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What’s Xi Extends
News
Business & Finance
His Control
F ewer companies than
usual are beating Wall
Street’s expectations so far in
the third-quarter earnings-re-
Over China
porting season amid a host of Leader sidelines rivals nation of age and experience
challenges to profits, includ- that would mark them out as a
ing persistent inflation, rising and elevates no clear viable successor.
interest rates and a genera- successor as he takes By extending his rule with-
tional surge in the dollar. A1 out any heir apparent, Mr. Xi
 Amazon, Apple and Meta a third five-year term has effectively obliterated the
Platforms are among the tech party’s decadeslong efforts to
heavyweights featured in a BY KEITH ZHAI ensure regular leadership suc-
packed week of earnings that AND CHUN HAN WONG cession and prevent a return
investors will probe for indi- to Mao-style dictatorship.
cators about the economy. B3 SINGAPORE—China’s Xi Jin- While the party doesn’t set
ping embarked Sunday on his term limits on its top political
 The Biden administration
third term with his rivals out office, Mr. Xi is breaking with
is offering to buy oil at fixed
of the way and no clear suc- the 10-year leadership cycle
future prices to refill the na-
cessor in sight, deepening his set by his predecessor.
tion’s emergency petroleum
control over the world’s sec- Since taking power in 2012,
reserve, but oil companies are
ond-largest economy as the Mr. Xi has reversed the party’s
wary of boosting output. A1
country’s most formidable embrace of collective leadership,
 China’s GDP expanded leader since Mao Zedong. concentrated decision-making
by 3.9% in the third quar- Mr. Xi, 69 years old, received authority in his own hands and
ter as the country bounced a third five-year term as the scrapped constitutional term
back modestly from crip- Communist Party’s general sec- limits on the presidency.
pling Covid lockdowns in retary, emerging first as China’s These power plays also
the spring. A8 new seven-man leadership swept aside officials once seen
strode onto a red-carpeted dais Please turn to page A9
 The Nasdaq has quietly
inside Beijing’s Great Hall of the
halted listings of small-cap
People on Sunday. That followed
KEVIN FRAYER/GETTY IMAGES

Chinese companies after a

series of meteoric run-ups
a closed-door conclave of about Power Play
370 senior officials.  China’s GDP grows 3.9% in
and dramatic collapses in
The lineup of the new Polit- rebound................................... A8
IPOs this year. B1
buro Standing Committee, the  Loyalists make up new
 Upstart e-commerce ser- inner sanctum of power in slate of leaders................... A8
vice Meesho is winning more China, was dominated by Mr.  Predecessor’s surprising
new shoppers in India than Xi’s allies and protégés, though exit at congress.................. A9
Amazon and Walmart’s Flip- Chinese President Xi Jinping, shown Sunday inside Beijing’s Great Hall of the People. none of them with the combi-
kart, posing a challenge to
the U.S. retailing titans. B1
 Rising U.S. interest
rates and the surging dol-
lar are creating problems
for riskier companies in
Markets Eye Lackluster Earnings Average share price change
for S&P 500 companies that
have beat or missed
consensus analyst estimates*
Asia that had flocked to the 3Q 2022†
BY HANNAH MIAO earnings expectations. With the five-year average of 2.2%. not been that great.” 2%
U.S. dollar-denominated
about 20% of companies in the Even some earnings beats The quarterly reporting pe-
bond market when yields 1
Early results from the S&P 500 having reported third- aren’t wowing investors as riod marks the latest test for
were much lower. B1
third-quarter earnings season quarter results, 72% have much as usual. Tesla Inc., for stocks battered by this year’s 0
 Died: Dietrich Mateschitz, haven’t provided much com- topped analysts’ consensus example, topped consensus brutal market conditions. De-
Austrian entrepreneur who fort to jittery investors. earnings estimates, according earnings estimates, yet shares clining bond prices and surging –1
made Red Bull energy drink While some corporate lead- to FactSet. That is below the dropped 6.7% in the session yields have recalibrated inves- –2
a global sensation, 78. B3 ers noted glimmers of hope five-year average of 77%. after the electric-vehicle tors’ appetite for riskier assets.
for consumers and the econ- Investors also are punishing maker’s report. The S&P 500 is on pace for its –3
World-Wide omy, many have reported a corporations that miss the “The bar was set really low worst year since the 2007-08 fi-
–4
host of challenges to profits, mark. Shares of S&P 500 com- going into earnings season,” Please turn to page A2
including persistent inflation, panies that have underper- said Gene Goldman, chief in- –5 Earnings beat
 Xi Jinping cemented his rising interest rates and a gen- formed Wall Street’s earnings vestment officer at Cetera In-  Outlook: Rate-effect lag adds Earnings miss
status as China’s most formi- –6
erational surge in the dollar expectations have slipped 4.7% vestment Management. “We to puzzle for Fed..................... A2
dable leader since Mao Ze- that has pressured revenue on average in the two days be- were hoping for easier beats  Companies’ inflation 2019 ’20 ’21 ’22
dong by extending his term generated overseas. fore their report through the because everything had been strategies diverge.................... B1 *Two days before earnings release through two
as Communist Party chief So far, fewer companies than two days after, according to revised lower, but the earnings  Apple, Meta and McDonald’s days after †As of Oct. 21
into a second decade and de- usual are beating Wall Street’s FactSet. That compares with releases we’re seeing now have headline week’s earnings.... B3 Source: FactSet
clining to elevate a clear po-
tential successor. A1, A8-9
 The new slate of China’s
top leaders, packed with al-
Orders for Cocaine, INSIDE Johnson Quits Race
lies of Xi, has some econo-
mists fearing a further ero-
sion of checks on the power
of a Chinese leader. A8 Deaths by Fentanyl For U.K. Leader,
 Former U.K. Chancellor
of the Exchequer Rishi Sunak
Giving Sunak Edge
JONATHAN BACHMAN/REUTERS

took a major step toward be-

coming Britain’s next prime
New Yorkers texted same delivery service
minister after his main rival
BY MARGOT PATRICK the next day. Police found on BY MAX COLCHESTER favorite to replace Liz Truss in
for the job Boris Johnson
a table translucent black the top job.
pulled out the race. A1
NEW YORK—Ross Mtangi, baggies that contained lethal LONDON—Former U.K. Ms. Truss, who took office
 U.S. schools this year re- a trading executive at Credit fentanyl mixed in with the Chancellor of the Exchequer Sept. 6, said last week she was
corded the largest-ever Suisse Group AG, left his cocaine. Rishi Sunak took a step toward quitting after her economic
drop in math scores, with Manhattan penthouse in In the East Village, first- becoming the country’s next program imploded, making her
fourth- and eighth-grade March 2021 with his laptop year lawyer Julia Ghahra- WORLD NEWS prime minister after his main the shortest-serving prime
students in nearly every and told his pregnant part- mani, 26, texted the same Executive held for rival for the job, Boris John- minister in British history. The
state showing significant ner he was going to work. delivery service the same son, pulled out of the race on only other remaining candi-
declines, according to Edu- He checked into a nearby day. She also died. She had
years in Venezuelan Sunday evening, averting a date for her position is Penny
cation Department data. A3 hotel and tuned in to work just started her career re- prison describes his head-to-head contest between Mordaunt, the leader of the
 Venezuelans, Cubans and calls. Later, he texted for co- motely at Akin Gump Strauss ordeal. A18 the two men that had threat- House of Commons.
Nicaraguans drove a wave of caine from a drug delivery Hauer & Feld LLP. ened to split the ruling Con- The contest could be over
migration over the past year, service. A man wearing a Social worker Amanda servative Party and further by Monday afternoon, when
as total annual arrests at the baseball cap, cross-body bag Scher, 38, did the same. She SPORTS roil financial markets. candidates need to secure at
southwestern U.S. border and face mask appeared on died in the Greenwich Village The World Series is The decision by Mr. John- least 100 nominations from
hotel surveillance. apartment she shared with son—who was forced to step fellow Tory lawmakers to
reached an all-time high. A3
Mr. Mtangi, 40 years old, her Chihuahua-Corgi rescue
set: Philadelphia down as prime minister and stand as leader of the party.
 The criminal tax-fraud missed a follow up meeting. dog. It was a stone’s throw Phillies vs. Houston party leader over the summer On Sunday, Mr. Sunak had at
trial of the Trump Organi- His sister and her partner from where she had received Astros. A14 after a series of scandals— least 128 public backers, while
zation is set to begin with found him dead at the hotel Please turn to page A10 leaves Mr. Sunak as the heavy Please turn to page A9
jury selection Monday. A3
 With less than three
New Owners of Feral Dogs Hope
weeks left in Charles Ret-
tig’s term as IRS commis-
sioner, Biden hasn’t picked For Fido, End Up With Cujo
Biden Plan to Refill Oil Reserves
anyone to succeed him. A5
 Iran’s labor unions are
helping antigovernment
i i i

Israel’s 33,000 strays test those who

Raises Doubts About Production
protests maintain momen- BY BENOÎT MORENNE Biden said for the first time modity markets have swung
tum by calling for strikes adopt them; ‘VEEERRY difficult dog’ that the Energy Department wildly. They hope to capture
at oil facilities, schools After releasing the most oil would begin purchasing oil to high oil prices while they are
and factories. A18 yet from the U.S. emergency refill the U.S. Strategic Petro- in place. Rising drilling costs
BY DOV LIEBER kyll, part Mr. Hyde. petroleum reserve, the Biden leum Reserve when oil prices and pressure from investors to
CONTENTS Outlook........................ A2 Israel is a dog-friendly coun- administration is signaling it are $67 to $72 per barrel, or limit production and return ex-
Arts in Review.... A13 Personal Journal A11-12
Business & Finance..B2 Sports....................... A14 TEL AVIV—After hours of try, but a lot of its canines will refill soon, a multibillion- less. Officials also said the de- cess cash to shareholders are
Business News...... B3 Technology............... B4 training, Olly has learned to aren’t very sociable. An esti- dollar undertaking that it partment has made a final rule also dimming the outlook for
Crossword.............. A14 U.S. News............. A2-5 bound, tail wagging, toward his mated 33,000 strays wander hopes will rouse sluggish do- that would allow it to purchase production growth, they said.
Heard on Street... B10 Weather................... A14
Opinion.............. A15-17 World News... A6-9,18
owners when called. But the the country, including feral Fi- mestic drilling activity. crude at a fixed future price, As he said his administra-
big shaggy pooch still some- dos raised without human help The pitch is likely to be a which they hope would en- tion would refill the reserve,
times growls in a back-off-pal beyond the scrap-rich trash hard sell for many domestic courage producers to drill Mr. Biden said an additional
> warning when owner Itai dumps where they feed. producers, industry executives more. draw of 15 million barrels is to
Linzen touches him. Olly belongs to a gen- and analysts said. “It’s a little Energy executives and ana- be delivered in December,
“It’s a bit like hav- erational litter of feral bit more [complex] than this,” lysts expressed doubts the plan completing a sale of 180 mil-
ing a grumpy teen- pets adopted by people said Olivier Le Peuch, chief ex- would spur a large increase in lion barrels he ordered earlier
s 2022 Dow Jones & Company, Inc.
ager,” said Mr. Linzen, seeking to turn them ecutive of oil-field services production in the short term. this year to temper soaring oil
All Rights Reserved who describes Olly as a from churlish to company Schlumberger Ltd. Many oil companies are wary prices. The Energy Department
mixed breed, part Dr. Je- Good boy? Please turn to page A10 On Wednesday, President of locking in sales when com- Please turn to page A4
 .

A2 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Tom Fairless
ECONOMIC
CALENDAR
Rate-Effect Lag Adds to Fed Puzzle Monday: S&P Global releases
October business-activity sur-
veys from around the world.
The world’s years. When former Federal The Fed's response to inflation “The biggest risk right now Tuesday: S&P Global releases
central banks Reserve Chair Paul Volcker is that central banks may not its S&P CoreLogic Case-Shiller
20.0%
face a nail-bit- took office in the summer of be able to hold their re- National Home Price Index for
ing wait. 1979 and quickly pushed in- RECESSION solve…with the economy go- August.
They have terest rates to about 20%, it 17.5 ing into recession,” said Ste- Wednesday: The Conference
Federal Funds Effective Rate
raised interest brought an almost immediate phen Cecchetti, a former Fed Board releases its October con-
rates this year at the fastest recession, but inflation took 15.0 official who is now a finance sumer-confidence index.
pace in decades. But those about three years to fall to professor at the Brandeis In- Thursday: The Commerce De-
hikes work with what econo- manageable levels, the IMF 12.5 ternational Business School. partment releases September
mists call “long and variable” wrote this month in its World By prematurely reversing sales of new homes. The Bank
lags so central banks might Economic Outlook. 10.0 course, central banks will de- of Canada, European Central
not know for years if they A 2013 review by Tomas liver only the pain of higher Bank and Bank of Japan an-
have tightened too much, or Havranek and Marek Rusnak 7.5 rates, with none of the bene- nounce their latest monetary-
not enough. of the Czech central bank of fits of low inflation, the IMF policy decisions. Meanwhile, the
Why the lag? Interest-rate dozens of earlier papers con- 5.0 warned this month. Commerce Department releases
changes filter through to in- cluded the maximum impact third-quarter U.S. gross domes-

B
flation in a series of steps. on inflation takes two to four 2.5 ut lags carry the oppo- tic product. GDP contracted in
The short-term lending rates years in advanced economies. site risk, too: Central the first half of the year after
Underlying Inflation
controlled by central banks In the U.K., a 1 percentage- banks might hold inter- strong 2021 growth.
0
steer other borrowing costs point increase in the policy est rates too high for too Commerce also releases Sep-
in the economy, including de- rate reduces output by 0.6% 1970 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 long, past the point when tember figures on orders of
posit and lending rates for and inflation by up to 1 per- Note: Inflation = sticky price CPI less food & energy, change from year ago, seasonally adjusted. economic output has already long-lasting goods, and the La-
households and businesses, centage point after two to Source: Federal Reserve Board; Federal Reserve Bank of Atlanta weakened enough and the bor Department reports the
with a delay because loan three years, according to a hoped-for decline in inflation number of worker filings for un-
contracts take time to 2016 paper by James Cloyne, Unemployment on both rates, some have pivoted to is already in the pipeline. employment benefits in the
change. then of the Bank of England, sides of the Atlantic is at smaller rate increases; Aus- Indeed, the lags create a week ended Oct. 22.
Higher borrowing costs and Patrick Hürtgen of Ger- multidecade lows. Underlying tralia’s tightened by a conundrum for central banks, Friday: The Labor Depart-
and lower asset prices deter many’s Bundesbank. inflation is currently running smaller-than-expected 0.25 notes Olivier Blanchard, a ment releases its employment-
households and businesses at around 6% in the U.S. and percentage point this month, former IMF chief economist: cost index for the third quarter,

T
from borrowing and invest- his all suggests the globally, JPMorgan said. Most following four consecutive 0.5 Policy makers need to stop which captures employers’ labor
ing, which weakens sales and easy money rolled out participants at the Fed’s Sep- percentage-point hikes. The increasing rates while under- costs by measuring wages and
the ability of companies to at the start of the tember policy meeting re- smaller increase “was war- lying and wage inflation are benefits paid to workers.
raise prices and workers to Covid-19 pandemic is still be- marked that a sizable portion ranted given that the cash still rising. But that could The Commerce Department
win raises. But it takes time ing felt, while rate increases of economic activity had yet rate had been increased sub- threaten their credibility if releases figures on U.S. house-
to cancel projects or shed to date have barely cooled ei- to display much response to stantially in a short period of people conclude they aren’t hold spending and income in
workers. Some consumers ther inflation or growth. higher interest rates, accord- time and the full effect of committed to fighting infla- September. The department also
will follow through with long- The U.S. economy, after ing to the minutes. that increase lay ahead,” ac- tion—especially when they releases its personal-consump-
planned purchases, such as a shrinking slightly in the first Lags create the risk that cording to the minutes of the were slow to start raising tion expenditures price index, a
new car or kitchen. Busi- half of the year, likely grew at central banks might ease off bank’s Oct. 4 meeting. rates in the first place, Mr. gauge of inflation closely
nesses might not reduce their an annual rate of about 3% in the monetary brake too soon. Even Mr. Volcker, who Blanchard wrote on Twitter watched by the Fed.
workforce until they feel sure the three months through That is because people start eventually quashed the high on Oct. 21. The University of Michigan,
that the outlook has changed. September, according to the losing their jobs months or inflation rates of the 1970s, If central banks instead meanwhile, publishes its final
The International Mone- Federal Reserve Bank of At- years before inflation returns sharply reduced interest rates keep increasing rates to pre- reading of consumer sentiment
tary Fund said this month lanta’s forecasting model. The to target, and policy makers during recessions, including serve their credibility, that for October.
that interest-rate changes eurozone economy likely tend to come under pressure by more than 10 percentage risks a deeper recession than And the National Association
have their peak effect on grew as well despite surging to cut interest rates early. points in 1980, notes Alan is necessary. “This is a co- of Realtors reports pending
growth in about one year and European energy costs, ac- While no advanced econ- Reynolds of the Cato Insti- nundrum facing the Fed to- sales of U.S. homes based on
on inflation in three to four cording to JPMorgan Chase. omy central bank is cutting tute. day,” he said. contract signings.

U.S. WATCH
CALIFORNIA TEXAS
Sex-Assault Trial to Trooper at Uvalde
Start for Weinstein Shooting Is Fired
Five years after allegations of A Texas state trooper who
sexual assault derailed his career was among the responding offi-
and more than two years after cers to the elementary-school
being convicted of sex crimes in mass shooting in Uvalde was
New York, Harvey Weinstein is fired Friday, the Texas Depart-
facing a new set of accusations ment of Public Safety said.
in a Los Angeles criminal court. Sgt. Juan Maldonado was
Beginning Monday, jurors—nine served with termination papers, a
men, three women—will hear the spokesperson for the agency said.
case against Mr. Weinstein that Sgt. Maldonado didn’t re-
includes 11 counts of sexual as- spond to a message seeking
sault. Five women are accusing comment. The department didn’t
the disgraced producer of as- give a reason for his dismissal.
saults they say occurred be- The firing is the first action
tween 2004 and 2013. made public by the department
Mr. Weinstein, 70 years old, against one of its officers in-
has pleaded not guilty. He faces volved in the shooting response.
a life sentence if convicted. Former school police Chief Pete
The trial has high stakes for Arredondo, who was the com-
ANTHONY BEHAR/SIPA USA/REUTERS

Mr. Weinstein. In August, New mander at the scene, was fired

York’s Court of Appeals agreed to by the school district in August.
hear Mr. Weinstein’s appeal to re- The Uvalde school police force,
verse his New York conviction of which numbered five at the time
first-degree criminal sexual act of the shooting, has been widely
and third-degree rape for which criticized for its role leading the
he is serving a 23-year sentence. response to the shooting at Robb
If he successfully appeals the New Elementary School.
York charge and his prison sen- On May 24, Salvador Ramos,
BAGGAGE CHECK: Visitors look at one of the exhibits at Louis Vuitton’s ‘200 Trunks, 200 Visionaries’ in New York City. The project tence is undone, the Los Angeles 18 years old, killed 19 fourth-
invited artists and other luminaries to personalize a metaphorical blank canvas measuring the dimensions as the original LV trunk trial will take on more significance. graders and two teachers.
from the 1850s. The piece above was created by dipping balloons in epoxy 14 times, then polishing and shaping them like a trunk. —Erich Schwartzel —Elizabeth Findell

CORRECTIONS 
AMPLIFICATIONS Earnings The attention on the Fed
during the continuing third-
quarter earnings season re-
have been able to pass on
higher costs to consumers, but
some investors wonder how
strong dollar can hurt U.S. com-
panies that sell goods abroad
by making their products less
early throes of the Covid-19
pandemic, according to FactSet.
At the end of March, analysts

Readers can alert The Wall Street

Journal to any errors in news Spark calls the second-quarter re-
porting period a few months
back. Stocks staged a 17% re-
long corporations can con-
tinue to lift prices. Procter &
Gamble Co., for example, beat
affordable to overseas buyers.
The WSJ Dollar Index, which
measures the dollar against a
expected S&P 500 companies’
profits to grow 9.5% in the third
quarter from the year before.

Worry
articles by emailing
[email protected] or by calling bound this summer due in Wall Street expectations in its basket of 16 currencies, has Now they see 1.5% quarterly
888-410-2667. part to investors’ belief that latest report as price increases surged 16% this year. earnings growth.
inflation had peaked and that offset declining volumes. How- International Business Ma- But many market watchers
the Fed would soon pivot from ever, the maker of Tide deter- chines Corp. noted dollar-re- said the challenges suggest
THE WALL STREET JOURNAL Continued from Page One raising rates to lowering gent and Crest toothpaste lated headwinds shaved off earnings estimates could come
(USPS 664-880) (Eastern Edition ISSN nancial crisis. them—a rally that fizzled after forecasts a slowdown in or- nearly $1.1 billion in revenue in down even more, particularly
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Published daily except Sundays and general technology companies that investment officer of Raymond “At some point, pricing going to happen to the U.S. timistic,” said Ken Leon, direc-
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ing a weekly gain of 4.7%. Many companies so far Source: FactSet Management.
 .

THE WALL STREET JOURNAL. * * Monday, October 24, 2022 | A3

U.S. NEWS

Math, Reading Scores Show a Big Drop

BY BEN CHAPMAN Change in eighth-grade reading and math scores, 2019 to 2022 eighth-grade students have U.S. students ages 9 and 13, Dr. Carr acknowledged diffi-
fallen sharply since 2019, the are regarded as key indicators culties in teaching and learn-
The nation’s schools this AK U.S. ME last time the assessments for student achievement and ing caused by school closures
year recorded the largest-yet 282 274 Math were given, according to the future trajectory. Achieving and remote learning but said
263
drop in math scores, with 260 Reading collection of results from 50 reading proficiency by fourth the causes of learning loss
fourth- and eighth-grade stu- If the math score 2019 ’22 VT NH states, the District of Colum- grade is critical because stu- might also include mental-
decreased more
dents in nearly every state than 10 points bia and U.S. Department of De- dents at that point must use health challenges faced by stu-
showing significant declines, WA MT ND MN WI MI NY CT MA
fense Education Activity reading to learn other sub- dents and behavioral problems
according to Education De- schools. A separate analysis of jects. Math proficiency in at schools.
partment data released Mon- 26 large-city school districts eighth grade is one of the Drops in math exceeded
day. OR ID SD IA IL IN OH PA DE NJ RI also showed declines. most significant predictors of those in reading because stu-
In the most sweeping analy- Average math scores for success in high school, educa- dents tend to also learn read-
sis of test scores since the eighth-graders in 2022 tors said. ing outside of school, while
start of the pandemic, the CA NV WY NE MO KY WV NC VA MD DC dropped to 274 out of a possi- The test results follow a pe- mathematics learning depends
2022 National Assessment of ble 500, falling eight points riod in which school districts more on classroom instruc-
Educational Progress, also from 2019. Reading scores de- wrestled with how quickly to tion, Dr. Carr said.
known as the Nation’s Report UT CO KS AR TN AL SC clined 3 points, to 260. resume in-person instruction Education Secretary Miguel
Card, also revealed a nation- No state or jurisdiction during the Covid-19 pandemic. Cardona said the scores were
wide plunge in reading that AZ NM OK LA MS GA
posted gains in math in either Scores fell across jurisdictions “a reminder of the impact this
wiped out three decades of grade, nor did any of the 26 with differing policies for pandemic had on our learners”
gains. large districts included in the schooling in the pandemic. and urged districts to intensify
Prepandemic declines in ac- HI TX FL analysis. Utah was the only States that returned to in- recovery efforts such as tutor-
ademic achievement intensi- state where the drop in the person learning relatively ing.
fied nationwide, and many eighth-grade math score quickly, such as Arizona, saw Nationwide achievement
longstanding gaps in student Note: Composite scores are for all schools, individual state charts are for just public schools. wasn’t statistically significant. declines along with those that gaps between student sub-
achievement grew. Source: National Center for Education Statistics Rosie Ettenheim/The Wall Street Journal Nationwide, 38% of eighth- stayed remote longer, such as groups mostly grew during the
Low-performing fourth- graders tested below basic California. Experts are divided pandemic, although scores
grade students saw larger de- test results released in Sep- school-district officials around achievement levels in math. on the degree to which poli- mostly fell across the board.
clines in both math and read- tember revealed the largest the country. “It’s a huge deal,” The basic level denotes partial cies such as remote learning White students were the only
ing scores compared with drop in fourth-grade reading he said. “We have lost a huge mastery. affected student achievement. racial group with declines at
high-performing ones. Black scores since 1990 and the amount of the progress that Fourth-grade reading had “It’s extremely complex,” eighth-grade reading. Gaps in
and Hispanic students in first-ever decline in math. we have been making over the the lowest average score. said National Center for Edu- math widened between fourth-
fourth grade saw larger score Fordham Institute President course of decades, and it’s go- Overall, percentages scoring cation Statistics Commissioner grade students who are eligi-
drops in math than white stu- Michael Petrilli said the re- ing to take years to catch up.” below the basic level rose, in Peggy Carr. “We have massive, ble for free and reduced-price
dents. sults should serve as a wake- Overall, scores in math and both reading and math. comprehensive declines every- lunches and those who are
The data come after federal up call for policy makers and reading for both fourth- and The tests, administered to where.” not.

Trump Housing Market Suits Some Buyers Just Fine

Company BY BEN EISEN

Fraud Trial Home prices have jumped,

mortgage rates are rising fast
and the economy might be

Set to Start heading into a recession. So

Eric Lanser and Allison Man-
freda decided to go house
BY CORINNE RAMEY shopping.
The potent mix of chal-
The criminal tax-fraud trial lenges facing buyers has
of the Trump Organization is slowed the housing market,
set to begin with jury selection but millions of homes are still
Monday, offering a rare look changing hands this year.
into an opaque company that Some buyers are finding that
prosecutors say illegally paid they would prefer to hunt now

M. SCOTT BRAUER FOR THE WALL STREET JOURNAL

some executives in cars, apart- than deal with the bidding
ments and cash. wars and sight-unseen pur-
The Manhattan district at- chases that defined last year’s
torney’s office alleges former frenzied market.
President Donald Trump’s fam- It took just a few weeks in
ily business effectively kept September for Mr. Lanser and
two sets of books. In internal Ms. Manfreda to find the home
records, the company recorded they wanted in the Boston
perks—including Mercedes- suburb of Waltham. The newly
Benz cars for Chief Financial built property had been on the
Officer Allen Weisselberg and market for months, and the
his wife and private-school tu- seller had cut the price a few
ition for his grandchildren—as times. The couple offered the
employee compensation. Mr. latest asking price, and it was Eric Lanser and Allison Manfreda, unfazed by higher mortgage rates, bought a home after the price was cut a few times in Waltham, Mass.
Weisselberg and the company quickly accepted.
didn’t report the benefits to tax “The positive of bringing weakest level since the height protections in place, real-es- Applications for purchase as much as purchases among
authorities, prosecutors said. the price down was more im- of the pandemic. tate agents say. mortgages with balances of those moving locally, Mr.
Mr. Trump and his relatives portant to us than the higher Higher interest rates have Americans socked away $300,000 to $510,000 dropped Khater’s analysis found.
weren’t charged, though the in- interest rate,” said Mr. Lanser. pushed many buyers out of the savings during the pandemic, less in September from a year Buyers who use low down-
dictment alleges that the for- The 30-year fixed mortgage market. The average rate on a and bank executives say U.S. earlier than applications for payment loans, like the ones
mer president signed some they negotiated had a 4.5% 30-year fixed mortgage has consumers are financially mortgages that are both big- offered by the Department of
checks for private-school tu- rate, higher than they would doubled this year to almost healthy in aggregate, despite ger and smaller, according to Veterans Affairs and the Fed-
ition. Mr. Trump isn’t expected have paid a year ago. But that 7%, including a rise of almost the highest rate of inflation in MBA data. (Someone who puts eral Housing Administration,
to testify in the case. wasn’t enough to derail the 2 percentage points over the decades. Still, it takes a cer- 20% down on a median-priced are also better able to com-
While the former president’s purchase and keep them rent- past couple months. tain type of buyer to be able home would have a roughly pete against other buyers this
family business has been the ing in Boston, where they ex- Those who can absorb the to afford a home in 2022. $308,000 mortgage.) year. Some 27% of mortgage-
subject of legal scrutiny, this is pected their landlord to boost higher mortgage costs are Middle-of-the-road folks ap- One relative bright spot in rate locks in September came
the first time the company has rent for the second time in as finding a calmer market. Last pear to be most ready to buy the market is people moving from the FHA or VA loan pro-
faced a criminal trial. many years. year, many buyers were paying in the current market, accord- from expensive areas and buy- grams, up from 19% in Janu-
The company faces nine The market is slowing far over asking prices and ing to Mike Fratantoni, the ing in cheaper ones, according ary, according to Black Knight
criminal counts including con- across basically every region waiving common safeguards chief economist at the Mort- to Sam Khater, chief economist Inc., a mortgage technology
spiracy, criminal tax fraud and and home type, and econo- such as the option to get out gage Bankers Association, a for Freddie Mac. “The run-up and data provider.
falsifying business records. Un- mists expect that to continue. of the deal if something goes trade group. They are less af- in rates hurts, but the market These buyers were pushed
der state law, the company Sales of previously owned wrong during the inspection fected by inflation than the you’re moving to is still a lot to the sidelines last year be-
faces a maximum of about homes dropped almost 24% in or with the mortgage ap- lowest-end buyers—and also more affordable,” he said. cause sellers preferred to ac-
$1.6 million in fines if convicted September from a year earlier proval. Now they can take less affected by falling stock Purchases among people cept offers from the loads of
on all charges. to a seasonally adjusted an- their time, land on a reason- and bond prices than the high- moving from one metro area people paying cash or making
The Trump Organization’s nual rate of 4.71 million, the able price and keep all the est-end buyers. to another have dropped half big down payments.
lawyers have said prosecutors
brought the case because of
the Trump name. “Compensa-
tion cases are resolved by civil
tax authorities, not criminal
charges,” the lawyers said
Migration Wave Fuels Record Arrests at the Border
when charges were an- BY ALICIA A. CALDWELL southern border to Mexico as
nounced. part of the Title 42 policy.
The trial follows a multiyear Venezuelans, Cubans and Previously, Mexico wouldn’t
investigation by the Manhattan Nicaraguans drove a wave of allow Venezuelans and most
district attorney’s office into migration over the last year, other migrants to be sent back
ALLISON DINNER/AGENCE FRANCE-PRESSE/GETTY IMAGES

Mr. Trump and his company. as total annual arrests at the to its territory, but changed
That investigation initially ex- southwestern U.S. border positions after negotiations
amined hush-money payments reached an all-time high. with the U.S.
to adult-film actress Stormy There were a record 2.2 The new policy appears to
Daniels, then shifted to an ex- million arrests in the past year have dissuaded Venezuelans
amination of whether the by the U.S. Border Patrol of from crossing the border ille-
Trumps misrepresented the people caught crossing the gally, because they can no lon-
value of their assets to lenders, southern border illegally, ac- ger remain in the U.S. and pur-
insurers and tax authorities. cording to new data released sue asylum claims. The
The district attorney’s office, by U.S. Customs and Border Department of Homeland Se-
then led by Cyrus Vance Jr., Protection. Separately, 172,508 curity said last week that
obtained Mr. Trump’s tax re- people were processed at U.S. since the start of the new ap-
turns after a legal battle that ports of entry along the Mexi- proach, border-crossing ar-
went to the Supreme Court. can border. rests of Venezuelans dropped
The tax-fraud indictment The Border Patrol turned more than 80%.
was an offshoot of that probe. back 1,054,084 people—or A group of migrants who entered the U.S. illegally were transported this month from Calexico, Calif. During previous border
Mr. Weisselberg pleaded about 48%—arrested after surges under Presidents
guilty in August, agreeing to crossing the border last year year of record arrests along fice in 2021. ments, adding to the draw of Trump and Obama, families
testify truthfully against the under Title 42, a 1940s public- the southern border. Arrests Venezuelans, Cubans and coming to the U.S. Most of and immigrant children travel-
Trump Organization at trial. health law first used by Presi- had plummeted in the early Nicaraguans combined for a those migrants were released ing alone were among the
Nicholas Gravante Jr., a part- dent Donald Trump to turn months of the Covid-19 pan- total of 571,159 arrests during into the U.S., or briefly de- largest populations of those
ner at Cadwalader, Wickersham back migrants at the begin- demic, as the Trump adminis- the fiscal year that ended tained, while they pursued detained.
& Taft LLP who represents Mr. ning of the pandemic in March tration ordered a near-total Sept. 30, more than four times asylum or other claims. During the past year, more
Weisselberg, said that under 2020. The remaining migrants closure of the border and as high as the preceding year. The government said than 70% of arrests were of
the promised sentence, Mr. have generally been allowed to quickly expelled most mi- All three countries were hit 187,286 Venezuelans were single adults, many of whom
Weisselberg would serve a wait in the U.S. while they grants caught crossing ille- hard economically during the caught crossing the border il- were repeat offenders.
maximum of 100 days in jail. pursue asylum or other claims gally. pandemic and have seen harsh legally during the last fiscal In September, agents re-
The Trump Organization is in federal immigration court, a Illegal border crossings political crackdowns by au- year, including 33,749 people ported a recidivism rate of
expected to argue that the tax- process that can take years to started to rise again during thoritarian regimes. The U.S. in September. about 19%. From 2014 to 2019,
fraud scheme Mr. Weisselberg complete amid a backlog of the late spring and summer of has been unable to deport Earlier this month, the ad- agents reported an average re-
admitted to was an isolated roughly 1.9 million pending 2020, President Trump’s last those migrants because of a ministration said border cidivism rate of about 14%, ac-
practice and didn’t extend to cases. year in office, and then surged lack of good diplomatic rela- agents would start returning cording to Customs and Bor-
the company itself. It was the second straight after President Biden took of- tionships with those govern- Venezuelans caught at the der Protection statistics.
 .

A4 | Monday, October 24, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

In Blue States, GOP Brings Moderate Message

BY NATALIE ANDREWS the House, alongside victories back a federal ban, said the top
in more traditionally competi- issues for voters in her district
CRANSTON, R.I.—Republi- tive districts. near Portland are rising costs
cans’ efforts to expand their Mr. Biden won Rhode Is- and crime.
House map and win over vot- land’s Second Congressional Mr. Fung is counting on his
ers in unfriendly Democratic District by nearly 14 points in record as mayor and name rec-
territory hinge on candidates 2020, and the Cranston area ognition from two failed gu-
such as Allan Fung, who casts hasn’t been represented by a bernatorial attempts to win
himself as a moderate in a Republican in the House since over some voters who some-
Trump-dominated party. 1991. But Mr. Fung has a good times shun Republicans. He
Mr. Fung, the former mayor shot. A Suffolk University poll also says he would have voted

NATALIE ANDREWS/THE WALL STREET JOURNAL

of Cranston, south of Provi- released last week showed he for the bipartisan infrastruc-
dence, criticizes President Bi- was up eight points over Mr. ture and semiconductor bills.
den and Magaziner, the son of Demo- House Minority Leader
Democrats cratic healthcare policy adviser Kevin McCarthy (R., Calif.) has
for their Ira Magaziner. campaigned and fundraised for
spending Nonpartisan election ana- Mr. Fung. The Congressional
programs, lysts rate the race as competi- Leadership Fund, the super
saying they tive, noting Mr. Fung’s popu- PAC aligned with House Re-
have fueled inflation, while ac- larity in polls but also the publicans, has spent more than
cusing the party of not doing district’s strong Democratic $1 million in the race, with
enough to fight rising costs. lean. On Friday, Inside Elec- plans to spend $1 million more
But unlike many Republicans, tions shifted its stance on the before Election Day. Mr. Fung
he opposes federal abortion re- Republican Allan Fung, who is running for a House seat in Rhode Island, says he is a proud moderate. race to “tilt Democratic” from has said he would support Mr.
strictions and has shunned for- “lean Democratic.” McCarthy for the speakership
mer President Donald Trump’s Democrats now have a in a GOP-controlled House.
“America First” brand of con- 220-212 House majority. But The ties to Mr. McCarthy
servatism, speaking instead of Republicans are favored by an- are a double-edged sword. Mr.
finding bipartisan solutions to alysts to win control of the McCarthy is an ally of Mr.
voters’ problems. chamber in the midterms, in Trump and voted against certi-
“I’m proud to be that mod- part because of concerns about fying the 2020 presidential
erate and wear that label of the economy and crime, issues election after the Jan. 6, 2021,
who I am as a person,” said where Mr. Biden gets low riot by Trump supporters at
Mr. Fung, 52 years old, as he marks from voters. Historically, the Capitol. Mr. Fung attended
sipped a pumpkin cold-brew the party that controls the Mr. Trump’s 2017 inauguration
coffee in the Garden City Cen- White House has nearly always in a Trump-branded beanie,
ter shopping mall, which he lost seats in the midterms. but when asked if he wanted
helped redevelop during his 12 Other Republican candidates Mr. Trump to run again, he
years as mayor. STEVE DIPAOLA/ASSOCIATED PRESS in the Northeast are also run- said: “I’m looking for a fresh
In Providence on Thursday ning strong races in tradition- face.”
night, opponent Seth Maga- ally Democratic districts, includ- Democrats say that GOP
ziner, 39, the state general ing George Logan in candidates such as Mr. Fung
treasurer who casts himself as Connecticut and Bruce Poliquin, only appear moderate when
a Democrat for working peo- who is trying to reclaim a compared with some of their
ple, told supporters that Mr. Maine seat he lost in 2018. fiery party colleagues who now
Fung’s moderate claims were a In Oregon, House Republi- dominate the GOP image.
show. He highlighted that Mr. can candidate Lori Chavez- “Someone can still be ex-
Fung had opposed raising DeRemer cites her work as tremely conservative, but by
Rhode Island’s minimum wage Lori Chavez-DeRemer, a House GOP candidate in Oregon, cites her eye toward bipartisanship. mayor of Happy Valley in a comparison might have a few
and a statewide bill protecting state led by Democrats as giv- slightly more reasonable posi-
access to abortion. match his actual position and claiming some congressional pickups in Connecticut and ing her an eye toward biparti- tions than the insurrectionists
“The shoe doesn’t fit on the lines from the past 20 years.” seats in New England, a region Maine. Victories in deep blue sanship. Ms. Chavez-DeRemer, and election deniers,” said
claim of being a moderate,” The Fung campaign has where the party is shut out of areas could help firm up the who opposes abortions after Meredith Kelly, who advises on
Mr. Magaziner said. “It doesn’t raised Republican hopes of re- several states but is aiming for party’s hopes of winning back the first trimester but doesn’t Democratic campaigns.

Republican Nominees Press to Change Election Rules

BY CATHERINE LUCEY lenges by the Trump campaign Tony Evers, has called for re- also be challenged in court.
AND KEN THOMAS failed. All states certified Pres- placing the Wisconsin Elec- Since Mr. Biden’s victory,
ident Biden’s victory. tions Commission, repealing Democratic officials in states
Republican candidates for Some of the changes the all of its previous election including Michigan, Pennsylva-
ASH PONDERS FOR THE WALL STREET JOURNAL

governor and secretary of candidates support, such as guidance, and purging the vot- nia and Wisconsin blocked ef-
state who have echoed former tightening voter-identification ing rolls of dead and inactive forts by some Republicans to
President Donald Trump’s rules or limiting absentee vot- voters twice a year. overturn the 2020 election re-
DAVID DERMER/ASSOCIATED PRESS

false claims that the 2020 ing, align with measures Re- State law in Wisconsin re- sults. Some Republican offi-
election was rife with fraud publicans have already passed quires the commission to con- cials in Georgia and Arizona
have proposed changes in vot- or have been seeking to pass duct voter-list maintenance withstood pressure from
ing access and election certifi- in other states. Other ideas every two years after the fall within their party to not cer-
cation that could have ramifi- they have floated go further. elections by contacting people tify the result of the vote.
cations in key states in the Republican Kari Lake, who who haven’t voted in the past Congressional Democrats
next presidential election. is in a race viewed as a tossup four years and deactivating introduced legislation to gov-
Seven Republicans running for governor in Arizona, has them if they don’t respond or ern elections nationwide, but
for those offices in Pennsylva- called for decertifying the re- don’t wish to remain regis- the move lacked sufficient
nia, Wisconsin, Arizona, Mich- sults of the 2020 election in Republicans Kari Lake in Arizona and Doug Mastriano in Pennsylvania. tered. Senate support to move for-
igan and Nevada—all presi- some close-run states includ- The powers of governors ward.
dential battlegrounds—haven’t ing Arizona, which Mr. Biden hand rather than relying on polls. Such a move would vio- and secretaries of state vary Several Republican-led
all detailed how they would won by just over 10,000 votes. vote-counting machines. He is late federal law, said David by state, but they generally states, meanwhile, introduced
oversee the 2024 election but The state’s Republican candi- running against Democrat Becker, executive director of have influence in overseeing new voting laws. In Georgia,
have publicly touted measures date for secretary of state, Adrian Fontes. the nonpartisan Center for elections and certifying re- Gov. Brian Kemp has signed
they say would ensure election Mark Finchem, co-sponsored a In Pennsylvania, Republican Election Innovation and Re- sults, as well as the process legislation that altered how
integrity, as they question the bill that calls for state law- gubernatorial candidate Doug search. Mr. Mastriano didn’t for awarding electoral votes in people vote absentee and
outcome of the 2020 race. makers to review the ballot Mastriano has said he could respond to a request for com- presidential elections. Some where people can drop off
Federal authorities have said tabulating process and accept require everyone to re-register ment. changes would require action their ballots. Mr. Kemp is run-
there was no widespread fraud or reject election results. It to vote if he wins. He cur- In Wisconsin, Republican from state legislatures, which ning for re-election against his
that would have changed the also would require election rently trails Democrat Josh Tim Michels, who is in a tight governors could support or 2018 opponent, Democrat Sta-
result, and several court chal- workers to count ballots by Shapiro substantially in most race with Democratic Gov. veto. Any new measures could cey Abrams.

