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

The Wall Street Journal
Good morning,
The Center Holds
Emmanuel Macron was elected president of France on Sunday in a victory for a political newcomer who campaigned on promises to revamp France’s heavily regulated economy and fight a tide of nationalism sweeping the European Union. The 39-year-old former investment banker has vowed to undertake contentious changes to labor markets in France as part of a push for greater economic convergence among the EU’s fractious member states. At the core of his program are overhauls of France’s sluggish economy and the eurozone, with all its shortcomings. To get what he wants, he will first have to convince a skeptical Germany. Mr. Macron won 66.1% of the vote, surpassing pollsters’ predictions that he would win about 60%. Marine Le Pen, who ran on a plan to pull the country out of the euro and close its borders to migrants, took 33.9%. The euro briefly touched a seven-month high against the dollar after the results.


Coming to Market
A soaring stock market, historically low volatility and a rally in technology stocks have fueled a rebound in the market for initial public offerings. But the biggest, highest-profile startups are still hanging back, reflecting broader concerns about whether they can match the rich valuations offered by private investors. A slew of companies are preparing to go public later this year, as the volume of new listings reaches levels not seen since 2014. The market still has a long way to go to return to full health, however. Several investment bankers say there have been fewer “bake-offs” for potential underwriters than they would expect given the favorable market conditions. But the flurry of activity is a sign that the new-issue market, which has languished in recent years, may be in the midst of a sustained recovery.
Pyongyang’s Lifeline
For most of the past decade, a Chinese state-owned company had a joint venture with a North Korean company under sanctions for involvement in Pyongyang’s atomic-weapons program, Chinese corporate and government records show. We report that China’s Limac and North Korea’s Ryonbong General set up a joint venture in 2008 to mine tantalum, niobium and zirconium, minerals that are useful in making phones and computers but also nuclear reactors and missiles. The partnership of nearly a decade shows how easily North Korea has skirted sanctions to do business with Chinese companies, a vital lifeline for the regime. Some current and former U.S. officials who have worked on North Korea said the Limac case shows China’s role as by far the weakest link in the international campaign to pressure Pyongyang.
Self-Driven to Extinction
If Uber ever collapses, historians may trace its undoing not to its troubles with labor relations, intellectual property, regulatory conflicts or sexual-harassment allegations, but to technological disruption, writes our Keywords columnist Christopher Mims. The technological disruption would be the same one Uber itself pledged to use to upend the auto industry and the $2 trillion a year tied to it. Less than a year ago, Uber Chief Executive Travis Kalanick described self-driving cars as an “existential” threat to his company, saying that his team must get the technology to market before competitors do, or at least at around the same time. Uber’s philosophy is that it’s a hassle to own a car. The irony is, for the pay-by-the-ride future of transportation to be realized, someone has to own a lot of cars. Chances are, it won’t be Uber.
A Mother’s Struggle
That Was Painless
Maria Planchart has had to go through trash to find food for her 1-year-old son, Jean Pierre. She is among a growing number of Venezuelans suffering from hunger and malnutrition.

Trump’s Fiscal Plans, Fed’s Asset Unwinding Could Fuel Rate Rise

White House Presses Insurance-Market Woes in Health Fight

U.S. Wants to Spend Added Billions on Military in Asia

Kushner Cos. Pushes Investor Visas to Wealthy Chinese in Skyscraper Pitch

Comcast, Charter to Strike Wireless Partnership

Disney Investors Await Update on Television Business

Traders Are Fleeing the Options Market

Warren Buffett Isn’t Retiring, but Some of His Lieutenants Are
$4 billion
The approximate amount for which TV station giant Sinclair Broadcast Group is close to acquiring Tribune Media. The agreement would combine two of the U.S.’s biggest operators of local television stations and come just weeks after the FCC relaxed its ownership rules for the industry.
This evening, I received 82 of our daughters, who have just regained their freedom after three years in Boko Haram captivity.
Nigerian President Muhammadu Buhari on 82 of the nearly 300 Chibok schoolgirls seized three years ago by Boko Haram being freed in exchange for detained members of the jihadist group, the biggest breakthrough in the effort to recover the insurgency’s most-famous captives.
Going back to our story above, what is your reaction to Mr. Macron’s victory? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on the GOP health-care bill, Walter Wood of California said: “Addicts to government-subsidized, third-party payment just can’t stand the idea of clean repeal. Where in all of this are measures to increase market competition, for instance by ending the FDA’s control over drugs and devices?” Bob Harris of New Jersey commented: “Passing the buck to the individual states to decide if they will treat folks with pre-existing conditions differently than they treat others will not sit well with an aging population come election time.” Zachary Perry of Texas shared: “The impact of this health-care bill and the process by which it was passed seem more like a caffeinated all-nighter rather than the culmination of seven years of work. A celebration in the Rose Garden for a bill that is broadly unpopular, reduces the amount of Americans who will have health insurance and further exacerbates wealth inequality in this country should not be celebrated by anyone.” And Richard Hobson of New Jersey wrote: “The only standard by which our distinguished congressmen and congresswomen should be judged on this issue is simply this: Will you personally forsake your current taxpayer-provided congressional health-care plan for the new one you have just passed?”

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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