U.S., Russia Clash On Hot Spots: For Personal

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Democrats
What’s Struggle
News To Convert
Business & Finance
Fervor Into
eely is buying a stake in
G Swedish truck-and-bus
maker Volvo for $3.24 bil-
Donations
lion, another sign of Chinese
companies’ appetite for BY JULIE BYKOWICZ
global automotive assets. A1
Democrats aim to win back
The IRS said not all prop-
control of Congress and build
erty-tax prepayments can be
up their presence in state capi-
deducted, amid a rush of home-
tals during next year’s elec-
owners seeking to avoid the
tions, but they begin this ambi-
impact of the new tax law. A3
tious mission with precious
A significant number of little cash to finance it.
fake comments criticizing The Democratic National
the fiduciary rule appear on Committee had $6.3 million in
the Labor Department web- the bank on Dec. 1, while the
site, an analysis found. B1 Republican National Committee
had more than six times as
Rampant demand for lev-
much, at $40 million, according
eraged loans is allowing pri-
to documents the parties filed
vate-equity firms to water
ASSOCIATED PRESS
with the Federal Election Com-

down legal safeguards. B1
mission. In November, the DNC
Japan’s Nissan is on track posted its worst fundraising to-
to be the first foreign auto tal for the month in a decade.
maker to outsell Detroit’s Big The Democratic Party’s po-
Three in the rental-car mar- A pro-Russia separatist guarded a bus carrying prisoners released in a swap by Ukrainian authorities in Horlivka, eastern Ukraine, on Wednesday. litical committees dedicated to
ket on an annual basis. B3 U.S. Secretary of State Rex Tillerson, in a call to Russian counterpart Sergei Lavrov, urged Russia to moderate its stance toward Ukraine. House and Senate races show
U.S., Russia Clash on Hot Spots

more parity with their Republi-
Shell and Barclays said
can counterparts, but not
.
they would take large
enough of an advantage to out-
charges attributable to the
ly
weigh the struggles of the DNC.
U.S. tax overhaul. B3
The Democratic Congressional
Apple gave its CEO and Campaign Committee ended
other top executives a big Tensions over Ukraine, counterpart Sergei Lavrov, intensified as Russia backed ment of Kim Jong Un called an November with $34.2 million in
boost in pay for fiscal 2017,
as the company exceeded North Korea, Syria
on urged Russia to moderate its
stance toward Ukraine, the
away from a cease-fire monitor-
ing effort over the past week.
“act of war.”
Intensifying the pressure,
cash, compared with the Na-
tional Republican Campaign
sales and profit goals. B4 signal uncertainties State Department said Wednes- Mr. Tillerson urged Russia on the U.S. on Tuesday imposed Committee’s $42.3 million,
day, while Mr. Lavrov exhorted the call, held Tuesday, to rejoin new sanctions on additional fundraising reports show.
us l,
The S&P 500 inched going into the new year the U.S. to back away from con- the joint Ukrainian-Russian North Korean officials. It also The national committee’s
higher in quiet holiday-sea-
frontation with North Korea. monitoring effort. But the U.S. has urged the U.N. Security lackluster fundraising is at odds
son trading. The Dow added
al a
BY MICHAEL R. GORDON
e
Tensions surrounding both also has taken steps to prepare Council to blacklist 10 ships with a wave of enthusiasm
28.09 points to 24774.30. B11
AND JULIAN E. BARNES Ukraine and North Korea, for the possibility of a deeper that have violated longstanding Democrats have experienced
U.S. economic data are however, have only escalated confrontation, agreeing late last sanctions, including several across the country: A new Wall
ci on
beating forecasts by the most The U.S. and Russia aired over recent days, a develop- week to provide Kiev with pow- that American officials say de- Street Journal/NBC poll found
in nearly six years, according disagreements this week over ment that comes as U.S. allies erful antitank weaponry. livered North Korean coal to a 50% of respondents want Demo-
to a Citigroup index. B10 key world conflict zones, debate whether to push for ex- On North Korea, meanwhile, Russian port this year. crats to lead Congress after next
framing differences that spell panded diplomatic contacts the United Nations agreed last The State Department said year’s elections compared with
JPMorgan settled Finra
increasing uncertainties for with Moscow or keep expert- week to take unprecedented Messrs. Tillerson and Lavrov 39% who picked Republicans—a
er rs
charges that it failed to prop-

the start of 2018 in Europe, level discussions frozen over new steps to cut off the bulk agreed on the need to forge a Democratic lead that has wid-
erly separate customers’ se-
Asia and the Middle East. complaints of Russian interfer- of Pyongyang’s outside sup- diplomatic solution that would ened since an October poll.
curities from bank assets. B10
U.S. Secretary of State Rex ence in Ukraine. plies of oil and petroleum lead to a denuclearized Korean DNC leaders say they are
Malaysia’s 1MDB said it Tillerson, in a call to Russian In eastern Ukraine, fighting products, which the govern- Please see RUSSIA page A6 Please see DNC page A4
m e
made all of its required pay-

ments to Abu Dhabi’s IPIC. B10
Furniture Play
The Worst Job in Tech: INSIDE
m rp
World-Wide
RH, the retail chain once known
Keeping Facebook Clean

as Restoration Hardware, has
The DNC is far behind the bought back shares since the
RNC in fundraising as it aims start of the year, helping its
co Fo
to win back control of Con- stock price rise. B1

gress and boost power in
states, despite a wave of en- Share price, and buyback
thusiasm by Democrats. A1 announcement dates
Tillerson urged Russia to $125 Outside contractors get bombarded by a torrent of disturbing posts ‘SILK ROAD’
moderate its stand on
Ukraine, while his Russian
Closing price Dec. 27
$90.50 BY LAUREN WEBER AND DEEPA SEETHARAMAN Facebook employee. Ms. Katz was hired by a CHALLENGE
counterpart exhorted the U.S. 100
By her second day on the job, Sarah Katz
staffing company that works for another
company that in turn provides thousands of
TO HOLLYWOOD
to back away from confron-
knew how jarring it can be to work as a con- outside workers to the social network.
tation with North Korea. A1
tent moderator for Facebook Inc. She says Facebook employees managed the con- LIFE & ARTS, A9
Ukraine and pro-Russia 75
separatists exchanged over she saw anti-Semitic speech, bestiality pho- tractors, held meetings and set policies. The
300 prisoners of war, the tos and video of what seemed to be a girl outsiders did the “dirty, busy work,” says
and boy told by an adult off-screen to have Ms. Katz, who earned $24 an hour. She left
n-
largest swap since 2014. A6

50 sexual contact with each other. in October 2016 and now is employed as an
Tehran’s police chief said Ms. Katz, 27 years old, says she reviewed information-security analyst by business-
people will no longer be ar- as many as 8,000 posts a day, with little software firm ServiceNow Inc.
rested for breaches of Is- training on how to handle the distress, Deciding what does and doesn’t belong
no
25
lamic codes, a sign of easing though she had to sign a waiver warning her online is one of the fastest-growing jobs in
social strictures in Iran. A5 May 4 about what she would encounter. Coping
mechanisms among content moderators in-
the technology world—and perhaps the most
grueling. The equivalent of 65 years of video
THE PGA’S
Aid workers in Syria be-
gan evacuating critically ill
0
Feb. 23
cluded a dark sense of humor and swiveling are uploaded to YouTube each day. Facebook COMEBACK
patients from a rebel-held 2017
Source: FactSet
around in their chairs to commiserate after
a particularly disturbing post.
receives more than a million user reports of
potentially objectionable content a day.
CLUB
Damascus suburb as pressure
THE WALL STREET JOURNAL. She worked at Facebook’s headquarters Please see TECH page A8
mounts on the regime. A6
campus in Menlo Park, Calif., and ate for SPORTS, A12
South Korea issued a re- free in company cafeterias. But she wasn’t a Tech that will change your life in 2018............. B1
port that faulted a 2015 deal
with Japan over Korean
women forced to work in
wartime military brothels. A7
What’s That Rocketing Into the Deal Boosts
Egyptian rights groups
condemned the execution
North Korean Sky? A Baseball!
i i i
China’s Heft World’s First
“Self-Driving”
of 15 men convicted of a
deadly attack on an army
checkpoint in Sinai. A6 Satellite data, defectors’ tales reveal In Vehicle
At least 26 school dis-
tricts across the U.S. this
year settled sexual-mis-
secret sports pastime in isolated nation Industry Database
conduct lawsuits, totaling BY ANDREW JEONG west of Pyongyang, was the BY TREFOR MOSS
at least $37 million. A3 only one he has ever seen in
Erie, Pa., residents are dig- SEOUL—Curtis Melvin, a re- use in North Korea. SHANGHAI—A Chinese car
ging out from a record-setting searcher at Johns Hopkins The puzzle resurfaced last maker said Wednesday it
University, was poring over month following the dramatic would buy a $3.24 billion
snowstorm, with more snow
forecast for Friday. A2 commercial satellite images of defection of a North Korean
North Korea last soldier at the heav-
stake in Swedish truck-and-
bus maker Volvo AB, another
Oracle
The White House has in-
terviewed two economists
year when he came
across a patch of
ily guarded Joint
Security Area on
sign of the appetite among
Chinese companies for global Autonomous
who served under Bush for
the No. 2 job at the Fed. A3
dirt with what ap-
peared to be four
the border between
north and south.
automotive assets.
Zhejiang Geely Holding Database
bases, a pitcher’s After taking at Group Co., which owns Volvo
CONTENTS Markets.................... B12 mound and an out- least five bullets, Cars, said it had reached an
Business News. B3-4 Opinion.............. A13-15
Capital Account.... A2 Sports........................ A12 field. the soldier was agreement with Cevian Capital
Crossword.............. A12 Technology............... B4 What surprised rushed to a hospi- to acquire the investment firm’s No Human Labor – Half the Cost
Heard on Street.. B11 U.S. News............. A2-4 Mr. Melvin even tal, where he was entire 8.2% equity stake and
Life & Arts......... A9-11 Weather................... A12
more: “It was being provided with a 15.6% voting rights in Volvo AB, No Human Error – 100x More Reliable
Management.......... B6 World News........ A5-7
used.” steady stream of K- making it one of the largest
Mr. Melvin has U.S. cultural icon pop music and Hol- shareholders in the company.
> spent more than a lywood movies to The move marks a further
decade exploring every nook comfort him during his recov- Please see VOLVO page A2
and cranny of the isolated ery. In ensuing conversations, oracle.com/selfdrivingdb
country through satellite im- chief surgeon Lee Cook-jong Nissan rides rental market
s Copyright 2017 Dow Jones &
agery. He says the baseball di- told the press, he was sur- for sales........................................ B3 Human labor refers to tuning, patching, updating, and maintenance of database.
Company. All Rights Reserved amond near the port city of prised to learn that the soldier Heard on the Street: Why Geely Copyright © 2017, Oracle and/or its affiliates. All rights reserved.
Nampo, about 30 miles south- Please see KOREA page A8 is betting on Volvo trucks..... B11
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Thursday, December 28, 2017 * **** THE WALL STREET JOURNAL.
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Technology-Driven Boom Is Finally Coming

It’s the big- simple math: It’s years be- Hype always runs well an economy growing solidly
gest puzzle in fore a new industry is big Tech Revolutions, Then & Now ahead of reality, bringing with low unemployment be-
the economy enough to make a ripple in Productivity could yet get a boost if technology follows energy’s path. failure and dashed expecta- come mutually reinforcing.
today: We are what is now an $80 trillion tions. Much of that hype is Entrepreneurs are more will-
surrounded by global economy. 300 reflected in the stock-market ing to take risks, including
tech advances, In a recent paper Erik Electric motors & internal valuations attached to early- investments in new technolo-
from artificial intelligence to Brynjolfsson and Daniel Rock combustion engine (1890 = 100) stage companies, most of gies, when the economy is
robotics, but you can find no of the Massachusetts Insti- Information technology which eventually fail. running hotter, says Mr.
sign of it in wages or produc- tute of Technology and Chad 250 (1970 = 100) 1947 Brynjolfsson. “This will
Y
tivity. Apocalyptic warnings Syverson of the University of 2016 et when a company speed up the adoption of the
of jobs destroyed by automa- Chicago note electric motors achieves the value that kinds of conventions needed
tion look increasingly ludi- based on alternating current today’s tech leaders to take full advantage of arti-
crous amid a record streak of were introduced in the late have, it tells you something ficial intelligence and other
200
employment growth. 1800s but even by 1919 half important. A third of the rise new technologies,” he said.
In the past year I’ve dug of U.S. factories still weren’t in the S&P 500 index this Consider the parallels be-
into this in columns and arti- electrified. The integrated year is due to five tech firms. tween the present and 1998:
cles and concluded there circuit was commercialized That may mean the advances The capital-gains tax rate
isn’t a paradox: automation in the 1960s yet 25 years 150 these companies represent was cut in 1997 and, with in-
hasn’t advanced nearly as far later computers still repre- are becoming economically flation quiescent, the Federal
as evangelists claim, and sented just 5% of the value of significant. Reserve declined to jack up
where it has, it’s often cre- all business equipment. In- Internet sales, for exam- interest rates as unemploy-
ated more jobs than it’s de- deed, since the introduction 100 ple, now represent 9% of to- ment dropped to new lows,
stroyed. But that’s the past; of computers labor produc- Year 1 10 20 30 40 50 tal retailing, putting discern- creating the ideal environ-
what about the future? Fore- tivity has behaved much as it ible downward pressure on ment for the dot-com boom.
casts about technology are did after the introduction of Source: Chad Syverson, University of Chicago, Erik Brynjolfsson and Daniel Rock, inflation. As stock wealth stoked
Massachusetts Institute of Technology THE WALL STREET JOURNAL.
seldom more than wild electric motors and the inter- True, U.S. growth has ac- spending, economic growth
guesses, yet a case could be nal combustion engine. celerated in 2017, but pro- picked up sharply.
made that the economic pay- The authors blame these plementary infrastructure credit-card fraud in 1987. But ductivity, which J.P. Morgan The party ended when the
off may now be coming. lags on the cost and time it such as fulfillment centers, to gain widespread accep- estimates to have been 1.2%, tech bubble burst in 2000
takes for businesses to adapt and, the authors note, cus- tance first computing power is in line with the sluggish and the a recession followed
H
istory shows that tech to new technologies, obsta- tomers had to adapt their had to get a lot cheaper, data pace of the expansion, and in 2001. Similarly, Marc Sum-
breakthroughs com- cles they see at work today. habits, as well. sets a lot bigger, and lots of one of the best performing erlin, who runs the research
monly take decades to Online shopping came along What about AI? Banks people had to spend lots of industries, oil and gas, is re- firm Evenflow Macro, pre-
move the needle on eco- in the 1990s but retailers first used machine learning— hours deciding what ques- sponding mostly to the price dicts that the next two years
nomic growth. Blame it on struggled to adapt business a type of artificial intelli- tions to ask and then train- of oil. could be the best of the ex-
false starts, costly implemen- processes to the internet. gence that spots patterns in ing algorithms to answer But perhaps the U.S. is at pansion yet—but they will be
tation, human resistance, and They needed to build com- massive data sets—to spot them. a point when technology and “the last hurrah.”
.
ly
In Iowa, Children Learn From a Penguin U.S. WATCH
Consumer on
Confidence PENNSYLVANIA
Blizzard Belts Erie;
NEW YORK
Mother and Children
New Storm Looms Among Victims Slain
Slipped at
us l,
Residents of Erie, Pa., are dig- Police worked Wednesday to

al a
e
Year-End ging out from a record-setting
snowstorm that started on
Christmas Eve and was still
try to unravel the mystery of
who killed a woman, her partner
and her two young children,
ci on
BY JOSH ZUMBRUN chugging along on Wednesday whose bodies were found in an

evening. upstate New York apartment
After a banner year for con- The storm has so far blan- house the day after Christmas.
sumer confidence, the mood of keted the city under more than Investigators revealed little
Americans hit a December lull 5 feet of snow. Forecasters are about the deaths in Troy, N.Y.
er rs
as many households wait to calling for more snow on Friday. Troy Police Chief John Tedesco
see how they will be affected Big snow storms are typical said the slain children were an
by a tax-code overhaul. along the shores of the Great 11-year-old boy and a 5-year-old
The two main measures of Lakes when cold temperatures girl. The mother was 36 years
JESSICA REILLY/TELEGRAPH HERALD/ASSOCIATED PRESS
m e
consumers’ economic senti- pull moisture from the lakes— old and in a relationship with a
ment both declined slightly in and more is expected in spots in 22-year-old woman whose body
December after reaching mile- coming days, even as much of was also found in the basement
m rp
stones earlier in the year. the rest of the country is cold apartment, the chief said.
The Conference Board said but mostly dry. Chief Tedesco said the killings
Wednesday that its measure of In Erie, what is known as were “not a random act.”
consumer confidence fell in lake-effect snow was amplified —Associated Press
December after reaching its when the winds from the north
co Fo
highest level in 17 years in No- were met with winds from the KOREAN WAR
vember. The University of south, creating a logjam that im-
Michigan said Dec. 22 that its mobilized the storm, said Zach Ted Williams Letters
consumer-sentiment index de- Sefcovic, a meteorologist with Set to Go on Auction
clined in November and De- the National Weather Service.
cember. That measure’s aver- —Douglas Belkin Thirty-eight letters penned by
age level in 2017 has been the CROWD AROUND: Ashley Johannsen, in a penguin costume, offered a lesson to children during a Hall of Fame baseball player Ted
highest since the year 2000. winter camp at the National Mississippi River Museum & Aquarium in Dubuque, Iowa, Wednesday. CALIFORNIA Williams, including one in which
The decline in the Confer- he described crash-landing a jet
ence Board measure was fed by Power Outage Stalls fighter with “holes all over” it,
a softening outlook for busi- Rides at Disneyland are going up for auction.
ness and job prospects. But
consumers’ views of current
conditions improved, suggest- VOLVO taches to the auto industry.
In particular, Beijing has
ambitions to become a world
nearly 1.1 million vehicles.
With its success, it overtook
large state-run rivals as well
Power was fully restored at
Disneyland on Wednesday after
The letters written to his
mistress show another side to
Mr. Williams, who played for the
n-
ing they will continue to leader in electric cars, an area as private-sector competitors an outage at the California Boston Red Sox, describing his
spend, supported by a strong Continued from Page One in which Geely and other Chi- such as Great Wall Motor Co., theme park forced some guests second hiatus from baseball for
labor market, analysts said. step by Geely—by far China’s nese makers are investing which confirmed an interest in to be escorted from stalled military service, his bombing
“The details show that most-acquisitive auto maker— heavily. Earlier this year, Volvo taking over Fiat Chrysler Au- rides. A transformer problem missions in Korea and his feel-
no
there is no fundamental rea- to become a global player. In re- Car said all of its new models tomobiles NV’s lucrative Jeep caused the late-morning outage ings on war and his father's
son to be concerned about cent months, Geely Chairman Li starting in 2019 would be ei- brand earlier this year. in Toontown and Fantasyland, death. “They're his innermost
confidence,” said James Shufu has begun to assemble a ther fully electric or hybrid. Geely executives acknowl- affecting 12 rides, park spokes- thoughts during the Korean con-
Bohnaker of IHS Markit. diverse brand portfolio reminis- The move for Volvo AB edge that the quality and appeal woman Suzi Brown said. flict,” said Troy Thibodeau, of
Meanwhile, the decline in ex- cent of that controlled by Volks- marks a renewed push by Geely of the company’s cars has been An unknown number of Saco River Auction, which is put-
pectations wasn’t enough to re- wagen AG, encompassing mass- into the commercial-vehicle helped by the infusion of tech- guests were taken off rides and ting the letters up for auction.
verse months of strengthening market, premium and luxury sector. Last year, the company nology and know-how provided no one was hurt. The letters were written to
sentiment. “Despite the decline passenger cars as well as com- set up a domestic commercial- by the Volvo acquisition. Buying Power was restored in Toon- Evelyn Turner, a flight attendant,
in confidence, consumers’ ex- mercial vehicles. vehicle unit called Yuan Cheng, a stake in Volvo AB now gives town and much of Fantasyland from 1952 to 1954.
pectations remain at historically A Volvo AB spokesman said and in 2012 it bought the U.K.- the Hangzhou-based manufac- within a couple of hours. It was The letters and other items
strong levels, suggesting eco- it is too early to say what the based London Taxi Co. turer the potential to boost its fully restored later in the after- from Ms. Turner's estate will be
nomic growth will continue well consequences of the deal China’s commercial-vehicle Yuan Cheng operation through noon, Ms. Brown said. auctioned on Jan. 3.
into 2018,” said Lynn Franco, di- might be. sector grew 15% in the first 11 a similar tech-transfer process. —Associated Press —Associated Press
rector of economic indicators at In May, Geely agreed to buy months of this year, com- In the U.S., Volvo AB sells
the Conference Board. a 51% stake in British sports- commercial trucks under the
Hanging over consumers are
the biggest changes to the tax
car brand Lotus and a 49.9%
stake in struggling Malaysian
Volvo and Mack brands. Volvo
trucks are primarily used to
CORRECTIONS AMPLIFICATIONS
code in a generation, passed by car maker Proton Holdings
The move marks a haul regional or long-distance
Congress and signed by the Bhd. that gave it a foothold in renewed push by Geely freight, while the Mack brand is In some editions Friday, velopment Co. in a Technology
president earlier this month. Southeast Asia. dominant in the market for Mubadala Investment Co., an article about Chinese ride-
The retrenchment of confidence Wednesday’s acquisition
into the commercial- dump trucks, concrete mixers Abu Dhabi state fund, was in- sharing platform Didi Chuxing
in December was modest. The caps an active year for Chi- vehicle sector. and trash haulers. correctly called Mubadala De- Technology Co.
Conference Board’s measure fell nese auto companies globally. The company is the third-
to 122.1 from 128.6 in November. Chinese companies have in- biggest heavy-duty truck seller Readers can alert The Wall Street Journal to any errors in news articles by
vested over $34 billion in in North America with 15.6% of emailing [email protected] or by calling 888-410-2667.
overseas automotive assets pared with just 2% growth in the market, according to ACT
since 2008, according to Dea- the car market, prompting Research. Volvo overtook
logic, not counting Geely’s lat- Geely and other makers to Navistar International Corp. THE WALL STREET JOURNAL
est foray. boost investments in their about five years ago when reli- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Most of those deals have commercial brands. ability concerns tarnished the
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
been in the auto-parts segment, The two Volvo brands have latter’s reputation. Daimler Published daily except Sundays and general legal holidays.
with state-run China National been under separate ownership AG’s Freightliner brand is No. 1, Periodicals postage paid at New York, N.Y., and other mailing offices.
Chemical Corp.’s 2015 acquisi- since Volvo AB agreed to sell its followed by Paccar with its Postmaster: Send address changes to The Wall Street Journal,
tion of Italian tire-maker Pirelli, car-manufacturing operations Kenworth and Peterbilt trucks. 200 Burnett Rd., Chicopee, MA 01020.
valued at $7.86 billion, the larg- to Ford Motor Co. for $6.5 bil- Volvo operates a separate All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
est so far in dollar terms. Ear- lion in 1999. In 2010, Geely paid U.S. construction machinery the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
lier this year, Chinese parts- Ford $1.8 billion for Volvo Car business that competes with Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
supplier Ningbo Joyson and has since plowed billions of Caterpillar Inc. and Japan’s Ko- Letters to the Editor: Fax: 212-416-2891; email: [email protected]
Electronic Corp. said it would dollars into the company, re- matsu Ltd. Its strongest equip-
buy bankrupt Japanese air-bag shaping it to become a force in ment lines include wheel load- NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
maker Takata for $1.59 billion. new technology such as electric ers, excavators and off-road By web: customercenter.wsj.com; By email: [email protected]
The acquisition spree shows cars, connected vehicles and dump trucks. By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
no sign of slowing despite Bei- self-driving cars. Volvo also owns large stakes
jing’s efforts to rein in overseas Geely Auto was China’s top- in truck and construction- REPRINTS & LICENSING
investment in other areas, such selling domestic car brand in equipment makers in China. By email: [email protected]; By phone: 1-800-843-0008
as entertainment, underscoring the first 11 months of this —Max Bernhard in Barcelona
the strategic importance that year, with its sales growing and Bob Tita in Chicago GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
the Chinese government at- 66% from a year earlier to contributed to this article.
THE WALL STREET JOURNAL. * * * * * Thursday, December 28, 2017 | A3
U.S. NEWS
IRS Warns on Prepaying Property Taxes

Real estate must be state and local income, sales
and property taxes at $10,000,
assessed before 2018 beginning next year.
to be eligible in 2017; Many homeowners in high
tax states like Massachusetts,
new law spurs a rush New York and California have
been scrambling to prepay
BY JOSEPH DE AVILA their 2018 property taxes be-
fore year-end in order to claim
The Internal Revenue Ser- a full deduction on their 2017
vice cautioned that not all tax return.
property-tax prepayments can But many municipalities
be deducted amid a rush of don’t have full 2018 property
homeowners paying their 2018 tax bills ready. Officials in
property taxes before the Re- New York’s Westchester
publican tax law takes effect County said Tuesday that the
in January. county wouldn’t be able to
The IRS said property taxes calculate the final tax obliga-
that haven’t been assessed be- tions for each of its munici-
fore 2018 won’t be deductible palities before the end of the
HOWARD SCHNAPP/NEWSDAY/ASSOCIATED PRESS

on 2017 tax returns. State and year. In New Jersey, most
local law determines when towns have calculated the
property taxes are assessed property tax bills for the first
and those dates vary by loca- and second quarter of 2018,
tion, the IRS said. but not for the third and
“A prepayment of antici- fourth quarter.
pated real property taxes that The IRS also cited a number
have not been assessed prior of provisions that taxpayers
to 2018 are not deductible in can still deduct in 2017. “Time
2017,” the IRS said in its advi- remains to make charitable
sory Wednesday. donations,” the advisory said.
The new tax bill signed into
law on Friday caps the amount Answers to your best tax
that tax filers can deduct in questions.................................... B10 Hempstead, N.Y., taxpayers lined up this week to pay 2018 property levies in hopes of securing deductions before the law changes.
MURDER IN AMERICA
Homicides Are a Neighborhood Problem
.
ly
and economic rebirth, partic-
CHICAGO Murder in America is deeply local.
George Mason University criminologist David Weisburd said his research has
Murder Rates ularly in gentrifying parts of
WHERE GANGS
on Homicides per 100,000 people Northeast Washington.
AND DRUGS RULE shown that about 1% of city streets produce 25% of a city’s crime, and 5% of Along H Street, an im-
80
the streets produce half the crime. He calls it the “law of crime concentration.” proving citywide safety cli-
Amarley Coggins remem- U.S. homicides rose about 9% last year, according to the Federal Bureau of In- mate in the early 2000s at-
bers the first time he dealt 60 tracted new investment,
us l,
heroin, discreetly approach-

vestigation, and more than one-third of the increase was concentrated in Washington, D.C. which helped deter violence,
ing a car coming off an in- neighborhoods where just one-third of Chicago residents live. said John Roman, former ex-
40
al a
e
terstate highway and into Crime-location data analyzed by The Wall Street Journal for Chicago, Balti- Chicago 2016:
ecutive director of the non-
West Garfield Park, the more, Los Angeles and Washington, D.C. show that the neighborhoods where 27.8 partisan District of Columbia
neighborhood where he grew Crime Policy Institute.
ci on
20
up on Chicago’s west side. killings have soared share worsening poverty and a lighter street presence by 19.8
“It has created a virtuous
U.S.
He was 12 years old and police following officers’ killings of young black men. 5.4 cycle that has allowed vio-
had just been recruited into 0 lence to decline in that part
Where killings are going down, cities are working with local groups to fight
a gang by his older brothers 1990 ’95 2000 ’05 2010 ’15 of the city ...,” he said.
gangs, and police are forging stronger ties with residents.
and cousin. Source: Federal Bureau of Investigation In row house neighbor-
er rs
A decade later, he sits in For more on homicides in U.S. cities, go to wsj.com THE WALL STREET JOURNAL. hoods north of H Street,
Cook County jail, held with- property values have soared,
out bail and awaiting trial on training center in West Gar- outpacing even the consider-
three cases, including felony field Park, public-transit im-
BY MAX RUST, SHIBANI MAHTANI, SCOTT CALVERT
AND ZUSHA ELINSON WASHINGTON D.C. able citywide increases.
m e
drug charges and possession provements on Chicago’s About a dozen years ago,
CHANGING NEIGHBORHOODS
of a weapon. south side and efforts to get businessman Joe Englert be-
CHANGING CRIME
Violence in Chicago major corporations such as gan buying empty buildings
m rp
erupted last year, with the Whole Foods and Wal-Mart Then and Now on the east end of H Street
to invest. A recent uptick in violence has contributed to an increase in homicides Anwar Saleem operated a
The city also has spent in Chicago to levels similar to those in the early 2000s. Rising incomes hair salon in a neighborhood
‘I have a lot of $10.5 million in data-driven and other factors have helped sustain a reduction in the number of blocks from the U.S. Capitol ‘It’s like Rip Van
friends who technology centers for the homicides in Washington D.C., once the nation’s murder capital. when Washington, D.C., was Winkle. If you
co Fo
didn’t make it police. City officials say the 0 1-5 6-10 11-15 15+ known as the nation’s mur- went to sleep
to 22. I feel centers have contributed to a Homicides per Census tract der capital in the 1990s. and woke up,
blessed that I drop in murders citywide CHICAGO But over the past decade it’s a whole
am here.’ this year. 2002-2006 2012-2016 and a half, poverty, violence different look.’
Amarley Coggins But West Garfield Park is and trash-ridden streets Anwar Saleem
still awash with drugs, as de- lined by abandoned proper-
mand in recent years has ties have given way to bars,
city recording 771 murders— been driven up by white sub- restaurants, shops and con- and transforming the prop-
a 58% jump from 2015. urban and rural consumers dos along the 15-block corri- erties to become popular
Almost half of the in- of heroin and opioids, ac- Downtown dor in Northeast Washing- bars and restaurants.
crease in Chicago came from cording to police, drug deal- I-290 ▶ ton. That resurgence has led A sleek streetcar glides up
five neighborhoods, includ- ers and residents. And a lot West to further drops in crime and down H Street, thanks to
ing West Garfield Park. of indiscriminate killing is Garfield that followed the winding a $220 million investment by
Chicago city officials say attributed to small, fiercely Park down of the 1990s crack-co- the city. Public money also
n-
that they are making strate- competitive gangs that have caine epidemic. has restored facades, im-
gic investments in ailing devolved from more power- “You cannot commit the proved trash collection and
neighborhoods. They point ful street organizations of crimes because it’s too many upgraded lighting, curbs and
to a $95 million police- the 1990s but lack the earlier Total: 2,610 Total: 2,573 eyes on the street,” said Mr. sidewalks.
no
gangs’ discipline in the use Saleem, 63 years old, who

Chicago Trends of violence. owns property on H Street, a Washington Trends
On a recent afternoon, a main thoroughfare in North-
Where homicides increased: WASHINGTON, D.C. Where homicides decreased:
dispute between two families east Washington, and heads
-6.5% Decrease in over their children playing a nonprofit that promotes +26.8% Increase in
population (2000-15) too loudly in the yard esca- the corridor. median income
2002-2006 2012-2016
Citywide: -6.1% lated into a shooting, said Washington’s homicide (2000-15)
Kevin Johnson, commander rate fell 73% between 1996 Citywide: +26.5%
+2.5 Increase in the
Pct points
unemployment rate of the police district that in- and 2016, and murders fell -2.5 Decrease in the
H Street
Citywide: +2.0 cludes West Garfield Park. over that time in a majority Pct points
poverty rate
Corridor
One of the families had gang of neighborhoods, according Citywide: -2.2
+6.3 Increase in vacant ties, so police braced for re- to a Wall Street Journal
Pct points
housing as a share taliatory violence. analysis of homicide loca- +17.5 Increase in college
Pct points
of total housing “Before, it was unheard of tions. H Street has had some graduate rate
Citywide: +5.2 National Citywide: +15.5
that there were female vic- Mall of the steepest declines.
Areas where homicides increased or decreased Areas where homicides increased or decreased
tims, children shot; it was Besides the end of the
are based on the period of 2012-2016 compared
unheard of that there were Total: 1,072 Total: 593 crack scourge, other factors
are based on the period of 2012-2016 compared
with the period of 2002-2006. with the period of 2002-2006.
Source: Brown University Longitudinal Tract retaliatory shootings at Sources: Chicago Police Department, Metropolitan Police Department of the District of Columbia behind the transformation Source: Brown University Longitudinal Tract
Database, U.S. Census Bureau churches,” he said. THE WALL STREET JOURNAL. include community policing Database, U.S. Census Bureau
Schools Settle Conduct Suits Economists Considered for No. 2 Fed Job
BY NICK TIMIRAOS Mr. Bush from 2001 to 2002 noneconomist to lead the cen-
BY TAWNELL D. HOBBS the alleged victims were stu- no central clearinghouse of AND PETER NICHOLAS and served as a governor on the tral bank in nearly four de-
dents; the remaining settle- such cases. Fed’s board from 1991 to 1997. cades. Investors have been
At least 26 public-school ments involved suits filed by Districts typically tap their The White House has inter- Both men would satisfy the hungry for clues about how
districts across the U.S. teachers and administrators. budgets to pay settlements in viewed two economists who Trump administration’s desire closely Mr. Powell and Mr.
agreed this year to at least The Journal tally represents a full or, if they have insurance, served in senior positions in to fill the vice-chair post with Trump’s other nominees will
$37 million in settlements to pay any deductibles. the George W. Bush adminis- an economist with a strong hew to Ms. Yellen’s policy of
stemming from allegations of “Some of the most egre- tration to serve as the vice grounding in monetary policy. slowly raising interest rates
26
sexual harassment or sexual gious cases will settle before chairman of the Federal Re- The Trump administration from very low levels.
assault of students, teachers they get very far in the litiga- serve Board, according to peo- is also considering Mohamed While Mr. Powell’s views on
or other employees, according tion process,” said Kenneth ple familiar with the matter. El-Erian, the former chief ex- monetary policy are largely in
to a tally of payouts by The Trump (no relation to the The two are Richard Clarida, ecutive of Pimco and a one- line with Ms. Yellen’s, the role
Wall Street Journal. School districts with misconduct president), who has worked in a managing director at money time deputy director of the In- of vice chair has taken on
The 26 settlements were settlements in a Journal tally. the school-safety field for 30 manager Pimco who is also a ternational Monetary Fund. greater importance because
reached in states from Califor- years and is president of professor of economics and in- It isn’t clear whether there Mr. Powell had little back-
nia to Connecticut and ranged Cleveland-based National ternational affairs at Columbia are other candidates. The pro- ground in monetary policy un-
from $30,000 to $8.25 million. School Safety and Security University, and Lawrence Lind- cess of selecting the No. 2 offi- til this decade and because Mr.
They came during a year of small sampling of the more Services, a consulting busi- sey, who runs an economic-ad- cial began in earnest last Trump will have an opportu-
higher-profile incidents in- than 13,000 school districts in ness. visory firm in Washington. month after President Donald nity to replace half of the Fed’s
volving allegations of sexual the U.S., and it couldn’t be de- Nearly all the settled cases Mr. Clarida served as assis- Trump nominated Fed gover- board over the coming year.
misconduct, including assault, termined whether the number identified by the Journal in- tant secretary for economic pol- nor Jerome Powell to succeed Mr. Lindsey didn’t respond
by prominent men in politics, of settlements is up or down volved alleged perpetrators icy at the Treasury Department Chairwoman Janet Yellen when to inquiries seeking comment.
media and entertainment. this year compared with pre- who were men in supervisory from 2002 to 2003. Mr. Lindsey her term expires in February. Mr. Clarida declined to com-
In 19 of the 26 settlements, vious years because there is or leadership roles. was a top economic adviser to Mr. Powell will be the first ment through a spokeswoman.
A4 | Thursday, December 28, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.
U.S. NEWS
Panel Clamps Down on H-1B Visas WASHINGTON

WIRE
Proposed rules target
outsourcing firms in Bill Puts Some Firms CAMP DAVID
India; bill is criticized as At Disadvantage Trump, GOP Leaders

unfair and arbitrary To Outline ’18 Agenda
A House bill on H-1B visas President Donald Trump plans
BY LAURA MECKLER would put Indian firms such to start off the new year by
as Infosys Ltd. and Tata Con- meeting with Congress’s top Re-
WASHINGTON—Bipartisan- sulting Services Ltd. at a dis- publicans to plan the 2018 legis-
ship on the divisive issue of advantage against a handful lative agenda.
immigration is a rarity in Con- of competitors, such as Inter- The White House said the
gress, but that is what hap- national Business Machines GOP president will host Senate
pened when the House Judi- Corp. and Accenture Ltd., even Majority Leader Mitch McConnell
ciary Committee unanimously though they also employ a of Kentucky and House Speaker
approved legislation making it large number of foreign work- Paul Ryan of Wisconsin at Camp
harder for Indian outsourcing ers and use a similar out- David during the weekend of
companies to bring high- sourcing business model. Jan. 6-7. Representatives for
skilled foreign workers to the That is because those both lawmakers have confirmed
U.S. companies have many divi- they will attend.
At the same time, the bill sions, which keeps the por- The meeting follows enact-
eases rules on some U.S. high- tion of their overall workforce ment of legislation to cut
DHIRAJ SINGH/BLOOMBERG NEWS

tech firms that use H-1B visas, using H-1B visas low and taxes—beginning next year—for
putting political distance be- their firms from being defined corporations and people. The tax
tween Silicon Valley and In- as “H-1B dependent.” overhaul marked a major legisla-
dian outsourcers as President Part of the sweep of the tive achievement for Mr. Trump
Donald Trump condemns the legislation, called the Protect and congressional Republicans,
program as rampant with and Grow American Jobs Act who made tax cuts a priority af-
abuse and a source of unfair and approved by a House ter the Senate failed to close
competition to U.S. workers. committee last month, is that the deal on repealing the 2010
The proposed rules apply it reaches the U.S. clients of health-care law advanced by Mr.
only to companies that are The legislation would put Indian firms such as Infosys Ltd. at a disadvantage against some competitors. the Indian outsourcers. Trump’s Democratic predecessor.
heavy users of the program, or The U.S. Chamber of Com- Mr. Trump signed the tax cut
“H-1B dependent.” Lawmakers ing gamed by people paying merce opposes the bill, saying into law last week before he
changed the definition of Foreign Workers the bare minimum, taking too it sets “dangerous prece- flew to Florida for the holidays.
“H-1B dependent” to make Eight of the top 10 employers in 2016 that use the H-1B program were many visas that would other- dents” regarding the govern- —Associated Press
sure technology companies firms that offered outsourcing services. Number of new approved wise go to a broader group of ment’s power to interfere
that hire hundreds of foreign- H-1B initial petitions by company, FY2016: applicants who would pay with companies. WHITE HOUSE
ers every year, such as Face- more.” The bill “proposes a shock
book Inc., weren’t affected. Under existing rules, a com- to the system that could Magnolia Cut Back
Cognizant* 3,946
In turn, the House bill, the pany that has more than 15% have negative economic re- For Safety Reasons
Protect and Grow American Infosys* 2,376 of its workforce using H-1B vi- percussions in various indus-
.
Jobs Act, has infuriated Indian sas is considered H-1B depen- tries,” the organization wrote A different kind of tree-trim-
ly
Tata Consulting* 2,040
outsourcing companies and dent and must show that it in a letter. ming took place at the White
the Indian government, ac- Accenture 1,889 has tried to hire U.S. workers, Each year, companies en- House on Wednesday when part
cording to someone who ad- among other things. It can get ter a lottery for 85,000 new of a magnolia tree on the south
IBM 1,608
vises the government. on out of those requirements by H-1B visas, and demand far grounds was cut off because it
Nasscom, an information Wipro* 1,474 Companies that paying at least $60,000 a year, outstrips supply. In 2016, out- had become a safety risk, a
technology trade group in In- offer outsourcing or the prevailing wage, to the sourcers won nearly one in spokeswoman for first lady
Amazon 1,416
dia, said the measure “unfairly services foreign worker. four of the visas—and more Melania Trump said.
and arbitrarily” targets a Tech Mahindra* 1,228 Mr. Issa raised the $60,000 in previous years. The nearly 200-year-old tree
us l,
handful of companies “while threshold for avoiding the was cut back while President
CapGemini* 1,164
imposing no new requirement rules and added a host of Donald Trump and his family
al a
e
on the vast majority of compa- Microsoft 1,145 other provisions to bring Dem- permanently. were in Florida for the holidays.
nies that use the visas to do ocrats on board. But a long wait for green Spokeswoman Stephanie Gri-
*H-1B dependent companies-they have more than 15% of workforce on H-1Bs.
the…exact same things,” ac- The California lawmaker cards, particularly for people sham said earlier in the week
ci on
Source: National Foundation for American Policy analysis of U.S. Citizenship and Immigration
cording to a statement from Services data THE WALL STREET JOURNAL. also changed the definition of from India, means that work- that Mrs. Trump had given ap-
the group’s president, Rentala “H-1B dependent” to 20% of a ers are stuck in the H-1B sta- proval for a large portion of the
Chandrashekhar. America coalition made up of An alternate proposal to over- company’s workforce from tus, and companies see its visa tree to be cut back after she re-
The new rules would re- technology companies, said haul the H-1B program is ex- 15%. That mostly protects dependency rate climb. viewed reports about the mag-
quire that firms either pay the bill was a welcome step pected to be reintroduced in high-tech companies such as Rep. Zoe Lofgren (D., Calif.), nolia’s condition prepared by
er rs
workers more—as much as toward separating high-tech the Senate soon. Facebook and Qualcomm Inc., who usually opposes Republi- government experts and ex-
$135,000 a year—or prove companies from outsourcers. The anger toward outsourc- which both have been H-1B de- can immigration measures, plored options with White
they tried to recruit U.S. em- “We don’t want to be overly ing firms stems from their pendent in recent years, ac- helped write this bill. She de- House staff.
ployees. The bill requires that broad in applying rules that business model, which often cording to Labor Department fended the H-1B program for Former President Andrew Jack-
m e
no U.S. workers are laid off by are meant to deal with one involves U.S. corporations lay- filings. The companies de- companies that are using it as son added the magnolia to the
either the outsourcing firm or type of use but may have unin- ing off their own, better-paid clined to comment. it was “originally created” but south grounds in 1835, according
the clients that they serve for tended consequences for an- employees and replacing them The percentage of foreign attacked the outsourcing to the White House Historical As-
m rp
the entire length of the visa. It other type of use that people with outsourced foreign work- workers is growing at compa- model. Often, she said, U.S. sociation. It stands on the west
also authorizes Labor Depart- agree with,” he said. ers. nies like Facebook in part be- workers are replaced by for- side of the South Portico, rising
ment investigations and raises The fate of this proposal “We have a broken H-1B cause the H-1B workers don’t eign workers. “These outsourc- almost as tall as the White House
fees. wasn’t clear in a Congress that system,” Rep. Darrell Issa (R., return home. Instead, compa- ing companies can do this be- itself, and is one of two magnolias
Scott Corley, who runs the has struggled to pass immi- Calif.), the bill’s chief sponsor, nies sponsor them for green cause of deep and longstanding flanking the south entrance.
co Fo
pro-immigration Compete gration legislation of all types. said in an interview. “It’s be- cards so that they can stay flaws in the H-1B program.” —Associated Press
For the President, Politics Don’t Take a Holiday

