{"id":49549,"date":"2017-10-30T05:40:15","date_gmt":"2017-10-30T05:40:15","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=49549"},"modified":"2017-10-30T05:40:15","modified_gmt":"2017-10-30T05:40:15","slug":"kobe-steel-to-withdraw-earnings-forecast-after-data-scandal-nikkei","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/kobe-steel-to-withdraw-earnings-forecast-after-data-scandal-nikkei.html","title":{"rendered":"Kobe Steel to withdraw earnings forecast after data scandal Nikkei"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 14pt\"><strong><span style=\"color: #000000;font-family: Arial, Helvetica, sans-serif\">Kobe Steel to withdraw earnings forecast after data scandal Nikkei<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Embattled Kobe Steel Ltd has decided to withdraw its forecast for the current financial year as it struggles to quantify the impact of its data falsification scandal, the Nikkei business daily reported on Monday.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Kobe Steel to withdraw earnings forecast after data scandal Nikkei: The steelmaker\u2019s forecast for its first full-year profit in three years has been thrown into doubt by revelations of widespread tampering of data on products used across the world in cars, trains, airplanes and other equipment.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">It reports earnings on Monday at 3:30 p.m. (0630 GMT). Japan\u2019s third-biggest steelmaker has also decided to cancel plans to pay an interim dividend for the first time in two years, the Nikkei reported.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">A company spokesman declined to comment on the Nikkei report.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Kobe Steel forecast in July that it would earn <\/span>net<span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\"> profit of 35 billion yen ($308 million) in the year through March 2018 after two years of losses.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">The company is also trimming its recurring profit forecast for the full year to 50 billion yen, from 55 billion yen, the Nikkei reported.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">In a later <\/span>article<span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\"> the Nikkei said Japan\u2019s biggest banks are considering a loan of 50 billion yen for Kobe Steel, to shore up its finances.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Kobe Steel shares were down about 1 percent by the end of morning trading on the Tokyo exchange, while the Nikkei 225 was off by 0.1 percent.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 12pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Kobe Steel\u2019s market value has slumped by about $1.5 billion since it said in early October it had found widespread data tampering in its aluminum and copper business. The cheating has since been found across its businesses.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 8pt;color: #000000;font-family: Arial, Helvetica, sans-serif\">Source:https:\/\/www.reuters.com\/article\/us-kobe-steel-scandal\/kobe-steel-to-withdraw-earnings-forecast-after-data-scandal-nikkei-idUSKBN1CZ04F<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/kobe-steel-to-withdraw-earnings-forecast-after-data-scandal-nikkei.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Kobe Steel to withdraw earnings forecast after data scandal Nikkei Embattled Kobe Steel Ltd has decided to withdraw its forecast for the current financial year as it struggles to quantify the impact of its data falsification scandal, the Nikkei business daily reported on Monday. Kobe Steel to withdraw earnings forecast [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":49602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[24183,88178,24235],"class_list":["post-49549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-current-business-updates-in-usa","tag-kobe-steel-to-withdraw-earnings-forecast-after-data-scandal-nikkei","tag-latest-business-updates-and-usa-news"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/49549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=49549"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/49549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/49602"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=49549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=49549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=49549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}