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Auto parts maker Takata pleaded guilty Monday and will pay $1 billion in criminal penalties for a crime related to the company's manufacture of defective airbags, which are linked to 11 deaths and hundreds of injuries in the U.S. The Japanese firm has taken outside investment from a rival and is considering bankruptcy. Plaintiffs lawyers are also suing auto manufacturers like Toyota and Ford, alleging they installed Takata airbags in their cars despite being aware of the dangers they posed.

Let the renegotiations begin: The Senate confirmed Commerce Secretary Wilbur Ross Monday evening, meaning that the turnaround specialist can finally get to work renegotiating NAFTA. The Trump Administration, however, is hasn't been clear on what exactly it wants to accomplish by the talks.

Investors eye Trump speech: Pantheon Macro's Ian Shepherdson sees a growing conflict between the Trump White House and Congressional budget hawks. The president talks tough on the deficit, but early signs point to his pushing higher deficits to make good on his promise to cut taxes and protect entitlements. Stock markets will love an endorsement of this strategy during tonight's speech, but Shepherdson argues Treasury bond markets "will take fright" at the debt such a strategy would accrue.

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Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).