BY PETER NICHOLAS of Investigation and Hillary 24-year-old PGA tour pro;
Clinton, while touting a strong Dana Quigley, 70, a former
WEST PALM BEACH, Fla.— stock market and the tax cut tour pro; and Sen. David Per-
President Donald Trump is he signed into law last week. due, a Georgia Republican.
spending his first holiday sea- The president tweeted on Mr. Perdue was back on
son in office engaged in the the strength of his political the course with the president
typical duties of the job: church base and added that the news on Wednesday. Mr. Trump
n-
NICHOLAS KAMM/AGENCE FRANCE-PRESSE/GETTY IMAGES
services, outreach to the media “show Fake Polls just gave Mr. Perdue a locker next
troops, Christmas messages. like they report Fake to his and the pair rode to-
He has also been tweeting. News.” Gallup polling shows gether in a golf cart, Mr. Per-
Though the public has seen that Mr. Trump’s approval rat- due said later.
no
little of the president since he ing the week of Dec. 11-17 stood He said he was impressed
arrived for the holidays at his at 35%, a figure lower than that that Mr. Trump didn’t clear
Mar-a-Lago home last week, of any president in December the course and instead allowed
he has used his social media of his first year since Dwight other members to play. They
account to make himself Eisenhower in 1953. talked about infrastructure,
heard, mixing biting commen- Just as former President trade and how to “move on
tary on news developments Barack Obama did at his go-to the priorities of 2018 and keep
with proud recitations of his winter vacation spot in Ha- the momentum going,” Mr.
one-year record. waii, Mr. Trump has been Perdue said.
Through Twitter, the presi- playing regular rounds of So, who won on the course?
dent has criticized the media, golf. On Tuesday, his partners “He beat me both days,” the
President Donald Trump greeted first responders in West Palm Beach, Fla., on Wednesday. pollsters, the Federal Bureau included Bryson DeChambau, a senator said.
DNC back to the eight years of Ba-

rack Obama’s presidency. He
built his own fundraising and
data operation apart from the
contributed $30,000 to the DNC
for Mr. Obama’s 2012 reelec-
tion, $5,000 during the 2016
race and said he has no plans
Tight on Cash
Despite enthusiasm in recent elections, the Democratic National
Committee lags significantly behind other national political party
tired earlier this year.
The DNC is facing fundrais-
ing challenges on almost every
front, a Wall Street Journal re-
Continued from Page One DNC, setting the party back to give again. committees in terms of cash on hand. view of Federal Election Com-
struggling with reputational even while he was in office. In a The personal-injury attorney mission records found.
hits from the 2016 election, in- January interview with ABC, is considering running for Flor- $0 million 5 10 15 20 25 30 35 40 45 The DNC secured only 88
cluding accusations by former Mr. Obama said: “We did not ida governor but said he isn’t Democratic National donations of $33,000 or more
party chairwoman Donna Bra- begin what I think needs to sure he would do so as a Demo- Committee this year by the end of Octo-
zile that the DNC was biased happen over the long haul, and crat, despite having hosted Mr. Republican National ber, while the RNC had about
toward Hillary Clinton during that is rebuild the Democratic Obama and Mrs. Clinton in his Committee 300 such donations by the end
the presidential primaries and Party at the ground level.” home for fundraisers. Democratic Congressional of September, FEC records
Mrs. Clinton’s own public Individual Democratic can- “At this point, there’s not re- Campaign Committee show. Individuals can contrib-
statements about the DNC’s didates are faring better—rais- ally anyone at the DNC who I National Republican ute up to $33,900 a year di-
disarray. ing large sums on their own would trust with my money,” Congressional Committee rectly to the party, and
During a technology confer- and winning in unexpected Mr. Morgan said. “Why would I Democratic Senatorial $101,700 a year for each of
ence this spring, Mrs. Clinton places such as Alabama, where write big checks to them when Campaign Committee three party-related funds.
put it this way: “I mean, it was Doug Jones won a special I can do my own thing?” On the small-donor front,
National Republican
bankrupt. It was on the verge election to the U.S. Senate ear- The national party typically Senatorial Campaign Democrats are raising a
of insolvency. Its data was me- lier this month. Donations provides general-election can- slightly higher proportion of
diocre to poor, nonexistent, from across the country didates with data about voters Source: Federal Election Commission THE WALL STREET JOURNAL. individual contributions of
wrong.” helped him raise 2½ times as and offers on-the-ground assis- $200 or less than Republicans,
Rep. Charlie Dent (R., Pa.) much as Republican rival Roy tance in finding, persuading building,” said Ms. O’Connell, voter-data modeling and turn- 64% to 59%, FEC records show.
said “the RNC has just histori- Moore, who already was be- and motivating voters. who began her job in May, a out system former RNC Chair- But the RNC is catching up:
cally been a stronger organiza- hind in the money race when DNC Chairman Tom Perez, few months after Mr. Perez was man Reince Priebus built, For the 2016 election, the
tion.” He continued: “I think a allegations surfaced of sexual National Finance Chairman elected. Mr. Muñoz has been funded by $100 million in dona- spread between the DNC’s suc-
lot of small-dollar donors are misconduct with teenage girls Henry Muñoz and Chief Execu- the party’s chief fundraiser tions over the years. That cess with small donors and the
finding their way to the RNC when he was in his 30s. Mr. tive Officer Jess O’Connell have since he was first elected to the helped Mr. Trump win and Re- RNC’s was far greater.
right now to support the presi- Moore denied the charges. spent much of the year explain- position in 2013. publicans preserve their major- The DNC recently added to
dent,” adding that “Democrats But some top donors have ing their “50-state strategy,” “We need to win elections,” ities in the Senate and House of its digital team Robin Curran
have other ways to channel lost faith in the party hierarchy. which is reminiscent of former Ms. O’Connell said. “And to win Representatives. from Vermont Sen. Bernie
money to candidates” besides “The parties mean less and chairman Howard Dean’s strat- elections we need resources.” “It’s all about turnout,” said Sanders’s presidential cam-
the DNC. less every year,” said John Mor- egy circa 2005-2009. Ms. O’Connell said the DNC Andrew Tobias, the DNC’s paign, which was powered al-
The party’s challenges trace gan, a Florida Democrat who “The Democratic Party is re- is seeking to replicate the longtime treasurer, who re- most entirely by small donors.
THE WALL STREET JOURNAL. * * NY Thursday, December 28, 2017 | A5
WORLD NEWS
Tehran Police Ease Off on ‘Islamic Values’
Chief in Iran’s capital ises from the government to
more strictly implement anti-
favors education over blasphemy laws. In Indonesia,
detention for offenders the world’s most populous Is-
lamic country, hard-line Is-
of morality codes lamic groups are promoting
new, Shariah-based laws,
FROM TOP: EBRAHIM NOROOZI/ASSOCIATED PRESS; ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK

Authorities in Tehran will backed by a popular mood
no longer arrest people for that has become more reli-
breaches of Islamic codes, the giously conservative.
Iranian capital’s police chief In Iran, young people in
said Wednesday, a sign of eas- particular have pushed for a
ing social strictures under rel- relaxation of rules on head-
atively moderate President scarves and other appearance-
Hassan Rouhani. related restrictions in recent
years. Their votes helped pro-
By Aresu Eqbali in pel Mr. Rouhani into office in
Tehran and Asa Fitch 2013 and to a second four-year
in Riyadh term in an election in May.
About 40% of Iran’s popula-
Echoing a similar shift in tion of roughly 82 million is
Saudi Arabia, Iran’s main re- under 25 years old.
gional rival, Brig. Gen. Hossein “The morality police is sim-
Rahimi, said police would ply unable to contain and con-
change tactics in enforcing Is- trol the vibrant Iranian youth,
lamic values, after decades of which is generally more liberal
fines, detentions and even and secular than the previous
lashings for infractions as mi- generation,” said Ali Vaez, the
nor as women wearing nail Iran Project director at the In-
polish, heavy makeup or tying ternational Crisis Group.
their headscarves too loosely. He suggested it was no co-
Iranian women have been incidence that the move in the
obliged to wear headscarves in An Iranian woman smoking a water pipe in April to mark a pre-Islamic festival hard-liners haven’t managed to erase from calendars. capital comes as Iran faces
public since the Iranian Revo- Below, women in a Tehran bus on Oct. 15, a day after Mr. Trump said he wouldn’t certify Iran’s compliance with the nuclear deal. mounting political challenges
lution in 1979, which melded from abroad. U.S. President
government with Islam. tifying himself as Masoud The announced move is in Donald Trump’s administra-
“Based on a society-ori- Razi. “People, know your line with a liberalization tak- tion has slapped new sanc-
ented, educational approach, power.” ing place in some other parts tions on Iranians connected to
the police will not arrest those Some observers say the of the Middle East, including the country’s ballistic-missile
who don’t respect Islamic val- true measure of Tehran’s in- in Sunni-dominated Saudi Ara- program, which the U.S. and
.
ues,” Gen. Rahimi said, accord- tent will be in its execution of bia, Shiite Iran’s main adver- its allies see as a threat to Is-
ly
ing to the official Islamic Re- the announced looser stance, sary for regional influence and rael. Mr. Trump has also re-
public News Agency. “It will noting that Iranian leaders, in- power. Saudi authorities last fused to certify Iran’s compli-
instead educate them.” cluding Mr. Rouhani, have ar- year stripped religious police ance with the terms of its
The announcement ap- ticulated relaxed enforcement on of their power to arrest peo- Obama-era nuclear deal, which
peared to mark a significant in the past without following ple. King Salman decreed in gave it relief from interna-
change in how police in Teh- through. Mr. Rouhani in 2015 September that women be al- tional sanctions that had ham-
ran address Islamic mores. But told police officials that en- lowed to drive starting next pered its economy.
given the long and harsh his- forcing Islamic law wasn’t year, and a decadeslong ban “The Rouhani administra-
us l,
tory of enforcement, many Ira- their job, but arrests of people on cinemas was lifted earlier tion understands that the less
nians responded on social me- for infractions relating to Is- this month. Those actions discontent there is within the
al a
e
dia with skepticism and lamic values didn’t stop. have been popular domesti- society, the less security risks
demands for a more precise Police in Tehran arrested cally, especially among the Iran would face at home
definition of the Islamic values more than 200 people last kingdom’s large population of amidst more pressure from
ci on
that won’t result in arrests. week for violating Islamic val- racies in Washington, said there, genuine or not, to not young people. the Trump administration,”
“They’re probably short of de- ues by allegedly dancing and Wednesday’s announcement want to enforce a strict inter- In some other majority- Mr. Vaez said.
tention cells,” one Iranian drinking in celebration of the was based on a calculation pretation of Islamic law in Muslim states, meanwhile, Gen. Rahimi said the police
tweeted. winter solstice, the shortest that the system needed to Iran,” he said. “But even those calls for stricter rules protect- had already held 121 educa-
Others cheered the shift. day of the year. “bend a little without break- who harbor a genuine desire ing Islamic sensibilities are tional sessions for almost
er rs
“Education instead of deten- Behnam Ben Taleblu, a se- ing” to appeal to a rising for reform have often lacked growing. Religious activists 8,000 people, but didn’t say
tion. This is a victory for nior Iran analyst at the Foun- young middle class. the political capability to fol- besieged Pakistan’s capital late which Islamic values they
women!” tweeted a man iden- dation for Defense of Democ- “The intention could be low through.” last month and secured prom- were alleged to have violated.
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A6 | Thursday, December 28, 2017 * * THE WALL STREET JOURNAL.
WORLD NEWS
Syria Hospital Evacuations Begin

BY RAJA ABDULRAHIM
Mexico’s
November
Aid workers have begun
evacuating more than two
Exports
dozen critically ill patients
from a besieged rebel-held Da-
mascus suburb, amid mount-
Expanded
ing international pressure on BY ANTHONY HARRUP
the Syrian regime to ensure
medical care for hundreds who MEXICO CITY—Mexico reg-
need urgent treatment. istered a $399 million trade
Four patients were evacu- surplus in November, shipping
ated Tuesday night from East- out more manufactured goods
ern Ghouta, a suburb of about and crude oil than a year be-
400,000 that has been sur- fore while imports also ex-
rounded and blockaded by re- panded but at a slower pace.
gime forces for nearly five Exports rose 9.2% from No-
years. An additional 25 are ex- vember 2016 to $37.48 billion,
pected to leave in coming and imports grew 8.2% to
days, according to local doc- $37.08 billion, the National
SYRIAN ARAB RED CRESCENT/EPA/SHUTTERSTOCK
tors and the International Statistics Institute said on

Committee of the Red Cross. Wednesday.
Among the patients are 18 A 7.5% increase in ship-
children, according to the Syr- ments abroad of manufactured
ian American Medical Society, goods, including 11.6% more
which helps fund several hos- vehicles and auto parts, con-
pitals in the area. tributed to a $1.93 billion sur-
“These first 29 people are plus in nonpetroleum trade,
really in very bad situation. partially offset by a $1.53 bil-
These are the most critical lion deficit in petroleum trade.
cases,” said Ingy Sedky, an The Mexican auto industry
ICRC spokeswoman in Damas- produced and exported record
cus. “We are very aware that numbers of cars and light
there are much more cases A group in Eastern Ghouta waited Tuesday to be taken to Damascus, in a photo from the Syrian Arab Red Crescent. trucks this year, and by the
that need to be evacuated end of November had sur-
from Eastern Ghouta.” during the siege and corre- #Syria must end. People are “This is not a humanitarian no aid convoys were allowed passed levels reached for all of
United Nations and Western sponding military campaign, dying because of #Assad re- medical evacuation. It was a into Ghouta, Ms. Sedky said. 2016. The expansion has put
officials have urged President including airstrikes. gime’s cruelty,” State Depart- military exchange deal,” a doc- In 2017, 50 tons of medical the industry in the spotlight of
Bashar al-Assad’s government The Syrian government ap- ment spokeswoman Heather tor in Ghouta said. “This is equipment, surgical materials talks with the U.S. and Canada
to ensure medical access to the proved the evacuation of the Nauert tweeted on Dec. 22. shame on all of humanity.” and medicines were taken off to rewrite the North American
suburb of more than a dozen 29 patients in October but Despite growing interna- Ms. Sedky said the ICRC’s U.N. aid convoys before they Free Trade Agreement.
cities and towns that has been gave the green light to carry tional pressure to allow these role was to help evacuate the were allowed through, said Auto industries in all three
.
encircled by the regime. them out only this week, ac- evacuations, they came about patients and family members Jan Egeland, head of the U.N. countries have expressed op-
ly
Those allowed to leave this cording to the Syrian medical only as a result of a deal be- accompanying them. The task force for humanitarian position to a U.S. proposal to
week are part of a list of about group. tween the regime and one of group played no role in nego- aid to Syria. increase the minimum North
640 needing urgent medical During the two-month wait, the rebel factions in Ghouta tiating the deal. As a result, doctors some- American content in cars im-
care, according to local doc- a 6-month old girl suffering on known as the Army of Islam, On the rare occasions that times give medicine only for life- ported into the U.S.—including
tors. They suffer from a vari- from a heart defect died, said according to local doctors and U.N. or ICRC aid convoys are threatening cases, or treat pa- 50% U.S. content—arguing
ety of illnesses, including can- Mohamad Katoub, advocacy the rebel group. In exchange allowed into Ghouta, medical tients with expired medication. that such a change would be
cer and kidney failure, that manager of the group. Eigh- for the regime allowing the supplies are regularly taken “All our medicines are ex- unworkable and disrupt highly
can’t be treated in Eastern Gh- teen others also have died patients to leave, the rebel off the trucks by regime sol- pired. Some expired back in integrated supply chains. A
us l,
outa, where the health system since October, Mr. Katoub said. group will release 29 prison- diers, local activists and doc- 2010,” said Dr. Nizar Madani, a sixth round of trade talks is
has been severely degraded “The siege on east #Ghouta ers, they said. tors have said. In December, surgeon in Eastern Ghouta. set for January.
al a
e
RUSSIA
ci on
Prisoners Swapped dent Petro Poroshenko on his

Facebook page after traveling
Within Ukraine to the front line to meet those
Continued from Page One returning from the separatist
Peninsula. But the Russian territories.
er rs
Foreign Ministry, in an account MOSCOW—Ukrainian au- Both Kiev and the rebels
posted to its website, said Mr. thorities and pro-Russia sepa- had said a successful exchange
Lavrov complained that “Wash- ratists exchanged more than could lead to further swaps.
ington’s aggressive rhetoric 300 prisoners of war Wednes- The exchange comes at a
m e
about Pyongyang” and “war day, the largest swap since time when cease-fire violations
preparations” were escalating 2014 at a time when tensions have reached one of their high-
tensions in the region. are mounting over the conflict. est levels in 2017—together
m rp
The two diplomats also dis- In the no-man’s-land be- with a rise in the number of
cussed Syria, both sides said, tween government and sepa- deaths on the front line.
where the U.S. and Russia have ratist lines, Ukrainian authori- The conflict between Ukrai-
VALERI KVIT/EPA/SHUTTERSTOCK
held deep differences over the ties handed over 246 prisoners nian government forces and
future of Syrian leader Bashar in exchange for more than 70 Russia-backed separatists in
co Fo
al-Assad, with the U.S. insisting prisoners held in the country’s the eastern provinces of Do-
he eventually step aside from a separatist regions of Donetsk netsk and Luhansk began in
future Syrian government. and Luhansk, Russian news 2014 after a popular revolt un-
U.S. President Donald agency Interfax reported. seated Moscow-friendly Presi-
Trump has called for closer ties “Thank you for your endur- dent Viktor Yanukovych.
with Moscow and has held sev- ance,” wrote Ukrainian Presi- —Thomas Grove
eral phone calls and meetings After their release Wednesday, Ukrainian prisoners stood in line to board a helicopter near Kramatorsk.
with Russian President Vladi-
mir Putin. But American diplo- Ukraine,” and asked Mr. Lav- concrete results could be discussions could “blur the
matic and military officials rov to return Russian repre- Added Deterrence achieved only through re- lines,” she said, adding that the
continue to clash with Russian sentatives to the joint moni- In 2017, NATO and the U.S. built up the number of forces stationed sumption of a normal dia- alliance will “make clear there
counterparts, finding common toring center and work to in the Baltic states and Poland to counter any possible Russian logue,” he said. can be no return to business as
ground elusive. Mr. Trump’s reduce violence, State Depart- military aggression. Russia has proposed re- usual while Russia persists with
new national security strategy ment spokeswoman Heather starting working groups of its current behavior.”
n-
also casts relations with Mos- Nauert said in a statement. NATO U.S.* Total military officials to tackle Germany’s ambassador to
cow in a more dangerous light, The U.S. recently agreed to technical issues, including air NATO, Hans-Dieter Lucas, re-
saying it is engaging in subver- provide Javelin antitank mis- Poland 4,770 safety and defensive exercises. cently wrote that the alliance
sive tactics to advance its in- siles to Ukraine. Officials said Latvia 1,138 Mr. Grushko said NATO offi- “remains open to dialogue”
no
terests around the world. the move was consistent with cials have said they want a and recent meetings have al-
With an uptick in fighting in Washington’s strategy of in- Estonia 1,100 broader discussion of military lowed the two sides “to openly
eastern Ukraine and negotia- creasing pressure on Moscow Lithuania 1,022 activity and work in prevent- exchange views on difficult
tions over the future of the to try to resolve conflicts that ing potential accidents. Meet- and controversial issues.”
country at a stalemate, Russia’s look intractable. *The U.S. tank brigade is based in Poland but moves its forces around Eastern Europe ings of experts would advance For months, Germany has
decision last week to withdraw Proponents say the move, Sources: U.S. Army (U.S.); NATO THE WALL STREET JOURNAL. that, he said, but the alliance been the most vociferous sup-
its representatives from the recommended by State De- is unwilling. porter of diplomatic outreach
monitoring effort formally partment and Pentagon offi- Crimea from Ukraine in 2014, defend the alliance. NATO officials say any ex- to Moscow. Eastern allies have
known as the Joint Center for cials, will raise the cost to the North Atlantic Treaty Or- NATO-Russia Council gath- perts-level talks would look been far more wary, skeptical
Control and Coordination has Russia of any further aggres- ganization began deploying erings during the past 20 too much like a return to the that Russian diplomats have
heightened concerns in the sion in the conflict and will troops to reinforce Europe’s months have addressed impor- old level of engagement that the power to make progress or
West that security in the region provide the West with more Russian border. tant subjects such as military took place before 2014. Re- that Moscow is truly inter-
could deteriorate. diplomatic leverage. Russia’s NATO suspended coopera- exercises and near-miss air in- suming such a dialogue, offi- ested in easing tensions.
In one sign of a possible eas- deputy foreign minister has tion with Moscow and in prac- cidents over the Baltic Sea. cials said, wouldn’t be appro- Historians say that talking is
ing of tensions, Kiev and Rus- asserted the decision will lead tice, though not officially, halted But officials say the meetings priate as long as the war in sometimes useful to reduce mis-
sia-backed separatists agreed to an escalation in fighting. diplomatic meetings for about a are dominated by one-sided Ukraine—and Russia’s support understandings and build trust.
on a prisoner exchange, swap- Neither the State Depart- year. In May 2016, the alliance lecturing on topics such as for separatists in the country’s “Diplomats are seen in certain
ping more than 300 war detain- ment nor the Russian Foreign yielded to demands of some Ukraine and Afghanistan. east—continues. circumstances as a waste of
ees Wednesday, the largest Ministry account of Tuesday’s members that it resume high- Meetings with Russians at NATO spokeswoman Oana time, and that is dangerous,”
such trade since 2014. Both call mentioned the decision. level diplomacy and restarted NATO, one Western official said, Lungescu said allies haven’t said Margaret MacMillan, a
Kiev and the rebels have said a The continuing tensions are ambassador-level meetings of are “like talking to the radio.” seen a change in Russia’s ag- World War I historian. “Diplo-
successful exchange could lead emblematic of an unsettled in- the NATO-Russia Council. Alexander Grushko, Russia’s gressive stance toward its macy is very important—the
to further prisoner swaps. ternational debate over The debate inside NATO ambassador to the alliance, neighbors, most notably constant effort to try and com-
But Mr. Tillerson in his call whether to intensify dialogue over how to talk with Russia, said he wouldn’t complain Ukraine, that would allow them municate is very important.”
pointed to U.S. concern “with between the East and West. however, has remained critical about the quality of the dis- to have a more robust engage- —Thomas Grove contributed
the rising violence in eastern After Russia moved to annex to the larger issue of how to cussions. “But in some areas, ment. A return to expert-level to this article.
WORLD WATCH
EGYPT prisons near Cairo were the larg- RUSSIA damage, the agency said. SOUTH KOREA South Korea, home of Sam-
est known number of executions No one claimed responsibility sung Electronics Co. and other
Human-Rights Groups on a single day since the insur- St. Petersburg Blast for the explosion. Growth Is Forecast suppliers of memory chips,
Condemn Executions gency in Sinai escalated follow- Leaves 10 Injured Ten people were hospitalized To Slow Next Year smartphones, TVs and electron-
ing the 2013 military overthrow with injuries, said Alexander ics, outperformed earlier growth
Seven Egyptian rights groups of a freely elected president, At least 10 people were in- Klaus, chief of the local branch South Korea’s government ex- forecasts for 2017 on brisk ex-
have condemned the execution Mohammed Morsi. jured Wednesday by an explo- of the Investigative Committee. pects economic growth to slow ports and higher government
of 15 suspected Islamic militants A military tribunal convicted sion at a supermarket in St. Pe- A criminal investigation has next year after a faster-than-ex- spending.
convicted of staging a deadly at- the 15 of taking part in an Aug. tersburg, the site of a deadly been launched. pected expansion in 2017. Exports and consumption will
tack on an army checkpoint four 15, 2013, attack against an army subway bombing this year. Officials stopped short of The economy, Asia’s fourth- likely continue to improve on
years ago in the Sinai Peninsula. checkpoint that killed an officer A device containing 7 ounces branding the explosion as a ter- largest, is likely to grow 3% in steady overseas demand and fis-
The groups said legal proce- and eight conscripts. The attack of explosives went off at a stor- ror attack, but the National Anti- 2018, unchanged from the July cal stimulus at home, but facility
dures against the men were took place a day after security age area for customers’ bags, Terrorism Committee, which projection but lower than this investment and housing con-
flawed and at least one of the forces broke up two mass sit-ins said the Investigative Commit- oversees Russia’s antiterror ef- year’s estimate of 3.2% expan- struction are expected to moder-
15 appeared to have been tor- in Cairo by Morsi supporters, kill- tee, Russia’s top investigative forts, said it was coordinating sion, the Ministry of Strategy ate after peaking this year, the
tured in detention. ing at least 600 people. agency. The device was rigged the search for suspects. and Finance said in a semiannual ministry said.
Tuesday’s hangings in two —Associated Press with shrapnel to cause more —Associated Press economic outlook Wednesday. —Kwanwoo Jun
THE WALL STREET JOURNAL. Thursday, December 28, 2017 | A7
WORLD NEWS
Korea Raises
Old Tensions
With Japan
Seoul says a 2015 deal said Tokyo-Seoul relations
could become “unmanageable”
recognizing the sexual if South Korea seeks to alter
coercion of Korean the deal. South Korea’s foreign
minister said Seoul would con-
women is inadequate sult with surviving victims be-
fore deciding how to respond
South Korea reignited ten- early next year.
sion with Japan over Korean The handling of reparations
women forced to work in To- for the euphemistically called
kyo’s wartime military broth- “comfort women” has been an
YONHAP/EPA/SHUTTERSTOCK
els by issuing a report that irritant between Seoul and

said a 2015 agreement to set- former colonial master Tokyo
tle the issue failed to reflect since the first woman went
the wishes of the victims. public in 1991 with testimony
about her wartime treatment.
By Alastair Gale in Japan has issued apologies
Tokyo and Andrew over the years, but South Ko-
Jeong in Seoul rean leaders have questioned A performance in Seoul commemorates the victims of wartime sexual enslavement. Portraits on empty chairs honor the deceased.
their sincerity.
The report was compiled by Under a surprise 2015 comed the deal. But after consult with surviving victims fairs issues. Such issues re- rea-Japan relationship came
a panel of experts appointed agreement, Japanese Prime South Korean President Park before completing the deal. quire listening to and on Dec. 17 of that year, when a
by the South Korean Foreign Minister Shinzo Abe issued a Geun-hye was removed from At that time there were reflecting the voices of the Japanese journalist accused of
Ministry and released fresh apology and Tokyo pro- office the following year, her more than 40 acknowledged victims themselves,” Ms. Kang defaming Ms. Park was acquit-
Wednesday. It threatens to vided about $9 million to a successor, Moon Jae-in, said victims alive, many of whom said. ted by a South Korean court.
weaken cooperation between foundation in Seoul to dis- the deal didn’t have the back- were in their 80s and 90s. The Seoul’s reopening of the One Japanese diplomat said
two U.S. allies as they try to burse to surviving victims and ing of the South Korean peo- number of survivors has since dispute has raised hackles in the acquittal contributed to
counter North Korea’s rising families of those who died. ple and called for an investiga- fallen to 32. Tokyo, where officials say pub- Mr. Abe’s decision to send an
missile and nuclear threat Both governments at the tion into how it was put The Korean Council for the lic sentiment toward South envoy around Dec. 22 to South
through coordinated economic time called the agreement “fi- together. Women Drafted for Military Korea is deteriorating. Japa- Korea with the outline of a
pressure and defense ties. nal and irreversible,” and the The task-force report found Sexual Slavery by Japan, a nese Foreign Minister Taro new agreement. The Japanese
Japan’s foreign minister Obama administration wel- that the government failed to Seoul-based civic group that Kono said both governments side sought a quick deal,
.
has supported victims since had adequately discussed the aware that time was running
ly
the 1980s, said it welcomed agreement and called for out to meet Ms. Park’s year-
A Tortuous Road 1965 Japan and South Korea World War II that refers to the the panel’s findings and de- South Korea to implement it in end deadline.
sign a treaty to restore ties women without acknowledging manded that the South Korean full. The South Korean side was
To Acknowledgment and determine compensation. on coercion by the Japanese mili- government repeal the deal. An account of how the deal surprised by the sudden offer,
The women aren’t mentioned. tary. Of the funds provided by was forged, provided by senior a South Korean diplomat in-
Japan, about $4 million has diplomats from both coun- volved in bilateral relations
The forced prostitution of Ko- 1991 Kim Hak-sun becomes Dec. 28, 2015 Japan agrees to been distributed to 34 women tries, shows how there was lit- said. He called it a “blitzkrieg”
rean women by Japan’s impe- first to go public with her expe- provide ¥1 billion (about $9 mil- since 2015, as well as to family tle time for consultations with by Japan.
us l,
rial army has strained relations rience as a ‘comfort woman.’ lion) to help living victims and members of the deceased, ac- the surviving victims, putting Since the proposal included
between Seoul and Tokyo since Mr. Abe expresses his apologies cording to the South Korean the agreement on weak foot- the key items sought by
al a
e
the end of World War II. 1993 Japan says its military to the women. The South Ko- government-affiliated founda- ing. Seoul—a fresh apology and
had a role in the sexual slavery rean government says the tion that manages payments. The first thaw in bilateral compensation for the
1910 Japan annexes Korea. and offers an apology; one year agreement is a ‘final, irrevers- In a news briefing in Seoul, ties came in November 2015, women—the South Korean
ci on
Women from Korea and other later, it sets up a fund to com- ible’ settlement. South Korean Foreign Minister when Mr. Abe visited Seoul for side felt compelled to agree,
nations are forced to work at pensate victims. Kang Kyung-wha said her gov- the two leaders’ first formal this diplomat said. Staff at the
Japanese military brothels from May 9, 2017 Moon Jae-in, who ernment would consider the talks since Ms. Park took of- Japanese Embassy in Seoul
the 1930s to 1945, when the August 2015 Japan’s Prime objected to the 2015 agree- impact on ties with Japan in fice in 2013. Mr. Abe said after were told to shorten their hol-
Japanese occupation of Korea Minister Shinzo Abe issues a ment on the women, is elected its deliberations on how to re- that meeting that diplomats iday plans to prepare for the
er rs
ends with Japan’s surrender in statement marking the 70th South Korean president. spond to the report. would accelerate talks over announcement, which came on
World War II. anniversary of the end of Source: Staff and news reports “This is fundamentally dif- the dispute. Dec. 28, less than a week after
ferent from other foreign-af- Another boost to South Ko- the proposal was made.
m e
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A8 | Thursday, December 28, 2017 * * THE WALL STREET JOURNAL.
IN DEPTH
TECH support after it became clear

that viewing sexual abuse and
other material was traumatiz-
ing them. They say they regu-
Continued from Page One larly reviewed material involv-
Humans, still, are the first ing the sexual exploitation of
line of defense. Facebook, You- children and adults.
Tube and other companies are In a civil lawsuit filed in a
racing to develop algorithms state court in Washington, the
and artificial-intelligence employees said they suffered
tools, but much of that tech- from insomnia, anxiety and
nology is years away from re- debilitating post-traumatic
placing people, says Eric Gil- stress disorder. One of the Mi-
bert, a computer scientist at crosoft employees, Henry
the University of Michigan. Soto, said he has found it dif-
Facebook will have 7,500 ficult at times to be near com-
content reviewers by the end puters or his own son.
of December, up from 4,500, The two employees are on
and it plans to double the medical leave from Microsoft.
number of employees and con- They are seeking damages for
tractors who handle safety and past and future emotional dis-
security issues to 20,000 by tress, mental-health treat-
the end of 2018. ment, impaired earning capac-
“I am dead serious about ity and lost wages. A trial has
this,” Chief Executive Mark been scheduled for October.
Zuckerberg said last month. Rebecca Roe, a lawyer for
Facebook is under pressure to Sarah Katz was haunted by what she saw reviewing as many as 8,000 posts a day for Facebook. Contractors like her did the ‘dirty, the other employee, Greg
improve its defenses after fail- busy work,’ she says. Shaka Tafari, below, says managers at Whisper left him little time to process disturbing images and messages. Blauert, says companies
ing during last year’s presi- should be held accountable for
dential campaign to detect the well-being of moderators.
that Russian operatives tried Contractors are especially at
NICK GONZALES FOR THE WALL STREET JOURNAL (TOP); NICK AGRO FOR THE WALL STREET JOURNAL
to use its platform to influence risk because they have little
the outcome. Russia has de- job security and are less likely
nied any interference. to seek help, she says.
Susan Wojcicki, YouTube’s Microsoft denies it failed to
chief executive, said this provide a safe workplace. The
month that parent Google, company says it “takes seri-
part of Alphabet Inc., will ex- ously its responsibility to re-
pand its content-review team move and report imagery of
to more than 10,000 in a re- child sexual exploitation and
sponse to anger about videos abuse being shared on its ser-
on the site, including some vices, as well as the health and
that seemed to endanger chil- resiliency of the employees
dren. who do this important work.”
No one knows how many Content moderators at Micro-
people work as content mod- soft are required to participate
erators, but it likely totals in psychological counseling.
.
“tens of thousands of people,
ly
easily,” says Sarah Roberts, a
professor of information stud- Dead ends
ies at the University of Cali- While Facebook and other
fornia, Los Angeles, who stud- on tech companies are spending
ies content moderation. more money than ever to po-
Firms such as Accenture lice their sites, few seem in-
PLC, PRO Unlimited Inc. and clined to convert outside con-
SquadRun Inc. supply or man- tractors into employees. Some
us l,
age many of the workers, who content moderators say they

are scattered among the head- have been told by managers
al a
e
quarters of clients, work from there recently. Benefits vary chine-learning technology. that data based on their deci-
home or are based at cubicle widely from firm to firm. Facebook Flood A former content modera- sions would help train algo-
farms and call centers in India Turnover is high, with most tor at Google says he became rithms that might eventually
ci on
Average number of registered Facebook users who logged

and the Philippines. content moderators working in and visited the site or Messenger app on a given day. desensitized to pornography make the humans expendable.
The arrangement helps tech from a few months to about a after reviewing content for Andrew Giese, 28, says he
giants keep their full-time, in- year before they quit or their 1.4 billion pornographic images all day left his full-time job at grocery
house staffing lean and flexi- assignments ended, according long. “The first disturbing chain Trader Joe’s Co. to do
ble enough to adapt to new to interviews with nearly two 1.2 thing was just burnout, like content moderation for Apple
er rs
ideas or changes in demand. dozen people who have I’ve literally been staring at Inc., where he spent a year
Outsourcing firms also are worked such jobs. 1.0 porn all day and I can’t see a mostly sifting through user
considered highly adept at Facebook requires that its human body as anything ex- comments posted on iTunes as
providing large numbers of content moderators be offered 0.8 cept a possible [terms of ser- a contract worker.
m e
contractors on short notice. counseling through PRO Un- vice] violation,” he says. When the contract ended,
Facebook decided years ago limited, which actually em- 0.6 He says the content moder-
to rely on contract workers to ploys many of those workers. ators he worked with were hit
m rp
enforce its policies. Executives They can have as many as 0.4 hardest by images of child sex-
considered the work to be rel- three face-to-face counseling ual abuse. “The worst part is
Microsoft requires
atively low-skilled compared sessions a year arranged by an 0.2 knowing some of this hap- psychological
with, say, the work performed employee-assistance program, pened to real people,” he says.
by Facebook engineers, who according to an internal docu- Facebook says it removes
counseling for its
0
co Fo
typically hold computer-sci- ment reviewed by The Wall abusive content, disables ac- content moderators.
ence degrees and earn six-fig- Street Journal. 2014 2015 2016 2017 counts and reports some types
ure salaries, plus stock options The well-being of content Source: the company THE WALL STREET JOURNAL. of suspected criminal activity
and benefits. moderators “is something we to law-enforcement agencies,
talk about with our team their first or second day. Some woods somewhere who don’t the National Center for Miss- he says, Apple managers told
members and with our out- leave for lunch and never have a conscience for the tex- ing and Exploited Children and him he would be eligible to re-
Into the queue sourcing vendors to make come back. Others remain un- ture or feel of human connec- other groups. turn after a three-month fur-
Reports of offensive posts clear it’s not just contractual. settled by the work—and what tion,” he says. A spokeswoman for Face- lough, but there were no open-
from users who see them on- It’s really important to us,” they saw as a lack of emo- He rarely had time to pro- book says it offers counseling, ings available. Mr. Giese
line go into a queue for review says Mark Handel, a user re- tional support or apprecia- cess what he was seeing be- resiliency training and other eventually went back to
by moderators. The most seri- search manager at Facebook tion—long after they quit. cause managers remotely forms of psychological support Trader Joe’s.
ous categories, including ter- who helps oversee content Shaka Tafari worked as a monitored the productivity of to everyone who reviews con- An Apple spokesman says
rorism, are handled first. moderation. “Is it enough? I contractor at messaging app moderators. If the managers tent. A YouTube spokeswoman most of its content modera-
Several former content don’t know. But it’s only get- Whisper in 2016 soon after it noticed a few minutes of inac- says: “We strive to work with tors are full-time employees,
n-
moderators at Facebook say ting more important and more began testing a messaging fea- tivity, they would ping him on vendors that have a strong and contractors are told
they often had just a few sec- critical.” ture designed for high-school workplace messaging tool track record of good working clearly that their assignments
onds to decide if something vi- Former content moderators students. Mr. Tafari, 30, was Slack to ask why he wasn’t conditions, and we offer well- are temporary.
olated the company’s terms of recall having to view images of alarmed by the number of working, says Mr. Tafari. ness resources to people who Contracting firms still ap-
no
service. A company spokes- war victims who had been gut- rape references in text mes- A Whisper spokesman says may come across upsetting proach Mr. Giese on behalf of
woman says reviewers don’t ted or drowned and child sol- sages he reviewed, he says, moderators were expected to content during the course of tech giants looking for content
face specific time limits. diers engaged in killings. One and sometimes saw graphic communicate with managers their work.” moderators. He would say yes
Pay rates for content mod- former Facebook moderator photos of bestiality or people about breaks. Whisper no lon- Two Microsoft Corp. em- if he were confident it would
erators in the Bay Area range reviewed a video of a cat be- killing dogs. ger employs U.S.-based moder- ployees who reviewed content lead to full-time employment.
from $13 to $28 an hour, say ing thrown into a microwave. “I was watching the content ators. It uses a team in the allege the company failed to “I can’t just leave a full-time
people who have held jobs Workers sometimes quit on of deranged psychos in the Philippines along with ma- provide a safe workplace and job again,” he says.
KOREA Japanese teams. According to

South Korean baseball histo-
rian Hong Soon-il, at least one
Korean player played against
playing a sandlot game called
“bba-ru” during the 1970s and
1980s in rural North Korea,
where he grew up. He said the
Continued from Page One Babe Ruth in 1934 when an all- game appears to have several
appeared to know the rules of star team of American major regional variations within
baseball but nothing about leaguers toured Japan. North Korea.
baseball teams in the U.S., Less is known about how In all cases, there are four
South Korea or Japan. baseball fared in the North af- bases, and usually a rubber
That America’s pastime is ter the establishment of a pro- ball slightly bigger than a
being enjoyed at all in North Soviet regime in 1945. The baseball. Batters bat either
Korea, one of the world’s fierc- new state, on territory that with an arm or a hand, or with
est opponents of Yankee cul- was hammered by U.S. bomb- a makeshift wooden stick
ture, may appear counterintui- ing during the Korean War, carved from a washboard or
tive. Look closer, however, and made a point of vilifying all tree branch, Mr. Lee said.
there are clues all around. things American. Kim Heung-kwang, who ar-
Baseball first came to Korea In the world of sports, rived in South Korea in 2004,
with the first American mis- North Korea turned its focus said he and his friends used to
sionaries in the late 19th cen- to soccer, weightlifting, long- play “plain old baseball” in
tury. distance running and other Hamheung, a port city on
In the early days, batters sports where it had a chance North Korea’s east coast, dur-
had the upper hand. One game of winning Olympic medals. ing the 1970s.
PICTOMETRY
in April 1896 saw a team of Baseball managed to sur- Mr. Kim said he and his
U.S. Marines beat a team of vive, too. Mr. Hong points to pals used to fashion baseball
American expatriates 21-20. In evidence that ethnic Koreans bats from broken tree
June that year, the Marines living in Japan brought their A photo taken by satellite showing a possible baseball diamond in Pyongyang. branches. He said baseball
defeated the Seoul Athletic experience with the game to wasn’t as popular as other
Club 22-16. North Korea when they reset- throughout the country, for in Seoul, which North Korea teams competing as recently sports in the North because of
“The game was full of ex- tled there during the 1960s. reasons that remain unclear. boycotted. as 2014 in Nampo. a lack of baseball diamonds. A
citement and every body did In 1987, Cuba, an ally of Mr. Melvin speculates that In the early 1990s, North North Koreans who have pickup game of soccer could
his part excellently,” one Pyongyang with a penchant Kim’s push for the sport may Korea became a member of fled the country say they re- be played in any open field
newspaper reported of the for baseball, formally pro- have come as part of a larger the Baseball Federation of member playing versions of with fewer players.
April game. posed starting an organized bid to strengthen state sports, Asia, and in 1993 competed in baseball, some of them ad- “We always had trouble
Organized baseball flour- baseball program in the North, in response to rival South Ko- at least one international justed to the exigencies of liv- gathering enough people to
ished throughout Korea, in- according to South Korean rea’s sudden rise in the inter- baseball contest, according to ing in a poor country largely play the game. We didn’t have
cluding in the north, under news articles at the time. national sporting world in the the BFA, which couldn’t con- shut off from the rest of the gloves, proper fences, or any-
Japanese rule from 1910 to In the late 1980s, Kim Il late 1980s. Baseball was a des- firm the opponent or score. world. thing,” Mr. Kim said in Seoul.
1945, during which a few Ko- Sung, the state’s founder, or- ignated demonstration sport North Korean television foot- Lee Hae-young, who arrived But, he added with a smile:
rean players played on top dered that baseball be spread in the 1988 Summer Olympics age has shown organized in the South in 1996, recalled “We had lots of fun.”
THE WALL STREET JOURNAL. * * * * NY Thursday, December 28, 2017 | A8A
GREATER NEW YORK

New York on Pace for Fewest Murders Since 1950s
Burglary, rape and and better utilization of tech- since Sept. 11, 2001, when Say- rest two people and it’s the
nology. fullo Saipov, who investigators Crime in Decline people that are breaking into
other major crimes “I’ve been going to Comp- say professed his loyalty to Major crime in New York City the buildings, the people rob-
decline, too; NYPD Stat since 1996 and to have a ISIS, drove a truck down a
200,000 800
bing the banks, the people al-
year like we had last year in lower Manhattan bike path ways pulling the gun out and
credits tech, strategy 2016 was pretty amazing,” killing eight people. pulling the trigger,” Chief
NYPD Commissioner James The neighborhoods that Dermot Shea, the NYPD’s head
150,000 600
BY ZOLAN KANNO-YOUNGS O’Neill said at a crime-statis- tend to have higher crime con- of crime control strategies,
tics briefing earlier this tinued to have higher murder said in an interview earlier
New York City is on track to month. “What we’re doing this rates. The two police precincts 100,000 400 this year.
close the year with the fewest year—continuing that trend with the most murders this The drop in crime coincides
murders since Elvis Presley ap- and making those decreases year—the 67th Precinct cover- with dips in arrests and the
peared on “The Ed Sullivan go even deeper—is really ing East Flatbush and the 75th 50,000 200 number of people incarcerated
Show.” nothing short of amazing.” Precinct covering East New in the city jails. The city on
Major felonies Murders
The New York Police Depart- Overall major crime, which York and Cypress Hills, all in Wednesday announced that it
ment had recorded 286 mur- includes murders, rape, rob- Brooklyn—each were listed in 0 0 is on track for a monthly jail
ders as of Wednesday, putting bery, felony assaults, burglary, the top five precincts with the 2000 ’05 ’10 ’15 2000 ’05 ’10 ’15 population below 9,000 for the
the city on pace to finish 2017 grand larceny and grand lar- most murders last year. East Note: Year to date for 2017 data first time in three decades.
with fewer than 300 murders ceny of vehicles, so far this Flatbush rose to 17 murders Source: NYPD THE WALL STREET JOURNAL. Mr. Aborn, who worked in
for the first time since the year is on pace to finish under this year from 12 in 2016. the Manhattan district attor-
1950s. Murders in 2017 are 100,000—also the lowest since “It’s dealing with not only and safe parks. “There’s a di- Police officials say they have ney’s office in the 1980s, said
down from 329 at the same the 1950s, according to crime what we think of as crime but rect correlation between the now changed their tactics to a the crime decline has affected
point last year and 2,262 in data updated on Sunday. Po- also the quality of life condi- government making neighbor- “precision policing” method of daily life in the city.
1990—the highest amount of lice have recorded 94,806 ma- tions that make life both un- hoods feel stable and lower targeting the worst criminals “People thought about
murders recorded by the NYPD. jor felonies so far this year—a pleasant and unstable,” said crime rates.” who are the source of crime where they would walk, where
Officials have credited the little more than half of the Richard Aborn, president of Those neighborhoods would patterns. they would go at night, they
decline to the department’s roughly 184,000 in 2000. the Citizens Crime Commis- have been flooded with rookie These patterns are analyzed planned their transit home,”
data-driven approach of tar- While rape is down 1% for sion, an organization focusing police officers on foot patrol at weekly CompStat meetings, Mr. Aborn said. “It was an un-
geting the worst offenders in the year, misdemeanor sex on criminal justice that has 10 years ago. An anticrime ini- where local commanders are stable environment. And now
the city, centered on the crimes are up by 9.3% to 3,585 consulted with the NYPD. He tiative, called Operation Im- questioned about how they are the renaissance that’s taken
crime-tracking system known compared with last year. said the city needs to ensure pact, assigned officers fresh handling repeat offenders. place in this city has removed
as CompStat, as well as im- Last month, New York City those neighborhoods have bet- out of the academy to some of “We could arrest 150 people many of those fears from
proved community relations had its worst terrorist attack ter housing, lighted streets the city’s highest-crime areas. in one takedown. I’d rather ar- those people.”
Cuomo Is Urging
.
ly
on Fossil-Fuels Exit
BY THOMAS MACMILLAN driving global warming.
Mr. Cuomo’s proposal calls
Gov. Andrew Cuomo said he for an end to all new investment
us l,
will push for state pensions to in companies with significant

be divested from fossil-fuel fossil fuel-related activities and
al a
e
companies, but the official who greater investment in “the clean
controls the investment funds tech economy.”
says the best way to address cli- New York City Comptroller
MICHELLE MCLOUGHLILN FOR THE WALL STREET JOURNAL (2)
ci on
mate change is by leveraging Scott Stringer also said he

shareholder power. would seek fossil-fuel divest-
The governor said he is cre- ment for the city’s $191 billion
ating a plan for divesting the pension fund.
New York State Common Retire- State Comptroller Thomas
er rs
ment Fund from fossil-fuel in- DiNapoli, who is responsible for

vestments as part of his 2018 pension-fund investment deci-
agenda. Mr. Cuomo said he sions, said he has no immediate
plans to detail this and other plans to divest but welcomes
m e
initiatives in his Jan. 3 State of the chance to work with the

the State speech. governor. Mr. DiNapoli said he
The state pension fund is the has committed $5 billion of the
m rp
third largest in the nation, with fund’s money to green investing,

a value of about $200 billion. which he announced two years
Some $3.68 billion is invested in ago at a United Nations climate
Joshua Mahinanda Kangere is building a new life as a refugee in the U.S. and hopes his family in Congo will be able to join him soon. the world’s top 200 fossil-fuel change conference in Paris.
companies, according to the Mr. DiNapoli previously has
co Fo
A Refugee Learns English—and Coins

most recent estimate. The fund said the pension fund can wield
covers about 1 million current greater power over big oil and
and retired public employees. gas companies by staying in-
The fossil-fuel divestment vested. “We’ve shown that
BY KATE KING WorkPlace. Mr. Kangere can movement has been gaining shareholders have the power to
then apply for a job as a home steam as a way to address cli- compel major corporations, like
BRIDGEPORT, Conn.—On health-care aide, helping climate change by withdrawing Exxon Mobil, to address climate
recent rainy Tuesday morning, ents dress, bathe and take support from the oil, gas and change,” he said in response to
Joshua Mahinanda Kangere their medicine. coal industries that are seen as the governor’s announcement.
sat at a classroom table with The next step would be cer-
his math instructor, Nancy tifications to administer elec-
Wilber, contemplating a pile of
loose change.
“Five cents, it is a nickel?”
trocardiograms and draw
blood, which would allow him
to work as a patient-care tech-
Governor Warns on
State Transport Cuts
n-
he asked. Ms. Wilber nodded, nician, most likely in a nursing

and he looked back down at home or hospital.
the pile of silver-colored coins. “He’s got a road ahead of
“Sometimes this money, it him but I’d say he’s got the ap- BY JOSEPH DE AVILA line taxes last year, and the
no
looks all the same.” titude, he’s got a high energy revenue from that will help
It’s been 10 months since level and the dedication to Gov. Dannel Malloy warned pay for $2 billion in annual
Mr. Kangere, a refugee from making this work,” Mr. Long on Wednesday that Connecti- transportation spending for
the Democratic Republic of and figure out the best way to provides free job training said. cut’s transportation system eight years. New York Gov. An-
Congo, arrived alone in Con- pursue his dream of returning funded by grants from the U.S. Mr. Kangere hopes to ulti- could soon face cuts to rail drew Cuomo has also champi-
necticut’s largest city. He has to nursing. He briefly moved Department of Health and Hu- mately bring his children to service, a reduced mainte- oned several ambitious trans-
been working ever since to to Texas after he was prom- man Services. The coursework the U.S., but it is unclear when nance staff and the elimination portation projects, including
build a life that will allow him ised a job at a hospital there, helps him translate his knowl- that might happen. President of new capital projects without the replacement of the Tappan
to work in medicine and sup- but returned to Connecticut edge of basic things, such as Donald Trump has called for new funding. Zee Bridge and the redevelop-
port the family he hopes will when it didn’t materialize. fractions and percentages, into an end to family-based immi- Mr. Malloy, a Democrat, ment of LaGuardia Airport.
soon join him in the U.S. Mr. Kangere, 41 years old, is English. gration, a system that allows said Connecticut risks falling Connecticut’s special trans-
Mr. Kangere worked as a now working toward his certi- He is also learning Ameri- U.S. citizens, permanent resi- behind its neighbors in the re- portation fund, which pays for
nurse at a hospital in his fication in nursing. His educa- can systems that are often not dents and recently arrived ref- gion if it doesn’t dedicate debt service on transportation-
hometown of Uvira, but fled tion and medical credentials intuitive, such as standard in- ugees to sponsor relatives. more money to improving the related bonds and operations
the Congo after he was threat- aren’t valid in the U.S., so he stead of metric measurements, In the evenings, Mr. Kan- state’s commuter rail service for the Transportation Depart-
ened by soldiers. He left be- is starting from scratch. and a currency in which the gere takes the bus—he is sav- and highways and bridges. ment, is projected to begin
hind 10 children, now ranging “I have to go back into my 10-cent coin is physically ing up for a car—from Bridge- “I’m tired of hearing people running a deficit in the fiscal
in age from 10 to 21 years old, field,” he said as he sat in his smaller than less-valuable port to Norwalk, where he say ‘why can’t we be more like year that begins in July. The
eight of whom have been liv- sparsely furnished apartment nickels and pennies. usually earns between $280 other states?’ when the other fund is also projected to be in-
ing with his parents and sister. in Bridgeport, which he shares Early next year, Mr. Kan- and $300 a week as a dish- states they are talking about solvent by the following fiscal
During his first year in the with a fellow refugee. gere will start training to be- washer at a farm-to-table res- are making massive invest- year if no changes are made.
U.S., Mr. Kangere has strug- Mr. Kangere recently en- come a certified nursing assis- taurant. ments in transportation that The state’s lack of funding
gled to learn English, support rolled in English, math and tant, a process that takes “I’m sure soon my kids will we refuse to make,” Mr. Malloy puts $4.3 billion of transporta-
himself in one of the country’s reading classes at The Work- about four to six weeks, said be here,” Mr. Kangere said. said at a news conference. tion projects at risk, Mr. Mal-
most expensive metro areas Place, a not-for-profit that Tom Long, spokesman for The “So we will need a big house.” New Jersey raised its gaso- loy said.
OYSTER PERPETUAL
YACHT-MASTEr 40
rolex oyster perpetual and yacht-master

are ® trademarks.
A8B | Thursday, December 28, 2017 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK
Manhattan Prices Lose Steam GREATER NEW YORK WATCH

