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OLD TENSIONS
SELF-DRIVING RESURFACE
JASPER JUINEN/BLOOMBERG NEWS
SKEPTICISM IN THE EU
KEYWORDS | B1 SIMON NIXON
EUROPE FILE | A2
MONDAY, SEPTEMBER 26, 2016 ~ VOL. XLI NO. 18 WSJ.com ASIA EDITION
As of 4 p.m. ET DJIA 18261.45 g 0.71% NIKKEI 16754.02 g 0.32% STOXX 600 345.34 g 0.72% BRENT 45.89 g 3.69% GOLD 1337.20 g 0.24% EURO 1.1231 0.20% DLR 100.99 0.22%
S&P 500
Whats Earnings
News Slump Set
Business & Finance
To Go On
.S. companies are ex-
U pected to report lower
third-quarter earnings,
BY CORRIE DRIEBUSCH
set to be one of the biggest ings of Edgar Allan Poe. In- world record set in
books of the season. The pub- spired by James Joyces 2014 in Berlin.
lisher hopes you cant put it Finnegans Wake, it chronicles Bekeles time of two
CONTENTS Markets Digest..... B6 down. events of a single hours, 3 minutes
Business & Fin.. B1-3 Opinion.............. A12-13
Crossword............... A11 Review................. A8-10
At more than 13 day with lewd jokes and 3 seconds is
Europe File............... A2 Sports........................ A11 pounds, it is not easy and linguistic cart- the second-best
Finance & Mkts B5-8 U.S. News.................. A7 to pick up. wheels. mark ever. A11
Heard on Street.... B8 Weather................... A11 The first English- Tony Messenger, a
Journal Report...... B4 World News........ A2-5
language release of 53-year-old book
China: RMB28.00; Hong Kong: HK$23.00;
Indonesia: Rp25,000 (incl PPN);
Bottoms Dream, blogger in Australia,
all 1,496 pages, received Bottoms
Japan: Yen620 (incl JCT); Korea: Won4,000;
Malaysia: RM7.50; Singapore: S$5.00 (incl GST)
KDN PP 9315/10/2012 (031275); MCI (P)
NO. 106/10/2015; SK. MENPEN R.I. NO: 01/
weighs as much as a
bowling ball. With a
Dream earlier this
month. He planned
Spending on Warplanes Spurs Arms Race
SK/MENPEN/SCJJ/1998 TGL. 4 SEPT 1998
14-inch spine, the to read five pages a BY ROBERT WALL ity, spurring a new arms race. heightening urgency among
weighty hardcover day, which would Some of the hardware, both Western military brass to push
tome could topple a Bottoms Dream take him about a For more than two de- planes and antiaircraft capa- for their own, next-generation
flimsy nightstand. year to finish. Then cades, combat aircraft flown bilities, is expected to roll out combat planes.
Its a monster in all ways, he opened it. I now realize that by the U.S. and its European in the next few years. The up- The most pressing chal-
said Stephen Sparks, a book was overly ambitious, he said, allies have pretty much grades come as Moscow flexes lenge for the United States Air
buyer and seller at Green Apple and decided on two years. owned the sky. Now, Russia its muscles in hot spots such Please see COMBAT page A2
s Copyright 2016 Dow Jones & Books in San Francisco. The book contains layers of and China are spending lav- as Eastern Europe and the
Company. All Rights Reserved
Written by German author complex language and a multi- ishly on new weapons that Middle East and Beijing does Foreign jet-fighter companies
Arno Schmidt, who died in 1979, Please see BOOK page A6 could challenge that superior- so in the South China Sea rush to woo India.................... B1
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A2 | Monday, September 26, 2016 THE WALL STREET JOURNAL.
WORLD NEWS
E
project were characterized ven so, Europes free tition. The commission plan,
by tensions between the traders arent giving instead, would see the EU re-
C
be open to ued commitment to open an the EU hold the line
the world markets. against rising protec-
and those The first was to signal tionism? EU leaders
that believed their strong backing for the Protesters in Bratislava, Slovakia, enlisted a Trojan horse as a symbol for EU trade deals last week. could still derail CETA or
in a fortress Europe pro- Canada-EU Comprehensive pull the plug on TTIP in Oc-
tected by high tariff walls. Economic and Trade Agree- olution mechanism would vestment Partnership with and keep alive the possibility tober. And the China com-
That battle looked to have ment, or CETA. This has be- hand too much power to cor- the U.S. This move was that TTIP might be revived. promise may yet fall apart.
been decisively won by the come a totemic test of the porate interests. Trade min- largely symbolic since every- The third step was poten- On the other hand, EU
free traders in the early EUs commitment to free isters decided against re- one accepts that there is no tially the most politically trade officials insist that
1990s, when the EU simulta- trade and whether it can opening the talks, hoping chance of a deal before the sensitive. Trade ministers there is no prospect of turn-
neously signed on to the continue to be taken seri- instead to assuage those U.S. presidential election. agreed to back a commission ing back the clock on free
Uruguay Round of the Gen- ously as a partner. After all, concerns via a legally bind- proposal to overhaul the trade, since this is virtually
S
eral Agreement on Tariffs this deal has been hailed on ing joint declaration and by everal EU member EUs anti-dumping policies in impossible under the EU sys-
and Trade, which opened up both sides as a new kind of carving out the most conten- states would have liked a way that would allow the tem, in which trade policy is
vast swaths of European in- trade agreement, packed tious issues for separate rat- to take this opportu- EU to recognize China as a an exclusive EU responsibil-
dustry to global competition, with safeguards for workers ification by national parlia- nity to kill TTIP for good, or market economy and thereby itya deliberate decision to
and embraced radical inter- rights and the environment ments. This should allow EU at least rip up the European avoid a trade war. put the bloc beyond the
nal free trade with its single- and respect for national leaders to ratify the bulk of Commissions mandate. But This issue had threatened reach of domestic political
market project. sovereignty. CETA at an Oct. 27 summit, by agreeing to stick with the to become a major test of pressures. The real danger
Yet now the old tensions Yet the deal still ran into paving the way for its provi- current mandate, trade min- the EUs commitment to the for the EU is that as trade
are resurfacing. The EU to- opposition from some mem- sional application in 2017. isters have backed the com- rules-based multilateral trad- moves to center stage, those
day may be deeply inte- ber states, amid concerns The second step was to mission, which was eager to ing system. Under the terms domestic political pressures
grated into the world econ- that the proposed investor refuse to pull the plug on the preserve what has already of a deal struck in 2001 risk undermining the legiti-
omy, with one in every seven protections and dispute-res- Trans-Atlantic Trade and In- been achieved in the talks when it joined the World macy of the EU itself.
AMPLIFICATIONS
Or email: Mark.Rogers@wsj.com
enemy territory. under license. That is starting Moscow says its new S-400 can
Printers: Hong Kong: Euron Limited, 2/F., Block 1,
More than three-fourths of to change with the new proj- shoot down planes at a range Tai Ping Industrial Centre, 57 Ting Kok Road, Tai
Po, Hong Kong; Indonesia: PT Gramedia Printing
the U.S. fleet of jet fighters, ects. The countrys air force is of up to 236 miles, or roughly Group, Jalan Palmerah Selatan 22-28, Jakarta
The last name of Brian day duties other foundations 10270; Japan: The Mainichi Newspapers Co., Ltd.,
1-1-1 Hitotsubashi, Chiyoda-ku, Tokyo, 100-8051;
Killgore, spokesman for the typically assign to executive di-
Dogght Fremont Unified School Dis- rectors, but that isnt her title,
Korea: JoongAng Ilbo. 100 Seosomun-ro, Jung-gu,
Seoul, 100-814. Publisher/ Printer: Song, Pil-Ho;
Malaysia:Dasar Cetak (M) Sdn Bhd, Lot 2, Jalan
The world's major powers are developing more advanced combat jets trict in California, was mis- as was incorrectly reported in Sepana 15/3, Off Persiaran Selangor, Seksyen 15,
40200 Shah Alam, Selangor. (ROC No: 048885)6;
as they seek to keep or gain an edge in the skies over potential adversaries. spelled as Kilgore in a Page a Page One article Thursday Singapore: Singapore Press Holdings Limited, 82
Aircraft Origin Range, in miles Max speed One article in the Friday-Sun- about former U.S. President Bill Genting Lane Media Centre Singapore 349567
day edition about U.S. charter Clintons speaking fees. Trademarks appearing herein are used under
F-22 U.S. Mach 1.7 schools becoming embroiled in license from Dow Jones & Co.
2015 Dow Jones & Company. All rights reserved.
a proxy fight between Turkeys Paris is one of the coun- USPS 337-350; ISSN 0377-9920
WORLD NEWS
New Fighting in Aleppo Kills Hundreds
Powerful bombs have
shaken the Syrian city
since a cease-fire
collapsed last week
BY RAJA ABDULRAHIM
ABDALRHMAN ISMAIL/REUTERS
spond to a request for com-
ment on allegations that the
weapons had been dropped on
rebel-held Aleppo.
The first time one struck
everyone thought there was an
earthquake, said Muhammad
al-Zein, who helps oversee
hospitals in the rebel-held part Men walking through rubble inspect damage on Sunday in a rebel-held neighborhood of Aleppo, a Syrian city that is a major battleground in the conflict.
of Aleppo. But the next day
another one hit and we real- Camp. Within hours, rebels ons and bunker buster added that the weapons civil defense group known as The attacks have reduced
ized it was not an earth- said they had retaken the ter- bombs and said the system- weren't dropped on populated the White Helmets. multistory buildings to a fine
quake. ritory. atic use of these types of in- areas, Interfax added. The U.S. and Russia haven't rubble within seconds, leaving
Much of the death toll came State media has been discriminate weapons in Local activists and medical ruled out trying to revive the rescuers combing through the
in the four days since the Syr- mostly quiet about the Aleppo Aleppos densely populated officials in Aleppo said Sunday truce. rubble with their hands as if
ian regime announced on offensive. But on Saturday, neighborhoods could amount that in addition to the power- Yasser Ibrahim al-Youssef, a excavating artifacts from sand,
Thursday the start of a new state news agency SANA to war crimes. ful bombs being referred to as political representative for the according to rescuers and vid-
offensive against Aleppos be- tweeted a video from inside a The U.N. called an emer- bunker busters, they were be- rebel group Nour al-Dine al- eos posted online.
sieged rebel-controlled neigh- nightclub with a DJ and pyro- gency meeting on Sunday over ing hit by phosphorus, cluster Zinki, said the attacks created Those rescued have been
borhoods. technics with the caption: the bombardment of Aleppo. and barrel bombs in opposi- craters 7 meters deep and 20 taken to overwhelmed hospi-
President Bashar al-Assad #Aleppo, now dubbed as the The Russian military has tion-held neighborhoods meters wide. The shock waves tals where doctors and nurses
has vowed to retake all of Worlds Most Dangerous City, acknowledged the use of mu- where some 300,000 people were being felt for about 10 are working as if in a daze,
Aleppo and the offensive was still boasts a thriving night- nitions in Syria that are de- live under siege by the regime. seconds and destroying build- said Mr. al-Zein.
the latest indication that he life. The tweet was widely signed to penetrate concrete The Syrian military and ings up to 75 meters away, he People are dying under our
aims to win the war militarily mocked on social media. structures, which Russian me- Russia kept up the bombard- said. hands because we are unable
despite repeated failed efforts United Nations Secretary- dia has called bunker busters. ment of rebel-held eastern On Saturday, rescuers were to cope, Mr. al-Zein said.
by the U.S. and Russia to reach General Ban Ki-moon said on Last November, a Russian Aleppo on Sunday, killing at pulling survivors and bodies When you have 50 injured
a lasting cease-fire and a dip- Saturday that Aleppo was fac- military spokesman said war- least 50 people, Mr. al-Zein out of a building in the Bustan you have to treat the most in-
lomatic solution. ing the most sustained and in- planes had struck Islamic said. More than 320 civilians al-Qasir neighborhood when jured and someone else might
Syrian state media reported tense bombardment since the State targets with two 1,100- have been killed since the they suddenly heard a building not get treated, they might
that the army on Saturday beginning of the Syrian con- lb. concrete-penetrating cease-fire collapsed a week on another street collapse, bleed out as they are waiting.
seized control of an area north flict in 2011. He reported the bombs, the news agency Inter- ago, said Ammar Ahmad trapping seven people under Nathan Hodge contributed
of Aleppo city called Handarat use of both incendiary weap- fax reported. The spokesman Alselmo, director of the Syrian the rubble, said Mr. Alselmo. to this article.
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A4 | Monday, September 26, 2016 HK JP KO ML SI IN UK FR MN PR THE WALL STREET JOURNAL.
WORLD NEWS
Re-elected Corbyn Faces a Divided Labour Party ing political support in Europe
as well as growing public criti-
cism, as anti-globalization senti-
ment has gained traction on
BY NICHOLAS WINNING sides which we sometimes was at times a rancorous sum- attract hundreds of thousands remains much more popular both sides of the Atlantic.
later come to regret, but al- mer campaign. of people to join Labour, than Mr. Corbyn and her Con- On Sept. 17, hundreds of
LONDONVeteran leftist ways remember in our party, Mr. Corbyn has faced criti- whose membership has soared servative Party holds a com- thousands of people marched
Jeremy Corbyn called for the we have much more in com- cism from moderate Labour to over half a million, more manding lead over Labour in through seven German cities
U.K. Labour Partys disaffected mon than that which divides parliamentarians since he was than double that of the Con- terms of voting intentions. to protest against the EUs
parliamentarians to rally be- us, he said. As far as Im the surprise winner of his first servative Party. We know from all the evi- planned trade pacts with the
hind him after he was re- concerned lets wipe that slate leadership election last Sep- But critics say that while dence that Labour are not go- U.S. and Canada, highlighting
elected leader of the opposi- clean from today and get on tember following the partys Mr. Corbyn has rallied a like- ing to win a general election a strengthening public back-
tion party by a solid margin. with the work we have got to defeat in national elections. minded section of the popula- under Corbyn, said Andrew lash against the blocs trans-
Mr. Corbyn won almost 62% do as a party together. But the veteran peace cam- tion, Labour isnt winning over Hawkins, chairman of polling Atlantic trade policies.
of the votes cast on Saturday Mr. Smith was one of sev- paigner has drawn enthusias- any new political ground un- company Communicate Re- The trans-Atlantic talks have
despite deep divisions in the eral members of Mr. Corbyns tic support from the partys der his leadership and his left- search. We have this bizarre generated more widespread
party over his policies and top team who resigned in late grass roots for his pledges to ist policies will alienate mod- democratic anomaly of Corbyn disapproval in Europe than in
leadership style, beating chal- June and called on the leader fight government spending erate voters who are often the being hugely popular but with Washington, where the Obama
lenger Owen Smith, Labour to step down. They had criti- cuts and scrap Britains nu- key to winning national elec- a tiny proportion of voters. administration is struggling to
announced at its annual fall cized him for his relatively clear weapons. He has helped tions. Polls indicate Mrs. May Mr. Corbyn urged people to get a major Pacific deal
conference in Liverpool. Mr. lackluster endorsement of help Labour build support for through Congress but would
Corbyn was widely expected to Britains membership of the an alternative to the Conser- also like to finish the lower-
win; attention has already European Union in the June vatives, in which the wealth profile talks with Europe.
shifted to whether he can referendum, despite the we all create is shared more If the EU and its member
bring together the partys partys pro-EU position. equally, and announced a La- states are prepared and have
warring factions and lift La- Some three-quarters of the bour campaign against selec- the necessary political will, we
bours poll ratings. partys lawmakers also said tion in education next Satur- can complete an agreement this
In a victory speech, Mr. they no longer had confidence day. The government was year, said Matt McAlvanah, a
Corbyn said it was his respon- in his leadership, with many threatening to take the coun- spokesman for U.S. trade repre-
sibility to unite the party but concerned that the party try backward and dithering sentative Michael Froman.
also the responsibility of La- would fail to win a national as we face the historic chal- If negotiations arent con-
bour members of parliament election with him in charge. lenges of Brexit, he said. cluded by the end of Mr.
