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

The Wall Street Journal
Good morning,
Money Talks
Even as the Democratic primary race has been charged by searing anti-Wall Street rhetoric, Hillary Clinton is consolidating her support among donors from the financial sector, ahead of a general-election battle with Donald Trump. The former secretary of state received 53% of all donations from Wall Street in March, as some donors shifted their financial support to her from Republican candidates who earlier dropped out of the race. Mr. Trump hasn’t aggressively pursued the finance sector for funds so far. Meanwhile, the New York businessman said his ambitious package of across-the-board tax reductions is meant to serve as a starting point for negotiations with Congress, and taxes could rise for upper-income households. While Sen. John McCain contends with Mr. Trump’s influence in the Arizona Senate race, other Republicans worry that the presumptive nominee’s inflammatory rhetoric will tarnish the entire GOP ticket in the general election. But a smaller and less-noticed pack of Republican candidates has fully embraced him, inspired by his blunt talk and nationalist message.
Manufactured Success
There are new signs of stress in the world’s second largest economy. China is doubling down on efforts to keep unprofitable factories afloat despite, for years, pledging to curb excess capacity. The country’s overproduction of steel, aluminum, diesel and other industrial goods has driven down prices and crippled competitors, leading to thousands of lost jobs in the U.S. and elsewhere. The glut of basic materials flooding the global economy has triggered a sharp rise in trade disputes and protectionist sentiment, especially in the U.S. Our analysis finds that Chinese government support includes billions of dollars in cash assistance, subsidized electricity and other benefits to companies. Recipients include steelmakers, coal miners, solar-panel manufacturers, and producers of other goods including copper and chemicals. The U.S. launched seven new investigations into alleged dumping or government subsidies involving Chinese goods in the first three months of this year. Meanwhile the Shanghai Composite Index tumbled after the Communist Party’s mouthpiece reported that China’s economy is headed for an “L-shaped” recovery, further stoking worries about growth.
Wanted Middleman
In Syria, George Haswani sees himself as a patriot who is helping keep his country from plunging into the dark ages. In the West, he is a wanted man for allegedly acting as a middleman between Islamic State and the Syrian government, the terror group’s largest customer. Islamic State controls much of Syria’s energy infrastructure and sells stolen oil and natural gas at a discount—even to the regime it is ostensibly battling. U.S. and European Union officials have sanctioned Mr. Haswani, a dual-Russian-Syrian national, for his alleged role as a broker of crude-oil shipments from Islamic State to the government of President Bashar al-Assad. We report that he is buttressed by his strong ties to Russia. U.S. officials say that Moscow’s military and economic alliance with Damascus make it clear Russia knows of the dealings between the Assad regime and Islamic State.
Health Hack
Medical-device companies are working to develop artificial pancreases for Type I diabetes patients, but the process of commercial development and regulatory approval is too long for many. Instead, families are turning to online instructions to hack old insulin pumps to automatically dose the hormone in response to real-time glucose monitoring. More than 50 people have soldered, tinkered and written software to make such devices for themselves or their children. As long as the people tinkering with their insulin pumps aren’t selling or distributing them, the FDA doesn’t have a legal means to stop it. The homemade systems are vulnerable to the problems of current technology, such as pump failures and occlusions in tubing, but the algorithm is more disciplined than humans. “It is definitely a job for machines,” says one father who built a robotic pancreas for his son.
Marine Menace
That Was Painless
Sharks draw the crowds at marine exhibits with their promise of peril, but sea turtles are more violent and unpredictable, nipping keepers and eating the feared one’s lunch.

Windfall for Central Banks Fuels Political Pressure

Judge Tries New Approach With Terror Defendants: Deradicalization

Greece Passes Austerity Measures As Creditors Remain Deadlocked Over Bailout Terms

EU’s Migration Woes Threaten a Crisis of European Values

Disney Could Face Costly Search for Successor

Key Ruling Looms in Redstone Lawsuit

Falling Dollar a Risky Premise for Rally in Other Assets

Lenders Get Burned Betting on Ivy Leaguers
$378 billion
The value of U.S. deals withdrawn in 2016, already the highest level for a year on record. World-wide buyers have canceled $489 billion of deals so far this year.
Twitter’s decision could have grave consequences.
Michael S. Smith II, chief operating officer of the security consulting firm Kronos Advisory, on the social media firm barring U.S. intelligence agencies from using the analytics service Dataminr, which mines public Twitter feeds and alerts clients to unfolding terror attacks.
What are your thoughts on Twitter cutting intelligence agencies’ access to Dataminr? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on wage compression, Ralph Hamann of Minnesota said: “Wage compression is a real issue that employers need to address, because they ultimately end up paying either through higher turnover costs or increased wages and benefits. Some employers will be able to defray increased costs through real productivity gains, but many won’t. Ultimately, the consumer and least-skilled end up paying for an increase in the minimum wage.” Page Glasgow of Michigan wrote: “The drive for an increased minimum wage seems driven from liberal philosophy rather than economics. Wages are increased when productivity is increased, not by a law. Labor cost should be based on contribution and value.” But Zach Robock of Ohio commented: “So-called wage compression is a major benefit of raising the minimum wage. It increases pressure to pay everyone on the bottom and middle rungs more money, and it should help combat the current climate of stagnant wages and a widening income gap.”
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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