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2020 06 04 cmyk NA 04 · Warner Music’sshares jumped 20% in their trading debut, valuing the...
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****** THURSDAY, JUNE 4, 2020 ~ VOL. CCLXXV NO. 130 WSJ.com HHHH $4.00 DJIA 26269.89 À 527.24 2.0% NASDAQ 9682.91 À 0.8% STOXX 600 368.92 À 2.5% 10-YR. TREAS. g 25/32 , yield 0.761% OIL $37.29 À $0.48 GOLD $1,697.80 g $27.40 EURO $1.1235 YEN 108.91 Fresh Charges Brought In Floyd Killing Ex-officer now faces second-degree murder; three former colleagues accused of aiding him Looting Deals a Second Blow Small businesses, especially in minority neighborhoods, were already reeling from shutdowns Lenders that target strug- gling borrowers for loans with triple-digit interest rates have overcome yearslong efforts to restrict their lending and are pitching their products to con- sumers in need of cash during the coronavirus pandemic. They sidestepped state crackdowns by joining with out-of-state banks to offer loans and now are bypassing ad bans put in place by Google, which calls their offerings “dan- gerous financial products,” and Facebook Inc., a Wall Street Journal investigation found. The investigation, involving onto his law-themed podcast in March to settle the matter once and for all. He hoped she would rule in favor of two spaces, as he had been taught in high school. Instead, Ms. Fogarty pre- dicted that placing two spaces after a period would die out in 10 to 20 years. “I’ll have to decide whether or not to leave this on the pod- cast, right?” replied Mr. Daiker, who is 50, on the recording. Two-spacers have fretted for some time they are losing ground to one-spacers who learned to type in the digital age. Jennifer Bell, a 19-year-old student from Columbus, Ohio, summed up the counterargu- ment: “It looks ridiculous.” Putting two spaces after a period made sense in the me- chanical age, when the letters Please turn to page A2 Ever since computers dis- placed typewriters, a rift has grown between people who put two spaces after a period and people who put one. Duane Daiker worries he might be on the losing side. Mr. Daiker, a lawyer in Tampa, Fla., brought Mignon Fogarty, author of the bestsell- ing “Grammar Girl” books, BY JAMES HOOKWAY The Typographical Space Race Tightens Up i i i Two-spacers do this after periods. One-spacers do this. Who wins? LIFE & ARTS As lockdowns ease, many employees are asking how to safely return to work. A10 JAE C. HONG/ASSOCIATED PRESS PHILADELPHIA—The destruction came in waves. The first one hit about 4 a.m. on Sun- day, when four people smashed the glass door of a clothing store in this predomi- nantly black neighborhood and made off with armfuls of merchandise. About 12 hours later, looters emptied out a corner pharmacy and set fire to the uniform shop next door. Several more businesses were victimized in the wee hours of Monday morning, including a jewelry store where thieves broke into glass cases and stole about $200,000 of goods. By the time the roughly 24-hour spree was over, dozens of businesses in this half-mile stretch of 52nd Street in West Philadelphia were damaged, in- cluding a day care, a tax-preparation store and a seller of hijabs. Buildings were boarded up. Decades of Please turn to page A6 BY SCOTT CALVERT AND RUTH SIMON CONTENTS Banking & Finance B10 Business News.. B3,6 Capital Account.... A2 Crossword .............. A12 Heard on Street. B12 Life & Arts ......... A9-11 Markets..................... B11 Opinion.............. A13-15 Sports........................ A12 Technology............... B4 U.S. News............. A2-6 Weather................... A12 World News ....... A7-8 s 2020 Dow Jones & Company, Inc. All Rights Reserved > What’s News Minnesota’s attorney general added an upgraded charge of second-degree mur- der against one former police officer and charged three oth- ers in the killing of George Floyd, whose death sparked nationwide protests. A1 Some of the active-duty troops awaiting possible de- ployment into Washington, D.C., were poised to return home as administration offi- cials debated whether to in- voke the Insurrection Act. A4 Former defense chief Mattis denounced Trump for exacerbating divisions in American society and said that the president has fueled the current disorder. A4 Virginia’s governor is planning to announce that the state will remove the statue of Confederate Gen. Robert E. Lee in Richmond. A4 The Trump administra- tion said it would bar main- land Chinese airlines from flying to and from the U.S., citing Beijing’s failure to ap- prove resumption of these routes by U.S. carriers. A1 Johnson said Britain