DAVID MIRZOEFF/ZUMA PRESS
to respect the result of the Despite the pressure, Mr. Together, arguing for the Obamas administration, then a
leadership vote and focus their Corbyn refused to step down real change this country natural pause will ensue while
energy on defeating the gov- and said he had the backing of needs, I have no doubt this the new president decides on the
erning Conservative Party of party members and would de- party can win the next elec- priorities, Ms. Malmstrm said,
Prime Minister Theresa May. fend against any leadership tion whenever the prime min- but she added that it is difficult
Elections are passionate challenge. Mr. Smith, a rela- ister decides to call it, and to tell how long it would be.
and often partisan affairs and tive unknown outside Labour form the next government. To William Mauldin
things are sometimes said in circles, stepped up to contest do that we need to work to- in Washington
the heat of the debate on all the leadership, triggering what Mr. Corbyn retained the leadership but faces a fractious party. gether, Mr. Corbyn said. contributed to this article.
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THE WALL STREET JOURNAL. Monday, September 26, 2016 | A4A
2016 Dow Jones & Co., Inc. All rights reserved. 6DJ3946
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THE WALL STREET JOURNAL. Monday, September 26, 2016 | A5
WORLD NEWS
THOMAS PETER/REUTERS
into her trading Ms. Ma is the Liaoning police announced assets held by Hongxiang and
business, a corpo- s e c o n d - l a rge s t their investigation after prose- Ms. Ma, including her and her
rate filing shows. shareholder in cutors from the U.S. Depart- familys holdings in Darong,
Fridays disclo- Darong, an infor- ment of Justice made two trips which offers mapping and geo-
sure about Ma Xi- mation-technol- to Beijing last month to alert graphic data services.
aohong is the first ogy firm, with a Chinese officials about alleged It isnt known if the Liaon-
to tie her to a 17.2% stake, ac- activities by Ms. Ma and ing police probe is related to A truck crosses a bridge from Dandong, China, into North Korea.
criminal investiga- cording to other Hongxiang Industrial, The Wall the U.S. allegations.
tion. Police in the filings issued this Street Journal reported last Ms. Ma, a Communist Party were unsuccessful. Yao Jizhou, chairman until December,
northeastern Chi- month. In Fridays week. member, founded Hongxiang a Hongxiang Industrial official when she was appointed chair
nese province of Ms. Ma as seen in a filing with a Bei- The Justice Department Industrial in 2000 to trade and assistant to Ms. Ma, de- of its board of supervisors,
Liaoning said this company publication. jing-based ex- cited alleged evidence that Ms. commercial goods with North clined to comment. which monitors the perfor-
month that they change for mostly Ma and her company had aided Korea. She grew her business Calls to police in Liaoning mance of company executives
were investigating the trading smaller companies, Darong Pyongyangs nuclear program into a conglomerate, Liaoning province and in the Chinese and directors. Ms. Mas
firm that Ms. Ma founded, said Ms. Mas situation hasnt and its efforts to evade United Hongxiang Industrial Group, border city of Dandong, where mother-in-law and three sib-
Hongxiang Industrial Develop- affected its operations but Nations and Western sanctions, with some 680 employees cov- Ms. Ma and Hongxiang Indus- lings each hold roughly 1% of
ment Co., for alleged serious could have a negative impact according to U.S. officials. ering interests in cross-border trial are based, werent an- Darong shares.
economic crimes, without on the firm. In a report, researchers trade, hotels and tourism. swered. Junya Qian in Shanghai
naming her. The investigation into Ms. from nonprofit groups in the Attempts to reach Ms. Ma Ms. Ma was Darongs vice contributed to this article
BRAZIL
VIETNAM
Top Court Approves
Probe of President Consumer Prices
Brazils Supreme Court gave Rose in September
the green light to prosecutors to Vietnams consumer price in-
open a probe into corruption al- dex in September rose 3.34%
legations that President Michel from a year earlier, led by an in-
Temer is linked to a sprawling crease in the cost of health care
graft scandal centered on the and education services, govern-
nations state-run oil company. ment data released Saturday
Brazil Supreme Court Judge showed.
Teori Zavascki on Friday ap- The cost of health-care ser-
proved the preliminary investiga- vices and medicines rose 33.43%
tion, which is based on plea-bar- in the period, while the cost of
gain testimony by a key witness education services was up
that allegedly implicates Mr. Te- 10.30%, the General Statistics
mer and several high-ranking Office said in a statement. CME Group is a trademark of CME Group Inc. The Globe logo is a trademark of Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
members of his Brazilian Demo- Transport costs, meanwhile, fell Copyright 2016 CME Group. All rights reserved.
cratic Movement Party or PMDB, 5.70% because of lower fuel
including Senate President Re- prices.
nan Calheiros, according to a Vu Trong Khanh
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Monday, September 26, 2016 THE WALL STREET JOURNAL.
BRAZOS BOOKSTORE
ence, Mr. Messenger keeps an line the top of a bookshelf; 10 tion three-book box set of Leo Others wonder whether they Archive Press, the books pub-
iPad and Poes collected works remain in boxes. Tolstoys War and Peace tips will be able to finish it. The cu- lisher; 2,000 were printed.
nearby. The single copy of Bottoms the scales at 4.1 poundsless rator of the literary blog The Mr. OBrien said the idea
You spend more time goo- Dream at Brazos Bookstore in than a third the weight of Bot- Untranslated said he planned of an electronic version was
gling and finding other books Houston sometimes joins the toms Dream. to read the English version af- raised with the Arno Schmidt
than you do actually reading, staff recommendation display, Shipping delivers another Benjamin Rybeck opens the ter he recovers from the shell- Foundation, which has the fi-
he said. where it fits only on the top plot twist. Green Apple in San 1,496-page Bottom's Dream. shock of trying to read the nal say.
Mr. Schmidts oversize novel shelf, towering over the compe- Francisco offers 99-cent flat- original in German. For all but hard-core
is a standout in the e-reader tition. The rest of the time it rate shipping. That means the the past weeks. I dont think there are that Schmidt fans, Bottoms
age. There is no Kindle version. sits with the art books, said store will eat about $8 for ev- My 5-year-old daughter can many people in the world who Dream is likely to be little
The volume isnt likely to fit in Benjamin Rybeck, the stores ery delivered copy of Bot- usually lift packages that come can confidently say that more than an art object, ac-
purses or briefcases; a back- marketing director. The fiction toms Dream. Mr. Sparks said to our house, said David Auer- theyre going to read itand cording to those who have
pack, maybe, or something shelves are too small. he doesnt mind, given the bach, a tech columnist at Slate. deliver on the promise, said seen it.
with wheels. At 1,325,000 Big books can be big busi- novelty of the massive book, She couldnt lift this one. He the curator, who gave his I suspect it will mainly be
words, it is more than double ness. German art book publisher which was released Friday says he reads it on the floor. name only as Andrei. a conversation piece, said Mi-
the length of War and Peace Taschen is known for signed, with a $70 list price. Thomas Sweterlitsch, a fic- He might have a point. From chael Orthofer, founder of
and Atlas Shrugged. limited editions that often come Readers who preordered tion writer in Pittsburgh, mis- the novels first page: Complete Review, a literary
Bottoms Dream is also with a book stand. One release, Bottoms Dream expressed took the Amazon package for a (P had mutterd meanwhile. website. Im not sure about a
proving a weighty challenge for GOAT: A Tribute to Muham- excitement and surprise when three-pack of laundry detergent He towerd, coffee-table additionit would
booksellers. Green Apple or- mad Ali, weighs 75 pounds. it thudded on their doorsteps in he had ordered. I knew it was above & belo, from out his crush mine.
book publishers who reap- territory, the film Ten Years, ment when a Hong Kong resi-
peared in the custody of main- a collection of vignettes that dent is detained in the
land authorities. envisioned a politically circum- mainlandgestures pro-democ-
Frustrated by a lack of prog- scribed Hong Kong one decade racy lawmakers and activists
ress on what they saw as Bei- from now, was a surprise suc- criticized as underwhelming.
jings promise that Hong Kongs cess over the past year. In one The Chinese Ministry of
chief would be elected by popu- vignette, mainland officials Public Security acknowledged
lar vote, not selected by a stage an assassination attempt inadequacy in the notification
1,200-member committee to spur passage of a national- mechanism between Hong
stacked with Beijing loyalists security law in Hong Kong. In Kong and China.
and businesspeople as it is cur- another, a taxi driver who cant The court built a century ago for the British colony, left, is now Hong Kongs Court of Final Appeal. Ned Levin and Chester Yung
rently done, some young people speak Mandarin struggles to
now advocate independence. find business as the citys na- nese internet firm, pulled out 2047 wasnt spelled out. Many fixed things. So they have to Mainland Chinese companies
That is a leap from 2014, when tive Cantonese language is rele- of agreements to broadcast the locals hoped China would de- take stronger measures. such as China Mobile Ltd. and
student-led protesters occupied gated to second-class status. awards in the mainland. CCTV, mocratize and that its political Beijing issued a policy paper Tencent dominate Hong Kongs
central Hong Kong and de- Banned in the mainland, the Tencent and the award organiz- system would converge with in 2014 emphasizing limits to Hang Seng Index. At the time
manded democracy but not an movie won best film at the ers didnt respond to requests Hong Kongs over time, rather Hong Kongs autonomy. It has of the handover, the top 10
outright break with China. Sev- Hong Kong Film Awards. for comment. than the other way around, al- brought Hong Kong legislators listed companies by market
eral candidates calling for more Many Hong Kong cinemas The worries about Beijing though Chinas crackdown on to Shenzhen for talks on the capitalization were almost all
self-determination, including a didnt screen it or didnt add interference coincide with Tiananmen Square protests in territorys political system, led old-line British colonial firms
23-year-old college student showings to meet demand. questions about Hong Kongs 1989 damped those expecta- by high-level mainland officials. such as HSBC or conglomerates
who helped lead the protests, State broadcaster CCTV and viability as a top financial, tions. Mr. Ding estimates that owned by local tycoons.
won seats in the Sept. 4 elec- Tencent Holdings Ltd., the Chi- business and trading center. Beijing, by contrast, China likely has more than Chinese developers, many
Hong Kongs container port, the thought that pulling Hong 100,000 people in Hong Kong with government backing, are
worlds busiest as recently as a Kong closer into Chinas eco- who help it monitor the city. outbidding Hong Kong counter-
Mainland Inuence decade ago, slid to No. 5 last nomic orbit would win people An official at the central parts for public land, sold by
Since Britain's handover of Hong Kong to China in 1997, companies year as mainland ports such as over. It offered preferential Chinese governments liaison Hong Kongs government.
from mainland China have come to dominate Hong Kong's stock index. Shanghai expand. HSBC Hold- treatment on the mainland for office in Hong Kong declined to Mainlanders now make up
ings PLC decided this year not Hong Kong businesses, en- comment for this article. 12% of the students in Hong
Five largest companies by market capitalization to relocate its London head- couraged Chinese companies The Chinese government or Kongs university system, com-
in the Hong Kong Hang Seng Index quarters to Hong Kong, citing to invest in the territory and mainland corporations now pared with less than 1% in the
Place of headquarters: Hong Kong United Kingdom China Londons talent pool and inter- allowed millions of Chinese to have direct control or stakes in 1996-97 school year. In Au-
national status. travel there, creating a boom eight of Hong Kongs 26 main- gust, Hong Kongs education
1997 Present Hong Kong has been a bone for hotels and shops. stream media outlets, accord- department said that second-
of contention as far back as the In many ways, the strategy ing to the Hong Kong Journal- ary-school teachers advocating
Hutchison Whampoa
HK$259.43 billion 1 Tencent Holdings
HK$2.07 trillion
1840s, when an insubordinate
British captain took possession
backfired. Some middle-class
Hong Kong residents com-
ists Association. That has
contributed to a steady erosion
Hong Kong independence
could have their licenses re-
of the island in the First Opium plained about overcrowding of press freedom, the associa- voked. Mr. Leung, the Hong
War. The colony, with low from mainlanders and worried tion said. Kong chief executive, com-
Sun Hung Kai Properties
HK$222.82 billion 2 China Mobile
HK$1.97 trillion taxes, free-market policies and
Western rule of law, bloomed
that locals were being squeezed
by higher real-estate prices.
It cited the purchase of the
South China Morning Post by
pared teenagers interest in in-
dependence to drug use.
into a major trade entrept and Faced with opposition, Bei- Chinese internet giant Alibaba Many of Hong Kongs newly
Industrial and Commercial financial center and is now jing decided that doling out Group Holding Ltd. last year. elected legislators disagree.
Hang Seng Bank
HK$213.43 billion 3 Bank of China
HK$1.82 trillion
home to more than seven mil-
lion people.
economic favors had run its
course and that it had to get
Alibaba Executive Vice Chair-
man Joseph Tsai said editorial
We Hong Kong people need
to seize the opportunity to de-
In the 1980s, London and more visibly involved in Hong independence would be re- cide our own future, said 25-
4
HSBC Holdings China Construction Bank Beijing negotiated a handover Kong, Chinese political schol- spected. year-old Yau Wai-ching, one of
HK$208.97 billion HK$1.48 trillion deal that gave China control ars say. He also said in an interview the new legislators, suggesting
of foreign affairs and de- They gave out a lot of with a Hong Kong news web- the tension is unlikely to dissi-
fense. Hong Kong kept the candy, a lot of sugar, said Ding site that coverage of China was pate soon. Self-determination
5
Cheung Kong Holdings PetroChina right to maintain its own ju- Xueliang, a social scientist at neither complete nor healthy is our inherent right.
HK$175.76 billion HK$1.48 trillion diciary, manage its currency the Hong Kong University of because newspapers tended to Alex Frangos, Te-Ping Chen,
and set social policies for an- Science and Technology. Fi- carry the Western angle. The Anjie Zheng and
Note: HK$1 billion = $130 million other 50 years. nally they realized theyd given Post, he said, would put out Gregor Stuart Hunter
Source: Reuters THE WALL STREET JOURNAL. Exactly what happens in so much, and they still hadnt another angle. contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Monday, September 26, 2016 | A7
U.S. NEWS
Labor Gains Reach Plateau Turkish Immigrant
BY ERIC MORATH
AND JEFFREY SPARSHOTT Leveling Off Held in Washington
A
After steady improvement since the recession ended, many important measures of the labor market have
fter a half-decade of
steady gains, the U.S.
labor market appears to
be leveling off. What that pla-
plateaued in the past 6 to 12 months.
