华尔街日报-2021-09-16（搜搜报告）.pdf

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1、* * * *THURSDAY,SEPTEMBER 16,2021 VOL. CCLXXVIII NO. 65WSJ.comHHHH $4.00BYKEACHHAGEYANDJEFFHORWITZFacebookTriedtoMakePlatf ormHealthier.ItGotAngrierInstead.Memos show 2018 change rewarded outrage and CEO Zuckerberg resi sted proposed fi xesDJIA34814.39236.82 0.7%NASDAQ15161.530.8%STOXX600463.91g0.8%

2、10-YR.TREAS.g8/32, yield 1.302%OIL$72.61$2.15GOLD$1,792.40g$12.30EURO$1.1816YEN109.37BYDAVESEBASTIANRailwaysSet DealAs RivalBidderBows OutCanadian Pacific s$27bil l ion purchaseofKansasCity Southernl inksthreenationsStudybuddyCollege Dorms Turn Into a Real Animal HouseiiiFerrets, guinea pigs, lizard

3、s accompanystudents tocampusBYSTEPHANIEARMOURANDDOUGLASBELKINLastspring,whenToriRystrom was a junior at Eck-erd College in St. Petersburg,Fla., she bought a ferret shenamed Ozzie to help alleviateher anxiety. Then she startedto worry that he would be-come sad and lonely when shewent to class.There w

4、as a solution, shedecided: Her pet needed hisown emotional support.Animals are becoming amore common sight on cam-pus. Some schools allow petsin campus housing, and othersare seeing a rise in requestsfor emotional support animals,PleaseturntopageA13ThirdinaseriesThe Food and Drug Admin-istration sai

5、d vaccines clearedin the U.S. currently providesufficient protection againstsevere disease and death fromCovid-19 without additionaldoses, potentially complicatingthe Biden administration s de-liberations over the need forbooster shots.The FDA released the find-ings on Wednesday in a reportanalyzing

6、 data submitted byPfizer Inc. and BioNTech SE aspart of their request for au-thorization for their vaccine tobe given as a booster shot inWASHINGTONTheU.S.,U.K. and Australia are creatinga new security partnership inthe Indo-Pacific region, buildingon a longstanding alliance tomore deeply share inte

7、lligenceand technology and help Aus-tralia to build nuclear-poweredsubmarinecapabilitiesasChina s influence grows.Administration officials de-scribed the new agreement, an-In the fall of 2018, JonahPeretti, chief executive ofonline publisher BuzzFeed,emailed a top official atFacebook Inc. The most d

8、i-visive content that publish-ers produced was going vi-ral on the platform, he said,creating an incentive toproduce more of it.He pointed to the suc-cess of a BuzzFeed post ti-tled “21 Things That Al-most All White People areGuilty of Saying,” which re-ceived 13,000 shares and16,000 comments on Fac

9、e-book, many from peoplecriticizing BuzzFeed forwriting it, and arguing witheach other about race.Other content the companyproduced, from news vid-eos to articles on self-careand animals, had troublebreaking through, he said.Mr. Peretti blamed a ma-jor overhaul Facebook hadgiven to its News Feed al-

10、gorithm earlier that year toboost “meaningful social in-teractions,” or MSI, be-tween friends and family,according to internal Face-book documents reviewedby The Wall Street Journalthat quote the email.BuzzFeed built its busi-ness on making contentthat would go viral onFacebook and other socialmedia

11、, so it had a vestedinterest in any algorithmchanges that hurt its distri-bution. Still, Mr. Peretti semail touched a nerve.Facebook s chief execu-tive, Mark Zuckerberg, saidPleaseturntopageA12Canadian Pacific RailwayLtd. clinched a deal to takeover Kansas City Southern, asa rival dropped its pursui

12、t ofthe highly coveted railroad af-ter a monthslong battle.The $27 billion deal, ifcompleted, would be the firstmajor merger in the industryin the U.S. in about two de-cades and would create thefirst freight rail network link-ingCanada,theU.S.andMexico.Canadian Pacific and Kan-sas City Southern had