Better than Biden’s Oil remain elevated for the fore-

seeable future makes them less
likely to presell oil. Shale com-

working for Plan Raises panies have been letting their

hedges—contracts to sell fu-
ture production at a fixed

a bank! Skepticism price—roll off to maximize ex-

posure to high commodity
prices, he said.
Mr. Adkins said production
DAVID PAUL MORRIS/BLOOMBERG NEWS

Continued from Page One cuts from the Organization of

SI Capital has opportunities for you to join will further draw from the re- the Petroleum Exporting Coun-
us, or become a partner in a newly formed serves after that if needed, Mr. tries, combined with sanctions
independent firm. You provide the talent or Biden said. targeting Russia and poten-
Mr. Biden’s oil releases, tially rebounding demand from
talented team, ambition, and niche opportunities roughly equivalent to Libya’s China, could lead to a supply
in financial services (investments, trading, raising daily oil production, have gap that would push crude
capital, etc). We provide capital, regulatory brought the inventories to a prices back to $120 and even
38-year low. The Strategic Pe- higher. “[If] I think oil is going
(FINOPS, etc), class A office space (Grand troleum Reserve can hold to be a lot higher a year from
Central Station area), IT, legal and more. about 714 million barrels of oil Biden hopes to increase oil production to bring down gas prices. now, I’m not going to hedge at
and was down to about 405 $70,” he said.
million barrels as of Oct. 14. lowed producers to clean up of driller Surge Energy Inc., The possibility that the cost
SI Capital is an investment/trading firm with 5+ Mr. Biden, a Democrat, said their balance sheets and put said that Mr. Biden’s offer of materials, equipment and la-
billion dollars AUM owned by the founder of the releases are meant to them on solid footing to could see some takers but that bor could keep rising also
lower consumers’ energy bills weather market volatility, ana- his administration’s other poli- makes locking in prices unap-
5-hour ENERGY. We don’t make decisions and stabilize markets following lysts said. cies pertaining to the oil-and- pealing to producers, said Rob-
by committee. We don’t participate in Russia’s invasion of Ukraine. Mr. Biden said Wednesday gas industry made new invest- ert McNally, president of con-
ESG or other irrational fashions. We don’t So far, the massive draw- that oil companies shouldn’t ments unattractive. A Wall sulting firm Rapidan Energy
downs have been matched by a be using their profits for inves- Street Journal review of fed- Group who served as an en-
“adjust” compensation plans on the fly. timid increase in domestic pro- tor payouts during the war in eral data found that new oil ergy adviser to then-President
And we move fast. duction. Even with the bench- Ukraine and urged them to in- leases on federal lands have George W. Bush. “The shale oil
mark for U.S. crude oil reach- crease production. slowed greatly under Mr. Bi- companies don’t know what
ing $120 a barrel earlier this Administration officials said den, a point of contention for their costs are going to be in a
If you’re really good at what you do, and really year, producers have kept a their plan to refill the Strategic the industry. year or two,” he said.
enjoy the work (but not necessarily the… low profile, churning out about Petroleum Reserve gives pro- “The longer these bad poli- Shifting from releasing the
“overhead”) this may be a good fit. If you like 12 million barrels a day, a 6% ducers assurance of future de- cies last, probably the produc- reserves to refilling them
increase from January produc- mand, allowing them to in- tion increase will be much could remove large amounts of
working for a bank… this may not fit. tion, according to federal data crease drilling now. smaller,” Mr. Guan said. oil from the global market, fur-
for the week ended Oct. 14. Oil-industry groups have Mr. Biden pledged to stop ther tightening supplies and
If you’re interested contact: One reason for the restraint said Mr. Biden’s releases have drilling on federal lands as a contributing to inflation, some
is pressure from investors, been responsible for tepid pro- candidate, saying the nation analysts said.
who have been stung by years duction growth in recent needs to transition to clean “The time to replenish is
Chris Fowler of the industry’s free spending months because drawing down energy. during times of economic
C: 248-826-4306 and are demanding that oil reserves artificially lowers Marshall Adkins, a manag- slack, when there’s surplus oil
companies keep production prices in the short term, dis- ing director at investment to buy,” said Kevin Book, man-
[email protected] SICapitalGroup.com largely flat while increasing suading investment in new oil bank Raymond James Financial aging director at consulting
buybacks and dividends. That production. Inc., said a view among pro- firm ClearView Energy Part-
capital discipline has also al- Linhua Guan, chief executive ducers that crude prices will ners LLC.
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | A5

U.S. NEWS

Pollsters Strive to Avoid Flubs of 2020, 2016

BY AARON ZITNER strategist and data expert, as- than-expected finish in 2020, with ways to address both even if they have the right mary elections. A poll with too
sumes that pollsters are over- which the professional associa- problems. share of voters from a given many Democratic primary vot-
Pollsters this year are tak- stating Democratic support tion of public opinion research- To try to find hard-to-reach group—suburban voters, for ers could overstate Democratic
ing a range of steps to try to once again. ers determined was the biggest voters, the Marist Poll, among example, or Democrats—they enthusiasm and undercount
improve the accuracy of their Mr. Bonier also has a sec- polling miss in 40 years. others, is using text messages might be talking only to those “soft Democrats,” who could
surveys, after significantly un- ond reaction: Maybe this time Many pollsters and re- to invite voters to take its sur- most eager to participate in be more tepidly committed to
derstating support for Donald the polls have corrected for searchers say that a certain veys online, said Lee Miringoff, polls and who don’t represent the party’s candidates.
Trump and other GOP candi- past mistakes and are detect- type of Republican is declining director of the Marist College the full range of views of the Similarly, Bill McInturff, a
dates in the past two presiden- ing a true surge in support for to take their surveys—the vot- Institute for Public Opinion. group. For example, some be- Republican pollster, said he is
tial elections. Strategists and his party. “I think everyone ers most committed to backing The text messages are in- lieve the problems in 2020 re- trying to make sure he gets
pollsters in both parties are feels somewhat burned and Mr. Trump and his style of pol- tended to expand the randomly sulted from including too the right mix of views within
worried about whether the gun-shy because of the polling itics. Others say that these selected respondents that the many highly engaged Demo- each geographic group—urban
steps will work. misses of 2016 and 2020,” Mr. voters are, in fact, answering poll reaches through other crats in surveys. areas, rural areas and suburbs.
When Tom Bonier sees polls Bonier said. surveys and are present in the means, such as using live in- To correct this concern, In the polls he conducts
showing the Senate race tied One problem for pollsters as pollsters’ data, but that out- terviewers to call voters on said Republican pollster Chris- with Democrat Jeff Horwitt for
in Ohio, his first reaction is they try to improve their accu- dated assumptions about the cellphones or landline phones. tine Matthews, some in the NBC News, Mr. McInturff keeps
skepticism. After all, President racy is that they haven’t set- composition of the nation’s The Wall Street Journal poll field are checking the voting an eye on whether the share of,
Biden’s 8-point loss in Ohio tled on the root cause of the electorate means that they are includes respondents reached history of their poll respon- for example, urban Democratic
two years ago was far bigger errors that left many Ameri- underrepresented in the re- by text message as well as dents, which is a public record, voters or rural Republican vot-
than polls had suggested. Mr. cans surprised by Mr. Trump’s sults. those interviewed by phone. to see whether the person con- ers is in line with how those
Bonier, a longtime Democratic victory in 2016 and his closer- Pollsters are experimenting Some pollsters say that sistently participates in pri- groups voted in 2020.

IRS Chief
Set to Exit;
Successor
FILL BELLIES,
Not Picked
BY RICHARD RUBIN
NOT LANDFILLS
WASHINGTON—With less
than three weeks left in
Charles Rettig’s term as Inter-
nal Revenue Service commis-
sioner, President Biden hasn’t
picked anyone to succeed him,
leaving the tax agency without
a leader to spearhead the $80
billion agency expansion that
Democrats just pushed through
Congress.
The delay in choosing and
confirming Mr. Rettig’s re-
placement nearly certainly
means an interim IRS commis-
sioner after Nov. 12. That act-
ing commissioner might be re-
luctant to make binding
decisions that affect the
agency’s long-term future. Any
vacancy lasting until January
would let Republicans influ-
ence or reject a Biden nominee
should they win a Senate ma-
jority in November’s election.
The Biden administration
didn’t place enough priority on
finding an IRS commissioner
over the past two years, and
the decision is now likely to
fall to the next Congress, said
Ben Koltun, director of re-
search at Beacon Policy Advi-
sors LLC in Washington.
Administration officials have
been talking to potential candi-
dates for the five-year term as
they near a decision, said a per-
son familiar with the search. If
Democrats hurry and dedicate
Senate floor time to the posi-
tion, there might be time during
the postelection congressional CHRISTOPHER CLARK
session to confirm a nominee. Pratt Industries Executive Chairman Anthony Pratt and Feeding America®
Finding an IRS chief is no
easy task, even in more normal CEO Claire Babineaux-Fontenot following the recent gift announcement.
times. The tax agency can be
unwieldy, with a long list of
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A6 | Monday, October 24, 2022 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Ukrainian Forces Close In on Kherson
Kyiv seeks to force
Russian retreat from Officials Work to according to officials in Kyiv.
Russian Defense Minister
southern city and Restore Electricity Sergei Shoigu, meanwhile,
spoke by phone to his U.S.,
avoid urban fighting French, Turkish and U.K. coun-
Ukraine was working to re- terparts. He warned about
BY IAN LOVETT store electricity across the Ukraine’s possible use of a
country on Sunday following a dirty bomb, which combines
MYKOLAIV, Ukraine—As Russian attack on critical infra- conventional explosives with
Ukraine has recaptured more structure. radioactive materials, the Rus-
than 3,000 square miles of ter- Almost 1.5 million Ukraini- sian Defense Ministry said.
ritory this fall, its forces have ans were left without power Ukraine’s foreign minister,
followed a blueprint that plays after Russia unleashed a volley Dmytro Kuleba, dismissed the
to their strengths: using strong of cruise missiles on Saturday— allegation as dangerous and
intelligence and precision weap- the latest salvo in a campaign absurd.

LEO CORREA/ASSOCIATED PRESS

onry to hit Russians’ supply to deprive the country of heat Late Sunday, the U.S., U.K.
lines and command posts and and light as winter sets in. and France released a joint
weaken their ability to fight. The recent attacks, which statement calling the dirty
Advancing Ukrainian troops have damaged nearly a third bomb allegation “transparently
can then overwhelm an enemy of the country’s energy infra- false” and warning about “any
that has been hollowed out structure, seek to undermine attempt to use this allegation
from behind. That approach has Ukrainians’ will to fight and as a pretext for escalation.”
limited Ukrainian casualties, provoke a humanitarian crisis, —Isabel Coles
military and civilian, and helped Ukrainian troops checked trenches abandoned by Russian soldiers in the Kherson region this month.
spare some of the country’s cit-
ies from the major destruction supplies. The aim: force Russia challenging, said Phillips ture is costly in both lives and Moscow had made its regional Kherson, Gen. Ryan said,
that would result from more to retreat east of the river with- O’Brien, professor of strategic weaponry. capital, the Russians tried to isn’t of the same strategic im-
traditional siege tactics. out grinding urban combat. studies at the University of St. In the Ukrainian offensive in make a stand. Like Kherson, the portance as Kupyansk, but has
Now, Kyiv’s playbook is fac- Moscow is moving civilians Andrews in Scotland. “If the the northeastern Kharkiv region city is located alongside a river, huge political value, which
ing a definitive test, as Ukrai- out of Kherson. But it is unclear Russians want to fight for Kher- last month, troops seized vil- and Ukrainian troops weren’t could make Moscow more will-
nian forces close in on the whether Russian troops will son, and they’re willing to sac- lages around the cities of Balak- able to surround it as they had ing to dig in and fight. It is the
southern regional capital of fight to hold on to the city. If rifice units, they can make it liya and Shevchenkove, sur- the others. Though they retook only regional capital Russia has
Kherson. they do, Kyiv will be faced with very difficult,” he said. rounding the Russians in small the city, it was severely dam- captured since launching its
For months, Ukrainian forces a decision: push to take Kher- Moscow has been willing to pockets and forcing them to aged during the battle. full-scale invasion in February.
have sought to cut off Russian son before winter, potentially flatten cities—including Mariu- withdraw. In Izyum, the largest “Kupyansk was a pretty im- Though Russian officials
troops in Kherson on the west fighting street by street and pol and Severodonetsk—in its city in the area, the Russians portant place—the Russians have conceded that the condi-
bank of the Dnipro River. Using house by house, or keep trying efforts to capture them. Ukraine retreated as Ukraine threatened were more willing to fight for tions are difficult west of the
U.S.-supplied long-range rocket to starve the Russians out. instead has taken pains to avoid to cut off the last road out. it,” said Mick Ryan, a military Dnipro, they have said they
systems, they have hit bridges, Once winter sets in, any of- urban fighting, which in addi- But in Kupyansk, an impor- strategist and retired major have no plans to surrender the
ammunition dumps and fuel fensive push will be far more tion to destroying infrastruc- tant transportation hub, which general in the Australian army. city.

Putin Plays for Time, Hoping to Regroup in Winter

BY ALAN CULLISON sanctions, shrinking govern- fensive in southern Ukraine, Thomas Graham, a distin- The Kremlin is hoping that maybe in the spring things
ment revenue, an exhausted which now threatens to deal guished fellow at the Council its own defenses in Ukraine will look differently,” said Mr.
Russia’s Vladimir Putin is military and a public irked by Moscow a new major defeat as on Foreign Relations. will strengthen in the coming Graham.
aggressively trying to prevent a widening conflict in Ukraine it closes in on the Russian-oc- Russian military planners weeks with the influx of Military experts said they
further losses in Ukraine by in which few wanted to fight. cupied regional capital of Kher- have for centuries looked upon 300,000 reservists, whose mo- believe the Kremlin is playing
bombarding critical infrastruc- Barring a collapse of Russian son. Moscow hopes winter will winter as an ally that helped bilization Mr. Putin ordered a longer game. Moscow is
ture and to avert disquiet at forces in Ukraine that military also bring new strains to the vanquish invaders from Napo- last month. And, egged on by likely using its mobilization to
home by tightening social con- experts call unlikely, Mr. Putin North Atlantic Treaty Organi- leon to the Nazis. Whether Kremlin-controlled television protract the war beyond next
trols. The goal: hold on until for now appears secure in zation, as the cutoff of Russian this winter could provide a re- that says Mr. Putin has pur- year, hoping the West will tire
the winter can give him power. Nevertheless, he needs gas earlier this year drives up spite for Mr. Putin is an open sued the war too gently, he has of Russia’s campaign of eco-
enough pause to reboot his to keep the military campaign energy prices and threatens to question, according to military stepped up missile and drone nomic war, destabilization and
bogged-down invasion. from backsliding so he can chill homes in Europe. experts. In Europe, energy attacks on Ukraine’s civilian in- escalation threats in Ukraine,
Mr. Putin’s war effort has avoid the kind of major defeat “In time, they are hoping suppliers appear to have frastructure, hoping it will dis- and force Kyiv to negotiate
generated pressures that pres- that could cause his Kremlin these pressures might lead the patched together networks rupt Ukraine’s offensive. with Moscow, the Royal United
ent the biggest threat to his elite to lose confidence in his Europeans to crack and start and amassed enough gas to “The idea is to stabilize Services Institute for Defence
23-year rule in Russia. They rule and ignite power struggles. pushing Ukraine to make some make up for the shortfalls things as quickly as possible and Security Studies in Lon-
include the bite of Western Winter could slow Kyiv’s of- kind of deal” with Russia, said caused by Russia’s cutoff. so they can get to winter, and don said in a recent report.

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THE WALL STREET JOURNAL. Monday, October 24, 2022 | A7

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 .

A8 | Monday, October 24, 2022 * ***** THE WALL STREET JOURNAL.

WORLD NEWS

China Grows 3.9% in Rebound Loyalists Make Up

New Slate of Leaders
BY STELLA YIFAN XIE
AND JASON DOUGLAS
The six men who took the sory body, the Chinese People’s
HONG KONG—China’s econ- stage Sunday with Xi Jinping Political Consultative Confer-
omy expanded more strongly as members of the Politburo ence, in the spring.
than expected in the third Standing Committee, China’s
quarter as the country bounced most powerful decision-making Cai Qi, 66, had
back modestly from crippling body, are seen as Xi loyalists: been serving as
Covid lockdowns in the spring, the Communist
though challenges remain for Li Qiang, 63, a former top Party chief of
the country as leader Xi Jin- aide to Mr. Xi, has been the Beijing before
ping consolidates control of Communist Party secretary of joining the top
the country’s political appara- the eastern financial hub of leadership. Mr. Cai was respon-
tus for another five years. Shanghai since 2017. Mr. Li is sible for launching a campaign
China’s gross domestic set to take office as premier in 2017 to evict tens of thou-
ALEX PLAVEVSKI/EPA-EFE/SHUTTERSTOCK

product expanded by 3.9% in in the spring, as China’s new sands of people who lived on
the three months ended Sept. No. 2-ranked leader. He was the outskirts of Beijing and
30 from a year earlier, China’s widely seen as a key protégé didn’t hold local residency. By
National Bureau of Statistics of Mr. Xi and the promotion precedent in leadership rank,
said Monday in a data release showed their relationship was Mr. Cai appears likely to as-
that was unexpectedly delayed intact with Mr. Li’s handling sume responsibility over the
as Communist Party leaders of the controversial two- party’s propaganda and censor-
gathered in Beijing. month Covid lockdown in ship apparatus.
The statistics bureau was Shanghai.
originally slated to release the Ding Xuexiang, 60, is Mr. Xi’s
closely watched figures on Oct. Zhao Leji, 65, chief of staff and a longtime
18 but abruptly postponed it The economy’s performance in the third quarter marked an improvement from the second quarter. served as secre- aide. Since 2017, Mr. Ding has
the day before, citing unspeci- tary of the Cen- served as director of the Cen-
fied “work arrangements” in tral Commission tral Committee’s General Of-
remarks to The Wall Street Economic Policy sion-making body, the Politburo ple with less experience on the for Discipline In- fice, a powerful organ that
Journal. The delay was never Standing Committee. All six men economy and suggests there spection, the handles document flow, sched-
explained, though economists Keeps in Step who took the stage with Xi Jin- won’t be a mechanism to Communist Party’s top anticor- uling and security for top party
suspected officials of trying to ping are seen as loyalists of the course-correct if Mr. Xi’s policies ruption watchdog, during Mr. leaders. He often accompanies
avoid overshadowing the Chinese leader. are failing, said Wang Hsin-hsien, Xi’s second term as party chief. the Chinese leader on official
twice-a-decade conclave. SINGAPORE—The new slate Mr. Xi’s zero-Covid policies a professor of East Asian Stud- Mr. Zhao has been taking a trips. An engineer by training,
The economy’s performance of China’s top leaders, packed have suppressed consumer ies at the National Chengchi Uni- largely hands-off approach dur- Mr. Ding spent the bulk of his
in the third quarter marked an with allies of Xi Jinping, has spending while borrowing limits versity in Taiwan. ing his time in office and was career in Shanghai. Mr. Ding is
improvement from the 0.4% some economists fearing a fur- imposed on developers have led “There is an increased risk barely involved in making deci- likely to become China’s first-
year-over-year GDP increase ther erosion of checks on the to a steep downturn in the prop- that Xi’s economic-security sions on investigations. Now ranked vice premier in the
recorded in the second quarter, power of a Chinese leader who erty market. A sweeping clamp- agenda will trump economic serving his second term in the spring.
when lockdowns in major cities has overseen the biggest expan- down on the internet and pri- pragmatism,” said Michael Hir- party’s top leadership, he is
such as Shanghai shuttered sion of state control over the vate-education sectors has wiped son, head of China research at likely to become the top offi- Li Xi, 65, is the
businesses and kept millions economy in decades. out hundreds of billions of dollars 22V Research, a New York firm cial at China’s national legisla- new head of the
stuck at home, sometimes for On Sunday, China unveiled in market value for many of focused on investment strategy. ture, the National People’s Con- Communist
weeks and even months. the leaders who will sit on the China’s biggest companies. —Keith Zhai gress, in the spring. Party’s top disci-
Still, the third-quarter num- country’s most powerful deci- The new lineup includes peo- and Stella Yifan Xie plinary commis-
ber fell short of the 4.8% Wang Huning, sion. During Mr.
growth rate recorded in the 67, is the Xi’s second term as general
first three months of the year, again after a short-lived sum- sure on overstretched local nally, with geopolitical tensions party’s top polit- secretary, Mr. Li was party chief
before widespread Covid lock- mer recovery. governments. rising and overseas demand for ical theorist and of Guangdong province, the in-
downs hit the economy. Mon- Mr. Xi, speaking to the press Chinese households have Chinese exports fading as the has been a dustrial hub in southern China

BLOOMBERG NEWS (2); TINGSHU WANG/REUTERS (2)

day’s growth figure also put Sunday after securing a prece- also cut back spending amid U.S., Europe and other econo- member of the that helped power the country’s
overall growth for the first dent-breaking third term in the real-estate slump and the mies confront rocketing infla- Politburo Standing Committee economic miracle. Mr. Li started
nine months of 2022 at 3%, power, described China’s econ- threat of further restrictions tion and rising interest rates. since 2017. A former academic, his career as a secretary to a
well below the official full-year omy as highly resilient, with on daily life to smother even The International Monetary Mr. Wang is seen as a leading revolutionary veteran who had
target of about 5.5% set in plenty of room to maneuver. tiny Covid-19 outbreaks. Offi- Fund this month cut its growth figure among China’s neocon- close ties with Mr. Xi’s family.
March by top leaders. Economists say the head- cials have signaled they are un- forecast for China this year servatives who advocate the Mr. Li spent a formative period
Other economic data, re- winds facing the world’s sec- likely to abandon their zero- and next, saying it expects forging of a strong, centralized of his career in the impover-
leased belatedly on Monday af- ond-largest economy are in- tolerance approach to the China’s economy to expand state that can enforce stability ished provinces of Gansu and
ter similar delays, underscored tensifying, which will bear pandemic. Many economists 3.2% in 2022, down from a and resist Western liberal influ- Shaanxi, where Mr. Xi’s late fa-
the challenges facing the econ- down on growth this year and doubt any significant easing of forecast of 3.3% in July, and by ences. Precedent in leadership ther once operated as a revolu-
omy. Export growth continued next. A property-sector slow- the growth-sapping policy will 4.4% in 2023, down from 4.6%. ranks suggests that Mr. Wang tionary leader.
to slow, the housing-market down has hurt construction, happen before mid-2023. —Grace Zhu is likely to become the top offi- —Chun Han Wong
downturn worsened and con- crushed consumer confidence At the same time, China and Bingyan Wang cial at China’s top political advi- and Keith Zhai
sumer spending decelerated and added to financial pres- faces more challenges exter- contributed to this article.
 .

THE WALL STREET JOURNAL. * * * * Monday, October 24, 2022 | A9

WORLD NEWS

Johnson lent of finance minister.

This summer he complained
that Ms. Truss’s economic
While Mr. Sunak is the fa-
vorite, he still has to contend
with Ms. Mordaunt, who is

Quits Race platform of leading a British

economic revival through
slashing taxes was “fairy tale
popular with Conservative
members. The 49-year-old for-
mer public-relations profes-

In U.K. economics,” and would risk

destabilizing public finances
and prompting a possible
sional has campaigned as a
neutral figure who can reunite
the Tory party’s feuding clans.
backlash from the markets. His However she has a much lower
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

Continued from Page One warnings proved true just public profile than Mr. Sunak.
Ms. Mordaunt had around 23 weeks later as Ms. Truss Critics have said Mr. Sunak
backers out of 357 Conserva- rolled out her program, which is too rich to appeal to work-
tive lawmakers, according to combined tax cuts with a big ing-class voters. That could
the British Broadcasting Corp. new energy subsidy program, prove problematic if the next
It was unclear, however, and was dealt a humiliating prime minister has to push
how many of Mr. Johnson’s setback when market turbu- through spending cuts to ap-
supporters would now throw lence forced her to retreat, pease investors nervous about
their support behind Ms. and eventually resign. the nation’s finances. Mr. Sunak
Mordaunt, a former defense The possible return of Mr. is estimated to be the richest
minister. If Ms. Mordaunt does Johnson caused alarm in some member of the House of Com-
clear the nomination threshold quarters of the Conservative mons, and his wife, Akshata
by the Monday afternoon party, coming just months after Murty, is the daughter of an In-
Former President Hu Jintao patted the shoulder of Premier Li Keqiang as he was ushered out of deadline, then the Conserva- 50 members of his government dian billionaire.
the closing ceremony of the Communist Party congress, while President Xi Jinping, right, looked on. tive Party’s 170,000 members quit, questioning his integrity. Mr. Sunak previously ar-

Hu Makes Surprising
would pick a winner by Friday, gued his rise to wealth embod-
and analysts said either candi- ies the meritocratic values of
date could win. the Conservative Party. His
Mr. Johnson, who was grandparents immigrated in
forced to quit as prime minis- the 1960s and are originally

Exit From Congress

DANIEL LEAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

ter this summer following a from India. His mother ran a
mutiny in his party, wanted to pharmacy in southern England,
stage a dramatic comeback and his father was a doctor.
once Ms. Truss’s premiership Mr. Sunak attended an elite
collapsed. Ms. Truss resigned British private school and
while Mr. Johnson was on va- went on to work for Goldman
BY JAMES T. AREDDY tirement. The congress pro- Hu set his hand upon. Mr. Hu cation in the Caribbean, Sachs. After a stint with a
vides a rare vantage point to was lifted from his chair and prompting him to race back to hedge fund he got into politics
Choreography of the con- observe party elders, who tend ushered off the center dais, the U.K. over the weekend to and was identified within the
gress that extended Xi Jin- to disappear from public view briefly looking back at Mr. Xi drum up support. party as a rising star. His early
ping’s rule of China was briefly once retired, even as they re- and patting departing Premier Following two days of fran- support of Brexit during the
disrupted over the weekend by tain a behind-the-scenes role in Li Keqiang on the shoulder as tic horse trading, Mr. Johnson 2016 referendum further
a highly unusual and uncere- power-maneuvering. he walked out, unsupported. declared Sunday that he had played in his favor.
monious exit from the pro- Midway through the other- Other senior leaders re- gained enough support from Now Mr. Sunak will have to
ceedings by Mr. Xi’s predeces- wise carefully choreographed mained seated but appeared Conservative lawmakers to Rishi Sunak win over Mr. Johnson’s sup-
sor, 79-year-old Hu Jintao. congress’s closing session on dumbfounded. As the meeting run in the contest against Mr. porters.
The mid-meeting departure Saturday, Mr. Hu was helped continued, Mr. Xi presided Sunak but that continuing in Still a sizable chunk of the Mr. Johnson had appointed
of Mr. Hu on Saturday high- out of his chair next to Mr. Xi next to an empty chair. the race “would simply not be Tory party pined for a return Mr. Sunak as his chancellor in
lighted 69-year-old Mr. Xi’s and inexplicably led out of the It wasn’t clear why Mr. Hu the right thing to do” given of the 58-year-old on account 2020. This past July 5, Mr. Su-
supremacy and served as a re- hall. left or where he went. The in- that a large chunk of Conser- of his ability to win elections. nak resigned from Mr. John-
minder of a generational shift Mr. Hu’s ashen look and cident has gone unmentioned vative lawmakers weren’t The Conservative Party is poll- son’s cabinet, saying they had
in power at the top of the Chi- gray mop of hair had already in China’s domestic media backing him. ing at historic lows. differing views on the econ-
nese Communist Party. made him stand out during coverage and no trace of it Mr. Johnson, a deeply con- On Saturday evening Mr. omy. The resignation triggered
Jiang Zemin, the 96-year- the congress’s opening session could be found on the Chinese troversial figure in the party, Johnson held discussions with an avalanche of further resig-
old who preceded Mr. Hu as Oct. 16, and to some China internet. added that “you can’t govern Mr. Sunak, but failed to strike a nations which eventually
party chief and president, was watchers the image seemed to On Twitter, Xinhua News effectively unless you have a deal that would see one of forced Mr. Johnson out of of-
among notable retired party illustrate his faded relevance Agency suggested Mr. Hu’s is- united party in Parliament.” them pull out, James Dudde- fice. The former prime minis-
stalwarts who didn’t appear in the Xi era. sue was health-related. In He said 102 Tory lawmakers ridge, a Conservative lawmaker ter had been under fire for a
along with the almost 2,300 Footage shot Saturday by English, indicating the report backed him, a number that who was helping marshal Mr. series of scandals, including
delegates in the Great Hall of foreign media in the hall, was aimed at an international couldn’t be independently ver- Johnson’s campaign, said. being fined for breaking
the People for the opening of which wasn’t included in the audience, the government-run ified. On Sunday Mr. Sunak offi- Covid-19 lockdown rules by at-
the congress on Oct. 16. Also official China Central Televi- agency said Mr. Hu “was not If Mr. Sunak wins, it will cap cially announced his candidacy tending a party.
missing was former Premier sion broadcast, showed Mr. Hu feeling well during the ses- a meteoric political rise and pledging to “fix our economy,
Zhu Rongji, who turns 94 on seemingly reluctant or unable sion” and left to rest in a make him the U.K.’s first prime unite our party and deliver for
Monday. to stand up when an aide tried room next to the meeting minister of Indian heritage. The our country.” Watch a Video
The party on Sunday handed to lift him off his chair. venue. “Now, he is much bet- 42-year-old former hedge-fund As the day went on, Mr. Su- Scan this code
Mr. Xi a mandate to rule into a In the commotion, Mr. Xi ter,” the account said. manager gained a reputation as nak appeared to get more trac- for a video on
second decade and announced leaned toward Mr. Hu and ap- China’s State Council didn’t a steady-handed pragmatist tion with several public en- how Truss’s
a new slate of leaders under peared to speak with him, respond to a request for com- when he served as chancellor dorsements from high-ranking term in office
him as rivals head toward re- pulling back a document Mr. ment. of the exchequer, the equiva- Tories. came to an end.

Xi Secures to be that China has a leader-

ship that will be united and
stable. I suspect it will prove
bers of the political elite and
discouraged lower-level officials
from making decisions for fear

Third Term rigid and inflexible.”

Mr. Xi used the party con-
gress over the past week to
of running afoul of Beijing.
Mr. Xi is to become the third
longest-serving occupant of the

In China double down on his vision. Dele-

gates voted on Saturday to up-
date the party’s governing char-
party’s top political office. He
would trail only Mao, who was
party chairman for more than
ter with references to Mr. Xi’s three decades, and Jiang
Continued from Page One broad vision for retooling the Zemin, who served as general
as standard bearers for rela- economy, building a first-rate secretary for 13 years over 2½
tively pluralistic and market-ori- military and instilling greater terms, and stayed on as the
ented policies. They leave China fighting spirit among the party’s chairman of the party’s Central
firmly in the grip of Mr. Xi and
his supporters, who have broken
nearly 97 million members.
But economists said Mr. Xi’s
Military Commission for about
two more years. Deng Xiao-
Our timeless
with the pro-market pragma- emphasis on state control has ping, China’s paramount leader
tism of past decades to cham-
pion a more egalitarian society,
undercut the private-sector dy-
namism that propelled China’s
from the late 1970s until his
death in 1997, never held office
emerald and
greater state control over the
economy and an increasingly
growth. Meanwhile, his auto-
cratic style and disciplinary
as the titular party chief.
—Stella Yifan Xie diamond
muscular foreign policy. purges have antagonized mem- contributed to this article.
In his first remarks after
taking his third term, Mr. Xi
bracelet
reiterated his agenda in broad
strokes—including demands
for his party to persist with
JOURNALISTS DON’T
“self-revolution,” reorient the ‘JUST WRITE STORIES.’
economy toward “high-quality
development,” and ensure that
China asserts positive leader- THEY RECORD HISTORY.
ship in global affairs. Our 7" tennis bracelet
“The journey ahead is long
and arduous, but with deter-
is simply aglow with
mined steps, we will reach our 4.10 ct. t.w. round emeralds
destination,” Mr. Xi said while
his lieutenants in the top leader- within 3.00 ct. t.w. round
ship stood by. “We must remain
on high alert, and stay sober- brilliant-cut diamond halos.
minded and prudent.” Set in high-polished
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A10 | Monday, October 24, 2022 * * THE WALL STREET JOURNAL.

FROM PAGE ONE

Three Lives Julia Ghahramani had just

started her legal career at Akin
Social worker Amanda Scher
worked with cancer patients.
because it’s really strong”
“Hey boss lady you heard”
“Lol”

Lost to Gump Strauss Hauer & Feld. Three FaceTime audio calls
to her phone went unanswered.
A text the next morning:

Fentanyl “Hey can you give me a call

back I need to ask you some-
thing real fast”
Ms. Scher’s dog walker
Continued from Page One found her dead on the sofa that
her master’s degree at New day.
York University. Prosecutors said the texts
The three high-achieving and calls to Ms. Ghahramani
New Yorkers had texted the and Ms. Scher after the deliver-
DoorDash-style cocaine deliv- ies showed a consciousness of
ery service on a late winter guilt that something was wrong
Wednesday. They all died from with the drugs.
the illicit fentanyl that had The day after the deliveries,
been mixed into it. Mr. Rainey sent Mr. Ortega
Fentanyl is a powerful legal screenshots of home drug test-
opioid, prescribed for cancer ing kits, and Mr. Ortega
patients and others with se- switched to a different phone
vere pain. Traffickers have to take drug orders, prosecu-
found it is easy and inexpen- tors alleged. They said the men
sive to make. The illicit form continued selling drugs until
has spread throughout the ille- their arrests.
gal drug market, turning up in A lawyer for Mr. Rainey de-
heroin as well as pills stamped clined to comment; one for Mr.
out to look like oxycodone or Ortega didn’t respond to re-
Adderall and other drugs. quests for comment.
Dealers also cut it into co-
caine, a stimulant, to be more
potent and addictive, intro- Wall Street success
ducing the drug to unsuspect- At his 29th floor penthouse
ing buyers. A tiny amount of in the East 30s with views
fentanyl can kill unseasoned the drug delivery service, Billy across Manhattan, Mr. Mtangi
users. Ortega. Ross Mtangi, New batch was stressed about work. He
“Hey try not to do too According to his lawyer, Mr. shown with Amanda Scher texted her or- had been cooped up at home
much because it’s really Ortega was a stay-at-home dad his partner, der just before 5 p.m. that instead of on the trading floor
strong,” read a text sent to in a house in rural New Jersey. worked at Wednesday. Through the pan- for most of the pandemic.
Ms. Scher later that night According to prosecutors, Mr. Credit Suisse demic, she commuted by sub- Mr. Mtangi’s Irish-Italian
from the delivery number. Ms. Ortega arranged drug deals Group. way to work with cancer pa- American mother, Lauren
CLOCKWISE FROM TOP LEFT: NATALIE KEYSSAR FOR THE WALL STREET JOURNAL (2); MTANGI FAMILY

Ghahramani missed seven calls from the house. He pleaded tients at a Bronx hospital Lackey, raised him and a youn-
from the number. not guilty to causing the three network, Montefiore Health ger sister in subsidized housing
Sassan Ghahramani, Ms. deaths and distributing drugs System. Early on, she sent a in East Providence, R.I. His
Ghahramani’s father, said the and is awaiting trial. photo to her parents of refrig- mother had met his father,
fentanyl in his daughter’s co- “Can u come thru?,” Ms. erated trucks storing Covid vic- Stanlake Mtangi, a chemist who
caine was like having cyanide Ghahramani wrote. tims. was born in Zimbabwe, at a
appear in an alcoholic drink “I’ll send them right now if “She didn’t complain about Newport disco in the late 1970s,
during Prohibition. you want.” it. That’s what commitment to and Mr. Mtangi became closer
“Julia was a driven profes- “That would be great thank her profession required,” said to him as an adult.
sional with everything to live you really appreciate it.” her father, Bruce Scher, who Mr. Mtangi went to Harvard
for. Never in a billion years “No worries we family.” with his wife, Fran, raised Ms. University and was drawn to
would she have touched any- After getting the text, pros- Scher and a younger brother on the high stakes of Wall Street.
thing with fentanyl,” he said. ecutors said, Mr. Ortega asked Long Island. Ms. Scher made He traded derivatives for JP-
“This is like putting bullets in a courier, Kaylen Rainey, to easy connections and doted on Morgan Chase & Co. and Bank
people’s brains.” handle the day’s deliveries. her elderly rescue dog, Ziva, of America, and at Credit
Mr. Ortega sent him Ms. Ghah- her parents said. One of her Suisse ran a group handling
ramani’s address and instruc- friends later said that when Ms. complex trades in company
‘Can u come thru?’ tions to collect $200, prosecu- Scher was out walking Ziva, six stocks and share indexes.
March 17 in New York City tors said, citing texts on their people would stop to say hello. He was athletic, running 5
is usually festive for St. Pat- phones. Greenwich Village’s streets miles through Manhattan or
rick’s Day. In 2021, the parade Prosecutors said Mr. Rainey emptied in the pandemic. Ms. biking to visit his sister in
was canceled for a second year lived in an apartment regis- Scher’s roommate left the city. Brooklyn. Humor and a cool de-
and most big company offices tered to Mr. Ortega’s family in To fight isolation, Ms. Scher meanor powered Mr. Mtangi
were shut. Only around 30% of public housing in Manhattan’s started counseling private pa- over social and racial divides,
adults in the city had received Chelsea neighborhood. tients online in the evenings. people close to him said. He
at least a first dose of a He and another courier “Being home alone, I think that played pickup basketball on
Covid-19 vaccine. rented Zipcars to deliver drugs got to her,” her father said. city courts and was nodded in
In the East Village, Ms. to neighborhoods across Man- On that March day, Ms. by doormen at exclusive clubs
Ghahramani, the litigation as- hattan, prosecutors alleged, the past two decades. of unknowingly taking fenta- Scher texted a number stored in the Meatpacking District.
sociate, was one of millions of collecting up to thousands of The addition of fentanyl nyl in cocaine and of its in- in her phone as “Jason Me- The trader’s prowess
young Americans starting dollars a stop. Mr. Rainey into supplies in the past de- creased presence in cocaine lissa.” Prosecutors said Mr. Or- showed in a roughly $100 mil-
their career outside of a work- pleaded not guilty to causing cade has tripled the yearly seized by police. Health offi- tega sometimes used the name lion gain Mr. Mtangi and his
place. She had graduated vir- the deaths and distributing number of New Yorkers dying. cials put up posters and sent Jason. team made for Bank of America
tually from Columbia Law drugs and is awaiting trial. Of 980 cocaine deaths in 2020, drink coasters to clubs warn- “Question first,” Ms. Scher from a brief volatility spike
School in May 2020 while her Nine minutes after the 81% involved fentanyl, accord- ing cocaine users to start with wrote. shortly before he left for Credit
parents snapped photos of her texts, according to police and ing to the most recent New a small dose and to have nal- “Is it the same as it was Suisse, according to former col-
and the screen in their Green- surveillance footage, Mr. York City health department oxone, an opioid reversal drug, Sunday? Because that was not leagues and a media report at
wich, Conn., living room. Rainey buzzed Ms. Ghahra- data. The number of people on hand to counter an over- good lol, had to get rid of it.” the time.
The daughter of Iranian- mani’s apartment bell. dying from cocaine alone has dose. They are handing out “No new…Batch,” came the Impending fatherhood pre-
born Mr. Ghahramani, an in- Around six hours after the held steady in the low hun- fentanyl testing strips that can reply. sented a new path. On his 40th
vestment research firm delivery, her phone pinged. dreds. be used to test cocaine and Mr. Rainey appeared on a birthday, his partner took a
founder, and Lily Ann Marden, “Hey” Drug use overall rose dur- other drugs for fentanyl’s video camera near her apart- photo of him holding a cake,
a real estate finance executive, “Hey you there” ing the pandemic, which de- presence. ment. shirtless and tattooed, a view
Ms. Ghahramani made a vow Seven calls came in that railed work routines and social Multiple people died within “Def better,” Ms. Scher tex- of Manhattan behind him.
in high school to somehow night and the next morning lives. Fentanyl helped drive to- hours from tainted cocaine in ted about two hours after the On his final week, Mr.
change the world. She helped from the delivery-service num- tal drug fatalities higher. Long Island, N.Y., and in New- delivery. Mtangi stuffed his computer in
give pro bono legal advice to ber. Deaths hit an annual high of port Beach, Calif., last year. She counseled a patient on- a bag at his apartment and told
immigrants and advocated for Ms. Marden woke that 107,521 people in 2021, accord- Nine were killed in Washing- line from 8 p.m. to around 9 his partner he was going to the
gun control. She spoke on the morning in Connecticut know- ing to the U.S. Centers for Dis- ton, D.C., in January. Law-en- p.m. that night, according to a office.
steps of City Hall as a main or- ing something was wrong be- ease Control and Prevention, forcement officials said deal- calendar on her desk. She sat It was Tuesday, and he
ganizer of a “March for Our cause she hadn’t heard from up 51% since 2019. Three-quar- ers often use coffee grinders down on the sofa and turned checked into a hotel down the
Lives” attended by 150,000 her daughter. A friend of Ms. ters of the 2021 deaths in- or other basic equipment to on the television. street and stayed there over-
following the Marjory Stone- Ghahramani went to the apart- volved fentanyl, the CDC said. cut drugs and prepare them Texts came in from the de- night, texting his partner and
man Douglas school shooting ment and found her dead, New York City authorities for sale, which can result in livery-service number: other family the next morning
in February 2018. holding her phone. Persian have been warning of the risks deadly batches “Hey try not to do too much to say that he was OK but
For much of the pandemic, pastries she had ordered for needed some time alone.
Ms. Ghahramani retreated to the weekend were in the re- Three New Yorkers ordered cocaine from a delivery service On Wednesday, Mr. Rainey,
her family’s home to work re- frigerator. on the same day; all died. the alleged drug courier, ap-
motely and spend time with “She made a mistake,” Mr. peared on hotel surveillance,
her parents and younger twin Ghahramani said. “She had a NEW JERSEY
Ross Mtangi stopping to check his phone.
siblings. hit of coke and unbeknownst Mr. Mtangi was on a call
Kaylen Rainey (Place of death
Her final week, Ms. Ghahra- to her it was loaded with fen- Alleged drug and home) that evening with his boss, Mi-
mani headed back to her Ave- tanyl and it killed her.” courier chael Ebert. He didn’t make a
nue B apartment, saying she Billy Ortega follow-up call later that night.
had work to do before a family Alleged drug Mr. Mtangi’s partner called
trip the next weekend to cele- Derailed lives dispatcher Amanda Scher his family the next morning,
brate the Persian new year. Cocaine has long had allure Julia Ghahramani and separately, Mr. Ebert got in
N.Y. CONN.
Ms. Ghahramani told friends in New York City, where in the MANHATTAN touch with his sister to say he
and family the workload was 1980s it became associated was trying to reach him. The
Area of
intense but that she was lov- with jet setting clubbers and N. J. detail NEW YORK CITY credit card charge at the hotel
ing her first job. elite professionals. Usage esti- 1 mile eventually tracked him down.
On Wednesday, Ms. Ghahra- mates in the city remain 1 km Mr. Mtangi’s sister and her
NYPD

mani sent a text to a phone higher than the roughly 2% partner rushed to the hotel,
that prosecutors said belonged national rate of Americans The alleged drug courier Sources: Victims’ families, public records, prosecutors’ filings
where he was dead. His son
to the alleged dispatcher for taking the drug annually for Kaylen Rainey. Camille Bressange/The Wall Street Journal was born three weeks later.