Jobless rates Monthly change in nonfarm
payrolls
Share of the population
that has a job
For Mall Shooting
teau means for the economys 20% 600 thousand 90% A 24-hour hunt for the man Police are also still deter-
trajectory is one of the big- Broadest measure of August suspected of shooting and kill- mining who owns the rifle
400 Workers aged
gest questions hanging over underemployment* +151,000 ing five people at a mall north used in the shooting, Lt.
2554
policy makers and investors. 15 August 80 77.8% of Seattle came to an unevent- Cammock said. Mr. Cetin was
200
Hiring is consistent but 9.7% ful and abrupt end when he booked Saturday in county
slower than in recent years, 0 was found walking down a jail on an investigative hold
the unemploy- 10 70 street in his home city. and is expected to be charged
THE ment rate is no 200 this week.
OUTLOOK longer falling 400 By Zusha Elinson Investigators believe Mr.
and layoffs are 5 12-month 60 and Jim Carlton Cetin drove away from the
average
holding at a his- Unemployment rate 600 in San Francisco scene after the shooting, but
Overall
torically low level. But partic- 4.9% and Jay Greene didnt go far. At some point,
ipation in the workforce is 0 Recession 800 50 59.7%
in Oak Harbor Mr. Cetin traveled to the is-
stuck near a 40-year low. 2007 09 11 13 15 2007 09 11 13 15 2007 09 11 13 15 land city of Oak Harbor,
If the moderate hiring rate Note: All gures are seasonally adjusted *Includes unemployed workers, involuntary part-timers and those marginally attached to the labor force Police arrested Arcan Ce- about 50 miles north of Seat-
continues, that should keep Source: Labor Department THE WALL STREET JOURNAL. tin, 20 years old, in Oak Har- tle. It is the largest city on
the unemployment rate in bor, about 30 miles from Whidbey Island, a weekend
check by absorbing new en- peaked at 10% in October central bankers didnt view investment, creating a drag where the shootings took
trants to the workforce. 2009, just after the recession the economy as strong on the U.S. expansion this place at the Cascade Mall in
Thats a good thing, but it ended and less than a year af- enough to withstand the first year, which has so far been Burlington. One of the arrest-
The arresting
might not be enough to de- ter Mr. Obama was elected. increase in their benchmark offset by consumer spending. ing officers, Lt. Mike Hawley officer described
liver significantly higher pay- U.S. employers have consis- interest rate since December. The economy has been of the Island County Sheriffs
checks for workers or draw tently added jobs since late The unemployment rate growing very slowly for a Office, said Mr. Cetin said
the suspect as
discouraged Americans back 2010. For the next five years, and other measures of labor number of years now, and we nothing as he was taken into being zombielike
into the labor force. most measures of the labor utilization are little changed dont expect it to materially custody Saturday night. He
Mixed signals from the la- market gradually improved, since the beginning of the change for quite a long time, was just kind of zombielike.
bor data pose a challenge to before leveling off in the past year, Ms. Yellen said. I dont Texas Instruments Inc. Chief Police said they still don't getaway spot for Seattleites.
companies forecasting future six to 12 months. see that as bad news because Financial Officer Kevin March know the motive in the kill- The island is accessed from
demand, Federal Reserve pol- Some gauges are at histor- it may reflect that the strong told investors this month. ings or if Mr. Cetin knew any the south by ferry, though
icy makers attempting to set ically strong levels. The un- labor market is attracting The U.S. economy has of his alleged victims. Four there is a bridge at the north-
interest rates and investors employment rate has been at people from outside the labor been mired in 2% annual women ranging from the ern end of the island, about
trying to assess the climate or just under 5% for nearly a force back into employment. growth for seven years, the teens to senior-citizen age 30 miles from Burlington,
ahead. year. The 12-month moving Ms. Yellen and other Fed weakest expansion since were killed, police said. One where the shooting occurred.
The labor market is close average of job creation, at officials have said they ex- World War II. When the labor man in his 60s later died at a Vigils were held Saturday in
to as good as it gets, given 204,000 a month, is above pected hiring to slow and the market took off in 2014 and Seattle hospital. Burlington. We suffered a dev-
the underlying fundamentals the long-run average. unemployment rate to level 2015 to produce the best jobs Surveillance video showed astating loss of five treasured
of the economy, said IHS off as slack in the labor mar- gains since 1999, many econo- a man in the mall with a rifle members of our community,
B
Markit Chief Economist Nari- ut other measures have ket diminishes. But in previ- mists predicted robust gains and, initially, police said they said Mayor Steve Sexton.
man Behravesh. But averages stalled out, and remain ous expansions, long stretches in gross domestic product were searching for a suspect
hide a lot of problems. A lot of weaker than before the of sideways movement in la- would follow. They havent. of Hispanic descent, based on
S
pays less than the job they and those stuck in part-time say that the pace of improve- ome economists now black hair. However, Mr. Cetin
had before the recession. jobs was 9.7% last month. Its ment has slowed, said Tom worry that a leveling-off immigrated from Turkey and
The dichotomy is pre- been little changed for almost Porcelli, chief U.S. economist of the labor market is now a legal permanent
sented frequently in the pres- a year. And the share of at RBC Capital Markets. The might mean hiring is sinking resident in the U.S., Mount
idential race. Democrat Hil- Americans ages 25-54 with plateau can go on for a while, to match weak growth. Vernon police Lt. Chris Cam-
lary Clinton positions herself jobs, 77.8% in August, is near or a slow easing toward a re- Gradually I think things mock said.
as the candidate to maintain a postrecession high, but has cession can go on for a will slow down, said Sung Federal investigators had
President Barack Obamas changed little since January. while. Won Sohn, an economist at said there were no indica-
policies that delivered a long, The data has left the Fed That can leave businesses California State University, tions of terrorism, but they
relatively steady expansion. frozen this year. Chairwoman uncertain, especially when the Channel Islands. The overall couldnt discount that as a
Republican Donald Trump Janet Yellen last week lackluster expansion in the economy is already weighed possibility. When asked about
seizes on the frustration of pointed to modest wage im- U.S. is outpacing developed down by weak business spend- terrorism Saturday night, Lt.
Americans who feel left out of provement and workforce economies in Europe and ing and global headwinds. Cammock said: I am not go-
that recovery. participation as signs the jobs Asia. Companies have already Sooner or later that will get ing to rule out anything at
The unemployment rate market is strengthening. Yet reacted by curtailing capital to employment, he said. this point. Shooting suspect Arcan Cetin
by spending on what are known Bush won backing for sweeping bled to about 75% since before public investment in high-qual-
as mandatory programs, includ- tax cuts after taking office. In the 2007-09 recession. ity infrastructure or education
ing Medicare and Social Secu- 2008, Mr. Obama proposed to Some say the next president programs. My thinking has
rity. About two-thirds of all pay for a range of new programs, should see that as an opportu- changed because interest rates
spendingincluding interest beginning with the health-care nity. We have a window here, have fallen so far, he said.
payments on the national overhaul, by repealing those tax courtesy of central banks of the Others say the case for stimu-
debtis in that latter category, cuts and ending foreign wars. world, to borrow money very lus isnt compelling. If it were,
compared with about half in Both presidents faced recessions cheaply, said Jim Millstein, a wed all be studying the Japa-
the 1980s. Just one-third of in their first year, sending defi- former Treasury official in the nese economic miracle of the last
spending is actually set by Con- cits higher still. Obama administration who is 20 years that never happened,
gress and the White House The 45th president could working on an infrastructure- said Andy Laperriere, political
through annual spending bills. have one beneficial tailwind: bank proposal. With low rates strategist at Cornerstone Macro
President Barack Obama on Saturday helped open the National By 2022, nearly every dollar markets suggest interest rates deterring private firms from in- who served as adviser to former
Museum of African American History and Culture in Washington, D.C. of revenue the U.S. collects will could remain lower for much lon- vestment, he said, were going House Majority Leader Dick
have been committed before ger than most imagined just a to have to use public capital. Armey (R., Texas) in the 1990s.
charges for the officers involved Congress even votes, according
U.S. in Tuesdays shooting of Keith La-
mont Scott, who the chief said
to an analysis by Eugene
Steuerle of the Urban Institute. Starting At a HOW THE SITUATION LOOKED WHEN EACH PRESIDENT ASSUMED OFFICE
BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
A8 | Monday, September 26, 2016 THE WALL STREET JOURNAL. 2016 Dow Jones & Company. All Rights Reserved.
Talk
Show
The much-anticipated
face-off between Hillary
Clinton and Donald Trump
will just be a TV spectacle.
Real debate takes place
in the course of governing
(or at least it used to).
The first
presidential debate between Hillary
The first televised presidential debate, star-
ring John Kennedy and Richard Nixon, aired 56
years ago on Sept. 26, 1960. People who listened
on the radio thought Nixon won, but those who
watched on TV thought Kennedy won, and the
tiness of modern debates to the great Lincoln-
Douglas debates of 1858, a series of daylong ex-
changes in various towns around Illinois during
the contest between Abraham Lincoln and Ste-
phen Douglas for a Senate seat. (Lincoln lost.)
Clinton and Donald Trump is Monday election was so close that the TV factor might Whereas in modern televised debates, a candi-
night. What can we hope for? have made a difference. But should it have? Did date often has just 90 seconds for an answer,
A revealing gaffe, a zinger that hits viewers learn something from the grainy, flick- those debates gave each speaker 90 minutes for
ering black and white images on their tiny TVs a single response. Audiences stood all day in the
home, a flash of true spontaneity or a
that was really relevant to the late summer sun to listen to intri-
glimpse of the real character question of which policy or person cate arguments about matters of
BY BRYAN
GARSTEN
of the candidatesthese was best for the country? Even the national importance, such as the
seem to be the most anyone The Kennedy-Nixon debate gar- extension of slavery into the west-
is hoping for, and more nered mixed reviews, including se- vaunted ern territories. Our attention
than we are likely to get. H Debates, vere criticism from establishment Lincoln- spans on the couch at home dont
ASSOCIATED PRESS (KENNEDY, NIXON); GETTY IMAGES (TRUMP, CICERO, LINCOLN, DOUGLAS); REUTERS (CLINTON)
REVIEW
ventory, asks if most girls who are sexually making the most consequential choice of the countrys re-
insulted by a boy pro- cent history, to leave the European Union. They preferred to
voke his behavior by stage debates in the enormous and amorphous public
The power the way they talk, act sphere that the media creates and that individuals dip into
of a short or dress. and out of through their devices.
If a 15-minute vid- In our own increasingly fractured public sphere, the Com-
videogame eogame could have mission on Presidential Debates has announced that the sec-
session. such effects, what ond debate between Mrs. Clinton and Mr. Trump, on October
happens when chil- 9, will take the form of a town meeting, in which half of the
dren play them questions will be posed directly by citizen participants.
hours a week for What exactly will these citizen participants participate
years? We dont know. As Ms. Driesmans in? They are offered roles in a television show. They will ask
and her colleagues wrote, Play for many questions, as a reporter does, to help elicit responses that
hours spread over a period of several weeks TOP: A bust of Marcus Tullius Cicero (106-43 B.C.). ABOVE: might inform the public. This can certainly be useful, but we
or even months could have stronger nega- Daniel Webster (1782-1852), who famously concluded, should not let the language of town meetings and partici-
tive effects, but we need further work to Liberty and Union, now and forever, one and inseparable. pation obscure the limitations of the forum. One thing that
test this assumption. the staged presidential debates cannot offer is a reminder
An American Psychological Association Protecting that manufacturing sector with high tariffs on of what debating sounds like when it is actually a part of
task force warned in 2007 that sexualization imports from Europe was one of Websters immediate goals, self-government.
messages were widespread and directed at but the debate explored how this policy would affect various Years ago, when I lived in Williamstown, Mass., I at-
younger and younger girls, from preschool- parts of the country and linked the issue with questions of tended a real town meeting to discuss the municipalitys
age beauty pageants to bikinis for toddlers. sectional politics, national strategy and constitutional prin- annual budget. Citizens did not pose questions; they made
The task force urged more research. ciple. Webster helped Americans to imagine the nation that arguments. A youth program had been cut, and townspeo-
In an article published in May in the Jour- Lincoln would eventually fight to preserve. ple argued pro and con and then voted. The program was
nal of Sex Research, L. Monique Ward of the Admirers of the Webster-Hayne debate often praise its saved, with funds shifted from elsewhere. No one offered
University of Michigan reviewed 135 studies most famous lines, such as Websters memorable peroration. oratory for the ages, but it was a good debate, full of clear,
of the effects of sexualization of women in Hayne had worried that national unity would threaten the forceful, responsible arguments. Demosthenes would have
media. Of those, 84% were published since states liberty. Websters final line was a succinct answer: been proud.
the task force report. But only five of the Liberty and Union, now and forever, one and inseparable. In the history of democratic societies, it was the intense
studies looked at children under 13 and only But one turn of phrasea tweet, basicallycannot cap- pressures of governing together that occasionally com-
19 at adolescents; just 11 concerned video- ture what was special about Websters speech, or about pressed the sand of ordinary political speech into a gem or
games, and of those, only the study by the Haynes. The real strength of the debate lay in the power two of public oratory worth saving. We have mostly let pub-
Driesmans team looked at children younger and clarity with which both sides elaborated the complex ar- lic debate float free from the pressures of our governing in-
than college age. The Ward survey points up guments behind their different positions, allowing listeners stitutions these days. We should not be surprised that we
ISTOCK
the need for us to learn more. to enter into each point of view and understand it from the do not produce diamonds.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Monday, September 26, 2016 THE WALL STREET JOURNAL.
REVIEW
already compelling evidence, widely published
in scientific journals, to support the existence of
such universal on-off switches for cancer.
Indeed, the more we use quantitative models,
the more we understand that cancer isnt the re-
sult of a single gene going roguethe premise
of the mutation-based therapy approach. Rather,
cancer develops when an entire gang of rogue
proteins work in concert to thwart the defense
mechanisms that cells use to keep cancer at bay.
This is no mere hypothesis. Clinical trials at
Columbia, in patients with metastatic and
drug-resistant breast cancer, have already
started to evaluate how well novel, multi-drug
regimens can target the aberrantly activated
proteins in a tumor checkpoint. And in N of
1 studies, also at Columbiathat is, studies
in which a single patient is the entire trial
tumor checkpoints are being used to select the
best therapy for 260 patients across 14 differ-
ent kinds of previously untreatable tumors.
To identify master regulator proteins and tu-
mor-checkpoint modules, DarwinHealth is using
sophisticated tools such as the VIPER algo-
rithm, which we presented recently in the jour-
nal Nature Genetics. Like astronomers and
physicists discovering dark planets indirectly,
from deviations in the trajectory of the stars
around which they gravitate, we are able to use
VIPER to begin to decode the hidden oncotec-
ture of cancerthat is, the universal regula-
tory architecture of cancer cells.
It might seem counterintuitive to employ a
virtual world to decode something as real as
cancer, but predictions made by these methods
are already undergoing rigorous clinical evalua-
tion. These studies are geared to finding the
specific drugs and drug combinations that, by
short-circuiting the regulatory logic of the can-
cer cell, can help turn these tumor switches to
the off positionpermanently.
