Global Glance: Takata files for bankruptcy; EU weighs retaliatory measures

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Here are today’s top business headlines from across the nation and world:

Air bag recalls, lawsuits lead Takata to file for bankruptcy

Japanese air bag maker Takata Corp. says it had to file for bankruptcy protection in Tokyo and the U.S. to ensure it could continue supplying replacements for faulty air bag inflators linked to the deaths of at least 16 people. The company’s bankruptcy filings Monday cleared the way for a $1.6 billion takeover of most of Takata’s assets by Key Safety Systems, which is based in Detroit but owned by a Chinese company. Read more

EU weighs retaliatory measures as US eyes steel tariffs

BRUSSELS (AP) — The European Union’s top trade official says the bloc is preparing retaliatory measures in case the United States goes ahead with plans to impose steel tariffs on imports. EU Trade Commissioner Cecilia Malmstroem said the bloc was “making preparations” to retaliate in the event the U.S. introduces new tariffs. Malmstroem said Monday that the EU would study any action by Washington to see whether the move complies with the rules of the World Trade Association, the body that oversees global trade. Read more

Google to stop reading your Gmail to help sell ads

SAN FRANCISCO (AP) — Google is going to stop reading your Gmail in search of opportunities to sell ads. The change announced Friday will end a practice that Google has embraced since the company introduced Gmail in 2004, even though it raised concerns among privacy watchdogs and creeped out some users. To help finance the free service, Google has been scanning through what Gmail users were discussing and then showing ads connected to some of the topics. Read more

Coal on the rise in China, US, India after major 2016 drop

BEIJING (AP) — The world’s biggest coal users – China, the United States and India – have boosted coal mining in 2017, in an abrupt departure from last year’s record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. Mining data reviewed by The Associated Press show that production through May is up by at least 121 million tons, or 6 percent, for the three countries compared to the same period last year. The change is most dramatic in the U.S., where coal mining rose 19 percent in the first five months of the year, according to U.S. Department of Energy data. Read more

Sears closes another 20 stores

NEW YORK (AP) — Sears is closing another 20 stores as the ailing retailer tries to turn around its business. Real estate investment trust Seritage, which owns the 20 real estate properties, confirmed the closings- 18 Sears stores and two Kmart stores – in a government filing Friday. In 2015, Sears Holdings Corp. sold 235 Sears and Kmart store locations to Seritage as part of an agreement in which Sears leases the stores back from the real estate company. Under the agreement it has with Seritage, if a store is unprofitable, Sears Holdings has the option to exit the lease by making a payment equal to one year’s rent. Read more

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