is considering a route to citi- zenship for nearly three million Hong Kong resi- dents, as the U.K. escalates a standoff with China. A8 Hydroxychloroquine didn’t prevent people from contracting Covid-19 after ex- posure to the coronavirus any better than those who got a placebo, a study found. A3 Rosenstein offered law- makers a limited defense of the Russia probe he oversaw as deputy attorney general, as he came under increasing criticism from Republicans. A3 P ilgrim’s Pride CEO Penn and three other industry executives were indicted on charges that they conspired to fix prices on chicken sold to restau- rants and grocery stores. A1 Payday lenders have side- stepped state crackdowns and ad bans to pitch their prod- ucts to consumers in need of cash during the pandemic. A1 Warner Music’s shares jumped 20% in their trading debut, valuing the company at roughly $15.4 billion. B1 U.S. stocks climbed, with the Dow, S&P 500 and Nasdaq gaining 2%, 1.4% and 0.8%, respectively. B11 Many U.S. companies cut their CEOs’ salaries as the pandemic swept across Amer- ican business, but few have changed equity awards. B1 Former UAW President Gary Jones pleaded guilty to embezzlement of union funds and racketeering. B1 FedEx is adding surcharges to some U.S. shipments, join- ing UPS in charging more to offset rising costs and man- age a surge of packages. B1 China’s services activity returned to strong growth in May, while services in the U.S. and the rest of the world improved a little but continued to contract. A7 The Senate approved a bipartisan bill to loosen re- quirements on hundreds of billions of dollars in forgiv- able small-business loans. A2 The Fed said it would again broaden the number of local governments eligible for a new lending program. B10 Business & Finance World-Wide HANNAH YOON FOR THE WALL STREET JOURNAL (2) MINNEAPOLIS—The Minne- sota attorney general added an upgraded charge of second-de- gree murder against one for- mer police officer and charged three others on Wednesday in the killing of George Floyd, whose death last week sparked nationwide protests. Attorney General Keith Elli- son added a charge of second- degree murder in addition to the charge of third-degree mur- der against Derek Chauvin, the former officer who was arrested and first charged on Friday. The three other former officers were charged with aiding and abetting second-degree murder. “Every single link in the prosecutorial chain must be strong,” said Mr. Ellison, the first African-American to win statewide office in Minnesota. “Winning a conviction will be hard.” He said it would be months before prosecutors are ready to take the case to trial. As protesters gathered in cities across the country Wednesday night, at times flouting curfews, some cheered Please turn to page A4 By Douglas Belkin, Joshua Jamerson, Eliza Collins and Joe Barrett into effect sooner. The ban marks the latest sign of souring U.S.-China relations that are at their worst in more than three decades. Some U.S. airlines have sought to resume service to China this month after sus- pending flying there this year, as the coronavirus pandemic took hold. The U.S. Transportation De- partment, led by Secretary Elaine Chao, said on Wednes- day that the Civil Aviation Ad- ministration of China hasn’t ap- proved requests by United Airlines Holdings Inc. and Delta Air Lines Inc. to resume flights. The DOT accused China of vio- lating an agreement that gov- erns air travel between the two countries. The agency said it would re- consider its planned ban, if Chi- nese regulators adjust their poli- cies to allow U.S. carriers to return. “Our overriding goal is not the perpetuation of this situ- ation, but rather an improved environment wherein the carri- ers of both parties will be able to exercise fully their bilateral rights,” the DOT’s order said. “Should the CAAC adjust its poli- Please turn to page A8 The Trump administration said it will bar mainland Chi- nese airlines from flying to and from the U.S. starting this month, citing Beijing’s failure to approve resumption of these routes by U.S. carriers. The order blocking Chinese carriers is set to go into effect June 16 unless revoked. Presi- dent Trump could opt to put it BY ALISON SIDER AND TED MANN U.S. Plans to Block Chinese Airlines Indictment Says CEO Fixed Price Of Chicken The chief executive of one of the country’s biggest chicken producers and three other industry executives were indicted Wednesday on charges they conspired to fix prices on chicken sold to res- taurants and grocery stores, the Justice Department’s first charges in a continuing crimi- nal antitrust probe. Pilgrim’s Pride