Japan's Kobe Steel may find more data fabrication cases

Kobe Steel Chairman

The latest company to comment on its links to Kobe, Ford Motor Co., said Friday it used aluminum from the company in its Mondeo auto hoods in China, although it hasn't confirmed whether the parts were compromised.

Kobe's admission of misconduct in its steel business, which accounts for about a third of revenue, ratchets up the pressure on Japan's third-biggest steelmaker.

Beyond automakers and trains, Kobe Steel has also been implicated in fabricating data for aerospace and defense-related products. Falsified aluminum was shipped to more than 30 overseas firms including Tesla Inc., Daimler AG, PSA Group Ltd., Boeing Co., Airbus SE and General Electric Co., the Nikkei reported Friday, without saying where it obtained the information.

"Boeing has been working closely and continuously with our suppliers since being notified of the issue to ensure timely and appropriate action, including comprehensive inspections and analysis throughout our supply chain", the company said in an email.

Earlier the company said that in the year up to August 31 it had sold materials such as aluminum flat-rolled products, aluminum extrusions, copper strips, copper tubes and aluminum castings and forgings using falsified data on such things as the products' strength.

Subaru has also confirmed that it bought affected products.

Kobe Steel shares were down 8.5 percent at 0030 GMT after stabilising on Thursday to close slightly higher. Kobe Steel's president, Hiroya Kawasaki, bowed deeply in a formal apology, lamenting that "Trust in our company has dropped to zero". They had fallen almost 40 percent in the previous two days, wiping about $1.6 billion off the company's market value.

The fallout will likely continue. Such are its establishment bona fides that Shinzo Abe, the prime minister and scion of a political dynasty, worked at the company decades ago before entering politics.

Kobe Steel said the falsification of quality data "has brought overwhelming shame to the company".

Previous cases in Japan involving falsified data included Nissan Motor (7201.T), Mitsubishi Motors (7211.T) and Takata, which filed for bankruptcy this year over faulty airbags that were blamed for 17 deaths and scores of injuries. The company's disclosures had up until now dealt with aluminum, copper and iron ore products used in everything from cars to computer hard drives to Japan's iconic bullet trains, although there haven't been any reports of products being recalled or safety concerns raised.

Related News:

  • Scott Brown labels Gordon Strachan's Scotland exit a 'sad, sad, sad day'

    Scott Brown labels Gordon Strachan's Scotland exit a 'sad, sad, sad day'

    Strachan paid tribute to Scotland's fans' "unwavering support" and thanked his back-room staff and "everyone at the Scottish FA". And the players should be given enormous credit for the resilience which came back from a hard start.

    Trader Alert: Unusual Volume Spotted in Flexion Therapeutics, Inc. (NASDAQ:FLXN)

    This is one of the most popular methods investors use to evaluate a company's financial performance. (NasdaqGM:FLXN) is -0.532154. Many analysts have provided their estimated foresights on Flexion Therapeutics, Inc . (NasdaqGM:FLXN)'s ROIC is -2.772065.
    WWE NXT Results - October 11th, 2017: Johnny Gargano vs. Andrade

    WWE NXT Results - October 11th, 2017: Johnny Gargano vs. Andrade "Cien" Almas

    Fun match between these two, with Zelina Vega providing the distraction with her #DIY shirt to provide the distraction to Gargano. Cross tried a cross-body block to both of her opponents but ate a big slam that temporarily eliminated her from the match.
  • MGIC Investment Corporation (NYSE:MTG) Closed Higher Than Its 50 Day Average

    MGIC Investment Corporation (NYSE:MTG) last announced its earnings results on Thursday, July 20th. (NYSE:MTG) for 6.55M shares. Citigroup Incorporated invested in 0% or 82,719 shares. 67,746 were accumulated by Alliancebernstein Limited Partnership.

    Here is What Institutional Investors Think About Delphi Automotive PLC (NYSE:DLPH)

    News stories about Delphi Automotive PLC (NYSE:DLPH) have trended somewhat positive recently, AlphaOne Sentiment Analysis reports. The institutional investors in our partner's database now hold: 249.87 million shares, up from 242.86 million shares in 2017Q1.

    Price Target Estimates for Alibaba Group Holding Limited (BABA)

    Maximum and minimum EPS estimate for the current quarter is projected at $5.07 and $3.76, respectively, according to 23 analysts. Mckinley Carter Wealth Services has invested 0.97% of its portfolio in Hormel Foods Corp (NYSE:HRL). (NYSE:CBL) or 1,000 shares.
  • Turkish military convoy enters Syria's Idlib

    Turkish military convoy enters Syria's Idlib

    Turkey continues to increase its military presence on the western part of the Syrian border. Turkish media sources said the convoy included about 80 soldiers.

