Toyota Motor cleared aluminium parts supplied by Kobe Steel of safety concerns, giving the embattled steel maker a respite as companies around the world rush to check the safety of their products following revelations of data falsification.
Shares of Kobe Steel rose, erasing earlier losses, after Toyota said aluminium plates received directly from the steel maker and from other suppliers met both internal and statutory standards. The plates were used in parts such as hoods and rear hatches, it said. Honda and Mazda also gave an all-clear on aluminium parts supplied by Kobe.
Japan’s biggest car maker is broadening its investigation beyond aluminium, to include copper tubes, steel wires and steel powder used in its vehicles, the company said.
American manufacturers, including Ford and General Motors and the nation’s biggest plane maker, Boeing, are among some 500 companies worldwide affected by a supply chain tainted by admissions that Kobe falsified certifications on the strength and durability of metals going back to at least 2007.
A Kobe Steel executive said late Wednesday the company expects to issue a new safety inspection report as early as next week.
The executive, who asked not to be named because the information isn’t public, also said there haven’t been any fresh reports of data irregularities.
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Read more:
Corporate scandals drag Japan Inc's reputation through the mud
Japanese steel major admits falsifying quality data
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On Friday, the company added nine items to its list of affected products, making 16, and said it was still checking the safety of five of them with customers. It had already deemed the other four safe. The units implicated in the crisis make the steel, copper, aluminum and other materials that account for over half the company’s revenue.
The US department of justice has asked for documents related to the faked data, but the agency hasn’t set a timeline for Kobe’s submission and didn’t identify specific products in its request, the executive said. The Japanese company has said it will cooperate fully with US authorities.
Later on Thursday, Japan’s transport ministry will hold a meeting with department officials responsible for aircraft, automobiles, trains, marine vessels and construction, according to officials from the ministry who asked not to be identified because the meeting isn’t public.
Japan’s third-biggest steel maker reports second-quarter results on October 30, and has said it can’t yet quantify the impact of the scandal on its earnings. Shares are down almost 40 per cent in Tokyo since the crisis began at the start of last week, although there haven’t been any reports of product recalls or specific safety concerns raised by its customers. The stock gained 3.8 per cent to ¥858 as of 12:58pm in Tokyo.
Europe’s air-safety regulator has recommended that companies using material from Kobe review their supply chains and - if alternative suppliers are available - suspend purchases from the Japanese company. The aircraft engine maker Rolls-Royce Holdings is among the latest firms to say it’s studying suppliers to assess its exposure to Kobe products.
Japan’s ministry of economy, trade and industry has also asked the company for a report on the scandal, including causes and remedies.
In other developments, two Japanese brokerages, Imamura Securities and Hokuhoku Tokai Tokyo Securities, said they cancelled sales of structured notes linked to Kobe Steel in light of the risks related the company.
Company%20Profile
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EXPATS
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
COMPANY%20PROFILE
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Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Company%20profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Confirmed%20bouts%20(more%20to%20be%20added)
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Company%20Profile
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
COMPANY%20PROFILE
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
COMPANY%20PROFILE%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
'Will%20of%20the%20People'
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Company%20Profile
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COMPANY%20PROFILE
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Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
THE%20APPRENTICE
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