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Stocks down...Dakota Access go-ahead...Chinese firm pleads guilty to breaking Iran sanctions

By The Associated Press | Posted - Mar. 7, 2017 at 12:06 p.m.



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NEW YORK (AP) — Stocks are moving modestly but broadly lower in afternoon trading on Wall Street. Drugmaker stocks are among the biggest decliners. Perrigo fell 2.6 percent and Mallinckrodt lost 4 percent. Prescription drug distributor Express Scripts sank 2.3 percent. Earlier today, President Donald Trump said he was working on a new system to bring drug prices lower. That came after Republicans announced a health care proposal to replace the Affordable Care Act.

BISMARCK, N.D. (AP) — A federal judge has declined to stop construction of the final section of the Dakota Access pipeline. The Standing Rock and Cheyenne River Sioux had asked the judge to direct the Army Corps of Engineers to withdraw permission for Texas-based developer Energy Transfer Partners to lay pipe under Lake Oahe (oh-WAH'-hee) in North Dakota. The stretch under the Missouri River reservoir is the last piece of construction for the $3.8 billion pipeline to move North Dakota oil to Illinois. ETP says it could be moving oil through the pipeline as early as next week.

HOUSTON (AP) — Saudi Arabia's energy minister says OPEC production cuts are working to bolster crude prices. Khalid Al-Falih says the kingdom will look at whether other oil-producing nations are living up to their promises to curtail pumping before deciding whether to extend the cutbacks beyond this summer. In a nod to America's ability to offset much of the OPEC cuts by pumping oil from shale formations, Al-Falih says he is watching the U.S. producers closely. The Saudi minister spoke at an energy industry conference in Houston.

WASHINGTON (AP) — The Justice Department says the Chinese firm ZTE Corp. has agreed to plead guilty and pay the United States $892 million for violating sanctions against Iran. The department says the company illegally shipped sensitive U.S.-made equipment to Iran. Attorney General Jeff Sessions says the corporation "not only violated export controls that keep sensitive American technology out of the hands of hostile regimes," company officials also "lied to federal investigators and even deceived their own counsel and internal investigators about their illegal acts."

WASHINGTON (AP) — WikiLeaks claims Samsung smart TVs are among the CIA's surveillance weapons. The group has published more than 8,000 documents purportedly taken from the Central Intelligence Agency's Center for Cyber Intelligence. WikiLeaks claims the documents show the CIA worked with U.K. intelligence officials to turn microphones in the TVs into listening devices that through a program called Weeping Angel. The target TV would appear to be off when it is allegedly sending audio to a covert CIA server.

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The Associated Press

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