    Major Analyst Actions Under Review: Altria Group, Inc. (MO), Banco Santander, SA

    The company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.74 by $0.01. BidaskClub raised shares of Altria Group from a "buy" rating to a "strong-buy" rating in a report on Wednesday, June 21st.
    Sasikala back to city prison

    Sasikala back to city prison

    Though Sasikala did not participate in any political activity, her visit to the city triggered reactions in political circles. Sasikala was granted emergency parole from October 7 to 11.
  • Launch of Russia's Progress resupply ship rescheduled for October 14

    But the countdown was halted before ignition of the Soyuz rocket's main engines, and the launch time came and went without liftoff.
    Study puts a count to suffering people in need of palliative care

    Study puts a count to suffering people in need of palliative care

    Some 2.5 million children are among the annual count of almost 26 million who die without adequate relief, the team calculated. In Afghanistan, India and Nigeria, for example, less than 5 percent of pain management needs are met, according to the report.

    Indiana Pacers forward Glenn Robinson III to undergo left ankle surgery

    Glenn Robinson III will reportedly have surgery to fix his left ankle, with an expected return date in mid-December. Robinson sustained the injury while driving to the basket during a scrimmage in practice on September 29.


Most liked

Healthcast : A Study on Omega-6 Fats & Type 2 Diabetes
The researchers combined data from 20 studies involving 39,740 adults from 10 countries. As a result, blood glucose levels become too high.

Another El Nino problem: More carbon dioxide in air
In South America, there was severe drought and hotter than normal temperatures because of the weather phenomenon. Then, as spring gets under way and summer approaches, plants begin to soak up more carbon again.

Institutional Investor Sentiment About Estee Lauder Companies Inc (NYSE:EL) Up
It is positive, as 48 investors sold EL shares while 192 reduced holdings. 83 funds opened positions while 207 raised stakes. Linscomb & Williams Inc reported 2,969 shares or 0.03% of all its holdings. 2,945 are held by Rampart Invest Management Ltd.

Michael Jordan expresses concerns with NBA's competitive balance
Bill Russell won 11. "First of all, you're never going to say who's the greatest of all time", he said. The Houston Rockets , led by Chris Paul , James Harden and one of the league's most unsafe offenses?

NAB references: Nawaz, Maryam, Safdar to be indicted today
He requested the court to suspend the accountability court's order which set the date for indicting him. Nisar said that the decision of the cases will be given by the courts and nowhere else.

Host Hotels & Resorts Inc (NYSE:HST) Sentiment Change Report
Gsa Cap Prns Limited Liability Partnership has 0.05% invested in Host Hotels and Resorts Inc (NYSE:HST) for 45,101 shares. Kentucky Retirement Systems Tru Fund holds 0.07% or 20,259 shares in its portfolio. 145,662 are owned by Invest Advsr Lc.

Financial Update of Johnson & Johnson (NYSE:JNJ)
In other news, VP Paulus Stoffels sold 102,692 shares of the company's stock in a transaction that occurred on Monday, July 24th. It dropped, as 14 investors sold UHAL shares while 74 reduced holdings. 111 funds opened positions while 598 raised stakes.

EPS for Tupperware Brands Corporation (TUP) Expected At $0.94
Tupperware Brands had a net margin of 10.10% and a return on equity of 117.25%. 4,955 were reported by Meyer Handelman Company. The insider Poucher Nicholas K . sold $96,950. 2,950 shares valued at $211,191 were sold by HAJEK JOSEF on Friday, June 9.

Congress sweeps Nanded civic polls
He said MIM helped BJP win several elections by dividing the secular votes. Congress is in power in Nanded since its foundation. The numbers in bracket are of 2012 elections.

Crescent Point Energy (CPG) Given Coverage Optimism Rating of 0.17
Foster & Motley Inc decreased International Paper Co (NYSE:IP) stake by 12,001 shares to 80,818 valued at $4.58 million in 2017Q2. Investors sentiment decreased to 0.65 in 2017 Q2. 1 have given the stock a Hold rating , 0 as Underperform and 0 as Sell.

Kindergarten teacher missing after bailing out known felon
On Saturday, Tucson police contacted Malzahn when they received reports of credit card theft at the Tucson Mall. Investigators have questioned Malzahn who won't reveal information about the missing teacher's whereabouts.

Kimco Realty Corporation (KIM) Earns "Hold" Rating from Mizuho
Currently, 424.09 million total shares are owned by the public and among those 414.29 million shares have been available to trade. The company maintains a Baa1 rating from Moody's Investor Service and a BBB+ rating from Standard & Poor's Financial Services.

Stock's Stunning Activities: Sanchez Energy Corporation (SN)
Cubist Systematic Strategies, LLC downsized its stake by selling 77,433 shares a decrease of 82.3% from 03/31/2017 to 06/30/2017. Tyrus Capital S.A.M. bought a new position in Sanchez Energy Corp during the first quarter valued at approximately $10,494,000.

Transocean Inc (NYSE:RIG) Institutional Investors Sentiment Increased in 2017 Q2
Ameritas Inv Prns reported 0% in Transocean LTD (NYSE: RIG ). 39,084 are held by Regentatlantic Cap Ltd Liability Corporation. Narrowing in a bit closer, the 5 month price index is 0.92549, the 3 month is 1.28234, and the 1 month is now 1.21724.

Clemson's Dabo Swinney to attend celebration of Alabama 1992 title, per report
Swinney was born in Birmingham, and later coached Alabama as an assistant from 1993-2000. At that point, Swinney was named interim head coach and later full-time head coach.