 -0.332
99.86 0.47 ... Six month -0.271 -0.271 -0.246 -0.279
iShIntermCredBd CIU 106.92 –0.11 –2.1 PwrShS&P500EW
PwrShSrLoanPtf
RSP
BKLN 23.11 –0.04 0.3 One year -0.191 -0.191 -0.120 -0.194
…And spreads that widened the most
iSh1-3YCreditBond CSJ 103.79 ... –0.7
iSh3-7YTreasuryBd IEI 120.05 –0.20 –1.7 SPDR BlmBarcHYBd JNK 36.14 0.39 –1.6 Nippon Life Insurance NIPLIF 5.000 Oct. 18, ’42 100 32 n.a. ... ...
SPDR Gold GLD 126.62 –1.16 2.4 Value 52-Week
iShCoreMSCIEAFE IEFA 66.76 0.44 1.0
Latest Traded High Low Morgan Stanley MS 2.800 June 16, ’20 66 17 75 53.85 2.10
SchwabIntEquity SCHF 34.14 0.35 0.2
iShCoreMSCIEmgMk IEMG 58.18 –0.03 2.2 Bank of America BAC 4.183 Nov. 25, ’27 150 12 151 30.65 2.51
SchwabUS BrdMkt SCHB 64.41 0.75 –0.2
iShCoreMSCITotInt IXUS 63.72 0.33 1.0 DTCC GCF Repo Index Norfolk Southern NSC 3.000 April 1, ’22 48 12 62 133.17 1.62
SchwabUS Div SCHD 49.20 0.55 –3.8
iShCoreS&P500 IVV 267.79 0.85 –0.4
SchwabUS LC SCHX 63.64 0.82 –0.2 Treasury 1.786 19.500 2.068 0.791 AutoZone AZO 2.875 Jan. 15, ’23 90 10 85 616.51 0.09
iShCoreS&P MC IJH 188.66 0.43 –0.6
SPDR DJIA Tr DIA 244.81 1.21 –1.0 MBS 1.790 123.450 1.971 0.794 Chevron CVX 2.427 June 24, ’20 35 10 n.a. 119.23 –0.02
iShCoreS&P SC IJR 78.53 0.50 2.2
SPDR S&PMdCpTr MDY 343.51 0.40 –0.6
iShS&PTotlUSStkMkt ITOT 61.01 0.78 –0.2 Open Implied Union Pacific UNP 4.300 June 15, ’42 106 7 n.a. 134.42 2.45
SPDR S&P 500 SPY 265.93 0.82 –0.3
iShCoreUSAggBd AGG 106.77 –0.22 –2.3
SPDR S&P Div SDY 91.35 0.12 –3.3
Settle Change Interest Rate Intesa Sanpaolo Spa ISPIM 3.125 July 14, ’22 123 6 131 ... ...
iShSelectDividend DVY 95.33 –0.19 –3.3
TechSelectSector XLK 66.54 1.20 4.1 DTCC GCF Repo Index Futures
iShEdgeMSCIMinEAFE EFAV 73.95 0.11 1.3
UtilitiesSelSector XLU 49.40 –1.32 –6.2 High-yield issues with the biggest price increases…
iShEdgeMSCIMinUSA USMV 52.01 0.17 –1.5
VanEckGoldMiner GDX 22.47 –1.23 –3.3
Treasury Apr 98.195 -0.010 4030 1.805 Bond Price as % of face value Stock Performance
iShEdgeMSCIUSAMom MTUM 106.78 1.58 3.5 Treasury May 98.215 unch. 931 1.785 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
VangdInfoTech VGT 173.91 1.25 5.6
iShFloatingRateBd FLOT 50.94 –0.04 0.2 Treasury Jun 98.095 0.005 551 1.905
VangdSC Val VBR 130.68 0.48 –1.6
iShGoldTr IAU 12.82 –1.16 2.5 Frontier Communications FTR 8.750 April 15, ’22 85.000 2.75 81.000 8.11 –8.57
VangdSC Grwth VBK 165.70 0.58 3.0
iShiBoxx$InvGrCpBd LQD 116.92 –0.27 –3.8
VangdDivApp VIG 101.10 0.76 –0.9 Weekly survey EP Energy EPENEG 9.375 May 1, ’24 74.500 2.50 70.375 ... ...
iShiBoxx$HYCpBd HYG 86.24 0.36 –1.2 McDermott Escrow 1 MDR 10.625 May 1, ’24 100.000 2.50 n.a. … …
VangdFTSEDevMk VEA 44.83 0.38 –0.1 Latest Week ago Year ago
iShJPMUSDEmgBd EMB 112.32 ... –3.3
VangdFTSE EM VWO 47.03 –0.02 2.4 Albertsons ALBLLC 6.625 June 15, ’24 93.250 2.25 90.280 ... ...
iShMBSETF MBB 104.19 –0.17 –2.3
VangdFTSE Europe VGK 59.53 0.68 0.6 Freddie Mac
iShMSCI ACWI ACWI 72.38 0.56 0.4 KB Home KBH 7.000 Dec. 15, ’21 107.980 1.78 n.a. 28.53 0.74
VangdFinls VFH 70.12 1.64 0.1
iShMSCIBrazil EWZ 43.26 –0.35 6.9 VangdFTSEAWxUS VEU 54.90 0.26 0.3
30-year fixed 4.42 4.40 4.08 Denbury Resources DNR 4.625 July 15, ’23 77.750 1.75 74.750 2.97 –1.00
iShMSCI EAFE EFA 70.72 0.38 0.6 VangdGrowth VUG 142.81 0.69 1.5 15-year fixed 3.87 3.87 3.34 Staples SPLS 8.500 Sept. 15, ’25 96.000 1.75 93.250 ... ...
iShMSCI EAFE SC SCZ 65.75 0.37 1.9 VangdHlthCr VHT 154.69 0.74 0.4 Five-year ARM 3.61 3.62 3.18 Sanchez Energy SN 6.125 Jan. 15, ’23 77.188 1.69 74.000 3.73 –2.86
iShMSCIEmgMarkets EEM 48.05 –0.04 2.0 VangdHiDiv VYM 83.35 0.66 –2.7
iShMSCIEurozone
iShMSCIJapan
EZU
EWJ
44.35
60.23
0.54
–0.17
2.2
0.5
VangdIntermBd BIV 81.38 –0.22 –2.9 …And with the biggest price decreases
VangdIntrCorpBd VCIT 84.53 –0.15 –3.3 Notes on data:
iShNasdaqBiotech IBB 106.72 1.32 –0.0 VangdLC VV 122.28 0.82 –0.2 U.S. prime rate is the base rate on corporate Mallinckrodt International Finance MNK 4.750 April 15, ’23 72.750 –3.25 76.750 … …
iShNatlMuniBd MUB 108.39 –0.14 –2.1 VangdMC VO 154.65 0.55 –0.1 loans posted by at least 70% of the 10 largest Dole Food DOLE 7.250 June 15, ’25 101.250 –1.50 n.a. ... ...
137.17 0.82 1.8 U.S. banks, and is effective March 22, 2018. Other
iShRussell1000Gwth IWF VangdMC Val VOE 110.12 0.41 –1.3
prime rates aren’t directly comparable; lending
Ultra Resources UPL 6.875 April 15, ’22 78.000 –1.50 83.125 3.28 –0.61
iShRussell1000 IWB 148.06 0.76 –0.4 74.27 –1.12 –10.5
VangdRealEst VNQ
practices vary widely by location; Discount rate Transocean RIG 7.500 April 15, ’31 90.100 –1.28 n.a. 11.10 –0.72
iShRussell1000Val IWD 121.04 0.71 –2.7 VangdS&P500 VOO 244.28 0.84 –0.4 is effective March 22, 2018. DTCC GCF Repo
iShRussell2000Gwth IWO 194.35 0.81 4.1 VangdST Bond BSV 78.28 –0.10 –1.0 Index is Depository Trust & Clearing Corp.'s
APX APXSEC 8.750 Dec. 1, ’20 99.250 –1.25 100.655 ... ...
iShRussell2000 IWM 154.76 0.68 1.5 VangdSTCpBd VCSH 78.29 –0.06 –1.3 weighted average for overnight trades in Hilcorp Energy I HILCRP 5.000 Dec. 1, ’24 98.750 –0.75 99.000 ... ...
iShRussell2000Val IWN 124.10 0.54 –1.3 VangdSC VB 148.49 0.58 0.5 applicable CUSIPs. Value traded is in billions of Jonah Energy JONAHE 7.250 Oct. 15, ’25 84.250 –0.75 n.a. ... ...
iShRussell3000 IWV 157.75 0.73 –0.3 U.S. dollars. Federal-funds rates are Tullett
VangdTotalBd BND 79.57 –0.19 –2.5
Prebon rates as of 5:30 p.m. ET. Futures on the Tenneco TEN 5.375 Dec. 15, ’24 99.250 –0.75 n.a. 54.36 –1.22
iShRussellMid-Cap IWR 206.74 0.46 –0.7 VangdTotIntlBd BNDX 54.61 –0.07 0.4
DTCC GCF Repo Index are traded on NYSE Liffe
iShRussellMCValue IWS 86.67 0.27 –2.8 VangdTotIntlStk VXUS 57.14 0.28 0.6 *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.
US.
iShS&PMC400Growth IJK 219.14 0.54 1.5 VangdTotalStk VTI 136.97 0.81 –0.2 Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: Federal Reserve; Bureau of Labor
iShS&P500Growth IVW 156.39 0.94 2.4 VangdTotlWrld VT 74.33 0.60 0.1 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Statistics; DTCC; SIX Financial Information;
iShS&P500Value IVE 110.45 0.71 –3.3 VangdValue VTV 104.33 0.94 –1.9 Tullett Prebon Information, Ltd.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Friday, April 13, 2018
XAUME OLLEROS/BLOOMBERG NEWS
Despite the Hong Kong dollar’s problems, few analysts expect the city to drop the currency’s long-running peg to the U.S. dollar.
Hong Kong Dollar Plunges
BY SAUMYA VAISHAMPAYAN
One of the longest-running
relationships in global currency
markets is under threat.
The Hong Kong dollar hit the
weakest level against its U.S.
counterpart
CURRENCIES that is per-
mitted un-
der the
rules of a peg between the two
currencies first implemented in
1983. The U.S. dollar traded as
high as 7.85 Hong Kong dollars
shortly before 5 a.m. in Hong
Kong and continued to trade
near that level through Hong
Kong’s evening, according to
Thomson Reuters data.
The Hong Kong dollar’s
move to the limit of its trading
band triggered market inter-
vention by the city’s de facto
central bank in Hong Kong’s
evening. The Hong Kong Mone-
tary Authority sold US$104 mil-
lion at the rate of $1 to 7.85
Hong Kong dollars, according to
a spokesman, its first direct
foreign-exchange action since
2015.
HKMA Chief Executive Nor-
man Chan said it could have to
intervene again. “The HKMA is
Bitcoin Hype Is Withering on the Blockchain
BY STEVEN RUSSOLILLO
While vacationing with
friends in Buenos Aires last
month, Alex Beene, a Tennes-
see government worker, said
the topic of cryptocurrencies
briefly came up during a din-
ner conversation.
The 30-year-old from Nash-
ville told them he had bought
bitcoin and litecoin last fall
but recently sold most of his
holdings. The discussion
quickly shifted to another sub-
ject.
“Months ago, they would’ve
been genuinely interested in
how to invest in [cryptocur-
rencies], how it works, and
no
where I [thought] the price
was going,” he said. “Now, it’s
something that’s the brunt of
jokes, like I had invested in
comic books or baseball
cards.”
After bitcoin’s frenzied rally
last year, prices have lost
about two-thirds of their value
Qatar Taps Debt Market Despite Saudi Pressure
BY NICOLAS PARASIE
DUBAI—In its battle over
bonds with Saudi Arabia, Qa-
tar struck back.
Qatar raised $12 billion in
debt Thursday from foreign in-
vestors as it wrestles with
economic pressure from a
trade boycott engineered by
its neighbor. The tiny emir-
ate’s bond sale drew more no-
tice than usual because Saudi
Arabia surprised foreign inves-
tors with its own, last-minute
$11 billion bond sale on Tues-
day—just as Qatar had begun
talking up its own float this
week.
Saudi Arabia, the United
Arab Emirates, Bahrain and
Egypt last year cut off diplo-
matic ties with Qatar, accusing
the Persian Gulf monarchy of
meddling in its neighbors’ af-
fairs and supporting Iran. Qa-
tar denies the charges.
The timing of the Saudi
bond sale fueled speculation
from bankers that the geopo-
litical rift between the two
countries is playing out in fi-
nancial markets.
fully capable of maintaining the
stability of the Hong Kong dol-
lar and managing large scale
capital flows,” Mr. Chan said in
a statement. “There is no need
to be concerned.”
Howard Lee, another official
at the HKMA, said the central
bank again sold U.S. dollars and
bought Hong Kong dollars Fri-
day morning.
Thursday’s move was the
latest milestone in the Hong
Kong dollar’s slide, which began
in early 2017 and has contin-
ued—apart from a two-month
rebound last fall—thanks to a on
widening gap between U.S. and
local market interest rates.
Market participants expect
the depreciation to continue,
us l,
with the Federal Reserve set to
keep tightening monetary pol-
al a
e
icy this year while ample liquid-
ity keeps interest rates in Hong
Kong subdued.
ci on
“There should be enough
momentum to test 7.85 consis-
tently,” said Kevin Lai, an econ-
omist at Daiwa Capital Markets
in Hong Kong.
er rs
Despite the Hong Kong dol-
lar’s doldrums, few expect the
city to drop the currency’s
long-running dollar link. The
m e
m rp
from a high in December. The
cryptocurrency had been trad-
co Fo
ing at about $7,000 in recent
days, although a sharp jump
lifted the price to $7,730 late
Thursday, according to Coin-
Desk.
Nonetheless, in the past few
months, bitcoin has faded off
the front pages of newspapers,
and it no longer dominates
people’s social-media feeds.
Global internet searches for
the word “bitcoin” have fallen
by over 80% from December,
according to Google Trends.
n-
Bitcoin’s average daily trad-
ing volume this month is
about 70% lower than on the
most active days at the end of
last year, according to bitcoin-
ity.org. That includes steep de-
clines on some of the biggest
U.S. platforms, including Gem-
ini, an exchange founded by
Cameron and Tyler Winkle-
voss, and San Francisco-based
Coinbase. At one point in De-
cember, Coinbase was the
Khalifa International Stadium will host World Cup games in 2022.
Qatari officials declined to
comment on Saudi Arabia’s
bond sale. But in private, Qa-
tari officials and bankers on
the deal say Saudi Arabia
timed its $11 billion bond to
interfere with Doha’s debt
plans. They say the Saudis, by
selling debt before Qatar did,
sought to reduce the amount
of cash available to Qatar, af-
fecting the bond’s pricing and
pressuring banks not to work
BANKING & FINANCE
Scraping Bottom
The Hong Kong dollar briefly hit
the weak end of its trading band
against the U.S. dollar.
How many Hong Kong dollars
one U.S. dollar buys
HK$7.74
7.76
7.78
7.80 Trading
band*
7.82
7.84
Scale inverted to show the
7.86 weakening Hong Kong dollar
2013 ’14 ’15 ’16 ’17
*The Hong Kong Monetary Authority
allows the U.S. dollar to trade
between HK$7.75 and HK$7.85.
Source: Thomson Reuters
THE WALL STREET JOURNAL.
peg was originally used to but-
tress confidence in the local
economy at a time when the
U.K. had begun the negotiations
that would lead to Hong Kong’s
return to Chinese sovereignty
in 1997.
Hong Kong’s authorities say
that as a small, open financial
most-downloaded free app in
Apple Inc.’s App Store. Now, it
doesn’t make the top 200.
J.C. Parets, a technical mar-
kets analyst in New York, re-
members getting multiple
phone calls a day about cryp-
tocurrencies late last year. Cli-
ents, old high school friends,
‘I think right now
we’re in the boring
phase,’ says one
cryptocurrency fan.
strangers and even his 88-
year-old grandmother were in-
trigued.
“It wasn’t even like ‘should
I buy crypto’ but instead it
was ‘which one?’ ” he said.
“Everyone was in on it.”
Four months later, those
calls stopped coming.
on Qatar’s debt deal. Gener-
ally, sovereign-debt offerings
are spaced apart to maximize
the amount of money available
for debt issues. Saudi officials
didn’t respond to requests for
comment.
Investors showed interest
in Qatari bonds, ordering $53
billion worth, with demand
coming from Asia, Europe and
the U.S., a person familiar with
the matter said. The emirate
center, it needs the stability in
exchange rates that the peg
provides and that volatile
swings could hurt trade or
cross-border capital flows.
The link between the Hong
Kong and U.S. dollars has been
tweaked a few times since 1983,
with the current trading band
implemented in 2005.
Speaking in Hong Kong on
Wednesday, International Mon-
etary Fund Managing Director
Christine Lagarde reiterated the
fund’s approval of the local dol-
lar’s tight link to the greenback.
“The pegging system that we
still have in place is actually
consistent with the fundamen-
tals of the economy,” she said.
’18 Despite such official support,
the link has some drawbacks.
To keep the exchange rate sta-
ble, the HKMA sets local bench-
mark interest rates in line with
those in the U.S. The fact that
those benchmark rates have
been at record lows has con-
tributed to sharply rising prop-
erty prices in Hong Kong.
—Chester Yung
contributed to this article.
 Heard on the Street: Dollar
peg isn’t going away........... B12
“Nobody cares anymore,”
Mr. Parets said.
To be sure, crypto die-hards
are still passionate about digi-
tal currencies. But many first-
time bitcoin buyers who came
into the market in December
and January are sitting on
losses. Mainstream interest in
the cryptocurrency market has
diminished.
Regulators in the U.S.,
South Korea, and India are
trying to curb speculative ac-
tivity. Facebook Inc., Google
and Twitter Inc. are banning
advertising related to crypto-
currencies to stop scammers
from promoting fraudulent
schemes on these platforms.
“All the hype is gone,” said
Vijay Boyapati, a software en-
gineer in Seattle who previ-
ously worked at Google and a
food-delivery startup, and is
nevertheless preparing to take
a job in the cryptocurrency in-
dustry. “I think right now
we’re in the boring phase.”
decided to issue $12 billion in
debt, the person said.
Qatar’s bond issuance ex-
ceeds the $9 billion it raised
the last time it tapped foreign
debt in 2016.
Qatar last year forecast a
nearly $8 billion budget deficit
for 2018, though rising energy
prices may have narrowed the
gap. Sectors such as trade,
TF-IMAGES/GETTY IMAGES
tourism and hospitality are
bearing the brunt of the trans-
port and trade restrictions im-
posed by the Saudi-led bloc.
“The real economy is still
suffering from the regional de-
velopments last year,” said
Monica Malik, chief economist
at Abu Dhabi Commercial
Bank.
Despite the economic pres-
sures on Qatar, economists
have highlighted the country’s
large financial reserves, in-
cluding its $300 billion sover-
eign-wealth fund. The country
is the world’s largest exporter
of liquefied natural gas, and
its central bank and sovereign
fund injected billions of dol-
lars into the economy to con-
tain the fallout of the political
* *** THE WALL STREET JOURNAL.
BlackRock Attracts
Nearly $57 Billion of
New Investor Cash
BY SARAH KROUSE
BlackRock Inc. pulled in
nearly $57 billion in new in-
vestor cash in the first three
months of the year, with its
massive exchange-traded fund
business attracting the bulk of
that money.
The world’s largest asset
manager has sucked up inves-
tor cash flowing into market-
mimicking funds in recent
years and boasts the biggest
ETF business in the world by
assets.
The company’s iShares
ETFs attracted $34.65 billion
in net inflows in the first
quarter. Earnings and reve-
nues rose 27% and 16%, re-
spectively, from the same
year-ago period.
Shares of the company rose
1.5%.
BlackRock also showed
progress in an area where it
has long struggled: the perfor-
mance of its actively managed
stock funds that try to beat,
rather than match, the market.
Its actively managed stock
funds pulled in net new money
for the first time since the end
of 2015. Most of that $1 billion
came from retail investors.
.
ly
Comeback
BlackRock’s actively managed
stock funds have struggled to
attract new investor cash.
Active equity net flows, quarterly
$6 billion
4
2 tions from analysts polled by
0 earnings of $6.39 per share.
–2
–4
–6
–8
2015 ’16 ’17 ’18
Source: company filings
THE WALL STREET JOURNAL.
Mr. Boyapati, who bought
his first bitcoin in 2012, has
been through the market’s
boom-and-bust cycles. “Once
the crescendo happens, it usu-
ally doesn’t come back imme-
diately,” he said.
When the investor frenzy
dies down, “that’s when the
most value is created,” he
added, referring to the indus-
try’s ability to innovate and
implement new technological
advancements that “will fuel
the next boom.”
Bitcoin’s nearly four-month
bear market has coincided
with slowing growth in the
number of people opening new
wallets online to store their
cryptocurrencies, according to
Blockchain.info. That isn’t a
positive indicator for crypto-
currency prices, said Nicholas
Colas, an analyst and co-
founder of DataTrek Research,
a new research firm that ana-
lyzes financial markets, in-
cluding cryptocurrencies.
standoff.
But Qatar, which must im-
port most of its food and
other basic supplies, still faces
higher import costs as it had
to establish new commercial
routes via Oman and Iran
since the diplomatic rift
erupted. Domestic banks ini-
tially experienced $30 billion
in capital outflows.
At the same time, Qatar is
proceeding with its $200 bil-
lion spending spree to prepare
the country for the World Cup
football tournament it is host-
ing in 2022. That infrastruc-
ture upgrade includes building
at least eight new sports sta-
diums and further developing
a metro and rail system.
U.S. officials are trying to
broker an end to the impasse
between Qatar and the Saudi
bloc.
Qatar, rated AA by Standard
& Poor’s, is issuing paper with
5-, 10- and 30-year maturities.
Bookrunners on the deal in-
cluded Barclays, Credit Suisse
and Deutsche Bank, three Eu-
ropean banks with Qatari con-
nections.
The turnaround comes a
year after BlackRock unveiled
plans to revamp its lineup of
active equity funds. It put a
heavier emphasis on robots to
pick stocks rather than hu-
mans, cut fees on some funds
and streamlined its research.
“Our performance is im-
proving to strong,” Chief Exec-
utive Laurence Fink said of the
stock-picking business in an
interview. “We’re in a better
position than we have been in
a long time,” in active equi-
ties, he added.
Those funds are also faring
better compared with rivals.
The firm said 34% of assets in
its fundamental active equity
products underperformed
their benchmarks or peers
over one year and 23% under-
performed over three years.
That is an improvement from
the same time last year when
36% of those assets underper-
formed over one year and 35%
underperformed over three
years.
If markets remain volatile,
Mr. Fink said, “it should then
allow active investors to per-
form better.”
Actively managed strategies
represent a smaller amount of
assets than iShares but pro-
vide more revenue to the firm.
In the first quarter Black-
Rock earned $1.09 billion, or
$6.68 a share, compared with
$859 million, or $5.21 a share,
for the same period the year
before. On an adjusted basis, it
earned $6.70 a share, com-
pared with $5.23 per share a
year ago. That beat expecta-
Thomson Reuters of adjusted
Revenue at BlackRock rose
16% to $3.58 billion compared
with $3.09 billion in the same
period a year ago. As of the
end of the quarter, BlackRock
had $6.32 trillion under man-
agement, roughly flat from the
end of 2017.
—Allison Prang
contributed to this article.
FINANCE
WATCH
MADOFF FRAUD
Victims to Receive
Payment From Fund
Tens of thousands of victims
of Bernard L. Madoff will receive
a new chunk of money from the
U.S. government, nearly a de-
cade after the financier’s Ponzi
scheme unraveled.
The cash payments, totaling
$504 million, come from a long-
delayed Justice Department vic-
tim fund composed of forfeiture
settlements with alleged benefi-
ciaries of Mr. Madoff’s fraud.
The new payments bring the
total paid out of the fund to
$1.2 billion, a fraction of what
regulators described as a $50
billion swindle when Mr. Madoff
was arrested in 2008.
A separate court-supervised
liquidation overseen by trustee
Irving Picard has generated an-
other $11.6 billion to make up
for investors’ losses.
The Justice Department
said Thursday that it would
eventually return more than $4
billion to Madoff victims.
—Rob Copeland
BREXIT
Goldman Chief Cites
Smooth Transition
Goldman Sachs Group Inc.
Chief Executive Lloyd Blankfein
said the effects of the U.K.’s exit
from the European Union have
been less pronounced than origi-
nally expected, although that
may change years from now.
“I would have thought that
there would have been a worse
outcome by now,” Mr. Blankfein
said in a live streamed interview
with Politico in Brussels on
Thursday.
Instead, “the U.K. economy
has surprised on the upside,” he
said. He cited Goldman’s own
commitment to building a new
European headquarters in Lon-
don, which hasn’t changed with
Brexit.
He said Goldman plans to
spread out its operations in con-
tinental Europe, singling out
Paris and Frankfurt, although he
suggested London could con-
tinue to be the dominant finan-
cial-services center in Europe.
—Patricia Kowsmann
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Dow Rises, Powered by Banks’ Stocks
Investors shift to
expected good news
on earnings as the
rhetoric on Syria eases
BY MICHAEL WURSTHORN
AND JON SINDREU
Bank shares surged Thurs-
day, helping major U.S. in-
dexes rebound, as a momen-
tary cool-down in geopolitical
tensions helped investors re-
set their fo-
THURSDAY’S cus on the
MARKETS start of earn-
ings season.
The Dow
Jones Industrial Average rose
nearly 300 points, recouping
Wednesday’s losses that were
triggered by concerns of pos-
sible U.S. military intervention
in Syria, as well as simmering
fears around whether global
synchronized growth will be
disrupted by a trade war.
Some of those fears eased
Thursday after President Don-
ald Trump appeared to tone
down the rhetoric on Syria.
Without any significant up-
date on how the U.S. plans to
proceed with its trade tariffs,
investors turned their atten-
tion toward the optimistic
Treasurys
Drop as
Long Bond
Is Sold
BY DANIEL KRUGER
Prices of U.S. government
bonds fell as investors’ con-
cerns about potential missile
strikes against Syria took a
back seat to the Treasury’s $13
billion auction of 30-year debt.
The yield on the benchmark
Treasury 10-year
CREDIT note rose to
MARKETS 2.832%, the high-
est since March
26, from 2.790%
Wednesday. Yields rise as
bond prices fall.
Investors bought an above-
average amount at the auction
of 30-year bonds after two
other offerings earlier this
week had attracted demand
that analysts characterized as
tepid. The earlier sales oc-
curred against a backdrop of
rising prices as demand was
spurred by uncertainty regard-
ing the U.S. reaction to an al-
leged chemical-weapons attack
by Syria on its citizens. The
higher prices led to a luke-
warm reception for those offer-
ings, with the category of buy-
ers that includes mutual funds
and foreign investors buying a
below-average amount.
Bonds fell Thursday after
President Donald Trump ap-
peared to step back from an
indication that a strike against
the regime in Syria could be
imminent.
AUCTION RESULTS
Here are the results of Thursday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
29-YEAR, 10-MONTH BONDS
Applications $31,409,479,700
Accepted bids $13,022,289,700
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The bonds, dated April 16, 2018, mature on Feb. 15,
2048.
STREET
Continued from page B1
Lehman Brothers failure in
2008. Yet rarely have inves-
tors shown so little regard
for an earnings season than
for the one starting in ear-
nest on Friday.
Earnings are set to be
spectacular, even without the
boost from the Trump tax
cut. S&P 500 companies are
predicted to report earnings
per share up 18% in total
from a year ago, according
to Howard Silverblatt at S&P
Dow Jones Indices.
Even better, overall sales
are predicted to be up 7%,
continuing a rise last year
that is the fastest since 2011.
Part of the growth is ex-
pected to come from the re-
