WSJ-2019-12-04.pdf

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1、* * * * *WEDNESDAY, DECEMBER 4, 2019 VOL. CCLXXIV NO. 132WSJ.comHHHH $4.00DJIA 27502.81g280.23 1.0%NASDAQ 8520.64g0.6%STOXX600 398.48g0.6%10-YR.TREAS.1 5/32, yield 1.708%OIL $56.10$0.14GOLD $1,478.20$15.90EURO $1.1082YEN 108.63Internet Didnt Kill Radio Stariii Show offering RVs, piglets endures in e

2、-commerce eraBYSARARANDAZZOPHILO, Calif.Ana Lucas didn t know she wanted a truckful of cedar shingles. Nevertheless,whenshe heard they were free on a Northern California call-in ra- dio show, she jumped for the phone. The haul fueled fires for her 90-year-old mother for more than five years, until l

3、ast year. “This was such beautiful kindling,” Ms. Lucas said. She and her neighbors in Mendocino County have ac- quired all manner of items over the years after listening to “Trading Time,” a radio ga- rage sale that touts itself as a place for locals “to buy, sell, PleaseturntopageA12nies structure

4、 their operations and handle data collected from Indian customers, ac- cording to industry executives and experts following the market. Seeking to match China s success at pro- tecting and promoting homegrown tech gi- ants, such as Alibaba Group Holding Ltd., Tencent Holdings Ltd. and TikTok parent

5、Bytedance Inc., India is increasingly trying to shelter domestic companies. In the crosshairs, beyond Walmart, are firms in- cluding A Inc., Alphabet Inc. s Google and Facebook Inc. and its WhatsApp messaging service. Indian officials say they have an array of aims: protect small bricks-and-mortar b

6、usi- nesses, secure user data and allow room for PleaseturntopageA12BYROBCOPELANDGoogles Founders GiveUp Top JobsPage and Brin hand over management of search-giants parent, Alphabet, to Pinchaiand close allies of Mr. Trump. The Dow Jones Industrial Average fell 400 points in the first half-hour of t

7、rading, re- covering slightly by the after- noon and closing down 280.23 points, or 1.01%, at 27502.81. Mr. Trump said later the decline was “peanuts,” com- pared with how much the mar- ket has climbed during his presidency. “I don t watch the stock market,” he said, though his top advisers have lon

8、g said he often quizzes them on mar- ket fluctuations and reacts fu- riously if they lay blame for a decline on his trade policy. The U.S. side points to the recent involvement of White House adviser Jared Kushner, the president s son-in-law, as evidence that the talks are nearing conclusion. Mr. Ku

9、sh- ner acts as a kind of inter- preter of what Mr. Trump PleaseturntopageA9? Mexico resists Democrats labor push on trade pact. A8Trump Stirs Doubts On TradeDeal TimingPresident Trump said he was willing to wait until after next year s presidential elec- tion to strike a limited trade deal with Chi

10、na, sending stock prices down and casting doubt on whether the two sides will find enough common ground to head off new tariffs.“In some ways, I think it s better to wait until after the election, you want to know the truth,” Mr. Trump said after meeting with NATO Secretary- General Jens Stoltenberg

11、 in London before U.S. markets opened on Tuesday. Mr. Trump s remarks proba- bly indicated an effort to gain leverage during the last two weeks before a Dec. 15 deadline for new tariffs on consumer goods to take effect, rather than signaling a fundamental break- down in talks, said U.S. officialsBy

12、Bob Davis in Washington and Lingling Wei in BeijingNEW DELHIAfter Walmart Inc. sealed a $16 billion deal last year to buy India s big- gest domestic e-commerce startup, it got some bad news. India was changing its e- commerce regulations. Foreign-owned online retailers would need to modify their sup

13、ply chains and stop deep discounting. Those rules didn t apply to Indian companies. India, the world s biggest untapped digital market, has suddenly become a much tougher slog for American and other inter- national players. Over the past year, Indian policy makers have begun erecting roadblocks thro

14、ugh spe- cial requirements for how U.S. tech compa-BYNEWLEYPURNELLleged that Mr. Trump “engaged in categorical and unprece- dented obstruction in order to cover up his misconduct.” Thereport sapproval marked a significant step in theHouseDemocrats im- peachment inquiry. The matter was referred to th

15、e Judiciary PleaseturntopageA4Mr. Trump has denied any wrongdoing or improper ex- change of favors. The Republi- can president has said that a July 25 phone call he had with Ukraine s president in which he asked for the probes was “perfect.” That call was the event that sparked a whistle- blower com

