u.s. to launchadvancedtrials ofpossibleva ccinesthissummer · ing team and adidas ag shorts. ask...

* * * * * * THURSDAY, JUNE 11, 2020 ~ VOL. CCLXXV NO. 136 WSJ.com HHHH $4 .00

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Fed PlansTo KeepRates atLow LevelFor YearsUnemployment infourth quarter isforecast at about 10%amid economic damage

stock deal, confirming an ear-lier report by The Wall StreetJournal. Grubhub shareholderswould receive 0.6710 Just Eatshare for each Grubhub share,now worth just over $65 aftera decline in Just Eat sharesWednesday.

Based on Tuesday’s closingprice, the deal values Grubhubat $7.3 billion.

Uber and Grubhub had beennegotiating a combination forweeks but the talks gotbogged down over antitrust is-sues and Uber was alreadyconsidering pulling the plug,according to people familiarwith the matter.

Uber said in a statementthat the food-delivery industrywill need to consolidate toreach its potential for consum-

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You’re Not the Only One WhoForgot Things Under Lockdown

i i i

Even those with superior memoriesfound monotony dulled their recall

small coterie of people with anability researchers have dubbedHighly Superior Autobiographi-cal Memory. HSAM individualstypically remember nearly ev-erything that has happened tothem from a certain age, includ-ing the corresponding dates and

days of the week.The pandemic

upended all that.Researchers sayrepetitive sched-ules dim theability for all ofus to dredge upthe recent past—and even those

with some of the most powerfulmemories on Earth aren’t im-mune.

Stay-at-home routines makeit hard to affix things in time

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Ask Markie Pasternak whatshe was doing on June 30, 2007,and she’ll quickly reminisce indetail: She rode her bike to IceHouse Coffee & Creamery in DePere, Wis., and over a mangosmoothie, re-vealed to hercousin a crushon a boy fromchurch. It was aSaturday. Shewas wearing ablue T-shirt fromher figure-skat-ing team andAdidas AG shorts.

Ask her what she was up toduring quarantine, and hermindgoes blank.

This is unusual for Ms. Pas-ternak. Now 26, she is part of a

BY JULIE STEINBERG

Quarantine daze

ers reached two weeks.About 30% of items were outof stock on some days. Tokeep delivery times fromslipping further, Thrivemade the previously unimag-inable decision to throttledemand by limiting shop-ping hours.

“It was excruciating,” re-called co-founder and ChiefExecutive Nick Green. “It felt

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Grubhub Jilts UberFor Europe’s Just Eat

Grubhub Inc. agreed tocombine with Europe’s JustEat Takeaway.com NV, turningits back on Uber TechnologiesInc. in a surprising twist in thescramble for mergers amongfood-delivery companies.

The move would create atrans-Atlantic food-deliverygiant at a time when industryplayers are seeking scale tohelp them cope with a land-scape that includes boomingdemand but also fierce compe-tition.

Grubhub and Just Eat,which is based in the Nether-lands, said late Wednesdaythey plan to combine in all-

By Cara Lombardo,Dana Cimilluca

and Ben Dummett

When coronavirus lock-downs sent Americans into afrenzy of panic buying, thebad news came almost asquickly as the good for onlineorganic grocer Thrive Market.

In March, the companythat aims to compete withAmazon.com Inc. in thehealth-food sector suddenlyfound customers flocking toits site as its giant rivalstruggled to handle its ownpandemic business surge.Thrive notched record salesand membership sign-ups.

Then it buckled. Ordersballooned to five times whatThrive could handle. Deliv-ery times for some custom-

BY SEBASTIAN HERRERA

Police Barred FromUsing ID SoftwareAmazon.com said it won’t letlaw enforcement use its facial-recognition technology........... A4

WASHINGTON—Federal Re-serve officials signaled plans tokeep interest rates near zerofor years and said they werestudying how to provide moresupport to a U.S. economy bat-tered by the coronavirus andrelated shutdowns.

“We are strongly committedto using our tools to do what-ever we can and for as long asit takes to provide some reliefand stability,” Fed ChairmanJerome Powell said Wednesdayat a virtual news conference af-ter a two-day policy meeting.

The commitment from thecentral-bank chief comes as thevirus has forced the nation intoa recession, ending the longesteconomic expansion on record,and sent unemployment topost-World War II highs. Inprojections released Wednes-day, most of the 17 Fed officialswho participate in the rate-set-ting meetings see the unem-ployment rate averaging be-tween 9% and 10% during thelast three months of the year.That would be down from 13.3%in May but still well above the3.5% level of February.

Stocks were little changed,with the S&P 500 index closingdown 17 points, or 0.5%, at3190.14 after initially rallyingfollowing the Fed’s statement.

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BY NICK TIMIRAOS

and Infectious Diseases. Meantto determine a vaccine’s safetyand effectiveness, they wouldmark the final stage of testing.

Moderna Inc.’s vaccine isset to be first, starting in July,followed in August by one co-developed by Oxford Univer-sity and AstraZeneca PLC andin September by Johnson &Johnson’s, he said.

The timetable suggests re-searchers are making rela-tively rapid progress advanc-ing their vaccines throughearlier stages of testing—fo-

cused on whether they aresafe and induce the desiredimmune response—to at leastmerit the planning.