covery in oil prices, but un-
like most of the past decade,
there is also a decent chunk
from economic growth. We
* * * *
profit projections analysts
have set for first-quarter re-
sults. Investors got one of
their first glimpses into how
this earnings season could
play out after asset-manage-
ment giant BlackRock beat
expectations Thursday morn-
ing.
“We’ve gone back and
forth, up and down” over the
past two months, said Ed
Keon, chief investment strate-
gist and portfolio manager
with QMA. “We should see a
turn more consistently posi-
tive as a result of what is ex-
pected to be an exceptionally
strong earnings season.”
The Dow Jones Industrial
Average gained 293.60 points,
or 1.2%, to 24483.05, while the
S&P 500 added 21.80 points,
or 0.8%, to 2663.99. The Nas-
daq Composite rose 71.22
points, or 1%, to 7140.25. All
three indexes are up three of
the past four days, pushing
the Dow and the S&P 500
more than 2% higher for the
week.
The Nasdaq has gained 3.3%
this week, as shares of tech
companies showed signs of
stabilizing since Facebook re-
vealed last month that tens of
millions of users’ data were
compromised.
That Glut in Oil Is Now Just a Thin Cushion
A glut of stored oil that
helped keep prices low for
years is almost gone, thanks to
production cuts by OPEC and
Russia, a humming global
economy and a series of small
us l,
supply disruptions.
al a
By Benoit Faucon,
Summer Said and
Anant Vijay Kala
ci on
Excess inventories of stored
oil by the world’s industrialized
economies are at their lowest
level in more than three years,
er rs
based on a
COMMODITIES f i v e - y e a r
running av-
erage, ac-
m e
cording to data released Thurs-
day by the Organization of the
Petroleum Exporting Countries.
m rp
After months of steepening de-
clines, the group said commer-
cial inventory levels shrunk a
further 17.4 million barrels in
February, to about 2.85 billion
co Fo
barrels.
That represents a surplus of
just 43 million barrels, based
on the five-year average. Two
years ago, the storage surplus
hit 400 million barrels.
The drain on storage is
partly a consequence of a con-
certed effort by Saudi Arabia,
its OPEC colleagues and Russia
to throttle back output to bol-
ster prices.
“The rebalancing process is
well under way,” OPEC Secre-
n-
tary-General Mohammed Bar-
kindo told an energy summit
in New Delhi on Wednesday.
The quickening depletion of
no
excess stored oil has analysts
throwing around a word they
haven’t had to use that often
in the past few years: short-
ages. Without much cushion in
storage, the threat of supply
outages can quickly drain in-
ventories and boost prices.
Venezuelan crude output
$1,805,600
has been hobbled by political
$0 and economic instability there,
99.136422
(3.044%)
and rising tensions between
3.000% the U.S. and Russia over Syria
41.80%
912810SA7
also have contributed to worry
over supply.
Syria doesn’t pump much
Devalued
Rising earnings forecasts and falling shares have pushed down the
S&P 500's forward price/earnings ratio to where it stood in 2014.
S&P 500's forward
price/earnings ratio
24
RECESSION
22
20
18
16
14
12
10
8 0
1985 1990
Source: Thomson Reuters Datastream
may finally have corporate
results that are good not just
for investors but for Main
Street, too.
So why don’t shareholders
care?
MARKETS
Banking on Earnings
Shares of Citigroup, JPMorgan Chase and Wells Fargo
rose ahead of earnings, which are scheduled for Friday.
4.0%
3.5 Performance, minute by minute
3.0
2.5
2.0
1.5
1.0
0.5
0
9:30 10 11 noon
Thursday
Source: FactSet
Shares of banks were the
clear market mover Thursday,
though, as those financial
companies in the S&P 500
rose 1.8% to lead the broad in-
dex higher.
BlackRock said revenue and
earnings exceeded analysts’
expectations for the first quar-
ter. The asset manager’s
shares gained $7.70, or 1.5%, to
$533.01.
Financial companies are
among the first to report
on
e
Crude inventories of industrialized economies are at their lowest level in more than three years. An oil operation near Baku, Azerbaijan.
oil itself, but the new tensions
have raised the specter of big-
ger production outages across
the Middle East should mili-
tary action escalate.
Saudi Arabia has indicated
little appetite for opening up
the spigots. In its report
Thursday, OPEC said its collec-
tive production fell by an aver-
age of 201,000 barrels a day.
Part of the decline came from
fresh, voluntary cuts by Saudi
Arabia. This week, the king-
dom said it would keep its
overall crude-oil exports be-
low 7 million barrels a day
next month.
Saudi Oil Minister Khalid
al-Falih told the New Delhi
conference this week that “we
will not sit by and let another
glut resurface in the coming
years and bring the market
through the roller coaster that
we have seen.”
Thinning inventories aren’t
just due to OPEC-led cuts: Oil
Average
2000 2010
Perhaps they just dismiss
the forecasts. Analysts tend
to follow the market, and
falling stock prices mean an-
alysts will soon start to cut
their profit predictions, as
Citigroup
JPMorgan Chase
Wells Fargo
1 2
THE WALL STREET JOURNAL.
earnings each quarter, and in-
vestors expect the recent
surge in volatility, along with
higher interest rates, to boost
trading and net interest reve-
nue among banks, asset man-
agers and other firms. Finan-
cial stocks in the S&P 500 are
expected to see a 20% bump in
earnings growth from a year
earlier, according to FactSet,
while the broader index is pro-
jected to expand earnings by
17%.
demand has been increasing
amid a rare, synchronized ex-
pansion by the world’s biggest
economies. OPEC said it now
sees demand for this year ris-
ing by about 30,000 barrels a
day more than it had previ-
ously forecast.
Amid that new appetite, a
series of production outages
are already sapping supply.
Last month, OPEC says it lost
about 100,000 barrels a day be-
cause of the crisis in Venezuela
and disputes by rival political
groups in Libya and Iraq.
All that has translated into
higher oil prices. Brent, the in-
ternational oil benchmark, has
been hovering above $70 a
barrel, levels not seen in three
years. On Thursday, Brent
edged down less than 0.1% to
$72.02 a barrel on ICE Futures
Europe, while U.S.-traded
crude gained 0.4% to $67.07,
on the New York Mercantile
Exchange, settling at its high-
Proportion of earnings
forecasts that are upgrades
80%
More downgrades More upgrades
70
60
50
40
30
20
10
2006
THE WALL STREET JOURNAL.
they did shortly after the
market peaked in 2007 and
in 2000. The fall in shares
since late January has al-
ready been accompanied by
a sharp drop in optimism
Friday, April 13, 2018 | B11
JPMorgan Chase shares
added 2.75, or 2.5%, to 113.37,
while Citigroup rose 2.24, or
3.2%, to 72.13. Shares of Wells
Fargo gained 77 cents, or
1.5%, to 52.70. All three banks
report earnings Friday.
Financial stocks also were
getting a boost from a rise in
bond yields since higher inter-
est rates typically widen the
spread between what banks
charge on loans and what they
pay on deposits. The yield on
the benchmark 10-year Trea-
sury note rose to 2.832% from
2.790% a day earlier.
These moves are a reversal
from the previous day’s
trends, which were more
3 4 downbeat after Mr. Trump
warned on Twitter of potential
preparations to attack Syria.
The U.S. had previously an-
nounced sanctions against
more than three dozen Rus-
sian individuals and entities,
which also increased concerns
about geopolitical conflicts.
Money managers are now
trying to weigh the impor-
tance of these concerns
against a broadly positive
backdrop for corporations.
However, many are also grow-
ing cautious because they be-
lieve that the U.S. economy’s
expansion is set for a slow-
.
ly
Natural Gas Climbs
As Stockpiles Fall
Natural-gas prices increased
after government data showed
a larger-than-expected decline
in stockpiles.
Futures for May delivery
rose 1.1 cents, or 0.4%, to
$2.686 a million British thermal
units on the New York Mercan-
tile Exchange.
The U.S. Energy Informa-
est level since December 2014.
The big question for mar-
kets is whether, amid the
tightening market, North
American shale producers
swing back into action. These
smaller, nimbler producers, in
previous periods of oil-price
strength, have ramped up out-
put to take advantage of the
among analysts, with earn-
ings upgrades now making
up only 55% of new fore-
casts, from a high of 82%.
Those friendlier to Wall
Street can point out that an-
alysts forecast only a single
most-likely outcome, not its
probability. It is possible to
accept the central prediction,
but think it is less likely than
it was because of the rising
risk of something bad—gov-
ernment action against tech
companies, a trade war or an
actual war—derailing profits.
That risk justifies lower
share prices, even if the core
case is still that everything
turns out fine and earnings
rise as predicted.
2010 Of course, investors might
just be undervaluing earn-
ings. Goldman Sachs chief
U.S. equity strategist David
Kostin points out that much
of the fall in share prices
since January came during
periods when companies
were blocked from buybacks.
down and they fear the Fed-
eral Reserve will increase bor-
rowing costs too much to
battle inflation.
Early Friday, Japan’s Nikkei
225 was up 1.1%, helped by a
lower yen, which helps export-
ers. Hong Kong’s Hang Seng
Index was up 0.5%.
Treasury Auctions
The Treasury Department will
auction $106 billion in securities
next week. Details (all with mini-
mum denominations of $100):
 Monday: $48 billion in 13-
week bills, a reopening of an is-
sue first sold on July 20, 2017,
maturing July 19, 2018. Cusip
number: 912796MK2.
Also, $42 billion in 26-week
bills, dated April 19, 2018, matur-
ing Oct. 18, 2018. Cusip number:
912796QD4.
Noncompetitive tenders for
both issues must be received by
11 a.m. EDT Monday and com-
petitive tenders, by 11:30 a.m.
 Thursday: $16 billion in
five-year Treasury inflation-pro-
tected securities, dated April 30,
2018, maturing April 15, 2023.
Cusip number: 9128284H0.
Noncompetitive tenders are
due by noon EDT Thursday;
competitive tenders, by 1 p.m.
TAYLOR WEIDMAN/BLOOMBERG NEWS
tion Administration reported
that natural gas in storage fell
by 19 billion cubic feet in the
week ended April 6, exceeding
analysts' expectations on aver-
age for a 14 bcf draw.
The data helped support
prices as colder-than-average
temperatures have faded and
production levels have climbed.
Strong export demand contrib-
uted to the overall decline in
supply, analysts at Gelber &
Associates said.
—Stephanie Yang
higher prices.
That new production typi-
cally boosts supply and eases
prices back down again. In its
report, OPEC upgraded its
non-OPEC oil-supply forecast
for the year, saying Canada
and the U.S. will pump about
90,000 barrels a day more
than expected.
Since corporate buybacks
have for years been the big-
gest source of demand for
shares, their absence might
leave the market more vul-
nerable to the selling that
comes with bad news.
A final explanation is that
it is just down to timing.
Stocks had a huge run-up,
with the S&P rising 24% in
the year to the end of Janu-
ary. Shareholders quickly
priced in the benefits of
lower corporate taxes, while
analysts waited for company
guidance before raising fore-
casts.
This earnings season
might provide some insight
both into whether the wage
pressure is serious and how
much sales can rise to offset
it. In a quarter when tax cuts
make earnings comparisons
trickier, surprises on sales or
pretax margins could wrest
the attention of investors
away from politics—for a
few days, at least.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Friday, April 13, 2018
Emerging-Markets Stocks Retain Appeal
Index’s 1.5% gain this
year outpaces losses
in developed countries;
economies look strong
BY AKANE OTANI
AND BEN EISEN
Emerging-markets stocks
are outperforming their U.S.
counterparts this year, the lat-
est sign that investors’ appe-
tite for risk remains robust
despite rising trade tensions.
Although the bull-market
run in U.S. stocks has stalled
since peaking in late January
as investors piled out of high-
flying names, many more vola-
tile investments have contin-
ued to climb. The MSCI
Emerging Markets Index,
which tracks stock markets’
performance across 24 coun-
tries, including China, Brazil
and India, has risen 1.5% this
year, cruising past the S&P
500’s 0.4% loss and the Stoxx
Europe 600’s 2.7% decline.
The gains extend a rally
from last year, when emerg-
ing-markets stocks rose 28%
while the S&P 500 finished the
year up 19% and the Stoxx Eu-
rope 600 added 7.7%.
The moves come as a sur-
prise to those who had ex-
pected shares in emerging-
markets countries—which
tend to be highly sensitive to
the outlook for global growth
and investment—to take a hit
as the Trump administration
ratcheted up rhetoric against
trade partners around the
world. In recent weeks, Presi-
dent Donald Trump has signed
tariffs on steel and aluminum
imports and threatened to im-
pose tariffs on $100 billion of
goods imported from China,
which would come on top of
announced penalties on $50
billion in goods.
Yet shares of export-depen-
dent countries have mostly
shrugged off the heightened
trade tensions, something ana-
lysts say reflects the strong
Email: heard@wsj.com
Biotech Needs to Get Creative
Big biotech stocks are
trading at their lowest valua-
tions in years, but don’t un-
derestimate their ability to
turn things around quickly.
The first-quarter earnings
season, which starts next
week, will highlight the
struggles of the big players:
weak growth and few new
products.
That contrasts with the
industry’s smaller, more
speculative players. The Nas-
no
daq Biotechnology Index,
which is weighted by market
value, has returned about 9%
over the past 12 months. An
equal-weight biotech index,
which places greater empha-
sis on the performance of
smaller stocks, has returned
about 30%.
That lagging performance
has led to low valuations.
Gilead Sciences, Amgen,
Zuckerberg’s Time in D.C. Well Spent
Everyone seems to be an-
gry at Facebook these days,
though for wildly different
reasons. That, in turn, may
work out just fine for the so-
cial network—and its inves-
tors.
Such was apparent after
Mark Zuckerberg spent two
days under sometimes tough
questioning before Congress
this week. The Facebook CEO
made his apology pilgrimage
following a scandal involving
Cambridge Analytica’s use of
Facebook user data in the
2016 U.S. election and other
campaigns across the globe.
This has proven to be the
most serious scandal Face-
book has faced, raising the
risk of users fleeing and gov-
ernments intervening. Up to
last week, the company had
shed nearly $80 billion in
market value since the Cam-
bridge news broke in mid-
March. In that light, Mr.
Zuckerberg’s main job this
week was to calm lawmakers
10%
8 though, all of those risks ap-
6
4 ing the first three months of
2 going back to 1996, according
0
–2
–4
Index performance, year to date
–6
–8
–10
January
International Monetary Fund's projections for
annual change in economic output
Emerging-markets
and developing
economies
U.S.
Eurozone
1.2%
Japan
0.9%
Sources: FactSet (index performance, quarterly earnings); International Monetary Fund (projections); WSJ Market Data Group (dollar index)
economic outlook in many
emerging markets.
Growth in emerging-mar-
kets and developing econo-
mies is expected to accelerate
ci on
to 4.9% this year and 5% next
year, up from 4.7% last year
and 4.4% the year before, ac-
cording to International Mone-
tary Fund estimates. That
er rs
comes even as growth in ad-
vanced economies is expected
HEARD ON THE STREET
m e
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co Fo
Celgene and Biogen trade at
an average of less than 11
times adjusted forward earn-
ings projections, according
to FactSet.
The S&P 500, meanwhile,
trades at about 17 times.
Most analysts don’t ex-
pect meaningful sales
growth from the majority of
n-
the sector this year. The
pace of scientific innovation
isn’t steady, and the industry
is churning out fewer drugs
with blockbuster potential
opportunities than it has in
the recent past.
All isn’t dire; the drug
drought will end at some
point. The big players also
can get new drugs by paying
up for smaller biotechs with
potential to generate block-
buster sales.
Gilead was trading at
about nine times forward
Unsocial
Facebook’s share price
$200
190
180
170
160
150
January
Source: FactSet
and his investors. He seemed
to succeed at the latter;
Facebook’s stock price rose
more than 5% over the two
days he was in Washington.
As for the former, while
there is no shortage of pique
directed at the social net-
work, Congress seems hardly
of one mind about what ac-
MARKETS
February
4.9%
5.0%
2.7%
2018
2.5%
2019
2.2%
2.0%
on
us l,
to stagnate, coming in at 2.3%
this year and 2.2% next year.
al a
e
Analysts also expect emerg-
ing-markets companies to re-
port solid earnings growth for
the first quarter, which should
help boost their attractiveness
to investors. Companies in the
MSCI EM Index are forecast to
post earnings growth of 14.5%
for the first three months of
2018 from the year-earlier pe-
FINANCIAL ANALYSIS & COMMENTARY
Cheap Drugs
Forward price/earnings ratios
20 times S&P 500
Amgen
18
16
14
12
10
Biogen
Celgene
8
2016 ’17
Source: FactSet
earnings in August, when it
purchased Kite Pharma for
nearly $12 billion. While the
deal won’t quickly boost
Gilead’s profits, Gilead
shares now trade at 11 times
adjusted forward earnings
projections.
Other recent multibillion-
dollar deals, include Cel-
Cambridge Analytica
scandal breaks
D.C.
hearings
start
February March April
THE WALL STREET JOURNAL.
tions—if any—to take. The
questions ranged widely, but
most lawmakers seemed
more interested in grand-
standing than eliciting con-
structive answers from one
of the world’s youngest mul-
tibillionaires. This allowed
Mr. Zuckerberg to largely
stick to his talking points,
March
WSJ Dollar Index
87
86
85
t2.5%
84
83
82
Jan. Feb. March
riod, according to FactSet.
That would mark the fourth
quarter in five in which those
companies have posted a dou-
ble-digit percentage growth.
“I think people are sur-
prised how well EM has held
up this year,” said Chuck
Knudsen, T. Rowe Price’s
emerging-markets equities
portfolio specialist. “Going
into this volatility, we think
gene’s acquisition of Juno
Therapeutics and Novartis’s
purchase of AveXis.
Slimming down is another
way to generate value for
shareholders.
Biogen’s decision to spin
out its hemophilia division in
2016 paid off in a big way
for its shareholders earlier
this year, when a French
pharmaceutical giant bought
Bioverativ at a 63% pre-
’18 mium.
At current valuations,
other companies have solid
assets that could be attrac-
tive to investors or a buyer
if they choose.
For instance, Gilead could
choose to separate its waning
hepatitis C franchises from its
HIV and oncology units.
Big biotech is out of favor,
but hardly out of options.
—Charley Grant
and made the possibility of
onerous regulations that
could upend Facebook’s ad-
driven business model seem
somewhat less likely.
But investors shouldn’t be
too sanguine. New privacy
regulations take effect in Eu-
rope next month, and efforts
to reform privacy laws are
also under way in the U.S.
These could affect the social
network’s usage and, thus,
the growth of its advertising
business. The scandal also
has made clear Facebook’s
need to keep tighter control
over activity on its platform,
which will raise its costs and
thus crimp its legendary bot-
tom line.
As for Mr. Zuckerberg, he
needs to lead the company
through those coming
changes with a more deft
hand than he has shown to
date. And that will make his
two days in Washington look
easy by comparison.
—Dan Gallagher
THE WALL STREET JOURNAL.
MSCI
Emerging
Markets
S&P 500
Stoxx
Europe
600
Nikkei
Stock
Average
April
MSCI Emerging Markets Index
quarterly earnings, change from
previous year
30%
25 Preliminary
20
15
.
10
ly
5 Not all countries have been
0 cerns. Stocks in Russia slid af-
1Q 2017 2Q 3Q 4Q 1Q ’18
THE WALL STREET JOURNAL.
these countries were in much
better shape” than they had
been in prior years, he said.
Emerging-markets compa-
nies typically grow faster than
their developed-market coun-
terparts and can deliver out-
size returns as a result. But
they are also susceptible to
sharp selloffs if the flow of in-
vestors’ money reverses, cur-
rencies or commodities prices
Hong Kong’s Dollar
Peg Isn’t Going Away
Hong Kong’s currency peg
with the U.S. dollar has
many problems. It is still the
city’s least worst option.
The Hong Kong dollar on
Thursday briefly touched the
bottom of its permitted trad-
ing band against the U.S.
dollar for the first time since
the peg took its current form
in 2005. The city’s de facto
central bank later stepped in
to drain some of the money
sloshing around in the bank-
ing system—money that has
fueled gains in the city’s
stock and property mar-
kets—by selling $104 million
from its reserves.
The Hong Kong Monetary
Authority stands ready to
step in when the Hong Kong
dollar falls to 7.85 to the U.S.
dollar—as it did Thursday—
or rises to 7.75.
It isn’t the first time Hong
Kong’s 35-year-old dollar peg
has come under strain.
Linking to the U.S. dollar
effectively hands over mone-
tary policy making to the
Federal Reserve. Since the fi-
nancial crisis, that has
meant rock-bottom interest
rates, robbing Hong Kong of
a tool to tame a property
market that grows ever more
unaffordable.
But scrapping the peg
OVERHEARD
When it comes to com-
pany securities filings, inves-
tors want clarity. When com-
panies discuss taxes,
investors should hope for the
opposite.
When investors want to
dig into a company’s tax posi-
tion, they know where to go:
the tax footnote that appears
in its annual report.
But the Internal Revenue
Service knows that is the
place to go, too. That creates
a dilemma for companies try-
weaken, or political strife
takes hold. At the moment,
pear to be fairly benign.
As a result, investors
poured $45 billion into emerg-
ing-markets stock funds dur-
the year, the most in records
to EPFR Global, a fund tracker.
One factor boosting the al-
lure of emerging-markets
stocks: the continued rebound
in commodities prices. Oil prices
have extended their recovery
this year as investors have bet
on production cuts easing a
global supply glut, sending
U.S. crude up 11% and helping
commodities-heavy exporters.
The dollar’s decline has also
helped emerging markets by
making their dollar-denomi-
nated debt cheaper to pay
back. The WSJ Dollar Index is
down 2.5% this year so far, fol-
lowing its biggest one-year
percentage decline since 2003.
Additionally, emerging-mar-
kets investors have cheered
government reforms in some
countries they track. New
South African President Cyril
Ramaphosa, for example, who
took over from Jacob Zuma
earlier this year, has pledged
to create jobs and lift eco-
nomic growth. The country’s
currency, the rand, is up 2.6%
against the dollar since the
start of the year.
spared from geopolitical con-
ter the White House rolled out
sanctions targeting more than
three dozen Russian individu-
als and entities, sending the
benchmark Micex stock index
down 3.3% so far in April. Still,
for the year, the Micex re-
mains up 3.8%.
“There’s still a question
mark as to whether or not we
are going into a new global
environment where protec-
tionism is much more rife,”
said Eamon Aghdasi, emerg-
ing-markets strategist at State
Street Global Markets.
WSJ.com/Heard
would have major drawbacks
for a small, open economy
like Hong Kong. The city
doesn’t manufacture much
these days, but it has thrived
as a financial and trading
center, especially as a con-
duit between China and the
outside world. The volatility
of a freely floating Hong
Kong dollar would add to the
cost of doing business for lo-
cal and international firms.
A peg to the Chinese yuan
seems like a reasonable al-
ternative. After all, Hong
Kong’s economic fortunes
are influenced far more by
China now than by the U.S.
China accounts for half of
Hong Kong’s trade, and Chi-
nese companies and inves-
tors are a mainstay of the
city’s markets.
The trouble is the yuan
isn’t freely convertible, given
mainland China’s continuing
capital controls, so any peg
would be hard to maintain
technically. Explicitly linking
to China’s currency would
also risk some local political
blowback.
The Hong Kong-U.S. dollar
peg may become a thing of
the past if China’s economy
ever opens up sufficiently.
For now, it is here to stay.
—Jacky Wong
ing to avoid taxes.
For companies that engage
heavily in tax-avoidance ef-
forts, obfuscation is the way
to go, according to a new pa-
per from a group of account-
ing professors in the Journal
of the American Taxation As-
sociation.
The research finds that
among these companies, the
more opaque the tax footnote
language, the higher their
stock-market valuation tends
to be.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