Oversupply and worries about tax overhaul cloud a banner year NEW YORK BROADWAY
Bernie Sanders Set ‘Hamilton’ Hits
BY JOSH BARBANEL pared with 2016, while the To Swear In de Blasio Weekly Record Again
median price of a co-op was
By some measures 2017 $800,000, up 3.2%. Vermont Sen. Bernie Sanders “Hamilton” has hit another
was a banner year for Man- The only price decline in will swear in New York City high.
hattan residential real es- 2017 was with new develop- Mayor Bill de Blasio at his inau- Lin-Manuel Miranda’s Tony
tate, with median prices set- ments. Their median price of guration ceremony next week, Award-winning musical, which has
ting a record, and sales $2.6 million was down 0.6% according to city officials, a de- been the talk of the theater world
volume rising above 2016 compared with the year be- tail likely to raise eyebrows since it opened in 2015, took in
levels. fore. among those who believe Mr. de $3.8 million at the box office for
But the year ended not The slowing market to- Blasio may be contemplating a the week ending Dec. 24, accord-
with a bang, but worries ward the end of this year 2020 presidential run. ing to the Broadway League, the
over the future of the mar- also showed up in contract The mayor will begin his sec- trade group that tracks the indus-
ket. While median apartment signings at the ultraluxury ond term in office with his inau- try.
prices are up from 2016 to end of the market. The pace guration, which is expected to That establishes a new all-time
2017, they began falling to- of contract signings for the take place on the plaza outside weekly sales record for Broadway.
ward the end most expensive apartments City Hall in lower Manhattan on “Hamilton,” which chronicles the
PROPERTY of this year. priced at $10 million or Monday. It was expected to be a life of Alexander Hamilton, held
The median more slipped during October low-key event compared with the previous mark of $3.45 million,
Manhattan and November, according to the ceremony four years ago, set earlier this year.
apartment price of $1.08 mil- real-estate data and listing which was attended by former “It’s proving that when there is
lion in the fourth quarter site UrbanDigs.com. President Bill Clinton, Hillary a show that taps into the zeit-
was up 4.6% compared with Noah Rosenblatt, a broker Clinton and performer Harry Be- geist, there is an endless well of
the same quarter in 2016. and founder of UrbanDigs lafonte, as well as other high- audience members who want to
But it fell 9.8% compared said that deal volume for profile New Yorkers. see it,” said Ken Davenport, a vet-
with the record it hit in the lower-priced segments of the But news that Mr. Sanders eran theatrical producer who blogs
second quarter of 2017, ac- market, especially apart- plans to swear in the mayor is about Broadway.
cording to an analysis of city ments listed for under $2 likely to fuel speculation about Indeed, just a year ago, “Hamil-
property records by The million, remained strong. Mr. de Blasio’s political ambi- ton” made headlines when it
Wall Street Journal. “I don’t think this tax tions. crossed the $3 million weekly
Brokers and analysts attri- overhaul is going to kill the It comes about a week after sales mark. Now, it is quite possi-
buted the slide to an over- real-estate market,” Mr. Mr. de Blasio delivered the key- ble it could soon top $4 million be-
supply of expensive apart- Rosenblatt said. “We already note address at a holiday party cause the final week of the year is
ments in Manhattan, and came down at the higher-end for a liberal group in Iowa, a typically one of Broadway’s busi-
uncertainty over a major price point. A lot of things state that draws presidential est.
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL
overhaul of the tax code that are priced in and baked in.” hopefuls. Mr. de Blasio repeat- Not that “Hamilton” is the only
was signed by President Another broker, Donna edly has said he isn’t running for Broadway show enjoying strong
Donald J. Trump last week. Olshan, who produces a president. sales during this holiday period. A
Now some analysts said weekly report on contract In a statement, Mr. de Blasio number of others topped $2 mil-
that as buyers understand signings above $4 million, said Mr. Sanders “helped re- lion this past week, including “The
the implications of tax said that there were worry- shape the American political de- Lion King” ($2.6 million), “Spring-
.
changes more clearly, the ing signs in the luxury mar- bate in favor of men and women steen on Broadway” ($2.4 million),
ly
Manhattan market could ket, including an increase in long left out of our city and na- “Hello, Dolly!” ($2.2 million) and
pick up some momentum the average time a listing tion’s prosperity.” “Wicked” ($2 million).
next year. Of course, all bets spent on the market of —Mara Gay —Charles Passy
are off if there is upheaval in on nearly four months, from
the economy or the financial about 10 months in 2016 to
markets.
Pamela Liebman, the pres-
14 months this year.
The top sales of 2017 in-
CORRECTIONS AMPLIFICATIONS
ident of the Corcoran Group, The Manhattan apartment market may regain momentum in 2018. cluded the sale of three
us l,
a major New York-based bro- penthouses on the 92nd and The name of pet-products avoid a new cap on deduc-
kerage, said that many buy- She said buyers were ac- with the overall median 93rd floor at 432 Park Ave., company BARK was incor- tions. An article Wednesday
al a
e
ers are convinced that prices tive but “focused on value price of a Manhattan apart- the glass and concrete sky- rectly given as Bark & Co. in incorrectly said Jan. 31.
peaked in 2017 and have and reasonable pricing.” ment setting a record of scraper on East 56th Street the Metro Money column
fallen since and may con- “The good news is there $1,150,000, up 6.5% from and Park Avenue, for a total Wednesday about employers Hanna Griff-Sleven is the
ci on
tinue to be under pressure. are a lot of buyers who are 2016. Median apartment price of $91.1 million. increasingly extending family director of cultural program-
“We lost a lot of deals in ready to purchase next year,” prices have risen every year The second-most expen- benefits to pets. ming at the Museum at El-
the fourth quarter, while Ms. Liebman said. “Sellers since 2011, on an annual ba- sive deal of the year was the dridge Street. An article Tues-
people waited to see the out- who don’t overshoot the sis, according analysis by $80 million sale of an Upper Tax filers must prepay their day misspelled her last name
come of the tax bill, she mark should do well.” The Wall Street Journal. East Side mansion at 12 E. property taxes by Dec. 31 to as Griff-Slevin.
er rs
said. “Now that the uncer- In 2017, records were set The median price of a 86th St. Brokers say that
tainty is gone they will be for median prices for both Manhattan condo was $1.7 sale is due to close before Readers can alert The Wall Street Journal to any errors in news articles by
able to make a decision.” co-ops and condominiums, million in 2017, up 2.7% com- the end of the year. emailing [email protected] or by calling 888-410-2667.
m e
m rp
co Fo
n-
no
Jacob Sanchez
Diagnosed with autism
Lack of speech is a sign of autism. Learn the others at autismspeaks.org/signs.

LIFE&ARTS
FILM
China’s Hollywood Challenge

An industrial initiative that mirrors the Silk Road provides financing and markets for Chinese films and culture
BY ERICH SCHWARTZEL
Fuzhou, China
FOR HUNDREDS of years, China
used the Silk Road to ship porce-
lain, tea and other goods around
the world. Now the nation is using
a new incarnation of the old trading
network to export a signature good
of China’s 21st century: movies.
The “One Belt, One Road” initia-
tive, announced in 2013, would re-
configure global trading if it suc-
CLOCKWISE FROM TOP: PASCAL LE SEGRETAIN/GETTY IMAGES; WELL GO USA; TRICOAST WORLDWIDE
ceeds, and place Chinese
investments including railways
and power grids in at least 69
countries that mirror the ancient
Silk Road, including parts of Asia,
the Middle East, Europe and Af-
rica. The program provides a natu-
ral export market for China’s
growing movie industry.
Through co-produc-
tions with the other
countries and nationalist
on-screen narratives,
China’s growing film in-
dustry is treating One
Belt, One Road—also
.
known as the Belt & Road
ly
Initiative—as a major test
of its ability to export
Chinese culture. A Chi-
nese actress, Xu Dabao, on
even wore a dress de-
signed like a Chinese flag
at this year’s Cannes Film
Festival and explained it
us l,
was to show support of

the initiative.
al a
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“A lot of people have Actress Xu Dabao, above, showed
never been to China, but support for One Belt, One Road at the
they get to see how the Cannes Film Festival. ‘Kung Fu Yoga,’
ci on
lives are like in movies,” left, stars Jackie Chan and Disha
said Ren Zhonglun, presi- Patani. In ‘China Salesman,’ a Chinese
dent of Shanghai Film cellphone specialist saves the day.
Corp. “They get to see
how the people look and meeting Chinese investors who lit
er rs
live their lives through watching account. It was then that I felt up when they heard about its Silk
films, so in today’s modern era, obliged to shoot the movie,” Jona- Road themes.
film is one of the most valuable than Shen, a Beijing-based producer When the movie starts shooting
cultural forms.” of “Composer,” told state media. in May, he plans to film in China,
m e
The Belt & Road Initiative, Chinese producers are heeding Turkey and other Silk Road loca-
named for a pair of land and sea the call of Chinese officials, who in tions. After production has
trading routes, aims to create a 2015 cited movies as a crucial wrapped, the Belt & Road coun-
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global entertainment landscape piece of One Belt, One Road in a tries become a natural market for
that isn’t as dominated by Holly- memo outlining the “visions and the movie, he said, since countries
wood as it is today. actions” of the program. The ini- in the Middle East and Asia want
Beijing-based Shinework Media tiative is expected to invest more conservative features than
has an entire Belt & Road slate of roughly $1 trillion in various proj- what Hollywood produces.
co Fo
productions planned with produc- ects through 2049. Establishing a “The productions that come out
ers from countries along the route. “people-to-people bond” through of Turkey are much more cautious
It includes a comedy with Iran, a film festivals and film production about family values,” he said.
sports drama with Brazil, and a di- in the route’s countries was listed One example is “Kung Fu Yoga,” nual Silk Road International Film Within China, a number of na-
saster epic with Indonesia. alongside goals like “policy coordi- a January co-production between Festival earlier this month, an event tionalist blockbusters fill theaters
The film projects come as China nation” and “financial integration.” China and India about two archae- created to promote co-productions featuring characters saving the
makes other One Belt, One Road In China’s film industry, govern- ologists who join forces to find an and build a new market for movies day along the Belt & Road region.
investments, including high-speed ment support for a production can ancient Tibetan treasure. catering to Belt & Road regions. In this year’s “China Salesman,”
rail and oil pipelines, in those and mean far more than just financial In reality, Indian politicians re- Held in Fuzhou, a port city and starring Mike Tyson and Steven
neighboring countries. investment. Movies that adhere to main skeptical about joining One centuries-old trading hub, the festi- Seagal, a Chinese cellphone spe-
Shinework is finishing filming officially sanctioned themes typi- Belt, One Road, but the movie tries val featured a giant map of the orig- cialist triumphs over European
on “Composer,” the first co-pro- cally move easily past government making the case for them. In one inal trading routes. Chinese film carriers for a contract in North Af-
duction between China and Ka- censors and other bureaucratic scene, an Indian archaeologist sells stars autographed it on their way in. rica. “Wolf Warrior 2,” the high-
zakhstan, and the clearest example hurdles. her Chinese counterpart (Jackie Government support for Belt & est-grossing Chinese title this year,
n-
yet of a production targeting Belt China has produced countless Chan) on the search. Road-themed projects came in features Chinese officials coming
& Road goals. propaganda films that run on state “We could increase the coopera- handy for Murat Yavuz, a Turkish to the rescue in Africa after U.S.
“Composer” will portray Xian television, but the Belt & Road tion in archaeological research be- producer of “The Cook and the authorities fail.
Xinghai, a 20th-century Chinese themes have so far been woven tween China and India,” the Indian Princess,” a film adaptation of a “China Salesman” director Tan
no
composer who worked in Kazakh- into more commercial productions. archaeologist says. “It would also 13th-century Silk Road fairy tale Bing said Belt & Road has boosted
stan, as a sign of the countries’ his- A major liability to the efforts is be in line with the One Belt One about a Chinese princess who trav- interest from overseas buyers. He’s
tory of trade and cooperation. The China’s record in mixing policy and Road policy.” els with a Turkish cook to Anatolia sold distribution rights in more
film was inspired by a speech de- production. Such efforts have been “So well said!” a Chinese char- to warn about invaders. than 30 countries. “My script is fo-
livered by Chinese President Xi Jin- seen by audiences as pandering, acter responds. Mr. Yavuz said he had been try- cused on sharing, and One Belt, One
ping that mentioned the musician. and few Chinese titles have reso- More potential collaborations ing to secure financing for the Road is also focused on sharing, so
“I was touched by President Xi’s nated in overseas markets so far. were on display at the fourth an- project for three years before it just came together,” he said.
ANATOMY OF A SONG | By Marc Myers
THE STORY BEHIND SPANDAU BALLET’S ‘TRUE’

THE BRIT-POP INVASION of MTV in the the band’s next album. I didn’t want to start
early 1980s had its roots in London’s New with a dance rhythm, the way I had for ear-
Romantic movement, where bands merged lier songs. We needed a change.
dance beats, synthesizers and fashion. The song that stuck in my head from “Let
When one of the movement’s biggest It Be” was “Dig a Pony.” On the song’s
names, Spandau Ballet, released “True” in opener, John Lennon sings “I, hi-hi, hi-hi, I
April 1983, it launched a new, more soulful dig a pony.” I loved how he took that one
approach to synth-pop. word—“I”—and turned it into a snaking
Recently, Gary Kemp, the English band’s melody.
co-founder, talked about writing and record- Picking at my guitar, I tried to come up
ing the ballad, which reached No. 4 on Bill- with a melody that also curled around the
board’s pop chart. The band’s latest album word “I.” The line I came up with was, “Ah
is “Through the Barricades: Remastered/Re- ha-hah hahh-hi / I know this / much is /
visited” (Sony Legacy). true-oo.”
Edited from an interview: I jotted down, “I know this much is true.”
Then I asked myself, “What do I know that’s
Gary Kemp: Even though Spandau Ballet had true?” Instead of answering the question, I
nine hits in the U.K. before “True,” I was decided the song would be about how much
still living at home. I was going to tell you about the truth.
MICHAEL PUTLAND/GETTY IMAGES
The money wasn’t pouring in yet, and As I wrote, there were two big influences.
my parents lived in a three-story public The first was Marvin Gaye and Al Green—
housing flat in London. In the U.K., work- two artists I played most often on my turn-
ing-class boys left home only when they table. I wanted to write a song with that
married. kind of vulnerability and atmosphere of un-
One night in the summer of ’82, I was certainty.
watching the Beatles’ documentary “Let It The second inspiration came from out-
Be” on TV in my bedroom. When it ended, I side. When Spandau Ballet had appeared on
began picking on my Eko acoustic guitar. TV’s “Top of the Pops” in ’81 with Altered
From left, Martin Kemp, John Keeble, Tony Hadley, Steve Norman and Gary Kemp in London in 1983. I wanted to write a new kind of song for Please see TRUE page A10
A10 | Thursday, December 28, 2017 THE WALL STREET JOURNAL.
LIFE & ARTS

BURNING QUESTION
Which Resolutions Are Most Likely to Stick?

Grand schemes and vague promises don’t work, and neither does beating up on yourself for slip-ups
BY HEIDI MITCHELL
COME JAN. 1, 40% of

Americans determine to be
nicer, eat healthier or quit
smoking—and stick to that
plan for months after. A
majority don’t succeed.
There’s even an unoffi-
cial holiday called Ditch
New Year’s Resolution Day
on Jan. 17 to acknowledge
those failures.
People may not follow
through because they’re
making the wrong kinds of
resolutions. John C. Nor-
cross, a distinguished pro-
fessor of psychology at
Pennsylvania’s University
of Scranton, is the author
of “Changeology: 5 Steps
to Realizing Your Goals
and Resolutions.” He ex-
plains the benefits of spe-
cific goals and why a pair
of resolutions may lead to
better rates of success.
Resolve to Make a
Resolution
Making New Year promises
can be traced back at least
to ancient Roman times,
says Dr. Norcross, when
citizens would pledge to
.
the god Janus, after whom
ly
January is named.
“Back then, the goal
JEAN TUTTLE
would be to be better
neighbors, more honest or on
more obedient to the
gods,” he says.
The practice doesn’t
seem to vary between
us l,
gender, socioeconomic status or improvement. The vast majority planned, Dr. Norcross says. recommended making one resolu- “If you stayed on budget for six
even age. “Many assume young include health (losing weight, go- “People that prepare beforehand tion at a time. However, Dr. Nor- weeks and then you violated the
al a
e
people have more goals, due to ing to the gym, stopping smok- do better. That is true of any life cross says studies have shown goal, you might say, ‘I blew it, I’m
the idealism of youth. But they ing), money (reducing debt, get- event,” he says. that “coactions” of two linked be- done,’ ” he says. That’s the wrong
can also be cynical and believe ting a new job) and relationships Declaring your intention pub- haviors can mutually benefit one approach. “The way you respond
ci on
they won’t change anything with (being in closer touch with licly is delicate, because failure another. to that first lapse profoundly influ-
a resolution,” Dr. Norcross says. friends and family). can be embarrassing. “But on the “So if you have two goals natu- ences whether you’re likely to get
“So the numbers aren’t very dif- Promises that don’t work, Dr. rally linked to one another—like back on the horse.”
ferent between the young and the Norcross says, are those that are diet and exercise, or saving money If resolvers turn a violation into
old.” overly grandiose, like declaring
About 44% of people who and sticking to a monthly budget— a catastrophe and tell themselves
er rs
In a 2013 study, some 60% of you will lose 50 pounds instead of you can safely try to go for two,” that six weeks of good behavior
Americans in early December said exercising three times a week. make specific New Year’s he says. was a waste, “then they go from a
they would make a resolution, but
only 40% of them actually did by
Vague plans are also easy to un-
dermine. “People will say ‘I want
resolutions stick with People who find a healthy sub-
stitute for a behavior they are cut-
slip to a fall,” he says. If they ar-
gue that it’s human to mess up
them after six months.
m e
Jan. 1. However, those who did to reduce my alcohol intake’ rather ting out are more successful, too, and decide to recommit, the re-
were 10 times more likely to suc- than, ‘I will stop drinking,’ ” Dr. he says. “If you suddenly stop sults can be astounding.
ceed than those with the same Norcross says. A person can think smoking, you will be more anxious, “Turns out the slippers are
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goals who didn’t make a resolu- he achieved his goal because he so you need to exercise or medi- more motivated after the slip,” Dr.
tion. only had a few drinks each night, other hand, it is the support and tate to replace the effects of nico- Norcross says. “It was a wake-up
Contrary to public opinion, but it isn’t a clear enough goal to potential embarrassment that tine,” he says. call.”
about 44% of people who make be a true resolution with obvious keeps some people going,” he says. The key is to not give up, even
specific New Year’s resolutions marks of success, says the psychol- Don’t Beat Yourself Up with a slip or two. We get better
Double Up
co Fo
stick with them after six months. ogist. When resolvers slip up, they often at achieving our goals with time.
New Year’s resolutions work Old science held that we only wind up committing what’s called “Some people call that optimism.
The Best-Kept Promises best when they are specific, realis- have so much psychological capi- an “abstinence violation,” Dr. Nor- I call it persistence,” Dr. Norcross
Resolutions tend to involve self- tic, publicly proclaimed and pre- tal to expend, so psychologists cross says. says.
TRUE
ming on my guitar. Pianist Jess
Bailey adapted my guitar chords
for the keyboard.
I found a really great sound on
Continued from page A9 a Rhodes Chroma keyboard. It was
Images, I met their lead singer, a polyphonic synthesizer that let
n-
Clare Grogan. She and I had an in- Jess play chords, not just single
stant connection. notes.
Clare was a singer and an actor. Steve Jolley and Tony Swain
I was a singer and had been a produced the song and the album.
no
child actor. After meeting, we had They had worked with Imagination
a courtly, platonic relationship and Bananarama.
that never even went as far as a We all wanted to record some-
kiss. place other than London. Really
So maybe I was writing about great music had come out of Com-
this person who inspired me to pass Point Studios in Nassau, in the
write the song. I definitely didn’t Bahamas, so we went down there.
want you to know who it was. But When we got around to “True,”
I figured I’d leave a couple of mes- we decided that instead of Martin
sages in there. playing the electric bass,
When we met, Clare and I Tony [Swain] would
talked about writers, and Vladimir play the synth-bass
Nabokov came up. Months later, keyboard. Martin
she gave me his novel, “Lolita,” for didn’t mind.
my birthday. We all loved
The book was on my night table. the synth bass’s
Stuck for lines, I flipped through sound. It was of
the pages and noticed I had under- its time and had
lined the phrases “pill on my a disco, funk-
tongue” and “seaside limbs.” soul feel. We
The first gave me an idea. I were trying to re-
thought, “A pill dissolves, doesn’t brand ourselves in
it? And the pill was trying to dis- a slightly different Tony Hadley recorded Gary Kemp, left, and Tony Hadley perform in London in March 2015. Clare Grogan,
solve the nerves that I have, be- direction. his emotional lead vocal, below in New York in August 1983, helped inspire Mr. Kemp to write ’True.’
cause I’m nervous when I’m with Originally, we planned to we loved the final result so
you or thinking about you.” So I open the song with Jess playing a much we let the album version run
wrote: “With a thrill in my head string synthesizer, but the sound 6½ minutes. We didn’t want it to
and a pill on my tongue / Dissolve of strings alone wasn’t enough. stop. For the single, we brought it
the nerves that have just begun.” Tony suggested we open with the down to 5:39.
“Seaside limbs” inspired my segment we had recorded earlier With the royalties from “True,”
lines, “Take your seaside arms and for the chorus. It featured Jess I was finally able to move out of
write the next line / Oh, I want the playing the Chroma chords and my my parents’ house. I bought my
truth to be known.” guitar chanks and backing vocal— own place in Hampstead, North
By the end, the song’s lyrics “Ah ha-hah hahh-hi.” Jess added London, along with a Morris chair,
weren’t about Clare but simply a synth strings. Tony copied that designed by Philip Webb in 1870. I
way to write a song with a blue- section and spliced the tape onto still have it today.
eyed soul feel. the front of the song for the intro. As for Clare, she never knew
Days later, when I had the We also added an original ef- anything about her influence on
words and music together, I called fect. We had recorded the backing the song or the secret messages in
in my brother, Martin, from his vocals with a Dolby Noise Reduc- the lyrics until my memoir came
bedroom next door. Martin plays tion system to improve the sound. out in 2009.
bass in the band. I played what I But instead of decoding the result “True” took me out of London
had. He was pleased and thought to remove the hiss, we left the vo- and around the world, and I was
it was ready. cals with an airy, breathy fizz on with someone by the mid-1980s.
GETTY IMAGES (2)
A short time later, the band top, which sounded great. Clare and I never connected during
gathered at our Nomis Studios re- Then came Steve Norman’s sax those years. Now when we meet,
hearsal space in London. I played solo. What you hear is a composite we embarrassingly never talk
them the song, singing and strum- from several different takes. After about the song.
LIFE & ARTS

Clockwise from left: Mr. Pemberton
and stills from ‘Molly’s Game,’ ‘Gold’
and ‘All the Money in the World.’
tures ruled by dubious mores, yet

Mr. Pemberton’s compositions for
CLOCKWISE FROM LEFT: DAVID FISHER/REX SHUTTERSTOCK/ZUMA PRESS; STXFILMS; WEINSTEIN CO.; SONY PICTURES
each are unique. Approaching “All

the Money in the World,” the tale
of the kidnapping in Rome of J.
Paul Getty III, grandson of one of
the richest men in the world at
the time, Mr. Pemberton saw the
Gettys as “vast, grand, slightly
self-important,” thus requiring
large-scale classical pieces, he
said. The stirring score at times
features flutes that seem to vanish
at the arrival of the lowest-
pitched strings, thus creating a
sense of a dizzying fall from grace.
But when the action leaves the
Gettys, the music grows grittier: A
police raid is accompanied by
pounding, racing percussion and
icy strings, while a visit to a news-
paper office is underscored by a
bit of funk. The low guttural
growls that rise mysteriously in
certain cues were performed by a
group of polyphonic folk singers
the composer found in the Italian
countryside.
For his film about power and
loyalty set in the world of high-
stakes poker in 21st-century Los
Angeles and New York, Mr. Sorkin
envisioned an or-
chestral score.
MUSIC REVIEW | By Jim Fusilli But Mr. Pember-
ton believed
Most at Home Outside

“Molly’s Game”
required propul-
sive rock. It ap-
pears he was
His Comfort Zone

right: Though it’s
often concealed
by wordy voi-
.
ceovers and
ly
highly stylized
dialogue, the
Daniel Pemberton, who scored ‘King Arthur,’ ‘Mark Felt,’ ‘All the Money in the rock underscor-
World’ and ‘Molly’s Game,’ likes the challenges of such diverse assignments ing performed by
on a lean trio adds
snarling, mus-
AS IF IN TESTIMONY to his busy When he was 16, he released an al- Following “The Counselor,” Mr. ture of the Getty family circa cled-up electricity or the snap of
schedule, four scores by Daniel bum of homemade experimental Pemberton’s film career rocketed 1973 at the center of “All the cool funk. To help define the pro-
us l,
Pemberton have been ruled eligi- music; “Bedroom” was favorably into overdrive. Between 2013 and Money in the World,” Mr. Pem- tagonist, Molly Bloom, who is both
ble for a 2017 Oscar: He composed reviewed by Karlheinz Stock- the end of 2016 he scored five berton wrote pieces reminiscent sympathetic and off-putting, rock
al a
e
the original music for Guy Ritchie’s hausen, the influential German films—including Danny Boyle’s of sacred music. With piano, syn- recedes and moving symphonic
“King Arthur: Legend of the electronic composer, said Mr. Pem- “Steve Jobs,” for which he was thesizers and mournful brass at themes encourage contemplation
Sword,” Peter Landesman’s “Mark berton when we spoke by phone nominated for a Golden Globe the heart of the tense score of and reassessment.
ci on
Felt: The Man Who Brought Down last week. “Bedroom” led to a se- Award for Best Original Score. Ear- “Mark Felt,” the music evokes the Mr. Pemberton savors the chal-
the White House,” Ridley Scott’s ries of assignments for British tele- lier this year, he was nominated chilly, stalking sounds of the po- lenges a diverse array of assign-
“All the Money in the World,” and vision director Paul Wilmshurst. for a Golden Globe for a song for litical paranoia films of the Wa- ments bring. “As soon as you’re
Aaron Sorkin’s “Molly’s Game”— Mr. Pemberton worked in TV the film “Gold” he composed with tergate era, yet there are disqui- out of your comfort zone,” he
those last two opened on Christ- for some 20 years before his Hol- its director Stephen Gaghan, Dan- eting orchestral themes that said, “you’re going to react and
er rs
mas Day. In addition to his 2017 lywood breakthrough with Mr. ger Mouse and Iggy Pop. represent the title character’s produce something unique.” Film
feature-film work, Mr. Pemberton, Scott’s 2013 film “The Counselor.” His four 2017 film scores re- longing to be reunited with his scoring, he added, is the antithesis
a 40-year-old Londoner, also Paraphrasing Malcolm Gladwell’s veal Mr. Pemberton’s versatility estranged daughter. Listeners of making music in front of the
scored an episode of Netflix’s oft-quoted metric for the amount and an impish sense of humor. with a fondness for ’70s rock may camera. “If you’re in rock and pop,
m e
“Black Mirror,” which returns for of practice time needed to ensure Set during the Middle Ages, the appreciate the roaring guitars you have to do the same thing
its fourth season on Friday. success, Mr. Scott told the com- “King Arthur” score alludes to in- and rumbling Keith Moon-like over and over again.”
If it seems Mr. Pemberton has poser: “You’ve done your 10,000 struments associated with British drums of Mr. Pemberton’s score
m rp
suddenly materialized fully formed hours in the garage,” according to folk music, but is more reliant on for “Molly’s Game.” Mr. Fusilli is the Journal’s rock
to become an in-demand film com- Mr. Pemberton, who in 2007 re- pounding modern percussion and The two films that opened on and pop music critic. Email him at
poser, that’s not so. He’s been leased “TVpopmuzik,” a catchy blaring orchestral brass. Mean- Monday are essentially character- [email protected] and follow him
working at his craft for decades. sampler of the TV themes. while, to represent the regal na- driven crime dramas set in cul- on Twitter @wsjrock.
co Fo
icately carved dragon- proved short-lived. One said. He might be heartened

shaped pendant, there a ruler vying to succeed the to see people today conserv-
sculptural sword ornament. Han, Emperor Wen of Wei ing and studying what rob-
Here an ethereal ritual disc, (reigned 220-226) prohib- bers left behind.
there two drinking vessels ited lavish burial practices,
made from scooped-out decrying them as “foolish” ‘Dreams of the Kings’
chunks of the stone. Colin and harmful. “Every Han im- Nelson-Atkins Museum of Art
Mackenzie, the Nelson-At- perial tomb has been un- Through April 1, 2018
kins’s senior curator of Chi- earthed,” he argued, their
nese art and author of the treasures stolen and the Ms. Lawrence writes about
catalog’s essay on jade, says bodies destroyed. “What suf- Asian and Islamic art for the
n-
nobody yet knows exactly fering they must endure,” he Journal.

why this medium reached
such heights under the Han.
What is certain is its cen-
no
trality in death rituals. Any-

THE NELSON-ATKINS MUSEUM OF ART (2)
where you stand in the gal-

lery, you see the show’s
prized work: the burial suit
of a second-century B.C. Chu
king made of 4,248 pieces of
jade joined with knots of
gold wire. The oldest such
burial suit found to date, it
lies in state in the small ad-
joining Temple Room, sur-
Jade pendant in the form of a dragon; mask, part of jade burial suit bound with gold wire. rounded by yet more jade.
By ensconcing the show
ART REVIEW within the galleries of the
permanent collection, the
ETERNAL BEAUTY
Nelson-Atkins broadens its
story. Two lacquer cups and
a piece of embroidery from
206 B.C. to A.D. 9, for exam-
ple, add two missing medi-
private chambers to banquet never forget that all the ums. A Han dynasty tomb
BY LEE LAWRENCE
halls. The second, at the works were found in tombs. brick with the relief of a
Metropolitan Museum of The show starts in a large stag’s head reminds us that
Kansas City, Mo. Art, emphasized the building gallery, where displays on regional styles co-existed.
THIS IS the Chinese Year of of a unified state and shared the right speak of the Chu’s And a wood figure from the
the Rooster. But in the annals identity. A third exhibition power and military might, fourth-century B.C. bears
of U.S. museums, 2017 could now highlights the medium while those to the left pres- similarities to the show’s
go down as the Year of the of jade and the cultural im- ent evidence of the elegant clay figurines. Then, once
Han. A dynasty that ruled pact of the Chu, a long-lived lifestyle and rich artistic cul- again, there is jade, which
over a unified China almost kingdom that became a vas- ture they underpinned. One appears throughout the per-
uninterruptedly from 206 B.C. sal state of the Han. side showcases figurines of manent collection.
to A.D. 220, the Han Empire “Dreams of the Kings: A armed soldiers and kneeling Jade had been prized
has been the subject of three Jade Suit for Eternity” origi- charioteers, a suit of armor, since Neolithic times, and,
major shows. Each has fea- nated at New York’s China and royal seals in bronze, for more than 500 years, the
tured terra-cotta figures of Institute Gallery, whose di- silver and gold. The other elite had covered the faces
musicians, dancers and sol- rector, Willow Weilan Hai, side offers figurines of court of their dead with masks of
diers, mouthwatering orna- collaborated with a team attendants; elegant and ev- jade, an example of which is
ments and beautifully carved from the Xuzhou Museum, eryday bronze wares; a colin the show. But during the
jade. But each has combined which lent the 70-plus lared leopard sculpted in Han dynasty they also fully
these with other works to il- works. Now it is in its sec- marble; and a cluster of encased corpses in “boxes”
lustrate a particular aspect of ond and last venue, the Nel- terra-cotta musicians and or “cages” made of small
the Han, a dynasty whose son-Atkins Museum of Art, dancers that illustrate two jade tiles. One theory is that
name has become synony- where its installation and of the Chu’s main artistic this burial suit evolved from
mous with ethnic Chinese. proximity to the museum’s contributions to Han culture. the face masks and/or mili-
The first show, at the San renowned collection of Chi- Then there is jade, harder tary armor, expressing the
Francisco Asian Art Mu- nese art endow this gem of a than steel yet ground, belief that jade could safe-
seum, focused primarily on show with added depth. etched and pierced. It per- guard the body indefinitely
the daily life of royals, from Here, for example, we meates the show. Here a del- from decay. The practice
SPORTS
THE COUNT
L-R: WARREN LITTLE/GETTY IMAGES; KYLE TERADA/REUTERS; JASON MCCAWLEY/GETTY IMAGES

The Titans beat the Jaguars in Week 2.
WHEN WEEK 17
LEADS TO REMATCH
It’s do or die for the Tennessee Titans
(8-7) against the Jacksonville Jaguars
(10-5) on Sunday.
The Titans will clinch a playoff spot
with a victory, while the Jaguars seem to
have little to play for, after locking up the
AFC South and the conference’s third seed.
But what makes the Week 17 matchup
interesting is that the two teams would
Rory McIlroy Tiger Woods Jason Day likely face off again next week, if Tennes-
see wins at home on Sunday.
The Jaguars, who lost to the Titans 37-16
in Week 2, seem to be catching their division
PGA TOUR rivals at the right time. Tennessee has
dropped three straight games and have given
Climbing Back Up to Golf’s Peak

up 27 more points this year than they have
scored. They rank 17th in offense largely due
to a disappointing season by quarterback
.
Marcus Mariota, who has tossed more inter-
ly
ceptions (15) than touchdowns (12). The Ti-
tans’ defense is even worse—21st.
Former No. 1 players Rory McIlroy, Tiger Woods and Jason Day aim to recapture top form With a win, the Jaguars open the door
on for the Los Angeles Chargers (8-7), who
where he finished tied for ninth in an 18- ahead of the Masters, the most he has ever have won five of their last six since falling
BY BRIAN COSTA
player field, could be viewed a few different played in before teeing it up at Augusta. to Jacksonville in overtime in Week 10. In
ways. One is that we’ve seen and heard this “I just want to be healthy and have zero that game, the Jaguars were fortunate to
THE FEAR THAT Tiger Woods once struck all before: Woods returned at the same distractions,” McIlroy said. escape with a win despite quarterback
us l,
in the minds of his competitors has largely event in late 2016, declared himself healthy Likewise, although Johnson retains the Blake Bortles throwing two interceptions in
been replaced by friendship. But as he pre- and was back on the operating table by top spot in the rankings, his major champi- the final two minutes of regulation.
al a
e
pared for his comeback in the Bahamas in spring. Another is that this time, Woods onship hopes fizzled early in 2017. Coming Jaguars head coach Doug Marrone said
early December, Woods expressed a wish for looked better, sounded better and outplayed off three straight wins, he withdrew from on Wednesday that he will play his starters
the young players who have only known him world No. 1 Dustin Johnson by eight strokes. the Masters moments before the first round, despite having playoff positioning secured:
ci on
as an injured, fallen great. Woods’s next appearance, likely at Torrey citing a back injury from a fall down a set of “This is the right thing to do for this team.”
“In an ideal world,” he said, “I would like Pines in late January, will be more telling. stairs the day before. He sat out the next Since 2000, teams that win in Week 17
to have them feel what some of my past But the mere possibility of a 40s renais- month, and while he won again in late Au- are only 3-5 in the Wild-Card playoff re-
guys had to go against all those years.” sance, however incomparable to his prime, gust, he didn’t finish inside the top 10 at match, according to Stats LLC. But some-
The prospect of Woods returning to chal- is a boon for the sport. any of the majors. times letting a team clinch a playoff spot
er rs
lenge the generation of stars that has “Obviously there are a lot of other play- “It’s all due to what happened right be- in a game that’s meaningless to you can
emerged in his absence seemed far-fetched ers,” Thomas said, “but there’s nobody that fore Augusta, slipping and hurting my back,” backfire. The Cincinnati Bengals rested
only a few months ago. But with the PGA moves the needle like him, even now.” Johnson said after the PGA Championship. their starters in 2009 instead of trying to
Tour scheduled to resume Jan. 4 in Maui, After winning the PGA Championship, four At least Johnson held on to the title of eliminate the New York Jets, who ended
m e
that possibility appears more realistic than other tournaments and the FedEx Cup in world No. 1. The player he took it from, Jason up beating the first-string the next week,
it has been at any point since 2014. 2017, the 24-year-old Thomas will begin the Day, plummeted all the way to 12th by late De- too, 24-14. —Michael Salfino
In the spring of that year, when Woods year in a comfortable spot. The same could cember. The Australian hasn’t won since the
m rp
underwent his first back surgery, he was

ranked No. 1 in the world. Rory McIlroy had
be said of Spieth, the 2017 British Open
champion. With three major titles already at
2016 Players Championship, and it’s been
more than two years since his lone major title.
Play It Again
half as many major titles as he does now. the age of 24, Spieth said he planned to Day typifies the fleeting nature of domi- Rematches in wild-card game after playing in
Jordan Spieth was known only to avid golf spend the winter looking for marginal im- nance in the years since Woods began to final week of regular season:
fans. Justin Thomas was a rookie with zero provements in his game. “Same old,” he said. fade into the background. The new best TEAM/
SEASON WEEK 17 WILD CARD
co Fo
professional wins. But a common thread early in the year player in the game was McIlroy, until it was
MIN 2012 vs GB, W 37-34 at GB, L 10-24
Since then, the landscape of professional will be top players looking to recapture Spieth, until it was Day, until it was John-
golf has been reshaped without Woods. It got some of what they’ve lost. The list goes be- son. By then, it became clear that things GB 2009 at ARI, W 33-7 at ARI, L 45-51
younger. At the highest level, it got deeper. It yond Woods. would be much more muddled for this gen- NYJ 2009 vs CIN, W 37-0 at CIN, W 24-14
SAM GREENWOOD/GETTY IMAGES
got used to the idea of Woods in absentia, McIlroy, 28, hasn’t won a major since eration of players. DAL 2009 vs PHI, W 24-0 vs PHI, W 34-14
unlikely to return as anything more than a 2014 and was bothered by a rib injury for The era after Woods belongs not to one DEN 2004 vs IND, W 33-14 at IND, L 24-49
ceremonial figure. Some of the new stars are most of 2017. It was his first winless year or two successors but to an array of players NYJ 2001 at OAK, W 24-22 at OAK, L 24-38
well established and grappling with their since 2008. In August, he fired longtime who are good enough to win tournaments PHI 2001 at TB, W 17-13 vs TB, W 31-9
own next steps as the new season begins. caddie J.P. Fitzgerald and replaced him with but are not so distinguishable from their
STL 2000 at NO, W 26-21 at NO, L 28-31
Woods ended 2017 with an improbable a longtime friend, Harry Diamond. His start peers that they can separate from the pack
hint that he might not be finished yet. to 2018 will be busy, if nothing else. McIlroy for very long. Source: Stats LLC; WSJ
His return at the Hero World Challenge, has eight tournaments on his schedule It may even grow to include Woods himself.
n-
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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DROPPING THE BALL | By Colin Gale cars 52 Yorkshire area
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
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Oklahoma City 42 25 pc 45 25 c Edinburgh 36 24 s 36 32 c Zurich 34 24 pc 35 33 sn H O N E G E A R S L E E T