Feral Dogs 2019 from a pack brought for

adoption to his hometown of
Kfar Saba, 18 miles from Tel
of strangers, highly territorial
and have survival habits that
are tough to break.
she said she tells them. “It’s
not going to be the Labrador
you’ve always dreamed of.”
their two-member pack. Tishbi,
loyal to a fault, distrusts
strangers.
adopted two feral dogs, Chuka
and Dingo, with her husband.
Dingo once knocked her to the

Test New Aviv. He had heard rescue dogs

were hard to handle. One dog
trainer said he needed to assert
Owners complain that even
after months of training—and
often several trainers—their
Maya Roshu, a 25-year-old
law student in northern Israel,
had neither the time nor
“He’s afraid of new people
and worried about me,” said
Ms. Roshu, who warns visitors,
ground while they were play-
ing, and she ended up in physi-
cal therapy.

Owners his dominance.

“Of course it didn’t work at
all,” Mr. Linzen said. Olly still
pets are still skittish Scooby
Doos. The canines can be
taught to sit, fetch and other
money for a pet. Then a friend,
a dog trainer, left her with a
66-pound rescue animal named
“Don’t make eye-contact.”
Israelis often call their feral
dogs Cnaani, a name used for
Chuka took six months to be
house-trained but has since be-
come a homebody and takes
bares his fangs and growls doggy tricks, but they require Tishbi. The friend claimed the the region’s native breed, be- naps next to Ms. Levy.
Continued from Page One around the house. Outside, constant supervision. pointy-eared mutt with big cause many strays resemble The couple keep close to
chummy with shelter, affection though, Olly mixes well with “Miley is a very very sweet eyes wouldn’t be a prob- them. home because it is a struggle to
and steady chow. other dogs and some people. VEEERRY difficult dog,” one lem. Myrna Shibboleth, an expert find anyone capable of caring
The rescue effort is playing “It’s a bit like having a cat,” owner posted on a popular Ms. Roshu soon realized that on Cnaanis who helped prevent for their dogs. It is not as big a
out in Tel Aviv, considered one Mr. Linzen said. “His behavior Facebook group filled with sim- wasn’t true. The dog came with their extinction, said she sacrifice as it sounds.
of world’s most dog-loving cit- is unpredictable.” ilarly desperate missives. Some a cage, and the trainer sug- doesn’t think most of the coun- “These are my fur babies,”
ies and home to dog-friendly Israeli animal-rights group report miraculous transforma- gested she use it until Tishbi try’s feral dogs are even part Ms. Levy said.
parks and beaches. Man’s best Let Animals Live said the stray- tions through the dogged ef- got acclimated. Soon after he Cnaani, whose survival in- To be fair, she also said, “It
friends are welcome to loll at dog population has grown in forts of owners and trainers. arrived, she said, “he barked stincts are mythic. took two meshuggeneh dog
cafes and many workplaces. recent years. Hagar Rubin, an animal-be- like crazy and was slamming “You can take a dog to a cliff lovers to put up with every-
Unruly feral canines are testing Many of the strays find their havioral expert and dog trainer, the cage until he broke out.” and say jump, he will jump. If thing these two have put us
the city’s pro-pooch policies way to dog shelters that work said she tries to manage client After a year of training, they you take a Cnaani to a cliff and through.”
and the patience of new own- with animal-welfare groups to expectations. First of all, these formed a strong bond. Tishbi say jump, he will say, ‘You —Aaron Boxerman in
ers. find people brave enough to dogs are different. “Some are likes to be petted by Ms. Roshu, first,’ ” Ms. Shibboleth said. Jerusalem contributed to this
Mr. Linzen picked Olly in own one. Feral dogs are fearful easygoing. Some are harder,” who holds the alpha spot in Daphna Levy, a jazz singer, article.
 .

THE WALL STREET JOURNAL. NY Monday, October 24, 2022 | A10A

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PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, October 24, 2022 | A11

moving a deadline. Putting “sorry”

on loop waters down the moments
when you really do need to show

WANT POWER?
remorse, she adds.
And of course, people often
wield “sorry” to mean exactly the
opposite, more a passive-aggres-
sive insult than real contrition.

Stop Saying Sorry So Much

Shedding “sorry” can be em-
powering. Hannah Szabo grew up
in Wisconsin, where—as in much
of the Midwest, Canada and other
regions—“sorry” serves as a con-
versation starter. She’d drop one
in during a pause in conversation,
or when she felt uncomfortable.
Then she moved to Brazil. She
was shocked to find that the stu-
dents she was teaching barely
apologized. At first, she was of-
fended. Now, she basks in a cul-
ture without reflexive apologies.
Back in the Midwest on a re-
cent trip, she almost grew angry
when her mother apologized for
accidentally sticking her seat belt
in the wrong buckle.
“That does not qualify for a
sorry, Mom,” she told her. “Take
that back.”
Women apologize more than
men, but a female co-worker’s
apology doesn’t necessarily mean
she’s claiming blame, says Deborah
Tannen, a linguistics professor at
Georgetown University. She might
just be trying to get her work
done with a dose of graciousness,
for example smoothing over a mis-
understanding with, “Sorry, what I
KELSEY MCCLELLAN FOR THE WALL STREET JOURNAL (2)

meant was…”
“Everything we’re doing is on
some level trying to show we’re a
good person at the same time that
we’re trying to accomplish some-
thing,” Dr. Tannen says.
When I message “So sorry to
bug you…” to my boss before ask-
ing a question that’s a necessary
part of both our jobs, I’m showing
respect for power differentials at
the office, she notes.
Still, some misinterpret
women’s apologies as incompe-
tence. When British leader Liz
Truss last week apologized “for
WORK “Sorry” has lost its meaning, liked. He thinks it’s worth it. flashed back to a clip of Taylor the mistakes” in pushing a risky
& LIFE she realized, no longer a heartfelt “You can either conform to Swift, in which she apologizes for tax plan, it was met with calls to
RACHEL declaration of remorse but a knee- what people want you to be, or “getting on her soapbox” about resign. A few days later, she did.
FEINTZEIG jerk response. Now, faced with the you can decide that you are going misogyny, then quickly catches Be aware of how others re-

S
blinking cursor of a blank email, to risk offending people,” he says. herself. spond when you use words of con-
Ms. Julig asks herself, did I legiti- “Life is about trade-offs.” “We’re, like, ‘Sorry, was I trition, Dr. Tannen cautions.
orry, I’m just now seeing mately miss something, or mess When I searched my sent loud?’ ” the pop star says in “Miss If colleagues call out your apol-
your email! (You sent it someone else up? If the answer is emails for the phrase, “Sorry for Americana,” the Netflix documen- ogizing, you might explain that
15 minutes ago.) no, she’s not sorry. the delay,” the result was too tary. “In my own house that I you were just saying you were
Sorry that you com- “Don’t give away your power,” many hits for Gmail to give me an bought. With the songs that I sorry a thing happened, and not
pletely misinterpreted counsels Jeffrey Pfeffer, a profes- exact count. wrote. About my own life.” sorry sorry. If you hear that feed-
that thing I said. sor of organizational Words have conse- back often, consider an audit like
Sorry you just rammed into me behavior at Stanford quences. Ms. Fisher’s.
with your grocery-store cart. Graduate School of “Always feeling like Kingston Vickers tried. After
The apology is running amok in
conversations and communica-
Business and author
of a book about com-
Remember that it’s not your you need to say ‘sorry’
makes you kind of feel
moving to Texas years ago, the na-
tive Canadian resolved to remove
tions. We drop it indiscriminately, manding authority at responsibility to apologize for like crap,” says Jen the “ehs” and “sorrys” from his
crying mea culpa for all manner of work. Apologizing in Fisher, the chief well-be- vocabulary. Doing so consumed so
things we really shouldn’t be sorry business, especially things out of your control. ing officer for Deloitte. much mental effort that he grew
for—and diluting the apologies when you’ve actually Last year, she logged her flustered when talking and wasn’t
that truly matter. Is it time to done something own apologies, flagging as effective at his sales job.
stop? Could we even cut back if we wrong, is just asking the ones that felt unnec- Now he embraces his proclivity
wanted to? for trouble, he says. I tried, in the course of report- essary and replacing them with ex- for apologies, and says his work
“I wasn’t really that sorry,” ad- People are never satisfied with ing this column, to cut back on my pressions of gratitude. has benefited. Apologizing for his
mits Louise Julig, a freelance an apology, he adds. Groveling and apologies. Mostly I failed, catching Have to move a meeting? Try, clients’ struggles, or when he’s
writer in Encinitas, Calif., who exhibiting vulnerability only makes myself exclaiming sorry! when dial- “I appreciate your flexibility,” or about to make an ask of them,
found she was constantly apologiz- you look weak and sinks team ing in three minutes late for a call. “I’m grateful for your understand- builds trust, he says. It’s a way of
ing for the “delay” when replying morale. A person I contacted for this ing,” she says. Remember that it’s showing empathy.
to notes, even when there wasn’t Standing your ground comes piece apologized for only being not your responsibility to apolo- “People underestimate the
much of a delay at all. “Why am I with risks, he allows. You’ll piss available one of the days I sug- gize for things out of your control, power of a kind word nowadays,”
saying this thing? I don’t know.” some people off. You might not be gested we chat, not the other. I such as the weather, or a client he adds.

Taylor Swift Album

live,” Ms. Raven said. Similarly, the
10-minute version of “All Too Well,”
released as part of the rerecording

Puts Tour to Test

of “Red,” has become one of Ms.
Swift’s signature songs. “People
would, like, riot if she didn’t do
that,” Mr. Perpetua said.
Then there’s the issue of the
BY NEIL SHAH her records so much, and being pro- structure of the tour. The most

M
lific, and all of her records being hits.” likely scenario is that Ms. Swift
ost music stars have one Unlike most stars, Ms. Swift sticks with the traditional stadium
new album out when they doesn’t play just a few tracks from format. But could she do a combi-
embark on a tour. Then her latest album on tour. She’s nation of stadium shows and some
there’s Taylor Swift. known for playing nearly all of her smaller, more intimate gigs befitting
Ms. Swift’s latest work, “Mid- new album. the “Folklore” material?
nights,” a synth-driven pop album Ms. Swift has yet to officially an- For “Lover,” Ms. Swift had
which was released on Friday, nounce a tour. But when she does, planned a handful of “Lover Fest”
brings the singer-songwriter to four she’s likely to encounter an unsettled shows in the U.S. The unexpected
entire records she has never per- concert business: Music’s biggest art- move, which never came to fruition,
formed on tour. ists are selling out shows, yet smaller signaled a desire, at least at the
“Midnights” arrives roughly two ones are increasingly canceling events time, for less touring than her past
years after her intimate quarantine because of a glut of concerts, higher extended globe-trotting runs.
albums “Folklore” and “Evermore.” touring costs, equipment shortages, In theory, Ms. Swift could pursue
Those albums came not long after lower ticket sales and currency fluc- The pop superstar, who last toured in 2018, released ‘Midnights’ on Friday. a somewhat similar plan for “Mid-
the wide-ranging “Lover,” which was tuations. Covid infections continue to nights” by launching a traveling res-
supposed to have a mini-tour that derail tours. Fears of a recession idency or even her own festival, mu-
was canceled because of the pan- could crimp ticket and concession her, to not have the time, even she is sic fans and analysts said.
demic. Ms. Swift also recently re- sales, and there’s growing consterna- three [other albums] stumped. “There are Another possibility: Ms. Swift’s
leased “Fearless (Taylor’s Version)” tion about concert-ticket prices. incorporated somehow so many possibilities,” shows could become more free-
and “Red (Taylor’s Version),” rere- Ms. Swift is unlikely to be affected in this tour. I mean, Ms. Raven said. “I just wheeling and less choreographed.
corded versions of two older al- by such trends, since she’s the rare ‘Folklore’ and ‘Ever- can’t wrap my head On Friday, Ms. Swift’s fans eagerly
bums, which each include a dizzying pop musician who lacks much direct more’ brought a lot of around it.” listened to “Midnights,” which fea-
number of bonus tracks that origi- competition. But concerns about a people either to her, or The last time Ms. tures production by Jack Antonoff, a
nate from earlier eras. crowded 2023 calendar and weaker back to her music.” Swift toured, for guest appearance by Lana Del Rey
Writing a set list for a live tour is spending could prompt her to put her “The most fascinat- 2017’s “Reputation,” and the lead single “Anti-Hero,” which
always an art: Music stars want to tickets on sale sooner. ing question—in some she played nearly the Ms. Swift has called “one of my fa-
sound invigorated and fresh, but also What makes planning the next ways, more than what entirety of the album, vorite songs I’ve ever written.”
comprehensive, embracing both long- tour especially tricky is that Ms. ‘Midnights’ is going to along with other The 13-track album has a noctur-
time fans and newer ones. But the Swift’s “Folklore” was considered a sound like—is just how does she fig- songs. A typical Taylor Swift concert nal feel, with insistent, pulsating
KEVIN MAZUR/GETTY IMAGES (ABOVE)

pileup of unperformed music has Ms. career milestone. Its hushed, indie- ure out how to pull all of this stuff might include roughly 20 songs, beats and self-interrogating lyrics. At
Swift’s fans wondering whether her folk-flavored sound was a musical together,” said Nora Princiotti, co-host some of them medleys. But Mr. Per- 3 a.m. on Friday, Ms. Swift surprised
show should be longer, or structured departure that won Ms. Swift new of The Ringer’s “Every Single Album: petua speculated that Ms. Swift fans by releasing seven bonus “3am
differently than the typical tour. fans, critics’ respect and a Grammy Taylor Swift” on a recent podcast. might this time focus mostly on her tracks,” as she called them.
“Logistically, what do you do?” award for album of the year. Many Some of Ms. Swift’s followers have recent four albums and play down For now, though, her fans remain
asked Matthew Perpetua, founder of fans are eager to hear it and its sis- posted humorous pictures of long lists her early career material. in the dark about what her tour will
Fluxblog, an independent music web- ter album “Evermore” live. of song titles online. Willow Raven, “Lover,” from 2019, is another al- look like. “That seems to be the
site. “She’s in a complete logistical “This is so unique,” said Lacey 33, once sang in a Taylor Swift cover bum to consider; it includes fan fa- consensus amongst all of us,” Ms.
nightmare, that’s brought on by the Davner, a 34-year-old fan from Flor- band—so you’d think she’d be able to vorites such as “Cruel Summer.” “I Davner said. “What’s she going to
most positive things—people liking ida. “It would be weird, especially for write a set list for the next tour. This would die if I never heard that song do—how is she gonna do this?”
 .

A12 | Monday, October 24, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
In addition to having Bark’s con-
FAMILY
& TECH
JULIE
JARGON
How to Make a Good Call tent analysis and parental controls
preinstalled—and not removable—
this Samsung A13 phone is further
customized with additional fea-

On Your Child’s First Phone

G
tures, such as location tracking, call
blocking and the ability to manage
iving your child a contacts. Parents who lease one
phone for the first Bark phone can install the Bark
time is a decision not Premium app on any of their kids’
to be rushed. The tim- other devices at no extra charge.
ing matters, and so Gabb Wireless (Phones starting
does the type of de- at $150; plans from $18 a month):
vice. Do you dust off your old This four-year-old company devel-
iPhone or Samsung, or do you buy oped smartwatches for young chil-
one of the new kid-centric phones dren, plus two smartphones: The
with built-in monitoring? original Gabb Phone is for kids ages
I’ll walk you through everything 9 and up, while a higher-end Gabb
you need to consider, as well as Phone Plus is for kids 13 and older.
the features of the various options. Gabb phones have no app store
Determine your kid’s readiness. or internet browser. If language in
There’s no magic age when a child text messages between unknown
is ready for a phone. Often, the de- contacts contain inappropriate
cision is practical: When children content, they won’t be delivered,
enter middle school, for instance, and photos from unknown con-
they aren’t necessarily supervised tacts are blocked. Texts can’t be
as closely as they were in elemen- deleted. Parents can track their
tary school. You might want to keep kids’ location and set up “safe
your own tabs on them—and give zones” such as school grounds or
them an easy way to reach you. By friends’ houses; they’ll receive no-
age 11, 53% of kids have their own tifications if their kids’ phones
smartphone, according to the non- leave those areas. Gabb also has a
profit Common Sense Media. music service featuring top hits
Parents considering this mod- without explicit lyrics. The Gabb
ern-day rite of passage have to bal- Phone Plus will soon offer recom-
ance a range of factors, from their mended third-party apps.
kid’s maturity level and desire for Troomi Wireless (Phone start-
independence to fears of cyber bul- ing at $180; plans from $20 a
lying and too much screen time. month): The company, launched
There are signs children might last year by a Gabb co-founder, sells
be ready. If they demonstrate re- Samsung phones running a custom
sponsibility, they might be able to operating system. Parents can add
handle a phone. features as their kids get older.
Parents can remotely view their
 Define the purpose. Before de- might dictate your choice. iPhones exploit your mistakes to get activate its ringer. Parents can turn kids’ texts and monitor the phone’s
ciding what kind of phone to get, and Android devices have parental around parental controls.) Also, on notifications to be alerted when location through a web portal. Par-
discuss with your child the rea- controls built into the settings. it’s important to make sure any their child arrives at or leaves a lo- ents can choose to let their kids
sons for having one. “What do you Parents who use Apple Family phone you give your child runs the cation. Parents can also set “today send and receive photos in the
need and want your child to be Sharing or Google Family Link can most recent operating system. only” screen-time limits when messaging app. The phone contains
able to do with a phone?” says also limit screen time and place iPhone: With the iOS 16 update, their child needs an exception. a content-filtering browser and al-
Jacqueline Nesi, a Brown Univer- restrictions on app use from their Apple Family Sharing now con- lows parents to add kid-safe apps.
sity assistant professor of psychia- own phones, though the tools re- tains suggestions for age-appropri- Kid phones Pinwheel (Phone starting at
try who studies kids’ tech use. quire some initial setup. ate content restrictions, as well as These look like any other sleek An- $200; $15-a-month service fee on
“What does your child need and Phones designed for kids come a family checklist with tips on how droid smartphone. As kids get top of wireless plan): This kid-
want to do with a phone?” with deeper controls and more to update settings as kids get older, you can lift some restric- phone option is aimed at middle-
If the primary purpose is to let monitoring. Developers of these older. Quick Start lets you set up a tions and, in some cases, upgrade schoolers but is designed to grow
your child know you’re running late phones say kids can’t bypass the new iPhone with parental controls to a more full-featured version. with the child, potentially through
to school pickup, your child might restrictions. already in place. Models dating The biggest downside in an Ap- high school.
not need a smartphone’s functional- back to the iPhone 8 can run iOS ple-heavy social scene is that these Parents can monitor their kids’
ity. But if your child needs a phone Hand-me-down phones 16. When giving an old iPhone to phones display the “green bubble” phone activity—even deleted texts—
to submit schoolwork or to commu- The biggest reasons to hand down a your child, remove your personal texts dreaded by teens. Also, if your through a web-based portal. Parents
nicate with school groups and phone are that you’re already famil- information first. kid already uses an iPad, it might can create daily routines for their
ILLUSTRATION BY DAN PAGE

sports teams through apps, the iar with it and your family members Android: This month, Google be annoying to make the switch. kids to follow and permit certain
smartphone is the better bet. likely have similar devices, so you updated Family Link so it’s easier Bark Phone (Service and hard- apps or contacts during specific
can share apps and content. to manage devices such as Sam- ware lease starting at $49 a times. The phones can contain fi-
 Decide on parental controls. The The flip side is that these are sung Galaxy phones and its own month): The developer of a popular nance apps and curated educational
level of restrictions you want to typically full-featured devices, so Pixel phones. A new location tab child-monitoring app has integrated and music apps. There is no web
place on your child’s access to the you need to set limits. (If you’re shows all your kids on one map, the app’s features into a new phone browser and the phone is compati-
internet, social media and contacts not paying attention, your kids can and if a phone gets lost, you can being released in mid-November. ble with Bark’s monitoring software.

MY RIDE | A.J. BAIME

Rare Find Needs Permit to Drive

Gil Dezer’s 2020 McLaren Speedtail is one of just 106 made
Gil Dezer, 47, a real-estate interior, and some of my cars I am a big guy, so a lot of
developer living in Miami, on are silver with an orange inte- supercars are not comfort-
his 2020 McLaren Speedtail, rior. So, this had to be the able for me. But this car has
as told to A.J. Baime. one. After a bit of negotiation, just one seat up front so it’s

B
I closed the deal. The car only very comfortable, and easy
ack in the early 1990s, had about 700 miles on it. to get in and out. Most of
McLaren put out a car I took possession of the my other cars are two-seat-
called the F1. It was the Speedtail this month, got ers. This one has three
coolest car ever. At that time, my “Show and Display” per- seats, so I can fit both of my
McLaren built only race cars, mit, and I have been driving kids in it. That was a major
and this was the company’s
first real production road car.
The F1 had three seats, one
in the front, in the middle,
and two in the back. McLaren
only made 106 of these cars. I
had a poster of it on my wall,
and I dreamed that someday
MELODY TIMOTHEE FOR THE WALL STREET JOURNAL (3)

I could own one.

My father has always
been a car collector. He cre-
ated a collection of over
1,800 cars, motorcycles, Ves-
pas and movie cars, and I
caught the bug early on
from him. But I am not so
much into collecting. I buy
only cars that I drive, and I
currently have 32 of them—
almost all of them some
shade of silver or gray.
I always wanted to get a
McLaren F1. But so few
were made, rarely are they Gil Dezer needed a special ‘Show and Display’ permit to
sold, and when they are, drive his Speedtail, which can reach a speed of 250 mph.
they might go for something
like $20 million. But, in 2018,
McLaren revealed something
called the Speedtail, a kind
of throwback to the F1. Like
the F1, this car has three
seats—one up front and two
in back. Like the F1, only 106
were made. I tried to buy
one, but could not. All 106
were already purchased. Still,
a used Speedtail was going
to be considerably more at-
tainable than an F1.
About a year ago, I
started to hunt around. I
found a Speedtail for sale in it ever since. Miami has motivator to buy the car in
Japan, but quickly realized great roads and highways. the first place.
how difficult it was going to The McLaren’s hybrid engine The Speedtail is the clos-
be to get it into the country. system delivers such smooth est I could come to having
McLaren did not crash-test and instant acceleration, it’s the car of my dreams from
enough cars to meet all the bananas. when I was a kid. Since it
U.S. regulations, so you need The car is electronically arrived, I cannot stop look-
a special “Show and Display” limited to 250 mph, but I ing at it. The only down-
permit to import the car and have heard that it would go side? When I am out on the
to drive it. I kept looking. faster if it was not limited. road, people are constantly
I found one in California [According to McLaren, surrounding the car and tak-
that was silver with an or- the Speedtail is the fastest ing pictures. I am just happy
ange interior, which I love. My customer car the company to have it and to share it
boat is silver with an orange has built.] with the world.
 .

THE WALL STREET JOURNAL. * * Monday, October 24, 2022 | A13

ARTS IN REVIEW
Interior view of Wu Tsai Theater
and David Geffen Hall at Lincoln
Center

through as quickly as possible.

Williams/Tsien swept this all
away, pushing the ticket office into
a corner and opening up the space
to make it the natural extension of
the plaza outside. In effect, it is
now a community living room, fur-
nished with movable chairs and
sofas—upholstered in cheerfully
loud, bright stripes—and a pat-
terned blue carpet. The insistence
on accessibility is not the custom-
ary fraud. At the back of the space
is a 52-by-8-foot, 42-million-pixel
digital screen where the perfor-
mance above can be viewed by
those who cannot afford a ticket.
(And what a nifty way to introduce
someone to the world of serious
concert performance.) Mr. Wil-
liams, who told me he is not a fan
of digital displays as an architec-
tural element, had the inspired
idea of treating it as a kind of
MICHAEL MORAN (2)

movie screen, framed by abstract

gold curtains and gathered under a
shallow dome that gives what
would otherwise be nothing but a
very widescreen television the dig-
nity of cinema.
Upstairs, on the main level, the
BY MICHAEL J. LEWIS ARCHITECTURE REVIEW vista is dazzling, a clear sweep

A Renovation That Hits

across the front of the building,

W
New York forming a spacious lobby that
hen Max Abramovitz pours outside onto the broad log-
revealed his plans for gia. Here is Williams/Tsien’s char-
Lincoln Center’s Phil- acteristic sensitivity to color and

All the Right Notes

harmonic Hall in surface texture, the palette of deep
1959, the public was blue and gold reprising that of the
told that “the matter of acoustics original building. Large orange
has been given preference to every flower petals decorate the wall
other consideration.” If only this leading to the auditorium, continu-
had been true. He designed the ing inside on the fabric of the
building to seat 2,400, far more seats. It is a felicitous metaphor
than he thought ideal, but even for music, rose petals falling
that number fell short of Carnegie gently from above, and is derived
Hall, the orchestra’s previous from the Roman custom of drop-
home. He was pushed to enlarge ping rose petals into the oculus of
the auditorium past the breaking the Pantheon on Pentecost Sunday.
point, accommodating 2,646 seats. The motif continues on the seats—
So much for acoustics being the and, from front to back, the blue
primary consideration. of the fabric is increasingly given
Predictably, what had been pro- over to the orange petals, as if
jected to be “the finest musical in- they were being blown outward by
strument in America” turned out to the gentle force of music.
be an aural shipwreck. There imme- During their tour, the architects
diately began the first of a long se- spoke of their wish to create a
ries of attempts to fix the space’s new kind of glamour. And so they
sound quality, to all of which it has have, with a Midcentury Modern
proved stubbornly impervious. On revival that pays tribute to the
Oct. 8, the hall—now David Geffen original building even while sug-
Hall, and which had been known gesting relief that it is no longer
from 1973 to 2015 as Avery Fisher 1962. Williams/Tsien have done all
Hall—reopened after a $550 million that they were asked to do, and
renovation that tries once again to with winning charm and sparkle.
set things right. But might they have been asked to
If multiple considerations were do more? To hear music in public
in play, including the desire to is to be part of public life, and ar-
make the building more welcoming chitecture gives depth and reso-
and accessible, acoustics defini- nance to that life. This is that qual-
tively took precedence this time. ity that was quaintly called
Diamond Schmitt Architects and decorum, the notion that a building
their collaborators, Tod Williams ways to reflect sound while avoid- gathered together in a linenfold while the form of the auditorium might suggest to us how we should
Billie Tsien Architects, happily de- ing harsh echoes, and the great pattern, like pleated drapes. The within was dictated by acoustic con- dress and how we should behave.
ferred to their acoustician, Paul concert halls of the 19th century result is a warm enclosure of mel- siderations, leaving them only the The auditorium of Geffen Hall cer-
Scarbrough. The number of seats did this by means of their richly low beechwood that glows like a intermediate spaces to shape. These tainly aspires to decorum while the
has been reduced to a manageable textured architecture, their col- chalice of honey. spaces had to be attractive in their community living room below
2,200 while the proscenium has umns, cornices and ornamental Diamond Schmitt made the ini- own right but also lead seamlessly seems content to offer decoration,
been eliminated, letting the stage panels that serve to break up the tial master plan while the detailing from the facade of 1962 to the audi- which is not the same thing.
be brought forward and backed by sound. The architects of Geffen of the interior spaces was assigned torium of 2022. Especially critical
a rear parterre. All this gives a Hall achieve this by abstract to Williams/Tsien. They faced an was the lower level, a businesslike Mr. Lewis teaches architectural
palpable sense of intimacy. means, balancing expanses of plain unusual challenge. They were not to lobby, rimmed by ticket windows history at Williams and reviews
The acoustic challenge is al- wood wall with passages that are touch Abramovitz’s original facade, and escalators, that one moved architecture for the Journal.

MUSIC REVIEW The biggest disappointment is auditorium, designed by Diamond written for his top-notch combo, Cre-
that the sound in this modified shoe-
Schmitt Architects, a “vineyard,” or ole Soul, the Philharmonic and guest

An Auditorium’s Sound in box theater still decays quickly, with

little reverberation, or bloom, al-
surround hall. The stage was
brought forward by 25 feet, reduc-
artists. It commemorates the vibrant
musical heritage of the Afro-Carib-
though the instruments on the high- ing the number of seats to about bean neighborhood bulldozed to
Concert at Lincoln Center est onstage riser have proved an oc-2,200 from roughly 2,700, with
casional exception. By contrast, such
seating for chorus or audiences be-
build Lincoln Center. Against a pro-
jected backdrop of archival images,
great 19th-century halls as the hind the stage. This fosters greater filmed reminiscences and colored
Much improved acoustics at the NY Phil’s home Musikverein in Vienna, Symphony intimacy between listeners and per- patterns, Mr. Charles brewed a heady
Hall in Boston and Carnegie Hall in formers. The less formal layout mix of jazz, swing, blues, Caribbean
BY BARBARA JEPSON other better onstage—an important New York bathe the music in a suits our times, and the clear, less music and turntablist scratches, de-
objective of the project. Previously, warm afterglow. Raising the ceiling reverberant atmosphere may be livered with virtuosic intensity by all.
New York

M
the stage’s tapered ceiling delivered of the Geffen Hall exterior might more compatible with the diverse The U.S. premiere of Pulitzer Prize-
y biggest concern, as the re- too much distracting sound back to have helped; reverberation is primar-
programming being presented at winner Caroline Shaw’s “Microfictions,
opening of David Geffen Hall the players. Acoustician Paul Scar- ily achieved by providing sufficientGeffen Hall today. Vol. 3” on Oct. 20 was written for the
at Lincoln Center ap- brough of Akus- Geffen Hall also Philharmonic and the superb vocal en-
proached, was that its much-touted, tiks raised the has a new concert semble Roomful of Teeth, to which
$550 million reconfiguration would ceiling beneath venue, Sidewalk she belongs. The piece juxtaposes Ms.
be mainly cosmetic. After all, the the new, adjust- Studio, for “NY Shaw’s characteristic vocabulary of
acoustical problems plaguing its au- able acoustical Phil @ Noon” and humming, sighing, wordless singing,
ditorium—home to the New York canopies by other events. contrapuntal speaking and other tech-
Philharmonic and other Lincoln Cen- four to 14 feet. Glass walled on niques against a mostly lively orches-
ter events—had proved particularly Whether or not two sides, it seeks tral accompaniment. But while the
recalcitrant, largely foiling seven “ex- this contributed to lure new listen- fourth and fifth sections were engag-
pert” attempts at improvement over to the Philhar- ers. The first ing, the level of overall invention did
six decades. monic’s height- event, on Oct. 13, not sustain the work’s 30-minute
While this handsome new per- ened cohesive- featured seven or- length.
forming space, recently named Wu ness, dazzling chestra members What lingers in memory were the
Tsai Theater, is not all I hoped for, it’s coloristic ef- and guest pianist most musically insightful perfor-
better than what I’ve experienced in fects and in- Helen Huang in mances. Topping the list was “My
my five previous decades of concert- creased ability chamber music by Father Knew Charles Ives,” an inge-
going there. The stridency is gone, to sustain whis- Mozart and Schu- niously orchestrated, nostalgic work
unless the composer or conductor per-soft pianis- bert. The sound by Mr. Adams ranging from quietly
calls for it. The orchestra’s brass sec- simos in “My was clear and reflective to raucous. Mr. Van Zwe-
tion sounds more mellow, at least as Father Knew never overpow- den communicated the air of mys-
heard from five different seating lo- Charles Ives” by ered the long, tery in the atmospheric second
cations at three concerts. During the John Adams on claustrophobically movement and elicited a rush of
“Allegro: Juba” movement of Flor- the Oct. 12 pro- narrow room, feeling from the strings near the fi-
ence Price’s ingratiating Symphony gram, it bodes which seats up to nal section’s end. Principal trumpet
No. 4 in D Minor on Oct. 20, even well for the fu- Jaap van Zweden conducts the New York Philharmonic Oct. 20 175 individuals. Christopher Martin played his quest-
the quietest playing by principal ture. Both the New in-house ing solos with liquid tone and poi-
oboe Liang Wang projected well to orchestra and its music director, air volume per concertgoer. But ac- theatrical and amplification equip- gnancy. Here, hall and musicians
the back of the first tier. (Galas and Jaap van Zweden, will continue to cording to Mr. Scarbrough, that ment will enhance the presentation complemented each other in new-
free events between Oct. 26 and Oct. evolve as they adapt to their would have meant a longer, costlier of multimedia works, such as the found harmony.
30 conclude Geffen’s official celebra- changed environment, and the construction process, so he added Lincoln Center-commissioned “San
tion.) acoustical settings of Wu Tsai The- volume by widening the third-tier Juan Hill: A New York Story,” which Ms. Jepson, who is retiring as a music
Best of all, several orchestra ater will be tweaked to find ideal sidewalls. had its premiere on Oct. 8. This riv- reviewer, has written about classical
CHRIS LEE

members have publicly stated they standard settings for unamplified Another crucial decision was to eting 75-minute piece by jazz trum- concerts, recordings and musicians
now hear themselves and each and amplified performances. make Wu Tsai’s blond beechwood peter/composer Etienne Charles was for the Journal since 1983.
 .

A14 | Monday, October 24, 2022 * ***** THE WALL STREET JOURNAL.

SPORTS
World Series Is Set: Phillies vs. Astros
Philadelphia won the HoustonsweepsNew
National League YorkYankeesand
pennant in part by remainsunbeatenin
improving its defense sevenpostseasongames
BY TIM BROWN
BY TIM BROWN
Philadelphia
The long shot Philadelphia Phil- The end for the New York Yan-
lies are headed to the World Series kees came on a long and often quiet
for the first time in 13 years. They Sunday night in the Bronx, a late
covered the last bit of ground Sun- and rare lead come and gone, their
day afternoon, on Bryce Harper’s season with it.
two-run home run in the eighth in- They were swept from the best-
ning of a rain-soaked Game 5 of of-seven American League Champi-
the National League Championship onship Series by the Houston As-
Series at Citizens Bank Park. tros, who are unbeaten across seven
In a best-of-seven series that postseason games and open the
pitted two wild-card teams, the World Series on Friday night in
Phillies won three in a row at Houston against the Philadelphia
home, the last by 4-3 against the Phillies.
San Diego Padres. The World Series appearance will
Last to qualify for the 12-team be the fourth in six seasons for the
postseason in an 87-win regular The Philadelphia Phillies, Astros, who overcame an illegal
FROM TOP: MATT ROURKE/ASSOCIATED PRESS, JULIA NIKHINSON/ASSOCIATED PRESS

