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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
The Biggest Pill
Pfizer and Allergan have agreed on a historic merger deal worth more than $150 billion. The tie-up would create the world’s biggest drug maker and accelerate the rapid pace of health-care consolidation. It would also move one of the top names in corporate America to a foreign country, in the largest so-called inversion ever. Such deals enable a U.S. company to move abroad and take advantage of a lower corporate tax rate elsewhere. The news comes days after the Treasury Department released new rules aiming to curb such deals. Analysts said the rules didn’t appear to be able to thwart a combination of Pfizer and Allergan, though the risk of government action remains.
Demography as Destiny
As the developed world grapples with persistently slow growth, economists agree that one of the stiffest headwinds they face is also one of the hardest to overcome: demographics. In a multimedia series published throughout the week, The Wall Street Journal envisions how we will work, how we will age, and how we will live. Today we examine the population implosion, as falling fertility rates and aging workforces are expected to plague the developed world. Meanwhile, we also report that American homeowners are finally digging themselves out of the hole created by the housing crisis. But their housing wealth is playing a much smaller role in the overall U.S. economy than it did before the downturn. Many don’t realize they have home equity to tap, as banks have pulled back on loan amounts and other types of credit have become cheaper.
Holes in the Security Net
Abdelhamid Abaaoud, a notorious Islamic State operative suspected of directing the Paris attacks, had an accomplice right under the noses of French authorities. The late discovery of Mr. Abaaoud’s blood ties with Hasna Aït Boulahcen has left French investigators stunned. Now they are trying to trace Ms. Aït Boulahcen’s path between her two identities—one that turned a hard-partying young woman into a pious Muslim and then into a suspected accomplice in the Nov. 13 terrorist attacks that left 130 people dead. Meanwhile, as Mali reels from the latest assault on its capital, governments are dealing with a sobering thought: Islamic State’s meteoric rise has given al Qaeda allies reason to escalate their violence.
Warning Shots
As the threat of terrorism has become an ever-present reality, how can authorities know, as quickly as possible, that an attack is under way? Our technology columnist Christopher Mims notes that the nature of the 911 system in the U.S. can lead to significant delays in understanding what is going on in a Paris-style attack. He writes that one possibility is using technologies such as ShotSpotter, which helps pinpoints the exact location of gunshots and explosions. “We can’t prevent a Mumbai-style attack with this technology, but what we can do is be a very fast, precise alarm to mitigate the downstream consequences of an active shooter scenario,” says the president and CEO of the company that developed the technology. He calls the system a “fire alarm for gunshots.”
How ISIS Evades Surveillance
That Was Painless
Authorities are investigating whether Islamic State terrorists used a range of readily available encryption technology to plan the Paris attacks that left scores dead and injured.

Paul Ryan Enjoys Early Wins as Speaker, With More Tests to Come

Expiring Tax Breaks Face Another Nail-Biter This Year

Terror Rift Fueled Mali Attacks

Myanmar Landslide Death Toll Passes 100; At Least 100 Still Missing

Some Shipping Companies Gain an Edge During Holidays

Lions Gate Braces for New World Order

Fairness of SEC Judges Is in Spotlight

Pensions’ Private-Equity Mystery: The Full Cost
$4.5 billion
The estimated value of Petco in a potential sale to private-equity firm CVC Capital Partners and a Canadian pension fund, in what would be one of the biggest leveraged buyouts in a slow year for such deals.
I have to be treated fairly. You know, when I did this, I said I have to be treated fairly. If I’m treated fairly, I’m fine. All I want is a level playing field.
Republican presidential front-runner Donald Trump suggested yesterday that he would be open to running for president as an independent if he concludes Republicans aren’t treating him “fairly.”
What are your thoughts on Mr. Trump running for president as an independent? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
Responding to Friday’s question about Mexican reverse-migration, Daniel Souza of Connecticut commented: “As vote-hungry politicians stir up anti-immigrant sentiments in the run-up to 2016, we face the risk of a drastic net loss of Mexican labor we depend on to do all manner of jobs our own boys and girls will not do. If this phenomenon continues, the day could well come when we will be offering incentives for Mexican workers to cross the border to harvest crops, wait on tables, mow our lawns and perform myriad other tasks.” But Susan Brennan of Florida wrote: “Immigrants come and come and come into the USA. Our highways are congested, social services overwhelmed and the government is going deeper and deeper in debt trying to stay up with the demands of an ever-expanding population. Will things be better when every square foot of the USA is occupied by a human being seeking to benefit from the generosity of our country? When will other wealthy countries (United Arab Emirates, Japan, Brunei, Macau, Kuwait, Israel, etc.) take some responsibility for needy populations? Why is the USA always the patsy?” And Michael Der Manouel, Jr., of California had this to say: “It makes no sense to import unskilled labor when our government is literally spending billions of borrowed dollars to allow able-bodied but unwilling Americans to stay out the workforce. Immigration reform will be useless without correcting our perverse disincentives toward working.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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