OPINION
Two Presidencies in One Year BOOKSHELF | By Barton Swaim
There is re-
ally only one
question any-
whole wide world. It was us
versus them, and “us” won.
On Jan. 20, President
distraction. It looked like fail-
ure. The attempt at Obama-
Care reform, an attempt to
National Economic Council
amid much skepticism, has
turned out to be the most ar-
Sex, God and
one asks to-
day: What do
you think of
it? “It,” of
Trump delivered an us-verus-
them inaugural speech. Later
that day he declared war on
the White House press.
legislate amid impossible tu-
mult, was failure when three
Senate Republicans voted
against the bill in late July.
dent Democratic deregulator
since Alfred Kahn was advis-
ing Jimmy Carter on getting
the government out of the air-
American Values
WONDER
LAND course, being
America’s
No one should ever forget
that Mr. Trump has been a ca-
line, shipping and trucking in-
dustries. (The Reagan econ-
Moral Combat
By Daniel
p re s i d e n c y. reer kibitzer, a nonstop source We have spent 2017 omy reaped the benefit of this By R. Marie Griffith
Henninger
Needless to of often annoying opinion head start.) (Basic, 395 pages, $32)
with Trump of
‘M
say, one pres- about everything. In real life The Democrats, who are
idency wasn’t going to be you can say “enough already.” Twitter and Trump overinvested in predicting na- oral Combat” painstakingly documents what most
enough for Donald Trump. In But Twitter allowed the for- tional failure, and the media, of us know but would find hard to explain: that the
true Trumpian style, the New merly private Trump kibitzing of accomplishments. overinvested in the Russian culture wars of the 20th and early 21st centuries
York developer has produced to go mass market. On social collusion story, will try to have been mainly about sex. Americans have always been dis-
two presidencies in one year. media, nobody ever shuts up. taunt Mr. Trump into reviving tinguishable by conservative and liberal attitudes on political
The two Trump presiden- An atmosphere of eternal Mr. Kelly, who has worked the cage-match atmospherics subjects, but over the past century these differences have
cies exist as parallel uni- Trumpian battle and mayhem in worse conditions, famously of the year’s first half. come to be aligned with two divergent attitudes toward sexu-
verses. One is inhabited by dominated the early period of imposed discipline on the It wouldn’t be the dumbest ality. The first, R. Marie Griffith explains, “was eager to be
Trump of Twitter, a character the presidency. Simultane- White House, but military dis- strategy, especially if Mr. open to modern ideas, inclusive of eclecticism and expansive
out of Rabelais’s novel “The ously, however, Mr. Trump cipline isn’t an end in itself. It Trump starts the year shoot- diversity, and relatively accepting of women’s equality and
Very Horrific Life of Great was making stellar, quality ap- exists to attain one goal: suc- ing at his own robust econ- changing roles.” The second, by contrast, “longed for tradi-
Gargantua.” Much of the pointments to his cabinet and cess. The relative calm Mr. omy by starting trade dis- tional order, resisted many changes to the status quo, and
American population is ap- key White House policy roles, Kelly’s discipline brought to putes with Mexico, Canada, remained consistently wary of shifting gender norms and
palled by Trump of Twitter, but it was hard amid the din the White House has allowed Japan, South Korea and China. changing attitudes toward sexual morality.”
who lives in a dark and to focus on them or their the successes of the parallel But if Mr. Trump doesn’t rise The book describes
deeply personal pool of feuds goals. Trump presidency to come to the bait, the Democrats’ eight controversies over
and fulminations. His first- The White House instead into focus. carping will eventually look sexual morality that have
year approval rating floated came to be defined by the This is the presidency of petulant and unattractive. roiled American life for a
below 40%, while voters in Bannon-Scaramucci-Priebus people Mr. Trump appointed Most Americans don’t want century or more: birth
Virginia and Alabama rejected battles, by tales of Ivanka and to his government, who amid their presidency to fail ut- control in the 1920s; the
his candidates, and him. Jared, and the daily bear-bait- the Twitter and Mueller diver- terly, but that looks increas- censorship of literature in
Existing alongside is a uni- ings with Sean Spicer. sions went to work every day ingly to be what the party’s the ’30s; miscegenation
verse of solid, tangible eco- For six months, Trump and executed serious policy progressive factions are and the Kinsey Reports in
nomic success. Reporting on courtiers leaked self-destruc- goals: EPA’s Scott Pruitt, about. the ’40s and ’50s; sex
the season’s strong holiday tively to a hostile press, and Betsy DeVos at Education, In- For the moment, a correla- education in the ’60s;
retail sales, this newspaper Mr. Trump looked less like a terior’s Ryan Zinke, Scott tion appears to exist between abortion in the ’70s and
noted that consumer confi- president than the ringleader Gottlieb at FDA. Add the judi- success and Donald Trump’s ’80s; sexual harassment in
dence is at a 17-year high, of a traveling carnival. cial appointments. It’s a long sense of calm. Yes, he still the ’90s; and same-sex
with unemployment at a 17- It couldn’t go on, and it list of accomplishment. tweets, but with less unnerv- marriage and what’s now
.
year low—a time-frame that didn’t. In July, Mr. Trump In the fall, Chief White ing animosity (as we go to termed “LGBT rights” in the
ly
turns the Obama presidency named retired four-star Ma- House economist Kevin Has- press). Possibly over time, Mr. present. Of the controversies
into a forgotten memory. rine Gen. John Kelly as his sett emerged to provide im- Trump will unify his two pres- Ms. Griffith takes up, only
Donald Trump entered of- chief of staff. portant justifications for the idencies into a single venture. miscegenation seems out of place:
fice revved up from his victo- Until the Kelly appoint- ontax bill’s rate reductions. Less At year’s end, this is how a The racial history of the United States is
rious campaigns against Hil- ment in July, the entire publicly, Gary Cohn, the for- successful government is sup- beyond the scope of her book. But the other
lary Clinton, all Republican Trump government had oper- mer Goldman Sachs banker posed to look. episodes form a tight narrative that those of a traditi-
comers—and pretty much the ated in a state of constant who became director of the Write [email protected] onalist outlook will read as a series of lost battles, all of
which seem to have followed a familiar script: Some new
us l,
set of ideas bursts into the public realm, and traditionalists
Remembering Those Who Died in 2017 fight a rearguard battle to oppose them, but the new ideas
al a
e
quickly become an accepted part of educated discourse and,
in time, common practice.
By Karl Rove Coe, acted on the personal Ara Parseghian arrived at craft was in danger of catching The chapter on the “sexologist” Alfred Kinsey is an espe-
ci on
A
level. He directed the Fellow- Notre Dame in 1964 after an fire. cially clear instance of this. Kinsey studied the “sex histories”
s the year’s remaining ship Foundation, which spon- embarrassing decade for the In April 1967, Air Force Col. of large numbers of Americans and analyzed the results in
days dwindle away, let sors the National Prayer Fighting Irish. He restored the Leo Thorsness led four F-105s two weighty studies, “Sexual Behavior in the Human Male”
us remember some who Breakfast and encourages school’s status as a football in an attack on missile batter- (1948) and “Sexual Behavior in the Human Female” (1953). He
left this life in 2017. those in public service to powerhouse, winning champi- ies outside Hanoi. He knocked aimed to expose Americans’ sexual mores as guilt-driven and
er rs
Michael Novak was a kind, deepen their faith through onships in 1966 by humiliating out the SAMs, downed one hypocritical by documenting the vast difference between his
brilliant Catholic philosopher prayer and study. His kindness USC 51-0 in the season’s last MiG and damaged another, at subjects’ conduct and their stated beliefs. Kinsey’s outlook
whose majestic 1982 book, touched countless lives. game and in 1973 by defeating one point engaging four MiGs was crassly Darwinian and broadly anti-religious; humans, for
“The Spirit of Democratic Capi- Bear Bryant’s Alabama. “A alone for nearly an hour. Shot him, were only highly developed mammals and subject to
m e
talism,” made a powerful case good coach,” he said, “will down 11 days later, he was tor- animalistic, amoral instincts.
that free men and free markets We lost some greats make his players see what tured, his back broken in four
provided the surest path to lib- they can be rather than what places. Thorsness spent six
m rp
erty and prosperity. Once of from the worlds of they are.” Parseghian was a years as a prisoner of war, his The rapid shifts in moral standards over
the left, he came to believe politics, media, sports great coach. final stretch with John McCain the past century—from birth control to gay
freedom’s ideals could over- Few have had such a pro- in a Hanoi Hilton cell.
come communism’s evil and and the military. found impact on politics and In February 1968, Pfc. marriage—show that culture precedes politics.
was appointed by President media as Roger Ailes. He helped Thomas Kinsman was one of
co Fo
Reagan to the board overseeing three men win the presidency eight infantrymen cut off from
Radio Free Europe and Radio “Histories make men wise,” and created two highly success- his unit during an attack near Kinsey’s reports were controversial when they first
Liberty. Francis Bacon wrote. Three ful cable networks. This vision- Vinh Long. To save his com- appeared. Liberals celebrated them; conservatives, and espe-
For most of five decades, historians who made us wiser ary was a voice for the middle rades, he threw himself on an cially conservative religious believers, were appalled. As
Kate O’Beirne was a constant departed in 2017. Thomas class who nurtured generations enemy grenade—yet somehow critics noted then and have noted ever since, his subjects
presence in the conservative Fleming’s work focused on the of media talent before being survived, though he suffered were confined to those willing to divulge their sexual prac-
movement’s plotting, first in American Revolution and forced out of Fox News last severe head and chest wounds. tices to Kinsey—hardly a cross-section from which to draw
Sen. James Buckley’s office, Founding, showing how great- year in a harassment scandal. A year later, a large North generalizations about American society. But the controversy
then the Reagan administra- ness could spring from the ac- Finally, some of America’s Vietnamese force attacked Lt. subsided, and Americans became accustomed to the idea that
tion, the Heritage Foundation, tions of imperfect men. Hugh greatest war veterans left us Wesley Fox’s Ninth Marine religious strictures stifled man’s natural need for varied sex-
and finally, for 20 years, at Na- Thomas wrote of Spain from this year. In September 1944, Company. Though wounded, ual expression. The groundwork was laid for the sexual revo-
tional Review. The raspy-voiced its imperial era in the 16th and Marine Pfc. Arthur Jackson sin- Fox continued directing his lution of the second half of the century.
O’Beirne was smart, humane, 17th centuries to its civil war in gle-handedly destroyed 12 pill- men and calling in airstrikes, “Moral Combat” is, among other things, a vivid illustra-
and often the only adult in the the 1930s. Alistair Horne, a for- boxes and killed 50 Japanese personally moving through in- tion of a principle that liberals understand well and that
n-
room—and thank God for that. mer British intelligence agent, soldiers during the battle for tense fire to kill a sniper. He religious conservatives usually do not: Culture precedes
Two men died this year who produced volumes on the Alge- Peleliu. A month later, across refused medical care until all politics. By the time a controversial question hits the
drew on faith to influence pub- rian War and Franco-German the globe in France, Army Pvt. his men were evacuated. sphere of politics, it has already been decided. While tradi-
lic policy. Michael Cromartie of conflicts from the Paris Com- Wilburn K. Ross manned a ma- All five heroes received tionalists are busy with press conferences and political
no
the Ethics and Public Policy mune to World War II. chine gun for five hours against America’s highest decoration, maneuvering, their progressive adversaries are quietly
Center educated journalists Baseball, football, basket- attacking elite German troops, the Medal of Honor. From a reshaping the outlooks of Americans young and old through
about the thoughts, motives ball, tennis, golf, boxing, horse killing 58 and breaking a Nazi grateful nation, requiescat in the news media, the entertainment industry, the courts and
and desires of the faith com- racing—it seemed Dick Enberg advance. pace. of course the universities. (Kinsey, remember, was based at
munity, showing them some- could do play-by-play for every In December 1950, Lt. Indiana University.) By the late 1990s, when the nation was
thing far different than the ste- sport. He did so for 50 years, Thomas Hudner pancaked his Mr. Rove helped organize obliged to debate the significance of Bill Clinton’s dalli-
reotypes. He enriched the punctuating big moments with Corsair onto a North Korean the political-action committee ances, conservatives found that their arguments for sexual
public dialogue and created his signature “Oh my!” In his hill in a futile attempt to res- American Crossroads and is propriety meant little or nothing to the general population.
friendships everywhere he final decade, he returned to cue his downed wingman, En- the author of “The Triumph of As Bob Dole asked, “Where’s the outrage?” The two sides,
went. his true love, calling Padres sign Jesse Brown, the Navy’s William McKinley” (Simon & writes Ms. Griffith, “lacked a common understanding of
Another evangelist, Doug baseball games. first black carrier pilot, whose Schuster, 2015). sexual ethics and seemingly possessed virtually no shared
language for discussing values.”
Ms. Griffith, a professor at Washington University in St.
This Fake News Was Good Clean Fun Louis, writes with cold objectivity about her material, but the
subject of sexual morality does not lend itself to cold objec-
tivity. She has written a detailed history of the breakdown of
By Danny Heitman Mencken told readers, “every journals. They were alluded to quietly removed. American society’s broad Christian consensus on sexual
W
hotel in New York had a bath- on the floor of Congress. The lesson Mencken drew behavior but says little about the consequences of this break-
ho popularized the tub, and some had two and They crossed the ocean, and was that most people will em- down. There is nothing here about, for instance, the effects
bathtub? If you be- even three.” Thus the bathtub were discussed solemnly in brace as fact what’s appeal- on children of single-parent upbringings, nothing about the
lieved a 1917 article overcame public prejudice England, and on the conti- ing, not necessarily what’s ac- dramatic dissolution of marriage among African-Americans,
by the bombastic journalist that even included a Boston nent. Finally, I began to find curate. “What ails the truth,” and almost nothing about the objectification of women in
H.L. Mencken, it was Presi- ordinance against bathing them in standard works of he wrote in 1926, “is that it is omnipresent pornography. The overall effect strikes this
dent Millard Fillmore, who “except upon medical advice.” reference. Today, I believe, mainly uncomfortable, and of- admittedly conservative reviewer as incomplete or skewed,
revolutionized American hy- they are accepted as gospel ten dull. The human mind like a book on the changing technology of warfare that never
giene by installing the first everywhere on earth.” seeks something more amus- mentions death tolls or actual wars.
bathtub in the White House Mencken’s bathtub That last bit may be an ex- ing, and more caressing.” “Moral Combat” went to press at an inopportune time. The
after he arrived in 1850. hoax put Millard aggeration, but Mencken biog- How eerily prescient. In author wasn’t able to account for the growing assemblage of
Mencken was only joking, raphers back up his account our age of viral communica- male politicians, entertainers, movie producers, high-profile
but the lessons of what came Fillmore on the map. of the tale’s spread. Harry S. tion, myths bloom on social journalists and corporate leaders who, in just the past few
to be known as the bathtub Truman, an enthusiastic ama- media, by accident or design, months, have resigned in response to credible accusations of
hoax resonate in our own day teur historian, repeated the more quickly than reason can uninvited sexual aggression and outright rape. Men, released
as Americans struggle anew Mencken was proud of his Fillmore story during a 1951 rebut them. Mencken, who from the sexual conventions of a past age and constrained by
to navigate between fact and satire of national backward- interview with New Yorker died in 1956, might have been only the latest mandatory sexual-harassment seminar, appear
fiction in the media. ness and wasn’t surprised to journalist John Hersey. Even amused by what the internet incapable of controlling their urges. The powerful ones be-
On Dec. 28, 1917, to offer get letters from readers. But after a nearby aide corrected has wrought, but he probably have like the animals Alfred Kinsey thought in essence they
readers a respite from the his amusement quickly turned the president, Hersey wrote, wouldn’t be surprised. were. Many Americans, and especially the younger ones in
ravages of World War I, to shock. “For these readers, Truman “seemed reluctant to “Into our most solemn and the soft middle between our ideological poles, may well begin
Mencken published a comic it appeared, all took my idle let go of his belief.” serious reflections fictions to wonder if all those sexual emancipations of the past
commentary in the New York jocosities with complete seri- In the 1980s, I saw Fill- enter,” he lamented nearly a century were really the unproblematic blessings that our
Evening Mail purporting to ousness. . . . Pretty soon,” more’s fictitious role as a decade after the bathtub cultural elites claim them to be.
detail the emergence of the Mencken later wrote, “I began bathtub pioneer cited with hoax, “and three times out of The chief lesson of Ms. Griffith’s account is that sexual
bathtub in America. In his to encounter my preposterous complete earnestness in a lo- four they quickly crowd out mores change over time and that it’s difficult or impossible
mock history, many citizens ‘facts’ in the writings of other cal museum exhibit. After I all the facts.” for dissenters to do anything about it. It doesn’t follow, how-
had feared the fixture would men. . . . They began to be mailed in a copy of ever, that change can happen in only one direction.
make them sick, until Fill- cited by medical men as proof Mencken’s hoax article and Mr. Heitman is a colum-
more’s example convinced of the progress of public hy- his subsequent disclaimer, nist for the Baton Rouge Ad- Mr. Swaim is opinion editor at the Weekly Standard and
them otherwise. By 1860, giene. They got into learned the erroneous tribute was vocate. writes a political-books column for the Saturday Journal.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Google-Hotel Travelopoly It Is Wrong to Take Hostages for Ethanol Policy
M
ore than 100 million Americans are ding on key word ads that include their brands Perhaps surprisingly, I agree with company complaints about the na-
expected to travel during the holi- or trademarks. the Wall Street Journal that taking tion’s ethanol policy, which requires
“hostages” to advance policy objec- an increasing percentage of fuel be
days, and many will search for lodg- But these agreements aren’t binding on small
tives is “unfortunate.” It does under- derived from renewable energy, have
ing online. But travelers may OTAs, and earlier this year two mine the ability of the administra- been largely debunked. As noted by
unknowingly pay more and The search giant works major hotels complained to tion to govern (“Ethanol Hostages the EPA in a recent rulemaking, “Af-
fail to see all of their options with hotels to hurt Google about small OTAs bid- on Capitol Hill,” Review & Outlook, ter reviewing the available data, EPA
because some major hotels ding on branded key words in Dec. 9). But I would note that the has concluded that refiners are gener-
have ganged up with Google to travel competition. advertising search auctions. only hostage taken over ethanol to ally able to recover the cost of RINs
undercut competition. Several hotels have also threat- date has been the nominee for USDA in the prices they receive for their re-
Online travel agencies like ened to sue for violating trade- undersecretary for farm production fined products, and therefore high
Expedia, Priceline and Travelocity have replaced mark protections, though their conduct is pro- and conservation Bill Northey, a RIN prices do not cause significant
brick-and-mortar agents by offering consumers tected by well-established copyright law. man eminently qualified for the po- harm to refiners.” The EPA is not
more choice and convenience at a lower price. After receiving complaints from hotels, sition, and a role that has absolutely alone. Numerous analyses, by Wells
nothing to do with ethanol or the Fargo, Harvard University, MIT, the
These OTAs purchase inventory from wholesal- Google began to pressure small OTAs to sub-
RFS. Taking advantage of a byzan- University of Michigan, Iowa State
ers and then market rooms at a discount to con- mit to hotel demands. A spokesperson for tine process allowing any one sena- University and other institutions,
sumers in addition to flights, rental cars and Google says the company doesn’t restrict key- tor to put a “hold” on nominations, show that merchant refiners recoup
travel packages. Many also have agreements word ad bids, but we’ve been told by a small Texas Senator Ted Cruz has their RIN costs through higher refin-
with companies like American Express, Costco OTA that Google applies rules in a way that thwarted President Trump’s effort to ing margins, while retail gasoline
and Delta to market their inventory. restricts trademarks in their hotel ad titles fill this important post. prices are unaffected by RINs.
OTA websites let travelers sift through hotel and URLs. Several senators did have reserva- What galls some oil companies,
offers based on price, brand, location, amenities One of the only remaining alternatives for tions about past public statements and apparently the Journal, is not
and guest rating, among other search filters. OTAs to draw Google traffic is its meta-search. the nominee for EPA’s Air and Radia- that Mr. Wehrum had to answer a few
OTAs earn a roughly 20% commission from ho- Yet to appear in Google’s meta-search, busi- tion Office (the regulatory agency for questions about the role of renewable
tels for each reservation they book, which cov- nesses must pay a price per click that is often ethanol policy), Bill Wehrum, had fuels in the nation’s motor-fuel sup-
made about ethanol while represent- ply, it is that ethanol, biodiesel and
ers their cost of marketing, inventory acquisi- three times as much as for keyword searches. ing oil company interests in the pri- other renewable advanced biofuels
tion, customer support and payment Google also charges a 10% to 15% commission vate sector. They expressed those are gaining an increasing share of the
processing. on net revenues from reservations booked concerns in regular order in commit- market and the RFS has been such a
As hotels get squeezed by Airbnb and home through its meta-search. Google thus gobbles tee and were ultimately convinced by success, lowering consumer prices,
rental sites, they have begun complaining that up most of the profits that OTAs earn from ho- Mr. Wehrum that he would abide by stimulating investment in rural Amer-
OTAs are eating into their profits. Several ma- tel commissions without incurring substantial the law and President Trump’s strong ica and increasing energy security.
jor hotels are now trying to use Google as a overhead costs. support for ethanol. Mr. Wehrum was BOB DINNEEN
counterweight, while Google is exploiting its Google also requires OTAs to give its web- confirmed. President and CEO
search dominance to steer consumers to its crawlers access to proprietary information in- But what is lost in the Journal’s Renewable Fuels Association
travel service. cluding room availability, descriptions, pricing concerns about process is that oil Washington
Some 60% of travelers begin trip-planning and custom bundles and other data—informa-
on Google. The search giant’s travel business is tion that OTAs typically keep closely held from
worth an estimated $100 billion and will gener- competitors. Google says advertisers only need
The 2018 GOP Trail Needs President Trump
.
ate $14 billion in revenue this year, according to provide data that makes its ads useful to peo-
ly
to Skift Research. Google makes money on ple and that advertisers are in control of how Karl Rove’s idea in his Dec. 21 op- venue (having fought traffic jams and
travel in two ways. First, it auctions ads that much information they share. But in practice the ed (“Keep Trump Off the Trail in three-hour waits to get inside) ener-
appear above generic search results. Businesses data that Google requires can give the search en- 2018”) to hide President Trump dur- gized by the rally, they are likely to
can bid on key words such as “Hotels in Hous- gine insight into demand and available inven-
on ing the 2018 election is a terrible vote.
ton” or “Houston Hilton.” Google selects auc- tory that it can then use to undermine OTAs— marketing strategy. Mr. Trump is BOB SPEAR
tion winners based on the maximum price a and Google controls 80% of search. what we’ve got, and he’s working. Coronado, Calif.
business is willing to pay for each ad click and Restricting competition in branded keyword The tax victory is the turning point.
Should we dance out some Republi- Amen to Mr. Rove’s call to keep
us l,
the likelihood a user will click on the ad. ad auctions means many consumers won’t see
can establishment has-beens instead? Mr. Trump off the trail in 2018. Mr.
Google also operates its own “meta” hotel or receive the lowest price deals. Meanwhile, Mr. Rove’s Trump derangement syn- Trump is actually getting some good
search that appears below auction ads and OTAs may have to seek higher commissions from
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drome is blinding him to a winning things accomplished, despite his
above generic search results. If users search hotels or reduce their discounts to offset the pay- strategy—bet on Mr. Trump and he tweets. But he needs to stay on task
for a hotel, a box displaying offers from hotels ments they must make to Google to appear in its will “make Republicans great again.” with policy and keep his bad public-
ci on
and OTAs will pop up. Travellers may benefit meta-search. This would likely cause prices to GEORGE LEMMOND ity-seeking self out of the way of
from being able to use Google’s meta-search rise. Mom-and-pop hotels would also suffer since Roswell, Ga. midterm elections. The candidates
to compare offers from hotels and OTAs on a they have smaller marketing budgets and may will do much better on their own and
single interface. Competition from Google’s be unable to afford Google’s ad rates. I would caution against immedi- he needs them to win.
meta-search could also spur OTAs to improve A Google spokesperson says “the online ately defaulting to Mr. Rove’s conclu- JAN GRAHAM
er rs
sion that President Trump’s approval Imperial, Neb.

their services. travel industry is thriving and gets more com-
rating is a liability. Remember, his
The problem is that Google is working with petitive by the day” and that “travel companies voters included former Democrats, Mr. Rove seemingly can’t see the
hotels to stifle competition. Hotels want to are some of the most avid users of our ads of- first-time voters and more women forest for the trees in preferring style
drive travelers to their websites to avoid paying ferings.” But competition and choice will de-
m e
and minorities than pundits pre- over the many outstanding results
commissions to OTAs. They also know that trav- cline if Google exploits its market dominance dicted. Candidates should think twice achieved so far by the Trump admin-
elers searching for “Houston Hilton” are more to squeeze rivals. Google ought to compete on before discarding an opportunity for istration.
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likely to book a room at a Hilton than those who fair terms by opening its auctions to all players a Trump rally in their district. If Mr. ROBERT S. EBERS
query “Hotels in Houston.” Several hotels have and stop favoring its meta-search. Otherwise, Trump can draw 15,000 people into a Mansfield, Texas
inserted terms in their global agreements with regulators may soon ask if the search giant is
large OTAs that prohibit the agencies from bid- abusing its market power.
Canadians Come to America for Better Care
co Fo
Murder Most Foul in Argentina In response to Ontario Premier

Kathleen Wynne’s letter praising
which she paid cash. Finally the doc-
tor in Chicago found a private physi-
A
Canada’s single-payer health-care cian in Toronto who would adminis-
rgentine prosecutor Alberto Nisman was cluded” that Mr. Nisman was killed. They handed system (“No Canadian Need Worry ter the shots for cash so she
investigating President Cristina Kirch- their findings to a federal court. About Health Care,” Dec. 20): If it is wouldn’t have to travel to the U.S.
ner’s links to Iran in January 2015 when On Tuesday in a 656-page opinion, Argentine such a great system then why are CLARE GOLDSBERRY
he was found dead in his Bue- federal judge Julián Ercolini doctors’ offices and hospitals here in Phoenix
nos Aires apartment with a A judge rules that a ruled that “the death of Prose- the Phoenix, Ariz. area crowded with
gunshot wound to the head. prosecutor investigating cutor Nisman was not a sui- Canadians during snow-bird season? Twenty years ago when I was a fi-
Now a judge has ruled that he cide, and was brought about by My daughter has worked in the nancial officer for a private graduate
was murdered. Iran was murdered. a third party and in a painful medical industry in doctors’ offices
in the Sun City area for 20 years.
school that purchased group health
insurance from Blue Cross, it was ex-
In 2015 Mrs. Kirchner’s sec- manner.” He charged Diego
The crowds start forming at the be- plained to me by an agent in the
n-
retary of security immediately Lagomarsino, who was an aide ginning of November when vehicles Green Bay office that they had four
declared Nisman’s death an apparent suicide. to Nisman, as an accessory to the murder. with license plates from “Beautiful hundred people in that office be-
That made little sense to those who knew Nis- The judge says Mr. Lagomarsino was the last British Columbia” and Alberta begin cause two-thirds to three quarters of
man, in part because he was hours away from person in the apartment and the bullet that to clog the streets. The Canadians their sales were to Canadians who
no
presenting evidence to Congress that Mrs. killed the prosecutor came from the aide’s gun. don’t wait—they come to Arizona for wished to escape the vagaries of the
Kirchner had made a deal with Tehran to cover Mr. Lagomarsino denies any role in Nisman’s six months every winter and get Canadian health “care” system.
up Iran’s responsibility for the 1994 bombing of death and says his boss asked him for the gun their medical care here, where the ROBERT GROSSMANN
a Buenos Aires Jewish community center that for protection. wait time is shorter. They pay cash Vero Beach, Fla.
killed 85 people. Nisman is being vindicated in death. His thor- for their treatments, then submit the
When President Mauricio Macri took office ough investigation led to the indictment of Mrs. receipts to the Canadian government Ms. Wynne gives statistics osten-
for partial reimbursement. sibly proving the superiority of the
in December 2015 he pledged that investigators Kirchner on treason charges earlier this month. When my 17-year-old grandson Canadian universal health-care sys-
would have the independence to discover the As a sitting senator she has immunity for now suffered a severe knee injury last tem over the more free-market
truth. The Journal reported in September that but her former foreign minister, Héctor Tim- January, the orthopedic surgeon was American system. Among her sta-
“twenty-eight government forensic experts, toil- erman, is under house arrest. Let’s hope investi- booked through March with Canadi- tistics she refers to the overall
ing at a secret facility for seven months, con- gators keep following the trail to Tehran. ans getting knee and hip replace- higher life expectancy and lower in-
ments. “The Canadians are here, you fant mortality rates of Canadians
know,” the doctor’s scheduler told compared to the U.S. However, Ca-
Washington’s Carbon Overreach my daughter.
My best friend’s son-in-law (a Ca-
nadians exhibited higher life expec-
tancies and lower infant mortality
W
ashington Governor Jay Inslee calls gardless of their actual emissions, the Inslee nadian) was 64 when he was diag- rates before they had universal
nosed in the U.S. with prostate can- health care. Their advantage has
climate change an “existential Administration wanted to penalize businesses
cer. He, his wife and my friend expanded since.
threat,” and he has channeled Pres- for peddling energy products it doesn’t like. moved to Canada where he could get JAMES W. BENEFIEL
ident Obama in using execu- And it estimated that indirect wonderful Canadian treatment. How- Dunedin, Fla.
tive powers to impose his Another rebuke to emitters were responsible for ever, he was judged to be “not a can-
policy response. But like Mr. climate change rule around three-fourths of the didate for treatment.” They suspect
Obama he suffered a major carbon emissions covered unit was his age but don’t know for Pepper ...
blow this month when a by executive diktat. der the regulation—though sure. He did five years of natural
And Salt
Washington court ruled that they can’t control what oth- treatments (vitamin-C IVs, etc.) and
he exceeded his authority un- ers emit. then was diagnosed with bone can- THE WALL STREET JOURNAL
der state law. The Department of Ecology’s own eco- cer. He was suddenly eligible for
Washington lawmakers have declined to nomic impact analysis found that the Clean treatment when diagnosed with bone
cancer, but lived only a month after
pass Mr. Inslee’s signature cap-and-trade legis- Air Rule’s total compliance costs could run as
the first round of chemotherapy.
lation, and in 2016 voters rejected a carbon-tax high as $6.9 billion over 20 years and result An 80-year-old Canadian friend
ballot measure. So “now we have to do it ad- in 3,200 to 4,500 job losses by 2035. And in of mine, who was diagnosed with
ministratively,” the Sierra Club’s Doug Howell a Dec. 15 oral ruling, Thurston County Supe- macular degeneration, was denied
said last year. rior Court Judge James Dixon found that the shots which would help her eyes by
Mr. Inslee suddenly discovered authority to Inslee Administration lacked the legal author- slowing the progression of the dis-
act unilaterally under the Washington Clean ity to regulate indirect emitters. ease. She had a friend drive her to
Air Act and a 2008 law that required green- The decision is a victory for the rule of law Chicago from Toronto each month to
house gas reductions. The Department of Ecol- and another rebuke to progressives who try to get the treatments in the U.S., for
ogy’s subsequent Clean Air Rule required the ignore democratic consent to impose their cli-
state’s largest emitters to reduce carbon emis- mate agenda by regulatory fiat. Democrats now Letters intended for publication should
sions by 1.7% annually, or else buy carbon cred- control Washington’s House and Senate, and if be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
its or invest in carbon-offsets. they want to pass Mr. Inslee’s agenda, including or emailed to [email protected]. Please
This sweeping regulation affected manufac- a new carbon tax, they have the power to do so include your city and state. All letters
turers, waste facilities and government build- the old-fashioned way—with legislative votes. are subject to editing, and unpublished
ings, and it imposed a de facto tax on “indirect Washington residents can then hold them re- letters can be neither acknowledged nor
returned.
emitters” like oil and natural gas suppliers. Re- sponsible for the enormous costs. “Throwback Thursday?”
OPINION
Too Many Flags in Trump’s First Quarter

By Ari Fleischer Americans were evenly split on sations.” That turned out to be an
T
Mr. Trump when he came into office, empty bluff. Regardless of whether
he first quarter of Presi- with 45% approving and 45% disap- Mr. Comey was or wasn’t doing a
dent Trump’s term is al- proving, according to Gallup. Now good job, firing him was a mistake
most over. To grade his the president is almost 20 points un- that led to Robert Mueller’s appoint-
performance in football derwater, with 38% approval to 56% ment as special counsel to investi-
terms, he deserves credit disapproval. Moreover, Mr. Trump’s gate people associated with Mr.
for moving the ball down the field opponents hate him more than his Trump’s campaign.
over several different drives. But he supporters love him. That’s a huge There is nothing wrong with a
has committed so many unnecessary problem for the GOP and the presi- president’s using Twitter, especially
roughness penalties, along with giv- dent. Several special elections this to go around the mainstream press.
ing up one huge fumble, that he may year that Republicans should have But there is something wrong when
CAROLYN KASTER/ASSOCIATED PRESS

have to gain 200 yards just to score won by double digits resulted in nar- Mr. Trump tweets to settle petty
one touchdown. row GOP victories. scores, such as celebrating Arnold
Normally, a first quarter like Mr. Schwarzenegger’s firing from “The
Trump’s would be worth a few Apprentice” or saying that Mika
The president advanced touchdowns. The tax reform he Brzezinski was “bleeding badly from
signed last week was the most sig- a face-lift” or retweeting the racist
the ball far downfield, nificant pro-growth overhaul since group Britain First. This was one un-
but thanks to penalties, Ronald Reagan. It cut taxes on al- necessary roughness penalty after
most everyone, letting millions of another.
he kept losing yardage. Americans keep more of what they President Trump at Mar-a-Lago on Christmas Eve. The tax cuts just enacted prove
earn, and repealed ObamaCare’s in- President Trump and the Republi-
dividual mandate. himself too hot to handle. calling it McCarthyism and citing cans can govern. Next up could be
Mr. Trump does have to put up The economy is expanding by On Feb. 28, Mr. Trump gave a Nixon and Watergate. Penalty flags immigration reform, a major infra-
with biased referees. The press loves more than 3% a year, the unemploy- well-received speech to a joint ses- flew. structure package, and perhaps wel-
to blow the whistle on him. But face ment rate is at a 17-year low, and sion of Congress. He noted that it Later the public learned that fed- fare reform. Being tough and hitting
it, he earned more than a few of America is exporting crude oil again. was Black History Month and talked eral investigators, through a court opponents is part of the political
those penalties. The result is that de- Mr. Trump’s conservative judicial ap- about the importance of civil rights. order, had wiretapped Mr. Trump’s game, but the lesson of the first
spite many first-year accomplish- pointments, including Justice Neil “We are one people, with one des- former campaign chairman Paul quarter is that avoiding penalties is
ments, opinion polls show the presi- Gorsuch, are changing the bench for tiny,” he declared. The speech was Manafort, who had an apartment in just as important.
dent isn’t getting credit for them. the better. Islamic State has been uplifting, unifying, conservative— Trump Tower. But for six months, Mr. Trump is capable of scoring a
The White House’s biggest politi- largely destroyed, Israel is once and normal. Praise poured in from the red-hot accusatory tweet stood lot more points. As any head coach
cal fear should be that even if the again a friend, and Iran has been put his base, but also from pundits, some on its own. And since a legal court would advise, however, it won’t hap-
economy roars back and middle-class on notice. Never Trumpers and even some order isn’t exactly Watergate or pen if he doesn’t show more mental
wages rise, it won’t help the Republi- But often after Mr. Trump runs a Democrats. McCarthyism, the penalty stood. discipline on the field.
cans or Mr. Trump. Many voters out- good play and picks up yardage, in Mr. Trump was advancing the Two months later, Mr. Trump
side the president’s 35% base sepa- comes a penalty flag, and back again ball. Four days later, he tweeted— fumbled badly when he fired FBI Di- Mr. Fleischer was White House
rate him from his accomplishments— he goes. Instead of running a presi- without providing any evidence— rector James Comey. He tweeted press secretary for George W. Bush,
and his words and tweets seem to be dency defined by policies, actions that President Obama had wire- that Mr. Comey had better hope 2001-03. He now leads Ari Fleischer
wearing people down. and laws, he frequently has made tapped his phones in Trump Tower, there were “no ‘tapes’ of our conver- Communications.
.
ly
Almost Everything Is Wrong With the New Tax Law
By Alan S. Blinder First, while the president is wildly
on Americans think the deficit is al- the Republicans really wanted to re- have been revenue-neutral—again, as
D
inaccurate when he claims the Tax ready too large. Have you noticed form the tax code, rather than just the 1986 reform was. Some taxes
ec. 20, 2017, should go down Cuts and Jobs Act is the biggest tax how Republican politicians stop car- deliver tax cuts to the rich. What would have gone up while others
in political history as a day of cut in history—as a share of gross ing about the deficit when their might they have done instead? went down, leaving only a negligible
infamy or absurdity, probably domestic product, the Reagan and minds turn to tax cuts for the rich? First, Congress could have simpli- effect on the budget deficit.
us l,
both. After passing a massive tax bill George W. Bush tax cuts were far Some of them are already clamoring fied the tax code rather than com- Fourth, a Congress truly focused
without a single Democratic vote— larger—it may be the most regres- for cutbacks in spending on income plexified it. To be fair, there is some on tax reform would not have thrust
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something highly unusual in itself— sive. Ordinary people don’t know the support, nutrition and health care genuine simplification in the Tax a completely unrelated dagger into
congressional Republicans gathered details—does anyone at this stage?— because—you guessed it—the budget Cuts and Jobs Act. A few loopholes the heart of ObamaCare. I refer to
with President Trump on the White but they understand that the new deficit is so large. They didn’t even did get closed, and the near-doubling the repeal of the penalty that en-
ci on
House steps that day to engage in an law is larded with provisions cus- wait for the ink to dry. of the standard deduction will make forces the individual mandate. This
orgy of self-congratulation. tom-made for the rich and superrich paying taxes easier for millions of mean-spirited provision is a first
The president patted himself on while offering mere crumbs for the Americans. Terrific. But the new law step toward “repeal without re-
the back so vigorously that he might middle class. Further, once the It’s not the biggest cut also includes complex new provi- place,” a foolish and cruel approach
have required physical therapy. One phase-outs occur at the end of 2025, sions for taxing pass-through income that Congress rejected last summer.
in American history,
er rs
after another, Republican senators even most of the crumbs disappear. from unincorporated businesses and Notice that the huge savings from
and representatives competed for the The Tax Policy Center estimates that and it blows a large hole corporate income that is earned (or, this provision don’t come from cut-
honor of offering the most unctuous the share of tax cuts accruing to the rather, booked) abroad. These defy ting anyone’s taxes. They come, ac-
praise for their Maximum Leader. But top 0.1% of taxpayers will rise from in the federal deficit. description, will baffle people for cording to Congressional Budget Of-
m e
Sen. Orrin Hatch of Utah, who was 8% in 2018 to an astounding 60% in years, and will spawn quite a few tax fice estimates, from 13 million
previously thought to be level-headed, 2027 if Congress doesn’t extend the shelters. Americans dropping off the health
set a new standard for fawning by de- expiring cuts. Fourth, many Americans are rightly Second, the tax changes could insurance rolls over a decade.
m rp
claring that Mr. Trump may be the Second, the act emphasizes cut- suspicious of deals that get rammed have been designed to be distribu- And that’s just a hint of what’s to
greatest president ever. Ever? Not ting taxes on corporations, not on through Congress on a strictly parti- tionally neutral, as the 1986 tax re- come. Already, Republicans are tak-
Lincoln? Not Washington? people. Few Americans buy into the san basis, with no public hearings, but form was, or even progressive. But ing aim at other parts of ObamaCare,
Was this love-fest because Repub- “trickle down” argument that tax with language drafted by lobbyists un- once you decide to concentrate on Medicare, Medicaid, food stamps and
licans had just passed an economi- benefits showered on corporations der cover of darkness. But Senate Ma- reducing the corporate income tax, more. Class warfare? Yes, score the
co Fo
cally sound and wildly popular tax will translate mostly into higher jority Leader Mitch McConnell and giving a sizable tax preference to first round for the upper class.
bill that was winning praise from tax wages and vastly faster economic House Speaker Paul Ryan understood pass-through business income, cut-
experts and scoring marvelously in growth. Most of the economic evi- the wisdom of the old adage that a ting the estate tax, and lowering the Mr. Blinder is a professor of eco-
public opinion polls? Not quite. Polls dence supports their skepticism. rotting fish smells worse the longer it top income tax rate, you are headed nomics and public affairs at Prince-
show that Americans hate this bill. Third, the tax cuts blow a large sits on the dock. down a highly regressive road. ton University and a former vice
As they should. hole in the federal budget, and most Let’s imagine that Mr. Trump and Third, a true tax reform would chairman of the Federal Reserve.
Moldova Needs the West’s Help Against an Aggressive Russia

By Vladimir Plahotniuc Such “frozen conflicts” reflect a Cold Moldova entered into an agreement dum of understanding for EU macro- age of Moldova’s population is ex-
R
War mentality that sees the world as with the International Monetary financial assistance worth some posed to Russian-controlled media,
ussian political meddling may divided into spheres of influence and Fund to increase the banking sec- $120 million. propaganda and the anxiety it stirs
n-
be new to Americans, but in affords smaller countries no author- tor’s resilience and security. In addi- More is needed, but Moldova’s are among the biggest threats we
Eastern Europe such interfer- ity. These issues cannot be swept un- tion, by adopting transparent and progress so far cannot be denied. face. Inciting ethnic hate and pro-
ence has long been common. That’s der the carpet anymore. The time predictable fiscal rules, Moldova Our cabinet now has nine ministries, moting distrust toward the West are
particularly true in former Soviet re- has come for the international com- hopes to show international inves- down from 16 before this past sum- Moscow’s ways of trying to stunt
no
publics that look toward the West munity to counter Moscow’s defi- tors that we are a safe, dependable mer. The steps taken to reduce red democratic reforms. We are deter-
while seeking to hold on to their se- ance firmly. destination for capital. mined to stop this propaganda, but
curity and sovereignty. Like many former Soviet coun- Only a strong and well-governed we need the West to recognize the
As the leader of Moldova’s main tries, Moldova is dependent on Rus- state can resist Russian influence. In Political manipulation challenge Moldova faces and invest
governing party, I understand all too sian energy. We are seeking to diver- the past two years, Moldova has in an independent media market.
well the weight of unwanted Russian sify and hope to integrate with the committed to implementing an asso- from Moscow is all too Unfortunately, powerful political
influence. I also know how critical it European gas and electricity mar- ciation agreement with the European familiar in this former forces, including our pro-Russia
is that the West support the security kets via Romania by the end of next Union, creating a political, economic, president, Igor Dodon, are sympa-
and freedom of nations sitting on year. But we can’t stop there. We cultural and security framework for Soviet republic. thetic to Moscow’s narrative. That’s
the front lines of Russia’s military need the European Union to adopt a our relationship. At the same time, why the parliamentary elections in
and informational aggression. more cohesive energy policy, one we are working to streamline gov- late 2018 will be so critical, offering
More than 25 years after Moldova that neutralizes Russian attempts to ernment, deregulate and strengthen tape and corruption are paying off. EU and American officials an oppor-
gained independence, Russian troops divide and conquer smaller states the private sector. In the World Bank’s 2018 Doing Busi- tunity to call out electoral meddling
are still stationed within our bor- like ours. Moldova’s partners in the West ness report, Moldova ranks No. 44 and halt the advancement of pro-
ders, in the breakaway region of Between 2011 and 2014, Russian- have been signaling increased confi- out of 190 overall and No. 23 in the Russian political forces.
Transnistria. Moscow refuses to rec- backed interest groups manipulated dence in our government. In 2016 ease of starting a business. Moldova is a proud multiethnic
ognize our sovereignty and, as in Moldova’s banking system to launder the IMF’s executive board approved Most Moldovans support the state, devoted to reform and democ-
Eastern Ukraine and Georgia, pro- more than $20 billion. An investiga- $179 million in credit over three country’s efforts to integrate with the racy. But Russian intervention is un-
vides economic and military support tion by a respected and independent years to support Moldova’s economic West. Some, however, remain nostal- dermining our progress. We need the
to separatist groups whose chief Western company is under way, but and financial reforms. We have ful- gic for the relative stability of the So- strength of our Western partners to
goal is to prevent former Soviet re- Russian interests have sought to un- filled our commitments under that viet era. These people are unsettled keep us on a path of progress. We
publics from aligning with the West. dermine the fact-finding. Last year program, and the IMF announced on by the hectic political and economic cannot go it alone.
Dec. 20 that it would release the transformations their country experi-
next batch of funds. In November, enced after independence. Mr. Plahotniuc is president of the
our government signed a memoran- Given that a significant percent- Democratic Party of Moldova.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch Robert Thomson
Notable & Quotable: Words of the Year

Executive Chairman, News Corp Chief Executive Officer, News Corp
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
Matthew J. Murray Karen Miller Pensiero DOW JONES MANAGEMENT:
Executive Editor Managing Editor Mark Musgrave, Chief People Officer; Daniel J. Flynn writing at City- fines “youthquake” as “a significant In selecting these as the year’s
Jason Anders, Chief News Editor; Thorold Barker,
Edward Roussel, Innovation & Communications; Journal.org, Dec. 26: cultural, political, or social change supposed buzzwords, the ventrilo-
Anna Sedgley, Chief Operating Officer;
Europe; Elena Cherney, Coverage Planning;
Katie Vanneck-Smith, President
arising from the actions or influence quists at Oxford, Merriam-Webster,
Andrew Dowell, Asia; Neal Lipschutz, Standards; Merriam-Webster named “femi- of young people.” That seems neutral and Dictionary.com put words in our
Meg Marco, Digital Content Strategy; Alex Martin, OPERATING EXECUTIVES:
Writing; Mike Miller, Features & Weekend; Ramin Beheshti, Product & Technology; nism” its Word of the Year for enough, until one understands that it mouths. The words define them
Christopher Moran, Video; Shazna Nessa, Visuals; Jason P. Conti, General Counsel; 2017—not 1971, as might have been was UK Labour Party gains, fueled by more than they do us.
Rajiv Pant, Technology; Ann Podd, News Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
more appropriate. The reference the youth vote, that led to the com- A better candidate for 2017’s word
Production; Matthew Rose, Enterprise;
Michael Siconolfi, Investigations; Nikki Waller, Kristin Heitmann, Transformation; company’s shortlist for consideration pany’s elevation of a term that, as a of the year can be found in a 36-
Live Journalism; Stephen Wisnefski, Professional Nancy McNeill, Advertising & Corporate Sales; included “Antifa,” “White Fragility” befuddled Washington Post pointed year-old Kinks song. “Predictable,”
News; Carla Zanoni, Audience & Analytics Christina Van Tassell, Chief Financial Officer;
Jonathan Wright, International
(two words?), and “Broflake,” de- out, nobody really uses. . . . Ray Davies sang in 1981, “yeah, that’s
Paul A. Gigot, Editor of the Editorial Page;
DJ Media Group: fined as “a man who is readily upset Dictionary.com went with “com- the word of the year.” Davies, who
Daniel Henninger, Deputy Editor, Editorial Page
Almar Latour, Publisher; or offended by progressive attitudes plicit,” which initially appears to be boasts a better track record with the
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial that conflict with his more conven- a perfectly cromulent and un-weap- English language than the philolo-
Suzi Watford, Marketing and Circulation; Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; tional or conservative views.” . . . onized word. But in explaining its gists, glossarists, and other word
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Oxford Dictionaries selected a choice, the popular website cited the weirdos insisting that they know
EDITORIAL AND CORPORATE HEADQUARTERS: similarly politically charged term, al- complicity of various politicians in best what words we should use,
1211 Avenue of the Americas, New York, N.Y., 10036 beit one more obscure than the ubiq- aiding and abetting Donald Trump’s drew a bead on our times earlier
Telephone 1-800-DOWJONES
uitous “feminism.” The company de- agenda. . . . than most.
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TECHNOLOGY: SWITCH USERS FACE A WAIT OVER A NINTENDO DELAY B4
BUSINESS & FINANCE

© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, December 28, 2017 | B1
S&P 2682.62 À 0.08% S&P FIN À 0.06% S&P IT À 0.16% DJ TRANS À 0.23% WSJ $ IDX g 0.16% LIBOR 3M 1.693 NIKKEI (Midday) 22945.67 À 0.15% See more at WSJMarkets.com
Furniture Boss Hits Short Sellers Apple Upgrades

Top Paychecks
Retailer RH buys back company’s shares, wagering Song,” showing negative news the furniture company won’t posite trading in New York on
about $1 billion in a battle headlines about RH, alongside escape the wider retail in- Wednesday.
nearly half its shares with investors who have picturesque images of the re- dustry woes. “We saw an opportunity,”
in a $1 billion battle; staked bets against the stock. tailer’s stores. “As we continue Mr. Friedman, who person- he said. “We thought we were
The move has helped RH’s to perform, we’re going to run ally owns about 10% of RH significantly undervalued for
CEO plays ‘Fight Song’ share price to roughly triple the shorts out of the busi- stock, said in the interview the brand and business we
BRENDAN MCDERMID/REUTERS
this year when many retail ness,” he said, referring to the that short sellers weren’t on had built.”
BY KHADEEJA SAFDAR stocks have tumbled. company’s detractors, or short his mind when he pursued The 60-year-old executive,
“Wall Street doesn’t neces- sellers. the buyback. He instead who got his start stocking
Gary Friedman, chief execu- sarily reward innovation,” Mr. When shorting a stock, in- pointed to the company’s shelves at Gap Inc. in the
tive and chairman of RH, is Friedman said in an interview. vestors sell borrowed shares, move away from promotions 1970s, has been making head-
playing offense against those “People are going to bet betting that their price will and improved operations, lines for his contrarian retail
who don’t believe in his vision against us. We’re going to bet fall and they will be able to leading him to believe that a bets since he took the helm of
for luxury furniture. on ourselves.” buy the shares back at a stock price hovering near $40 RH in 2001. Instead of closing
Since the start of the year, At an investor event in lower price, pocketing the a share was too low. Shares stores and focusing on digital CEO Tim Cook and others fared
the retail chain, once known West Palm Beach, Fla., last difference. Short sellers have of RH have increased from marketing, he has opened vast well a year after a pay cut. B4
as Restoration Hardware, has month, Mr. Friedman played a piled into RH stock in the less than $30 a share in Janu- new physical locations and
bought back nearly half of the video, set to the tune of “Fight past year in the belief that ary to $90.50 in 4 p.m. com- Please see BOSS page B2
Fiduciary Rule Draws

