Business Briefs – June 26, 2017

‘Like Bombs’: Bankrupt Company’s Air Bags Still Out There

WASHINGTON (AP) – 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.”

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.

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.

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.

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.

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.