华尔街日报新闻文本数据简介
《华尔街日报》（The Wall Street Journal）是一家以财经报道为特色的综合性报纸，侧重金融、商业领域的报道，在国际上具有广泛影响力，日发行量达200万份。同时出版了亚洲版、欧洲版、网络版，每天的读者大概有2000多万人。《华尔街日报》新闻舆论通过尖利的笔锋净化着商业市场，正是它的舆论监督让商业公司不能为所欲为。
《华尔街日报》报导风格主要如下：
- 以严肃见长。报纸上绝大部分为文字报导，插图新闻很少，相比以活泼著称的《今日美国》形成鲜明对照。《华尔街日报》始终是美国最高端的报纸，其读者群的平均家庭年收入是15万美金。
- 以深度报导见长，对题材的选择也非常谨慎。该报的记者选题的平均周期为六个礼拜。1999年，美国《哥伦比亚新闻评论》评选“走向21世纪的美国21种最佳报纸”，《华尔街日报》名列第三，原因在于“其调查行报导所保持的高品质和挖掘精神”。到2004年底，《华尔街日报》的日均发行量约为180万份。
为支持相关研究，CnOpenData推出华尔街日报新闻文本数据，包含标题、副标题、所属板块、类别、作者、发布日期等字段。
时间区间
2010-2022年
字段展示
| 华尔街日报新闻文本数据字段表-英文 | 华尔街日报新闻文本数据字段表-中文 |
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| ID | ID |
| title | 标题 |
| subHead | 副标题 |
| section | 所属板块 |
| category | 类别 |
| content | 内容 |
| author | 作者 |
| date | 发布日期 |
| timeTag | 具体更新时间 |
样本数据
| ID | title | subHead | section | category | content | author | date | timeTag |
|---|---|---|---|---|---|---|---|---|
| ID | 标题 | 副标题 | 所属板块 | 类别 | 内容 | 作者 | 发布日期 | 具体更新时间 |
| b508b4a3f75503c9a451420f658309b4 | ModernaCutsOutlookAmidCovid-VaccineSupplyHurdles | Health | Health | ModernasaidadeclineindemandforitsOmicron-targetingCovid-19dosesalsohititsperformanceinitslatestquarter.Photo:SimonSimardforTheWallStreetJournalModernaInc.’sthird-quarterrevenuefellbynearlyathirdandthepharmaceuticalcompanycutitsoutlook,sayingaspartofitsearningsreportthatsupplyconstraintsforitsCovid-19vaccinesmightsapasmuchas$3billioninsalesthisyear.TheCambridge,Mass.-basedcompanysaidThursdaythathighercostsandadeclineindemandforitsoriginalCovid-19vaccinealsohititsperformance.Moderna,whichthreemonthsagosaiditprojected$21billioninproductsalesofitsSpikevaxvaccineforanticipateddeliverythisyear,nowexpectsbetween$18billionand$19billion.Thecompanysaidshort-termsupplyconstraintswilldelaysomesalesinto2023.Advertisement-ScrolltoContinueThechoppyresultscameduringaquarteroftransitionforModerna.DemandforitsoriginalCovid-19vaccineandboostershotdropped,whilethecompanyrolledoutupdatedboostershotsdesignedtobettertargetOmicronsubvariantsofthecoronavirus.NewsletterSign-upThe10-Point.Apersonal,guidedtourtothebestscoopsandstorieseverydayinTheWallStreetJournal.PreviewSubscribeU.S.regulatorsclearedoneoftheupdatedboostersinlateAugust,anduptakehasbeenrelativelyslow.Moderna’snewboostershotwasinshortsupplybecauseacontractmanufacturerhadqualityissuesthatheldupthereleaseofdoses.Atthesametime,Modernashiftedtofive-dosevialsfrom10-dosevialsforpackagingitsvaccine.“Weactuallyhadtodealwithaverycomplexthirdquarterfromamanufacturingstandpoint,”ModernaChiefExecutiveStéphaneBancelsaidonaconferencecallwithanalysts.Hesaidthecompanyhad“manylessonstobelearned,”andisworkingtoaddressthechallenges.Modernashareswereoff2.5%at$144.89atmiddayThursday.Forthethirdquarter,Moderna’sproductsalesdeclined35%to$3.1billion.Thecompany’scostofsaleswas$1.1billion,representing35%oftotalproductsalesinthequarter,risingfrom$722millionayearearlier.Costsrosepartlybecauseofa$333millionchargetowritedowninventoryforvaccinedosesthatexceededorwereexpectedtoexceedtheirapprovedshelflives.Thisyear,Modernaandothervaccinemakershavehadtodiscardunuseddosesasdemandfortheshotsfellsharply.ThenewbivalentvaccinemightbethefirststepindevelopingannualCovidshots,whichcouldfollowasimilarprocesstotheoneusedtoupdatefluvaccineseveryyear.Here’swhatthatprocesslookslike,andwhyapplyingittoCovid-19couldbechallenging.Illustration:RyanTrefesModernaalsobookedexpensesforunusedmanufacturingcapacity,andsomeofitspurchasecommitmentswerecanceled,thecompanysaid.Research-and-developmentexpensesatModernarose57%to$820million,asthecompanyisrunningseverallargeclinicaltrialsofexperimentaldrugsandvaccines.Modernaisdevelopingvaccinesagainstseasonalinfluenzaandrespiratorysyncytialvirus,orRSV—bugsthatarecausinghospitalizationsintheU.S.ModernaalsoisdevelopingacombinationvaccinedesignedtoprotectagainstCovid,fluandRSVinasingleshot.Thecompanyalsoisdevelopingavaccinewithpotentialtotreatcancer,andwhichisbeingtestedincombinationwithaMerck&Co.cancerdruginaclinicaltrialofpatientswiththeskincancermelanoma.Resultsofstudiesofsomeoftheseexperimentalvaccinesaredueoutinthecomingweeksandmonths.Overallforthequarter,thecompanysaidnetincomefellto$1billion,or$2.53ashare,comparedwith$3.3billion,or$7.70ashare,ayearearlier.Analystshadexpected$3.30ashare,accordingtoFactSet.Revenuedroppedto$3.4billion,shortofanalystestimatesfor$3.5billion.Earlierthisweek,PfizerInc.raiseditsrevenueoutlookfortheyearbutthecompanyexperiencedadropinthird-quartersalesofitsvaccineto$4.4billionfromnearly$13billionayearearlier.WritetoPeterLoftusatPeter.Loftus@wsj.comandSabelaOjeaatsabela.ojea@wsj.comHowtheBiggestCompaniesArePerformingWSJcoverageandanalysisofthelatestcorporateearningsSalesforceMarginsRiseAmidCostCutsNvidia’sAISurgeIsJustGettingStartedWalmartLiftsOutlookasSalesRiseDick’s,Macy’sFlashWarningSignsonConsumerHousingMarketStillWorkinginHomeDepot’sFavorUPSReduces2023ForecastsAppleSalesSlump,ServicesUnitHitsRecordDisneyGetsIger’sSecondShowontheRoadAdvertisement-ScrolltoContinue | ByPeterLoftusandSabelaOjea | 2022-11-03 | UpdatedNov.3,20224:19pmET | |
| 4c0625bc3093f492577adbab3ac03ac4 | Fed’sHardLineonInterestRatesFuelsBondRout | Finance | Treasurys | FederalReserveChairmanJeromePowell’scommentsarelikelytomakeinvestorsreconsidertherecentstockrally,analystssaid.Photo:ELIZABETHFRANTZ/REUTERSTheFederalReserve’ssignalsofmoreinterest-rateincreasesaheadrattledfinancialmarketsanewThursday,sendingstocksloweranddrivingbondyieldsbacknearmultiyearhighs.Thursday’sdeclinesextendedlossesthatbeganafterFedChairmanJeromePowell’sWednesday-afternoonwarningthathighinflationmeansitisstilltoosoontothinkaboutanypauseinthecentralbank’sinflation-fightingcampaign.HiscommentsdashedWallStreet’shopesforsomereliefafterofficialsliftedthetargetfed-fundsrateby0.75percentagepointsforthefourthstraightmeeting.NewsletterSign-upMarketsGetemailnotificationswhenmajorfinancial-marketandtradingnewsbreaks.PreviewSubscribeRisingrateshavehitinvestorshard,sendingtheS&P500down22%sofarthisyearandsparkingahistoricroutinbonds.Theresultingsurgeinyields,whichrisewhenbondpricesfall,hassentshockwavesthroughmarkets,liftingborrowingcostsoneverythingfrommortgagestocorporateloans.TheblowhasfallenparticularlyhardonWallStreet’smorespeculativebets,includingsharesofhighflyingtechnologycompanies.OnThursday,thestockmarketnotchedmorelosses,withtheS&P500losing1.1%andthetech-heavyNasdaqCompositefalling1.7%.Thebenchmark10-yearTreasuryyieldfinishedat4.123%,accordingtoTradeweb,upfrom4.059%onWednesdayandbacknearitshighestlevelssince2008,unwindingsomeofarecentrallythathadcarrieditbelow4%.Thetwo-yearTreasuryyield—evenmoresensitivetonear-termFedpolicychanges—finishedThursdayat4.699%,anewhighsince2007.Advertisement-ScrolltoContinueNormallytheFederalReservemakesaprofitfromitsbalancesheet,butwithhigherinterestratesitisnowinthered.WSJexplainshowtheFederalReservemakesmoney,whatitdoeswithit,andwhathappensnow.Themarketresponse“showsthatPowelldidagoodjobindicatingtheFedremainsadamantlyfocusedonbringinginflationbackintoamoresubduedrange,”saidBlairShwedo,headofinvestment-gradebondtradingatU.S.Bank.“Hedidagoodjobwalkingbackanybullishnessinriskassets.”Yieldshavemarchedhigherformostof2022,trackingtheFed’smostaggressivesetofrateincreasessincethe1980s.Attimes,suchasinmid-JulyorduringpartsofOctober,therisehasstalledastradersquestionedwhetherfallinginflationoraneconomicdownturncouldforcetheFedtocutratesagainsoonerratherthanlater.Eachtime,signalsfromMr.PowellandotherFedofficialshavedrivenyieldsbackup.Rateshavealsobeenmovinghigheraroundtheworld.OnThursday,theBankofEnglandmatchedtheFedwithitsown0.75-percentage-pointrateincrease,theU.K.’sbiggestrateincreasesince1989.Latelastmonth,asame-sizedmovebytheEuropeanCentralBankbroughteuroratestotheirhighestlevelinmorethanadecade.IntheU.S.,tradersonThursdayextendedbetsthatrateswillstayhigherforlonger.Derivatives-marketbetsshowthattradersnowthinktheFed’sbenchmarkratewillriseabove5%nextyear.Amonthago,betssuggestedapeakcloserto4.5%.Alongperiodofhigherratescouldjarmarkets,particularlytechstocks,whereinvestorsexpectalargeshareofcompanies’profitsfarinthefuture. “IftheFed’sratesgoup,thatdirectlytranslatesintohigheryields.Thosehigheryieldsarewhatweusetocalculatepresentvalueforthestockmarket,”saidJurrienTimmer,directorofglobalmacroatFidelity.HigherTreasuryyieldshurtstockvaluationsinpartbecausetheyofferinvestorsamuchsaferwaytolockinpositivereturns.Still,manyinvestorspredictarecessionisontheway,whichcouldeventuallyleadtheFedtoreversecourse.Thehousingmarket—oneofthefastest-growingpartsoftheeconomyinrecentyears—hasabruptlyslowedasmortgagecostssoar.ProfitgrowthisdimmingforcompaniesfromSiliconValleytoWallStreet. Akeybond-marketindicatorisflashingrecessionwarnings.Thetwo-yearTreasuryyieldfinishedThursday0.576percentagepointhigherthanthe10-yearyield,thebiggestyieldpremiumfortheshorter-termbondsince1982.Thisreversalofthenorm—knownasayieldcurveinversion—showsinvestorsexpectadownturntoeventuallyforceratecuts. Investorswillgetafreshlookattheeconomy’sprospectsfromFriday’sjobsreport.EconomistsexpecttheLaborDepartment’sdatatoshowtheeconomyadded205,000jobsinOctober,astrongpacebyhistoricalstandardsbutslowerthanSeptember’s.SomeanalystssaidMr.Powell’scommentsarelikelytomakeinvestorsreconsiderthehopesfuelingtherecentstockrally,whichmadeOctobertheDowJonesIndustrials’bestmonthsince1976.SimilarbetsthateconomicweaknessmightforcetheFedtoactlessaggressivelysparkedapreviousrallythatpeakedinAugust. “Ifyou’reexcitedtoputcapitaltoworkintoyear-end,it’sworthnotingPowellsaidwehaveawaystogomultipletimes,”MikeZurfluh,amacroeconomicanalystatinvestmentbankEvercoreISI,wroteinanotetoclients.WritetoMattGrossmanatmatt.grossman@wsj.comInflationandtheEconomyAnalysisfromTheWallStreetJournal,selectedbytheeditorsDemandforWorkersCools,butRemainsElevatedWhyCentralBankersAreUnsureWhetherThey’veRaisedRatesEnoughChild-CarePricesRisingatNearlyTwiceInflationRateGasoline,FoodThreatentoNudgeInflationUpCoolerJulyInflationOpensDoortoFedPauseJobsMarketShowsSignsofGradualCoolingSoftLandinginSightforU.S.EconomyWhattoKnowAboutInflationAdvertisement-ScrolltoContinue | ByMattGrossman | 2022-11-03 | UpdatedNov.3,20224:22pmET | |
| 8f9c018efab73ac608136810350cf168 | TevaPharmaceuticaltoReplaceCEOKareSchultz | Business | Health | KareSchultzsaidhewantedtomaketimeforhisfamily.Photo:ChristopherGoodney/BloombergNewsTevaPharmaceuticalTEVA0.72%increase;greenuppointingtriangleIndustriesLtd.saiditislookingforanewchiefexecutiveofficerafterKareSchultzconfirmedhewillstepdownwhenhiscontractexpiresnextyear.Mr.SchultzsaidThursdaythathechosenottorenewhiscontract,whichexpiresinNovember2023.“I’mhereuntilthen,”hesaidinaninterview.Mr.Schultzsaidthatforyearshehaswantedtoretireat62,amandatoryretirementageatapreviousemployer.Hewillturn62inMay.Hiseldestdaughterisduetogivebirthinthecomingweeks,hesaid,makinghimagrandfather,andhewantedtomaketimeforhisfamily.Advertisement-ScrolltoContinue“Thatcombinationismotivatingmetowanttostop,”hesaid.Mr.SchultzandTevahadsuggestedpreviouslythathewasunlikelytorenewhiscontract.TheIsraelinewsoutletGlobespreviouslyreportedthatMr.Schultz’scontractwouldn’tberenewed.Tevaisoneoftheworld’slargestmanufacturersofgenericdrugs.TheboardhasbegunasearchforanewCEO,aTevaspokeswomansaid.Mr.SchultztookthehelmoftheIsraelidrugmakerin2017,whenTevahadfallingprofits,alargedebtloadandadecliningshareprice.UnderMr.Schultz’sleadership,Tevahascutthousandsofjobsandclosedplantsasitpaiddowndebt.Hepushedthecompanyfurtherintoareassuchasbiologicdrugs,injectablesmadefromlivingcells,whileintroducingnewproductssuchasmigrainetreatmentAjovy.Tevahasworkedtoresolvelegalchallengesincludingthecompany’sallegedroleintheU.S.opioidepidemic.Itrecentlysaiditreachedasettlementagreementworthupto$4.25billiontoresolvethousandsoflawsuitsrelatedtotheopioidcrisis.SharesofTevawereabout$14whenMr.SchultzbecameCEO,rosetoasmuchasroughly$24beforedeclining,andclosedWednesdayat$8.74.Sharesweretradingat$8.61attheclosingbellonThursday.Mr.Schultzwantstostayengagedwiththecompanyincludingpossiblyservingonitsboard,theTevaspokeswomansaid.Teva’sU.S.genericsbusinessremainschallengedbutitspipelineofdrugscouldfuelgrowthiftheyreceiveregulatoryapproval,analystshavesaid.Mr.SchultzjoinedTevaafterservingasCEOofdrugmakerLundbeckA/S.HealsoworkedatNovoNordiskA/S,oneofDenmark’sbiggestcompanies.WritetoJaredS.Hopkinsatjared.hopkins@wsj.comAdvertisement-ScrolltoContinue | ByJaredS.Hopkins | 2022-11-03 | Nov.3,20224:24pmET | |
| 59f13dedb745b5015f376f0120c6a9c5 | InvestorsRekindleLoveAffairWithShort-TermSuccess | Finance | STREETWISE | Interestratesarestronglyencouraginginvestorstohaveashorter-termoutlook.Photo:SpencerPlatt/GettyImagesInvestorsarefocusedontheshort-termagain,anditispushingCEOsawayfromspendingonmajorlong-termprojects.Thecause?MainlytheFederalReserveanditsaggressiveinterest-raterises.Putsimply,whybetonriskyventuresthatmightpossiblypayoffin10yearswhenyoucanearn4.5%onatotallysafeone-yearT-bill?Interestratesarestronglyencouraginginvestorstohaveashorter-termoutlook.Investorslosttheirzealforspeculativesuper-long-termbetslastyear,andthestocksoflossmakingearly-stagegrowthcompaniesinfieldssuchasonlinetaxis,electriccars,instantgroceries,spacetourismandeveninternetdogwalkingcrashed. Advertisement-ScrolltoContinueNormallytheFederalReservemakesaprofitfromitsbalancesheet,butwithhigherinterestratesitisnowinthered.WSJexplainshowtheFederalReservemakesmoney,whatitdoeswithit,andwhathappensnow.Thisyear,themalaisespreadtothebiggestgrowthstocks.Lastweek,sharesinMetaPlatforms,neeFacebook,plummeted25%inadayafterfounderMarkZuckerberginsistedhewouldpressonwithamoonshot-scalebetondevelopingvirtualreality.Investorsdon’twanttofinancelong-termprojectswithreturnsthatevenMr.Zuckerbergadmitshehasnowaytoforecast. Inthenewenvironment,investorswouldmuchratherseecoldhardcashthanthrowmoneyatleapsintotheunknown.Companiesarestartingtounderstandtheimplications:Iftheywantahealthyshareprice,focusonprofitstoday.Thatmattersbothforinvestorsandfortheeconomy. WhenrateswereatzeroandtheFedwasbuyinggovernmentbonds,investorsfelttheyhadtotakemorerisktoearnareturn.Companiescouldborrowforlessthaneverbeforeandasmemoriesofthe2008-09globalfinancialcrisisfaded,shareholdersencouragedthosewithwhatwereperceivedasgoodideastospendbigtotrytomake“moonshot”planscomegood.Suchbetsaremostlyhistory,becausetheFedandothercentralbankshavebeenfranticallyhikingratestotacklerunawayinflation.Injustthepastyear,therealcostof10-yearborrowinghasjumpedfrom1percentagepointbelowinflationto1.5pointsabove.That’sagiganticshift,byfarthebiggestsince2003,whentheTreasury’sfiguresforTreasuryinflation-protectedsecuritiesstart. ARKInnovation,perhapsthefundwiththemostexposuretocompanieschasinghigh-risk,high-reward,long-termideas,haslostmorethanthree-quartersofitsvaluesinceitspeakinFebruarylastyear.Outsidetheworldofwildbetsonthefar-distantfuture,capitalprojectswithmorepredictablepayoffsarestillbeingfunded—butCEOssaythatmaynotlast.RyanHammond,aU.S.equitystrategistatGoldmanSachs,saysthisyearthebiggestcutinspendinghasbeenonbuybacksascompanieshoardcash,withcapitalexpenditure,orcapex,andresearchanddevelopmentcontinuingtogrow.Nextyearmaybeadifferentstory,though,andheforecastsasharpdropinthegrowthrateofcapex.“Whengrowthslows,usuallyinvestorsrewardthosecompaniesreturningcashtoshareholders,”hesaid.“There’ssomeskepticismaboutinvestingatatimewhentheeconomyisslowing,willtheRoIreturnoninvestmentrewardthehighercostofcapital?”Theproportionofbusinessleadersplanningtoincreasecapitalspendingisthelowestsince2013,asidefromthepandemic,accordingtotheNewYorkFederalReserve.TheshareplanningtocutcapexhasdoubledsinceFebruaryto18%,althoughremainsfarbelowthatreachedinpastrecessions.SalmanAhmed,globalheadofmacroatFidelityInternational,saysstill-strongcapexreflectspasteasymoney.“It’sanindicatoroflastyear’sfrenzyandwillgoaway,”hesaid.“Thisyear’sleadingindicators—IPOsandM&Ahavecollapsed—Iwouldthinkwillshowupinnextyear’scapexnumbers.”Otherformsofcapexmaybeviewedmorepositively,andcertainlycompaniesarestillspending,fornow.ThePhiladelphiaFedsurveyofmanufacturerslastmonthfoundmorefirmsplannedtoincreasethanreducespendingonenergy-savingprojectsandnon-computerequipment,evenasmorepreparedtoreducethanincreasecapexonbuildings,computersandsoftware.Governmenteffortstoboostmicrochipproduction,protectionismonelectric-carsubsidiesandcorporateworriesaboutsupplychainsshouldsupportdomesticcapex.SHAREYOURTHOUGHTSWhataretheimplicationsofareturntoshort-termthinkingonWallStreet?Jointheconversationbelow.Theembraceofshorttermismplaysintotheargumentsofthosewhosaytoomuchshort-termthinkinghasbeenascourgeontheeconomy.Thereality,asI’vewrittenbefore,isthatthemarketshavebeenhappytofinanceexceptionallylong-termprojectsforadecade,throwingmoneyatcompaniestolaunchlossmakinglandgrabs.That’schangingandtheriskisthatcompaniesfindithardertojustifyworthwhileandprofitableprojects—goodfortheeconomy—evenasrenewedinvestmentdisciplineputsanendtomanywastefulwhiteelephants.ThereareotherfactorsatplaybesidestheFed.What’slikelytodevelopisabroaderversionofwhathappenedtooilcompaniesaftertheirshareswerecrushedin2016.Afteryearsofshareholdersencouragingthemtodrillandexpand,plungingcrudepricesswitchedthefocusofinvestorstoreturnoncapital,andtheengineerswholedtheindustrylosttheirdominancetoaccountants.Theinteractionbetweenfundamentalforcesandshareholderdesiresarestilldiscouragingcapexbymajoroilcompanies.Crudepricesmaybenear$90stillandprofitsandsharepricessky-high,butoildemandisexpectedtoweakenincomingyearsandvaluationsarelow.“Thegoalhereistosustainandgrowtheenterprisewiththelowestcapitalpossible,”PierreBreber,chieffinancialofficerofChevron,toldanalystslastweek.“Andwearenotreallypaidforgrowthbythemarket.”WallStreethasgonethroughthesameswitchitdidwithoil,suddenlyapplyingamuchhighercostofcapitalvialowersharepricesandhigherborrowingcosts.Moonshotsareout,advertisingandbrand-buildingplansarebeingscaledbackandcapexforexpansionwillbenextinline.Thebesthopeforcapexisforshort-termprojectswhereinvestorsandfinancedepartmentscanseetheimmediatepayoffsingreaterefficiencies.Expectstocksthatgiveprioritytostrongerbalancesheetsandreturnsparecashtoshareholderstobeatthosethatkeepplowingmoneybackintogrowth.Onlythefirmswiththestrongestrecordsofinnovation,hugecashpilesorabilitytoignoreinvestorpressurearelikelytokeepmakingwildlyambitioushigh-risk,high-rewardbets.WritetoJamesMackintoshatjames.mackintosh@wsj.comAdvertisement-ScrolltoContinue | ByJamesMackintosh | 2022-11-03 | UpdatedNov.3,202210:36amET | |
| f25caedc345100aee3fcc9e88c5a61df | HowMorticiansArePuttingtheFuninFunerals | TheA-hed | Morticiansarefindingwaystoputthefuninfuneraltogetcustomerstothinkabouttheirfinalfarewells—andopentheirwallets—longbeforetheend.AtanindustryconventioninBaltimorelastmonth,funeraldirectorswereinvitedtoaworkshoponhowto“buildyourpreneedcustomerpipeline”and“generatewarmleads.”Amongtheprotipssomehaveimplemented:Dinnersatcemeteries,so-calleddeathcafesandburial-plotlotteries.Buynow,dielater“Iamsellingaproductnobodywants,butultimatelyeverybodyhastohaveit,”saidBrandonPatterson,oneconventionattendee.Mr.Pattersonsaid500peopleshowedupforapartyathisShreveportFuneralHome&CremationTributeCenterinLouisianainOctober.Therewasfood,livemusicandabouncycastleforkids.Hisstaffraffledprizesincludingtumblersbearingthefuneralhomelogoandticketstoagospel-musicconcert.Grammy-nominatedsingerMajorattended.Mr.Pattersonsaidheseessucheventsasicebreakersintodiscussionsonplanningforone’spassageintothehereafter.“Youhavetofindawaytomaketheconversationaspleasantaspossible,”hesaid.Aquarterormoreofbusinessatmanyfuneralhomescomesfromservicesarrangedwhilethecustomerwasalive,accordingtoForesightCompanies,aPhoenix-basedconsultingfirm.Industryleadersseeopportunitiesforgrowth.MostpeopleintheU.S.haven’tplannedtheirfunerals,accordingtoaMarchsurveyconductedbytheNationalFuneralDirectorsAssociation.About15%ofpeople40andoldersaidtheyhadmadearrangementsinwriting,butonlyathirdofthatgrouphadstartedpayingforthem.AdvertisementTherearemyriadwaysforpeopletoexpressthemselvesandshowofftheirpassionsafterdeath.AttheBaltimoreconvention,companiesdisplayedold-fashionedhearsesanddifferentstylesofcoffins.Someshowcasedsee-throughcasketsandonesmadeofwicker.Therewereurnsshapedliketurtlesandteddybears.Somecompaniesofferedtoturnyourashesintopebblesorusethemtogrowbonsaiplants.Theaveragecostofafuneralwithviewingandburialisabout$8,000—doublethepricefromtheearly1990s,accordingtotheNFDA.Thatdoesn’tincludethecostofamonumentorburialvaultandplot.Customers,thoseintheindustrysay,canbuypeaceofmindinmakingtheirownpre-arrangements.“Ittakestheburdenawayfromthepeoplewhosurviveyou,”saidNeilFogarty,presidentofDoddsMemorials,aXenia,Ohio-basedcompanythatmakescemeterymonumentsandmarkers.Thoseshoppingfortheirfuturecasket,funeralservice,plotortombstonehavetheoptionofpayingtoday’spricesinfullorpayinginstallmentsintoatrustorinsuranceplan.“Peoplestartplanningandtheyrealize,‘Holycow,therearesomanydecisionstobemade,’”saidMr.Fogarty,whoorganizedathree-day“BeforeIDie”festivalintheDayton,Ohio,arealastweekend.ThefestivalincludedaDayoftheDead-themeddinneratacemetery,screeningsofdeath-themedmoviesincluding“Coco”fromWaltDisneyCo.’sPixarandadeathcafe,wherepeoplecouldconverseaboutmortality.AdvertisementGailRubin,whohasorganizedseveral‘BeforeIDie’festivals,celebratingDayoftheDeadintheAlbuquerqueareain2018.Photo:DavidBleicher“We’reconvincingpeoplethatjustastalkingaboutsexdoesn’tmakeyoupregnant,talkingaboutdeathdoesn’tmakeyoudead,”saidGailRubin,whospokeatthefestival.ShehashostedBeforeIDiefestivalssince2017,andsellsado-it-yourselfkitthatincludesamanualonhowtoorganizeafestival,aplanningchecklistandinstructionsonhowtoplaytheNewly-DeadGame,whichinvolvescouplesansweringquestionsabouttheirpartner’sfinalwishes.BobHoffman,a76-year-oldretiredattorney,saidthatsinceattendinghisfirstBeforeIDiefestivalaboutfouryearsago,heandhiswifedecidedtobecrematedandpaid$7,000foraplotwheretheirremainswillbeinterredinaWashington,D.C.,cemetery.Herecentlyfinalizedwhathecalledhis“transition”playlistforhisownmemorialservice,whichincludesJoniMitchell’s“Woodstock”andBenE.King’s“StandbyMe,”butheisstillironingoutotherdetails.Hehopestotroubleshootthematfuturefestivals.“I’mgoingformoreofthefunpartofthings,”Mr.Hoffmansaid.“Onceyougetintoit,thereisanendlessamountoftopicstolookat.”CompaniesattheBaltimoreconventionshowcasedcollectionsofhandmadedressesforthedeceased,aswellaswaystoturnyourashesintogeodes.AtGreenlawnFuneralHomes,Cremations&Cemeteries,inBakersfield,Calif.,dozenscametoarecent“ChipandLearn”eventwheretheyaimedgolfballsata5-gallonbucketforachancetowin30%offaprepaidfuneralpackageorburialplot.Greenlawnsaiditsold20“preneed”packagesataBeforeIDieeventin2019,duringwhichattendeespeeredintoanemptygrave,pokedtheinsidesofcasketsandexploredworkingsofacrematory.Greenlawnhasalsohostedeventsatrestaurantsandwinebarsforpeopletotalkabouttheirdeathsandfunerals.“Atfirstsomepeoplewerelike,‘Thisisdisrespectful,’butwe’vehadalotofengagement,alotofpositivereviews,”saidJimLaMar,Greenlawn’spresident.AshleyAley,53,ofAlbuquerque,N.M.,saidshehasdecidedoncremationandstarteddownsizingherpossessionsanddigitalfootprintsinceattendingadeathcafeatalocalnursinghomein2018.“IthinkIwastheyoungestonethere,”shesaid.MountainViewFuneralHome&CemeteryinMesa,Ariz.,iscreatingrepeatcustomersbyholdinglivingfunerals.Atonegatheringlastyear,heldtocoincidewiththedearlynot-yet-departed’sbirthday,cansofsodaandBudLightfilledanopencasketandafuneralprocessionwasorganized,completewithahearse.WyndieScott,acommercialpropsdesigner,saidsheorganizedtheeventforherhusbandbecauseshewantedhimtoknowhowmuchhemeanstothepeopleinhislife.“Itoldhim,Idon’tknowifIcanholdarealfuneralnow.Idon’tknowifanythingcouldbebetterthanthis,”shesaid.Attheendoftheevent,Ms.Scott,whoorganizeddoor-giftsforattendees,awardedtworafflewinnersabuy-one-get-one-freecremationdealfromMountainView.“Oneladyloveditandonefriendthoughtitwastheoddest,mostuncomfortablething,”shesaid.KatieHill,ownerofMortuaryLiftCompanyinCedarRapids,Iowa,demonstratedalift’scapabilitiesatthefuneraldirectors’convention.ThequirkiersideoflifeTheA-Hed,namedforaheadlineshapedlikeacapitalA,hasrunonthefrontpageofTheWallStreetJournalsince1941.Seemorea-hedsThreeMenBattletheFBIOverBuriedCivilWarGold.‘StuffJustDoesn’tAddUp.’ObsessedParentsOveranalyzePhotosofTheirKidsatCampWhereHaveAlltheLindasGone?PeopleAreHiringD-ListCelebritiestoDeliverTheirBadNewsAdvertisement | ByDominiqueMosbergen，PhotographsbyMichelleGustafsonforTheWallStreetJournal | 2022-11-03 | |||
| 5e6ccd3dd0e814bc50b81e9895827540 | GasExporterSempraInfrastructuretoBuildNewU.S.LNGPlant | Finance | SempraInfrastructure,aunitofSempra,isintalkstosignmultiyearLNGagreementswithapipelineoperatorandagasproducer.Photo:RafaelHenrique/SOPAImages/ZumaPressSempraInfrastructurewillmoveforwardwithaprojecttobuildanatural-gasexportterminalontheU.S.GulfCoastbyearlynextyear,accordingtopeoplefamiliarwiththematter,potentiallyaddingmuch-neededsuppliesofliquefiedgastoglobalmarkets.TheprojectisthefirstphaseofPortArthurLNG,thepeoplesaid,aroughly$10.5billionexportfacilityinSouthTexasthatwouldstartdeliveringcargoesaround2027.Theprojectwillbecapableofproducinguptoabout13.5millionmetrictonsofLNGayear,accordingtothecompany,makingitthelargestU.S.terminalapprovedsincethewarinUkrainesentEuropescramblingforreplacementstoRussiangas.SempraSRE-0.95%decrease;reddownpointingtriangle,theparentcompanyofSempraInfrastructure,saidThursdaythatitsaffiliatewastargetingafinaldecisiononPortArthurLNGinthefirstquarterof2023.CompetitionforLNGreachedunprecedentedlevelsthisyearafterRussiahaltedmostpipelinegastoEurope,spurringthecontinenttoincreaseimportsofthefuelandgivingnewmomentumtoU.S.projectsseekingtoexportaportionofAmerica’sabundantnaturalgas.Themassiveexportplants,whichtakeyearstobuild,chillthegastoaliquidstatesoitcanbetransportedbyship.CheniereEnergyInc.andVentureGlobalLNGearlierthisyearapprovedtwoprojectstodevelopexportterminalsinTexasandLouisiana.Thoseprojects,combinedwithPortArthurLNG,willaddabout37millionmetrictonsofLNGayeartoglobalsuppliesstartingin2025—theequivalentofroughlyhalfthecurrentU.S.exportcapacity,accordingtothecompaniesandfederaldata.SempraInfrastructureiscompletinga20-yearbindingagreementtoprovideoil-and-gasproducerConocoPhillipsCOP0.31%increase;greenuppointingtrianglewith5millionmetrictonsayearofLNG,peoplefamiliarwiththemattersaid.ConocoPhillipsisexpectedtotakea30%equityinvestmentinthefirstphaseoftheproject,theysaid,anoptionprovidedforbyapreliminaryagreementthetwocompaniesannouncedinJuly.Theexporterisalsointalkstosigna20-yearnonbindingagreementtoprovidepipelineoperatorWilliamsCo.WMB-1.33%decrease;reddownpointingtrianglewith3millionmetrictonsayearofLNGoutofPortArthur,accordingtopeoplefamiliarwiththematter.ConocoPhillipsChiefExecutiveRyanLancesaidearlierthisyearthatthenonbindingagreementitpreviouslysignedwithSempraInfrastructureprovidedtheoil-and-gasproducerwithanopportunitytoparticipateinpremierLNGdevelopments.WilliamsCEOAlanArmstrongtoldinvestorsonTuesdaythatheexpectedhigherdemandforU.S.LNGexportstodrivegrowthopportunitiesforthecompany.GermanenergycompanyRWEAG,PolishenergycompanyPolskieGornictwoNaftoweiGazownictwoSAandBritishchemicalcompanyIneosLtd.alsoallsignednonbindingsupplyagreementswithSempraInfrastructurethisyear.WritetoBenoîtMorenneatbenoit.morenne@wsj.comAdvertisement-ScrolltoContinue | ByBenoîtMorenne | 2022-11-03 | UpdatedNov.3,202210:36amET | ||
