华尔街日报-2019-5-9 1.pdf
* * * * *THURSDAY, MAY 9, 2019 VOL. CCLXXIII NO. 108WSJ.comHHHH $4.00DJIA 25967.33À2.24 0.01%NASDAQ 7943.32g0.3%STOXX600 382.23À0.2%10-YR.TREAS.g10/32, yield 2.484%OIL $62.12À$0.72GOLD $1,279.40g$4.10EURO $1.1193YEN 110.10The Bargain Rack Draws a Crowd From a Dozen Time Zones Awayiii Live-stream shopping brings in Chinese customers; Why is this so cheap?zones away, ready to buy her finds. China is hooked on live- stream shopping, and stores around the world are feeling the effects. The services, some integrated into Chinese shop- ping apps, aim to entice buyers with the urgency of live TV and limited-time deals. They add in the attention of a personal shopper, since hosts can di- rectlyinteract with viewers. WhileChina s live-stream shop- ping apps gener- ally stick closer to home, ShopShops, Ms. Liu s employer, goes farther afield, taking its users into American venues. That s led to frantic scenes at stores across the U.S. PleaseturntopageA8It s 7 p.m. on a Saturday night and Yang Liu is whizzing around a T.J. Maxx store in New York City, filling her cart to the brim with cosmetics. “OhmyGod,”shesays. “There s so much Burberry here to- day, so much Bur- berry,”referring to bottles of per- fumefromthe Britishfashion house, their prices reduced by half. Ms. Liu is no ordinary shopper. Dressed in sneakers and armed with bottles of water and a smartphone, she is streaming her visit to the discount re- tailer live to 10,000 people watching from a dozen timeBYNATASHAKHAN ANDALLISONPRANGPhone it inDONNA, TexasAfter tens of thousands of families streamed across America s southern border late last year, a Catholic charity in Tucson, Ariz., opened a monastery to house asylum-seeking mi- grants whom federal agents released. The 66,000-square- foot space is now full. The re- cent discovery of an unused closet caused excitement. An additional 113,797 peo- ple in families had crossed this year by the end of March, and border agents in El Paso, Texas, housed some under a bridge. Last month, Yuma, Ariz., declared an emergency after a converted strip-mall thrift store serv- ing as a shelter hit capacity. Last week, a giant white tent opened on the outskirts of Donna, near the Rio Grandethe government s latest desperate attempt to house the families. In April, a single-month record of 58,000 parents and children crossed together il- legally, federal data released Wednesday show. A deepening humanitarian crisis on the border is strain- ing towns, aid groups and federal agencies as thousands of families, when released, immediately need shelter. The border has seen ille- gal-immigrant waves before. This one is different. Instead of the single job seekers of a decade ago who aimed to sneak in unde- PleaseturntopageA8BYALICIAA.CALDWELLApproximatenumberofpaid mus ics ubs c ribers , worl d- wideNote: data as of Mar c h, ex c ep t Ap p le, whi c h i s as of Dec emb er201 8 Sou r c es: the c omp an i es ( Sp oti fy , Ap p le Mu si c ) ; p eop le wi th k n owledg e of the n u mb er s ( Amazon , Goog le)100million503016Spotif yAppl eMus icAmazonGoogl eThe new hard line taken by China in trade talkssurpris- ingtheWhiteHouseand threatening to derail negotia- tionscame after Beijing in- terpreted recent statementsandactionsbyPresident Trump as a sign the U.S. was ready to make concessions, said people familiar with the thinking of the Chinese side. High-level negotiations are scheduled to resume Thursday in Washington, but the expec- tations and the stakes have changed significantly. A week ago, the assumption was that negotiators would be closing the deal. Now, they are trying to keep it from collapsing. Adding to the pressure, the U.S. formally filed paperwork Wednesday to raise tariffs on $200 billion of Chinese goods to 25% from the current 10% at 12:01 a.m. Friday. Beijing s Commerce Ministry responded by threatening to take unspec- ified countermeasures. At a PleaseturntopageA7By Lingling Wei in Beijing and Bob Davis in WashingtonBeijing Hardens Stance OnTradeChina interpretsTrump remarks as a sign U.S. resolve has softened; talks to resume in D.C.Taliban Target U.S. Aid Group, With Peace Talks Under WayHEDAYATULLAH AMID/EPA/SHUTTERSTOCKUNDER FIRE: Taliban fighters mounted a deadly attack at the Kabul offices of a U.S.