The 10-Point: WSJ Editor in Chief Gerard Baker's Guide to the Day's Top News
April 20 2017 - 7:09AM
Dow Jones News
By Gerard Baker
Good morning,
Special Permission
Exxon Mobil has applied to the Treasury Department for a waiver
from U.S. sanctions on Russia in a bid to resume its joint venture
with state oil giant Rosneft. We report that Exxon has been seeking
U.S. permission to drill with Rosneft in several areas banned by
sanctions and renewed a push for approval in March, shortly after
its most recent chief executive, Rex Tillerson, became secretary of
state. The waiver request is likely to be closely scrutinized by
members of Congress who are seeking to intensify sanctions on
Russia in response to what the U.S. said was its use of
cyberattacks to interfere with elections last year. The State
Department is among the U.S. government agencies that have a say on
Exxon's waiver application, but Mr. Tillerson is recusing himself
from any matters involving Exxon for two years, a State Department
spokesman said.
The No-Spin Zone
Fox News is parting ways with Bill O'Reilly in the wake of a
sexual-harassment scandal, bringing an end to the combative host's
two-decade run that drew millions of loyal viewers and helped build
the network's political influence. The decision to cut ties with
Mr. O'Reilly, a staple of the Fox News Channel since its launch in
1996, is a sea change for both the network and its parent company
21st Century Fox. Mr. O'Reilly's take-no-prisoners approach to
hosting and glee in belittling those he disagreed with became the
template for much of the network's programming strategy. The
absence of "The O'Reilly Factor" will be the most high-profile
change for viewers in a year that has also seen the exit of Fox
News Chairman Roger Ailes and popular host Megyn Kelly. Fox News is
moving Tucker Carlson into Mr. O'Reilly's time slot.
Poison Pen
The letter that cost Klaus Kleinfeld his job as chief executive
of aerospace-parts maker Arconic on Monday contained a vague threat
toward the billionaire whose hedge fund had been campaigning for
Mr. Kleinfeld's ouster. The letter, sent last week to Elliott
Management, referenced the alleged partying of Elliott's president,
Paul Singer, at the 2006 World Cup in Germany, Mr. Kleinfeld's home
country. We report that Mr. Kleinfeld wrote, in sometimes imperfect
English, that while the two had never met, he had heard stories
from friends in Germany about what the letter called Mr. Singer's
"legendary" conduct during and after several soccer matches. The
letter alludes to the Wall Street magnate singing "Singing in the
Rain" in a fountain. Elliott said Monday that the letter was "based
on completely false insinuations." Meanwhile, the race is heating
up for Arconic's next leader.
Hollywood Goes Virtual
In show business, virtual reality is the new ingénue. The
360-degree immersive technology started emerging at film festivals
about five years ago, often in projects that were more snazzy demos
than stirring narratives. Since then, movie executives have used VR
to promote existing franchises and provide interactive extras for
anticipated blockbusters. Now, the entertainment industry is
dedicating new levels of talent, money and time to VR projects,
with a premium on original stories, award-worthy performances,
Hollywood production values and a pinch of celebrity. At the
Tribeca Film Festival, which opens this week, the VR lineup
includes projects connected to director Kathryn Bigelow, musicians
John Legend and Pharrell Williams, producer Megan Ellison and
others. VR is a creative niche that has yet to be fully identified
or understood.
--Compiled by Margaret Rawson
(END) Dow Jones Newswires
April 20, 2017 06:54 ET (10:54 GMT)
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