season that seemed intent on iden- above, celebrate after sign-stealing scandal and resumed
tifying the team’s flaws, the Phil- winning the National their American League dominance.
lies nevertheless discovered their League Championship The Yankees might have thought
better game as summer turned to Series over the San it was their turn once, but that was
fall. In no area did they come fur- Diego Padres in five before the uneven second half of
ther than they did defensively, games. It will be the the regular season, before Aaron
which allowed their pitching and Phillies’ first World Judge and much of the rest of the
offense—Harper batted .400 in the Series appearance since offense cooled, and before the As-
NLCS, including his opposite-field 2009. Left, third tros arrived to show them what a
home run through the raindrops baseman Alex Bregman complete team looked like. The As-
on Sunday against Padres reliever of the Houston Astros tros are the fifth team to open a
Robert Suarez, and Rhys Hoskins knocks in the go-ahead postseason with at least seven con-
hit four home runs, for two—to run in the seventh secutive wins. The record is eight,
shine. inning of Game 4 of the by the 2014 Kansas City Royals.
The offense could carry the American League After batting .182 against the
Phillies because of the work the Championship Series on Cleveland Indians in a five-game di-
team had put into shorint up its Sunday. The Astros vision series, the Yankees batted
woeful defense. Late Friday night, begin play at home in .128 in the first three games of the
when the Phillies had done all they Minute Maid Park ALCS. They scored three early runs
could to lose and then win Game 3 against the Phillies in against Astros starter Lance McCul-
of the NLCS, coach Bobby Dicker- Game 1 of the World lers Jr. only to have their starter,
son eased through their clubhouse, Series on Friday night. All-Star Nestor Cortes, give up the
stopping at a locker, running a lead and then leave in the third in-
hand over a shoulder, rekindling a balls that are hit right at them, “This game is about the mental little more time to that. ning with a groin injury. Aided by
process that doesn’t really ever though there are problem areas at part,” Segura said late Friday On Saturday afternoon, hours an error at second base by Gleyber
rest. the outfield and infield corners, night. “At the end of the day, we’re before Game 4, the Phillies held in- Torres, the Astros scored twice in
Dickerson is in charge of the and even that bare minimum going to make a mistake. That’s field practice, the kind you would the seventh inning for the 6-5 win.
Phillies’ infield defense, which had wasn’t met Friday night. They also the play that I probably made see before any high school game, a They don’t easily forgive these
just had itself another one of those have trouble with the difficult 3,000 times in my life, but for choreographed dance of two fungo kinds of outcomes in the Bronx, and
days—some good, some not, and plays, according to the more com- some reason I missed it...When hitters and two balls in play and certainly not a protracted string of
in the end everybody left breath- plex analytical models, mostly be- you make a mistake, just keep go- seven infielders watching the ball them. Winners of 99 games in the
less but still standing. cause they don’t get to balls other ing forward.” all the way into their mitts. regular season, the Yankees had
They tell themselves they can defensive players get to, and outs The Phillies have improved. Bohm, the 26-year-old former spent several months being com-
be proficient at the catching and are lost in that foggy area of not- Their inability to defend consis- first-rounder with a soft voice and pared to the greatest teams in their
throwing of baseballs, and some- an-error-but-probably-should- a big future at the plate, carries history. And now they have played
times they are. They also tell have-been-made. the flag for much of what the Phil- 13 seasons without a World Series
themselves to move on from the And then, just to keep the con- lies are trying to forget and ac- appearance.
mistakes, which, for better or versation lively and the baseball
They tell themselves complish. Since 2010, the year after their
worse, can be a running conversa- world guessing, the guy who saved they can be proficient at A difficult start to Bohm’s sea- last World Series title, the Yankees
tion. Game 3 with his glove was Phillies son on the defensive side sum- have reached the ALCS five times
As Dickerson is fond of saying, second baseman Jean Segura, who
the catching and moned boos at Citizens Bank Park. and lost all five of them, a first for
“You don’t have to wait until to- a few innings earlier flat dropped throwing of baseballs. He was caught on video telling a any franchise. The four-game sweep
morrow to have a good day.” a short flip from his shortstop. teammate, “I [f—ing) hate this was only the fourth suffered by the
That philosophy, along with a In their first 10 postseason place,” meaning his home ballpark Yankees in their history. An organi-
lot of mid-afternoon drills and the games the Phillies committed five and the people who populate it, a zation that counts World Series ti-
sort of buoyancy found in Walmart errors, two by third baseman Alec tently was a factor in ousting man- low point that also marked the be- tles and little else, the Yankees will
greeters and Peloton trainers, has Bohm, two by Hoskins and the one ager Joe Girardi in early June, and ginning of a new effort to pull his be stuck on 27 championships for at
the Phillies making their first by Segura, and yet here they are, it was speculated—and perhaps pants up. least another year.
World Series appearance since pitching around and rallying back exaggerated—that Girardi’s taut There has been progress. The Judge, the Yankees’ towering
2009. from the gaffes that would sink demeanor had exacerbated an al- errors haven’t buried him. He bat- slugger, spent the season chasing
By advanced defensive metrics, most seasons. ready vulnerable aspect of their ted .300 in the first three games legends Babe Ruth and Roger Maris
which are inexact, they are by far Segura also had Game 3’s criti- game. of the NLCS. And when the doubts for the team and American League
the worst defensive team remain- cal hit—a two-run single that Rob Thomson stepped in, every- come, Bobby Dickerson isn’t far home-run records. In the season’s fi-
ing. By the more simplistic tradi- closely followed his inability to body took a breath, Bohm in par- behind them. nal days, Judge eclipsed them both,
tional statistics, however, that be- catch a lobbed toss, capturing the ticular seemed to benefit, and “You just gotta go through it,” with 62 home runs, but for a team
ing fielding percentage, they are Phillies’ tendency to injure them- when it became clear their season Bohm said. “Obviously with the that had long before lost its first-
actually quite competent. selves and then heal up before the teetered on their ability to catch start we had we’ve been through a half momentum. Judge can be a free
Generally, the Phillies catch the groans are fully expressed. the ball, Phillies players devoted a few things.” agent when the season is over.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton 50s <0 1 2 3 4 5 6 7 8 9 10 11 12 1370 Declare 28 Endearingly
50s
Vancouver 0s 71 Dissenting votes attractive
Calgary 40s 14 15 16
30s 10s Down 29 Magnetic bit in
Seattle Winnipeg 17 18 19 a physics lab
50s 60s 50s
20s 1 It sailed with the
Portland
Montreal 30s 20 21 22 Pinta and the 30 Parsley serving
Helena Ottawa
Bismarck Santa Maria
Billings Augusta 40s 34 Give up
Eugene 40s 60s 23 24 25 26
Boise 2 Dutch cheese
30s 50s Mpls./St. Paul Toronto Albany Boston 50s 36 Small singing
27 28 29 30 31 group
Pierre Sioux Falls Milwaukee Detroit Buffalo
Hartford
60s 3 Gestation spot
60s w York
New
Salt Lake City Des Moines Chicago Cleveland Philadelphia 70s 32 33 34 35 36 37 4 Falls as freezing 37 Hawked
70s Reno Cheyenne
Sacramento 30s Omaha 70s Pittsburgh 80s precipitation 39 Creator of
Denver 60s Springfield Indianapolis 38 39 40 41 42
San Francisco 50s D
Washington D.C.
5 Expert on IRS Winnie-the-Pooh
Colorado 50s 80s Topeka 90s
Charleston Richmond 43 44 45 46 47
Las
Vegas
Springs Kansas St. Louis Louisville 100+
Wichita
forms 41 ___ off
40s City Nashville Raleigh
(angered)
Los Angeles 40s Santa Fe
Oklahoma City Charlotte 48 49 50 51 6 Deceptive
Memphis
80s
Phoenix Albuquerque Atlanta Columbia statement, of 44 Apprehend
San Diego 52 53 54 55 a sort
70s Tucson Little Rock 70s Warm Rain 46 Treat with great
Dallas Birmingham
Jackson
60s El Paso
Ft. Worth 56 57 58 59 60 61 62 7 Issue a verdict reverence
Mobile Jacksonville Cold T-storms
10s 70s Austin 63 64 65 8 Poppy product 49 Aristocratic
Houston
80s New Orleans Orlando
Stationary 9 Genetics pioneer bunch
20s 80s San Antonio Tampa Snow 66 67 68
10s 80s Gregor 51 Persist
30s Honolulu Miami
Anchorage
70s 90s Showers Flurries 69 70 71 10 Unit of work 52 Tear to shreds
40s 50s
11 Star’s 53 Love to pieces
Forecasts and graphics provided by AccuWeather, Inc. ©2022
Ice
BACK TO THE OFFICE | By Lynn Lempel promotional 54 Shady hiking
position spot
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 22 Sacred bird of 47 Nonexistent
12 Mumbai’s nation 58 Stood up
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Front page ancient Egypt 48 Custardy dessert
Omaha 61 36 c 61 36 pc Frankfurt 65 49 t 63 50 pc 13 Restraint for a
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice material 23 Diplomacy 60 Alaska senator
Orlando 86 62 s 85 64 s Geneva 59 51 r 67 53 c 50 Ares or Apollo
Today Tomorrow Philadelphia 65 58 c 72 58 c Havana 87 65 s 87 65 s retriever Murkowski
5 Shiny trim on 25 Handel work
City Hi Lo W Hi Lo W Phoenix 74 52 s 77 55 s Hong Kong 81 71 s 78 70 c 52 Pride symbol 18 Boorish
Anchorage 32 20 s 30 28 sn Pittsburgh 71 46 s 73 52 pc Istanbul 71 58 s 71 60 s
a car 27 Help in making 61 Exclusively
55 Falco of “The 22 Imam’s faith
Atlanta 78 54 s 78 57 pc Portland, Maine 58 54 r 65 54 pc Jakarta 89 78 t 86 79 sh 11 “Shop ___ You the cut 62 Many
Austin 78 55 t 76 44 s Portland, Ore. 56 46 sh 56 46 r Jerusalem 73 58 pc 77 59 c Sopranos”
Drop” 31 Calm interlude 24 Pigeon sounds humanitarian
Baltimore 69 54 pc 74 54 c Sacramento 75 47 s 72 47 pc Johannesburg 75 55 t 80 57 t 56 Not working
Boise 51 35 sh 54 38 c St. Louis 81 58 pc 60 46 t London 63 51 pc 64 57 pc 14 Beloved celeb 26 Addition result groups: Abbr.
32 Mean mongrel
Boston 61 57 r 68 57 pc Salt Lake City 51 38 pc 51 38 r Madrid 67 53 pc 74 53 c 57 Brought into the 27 Picket line 64 Lingerie item
Burlington 63 55 r 69 61 pc San Francisco 68 56 s 64 52 c Manila 89 78 t 87 77 t 15 Prince’s 33 Tomato and split world
Charlotte 77 48 pc 76 56 pc Santa Fe 48 26 s 56 32 s Melbourne 71 64 r 73 62 r counterpart in pea, for two crosser 65 Skin pic
Chicago 76 57 c 61 46 r Seattle 55 45 c 54 46 r Mexico City 79 56 pc 79 57 t a Twain novel 59 Arsonist or
Cleveland 74 54 s 74 56 pc Sioux Falls 53 31 c 59 31 s Milan 64 58 t 71 58 pc 35 Some fountain mugger, e.g. Previous Puzzle’s Solution
Dallas 72 50 t 70 47 pc Wash., D.C. 71 57 pc 73 55 c Moscow 44 26 r 39 30 s 16 Lunch hour, for shakes Z AM B I A N L A G A S S E
Denver 52 30 pc 58 35 pc Mumbai 90 73 pc 91 74 pc some 63 Mashed taro dish A N A L O G Y I G A T H E R
38 Elemental
International
Detroit 74 55 pc 73 57 pc Paris 66 52 t 67 58 c C A P I T O L V E R M E E R
17 Verbal abuse of particle 64 Precursor to a P A R O L E S I P A
Honolulu 87 77 pc 87 76 sh Rio de Janeiro 78 69 r 76 69 t
Today Tomorrow a sort transfusion L E E A N I P A L I N
Houston 83 62 c 74 49 pc Riyadh 93 66 s 94 66 s 40 Walk with pride E X T R A S T H O U S A N D
Indianapolis 77 58 pc 70 52 sh City Hi Lo W Hi Lo W Rome 76 62 pc 76 58 pc 66 Large coffee A P T E D S H O O T S
San Juan 88 77 t 86 76 t
19 Overt 42 Artist with a F O U R O U T O F S E V E N
Kansas City 62 42 r 61 40 c Amsterdam 62 53 pc 60 53 sh server
Las Vegas 68 47 s 72 51 s Athens 80 63 s 81 64 s Seoul 59 37 s 62 41 s intimacy, museum in A B S U R D T R I T E
U N S T E A D Y P O T A T O
Little Rock 82 65 c 67 45 t Baghdad 92 64 pc 91 61 pc Shanghai 70 53 pc 67 57 pc briefly Barcelona 67 It’s between N O T E S E C O L E N
Los Angeles 77 56 s 75 57 s Bangkok 91 78 t 92 78 pc Singapore 86 77 t 84 77 t
20 Resin used in 43 Nation west of Africa and Arabia Z O E Y E S O R N O
Miami 85 71 pc 85 71 pc Beijing 68 43 pc 69 45 pc Sydney 70 67 sh 80 66 t I N E R R O R A T E I T U P
Milwaukee 70 55 pc 60 46 r Berlin 67 53 t 61 48 pc Taipei City 75 66 pc 75 67 pc jewelry Nigeria 68 Norway’s most P A L O O K A T A L L O N E
S N E E Z E S I L L S T O P
Minneapolis 68 40 c 55 38 pc Brussels 64 51 sh 61 54 c Tokyo 59 51 sh 57 52 r 21 Long-standing 45 Added to the populous city
Nashville 82 59 s 79 52 t Buenos Aires 72 65 s 74 62 c Toronto 63 49 s 65 53 c The contest answer is the BALTIMORE ORIOLES.
New Orleans 83 72 pc 82 58 t Dubai 93 77 s 91 75 s Vancouver 52 44 sh 51 45 r quarrel staff 69 Cribbage marker As suggested by the central hint FOUR OUT / OF
New York City 65 58 r 68 58 pc Dublin 58 47 sh 58 53 sh Warsaw 61 54 c 61 48 pc SEVEN, taking the fourth letters of the seven-letter
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 65 47 t 65 42 pc Edinburgh 58 48 c 57 49 c Zurich 60 47 r 67 52 pc answers in the grid spells the contest answer.
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | A15

OPINION
Make the Metaverse a Sandbox BOOKSHELF | By Martha Bayles

Apple CEO
Tim Cook was
asked recently
1-2-3 spreadsheet’s command
structure and keystrokes. But
it turns out that file formats
tual-reality fitness app Super-
natural. Almost immediately,
the Federal Trade Commission
sure everyone can get in and
out of the sandbox on equal
terms. We almost have to let
Listen and
about

bubble—the
the
dreaded green

one that ap-

can’t be copyrighted or pat-
ented, allowing Microsoft Ex-
cel to read and write Lotus
1-2-3 spreadsheets. This in-
fought the purchase. Yes, there
should be some caution about
one company monopolizing
the Metaverse the way Apple
Meta or anyone buy companies
early in the development of
the Metaverse to tinker with
applications and business
You Shall Hear
INSIDE
pears when teroperability was a boon to monopolizes the iPhone eco- models and prove to others
VIEW
you send a users, though in the end not so system and discriminates what works, enticing them to
Cold War Radio
By Andy
message to good for Lotus, as the com- within iMessage. But the mar- join in. By Mark G. Pomar
Kessler
someone pany didn’t innovate enough ket is still tiny. The Journal re- If I were the FTC, I’d let (Potomac, 307 pages, $34.95)

M
without, gasp, beyond spreadsheets. To pro- ports Meta’s Horizon Worlds Meta, Microsoft or Google
an iPhone running the proprie- tect its Windows operating has a meager 200,000 monthly make as many acquisitions as ention the Voice of America or Radio Free Europe/
tary iMessage app. But it’s system, Microsoft was slow to active users so far. they want for the next decade, Radio Liberty to most Americans, and they will give
worse than that. His ques- embrace internet protocols but only in exchange for open you a blank look. Or they’ll say, “Hmmm, wasn’t
tioner added, “I can’t send my like TCP/IP and mobile stan- standards and interfaces so that a Cold War thing?” It was indeed a Cold War thing but
mom certain videos and she dards such as Bluetooth and Let tech firms acquire that competing firms can build much more. Today these two services have grown to five,
can’t send me certain videos lost its edge in both. their own version of this space collectively referred to as the U.S. Agency for Global Media,
and so . . .” Mr. Cook inter- Standards matter. Think of all they want, but on to connect and be interopera- which use every existing platform—including radio where
rupted with a chuckle and said, road widths, gasoline mixtures the condition of open ble with what already exists. needed—to connect with a global audience of nearly half
“Buy your mom an iPhone.” and lights that don’t blind op- Governments are involved with a billion people.
Corporate hubris usually pre- posing drivers. The 120/220 platform standards. standards—the National Insti- Unlike the BBC World Service, these services were not
cedes a downfall. volt electricity divide was tute of Standards and Technol- built on a pre-existing domestic one, so their names have
Interoperability can make fixed via sensors that allow ogy is part of the U.S. Com- never been household words. This low profile, so painfully
or break technology, and much travelers to use their computer Some form of the Metaverse merce Department. But instead different from that of the BBC, can be frustrating for the
is still broken. Many Google and phone chargers univer- will happen, but we’re still in of defining details of these Americans who staff the agency. But it amuses Mark Pomar,
apps don’t work well on an sally, although with different the Palm Pilot stage of devel- new worlds, the focus should an American scholar of Russia who between 1982 and 1986
iPhone. Why? Apple wants you plugs. AA batteries were intro- opment—clunky, expensive be on sensible interfaces and was assistant director of Radio Liberty (the Russian service
to use its apps, interoperability duced in 1907, standardized in equipment and low-resolution application programming in- of RFE/RL) and director of
be damned. The iPad only re- 1947, AAA in 1911 and 1969. offerings that don’t do much. terfaces so everyone can ac- VOA’s U.S.S.R. division.
cently added support for a Cellphone standards were an- That will change. Reinventing cess the sandbox. In the preface to “Cold
mouse, but it’s not good other benefit to users and keep education alone will make it When there are standards War Radio,” his insightful,
enough for iPads to replace evolving—6G isn’t coming un- worth it. Who cares if Meta for basic technology formats absorbing account of the
Mac computers and laptops. til 2030 or so. buys a fitness app? In Silicon and protocols, battles move remarkable work of these
Why? To protect Apple’s $35 Which brings me to the Valley, many companies are higher up the value chain, to services, Mr. Pomar recalls
billion Mac business. Users Metaverse, an awful moniker bought not for their products more important things, such as an incident from 1984, when
suffer. Technology has a long for the nascent three-dimen- but for their people. This is delivering real productive ser- he traveled to Cavendish, Vt.,
history of ignoring interopera- sional online world where we known as acquisition hiring, or vices rather than worrying if to interview the exiled author
bility. America Online ran its will eventually work, learn and “acquihires.” Heck, some ven- things made by Google will Aleksandr Solzhenitsyn.
business like a walled garden. play. I’d prefer names like the ture capitalists build compa- work with things made by Checking into his hotel, Mr.
More hubris that didn’t end Hive or the Vortex (franchising nies just to be bought. Meta. This would benefit us all Pomar announced that he was
well. It even had two messag- opportunities available). What- My free-market instincts rather than letting Tim Cook from Voice of America, and
ing services, AOL Instant Mes- ever we call it, there are no make me allergic to govern- protect long-in-the-tooth prod- the clerk asked if that was
senger and ICQ (I seek you), real standards for avatars, ment intervention. Instead, as ucts such as the iPhone. Stan- “a national singing group.”
that couldn’t send messages to clothing, motion, weapons, in financial markets, govern- dardizing the past is what will Today it seems obvious
each other until 2003. speech or architecture. ment’s role is to set up rules force innovators to buzz the that VOA would interview
In 1990 a judge ruled that To figure this out, Facebook for the sandbox and then let Hive or swirl the Vortex and Solzhenitsyn. Yet in 1984 VOA was still keeping its distance
competitors infringed Lotus aka Meta announced the pur- everyone play in it. Let the invent the future. from the famous dissident, because it was (and is) a federal
Development’s copyright on its chase of Within, maker of vir- best sand castle win. Make Write to [email protected]. agency answerable to the State Department. And many at
State were still committed to détente, the policy that re-
garded open criticism of the Soviet leadership as a barrier

Brazil’s Left Tries to Gag Political Speech to nuclear-arms control.

To President Ronald Reagan, détente was “a one-way
street that the Soviet Union has used to achieve its own
Brazil’s runoff and his party have a long- the presidency. Lula has further, instructing YouTube aims.” So in that spirit, Mr. Pomar spent three days re-
presidential standing grudge against Lula. turned to Judge de Moraes for to demonetize four Brazilian cording 20 hours of Solzhenitsyn reading from “August
election— Roughly 34 million voters help. channels, including Brasil 1914,” the first in a cycle of novels about the travails of
scheduled for who didn’t cast a ballot in the By law the tribunal is sup- Paralelo, on grounds that they modern Russia. Despite being nine parts polemic to one
Oct. 30—be- first round could turn out posed to judge “facts known to carry fake news. On Thursday part literature, the edited on-air reading was a success,
tween two- Sunday. be untrue” during the cam- came the TSE resolution. As and Solzhenitsyn joined the list of distinguished émigrés
AMERICAS term former Lula and the Workers Party paign and has censored offend- Brazilian journalist Diego Es- whose bonds with Russia, ruptured by repression, were
President Luiz hawk socialism as a cure for ers. For example, it has legally costeguy explained on the partially mended by America’s “Cold War radios.”
By Mary
Inácio “Lula” economic misery. His core censored the Lula campaign news website O Bastidor last These Cold War services, including the Eastern Euro-
Anastasia
da Silva and constituencies are the very for its claims that Mr. Bolson- week, the TSE granted itself pean divisions of VOA and Radio Free Europe, were staffed
O’Grady
incumbent poor, the elite, the greens and aro practices cannibalism. the power “to arbitrate what primarily by émigrés who spoke the language of their
Jair Bolsonaro the woke. Moderate social is true or false in the political homelands and understood their history, culture and
looks close. democrats have long dreaded debate” and to “suspend ac- politics. Today’s Agency for Global Media, working in a
How close is reflected in re- Lula, but they’re rallying The Lula campaign counts, profiles and channels” drastically different environment, still relies on émigrés
cent moves by Brazil’s seven- around him because they and ban Brazilians from “en- to push back against a global tide of disinformation and
member electoral tribunal, or loathe Mr. Bolsonaro. moves to shut down tire platforms.” propaganda lavishly funded by state and non-state actors
TSE. Led by a notoriously The president’s support public discussion of Last week the court cen- hostile to democratic ideals. And it does so in 62 lan-
anti-Bolsonaro judge, Alexan- comes from the working and sored former Supreme Court guages, on a budget that peaked this year at a modest
dre de Moraes, the TSE has middle classes, budding entre- his conviction. President Marco Aurelio Mello $840 million.
grabbed extraordinary powers preneurs who operate in the because he dared to say that Mr. Pomar’s book does not address the transformations
and is using them to gag Lula real economy, social conserva- Lula was never acquitted. The of the past 30 years, but his thoughts on the subject would
critics. tives, land owners and the ag- It doesn’t, however, have statement is true even if it be valuable, because some things never change. “The most
Brazil’s Constitution for- ricultural industry. Popular the authority to approve or makes Lula bristle. precious gifts we could give our listeners,” he writes of his
bids censorship, and the center-right politicians like disapprove of public opinion. To demonstrate how far Cold War tenure, was “the sound of vivid, highly individual
court’s brazen crackdown on Romeu Zema, Novo Party gov- Nevertheless, on Oct. 13, re- from Brazil’s free-speech broadcasters who not only spoke of freedom but also lived
free speech has alarmed the ernor of the state of Minas Ge- sponding to a complaint by norms the TSE behavior falls, that freedom in their voices.” No book can capture sound,
nation. But Judge de Moraes, rais, and Tarcísio de Freitas, the Lula camp, the court ruled Mr. Escosteguy quoted Judge but his does the next best thing: It describes the actual
who is also president of the Republican Party candidate in that the media company Brasil de Moraes, writing from the programming.
Supreme Court, shows no sign the runoff for the governor- Paralelo had to remove con- Supreme Court bench in 2018:
of backing down. If Brazil’s de- ship of São Paulo, are cam- tent that discussed his convic- “The fundamental right to
mocracy is at risk, it’s not, as paigning for him. tion because it contained “dis- freedom of expression is not The norms of Western discourse—lest we forget
the chattering classes allege, For-profit news and opinion information, altering the only aimed at protecting opin- —were a key part of the message being broadcast
because of Mr. Bolsonaro. channels that deliver content reality of events related to ions that are supposedly true,
The president finished sec- not offered by left-leaning me- corruption, affecting Lula’s admirable or conventional, but into Eastern Europe and the Soviet Union.
ond in the Oct. 2 first round, dia are also playing a role. The honor and image.” also those that are dubious,
with 43.2% of the vote. Lula business has boomed and Lula The TSE magistrate as- exaggerated, reprehensible,
received 48.4%, about 6.2 mil- doesn’t like it. signed to report on court pro- satirical, humorous, as well as A fluent Russian speaker, Mr. Pomar has spent hundreds
lion more votes than Mr. Bol- The former president is par- ceedings—along with two those not shared by the ma- of hours listening to recordings of programs aired from the
sonaro. Another 8.5 million ticularly sensitive about his other magistrates—dissented. jorities. It should be noted 1970s to the 1990s. Many were devoted to culture: dramatic
votes went to Simone Tebet, corruption conviction in 2017. He pointed out that the mate- that even erroneous state- readings of samizdat works by writers such as Alexander
who finished third, and Ciro It was overturned on a techni- rial in question was “based on ments are under the protec- Ginzburg and Vladimir Bukovsky; interviews with artists
Gomes, who finished fourth. cality in 2021 and he was re- journalistic articles with facts tion of this constitutional such as the opera star Galina Visnevskaya and her husband,
Their parties have endorsed leased. But when Brazilians are declared during the period in guarantee.” the cellist and conductor Mstislav Rostropovich; mini-
Lula but the rank-and-file may reminded of what sent him to which Lula was at the head of Now the electoral tribunal concerts by folksinger-bards such as Bulat Okudzhava and
not go along. prison, they are apt to recall the Federal Executive Branch, wants to dispense with these Vladimir Vysotsky.
Ms. Tebet is from the state the enormous bribery and ‘so there is no plausible justi- civil liberties. It makes one These people had all been erased (we would say
of Mato Grosso do Sul, which graft scandals that emerged fication for its withdrawal,’ ” wonder what Brazil will look “canceled”) by the regime, so their commentary was
Mr. Bolsonaro easily won in during the 14 years—2003-16— according to the TSE website. like if Lula wins. implicitly political. But the radios also held explicitly
the first round. Mr. Gomes when his Workers’ Party held On Oct. 18 the court went Write to O’[email protected]. political debates on extremely divisive topics. And no
matter how heated these exchanges, the hosts insisted on
maintaining “the norms and practices of Western dis-

U.S. Gets a Head While U.K. Has a Ball course.” Mr. Pomar reminds us (lest we forget) that these
norms and practices, so crucial to democracy, were an
essential part of the message.
By Richard Miniter Conservative Party at every As Americans increasingly dialects. Other words took on But here we enter deep waters. Of all the topics ad-

T
level. I have had enough of read British papers online, different meanings: “Holler” dressed by the radios, the most divisive was Russia’s post-
he Daily Star, a British talentless people putting they are bumping into puz- refers to shouting in the Soviet future. In 1982, when Mr. Pomar began working at
tabloid, wondered what their tick in the right box, not zling Britishisms and even Northeast and a valley be- Radio Liberty, it was widely if tacitly assumed that Russia
would wilt first, Prime because it’s in the national adopting some. The Tele- tween two mountains in the would soon cast off the shackles of the moribund Soviet
Minister Liz Truss or a “ball interest but because it’s in graph noted in 2018 that South. Some words, like “got- regime. But what then? Many émigrés envisioned a future
of lettuce.” It wasn’t the first their own personal interest to Americans had picked up ten,” died out in the land of of free markets, civil society and liberal democracy. But
time that Americans were achieve ministerial position.” “dodgy,” “bespoke” and their birth. Englishmen today others hoped for a new and more powerful Russia, ruled
flummoxed by British idioms. An American would “check” “twee.” These days younger use “got” as the past partici- by a strong virtuous leader, in which Slavic culture and
Americans would say the box, not put a “tick” in it. Americans may say that an ple of “get.” Orthodox Christianity would be fused.
“head of lettuce,” and that’s outfit is “smart,” meaning at- New technology also led Before Mr. Pomar’s arrival, a key Radio Liberty program,
how most U.S. publications tractive, or a person “clever,” the English and the Ameri- “Russia: Yesterday, Today, and Tomorrow,” had been
described the vegetable in the American and British meaning simply intelligent as cans to invent different words sharply criticized for explicating this nationalist vision. To
Star’s cheeky gag. The New opposed to the American for the same thing; what am- the more liberal-minded émigré community, Radio Liberty
York Times had an internal English grew apart sense of ingenious. ateur linguists refer to as the was wrong to give a platform to “age-old Russian xeno-
debate and ended up using but may be starting It may feel like cultural “windscreen vs. windshield” phobia” and “the darker impulses of authoritarian rule.”
both “head” and “ball.” ventriloquism to traditional- problem. But after centuries They had a point. Yet instead of banning the topic, Mr.
The controversy over Ms. to converge again. ists, but that’s how languages of the English language grow- Pomar found a new host: Gleb Rahr, a devout Orthodox
Truss’s proposed supply-side evolve. When the English col- ing apart, the internet and Christian who had survived imprisonment in five Nazi
tax cuts, abrupt retreat and onized America in the 1600s, streaming shows such as concentration camps.
rapid resignation featured a Or consider this tweet from they brought many regional “Ted Lasso” may be knitting Rahr had been working at Radio Liberty since 1974,
lot of classic Britishisms that another Conservative member words with them. New Eng- it back together again. while also supporting the cause of freeing Orthodoxy from
left Americans wondering. of Parliament, Nadine Dorries, land was largely colonized by The title character of that the Soviet grip. Mr. Pomar’s detailed account of Rahr’s
Some words were intelligible referring to Ms. Truss’s pre- people from East Anglia, Vir- Apple TV comedy-drama is an tenure as host of this and other programs debating the
but unfamiliar. When Charles decessor, Boris Johnson: ginia and Maryland by those American football coach who place of religion and nationalism in post-Soviet Russia
Walker, a Conservative mem- “Conservative MPs removed from Britain’s Southwest. goes to work for a British make for fascinating reading. Especially at the present
ber of Parliament, was asked the PM people wanted and Regional words like “fry- “football” team. Some differ- moment, when the false piety and godless wreckage of
by the BBC about Ms. Truss’s voted for with a stonking big ing pan” in Massachusetts ences may prove impossible Putinism threatens to consume much of the world.
future, his remarks were majority less than three years and “skillet” in colonial Vir- to bridge.
retweeted widely: “This ago.” Stonking means great or ginia were preserved and be- Ms. Bayles is a fellow at the Institute for Advanced
whole affair is inexcusable; it overwhelming, like an artil- came distinguishing features Mr. Miniter is CEO of Studies in Culture at the University of Virginia and the
is a pitiful reflection on the lery barrage. of the Yankee and Southern Zenger.news. film and TV critic for the Claremont Review of Books.
 .

A16 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Legal Fight Over Student Loans Germany Leaves Its Natural Gas in the Ground

I
t ain’t over ’til it’s over, and that’s true in the case by excluding future consolidated FFEL Regarding Walter Russell Mead’s mal units, compared with a cost of $3
court as well as sports. The Biden Adminis- loans from cancellation. Judge Autrey indulged “Germans See Affluence Ahead” at home. I asked the leaders to imag-
(Global View, Oct. 18) and Joseph ine the positive effects of being able
tration was set to begin forgiving student the Administration’s gamesmanship. “The lack
Sternberg’s “Germany Finally Says the to power their economy from local
loans as soon as this weekend of the ongoing incentive to F-Word: ‘Fracking’” (Political Econom- resources and in that price range.
after a federal judge on Thurs- Biden wins in lower consolidate defeats the claims ics, Oct. 7): My firm’s geologists had Their faces showed stunned disbelief.
day dismissed a legal challenge court, but the states of Arkansas and Nebraska,” he researched European shale resources. As one of their Ph.D.s explained in
by several states. But the Eighth opined. We estimated that, with fracking, Eu- German: “A Halliburton truck fracking
Circuit Court of Appeals late have a strong case. Not so fast. The Supreme rope had about 700 trillion cubic feet on a German hill? Never, never!”
Friday issued a stay while it Court has frowned on govern- of recoverable natural gas, enough to Following the meeting, they bud-
considers the states’ appeal. ment defendants that cynically power the continent for 50 years. I geted the princely sum of 300,000 eu-
The half-a-trillion dollar question before the try to moot cases. That’s what the Biden Admin- was asked to present this information ros to study what I had presented,
Eighth Circuit is whether the states have demon- istration tried in West Virginia v. EPA when it to the energy-security-policy leader- but they decided to stick with the
strated a concrete and particular injury that claimed to be revising the Obama Clean Power ship (Energie Sicherheitsführung) of pipelines. The Germans can’t say they
the German parliament in April 2006. weren’t warned.
gives them standing to sue. Federal judge Henry Plan. Ergo, it argued, West Virginia and other
At the time Germany was already MARK AMMERMAN
Edward Autrey, a George W. Bush appointee, plaintiffs lacked standing. planning to expand its gas pipelines Houston
ruled they did not, but the states’ arguments de- The High Court rolled its eyes. “‘Voluntary to Russia. That natural gas cost Mr. Ammerman was global head of
serve more consideration than his 19-page opin- cessation does not moot a case’ unless it is ‘ab- around $17 per million British ther- energy at Scotiabank.
ion provides. solutely clear that the allegedly wrongful behav-
Missouri argues that the loan forgiveness will ior could not reasonably be expected to recur,’”
lose revenue for its student-loan servicer, Higher the Court wrote, citing a precedent, adding that
Education Loan Authority of the State of Mis- the Biden Administration “‘nowhere suggests
The Supreme Court Is Right to Stick to Law
souri (Mohela). State lawmakers established that if this litigation is resolved in its favor it Walter Smith, who has argued sev- nothing can fail. Without it, nothing
Mohela in 1981 to provide financial aid to Mis- will not’” reimpose similar regulation. eral cases before the Supreme Court, can succeed.”
writes, “The court’s majority has Public sentiment may be every-
souri students. State law deems Mohela “a public The same goes for President Biden’s loan for-
made clear that it doesn’t care about thing—but that is in politics, not in
instrumentality” that performs “an essential giveness. The Education Department’s Sept. 29 public opinion or many of the harm- interpreting the law. Courts must fol-
public function.” announcement even stressed that it “is assess- ful consequences of its decisions” low the law as written. If they don’t,
But Judge Autrey held that Missouri lacks ing whether there are alternative pathways to (Letters, Oct. 21). But that isn’t the and if instead they base their deci-
standing since “the legislature intended to cre- provide relief” to borrowers with FFEL loans. If court’s job. sions on public opinion, then there is
ate a self-sustaining and financially independent the state lawsuit is tossed, Mr. Biden might later The Supreme Court is charged with no rule of law. There would be only
agency.” If the Biden loan write-off costs Mohela, discharge consolidated FFEL loans again. upholding the current laws of the the ever-changing winds of partisan
the judge wrote, the state of Missouri wouldn’t The standard for injunctive relief requires United States. If those laws and their politics and opinions—and not neces-
be harmed. plaintiffs to show they are likely to suffer irrepa- consequences are unsavory to the sarily majority opinion either, but an
That’s debatable. Lawmakers often establish rable harm and succeed on the merits. Judge Au- American people, then they should elite minority’s.
public agencies that are nominally independent trey didn’t address either, but the GOP states elect representatives to pass new MARK GODBURN
laws. But if mommy won’t give you Norfolk, Conn.
but exercise sovereign government power and en- make a strong case for both. It’s irrefutable that
what you want, you don’t get to run
joy implicit taxpayer backing. Public pension funds Congress didn’t give the President authority to to daddy. The Supreme Court looks to the
and the U.S. Postal Service are examples. discharge hundreds of billions of dollars in stu- KEITH PALMER Constitution as the basis for its deci-
Federal courts also sometimes grant states le- dent debt. Schodack, N.Y. sions. Mr. Smith is thinking of “the
gal standing to vindicate their sovereign inter- i i i court of public opinion,” something
ests. See the state challenge to the Trump rescis- Mr. Biden on Friday took a victory lap, claim- Mr. Smith quotes Abraham Lincoln, else entirely.
sion of the Deferred Action for Childhood ing falsely that Judge Autrey and the Supreme who once said, “Public sentiment is HEIDI CURRIER
Arrivals program. Missouri plausibly argues that Court said “‘we’re on Biden’s side.’” He was al- everything. With public sentiment, Wildwood, Mo.
if Mohela loses revenue, its students will get less luding to Justice Amy Coney Barrett’s rejection
financial aid. The judge brushed aside this sover- on Thursday of an emergency request for injunc-
eign interest. tive relief by Wisconsin’s Brown County Taxpay-
Nebraska and Arkansas separately argued ers Association. Joseph Warren Was a Patriot to Remember
that they would be injured because their state Justice Barrett didn’t explain her reasoning, Mark Spencer’s review of Stacy port of Boston, Warren drafted the
agencies are invested in privately originated but general burdens on taxpayers aren’t consid- Schiff’s “The Revolutionary: Samuel Suffolk Resolves, a declaration of
Federal Family Education Loans (FFEL). The Ad- ered to be a particular or concrete injury. It’s Adams” (Fall Books, Oct. 8) provides rights and grievances unanimously
ministration made only Direct Loans eligible for ironic, to say the least, that Mr. Biden is claiming an insightful look at a historical char- adopted at the first Continental Con-
forgiveness. The states say this has encouraged that Republican-appointed judges are on his acter about whom, as Mr. Spencer gress and a precursor to the Declara-
FFEL borrowers to consolidate into Direct Loans side. Days earlier he denounced the High Court puts it, history has forgotten more tion of Independence.
and cost the state agencies income. as a conservative “advocacy group.” But he than it has remembered. While Sam- Warren, who had also established
But on Sept. 29, the same day the GOP states shouldn’t claim victory too soon because the uel Adams is remembered as the fa- an intricate spy network, sent Paul Re-
sued, the Administration brazenly tried to moot Eighth Circuit will still get a say. ther of the American Revolution and vere and William Dawes on their epic
lives on in the eponymous beer, I’d midnight rides, setting off the “shot
like to bring attention to his contem- heard around the world” in April 1775.

Of Catholics and Communists porary and even more forgotten com-

patriot, Joseph Warren.
Warren rode into battle and was al-
most killed that day when a British

E
Warren was involved in nearly ev- musket ball grazed his head. Warren
ven as Xi Jinping was being crowned as Union and its East European satellites. ery major insurrectionary New Eng- later implored Congress to form a na-
China’s unchallenged dictator, the Vati- Cardinal Pietro Parolin, who as secretary of land event in the decade leading to tional army and appoint a “generalis-
can said Saturday it has renewed its state is the most powerful man in the Vatican independence. He delivered two fiery simo,” which led to George Washing-
agreement with the Chinese after Pope Francis, has ac- Boston Massacre orations and was in- ton’s nomination as commander in
Communist Party. This is the The Vatican renews its knowledged limited progress strumental in planning the Boston chief of the new Continental Army.
second renewal since the deal from the deal but last month Tea Party. After Parliament shut the On June 17, 1775, at age 34, Warren
was brokered in 2018, though
bad deal with Beijing on Italian TV said it is imper- was killed in action at the battle of
that ignores abuses. Bunker Hill. His death sent shock
there’s little progress on reli- ative to assume Beijing’s
gious freedom to show for it. “good faith.” The use of
Profanity Is a Young Man’s waves throughout the patriot ranks.
The men we now consider the found-
Its main contribution has “faith” in that sentence is ap- Game—at Least It Should Be ers lamented his premature death,
been to mute Vatican criticism of human-rights palling since China’s Communists repudiate all Regarding Fay Vincent’s op-ed and the nation still owes him an
abuses, from the genocide of the Muslim Uy- religious faith. China has also done nothing to “Less ‘Joe,’ More ‘Mr. President’” enormous debt of gratitude. Without
ghurs to the political prosecution of Cardinal merit this presumption. (Oct. 19): Profanity fascinates us his efforts, there may have been no
Joseph Zen in Hong Kong. In the history of the papacy, perhaps noth- when we are kids but becomes bur- American Revolution or Declaration
The deal gives Beijing a say in the appoint- ing was as thrilling—even for non-Catholics— densome as adults. of Independence, and maybe no
ment of Catholic bishops, but it’s telling that as the election in 1978 of a Polish pope from In the beginning, profanity is raw, United States of America.
its terms are secret. A handful of mostly pro- behind the Iron Curtain. “Be not afraid,” Pope toxic, slick and pungent, not to men- CHRISTIAN DI SPIGNA
Beijing bishops have been appointed. But the John Paul II would tell believers, and he set the tion a bit infectious. No one takes the Dr. Joseph Warren Foundation
words as literature. It is all about the Williamsburg, Va.
National Catholic Register reports that 36 of example by morally challenging regimes such
anger and frustration. As it ages,
China’s 98 dioceses lack a bishop. as the Soviet Union and using his papacy to however, it dries out, becomes ubiqui-
All this comes as China insists that priests bring the plight of the forgotten and perse- tous and loses potency, leaving us Political Correctness Hurts
and bishops serve the interests of the ruling cuted to the world’s attention. with an irritating nuisance to get rid
and atheistic Communist Party. Yet Pope Fran- The current Vatican’s motto is: be afraid. of. Regardless of what the pundits
Recruitment and Retention
cis, who is so critical of the U.S. and capitalism, Pope Francis has given the Chinese Communist say, we all know that in the end it is For many years, we wholeheartedly
is silent on China. This is a return to the Vati- Party a free pass on its inhumane behavior, simply the quick and easy way for the encouraged young people to join the
can’s failed Ostpolitik of the 1960s and 1970s, and in so doing he has compromised the moral overstressed mind to express ex- military. No longer. Your editorial
when Rome muted criticism of the Soviet authority of the Catholic church. tremes. We abandon all attempts to “The Pentagon’s Recruiting Woes”
carefully translate feelings into artic- (Review & Outlook, Oct. 15) mentions
ulate and comprehensible sentences, several cogent reasons for a lack of
Biden’s New Border Record although it does provide a certain
oral syntactic punch and the comfort
recruitment, but we’d emphasize one
in particular. The actions and words

P
of linguistic rhythm when regular. of the chairman of the Joint Chiefs of
resident Biden didn’t mention this at compared with 58,068 from Mexico and north- CHRISTOPHER DENTON Staff, down to unit-level propaganda,
his media event on Friday, but his Ad- ern Central America. Elmira, N.Y.have turned the military into a social-
ministration can take credit for a new This reflects the incentives sent by U.S. asylum justice experiment.
record: More than 2.7 million policy, which allows even eco- It’s quite rich for Mr. Vincent to In conversations with several Ma-
enforcement actions against The soaring illegal nomic migrants claiming asy- accuse President Biden of vulgarity rines, their disgust with the leftward
illegal crossers at the U.S.- lum to remain in the U.S. until unbecoming of his position, after political tilt was evident, contributing
Mexico border in fiscal 2022,
crossings are hurting their claims are heard by immi- what we have experienced for the to their low opinions of unit cohe-
which ended Sept. 30. the immigration cause. gration judges. That can take past six years with the vulgarian in siveness and combat readiness, as
chief. Just saying. well as their desire to exit the mili-
Customs and Border Pro- months or years. The message
MELISSA MILLS tary as soon as their commitments
tection released the news Fri- is that migrants from these Lincoln, Mass. terminate. Our military is drowning
day without fanfare, and no wonder. The agency countries have a decent chance of making it into in political correctness.
tallied 227,547 encounters along the border in the U.S., and staying when they do. COL. LINDA SIEGEL, USAF (RET.)
September, up 12% from August and 18.5% from The U.S. needs to tighten its rules on asylum Another Opportunistic New MAJ. JOE SIEGEL, USAF (RET.)
a year earlier. to send the message that not everyone in the Fox Island, Wash.
The September surge pushed enforcement Western hemisphere can come to the U.S., but
‘Convert’ to School Choice
actions for all of fiscal 2022 to 2.77 million, the Biden Administration and Democratic lead- Does Corey DeAngelis truly believe
more than a million more than the 1.72 million ers in Congress won’t act. Illinois Gov. J.B. Pritzker’s last-min- Pepper ...
in fiscal 2021, which was the previous annual By the way, these are the migrants you read ute, vote-seeking, soon-to-be-forgot-
ten reversal of his long-held, teachers
And Salt
record. The border state mayors and Governors about who are bused or flown from the border
union-appeasing, anti-school-choice THE WALL STREET JOURNAL
aren’t making it up when they say they are to cities across the country. Most of those
position? (“Another Democrat Flips
overwhelmed by the illegal crossers. flights and buses aren’t sent by GOP Governors. on School Choice,” op-ed, Oct. 20)
There wasn’t much media coverage of this They’re sent by the Biden Administration, Mr. Pritzker’s bait-and-switch is so
milestone on the weekend, but some of the de- which wants to ease the pressure on border re- blatant that it is impossible to take
tails are illuminating about the monumental gions. But that’s why mayors such as Eric Ad- seriously. Kudos, however, for placing
failure of U.S. immigration policy. About 19% of ams in New York are declaring emergencies as this op-ed below two articles that
migrants apprehended in September were re- they cope with the new arrivals. note how Democrats are now trying
peat offenders, meaning they had been encoun- All of this represents an American political to get voters to forget their positions
tered at least once in the previous 12 months. failure, of which there are many these days. It on a variety of subjects.
This reflects that the border is so porous that is also doing great harm to the cause of legal MARK D. FICHTEL
Greenwich, Conn.
migrants will keep coming even if they are ar- immigration. The perception of an essentially
rested once or more. They know they’ll get open border is building a political backlash in
Letters intended for publication should
through sooner or later. favor of more restrictionist immigration poli- be emailed to [email protected]. Please
A second theme is the rise of migrants from cies. The bitter truth, which the left won’t ad- include your city, state and telephone
the tyrannies in Cuba, Venezuela and Nicaragua. mit, is that Mr. Biden’s border failure has done number. All letters are subject to
In September, 77,302 individual migrants en- more damage to the immigration cause than editing, and unpublished letters cannot “The banana bread tastes funny
be acknowledged.
countered were from the three socialist failures Donald Trump’s policies ever did. because it’s leftover meatloaf.”
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | A17

OPINION

Biden’s Strategy Is Undone by Fantasy

By Nadia Schadlow of allies and partners, since the need to be more realistic.