MANSION
Inside ‘One doesn’t discover new lands
Lena Horne’s without consenting to lose sight, for
onetime apartment a very long time, of the shore.’
M4 —André Gide, ‘The Counterfeiters’

HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS

© 2018 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, April 13, 2018 | M1

From Howard Hughes to High Tech

Once the site of the billionaire’s aviation firm, the Los Angeles district of Playa Vista is
attracting Silicon Valley’s biggest names and buyers seeking an urban lifestyle.

.
ly
on
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er rs

DOUBLE UP Randy Schwab and Laurie Dworsky, below left, were planning on selling their Playa Vista condo until they learned how much it could generate in rent. So they said they rented it to NBA
player Jamal Crawford for a hefty $9,000 a month and moved into this unit, which they purchased for $1.95 million in 2016. The kitchen, above; a view of the home from the patio, below right.
m e

BY KATY MCLAUGHLIN
m rp

PLAYA VISTA, A NEWLY BUILT neighborhood

MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (3)

on the west side of Los Angeles, lacks much of

what locals consider luxury. There are no es-
tates, sweeping views or movie-star enclaves.
co Fo

Yet houses are selling for over $4 million, and

rents are eye-watering.
That is because Playa Vista is in the final
stages of its reinvention, providing office space
for the biggest names in tech as well as dense,
urban-style living for residents. In the fall, Alpha-
bet Inc.’s Google unit will begin moving employ-
ees into a 319,000-square-foot office space, adja-
cent to 12 acres of land the company purchased
in 2014. Yahoo, Microsoft, IMAX, Electronic Arts
Please turn to page M8
n-

HOUSE CALL | JOSEPH FIENNES INSIDE

no

I TINKERED WITH MY PERSONALITY

The English actor says 14 moves in his childhood taught him to adapt to his audience.

Joseph Fiennes, 47, is an

English film and television
actor who stars in “The
Handmaid’s Tale,” a stream-
ing Hulu series that won $21 MILLION
eight Primetime Emmy Madoff’s former beach
Awards last year. The sec- house hits market M2
ond season begins April 25.
He spoke with Marc Myers.

My father was a colossal

man. At 6-foot-3, he was a
Moses figure with huge
hands that could build a
house and then give you a
hug. To his seven children,
he was the great protector—
physically looming but al-
ways caring.
I was born in Salisbury, TITANIC PROJECT
England, but during my Ocean liner’s offices
childhood we moved 14 turned into homes M6
times. My father, Mark,
MARKIAN LOZOWCHUK FOR THE WALL STREET JOURNAL

made a living buying run-

down houses, fixing them up
and selling them at a small
profit. This wasn’t flipping
houses. He had to work fast
and smart to keep us fed.
The financial pressure kept
us on the move looking for
the next house.
Playing in so many differ-
ent playgrounds helped shape
me as an actor. When my LENS OF HISTORY
personality didn’t connect At home in New York
Please turn to page M7 IN MOTION Joseph Fiennes in Toronto in March. His family followed his father, who searched far and wide for homes to fix up and sell. in the 1800s M14
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

MANSION
PRIVATE PROPERTIES | KATHERINE CLARKE

Madoff’s Former Beach House Lists for $21 Million

A Montauk, N.Y., beach an elegant staircase and
house formerly owned by moved the master suite to
disgraced financier Bernard the second floor. The home
Madoff is coming on the sits on 1½ acres with a
market for $21 million. gunite pool overlooking the
The current owners, real- ocean. There are three bed-
estate titan Steven Roth and rooms, three bathrooms and
his wife, Daryl, a theater an outdoor alcove for out-
producer, bought the prop- door dining or lounging.
erty for $9.41 million in The Roths, who also have
2009, records show. The a home in East Hampton,
proceeds of the sale, which are selling because they re-
was handled by the U.S. cently purchased a second
Marshals Service, went to- home there for visiting
ward restitution for the vic- friends and family. With
tims of Mr. Madoff’s notori- two East Hampton homes,
ous Ponzi scheme. they fear they will have no
The Roths bought the time to spend in Montauk,
home as a private hideaway. Mr. DePersia said. Mr. Roth,
Located right on the beach, 76, is chairman of Vornado
it’s closer to the ocean than Realty Trust, a real-estate
neighboring properties, investment trust that’s one
meaning their views up and of the nation’s largest own-
down the beach are unob- ers of retail and office
structed, according to Gary space. The Roths declined
DePersia of the Corcoran to comment.
Group, one of the listing The Madoffs paid about
agents. $250,000 for the land in the
The couple tapped de- early 1980s. The home was
signer Thierry Despont to designed by the late archi-
oversee a massive renova- tect Gene Futterman.
tion to the 3,000-square- Mr. DePersia is listing the
foot home, which was dated property with Joan Hegner,
and in disrepair. They built also of the Corcoran Group.

PAYMENT OPTIONS: $30 MILLION OR $45 MILLION

.
ly
A longtime proponent of nett’s family compound the property. It has since erty with Carrie Chiang of
If life is but a dream , digital currencies is listing since 1994. It’s divided into been used for storage. the Corcoran Group.
THIS IS LIVING. his brick-and-mortar home several apartments where, at Mr. Zanett, 55, said the Mr. Zanett’s hedge fund,
on for almost $30 million. one point, his brother, his property offers panoramic Zanett Asset Management,
Claudio Guazzoni de Za- sister, their partners and his views from the rooftop ter- was founded in 1992 and has
nett said he’ll accept $29.95 parents were living. Since race, and that it has high invested in early-stage tech-
million in U.S. dollars or his extended family has ceilings and lots of light. nology start-ups. He said he
us l,

about $45 million in digital since moved on, the house is The house measures was asking a higher price in
currency for his six-story too big for Mr. Zanett, his about 12,380 square feet, digital currency because of
townhouse on New York’s wife and his 6-year-old son, with an additional 2,500 the volatility in digital tokens
al a
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Upper East Side. The curren- who live mostly on the top square feet of outdoor such as Bitcoin, the value of
cies he will accept include three floors. space, and the floor plan can which has fluctuated sub-
ci on

Bitcoin, Ethereum and Rip- The house dates back to be reconfigured to include stantially in recent months.
ple, he said. 1904 and includes an origi- the number of bedrooms de- “I’m a true believer in
The 22-foot-wide, marble- nal vault in the basement sired by the buyer, according these networks, but it’s very
and-limestone house at East area that extends under the to the listing agent, Valerie volatile,” he said. “They
76th Street near Fifth Ave- street and was originally A. Lettan of Douglas Elli- could be down 60% in two
er rs

nue has served as Mr. Za- used to store coal to heat man, who is listing the prop- weeks.”
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Mother Nature created it. We perfected it.

It’s time to pick your place in paradise.
(T-B) CHRIS FOSTER; DOUGLAS ELLIMAN (2)

K i aw a h i s l a n d . c o m • 8 6 6 . 31 2 . 17 8 0
Obtain the Property Report required by Federal Law and read it before signing anything. No
Federal or State agency has endorsed or judged the merits of value, if any, of this property. This
is not intended to be an offer to sell nor a solicitation of offer to buy real estate in any jurisdiction
where prohibited by law. This offer is made pursuant to the New York State Department of Law’s
Simplified Procedure for Homeowners Associations with a De Minimis Cooperative Interest
(CPS-7).The CPS-7 application (File No. HO16-0007) and related documents may be obtained
from the sponsor. This project is registered with the State of New Jersey Department of Banking
and Insurance Real Estate Commission. Obtain and read the NJ Public Offering Statement
n-

before signing anything (NJ Reg#16-15-0012). AN AFFILIATE OF KIAWAH PARTNERS.

LUXURY REAL ESTATE DESERVES A LUXURY AUCTION ®

no

DISTINCTIVE OCEANFRONT AND

INTRACOASTAL ESTATE WITH OVER 4 ACRES

LIVE
ABSOLUTE
AUCTION
ON-SITE

APRIL 28 TH
Previously Offered for $2.2M.
Saturday, April 21 at 11 AM
MAY 26 TH Previously $13.9 Million. 1960 South Ocean Boulevard
Selling Without Reserve!
570-Acre Trophy Ranch in Utah Selling at or Above Only $4 Million! Manalapan / Palm Beach County, Florida
Flagler Beach, FL

MAY 5 TH MAY 19 TH MAY 29 TH OFFERED AT $24M!

OPEN HOUSE EVERY WEEKEND from  - 4 PM
Previously Offered for $8.7M. Previously Offered for $8M. Previously Offered for $2.5M. Miami’s Largest Available, Private Appointments & Phone Bidding Available
Selling at or Above Only $3M! Selling Subject to Creditor Confirmation! Selling Without Reserve! Residential Waterfront Parcel! 2% Broker Cooperation
Wellington, FL Wellington, FL Cape Cod, MA Coral Gables, FL
 .8  . 3 3 . 3 77
V I D EO TO U R & D E TA I L S
Visit us online for complete terms on these and other luxury auctions®
AT D ECA R OAU C TI O N S .CO M
800.262.5132 | PlatinumLuxuryAuctions.com
FL property listed & offered for sale exclusively by Platinum Luxury Auctions, a licensed Florida Real Estate Corporation (CQ1036963). FL property listed & offered for sale by Southfields Realty. Listing agent Carlos Arellano
(Lic#BK416282).FLpropertylisted&offeredforsalebyDouglasEllimanRealty.ListingagentMariaMendelsohn(Lic#SL3207396).UTpropertylisted &offeredforsalebySummitSotheby’sInternationalRealty(Entity#6992527-0151). In cooperation with Robert Temelkoski, Bowen Realty
Listing Agent Kathy Mears (Lic#5464186-SA00). MA property listed & offered for sale by Rand Atlantic Cape Cod Realty (ID#001207050). Listing Agent Priscilla Geraghty (Lic.#9056097). NJ property listed & offered for sale
by Kienlen Lattmann Sotheby’s International Realty (Lic#0903100). Listing Agents Berly Teele (Lic#0559674) & Lisa Geoffroy (Lic#1539382). CT property listed and offered for sale by Al Filippone Associates LLC (REB.0789142) and William McManus, Fite Group
of William Raveis Real Estate (REB.0751800). Listing Agent Andrew Whiteley (RES.0770852). Platinum Luxury Auctions is a licensed Florida Real Estate Corporation (CQ1036963) & licensed Florida Auction Business (AB2956)
registered as a Foreign LLC with the states of UT (Entity#10748188-0161), NJ (ID#0450234983), & CT (ID#1263399) performing auction-marketing services as part of these transactions, & is not performing real estate brokerage
services where prohibited. Sotheby’s International Realty, the Sotheby’s International Realty logo & affiliate logos are registered (or unregistered) service marks used with permission. Neither Sotheby’s, Sotheby’s International Realty Daniel DeCaro Real Estate Auctions, Inc., licensed Florida Real Estate Broker #AU3074
Affiliates LLC, nor any of their affiliated companies is providing any product or service in connection with this event other than as required by applicable law.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
(T-B) DANIEL PETRONI (2); RON BIRD
TWO FORT LAUDERDALE HOMES ON THE MARKET FOR $60 MILLION
Two Fort Lauderdale, Fla.,
homes are set to hit the
market for about $60 mil-
lion.
The properties, located on
the New River, are owned by
Tom and Katia Bates. Mr.
Bates is a homebuilder and a
Florida native, while Mrs.
Bates is an interior designer
from Venice, Italy. Together,
they run Innovative Cre-
ations, an interior-design
business.
The first property, on Isle
of Capri Drive, is the Bates
family home. The couple
bought the property for
$950,000 shortly after be-
coming engaged in the early
1990s and razed an existing
house to make way for a
one-story, Mediterranean-
style home. Over the years,
they renovated twice, most
recently building a guest-
house on an adjacent lot.
Together, the main house
and a guesthouse comprise
GUITARIST SEEKS $40 MILLION FOR HOME WITH RUSTIC TOUCHES
An oceanfront property in
Pebble Beach, Calif., on the
scenic 17-Mile Drive is hit-
ting the market for $40 mil-
lion.
The seller is Ron Wright,
a guitarist, composer and
real-estate investor, who
with his wife, Madeleine,
bought the property in the
late 1990s. The Wrights gut
renovated an existing prop-
erty and rebuilt it with a lot
of “blood, sweat and tears,”
Mr. Wright said. They com-
pleted the current house in
2004.
The roughly 7,500-square-
foot property, which is in-
spired by French and English
Tudor-style mansions, has
rustic beamed ceilings, cus-
tom stonework, walnut and
10565 WITTINGTON AVENUE
4 BEDROOMS 3 FULL AND 1 HALF BATHS $1,875,000
Situated across from the croquet greensward to the north and
driving range to the east, this newly renovated Courtyard Apartment
features voluminous ceilings and finely crafted details. Whitewashed
floors create a light and airy beach feel throughout.
772 388 8400
MANSION
about 12,800 square feet.
The main house has five
us l,
bedrooms and 10½ bath-
rooms and has views of the
river. There are ceiling mu-
al a
rals inspired by Italian pal-
aces and a collection of an-
ci on
tique Venetian Rezzonico-
style chandeliers. The floors
are Jerusalem stone, traver-
er rs
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Jerusalem stone floors and
original fireplaces with man-
tels salvaged from castles in
France and England.
The four-bedroom house
sits on about 2.59 acres,
n-
with gardens and ocean
no
WINDSORFLORIDA.COM
on
tine marble and onyx.
The property features
about 435 feet of deep-water
dockage, which would allow
a large yacht to dock out
e
front, Mr. Bates said. Out-
side, there is a large gazebo
imported from Italy as well
as a pool.
The couple bought the
views. It is completely
fenced in with a gated en-
trance. There’s also a three-
car garage and a swimming
pool on the site.
Mr. Wright, 59, previously
tried to sell the property off-
Friday, April 13, 2018 | M3
nearby second home, on
Bontona Avenue, two years
ago. It was owned by Bonnie
Huizenga, the sister of
Wayne Huizenga, late-owner
of the Miami Dolphins, pub-
lic records show. A stone
sculpture of a dolphin re-
mains at the property.
The Bateses recently com-
pleted a massive renovation
on the house. The finished
project measures 11,800
.
square feet with six bed- CAL RIPKEN JR. ESTATE
ly
rooms, a beauty-treatment
room, a gym and an enor-
mous master suite spanning LIVE
LIVE
almost 3,000 square feet.
ABSOLUTE
With 700 feet of deep-water
dockage, there is enough
AUCTION
space to dock a superyacht. ON-SITE
ON-SITE
The Isle of Capri home is
asking $27.5 million, while
the Bontona Avenue home is
asking $32 million.
Christopher Wands, Pietro
Belmonte and Chad Carroll
of Douglas Elliman have the
listings.
Saturday, May 12 at 11 AM
13301 Dover Road, Reisterstown, Maryland
market for an undisclosed
price, but this is the first
time it has been formally
listed for sale. He said the
home is not exactly his style
and he wants to move on to
something different. His wife
died in 2015.
Mr. Wright is part of a
band called Chile Colorado
and plays smooth jazz. Weekend Open House Previews
Though this was his primary by Appointment from 1 – 4 PM
residence, he owns several Weekday Private Appointments
other investment homes in
& Phone Bidding Available
the area, he said.
Kim DiBenedetto of Cold- 2% Broker Cooperation
well Banker Global Luxury
1 .8 0 0. 3 32 . 3 767
has the listing. V I D EO TO U R & D E TA I L S
AT D ECA R OAU C TI O N S .CO M
 See more photos of notable
homes at WSJ.com/Mansion.
Email: privateproper- In cooperation with Bob Lucido Team
of Keller Williams Integrity
ties@wsj.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M4 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

MANSION
LIVING HISTORY

For $825,000, You Can Toot Your Horne

An apartment owned by singer Lena Horne is listed; ‘her bedroom was always red,’ her daughter recalls

(CLOCKWISE FROM TOP LEFT) EVERETT COLLECTION; ALEX FRADKIN FOR THE WALL STREET JOURNAL (2); BETTMANN ARCHIVE
BY KATHERINE CLARKE

WHEN SONGSTRESS Lena

Horne arrived in Manhattan
in the early 1980s from Hol-
lywood to perform her one-
woman Broadway show, “The
Lady and Her Music,” she de-
cided she was going to re-
turn to her hometown for
good. She began to look for a
place to buy.
Her friend, the model and
socialite Jane Holzer, better
known as “Baby Jane” for

.
her role as Andy Warhol’s

ly
muse, proposed Ms. Horne
move into her building, a co-
op in the Lenox Hill neigh-
borhood on the Upper East on
Side called the Volney. The
former hotel, with its lime-
stone facade and canopied FAMILY COMPLEX The late Lena Horne, top left, had bought
us l,

entrance, was built in the five units in the Volney on Manhattan’s Upper East Side. The for-
1920s and had been home to sale unit, above, was used as an office; the unit’s bedroom, right.
notable artists and writers,
al a
e
including Dorothy Parker. to Ms. Horne in the 1960s in a bought a fifth-floor apart-
Ms. Horne had faced chal- building he bought at 300 ment at the Volney—and
ci on

lenges finding a home in the
past, when many Manhattan
co-ops weren’t welcoming to
African-Americans. In an in-
terview, singer Harry Bela-
West End Avenue. He had eventually four others. She
purchased the entire building combined the first unit with
and turned it into co-ops be- an adjacent one to create one
cause the previous landlord apartment with a large living
wouldn’t allow African-Ameri- room, dining room and two
er rs

fonte said he had previously cans to live there, he said. bedrooms, according to Ms.
rented a penthouse apartment Ms. Horne ultimately Horne’s daughter, Gail Lumet
m e
m rp
co Fo

Buckley. Ms. Horne later
bought another unit to use
as an exercise room, and
then one as a guest suite and
extra wardrobe space for her
many evening gowns. A fifth
unit became a private office,
where her secretary worked.
Ms. Horne died in 2010,
and two of her fifth-floor
apartments were sold for a
combined $1.1 million in 2014.
n-
ships to Europe because they
didn’t discriminate.
Ms. Horne’s two children,
Ms. Buckley and her brother,
Teddy Jones, who died in
1970, were from her first
marriage to Louis Jordan
Jones of Pittsburgh.
“That marriage lasted three
years because my father had a
high-stakes bridge habit and a
girlfriend he never got rid of,”
Ms. Horne relocated to
California in the 1940s to
headline a new nightclub on
Hollywood’s Sunset Strip,
and was quickly scouted by
producers at the movie stu-
dio Metro-Goldwyn-Mayer.
She appeared in movies and
musicals, such as “Cabin in
the Sky” in 1943. She wasn’t
typically cast in leading roles
and rarely interacted with

