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

The Wall Street Journal
Good morning,
Russian Jet Downed
Developing on The Turkish military said it shot down a likely Russian jet fighter after it crossed into Turkish airspace and ignored repeated warnings to return to Syrian airspace. Russia said that one of its jets had been downed in the region, but said that it had only flown over Syria. The incident highlights the gathering peril in the multi-sided war that is rapidly spreading its tentacles around the world.
On the Trail of the Assassins
An explosive vest suspected of belonging to a Paris attacker still at large was found on the outskirts of the French capital. Belgian authorities said they would keep Brussels on lockdown today and under the highest terror-threat status for even longer, as they pursue a cell they believe is linked to the fugitive, Salah Abdeslam. Meanwhile, French consumers, reluctant spenders for most of this year, are shopping even less in recent days and staying away from restaurants and theaters at night. In other news, Russian President Vladimir Putin made his first visit to Iran in nearly a decade, seeking to cement the countries’ newfound partnership in Syria even as the U.S. seeks to drive a wedge between them over the future of the Assad regime.
Merging to Split
The $155 billion deal to combine Pfizer with Allergan would create a drug behemoth so big that Pfizer is already thinking of splitting the combined company into two by 2018. One business would focus on newer products and have sales that the companies project will grow in the double digits. The other, with a potentially mid-single-digit growth rate, would consist of older drugs that have lost patent protection or are about to. The deal, also called an “inversion,” is expected to cut Pfizer’s tax rate by about one-third. But investors could owe taxes and may not get cash payouts sufficient to cover the bill. The merger has also stoked another round of calls in Washington to revamp tax rules and protect the corporate tax base.
Mayer’s Mavens
Marissa Mayer has repeatedly said that reviving growth at Yahoo would take multiple years, but many insiders have lost patience. They say that the embattled chief executive has no clear sense of direction and has misled investors and advertisers about the company’s progress. According to people familiar with the matter, she employs what she calls a “jujitsu move,” in which she tries to create a diversion when forced to deliver bad news. Under her tenure, Yahoo’s moves into mobile software, online video and search have cost the company hundreds of millions of dollars but yielded no meaningful growth in total users or revenue. Ms. Mayer said last month that the company would adopt another strategy to “reset” its focus, without providing any details.
Back to the Basics
Need a solution for back pain? When surgery fails or isn’t an option, an approach to physical and psychological healing called functional restoration may work. Our columnist Laura Landro examines the program, which patients often join as a last resort. A big component is psychological and behavioral counseling to teach coping skills and help them get over the fear of movement that comes with the tendency to magnify the threat of pain and feel helpless to do anything about it. In addition to strengthening and cardio exercises, there are relaxation exercises to help patients for future pain-flare-ups.

Amid Terror Scare, State Department Issues World-Wide Travel Alert

Former Benghazi Committee Staff Member Sues Rep. Trey Gowdy for Defamation

Mauricio Macri Asks for Patience After Winning Argentina Election

Sepp Blatter and Michel Platini Face Formal FIFA Hearings

Energy Downturn Spreads Beyond the Oil Patch

Icahn May Seek Xerox Board Seats

Copper Miners’ Pain Doesn’t Stop Buildup

The Oxford Economist Running the Fed’s Interest-Rate Machine
212 million
The decline in China’s working-age population by 2050, as estimated by the United Nations—roughly the number of people who live in Brazil, the world’s fifth most-populous nation.
When there’s no money, there’s no populism.
Martha Lagos, head of the Chile-based Latinobarómetro polling firm, on the end of the commodity boom and how it will hurt all governments in South America, but that the populist left will pay the highest price because they managed their economies the worst.
Going back to our story above, what are your thoughts on Pfizer’s deal to take advantage of a lower tax rate abroad? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
On yesterday’s question about Donald Trump running for president as an independent, John W. Clidas of Florida wrote, “He is right to ask that he be treated fairly. When the Republican Party ‘establishment’ plans to orchestrate an organized effort to undermine his presidential candidacy…he is NOT being treated fairly. Shame on the Republican Party ‘establishment’ and quite honestly, the ‘establishment’ at large who seek to thwart the will of the people.” Steve Totzke of Tennessee commented, “The thought of seeing Trump’s name on the ticket as an independent brings to mind an unpleasant nostalgia of Jesse Ventura on the Minnesota ticket. I fear we are doomed to eight years of inexperienced and egocentric leadership due to an uneducated voter base that checks boxes based on name recognition and an ‘I voted for him, but I didn’t think he’d win’ mentality, the latter of which always seems to go undetected in polls.” And Jeanne Fuchs weighed in from Florida: “It would be good news if he did. He’d have no chance of winning in a three-way election, splitting the Republican vote. The result would be a win by Clinton—a sure thing if the Donald bolts, or if he wins the Republican nomination. She’s in either way.”
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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