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Jun 26, 5:48 PM EDT

Business Highlights


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'Like bombs': Bankrupt company's air bags still out there

Takata Corp. has filed for bankruptcy, brought down by a scandal involving defective air bags blamed for at least 16 deaths. But millions of the faulty devices are still out there, and it could take years to get them off the road. In the meantime, plaintiffs' lawyer Billie-Marie Morrison says they are "like bombs waiting to explode."

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Budget office: Senate health bill adds 22 million uninsured

WASHINGTON (AP) - The Congressional Budget Office is estimating that the Senate Republican health care bill would leave 22 million more Americans uninsured in 2026 than under President Barack Obama's health care law. The nonpartisan office's findings are a blow to GOP leaders' hopes of pushing the plan through the chamber this week. Senate Majority Leader Mitch McConnell unveiled the legislation last week but is already facing open opposition from five GOP senators.

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Ex-CEO's reputation precedes him, affects jury selection

NEW YORK (AP) - Several potential jurors at the federal securities fraud trial of Martin "Pharma Bro" Shkreli have been excused after telling the judge they couldn't be impartial. The former pharmaceutical CEO who became notorious for his decision to raise the cost of a life-saving drug 5,000 percent is on trial on unrelated criminal charges. Jury selection began Monday in a Brooklyn courtroom.

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US stock indexes close mostly higher; oil recovers

U.S. stock indexes closed mostly higher, snapping a four-day losing streak for the Dow Jones industrial average on a day of largely listless trading. Utilities led the gainers as falling bond yields made high-dividend companies more attractive to income-seeking investors. Phone companies and real estate investment trusts, which also tend to offer high yields, notched gains. Financial stocks also did well. Technology companies declined the most, giving up gains from an early rally.

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Company curbs sale of panels used on burned London high-rise

LONDON (AP) - U.S.-based Arconic says it is discontinuing sales of one type of aluminum composite paneling for use on high-rise buildings following the deadly fire at a London apartment tower. Arconic says its Reynobond PE panels will no longer be sold for high-rise projects. The panels may have been a factor in the rapid spread of the June 14 blaze that killed at least 79 people at Grenfell Tower.

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Promised college loan forgiveness, borrowers wait and wait

BOSTON (AP) - New federal data suggest no new student loan forgiveness applications have been approved out of more than 64,000 pending applications. Thousands of former students of failed for-profit colleges were promised forgiveness by the Obama administration. Borrower advocates say the process to get loans canceled appears to have slowed since President Donald Trump took office.

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Senate Democrats: Boost domestic spending, not just defense

WASHINGTON (AP) - Senate Democrats are demanding that federal domestic agencies receive budget increases, not just the Pentagon. Senate Minority Leader Chuck Schumer and other top Democrats delivered that message in a letter to GOP leaders on Monday. They also restated Democratic opposition to President Donald Trump's promised wall along the U.S.-Mexico border. Republicans will need the support of Senate Democrats to pass more than $1 trillion worth of Cabinet department budgets.

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BMW announces $600M expansion as it celebrates 25 years

BMW plans to invest an additional $600 million in its South Carolina plant and create 1,000 more jobs over the next four years. CEO Harald Krueger's announcement Monday coincides with the German automaker celebrating 25 years of manufacturing in South Carolina.

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Airline vet to lead Amtrak in a summer of repairs, reckoning

WASHINGTON (AP) - America's railroad is counting on an airline industry veteran to lead it through a summer of reckoning for congestion and crumbling infrastructure at its busiest station. Amtrak on Monday named former Delta chairman Richard Anderson as its new president and CEO. He'll take charge of the government-owned railroad July 12, as it rushes to make repairs at New York's Penn Station.

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UK's May makes deal she needs to govern, but critics abound

LONDON (AP) - British Prime Minister Theresa May has struck a deal with Northern Ireland's Democratic Unionist Party Monday that is designed to give her minority government enough support in Parliament to endorse her legislative agenda this week. The move, made necessary by her Conservative Party's dismal performance in the June 8 election, came with a high cost: May's government agreed to a massive injection of funds into Northern Ireland in exchange for Democratic Unionist support.

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Jury pick starts in UN-bribery trial of Chinese billionaire

NEW YORK (AP) - Jury selection has begun in the New York criminal trial of a Chinese billionaire charged with trying to bribe United Nations diplomats to ease approval of a U.N. conference center. Ng Lap Seng (ihng lap sihng) has pleaded not guilty to six charges, including conspiracy. He's been confined to a luxury Manhattan apartment while free on $50 million bail.

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The Standard & Poor's 500 index added 0.77 points, or 0.03 percent, to 2,439.07. The Dow gained 14.79 points, or 0.1 percent, to 21,409.55. The Nasdaq composite slid 18.10 points, or 0.3 percent, to 6,247.15.

U.S. crude rose 37 cents, or 0.9 percent, to settle at $43.38 a barrel in New York. Brent, the international standard, gained 29 cents, or 0.6 percent, to close at $45.83 a barrel in London. Wholesale gasoline rose 1 cent to $1.44 per gallon. Heating oil also added a penny to $1.38 per gallon. Natural gas gained 10 cents, or 3.3 percent, to $3.02 per 1,000 cubic feet.

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