Now, Ms. Buckley is selling
the last of her mother’s add-
on apartments—the one used
as an office—for $825,000,
no
Ms. Buckley said. other actors on screen so
The trunk, and many other that her appearances could
personal items of Ms. Horne, be cut out for audiences in
were sold at the auction, the segregated South.

according to her real-estate with the trunk fetching more Ms. Horne was relieved to
agent, Tamer Howard of than $8,000. Ms. Buckley return to New York and
Douglas Elliman, who is list- held onto some items, which loved her home at the Vol-
ing the property in associa- are on display in her apart- ney, a short stroll to her fa-
tion with Kevin Dees of the ment, such as a bust of her vorite Fifth Avenue stores,
Agency in Los Angeles. The mother by Peter Lambda. her daughter said.
for-sale unit has one bedroom Ms. Horne, born in 1917, “She would walk down to
and one bathroom. spent her early years in a Bergdorf’s,” she added. “Peo-
Ms. Buckley, an 80-year-old townhouse in Bedford-Stuy- ple sometimes would recog-
nonfiction author, is keeping vesant, Brooklyn. “There nize her and just smile, and
the main apartment, where were two townhouses on the she loved that. She loved
she lives with her husband, street when she was born,” that it was New York and
TM
journalist Kevin Buckley. Ms. Buckley said. people didn’t make a fuss.”
Although Ms. Buckley never
lived in the main apartment
The World’s Finest Residences ® with her mother, she recalled
Ms. Horne’s distinct tastes
At TheWorld’s Finest Resort and lifestyle. “Her bedroom
was always red. She loved
red,” Ms. Buckley said, noting
her mother’s rouge-flecked
wallpaper. “She slept late. She
NOW UNDER CONSTRUCTION | DELIVERY 2020 would go to bed about 3 a.m.
when she was working and
LOBBY DESIGNS BY KARL LAGERFELD
then wake up at 3 p.m. in the
3 TO 7–BEDROOM RESIDENCES FROM $4.2 TO OVER $10 MILLION
afternoon and have a big
PENTHOUSES & SINGLE-FAMILY HOMES FROM $12.5 TO $35 MILLION steak or something.”
TO SCHEDULE A PRIVATE SHOWING CONTACT US AT Ms. Horne’s furniture was
+1 855 276 3007 OR SALES@ESTATESATACQUALINA.COM often imported from Europe
www.estatesatacqualina.com and included statement
RESORT RESERVATIONS: +1 844 510 6587 pieces, such as a small Louis
17895 COLLINS AVENUE | SUNNY ISLES BEACH, FLORIDA 33160 Vuitton trunk with SS France
ocean-liner stickers inscribed
with her married name, Lena
Horne Hayton. Ms. Buckley
said her mother and her sec-
#1 RESORT
ond husband, the composer
IN THE Lennie Hayton, had married in
CONTINENTAL U.S. Europe in 1947 because, at the
time, interracial marriages
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE were still illegal in California.
REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. All artist’s
or architecturalrenderings, sketches, graphic materials and photos depicted or otherwise described herein are proposed and conceptual only, and are based They kept their marriage a se-
upon preliminary development plans, which are subject to change. This is not an offering in any state in which registration is required but in which registration
requirements have not yet been met. THIS IS NOT AN OFFER FOR CONTRACT OR SALE IN THE STATES OF NY, NJ OR MASS. cret for several years and al-
ways traveled aboard French PAIRED Lena Horne, with daughter, Gail, in New York in 1960.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
BLUE ISLAND, BAHAMAS
700 acre private island in the Exuma Cays. Over
three miles of beaches, a new 5,700 ft. jet runway,
and elevations to 100 ft. above sea level. Ideal for
personal retreat or a luxury development.
WEB: 7P2WRW. Price upon request.
Steve.Donovan@SIR.com
Damianos Sotheby’s International Realty
+1 928.202.7765 | SIRbahamas.com
GLEN ELLEN, CALIFORNIA LA JOLLA, CALIFORNIA
Modern country estate with architecture that brings
the outdoors in.This is a 10± acre getaway perfect
for wine country escapists who relish outdoor life.
4 bedroom, 4.5 bathroom main house and guest house.
CalBRE # 01357054. $5,500,000. Donald Van de Mark.
Sotheby’s International Realty
Wine Country Brokerage
+1 707.337.2227 | sothebyshomes.com
SAN DIEGO, CALIFORNIA
Impeccably-maintained, custom-built, single level
estate with fabulous indoor and outdoor living
spaces. Resort-style living on 3.68 tranquil
acres located near the Rancho Santa Fe Golf
Course with direct Covenant trail access.
$4,995,000. Eric Iantorno and Clinton Selfridge.
Pacific Sotheby’s International Realty
+1 858.256.7005 | PacificSothebysRealty.com
WOODSIDE, CALIFORNIA
Extraordinary estate on 6.4 acres in a premium
Silicon Valley location. 6,000 sq. ft. main home,
guest house, and entertainment pavilion. Pool, spa,
wine room, tennis court, sport court, 6 car garage,
vineyard. $34,600,000. Michael Dreyfus.
Golden Gate Sotheby's International Realty
+1 650.485.3476 | WoodsideVineyardEstate.com
BOSTON, MASSACHUSETTS CAPE COD, MASSACHUSETTS N E W TO N , M ASSC H US E T TS B R O N X V I L L E , N E W YO R K
no
Elegant 2 bedroom, 2.5 bathroom duplex across
from the Public Garden. Beautifully crafted with
high ceilings, crown moldings and oak floors.
Features include a chef’s kitchen, den, and
master suite with marble bath. 2 parking spaces.
$3,450,000. Michael L. Carrucci.
Gibson Sotheby’s International Realty
+1 617.901.7600 | GibsonSothebysRealty.com
NEW YORK, NEW YORK
Most luxurious lifestyle high above Manhattan in the
golden tower of The Carlyle. Extraordinary residence
with living room with 14 ft. ceiling, panoramic views,
dining room, 2-3 bedrooms, 3 bathrooms.
$6,100,000. louise.beit@sothebyshomes.com
Sotheby’s International Realty
East Side Manhattan Brokerage
+1 917.544.5515 | sothebyshomes.com/00111762
AUSTIN, TEXAS
Stunning contemporary on 1.63 flat acres in
Westlake and Eanes ISD. Remarkable views of
the city skyline and within 10 minutes of downtown.
Originally designed by James LaRue and built
by Greg Hurd. $6,995,000. Kumara Wilcoxon.
kumara@sothebysrealty.com
Kuper Sotheby’s International Realty
+1 512.423.5035 | 102skyline.com
© MMXVIII Sotheby’s International Realty Affiliates LLC. a Realogy Company. All Rights Reserved. Landscape with House and Ploughman, used with permission. Sotheby’s International Realty® is a
registered trademark licensed to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated.
PA R A D I S E I S L A N D, BA H A M AS B E LV E D E R E , C A L I F O R N I A
Ocean Club Residences and Marina. Attractively
priced 3 bedroom, 3.5 bathroom unit with 900 sq. ft.
harbor view terrace. Enjoy private marina, on-site
concierge, underground parking, an 18-hole golf
course, tennis and access to the Atlantis Resort
& Casino. $2,250,000 US. Nick.Damianos@SIR.com
Damianos Sotheby’s International Realty
+1 242.376.1841 | SIRbahamas.com
Build your dream home in the highly sought-after
neighborhood of La Jolla Farms. Live on 1.3 acres
of flat, usable land, sited on a private cul-de-sac
just a short stroll to the private entrance to
Black’s Beach. $5,700,000-$6,495,000.
Brett Dickinson and Jeff Elden.
Pacific Sotheby’s International Realty
+1 858.204.6226 | PacificSothebysRealty.com
on
us l,
SAN DIEGO, CALIFORNIA
al a
e
Exceptional 40+ acre private estate with flawless
interior and exterior design, stunning craftsmanship.
Elegance, adventure and privacy await in your private
ci on
compound with equestrian amenities, pool, spa,
theatre and more. $3,995,000-$4,995,000.
Brett Dickinson and Eric Iantorno.
Pacific Sotheby’s International Realty
+1 858.204.6226 | PacificSothebysRealty.com
er rs
m e
m rp
CHICAGO, ILLINOIS
Prestigious American Institute of Architects (AIA)
co Fo
award winning Lakeview home! Paragon of modern
design features a 4 bedroom, 3.5 bathroom floor plan,
fireplace, custom kitchen, master suite, spa bath,
and lower level with living room. Many LEED features
and turf outdoor space. $1,050,000. Mark Dollard.
Jameson Sotheby’s International Realty
+1 773.677.2529 | jamesonsir.com
n-
Orleans. Have it all: lifestyle, luxury and location
in this stunning home steps from Pleasant Bay
Beach. Entertain like a 5-Star Resort. All the benefits
of a beach property without the erosion or flood
problems. Salt water pool and mooring.
$2,495,000. Dolores Alberti.
oldCape Sotheby’s International Realty
+1 508.237.2771 | oldcape.com
NEW YORK, NEW YORK
Encompassing 2,168± sq. ft., this 3 bedroom, 2.5 bath
duplex residence features soaring ceilings, wrought-
iron columns and the highest quality fixtures and
finishes throughout. $4,495,000. Jeremy V. Stein.
Sotheby’s International Realty
Downtown Manhattan Brokerage
+1 212.431.2427 | sothebyshomes.com/01310256
AUSTIN, TEXAS
Exquisite contemporary designed to showcase
unparalleled views of Downtown Austin and
Lady Bird Lake and provide gracious space
for entertaining. Extremely private with
beautifully landscaped grounds. $6,950,000.
Kumara Wilcoxon. kumara@sothebysrealty.com
Kuper Sotheby’s International Realty
+1 512.423.5035 | 1404wildcathollow.com
Your best life begins with a home that inspires you.
Captivating views, water vistas and western
exposure define this rare opportunity to build
a dream home on Belvedere Island overlooking
San Francisco, the Golden Gate Bridge
and picturesque Sausalito. $7,495,000.
Lydia Sarkissian, Magda Sarkissian and Bill Bullock.
Golden Gate Sotheby’s International Realty
+1 415.517.7720 | globalestates.com
P O R T O L A V A L L E Y, C A L I F O R N I A S A N D I E G O , C A L I F O R N I A
The best of California indoor-outdoor living in this
quintessential Portola Valley 5 bedroom retreat.
Lush grounds surround this sprawling home with a
family-centric floor plan. A peaceful oasis in the heart
of Silicon Valley. $6,595,000. Michael Dreyfus.
Golden Gate Sotheby’s International Realty
+1 650.485.3476 | 1305Westridge.com
SONOMA, CALIFORNIA
Nearly new and inspired by the best contemporary
architecture, this modern farmhouse offers light-filled
interiors, seamless indoor-outdoor living. Guest house,
pool, spa, wine cellar, garden. CalBRE #01357054.
$7,675,000. Donald Van de Mark.
Sotheby's International Realty
Wine Country Brokerage
+1 707.337.2227 | sothebyshomes.com
EVANSTON, ILLINOIS
Amazing opportunity to live steps from Lake Michigan!
Gorgeous, sun drenched, renovated 5 bedroom home
with wrap around porch. Beach, tennis courts, boating
at the end of the block. Dining and shopping is a
short stroll away. Close to Northwestern University
and Chicago. $1,899,000 Jackie Mack.
Jameson Sotheby’s International Realty
+1 847.733.1856 | jamesonsir.com
A sophisticated 6 bedroom, 6 bathroom contemporary
Colonial located on 1.5 private acres in Chestnut Hill.
With 8,000 sq. ft. of living space, this light and airy
floor plan brings lots of natural light into the home.
$3,495,000. Michael L. Carrucci.
Gibson Sotheby’s International Realty
+1 617.901.7600 | GibsonSothebysRealty.com
SOUTH KINGSTOWN, RHODE ISLAND W E S T E R LY, R H O D E I S L A N D
Stunning reproduction of Andy Warhol’s Montauk
estate “Eothen” on nearly 15 bucolic acres abutting
conservancy land. This exceptional property is
ideal for the horse or farm enthusiast who wants
to be near the beach. $2,850,000.
Mott & Chace Sotheby’s International Realty
+1 401.789.8899 | mottandchace.com
AUSTIN, TEXAS
Spectacular Downtown Austin, 4,516 sq. ft. luxury
penthouse condo with panoramic city skyline views
highlighting the UT Tower and Capitol. Undoubtedly
one of the premiere penthouse condos available
in Austin. $3,795,000. Kumara Wilcoxon.
Kumara@sothebysrealty.com
Kuper Sotheby’s International Realty
+1 512.423.5035 | nokonahpenthouse.com
C E N T U R Y C I T Y, C A L I F O R N I A C O R O N A D O , C A L I F O R N I A
Elegant, custom designed penthouse in guard-gated
Le Parc condos. Stunning pied-a-terre in the heart of
the city. 10 acre oasis with lush grounds. Steps from
Beverly Hills, new Century Plaza hotel and mall.
CalBRE #00962605. $2,295,000. Lori Hashman Berris.
Sotheby's International Realty
Beverly Hills Brokerage
+1 310.880.3061 | sothebyshomes.com
Crown Manor - Legendary Tudor-style historical
landmark designed by Irving Gill. Located steps
from the iconic Hotel del Coronado on the island’s
largest oceanfront lot, this palatial residence is
ready for its next chapter. $25,000,000.
Eric Iantorno and Clinton Selfridge.
Pacific Sotheby’s International Realty
+1 858.256.7005 | PacificSothebysRealty.com
SONOMA, CALIFORNIA
Antique roof tiles from Dubrovnik top this modern
Mediterranean nestled against Carriger Creek. Clean,
cream interiors open wide to a pool with spa. Nearly new
and high tech.A guest house completes the property.
CalBRE #01357054. $4,850,000. Donald Van de Mark.
Sotheby’s International Realty
Wine Country Brokerage
+1 707.337.2227 | sothebyshomes.com
BETHESDA, MARYLAND
This breathtaking custom built stone and stucco
French Country residence will wow the most
discerning buyers and is representative of the
finest architecture and design to be found in
the DC Metropolitan area. $5,600,000.
Marc Fleisher. marc@thefleishergroup.com
TTR Sotheby’s International Realty
+1 202.438.4880 | ttrsir.com
Rich in history, this home is one of Bronxville’s most
spectacular properties. Sited on a hilltop with
commanding views of the Manhattan skyline
and village below, this estate is in a class of its own.
$6,900,000. Kathleen Collins and Andrea Strone.
Julia B. Fee Sotheby’s International Realty
+1 914.620.8682 | juliabfee.com
Champlin Woods is a vibrant adult community
conveniently situated between the Rhode Island
coastal resort villages of Watch Hill and Weekapaug.
These upscale residences located near golf, tennis
and beaches offer an active resort lifestyle.
Price upon request.
Mott & Chace Sotheby’s International Realty
+1 401.315.0808 | mottandchace.com
AUSTIN, TEXAS
Absolutely breathtaking one story contemporary
with an organic feel. This 5 bedroom home is
an entertainer’s dream, located on a beautifully
landscaped 2 acre lot with a very private feel.
$3,495,000. Kumara Wilcoxon.
kumara@sothebysrealty.com
Kuper Sotheby’s International Realty
+1 512.423.5035 | 4017veranodr.com
Friday, April 13, 2018 | M5
One block to the beach. Indoor and outdoor living
spaces with an elevator to all 3 levels. Sweeping
views of the ocean to downtown from the roof deck.
Contemporary with all the elements of a luxury
coastal residence. 6 bedrooms, 4.5 bathrooms.
$6,500,000. Scott Aurich.
Pacific Sotheby’s International Realty
+1 619.987.9797 | PacificSothebysRealty.com
SAN DIEGO, CALIFORNIA
Located just steps away from the sand in Del Mar,
this stunning, fully renovated, Cape-Cod style
beach home offers fine finishes, privacy and ocean
views throughout. Luxurious coastal living awaits.
$7,895,000. Eric Iantorno and Clinton Selfridge.
Pacific Sotheby’s International Realty
+1 858.256.7005 | PacificSothebysRealty.com
.
ly
TIBURON, CALIFORNIA
This newly constructed, private, contemporary
estate in Tiburon is a world away from it all
with views overlooking San Francisco Bay from
Mount Tam to the Richmond-San Rafael Bridge.
5 bedrooms, 6.5 bathrooms. $8,500,000
Lydia Sarkissian, Magda Sarkissian and Bill Bullock.
Golden Gate Sotheby’s International Realty
+1 415.517.7720 | globalestates.com
BETHESDA, MARYLAND
Gorgeous, expanded stone and brick castle built
in 1883, renovated by renowned DC builder in 1980s.
4 levels, 7 bedrooms, 5 bathrooms, 2 half bathrooms,
2-level guest house, 2-car garage, elevator, rooftop
terrace, Potomac River winter views, .46-acre.
$2,200,000. Corey Burr.
TTR Sotheby’s International Realty
+1 301.346.3345 | ttrsir.com
NEW YORK, NEW YORK
Amazing park views, in gorgeous condition.
This meticulously renovated 4 bedroom cooperative
has it all: views, condition, layout, space, location
and building quality. $16,500,000.
Cathy Taub. cathy.taub@sothebyshomes.com
Sotheby’s International Realty
East Side Manhattan Brokerage
+1 212.606.7772 | sothebyshomes.com/00112152
SULLIVAN’S ISL AND, SOUTH CAROLINA
This Beau Clowney designed, Daly Sawyer
masterpiece is unlike any other home on the
prestigious Sullivan’s Island beachfront. A once
in a generation opportunity. 6 bedrooms, 5 full,
2 half bathrooms. 5,070 sq. ft. $8,250,000.
Ruthie Ravenel. Ruthie@DanielRavenelSIR.com
Daniel Ravenel Sotheby’s International Realty
+1 843.696.8858 | danielravenelsir.com
ALEXANDRIA, VIRGINIA
Enjoy an exceptional waterfront lifestyle just
15 minutes from Washington, D.C. 6 bedrooms,
9 bathrooms, 360-degree cupola, private
dock, elevator, digital media library, theater,
pool, and world-class details throughout.
$5,750,000. Phyllis Patterson.
TTR Sotheby’s International Realty
+1 703.310.6201 | ttrsir.com
sothebys realty.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6 | Friday, April 13, 2018 NY THE WALL STREET JOURNAL.

MANSION

JASON ALDEN FOR THE WALL STREET JOURNAL (4); ROGER VIOLLET/GETTY IMAGES (LEAFLET)
LIVING HISTORY

Luxury Homes
With Titanic Ties
London’s White Star Line offices are now
seven residences priced up to $27.5 million

windows were broken, and it was

BY RUTH BLOOMFIELD
ON APRIL 10, 1912, the “unsink-
able” RMS Titanic set sail from
Southampton to New York. To
book their passage, many of its
wealthy seagoing passengers as-
cended the stone steps of Oceanic
House, headquarters of the White
Star Line in London.
The Titanic calamity spelled a
long, slow death for the White
Star Line, and Oceanic House, lav-
ishly built in 1907, fell into decline.
But now, after a circa $35 million
restoration, the 33,000-square-foot
building has been converted into
generally very neglected.”
The biggest structural challenge
of the renovation was to remove
the ugly dormer and rebuild it, us-
ing Welsh slate tiles to clad the
roof and Portland stone to recreate
its original decorative pediment.
This space now holds the pent-
house’s open-plan living room and
dining room, divided by a double-
sided fireplace, with views of the
Palace of Westminster and Big Ben BLUE HUES The penthouse, above
from one of its two terraces. and at right, is listed for about $27.5
“You will not need a clock in million fully furnished. Top left, mar-
this apartment, that’s for sure,” keting material circa 1910. Below
said Simon Fernandes, a partner at right, Oceanic House, built in 1907.
Strutt & Parker, the apartments’

.
seven luxury residences priced up joint selling agent along with interior designers Morpheus Lon-

to about $27.5 million.
When London-based Misland
Capital bought Oceanic House in
2012 for around $28 million, the
building, located in the St. James
neighborhood of London’s West
End, was in a sorry state. After be-
Beauchamp Estates.
The décor is simple: dark tim-
ber floors and a monochrome
color scheme enlivened by touches
on
of a rich, deep blue—a nod to the
ocean. The Poggenpohl kitchen has
a mix of taupe gloss and charcoal
us l,
ly
don have kept overt nautical refer-
ences firmly in check. onds from Trafalgar Square, has
This 5,496-square-foot pent- an average price of $4,200 per
house is listed for about $27.5 mil- square foot. In prime central Lon-
lion, while apartments—in rooms don average prices are typically
where the White Star Line’s clerks between $5,600 and $9,800 per
would once have had their of- square foot.

