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Takata Corporation, embroiled in the largest recall of airbags worldwide, said it apologised "for the widespread concern and inconvenience caused to the driving public as a result of defects in its airbag products". It has booked special losses due to substantial provisions for product warranties, resulting in a net loss for the fiscal year ended 31 March, 2016 and, consequently, a decision not to declare a dividend. It has now also decided to cut executive pay.