A Lot of Fake Critics
BY JAMES V. GRIMALDI fraud. He didn’t post it and
AND PAUL OVERBERG doesn’t agree with it. “I am
disgusted that people can post
A significant number of fake comments using my name,”
.
comments appear among thou- Mr. Schubert said.
ly
sands criticizing a proposed Mr. Schubert is among 50
federal rule meant to prevent people who responded to a
conflicts of interest in retire- survey last week conducted by
on ment advice, according to a research firm Mercury Analyt-
Wall Street Journal analysis. ics for the Journal—40%, or
At issue is the Labor De- 20, of whom said they didn’t
partment’s “fiduciary rule,” post the comment listed under
which would require invest- their name, address, phone
us l,
ment advisers handling retire- number and email.

ment accounts to act in the Asked about the Journal
al a
e
best interest of clients. Written findings, a Labor Department
during the Obama administra- spokesman said the agency re-
tion, the proposed rule won’t moves fraudulent comments
ci on
be fully implemented until July brought to the agency’s atten-

2019, and the Labor Depart- tion.
ment is still gathering feed- Submitting fraudulent state-
back about it on its website. ments or representations to
Many of the comments the federal government is a
er rs
weren’t written by the people felony.

they were attributed to, the The Labor Department is
Journal analysis found. the fifth agency identified by
Consider the experience of the Journal to have published
m e
Robert Schubert, a Devon, Pa., unauthorized comments on its

JASON SCHNEIDER
salesperson. A comment website.

posted in his name on the La- Most federal agencies make
m rp
bor Department website op- it difficult to independently

posed the rule, saying: “I do check the authenticity of pub-
not need, do not want and ob- lic comments; only a few pub-
PERSONAL TECHNOLOGY | By Christopher Mims and Joanna Stern ject to any federal interference lish email addresses along with
in my retirement planning.” the comments.
Tech That Will Change Your Life in 2018

co Fo
In an interview, Mr. Schu- The Journal previously

bert said the comment was a Please see FAKE page B2
It’s been a weird year. In

2017, technology spread its
tentacles into our lives in
ple—will have an even bigger
impact on what we see on
our screens and what we buy.
in both fuel and maintenance.
Not only is the eagerly
awaited Tesla Model 3
Amazon Takes Over
(Even More) INSIDE
ways we couldn’t have imag- And while you won’t nec- ($35,000) due in significant While it’s already possible
ined—see the Equifax hack, essarily pay for your new numbers, but the recently re- to spend your entire day
Russia’s manipulation of electric car with bitcoin, leased all-electric Chevrolet living in Amazon’s world, the
Facebook, and Amazon’s pur- you’ll continue to hear more Bolt ($36,620) will soon be company will continue
chase of everyone’s favorite about it and other cryptocur- followed by Nissan’s 2018 creeping into more corners of
overpriced supermarket. In rencies. (Yes, you’ll soon con- Leaf ($29,990), with a new your life. Take video: Analysts
2018, expect the invasion to sider buying an electric car.) look and 150-mile range—up estimate Amazon spent $4.5
n-
get even weirder—and more Tech is more powerful from 107 miles. billion on video content this
aggressive. than ever. To help you pre- There are also more af- year; next year, the company
Artificial intelligence will pare, here’s our annual fordable plug-in hybrids, with will spend even more—as
touch so many of the gadgets roundup of the tech that will enough range to make most much as Netflix did in 2017.
no
and services we use, we affect us in the year ahead. people’s daily commute an Why? People who come to
won’t even realize that ma- all-electric ride. The Chevro- Amazon for video tend to
Electric Cars Get Cheaper
chines, not humans, are be-
hind them. Hackers will con- In 2018, consumers will
let Volt ($33,220) can go 53
miles on electricity, while the
renew Prime memberships
and spend more on other
STARTUPS PLAY NAFTA WORRIES
tinue to pursue the get decent choices for elec- Toyota Prius Prime ($27,100) stuff, a company exec said. REPEAL OF NET DEPRESS DEALS
institutions that hold our
most sensitive information.
tric models priced around the
U.S. average for new cars:
can carry you 25 miles with-
out burning gas. In 2018,
So where is Amazon going
next? Furniture and appli-
NEUTRALITY IN MEXICO
The consolidation of power $35,000—even before factor- Honda will finally roll out its ances. Office services. How
by the big four—Amazon, ing in state and federal tax own 47-mile-range plug-in about your corner pharmacy? SMALL BUSINESS, B4 TRADE, B3
Facebook, Google and Ap- credits and lifetime savings hybrid, the Clarity ($33,400). Please see TECH page B4
Ivanka Trump Brand Buyers Snap Up Riskier Leveraged Debt

Has Walking Billboard Lightening Up
BY CHRISTOPHER WHITTALL where. Trillions of dollars of
sovereign debt, primarily in
BY JEAN EAGLESHAM father, President Donald Trump, Hellman & Friedman LLC The percentage of covenant-lite loans has grown sharply. Europe, continue to have nega-
AND LISA SCHWARTZ has done with his businesses. and other parties sought last tive yields, meaning investors
She receives certain financial month to borrow money in the 80% pay to lend governments
Ivanka Trump wore a peach information and a share of the bond market to finance a take- Europe money.
dress with ruffles, paired with profits, but says she doesn’t over. The U.S. private-equity U.S. With “far too much cash
pale taupe shoes, to a White participate in management. firm offered a yield of about 60 trying to find too few homes,”
House meeting with technology Yet every time she steps out 3%, but few of the protections private-equity firms “can be
executives in June. “Just sporting Ivanka Trump mer- once considered routine. more aggressive and lenders
peachy!” the Daily Mail newspa- chandise, Ms. Trump—wittingly Still, bond investors bought. 40 will take it,” said Adam Free-
per declared online, above 14 or not—is a walking billboard Rampant demand for lev- man, a partner at Linklaters
photographs of the first daugh- for her brand, and an example eraged loans is allowing pri- LLP.
ter’s outfit. “The best news is of the conflicts that arise when vate-equity firms to water 20 Some of the year’s largest
that you can buy this exact government employees have down legal safeguards for in- leveraged buyouts in Europe
dress at Zappos and it’s only both public and private profes- vestors. Many lawyers and have either removed covenants
$138. Follow the link at right to sional interests. bankers worry that such 0 and legal protections or al-
their website.” The Wall Street Journal re- changes could result in 2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17* lowed the borrower to control
The dress and shoes were viewed Ms. Trump’s outfits in higher losses for investors *Through Nov. 30 who buys its debt.
both from Ms. Trump’s name- her Twitter, Facebook and Insta- during the next downturn, as Source: LCD, S&P Global Market Intelligence THE WALL STREET JOURNAL. That included Bain Capital’s
sake brand, Ivanka Trump, gram postings about official ap- creditors find themselves and Cinven’s takeover of Ger-
which she still owns and from pearances between March 29, with less protection. In the financing of a previ- come in both the U.S. and Eu- man drugmaker Stada Arz-
which she receives a multimil- when she became a White Terms on loans from Hell- ous takeover of Nets in 2014, rope. But the most dramatic neimittel AG, Lone Star LP’s
lion-dollar annual income. House adviser, and the end of man & Friedman’s takeover of a separate group of private- shift has been in Europe, acquisition of German building
In an effort to minimize con- October. Star Style, a celebrity- Denmark’s Nets A/S allowed equity borrowers had to where the imbalance between materials maker Xella Group
flicts between her duties as a fashion website, identified the greater flexibility for the bor- prove that debt at the Danish loan supply and demand is and the takeover of Nets.
White House adviser and her fi- products. The analysis showed rower to take on more debt, payments company wasn’t most acute. Analysts say that along with
nancial interests as a business that Ivanka Trump dresses, extract cash from the company rising too quickly. Such a re- Investors are clamoring for low borrowing costs, the weak-
owner, the 36-year-old Ms. shoes, bags or jewelry appeared and even restrict who owns quirement wasn’t present this leveraged loans as years of low ening of deal terms has helped
Trump has placed her company, in 46 of the 68 outfits reviewed, the loans. That, though, is no time. interest rates and central boost the appeal of loans to
IT Collection LLC, in a trust run or 68%. longer unusual in the loan The move to more bor- banks’ bond buying have private-equity firms. In Eu-
by family members, just as her Please see BRAND page B2 market. rower-friendly terms has pushed down returns else- Please see DEBT page B10
B2 | Thursday, December 28, 2017 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Accenture....................A8
Alphabet......................A8
Geely Automobile
G
Holdings..................B11
P
Paccar..........................A2
PayPal..........................B6
BRAND Ivanka Wears Ivanka
Ms. Trump can showcase her company’s products to millions of people simply by wearing them.
AnchorFree..................B4 General Electric ........ B11 Proton Holdings..........A2 Continued from the prior page
Apollo Global General Motors...........B3 PRO Unlimited............A8 When Ms. Trump appears in
Management...........B10 H R public, she becomes part of a vi- June 22, 2017 June 27 June 27
Apple......................A8,B4 Hellman & Friedman...B1 brant ecosystem that thrives off Ivanka Trump’s fashion Ms. Trump is photographed Within hours, a fashion
Reliance
Arca Continental SAB B3 company sends out a leaving her Washington home website identifies Ms.
Hertz Global Holdings B3 Communications.....B11 celebrities. Photographers take
Arcam........................B11 Hyundai Motor............B3 marketing email that includes wearing a dress and shoes Trump’s bag, shoes and
Retrophin .................... B6 pictures of her and peddle them
Avis Budget Group.....B3 a promotion for its Tribeca from her company and earrings as her own brand and
I RH................................B1 to publications and websites,
B Royal Dutch Shell.......B3 which in turn offer commentary Box Satchel.* carrying the Tribeca Box provides links to retailers
Industrivarden...........B11
Bain Capital ................ B1 IT Collection................B1 S on what she is wearing and who Satchel. selling the items.
Banco del Bajío...........B3 made it. The chain ends by con-
J ServiceNow.................A1
Barclays.......................B3 necting shoppers to retailers
Jiangxi Copper .......... B11 Slice Intelligence ........ B2
Boeing ....................... B11
JPMorgan Chase.......B10 SquadRun....................A8 stocking the merchandise.
C Stada Arzneimittel.....B1 Sometimes the websites get a
K
Caterpillar...................A2 Subaru.........................B3 cut of the sales.
Kia Motors..................B3
Cerberus Capital
Komatsu......................A2 T Presidential first ladies and
Management...........B10 daughters can potentially make
M Tesla..........................B11
Cevian Capital ..... A1,B11 millions of dollars for apparel
Toyota Motor..............B3
Cinven..........................B1 Maglan Capital............B2
Trader Joe's................A8 companies by their fashion
D Microsoft .................... A8
choices. A study of Michelle
Mubadala Investment A2 V
Daimler................A2,B11
Vista Oil & Gas...........B3 Obama’s outfits in her first year
Dongfeng Motor Group N-O in the White House, by New
Volkswagen...............B11
...................................B11 Navistar International York University finance profes-
Volvo....................A1,B11
E .....................................A2 sor David Yermack, found that
Netflix.......................B11 W
Elliot Capital stocks of design firms and re-
Nets.............................B1 Whisper.......................A8
Management...........B10 tailers typically spiked after she *Email display has been modified for clarity.
Ningbo Joyson Y
F Electronic..................A2 wore their apparel. Sources: Ivanka Trump brand, Mega Agency, Star Style THE WALL STREET JOURNAL.
Yahoo...........................B6 By owning a fashion busi-
Facebook ..................... A1 Nintendo......................B4
Fiat Chrysler Nissan Motor..............B3 Z ness, Ms. Trump is in uncharted
Automobiles ............. B3 1Malaysia Development Zhejiang Geely Holding territory. “Ivanka Trump is test- Inside the Celebrity porch into a black SUV clothes and accessories on a
Ford Motor.....A2,B3,B11 ...................................B10 Group ........................ A1 ing the boundaries on federal appeared about three hours near-daily basis. The Daily Mail
rules that bar government em- Fashion Ecosystem later on the Daily Mail’s site, which had 60 million
ployees from using their posi- website. The “mother-of-three… unique U.S. visitors in October,
INDEX TO PEOPLE tion to promote brands that
personally enrich them,” says The paparazzi bring
looked sensational,” pairing her
dress with “wine-colored suede
according to comScore Inc., ran
67 articles on Ms. Trump in
Guian McKee, an associate pro- attention to the clothing Ivanka heels from her eponymous September and October, many
A Greebel, Evan..............B6 Perdomo, Daniela ....... B4 fessor in presidential studies at Trump wears even without her fashion line,” the article said. promoting items she was
Ahrendts, Angela........B4 H R the University of Virginia’s active participation. Celebrity-fashion website pictured wearing. A spokesman
B Hasan, Riyad...............B2 Ramos, Alberto...........B3 Miller Center. Just before 7:30 one Star Style posted the for the Daily Mail didn’t
Barros, João................B4 Haugland Bowen, Katie Riccio, Dan..................B4 Ms. Trump says she isn’t try- morning this fall, Riyad Hasan, photograph with an respond to requests for
Bohnaker, James........A2 .....................................B2 S ing to cash in on her White a freelance photographer on Amazon.com link to buy the comment.
Bowen, Katie Haugland Hunyady, Stefana.......B6 Sewell, Bruce..............B4 House role. “If what motivated assignment for the U.K.’s Daily shoes, the Ivanka Trump Star Style is one of the
.....................................B2 K Shkreli, Martin............B6 me was to grow my businesses Mail, turned up outside Ms. Kellsee Lace Up Pumps. Star sites paid by retailers for at
Brenner, Andrew.......B11 Sindler, Adam ............. B2 and make money, I would have Trump’s six-bedroom home in Style Chief Executive Katie least some of the sales
Kerschner, Edward....B12
.
Brodsky, Reed.............B6 Slater, Daniel............B11
L stayed in New York and done Washington. A Secret Service Haugland Bowen says the site generated. A spokeswoman for
ly
C T just that,” she said in an agent awaiting Ms. Trump said: identifies clothes and Ms. Trump’s fashion company
Christopher, Paul......B11 Loevinger, David.......B12 Tawil, David ................ B2 emailed statement. “There’s a photographer here accessories from photographs, said it doesn’t get advance
Cook, Tim....................B4 Lundie, Fraser...........B10 Trump, Ivanka........B1,B2 Online sales of the Ivanka every morning.” not tips by the brands or notice of what Ms. Trump will
E M W on Trump brand surged after the Photographs Mr. Hasan took celebrities. wear and it doesn’t seek to
Ehrlich, David............B11 Maestri, Luca..............B4 Walder, Nigel............B10 January inauguration, but they at about 9:15 a.m. of Ms. Star Style is just one of the leverage her use of the brand’s
F-G Musk, Elon................B11 Wojcicki, Susan..........A8 have trended downward since, Trump stepping off her back sites that track Ms. Trump’s products in its marketing.
Freeman, Adam...........B1 P Z data suggest. Research firm
Friedman, Gary ........... B1 Paulsen, Jim ............. B10 Zuckerberg, Mark.......A8 Slice Intelligence said e-receipts
us l,
from its panel of five million Meyer. The trust employs an technology summit, she wore White House. They include
shoppers showed sales in Octo- ethics adviser to review deals. the same Ivanka Trump outfit dresses, bags and shoes intro-
FAKE
al a
e
cally are more lucrative for the ber down 50% compared with Ms. Trump has instructed her for a Fox News Channel inter- duced after March, according to
industry. October 2016. Online sales paint company not to use her likeness view, a program seen by 1.7 mil- industry executives and Amazon
The Journal survey was sent only a partial picture, because in campaigns, and has required lion, according to TV-ratings data on when products are first
ci on
to 345 people among more the brand also is sold at depart- retailers to remove her image firm Nielsen. available on its site. The Ivanka
Continued from the prior page than 3,100 comments. The sur- ment and discount stores. from promotional materials, Ms. Trump tries to avoid Trump sleeveless crepe dress
found fraudulent postings un- veys were sent to those identi- “For those people who see people familiar with the matter wearing her brand during state she wore this summer to meet
der names and email addresses fied by the Journal as those her as someone to look up to say. Last year, she separated her visits or other high-profile education secretary Betsy De-
at the Consumer Financial Pro- who appeared to be unaffili- and who like her style, then personal social-media accounts events, but believes her shoes Vos and labor secretary Alexan-
er rs
tection Bureau, Federal Energy ated with industry or con- wearing her clothes helps the from her company one. and accessories stand out less der Acosta, for example, was
Regulatory Commission, Secu- sumer groups or firms. Most of brand,” says Wendy Liebmann, Still, she hasn’t opted to stop than clothing, according to first available on Amazon on
rities and Exchange Commis- the 345 comments were criti- chief executive of WSL Strategic wearing her merchandise or to someone knowledgeable about May 27.
sion and the Federal Communi- cal of the fiduciary rule. Retail, a consulting firm. “If you sell the company, which some her practices. Of the 68 postings Ms. Trump buys her clothes
m e
cations Commission. The Under the Administrative don’t like her, you’re not going ethics experts contend are the of outfits reviewed by the Jour- and accessories and doesn’t get
Journal’s findings were cited Procedure Act, agencies must to buy her clothes, whether she only ways to totally eliminate nal, nine included her com- any of her brand’s products free,
by calls from Congress to delay take comments under consid- wears them or not.” the conflict of interest. pany’s dresses. according to the person knowl-
m rp
the repeal of the FCC’s net- eration but needn’t pay heed In March Ms. Trump placed Ms. Trump regularly posts The outfits that show up in edgeable about her practices.
neutrality rule. to them. the company into a trust run by photographs of herself to her postings aren’t just ones she —Suzanne Kapner
The fiduciary rule has been The impact often comes af- her brother-in-law Josh Kush- 6.4 million Facebook followers. might have had in her closet al- and Lukas Alpert
fiercely opposed by brokerage terward, when the regulated ner and sister-in-law Nicole On the day of the White House ready when she joined the contributed to this article.
firms, insurance companies parties appeal to the next ad-
co Fo
and mutual-fund providers ministration, the courts or

that worry it will make it diffi-
cult to sell lucrative financial
products that come with high
fees.
Congress, which can alter a
rule or slow its implementa-
tion.
Failure to consider com-
BOSS
They also are concerned it ments has become a factor in Continued from the prior page
will add costs through new litigation, with judges some- mailed out catalogs that some-
disclosure requirements and times forcing an agency to ad- times exceed 2,000 pages.
procedures, which in turn will dress comments it ignored. Such moves helped lift the
discourage some companies Mercury said the results of business from the verge of
and financial advisers from the survey indicate “that the bankruptcy and transform it
serving investors with small practice of submitting com- into a luxury furniture chain
nest eggs. ments without the approval of with more than $2 billion in
GUSTAVO CABALLERO/GETTY IMAGES
The Trump administration’s the individuals identified oc- annual revenue in 2016.
n-
Labor Department is delaying curs with frequency.” RH borrowed more than

implementation of most of the Ralph Litten of Liberty, Mo., two-thirds of the money it has
rule from Jan. 1 to July 1, 2019, is no fan of government regu- spent on the share repur-
while it reviews the economic lations. But he says in an inter- chases, including $350 million
no
impact. view the comment attributed in zero-interest convertible

It is unclear who is posting to him was false and he was notes due in 2019 and another
the fraudulent comments. The unhappy it included his per- $300 million due in 2020.
rule so far has been a boon to sonal information. Such notes don’t require peri-
the brokerage industry because “The Federal Government odic interest payments, but The share price of furniture retailer RH has risen despite the persistence of short sellers.
firms have been pushing cus- under the Constitution has no the company said it plans to
tomers toward accounts that authority to define or regulate pay down the debt over the operational moves such as re- capital-intensive real estate
charge an annual fee on their in any manner how or when I next few years. ducing inventory and closing strategy. It is now selling more
assets—rather than commis- make use of my retirement ac- Mr. Friedman said the re- distribution centers. RH also of the buildings that it devel-
sions that can violate the rule. counts,” states the com- purchases were possible in slowed its store-remodeling ops to new owners and leasing
These fee-based accounts typi- ment attributed to Mr. Litten. part because of savings from plans and developed a less them back at a lower rent.
MARC PISCOTTY/GETTY IMAGES
“It’s definitely a ‘show me’

story now,” said Adam Sindler,
ADVERTISEMENT ADVERTISEMENT
an analyst at Deutsche Bank.
“If you give this company
enough time, they have shown
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
Legal Notices you that their ideas are good
ones.”
To advertise: 800-366-3975 or WSJ.com/classifieds
RH’s buyback has also
caught the attention of critics Chief Executive Gary Friedman
BUSINESS OPPORTUNITIES BANKRUPTCIES who say it wouldn’t be neces-
sary if the company’s business tional events with a member-
!"

LEGAL was headed in the right direc-
tion.
ship program that costs $100
a year in exchange for 25% off
! # $

!"
#$%& '(%%'

NOTICES “They are using their last
available dollars to buy back
their least valuable security,”
merchandise.
Since then, Mr. Friedman
said he has consolidated the

) * & ADVERTISE TODAY said David Tawil, president of company’s distribution net-

Maglan Capital, a hedge fund work. The membership pro-

!

that is betting against RH. gram has helped smooth out

"

(800) 366-3975 “That money could be put to the timing of sales, making it
# $ # + , * ' + sales.legalnotices work in operations and to im- easier to manage orders. Sales

%'%-%'. & ). /
. # 0.1 prove the fundamentals of the at RH stores that have been
2 ) 3.
/& 2 /3 '.% ' @wsj.com business.” open at least a year have
/3 '.% /3 '.% /3
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# 0)1 5% ) %/%%6 )%' 2 ' For more So far, Mr. Friedman’s buy- climbed for the past three
"% &''()')( ' *+,-# " ./

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THE WALL STREET JOURNAL. * * Thursday, December 28, 2017 | B3
BUSINESS NEWS
Nissan Rides Rental Market for Sales

Japanese car maker U.S. However, its momentum
takes lead in segment

comes at a price as its operat- Cars for Hire Backing Out NV killed two mainstay rental
ing margins fell sharply in re- cars in 2016—the Dodge Dart
that some rivals cent quarters.
Nissan has stepped up its sales to U.S. rental-car companies. Of the Rental Lot and Chrysler 200 sedans. As a
Company executives say the Rental sales as % of total units Top 10 rental vehicles in 2017† result, the company is on pace
consider unprofitable hefty sales to rental car firms to reduce its rental deliveries
20% Nissan Altima 70,826
make for a profitable business. General Motors Co. has cut this year by nearly 30%, or
BY MIKE COLIAS But Nissan’s financial picture Hyundai Dodge Caravan 65,674 back on sales to rental about 100,000 vehicles com-
will need to improve before 15 Nissan companies of the types of ba- pared with 2016.
Nissan Rogue 55,969
Nissan Motor Co. is on critics of the strategy buy in. Fiat Ford F-Series 49,963 sic cars that were fine for Ford Motor Co., historically
track to be the first foreign Nissan’s appeal to individ- 10 Chrysler
Toyota Corolla 48,427
business travelers, but tough less reliant on rental sales, has
auto maker to outsell Detroit’s ual buyers has slipped as con- Ford to sell once they came out of long relied on commercial fleet
GM Toyota Camry 47,620
Big Three in the rental-car sumers shift to SUVs and rental service. buyers for profitable sales.
market on an annual basis, the trucks, categories where De- 5 Toyota Ram pickup 44,810 An overabundance of Chev- Pickup trucks and work vans
result of an unconventional troit has an edge. Nissan has Nissan Versa 37,989 rolet Impala sedans flooding dominate the commercial
bet on sales to fleet customers sweetened its incentives on 0 Nissan Sentra 35,635 the used-car market, for exam- market.
when most rivals are focused cars, a move that contributed 2012 ’13 ’14 ’15 ’16 ’17* Ford Fusion 33,045 ple, could risk pinching resale Korea’s Hyundai Motor Co.
on retail buyers. to a 42% drop in its operating values and cheapening the and Kia Motors Co. have also
General Motors Co. and profit in the six months ended *Data through November †Data through October brand. leaned on rental companies to
Fiat Chrysler Automobiles Sept. 30. Source: Polk/IHS Automotive THE WALL STREET JOURNAL. GM had used these lots as take big chunks of volume, but
NV once ruled rental lots, but Japan’s auto makers typi- a dumping ground for their they have also backed away in
in recent years have backed cally limit rental sales. For in- als are “very profitable busi- “We don’t go into it saying, least-appealing cars, a tactic to 2017.
away from the traditionally stance, they account for less ness for us” because of a strat- ‘I have too many of these, pad sales and keep factories Nissan Motor Co.’s Altima
thin-margin business because than 5% of total sales at Honda egy of selling well-equipped what can I get rid of?’ ” she running when demand from and Rogue, meanwhile, have
it can hurt brand image and Motor Co. and Subaru Corp., cars rather than stripped- said. “I think of it as a way to regular buyers slowed. emerged as two of the three
resale values when done in ex- according to Bobit Business down models. get more customers to con- But in recent years, the highest-volume rental cars in
cess. Most other foreign auto Media, a trade publication that Once known for sending sider us.” auto maker has become a vo- the U.S., according to data
makers, as well as Ford Motor tracks the rental industry. bare-bones vehicles to Hertz Nissan sales have been cal critic of that approach to compiled by IHS Automotive
Co., are unwilling to fill the Toyota Motor Corp. histori- Global Holdings or Avis Bud- higher than normal in recent boost sales. for the first 10 months of this
void. cally has contained them at get Group, Nissan has more months as the hurricanes in Fiat Chrysler Automobiles year.
Nissan had sold 281,167 ve- roughly 8-9% of overall sales. recently started seeding lots Texas and Florida created re-
hicles to rental buyers through Nissan U.S. sales chief Judy with snazzier versions of the placement demand. Nissan
November, the most of any Wheeler said the company has Altima sedan and Rogue SUV, also is increasing sales to com- cles sold annually end up on creased selling higher-end
auto maker and 10% more than boosted rental sales to 18% of including models with naviga- mercial buyers, such as con- rental lots, according to Bobit. models to the rental business
GM. total deliveries, which is up tion screens, heated seats and tractors and delivery firms, Kurt Kohler, a senior execu- as a way to leave an impres-
The Japanese auto maker, from about 14% in 2015 and far advanced safety gear. Ms. generally a more-profitable tive in charge of Enterprise sion on renters who may later
which aims to reach 10% U.S. higher than industry average. Wheeler said those offerings outlet than a rental lot. Holdings Inc.’s fleet acquisi- be in the market for a vehicle.
market share by 2019 after it While the company doesn’t make a better impression on Demand from rental-car tion, said the rental business “It doesn’t require expen-
missed that target in fiscal break out profit margins by people not familiar with the companies has remained doesn’t have to kill auto mak- sive retail advertising, and is a
2017, is among the fastest- business line, Ms. Wheeler brand, and the tack protects steady, meanwhile. About 15% ers’ bottom lines. He said mul- guaranteed source of busi-
growing auto makers in the said in an interview that rent- resale values. of the roughly 17 million vehi- tiple car companies have in- ness,” Mr. Kohler said.
.
Shell, Barclays to Take
ly
Charges in Tax Law
on
BY SARAH KENT they viewed the drop in U.S.
us l,
AND MAX COLCHESTER corporate taxes as a positive

in the longer run. Barclays,
al a
e
LONDON—Royal Dutch though, said that it was still
Shell PLC and Barclays Bank reviewing the effect of other
PLC said they would take large provisions in the tax overhaul,
ci on
charges attributable to the including those related to so-

U.S. tax overhaul—joining a called base erosion—the
parade of global firms in re- movement of profits by com-
cent days disclosing how panies to lower-tax jurisdic-
RICARDO BELIEL/BRAZIL PHOTOS/LIGHTROCKET/GETTY IMAGES

American tax-bill changes will tions. Foreign firms have com-
er rs
affect their bottom line. plained that the base-erosion

Shell estimated its U.S. tax- measures could also affect
related charge in the fourth many legitimate tax arrange-
quarter could amount to be- ments by multinationals, and
m e
tween $2 billion and $2.5 bil- add to their overall tax bur-
lion, stemming from a reduc- den.
tion in the value of its “It is possible that any im-
m rp
deferred tax assets. Companies pact of [the base erosion mea-

can log such assets during un- sures] could significantly re-
profitable periods and can use duce the benefit of the
them to offset future tax pay- reduction in the statutory U.S.
ments. Those assets—essen- federal rate,” Barclays said.
co Fo
The bank said that because of

uncertainty over how these
Many foreign firms measures would be applied, it
wasn’t possible to “reliably es- Blue agave stacked in front of a Jose Cuervo production facility. The tequila maker’s IPO raised $900 million earlier this year.
will receive lower U.S. timate” how they would affect
rates, but other
Deal Making Falls Again in Mexico
the bank.
On Friday, Credit Suisse
benefits are less clear. Group AG said it would write
off $2.3 billion in the fourth
quarter as it also decreased BY ROBBIE WHELAN Mexican companies to go open to the global market.” raised just $960 million, while
the value of tax-deferred as- shopping before it dipped Deal making peaked in Mex- this year, six IPOs raised $3.2
tially credits toward future tax sets dating back to financial MEXICO CITY—Deal making again toward year’s end. ico in 2010, soon after the billion, Dealogic said. The
payments in the U.S.—are crisis-era losses. by Mexican companies de- Arca Continental SAB, a global financial crisis, at more most notable of these was the
worth less on paper after the The tax rewrite, signed by clined for the second year in a large food-and-beverage pro- than $80 billion, more than half Beckmann family’s February
n-
tax overhaul sharply reduced President Donald Trump last row in 2017 on concerns about ducer based in Monterrey, of which was made up of acqui- initial offering of Jose Cuervo,
corporate tax from 35% to 21%. week, brings lots of benefits the future of free trade with Mexico, paid $2.7 billion in sitions of Mexican companies. one of the world’s largest te-
Barclays, meanwhile, said it for U.S. companies, including the U.S. and uncertainty re- February for Coca-Cola South- But M&A and initial public of- quila makers, which raised
would take a noncash charge the sharp drop in the U.S. cor- lated to next year’s presiden- west Beverages, becoming the ferings have both been trending $900 million. Other IPOs in
no
of £1 billion ($1.3 billion) in porate tax rates. Many foreign tial elections. soft drink’s exclusive bottler in down since 2014. Even as Mex- 2017 included Vista Oil & Gas
the fourth quarter, citing simi- firms will also benefit from Mergers and acquisitions the Southwest U.S. It was the ico’s economy has expanded and lender Banco del Bajío.
lar changes in the value of its that drop. But other benefits involving Mexican companies largest acquisition by a Mexi- over the past year, transaction Corporate chiefs say a con-
deferred tax assets and liabili- are less clear, and in some and assets totaled $23.7 billion can company in 2017. volume has been muted. One fluence of factors is motivating
ties. The charge, combined cases the reworked U.S. tax in dollar terms, a decrease of “There’s been a change of at- bright spot this year was the re- companies to turn toward the
with other restructuring costs, code could hurt non-U.S firms. 5% from 2016, according to titude and more maturity about emergence of IPOs, which rose global market, including easier
is expected to push the U.K. Credit Suisse said that a data compiled by Dealogic. how to do things when we look by more than 200% in dollar- access to international bond
bank to a net loss for the year. new U.S. tax on services and There were 230 transactions abroad,” said Ulises Fernández value terms, driven by a flurry markets, a more stable peso, a
Barclays also said its capital interest payments to affiliated in 2017, compared with 241 the de Lara, Arca Continental’s of offerings by companies in focus on improving corporate
ratio, a key measure of bal- companies outside the U.S. year before. head of investor relations. banking, oil drilling and tequila. governance and the saturation
ance-sheet strength, will fall could push its tax liability up. “The main reason is the sig- “We’ve tried to be a lot more In 2016, five offerings of domestic consumer markets.
by 0.2 percentage point— But German luxury car nificant uncertainty related to
though that would likely be maker BMW AG said it expects the economy and free trade.
too small to worry investors. deferred tax liability adjust- Nafta is being renegotiated,
Shares of Shell and Barclays ments to boost its 2017 profit and there’s a serious chance
closed slightly higher on the by a range of between €950 the deal could fall apart,
London Stock Exchange. million and €1.55 billion, ($1.13 which could seriously reduce
Both companies said that billion to $1.84 billion), ac- Mexican companies’ access to
despite the big paper losses, cording to initial calculations. the U.S. market,” said Alberto
Ramos, Latin America econo-
Foreign Filings
mist at Goldman Sachs.
Mr. Ramos also cited con- Crystallize your
For non-U.S.-based multinationals, the tax overhaul has
triggered expectations of noncash gains and charges,
cerns in the market about a
possible presidential win by savings plan.
related to deferred tax liabilities. Here are some estimates: Andrés Manuel López Obrador,
the nationalist leader who cur-
Expected charges: rently sits atop polls ahead of
1.65
July’s presidential election.
12-MONTH CD
%
Royal Dutch Shell U.K./Netherlands
“López Obrador has in the
$2-2.5 billion past espoused more radical,
Credit Suisse Switzerland more extreme views on policy,
a more inward-looking, nation-
$2.3 billion alist approach, which has
APY*
Barclays U.K. some people concerned,” Mr.
Ramos said. “If you’re thinking
$1.3 billion
about more strategic, long-
term investments, you proba- $2,000 minimum opening deposit
Expected gains: bly want to wait for some of
Daimler Germany that uncertainty to pass first.” Secure this great CD rate from Synchrony Bank.
$2 billion The uncertainty was ex-
pressed throughout 2017 in Visit us at synchronybank.com or call 1-800-753-6870 to get started.
BMW Germany the value of Mexico’s currency.
$1.1-1.8 billion After dropping to historic lows * Annual Percentage Yield (APY) is accurate as of 12/1/17 and subject to change at any time without notice.
against the dollar in the days A minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be
Fresenius Germany before the inauguration of U.S. imposed for early withdrawals. Fees may reduce earnings. After maturity, if you choose to roll over your CD, you will
President Donald Trump, the earn the base rate of interest in effect at that time. Visit synchronybank.com for current rates, terms and
$0.1 billion account requirements. Offer applies to personal accounts only.
peso firmed up as the year © 2017 Synchrony Bank
Source: the companies THE WALL STREET JOURNAL. progressed, allowing more
B4 | Thursday, December 28, 2017 THE WALL STREET JOURNAL.
BUSINESS NEWS
Net-Neutrality Repeal Offers Opportunity

From VPNs to mesh networks, efforts to find an alternative route to internet access are gaining ground in Silicon Valley
BY DOUGLAS MACMILLAN to take existing technolo- video-streaming sites and able radio frequencies.
gies—including virtual pri- Alternative Access other high-bandwidth appli- Ms. Perdomo, a New Yorker
Some consumers are con- vate networks and wireless Concerned about the growing power of large internet service providers cations, which generally take who dreamed up goTenna
cerned about the power of “mesh” networks—and turn (ISPs), startups are harnessing technologies like mesh networks and longer to load when connect- when Hurricane Sandy ren-
U.S. telecom giants that stand them into products that virtual private networks (VPNs). ing through a VPN. Anchor- dered the city’s cellphone ser-
to gain from the repeal of could one day help millions Free has also drawn concerns vice unreliable in 2012, said
“net-neutrality” rules. Dan- of people reduce the need to Virtual Private Network about how it collects user her broader goal is to build a
iela Perdomo’s rely on broadband providers data for the purpose of sell- free, “bottom up” communica-
1. Internet comes from the ISP to the user. 2. Activity is shielded
SMALL company offers for web access. from the ISP. ing ads, according to a com- tion network accessible to all
BUSINESS a workaround: Many such efforts were plaint filed with the Federal and more reliable than the “top
Your computer
A $90 antenna launched before 2015, when Internet Trade Commission this year. down” networks controlled by
that lets users the FCC set limits on broad- Service Provider Mr. Gorodyansky, whose a few large companies.
send messages without cellu- band providers. They are VPN company has raised more Matt Filip, a 33-year-old
lar service or Wi-Fi. finding new significance in a than $62 million from inves- field engineer in Downers
Ms. Perdomo is among the world without those limits. tors including Goldman Grove, Ill., bought a goTenna
entrepreneurs whose vision The projects are early in Sachs Group Inc., said his earlier this year and has since
for an alternative route to in- development and unproven. service is only “slightly used it to communicate with
ternet access is finding takers And it isn’t clear whether slower” than normal web friends on hunting trips. He
in Silicon Valley, where tech fewer regulations will affect browsing. He said the com-
types were rattled by a re- competition and prices in VPNs can slow load times and pany doesn’t sell users’ data
cent government decision to the internet market. can be blocked by ISPs. to third parties. Daniela
overturn rules that required “Net neutrality has been A mesh network may be Perdomo’s
big internet providers to killed at the behest of large Mesh network another alternative to tradi- company
treat all traffic equally. carriers and network compa- tional internet access. Instead makes an
On a typical network, each Access point
“Society requires connec- nies,” said Om Malik, a part- device must be connected
of accessing the internet antenna that
tivity to function and to ad- ner at True Ventures and to one access point… through one provider, users connects with
vance but we are leaving tele- longtime Silicon Valley com- of a mesh network pull bits sister devices.
communications in the hands mentator. “Technology needs of information from many
of a few large corporations,” to figure out a way to in- different nodes—such as
Ms. Perdomo said. “The lack crease competition.” phones, laptops and anten- plans to set it up at home to
Connected
of a choice is a problem.” One way might be through node nas—around them, and often support other goTenna users.
The Federal Communica- virtual private networks, or serve as a node themselves. Another vision of mesh net-
tions Commission voted ear- VPNs, a technology that busi- Node That is the idea behind works is taking shape in Porto,
lier this month to dismantle nesses use to let remote work- Ms. Perdomo’s company go- Portugal, where startup Veniam
so-called net-neutrality rules. ers connect to a secure online Node Tenna Inc., which makes a worked with city officials to in-
These Obama-era regulations portal. Some VPNs help users Node strap-on antenna the size of stall wireless sensors on mov-
were designed to prevent shield their physical location …but on a mesh network, as long as any one “node,” or device, is connected to a smartphone that can con- ing vehicles, including buses
broadband providers from us- and browsing patterns from the internet, every other device connected to that device is also connected. nect with sister devices sev- and garbage trucks. The vehi-
ing their power to limit web internet service providers or Sources: AnchorFree Inc.; eral miles away using a radio cles connect to Wi-Fi hot spots
access. Without those protec- governments, such as in Saudi Veniam THE WALL STREET JOURNAL. signal. The devices sync to and to each other to create an
.
tions, telecom giants may be Arabia, where users relied on phones for a connection internet network. Veniam has
ly
free to charge more for ac- the software to circumvent a Park, Calif., startup that pro- harder for telecom companies strong enough to send en- deals with carriers including
cess to high-speed internet, statewide block of voice-call- vides VPN service Hotspot such as AT&T Inc. or Verizon crypted texts and GPS coor- Vodafone Group PLC, which
making survival harder for ing service Skype last year. Shield. “We are going to do Communications Inc. to slow dinates between devices. provides free wireless access to
smaller startups, which can’t “We have been fighting onthe same in the U.S.” Ameri- down a site or completely As more antennas are added bus riders and other Porto resi-
afford to pay extra fees. this net-neutrality battle in cans could use a service like block users from viewing it. to the network, the messages dents. João Barros, Veniam’s
Some investors and entre- other countries over the last Hotspot Shield to cloak their One problem with VPNs is can be sent over distances sur- founder, says a system like
preneurs are seeking to fight five years,” said David digital whereabouts from speed. The online services passing 4 miles. Rather than this only works when wireless
back with technology. They Gorodyansky, chief executive broadband providers. In most in danger of being Wi-Fi or a cellular signal, go- internet providers treat differ-
us l,
are building startups that try of AnchorFree Inc., a Menlo theory, that would make it blocked or throttled include Tenna relies on publicly avail- ent users of data equally.
al a
e
TECHNOLOGY WSJ.com/Tech
ci on
Apple CEO, Executives Get Raise TECH

buttons and improved
cameras. What happens in
2018? Software.
With the iPhone X, Apple
er rs
Continued from page B1

BY TRIPP MICKLE pay increase was driven by his lion, surpassing Apple’s other highest-paid executives has already changed how we
cash bonus, which was hinged targets of $225.2 billion for received smaller increases in The Net Loses Neutrality interact with our screens
A year after delivering an on exceeding the revenue and sales and $57.9 billion for op- total compensation, according This month, cable with a new set of swipes and
unusual pay cut, Apple Inc. profit targets set by the board. erating income. Still, revenue to Wednesday’s filing, each companies and telcos got taps. The next iOS and the
m e
gave Chief Executive Tim Cook Apple’s sales improved in remained below the record set rising about 6% to just over what they wanted from the 2018 iPhones should push the
and other top executives a big fiscal 2017 on strong demand in Apple’s fiscal 2015. $24 million from just under Federal Communications new screen interaction
boost in compensation for fis- for newer devices, including Apple’s slump in 2016 took $23 million a year ago. They Commission: the rollback of further. As Apple’s face-
m rp
cal-year 2017 as the company the iPhone 7, the MacBook Pro a bite out of the total included Chief Financial Offi- net-neutrality regulations. In unlocking system develops,
exceeded annual sales and and the iPad Pro. The company compensation of Mr. Cook and cer Luca Maestri, Senior Vice the short term, you’re not our facial glances and
profit goals, according to a se- also benefited from another the rest of the executive team. Presidents Angela Ahrendts likely to notice anything movements likely will do
curity filing on Wednesday. year of more than 20% sales His compensation fell 15%—all and Dan Riccio, and General different—your internet even more. There is also talk
Mr. Cook’s total compensa- growth from its services busi- in reduced cash bonus—as Ap- Counsel Bruce Sewell, who is provider likely won’t block of Apple allowing one-size-
co Fo
tion for the fiscal year, which ness, which includes iTunes, ple failed to meet financial retiring at the end of 2017. access to your favorite fits-all apps that can run on
ended in September, jumped Apple Music, Apple Pay and goals because of a sharp de- Compensation for each in- services. both Mac OS and iOS.
47%—to $12.8 million—the App Store sales. cline in iPhone sales and a cluded about $1 million in sal- But providers may unveil In the Android world, as
largest bump among the five Revenue for fiscal 2017 to- downturn in the company’s ary, $20 million in restricted some new carrots and phones get the latest Android
executives listed in Apple’s an- taled $229.2 billion, while op- China business. stock, and $3.1 million in cash sticks: A wireless plan with 8 (a k a Oreo) software,
nual proxy filing. Mr. Cook’s erating income hit $61.3 bil- For the latest year, Apple’s for performance. “free” access to your phones will benefit from
favorite video service, say, battery-life improvements
or a home broadband cap and new notification-taming
you discover when your tricks.
internet speed slows to a
crawl after too much 4K AI Moves in Everywhere
video streaming. While our conversations
You might even see a with Alexa and Siri show no
different sort of plan, a cheap signs of letting up, artificial
n-
one subsidized by—and intelligence will move more

centered on—the internet quietly into other aspects of
giants themselves. This is our digital lives.
how Facebook operates in Already you can see it in
no
vast swaths of the developing Gmail’s auto-replies. Google’s

world, where users see the machines analyze your email
MARK RALSTON/AGENCE FRANCE-PRESSE/GETTY IMAGES
internet and the social style to suggest appropriate

network as one and the same. instant responses. And ever
receive an alert from
Cryptocurrency Feels Facebook when someone
Less Cryptic posted a photo of you with
Currently, crypto no tag? Its bots are looking
“currencies” are more like out for your face.
crypto “gold”—the mania All this will get faster, too.
over bitcoin and its ilk makes In late 2017, Google, Facebook
them better for hoarding and Apple launched mobile
than spending (if you can machine-learning tools for
stomach the ups and downs). app developers, and new AI-
No one knows which of the optimized chips from
hundreds of existing or companies like Qualcomm
Switch consoles got a workout at a videogame show in Los Angeles in June. Nintendo has warned of a delay for 64-gigabyte game cards. proposed cryptocurrencies and Apple are starting to pop
will be around for the long up in smartphones.
Nintendo Flags Hiccup for Switch haul. Meanwhile, the ease of

buying and selling them
means that the wild ride of
2017—bitcoin exploding from
The Assault on Security
and Privacy Continues
There is a good chance you
BY TAKASHI MOCHIZUKI on Switch-specialized cards, rect knowledge of the discus- gabyte card is available. around $1,000 per coin to were hacked in 2017. There is
which are about the size of sions. Even without the 64-giga- nearly $20,000 in late a good chance it will happen
TOKYO—Nintendo Co. told memory cards used in digital They said the notice disap- byte card, the Switch has a December before plunging again in 2018. The Equifax
outside game developers it is cameras. Outside game devel- pointed some software mak- growing library of titles. Nin- 25%—could repeat in 2018. hack, which exposed the
delaying delivery of 64-giga- opers rely on Nintendo for the ers, especially U.S.-based pub- tendo’s flagship Switch High transaction fees Social Security numbers of
byte game cards for its Switch cards. lishers that often produce games—including “The Legend mean that bitcoin is largely nearly 143 million Americans,
console until 2019, people fa- Currently, the Switch cards data-heavy games. Those pub- of Zelda: Breath of the Wild,” failing one of its original revealed just how exposed
miliar with the matter said, can hold up to 32 gigabytes of lishers may wait for the 64-gi- “Super Mario Odyssey” and missions—to become easily our information is.
meaning gamers may have to data. That is less than the Blu- gabyte card to release such “Xenoblade Chronicles 2”—all transacted digital money. The Security experts warn that
wait longer for some data-rich ray discs used by rival con- games for the Switch. take up less than 16 gigabytes. crush of systems and consumers could face new
software titles. soles, including Sony Corp.’s Some leading U.S. publish- Serkan Toto, a game-indus- alternative coins designed to threats, particularly in their
The delay comes after a PlayStation 4 and Microsoft ers have produced only a few try consultant based in Tokyo, fix that is going to be a major internet-connected TVs, toys
successful first year on the Corp.’s Xbox One, which can titles for the Switch so far, al- said software releases from theme of 2018. By the end of and other “smart”
market for the Switch, a hy- store up to 50 gigabytes of though the storage-capacity well-known franchises are in the year, you might actually appliances. Marketers and
brid between a living-room data. Nintendo used the cards issue is only one possible rea- the works for 2018 and these be able to use digital social media platforms will
game console and a portable for the Switch because they son a publisher would wait. would help maintain the currency to buy a pizza get more aggressive, too,
player that has sold more than take up less space and make Other reasons may include Switch’s momentum. without paying an compiling everything from
10 million units. The large and the device more portable. business ties with rival con- Nintendo expects cumula- extortionate fee. your location to your credit-
growing base of Switch users Nintendo had planned to sole makers. tive sales of the Switch ma- card transactions to tailor
is an attractive market for make 64-gigabyte cards avail- Also, the Switch’s comput- chine, which was introduced Software Drives ads to you.
game makers. able to partner developers in ing power trails that of other this past March and retails for Smartphone Progress But the broad data-
While users can download the second half of 2018, but consoles, and some outside $299.99 in the U.S., will top 16 Smartphone hardware protection regulations going
games for the Switch off the recently told them that it developers said the Nintendo million units by March 2018. leapt forward in 2017. Apple into effect in Europe this May
internet, many choose the would push the date back to device might not be well- The Switch’s predecessor, the and Samsung crammed could change how U.S.
more-old-fashioned option of 2019 owing to technical issues, suited to data-heavy titles re- Wii U, sold 13.6 million units bigger screens into smaller companies treat your
buying packaged software sold according to people with di- gardless of whether the 64-gi- during its four-year life cycle. phones, got rid of home personal info.
THE WALL STREET JOURNAL. Thursday, December 28, 2017 | B5
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MANAGEMENT
WORKAROUND
Scandals Reshape CEO Searches Employee