-based aid organization they said promoted Western values, even as talks to end the 18-year Afghan war were under way. Five people, including one police officer, were killed. A6U.S.Border Struggles WithCrush OfFamilies Notbuiltforthis:The illegal-crossingwavein theSouthisdifferent fromthosebeforeMusic at Google Hits Sour NoteGoogles subscription music services are struggling to grow, even after YouTubes revamp. B4The conflict is now ex- pected to head to federal court and a legal battle with few precedents. The committee vote broke down along party lines with 24 votes in favor of the con- tempt citation and 16 against. Thecontemptresolution which requires passage by the full House to take effect and has the blessing of Democratic leadershipcomes after Mr. Barr refused to comply with a subpoena seeking an unre- dacted Mueller report and theunderlying evidence. The con- tempt citation also opens new legal avenues for the chamber to try to get the documents. “We ve talked for a long time about approaching a con- stitutional crisiswe are now in it. We are now in a consti- tutional crisis,” said Rep. Jerr- oldNadler(D.,N.Y.),the panel s chairman. The contempt vote came thedayafternegotiations broke down between the com- mittee and the Justice Depart- ment over access to Mr. Muel-ler sreportonRussian interference in the 2016 presi- dential election and any ties to the Trump campaign. “It is deeply disappointing that elected representatives of the American people have cho- sen to engage in such inappro- priate political theatrics,” said a spokeswoman for the Justice Department. In advance of the vote, the WhiteHouseaccusedthe House panel of acting only to politically damage the Repub- PleaseturntopageA4WASHINGTONThe House Judiciary Committee voted to hold Attorney General William Barr in contempt as the Demo- cratic-led chamber and Presi- dent Trump continued along a collision course over special counsel Robert Mueller s re- port. Before the vote Wednesday, Mr. Trump asserted executive privilege over all materials be- ing demanded by the panel.BYBYRONTAU ANDREBECCABALLHAUSPanelUrgesContemptforBarr AsPresidentAssertsPrivilegeUber IPO Price Likely Set at Midpoint of Target or LowerUber Technologies Inc. is on track to price its initial public offering at the mid- point of its target or below, according to people familiar with the matter, following a big stock-market drop and the disappointing debut of rival Lyft Inc. The ride-hailing giant has set a range of $44 to $50 share, or about $80 billion to $90billion,alreadydown from its earlier indication. Uber is currently pitching in- vestors across the country on its shares, which are set to price Thursday ahead of a Fri- day trading debut.Investors are still putting in their orders for the shares and things could shift before the price is set later Thurs- day. There is currently enthu- siasm for shares in the bot- tom half of the range, one person familiar with the mat- ter said. If the stock is priced at the $47-a-share midpoint, Uber s valuation on a fully diluted basis would be about $86 bil- lion. That would still enable current investors like Soft- Bank Group Corp. to reap ma- jor windfalls, but not quite as big as ones they had been eyeing. In the weeks before it offi- cially set a price range, Uber had provided documentationto holders of its convertible notes setting a potential band of $48 to $55 a share, or $90 billion to $100 billion, includ- ing what it expects to raise in the offeringnow about $8 billion to $10 billion. Last year, lead underwriters Mor- ganStanleyandGoldman Sachs Group Inc. had pitched the company on a valuation of as much as $120 billion. Uber s offering appears to be falling victim at least in part to unfortunate timing. On Tuesday, the Dow Jones Industrial Average suffered its biggest decline in months on escalating trade-dispute fears, a selloff that hit tech stocks hardest. The Dow industrials PleaseturntopageA2BYCORRIEDRIEBUSCH ANDMAUREENFARRELLIran Threatens Nuclear StepsTehran warns it may restart uranium, reactor work as U.S. adds sanctions. A6Oracle will cut your Amazon bill in half when you run the same (i)data warehouse workload on Oracle Autonomous Data Warehouse;or (ii)transaction processing workload on Oracle Autonomous Transaction Processing,as compared to running on Amazon AWS. Pricing is based on Oracle s standard published pricing for bring your own license and Amazon s standard published pricing as of March 1,2019. Each workload compared shall be evaluated based on the actual required number of OCPU/VCPUs,the amount of storage,and the time required to complete the workload. The minimum workload is one hour for this offer. If Oracle determines that you are due a credit,we will apply this credit to your Universal Credit cloud account. Please contact your sales team to exercise this offer. Offer valid through November 30,2019. Copyright © 2019,Oracle and/or its affiliates.Oracl e Autonomous DatabaseAny Amazon DatabaseTheres the cl oud and theres the Oracl e Autonomous Cl oud.