ing sold by the White Star Line it
was sold on to a bank, the British
government and eventually to a
kitschy Tex-Mex restaurant.
“It was tired, with decrepit ceil-
cabinets. There is also a study and fices—start at $6.1 million for a Prime London prices have taken
second living room. The property 1,604-square-foot, two-bedroom a Brexit-related hit since 2014, with
comes furnished right down to property. One of the seven apart- average falls of around 7%, accord-
al a
e
spaghetti waiting to be boiled on ments has already been sold to a ing to estate agent Knight Frank.
the cooktop. German-American couple. But Mr. Rochow is resting his
ci on

ing tiles and a dormer added in
the 1960s,” said Peter Rochow, di-
rector of Misland Capital, a firm
that manages the assets of British
businessman Peter Green and fam-
The penthouse’s lower floor, ac-
cessed by a black polished plaster
stairwell, has four bedroom suites,
some with original porthole win-
dows. Wood paneling is a constant
er rs
In the seven weeks since they
formally went on sale, Mr. Fer-
nandes said second-home buyers
from China, South Africa, North
America, and Europe, as well as
pressed interest in Oceanic House.
In terms of its location, St.
James’ sits on the fringes of prime
central London and lacks the ca-
chet of, say, Mayfair or Knights-
faith in the building’s unique his-
tory, the quality of its design, plus
the weakness of the pound. “We
are confident, but we know we are
not in the same market we were in

ily, who have substantial property theme, a subtle nod to the décor British buyers looking to downsize bridge. However Mr. Fernandes in 2014,” he said. “We are going to
holdings in London. “Some of the of Titanic’s first-class cabins, but from country houses, had ex- pointed that Oceanic House, sec- have to work a little bit harder.”
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Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
GREENWICH, CONNECTICUT
Restored Georgian home has gala rooms, 1930
detail, chef’s kitchen, wine cellar, 7 bedrooms, 7.2
bathrooms. Pool, tennis court, pond views. 5 acres
near town/NYC. $9,150,000
Tamar Lurie, Laurie Smith & Jen Danzit, Sales Associates
C. 203.536.6953
NEWTON, MASSACHUSETTS
Chestnut Hill home. Custom built Shingle & Stone
Neo-Victorian. Sun drenched spacious rooms, 6
bedrooms, finished lower level, grassy yard with
breathtaking hilltop views! $5,250,000
Deborah M. Gordon, Sales Associate
C. 617.974.0404
RYE, NEW YORK
Spectacular 5 BR/5.2 Bath Colonial w/ L.I Sound
views! Modern luxury, custom library, cathedral
ceilings, Light Filled chef’s kitchen, finished LL, oval
pool & patios. 3,795,000
Sula Pearlman, Associate Real Estate Broker
C. 914.393.4104 | O. 914.967.0059
RYE, NEW YORK
Stunning 5 bedroom young Colonial with exquisite
finishes, custom contemporary eat-in kitchen
opens to Fam Rm/fpl, luxurious library, LL game
room/bath. 291ForestAvenue.com. $3,295,000
Michele C. Flood, Associate Real Estate Broker
C. 914.420.6468 | O. 914.967.0059
BOSTON, MASSACHUSETTS
Enjoy Ritz-Carlton 5-star services, breathtaking
unobstructed views, 2,242sf in near perfect
condition, 3 bedrooms, 3 ½ bathrooms, 24-hour
concierge, and 1 garage space. $2,895,000
Jonathan P. Radford, Sales Associate
C. 617.335.1010
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WENHAM, MASSACHUSETTS
Shingle style home set atop 6.23 acres with
in-ground pool, gourmet kitchen, 4 fireplaces,
patio, windowed halls, 5 bedrooms, screened
porch, plus barn with paddocks. $2,475,000
John Farrell & Cindy Farrell, Sales Associates
J. 978.578.5203 | C. 978.468.4180
HO-HO-KUS, NEW JERSEY
A luxurious resort-lifestyle for all your family &
friends awaits in this magnificent Manor adorned
with distinctive details, indoor pool, & outside oasis
with fountain. $1,988,000
Joshua M. Baris, Sales Associate
C. 201.741.4999 | O. 201.461.5000
ANDOVER, MASSACHUSETTS
Elegant, 2 acre home with an open floor plan,
beautiful details, numerous upgrades, new
hardwoods, new gourmet kitchen, 4 bedrooms,
pool, patio, deck, and 3-car garage. $1,799,000
Tristan Lush, Sales Associate
C. 978.880.8095
COLDWELLBANKERLUXURY.COM
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal
verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2018 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the
Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo areare registered service marks owned by Coldwell Banker Real Estate LLC.
W H E R E E XC E L L E NC E L I V E S
BROOKVILLE, NEW YORK
This Tuscan Villa-inspired estate on 6.8 acres
features two master suites and three en suite
bedrooms, guest suite, chef’s kitchen, custom
library, and oversized den. $6,500,000
Eva Lee, Real Estate Salesperson
C. 516.859.1887 | O. 516.365.5780
PURCHASE, NEW YORK
Modern sophistication in outstanding home w/
amazing custom kitchen, Italian closets, mosaic
marble, hi-end media, LED lights, generator. 2.5
resort-like acres with pool. $4,900,000
Debra Strati-Padawer, Real Estate Salesperson
C. 914.419.0101 | O. 914.967.0059
WESTPORT, CONNECTICUT
Sweeping L.I. Sound/Beach views! Show-stopping
2018 home w/linear fireplace, wine bar,
Caesarstone/chef’s kitchen, spa-like master,
elevator, porcelain tile roof deck. $3,500,000
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Judy Michaelis, Broker
C. 203.247.5000
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SADDLE RIVER, NEW JERSEY
Clean lines, transitional finishes & state-of-the-art
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luxuries create the ideal setting for modern living in
this beautifully renovated estate with easy
commute to NYC. $3,195,000
Michael Randy & Elizabeth Boggia, Sales Associates
C. 201.218.5850 | O. 201.327.5050
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BROOKFIELD, CONNECTICUT
Candlewood Lake Adirondack waterfront offers
5500 SF of view inspired living. Main level master,
wrap deck, Tiki bar, sand beach, 4 docks, garage!
Entertainer’s Delight. $2,795,000
Barbara Sivba, Associate Broker
C. 203.667.4336
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SHERBORN, MASSACHUSETTS
Custom 5-acre Colonial home with 13 rooms, 4
levels, amazing millwork, inlaid floors, 3 fireplaces,
chef’s kitchen, 5 bedrooms, Juliet balcony,
mudroom, and 3-car garage. $2,095,000
Melissa Dailey, Sales Associate
C. 617.699.3922
MASSAPEQUA, NEW YORK
Breathtaking bay front views illuminate window
walls & balconies of this Mediterranean-inspired
home with terracotta roof, spa-like marble baths &
stunning chef’s kitchen. $1,975,000
Nick Sakalis & Harriet Trastelis, Real Estate Salespersons
C. 917.545.8050 | O. 516.864.8100
SOUTHBURY, CONNECTICUT
Direct waterfront: Ideal similar to the plans based
on Americas Best House Plans # 5631-00032.
w/5,500 s.f., decks, luxurious kit., 1st fl. MBR. Go
boating AND savor the views! $1,700,000
Jeff Colt, Sales Associate
C. 203.586.9167
NY / NE
GREENWICH, CONNECTICUT
Luxury & elegance on Wolf Pond - updated 2011
6-bedroom home w/five-piece custom moldings,
chevron wood floors. 1st fl. wine cellar, rotunda.
1.66AC. Pool/waterfall. $5,975,000
Tamar Lurie & Laurie Smith, Sales Associates
T. 203.536.6953 | L. 203.912.8923
CRESSKILL, NEW JERSEY
This Palatial stone & stucco Tammybrook estate
offers a stunning spatial layout, spa-like luxuries,
mountain views, & finished lower level & outer patio
designed for fun. $4,698,000
Michele Kolsky-Assatly, Sales Associate
C. 201.310.6136 | O. 201.461.5000
MANHASSET, NEW YORK
Stately Plandome Colonial 8 bedroom masterpiece
with 5 fireplaces & 10 Ft ceilings. Beach, mooring &
tennis available. Plandome LIRR Parking-30 Min to
NYC. Manhasset SD. $3,499,000
Shelley Scotto, Associate Real Estate Broker
C. 516.816.7428 | O. 516.365.5780
CONCORD, MASSACHUSETTS
New, energy-efficient, 5 bedroom home in tranquil
setting with granite kitchen, spa-like master, elegant
rooms plus media, game and exercise rooms. Near
Estabrook Woods & Town. $2,998,000
Brigitte Senkler & Peggy Dowcett, Broker Assoc & Sales Assoc
B. 508.935.7496 | P. 978.302.3998
MELVILLE, NEW YORK
Set back & nestled on 2.8 acres in a lush wooded
setting, this grand Colonial offers a unique serenity
with beautiful window walls, solarium, waterfall,
patio with swim spa & hot tub. $2,500,000
Savita Sen, Real Estate Salesperson
C. 516.987.8614 | O. 516.864.8100
STAMFORD, CONNECTICUT
Magnificent estate on 3 acres, w/subdivided 1.72-
acre level parcel, pool & tennis ct. Masterful
updates in classic historic home, guest house and
entertaining/studio/barn. $2,095,000
Marsha Charles & Mark Pires, Sales Associates
MC. 203.904.4663 | MP. 203.247.2655
WATCHUNG, NEW JERSEY
Relax by a fireplace, practice on your own putting
green, & entertain with ease in this lovely country
estate, it’s possible sub-division. Only 30 miles from
NYC & trains. $1,945,000
Cherie Berger, Sales Associate
C. 908.410.0931 | O. 908.769.2412
WESTFIELD, NEW JERSEY
Incredible custom Colonial highlighted by a three
story open staircase, exceptional eat-in kitchen and
fabulous master retreat. An absolute showplace!
$1,689,000
Jayne Bernstein, Sales Associate
C. 908.403.9330 | O. 908.233.5555
GREENWICH, CONNECTICUT
Mid Country Stone Georgian has beautifully scaled
rooms, entry hall fireplace, cook’s double island
kitchen. 6 bedrooms & expansive lower level to
private backyard & pool. $5,595,000
Francoise Levinson, Sales Associate
C. 203.253.0791
CRESSKILL, NEW JERSEY
You’ll be enchanted by the stunning beauty,
masterful craftsmanship & exceptional space of this
magnificent Mediterranean-style mansion in
prestigious Tamcrest Estates. $4,188,000
Joshua M. Baris, Sales Associate
C. 201.741.4999 | O. 201.461.5000
GREENWICH, CONNECTICUT
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In town Colonial with large corner lot. Generous
rooms and garden. Custom millwork and
sophisticated finishes throughout. 4 bedrooms,
5.1 baths, elevator, ample parking. $3,495,000
Trish Bauer, Sales Associate
C. 203.912.6177
BROOKLINE, MASSACHUSETTS
Fisher Hill! Stucco Colonial home on 20,000+ SF
lot with original period details, marble foyer, living
room with fireplace, sunken den, sunroom and 6+
bedrooms. $2,990,000
Deborah M. Gordon, Sales Associate
C. 617.974.0404
WESTWOOD, MASSACHUSETTS
Magnificent estate set on 6+ acres with period
details, high ceilings, hardwoods, 7 fireplaces, huge
windows, built-ins, newer kitchen, 7 bedrooms,
pool, and 4-car garage. $2,495,000
Elena Price, Broker Associate
C. 508.577.9128
IRVINGTON, NEW YORK
Beautiful & renovated Ardsley Park Colonial
w/7,000 s.f. Great room, family rm/young kitchen,
6 Brs & 6.5 renovated baths. Walk to train/36 min
to NYC. 15BerthaPl.com $2,049,000
Therese Militana Valvano, Associate Real Estate Broker
C. 914.715.2715 | O. 914.693.5476
CONCORD, MASSACHUSETTS
Impressive Colonial home set on 1.99+ acres w/
extensive renovations, 11 rooms, 5 bedrooms,
soaring ceilings, new red oak hardwoods, new
windows, & new chef’s kitchen. $1,925,000
Brigitte Senkler & Amy Pasley, Broker Assoc & Sales Assoc
B. 508.935.7496 | A. 617.571.7826
RYE, NEW HAMPSHIRE
Beautiful coastal home overlooking Sagamore
Creek offering 4 bedrooms, vaulted ceilings,
fireplaces, sunroom, gourmet kitchen, rooftop
deck, hardwoods, patio, and gardens. $1,500,000
Marie Francoise Meissner, Sales Associate
C. 603.765.1315 | O. 603.334.1900
C O L D W E L L B A N K E R R ES I D E N T I A L B R O K E R AG E
Friday, April 13, 2018 | M6A
CONCORD, MASSACHUSETTS
“Green” Arts & Crafts-style 5 bedroom residence
with high-performance systems, heated studio,
barns, paddocks and pond on 30 acres abutting
protected land with trails. $5,250,000
Brigitte Senkler & Amy Pasley, Broker Assoc & Sales Assoc
B. 508.935.7496 | A. 617.571.7826
BROOKLINE, MASSACHUSETTS
Renovated Colonial in convenient estate area of
Chestnut Hill, offering entertainment-sized rooms,
new chef’s kitchen, spa-like baths and patio
overlooking sprawling lawn. $3,925,000
Muriel Hackel & Susan Freedman, Broker Assoc & Sales Assoc
M. 617.939.3133 | S. 617.943.1422
.
BOSTON, MASSACHUSETTS
Corner unit at The Residences at the Ritz with 11
rooms, 3 bedrooms, 4½ baths, eat-in kitchen,
hardwoods, window-wrapped living room, city
views, and 2 garage spaces. $3,495,000
Lili Banani, Sales Associate
C. 617.407.0402
ARMONK, NEW YORK
Stone Manor offers elegant custom design,
4BR/5.1BA. Beautifully sited on 2 acres, w/ pool &
spa. Located in the award-winning Byram Hills
school district. $2,925,000
Candice Stafford & Diane Tynan, RE Salesperson & Assoc RE Broker
C. 914.649.3773 | O. 914.234.3647
HARDING TOWNSHIP, NEW JERSEY
New Vernons’ premier street welcomes you to
formal rooms featuring moldings, built-ins & high
ceilings. 5 bedrooms with en-suite baths.
Bluestone terraces overlook pool. $2,485,000
Ellen Kiser Gordon, Sales Associate
C. 816.812.7922 | O. 973.543.2552
UPPER SADDLE RIVER, NEW JERSEY
This spectacular estate has grand living spaces
that include chef’s kitchen, great room, deluxe
master suite, fabulous lower level and private,
resort-like grounds. $1,995,000
Michael Randy, Sales Associate
C. 201.218.5850 | O. 201.327.5050
WENHAM, MASSACHUSETTS
Handsome, c.1910 shingle-style residence set on
10+ acre private farm with period details, marble
and fir floors, country kitchen, 5 bedrooms,
paddocks, and 2 barns. $1,895,000
Peter Dorsey, Sales Associate
C. 978.340.0661
SOUTH ORANGE, NEW JERSEY
This elegant, maintenance free home offers it all
from grand space to entertain to cozy spots to
relax to lavish bedroom suites to unwind - all just
15 miles from NYC. Price Upon Request
Stephanie Mallios, Sales Associate
C. 201.404.1972 | O. 973.376.2992
321176_3/18
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6B | Friday, April 13, 2018
133 East 64th Street, 6A | $7.35M | Web 20448412
Triple mint 4BR+lib w priv elev loc on tree-lined st. Boutique FS prewar co-op. Alexa Lambert 212.452.4408
230 Central Park West, 14LM | $2.875M | Web 20433159
Chic & modern gut renov 2BR w CP & skyline views. FS prewar co-op. Jamie Seidner 917.597.2241
UPPER EAST SIDE
90 East End Avenue | $7.2M | Web 18093292
FullFlr4BRPHwbreathtakingriver,city&parkviews.FSCondo.
LaurieDiamond212.585.4553,MelissaRyanKaiser212.585.4554
133 East 64th Street | $5.25M | Web 20448423
Sunny, hi flr 3BR+lib. 3 expos, LR w wbfplc, pvt elev. FS co-op.
Gioia Zwack 646.644.4642
190 East 72nd Street | $4.95M | Web 20450103
10rms,triplemint,S/E/Wvuson34thflr.FSbldgwgar.6BR,6bths.
C.B.Whyte212.729.0997
52 East 72nd St, 9th Flr | $4.795M | Web 20444515
Stunning Prewar Condo, full floor, 8 into 7 rms, near Central Park.
Knight Meem 917.318.6242.
840 Park Avenue | $4.295M | Web 17984688
TriplemintinoneofParkAve’smostprestigiousFSluxuryP/Wbldgs.
Owner/Broker.NancyPiraquive914.217.4195
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45 East 85th St, 4A | $3.995M | Web 16307939
Renovprewar,LRwwbfpl,3BR,3bth.9’3”beamedceils.FSco-op.
EleanorFrommer212.452.4389
201 East 80th Street | $3.895M | Web 20448744
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Lg,sunnyrenov.3BR/3BRCondow/privterr.intopbldg.W/Dinunit.
ChristineMillerMartin917.453.5152&DeannaLloyd757.572.0107
169 East 69th St, 17B | $3.495M | Web 20434183
Light,views&terrsonprimeblk.2BR4bthco-opw.W,S&Eexpos.
50%Financing.LindaMaloney212.585.4527
350 East 82nd St, 14D | $2.895M | Web 20437975
TerrGalore.4BR3bthCondo,hiceils,openexpos.O’sizedchef’skit.
JeffreyStockwell646.613.2615
955 Lexington Avenue | $2.475M | Web 18170909
Renovated 3-4BR, 2bth co-op. Huge EIK. 2 WBF. Great Light.
Merrill Curtis, Amanda Cannon & Megan Scott 917.922.2905
140 East 81st Street | $2.1M | Web 20450464
Loft-likeP/Wco-opw2MBRStes+offc/3rdBR.3expos,ampleclsts.
SharonWalkerFlynn917.744.9693
49 East 96th Street | $1.995M | Web 20449307
PrimeCarnegieHill2BR,2bth,City/parkvusthru11windows.FSco-op.
Owner/Broker.AnnaMariaMahoney212.585.4569
1025 Fifth Avenue | $1.775M | Web 18058272
Beautifullyrenov,Sfacing2BR,2bthCo-op.AcrossTheMet&CP.
TimothyDesmond212.452.4380&LindaMelnick212.452.4425
340 East 72nd St, 13 SW | $1.75M | Web 20437911
Designer’s turn-key 4 rm P/W FS co-op. Exposed beams, wbfplc.
Barbara Evans-Butler 212.452.4391
131 East 93rd Street | $1.325M | Web 18132723
Sunflooded5rmP/Wco-opontopflrwhdwdflrs&origmoldings.
LindaMaloney212.585.4527
80 East End Avenue | $1.175M | Web 18195009
2BRFSco-op,perfectlysitsonserene,tree-linedst,near2ndAveSub.
PamelaDavisOwens212.452.4371
1150 Park Avenue, 6E | $895K | Web 17420301
1BRinFSCarnegieHillCo-op.LRwhibeamceils,decorfplc,offc/DA.
AnneWeldCollins212.452.4374&EvelynCrawford212.585.4524
155 East 73rd Street | $549K | Web 18004426
CharmingP/W1BRwfpl,moveincondwrenovbth&kit.Reduced.
PatriciaBeckwith917.744.6185&CharlotteBeckwith917.744.6184
The Right Broker Makes All the Difference.
Over the past 38 years, Stribling brokers have successfully represented the world’s most discerning clients, offering an exceptional level of service,
integrity and sophistication coupled with an in-depth understanding of the ever-changing real estate market. Stribling professionals embrace a
wide range of tastes and styles, ensuring that each client is matched with the broker who can best assist them in buying or selling their home.
STRIBLING.COM · UPTOWN 212 570 2440 CHELSEA 212 243 4000 TRIBECA 212 941 8420 BROOKLYN 718 208 1900 · EQUAL HOUSING OPPORTUNITY
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UPPER WEST SIDE
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1 West 72nd Street | $12.5M | Web 17752981
Iconic Dakota 8 room with 4 rooms/60ft on CP, 3BR, 2.5baths.
Sharon Walker Flynn 917.744.9693
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1 Central Park West | $3.695M | Web 18087725
Perfectaddress.1,444sfsplit2BR2.5bthCondo.Fullhotelservices.
InezWade212.452.4439
m rp
645 West End Avenue | $2.2M | Web 20449135
FullyrenovPrewar2BR2bthco-op.Origoakpaneling&beamedceils.
MelissaRyanKaiser212.585.4554&LaurieDiamond212.585.4553
322 West 72nd St, 1B | $1.995M | Web 20446098
Classic6.2BR+maid’srm.DirectRiverParkviews.FSprewarbldg.
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JocelynGold212.570.5110
173-175 Riverside Dr | $1.595M | Web 20448764
Sun-filledcorner4.5rminorigcond.2BR1bthco-opwFDRorden.
PamelaD’Arc917.509.8315
315 West 86th St, 6C | $1.45M | Web 20434528
Prewardetails.2BR2bthco-oponbestParkblock,convenientloc.
JeffreyG.Levitas212.570.6242&MadelineMcKenna917.770.7042
235 West End Avenue | $945K | Web 20449208
Extensively renovated East facing prewar 1BR. Full service Condo.
Laurie Stolowitz 212.434.7094
205 West End Ave, 24T | $695K | Web 20437951
LrghiflrStudiowviewsofHudsonRiver&GWB.Fullserviceco-op.
JamesJ.Schoenfeld212.434.7067
MIDTOWN
151 East 58th Street | $7.35M | Web 20448227
Views&triplemint5rmCondoatBeaconCrt.24hrsuperbFSbldg.
BeatriceDucrot212.452.4381
111 East 56th Street | $3.995M | Web 20445749
Lux&Sprawling3BRPHwover1600sfterrsatLombardy.NearCP.
BaharTavakolian917.297.7067&IdoFriedman917.691.1877
117 East 57th Street | $3.298M | Web 18093353
3BRCornerfacesCentralPark,offPark.FS24hrwhitegloveCondo.
JohnBarbato917.254.7630.CharlotteVanDoren917.603.9489
305 East 40th Street | $2.35M | Web 20440473
3BR3bthco-opwterr.Approx2000sf,3openexpostotheN,S&E.
JuliePerlin917.414.7653
137 East 36th St, 7F | $1.599M | Web 20440587
Renov2BR/2.5bthduplex.WallsofwindowsfacingS&W.FSco-op.
JuliePerlin917.414.7653
321 East 43rd Street | $1.55M | Web 20445671
Triple mint 2BR 1bth co-op in Tudor City. PH has wraparound terr.
Cornelia Van Amburg 917.434.1821
300 East 59th Street | $1.325M | Web 18174342
18th flr 2BR co-op w views. 2 priv balconies & oversized windows.
Linda Basilice-Hoerrner 212.452.4435
424 East 52nd St 8C | $1.275M | Web 20447560
Charming2BR,2bthprewarco-opwwbfplc,beamedceils,hdwdflrs.
MaryEllenCashman917.710.2655
144 East 36th Street, 5B | $1.09M | Web 18195014
2BRco-oponMurrayHill.Hibeamedceils,hdwdflrs,lrgwindows.
CharlotteVanDoren917.603.9489
THE WALL STREET JOURNAL.
106 Central Park South 20FG | $7.995M | Web 20434521.
WatchtheseasonschangeoverNY’sCPfromyourpristine3BR,3.5bthCondo.CharlotteVanDoren917.603.9489
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1 Grace Court | $4.95M | Web 18158614
Topflr5BRprewarCo-opoverlookingthePromenade&BrooklynBridgePark.Wbfplc.MaryEllenCashman917.710.2655
DOWNTOWN TOWNHOUSE
311 West Broadway | $7.995M | Web 18181111 118 West 12th Street | $19.55M | Web 16440241
3BR3.bthSohoMewsCondo.Tripleexpos&853sfwraparoundterr. Extraordinary Greenwich Village Townhouse. 4BRs, 3.5Bths
JaredSeligman212.396.3159&EvanDanzig646.237.6439 Steven Sumser, Vals Osborne & Lee Ann Jaffee 917.733.9244
60 Beach Street | $6.995M | Web 18052111
Prime Tribeca PH: Mint, 2 Terraces; 3BR, 3.5bth. F/S Condo.
Bahar Tavakolian 917.297.7067 & Alvina Chiu 917.502.5024
155 West 11th Street | $3.695M | Web 18046715
1BR,1.5bthallSofacing.TheGreenwichLaneCondoisa24hrDM.
SeanMurphyTurner646.613.2619
10 West Street | $2.795M | Web 18182010
Contemp lux, ultra-spac, 2BR 2.5bth Condo. GR with 3 expos.
Nancy H. Tela 212.434.7075
49 East 21st Street, 8B | $1.9M | Web 20438633
2BR2bthloftinboutiqueCondobldg.Hiceils,S&Wexposures. 124 Kane Street | $3.75M | Web 20448765
KarenFoley917.364.9264
PrimeCobbleHill14rmbrownstoneworigdetails,hiceils.LRwfplc.
DenaDriver718.208.1908
39 Fifth Avenue, 2C | $1.695M | Web 20448945
Fully renov prewar 1BR co-op w oversized windows & lrg WIC.
Amanda Cannon 212.585.4531
RENTAL
489 Henry Street | $18,500/mo | Web 18143871
Completelyrenov5BR4bthCobbleHillTHwterr,grdn&studio/offc.
RoseAnneDegliuomini718.208.1936&JosephVassallo718.208.1916
20 West 64th Street | $13,500/mo | Web 18195020
Lux corner 2BR, 2bth w magnificent Central Park & city views.
Pamela D’Arc 212.452.4377.
322 West 20th Street | $9,800/mo | Web 20451124
Exquisitelydesigned3BR2.5bthduplexinChelseaHistoricDist.
EyalZabari646.613.2720
423 West 22nd Street | $1.425M | Web 20448413 237 Carroll Street | $9,500/mo | Web 18195022
ChelseaTHGem.1BRduplexco-opwwbfplc,W/D&Sfacingterr. Original detail w mod renov 3BR 2bth duplex in Carroll Gardens.
JohnBarbato917.254.7630 Dena Driver 718.208.1908
115 Norfolk Street, 503 | $1.095M | Web 20440260
Loftstyle1BRintheheartoftheLESwprivbalcony.Storagegalore.
ZafirUddin646.613.2745
280 Park Ave South, 2K | $1.075M | Web 20437910
Spacious1BRindesirableGramercyPlaceCondo.Amenitiesgalore.
LoriHulerGlick917.991.6554&CortneyAppelbaum917.676.1233
BROOKLYN
105 Baltic Street, C101 | $1.089M | Web 20451142
2BR Condo w 360 sf private patio, low CC. Gym, roof deck, gar.
Marea Adams 718.208.1929 & Emily Fisher 718.208.1920
2 Grace Court | $980K | Web 18132880
Bright&spacious2BRco-opwarenovkit&bth.Origoakhdwdflrs.
SamuelK.Pollach212.452.4365
415 Argyle Road | $935K | Web 20446377
Spac 2BR duplex co-op in prime Ditmas Pk. Priv terr, bike storage.
Ria Browne 718.208.1923
88 Quincy Street | $895K | Web 20449238
Bright & spacious parlour floor 2BR Condo with private garden.
Michael Chapman 646.613.2613
100 Maspeth Avenue | $875K | Web 20448191
2BR 2bth at the Oliver Park Condo. E facing windows,park views.
Evan Danzig 646.237.6439
130 Bay Ridge Parkway | $249K | Web 20444506
Newly renov loft-like Studio w flr to ceil mrbl bth & 4 x-lrg closets.
Violette Tonuzi 718.208.1925
LONG ISLAND CITY
5-09 48th Avenue, 7A | $1.85M | Web 20434573
Flrthru2BR2bth,setbackterr.Beautifulviews,onsitepkg.FSCondo.
PatrickW.Smith212.434.7086
24-15 Queens Plaza North | $805K | Web 18046655
LIClivingatitsbest&convenienceatyourdoorstep.1BR1bthCondo.
EricEngel646.613.2689&SusanW.Wires646.613.2653
A SAVILLS
.com/StriblingAssociates
INTERNATIONAL
@striblingnyc ASSOCIATE
@StriblingNYC
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
NEW JERSEY GOLD COAST PROPERTIES
Manhattan Hub Connects
Community Across the Water
WITH MORE AND MORE WORKERS IN THIS WEST SIDE DEVELOPMENT,
COMMUTABLE NEW JERSEY IS A LOGICAL LIVING SOLUTION
n-
A swift ferry ride from Weehawken to Manhattan’s 39th Street means that Gold Coast commuters working in or near Hudson Yards can get from home to office in about 20 minutes.
no
By Joseph Dobrian
H
udson Yards, on
Manhattan’s West Side,
has become an economic
engine for New Jersey’s
Gold Coast. Several major
corporations have relocated there; it’s
currently Manhattan’s hottest live/
work/play area. The Gold Coast has, in
effect, become the back end of the
Hudson Yards, offering much more
affordable housing with no compromise
on luxury and quality—plus an unbe-
lievably easy commute.
CLOSELY CONNECTED
Wherever you work in Manhattan,
getting there from the Gold Coast is a
snap. But Hudson Yards, in particular,
is so closely connected to the Gold
Coast that the two practically form a
single community.
Ron Marten, director of community
development for NY Waterway—the
private company that runs ferry and
bus services in the Port of New York,
New Jersey, and the Hudson Valley—says
the ride across the Hudson River from
Weehawken to 39th Street in Manhattan
takeseightminutes—whichmeansthatif
you work in or near the Hudson Yards,
you can leave your Gold Coast home
and arrive at your desk within around
20 minutes.
Save for the smallest hours of the
morning, it’s as easy to get to Hudson
NY
Special Advertising Feature
on
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Yards from the Gold Coast as anywhere
else in Manhattan—often faster and
cheaper, as well.
“From our 39th Street location, it’s a
13-minute walk to Hudson Yards—and
it’s a pleasant walk with great views,” he
says. “We also have connecting shuttles
that will get you there faster.
“THE GOLD COAST PRESENTS
A TREMENDOUS RESIDENTIAL
OPPORTUNITY FOR PEOPLE
WORKING IN HUDSON YARDS.”
“We have several terminals on the
Gold Coast that connect to 39th Street,
including Port Imperial in Weehawken,
which is our busiest one; Edgewater;
Lincoln Harbor; Hoboken at the NJ
Transit terminal; Hoboken 14th Street;
Harborside Jersey City; Paulus Hook;
and Belford. Most of those also connect
to Pier 11—which is Wall Street—and to
Battery Park City, near Brookfield
Place,” Mr. Marten adds.
“There’s more to come. More loca-
tions are in discussion, and we’re
always looking for ways to improve the
commute,” he concludes.
“The Gold Coast presents a tremen-
dous opportunity for people who work
in Hudson Yards but are priced out of
The Wall Street Journal news organization was not involved in the creation of this content
residential options there or in other
upscale neighborhoods of Manhattan,”
says Craig Klingensmith, Northeast
Urban division president for Lennar
Corporation. Lennar is currently
offering two condo projects on the Gold
Coast: The Avenue Collection and
Henley on Hudson, both located just a
few steps away from the ferry in the
master-planned Port Imperial commu-
nity in Weehawken.
“The value of these brand-new condos
is tremendous compared to Manhattan,”
he says. “The first for-sale condos in
Hudson Yards we see are going for about
about $2,500 per square foot and more.
We’re selling at an average of $1,000 per
square foot. Both properties are directly
ontheHudsonRiver,withamazingviews.
“We’ve already been drawing buyers
from Manhattan and Brooklyn by offer-
ing a great alternative for people priced
out of those markets who also appreciate
our commuter convenience to New York
City,andWeehawken’swaterfrontspace.”
Also at Weehawken, Gabe Pasquale,
senior vice president of sales and market-
ing for Landsea Homes, is marketing and
selling Avora, a 183-unit luxury condo
building on the Weehawken waterfront.
Landsea is preparing to welcome the
building’s first residents this month.
“We still have several locations with
unparalleled views of the midtown
skyline and Hudson river to the north,
east and south. This neighborhood of
Weehawken has vibrant retail in place
Friday, April 13, 2018 | M6C
NY WATERWAY
.
ly
now; a hotel will open later this year;
new restaurants are coming in.”
Weehawken is where much of
the modern condo development is
happening on the Gold Coast, but
condo and luxury rental properties—
with the latest and most sought-after
amenities—abound in more urban
areas such as Jersey City and Hoboken.
Those communities also offer attractive
single-family homes, as do Edgewater,
Fort Lee, Bayonne and other
nearby towns.
FASHIONABLE RETAIL
Meanwhile, Hudson Yards just keeps
on growing. It will eventually include
more than 18 million square feet of
commercial and residential space,
including Class-A office, fashionable
retail, and innovative restaurants—plus
about 14 acres of open public space.
The residential piece will consist of about
4,000 units. The project includes
improved connections to commuter rail
service, the subway system, the West Side
Highway, the Lincoln Tunnel and ferries
along the Hudson River.
Technology-relatedcompaniesoccupy
much of the development’s commercial
space;mediaandfinancial-servicesfirms
are also well represented there, as well as
in the surrounding neighborhoods of
Chelsea and Hell’s Kitchen.
Driving the project is Related
Companies, one of the biggest privately
owned real estate firms in the U.S.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6D | Friday, April 13, 2018 NY THE WALL STREET JOURNAL.

