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

The Wall Street Journal
Good morning,
Two Children for China
Developing on China has said it would formally end its notorious one-child policy, which was intended to curb a surging population but has since been blamed for looming demographic problems. In a brief statement, China’s official Xinhua News Agency said all Chinese would be allowed to have two children. It didn’t provide a time frame or any other details.
A Christmas Present From the Fed
The U.S. Federal Reserve pushed back yesterday against investors who have bet that the central bank wouldn’t move this year. Our Fed reporter Jon Hilsenrath writes that officials explicitly said after their latest policy meeting that they might raise short-term interest rates in December. He notes the Fed has potentially set itself up for criticism if it doesn’t follow through. Chairwoman Janet Yellen is planning to be more outspoken leading up to the next decision. She is set to testify before Congress next week on financial regulation and in early December on the economy, and she delivers a speech to the Economic Club of Washington before the next meeting. Meanwhile, the Commerce Department publishes its first look at the economy’s performance in the third quarter at 8:30 a.m. EDT today. Here’s what to look for in the report.
Tripwire for the Bear
NATO countries are discussing stationing more troops in member countries bordering Russia and putting them under formal alliance command. But even if the plan is approved, NATO would still have only a small force on its eastern flank—hardly enough to stop an invasion. NATO officials say the new plans are at an early stage. Nothing has been formally presented to its North Atlantic Council, which requires consensus to approve alliance actions, and no deployments are likely before the July summit of NATO leaders in Warsaw. Meanwhile, Saudi Arabia’s foreign minister said his country would participate with Iran and Russia in talks about the possibility of a solution to Syria’s conflict.
Big Pharma
Drug makers Pfizer and Allergan are considering combining, in what would be a blockbuster merger capping off a torrid stretch for health care and other takeovers. If the deal is struck, it would add antiwrinkle treatment Botox, dry-eye treatment Restasis and other popular Allergan drugs to Pfizer’s arsenal of patent-protected medicines. And it would be the biggest announced takeover in a year that is already on pace to be the busiest ever for mergers and acquisitions. While some companies try to combine, AIG faces pressure to break up. Two of the biggest names in finance are pressing the company to split into three pieces, a move to divide a giant insurer that threatened to bring down the banking system during the financial crisis.
Holiday Cheer
Airline tickets for Thanksgiving and Christmas on many busy routes are somewhat cheaper this year, and you don’t have to book months in advance to get a good deal. Our Midseat columnist Scott McCartney writes that for Christmas travel, prices increase more steadily—about $1.60 a day on average—before spiking in the last 10 days before Dec. 25. And with hotels and resorts, some peak holiday dates are actually lower-priced than off-peak dates in November and December, reflecting modest holiday demand so far this year. Many vacationers are waiting to book.
Apple TV Review: A Giant iPhone for Your Living Room
That Was Painless
A new touch-friendly remote and a store full of apps bring the dream of cable-cutting closer, Geoffrey A. Fowler says.

Paul Ryan Clears Hurdle on Road to Speakership

Noisy GOP Debate Leaves Republican Race Unsettled

Taliban Offer Informal Cease-Fire in Areas Hit by Earthquake

Clashes Damp Hopes for Turkey’s Kurds

English Soccer’s Growing Cross-Pond Appeal Burnishes NBCU TV Deal

Walgreens-Rite Aid Deal Tests Regulators’ Appetite for Mergers

Deutsche Bank Won’t Pay Dividend This Year or Next

Carlyle-Owned Hedge-Fund Firm Hands Investors a Big IOU
$23 billion
Apple’s operating income in greater China—a region that includes Taiwan and Hong Kong—more than double its profit of $11.04 billion in the prior year, according to its annual securities filing for the fiscal year ended Sept. 26.
In this part of the world, migrant-smuggling has become an integral part of the local economy.
Demetrios Papademetriou at the Migration Policy Institute, a Washington-based think tank, on Europe’s migrant-smuggling rings.
What are your thoughts on last night’s Republican presidential debate? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
In response to yesterday’s question about the debt deal, Rick Dawley of North Carolina wrote, “I am normally not a supporter of kicking the can down the road; however, I am in this case. It appears nothing in the compromise is particularly disruptive and it recognizes that the debt ceiling has to be raised. Overall spending is the real issue and would not be addressed until 2017 in any event. Perhaps some things can then be accomplished at the margins between now and then.” Carolyn McLaughlin commented from Ohio: “With no concept of $1 trillion, our ruling class continues to spend as it excuses its waste as ‘investments.’ Cut all spending by government in half for a start.” And Rod McCrimmon of Texas had this to say: “Enough is enough. Stop spending other people’s money.”
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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