#thinkautonomousoracl e.com/thinkautonomousCutYourAmazon Bill in HalfEasy to MoveGuaranteed Savings CONTENTS Banking email: wsj.ltrswsj.comNeed assistance with your subscription? By web: customercenter.wsj.com; By email: wsjsupportwsj.com By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechatReprints she stopped eat- ing and drinking and had visi- ble lesions on her skin. Looking for new options to treat the patient, Dr. Spencer turned to phage therapy. She partnered with a team at the University of Pittsburgh that had amassed a library of over 15,000 different phages from across the world in order to find one that would attack thepatients infections. Theteamfocusedtheir search on 1,800 phages both that matched the type of bacte- ria of the patients infections and whose genetic makeup was known.Theyfoundthree phagesfrom Pittsburgh, Prov- idence, R.I., and Durban, South Africabut only one of the matching phages would actu- ally eliminate the infection.That is because, while some phages reproduce within their bacterial hosts and then bust them open, others replicate withthebacteriawithout harming it, according to Robert Schooley, a professor of medi- cine in the division of infec- tious diseases at the University of California, San Diego and a senior author on the case. The researchers used ge- netic engineering to remove a gene that prevents the phages from killing the bacteria, turn- ing them into bacteria destroy- ers, said Graham Hatfull, a pro- fessor of biological sciences at the University of Pittsburgh and a senior author on the pa- per. Dr. Spencer then adminis- tered the three-phage cocktail to the patientboth intrave- nously and directly applied to her skinin addition to a few antibiotics. The patient healed gradually over six months. The patient is still actively receiving both an- tibiotic and phage treatment to stave off the infection while otherwise living a relatively normal life, according to Dr. Spencer.Researcherssaidthey treated a 15-year-old patients antibiotic-resistantinfection with the help of genetically en- gineered viruses. The effort points to a potential path for countering the growing threat of bacteria resistant to antibi- otics. The researchers, in the U.S. and the United Kingdom, saved the patient with the help of bacteria-destroyingviruses known as bacteriophages that occur naturally and are the most populous organisms on the planet. Using genetic engi- neering,theresearchers tweaked some of the phages to specifically fight the patients infection. Theeffort,published Wednesday in the journal Na- ture Medicine, marked the first reported use of genetically en- gineered phages to treat a pa- tient, researchers said. The success suggests promise for using engineered phages more broadly against antibiotic-re- sistant bacteria. “We have to be cautiously optimistic about clinically indi- vidual cases,” said Helen Spen- cer, a pediatric respiratory consultant at Great Ormond Street Hospital for Children in London who treated the pa- tient. “But I think in terms of globally what were facing in terms of antibiotic resistance, this could be a really important therapy.” Antibiotic resistance is a growingthreatacrossthe globe, as overuse of antibiotics in hospitals and in farm ani- mals has made some bacteria resistant and increasingly dan- gerous, said Helen Boucher, an infectious-disease specialist at Tufts Medical Center in Bos- ton. About 23,000 people die from drug-resistant infections in the U.S. each year, according to the Centers for Disease Con- trol and Prevention, and drug- resistant infections could kill as many as 10 million people a year by 2050.BYBRIANNAABBOTTVirus Therapy Saves Patient With An Antibiotic-Resistant InfectionSource:THE WALL STREET JOURNAL.Abacteriophage parachutesdown ontoabacterium.Phageus esitss harp tail topok eintothe bacteriumandinj ects itsgeneticmaterial .Babyphagestak e ov erthebacterium' s body .Thebacteriumis k il l edasthephages burs toutofitand thenpropagate.DNAinbacteriophageBacteriumCellwallBacteriophageHereshowthevirus esc al l edbac teriophagesattac kandkil l bac teria s uc hasE. c ol iandP. aeruginos athatc anc aus edeadl yinf ec tions .Sources: Centers for Disease Control and Prevention; National Institutes of Health; World Health Organizationrushed one of the shooters. “If he had to be there to protect somebody, thats what he was going to do,” his father, John Castillo, told NBC News. The shooters were able to penetrate far inside the school before opening fire on class- mates in two locations, police said. Sheriff Spurlock said one of the shooters was restrained by a security officer and that there had been actions he dubbed as heroic by at least one student. Deputies never had to engage the shooters with gunfire, he said. The STEMor science, tech- nology, engineering and math- ematicsschoolhasabout 1,800 students in kindergarten through 12th grade. It is about 7 miles from Columbine High School, the site of a 1999 school shooting in which two students killed 13 people. The two students in Tues- days attack used handguns, and authorities were looking into how the guns were pur- chased. Friends of Mr. Erickson said the18-year-oldhigh-school student had been bullied be- cause he was short and slight. He was also protective of peo- ple who identified as gay, they said. A Facebook post attri- buted to him from 2014 said, “You know what I hate? All theseChristianswhohate gays.” Lauren Thorp, an 18-year- old who said she was good friends with Mr. Erickson, saidshe last saw him at prom last year, and he seemed fine
