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Good Morning. In today’s edition, Washington honors George H.W. Bush, a Chinese tech executive is arrested in Canada at the request of the U.S., China begins to flesh out the trade truce, and more. |
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Washington united to bid farewell to George H.W. Bush. | | Former President George W. Bush followed a military honor guard as they carried the casket of his father, former President George H.W. Bush, at a state funeral at the National Cathedral in Washington on Wednesday. PHOTO: JIM YOUNG/REUTERS |
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With a bipartisan array of five U.S. presidents seated in the front pews, former President George H.W. Bush was remembered for his lifelong commitment to public service, post-Cold War leadership and devotion to friends, families and a good joke. The state funeral for Mr. Bush suggests it is possible to unite as well as divide, writes the Journal’s Gerald F. Seib. In photos: Family members and politicians join in tribute for the former president. |
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From reporter Andrew Duehren: Though it took place in the same location and followed largely the same format, the funeral ceremony for former President George H.W. Bush stood in contrast to the one for Sen. John McCain this past summer. For starters, President Trump was in the pews yesterday, while he was pointedly absent from the ceremony for Mr. McCain. Yesterday’s ceremony made no mention of or allusion to Mr. Trump. |
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Canadian authorities arrested the chief financial officer of Huawei Technologies at the request of the U.S. for alleged violations of Iranian sanctions. It is the latest step by Washington to clamp down on the Chinese cellular-technology giant, rattling hopes for thawing bilateral trade relations. Meng Wanzhou, who also goes by Sabrina Meng, was arrested in Vancouver on Dec. 1. The U.S. is seeking her extradition, a spokesman for Canada’s justice department said. A bail hearing has been tentatively set for Friday. Ms. Meng, 46 years old, is the daughter of Huawei’s founder, Ren Zhengfei, and recently emerged as his potential successor. Her arrest comes amid a yearlong U.S. government campaign against a company it views as a national-security threat. China has strongly protested her arrest and has urged both U.S. and Canadian officials to free Ms. Meng. |
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China began to flesh out details of a trade truce with the U.S. | |
After days of vague Chinese statements and a barrage of comments from President Trump and other U.S. officials, China’s Commerce Ministry yesterday acknowledged that Beijing agreed to a 90-day cease-fire to allow negotiations. This week Chinese government agencies and the nation’s supreme court unveiled tough punishments for infringing on intellectual property–a prominent complaint from the Trump administration. Investors are still on edge about whether the trade dispute between the two countries will curtail global economic growth. The volatility sweeping financial markets underscored investors’ growing unease about the durability of the long bull market. U.S. tariffs on imported steel are delivering higher profits for steel companies–but that hasn’t changed America’s dependence on foreign-made steel. |
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From reporter Sam Goldfarb: It may seem tempting to dismiss the significance of the recent selloff in stocks and other risky assets. After all, the U.S. economic data is as strong as it has been in years and few economists are predicting a near-term recession. Still, there’s the possibility that investors are right to be concerned about threats such as trade tensions and rising interest rates. And there’s also a chance that their pessimism could be self-fulfilling by leading to tightening financial conditions, as declines in corporate-bond prices translate to higher borrowing costs for businesses. |
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Oil prices fell sharply this morning after Saudi Arabia’s energy minister said that major producers hadn’t yet reached an agreement to cut production. The comments came before the cartel convened a meeting aimed at hammering out an agreement. Brent crude, the global oil benchmark, and West Texas Intermediate futures, the U.S. oil-price gauge, both tumbled on the news. Global stock markets, already down after the arrest of Huawei’s finance chief, slid further, adding to the risk-off environment for markets. |
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The U.K. Parliament released a trove of internal Facebook emails that show its chief executive, Mark Zuckerberg, and others pursuing hard-nosed tactics to stifle competitors. They also show the company considering a range of possibilities for monetizing the massive amounts of user data it collected. The documents show that Facebook gave some third-party developers special access to user data and several years ago contemplated charging developers for data access, a step that would have marked a dramatic shift in policy. Also yesterday, Facebook’s board threw its support behind Chief Operating Officer Sheryl Sandberg, saying it was appropriate for her to ask if billionaire investor George Soros had shorted the company’s stock. |
