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Business Minute: GM, Honda and Stocks Down...Once Again

Honda recalls thousands of minivans, GM responds to death allegation, and stocks continue to free fall.
Time now for your Business Minute on this Monday.

HONDA RECALL

Honda is recalling nearly 900,000 minivans for a defect that could increase fire risk. The recall includes some Honda Odysseys of model years 2005 through 2010. The automaker said it expects replacement parts won't be available until the summer. However, it can provide customers a temporary repair in the meantime.

In a filing with the National Highway Traffic Safety Administration, Honda said it knows of no fires or injuries from the issue. Honda plans to notify customers in the coming weeks.

GM RESPONDS

General Motors is responding to claims made by the Center for Auto Safety that airbag failure in recalled vehicles resulted in more than 300 deaths. The automaker says that number was based on raw data from safety regulators - without "rigorous analysis."

TALK ABOUT LIFE INSURANCE...

A billionaire in Silicone Valley has taken out a $201-million life insurance policy. It's the largest ever issued, according to Guinness World Records. The policy holder is a well-known technology executive in California, according to the advisor who arranged the policy. It is underwritten by 19 different insurance companies.

ANOTHER DAY, ANOTHER DROP

The Dow Jones closes the week like it started, dropping 43 points on Friday. The Nasdaq fell 15 points, and the S&P 500 fell 5 points.

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