Takata Bankruptcy Expected Monday in Japan, U.S.
DETROIT& (AP) – Drowning in a sea of lawsuits and recall costs, Japanese air-bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early on Monday.
Takata was done in by defective air-bag inflators that can explode with too much force, spewing out shrapnel. They’re responsible for at least 16 deaths and 180 injuries and have touched off the largest automotive recall in U.S. history. So far 100 million inflators have been recalled worldwide including 69 million in the U.S., affecting 42 million vehicles.
Rival Key Safety Systems, based in suburban Detroit, will buy most of Takata’s assets for $1.6 billion and take over its manufacturing operations to make seat belts, air bags and other automotive safety devices, according to two people briefed on the matter.
The recalls, which are being handled by 19 affected automakers, will continue.
Honda Denies Covering Up Dangers of Takata Air Bags
DETROIT (AP) – Honda is going public in an effort to debunk claims by lawyers that it knew about the hazards of exploding Takata air bag inflators nearly two decades ago but covered them up.
The Pain and Gain of Brexit Vote: British Economy a Year On
LONDON (AP) – Few events outside of war can have quite as much impact on the economy of a country as Britain’s decision a year ago to leave the European Union. The momentous vote on June 23, 2016 has the potential to sever Britain’s ties to its main trading partner. One year on from the vote, the economy has defied predictions of recession, but it has seen the expected slide in the pound and rise in inflation.
Qatar Weighs Demands to End Crisis Amid Threat of Long Siege
DUBAI, United Arab Emirates (AP) – The tiny Gulf nation of Qatar is weighing an onerous list of demands by its neighbors as a way out of a regional crisis, and a top Emirati official warned it to brace for a long-term economic squeeze unless it complies. Qatar did not immediately respond after receiving a clear set of demands for the first time, but the ultimatum was quickly rejected by ally Turkey and blasted as an assault on free speech by Qatari broadcaster Al-Jazeera.
Kansas Jury Awards $218m To Farmers in Syngenta GMO Suit
KANSAS CITY, Mo. (AP) – A federal jury in Kansas has awarded nearly $218 million to farmers who sued Swiss agribusiness giant Syngenta over its introduction of a genetically engineered corn seed. Syngenta vowed to appeal the verdict in what served as the first test case of tens of thousands of U.S. lawsuits assailing Syngenta’s decision to introduce its Viptera seed strain to the U.S. market before China approved it for imports. The lawsuits say that wrecked an increasingly important export market for U.S. corn, causing years of depressed corn prices.