Corp. CEO Jayson Penn and a former company vice president, Roger Austin, were charged in the one-count indictment, re- turned by a federal grand jury in Denver. Colorado-based Pil- grim’s, majority-owned by Brazilian meat conglomerate JBS SA, is the nation’s second- largest chicken producer. Also charged were the president of Georgia-based Claxton Poultry Farms, Mikell Fries, and a vice president, Scott Brady. The indictment, filled with alleged instances of discus- sions about pricing and text messages about holding the line on bids to customers, charged the executives with colluding to fix prices and rig bids from 2012 to 2017. The charges also referenced other unnamed executives and chicken suppliers and sug- gested the sharing of pricing information extended beyond the alleged discussions be- tween Pilgrim’s and Claxton. Neither Pilgrim’s nor Messrs. Penn and Austin re- sponded to requests to com- ment. A Claxton spokesman declined to comment. The companies have previously de- nied civil allegations of coordi- Please turn to page A6 BY BRENT KENDALL AND JACOB BUNGE Ife Abubakr’s child-care center, top, reeked of smoke from fires during the looting. Masum Siddiquee, above, lost $200,000 worth of goods from his MN Fashion and Jewelry. NBA Is Set to Restart Season The regular season would resume without fans present July 31 in Orlando, Fla., under a plan expected to be adopted Thursday. A12 INSIDE Payday Lenders Sidestep Ad Bans, State Restrictions hundreds of online searches, shows that the lenders are marketing loans that typically carry annual percentage rates of around 200% to 500% to consumers looking online for financial help amid the biggest wave of job losses in U.S. his- tory. Google and Facebook re- moved several ads and said they blocked the companies’ Please turn to page A5 By Coulter Jones, Jean Eaglesham and AnnaMaria Andriotis RINGO CHIU/ZUMA PRESS New police shooting roils Louisville......................................... A4 Mattis criticizes Trump for divisions........................................ A4 Black professionals face tensions over protests......... A5 Greg Ip: Twin crises blunt economic gains by African-Americans...................................... A2 Shutdown of Tiananmen vigil raises alarm................................ A8 P2JW156000-6-A00100-17FFFF5178F
Transcript of 2020 06 04 cmyk NA 04 · Warner Music’sshares jumped 20% in their trading debut, valuing the...
* * * * * * THURSDAY, JUNE 4, 2020 ~ VOL. CCLXXV NO. 130 WSJ.com HHHH $4 .00
DJIA 26269.89 À 527.24 2.0% NASDAQ 9682.91 À 0.8% STOXX600 368.92 À 2.5% 10-YR. TREAS. g 25/32 , yield 0.761% OIL $37.29 À $0.48 GOLD $1,697.80 g $27.40 EURO $1.1235 YEN 108.91
FreshChargesBroughtIn FloydKillingEx-officer now facessecond-degreemurder;three former colleaguesaccused of aiding him
Looting Deals a Second BlowSmall businesses, especially in minority neighborhoods, were already reeling from shutdowns
Lenders that target strug-gling borrowers for loans withtriple-digit interest rates haveovercome yearslong efforts torestrict their lending and arepitching their products to con-sumers in need of cash duringthe coronavirus pandemic.
They sidestepped statecrackdowns by joining without-of-state banks to offerloans and now are bypassing adbans put in place by Google,which calls their offerings “dan-gerous financial products,” andFacebook Inc., a Wall StreetJournal investigation found.
The investigation, involving
onto his law-themed podcast inMarch to settle the matteronce and for all. He hoped shewould rule in favor of twospaces, as he had been taughtin high school.
Instead, Ms. Fogarty pre-dicted that placing two spacesafter a period would die out in10 to 20 years.
“I’ll have to decide whetheror not to leave this on the pod-cast, right?” replied Mr. Daiker,
who is 50, on the recording.Two-spacers have fretted
for some time they are losingground to one-spacers wholearned to type in the digitalage. Jennifer Bell, a 19-year-oldstudent from Columbus, Ohio,summed up the counterargu-ment: “It looks ridiculous.”
Putting two spaces after aperiod made sense in the me-chanical age, when the letters
PleaseturntopageA2
Ever since computers dis-placed typewriters, a rift hasgrown between people who puttwo spaces after a period andpeople who put one. DuaneDaiker worries he might be onthe losing side.
Mr. Daiker, a lawyer inTampa, Fla., brought MignonFogarty, author of the bestsell-ing “Grammar Girl” books,
BY JAMES HOOKWAY
The Typographical Space Race Tightens Upi i i
Two-spacers do this after periods. One-spacers do this. Who wins?
LIFE & ARTSAs lockdowns ease,many employees areasking how to safelyreturn to work. A10
JAEC.
