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

The Wall Street Journal
Good morning from Santa Barbara, where our annual WSJ ECO:nomics conference is under way. You can see my interview from opening night with Ford CEO Mark Fields and a conversation with U.N. Secretary General Ban Ki-moon here.
Taxing Times
New Treasury rules limiting the ability of U.S. companies to do international deals to lighten their tax burdens drew cries of protest from corporate boardrooms and conservative critics yesterday. While companies around the globe raced to assess the impact, Pfizer and Allergan swiftly condemned the action after terminating their planned $150 billion merger. Both companies now must look to do deals of their own. The Treasury pushed back against the claims that its new rules put U.S. companies at a global disadvantage, arguing that the regulations shut down unfair loopholes. The Obama administration and congressional Republicans agree that the U.S. should cut its corporate-tax rate, but there are few signs that Congress will act in an election year. Meanwhile, on our Opinion pages we have an op-ed written by Pfizer CEO Ian Reid on the new rules. And in other M&A news, the Justice Department filed an antitrust lawsuit challenging Halliburton’s planned acquisition of rival Baker Hughes.
Labor’s Love Lost
As big labor gears up to support the eventual Democratic presidential nominee, a fight among labor unions over who would control a proposed $50 million super PAC has slowed the creation of a unified effort to boost the chances of Democrats winning the White House and Congress in November. The efforts have been delayed in part over disputes about who would receive credit for the work done. Convincing union members and their families to vote for Democratic candidates could be particularly challenging this year if the Republican presidential nominee is businessman Donald Trump. Meanwhile, Mr. Trump faces tougher delegate math after his loss in Wisconsin and unbound delegates are proving more valuable as the possibility of a contested convention comes into focus. In the Democratic race, Sen. Bernie Sanders’s awkward explanation of how he would break up the nation’s biggest banks reverberated on the campaign trail yesterday.
Warrior Class
The Golden State Warriors, the NBA’s defending champion, now stand three wins from tying the league record of 72 in the regular season. Much of the credit belongs to the star guard Stephen Curry. But there is another tale to be told. It involves a group of executives, led by a Silicon Valley financier, with limited experience that bought a floundering franchise in 2010 and set out to fix it by raising a single question: What would happen if you built a basketball team by ignoring every orthodoxy of building a basketball team? The dominance the Warriors have displayed this season can be traced back to one of the most unusual ideas embraced by the data-loving executives: the notion that the NBA’s 3-point line was a market inefficiency hiding in plain sight. We report how the Warriors have revolutionized the game of basketball, and how Mr. Curry sinks so many 3-pointers.
Bon Voyage
When it comes to summer travel, a strong dollar and cheaper airline tickets are overpowering terrorism fears. Travel agencies say bookings are already filling up in popular destinations across Europe. Paris tourism, hit hard by the November attacks, has rebounded significantly, though some travelers are opting to explore lower-profile destinations considered less likely to be a target, such as Lisbon and Prague. The strength of the U.S. dollar against other currencies has made it much cheaper for Americans to venture abroad. And low oil prices and increased competition among airlines, both domestically and internationally, have kept fares down on many routes this year. “We’re kind of learning to live with this now. The traveler is much more resilient these days,” said the chief executive of the World Travel & Tourism Council.
Little Vegans
That Was Painless
The Scandinavian School of Jersey City offers an all-vegan menu to its preschoolers, who help prep meals, grow vegetables and make bread and cashew milk.

Fed Sends Signal That April Rate Hike Is Unlikely

As Dollar Falls, World Perks Up

Chinese Link to ‘Panama Papers’ Widens

Iraq Stumbles Early in Northern Military Campaign

Amazon Struts Its Fashion Sense, Challenging Traditional Stores

Fiat Chrysler to Cut 1,300 Jobs at Michigan Sedan Factory

U.S. Softens New Retirement Rule

Tiger Global Hedge Fund Plunges on Amazon, Netflix, Other Bets
The percentage of Americans who borrowed from the government’s main student-loan program who aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay.
There is serious evidence of illegal conduct of the president…This shows serious enough [acts] to authorize the installation of an impeachment process.
Federal Deputy Jovair Arantes recommended in a report that Brazilian lawmakers vote in favor of President Dilma Rousseff’s trial before the Senate. The president is accused of using loans from state banks to plug a massive budget hole in violation of the nation’s financial responsibility laws.
Going back to our story above, what are your thoughts on the U.S. government’s recent action against inversions? 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 the Wisconsin primary results, Toby Perkins of Pennsylvania wrote: “It is interesting to observe from the Wisconsin results that while populism may be fading among Republicans with Donald Trump’s poor showing, it may be surging among Democrats with Bernie Sanders’s win and momentum.” Gordon E. Finley of Florida said: “There is a major difference in the two victories. The Republican win was based on antipathy and large strategic establishment dollar bets while the Democratic win was based on hope for a better life and small contributions. Looking forward, the key question in my view is can the will of the people prevail against the establishment.” And Bob Kenney of Maryland commented: “I’ve been hoping my whole life for a contested political convention instead of the ultra-boring 4-day infomercials we’ve been forced to endure for decades. And now we may have two!”
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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