Setbacks are inevitable in this line of re-
search. This is cancer, after all, and develop-
ing and testing new checkpoint-based drugs
or innovative combinations is an expensive
BRIAN STAUFFER
Cancers Code?
and Peter Sorger at Harvard University, Gordon We are currently conducting a trial in collabo-
Mills at the MD Anderson Cancer Center and ration with Drs. Kevin Kalinsky of Columbia
Trey Ideker at the University of California, San and Jose Silva of Mount Sinai in New York to
Diego, among othersare also embracing this test how well a new combination of two FDA-
sort of strategy, with growing support from the approved drugs can shut down the tumor
tumors cannot be treated this way. National Cancer Institute. checkpoint of breast-cancer patients who no
Quantitative models focus Researchers are continuing to refine these As a result of this evolution, the focus in longer respond to conventional therapy.
on the architecture of cancer targeted treatments, but new approaches are
neededand here, as in many other fields, the
many labs has shifted from
genes to proteinsthe mo-
Cancer researchers are
only now beginning to appre-
BY ANDREA CALIFANO
answers may lie in the information revolution. lecular machines that gov- Computations ciate how much they can
AND GIDEON BOSKER
Disappointed with the slow pace of discovery
and inclined to look for elegant, universal expla-
ern cell behavior, including
cancer. But while genes can
to pinpoint the learn by applying these new
tools to one of medicines
nations for natures conundrums, many cancer be readily sequenced, pro- command most elusive challenges: dis-
AT SOME POINT in their lives, about half of all
Americans will hear the frightening words, You
researchers have increasingly been asking: Is
there some sort of Da Vinci Code for cancer?
teins are much harder to
observe and measure.
center of the abling, reversing or subvert-
ing the aberrant regulatory
have cancer. For patients and families, the per- And can we crack it using mathematics? There is mounting evi- cancer cell. programs that ignite perfectly
sonal burden of cancer is staggering, and many Quantitative modeling has been extremely dence that virtual, computa- normal cells and morph them
scientists and physicians, though working hero- successful in disciplines as diverse as astron- tion-based methods are par- into monsters that explode
ically on new treatments, remain unsatisfied omy, physics, economics and computer science. ticularly effective in detecting with destructive fury.
with the care that they are able to provide. Can cancer quantsscientists applying quan- aberrant proteins in this hidden layer of cancer Over the centuries, and across countless ar-
Much attention and excitement has fo- titative analyses to the landscape of cancer bi- control. In our own labs, we rely on computa- eas of human need, we have seen the power of
cused lately on precision medicinethe ologyfind the answers we seek? And, if so, tional methods to pinpoint the dark proteins numbers to improve our lives. Increasingly, it
targeted deployment of drugs to counter spe- what would the new paradigm look like? that constitute the command center of the can- looks as if this will hold for cancer, too. It may
cific driver mutations in tumors and also to This approach has been in the works for cer cell. Abnormal activity in these master reg- just be a matter of getting the math right.
activate the bodys own immune system years at Columbia University (in the lab that ulators can result in rapid tumor growth and
against cancer cells. These strategies have re- one of us directs), and we are attempting to devastating propagation of cancer cells.
sulted in some real success stories, but not develop it commercially at the company that Perhaps most important, these proteins form Dr. Califano is Clyde and Helen Wu Professor of
enough patientsespecially those with meta- we co-founded, DarwinHealth. The idea is to tightly knit modulesor tumor checkpoints Chemical Systems Biology at Columbia Univer-
static breast, colon, lung and prostate can- integrate robotics and supercomputers to that represent the ultimate on-off switches in sity and co-founder of DarwinHealth. Dr. Bosker
cerare achieving the kind of lasting remis- identify more universal tumor vulnerabilities, the cancer cells engine room, providing a new is the CEO and co-founder of DarwinHealth and
sions that were expected. Worse, most within a much larger segment of cancer pa- class of targets for anticancer therapy. There is CEO of CMEducation Resources.
found outside of Earth, said Bill versity and the author of Religions gent extraterrestrials would have
Nettles, the chair of the physics de- and Extraterrestrial Life, the possi- their own relationships with God.
partment at Union University, an bility of life elsewhere presents seri- Beyond the theological questions
evangelical college in Jackson, Tenn. ous theological problems. Until now, lie serious practical obstacles. Com-
But to other Christians, the idea questions about who created us and munication would take a long time,
that an extraterrestrial, no matter life anywhere else in the universe. In 2014, two Jesuit astronomers at are we alone were purely theological, obviously, said Deborah Haarsma,
how intelligent, could have a spiritual He added, Its not Jesus Christ dy- the Vatican published a book with the he said. But now, astronomers are president of BioLogos, a group that
relationship with God is unthinkable. ing on 1,000 planets. title, Would You Baptize an Extrater- saying, Were taking over some turf promotes the idea that Christianity
Its just planet Earth that has Discussion of alien spirituality has restrial? That year, Pope Francis that used to belong to you. and science are in harmony. Even if
spiritual beings in need of redemp- long been the stuff of science fiction. himselfduring a hypothetical sec- Christians have long argued about communication were possible, she
tion, said Hugh Ross, an astrophysi- But as humans have peered further tion of a weekly homilysaid that he the cosmosat least since Galileo in- added, Can we communicate about
cist who founded Reasons to Believe, into space with telescopes and un- would baptize a green Martian with a sisted in 1633 that the Earth revolved something as profound as God?
a ministry that seeks to show that manned probes, religious groups have long nose and big ears, although around the sun, a heresy that won Christians have plenty of time to
science supports Christian scripture. been forced to grapplesometimes only if the alien ambled into St. Pe- him house arrest for the rest of his decide all this. Proxima b is 4.2 light
That doesnt rule out dolphins or uncomfortablywith what the exis- ters Basilica and asked. Who are we life. Nearly 200 years later, the philos- years awayso a space probe using
grass or bacteria on another planet, tence of intelligent extraterrestrial life to close doors? the pontiff asked. opher Thomas Paine asked whether current technology would take thou-
he said, but he doesnt expect to find would mean for their faith. Evangelical Christians, who believe life on other planets would mean that sands of years to get there.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Monday, September 26, 2016 | A11
SPORTS
tion for how the event can seem to
turn the games hierarchy on its head.
The Mystery of
For one thing, the format during the
first two days, which includes both al-
ternate-shot and best-ball pairings,
makes players records partly a byprod-
uct of how their partners perform.
outside the world-record time. won three Olympic titles and five Fernndez was one of three
Bekeles winning time of two world-championship golds and is people who died in a boat crash
hours, 3 minutes and 3 seconds the world-record holder over early Sunday, the AP reported.
on Sunday was six seconds out- 5,000 and 10,000 meters. A Cuban defector who at-
side Dennis Kimettos world re- Aberu Kebede led an Ethio- tended high school in Florida,
cord, also set in Berlin in 2014. pian sweep in the womens race Fernndez had quickly become
Bekeles mark is the second- in 2:20:45. Birhane Dibaba was one of the games top pitchers. Marlins right-hander Jos
best time. Evans Chebet of second, Ruti Aga third. The Marlins game Sunday was Fernndez earlier this month.
Kenya was third in 2:05:31. Associated Press canceled. Andrew Beaton
OPINION
REVIEW & OUTLOOK
Trump Debate
Whether or Not in Syria Dos and Donts
R
ussian and Syrian regime forces re- against Islamic State. Hes also unsure of
newed their offensive against the be- whether to provide Syrias Kurdsby far the Which Donald Trump Aleppo question. Her campaign team is
will show up to Hofstra already trying to pressure debate mod-
sieged city of Aleppo on Friday, kill- most effective U.S. ally in the warwith the
University on Monday erators into helping with a gotcha. Jen-
ing 27 civilians in air and weapons they would need to night for the first U.S. nifer Palmieri, Mrs. Clintons communi-
ground bombardments. But Obama could arm evict Islamic State from its presidential debate? cations director, groused on Wednesday
this time the Obama Admin- Syrian capital in Raqqa. The Oval Office may that reporters lower the bar for Mr.
istration isnt taking the out-
Americas friends Whether its worth alienating
rage lying down. Behold Ben the Kurds, but he Turkey by doing so is another POTOMAC hinge on that question. Trump. She said debate moderators
Presidential debates need to ask substantive questions, fac-
WATCH
Rhodes, warning the Kremlin White House puzzle. always matter, but the tual questions.
that there are limits to the
probably wont. All this is causing some
By Kimberley
stakes in this first Mrs. Clinton will also attempt to
A. Strassel
White Houses diplomatic presidential misgivings, not Trump-Clinton faceoff needle Mr. Trump into an explosion.
patience after Russia flouted least because Mr. Obama are higher than most. She must know (who doesnt?) that
another cease-fire by bombing a humanitar- knows hell be judged harshly for his Syrian Or at least they are for Mr. Trump. nothing drives him to extremes more
The billionaires biggest problem is than personal attackson his wealth,
ian aid convoy. abdication. In an interview for Vanity Fair,
that Americans remain unsure about Trump steaks, his lawsuits. Mrs. Clinton
The question is whether or not we just Mr. Obama told historian Doris Kearns Good- what they would get with a Trump will attempt to turn the corruption
walk away from the table completely at this win that Syria haunts me constantly, and presidency. question around on Mr. Trump, to call
point, the deputy national security adviser that he asks himself what a Winston Church- Over the years theyve seen Donald him out as a con man, but more to de-
said last week, or whether or not we do ill or Dwight Eisenhower might have done the reality-TV star. Theyve seen Donald flect attention from her own pay-to-
some more diplomacy and consultation to in his place. Yet he continues to insist that the one-time Democrat. Theyve seen play and email scandals. Once again she
determine whether or not there is some he got all the big calls right. Regrets, hed Donald the unhinged. More recently, will paint him as the biggest rotten ap-
path forward. have a fewif only he could think of what theyve seen Donald the serious candi- ple in that basket of deplorables.
To whether or notwhen it comes to the Ad- they might be. date. Yet Mr. Trump has no prior
ministrations Syria policy, thats always been If Mr. Obama is really looking for a elected service from which to judge po-
the question. President Obama dithered for Churchillian answer to Syrias dilemmas, he litical or policy leadership. He has run Voters know hes a
only a few ads. For many voters, this
months over whether to call on Bashar Assad could arm Americas Kurdish friends, destroy first debate will be a (re)introduction, scrapper. But he must
to step aside, first deciding in favor of it only the Assad regimes air force and its armor re- and at a critical time. show an optimistic
effectively to reverse himself last year. He serves, and redraw the map of Syria to take ac- The matchup will provide an an-
struggled with the question of whether and to count of the new dividing lines of a broken coun- swerone way or the otherto the vision for America.
what extent to arm a credible opposition force, try. Instead of dispatching John Kerry on more central accusation against Mr. Trump.
only to spend a half-billion dollars training a negotiating dead ends with Russia, he could also The overwhelming focus of Mrs. Clin-
handful of fighters. He drew a red line against impose further economic costs on Moscow for tons campaign has been its unrelenting Word is that Mr. Trump isnt doing a
the use of chemical weapons, but whether to its Middle East adventurism. charge that he is unfit to be president. whole lot of debate prep. But his team
enforce it was another matter. None of this would require deploying U.S. Polls show this resonates with voters. A ought to have at least readied him for
More recently, Mr. Obama has been of two ground troops in large numbers to Syria. But recent New York Times/CBS survey what should be the easy response to all
found that 47% of registered voters the nasty attacks. Mrs. Clintons own
minds over whether to oppose Moscows in- it might warrant restoring Winstons bust to
thought a Clinton presidency would be past is so malodorous, so rife with
tervention in Syria, or join it in a mutual effort the Oval Office where it belongs. a safe choice for the country, versus crooked deals and lies, that Mr. Trump
30% who thought that about Mr. shouldnt have to do much more than
The Wells Fargo Standard Trump. Fifty-five percent said that Mrs.
Clinton had the right kind of tempera-
calmly question her credibility and then
move on to better subjects.
D
ment to be president, compared with Mr. Trumps impulse no doubt will
emocrats are waging a nonstop cam- ber his role? Mr. Lew spent the weeks before 31% for Mr. Trump. On Monday voters be to take it to her, to hit back, to dwell
paign to punish bank executives for his 2013 Senate confirmation saying he couldnt will see how his temperament holds up on Mrs. Clintons malfeasance. No
misconduct, both real and imagined. even recall the details of investments that blew under stress on live TV. doubt a few tough reminders to the au-
After revelations that Wells up on his watch. Thats why this is such a test. Mr. dience of her ethical failings are neces-
Fargo fired thousands of em- Imagine if the Treasury What makes this so awk- Trumps disciplined campaigning lately
has served him well and helps account
sary. But everyone already knows Mr.
Trump is a scrapper. What he needs to
ployees for setting up ac- Secretary had to live ward is not merely that Sen.
for the tightening polls. But the disci- show now is that he has his own opti-
counts without customer per- Warren and her Democratic pline has been largely the result of pre- mistic and considered plans for change
mission, Massachusetts Sen. by new rules for banks. colleagues overwhelmingly pared speeches, teleprompters, talking in America. This is one of his openings.
Elizabeth Warren and her voted to confirm Mr. Lew to points and a staff that is clearly work- In that same New York Times/CBS poll,
colleagues were howling last run the Treasury. And its ing hard to keep him on message. 48% of voters felt Mr. Trump could
week for Wells to claw back bonuses that had not merely that many of the regulators on The Republican nominees worst mo- bring about real change. Only 36%
been paid to senior executives. Awkwardly for Mr. Lews Financial Stability Oversight Coun- ment in recent weeks was at NBCs com- said that of Mrs. Clinton.
Ms. Warren and her colleagues, Rep. Scott cil are now drafting clawback rules that mander-in-chief forum, where he was By being positive, Mr. Trump would
Garrett (R., N.J.) decided to pursue this line other, less politically connected, bankers will tasked with talking off the cuffand draw a stark contrast. Mrs. Clinton these
of argument a little too vigorously for Demo- have to live by. happily did so, in rambling fashion. days looks perpetually angry and seems
cratic tastes. Monday nights debate, with hours of to have only one volume setting: yell.
