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

The Wall Street Journal
Good morning,
Mighty Greenback
The U.S. dollar steamed to a level not seen since 2003 and yields on the 10-year Treasury note reached a high for the year Thursday, as Federal Reserve Chairwoman Janet Yellen confirmed investors’ view that the U.S. economy is strong enough to withstand an interest-rate rise soon. Ms. Yellen told lawmakers in testimony Thursday that the Fed could move “relatively soon,” after the government released a grab bag of economic data all pointing to a stronger economy: an improving housing market, rising consumer prices and a more robust labor market. The number of Americans filing new claims for unemployment insurance fell last week to its lowest level since 1973, the Labor Department reported Thursday. Ms. Yellen’s comments bolstered expectations that the Fed will lift its benchmark federal-funds rate at its next meeting on Dec. 13-14.

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In Like Flynn
President-elect Donald Trump has offered the job of national security adviser to retired Lt. Gen. Michael Flynn, a move that would elevate a longtime officer who became known for criticizing the country’s terrorism policies from inside the military. If he accepts Mr. Trump’s offer, Gen. Flynn will become the third person named to the president-elect’s administration, alongside Steve Bannon, selected earlier this week as chief strategist, and Reince Priebus, named chief of staff. Meanwhile, we take a look at how Mr. Trump’s tough talk on immigration defied suggestions from party strategists, but exit polls suggest he did no worse than Mitt Romney with Hispanic voters. Also yesterday, it was announced that Mr. Trump’s children won’t have White House roles, though conflict of interest concerns remain. And Vice President-elect Mike Pence returned to Capitol Hill Thursday for his first visit with a broad swath of lawmakers since the election.
Mail-Order Kickbacks
Valeant Pharmaceuticals for a year has weathered a scandal over its relationship with a mail-order pharmacy that critics say helped it secure lofty prices for its drugs. Now prosecutors say they have uncovered another troubling connection between the two companies. They alleged Thursday that two men—one from each company—enriched each other through a multimillion-dollar fraud and kickback scheme by directing more business and money to the pharmacy, Philidor. Valeant and its shareholders suffered as a result, prosecutors said. Former Valeant executive Gary Tanner and former Philidor chief executive Andrew Davenport were arrested at their homes early Thursday as the U.S. attorney’s office in Manhattan alleged in a criminal complaint that they conspired to persuade Valeant to funnel its business to Philidor.
Powder in July
Summertime and skiing: In the Northern Hemisphere, the words are antithetical. But ski season in South America starts in June and ends around early October, making it a training ground for professional skiers around the world as well as a draw for Northerners who can’t wait until their own winter. While ski resorts are generally smaller and more rustic in South America than the best-known ski areas in the U.S., they are also far less expensive. We look at resorts and luxury homes in Argentina and Chile, including market conditions and snow conditions. We also explore Wilson, Wyo., a low-key ski town that ranks No. 1 in the U.S. in average adjusted gross income, but has retained a style that’s part cowboy, part hippie.
Back to the 80s
That Was Painless
With a $60 mini version of its original NES, Nintendo strikes nostalgia gold. Our Personal Technology columnist Joanna Stern takes a look at the hard-to-find 8-bit gaming system.

Puerto Rico Births Projected to Decline

Los Angeles Builders Say New Affordable-Housing Rules Will Stifle Construction

Mexico Lifts Rates Amid Peso’s Fall, Trump’s Rise

Japan’s Shinzo Abe Discusses Security Alliance at Meeting With Trump

Tesla, SolarCity Merger Gets Shareholder Approval

Jeff Bezos Invests Billions to Make Amazon a Top E-Commerce Player in India

J.P. Morgan Settlement Lays Bare the Practice of Hiring ‘Princelings’

Bet on Europe’s Elite Buying Off the Peasants’ Revolt
The approximate number of jobs Volkswagen could cut over the next five years as part of a sweeping restructuring of its embattled VW passenger car brand that will also include a shift toward electric vehicles and new digital mobility businesses.
What unites us is the common conviction that globalization needs to be defined humanely and politically…There is no turning back from it.
In a news conference after meeting with President Obama in Berlin, German Chancellor Angela Merkel vowed to address concerns about globalization that have given rise to populist movements across Europe and the U.S.
Going back to our story above, what are your thoughts on Ms. Yellen’s testimony to lawmakers? 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 Theranos whistleblower Tyler Shultz, Max Cardin of Maryland wrote: “Mr. Shultz, unmoved by fancy lawyers and ad hominem attacks, speaks truth to power. We should commend his bravery and solidify whistleblower protections. As Theranos tries to intimidate him into revealing his sources, he places his duty to protect the public above personal gain and comfort. I hope the ensuing investigation identifies any and all misconduct and holds those responsible for their actions.” Rich Irwin of Ohio shared: “As a whistleblower myself, I understand Mr. Shultz’s feelings of being betrayed by a company that he thought had a commitment to doing things right. Unfortunately, I had the same experience and although they eventually made things right, I have reason to believe that some of my fellow retirees are still angry at me.” William Liesman of California said: “This will be a classic business school ethics case for years to come. It has elements of fraud, using connections with extremely influential people to shield wrongdoing, tremendous greed, and ultimately the low level whistle-blower who is driven to follow his conscience.” And Andrew Kuhn of Illinois commented: “As a young professional beginning my own career, it is important to see these demonstrations of courage and integrity to stand up to a toxic company culture, even in the face of intense pressure from powerful leaders.”

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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