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

The Wall Street Journal
Good morning,
Think Small
Hewlett-Packard plans to cut another 25,000 to 30,000 jobs as it whittles down its services group and restructures the company into separate entities. The resulting companies will be leaner and better positioned to compete in new markets such as cloud computing, H-P believes, and the reductions will trigger a $2.7 billion charge to earnings that will begin to appear with the company’s October-ending fourth-quarter financial statement. Meanwhile, General Electric made good on months of threats yesterday by announcing plans to move 500 U.S. jobs abroad. The transfer marks an escalation in the battle between U.S. corporations and congressional Republicans over the now-dormant U.S. Export-Import Bank.
Beer Behemoth
Developing on WSJ. com: SABMiller said this morning that it had received a takeover approach from Anheuser-Busch InBev. The deal could create a $245 billion brewery giant that would dominate much of the global beer market, but also trigger an intense antitrust review around the world. The U.K. Takeover Panel has set a deadline of Oct. 14 for AB InBev to either make an offer or withdraw.
Shut Out
Hungary sealed two transit points from Serbia, as tough penalties for breaking through its newly-fenced border came into effect. The action has stemmed the flow of migrants attempting to reach the European Union from that country. Human-rights groups have raised questions about how the border policy will be implemented, and EU officials have asked for clarification from Budapest. Germany, on the other hand, has greeted thousands of migrants with food and shelter in recent weeks, but we look at how connecting them with work poses big challenges. Meanwhile, Syrian immigrants continue to make desperate attempts to reach Europe. A Turkish tourist boat illegally ferrying more than 200 refugees to Greece sank in the Aegean Sea yesterday, killing 22 people.
Fast Money
U.S. Federal Reserve officials begin a two-day meeting today to consider whether it might be time at last to raise interest rates. Should they decide to end America’s seven-year era of rock-bottom borrowing costs, few will be as exposed to the fallout as the auto industry. Whether or not the Fed moves this week, it is expected to start tightening by year-end. If the Fed then continues raising rates, but slowly, then froth in the industry could end up hurting borrowers and lenders. If it moves more aggressively, it could take a big bite out of sales. Many investors expect anemic global growth will keep rates subdued in the long term, regardless of the central bank’s decision. However, the Journal’s Grep Ip points out that recent market turmoil could give central bankers a reason to delay a rate increase.
Pay It Forward
Every year, thousands of students receive scholarships from people they don’t know. In many cases, the money is donated by, or in memory of, a graduate who was wealthy, a civic leader or someone who is especially devoted to an alma mater. Often, there are compelling stories behind the giver and sometimes the receiver. Our Turning Points columnist Clare Ansberry tells one such tale. College junior Christopher Robinson and Luzie Hatch, a Jewish woman who fled Hitler’s Germany in 1938, have little in common other than this: Both found themselves at a young age in need of a chance. Grateful for the help she received nearly 80 years ago, Ms. Hatch passed it on.
TOP STORIES
U.S.

Seattle Teachers, School District Reach Deal to End Strike

U.S. Retail Sales Rise 0.2%, as Consumers Show More Confidence
WORLD

U.N. Sends Experts to Iran to Discuss Past Nuclear Work

Reports on Islamic State Plans in Europe Fueled French Move to Join Syria Strikes
BUSINESS

UAW, Fiat Chrysler Reach Tentative Labor Deal

Ex-Spies Join Cybersecurity Fight
MARKETS

We’re All ‘Phools’: Nobel Laureates Have a New Critique of Capitalism

A Hedge Fund’s Tempur Tantrum
TODAY'S VIDEO
Will iOS 9 Slow Your Old iPhone?
That Was Painless
iPhone software updates have a bad rap. WSJ’s Geoffrey A. Fowler shows you how the latest update affects four generations of iPhones.
NUMBER OF THE DAY
1.79 million
The acres of national forest that have been “thinned” to prevent wildfires in the past 10 years, up 34% from the previous 10-year period, according to U.S. Forest Service data. The controversial practice involves removing smaller trees in fire-prone areas to save the entire forest from going up in flames.
QUOTE OF THE DAY
Everybody says they knew Reagan now.
Frank J. Donatelli, a former Reagan administration official, on Donald Trump’s claim that he knew the former president. Mr. Donatelli said he was irked by the comparisons between Ronald Reagan and Mr. Trump.
TODAY'S QUESTION
Going back to our Number of the Day, what are your thoughts on the practice of forest thinning? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Khadeeja Safdar
READER RESPONSE
Responding to yesterday’s question about Carly Fiorina’s candidacy, Penny Freimark of New Jersey wrote, “Carly Fiorina could well be our Margaret Thatcher. She is smart, she is even-tempered, she could the best person to bring our country together and represent our country abroad.” James Heal of California commented, “Excellent sales person. Not so great operationally. So, like Reagan, she needs to build a GREAT support team to win and succeed.” René Atayan weighed in from New York: “Fiorina will shine in the upcoming debate—not waiting to be ‘given a chance,’ she will take it and skillfully do so.” Richard Merson of West Virginia wrote, “A strong, successful business woman with little previous political associations offers 10 times more attractiveness than the embedded Republican (or Democratic) candidates. We need tenured politicians gone and get folks into office that have Americans citizens` interests at heart rather than self-servicing greed.” Gordon E. Finley of Florida had this to say, “Candidate Fiorina once was CEO of H-P. Has everybody forgotten how that went?” But Bruce Dallas of California wrote, “Carly managed to break through the glass ceiling to become CEO of H-P in an industry dominated by males. She did this with business acumen and true accomplishments. The acquisition of Compaq may have been a mistake with the benefit of hindsight, but she showed an ability to manage a divisive and contentious board.”
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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