Business Briefs – October 29, 2017

U.S. Economy Shows Resilience With 2nd Straight Solid Quarter

WASHINGTON (AP) – More than eight years since the Great Recession officially ended, the economy is still recording consistent gains — in the job market, in business investment, in consumer spending and corporate earnings. Unemployment is at a 16-year low. Companies are restocking. An improving global economy is boosting U.S. exports. Stock prices are rising in tandem with company profits.

State Department Releases List Of Off-Limits Russian Firms

WASHINGTON (AP) – Arms trader Rosoboronexport and missile manufacturer Almaz-Antey are among the more than three dozen Russian companies the State Department is warning other countries and businesses to avoid doing business with or risk being hit with U.S. sanctions. The State Department on Friday published of list of businesses and individuals linked to Russia’s defense and intelligence agencies. The list, nearly a month overdue, was required by a sweeping new sanctions law.

Profit Soars at Exxon and Chevron on Higher Oil Prices

DALLAS (AP) – Exxon and Chevron get a boost from higher crude prices, as third-quarter profits soar by at least 50 percent. Analysts expect 2017 profits at both companies will far surpass last year’s results, and they forecast another strong year in 2018. Chevron’s CEO calls oil companies “a pretty resilient bunch.”

Russia’s RT Says Twitter Pushed It for Ads Before Election

MOSCOW (AP) – Russian state-owned TV station RT says Twitter had pushed it to spend millions on advertising ahead of the 2016 U.S. presidential election. Twitter said on Thursday it would ban ads from RT and Sputnik, two state-sponsored Russian news outlets that the U.S. intelligence community has said tried to interfere with the 2016 U.S. presidential election.

White House Says Tax Cuts Could Add $1.2t to U.S. Economy

WASHINGTON (AP) – President Donald Trump’s top economist is doubling down on claims that corporate tax cuts would spark economic growth and boost incomes. Kevin Hassett is chairman of the White House Council of Economic Advisers. Hassett says the plan to slash the corporate tax rate from 35 percent to 20 percent could increase the size of the U.S. economy by $700 billion, to $1.2 trillion over a decade.

Drug Companies Fear Amazon Competition

NEW YORK (AP) – Drugstores and prescription drug distributors fell for a second day following reports that Amazon is receiving state licenses allowing it to do business as a prescription drug wholesaler. Walgreens Boots Alliance lost $2.63, or 3.9 percent, to $64.48 and pharmaceutical distributor McKesson lost $7.92, or 5.5 percent, to $135.62.

However, Jefferies and Co. analyst Brian Tanquilut wrote that Amazon appears to have taken out licenses to sell medical equipment, not drugs.