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

The Wall Street Journal
Good morning,
From Russia With Interest
The U.S. government has warned some top U.S. banks not to bid on a potentially lucrative but politically risky Russian bond deal, saying that it would undermine international sanctions on Moscow. Wall Street bankers are scrambling to determine whether the opportunity for new business is worth bucking the administration’s advice. The rules don’t explicitly prohibit banks from pursuing the business, but some worry that if they participate, Russia could inject the funds into companies under sanctions. Moscow plans to issue at least $3 billion of foreign bonds—its first international sale since sanctions were imposed in 2014. Some U.S. officials are pressing for Washington to impose fresh sanctions on Russia if it doesn’t abide by the cease-fire agreement in Syria.
The Eyes of Texas
Texas has 155 delegates up for grabs in its Republican primary next week, but for Sen. Ted Cruz, the stakes are immeasurable. The Texas primary is one of three contests this month where Republican hopefuls must prove they can beat front-runner Donald Trump on their home turf. The odds look long for Marco Rubio in Florida and John Kasich is lagging behind in Ohio. Both those states are winner-take-all-contests, but under Texas’s complex rules, Mr. Cruz likely would have to share delegates with Mr. Trump even if he gets more votes. Meanwhile, the Texas senator’s tax plan has economists unusually divided, with projections that cover the spectrum from sanguine to disastrous. And in other political news, the Obama administration let it be known that it is vetting Brian Sandoval, the Republican governor of Nevada, as a possible candidate to fill the Supreme Court vacancy.
Money to Mosul
More than a year of U.S.-led airstrikes and financial sanctions haven’t stopped Islamic State from ordering supplies, importing food or making profits in currency arbitrage. Every day, hundreds of money-exchange offices in Iraq, Syria, Turkey and Jordan funnel millions of dollars in and out of militant-held territory. Shiite militias and Iraqi Kurdish fighters, both of which are at war with Islamic State, are bribed to guard and grant passage of these cash shipments along at least three routes. On the final leg, Islamic State imposes taxes on cash entering and exiting its territory, which buys the smuggler protection. But Iraqi officials must balance international demands to stem the flow of money with their economy’s health: more than half of Iraqi retail traders rely on money-exchange and remittance companies instead of conventional banks.
Website Takes Off
When it comes to booking your next flight, there’s more to consider than just price. A New York-based startup has found a business in scoring the endless air-travel options that can overwhelm consumers. Routehappy’s website ranks flights by 225 airlines with specific scores comparing eight attributes: aircraft, seat, cabin layout, entertainment, Wi-Fi, fresh food, power outlets and duration. One executive says that for long flights he looks for Wi-Fi and power ports, while for family trips he picks flights with individual entertainment screens to occupy his child. Even though they may think their flights deserve higher scores, airlines have embraced the startup. Later this year, United plans to test posting Routehappy data on its own website to see if the information helps customers buy up to higher fares or click to buy more readily.
TODAY'S VIDEO
Beyond ‘Like’
That Was Painless
Facebook’s new reactions require some rules. Our Personal Technology columnist Joanna Stern breaks down how they work and when you should use them.
TOP STORIES
U.S.

Why a Global Currency Accord Won’t Happen

Democratic Rivals’ Black Outreach Efforts Fall Short in South Carolina
WORLD

Iran’s Moderates Seek to Capitalize on Nuclear Deal for Election Gains

Hungary Calls Referendum on EU Migrant Relocation Plan
BUSINESS

Beyond the Oil-Industry Bloodbath

Foxconn’s Deal for Sharp Now in Question
MARKETS

The Big New Threat to Oil Prices: A Glut of Gasoline

Investors Look to Bookies to Gauge if U.K. Will Leave the EU
NUMBER OF THE DAY
25%
The difference between S&P 500 companies’ advertised performance in 2015 and their actual performance. Pro-forma earnings were below results reported under generally accepted accounting principles.
QUOTE OF THE DAY
We still think that people that are currently in charge are only motivated to keep servicing the debt because that’s the only way they can keep this crazy charade country functioning.
AJ Mediratta, co-president of asset manager Greylock Capital Management, on Venezuela appearing set to hand over $1.5 billion for its debt payment to foreign bondholders on Friday, despite plunging oil revenue, widespread shortages, dwindling foreign reserves and an economy in crisis.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the Obama administration vetting Republican Gov. Brian Sandoval for the Supreme Court? 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 the GOP caucus results in Nevada, Arthur Young of Nevada shared: “I caucused in North Las Vegas. It wasn’t nearly as nefarious as reported, but badly in need of automation…By its nature, the process imposes difficulties on working folks and those with physical limitations who might otherwise have participated. No wonder turnout was so low.” Marc Reichel of South Carolina said: “Trump’s convincing win in Nevada further reflects the sentiment of conservative voters who are tired of the GOP’s way of ‘politics-as-usual’ and want an ‘outsider’ to be the Republican nominee.” But Gary McAuliffe of Georgia wrote: “I have been hearing for a long time that we Republicans are angry because our elected officials have gone to Washington and have not stayed with their conservative principles. How is it that we Republicans are giving the leading vote count to Trump who has never been a consistent conservative?” And Peggy O’Shaughnessey of Michigan commented: “I can’t wait to see the Clinton machine’s opposition research on Trump—research the Republicans refuse to do.”
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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