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

The Wall Street Journal
Gerard Baker is away. Today’s 10-Point is by Deputy Editor in Chief Matt Murray. Follow him on Twitter @MurrayMatt.
Good morning,
Cash Clash
Senior Justice Department officials objected to sending a plane loaded with cash to Tehran at the same time that Iran released four imprisoned Americans, but their objections were overruled by the State Department. After announcing the release of the Americans in January, President Barack Obama also said the U.S. would pay $1.7 billion to Iran to settle a failed arms deal dating back to 1979. What wasn’t disclosed at the time was that the first payment would be $400 million in cash, flown in at the same time, as we reported Tuesday. The concerns of Justice Department officials show that even within the Obama administration there were worries that the pallets of cash could send the wrong signal about U.S. policy when it came to hostages. Meanwhile, the disclosures have reignited a political furor over the Iran nuclear deal in Washington.
Crossed Signals
Republican vice presidential nominee Mike Pence on Wednesday endorsed Paul Ryan in his primary race, a day after Donald Trump withheld support from the House speaker. The conflicting messaging came as the Trump campaign sought to keep Republicans from abandoning their party’s nominee after a week of miscues and sliding poll numbers. A Fox News survey released Wednesday found Hillary Clinton 10 percentage points ahead of Mr. Trump, 49% to 39%. Mr. Pence’s attempt to bridge the gap between Mr. Trump and Mr. Ryan marked the third time in two weeks that the low-key vice presidential nominee has had to step into such a breach. But in a bit of good news for Mr. Trump, we report that he marked another substantial escalation in his fundraising in July, drawing him far closer to Mrs. Clinton.
Breaking on
The Bank of England cut its benchmark interest rate to 0.25% from 0.5% this morning, marking a new low in the central bank’s 322-year history. It also revived its long-dormant U.K. government bond-buying program and said it has lined up billions of pounds in ultracheap four-year loans for banks to fuel lending. The multipronged stimulus underscores the central bank’s deep concern over the potential cost to the economy from Britain’s vote to leave the European union in June.
Big Order
Wal-Mart is in talks to buy online discount retailer, a deal that could give the retail giant’s e-commerce efforts a much-needed jolt as it seeks to grow beyond its brick-and-mortar storefronts with speedy home delivery. It isn’t clear how much Wal-Mart would pay for the unprofitable startup, but Jet could be valued at up to $3 billion, a sign that Wal-Mart executives are willing to spend big to catch up with Amazon. Barely a year old, Jet has sought to underprice Amazon with a vast marketplace that would require billions of dollars in funding and a plan to rely more on suppliers than warehouse inventory. A sale to Wal-Mart at a premium to Jet’s last valuation of $1.35 billion would give investors a handsome return, but also signal that Jet couldn’t live up to its grand ambitions.
Mansion in the Sky
The Boeing 787 and the Airbus A350 can each hold 300 passengers. Then there are the ones built for a family of four. Jumbo jets outfitted as private planes cost $300 million or more and boast opulent dining rooms, showers as big as those in five-star hotels and gourmet kitchens with induction cooktops. Photos of the interior of a Boeing 787 outfitted by Kestrel Aviation Management were made public this year—something unheard of in the world of ultra-fancy, ultra-secretive private-jet buyers. But peeking inside is more than just airplane voyeurism. Sometimes innovations in private jets make it into the commercial airline fleet. Private buyers are demanding, and manufacturers can experiment when they are outfitting one plane rather than a fleet. We take a look at what’s inside the most tricked-out private jumbo jets.
The Rice Cooker Test
That Was Painless
For decades, China’s economy blossomed through low-cost exports built on inexpensive labor, an era coming to an end because of rising wages and competition. Now, in a bid to build a mature economy, China hopes to produce more high-end goods to sell domestically.

For Economy, Aging Population Poses Double Whammy

In a Hard-Edged Campaign Year, Senate Races Take a Centrist Tone

India Tax-Overhaul Bill Moves Forward

Mass Stabbing Strikes London as U.K. Steps Up Armed Police Force to Prepare for Possible Terror Attacks

Tesla Loses $293 Million as Deliveries Fall Short, Expenses Rise

Grab, an Uber Rival in Southeast Asia, Is Set to Raise $1 Billion

One More Reason for Investors to Worry About ‘Earnings Before Bad Stuff’

Barclays Cut in Half as Europe Slims Down on Wall Street
$36.3 million
The amount Goldman Sachs has agreed to pay to settle allegations it misused confidential regulatory materials leaked from the Federal Reserve, the latest twist in a lengthy investigation.
I can’t give up everything. I am changing enough to keep myself safe.
Jessica Ardente, a 36-year-old nurse practitioner in the first trimester of pregnancy, on living at the edge of the 1 square-mile zone of the current Zika outbreak in Miami. To walk her dog, she dons mosquito repellent, long pants and long-sleeved shirts. The number of people known to be infected with Zika through local transmission by mosquitoes in Miami is currently 15.
Going back to our story above, what are your thoughts on Wal-Mart potentially buying Jet? 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 U.S. government’s payment to Iran, Aaron Biller of New York commented: “Let’s hope every single Swiss franc and euro delivered to Iran is traceable. It might help track the terrorists Iran is funding.” David May of Texas said: “Having lived and worked in Iran for several years, it would appear the Iranians used an old ploy of totally disrupting what you think you have going on with them—by kidnapping our sailors—and then using the weakness of a politician who so wants to go down in history as a peacemaker, to gain an economic advantage.” Dan Goncharoff of New York wrote: “That the two parallel negotiations had nothing to do with each other is patently absurd. That doesn’t mean they were improper. In foreign policy, lying is a necessary art.” And Michael Becker of Missouri weighed in: “Our policy has always been a public one of never negotiating with terrorists and hostage takers while in reality ‘channels are always open.’ If it is my loved one, I expect that hard decisions will be made to get my loved one back.”
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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