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

The Wall Street Journal
Good morning—or good evening from Hong Kong, where I’m attending our Converge Conference on Asia’s digital future.
Zero Tolerance
The waiting game continues. The U.S. Federal Reserve kept rates near zero but cited progress in the job market. That means a rate increase in September remains on the table, though inflation is an ongoing concern. Yesterday’s statement from the Fed reinforced analysts’ projections that further rate increases will likely be measured amid a sluggish global outlook, soft U.S. inflation and accommodative monetary policy around the globe. There may be one thing, however, standing between the Fed and higher rates: China. Market turmoil in the country could weigh on the Fed’s deliberations, writes our Heard on the Street reporter Justin Lahart.
Tweets and Yelps
Facebook and Google are continuing to take the lion’s share of the fast-growing mobile advertising market. Facebook posted a 39% increase in quarterly revenue, nearly three-quarters of which came from advertising on mobile devices. Google leads the mobile ad market, with 35% share, but Facebook is growing faster. Meanwhile, investors drove Twitter’s share price down nearly 15% yesterday after a disappointing earnings report a day earlier. And shares in Yelp fell 25% after the San Francisco-based company lowered its revenue outlook. The stock is now valued at roughly one-quarter of its record high last year.
Complicated Ties
Lawmakers on both sides of the aisle have been raising questions about Hillary Clinton’s potential conflicts of interest. In 2009, as Secretary of State, she helped settle a legal battle between Swiss bank UBS and the IRS. Afterward, UBS increased donations to the Clinton Foundation. There is no evidence of a link between Mrs. Clinton’s involvement in the dispute and the bank’s largess, but the episode is an example of how the Clintons’ private and political activities appear to intermingle. It also shows how the charity and its fundraising are a continuing problem for the Democratic front-runner’s presidential campaign.
Sound Advice
Hotels are paying a new level of attention to the music they play. While hip, cutting-edge and independent establishments have long focused on their tunes by hiring DJs and producing concerts, the trend is now spreading. Traditional hotels are increasingly working with music-design companies to compile playlists for different spaces and for particular times of day. They’re even zeroing in on the optimal number of beats per minute. However, finding the right music can be difficult. “You can have children and grandparents in one place. The trick is to make everybody feel they belong,” said one music programmer.

Departing Congress Faces a Turbulent Fall

Former Virginia Gov. Jim Gilmore Enters Presidential Race

Turkey Hits Kurdish Militants in Iraq in Largest Airstrike Yet

Migrant Crisis Grows at U.K.-France Crossing

Startups Scramble to Define ‘Employee’

CEOs at Aetna, Anthem Help to Reshape Health-Insurance Industry

Banks Pitch Swaps as Alternative to Buying Stock

Chevron and Exxon Get the Plaudits, but Some Smaller Drillers Faring Well
MH370: Debris to Be Probed for Link to Missing Plane
That Was Painless
Experts say that debris washed up on an island near Madagascar is likely from a Boeing 777. Could it be from MH370? WSJ’s Jason Bellini has #TheShortAnswer.
The number of jobs that Royal Dutch Shell said it would cut. The Anglo-Dutch energy company reported a sharp fall in second-quarter profit, illustrating the strain sustained low oil prices are putting on large producers.
I have asked Hermès to un-baptise the Birkin Croco until better practices in line with international norms can be put in place.
British actress Jane Birkin on why she wants her name removed from the French luxury brand’s crocodile-skin handbag because of what she calls the cruel methods used on farms that raise reptiles for their skins.
Going back to our story above, what are your thoughts on Mrs. Clinton’s complicated ties? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
Responding to yesterday’s question about China’s Internet ambitions, Bob Tibolt of Oregon commented: “China’s culture and that of the U.S./Western world are different in many ways, including the way information is disseminated and controlled. China has the sovereign right to try to censor the information its people receive. The West has the right to disseminate information as it sees fit. The West will not and should not modify its values and behaviors to accommodate China’s internal goals, that are largely antagonistic to its own. China will find it difficult to control information access, as it seems inevitable that the hacking culture that is widely pervasive in the technological world will result in disruption of any firewalls thrown up by the Chinese government.” And Rich Irwin of Ohio wrote: “I think that China’s attempt to control the Internet will likely fail. They will succeed in being able to monitor internal and most messages going to or from external sources. Trying to exercise that level of control betrays the fearfulness of China’s leaders or of other national leaders desiring such control.”
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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