Troubled Japanese auto parts maker Takata, “crippled by vast airbag recalls,” has filed for bankruptcy protection in the US and is planning to sell its surviving operations to Key Safety Systems, an American rival owned by a Chinese company, for about $1.6 billion – NYTimes and WSJ and Bloomberg

Last week saw news that Nestle was struggling to find its way in a world that is increasingly deciding that sugar is the bad guy. Against that backdrop, activist investor Daniel Loeb and his Third Point hedge fund has deemed the time right to take a $3.5 billion stake in the Swiss conglomerate with designs on pushing Nestle to sell its L’Oreal stake and rid itself of nonessential operations – NYTimes and WSJ and Bloomberg

The WannaCry ransomware cyberattack hit globally a few months ago, messing with hospitals in England and German rail systems.  But as the CIO for IDT Corp. tells it, WannaCry was merely a cover for a far more dangerous cyberattack that features cyberweapons stolen from the NSA used to steal employee credentials as part of a rather terrifying “backdooring” effort that’s targeting tens of thousands of computer systems around the world – NYTimes

Rising digital currency Ether experienced its very own flash crash last week thanks to an initial coin offering that overwhelmed several exchanges and showed that the increasingly popular cryptocurrencies are still not totally ready for prime time – WSJ

A Walter Investment Mgmt Corp. investor has initiated a breach of fiduciary duty action against the mortgage lender’s board of directors after the company revealed this spring that it’s under investigation for possible FCA claims and reporting errors. Walter Investment is the parent company of lender and servicer Ditech Financial—itself previously the subject of a federal inquiry – Law360

We know by now that Puerto Rico’s finances are a mess.  Turns out that the USVI aren’t looking all that hot, either – NYTimes

What happens when a bank passes its stress tests but fails anyway?  Well, if you’re Banco Popular, you get lucky and get bailed out by your biggest rival. An interesting case study in this weekend’s Fair Game – NYTimes

Italy, meanwhile, has another banking crisis of its own (x2) to address – Bloomberg

Here’s a great feature from the Times on the essential parental task of raising a reader – NYTimes