Daily business briefing

Google reports historic sales growth, Democrats consider taxes on billionaires and big corporations to pay for spending plan, and more [Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Google reports historic sales growthÂ]( Google saw historic sales growth in the third quarter, nearly doubling its profit as the pandemic drove gains for its core advertising business. Revenue for Google-parent Alphabet increased by 41 percent to $65.12 billion, a 14-year high, as smaller businesses spent more on digital ads. Profit reached $21.03 billion, nearly three times pre-pandemic levels. Google's ad business, including Search, Maps, and YouTube, had $53.13 billion in sales, a 43 percent increase. Much of that growth came as online retailers sought to snag customers searching for products online. YouTube also boosted Google's ad gains, with sales growing by 43 percent to $7.21 billion in the quarter, putting it on a pace to make almost as much this year as subscription video streamer Netflix. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Google+reports+historic+sales+growth &body=Read the story here: utm_campaign=business_briefing_newsletter_20211027&utm_source=business_briefing_newsletter) 2. [Democrats consider taxes on billionaires, corporations to pay for spending plan]( Senate Democrats rushed to try to finalize a deal on a major spending plan before President Biden leaves on a foreign tour this week. The Build Back Better proposal could cost $1.75 trillion over a decade, and some Democrats are pushing a tax hike that would raise more than half of its revenue from the 10 richest people in America, including Tesla CEO Elon Musk and Amazon founder Jeff Bezos. [The "billionaire" tax proposal]( would make the 700 wealthiest taxpayers the main revenue source for the spending plan, which would expand the social safety net and boost Biden's effort to fight climate change. Leading Democrats also are proposing a 15 percent minimum tax on corporations posting more than $1 billion in profits over three years, and a 3 percent "surtax" on millionaires earning more than $5 million annually. [[The Washington Post]( [Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Democrats+consider+taxes+on+billionaires,+corporations+to+pay+for+spending+plan&body=Read the story here: utm_campaign=business_briefing_newsletter_20211027&utm_source=business_briefing_newsletter) Sponsored content from Northern Trust [Preparing for IPO-Generated Wealth]( [Sponsored content from Northern Trust]( 3. [Senators grill YouTube, Snap, TikTok leaders on damaging posts]( Lawmakers questioned YouTube, Snap, and TikTok on data privacy, damaging posts, and other issues on Tuesday, shifting attention briefly to other social media companies after weeks of criticism of Facebook for allegedly putting profits above user safety. A bipartisan group of senators told executives of the companies during a three-hour hearing that they feared the firms' software was driving young users to inappropriate posts, and that the companies were not doing enough to remove dangerous content. "Everything that you do is to add users, especially kids, and keep them on your apps for longer," said Sen. Richard Blumenthal (D-Conn.). The companies said they were working hard to protect child users. Several lawmakers said their staff had accessed harmful content with ease, sometimes logged in as a teenager, echoing concerns about Facebook that were raised by whistleblower Frances Haugen. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Senators+grill+YouTube,+Snap,+TikTok+leaders+on+damaging+posts&body=Read the story here: utm_campaign=business_briefing_newsletter_20211027&utm_source=business_briefing_newsletter) 4. [Dow, S&P set fresh records with slight gains]( The Dow Jones Industrial Average and the S&P 500 eked out the latest in a string of records on Tuesday with a nudge from continuing strong corporate earnings reports. The Dow and the S&P 500 gained less than 0.1 percent. The tech-heavy Nasdaq rose by 0.2 percent. Nearly 30 percent of the S&P 500 companies have reported this earnings season, and more than 80 percent of them have exceeded analysts' expectations. United Parcel Service and General Electric were among the companies whose shares gained Tuesday as they posted strong quarters. "Corporate earnings have been the key catalyst behind the recent record-high rally as robust demand continues to offset well-known supply constraints and pricing pressures," said Craig Johnson, Piper Sandler's chief market technician. Stock futures edged lower early Wednesday, with the three main averages down by less than 0.1 percent. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Dow,+S&P+set+fresh+records+with+slight+gains&body=Read the story here: utm_campaign=business_briefing_newsletter_20211027&utm_source=business_briefing_newsletter) 5. [Merck to license COVID-19 pill to U.N. nonprofitÂ]( Merck plans to license its promising COVID-19 pill to a United Nations-backed nonprofit, the Medicines Patent Pool, to expand access to treatment in low- and middle-income countries, the company and the nonprofit said Wednesday. Merck developed the drug, molnupiravir, with Ridgeback Biotherapeutics. It aims to manufacture 10 million courses this year, but licensing partners will be able to increase supplies available in 105 countries, including Pakistan, Cambodia, and all of Africa. Molnupiravir promises to be the first pill COVID-19 patients can take at home, avoiding hospitalizations in places with limited access to health care. The supply and licensing deals will provide "global access in high-income and low- and-middle income countries at the same time," said Paul Schaper, Merck's executive director of global pharmaceutical public policy. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Merck+to+license+COVID-19+pill+to+U.N.+nonprofit &body=Read the story here: utm_campaign=business_briefing_newsletter_20211027&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Dune sequel set to release in 2023: 'This is only the beginning']( Brendan Morrow [Related image]( [The real threat to Facebook isn't regulation. It's teenagers.]( Joel Mathis [Related image]( [The Patriot Act is 20 years old. It shouldn't survive to 21.]( Bonnie Kristian [Related image]( [This year's Thanksgiving dinner could be 'the most expensive meal in the history of the holiday']( Brigid Kennedy [Related image]( [How Germany is beating COVID, and what America can learn]( Brigid Kennedy [Speed reads banner] [Article image]( ['Is he embarrassed?' Biden zings Glenn Youngkin for refusing to campaign with Trump in Virginia governor race.]( October 27, 2021 [Article image]( [Minneapolis kids launch community newspaper to keep neighbors informed]( October 27, 2021 [Article image]( [Late night hosts dislike Facebook's supercharged anger emoji and baked-in 'hate and lies']( October 27, 2021 [Article image]( [Report: White House telling Democrats climate spending could top $555 billion]( October 27, 2021 [Read more of today's best articles at theweek.com]( [Try 6 risk-free issues of The Week magazine]( [Unsubscribe from this list]( | [Privacy Policy]( © 2021 The Week Publications, Inc. All rights reserved. [The Week Logo]( [Follow The Week at Facebook.com]( [Follow The Week at Twitter.com]( [The Week magazine cover]( Try 6 Risk Free issues of The Week [Try it out]( [Try it out]( [Subscribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [RSS]( [Ad info]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Customer service]( [Contact Us]( [Accessibility](