| 85a19bbbe287ae45a0181b008aafe868 | NoEvidenceofUndeclaredNuclearActivitiesatUkraineSites,U.N.AtomicAgencySays | World | Europe | "RafaelGrossi,directorgeneraloftheInternationalAtomicEnergyAgency,spokerecentlyinNewYork.Photo:LuizRampelotto/ZumaPressBERLIN—TheUnitedNationsatomicagencysaidthisweek’sinspectionsinUkrainefoundnoevidenceofactivitiesornuclearmaterialthathadn’tbeendeclaredbyKyiv,rebuffingRussianallegationsthatthecountrywasworkingonadirtybomb.Theagency’sThursdaystatement,whichcameafteritsentinspectorstothreesitesinUkraineatKyiv’srequest,isthelatestpushbackagainstRussianallegationsagainstUkraineanditsWesternallies.OnWednesday,theU.N.SecurityCouncildefeatedaRussianresolutionallegingtherewerebiologicalweaponsinUkraine.StatemediafootageshowedRussiatest-firingballisticandcruisemissiles.TheroutineexercisescomeamidMoscow’sclaimsthatKyivispreparingtodeployaso-calleddirtybomb,anallegationUkrainehasdenied.Photo:RussianDefenseMinistry/ZumaPress“Overthepastfewdays,theinspectorswereabletocarryoutallactivitiesthattheIAEAhadplannedtoconductandweregivenunfetteredaccesstothelocations,”theInternationalAtomicEnergyAgencysaidinastatement.“BasedontheevaluationoftheresultsavailabletodateandtheinformationprovidedbyUkraine,theagencydidnotfindanyindicationsofundeclarednuclearactivitiesandmaterialsatthelocations.”Lastmonth,RussianDefenseMinisterSergeiShoigumadearareroundoftelephonecallswithhisU.S.,French,U.K.andTurkishcounterparts,claimingthatthewarinUkrainewasmovingtowardamoredangerousphaseandthatKyivmightsoondeployadirtybomb.Advertisement-ScrolltoContinueStatemediafootageshowedRussiatest-firingballisticandcruisemissilesonWednesday.TheroutineexercisescomeamidMoscow’sclaimsthatKyivispreparingtodeployaso-calleddirtybomb,anallegationUkrainehasdenied.(OriginallypublishedOct.27,2022)Photo:RussianDefenseMinistry/ZumaPressMr.Shiogu’sclaimswereechoedbyaRussianlettercirculatedattheU.N.SecurityCouncil,whichallegedUkrainewoulduseadirtybombinUkraineasapretextforclaimingthatRussiahadlaunchedatacticalnuclearweaponagainstthecountryandsparkingaWesternresponse.WesternofficialsswiftlydismissedtheRussianclaimasfalse,andWashingtonwarnedthatRussiacouldbesignalingthatitispreparingtousesuchweaponsitselfinafalse-flagoperation.NuclearexpertsalsodismissedtheRussianclaim,notingthatitwouldbeimpossibletopassadirtybombattackoffasanuclearweapon,becauseofthedifferencesthatcanbeswiftlydetectedduringtheexplosionandtheaftermathoftheuseofeachtypeofweapon.Nodirtybombhaseverbeensuccessfullydeployed.Differencesbetweenadirtybombandanuclearbomb DIRTYBOMB “WEAPONOFDISRUPTION” ANEXAMPLEOFANUCLEARBOMB “WEAPONOFDESTRUCTION” •Notachainreactionnucleardetonation •Spreadstheradiationinimmediatearea •Radioactivedustandsmokecanspread fartherawayandcouldbedangeroustohealth ifpeoplebreatheinthedust,eatcontaminated food,ordrinkcontaminatedwater •Causedbyanuncontrollednuclearchain reactionwithuranium-235orplutonium-239 •Createsmushroomcloudonexplosionandcanspreadseveralradioactivematerialsfaroff •Producesachainreactionandgeneratesenormousblast,heat,andradiationeffects Radioactivematerial Uranium/plutoniumpieces Heavy casing High explosives Beryllium/ poloniumcore High explosives DIRTYBOMB “WEAPONOFDISRUPTION” •Notachainreactionnucleardetonation •Spreadstheradiationinimmediatearea •Radioactivedustandsmokecanspread fartherawayandcouldbedangeroustohealth ifpeoplebreatheinthedust,eatcontaminated food,ordrinkcontaminatedwater Radioactivematerial High explosives ANEXAMPLEOFANUCLEARBOMB “WEAPONOFDESTRUCTION” •Causedbyanuncontrollednuclearchain reactionwithuranium-235orplutonium-239 •Createsmushroomcloudonexplosionandcanspreadseveralradioactivematerialsfaroff •Producesachainreactionandgeneratesenormousblast,heat,andradiationeffects Heavy casing Uranium/plutoniumpieces Beryllium/ poloniumcore High explosives DIRTYBOMB “WEAPONOFDISRUPTION” •Notachainreactionnucleardetonation •Spreadstheradiationinimmediatearea •Radioactivedustandsmokecanspread fartherawayandcouldbedangeroustohealthifpeoplebreatheinthedust,eatcontaminatedfood,ordrinkcontaminatedwater Radioactivematerial High explosives ANEXAMPLEOFANUCLEARBOMB “WEAPONOFDESTRUCTION” •Causedbyanuncontrollednuclearchain reactionwithuranium-235orplutonium-239 •Createsmushroomcloudonexplosionandcanspreadseveralradioactivematerialsfaroff •Producesachainreactionandgeneratesenormousblast,heat,andradiationeffects Uranium/plutoniumpieces Heavy casing Beryllium/ poloniumcore High explosives Sources:RadiationEmergencyMedicalManagement,U.S.DepartmentofHealth&HumanServicesJemalR.Brinson/THEWALLSTREETJOURNALFollowingtheRussianallegations,ForeignMinisterDmytroKulebaspokewithIAEADirector-GeneralRafaelGrossitorequesttheagencytosendinspectors.TheyarrivedTuesday.Initsstatement,theagencysaidthat,asisnormalpractice,theyhadtakenenvironmentalsamplesatthesitesandwouldreportbackontheresultsfromthose.However,theagencysaidUkrainehadgivenitsinspectorsunfetteredaccesstocarryoutalltheactivitiestheagencyplannedandprovidedtheIAEAwithadditionalinformation.“IAEAhaschecked3UkrainianfacilitiesinfocusofRussiandisinfoandfoundnoevidenceofany‘dirtybombs’,”Mr.KulebasaidThursday.“Russiahasconfirmeditsstatusoftheworld’stopliar.”TheagencyhadoriginallyplannedtovisittwolocationsbutaddedathirdsitewhereRussiaallegedillicitactivitiesweretakingplace,diplomatssaid.TheIAEAinspectedtheInstituteforNuclearResearchinKyiv,EasternMiningandProcessingPlantinZhovtiKody,andProductionAssociationPivdennyiMachine-BuildingPlantinDnipro.TherewasnoimmediateresponsefromRussiatotheIAEAstatement.NewsletterSign-upInToday'sPaperAcompletelist,withlinks,ofeveryarticlefromtheday'sJournal.PreviewSubscribeWesternofficialshaveinrecentdaysplayeddownconcernsaboutRussia’suseofnuclearweapons.Inremarkslastweek,RussianPresidentVladimirPutinsaidthereisnoneedtousenuclearweaponsinUkraine.WesternofficialssaidRussia’sallegationsagainstUkrainewerethelatestattemptbyMoscowbothtodeepenanxietiesintheWestaboutthewarbutalsotodistractattentionfromRussia’soccupationofUkraineanditsmilitaryfailuresontheground.“Whileyou’vegotapoorstoryonthebattlefield,whileyou’vegotlotsofbadnewsinRussia,lotsofbadnewsinternationally,we’reseeingthattheKremliniscontinuingtotryanddistractattention,”saidaWesternofficialWednesday.Inthefirstdaysofthewar,RussiaallegedthatUkrainewaslookingtoworkonnuclearweapons,aclaimMr.Grossidismissedpubliclyatthetime.Inrecentweeks,RussiahasaccusedBritainofbeingbehindaUkrainianattackontheRussiannavyintheBlackSea.Aspartofa1990sinternationalagreement,UkrainehandedoveritsSoviet-eranuclearweaponstoRussiaandreceivedguaranteesofitsborders.WritetoLaurenceNormanatlaurence.norman@wsj.comTheWarinUkraineNewsandinsights,selectedbytheeditorsCounteroffensivePiercesMainRussianDefensiveLineinSoutheastUkrainianDronesStrikeDeepInsideRussiaKyiv'sEliteSnipersFightRussians,BulletbyBulletU.S.,AlliesSeekLong-TermMilitaryAidforUkraineTheLastDaysofWagner’sPrigozhinWagnerChiefUsedJetstoEvadeTrackingforYearsUkraine’sReset:ASlowandBloodyAdvanceonFootWhyWarinUkraineCouldRunforYearsAdvertisement-ScrolltoContinue" | ByLaurenceNorman | 2022-11-03 | UpdatedNov.3,20224:36pmET | |
| 57bc4b21d4620e0121944443d189159d | MidtermstoTestDemocraticVoters’EnthusiasmforStudentLoanForgiveness | Politics | MidtermElection2022 | MostDemocratsfavorPresidentBiden’sstudent-loanforgivenessplanandmostRepublicansopposeit. Photo:ChrisDillmann/AssociatedPressWASHINGTON—ThepublicissplitoverPresidentBiden’sstudent-loanforgivenessplan,accordingtoanewWallStreetJournalpoll,butgroupsthatarekeytoDemocrats’chancesinthemidtermelections—Black,Latinoandyoungervoters—stronglysupporttheprogram.Forty-eightpercentofthepublicfavorsMr.Biden’sproposaltocancelupto$10,000instudentdebtforborrowerswithfederalstudentloanswhomakelessthan$125,000ayear.Forty-sevenpercentofthosepolledsaidtheyopposetheprogram,whichistemporarilyonholdwhileacourtconsidersalegalchallenge.Theone-percentage-pointgapiswithinthepoll’smarginoferrorofplusorminus2.5percentagepoints.Theremainingrespondentseitherdidn’thaveanopinionordeclinedtoanswerthequestion. Supportwassplitalongpartylines,withmostDemocratsinfavorandmostRepublicansinopposition. Advertisement-ScrolltoContinueThoughthepublicisbroadlydividedovertheprogram,themajorityofBlack,LatinoandAsianAmericanorPacificIslandervotersfavorit,with73%,64%and61%insupportrespectively,accordingtotheJournalpoll.Fifty-ninepercentofvotersbetweentheagesof18and34backtheplan,while34%areopposed. Democratsneedtoretainthecoalitionofyoungerandminorityvotersthathelpedthemwinkeyracesin2018and2020,astheyfaceatougheconomicclimateheadingintothemidterms.Mr.Biden’sadvisersandsomeDemocraticstrategistsbelievethestudentloanforgivenessprogramcanhelpbuildenthusiasmamongthosekeygroupsanddrivethemtothepolls.Theplan,whichfollowsa2020campaignpromisethatMr.Bidenmade,ispartoftheadministration’spitchthatithashelpedAmericansreducetheirexpensessotheycanweatherhighinflation. SomepollstersareskepticalthatmanypeoplewillgotothepollsbecauseofMr.Biden’sdebtreliefplan.“It’sgoodwithourbase,butit’sjustnotavotingissue,”saidDemocraticpollsterJohnAnzalone,whoconductedthesurveywithRepublicanpollsterTonyFabrizio.Theeconomyisthetopissueformostvotersandconcernsaboutinflationaretakingcenterstageinthefinaldaysoftheelection.PresidentBidenmetstudentsatDelawareStateUniversitylastmonth,asDemocratshopeloanforgivenesscansparkvoterenthusiasmduringmidtermelections.Photo:EvanVucci/AssociatedPressThepresidentdeliveredremarksonthetopicThursdayatacommunitycollegeinNewMexico,whereGov.MichelleLujanGrisham,aDemocrat,isinatoughre-electionrace. “Myplanisgoingtomakearealdifferencetolowerthemonthlycostsforfamilies,”Mr.Bidensaid,addingthathewillfightincourttomakesurehisprogramisn’toverturned.JessicaVelasquez,thechairwomanofNewMexico’sDemocraticParty,saidstudentloanforgiveness“hasbeenabsolutelycriticaltoenergizingouryoungervoterdemographichereinNewMexico.”AskWSJLiveFromPhiladelphia:TheStateoftheMidtermsWatchformerPennsylvaniaGov.EdRendellandSen.PatToomey,alongwithWSJ'stopreportersfrom the campaigntrail,discussthe impact of politicalpolarizationongoverningandwhat'satstakeinthemidtermelection.WatchtheConversationStill,someDemocratsareconcernedaboutturnoutamongyoungvoterskeepingpacewiththe2018election,whenDemocratswoncontroloftheHouseforthefirsttimesince2011.Thatelectionsawa79%jumpinturnoutamong18-to29-year-olds—thelargestpercentagepointincreaseforanyagegroup—comparedwiththe2014election,accordingtotheU.S.CensusBureau. MichaelMcDonald,anexpertinearlyvotingandaprofessorattheUniversityofFlorida,saidthisweekisthe“make-or-break”weekforyouthparticipationinearlyvoting,basedontrendsinpreviouselections. InstateslikeNorthCarolinawhereabreakdownofelectiondatamakesdirectcomparisonspossibleforyouthturnoutatthisstageinearlyvoting,thenumbersshowturnoutinthisdemographicisrunningroughlyapercentagepointbehindthe2018midtermelectiononadailybasis,Mr.McDonaldsaid. FederaldatashowBlackstudentsnationwidearemorelikelytoborrowforcollegethanstudentsofotherracesandoftenborrowlargeramounts.Blackborrowersdefaultontheirdebtathigherratesandaremorelikelytofacelong-termfinancialburdensfromtheirloans,accordingtoseveralanalysesoffederalloandata.Followingmorethanayearofinternaldebate,Mr.BidenannouncedinAugustthathewouldlaunchtheloan-forgivenessprogram,thelargestinU.S.history.BorrowerswhoreceivedPellGrantsareeligibleforloanforgivenessofupto$20,000.Thesameincomelimitsapply.TheWhiteHousesaidtheEducationDepartmentisontracktosignoffon16millionapplicationsforloanforgivenessbytheendoftheweek.Thegovernmentcan’tmoveforwardwithdebtcancellationuntilafederalappealscourtweighsinonachallengebroughtbyGOPleadersfromsixstates.Theleadersallegedthepresident’sprogramwoulddepletetaxrevenuesandfinanciallyharmstate-establishedentitiesthatgeneraterevenuefromservicingstudentloans.OtherRepublicansarguetheprogramisunfairbecauseitdoesnothingtoreininthehighcostofhighereducationanddoesn’thelppeoplewhoalreadypaidofftheirloans,nevertookoutloansordidn’tgotocollege.Earlier:PresidentBidensaidinlateAugustthathisadministrationwillforgiveupto$20,000infederalstudentloandebtfortensofmillionsofAmericans.Independentestimatessuggesttheplanwillcostmorethan$300billionover10years.Photo:EvanVucci/APAkramKhalid,63,aregisteredindependentfromChambersburg,Pa.,saidhewouldbackDemocratsinthemidtermsandsupportsMr.Biden’sdebt-reliefplan.Mr.Khalidestimateshisfourchildren,whohaveadvanceddegrees,collectivelyoweroughly$600,000instudentloans.Hethinkstheadministrationshouldstudyexpandingtheloanprogramtomoreborrowers.“It’sagoodidea,”hesaid.“Wehavetoseethedataonhowitworks.”Justoverhalfofcollegegraduates,52%,supporttheprogramand44%opposeit,accordingtotheJournalpoll.Halfofpeoplewithahighschooleducationorlessopposetheprogram,comparedwith44%whosupportit. ZacharySchmitz,21,ofEvansville,Ind.,saidheexpectstogetthemajorityofhis$28,000instudentloansforgiventhroughtheprogram.IthasmadeMr.SchmitzandhisfriendsmorelikelytovoteforMr.Bidenin2024andtosupportanddonatetoDemocrats,hesaid. “Republicanshavereallybeensilentonthis,”hesaid.“Wedon’treallycarewhatthesolutionis,wejustwantsolutions.Andrightnowthere’sonlyonepartyofferingsolutions.”PJWear,68,ofFortLauderdale,Fla.,expressedskepticismabouttheprogram.“Idon’tbelieveincompleteforgiveness,”shesaid.Ms.Wear,anindependent,saidloancancellationshouldbereservedonlyforpeoplewhodocommunityserviceorworkinpublicservicejobs. TheWallStreetJournalpollincluded1,500registeredvoters,whowerereachedbyphoneandtextfromOct.22-26.TheMidtermElectionsKeycoverageofNovember'selections,selectedbytheeditorsFullElectionResultsRepublicansWinControlofHouseGOPHouseMajorityCouldShieldIndustriesFromNewTaxes,RegulationsWhatDividedGovernmentMeansforWashingtonGOPGainsCollege-EducatedandMinorityVotersinSlimHousePickupNancyPelosiWillStepDownasDemocraticPartyLeaderinHouseHakeemJeffries,Front-RunnertoSucceedPelosi,ForgedTiesAcrossSpectrumDeSantis,OthersDrawDistinctionsWithTrumpin2024GOPNominationRaceKevinMcCarthyWinsGOPVoteforSpeakerPostAdvertisement-ScrolltoContinue | ByAndrewRestucciaandTariniParti | 2022-11-03 | UpdatedNov.3,20224:38pmET | |
| 62e85cd3e60d89763b61f099b6a57743 | RussiaMustPayfortheRebuildingofUkraine | Opinion | Letters | RegardingRobertZoellick’s“RussianCashCanKeepUkraineAliveThisWinter”(op-ed,Oct.27):IfIblowupyourhome,whoisresponsibletopayforanewone?RussiaisblowinguphalfofUkraine.Howisthereevenaquestionofwhetheritshouldberesponsible?SorrellChesinDavidson,N.C.Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:37pmET | ||
| 16ac31ce9898b2be41269c6e7bbf95a7 | WhatMakesaBadTeacher? | Opinion | Letters | Photo:GettyImages/iStockphotoIn“WhyRandiWeingartenSupportsHarvard’sDiscrimination”(LifeScience,Oct.31),AllysiaFinleywritesofthedifficultiesinfiring“bad”teachersandkeeping“higher-quality”teachersinurbanschools.Theproblemishowyoudefinebadandgoodwithrespecttoteaching.HasMs.FinleyheardoftheNYUchemistryprofessorwhosayshewasfiredbecausestudentscomplainedthathisclasswas“toohard”?Aretheprofessorswhoneverreceiveacomplainttooeasy?Itaughthighschoolformorethan30yearsinthePhiladelphiapublicschools.Icanattestthatforschooladministrators,thecustomer(student)isalwaysright.RonaldJamesWynnewood,Pa.Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:41pmET | ||
| dc98fb4568a0af460e8d9f171ea69c51 | AnUnlikelyWayforRepublicanstoFindUnity | Opinion | Letters | Rep.DanCrenshaw(R.,Texas)speaksinAustin,Sept.23.Photo:JordanVonderhaar/BloombergNewsWritinginsupportofRep.DanCrenshaw’scalltoovercomedisunitywithintheGOP(“ATimeforChoosingforRepublicans,”op-ed,Oct.28),formerSecretaryofStateJamesBakersaysthefollowing:“Rep.DanCrenshawisspot-onaboutthefutureoftheRepublicanPartyandournation”(Letters,Nov.1).Mr.Crenshawlaystheblamefordisunityonthosewhoconsiderthemselves“populists,nationalists,MAGA,mainstream”and“opportunists...quicktolabelanyoneandeveryonea‘RINO’or‘establishmentsell-out.’”Inthinlyveiledlanguage,Messrs.CrenshawandBakerindicatetheirdisapprovalofthosewhofaultmostRepublicansinofficeforfailingtostoporslowdowntheincreasinglyprogressive(socialist)agendaoftheDemocrats.Inotherwords,theproblemistheupstartswhoaredissatisfiedwiththeoldguard.Thisdoesn’tsoundlikeaveryunifyingmessage.JohnMooreWilbraham,Mass.Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:41pmET | ||
| 15715e191ff3430f70b0adeeaae6f118 | InLatestOff-MarketDeal,AspenMansionSellsfor$48Million | Bethefirsttoknowaboutthebiggestandbestluxuryhomesalesandlistingsbysigningupfor ourMansionDealsemailalert.Real-estatedeveloperThomasE.LewishassoldanAspenhomeinanoff-marketdealfor$48million,amajorpricetagforthelocalmarket.LocalagentssaidthedealexemplifieshowmuchtheAspenmarkethasappreciatedinjusttwoyears.Thepropertywaslastlistedforsaleinearly2020pricedatjust$31.5million.Thehillsideproperty,completedin2019,spansmorethan10,000squarefeetwithsevenbedroomsonmorethanone-thirdofanacre.Thereisalsoabar,agymandanarcade-styleareawithapinballmachine,shuffleboardandfoosball,allofwhichweresoldwiththehome,Mr.Lewissaid.ThepropertyhasviewsofRedMountainandHunterCreek.Stepsdownthehillsideleadtoawaterfeatureandpondaswellasalargeoutdoorentertainingarea.Thesellerisreal-estatedeveloperThomasE.Lewis,whocompletedthehousein2019.SteveMundingerThepropertyspansabout10,000squarefeetwithanumberofoutdoorterraces.SteveMundingerAlivingroomandbararea.SteveMundingerThepropertyhasviewsofRedMountain.SteveMundingerAbathroom.SteveMundingerNewsletterSign-upRealEstateFromaspirationalresidencestomajorcommercialdeals.PreviewSubscribeWhileheinitiallyplannedthehouseasaspechome,Mr.Lewissaidhetookthepropertyoffthemarketin2020toliveinithimself.Whenlocalagentsinquiredaboutthepropertyonbehalfofprospectivebuyerswhoweredesperatelyseekingluxuryhomesamidthatpandemic,hetoldthemitwasnolongerforsale,hesaid.Anyofferthatcameinwouldhavetobesignificantenoughtomakehimmove.“Isaid,‘Listen,I’mabusinessman.ButthisiswhereIlive,’”hesaid.AgentssaidthehomewasespeciallyvaluablethankstothecombinationofitsscaleandproximitytoAspen’sdowntown,justafewblocksfromWestMainStreet.Thereareveryfewavailablehomesthatmeetthatcriteria,theysaid.Thebuyerwaslistedinpublicrecordsas19LittleCloudInc.Theiridentitycouldn’timmediatelybedetermined.CarrieWellsofColdwellBankerMasonMorserepresentedboththebuyerandsellerinthetransaction.Shedeclinedtocommentonthebuyer.What’shappeninginaspen?Aspen’sMarketIsSoCrazyThatBuyersShopforHomesThatAren’tEvenforSaleContemporaryAspenMansionSellsfor$45MillioninOff-MarketDealAspenMansionSellsfor$69MillioninOneoftheArea’sPriciest-EverDealsANever-Been-Lived-InAspenHomeSellsfor$48MillionWrigleyGumEmpireHeirSellsAspenMansionfor$30MillionOverall,Aspensalesweredown51%inOctober,comparedwiththesameperiodlastyear,accordingtodatafromTimEstinofAspenSnowmassSotheby’sInternationalRealty.Whileoveralltransactionvelocityhasslowed,localagentssaythatthemostdesirable,well-locatedhomesarestilltradingforrecord-highnumbersandthatthosedealsarebeingincreasinglydoneoff-market.Ms.Wellssaidthateightdealsclosedat$40millionoraboveinAspensofarthisyear,comparedwiththreelastyear.WritetoKatherineClarkeatKatherine.Clarke@wsj.comAdvertisement | ByKatherineClarke | 2022-11-03 | ||||
| cbec891fe9cd70d527965013e284f5db | DefendingaVoter’sRighttoKnowinArizona | Opinion | Letters | AsigndirectsvoterstoapollingstationonElectionDayinTucson,Ariz.,Nov.3,2020.Photo:CHENEYORR/REUTERSYoureditorial“TargetingCampaignDonorsinArizona”(Nov.1)opens:“DemocratshavefailedtopassrestrictionsonpoliticalspeechinCongress,sothey’retakingthefighttostateballots.’’AsignificantmajorityoffinancialsupportforArizona’sProposition211,however,camefromregisteredindependentsandRepublicans.Numeroushigh-profileArizonaRepublicanssupporttheballotmeasure.Onlyafewweeksago,FifeSymington,formerRepublicangovernorofArizona,publishedaletterofsupportforProp211intheArizonaRepublic.ThisArizonaballotmeasureshouldn’tbeconfusedwithotherdisclosureinitiativesthathavebeenpartisanindesign.Itissupportedbyconcernedcitizenswhobelievedisclosureleadstoamoreinformedelectorate.AsSupremeCourtJusticeAntoninScaliaoncewrote,“ThepremiseoftheFirstAmendmentisthattheAmericanpeopleareneithersheepnorfools,andhencefullycapableofconsideringboththesubstanceofthespeechpresentedtothemanditsproximateandultimatesource.”Scaliabelievedthatknowingwhosendsamessageiscriticaltoevaluatingit.Weallintuitivelyaskourselves:Whywouldthispersonorgroupbesendingthismessage?CanItrustthemtobehonest?Aretheybiased?Dotheyhaveanulteriormotive?Thesearehealthyquestionsthatbelongattheheartofpoliticaldiscourse,nothiddenfromview.ThisiswhatArizonaProposition211isabout.DavidTedescoCo-chairman,Voter’sRighttoKnow(ArizonaProp211)ParadiseValley,Ariz.Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:42pmET | ||
| 9ed35552e7128a58f296477eea3407fe | TheFallofaNewYorkGovernor | Opinion | Letters | MarioCuomowavesduringaColumbusDayParadeinNewYork.Photo:CorbisviaGettyImagesJasonRiley’scolumn“LeeZeldin’sNewYorkRepublicansPartyLikeIt’s1994”(UpwardMobility,Nov.2)remindsmeofattendingPhilRizzutoHallofFameNightatYankeeStadiumonAug.9,1994.Iwassittingintheupperdeckwithmyfriend,notedNewYorkCityhistorianVincentCannato,as50,700fans,manyofthemofItaliandescent,lustilycheeredYankeesgreatRizzutoandthenequallylustilybooedthree-termDemocraticNewYorkgovernorMarioCuomo.Mr.Cannatothensaidtome:“50,000ItaliansbooingMarioCuomo;hemustbeintrouble.”Mr.Cannatowasright.CuomolosttoGeorgePatakiaspartoftheRepublicanRevolutionthatgavetheGOPcontrolofbothHousesofCongressforthefirsttimesince1954,andtheNewYorkgovernor’smansionforthefirsttimesinceMalcolmWilsonin1974.TeviTroyBipartisanPolicyCenterSilverSpring,Md.Mr.Troyisauthorof“FightHouse:RivalriesintheWhiteHousefromTrumantoTrump.”Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:43pmET | ||
| 1430a7e78e309799ecbeca0bfeb85f93 | VonageWillPay$100MilliontoSettleFTCAllegationsofTrappingConsumersinSubscriptions | Business | Business | Ericsson-ownedVonagechargedconsumers$5to$50amonthforsubscriptionstointernet-basedphoneservice.Photo:MarkSchiefelbein/AssociatedPressEricssonERIC0.19%increase;greenuppointingtriangleABsubsidiaryVonagewillpay$100milliontosettleFederalTradeCommissionallegationsthatitcreatedawebofobstaclesforitscustomerstocanceltheinternet-basedtelephoneserviceandchargedunexpectedterminationfees. Theagreement,filedinafederalcourtThursday,representsthelargestsettlementofitskindintheFTC’senforcementpushagainstcompaniesthatallegedlythrowuphighhurdlestocustomersseekingtocancelsubscriptionsorservices. NewJersey-basedVonagewillberequiredtoobtainconsumers’expressconsentforservicesandsimplifyitscancellationprocess.Thecostofasubscriptionrangedfrom$5to$50amonthforconsumers,andpotentiallythousandsamonthforbusinesses,theFTCsaid.ThecommissionsaiditreceivedhundredsofcomplaintsfromconsumersaboutVonage’stactics. Advertisement-ScrolltoContinueNewsletterSign-upWSJPolitics&PolicyScoops,analysisandinsightsdrivingWashingtonfromtheWSJ'sD.C.bureau.PreviewSubscribe“Thisrecord-breakingsettlementshouldremindcompaniesthattheymustmakecancellationeasyorfaceseriouslegalconsequences,”saidSamuelLevine,directoroftheFTC’sBureauofConsumerProtection. The$100millionwillbeusedtorefundconsumers,theFTCsaid. Vonagedidn’tadmitwrongdoingaspartoftheagreement.“Thecompanyfeltitwasinthebestinterestsofourcustomers,partnersandemployeestocometoasettlement,sowecanfocusoncreatingtechnologysolutionsthathelppeopleandbusinessescommunicate,”aspokeswomansaid.TheVonagesettlementfollowsaFTCpolicystatementissuedinOctober2021thatwarnedcompaniesagainstlockingconsumersintosubscriptionsusingwhatthecommissioncalled“darkpatterns,”ortacticsthatincludetrickingortrappingcustomersintopayingforgoodsandservicesandcreatingobstaclestocanceling. Thecommissionsaidatthetimeitwasrampingupitsenforcementinresponsetoarisingnumberofconsumercomplaintsaboutdeceptivesign-uptacticsandunauthorizedcharges.“Thisisdifferentfromrun-of-the-milldeception,”FTCattorneyStephanieLiebnersaid.“Inthenewonlineworld,thecompaniescanuseconsumerdatatotestwhatmanipulatesconsumersmosteffectively.” Vonageprovidedeasywaysforconsumerstosignupforaphoneplanwithafreetrialonline,butthenrequiredthecustomertocallaliveagenttocancel—onacompanyservicenumberthatwasdifferentfromthemaincustomerservicelineandnoteasilyfoundonVonage’swebsite,theFTCsaid.Thecompanydidn’ttransferpeopletothecorrectlineorfollowthroughonpromisestoreturncallsfromconsumersseekingtocancel,thecommissionsaid.Vonagealso chargedterminationfeesthatweren’tdisclosed,itsaid.“Theyknewtheyweremakingpeoplegothroughhoopsonthephone,”Ms.Liebnersaid. TheFTCallegedVonageviolatedalawthatprohibitsunfairordeceptivepracticesincommerce.Thecommissionalsoallegedthecompanyviolateda2010lawthatprovidedprotectionsforconsumerswhoshoponline.Inanearliercase,AgeofLearningInc.,whichoperateschildren’sonlinelearningprogramABCmouse,agreedin2020topay$10milliontosettleFTCallegationsthatitfailedtodisclosemembershiptermsthatledtoconsumersbeingchargedwithouttheirconsent.Thecompanydidn’tadmitwrongdoing.TheFTCsaiditsentrefundstomorethan200,000consumerslastyear.WritetoErinMulvaneyaterin.mulvaney@wsj.comAdvertisement-ScrolltoContinue | ByErinMulvaney | 2022-11-03 | UpdatedNov.3,20224:52pmET | |
| fd3a4755ec73a585cca70af5a57a1939 | RaceShouldn’tBe‘Determinative’inAmerica | Opinion | Letters | ThelinebytheU.S.SupremeCourttohearoralargumentsinaffirmative-actioncases,Oct.31.Photo:ChipSomodevilla/GettyImagesMyexperiencewithracialdiscriminationincollegeadmissions(“RacialDiscriminationForever?”Review&Outlook,Nov.1)cameasanalumniinterviewerforCornellUniversity.Forseveralyears,Iwouldinterviewhighlyqualified,high-achievingapplicantstoCornell,manyofthemAsian-Americans,whohitalltheboxesforacademics,leadershipandnonacademicaccomplishments.Yetyearafteryear,IwasamazedthatnoneofthesesuperblygiftedAsianstudentswouldappearinthelistofstudentsofferedacceptance.AfterCornellsubmittedanamicusbriefinsupportofHarvard’ssystemofracialpreferences,thelightwentoninmyhead.Iendedmyalumniinvolvementandredirectedmycharitablegiving.ItwasinParentsInvolvedv.SeattleSchoolDistrict(2007)thatChiefJusticeJohnRobertswrote,“Thewaytostopdiscriminationonthebasisofraceistostopdiscriminatingonthebasisofrace.”IhopeamajorityofthecourtagreesintheHarvardandUniversityofNorthCarolinacases.Advertisement-ScrolltoContinueIraWinstenGeorgetown,TexasInresponsetoaquestionfromChiefJusticeRoberts,HarvardcounselSethWaxmanconcededthattherearescenariosinwhich“racewillbedeterminative”inadmissions.Ifracecanbedeterminativeinadecisionaboutanindividual,itraisesthequestionofwhatcanbeknownaboutanindividualbyhisorherrace.Thedefinitionofdiversity,asJusticeClarenceThomasobserved,maybenebulousandelusive,buttheabsenceofdiversityisroutinelydefinedinracialtermsonandoffcampus.Insufficientrepresentationofspecificracialgroupsinafreshmanclass,acompany’sdiversityreportorthecompositionofitsboardforSecuritiesandExchangeCommissiondisclosures,canallipsofactorevealtheabsenceofdiversity.Reasonable,fair-mindedpeoplewhosupportinclusionandequityoftreatmentforallmayrejectthenotionthatracecantellusanything“determinative”aboutwhatanindividualwillorwon’tbringtoauniversity.Perhapsthisexplainsthedissonancebetweenpublic-opinionpollsandtheviewsofacademia,corporateAmericaandgovernmentreflectedinthe60amicusbriefsinsupportofrace-consciousadmissions.BarryDavisFelton,Pa.Fewaretalkingaboutthebigpictureissuewithdiscriminatorycollegeadmissions:Ifourelementaryandhighschoolsweredoinganexcellentjobeducatingblackstudents,thesestudentswouldn’tneedpreferentialadmissionsatthecollegelevel.Theywouldbeabletocompeteonasolelyacademicfooting.Thisistherealtragedyofoureducationsystem.AndreaLorenzMequon,Wis.Advertisement-ScrolltoContinue | 2022-11-03 | Nov.3,20224:44pmET | ||