T
U.S. and its allies make up Even as the Ukraine crisis
he Biden administration’s about 65% of global gross do- has demonstrated the devastat-
National Security Strategy, mestic product. ing consequences of phasing
released last week, de- But the document also offers out natural gas, oil and nuclear
serves credit for correctly aspirational language about power when wind and solar
identifying China as the how the U.S. and China must can’t replace them, the strat-
U.S.’s most “consequential geopoliti- “coexist peacefully and share in egy seems blind to reality. It
cal challenge.” But by calling climate and contribute to human prog- insists on a “transition away
the “existential” threat to the U.S. ress together.” The problem is, from fossil fuels,” not acknowl-
and encouraging cooperation with the two countries view human edging that natural gas itself is
Beijing on the issue, the strategy progress and the political and a transition fuel and that the
document creates a dangerous con- economic underpinnings of U.S. has the capability to pro-
tradiction. The focus on climate will that progress differently. duce and export more of it.
make it harder to meet the threat For the U.S., progress is The Biden strategy will cre-
from China and diminish the chances rooted in individual liberty, ate dependencies on China
that the U.S. will succeed in sustain- democratic governance and the analogous to the coercive
ably reducing carbon emissions. rule of law. It is hard to recon- power that Russia recently held
cile how this squares with over Germany’s energy supply.
China’s intent, which even the And this applies to global de-
It acknowledges the threat Biden document describes as a velopment too, since it stresses

MARTIN KOZLOWSKI
desire to “reshape the interna- zero-carbon climate policies
from China, then makes tional order” to advance its au- that harm poor countries. As
wholly unrealistic pledges thoritarian objectives. Senegal’s energy minister re-
The document wants to por- marked last year, imposing re-
of cooperation. tray the U.S. as reasonable but strictions on lending for oil and
in the process it fails to describe gas development is like “re-
the world as it is. A rosy perspective China continues to support Russia’s determination to separate key parts moving the ladder and asking us to
China has benefited from the is baked into the language, along with war in Ukraine, which is leading to a of its economy from ours while fos- jump or fly.”
openness of the international econ- hopes that the U.S. can work with global food crisis. tering dependencies that give Beijing At the just-concluded Chinese
omy even as Beijing “frequently uses China on nearly everything: “climate, Despite these realities, the docu- coercive power. Unless these impera- Communist Party Congress, Xi Jin-
its economic power to coerce coun- pandemic threats, nonproliferation, ment pleads that no country “should tives are called out directly, it will ping has shown determination to
tries” while limiting access to its own countering illicit and illegal narcotics, withhold progress on existential be hard—if not impossible—to build drive what he sees as an “irrevers-
markets, the strategy points out. The the global food crisis, and macroeco- transnational issues like the climate the domestic political coalitions to ible historical process” in which
document reaffirms the link between nomic issues.” Contrast these lofty crisis because of bilateral differ- take tough decisions. China becomes the “new choice” for
economic strength and national secu- ambitions with China’s construction ences.” American interests thus get The strategy is right that the next humanity. Now isn’t the time to be
rity, recognizing that the U.S. needs of coal plants, refusal to allow investi- reduced to tactical inconveniences. 10 years will be decisive, noting that ambivalent in that competition.
to produce goods, tie trade policies gations into the origin of Covid, aid- Competition with China over we are at an “inflection point” when
to the well-being of the American ing and abetting of North Korea’s nu- technology appears in the Biden doc- the choices made will set America on Ms. Schadlow is a fellow at the
people, and retain its competitive clear program, and inaction on ument only as an afterthought. The a course that “determines our com- Hudson Institute and Hoover Institu-
edge across key technologies. It also transnational criminal organizations strategy fails to call for selective dis- petitive position long into the fu- tion. She served as deputy national
affirms that a successful U.S. ap- that traffic fentanyl into the U.S. entanglement or decoupling from ture.” Precisely because “our window security adviser for strategy,
proach to China will require the help Through major energy purchases China, even as it alludes to China’s of opportunity may be closing,” we 2017-18.

The CDC Pushes to Vaccinate Toddlers, Again

Is the Centers for scientifically baseless rituals on non- of immunity, and the immune sys- arm, fatigue, headache or low-grade “generalized neuralgia” and was di-
Disease Control adherent Americans. The same is tems of children and adults differ in fever. On the other hand, most kids agnosed with “functional abdominal
and Prevention try- now true with vaccinating children. important ways. Children have who catch Covid don’t either. pain.” That’s all?
ing to give vaccine Most conservatives don’t oppose stronger “innate” immune re- Yet some children who were vac- Pfizer says it and the vaccine clin-
skeptics a shot in vaccines per se. But never before has sponses, which essentially carpet- cinated in the trials did suffer worse ical-trial investigator “each indepen-
the arm? That’s the the CDC recommended, or the FDA bomb germs. On the other hand, symptoms. About 0.8% of adoles- dently evaluated this case and con-
message its Advi- authorized, a vaccine for children children’s adaptive immunity, which cents who received the Pfizer vac- cluded that it isn’t related to the
LIFE
sory Committee on based on such thin evidence of bene- operates more like tactical-weapon cines developed swollen lymph Pfizer-BioNTech COVID-19 vaccine.
SCIENCE
Immunization Prac- fits and lack of clarity on potential systems, is less developed. Children nodes—four times the rate in the The information about the case was
By Allysia
tices sent last week risks. may not require the same level of placebo group. Then there’s the case shared with health authorities.” The
Finley
with its vote to add It’s generally accepted that kids antibodies to achieve the same pro- of 12-year-old Maddie de Garay, FDA didn’t respond to request for
Covid-19 vaccines are at much lower risk for severe tection as adults. whose second dose immediately pre- comment.
to childhood vaccination schedules. Covid than adults. One study, released ceded a cascade of ailments that has It’s impossible to conclude with
Food and Drug Administration earlier this month, estimated that left her wheelchair-bound. any certainty whether the vaccine
Commissioner Robert Califf stressed only 3 of every million kids who have Its decision to include Twelve hours after her second caused Maddie’s maladies. But it
that the CDC isn’t mandating vac- been infected with Covid have died dose, Maddie began to develop se- doesn’t help the credibility of public-
cines for kids. “Mandates are not the from it. Children also are much less Covid-19 shots in children’s vere stomach pain, sensations of health authorities to whitewash her
remit of either CDC or FDA,” he likely to get severely sick with Covid schedules is based on far- electric shocks down her spine, and case.
tweeted on Oct. 19. Didn’t the CDC than with some other bugs. chest pain, her mother Stephanie re- One reason many conservatives
argue the opposite in court when de- In Moderna’s toddler trial, no too-flimsy evidence. ported to the FDA. Maddie later de- don’t trust Covid-19 vaccines is be-
fending its mask requirement for child in either the placebo or vaccine veloped mysterious rashes, blood in cause they don’t trust public-health
public transportation? group was hospitalized with Covid, her urine, dizziness, convulsions, authorities. And for good reason.
It’s true that states and localities but at least 15 were for other infec- Normally, the FDA requires vac- tinnitus, memory loss, extreme fa- Since the beginning of the pan-
don’t have to follow the CDC’s rec- tions including RSV, adenovirus, rhi- cines to be tested in randomized tigue and eventually the loss of feel- demic, these experts and officials
ommendations when deciding which novirus, metapneumovirus and Ep- controlled trials with tens of thou- ing from her waist down, among have repeatedly shown a lack of
shots kids must receive to attend stein-Barr. The two toddlers in sands of people before approval, as other debilitating conditions that candor and respect for the intelli-
daycare and school, but they usually Pfizer’s trial who were most severely it did with the original Covid vac- hospitalized her for 64 days. gence of ordinary Americans. They
do. One CDC panelist said the vote ill with Covid also tested positive for cines for adults. Large-scale trials A New England Journal of Medi- don’t trust Americans, and the feel-
was merely symbolic. But symbolism other viruses, which probably exac- can help public-health authorities cine write-up on the Pfizer trial, ing is mutual.
matters. erbated their infections. determine whether the benefits of however, reported “there were no Adding the Covid-19 shot to the
Why else did face masks become The FDA authorized the vaccines vaccines outweigh the risks. But the vaccine-related serious adverse children’s vaccine schedule based on
so controversial? Given the scant ev- for children primarily based on an trials on children were too small to events and few overall severe ad- flimsy evidence risks inciting a back-
idence supporting widespread use of “immunogenicity” analysis compar- draw conclusions. verse events.” The FDA emergency- lash against vaccines in general. Ha-
nonmedical-grade masks, many con- ing their antibody levels with those It’s true that most kids who re- use authorization for Pfizer’s vac- ven’t the government scientists
servatives perceived masking as an- of adults who received the shots. But ceived vaccines in the trials didn’t ex- cines for adolescents pithily noted learned that every political action
other instance of liberals imposing antibodies are only one component perience much worse than a swollen that one trial participant reported has an equal and opposite reaction?

How to End the Epidemic of Failure in America’s Schools

By Jeb Bush have fallen behind. Last month the a competitive world. It also is a hu- Lawmakers must step up, too. the understanding of sounds, decod-

W
NAEP long-term trend assessment man necessity, as every student has One way to help parents is elimi- ing, fluency, vocabulary and compre-
hile much of the U.S. has re- was released. That report found God-given potential and deserves a nating the barriers students face in hension. This may require changing
turned to normal after the that between 2020 and 2022 aver- great education. accessing a better education. This teacher-prep programs in colleges of
pandemic, the long-term ac- age reading scores for 9-year-olds The solutions are simple. There year, Arizona became a national education as well as installing liter-
ademic harm to students endures. declined 5 points, nearly half a are math and reading policies every model by creating a universal edu- acy coaches in every elementary and
This school year is the first time grade level, and math scores state should immediately enact and cation savings account program middle school.
many public-school students re- dropped 7 points, more than half a there are ways parents can contrib- Literacy practices and curricula
turned to in-person learning without grade level. This is the greatest av- ute. Start with a call to all parents, that fail to teach students how to
mask requirements or learning dis- erage score decline in reading since guardians and families—those who Lockdowns exacerbated decode words should be banned.
ruptions. That’s nearly 2½ years 1990, and the first ever score de- know their children best. You were Teaching models that include the “3-
since the beginning of the pandemic. cline in mathematics. called on to step up when Covid kept the problem and shouldn’t cueing” approach, which asks stu-
For younger children, that’s 25% or The U.S. has a choice: Give up on kids at home. Now you are needed become an excuse for dents to look at pictures and guess
more of their lives so far. a generation or confront this chal- again to help close those learning instead of sounding out words,
Since March 2020 we’ve seen the lenge head-on. Some adults find it gaps. Any trusted adult in a child’s refusing to address it. should be scrapped. It’s a failed ap-
largest learning loss in modern his- easier to give up. They won’t say it life—parent, grandparent, uncle, proach. Every state should require
tory. This catastrophe wasn’t inevi- out loud; they’ll simply lower expec- aunt, whoever—should lean into this that students be screened in reading
table. But what began as school clos- tations. Or they’ll explain away the moment. Help students recover lost with flexible, portable and customi- three times a year in grades K-3 and
ings in response to Covid morphed drop in scores, blaming the pan- learning by reading for 20 minutes a zable funding. That kind of legisla- offer assistance to those struggling
into an intentional effort by teachers demic when scores had already be- day. That can be a parent reading to tion is transformative for student to learn to read. These critical years
unions to block the schoolhouse gun to decline before Covid hit. a child, a child reading to a parent learning. are too often ignored until it’s too
door. On Monday the 2022 National Rather than raise the bar, they’ll or children reading to themselves. In Early literacy is the foundation late to catch up.
Assessment of Educational Progress dodge accountability, allowing to- addition, research has found that 30 for long-term reading success. To The same is true for math in-
scores will be released, and they are day’s low math and reading scores minutes a week of extra math work ensure every child can read by the struction. States should ensure that
likely to be appalling. to become tomorrow’s ceiling. That can help students who are strug- third grade and be ready to succeed students have access to trained, ef-
This congressionally authorized is unacceptable. gling or behind. If you aren’t up to in life, policy makers must ensure fective math teachers. That may
50-state analysis, officially styled We can move forward rather than writing math equations for your that all educators are trained in pho- mean not all elementary teachers
the Nation’s Report Card, will show back. Doing so is a priority if the kids, seek out free, high-quality on- nics and the science of reading—an should teach math, only those who
exactly how much U.S. students U.S. is to be a competitive nation in line math tools. evidence-based approach to teach specialize in it. Students graduating
from high school should have mas-
tered at least Algebra I. Curriculum

Notable & Quotable: Race

should have high-quality content fo-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY cused on procedural and conceptual
Rupert Murdoch Robert Thomson problem-solving skills and knowl-
Executive Chairman, News Corp Chief Executive Officer, News Corp From “America’s problem is White away Black political power, aggres- edge of whole numbers, fractions
Matt Murray Almar Latour people keep backing the Republican sively gerrymandering, censoring and geometry. Students who are be-
Editor in Chief Chief Executive Officer and Publisher
Party,” a column by the Washington teachers and professors and, most hind need personalized math sup-
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: Post’s Perry Bacon, Oct. 13: important, denying the results of le- port, including tutoring two to three
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; gitimate elections. The majority of times a week.
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
Perhaps the best way to under- America’s White voters are enabling Overcoming the pandemic-re-
Thorold Barker, Europe; Elena Cherney, Coverage; stand American politics is an over- and encouraging the GOP’s radical, lated education crisis is possible.
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business whelmingly White coalition facing antidemocratic turn by continuing to For the next generation, we must
Writing; Michael W. Miller, Features & Weekend; Information & Services, Operations; Robert Hayes, one that is majority-White but in- back the party in elections. abandon failed practices, rally
Emma Moody, Standards; Shazna Nessa, Visuals; Chief Business Officer, New Ventures; cludes a lot of people of color. . . . It’s not, as much of our political around education excellence, and
Elizabeth O’Melia, Chief Financial Officer;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
And because White people are discourse implies, that the Demo- commit to helping children reach
Investigations
WSJ | Barron’s Group; Jennifer Thurman, Chief likely to be the majority of voters for crats have a working-class or Middle their full potential.
Paul A. Gigot Communications Officer; Sherry Weiss, Chief at least two more decades, America America or non-college-voter prob-
Editor of the Editorial Page Marketing Officer is in trouble. Across the country, lem. The more important story is Mr. Bush served as governor of
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
GOP officials are banning books from that America has a White voter Florida, 1999-2007. He is founder
1211 Avenue of the Americas, New York, N.Y., 10036 public libraries, making it harder for problem. And there is no sign it’s go- and chairman of ExcelinEd and
Telephone 1-800-DOWJONES non-Republicans to vote, stripping ing away anytime soon. ExcelinEd in Action.
 .

A18 | Monday, October 24, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Freed Executive Describes Prison Ordeal

Held for 5 years in ezuelan opposition figures.
Mr. Pereira, and the U.S.,
Venezuela, he lost 100 said the charges were a sham.
pounds, survived Covid He also said it quickly became
clear that Venezuela’s govern-
and a heart attack ment planned to use the jailed
men as bargaining chips with
BY RYAN DUBE Washington.
AND KEJAL VYAS “We were not political, we
were in the wrong place at the
For nearly five years, Hous- wrong time,” he said.

JORGE ARREAZA/VENEZUELA’S FOREIGN MINISTRY/ASSOCIATED PRESS

ton oil executive Jose Pereira During the first 10 months,
was jailed in Venezuela, spend- Mr. Pereira slept on the floor
ing long stretches in isolation in in an underground cell that
an underground cell, deprived prisoners called the “subma-
of medication and surviving on rine,” because it had no win-
chicken scraps and rice. dows or fresh air. The Citgo
In an interview, Mr. Pereira executives had virtually no
said he had lost 100 pounds communication with their
and survived two bouts of families or a lawyer, he said.
Covid-19 and a heart attack by When there was food, guards
the time he was freed earlier often gave them a chicken
this month, after high-level neck or canned ham.
talks between the Biden ad- “We were in the darkest
ministration and Venezuelan moment. We didn’t know what
President Nicolás Maduro’s au- time it was. It could be day or
thoritarian regime. night,” he said.
Mr. Pereira’s experience Mr. Pereira found relief in a
provided a rare window into small, pocket-size Bible that a
the treatment of foreign pris- ‘I don’t know how I’m alive,’ says Jose Pereira. Mr. Pereira, wearing a mask, is shown in 2020 with five other oil executives during fellow inmate had smuggled
oners accused of white-collar their detention in Venezuela. Below, Mr. Pereira and his wife, Mervis, celebrated at a Hard Rock Cafe after his return to Texas. in. One day, Mr. Pereira said, a
or political crimes in Venezu- guard saw them reading the
ela, who the U.S. has said are in 2020. Foro Penal, a non- said he thought it would be a Bible. The guard brought them
tried in kangaroo courts and profit group that represents quick, routine business trip a normal-size Bible and asked
used as bargaining chips in people jailed in Venezuela, when he and five fellow execu- them to pray for him, Mr.
negotiations with Washington. says there are 240 political tives from Houston-based oil Pereira said.
Mr. Pereira, a U.S. perma- prisoners in the country, many refiner Citgo Petroleum Corp., a “It was kind of magical,” Mr.
nent resident, was freed along of them Venezuelan political subsidiary of Venezuela’s state- Pereira said. “I was not a very
with six U.S. citizens in a pris- figures and former military of- run oil company, Petróleos de Catholic guy, but now I am.
oner swap as part of talks that ficers accused of conspiring Venezuela SA, traveled to Vene- You learn that God is there, it
could lead to the easing of U.S. against the government. zuela for a budget meeting. gives you a lot of hope.”
sanctions to permit Chevron A United Nations committee But soon after, military intel- In late 2019, the Citgo em-
Corp. to restart pumping oil in last month said in a report ligence officers arrested the ployees were granted house
Venezuela, if Mr. Maduro that it found ample evidence group and sent them to jail on arrest in Caracas. But two
agrees to negotiate with the that the Venezuelan govern- corruption charges. President months later, they were re-
political opposition. In ex- ment committed grave crimes Maduro on state television turned to prison. Later, the
PEREIRA FAMILY

change for the detained Amer- against humanity to crush po- called the men “thieving trai- employees were transferred to
icans, the U.S. returned two litical dissent, detailing how, tors.” the Helicoide, a 1950s-era Ca-
nephews of Mr. Maduro’s wife the U.N. panel said, Mr. Ma- The men were convicted racas shopping mall now used
who were convicted in the U.S. duro and his top aides have by a Venezuelan judge in 2021 as a detention center.
of drug trafficking. been personally involved in or- of embezzlement and money After returning home to
“I don’t know how I’m dering the arrests and torture The release of the Ameri- it didn’t matter to him how laundering tied to a proposed Texas, Mr. Pereira said, he at-
alive,” Mr. Pereira, 60 years of their adversaries. cans has stoked debate among the U.S. secured his freedom. $4 billion financing deal that tended church with his wife.
old, said from his home in Mr. Pereira said he wasn’t U.S. officials and lawmakers Mr. Pereira said his daughter was never executed. Mr. He devoured a big burger and
Houston, where he was re- beaten. But he said he did face over how the country should had to receive treatment for Pereira, who was the president a heap of onion rings at the
united with his wife and chil- psychological hardship, includ- engage with countries arbi- depression and the family of Citgo, was sentenced to more Hard Rock Cafe.
dren. “I never thought it could ing having the lights of his cell trarily holding U.S. citizens. faced financial hardship. than 13 years in prison. He lost Now, he is getting to know
happen to me. It was like liv- kept on 24 hours a day. At the Among the most prominent “The suffering of our family his job during the ordeal. his 3-year-old grandson. He is
ing in your own movie.” beginning of his detention, he Americans held in foreign de- was so bad, I didn’t care what They were detained before also looking to organize a va-
U.S. officials said several recalled being allowed to go tention is women’s basketball was the tool to release us,” he the U.S. imposed widespread cation that he and his wife had
other Americans remain de- outside only once every three star Brittney Griner, who has said. sanctions on Venezuela. After hoped to take for his 60th
tained in Venezuela, including months. been jailed in Russia since just Mr. Pereira’s nightmare be- the sanctions, the U.S. trans- birthday, which was in August
two former Green Berets ac- Venezuela’s government before its invasion of Ukraine. gan when he got a call sum- ferred the management of when he was jailed.
cused of participating in a raid didn’t respond to requests to Mr. Pereira said his jailing moning him to Caracas on Citgo, which refines oil for do- “Now I’m trying to recover
to topple the Maduro regime comment. was so hard on his family that Thanksgiving Day in 2017. He mestic use in the U.S., to Ven- the time lost,” Mr. Pereira said.

Strikes Help Fuel Iran Unrest

BY BENOIT FAUCON reignited unrest among work- coming more political.
ers who have been asking for “A teacher and a student’s
Iran’s labor unions are help- better pay conditions. Union- place isn’t in the prison,” said
ing antigovernment protests ized teachers, oil workers and placards brandished by teach-
maintain momentum by call- bus drivers have been occa- ers in a school in Saqqez, the
ing for strikes at oil facilities, sionally striking in recent town where Ms. Amini was
schools and factories, opening years as living standards have from. On its Telegram channel,
another front in the upheaval
inside the country.
Authorities in Tehran have
responded by monitoring and
arresting some workers who
go on strike and show up at
deteriorated due to economic
sanctions placed on Iran and
general mismanagement of the
country.
the teachers union, which
launched the strikes, published
pictures of dozens of teachers
carrying such signs in empty
classrooms throughout Iran.
At least 23 children have
Meet
demonstrations. Organized la-
bor played a key role by para-
lyzing the economy in the 1979
Islamic Revolution that forced
the Shah to abdicate.
Protests sparked by the
Demonstrations by
labor unions open
another front in the
nation’s upheaval.
died from police violence dur-
ing the current unrest, accord-
ing to Amnesty International.
On Saturday, crowds of
workers gathered at the Aydin
chocolate factory in Tabriz,
AnnaMaria,
death of Mahsa Amini, who western Iran, and chanted an- NPO Outreach Lead at Career Circle.
was detained for allegedly vio- tigovernment slogans, accord-
lating the country’s strict ing to footage posted on social One of over 70,000 Google Career
dress code for women, are Labor groups “have an or- media.
now entering a second month. ganization that is one of the Strikes have also taken Certificate graduates.
Protests have spread to uni- more cohesive” in Iranian so- place at a sugar cane plant
versities, among ethnic minor- ciety, said Sanam Vakil, deputy near the Iraqi border and at
ities along the country’s bor- director of the Middle East- one of the country’s largest
ders with Iraq and Pakistan North Africa program at Brit- steel complexes in the south,
and last week to Tehran’s big- ain’s Royal Institute of Inter- according to the Free Union of
gest prison complex. national Affairs, or Chatham Iranian Workers. Last week,
The Iranian government House. tanker truckers at Abadan said
hasn’t commented specifically On Sunday, teachers started they were also joining a bur-
on the strikes but said the un- a two-day strike, staging sit- geoning movement at the fa-
rest is waning and driven by ins at schools to protest the cility, according to the Free
foreign influence. Iran’s dep- large number of deaths and Union, which represents the
uty interior minister, Majid imprisonment of pupils, many main independent trade
Mirahmadi, told state media of them during the demonstra- unions in the country. An oil
Saturday the protests were in tions. Earlier this year, teach- manager said the unrest at the
their “final days.” ers were seeking pay raises, facility had reduced supplies
In recent days, the protests but their demands are now be- of asphalt and fuel oil.

WORLD WATCH
ITALY In response, Ms. Meloni said ad- rise in frequency.
herence to a pro-Western for- A North Korean merchant ves-
Meloni Is Sworn In eign policy was a requirement sel crossed the Northern Limit Google Career Certificates I finally feel unstuck.
As Prime Minister for belonging to her government. Line, the disputed western sea help people like AnnaMaria
The Google Career
Ms. Meloni, whose party won border, at around 3:42 a.m. local upskill their careers in fast-
Giorgia Meloni was sworn in the biggest share of the vote in time, Seoul’s military said. In re- growing fields like project Certificate was the
as Italy’s prime minister on Sat- last month’s parliamentary elec- sponse, South Korean officials management, UX design, and
urday, assuming power at the tions, succeeds Mario Draghi as said its military broadcast warn- answer I’ve been
more. 75% of graduates report
helm of a right-wing coalition Italy’s head of government and ings and fired warning shots in looking for these last
an improvement in their
beset by internal squabbles over becomes the country’s first fe- the Yellow Sea, as part of “nor-
Rome’s position toward Moscow. male prime minister. mal procedures.” career within six months of three years.
Ms. Meloni has said her gov- —Margherita Stancati Then around 5:14 a.m., North certificate completion.
ernment would be steadfast in Korea said its military fired 10 ar-
its support for Ukraine and in its THE KOREAS tillery shells after a South Korean
—AnnaMaria Sebastino
Learn more at Florence, South Carolina
opposition to Russia’s war on naval ship violated the maritime
the country. Warning Shots Fired border and fired warning shots to grow.google/certificates
But cracks in her right-wing In Sea Border Dispute track down an “unidentified ship,”
alliance began to appear even according to a Monday state-me-
before her government was North and South Korea fired dia report. That is an apparent
sworn in, when former Premier warning shots in waters off their reference to the merchant vessel.
Silvio Berlusconi, a junior coali- west coast early Monday, blaming The two Koreas accused each
tion member, was recorded de- each other for breaching their de other of creating hostility near
fending Russian President Vladi- facto maritime border as confron- the maritime border.
mir Putin’s invasion of Ukraine. tations between the countries —Dasl Yoon
 .

HEARD ON THE STREET: GRINDR ISN’T A SURE THING B10

BUSINESS & FINANCE

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Companies’ Inflation Strategies Diverge

P&G steps up ing demand are putting the pressures on their businesses. new product features to keep the per-use price. monthly bills.
spotlight on strategies execu- “The average consumer cash-crunched consumers from “The strategy to provide Verizon’s more widespread
advertising, Verizon tives are taking to navigate an [has] become increasingly switching to cheaper brands. In pack sizes that stretch from be- rate and fee increases drove
raises prices for economy where costs are rising price-sensitive as the year has its most recent quarter, higher low $10 for some channels and down the same types of phone
and consumer appetite for progressed,” Hasbro Inc. Chief commodity, materials and consumers to above $30 or $40 connections in its consumer
wireless services some products has waned. Executive Chris Cocks said dur- freight costs reduced its gross for others seems to be meeting segment. New business lines
The first batch of earnings ing an earnings call Tuesday. profit margin by 5.5 percentage consumers’ needs,” Mr. barely offset that decline, and
BY THOMAS GRYTA reports from companies for the The maker of Nerf and other points, which was fully offset Schulten said. the telecom company ended the
AND DREW FITZGERALD September quarter show that toys reported third-quarter by cost cuts and price in- Verizon and AT&T Inc. both September quarter with a rela-
corporate profit margins are sales fell 15% because of the creases. raised prices on some of their tively weak 8,000-phone gain.
Procter & Gamble Co. is feeling the squeeze of the mac- timing of product releases and Chief Financial Officer Andre cellphone plans over the sum- Executives at both compa-
ramping up advertising on pre- roeconomic trends. With a fifth that profit was pinched because Schulten said the company has mer, a strategy that yielded nies said the higher rates
mium brands. Verizon Commu- of the S&P 500 index already it had to increase promotional enough brands and price levels widely different outcomes. helped boost profits. Matt Ellis,
nications Inc. is raising prices reporting, data-provider Refini- activity amid a buildup in in- to give consumers options AT&T reported a third-quarter chief financial officer at Veri-
on wireless plans, while Whirl- tiv projects quarterly earnings ventory before the holidays. within its own portfolio. There net gain of 708,000 postpaid zon, said overall wireless-ser-
pool Corp. has slashed appli- will decline 3.5% from a year P&G, which sells household was growth in midtier brands phone connections—its most vice revenue grew despite the
ance production. ago, excluding the energy sec- staples such as Pampers and during the quarter but also cus- valuable customer category—a customer defections, partly be-
High levels of inflation in tor. Companies are taking dif- Tide, is spending on high-pro- tomers spending more on sign that few of the subscribers cause many of its remaining
the U.S. and shifts in underly- ferent tacks to manage the file advertising campaigns and large-size packages to lower affected balked at higher Please turn to page B2

U.S. Clout U.S. firms lead in producing the most advanced chip designs and chip-making tools.

U.S. China

STEP 1: CHIP DESIGN

Rest of world
Nasdaq
Freezes
Slows China’s Chips are designed using software that packs circuits into a tiny space.
Chip design software makers, global market share
74% 3%
Chinese
Chip Progress U.S. leaders: Cadence Design Systems, Synopsys

Logic chip designers, global market share

China leader: No clear standout Small
IPOs
BY KAREN HAO companies that design the 67% 5%
AND JEMAL R. BRINSON most sophisticated semicon- BY MICHELLE CHAN
ductors as well as those that U.S. leaders: Nvidia, AMD, Intel, Qualcomm China leaders: HiSilicon, Will Semiconductor
The new U.S. restrictions make the software and equip- The Nasdaq Stock Market
on exports of chips and re- ment to create the chips. has quietly halted listings of
lated items to China are This month the Commerce STEP 2: WAFER FABRICATION small-cap Chinese companies,
aimed at using America’s Department announced new Silicon wafers are prepared and etched with circuit patterns in a complex process. holding up approval letters and
strength in critical areas of export restrictions on ad- demanding more information
the semiconductor supply vanced semiconductors and Equipment makers, global market share about related parties in deals,
chain to weaken China’s ad- chip-manufacturing equip- after a series of run-ups and
vanced-chip development. ment, aimed at preventing 41% 2% collapses in IPOs this year.
The semiconductor indus- American technology from Shares of more than 20 re-
U.S. leaders: Applied Materials, Lam Research, KLA China leaders: Naura Technology, AMEC
try has long been an example advancing China’s military cently listed companies have
of a highly integrated global power. risen over 100% on their first
supply chain. Over the The rules require a license Logic chip fabrication plant locations, global capacity share day of trading. They include
years,the industry’s steep re- for U.S. companies to export Hong Kong-based fintech com-
search and development costs advanced chips and chip-mak- 15% 17% pany AMTD Digital Inc., which
and intensive capital expendi- ing equipment key to China’s U.S. leaders: Intel, GlobalFoundries China leader: SMIC briefly jumped over 320-fold
tures have driven different technological goals, vastly ex- after its July listing, and Chi-
countries to specialize in dif- panding on existing rules re- nese garment maker Addentax
ferent steps of the chip-mak- stricting the export of ad- Memory chip fabrication plant locations, global capacity share Group Corp., which rose more
ing process. vanced technologies to China. than 130-fold on its market de-
Today, no one country The rules will also allow the 5% 14% but in August. The two stocks
tends to do it all. “Everyone U.S. to block foreign-made U.S. leader: Micron Technology China leaders: YMTC, ChangXin Memory Technologies have since lost more than 98%
is very interdependent on chips that are manufactured of their value.
each other,” said Anne Hoe- with U.S. technology, a strat- The exchange, owned by
cker, a partner in the semi- egy previously used by the STEP 3: ASSEMBLY, PACKAGING, TESTING Nasdaq Inc., has privately in-
conductor group at manage- Trump administration to crip- formed lawyers over the past
ment consulting firm Bain & ple the Chinese telecom com- Wafers are cut and encased in their final form, and tested to ensure they work. few weeks that new listings of
Co. pany Huawei Technologies Factory locations, global capacity share small-cap companies were be-
Still, the U.S. reigns in Co. ing subjected to additional re-
some of the most critical— Advanced chip makers in 2% 46% views, and approvals were sus-
and earliest—parts of the China are additionally re- pended until further notice. It
chain, especially those that stricted from buying manu- U.S. leader: Amkor Technology China leaders: JCET, TongFu Microelectronics, also asked for details of inves-
require intense research and facturing equipment or spare Tianshui Huatian Technology tors that have been allocated
development. The U.S. is parts from U.S. makers like Sources: Boston Consulting Group, Semiconductor Industry Association shares in an IPO, the lawyers
home to many of the leading Please turn to page B4 Jemal R. Brinson; Karen Hao / THE WALL STREET JOURNAL said.
Although companies across
the board faced this increased

Upstart Challenges Retailing Giants in India

scrutiny, the exchange has
been paying particular atten-
tion to companies from China
and the rest of Asia, said
BY NEWLEY PURNELL leading the burgeoning social- this year, according to app an- population” in terms of in- Bansal said. The startup caters Douglas S. Ellenoff, a partner
commerce sector, allowing us- alytics firm Apptopia, with come, specializing in more ex- to the legions of consumers in the law firm Ellenoff Gross-
An upstart e-commerce ser- ers to sell items by sharing shoppers pointing to its ease pensive goods such as smart- who are used to shopping in man & Schole. He said this was
vice is winning more new product listings with friends of use, wide selection of prod- phones and televisions, said corner stores and are now because the IPO price swings
shoppers in India than Ama- via Meta Platforms Inc.’s pop- ucts and low prices. Some 127 Meesho Chief Financial Officer turning to the internet, he in recent months involved
zon.com Inc. and Walmart ular WhatsApp messaging ser- million people downloaded the Dhiresh Bansal. added. companies from Asia.
Inc.’s Flipkart, posing a chal- vice, along with Facebook and app, which is available only in Meesho’s goal is to be the Meesho was founded in The clampdown adds more
lenge to the U.S. retailing ti- Instagram. Meta is also an in- India, compared with 81 mil- online leader in the simpler 2015 and has raised $1.1 billion bad news for Chinese compa-
tans, which have plowed bil- vestor in Meesho, with an un- lion downloads for Amazon goods, such as clothing and from investors including Meta, nies still hoping to raise money
lions of dollars into the disclosed stake. and 50 million for Flipkart household items, often sold in SoftBank Group Corp.’s Vision and go public in the U.S. The
world’s biggest untapped digi- Meesho was the world’s during the period. unorganized retail, which ac- Fund, Sequoia Capital India Nasdaq Golden Dragon China
tal market. most-downloaded shopping Amazon and Flipkart are counts for as much as 85% of and Facebook co-founder Ed- Index, which captures Chinese
Bengaluru-based Meesho is app during the first half of “more for the top 1%-5% of the India’s shopping sector, Mr. Please turn to page B4 Please turn to page B2

INSIDE Asia’s Junk-Bond

Issuers Back Away
From Surging Dollar
BY MATTHEW THOMAS the middle of October, up from
5.5% at the end of 2021.
BOX OFFICE Rising U.S. interest rates and Excluding Chinese property
‘Black Adam’ led North the surging dollar are creating firms, Asian bonds rated single-
DHIRAJ SINGH/BLOOMBERG NEWS

problems for riskier companies B were yielding around 16.7%,

America to its first in Asia that had flocked to the levels that make it hard—if not
over-$100 million U.S. dollar-denominated bond impossible—for many compa-
weekend since July. B2 market when yields were much nies to issue new dollar debt.
lower. That is forcing them to look
Junk-bond yields in Asia for other sources of funding.
have soared this year following Companies that generate reve-
a sharp increase in U.S. Trea- nues in local currencies also
sury yields, large capital out- have an uphill battle. The large
flows from regional bond funds depreciations in their curren- Indian natural-resources company Vedanta Ltd. raised $972 million from a rupee-denominated loan.
and higher risk aversion among cies against the greenback
investors. mean they have to come up Japan, companies without in- developers following a series of been pulled from Asian high-
The average yield on an ICE with more cash than they antic- vestment-grade ratings sold offshore bond defaults. But yield bond funds by the end of
BofA index of Asian high-yield ipated to meet coming dollar just $8.2 billion of dollar bonds companies in other countries August, while funds that invest
EARNINGS dollar bonds is around 19.8%, debt maturities. in the year through Oct. 21, De- also have been forced to shelve in a mix of investment-grade
Apple, Meta and near its highest in more than a Junk-rated Asian companies alogic data showed. They sold plans for dollar bond sales this and high-yield debt suffered
decade. Even excluding bonds have $60 billion of dollar bonds $55.4 billion of bonds through- year. $4.7 billion in withdrawals, ac-
McDonald’s are among of real-estate developers from to pay back next year, and an- out 2021. Funds that invest in Asian cording to Morningstar.
the corporate giants China, which are mostly dis- other $56 billion falling due in Most of the fall in volumes corporate bonds have experi- “The market has really
reporting this week. B3 tressed, the average junk-bond 2024, according to Dealogic was because of a collapse in is- enced significant outflows in ground down to a halt,” said
yield in Asia was around 12% in data. Across Asia excluding suance from Chinese real-estate 2022. Around $3 billion had Please turn to page B2
 .

B2 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Adani Group................B2
Fastenal.......................B2
Ford Motor..................B3
Formula One ............... B4
Microsoft.....................B3
N
Warner Bros. Film ‘Black Adam’
Revives the Weekend Box Office
Addentax Group..........B1 Nasdaq ........................ B1
Alibaba Group.............A8 G Newmont.....................B9
Ally Financial..............B9 Nordstrom...................B9
General Motors...........B3
Alphabet................A2,B3
Amazon.com..........B1,B3 H P-W
AMTD Digital..............B1 Hertz Global Holdings B3 Procter & Gamble.......B1 BY ROBBIE WHELAN
Apollo Global .............. B2 Hilton Worldwide ....... B3 R
Apple...........................B3 “Black Adam,” the latest su-
J Red Bull.......................B3
Applied Materials.......B4 perhero movie from Warner
ASML...........................B4
JetBlue Airways ......... B3 S Bros. Discovery Inc.’s DC Films
AT&T............................B1 K SoftBank Group..........B1 studio, opened up to $67 mil-
B Kimberly-Clark............B3 Southwest Airlines .... B3 lion in domestic ticket sales,
Baker Hughes ............. B9 Kraft Heinz ................. B3 T-W the studio said, leading the
Boeing ......................... B3 L T.C. Pharmaceuticals..B3 North American total box office
Bumble......................B10 Lam Research ............. B4 Tesla ...................... A1,A8 take to its first over-$100 mil-
C Lead Real Estate........B2 Tiga Acquisition........B10 lion weekend since July.
Chevron ....................... B3 LG Energy Solution .. B10 T-Mobile US................B3 The movie also represents
China Molybdenum...B10 Lichen China................B2 UPS..............................B3 the best opening weekend

WARNER BROS/EVERETT COLLECTION

Coca-Cola.....................B3 Vedanta Resources.....B2 gross ever for a movie with
M Verizon........................B1
Contemporary Amperex Dwayne “The Rock” Johnson in
Mastercard..................B3 Visa..............................B3
Technology..............B10 a solo leading role, Warner
Continuum Green Match Group.............B10 Walmart......................B1
Mattel..........................B3 Walt Disney................B4 Bros. said, surpassing past per-
Energy.......................B2
McDonald's..................B3 Warner Bros. Discovery formances in the “Jumanji”
E
Meesho........................B1 B2 films and “San Andreas.”
Exxon Mobil................B3 The performance of “Black
Mercedes-Benz ......... B10 Whirlpool.....................B1
F Meta...............A18,B1,B3 Wyndham Hotels........B3 Adam” is good news for the-
ater chains and studios. The
summer movie season fizzled The movie is the best opening weekend gross ever for a movie led by Dwayne ‘The Rock’ Johnson.
INDEX TO PEOPLE in August for lack of titles, the
result of production delays known may have limited the
caused by the coronavirus pan- Estimated Box-Office Figures, Through Sunday film’s box-office potential, com-
B E M demic. The film features Mr. Sales, In Millions pared with other superhero
Bansal, Dhiresh...........B1 Ellis, Matt...................B1 Mateschitz, Dietrich...B3 Johnson in the role of a lesser- Film Distributor Weekend* Cumulative % Change movies, Mr. Goldstein said.
Bitzer, Marc ................ B2
G R known lead character than the 1. Black Adam Warner Bros. $67.0 $67.0 N/A Overall, theaters sold $114.6
C better-known heroes of the DC million in movie tickets this
Goldstein, Jeffrey.......B2 Reynolds, Alan............A2 2. Ticket to Universal $16.3 $16.3 N/A
Cecchetti, Stephen.....A2 Comics universe, like Super- weekend, according to box of-
H S Paradise
Cloyne, James.............A2 man, Batman, Wonder Woman fice tracker Comscore. It marks
Cocks, Chris.................B1 Hoecker, Anne.............B1 Schulten, Andre..........B1 and Flash. 3. Smile Paramount $8.4 $84.3 -34% the best weekend haul since
Warner Bros. Pictures spent 4. Halloween Ends Universal $8.0 $54.2 -80% mid-July, when the film “Nope”
about $200 million to make the came out and led the domestic
5. Lyle, Lyle, Sony $4.2 $28.7 -43%

Inflation working but is still less extreme

than some of its rivals’ current
offers.
movie, and expected it to gross
$60 million domestically, said
Jeffrey Goldstein, head of do-
Crocodile
*Friday, Saturday and Sunday in North American theaters Source: Comscore
box office to a $127.4 million
haul.
“This is a different type of

Strategies Others, such as Whirlpool,

are feeling whiplash from a
sudden drop in demand for
mestic distribution for Warner
Bros. As the weekend pro-
gressed, superhero fans as well ing weekend, Warner Bros. make a sequel down the road,
superhero film coming from DC
Comics and featuring a charac-
ter that hasn’t had the kind of

Differ their products at the same time

they are confronting high costs
for materials, energy and other
as families came in larger
groups to see the movie, said
Mr. Goldstein. The film gener-
said.
“This is a smaller character
of DC,” Mr. Goldstein said.
and the character will be more
well known.”
The fact that Mr. Johnson
exposure and brand recogni-
tion that other characters have
enjoyed,” said Paul Dergara-
expenses. ated $73 million in interna- You’re introducing a character was playing an antihero char- bedian, senior media analyst
Continued from page B1 “Demand is down, and cost tional ticket sales in its open- now, and the hope is we get to acter that wasn’t very well for Comscore.
customers chose to upgrade is up,” Whirlpool CEO Marc
their wireless plans to more ex- Bitzer said during a conference
pensive packages with perks
such as Disney+.
Telecom companies have
call. “You would expect costs to
come down in a recessionary
environment. We’re operating
Chinese erty developer Lead Real Es-
tate Co.—have been stalled for
weeks, because the exchange
AMTD Digital’s ADR price
$1,600
“We are not sure if this is a
temporary measure or is it
here to stay,” said Daniel
also said that they benefit from
providing an essential service
to customers who are mostly
in unprecedented times.”
Whirlpool isn’t turning to
discounting to move unsold
IPOs hasn’t issued approval letters,
according to people familiar
with the matter. These letters
1,400

1,200
McClory, head of China at
Boustead Securities, an invest-
ment bank. “But it’s the kind of
able to keep paying, despite
signs of trouble in the broader
economy. Mr. Ellis said the
fridges and dishwashers. In-
stead, it slashed production by
35% to shrink inventories. The
Frozen are a prerequisite before com-
panies can launch their IPOs.
Since Nasdaq heightened its
1,000
information that we don’t have
before trading.”
More than 30 companies
company “won’t be shy” about company cut its profit forecast scrutiny on small-cap IPOs in 800 from Asia—most of which are
raising prices for certain ser- for 2022 by about half, warning Continued from page B1 late September, only a handful from China—have filed for U.S.
vices if it makes sense over the that high costs were likely to companies listed in the U.S., of such deals—all from U.S. 600 IPOs that would raise less than
coming months. persist into next year as appli- has fallen 42% this year. Ten- companies—have launched on $40 million each, accounting
400
“I look at my payment data, ance demand remains muted. sions between China and the the exchange. The exchange’s for more than half of the
and the payment patterns are Fastenal Co., a distributor of U.S. over the past few years rulebook stipulates that it has 200
small-cap companies in the
better than they were pre- industrial supplies such as nuts have also made things increas- broad discretionary authority pipeline, according to data
Covid,” Mr. Ellis said. “Our base and bolts, has been raising ingly tougher for IPO hopefuls. over Nasdaq-listed securities 0 compiled by Renaissance Capi-
has never looked as strong prices to offset rapidly rising The Securities and Exchange to maintain confidence in its tal, a provider of pre-IPO re-
Aug. 2022 Sept. Oct.
from a credit standpoint.” costs, but the recent quarter Commission turned bearish on market, prevent fraudulent search.
The top U.S. cellphone carri- showed signs of stability in variable interest entities last acts and protect investors’ in- Source: FactSet Matthew Kennedy, senior
ers have avoided raising the costs along with some resis- year, a method Chinese compa- terests. strategist at Renaissance Capi-
price of their most expensive tance from customers. “At this nies have used to sell shares Lichen China and Lead Real demand from individual inves- tal, said he noticed in recent
plans, which can cost as much stage of the cycle, the market- on U.S. exchanges. The two Estate didn’t respond to re- tors. IPO filings that a prospective
as $90 a line, choosing to tar- place is less receptive to fur- countries have also been in a quests for comment. There are two main phases Chinese issuer was being re-
get older plans. And many con- ther price increases,” said Fas- long-running dispute about au- Mitchell Nussbaum, vice to the information disclosure. viewed for a second time by
sumers agree to enroll in pre- tenal finance chief Holden dits. Although they recently chairman of Loeb & Loeb LLP, After a deal is priced, but be- the Nasdaq. “We have not seen
mium monthly plans in Lewis on an Oct. 13 call. moved closer to a resolution said his clients have been frus- fore it starts trading, invest- that before,” he said.
exchange for valuable discounts —Bob Tita contributed to this on audit rules, five state- trated by the lack of progress ment banks must provide a full Andrew Tucker, a partner at
on new smartphones. article. owned companies have already on their IPOs in recent weeks, list of syndicate firms being al- Nelson Mullins Riley & Scar-
AT&T has sought to regain decided to delist from U.S. ex- and some have pulled out of located shares during the IPO. borough LLP, said Nasdaq has
market share over the past two changes. deals because of the uncer- But once the deal starts trad- asked a variety of questions re-
years by giving new and exist- Nasdaq hasn’t announced tainty over when they would ing, Nasdaq also wants the list garding share allocations and
ing customers deep equipment Watch a Video any official changes to its list- get approved. of investors that received lockup agreements in recent
discounts contingent on cus- Scan this code ing rules. But more than a The bourse is also asking shares directly from both lead weeks. The aim is to ensure
tomers sticking with the ser- for a video on dozen small-cap IPO applica- underwriters to reveal the underwriters and syndicate the public float isn’t controlled
vice for two or three years. The why supply and tions—including those of fi- names and account details of firms, although it will accept by a handful of related parties
company has said its strategy is demand aren’t nance and tax adviser Lichen the end investors in listings. that information after the and prevent potential price
balancing out. China Ltd. and Japanese prop- Small-cap IPOs often get heavy shares start trading. manipulation, he said.

