Good morning from New York,
Stall Speed
This is the way the U.S. economy starts this year. Not with a bang but with a whimper. We report that growth in GDP marked its second-worst quarterly performance since the recession ended in 2009. The primary reason was a fall in exports. We note that pent-up demand caused by a winter lull could lead to stronger gains this year, and reassure the U.S. Federal Reserve that the economy can return to stronger growth. For now, the Fed is sticking to its path of reducing bond purchases to $45 billion a month and keeping interest rates near zero, though inflation and other factors could complicate the central bank’s decisions. We also analyze the movement of the Dow Jones Industrial Average, which closed in record territory for the first time in 2014, after U.S. stocks initially struggled to gain ground. Investors said one hurdle has been the slowdown in corporate earnings growth.
The Moscow Method
As pro-Russia militants extend their grip in Ukraine, we examine what appears to be their emerging strategy: Grab as much ground and infrastructure as they can to ensure that a referendum on independence takes place. The Kremlin hasn’t publicly expressed any desire to annex eastern Ukraine. But a referendum would give it a reason to intervene politically or militarily on behalf of ethnic Russians—the same justification it gave for taking over Crimea. The White House announced President
would travel to Europe in June to consult with allies about the crisis. His itinerary will include a stop in Poland, which has been urging a tougher line against Moscow. Meanwhile, it turns out that the West and Russia can actually agree on something. Neither side wants Ukraine to be a failed state. We note that the International Monetary Fund approved a $17 billion emergency rescue package to prevent a collapse of Ukraine’s economy, marking a rare moment of consensus.
A Specter from the Past
After decades of sectarian strife, the worst of the bloody period in Northern Ireland known as the Troubles was considered to have ended in 1998. But one of the most high-profile murders of that time has remained unsolved. Now, after all these years, we report that police have detained Sinn Féin leader Gerry Adams in connection with the killing of Jean McConville, a 37-year-old widow and mother of 10. Most accounts say the Irish Republican Army killed her because she was believed to be a spy for British authorities, though a later review by police concluded she wasn’t. Curiously enough, the McConville investigation received an unexpected break from a Boston College oral-history project on the Northern Ireland conflict. Mr. Adams, who hasn’t been charged and denies having any part in the killing, said he had serious concerns about the timing of the arrest coming just weeks before European Parliament elections in the Republic of Ireland and Northern Ireland.
Height of Sophistication
Which airline prepares 16 different meals to cater for those with specific needs such as kosher food? The answer: Delta. Our Middle Seat columnist Scott McCartney reports on airlines that have standardized “special” meals, once prized by savvy travelers as a way to get better-quality food at 35,000 feet. As food choices become increasingly important to air travelers, he looks at the ways that airlines are trying to offer customized options. British Airways, for example, says that 10% of its passengers order special meals, while on some routes to India, up to half of passengers ask for the Asian vegetarian special meal. Likewise, business-class passengers on Singapore Airlines will often request lobster thermidor. In other food news, we report that packaged food companies are spicing up their products in an attempt to improve customer loyalty.
TOP STORIES
U.S.
Shifting U.S. Demographics Tilt Presidential Races
Train Derailment, Fire in Virginia
WORLD
Iraqis Head to Polls Amid Tight Security
Airstrike on Syrian School Kills 47
BUSINESS
Alstom CEO Defies Paris, Spurred by His Past
Buffett Pressures Coke Over Pay
MARKETS
Searching the ‘Frontier’ for Returns
Tough Judge Richard Sullivan’s Rulings Are in the Spotlight
Number of the Day
26 million
The estimated number of subscribers served by the combined company were ATT to acquire DirecTV. The TV operator has approached the satellite-TV firm about a possible acquisition, in the latest sign of a shake up in the industry.
Quote of the Day
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I think it is a mistake to confuse war weariness with an unwillingness of the American people to defend our national security.
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What do you think of Mr. Cruz’s point? Send your response to 10point@wsj.com and follow @GerardTBaker on Twitter.
—Compiled by Khadeeja Safdar
On Messrs. Silver and Sterling, some of you felt it was inappropriate to punish someone for private comments apparently taped without the speaker’s knowledge. Others applauded the NBA commissioner’s decision. Rick Asbill of Georgia wrote: “I agree with Silver’s actions but am concerned that forcing a sale could create current tax issues and perhaps impact estate planning. Could there be a way to turn over management and operations to an approved person or entity and require a sale on or before a year after the owner’s death? Another concern is whether this leads to detailed looks at the lives of all owners to see if they had uttered politically incorrect remarks or told crude jokes, in the past. A very slippery slope.”
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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