| ac78617dadddca52a3b67c5fa99e4ae4 | Qualcomm’sLongerLifeWithAppleComesataCost | Finance | HeardontheStreet | CristianoAmonischiefexecutiveofficerofQualcomm.ThecompanyWednesdaybecamethelatestchipmakertoseeitsnumbershitbyarapidlyweakeningsmartphonemarket.Photo:VictorJ.Blue/BloombergNewsQualcommQCOM1.11%increase;greenuppointingtrianglewillbekeepingAppleAAPL0.12%increase;greenuppointingtriangle‘slucrativeiPhonebusinessawhilelonger—forbetterandforworse. Qualcommtoldinvestorsduringitsfiscalfourth-quarterearningscalllateWednesdaythatitexpectsitsmodemchiptohavethe“vastmajority”ofApple’siPhonebusinessforthenextcropofdevicesexpectedtolaunchinthefallof2023.Thatisashiftfromthecompany’spreviouslystatedassumptionof20%share,butthenewswasn’tabigsurprise.AninfluentialApplesupply-chainanalystreportedbackinJunethatApple’seffortstodevelopitsownmodemhadhitasnagandwereunlikelytobereadyforthe2023iPhones. ButQualcommstillisn’tcountingonkeepingthebusinessforever.ThecompanysaidWednesdaythatitnowexpects“minimalcontribution”fromAppleforitschipsetbusinessforthefiscalyearthatendsinSeptemberof2025. ItiswiseforQualcommtobesocandid.Apple’sbusinessissubstantial;thecompanyshipswellover200millioniPhoneunitseachyeareveninweakcycles.Buttheworld’smostvaluablecompanyisalsopowerfullymotivatedtobringmoreofitschipdesigninhouse.IthasbeendesigningitsownapplicationprocessorsfortheiPhoneandiPadsincethe2010models,anditsM-seriesCPUchipsfortheMachavebeenarousingsuccess.Apple’sMacrevenuehasaveraged20%year-over-yeargrowthoverthepasteightquarterssinceitlaunchedthefirstdeviceswithitsin-houseprocessor.AverageMacrevenuegrowthfortheeightquartersbeforethatwas8%. CountingAppleoutofthebusinesslongtermalsofurthersQualcomm’songoingefforttoprovethatithasalifebeyondsmartphones.ThecompanyevenheldananalystmeetinginSeptemberthatfocusedsolelyonitsburgeoningautomotivebusiness,whichitexpectstohave$4billioninrevenuebyitsfiscalyear2026comparedwithabout$1.3billionnow. Butdialingdownphonesisnosmallmatterforthecompanythatlargelyinventedthetechnologybehindtoday’smobile-communicationsnetworks.Anditremainsthecompany’smostdominantbusinessnow—painfullyso.QualcommonWednesdaybecamethelatestchipmakertoseeitsnumbershitbyarapidlyweakeningsmartphonemarket.Thecompany’sprojectedchipsetrevenueofabout$8billionfortheDecemberquarterwas23%belowWallStreet’sforecastandwouldbetheunit’sfirstdeclineinthreeyears. Thatsurprisedinvestorswhowerealreadywellbracedforaslowdown;Qualcomm’sstockslidnearly8%Thursday.Notably,Apple’ssharesalsotookahit,fallingbymorethan4%astheoutlookfromQualcommandfellowwirelesschipmakerQorvopaintedadimpictureforsmartphonedemandovertheholidayseason. Despitetheirbestefforts,AppleandQualcommarejoinedatthehipforawhilelonger.WritetoDanGallagheratdan.gallagher@wsj.comAdvertisement-ScrolltoContinue | ByDanGallagher | 2022-11-03 | UpdatedNov.3,20224:52pmET | |
| 4c570f30e270c9d4c266fc96f3b8f8dc | ‘AlmostFamous’Review:ALessThanRockingRetread | Opinion | TheaterReview | "CaseyLikesandSoleaPfeifferPhoto:MattMurphyAlmosteverythingabout“AlmostFamous,”theBroadwaymusicaladaptationoftheCameronCrowemoviefrom2000,feelsalmost-good-enough.Stageversionsofcelebratedfilmsareanannual,never-subsidingtideonNewYorkstages,andcertainlythisproductionrisesabovetheaveragebysomemeasure.NeverthelessmuchofthequirkydelicacyandemotionalrichnessthatmadethemoviesofunnyandmovingareswampedbytheinevitableneedtoamplifythematerialtofillaBroadwayhouse.AlmostFamousBernardB.JacobsTheatre,242W.45thSt.,NewYork $59-$199,212-239-6200Mr.Crowecanhardlypointfingers:Hewrotethebook,andcollaboratedonthelyricswithTomKitt(“NexttoNormal”),whocomposedthemusiccreatedfortheshow.Butafairamountofthemusiccomesfromthemovie,whichfeaturessongsbyMr.Croweandhisthen-wife,NancyWilson(ofthebandHeart),inadditiontoseveralclassicrocksongs.Unhappily,youaremorelikelytoleavethemusicalhummingEltonJohn’s“TinyDancer”—perhapsunwiselyplacedasthefirst-actfinale—thananyoftheskillfulbutgenericpseudo-rocksongsbyMr.KittandMr.Crowe.ThebookmostlyfallsintolockstepwithMr.Crowe’sOscar-winning,semi-autobiographicalscreenplay,skippingoverabriefprologuesetin1969.Wepickupthestoryin1973,whentheprecocious15-year-oldWilliamMiller(CaseyLikes),anaspiringrockjournalist,firstencountersCreemmagazineeditorLesterBangs(theterrificRobColletti,whowandershaphazardlyinandoutoftheshowasWilliam’smentor),andembarksonanodysseyintotheloucheworldofrockbandsandtheirhungryhangers-on.Unfortunately,amoviecandoabetterjobthanthetheaterofre-creatingthisdrug-and-decadence-filledambience:Herewehavetomakedowithlotsofdenim—beadeddenim,embroidereddenim,patchworkdenim,macramé-plus-denim,withafewStevieNickstypestwirlingaroundhereandthere—toestablishthemilieu.(DavidZinndidthecostumes.)MattBittner,DrewGehling,ChrisWoodandBrandonContrerasPhoto:MattMurphyWilliam’smother,Elaine(AnikaLarsen),atfirstattemptstoroadblockhisambitions,butsoonWilliamisontourwiththeon-the-risebandStillwater,withLesterprovidingadmonishingcommentary.HewarnsWilliamthathemustnotsuccumbtotheblandishments—women,drugs,butmoreimportantlythecozyintimacyoffriendshipthattheisolatedWilliam,likeLester,craves—thathewillinevitablybeseducedby.William’sfirsttemptationisPennyLane(SoleaPfeiffer,inbeautifulvoice,andinKateHudson’sfur-trimmedcoatandcoloredglassesfromthemovie),agroupiewhoderidesthedismissivesobriquetandbefriendsWilliam,becomingthethirdpointintheemotionaltriangleofWilliam,Pennyandheroff-and-onlover,theguitaristofStillwater,Russell(ChrisWood—adeadringerforBillyCrudupinthemovie).Thetinyelephantintheroom—or,rather,thenot-so-tinyelephant—isthatMr.Likes,whofirstplayedtherolewhenthemusicalmadeitspremiereinSanDiego(wheremanyoftheprincipalcharactersarefrom)in2019,lookssignificantlyolderthan15,makingthegoofycharmofWilliam’sinteractionwiththebleary-eyedrockersandgroupieslessdisarming.(Mr.Likesisterrific,andradiatesaneager-eyedinnocence,but,atage20,hesimplydoesnothavethecherubicboyishnessoftheactorinthemovie.)Mr.Crowemakesfewdeviationsfromhisscreenplay,wisely,butabsenttheintimacyoftheclose-upcamera,manyofthemostaffectingmomentsinthemovie—thesearingpassageinwhichWilliamtellsPennythatshehasessentiallybeentradedawaybyRussellinacardgame;theburgeoningpaternalaffectionofRussellforWilliam—donotdigintoyourheartasdeeplyhere.Andwhilethebookfollowsthecontoursofthemoviealmostdoggedly,theneedtoaddmoremusic(why?)toeveryturninthestoryeventuallyresultsinadraggyfeeling,particularlywhenitcomestothecharacterofElaine,playedwithnicerelishbyMs.Larsen.Hereisacharacterwhoreallydoesnotneedto,andshouldnot,singhertartdissatisfaction—itwasmuchmorecrisplyandamusinglyrenderedbythegreatFrancesMcDormandinthemovie.Asinglelineinthefilmabouthersonbeingabductedbyarockbandisfarmoreeffectivethanthelong,undistinguishedsongexpressingthesamesentimenthere.“AlmostFamous”hasbeendirectedbyJeremyHerrinwiththesameworkmanlikestoliditythathebroughttohisstageversionoftheEnglishhistorysaga“WolfHall.”Attemptstoenliventheactionwithactorsrollingcratesofmusicalinstrumentsaroundthestage,withperformerslollingontopofthem,aremostlyineffectualinaddingphysicalvitalitytothestory.Andthescenesofthesedrug-or-drink-addledcharactersloungingaroundorflingingthemselvesateachotherfeelstagyandersatz.Toooften,“AlmostFamous”feelslike“Hair”withatidyhaircut—andthatshowwasnotexactlyarawlyfrankdepictionofthetumultuousperioditdepicted.Althoughthemusicalhasundoubtedlybeencraftedwithcare,Mr.Crowe’sunusuallylovelyandauthenticmovieherefeelstamedandout-of-focus,becomingyetanotherblandlydiminishedstageversionofmaterialthatwasmorefresh,trenchantandaffectingonfilm.Mr.IsherwoodistheJournal’stheatercritic.Advertisement-ScrolltoContinue" | ByCharlesIsherwood | 2022-11-03 | Nov.3,20229:00pmET | |
| 55cc2ca3743cfad0f1501098707dcd7b | WashingtonStateCommissionerTemporarilyBlocksAlbertsonsDividendPayout | Business | Business | AcustomerpaysforgroceriesataSafewaysupermarket,asubsidiaryofAlbertsons.Photo:michaelreynolds/ShutterstockAWashingtonstatecourtcommissionertemporarilyblockeda$4billiondividendthatAlbertsonsACI-0.31%decrease;reddownpointingtriangleCos.hadintendedtopayitsshareholdersnextweek,announcedwhenthegroceragreedtomergewithrivalKrogerCo.KR-0.32%decrease;reddownpointingtriangleina$20billiondeallastmonth.CommissionerHenryJudsonfortheKingCountySuperiorCourtinWashingtonsaidduringahearingThursdaythathewillgrantatemporaryrestrainingordertostoptheplanneddividend.Therulingcameafterthestate’sattorneygeneralfiledalawsuitthisweekagainstthecompaniestoblockthepayment,whichwasinitiallyscheduledforNov.7.TheproposedmergerbetweenKrogerandAlbertsons,thetwolargestU.S.supermarketoperators,hasfacedoppositionfromelectedofficials,independentretailersanduniongroupsvoicingconcernsabouthowthedealwouldaffectfoodprices,competitionandgroceryworkers’jobs.AgroupofsixstateattorneysgenerallastweekaskedAlbertsonstodelaythepaymentuntilofficialsfinishedreviewingtheproposeddeal.TheywroteinalettertothecompaniesthatthedividendwouldhurttheabilityofAlbertsonstocompetewithKrogerandotherretailersifthemergerdidn’tgothrough.Albertsonsnotifiedtheattorneysgenerallatelastweekthatitcouldn’tcomply,sayingthatthedividendispartofitsstrategytoreturncapitaltoshareholdersandisn’tconditionedonthemerger.Mr.JudsonsaidThursdaythatthecaseneedstogothroughamoredetailedhearing,scheduledforNov.10,whenajudgewilldecidethefateofthedividend.Albertsonssaiditwillseektooverturnthedecisionasquicklyaspossible.Thecompanysaidtheplanneddividendwon’thurtitsabilitytocompeteagainstotherretailersandthatitwillstillhaveabout$3billionofliquidityaftermakingthepayment.Krogerhadnoimmediatecomment.AttorneysgeneralofWashington,D.C.,CaliforniaandIllinoisonWednesdayfiledaseparatelawsuitagainstthecompaniesinfederalcourt,alsoseekingatemporaryrestrainingordertostopthepayment.WritetoJaewonKangatjaewon.kang@wsj.comAdvertisement-ScrolltoContinue | ByJaewonKang | 2022-11-03 | Nov.3,202211:11pmET | |
| 1e80d71f95965e0e0891b3e96e296fbe | NewYorkJudgeImposesMonitoringRequirementsonTrumpBusinessOperations | U.S. | U.S. | AjudgesaidThursdaythatNewYork’sattorneygeneralhadpresentedabundantevidencetosupporthercontentionthatTrump’sfamilybusinesshadengagedinfraud.Photo:SpencerPlatt/GettyImagesANewYorkjudgeonThursdayrequiredthatDonaldTrump’sfamilybusinessbesubjecttomonitoringrequirementswhileitisfacingacivil-fraudlawsuitfromNewYorkAttorneyGeneralLetitiaJames.StateSupremeCourtJusticeArthurEngoronsaidthatgivenwhathecalled“persistentmisrepresentations”bytheTrumpfamily’sbusinessinitsfinancialstatementsoverthelastdecade,“theappointmentofanindependentmonitoristhemostprudentandnarrowlytailoredmechanismtoensurethereisnofurtherfraudorillegality.”SHAREYOURTHOUGHTSShouldtheTrumpOrganizationbebarredfrommovingassetswhilethecivil-fraudlawsuitispending?Jointheconversationbelow.TherulingcamehoursafterthefirstpubliccourthearinginMs.James’slawsuit,filedinSeptember.Theattorneygeneral,aDemocrat,allegedMr.Trump,threeofhisadultchildrenandhiscompany generated$250millioninill-gottengainsbyengaginginadecadelongschemetofalselyvaluetheirassets.Mr.Trumpprovidedfalseandmisleadingassetvaluationstobanksandinsurersthatinflatedhisnetworthbybillionsofdollars,shealleged.DonaldTrumpsaidheinvokedhisFifthAmendmentrightsanddeclinedtoanswerquestionsfromtheNewYorkattorneygeneralatascheduleddepositioninAugust.WSJ’sCorinneRameyexplainswhattoknowabouttheinvestigationintothefinancialdealingsoftheformerpresidentandhisbusiness.Photoillustration:LauraKammermannJusticeEngoronsaidMs.JameshadpresenteddozensofpiecesofevidencetosupporthercontentionthattheTrumpfamilybusinesshadengagedinfraud,suggestinghercasewaslikelytosucceedonthemerits.HepointedtoevidencethatMr.Trumphadexaggeratedthesizeandinflatedthevalueofathree-floorapartmentinTrumpTowerandsaidinfinancialstatementsthatadozenrent-restrictedapartmentsappraisedat$750,000wereworth$50million.JusticeEngoronsaidtheTrumps’lawyers“havefailedtosubmitaniotaofevidence,oranaffidavitfromanyonewithpersonalknowledge,rebutting”theattorneygeneral’s“comprehensivedemonstrationofpersistentfraud.”Advertisement-ScrolltoContinue“Today’sdecisionwillensurethatDonaldTrumpandhiscompaniescannotcontinuetheextensivefraudthatweuncovered,”Ms.Jamessaidaftertheruling.NewYorkAttorneyGeneralLetitiaJameshasallegedthatfraudulentpracticeshavecontinuedsinceshefiledherlawsuit.Photo:BrittainyNewman/AssociatedPressAspokeswomanfortheTrumpOrganizationsaid,“Today’sdecisionsetsadangerousprecedentforgovernmentinterferenceinprivateenterpriseandisanobviousattempttoinfluencetheoutcomeoftheupcomingelection.”TheTrumpshavecalledtheaccusationspoliticallymotivated,andonWednesdaytheformerpresidentsuedMs.JamesinaFloridacourt,seekinganorderthatwouldbarherfromaccessinganddisclosingatrustthatdetailsMr.Trump’sestateplans.Mr.TrumpinastatementcalledThursday’sdecision“ridiculous”andunprecedented.“BusinesseswillbefleeingNewYork,whichtheyalreadyare,forotherstatesandothercountries,”hesaid.Ms.JameshasallegedthatMr.Trumpandhiscompanyhavecontinuedtoengageinfraudulentpracticessinceshefiledherlawsuit,andsaidthatonthedaythesuitwasfiledtheTrumpOrganizationregisteredanewentityincorporatedinDelaware,TrumpOrganizationIILLC,withtheNewYorksecretaryofstate.JusticeEngoron’shearingThursdayfocusedonMs.James’srequestforapreliminaryinjunctionthatwouldbarthecompanyfromsubmittingMr.Trump’sfinancialstatementstoinsurersandlendersandprohibitthecompanyfromtransferringordisposingofassetswithoutcourtapproval.HerofficeaskedthejudgetoappointanindependentmonitorwhilethecasewaspendingtoensuretheTrumpOrganizationfollowedthoserules.TheinjunctionissuedbythejudgesaidtheTrumpbusinesscan’tsell,transferorotherwisedisposeofitslistednoncashassetswithoutprovidinga14-daynoticetotheNewYorkattorneygeneralandthecourt.ChrisKise,anattorneyfortheTrumpbusinesses,duringthehearingsaidthecreationofthenewDelawareentitywasaroutinebusinessmatterandhadnothingtodowiththeattorneygeneral’slawsuit.Hecalledtheappointmentofamonitor“astaggeringinterferenceinthenormalcourseofbusiness.”TheTrumpfamily,hesaid,hasnointentionofmovingmajorassetsoutofstateandcouldn’tdosoeasilyanyway,giventhatitsmostimportantassetsarelargebuildings.Mr.Kiseaccusedtheattorneygeneralofseekingtoscorepoliticalpointswiththemotion.“Thisshouldn’tbeaboutpoliticaltheater.Thisshouldbeaboutthefactsandthelawsappliedtothosefacts,”hesaid.KevinWallace,anattorneywithMs.James’soffice,saidtheroleofthemonitorwouldn’tbetointerferewiththefamily’sabilitytodobusiness.“Ourgoalisnottoimpacttheday-to-dayoperationsoftheTrumpOrganization,”hesaid.WritetoLauraKusistoatlaura.kusisto@wsj.comandCorinneRameyatCorinne.Ramey@wsj.comTheMar-a-LagoDocumentsKeycoverageofthehandlingofclassifieddocumentsatTrump'sresort,selectedbytheeditorsReadtheIndictmentNewIndictmentSaysTrumpOrderedCameraFootageDeletedTrumpDocumentsTrialtoStartinMayTrump’sLawyersAreBackinCourtTheFederalCaseAgainstTrumpTrumpPleadsNotGuiltyCasePutsJudgeintheSpotlightHowProbeLedtoIndictment:ATimelineAGuidetoTrump'sLegalPerilsAdvertisement-ScrolltoContinue | ByLauraKusistoandCorinneRamey | 2022-11-03 | UpdatedNov.3,20229:53pmET | |
| e82ceea5b5a907b6c3b03a9e281ac1c4 | AutoMakersAreExpandingVoiceControlsforDrivers.CarsWillTalkMore,Too. | TheFutureofeverything | Illustration:JohnW.TomacYouapproachthecarwitharmsfullofgroceriesandcallout,“Openthetailgate!”Ontheroad,assnowbuilds,thevehicleasksifyou’dliketoengagefour-wheeldrive,whichyoudobysaying“yes.” Wonderingwhatthatdigitalwarningsymbolisonyourdashboard?Thecarcanexplainasyoudrive.Thetechnologybehindthesescenariosisexpectedtomakeitswayintocarsinthenextyearortwo,asautomakersexpandvoicecapabilitiesandallowuserstocontrolmoreofthecarthroughspokenword.Withtheproliferationofscreensincars,carmakersareofferingverbalcommandsasawaytohelpthedriverkeepeyesontheroadandavoidvisualdistractions.Theyaremovingtowardvoicecommandsthatgodeeperintothecar’scontrols—verbalcuesforturningonthewipers,adjustingthemirrorsorpoppingthetailgate. NewsletterSign-upTheFutureofEverythingAlookathowinnovationandtechnologyaretransformingthewaywelive,workandplay.PreviewSubscribeAtthesametime,automakersareprogrammingthecartointerjectwithmoresuggestionsofitsown.Theyarecombiningvoicewithartificialintelligenceinanefforttotransformthecarintoatravelcompanionofsorts—onethatwillsuggestarestaurant,alertyoutopendingproblemsorevendetectyourtensemoodandadjustbyplayingclassicalmusic. “Voiceassistantsarebecomingmuchmoreproactive,”saidPrateekKathpal,chieftechnologyofficeratCerenceInc.,aMassachusetts-basedcompanythatprovidesartificialintelligenceandothertechnologytocarmakers. Carbuyerswouldbeforgivensomeskepticism.Asrecentlyasadecadeago,voice-recognitionsystemswereasourceoffrustration.Commandsrequiredaspecificsequenceofoftenstiltedwords.Commandsweren’tstandardized,sowhatworkedin,say,thefamilyForddidn’tworkintheLexus.Thesystemsweresounreliabletheydraggeddownautomakers’scoresinvehicle-qualityrankings. Advertisement-ScrolltoContinue“Carcompaniesinvestedtonsofmoneytolicensevoicetechnology,integrateit,putabuttononthesteeringwheel—anditwasacompleteletdown,”saysNedCuric,chieftechnologyofficerforJeepmakerStellantisN.V.andpreviouslyvicepresidentofAmazon.com’sAlexaAutomotivedivision.“Itwaslikeatrust-busteronascaleunimaginable.”Thesedays,driversareusingvoicecontrolsmorefrequently.Fortypercentofownersusedtheirin-vehiclevoicesystemsatleastonceaweek,upfrom30%in2019,accordingtoaU.S.surveyconductedlastyearbyresearchfirmStrategyAnalytics.AsurveyearlierthisyearfromresearchfirmS&PGlobalMobilityfoundthatvoicewasthefirstorsecondchoiceofvehicleownersforusingnavigation,makingphonecallsorchangingthemusic,comparedwithotheroptionslikedashboardbuttons,steering-wheelcontrolsorthetouchscreen.WithadvancesinAI,thesystemshavebecomemoreabletofollowconversationalcommandsandquestions.Thatrobotlurkingbehindthatmultimediatouchscreenisbetteratunderstandingyourrequesttoswitchtheradiostationandislesslikelytocallyourbosswhenyoumeanttocallyourspouse.And,becausemostcarsnowcomewithinternetconnections,theycandrawfromthecloudtokeepup-to-datenavigationmapsandlocalbusinesslistings. TheintroductionnearlyadecadeagooffeaturessuchasAppleCarPlayandAndroidAutothatallowtheuser’ssmartphonetobeconnectedtothetouchscreen,providingthelookandfeelofthephoneinterface,warmedupuserstotryingvoicecommandsbehindthewheel.ThosesoonwerefollowedintothecockpitbytheadditionofAlexaandotherapp-basedvirtualassistants.Meanwhile,insidethehome,smartspeakershaveconditionedmorepeopletoconversewithhardware. AppleCarPlayandAndroidAutohavebecomeubiquitous.Carcompaniesalsohavetheirownembeddedsystems,typicallyaccessedthroughabuttononthesteeringwheel.Andlately,moreautomakersarebuildingGoogleAssistandotherthird-partysystemsintothegutsofthecartoallowforcommandsthatgobeyondthemultimediasystem,suchasadjustingseatsorturninguptheheat.Inthefuture,asadvancesinpartiallyautomatedfeaturesareexpectedtotakeovermoredrivingtasks,automakersenvisioncombiningvoicefunctionalitywithentertainmentofferings,likegaming,orproductivitytoolssuchasemail.Mercedes-BenzistestingasysteminGermanythatletsthedriveraskthevoiceassistanttodescribepointsofinterestalongtheroute.Photo:Mercedes-Benz(RENDERING)Amongadvancesexpectedinvoice,Stellantisin2024planstointroduceSTLASmartCockpit,whichwillusevoicetechcombinedwithcamerasandsensorsthatinterprethandgesturesandglancesto,forinstance,automaticallypickaparkingspot.Thesystem,whichusesAmazontechnology,willalsoallowuserstoaskforhelpconfiguringthegaragedooropenerathome,forexample,orverballyrequestthatthecarswitchonthefour-wheel-drivesystem,Mr.Curicsays.Verbalinstructionfromthecarcanbemoreeffectiveandlessdistractingforthedriverthanmessagesonascreen,Mr.Curicsaid.Ifthevehicleisgoingtoofasttomaketheswitchtofour-wheel-drivethatadriverhasrequested,avoicemessageexplainingthesituationismoreeasilydigested,hesaid.GeneralMotorsCo.andotherautomakersareworkingtoallowuserstotapintothecar’sowner’smanual—thatdensebrickthatnormallysitsunusedintheglovecompartment—byaskingthecarquestions. GMplanstodeliveraremotesoftwareupdateincomingmonthstoitsrecentlylaunchedCadillacLyriq,anelectricSUV,thatwillofferverbalinstructions.Apassenger’squestiononhowtosetthepositionofthecar’sseatswouldelicittheanswer:“Usethe‘set’buttonandoneofthetwo‘memory’buttonslocatedonthedoorpanel.Wouldyoulikemetowalkyouthroughit?”Somecockpitsystemsaregettingbetteratanalyzingyourvoice. Mr.Kathpal,fromCerence,saidthecompanyhasdevelopedafeaturethatcanauthenticateavoicetosecurelypurchasesomethingonline,forexample.Meanwhile,thesystemcandetecttheuser’stoneandpitchforsignsofstressoragitation,andadjustbyremainingsilent,orplayingsoothingmusic. “Ifyou’restressed,youwantthevoiceoutoftheway,”hesaid.SHAREYOURTHOUGHTSHowlikelyareyoutouseexpandedvoicecommandsinyourcar?Whatfunctionsdoyouthinkwouldbemostuseful—ornot?Jointheconversationbelow.Cerenceistryingtotakevoicecommandsoutsidethecarwithafeaturethatusesasmallmicrophoneembeddedontheroofthatallowstheusertoaskforthedoorsorwindowstoopen.Itworksonlywiththeowner’spresetvoiceidentification. Automakersalsoareofferingmorevoice-enabledentertainmentoptions.Mercedes-BenzistestingasysteminGermanythatitcallsTourguide:Thedrivercanaskthevoiceassistanttodescribepointsofinterestalongtheroute,suchasasportsstadiumorhistoricchurch.ThecompanyisconsideringintroducingthefeatureinNorthAmerica,aspokesmansaid. CerenceisdevelopingakaraokefeatureitcallsCerenceSing,whichallowsthedrivertofollowthelyricswithoutbecomingdistracted,saidDuyguKanver,theproductmanagerinchargeofthefeature.Insteadofreadingthewordsonthevehicle’sscreen,theusercaninterrupttoaskthecomputervoicetorepeatthemostrecentsectionoflyrics. “Thegoalistocreateaverygoodexperienceforthewholecar,maybescoringthesingingperformances,”Ms.Kanversaid.“There’salotmoretocome.” WritetoMikeColiasatmike.colias@wsj.comTheFutureofEverythingMorestoriesfromTheWallStreetJournal'sTheFutureofEverything,abouthowinnovationandtechnologyaretransformingthewaywelive,workandplay.TheFutureofEverythingHowWeAge—andHowScientistsAreWorkingtoTurnBacktheClockForThisVentureCapitalist,ResearchonAgingIsPersonalEnjoyAlcohol,WithouttheHangoverSixTechnologiesThatWillChangeYourHealthDrugsSoFuturisticThatDoctorsNeedNewTrainingInBats,CluestoFightingHumanDiseaseFindingNewDrugsFromtheDeepSeaGrowingaNewTypeofOrganDonorAdvertisement-ScrolltoContinue | ByMikeColias | 2022-11-03 | Nov.3,202211:04amET | ||
| 9d134b619e9000bb27623410c6bf2d92 | Robinhood’sCashRichesPayOff | Finance | hEARDONTHEsTREET | Robinhoodreportedthatitsnetinterestrevenuesurged73%inthethirdquarterfromthepriorperiod.Photo:AmirHamjaforTheWallStreetJournalRisingratesarehelpingRobinhoodMarketssurviveslowmarkets.There’sstillmoretobedonetotrulythriveagain.ThebrokerreportedWednesdaythatitsnetinterestrevenuesurged73%fromthesecondquarterto$128millioninthethirdquarter.Thathelpeditsaveragerevenueperusertoonceagaintickhigher,to$63from$56.Thelargestsourceofnetinterestrevenueisinterestonmarginlending,whichjumpedto$48millionfrom$39million.Securitieslendingrevenuealsogrewsequentially,to$29millionfrom$23million.Thefirm’sfully-paidmarginlendingproduct,launchedinMay,contributed$4millioninrevenueinthethirdquarterbutisexpectedtoeventuallybemuchmore.Advertisement-ScrolltoContinueEffortstogathercustomercasharealsobearingfruit.Robinhoodsaidthatithassweptupabout$1.5billionworthofcustomercashviaitsGoldaccountssinceitraisedtherateforthosecustomersto3%inSeptember.Cashsweeps,whichmoveuninvestedcustomermoneytoprogrambanks,generated$8millioninthird-quarternetinterestrevenue,upfromjust$2millioninthesecondquarter.SHAREYOURTHOUGHTSWhat’syouroutlookonRobinhood?Jointheconversationbelow.Overall,netcustomerdepositsintoRobinhoodgrewata17%annualizedrateinthethirdquarter.Italsogenerated$20millioninnetinterestrevenuefromsegregatedcustomercashandclearinghousedeposits.Thethirdquartermarkedapositiveturnforadjustedearningsbeforeinterest,taxes,depreciationandamortization,at$47million,upfromalossonthatbasisof$80millioninthesecondquarter.Thecompanyhadsaiditwouldreachpositiveterritorybytheendofthisyear.Thismeasureexcludessomeexpensessuchasshare-basedcompensation,andsomenonrecurringcostssuchasrestructuringcharges,asthecompanyreducesitsworkforceandslimsdown.Investorsshouldn’tgetcarriedaway,though.AportionofRobinhood’sinterestrevenuedoesn’tcomedirectlyfromcustomeractivitiesbutfromitsowncorporatecashpile.Robinhoodhasmorethan$6billionworthonitsbalancesheet,whichgenerated$29millioninnetinterestrevenueormorethanafifthofitstotalnetinterestrevenue.ThatisagoodwaytohelpRobinhoodonitspathtoprofitability,butitdoesn’tnecessarilyrepresentdeepeningrelationshipswithcustomersforinvestingandmoneymanagement.Gatheringcashisoftenameanstoanend:Gettingpeopletodosomethingwithit.Otherwise,inthisenvironmentitisjustacompetitionforwhocanoffercustomersthehighestrates.And,inaless-upbeatsign,Robinhoodsaysactivityinmarginborrowingandsecuritieslendingbycustomersisslowingsofarinthefourthquarter.Robinhood’sengine—trading—isstillmovingforwardslowly.Transaction-basedrevenuesgrewquarter-over-quarter,butbyjust3%to$208million,withgrowthinequitiesandoptionsoffsetbyshrinkingcryptorevenue.Robinhoodsaysitisaimingtolaunchretirementproductsintimefortaxseason,whichcouldbepotentiallyanothermajorfunnelintothebusinessandrevenuegenerator.Butthatremainssomethingforthefuture.Fornow,Robinhoodisearningviahigherrates,enablingittokeepmovingforwardasitlaunchesimportantproducts,anduntilthemarketcycleturnsinitsfavor.Butitisonlyasteponitsjourneythroughtheforest.RobinhoodwasoneofthemostvaluablestartupsinSiliconValleybeforeitsIPO.Butnow,itssharepriceisdownaround75%.WSJ’sGunjanBanerjiexplainshowRobinhoodfueledameme-stockcrazeandwhyit’snowstruggling.Illustration:PrestonJesseeWritetoTelisDemosatTelis.Demos@wsj.comAdvertisement-ScrolltoContinue | ByTelisDemos | 2022-11-03 | UpdatedNov.3,202211:20amET | |
