Business highlights 11/12/18
Democrats eye up Trump’s tax returns
WASHINGTON (AP) — Getting President Donald Trump’s tax returns is high on the list of Democratic priorities now that they have won the House. By law, the leaders of tax-writing committees in the House and Senate can obtain tax returns and related information from the Internal Revenue Service. Yet there’s no guarantee that the Trump administration will provide the president’s returns. That sets up the possibility of a legal battle that could take years to resolve.
Chinese leaders struggle to dispel stock gloom
BEIJING (AP) — China’s government is trying to dispel stock market gloom and talk up prices with promises of tax cuts and a media campaign led by its economic czar. The market benchmark plummeted 30 percent before a slight rebound but remains the world’s worst performer this year. That is a blow to communist leaders who are trying to shore up economic growth and fight a tariff war with the U.S.
China auto sales fall in October, still in slump
BEIJING (AP) — China’s auto sales sank in October for a fourth month, tumbling 13 percent from a year earlier. The abrupt downturn in their biggest market is a painful setback for global automakers that are looking to China to drive growth. An industry group, the China Association of Auto Manufacturers, said sales of SUVs, sedans and minivans so far this year are off 1 percent compared with 2017.
US wholesale prices up
WASHINGTON (AP) — Led by costlier gas, food, and chemicals, U.S. wholesale prices surged 0.6 percent in October, the biggest month-to-month rise in six years. Yet excluding categories that fluctuate sharply from month to month, underlying inflation pressures remain tame.