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

The Wall Street Journal
Good morning,
The Mexico Gambit
This week brought exceptional twists and turns on the trade and immigration issues that have become signatures of the Trump campaign. We report that Donald Trump’s high-stakes visit to Mexico City and his follow-up speech in Phoenix had been discussed internally for weeks. But Mr. Trump originally omitted from his speech the usual line that Mexico would have to pay for his proposed wall along the U.S. southern border. He added the line back after Mexican President Enrique Peña Nieto tweeted that he had told Mr. Trump that Mexico would refuse to pay for the wall. Meanwhile, our examination finds that Mr. Trump’s past real-estate work brought him into regular contact with people who had ties to organized crime, though some say this was unavoidable in the industry at the time. We also report that a new batch of Hillary Clinton’s emails shows blurred lines with her Clinton Foundation contacts during her tenure as secretary of state.

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No Lift-Off
An explosion that destroyed a SpaceX rocket and a satellite on the ground Thursday casts a pall over the pioneering space-transportation company run by entrepreneur Elon Musk. In addition to worsening a backlog of delayed commercial launches, the explosion is likely to complicate the company’s pursuit of additional manned and unmanned government contracts. It could take several months to determine the accident’s cause and take remedial action. The incident occurred during preparations for a routine test firing at about 9 a.m. at Cape Canaveral Air Force Station in Florida. The destroyed Falcon 9 rocket had been slated to send Israel’s Space-Communications’s Amos-6 satellite into orbit this weekend and was part of an effort to provide internet access to people throughout large parts of sub-Saharan Africa by Facebook in collaboration with French satellite operator Eutelsat Communications.
Venture Gains
A rare look at the returns generated by Andreessen Horowitz’s first three venture funds shows they have nearly doubled their investment capital or better since inception, and yet the famed Silicon Valley venture-capital firm falls short of some of its top-notch rivals. Co-founded by web pioneer Marc Andreessen in 2009, the firm is routinely mentioned among the pantheon of great startup investors with the likes of Sequoia Capital and Benchmark, a status that has allowed it to command higher fees than some of its peers. But Sequoia’s 2010 fund is up 5.5 times and Benchmark has multiplied investors’ money 11 times net of fees in its 2011 fund. We report that amid a drought in tech IPOs, Andreessen is still waiting for the kind of blockbuster that can cement a venture firm’s legacy.
If These Walls Could Talk
Watergate will forever be notorious as the site of the Democratic National Committee break-in. Now for $1.33 million, you can buy your place in its history. That’s the asking price of the four-bedroom residence where then-Attorney General John Mitchell lived when planning the infamous break-in of 1972. The apartment, located in one of the Watergate’s three residential towers, measures 3,150 square feet and includes a private elevator entrance. The buildings that make up the Watergate complex have a long list of A-list residents influential in politics, public policy, the arts and business. Current owners include Supreme Court Justice Ruth Bader Ginsburg, former Sens. Bob and Elizabeth Dole, and Jacqueline Mars, heiress to the Mars candy fortune. We take you behind the scenes in the Washington landmark.
TODAY'S VIDEO
Protected Waters
That Was Painless
Through an executive action, President Obama expanded the Papahānaumokuākea Marine National Monument, creating the world’s largest marine reserve.
TOP STORIES
U.S.

Florida Braces for First Hurricane Strike in Over a Decade

Security Debate Draws Attention to U.S. Border With Canada
WORLD

Militias Corner Islamic State in Libyan City

Kurdish Militia Says Remains of Americans Killed Fighting Islamic State in Syria Await Return
BUSINESS

Apple Squeezes Parts Suppliers to Protect Margins

Throwback Western Saddles Up for Box-Office High Noon
MARKETS

Life Insurance Customers Push Back Over Surprise Cost Increases

Bank Groups Weigh Legal Challenge to Fed Stress Tests
NUMBER OF THE DAY
$82 million
The overall potential value of Mylan’s special incentive plan to its top five executives. The drugmaker at the center of a firestorm over hefty price increases on the lifesaving EpiPen put a special incentive plan in place more than two years ago that rewards executives if they hit aggressive profit targets.
QUOTE OF THE DAY
It has become increasingly clear in recent years that lack of rigor in the assessment of the scientific validity of forensic evidence is not just a hypothetical problem but a real and significant weakness in the judicial system.
A draft report by the President’s Council of Advisors on Science and Technology raised questions about bite-mark, hair, footwear, firearm and tool-mark analysis routinely used as evidence in thousands of trials annually in state and federal courts.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Mr. Trump’s visit in Mexico City? 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 August surge in U.S. bank shares, Roy Farrow of Nevada said: “The Fed, interest rates and share prices remind one of a dog chasing its tail. One day, in a universe far removed from ours, interest rates will increase and markets will deflate.” Joe Williams of Kansas commented: “Simple—big banks are one of the few less than fully-priced sectors in the stock market....Value wins out over the long term.” And Slade Howell of North Carolina weighed in: “Financial sector stocks are showing relative life after being depressed due to an extended stagnant U.S. economy. Currently revenues are increasing because there are few other places on the planet to park funds and expect any return. In the past, big money going to ‘bank stocks’ is usually a sign that there is an expected imminent decline in the broad market, not because it is believed that the Fed will make any significant rate hike.”
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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