HONG/A
SSOCIAT
EDPR
ESS
PHILADELPHIA—The destructioncame in waves.
The first one hit about 4 a.m. on Sun-day, when four people smashed the glassdoor of a clothing store in this predomi-nantly black neighborhood and made offwith armfuls of merchandise. About 12hours later, looters emptied out a cornerpharmacy and set fire to the uniformshop next door. Several more businesseswere victimized in the wee hours ofMonday morning, including a jewelrystore where thieves broke into glasscases and stole about $200,000 of goods.
By the time the roughly 24-hourspree was over, dozens of businesses inthis half-mile stretch of 52nd Street inWest Philadelphia were damaged, in-cluding a day care, a tax-preparationstore and a seller of hijabs.
Buildings were boarded up. Decades ofPleaseturntopageA6
BY SCOTT CALVERT AND RUTH SIMON
CONTENTSBanking & Finance B10Business News.. B3,6Capital Account.... A2Crossword.............. A12Heard on Street. B12Life & Arts......... A9-11
Markets..................... B11Opinion.............. A13-15Sports........................ A12Technology............... B4U.S. News............. A2-6Weather................... A12World News....... A7-8
s 2020 Dow Jones & Company, Inc.All Rights Reserved
>
What’sNews
Minnesota’s attorneygeneral added an upgradedcharge of second-degreemur-der against one former policeofficer and charged three oth-ers in the killing of GeorgeFloyd, whose death sparkednationwide protests. A1 Some of the active-dutytroops awaiting possible de-ployment intoWashington,D.C., were poised to returnhome as administration offi-cials debated whether to in-voke the Insurrection Act.A4 Former defense chiefMattis denounced Trump forexacerbating divisions inAmerican society and saidthat the president has fueledthe current disorder. A4 Virginia’s governor isplanning to announce that thestate will remove the statueof Confederate Gen. RobertE. Lee in Richmond. A4 The Trump administra-tion said it would bar main-land Chinese airlines fromflying to and from the U.S.,citing Beijing’s failure to ap-prove resumption of theseroutes by U.S. carriers. A1 Johnson said Britain isconsidering a route to citi-zenship for nearly threemillion Hong Kong resi-dents, as the U.K. escalatesa standoff with China. A8 Hydroxychloroquinedidn’t prevent people fromcontracting Covid-19 after ex-posure to the coronavirus anybetter than those who got aplacebo, a study found. A3Rosenstein offered law-makers a limited defense ofthe Russia probe he oversawas deputy attorney general,as he came under increasingcriticism fromRepublicans.A3
P ilgrim’s Pride CEOPenn and three other
industry executives wereindicted on charges thatthey conspired to fix priceson chicken sold to restau-rants and grocery stores. A1Payday lenders have side-stepped state crackdowns andad bans to pitch their prod-ucts to consumers in need ofcash during the pandemic.A1Warner Music’s sharesjumped 20% in their tradingdebut, valuing the companyat roughly $15.4 billion. B1 U.S. stocks climbed,with the Dow, S&P 500 andNasdaq gaining 2%, 1.4%and 0.8%, respectively. B11Many U.S. companies cuttheir CEOs’ salaries as thepandemic swept acrossAmer-ican business, but few havechanged equity awards. B1 Former UAW PresidentGary Jones pleaded guiltyto embezzlement of unionfunds and racketeering. B1FedEx is adding surchargesto some U.S. shipments, join-ing UPS in charging more tooffset rising costs and man-age a surge of packages. B1 China’s services activityreturned to strong growthin May, while services inthe U.S. and the rest of theworld improved a little butcontinued to contract. A7The Senate approved abipartisan bill to loosen re-quirements on hundreds ofbillions of dollars in forgiv-able small-business loans. A2 The Fed said it wouldagain broaden the number oflocal governments eligible fora new lending program. B10
Business&Finance
World-Wide
HANNAHYO
ONFO
RTH
EWALL
STRE
ETJO
URN
AL(2)
MINNEAPOLIS—The Minne-sota attorney general added anupgraded charge of second-de-gree murder against one for-mer police officer and chargedthree others on Wednesday inthe killing of George Floyd,whose death last week sparkednationwide protests.
Attorney General Keith Elli-
son added a charge of second-degree murder in addition tothe charge of third-degree mur-der against Derek Chauvin, theformer officer who was arrestedand first charged on Friday. Thethree other former officerswere charged with aiding andabetting second-degree murder.