18%
Junk-Bond U.S. dollar bond issuance
by noninvestment-grade
companies in Asia*
Average yield of
single-B-rated corporate
dollar bonds† 16

Issuers $105 billion Asia 14

Back Off
ICE BofA Asian Dollar High
Yield Corporate Index
90 12
U.S.
ICE BofA US High Yield Index

Continued from page B1 75 10

Sheldon Chan, a portfolio man-
ager at T. Rowe Price who leads
60 8
the firm’s Asia credit bond
strategy.
Despite the depreciation of 45 6
Asian currencies this year, the
best option for many borrowers

Monitor the
could be selling debt in their 30 4
domestic markets, said Shaw
Yann Ho, head of J.P. Morgan 15 2

Market
Asset Management’s Asian
fixed-income team. She said
companies also are considering 0 0
bank loans and private credit 2017 ’18 ’19 ’20 ’21 ’22 2021 ’22
deals as another avenue for *Excluding Japan; 2022 data is through Oct. 21. †Asia excludes Chinese property developers; Data is through Oct. 13. Build a custom watchlist to track
dollar funding. Sources: Dealogic (issuance); ICE Data Services (yield)
Local-currency corporate companies and indexes you care about.
bond volumes are rising in dia’s Vedanta Ltd., a natural-re- the following month. Such pri- cific business.
EXPLORE
most countries in Asia, accord- sources company that has pre- vate deals often require compa- There are still glimmers of
ing to data from the Asian De- viously sold high-yield bonds, nies to post collateral that can hope that Asia’s high-yield dol- WSJ.com/buildwatchlist
velopment Bank. The total vol- raised around $972 million secure the debt. lar bond market could absorb
ume of outstanding domestic from a rupee-denominated loan India’s Adani Group, which more sales. Bankers are still
bonds in China was 13% higher earlier this year and struck a took over the Mumbai airport working to bring sub-invest-
in the second quarter than it deal with a government-run in- in 2021, needed to raise money ment-grade companies to the
was a year ago, while the local surer for the equivalent of this year to pay off a bridge market, and some investors say
bond market grew 8% in Singa- $500 million. Vedanta Re- loan from banks that originally they are willing to invest in the
pore, 9.5% in Thailand and 4% sources Ltd., its parent com- helped to fund the deal. The right deal—as long as they get
in Indonesia. pany, has tapped Indian public- airport operator scrapped a rewarded.
Most central banks in the re- sector banks for financing. planned sale of public high- “I wouldn’t say it’s full risk-
gion have increased interest Other companies are raising yield bonds and ended up sell- off mode,” said Andy Suen,
rates this year but at a slower money directly from nonbank ing $750 million in secured head of Asia ex-Japan credit re-
pace than the Federal Reserve. investment firms. Continuum notes that pay 6.6% annually to search at PineBridge Invest-
“The price advantage of the Green Energy Ltd., an Indian funds managed by Apollo ments. “We do find some high-
U.S. dollar market has faded,” wind- and solar-power genera- Global Management Inc. quality high-yield companies in
said Shu Tian, a senior ADB tor, raised $350 million from a “Many funds are looking for certain sectors. It’s a question
economist. placement to two large institu- private credit deals right now,” of pricing.”
Companies also are turning tional investors in July, before said Matt Michelini, an Apollo —Serena Ng © 2022 Dow Jones & Company, Inc. All rights reserved. 3DJ8694

to local banks for funding. In- adding a further $50 million partner and head of its Asia-Pa- contributed to this article.
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | B3

BUSINESS NEWS

Entrepreneur Who
Made Red Bull
A Hit Dies at 78
BY JAMES R. HAGERTY
AND JOSHUA ROBINSON

Dietrich Mateschitz, a for-

mer toothpaste salesman
whose relentless marketing of
energy drink Red Bull kept
long-distance drivers and
disco dancers
JOE RAEDLE/GETTY IMAGES

OBITUARY awake and

DIETRICH made the
MATESCHITZ world a bit
1944-2022 more jittery,
has died at the

IMAGO/ZUMA PRESS
age of 78, representatives of
his company said Saturday.
The fast-food chain is among 12 bellwethers of the Dow Jones Industrials set to report their results. along with nearly a third of the S&P. The Austrian entrepreneur
modified a Thai energy tonic

Apple, Meta, McDonald’s

in the 1980s and made it a
global brand by sponsoring Dietrich Mateschitz in 2005
sports, including professional
soccer, Formula 1 auto racing, He later entered Formula 1
snowboarding and dirt biking. racing and created a revolu-

Headline Earnings Week

Forbes estimated his net tion in the sport by sponsor-
worth at $20 billion. ing two teams without any of
As a marketer of toothpaste the heritage of the traditional
and other toiletries, he visited car manufacturers. Competing
Thailand and found a cure for against the likes of Ferrari,
BY DENNY JACOB The flurry of results from a ham Hotels & Resorts Inc. ping season. The Atlanta- jet lag in a local drink called McLaren, and Mercedes, Mr.
broad set of companies will will offer reads into leisure based carrier’s earnings come Krathing Daeng, meaning “red Mateschitz had one outfit fo-
Amazon.com Inc., Apple give a sense of how businesses spending. weeks after rival FedEx Corp. bull” in Thai. Mr. Mateschitz cused on developing young
Inc. and Meta Platforms Inc. are faring as they deal with in- Overall, earnings for the warned of a looming global re- teamed up with the Thai inven- drivers and the other on win-
are among the tech heavy- flation denting consumer S&P 500 companies are on cession and outlined plans to tor of that potion, Chaleo Yoov- ning world championships. In
weights featured in a packed spending, ongoing supply- track to rise 1.5% this period raise shipping rates across idhya, to market the drink glob- less than two decades of exis-
week of earnings that inves- chain challenges and a stron- compared with a year ago, most of its services in January ally through a jointly owned tence, Red Bull drivers have
tors will probe for indicators ger dollar. One area holding up while revenue is projected to to contend with a global slow- company, Red Bull GmbH. racked up six titles, including
about the broader economy. to the challenges has been grow 8.5%, FactSet said. down in business. Mr. Mateschitz carbonated the past two.
Other tech companies travel. Other companies will serve Results from credit-card the drink and tweaked the rec- Mr. Mateschitz also devel-
scheduled to report their lat- Several airline companies as a gauge for how consumers companies Visa Inc. and Mas- ipe slightly to appeal to a oped a radical new approach in
est quarterly reports include have reported that consumers have responded to higher tercard Inc. will offer insights Western market. Realizing soccer by building a network of
Google parent company Al- still have an appetite to spend prices and whether they have into whether inflation has fi- that few Westerners were Red Bull-affiliated clubs
phabet Inc. and Microsoft on trips and vacations. On Fri- altered their spending as a nally put a dent in consumer likely to give up their morning stretching from Austria to Ger-
Corp. Investors also will hear day, American Express Co. result. spending after both companies coffee, he positioned Red Bull many to New York to Brazil.
from airlines such as South- raised its outlook for the year Coca-Cola Co. and Kim- reported resilient numbers as a hip fuel for people push- “As soon as we decide to
west Airlines Co. and JetBlue in part because of a surge in berly-Clark Corp. on Tuesday last quarter. ing the boundaries of energy. take part in a sport, we either
Airways Corp., automotive travel spending. “We expected and Kraft Heinz Co. on Wireless carrier T-Mobile Unable to afford conventional do it properly or we don’t do
companies General Motors the recovery in travel spend- Wednesday will show how US Inc.’s numbers on Thursday advertising in the early days, it at all,” he told The Wall
Co. and Ford Motor Co., and ing to be a tailwind for us, but consumers are digesting will give more context to he hired students to drive Street Journal in 2010.
energy giants Chevron Corp. the strength of the rebound higher prices. Mattel Inc., set mixed results from competi- Mini and Beetle cars sur- While many people chugged
and Exxon Mobil Corp. has exceeded our expectations to report on Tuesday, will tors Verizon Communications mounted with huge blue-and- Red Bull from the can, others
Nearly a third of the S&P throughout the year,” Ameri- highlight whether demand for Inc. and AT&T Inc. AT&T is- silver Red Bull cans. mixed it with vodka, tequila or
500, or 161 companies, are can Express Chief Executive toys remains resilient. Rival sued an upbeat outlook on He sponsored offbeat other spirits.
slated to report earnings in Stephen Squeri said. Hasbro Inc. issued a warning Thursday after its core wire- sports, including motocross Mr. Chaleo, who avoided
the coming week, according to In addition to airlines re- ahead of the holiday season. less business exceeded the and snowboarding, and staged publicity and died in 2012, set
FactSet. Twelve bellwethers porting, companies such as United Parcel Service Inc. company’s expectations, a contest for people who up a small company, T.C. Phar-
from the Dow Jones Industrial car-rental company Hertz will release its results on whereas Verizon on Friday wanted to build their own fly- maceuticals, in the 1960s. He
Average, including Boeing Co. Global Holdings Inc. and lodg- Tuesday and provide an op- said earnings dropped as retail ing machines and then at- created a drink with caffeine,
and McDonald’s Corp., are ex- ing companies Hilton World- portunity to show how it is customers balked at recent tempt to launch them down a vitamins, sucrose and other en-
pected to report as well. wide Holdings Inc. and Wynd- faring ahead of the busy ship- price increases. ramp and out over a lake. ergy-boosting ingredients.

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 .

B4 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Upstart Amazon, which has invested

$6.5 billion in its India opera-
tions since launching in the
U.S. Slows
Leads country in 2013, in April en-
tered the social-commerce
market itself, acquiring a
Chinese
In India startup called GlowRoad for an
undisclosed sum. An Amazon
spokeswoman didn’t respond
On Chips
to a request for comment on
Continued from page B1 Meesho. Continued from page B1
uardo Saverin’s venture-capital Flipkart, which began oper- Applied Materials Inc., Lam
fund B Capital Group. Meesho ating in 2007, last year Research Corp., and KLA
isn’t profitable, but Mr. Bansal launched a social-commerce Corp. They neither can buy
said it would be at some point platform called Shopsy. A Flip- extreme ultraviolet lithogra-
and will aim to list publicly. It kart spokeswoman said phy machines, key to achiev-
is valued at about $5 billion. Shopsy is growing rapidly but ing the most advanced chips,
Meesho has a way to go to declined to comment on Mee- made exclusively by Dutch
catch Amazon and Walmart, sho. Walmart in 2018 acquired maker ASML Holding NV.
which have together pumped Flipkart for $16 billion and ASML hasn’t shipped the ma-
more than $22 billion into In- two years later led a $1.2 bil- chines to China in the face of
dia since 2014. Each com- lion round of investment in U.S. pressure.
mands around $20 billion of the company. The Commerce Department
MEESHO

online sales in India annually, Other companies also are further barred “U.S. per-
combining for about 60% of emerging in India’s developing sons”—U.S. citizens, perma-
India’s total, according to a re- Meesho aims to be online leader in simpler goods. Founders Vidit Aatrey, left, and Sanjeev Barnwal. e-commerce sector. They in- nent residents, people who
port from U.S. investment firm clude ultrafast delivery start- live in the U.S., and American
AllianceBernstein. Meesho is $133 billion in 2025 from $72 fashion retailer owned by to friends via WhatsApp and ups, such as Dunzo and Zepto; companies—from supporting
responsible for about $5 bil- billion this year, propelled by Spain’s Inditex that she has Facebook, making between 61 local giants Reliance Indus- China’s advanced chip devel-
lion, or 7% of India’s total consumers in smaller towns heard about but can’t afford. cents and $1.22 per transac- tries and Tata Group, both of opment or production with-
sales. and villages, according to Alli- Customers open Meesho— tion. which are moving into e-com- out a license.
The American firms entered anceBernstein. its name is a combination of Meesho generates revenue merce and the Indian govern- With American talent
India eager to capitalize on Eighteen-year-old college the Hindi word for “my” and largely through advertising, ment, which last month began scattered across the supply
the hundreds of millions of student Mansi Khajuria lives the English word “shop”—and with sellers paying to display a limited launch of its own e- chain, this gives the U.S. gov-
consumers getting online for in a village of several thou- browse a TikTok-like feed. It their items more prominently commerce aggregator. ernment further leverage to
the first time in the South sand people called Barooki, in shows mostly unbranded items in the app, similar to one of The aggregator, which in- close off other remaining ave-
Asian country, although the India’s northern state of Uttar such as saris, sunglasses and the ways China’s Alibaba corporates listings from Ama- nues for China to obtain chip-
growth of online shopping as a Pradesh. She has shopped a shampoo, many costing less Group Holding Ltd. makes zon, Meesho and others, al- making resources.
proportion of total retail has few times on Amazon but has than on Amazon or Flipkart. money from its popular Tao- lows consumers to search A Wall Street Journal re-
been slower than in other big never tried Flipkart. Users can order products bao shopping service. across platforms, compare view of 16 Chinese chip com-
markets. E-commerce still ac- She prefers Meesho’s wider and pay for them with cash Last month, Meesho’s app prices and make purchases. panies’ filings found that
counts for just 5% of retail selection of goods, frequently when they arrive at their was opened more than 1.4 bil- The government says it is de- nearly four dozen of their se-
sales, well below the 14% buying items such as tops for doorsteps. Shipping is free, lion times by its users in India, signed to democratize online nior executives are American
global average, according to as little as 99 rupees, or $1.20, and there is no minimum or- compared with about 875 mil- shopping and empower citizens who now may be
AllianceBernstein. and shoes for $1.46. der size. Sellers set their own lion for Flipkart’s app and 570 smaller players. forced to give up their citi-
India’s e-commerce market “Meesho is my Zara,” Ms. profit margins. Ms. Khajuria, million for Amazon’s, accord- —Vibhuti Agarwal zenship or exit their compa-
is forecast to nearly double to Khajuria said, referring to the for example, often sells items ing to Apptopia. contributed to this article. nies.

ESPN Reaches a New Broadcast Deal With Formula One

BY GINGER ADAMS OTIS renewal. casts have averaged 1.2 million
ESPN Deportes will continue viewers in 2022, the network
ESPN and Formula One an- as the Spanish-language home said.
nounced a new broadcast deal of F1 in the U.S. F1 has exploded in popular-
Saturday that will keep the Race weekends will continue ity in the U.S. since the 2019
global motor-sports series on to include live telecasts of prac- Netflix documentary series,
the network through 2025. tice sessions and qualifying, as “Drive to Survive,” first aired.

JASON POHUSKI/BMR/ZUMA PRESS

The agreement will keep the well as prerace and postrace Terms of the new deal, an-
current commercial-free format coverage. The new agreement nounced ahead of Sunday’s U.S.
for live races on ESPN, ESPN2 includes an increased focus on Grand Prix in Austin, Texas,
and ABC, which are all owned qualifying, with more sessions weren’t disclosed.
by Walt Disney Co. ESPN has airing on ESPN or ESPN2. The May telecast of the in-
broadcast F1 in the U.S. since ESPN said its F1 2021 season augural Miami Grand Prix had
2018. set a record for the most- an average viewership of 2.6
At least 16 races will air on viewed yet on U.S. television, million, the largest U.S. audi-
ABC and ESPN each season, with an average of 949,000 ence on record for a live F1
ESPN said in announcing the viewers per race. Live F1 tele- race, ESPN said. The pact will keep the current commercial-free format for live races on ESPN, ESPN2 and ABC.
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | B5

Money Meet Circle—the place where money

meet meets the internet, crypto meets compliance,

and local businesses meet global customers.
Speed
circle.com

© 2022 Circle Internet Financial Limited

 .

B6 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk 52 wk 52 wk Prem12 Mo Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not NuvFloatRateIncFd JFR 9.00 8.12 -9.8 8.8 Nuveen AMT-Fr Mu CI NVG 12.27 11.15 -9.1 6.7
buy their shares back from investors who wish to cash Royce Micro-Cap Tr RMT 9.35 8.40 -10.2 -19.2 ChnStrInfr UTF 21.89 21.68 -1.0 -17.4 Neuberger Nxt Gen Conn NBXG 11.42 9.13 -20.1 -45.9 NuvFloatRteIncOppty JRO 8.92 7.96 -10.8 8.8 Nuveen Dyn Muni Opp NDMO 10.42 9.59 -8.0 8.9
in their holdings. Instead, fund shares trade on a stock Royce Value Trust RVT 14.14 13.29 -6.0 -21.8 Cohen&SteersQualInc RQI 11.69 11.13 -4.8 -27.4 NubrgrRlEstSec NRO 3.22 3.18 -1.2 -30.5
exchange. NA signifies that the information is not
Nuveen Senior Income NSL 5.28 4.56 -13.6 9.0 Nuveen Int Dur Mun Term NID 12.67 12.35 -2.5 4.5
available or not applicable. NS signifies funds not in Source Capital SOR 38.69 35.67 -7.8 -12.5 CohenStrs Real Est and I RLTY 14.52 12.58 -13.4 NS NuvDow30DynOverwrite DIAX 15.48 14.38 -7.1 -11.9 High Yield Bond Funds Nuveen Mu Crdt Opps NMCO 11.09 10.42 -6.0 6.9
existence for the entire period. 12 month yield is Sprott Focus Trust FUND 7.97 7.44 -6.7 -5.8 Cohen&Steers TotRet RFI 11.30 11.77 +4.2 -26.0 NuvCorEqAlpha JCE 12.12 12.44 +2.6 -12.8 AllianceBernGlHiIncm AWF 10.10 9.10 -9.9 8.8 Nuv Muni Credit Income NZF 12.29 11.02 -10.3 6.5
computed by dividing income dividends paid (during SRH Total Return STEW 14.09 11.60 -17.7 -11.6 CohenStrsREITPrefInc RNP 20.03 19.95 -0.4 -21.3 NuveenNasdaq100DynOv QQQX 20.63 21.71 +5.2 -19.9 Allspring Income Oppty EAD 6.91 6.14 -11.1 11.5 NuvMuniHiIncOpp NMZ 10.05 10.02 -0.3 7.4
the previous 12 months for periods ending at month-
end or during the previous 52 weeks for periods Tri-Continental TY 29.29 26.35 -10.0 -11.9 Columbia Sel Prm Tech Gr STK 23.39 24.76 +5.9 -21.6 Nuv Real Est JRS 7.86 7.33 -6.7 -31.1 Barings Glb SD HY Bd BGH 14.01 12.27 -12.4 10.3 Nuveen Muni Val NUV 8.79 8.34 -5.1 3.9
ending at any time other than month-end) by the Specialized Equity Funds DNP Select Income DNP 8.23 10.47 +27.3 3.9 Nuveen Rl Asst Inc & Gro JRI 12.65 10.82 -14.5 -26.4 BR Corporate HY HYT 9.08 8.36 -7.9 10.9 Nuveen Quality Muni Inc NAD 11.93 10.85 -9.1 6.3
latest month-end market price adjusted for capital abrdn Glb Prem Prop AWP 4.01 3.65 -9.0 -38.7 Duff&Ph Uti&Infra Inc Fd DPG 11.39 12.70 +11.5 -1.1 NuvS&P500DynOvFd SPXX 14.81 16.14 +9.0 -3.5 BlackRock Ltd Dur Inc BLW 13.17 12.28 -6.8 9.7 Nuveen Sel TF NXP 13.74 13.08 -4.8 4.1
gains distributions. Depending on the fund category,
either 12-month yield or total return is listed.
Adams Natural Resources PEO 26.75 22.67 -15.3 40.0 EtnVncEqtyInc EOI 15.02 15.71 +4.6 -11.5 NuvSP500BuyIncFd BXMX 12.38 12.53 +1.2 -9.2 Brookfield Real Asst Inc RA 15.37 17.25 +12.2 13.1 PIMCO MuniInc PMF 8.88 10.25 +15.4 6.6
Source: Lipper ASA Gold & Prec Met Ltd ASA 14.80 12.79 -13.6 -39.8 EtnVncEqtyIncoII EOS 16.04 16.42 +2.4 -26.0 ReavesUtilityIncome UTG 26.03 25.81 -0.8 -17.9 CrSuisHighYld DHY 1.96 1.72 -12.2 10.5 PIMCOMuniIncII PML 8.19 9.20 +12.3 7.4
Friday, October 21, 2022 BR Enh C&I CII 17.72 17.04 -3.8 -15.2 EVRskMnDvsEqInc ETJ 8.05 8.21 +2.0 -21.0 Tortoise Enrgy Infra Crp TYG NA 32.02 NA 14.9 DELAWAREIVYHIGHINCOPP IVH 11.30 10.12 -10.4 8.0 Pimco Muni III PMX 7.50 7.87 +4.9 7.1
BlackRock Energy & Res BGR 13.55 12.49 -7.8 28.4 ETnVncTxMgdBuyWrtInc ETB 12.92 14.16 +9.6 -6.0 Tortoise Midstream Enrgy NTG NA 36.26 NA 19.3 DoubleLine Inc Sol DSL 11.57 10.70 -7.5 16.0 PioneerHilncAdv MAV 8.33 7.61 -8.6 6.4
52 wk
Prem Ttl BlackRock Eq Enh Div BDJ 8.65 8.51 -1.6 -9.6 EtnVncTxMgdBuyWrtOpp ETV 12.12 13.55 +11.8 -9.7 VDivInt&PremStr NFJ 12.58 10.99 -12.6 -23.9 DoubleLine Yld Opps DLY 14.82 13.01 -12.2 10.3 PionrMuniHiIncOppty MIO 11.30 9.75 -13.7 6.4
Fund (SYM) NAV Close /Disc Ret BlackRock Enh Glbl Div BOE 10.09 9.00 -10.8 -20.2 EvTxMnDvsEqInc ETY 11.16 11.49 +3.0 -13.8 V Art Int&Tech Opps AIO 18.60 15.77 -15.2 -28.4 First Tr Hi Inc Lng/Shrt FSD 12.32 10.76 -12.7 11.6 PioneerMunHiIcm MHI 8.95 8.17 -8.7 5.8
BlackRock Enh Intl Div BGY 5.10 4.50 -11.8 -22.5 EtnVncTxMgdGlbB ETW 8.11 8.53 +5.2 -15.7 Income & Preferred Stock Funds First Trust HY Opp:2027 FTHY 15.57 13.57 -12.8 12.5 Putnam Mgd Inc PMM 5.97 5.82 -2.5 6.2
General Equity Funds BlackRock ESG Cap Alloc ECAT 15.94 13.38 -16.1 -28.0 EVTxMnGblDvEqInc EXG 7.64 7.47 -2.2 -21.6 CalamosStratTot CSQ 13.08 12.98 -0.8 -24.6 Putnam Muni Opp PMO 10.21 10.12 -0.9 6.5
Adams Diversified Eq Inc ADX 17.94 15.18 -15.4 -15.7
Franklin Univ FT 7.24 6.25 -13.7 8.0
BlackRock Hlth Sci Tr II BMEZ 17.60 14.80 -15.9 -39.6 Ecofin S&S Impact Term TEAF NA 12.68 NA -5.8 CohenStrsLtdDurPref&Inc LDP 19.97 18.11 -9.3 -27.8 KKR Income Opportunities KIO NA 10.84 NA 11.0 RiverNorth Flx Mu Inc II RFMZ 14.76 13.22 -10.4 8.5
Central Secs CET 41.87 35.27 -15.8 -12.3 BlackRock Hlth Sciences BME 40.17 39.68 -1.2 -11.7 First Trust Energy Inc G FEN 14.64 14.64 0.0 7.6 CohenStrsSelPref&Income PSF 19.81 17.71 -10.6 -30.8 RiverNorth Mgd Dur Mun I RMM 15.34 13.76 -10.3 7.6
Nuveen Global High Inc JGH 12.09 11.06 -8.5 12.8
CohenStrsCEOppFd FOF 10.27 10.08 -1.9 -23.3 BlackRock Innov and Grow BIGZ 8.62 7.00 -18.8 -56.0 First Tr Enhanced Eq FFA 16.20 15.11 -6.7 -22.8 CohenStrsTaxAvPreSecs&I PTA 19.65 16.93 -13.8 -26.3 Western Asset Mgd Muni MMU NA 9.58 NA 4.8
PGIM Global High Yield GHY 11.91 10.22 -14.2 11.9
EVTxAdvDivIncm EVT 22.58 22.32 -1.2 -17.5 BlackRock Res & Comm BCX 10.25 9.09 -11.3 0.6 FirstTrEnergyInfra FIF 16.15 13.87 -14.1 4.8 Dividend and Income DNI 15.60 10.54 -32.4 -23.2 PGIM High Yield Bond ISD 13.26 11.63 -12.3 10.9 Single State Muni Bond
GabelliDiv&IncTr GDV 22.62 19.43 -14.1 -24.3 BlackRock Sci&Tech T II BSTZ 20.44 17.01 -16.8 -52.1 FirstTrMLPEner&Inc FEI 8.73 7.57 -13.3 3.4 FirstTrIntDurPref&Inc FPF 18.07 15.69 -13.2 -33.7 PGIM Sh Dur Hi Yld Opp SDHY 16.54 14.34 -13.3 9.0 BlackRock CA Mun BFZ 12.13 10.23 -15.7 5.0
Gabelli Equity Tr GAB 4.77 5.11 +7.1 -17.8 BlackRock Sci&Tech Trust BST 30.43 29.65 -2.6 -38.4 Gabelli Healthcare GRX 11.20 9.71 -13.3 -21.9 JHanPrefInc HPI 15.38 15.21 -1.1 -24.4 PioneerHilncm PHT 7.31 6.32 -13.5 11.9 BR MH CA Qly Fd Inc MUC 11.89 10.27 -13.6 6.1
GeneralAmer GAM 42.44 35.41 -16.6 -14.8 BlackRock Utl Inf & Pwr BUI 19.89 19.24 -3.3 -19.4 Gab Utility GUT 3.36 6.77 101.5 -3.5 JHPrefIncII HPF 15.25 15.09 -1.0 -25.3 WstAstHIF II HIX NA 4.39 NA 13.4 BR MH NJ Qly MUJ 12.21 10.99 -10.0 6.4
JHancockTaxAdvDiv HTD 21.47 20.74 -3.4 -9.0 CLEARBRIDGEENGYMDSOPP EMO NA 28.30 NA 22.1 GAMCOGlGold&NatRes GGN 3.48 3.39 -2.6 -5.6 HnckJPfdInco III HPS 13.65 13.93 +2.1 -22.8 Western Asset Hi Inc Opp HIO NA 3.66 NA 9.7 BR MH NY Qly MHN 11.17 9.56 -14.4 6.2
Liberty All-Star Equity USA 5.77 5.82 +0.9 -24.1 CLEARBRIDGEMLP&MDSTMTR CTR NA 29.36 NA 15.0 J Han Finl Opptys BTO NA 31.81 NA -23.4 J Han Prm PDT 12.01 13.24 +10.2 -15.8 Western Asset Hi Yld D O HYI NA 11.50 NA 10.1 BR MuniYld MI Qly MIY 12.16 11.69 -3.9 5.4
Liberty All-Star Growth ASG 5.14 5.01 -2.5 -38.9 ClearBridge MLP & Midstm CEM NA 33.46 NA 15.1 Neuberger Brmn MLP & EI NML 8.12 6.63 -18.3 26.6 LMP CapInco SCD NA 11.57 NA -14.8 Other Domestic Taxable Bond Funds BR MuniYld NY Qly MYN 10.81 9.17 -15.2 6.0
Nuveen Multi-Asset Inc NMAI 12.57 10.79 -14.2 NS Allspring Multi-Sector ERC 9.30 8.53 -8.3 12.9 BlackRock NY Mun BNY 11.07 9.46 -14.5 6.2
Nuveen Pref & Inc Opp JPC 7.56 6.86 -9.3 -25.7 Apollo Tactical Income AIF NA 11.94 NA 9.2 EVCAMuniBd EVM 9.59 8.19 -14.6 5.4
Nuveen Fd JPS 7.35 6.45 -12.2 -30.2 Ares Dynamic Crdt Alloc ARDC NA 11.50 NA 10.0 InvCaValMuIncTr VCV 9.97 8.78 -11.9 6.0
Insider-Trading Spotlight Nuveen Pref & Inc Term JPI 18.68 17.58 -5.9 -25.9
Nuveen Var Rate P&I NPFD 18.63 16.90 -9.3 NS
BlackRock Mlt-Sctr Inc BIT 14.52 14.18 -2.3 10.4 InvPAValMuIncTr VPV 10.81 9.38 -13.2 5.8
InvTrInvGrNYMu VTN 10.74 9.35 -12.9 5.6
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys BlackRock Tax Muni Bd BBN 16.47 16.27 -1.2 8.9
TCW Strat Income TSI NA 4.54 NA -15.7 Nuveen CA AMT-F Qual MI NKX 12.26 10.96 -10.6 5.6
DoubleLine:Oppor Crdt Fd DBL 14.30 14.62 +2.2 9.5
new information about the prospects of a company. Insiders are required to report large trades to the SEC Convertible Sec's. Funds EVLmtDurIncm EVV 10.13 9.16 -9.6 13.0
Nuveen CA Val NCA 8.82 8.09 -8.3 3.6
AdvntCnvrtbl&IncFd AVK 11.92 10.59 -11.2 -34.6 NuveenCAQtyMuInc NAC 11.73 10.33 -11.9 5.8
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Franklin Ltd Dur Income FTF 6.97 6.01 -13.8 13.4
NuvNJ Qual Muni Inc NXJ 12.46 10.68 -14.3 5.9
CalamosConvHi CHY 10.48 10.37 -1.1 -30.8 J Han Investors JHI 13.02 11.99 -7.9 10.9
Refinitiv on October 21, and year-to-date stock performance of the company CalmosConvOp CHI 9.95 10.02 +0.7 -30.6 MFS Charter MCR 6.45 6.02 -6.7 2.7
Nuveen NY AMT/Fr Qual MI NRK 10.93 9.64 -11.8 5.8
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Ellsworth G&I Fund Ltd ECF 9.29 8.10 -12.8 -32.6 Nuveen NY Qual Muni Inc NAN 11.40 9.85 -13.6 5.5
NuvCorePlusImpact NPCT 11.37 9.85 -13.4 12.0
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner V Conv & Inc NCV 3.74 3.33 -11.0 -40.3 Nuveen OH Qual Muni Inc NUO 13.62 11.87 -12.8 4.5
Nuveen Taxable Muni Inc NBB 15.35 14.94 -2.7 8.3 Nuveen PA Qual Muni Inc NQP 12.27 10.47 -14.7 5.4
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: V Conv & Inc II NCZ 3.35 2.83 -15.5 -41.1 PIMCO Corp & Inc Oppty PTY 10.74 11.75 +9.4 12.1
V Div Inc & Conv ACV 20.29 18.56 -8.5 -33.7 Nuveen VA Qlty Mun Inc NPV 11.32 11.36 +0.4 4.7
unknown VP: vice president Excludes pure options transactions PIMCO Corp & Inc Strat PCN 11.16 11.98 +7.3 11.4 PIMCO CA PCQ 9.57 13.76 +43.8 5.6
V Eqty & Conv Inc NIE 23.61 20.48 -13.3 -23.1 PIMCOHilnco PHK 4.55 4.78 +5.1 12.3
World Equity Funds PIMCOCAMuniII PCK 5.97 6.17 +3.4 6.0
PIMCO IncmStrFd PFL 7.92 7.95 +0.4 12.2
Biggest weekly individual trades abrdn Emg Mkts Eq Inc AEF 5.27 4.51 -14.4 -42.1 PIMCO IncmStrFd II PFN 6.97 6.88 -1.3 12.4 52 wk
abrdn Tot Dyn Div AOD 8.36 7.19 -14.0 -22.2 Prem Ttl
Based on reports filed with regulators this past week Putnam Prem Inc PPT 3.88 3.53 -9.0 8.7 Fund (SYM) NAV Close /Disc Ret
Allspring Gl Div Oppty EOD 4.43 4.48 +1.1 -13.6 Western Asset Dvsfd Inc WDI NA 12.33 NA 11.3
No. of shrs in Price range ($) $ Value BlackRock Capital Alloc BCAT 16.43 13.91 -15.3 -23.4 World Income Funds General Equity Funds
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Calamos GloDynInc CHW 6.02 5.53 -8.1 -39.8 abrdn AP IncFd FAX 2.83 2.36 -16.6 13.1 BOW RIVER CAPTL EVGN;II NA NA NA N
EV TxAdvGlbDivInc ETG 15.51 15.49 -0.1 -23.5 MS EmMktDomDebt EDD NA 4.00 NA 8.0 Specialized Equity Funds
Buyers EtnVncTxAdvOpp ETO 21.34 21.54 +0.9 -25.8
FirstTr Dyn Euro Eq Inc FDEU 11.38 9.90 -13.0 -20.2
PIMCO Access Income PAXS 16.43 15.48 -5.8 NS ArrowMark Financial Corp BANX NA 16.75 NA NA
PIMCO Dynamic Income PDI 18.45 19.42 +5.3 13.6 Bluerock Total Inc+ RE:M NA NA NA NS
Oct. 12-14 Veris Residential VRE A. Katz A. DI 376 11.01-12.12 4,367 15.31 -16.7 Gabelli Multimedia GGT 3.84 5.98 +55.7 -26.1 CBRE GlbRlEst IGR 5.67 5.35 -5.6 -37.6
PIMCO Dynamic Inc Opp PDO 14.27 13.02 -8.8 13.7
Oct. 13-14 Enviva EVA J. Ubben DI 76 48.51-51.50 3,871 54.16 -23.1 GDL Fund GDL 9.95 7.97 -19.9 -6.1 PIMCO Stratg Inc RCS 4.32 4.74 +9.7 12.9 First Tr Real Assets;I NA NA NA NS
Oct. 12 J. Bumgarner D 15 51.34 770 Highland Global Alloc HGLB 11.74 9.20 -21.6 5.7 Templeton Em Inc TEI 4.89 4.64 -5.1 16.3 NexPointRlEstStrat;A 20.24 NA NA 11.0
Oct. 13 S. Even CFO 5 51.53 252 India Fund IFN 18.02 15.98 -11.3 -17.7 Templtn Glbl Inc GIM 4.27 4.09 -4.2 10.1 NexPointRlEstStrat;C 20.47 NA NA 10.2
Oct. 13 R. Alexander DI 4 51.68 199 Japan Smaller Cap JOF 6.96 5.75 -17.4 -29.8 WstAstEmergDebt EMD NA 7.71 NA 13.0 NexPointRlEstStrat;Z 20.49 NA NA 11.4
Oct. 13 J. Bumgarner D 3 49.50 163 LazardGlbTotRetInc LGI 14.92 13.83 -7.3 -24.2 PREDEX;I 32.21 NA NA 21.1
Oct. 13 E. Smith O 3 51.92 156 Western Asset Gl Cr D Op GDO NA 11.37 NA 10.8
Mexico MXF NA 13.51 NA -5.9 National Muni Bond Funds PREDEX;T 32.42 NA NA 20.9
Oct. 17-19 Rocket Companies RKT J. Farner CEO 87 6.71-7.01 599 6.32 -54.9 Miller/Howard High Inc E HIE 10.50 9.69 -7.7 -2.2 AllBerNatlMunInc AFB 11.34 10.13 -10.7 5.6 PREDEX;W 32.42 NA NA 20.9
Oct. 13-14 J. Farner CEO 59 6.67-6.77 399 MS ChinaShrFd CAF 15.81 13.28 -16.0 -33.3 BlckRk Inv Q Mun BKN 12.25 11.51 -6.0 6.5 Principal Dvs Sel RA A 25.93 NA NA -2.7
Oct. 14 Dave & Buster's Entertainment PLAY T. Wehner CO 15 33.86 502 36.53 -4.9 MS India IIF 28.97 23.79 -17.9 -10.6 BlackRock Muni 2030 Tgt BTT 22.53 20.54 -8.8 3.6 Principal Dvs Sel RA Ins 26.00 NA NA -2.4
MS CBRE Gl In Mg MEGI 14.44 12.18 -15.7 NS BlackRock Muni BFK 10.77 9.42 -12.5 6.8 Principal Dvs Sel RA Y 26.18 NA NA -2.2
Oct. 13-14 CalAmp CAMP W. Cummins DI 150 3.25-3.26 488 3.47 -50.8 Templeton Dragon TDF 10.03 8.62 -14.1 -48.9
Oct. 11-12 W. Cummins DI 110 3.38-3.56 381 BlackRock Muni II BLE 11.18 9.80 -12.3 6.7 The Private Shares;A 41.91 NA NA 1.0
Templeton Em Mkt EMF 12.32 10.67 -13.4 -35.6 BlckRk Muni Inc Qly BYM 11.88 10.53 -11.4 6.3 The Private Shares;I 42.45 NA NA 1.2
Oct. 17-18 NGM Biopharmaceuticals NGM D. Goeddel DO 130* 3.18-3.79 462 4.58 -74.1 Prem12 Mo The Private Shares;L 41.39 NA NA 0.7
BR MuniAssets Fd MUA 11.01 9.77 -11.3 5.4
Oct. 17 Traeger COOK J. Andrus CEO 149 2.90 431 3.53 -71.0 Fund (SYM) NAV Close /Disc Yld BR MH Qly 2 MUE 10.91 9.78 -10.4 6.4 Thirdline Real EstateI 9.99 NA NA 5.0
Oct. 18 Coinbase Global COIN T. Lutke DI 5 72.90 390 66.38 -73.7 U.S. Mortgage Bond Funds BR MuniHoldngs MHD 12.68 11.08 -12.6 6.4 USQ Core Real Estate:I 30.59 NA NA 18.1
BlckRk Income BKT 12.62 11.63 -7.8 9.4 BR MuniVest Fd MVF 7.46 6.59 -11.7 6.0 USQ Core Real Estate:IS 30.64 NA NA 18.2
Oct. 5 Farmer Bros. FARM B. Radoff BI 50 5.05 252 4.97 -33.3 Versus Cap MMgr RE Inc:I 30.05 NA NA NE
Invesco HI 2023 Tgt Term IHIT 8.46 8.00 -5.5 6.2 BR MuniVest 2 MVT 11.36 9.93 -12.6 6.6
Oct. 14-17 Riley Exploration Permian REPX A. Libin BI 8 23.08-23.60 188 26.80 38.7 Investment Grade Bond Funds BR MuniYield Fd MYD 11.27 9.91 -12.1 6.3 Versus Capital Real Asst 26.61 NA NA 2.8
Oct. 18 VOXX International VOXX B. Kahli DOI 25 7.24 181 8.13 -20.1 Angel Oak FS Inc Trm FINS 14.89 12.69 -14.8 9.6 BR MuniYield Qlty MQY 12.32 10.87 -11.8 6.5 Wildermuth:A 13.39 NA NA -0.4
BlRck Core Bond BHK 10.39 9.59 -7.7 8.8 BR MuniYld Qlty2 MQT 10.91 9.72 -10.9 6.4 Wildermuth:C 12.67 NA NA -1.1
BR Credit Alloc Inc BTZ 10.56 9.38 -11.2 10.5 BR MuniYld Qly 3 MYI 11.70 10.26 -12.3 5.9 Wildermuth:I 13.54 NA NA -0.1
Sellers J Han Income JHS 11.15 10.17 -8.8 6.5 BNY Mellon Muni Bd Infra DMB 11.08 10.60 -4.3 5.5 Income & Preferred Stock Funds
Oct. 6-11 AutoNation AN E. Lampert B 573 100.39-104.58 58,148 96.90 -17.1 MFS Intmdt MIN 2.96 2.70 -8.8 2.6 BNY Mellon Str Muni Bond DSM 6.09 5.60 -8.0 6.3 Alpha Alternative Assets 6.44 NA NA -22.3
Oct. 12 E. Lampert BI 32 105.28-106.11 3,361 Western Asset Inf-Lk Inc WIA NA 8.46 NA 21.8 BNY Mellon Strat Muni LEO 6.36 5.97 -6.1 6.0 Calamos L/S Eqty and DI CPZ 17.29 15.34 -11.3 -15.0
Western Asset Inf-Lk O&I WIW NA 9.02 NA 15.0 Del Inv Natl Muni Income VFL 10.90 10.64 -2.4 4.9 Flat Rock Opportunity 19.02 NA NA -1.8
Oct. 13 Airbnb ABNB J. Gebbia DOI 250 105.77-113.05 27,532 119.95 -28.0
Loan Participation Funds DWS Muni Inc KTF 9.20 8.27 -10.1 5.3 Lord Abbett Spec Sit I:A 8.86 NA NA -8.6
Oct. 12-13 Moderna MRNA S. Bancel CEO 90* 126.51-135.43 11,886 128.32 -49.5 Apollo Senior Floating AFT NA 12.30 NA 8.2 EVMuniBd EIM 10.69 9.61 -10.1 5.6 Lord Abbett Spec Sit I:I 8.86 NA NA -5.5
Oct. 13 NVIDIA NVDA M. Stevens DI 88 119.65 10,469 124.66 -57.6 BR Debt Strategy DSU 10.30 9.00 -12.6 8.1 EVMuniIncm EVN 10.62 9.56 -10.0 5.8 Variant Altrntv Inc:Inst 28.58 NA NA 8.7
BR F/R Inc Str FRA 12.65 11.34 -10.4 7.2 EVNatMuniOpp EOT 17.00 15.78 -7.2 4.5 Variant Impact;Instl 26.49 NA NA NS
Oct. 17 Cadence Design Systems CDNS L. Tan D 50 154.66 7,733 158.34 -15.0
BlackRock Floatng Rt Inc BGT 12.28 10.91 -11.2 7.1 InvAdvMuIncTrII VKI 8.87 8.02 -9.6 6.7 Convertible Sec's. Funds
Oct. 17 TransDigm Group TDG W. Howley DI 12 524.66-532.70 6,073 537.88 -15.5 Blackstone Sr Fl Rt Tm BSL NA 12.63 NA 7.1 Invesco MuniOp OIA 5.93 5.58 -5.9 6.1 Calmos Dyn Conv and Inc CCD 19.58 20.79 +6.2 -31.0
Oct. 13 RPM International RPM F. Sullivan CEO 65 92.60 6,019 88.73 -12.1 Blackstone Strat Cr BGB NA 10.38 NA 7.6 InvescoMuOppTr VMO 9.89 8.95 -9.5 6.5 World Equity Funds
Eaton Vance F-R 2022 TT EFL 8.66 8.63 -0.3 3.9 InvescoMuTr VKQ 9.93 8.93 -10.1 6.4 ACAP Strategic:A 13.91 NA NA -44.1
Oct. 17 Progressive PGR S. Griffith CEO 50 116.85 5,843 122.45 19.3
EtnVncFltRteInc EFT 12.44 11.03 -11.3 8.1 InvescoQual Inc IQI 10.01 8.94 -10.7 6.3 ACAP Strategic:W 10.34 NA NA -43.7
Oct. 13 AutoZone AZO K. Wright GC 2 2278.00 4,727 2301.03 9.8 EV SenFlRtTr EFR 12.24 10.94 -10.6 8.7 InvTrInvGrMu VGM 10.23 9.23 -9.8 6.4 CalamosGlbTotRet CGO 9.43 9.11 -3.4 -33.6
Oct. 13-14 Privia Health Group PRVA J. Butler D 122 33.45-35.23 4,232 32.09 24.0 FT/Sr Fltg Rte Inc 2 FCT 10.91 9.67 -11.4 8.9 InvescoValMunInc IIM 12.29 11.13 -9.4 6.4 Primark Priv Eq Inv:I 11.10 NA NA -10.6
Highland Income HFRO 14.64 10.60 -27.6 9.5 MAINSTAY:MKDEFTRMUNOP MMD 15.99 15.70 -1.8 6.5 Sweater Cashmere 20.09 NA NA NS
Oct. 17 Inari Medical NARI W. Hoffman CEO 55 72.71-77.08 4,183 73.02 -20.0
InvDYCrOpp:AX VTA 11.21 NA NA NA NeubrgrBrm NBH 11.15 10.11 -9.3 6.6 Thornburg Inc Bldr Opps TBLD.O 15.34 13.27 -13.5 -19.1
Oct. 17 JPMorgan Chase JPM M. Erdoes O 34 115.77 3,880 122.23 -22.8 InvSnrIncTr VVR 4.17 3.72 -10.8 9.2 Nuveen AMT-Fr Mu Val NUW 14.24 13.05 -8.4 3.5 VirtusTotalRetFd ZTR 6.53 6.11 -6.4 -22.1
Oct. 14 Hershey HSY M. Buck CEO 14 222.42-227.84 3,193 228.22 18.0 Nuveen Credit Strat Inc JQC 5.77 4.97 -13.9 9.2 Nuveen AMT-Fr Qlty Mun I NEA 11.57 10.54 -8.9 6.2 Continued on Page B7
Oct. 17 L3Harris Technologies LHX J. Girard O 12 220.00 2,741 247.20 15.9
Oct. 6 RH RH E. Chaya PI 10 265.22-268.01 2,665 240.40 -55.1
Oct. 14 Darden Restaurants DRI E. Lee CB 19 131.88-133.54 2,522 133.32 -11.5 Bonds | wsj.com/market-data/bonds/benchmarks
Oct. 14 ResMed RMD R. Douglas P 11 215.09 2,442 222.28 -14.7
* Half the transactions were indirect **Two day transaction Global Government Bonds: Mapping Yields
p - Pink Sheets
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Buying and selling by sector selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Based on actual transaction dates in reports received this past week Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Sector Buying Selling Sector Buying Selling 4.250 U.S. 2 4.489 t l 4.608 3.993 0.434
2.750 10 4.212 t l 4.225 3.511 1.674
Basic Industries 1,769,843 9,844,478 Finance 1,538,022 18,952,903
Capital Goods 437,760 12,184,478 Health care 1,021,862 67,103,260 0.250 Australia 2 3.661 s l 3.367 3.008 0.119 -85.2 -124.3 -34.2
Consumer durables 472,348 2,131,589 Public Utilities 18,407 0 1.750 10 4.212 s l 4.072 3.679 1.801 -0.6 -16.0 9.8
Consumer non-durables 1,097,868 7,826,092 Technology 100,072 71,598,783
0.000 France 2 2.067 s l 2.053 1.715 -0.651 -244.6 -255.7 -111.2
Consumer services 3,761,574 17,385,299 Transportation 0 55,235
Energy 187,618 1,697,900 2.000 10 2.995 s l 2.958 2.442 0.241 -122.3 -127.5 -146.2
0.400 Germany 2 2.035 t l 2.112 1.752 -0.638 -247.8 -249.8 -109.9
Sources: Refinitiv; Dow Jones Market Data
1.700 10 2.420 s l 2.402 1.892 -0.100 -179.7 -183.0 -180.2
0.000 Italy 2 3.031 t l 3.040 2.751 -0.419 -148.2 -157.0 -88.0
2.500 10 4.778 s l 4.727 4.136 0.952 56.0 49.5 -75.0
ADVERTISEMENT
0.005 Japan 2 0.000 s l -0.021 -0.052 -0.109 -451.3 -463.1 -57.0

