Business Highlights

Updated at: 03/27/2017 8:25 AM
By The Associated Press

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Trump, GOP leaders pull health care bill in humiliating loss

WASHINGTON (AP) — In a humiliating setback, President Donald Trump and GOP leaders pulled their "Obamacare" repeal bill off the House floor Friday after it became clear the measure would fail badly. It was a stunning defeat for the new president after he had demanded House Republicans vote on the legislation Friday, threatening to leave "Obamacare" in place and move on to other issues if the vote failed.

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Winners and losers in House Republican health plan

WASHINGTON (AP) — The old and the poor made out great when House Republicans failed to dismantle Barack Obama's Affordable Care Act. The rich and the almost rich didn't do so well. The GOP-led measure would have repealed major parts of Obama's health law, capping future funding for Medicaid and cutting tax increases for high-income families, health insurance companies and drugmakers.

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Some parts of Obamacare working well, problems with others

WASHINGTON (AP) — House Speaker Paul Ryan says the country will be living with "Obamacare" for the "foreseeable future." While some parts of Barack Obama's health care law work well, others have problems. The law has helped reduce the number of uninsured Americans, but premiums and other costs are rising faster than expected and some insurers are pulling out of markets.

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Report examines grim Bangladesh leather trade, links to West

DHAKA, Bangladesh (AP) — Hazardous, heavily polluting tanneries, with workers as young as 14, supplied leather to companies that make shoes and handbags for Western brands, a nonprofit group that investigates supply chains says. The report by New York-based Transparentem, released to The Associated Press, did not say leather from the tanneries ends up in American and European companies' products, only that the manufacturers of some of those goods receive it.

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Trump and Mnuchin say focus will turn to tax reform

WASHINGTON (AP) — Now that the effort to overhaul the nation's health care system has collapsed, the Trump administration is turning its attention to tax reform. President Donald Trump and Treasury Secretary Steven Mnuchin said Friday that the administration will now focus on gaining congressional approval for a sweeping tax overhaul plan.

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Debate renewed over economic benefits of Keystone pipeline

The Keystone XL pipeline cleared a big hurdle by getting State Department approval. The costs and benefits of the pipeline have been hotly debated, however, and many experts believe it will have only a small impact on the U.S. economy.

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Trump touts jobs commitment first made in 2015

WASHINGTON (AP) — President Donald Trump on Friday praised a plan by cable company Charter Communications to hire 20,000 American call center workers, but the hiring initiative dates back to 2015 as part of the company's successful efforts to merge with Time Warner Cable. It's the latest corporate jobs announcement made at the White House that capitalized on plans made before Trump won the presidency.

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Geologist for Shell says company hid Nigeria spill dangers

JOHANNESBURG (AP) — A German geologist says Royal Dutch Shell's Nigeria subsidiary "fiercely opposed" environmental testing and is concealing data showing thousands of Nigerians are exposed to health hazards from a stalled cleanup of the worst oil spills in the West African nation's history. Kay Holtzmann says an environmental study found "astonishingly high" pollution levels with soil "literally soaked with hydrocarbons."

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Stocks wobble, finish mixed as GOP pulls plug on health bill

NEW YORK (AP) — U.S. stocks give up an early gain but avoid a sharp loss after Republicans cancel a vote on their health care bill after it became clear it wouldn't pass. That cast some doubt on President Donald Trump's business-friendly agenda. Stocks took their biggest weekly loss since November.

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More big brands pull ads from YouTube in widening boycott

SAN FRANCISCO (AP) — An advertising boycott of YouTube is broadening in a sign of the skepticism surrounding Google's promise to prevent marketing campaigns from appearing alongside repugnant videos. Even though the defections are continuing, most analysts aren't worried yet.

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The Standard & Poor's 500 index finished down 1.98 points, or 0.1 percent, at 2,343.98. The Dow lost 59.86 points, or 0.3 percent, to 20,596.72 as Goldman Sachs and Boeing sank. Technology companies inched higher and the Nasdaq composite rose 11.04 points, or 0.2 percent, to 5,828.74.

U.S. crude oil futures rose 27 cents to $47.97 a barrel in New York. Brent crude, used to price international oils, added 24 cents to $50.80 a barrel in London.

In other energy trading, wholesale gasoline gained 2 cents to $1.60 a gallon. Heating oil rose 1 cent to $1.50 a gallon. Natural gas added 3 cents to $3.08 per 1,000 cubic feet.

(Copyright 2017 by The Associated Press. All Rights Reserved.)