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FINANCIAL MARKETS

Asian shares decline on revived jitters over trade deal

BANGKOK (AP) — Shares retreated in Asia on today as conflicting reports raised concerns over the likely outcome of a trade deal to be signed by the U.S. and China.

Japan's Nikkei 225 index lost 0.5% while the Hang Seng in Hong Kong dropped 0.6%. The Shanghai Composite index gave up 0.5% 4. In South Korea, the Kospi slipped 0.4%. Shares also fell in Taiwan and in Southeast Asia. But the S&P ASX 200 climbed 0.5%, breaching an intra-day record high on optimism over the preliminary trade agreement due to be signed later in the day.

The declines followed a mixed session on Wall Street Tuesday as investors parsed the latest indications on trade relations between the two largest economies.

On Tuesday, the S&P 500 index fell 0.2% to 3,283.15 after gaining as much as 0.2% earlier. The Nasdaq slid 0.2% to 9,251.33.

The Dow rose 0.1% to 28,939.67, while the Russell 2000 index of smaller company stocks climbed 0.4%, to 1,675.74.

Bond prices rose. The yield on the 10-year Treasury slipped to 1.81% from 1.84% late Monday.

TRUMP-FUEL ECONOMY

Trump administration signals compromise on gas mileage rules

DETROIT (AP) — The Trump administration is signaling that it could increase fuel economy standards, possibly compromising on its push to freeze them at 2020 levels.

In one of the administration's hardest-fought battles to roll back Obama-era environmental regulations, two federal agencies submitted a final rule on gas mileage and greenhouse gas emissions on Tuesday.

But they would not give details until the rule is reviewed and formally published by the Office of Management and Budget.

Still, the National Highway Traffic Safety Administration says in a statement that it believes the rule, done jointly with the Environmental Protection Agency, will improve gas mileage and reduce emissions from the U.S. fleet of new vehicles.

LNG-RAIL SHIPMENTS

15 states oppose Trump plan to allow LNG shipments by rail

HARRISBURG, Pa. (AP) — The attorneys general of 15 states said this week that they oppose a Trump administration proposal to allow rail shipments of liquefied natural gas, arguing the trains will share tracks with passenger trains and travel through congested areas.

The protesting states included Pennsylvania and New Jersey, where the Trump administration issued a special permit in December to ship LNG by rail.

The rulemaking by the U.S. Pipeline and Hazardous Material Safety Administration stems from Trump signing an executive order in April that, in addition to seeking to speed up oil and gas pipeline projects, directed the transportation secretary to propose a rule allowing liquefied natural gas to be shipped in approved rail tank cars.

AIRCRAFT FUEL DUMP

Jet dumps fuel that lands on schoolkids near Los Angeles

CUDAHY, Calif. (AP) — An airliner with engine trouble dumped jet fuel that fell as a smelly mist on dozens of schoolchildren while the plane made an emergency return to Los Angeles International Airport.

Officials say the fuel, described by fire officials as a vapor, caused minor skin and lung irritation to 56 children and adults but nobody was taken to the hospital and the only decontamination required was soap and water.

Delta Air Lines Flight 89 to Shanghai reported an engine problem only minutes after takeoff.

The pilot was asked whether he wanted to keep the aircraft over the ocean to dump fuel but declined, although it appears he may have changed his mind later about whether the plane could safely land weighing as much as it did.

The fuel sprayed out of the plane in two lines and descended in the city of Cudahy (KUD’-uh-hay) and nearby parts of Los Angeles County, about 13 miles (21 kilometers) east of the airport.

COLLEGES-PRESIDENT PAY

Survey: Pay for private university presidents climbs 10.5%

BOSTON (AP) — The average pay for America's private university presidents grew by 10.5% in 2017, with dozens receiving more than $1 million and three topping the $5 million mark, according to an annual survey by The Chronicle of Higher Education.

The survey, released Tuesday, finds that private university presidents at more than 500 schools averaged $608,000 in total annual compensation, including salary, bonuses, benefits and other perks. Their average pay increased by 4% in 2016 and by 9% in the previous year.

The two top earners in 2017 both came from schools in Rhode Island. Ronald K. Machtley, of Bryant University, received $6.28 million, while John J. Bowen, of Johnson & Wales University, received $5.3 million. Bowen retired at the end of 2018, and Machtley has announced he will retire later this year.

SOLAR POWER-PONZI SCHEME

4th person pleads guilty in $1B California energy scam

SACRAMENTO, Calif. (AP) — An executive of a San Francisco Bay Area solar energy company pleaded guilty Tuesday to participating in what federal prosecutors say was a massive Ponzi scheme that defrauded investors of $1 billion.

Ryan Guidry of Pleasant Hill entered pleas involving the scam and money laundering. He could face up to 15 years in federal prison.

Guidry was vice president of operations for DC Solar, located northeast of San Francisco. The now-defunct company made solar generators mounted on trailers and marketed them as able to provide emergency power for cellphone companies or to provide lighting at sporting and other events.

Authorities say that to improve tax benefits, the investors never actually took possession of the generators. Instead, they would lease the generators back to DC Solar, which would then provide them to other companies for their use.

MARIJUANA TAX-RECORD

Nevada sees record level of tax revenue from marijuana sales

LAS VEGAS (AP) — Nevada officials say marijuana tax revenue collection in October was the largest since legal recreational sales began in 2017.

The Las Vegas Sun reports that the Nevada Department of Taxation took in $9.8 million, an increase of nearly $1.6 million from October 2018.

Officials say the revenue was more than $1 million higher than the amount collected in September.

The state collects a 15% wholesale cultivation and production tax and a 10% excise tax on retail marijuana sales.

The state has collected $36.7 million in marijuana taxes through the first third of the 2020 fiscal year, an increase of nearly 16% from the same four months of the 2019 fiscal year, officials said.

The October collection was aided by a strong month for sales in Clark County, which registered taxable sales revenue of $50.7 million.