“Every single link in theprosecutorial chain must bestrong,” said Mr. Ellison, thefirst African-American to winstatewide office in Minnesota.“Winning a conviction will behard.” He said it would bemonths before prosecutors areready to take the case to trial.
As protesters gathered incities across the countryWednesday night, at timesflouting curfews, some cheered
PleaseturntopageA4
By Douglas Belkin,Joshua Jamerson,
Eliza Collinsand Joe Barrett
into effect sooner. The banmarks the latest sign of souringU.S.-China relations that are attheir worst in more than threedecades.
Some U.S. airlines havesought to resume service toChina this month after sus-pending flying there this year,as the coronavirus pandemictook hold.
The U.S. Transportation De-partment, led by Secretary
Elaine Chao, said on Wednes-day that the Civil Aviation Ad-ministration of China hasn’t ap-proved requests by UnitedAirlines Holdings Inc. and DeltaAir Lines Inc. to resume flights.The DOT accused China of vio-lating an agreement that gov-erns air travel between the twocountries.
The agency said it would re-consider its planned ban, if Chi-nese regulators adjust their poli-
cies to allow U.S. carriers toreturn. “Our overriding goal isnot the perpetuation of this situ-ation, but rather an improvedenvironment wherein the carri-ers of both parties will be able toexercise fully their bilateralrights,” the DOT’s order said.“Should the CAAC adjust its poli-
PleaseturntopageA8
The Trump administrationsaid it will bar mainland Chi-nese airlines from flying to andfrom the U.S. starting thismonth, citing Beijing’s failureto approve resumption of theseroutes by U.S. carriers.
The order blocking Chinesecarriers is set to go into effectJune 16 unless revoked. Presi-dent Trump could opt to put it
BY ALISON SIDER AND TED MANN
U.S. Plans to Block Chinese AirlinesIndictmentSays CEOFixed PriceOf Chicken
The chief executive of oneof the country’s biggestchicken producers and threeother industry executives wereindicted Wednesday oncharges they conspired to fixprices on chicken sold to res-taurants and grocery stores,the Justice Department’s firstcharges in a continuing crimi-nal antitrust probe.
Pilgrim’s Pride Corp. CEOJayson Penn and a formercompany vice president, RogerAustin, were charged in theone-count indictment, re-turned by a federal grand juryin Denver. Colorado-based Pil-grim’s, majority-owned byBrazilian meat conglomerateJBS SA, is the nation’s second-largest chicken producer. Alsocharged were the president ofGeorgia-based Claxton PoultryFarms, Mikell Fries, and a vicepresident, Scott Brady.
The indictment, filled withalleged instances of discus-sions about pricing and textmessages about holding theline on bids to customers,charged the executives withcolluding to fix prices and rigbids from 2012 to 2017. Thecharges also referenced otherunnamed executives andchicken suppliers and sug-gested the sharing of pricinginformation extended beyondthe alleged discussions be-tween Pilgrim’s and Claxton.
Neither Pilgrim’s norMessrs. Penn and Austin re-sponded to requests to com-ment. A Claxton spokesmandeclined to comment. Thecompanies have previously de-nied civil allegations of coordi-
PleaseturntopageA6
BY BRENT KENDALLAND JACOB BUNGE
Ife Abubakr’s child-care center, top, reeked of smoke from fires during the looting. MasumSiddiquee, above, lost $200,000 worth of goods from his MN Fashion and Jewelry.
NBA Is Set to Restart Season
The regular season would resume without fans present July 31 inOrlando, Fla., under a plan expected to be adopted Thursday. A12
INSIDE
Payday Lenders SidestepAd Bans, State Restrictions
hundreds of online searches,shows that the lenders aremarketing loans that typicallycarry annual percentage ratesof around 200% to 500% toconsumers looking online forfinancial help amid the biggestwave of job losses in U.S. his-tory. Google and Facebook re-moved several ads and saidthey blocked the companies’
PleaseturntopageA5
By Coulter Jones,Jean Eagleshamand AnnaMaria
Andriotis
RINGO
CHIU/ZUMAPR
ESS
New police shooting roilsLouisville......................................... A4
Mattis criticizes Trump fordivisions........................................ A4
Black professionals facetensions over protests......... A5
Greg Ip: Twin crises blunt economic gainsby African-Americans...................................... A2
Shutdown of Tiananmen vigilraises alarm................................ A8
P2JW156000-6-A00100-17FFFF5178F