13、reacheda $25 billion deal in March be-fore the rival, Canadian Na-tional Railway Co., submitteda roughly $30 billion toppingbid. That prompted KansasCity Southern to switch part-ners,beforearegulatorypanel that must bless railroadmergers denied Canadian Na-tional s plans to use a tempo-rary voting t

14、rust, a key ele-ment of its proposal.In the wake of that deci-sion, Kansas City Southern onSundaysaiditfavoredasweetened cash-and-stock of-fer from Canadian Pacific,which had already receivedthe go-ahead for a similartrust. Canadian National thenhad five business days to im-prove its offer or walk a

15、way.In a statement on its deci-sion not to continue pursuingPleaseturntopageA6 Biden meets with executiveson vaccine rules . A6FDA Says VaccinesRemain EffectiveWithoutBoosterspeople 16 years and older.An outside panel of scientificadvisers will review the FDAreport on Friday, along with acompanion a

16、nalysis from Pfizerand other information, as partof a discussion over who needsbooster shots and when.The Biden administrationhad targeted next week tostart widely distributing theextra shots to counter highlycontagious variants such asDelta and bolster signs ofwaning immunity among thevaccinated. E

17、vidence support-PleaseturntopageA6BYJAREDS.HOPKINSANDFELICIASCHWARTZWhenRepublicansmadesweeping changes to corporatetaxes in their 2017 overhaul, ex-ecutives and tax professionalsworried that a Democratic Con-gress could roll back the legis-lation s rate cuts without rein-stating the many tax breaks

18、 thelaw tightened or eliminated.Based on this week s con-gressional tax proposal, it looksas if they were right.The proposal from HouseDemocrats, released on Mon-dayandwendingitswaythrough the chamber s legisla-tive process, would retain muchof the corporate tax structurecreated four years ago while

19、also raising taxes on a range of Yellen, IRS want more datafrom bank accounts. A4 Dissent emerges on drug-price plan. A4companies doing business inthe U.S. and American corpora-tions operating abroad.“The House proposal is verymuch about increases in ratesand less about comprehensivenew tax policy,”

20、 said Todd Sim-mens, national managing part-ner of tax risk management attax and accounting advisoryfirm BDO. It “essentially modi-fies changes enacted in the TaxCuts and Jobs Act, rather thanhitting the reset button,” headded, using a name commonlyapplied to the 2017 legislation.The net effect: Cor

21、poratePleaseturntopageA4BYTHEOFRANCISANDRICHARDRUBINTax Bill Hands FirmsRateBoost,NoBreaksNewAllianceSetsCount erweighttoChinanounced Wednesday by leadersof the three countries, as a wayto line up common interests inthe Asia-Pacific region.The partnership is calledAUKUS, an acronym for Austra-lia, U

22、.K. and the U.S., and willhave a number of components,chief among them the develop-ment of the nuclear-submarinecapability for Australia. Othersinclude security cooperation incyberspace,artificialintelli-gence, quantum technologiesand undersea capabilities, ad-ministration officials said.Officials d

23、eclined to say theeffort was intended to counterChina, describing it as a bid toengage three allies togetherstrategically in an important re-gion. The announcement comesPleaseturntopageA10BYGORDONLUBOLD Movie star is erased fromChinese internet. A11 Diaries of Maos ex-aidespark court fight. A11All-C

24、ivilian CrewIn SpaceX OrbitElon Musks companylaunched four civilians towardthe deepest orbit Americanshave traveled in years. B1JOE RAEDLE/GETTY I MAGESThe magic ofDreamforce,onlyon Salesforce+.Stream it on salesforce. com/plus fromSeptember 2123,2021.CONTENTSArts in Review. A15Business News. B3,6Cr

