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Good Morning. Welcome to your guide to the news from the editors of The Wall Street Journal. In today’s edition: Turkish drama pummels emerging markets around the world, activist hedge fund Elliott Management to push Nielsen to sell, a security app that makes browsing easier, and more. |
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Emerging Problem: Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition. The lira fell as much as 10% in Asian morning trade, according to FactSet, before briefly paring some losses and trading 3.5% lower at 6.65 against the dollar. U.S. stock futures declined. |
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From Mike Bird WSJ global markets reporter: With the lira plunging again, the question on everyone’s lips is whether Turkey’s financial crisis remains a domestic affair, or spills over to other economies. Sharp selloffs in the South African rand, Russian ruble and Mexican peso highlight the concern that Turkey’s circumstances may not be totally unique. These are the sort of situations that prompt emergency interest-rate increases from central banks in emerging markets, something investors are watching Turkey closely for. |
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“I don’t need that much help. I’ve played some videogames before.” | — Richard Russell, a 29-year-old Horizon Air ground-service employee, told air-traffic controllers Friday after stealing a passenger plane from Seattle-Tacoma International Airport that later crashed on a nearby island. |
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At first, air-traffic controllers didn’t seem alarmed when Mr. Russell climbed into the cockpit of an airliner Friday evening. The theft exposed the aviation vulnerabilities that persist even after efforts to enhance security following the Sept. 11, 2001, terrorist attacks. |
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Uber drivers take riders the long way—at Uber’s expense. Many drivers are employing a practice known as longhauling—taking an unnecessarily longer route to a destination to drive up a fare. But unlike taxis, where passengers “get taken for a ride,” it is ride-hailing companies such as Uber that are responsible for covering the bigger bill. |
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8% | Elliott Management’s approximate stake in Nielsen, worth at least $640 million, the Journal reports. The activist hedge fund could unveil plans to push the TV-ratings company to sell itself as soon as today. |
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Banks are finally starting to pay their depositors. The grim decade in which savers earned near nothing on their bank deposits is ending. Banks have started raising deposit rates more rapidly in response to Federal Reserve rate increases, pressured by online competition. That is good news for consumers and bad news for some banks, Heard on the Street columnist Aaron Back writes. |
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| | PHOTO: EMILY PRAPUOLENIS/THE WALL STREET JOURNAL |
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The security app that’s making browsing easier. Dashlane’s security suite—with password manager, a VPN and a tool to check if your personal information has been stolen—is the easiest way yet to protect yourself on the internet, the Journal’s David Pierce explains. |
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Morning Brief for Monday
| Earnings season is beginning to slow down. The economic calendar picks up midweek. Facebook unveils new rules for public pages. And the Treasury Department auctions $122 billion in securities this week. Our Annmarie Fertoli reports. | Listen Now |
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Trending Stories at WSJ.com | | South Korean Unification Minister Cho Myoung-gyon, second from right, shakes hands with his North Korean counterpart Ri Son Gwon, second from left, after their meeting Monday. PHOTO: ASSOCIATED PRESS |
| North and South Korea agreed to hold a summit in Pyongyang in the coming weeks, in what would be the third meeting this year between the leaders of the two Koreas. (Read) Hackers at the Defcon computer-security conference believe they can help prevent manipulation of U.S. elections. Some election officials and makers of voting machines aren’t so sure. (Read) While Google’s search engine remains blocked in China, the company is courting allies there by providing tools and support to a growing number of app developers, manufacturers and advertisers in the region. (Read) |
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What Else We’re Reading Bayer shares plunged more than 10% after a California jury ordered the German company’s newly acquired Monsanto subsidiary to pay $289 million for not warning of cancer risks posed by its main weed killer. (Reuters) The trial of President Trump’s former campaign chairman, Paul Manafort, is about to enter its third and possibly final week. Here’s what to expect. (NPR) SoftBank Group, the Japanese conglomerate that has been touted as a potential source of capital for a buyout of Tesla, isn’t planning to participate in such a deal. (Bloomberg) |
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Today’s Question and Answer Responding to Friday’s question on automated savings in 401(k) plans being withdrawn well before retirement: Robert Nagel of Australia shared: “We are all living longer and someone ultimately needs to pay the living expenses of all retirees. Why should we not all be expected to contribute to our own retirement proportionate to our own circumstances to do so?” Bonnie Fitch of Indiana wrote: “If anyone would ask me for advice, I would highly suggest doing any and all remodels before retirement, but still be debt-free at least one year before retirement so you can invest for the future.” Karin Bonding of Virginia said: “Automated savings for new employees has proven to raise participation. When employees leave a company, improved level of education/information about the detrimental effects to the employee’s retirement must be part of the leave package.” Question for tomorrow’s 10-Point: The White House has vowed to pile pressure on Turkey, including doubling steel tariffs on the country, until a detained American pastor is freed. What are your thoughts on the dispute between the U.S. and Turkey? 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 Jessica Menton (jessica.menton@wsj.com; @JessicaMenton) in collaboration with Editor in Chief Matt Murray. Let us know what you think by replying to this email. |
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