Theres also the issue of scale. Mr. Lews
unscripted talk, offers plenty of opportu- The press keeps noting that she is a sea-
At a hearing last week in the House Finan- Citigroup consumed a series of multibillion- nities for Mr. Trump to erase, with one soned debater, but then again she has
cial Services Committee, Mr. Garrett asked dollar taxpayer bailouts and helped trigger loose-lipped error, what credibility he mostly debated fellow Democrats and
Treasury Secretary Jack Lew, who helped pre- a world-wide financial panic. Wells Fargo has built in the past month. Conversely, been questioned by sympathetic press.
side over a titanic financial disaster at Citi- mistreated its customers, but its $2.6 million it could be the moment he begins to look Her style is fairly predictable.
group in 2008, whether the bank had clawed in remediation for those affected is a round- seriously presidential. Mr. Trump is by contrast new to this.
back any of his compensation. ing error at a bank with $86 billion in annual The good news for Team Trump is But that also gives him an advantage, in
YouTube viewers may be entertained revenue. If J.P. Morgans famous 2012 trad- that Mrs. Clintonnothing if not un- that he has the freedom and the per-
watching the video of this exchange, in ing loss was triggered by a London whale, subtleis already radiating her main sonality to be unconventional and un-
which Mr. Lew makes every effort to avoid as a financial matter this is the San Fran- lines of attack. She will attempt to predictable. It could give him new mo-
answering the simple question. At one point cisco minnow. make him look stupid by chiding him mentum toward the White Houseif he
for a lack of policy knowledge and can get this first one right.
the former chief operating officer of two Mr. Garrett sums up the lesson for bankers
sandbagging him with a what is Write to kim@wsj.com.
troubled Citi units says, I was responsible when he says that so long as youre a high-
for administrative activities, not for design- ranking Democratic official, you can make all
ing risk products so lets just remember the money that you want on Wall Street but LETTERS TO THE EDITOR
what my role was. if youre not one of them then you have to play
How could any lawmakers possibly remem- by the rules if the company collapses. Dummies Reply to NeverTrump for Dummies
Regarding NeverTrump for Dum- Mr. Trump will work with Congress
Trumps $1.5 Trillion Tax Detail mies (Global View, Sept. 14): Bret
Stephens concludes by saying, If
and is on the right side of each of
these key issues. Mrs. Clinton will
D
onald Trump released a new tax-re- ganize as a contractor or personal C corp and youre truly confident in American in- make things worse. This election is
stitutions, then well ride out Mrs. about more than making America
form plan last week, but theres since try to pay 15%. The campaign says Mr. Trump
Clinton just as we have Mr. Obama. great, its about saving America.
been more than a little confusion over would work with Congress to write tax rules Isnt the point that large and growing JAMES HOLLAND
the details. Well try to sort that distinguish the hardware numbers of Americans are not confi- Winchester, Va.
out the debate, but since the The good news is that stores from the lawyers, fi- dent at all in American institutions
candidate prides himself on Congress would rewrite nanciers and the like who and, further, that many people ha- Mr. Stephens, I praise you for hav-
not sweating the details, this might try to game the tax dif- ven't enjoyed the ride of the past ing the courage to say what The Wall
indeterminacy shows how his reform plan. ferential. eight years and dont like where we Street Journal is unable to say. Hillary
unusually reliant a Trump Then again, if the ulti- as a nation are headed? Clinton is undesirable, but Donald
Administration would be on mate cost of this hybrid Americans trust and respect for Trump is, quite simply, unthinkable.
Congress. system would be somewhere between $4.4 their Congress and the government LAWRENCE GAGE
The main virtue of the Republicans plan is trillion or $5.9 trillion, and less after ac- at large is less and less. Isnt that Pittsford, N.Y.
how Donald Trump and Bernie Sand-
directional, in the sense that Mr. Trump says counting for growth, the episode under- ers scored so many points against I have no illusions about Mr.
his top priority will be economic growth after scores how expensive and detail-dependent the institution? Trumps ideological purity, but I dont
a decade of political focus on other goals. But tearing up the status quo would be. Luckily, Perhaps Mr. Stephens should add the think hes going to open the flood-
his campaign got in trouble over how he theres still room to offset following questions to his mock dia- gates for organized labor, environ-
would treat pass-through business income. some of the costs of this logue: Did anyone die on this candi- mentalists, Planned Parenthood, sin-
Mr. Trump is proposing a 15% rate for work in progress, such as dates watch? Did this candidate show gle-payer health care, racial
corporations, and the question is whether downsizing Mr. Trumps flagrant disregard for the law regarding pandering, increased government in-
businesses that are organized as S corps, new entitlement for child communications while serving in the trusion into the economy and educa-
partnerships and the like and pay taxes care. executive branch of government and tion, and support higher taxes. With
through the personal-income code would be Some have also interpreted then flagrantly lie about her actions? Hillary Clinton, all of the above and
BILL DOUGLAS more are a slam dunk.
eligible for the same rate. As we read his the Trump plan as an intellec-
Medford, Mass. RAY PERRY
speech and fact sheet, the 15% rate would tual challenge to the GOPs Warrington, Pa.
apply to all business income. Others came growth wing because of its Mr. Stephenss insulting attitude
to the opposite conclusion. top 33% rate for single income
The Trump campaign told the National Fed- above $112,500. On the cur-
toward dummies like me is very lib-
eral-like: If you dont have the facts or
CORRECTIONS
eration of Independent Business, the small- Donald Trump rent schedule, 33% kicks in for arguments on your side, then engage
business trade group, that the 15% would ap- singles at $190,000. in the politics of personal destruction. Slovakias Foreign Minister, Miro-
ply to its members. The Tax Foundation This is misdirection in part, because the GERRY DENOTTO slav Lajck, holds a masters degree
couldnt get an answer to its satisfaction and Tax Foundations distributional analysis Mount Prospect, Ill. from the Moscow State Institute of
thus modelled the Trump plan with and with- found that the Trump plan would provide a International Relations. The edito-
out the 15% pass-through rate. The plan would substantial tax cut on net for all income Despite her hidden emails, there is rial Who Will Run the U.N. (Re-
no mystery where Mrs. Clinton and view & Outlook, Sept. 20) misstated
reduce federal revenue by either $4.4 trillion groups. But far better to cut marginal tax
the Democratic Party stand on the is- the degree.
or $5.9 trillion, by the Tax Foundations static rates for all groups to improve the incentives sues. There is no Democratic plan to
estimate. to work and invest. restore economic growth and reduce i i i
In one sense, this $1.5 furor is overblown, Trying to evaluate Mr. Trumps ideas has the federal debt. That plan has been
even if the campaign was careless about its a quicksilver quality, because he has so few missing for almost eight years, since Former Vice President Hubert
terminology and the differences between fixed policy convictions and views any pro- President Obama ignored the Bowles- Humphreys first name was mis-
pass-throughs and corporations. Mr. Trumps posal as the opening bid for negotiation. In Simpson recommendations. Mr. Ste- stated in the Oct. 23 op-ed article,
advisers now tell us that under his plan all 1999 he proposed a one-time tax of 14.25% on phens should focus on the key issues: Party Loyalty Cant Make Me Vote
businesses could choose to pay either the 15% the already-taxed wealth of people with net conservative Supreme Court nomina- for Clinton.
rate or stay in the individual code. A hardware worth above $10 million, which would have tions, economic growth unleashed by
tax cuts and regulation reform,
store with a single owner, say, might pay an been the largest tax confiscation in U.S. his- Letters intended for publication should
ObamaCare repeal, restoration of mil- be addressed to: The Editor, 1211 Avenue
individual rate as low as 12%. tory. Now hes emphasizing growth. itary strength and readiness, energy of the Americas, New York, NY 10036,
The Trump campaign is attempting to pre- But the irony is that precisely because he independence and affordability and or emailed to wsj.ltrs@wsj.com. Please
vent a tax avoidance and unfairness problem: is such a tabula rasa, he would be more depen- the reversal of socialist influence in include your city and state. All letters
Since the top marginal rate in Mr. Trumps in- dant than any other President on Congress the Justice Department, IRS, State are subject to editing, and unpublished
dividual proposal would be 33%, every affluent and on those Members most engaged with the Department, EPA, NLRB, FCC and letters can be neither acknowledged nor
returned.
professional in American could instantly reor- reforms they think will improve American life. other federal agencies.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Monday, September 26, 2016 | A13
OPINION
E
Korea and Iran build their bombs, den-sharing delinquency.
ven should nuclear brink- Americas response has been either Russia deploys about 150 more nu-
manship not result in Ar- impotence or a ticket to ride. clear warheads than the U.S. Inten-
mageddon, it can lead to Nor do nuclear reductions lead to sively modernizing, it finds ways to
abject defeat and a com- increased safety. Quite apart from en- augment its totals via undisguised
plete reordering of the in- couraging proliferation by enabling cheating. Bound by no numerical or
ternational system. The extraordi- every medium power in the world to qualitative limits, China speeds its
narily complicated and consequential aim for nuclear parity with the criti- strategic development. To cripple
management of U.S. nuclear policy cally reduced U.S. arsenal, reductions U.S. retaliatory capability, an enemy
rests upon the shoulders of those create instability. The fewer targets, would have to destroy only four or
that Americans elevate to the highest the more possible a (counterforce) five submarines at sea, two sub
offices. Unfortunately, President first strike to eliminate an enemys bases, half a dozen bomber bases,
Obamas transparent hostility to retaliatory capacity. Nuclear stability and 450 missile silos.
Americas foundational principles and depends, inter alia, upon deep re- Russia has 49 attack submarines,
defensive powers is coupled with a serves that make a successful first China 65, with which to track and kill
dim and faddish understanding of nu- strike impossible to assure. The fewer U.S. nuclear missile subs under way.
clear realities. His successor will be warheads and the higher the ratio of Were either to build or cheat to 5,000
no less ill-equipped. warheads to delivery vehicles, the warheads (the U.S. once had more
Hillary Clintons robotic compul- more dangerous and unstable. than 30,000) and two-thirds reached
sion to power renders her immune Consider two nations, each with 10 their targets, four warheads could
to either respect for truth or clear- warheads on each of 10 missiles. Ones strike each aim point, with 2,000 left
A
tion of leadership; domestic politics; rence. But this successful dynamic of first strike feasible, we may see nu-
forms of government; and other fac- 70 years is about to be destroyed. nd then we have Russia, which clear brinkmanship (or worse) in
None of these perhaps three worst tors, some unknown. For this reason, Those whom the French call our re- ignores limitations the Obama which the U.S.startled from sleep
people in the Western Hemisphere, the much maligned concept of over- sponsibles have addressed the nu- administration strives to ex- and suddenly disabused of the myth
and few of their deplorable under- kill is a major contributor to stability, clear calculusin terms of suffi- ceed. According to its own careless or of sufficiencymight have to capitu-
lings, are alive to the gravest danger. in that, if we have it, an enemy is less ciency, control regimes and foreign defiant admissions, Russia cheats in late, allowing totalitarian dictator-
Which is neither Islamic State, ter- likely to calculate that we lack suffi- policyonly toward Russia, as if virtually every area of nuclear weap- ships to dominate the world.
rorism, the imprisoned economy, nor ciency. Further, if our forces are cali- China, a nuclear power for decades, ons: deploying missiles that by treaty Current trajectories point in exactly
even the erosion of Americas na- brated to sufficiency, then presum- didnt exist. While it is true that to supposedly no longer exist; illegally this direction, but in regard to such
tional character, though all are of ably the most minor degradation will begin with its nuclear arsenal was de converting antiaircraft and ballistic- things Mr. Trump hasnt the foggiest
crucial importance. render them insufficient. minimis, in the past 15 years China missile defense systems to dual-capa- and, frankly, Mrs. Clinton, like the
N
The gravest danger Americans face has increased its land-based ICBMs ble nuclear strike; developing new president, doesnt give a damn.
is fast-approaching nuclear instabil- or is it safe to mirror-image by more than 300%, its sea-based by types of nuclear cruise missiles for The way to avoid such a tragedy is
ity. Many believe it is possible safely willingness to go nuclear. Ev- more than 400%. Depending upon the ships and aircraft; keeping more mis- to bring China into a nuclear control
to arrive at nuclear zero. It is not. ery nuclear state has its own configuration of its missiles, China siles on alert than allowed; and retain- regime or answer its refusal with
Enough warheads to bring any coun- threshold, and one cannot assume can rain up to several hundred war- ing battlefield tactical nukes. Americas own proportional increases
try to its knees can fit in a space volu- that concessions in strategic forces heads upon the U.S. In the almost complete absence of and modernization. And to make sure
metrically equivalent to a Manhattan will obviate nuclear use in response As America shrinks its nuclear its own soft power, Russia fre- that both U.S. nuclear and conven-
studio apartment. Try to find that in to conventional warfare, which was forces and fails to introduce new quently hints at nuclear first use. All tional forces are strong, up-to-date,
the vastness of Russia, China, or Iran. Soviet doctrine for decades and is a types, China is doing the opposite, this comports with historical Soviet- and survivable enough to deter the
Even ICBMs and their transporter- Russian predilection now. increasing them numerically and Russian doctrine and conduct; is an militant ambitions of the two great
erector-launchers can easily be con- Ballistic-missile defense is op- forging ahead in various technolo- important element of Putinesque powers rising with daring vengeance
cealed in warehouses, tunnels and posed and starved on the assumption gies (quantum communications, su- tactics for reclaiming the Near from what they regard as the shame
caves. Nuclear weapons age out, but, that it would shield ones territory af- percomputers, maneuverable hyper- Abroad; and dovetails perfectly with of their oppression.
thanks to supercomputing, reliable ter striking first, and would therefore sonic re-entry vehicles), some of Mr. Obamas advocacy of no first
replacements can be manufactured tempt an enemy to strike before the which America has forsworn, such as use, unreciprocated U.S. reductions Mr. Helprin, a senior fellow of the
with only minor physical testing. Un- shield was deployed. As its oppo- road-mobile missiles, which in sur- and abandonment of nuclear mod- Claremont Institute, is the author of
accounted fissile material sloshing nents assert, hermetic shielding is vivability and range put to shame ernization. Which in turn pair nicely Winters Tale, A Soldier of the
around the world can, with admitted impossible, and if only 10 of 1,500 U.S. Minuteman IIIs. with Mr. Trumps declaration that he Great War and the forthcoming
difficulty, be fashioned into weapons. warheads were to hit American cities, Because Chinas nuclear weapons would defend NATO countries only if novel Paris in the Present Tense.