“We will want to use the in-vestigative resources of thecountry as best we can to op-timize us getting an answer asquickly as possible,” said LarryCorey, a vaccine and infec-tious-disease specialist at theFred Hutchinson Cancer Re-search Center in Seattle andmember of a committee advis-ing the National Institutes ofHealth on the design of the

coronavirus-vaccine trials.A Moderna spokesman con-

firmed the plan for the NIH-funded trial of its vaccine. AnAstraZeneca spokeswomansaid the company’s recent con-tract with the U.S. BiomedicalAdvanced Research and Devel-opment Authority would sup-port a large study, whichBarda previously said wouldbegin in the summer.

J&J said on Wednesday itplans to start the first humanstudy of its vaccine in the sec-

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The federal governmentplans to fund and conduct thedecisive studies of three ex-perimental coronavirus vac-cines starting this summer, alead government vaccine re-searcher said.

These Phase 3 trials are ex-pected to involve tens of thou-sands of subjects at dozens ofsites around the U.S., saidJohn Mascola, director of thevaccine research center at theNational Institute of Allergy

BY PETER LOFTUS

U.S. to Launch Advanced TrialsOf Possible Vaccines This Summer

Nascar Bans Confederate Flag

Nascar said Wednesday it would forbid the Confederateflag’s display. Bubba Wallace, the racing association's onlyfull-time black driver, raised the issue in the wake ofnationwide Black Lives Matter protests. A4

Amazon RivalsStrain toWin EdgeThe pandemic offered an opportunity, butThrive Market buckled under online surge

Tyson HasA DealTo AvoidCharges

Tyson Foods Inc., the lead-ing U.S. chicken producer, saidit is cooperating in a JusticeDepartment price-fixing inves-tigation under a leniency pro-gram that will allow the com-pany to avoid criminalprosecution in exchange foraiding in the continuing probeof other poultry suppliers.

After receiving a grand jurysubpoena in April 2019, Tysondiscovered that some of its em-ployees were implicated in thealleged scheme. The companysaid it approached the JusticeDepartment, disclosing its ownactions and seeking leniency.

“Tyson took appropriate ac-tions to address the internalissues and has been fully co-operating with the DOJ as partof its application for leniencyunder the DOJ’s Corporate Le-niency Program,” Tyson saidin a statement provided to TheWall Street Journal.

A Justice Departmentspokeswoman declined tocomment.

Tyson’s public acknowledg-ment of its role in the investi-gation comes a week after fourchicken-industry executives,including employees of Pil-grim’s Pride Corp. and ClaxtonPoultry Farms, were indictedon charges of price fixing andbid rigging. The Justice De-partment alleged chicken com-pany executives and employ-ees for years exchangeddetails of their own pricingand that of competitors viaphone calls and text messages,at the same time that theywere negotiating supply dealswith restaurants.

The defendants include Pil-grim’s Pride Chief ExecutiveJayson Penn. All have pleaded

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BY BRENT KENDALLAND JACOB BUNGE

Jobless picture is cleardespite report’s flaws........... A2

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What’sNews

The federal governmentplans to fund and conductthe decisive studies ofthree experimental corona-virus vaccines starting thissummer, a lead governmentvaccine researcher said. A1 Amazon is halting law-enforcement use of its facial-recognition software, addingits voice to a chorus callingfor greater regulation of thetechnology amid concern overits potential for racial bias.A4 A retired federal judgetapped to review the criminalcase against Flynn rebukedthe Justice Department formoving to drop it and urgedthat the ex-national secu-rity adviser be sentenced. A3 The State Departmentwatchdog fired by Trumptold lawmakers that a seniordepartment official discour-aged him from probing U.S.arms sales to a pair of Gulfstates before his ouster. A3 Trump sought to extin-guish a growing national de-bate, rejecting calls for Armybases honoring Confederateofficers to be renamed. A4The administration is pro-posing a far-reaching over-haul of the asylum systemthat wouldmake it harder forapplicants to win humanitar-ian protection in the U.S. A3 Sweden closed an inves-tigation into the 1986murderof PrimeMinister Palme, butthe mystery surrounding thecasewill likely endure becausethe only suspect is dead. A18 Two of China’s mostcelebrated athletes havedenounced the country’sruling Communist Party. A8

Federal Reserve offi-cials signaled plans to

keep interest rates nearzero for years and said theywere studying how to pro-vide more support to thebattered U.S. economy. A1Grubhub agreed to com-bine with Europe’s Just EatTakeaway.com, turning itsback on Uber in a surprisingtwist in the merger rushamong food-delivery firms.A1Tyson Foods said it is co-operating in a Justice Depart-ment price-fixing probe un-der a leniency program thatwill allow the firm to avoidcriminal prosecution. A1 The Nasdaq closed above10000 for the first time,rising 66.59 points, or 0.7%,while the Dow fell 1% and theS&P 500 gave up 0.5%. B11Tesla investors pushed thestock to more than $1,000 ashare after Musk said it wastime to begin volume pro-duction of the company’s all-electric semitrailer truck. B1 Starbucks said it wouldclose some traditional cafesand open more to-go loca-tions as the chain bets moreon convenience and speed. B1The LaborDepartment isstruggling to document accu-rately howmanyworkers areunemployed in the recessioncaused by the coronavirus.A2 Simon Property is scrap-ping its deal to acquire Taub-man, the latest sign of thepressures afflicting the retailsector and mall industry. B1 Zara’s owner, Inditex,said it would close as manyas 1,200 stores and pivotmore aggressively towardselling fashion online. B3

Business&Finance

World-Wide

Barriers Removed After Days of Protests Over Floyd Killing

NEW OPENING: Workers on Wednesday removed barriers that were installed near the White House during recent protestsafter the killing of George Floyd. Mr. Floyd’s brother, Philonise, testified before Congress at a hearing on police brutality. A4

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