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

The Wall Street Journal
Good morning,
A New Sultan
Turkey’s President Recep Tayyip Erdogan declared victory Sunday in a close vote on constitutional changes that would concentrate more power in his office and usher in some of the most radical changes since the 1923 founding of the republic. The referendum was marred by allegations of fraud, with opposition leaders vowing to demand a recount. The president said the proposed constitutional amendments would give him the tools to grapple with terrorism, economic woes and the conflict in neighboring Syria. But in the short term, they are likely to create greater domestic instability. The contested results could lead to heightened tension with Europe, where officials have expressed wariness about a further concentration of power for Mr. Erdogan. We report that winning by such a thin margin may ultimately threaten Mr. Erdogan’s ability to govern unchallenged.

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The China Gambit
In the wake of North Korea’s failed missile test over the weekend, Trump administration officials have stepped up pressure on China, saying the threat has reached an inflection point that demands new urgency. By framing China as the world’s best hope for a resolution that doesn’t involve military action, the U.S. aims to raise the stakes for Beijing. A senior U.S. official said the White House was remaining low-key to give China time to press Pyongyang to ease tensions before moving to other measures, such as sanctions against North Korea that would hurt Chinese companies. Sunday’s comments marked a softening of rhetoric after recent saber rattling from Washington and Pyongyang. Meanwhile, Vice President Mike Pence, on a visit to South Korea, warned North Korea not to test President Trump, calling the recent U.S. strikes on Syria and Afghanistan an example of Washington’s strength.
Fresh Bets
The largest public pension fund in the U.S. is studying dramatic changes in how it invests in private equity that would slash payments to Wall Street managers. The internal review is the latest effort by the California Public Employees’ Retirement System to re-evaluate its more expensive bets as it wrestles with a cash crunch, a widening funding deficit and declining estimates of future earnings from stocks and bonds. Calpers—like many pension funds—doesn’t have enough assets on hand to pay for all future obligations. Among the options being considered are buying a private-equity firm or creating a separate company outside Calpers that would make private-equity wagers. In perhaps the biggest shift being reviewed, Calpers also may ask its staff members to make private-equity investments directly.
Developing on WSJ.com
Police this morning are on the hunt for a murder suspect after a gruesome killing was apparently posted on Facebook. Police in Ohio urged residents in surrounding states to be on the alert for a man who they said shot and killed an elderly passerby seemingly at random and then posted the video of the killing on the social network. Steve Stephens, 37, was wanted on a charge of aggravated murder in the death of Robert Godwin Sr. in Cleveland. Police warned residents of Pennsylvania, New York, Indiana and Michigan to be on the lookout for Stephens, who they said may have traveled out of state.
I Do, Without You
Cousins and colleagues are out of luck. As summer wedding season approaches, wedding planners expect more smaller weddings with the budgets of big weddings. The events often, but don’t always, involve a destination and can range from $1,000 to $10,000 per person. Even as some couples cut the guest list, they aren’t cutting the budget, says one New York-based wedding planner whose clients are mostly 30-something couples paying for the events on their own and spending $150,000 to $300,000. For some venues, smaller weddings can help fill gaps left in the schedule by larger parties that book weekend nights more than a year in advance. Larger hotel chains are taking note and offering more intimate spaces for couples who can’t fill the ballroom.
TODAY'S VIDEO
A Wife’s Search for Her Missing Husband
That Was Painless
Jee Ick-joo, a South Korean businessman living and working in the Philippines, was abducted by police from his home in October. It took his wife, Choi Kyung-jin, three months to learn his fate.
TOP STORIES
U.S.

Fed Puts Together Plan to Unwind Securities Portfolio

Builders Bet Tiny Apartments Will Lure Renters
WORLD

About 3,000 Expected to Evacuate Besieged Syrian Town

China Posts Best Quarterly Growth Figure Since 2015
BUSINESS

Older Workers Challenge Firms’ Aggressive Pursuit of the Young

Behind United Airlines’ Fateful Decision to Call Police
MARKETS

Wells Fargo Board Faces High-Stakes Vote

What Is Tesla Really Worth?
NUMBER OF THE DAY
1%
The drop in sales of personal luxury goods, such as designer apparel and handbags, last year, as Neiman Marcus and other high-end retailers find that even wealthy shoppers want better deals.
QUOTE OF THE DAY
You don’t lose your job if you don’t hug.
Yves Doucet, CEO of Canadian software company Dovico, on hugging employees. We report that handshakes have given way to bear hugs, back pats and lingering embraces in some corners of the corporate world.
TODAY'S QUESTION
What are your thoughts on hugging in the workplace? 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 Mr. Trump’s recent policy reversals, Dave Cunningham of Illinois said: “Anyone surprised by Mr. Trump’s policy reversals hasn’t been paying attention. He says what he needs to say to get an objective, and when that is accomplished, he says what he has to for his following objective, regardless of consistency with prior statements.” Randy Bates of North Carolina wrote: “Mr. Trump is playing like an all-pro quarterback early in the game. He is exploring the defense and taking what they give while setting them up for the big play later in the game. He has clearly explained the long-term goal and I am perfectly patient to wait for the results.” Clay Wolcott of Texas commented: “Americans that voted for him largely did so because his outsider approach and appeal. It’s discouraging to know that even the most aggressive on the campaign trail can be manipulated by the machine.” And Melody Yuhn of Texas added: “Although I did not support his presidential bid, I am at least hopeful that these recent policy reversals show that he’s gathered input from trusted industry advisers and is able to change positions and be more pragmatic. Maybe he learned from the travel ban and health-care bill debacles.”

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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