|
Good Morning. In today’s edition, the U.K.’s May urges unity, the FDA takes action against the tobacco industry, Florida’s Senate race heads to a manual recount, and more. |
|
|
British Prime Minister Theresa May appealed to her cabinet to stick together. A day after a wave of resignations thrust her terms for a departure from the European Union into jeopardy, Mrs. May said she would name a successor to Brexit Secretary Dominic Raab, the highest-profile minister to resign, “in the next day or two.” The coming days will be critical for both Mrs. May’s Brexit deal and her premiership as she seeks to quell a party rebellion that has been brewing for months over the U.K.’s future ties to the EU. Fellow Conservatives were openly plotting to trigger a no-confidence vote in an effort to force her to negotiate a different deal with Brussels. The pound steadied Friday after there were no fresh resignations from the U.K. government, though investors continued selling British bank stocks. Meanwhile, companies are starting to sweat the prospect of the U.K. crashing out of the EU early next year without an agreement. Here’s what a no-deal Brexit could mean for trade with the bloc. And a guide to every possible Brexit outcome. |
|
|
|
|
|
President Trump forged his ideas on trade in the 1980s and never deviated. | | Mr. Trump in his New York office with Chrysler CEO Lee Iacocca in 1987. PHOTO: ROBERT R. MCELROY/GETTY IMAGES |
|
Unlike on other issues, the president has been consistent on trade for decades, both in tone and substance. Longtime acquaintances say his philosophy came out of his experience in the cutthroat world of New York real estate and the rise of Japan as a global economic power. More recently, trade has been a defining issue for the Trump administration during its turbulent first two years, providing the basis for an economic and diplomatic approach that has shaken up the post-World War II global order. |
|
|
The U.S. is optimistic it will prosecute Julian Assange. Over the past year, U.S. prosecutors have discussed several types of charges they could potentially bring against the WikiLeaks founder. The Justice Department is increasingly confident it can get him into a U.S. courtroom. |
|
|
U.S. regulators are seeking a nationwide ban on menthol cigarettes, which make up nearly a third of the roughly 250 billion cigarettes sold annually in the country. The action, aimed at curbing teen use of flavored tobacco products, puts the industry on the defensive over minty smokes popular among younger smokers and African-Americans. The FDA said a rule could take a year or more to finalize, and another year to be enforceable in the marketplace. The agency also placed restrictions on the sale of flavored e-cigarettes, to be implemented over the next several months. From reporter Jennifer Maloney: Nearly two decades ago, tobacco giant Philip Morris came out in favor of federal regulation of cigarettes. As a result, it got a seat at the table as a law was drafted setting, among other things, the hurdles the FDA would have to overcome to enact a future ban on menthol. The agency would have to produce research showing that a ban would be a net benefit to public health, and take into consideration unintended consequences such as a black market for menthols. Now comes the test: Can the FDA do it? |
|
|
|
|
Florida’s protracted Senate election proceeded to a manual recount, the next phase in an increasingly bitter and litigious fight. Meanwhile, Republicans declared victory anew in the race for governor. The state’s machine recount ended at 3 p.m. yesterday with Republican Gov. Rick Scott leading incumbent Democratic Sen. Bill Nelson by less than a quarter percentage point, within the margin that legally triggers a manual recount. A couple of counties were unable to submit machine recounts, reverting those counties to the unofficial results they submitted on Saturday. |
|
|
|
Apple will begin making independent, feature-length films through a multiyear partnership with New York-based studio A24. The deal broadens the company’s push into original content beyond TV programming. A24 will produce multiple films for Apple. From reporter Tripp Mickle: When Apple earmarked $1 billion last year for scripted video, it seemed inevitable it would follow other tech companies such as Netflix and Amazon into the movie business. The deal with A24 ties the iPhone maker to a studio with an eye for independent films that garner Oscar buzz. That should deepen tech’s disruption of Hollywood. In a few years, we might be looking at an Oscar audience that shows Reed Hastings, Jeff Bezos and Tim Cook waiting anxiously for the announcement of best picture. |