Boards expand their
reference checks,
Mentorship
weigh tougher stance Gets Reboot
on past misbehavior PayPal Holdings Inc. had
a chemistry problem.
BY JOANN S. LUBLIN The San Jose, Calif., pay-
ments company for years re-
Corporate boards have be- lied on an algorithm to
gun taking a tougher stance in match employees with more
vetting CEO candidates out of senior staff serving as men-
fear that the scourge of sexual tors. But neither the mentors
misconduct may reach the cor- nor the protégés were
ner office. thrilled with the setup.
The heightened scrutiny “There was need for the
comes as allegations of sexual human connection,” said
harassment topple high-profile Stefana Hunyady, a senior di-
men in the media, technology, rector at PayPal who oversees
advertising and entertainment the mentorship program.
AXEL KOESTER/CORBIS/GETTY IMAGES
industries. Several prominent Some mentors felt as if they

executives have lost their jobs were preaching instead of
following alleged misdeeds having conversations; proté-
that occurred years ago. gés described their interac-
Now, for the first time, some tions with mentors as cold
directors say they would fire and felt they couldn’t be open.
their company’s leader if past Employees—especially
offensive behavior came to light women and minorities—value
during his or her tenure. Other mentorship, according to a new
boards are expanding reference survey, and guidance from the
checks of CEO contenders or Social media make it harder for executives to hide prior misdeeds. Producer Harvey Weinstein faced accusations by dozens of women. top can help them climb the
seeking a top executive who can ladder. But formal programs
shake up a toxic culture that boardrooms today.” Some investigators take that Similarly, psychological says. can be tough to get right.
previously ignored harassment, The contractual protection approach because it is requested evaluations pinpoint leadership Consider how he scruti- The survey, from search
according to executive recruit- is worth looking at, says by corporate clients who will capabilities rather than previ- nized a contender for the top firm Heidrick & Struggles In-
ers and leadership advisers. Charles Elson, a corporate gov- make the reference calls them- ous improprieties, says Matt spot at a services-industry ternational Inc., finds that
“As board members, we have ernance specialist and board selves. But it rarely reveals law- Paese, vice president of succes- company earlier this year. Mr. more than three-quarters of
to put our own elbow grease member for HealthSouth Corp. suits alleging workplace sexual sion management and C-suite Crist was puzzled over why 1,032 North American em-
and time into thoroughly and Bob Evans Farms Inc. misdeeds, says Michael D. Alli- services at Development Di- the well-qualified executive ployees polled said their best
checking out the character of Even so, it is unusual. At- son, head of International Busi- mensions International. The had just quit his last job. mentors were “very impor-
any CEO we hire,” says Brent torney Stewart Reifler, a Ved- ness Research, a corporate in- human-resources consultancy The man finally admitted tant” or “extremely impor-
Saunders, chief executive of Al- der Price partner who negoti- vestigations firm. “I don’t know conducts executive assess- that he had made a pass at a tant” for their careers.
.
lergan PLC, a pharmaceuticals ates CEO agreements, has that we can dig deeper.” ments, which usually involve young female colleague after Women and minorities
ly
maker. “Reputation manage- never seen contracts that In 2012, Yahoo Inc. direc- lengthy interviews and tests to having a few drinks during a were more likely than the
ment is becoming an increas- threaten dismissal over subse- tors ended the brief tenure of gauge personal values, critical- 2016 office party. A witness overall pool of respondents to
ingly important component of quent disclosure of pre-em- Chief Executive Scott Thomp- thinking skills and abstract- described the episode online. view mentorship as crucial.
the valuation of a business,” ployment misconduct. Con- onson after they discovered he reasoning abilities. “He was trapped because this But nearly three-quarters
adds Mr. Saunders, a Cisco Sys- tracts typically let boards fire lacked a computer-science de- Board members who are was on social media,’’ Mr. of those surveyed said their
tems Inc. director. a chief for cause due to delib- gree that his public biography vetting CEO candidates in- Crist says. The recruiter killed company didn’t have a for-
Another veteran director erate neglect of duties, gross said he had. The company used creasingly ask DDI to divulge the executive’s candidacy. mal mentoring program. And
expects that boards soon will misdeeds, a felony conviction background checkers to con- “any signal that there might As boards intensify their re- 20 executives interviewed by
us l,
ask CEO prospects to divulge or company-related fraud. firm Mr. Thompson’s creden- have been past bad behavior,’’ view of possible CEOs, perva- Heidrick were skeptical of
more about themselves be- Many boards have long re- tials, a person close to the mat- Dr. Paese says. sive social media make it such initiatives.
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cause directors will insist they quired a background investiga- ter says. It is unclear whether “Today, directors want Mr. harder for aspirants to hide PayPal opted to test a new
accept employment contracts tion, psychological assessment discrepancies emerged before Clean,” says Peter D. Crist, prior misbehavior. That is obvi- mentoring model this year. In-
that punish prior sexual ha- and reference checks before Mr. Thompson took the top job. chairman of Crist/Kolder Asso- ous from the “#metoo” move- stead of the company simply
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rassment or other misbehavior selecting a CEO. Their due dili- Mr. Thompson received no ciates, an executive-search firm. ment, the national online out- assigning pairs, employees can
that surfaces later. gence doesn’t always go far severance pay and lost his un- “In the past, some boards over- pouring by sexual-harassment sign up for group sessions
“We can fire you for cause” enough, however, because pri- vested Yahoo equity. He now looked the whiff of scandal.” victims this fall after dozens of where one mentor chats with
and force repayment of sub- vate investigators sometimes runs Tuition.io Inc., which lets Mr. Crist has long dug deep women accused Hollywood six individuals. If after a few
stantial compensation, says limit executive probes to pub- users manage their student before presenting prospective producer Harvey Weinstein of meetings, there is a profes-
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the director, who leads several lic records of bankruptcy, loan portfolios. Mr. Thompson CEOs to directors. “Anything harassment and assault. Mr. sional spark, protégés can ask
audit committees. “That is the drunken-driving convictions, couldn’t be reached for com- that could embarrass is the Weinstein has apologized and the leader to be their mentor.
thinking that is going on in divorce and the like. ment. screen I am looking for,” he denied any nonconsensual sex. —Rachel Feintzeig
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Shkreli Cohort Found Guilty

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BY REBECCA DAVIS O’BRIEN found guilty.

“By helping Retrophin CEO
A federal jury on Wednes- Martin Shkreli steal millions of
co Fo
day found a former corporate dollars and cover up Shkreli’s

lawyer guilty of charges that fraud, the defendant Evan
he helped former drug execu- Greebel betrayed the trust
tive Martin Shkreli defraud a placed in him by Retrophin’s
JOHN TAGGART/BLOOMBERG NEWS
publicly traded pharmaceutical board of directors to represent

company that Mr. Shkreli the company’s best interest,”
helped found. said Brooklyn’s Acting U.S. At-
Evan Greebel, who was out- torney Bridget M. Rohde.
side counsel to Retrophin Inc., Mr. Greebel, like his former
was found guilty on both client and co-defendant, was
counts he faced—conspiracy to arrested in December 2015.
commit wire fraud and securi- Prosecutors said Mr. Greebel,
ties fraud—in what prosecu- while serving as outside coun-
tors said were schemes to Evan Greebel, shown in 2015. sel to Retrophin, helped im-
n-
steal assets from Retrophin to properly transfer Retrophin

pay investors in Mr. Shkreli’s leged misconduct stemmed shares to Mr. Shkreli’s hedge
failed hedge funds. from Mr. Shkreli. funds and entered the com-
“We are shocked by the Mr. Shkreli was convicted pany into settlements and
no
verdict,” said Reed Brodsky, a by a different jury in August sham consulting agreements.
lawyer for Mr. Greebel. “We on securities-fraud charges, The charges related to con-
will continue to fight for jus- following a trial he was origi- duct that predated Mr. Shkreli’s
tice for Evan Greebel and his nally supposed to share with decision, in 2015, to raise the
family.” The defense had ar- Mr. Greebel. Mr. Shkreli was price of an antiparasite drug
gued that prosecutors were acquitted on five of the eight used to treat AIDS patients, a
improperly trying a lawyer for charges he faced, including the move that brought him wide-
his client’s wrongdoing, and wire-fraud conspiracy count spread notoriety but which Mr.
sought to show that any al- on which Mr. Greebel was Shkreli defended.
Borrowing Benchmarks | WSJ.com/bonds

Money Rates December 27, 2017
JESSICA DONATI FOREIGN CORRESPONDENT Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
The Face of Real News

Nov. index Chg From (%)
level Oct. '17 Nov. '16 Treasury bill auction Six month 1.84300 1.81413 1.84300 1.31767
One year 2.11063 2.08366 2.11063 1.68456
4 weeks 1.245 1.245 1.300 0.400
U.S. consumer price index 1.445 1.355 1.445 0.505
13 weeks Euro Libor
All items 246.669 0.002 2.2 26 weeks 1.530 1.480 1.530 0.590 One month -0.420 -0.416 -0.376 -0.420
Core 253.492 –0.06 1.7
Three month -0.385 -0.387 -0.336 -0.387
Secondary market Six month -0.322 -0.321 -0.227 -0.325
International rates
In 2013, Jessica Donati arrived in Kabul at the tail end of the U.S.’s Fannie Mae One year -0.245 -0.247 -0.086 -0.261
Week 52-Week
transfer of security to the Afghanistan government. Despite the dangers, Latest ago High Low 30-year mortgage yields Euro interbank offered rate (Euribor)
she traveled with and without military escort to report on the country’s 30 days 3.552 3.531 3.865 3.253 One month -0.368 -0.370 -0.366 -0.375
Prime rates 60 days 3.584 3.564 3.899 3.281 Three month -0.329 -0.329 -0.318 -0.332
dramatic upsurge in violence. Over the next four years, Ms. Donati U.S. 4.50 4.50 4.50 3.75 Six month -0.271 -0.271 -0.220 -0.276
Canada 3.20 3.20 3.20 2.70
Other short-term rates One year -0.186 -0.188 -0.081 -0.194
provided WSJ readers the full scope of the unending corruption,
Japan 1.475 1.475 1.475 1.475 Week 52-Week Value 52-Week
bombings and kidnappings that has encapsulated America’s longest war. Latest high low
Latest Traded High Low
Policy Rates ago
DTCC GCF Repo Index
Euro zone 0.00 0.00 0.00 0.00 Call money
0.50 0.50 0.50
Treasury 1.495 32.000 1.532 0.471
Real journalists and real news from America’s most trusted newspaper. Switzerland 0.50
3.25 3.25 3.25 2.50 MBS 1.558 102.824 1.558 0.496
Britain 0.50 0.50 0.50 0.25
Australia 1.50 1.50 1.50 1.50 Commercial paper (AA financial) Open Implied
Settle Change Interest Rate
WATCH HER STORY AT WSJ.COM/JESSICA 90 days 1.62 1.57 1.67 0.72
Overnight repurchase
DTCC GCF Repo Index Futures
U.S. 1.51 1.47 1.51 0.48 Libor Treasury Dec 98.645 -0.005 3934 1.355
One month 1.56900 1.53488 1.56900 0.76333 Treasury Jan 98.540 -0.005 2128 1.460
U.S. government rates Treasury Feb 98.540 -0.005 813 1.460
Three month 1.69339 1.65793 1.69339 0.99789
Discount
2.00 2.00 2.00 1.25 Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Federal funds and is effective December 14, 2017. Other prime rates aren’t directly comparable; lending practices
Effective rate 1.4200 1.4200 1.4400 0.5900 vary widely by location; Discount rate is effective December 14, 2017. DTCC GCF Repo Index is
Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value
Source: Pew Research Center, Political Polarization & Media Habits, 2014 High 1.5625 1.5625 1.6125 0.8125 traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Low 1.3500 1.3000 1.3500 0.4000 Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US.
© 2017 Dow Jones & Company, Inc. All rights reserved. 3DJ6166 Bid 1.4100 1.4100 1.4100 0.4000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Offer 1.4200 1.4200 1.4300 0.5800 Tullett Prebon Information, Ltd.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
24774.30 s 28.09, or 0.11% Trailing P/E ratio 21.82 21.63 2682.62 s 2.12, or 0.08% Trailing P/E ratio 25.25 24.95 6939.34 s 3.09, or 0.04% Trailing P/E ratio * 26.89 24.45
High, low, open and close for each P/E estimate * 20.25 18.72 High, low, open and close for each P/E estimate * 19.99 19.04 High, low, open and close for each P/E estimate * 21.45 19.54
trading day of the past three months. Dividend yield 2.11 2.41 trading day of the past three months. Dividend yield 1.90 2.07 trading day of the past three months. Dividend yield 1.05 1.23
All-time high 24792.20, 12/18/17 All-time high: 2690.16, 12/18/17 All-time high: 6994.76, 12/18/17
Current divisor 0.14523396877348

Session high 25200 2700 7000
DOWN UP
t
Session open Close

24500 2650 6875
Close Open
t
Session low 23800 2600 6750
23100 2550 6625
22400 2500 6500
65-day moving average 65-day moving average

65-day moving average
21700 2450 6375
Bars measure the point change from session's open

21000 2400 6250
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 547,050,790 14,179,278
Industrial Average 24789.52 24731.68 24774.30 28.09 0.11 24792.20 19732.40 24.9 25.4 11.1 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 243,960,165 4,324,814
Transportation Avg 10698.18 10663.40 10697.21 24.55 0.23 10697.21 8783.74 17.7 18.3 5.2 Most-active issues in late trading Decl. volume* 281,659,174 8,996,566
Utility Average 721.62 718.02 720.41 3.38 0.47 774.47 651.14 10.1 9.2 4.3 Volume After Hours Issues traded 3,075 333
Company Symbol (000) Last Net chg % chg High Low Advances 1,627 160
Total Stock Market 27805.60 27733.93 27767.04 19.67 0.07 27830.03 23276.73 18.8 19.3 8.5
SPDR S&P 500 SPY 11,115.5 267.52 0.20 0.07 267.57 267.17 Declines 1,299 145
Barron's 400 716.87 714.05 714.66 -0.38 -0.05 716.60 600.24 18.3 18.8 9.4
Zynga ZNGA 5,573.5 4.00 -0.01 -0.25 4.01 4.00 Unchanged 149 28
Nasdaq Stock Market Wendy's Co WEN 3,871.0 16.48 -0.01 -0.06 16.57 16.48 New highs 138 6
Nasdaq Composite 6955.38 6931.34 6939.34 3.09 0.04 6994.76 5383.12 27.6 28.9 13.0 Bank of America BAC 3,657.2 29.71 -0.02 -0.07 29.75 29.67 New lows 25 6
6448.94 6425.92 1.99 6513.27 4863.62 32.3 Closing tick 213 7
Nasdaq 100 6435.15 0.03 30.6 14.3 Kinder Morgan KMI 3,174.8 18.18 0.06 0.33 18.19 18.12
Closing Arms† 1.50 2.51
Enterprise Pdts Partners EPD 3,154.8 26.45 0.07 0.27 26.52 26.38
Standard & Poor's Block trades* 4,973 110
Nike Cl B NKE 3,039.5 62.95 ... unch. 63.14 62.94
.
500 Index 2685.64 2678.91 2682.62 2.12 0.08 2690.16 2238.83 19.2 19.8 8.7 Nasdaq NYSE Arca
VanEck Vectors Gold Miner GDX 2,809.1 23.15 -0.01 -0.04 23.19 23.11
1911.32 1904.32 -0.21 -0.01 1905.73 1660.58 14.8
ly
MidCap 400 1905.52 14.6 9.1 Total volume*1,360,190,043 158,723,638
SmallCap 600 944.20 938.45 939.71 -0.56 -0.06 945.12 815.62 11.9 12.1 10.3 Percentage gainers… Adv. volume* 781,961,076 97,143,780
Decl. volume* 542,105,427 60,566,662
Other Indexes Digirad DRAD 25.6 3.10 0.85 37.78 3.35 2.35
Issues traded 3,080 1,305
Scana Corp SCG 42.4 42.04 2.56 6.50 42.04 39.48
Russell 2000
NYSE Composite
Value Line
1550.62
565.67
1541.95
12834.55 12808.36 12821.98
563.57
1543.94
564.13
-0.29
13.08
-0.32
-0.02
-0.06
0.10
on 1548.92
564.45
1345.24
12821.98 11056.89
503.24
13.5
15.9
11.0
13.8
16.0
11.5
8.3
5.3
3.6
Collegium Pharmaceutical COLL
TRI Pointe Group TPH
7.2
6.3
19.96
18.47
0.95
0.70
5.00
3.94
19.96
18.47
18.41
17.77
Advances
Declines
Unchanged
1,488
1,432
160
858
416
31
NYSE Arca Biotech 4278.87 4236.04 4257.66 13.48 0.32 4304.77 3075.02 36.7 38.5 6.9
Callaway Golf ELY 14.3 14.50 0.48 3.42 14.50 13.96 New highs 109 102
us l,
New lows 24 13
NYSE Arca Pharma 547.88 545.97 546.74 2.10 0.39 560.52 469.13 14.4 13.5 0.5 ...And losers
Closing tick 52 24
KBW Bank 107.34 106.87 107.15 -0.12 -0.11 108.12 88.02 16.1 16.7 12.7 Immunogen IMGN 15.3 6.45 -0.18 -2.71 6.63 6.45 0.72 1.17
al a
Closing Arms†
e
PHLX§ Gold/Silver 85.79 85.02 85.32 -0.34 -0.39 96.72 76.42 10.4 8.2 7.6 GlycoMimetics GLYC 7.6 16.85 -0.34 -1.98 17.24 16.85 Block trades* 4,812 793
PHLX§ Oil Service 149.31 148.18 148.89 -0.16 -0.10 192.66 117.79 -19.4 -19.0 -11.4 Embotell Andina B ADR AKOB 5.4 29.29 -0.43 -1.44 29.29 29.29 * Primary market NYSE, NYSE American NYSE Arca only.
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PHLX§ Semiconductor 1269.22 1258.63 1263.36 4.48 0.36 1341.69 901.69 37.2 39.4 21.9 L Brands LB 107.6 60.47 -0.78 -1.27 61.25 60.47 †(TRIN) A comparison of the number of advancing and declining
10.79 9.71 0.22 16.04 9.14 -19.2 -25.4 -10.3 issues with the volume of shares rising and falling. An
Cboe Volatility 10.47 2.15 Future FinTech Group FTFT 5.5 5.19 -0.06 -1.14 5.30 5.01 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

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Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3083.89 6.75 0.22 21.8 Energous Corp. WATT 23.70 14.86 168.10 24.10 6.91 32.2 Nxt-ID NXTD 3.86 -0.89 -18.74 8.59 1.01 39.9
0.25
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DJ Global Index 396.50 0.98 21.6 KBS Fashion Group KBSF 4.19 0.94 28.92 18.00 1.41 -9.9 ReTo Eco-Solutions RETO 7.01 -1.53 -17.92 12.75 6.60 ...
DJ Global ex U.S. 264.89 1.12 0.42 23.8 Tessco Techs TESS 22.15 4.34 24.33 23.65 12.15 66.5 SAExploration Holdings SAEX 2.16 -0.42 -16.28 8.25 1.18 -70.9
0.11 Cerecor CERC 4.04 0.72 21.69 4.10 0.34 344.0 Future FinTech Group FTFT 5.25 -0.99 -15.87 8.20 1.30 -24.1
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Americas DJ Americas 643.66 0.71 19.1

Brazil Sao Paulo Bovespa 76072.54 364.81 0.48 26.3 Kazia Therapeutics ADR KZIA 3.23 0.51 18.75 3.98 0.70 116.8 Yangtze River Development YERR 12.05 -2.20 -15.44 25.47 3.65 167.8
Canada S&P/TSX Comp 16203.13 37.86 0.23 6.0 Northern Technologies NTIC 26.40 3.55 15.52 26.50 13.15 95.6 Long Island Iced Tea LTEA 4.07 -0.73 -15.21 9.49 1.70 -4.9
Mexico S&P/BMV IPC 48652.56 201.23 0.42 6.6 Galectin Therapeutics GALT 2.98 0.39 15.06 3.68 0.94 198.0 Net Element NETE 11.91 -1.84 -13.38 33.51 2.56 56.7
Chile Santiago IPSA 4159.12 –14.00 –0.34 29.0 Sonic Foundry SOFO 2.77 0.33 13.52 5.35 2.05 -36.3 ADOMANI ADOM 4.36 -0.64 -12.80 18.31 2.35 ...
0.07 YuMe Inc. YUME 4.06 0.47 13.09 6.06 3.35 12.8 Telecom Italia ADR TI.A 7.33 -1.05 -12.53 8.66 6.27 2.4
EMEA Stoxx Europe 600 390.54 0.26 8.1
co Fo
0.02 Aileron Therapeutics ALRN 10.38 1.17 12.70 15.48 8.77 ... Seven Stars Cloud Group SSC 5.18 -0.74 -12.50 7.00 1.10 331.7
Eurozone Euro Stoxx 389.34 0.07 11.2
Belgium Bel-20 4003.07 8.02 0.20 11.0 FAT Brands FAT 8.75 0.95 12.18 13.99 7.52 ... Opiant Pharmaceuticals OPNT 21.06 -2.97 -12.36 51.90 5.00 263.1
France CAC 40 5368.84 4.12 0.08 10.4 Celsion CLSN 2.87 0.30 11.67 8.75 1.24 -39.9 Wins Finance Holdings WINS 211.35 -29.65 -12.30 465.00 19.80 12.4
Germany DAX 13070.02 –2.77 –0.02 13.8 RISE Education Cayman ADR REDU 14.24 1.44 11.25 17.86 9.50 ... Aptose Biosciences APTO 2.05 -0.26 -11.26 2.58 0.78 46.4
Israel Tel Aviv 1506.40 –2.05 –0.14 2.4 VelocityShares 3x Lg Nat UGAZ 58.82 5.63 10.58 524.90 49.72 -88.4 Contango Oil Gas MCF 4.64 -0.58 -11.11 10.15 2.22 -49.9
22201.27 –0.04 15.4 Biondvax Pharm ADR BVXV 5.21 0.48 10.15 10.75 3.10 55.5 Pareteum TEUM 2.50 -0.30 -10.71 3.99 0.50 -17.0
Italy FTSE MIB –7.78
Netherlands AEX 548.60 0.12 0.02 13.5
Russia RTS Index 1148.92 3.95 0.34 –0.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10165.20 –16.80 –0.16 8.7
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 573.30 –2.35 –0.41 7.2 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9430.44 35.95 0.38 14.7
General Electric GE 58,248 -23.4 17.38 -0.29 31.97 17.31 Energous Corp. WATT 41,308 9856 23.70 168.10 24.10 6.91
U.K. FTSE 100 7620.68 28.02 0.37 6.7
SPDR S&P 500 SPY 46,598 -33.1 267.32 0.05 268.60 222.73 ETFMG Alt Harvest ETF MJX 401 4231 30.11 -0.40 33.74 24.13
n-
Asia-Pacific Energous Corp. WATT 41,308 9856.2 23.70 168.10 24.10 6.91 iSh ESG 1-5Y USD Cp Bd SUSB 340 3892 24.98 0.32 25.26 24.89
Australia S&P/ASX 200 6069.90 0.20 0.003 7.1 Pareteum TEUM 36,539 635.1 2.50 -10.71 3.99 0.50 iShares MSCI Kokusai ETF TOK 255 2501 64.82 -0.29 66.27 54.35
China Shanghai Composite 3275.78 –30.34 –0.92 5.5 iShares MSCI Emg Markets EEM 34,483 -33.6 46.58 0.26 47.93 34.60 Tessco Techs TESS 439 2084 22.15 24.33 23.65 12.15
Hong Kong Hang Seng 29597.66 19.65 0.07 34.5 Bank of America BAC 31,406 -54.1 29.73 -0.17 30.03 21.77 O'Shares FTSE Russ SC Qu OUSM 386 1276 27.08 0.22 27.56 24.76
33911.81 –98.80 –0.29 27.4
no
India S&P BSE Sensex Finl Select Sector SPDR XLF 28,157 -51.1 28.00 0.11 28.33 22.00 Liberty Broadband Cl C LBRDK 9,566 1151 83.54 -1.91 104.66 72.00
Japan Nikkei Stock Avg 22911.21 18.52 0.08 19.9 VanEck Vectors Gold Miner GDX 27,074 -22.7 23.16 -0.17 25.71 19.64 Special Opp Fund SPE 131 920 14.90 0.47 16.20 13.46
Singapore Straits Times 3391.67 13.51 0.40 17.7 Micron Technology MU 23,650 -40.9 42.48 0.54 49.89 21.49 MFS Special Value MFV 147 847 5.89 -1.34 6.84 5.53
South Korea Kospi 2436.67 9.33 0.38 20.2 iPath S&P 500 VIX ST Fut VXX 23,633 -28.4 27.90 0.43 103.16 27.35 U.S. Global Jets ETF JETS 424 845 33.20 -0.55 33.55 26.97
Taiwan Weighted 10486.67 64.76 0.62 13.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days
CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Wed YTDchg
in US$ per US$ (%) Country/currency
Wed YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Europe
A consumer rate against its 30-year mortgage, Rate
3.75% Argentina peso .0542 18.4380 16.2 Czech Rep. koruna .04585 21.809 –15.1
benchmark over the past year 15% Brazil real .3017 3.3150 1.8 Denmark krone .1597 6.2625 –11.4
Bankrate.com avg†: 3.96%
3.00 Euro Canada dollar .7902 1.2655 –5.9 Euro area euro 1.1889 .8411 –11.5
s
Supreme Lending 3.73% 10

Chile peso .001622 616.50 –8.0 Hungary forint .003834 260.85 –11.4
4.00% Bellevue, WA 206-963-4788 1 1 unch .009476 105.53 –6.6
t 2.25 5 Ecuador US dollar Iceland krona
Cambridge Savings Bank 3.88% Wednesday s Mexico peso .0508 19.6873 –5.1 Norway krone .1209 8.2716 –4.3
30-year fixed-rate 3.00 t 1.50 Yen
Cambridge, MA 888-418-5626 0 Uruguay peso .03473 28.7900 –1.9 Poland zloty .2837 3.5252 –15.8
mortgage
t
One year ago Venezuela b. fuerte .098471 10.1553 1.6 Russia ruble .01734 57.678 –5.9
t 2.00 OceanFirst Bank 3.88% 0.75 –5 WSJ Dollar index Sweden krona .1208 8.2765 –9.1
s Asia-Pacific
10-year Treasury Toms River, NJ 888-623-2633 Switzerland franc 1.0138 .9864 –3.2
note yield 0.00 –10 Australian dollar .7770 1.2870 –7.3
1.00 Oritani Bank 3.88% Turkey lira .2621 3.8156 8.3
China yuan .1525 6.5595 –5.5
1 3 6 1 2 3 5 710 30 2017 2 Ukraine hryvnia .0358 27.9400 3.2
Twp of Washington, NJ 888-674-8264 Hong Kong dollar .1280 7.8103 0.7
0.00 month(s) years UK pound 1.3401 .7462 –7.9
PennsylvaniaStateEmplCreditUnion 3.88% India rupee .01559 64.123 –5.6
J FMAM J J A S O N D maturity Indonesia rupiah .0000737 13566 0.3 Middle East/Africa
2017 Harrisburg, PA 800-237-7328
Japan yen .008822 113.35 –3.1 Bahrain dinar 2.6539 .3768 –0.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Kazakhstan tenge .003014 331.82 –0.6 Egypt pound .0561 17.8390 –1.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg Macau pataca .1242 8.0487 1.7 Israel shekel .2874 3.4794 –9.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Malaysia ringgit .2454 4.0747 –9.2 Kuwait dinar 3.3134 .3018 –1.2
Federal-funds rate target 1.25-1.50 1.25-1.50 0.50 l 1.50 1.25 Corporate Borrowing Rates and Yields New Zealand dollar .7059 1.4166 –1.9 Oman sul rial 2.5977 .3850 ...
Pakistan rupee .00903 110.700 6.1 Qatar rial .2744 3.645 0.1
Prime rate* 4.50 4.50 3.75 l 4.50 1.25 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr Philippines peso .0201 49.841 0.5 Saudi Arabia riyal .2666 3.7505 –0.01
Libor, 3-month 1.69 1.66 1.00 l 1.69 1.44 Singapore dollar .7465 1.3395 –7.4 South Africa rand .0815 12.2691 –10.4
Money market, annual yield 0.33 0.34 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1461.935 2.266 2.311 2.313 1.818 3.156 1.721 South Korea won .0009300 1075.22 –11.0
Five-year CD, annual yield 1.48 1.50 1.19 l 1.50 -0.03 .0065604 152.43 2.7 Close Net Chg % Chg YTD%Chg
10-yr Treasury, Ryan ALM 1728.814 2.412 2.497 2.609 2.058 3.156 1.396 Sri Lanka rupee
30-year mortgage, fixed† 3.96 3.92 3.73 l 4.33 -0.12 Taiwan dollar .03340 29.937 –7.8 WSJ Dollar Index 86.60 –0.14–0.16 –6.82
DJ Corporate 382.612 3.123 3.197 3.390 2.879 6.395 4.042
Thailand baht .03049 32.800 –8.4 Sources: Tullett Prebon, WSJ Market Data Group
15-year mortgage, fixed† 3.40 3.37 2.99 l 3.50 0.06 Aggregate, Barclays Capital 1944.750 2.740 2.780 2.790 2.380 4.243 2.336 Vietnam dong .00004403 22711 –0.3
Jumbo mortgages, $424,100-plus† 4.35 4.31 4.21 l 4.87 -0.02 High Yield 100, Merrill Lynch 2858.647 5.585 5.633 5.890 4.948 6.584 4.588
Five-year adj mortgage (ARM)† 4.07 3.87 3.20 l 4.07 0.71
Fixed-Rate MBS, Barclays 1987.940 2.970 2.990 3.120 2.660 3.281 1.934
New-car loan, 48-month 3.30 3.34 2.85 l 3.36 0.28
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
Muni Master, Merrill 521.521 2.193 2.273 2.338 1.736 4.743 2.557 COMMODITIES
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan 806.778 5.557 5.570 6.094 5.279 9.406 6.789 Commodities Wednesday 52-Week YTD
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 617.98 3.10 0.50 617.98 532.01 8.50 8.94

Get real-time U.S. stock quotes and track most-active Track the Markets 191.47 0.52 195.14 -0.81 -0.54
WSJ
TR/CC CRB Index 1.00 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 59.64 -0.33 -0.55 59.97 42.53 10.32 11.02
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.738 0.095 3.59 3.93 2.56 -30.33 -26.48
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1287.00 2.90 0.23 1346.00 1139.40 12.95 11.91
COMMODITIES WSJ.com/commodities
Futures Contracts | WSJ.com/commodities Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Contract Open Cotton (ICE-US)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Metal & Petroleum Futures Open High hilo Low Settle Chg interest March 77.50 78.99 s 77.25 78.95 1.52 173,996 Jan 1.3410 1.3449 1.3399 1.3413 .0009 2,689
Contract Open May 77.74 78.99 s 77.35 78.92 1.40 49,991 March 1.3427 1.3479 1.3422 1.3440 .0009 185,533
Open High hi lo Low Settle Chg interest Soybeans (CBT)-5,000 bu.; cents per bu.
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Jan 958.75 964.75 953.50 955.50 –3.75 65,526
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 133.50 134.80 131.15 133.15 –.90 827 March 1.0183 1.0221 1.0175 1.0212 .0026 81,557
March 970.00 976.00 965.50 967.50 –3.00 332,695
Dec ... ... ... 3.2570 0.0010 298 March 133.90 134.30 132.05 132.35 –1.50 6,850 Australian Dollar (CME)-AUD 100,000; $ per AUD
March'18 3.2755 3.2975 3.2485 3.2840 0.0035 160,565
Soybean Meal (CBT)-100 tons; $ per ton. Jan .7728 .7776 .7728 .7777 .0045 1,279
Gold (CMX)-100 troy oz.; $ per troy oz. Jan 315.20 318.00 311.20 314.20 –1.00 24,241
Interest Rate Futures Feb .7724 .7778 .7724 .7776 .0046 437
Dec 1284.00 1285.70 1284.00 1287.00 2.90 120 March 319.40 322.20 315.70 318.50 –.90 180,793 March .7726 .7779 .7724 .7776 .0046 108,395
Feb'18 1287.80 1293.20 1286.00 1291.40 3.90 331,420 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June .7729 .7775 .7725 .7775 .0045 316
April 1292.50 1297.80 1290.80 1296.00 3.80 37,634 Jan 33.24 33.45 33.01 33.07 –.13 22,642 March 151-120 153-040 151-120 152-300 1-10.0 753,515 Mexican Peso (CME)-MXN 500,000; $ per MXN
June 1295.70 1302.10 1295.70 1300.60 3.80 36,725 March 33.44 33.66 33.20 33.27 –.15 211,036 June 150-100 151-210 150-100 151-260 1-10.0 14 March .04966 .05009 .04958 .04999 .00037 184,357
Aug 1301.20 1306.40 1300.00 1305.10 3.80 12,775 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June .04923 .04961 t .04882 .04919 .00037 149
Dec 1309.80 1314.80 1309.80 1314.10 3.80 25,449 Jan 1178.50 1184.50 1178.50 1179.00 –.50 1,745 March 123-180 124-005 123-170 123-315 11.5 3,264,932 Euro (CME)-€125,000; $ per €
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 1205.50 1213.00 1205.50 1208.00 –.50 7,797 June 123-050 123-220 123-050 123-210 12.5 765 Jan 1.1888 1.1938 1.1888 1.1926 .0029 7,719
Dec ... ... ... 1071.65 13.90 22 Wheat (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 1.1938 1.1984 1.1931 1.1970 .0029 466,891
March'18 1044.00 1061.00 s 1042.40 1056.35 13.90 34,645 March 422.25 428.25 420.75 428.00 5.75 298,403 March 115-300 116-050 115-292 116-045 5.7 3,071,992
June 1036.85 1050.20 s 1036.85 1048.05 12.90 1,435 May 435.50 441.25 434.00 441.25 5.75 85,592 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Platinum (NYM)-50 troy oz.; $ per troy oz. 107-067 107-082 107-067 107-080 1.2 8,674
Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Dec
Dec ... ... ... 922.80 0.20 4 March 419.50 426.50 s 418.25 425.50 5.50 192,930 March'18 107-000 107-017 106-315 107-017 1.7 1,777,247 Mini DJ Industrial Average (CBT)-$5 x index
April'18 928.60 932.20 924.40 928.00 0.50 74,192 May 431.75 439.50 431.75 439.00 5.75 57,069 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March 24792 24821 24762 24788 –4 144,393
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (MPLS)-5,000 bu.; cents per bu. Dec 98.703 98.703 98.700 98.703 … 102,749 June 24802 24837 24785 24803 –4 176
Dec 16.595 16.625 16.580 16.619 0.099 232 March 611.75 622.50 611.50 621.25 10.25 39,551 Jan'18 98.590 98.595 t 98.590 98.595 … 280,445 S&P 500 Index (CME)-$250 x index
March'18 16.610 16.785 16.555 16.756 0.152 159,569 May 619.50 630.00 619.50 628.75 10.00 12,930 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 2688.20 2690.50 2682.00 2685.40 –1.70 50,928
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 97.781 98.297 97.719 98.250 .375 24,912 Mini S&P 500 (CME)-$50 x index
Feb 59.79 59.93 59.33 59.64 –0.33 484,886 1 Month Libor (CME)-$3,000,000; pts of 100% March 2687.50 2691.00 2681.50 2685.50 –1.50 3,038,366
Jan 144.875 145.725 144.300 145.175 .775 11,201
March 59.83 59.95 59.35 59.69 –0.31 368,737 Jan 98.4550 98.4575 98.4550 98.4575 .0125 7,681 June 2689.75 2692.50 2683.25 2687.25 –1.75 21,508
March 141.900 142.400 141.000 141.725 .375 23,103
April 59.79 59.92 59.32 59.68 –0.30 168,674 Eurodollar (CME)-$1,000,000; pts of 100% Mini S&P Midcap 400 (CME)-$100 x index
May 59.69 59.81 59.25 59.60 –0.26 128,073
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Jan 98.3275 98.3425 98.3225 98.3400 .0150 235,194 March 1910.20 1916.80 1907.90 1909.30 –1.00 91,690
Dec 121.750 122.875 121.750 122.025 .525 1,401
June 59.42 59.60 58.98 59.43 –0.24 253,183 March 98.2050 98.2350 98.2050 98.2250 .0200 1,418,805 Mini Nasdaq 100 (CME)-$20 x index
Dec 57.44 57.65 57.13 57.58 –0.13 256,521 Feb'18 121.500 122.350 120.800 121.000 –.475 120,252
June 98.0400 98.0650 98.0400 98.0600 .0200 1,324,824 March 6461.3 6475.5 6442.0 6454.0 –6.0 286,956
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 97.8300 97.8500 97.8250 97.8500 .0250 1,442,842 June 6481.0 6494.0 6460.8 6473.5 –5.0 722
Jan 2.0435 2.0576 s 2.0225 2.0402 .0017 23,838 Feb 71.525 71.950 70.300 71.025 –.500 87,823
Mini Russell 2000 (ICE-US)-$100 x index
Feb 2.0387 2.0552 s 2.0201 2.0383 .0003 144,513 April 75.375 75.775 74.750 75.275 –.100 62,085
Currency Futures March 1549.00 1554.30 1541.30 1545.70 –2.10 23,830
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1553.20 1553.20 s 1546.80 1548.20 –1.10 20
Jan 1.7866 1.7938 1.7579 1.7915 .0049 19,897 Jan 449.70 453.60 449.70 450.60 –1.40 1,971 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 1000 (ICE-US)-$100 x index
Feb 1.7918 1.7974 1.7646 1.7953 .0025 140,958 March 442.00 445.70 s 442.00 444.40 … 3,652 Jan .8864 .8869 .8844 .8851 –.0013 2,329 March 1488.30 1490.00 1486.40 1488.40 1.70 89
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. March .8887 .8895 .8869 .8878 –.0013 228,295 U.S. Dollar Index (ICE-US)-$1,000 x index
Jan 2.639 2.762 2.598 2.738 .095 11,556 Dec 15.43 15.43 15.41 15.42 .01 3,732 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 92.83 92.87 92.53 92.61 –.19 42,771
Feb 2.646 2.753 2.612 2.732 .078 386,915 Jan'18 13.99 14.08 13.93 14.00 .06 3,602 Jan .7888 .7922 .7888 .7916 .0028 1,165 June 92.51 92.51 92.30 92.29 –.19 1,008
March 2.623 2.722 2.588 2.699 .068 293,081 Cocoa (ICE-US)-10 metric tons; $ per ton. March .7897 .7933 .7891 .7923 .0029 111,612
April 2.575 2.652 2.544 2.635 .057 167,498 March 1,867 1,892 1,841 1,866 10 145,433 Source: SIX Financial Information
May 2.590 2.659 2.561 2.643 .052 128,196 May 1,864 1,888 1,841 1,861 13 49,723
Oct 2.678 2.747 2.665 2.733 .047 82,316 Coffee (ICE-US)-37,500 lbs.; cents per lb.
March 122.30 124.70 121.70 124.50 2.30 128,357 Bonds | WSJ.com/bonds
Agriculture Futures May 124.80 127.00 124.05 126.85 2.25 45,080
Corn (CBT)-5,000 bu.; cents per bu.

Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 14.64 14.94 14.55 14.93 .23 387,036
Tracking Bond Benchmarks
March 352.00 354.25 351.75 353.75 1.00 842,273
May 14.61 14.83 14.48 14.82 .18 158,480 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 368.50 371.00 368.50 370.50 1.00 240,035
Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
March 26.90 26.90 26.90 26.94 … 3,489 Total Total
March 244.00 247.75 242.00 242.75 –.50 4,670
May 249.50 250.00 248.25 248.50 –.50 1,511 May 27.24 27.24 27.24 27.24 .10 2,161 return YTD total Yield (%) return YTD total Yield (%)
close return (%) Index Latest Low High close return (%) Index Latest Low High
Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays

Cash Prices Wednesday, December 27, 2017 1944.75 3.5 U.S. Aggregate 2.740 2.380 2.790 1987.94 2.4 Mortgage-Backed 2.970 2.660 3.120
.
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— U.S. Corporate Indexes Bloomberg Barclays 1953.37 1.8 Ginnie Mae (GNMA) 2.920 2.630 3.090
ly
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1166.24 2.6 Fannie mae (FNMA) 2.980 2.670 3.120
2799.48 6.3 U.S. Corporate 3.250 3.030 3.500
months.
Wednesday Wednesday Wednesday 2620.29 3.9 Intermediate 2.890 2.530 2.990 1796.27 2.7 Freddie Mac (FHLMC) 3.000 2.680 3.130
Energy (U.S.$ equivalent) 16.5000

on SoybeanMeal,Cent IL,rail,ton48%-u 309.70 3936.72 11.9 Long term 4.020 3.990 4.680 521.52 4.5 Muni Master 2.193 1.736 2.338
Coins,wholesale $1,000 face-a 12520 Soybeans,No.1 yllw IL-bp,u 9.2300
Propane,tet,Mont Belvieu-g 0.9886 Wheat,Spring14%-pro Mnpls-u n.a. 570.00 4.6 Double-A-rated 2.720 2.470 2.870 364.78 5.0 7-12 year 2.211 1.744 2.412
Other metals
Butane,normal,Mont Belvieu-g 1.0848 LBMA Platinum Price PM *Closed Wheat,No.2 soft red,St.Louis-bp,u 4.3300 723.60 7.0 Triple-B-rated 3.550 3.340 3.830 411.28 6.6 12-22 year 2.490 2.213 2.872
NaturalGas,HenryHub-i 2.750 Platinum,Engelhard industrial 922.0 Wheat - Hard - KC (USDA) $ per bu-u 4.0850
Wheat,No.1soft white,Portld,OR-u High Yield Bonds Merrill Lynch 399.30 7.6 22-plus year 2.838 2.716 3.449
us l,
NaturalGas,TranscoZone3-i 2.750 Platinum,Engelhard fabricated 1022.0 5.2800

NaturalGas,TranscoZone6NY-i 16.540 Palladium,Engelhard industrial 1060.0 Food 417.30 7.4 High Yield Constrained 5.795 5.373 6.189 Global Government J.P. Morgan†
NaturalGas,PanhandleEast-i 2.650 Palladium,Engelhard fabricated 1160.0 419.77 9.1 Triple-C-rated 10.624 9.584 11.401 544.82 1.5 Global Government 1.430 1.300 1.560
al a
NaturalGas,Opal-i 2.610 Beef,carcass equiv. index

e
Aluminum, LME, $ per metric ton *Closed
NaturalGas,MarcellusNE PA-i 2.270 choice 1-3,600-900 lbs.-u 184.89 2858.65 6.5 High Yield 100 5.585 4.948 5.890 757.41 0.5 Canada 2.030 1.570 2.190
Copper,Comex spot 3.2570
NaturalGas,HaynesvilleN.LA-i 2.660 select 1-3,600-900 lbs.-u 170.57
Iron Ore, 62% Fe CFR China-s 73.3 378.70 7.5 Global High Yield Constrained 5.248 4.934 5.819 372.62 1.0 EMU§ 1.064 0.933 1.363
ci on
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.850 Broilers, National comp wghtd-u,w 0.8742

Shredded Scrap, US Midwest-s,w 307 Butter,AA Chicago
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 2.2025 6.7 Europe High Yield Constrained 2.439 1.897 3.279 714.67 1.1 France 0.800 0.690 1.210
Steel, HRC USA, FOB Midwest Mill-s 646 306.28
Cheddar cheese,bbl,Chicago 144.00
Metals Fibers and Textiles Cheddar cheese,blk,Chicago 150.75 U.S Agency Bloomberg Barclays 509.25 -1.0 Germany 0.470 0.210 0.620
Milk,Nonfat dry,Chicago lb. 66.00 1637.81 2.0 U.S Agency 2.210 1.690 2.240 0.1
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.6200 288.54 Japan 0.400 0.340 0.460
Cocoa,Ivory Coast-w n.a.
Engelhard industrial 1287.83 Cotton,1 1/16 std lw-mdMphs-u 0.7820 Coffee,Brazilian,Comp 1.2255 1462.12 1.1 10-20 years 2.080 1.490 2.100 562.90 -0.6 Netherlands 0.570 0.360 0.760
Engelhard fabricated 1384.42
er rs
Cotlook 'A' Index-t *n.a. Coffee,Colombian, NY 1.4230

Handy & Harman base 1279.40 Hides,hvy native steers piece fob-u 64.500 3388.51 8.4 20-plus years 2.930 2.730 3.410 930.86 1.9 U.K. 1.510 1.340 1.790
Eggs,large white,Chicago-u 1.5450
Handy & Harman fabricated 1420.13 Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC 15.25 2462.85 5.0 Yankee 2.970 2.610 3.050 806.78 9.2 Emerging Markets ** 5.557 5.279 6.094
LBMA Gold Price AM *Closed
LBMA Gold Price PM
Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.54 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
*Closed
Hogs,Iowa-So. Minnesota-u 63.64
Krugerrand,wholesale-e 1339.73 Barley,top-quality Mnpls-u 4.85
m e
** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan

Pork bellies,12-14 lb MidUS-u 1.2474
Maple Leaf-e 1352.61 Bran,wheat middlings, KC-u 113
Pork loins,13-19 lb MidUS-u 0.8641
American Eagle-e 1352.61 Corn,No. 2 yellow,Cent IL-bp,u 3.2500
Mexican peso-e
Steers,Tex.-Okla. Choice-u n.a.
Global Government Bonds: Mapping Yields
m rp
1561.18 Corn gluten feed,Midwest-u,w 97.3 Steers,feeder,Okla. City-u,w n.a.

