1、* THURSDAY, AUGUST 1, 2019 VOL. CCLXXIV NO. 27 WSJ.com HHHH $4.00 DJIA 26864.27 g 333.75 1.2% NASDAQ 8175.42 g 1.2% STOXX600 385.77 0.2% 10-YR.TREAS. 9/32, yield 2.034% OIL $58.58 $0.53 GOLD $1,426.10 g $3.60 EURO $1.1078 YEN 108.78 Spurious reports began cir- culating that Mr. Calvey had been finan
2、cing Russian Presi- dent Vladimir Putins political opposition. The arrests, court proceed- ings have since shown, came amid a dispute with an up- and-coming Russian business- man, Artyom Avetisyan, who cultivated ties with Russias security services and had tan- gled with Mr. Calvey over their joint
3、investment in a Russian bank. With Mr. Calvey otherwise occupied, Mr. Aveti- syan, who is a director of a state-backed committee to im- prove the investment climate in Russia, has wrested control of the bank. The criminal case against Mr. Calvey, who has pleaded not guilty and remains under Pleasetu
4、rntopageA10 MOSCOWOne year after the West began sanctioning Russia for its 2014 invasion of Ukraine, prompting a retreat of foreign capital, U.S. fund manager Michael Calvey ap- peared at an annual investor conference in St. Petersburg to deliver a contrarian message. “Theres everything here, growth
5、, creativity, anything you want,” he told a packed audience of Russian and for- eign businessmen. This year, Mr. Calvey was unable to attend the confer- ence. In February, police ap- peared at his Moscow apart- ment and those of his investment fund colleagues and arrested them on fraud charges. BYAL
6、ANCULLISON ANDTHOMASGROVE LeWeekend IsGoingtoBe LeWorst iii All France is on the move, starting or ending vacation BYSAMSCHECHNER ANDLEEHARRIS PARISIn France, where long summer vacations are a religion, there are two sects. The traditionalists, known as aotiens, who take off Au- gust. And the juille
7、ttistes, who leave town in July before the country has ground to a sticky halt. For a short time each sum- mer, they collide. The juillett- istes are returning home and the aotiens are hitting the road, snarling highways and jamming train stations in an annual ritual called the chass-crois, named fo
8、r a dance step in which partners PleaseturntopageA10 MoscowTurnsScrews OnAmericanInvestor MichaelCalveywasacheerleaderforPutin afterforeignersfled;nowhefacesprison Biden,HarrisWeatherAttacks DuringHeatedPrimaryDebate bate performance a month ear- lier that raised questions about the strength of his
9、candidacy. In the early segments of Wednesdays forum, the former vice president stammered sev- eral times. But his performance, which grew stronger through- out the night, may help silence some questions about his via- bility as a potential nominee and chief foil of Mr. Trump. The session was the mo
10、st combative of four debates held so far, two this week and two in June. It exposed deep divisions among the candidates on a vari- ety of issues. Mr. Biden faced repeated at- tacks over his record serving under former President Obama. Mr. Biden and a fellow member of the Obama admin- istration, form
11、er Housing and Urban Development Secretary Julin Castro, clashed over how to deal with undocu- mented immigrants. Mr. Cas- tro has pushed to decriminal- ize the act of crossing the U.S. border as an illegal immigrant, a proposal Mr. Biden opposes. Mr. Biden said Mr. Castro never suggested such drama
12、tic actions on immigration during cabinet meetings. “Mr. Vice President, it looks like one of us has learned the lessons of the past, and one of us hasnt,” Mr. Castro shot back, before adding, “What we need are politicians that actually have some guts on this issue.” Mr. Biden responded: “I have gut
13、s enough to say his plan doesnt make sense.” Earlier, New York City Mayor Bill de Blasio pressured Mr. Biden to say whether he had pushed to stop deporta- tions under Mr. Obama. But Mr. Biden demurred, saying: “I keep my recommendation to him in private.” The reticence drew criticism from Sen. Cory
14、Booker of New Jersey. “Mr. Vice President, you cant have it both ways,” he said. “You invoke President Obama more than anybody in PleaseturntopageA4 Former Vice President Joe Biden and Sen. Kamala Harris took the brunt of the attacks during a raucous and rapid- fire Democratic presidential primary d
15、ebate that featured a relentless series of confronta- tions over health care, immi- gration, criminal justice, racial issues and how best to defeat President Trump. The gathering Wednesday night in Detroit was especially important for Mr. Biden, who sought to prove he has the vigor and vision to be
16、the partys nominee following a shaky de- ByJohnMcCormick, ChadDay andElizaCollins Gerald F. Seib: Debates leave trio of presidential battles. A4Trump counters call for Medicare for all A4 Oracle is the #1 EnterpriseApplications vendor in NorthAmerica based on market share and revenue. IDCWorldwide
17、Semiannual SoftwareTracker,April 2019, results for CY2018. NorthAmerica is the USA and Canada. EnterpriseApplications refer to the IDC markets CRM, Engineering, Enterprise Resource Management (including HCM, Financial, Enterprise Performance Management, Payroll, Procurement, Order Management, PPM, E
18、AM), SCM, and Production and OperationsApplications. Per IDCs latest annual market share results, S A L E S F O R C E I N T U I T S A P M S O R A C L E WASHINGTONThe Federal Reserve moved to cut interest rates by a quarter-percentage pointthe first reduction since 2008in a pre-emptive strike to cush
19、ion the economy from a global slowdown and continuing trade tensions. Stock markets sold off and the dollar strengthened Wednesday afternoon after Fed Chairman Jerome Powell disappointed investors in his post-decision news conference when he didnt more explicitly ratify expectations of addi- BYNICKT
20、IMIRAOS IndexperformanceWednesday Source:FactSet 0.5 2.0 1.5 1.0 0.5 0 % 9:30a.m. noon 4p.m. 2p.m. DJIA Sheletus down,Trumpsays FAA Identified HighRisk InMAX An internal risk analysis after the first of two Boeing 737 MAX airliner crashes showed the like- lihood was high of a similar cockpit emergen
21、cy within months, according to a Federal Aviation Administration official familiar with the details and others briefed on the matter. The regulators analysis, not previously reported, showed that it “didnt take that much” for a malfunction like the one confronted by the pilots of the Lion Air flight
22、 that crashed into the Java Sea last year to occur, one of the people briefed on the analysis said. Based on the findings, the regulator decided it was suffi- cient to inform pilots about the hazards of an onboard sensor malfunction that led to a flight- control system pushing down the planes nose.