| 47ac725dfb53a4fb9a3733e53190f4df | AMoreDovishBankofEnglandStillWantsaRecession | Finance | hEARDONTHEsTREET | TheBankofEnglandThursdayannouncedanincreaseinitskeyrateto3%.Photo:HENRYNICHOLLS/REUTERSJudgingbytheBankofEngland’sgloomyeconomicforecasts,U.K.interestrateswon’tgoashighasthemarketexpects.Unfortunatelyforinvestors,thecentralbankalsoseemssettomostlyignoreitsownforecasts.OnThursday,theBOEannouncedanincreaseinitskeyratebythree-quartersofapercentagepointto3%—thehighestlevelofborrowingcostssince2008.ThiscomesadayaftertheFederalReserveraisedratesbythesameamount,warningthattheycouldgohigherthanpreviouslyexpected.NewsletterSign-upHeardontheStreetThefirstwordonwhatWallStreetistalkingabout,deliveredtoyouviaemailnotification.PreviewSubscribeUnliketheFed,though,theBritishcentralbankwasinterpretedbymostanalystsasdovish,becausethereportaccompanyingthedecisionsuggestedthatinvestorexpectationsforfurtheraggressiveactionincomingmeetingsareexaggerated.TheBOE’sNovemberprojections,whicharebasedonderivative-marketspricingbeforeOct.25,implythatrateswillpeakaround5.3%inthethirdquarterofnextyear,andslowlycomedown.Thecentralbankcalledthis“elevated”andsaidthat,wereittocometrue,U.K.grossdomesticproductwouldshrinkby2.9%,extendingitsdropthroughout2023andthefirsthalfof2024.Thiscouldbethelongestrecessiononrecord.Inflationwouldbebelowpolicymakers’2%targetintwoyears’time,andkeepfallingfromthere.Atthesametime,theBOEpublisheditsforecastforwhatwouldhappenifrateswerekeptattheircurrent3%level:Inflationwouldbeslightlyabove2%intwoyears’time,butnotsignificantly,andstillsinkfarbelowtargetin2025.Inexchange,theeconomywouldcontractasmaller1.7%.Loadingtweet...Throughitsownforecasts,theBOEseemstobesayingthattighteningasmuchasthemarketthinkswouldbeilladvised.ThedemiseofLizTruss’sgovernment,withitsbigambitionsforfiscalexpansion,haspushedBritainbackintothefoldofausteritypolicies.ThecentralbankhasgonefromfightingtheU.K.Treasury’splanstoinjectextrademandintotheeconomytopreparingforyetanotherhurdletogrowth.However,investorsshouldn’texpectmuchupsideforstocksandbonds,whichwerebroadlyunchangedThursday.MarketexpectationsofrateshavealreadycomedownalotsinceOct.25,asevidenceoftheU.K.’snewfoundfiscalconservatismhaspiledup.EvenbeforeThursday’sannouncement,derivativeswerepricinginratespeakingat4.7%.Tobesure,gettingto4.7%inthenextthreemonthswouldstillrequirealotofmovement,sothereisroomfortheBOEtomeetmarketsinthemiddle.Butthemaneuveringspaceisn’tverywide,sinceofficialshaveprovidedeveryindicationthatthejobisn’tdone.EveniftheytightenbylessthanThursday’smoveincomingmeetings,ratesseemunlikelytopeakbelow3.75%.Thislooksunjustifiablyhigh,giventheBOE’sownforecastthatratesat3%willalreadycausearecessionandbringinflationdown—ifanything,itsuggestsmoneyisalreadytootight.ThepolicyechoesthatofEuropeanCentralBankPresidentChristineLagarde,whosaidThursdaythatevenamildrecessionwon’tstopherhand.InvestorsmaycelebrateearlysignsthatEurope’scentralbankswillsoonstartinflictinglessharmontheirowneconomies.Thefactthattheyarestillcommittedtoinflictingsome,though,isn’texactlygoodnews.WritetoJonSindreuatjon.sindreu@wsj.comWSJStock-PickingContestSeesomeofthelatestpicksfromourHeardontheStreetcolumnistsDebt-AddictedLandlordStrugglesTheCaseforInvestinginGiantRobotSuitsInvestorsCanJamWithToastComparetheWSJHeardStockPicksU.S.SteelCanRidetheManufacturingBoomOwensCorningAppearsInsulatedFromHighRatesAnAuto-PartsRetailerCrashed—ItCanBeFixedThisGen-ZLemonadeMightSourAdvertisement-ScrolltoContinue | ByJonSindreu | 2022-11-03 | UpdatedNov.3,202211:51amET | |
| 5e9cbcab4cc9c54a2384036663e6fb40 | ThesePeopleQuitHigher-PayingJobsforBetterWork-LifeBalance.InflationIsTestingTheirMettle. | ManagingYourCareer | Manyofthemillionsofpeoplewhoswitchedjobsduringthepandemicarefeelingthebiteofinflationespeciallyhard,andforanoftenoverlookedreason—theyoptedforpaycuts.Allaround,ithasbeenagoodtimeforAmericanworkersandtheirearningpower—ifnottheirspendingpower.Laborshortageshavedrivenupwages,andmanyin-demandemployeeshavequitjobsforbetter-payingones. YetasizableshareofjobswitcherstookpaycutsintheCovid-19era,accordingtonewresearch.Inasurveyofmorethan2,300workers,32%ofthosewhochangedjobssinceearly2020saidtheymadelessmoneyasaresult.Manyhavetradedinahigherpaycheckbychoice.Whilenearlyathirdofjobswitcherswhonowmakelessmoneysaidtheyhadbeenlaidofffromtheirpreviousjobs,about25%tookapaycutforbetterwork-lifebalance,accordingtoPrudentialFinancial,whichcommissionedthestudy.Otherssaidtheytookalower-payingjobbecausetheywantedtopursueapassion,workremotelyorinanewlocation,orfindanemployermorealignedwiththeirvalues. Risingpricesforeverythingfromfoodandhousingtovacationsarenowtestingthosedecisions,pushingmanytotightenbudgetsalreadytrimmedwhentheyoptedforlower-payingjobs.Somejobswitcherssaytheyarepursuingextrawork—eveniftheiroriginalgoalwastoworkless. Advertisement-ScrolltoContinueMany,including38-year-oldMaeSingerman,saytheystillhavenoregrets. MaeSingermanwithhermotheranddaughter.Photo:PadraigO’Donoghue“Isacrificedsavingsfornowtoliveamorebalancedlife,”saysMs.Singerman,wholeftherjobasdirectorofoperationsatanonprofitlastfall foralower-payingadministratorroleatanotherorganization. Shemadethedecisiontofindanewjobafterherappendixburstlateonenightandshepingedherco-workersfromtheemergencyroomtosayshewasinthehospitalbutactedasifitwerenobigdeal.“Iwasobsessedwiththejob,”shesayssherealized.“Inretrospect,whywasIemailingmyco-workersat3a.m.?”Afterherrecovery,shetookanewjobthatwouldletherspendmoretimewithhertwoyoungchildrenandhelptakecareofhermother,whohasdementia.Thecatchwasitcamewitha35%paycut.Becauseherhusbandhasaunionjobwithpredictableannualraises,Ms.Singermansaysthecoupledidn’thavetomakemajorchangestotheirlifestyle:Shelivesinarent-stabilizedapartment,andheryoungestisnolongerindaycare.Butasotherexpenseshaveclimbed,therehavebeenadjustments,suchasnolongercontributingtoher401(k).Thetrade-offhasbeenworthit,shesays. “It’shardformetoimaginegoingbacktowhatIhadatthispointinmylife,”shesays. Somewhoquitjobsforlower-payingpositionsarenowseekingextrawork,asaremanyU.S.workers.Inarecentsurveyofmorethan1,000workingadults,38%saidtheyhadlookedforasecondjoband14%saidtheyplannedto. Nearlytwo-thirdsofrespondentssaiditwashardertopayforlivingexpensesthanayearearlier,accordingtothebusiness-softwaremakerQualtrics,whichconductedthestudy.Inflationisrunningneara40-yearhigh,raisingthecostofeverydayneedssuchascarrepairsandhaircuts.ChristopherDoranPhoto:ThomasGragliaChristopherDoran,a32-year-oldinnorthernNewJersey,makes20%lessthanhedidasadirectorofnursingatanassisted-livingfacilityuntilaboutayearago. Hesayshemadetheswitchtonursingatahospitalafterrealizingthathisworkaffectedhisrelationshipswithfriendsandfamily,andhismentalhealth.“Iwasmissingeventswithchurch,ordinnerswithfriendsorfamily.Ihadtoworkholidays,soreally,Ididn’thaveanyopportunitytoenjoymylife,”hesays.“Iwasburnedout.”Mr.Doransaysheishappywithhischoice,buthefeelstheeffectonhisfinancesdaily.Hedoesn’tgooutasmuchbecauseofgasprices.“Iusedtoshophealthier,”headds.“Ican’tbecauseit’ssoexpensive.” Tooffsetthesalarydifferenceandpayoffhiscredit-carddebt,Mr.Doranpicksupextrashiftsatthehospital,whichgetshimovertimepay.It’sfewerhoursandlessstressthanhisoldjobbutstillalotofwork,hesays. “I’vebeensacrificingmyleisuretimetopaythecreditcards,”hesays.“It’sstillkindoftakingtimeIwishIhadaway.” Aseriesofinterest-rateriseshaverippledthroughtheU.S.economy,andmoreareprojectedtobeontheway.WSJbreaksdownthenumbershittingAmericans’walletsthisyearandbeyond.Photo:EliseAmendola/AssociatedPressFormanywhohavelostjobs,apaycutwastheonlyoption.KimberlyAllen,38,haschangedjobsseveraltimesduringthepandemic,andherpayhasfluctuatedwitheachchange.In2020,sheleftanonprofitandtookapaycutforaroleinrecruiting.Alittleoverayearlater,sheleftthatjobandalmostdoubledhersalarybytakingacontractrolewithatechcompanyasatalentsourcer.Shewassuddenlyunemployedwhentheroleendedafewmonthslater.SHAREYOURTHOUGHTSIfyoumadeajobchangeduringthepandemic,whathasbeenyourexperience?Jointheconversationbelow.“Itookaleapoffaith,”saysMs.Allen,wholivesinSchererville,Ind.Ms.Allenhassincefoundanotherrecruitingjoboncontract,butitpays10%lessthanherlastjob.Meanwhile,everythingfromschoolsuppliestosports-teamfeesandgasspentshuttlingeveryonebackandforthismoreexpensivethanitusedtobe.Ms.Allensayssheandherhusbandhaveputacaponthenumberofactivitiestheirkidscanparticipateinandcutbackonentertainmentspending.“We’reworkingoncreativelow-budgetwaystohavefunathomefortheentireyearandprobablynextyear,”shesays. WritetoKatherineBindleyatkatie.bindley@wsj.comAdvertisement-ScrolltoContinue | ByKatherineBindley | 2022-11-03 | UpdatedNov.3,202211:24amET | ||
| 3d4b20b5565d0292a1025cc42fd5f6eb | PaulAllen’sQuestforSunkenWarships | Essay | "OnNov.9-10,Christie’sNewYorkwillauctionofftheartcollectionofPaulAllen,thelateMicrosoftco-founder.Withmorethan150items,includingpaintingsbyVanGogh,CezanneandSeurat,thesaleisexpectedtofetchsome$1billion.Allen’sinterestinartwaswellknown,butlessattentionhasbeenpaidtoanotherofhispassions:trackingdownanddocumentingWorldWarIIshipssunkinaction.ThroughhisumbrellacompanyVulcan,Allenfundedthediscoveryandexplorationofmorethan20warships,includingtheAmericanaircraftcarriersLexingtonandHornet,thecruiserU.S.S.IndianapolisandtheJapanesebattleshipMusashi.“PaulAllensingle-handedly,privately,setouttofindeverysignificantU.S.WorldWarIIwarshipthatfoughtinamajorbattleorhadasignificantstorytoit,”saidexplorerDavidMearns,whosecompanyBlueWaterRecoveriesworkedwithVulcanformorethanfiveyears.Only10%oftheoceanfloorisproperlymapped,andmountainrangesandcanyonsdwarfeventhelargestwarship.Findingawreckpresentsenormouschallenges.Only10%oftheoceanfloorisproperlymapped,andmountainrangesandcanyonsdwarfeventhelargestwarship.Theshipsarerarelyintact.Andwheretostartlooking,whentheshipsthemselvesmightnothaveknownexactlywheretheywerewhentheysank?Allenoperatedasamaritimeprivatedetective,collaboratingwithappreciativegovernments,museumsandsurvivorassociationsbuttakingordersfromnone.Akeenstudentofhistory,hewouldprovidehisteamalistoftheshipshewasinterestedin,andtheywoulddeterminewhichwreckswerefeasibletoexplore.Allenwouldthengreenlightavoyage.Theexpeditionsmirroredthemanhimself—somewhatreclusive,engagingothersonlyasmuchasnecessary.Allennevershareddetailsaboutthereasonsforhiscommitmentorhowmuchhespentonit.Thegoalofthesemissionswastolocateanddocumentwrecks,nottorecoveritemsorhumanremains.MostifnotalloftheshipsthatMr.Allenfoundarewargraves,subjecttotheSunkenMilitaryCraftAct(SMCA)of2004,whichprotectsfromunauthorizeddisturbanceallsunkenvesselsownedbytheU.S.government.TheUnderwaterArchaeologyBranchoftheU.S.Navy’sNavalHistoryandHeritageCommand(NHHC)manages17,000shipandaircraftwrecksworldwide.Itsdirector,retiredRearAdmiralSamuelJ.Cox,describedhowrelationsbetweenAllen’steamandtheNavywarmedovertheyears:“InitiallyMr.AllenandVulcanoperatedentirelyontheirown,pursuingahobbyandinterestofMr.Allen.MyCommandsoondeterminedthatVulcanwasacompetent,serious,first-rategroupwithqualitytechnology,andwewerepersuadedthattheywouldtreatanywreckfoundwithdignityandrespect.”Advertisement-ScrolltoContinueTheU.S.SIndianapolisleavesportinNewJersey,1932.Photo:BettmannArchive/GettyImagesInformation-sharingbetweenVulcanandtheNavywasinstrumentalinlocatingtheU.S.S.Indianapolis,whosestoryhascapturedimaginationsfordecades.Almost1,200menwereaboardthecruiserwhenitwastorpedoedbyaJapanesesubmarineonJuly30,1945,justweeksbeforetheendofWorldWarII.Newsofthesinkingdidn’treachtheNavyforthreedays,andbythetimerescueforcesarrived,hundredsofsailorshaddiedfromexposure,dehydrationandsharkattacks.Altogether,almost900liveswerelost,themostonasingleshipatseainthehistoryoftheU.S.Navy.TheIndianapoliswassunkwhilesailingalonesomewhereinthevaststretchbetweenGuamandthePhilippines,andseveralexpeditionstofindthewreckhadfailedbeforeAllen’steambegantosearchin2017.“TheofficialNavypositionofwhereshesankturnedouttobe40milesofffromwheresheactuallywentdown,”saysAdm.Cox.“Toaidinthesearch,ourhistoriansworkedtoprovideVulcanwithasearchbox,andtheyeventuallyfoundthewreckjustoutsidethatbox.”“BythetimePaul’sgroupapproachedme,Ihadbecomejadedandalmostblewthemoff,”saidWilliamToti,aretiredU.S.NavycaptainandchairoftheU.S.S.IndianapolisLegacyOrganization.“Ihadheardclaimslikethissomanytimesbefore,Inolongerbelievedtheshipwasdiscoverable.SowhenIreceivedthatcallinAugust2017fromtheNavythattheshiphadactuallybeendiscoveredandIwasclearedtonotifythesurvivors,Ialmostcouldn’tbelievewhatIwashearing.”MoreinIdeasTheForgottenPartofMLK’sDream:GoodJobsandHigherWagesAugust26,2023FeminismCan’tStopFightingthe1950sAugust25,2023WhatHighSchoolersNeedtoStarttheYear:Seinfeld-StyleGripingAugust25,2023ModeratorsHaveRuinedPresidentialDebates.Let’sGetRidofThem.August24,2023TheheartofVulcan’seffortsweretwohigh-techresearchvessels.Thefirst,Octopus,diddoubledutyasAllen’spersonalyacht.Inadditiontoremotelyoperatedvehicles(ROVs)andafuturisticdivecontrolcenter,italsocameequippedwithamusicrecordingstudio.Itssuccessor,Petrel,includedaship-positioningsystemthatallowedittoautomatically“hover”overwrecksmilesbelowontheoceanfloor.“PetrelhadcapabilitiestheNavydoesnothave,”saysAdm.Cox,whospenttimeaboardtheshipintheSouthPacific.“IhadbetterinternetconnectivityonPetrelinthemiddleoftheCoralSeathanIdoatthedeskinmyoffice.”Allencitedhisfather’sserviceinWorldWarIIasstokinghisinterestinwarships.Buthealsohadalifelongfascinationwiththeoceans.“Paulwasfascinatedbywhathappenedtotheseas,notjustshipwrecks,”saysPhilipWilcocks,aretiredadmiralintheRoyalNavywhoworkedwithAllenonrecoveringthebellfromaBritishship,HMSHood.Allenwasascubadiverwhosponsoredamajorcollaborativeprojecttomaptheworld’sshallowcoralreefs,andhesharedVulcan’sdatawithinternationaleffortstomaptheworld’soceanfloors.AnunderseaimageofthewreckoftheU.S.S.Indianapolis.Photo:LoneWolfMediaBefittingatechpioneer,Allenequippedthevesselswithcutting-edgevideoandphotographictechnology.WitheachdiscoveryVulcanreleasedimagestothepublic,manyofwhichcanbeseenonYouTube,showingdebrisfields,hullsflippedupsidedownandeverydayitemsstrewn.ItissomethingakintolookingatthewreckageoftheTwinTowersafter9/11,apowerfulreminderthatthesunkenshipsarewargraves.OnecanvisitGettysburg,WaterlooortheD-Daybeaches,butthesurfaceoftheoceanrevealsnothingofoldbattles,sinceitsvictimswereswallowedwhole.Thediscoveryofthesesitescanprovideasenseofclosure.“Forthefamiliesofthelost,theIndianapolisdiscoveryprovidedapointonthemaptheycouldpointtoandsay,‘Thisiswheremyfather,uncle,brother,cousinlies,”saidCapt.Toti.“Thisishallowedgroundforus.’”Mr.WooleyisajournalistandformerofficerintheBritishRoyalNavy.Corrections&Amplifications ThesinkingoftheU.S.S.IndianapoliscausedthegreatestlossoflifeonasingleshipatseainthehistoryoftheU.S.Navy.Anearlierversionofthisarticleincorrectlydescribeditasthegreatestlossoflifeonasingleship;moreliveswerelostwhentheU.S.S.ArizonawassunkatPearlHarboronDec.7,1941.(CorrectedonNov.7)Advertisement-ScrolltoContinue" | ByAlexanderWooley | 2022-11-03 | Nov.3,202211:59amET | ||
| eebba44b8c3fa01f1f4534042c1a038d | LikeChardonnay?ThisUnder-the-RadarWhiteIsaBargainAlternative | OnWine | "INWINEANDINLIFE,therearestarsandtherearesatellites.PinotBlancisthelatter.It’snotPinotGrigioorSauvignonBlanc,themore-populargrapesthatacoupleofretailersrecommendedasalternativeswhenIrecentlywentshoppingforthemoreobscurePinotBlanc.It’snotChardonnay,either,thoughsomewinemakerstreatitassuch.PinotBlanc—akaPinotBianco,akaWeissburgunder,akaKlevner,dependingonwhereit’sgrown—iscommonplacebutsounderrateditisn’tevenmentionedinsomeofmywinereferencebooks.Andyet,judgingfrommyrecentPinotBlanctasting,thereallygoodexamplesareworthtrackingdown.Perhapsit’sonlyfittingthatagrapegrantedsolittlerespectinprintandinpracticeshouldhaveanuncertainorigin.In“TheOxfordCompaniontoWine,”JancisRobinsonwritesvaguelythatPinotBlancwas“firstobservedinBurgundy...”SomesourcescallPinotBlancamutationofPinotGris;others,amutationofPinotNoir;stillothersnotethatallthreehavethesamegeneticorigin.Advertisement-ScrolltoContinuePinotBlancdisplaysquiteastylisticrangedependingonwhereitisgrownandhowit’sproduced.Itcanberichandround,almostChardonnay-like,particularlyifit’sbarrel-fermentedinoak.Alternatively,itcanbelivelyandbrightwithacrispacidityandacitrusnote.It’sacommoncomponentinmanysparklingwines,includingChampagneandtheCrémantsofAlsace.PinotBlancisgrowninvariousregionsinFrance,includingBurgundyandChampagne,whereit’softenpartofablend.It’sakeygrapeinAlsace.AlsaceproducerAlbertBoxlerisjustlyfamousforRiesling,buttheBoxlerfamilyhappenstomakeaterrificPinotBlanctoo.The2020AlbertBoxlerPinotBlanc($37)wastrulyadelightfulwine,well-balancedwithalong,mineralfinish.ItwasperhapsthemostcomplexPinotBlancofmytasting,thoughafewotherscameclose.PinotBlanccanberichandround,almostChardonnay-like.Oritcanbelivelyandbrightwithacrispacidityandacitrusnote.Oneofthoserunners-upcamefromAltoAdige,innortheasternItaly.AlthoughPinotBianco,asit’sknownthere,isgrowninmanyregionsofItaly,it’sparticularlywellproducedinthisAlpinecornerofthecountry.Indeed,Ms.Robinsonnotes,“GoodPinotBiancofromAltoAdigefromlow-yieldingvineyards,fermentedandagedinoakbarrels,indicatethatPinotBiancocouldgivemuchbetterresultsinItalyifitweretreatedwithmorerespect.”VintnerMartinForadoriHofstätter,ofJ.HofstätterwineryinAltoAdige,treatshisPinotBiancowithgreatrespect,thoughheproducesmorePinotGrigio.PinotBiancocanbechallengingfromaproducer’sperspective.“Itisquitedifficulttogrow(becauseofthetightpackedcluster),”hewroteinanemail.Butthatdoesn’tmeanhe’snotafan.“Itsfinesse,acidity,mineralityanddeepnessareunique,”hesaid.The2021J.HofstätterWeißburgunderPinotBiancoAltoAdige($21)isacrisp,medium-bodiedwhitewithapleasinglyfloral,citrusnote—awonderfullydrinkablewine.IhadacoupleotherverypleasantAltoAdigePinotBiancos:The2020PfitscherLangefeldPinotBiancoAltoAdige($20)wascleanandlivelywithanherbalnote,andthe2021ElenaWalchPinotBiancoAltoAdige($20)wasbracinglycrispwithapleasantpearnote.IfoundsignificantvarietyinmytastingofGermanPinotBlanc,sometimescalledWeissburgunderonlabels.The2020BeckerFamilyPinotBlanc($22),producedfromvineyardsontheborderofGermanyandFrance,waspleasant,withnotesofcitrusandpeach,ifratherlightbodiedandatouchsimple.The2021HofgutFalkensteinNiedermennigerHerrenbergWeißburgunderTrocken($31)wasevenlighter,evenmorefruityandlowerinalcohol(10.5%).TheRheingauSektBrutWeissLatitude50˚($16),asparklingwinefromtheRheingauregion,waslikewiselowinalcohol(11%)andactuallyonly60%PinotBlanc(therestoftheblendisMüller-Thurgau),butitwassofreshanddelightfulIdecideditdeservedtobeincludedaswell.ThebestGermanWeissburgunderItastedcamefromanunlikelysource,Dönnhoff,theNahe-basedproducerrenownedforitsdryRieslings.I’mabigDönnhofffan,andIwassurprisedtodiscoverthatthisproducermakesWeissburgunder.GabrielClary,portfoliodirectorforDönnhoff’simporter,SkurnikWines,explainedthatonlyatinyamount(100-200cases)ofthewinemakesittotheU.S.asit’ssopopularamongGermandrinkers.Iunderstoodwhy:The2020DönnhoffNaheWeißburgunderTrocken($28)wasawell-balanced,drywhitewithawonderfullylengthysalinefinish.IfoundseveralPinotBlancsfromOregonandonefromLongIsland.WhilemostoftheseU.S.wineswerequitepleasant,theoneproducedbyHarperVoitinOregon’sWillametteValleywasimpressive.WinemakerDrewVoit,likeMr.Hofstätter,notedthatthegrapeisdifficulttogrow.Hefurtheracknowledgedthatitisnotnearlyasprofitableas,say,PinotNoir.Still,he’sallinwiththegrape.HebelievesPinotBlancmustspendtimeinoak.“Therealcharacterofthewinecomesoutofarelationshipbetweenwineandoak,”heexplained.“It’slikeChardonnay.Itneedsstuff.”Indeed,the2020HarperVoitSurliePinotBlancWillametteValley($35)—barrel-fermentedandleftonitslees—wasarich,creamy,Chardonnay-likewine,butmarkedbyabrightacidity.It’sMr.Voit’s“entrylevel”PinotBlanc.HealsomakesamoreexpensivestillPinotBlancandaChampagne-method(andChampagne-priced)sparklingPinotBlanc,the2017HarperVoitBlancdeBlancs($75).PerhapsPinotBlancwillforeverbeasatelliteandnotastar.Butasthesewinesprove,intherighthands,itcanoccupyaveryimportantplaceinthewineuniverse.OENOFILE/PinotBlancsworthseekingout1.2020AlbertBoxlerPinotBlanc,$37.AlthoughtheBoxlernameismostoftenassociatedwithgreatRiesling,thisproducerhasbuiltaloyalfollowingforothergrapes,too—includingthisterrific,seductivePinotBlancproducedfrom40-year-oldvines.2.2021J.HofstätterWeißburgunderPinotBiancoAltoAdige,$21.AbrightandlivelytakefromatopproducerinAltoAdige—partofAustriauntilafterWorldWarI,hencethelistingofboththeItalianandGermannames,PinotBiancoandWeissburgunder,onthelabel.3.2020DönnhoffNaheWeißburgunderTrocken,$28.RenownedfordryRieslings,Dönnhoffalsomakesasmallerquantityofsought-afterdryWeissburgunder,mostlyconsumedinitsnativeGermany.Some100-200casesmakeitstateside.4.2020HarperVoitSurliePinotBlancWillametteValley,$35.WinemakerDrewVoitissodevotedtothisgrapehemakesthreedifferentPinotBlancs.Thisishis“entrylevel”PinotBlanc,butthereisnothingbasicaboutthisrich,slightlycreamywine.5.RheingauSektBrutWeissLatitude50˚,$16.It’shardnottolike—anddrink—thiszippyPinotBlanc-dominantsparklerfromGermany’sRheingau.ProducedviatheCharmatmethod,withasecondaryfermentationinstainlesssteel,it’slowinalcoholbuthighonimmediatepleasure.EmailLettieatwine@wsj.comTheWallStreetJournalisnotcompensatedbyretailerslistedinitsarticlesasoutletsforproducts.Listedretailersfrequentlyarenotthesoleretailoutlets.SHAREYOURTHOUGHTSWhereisyourfavoritePinotBianco/PinotBlanc/Weissburgundermade?Jointheconversationbelow.Corrections&Amplifications ThefirstwineintheOenofileistheBoxlerPinotBlancnotSylvaner.AnearlierversionofthisarticleincorrectlyusedaphotooftheSylvaner.(CorrectedonNov.7)MOREONWINEYes,RieslingsCanBeDry—andDelicious.5BottlestoTry.August24,2023Yes,YouCanPairRedWineWithFish.Here’sHowtoDoItRight.August10,2023AvoidaWineFaux-Pas:TheBottlesHostsActuallyWantTheirGueststoBringAugust3,2023WhatHappensWhenYouStopatOneGlassofWineaDay?July27,2023ForTheseInfluentialFamilies,LifeIsLike‘Succession’—butWithMoreWineandFarLessDramaJuly13,2023Advertisement-ScrolltoContinue" | ByLettieTeague | 2022-11-03 | Nov.3,202212:00pmET | ||
| b052154c233415f3b29b67b3e4975555 | StellantisUnitUrgesSomeDodgeandChryslerOwnerstoStopDrivingAfterAirBagDeaths | Business | AutosIndustry | Gettingairbagsreplacedintherecalledvehiclestakesaboutanhour.Photo:JoeRaedle/GettyImagesAStellantisNVsubsidiaryisurgingownersofcertainDodgeandChryslervehiclestofixopenrecallsonthesemodels,afterreportsthatthreepeoplewerekilledbyexplodingTakataairbags.FCAUSLLC,aunitoftheglobalautomaker,hadrecalledabout276,000DodgeandChryslermodelsin2015tofixairbagsthatwereknowntoruptureupondeployment,flingingmetalshardsintothevehicle’scabin.Therecallscovered2005-2010DodgeMagnums,ChargersandChallengers,aswellasChrysler300ssoldduringthesamemodelyears.Advertisement-ScrolltoContinueWithinthelastsevenmonths,theU.S.subsidiaryhaslearnedoftwoconfirmeddeathsinvolvingrupturedTakataairbags,aswellasathirdthathasyettobeverified,acompanyspokesmansaid.Twoofthedeathswerein2010DodgeChargersthatwerecoveredbytherecallcampaignbutnotrepaired,hesaid.FCAistellingownersthattheyshouldimmediatelystopdrivingtherecalledvehiclesuntiltheycangettheairbagsreplacedfreeofchargeatabranddealership.Therepairtakesaboutanhour,themanufacturersaid.Thewarningisthelatestinwhathasbeenadifficultandtaxingeffortforcarcompaniestofullyaddresstheproblematicairbags.AutomakershavehadtotrackdownmillionsofoldervehicleswiththedefectiveTakataairbags,includingmanywhichhavechangedhandsseveraltimes,andthenurgeownerstogettheneededfixes.TheproblemwiththeTakataairbagsrelatestothemechanismthattriggersthemtoinflateduringacrash.Long-termexposuretohighheatandhumiditycanleadtoabuildupofmoisturethatcausestheairbaginflaterstoexplodeupondeploymentatasignificantforce,sendingshrapnelintothevehicle.TheTakatarecalleffort—oneofthelargestofitskindinautomotivehistory—hasbeenongoingfornearlyadecadeandcoversmorethan70millionairbagsinroughly42millioncarsmadebyarangeofcarcompanies.BeforeThursday,federalregulatorshaveconfirmed19deathsintheU.S.associatedwiththeairbags,whichhadbeenmadebytheformerTakataCorp.Globally,theTakataairbagshadbeenlinkedtoatleast22deathsandmorethan180injuries.Takatafiledforbankruptcyin2017andautomakershavesetasidebillionsofdollarstocoverlegalsettlementsandreplacementpartsassociatedwiththerecalls.ManyofTakata’sassetswerepurchasedlastyearbyChinese-ownedKeySafetySystemsInc.,andthecombinedentitynowoperatesasJoysonSafetySystems.Joysonisn’tinvolvedwithlegacyproductsassociatedwiththeformermanufacturer,aspokesmansaidThursday.TheNationalHighwayTrafficSafetyAdministration,theautoindustry’smainregulatoryagency,saiditisawareofotherreportsofTakataairbagsrupturinginvehiclesmadebyotherautomakers,buttheyhaven’tyetbeenconfirmed.Anagencyspokeswomandeclinedtocommentfurtheronthoseincidents.“Leftunrepaired,recalledTakataairbagsareincreasinglydangerousastheriskofanexplosionrisesasvehiclesage,”saidAnnCarlson,NHTSA’sactingadministrator.Itisn’tuncommonforrecallstotakeyearstoresolve,inpartbecausemanyownerseitherignoreoraren’tawareofopencampaignsontheirvehicles.NHTSAsaidthateachyearmillionsofrecalledvehiclesareleftunaddressed.NHTSAoffersanonlinetoolwhereownerscanlookuptheirvehiclesandcheckiftheyhavebeenrecalled.WritetoRyanFeltonatryan.felton@wsj.comandDeanSealatdean.seal@wsj.comAdvertisement-ScrolltoContinue | ByRyanFeltonandDeanSeal | 2022-11-03 | UpdatedNov.3,202212:03pmET | |
