BUSINESS BRIEFS

The U.S. economy grew at a robust annual rate of 3.5 percent in the JulySeptember quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade.

The Commerce Department said Friday that the third quarter’s gross domestic product, the country’s total output of goods and services, followed an even stronger 4.2 percent rate of growth in the second quarter. The two quarters marked the strongest consecutive quarters of growth since 2014.

The result was slightly higher than many economists had been projecting. It was certain to be cited by President Donald Trump as evidence his economic policies are working. But some private economists worry that the recent stock market declines could be a warning signal of a coming slowdown.

GM proposes nationwide zero-emissions vehicle sales mandate

General Motors is asking the federal government for one national gas mileage standard, including a requirement that a percentage of auto companies’ sales be zero-emissions vehicles. Mark Reuss, GM’s executive vice president of product development, said the company would propose that a certain percentage of nationwide sales be made up of vehicles that run on electricity or hydrogen fuel cells.

“A national zero emissions program will drive the scale and infrastructure investments needed to allow the U.S. to lead the way to a zero emissions future,” Reuss said.

GM, the nation’s largest automaker, was to spell out the request Friday in written comments on a Trump administration proposal to roll back Obamaera fuel economy and emissions standards, freezing them at 2020 levels instead of gradually making them tougher.

US Treasury sanctions 2 Singapore firms for N. Korea dealings

An executive of one of two Singapore companies accused by the U.S. Treasury Department of violating U.N. sanctions against North Korea said Friday that he was unaware of any such dealings.

The Treasury Department said Thursday that the companies – commodities trading house Wee Tiong (S) Pte. Ltd. and ship management services company WT Marine Pte. Ltd. – engaged in laundering money for North Korea.

The Singapore Police Force said Friday that the country takes its obligations under the U.N. sanctions seriously and “will take appropriate action based on the outcome of our investigations.” It said it could not comment further until the investigations are complete.

—From wire reports