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
0.200
0.000 Spain 2
10 0.256 s
2.306 t
l

l
0.254
2.331
0.261
1.988
0.090 -396.2
-0.590 -220.7
-397.9
-227.9
-161.3
-105.0
2.550 10 3.561 s l 3.523 3.028 0.538 -65.7 -70.9 -116.4
0.125 U.K. 2 3.670 s l 3.535 3.365 0.710 -84.3 -107.5 25.0
4.250 10 4.050 s l 3.910 3.314 1.205 -16.8 -32.3 -49.7
CLASS ACTION
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Corporate Debt
IN THE CHANCERY COURT FOR THE STATE OF TENNESSEE
TWENTIETH JUDICIAL DISTRICT, DAVIDSON COUNTY, PART IV
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
IN RE: SMILEDIRECTCLUB, INC. SECURITIES LITIGATION Lead Case No. 19-1169-IV Investment-grade spreads that tightened the most…
Spread*, in basis points
CLASS ACTION Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
THIS DOCUMENT RELATES TO:
ENEL Finance International ENELIM 6.800 6.79 Oct. 14, ’25 225 –14 255
ALL ACTIONS. Deere DE 5.375 5.19 Oct. 16, ’29 97 –11 n.a.
Bank of America BAC 3.500 5.76 April 19, ’26 136 –9 135
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION Texas Capital Bancshares TCBI 5.250 7.30 Jan. 31, ’26 292 –9 n.a.
If you purchased or acquired SmileDirectClub, Inc. (“SmileDirect” or the “Company”) common stock Celanese CE 6.050 7.51 March 15, ’25 297 –8 273
pursuant or traceable to the Registration Statement and Prospectus issued in connection with SmileDirect’s Wells Fargo WFC 5.606 7.00 Jan. 15, ’44 243 –8 251
September 12, 2019 initial public offering (“IPO”), a class-action lawsuit may affect your rights. Ally Financial ALLY 8.000 7.94 Nov. 1, ’31 372 –7 360
BAE Systems Finance BALN 7.500 6.03 July 1, ’27 168 –7 179
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Tennessee Rules of Civil Procedure and the April 28, 2021 Order of the
Chancery Court for Davidson County, Tennessee, Twentieth Judicial District, Part IV (the “Court”), that the above-captioned action
(the “Action”) has been certified to proceed as a class action on behalf of the Class, defined above, subject to certain exclusions. IF
…And spreads that widened the most
YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION. At this time, there is no JPMorgan Chase JPM 4.250 5.87 Oct. 1, ’27 152 49 163
judgment, settlement, or monetary recovery. Delta Air Lines DAL 7.000 6.68 May 1, ’25 214 41 201
If you are a Class member, you have the right to decide whether to remain a member of the Class. If you choose to stay in the Class, Sumitomo Mitsui Financial SUMIBK 1.474 5.88 July 8, ’25 134 17 120
you do not need to do anything at this time other than retain your documents relating to SmileDirect, including documents showing Barclays BACR 3.650 6.88 March 16, ’25 222 15 n.a.
all of your transactions (purchases, sales, and grants) in SmileDirect common stock. You will automatically be included in the Class
Royal Bank of Canada RY 1.150 5.67 July 14, ’26 132 15 109
and all orders or judgments in the Action, whether favorable or unfavorable, will apply to you.
Banco Santander SANTAN 5.147 6.91 Aug. 18, ’25 237 15 227
If you do not wish to remain a member of the Class, you must take steps to exclude yourself from the Class. If you ask to be excluded 12 120
Goldman Sachs GS 4.250 5.77 Oct. 21, ’25 123
from the Class, you will not be bound by any order or judgment in the Action, but you will not be eligible to receive a share of any
money which might be recovered for the benefit of the Class. To exclude yourself from the Class, you must submit a written request HCA HCA 5.375 6.26 Feb. 1, ’25 171 9 177
for exclusion by mail or email postmarked no later than December 19, 2022, in accordance with the instructions set forth in the full
printed Notice of Pendency of Class Action (the “Notice”). High-yield issues with the biggest price increases…
Bond Price as % of face value
This notice is only a summary. The full printed Notice is currently being mailed to known potential Class members. If you Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
have not received a copy of the Notice, you may obtain a copy of the Notice by downloading it from
Intesa Sanpaolo ISPIM 5.710 8.84 Jan. 15, ’26 91.378 0.74 90.031
www.SmileDirectClubSecuritiesLitigation.com or by contacting the Notice Administrator at:
Sprint Capital … 6.875 6.47 Nov. 15, ’28 102.000 0.71 101.875
In re: SmileDirectClub, Inc. Securities Litigation, Lead Case No. 19-1169-IV Notice c/o A.B. Data, Ltd., P.O. Box 173100, 3.664 Sept. 8, ’24 0.63 93.375
Ford Motor Credit … 7.22 93.875
Milwaukee, WI 53217.
Prime Security Services Borrower PRSESE 5.750 7.11 April 15, ’26 95.870 0.49 95.250
If you did not receive the Notice by mail and you are a member of the Class, please send your name and address to the Notice
Sensata Technologies ST 5.000 6.32 Oct. 1, ’25 96.500 0.35 95.279
Administrator so that, if any future notices are mailed in connection with the Action, you will receive them.
Deutsche Bank DB 4.500 8.14 April 1, ’25 92.100 0.30 91.646
Inquiries, other than requests for the Notice, may be made to Class Counsel: 0.25 62.875
Dish DBS … 5.125 13.86 June 1, ’29 63.000
DEBORAH CLARK-WEINTRAUB JERRY E. MARTIN Occidental Petroleum OXY 7.875 6.85 Sept. 15, ’31 106.750 0.25 n.a.
MAX R. SCHWARTZ SETH HYATT
JEFFREY P. JACOBSON BARRETT JOHNSTON MARTIN …And with the biggest price decreases
SCOTT+SCOTT ATTORNEYS & GARRISON, LLC –2.44 64.000
WeWork WEWORK 7.875 37.50 May 1, ’25 54.250
AT LAW LLP Philips Plaza
The Helmsley Building 414 Union Street, Suite 900 Ford Motor F 4.750 8.33 Jan. 15, ’43 65.250 –1.31 67.531
230 Park Avenue, 17th Floor Nashville, TN 37219 Telecom Italia Capital TITIM 6.000 10.00 Sept. 30, ’34 72.500 –1.00 73.850
New York, NY 10169 Telephone: (615) 244-2202 Bath & Body Works BBWI 6.750 9.23 July 1, ’36 80.938 –0.96 83.063
Telephone: (212) 223-6444 Facsimile: (615) 252-3798 –0.91 92.150
Hughes Satellite Systems SATS 6.625 8.78 Aug. 1, ’26 93.190
Facsimile: (212) 223-6334
Transocean RIG 6.800 13.53 March 15, ’38 56.875 –0.88 56.500
Please Do Not Call the Court with Questions. Occidental Petroleum OXY 6.450 6.64 Sept. 15, ’36 98.250 –0.77 97.255
Bausch Health BHCCN 11.000 16.63 Sept. 30, ’28 79.250 –0.75 79.750
Dated: October 20, 2022 BY ORDER OF THE COURT:
Chancery Court for Davidson County, *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.
Tennessee, Twentieth Judicial District, Part IV Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
 .

THE WALL STREET JOURNAL. Monday, October 24, 2022 | B7

MARKET DATA
Cash Prices Friday, October 21, 2022 This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below) and the provisions herein are subject in their entirety to
the provision of the Offer (as defined below). The Offer is made solely pursuant to the Offer to Purchase dated October 24, 2022 and the related Letter of Transmittal and
These prices reflect buying and selling of a variety of actual or “physical” any amendments or supplements thereto and is being made to all holders of Shares. The Offer is not being made to, nor will tenders be accepted from or on behalf of,
commodities in the marketplace—separate from the futures price on an holders of Shares in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of such jurisdiction. In those
jurisdictions where the applicable laws require that the Offer be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of the
exchange, which reflects what the commodity might be worth in future Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by the Purchaser.
months.
Friday Friday

Energy Grains and Feeds

Notice of Offer to Purchase for Cash
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 176.650
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 17.450
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u,w
n.a.
225
Any and All Outstanding Shares of Common Stock
Corn,No. 2 yellow,Cent IL-bp,u 6.6200
Metals Corn gluten feed,Midwest-u,w 197.8 of
Gold, per troy oz Corn gluten meal,Midwest-u,w 659.3
450
Engelhard industrial
Handy & Harman base
Handy & Harman fabricated
1633.00
1643.25
1824.01
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
205
368
CONTINENTAL RESOURCES, INC.
Oats,No.2 milling,Mnpls-u 4.1625
LBMA Gold Price AM
LBMA Gold Price PM
*1633.20
*1635.30 Rice, Long Grain Milled, No. 2 AR-u,w 34.25 at
Krugerrand,wholesale-e 1727.07 Sorghum,(Milo) No.2 Gulf-u n.a.
SoybeanMeal,Cent IL,rail,ton48%-u,w 476.90
Maple Leaf-e
American Eagle-e
Mexican peso-e
1768.39
1768.39
2132.15
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
13.3900
11.2400
$74.28 PER SHARE
Austria crown-e 1622.98 Wheat,No.2 soft red,St.Louis-u 7.6575
Austria phil-e 1735.34 Wheat - Hard - KC (USDA) $ per bu-u 10.1325 Pursuant to the Offer to Purchase Dated October 24, 2022
Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 8.9500
Engelhard industrial 18.8500 Food by
Handy & Harman base 19.1040
Handy & Harman fabricated 23.8800
LBMA spot price
(U.S.$ equivalent)
*£16.7500
*18.7850
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
231.14
202.20
OMEGA ACQUISITION, INC.,
Coins,wholesale $1,000 face-a 20119 Broilers, National comp wtd. avg.-u,w 1.2145
Other metals
LBMA Platinum Price PM *893.0
Butter,AA Chicago-d
Cheddar cheese,bbl,Chicago-d
3.2000
209.00
an entity wholly-owned by Harold G. Hamm
Platinum,Engelhard industrial 908.0 Cheddar cheese,blk,Chicago-d 205.75
Palladium,Engelhard industrial 2023.0 Milk,Nonfat dry,Chicago lb.-d 142.00 Omega Acquisition, Inc., an Oklahoma corporation (the “Purchaser”), 100% of the capital stock of which is owned by Harold G. Hamm (the “Founder”), a natural person
Aluminum, LME, $ per metric ton *2214.0 Coffee,Brazilian,Comp-y 1.8212 residing in the State of Oklahoma and an affiliate of Continental Resources, Inc., an Oklahoma corporation (the “Company”), is offering to purchase any and all outstanding
Copper,Comex spot 3.5230 Coffee,Colombian, NY-y 2.4850 shares of common stock, par value $0.01 per share (the “Shares”), of the Company, other than: (i) Shares owned by the Founder, certain of the Founder’s family members
Iron Ore, 62% Fe CFR China-s 93.0 Eggs,large white,Chicago-u 2.7950 and their affiliated entities (collectively, the “Founder Family Rollover Shareholders”); and (ii) Shares underlying unvested Company restricted stock awards (such Shares,
Shredded Scrap, US Midwest-s,m n.a. Flour,hard winter KC-p 24.15 together with the Shares referred to in clause (i), the “Rollover Shares” and the holders of such Rollover Shares, the “Rollover Shareholders”), for $74.28 per Share (the “Offer
Steel, HRC USA, FOB Midwest Mill-s 740 Hams,17-20 lbs,Mid-US fob-u 1.08 Price”), in cash, without interest and subject to deduction for any required withholding taxes and upon the terms and subject to the conditions set forth in the Offer to Purchase
Battery/EV metals Hogs,Iowa-So. Minnesota-u 90.57 dated October 24, 2022 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), and in the related Letter of Transmittal (as it may be amended or
BMI Lithium Carbonate, EXW China, =99.2%-v,w 73525 Pork bellies,12-14 lb MidUS-u 2.3987 supplemented from time to time, the “Letter of Transmittal” and which, together with the Offer to Purchase, constitutes the “Offer”). Tendering shareholders whose Shares are
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 72825 Pork loins,13-19 lb MidUS-u 1.1070 registered in their names and who tender directly to the Purchaser will not be charged brokerage fees or similar expenses on the sale of Shares for cash pursuant to the Offer.
BMI Cobalt sulphate, EXW China, >20.5% -v,m 8601 Steers,Tex.-Okla. Choice-u 147.84 Tendering shareholders whose Shares are registered in the name of their broker, bank or other nominee should consult such nominee to determine if any fees may apply. The Offer
BMI Nickel Sulphate, EXW China, >22%-v,m 5464 Steers,feeder,Okla. City-u,w 176.50
is being made pursuant to the Agreement and Plan of Merger, dated as of October 16, 2022 (as amended from time to time, the “Merger Agreement”), between the Company and
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 770
Fats and Oils the Purchaser.
Fibers and Textiles
Degummed corn oil, crude wtd. avg.-u,w 65.6500
Burlap,10-oz,40-inch NY yd-n,w 0.7475 Grease,choice white,Chicago-h 0.7250
THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT ONE MINUTE AFTER 11:59 P.M.,
Cotton,1 1/16 std lw-mdMphs-u 0.8213 Lard,Chicago-u n.a. NEW YORK CITY TIME, ON MONDAY, NOVEMBER 21, 2022, UNLESS THE OFFER IS
Cotlook 'A' Index-t *95.80 Soybean oil,crude;Centl IL-u,w 0.7475
Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.7400 EXTENDED OR EARLIER TERMINATED.
Wool,64s,staple,Terr del-u,w n.a. Tallow,edible,Chicago-u n.a.
Immediately prior to the consummation of the Offer, Founder will contribute 100% of the capital stock of the Purchaser to the Company, as a result of which the Purchaser
will become a wholly-owned subsidiary of the Company. The Merger Agreement provides, among other things, that promptly after the expiration of the Offer (and, in any event,
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & within two business days thereafter) and subject to the terms and conditions of the Merger Agreement, the Purchaser will accept for payment and pay for, or cause to be paid
Brookes; H=American Commodities Brokerage Co;
for, all Shares validly tendered and not withdrawn pursuant to the Offer (the time at which Shares may be first accepted for payment under the Offer, the “Acceptance Time”),
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International and that as soon as practicable after the Acceptance Time and subject to the conditions set forth in the Merger Agreement, the Purchaser will merge with and into the Company
Coffee Organization; Z=not quoted. *Data as of 10/20 (the “Merger”), with the Company continuing as the surviving corporation wholly-owned by the Founder Family Rollover Shareholders. At the effective time of the Merger (the
Source: Dow Jones Market Data “Merger Effective Time”), any Shares not purchased pursuant to the Offer (other than: (i) the Rollover Shares; (ii) Shares owned by the Company as treasury stock or owned by
any wholly-owned subsidiary of the Company, including Shares irrevocably accepted by the Purchaser pursuant to the Offer; and (iii) Shares held by a holder who is entitled to
demand and properly demands appraisal for such Shares in accordance with Section 1091 of the Oklahoma General Corporation Act (the “OGCA”), in each case, immediately
A Week in the Life of the DJIA prior to the Merger Effective Time) will be automatically converted into the right to receive the Offer Price, in cash and without interest, subject to deduction for any required
withholding taxes. The Merger Agreement is more fully described in “The Offer—Section 16—The Merger Agreement” of the Offer to Purchase. As a result of the Merger, the
A look at how the Dow Jones Industrial Average component stocks Company’s Shares will cease to be listed on the New York Stock Exchange (the “NYSE”) and will subsequently be deregistered under the Securities Exchange Act of 1934, as
did in the past week and how much each moved the index. The DJIA amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”).
gained 1,447.73 points, or 4.89%, on the week. A $1 change in the If the Offer is consummated, the Purchaser does not anticipate seeking the approval of the Company’s remaining public shareholders before effecting the Merger. The
price of any DJIA stock = 6.59-point change in the average. To date, a parties to the Merger Agreement have agreed that, subject to the conditions specified in the Merger Agreement, the Merger will become effective as soon as practicable after the
Acceptance Time, without a vote of the Company’s shareholders, in accordance with Section 1081.H of the OGCA.
$1,000 investment on Dec. 31 in each current DJIA stock component
The Board of Directors of the Company (the “Company Board”) has, upon the unanimous recommendation of a special committee comprised solely of independent and
would have returned $26,043, or a loss of 13.19%, on the $30,000 disinterested directors (the “Special Committee”): (i) determined that the MergerAgreement and the transactions contemplated thereby, including the Offer and the Merger, are
investment, including reinvested dividends. fair to and in the best interests of the Company’s shareholders (other than any holder of Rollover Shares or an affiliate thereof or of the Company, such unaffiliated shareholders,
The Week’s Action the “Public Shareholders”); (ii) approved, adopted and declared advisable the MergerAgreement and approved the execution, delivery and performance by the Company of the
Pct Stock price Point chg $1,000 Invested(year-end '21) Merger Agreement and the consummation by the Company of the transactions contemplated thereby, including the Offer and the Merger, in accordance with the requirements
chg (%) change in average* Company Symbol Close $1,000 of the OGCA; (iii) resolved that the Merger Agreement and the Merger shall be governed by Section 1081.H of the OGCA; and (iv) resolved, subject to the terms of the Merger
12.62 17.95 118.30 salesforce.com CRM $160.17 $630 Agreement, to recommend that the Public Shareholders tender their Shares into the Offer, in each case, on the terms and subject to the conditions set forth in the Merger
9.93 11.04 72.76 JPMorgan Chase JPM 122.23 797 Agreement. The Founder and Shelly G. Lambertz recused themselves from the Company Board approval due to their status as Founder Family Rollover Shareholders.
8.37 25.11 165.49 Goldman Sachs GS 325.10 867 Contemporaneously with the execution and delivery of the Merger Agreement, the Company and the Founder Family Rollover Shareholders entered into a Non-Tender
and Support Agreement, dated October 16, 2022 with the Purchaser pursuant to which each Founder Family Rollover Shareholder agreed, among other things, not to tender any
8.21 9.86 64.98 IBM IBM 129.90 1,009 of the Shares beneficially owned by such person in the Offer. The Founder Family Rollover Shareholders own, in the aggregate, approximately 83% of the outstanding Shares.
8.15 13.05 86.01 Chevron CVX 173.19 1,517 Contemporaneously with the execution and delivery of the Merger Agreement, the Founder entered into a Limited Guarantee in favor of the Company, dated October 16, 2022,
8.04 7.59 50.02 Walt Disney DIS 102.04 659 with respect to certain obligations of the Purchaser under the Merger Agreement, including, under certain circumstances, a guarantee of payment for up to $274 million of the Purchaser’s
7.92 12.93 85.22 Travelers TRV 176.23 1,145 obligations to consummate the Offer and the Merger, provided, that the Company may only enforce such guarantee in connection with the consummation of the Offer and the Merger.
6.75 12.03 79.29 Caterpillar CAT 190.22 942 The Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) with the Securities and Exchange Commission (the “SEC”) and
disseminate the Schedule 14D-9 to the Company’s shareholders. The Schedule 14D-9 will include a description of the Company Board’s reasons for authorizing and approving the
6.47 2.60 17.14 Cisco CSCO 42.80 697 Merger Agreement and the transactions contemplated thereby and therefore, the Company’s shareholders are encouraged to review the Schedule 14D-9 carefully and in its entirety.
6.42 8.89 58.59 Apple AAPL 147.27 833 The Offer is subject to conditions, including: (i) the Special Committee Recommendation Condition (as defined in “The Offer—Section 18—Conditions to the Offer” of
6.14 8.17 53.85 Boeing BA 141.32 702 the Offer to Purchase), (ii) the Representations and Warranties Condition (as defined in “The Offer—Section 18—Conditions to the Offer” of the Offer to Purchase); (iii) the
5.93 13.56 89.37 Microsoft MSFT 242.12 725 Covenants Condition (as defined in “The Offer—Section 18—Conditions to the Offer” of the Offer to Purchase); (iv) the Average Crude Oil Price Condition (as defined in “The
Offer—Section 18—Conditions to the Offer” of the Offer to Purchase) and (v) other conditions as set forth in “The Offer—Section 18—Conditions to the Offer.” of the Offer to
4.97 8.65 57.01 Honeywell HON 182.81 890 Purchase. The Offer is not conditioned upon the Purchaser obtaining financing or any minimum tender threshold.
4.88 6.37 41.98 Walmart WMT 136.80 957
Subject to the applicable rules and regulations of the SEC, the Purchaser reserves the right to waive any of the conditions to the Offer (other than the Special Committee
4.68 11.39 75.07 McDonald’s MCD 254.55 965 Recommendation Condition (as defined in The Offer—Section 18—Conditions to the Offer” of the Offer to Purchase), which is non-waivable and may not be amended or
4.24 7.75 51.08 Visa V 190.37 883 modified) and to make any change in the terms of or the conditions to the Offer that is not inconsistent with the Merger Agreement, provided that the Company’s prior written
consent (which consent must be approved by the Special Committee) is required for the Purchaser to: (i) decrease the Offer Price; (ii) change the amount or form of consideration
4.09 1.06 6.99 Intel INTC 26.97 537
to be paid in the Offer; (iii) decrease the number of Shares subject to the Offer; (iv) impose any condition to the Offer other than those set forth in Annex I to the Merger
4.01 20.60 135.77 UnitedHealth Group UNH 533.73 1,073 Agreement; (v) terminate, accelerate, limit, extend or otherwise change (or make any other amendment that would terminate, accelerate, limit, extend or otherwise change) the
3.88 1.75 11.53 Dow DOW 46.87 856 expiration date of the Offer in any manner (except as required under the Merger Agreement); or (vi) otherwise amend, modify or supplement any of the conditions to or terms of
3.79 3.49 23.00 Merck MRK 95.67 1,280 the Offer in a manner that is, or would reasonably be expected to be, adverse to the holders of Shares other than holders of the Rollover Shares.
Upon the terms and subject to the conditions set forth in the Offer, the Purchaser will accept for payment and pay for, or cause to be paid for, all Shares that are validly
3.19 1.06 6.99 Walgreens WBA 34.30 681
tendered and not withdrawn on or prior to one minute after 11:59 p.m., New York City Time, at the end of the day on November 21, 2022 or, in the event the Offer is extended
2.80 3.50 23.07 Procter & Gamble PG 128.58 806 or earlier terminated, the latest time and date at which the Offer, as so extended or earlier terminated, will expire (the “Expiration Time”). No “subsequent offering period” in
2.80 3.18 20.96 3M MMM 116.81 678 accordance with Rule 14d-11 of the Exchange Act will be available.
2.58 4.25 28.01 Johnson & Johnson JNJ 168.71 1,006 Pursuant to the terms of the Merger Agreement, if, at the initial Expiration Time or any subsequent time as of which the Offer is scheduled to expire, any condition to the Offer has
2.36 3.23 21.29 American Express AXP 140.04 867 not been satisfied or waived (to the extent waivable), the Purchaser must extend (and re-extend) the Offer from time to time until all of the conditions to the Offer have been satisfied or
waived (to the extent waivable); provided that each individual extension will not be for a period of more than (except with the prior written consent of the Company, which consent must
1.78 0.98 6.46 Coca-Cola KO 55.96 966 be approved by the Special Committee) ten business days; provided further that the Purchaser will not be required to extend the Offer beyond December 31, 2022 (the “End Date”) unless
1.09 0.95 6.26 Nike NKE 88.50 535 the Purchaser is not then permitted to terminate the Merger Agreement, in which case the Purchaser is required to extend the Offer beyond the End Date. In addition, the Purchaser must
0.24 0.60 3.95 Amgen AMGN 251.94 1,147 extend the Offer for any period required by any rule, regulation, interpretation or position of the SEC or its staff that is applicable to the Offer or required by the rules and regulations
–0.33 –0.90 –5.93 Home Depot HD 275.53 677 of the NYSE or applicable law. Except as otherwise permitted pursuant to the Merger Agreement, the Purchaser may not terminate the Offer, or permit the Offer to expire, prior to any
such extended expiration date without the prior written consent of the Company and the Special Committee.
–2.83 –1.03 –6.79 Verizon VZ 35.35 718
Any extension, termination or amendment of the Offer will be followed by a prompt public announcement thereof.
*Based on Composite price. DJIA is calculated on primary-market price. In order to validly tender Shares in the Offer, you must either: (i) complete and sign the Letter of Transmittal in accordance with the instructions in the Letter of Transmittal,
Source: Dow Jones Market Data; FactSet. have your signature guaranteed (if required by Instruction 1 to the Letter of Transmittal), mail or deliver the Letter of Transmittal (or a manually signed facsimile copy) and any
other required documents to American Stock Transfer & Trust Company, LLC, the depositary for the Offer (the “Depositary”), and either deliver the certificates for your Shares
along with the Letter of Transmittal to the Depositary or tender your Shares pursuant to the procedures for book-entry transfer set forth in “The Offer—Section 3—Procedures
Closed-End Funds for Tendering Shares” of the Offer to Purchase; or (ii) request your broker, dealer, commercial bank, trust company or other nominee to effect the transaction for you. If your
Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you must contact such broker, dealer, commercial bank, trust company
or other nominee to tender your Shares. If you desire to tender your Shares, and certificates evidencing your Shares are not immediately available or you cannot deliver such
Continued From Page B6 Prem12 Mo certificates and all other required documents to the Depositary or you cannot comply with the procedures for book-entry transfer described in “The Offer—Section 3—Procedures
Prem12 Mo Fund (SYM) NAV Close /Disc Yld
for Tendering Shares” of the Offer to Purchase, in each case prior to the Expiration Time, you may tender your Shares by following the procedures for guaranteed delivery set
Fund (SYM) NAV Close /Disc Yld Angel Oak Str Crdt:Inst 20.37 NA NA 15.1 forth in “The Offer—Section 3—Procedures for Tendering Shares” of the Offer to Purchase.
U.S. Mortgage Bond Funds BR Credit Strat;A 8.39 NA NA 6.8
Arca US Treasury NA NA NA 0.0 BR Credit Strat;Inst 8.37 NA NA 7.7 Subject to the terms and conditions set forth in the Merger Agreement and to the satisfaction or waiver (to the extent waivable) of the conditions to the Offer, the Purchaser
Ellington Inc Opp:A 8.39 NA NA 8.7 BR Credit Strat;U 8.39 NA NA 6.8 will accept for payment and pay for, or cause to be paid for, promptly after the Expiration Time (and in any event within two business days), all Shares validly tendered and
Ellington Inc Opp:M 8.27 NA NA 9.6 BR Credit Strat;W 8.39 NA NA 6.8 not validly withdrawn. For purposes of the Offer, the Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered and not validly
Loan Participation Funds BlackRock Mlt-Sctr Oppty 65.89 NA NA 9.7 withdrawn when, as and if the Purchaser gives oral or written notice of the Purchaser’s acceptance to the Depositary. Upon the terms and subject to the conditions of the Offer, the
BlackRock Mlt-Sec Opp II 67.64 NA NA 9.2 Purchaser will pay for Shares accepted for payment pursuant to the Offer by deposit of (or causing to be deposited) the purchase price therefor with the Depositary, which will act
1WS Credit Income;A2 NA NA NA 6.9
CION Ares Dvsfd Crdt;A NA NA NA 5.7 as agent for tendering shareholders for the purpose of receiving payments and transmitting such payments to tendering shareholders. Under no circumstances will the Purchaser
1WS Credit Income;Inst NA NA NA 6.8
CION Ares Dvsfd Crdt;C NA NA NA 5.8 pay interest on the consideration paid for Shares pursuant to the Offer, regardless of any extension of the Offer or any delay in making such payment.
AlphCntrc Prime Merid In 9.03 NA NA 11.7
CION Ares Dvsfd Crdt;I NA NA NA 5.8
Axonic Alternative Inc NA NA NA 12.4 Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Time as explained below. For your withdrawal to be effective, a written or
CION Ares Dvsfd Crdt;L NA NA NA 5.8
Blackstone FR EI D NA NA NA 6.4 facsimile transmission notice of withdrawal with respect to the applicable Shares must be timely received by the Depositary at one of its addresses set forth on the back cover of
CION Ares Dvsfd Crdt;U NA NA NA 5.7
Blackstone FR EI I NA NA NA 6.6 the Offer to Purchase, and the notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and, if
CION Ares Dvsfd Crdt:U2 NA NA NA 5.7
Blackstone FR EI T NA NA NA 6.1
CION Ares Dvsfd Crdt;W NA NA NA 5.8 different from that of the person who tendered such Shares, the name of the registered holder of the Shares. If the Shares to be withdrawn have been delivered to the Depositary
Blackstone FR EI T-I NA NA NA 6.1
CNR Select Strategies 12.36 NA NA 0.0 (except in the case of Shares tendered by an Eligible Institution (as defined in “The Offer—Section 3—Procedures for Tendering Shares” of the Offer to Purchase)), a signed notice
Blackstone FR EI U NA NA NA 6.1
First Eagle Crdt Opps A 23.90 NA NA 7.3 of withdrawal with signatures guaranteed by an Eligible Institution must be submitted before the release of such Shares. In addition, such notice must specify, in the case of Shares
Bluerock HI Inst Crd:A 25.24 NA NA NS
First Eagle Crdt Opps A2 23.89 NA NA NS tendered by delivery of certificates, the serial numbers shown on the specific certificates evidencing the Shares to be withdrawn or, in the case of Shares tendered by book-entry
Bluerock HI Inst Crd:C 25.24 NA NA NS
First Eagle Crdt Opps I 23.86 NA NA 7.9 transfer, the name and number of the account at the Book-Entry Transfer Facility (as defined in “The Offer—Section 2—Acceptance for Payment and Payment for Shares” of the
Bluerock HI Inst Crd:F 25.24 NA NA NS
First Trust Private Cr;I 9.81 NA NA NS Offer to Purchase) to be credited with the withdrawn Shares. Withdrawals may not be rescinded, and Shares withdrawn will thereafter be deemed not validly tendered. However,
Bluerock HI Inst Crd:I 25.24 NA NA NS
FS Credit Income;A NA NA NA 6.4
BNYM Alcntr Glb MS Cr Fd 80.98 NA NA 9.6 withdrawn Shares may be retendered at any time before the Expiration Time by again following any of the procedures described in the Offer to Purchase.
FS Credit Income;I NA NA NA 6.6
CliffwaterClFd;I 10.49 NA NA 6.3 Subject to applicable law as applied by a court of competent jurisdiction, the Purchaser will determine, in its sole discretion, all questions as to the form of documents and
FS Credit Income;T NA NA NA 6.1
CliffwaterElFd;A 10.60 NA NA 7.4 FS Credit Income;U NA NA NA 5.8 the validity, eligibility (including time of receipt) and acceptance for payment of any tender of Shares, and its determination will be final and binding.
CNR Strategic Credit 7.91 NA NA 21.0
FS Credit Income;U-2 NA NA NA 6.4 In general, your exchange of shares for cash pursuant to the Offer will be a taxable transaction for U.S. federal income tax purposes and may also be a taxable transaction
Eagle Point Instl Income NA NA NA NS
GL Beyond Income 0.44 NA NA NE under applicable state, local or non-U.S. income or other tax laws. You should consult your tax advisor about the specific tax consequences to you of exchanging your shares for
Equalize Community Dev 9.26 NA NA 2.8
KKR CREDIT OPPTY;D NA NA NA 11.0
FedProj&TrFinanceTendr 9.86 NA NA 3.0 cash pursuant to the Offer in light of your particular circumstances. See “The Offer—Section 5—Certain U.S. Federal Income Tax Consequences” of the Offer to Purchase for a
KKR CREDIT OPPTY;I NA NA NA 9.2
Flat Rock Core Income NA NA NA 7.0 KKR CREDIT OPPTY;T NA NA NA 8.4
more detailed discussion of the tax consequences of the Offer.
InvDYCrOpp:A 11.22 NA NA NS KKR CREDIT OPPTY;U NA NA NA 8.4 The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 promulgated under the Exchange Act is contained in the Offer to Purchase and is incorporated
InvDYCrOpp:R6 11.22 NA NA NS Palmer Square Opp Inc 16.01 NA NA 7.1 herein by reference.
InvDYCrOpp:Y 11.22 NA NA NS The Finite Solar Finance NA NA NA NS
Invesco Sr Loan A 5.89 NA NA 6.3 The Company has provided to the Purchaser its list of shareholders and security position listings for the purpose of disseminating the Offer to holders of Shares. The Offer
Thrivent Church Ln&Inc:S 8.70 NA NA 3.2 to Purchase, the related Letter of Transmittal and other related materials will be mailed to record holders of Shares and will be furnished to brokers, dealers, commercial banks,
Invesco Sr Loan C 5.91 NA NA 5.5 World Income Funds
Invesco Sr Loan IB 5.89 NA NA 6.6 BlueBay Destra Itl E:A 23.16 NA NA 15.2
trust companies and other nominees whose names appear on the Company’s shareholder list or, if applicable, who are listed as participants in a clearing agency’s security position
Invesco Sr Loan IC 5.89 NA NA 6.4 BlueBay Destra Itl E:I 23.17 NA NA 15.4
listing for subsequent transmittal to beneficial owners of Shares.
Invesco Sr Loan Y 5.89 NA NA 6.6 BlueBay Destra Itl E:L 23.13 NA NA 14.9 The Offer to Purchase and the related Letter of Transmittal and the Company’s Schedule 14D-9 contain important information, and should be read carefully and
OFS Credit Company OCCI NA 8.05 NA NA BlueBay Destra Itl E:T 23.06 NA NA 14.7 in their entirety before any decision is made with respect to the Offer.
Yieldstreet Prism NA NA NA 8.1 Carlyle Tact Pvt Cred:A NA NA NA 7.3
High Yield Bond Funds Questions and requests for assistance and copies of the Offer to Purchase, the Letter of Transmittal and all other tender offer materials may be directed to the Information
Carlyle Tact Pvt Cred:I NA NA NA 7.8 Agent, at its address and telephone number set forth below and will be furnished promptly at the Purchaser’s expense. None of the Founder or the Purchaser will pay any fees or
Apollo Diversified Cd:A NA NA NA 6.9 Carlyle Tact Pvt Cred:L NA NA NA 7.3
Apollo Diversified Cd:C NA NA NA 6.9 Carlyle Tact Pvt Cred:M NA NA NA 7.0
commissions to any broker or dealer or any other person (other than to the Information Agent and the Depositary, as described in the Offer to Purchase) in connection with the
Apollo Diversified Cd:F NA NA NA 7.1 Carlyle Tact Pvt Cred:N NA NA NA 7.9 solicitation of tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies and other nominees will, upon request, be reimbursed by the Purchaser
Apollo Diversified Cd:I NA NA NA 6.9 Carlyle Tact Pvt Cred:U NA NA NA NS for reasonable and necessary costs and expenses incurred by them in forwarding materials to their customers.
Apollo Diversified Cd:L NA NA NA 6.9 Carlyle Tact Pvt Cred:Y NA NA NA 7.6 This transaction has not been approved or disapproved by the SEC or any state securities commission, nor has the SEC or any state securities commission passed upon the
Apollo Diversified Cd:M NA NA NA NS Lord Abbett Cred Opps Fd 8.88 NA NA 7.6 fairness or merits of this transaction or upon the accuracy or adequacy of the information contained in the Offer to Purchase or the Letter of Transmittal. Any representation to
Opprtnstc Crdt Intrvl;I 10.01 NA NA NS Lord Abbett Cred Opps Fd 8.88 NA NA 8.4
PIMCO Flexible Cr I;A-1 7.50 NA NA 9.6 the contrary is unlawful and a criminal offense.
Lord Abbett Crd Op:U 8.88 NA NA 7.6
PIMCO Flexible Cr I;A-2 7.50 NA NA 9.6 Oaktree Dvsfd Income;D 8.57 NA NA NS The Information Agent for the Offer is:
PIMCO Flexible Cr I;A-3 7.50 NA NA 9.3 PIMCO Flexible EM I;Inst NA NA NA NS
PIMCO Flexible Cr I;A-4 7.50 NA NA 9.3
PIMCO Flexible Cr I;Inst 7.50 NA NA 10.2
National Muni Bond Funds
Ecofin Tax-Adv Soc Impct 9.28 NA NA 4.9
D.F. King & Co., Inc.
WA Middle Mkt Inc NA NA NA 5.9 Lind Cap Pt Mun Cred Inc 8.40 NA NA NS
48 Wall Street, 22nd Floor
Other Domestic Taxable Bond Funds Nuveen En HY Muni Bd:A1 6.87 NA NA 4.7 New York, New York 10005
AFA MMC;Inst 9.58 NA NA 5.9 Nuveen En HY Muni Bd:A2 6.88 NA NA NS Shareholders (toll-free): (800) 283-9185
AFA MMC;Inv 9.56 NA NA 5.9 Nuveen En HY Muni Bd:I 6.87 NA NA 5.7 Banks and Brokers: (212) 269-5550
Alternative Credit Inc:A 10.12 NA NA 6.9 PIMCO Flex Mun Inc;A-3 9.26 NA NA 2.6
Alternative Credit Inc:C 10.23 NA NA 6.1 PIMCO Flex Mun Inc:A1 9.26 NA NA 2.9 Email: [email protected]
Alternative Credit Inc:I 10.14 NA NA 7.2 PIMCO Flex Mun Inc;A2 9.26 NA NA 2.9
Alternative Credit Inc:L 10.12 NA NA 6.6 PIMCO Flex Mun Inc;Inst 9.26 NA NA 3.4 October 24, 2022
Alternative Credit Inc:W 10.11 NA NA 6.9 Single State Muni Bond
Angel Oak Str Crdt:FI 20.37 NA NA NS PIMCO CA FMI;Inst 9.50 NA NA NS
 .

