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

The Wall Street Journal
Good morning from Cleveland and the last day of the Republican National Convention,
No Cruz Control
The GOP’s rift between traditional conservatives and populist candidate Donald Trump was laid bare on Wednesday night when Sen. Ted Cruz refused to endorse Mr. Trump, leaving delegates at the RNC shouting angrily. In a dramatic prime-time address the day after Mr. Trump officially won the nomination, the Texas senator congratulated Mr. Trump by name for the victory and then never mentioned him again, drawing boos as he concluded his speech with a call to Republicans to follow their “conscience” in November. Knowing Mr. Cruz had no plans to back him, Mr. Trump created his own distraction, stepping into view and drawing the sights of cameras across the arena as the Texan concluded his remarks. The lingering fissures inside the party overshadowed Indiana Gov. Mike Pence’s elegantly crafted and delivered speech accepting the Republican vice presidential nomination. Meanwhile, as Mr. Trump prepares for his own big moment in the limelight tonight, we chronicle how his stretch of personal and financial troubles in the 1990s helped forge the traits that propelled him to the Republican nomination.

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The Wolf of Malaysia
U.S. prosecutors have linked the prime minister of Malaysia, a key American ally in Asia, to hundreds of millions of dollars allegedly siphoned from one of the country’s economic development funds, according to a civil lawsuit seeking the seizure of more than $1 billion of assets from other people connected to him. The Justice Department filed lawsuits Wednesday to seize assets that it said were the result of $3.5 billion that was misappropriated from 1MDB, a fund set up by Prime Minister Najib Razak in 2009 to boost the Malaysian economy. Among the Justice Department’s assertions: That some $1 billion originating with 1MDB was plowed into hotels; luxury real estate in Manhattan, Beverly Hills and London; fine art; a private jet and the 2013 film “The Wolf of Wall Street.” Meanwhile, Singapore said the investigation has found serious lapses at three major banks.
Big Brew
The U.S. Justice Department on Wednesday signed off on Anheuser-Busch InBev’s acquisition of rival SABMiller, removing one of the last major hurdles standing in the way of a roughly $108 billion deal to create a global beer giant. The antitrust enforcers took limited action against AB InBev, putting restrictions on the beer giant’s ability to pursue the fastest-growing part of the U.S. beer market and limiting the Belgian-based brewer from creating incentive programs that encourage independent distributors to sell and promote its beers over rivals. Now AB InBev faces only one more regulatory hurdle—China—and then the deal requires shareholder approval. But SABMiller’s board was expected to discuss the possibility of seeking new terms from AB InBev now that the U.K.’s vote to exit the EU has sent the pound plunging.
Security Checkup
The Transportation Security Administration appears to have saved summer travel. Barely. After hourslong lines at some airports and public outrage over stranded passengers, the beleaguered agency pulled off a major restructuring between Memorial Day and the Fourth of July, dramatically reducing wait times even as summer air travel surged to record levels. How TSA dug out of its checkpoint quagmire is both a remarkable story of rare, quick change inside a big government agency and a tale of airports and airlines having to come to the rescue with money and manpower. We report that in just a few weeks, TSA imposed new oversight over its airport directors, put more agents on passenger screening checkpoints and found simple changes could make a big difference. Now the next worry is what will happen in the fall when the short-term fixes, such as liberal use of overtime, dissolve.
TODAY'S VIDEO
Ally to Enemy
That Was Painless
Turkish President Recep Tayyip Erdogan announced a three-month state of emergency on Wednesday as part of an escalating response to last week’s failed military coup. He accuses his one-time ally Fethullah Gulen, a U.S.-based Turkish cleric, of masterminding the failed coup.
TOP STORIES
U.S.

Federal Court Orders Texas to Change Voter ID Law Before November

Twin Cities Archdiocese Admits Wrongdoing in Abuse Coverup
WORLD

Britain’s Theresa May Begins Sounding Out Europe on Brexit Negotiating Position

In a Freer Myanmar, State Media Are Left Out
BUSINESS

Art Sales Suffer Global Slump

Hollywood Now Worries About Viewer Scores, Not Reviews
MARKETS

HSBC Foreign-Exchange Executive Charged With Fraudulent Trading

Pimco Appoints Man Group’s Manny Roman as Chief Executive
NUMBER OF THE DAY
12%
The drop in Morgan Stanley’s overall profit in the second quarter, despite it topping analyst expectations. The bank did more with less and delivered a strong showing in its fixed-income trading business.
QUOTE OF THE DAY
This was my mistake and I feel terrible for the chaos I have caused Melania and the Trumps, as well as to Mrs. Obama.
A statement attributed to writer Meredith McIver said Donald Trump had rejected her offer to resign from his campaign after striking similarities were found between parts of Melania Trump’s speech and Michelle Obama’s 2008 speech, eclipsing the convention’s opening days.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Mr. Cruz refusing to endorse Mr. Trump? 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 the speeches so far at the RNC, Bob Kenney of Maryland wrote: “The convention is one public relations disaster after another for Mr. Trump. I can’t wait for his acceptance speech.” Howard Brown of Rhode Island commented: “On Mrs. Trump’s speech: This is a tempest in a teapot. She isn’t running for office. I’m no Trump supporter, but if his critics can’t find anything more substantive to jump on, then the convention looks like a success to me, especially in light of predictions of violence and unrestrained chaos.” Slade Howell of North Carolina said: “The dynamic speech by Speaker Paul Ryan gets my vote. He has been viewed, by many, as the intellectual leader of the Conservative movement within the GOP. Last night he expressed it with vigor.” And Marla T. Buck of Pennsylvania weighed in: “Donald Trump Jr. nailed it! His speech was easily the best at the convention so far. And he is not a politician! He spoke intelligently, from the heart and with great passion and exuberance about his father.”
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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