Stocks edge higher...Honda denies covering up air bag dangers...Syngenta to appeal GMO verdict
NEW YORK (AP) — Stock indexes are edging higher in midday trading on Wall Street as oil rises and energy companies recoup some of their losses from earlier in the week. Financial stocks flipped between modest gains and losses after all 34 of the largest U.S. banks passed the Federal Reserve’s stress test. Bed Bath & Beyond plunged after the household goods seller reported earnings that fell far short of what analysts were expecting.
DETROIT (AP) — Honda is going public as it tries to debunk claims by lawyers that it knew about the dangers of Takata air bag inflators nearly two decades ago, but covered it up. Honda wants depositions from Takata employees to be included in trials. It says the testimony shows that Honda was a victim of fraud committed by Takata. Inflators exploding with too much force have killed at least 16 people worldwide, injured 180 and touched off the largest automotive recall in U.S. history. The escalation of Honda’s fight comes days before Takata Corp. is expected to seek bankruptcy protection in Japan and the United States.
KANSAS CITY, Kan. (AP) — Swiss agribusiness giant Syngenta says it will appeal a federal jury’s awarding of nearly $218 million to Kansas farmers who sued the company over its introduction of a genetically modified corn seed variety. Syngenta says it’s disappointed by today’s verdict after a three-week trial in Kansas City, Kansas. The lawsuits allege Syngenta introduced the seed variety to the U.S. market before China approved it for imports, wrecking an increasingly important export market for U.S. corn and causing price drops.
SAO PAULO (AP) — Brazil’s agriculture minister says he will travel to the United States to try to reverse the American ban of beef imports from Latin America’s biggest country. Yesterday, U.S. Agriculture Secretary Sonny Perdue announced the immediate suspension of all Brazilian fresh beef imports because of safety concerns. The U.S. said the suspension will remain in place until Brazil takes corrective action.
LANSING, Mich. (AP) — Gov. Rick Snyder is urging the Michigan House to pass economic development tax incentives when it meets in July, saying there’s still time to lure a Taiwanese electronics giant to the state. The Republican governor tells The Associated Press that the job-creation program is about “more and better jobs.” Foxconn plans to locate a display panel factory in the U.S. and could announce investment plans by early August for at least three states.