A
This year debates have been held in and speak at length and extemporane- ticipants, while others, like Holland, until 1976. President Ford, down 30
s Americans enter the home Peru, Serbia, the Dominican Republic ously, without the benefit of script or will have separate debates for the ma- points in the polls, agreed to meet
stretch of one of the most and Guatemala, and are scheduled in consultants. The debates give voters jor and minor candidates. Jimmy Carter, who wanted the country
unusual presidential campaigns Cambodia. Argentina held its first multiple opportunities to see how can- In the U.S., the rule for participa- to know him better. Four years later,
in memory, journalists, the political presidential debate last year. Most didates handle pressure, how well they tion is simple: Any candidate who is Mr. Carter refused to go on stage with
parties and voters are awaiting the de- countries of the European Union now legally eligible to be president, who is John Anderson, but Ronald Reagan did,
bates. Everyone is wondering what will hold televised debates; Britain, long a on enough state ballots to win an and changed history.
happen on Monday at the first debate holdout, began leader debates in 2010. Following the U.S. example, electoral majority, and who has 15% Since 1976 the presidential debates
at Hofstra University. And everyone, South Africa held its first in 1994, be- 78 countries or regions voter support in an average of five have continued uninterrupted. They
not least the candidates, has an idea tween Nelson Mandela and F.W. de major polls is automatically included have become the most important fea-
about how to make them better. Klerk, a transformative moment in the now have leader debates. in the debates. ture of Americas presidential cam-
These arent academic debates, nor countrys history. The U.S. Commis- Yes, the debates could be better paigns. They are far better instru-
should they be. In a real debate sion on Presidential Debates has been and the commission works tirelessly to ments to inform the voters than the
judges assign points and declare the instrumental in many of these de- think on their feet. They show the can- make them sobut that we have them nasty commercials that dominate
winner. In presidential debates, voters bates, providing guidance on formats, didates on stage armed with nothing at all is something of a miracle. When campaigns, funded often by anony-
are the judges, and they declare the security, candidate negotiation and but their character and intellect. The Vice President Richard Nixon and Mas- mous sources. The presidential de-
winner on Election Day. There have stage design. American debates are also provided to sachusetts Sen. John Kennedy met for bates treat American voters with re-
been 30 presidential and nine vice- The singular benefit of leader voters without commercials. the first televised debate in 1960, it spect. The U.S. has taken the lead, and
presidential debates, beginning with debates is that voters get to see Debates are imperfect, and always was the first ever face-to-face debate the world has taken notice.
the first on Sept. 26, 1960. Weve candidates talk to each other (or one will be. Candidates dont have to between presidential candidates.
come a long way since. another in parliamentary systems), participate. Incumbents everywhere If Congress in 1960 hadnt given a Mr. Minow is vice chairman of the
Today the televised presidential de- face-to-face. Critics dismiss them as dont like them and often try to avoid one-time suspension of the Equal Time Commission on Presidential Debates
bates arent only an important instru- theater, and sometimes theyre right; them, especially if they lead in the Law of the Communications Act, the and former chairman of the Federal
ment in American democracy; they many of this years U.S. primary polls. There are hard choices about networks couldnt have broadcast them Communications Commission. Mr.
are a near-universal requirement of debates were uninformative, chaotic formats, sponsors, whether there will without including every legally quali- LaMay is associate dean at North-
democratic elections, from Afghani- and even vulgar. be moderators and who they should fied candidateand typically there are westerns Medill School of Journal-
stan to Zambia. If Americans are look- But the presidential debates are an- be, and which candidates and how more than 200. With Kennedys death ism, Media, and Integrated Marketing
ing for something to feel good about other animal. Not only are they sub- many are invited to participate. In and Johnsons and Nixons unwilling- Communications.
this campaign season, this is it. stantive and serious, they are the only
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2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, September 26, 2016 | B1
40
vestors against bond or loan
defaults, signaling an in-
creased willingness to let mar-
backed by the Peoples Bank of
China, the countrys central
bankannounced the rollout
sector debt, Chinas financial
system is coming under in-
creased strain.
manages 2 billion yuan in as-
sets.
By making these so-called
Vessels
ket forces deal with the rising of four types of so-called There have been 45 defaults credit-risk mitigation tools BY COSTAS PARIS
30 number of companies that credit-risk mitigation tools totaling 26.81 billion yuan available, it simply means that
arent paying back debt. and released guidelines for ($4.02 billion) in Chinas do- now investors will have to bite Hanjin Shipping Co. likely
20 The move means that Chi- each of them on Friday. mestic bond market this year, the bullet themselves, instead will sell some of its most valu-
nese investors will for the first Regulators are hoping that already exceeding the 20 de- of continuing to hope for a able ships as creditors scramble
10 time be able to buy products products such as CDS, which faults on 12 billion yuan in government bailout, Mr. to secure whatever remains of
such as credit default swaps, pay out if the issuer of a bond bonds in all of 2015. Wang said. Koreas biggest container oper-
0 known as CDS. Such deriva- or a loan defaults, will become The latest move is cer- The National Association of ator as it heads toward liquida-
2013 14 15 16* tives drew wide scrutiny in popular among investors in tainly a sign that the authori- Financial Market Institutional tion, people involved in the pro-
*Year to date the West during the global fi- the countrys main $8.5 tril- ties are adopting a more mar- Investors also introduced a cess said.
Source: Wind Info nancial crisis because of the lion bond market. ket-oriented approach in new, complex instrument Those people said Korean
THE WALL STREET JOURNAL. way in which their extensive In turn, that could lower handling rising credit risks but Please see CDS page B2 peer Hyundai Merchant Ma-
rine Co. would be the first to
look at Hanjins 37 container
T
O JUDGE by recent on financial backing from the
claims, fully autono- government and Korea Devel-
mous self-driving opment Bank.
technology is just around the Hanjin filed for bankruptcy
corner. Uber Technologies protection in August. HMM is
Inc. is offering Pittsburgh facing its own financial prob-
residents rides in autono- lems, reeling under 5.2 trillion
mous Ford Fusions. Ford Mo- won ($4.54 billion) of debt af-
tor Co., ter being unprofitable for sev-
BMW AG, eral years.
Volvo Car Both the government and
Corp. and KDB have said they would back
Lyft Inc. HMM in buying Hanjin assets,
say they provided such a move would
KEYWORDS will pro- help it stay competitive. HMM is
CHRISTOPHER duce fully looking to secure Hanjins slice
MIMS autono- of moving Koreas exports to
mous vehi- Western markets, but would
cles by 2021 need more capacity to achieve it.
or sooner. Tesla Motors Inc. HMM has said it is explor-
Chief Executive Elon Musk, ing all possibilities with Han-
rarely topped in hyperbole, jin. A Hyundai spokesman said
says the technology will be Friday it was too early to com-
here within 24 months. ment or to take action, as Han-
To many industry insiders, jin has until December to sub-
YETI
INDEX TO PEOPLE Wanda offered nearly 80% of its scheduling slots to Warcraft on opening day. The film earned more than $220 million in China.
B L Sammons, Jay ............ B2
In South Korea, where Sam- charged.
of risk spread and lished by the International
"
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sung began handing out re- So far, the complaints have risk sharing. Swaps and Derivatives Associ-
&
& placement smartphones to been only registered in South ation, a global body based in
consumers this past Monday, Korea. New York that sets standards
the company acknowledged on The company declined to In a statement, the associa- for derivatives transactions.
Friday that some consumers confirm if similar cases were tion said the rollout was China first experimented
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which contain nonremovable said on Friday that the issue is spread and risk sharing. But that market never took
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2 & ++
' In a statement released on teries, calling the incidents comfortable with the idea of ing out insolvent companies
51 Sunday, Samsung said it will isolated cases related to allowing companies, including instead of letting them de-
delay resuming sales of the mass production issues. private firms, to default on fault.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. Monday, September 26, 2016 | B3
ISSEI KATO/REUTERS
Berkeley. But theyre operat- with fair weather, such as ad market in 2015. In recent
ing in a very well protected from the airport to the Las years, it has expanded abroad,
right of way. Vegas Strip. acquiring U.K. media-buying
Ford, for example, has said But the consensus of those firm Aegis Group PLC for
it would release a self-driving I interviewed is that it will be around $5 billion in 2012;
car by 2021. Dig into the many years before we get sales outside Japan now ac- The company has so far uncovered 633 cases of potential overcharging valued at $2.3 million.
statements and press for de- cars that can truly go any- count for more than half its
tails, and a Ford spokesman where. total. fied by Dentsu of irregulari- force in television advertising broadcasts, finances movies
says that car will only be self- Not everyone agrees, of The company said it was ties in some digital media in Japan, but it has a smaller and developed a robot in col-
driving in the portion of ma- course. Amnon Shashua, co- still investigating the scale of transactions, the auto maker foothold online. laboration with Toyota that
jor cities where the company founder and chief technology the improper billing but has so said, declining to comment Some industry participants was sent to the international
can create and regularly up- officer of Mobileye, says that far uncovered 633 cases of po- further. view the admission as pointing space station in 2013.
date extremely detailed 3-D the problem of sensing and tential overcharging valued at Dentsus announcement to wider problems in the Japa- Theyre not the 600-pound
street maps. Ford declines to controlling in self-driving a total of 230 million ($2.3 comes as the company makes nese ad business. gorilla, theyre the 1,200-
say how big those areas will cars is mostly solved. Perfect- million). In some cases, prom- a belated push into online ad- James Hollow, president of pound gorilla, Mr. Hollow
be. ing these systems wont re- ised ads never appeared on- vertising, which may have the Japan unit of digital mar- said.
Lyft is collaborating with quire scientific break- line, it said. magnified investors concern keting agency MullenLowe None of Dentsus clients
GM and says it will introduce throughs, he saysjust many Mr. Yamamoto said Dentsu about the news. The com- Profero, said that in Japan have stopped doing business
fully self-driving cars by small improvements in the would investigate ad sales go- panys shares fell 4.8% in To- long-term personal relation- with the company as a result
2021. But co-founder John software, gleaned from ing back to November 2012. kyo on Friday, the first day of ships are important and ad of the overbilling, said Mr. Na-
Zimmer says the vehicles will watching humans drive in the We want to proceed with the trading after the Australian agencies face less pressure kamoto, the finance chief.
be limited to a specific geo- real world. investigation as quickly as publication AdNews and the than elsewhere to make prom- He said in the U.S. or Eu-
graphic area and a top speed The ingredients exist; possible, he said. Financial Times reported ises about a campaigns im- rope, an agency that slipped
of 25 miles an hour. now it is a matter of engi- Dentsus chief financial offi- about the problems. pact. There is less focus on up could completely lose a cli-
Representatives of Volvo neering, Mr. Shashua says. cer, Shoichi Nakamoto, said it Dentsu consolidated its dig- proving return on invest- ents business, while that
and Israels Mobileye NV, Even the skeptics agree opened its investigation in Au- ital marketing businesses in ment, he said. didnt normally happen in
which makes self-driving that self-driving technology is gust after Toyota Motor Corp., April under a new subsidiary In addition, Dentsu has Japan.
technology and is collaborat- coming, will save lives and a major client, complained in called Dentsu Digital Inc. with deep ties with its clients and But I wouldnt be sur-
ing with Intel and BMW, will eventually become part of July that its internet ads the aim of capturing a greater media companies that go be- prised if a client pulls out en-
impose similar limits on their nearly all vehicles. But dont werent having the promised share of the online ad market. yond advertising sales. It owns tirely this time, Mr. Naka-
coming self-driving vehicles. expect it by 2021. impact. Toyota had been noti- The company is the dominant the rights to many sports moto said.
LANE BROOKS
flashlight to look for clothes mostly by graduate students, to In May, surgeons in India
without waking his wife. I work in parts of the world performed a first human test of
thought, Wow, this is as bright where money is scarce, elec- the Xenoscope in an operation
as a laparoscope, he recalls. tricity unstable and clean water Surgeon John Langell (left) and Spencer Madsen (center) operate on a pig using the Xenoscope, removing fallopian tubes. Drs.
Dr. Langell passed the isnt assured. Universities are a laparoscope that relays images to a high-definition video screen or to a laptop or smartphone. Langell and Price observed the
thought on to students in his enlisting engineers, scientists, procedure and visited the pa-
bio-innovation class who were designers and business stu- conditions in developed coun- the-shelf solutions sourced tient at her home the next day.
looking for a project: Why not dents to identify health-care- tries, largely because it gives Critical Shortage overseas didn't handle well. She was up, mobile and had
build a low-cost laparoscope delivery problems and to devise patients faster recoveries, Easily treatable conditions often Typically, a smartphone zero pain, says Dr. Langell.
using cellphone parts and low-cost, practical solutions, fewer hospital stays, less pain turn deadly in the developing sensor is capturing images of
bring minimally invasive sur- many of which address a criti- and a lower risk of infection world due to huge gaps in the a person or a mountainnot Hurdles ahead
gery to regions of the world cal need for surgical services. than open surgery. Those same availability of surgical care something five centimeters There are still hurdles
that cant afford it? advantages are even more criti- away, says Lane Brooks, a pi- ahead. The team has asked the
A laparoscope is a thin tube A greater need cal in poor countries, where 5 billion oneer in digital-camera design U.S. Food and Drug Adminis-
with a tiny camera on the end Lack of basic surgical care in hospital beds are scarce and People who lack access and miniaturization who was tration and the European
that allows doctors to perform many middle- and lower-in- family breadwinners cant take to safe, affordable surgery recruited to the team. Union to designate the Xeno-
surgery inside a patients belly come countries is responsible weeks off from work while Mr. Brooks concluded that scope as substantially equiva-
by means of a few small holes
rather than a large incision.
for more than 18 million deaths
a year from burst appendixes,
large incisions heal.
Yet only 18% of the worlds
18.6 million rather than use a camera from
an off-the-shelf smartphone
lent to existing technology,
which means it could forego
Annual fatalities attributed
Surgeons can see a magnified diseased gallbladders, tumors, population has access to lap- to surgical shortages system, the team needed to lengthy clinical trials. Also, Dr.
image of the abdominal cavity traumas and other treatable aroscopic surgery, the Lancet create its own custom optics Langell wants to wait until the
and watch what they are doing conditions, according to esti- Commission reports. and image processor. But the FDA and EU regulators are
on an external video screen. mates from the Lancet Com- In Mongolia, where no- 33 million team was able to buy other key satisfied before the company
Such tools typically cost mission on Global Surgery, a madic herders have a high rate People who face nancial parts, including the image sen- rolls out the Xenoscope more
more than $20,000. And addi- multinational effort to address of gallbladder disease, health ruin each year due to sor and LED light, very inex- broadly.
tional equipment requires a the issue. The World Health Or- officials have clamored for surgical costs pensively because the huge de- Xenocor needs to raise $5
capital investment of as much ganization and World Bank what some patients call the mand for cellphones has made million in Series A funding to
as $700,000. Most systems are identify improving surgical ca- surgery with the little holes, 143 million them cheap commodities. gear up manufacturing. It
sold with an annual service pabilities as an essential step to says Ray Price, co-chair of Additional surgical One early engineering prob- hopes to form partnerships
contract that adds thousands raising health and economic global surgery for the Society procedures needed annually lem was a one- to two-second with companies in developing
of dollars more. standards around the world. of American Gastrointestinal buffering delay in seeing the countries that can assemble
The alternative that Dr. Lan- Youre going to see a lot and Endoscopic Surgeons, or image on the screena poten- and distribute the Xenoscope
gells team devisedthe Xeno- more companies tailoring Sages. Dr. Price, who has
$12.3 trillion tially dangerous time lag dur- locally. It also hopes to market
Estimated GDP losses by 2030
scopecosts about $85 to pro- products for low-income mar- taught laparoscopic surgery in ing surgery. Mr. Brooks de- the tool in the U.S. as a single-
if shortage isnt addressed
duce. Theres no need for a kets, says John G. Meara, co- Mongolia since 2005, plans to signed a custom image- use device, eliminating the
large image-processing tower chair of the Lancet Commis- demonstrate the Xenoscope Source: Lancet Commission
processing pipeline that threat of infection posed by
or video screen. Surgeons can sion and director of the there for gallbladder removal on Global Surgery, 2015 eliminated the need for buffer- laparoscopes.
watch the video feed on an or- program in Global Surgery and this week. THE WALL STREET JOURNAL. ing. Another issue: Light from
dinary laptopeven a smart- Social Change at Harvard As simple as Dr. Langells the LED leaked into the lens, Ms. Beck is a Wall Street
phonewhich can also provide Medical School. idea sounded, getting an inex- dark, wet confines of the ab- bleaching out the image. Journal senior editor in New
all the power the laparoscope Minimally invasive surgery pensive cellphone camera to dominal cavity posed a number We became like plumbers York. She can be reached at
needs for up to eight hours. has become standard for many take high-quality images in the of technical challenges that off- finding each source of the melinda.beck@wsj.com.