16、plaint that led to the inquiry. The report, circulated hours before the Intelligence Com- mittee approved it with a 13-9 vote along party lines, also al-cials pressured Kyiv to an- nounce probes into Democrat Joe Biden and into a theory that Ukraine s government in- terfered in the 2016 U.S. elec- t

17、ions, even though a biparti- san Senate investigation found no evidence of any systematic effort by Ukraine to interfere. The House report alleged that Mr. Trump made the Ukrainian president s request for a White House visit and military aid contingent on Ukraine s an- nouncement of those probes.WAS

18、HINGTONADemo- cratic-controlled House com- mittee approved a report ac- cusing President Trump of soliciting foreign election in- terference and placing “his own personal and political in- terests above the national in- terests” by pushing Ukraine to announce an investigation into a 2020 political r

19、ival. Mr. Trump and other offi-BYSIOBHANHUGHES ANDREBECCABALLHAUSHouse ImpeachmentReport Says PresidentAbusedOfficeU.S.TechFirmsBetonIndia, ThentheRulesChangedNew barriers make untapped market a slog for Walmart, FacebookInaTwist,TrumpDefendsNATOOverMacronRemarksALLIES: President Trump chastised Fre

20、nch President Emmanuel Macron on Tuesday for what he said were disrespectful remarks about NATO. The two also clashed over tariffs at a gathering to celebrate the alliances 70th anniversary. A8, A9LUDOVIC MARIN/PRESS POOLGoogle co-founders Larry Page and Sergey Brin stepped down Tuesday from active

21、management of the internet giant s parent, surrendering immediate control to a low- keycompanyveteranwho must navigate global regula- tory threats and employee discontent. Messrs. Page and Brin, who had been chief executive and president,respectively,of Google parent Alphabet Inc., said they would h

22、and control toSundarPichai,Google s CEO. They remain on Alpha- bet s board and will still to- gether control a majority of voting power over company decisionsunderAlphabet s dual-class share structure. Still, the move instantly ce- ments Mr. Pichai, an India- born immigrant and longtime Google execu

23、tive, as one of Silicon Valley s most powerful figures. His purview now ex- tends beyond search, advertis- ing and related products like YouTube into Alphabet s far- flung ventures, like driverless cars and high-altitude balloons and efforts to prolong life. Mr. Pichai, 47 years old, also must now t

24、ake on a larger role in addressing the many regulatory and political threats that swirl around the PleaseturntopageA2? Heard on the Street: Time to bow to convention. B12? Court rules against Trump on subpoenas. A4 ? Watchdog highlights Justice Department, FBI mistrust. A4Harris Ends PresidentialCam

25、paignSen. Kamala Harris of California said she is dropping out of the Democratic presidential race, citing insufficient fundraising. A4ERIC THAYER/REUTERSSalesfor ce. #1CRM.Ranked #1 f orCRM Appl icationsbased on I DC 2019H1 RevenueMar ket Shar eWor l dwide.17. 3%5. 3%5. 5%3. 5%3. 5% market includes

26、 the following IDC-defined functional markets: Sales Force Productivity and Management, Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce Applications. 2019 , inc. All rights reserved. S is a registered trademark of salesforce. com,inc.,asareothername

27、sandmarks.20152016201720182019H1Sour ce: I DC, Wor l dwideSemiannual Sof twar eTr acker , October2019.CONTENTS Business News. B3,5 Crossword. A16 Heard on Street. B12 Life email: Need assistance with your subscription? By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625)Reprints Rudy Giulia

28、ni, Mr. Trump s personal lawyer; and Lev Parnas, an as- sociate who helped Mr. Giu- liani s efforts to investigate Mr. Biden and his son, and who has been indicted on cam- paign-finance charges. The phone records suggest Mr. Giuliani s deep involve- ment in several key episodes that have become a fo

29、cus of the impeachment probe. The frequent contacts between Mr. Nunes and two figures at the center of the inquiryMessrs. Giuliani and Parnasare un- usual and likely to renew Dem- ocratscalls for Mr. Nunes to face an ethics investigation. A lawyer for Mr. Parnas said his client s conversations with

30、Mr. Nunes in April were focused on corruption probes in Ukraine. By that point, Mr. Parnas had for months been helpingMr.Giulianipush Ukraine to investigate the Bi- dens and alleged interference by Ukraine in the 2016 U.S. electionthe effort that set off the impeachment inquiry. In their calls, one