| 3280ae6fede3ef856bd35987b27f0b17 | NBACommissionerAdamSilverAssailsKyrieIrvingforNotOffering‘UnqualifiedApology’inAnti-SemitismDrama | NBA | KyrieIrvingandtheBrooklynNetsarecontributing$500,000eachtoward‘causesandorganizationsthatworktoeradicatehateandintolerance.’ Photo:DustinSatloff/GettyImagesNearlyaweekafterKyrieIrvingpromotedamoviethatcontainsanti-Semiticthemes,NBAcommissionerAdamSilverassailedhimonThursdayfornotapologizingordisavowingthecontentsofthedocumentary.Silver’sstatementcameadayafterIrvingandtheBrooklynNets,inajointstatementwiththeAnti-DefamationLeague,saidtheplayerandteamwouldpledgedonationstotaling$1milliontoward“causesandorganizationsthatworktoeradicatehateandintolerance.”Silversaidthatthecontributionsarenotsufficientatonement.“KyrieIrvingmadearecklessdecisiontopostalinktoafilmcontainingdeeplyoffensiveantisemiticmaterial,”Silversaid.“Iamdisappointedthathehasnotofferedanunqualifiedapologyandmorespecificallydenouncedthevileandharmfulcontentcontainedinthefilmhechosetopublicize. IwillbemeetingwithKyrieinpersoninthenextweektodiscussthissituation.”Advertisement-ScrolltoContinueTheharsherwordsfromSilvercamefivedaysaftertheNBAissuedanunattributedstatementdenouncinganti-Semitismand“hatespeechofanykind.”TheNBAdidnotnameIrvingorreferencethebookorfilminthatinitialstatement. Thecommissioner’scommentsbroughtfreshfueltoacontroversythathasconsumedtheNBA. InthejointstatementwiththeADLonWednesday,Irvingtookresponsibilityfor“thenegativeimpactofmyposttowardstheJewishcommunity,”buthedidnotapologize. “Iopposeallformsofhatredandoppressionandstandstrongwithcommunitiesthataremarginalizedandimpactedeveryday,”Irvingsaid.“Idonotbelieveeverythingsaidinthedocumentarywastrueorreflectsmymoralsandprinciples.IamahumanbeinglearningfromallwalksoflifeandIintendtodosowithanopenmindandawillingnesstolisten.SofrommyfamilyandI,wemeantnoharmtoanyonegroup,raceorreligionofpeople,andwishtoonlybeabeaconoftruthandlight.” ThelatestIrvingdramabeganlastweek,whenhesharedalinktotheAmazonPrimevideopageofthe2018movie,“HebrewstoNegroes:WakeUpBlackAmerica.” Afterthemovie’sthemescametolight,NetsownerJoeTsaicriticizedIrvingandcondemnedthefilm.Irvingdeniedbeinganti-Semiticandprotestedthathehaddonenothingwrongbeforedeletingthetweet. ThestatementfromIrving,theNetsandtheADLcameonedayaftertheNetsfiredcoachSteveNashafterarockystarttotheseasonthatwasmadeevenmoretumultuousbyIrving’sbehavior.Irving,whoisplayingonacontractthatpayshim$36millionayear,alsomissedalargechunkoflastseasonbecauseofhisrefusaltogetvaccinatedagainstCovid-19.Afterthemovie’scontentwashighlightedinaRollingStonearticle,Irving’stweetdrewcriticismlastFridayfromADLchiefexecutiveJonathanGreenblatt,whowrotethat:“Thebookandfilmhepromotestradeindeeply#antisemiticthemes,includingthosepromotedbydangeroussectsoftheBlackHebrewIsraelitesmovement.”Amazondidnotrespondtoarequestforcommentaboutthemovie. Tsaipostedanunusuallydirectcriticismofoneofhisteam’sownplayersonFridaynightbutstoppedshortofsuspendingorfiningIrving. “I’mdisappointedthatKyrieappearstosupportafilmbasedonabookfullofanti-semiticdisinformation,”theNetsownerwrote.“Iwanttositdownandmakesureheunderstandsthisishurtfultoallofus,andasamanoffaith,itiswrongtopromotehatebasedonrace,ethnicityorreligion.”Headded:“Thisisbiggerthanbasketball.” WithpressuremountingonSaturdayafternoon,Irvingdeniedbeinganti-Semitic.“IamanOMNISTandImeantnodisrespecttoanyone’sreligiousbeliefs,”hetweeted.“The‘Anti-Semitic’labelthatisbeingpushedonmeisnotjustifiedanddoesnotreflecttherealityortruthIliveineveryday.Iembraceandwanttolearnfromallwalksoflifeandreligions.”Silverhimselfwassingledoutforcriticismfortheleague’sinitiallytepidresponse.BeforetheNetsplayedonTuesdaynightinagameairedbyTNT,oneoftheleague’spartners,starbroadcasterCharlesBarkleysaidtheNBA’slackofdisciplinaryactionwasamistake. “IthinktheNBAdroppedtheball,”Barkleysaid.“IthinkAdamshouldhavesuspendedhim.Firstofall,Adam’sJewish.Youcan’ttakemy$40millionandinsultmyreligion.Ifyou’regoingtoinsultme,youhavetheright,butIhavetherighttosay,‘No,you’renotgoingtotakemy$40milliondollarsandinsultmyreligion.’” ThebacklashagainstIrving,theNetsandtheNBAintensifiedafteratestySaturdaynightpressconferencethatwascutshortbyteamofficials. IrvingsaidthathehadstumbledonthevideobysearchingonGoogle,andsubsequentlyonAmazon,whileexploringtheetymologyofhisnameandaspartofhisongoingeffortto“elevatemyconsciousness”abouthistoryandreligion.HeindicatedthathedidnotholdafixedbeliefonwhetherJewsorAfricanswere“theoriginalchosenpeopleofGod,”consideredthoseconversations“abigno-no,”anddeniedthathehadbeenpromotingthemovie. BySunday,thetweetpromotingthemovienolongerappearedonIrving’saccount. IrvingwasnotmadeavailabletothemediaaftertheNets’gamesonMondayandTuesday. InaTuesdaypressconferencewithhisteaminacrisis,NetsgeneralmanagerSeanMarkssaidthattheNetsdidnotwantto“causemorefussrightnow”byallowingIrvingtohave“moreinteractionwithpeople.” “Let’slethimsimmerdown,”Markssaid.“Everybodyknowshe’sgoingtohavetoanswerthesequestionsatsomepoint.Hehasn’tshiedawayinthepast.ButIthinkthelastpostgamemeetingdidn’tgowell.We’renottryingtocoveritup.Ithinkthisissomethingthatneedstobeaddressed.” WritetoLouiseRadnofskyatlouise.radnofsky@wsj.comandBenCohenatben.cohen@wsj.comAdvertisement-ScrolltoContinue | ByLouiseRadnofskyandBenCohen | 2022-11-03 | UpdatedNov.3,202212:26pmET | ||
| 057838a06028b1439398c681e8d76a81 | IranUnrestGrowsasMournersMarkDeathsofProtestVictims | World | MiddleEast | Peoplemourninga16-year-oldprotesterfledsecurityforcesoutsideKhorramabad,Iran,lastweek.Photo:-/AgenceFrance-Presse/GettyImagesSeveralmourningceremoniesforIranianswhodiedinrecentprotestssnowballedintolargedemonstrationsonThursday,addingfreshmomentumtoamonthslongantigovernmentmovementthathassweptacrosstheIslamicRepublic.Securityforceshaverespondedwithlethalforceagainsttheprotests,whichwereignitedbythedeathonSept.16of22-year-oldMahsaAminiinthecustodyofIran’smoralitypolice,whohaddetainedherforallegedlyviolatingthecountry’sstrictIslamicdresscode.Morethan200peoplehavediedsincetheprotestsbeganandhundredsmoreinjured,rightsgroupssay.Now,memorials—traditionallyheld40daysafterpassing,adateofremembranceinIslamictradition—forsomeofthosepeoplewhodiedintheunrestarequicklyescalatingintoprotestsinanewchallengetotheestablishment.DemonstrationseruptedduringmourningceremoniesforprotesterskilledbysecurityforcesinhalfadozencitiesacrossIranonThursday.Advertisement-ScrolltoContinueInKaraj,anindustrialcitywestofTehran,alargecrowdgatheredtomarkthedeathofawomanwhowasshotwhileprotestinginlateSeptember.SomeclashedwithsecurityforceswhofiredteargasastheytriedtoblockaccesstothecemeterywhereHadisNajafi,a22-year-oldTikToker,isburied,accordingtofootagepostedonsocialmedia.Protestssoonspreadtootherpartsofthecity,withthousandsjoining,accordingtosocial-mediaposts.Someprotestersblockedahighway,beatupamemberofthesecurityforcesandaclericandapolicefacilitywassetonfire,footageshows.Inresponse,militaryhelicoptersbroughtreinforcements,accordingtosocial-mediaaccountssupportingtheprotestsmovement.WhoisMahsaAmini?AprotesterholdingaportraitofMahsaAminiduringademonstration.Photo:ozankose/AgenceFrance-Presse/GettyImagesInShabad,inthewesternregionofIranianKurdistan,securityforcesopenedfireonprotesterswhohadgatheredforamemorial,accordingtoHengaw,anIranianKurdishhuman-rightsorganization.Atleastthreepeople,includingonememberofthesecurityforces,diedduringprotestsinIranonThursday,andaclericwaskilledbyunknownassailantsinthesoutheasternBalochregion,statemediasaid.ThefreshwaveofprotestsunderscoreshowtheIslamicRepublicisstrugglingtocontainthelongestperiodofunrestinoveradecade,asdemonstrationsmovetoschools,universities,oilrefineriesandfactories.Iran’sSupremeLeaderAliKhameneitookaconciliatorystancetowardprotestersonWednesday,sayingthegovernmenthadnodisputewithyoungpeopleonthestreets,ashesharpenedhisassertionthattheU.S.andotherforeignpowerswereorchestratingthemonthslongunrest.AStateDepartmentspokespersonsaidIran’sgovernmentisfacingproblemsofitsownmaking.“Iran’sleadershipshouldbelisteningtothepeople,notfiringonthemandarrestingthemindiscriminately.ItisnowondertheIranianpeopleareprotestingagainsttheflagrantdenialoftheirhumanrightsandfundamentalfreedoms,”thespokespersonsaid. Whiletheunresthasbeenwidespreadandsometimesdrawnthousandsofpeoplechantingantigovernmentslogans,ithasalsobeenlargelynonviolent,andledbyyoungpeople,moreofteningroupsofseveraldozenorless,makingitdifficultforsecurityforcestoquellthemwithanti-riotmeasures.Despitecrackdownsandinternetshutdowns,demonstrationsagainsttheIraniangovernmenthavegrownintooneofthebiggestchallengestoitsleadershipinfourdecades.WSJmapsouthowprotestshavebubbledupacrosstheIraniansociety.Photocomposite:AdamAdada—DavidS.Cloudcontributedtothisarticle.UprisinginIranKeyinsightsontheprotestsinIran,selectedbytheeditorsFreshPushtoForceWomentoWearHijabProtestsinFar-FlungEnclavePoseNewChallengeIslamicLeadersFaceCrisisofFaithTheCultureWarBehindIran'sProtestsAdvertisement-ScrolltoContinue | ByAresuEqbaliandBenoitFaucon | 2022-11-03 | UpdatedNov.3,202212:31pmET | |
| 5f14adb870c46ad48b051177fef4e328 | ChallengesFromIran,ChinaandRussiaTopAgendaatG-7Meeting | World | World | LeadingG-7diplomatsappearunlikelytomakesignificantprogresstowardapricecaponRussianoilatthemeeting.Photo:Pool/GettyImagesMÜNSTER,Germany—Topdiplomatsfromtheworld’swealthiestdemocraciesopenedtwodaysofmeetingsThursdayaimedatcoordinatingtheirsometimesdivergentapproachestoRussia,ChinaandIran.ForeignministersoftheGroupof7countriesplantoissueastrongdenunciationofRussia’snuclearthreatsinUkrainewhenthemeetingconcludesFridayandtoagreeonfresheconomicsupporttoquicklyrebuildUkraine’senergyinfrastructure,accordingtoU.S.andEuropeanofficialsfamiliarwiththeagenda.Russia,Westernofficialssay,hasbeendeliberatelytargetingthatinfrastructurewithwavesofmilitarystrikesinanefforttoincreasepressureonKyivasRussianPresidentVladimirPutin’sforcesstruggleonthebattlefield.Advertisement-ScrolltoContinue“TheRussianpresidentsinkseverdeeperininhumanity,”GermanForeignMinisterAnnalenaBaerbocksaidThursday.Mr.Putin,shesaid,istryingtostarveandfreezeciviliansgiventhathecannotwinmilitarily.TheG-7countrieswillrespondbyexpandingsupportforUkraine,includingarmamentsaswellasaidtorebuildinfrastructure.Theministers,aseniorStateDepartmentofficialsaid,willdiscussworldenergysuppliesimpactedbyRussia’swarinUkraine.ButtheyappearunlikelytomakesignificantprogresstowardapricecaponRussianoiltocurbitsenergyincome,withWashingtonstillundecidedonthelevelofthepricecapandsomedoubtsstillaboutthemeasureintheEuropeanUnion.TheyalsowillattempttoforgeastrategytoreduceeconomicdependencyonChina,seekingtoagreeonacampaigntojointlypushbackagainstBeijing’sglobalinfluence,particularlyinresource-richdevelopingcountries,theofficialssaid.Germany,whichholdstherotatingG-7presidency,chosetheuniversitytownofMünsterforitssymbolism:Itwasthesiteofthe1648PeaceofWestphalia,whichendedtheThirtyYears’War.Manycommentatorsnowseeliberaldemocracyunderthreatfromauthoritarianpowers,disinformationandpoliticalpolarization.CitingthechallengeofRussia’sinvasionofUkraine,SecretaryofStateAntonyBlinkensaid,“Ifweletthatbechallengedwithimpunity,thenthefoundationsoftheinternationalorderwillstarttoerodeandeventuallycrumble.Andnoneofuscanaffordtoletthathappen.”WhiletheG-7—whichincludestheU.S.,Britain,Canada,France,Germany,ItalyandJapan—isattemptingtoprojectaunitedfront,somegapshaveemerged.SeniorofficialstravelingwithMr.BlinkenexpressedcautionoverGermany’sincreasedeconomicengagementwithChina,includingatripthisweektoBeijingbyGermanChancellorOlafScholzandapprovalbyhisgovernmentofthesaleofa24.9%stakeinHamburgporttoChina’sCosco.Germany,likeotherEuropeanpowersfacingstiffeconomicheadwindsfromRussia’sinvasionofUkraine,haslongstandingeconomictieswithChina.BoththeTrumpandBidenadministrations“havebeenveryclearthatyouneedtobecarefulinthesestrategicsectorsnottoallowcontrollinginterestbyautocraticpowers,Chinabeingone,”theofficialsaid.OnFridaymorning,theministerswilldiscussIran,includingTehran’scrackdownonprotesters,Iran’sweaponsdeliveriestoRussiaandthestalledtalksonrevivinganagreementthatsetlimitsonIran’snuclearactivities.TheEUisworkingonfreshhuman-rightssanctionsagainstIranovertheauthorities’crackdownonproteststhatbrokeoutacrossIranaftertheSeptemberdeathofayoungIranianwomanindetentionforallegedlyfailingtoproperlywearherheadcovering.Ms.BaerbockhassuggestedthenewmeasurescouldincludesanctionsagainstIran’seliteIslamic RevolutionaryGuardCorps,alreadyunderU.S.terrorsanctions,althoughitisunclearifthatwouldwinsufficientsupportwithinthebloc.GermanyordereditscitizenstoleaveIranonThursdayfollowingaspateofarrestsofEuropeancitizensbyIranianauthorities.EuropeanandU.S.officialsarealsolookingatfreshmeasurestheycantakeinreactiontoIraniandronesuppliestoRussiaasU.S.officialswarnTehranalsoappearstobereadyingsurface-to-surfacemissiledeliveriesforRussia’swarinUkraine.TehranandMoscowhavedeniedtheweaponstransfers.TheU.K.,theEUandtheU.S.havealreadyimposedsomemodestsanctionsinresponsetoIran’sactionsbutdiscussionsareongoingonhowtocurtailtheweaponsdeliveriesandpenalizethoseinvolved.ThegrowingWesterntensionswithIrancomeagainstthebackdropofvanishinghopesinWashingtonandEuropeancapitalsaboutrevivingthe2015nucleardealthatplacedlimitsonIran’snuclearactivity.TheG-7ministersalsoinvitedcolleaguesfromAfrica,inabidtocounterRussia’soutreachtothedevelopingworldforsupportofitswarinUkraine.TheforeignministersofGhana,KenyaandothernationswereinvitedasgueststodiscusstheglobaleffectsoftheRussianinvasionofUkraineonfoodandenergysupply.Theforeignministerswerealsojoinedviavideo-linkbyUkraine’sForeignMinisterDmytroKuleba,whourgedhisG-7counterpartstoprovideenergytransformers,airandmissiledefensesandotherweaponstosupportUkraine’swarefforts,hesaidonTwitter.LaurenceNormancontributedtothisarticle.WritetoWarrenP.StrobelatWarren.Strobel@wsj.comandBojanPancevskiatbojan.pancevski@wsj.comAdvertisement-ScrolltoContinue | ByWarrenP.StrobelandBojanPancevski | 2022-11-03 | Nov.3,202212:33pmET | |
| 807b69f6356b538d63b590c2f0470efe | Pepper...andSalt | Opinion | Pepper&Salt | Photo:WSJAdvertisement-ScrolltoContinue | 2022-11-03 | Nov.3,202212:00amET | ||
| 33655561f5b4fba5166fee5bf6a4ce28 | Psst…There’saHiddenMarketforSix-FigureJobs.Here’sHowtoGetIn. | Ontheclock | Almosteveryday,someonewhoisquietlyhuntingforakeyhirecallsDianeHessantoaskthesamequestion:Whomdoyourecommend?Ms.Hessan,aformerconsultinggroupCEOwhositsontheboardsofPaneraBread,EasternBankandTuftsUniversity,isoneofthebest-connectedbusinessfiguresinBoston—andsomethinglikeapasswordkeeperataspeakeasyforsix-figurejobseekers.Allcitieshavesuchpeople,andbeingontheirradarscanopenhiddendoors.Advertisement-ScrolltoContinueNewsletterSign-upWSJNetworkingChallengeAfive-weekchallengefromtheWSJcareersandworkteamdesignedtoboostyournetworkandmaketheconnectionsthatmatter.PreviewSubscribe“There’sawholebackchannelofconversationsgoingonaboutjobsthatareavailable,”saysMs.Hessan,addingthatmanyofthecallsshefieldscomefromprivate-equityfirmsseekingleadersforportfoliocompanies.FarfromthepublicjobboardsofIndeed,LinkedInandMonsterliesanothersetofcareeropportunities—oftenlucrativeones—thatareneverposted.Thevolumeofsuchopeningsishardtomeasure;thosewhohireandwho’vebeenhiredoutofsightsaythequalityofthepositionsismorenotablethanthequantity. Somearemanagementrolesthatarecurrentlyoccupiedbypeoplewhomseniorleaderswanttopushout,butnotbeforediscreetlyfindingreplacements.Otherunlistedpositionsmaybeatventure-backedstartupsorrelatetonewcorporateinitiativesthat,forcompetitivereasons,companiesdon’twanttoadvertiseinviewofrivals.Executiveshavelongreliedontheirprofessionalnetworksandheadhunterstofillthesestealthroles,thoughthehiringgameistrendingtowardopenness.NewYorkCitythisweekbeganrequiringemployerstoincludesalaryrangesinjobpostings,andsomestatesarepoisedtodothesameoralreadyhavedoneso.Yetbusinessesthatdon’twanttotiptheirhands(orshowemployeeswhat’sofferedtonewcomers)cansimplydomorerecruitinginprivatechannels.Acommonloopholeinpaytransparencylawsisthatcompaniesdon’thavetoposteveryjobanddon’thavetorevealtheprojectedcompensationforthoseunpostedpositions,saysStephanieMerabet,alaborattorneyatHolland&Knight. Itistooearlytoknowhowmanybusinesseswillskirtdisclosurebykeepingmoreopeningsoffjobboards,butsomelikelywill,saysTae-YounPark,whoresearchespaytransparencyasanassociateprofessorofhumanresourcestudiesatCornellUniversity.Advertisement-ScrolltoContinueThatmeansyoumightnotlearnofanexcitingroleuntilsomeoneelsegetsit,unlessyou’retheonewhocomestomindwhenacompanywantstohireonthesly.SHAREYOURTHOUGHTSWhatadvicedoyouhavefornavigatingtheundergroundjobnetwork?Jointheconversationbelow.“Youwanttobeonthecalllistofsomebodywho’sworkingtofillajobthatwouldfityou,”saysMattMassucci,chiefexecutiveoftherecruitingfirmHirewell.“Theonlywayyoudothatistostaytopofmind.”Mr.Massuccisuggestsdevotingatleast30minutesaweektonetworking,andadvisesatargetedapproach.Makeapointtointroduceyourselftopeoplewhoworkatcompaniesthatinterestyou.Connectwithrecruitersinyourfield,evenwhenyou’renotactivelylookingforanewjob.Gotoconferences.Speakonpanels(yes,theonesthatfeellikeunpaid,extrawork).Freshenupthatheadshot.Bevisibletogetajobthatisnot.BrianPestanaPhoto:BrianPestanaBrianPestana,afoodindustryexecutive,sayshewasn’tinterestedatfirstwhenaSeattle-basedrecruiteraskedtoconnectonLinkedInthisfall.HelivesinMiamiandwouldn’tconsiderrelocating,sohedidn’tthinkthatnetworkingwithsomeoneontheothersideofthecountrywouldbeworthwhile.Butyouneverknow,hefigured. Hechattedandhitthingsoffwiththerecruiter,whointroducedhimtoMariaElenaIbañez,chiefexecutiveofElLatinoFoodsinDoral,Fla.,abouta15-miledrivefromMiami. Mr.PestanajoinedElLatinoinOctoberasvicepresidentofbusinessdevelopment,apositionthatwasneverlistedonanyjobboard.Advertisement-ScrolltoContinue“Don’tdismissasmallopportunitybecausetheonethatseemsfar-fetchedmightbetheonethatworksout,”hesays.MarkGoldbergerstartedthisweekasheadofenterprisesalesatRamp,afinancialsoftwarestartupinNewYork,afterheandarecruiterinitiallydiscussedadifferentpositionwithanothercompany.HesaystheheadhunterquicklyidentifiedhimasafitfortheRampjob,basedontheirpreviousconversations,whichputhimonthefasttrackforthejobthatwasneverposted. Hisearlytasksincludehiringmoresalesrepresentativesforhisteam.Onepositionhasbeenpostedpublicly,anenterpriseaccountexecutivewithanestimatedsalaryof$221,000to$260,000,butMr.Goldbergersaysit’spossiblethathe’llhiremultiplepeoplefromasinglecandidatepool,andheisn’twaitingforapplicationstorollin.MarkGoldbergerPhoto:CaseyHelton“I’mreachingoutwithinmynetwork—thepeoplethatIknowwouldbegreatbecauseI’veseenthemdosomethingsimilar—andI’malsogoingtobescouringLinkedIn,”hesays. Mr.Goldbergerandotherhiringmanagersandrecruitersnotethatcompaniessometimeslistpositionsasopenwhentheirmindsarealreadymadeup,oftentocomplywithinternalpoliciesorcollectivebargainingagreementsthatrequirepublicpostings.Therealhiringaction,theysay,oftenhappensawayfromthejobboards.ShawnCole,presidentofexecutivesearchfirmCowenPartners,saysalloftheroleshiscompanyfillsareunlisted.Hisclientsliketoappeartohavetalentpipelines,andpostinganopencallforexecutiveapplicantscanmakeabusinesslookdesperateordisorganized,hesays.Mr.Colesaysthattogetintherunning,ithelpstobuildarapportwithaheadhunterlikehim.Bedirect—novaguerequeststo“pickyourbrain,”please—anddon’tbotherwithaninvitationtocoffeeorlunch.“Sendanupdatedresumeandsaywhatyou’reinterestedin,”hesays.“Talkaboutcompensation,locationandspecificcareergoals.Lunchandthingslikethat?Sadtosay,butnoonehastimeforthatstuff.”WritetoCallumBorchersatcallum.borchers@wsj.comAdvertisement-ScrolltoContinue | ByCallumBorchers | 2022-11-03 | November3,2022 | ||
| 6f4a2dbacec66054562a75ea9ac0ac71 | StripetoCut14%ofJobs | Finance | Finance | StripeCEOPatrickCollisonsaidthecompany‘overhiredfortheworldwe’rein.’Photo:AlexFlynn/BloombergNewsStripeInc.,oneoftheworld’smosthighly-valuedstartups,saidThursdayitislayingoffabout14%ofitsemployeesandblamedtheharsheconomicclimate.Stripe,apaymentprocessortofast-growingInternetcompanieslikeShopifyInc.SHOP10.76%increase;greenuppointingtriangleandInstacart,wasabigbeneficiaryofthepandemic-drivensurgeine-commercein2020and2021.BusinessesonStripeprocessedmorethan$640billioninpaymentslastyear,up60%fromayearearlier.AMarch2021fundraisingroundvaluedStripeat$95billion.Advertisement-ScrolltoContinueBut2022hasbeenmorechallenging,StripeChiefExecutivePatrickCollisonwroteinamessagetoemployeesthatwasalsopostedonthecompany’swebsite.“Weoverhiredfortheworldwe’rein,”Mr.Collisonwrote,citinginflation,energyshocks,higherinterestrates,smallerinvestmentbudgetsandmorestingyfundingforstartups.Asmarketsreacttoinflationandhighinterestrates,technologystocksarehavingtheirworststarttoayearonrecord.WSJ’sHardikaSinghexplainswhythesector—fromtechgiantstosmallstartups—isgettinghitsohard.Illustration:JacobReynolds“Wedoneedtomatchthepaceofourinvestmentswiththerealitiesaroundus,”hewrote.“Today,thatmeansbuildingdifferentlyforleanertimes.”ThecutswillleaveStripewithaworkforceofalmost7,000,Mr.Collisonwrote,meaningabout1,000positionsarebeingeliminated.Thelayoffswilldisproportionatelyaffectsometeamsmorethanothers.Thecompanywillneedfewerrecruiters,forexample,sinceitplanstohirefewerpeoplein2023.SiliconValleyhasbeenaggressivelycuttingexpensesandeliminatingjobsinresponsetoslowergrowth.MicrosoftCorp.,NetflixInc.,PelotonInteractiveInc.andRobinhoodMarketsInc.haveallannouncedjobcutsthisyear.FacebookparentMetaPlatformsInc.hasbegunquietlynudgingoutasignificantnumberofstaffersbyreorganizingdepartments,whileGooglehasrequiredsomeemployeestoapplyfornewjobs.Thegrowthine-commerce,Stripe’sbread-and-butterbusiness,hasslowedfromapandemic-eraboomasmorepeopleshifttheirshoppingbacktobricks-and-mortarstores.BigStripecustomerslikeShopifyhavewarnedinvestorstoexpectlosses.Stripeitselflowereditsinternalvaluationby28%earlierthisyear,TheWallStreetJournalpreviouslyreported.Mr.CollisonwrotethatStripe’sleadershipmade“veryconsequentialmistakes”inrecentyears.Theyoverestimatedtheinterneteconomy’sgrowthfor2022and2023whileunderestimatingtherisksofabroadslowdown,hewrote,andtheyincreasedexpensestooquicklyafterseeingsuccessinsomenewproductareas.“Wearegoingtocorrectthesemistakes,”Mr.Collisonwrote,addingthatStripewouldreinin“allothersourcesofcost.”WritetoPeterRudegeairatpeter.rudegeair@wsj.comAdvertisement-ScrolltoContinue | ByPeterRudegeair | 2022-11-03 | Nov.3,202212:35pmET | |
| f20add4504d7b0058d53a0662da3c517 | PilotsAreFrustratedWithAirlines,Too,andAreSeekingBetterPayandSchedules | Business | Business | DeltaAirLinespilotscarryingpicketsignsatNewYork’sJohnF.KennedyInternationalAirport.Photo:MichaelM.Santiago/GettyImagesContracttalksbetweenthebiggestU.S.carriersandtheirpilots’unionshaveturnedacrimoniousinrecentweeks,withpilotssayingthesummerdisruptionshaveleftthemasfrustratedaspassengers.Airlineemployeeshavebeenpicketingatairportsformonths.TheboardoftheAlliedPilotsAssociation,whichrepresentspilotsatAmericanAirlinesGroupInc.,AAL-0.27%decrease;reddownpointingtriangleonWednesdayvoteddownaproposalforatwo-yearcontractthatwouldhaveboostedpilotpaybyabout20%overthattime.DeltaAirLinesInc.DAL-0.81%decrease;reddownpointingtrianglepilotsoverwhelminglyvotedthisweektoletunionleaderscallastrikeiftheydecideitisnecessary—avotethatislargelysymbolicfornowbutreflectspilots’frustrationwithwhattheyseeasstalledprogress.UnitedAirlinesHoldingsInc.UAL-0.58%decrease;reddownpointingtrianglepilotsrejectedanunpopularagreementitsunionstruckearlierthisyear. Capt.JasonAmbrosi,chairmanoftheunionthatrepresentsDelta’spilots,saidthecompanyofferedanunderwhelmingpayproposal.“Ourpilotshaveessentiallyhadenough,”hesaid.Advertisement-ScrolltoContinueMeanwhile,airlinessaythatnegotiationsremainontrackandthattheybelievetheycancometoagreements.NewsletterSign-upThe10-Point.Apersonal,guidedtourtothebestscoopsandstorieseverydayinTheWallStreetJournal.PreviewSubscribeFraughtlaborrelationsandrancorousbargainingarenothingnewfortheairlineindustry,andnegotiationsthattakeplaceeveryfewyearsareoftenmarkedbystrongrhetoricbeforedealsarereached.Therearealsonewdynamics.TheCovid-19pandemicupendedtheindustryjustastalksbetweensomeairlinesandpilotgroupsweregettingunderway,puttingdiscussionsonhold.Now,astraveldemandsurgesbacktoprepandemiclevels,severalairlinesarecontendingsimultaneouslywithyearsofpent-upfrustrationamongpilotsandotherlaborgroups.Unionsarecloselywatchingwhatrivalsaredoing,andprovisionstoensurethatanothercarrierdoesn’tofferabetterdealhavebecomecommon,saidJerryGlass,presidentofconsultingfirmF&HSolutionsGroupandalongtimenegotiatorforairlinemanagementandotherindustries.Competitionforworkers,includingpilots,hasgrownfierce,andunionsareleaningheavilyonairlinestomakechangesthatwillimprovetheirqualityoflife.“Pilotsarelookingfortheperfectdeal,”Mr.Glasssaid.U.S.laborlawsmakeairlinestrikesdifficultandrare—thelasttimeU.S.passengerairlinepilotswentonstrikewasatSpiritAirlinesInc.in2010.ItisfarfrominevitablethatDeltapilotswillreachthatpoint,anditcouldtakemonthsfortheprocesstoplayout.TheNationalMediationBoardwouldfirsthavetoagreethattalkshavereachedanimpasse,andwouldthenofferbothsidesachancetoarbitratetheirdispute.Ifeitherrefused,therewouldbea30-daycoolingoffperiod.AlaskaAirGroupInc.’spilotshadalsovotedearlierthisyeartoauthorizeapotentialstrike,buttheycametotermsmonthslater.Airlineshavestartedmakingmoneyagainafterlosingbillionsofdollarsduringthepandemic,andtheyarestrivingtobringonthousandsofnewpilots—shatteringpreviousyearlyhiringrecords—inanefforttomeetburgeoningtraveldemand.Smallerregionalairlineshavenegotiatedhugewageincreasestoattractandretainpilotsafterbiggerairlinesplunderedtheirworkforces.AirlinessuchasJetBlueAirwaysCorp.havewarnedthatpilotturnoverhasbeenhigherthannormal.Someairlineexecutivessaytheindustryfacesashortfallthatcouldlastyears.Giventheindustry’soptimismabouttraveldemand,Mr.Ambrosisaid,“Thetalkof‘we’rejustgettingoutofapandemic,wecan’taffordpayincreases’isnotsomethingourmembersaregoingtotolerate.”Fromlonglinestodelaysandcancellations,airportsaroundtheworldhavebeentryingtomanageapostpandemictravelsurgewithashortageofstaff.WSJfollowsanAmericanAirlinespilotthroughthedisruptionstounpackhowairlinesaretryingtofixit.PhotoComposite:EmilySiuDeltasaidthevoteauthorizingastrikewasaneffortbytheuniontogainleverageinnegotiations,whichcontinuetoprogress,andwon’taffecttheairline’soperation.ThedealthatUnitedAirlinespilotsvoteddownbyabigmarginTuesdaywouldhaveincludedpayraisesofmorethan14.5%over18months,buttheunionsaiditfellshort.Theunionleadersoriginallybackedtheagreement,butthetwosideshadresumednegotiationsasitbecameclearthattheagreementwasfalteringamidpushbackfrompilotsunhappywiththeproposedpayraisesandcertainworkrules.Capt.MikeHamilton,wholeadsUnited’spilotsunion,saidTuesdaythatUnitedhasdraggeditsfeet.AUnitedspokesmansaidtheairlineisalreadyworkingwiththeuniononanewagreementthatitexpectswillincludeimprovedpayrates.InOctober,AlaskaAirbecamethefirstmajorcarriertoreachadealwithitspilots,agreeingtoaninitialpayincreaseofupto23%.Theairline’shighest-paidpilotswillmake$306anhour,upfrom$266.29,withadditionalincreasesinlateryears.Payisn’ttheonlyconsideration.Pilotssaytheyhaveworkedhugeamountsofovertimeandfrequentlyseentheirschedulesupendedatthelastminute,byproductsofwhattheyhavearguedwereoverlyambitioussummerflyingplansthatairlinesdidn’thavethemanpowertostaff.Somesaytheywantbetterschedulesandmoreprotectionsfortimeoff,amongotherchanges.TalksbetweenAmericanAirlinesanditspilotsunionarealsoontherocksafterunionleadersshotdownaproposalthatwouldhaveboostedpayby12%initially,withanotherraiseof5%afterayearand2%aftertwoyears.ThathadbeenanimprovementoverAmerican’sinitialofferofraisestotaling17%.Unionofficialssaidthatthelatestproposedagreementdidn’tadequatelyaddresspilots’concernsaboutqualityoflifeandunreliableschedules.Americanhadnocomment. SHAREYOURTHOUGHTSWhatshouldairlinesdotoaddressthepilotshortage?Jointheconversationbelow.Thoseissuescanbeamongthethorniesttoresolve.Capt.CaseyMurray,presidentoftheunionthatrepresentsSouthwestAirlinesCo.pilots,saidadealmaybeayearaway.Afederalmediatorisoverseeingtalkswiththeairline,buttheyhaven’tyetbroachedcomplexschedulingissues.Southwestsaiditispleasedwiththeprogresssofar.Capt.WillMcQuillen,chairmanofAlaska’spilotunion,saidscheduleflexibilitywasanimportantelementinitsdiscussions,andthecarrierrecognizedthatgoodwork-lifebalanceiscrucialtoattractingandretainingpilots.Alaska’spilotspicketedlastspringasbargainingheatedup.“Wewerealittlebitsurprisedittookthisamountofpressure,”hesaid.ShaneTackett,Alaska’schieffinancialofficer,saidtheairlinewas“thrilledtobethefirstmainlinecarriertosecureapilotcontract.” WritetoAlisonSideratalison.sider@wsj.comAdvertisement-ScrolltoContinue | ByAlisonSider | 2022-11-03 | UpdatedNov.3,202212:41pmET | |