25、ossword. A16Equities. B7HeardonStreetB11- 12Markets. B11Opinion. A17- 19PersonalJournalA13- 14Sports. A16Technol ogy. B4- 5U.S. News. A2- 8Weather. A16Worl d News. A9- 11s 2021 Dow Jones & Company, I nc.All Rights ReservedWhatsNews The FDA said vaccinescleared in the U.S. cur-rently provide sufficie

26、ntprotection against severedisease and death fromCovid-19 without additionaldoses, potentially compli-cating the Biden adminis-tration s deliberations overtheneedforboostershots.A1 Biden met with execu-tives from companies in-cluding Disney, Microsoftand Walgreens to advancehis vaccination requireme

27、ntsfor the private sector.A6 House Democrats taxproposal would retain muchofthecorporatetaxstructurecreated in a 2017 overhaulwhileraisingtaxesonarangeof companies doing businessintheU.S.andAmericancor-porationsoperatingabroad.A1The U.S., U.K. and Austra-lia are creating a new secu-rity partnership

28、in the Indo-Pacific region to more deeplyshare intelligence and tech-nology and help Australiato build nuclear-poweredsubmarine capabilities asChina s influence grows.A1 California Gov. Newsomsvictory in Tuesday s recallelection could provide amodelforotherDemocratstosolidify their footing aheadof c

29、ontests that presentchallenges for the party.A8 A divided FTC withdrewguidelines adopted justlast year on how the gov-ernment reviews so-calledvertical mergers.A6 U.K. leader Johnsonshuffled a number of topministerial jobs, which in-cluded the foreign secre-tary being moved aside.A10CanadianPacificc

30、lincheda $27 billion deal to takeover Kansas City Southern,as rival Canadian Nationaldropped its pursuit of thehighly coveted railroad af-ter a monthslong battle.A1 SpaceX launched four ci-vilians toward the deepestorbitAmericanshavetraveledto in more than a decade,in another milestone flightfor pri

31、vate space travel.B1Manufacturersarefacingthe highest steel and alu-minum prices in years, an-other hurdle for U.S. com-panies already struggling tomake a range of products.B1 DoorDash sued NewYork City over a law thatwould require food-deliverycompanies to share moredata with restaurants.B1 U.S. st

32、ocks rebounded,with the S&P 500 and Nas-daq both advancing 0.8% andthe Dow gaining 0.7%.B11Growth across a range ofChinese economic indicatorsslowedsharplyinAugust.A11 An ABC News stafferclaimed the network retali-ated against her after she al-leged in a complaint that shewas sexually assaulted byth

33、en-“GMA”producerCorn.B1 Microsofts board ap-proved a plan to buy backas much as $60 billion ofthe company s stock.B1 Robinhood kicked off anationwide marketing cam-paign designed to turn morecollege students into cus-tomers of the tradingapp.B6Goldman Sachs is acquir-ing specialty lender Green-Sky f

34、or $2.2 billion.B3Business&FinanceWorld-WideGymnasts Call Olympics, FBI to Task Over Nassars AbuseSPEAKING OUT: U.S. gymnasts Simone Biles, McKayla Maroney, Aly Raisman and Maggie Nichols preparing to testifyWednesday before the Senate Judiciary Committee. The athletes recounted how the FBI, USA Gym

35、nastics and the U.S.Olympic Committee failed to act when informed of sexual abuse by former national team doctor Larry Nassar. A3SAUL LOEB/PRESS POOLFor personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licen

36、sing at (800) 843-0008 or .更多细分领域报告请关注搜搜报告（s o s o y a n b a o ），行研君胃：s o s o b a o g a oA2| Thursday, September 16, 2021THE WALL STREET JOURNAL.Kroger and Instacart Inc.Notice to readersWall Street Journal staffmembers are working remotelyduring the pandemic. For theforeseeable future, please sendr

