Afternoon Coffee: Takata Raises Cost of Airbag Recall, US Economic Confidence Low in April

Africa Studio/Adobe Stock Africa Studio/Adobe Stock

Takata is now estimating the total cost of its airbag recall will be $189 million, more than the auto parts supplier had previously set aside. Takata said Monday it raised its provisions by about $156 million after reviewing recall costs. About $32.88 million will also go toward settlement claims related to accidents involving defective airbags.

U.S. economic confidence fell in April, according to the Gallup Economic Confidence Index, which averaged -14 for the month. The index fell from the -10 in March and represents the worst month for economic confidence since late 2014.

CSX Corp. freight railcars derailed near Washington, D.C. earlier this week, causing about 750 gallons of sodium hydroxide to leak on the ground. CSX said the contaminated soil around the derailment will be excavated and replaced and new tracks will be laid.

Halliburton reported a net loss of $2.4 billion in the first quarter, nearly quadruple the loss it experienced just a year ago. Total revenue for the oilfield services company also declined 40% as oil prices remained low.

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