| 93f55f1fcbd90f0d1322b93f3b1a546e | FourAstrosPitchersCombineforFirstWorldSeriesNo-HitterSince1956 | MLB | AstrospitcherCristianJaviertossedsixno-hitinnings.Photo:justinlane/ShutterstockPHILADELPHIA—Right-handerCristianJavierandthreeHoustonAstrosrelieversonWednesdaynightcombinedtothrowthesecondno-hitterinWorldSerieshistory,66yearsafterDonLarsen’sperfectgamefortheNewYorkYankees.InGame4againstthePhiladelphiaPhilliesatCitizensBankPark,Javier,a25-year-oldnativeoftheDominicanRepublicmakinghisfirstWorldSeriesstart,allowedtwobaserunnersacrosssixinnings,bothonwalks.At97pitchesandwithstillthreeinningstonavigate,JaviergavewaytotheAstros’bullpen,adecisionmadebyAstrosmanagerDustyBaker.InhisperfectgameagainsttheBrooklynDodgers,Larsenalsothrew97pitches—innineinnings.Advertisement-ScrolltoContinueBryanAbreu,RafaelMonteroandRyanPresslyfollowedJavier,andonenightaftertheyhitfivehomerunsina7-0routoftheAstros,thePhilliesmusteredalmostnooffenseatall.TheAstrosbeatthePhillies,5-0,andtheseriesistiedattwogamesapiece.Thecombinedno-hitterwasthefirstinpostseasonhistory.AlongwithLarsen’sperfectgame,theonlyotherno-hitterinpostseasonhistorywasbyPhilliesright-handerRoyHalladayinGame1ofthe2010NLDSagainsttheCincinnatiReds.Ridingamid-90sfastballhemovedaroundthezonewithauthority,Javierhadninestrikeouts.HewalkedBryceHarpertoleadoffthesecondinningandBrandonMarshinthethird.Pressly,theAstros’closer,walkedKyleSchwarberwithoneoutintheninthinning.J.T.Realmutogroundedtothirdbaseforthegame’sfinalout.Javier’scatcher,ChristianVazquezcalledJavier’sfastballthebestinthegame.Thoughitlacksthevelocityofsomeofthepremierfastballs,Javierhasadeceptivedelivery.“Ithasreallygoodridetoit,soit’salmostapitchthatyouhavetocheatabittobeabletosquareitup,”saidNickCastellanos,whostruckoutinhisonlytwoat-batsagainstJavier,firstonasliderandthenonthefastball.“Bycheatingtohisfastball,likeexactlywhathappenedinmyfirstat-bat,you’reopeninguptoallofhisoff-speedstuff.”AstrospitchingcoachJoshMillerdescribeditas,“Aninvisiblefastball.”“It’saprettyspecialfastball,”hesaid.PhilliesleadoffhitterKyleSchwarbercameclosesttoahit,whenhishardthird-inninggrounderskitteredjusttotherightoffirstbase.“That’sagoodfastball,”hesaid.“Whenitsays92upontheboard,it’splayingalittlebitharderthanthat.”SignedoutofSantoDomingoin2015for$10,000,Javierbecameafull-timestarterfortheAstrosin2022,whenhemade25starts.HehadmadeonepostseasonstartbeforeWednesdaynight,inNewYorkonOct.22againsttheYankeesintheAmericanLeagueChampionshipSeries.Heallowedonehitin5⅓innings,aGiancarloStantondoublethatistheonlyhitallowedinthetwopostseasonstartsofhiscareer.“Likealways,”Javiersaidthroughatranslator,“Ijusttrytostayfocused,keepcalmandattackthehittersasmuchaspossible.Ithoughtmyfastballtodaywasreallygood.”Javier’sparentswereinthecrowdWednesdaynight.Hesaidhismotherhadseenhimpitchinthemajorleaguesbefore,buthisfatherarrivedfromtheDominicanRepubliconWednesdayandwatchedhimpitchforthefirsttime.VisitingwithCristianbeforethegame,theytoldhimhewouldthrowano-hitter.Javierhadthrownmorethan100pitchesinagameonlytwicethisseason,however,andMillersaidtheplanwastousethatasaceiling.Javier’scooldemeanorlongagoearnedhimthenickname“ElReptile,”andBakersaidhewasagainthecalmestmanintheballpark,evenastheno-hittergrewintothemiddleandlaterinnings.“Hewaselectric,”Bakersaid.“Hethrewtheballup,down,andthatshowsyouthatthebestpitchinbaseballisstillthewell-locatedfastball.” Tothedismayof45,693towel-wavingfansinPhiladelphia,thePhillieshadfewhard-hitballsagainstJavier.Abreu,a25-year-oldDominicanmakinghissecondWorldSeriesappearance,struckoutJ.T.Realmuto,BryceHarperandNickCastellanosintheseventhinning.Monterogotthreeoutsintheeighth,thelastonalinedrivetorightfieldbyJeanSegurathatbrieflybroughtthecrowdtolife.Thatwasglovedbyright-fielderKyleTucker.TheAstroshadnotscoredarunintheSeriessincethefifthinningofGame2,when,18inningslater,theyscoredfiverunsinthefifthinningofGame4togiveJavierandtheAstros’bullpenbreathingroom. —LindseyAdlercontributedtothisarticle.YankeespitcherDonLarsenpitchedaperfectgameinGame5ofthe1956WorldSeriesagainsttheBrooklynDodgers.Photo:/AssociatedPressAdvertisement-ScrolltoContinue | ByTimBrown | 2022-11-03 | UpdatedNov.3,20221:00amET | ||
| 62e421fc7bdcb27264033529b54b940b | JoblessClaimsRemainLowinTightU.S.LaborMarket | Economy | U.S.Economy | Joblessclaimsareupfromearlierthisyearbutremainneartheirprepandemic2019average.Photo:LeonardoMunoz/VIEWpress/Corbis/GettyImagesU.S.applicationsforunemploymentbenefitsheldnearlysteadyatalowlevellastweekinthelatestsignthelabormarketremainstight. Thejobmarkethascooledalittlecomparedwiththefirsthalfoftheyearbutremainsstrong.Initialjoblessclaims,aproxyforlayoffs,aredownthisfallfromasummerpeak.Lastweek,workersfiledforaseasonallyadjusted217,000claims,nearlyidenticaltotheweekbefore,theLaborDepartmentsaidThursday.Theprepandemic2019weeklyaveragewas218,000,whenthelabormarketalsowasrobust.Otherrecentfiguresalsopointtocontinuedstrengthinthelabormarket.JobopeningsroseinSeptember.Payandbenefitsincreasedrapidlyinthethirdquarter.Hiringhascooledcomparedwithearlierintheyear,butpayrollsstillgrew263,000inSeptember.Theunemploymentratefellto3.5%,matchingthehalf-centurylowlastreachedinJuly. TheLaborDepartment’sOctoberemploymentreportwillbereleasedonFriday,offeringthelatestsnapshotontheoveralljobmarket.Economistsestimatepayrollsgrewby205,000lastmonth,whichwouldmarkacoolingfromthepriormonth,andtheunemploymentrateisestimatedtohaveheldsteady.Thejobmarket’sresilienceisachallengetoFederalReserveeffortstocooltheeconomyandbringdowninflationthatisrunningnearafour-decadehigh.Itraisedinterestratesby0.75percentagepointonWednesday—thefourthconsecutiveincreaseofthatsize. Advertisement-ScrolltoContinue“Thebroaderpictureisofanoverheatedlabormarketwheredemandsubstantiallyexceedssupply,”FedChairmanJeromePowellsaidataWednesdaypressconference.Headdedhedoesn’tyet“seethecaseforrealsoftening”ofthelabormarket.“TheFedisoperatingontheassumptionthattheonlywaytogetinflationdowniswithdecreaseddemand.Andtheonlywaythey’regoingtodothatisiftheunemploymentratetickshigher,”saidThomasSimons,aneconomistatJefferiesFinancialGroupInc.Inthefirstquarterof2022,U.S.workerproductivityfellinthesteepestdropin74years.WSJ’sJonHilsenrathexplainswhyproductivityiscentraltotheeconomy,andwhybigdropscanbedifficulttorecoverfrom.Illustration:ReshadMalekzaiEmployersintheservicessectorweremorecautiousabouthiringinOctober,accordingtosurveysofpurchasingmanagersreleasedThursdaybytheInstituteforSupplyManagementandS&PGlobal.ISMsaiditsemploymentindexcontractedslightlywhileS&PGlobalsaidhiringnearlystagnated. “Firmswereevaluatingcostsandfuturedemandmorecloselybeforeadvertisingvacanciesandexpandingstaffinglevels,”saidSiânJones,senioreconomistatS&PGlobal.Still,joblessclaimsfigurespointtoajobmarketwheremanyemployersareholdingontoworkersandlaid-offworkerscanquicklyfindnewjobs. Continuingclaims,aproxyforthenumberofpeopleseekingongoingunemploymentbenefits,increasedto1.49millionintheweekendedOct.22from1.44millionaweekearlier.Thosearebelowweeklytotalsaheadofthepandemicbutabove1.31millioninmid-May,whichwasthelowestin53years.Continuingclaimsarereportedwithaone-weeklag.TheCommerceDepartmentseparatelysaidtheU.S.tradedeficitwidenedforthefirsttimeinsixmonthsinSeptember.The$73.3billiongapreflectedlowerexportsasastrongdollareasedglobaldemandforAmericanproducts,andhigherimportsasbusinessesstockedupearlyfortheholidayshoppingseason.Importsroseforconsumergoods,suchascellphonesandpharmaceuticals,andcapitalgoodssuchassemiconductorsandaircraft. ThedollarhasappreciatedthisyearandralliedinSeptember,inpartduetofinancial-marketturbulenceincountriesliketheU.K.AstrongdollarmakesimportscheaperwhileliftingthecostofU.S.goodsforinternationalconsumers,whichcanhurtexporters.U.S.nonfarmlaborproductivity—ameasureofgoodsandservicesproducedintheU.S.perhourworked—grewinthethirdquarterforthefirsttimethisyear,theLaborDepartmentsaidinaseparateThursdayreport.The0.3%thirdquarterincreasefolloweda1.4%declineinthepriorquarter.“Lookingahead,productivitygainswon’tbestrongenoughtooffsetthepressureofhigherlaborcosts,”OrenKlachkinandRyanSweetofOxfordEconomicswroteinananalystnote.“We’reunlikelytoseethetypeofproductivityrevivalthatmanyhopedforattheonsetofthepandemic.”—HarrietTorrycontributedtothisarticle.HaveyoubeenunemployedatanypointsinceMarch2020?Selectone...YesNoWhatisyourcurrentemploymentsituation?Selectone...UnemployedandlookingforworkUnemployedandnotlookingforworkEmployedatmypreviousemployerEmployedatanewemployerTellusmoreaboutwhatyoudo,whatimpactthepandemichadonyourjob,andwhatyouknowaboutthefutureofyouremploymentintheformbelow.NameContact(E-mail)Location(City,State)AgeBysubmittingyourresponsetothisquestionnaire,youconsenttoDowJonesprocessingyourspecialcategoriesofpersonalinformationandareindicatingthatyouranswersmaybeinvestigatedandpublishedbyTheWallStreetJournalandyouarewillingtobecontactedbyaJournalreportertodiscussyouranswersfurther.Inanarticleonthissubject,theJournalwillnotattributeyouranswerstoyoubynameunlessareportercontactsyouandyouprovidethatconsent.WritetoBryanMenaatbryan.mena@wsj.comInflationandtheEconomyAnalysisfromTheWallStreetJournal,selectedbytheeditorsDemandforWorkersCools,butRemainsElevatedWhyCentralBankersAreUnsureWhetherThey’veRaisedRatesEnoughChild-CarePricesRisingatNearlyTwiceInflationRateGasoline,FoodThreatentoNudgeInflationUpCoolerJulyInflationOpensDoortoFedPauseJobsMarketShowsSignsofGradualCoolingSoftLandinginSightforU.S.EconomyWhattoKnowAboutInflationAdvertisement-ScrolltoContinue | ByBryanMena | 2022-11-03 | UpdatedNov.3,202212:46pmET | |
| da377f731060f4aeb213946b63855761 | SECAccountantWarnsofHeightenedFraudRiskAmidRecessionFears,MarketSelloff | Finance | TheSECisconcernedthatauditorstoooftenfailtorespondadequatelytoredflagsthatpointtopossiblefinancialchicanery.Photo:AndrewHarrer/BloombergNewsWallStreet’stopwatchdogiswarningthatthemarketselloffandfearsofarecessioncouldencouragemorecompaniestocooktheirbooks,anditispressuringauditorstocatchthem. “Thecurrenteconomicenvironmentissubjecttosignificantuncertaintiesand,historically,thatoftentimesleadstoheightenedfraudrisk,”PaulMunter,actingchiefaccountantattheSecuritiesandExchangeCommission,saidinaninterview.“Sowearetryingtobeproactiveandspeaktothemarketplace.”Thewarningcomesasregulatorsincreasetheirscrutinyofauditors.Theauditregulatorisgettingtougheronrule-breakingaccountants.BigfinesforauditorsarepartofrecordmonetarysanctionsimposedbytheSECinthelatestfiscalyear. Advertisement-ScrolltoContinuePaulMunter,actingchiefaccountantattheSECPhoto:SECTheSECisconcernedthatauditorstoooftenfailtorespondadequatelytoredflagsthatpointtopossiblefinancialchicanery,Mr.Muntersaidinastatementlastmonth.Regulators’inspectionsofaudits“consistentlyidentifyareasofconcerninvolvingauditors’applicationofdueprofessionalcareandprofessionalskepticismwhenconsideringfraud,”thestatementsaid.Auditorssaytheyarefollowingthelaw,whichlimitstheirresponsibilitytorootoutfrauds.Theygetfrustratedbythepublicbacklashwhentheyfailtocatchcompaniesdeliberatelymanipulatingfinancialstatements. “Wearenotsetuptolookforfraud,”DavidDunckley,chiefexecutiveofauditfirmGrantThorntonUK,toldBritishlawmakersin2019.“Wearenotgivingastatementthattheaccountsarecorrect.Wearesayingtheyarereasonable.”TheSEC’sMr.Muntersaidinhisstatementitis“particularlytroubling”whenauditorsfocusonwhattheyaren’trequiredtodo,whichcouldreducethelikelihoodofdetectingfraud.Hewantedtosenda“verystrongremindertoauditfirms”abouttheirresponsibilities,hesaidintheinterview.Attheirpeak,SPACsaccountedfor70%ofallIPOs,with$95billionraised.Butnow,themarkethasdriedupandsharesofcompaniesthatdidSPACdealshavecrashed.WSJexplainsthedeclineoftheIPOvehicle.Illustration:AliLarkinAspokesmanforGrantThorntondeclinedtocomment. SHAREYOURTHOUGHTSTowhatextentshouldauditorslookforfraud?Jointheconversationbelow.Theissueofauditors’responsibilityisplayingoutglobally,includinginmultibillion-dollarlawsuitsagainstErnst&YounggoingthroughthecourtsinGermanyandtheU.K.Thefirmisaccusedoffailingsinitsauditsoftwocorporateblowups,fintechcompanyWirecardAGandhospitaloperatorNMCHealthPLC. InaU.K.filinglastmonthrespondingtoa$2.7billionclaimfordamagesrelatedtoNMCHealth,EYsaiditsauditsaredesignedtogivereasonable,ratherthanabsolute,assurancethefinancialsaren’tmateriallymisstated.Theprimaryresponsibilityfortheaccuracyofthosestatementsrestswiththecompany,EY’sfilingsaid.Itaddedthattheallegedfraudinvolvedfalsificationofdocuments. AftercomingunderfireforitsroleinWirecardandothercorporatefailures,EYtwoyearsagotoldclientsitwastakinganumberofstepstomoreactivelylookforbigfrauds. Thosemeasureshave“ledtothedetectionoffraud”inseveralcases,saidDavidKane,EYglobalvicechairprofessionalpractice.Ernst&Younghastoldclientsthatitwastakingstepstomoreactivelylookforbigfrauds. Photo:FrankHoermann/SvenSimon/ZumaPressThefirmisusingartificialintelligencetoparseledgersforsuspicioustransactions,miningsocial-mediapostsandusingforensic-accountingspecialistsearliertolookforpotentialaccountingviolationsathigh-riskcompanies,Mr.Kanesaid.EYisturningawaymorepotentialauditclientsanddiscontinuingworkingforahighernumberofexistingclientsthaninthepast,headded.SuchmeasuresbyEYandotheraccountingfirmsdon’tovercomethebasicconflictofinterestintheindustry:Accountingfirmsarepaidbythecompaniestheyaudit,makingitlesslikelytheywillconfrontbadbehavior. Worriesthatauditorscanbuckleunderclientpressuretosignoffonsuspiciousfinancialstatementsgobackdecades.Intherun-uptothe2001collapseofEnronCorp.,apartneratitsnow-defunctauditorArthurAndersencomplainedthathisadviceagainstcertainaccountingpracticeswasbeingignored.ThepartnerwaslaterremovedfromtheEnronauditteam,followingcomplaintsbyanexecutiveoftheHouston-basedenergycompany.Someaccountingindustryinsiderssaylittlehaschangedsincethen.SayantaniGhose,ataxexpertandformerEYemployee,filedalawsuitagainstEYinSeptemberclaimingshewaspunishedforflaggingconcernsaboutpotentialfraudbytwobigauditclientsin2020.NewsletterSign-upMarketsGetemailnotificationswhenmajorfinancial-marketandtradingnewsbreaks.PreviewSubscribeMs.Ghosesaidinherlawsuitthatshequestionedwhetherthetwoclientswereusingintercompanytransactionstoillegallyreducetheamountoftaxowed.SheallegedthatEYoverrodeherobjections,inonecaseremovingherfromtheaccountinfavorof“anauditorwhowouldrubber-stamp”theclient’sapproach.Ms.GhosewasfiredbyEYinJanuaryandisnowworkingforanotherBigFourfirm,publicrecordsshow.“EY’spublicstancethatitsreviewsoffinancialstatementsareindependentofanyclientpressuredoesnotmatchtherealityofworkingforthefirm,”MichaelWillemin,Ms.Ghose’slawyer,said.AnEYspokesmansaidthefirmwouldaggressivelydefenditselfagainstMs.Ghose’s“baseless”claims,whichwere“dismissedintheirentirety”bytheLaborDepartmentaftershesubmittedawhistleblowerclaim. Mr.Willeminsaidthatthelawsuitwilllookatevidencethatwasn’tconsideredintheearlierruling,suchasEYinternaldocumentsandwitnesses. AfterMs.Ghosefiledherlawsuit,shewascontactedbyotherEYemployeeswhosaidtheyhadalsocomeunderpressureforraisingconcernsduringaudits,Mr.Willeminsaid. TheEYspokesmansaid“allourpeopleareencouragedtovoiceanyconcernsinperformingtheirprofessionalobligations,withoutfearofreprisalorretaliation.”WritetoJeanEagleshamatJean.Eaglesham@wsj.comAdvertisement-ScrolltoContinue | ByJeanEaglesham | 2022-11-03 | Nov.3,20225:30amET | ||
| 3c66fb08fd1d44fc10fbe70cc68026aa | DoctorsShouldPrescribeOpioidsforPeopleinPain,CDCSays | Health | Health | TherecommendationwaspartoftheCDC’sfirstupdatetoitsopioidguidelinessince2016.Photo:GadoviaGettyImagesFederalofficialssaidinflexiblerulesaroundtheprescriptionofopioidshaveharmedsomepatients,urgingdoctorstoexercisecompassioninalleviatingpain.Inanupdatetoopioid-prescriptionguidelines,theCentersforDiseaseControlandPreventionsaidThursdaythatacrackdownonopioidprescriptionstoaddressrampantabusehadledtosomepatientsbeingdeprivedofmedicinestheyneeded.Theproblemhasexacerbateddisparitiesincare,theCDCsaid.Blackpatientsreceivingprescriptionopioidsarelesslikelytobereferredtoapainspecialistthanwhitepatientsandaremorelikelytoreceivelowerdosesofmedicationfortheirpain,theCDCsaid.DisparitiesinaccesstotreatmentaredrivingupoverdoseratesamongBlackandNativeAmericanpeopleasdrugdeathsreachrecordhighsacrossthecountry,theCDChassaid.Advertisement-ScrolltoContinue“Weknowthatpeoplethatlivewithpainexperiencemanychallenges,”ChristopherJones,actingdirectoroftheCDC’sNationalCenterforInjuryPreventionandControl,saidonThursday.“Havingsafe,consistentandeffectivepainmanagementshouldnotbeoneofthem.”Opioidprescribingincreasedfourfoldfrom1999to2010inparallelwithanapproximatelyfourfoldincreaseinoverdosedeathsinvolvingprescriptionopioids,accordingtoCDCdata.Subsequentcrackdownsonprescriptionopioidsledtoprescriptionsoutsidehospitalsfalling44%intheeightyearsto2020,accordingtopreliminaryfederaldata.Insomecases,patientscutofffromprescriptionsturnedtotheillicitmarketwherepotentbootlegfentanylhastakenovermuchoftheheroinandpilltrade.Opioidoverdosedeathsnearlytripledinthattimespanandmovedevenhigherin2021.“Wesawawaveofpatientabandonmentandwithdrawalandpainthatledtopatientsseekingillicitdrugsonthestreet,”saidO.TrentHall,assistantprofessorofaddictionmedicineatTheOhioStateWexnerMedicalCenter.TheCDCsaidinthefirstupdatetoitsopioidguidelinessince2016thatdoctorsshouldn’tabruptlystopprescriptionsforpatientsonhighopioiddosesinparticularandshouldensuretheyarereceivingappropriatecare.Physiciansaren’tobligatedtofollowtheCDC’sguidelines.TheCDCsaidstates,insurersanddrugcompanieshadabandonedsomepeoplebeingtreatedforcancerorwhowereneardeath.Somedoctorshavedismissedpatientswhobecameaddictedtoopioidswithoutathoroughconversationwiththosepatientsabouttheircircumstances,theCDCsaid.Rigiddosagethresholdsandlimitsondurationofusebyinsurersandpharmacieshavealsohurtpatients,theCDCsaid.SomedoctorsinterpretedtheCDC’searlierguidelinesasrecommendeddosagecaps,saidSorayaAzari,associateprogramdirectorfortheaddictionmedicinefellowshipprogramatUniversityofCalifornia,SanFrancisco.“Nobodywantstogobacktothe’90swherewehadreallyindiscriminateoverprescribingofopioids,”Dr.Azarisaid.“ButIdothinkit’slikelythathealthsystemsperhapsloosensomeoftheirstringentguidelineswithregardstoprescribing.” TheCDCsaidnonopioidpainreliefisaseffectiveformanycommonconditionsincludinglower-backpain,neckpain,kidneystones,migrainesanddentalpain.Whenopioidsareprescribed,theCDCrecommendedstartingwiththelowesteffectivedosageforpeoplewhohaven’ttakenopioids.Patientswhohavebeentakingopioidsforalongtimemightrequireseveralmonthsoryearstobeweanedoffthem,theCDCsaid,andmayrequiretreatmentwithbuprenorphine,analternativemedicineusedtotreatpainandopioidaddiction.TheCDCrecommendedprovidingoverdose-reversaldrugsandeducationtopeopletaperingoffopioids.Forsomepatients,managingopioiduse,ratherthanendingit,maybelessharmful,theagencysaid.WritetoJulieWernauatjulie.wernau@wsj.comAdvertisement-ScrolltoContinue | ByJulieWernau | 2022-11-03 | Nov.3,20221:00pmET | |
| 9d6f6d411c16d27720d8069c65dc073d | KanyeWest,LouisFarrakhanandAnti-Semitism | Opinion | HousesofWorship | KanyeWestwatchesthefirsthalfofanNBAbasketballgameinLosAngeles,March11.Photo:AshleyLandis/AssociatedPressWhatlessonscanwelearnfromtherubbish-clutteredmindofKanyeWest?Wecanstartbydrawingsomeimportantdistinctions.Mr.West’sisaparticularkindofanti-Semitism.Theleft-wingactivistShaunKingwritesinNewsweekthat“youdon’thavetobewhitetobeawhitesupremacist,”andthat“KanyeWestisnowafull-blownwhitesupremacist.”Thisisacategoryerror.The“whiteextinction”conspiracytheorypromotedbywhitesupremacistsholdsthatJews promote integration,miscegenationandcivilrightsaspartofaplottoreplacethewhiterace.Mr.Westappearstobelievetheopposite.“Jewishpeoplehaveownedtheblackvoice,”hesaidonarecentpodcast,laterspeakingofblackAmericans“beingsignedtoaJewish-ownedrecordlabel,orhavingaJewishmanager,orbeingsignedtoaJewishbasketballteam,ordoingamovieonaJewishplatformlikeDisney.”Advertisement-ScrolltoContinueThatsortoftalksoundsverymuchliketheravingsofNationofIslamleaderLouisFarrakhan,theworld’sforemostblackanti-Semite.“Youcan’tdonothinginHollywoodunlessyougobythem”—theJews—Mr.Farrakhansaidina2010speech.“Youahip-hopartist?Youcan’tdonothing,yougottagobythem.Youwanttobeagreatsportsfigure?Theyownthatplantation.ChildrenofIsrael,theygotyoujumpingthroughhoops.”Similarly,Mr.West’sclaimthatPlannedParenthoodwasfoundedbyJewstocontroltheblackpopulationistheinverseofthewhite-supremacistnotionthatJewshavepromotedabortiontoeradicatewhites.Again,Mr.WestwasmerelyechoingtheNationofIslam,whichhaslongimplicatedPlannedParenthoodinasupposedblack“depopulationagenda.”OrtakeMr.West’s“losttribes”theory.“WhenIsayJew,”hetoldTuckerCarlsoninanunairedsegmentofanOct.6interview,“Imeanthe12losttribesofJudah,thebloodofChrist,whothepeopleknownastheraceblackreallyare.”Thiscomesstraightfromblack-supremacydoctrine.TheNationofIslam’scentraltenetisthatJewsswindledblackpeopleoutoftheirbirthrightasGod’schosen.“TheoriginalHebrewsareblack,”Mr.Farrakhansaysinthesame2010speech.It’salsotheanimatingideabehindtheBlackHebrewIsraelitemovement,twoadherentsofwhichshotandkilledfourpeopleatakoshersupermarketinJerseyCity,N.J.,in2019.EvenMr.West’sreportedpraiseofHitlerechoesMr.Farrakhan,whodescribedHitleras“averygreatman”andexpresseddelightatcomparisonsbetweenhimselfandthemurdererofsixmillionJews.Noneofthisissurprising.Mr.WesthashadalongstandingrelationshipwithMr.Farrakhan,conferringwithhimonseveraloccasionsandvisitingtheNationofIslamheadquartersin2005.Inonesong,Mr.WestdescribesMr.Farrakhanashis“sensei.”DoesitmatterwhichstrainofJew-hatredMr.Westsubscribesto?Distinctionsmatter—andintheAmericanmedia’sreluctancetoacknowledgeblackanti-Semitism,ithasfestered.ThepastfewyearshaveseenhundredsofattacksonJewsintheCrownHeightsneighborhoodofBrooklyn,N.Y.,andotherHasidicenclaves,mostofthemperpetratedbyAfrican-Americans.AmongotherAfrican-Americanassaultsthathavebeenmemory-holedisthe2020HanukkahmurderofarabbiinhisownhomeinMonsey,N.Y.TheBlackLivesMattermovementhasanunsettlingpreoccupationwithIsrael,andoneofitskeybodiesputoutaplatformaccusingtheJewishstateofgenocide. There’sareasonfortheconfusionoverthesourceofMr.West’sracistoutlook.TheAmericancommentariatnowrespondstodiscreteactsofJew-hatredbasedforemostontheirpartisanutility.WhenDemocraticReps.IlhanOmarandRashidaTlaibtweetoneoftheiroccasionalcalumniesaboutJewishmoneyorAmericans’dualloyaltytoIsrael,therightnotestheanti-Semitismondisplay,whilethelefteitherexcusesorignoresit.Similarly,becauseMr.WesthassupportedDonaldTrump,theformerpresident’senemieseagerlycasthisstatementsaboutJewishpowerasrepresentativeofabigotedAmericanconservatism.Onthepopulistright,meanwhile,thefirebrandcommentatorCandaceOwenstweetedthatAdidas“betterpayYe”afterthecompanycanceleditscontractswithMr.West.It’sabsurdtocallMr.Westapurveyorof“whitesupremacy.”Hisracismarisesfromadifferentsource,anditoughttobecalledbyitspropername.Leviticus19:17states:“Youshallnothateyourbrotherinyourheart,butyoushallreasonfranklywithyourneighbor,lestyouincursinbecauseofhim.”Inotherwords,confrontyourfriend’ssinlestyoushareinhisguilt.Mr.GreenwaldisexecutiveeditorofCommentarymagazine.MainStreet:UnlikeHollywood’swoke,atleastitsCommunistscouldmakegoodmovies(04/26/21).Images:EverettCollection/A.M.P.A.S.viaGettyImagesComposite:MarkKellyAdvertisement-ScrolltoContinue | ByAbeGreenwald | 2022-11-03 | Nov.3,20221:36pmET | |