Austria crown-e 1265.69 Corn gluten meal,Midwest-u,w 486.0
Austria phil-e 1352.61 Cottonseed meal-u,w n.a. Fats and Oils Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Silver, troy oz. Hominy feed,Cent IL-u,w n.a. Corn oil,crude wet/dry mill-u,w 33.4400 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Engelhard industrial 16.6500 Meat-bonemeal,50% pro Mnpls-u,w n.a. Grease,choice white,Chicago-h 0.2300 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Engelhard fabricated 19.9800 Oats,No.2 milling,Mnpls-u 2.7025 Lard,Chicago-u 0.3400 Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Handy & Harman base 16.6900 Rice, 5% Broken White, Thailand-l,w 385.00 Soybean oil,crude;Centl IL-u 0.3220 1.875 U.S. 2 1.887 t l 1.903 1.736 1.231
co Fo
Handy & Harman fabricated 20.8630 Rice, Long Grain Milled, No. 2 AR-u,w 25.00 Tallow,bleach;Chicago-h 0.2650
LBMA spot price £12.3000
2.250 10 2.411 t l 2.478 2.330 2.562
Sorghum,(Milo) No.2 Gulf-u 8.1025 Tallow,edible,Chicago-u n.a.
2.750 Australia 2 2.018 s l 1.986 1.778 1.918 13.1 8.3 68.7
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence; 2.750 10 2.703 s l 2.700 2.533 2.872 29.2 22.3 31.0
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data
as of 12/26
0.000 France 2 -0.518 t l -0.505 -0.581 -0.691 -240.6 -240.9 -192.2
Source: WSJ Market Data Group 0.750 10 0.718 t l 0.738 0.678 0.730 -169.3 -174.0 -183.1
0.000 Germany 2 -0.649 t l -0.649 -0.694 -0.790 -253.6 -255.2 -202.1
0.500 10 0.382 t 0.419 0.344 0.262 -202.9 -205.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch l -230.0
0.050 Italy 2 -0.191 s l -0.214 -0.278 -0.145 -207.9 -211.7 -137.5
2.050 10 1.911 t l 1.914 1.791 1.851 -50.0 -56.4 -71.1
Largest 100 exchange-traded funds, latest session
0.100 Japan 2 -0.139 s l -0.149 -0.174 -0.176 -202.6 -205.2 -140.7
Wednesday, December 27, 2017 Closing Chg YTD Closing Chg YTD
Closing Chg YTD ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) 0.100 10 0.055 s l 0.044 0.036 0.065 -235.6 -243.4 -249.7
ETF Symbol Price (%) (%) 113.75 0.5 2.750 Spain 2 -0.407 t l -0.384 -0.339 -0.252 -229.4 -228.8 -148.3
n-
iShTIPSBondETF TIP 0.41 VangdFTSE EM VWO 45.47 –0.02 27.1

AlerianMLPETF AMLP 10.79 –0.64 –14.4 iSh1-3YTreasuryBd SHY 83.82 0.05 –0.7 VangdFTSE Europe VGK 58.98 0.34 23.0
iSh7-10YTreasuryBd IEF 105.53 0.43 0.7 70.18 –0.06 18.2
1.450 10 1.462 t l 1.468 1.480 1.402 -94.9 -100.9 -115.9
CnsmrDiscSelSector XLY 99.00 –0.20 21.6 VangdFinls VFH
56.99 –0.02 10.2 iSh20+YTreasuryBd TLT 126.77 1.30 6.4 VangdFTSEAWxUS VEU 54.50 0.22 23.4 1.750 U.K. 2 0.417 t l 0.451 0.465 0.073 -145.3 -115.8
CnsStapleSelSector XLP -147.0
EnSelectSectorSPDR XLE 72.36 –0.33 –3.9 iShRussellMCGrowth IWP 120.97 0.21 24.2 VangdGrowth VUG 141.05 0.07 26.5
FinSelSectorSPDR XLF 28.00 0.11 20.4 PIMCOEnhShMaturity MINT 101.68 ... 0.3 VangdHlthCr VHT 155.04 0.25 22.3 4.250 10 1.176 t l 1.265 1.255 1.203 -123.5 -121.3 -135.9
no
GuggS&P500EW RSP 101.19 ... 16.8 PwrShQQQ 1 QQQ 156.54 0.01 32.1 VangdHiDiv VYM 85.73 0.11 13.1
Source: Tullett Prebon
HealthCareSelSect XLV 83.07 0.17 20.5 PwrShS&P500LoVol SPLV 47.60 0.34 14.5 VangdIntermBd BIV 83.73 0.25 0.8
PwrShSrLoanPtf BKLN 23.01 ... –1.5 87.38 0.38 2.0
IndSelSectorSPDR
iShIntermCredBd
XLI
CIU
75.66
109.19
0.24 21.6
0.17 0.9 SPDR BlmBarcHYBd JNK 36.69 0.03 0.7
VangdIntrCorpBd
VangdLC
VCIT
VV 122.87 0.08 20.0 Corporate Debt
iSh1-3YCreditBond CSJ 104.56 0.08 –0.4 SPDR Gold GLD 122.23 0.38 11.5 VangdMC VO 154.99 0.03 17.7 in that same company’s share price.
iSh3-7YTreasuryBd IEI 122.13 0.23 –0.3 SchwabIntEquity SCHF 33.98 0.21 22.8 VangdMC Val VOE 111.69 –0.11 14.9
iShCoreMSCIEAFE IEFA 65.93 0.24 22.9 SchwabUS BrdMkt SCHB 64.65 0.06 19.3 VangdREIT VNQ 82.51 0.33 –0.0 Investment-grade spreads that tightened the most…
iShCoreMSCIEmgMk IEMG 56.23 0.34 32.5 SchwabUS LC SCHX 63.90 0.08 20.0 VangdS&P500 VOO 245.68 0.06 19.7 Spread*, in basis points Stock Performance
iShCoreMSCITotInt IXUS 62.77 0.27 24.3 SPDR DJIA Tr DIA 247.48 0.09 25.3 VangdST Bond BSV 79.09 0.11 –0.5 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShCoreS&P500 IVV 269.29 0.06 19.7 SPDR S&PMdCpTr MDY 345.98 –0.04 14.7 VangdSTCpBd VCSH 79.28 0.14 –0.1
iShCoreS&P MC IJH 190.10 –0.03 15.0 SPDR S&P 500 SPY 267.32 0.05 19.6 VangdSC VB 148.14 0.03 14.9 Comcast CMCSA 3.969 Nov. 1, ’47 102 –6 n.a. 40.41 –1.00
iShCoreS&P SC IJR 77.04 –0.12 12.0 SPDR S&P Div SDY 94.47 0.14 10.4 VangdTotalBd BND 81.49 0.31 0.9 PNC Bank NA PNC 2.150 April 29, ’21 23 –6 24 … …
iShS&PTotlUSStkMkt ITOT 61.24 0.03 19.4 TechSelectSector XLK 64.18 0.11 32.7 VangdTotIntlBd BNDX 54.41 0.18 0.2 Costco Wholesale COST 2.150 May 18, ’21 n.a. –5 n.a. 186.30 –0.13
iShCoreUSAggBd AGG 109.30 0.31 1.1 UtilitiesSelSector XLU 52.36 0.42 7.8 VangdTotIntlStk VXUS 56.60 0.18 23.4
iShSelectDividend DVY 98.48 0.04 11.2 VanEckGoldMiner GDX 23.16 –0.17 10.7 VangdTotalStk VTI 137.46 0.04 19.2
Toronto–Dominion Bank TD 2.125 April 7, ’21 20 –5 25 57.97 1.42
iShEdgeMSCIMinEAFE EFAV 72.74 0.23 18.8 VangdInfoTech VGT 165.44 0.16 36.2 VangdTotlWrld VT 74.16 0.07 21.6 BB&T BBT 2.750 April 1, ’22 33 –4 35 49.98 –0.12
iShEdgeMSCIMinUSA USMV 52.82 0.25 16.8 VangdSC Val VBR 133.05 –0.02 10.0 VangdValue VTV 106.39 0.03 14.4 Capital One NA COF 2.350 Jan. 31, ’20 47 –4 52 … …
iShGoldTr IAU 12.38 0.49 11.7 VangdSC Grwth VBK 161.38 0.11 21.2 WisdTrEuropeHdg HEDJ 64.51 0.09 12.4
iShiBoxx$InvGrCpBd LQD 121.48 0.55 3.7 VangdDivApp VIG 102.15 0.19 19.9 WisdTrJapanHdg DXJ 59.49 0.12 20.1
Duke Energy DUK 2.650 Sept. 1, ’26 77 –4 79 83.98 0.45
iShiBoxx$HYCpBd HYG 87.17 0.05 0.7 VangdFTSEDevMk VEA 44.71 0.25 22.4 XtrkrsMSCIEAFE DBEF 31.91 –0.03 13.7 Expedia EXPE 3.800 Feb. 15, ’28 175 –4 174 120.32 0.74
iShJPMUSDEmgBd EMB 115.91 0.09 5.2
iShMBSETF MBB 106.56 0.23 0.2 …And spreads that widened the most
iShMSCI ACWI ACWI 72.00 0.11 21.7 IPO Scorecard State Street STT 2.550 Aug. 18, ’20 30 9 27 97.71 0.28
iShMSCI EAFE EFA 70.22 0.19 21.6
iShMSCI EAFE SC SCZ 64.24 0.56 28.9 Performance of IPOs, most-recent listed first General Electric GE 5.000 Jan. 21, ’49 117 6 112 17.38 –0.29
iShMSCIEmgMarkets EEM 46.58 0.26 33.0 KeyBank NA KEY 2.500 Nov. 22, ’21 45 6 32 … …
iShMSCIEurozone EZU 43.49 0.02 25.7 % Chg From % Chg From Medtronic MDT 3.500 March 15, ’25 48 5 50 81.76 0.36
iShMSCIJapan EWJ 59.96 –0.13 22.7 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
iShNasdaqBiotech IBB 107.59 0.14 21.6 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Goldman Sachs GS 3.850 Jan. 26, ’27 106 4 105 255.95 –0.69
iShNatlMuniBd MUB 110.71 0.48 2.3
iClick Interactive Asia Grp 9.50 18.8 5.6 Denali Thera 15.85 –11.9 –26.1 Teva Pharmaceutical Finance Netherlands Iii TEVA 2.200 July 21, ’21 n.a. 4 n.a. … …
iShRussell1000Gwth IWF 135.06 0.16 28.8 ICLK Dec. 22/$8.00 DNLI Dec. 8/$18.00 Discover Financial Services DFS 3.750 Sept. 15, ’27 153 3 n.a. 76.96 –0.39
iShRussell1000 IWB 148.90 0.07 19.6
iShRussell1000Val IWD 124.44 0.01 11.1 LexinFintech Hldgs 13.53 50.3 26.4 GigCapital 10.05 0.5 0.5 JPMorgan Chase JPM 3.625 Dec. 1, ’27 110 3 107 107.22 0.19
iShRussell2000Gwth IWO 187.47 0.01 21.8 LX Dec. 21/$9.00 GIG.U Dec. 8/$10.00
iShRussell2000 IWM 153.13 –0.10 13.6 Dogness 5.77 15.4 –3.8 Luther Burbank 12.24 13.9 4.2 High-yield issues with the biggest price increases…
iShRussell2000Val IWN 126.28 –0.22 6.2 DOGZ Dec. 20/$5.00 LBC Dec. 8/$10.75 Bond Price as % of face value Stock Performance
iShRussell3000 IWV 158.47 0.05 19.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Casa Sys 15.85 21.9 10.1 CURO Grp Hldgs 14.07 0.5 –0.9
iShRussellMid-Cap IWR 208.48 0.03 16.6
CASA Dec. 15/$13.00 CURO Dec. 7/$14.00 California Resources CRC 8.000 Dec. 15, ’22 81.000 1.85 77.750 18.01 0.39
iShRussellMCValue IWS 89.10 –0.10 10.8
iShS&PMC400Growth IJK 216.41 0.07 18.8 Newmark Grp 15.50 10.7 11.1 Odonate Thera 24.45 1.9 6.3 Ingles Markets IMKTA 5.750 June 15, ’23 101.500 1.06 100.250 35.15 –3.30
iShS&P500Growth IVW 153.19 0.15 25.8 NMRK Dec. 15/$14.00 ODT Dec. 7/$24.00 Mallinckrodt International Finance S.A. MNK 4.750 April 15, ’23 79.180 1.06 79.000 … …
iShS&P500Value IVE 114.33 –0.03 12.8
38.13 2.5
Cleveland–Cliffs CLF 6.250 Oct. 1, ’40 79.000 1.00 79.003 7.21 –1.37
iShUSPfdStk PFF 0.16 Sources: WSJ Market Data Group; FactSet Research Systems
EP Energy EPENEG 8.000 Feb. 15, ’25 73.000 1.00 70.875 ... ...
NRG Energy NRG 5.750 Jan. 15, ’28 101.250 0.75 100.750 27.70 –2.57
Windstream Services WIN 8.625 Oct. 31, ’25 97.500 0.75 96.250 1.90 0.53
Dividend Changes AES AES 5.125 Sept. 1, ’27 105.237 0.74 103.750 10.67 0.28
Dividend announcements from December 27. …And with the biggest price decreases
Amount Payable / Amount Payable / PulteGroup PHM 5.000 Jan. 15, ’27 104.500 –0.78 104.750 33.52 –0.12
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Dish DBS DISH 6.750 June 1, ’21 105.400 –0.60 106.000 … …
Increased Special Cablevision Systems CVC 5.875 Sept. 15, ’22 98.500 –0.50 98.500 ... ...
Preferred Bank LA PFBC 1.5 .22 /.20 Q Jan22 /Jan08 Great Elm Capital GECC 9.8 .20 Jan30 /Dec29 HCA HCA 5.875 March 15, ’22 106.875 –0.50 107.813 87.89 –1.40
Nationwide Max Divers US MXDU .00008 Dec29 /Dec28 Mattel MAT 6.750 Dec. 31, ’25 101.125 –0.38 101.000 15.62 –0.64
Initial
Nationwide RiskBased Intl RBIN .02265 Dec29 /Dec28 Noble Holding International NE 7.750 Jan. 15, ’24 86.000 –0.38 86.750 … ...
Nationwide Max Divers US MXDU .11535 Dec29 /Dec28 Nationwide Risk-Based US .01895 Dec29 /Dec28
RBUS United Rentals URI 4.875 Jan. 15, ’28 100.500 –0.38 100.750 171.47 0.50
Nationwide RiskBased Intl RBIN .10633 Dec29 /Dec28 Systemax 1.2 1.50 Jan12 /Jan05
Nationwide Risk-Based US RBUS .10996 Dec29 /Dec28
SYX Tesla TSLA 5.300 Aug. 15, ’25 96.250 –0.28 96.250 311.64 –1.78
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Stocks KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Data are for the most active issue of bonds with maturities of two years or more
China Xiniya Fashion ADR XNY 1:3 /Dec29 S2:1: stock split and ratio; SO: spin-off. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
BIGGEST 1,000 STOCKS

WSJ.com/stocks
Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. DigitalRealty DLR 112.50 0.91 GoldmanSachs GS 255.95 -1.77 LINE LN 41.05 0.08 NextEraEnergy NEE 155.29 1.29 RoyalDutchA RDS.A 66.23 -0.31 ToyotaMotor TM 128.23 0.25
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. DiscoverFinSvcs DFS 76.96 -0.30 Goodyear GT 32.59 -0.01 LKQ LKQ 40.87 0.09 NielsenHoldings NLSN 35.86 -0.35 s RoyalDutchB RDS.B 67.77 -0.03 TractorSupply TSCO 74.88 -0.42
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four DiscovComm C DISCK 21.74 -0.56 Graco GGG 135.50 1.04 L3 Tech LLL 198.17 0.84 Nike NKE 62.95 -0.70 Ryanair RYAAY 103.34 0.09 TransCanada TRP 48.55 -0.03
that include primary market trades as well as quarters. NiSource TransDigm TDG 273.81
DiscovComm A DISCA 23.05 -0.52 Grainger GWW 237.00 0.99 LabCpAm LH 160.75 -0.29 NI 25.24 0.18 SAP SAP 113.10 0.74 0.70
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading.
Disney DIS 107.64 -0.48 GreatPlainsEner GXP 32.03 0.05 LamResearch LRCX 185.37 1.06 NobleEnergy NBL 29.21 -0.33 S&P Global SPGI 169.40 1.98 TransUnion TRU 55.42 0.09
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
Nasdaq ISE. standards DolbyLab DLB 61.85 -0.02 Grifols GRFS 22.66 0.25 LamarAdv LAMR 74.39 0.55 Nokia NOK 4.73 -0.05 SBA Comm SBAC 161.26 1.44 Travelers TRV 134.77 -0.01
The list comprises the 1,000 largest companies lf-Late filing DollarGeneral DG 92.62 0.14 GrubHub GRUB 73.14 0.92 LambWeston LW 55.46 0.28 NomuraHoldings NMR 5.88 0.05 SEI Investments SEIC 71.82 -0.24 Trimble TRMB 40.41 0.06
based on market capitalization. q-Temporary exemption from Nasdaq DollarTree DLTR 107.49 -1.01 GpoAvalAcc AVAL 8.74 -0.02 LasVegasSands LVS 70.84 0.71 Nordson NDSN 145.53 0.71 Sina SINA 104.06 0.37 TurkcellIletism TKC 9.89 -0.17
Underlined quotations are those stocks with requirements. DominionEner D 80.66 0.33 GpoFinGalicia GGAL 66.00 0.54 Lazard LAZ 51.57 0.22 Nordstrom JWN 47.93 -0.54 SINOPEC SHI 57.68 -0.45 TurquoiseHill TRQ 3.39 -0.06
large changes in volume compared with the t-NYSE bankruptcy Domino's DPZ 190.57 0.20 GpFinSantMex BSMX 7.02 -0.10 Lear LEA 178.49 1.51 s NorfolkSouthern NSC 145.91 1.31 SK Telecom SKM 28.47 -0.18 21stCenturyFoxA FOXA 34.55 -0.05
issue’s average trading volume. v-Trading halted on primary market. Donaldson DCI 48.79 0.03 GrupoTelevisa TV 18.76 -0.01 Leggett&Platt LEG 47.55 0.01 NorthernTrust NTRS 98.68 -0.02 SLGreenRealty SLG 100.66 0.31 21stCenturyFoxB FOX 34.14 -0.03
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DouglasEmmett DEI 41.08 0.05 HCA Healthcare HCA 87.89 -1.25 Leidos LDOS 64.64 -0.15 NorthropGrum NOC 306.16 2.32 SS&C Tech SSNC 40.43 0.28 Twitter TWTR 24.23 -0.03
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Dover DOV 101.14 0.02 HCP HCP 25.87 -0.08 Lennar A LEN 63.92 0.03 NorwegCruise NCLH 54.00 0.27 SVB Fin SIVB 234.89 -1.28 TylerTech TYL 177.10 -0.71
previous closing price was $2 or higher. or securities assumed by such companies. DowDuPont DWDP 71.44 ... HDFC Bank HDB 100.28 -0.25 Lennar B LEN.B 51.22 0.17 Novartis NVS 83.84 0.73 SageTherap SAGE 164.16 8.02 TysonFoods TSN 81.48 -0.25
DrPepperSnap DPS 97.02 0.69 HD Supply HDS 39.43 -0.09 LennoxIntl LII 208.55 0.95 s NovoNordisk NVO 53.57 -0.01 Salesforce.com CRM 102.65 0.11 UBS Group UBS 18.15 -0.10
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DrReddy'sLab RDY 37.09 0.55 HP HPQ 21.27 0.04 LeucadiaNatl LUK 26.43 -0.10 Nucor NUE 64.61 -0.12 Sanofi SNY 43.11 0.25 UDR UDR 38.36 0.03
changes in the closing prices from 4 p.m. the previous day. DukeEnergy DUK 83.98 0.38 HSBC HSBC 51.48 -0.04 LibertyBroadbandA LBRDA 83.35 -1.64 Nutanix NTNX 35.56 -0.37 SantanderCons SC 18.48 ... UGI UGI 46.58 0.10
DukeRealty DRE 27.12 0.20 Halliburton HAL 48.82 0.05 LibertyBroadbandC LBRDK 83.54 -1.63 NVIDIA NVDA 197.17 -0.27 s Sasol SSL 33.39 0.49 US Foods USFD 31.60 -0.02
Wednesday, December 27, 2017 Net Net s Dunkin' DNKN 65.51 0.25 Hanesbrands HBI 21.10 0.19 LibertyGlobal C LBTYK 33.47 -0.37 Schlumberger SLB 67.92 0.31 UltaBeauty ULTA 225.65 -1.03
Net Stock Sym Close Chg Stock Sym Close Chg ENI E 33.40 -0.03 HarleyDavidson HOG 51.28 -0.49 LibertyGlobal A LBTYA 35.40 -0.07 O P Q SchwabC SCHW 51.85 -0.02 UltSoftware ULTI 215.94 -1.03
EOG Rscs EOG 108.36 Harris HRS 143.22 1.02 LibertyLiLAC A LILA 20.71 UltraparPart UGP 22.32 -0.06
-0.08 ScottsMiracleGro SMG 103.07
-1.05 -0.68 t OGE Energy OGE 32.75 0.10
Stock Sym Close Chg UnderArmour A UAA 15.73 0.07
Atlassian TEAM 46.14 -0.35 CanNaturalRes CNQ 35.52 -0.21 EQT EQT 55.33 -0.12 HartfordFinl HIG 56.28 0.31 LibertyLiLAC C LILAK 20.49 -0.74 ScrippsNetworks SNI 85.25 -0.43
ONEOK OKE 53.17 -0.09
AtmosEnergy ATO 84.99 0.39 s CanPacRlwy CP 183.46 1.51 E*TRADE Hasbro -1.13 LibertyQVC A QVCA 25.34 UnderArmour C UA 14.23 0.16
A B C Autodesk ADSK 104.58 0.78 Canon CAJ 37.64 -0.97 EXACT Sci
ETFC 49.49
EXAS 53.12
-0.01
0.78
HAS 91.67
HealthcareAmer HTA 30.04 0.08 LibertyVenturesA LVNTA 54.08
-0.40
-1.88
OReillyAuto ORLY 242.31 -2.34 Seagate
SealedAir
STX 42.11
SEE 49.21
-0.03
0.07 Unilever UN 56.45 -0.08
OccidentalPetrol OXY 73.32 -0.22
Unilever UL 55.42 -0.06
s ABB Autohome ATHM 64.65 0.49 CapitalOne COF 99.75 -0.17 EastWestBncp EWBC 60.74 Heico A HEI.A 78.70 0.10 LibertyFormOne C FWONK 34.31
ABB 26.74 0.08 -0.26 0.13 s OldDomFreight ODFL 133.61 1.01 SeattleGenetics SGEN 54.68 1.09
s
Autoliv ALV 128.54 1.09 CardinalHealth CAH 62.30 -0.37 EastmanChem EMN 92.53 Heico HEI 0.05 LibertyFormOne A FWONA 32.59 UnionPacific UNP 136.32 1.67
AECOM ACM 37.38 -0.08 -0.45 94.18 0.04 Olin OLN 35.22 0.27 SemicondctrMfg SMI 7.90 ...
ADP ADP 117.26 -0.31 Carlisle CSL 113.02 -0.27 Eaton ETN 77.42 Helm&Payne HP -0.64 LibertyBraves A BATRA 22.74 UnitedContinental UAL 67.12 -0.23
AES AES 10.67 0.03 0.10 64.97 0.13 Omnicom OMC 73.48 0.13 SempraEnergy SRE 107.83 -0.11
UnitedMicro UMC 2.36 -0.02
Aflac AFL 87.71 0.07 AutoZone AZO 707.00 -7.48 Carlyle CG 23.10 0.30 EatonVance EV 56.37 0.09 HenrySchein HSIC 70.46 -0.16 LibertyBraves C BATRK 22.94 0.20 SensataTech ST 50.88 -0.01
ON Semi ON 21.16 0.29 UPS B UPS 119.08 0.82
Avalonbay AVB 178.57 -0.42 CarMax KMX 64.91 -0.64 eBay EBAY 37.61 Herbalife HLF 70.00 -0.59 LibertySirius C LSXMK 39.69
AGNC Invt AGNC 20.27 0.05 -0.33 -0.26 OpenText OTEX 33.01 -0.02 ServiceCorp SCI 37.34 0.33
s UnitedRentals URI 171.47 0.86
Avangrid AGR 50.70 0.33 Carnival CCL 66.76 1.07 Ecolab ECL 134.10 Hershey HSY 114.58 -0.43 LibertySirius A LSXMA 39.85
Ansys ANSS 146.66 0.27 0.40 -0.31 Oracle ORCL 47.38 -0.05 ServiceMaster SERV 51.56 0.47
US Bancorp USB 54.07 0.06
ASML ASML 174.04 0.95 AveryDennison AVY 115.14 0.32 Carnival CUK 66.46 1.03 s Ecopetrol EC 14.21 ... Hess HES 48.14 -0.32 LibertyProperty LPT 43.21 0.11 Orange ORAN 17.37 -0.05 ServiceNow NOW 130.26 0.94
AxaltaCoating AXTA 32.10 -0.01 s Caterpillar CAT 157.52 1.08 EdisonInt EIX HewlettPackard HPE 14.67 -0.07 EliLilly LLY US Steel X 35.02 -0.33
AT&T T 38.89 -0.17 64.40 0.36 85.14 0.15 OrbitalATK OA 132.09 0.49 ShawComm B SJR 22.75 -0.25
UnitedTech UTX 127.58 0.44
s AbbottLabs ABT 57.47 0.47 BB&T BBT 49.98 -0.06 Cavium CAVM 85.00 0.57 EdwardsLife EW 113.16 1.00 s Hilton HLT 80.15 0.78 LincolnElectric LECO 91.90 0.45 Orix IX 85.01 0.27 SherwinWilliams SHW 410.20 -1.19
BCE BCE 47.47 -0.14 CboeGlobalMkts CBOE 124.76 0.72 ElectronicArts EA 105.23 s HollyFrontier HFC 51.63 0.33 LincolnNational LNC 77.20 UnitedTherap UTHR 151.28 1.25
AbbVie ABBV 98.09 0.34 0.17 -0.29 Oshkosh OSK 91.17 -0.17 ShinhanFin SHG 46.56 -0.18
UnitedHealth UNH 220.42
s BHPBilliton BHP 45.77 0.42 Celanese A CE 106.90 0.46 EmersonElec EMR 69.75 Hologic HOLX 43.23 ... LionsGate A LGF.A 33.65 0.82
Abiomed ABMD 190.42 0.88 0.22 0.30 s OwensCorning OC 91.92 -0.07 Shire SHPG 156.47 0.09
UnivDisplay OLED 176.35
s BHPBilliton BBL 39.95 0.26 Celgene CELG 104.46 -2.51 EnbridgeEnPtrs EEP 13.83 s HomeDepot HD 190.19 -0.17 LionsGate B LGF.B 31.63 5.75
Accenture ACN 153.32 0.33 -0.15 0.37 PG&E PCG 44.68 0.23 Shopify SHOP 104.50 -0.34
UniversalHealthB UHS 114.16 -0.22
BOK Fin BOKF 92.30 0.29 Cemex CX 7.49 ... Enbridge HondaMotor HMC 34.32 -0.08 LiveNationEnt LYV 42.40
ActivisionBliz ATVI 63.34 -0.11 ENB 38.90 0.10 -0.01 PLDT PHI 29.54 0.06 SignatureBank SBNY 137.24 -0.70
UnumGroup UNM 54.75
AcuityBrands AYI 177.23 1.15
s BP BP 41.72 0.03 CenovusEnergy CVE 8.96 0.04 Encana ECA 13.13 0.02 Honeywell HON 153.95 0.19 LloydsBanking LYG 3.69 0.02 SimonProperty SPG 170.77 1.41 ...
PNC Fin PNC 144.98 0.08 VEON VEON 3.82 -0.03
BRF BRFS 11.11 -0.01 Centene CNC 103.02 0.76 EnelAmericas ENIA 10.86 HormelFoods HRL 36.59 -0.15 LockheedMartin LMT 319.44
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Baidu BIDU 237.71 -0.12 CenturyLink CTL 17.07 -0.29 EnergyTransfer ETP 18.03 HuanengPower HNP 24.84 -0.31 LogMeIn LOGM 114.60
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co Fo
CVS Health CVS 72.76 -0.92 KSS 55.29 NFLX 186.24 -1.52 Rockwell ROK 195.99 MMM 236.20 0.75 YumBrands YUM 82.40 0.21
ArcelorMittal MT 32.78 -0.18 CabotOil COG 28.13 0.03 s Deere DE 158.58 -0.17 GenuineParts GPC 95.67 0.28 KoninklijkePhil PHG 38.00 0.06 Neurocrine NBIX 73.74 2.01 RockwellCollins COL 135.31 0.38 s Tiffany TIF 105.24 0.04 YumChina YUMC 40.19 0.64
ArchCapital ACGL 90.48 0.21 CadenceDesign CDNS 42.25 0.28 DellTechs DVMT 81.26 -0.12 Gerdau GGB 3.70 -0.03 KoreaElcPwr KEP 18.22 0.09 NewOrientalEduc EDU 92.83 0.37 RogersComm B RCI 50.68 0.11 TimeWarner TWX 91.37 -0.28 ZTO Express ZTO 15.92 -0.01
ArcherDaniels ADM 40.24 -0.02 CaesarsEnt CZR 12.50 0.15 DeltaAir DAL 56.12 -0.31 s Gildan GIL 32.46 0.07 KraftHeinz KHC 77.98 -0.13 NY CmntyBcp NYCB 13.10 -0.10 Rollins ROL 46.80 0.13 Toll Bros TOL 48.03 0.41 ZayoGroup ZAYO 36.62 0.31
Arconic ARNC 27.34 0.27 s CalAtlantic CAA 57.00 ... DentsplySirona XRAY 66.03 -0.23 GileadSciences GILD 72.98 0.28 Kroger KR 27.71 -0.09 NewellBrands NWL 30.73 -0.19 RoperTech ROP 260.61 -0.11 Torchmark TMK 90.69 0.06 Zillow C Z 41.59 -0.41
AristaNetworks ANET 239.50 3.84 CamdenProperty CPT 91.47 0.32 DeutscheBank DB 19.06 -0.17 GSK GSK 35.56 0.19 Kyocera KYO 66.12 -0.08 NewfieldExpln NFX 31.82 -0.37 s RossStores ROST 80.73 -0.23 Toro TTC 65.24 0.35 Zillow A ZG 41.46 -0.35
ArrowElec ARW 79.88 0.10 CampbellSoup CPB 48.58 0.29 DevonEnergy DVN 41.84 -0.74 GlobalPayments GPN 100.33 -0.40 LATAMAirlines LTM 13.82 -0.02 NewmontMin NEM 37.60 0.03 s RoyalBkCanada RY 80.84 0.45 TorontoDomBk TD 57.97 0.81 ZimmerBiomet ZBH 120.14 0.18
AstraZeneca AZN 33.72 0.07 CIBC CM 96.34 0.70 s Diageo DEO 143.87 0.48 GoDaddy GDDY 50.02 0.02 L Brands LB 61.25 -1.70 NewsCorp B NWS 16.65 0.05 RoyalBkScotland RBS 7.53 0.01 Total TOT 55.27 -0.16 ZionsBancorp ZION 50.71 -0.15
Athene ATH 51.79 0.04 CanNtlRlwy CNI 82.29 0.90 DiamondbkEner FANG 123.19 -2.78 Goldcorp GG 12.68 -0.04 LG Display LPL 13.89 0.34 NewsCorp A NWSA 16.25 -0.06 RoyalCaribbean RCL 121.21 1.03 TotalSystem TSS 79.30 0.19 Zoetis ZTS 72.45 0.11
Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Freedom2030 K 18.61 +0.04 NS FrankTemp/Temp Adv OakmrkInt 28.45 +0.09 29.2 Value 37.40 +0.04 19.2 MuShtAdml 15.71 ... 1.1 TgtRe2040 36.47 +0.08 20.7
Explanatory Notes Data provided by Freedom2035 K 15.67 +0.03 NS GlBondAdv p 11.89 -0.01 3.0 Old Westbury Fds PRIMECAP Odyssey Fds PrmcpAdml r 134.34 +0.14 30.3 TgtRe2045 22.94 +0.06 21.4
Top 250 mutual-funds listings based on total net assets for Nasdaq-published share classes. Freedom2040 K 11.02 +0.02 NS Harbor Funds LrgCpStr 14.45 +0.02 19.3 AggGrowth r 44.54 +0.06 34.2 REITAdml r 116.99 +0.41 4.4 TgtRe2050 36.90 +0.09 21.4
NAV is net asset value. Percentage performance figures are total returns, assuming Fidelity Invest CapApInst 69.65 +0.05 37.0 Oppenheimer Y Growth r 37.47 +0.05 32.8 SmCapAdml 70.97 +0.02 16.5 TgtRetInc 13.73 +0.03 8.4
reinvestment of all distributions and after subtracting annual expenses. Figures don’t reflect Balanc 23.77 +0.04 16.7 IntlInst r 67.71 +0.24 23.2 DevMktY NA ... NA Principal Investors STBondAdml 10.38 +0.01 1.2 TotIntBdIxInv 10.87 +0.02 2.5
sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous trading BluCh 36.8 Harding Loevner IntGrowY 43.57 +0.12 26.8 DivIntlInst 13.87 -0.19 28.4 WellsI 26.95 +0.09 10.2
n-
88.22 +0.09 STIGradeAdml 10.63 +0.01 2.1

day. YTD%RET is year-to-date return. f-Previous day’s quotation. p-Distribution costs apply, Contra 122.86 +0.21 32.7 IntlEq NA ... NA Parnassus Fds Prudential Cl Z & I Welltn 42.05 +0.09 14.8
TotBdAdml 10.75 +0.03 3.5
12b-1. r-Redemption charge may apply. t-Footnotes p and r apply. NA-Not available due to ContraK 122.79 +0.22 32.8 Invesco Funds A ParnEqFd 42.77 -0.17 16.8 TRBdZ 14.56 +0.05 6.4 WndsrII 37.89 -0.01 17.0
incomplete price, performance or cost data. NE-Not released by Lipper; data under review. NN- TotIntBdIdxAdm 21.73 +0.03 2.5
CpInc r 10.30 -0.03 11.3 EqIncA 10.99 ... 11.2 PIMCO Fds Instl Schwab Funds TotIntlAdmIdx r 30.38 +0.14 27.0 VANGUARD INDEX FDS
Fund not tracked. NS-Fund didn’t exist at start of period.
DivIntl 39.83 +0.07 26.1 John Hancock Class 1 AllAsset NA ... NA S&P Sel 41.32 +0.04 22.2 TotStAdml 66.92 +0.05 21.5 500 247.59 +0.21 22.0
GroCo 179.96 +0.38 37.8 LSBalncd NA ... NA TotRt 10.25 +0.03 4.9 TIAA/CREF Funds ExtndIstPl 209.74 +0.07 18.5
TxMIn r 14.37 +0.07 26.0
no
Wednesday, December 27, 2017 GrowCoK 179.92 +0.37 37.9 LSGwth NA ... NA PIMCO Funds A EqIdxInst 19.71 +0.01 21.5
ValAdml 41.51 +0.02 17.4 SmValAdml 57.14 -0.03 12.0
Net YTD Net YTD Net YTD InvGB 7.92 +0.02 3.8 John Hancock Instl IncomeFd NA ... NA IntlEqIdxInst 20.15 +0.07 25.2
WdsrllAdml 67.23 -0.01 17.1
TotBd2 10.71 +0.03 3.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret InvGrBd 11.24 +0.01 4.0 DispValMCI 23.31 -0.02 15.6 PIMCO Funds D Tweedy Browne Fds
WellsIAdml 65.28 +0.22 10.2
TotIntl 18.16 +0.08 26.8
American Century Inv GlblAlloc p 19.71 +0.02 13.4 Stock 204.27 -0.17 18.7 LowP r 54.49 +0.05 20.6 JPMorgan Funds IncomeFd NA ... NA GblValue 28.45 -0.30 15.3 TotSt 66.90 +0.05 21.4
MdCpVal L NA ... NA PIMCO Funds Instl WelltnAdml 72.62 +0.15 14.9
Ultra 43.60 -0.03 32.4 BlackRock Funds Inst DoubleLine Funds LowPriStkK r 54.43 +0.05 20.7 VANGUARD ADMIRAL VANGUARD INSTL FDS
WndsrAdml 79.14 +0.02 19.4
American Funds Cl A EqtyDivd 22.78 +0.01 16.8 TotRetBdI NA ... NA MagIn 104.99 +0.13 27.0 JPMorgan R Class IncomeFd NA ... NA 500Adml 247.59 +0.21 22.2 BalInst 34.78 +0.06 14.1
VANGUARD FDS
AmcpA p 31.57 +0.03 22.4 GlblAlloc 19.83 +0.03 13.7 Edgewood Growth Instituti OTC 110.56 +0.04 39.5 CoreBond NA ... NA PIMCO Funds P BalAdml 34.77 +0.06 14.1 DevMktsIndInst 14.39 +0.07 26.1
Lazard Instl CAITAdml 11.76 +0.02 4.7 DivdGro 26.59 +0.06 19.5
AMutlA p 40.87 +0.09 17.9 StratIncOpptyIns 9.95 ... 4.7 EdgewoodGrInst 29.64 +0.05 35.2 Puritn 23.46 +0.04 18.9 IncomeP NA ... NA DevMktsInxInst 22.49 +0.11 26.1
EmgMktEq 19.83 +0.13 26.8 Price Funds CapOpAdml r 154.44 +0.29 29.9 HlthCare r 205.94 +0.57 19.8
BalA p 27.18 +0.05 15.6 Bridge Builder Trust Federated Instl SrsEmrgMkt 21.20 +0.05 39.1 ExtndInst 84.99 +0.03 18.5
Loomis Sayles Fds INSTTRF2020 22.98 +0.05 14.1
BondA p 12.89 +0.04 3.2 CoreBond NA ... NA StraValDivIS 6.13 +0.01 14.8 SrsGroCoRetail 16.75 +0.03 38.5 BlChip 96.70 +0.19 37.1 EMAdmr 37.78 +0.13 30.0 GrwthInst 72.63 +0.09 28.3
CapIBA p 62.69 +0.19 14.0 Dimensional Fds Fidelity LSBondI 13.74 +0.02 7.3 CapApp 28.31 +0.05 15.5 EqIncAdml 78.05 +0.17 18.6 INSTTRF2025 23.32 +0.06 16.0
InPrSeIn 10.40 +0.05 2.7
SrsIntlGrw 16.11 +0.07 29.9
CapWGrA 50.99 +0.16 24.4 5GlbFxdInc 10.87 +0.01 2.0 500IdxInst 93.74 +0.08 22.2
Lord Abbett A
EqInc 33.43 +0.01 16.5 ExplrAdml 88.73 +0.11 23.5 INSTTRF2030 23.57 +0.06 17.6 InstIdx 244.22 +0.21 22.2
SrsIntlVal 10.68 +0.02 20.3
EupacA p ShtDurIncmA p 4.25 ... 2.2 ExtndAdml 84.99 +0.02 18.4 INSTTRF2035 23.83 +0.06 19.1
55.95 +0.19 30.1 EmgMktVa 30.90 +0.16 32.4 500IdxInstPrem 93.74 +0.08 22.2 TotalBond 10.64 +0.01 3.9 EqIndex 71.93 +0.06 21.9 InstPlus 244.24 +0.21 22.2
Lord Abbett F GNMAAdml 10.46 +0.02 1.9 INSTTRF2040 24.08 +0.06 20.8
FdInvA p 62.28 +0.11 23.5 EmMktCorEq 22.94 +0.15 34.9 500IdxPrem 93.74 +0.08 22.2 First Eagle Funds Growth 62.90 +0.13 34.2 InstTStPlus 59.65 +0.04 21.5
ShtDurIncm 4.25 ... 2.6 INSTTRF2045 24.26 +0.06 21.5
GwthA p 49.62 +0.07 26.3 IntlCoreEq 14.51 +0.08 27.8 ExtMktIdxPrem r 62.21 +0.02 18.5 GlbA 59.03 +0.08 13.4 HelSci 70.78 +0.37 28.7 GrwthAdml 72.63 +0.10 28.3 MidCpInst 42.41 +0.03 19.5
Metropolitan West IntlVal
HI TrA p 10.36 +0.01 6.5 IntlVal 20.46 +0.07 25.9 IntlIdxPrem r 43.07 +0.13 25.0 FPA Funds InstlCapG 37.07 +0.07 38.4 HlthCareAdml r 86.85 +0.24 19.9 39.78 +0.09 27.6 MidCpIstPl 209.14 +0.11 19.5
ICAA p 40.46 +0.07 19.9 IntSmCo 21.16 +0.17 29.6 SAIUSLgCpIndxFd 14.33 +0.01 22.2 TotRetBd NA ... NA IntlStk 18.59 +0.05 27.6 HYCorAdml r 5.91 ... 6.9 LifeCon 20.17 +0.04 11.0 SmCapInst 70.96 +0.01 16.5
FPACres 34.74 +0.05 10.5
IncoA p 23.34 +0.06 13.2 IntSmVa 22.84 +0.19 27.3 TMktIdxF r 76.60 +0.05 21.5 TotRetBdI NA ... NA IntlValEq 15.07 +0.05 20.4 InfProAd 25.53 +0.11 2.6 LifeGro 34.07 +0.07 19.2 STIGradeInst 10.63 +0.01 2.1
FrankTemp/Frank Adv
N PerA p 43.14 +0.15 28.8 US CoreEq1 22.86 +0.01 21.3 TMktIdxPrem 76.60 +0.06 21.5 IncomeAdv 2.36 ... 8.6
TRBdPlan NA ... NA MCapGro 87.32 +0.14 25.3 IntlGrAdml 95.58 +0.33 43.2 LifeMod 27.51 +0.06 15.0 TotBdInst 10.75 +0.03 3.5
NEcoA p 44.70 +0.07 34.6 US CoreEq2 21.64 ... 19.4 USBdIdxInstPrem 11.59 +0.04 3.5 FrankTemp/Franklin A MFS Funds Class I MCapVal 30.45 -0.02 11.8 ITBondAdml 11.36 +0.04 3.8 PrmcpCor 27.02 +0.02 26.8 TotBdInst2 10.71 +0.03 3.5
NwWrldA 66.62 +0.20 32.0 US Small 36.10 -0.04 12.0 Fidelity Advisor I CA TF A p 7.47 +0.02 5.8 ValueI 40.84 +0.05 17.9 N Horiz 52.76 +0.11 32.0 ITIGradeAdml 9.74 +0.02 4.1 SelValu r 31.34 -0.05 19.8 TotBdInstPl 10.75 +0.03 3.5
SmCpA p 55.75 +0.10 26.7 US SmCpVal 38.09 -0.10 7.7 NwInsghtI 32.12 +0.05 28.7 IncomeA p 2.38 ... 8.4 MFS Funds Instl N Inc 9.49 +0.03 4.0 LTGradeAdml 10.63 +0.11 11.8 STAR 27.85 +0.07 18.4 TotIntBdIdxInst 32.60 +0.04 2.6
TxExA p 13.02 +0.03 5.3 US TgdVal 25.00 -0.06 10.1 Fidelity Freedom RisDv A p 61.29 +0.08 20.5 IntlEq 25.36 +0.09 27.5 OverS SF r 11.31 +0.04 27.0 MidCpAdml 191.96 +0.10 19.5 STIGrade 10.63 +0.01 2.0 TotIntlInstIdx r 121.49 +0.57 27.0
WshA p 45.72 +0.06 20.4 USLgVa 39.26 -0.05 19.4 FF2020 17.06 +0.04 15.6 FrankTemp/Franklin C Mutual Series R2020 22.55 +0.05 15.8 MorgAdml 91.00 +0.14 30.4 TgtRe2015 16.17 +0.03 11.4 TotItlInstPlId r 121.51 +0.57 27.0
Baird Funds Dodge & Cox FF2025 14.79 +0.03 16.8 Income C t 2.41 ... 8.2 GlbDiscA 31.81 ... 9.6 R2025 17.60 +0.04 17.8 MuHYAdml 11.42 +0.02 7.7 TgtRe2020 32.23 +0.07 14.0 TotStInst 66.94 +0.06 21.6
AggBdInst 10.87 +0.04 4.2 Balanced 107.17 -0.01 12.8 FF2030 18.60 +0.04 19.8 FrankTemp/Temp A Oakmark Funds Invest R2030 25.93 +0.06 19.5 MuIntAdml 14.11 +0.03 4.4 TgtRe2025 18.95 +0.04 15.9 ValueInst 41.51 +0.03 17.4
CorBdInst 11.21 +0.03 4.6 Income +0.02 4.3 Freedom2020 K 17.06 +0.03 NS 14.6 R2035 MuLTAdml 11.65 +0.03 6.3
13.75 GlBond A p 11.94 -0.01 2.8 EqtyInc r 32.22 ... 18.98 +0.04 20.9 TgtRe2030 34.31 +0.07 17.5 Western Asset
BlackRock Funds A Intl Stk 46.19 +0.12 23.6 Freedom2025 K 14.79 +0.03 NS Growth A p 27.26 +0.02 17.8 Oakmark 84.49 -0.16 21.4 R2040 27.25 +0.06 22.1 MuLtdAdml 10.88 ... 2.0
TgtRe2035 21.13 +0.05 19.1 CorePlusBdI NA ... NA
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
DTE EnergyDeb77 DTW 25.60 0.5 HVBancorp HVBC 15.50 0.3 NewYork NWY 2.99 ... SabineRoyalty SBR 46.90 0.1 UnivLogistics ULH 24.65 -0.6 FirstRepBank FRC 86.31 -0.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Darden DRI 98.36 0.3 HamiltonLane HLNE 35.47 -1.5 NexstarMedia NXST 80.45 -0.8 Saia SAIA 71.05 0.2 VOC Energy VOC 5.86 6.4 FrontierCommPfA FTRPR 10.16 0.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Daseke DSKE 14.52 1.3 HanoverIns THG 109.61 1.1 NorfolkSouthern NSC 146.33 0.9 Sasol SSL 33.75 1.5 Vale VALE 12.12 -0.7 GNC Holdings GNC 3.48 -7.4
session. % CHG-Daily percentage change from the previous trading session. DasekeWt DSKEW 2.07 3.5 Hilton HLT 80.38 1.0 NorthernTechsIntl NTIC 26.50 15.5 SchneiderNatl SNDR 29.36 1.6 ValeroEnergy VLO 92.49 0.3 GeneralElec GE 17.31 -0.3
Deere DE 159.10 -0.1 HoeghLNG PfdA HMLPpA 26.56 -0.6 NovoNordisk NVO 53.75 ... SchnitzerSteel SCHN 35.15 -3.7 ValidusPfdA VRpA 26.12 1.0 GenworthFin GNW 3.11 -0.9
Wednesday, December 27, 2017 DelekUS DK 35.38 0.1 HollyFrontier HFC 52.00 0.6 NuverraEnvl NES 26.25 -2.4 SelectEnergySvcs WTTR 18.44 -0.2 ValidusPfdB VRpB 26.23 1.3 GrupoSimec SIM 9.18 -0.1
52-Wk % 52-Wk % 52-Wk % Diageo DEO 144.35 0.3 HomeDepot HD 191.49 -0.1 OhioValleyBanc OVBC 43.85 1.9 SierraOncology SRRA 4.09 7.8 VarexImaging VREX 41.41 1.0 HeclaMiningPfd HLpB 52.25 -0.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Dunkin' DNKN 65.73 0.4 Hydrogenics HYGS 12.00 2.7 OhrPharm OHRP 1.79 4.7 SilverSpringNtwks SSNI 16.26 0.1 Verso VRS 16.91 1.3 I-AM Capital Wt IAMXW 0.21 -18.3
Ecopetrol EC 14.29 ... IONGeophysical IO 20.54 -2.2 OldDomFreight ODFL 134.07 0.8 SimplyGoodFoodsWt SMPLW 3.84 6.8 VikingTherap VKTX 4.40 4.8 IMPAC Mortgage IMH 9.92 -0.1
ArchCoal ARCH 93.52 -0.7 CONSOL Energy CEIX 41.89 -2.0 eGain EGAN 5.45 2.4 iClickInteract ICLK 11.40 -4.4 OldRepublic ORI 21.56 1.0 SimplyGoodFoods SMPL 14.29 2.6 VikingTheraWt VKTXW 2.88 10.0 IconixBrand
Highs ArenaPharm ARNA 35.09 4.2 CVR Energy CVI 38.25 0.2 EigerBioPharma EIGR 14.50 -4.9 Immunomedics IMMU 15.76 5.7 Ollie'sBargain OLLI 54.30 -0.4 SiteOneLandscape SITE 77.07 0.3 WSIIndustries WSCI 5.03 3.1 InspireMD
ICON
NSPR
1.26
0.12
-2.3
-0.7
AshfordHospPfdH AHTpH 25.47 0.8 CVR Refining CVRR 16.75 1.2 EmbotellAndinaA AKO.A 27.87 5.7 InnovativeIndProp IIPR 28.34 7.4 OwensCorning OC 92.24 -0.1 SolarisOilfield SOI 21.35 1.1
ABB ABB 26.76 0.3 WestlakeChem WLK 106.35 0.2 JAKKS Pacific JAKK 2.25 ...
AshfordHospPfdI AHTpI 25.08 0.4 CalAtlantic CAA 57.50 ... EmergentBiosol EBS 47.90 2.1 InnovativeIndPfdA IIPRpA 27.46 -0.5 OxfordIndustries OXM 76.15 0.5 SouthernNts77 SOJC 25.25 0.3
ASV ASV 10.49 2.8 WolverineWwide WWW 31.91 -0.2 LegacyReserves LGCY 1.07 -1.7
AxoGen AXGN 28.85 1.4 CanadaGoose GOOS 31.38 0.9 EnantaPharma ENTA 59.69 ... InterContinentl IHG 63.68 0.9 PBF Energy PBF 35.73 0.9 SoCopper SCCO 47.37 1.1
AbbottLabs ABT 57.60 0.8 Wyndham WYN 115.37 1.3 LibertyTripAdvB LTRPB 9.40 -4.6
BHPBilliton BHP 45.88 0.9 CanPacRlwy CP 183.82 0.8 Energous WATT 24.10 168.1 JamesHardie JHX 17.53 1.2 PSBusParksPfdY PSBpY 25.08 0.2 Statoil STO 21.40 0.3
AcceleronPharma XLRN 43.37 0.9 WynnResorts WYNN 170.30 0.9 LindbladExpedWt LINDW 1.35 -3.6
BHPBilliton BBL 40.13 0.7 CapsteadMtgPfdE CMOpE 25.70 0.4 EnPro NPO 94.61 0.5 KB Fin KB 59.16 0.4 PerformanceFood PFGC 33.30 1.1 SteelPartners SPLP 20.05 0.5
AffiliatedMgrs AMG 205.62 0.3 XOMA XOMA 36.96 4.1 MaidenHldg6.7%PfdD MHpD 20.32 -1.9
BMC Stock BMCH 25.30 0.2 Carters CRI 118.08 0.3 EsperionTherap ESPR 66.62 1.9 KB Home KBH 32.20 0.4 Phillips66 PSX 102.43 0.4 StitchFix SFIX 30.07 -1.5
Agrium AGU 115.48 1.5 XPO Logistics XPO 93.63 3.5 MedleyCapital MCC 5.23 -0.9
BP BP 41.84 0.1 CasaSystems CASA 16.38 0.7 Euronav EURN 9.20 4.0 KLX KLXI 70.23 -0.4 PierisPharm PIRS 7.59 -1.5 Strats PG GJR GJR 22.02 1.3
AimmuneTherap AIMT 40.00 -1.8 MidatechPharma MTP 0.85 -2.7
AirLease AL 48.34 0.2
BRT Apartments BRT
BankofAmPfdCC BACpC
11.55 0.4 CasellaWaste
27.50 ... Caterpillar
CWST
CAT
22.55 0.4
157.69 0.7
FB Financial
FateTherap
FBK
FATE
44.81 -0.4 KindredBiosci
6.75 5.7 LGI Homes
KIN
LGIH
9.68 ... PiperJaffray
75.96 3.4 Pixelworks
PJC
PXLW
87.45
6.73
1.3
-0.8
SunLifeFinancial SLF
SunCokeEnergy SXC
41.22
12.57
...
-2.6
Lows OGE Energy OGE 32.60 -0.2
Alcoa AA 51.93 2.9 BankofAmPfdEE BACpA 27.45 0.5 Cerecor CERC 4.10 21.7 Alexander&Baldwin ALEX 27.53 0.2 OaktreeSpecNts24 OSLE 24.98 -1.1
FederatedInvest FII 36.67 -0.8 Leaf LFGR 10.00 3.1 PlumasBancorp PLBC 23.12 -0.4 Systemax SYX 34.14 7.9
AlliedMotionTech AMOT 35.16 0.5 BestBuy BBY 68.55 0.5 CerecorWt A CERCW 0.60 210.3 ApolloInv AINV 5.60 -0.2 OpGen OPGN 0.15 1.3
Floor&Decor FND 49.62 8.0 Lowe's LOW 92.40 0.2 Potash POT 20.65 1.5 TRowePrice TROW 105.85 -0.3
AlonUSAPartners ALDW 17.30 ... BlackRidgeAcqn BRAC 9.65 0.5 ChembioDiagn CEMI 8.35 0.6 26.75 ... Luxfer 16.05 -0.6 ProPetro 20.60 -0.9 48.87 0.4 AtlanticAcqnUn ATACU 9.56 -1.1 Oragenics OGEN 0.21 -8.9
FosterLB FSTR LXFR PUMP Terex TEX
AltraIndlMotion AIMC 50.60 1.1 BluegreenVac BXG 17.63 -1.7 CheniereEnergy LNG 54.70 -0.3 FreeportMcM FCX 19.06 0.1 Manitex MNTX 10.00 -2.1 Quanterix QTRX 22.65 ... TesscoTech TESS 23.65 24.3 AvenueTherap ATXI 3.40 -1.4 PHH PHH 10.09 0.8
AmeriWt AMRHW 0.90 5.9 BobEvansFarms BOBE 79.48 0.6 CheniereEnHldgs CQH 28.29 0.4 FreseniusMed FMS 52.80 0.7 Marcus&Millichap MMI 32.71 ... REV REVG 32.57 2.8 TexasPacLand TPL 458.00 1.6 Avinger AVGR 0.19 -3.2 PPL PPL 30.74 0.2
AmphastarPharm AMPH 19.95 0.6 BostonBeer SAM 197.05 0.1 CherryHillPfdA CHMIpA 25.85 0.1 GasLog GLOG 22.00 0.7 Marriott MAR 136.33 2.2 R1RCM RCM 4.64 -1.6 Tiffany TIF 105.70 ... CBL AssocPfdD CBLpD 21.78 -0.2 ParkCity PCYG 9.35 -5.0
AmpioPharm AMPE 3.74 8.7 BrookfieldBusPtr BBU 34.72 1.2 Chevron CVX 126.20 -0.3 Gener8Maritime GNRT 6.45 4.4 MatadorResources MTDR 31.46 -0.7 RandCapital RAND 3.50 13.0 TopBuild BLD 76.40 0.3 CapitalaFinance CPTA 7.30 -1.5 RealNetworks RNWK 3.60 -0.8
AnaptysBio ANAB 101.80 0.8 BrookfieldInfr BIP 46.88 3.9 Codexis CDXS 8.55 -0.6 GeorgiaPwrNt77 GPJA 26.14 0.6 MedallionFinNts MFINL 26.96 1.2 RayonierAdvMatls RYAM 20.82 2.5 tronc TRNC 18.27 1.1 ChemoCentryx CCXI 5.42 -1.9 RegionalHlthProp RHE 0.16 -14.2
Andeavor ANDV 115.82 0.6 Brown-Forman B BF.B 68.81 0.1 CogentixMedical CGNT 3.34 1.6 Gildan GIL 32.66 0.2 MelcoResorts MLCO 29.50 2.0 RayonierAdvPfdA RYAMpA 145.37 1.9 TurningPoint TPB 19.63 5.4 ColonyNorthStar CLNS 11.61 -0.3 SparkEnergy SPKE 10.70 0.5
ApellisPharm APLS 19.61 4.3 BuildersFirstSrc BLDR 21.91 0.5 ColonyNorthPfdJ CLNSpJ 25.71 1.2 GolarLNG PfdA GMLPP 25.80 0.5 MellanoxTech MLNX 64.75 ... ResoluteForest RFP 11.30 -2.2 UbiquitiNetworks UBNT 71.17 4.6 Volaris VLRS 8.09 -1.5 TiVo TIVO 13.75 -1.4
Appian APPN 31.60 2.8 BurlingtonStrs BURL 122.16 0.5 Cowen7.35%Nts COWNZ 26.24 0.1 GolarLNG GLNG 30.16 0.3 MeridianBancorp EBSB 21.05 0.2 RioTinto RIO 52.17 0.6 UnionPacific UNP 136.32 1.2 CorpCapitalTr CCT 16.51 -2.5 UnicoAmerican UNAM 8.55 -2.3
Apptio APTI 24.96 2.2 CF Industries CF 43.10 0.5 DASAN Zhone DZSI 9.68 1.6 Greenbrier GBX 53.95 0.2 Methanex MEOH 61.25 0.1 RossStores ROST 81.24 -0.3 UnitedRentals URI 172.22 0.5 Curis CRIS 0.69 -7.0 Welltower HCN 63.12 -0.3
AquaAmerica WTR 39.52 0.7 CH Robinson CHRW 89.80 0.8 DMC Global BOOM 24.65 6.8 H&E Equipment HEES 40.45 0.5 NationalVision EYE 40.46 ... RoyalBkCanada RY 81.00 0.6 USCopperIndex CPER 21.03 0.3 EllingtonFin EFC 14.46 0.2 YingliGreenEner YGE 1.68 2.9
Aradigm ARDM 6.09 8.4 CNOOC CEO 144.67 0.5 DST Systems DST 63.08 -0.1 HFF HF 48.50 ... NationwideMaxDivUS MXDU 26.53 1.2 RoyalDutchB RDS.B 67.91 ... USDieselHeatingOil UHN 19.11 0.9 Fabrinet FN 28.35 0.4 ZosanoPharma ZSAN 0.50 -9.8
BUSINESS & FINANCE

