giftedviz.com
giftedviz.com December 17, 2017


Metal Falsification Scandal Rocks Auto Industry; Subaru, Toyota, Honda

11 October 2017, 12:23 | Austin Hogan

Kobe Steel Says It Falsified Data

Kobe Steel Says It Falsified Data

Kobe Steel's probe has so far found that data were falsified for about 19,300 tonnes of aluminum products, 2,200 tonnes of copper products and 19,400 units of aluminum castings and forgings shipped to clients between September past year and August.

Toyota is one of 200 companies potentially impacted by Kobe Steel's fraudulent practices; however, its US built vehicle appear to be unaffected.

"The scope of it is in some ways is really quite breathtaking", said Tim McDonald from the BBC. And Toshiba's Westinghouse Electric Co. Mitsubishi Heavy Industries Ltd. used some of the metal in question to build regional jets and rockets, but said a successful space launch this week allayed some of its fears.

Subaru also produces wings for Boeing Co., but the aerospace company said nothing in its review has convinced it there's a safety issue. Nissan has already said aluminum hoods that fail to meet specifications could pose a risk to pedestrians during front-end collisions, while Toyota said the metal could have been used in some of its hoods and rear doors.

"The impact on financials is unclear, but could be substantial depending on request (s) for replacement/recall", Jefferies analyst Thanh Ha Pham said in a note. Kobe didn't say if customers outside of the country were impacted, though Toyota said the faulty materials were only supplied to its plants in Japan.

Some of the biggest auto manufacturers including Toyota and Honda are affected by an industrial scandal in Japan over falsified data relating to the strength and durability of aluminium used in the production of their cars. Kobe Steel said it not had recognized specific problems casting doubts on the safety of the nonconforming products and that the episode had brought overwhelming shame. The misconduct involved dozens of staff and possibly stretched back 10 years, the company said.

Kate Middleton makes first public appearance since pregnancy announcement
She's been battling severe morning sickness . "Catherine, Harry and I are proud to stand up in support of this community". But her health is most important and it's good to see that Middleton's condition is improving.


How Neymar And Brazil Could Ruin Messi And Argentina's World Cup Dreams
Ecuador have lost their past five qualifiers and are already eliminated - but Argentina have not beaten them in Quito since 2001. The Argentina captain was close to retirement after the Copa America final defeat to Chile, but is now is even closer.


Brazil beat Spain 2-1
We will try to adapt and are working with our doctors to address the issue of dehydration", he said. The UEFA champions dominated the start as well as the second half.


"Aluminium is a strategic business for Kobe Steel", said Irisawa at Tachibana Securities. "We recognize this as an improper act that will shake fair trading", Yasuji Komiyama, director at the metal industries division, told reporters in Tokyo.

The falsification was meant to make the metals look as though they met client quality standards.

In other product-related cases, Takata pleaded guilty in the U.S.in February to one count of wire fraud for misleading automakers about the safety of its air bags.

Toyo Tire & Rubber officials were referred to prosecutors in March following the company's 2015 admission that it had falsified data on rubber for earthquake-proofing buildings.

"With a string of negative surprises at Kobe Steel lately, we believe investors are likely to distrust management even more due to this latest incident, despite emerging signs of earnings improvement in the steel and construction machinery segments", JPMorgan's Mori wrote.



Other News

Trending Now

Apple's iPhone X Could Be In Short Supply At Launch
The iPad Pro now features 10.5-inch and 12.9-inch versions, having discontinued the 9.7-inch iteration earlier this year. The 2015 is the year when Apple release a larger model of an iPhone with the release of the iPhone 6 and iPhone 6 Plus .

Sri Lanka sniff win over Pakistan after three blows by Dilruwan Perera
We all know that here in Dubai , it spins more than Abu Dhabi. "They did a fantastic job throughout the series". Baut, Pakistani bowlers took revenge on the Lions and stopped Lanka's second innings in just 96 runs.

Rohingya insurgent ceasefire ends in Myanmar with no report of attacks
Since August 2017, after the attack by the Rohingya militants, approximately, more than half a million refugees have reached Bangladesh.

First duck for Virat Kohli in Twenty20 Internationals
Behrendorff showed remarkable maturity to bounce back from those two boundaries to trap Rohit plumb in front with an inswinger. India will take on Australia in the second Twenty20 worldwide at ACA-Barsapara stadium in Guwahati today.

Jerry Jones: Cowboys will bench any player who 'disrespects' flag
Jones stated over the weekend that any Cowboys players who don't stand for the national anthem wouldn't play on the team. Jones and the rest of the Cowboys stood and returned to their sideline and remained standing for the anthem.

Barclays PLC (BARC) Shares Down 1%
This indicator compares the closing price of a stock in relation to the highs and lows over a certain time period. Recently stock market analysts have updated their consensus ratings on shares of DFS Furniture (LON:DFS).

Walmart plans to handle returns faster than Amazon
The institutional investors in our partner's database now possess: 877.29 million shares, up from 876.16 million shares in 2017Q1. Out of 35 Wall Street analysts rating Wal-Mart Stores Inc, 17 give it "Buy", 1 "Sell" rating, while 17 recommend "Hold".

Hit-and-run driver fatally shot after knocking Florida cop to ground with auto
She then drove off before hitting another auto on Lincoln Road, the popular entertainment and shopping area, police said. Garcia said that the woman was pulled out of the vehicle - not breathing - and that there was blood everywhere.

Vegas shooter may have scouted Fenway Park as possible target
Investigators say they now do not have information which links Paddock to more assailants. Officials have said there is no credible threat to Boston.

Ranveer Singh, Deepika Padukone shine in first trailer for 'Padmavati'
The trailer shows the romance between Kapoor and Padukone's characters and introduces Ranveer Singh in a never seen before avatar. The Sanjay Leela Bhansali's dream project, Padmavati has been teasing the audience with the actors' innovative and grand looks.