In today’s newsletter:

Good morning. Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid debts, a move that threatens to further undermine investors’ confidence in the country’s economy.

In recent months, tax officials have asked wealthy individuals and companies to “self-audit” their tax payments and address shortfalls as local governments seek revenue to refill coffers depleted by the property recession.

The tax cut comes as Beijing this week prepares to unveil details of a major fiscal stimulus that is expected to focus on improving the finances of local governments, many of which are struggling to pay suppliers and employees.

“It’s clear that local governments don’t have money,” said the manager of a medium-sized manufacturing company in Suzhou, one of China’s industrial centers near Shanghai. He added that they often impose heavy fines on companies in his region.

The tax demands have created uneasiness and even “fear” among the country’s rich in cities such as Beijing, Shanghai and Shenzhen. Read the full story.

And here are some other things I followed today:

• Economic data: S&P Global has released the India Manufacturing PMI for October.

• Malaysia: Prime Minister Anwar Ibrahim started his visit to China.

• Chinese: The Standing Committee of the National People’s Congress will begin its weekly meeting, where it is expected to issue additional debt to stimulate the country’s flagging economy.

• South Korea: Officials from Seoul and the EU will hold their first strategic dialogue to discuss Russia’s deployment of North Korean troops.

Experts led by Financial Times editor Roula Khalaf will discuss world predictions for 2025 at a virtual event on December 11. Sign up today.

Five more important news

1. Indian conglomerate Adani Group has started restricting electricity supplies to Bangladesh and the new government in Dhaka has threatened to halt energy exports altogether as it grapples with overdue payments. The country’s chief energy adviser said Bangladesh had disputed the amounts owed to Adani and told the FT: “We are both surprised and disappointed by the decision.” Read more about the dispute.

2. Kamala Harris and Donald Trump make final appeals to undecided voters and tried to rally his supporters in swing states as polls showed the election continuing down to the wire in the last 48 hours.

• Weekend Trial: Politics during and after the US presidential campaign, heavy psychological cost. Can we raise our voice?

3. Angry locals in Paiporta, Spain, pelted visiting political leaders and the Spanish king and queen over a series of failures this left them helplessly exposed to a deadly flood. The riverside town was home to nearly a third of the 214 victims known to have died. Some citizens shouted ‘murderer’ at the group. Prime Minister Pedro Sánchez was evacuated After protests broke out.

4. Saudi Arabia and other members of Opec+ postponed the plan to start increasing oil production until the end of the year, The group is trying to revive crude oil prices, which continue to fall despite the turmoil in the Middle East. Brent crude oil has fallen almost 14 percent in the last 12 months. Demand concerns from China.

5th World Economic Forum raises admission prices 10-fold for some guests at its annual meeting in Davos while trying to get a larger share of corporate activities during the interludes of elite gatherings. The organization plans to charge more for second-tier guests and also increases the number of passes available.

Big Read

What will happen the day after the US elections? A historically tight presidential race may not and probably will not end on voting night. gives rise to one of two “morning-after” crisesAccording to constitutional lawyers.

We are reading too. . .

• Chinese: As residents age, a campaign is underway to replace hundreds of thousands of elevators in aging apartment buildings. But the plan is being fought by authorities and tenants fight over the bill.

• Hollywood and geopolitics: film distributors increasingly cautious There is nothing potentially controversial, writes Gillian Tett.

• Biometric withdrawals: Increasing number of executive escapades, scientific superiority efforts to reduce stress.

Chart of the day

Warren Buffet continued He reduced his stake in Apple As part of a selling spree that has seen Berkshire Hathaway sell $166 billion worth of stock over the past two years.

Take a break from the news

Columnist Pilita Clark writes that an email introduction should create a helpful, mutually beneficial and enjoyable meeting. However too many people break these basic rules something a promoter almost always needs to keep track of.