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

The Wall Street Journal
Good morning,
Strategic Setback
President Barack Obama’s troubled Pacific-region trade deal is threatening to become a foreign policy failure in Asia, where the U.S. loaded the accord with strategic significance as a counterweight to the rise of China. U.S. officials have billed TPP for years as central to a shift of U.S. military and other resources to Asia. Failure at this point would dent U.S. credibility on everything from trade to its commitment to a region where U.S. might has underpinned security since World War II. But with opposition toward the pact mounting on both the right and left in Washington, the likelihood of its ratification in Congress appears bleak, and both major presidential candidates have attacked the deal. Hillary Clinton, who has said she opposes the pact in its current form, is under increasing pressure from the left to make a clean break with the deal, which she supported while serving as Mr. Obama’s secretary of state. Still, the administration continues to hold out hope for the TPP’s passage.

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Trump’s Outreach
Republicans have been trying to strengthen their ties to Silicon Valley, in part to boost support from its wealthy executives. Donald Trump hasn’t followed suit. Although famed tech investor Thiel has been a prominent supporter, there have been few others willing to sign up for the republican candidate. Frosty relations there mean Mr. Trump’s fundraising operation potentially is leaving millions of dollars on the table, adding to his already-substantial shortfall with Mrs. Clinton. She ended July with $140 million in her campaign, joint funds with the Democratic Party and a friendly super PAC; Mr. Trump’s comparable take was $78 million. Meanwhile, Mr. Trump’s campaign sent signals this weekend that he might be shifting his views on immigration, suggesting his stance may soften. Kellyanne Conway, the campaign manager, dialed back on Mr. Trump’s pledge to create a “deportation force,” while he tried this past week to reach out to minority groups, in part by holding a meeting on Saturday with his Hispanic Advisory Council.
High Performance
For generations, having a job at Kimberly-Clark meant having a job for life. The maker of household products such as Huggies and Kleenex paid its employees above-market salaries and avoided layoffs. Even low performers rarely felt pressure. That era is over. One of the company’s goals now is “managing out dead wood,” aided by performance-management software that helps track and evaluate salaried workers’ progress and quickly expose laggards. We report that turnover is now about twice as high it was a decade ago, with approximately 10% of U.S. employees leaving annually, voluntarily or not. The changes mirror what is happening inside many large companies, where “performance management” reflects the conviction that a sharpened focus on creating a high-performing workforce is a vital tool to generate revenue and profit.
Jump Ball
Meet Kobe Bryant, venture capitalist. The retired NBA star will today unveil his venture-capital fund, a $100 million vehicle for investing in technology, media and data companies. He is partnering with longtime entrepreneur and investor Jeff Stibel, and the pair has named their Los Angeles-based firm Bryant Stibel. The two men are contributing the $100 million and aren’t seeking outside investors yet. Current investments include sports media website The Players Tribune, videogame designer Scopely, legal-services company LegalZoom, a telemarketing-software firm called RingDNA and a home-juicing company called Juicero. Meanwhile, on the final day of the Rio Olympics, the U.S. basketball team rounded out Team USA’s triumphant games with their third straight gold medal. Brazil passed the Olympic torch to Japan on Sunday in a soggy but stirring closing ceremony. We explain why Team USA exceeded all expectations in a blowout medal race, while Great Britain gave a strong performance to finish second in gold medals.
TODAY'S VIDEO
Kurds Under Attack
That Was Painless
A young bomber attacked a crowded outdoor wedding in southeastern Turkey’s largest city on Saturday, killing at least 51 people and wounding scores of others.
TOP STORIES
U.S.

Fed Officials Brace for (Familiar) New Normal

Zika Virus Spread Renews Focus on Abortion Debate
WORLD

Reconstruction Begins on Baghdad Shopping Complex Bombed in July

After Olympics Spectacle, Brazil’s Focus Shifts Back to Political Saga
BUSINESS

China Crinkles Aluminum Foil Makers

Viacom Detente Yields Promotion for New Interim CEO
MARKETS

In Scramble for Yield, Pension Funds Will Try Almost Anything

Wilbur Ross’s Next Big Bet: Oil and Gas
NUMBER OF THE DAY
$14 billion
The amount Pfizer is nearing agreement to pay for biotech Medivation, in an all-cash deal that would add one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio.
QUOTE OF THE DAY
They’re only one new customer—but it’s a big one.
The head of credit trading at a major European bank on the ECB’s corporate-bond-buying program, which has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy. The ECB had purchased more than €16 billion of corporate bonds as of Aug. 12, after starting purchases in early June.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the future of TPP? 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 Friday’s question on Russia bolstering its military presence on its western border, Leo Jubb of Maryland wrote: “Vladimir Putin has said that he’d like to reverse the outcome of the Cold War. Perhaps he believes that can only be done with military pressure. It’s a reckless and dangerous game; let’s hope the West doesn’t have to call his bluff to make it end. Unfortunately, it may be the only way.” Clauston Jenkins of North Carolina said: “Why would we be surprised? Mr. Putin senses weakness and indecision in America’s leadership and is taking advantage of it.” And Bob Jones of New Jersey commented: “Rather than cut back on our commitment to NATO, we should seek to expand it to cover Israel, Japan, Taiwan, and other free market democracies. An attack on any of them should be considered an attack on all. This will make Russia, China, Iran, ISIS and other expansionary nations think twice about using their armies to intimidate smaller powers.”
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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