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

The Wall Street Journal
Good morning from Davos, Switzerland, and the first day of the World Economic Forum. My first additional daily 10-Point newsletter dedicated to all things Davos will be published later today.
A Clouded View
We kick off our coverage of the World Economic Forum with a series of special reports. As the thousands of business leaders, bankers, policy makers and investors that make up the Davos crowd gather in the Alps this year to extract the signal from the noise and divine where the world economy might be headed, the signal is flashing alarm. Our columnist Simon Nixon writes that the survival of the European project looks increasingly precarious, and we report that rising debt in emerging markets poses a global threat. Brussels bureau chief Stephen Fidler reports how political leaders are coping with the crisis economy and reporters Lingling Wei and Jon Hilsenrath explain how central bank officials are struggling to come up with new economic solutions. Instead of propelling the world economy into calmer waters, the so-called Brics—Brazil, Russia, India, China and South Africa—now risk capsizing it. Meanwhile, as global stocks resume their recent selloff, robust growth no longer seems around the corner for the U.S. and China’s hangover continues. Find our complete Davos coverage here.
Let There Be Trums
Donald Trump kicked off a final campaign sprint for the first presidential nominating contest yesterday, reveling in an attack from Iowa’s longtime governor against Sen. Ted Cruz, and welcoming an endorsement from former GOP vice-presidential nominee Sarah Palin. Polls show Mr. Trump and Sen. Ted Cruz are neck-and-neck in the state. Elsewhere in the GOP field, we report on signs that Ohio Gov. John Kasich’s unorthodox strategy in New Hampshire is working, placing him second to Mr. Trump in polls, while New Jersey Gov. Chris Christie faces accusations of flip-flopping. Meanwhile, Sen. Bernie Sanders is stepping up his attacks on Democratic rival Hillary Clinton and both parties are pursuing young Latino voters, who have surged in number.
Nuclear Fallout
Days after Iran secured relief from economic sanctions under a contentious nuclear deal, the country’s powerful hard-liners are moving to sideline more moderate leaders. Almost two-thirds of the 12,000 candidates who applied to run in next month’s parliamentary elections were either disqualified by Iran’s Guardian Council or withdrew. Reformists say their camp was overwhelmingly targeted, with one saying barely 1% of their applicants had been approved. The disqualifications are poised to escalate long-standing tensions between conservatives and moderates and complicate Western hopes that the nuclear deal will lead to a broader thaw in relations with Iran and spur collaboration on Syria and Yemen. Meanwhile, Iran’s re-entry into the world energy market might be more bearish more quickly than investors expect, while the removal of sanctions could also unleash a wave of aircraft deals.
Ties That Bind
Today most large companies can boast that their boards are overwhelmingly independent under rules laid down by the stock exchanges. Yet some of those independent directors have close ties to the companies and executives they oversee, or to one another. In one case, two directors who serve together have also served on outside committees overseeing each others’ compensation. Board independence, a relatively new concern for U.S. corporations, has received more attention in recent years as activist investors have gotten more powerful. We took a look at the nearly 4,500 men and women who serve on the boards of companies in the S&P 500, including executives holding board seats. See how the biggest U.S. companies stack up in terms of board pay, independence and women directors.
TODAY'S VIDEO
The Future of Wi-Fi
That Was Painless
Like New York City’s phone-booths-turned-hotspots, public Wi-Fi is getting faster and more widespread. Our columnist Joanna Stern tells you what you need to know before logging on.
TOP STORIES
U.S.

Supreme Court to Rule on Obama’s Bid to Block Deportations

Professors Raise Hands for Unions
WORLD

Pakistani Taliban Attack University in Northwest, Leaving 19 Dead

U.S. Clears Path to Target Islamic State in Afghanistan
BUSINESS

Asian Oil Companies Retreat as China Demand Dwindles

UnitedHealth Raises Forecast for Losses on Affordable Care Act Plans
MARKETS

Bank of America, Morgan Stanley Ready to Cut More Costs

Goldman Sachs Wants to Make More Giant Loans
NUMBER OF THE DAY
$28 million
The amount of emergency funding Michigan Gov. Rick Snyder requested from state legislators as he tries to contain the water crisis in Flint, where lead contamination has made the city’s water undrinkable for 100,000 residents.
QUOTE OF THE DAY
“He’s got the guts to wear the issues that need to be spoken about on his sleeve.”
Former Alaska Gov. Sarah Palin endorsing Donald Trump in the 2016 presidential race. Mrs. Palin endorsed Sen. Ted Cruz in his 2012 Republican primary race for his senate seat.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the independence of corporate directors? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on computer routers that are vulnerable to hackers, Augusta Era Golian of Texas wrote: “It is not just routers. No company in the industry wants to stand behind their products for the real lifetime of their products, or offer adequate customer support. Customers must be losing an enormous amount of money to planned obsolescence, lack of support, and criminality, but no one seems to care.” Philip Ivanov of New York commented: “The major security threat is the default settings being left untouched. In other words it is akin to folks using 123456 as their Wi-Fi password.” Ray Dillon of Pennsylvania weighed in: “Another example of ‘common sense’ not being so common. At minimum you’ve got to change basic security settings when you install new hardware and software in your system.” And William E. Hall of Virginia added: “This appears to be just one more example where a software or hardware manufacturer is more focused on sales, by being at a desired price point, than they are concerned about selling a quality product. Naturally, this is in response to a consumer who is more interested in price than quality, although for some reason the consumer seems to believe the lowest price product should match the highest price product when it comes to quality.”
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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