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

The Wall Street Journal
Good morning,
Out of the Running
Vice President Joe Biden’s decision not to enter the U.S. presidential race came after months of 11th-hour second-guessing, mixed messages, missed deadlines and emotional family discussions. But as more time passed, the challenge of playing catch-up in a Democratic primary grew steeper. His announcement removes the threat of Democratic donors and voters splitting between him and Hillary Clinton. Meanwhile, Mrs. Clinton faces her next test today before a Republican-controlled House committee looking into the terrorist attack in Benghazi, Libya, that killed four Americans. Here’s what to watch at the hearing.
Short Shrift
In a chaotic day of trading yesterday, Valeant Pharmaceuticals International denied allegations of improper accounting from an investor who is betting against the company. The rebuttal follows a critical report by a short-selling research firm that cut as much as $20 billion from its market value and fanned concerns about Valeant’s accounting and its use of certain pharmacies to supply its drugs. Meanwhile, the European Union said it would require Starbucks and Fiat to pay tens of millions of euros in taxes after ruling that the companies benefited from illegal tax deals.
Military Maneuvers
In their first face-to-face talks on the crisis since Russian warplanes began combat missions over Syria, the U.S. and Russia will meet at an international conference on Syria tomorrow. U.S. Secretary of State John Kerry will voice concern about Russia’s airstrikes and what Washington sees as a need to move toward a political transition in Syria that would remove Mr. Assad from power. And in Pakistan, U.S. officials are increasingly looking to the chief of the country’s army, Gen. Raheel Sharif—rather than the civilian prime minister—as the leader who can deliver on critical security matters, including the fight against Islamic extremists.
The Oracle’s Mountain
In 50 years at the helm of Berkshire Hathaway, Warren Buffett has transformed a struggling textile mill into a holding company with $200 billion in revenue and created a legion of unlikely millionaires—and even a few billionaires. Hundreds of millions of dollars of stock have already gone to shareholders’ alma maters, cultural institutions and into medical research. But as those longtime investors age along with Mr. Buffett, who is 85, they too are grappling with how best to pass it on. “Philanthropy is a smart way out as well as the good way out,” said Andy Kilpatrick, the author of a 1,286-page book on Berkshire.
Breaking on wsj.com
A masked man attacked five people with a sword at a school in the town of Trollhättan, western Sweden, before being shot by police. The victims and the suspected attacker were taken to a nearby hospital where a hospital spokeswoman said one person had died.
TODAY'S VIDEO
Surface Book Review: The Laptop Is the Future
That Was Painless
Can a laptop be a good tablet? Can a tablet be a good laptop? WSJ’s Joanna Stern reviews Microsoft’s first-ever laptop along with its new Surface Pro 4. Photo: Foley for The Wall Street Journal.
TOP STORIES
U.S.

Paul Ryan Moves Closer to Becoming House Speaker

State Fairs Give New Repertoire a Whirl
WORLD

U.S. Investigates Venezuelan Oil Giant

EU Plans Special Summit on Sunday to Discuss Migration Crisis
BUSINESS

Under Armour Is Stepping on Nike’s Turf—Literally

U.S. Demand Gives General Motors a Boost
MARKETS

Uber’s Rise Presses Taxi Lenders

Regulator Raises Red Flag on Auto Lending
NUMBER OF THE DAY
$19 billion
The size of a deal that would combine Western Digital, the biggest maker of computer disk drives, with SanDisk Corp, a supplier of memory devices for smartphones.
QUOTE OF THE DAY
I view not defaulting on our obligation as one of the single most important things that one must do in Congress.
Rep. Ryan Costello, a freshman Republican from Pennsylvania, on spending reductions and a debt-ceiling increase in Congress.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Mr. Biden’s decision? 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 Paul Ryan and the House Speaker role, Dennis Futoryan of New York wrote that he “would be a good choice as House Speaker. Speaking as a Democrat, we’re talking about someone who is a respectable family man, who can unite the Republican conference, and return the Grand Old Party to a path that can entail substantial policy discussion. The question everyone is asking is if he can control the Freedom Caucus, and so far it doesn’t seem he’ll make more headway than his current Speaker, John Boehner.” John Mielke wrote from Wisconsin, “Seems like Mr. Ryan is attempting to first establish the ground rules. If he cannot get his colleagues to agree on the basic foundation for progress, I hope he says: ‘Thanks, but no thanks.’” Jed Taylor of Georgia commented, “You will note the consequential condition of ‘if his members agree to unite behind him,’ which is the problem. If he is hawkish enough for the hard right and thoughtful enough for the rest, he will be effective.” And Rich Irwin weighed in from Ohio, “At least Mr. Ryan is responding to the needs of the Republican Party, even if it is at his expense.”
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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