The daily business briefing: June 26, 2017

Takata files for bankruptcy protection, Trump and Modi head into meeting on trade and other issues, and more

Takata
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1. Troubled air bag maker Takata files for bankruptcy

Japanese auto-component maker Takata Corp. filed for bankruptcy protection late Sunday, after failing to bounce back from its massive air bag inflator recalls. The company's defective inflators, which can explode and blast shrapnel into vehicle interiors, have been blamed for 16 deaths and 180 injuries, setting off the largest automotive recall in U.S. history. More than 100 million inflators have been recalled — 69 million of them in the U.S. — affecting 42 million vehicles. A Chinese-owned U.S. rival, Key Safety Systems, plans to buy most of Takata's assets in a $1.6 billion deal. Key Safety Systems will take over Takata's production of seat belts, air bags, and other safety devices.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.