B8 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
31082.56 s 1447.73, or 4.89% last week Trailing P/E ratio 19.32 23.49 3752.75 s 169.68, or 4.74% last week Trailing P/E ratio * 18.27 30.45 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 16.77 18.93 High, low, open and close for each of P/E estimate * 16.57 22.17
the past 52 weeks Dividend yield 2.31 1.81 the past 52 weeks Dividend yield * 1.79 1.32 IPOs in the U.S. Market
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.15172752595384 Rule 144a market; deal amounts are for the U.S. market only
37000 4750 Symbol/ Pricing
65-day moving average Expected primary Shares Range($)
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
65-day moving average
35500 4525 10/25 9/30 Mobileye Global Inc MBLY 41.0 18.00/ GS, MS, Evercore Inc,
200-day moving average 200-day moving average Autonomous driving Nq 20.00 Barclays, Citi,
software and hardware BofA Securities,
solutions provider. RBC Cptl Mkts,
Mizuho, WR Sec.
34000 4300 llc, Nomura, BNP
Paribas

32500 4075
Lockup Expirations
Week's high Below, companies whose officers and other insiders will become eligible
DOWN UP
to sell shares in their newly public companies for the first time. Such
31000 3850 sales can move the stock’s price.
t

Monday's open Friday's close

Friday's close Monday's open Lockup Offer Offer amt Through Lockup
t

expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision
29500 3625
Week's low Oct. 23 April 26, ’22 Ostin Technology Group Co Ltd OST 4.00 13.5 -76.0 180 days
Bars measure the point change from Monday's open April 26, ’22 Tenon Medical Inc TNON 5.00 20.0 -66.4 180 days
28000 3400 Oct. 25 April 28, ’22 Belite Bio Inc BLTE 6.00 36.0 407.8 180 days
O N D J F M A M J J A S O O N D J F M A M J J A S O April 28, ’22 Hillevax Inc HLVX 17.00 175.0 -0.2 180 days
Primary Sources: Dealogic; Dow Jones Market Data
NYSE weekly volume, in billions of shares market Composite
t
t

Scan this code IPO Scorecard

36
24 Get real-time U.S. stock quotes and track Performance of IPOs, most-recent listed first
12 most-active stocks, new highs/lows, mutual % Chg From % Chg From
funds and ETFs.. Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
0 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
O N D J F M A M J J A S O Available free at WSJMarkets.com Prime Medicine 15.76 –7.3 2.5 Corebridge Financial 21.64 3.0 4.4
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index PRME Oct. 20/$17.00 CRBG Sept. 15/$21.00
Hudson Acquisition I 10.07 0.7 0.6 Third Harmonic Bio 17.31 1.8 –12.0
Major U.S. Stock-Market Indexes Nasdaq Composite HUDAU Oct. 14/$10.00 THRD Sept. 15/$17.00

s 538.33, or 5.22% TenX Keance Acquisition 10.12 1.2 0.9 Wearable Devices 0.89 –79.1 –68.8
Latest Week 52-Week % chg
High
TENKU Oct. 14/$10.00 WLDS Sept. 13/$4.25
Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. last week
Dow Jones Spring Valley Acquisition II 10.14 1.4 0.4 EF Hutton Acquisition I 10.06 0.6 1.1
SVIIU Oct. 13/$10.00 EFHTU Sept. 9/$10.00
Industrial Average 31119.27 29997.62 31082.56 1447.73 4.89 28725.51 • 36799.65 -12.9 -14.5 5.0
Aquaron Acquisition 10.13 1.3 1.1 Yoshiharu Global 1.12 –72.0 –73.1
Transportation Avg 13145.83 12393.89 12692.75 189.37 1.51 11999.40 • 17039.38 -19.5 -23.0 6.0
10950 AQUNU Oct. 4/$10.00 YOSH Sept. 9/$4.00
Utility Average 885.10 845.52 864.47 17.36 2.05 838.99 • 1071.75 -6.2 -11.9 -0.1 dMY Squared Technology 10.08 0.7 0.7 bioAffinity Tech 2.61 –57.4 –68.6
Total Stock Market 37924.37 36628.52 37707.45 1651.24 4.58 36056.21 • 48929.18 -20.0 -22.5 7.0 DMYY.U Sept. 30/$10.00 BIAF Sept. 1/$6.13
Barron's 400 893.06 867.71 890.93 28.74 3.33 825.73 • 1127.2 -16.5 -19.5 9.1 10700 Laser Photonics
LASE Sept. 30/$5.00
3.44 –31.2 33.3 Shuttle Pharmaceuticals Hldgs
SHPH Aug. 31/$8.13
2.64 –67.5 –93.1

Nasdaq Stock Market Qomolangma Acquisition 10.01 0.1 0.2 Hempacco 2.06 –65.7 –73.5
10450
Nasdaq Composite 10972.97 10542.43 10859.72 538.33 5.22 10321.39 • 16057.44 -28.0 -30.6 10.0 QOMOU Sept. 30/$10.00 HPCO Aug. 29/$6.00
Nasdaq-100 11374.38 10959.75 11310.33 618.27 5.78 10692.06 • 16573.34 -26.3 -30.7 12.5 Global Star Acquisition 10.05
GLSTU Sept. 20/$10.00
0.5 0.8 Jeffs' Brands
JFBR Aug. 26/$4.16
1.20 –71.2 –55.2
10200
S&P Nexalin Technology 1.35 –67.5 –40.0 Onfolio Hldgs 1.24 –75.2 –48.3
14 17 18 19 20 21
500 Index 3762.79 3647.42 3752.75 169.68 4.74 3577.03 • 4796.56 -17.4 -21.3 7.7 October NXL Sept. 16/$4.15 ONFO Aug. 26/$5.00
MidCap 400 2369.51 2245.21 2312.21 67.00 2.98 2200.75 • 2910.7 -17.3 -18.6 5.9 DJ US TSM Sources: Dow Jones Market Data; FactSet
SmallCap 600 1150.35 1097.53 1127.54 36.49 3.34 1064.45 • 1466.02 -18.4 -19.6 5.6
s 1651.24, or 4.58% Public and Private Borrowing
Other Indexes last week
Russell 2000 1782.07 1699.98 1742.24 59.84 3.56 1649.84 • 2442.74 -24.0 -22.4 4.0 Treasurys
NYSE Composite 14207.84 13607.31 14144.05 536.74 3.94 13472.18 • 17353.76 -17.4 -17.6 2.6 Monday, October 24 Tuesday, October 25
Value Line 523.11 495.91 514.90 18.99 3.83 491.56 • 696.4 -23.9 -23.4 -0.4 37600 Auction of 13 and 26 week bills; Auction of 2 year note;
NYSE Arca Biotech 4845.60 4556.18 4682.02 67.01 1.45 4208.43 • 5815.27 -16.6 -15.2 2.5 announced on October 20; settles on October 27announced on October 20; settles on October 31
NYSE Arca Pharma 775.02 750.37 771.49 14.28 1.89 737.84 • 887.27 1.2 -6.7 9.5
37000 Wednesday, October 26 Thursday, October 27
KBW Bank 103.90 95.35 98.84 0.65 0.66 94.66 • 147.56 -30.7 -25.2 -1.3
Auction of 17 week bill; Auction of 4 week bill;
PHLX§ Gold/Silver 103.90 96.67 103.69 7.27 7.54 91.40 • 167.76 -22.8 -21.7 5.3
announced on October 25; settles on November 1announced on October 25; settles on November 1
PHLX§ Oil Service 76.63 67.90 76.28 9.562 14.33 49.14 • 88.37 18.4 44.7 5.5 36400
PHLX§ Semiconductor 2339.90 2183.17 2336.69 174.37 8.06 2162.32 • 4039.51 -30.7 -40.8 13.0
Auction of 2 year FRN; Auction of 8 week bill;
Cboe Volatility 32.59 29.24 29.69 -2.33 -7.28 15.10 • 36.45 92.4 72.4 28.5 35800 announced on October 20; settles on October 31announced on October 25; settles on November 1

Nasdaq PHLX 14 17 18 19 20 21 Auction of 5 year note; Auction of 7 year note;
Sources: FactSet; Dow Jones Market Data October
announced on October 20; settles on October 31announced on October 20; settles on October 31

International Stock Indexes Commodities and Currencies

Latest Week 52-Week Range YTD
Currencies
Region/Country Index Close % chg Low Close High % chg U.S.-dollar foreign-exchange rates in late New York trading
Last Week YTD US$vs, US$vs,
World MSCI ACWI 569.93 3.23 550.37 • 758.86 –24.5 Close Net chg %Chg % chg
Fri YTDchg Fri YTDchg
MSCI ACWI ex-USA 248.34 0.72 244.35 • 352.75 –27.9 DJ Commodity 1020.33 -5.93 -0.58 7.83 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
MSCI World 2462.42 3.61 2367.69 • 3248.12 –23.8 Refinitiv/CC CRB Index 272.36 -4.33 -1.57 17.21 Americas Vietnam dong .00004025 24845 8.7
MSCI Emerging Markets 865.04 0.20 854.53 • 1297.26 –29.8 Crude oil, $ per barrel 85.05 0.40 0.47 13.08 Argentina peso .0065153.8052 49.8 Europe
.1937 5.1638 –7.3 .04028 24.826 13.5
Americas MSCI AC Americas 1428.59 4.78 1363.36 • 1836.68 –21.8 Natural gas, $/MMBtu 4.959 -1.494 -23.15 32.95
Brazil real
Canada dollar .7328 1.3646 8.0
Czech Rep. koruna
Denmark krone .1326 7.5419 15.3
Canada S&P/TSX Comp 18860.95 2.92 18206.28 • 22087.22 –11.1 Gold, $ per troy oz. 1651.00 9.30 0.57 -9.66 Chile peso .001028 972.75 14.2 Euro area euro 0.9864 1.0138 15.3
Latin Amer. MSCI EM Latin America 2284.11 7.64 1912.59 • 2761.97 7.2
U.S. Dollar Index 111.89 -1.42 -1.26 16.59 Colombiapeso .000203 4918.10 21.0 Hungary forint .002412 414.58 27.7
Brazil BOVESPA 119928.79 7.01 96120.85 • 121570.15 14.4
WSJ Dollar Index 103.86 -1.23 -1.17 15.98
Ecuador US dollar 1 1 unch Iceland krona .006940 144.10 11.0
Chile S&P IPSA 3148.33 3.52 2667.44 • 3546.47 12.2
Euro, per dollar 1.0138 -0.015 -1.44 15.30
Mexico peso .0502 19.9196 –2.8 Norway krone .0954 10.4834 19.0
Mexico S&P/BMV IPC 47120.08 3.69 44626.80 • 56609.54 –11.5
Yen, per dollar 147.68 -1.07 -0.72 28.30
Uruguay peso .02426 41.2200 –7.8 Poland zloty
Russia ruble
.2065 4.8430 20.2
.01622 61.650 –17.6
Asia-Pacific
EMEA STOXX Europe 600 396.29 1.27 382.89 • 494.35 –18.8
U.K. pound, in dollars 1.13 0.012 1.08 -16.44 Australian dollar .6380 1.5674 13.9
Sweden krona .0894 11.1885 23.6
STOXX Europe 50 3414.27 1.40 3310.09 • 3866.60 –10.6
52-Week China yuan .1380 7.2438 14.0
Switzerland franc 1.0021 .9979 9.4
Eurozone Euro STOXX 378.77 2.44 359.45 • 487.72 –20.9 Low Close(l) High % Chg Hong Kong dollar .1274 7.8496 0.7
Turkey lira .0538 18.5963 39.6
Euro STOXX 50 3476.63 2.81 3279.04 • 4401.49 –19.1
DJ Commodity 893.10 1264.48 6.25
India rupee .01212 82.541 10.8
Ukraine hryvnia
UK pound
.0271 36.8500 34.7
1.1304 .8846 19.7
Austria ATX 2775.09 0.92 2647.43 • 4057.59 –28.1 l
Indonesia rupiah .0000640 15633 9.7
Middle East/Africa
329.59 14.59
Belgium Bel-20 3448.63 1.82 3313.82 • 4402.32 –20.0 Refinitiv/CC CRB Index 218.39 l Japan yen .006771 147.68
Kazakhstan tenge .002113 473.26
28.3
8.8 Bahrain dinar 2.6529 .3770 unch
France CAC 40 6035.39 1.74 5676.87 • 7376.37 –15.6 Crude oil, $ per barrel 65.57 l 123.70 1.54
Macau pataca .1236 8.0890 0.7 Egypt pound .0510 19.6163 24.9
Germany DAX 12730.90 2.36 11975.55 • 16271.75 –19.9 Natural gas, $/MMBtu 3.561 l 9.680 -6.08 Malaysia ringgit .2111 4.7380 13.7 Israel shekel .2820 3.5458 14.0
Greece Athex Composite 854.99 2.72 779.20 • 971.09 –4.3 Gold, $ per troy oz. 1623.30 l 2040.10 -8.05 New Zealand dollar .5759 1.7364 18.8 Kuwait dinar 3.2234 .3102 2.5
Israel Tel Aviv 1887.95 0.82 1775.89 • 2071.10 –4.6 Pakistan rupee .00452 221.150 25.5 Oman sul rial 2.5974 .3850 unch
114.10 19.48
Italy FTSE MIB 21567.55 3.04 20353 • 28163 –21.1 U.S. Dollar Index 93.35 l Philippines peso .0170 58.860
.7066 1.4152
15.4
4.9
Qatar rial .2747 3.641 –0.04
.2661 3.7587 0.1
Netherlands AEX 652.46 3.47 630.58 • 827.57 –18.2 WSJ Dollar Index 87.84 l 105.14 17.96 Singapore dollar
South Korea won .0006997 1429.12 20.2
Saudi Arabia riyal
South Africa rand .0553 18.0879 13.5
Portugal PSI 20 5491.94 2.85 5190.28 • 6349.21 –1.4 Euro, per dollar 0.8559 l 1.0422 18.08
Sri Lanka rupee .0027248 367.00 80.9
Russia RTS Index 1050.57 6.05 742.91 • 1919.58 –34.2 Yen, per dollar 112.78 l 150.15 30.11 Taiwan dollar .03116 32.092 15.8 Close Net Chg % Chg YTD%Chg
South Africa FTSE/JSE All-Share 65539.24 1.97 63263.94 • 77536.12 –11.1 U.K. pound, in dollars 1.07 l 1.38 -17.84 Thailand baht .02632 38.000 14.4 WSJ Dollar Index 103.86 –0.92–0.87 15.98
Spain IBEX 35 7545.60 2.21 7261.1 • 9182.6 –13.4 Sources: Tullett Prebon, Dow Jones Market Data
Sweden OMX Stockholm 719.06 0.87 690.07 • 1045.27 –30.7 Go to WSJMarkets.com for free
Switzerland Swiss Market 10418.60 0.86 10072.62 • 12970.53 –19.1 access to real-time market data. Borrowing Benchmarks
U.K. FTSE 100 6969.73 1.62 6826.15 • 7672.40 –5.6
wsj.com/market-data/bonds/benchmarks
Asia-Pacific MSCI AC Asia Pacific 135.81 –1.48 135.8 • 201.1 –29.7
Australia S&P/ASX 200 6676.80 –1.21 6433.4 • 7592.8 –10.3 Money Rates October 21, 2022
China Shanghai Composite 3038.93 –1.08 2886.43 • 3681.08 –16.5
Hong Kong Hang Seng 16211.12 –2.27 16211.12 • 26132.03 –30.7 Key annual interest rates paid to borrow or lend money in U.S. and
India S&P BSE Sensex 59307.15 2.39 51360.42 • 61350.26 1.8 international markets. Rates below are a guide to general levels but
Japan NIKKEI 225 26890.58 –0.74 24717.53 • 29808.12 –6.6 don’t always represent actual transactions.
Malaysia FTSE Bursa Malaysia KLCI 1446.42 4.63 1373.36 • 1618.54 –7.7 Inflation Week
Latest ago
—52-WEEK—
High Low
Singapore Straits Times 2969.95 –2.29 2969.95 • 3445.01 –4.9 Sept. index Chg From (%)
South Korea KOSPI 2213.12 0.03 2155.49 • 3049.08 –25.7 level Aug. '22 Sept. '21 Federal funds
Taiwan TAIEX 12819.20 –2.35 12810.73 • 18526.35 –29.6
U.S. consumer price index
Effective rate
High
n.a.
n.a.
3.0800
3.2500
n.a.
n.a.
n.a.
n.a.
Source: FactSet; Dow Jones Market Data All items 296.808 0.22 8.2 Low n.a. 3.0500 n.a. n.a.
Core 298.442 0.43 6.6 Bid n.a. 3.0700 n.a. n.a.
Consumer Rates and Returns to Investor Benchmark Yields and Rates International rates
Offer n.a. 3.1200 n.a. n.a.

U.S. consumer rates Selected rates Treasury yield curve Forex Race Week 52-Week
Treasury bill auction
4 weeks 3.430 3.250 3.430 0.020
A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Latest ago High Low
13 weeks 3.820 3.510 3.820 0.045
benchmark over the past year notes and bonds major U.S. trading partners Prime rates 26 weeks 4.245 4.030 4.245 0.060
Bankrate.com avg†: 2.25%
U.S. 6.25 6.25 6.25 3.25 Secondary market
TAB Bank 2.84% 5.00% Canada 5.45 5.45 5.45 2.45
Federal-funds 3.00% 28%
Ogden, UT 800-355-3063 t Japan 1.475 1.475 1.475 1.475 Fannie Mae
target rate
t

4.00 WSJ Dollar Index

Presidential Bank, FSB 2.85% Tradeweb ICE 14
s
Policy Rates 30-year mortgage yields
2.00
Bethesda, MD 800-799-1424 Friday Close 3.00 Euro zone 1.25 1.25 1.25 0.00 30 days 6.812 6.410 6.812 2.452
Five-year
1.00 1.00 1.00 0.00 60 days 6.988 6.539 6.988 2.477
CD yields 1.00 Colorado Federal Savings Bank 3.70% 0 Switzerland
2.00 Euro Britain 2.25 2.25 2.25 0.10
t Greenwood Village, CO 877-484-2372 s Other short-term rates
One year ago Australia 2.60 2.60 2.60 0.10
t

0.00 CFG Community Bank 4.00% 1.00 –14

s Overnight repurchase Week 52-Week
Baltimore, MD 888-205-8388 Yen Latest ago high low
–1.00 0.00 –28 U.S. 3.00 3.04 3.09 0.01
N D J F MAM J J A S O First Internet Bank of Indiana 4.02% 1 3 6 1 2 3 5 7 10 20 30 2021 2022 Call money
2021 2022 Indianapolis, IN 888-873-3424 month(s) years U.S. government rates
5.00 5.00 5.00 2.00
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Discount
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data
Commercial paper (AA financial)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) 3.25 3.25 3.25 0.25
90 days 4.11 3.79 4.11 0.10
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.25 Corporate Borrowing Rates and Yields Notes on data: Libor
Prime rate* 6.25 6.25 3.25 l 6.25 1.25 Spread +/- Treasurys, U.S. prime rate is the base rate on corporate
Yield (%) in basis pts, 52-wk Range Total Return loans posted by at least 70% of the 10 largest One month 3.58557 3.44300 3.58557 0.08088
Libor, 3-month 4.36 4.19 0.12 l 4.36 2.42 U.S. banks, and is effective September 22, 2022. Three month 4.35843 4.19371 4.35843 0.12488
Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.25 0.24 0.07 l 0.25 -0.47 Other prime rates aren’t directly comparable; Six month 4.87500 4.68529 4.87500 0.17200
U.S. Treasury, Bloomberg 4.470 4.370 -14.18 -3.65 lending practices vary widely by location; One year 5.47557 5.28314 5.47557 0.31688
Five-year CD, annual yield 2.25 2.14 0.41 l 2.25 0.72 Discount rate is effective September 22, 2022.
30-year mortgage, fixed† 7.38 7.21 3.09 l 7.38 3.46 U.S. Treasury Long, Bloomberg 4.530 4.210 -31.76 -10.22 Secured Overnight Financing Rate is as of Secured Overnight Financing Rate
Aggregate, Bloomberg 5.170 5.030 n.a. 32 69 -16.11 -3.96 October 20, 2022. DTCC GCF Repo Index is
15-year mortgage, fixed† 6.51 6.42 2.42 l 6.51 3.17 Depository Trust & Clearing Corp.'s weighted 3.03 3.04 3.05 0.03
Jumbo mortgages, $647,200-plus† 7.43 7.25 3.09 l 7.43 3.06 Fixed-Rate MBS, Bloomberg 5.380 5.160 n.a. 18 88 -16.04 -4.59 average for overnight trades in applicable
CUSIPs. Value traded is in billions of U.S. dollars. Value 52-Week
Five-year adj mortgage (ARM)† 5.43 5.38 2.82 l 5.45 0.95 High Yield 100, ICE BofA 8.616 8.662 414 249 552 -12.671 -1.178 Federal-funds rates are Tullett Prebon rates as Latest Traded High Low
New-car loan, 48-month 6.02 5.99 3.41 l 6.02 1.52 Muni Master, ICE BofA 3.822 3.647 -7 -17 10 -10.291 -1.625 of 5:30 p.m. ET.
DTCC GCF Repo Index
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 9.159 8.926 478 316 496 -23.871 -6.922 Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet; Treasury 3.024 29.650 3.065 0.023
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Tullett Prebon Information, Ltd. MBS 3.074 21.850 3.175 0.032
 .

THE WALL STREET JOURNAL. NY Monday, October 24, 2022 | B9

MARKETS

CFOs Exit as Firms Face Uncertainties September's percentage of

The exodus comes as pany agreed to terminate her companies asked their CFOs to three-quarter period in the
employment after nearly five CFO turnover through the stay on and help manage the previous three years, the exec-
high inflation and years in the role, according to first three quarters impact of the health crisis, re- utive search firm said.
pandemic fallout weigh a filing with regulators. Termi-
20%
cruiters said. Some CFOs came out of the
nating an executive allows Meanwhile, CFOs in the pandemic looking for their
on corporate outlooks companies to pay the person a early part of the year were next act, whether that is to join
severance package, unlike more cautious about change a board, become a chief execu-
15
BY JENNIFER WILLIAMS-ALVAREZ when an executive resigns or is because of the uncertainties, tive officer, work as a private-
fired for cause, said Steve said Spencer Stuart’s Mr. von equity operating partner or be-
A number of finance chiefs Flores, a partner at law firm 10
Ranson. “That created some come an angel investor, said
at some of the country’s big- Winston & Strawn LLP. pent-up demand for change Jenna Fisher, co-head of Rus-
gest companies have left their Ms. LaClair will remain as a that we’re seeing flow sell Reynolds’s global financial
jobs in recent weeks, an exodus senior operating adviser with 5 through,” he said. officers practice.
that comes amid the pressures the company until early March Aside from departing for an- That trend is continuing,
that high inflation and the and continue to receive her other role, CFOs are increas- with the slowing economy
Covid-19 pandemic have had on $750,000 base salary until 0 ingly retiring. This year forcing finance chiefs into

NORDSTROM
corporate balance sheets and then. She remains eligible for through the third quarter, re- thinking about their next steps,
the economic outlook. her 2022 discretionary cash 2019 ’20 ’21 ’22 tirements—meaning executives she said.
Fall is often a period of and equity-based incentive- Note: Data is for S&P 500 companies. either leaving the workforce al- “Once CFOs had gotten
heightened CFO turnover, be- compensation awards. Chief Source: Russell Reynolds Associates Nordstrom’s Anne Bramman. together or moving exclusively through the first significant
cause this is when companies Executive Jeffrey Brown said to board roles—accounted for tranche of the pandemic, there
tend to launch searches to on a recent call with analysts nance leader for the company’s 16% during the same period in 52% of CFO departures at com- were a lot of people who just
bring in new finance executives that Ms. LaClair was looking transformation. Mr. Worrell 2021 and 12% in 2020, accord- panies in the S&P 500, accord- said, ‘You know what, I’ve hit
for the early part of the next forward to pursuing her next didn’t immediately respond to ing to Russell Reynolds. The ing to Russell Reynolds. This my number, this job isn’t fun
year, recruiters said. This time chapter. a request for comment. slight downturn comes after a compares with 45% during the anymore,’ ” Ms. Fisher said.
around, however, recruiters are Ally Financial declined to Overall, CFO turnover in the recruitment boom last year same period last year and 47% “And that has continued.”
seeing more churn than usual comment on what her plans first three quarters of the year that followed the early days of in 2020 and is the highest re- —Kristin Broughton
among finance executives, are. Ms. LaClair didn’t immedi- stands at 14%, compared with the pandemic during which tirement rate during the same contributed to this article.
which they expect to continue ately respond to a request for
throughout the end of the year. comment.
September, for instance, “We’ve seen where there’s
logged the highest number of been pressure to perform,”
monthly departures at compa- said Alyse Bodine, a partner at
nies in the S&P 500 since the recruiting firm Heidrick &
beginning of the year, account- Struggles International Inc.
ing for roughly 20% of the 71 “And if the right leadership
CFO exits through the third team is not in place to guide
quarter, according to Russell the company, then certainly
Reynolds Associates, an execu- we’re seeing a turnover in key
tive search firm. This compares leadership roles and new lead-
with 8% in September 2021 and ership coming in to guide the
11% in the same month in 2020, company.”
Russell Reynolds said. Nordstrom, meanwhile, last
As the third-quarter earn- Monday said finance chief
ings season ramps up, econo- Anne Bramman will leave in
mists and executives see a high December after more than five
probability of recession in the years in the role. The Seattle-
coming months. That is push-
ing some executives to make a
move now before the labor
based retailer in recent quar-
ters has been battling pres-
sures such as weakening WHERE VOLATILITY

RISK MEETS
market changes, recruiters consumer spending among
said. It also is leading some shoppers at its Nordstrom
companies to prepare for a po- Rack discount chain and high
tential downturn by looking for inventory levels. In August,

OPPORTUNITY
CFOs with experience in cut- Nordstrom lowered its annual
ting costs or restructuring op- outlook, saying it expected ad-
erations, they added. justed earnings per share of
Joel von Ranson, who leads between $2.30 to $2.60 for the
the global functional practices year, down from a range of
at recruitment firm Spencer $3.20 to $3.50.
Stuart, which includes the fi- Ms. Bramman decided to
nancial officers group, said leave to pursue the next phase
companies are increasingly of her career, Nordstrom said. Whatever the conditions, CME Group provides
searching for CFOs with expe- The company, which has yet to
rience in cost management and report third-quarter results, re-
the tools that global market participants need UNCERTAINTY
balance-sheet refinancing as affirmed its financial outlook to manage risk and capture opportunities. With
they struggle for visibility on with the CFO change an-
the direction of the economy.
He expects these skills, which
nouncement. Ms. Bramman de-
clined to comment.
24-hour access to trading in futures, options,
took on greater importance in Last Wednesday, Baker cash and OTC across all major asset classes,
the third quarter, to remain Hughes said CFO Brian Worrell
priorities for businesses as is set to step down as the you can determine your best position and
they hire new finance leaders. Houston-based company looks
Retailer Nordstrom Inc., oil- to cut $150 million in costs and take action at just the right moment.
field-services company Baker raise profits through a reorga-
Hughes Co. and digital finan- nization announced last month.
cial-services company Ally Fi- Mr. Worrell will move into a VISIT CMEGROUP.COM/OPPORTUNITY
nancial Inc. were among the strategic advisory role on Nov.
companies that in the span of a 2 and leave Baker Hughes in
week recently said their CFOs the second quarter of next
would depart. year. Nancy Buese, the CFO of
Detroit-based Ally Financial gold producer Newmont Corp.,
last Tuesday said CFO Jennifer is set to succeed him next
LaClair was leaving immedi- month.
ately, just a day before it The transition wasn’t a re-
posted its third straight quar- flection of the company’s fi-
ter of declining profits with re- nances or earnings perfor-
sults that missed analysts’ esti- mance, a company spokesman
mates for adjusted earnings said, but was instead driven by
per share and revenue. the CFO succession process
Ms. LaClair and the com- and the need for the right fi-

THE TICKER |
MARKET EVENTS COMING THIS WEEK STRATEGY

Monday Distillates up 0.1 Expected n.a.

Earnings expected Mort. bankers indexes Earnings expected
Estimate/Year Ago Estimate/Year Ago
Purch., previous
Alexandria Real Estate down 4.0% Amazon.com 0.22/0.31
Equities 1.03/0.67 Refinan., previous Apple 1.27/1.24
Brown & Brown down 7.0% Mastercard
0.60/0.58 Class A 2.58/2.37 POSITION
New-home sales
Cadence Design Aug., previous 685,000 McDonald’s 2.58/2.76
Systems 0.96/0.80 Sep., expected 588,000 Merck & Co. 1.72/1.75
Discover Financial Earnings expected T-Mobile US 0.30/0.55
Services 3.72/3.54 Estimate/Year Ago
Sun Communities Automatic Data
1.37/2.00 Processing 1.79/1.65
Friday
W. R. Berkley 0.85/0.88 Boeing 0.14/(0.60) Employment cost
Bristol-Myers Squibb index
Tuesday 1.83/2.00 2nd qtr., previous
Short-selling reports Meta Platforms up 1.3%
Ratio, days of trading volume of 3rd qtr., expected
current position, at Sep 30 Class A 1.90/3.22
ServiceNow 1.85/1.55 up 1.2%
NYSE 3.4
Nasdaq 2.6 Thermo Fisher Personal spending
Earnings expected Scientific 4.81/5.76 Aug., previous up 0.4%
Estimate/Year Ago Sep., expected up 0.4%
Alphabet Class A
Thursday
Personal income
1.27/1.40 Durable-goods orders
Coca-Cola 0.64/0.65 Aug., previous
Aug., previous up 0.3% Laird Hamilton
Sep., expected up 0.3%
Microsoft 2.31/2.27 down 0.2%
U.Mich. consumer World-Class Big Wave Surfer
Raytheon Technologies Sep., expected up 0.0%
EIA report: natural-gas index
1.14/1.26 Oct., prelim 59.8
Previous change in stocks in
Texas Instruments billions of cubic feet Oct., final 59.8
2.39/2.07 up 111
Visa Inc. Class A Earnings expected
GDP Deflator Estimate/Year Ago
1.87/1.62 2nd qtr., final up 9.0% AbbVie 3.57/3.33
Wednesday 3rd qtr. adv. est. up 5.3% Aon Plc Class A
Gross domestic 1.99/1.74
EIA status report
Previous change in stocks in product: Chevron 4.76/2.96
millions of barrels Percentage change, annual rate Colgate-Palmolive
Crude-oil stocks 2nd qtr., finaldown 0.6% 0.73/0.81 Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally
down 1.7 3rd qtr. adv. est. up 2.4% Exxon Mobil 3.80/1.58 deposited and profit you might have made. This communication is not a recommendation or offer to buy,
Gasoline stocks Initial jobless claims NextEra Energy sell or retain any specific investment or service. Copyright ©2021 CME Group Inc. All rights reserved.
down 0.1 Previous 214,000 0.80/0.75
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in
parentheses) u Adjusted for stock split
Note: Forecasts are from Dow Jones weekly survey of economists
 .

B10 | Monday, October 24, 2022 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Grindr Isn’t a Sure Thing

CHRIS DELMAS/AGENCE FRANCE-PRESSE/GETTY IMAGES

Gay-dating platform will probably get slow fade from investors in this market
Investors will soon be able to app or site as of a 2019 survey of ing space.
hook up with the world’s most-pop- U.S. adults, 55% of lesbian, gay or Which raises the question: If
ular gay-dating platform. A merger bisexual adults had tried one. Grindr’s brand was so valuable,
with the special-purpose acquisition Grindr says it has an 85% brand wouldn’t a bigger company have
company Tiga Acquisition, an- awareness among gay, bisexual, bought it by now?
nounced in May, values Grindr at transgender and queer people. The concern could be a matter of
$2.1 billion and is expected to close It hasn’t paid much for this. the company’s past missteps, in-
by the end of the year. As with any Grindr’s registration statement cluding periods of third-party data
SPAC merger, historical details on shows sales and marketing ex- sharing of sensitive information
the business are slim. In online dat- penses amounted to less than 1% of such as users’ HIV status and the
ing, though, a snapshot often says its overall revenue last year. Match selling of other user information in-
all you need to know. Group and Bumble spent nearly 19% cluding location—problems the The biggest unknown for Grindr may be how quickly it can lift monetization.
Grindr’s popularity relative to its and 28% of their revenue, respec- company says it has long since rem-
total market size is impressive. A tively, on selling and marketing ex- edied. Or it could be the more deli- Grindr will tell you it has only re- have lost an average of 37% of their
study commissioned by Grindr esti- penses over the same period. cate nature of Grindr’s mission. Lin- cently started pushing its monetiza- investment on SPACs a year after
mates the size of the LGBTQ+ popu- Chalk some of that difference up gering stigma on being “out” on a tion efforts with the introduction of the merger through the end of Sep-
lation as of 2021 was just about 7% to size. While on pace potentially to dating app persists to varying de- a few a la carte paid features this tember, The Wall Street Journal re-
of the global tally. Grindr had expand its top line faster than its grees by location and culture, which year. But the app’s simplicity could ported this month. Meanwhile,
601,000 paying users as of last year, competitors this year, Grindr’s run could crimp expansion potential. be working against it financially. Match and Bumble have shed an av-
according to its registration filing, rate as of June 30 implies the com- Perhaps the biggest unknown is While you have to pay to message erage of 68% of their market values
equal to about 40% of the number pany will put up about $180 million how quickly Grindr can increase suitors on Tinder before matching, over the past year as tech stocks
of paying users of Bumble, the No. in revenue this year. Wall Street is monetization. Well over a decade Grindr users can approach and mes- have taken a beating.
2 dating app after Tinder. forecasting that Match Group will into its existence, Grindr had nearly sage whomever they see at no cost. Grindr’s latest valuation implies
LGBTQ+ daters have the poten- generate about $3.2 billion. Most 11 million monthly active users as of While you can pay to see more (and it is worth 17% of the dating giant
tial to be a valuable bunch. Pew Re- dating-app companies have several last year across 190 countries, but avoid ads), freemium users can see Match, despite having fewer than
search Center data shows dating- brands under their umbrellas. its paid penetration was still under 100 local singles on Grindr. 4% of Match’s paid users as of the
app use varies significantly by Match, for example, has more than 6%. By contrast, Bumble had about The public market might not end of last year. That mismatch
sexual orientation. While just 28% a dozen, but Grindr has remained 9% paid penetration as of Septem- welcome Grindr with open arms. could break some hearts on Wall
of straight adults had tried a dating something of a lone wolf in the dat- ber 2020 in less than half the time. Stock-market investors since 2015 Street. —Laura Forman

China’s EV Battery Champion CATL Keeps Powering Up

China’s monthly new-energy The world’s largest maker of to S&P Global Commodity Insights. will be CATL’s most crucial task. with its expansion plans in Europe.
vehicle sales electric-vehicle batteries is driving But China’s booming EV sales The company has been investing in CATL said in August that it plans
at full speed. Securing stable sup- are a strong tailwind for CATL. mining companies in China and to invest up to €7.3 billion, equiva-
700,000 units plies of critical raw materials— Sales of new-energy vehicles, in- abroad. It agreed last month to ac- lent to $7.1 billion, to build a plant
while managing an increasingly cluding plug-in hybrids, in the first quire a stake of nearly one-quarter in Hungary, its second factory in
600,000 fraught overseas expansion—is the nine months of 2022 were more in China Molybdenum, or CMOC, Europe. Mercedes-Benz has said
key challenge ahead. than double those of a year earlier, which has copper and cobalt mines the plant will provide battery cells
500,000 China’s Contemporary Am- according to the China Association in the Democratic Republic of for its next-generation models.
perex Technology, or CATL, saw of Automobile Manufacturers. Congo. The miner is expected to CATL’s first European plant in Ger-
400,000 its net profit for the third quarter They account for more than 1 in 4 almost double its production many also is set to start produc-
through September surge 188% cars sold in China. That has helped there, though its operations have tion this year.
300,000 from a year earlier, while revenue boost CATL’s global EV battery stalled in recent months due to a CATL is driving on the fast
more than tripled, according to market share to 36% in the first dispute over royalty payments track as EV sales speed up. Expen-
200,000 FactSet. Gross margins declined eight months of 2022 from 30% with the DRC’s state miner. sive materials and geopolitics are
from the prior quarter as materi- last year, according to SNE Re- Global expansion also has be- threats, but are unlikely to derail
100,000
als costs, particularly for battery search. That is far ahead of sec- come trickier as the battery indus- the company’s progress given its
metals, are a headache for all mak- ond-place LG Energy Solution’s try has turned into a lightning rod leading position in its massive
0 ers. Prices for lithium carbonate in 14%. for competition with the West, es- home market and solid technology.
2017 ’18 ’19 ’20 ’21 ’22 China, for example, have almost Looking ahead, securing sup- pecially the U.S. The company, Investors may want to take a ride,
Source: Wind tripled from a year ago, according plies of key raw battery materials however, is still plowing ahead too. —Jacky Wong

THE MORE YOU UNDERSTAND

HER WORLD, THE MORE
POSSIBILITIES YOU SEE.
For Julia’s family, early screening for
autism made a lifetime of difference.
Find out more at ScreenForAutism.org

© 2019 Sesame Workshop. All rights reserved.