Special Advertising Feature

NEW JERSEY GOLD COAST PROPERTIES

Outdoor Amenities Abound

Outside of New York City
IT HAS A BIG ADVANTAGE OVER MANHATTAN—SKYLINE VIEWS,
TERRACES, LAWNS, PLAZAS AND OPEN-AIR SWIMMING POOLS
SARGENT PHOTOGRAPHY

By Joseph Dobrian

O
ne big difference between
living in Manhattan and
living on New Jersey’s
Gold Coast—aside from
the price—is that the Gold
Coast offers so much more in the way
of outdoor amenities. These are often
a part of the building you live in, with
balconies, terraces and common outdoor
entertainment areas more and more
in demand, and government restrictions
on them loosening. But they also come in
the form of public parks and walkways, to
which many luxury residential develop-
ments are tied. These are becoming more
sophisticated, including well-kept soccer
and softball fields, basketball courts
and grassy areas strategically placed
to provide optimum views.

.
SOCIALIZING ENCOURAGED

ly
Outdoor space that encourages
residents to congregate and fraternize
appears to be a more popular feature
today than in previous generations—
on
perhaps because so much
communication is now done remotely.
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Some developers of multi-building

projects encourage this trend by placing
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certain amenities in one building, and
some in another, to encourage residents
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to use the whole space, and to socialize

in the common areas.
The Weehawken waterfront is prob-
ably the best-known public recreation
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area along the Gold Coast. It offers long
trails for walking, cycling and taking in
the magnificent vistas of the Hudson
River and the Manhattan skyline.
Rooftop entertainment areas like this one at 1200 Avenue at Port Imperial are in greater demand, with government restrictions on them loosening.
playgrounds and an outdoor workout and Gabe Pasquale, senior vice presi- accountability issues,” explains Art
area. The addition is scheduled for dent of sales and marketing for Landsea Johnson, vice president of Liberty Harbor
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completion in late 2019. Homes, says the development includes North, developer of the Gulls Cove
“In addition to that amazing riverfront 10,000 square feet of common outdoor condo project in downtown Jersey City.
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“OUTDOOR SPACE IS area, our two new developments at Port
Imperial have terrific outdoor amenities,”
CERTAINLY IN MORE reports Craig Klingensmith, Northeast
UrbandivisionpresidentforLennarCorp.,
DEMAND IN THE MARKET.”
co Fo
space, including a pool and grilling
stations, and most units have a terrace OUTDOOR SPACE
or balcony. “The rules have changed, so you’re
seeing more of them now—and Jersey
GREAT VIEWS

which is currently offering homes at City was never as restrictive,” he adds.

Weehawken has long been known for
its system of municipal parks, of which
the Waterfront Park and Recreation
Center is probably the most famous.
That facility is in the process of expand-
ing by approximately 3.5 acres, including
two swimming pools, a basketball court,
sand volleyball, seasonal ice-skating
rink, and a sloping great lawn. The park
n-
The Avenue Collection and Henley on
Hudson in the master-planned Port
Imperial community in Weehawken.
“At Henley, you have outdoor pool
and seating areas; fire pits have now
come into play; we have outdoor TVs
associated with that,” he says. “At 1200,
we have a dramatic third-floor land-
scaped plaza that includes a sun-shelf
swimming pool, and garden spaces with
multiple seating areas.”
“Outdoor space is certainly in more
demand in the market,” he says. “Our
outdoor plaza is landscaped, with a
pool, sun deck, lounges, grilling areas,
and a fire pit—and you’re looking out at
the Manhattan skyline.”
That’s one more advantage that the
Gold Coast holds over Manhattan: it
might be fun and exciting to live right
in the city, but you rarely have a view.
Great views used to be harder to come
“Here at Gull’s Cove, the outdoor space
is a key amenity.
“We have two outdoor plazas, with
seating and a fire pit, and one has a
putting green. Some units have private
outdoor terraces. We always try to incor-
porate some outdoor space in all our
developments, because people are more
and more appreciative of it.”
Even in urban settings, common
outdoor space is in demand. At Vantage,

already includes soccer and softball Nearby, another luxury condo project, by in this market, since some munici- a pet-friendly 45-story luxury rental
fields, a running track, tennis courts, Avora, still has some units available, palities restricted the building of development in Jersey City, one of the
terraces and decks on multifamily most prominent features is the sixth-
no

buildings. However, many of those rules floor recreational area, which combines

AVORA PREPARES TO WELCOME have been relaxed, as developers have

been able to make the case that outdoor
indoor and outdoor amenities—the
most impressive of which is the full-size
FIRST HOMEOWNERS THIS SPRING amenities will lead to higher asking
prices—and more tax revenue.
outdoor basketball court that overlooks
Liberty Harbor.
WITH COMPLETED AMENITIES “In towns like Hoboken, where there’s
a high percentage of young tenants, for
Also on the building’s sixth-floor
deck is an outdoor zero-entry swim-
many years it was impossible to develop ming pool, fitness equipment, games,
On the Weehawken waterfront a property with outdoor decks—espe- indoor and outdoor seating, a lounge
overlooking midtown Manhattan,
the luxury condominium building cially common terraces—because of and a grassy landscaped area.
SCOTT GAMUT
Avora is just weeks away from initial
occupancy and the debut of its
completed amenities.
Developer Landsea Homes has
targeted this Spring to commence
closings at Avora. Simultaneously,
Landsea Homes will unveil Avora’s
full suite of amenities, which include
a magnificent lobby with Concierge,
screening theater, boardroom, grand
salon lounge with a bar and catering
kitchen, on-site pet grooming facili-
ties, and a state-of-the-art strength of duplex Penthouses – feature dra-
and cardio fitness center. A land- matic finishes and appointments.
scaped outdoor plaza features a pool, Many residences offer balconies and
spacious sun deck, lounges, grilling terraces with unimpeded Manhattan
areas and a fire pit – all set against the views. Prices range from the
backdrop of the Manhattan skyline. $800,000’s to more than $4 million,
Winner of the “National Community with the added benefit of a recent
of the Year” at The Nationals 2018, property tax rate deduction from
Avora is located just steps from 2.23% to 1.49%.
the Port Imperial Ferry Terminal Port Imperial also features a water-
providing an 8-minute commute front walkway system and numerous
into Manhattan. Hudson-Bergen Light parks, ball fields, tennis courts and
Rail service to Hoboken, Jersey City, riverfront dining and shopping.
the PATH system and NJTRANSIT’s
Hoboken Terminal is also just www.AvoraLiving.com
steps away. 201-499-1496w
One-, two- and three-bedroom 500 Avenue at Port Imperial,
homes – as well as a limited offering Weehawken, NJ 07086 Private outdoor recreation space at Gulls Cove in Jersey City is a key amenity for buyers.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, April 13, 2018 | M6E

.
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2018 NATIONAL COMMUNITY OF THE YEAR

THE TIME IS NOW TO PURCHASE YOUR NEW HOME
AT AVORA PORT IMPERIAL.

A Once In A Lifetime Opportunity Awaits At This Spectacular Collection Of Premier

Waterfront Condominium Residences.

The Time Is Now To Purchase Your New Home At Avora. Experience The Art Of True Luxury
Living; Maintenance-Free, Amenity-Rich And With A View That Will Take Your Breath Away.

RAPID HOME DELIVERY - MOVE IN THIS SPRING

PRICED FROM THE $800’s to $4M+

201.272.6636 | AVORALIVING.COM | SALES OFFICE: 500 AVENUE AT PORT IMPERIAL, WEEHAWKEN, NJ

Prices and availability are subject to change without notice. All drawings and photographs are artists renderings and are subject to change without notice at the discretion of the
developer. The complete offering terms are in an offering plan available from Sponsor. File R-4774. Obtain a copy of the State of New York CPS-12 application and exhibits prior to
purchase File No. CP16-008. © 2018 Landsea Homes. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6F | Friday, April 13, 2018 NY THE WALL STREET JOURNAL.

Special Advertising Feature

NEW JERSEY GOLD COAST PROPERTIES

Younger Home-Seekers Find

Good Value in New Jersey
TODAY’S UNDER-35 BUYERS AND RENTERS WANT COMFORT AND CONVENIENCE
SARGENT PHOTOGRAPHY

By Joseph Dobrian up in a world where they don’t have to

leave the comfort of their home to get

I
n terms of housing, food, get transportation directly to their
“Millennials”—vaguely defined door, find where their friends are, or
as people who came of age at the even look for a new apartment online.
turn of the millennium or later— They want to be able to live in a place
appear to have different that’s a one-stop shop that satisfies both
requirements from people of previous personal and lifestyle needs.”
generations. They also tend to buy a Joe Bastone, senior account manager
home later in life. This may be because of New York-based Metropolis Group,
they tend to marry later, or perhaps which specializes in expediting the
they’re more exacting when it comes permitting process for commercial and
to the value proposition of home owner- residential real estate projects, says the
ship. In any case, both luxury condos latest generation of owners and renters
and rentals are finding favor with of luxury real estate are demanding a
younger residents of the New Jersey new list of amenities, some of which
Gold Coast. must be carefully handled to ensure
that they’ll fall within local regulations.
GREATER CONTROL
According to Art Johnson, vice MUST-HAVE AMENITIES
president of Liberty Harbor North, “Rooftop amenities such as recre-
which is developing the Gulls Cove ational spaces, eating and drinking
condo project in downtown Jersey City, areas, office meeting rooms, and commer-

.
millennials demand greater control of cialamenitiesarenolongernice-to-haves,

ly
their lifestyle than their parents and but must-haves—for tenants and owners,”
LANDSEA HOMES

grandparents required. This means a he observes.

higher level of service in multifamily ”In Jersey City, Weehawken and the
housing, and better access to public Piers, we’re seeing fantastic new residen-
transportation.
on tial buildings with great amenity spaces.
“Gulls Cove was developed with that The most popular amenities include golf
in mind,” he says. “We offer a tremen- simulators, beer gardens, barbecues,
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dous amount of service: lots of people fire pits and rooftop conference rooms.
in the building to take care of residents’ “Millennials and ‘Generation Xers’
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needs. A light-rail station—the train don’t think about cost. They’re all about
stops right by the building—and the functionality, sustainability, and ‘the
ci on

ferry and PATH train are less than five now.’ They want great space, no matter
minutes away. Newark Airport is less how small it is.”
than 15 minutes away.” Younger renters are also more recep-
tive to amenities and services that are
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available to the surrounding commu-

“MILLENNIALS WANT TO LIVE nity, as well as to residents of the
building. These might include dog runs,
IN A ‘ONE-STOP SHOP’ THAT walking/jogging trails and green space.
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Fitness centers continue to be a high-

SATISFIES BOTH PERSONAL priority amenity. Young renters also
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react well to “quiet space,” such as

AND LIFESTYLE NEEDS.” indoor or outdoor meditation areas.
At the higher end, in particular, young
Rooftop recreational spaces, such as eating and drinking areas and gyms, are high priorities. renters don’t want to hear their neigh-
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“Millennials are one of the slower bors’ stereos, or smell their cooking—so
generations to move into home owner- than previous generations—and that’s that conserve energy, such as smart insulation and soundproofing are
ship,” says Gabe Pasquale, senior vice why communities like Avora, which is thermostats and wireless lighting con- gaining importance.
president of sales and marketing for right at the Port Imperial Ferry trols. They tend to choose quality over Hoboken and Jersey City both are
Landsea Homes, which is developing Terminal, make sense to them. The square footage. If they have children, popular with younger residents who
Avora, a luxury condo project on the value that we offer, compared to what they will want to know about nearby enjoy living in vibrant, arts-oriented
banks of the Hudson River. “It’s encour- you’d pay for it in Manhattan or schools, the safety of the neighborhood, communities with plenty of options for
aging to see more of them entering the Brooklyn, is alluring to them.” and how their new home is likely to entertainment, dining and partying.
buying process. They want a convenient, According to McKissock in Warren, perform as a long-term investment. Other Gold Coast communities that offer
seamless lifestyle: an easy commute to Penn., an organization that specializes “Younger home-buyers and renters a mixture of convenience, fun and
work, easy access to retail, food, enter- in education for real estate profession- want convenience,” according to Kristen luxury include Fort Lee, Weehawken,
tainment. The millennial buyer is als, younger home-buyers and luxury Fortino, real estate salesperson at Keller and Cliffside Park, just north of North
n-

typically coming from having grown up renters are economy- and ecology- Williams NYC. Bergen and west of Edgewater. All offer
in an urban situation—much more so minded types. They like “green” features “They want to be able to live in the sweeping views of the Manhattan
neighborhood that fits their personality skyline, and plenty of easy commuting
no

and lifestyle most, live near their friends/
TALLEST RESIDENCE IN NEW JERSEY family, be close to the gym or grocery
store, and have easy access to public
ELEVATES LUXURY LIVING IN JERSEY CITY transportation. They ideally want some
sort of outdoor space, be it a balcony/
terrace/roof deck, laundry or gym within
the building, as well as a doorman from
both a delivery and safety perspective.
“Millennials and GenXers are growing
options—to New York as well as to other
New Jersey communities.
The new Cliffside Park Towne Center
includes a 13-story tower with 277 luxury
rental apartments, plus 50,000 square feet
of retail and office space and an outdoor
plaza. The all-glass, 204-unit One Park
condo building is set to open in Cliffside
Park this summer.

FIVE MONTHS AFTER OPENING IN PAULUS

Developed by China Overseas
America, (COA), the U.S. division of
Hong Kong-based China Overseas
Holdings Limited (COHL), 99 Hudson
will be the tallest residential building in
the state of New Jersey with 79 stories,
including 781 residences ranging from
studios to three-bedroom condos. The
Marketing Directors is overseeing sales
and marketing for the project.
Designed by Perkins Eastman,
the luxury residential tower will be
clad in limestone, a material tradition-
ally associated with fine residential
architecture. Residences feature
spacious open layouts, floor-to-ceiling
windows, oak flooring, in-home washer
and dryers, modern kitchen appliances,
Caeserstone countertops, Italian
porcelain tile baths, and sustain-
able design.
99 Hudson offers residents a full-ser-
vice, luxury lifestyle with over 65,000
square feet of amenity space, including
a 24-hour attended lobby, outdoor pool
with sundeck, state-of-the-art fitness
center, yoga and Pilates studio, indoor
and outdoor lounge with BBQ areas,
children’s playground, dog run and spa.
99 Hudson will offer one-and-two
bedroom residences with select studios
and penthouses with terraces.
99 Hudson guarantees unrivaled
views of the Manhattan skyline and the
New York Harbor, redefining the art of
waterfront living on New Jersey’s Gold
Coast. Located steps away from the
PATH station and NY Waterway Ferry
Terminal, 99 Hudson’s waterfront
location provides easy access to
Manhattan, an attractive offering to
professionals working in New York’s
Financial District.
99hudsonliving.com | 201 425 9676
HOOK, LENOX IS 50-PERCENT LEASED
Five months after opening its doors,
Lenox – the only new luxury residential
development in Jersey City’s sought-
after Paulus Hook neighborhood – is
50-percent leased.
Located at 207 Van Vorst Street, the
15-story building comprises 255 studio,
one-, two- and three-bedroom homes
that are complimented by a collection
of high-end amenities rarely found in
the Jersey City market, including a
rooftop pool, 24/7 doorman and and stylish kitchens equipped with
concierge, automated parking garage, stainless steel appliances and fixtures,
Amazon Hub electronic package quartz countertops and sleek, modern
storage system, and a grand lobby that cabinetry. Every residence features a
is activated with lounge areas, game washer and dryer, pendant lighting,
rooms, and a café. and walk-in closets, and select resi-
Apartment interiors are infused dences feature private terraces.
with high-end, aesthetically pleasing www.lenoxnj.com | 201-367-1947
features and finishes that contribute to
ease of living. The apartments, which
range in size from approximately 430
to 1,530 square feet, feature spacious
living areas with designer flooring,
 THE WALL STREET JOURNAL.

G A L L ERY
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201.268.7581

J E R S E Y C I T Y, N J 0 7 3 0 2
NOW
PREMIER

EXCLUSIVE AGENT
co Fo
ELEVATE

THE MARKETING DIRECTORS,

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1 0 1 H U D S O N S T R E E T, S U I T E 3 6 0 2
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NY

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CONDOMINIUMS
PERSPECTIVE.

