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

The Wall Street Journal
Good morning (good evening from Hong Kong),
Shanghai Slump
China’s shares have fallen for a third-straight day, shedding 11% since Friday and prompting questions about what Beijing’s next steps might be. “China’s stock market didn’t stay rescued for long,” writes our Heard on the Street reporter Alex Frangos. Slumping demand from the world’s biggest purchaser of many materials is also rippling through foreign-exchange markets. The response reflects concerns that a valuable source of export growth is drying up. Here’s an overview of China’s market in eight charts.
Dutch Resistance
When Mylan moved its legal home to the Netherlands it gained not just tax savings, but a corporate rule book that gave it more levers to resist takeovers, such as Teva’s recent proposal. Frustrated, Teva turned its attention on Allergan’s generics unit, buying it yesterday for $40.5 billion in cash and stock. The result for Mylan shows a consequence of the recent inversion craze. Some shareholders now have less leverage with management thanks to their new foreign home. Meanwhile, Allergan has signaled that the sale sets it up for more huge deals, but investors may worry it could bite off more than it can chew.
A Matter of Time
The clock is ticking for Joe Ripp. Since taking the top job at Time Inc. nearly two years ago, the CEO has been racing to reinvent what was once one of America’s most powerful media companies. Revamping Time has meant embracing sales of “native” ads that are meant to emulate the look and feel of editorial content. But lopsided revenue from print ads means that they will keep whipsawing the company’s bottom line for the foreseeable future, no matter how fast Mr. Ripp scrambles deeper into the digital age.
Fitting the Bill
Specialized fitness studios used to be pricey enclaves for a few fanatics. But the ranks of their users have surged, and now stand-alone cycling studios, boot camps and ballet-barre rooms are transforming the industry. Clients of fitness boutiques spent between $80 and $117 monthly in 2014, while traditional health-club members paid out just $37 to $76, data show. One woman dropped her $30-a-month health-club membership to spend an average of $500 monthly at a boxing studio.
TOP STORIES
U.S.

Pell Grants to Be Restored for Prisoners

Donald Trump, Bernie Sanders and Other Forces Scramble the 2016 Equation
WORLD

Alexis Tsipras Faces Race Against Time to Secure Greece Bailout Deal

Turkey Riles U.S. Ally in Fight Against Jihadists
BUSINESS

Pre-Fab Nuclear Plants Prove Just as Expensive

At P&G, Lafley Prepares to Hand Over Reins
MARKETS

Investors Warned on Carlyle Hedge Fund

Federal Lawmakers Propose Credit Reporting Changes
TODAY'S VIDEO
McDonald’s Serves Up High-End Fare
That Was Painless
For one night, the fast-food chain takes it slow with a five-course dinner to promote its summer burger menu. The effort comes as the reputation of McDonald’s food quality and its business in Japan has suffered in the past year. Photo: Lisa Du
NUMBER OF THE DAY
$6.27 billion
BP’s replacement cost loss—a number analogous to the net income that U.S. oil companies report—compared with a profit of $3.18 billion a year earlier, according to the energy company.
QUOTE OF THE DAY
When you get rhetoric like this, maybe it gets attention and maybe this is just an effort to push Mr. Trump out of the headlines, but it’s not the kind of leadership that is needed for America right now.
U.S. President Barack Obama excoriated Republican critics of the nuclear deal with Iran, particularly GOP presidential candidates, saying that they were playing “fast and loose” with the facts to scuttle the accord.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on specialized fitness studios? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Khadeeja Safdar
READER RESPONSE
On yesterday’s question about the human-egg lawsuit, Mike Furlong of Alabama wrote: “This lawsuit, along with freezing embryos, for example, is pushing the law into areas it is not ready to address in a clear and reasoned manner. Ethically we, as a country or even separate political groups, have not thoroughly considered what defines life. How can we assign a value to a biological entity, a human egg, which has no ability to perpetuate itself or reproduce without another biological entity, human sperm?” And Joseph P. Porter of Missouri weighed in: “As long as the fee paid to a donor can be considered compensation for services rendered, I don’t find something wrong with the process; however, if this were to become a matter of placing a human egg up for sale to the highest bidder, I am concerned that the matter becomes a question of selling a human being, albeit only as an egg. This places the focus of the process on the value of the item sold, rather than on the services of a donor, and bears an uncomfortable resemblance to the marketing of slaves.”
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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Copyright 2015 Dow Jones & Company, Inc. All Rights Reserved.   

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