23、The belief was that if pilots were aware of the risk and knew how to respond, it was acceptable to give Boe- ing and regulators time to de- sign and approve a permanent software fix to MCAS, the flight-control system impli- cated in the crash, according to the agency official and people briefed on t
24、he findings. The FAAs early goal, one of these people said, was: “Get something out immediately and then mandate something more permanent.” Specifically, the FAAs analy- sis suggested that a warning to pilots would be enough to pro- vide Boeing about 10 months to design and implement changes to MCAS
25、, according to a person close to the manufacturer. Boe- ing had been planning to com- plete the changes by April, PleaseturntopageA5 BYANDREWTANGEL ANDANDYPASZTOR U.S. workers wage growth levels off. A2 Europes stalling economy sounds alarm. A18Heard on the Street: What if Fed move was wrong?. B12 C
26、ONTENTS Banking & Finance. B10 Business News B3,5-6 Crossword A14 Heard on Street. B12 Life & Arts. A11-13 Markets. B11 Middle Seat. A11 Opinion A15-17 Sports. A14 Technology. B4 U.S. News. A2-5 Weather. A14 World News. A6-7,18 s 2019 Dow Jones & Company, Inc. All Rights Reserved Whats NewsBidenandH
27、arristook the brunt of the attacks during a raucous Democratic debate that featured a series of con- frontations over health care, immigration, criminal jus- tice, racial issues and how best to defeat Trump. A1HamzabinLaden, the son of al Qaedas founder and a rising figure in his late fa- thers viol
28、ent Islamist group, is believed to have died. A6The U.S. imposed sanc- tions on Iranian Foreign Minister Zarif, in a marked escalation of tensions. A6Ploddingprogress in U.S.- China trade talks is partly the result of a new tactic from Beijing, which increasingly thinks waiting may produce a more-fa
29、vorable accord. A7The Trump administra- tionofferedguidance to offi- cials to maintain a measured response to antigovernment protests in Hong Kong.A7AU.S.grandjury has in- dicted a Chinese billionaire on charges that he evaded nearly $2 billion in tariffs as part of an aluminum- smuggling conspiracy
30、. A3Trumpispreparingtosign an executive order next week on Medicare and moving ahead with allowing some drugimportsfromCanada.A4PG&Eacknowledged the central findings of a Wall Street Journal article, stating it knew for years that its lines could fail and spark fires. But the utility disputed the ar
31、ti- cles suggestion that it had neglected maintenance. A3Died: Hal Prince,91, Broadway impresario. A13 T he Fed moved to lower rates by a quarter point in a pre-emptive strike to cushion the U.S. economy, but stocks sold off as Pow- ells remarks regarding possible future stimulus disappointed invest
32、ors. The S&P 500 fell 1.1%. A1, B11The eurozone economy slowed sharply in the sec- ond quarter, with growth at less than half the pace of the start of the year. A18AnFAAriskanalysis after the first of two Boeing 737 MAX crashes showed a high likelihood of a similar cockpit emergency within months.A1
33、TheFBIisexamining whether the woman charged with stealing data on Capi- tal One customers success- fully hit other targets. B1GE posted a quarterly loss and flat sales but raised its full-year forecast. The company also said its finance chief would be leaving. B1MembersofNordstroms founding family a
34、re in the early stages of discussing a proposal to boost their stake in the retailer. B1Qualcomm warned of multiple challenges out of China that are hurting the chip makers outlook. B4Airbus said its quarterly profit increased more than fivefold, driven by a rise in deliveries of jetliners. B3FiatCh
35、rysler confirmed its upbeat outlook for this year and reported relatively strong second-quarter results. B3Carlyle plans to abandon its partnership structure and become a corporation with a single class of shares. B10 Business&Finance World-Wide JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES Former Vice President Joe Biden and Sen. Kamala Harris clashed Wednesday at the Democratic presidential primary debate in Detroit.每 日 免 费 获 取 报 告 1、每日微信群内分享7 +最新重磅报告； 2、每日分享当日华尔街日报、金融时报； 3、每周分享经济学人 4、行研报告均为公开版，权利归原作者 所有，起点财经仅分发做内部学习。 扫一扫二维码 关注公号 回复：研究报告 加入“起点财经”微信群。