37、eadercommentsonlybyemail or phone, using the con-tacts below, not via U.S. Mail.issuance in billions of dollars.The chart was mislabeled aspercent.The surname of Kroger Co.Chief Executive Rodney McMul-len was misspelled as McMul-lenbn in some editions onWednesday in a Business Newsarticle about a ve

38、nture betweentaxes by 1.25 percentage pointseach starting in 2022. A Sept.8 World News article aboutthe tax increases incorrectlysaid taxes would rise 1.25%.A chart with a Sept. 7 Busi-ness & Finance article aboutlow-rated bonds showed high-yield Nordic corporate-bondEach square represented100 estat

39、e-tax returns in achart with a U.S. News articleon Wednesday about estatetaxes. The chart was labeledincorrectly to say each squarerepresented 1,000 returns.The U.K. government willincrease payroll and dividendU.S. NEWSReaders can alert The Wall Street Journal to any errors in news articles by email

40、ing or by calling 888-410-2667.CORRECTIONS AMPLIFICATIONSammunition was exhausted,fiscal policy rose to the chal-lenge. Congress ultimately au-thorized $5.9 trillion of emer-gency measures, of which $4.6trillion has been spent, ac-cording to the Committee fora Responsible Federal Budget.As important

41、 as the magni-tude of this relief was the va-riety. Unsure of the most ef-fective remedy, Congressrolled out several: forgivableloans for small businessesthat kept their employees(the paycheck protection pro-gram), stimulus checks to al-most everyone, unemploy-ment insurance expanded togig workers a

42、nd topped upwith an extra $300 to $600 aweek, low-cost loans from theFed and Treasury to midsizeand large businesses, aid tostate and local governments.Much of this was experi-mental, and lessons learnedmay lessen the toll of futureCAPITAL ACCOUNT | By Greg IpSuccesses of the Virus Economic Response

43、Countlessthings havegone wrongsince Covid-19arrived onAmericanshores, yet this week we gotproof of something that reallywent right: the economic pol-icy response.The pandemic-induced shut-down was initially the worsthit to the U.S. economy sincethe Great Depression. Employ-ment and output both fellm

44、ore last year than in 2008during the financial crisis.And yet poverty, by itsbroadest measure, went down.The figures reported by theCensus Bureau this week re-veal why: Based on cash in-come such as wages and SocialSecurity, the share of house-holds in poverty rose to 11.4%last year from 10.5% in 20

45、19.But after taking account ofgovernment benefits such asstimulus checks, food stampsand tax credits, the sharedropped to 9.1% from 11.8%.In other words, the fiscalresponse to the pandemicsucceeded in pushing povertyin the opposite direction thatusually occurs in recessions.After the 2007-09 reces-s

46、ion, economic output tookthree years to return to itsprerecession level and nevergot back to the growth path itwas on before the crisis. Bycontrast, after just 18 months,U.S. gross domestic product isalready back to its pre-pan-demic level and may be backto its pre-pandemic path byyear-end.Much of t

47、he harm of reces-sions comes after they techni-cally end as prolonged unem-ployment and depressed salescause human and businesscapital to atrophy. The morerapid return to normality thistime should preserve years ofeconomic potential that mightotherwise have gone to waste.Several factors accountfor t

48、his faster recovery.Most of the initialplunge in activity was due togovernment-imposed restric-tions, and as those restric-tions ended, some reboundwas inevitable. Still, after thatreopening the recovery con-tinued even as it stumbled inmany other countries amidrising Covid cases.The Federal Reserve

49、 getssome credit for rapidly slash-ing interest rates to near zeroand intervening in markets toprevent the economic crisisfrom becoming a financial cri-sis. But once the Feds raterecessions. By depositing cashdirectly into household bankaccounts, Treasury haslearned how, with congressio-nal approval, to deliver stimu-lus almost as quickly as theFed. PPP has yielded newtools to preserve employer-employee bonds in the face ofshocks, reducing wasted eco-nomic potential.There are cautionary les-sons, also. We dontknow how fast the re-covery would have been ab-sent the stimulus. A pandemicis like