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

The Wall Street Journal
Good morning,
Crude Numbers
The debate among the biggest oil nations over whether to freeze output is beginning to be overtaken by a rapid slide in production around the world. The U.S. government said yesterday that national output dropped in March and will likely continue falling, and this morning OPEC said that production outside the cartel is falling more sharply than expected. Helped by speculation of a deal led by Russia and Saudi Arabia, the two biggest producers, at a meeting in Doha this weekend, oil prices recovered yesterday but they fell again this morning as profit-taking and pessimism over whether producers can agree to a freeze pulled the price down. Any deal could signal that the bottom of the oil-price rout has passed. Others in OPEC—including Venezuela, Iraq, Qatar, Kuwait and the U.A.E.—have said that they would likely go along with a Moscow-Riyadh-led agreement, but it remains unclear whether they would agree to a freeze if Iran, also an OPEC member, doesn’t participate.
Taxing Times
The U.S. Treasury Department’s new corporate rules will reach far beyond the few companies that moved their legal addresses to low-tax countries, forcing many firms based in America to change their internal financing strategies and tax planning. Corporate tax lawyers say the rules cast aside decades of precedents and force corporations to alter routine cash-management techniques. The regulations would also end a strategy used by companies to repatriate foreign profits without paying U.S. taxes. Tax lawyers were surprised at how many transactions may be affected by the rules, which address the line between internal company debt and equity, and are urging clients to examine all existing transactions among subsidiaries. And in other regulatory news, the Fed and the FDIC are set to reject the so-called living wills of at least half of the U.S.’s systemically important banks, including J.P. Morgan Chase, sending them scrambling to revise plans for a potential bankruptcy.
Cruz Control
As he trails his rivals in state polls, Texas Sen. Ted Cruz is campaigning in some unlikely places in the run up to Tuesday’s New York primary. Mr. Cruz has focused on Democratic congressional districts typically overlooked by GOP candidates. His team hopes to pick up at least some of the state’s 95 delegates with the aim of stopping Donald Trump from securing the 1,237 he needs to clinch the nomination before the July convention. Meanwhile, Ohio Gov. John Kasich, who delivered a stinging rebuke of his two Republican rivals yesterday, is trying to connect with individual delegates ahead of the Cleveland convention. Also yesterday, the Clinton Presidential Library released records from Bill Clinton’s presidency that offer insight into how the Clinton White House saw Donald Trump. We also report on Hillary Clinton calling for equal pay for women and economists expressing worry about the impact of the campaign.
Hashtag Ever After
Meet the latest iteration of the decades-old tradition of ogling while others tie the knot: digital wedding crashers. In a Sunday morning ritual, people are poring over strangers’ wedding photos on Instagram. Nearly 50% of brides and grooms now use a personalized wedding hashtag, often using a combination of their names, the location and the date of their nuptials. This makes it easy for anyone to click on that hashtag and immediately see a gallery of photos that is much more intimate and detailed than a newspaper wedding announcement. For brides-to-be, the voyeuristic jaunts morph into fact-finding missions as they plan their own weddings. And wedding planners and vendors use their clients’ hashtags for their own publicity. For most, it is simply a chance to be a fly on the wall at events that are increasingly—and meticulously—staged for social media.
Put LinkedIn to Work
That Was Painless
LinkedIn may be uncool, but with its refreshed app and some helpful tips, you may just find it to be more worth your time than Facebook and the rest. Our Personal Technology columnist Joanna Stern breaks down what you need to know about the professional network.

China Investment in U.S. Economy Set for Record, But Political Concerns Grow

Social Conservatives Try New Tack With State-Level Efforts on Religious Freedom

U.S. Readies ‘Plan B’ to Arm Syria Rebels

Venezuela Blunts Opposition’s Rise Months After Landmark Victory

Year-Old Email Raises Questions About Sumner Redstone’s Condition

Burberry’s CEO Fights to Gain Luxury Customers

J.P. Morgan Profit Slides as Trading Business Struggles

Corn Imports Surge in U.S., Despite Record Harvests at Home
$250 million
The face value of Valeant debt held by private-equity firm Centerbridge Partners. It has called a default following the Canadian drugmaker’s failure to file its annual report this year, adding to the litany of woes it faces.
Let me be clear: I do not want, nor will I accept, the Republican nomination.
Speaking at the party’s national headquarters yesterday, House Speaker Paul Ryan planted himself firmly on the sidelines of this year’s volatile GOP presidential race, forcing Republicans for now to pin their hopes of winning the White House on one of their current candidates.
What are your thoughts on Mr. Ryan’s refusal to step into the presidential race this year? 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 Boeing opening talks to sell airliners to Iran, Dean Holmes of North Carolina wrote: “Iran is a bad actor on the world stage and the Boeing deal would just reward such behavior.” But Dan Goncharoff of New York said: “Once the decision is made allowing Iran to reintegrate into the global economy, there is no benefit in preventing U.S. companies from getting the business.” And Tom McCabe of New York commented: “I think Iran’s ability to rebuild a viable air transportation industry will allow Iran and the Iranian people to more rapidly rejoin the community of nations…With Airbus having already contracted to sell Iran dozens of new aircraft, it is very important that Boeing is also allowed to catch up to compete on an equal footing…Undermining Boeing’s efforts will only expand Airbus’s healthy order book with Iran at the expense of American exports and high-income, quality American jobs.”
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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