| 428aaccaf440a1ab79f31c277e47de6e | ThereHastoBeaBetterWaytoLose$800Billion | Business | ScienceofSuccess | "Youknowwhat’scool?Atrilliondollars.ThatwasthemarketcapitalizationofFacebookjustoverayearago,rightbeforethecompanydecidedtorenameitselfMeta.Ithassincedeclinedbyroughly$800billion.Eighthundredbilliondollars!That’smorethanthemarketcapofalmosteverycompanyintheS&P500.It’smorethanExxonMobil.It’smorethanBerkshireHathaway.It’smorethanTeslaandaparkinglotofTeslacars.Advertisement-ScrolltoContinueTherecenttechselloffhasshrunkAmazon,AlphabetandeverygiantbutApple,wipingouttrillionsofdollarsacrossSiliconValleywithabrutalefficiencythatonlyanengineercouldappreciate.Butnocompanylooksasdismalthesedaysastheonewhosestockpriceisdown75%sincelastSeptember.ThegoodnewsforMetaMETA0.27%increase;greenuppointingtriangleisthatmanyofthebiggestlosersinrecentmarkethistorylearnedhowtowinagain.ThebadnewsforMetaisthatitdoesn’thavemuchelseincommonwiththem.MoreScienceofSuccessAStartupintheNewJerseySuburbsIsBattlingtheGiantsofSiliconValleyAugust25,2023ThisTomatoSauceIsDelicious.It’sAlsoWorthBillionsofDollars.August17,2023ThatCoolNewBookstore?It’saBarnes&Noble.July29,2023SheWastheOppenheimerofBarbie.HerInventionBlewUp.July20,2023Manycompanieschangestrategiesbecausetheylostmoney.Metaislosingmoneybecauseitchangedstrategies.Ithasbeenalmostexactlyoneyearsincechiefexecutiveandco-founderMarkZuckerbergmadetheboldmaneuverofrebrandingFacebookasMetaPlatformsbecausehebelievedthefutureofthecompanywasnotinsocialmediabuttheimmersive,amorphousonlinerealmknownasthemetaverse.Thedecisiontoplacesomuchfaithinsuchanunprovenpremisewillgodownasoneoftheriskiestbetsanycorporationhasevermade,nomatterwhathappensnext.Butwhat’shappeningnowisbleak.It’sstillnotclearwhatmightcountassuccess,onlythatMetaisnowhereclosetoit—andthecompanyhasgoneaboutgettingthereinthewrongway.“Youwanttotakebigproblemsandbreakthemdownsothatyouhavesmallwinsandsmalllosses,”saidSimSitkin,theMichaelW.KrzyzewskidistinguishedprofessorinleadershipatDukeUniversity.MetaCEOMarkZuckerbergworeafencingoutfitduringaneventannouncingthecompany’sshifttothemetaverse.Photo:MichaelNagle/BloombergNewsIcalledDr.Sitkinbecausehewroteascholarlypaperafewdecadesagoaboutthisstrategyofsmalllossesandcoinedatermforit:“intelligentfailure.”Theevaporationof$800billioninmarketvaluewasnotparticularlysmartbyhisstandard,whichisusefulforthinkingaboutMetaandothertechcompaniesbecauseofthenatureoftheirbusinesses.Innovationrequiresexperimentation.Experimentsfail.Failurecanbeinstructive.Majorsuccessistheproductofminorfailures,butonlyiftheexperimentsmeetspecificcriteria.Theyshouldaddressworthyquestionswithuncertainanswers.Theyshouldbemeticulouslyplannedandusefulregardlessoftheresults.Andtheyshouldbemodest.That’sthemostimportantthingaboutthem.Therewardsareincrementalbecausetherisksarenotexistential.Advertisement-ScrolltoContinueAmyEdmondson,aHarvardBusinessSchoolprofessorandauthoroftheforthcomingbook“RightKindofWrong:TheScienceofFailingWell,”saystheoptimalbetsizeishardtodefinebuteasytodescribe.“Assmallaspossible,”shesaid.“Justbigenoughtobeinformative.”Thensheputitanotherway:“Youdon’tbetthecompany.”Metadidn’texactlyfollowthatadvice.Lastyear,Mr.ZuckerbergdeclaredthathewantedFacebooktobeametaversecompany.Lastweek,afterMetareportedanothergrimquarterforearnings,theCEOreiteratedthathestillfeltthatway.Heunderstoodthat“peoplemightdisagreewiththisinvestment.”Hejusthappenedtothinktheywerewrong.“Ithinkpeoplearegoingtolookbackondecadesfromnowandtalkabouttheimportanceoftheworkthatwasdonehere,”hesaid.Theyhavealotmoreworktodo.MycolleaguesatTheWallStreetJournalrecentlyreportedthatMeta’sflagshipmetaversehadfewerthan200,000monthlyactiveusers.TherearemorepeoplewhocometoseetheNewYorkMets.Butitdoesn’treallymatterthatMr.Zuckerberg’sviewisaslonelyasthemetaverse.HiscontrolofMeta’svotingsharesgiveshimanunusualformofpower.“Thatgivesusevenmoreresponsibilitytopushforitanddothingsthatotherpeoplemightnotbeabletodo,”herecentlytoldthetechsiteProtocol,adding:“Iwanttoliveinaworldwherebigcompaniesusetheirresourcestotakebigshots.”(AspokeswomanforMetadeclinedtocommentbutpointedtoMr.Zuckerberg’spreviousremarks.)Othersinhisshoesmightfeelpressuretocuttheirlosses.Butit’sagoodthinglegsarecomingtothemetaversebecauseMr.Zuckerbergisdigginginhisheels.NewsletterSign-upThe10-Point.Apersonal,guidedtourtothebestscoopsandstorieseverydayinTheWallStreetJournal.PreviewSubscribeIhaven’tspentmuchtimeinthemetaverse—which,asitturnsout,makesmelikemostpeopleatMeta—andIhavenoplanstovacationthereanytimesoon.NeitherdoesDr.Sitkin.Themetaversehasmoreappealtohimasaconceptthanaplacetovisitbecauseitrepresentsa“stretchgoal,”ashecallsit,oraseeminglyimpossibletaskthatrequiressomekindofexternalcircumstanceorcreativebreakthroughtoachieve.ButwhatreallyinterestsDr.Sitkinisthatcompaniesavoidriskwhenthey’redoingwellandinhaleriskwhentheycanleastaffordmistakes.Thisistheparadoxofstretchgoals.“Thosewhoshouldpursuethemdon’t,”hesaid,“andthosewhoshouldn’tpursuethemdo.”Advertisement-ScrolltoContinueMetaisanexceptiontothatrule.Itshouldpursuestretchgoals.Itdid.Theproblemwasthatitstretchedtoofaranditsgoalwastoovague.“Youdefinitelywanttohaveaparachuteifyou’regoingtojumpoffahighcliff,”saidDr.Sitkin.“Andyouwanttoknowifthatcliffhasastaircasegoingdown—soyoucandoitonestepatatime.”‘Ithinkpeoplearegoingtolookbackondecadesfromnowandtalkabouttheimportanceoftheworkthatwasdonehere,’Mr.Zuckerbergsaidindefenseofthecompany’sstrategyshift.Photo:BENOITTESSIER/REUTERSIt’sentirelypossiblethatMr.Zuckerbergisrightaboutthemetaverseandthecompany’sstockpricewillbeabargaininthelongrun.Awebsitehebuiltfromacollegedormroombecomingoneoftheworld’smostvaluablecompaniesalsosoundedcrazy,andpositioningFacebookformobileatpreciselytherighttimeshowedthathe’sbeenabletopeekaroundcornersofsocialmediathatfewotherpeoplecansee.Buthislatestvisionrequiressquinting.Mr.Zuckerberghimselfwarnedthatitwouldtakepatience,trustandmorethanafewquartersoflousyfinancialresultstofigureoutwhetherthemetaversebetpaysoff.“Thisisnotaninvestmentthatisgoingtobeprofitableforusanytimeinthenearfuture,”hesaidoneyearago.Since2020,23S&P500companieshavehadtheirstockpricesdropmorethan70%inlessthanoneyearandthenclimbbacktoanewhigh.Percentagechangefromprevioushigh 175 % Mosaic 150 125 Devon Energy 100 Paramount 75 50 25 0 Meta’sdecline –25 –50 –75 –100 Previous high Low New high 175 % Mosaic 150 125 Devon Energy 100 Paramount 75 50 25 0 Meta’sdecline –25 –50 –75 –100 Previous high Low New high Note:Basedonclosinglowssince2020Sources:DowJonesMarketData;FactSetThatpredictionturnedouttobeaccurate.Theoperatinglossesofitsmetaversedivisionamountedto$3.7billionlastquarteralone,andMeta’schieffinancialofficersaidthatheanticipates“operatinglossesin2023willgrowsignificantly.”Themarketreactedappropriatelytothiscomment:Itfreaked.Metaisnowtradingatitslowestpricesince2016,whenTikTokwasasoundthatclocksmade,andthecompanyhasshed$23,000asecondinmarketcapfromlastyear’speak.Thefinancialincentivesforintelligentfailuregetstrongerthefasteracompanygrows.Thepriceoftheall-or-nothingbetonnascenttechnologythatMr.Zuckerbergmadefromhisdormroomwaslowindollarterms.Nowit’shumongous.ButasurprisingthingaboutcompaniesthathavebeeninMeta’spositionishowmanyofthemmadetheirmoneyback.Infact,nearlytwodozenS&P500companieshaverecoveredfrombeingdown70%inoneyearsince2020alone,accordingtoDowJonesMarketDataresearch.Mostofthoselossesweretheresultofbroaderforcesbeyondthecontrolofthosecompanies.Thepandemiccrusheddepartmentstores,butMacy’sandTheGaparebackabovetheirprepandemicstockprices.EnergystockswerepoundedwhenU.S.oilfuturesbrieflyduckedbelowzero,butHalliburtonandOccidentalPetroleumrecoveredfromthelowsandclimbedbacktoprevioushighs.Metahasplentyofheadwindsintherealworld,too.Theeconomyisgloomyandinterestratesarerising.AbitterdisputewithApplebruisedFacebook’sadvertisingbusinessascompetitionwithTikTokcutintoInstagram’spopularity.ButwhatmakesMetadifferentfromthesurvivorsofstocktumblesiswhatcausedthemtobeginwith.Theirswereexternalshocks.Thisonewasself-inflicted.It’sappropriatelymetathatthemostcompellingexplanationforan$800billionfreefallisinthenameofthecompany.Thatmaybeafailurenotintelligentenoughtobeasuccess.WritetoBenCohenatben.cohen@wsj.comAdvertisement-ScrolltoContinue" | ByBenCohen | 2022-11-03 | Nov.3,20225:30amET | |
| c00b1862a9b53f795c9eff6dcd6b2112 | RepublicanOppositiontoHelpingUkraineGrows,WSJPollFinds | Politics | MidtermElection2022 | AwomanwalkingthroughherdestroyedhomeinavillagenearChernihiv,Ukraine.Photo:EdRam/GettyImagesWASHINGTON—ThemajorityofAmericanssupportcontinuingaidtoUkraineinwhatwilllikelybeaprolongedwarwithRussia,butsupportisbecomingapartisanissueasRepublicanoppositiongrowstohelpingthecountry,accordingtoanewWallStreetJournalpoll.MilitaryandfinancialaidtoUkrainehasemergedasoneofmanypoliticalflashpointsdaysbeforeamidtermelectioninwhichcontroloftheCongressisatstake.ThecontinuingflowofaidisfallingoutoffavorwithsomeRepublicansintheHouseofRepresentatives,whosaytheystruggletojustifytheoverseasspendingamiddomesticconcerns,includinghighinflationandeconomicuncertainty.NewsletterSign-upWSJPolitics&PolicyScoops,analysisandinsightsdrivingWashingtonfromtheWSJ'sD.C.bureau.PreviewSubscribeSome30%ofrespondentsoverallsaidinthenewsurveytheybelievetheadministrationisdoingtoomuchtohelpUkraine,upfrom6%inaMarchJournalpoll.ThechangewasdrivenbyabigshiftamongGOPvoters:48%ofRepublicansnowsaytheU.S.isdoingtoomuch,upfrom6%intheprevioussurvey.TheportionofGOPvoterswhosaidtheU.S.isn’tdoingenoughtohelpUkrainefellto17%,asteepdropfrom61%inMarch.The2022midtermelectionsarebeingheldinastrangeeconomicenvironment.Inflationishighbutunemploymentislow.Soistheeconomygoodorbad?Wegobehindthepoliticalmessagingtobreakdownthenumbers.Illustration:MadelineMarshallInaseparatequestionthatwasn’taskedinpreviousJournalsurveys,57%ofpollrespondentssaidtheyfavorsendingadditionalfinancialaidtoUkrainetosupportitswareffort,while37%saidtheyopposedit.Amongrespondents,81%ofDemocratssaidtheysupportedadditionalfinancialaidforUkraine,whileonly35%ofRepublicansand45%ofindependentssaidthesame.“Ukraineneedstofighttheirownbattle,andweshouldhavestayedoutofit,”saidKellyCarpenter,a54-year-oldRepublicanaccounts-payablespecialistfromGalena,Mo.“Wehavesomuchgoingonhere—theborder,crime,inflationisridiculous—weneedtotakecareofourpeopleinourcountry.”Advertisement-ScrolltoContinueAskWSJLiveFromPhiladelphia:TheStateoftheMidtermsWatchformerPennsylvaniaGov.EdRendellandSen.PatToomey,alongwithWSJ'stopreportersfrom the campaigntrail,discussthe impact of politicalpolarizationongoverningandwhat'satstakeinthemidtermelection.WatchtheConversationEricRamos,aDemocratfromAustin,Texas,saidthatwhilehesupportscontinuedaidforUkraine,issuesdirectlyaffectingthehomelandshouldtakepriority.“It’sgottobeabalanceofusingmoneyforwhatweneedforourselvesasopposedtowhatotherpeopleneed,”saidMr.Ramos,a33-year-oldmiddle-schoolteacher.“You’vegottotakecareofyourselfbeforeyoucantakecareofotherpeople.”TheBidenadministrationhasprovidedalmost$18billioninsecurityassistancetoUkrainesinceRussialauncheditsinvasioninFebruary.U.S.-providedweapons,mostnotablytheHimarslong-rangerocketlaunchers,havehelpedUkrainetakebackterritoryintheeastandsouth.SpeakinginBerlinrecently,DenysShmyhal,theUkrainianprimeminister,saidthewarhadwipedoutatleast35%ofthecountry’seconomy.HecalledontheWesttoprovideanimmediateeconomicreliefpackageof$17billion.Healsoaskedfor$1.5billionineconomicaidamonthfromtheU.S.nextyear.SHAREYOURTHOUGHTSShouldtheU.S.continuetooffersupporttoUkraine?Whyorwhynot?Jointheconversationbelow.SupportinCongressforpumpingaidtoUkraineisstartingtofractureasmanyRepublicansintheHousequestionwhetherthemoneywouldbebetterspentcombatingChinaandtacklingeconomicproblemsfacingtheU.S.,lawmakersandcongressionalstafffrombothpartiessaid.RepublicansareheavilyfavoredbynonpartisananalyststocapturecontroloftheHouseinnextweek’smidtermelections.HouseMinorityLeaderKevinMcCarthy(R.,Calif.),whowilllikelybespeakeriftheGOPwinsthemajority,saidlastmonththatCongresswouldn’t“writeablankchecktoUkraine”underGOPleadership.HelaterclarifiedthatsomewithinhiscaucuswantgreateraccountabilityforthefundssenttothegovernmentinKyiv.Lawmakersareweighingplanstopassamultibillion-dollaraidpackageforUkrainebeforeyear’send,congressionalaidessaid,reflectingfearsamongDemocratsandsomeRepublicansthatanewandpotentiallyGOP-controlledCongresswouldbelesssupportiveofsuchassistance.WritetoVivianSalamaatvivian.salama@wsj.comTheMidtermElectionsKeycoverageofNovember'selections,selectedbytheeditorsFullElectionResultsRepublicansWinControlofHouseGOPHouseMajorityCouldShieldIndustriesFromNewTaxes,RegulationsWhatDividedGovernmentMeansforWashingtonGOPGainsCollege-EducatedandMinorityVotersinSlimHousePickupNancyPelosiWillStepDownasDemocraticPartyLeaderinHouseHakeemJeffries,Front-RunnertoSucceedPelosi,ForgedTiesAcrossSpectrumDeSantis,OthersDrawDistinctionsWithTrumpin2024GOPNominationRaceKevinMcCarthyWinsGOPVoteforSpeakerPostAdvertisement-ScrolltoContinue | ByVivianSalama | 2022-11-03 | Nov.3,20225:30amET | |
| 7428e73c69fb0accc2b0c6b3d146c4f6 | How‘Andor’DesignersTook‘StarWars’BacktotheAnalogEra | Television | Toconstructtheworldofthe“StarWars”prequelseries“Andor,”theshow’sdesignerswentbacktothe1970stofindinspiration—andspareparts. AvintagePolaroidcamera,anearlyportablecassetteplayer,andalotofbeefybuttons,switchesandknobsallgotbuiltintotheretro-futuristicgadgetsthathaveimportantfunctionsintheshow.“Weareverymuchintoreality,”saidsetdecoratorRebeccaAlleway.“Thatwasthemantrafor‘Andor,’fullstop.” “Andor”hasgivenajolttothe“StarWars”franchisebyemphasizinggrittyrealisminbothitslookanditswriting.Theshowissetinatimebeforethatofthefirstfilmfrom1977,andthere’snotaSkywalkerorlightsaberinsight.DiegoLunaplaysCassianAndor,ahustlerandthiefwhoreluctantlyjoinsarebelcellmakingmovesagainsttheEmpire,whichisinapre-DeathStarphaseofconsolidatingcontrol. Thestreamingseries,nearingtheendofitsfirst12-episodeseasononDisney+,tellsthestoryofatenuousinsurgencyleadinguptotheeventsin“RogueOne.”Inthat2016movieMr.Luna’scharacterleadsarebelmissiontostealplansfortheEmpire’splanet-killingweapon.“Andor”wascreatedbyTonyGilroy,awriterof“RogueOne”andknownforsuchfilmsas“MichaelClayton”andtheJasonBourneseries.Theshowisrootedintheeverydayplaceswherecharactersworkandlive.Theyincludearebelorganizerposingasagalacticantiquitiesdealer(StellanSkarsgård),andprisonersracinglikepitcrewstobuildImperialequipment. Therearespaceshipsandothercomputer-generatedelements,butmanyoftheenvironmentswerebuiltbyproductioncrewsas“practical”sets.“Andor”isananomalyinanindustrythathaspushedeverfurtherintodigitallyfabricatedworlds.Recent“StarWars”productionssuchas“TheMandalorian”havemademoreuseofanimmersivestageknownasa“volume”:Camerascaptureactorsperformingonasetsurroundedbymassivevideoscreensdisplayingvirtualbackdrops,suchasalienlandscapes.AdvertisementBelow,howthe“Andor”teammadesomeofthefictionaltechthatappearsthroughouttheshow.Big,ChunkyHardware“Andor”designersdrewonanerabeforetechnologywasslimandsleek.Workhorsecomputers,liketheonesintheindustrialsettingofFerrix,havebulkyhoodsandmanualinterfaces.“There’snotouchingthescreen.Everythingiscontrolledbyabig,chunkybuttonoradial,”saidpropmasterMartynDoust. Computersin‘Andor’werebuiltwithchunkybuttons,nottouchscreens.Photo:CourtesyofLucasfilmLtd.Onthesetof‘Andor,’workingscreensprovidedrealismforactorsandasourceoflightingforcameras.Photo:CourtesyofLucasfilmLtd.GraphicdesignerDominicSikkingmaintainsa“buttonboard”fullofsamplesthathaveasatisfyinglookandfeel.“IcantellacheapbuttonwhenIseeit,”hesaid. Techplaysarecurringroleinthestory.Charactersgazeintoaconsoleresemblingthoseoncefoundinair-trafficcontroltowers,attemptingtotrackasuspiciousspaceship.GPSit’snot.“TheEmpireisatthetopwiththeirtechnology,buteventheirshaslimits.Youcan’tmakeittooeasyforthem,”Mr.Doustsaid.AdvertisementThedevicesthemselvesaren’tdummies.Screensinsidethepropgadgetsdisplaygraphicsandtext(inthe“StarWars”alphabet),offeringrealismforactorsandasourceoflightingforcameras. NoWi-Fi,NoInternetPeopledon’tusepaperinthe“StarWars”universe,sowhat’stheirequivalenttopaperwork?IntheImperialSecurityBureau,agentsusehand-heldcomputerstosiftthroughdataastheyhuntforevidenceofarebelplot.Theseblocky“datapads”weredesignedtohideiPadsorSamsungtabletsinsidewithglowing(andrechargeable)screens.Imperialagentsusedatapadstohuntforevidenceofarebelplot.Photo:CourtesyofLucasfilmLtd.Sincethere’snointernetorWi-Fiinthisworldeither,thefictionaldatapadsgetdockedwiththeintelligenceagency’smaincomputer,Mr.Doustexplained,adding,“Everythingin‘StarWars’isanalogbutit’sgotthataspirationofwantingtobedigital.” BacktotheWorkbenchBecause“Andor”issetinatimeperiodadjacenttotheoriginal“StarWars,”propmakersusedmethodsandmaterialslikethoseavailabletothemovie’screatorsinthe1970s. Advertisement“Theywereusingrealworldstuff,takingitapart,andaddingelementstomakesomethinglookmoretechnologicallyadvancedthanitactuallywas,”Mr.Doustsaid.PropmakerstransformedanoldPolaroidcameraintoadevicethatrebelsusetonavigatespacetravelin‘Andor.’Video:CourtesyofLucasFilmLtd.HefashionedacollapsiblePolaroidcamera(circa1974)intothehullofanavigationaldevicethatrebelsusetoeludecaptureafteraheist.Theinstrumentwasretrofittedwithasextant-likeapparatusandworkingscreenmadefrom“thesmallestsmartphonewecouldpossiblyfindonthedepthsoftheinternet,”Mr.Doustsaid.Helikesknowingthatsomefanswillrecognizetherawmaterialsandusethemtobuildreplicas. PuttingNostalgiatoWork AninsurgentnamedNemik(playedbyAlexLawther)showsAndorthenavigationaldeviceandshareshisviewsontechnology.“We’vegrownreliantonImperialtech,andwe’vemadeourselvesvulnerable,”hesays. Nemikhasrecordedhisphilosophiesonapocket-sizedeviceboundinleatherlikeajournal.Tomakeit,Mr.Doustraidedhisownchildhoodforinspiration.HetrackeddownacouplecopiesoftheportableSanyocassetteplayerhehadasachildintheearly1980s,andincorporateditsbuttonsandotherpartsintoNemik’sDictaphone-likemachine. Andor(playedbyDiegoLuna,atleft)getsatutorialonrebeltechfromNemik(AlexLawther).Photo:CourtesyofLucasfilmLtd.“That’soneofmyfavoritepropsbecausethere’ssomuchofmeinit,”Mr.Doustsaid,citingmemoriesoflisteningtoDireStraitsandLedZeppelinthroughorangeheadphonesinthebackofhisparents’car. ViewerswillgetacloserlookatthedevicestoringNemik’smanifestolaterintheseries.DystopianCubicleCultureMs.Alleway,the“Andor”setdecorator,hadtoimaginewhatadead-enddeskjobfortheEmpirewouldlooklike.Shediscoveredaphotofromthe1960sdepictingathen-futuristicworkplace,whichinspiredhertakeonahiveofcubicles. Afterademotion,KyleSoller’scharacterlandsinadystopiandeskjob.Photo:CourtesyofLucasFilmLtd.Ahyper-ambitiouscharacter(playedbyKyleSoller)findshimselfinexileasaworkerdroneintheBureauofStandards.Hispsychologicalstateisreflectedinthemutedcolorpaletteofhiscomputerstationandanonymoussurroundings. WritetoJohnJurgensenatJohn.Jurgensen@wsj.comMoreinTelevisionTheRealStarof‘TheWhiteLotus’:TheFakeHotelIn‘HouseoftheDragon,’WhatHappensWhenWhite-BlondWigsMeetFakeBloodAppropriate,Messy,Affordable:How‘AbbottElementary’NailsTeacherStyleWhyDid‘HouseoftheDragon’ReplaceTwoofItsBiggestStars?HowAmazonTurned‘LordoftheRings’IntotheMostExpensiveShowofAllTimeAdvertisement | ByJohnJurgensen | 2022-11-03 | |||
| 34fc1849e742dae9eb0317bd3adfb338 | SaudiArabiatoBuildElectricVehiclesWithAppleSupplierFoxconn | Business | AutosIndustry | ThefundhasalreadyinvestedintheLucidGroup,anelectric-vehiclemakerwithplanstosetupafactoryinthekingdom.Photo:amerhilabi/AgenceFrance-Presse/GettyImagesSaudiArabia’ssovereign-wealthfundispartneringwiththebiggestassemblerofAppleInc.AAPL0.12%increase;greenuppointingtriangleiPhonestomanufactureelectricvehicles,partofanefforttocreateanindustrialsectorthatCrownPrinceMohammedbinSalmanhopescandiversifyhiseconomyawayfromoil. ThePublicInvestmentFundsaidThursdayitenteredajointventurewithTaiwan-basedFoxconn23170.47%increase;greenuppointingtriangleTechnologyGrouptoestablishanelectric-vehiclebrand,calledCeer,thatwilllicensecomponenttechnologyfromBMWtobuildcars.Foxconn,formallyknownasHonHaiPrecisionIndustryCo.,willdevelopelectronicsinthevehicleswith“infotainment,connectivityandautonomousdrivingtechnologies,”theSaudifundsaidinajointstatementwithTaiwanesefirm. Ceerwilldevelopsedansandsport-utilityvehiclesforthemassmarket,withagoalofdeliveringitsfirstcarsin2025,thetwosidessaid. PrinceMohammedhastaskedPIFwithdiversifyingtheSaudieconomybycreatingnewsectorsdisconnectedfromtheoilindustry.Already,thefundhasinvestedinLucidGroupInc.,anelectric-vehiclemakerwithplanstosetupafactoryinthekingdom.Lucidplanstoreassemblethecompany’sluxurysedanthatispre-manufacturedinitsArizonaplantandeventuallyproducecompletevehiclesinSaudiArabia. ThegovernmenthadsaidithopedLucidwouldattractotherindustrialfirmstocreateadomesticsupplychain.SothedealwithFoxconnisacoupforattemptstodrawforeigncompaniestoworkinthecountry—thoughitisn’tclearwhethertheTaiwanesefirmplanstoinvestitsowncapitalinthejointventure. ForeigninvestmentinSaudiArabiahasremainedlowinrecentyears,despitePrinceMohammed’seffortstorestructurehiseconomy.Internationalfirmscomplainedaboutslowpaymentfromgovernmentcontractors,retroactivetaxbillsandarchaicbureaucracy.HighoilpricesmeantheSaudieconomyishummingthisyear,witheconomicgrowthexpectedtobeamongthehighestglobally.Lastmonth,theSaudigovernmentannouncednationalstrategiesaimedatattractingbillionsofdollarsininvestmentsfromtheindustrialandsupply-chainsectorsbyofferingcompaniesmassiveincentives. FoxconnhaslookedtodiversifyitsmanufacturingsitesamidrisingtensionsbetweenChinaandtheU.S.thatcouldmakeitvulnerable.IthasbeenindiscussionssincelastyearwiththeSaudigovernmentaboutjointlybuildinga$9billionmultipurposefacilitythatcouldmakemicrochips,electric-vehiclecomponentsandotherelectronicslikedisplays,TheWallStreetJournalreported.Foxconnofferedtobuildadual-linefoundryforsurface-mounttechnologyandwaferfabricationinNeom,atech-focusedcity-statethatPIFisdevelopinginthedesert.Domestically,PIFhaslauncheddozensofprojectsthatwillrequirebillionsofdollarsofoutsidecapitalalongsideinvestmentfromthesovereign-wealthfund.PIFsaidCeerwouldattract$150millionofforeigndirectinvestment,andpotentiallycreateupto30,000jobs. Electricvehiclesaregrowinginpopularityglobally,spurredbyrisinggasolinepricesandgrowingawarenessoftheimpactsofhydrocarbonsontheclimate.Currently,manufacturersarestrugglingtokeeppacewithdemandforordersfromcustomers,facingconstraintsoverbatterysuppliesandothercomponents.Buildinganelectriccarfromscratchhasprovedtrickyforstartupswithoutthedecadesofexperienceofmoreestablishedbrands.TeslaInc.,whichaccountedforabout70%ofallU.S.EVsalesinthefirsthalfofthisyear,notoriouslypoweredthroughdifficultyears,burningcashbeforebecomingthemarketleader.LucidwasstrugglingforsurvivalbeforePIFinjectedcapitalintothecompany,helpingitthenpushoutaviableproduct. WritetoRoryJonesatRory.Jones@wsj.comAdvertisement-ScrolltoContinue | ByRoryJones | 2022-11-03 | Nov.3,20221:52pmET | |
| c70b859c2d359f0771ea8a9573fb49c7 | Startups,InvestorsBetonRemoteWorkFuture | CIOJournal | Frameable,launchedin2021,providesaplatformthatrecreatesanentireofficespace.Photo:FrameableEvenasmoreemployerssignalanendtoremotework,techstartupsandtheirinvestorsarebettingthatitisheretostay,offeringarangeofdigitaltoolsdesignedtosupportapermanentworkforceoutsideoftheoffice. Andthosebetsappeartobepayingoff.Remotebase,atwo-year-oldSanMateo,Calif.-basedstartupthatconnectsbusinesseswithremotesoftwareengineers,isseeingrevenuegrowththisyearofupto30%amonth,co-founderandChiefExecutiveQasimSalamsaid.Annualrevenuelastyearsurgedbyroughly600%,hesaid.Mr.Salamdidn’tdisclosethecompany’srevenue.Advertisement-ScrolltoContinueMr.Salamsaidthecompanyrecentlysurpassed60,000engineersinitsonlineremote-workplatform,upfrom11whenthecompanylaunchedin2020,manylivinginIndia,Pakistan,NigeriaandEasternEurope.Lastweek,Remotebaseannouncedapre-SeriesA$2.1millionfundraisinground,ledbyIndusValleyCapitalandHustleFund,withparticipationfromSomaCapital,AngelSquadandDraperAssociates. “Investorsaresuper-pumpedonremote,”Mr.Salamsaid.“Theyknowit’sgoingtostay.”NewsletterSign-upWSJ CIOJournalTheMorningDownloaddeliversdailyinsightsandnewsonbusinesstechnologyfromtheCIOJournalteam.PreviewSubscribeOther,later-stageremote-workstartupsarefetchinghundredsofmillionsofdollarsininvestingrounds,drawinghigh-profileSiliconValleyinvestors.Chicago-basedstartupAtlas,whosetechplatformhelpsemployerscomplywithlocalemploymentrulesandregulationsforremoteworkersinmorethan160countries,announced$200millioninnewfundingfromSixthStreetGrowth,thegrowthinvestingbusinessofglobalinvestmentfirmSixthStreet. “Employeesrealizethattheyhaveoptionswhenitcomestoworking,”saidAtlasCEORickHammell.“TheycannowbebasedintheU.S.andworkforaGermancompany,”hesaid.Atlashelpscompaniesonboard,manageandpayaglobalworkforce,hesaid.“Companiesthatdon’tfigureouthowtodoremoteworkwellwillgetcrushedbycompanieswhodo,”saidChrisHerd,founderandCEOofremote-workstartupFirstbase.BasedinAberdeen,Scotland,FirstbaseinMarchraised$50millioninaSeriesBrefundingroundledbyKleinerPerkinsandincludedfundingbyAndreessenHorowitz.Firstbasechargescompaniesamonthlyfeetoequiphomeboundworkerswithergonomicchairs,desks,laptops,monitorsandotherofficegear,orderedoveritsplatform.Launchedin2019,thecompanyhadsome600corporatecustomersonawaitinglistwhenCovid-19struckinMarch2020.Withinmonthsthelisthadballoonedtomorethan4,000,thecompanysays. Sinceearly2021,Mr.Herdsaid,revenuehasgrown20timeslarger,whilethecompanyhasbeenaddingmorecustomersandexpandingitsteam. Advertisement-ScrolltoContinueAdamRiggs,founderandCEOofremote-workstartupFrameablePhoto:FrameableRemote,anaptlynamedSanFranciscoremote-workstartup,inAprilcloseda$300millionSeriesCround—ata$3billionprivate-marketvaluation—withfundingbySequoiaCapital,Accel,IndexVentures,TwoSigmaVenturesandGeneralCatalyst,amongothers.“Remoteworkisadurablephenomenon,”saidRaviGupta,apartneratSequoiawholedthefirm’sinvestmentinRemote.“Thedemandforglobalhiringhastakenoffasmanycompaniesshifttoaremote-firstorhybridmodel,”Mr.Guptasaid. Foundedin2019,Remoteprovidespayrollandcomplianceservicesforglobalworkersandcontractorsinmorethan150countries,thecompanysaid.“Despitethecallbysomeemployersforworkerstocomebacktooffices,wejustclosedourbiggestmonthonrecordandourbiggesteverquarter,”saidRemoteco-founderandCEOJobvanderVoort.Some64%ofmorethan650U.S.executivessurveyedinOctoberbyPricewaterhouseCoopers—includingfinanceandhumanresourcesleaders,aswellaschiefinformationofficersandchieftechnologyofficers—saidtheircompanyneedsasmanypeoplebackinphysicalofficesaspossible.Thatisupfrom59%inAugust2021,PwCsaid.Atthesametime,corporatespendingonremote-worktechnologyisexpectedtoreach$352.6billionthisyear,upfromanestimated$332.9billionin2021,accordingtoITconsultingandresearchfirmGartnerInc.Spendingisforecasttoreach$381.5billionbytheendofnextyear,Gartnersaid. “Thereisnofutureinwhichwewillworklessinternationallyorlessdigitally,”saidAndreasKlinger,founderofRemoteFirstCapital,aventureinvestingfirmthathasinvestmentsinmorethanadozenremote-workstartups,includingFirstbase.“Anycompanyofsufficientsizeisessentiallyadistributedteamindenial,”Mr.Klingersaid.AdamRiggs,founderandCEOofremote-workstartupFrameable,saidmostemployersnowwantworkerstoreturntophysicalworkspacesbecausetheybelieveremote-workstartsandendswithvideoconferencing:“That’sonlyonepieceofvirtualinteractions,”Mr.Riggssaid. Frameable,whichlaunchedin2021andoperatesentirelyremote,providesaplatformthatrecreatesanentireofficespaceonacomputerscreen,withmeetingrooms,workareasandcafeswhereemployeescanseeeachotherinteract.Mr.RiggssaidFrameablecurrentlyhashundredsofcommercialcustomers,whorentitssoftwarewithratesvaryingbythenumberofusers. “Imaybeabitbiased,butIabsolutelybelieveremoteworkisheretostay,”saidRemote’sMr.vanderVoort.WritetoAngusLotenatAngus.Loten@wsj.com | ByAngusLoten | 2022-11-03 | Nov.3,20226:00amET | ||
| d94e651a6e949d5967b4edbee4536ff8 | ElonMuskMakesanOfferYouCanRefuse | Opinion | Commentary | Photo:GregoryBull/AssociatedPressElonMuskwantstostartsellingsubscriptionsforfullaccesstoTwitter.AstheJournalnotedonWednesday,hisgoalistomakehisrecentlyacquiredproperty“lessdependentondigitalads.”That’salongwayfrom“adfree,”whichiswhatTwitterusersconditionedtopayingnothingmightreasonablyexpectfor$8amonth.Mr.Muskisflirtingwithacompletebetrayalofthesocialmediasocialcontract.Themostvaluablecommodityintheonlineeconomyis,andalwayshasbeen,you.Youreyeballs,yourtime,yourinterest,yourprofile,yourposts—social-mediasitesofferadvertisersaccesstoallofit.Anyonehawkingrazorsornewslettersubscriptionscanpaytoreachyou.Inthefirstsixmonthsof2022,Twitterhad$2.2billioninadsales.Sellingaccesstousershasbeensocialmedia’sbusinessmodelsinceit’shadabusinessmodel.WhenMarkZuckerberglaunchedFacebookin2004,membershipwaslimitedtoHarvardstudents,thentoenrolledstudentsatothercolleges.InSeptember2006,Facebookbeganofferingfreemembershiptoanyoneover13.Facebookwasanad-freeparadiseforaboutayear.Forthatbrief,shiningmomentyoucouldsharepicturesofyourchildrenandreconnectwitholdschoolfriendswithoutanyonetryingtosellyouagymmembership.ButinNovember2007Mr.ZuckerbergfiguredouthowhewasgoingtomakemoneyandintroducedFacebookAds,allowing“businessestoconnectwithusersandtargetadvertisingtotheexactaudiencestheywant.”ThesmartpeoplegotoffFacebookthenandthere.TherestofusrushedtosignupforTwitter,YouTube,LinkedIn,Instagram,TikTok,Snapchat,andalltherest.Wecouldn’twaittogiveawayaccesstoourinmostthoughts.Alongwithourname,age,eyecolorandrelationshipstatustheycouldhaveadossieronourhabits,hobbies,curiositiesandinterests.Allweaskedinexchangewasasteadystreamofdopaminehits.Likes,views,shares,retweetsorsnapstreaks—itdidn’tmattersolongastheykeptcoming.Onsomelevelweallknewthatthiswasadealwiththedevil.Somewheredowntheline,ourinnervoicesinsisted,we’dendupregrettinggivingawaysomuchofourprivateselvestoSiliconValleyandMadisonAvenuefornothingmuchinreturn.Mostofusknewweweregettingrippedoff,butwecouldn’thelpit.Wewereintoodeep.Thevalidationofstrangersontheinternetfeltsogoodthatwetookthedeal.Overandoverwetookthedeal.Theonesavinggracewastheout-of-pocketcost.Zeroseemedreasonable,apricemostofuswerewillingtopayforthestrangejoysofinsomniacscrollingandsubtweetingourenemies,realorimagined.Wetalkedourselvesintobelievingthatwecouldwalkawayfromthegrandbargainanytimewewanted,thatwecouldcancelouraccountsandslidebackintoaregular,well-adjustedlifewithoutsocialmedia.JournalistslikemetalkedourselvesintobelievingthatwehadtobeonTwitterforwork.Butthatnevermadesenseeither.You’resupposedtogetpaidforwork.Youdon’tpayyouremployerforthepleasureofhavingajob.AnditmakesnosensetopayfortheprivilegeofbeingTwitter’sproduct.Thisisanopportunitytobeoneofthesmartones.Makeyourselflessdependentonsocialmedia.Quitaltogetherifpossible.Youwon’thaveanytroublefindingrazorsandnewsletters.Andnowthinkwhatyoucandowithallthemoneyyou’llsave.Mr.HennesseyistheJournal’sdeputyeditorialfeatureseditor.JournalEditorialReport:Theweek'sbestandworstfromKimStrassel,JasonRiley&DanHenninger.Image:AdrienFillon/ZumaPressAdvertisement-ScrolltoContinue | ByMatthewHennessey | 2022-11-03 | Nov.3,20221:36pmET | |
