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

The Wall Street Journal
Good morning from London,
Fire on the Right
The tables turned on Republican front-runner Donald Trump on Thursday night. He approached the latest GOP debate seeking to appear more presidential and pivoting to a general-election campaign against the presumed democratic nominee Hillary Clinton. But Sens. Marco Rubio and Ted Cruz, desperate to stop the republican front-runner, arrived in attack mode and Mr. Trump struck back with a barrage of counterattacks. The raucous debate came just hours after the unprecedented spectacle of the last two Republican presidential nominees, Mitt Romney and John McCain, attacking the most likely future nominee as unfit for the White House. Mr. Romney encouraged voters to vote tactically for the most obvious alternative to Mr. Trump in each state to force a contested party convention in July. But Mr. Trump’s rivals have shown no signs of deferring to one another. On March 15, Mr. Rubio and Ohio Gov. John Kasich face do-or-die primaries in their home states.
Endangered Unicorns
Mutual funds that helped fuel the technology boom are cutting the value of their startup investments at an accelerating pace and are making fewer new investments. These are the latest ominous signs for Silicon Valley, where a flood of money into young companies pushed valuations skyward and financed hiring sprees. BlackRock, Fidelity, T. Rowe Price, and Wellington Management run or advise mutual funds that own shares in at least 40 closely held startups valued at $1 billion or more apiece, according to securities filings. Our analysis shows that for 13 of the startups, at least one mutual-fund firm values its investment at less than what it paid. The companies include mobile-messaging service Snapchat, note-taking software maker Evernote and health-insurance brokerage Zenefits. View our startup stock tracker to see estimated share prices for startups valued at more than $1 billion by big mutual-fund firms.
High Standard
Brokers are in for big changes. Thousands of small brokerages are bracing for a tighter rule governing investments they recommend to retirement savers, a change they say will drive up compliance costs and could force them to drop middle-class clients. The idea of the regulation, which could be released this month by the Labor Department, seems unobjectionable enough—that brokers would follow a “fiduciary” standard when making investment recommendations. But the rule’s opponents, including many in the brokerage industry, say it will increase their costs and make providing investment advice to small-balance retirement accounts less profitable. Industry executives and analysts say the rule is likely to accelerate brokerages’ shift toward fee-based accounts and away from commissions, a trend in which smaller firms generally lag behind their bigger rivals.
Style Redefined
This Saturday’s Men’s Style issue of WSJ. Magazine is full of surprises, starting with its cover subject: a (temporarily) tattooed James Corden. A relatively unknown British stage actor only a year ago, Mr. Corden is now redefining late night television. The success of his Late Late Show has been built on immensely popular, YouTube-friendly franchises like “Carpool Karaoke,” which features duets with pop stars such as Adele and Justin Bieber. Then there’s renowned artist Olafur Eliasson, whose passion for creation extends to his studio’s kitchen, where staff meals are elevated to fine dining experiences that draw distinguished guests like Rene Redzepi and Ai Wei Wei. Other highlights from the issue include skiing Mount Glory with extreme athlete Jimmy Chin; demystifying the live-streaming videogame site Twitch; and annotating what’s inside the iPhone of actor-comedian-author B.J. Novak, co-founder of The List app.
Storage Makeover
That Was Painless
Traditional industrial park-style storage facilities are giving way to customized spaces with kitchens, reclaimed wood and stylish seating areas.

U.S. Productivity Fell in Fourth Quarter of 2015

Home Builders Slowed by Permit Delays

In Turkey, a Kurdish City Confronts Its Ruins

Syria Faces Partition Despite Cease-Fire

AMC’s Deal for Carmike Cinemas Boosts Chinese Control of U.S. Theaters

Chip Hacking Might Help FBI Unlock iPhones

The Return of the Inflation Trade

Emerging Markets Don Rally Cap
The amount that Hewlett Packard Enterprise’s first-quarter revenue rose, excluding the effects of a stronger dollar.
I want to appeal to all potential illegal economic migrants wherever you are from: Do not come to Europe.
European Council President Donald Tusk appealed to economic migrants, saying they shouldn’t try to risk their lives at the hands of smugglers as the path into the European Union constricts.
Going back to our story above, what are your thoughts on last night’s GOP debate? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to yesterday’s question on Syria, Rich Irwin of Ohio weighed in: “I think the situation is tragic. The U.S. should be providing material support to help overthrow the current regime, but instead is providing little more than words. Should the rebels succeed, that would be a well-earned and hard-fought victory that they so richly earned, but they won’t be our friends.” Charles E. Dean of Minnesota commented: “No matter who ‘wins’ Aleppo, Mosul, Ramadi, or Homs, the picture will be the same: total devastation, with very little chance of restoration or peace. It’s all too similar to Vietnam, where the U.S. destroyed villages in order to ‘save’ them from the Viet Cong.” And Paul Richardson of Florida added: “Whoever ‘wins’ this war will be faced with the almost impossible task of rebuilding a city which has been reduced to a pile of rubble.”
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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