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

The Wall Street Journal
Good morning,
Flawed Security
Belgian police rounded up six more people they said were connected to this week’s terror attacks, as the government yesterday acknowledged high-level counterterrorism failings. The Belgian federal prosecutor’s office said one suicide bomber had been wanted since December in connection with the Paris attacks, and a U.S. official said he and his brother were also on at least one U.S. watch list. While Belgium’s performance has come under harsh criticism, the European Union as a whole has faced challenges. In France, police carried out counterterror raids in a Paris suburb yesterday and detained a man who was in the “advanced stage” of planning a terrorist attack. The message from the attacks in Brussels and Paris, writes our columnist Stephen Fidler, is that Islamic State unleashes its violence in the West as a strategy to draw more foreigner fighters to its cause.
Ready, Set, Proxy Fight
Starboard Value is taking the nuclear option with Yahoo. The official launch of the fund’s bid to oust all of Yahoo’s directors has kicked off a scramble for the backing of other shareholders in a battle over how to salvage the beleaguered Internet pioneer. Each side will try to convince investors in the next few months that it is best-placed to find the top deal for the company or turn it around. The New York fund has long suggested steep cost cuts and urged Yahoo to focus its business on search, but so far given scant details of its vision. Embattled Yahoo chief executive Marissa Mayer, meanwhile, has to run the business amid both a sales process and a shareholder campaign that could cost her her job. Read Starboard’s letter to Yahoo shareholders here.
Low Energy
Bad loans are likely to outnumber good ones soon in the U.S. oil patch, an indication of the pressure on energy companies and their lenders from the crash in prices. In response, several major banks are reducing their exposure to the energy sector by attempting to sell off souring loans, declining to renew them or clamping down on the ability of oil and gas companies to tap credit lines for cash. The pullback is curtailing the flow of money to companies struggling to survive a prolonged stretch of low prices, likely quickening the path to bankruptcy for some firms. Fifty-one North American oil-and-gas producers have already filed for bankruptcy since the start of 2015. Meanwhile, U.S. natural-gas production hit its highest level ever over the winter even in the face of low prices.
All-Inclusive Care
Although the Affordable Care Act provides no insurance for unauthorized immigrants, many large counties treat them anyway. Our survey of the 25 U.S. counties with the largest unauthorized immigrant populations found that 20 of them have programs that pay for the low-income uninsured to receive care at local providers. The services are usually inexpensive or free to participants, who must prove they live in the county but are told their immigration status doesn’t matter. While many voters believe it is unfair to use tax dollars to help immigrants, county politicians figure it is cheaper, safer and easier to give basic health services to immigrants who can’t get insurance than to treat them only in the county’s emergency rooms. In other news, Pope Francis performed the Holy Thursday rite yesterday by washing and kissing the feet of Muslim, Christian and Hindu refugees.
TODAY'S VIDEO
Skating in the Spotlight
That Was Painless
Andrew Lloyd Webber’s pop extravaganza “Starlight Express,” which takes place on roller skates, requires intricate sets and elaborate costumes. That can be a challenge for amateur productions.
TOP STORIES
U.S.

U.S. Charges Seven Iranians in Hacking Attacks

‘Bathroom Battles’ Erupt Over Transgender Issue
WORLD

Radovan Karadzic, Ex-Bosnian Serb Leader, Convicted of Genocide

U.S., Russia Map Out Peace Strategy for Syria
BUSINESS

Playboy Enterprises Explores Sale

High Cost of Keeping Chocolate Cool Tempers Online Sales
MARKETS

The Decline of Dissent at the Fed

Square’s Newest Offering: Bank Loans
NUMBER OF THE DAY
$24 billion
The value of a national fund China has established to build a world-class semiconductor industry, exploiting a partnership with a U.S. company for the production of memory chips used in an array of electronic devices.
QUOTE OF THE DAY
I don’t get angry often. But you mess with my wife, you mess with my kids, that will do it every time. Donald, you’re a sniveling coward, and leave Heidi the hell alone.
Sen. Ted Cruz warned Donald Trump to leave family attacks out of the presidential race as a personal feud between the two candidates escalated.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Starboard’s bid to oust all of Yahoo’s 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 U.S. companies increasingly being governed by long-term board members, Slade Howell of North Carolina wrote: “Term limits are needed in the corporate world, just as with the officials running our government. In addition, the practice of holding board positions with multiple companies should be limited.” Stewart D. Cumming of California commented: “It seems to me that the same board members that activist investors are looking to sacrifice are the ones that made the companies attractive investments in the first place.” And Joel Rossmaier of Arkansas weighed in: “The value of experience and stability represented by long-serving board members should not be overlooked. And certainly age itself should not be a disqualification for continued service. At the same time, one can’t help but wonder how much job security the average worker feels compared to an entrenched board.”
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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