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An appeals court will hear oral arguments today about AT&T’s deal for Time Warner. It has been six months since U.S. District Judge Richard Leon rejected the Justice Department’s challenge to the $80 billion-plus deal after a trial. The judge said the government hadn’t proved that a postmerger AT&T would suppress competition in the pay-television industry. The Justice Department is now appealing that decision. |
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From reporter Brent Kendall: In addition to the stakes for AT&T and the pay-TV industry, this rare merger appeal could set important legal precedent for future cases and shape the direction of Trump administration antitrust enforcement. |
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President Trump’s attacks on Federal Reserve Chairman Jerome Powell have so far failed to gain traction with Congress. Republican lawmakers, notably, haven’t joined Mr. Trump in criticizing the central bank’s interest-rate increases. For years, they argued the Fed was too slow to raise borrowing costs to more-normal levels from postcrisis lows. Separately, Walmart and Target want the Fed to help them get paid in real time. They and other companies want the central bank to develop a service to settle interbank transfers in real time, 24 hours a day, seven days a week. Such a service could ultimately eliminate the lag between when consumers use debit cards and when stores receive the funds. |
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What We’re Following USA Gymnastics: The governing body for American gymnastics filed for bankruptcy, a dramatic step for the embattled organization. Wells Fargo Cleanup: The bank is firing around three dozen district managers for oversight failures related to a sales scandal that erupted in its retail bank more than two years ago. Wisconsin Politics: The state’s Republican-led legislature passed bills that would strip away some powers of the incoming Democratic governor and curb early voting. North Korea’s Arsenal: Pyongyang is expanding military facilities thought to house long-range missiles that can hit the U.S., according to a think-tank report. |
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Trending Stories at WSJ.com | |
The push to end the practice of bumping passengers from flights. (Read) Behind Boeing’s decision to omit details about an automated flight-control system from operations manuals for the 737 MAX, the aircraft involved in October’s fatal crash in Indonesia. (Read) The deadliest blaze in California’s history is threatening to cause losses for investors who purchased a catastrophe bond specifically covering wildfire risk. (Read) |
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What Else We’re Reading Hackers behind a massive breach at hotel group Marriott International left clues suggesting they were working for a Chinese government intelligence gathering operation. (Reuters) Prosecutors are ramping up their investigation into foreign lobbying by two major Washington firms that did work for former Trump campaign chairman Paul Manafort. (Associated Press) Eight months after one of Uber’s self-driving cars struck and killed a pedestrian, the company is close to putting its autonomous vehicles back on the road in a drastically reduced version of earlier efforts. (New York Times) |
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Today’s Question and Answer In response to our question about proposed changes at the U.S. Postal Service: Gordon E. Finley in Florida wrote: “The single most important issue in the proposed Postal Service changes is rural and small-town America, where the Postal Service delivers not only mail but also a sense of community. Does our government really want to exacerbate the depopulation of the nation’s heartland?” Frank Janecek of Alabama said: “I think the report speaks the truth. The USPS undercharges for delivery. They need a solid economic analysis of their costs of doing business and then to raise all rates appropriately. Essential service needs to be the priority. Junk mail last. Packages should pay their fair share. I agree with the report that retirement funding needs to continue and not be passed on to taxpayers.” Tom Palumbo of Michigan shared: “The purpose of the Postal Service is not to turn a profit but rather to provide a service to those who need it. I hope that under-resourced citizens are not thrown under the bus in an effort to compete with UPS and FedEx.” Stewart D. Cumming of California said: “The USPS is long overdue for changes. We should all be concerned that this vital and historically significant agency not be driven into extinction by change but rather transformed into a competitor in today’s marketplace.” George Richmond of New Mexico wrote: “Time for changes such as moving to five-day-a-week delivery from six-day. Is the post office micromanaged by Congress? Time to stop. What are the goals of the post office, other than supporting the postal unions? When the goals are determined, then open the process to competitive bids.” Question for tomorrow’s 10-Point: Going back to our article above, what do you think of the push to stop airlines from bumping passengers? What other changes should airlines make? Email us your comments, which we may edit before publication, to 10point@wsj.com, and make sure to include your name and location. |
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| 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. |
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