31、of which lasted more than eight min- utes,Messrs.Parnasand Nunes discussed investigations into corruption in Ukraine, ac- cording to Ed MacMahon, a lawyer for Mr. Parnas. “They weren t talking aboutwhere to find sushi in Kyiv,” Mr. MacMahon said. He added, “Lev is in a position to fill in all these

32、blanks and explain what actually happened with all these phone calls. But he re- mains under indictment in the Southern District of New York, and he needs protections to tell his story. He needs immunity.” Mr. Parnas in 2018 helped set up meetings in Europe for investigators working for Mr. Nunes, w

33、ho were looking into corruptioninUkraine,Mr. MacMahon said, without spec- ifying what the investigators were examining. Before the impeachment inquiry began, Mr. Nunes had tweeted allega- tions that Ukraine sought to aid Democrats in the 2016 election. Mr. Nunes declined to com- ment on the substanc

34、e of his calls with Mr. Parnas or on how impeachment investiga- tors obtained his call records. The Senate is already pre- paring for Mr. Trump to be impeached and planning for a trial. Senate Majority Leader Mitch McConnell (R., Ky.) on Tuesday raised the possibility that the trial would be con- du

35、cted on a partisan basis, saying he might turn to his own conference to set rules if he can t reach agreement with Senate Minority Leader Chuck Schumer (D., N.Y.) on proce- dures.Committee, which is overseen by Rep. Jerrold Nadler (D., N.Y.) and is scheduled to hold its first hearing Wednesday. The

36、Judiciary Committee is responsible for determining whethertheallegations against the president consti- tutegroundsforimpeach- ment; if so, the panel would draft articles of impeachment that would eventually be pre- sented to the full House for approval. If the House im- peaches Mr. Trump, he would f

37、ace a trial in the Senate. With partisan lines drawn very sharply, politicians in both parties widely believe that the Democratic-controlled House has the votes to im- peach the president, but ex- pect that a trial in the Repub- lican-controlledSenate wouldn t lead to the presi- dent s removal from

38、office. White House spokeswoman Stephanie Grisham called the impeachment inquiry a “one- sided sham process” in which Democrats and Rep. AdamContinuedfromPageOneInquiry Report Is Releasedneither the start nor the end of President Trump s efforts to bend U.S. foreign policy for his personal gain,” th

39、e report as- serted. “It was a dramatic cre- scendo within a months-long campaign driven by President Trump”inwhichMessrs. Pence and Pompeo as well as acting chief of staff Mick Mul- vaney and Energy Secretary Rick Perry “were either knowl- edgeable of or active partici- pants,” the report said. A s

40、pokesman for Mr. Pence deniedanywrongdoing.SpokespeopleforMessrs. Pompeo and Mulvaney didn t respond to a request to com- ment. A spokesperson for Mr. Perry couldn t be reached. The Democrats 300-page report primarily consists of in- formation that has already been made public during their inquiry.

41、But it also includes previously undisclosed records of calls between figures in- cluding Rep. Devin Nunes (R., Calif.), the ranking minorityThe report alleges Mr.Trumpengaged inobstructionto concealmisconduct.THE WALL STREET JOURNAL.Wednesday, December 4, 2019 |A52019 FM Global.All ri ghtsreserved.S

42、OMETIMES IT LURKSBEHIND A TINYBOLT.SOMETIMES IT SLOWLY, SILENTLYBUILDS UP TO A VIOLENT SURGE.SOMETIMES IT SNEAKS INAS A CARELESS MISTAKE.A6| Wednesday, December 4, 2019* *THE WALL STREET JOURNAL.tion, which varies by job, and bolstering benefits for things like child care, mental health and dental c

43、overage. Harvard s campus is in one of the prici- est areas of the U.S. and many students are saddled with debt fromtheirundergraduateyears, Ms. Yumusak said. The union drew support from the Massachusetts con- gressional delegation. One key union demand is foranindependent,third- party arbitrator to

44、 handle dis- crimination and harassmentcomplaints, including claims of race-based discrimination. The unionsaysHarvard sre- sponses to harassment claims in the past have failed to hold people in positions of power to account. The university, which saysit has improved its policies in this area, said

45、the arbitrator demand would be inconsistent with regulations under Title IX, a 1972 law barring sex dis- crimination in schools and col- legesthatreceivefederal funding.1St ev enMaser a*FACILITATORS4111111111622553433Mar t i nFox*Rudolph Mer edi t h*Mi chael Cent er *Laur a Janke *Ali Khosr oshahi n

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