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.
Equal Housing Opportunity. This advertisement is not an offering. It is a solicitation of interest in the advertised property. No offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or non-binding, can be made until an
offering plan is filed with the New York State Department of Law. This advertisement is made pursuant to Cooperative Policy Statement No. 1, issued by the New York State Department of Law. The artist representation of the building and any description or depiction
of interior decorations, finishes, appliances, furnishings or exterior photographic views contained herein are provided for illustrative purposes only and may be modified, altered or changed. Sponsor – COA 99 Hudson, LLC, 1500 Broadway, NY NY 10036 CP18-0020
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Friday, April 13, 2018 | M6G

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6H | Friday, April 13, 2018
For Today’s Buyers, Home Is Where the Art Is
BRAD ANDERSON
By Joseph Dobrian
L
uxury housing along
the Gold Coast of
New Jersey reflects
residents’ growing
desire for the latest
high-tech amenities, indoors
and out. Some of the words that
keep popping up, in descrip-
tions of these amenities,
include “smart,” “automation,”
and “sustainability.” But some-
times low-tech, less utilitarian
amenities are important to a
property’s attractiveness. The
homebuyer or prospective
tenant might not specifically
request these features, or even
remark on them, but they’re
appreciated nonetheless. Art—
particularly in public areas
used for reading or for quiet
socializing—can constitute
an important component in
any multifamily building.
URBAN AESTHETIC
Curated art collections are
gaining popularity in commer-
cial, residential and hotel
properties—including luxury
condo and rental buildings along
the New Jersey Gold Coast. They
have found their way into luxury
rental buildings in New Jersey
Gold Coast cities such as Jersey
City and Harrison. In some cases
they relate to the aesthetic of
urban life along the Gold Coast,
and to the natural beauty of
the region.
The artworks often hang in
public areas such as lounges and
reading rooms, to transform
no
NY
Special Advertising Feature
NEW JERSEY GOLD COAST PROPERTIES
PRACTICAL AMENITIES ARE ALWAYS CRUCIAL, BUT A LESS FUNCTIONAL
TREND IN RESIDENTIAL BUILDINGS IS GAINING POPULARITY
Curated art can bring energy and excitement to a building’s public areas.
those rooms into more comfort- standard in apartment build-
able, friendly places and to create ings and hotels—are passé
a greater sense of ‘home’ in a for modern developments.
common area. Pictures and Contemporary art that
small sculptures can create a promotes local artists seems to
sense of home in the hallways. be gaining favor nowadays. It’s
important to let a building’s
residentsfeelthatthey’resharing
“CURATED ART a valuable secret, by having
something a little unusual
COLLECTIONS ARE
hanging in the common room.
GAINING POPULARITY RECREATION AREAS
IN COMMERCIAL,
on Outdoor art, as part of a
garden, plaza or recreation area
RESIDENTIAL AND is also becoming more popular.
However, whether the art is
HOTEL PROPERTIES.”
us l,
indoors or outside it can be a
fairly expensive amenity, for
al a
which reason working with a
e
What goes into a well-curated knowledgeable curator is a must
ci on
art collection for a luxury apart- in order to get it right.
ment building? The consensus An artist might be commis-
among real estate profession- sioned to produce a piece of
als is that the conventional work specifically designed for an
landscapes and still-lifes, and outdoor space, or a chandelier for
er rs
statuary that’s too abstract to the lobby, or a series of decora-
offend—all of which used to be tive windows at street-level.
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A developer should always
have a set budget in mind, and
work with a curator who can stay
within it. A rotating collection,
featuring for-sale pieces, is
another option. If the neighbor-
hood and the building’s level of
security will allow for it, one or
two expensive pieces by a
“name” artist can create a
tremendous first impression,
and set the right tone for the
whole property.
Jersey City-based artist
Stefania Panepinto created a
personalized service to connect
building owners with artists,
and create décor with a one-of-
a-kind look. “My work brings
an interactive approach to
bridging the gap between the
development and art commu-
nity,” she says.
“A carefully curated, perma-
nent art collection is an
amenity that creates a distinc-
tive energy or vibe and
enhances the guest/tenant’s
experience by creating emo-
tional connections throughout
the space,” she adds.
“An art collection aims to
make an art experience immer-
sive for guests and residents,
while it also helps to convey a
‘luxury lifestyle’ brand. Art
transforms a space and pro-
duces exciting new, memorable
spaces within buildings.”
Art installations should
usually be customized to the
lighting and furnishings of the
space, creating a distinctive art
experience for every area of the
building. The type and amount
THE WALL STREET JOURNAL.
of art will naturally depend on
the size, scale, and overall feel
of the building. Delivery and
installation have to be carefully
planned too.
SENSE OF COMMUNITY
A curated art collection for
a rental or condo apartment
building can range from a
single work, prominently
displayed in a public area,
to hundreds of smaller works
distributed throughout the
building and grounds to create
a visual sense of community.
Art can bring energy and
excitement to public areas—but
it mustn’t be too busy and varied,
brokers say, or the effect will not
be as welcoming. People tend
to react to art on an emotional
level, and industry experts point
out that residential developers
should always be mindful of
what a work of art could evoke
in the viewer.
.
The New Jersey Gold Coast
ly
generally—and Jersey City
specifically, with its vibrant
neighborhoods such as the
Powerhouse Arts District—
have become increasingly
important centers for the arts
on the Eastern seaboard,
and curated collections are a
great way for developers to use
their buildings to support the
artistic community.
Art in public buildings tends
to increase traffic flow in a
neighborhood, and has always
been an important component
in residential buildings that
feature ground-floor retail.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6J | Friday, April 13, 2018
Retail Gets A New Flavor
On the Gold Coast
FOOD AND FITNESS ARE KEY ASPECTS OF COMMERCIAL DEVELOPMENT TODAY
By Joseph Dobrian
N
ew Jersey’s Gold Coast,
long associated with
luxury residential, is
gaining popularity with
developersofClass-Aoffice
space—and, with that, comes a different
type of retail. New Jersey has always
been known for its glitzy malls, but many
traditional retailers are making an
ever-higher percentage of their sales
online. However, some kinds of retail
can’t be duplicated online and also are in
greater demand. These include fitness
andpersonalservicescenters,restaurants
and entertainment venues.
SHOPPING SURGE
Jason Gerbsman, managing principal
at HUDSON, a boutique retail real-estate
firm that specializes in landlord and
tenant representation, lives on the Gold
Coast and devotes much of his time to
building retail tenancy there. He reports
that retail development has surged there
in the past couple of years.
“Drive along the water from the
Holland Tunnel to the George
Washington Bridge and you’ll be amazed
at what you see. A hotel is planned on
top of the Port Imperial ferry terminal at
Weehawken, with some retail on the
ground. I recently brought Club Metro
USA to the Newport Tower at 525
Washington Street in Jersey City, where
they’ve done a tremendous job of
amenitizing [sic] the ground floors.
“That deal speaks to the state of retail
real estate in general,” he notes. “Today,
retail is all about food, fitness, and
amenities. Stores that specialize in
apparel or hard goods are struggling, as
online sales increase.” Mr. Gerbsman
adds that 525 Washington’s back end
n-
Gourmet markets are one of the most important amenities in Gold Coast communities.
no
NEW DUPLEX AND TRIPLEX RESIDENCES AT
GULLS COVE II OFFER BROWNSTONE-STYLE
LIVING WITH AMENITIES AND SERVICES
A limited collection of duplex and
triplex residences has been released for
sale at Gulls Cove II in downtown
Jersey City, delivering a unique living
experience that combines the appeal of
a brownstone with the modern fin-
ishes, amenities and services of a new
luxury condominium building.
The two-story duplex homes are
priced from $1.389 million and include
private street entrances, two bed-
rooms, three baths, and 13-foot ceiling
heights. Just five triplex homes are
available, priced from $1.79 million.
The residences boast three bedrooms,
three baths, 2,155 square feet of living
space, and an oversized outdoor
NY
Special Advertising Feature
NEW JERSEY GOLD COAST PROPERTIES
Service-based retail—including coffee shops and restaurants—cannot be duplicated online and is in demand in Gold Coast neighborhoods.
connects with the Newport Mall, but
the owners wanted some retail
on-premises, besides, to serve the
building’s office tenants.
on
A fitness center is a must for any
Class-A office building nowadays, and
this Club Metro USA offers high-end
us l,
features such as classes, personal train-
ing, a spin studio and a juice bar. The
al a
e
club is due to open this summer, he says.
ci on
AMENITIES ARE ALL
“Club Metro is a franchise model;
they’re looking for other opportunities,”
he explains. “There’s a true need for
er rs
this sort of retail, because more office
product is coming into the Gold Coast.
Retail today is food, fitness, and
service-oriented concepts, especially
m e
elevated service. Retail in general
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terrace. The triplexes also feature
private parking spaces in an enclosed
garage with direct access to the homes.
The 429-unit condominium building
is more than 80% sold and occupied,
with prices starting at $485,000 for the
remaining studios, one-, two- and
three-bedroom residences. Some
homes feature views of the Manhattan
skyline or Liberty State Park, while all
residences are well-appointed with
elegant finishes and contemporary
design details.
Amenities include a 24-hour
Concierge, Fitness Studio equipped
with Peloton bikes and a Yoga studio, a
Club Room with a bowling alley, shuffle
board and screening area; a Resident’s
Lounge, and a children’s playroom.
The community is located across
from the Hudson-Bergen Light Rail,
and a short walk away from the Grove
Street PATH station and NY Waterway
ferry service to Manhattan’s Pier 11/
Wall Street.
www.gullscove2.net
855-485-5752.
201 Marin Blvd, Jersey City, NJ 07302
is all about amenities, these days,
and gourmet markets are the great-
est amenity to any development
or community.
“Another very important amenity
to the Gold Coast is public transporta-
tion,” Mr. Gerbsman points out.
“Back in October, Jersey City debuted
its fourth ferry terminal, offering
connections between Harborside,
Midtown Manhattan, and Battery Park
City. The ferry is located at the base of
Mack Cali’s new mixed-use mega-proj-
ect that will consist of office, retail,
and residential.”
Glenn Beyer, senior managing
director of RKF, a company that spe-
cializes in retail brokerage, says a local
high-end bakery/café has been adding
locations in the Gold Coast area. So has
an upscale ice-cream store that origi-
nated in Brooklyn.
“GOURMET MARKETS ARE
THE GREATEST AMENITY
TO ANY DEVELOPMENT
OR COMMUNITY.”
“What’s interesting about that is that
we’re seeing more people moving here
from Brooklyn—because they like the
amenities,” he says. “The residential
product is here, and the retail is
improving. Northern Hoboken is where
you’ll find the most luxury rental, and
TOLL BROTHERS
CITY LIVING
EXPANDS ITS GOLD
COAST OFFERINGS
With convenient locations, com-
muter-friendly advantages, and
proximity to the New York City, Toll
Brothers City Living, the urban devel-
opment division of Toll Brothers, Inc.
has seen big demand from urban home
seekers on The Gold Coast.
Hoboken
Homebuyers in Hoboken are drawn
to the Hudson Tea community at the
city’s tranquil north end. Now over 95%
sold - condominiums at 1400 Hudson
are still available, but moving fast.
Pricing begins in the $900,000 to more
than $1.8 million.
To learn more about this elegant
addition to the Hoboken cityscape, visit
1400hudson.com, or call 201-795-1960.
With high demand and a desirable
location, Toll Brothers City Living
continues its forward momentum with
its latest waterfront development at
1425 Hudson Street at Hudson Tea.
Join the VIP list at 1425hudson.com to
stay up to date on the latest develop-
ments and anticipated opening for
sales later this spring.
THE WALL STREET JOURNAL.
.
ly
we have a lot of retail space that fits the
service end of that business. More
restaurants will come in. As of now,
we’re dealing with issues surrounding
liquor licenses. That part of the Gold
Coast has little Class-A office, now, but
we hear talk of adding some, which will
increase the daytime population and
traffic. That in turn could lead to more
quick-service restaurants coming in.”
ITALIAN HERITAGE
Hoboken hosts food and restaurant
events throughout the year, including
an annual celebration of mozzarella
cheese, in honor of Hoboken’s Italian
heritage.
“Gold Coast residents also appreciate
the proliferation of art and culture,
and unique attractions,” adds developer
Art Johnson, vice president of Liberty
Harbor North. “Neighborhoods like
Grove Street and Paulus Hook are
offering more dining options, and
the Hudson River waterfront walkway
is nearby, as well as the Morris Canal,
which has multiple marinas and
yacht clubs.”
Of course, no discussion of Gold
Coast retail and entertainment would
be complete without mentioning the
options available at Hudson Yards, just
across the river and ever more easily
accessible from New Jersey. The neigh-
borhoods surrounding Hudson
Yards—Chelsea and Hell’s Kitchen—are
undergoing a cultural renaissance, with
new galleries, ateliers and restaurants
steadily coming in.
Jersey City
In Jersey City, Toll Brothers City
Living recently launched sales for 10
Provost Street at Provost Square, a
28-story full-service building in the
Powerhouse Arts District. The new
condominium features 242-luxury
residences, more than 27,000 square-
feet of amenity space with convenient
on-site retail, and is only a block away
from the Grove Street PATH station and
the Newark Avenue Pedestrian Plaza.
Pricing begins in the mid $500,000’s to
more than $1.7 million.
To learn more about 10 Provost visit
10provost.com, or call 201-350-5944.
The building is anticipated for comple-
tion in Fall 2018.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, April 13, 2018 | M6K

C OMI NG S OON
L UX UR Y C ON DOS I N H OBOK E N ’ S NOR T H E ND

J oi n Ou r V I P L i st 14 2 5H u d son .c om

.
ly
on A HAVEN ON THE HUDSON
us l,
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Luxury Condominiums in Hoboken’s North End

Immediate Occupancy | Private Rooftop Terraces Available
1- to 3-Bedrooms from the $900,000s

1400hudson.com
Sales Office: 1450 Washington Street | Hoboken, New Jersey 07030 | 201.795.1960
n-
no

JERSEY CITY LIVING

AT I T S F I N E S T
Located just steps from the Grove Street PATH station

Studio- to 3-Bedroom Condominiums

from the $500,000s

10Provost.com
Visit Our Sales G allery: 160 Morgan Street, Suite 4, Jersey City, NJ 07302 | 201.350.5944

Brokers Welcome • Prices Subject To Change • This Is Not An Offering Where Prohibited By Law • Equal Housing Opportunity
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6L | Friday, April 13, 2018
Jersey City, Hoboken, Weehawken
Waterfront Are Growing Up
EXPANSION AND GENTRIFICATION ARE HELPING TO BOOST BUYER APPEAL
LANDSEA HOMES
By Joseph Dobrian
T
he major markets of New
Jersey’s Gold Coast—Jersey
City, the Weehawken area,
and Hoboken—have been
popular alternatives to
Manhattan and Brooklyn for genera-
tions, although they have lacked the
fashionability of the latter two markets.
Nowadays, though, both buyers and
renters are more willing to forgo the
cachet of a New York address, in
exchange for the affordable modern
luxury and resort-level amenities to be
found right across the Hudson River.
The Gold Coast offers newer product,
with a compelling mix of indoor and
outdoor amenities—and Manhattan
will still be there, easier than ever to get
to from New Jersey. Developers and
residents agree: “Jersey” is all grown up.
Gabe Pasquale, senior vice president
of sales and marketing for Landsea
Homes, reports that his company’s
Avora project, on the Weehawken
waterfront, is nearly complete. The final
amenities are being put into place, and
the first homeowners will move in at the
end of April.
MIX OF HOMES
“As of now, we’ve sold 40% of the 183
homes,” he says, “and we’re releasing the
balance, of which about 40% are sold. We
still have a great mix of homes to choose
from: several locations with unparalleled
views of the Midtown skyline and the
Hudson River to the north, east and
south. In my opinion, we have best
location of any housing on the Gold
Coast. We’re steps from the ferry and light
rail;NewJerseyTransitbusesliterallystop
at the front door.”
The one-, two-, and three-bedroom
residences at Avora feature LEED-
standard structure, a sundeck with pool,
lounges, fitness center, 24-hour con-
cierge, dining room, boardroom, private
screening theater, exclusive lounge with
bar and catering kitchen, on-site bike
storage and on-site parking. The Port
Imperial neighborhood offers plentiful
shopping, dining and recreation.
Craig Klingensmith, Northeast Urban
divisionpresidentforLennarCorporation,
iscurrentlypromotingtwodevelopments
located right on the waterfront at the Port
Imperial master-planned community in
Weehawken: The Avenue Collection and
Henley on Hudson.
n-
He notes that Weehawken Township
has recently lowered its property taxes by
no
1200 AVENUE AT PORT IMPERIAL AND
HENLEY ON HUDSON DRAWING BUYERS
TO THE WEEHAWKEN WATERFRONT
Weehawken Township on the
Hudson River waterfront continues
to differentiate itself from neighboring
Gold Coast locations. Benefitting from
a low-density approach to develop-
ment, significant open space and
dramatic views, the area provides a
quieter, more residential setting than
its urban counterparts – all while
still offering commuter convenience
to Manhattan.
With the property tax rate recently
reduced to 1.49% and an expansion of
the waterfront’s recreational amenities
getting underway, the news keeps
getting better, especially for residents
of Weehawken’s two new signature
condominium developments, Lennar’s
1200 Avenue at Port Imperial and
Henley on Hudson.
1200 Avenue at Port imperial fea-
tures 103 two- and three-bedroom
NY
Special Advertising Feature
NEW JERSEY GOLD COAST PROPERTIES
TAYLOR PHOTOGRAPHY
about one-third—to 1.49% from 2.23%—
making it one of the lowest rates along
the Gold Coast. The expansion of the
on
public park has been approved, and
amenities are expanding, including a new
hotel at the ferry terminal, to be com-
us l,
pleted this year.
“The 1200 Avenue at Port Imperial is
al a
e
the latest phase of our Avenue
Collection, and it still has 15 unsold
ci on
residences,” he says. “The most recent
phase of Henley on Hudson has 67 homes,
[with] over 60% of them sold. These are
just about the final products to be devel-
er rs
oped along the waterfront: there’s very
little vacant land left.”
RESORT-STYLE POOL
m e
Amenities at Henley on Hudson
include a yoga/Pilates room, theater
m rp
room, billiards and gaming lounge,
fitness center, and an outdoor patio
with fire pit and a resort-style infinity
swimming pool. Prices for the remain-
co Fo
ing homes start at $875,000. Floor
plans range from 1,165 to 1,998 square
feet. Most units offer balconies or
terraces, and all have home automation
systems that let residents control and
automate their lighting, HVAC, and
entertainment systems.
The second building of Lennar’s
Avenue Collection 1200 Avenue at Port
imperial is the follow-up to the sold-out
1000 Avenue at Port Imperial. It features
103 two- and three-bedroom condos,
starting at $1.399 million, with immediate
occupancy available. All homes feature
condominiums priced from $1.399
million, with immediate occupancy
available. Amenities include a grand
salon lobby, screening room, chil-
dren’s playroom, state-of-the-art
fitness center and a Skyline Social
Room. Outside, a landscaped plaza
offers a sun shelf swimming pool,
catering bar, multiple seating areas
and a fire pit.
At the 201-home Henley on Hudson,
remaining residences are priced from
$875,000 and feature one-, two- and
three-bedroom floorplans. Most of the
single-level designs offer balconies or
terraces. Amenities include a lobby
lounge, children’s playroom, fitness
center, theater room, billiards and
gaming lounge and a resort-style
infinity pool.
Both communities are close to NY
Waterway’s ferry service to Manhattan,
as well as NJ Transit’s Hudson-Bergen
Light Rail which connects Port
Imperial to neighboring Hoboken,
Jersey City and the PATH system.
www.TheAvenueCollectionNJ.com
www.HenleyonHudson.com
(201) 210-0099
Avora at Weehawken (top) will see its first homeowners move in soon; Henley on Hudson
(above) is another new luxury waterfront residential development on the Gold Coast.
designer finishes and appointments
such as Brazilian Chestnut hardwood
flooring, gourmet kitchens, and fire-
places with granite surround. Most of
the homes offer private outdoor space
of up to 484 square feet.
“These properties have played an
integral role in establishing the
Weehawken waterfront as a refined
residential destination,” Mr.
Klingensmith concludes.
Art Johnson, vice president of Liberty
Harbor North, which is developing the
Gulls Cove condo project in downtown
Jersey City, reports that construction is
complete save for the 3,500-square-foot
amenities center, which should be
finished in the next couple of months.
“IT’S LIKE LIVING IN A
TRADITIONAL BROWNSTONE
IN JERSEY CITY—ONLY WITH
PARKING, A FITNESS CENTER
AND A CONCIERGE.”
“The majority of the space is a com-
munity room with a big gas fireplace, for
socializing,” he says. “One room could
be a louder cocktail party area; another
space could be a quieter area for read-
ing; another section has bowling alleys
and shuffleboard. We have a separate
room for children, with cameras so that
parents can supervise via their phones.
“Another area is a fitness center: not
full-scale, but with areas for yoga and
meditation. There’s a second fitness
center in the building already, and it’s
one of our most important amenities.”
Mr. Johnson says that of the 429 units
built in Gulls Cove’s two phases, only 21 of
them remain available. “We still have a
few studios, three two-bedroom proper-
ties, two one-bedrooms, and some
awesome duplex and triplex brownstone-
style units.
“It’s like living in a traditional brown-
stone in Jersey City—only with parking,
a fitness center, concierge and other
amenities. The duplexes have private
street entrances, and the triplexes have
THE WALL STREET JOURNAL.
.
ly
private parking spaces in an enclosed
garage with direct access to the homes.
“Jersey City is seeing tremendous
growth. Journal Square is exploding;
the west side of Jersey City is gaining
popularity, so are the Heights. Our
mayor, in his first term, restructured
the tax abatements, taking them away
from the waterfront, which didn’t need
them as badly, and redistributing them
farther west where we want to encour-
age development.”
DOWNTOWN PROJECT
Another major project in downtown
Jersey City is Vantage Jersey City,
developed by The Fisher Organization.
Vantage offers 448 luxury rental units—
studios, one- and two-bedrooms,
starting in the low $2,000s per month—
plus a complete package of premium
indoor and outdoor amenities and views
of the Statue of Liberty, Liberty Harbor
Marina, and Manhattan.
Vantage is a 45-story building that
boasts floor-to-ceiling windows, zero-
entryswimmingpool,skylounge,full-size
basketball court, dog run, and complete
modern health club. It’s adjacent to Jersey
City’s Paulus Hook and Van Vorst Park,
convenient to the Grove Street PATH
station, Light Rail service and New York
Waterway ferries.
Individual units feature floor-to-ceil-
ing windows, nine-foot ceilings, oak
strip flooring, recessed LED lighting,
washer and dryer units in each home,
and the most up-to-date, energy-effi-
cient building systems for maximum
comfort and sustainability.
Hoboken retains some of its high-
spirited, ethnic, working-class
atmosphere, plus many traditional
festivals, but a wave of luxury housing—
new product and refurbished older
buildings—has turned the city into a
more upscale experience of late.
Hoboken is walkable (many residents
don’t bother to own a car) and good food
andentertainmentarethecity’slifeblood.
The grassy Pier A park, and the water-
front walkway at Maxwell Place Park,
are popular outdoor destinations.
Joseph Dobrian is a freelance writer
specializing in real estate.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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ONE BREATHTAKING VIEW,

TWO ADDRESSES.

