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

The Wall Street Journal
Good morning,
Special Permission
Exxon Mobil has applied to the Treasury Department for a waiver from U.S. sanctions on Russia in a bid to resume its joint venture with state oil giant Rosneft. We report that Exxon has been seeking U.S. permission to drill with Rosneft in several areas banned by sanctions and renewed a push for approval in March, shortly after its most recent chief executive, Rex Tillerson, became secretary of state. The waiver request is likely to be closely scrutinized by members of Congress who are seeking to intensify sanctions on Russia in response to what the U.S. said was its use of cyberattacks to interfere with elections last year. The State Department is among the U.S. government agencies that have a say on Exxon’s waiver application, but Mr. Tillerson is recusing himself from any matters involving Exxon for two years, a State Department spokesman said.

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The No-Spin Zone
Fox News is parting ways with Bill O’Reilly in the wake of a sexual-harassment scandal, bringing an end to the combative host’s two-decade run that drew millions of loyal viewers and helped build the network’s political influence. The decision to cut ties with Mr. O’Reilly, a staple of the Fox News Channel since its launch in 1996, is a sea change for both the network and its parent company 21st Century Fox. Mr. O’Reilly’s take-no-prisoners approach to hosting and glee in belittling those he disagreed with became the template for much of the network’s programming strategy. The absence of “The O’Reilly Factor” will be the most high-profile change for viewers in a year that has also seen the exit of Fox News Chairman Roger Ailes and popular host Megyn Kelly. Fox News is moving Tucker Carlson into Mr. O’Reilly’s time slot.
Poison Pen
The letter that cost Klaus Kleinfeld his job as chief executive of aerospace-parts maker Arconic on Monday contained a vague threat toward the billionaire whose hedge fund had been campaigning for Mr. Kleinfeld’s ouster. The letter, sent last week to Elliott Management, referenced the alleged partying of Elliott’s president, Paul Singer, at the 2006 World Cup in Germany, Mr. Kleinfeld’s home country. We report that Mr. Kleinfeld wrote, in sometimes imperfect English, that while the two had never met, he had heard stories from friends in Germany about what the letter called Mr. Singer’s “legendary” conduct during and after several soccer matches. The letter alludes to the Wall Street magnate singing “Singing in the Rain” in a fountain. Elliott said Monday that the letter was “based on completely false insinuations.” Meanwhile, the race is heating up for Arconic’s next leader.
Hollywood Goes Virtual
In show business, virtual reality is the new ingénue. The 360-degree immersive technology started emerging at film festivals about five years ago, often in projects that were more snazzy demos than stirring narratives. Since then, movie executives have used VR to promote existing franchises and provide interactive extras for anticipated blockbusters. Now, the entertainment industry is dedicating new levels of talent, money and time to VR projects, with a premium on original stories, award-worthy performances, Hollywood production values and a pinch of celebrity. At the Tribeca Film Festival, which opens this week, the VR lineup includes projects connected to director Kathryn Bigelow, musicians John Legend and Pharrell Williams, producer Megan Ellison and others. VR is a creative niche that has yet to be fully identified or understood.
TODAY'S VIDEO
Get Fit
That Was Painless
Fitness Blender, an online-workout company run by personal trainers Kelli and Daniel Segars, is the most-watched fitness channel on YouTube and just passed 4 million subscribers.
TOP STORIES
U.S.

Is Trump Turning Globalist? Not So Fast

Democrats Reload for Georgia Runoff, But Party Divisions Remain
WORLD

Mainstream European Leaders Try New Election Tactic: Full-Throated Defense of the EU

White House Says It Didn’t Mislead Allies About Timing of Carrier’s Korea Heading
BUSINESS

Cybersecurity Startup Tanium Exposed California Hospital’s Network in Demos Without Permission

For U.K. Multinationals, Brexit Bounce May Be Over
MARKETS

Former Harvard Money Whiz Jack Meyer Tries to Regain His Edge

Bond Markets Send Jitters, But Is Anyone Listening?
NUMBER OF THE DAY
$1.93 billion
Morgan Stanley’s first-quarter profit, as it rode a boost in debt trading to surpass rival Goldman Sachs and join other big Wall Street firms in posting strong results to start the year.
QUOTE OF THE DAY
After more than 1,500 nights away from my home, it is time.
Rep. Jason Chaffetz, the chairman of the powerful House Oversight and Government Reform Committee, announced that he won’t run for re-election. The Utah Republican, long seen as a rising star in both national and Utah GOP politics, said he would return to the private sector when his term expires in January 2019.
TODAY'S QUESTION
Returning to our story above, what are your thoughts on Fox News parting ways with Bill O’Reilly? 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 the maritime mix-up involving the USS Carl Vinson, Dave Meier of Illinois said: “It’s just more President Trump drama and misdirection. To call it a mix-up suggests that he didn’t know where the aircraft carrier was located or where it was heading, which is highly unlikely.” John Anderson of Switzerland shared: “One must question whether the information released concerning the course of the USS Carl Vinson was a mix-up or simply a bluff by the U.S. administration. Could the U.S. have been trying to force a reaction from North Korea?” J. T. Stasiak of California commented: “This was a major series of blunders by the Navy that adversely affected national security. This was not a Trump administration error; it was a Navy error. The responsible Naval officers must be held accountable.” And Jay M. Ketover of Michigan weighed in: “This is typical of an administration where the right hand has no idea what the left hand is doing.”

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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