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THE WALL STREET JOURNAL. Monday, September 26, 2016 | B5
By Brian Spegele
OPEC has to rise up to that
challenge.
At a recent oil conference
MENG MENG/REUTERS
tives from the Persian Gulf to
and Dan Strumpf the U.S. packed a hotel ball-
Nikkei 225 Index STOXX 600 Index S&P 500 Index 4 p.m. New York time
Last Year ago
16754.02 t 53.60, or 0.32% Year-to-date t 11.98% 345.34 t 2.52, or 0.72% Year-to-date t 5.60% 2164.69 t 12.49, or 0.57% Trailing P/E ratio * 24.81 20.59
High, low, open and close for each 52-wk high/low20012.40 14952.02 High, low, open and close for each 52-wk high/low 385.43 303.58 High, low, open and close for each P/E estimate * 18.43 16.45
trading day of the past three months. All-time high 38915.87 12/29/89 trading day of the past three months. All-time high 414.06 4/15/15 trading day of the past three months. Dividend yield 2.13 2.22
All-time high: 2190.15, 08/15/16
Close Open
t
International Stock Indexes Data as of 4 p.m. New York time Global government bonds
Latest 52-Week Range YTD Latest, month-ago and year-ago yields and spreads over or under U.S. Treasurys on benchmark two-year
Region/Country Index Close NetChg % chg Low Close High % chg and 10-year government bonds around the world. Data as of 3 p.m. ET
World The Global Dow 2465.59 14.49 0.58 2047.44 2489.83 5.5 Country/ Spread Over Treasurys, in basis points Yield
MSCI EAFE 1716.74 11.34 0.66 1491.52 1779.25 0.03 Coupon Maturity, in years Yield Latest Previous Month Ago Year ago Previous Month ago Year ago
MSCI EM USD 917.50 3.42 0.37 688.52 927.29 15.5 3.250 Australia 2 1.616 85.8 82.5 68.0 120.2 1.599 1.422 1.905
4.250 10 2.006 39.2 41.9 31.0 52.1 2.040 1.858 2.675
Americas DJ Americas 523.03 3.37 0.64 433.35 529.33 7.3
1.250 Belgium 2 -137.0 -139.3 -130.1 -88.5 -0.618 -0.560 -0.182
-0.612
Brazil Sao Paulo Bovespa 58697.00 297.17 0.50 37497.48 60231.65 35.4
1.000 10 0.147 -146.7 -149.1 -142.1 -124.3 0.131 0.127 0.911
Canada S&P/TSX Comp 14697.93 99.25 0.67 11843.11 14813.02 13.0
1.000 France 2 -0.606 -136.4 -138.8 -130.9 -88.1 -0.614 -0.568 -0.177
Mexico IPC All-Share 47778.48 196.57 0.41 40265.37 48694.90 11.2
0.250 10 0.217 -139.7 -141.5 -141.0 -125.5 0.207 0.139 0.899
Chile Santiago IPSA 3189.01 4.80 0.15 2759.77 3251.19 8.3
0.000 Germany 2 -0.665 -142.3 -144.1 -136.6 -95.0 -0.666 -0.624 -0.247
U.S. DJIA 18261.45 131.01 0.71 15660.18 18636.05 4.8
0.000 10 -0.080 -169.4 -171.6 -164.2 -155.4 -0.094 -0.094 0.599
Nasdaq Composite 5305.75 33.78 0.63 4266.84 5339.52 6.0
0.250 Italy 2 -0.116 -87.4 -90.4 -82.5 -56.9 -0.129 -0.083 0.135
S&P 500 2164.69 12.49 0.57 1829.08 2190.15 5.9
1.600 10 1.211 -40.3 -43.0 -41.3 -41.2 1.192 1.136 1.742
CBOE Volatility 12.29 0.27 2.25 11.34 28.14 32.5
0.100 Japan 2 -0.220 -97.8 -99.5 -94.7 -68.8 -0.221 -0.205 0.016
EMEA Stoxx Europe 600 345.34 2.52 0.72 303.58 385.43 5.6 0.100 10 -0.049 -166.3 -164.5 -163.9 -182.0 -0.023 -0.091 0.334
Stoxx Europe 50 2869.70 21.85 0.76 2566.26 3293.71 7.4 4.000 Netherlands 2 -0.633 -139.1 -141.2 -133.0 -93.4 -0.638 -0.588 -0.231
France CAC 40 4488.69 21.13 0.47 3896.71 4984.15 3.2 0.500 10 0.036 -157.9 -159.9 -152.2 -137.4 0.023 0.026 0.779
Germany DAX 10626.97 47.21 0.44 8752.87 11382.23 1.1 4.450 Portugal 2 0.439 -32.0 -31.0 -26.7 -31.1 0.465 0.475 0.392
Israel Tel Aviv 1461.56 Closed 1382.34 1583.00 4.4 2.875 10 3.369 175.4 173.1 145.7 43.5 3.353 3.005 2.589
Italy FTSE MIB 16452.84 184.85 1.11 15103.58 22736.86 23.2 0.250 Spain 2 -0.199 -95.7 -99.1 -93.8 -54.9 -0.217 -0.196 0.154
Netherlands AEX 454.48 1.03 0.23 382.61 472.24 2.9 1.950 10 0.967 -64.7 -70.4 -59.8 -19.1 0.918 0.950 1.962
Russia RTS Index 993.94 8.19 0.82 628.41 1013.11 31.3 4.250 Sweden 2 -0.654 -141.2 -143.0 -138.6 -118.9 -0.656 -0.645 -0.485
Spain IBEX 35 8823.60 111.30 1.25 7645.50 10478.30 7.6 1.000 10 0.207 -140.8 -139.7 -145.6 -144.6 0.225 0.092 0.708
Switzerland Swiss Market 8272.89 34.74 0.42 7496.62 9016.56 6.2 1.250 U.K. 2 0.102 -65.7 -69.5 -61.2 -11.4 0.079 0.130 0.589
South Africa Johannesburg All Share 51999.45 104.27 0.20 46282.02 54609.01 2.6 2.000 10 0.631 -98.3 -101.4 -100.2 -46.5 0.608 0.546 1.689
Turkey BIST 100 79756.44 39.50 0.05 68567.89 86343.65 11.2 0.750 U.S. 2 0.758 ... ... ... ... 0.774 0.742 0.703
U.K. FTSE 100 6909.43 1.97 0.03 5536.97 6941.19 10.7 1.500 10 1.614 ... ... ... ... 1.622 1.548 2.153
Asia-Pacific DJ Asia-Pacific TSM 1496.11 2.09 0.14 1190.45 1498.20 7.7
Australia S&P/ASX 200 5431.30 56.80 1.06 4765.30 5587.40 2.6 Commodities Prices of futures contracts with the most open interest 4 p.m. New York time
China Shanghai Composite 3033.90 8.42 0.28 2655.66 3651.77 14.3 EXCHANGE LEGEND: CBOT: Chicago Board of Trade; CME: Chicago Mercantile Exchange; ICE-US: ICE Futures U.S.; MDEX: Bursa Malaysia
Hong Kong Hang Seng 23686.48 73.32 0.31 18319.58 24099.70 8.1 Derivatives Berhad; TCE: Tokyo Commodity Exchange; COMEX: Commodity Exchange; LME: London Metal Exchange;
NYMEX: New York Mercantile Exchange; ICE-EU: ICE Futures Europe. *Data as of 9/22/2016
India S&P BSE Sensex 28668.22 104.91 0.36 22951.83 29045.28 9.8 One-Day Change Year Year
Indonesia Jakarta Composite 5388.91 8.65 0.16 4120.50 5461.45 17.3 Commodity Exchange Last price Net Percentage high low
335.25 -1.50 -0.45% 449.00 314.75
Japan Nikkei Stock Avg 16754.02 53.60 0.32 14952.02 20012.40 12.0 Corn (cents/bu.) CBOT
Soybeans (cents/bu.) 953.25 -23.25 -2.38 1,186.25 868.00
Malaysia Kuala Lumpur Composite 1670.99 1.33 0.08 1600.92 1727.99 1.3
Wheat (cents/bu.)
CBOT
CBOT 403.75 -1.75 -0.43 551.50 386.75
New Zealand S&P/NZX 50 7296.74 14.97 0.20 5585.43 7571.11 15.4
Live cattle (cents/lb.) CME 106.875 -0.075 -0.07 125.500 101.275
Pakistan KSE 100 39781.95 353.36 0.88 30564.50 40414.72 21.2
Cocoa ($/ton) ICE-US 2,858 -62 -2.12 3,216 2,728
Philippines PSEi 7723.60 38.75 0.50 6084.28 8102.30 11.1
Coffee (cents/lb.) ICE-US 151.75 -3.50 -2.25 160.90 119.40
Singapore Straits Times 2856.95 10.89 0.38 2532.70 3083.07 0.9
Sugar (cents/lb.) ICE-US 22.74 0.07 0.31% 23.88 13.48
South Korea Kospi 2054.07 4.37 0.21 1835.28 2066.53 4.7
Cotton (cents/lb.) ICE-US 69.98 -1.73 -2.41 77.98 54.19
Taiwan Weighted 9284.62 49.36 0.53 7664.01 9284.62 11.4 Robusta coffee ($/ton) ICE-EU 1967.00 -35.00 -1.75 2,028.00 1,423.00
Thailand SET 1492.88 13.11 0.87 1224.83 1552.64 15.9
Copper ($/lb.) COMEX 2.2025 0.0080 0.36 2.3290 1.9710
Source: SIX Financial Information;WSJ Market Data Group Gold ($/troy oz.) COMEX 1341.90 -2.80 -0.21 1,384.40 1,066.00
Silver ($/troy oz.) COMEX 19.750 -0.349 -1.74 21.250 13.865
Currencies London close on Sept. 23 Aluminum ($/mt)* LME 1,620.50 42.50 2.69 1,700.50 1,451.50
Tin ($/mt)* LME 19,500.00 90.00 0.46 19,625.00 13,225.00
Yen, euro vs. dollar; dollar vs. major U.S. trading partners US$vs,
Fri YTDchg Copper ($/mt)* LME 4,832.50 73.50 1.54 5,070.50 4,320.50
Country/currency in US$ per US$ (%) Lead ($/mt)* LME 1,961.00 -7.00 -0.36 1,968.00 1,598.00
20%
Europe Zinc ($/mt)* LME 2,304.50 11.50 0.50 2,364.00 1,467.00
Bulgaria lev 0.5736 1.7434 3.2 Nickel ($/mt)* LME 10,600.00 220.00 2.12 10,950.00 7,750.00
10
Croatia kuna 0.1497 6.680 4.7 Rubber (Y.01/ton) TCE 169.50 0.50 0.30 170.30 149.50
s Yen Euro zone euro 1.1231 0.8904 3.3
0 Palm oil (MYR/mt) MDEX 2675.00 -50.00 -1.83 2,729.00 2,180.00
Czech Rep. koruna-b 0.0416 24.062 3.3
s Euro Denmark krone 0.1506 6.6385 3.4 Crude oil ($/bbl.) NYMEX 44.81 -1.51 -3.26 53.39 34.10
10 s WSJ Dollar index
0.003673 272.24 6.3
Hungary forint NY Harbor ULSD ($/gal.) NYMEX 1.4235 -0.0430 -2.93 1.6112 1.0272
Iceland krona 0.008730 114.55 12.0 RBOB gasoline ($/gal.) NYMEX 1.3561 -0.0226 -1.64 1.4812 0.9764
20 Norway krone 0.1233 8.1081 8.3
0.2612 3.8291 2.4
Natural gas ($/mmBtu) NYMEX 3.029 -0.032 -1.05 3.1660 2.1680
2015 2016 Poland zloty
Russia ruble-d 0.01564 63.924 11.1 Brent crude ($/bbl.) ICE-EU 46.74 -1.47 -3.05 54.12 33.05
US$vs, US$vs,
YTDchg YTDchg Sweden krona 0.1171 8.5370 1.1 Gas oil ($/ton) ICE-EU 418.25 -12.50 -2.90 481.75 307.00
Fri Fri
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Switzerland franc 1.0310 0.9699 3.2
Turkey lira 0.3388 2.9512 1.1 Sources: SIX Financial Information; WSJ Market Data Group
Americas Hong Kong dollar 0.1289 7.7566 0.1
Ukraine hryvnia 0.0385 25.9905 8.3
Argentina peso-a 0.0660 15.1570 17.1
India rupee
Indonesia rupiah
0.0150
0.0000765
66.6654 0.7
13075 5.5
U.K. pound 1.2966 0.7712 13.7 Cross rates London close on Sep 23
Brazil real 0.3099 3.2268 18.5 Middle East/Africa
Japan yen 0.009902 100.99 16.1
Canada dollar 0.7601 1.3157 4.9 USD GBP CHF JPY HKD EUR CDN AUD
Kazakhstan tenge 0.002958 338.04 0.2 Bahrain dinar 2.6532 0.3769 0.05
Chile peso 0.001512 661.20 6.7 Australia 1.3122 1.7011 1.3526 0.0130 0.1691 1.4734 0.9974 ...
