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

The Wall Street Journal
Good morning,
China’s Stock Shock
Chinese markets fell sharply this morning, even as Beijing scrambled to arrest a three-week stock selloff. A raft of Chinese government agencies stepped up efforts to shore up plunging stock markets that the country’s securities regulator described as facing panic and irrational selling. Our columnist Andrew Browne explains why the unprecedented rescue moves by the Chinese government reveal deep-seated insecurity. “Far more than simply a market crisis, the turmoil on the Shanghai Stock Exchange is viewed by China’s leadership as a potential security threat to the regime,” he writes. Here are five peculiar things about China’s market meltdown.
The Greek Chorus
Eurozone leaders set Greece a Sunday deadline to reach the outlines of a new financing deal that the German chancellor Angela Merkel said would have to include even more economic overhaul measures than before. Greece responded this morning by formally requesting a three-year bailout from the eurozone’s rescue fund and pledged to start implementing some of the overhauls demanded by its creditors. In Germany, the voices of those who said Ms. Merkel should have been even tougher earlier on are now staking out the moral high ground and helping to set the tone in the media. On July 20, Greece must repay €3.5 billion ($3.8 billion) in bonds held by the European Central Bank. A failure to do so could force Greek banks to collapse.
Skating on Thin Ice
Shell is days away from drilling in the Arctic Ocean—betting it can find enough oil to justify the huge risks that keep almost every other competitor out of those icy waters. It has already spent $6 billion and will sink more than $1 billion more into drilling in the Chukchi Sea this year—if ice, storms and legal challenges don’t derail its progress. For the task, it has tapped a 30-year-old rig with a name that suggests its end-of-the-earth purpose: the Polar Pioneer. However, it could be a year or more before Shell knows whether it is sitting on a bonanza or drilling one of the most expensive duds in history.
Too Little, Too Late
Most offices have at least one—the manager or executive who is chronically late for meetings, wrecking others’ schedules. Our Work & Family columnist Sue Shellenbarger looks at how to minimize the damage caused by schedule-wreckers. Research shows that meeting delays put participants in a bad mood, potentially hurting creativity and performance. While logistical issues can cause delays, some chronic latecomers take narcissistic pleasure in making a late entrance, or feel entitled by their presumed power or status to arrive late, coaches and consultants say. Read Sue’s column for tips on how to talk to them.

Arizona Railroad Approaches a Potential Final Chapter

Education Department to Propose Expanded Student-Loan Repayment Program

U.S. Suggests Open-Ended Iran Talks

In Andes, Pope’s Ecological Line Faces Resistance

Low-Cost Drone Maker Takes On Rivals

Technology Experts Hit Back at FBI on Encryption

Barclays Chief Executive Antony Jenkins to Leave Bank

J.P. Morgan to Settle Credit-Card Probes for $125 Million—Sources
Home of Subway Spokesman Raided
That Was Painless
Law-enforcement officials raided the Zionsville, Ind., property of Subway restaurant spokesman Jared Fogle on Tuesday without providing any information about the reason for the raid. Later in the day Subway announced that it had suspended its relationship with Mr. Fogle. Photo: Charlie Nye/Associated Pres
The amount by which the U.S. trade gap widened in May, according to the Commerce Department yesterday. It reflects the continuation of a downward trend in exports and stable demand for imports, outside of oil.
This is a tidal wave of young people looking for a better life…You can’t put a dam in front of a tsunami.
Reza Soltanzadeh, a 43-year-old manager of an investment fund in Tehran, on Iran’s legions of young people pushing against decades of religious edicts and isolation.
Going back to our story above, what are your thoughts on how to deal with chronic latecomers? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
Responding to yesterday’s question about Greece’s future, Anshu Bhatia of Texas said: “Everyone knows Greece cannot ever pay its accumulated debt, caused by its reckless borrowing and corruption. However, it has also made lot of reforms in its five years of austerity and is running budget surpluses. The best course going forward is for EU, IMF and ECB to put Greece’s debt on hold until its economy can start growing again. That will be the win-win situation.” Mary Thompson from New Mexico commented: “They’re forcing the world to help them develop a mature attitude. It’ll require much more pain to be visited upon the citizens before reality begins to dawn on them. They’re like a three-year-old holding their breath, until they pass out there won’t be modification of their behavior.” And James Nance of Florida wrote: “Nemesis, in Greek mythology, is a goddess who is implacable in exerting divine retribution unto those mortals succumbing to arrogance and hubris. The latest Greek debacle provides her with a target-rich environment.”
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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