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

The Wall Street Journal
Good morning,
Irma’s Wrath
The U.S. was hit by a second major hurricane in as many weeks as Irma pounded Florida with torrential rains and winds above 100 miles an hour while storm surges flooded streets after a long, slow crawl through the Caribbean. Irma made landfall in the Florida Keys on Sunday morning as a Category 4 hurricane, before coming ashore again at Marco Island and marching up the state. Irma, which weakened to a Category 1 storm overnight, is expected to be downgraded to a tropical storm over far northern Florida or southern Georgia later Monday. Days earlier, Irma lashed islands in the Caribbean, killing at least 22 people. Around Florida, more than 6.5 million people were ordered to evacuate and the state reported 77,000 people were seeking refuge in 450 shelters. By late Sunday evening, close to five million electricity customers had lost power. We look at how a building boom in recent decades put millions in the storm’s path. Follow our live updates here.

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Changing Tack
China is reversing a range of measures it had put in place to support its currency. The action is in response to a recent rise in the yuan’s value that has hurt Chinese exporters and added to the country’s economic headwinds. Effective Monday, China’s central bank is scrapping a two-year-old rule that made it more expensive for traders to bet on a depreciation of the yuan. The ending of a deposit requirement on trades called currency forwards will make it less expensive for companies and investors to buy dollars while selling the yuan. China’s strategies to keep its currency from weakening too quickly had gained traction this year. However, an unexpectedly prolonged softening of the dollar has caused the yuan to soar, giving Beijing another policy headache.
Job Mobility
Americans have traditionally relocated to find jobs. However, as workers have recently become more reluctant to move, some companies have decided to set up operations closer to potential hires. We examine why and how companies are expanding to cities with deep pools of underemployed workers, looking to scoop up men and women who have freelance gigs or part-time jobs, or are working in manual labor. With the national jobless rate near a 16-year low, these pockets of underemployment are a wellspring for companies that recognize most new hires already have jobs but can be poached with better pay and room for advancement. That’s preferable to competing for higher-priced workers at home, and the matchups pay off for all sides. Companies find qualified workers, while employees find better jobs without the financial and emotional cost of relocating.
#poetry
Among the hot new books this fall season is a volume of poetry that might once have been relegated to the back of the bookstore. The reason for the excitement? The poet, Rupi Kaur, has 1.5 million followers on Instagram. Pop poets, as some writers call them, use social media to build their fan base for work that touches on love and loss. To poetry traditionalists, these new poets seem to draw attention to photographs and illustrations rather than verse. Instagram poets acknowledge the medium is both a blessing and a curse, with pressure to constantly feed the beast. The challenge for publishers is to separate good poets from bad and to confirm the fan base is stable and inclined to buy books.
TODAY'S VIDEO
Unfriendly Waters
That Was Painless
August and September mark peak hurricane season in the Atlantic basin. Here’s why the conditions in these months make them more likely to form there.
TOP STORIES
U.S.

Economic Sanctions Have Limited Reach

U.S. High Schools Picking Up More International Flavor
WORLD

Saudis Stress Commitment to Economic Change Despite Challenges

Militant Rohingya Group Declares Monthlong Cease-Fire in Myanmar
BUSINESS

How Kirkland Signature Became One of Costco’s Biggest Success Stories

The Future of Home Wi-Fi Is Fast, Expensive, Exotic
MARKETS

Wall Street Is Turning on China’s ‘Perfect Buyers’

Employees of Fintech Firm SoFi Allege Women Are Treated Improperly
NUMBER OF THE DAY
$1,000
The approximate starting retail price analysts predict for Apple’s anniversary iPhone, which it is expected to unveil Tuesday. A decade into the smartphone era, Apple and Samsung are betting they can increase sales by jacking up the price of their flagship products.
QUOTE OF THE DAY
I’m very happy with what I have been able to do.
Sen. John McCain, who returned to the Senate last week after treatment for an aggressive form of brain cancer, said Sunday his prognosis is good but “the challenges are very significant.”
TODAY'S QUESTION
Going back to our story above, what are your thought on companies seeking out the underemployed? 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 Friday’s question on the Equifax breach, Terry Traub of Massachusetts wrote: “A gross betrayal of the public’s trust by a business that is based on trust. It shouldn’t be this easy to steal data, nor should the CEO get off with a mere apology. These massive hacks call into question the very practice of storing people’s vital personal information. Nothing should ever be stored without the customer’s express and informed consent, and even then the default option should be ‘decline.’” David Fleenor of North Carolina commented: “As much as I hate to suggest more laws or regulations given the massive amount that currently exists, it is past due for consumer protections for our credit and personal information warehoused in companies that profit from its distribution and use. Credit agencies need to invest in better protection to safeguard our consumer records. They need to be punished for a security breach of this magnitude. Class action lawsuits most likely will ensue which will only enrich lawyers at the expense of victims.” And Steve de Kater of Indiana said: “We missed Katrina, Sandy, Harvey, now Irma, and every other natural disaster of the last decade or so. We did, however, get caught up in the Target breach, the Anthem breach, and now Equifax. No comparison to the physical and emotional devastation caused by the former, but the latter trifecta has destroyed our confidence in the security of any and all information stored by these large companies.”

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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