You are here

auto safety

Kobe Steel Collapses 37% After Admitting Falsifying Data: "Could Destroy International Faith In Japanese Manufacturing"

Kobe Steel Collapses 37% After Admitting Falsifying Data: "Could Destroy International Faith In Japanese Manufacturing"

Japan's third-biggest steel producer is in trouble. After admitting falsifying data about the quality of aluminum and copper it sold, shares in Kobe Steel have collapsed 37%,  -20% limit down yesterday and another -17% at the open today following news that the falsification also involved iron powder product, in the biggest bloodbath the company has ever seen.

Bloomberg provides a quick Q&A:

Frontrunning: May 10

  • World stock markets rise while yen falls back (Reuters)
  • Yen Falls a Second Day as Japan Reiterates Ability to Intervene (BBG)
  • Say goodbye to OPEC, Russia’s Sechin says (Reuters)
  • European Stocks Buoyed by Banks (WSJ)
  • Fed's Dudley: More Reserve Currencies Would Make for Stronger Financial System (WSJ)
  • Dead-of-Night Reversal Puts Brazil Impeachment Back on Track (BBG)
  • The Recession’s Economic Trauma Has Left Enduring Scars (WSJ)
  • China angered by U.S. navy patrol in South China Sea (Reuters)