The daily business briefing: May 4, 2016

(Image credit: REUTERS/Mark Blinch)

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1. Takata to double size of airbag-inflator recall
2. Google and Fiat Chrysler link up on self-driving minivans
3. Stocks head to lower open on renewed global growth fears
4. 7 big banks to pay $324 million settlement in rate-rigging case
5. Opponents test Target transgender bathroom policy

published 4 May 2016

1. Takata to double size of airbag-inflator recall

U.S. regulators are expected to announce as early as Wednesday that Japanese airbag maker Takata is recalling 35 million to 40 million more inflators installed in U.S. vehicles. The expansion will more than double the size of what is already the biggest auto-safety recall in U.S. history. In all, it could affect nearly a quarter of the 250 million vehicles in the U.S. So far, 14 automakers, led by Honda, have recalled 24 million U.S. vehicles to fix their airbags, which can suddenly explode. At least 11 deaths have been linked to the defect worldwide.

Google and Fiat Chrysler have reached a deal to put Google's self-driving technology into 100 Chrysler Pacifica minivans, the two companies' CEOs told USA Today on Tuesday. Fiat Chrysler CEO Sergio Marchionne said that automakers need to partner with technology companies to keep up with a changing industry. Google and other tech leaders "are not my enemy, these are people who will help us shape the next phase of the automotive industry," Marchionne said.

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U.S. stocks were set to open lower for a second day on Wednesday, on renewed fears of global economic trouble stoked by gloomy data from China and a drop in oil prices. The Dow Jones Industrial Average dropped by 50 points or 0.3 percent, with the S&P 500 and Nasdaq indexes showing similar declines. On Tuesday, the U.S. benchmark indexes fell to their lowest levels in three weeks, each losing about 0.8 percent. The market's next move could hinge on the labor market data, factory orders, and productivity due Wednesday.

Seven major banks have agreed to pay $324 million to settle a lawsuit accusing them of rigging interest rates. The suit was filed by pensions and municipalities that said the banks manipulated a benchmark rate used in the massive derivatives market. The settlement, made public Tuesday, ends antitrust and other claims against Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase, and Royal Bank of Scotland. There are other banks that haven't settled.

The American Family Association, the conservative group behind a million-plus-signature petition against Target, said Tuesday it had begun sending men into women's restrooms to test the retail chain's policy allowing transgender customers to use bathrooms and fitting rooms corresponding to their gender identification. The petition was launched on April 20 after Target issued a statement reaffirming its support for the federal Equality Act, and saying everyone "deserves to be protected from discrimination, and treated equally."

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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.