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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Emission Admission
Shares in Volkswagen have plunged this morning after the company admitted that it understated the level of carbon dioxide emissions of about 800,000 cars, broadening the scope of the German auto maker’s emissions-cheating scandal and drawing its gasoline-powered cars into probable recalls for the first time. Volkswagen estimated its financial risk from the new admission at about $2.19 billion. Industry analysts said cars sold in Europe are those most affected. Meanwhile, U.S. auto sales jumped in October and Honda Motor said it will no longer use Takata front driver or passenger air-bag inflaters in new vehicles under development. U.S. auto-safety regulators have hit Takata with a $70 million fine for lapses with rupture-prone air bags.
China’s Growing Pains
President Xi Jinping guided expectations for the Chinese economy lower yesterday as his government began to disclose details of its next five-year plan. Beijing’s recent attempts to boost growth—including six interest-rate cuts over the past year and a succession of government infrastructure projects—have blunted efforts to restructure and shift the economy from traditional manufacturing to consumption, though there are signs that consumers may be picking up some of the slack. Mr. Xi said a minimum growth rate of 6.5% is needed to realize Beijing’s goals of doubling people’s average income and doubling the size of China’s economy from 2010 to 2020, leaving the government little room for error if its growth rate continues to slide.
Art Wars
As the world’s top art collectors descend on New York for a two-week series of major auctions that could top $2 billion, the city’s chief auction houses—Sotheby’s, Christie’s International and Phillips—have gone into competitive overdrive. The houses wooed consignors with sweetheart deals that once would have been unfathomable, from locking in buyers for half the major offerings upfront to forgoing their own fees altogether. These auctions serve as a stress test for the art market overall and help reset price levels for dozens of the world’s top artists. The current round also arrives at a pivot point for the market, which has enjoyed several years of surging strength yet slowed this summer amid volatility in the broader financial markets. Take a look at the artworks on the auction block.
On the High Slopes
Attendance at U.S. ski resorts has plateaued in the past decade. More crucially, participation by children—the next generation of paying guests—has dipped. So resorts are coming up with new ways to entice skiers to spend more while they’re on the mountain, increasingly focusing on the affluent travelers who are making up a bigger chunk of their audience. Ski resorts have built fancy restaurants, upgraded ski lifts and children’s programs and souped up terrain parks. One resort boasts the chance to ski with former Olympians. Another lets VIPs hit the slopes before the public and will set up and retrieve your gear slope-side. All you have to do is ski.
TODAY'S VIDEO
Lost Luster
That Was Painless
Canadian mining company Banro has encountered challenges at its industrial gold mine in the eastern Democratic Republic of Congo, with locals complaining of displacement and a lack of jobs for area workers.
TOP STORIES
U.S.

Sen. Bob Corker Profits on Quick Stock Trades

Drug Deaths Becoming a 2016 Presidential Election Issue
WORLD

After Decades of Conflict, Many Afghan Women Struggle to Survive on Their Own

Turkey Launches Airstrikes on Kurdish Militants in Northern Iraq
BUSINESS

Canadian Crude Still Flows to U.S. Despite Keystone Pipeline Delay

Hot Handbags Lose Some Cachet
MARKETS

Probe Widens Into Treasury Debt Auctions

Short Seller Who Took On ‘Porn’s New King’ Is Still Standing
QUOTE OF THE DAY
It might not tell us how every student from a college does, but if I’m someone looking at getting a loan, I would probably want to know what I’ll make.
Ben Miller, a senior director at the Center for American Progress, commented on new government data showing that students from elite liberal arts colleges don’t earn as much money early in their careers as those who attend highly selective research universities.
TODAY'S QUESTION
What are your thoughts on the salary disparity between liberal arts graduates and those from research universities? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question about Ben Carson overtaking Donald Trump in the GOP race, E.J. Knaysi of Colorado opined, “Supporting Ben Carson is like having a highly complex aircraft that needs a pilot, and being comfortable asking if there is a doctor in the house who would like to fly it. The notion that anyone can grow up to become president is true, but it assumes relevant experience between birth and election.” And from Arizona, Matt Winkler commented: “It’s troubling that a man of science can deny evolution.” But Tom Lamphere of Texas wrote, “Knowledge is power and Ben Carson provides more insight on America’s woes better than any other candidate. What other candidate has mentioned our ‘fiscal gap’ and can explain it with clarity? What other candidate sees America’s ‘brain power’ and has solutions to tap into it? No one person can know everything. As president, Ben Carson will surround himself with brilliant minds to get America to be No. 1 again in education, defense, space and will lift millions out of poverty.” And Richard Duff weighed in from Pennsylvania: “It is a safe bet that neither Donald Trump nor Ben Carson will appear on the GOP ticket in a year. Most GOP voters will ultimately rally behind a singular policy goal and that is taking back the White House, which neither Trump nor Carson has a chance of achieving.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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Copyright 2015 Dow Jones & Company, Inc. All Rights Reserved.   

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