Business Briefs – October 30, 2018

Pfizer’s 3Q Profit, Up Due to Tax Cut, Beats Expectations

Pfizer Inc. posted a 45 percent jump in third-quarter profit, as it benefited from sharply lower taxes due to this year’s federal tax cut and slightly higher revenue. Pfizer on Tuesday reported net income of $4.11 billion, or 69 cents per share. Adjusted for one-time gains and costs, the New York-based drugmaker said income came to 78 cents per share, which beat analysts’ expectations.

Progress? Gridlock? How Midterm Vote Could Affect U.S. Economy

WASHINGTON (AP) — If Democrats win control of the House in next week’s congressional elections, their legislative priorities wouldn’t likely much alter a $20 trillion U.S. economy. For one thing, President Donald Trump would remain able to block Democratic initiatives — just as they could stop his plans for more tax cuts and a 5 percent trim of Cabinet department budgets. What instead would likely result is continued gridlock.

End of Austerity? Britain’s Poor To See Little Improvement

LONDON (AP) — Much of Britain will continue to feel the effects of eight years of spending cuts, even after the government’s Treasury chief heralded the end of austerity in his budget plan. As the country prepares for a potential economic hit from leaving the European Union, the government is spending more on health, transportation and small business. Experts say that won’t materially improve the living standards of the poor, which have fallen sharply under a Conservative government focused on reducing debt.

U.S. Home Price Gains Weaken For 5th Straight Month

WASHINGTON (AP) — U.S. home price gains slowed for the fifth straight month in August as higher mortgage rates have lowered home sales. The S&P CoreLogic Case-Shiller 20-city home price index increased 5.5 percent in August compared with a year earlier, down from a 5.9 percent gain in the previous month.