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

The Wall Street Journal
Good morning,
Uncertain Prognosis
Facing fast-approaching deadlines to file plans for next year’s Affordable Care Act marketplaces amid uncertainty about the law’s fate, health insurers are putting off key decisions as they scour for clues on social media and in the hallways of Washington. A group of insurers is set to meet today with Trump administration officials, seeking reassurance and greater clarity about the future of the exchanges. Some companies have just weeks to file proposed 2018 rates with state regulators. Continuing uncertainty will force more cautious strategies, insurers say, such as bigger rate increases, or pullbacks or withdrawals, because they can no longer stomach the risk. Insurers say they were whipsawed by the Trump administration’s moves last week, when President Trump threatened to stop funding the ACA’s cost-sharing reduction subsidies in an effort to prod Democrats to negotiate over a health bill.

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Breaking: A U.K. Surprise
British Prime Minister Theresa May took the U.K. and global markets by surprise this morning when she announced that she would call an early general election on June 8 in a move that could give her more leeway in upcoming negotiations with the European Union if she wins. Opinion polls suggest she could increase her 17-seat parliamentary majority significantly. That would give her more freedom to maneuver in EU negotiations and be less dependent on the support of the euroskeptics of her Conservative Party who favor a clean break with the EU.
Activist Winner
Klaus Kleinfeld was ousted as chairman and CEO of parts maker Arconic months after overseeing its creation amid the breakup of aluminum giant Alcoa, following heavy pressure from hedge fund Elliott Management. Arconic said Mr. Kleinfeld’s exit came after he sent an unauthorized letter to Elliott that Arconic’s board of directors said showed poor judgment. Elliott pledged to continue its fight, saying the board’s repeated endorsement of Mr. Kleinfeld—and its statement Monday that it supported the strategy he led—were evidence change was needed and that new members should select the next leader. Mr. Kleinfeld will be replaced as CEO by director David Hess and as chairman by Patricia Russo, both on an interim basis. The ousting captivated Wall Street, where a debate is raging over how to balance a company’s goals for the future with its returns in the present.
After MOAB
Near the blast site of the “Mother of All Bombs,” U.S. and Afghan forces are trying to dislodge Islamic State from a mountain stronghold where the militant group recently established a new front. In the days leading up to the blast, U.S. and Afghan forces killed more than a dozen fighters, driving the militants out of much of the surrounding Achin district and into the mountains, according to an Afghan special forces commander. On Monday, Afghan commandos and U.S. Special Forces clustered with their armored vehicles by a river at the foot of the Spingar Mountains, less than a mile from where the powerful U.S. bomb struck last week. Remains of Islamic State fighters lay strewn in the grass yards away, casualties of a battle for control of the area that began more than two weeks ago. The recent advances have allowed some residents to return to their homes for the first time in two years.
Treasure Trove
When Gemfields Chief Executive Ian Harebottle hosts visitors at the company’s Montepuez ruby mine, he jokingly tells guests they’re only allowed to have lunch if they can collect a handful of the rare red stones. No one ever goes hungry. Machines need only dig 10 feet into the ground at the former hunting ground in northern Mozambique to unearth millions of carats of jewels each year. Mr. Harebottle is betting the remote site, which has emerged as the world’s largest known ruby deposit, will power a new global boom for the gem, one of the few precious stones rarer—and in some cases more expensive—than diamonds. We take a look at how Gemfields has revived a playbook it used after taking control of the world’s largest emerald mine in Zambia in 2009.
TODAY'S VIDEO
Murder Forces Scrutiny at Facebook
That Was Painless
Facebook is reviewing how it handles objectionable content after a Cleveland man posted a video of a murder on the site, sparking outrage over the social-media giant’s failure to more closely monitor violence on its platforms.
TOP STORIES
U.S.

Justice Neil Gorsuch Is Greeted by Highly Technical Cases

Arkansas Supreme Court Halts Two Executions Set for Monday Night
WORLD

EU Investigates How Its Cash Is Being Used by Its Critics

U.S. Turns Up Heat on North Korea
BUSINESS

Theranos Agrees Not to Operate Blood Lab for Two Years

Some Firms Resist Handing Over Keys to the Boardroom
MARKETS

This Is a Dangerous Time to Own Emerging Markets

Investors Are Giving IBM Too Much Credit
NUMBER OF THE DAY
$29.1 million
The amount Google paid for 1,210 acres at a private industrial park east of Reno, Nev. The Alphabet unit aims eventually to build a data center at the Tahoe Reno Industrial Center, several miles south of where Tesla is building its $5 billion battery factory.
QUOTE OF THE DAY
While the technical aspects of the referendum were well administered and referendum day proceeded in an orderly manner, late changes in counting procedures undermined important safeguards.
Tana de Zulueta, head of the Organization for Security and Cooperation in Europe’s election-observer mission, on criticisms that a closely contested vote on Turkey’s presidential powers contravened Turkish law by changing rules on ballot-counting at the last minute. The U.S. sent mixed signals after Mr. Trump called Turkish President Recep Tayyip Erdogan on Monday and congratulated him on the referendum outcome.
TODAY'S QUESTION
Returning to our story above, what are your thoughts on Facebook reviewing how it handles objectionable content? 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 hugging in the workplace, John Kilburn of New Hampshire wrote: “Call me old fashioned; I hug my kids, my family and good friends. Everyone else, including close co-workers, gets a firm handshake. Outside of the workplace, co-workers can become good friends and the rules change. I don’t know if this is a passing fad, but it feels like another manifestation of the feel-good, everyone-gets-a-trophy movement.” Joe Ely of Indiana shared: “Occasionally, a hug in the workplace is very appropriate: empathy in grief, celebration of a long-sought pregnancy, understanding in a hard place. Making them commonplace, however, reduces their impact. Keep it professional.” Martin Soy of California commented: “Hugging in the workplace is yet another reason that I rejoice in my retirement.” And Pat Hughes of New Hampshire said: “As a retired health-care CEO, I believe there is a place for the ‘occasional’ hug but as a constant it might make the environment uncomfortable.”

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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