Business Briefs – November 11, 2018

Ryanair Jet Seized by French Authorities Just Before Takeoff

PARIS (AP) – Storms, strikes, computer failures — you can now add “your plane has been seized by the government” to the list of things that can delay your flight. In France, 149 passengers were preparing to take off for London late Thursday when French authorities ordered their Ryanair Boeing 737 impounded. The reason? The budget carrier had failed to pay $610,000 it owed French regional authorities.

Democrats Eye Trump’s Tax Returns But Expect a Long Fight

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 Market 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, Deepening 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.

Financial Times Editor Refused Entry to Hong Kong

HONG KONG (AP) – The Asia editor of the Financial Times has been refused entry to Hong Kong, weeks after the semi-autonomous Chinese territory refused to renew his work visa. The newspaper reported that Victor Mallet was turned away at the border after being questioned for several hours. Mallet’s visa rejection in October came shortly after he hosted a talk at the Foreign Correspondents’ Club by the head of a now-banned political party advocating the financial hub’s independence from China.

US Wholesale Prices Jump, but Underlying Pressures Look Tame

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.