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IN WATERFRONT LIVING.
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The Avenue Collection features waterfront luxury

condominiums with breathtaking Manhattan views.
Welcome to the new standard in design, amenities, and
lifestyle, just minutes from New York City.
n-

Homes from $1.399M

201.210.0099
TheAvenueCollectionNJ.com
no

Henley on Hudson offers an unprecedented lifestyle

along NJ’s Gold Coast. Each new condominium home
is a space of exquisite luxury and functionality.

Homes from $875,000

201.210.0099
HenleyOnHudson.com

welcome home center 1600 Avenue at Port Imperial Weehawken, NJ 07086 201.210.0099
Price subject to change without notice. Visit Lennar.com or see a New Home Consultant for further details. Plans and elevations are artist’s renderings and may contain options which are not standard on all models. Proposed amenities for the
communities are subject to change, substitutions and/or deletions without notice. Actual view may vary. Views cannot be relied upon as being the actual view from any particular home within the community. Any view from a home may in the future
be limited or eliminated. Lennar makes no guarantees regarding continuing existence of any view from a home. Lennar reserves the right to make changes to plans and elevations without prior notice. Lennar Sales Corp. - Broker. Copyright © 2018
Lennar Corporation ®. Lennar and the Lennar Logo are registered service marks of Lennar Corporation ® and /or its subsidiaries. 3/18.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6N | Friday, April 13, 2018 NY THE WALL STREET JOURNAL.

Our trucks get

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MANSION

I TINKERED WITH MY PERSONALITY

Continued from page M1
with other children, I’d tinker with
it for the next playground. It was
all about survival and adapting.
If my father was earth, my
mother, Jini, was water and air.
She was a novelist and painter
who worked at home. I had a huge
connection with her. She shaped
my artistic side. She had a large
collection of used books and was a
wonderful storyteller. She also was
witty and sharp.
When it came to the arts, my
mother made sure we understood
that expression had to be coupled
with hard work and discipline. She
knew each of us had potential, but
she wanted us to know it would
take a lifetime of aptitude to master
it. Her favorite expression was,

(T-B) GEORGE KRAYCHYK/HULU; FIENNES FAMILY

“You’ve got to get your guts into it.”
No matter where we lived in the
1970s and early ’80s, we always
wound up in a rural landscape.
The houses I loved most were in
Cork, Kilkenny and Bantry Bay in
Ireland, and in Wiltshire, England.
In Bantry Bay, I still remember
walking with my twin brother,
Jake, to the pebbled beach to
watch the seals and jellyfish. I also
remember living next to Wardour,
a castle in Wiltshire. I’d climb over UP CLOSE Joseph Fiennes and Elisabeth Moss, above, in ‘The Handmaid’s
the high walls to avoid paying ad- Tale.’ Left, Joseph, from left, with his twin, Jake, and siblings, Sophie, Magnus,
mission. Then I’d let my imagina- Martha and Ralph (who also became an actor), in Motcombe, England, in 1972.
tion run as I explored the turrets
and dungeons. upstairs to the bathroom that dou- house has a 360-degree view of
I also loved being at home, lis- bled as his darkroom. The red nearby mountains, woods and val-

.
tening to the family noise at the light was on so I waited. When the leys. There’s nothing but us and a

ly
kitchen table. Hearing the stories light went off, out he came with monumental number of goats who
told by my older brothers and sis- his prints. He had shaved off his eat everything in our garden. It’s
ters each day about their lives and enormous beard. I ran off, since I idyllic and quiet.
struggles was a revelation. on didn’t recognize him. The room that’s most special to
It’s a miracle that all the mov- My father also was passionate me is where our second daughter,
ing never resulted in family stress. about film. He had an amazing ar- Isabel, was born in 2011. It was
Just the opposite happened. We chive of early-Americana cinema. magical to have been at her birth
us l,

knew what our parents were deal- On special nights, we’d gather on a bright sunny morning on top
ing with, but we were mostly re- around the projector to watch of a mountain.
minded of how much they loved movies. I love my study, too. It’s where I
al a
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us. They also were big on disci- Looking back, my entire child- keep my father’s Swiss watch. It
pline. There were lines I’d never hood was a preparation for what I has a simple face, and it kept him
ci on

cross with my father. If I did, I do now. As an actor, you have to fit on schedule over the years. I also
learned quickly never to do it into a new environment and find have some of my mother’s note-
again. imagine how she managed all of National Gallery of Art in Wash- your place. Your personality has to books. I love reading her written
Through it all, my mother pub- this given the chaos. ington, D.C., commissioned him to change to adapt to a role. thoughts and looking over her
lished five novels, and her paint- When my father was 40, he be- produce images of British estates Today, my wife, Maria, and I sketches. But I most treasure one
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ings were exhibited in galleries came a remarkable photographer. for an exhibit. live with our two daughters on the of her writing pens. It was an ex-
during our travels. I still cannot Within 10 years, in the ’80s, the One day, when I was 7, I went Spanish island of Mallorca. Our tension of her soul.
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LUXURY PROPERTIES | TIMBERLAND | CONSULTING

ME1350
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MA2038

Weld Pond Estate Journey’s End

14.71± Acres, Dedham, MA | $6,500,000 .81± Acres, Northeast Harbor, ME | $4,900,000
John “Jay” Boyle Story Litchfield
617-648-5444 • jboyle@landvest.com 207-276-3840 • slitchfield@landvest.com
n-

ME1419
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Alpine, NJ
A rare opportunity. First time on market. Situated prominently on a 6 acre
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knoll, this turn-key estate comes loaded with every detail. Impressive gated Mussel Point Oceanfront Turkey Point
1.48± Acres, Gloucester, MA | $3,950,000 58.87± Acres, St. George, ME | $2,250,000
tree-lined driveway leads to this stunning Georgian Colonial Manor located Lanse Robb Karen N. Reiche
only 8 miles from NYC. This magnificent estate features approx. 35,000 sq 617-357-8996 • lrobb@landvest.com 207-874-6159 • kreiche@landvest.com
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Room, Conservatory, Library, Banquet Size Dining Room, Chef’s kitchen,
Indoor Basketball Court, Movie Theater, Game Room and 8 car garage.
Additional amenities include a safe room and Guest House. A park-like
backyard showcases a resort caliber Pool, spa, lighted Tennis Court, service
driveway from a side street, and paved bike riding path. Additional acreage
available. An extraordinary offering at $25,000,000.
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Dennis McCormack, 1.06± Acres, Mattapoisett, MA | $1,975,000 4.06± Acres, Camden, ME | $1,575,000
Broker Associate Joanna Dresser Terry Sortwell
617-357-0444 • jdresser@landvest.com 207-236-3543 • tsortwell@landvest.com
917-566-9800
MA1948
MA2113

5 Lexington Road Purple Kings Farm

.27± Acres, Concord, MA | $1,550,000 15.76± Acres, Williamstown, MA | $1,500,000
Alpine Office: 201-768-9300
Abby Gurall White Cindy Welch
1022 Closter Dock Road, Alpine, NJ 07620 617-851-0195 • awhite@landvest.com 413-329-3999 • cwelch@landvest.com

Sound Advice, Exceptional Results

EQUAL HOUSING
OPPORTUNITY
Each Office Independently Owned & Operated www.landvest.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, April 13, 2018 NY THE WALL STREET JOURNAL.

MANSION

HIGH-TECH PLAYA VISTA

GROWING FAMILY Meredith Schlosser, above left with fiancée Randi Wishnow and son Asher, in their $2.4 million
home in Playa Vista, right and below. Ms. Schlosser owns another unit with Ms. Wishnow and Ms. Wishnow’s parents.

Continued from page M1

and Alphabet’s YouTube are al-
ready there; Facebook leases a
50,000-square-foot space across
the street, the company said.
Between 5,000 to 6,000 people
work at Playa Vista today—a num-

.
ber that is expected to double in

ly
the next few years, said Adrian Fo-
ley, president and chief operating
officer of Brookfield Residential,
the company that is implementing on
the master plan.
Playa Vista sits roughly between
the oceanside neighborhood of Ma-
us l,

rina del Rey and Culver City. Imme-

diately to the west of the commu-
nity are the Ballona Wetlands, a
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e
600-acre preserve visited by hun-
dreds of species of birds, including
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Great Blue Herons, ducks and egrets.

MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (3)

The development backs up to the
Westchester Bluffs, giving some res-
idents a grassy hillside view.
The community includes a dense
er rs

collection of modern buildings and

houses; 29 parklike areas; two out-
door concert areas and three areas
with retail and restaurants. The
m e

newest shopping area, called Run-

way, has a Whole Foods Market, a
m rp

multiplex movie theater, 11 restau-

rants and about 15 retail outlets,
including places to take Pilates,
yoga and spinning classes.
Home values are on the rise.
co Fo

Randy Schwab, a 54-year-old chief ford. At the time, he played for the
executive of a nonprofit and his Clippers, which has a training facil-
wife, Laurie Dworsky, a 56-year- ity on the Playa Vista grounds. Af-
old graphic designer, were plan- ter Mr. Crawford moved out in Au-
ning on selling their Playa Vista gust, the couple was able to rent
four-bedroom unit—until they the unit to another person for
learned how much it could gener- $8,500 a month, Mr. Schwab said.
ate in rent. In 2003, then-law student Marc
So instead of selling, the couple Bauer bought a two-bedroom condo
bought another unit for $1.95 mil- for roughly $530,000.
lion in 2016 to live in and were Today, Mr. Bauer is a 38-year-
able to rent their $1.45 million old municipal-bond attorney with
condo for a handsome $9,000 a a wife, Lacey, and a child on the
n-
about $1.1 million, said Tami Hum-
phrey, an agent with Palm Realty
Boutique who lives in Playa Vista
and has sold 115 homes there.
For decades, Playa Vista was
known for two things: Howard
Hughes and red tape. The 460-acre
plot where the billionaire once
housed his aviation firm sat un-
used for decades, as various devel-
opers struggled with environmen-
tal concerns and bureaucracy.
In 2012, Brookfield Residential
$265 million. Brookfield predicted
that tech companies would run out
of space to expand in other parts
of Los Angeles due to lack of
space, building restrictions and
high prices and turn to Playa
Vista, said Mr. Foley. Today, the
term “Silicon Beach,” originally
referencing Santa Monica and Ven-
ice to indicate a Southern Califor-
nia outpost of Silicon Valley, also
includes Playa Vista. Currently, the
Google office is being built within
gar where Mr. Hughes built his
wooden airbus, said Mr. Foley.
To sell to luxury buyers unfamil-
iar with the development, Brook-
field contracted Beverly Hills luxury
brokerage Hilton & Hyland to mar-
ket its highest-end product: 14 ap-
proximately 4,500-square-foot sin-
gle-family homes; three are
currently on the market for be-
tween $4 million and $4.89 million.
Under construction are 66 single
family homes asking between $2

month to NBA player Jamal Craw- way. His unit would likely sell for bought the area’s master plan for the “Spruce Goose” airplane han- million and just over
no

AUCTION
BIDDING OPENS MAY 15 | BIDDING ENDS MAY 18

Casa Serena, María Trinidad Sánchez, Dominican Republic

Currently $1.7M | Selling Without Reserve
Showings Daily 1-4PM & by Appointment

Listed by Sabine A. Mertes-Urbahn of Select Caribbean Properties

CONCIERGEAUCTIONS.COM | 212.603.9622

This property is listed for sale by Sabine A. Mertes of Select Caribbean Properties – 122 Sea Horse Ranch, Carretera Sosua - Cabarete, Dominican
Republic; 809-885-2260. Concierge Auctions, LLC is a marketing service provider for auctions and is not a licensed Real Estate broker — 800
Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. The services referred to herein are not available to residents of any state where
prohibited by applicable state law. Concierge Auctions, LLC, its agents and affiliates, broker partners, auctioneer, and sellers do not warrant or
guaranty the accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances
in this or any other property listings or advertising, promotional or publicity statements and materials. This is not meant as a solicitation for
listings. Brokers are protected and encouraged to participate. Equal Housing Opportunity. See Auction Terms and Conditions for full details.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | M9

MANSION
$3 million; these will be up to 3,600
square feet and equipped with the
Apple HomeKit, which allows light-
ing, locks and the thermostat to be
controlled by an iPhone.
The lowest-priced new con-
struction condo is $1.1 million,
said Mr. Foley. Rentals start at
$3,200-a-month for a one-bed-
room. At completion in 2020,
Playa Vista plans to have 6,046
units of housing, ranging from
rental apartments to large, for-sale
houses, and roughly 12,000 resi-
dents, said Mr. Foley.
Right after Meredith Schlosser
closed on a $2.44 million model
home in Playa Vista she started
“freaking out,” she said. The 33-
year-old real-estate agent said it
shook her confidence when col-
leagues in Beverly Hills asked in-
credulously, “What is Playa Vista?”
When she drove by her home, dirt
and tractors surrounded it, she said.
Today, Ms. Schlosser lives in the
Playa Vista home and owns a sec-
ond unit with her fiancée and fian-
cée’s parents. They bought it for
$2.1 million and rent it for $8,200
a month. She also sells property
within the community as a real-es-
tate agent. Other agents no longer
scratch their heads over her
choice, she said.
“Now it is like the coolest
WELCOME TO SILICON BEACH The term ‘Silicon Beach,’ originally referencing Santa Monica and Venice to indicate a Southern California outpost of Silicon Val- thing,” said Ms. Schlosser. “What’s
ley, also includes Playa Vista. A farmer’s market in a shopping area, above; a turf dog park, below left; Facebook’s offices, below right. bigger than Google?”

.
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MICHAL CZERWONKA FOR THE WALL STREET JOURNAL (3)

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M10 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

ADVERTISEMENT

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NAPLES, FLORIDA
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CLE ELUM, WASHINGTON
Just 80 miles east of Seattle is Suncadia, a sunny mountainside
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$3,150,000 JohnsIslandRealEstate.com From the $400’s to the $800’s glhomes.com/StoneCreek $1,500,000 suncadialisting.com
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.
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KIAWAH ISLAND, SOUTH CAROLINA DOWNTOWN ST. PETERSBURG FLORIDA SOUTHWEST IRELAND
us l,

Featuring 200 feet of Atlantic Ocean frontage, this 10,500-sq-ft home Live a fabulous Urban Lifestyle in vibrant downtown St. Petersburg. 3 Situated on approx. 25 acres, adjacent to the Kenmare River, majestic
al a

is ideal for entertaining, with wide piazzas, a summer kitchen, beachside
e
pool, and private boardwalk to the beach. A spectacular two-story window
wall frames sea views in the great room, and the expansive chef’s kitchen
ci on
blocks from the water, artfully designed townhomes now under construction mountain views and gardens, access to the Sneem/Kenmare Rivers and
on a private, gated lane. Totaling 2,335 sq. ft., 3 bedrooms, 3 ½ baths, 2 Ocean dividing Kerry and Cork. This newly restored home can accommodate
car garage, private elevator, and amazing rooftop terrace. Low HOA fees. 8-10 people. Approx. 1 mile from Sneem village. Nearby to the Great

is perfect for gathering. The master suite fills the second-floor east wing. A Walking distance to world-class restaurants, museums, shopping, parks, Southern Parknasilla Hotel & Golf Course, 6 miles from Casey Cove Beach,
Kiawah Island Club Membership is available. marina, and Tampa Bay. 15 miles from Waterville Golf Club, a short drive to Kenmare and Killarney.
$22,000,000 kiawahisland.com/133-flyway From the $800’s to $900’s www.RegentLane.com Short & long-term rentals www.oysterbedpier.com
er rs

Kiawah Island Real Estate NJR Property Investments LLC Drimnamore House
phone: 866.312.1780 info@kiawahisland.com phone: 727.515.5556 email: natalie@njrdevelopment.com phone: 617.357.1712
m e
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GLENDALE, CALIFORNIA SAN ANTONIO, TEXAS CHARLOTTESVILLE, VIRGINIA

n-

PRIVATE GATED VIEW ESTATE IN GLENDALE Site: 43,600 - 5,934 Home +
550 Guest House + 735 Heated Auto Enclosed BBQ. Total living space: 7,219 SF.
5 Garages, 1,230 SF , 5 closets, 22 cabinets 22 Car Parking Court, Pool, Spa,
Gated Camera Security 4 Bedrooms, 5 Baths, 21 X 24 Catering Kitchen, Three
no
Urban Brownstones in the Heart of the City – This limited collection This 5,400 square foot brick Georgian sits on 25 wooded acres in
of 3-story townhomes provides residents walkable access to the culture the shadow of Monticello. The modern, energy efficient home boasts 5
& entertainment of San Antonio’s most popular neighborhood. Community bedrooms, including a ground floor master; 4 1/2 baths, a spacious bonus
features include 3-4 bedroom floorplans, rooftop decks, attached garages, room with kitchen access, and grand entertaining spaces. Community

Way View and Privacy. 2008 new granite 29 X 25 gourmet kitchen. private yards, premium appliances & an upscale, modern finish-out. amenities include optional estate maintenance and preferred access to the
Tasting Room & Taphouse at Mount Ida Reserve.
$5,250,000 From the $500s SOJOCommons.com $925,000 www.BlenheimFarmManor.com
SOJO Commons
Fran Buchanan Erin Faith The Farms of Turkey Run at Mount Ida Reserve
phone: 818.621.5244 phone: 210.672.1267 Erin@SOJOCommons.com phone: 434.566.5562 info@turkeyruncville.com

NAPLES, FLORIDA CAPE MAY, NEW JERSEY 286 N KINGS PEAK DR., RED LEDGES, UTAH
New Luxury Single-Family, Villa and Coach Homes at The Isles of A beautiful beach town on the southern tip of New Jersey. Known for This 3,269sf 3 BR cottage with mountain views is Ideal Living magazine’s
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From the mid $300s to over $1.5 million MintoUSA.com $1,975,000 www.1136capemayave.com $1,265,000 www.RedLedges.com
Russell Real Estate
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phone: 888.483.8708 phone: 609.884.8333 kim@classic-coastal.com phone: 877.733.5334 info@RedLedges.com

To Advertise Call: 800-366-3975

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | M11

 
        
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M12 | Friday, April 13, 2018 THE WALL STREET JOURNAL.

MANSION
RELATIVE VALUES | STACEY ALTHERR

LUXURY HOMES FOR SALE IN HAWAII

Three properties on the islands of the Hawaiian archipelago; an infinity pool overlooking the sea, a waterfall, private access to sandy beaches
JONATHAN RUSSELL/JBR LIFE PHOTOGRAPHY (2); DAVE TONNES (2)

ANDY LANDGRAF/360 PROPERTY VIDEOS (2)

$6.999 million $18 million $17.25 million
Maui Kauai Honolulu
Four bedrooms, three bathrooms, one half-bath Four bedrooms, four bathrooms Five bedrooms, five bathrooms, one half-bath

This 3,511-square-foot house combines indoor and outdoor living
with large panels of sliding glass doors in both the living areas
and bedrooms, with indoor/outdoor marble-floor lanais that lead
to a 52-foot infinity-edge pool overlooking the beach. The home,
built in 2012, was substantially upgraded in 2017.
Agent: Terry Alling, Coldwell Banker Island Properties
The 4,458-square-foot home is set on nearly 22 acres on the
North Shore of the island. It features a secluded path that winds
past a waterfall and native-species flora to 2,238 feet of ocean-
front and its own sandy beach. Bedrooms and living areas face
the ocean from a perch above the sea.
Agent: Neal Norman, Hawaii Life Real Estate Brokers
This 4,988-square-foot beachfront home, renovated in 2017, has
more than 92 feet of oceanfront and is walking distance from
Waikiki Beach. The living room has 20-foot ceilings and floor-to-
ceiling pocket sliding doors leading to a heated pool and land-
scaped lawn with stairs leading to the beach. Private gated entry.
Agent: Anne Hogan Perry, Coldwell Banker

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Distinctive Properties

.
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

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DISTINCTIVE PROPERTIES
  
      SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION
  
  LIST YOUR PROPERTY TODAY
    (800) 366-3975 | sales.realestate@wsj.com
3 1 4 $5 60
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© 2018 Dow Jones & Company, Inc. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, April 13, 2018 | M13

   

       

     
  
  
  
       
        
            


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M14 | Friday, April 13, 2018
A Hardware Merchant’s Home in the 1800s
The four-story Manhattan townhouse, inhabited by one family for nearly a century, is a museum showing
everyday family life; if it were renovated and put on the market today it could fetch up to $9 million
THE HAND-KNIT, knee-high socks
hang on a rack next to a stove on
the fourth floor. Downstairs, a
wool paisley shawl rests on a sofa.
That is pretty much how Irish
servant girls left their upstairs liv-
ing quarters in the 19th century,
and how the last surviving mem-
ber of the Tredwell family left her
belongings at the time of her
death in 1933.
“Visitors often say, ‘It’s as if
the Tredwells stepped out for
church and they’ll be back any
minute,’ ” says the museum’s ex-
ecutive director, Margaret Halsey
Gardiner. Some even say the in-
habitants never left, so the mu-
seum offers candlelight ghost
tours year round.
The Merchant’s House Museum
is New York City’s only 19th-cen-
tury family home preserved intact.
For nearly 100 years it was the
no
THE WALL STREET JOURNAL.
MANSION
(CLOCKWISE FROM TOP RIGHT) DENIS VLASOV; JOOK LEUNG; LIBRARY OF CONGRESS (2)
1936 2017
REAL-ESTATE REDUX | MARY BETH KLATT
residence of hardware for $18,000 to George Chapman stepped in. He
merchant Seabury
1936 2015 Seabury Tredwell— realized its value and purchased
Tredwell and his fam- about the time Mr. the property to preserve it. Ini-
ily. Equally signifi- Tredwell was leaving tially, it was called the Old Mer-
.
cant, it is the only the hardware busi- chants House, to honor the men
ly
such building to have ness for other ven- who built the commercial founda-
intact servants’ quar- tures at age 55. He tion of the city in the 19th century.
ters, giving a rare moved in with his The museum opened in 1936, and
glimpse into the ev- on wife, Eliza, and seven the home was restored to an 1850s
eryday lives of the children. Their appearance.
Irish immigrant girls. eighth child, Ger- The neighborhood, now called
The late Federal/ trude, born in 1840, NoHo, is as much associated with
us l,
Greek Revival resi- was the last occu- luxury living as when Mr. Brewster
dence was among the pant. She lived there first speculated on its value.
first 20 buildings to until she died impov- Mansion asked Peter Sommer, a
al a
e
be landmarked under erished at 93. The broker with Triplemint in Manhat-
the city’s new land- other townhouse was tan, to estimate the listing price if
ci on
marks law in 1965. demolished in 1988. the home were to go on the mar-
The story of the The nearly 10,000- ket today as a single-family resi-
house begins in 1831. square-foot, four- dence with six bedrooms, one full
Hatter and real-estate speculator build two townhouses. He sold one story marble-and-brick house, with bathroom and three half-baths. He
Joseph Brewster bought two adja- home and moved into the other at all its furnishings and 3,000 per- estimated it would be listed at $6
er rs
cent lots for $3,550 and $3,000 in 29 E. Fourth St. in 1832. Three sonal belongings, was slated for million, maybe $9 million with a
the booming Bond Street area to years later he sold his townhouse auction when Tredwell relative renovation.
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