Macau pataca 0.1251 7.9914 0.2 Egypt pound-a 0.1126 8.8808 13.4
Colombia peso 0.0003468 2883.50 9.2 Canada 1.3157 1.7058 1.3561 0.0130 0.1696 1.4774 ... 1.0026
Malaysia ringgit-c 0.2432 4.1123 4.4 Israel shekel 0.2660 3.7594 3.4
Ecuador US dollar-f 1 1 unch
New Zealand dollar 0.7239 1.3814 5.6 Kuwait dinar 3.3177 0.3014 0.7 Euro 0.8904 1.1547 0.9179 0.0088 0.1148 ... 0.6769 0.6787
Mexico peso-a 0.0507 19.7289 14.7
Pakistan rupee 0.0095 104.800 0.1 Oman sul rial 2.5970 0.3851 0.03 Hong Kong 7.7566 10.0565 7.9974 0.0768 ... 8.7103 5.8956 5.9113
Peru sol 0.2999 3.3350 2.3
Philippines peso 0.0208 48.116 2.7 Qatar rial 0.2746 3.641 0.04 Japan 100.9850 130.9200 104.1000 ... 13.0190 113.4000 76.7600 76.9600
Uruguay peso-e 0.0350 28.540 4.6
Singapore dollar 0.7361 1.3586 4.2 Saudi Arabia riyal 0.2666 3.7510 0.1 0.9699 1.2577 ... 0.0096 0.1250 1.0895 0.7374 0.7393
Venezuela bolivar 0.100150 9.99 58.4 Switzerland
South Korea won 0.0009064 1103.21 6.2 South Africa rand 0.0731 13.6771 11.6
U.K. 0.7712 ... 0.7951 0.0076 0.0994 0.8663 0.5863 0.5878
Asia-Pacific Sri Lanka rupee 0.0068325 146.36 1.5 Close Net Chg % Chg YTD % Chg
0.7621 1.3122 4.4 Taiwan dollar 0.03191 31.341 4.8 U.S. ... 1.2966 1.0310 0.0099 0.1289 1.1231 0.7601 0.7621
Australia dollar WSJ Dollar Index 86.46 0.20 0.23 4.12
China yuan 0.1499 6.6693 2.7 Thailand baht 0.02888 34.630 3.9 Sources: Tullett Prebon, WSJ Market Data Group Source: Tullett Prebon
26-kilometer sewer tunnel in deepen its influence over the nese banks, which tend to lend
London. $11 trillion market. over the longer term, become
Meanwhile, Switzerland- The Bank of Japan had said more profitable, encouraging
based Zurich Insurance on Wednesday that it would themthe hope goesto dole
Group AG has largely stuck start to target a yield of out more credit.
with its bond-heavy ways. around zero for the countrys In a sign of the challenge
The diverging strategies of benchmark 10-year govern- now facing the Bank of Japan,
two of Europes largest insur- ment bond, the latest radical prices for government bonds
ers reflect the challenges fac- step it has taken in its years- of different maturities on Fri-
ing an industry that has been long fight to stoke higher in- day moved in ways counter to
upended by low and even neg- Allianz was early to the party. A 2008 deal granted the German insurer the proceeds from Chicago flation in the country. its aims. The yield curve flat-
ative interest rates, depriving parking meters for more than 70 years. On Friday, the first full day tened slightly during the day:
it of the steady returns that of trading since the BOJs an- The yield on shorter-term
once were the lifeblood of the years, said Keefe, Bruyette & Officer Andreas Gruber said as insurers to earn returns. nouncementThursday was a bonds, such as the two-year
sector. Woods analyst William Haw- that about 90 billion ($100.4 Insurers, collectively, are an holiday in Japanthe bond tenor, rose slightly, while the
Allianzs less easily resal- kins. He said firms generally billion), or 15%, of Allianzs investing behemoth. In Eu- market failed to fall into line. yield on Japans newest 20-
able, but promising real-estate are seeking out investments roughly 600 billion portfolio rope, their combined assets The yield on Japans 10- year bond was trading at
and infrastructure investments with greater risk and better is now dedicated to alternative under management amounted year government bond fell 0.375% compared with 0.415%
of late amplify a 2008 deal returns. But there is a poten- investments such as real es- to 9.8 trillion last year, an slightly to minus-0.055%, from on Wednesday.
that granted the insurer pro- tial downside to committing to tate, and the firm aims to in- amount equal to 61% of the minus-0.030% at Wednesdays
ceeds from Chicago parking less-liquid assets or those less crease that portion to 110 bil- European Unions total eco- close, further away from the
meters for more than 70 years. easily sold for cash than lion or more over the next few nomic output, according to in- central banks new target.
We need to find out
These deals now offer the bonds, he said: Could the as- years. Alternative investments, dustry group Insurance Eu- Bond yields fall when prices what the BOJs
prospect of higher returns sets suddenly blow up? I do including real estate, totaled rope. rise.
than traditional bonds and re- think at some point that could roughly 50 billion, or about One reason Allianz has con- Trading in the worlds sec-
strategy is.
flect a burgeoning creativity lead to some surprises. 10% of Allianzs portfolio, as sidered different investments, ond-largest government-bond TADASHI MATSUKAWA
and potentially higher-risk Federal Reserve Bank of recently as 2012. analysts said, is its exposure market was light, participants
profilefor an industry known Boston President Eric Rosen- Recent deals include paying to the German life-insurance said, as investors waited to
for its conservative ways. In gren has cautioned that low about $420 million for a 44% business, which features long see how the Bank of Japan The new stance also means
the downside-up world of neg- interest rates may be fueling a stake in 10 Hudson Yards, an contracts and guaranteed re- would implement its new pol- that the centerpiece of the
ative interest rates, Allianz rise in commercial-real-estate office complex that Allianz de- turns for customers. icy. BOJs easing program since
isnt the only insurer feeling a prices, which could plummet scribed as being part of the Analysts said that helps to We need to find out what 2013buying huge amounts of
need to get more inventive. and cause broader fallout if biggest development in New make Allianz emblematic of an the BOJs strategy is, said Ta- government bondswill
The average portfolio yield economic conditions change. York since Rockefeller Center, element of the industry seek- dashi Matsukawa, head of change. Now, the amount the
is around 3% for most of these Pressure on insurers prof- and snapping up an interest in ing to get more creative with Japan fixed income at Pine- BOJs purchases could rise or
companies, J.P. Morgan Chase its has been behind a spurt of the Colbecks Corner wind investments, while Zurich In- Bridge Investments in Tokyo. fall depending on how close to
& Co. analyst Michael Huttner merger activity in the sector, farm in Texas. surance represents the oppo- We dont know what the tar- 0% yields hover.
said of insurers. You dont which rose in value to roughly Negative interest rates, a site end of the spectrum. get rate of buying is yet, and Just how the BOJ will
have to go many years ago to $111 billion last year from $64 tool wielded by central banks Zurich Insurance Chief Fi- there was no mention in the steepen the yield curve is dif-
where they wouldve been 4% billion in 2014, according to a in several countries, particu- nancial Officer George Quinn BOJ statement. ficult to predict, said Koji Fu-
and maybe 5%. report from Ernst & Young. larly in Europe, have created a cautioned that getting creative The central bank already kaya, chief executive at FPG
Analysts said dwindling Last month, Allianz re- jarring reversal. They have might bolster insurers tempo- has an outsize role in the mar- Securities in Tokyo, because
yields have yet to cut into in- ported a sharp decline in made borrowing cheaperin rarily, but it also could cause ket: It owns about one-third of the central bank will be able
surers profitability in a signif- profit for the first half of this some cases, even resulting in fallout when conditions all Japanese government to buy shorter- or longer-term
icant way. The question is year due in part to lower in- firms being paid to borrow change. The music stops, and bonds, or JGBs, outstanding, maturities freely, depending
where this industry is going to vestment returns. but also have made it more dif- you find yourself at peak asset having bought up trillions of on its view of the economys
be over the next five to 10 Allianz Chief Investment ficult for bond investors such risk, Mr. Quinn said. yen worth in recent years in condition at a given time.
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B8 | Monday, September 26, 2016 THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
All the Texas Tea in China Just Isnt What It Used to Be subscription-based enter-
prise software to large busi-
nessesa very different in-
Anyone looking to this as Kuwait and Norway com- is a fungible commodity, so dustry than advertising.
So Pumped weeks oil meeting in Algeria bined in 2015. and far more Chinas impact on the overall But Mr. Benioff has spoken
2015 output of petroleum and for the future of oil produc- than major OPEC members global energy balance is the previously of an M&A win-
other liquids, in thousands of tion should shift their gaze Iran and Venezuela, accord- factor to watch. After the dow created by a harsh sell-
barrels a day eastward to China. ing to the U.S. Energy Infor- U.S., where output has been off in software and internet
China, the worlds mar- mation Administration. falling, it is one of the lead- companies earlier this year.
United States 15,044 ginal consumer of nearly ev- Now its output is falling ing contributors to a needed Twitter fits that bill, at
GETTY IMAGES
Saudi Arabia 11,949 erything that comes out of fast. In terms of barrels, RBC adjustment in supply. least. Its shares were down
the ground, is a big factor in Capital Markets commodity OPEC output is near re- 19% for the year before Fri-
Russia 11,030
the demand side of the equa- strategist Michael Tran says, cord levels and even non- days reports, as its once-
China 4,722 tion. But for oil, the worlds the drop this year versus the OPEC production, largely rapid growth has stalled. But
Canada 4,506
most valuable resource, its same period in 2015 is more PetroChina is reducing thanks to Russia, was higher that doesnt make Twitter
impact on the supply side is than in troubled Nigeria or investment in aging fields. in the first half of 2016 than any sort of bargain.
Iraq 4,050 underestimated, but could Venezuela. Rather than vio- in the first half of 2014. If Twitter commanded a
United Arab Emirates 3,474 gain more attention soon. lence or economic chaos, where they had to spend Chinas stimulus spending similar deal multiple to
Based on output alone, though, the explanation lies heavily to maintain output. and building of its own stra- LinkedIn of about 6.8 times
Iran 3,447 China wouldnt be out of in a sudden focus on the bot- In August, Chinese crude-oil tegic petroleum reserve have forward sales, that would put
Brazil 3,183 place in the Organization of tom line at Chinese oil pro- production fell to its lowest been helping to bolster weak the price in the $18 billion
the Petroleum Exporting ducers. level since late 2009. demand. While projecting range, which is $18 billion
Kuwait 2,710
Countries. Of course, it is the PetroChina Co. and Cnooc Chinese crude imports, how those will affect oil more than what Salesforce
Venezuela 2,685 worlds No. 2 consumer and Ltd. have both projected fall- therefore, may not deceler- market demand in the future has in net cash. A lot, in
Source: U.S. Energy Information hence not an exporter. But ing hydrocarbon production ate as much as some pro- is tough, Chinas downward other words, to chase a
Administration China produced as much pe- this year as they cut back on jected. So far this year, they supply trajectory is crystal highly speculative dream.
THE WALL STREET JOURNAL. troleum and related liquids investment in aging fields are up by about 9%. But oil clear. Spencer Jakab Dan Gallagher
Hang Seng China Enterprises So far in September, main- Still, the rally could stall if NAV %RETURN
FUND NAME GF AT LB DATE CR NAV YTD 12-MO 2-YR
Index, which tracks H-shares, land investors have bought a mainland support for the citys For information about listing your funds,
are trading at 8.4 times what net 49.4 billion yuan ($7.4 bil- stocks were to dry up. Indeed, n Chartered Asset Management Pte Ltd - Tel No: 65-6835-8866 please contact: Freda Fung tel: +852 2831
Fax No: 65-6835 8865, Website: www.cam.com.sg, Email: cam@cam.com.sg
analysts expect them to earn lion) in Hong Kong shares the buying spree hit a speed CAM-GTF Limited OT OT MUS 09/16 USD 302948.64 8.2 13.3 -7.8 2504; email: freda.fung@wsj.com
in the coming year, compared through the trading link, more bump Thursday as the trading
with 13 times for yuan-denom- than three times the monthly link recorded its first day of
inated A-shares traded in average this year. A fresh wave net outflows from mainland
Shanghai and 34 times for of money could be coming: investors since Aug 1.
stocks on Chinas tech-heavy
Shenzhen Stock Exchange.
For the likes of Grace Lu, a
Among the investors recently
given the green light to use
the link are the countrys in-
Global investors wary of
Chinas slowing economy and
opaque companies have been
n Website: Https://Www.Valuepartners-Group.Com/ Tel: (852) 2143 0688
China A-Share Fund Cls A AUD H OT
China A-Share Fund Cls A AUD UnH OT
China A-Share Fund Cls A CAD H OT
OT HKG
OT HKG
OT HKG
09/22 AUD
09/22 AUD
09/22 CAD
11.99 -5.4
10.92 -9.8
11.16 -6.4
6.3
-2.8
4.5
NS
NS
NS
LIST YOUR
China A-Share Fund Cls A EUR H OT OT HKG 09/22 EUR 11.78 -7.1 4.3 NS
former China stock picker for surance companies. reluctant to step up buying of China A-Share Fund Cls A EUR UnH OT OT HKG 09/22 EUR 11.43 NS NS NS
80% which would dent the higher- GC Hi Yield Inc-Cls A MDIs AUD H OT
GC Hi Yield Inc-Cls A MDIs CAD H OT
OT CYM
OT CYM
09/22 AUD
09/22 CAD
9.21 14.1
9.25 13.0
17.9
16.0
9.3
7.7 In print & online. Contact:
yielding bank and property GC Hi Yield Inc-Cls A MDIs NZD H OT OT CYM 09/22 NZD 9.51 14.7 18.5 10.6
GC Hi Yield Inc-Cls P HKD Acc sh OT OT CYM 09/22 HKD 13.76 13.3 16.4 7.6
shares that have been popular GC Hi Yield Inc-Cls P HKD MDIs sh OT OT CYM 09/22 HKD 9.08 13.4 16.4 7.6
GC Hi Yield Inc-Cls P MDIs SGD H OT OT CYM 09/22 SGD 9.96 13.4 17.0 NS
60 with mainland investors GC Hi Yield Inc-Cls P USD Acc sh OT OT CYM 09/22 USD 13.87 13.1 16.3 7.6
The flow coming to Hong GC Hi Yield Inc-Cls P USD MDIs sh OT OT CYM 09/22 USD 9.13 13.1 16.3 7.6 wsja.advertising@dowjones.com
GC Hi Yield Inc-ClsA MDIs EUR H OT OT CYM 09/22 EUR 10.09 12.0 15.0 NS
Kong I think is very sustain- Hi-Div Stk Cls A RMB H Acc OT OT HKG 09/22 CNH 10.56 7.6 9.4 4.0
Hi-Div Stk Cls A RMB UnH Acc OT OT HKG 09/22 CNH 12.51 7.4 10.5 5.4
40 able, but I think we are past Hi-Div Stk Cls A1 OT OT HKG 09/22 USD 76.47 6.4 7.2 1.6
the really cheap-valuation Hi-Div Stk Cls A2 AUD H MDIs OT
Hi-Div Stk Cls A2 CAD H MDIs OT
OT HKG
OT HKG
09/22 AUD
09/22 CAD
9.60
9.68
6.7
5.8
7.7
6.3
2.5
1.1
stage, said William Ma, chief Hi-Div Stk Cls A2 GBP H MDIs OT OT HKG 09/22 GBP 9.11 5.5 6.1 NS
Hi-Div Stk Cls A2 HKD MDIs OT OT HKG 09/22 HKD 9.85 6.8 7.5 1.5
20 investment officer of wealth Hi-Div Stk Cls A2 MDIs OT OT HKG 09/22 USD 10.79 6.4 7.2 1.6
Hi-Div Stk Cls A2 NZD H MDIs OT OT HKG 09/22 NZD 9.72 6.2 7.5 3.0
manager Noah Holdings Ltd. Hi-Div Stk Cls A2 RMB H MDIs OT OT HKG 09/22 CNH 9.31 8.5 10.3 4.3
What we need is an earnings Hi-Div Stk Cls A2 RMB UnH MDIs OT OT HKG 09/22 CNH 9.58 8.3 11.9 5.9
0 recovery instead of just being
Intel-China Converg Fund-A AUD H AS
Intel-China Converg Fund-A CAD H AS
EQ CYM
EQ CYM
09/22 AUD
09/22 CAD
9.43
10.73
0.3
NS
NS
NS
NS
NS
Intel-China Converg Fund-A NZD H AS EQ CYM 09/22 NZD 10.76 NS NS NS
2014 15 16 cheap. Intel-China Converg Fund-A Units AS EQ CYM 09/22 USD 142.57 -2.5 -1.5 3.3
Note: The quota was abolished in August. 250 billion yuan = $37.5 billion Gregor Stuart Hunter Intel-Chinese Mainland Foc Fund AS
VP Classic-A Units AS
EQ CYM
EQ HKG
09/22 USD
09/22 USD
39.49 -4.4
277.85 5.6
-0.2
7.7
3.6
5.2
Source: Thomson Reuters THE WALL STREET JOURNAL. contributed to this article. VP Classic-B Units AS EQ HKG 09/22 USD 125.22 5.3 7.1 4.7