|
|
|
|
What We’re Following Boeing 737 MAX Planes: During the three weeks before Lion Air Flight 610 crashed off Indonesia, Southwest Airlines replaced two malfunctioning flight-control sensors of the same type that has been publicly implicated in the crash. Tax-Cut Erosion: The Internal Revenue Service announced the tax code’s parameters for 2019, implementing a new method for making inflation adjustments that will result in higher tax payments—and government revenue—over time. PG&E Operations: A California regulator said it is expanding a probe of the utility’s safety practices to explore the way the company is managed and run, including whether it should be broken up. Khashoggi Case: The Trump administration imposed sanctions on 17 Saudi officials allegedly involved in the killing of the dissident journalist. |
|
|
Trending Stories at WSJ.com Forget the playoff: College football’s burning question is about taxes. The repeal of a write-off for seat donations upends a key means some schools use to raise funds. (Read) Real-estate developer and art collector Edward J. Minskoff is the latest ultra-high-net-worth buyer to attempt to exit Faena House, one of the priciest condos in Miami. (Read) A lawsuit filed by seven current and former Dartmouth College students alleges the school ignored an “Animal House” atmosphere created by three professors. (Read) |
|
|
What Else We’re Reading Deutsche Bank, Bank of America and JPMorgan have been drawn into the Danske probe. (Bloomberg) Some New Yorkers hate the Amazon deal. Can they stop it? (New York Times) Canada is running short on legal marijuana. (BBC News) |
|
|
|
WSJ Crossword We’re trying out a new Friday feature in The 10-Point: The WSJ Crossword Contest. For the uninitiated, WSJ Puzzles is our online collection of elegant, adventurous and addictive crosswords and other word games, and Friday is a big day in the WSJ Puzzle world. Try your hand. |
|
|
|
Today’s Question and Answer In response to yesterday’s question about airports and what makes them good (or bad): Peter Hoagland of Virginia wrote: “The best big airports are the ones designed to get passengers from the curb to the gate in the shortest time and distance. Some of the world’s largest international airports have hikes to the gate measured in miles. That’s poor design.” Karin Bonding of Virginia shared: “I didn’t see Dulles or National on your list. I think that Dulles should earn ‘credit’ for having the most amazing transfer route between A and C/D terminals. Use seven escalators, a train ride and a long walk and you get from A to C, add another very long walk if you want to get to D.” Harry B. Hartman of Illinois said: “Interesting and fun to see where your home airport stacks up (#15 O’Hare for me). However, this article seems to ignore the fact that we travelers have been reduced to the lowest rung on the evolutionary ladder (would even chimps be treated this way?) by crusty TSA rules, supposedly designed to keep us safe. In ‘Don’t touch my junk,’ a great op-ed by the late Charles Krauthammer, he points out they even do a full-body scan of pilots, the folks driving our aluminum rocket...sheesh. So while Denver travelers cheer that they top the list, just remember that it’s only ‘a little less awful.’” Question for the next 10-Point: What are your thoughts on the FDA seeking a nationwide ban on menthol cigarettes and placing restrictions on the sale of flavored e-cigarettes? Email us your comments, which we may edit before publication, to 10point@wsj.com, and make sure to include your name and location. |
|
|
| The 10-Point was the name given to the news column that runs on the front page of The Wall Street Journal. Today’s newsletter was curated and edited by Eleanor Miller (eleanor.miller@wsj.com) in collaboration with Editor in Chief Matt Murray. Let us know what you think by replying to this email. Editor’s note: The 10-Point is now a WSJ member benefit. If you receive our flagship newsletter and are not yet a member, we’ll continue sending it to you for now. To ensure you don’t miss out, we invite you to join us and enjoy the full breadth of scoops, analysis and great storytelling from our journalists around the globe. |
|
|