| 39b1afa317fa648e7d54fa554ac60da7 | GhostlyNeutrinoParticlesProvideaPeekatHeartofNearbyGalaxy | Science | Science | NeutrinosareacceleratingtowardEarthfromthecenterofagalaxyknownasMessier77,accordingtoanewstudy.Photo:NASA/ESA/A.vanderHoevenAgiganticobservatoryburiedintheAntarcticicehashelpedscientiststraceelusiveparticlescalledneutrinosbacktotheiroriginsattheheartofanearbygalaxy—offeringanewwaytostudyasupermassiveblackholeshroudedfromview.AccordingtoanewstudypublishedThursdayinthejournalScience,neutrinosareacceleratingtowardEarthfromthecenterofaspiral-shapedgalaxyknownasMessier77,whichisabout47millionlightyearsfromEarth.There,amatter-andradiation-denseregionsurroundsablackholemanymillionstimesasmassiveasoursun.ThecelestialheartofMessier77issituatedinsuchawaythatthedustandgascirculatingaroundtheblackholeobscuretheobjectwhenitisviewedfromEarthusingtypicalmethodssuchastelescopesthatrelyonopticallight.Advertisement-ScrolltoContinue“We’reseeingthegalaxyalittlebitsideways,andbecausewe’relookingatitsideways,theblackholeishidingbehindmaterialthatisorbitingnearit,”saidIgnacioTaboada,aprofessorofphysicsattheGeorgiaInstituteofTechnologyandspokesmanfortheinternationalcollaborationthatconductedtheresearch.Butneutrinos—themostabundant,energeticparticlesintheuniverse—passthroughsuchgasanddustunaffectedbecausetheyrarelyinteractwithanything,includingmagneticfields,matterorgravity.Thisghostlyaspectoffersscientistsanunprecedentedmeansofprobingprocesseshappeningaroundthepreviouslyhiddenblackhole,includinghowitacceleratesthesuperhot,chargedgasandmatterinthevicinity,theresearcherssaid.“Neutrinosareadifferentwaytolookattheuniverse.Andeverytimethatyoulookattheuniverseinanewway,youlearnsomethingthatyoucouldnothavelearnedwiththeoldmethods,”saidDr.Taboada.Oneofthemorethan5,000sensorsthatcollectdataattheIceCubeNeutrinoObservatoryinAntarctica.Photo:MarkKrasberg,IceCube/NSFNeutrinospreservetheinformationthatwasimprintedwhentheyweregeneratedattheirsources,includingtheirenergies,accordingtoHansNiederhausen,apostdoctoralassociateatMichiganStateUniversitywhoparticipatedintheresearch.ThatsameenergyisbroughttoEarthalongwiththeneutrinos.Nowthattheyknowwherecertainneutrinoscamefrom,theresearchersarestudyingthemtobetterunderstandwherewithinMessier77theinteractionshappenthatcreateandacceleratetheseparticles—andthebehaviorandnatureoftheblackholeitself,Dr.Niederhausensaid.TheyalsoplantocombthecosmosforotherneutrinosfromgalaxieswithactivesupermassiveblackholessimilartoMessier77.Thisgalaxy“givesusaverygoodideawheretolooknext,”headded.Theneutrino-detectingtelescopeusedinthestudy,knownastheIceCubeNeutrinoObservatory,isburiedinabilliontonsoficearoundtheU.S.Amundsen-ScottSouthPoleStation.AsneutrinospassthroughtheEarth,theyoccasionallycollidewithatomsintheice.Theobservatory’smorethan5,000basketball-sizedsensorsdetectbyproductsofthoserarecollisionsandsendthatdatatocomputersatthesurface.The$279millionobservatory,mainlyfundedbytheNationalScienceFoundation,wascompletedin2011anddetectsroughly100,000neutrinosayear.Nearlyallthoseneutrinosarecreatedbyprocessesinouratmosphere,butafewhundredorsoneutrinosdetectedannuallyoriginatefromoutsideoursolarsystem—knownasastrophysicalneutrinos.Advertisement-ScrolltoContinueThelabthathousesthecomputersthatcollectdatafromsensorsundertheAntarcticice.Photo:MorenoBaricevic,IceCube/NSFBecauseneutrinospenetratematterandpassthroughunaffected,theyunerringlytravelinastraightlinefromtheirpointofcreation.So,byplottinganastrophysicalneutrino’sdirectionoftravelthroughtheice,researcherscanreconstructitspathbackacrosstheuniversetoitssource.Nearly400scientistsatmorethan50institutionsmakeuptheinternationalIceCubecollaboration,whichanalyzeddatacollectedbytheobservatorybetween2011and2020toidentify79neutrinosthatoriginatedfromMessier77.ThatIceCubeisfindingindividualobjectsthatarethesourcesofastrophysicalneutrinosis“absolutelyamazing,”saidDr.YoshiUchida,aprofessorofphysicsatImperialCollegeLondonwhowasn’tinvolvedinthestudy.“Afterrunningfor10years,it’sturningtheobservationofneutrinosintoanothersourceofinformation.”NewsletterSign-upTheFutureofEverythingAlookathowinnovationandtechnologyaretransformingthewaywelive,workandplay.PreviewSubscribeDr.TaboadasaidhethinksIceCubewillcontinuetogetmoreneutrinosoriginatingfromthisgalaxy.ThosefuturedetectionscouldnotonlyhelpparseoutadditionaldetailsaboutMessier77’ssupermassiveblackhole,butcouldhelpanswerthe“oldestquestioninastronomy,”accordingtoFrancisHalzen,aUniversityofWisconsin-MadisonphysicistandprincipalinvestigatorofIceCube.Scientistshaveknownabouttheexistenceofcosmicrays—streamsofhigh-energyprotonsandatomicnucleiwhichtravelatnear-lightspeedsandcreateelectromagneticradiationandshowersofsubatomicparticleswhentheyhitEarth’satmosphere—formorethanacentury.Buttheoriginoftheserays,andwhatmechanismspeedsthemupandsendstheminourdirection,remainselusive.“Somethingintheuniversegavethemaginormouskicktomakethemgothatfast,”Dr.Niederhausensaidofcosmicrays.Neutrinosareabyproductofthosecosmicrays’interactionswiththematterandradiationsurroundinghigh-energyobjectslikesupermassiveblackholes,soDrs.HalzenandTaboadasaidtracingtheghostlyparticlesbacktotheirbeginningscouldhelpsolvetheoriginsofcosmicrays,too.WritetoAylinWoodwardataylin.woodward@wsj.com | ByAylinWoodward | 2022-11-03 | Nov.3,20222:00pmET | |
| a7ee5c7140b159424211536024fef7c8 | ToGetKidsIntoScience,JustDoIt | Mind&Matter | Illustration:ChristopherSilasNealPsychologistAlisonGopnikexploresnewdiscoveriesinthescienceofhumannature.Readpreviouscolumnshere.Developmentalpsychologistshavelongnotedthatverysmallchildrenthinkalotlikescientists.Anybodywhohasspenttimewitha2-year-oldhaswitnessedtheirinsatiablecuriosityandconstantexperiments.Yetbythetimemostchildrenareinmiddleschool,theylosemuchofthatinnateinterestanddon’tseescienceaspartoftheirfuture,especiallygirlsandminorities.Howcanwecounteractthisphenomenon,givenhowimportantitistoencouragepeopletodevelopscientificskillsandtoknowandcareaboutscience?Whatcanwedotohelpchildrenretaintheirnaturalscientificimpulse?AseriesofstudiesbyMarjorieRhodesatNewYorkUniversityandhercolleaguessuggestsaninterestingandunexpectedanswer.Ithasalottodowithsubtlefeaturesofhowwetalktochildrenaboutscience.Dowetalkabout“beingascientist”or“doingscience”?Itturnsoutthatchildrenaremorelikelytostayengagedinscienceiftheythinkofitassomethingyoudoratherthansomethingyouare.Scienceisn’tjustthepurviewofaspecialcategoryofpeoplewecall‘scientists.’Tellingchildrenaboutscientists,oraboutwhatittakestobeascientist,mightseemlikeanobviouswaytogettheminterestedinscience.InastudyjustpublishedinthejournalDevelopmentalPsychology,Dr.Rhodesandhercolleaguesfoundthatpreschoolteachersandeducationalshowslike“PBSKids”bothnaturallyusethatkindoflanguageintalkingtochildrenaboutscience.Butthereisadifficultywiththatapproach:Asmanyotherstudieshaveshown,whenchildrenheardescriptionsofcategories,whether“applesarered”or“scientistsaresmart,”theyinferthatmembersofthosecategorieshavespecial,exclusivecharacteristics.That’sfinefor“apples”butproblematicfor“scientists,”especiallyifyoususpectthatyoudonotmeetthecategoryrequirements.Dr.Rhodes’steamgaugedchildren’sinterestinscienceinanumberofdifferentways.Theresearchersgavechildrenscience-basedgames,suchaspushingacardownarampandpredictinghowlongitwouldroll,andtooknoteofhowlongchildrenwouldcontinuetoplay.Theyaskedchildrenquestionsincludinghowmanypeopleinagrouptheythoughtwouldbecomescientistsandhowlikelytheyweretobecomescientiststhemselves.Theyaskedthemwhethertheywouldpreferabookaboutartorabookaboutscience.More‘Mind&Matter’TheInstincttoShareOurGoodFortuneAugust24,2023TheNewPromiseofPsychedelicsJuly20,2023HowMoneyHelpstoBuildBrainPowerJune15,2023Totesthowlanguageaffectedthechildren’sinterest,inlabexperimentstheresearchersvariedwhetheranexperimentersaidthingslike“let’sbescientists”or“let’sdoscience.”Theyaskedwhetherchildrenthoughttheythemselveswerelikelyto“bescientists”or“doscience”whentheygrewup.Theyanalyzedhowdifferentpreschoolteachersused“being”versus“doing”languageaboutscience.Ina2020studyinProceedingsoftheNationalAcademyofSciences,theyconductedarandomizedcontrolledtrialofmorethan1,000childrenin45preschools.Halftheteacherssawabrieftrainingvideothatemphasized“doingscience”language;theotherhalfsawasimilarvideothatdidnot.Theresultswereveryconsistent.Whetherinthelabortheclassroom,whenchildrenheard“doingscience”languagetheybecamemoreengagedwithscience.Theypersistedlongerinscienceactivitiesandweremorelikelytochoosebooksaboutscience.Olderchildrenwhoheardthatlanguage,especiallygirls,saidmorepeoplecouldbeinvolvedinscienceanddescribedthemselvesasmorelikelytobeinvolvedwhentheygrewup.Theexperimentersfoundthatsomeeffectsremaineddaysorevenmonthslater.Sincedevelopmentalscienceitselfsuggeststhatweallstartoutdoingscienceandcanunderstandandengageinitthroughoutourlives,thekeytoscienceeducationmaybeencouragingchildrentothinkthiswaytoo.Scienceisn’tjustthepurviewofaspecialcategoryofpeoplewecall“scientists”—it’ssomethingwecanalldo.Advertisement-ScrolltoContinue | ByAlisonGopnik | 2022-11-03 | Nov.3,20222:01pmET | ||
| bbccefd0b4fd860db59b79421c4df8ff | He’sCoachedtheSameTeamfor63Years,andHe’sNotRetiring.HeHasaPlayoffGame. | JasonGay | BaskingRidge,N.J.MillerBugliariisabigmanonthiscampus,buthedoesn’tseehimselfthatway.“Itakealittlepride,”hesaysquietly,“butItrytoignoreit.”Bugliari’simpactishardtomissatPingry,aprivateschoolinthisleafyNewJerseysuburb.There’shisnamepaintedintothesoccerfieldwescootacrossinhisgolfcartonthiswarmfallafternoon.There’shisnameagain,onthehandsomeathleticcenter,builtin2017.EverystudentwepassgivesBugliarianenthusiasticwaveornod.It’sliketouringthechocolatefactoryfloorwithWonkahimself.ThelegendaryAmericanboys’highschoolsoccercoachisstillatit—coachinghis63rdconsecutiveseason,atage87.Theaccumulatednumbersareabsurd.Bugliaripossessesalifetimecoachingrecordthatlookslikeaninternationaltelephonenumber:916wins,130losses,82ties.Thelistoftitlesincludes21statechampionships.ThereissomuchhardwareandmemorabiliapiledintoBugliari’sofficeitcanbedifficulttolocatetheHallofFamecoachbehindhisdesk.MillerBugliariiscoachinghis63rdconsecutiveseasonatage87.Photo:AristideEconomopoulosforTheWallStreetJournalAndyetIkeepgettingtolditisn’taboutthechampionshipshere.TalktoaPingrygraduateaboutBugliari,andyou’llgetanearfulabouttheirformercoach’sintellectualcuriosity,hispatience,thewayheshapedyoungmenintoparents,leadersandcoachesthemselves.You’llhearaboutthebiologyclassesBugliaritaught,orthestudenttripshearrangedtoplaceslikeItalyandPortugal. You’llhearaboutBugliari’swrysenseofhumor,likewhenIbraggedtohimthatmylatefathercoachedhighschooltennisfor40years.“Shorttimer,”Bugliarisays,playfully. AdvertisementIfyoulistenlongenough,youmighthearaboutsomestuntBugliaripulledinhisyoungdays,likethetimesomeonedaredhimtoclimbtheRockefellerCenterChristmasTree—andhedid.(“Many,manyyearsago…Inevergottothetop,”hetellsme.)YoumightlearnabouthissidejobonNFLsidelines:Bugliarispent45yearsasamemberofthe“chaingang”inthenearbyMeadowlands,partofthecrewthatmeasuresfirstdowns.TherearealsohiscameosinHollywoodmovies,likehisrecentturnasanextrainBradleyCooper’supcomingmovieaboutLeonardBernstein.(Bugliari’ssonDavidisCooper’sagent.)Onlyafterawhiledowegettohiscoaching,tothezillionvictories,andthelegacyofamanwhohelpedpioneersoccerinthiscountrywhenitwasaneccentricsportforkidswhodidn’tplaytacklefootball.Bugliari’sreputationhasgrowntothepointtheItalianproclubJuventuspracticedatPingryduringaU.S.swing.HecountsthelegendaryManchesterUnitedmanagerSirAlexFergusonasafriend. Andhe’sstillcomingtoworkin2022. AssistantcoachDavidFahey,left,listenstoheadcoachMillerBugliariatthestartofpractice.Photo:AristideEconomopoulosforTheWallStreetJournal“Ithinkeveryoneisblessedwithsomethingtheyliketodo,”Bugliarisays.“Ijustenjoyit.I’vealwaysenjoyedworking—andthekidskeepyouyoung.”BugliariisaPingrygradhimself,classof1952.Heplayedfootball,butinhisearlyteenshewasdiagnosedwithatubercularhip,whichputhisleginacastforsixmonths,andruledoutareturntotacklefootball.Heplayedtouchfootballinstead,whichiswherePingry’sthen-soccercoach,FrankWest,sawhimrunningaround,andurgedhimtocomeplaywithhisteam. “Hesaid‘Playsoccer,’”Bugliarisays.“Ididn’tknowwhatitwas.” AdvertisementWestwasaquietcoach,herecalls.“Inthosedays,coachesdidn’tsaymuch,”hesays.Bugliari’scoachingstyletodayismoreprofessorialthanvolubleorrah-rah.He’sassistedbyaquintetofcoacheswhoallonceplayedforhim.Beforewezipoutonthegolfcarttopractice,Bugliariconferswithoneassistant,DavidFahey,aboutdrillshewantstorun.“That1vs.1,that10-minutething,Iwanttodoiteveryday,”hesays.“Thelittleonetogoal?”asksFahey.“Iloveit,”Bugliarisays.“Ifyoukeepdoingit,it’sgoingtomakeabigdifference.”Atpractice,thedrillisarowdyhit,thePingryplayersrootingoneachotherinthecage-matchstylecompetition.OneofBugliari’splayersthisyearisagrandson,AnthonyBugliari.Overthedecades,manyPingryplayershavegoneontoplayincollege,includingDivisionI.(AnotherBugliarigrandson,Will,playsatColgate.MillerhimselfplayedatSpringfieldCollege.)Afewhavemadeittoprofessionalteams. ThatMillerMystiquecanbeintimidating,playerssay,untiltheymeetthecoachhimself.“MyheartwaspoundingthefirsttimeIsawhimonthefield,”sayscaptainLeonMa,whowillplayforWilliamsCollegenextyear.“AllIeverwantedtodowasplaysoccerforCoachBugliari.”“CoachBugliariwas,like,amythicalcreaturetome,”saysanothercaptain,SamHecht.“Iwasnervous.ButthefirsttimeIsawhimIwaslike,‘Oh,it’sjustthisguy.’” AdvertisementHelaughs.“Ifeelsoprivileged—he’sbeendoingitforwhat,60yearsnow?I’mjusthappytobeapartofit.”MillerBugliariisaPingrygradhimself,classof1952.Photo:AristideEconomopoulosforTheWallStreetJournalOvertheyears,theenvironmentaroundthegamehassignificantlychanged.Decadesago,Bugliarimayhavetriedtoconvertafootballplayertosoccer,buttoday,mostlyeveryonearrivesoncampuswithyearsofexperienceonthepitch.Coachingtechnologyhasadvanceddramatically.Bugliariusedtosendastudentintothebleacherstofilmagame,nowaremotecameratrackstheballduringeverycontest,allowingPingrycoachestoorderupindividualhighlightsforeveryplayer. Parentshavechanged,too. “Morelikeagentsthantheywereoriginally,”Bugliarisays,amused.“Butmostofthemareprettynice.Ifyoucangetachancetoexplainadecisiontothem,itmakesadifference.”Hestilllovesit.Willhekeepgoingin2023?“Millerneverindicatesanythingotherthanhewillbebacknextyear,”saysFahey. “Lordwilling,”Bugliariconfirms.AdvertisementHelikesbeingbusy.Bugliari’sbeenmarried55yearstohiswife,Elizabeth;theymetatPingry,whereshetaughtgeography.SheattendsgameswithherIrishsetter,Brady.Bugliarisaysheappreciateshowcoachingmakeshimfeelconnected.“In50years,you’llunderstand,”hetellsme.AsIsaygoodbye,Bugliarioffersafinalthought: “Imightnothavereachedeverybody,butatleastmeandthestafftried,”hesays.“Ifyoudon’tcareaboutkids,youwouldn’tdoit.”ThePingryboyssoccerteamwonanotherplayoffgameWednesday,5-0. MillerBugliari’sgrandsonscoredagoal. AdvertisementSHAREYOURTHOUGHTSWhatdoyouthinkaboutthesoccercoachinglegacyofMillerBugliari?WritetoJasonGayatJason.Gay@wsj.comOnthebackfenceattheBugliariSoccerField,bannershighlighttheschool’schampionshipseasons.Photo:AristideEconomopoulosforTheWallStreetJournalAdvertisementAdvertisement | ByJasonGay | 2022-11-03 | |||
| f1d240c1453cacb9e80bb86fd8366ac9 | BankofEnglandRaisesKeyInterestRateby0.75Point | Economy | Economy | TheBankofEnglandenacteditseighthconsecutiveinterest-rateincrease.Photo:isabelinfantes/AgenceFrance-Presse/GettyImagesLONDON—TheBankofEnglandraiseditskeyinterestrateby0.75percentagepointonThursday,thelargestincreasesince1989,inanefforttotamesurginginflationbutwhich,bythebank’sownestimates,willhelpdrivetheU.K.economyintoarecessionlastingoverayear.Thecentralbanklifteditsbenchmarklendingratefortheeighthconsecutivemeetingto3%from2.25%,takingittothehighestlevelsinceNovember2008.Higherborrowingcostswillhurtanalreadyweakeconomyasconsumersbraceforadifficultwinteroffallingrealincomesandrisingprices.ThebanksaidtheU.K.economylikelyenteredarecessioninthethreemonthsthroughSeptember,whenoutputfellanestimated0.5%,andsaiditexpectedalengthyeconomiccontraction,thedurationanddepthofwhichdependedonhowhighthebankraisesratestocorralprices.Advertisement-ScrolltoContinue “Itisatoughroadahead,”BankofEnglandGov.AndrewBaileysaidatanewsconference.“Thesharpriseinenergypriceshasmadeuspoorerasanation.”Aftertheannouncement,thepoundweakenedagainstthedollar,trading1.8%lower,andU.K.governmentbondssoldoff.Theyieldonthe10-yearbondroseto3.515%,from3.421%thepreviousday.Shorter-datedbondsinitiallyrallied,butreversedtoselloffaswell.explorebuysidefromwsjExpertrecommendationsonproductsandservices,independentfromTheWallStreetJournalnewsroom.TheBestSavingsAccountsof2022HowtoChoosetheBestHigh-YieldSavingsAccountforYouHowtoGettheBestCDRatesTheunusuallylargerateriseunderscoresthedifficultchoicesfacedbyEuropeancentralbanks.Acrossthecontinent,soaringenergypricesfromtheUkrainewararedrivinginflationevenashighenergycostshurtbusinessesandeconomicactivityfarmorethanintheU.S.,whereenergycostsarelower.Forcentralbanks,raisingborrowingcoststocontaintheinflationwillonlyincreasetheeconomicpain.TheBankofEnglandmadeitclearthattheamountitraisesthekeylendingratecouldcausesignificantdamagetoeconomicgrowth.ThebanksaidthatifitraisesinterestratestothelevelexpectedbyU.K.financialmarkets—toapeakof5.25%latenextyear—thatwouldcausetheeconomytocontract1.5%nextyearandafurther1%in2024,causingunemploymenttoriseto6.5%bytheendof2025.ThatwouldmarkthelongestU.K.recessionsincerecordsbeganinthe1920s.Thebank,however,signaledthatitdoesn’texpecttoraiseratesasmuchasinvestorsanticipate.“FurtherincreasesinBankRatemayberequiredforasustainablereturnofinflationtotarget,albeittoapeaklowerthanpricedintofinancialmarkets,”itsaid.Still,evenifthebankkeepsitscurrentrateof3%,theU.K.economyislikelytoendurearecessionuntilthelastquarterofnextyear,itsaid.Thereactiononfinancialmarkets,includinghigheryieldsonU.K.governmentdebt,suggestedthatsomeinvestorsareconcernedtheBOEwon’tbeaggressiveenoughinraisingratesandthatinflationcouldremainelevatedinthelong-term.Higherinflationwouldalsounderminethevalueofthepound.“ThebigsurpriseformarketstodayisBaileysayingthatmarketpricingfortheterminalrateistoohigh,”saidJordanRochester,foreignexchangestrategistatNomura.“That’shelpedacceleratesterlinglower.”TheBankofEngland’smovecameadayaftertheFederalReservealsoraiseditskeyratebythree-quartersofapercentagepointandsignaledplanstokeepraisingit,possiblyinsmallerincrementsbuttohigherlevelsthanpreviouslyanticipated—adifferentmessagethantheonefromtheU.K.centralbank.BankofEnglandofficialssaidthelikelydivergenceininterest-ratepathsreflectsthefactthattheU.K.’seconomicoutlookisdarker.“Thepandemicwasacommonshocktoallofus,thewarisnot,”saidDeputyGov.BenBroadbent,referringtotheconflictinUkraine.“Wehaveareallybigdifferenceinthepathofgrowthandthatexplainsquitealotofwhatdivergencethereisinpolicy.”Loadingtweet...TheBankofEnglandfirstraiseditskeyrateinDecember,threemonthsearlierthantheFed,buthassincemovedmorecautiously.Thathasdrawncriticismthatithasn’ttightenedpolicyenoughtoclampdownoninflation,butsomeformerpolicymakersalsosaythecentralbankcandolittletoaffectenergypricesandshouldn’traiseitskeyratefurther. AsinotherpartsofEurope,theU.K.isfacingasurgeininflation,drivenmostlybyajumpinenergypricesfollowingRussia’sinvasionofUkraineandMoscow’sdecisiontochokeoffnatural-gassuppliestoEurope.Inthe12monthsthroughSeptember,U.K.pricesrose10.1%,matchingtheJulyfigureinrecordingthefastestincreasein40years. TheU.K.centralbank’spolicydecisioncomesafteraperiodofeconomicandpoliticalturbulencetriggeredbyasurprisepackageoftaxcutsannouncedbyformerPrimeMinisterLizTrussinlateSeptember.Theabsenceofaplantocontaingovernmentborrowingoverthemediumtermspookedinvestors,leadingtoacollapseingovernment-bondpricesandthedepartureofMs.Trussamonthlater.TheBankofEnglandboughtgovernmentbondstopreventamarketmeltdown.Sincethen,theU.K.governmenthasshelvedthetax-cutplansandvowedaseriesoftaxincreasesandspendingcutsthatitsayswilllowerdebtasashareoftheeconomylaterthisdecade,easingpressureonthecentralbanktotrytooffsettheinflationaryimpactofMs.Truss’splansthroughfarlargerrateincreases.Thecentralbanksaidithadn’ttakenaccountofthoseplannedmovesinitsdecisionThursday,butwilldowhenitnextdecidespolicyinDecember. “ThemostimportantthingtheBritishgovernmentcandorightnowistorestorestability,sortoutourpublicfinances,andgetdebtfallingsothatinterest-raterisesarekeptaslowaspossible,”saidJeremyHunt,theU.K.’sTreasurychief,inresponsetothecentralbank’smove.Thecentralbank’sdecisiontoraiseborrowingcostswilladdtothedifficultiesfacinghouseholdsandbusinessesastheypreparetonavigateawinterofrecessionandrisingprices,acombinationthatwillsqueezeincomes. SHAREYOURTHOUGHTSWhatstepsshouldtheBankofEnglandtaketobringdowninflation?Jointheconversationbelow.FiguresreleasedbytheBankofEnglandonMondayshowedhouseholdscuttheircredit-cardborrowingto100millionpounds,equivalentto$114million,inSeptemberfrom£700millioninAugust,whilenewloansforhousepurchasesfellto66,800from74,400.AsurveyofmanufacturersreleasedTuesdayshowedfactoryoutputfellinOctober,whileasharpdeclineinneworderspromptedthefirstreductioninemploymentinalmosttwoyears.AsimilarsurveyofserviceprovidersreleasedThursdayrecordedthelargestdeclineinactivitysinceJanuary2021,whentheeconomywasinlockdowntocontaintheCovid-19pandemic. TheBankofEnglandsaidThursdayagovernmentcaponenergypricesthatissettolastuntilAprilwouldlimittherateofinflationduringthatperiod,andexpectsapeakof10.9%beforetheendofthisyear,downfrom13%previously. Butthecentralbankforecasttheinflationratewouldremainhighthroughnextyearandonlyfallbackbelowits2%targetin2024. TheimmediateoutlookforinterestratesiscomplicatedbydivisionsamongtheninemembersoftheMPC.Whilesevenofthosevotedtoraisethekeyrateto3%,SwatiDhingravotedforahalf-pointrise,andSilvanaTenreyrovotedforaquarter-pointmove. “They’reforecastingweakgrowthandultimatelyweakerinflation,whichistellingthemarketthey’reultimatelynotgoingtohikeasmuch,”JamesAthey,aninvestmentmanageratAbrdn.WritetoPaulHannonatpaul.hannon@wsj.comandAnnaHirtensteinatanna.hirtenstein@wsj.comAdvertisement-ScrolltoContinue | ByPaulHannonandAnnaHirtenstein | 2022-11-03 | UpdatedNov.3,20222:03pmET | |
| 119582f521a1d496723c965cf61d13d7 | EuropeSeeksExemptionFromU.S.RulesonEVTaxBreaks | Business | Europe | ThetaskforceisbeingledbythecabinetofEuropeanCommissionPresidentUrsulavonderLeyenandtheU.S.NationalSecurityCouncil.Photo:kenzotribouillard/AgenceFrance-Presse/GettyImagesBRUSSELS—U.S.andEuropeanUnionenvironmentalpoliciesareonacollisioncourse,promptinganurgentmeetingtodefuserisingtensionsoverclean-technologysubsidiesthatthreatentoupsetatraderelationshipthatleadershadpledgedtorebuild.Anewtaskforcefocusedonclean-energytaxcreditsthatwereincludedintheU.S.InflationReductionActwillholditsfirstinaseriesofweeklymeetingsonFriday,anEUofficialsaid.Thetaskforce,whichisbeingledbytheU.S.NationalSecurityCouncilandthecabinetofEuropeanCommissionPresidentUrsulavonderLeyen,ismeanttoaddressEUconcernsthatmanyEuropean-madeproductswon’tqualifyforthecreditsbecauseofwheretheyweremade.Oneprovisionthathasdrawnparticularconcernisataxrebateofupto$7,500forelectricvehiclesthatareassembledinNorthAmerica.Asof2023,atleast40%ofthecriticalmineralsusedinelectric-vehiclebatteriesmustalsobesourcedintheU.S.orincountriesthathavefree-tradeagreementswiththeU.S.,accordingtothenewrules.Thatthresholdissettoriseeachyearuntilitreaches80%.SouthKorea—hometoHyundaiMotorCo.Ltd.andKiaCorp.—andJapanhavealsoraisedconcernsabouttheU.S.legislation.SouthKoreaisexpectedtosubmitawrittenopiniontotheU.S.ontheelectric-vehicletaxcreditsthisweek.Advertisement-ScrolltoContinuePresidentBiden’sInflationReductionActcallsforatleast50%ofanelectricvehicle’sbatterytobemadeintheU.S.toqualifyforafederaldiscount.WSJ’sGeorgeDownsbreaksdownabatterytoexplainwhythat’sgoingtobeachallenge.Illustration:GeorgeDownsEarlierthisweek,EUTradeCommissionerValdisDombrovskissaidmanyofthegreensubsidiesintheU.S.legislationappeartodiscriminateagainsttheEU’sautomotive,renewable-energy,batteryandenergy-intensiveindustries.“Itprobablywillnotbeeasytofixit,butfixitwemust,”hesaidMonday,afterraisingtheissuewithU.S.TradeRep.KatherineTai.OtherEuropeanofficialshavebeenmorebluntintheircriticism.FrenchPresidentEmmanuelMacronsaidrecentlythattheEUshouldretaliatewithitsownmeasurestosupportelectricvehiclesproducedwithinthebloc.TheEuropeanCommission,thebloc’sexecutivebody,haspreviouslysaidthelegislationappearstoviolateWorldTradeOrganizationrulesandrisksunderminingU.S.andEUclimateambitions.AspokeswomansaidinSeptemberthattheblocwouldhavetoconsideralloptionsinresponsetotheU.S.subsidies,includingbringingacasetotheWTO.Aspokesmanforthe U.S.TradeRepresentativedeclinedtocommentontheassertionthatthelegislationmaynotcomplywithWTOrules.Hesaidconversationswiththeblochavebeenproductiveandthetaskforceshould“helpdeepenthebilateralunderstandingofthislegislation.”JozefSikela,ministerofindustryandtradefortheCzechRepublic,whichholdstheEU’srotatingpresidency,saidEuropeisseekingthesameexemptionfromthelegislation’sprovisionsonelectricvehiclesthatCanadaandMexicoweregrantedbeforetheactwassignedintolaw.CanadianofficialsandtheNorthAmericanautoindustrysuccessfullylobbiedtohavetheelectric-vehiclesubsidiesextendedtocovervehiclesassembledanywhereinNorthAmerica,andnotjustintheU.S.“Thisisourstartingpointinthenegotiations,andwe’llseewhatwemanagetonegotiateintheend,”Mr.Sikelasaid.FrenchPresidentEmmanuelMacronsaidtheEUshouldretaliatetosupportelectricvehiclesproducedwithinthebloc.Photo:GonzaloFuentes/PressPoolEUofficialssaidindustrygroupshavewarnedofalossofinvestmentiftheU.S.movesaheadwiththelegislationasplanned.BusinessEurope,alobbygroup,saidinalettertoMr.DombrovskisandEUcompetitionchiefMargretheVestagerlastmonththatthelegislationriskedhamperingU.S.importsofEuropeanelectricvehiclesandmakingitmoreexpensivetofightclimatechange.TheWallStreetJournalreportedinSeptemberthatTeslaInc.haddecidedtopauseitsplanstomakebatterycellsinGermanybecauseoftheU.S.electricvehicleandbatterymanufacturingtaxcredits.LuisaSantos,BusinessEurope’sdeputydirectorgeneral,saidrecentlythatshewasn’tawareofothercompaniesmakingsimilarinvestmentdecisions,butthatcouldhappeninthefutureifthelegislationremainsunchanged.ThebusinessgroupsupportstheU.S.governmentshowingmoreambitioninaddressingclimatechange,Ms.Santossaid.“Butnotthewaythisisbeingpursued.”TimothyW.Martincontributedtothisarticle.WritetoKimMackraelatkim.mackrael@wsj.comAdvertisement-ScrolltoContinue | ByKimMackrael | 2022-11-03 | Nov.3,20226:02amET |
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