TAX REPORT | By Laura Saunders
DEBT
Answers to Your Best Tax Questions Continued from page B1
rope, around 88% of the debt
funding for leveraged buyouts
came from loans this year, ac-
Wall Street cording to S&P Global Market
Journal read- Intelligence’s LCD unit, up
ers are bom- from 73% in 2015. Meanwhile,
barding tax 81% of loans in Europe this
reporters and year have been “covenant-lite,”
their own ad- meaning they lack many stan-
visers with questions about dard investor protections, up
the overhaul that Congress from 21% in 2013, according to
has passed and President LCD.
Donald Trump has signed. Among the first changes
Most provisions take effect was the stripping out of so-
Jan. 1, giving you little time called financial-maintenance
to act. covenants, which are inves-
tors’ main defense against bor-
Does the new law change rowers taking on too much
the taxes on capital gains debt. They require quarterly
and dividends? What about tests of a company’s leverage
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES
that FIFO change? level, allowing lenders to force

The new law doesn’t the firm into default if it rises
change the rates for this too high.
type of investment income, Private-equity firms’ desire
and the tax brackets change to make terms ever more flexi-
little from current levels. ble comes as the money they
The popular zero tax rate invest in deals has risen
on long-term capital gains around 12 percentage points
and many dividends will con- above where it was before the
tinue. In 2018, the zero rate financial crisis in Europe, ac-
on this investment income cording to LCD. That means
will apply up to $77,200 of they have more skin in the
taxable income for married game should it go wrong.
joint filers ($38,600 for sin- “We have a fiduciary duty
gles). The 15% rate then to get the best financing for
takes effect up to $479,000 Volunteers serving a Christmas meal to the homeless in Los Angeles. Taxpayers may have to handle charitable deductions differently. our investors,” said Nigel
for joint filers ($425,800 for Walder, a managing director at
singles). The 20% rate ap- I’m a psychotherapist who is that the benefit phases out through business is so new get a benefit from listing do- Bain Capital.
plies above that. is a “sole proprietor” filing a for single filers with taxable that it will take time to un- nations on Schedule A. Some lawyers defend the
Schedule C. Will I benefit income above $157,500 and derstand, but many sole pro- Here is an example. Say changes, saying high-yield
Did Congress repeal the from the tax cut for pass- married joint filers earning prietors stand to benefit Susan and her husband, Bill, bonds don’t have such protec-
3.8% surtax on net invest- through businesses? more than $315,000 who are from it. give $5,000 to charity in tions and U.S. leveraged loans
.
ment income? You very well could, says 2018, but their mortgage is also have lacked covenants for
ly
It didn’t. This levy kicks in Gil Charney, director of the I gave $5,000 to charity paid off and they don’t have some time. For their part, pri-
at $250,000 of adjusted Tax Institute at H&R Block. last year, which I deducted other itemized deductions vate-equity firms argue that
gross income for most mar- The tax break is a deduc-
The zero tax rate on my return. If I give that except $10,000 of state taxes. giving them more flexibility
ried couples and $200,000 tion of 20% of business in- on continues for long- much in 2018, will I get a tax Their total itemized de- means their companies are
for most singles. come earned by the owners benefit for deducting it? ductions are $15,000, which less likely to go bust in a
But lawmakers didn’t en- of so-called pass-through
term capital gains Maybe not. Next year, the is far below the new $24,000 downturn.
act a provision for individ- businesses. These businesses and many dividends. standard deduction nearly standard deduction. So it Fraser Lundie, co-head of
ual investors known as flow income directly through doubles, to $12,000 for single doesn’t make sense to break credit at Hermes Investment
us l,
FIFO, for first-in, first-out. to owners’ individual tax re- filers and $24,000 for mar- them out. Management, thinks looser
The FIFO change would turns, where it is taxed at ried couples filing jointly. For givers who want a deal terms were at least partly
al a
e
have forced investors who the owner’s rate. Pass- “service professionals”—such This is the amount taxpayers benefit from Uncle Sam, behind the smaller-than-ex-
are selling part of a holding throughs include sole propri- as doctors, lawyers, accoun- get if they don’t list write- there are ways to cope with pected number of defaults in
in a taxable account—as op- etorships as well as partner- tants and consultants. offs for mortgage interest, this new limit. One is to early 2016, when a crash in the
ci on
posed to a retirement ac- ships, limited liability The income limit also charitable donations and the “bunch” deductions every oil price sent the value of en-
count—to sell their oldest companies and S corpora- would be an issue if a lower- like on Schedule A. few years to surmount the ergy firms’ debt tumbling. But
shares first. tions. earning spouse with a pass- As a result, next year a higher hurdle for a charitable Mr. Lundie is also concerned
This means taxpayers can The tax cut “is a novel ap- through firm is married to filer’s total itemized deduc- deduction. the trend will hamstring lend-
continue to minimize taxes proach, and the lower rate someone earning much more. tions—up to $10,000 of state Givers also should con- ers’ ability to recover money
er rs
by choosing among shares if will help millions of small- This would be the case, and local taxes, plus charita- sider so-called donor-ad- from troubled companies in
they are selling part of a business owners,” Mr. Char- for example, if a psychother- ble donations, mortgage in- vised funds, which enable the next downturn.
holding. For many investors, ney says. It will encourage apist earning $80,000 is terest, eligible medical ex- donors to bunch smaller “If you get it wrong today,
selling partial positions to many to expand, he adds. married to a corporate exec- penses and other items—will gifts into one large amount you are very likely to get close
m e
lower their tax bills is a There are limits to the utive earning $400,000. need to exceed the new stan- and take a deduction in the to zero because covenant
year-end ritual. new break. An important one The tax cut for pass- dard deduction amounts to year of the gift. weakness is allowing compa-
nies to survive for longer be-
m rp
fore default,” said Mr. Lundie.
Malaysia’s 1MDB Makes

Other borrower-friendly
terms include stringent loan-
to-own clauses, which limit in-
A Crucial Debt Payment

vestors’ ability to sell to dis-
co Fo
tressed debt funds. Recent

loans have placed restrictions
against such firms as Elliot
Capital Management, Apollo
BY YANTOULTRA NGUI mer business partner for an reduce debt by selling assets. Global Management and Cer-
emergency loan and other fi- With the completion of the berus Capital Management.
KUALA LUMPUR, Malay- nancial support extended after payment, both sides are ex- Bankers warn that such pro-
VINCENT THIAN/ASSOCIATED PRESS
sia—State investment fund the Malaysian fund, which is pected to move on to discuss a visions, along with so-called
1Malaysia Development Bhd., under investigation in half a further $3.5 billion of disputed white lists that detail which
or 1MDB, said it has paid all dozen countries, was unable to payments. The market had funds can buy the loan, could
that is required to be paid to service its debt obligations. been watching closely to see if hurt liquidity if investors can’t
Abu Dhabi’s International Pe- The precise amount of the 1MDB would meet its payment unload loans in troubled com-
troleum Investment Co. by payment wasn’t disclosed ei- deadline. panies to the sort of funds that
the end of December. ther by 1MDB or IPIC, which 1MDB missed the first in- specialize in taking on this
n-
The payment spares Malay- stated earlier Wednesday in a stallment, amounting to some risk.
sian Prime Minister Najib filing to the London Stock Ex- $600 million due at the end of Some recent deals now set a
Razak’s administration some change that it had been made. July, and was given an exten- Prime Minister Najib Razak, center, at a recent ceremony. limit on how much of a loan
embarrassment ahead of a IPIC said the payment is sion until August. It eventually any one fund can own. In 2016,
no
general election to be held under the settlement with Ma- paid, though not before rat- The net outflow narrowed and later was found to be loans backing Advent Interna-
within a year. It might also al- laysia’s Finance Ministry and tling local debt markets. to 745 million ringgit in Au- missing billions of dollars. In- tional’s purchase of French
leviate some concerns about 1MDB and a consent award Foreign ownership of Ma- gust; there was a net inflow of vestigations are under way in aerospace supplier Safran SA’s
Malaysian state securities for made on May 9, 2017. laysian government debt secu- 9.3 billion in September. the U.S., Singapore and other Morpho unit barred anyone
foreign investors, who own a 1MDB, wholly owned by the rities fell by 2.3 billion ringgit, 1MDB was launched by Mr. countries. U.S. investigators from owning more than 10% of
significant share of govern- Malaysian Finance Ministry, or around $564 million, in Najib in 2009 to spur eco- allege that at least $4.5 billion the debt. The idea is to pre-
ment bonds in the Southeast said later that all funds were July compared with a net out- nomic development, but it ac- was stolen. vent any one debt investor
Asian nation. “paid from proceeds of the on- flow of 330 million ringgit in cumulated $13 billion in debt. Mr. Najib has been cleared from building up a stake large
The payment is the last by going rationalization pro- June, according to Malaysia It began struggling in 2015 to of any wrongdoing by the Ma- enough to put pressure on the
1MDB to compensate its for- gram,” referring to an effort to central bank data. make payments on its debts laysian attorney general. borrowers, lawyers said.
Economic Surprise Index Hits a High JPMorgan to Settle

BY BEN EISEN
Sudden Surge
ing expectations, the index
turns negative.
Charges From Finra
The U.S. economy is ending U.S. economic data are coming in at their strongest level, “Even if the recovery re- BY ANDREW ACKERMAN investors recover their assets
the year on a high note, but relative to forecasts, in nearly six years. mains healthy in 2018, it can’t if their broker becomes insol-
that might not be a good sign continue to surprise,” said Jim JPMorgan Chase & Co. vent, Finra said.
for stocks. 100 Paulsen, chief investment agreed to pay $2.8 million to The conduct in question re-
Economic data are beating Citi U.S. Economic Surprise Index strategist at the Leuthold settle charges brought by Wall volves largely around a legacy
expectations by the most in Group, in a note to clients. Street’s self-regulator that the clearing system that JPMorgan
nearly six years, according to 50 “The current economic sur- bank failed for years to ade- had acquired from Bear
a gauge compiled by Citigroup prise index is higher than quately separate customers’ Stearns & Co. during the finan-
Inc. The bank’s U.S. economic 99.6% of the readings since securities from the firm’s own cial crisis, according to Finra.
surprise index was at 84.5 last 0 January 2003.” assets. The self-regulator also said
week, its highest since the be- Mr. Paulsen notes that the The Financial Industry Reg- the bank didn’t have “reason-
ginning of 2011, and near high readings on the index ulatory Authority, in announc- able procedures” to test its
those levels this week. The may mean lower returns over ing the settlement Wednesday, segregation processes.
–50
further above zero the index the next few months. When said JPMorgan’s systems had Still, it flagged JPMorgan’s
is, the more readings on the the Citi index is above 70, the “design flaws and coding and “extraordinary cooperation”
economy that are coming in S&P 500 has had annualized data errors” that failed to and said the bank took prompt
better than economists’ fore- –100 returns of 2.75% over the next properly segregate customer action to fix the problems.
casts. The further below zero, 2012 ’13 ’14 ’15 ’16 ’17 six months, according to data funds and securities between In settling the matter, JP-
the more the numbers are Note: The more positive the reading, the higher data are relative to expectations. going back to 2003. March 2008 and June 2016. Morgan neither admitted nor
missing expectations. The more negative the reading the lower the data. The stock market usually “Shares that should have denied the charges, but con-
The index was in negative Source: FactSet THE WALL STREET JOURNAL. does best when expectations been segregated were avail- sented to Finra’s findings.
territory as recently as Sep- are moderate enough that eco- able for the firm’s use, due to “We’re pleased Finra recog-
tember. Its massive run higher to add jobs at a brisk clip. ture can’t stay at such lofty nomic data can comfortably systemic coding and design nized our extraordinary coop-
is one sign that the economy A robust economy typically heights. Better data typically beat them, encouraging trad- flaws, recurring and unre- eration to resolve the matter,”
has gained momentum this goes along with a rising stock cause economists to lift their ers to load up on stocks. When solved deficits and unreason- the firm said in a statement.
year. The U.S. is now having market. The strengthening forecasts. Eventually, the ex- expectations get high, though, able supervision,” the regula- “After a thorough review, we
the best sustained growth in economy and corporate earn- pectations get high enough the data aren’t likely to be tor said. enhanced our controls, up-
three years. Manufacturing ings growth have helped send that the data can’t stay ahead strong enough to keep the JPMorgan violated a Securi- graded our systems and there
data continue to come in the S&P 500 up 20% this year. of what economists are pre- stock market rising as fast as ties and Exchange Commission were no findings that any cli-
strong. And the U.S. continues But the Citi index by its na- dicting. When data start miss- it has been. rule designed to ensure that ent accounts were harmed.”
THE WALL STREET JOURNAL. * * * * Thursday, December 28, 2017 | B11
Email: [email protected]
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
New Hope for India’s Debt Woes OVERHEARD Emerging

Markets
India’s corporate-debt have been left substantially The holiday movie that
Recovery Position
problem—one of the worst
in emerging markets—has
been as crippling for the
Reliance Communications daily share price
weakened.
What is important here is
the Reserve Bank of India’s
will determine the future of
American entertainment may
not be the one you think. It
Grow Up
economy as it has been for 30 Indian rupees hardened stance—and ability could be an obscure buddy- From wild youth to re-
the indebted companies. But to execute a successful reso- cop movie starring Will Smith spectable adult?
a high-profile resolution at lution for RCom under its as a hardscrabble police offi- The MSCI Emerging Mar-
25
one of India’s most storied lender-led restructuring pro- cer in a fictionalized Los An- kets stock index is turning
companies could signal a cess. One of the most debili- geles inhabited by fairies, 30: This key benchmark for
step change. 20 tating steps of the RBI’s elves and orcs. investors launched in
Indebted Indian wireless framework has been the con- The film “Bright,” produced mid-1988 but has data going
carrier Reliance Communi- version of debt to equity. by Netflix, will be a key test back to Dec. 31, 1987.
cations, also known as 15 Owners don’t want to give of the company’s belief that Huge political shifts and
RCom, announced this week up equity or deal with new its data can predict user globalization have changed
a wide-ranging plan to deal investors, and banks don’t tastes. Only 30% of critics re- the face of the index over
with its more than $7 billion 10 want to hold equity indefi- viewed “Bright” positively, ac- time, notes Daniel Slater, an
in debt. The plan puts most Aug. Sept. Oct. Nov. Dec. nitely. With so many con- cording to Rotten Tomatoes. equity strategist at invest-
of the company’s assets up Note: 10 rupees=$0.16 flicting interests, the process David Ehrlich of media web- ment bank Renaissance Capi-
for sale—including telecom Source: FactSet THE WALL STREET JOURNAL. has repeatedly fallen flat. site IndieWire described it as tal. At inception, it contained
towers, fiber, real estate and That is what makes this “ ‘Training Day’ meets ‘Lord of just 10 countries. The Berlin
even a stake in the company. Last month, sell-side ana- com sector. plan a more hopeful one: the Rings,’ but much dumber Wall had yet to fall, putting
RCom said that would slash lysts at Goldman Sachs ter- The travails of RCom are RCom’s creditors aren’t be- than that sounds.” He also Central Europe and Russia
its debt by 85% and that minated their coverage of less a success story for the ing asked to hold equity in- predicted that if successful, off limits; South Africa was
creditors wouldn’t take a the perpetually embattled company than a lens into the stead of debt, like they were “it could be responsible for still under apartheid; and
haircut. The optimistic plan company, while credit-rating Indian central bank’s battle in the October plan. Instead, many of the worst films of there was, of course, no
sent the Mumbai-listed stock firms withdrew their ratings. with bad debt. The growing the company is selling a 2018 and beyond.” place for China, now the big-
up more than 50% over the A Chinese lender filed a peti- burden of India’s souring stake. The RBI’s ability to Netflix doesn’t release its gest of the index’s 24 coun-
past two days. tion for the company to be corporate debt has clogged keep forcing indebted com- internal viewer data, but on try components.
RCom’s overhaul has been declared insolvent. RCom’s its financial system, discour- panies to clean up their acts Rotten Tomatoes, 89% of The constituent countries
a long time coming. In addi- latest debt cleanup follows a aged private investment in come what may, despite po- viewers say they liked now make up 35% of the
tion to its debt-backed similar plan in October that the country and pushed litical pressure and Indian “Bright.” Expect more data- global economy, versus just
growth, the ailing and poorly creditors rejected as the cen- credit growth to record lows. lenders’ woes, could be a driven genre mashups in the 5% 30 years ago. Even so,
managed company has been tral bank warned lenders Multiple versions of plans to shot in the arm for the fi- years ahead, no matter what emerging-market equities
a victim of an uber-competi- about their exposure to clean up the debt have nancial system. the critics say. account for just 11% of
tive Indian telecom industry. stressed assets in the tele- largely failed. Indian banks —Anjani Trivedi global stocks. Meanwhile,
the MSCI EM has risen 11-
fold in price terms since in-
Why China’s Car Giant Geely Is Betting on Volvo Trucks ception, notes Renaissance,
versus fivefold for the de-
veloped-market MSCI World
.
Do cars and trucks belong Volvo AB shares have risen justifications. give the truck maker an edge over the period.
ly
in the same corporate ga- Revved Up by almost 50% as analysts First, Geely may be able to over smaller rivals. The rigid lines between
rage? By bringing the two Volvo AB monthly share price have upgraded profit fore- use its networks to sell Volvo This year the idea of sepa- developed and emerging
Volvos closer together again, casts. Moreover, Geely is trucks in the vast Chinese rating car manufacturers markets arguably no longer
Chinese car giant Geely is 175 Swedish krona on paying roughly $3.9 billion market, which is dominated from other, more highly val- exist. It is 20 years since the
betting they do. 150 for Cevian’s stock—roughly by local manufacturers. Con- ued businesses has gripped Asian financial crisis spread
The privately owned Chi- 125 19 times expected earnings fusingly, these include a joint automotive investors. Ana- to Russia and Latin America;
nese company, which bought 100 for 2017 and some 20% more venture between Volvo AB lysts have looked at Volvo the most recent similar epi-
Volvo Cars from Ford Motor than the market rate. and Chinese state-owned car AB’s soaring share price and sode was the eurozone crisis.
us l,
75
in 2010, announced Wednes- In exchange, Geely gets the manufacturer Dongfeng Mo- calculated that German It is the U.S., Europe and
50
day that it is acquiring an largest share of Volvo AB’s tor. groups Daimler and Volks- Japan that have pursued un-
al a
25
e
8.2% economic stake in truck equity, but only the second- Second, the new technolo- wagen could unlock billions orthodox monetary policies
maker Volvo AB, which sold 2008 ’11 ’14 ’17 largest share of its voting gies upending the car indus- of dollars in value by hiving to prop economies up.
its car brand to Ford in 1999. Note: 10 krona=$1.20 rights, after Swedish holding try—electric powertrains and off their truck units. Of course, the next shock
ci on
The seller is Cevian Capital, Source: FactSet company Industrivärden, robot drivers—are poten- Geely’s strategy seems to may be lurking in emerging
Europe’s largest activist in- given the company’s dual tially even more transforma- run in the opposite direction. markets, and the 30-year
vestor. sluggish; in 2015 U.S. truck share classes. If that sounds tive for the truck industry. If Its latest deal is an expensive ride has been bumpy. But in
Cevian gets a surprisingly orders plunged, hitting expensive—a world away Geely can use the technology bet that the old-fashioned a low-return world, emerg-
profitable exit on a decade- Volvo’s Mack Trucks unit. from the company’s bottom- it has been developing with cars and trucks conglomerate ing assets are growing in im-
er rs
old investment that long This year conditions have fi- of-the-market acquisition of Volvo Cars to accelerate will enjoy a new lease of life portance for investors every-
struggled. For years the Eu- nally been buoyant on both all of Volvo Cars for just $1.8 Volvo AB’s transition to a as technological disruption where.
ropean truck market was sides of the Atlantic, and billion—there are two broad self-driving future, it could looms. —Stephen Wilmot —Richard Barley
m e
FINANCE & MARKETS

m rp
Stocks Taking a Holiday Break Treasurys Strengthen

co Fo
BY AMRITH RAMKUMAR As Investors Rebalance

The S&P 500 inched higher BY DANIEL KRUGER The yield on the 10-year
in quiet trading Wednesday, note has fallen in three of the
boosted by shares of real-es- U.S. government bonds past four sessions after post-
tate and utility companies. strengthened in thin trading ing the biggest weekly climb
Major U.S. stock indexes Wednesday, with some inves- since the week of Sept. 15 fol-
had fallen in two consecutive tors looking to lock in year- lowing the passage of tax-
sessions entering Wednesday, end gains in stocks and other overhaul legislation, which
with volumes muted around assets by purchasing relatively some expect to boost growth
the Christmas and New Year’s safe fixed-income securities. and inflation. Higher prices are
Day holi- The yield on the benchmark a threat to the value of longer-
WEDNESDAY’S days. Some 10-year U.S. Treasury note term bonds, as they chip away
n-
MARKETS analysts posted its big- at the purchasing power of the

have said CREDIT gest one-day de- fixed payments.
investors MARKETS cline since Sept. The 10-year yield settled be-
LOIC VENANCE/AFP/GETTY IMAGES
are still weighing the impact 5, falling to low the 2.446% level at which
no
of recently passed tax 2.412% from it ended 2016. The yield on the
changes on the economy, 2.467% Tuesday. Bond prices two-year Treasury note
leading to a pause in this rise as yields fall. snapped a five-day streak of
year’s rally. The S&P 500 is With the Dow Jones Indus- gains, settling at 1.899% from
up 20% for the year and 1.3% trial Average up 2% for Decem- 1.903% the previous day.
in December. ber and 25% for the year
“In this quiet week, it’s through Wednesday, many in-
hard to detect new trends, but vestors are taking advantage AUCTION RESULTS
Here are the results of Wednesday's Treasury
it does appear that people are An offshore wind turbine under construction at a GE factory in France. Its stock was off 0.3%. of a recent climb in Treasury auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
willing to wait and see a little yields by rebalancing their difference between that price and the face value.
bit,” said Paul Christopher, settled at 2.412% from 2.467% portfolios before the end of ONE-YEAR, 10-MONTH FRNs
head of global market strategy on Tuesday—its largest one- Boosted by Bonds the year, said Andrew Brenner, Applications
Accepted bids
$42,323,693,100
$13,000,051,100
for Wells Fargo Investment In- day drop since September. Falling government-bond yields lifted real-estate head of global fixed-income at " noncompetitively $8,693,100
stitute. Yields fall as prices rise. The and utilities stocks Wednesday. NatAlliance Securities. Spread 0.048%
Bids at clearing yield accepted 84.52%
Still, Mr. Christopher said WSJ Dollar Index, which Longer-term bonds “are on Cusip number 9128283B4
the earnings and economic tracks the dollar against a 0.6% fire,” Mr. Brenner said. “Part The floating-rate notes, dated Dec. 29, 2017, mature
backdrops remain favorable basket of 16 others, was Performance minute by minute of it is the reallocation trade.” on Oct. 31, 2019.
for stocks heading into 2018. down 0.2%. 0.5 The gains came amid signs FIVE-YEAR NOTES
The Dow Jones Industrial Corporate news also drove of a recent slip in consumer Applications $84,805,662,200
Accepted bids $38,444,665,200
Average added 28.09 points, or some of the day’s larger 0.4 optimism. The Conference " noncompetitively $31,248,700
0.1%, to 24774.30. The S&P moves. Board said Wednesday its " foreign noncompetitively $0
Auction price (rate) 99.435896
500 rose 2.12 points, or less Shares of General Electric 0.3 measure of U.S. consumer con- (2.245%)
than 0.1%, to 2682.62, and the pared early gains and closed fidence fell in December after Interest rate 2.125%
Bids at clearing yield accepted 2.99%
technology-heavy Nasdaq down 5 cents, or 0.3%, at 0.2 reaching its highest level in 17 Cusip number 912828N30
Composite climbed 3.09 $17.38 following the indus- years in November. Notes dated Jan. 2, 2018, to mature on Dec. 31, 2022.
points, or less than 0.1%, to trial conglomerate’s an- 0.1 S&P 500 utilities sector
6939.34. nouncement that it is in- S&P 500 real-estate sector
All three indexes swung be- creasing its ownership in
tween small gains and losses
most of the day before set-
Sweden’s Arcam, which de-
velops electron-beam melting
0
Copper Extends Win Streak
–0.1
tling higher. Trading was machines for manufacturing BY IRA IOSEBASHVILI China’s largest producer, Ji-
again muted, with the second- and produces advanced metal 9:30 10 11 noon 1 2 3 4 angxi Copper Co., has been or-
fewest amount of shares powders. Source: FactSet THE WALL STREET JOURNAL. Copper prices rose for the dered to halt output for a week
changing hands of any full day Tesla shares fell 5.65, or 15th consecutive session on to curb pollution have fueled
this year. 1.8%, to 311.64 after KeyBanc intentions. and-gas sectors. Wednesday, marking the in- recent gains, analysts said.
Real-estate and utility Capital Markets analysts said Boeing shares added 26 Oil and copper have hit dustrial metal’s longest win- “We’ve had some mining
shares advanced as govern- in a note to clients that they cents, or 0.1%, to 295.62 after multiyear highs recently, lifted ning streak ever, according to strikes attracting some atten-
ment bond yields fell for a expect fewer Model 3 deliver- Morocco’s Royal Air Maroc by supply disruptions. FactSet data dating back to tion in South America but this
second consecutive day. ies for the current quarter said it ordered four 787-9 In Tokyo at midday Thurs- 1984. Copper for December de- rally between Christmas and
Those sectors, known as than previously anticipated, Dreamliners, valued at $1.1 bil- day, the Nikkei was up 0.15%. . livery closed up less than 0.1% New Year has been driven by
bond proxies because they based on conversations with lion at list prices, from the Also in early trading at $3.2570 a pound on the China,” said Ole Hansen, head
tend to pay hefty dividends, Tesla salespeople across the aerospace giant. Thursday, the Shanghai Com- Comex division of the New of commodity strategy at Den-
had sold off in recent ses- U.S. Elsewhere, the Stoxx Eu- posite rose 0.34%, while York Mercantile Exchange. mark’s Saxo Bank. “It’s the un-
sions as yields had climbed. On Tuesday, Tesla CEO Elon rope 600 closed up less than South Korea’s Kospi advanced Robust demand from China certainty about the supply side
Both S&P 500 groupings Musk teased details for a 0.1% as regional markets re- 0.59%. has propelled copper to its and how long these restric-
added 0.4%. pickup truck that would chal- opened after a holiday, sup- —Riva Gold highest level since July 2014, tions will be in place.”
The yield on the bench- lenge Ford Motor and others, ported by gains in the basic and Kenan Machado with prices up 30% for the —Amrith Ramkumar
mark 10-year Treasury note though he was vague about his resources, real-estate and oil- contributed to this article. year. Recent reports that contributed to this article.
MARKETS
Emerging-Markets Rally Faces Hurdles
A number of factors 40% from other markets in the
region.
could stop the upward Emerging markets had solid returns in 2017 but equity flows are In 2016, JPMorgan Chase &
trend in 2018; here are still recovering. In 2018, an economic crisis in Venezuela and a cycle Co. placed the $3.75 trillion
Chinese onshore government-
five things to watch of rising interest rates could test investors.
30
bond market under review to
decide whether to add it to its
BY JULIE WERNAU Year-to-date performance widely tracked emerging-mar-
MSCI Emerging Markets index
ket bond index in light of re-
Emerging markets came cent moves to lower restric-
roaring back in 2017, boosted tions on foreign investors.
by a pickup in world economic 20 Adding China’s government
growth and low interest rates bonds to the J.P. Morgan Gov-
that sparked a global search ernment Bond Index-Emerging
for yield. The MSCI Emerging Markets Global Diversified In-
Markets Index rose 32%, its EMBI Global Diversified dex could automatically direct
best performance since 2009. Sovereign bonds billions of dollars into the
10
The J.P. Morgan EMBI Global country’s yuan-denominated
Diversified, a benchmark bond bond market, as the index is
index, rose 10%, matching its CEMBI Broad Diversified
tracked by investors managing
performance last year, the Corporate EM bonds an estimated $303 billion of
best since 2012. assets, according to the bank.
Here are five things to 0 “China will eventually be
watch in 2018 that could de- Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 10% of the index,” said David
termine whether this rally Loevinger, managing director
continues. of TCW’s Emerging Markets
Fund flows to emerging and developed market equities EMBI Global Diversified Group, and that is likely to
1. Fund Flows: Strong Venezuela bond index lead to outflows from other
$400 billion
earnings and cheaper stock 1500 mid-yield countries like Ma-
valuations compared with 300 laysia and Thailand, he said,
companies in developed 1250 as investors make room for
countries could keep the China in their portfolios.
200 1000
strong tide of money flowing
into emerging-market stock 750 5. Venezuela: Will missed
and bond funds. 100 payments and U.S. sanctions
Emerging-market equity 500 lead to a complicated battle
funds tracked by EPFR Global 0 2017 for assets?
posted inflows for 45 of the After it missed several in-
past 51 weeks, a torrid pace –100 Fed rate increases by year terest payments in late 2017,
that some analysts say will be Venezuela was downgraded to
.
hard to continue. Emerging- Developed markets Estimated default status by major bond
–200
ly
market bulls counter that Emerging markets agencies and other payments
there is room for more be- have been arriving late or not
cause as of the week ended –300 at all. Bondholders can now
Dec. 13, the current amount of on push for a wave of payments,
assets in emerging-market –400 but some said they would
funds is still 26% below its 2012 ’13 ’14 ’15 ’16 ’17 2015 ’16 ’17 ’18 ’19 ’20 rather get their money late
peak of $300 billion in Febru- than take their chances on
ary 2013, which followed a Sources: WSJ Market Data Group (MSCI); Thomson Reuters (bonds); EPFR Global (fund flows); Federal Reserve (rate increases) THE WALL STREET JOURNAL. what could be one of the big-
us l,
strong year for emerging-mar- gest, most complicated de-

ket stocks and bonds. banks end their super-loose quickly enough to derail isn’t seeking re-election. He friendly. If the U.S. takes a faults in history. Any restruc-
al a
e
monetary policy, some inves- emerging markets next year. pushed through a pension re- hard line and pulls out of the turing is complicated by U.S.
2. Global monetary policy: tors may decide they won’t form agenda that helped boost North American Free Trade sanctions, which bar trading in
have to take on as muck risk Brazilian markets, and inves- Agreement, that could also hit new debt issued by the cur-
ci on
As the Federal Reserve and 3. Politics: Investors will

other major central banks to get a decent return. But Ed- be watching presidential tors say it is important the Mexican exports and the econ- rent regime. Even so, investors
start to wind down years of ward Kerschner, chief portfo- elections in Latin America next president continues those omy. say Venezuela’s debt crisis is
monetary stimulus, those ac- lio strategist at Columbia and remain on the lookout reforms. Rising anti-Trump unlikely to affect the rest of
tions could cause bond yields Threadneedle, says history for political tensions with sentiment in Mexico could 4. China: The country the emerging world, a sign of
to rise and cut into demand shows the impact of rising the U.S. help elect a populist president could enter a benchmark how emerging markets have
er rs
for emerging-market assets. rates takes time to affect Brazilians go the polls in in July, raising investor con- global bond index next year, become more diversified and
If yields on safer bonds emerging markets. He doesn’t October to pick a successor to cerns of a new administration a decision that is likely to less influenced by problems in
start to rise when central anticipate U.S. rates rising President Michel Temer, who that would be less business draw investor money away one market.
m e
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with the Federal Election Com-

U.S., Russia Clash on Hot Spots

charges that it failed to prop-

made all of its required pay-

Keeping Facebook Clean

to win back control of Con- stock price rise. B1

largest swap since 2014. A6

A2 | Thursday, December 28, 2017 * **** THE WALL STREET JOURNAL.

Technology-Driven Boom Is Finally Coming

Residents of Erie, Pa., are dig- Police worked Wednesday to

BY JOSH ZUMBRUN chugging along on Wednesday whose bodies were found in an

THE WALL STREET JOURNAL. * * * * * Thursday, December 28, 2017 | A3

IRS Warns on Prepaying Property Taxes

HOWARD SCHNAPP/NEWSDAY/ASSOCIATED PRESS

Homicides Are a Neighborhood Problem

heroin, discreetly approach-

gangs’ discipline in the use Saleem, 63 years old, who

A4 | Thursday, December 28, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

Panel Clamps Down on H-1B Visas WASHINGTON

India; bill is criticized as At Disadvantage Trump, GOP Leaders

DHIRAJ SINGH/BLOOMBERG NEWS

For the President, Politics Don’t Take a Holiday

DNC back to the eight years of Ba-

THE WALL STREET JOURNAL. * * NY Thursday, December 28, 2017 | A5

FROM TOP: EBRAHIM NOROOZI/ASSOCIATED PRESS; ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK

The world’s first DIFFERENCE

“Anyone who flies frequently will see why this new

A6 | Thursday, December 28, 2017 * * THE WALL STREET JOURNAL.

Syria Hospital Evacuations Begin

tors and the International Statistics Institute said on

Prisoners Swapped dent Petro Poroshenko on his

THE WALL STREET JOURNAL. Thursday, December 28, 2017 | A7

els by issuing a report that irritant between Seoul and

WSJ TALK / E XPERIENCE / OFFER / GE TAWAY

WHERE: NEW YORK, NY

Before It EXCLUSIVE TO WSJ MEMBERS

A8 | Thursday, December 28, 2017 * * THE WALL STREET JOURNAL.

TECH support after it became clear

age many of the workers, who content moderators say they

Average number of registered Facebook users who logged

KOREA Japanese teams. According to

THE WALL STREET JOURNAL. * * * * NY Thursday, December 28, 2017 | A8A

GREATER NEW YORK

will push for state pensions to in companies with significant

mate change is by leveraging Scott Stringer also said he

ment Fund from fossil-fuel in- DiNapoli, who is responsible for

initiatives in his Jan. 3 State of the chance to work with the

third largest in the nation, with fund’s money to green investing,

A Refugee Learns English—and Coins

he asked. Ms. Wilber nodded, nician, most likely in a nursing

rolex oyster perpetual and yacht-master

A8B | Thursday, December 28, 2017 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

Manhattan Prices Lose Steam GREATER NEW YORK WATCH

Lack of speech is a sign of autism. Learn the others at autismspeaks.org/signs.

THE WALL STREET JOURNAL. Thursday, December 28, 2017 | A9

China’s Hollywood Challenge

was to show support of

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