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

The Wall Street Journal
Good morning,
The Sweet Spot
The most powerful oil rally in seven years pushed crude prices above $50 a barrel on Thursday, a level that eases pressure on producers while being low enough to keep consumers happy at the gas pump. A sustained price at or slightly above $50 isn’t high enough to spur energy companies to spend again on big projects but offers some relief after almost two years of swooning prices. Such a recovery could also be enough to relieve pressure on central bankers in the U.S. and around the world, allowing the Federal Reserve to slowly increase interest rates. Since hitting a 13-year low in February, U.S. crude has climbed 89% in 73 trading days, the sharpest rise since an increase of 92% between February and May of 2009, momentum that has made crude the new hot trade for some individual investors.
Trump Card
Donald Trump secured the delegates he needs to become the Republican Party’s presidential nominee Thursday and gave a rollicking news conference to mark the occasion. He dialed back his idea of imposing a temporary ban Muslims entering the U.S., softened his once-unconditional support for federal subsidies for ethanol and reupped an invitation to Sen. Bernie Sanders to debate him, but only if Mr. Sanders or television networks produce a $10 million charitable donation. Meanwhile, House Speaker Paul Ryan is holding firm so far in not endorsing Mr. Trump after speaking with him Wednesday night. Also yesterday, Hillary Clinton defended her use of a private email server while secretary of state, a day after a critical report from a government watchdog, though she called it a mistake.
Valeant Attempt
After firing Valeant’s CEO Michael Pearson and pushing his way onto the company’s board, William Ackman now finds himself on the other side, defending a company under attack by dubious investors and others. As recently as last August, Valeant ranked as the most valuable holding of Mr. Ackman’s hedge fund, Pershing Square. His stake was worth about $5 billion. But mounting questions about its drug pricing, growth strategies, debt and accounting drove the stock down 90%, leaving Mr. Ackman’s reputation as a shrewd investor as much on the line as the company’s future. We chronicle Mr. Ackman’s attempt to turn Valeant around. He secured backing from J.P. Morgan Chase and other banks, wooed a new chief executive and with his fellow board members spurned a takeover approach. While early investor feedback was encouraging, the outlook has since grown cloudier.
On Safari
For the first time since its launch in 2008, WSJ. Magazine features two distinct covers with its June issue, both part of an expansive 32-page portfolio shot on location in Kenya at a private conservancy that allows visitors to experience the wildlife and landscape outside the confines of a safari vehicle. Also this issue, we feature an exclusive excerpt from a forthcoming biography of legendary photographer Diane Arbus, and report from the hills of Sicily, where the Anna Tasca Lanza cooking school is keeping the region’s culinary traditions alive with renowned visiting chefs such as Grant Achatz and Alice Waters. Other magazine highlights include a former British intelligence officer who offers le Carré-style role-playing on the streets of London, our survey of New Orleans’s dynamic restaurant scene and a profile of an innovative videogame company based in Cameroon.
A Grandson’s Quest
That Was Painless
Ari Beser, the grandson of the only U.S. crewman to fly on both the Hiroshima and Nagasaki bombing runs, is on a quest for nuclear disarmament, one that has led him to Japan—and to face-to-face encounters with survivors. President Barack Obama arrived in Hiroshima today on the first visit to the city by a sitting U.S. president.

Baylor Plans to Fire Art Briles, Demotes Ken Starr Over Scandal

Presidential Campaigns End, but Debts Remain

Nigerian Schoolgirl’s Return Spotlights a Town Making Its Own Comeback

G-7 Notes Downside Risks to Global Economy, Calls for Balanced Policy Mix

Google Wins Java Copyright Case Against Oracle

Airbnb Seeks Big Boost From Rio Olympics

Goldman Sachs to Stop Rating Employees With Numbers

Farm Belt Banks Tighten the Buckle
4,000 miles
The approximate distance of a new fiber optic cable that Facebook, Microsoft and Telefónica have teamed up to build under the Atlantic Ocean, the latest evidence that the biggest U.S. tech companies are seeking more control over the Internet’s plumbing.
I thought it was characteristic of Gawker’s uniquely degrading role in our culture.
Billionaire investor Thiel admitted in a written statement to the Journal that he has provided roughly $10 million to back professional wrestler Hulk Hogan’s invasion-of-privacy lawsuit against Gawker, a disclosure that has divided Silicon Valley.
Going back to our story above, what are your thoughts on the oil rally? 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 airlines making fewer free, reserved seats available, Woody Woodruff of New York wrote: “I should think that separating kids from parents would make both the kids and the adults forced to sit next to them a major headache for the airlines. Must be a policy set by somebody who never had to ride in coach.” Mike Webb of New Jersey commented: “This is the classic ‘I want to eat my cake and have it too.’ In market based economies, you get what you’re willing to pay for. You want a cheap ticket, then you accept the given restrictions. You want to ensure you sit next to your child, then pay the fee. The Senate is well out of line adding a funding provision to require airlines seat parents with children.” Louise Nemanich of Arizona weighed in: “All seat assignment fees or seat upgrade fees should be presented to the customer up front when the customer first views or selects fares. This is usually the point at which the customer chooses the airline with which he/she will book the flight and often the routing or even the destination. It seems deceptive to learn about those fees in later steps of the process.”
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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