Kobe Steel's Data-Fabrication Stuns Japanese Manufacturers

12 October, 2017, 09:20 | Author: Regina Silva
  • Kobe Steel's Data-Fabrication Stuns Japanese Manufacturers

Toyota, Nissan, Honda, Mitsubishi Motor, Subaru and Mazda joined aviation firms and defence contractors Mitsubishi Heavy Industries, Kawasaki Heavy Industries and IHI that have used the steel maker's products.

Shares in Kobe Steel fell by almost 40% in two days, wiping more than $1.5bn (£1.1bn) off its market value after the firm admitted fabricating data about the strength and durability of products it delivered to more than 200 companies.

Japan's government sought on Tuesday to contain the fallout from the disclosure by the nation's third-biggest steel maker, Kobe Steel Ltd, that it had fabricated data on components used in cars, aircraft and space rockets, sending shock waves through the Japanese manufacturing sector.

If you are aware of any facts relating to this investigation, or purchased Kobe Steel shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kbsty.

There was a single case of data tampering of iron powder products the company said, along with 70 cases of data tampering at its research unit Kobelco Research Institute Inc.

Akihiro Tada, director of the ministry's Manufacturing Industries Bureau, urged the company to move quickly in resolving the problems, which are thought to have affected numerous country's largest manufacturers. Deputy chief cabinet secretary Kotaro Nogami said the faked data undermined the basis of fair trade, calling it "inappropriate". The government has urged Kobe Steel to clarify the extent of the misconduct.

Notable Movers QUALCOMM Incorporated (NASDAQ:QCOM)
The total amount of shares outstanding is 1.48 billion, giving the company a market capitalization of about 79.62 billion. Short traders are more bearish on shares of QUALCOMM Incorporated of late if you consider the change in short interest.


Pizza Hut Parka keeps you as warm as a pizza
The pizza parka, like the new delivery system, is made from three types of insulation, including one used to warm ski jackets. Or tweet the pizza and flame emojis at Pizza Hut's Twitter account to enter without buying food.


Qualcomm fined $773m in Taiwan for antitrust violations
The ruling includes a fine of 6.088 billion yuan (US$975 million) and imposes conditions on royalties charged on phones sold in China .


Hitachi said its new trains in Britain used Kobe Steel but had all passed rigorous tests.

Kobe Steel's president, Hiroya Kawasaki, said his company would do the utmost to investigate the reason for the data fabrication and take prevention measures. It was not clear whether the scandal affected the safety of their products. "As hoods are related to pedestrian safety, we are working to quickly assess any potential impact on vehicle functionality".

Mr Tsuchida insisted that Kobe Steel was taking all necessary steps to investigate how this happened. Toyota said it uses materials from Kobe in bonnets, rear doors and other auto parts.

"Nothing in our review to date leads us to conclude that this issue presents a safety concern", it said.

Product quality scandals have posed a challenge to the image of top Japan's manufacturers in recent years.

Kobe Steel said it was contacting its customers and working to verify the safety of the products it supplied. At this point, we don't see a critical problem as we have our own safety inspection on materials we use.

Recommended:



Popular

Taylor Twellman Is Really Angry USA Missed The 2018 World Cup
Twellman played for the Revolution from 2002-2010, scoring 101 goals. To make any kind of insane changes I think would be foolish. Twellman wasn't the first pundit to call out the U.S. team.

KC troops react to Boy Scouts allowing girls to join
The organization said they are also establishing a new program for older girls using the same curriculum as the Boy Scouts. The organization says for years it has gotten requests from families and from girls looking to join the program.

Scientists find gold worth $2 million in Swiss sewage
The report says the study focused primarily on the fluxes and mass balances, rather than recovery value. Scientists have struck gold in an unlikely place: Swiss sewage and waste water treatment plants.

Week Six New England Patriots Keys to Victory
NY plays mostly 3-4 on defense, according to Belichick, though a fourth defensive lineman can come into play at times. No one expected great things out of the veteran journeyman, but the success in NY has been shocking.

Assassin's Creed Origins Season Pass Content Revealed
Finally, players will be able to complete daily quests to unlock a variety of mysterious loot and rewards at The Nomad's Bazaar . Thanks to a glitch in the Animus, players will be able to engage in epic battles against Egyptian gods in Trials of the Gods.

Hacker codenamed 'Alf' from Home and Away stole data from defence subcontractor
The username and password combination used to access the company's system was the default "admin" and "guest". The Australian Defence Department appears to be in a scramble after Clarke's presentation.

What Halloween candy do Hoosiers like most? You might be surprised
Just in time for Halloween, the best-selling Halloween sweets in Georgia and SC have been revealed, according to one study. Combing over ten years worth of sales data from 2007-2016, CandyStore.com found the best sellers of candy by state.

Conservative groups demand McConnell step down, call him a 'failure'
Republicans have advantages in 2018's race for control of the Senate, with Democrats defending 23 seats and the GOP only nine. In the interview, McConnell said "it takes a while to get [more judicial nominees] in the pipelines".

Harvey Weinstein Jets off to Rehab
Following the publication of both reports, several Hollywood elites, including Meryl Streep, have publicly denounced Weinstein. TMZ reports that after firing him on Sunday , The Weinstein Company is already losing millions of dollars.

Defiant Trump could derail free trade agreement talks
Rules of origin will be discussed by negotiators on Friday, Sunday and Monday, according to an agenda obtained by Bloomberg. The proposals call for North American content overall to rise to 85 per cent from the current 62.5 per cent.