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Scandal-hit Kobe Steel seeks 50b yen in loans; pulls profit forecast

Bigger rival Nippon Steel - with 2.95% stake - says it's ready to provide support

Published Mon, Oct 30, 2017 · 09:50 PM

Tokyo

EMBATTLED Kobe Steel Ltd is seeking 50 billion yen (S$599 million) in loans from banks, a banking source said on Monday, while a shareholder said it was ready to offer assistance as the company grapples with a scandal over falsified product specifications.

Japan's third-largest steelmaker also pulled its forecast for a first annual profit in three years while it deals with the financial impact of one of Japan's biggest corporate scandals.

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Scandal-hit Kobe Steel seeks 50b yen in loans; pulls profit forecast

Energy & Commodities

Oil ends slightly firmer after US crude stock draw, firmer dollar

World’s biggest tea buyer Lipton’s sale of last farms is a strategy shift

Insurance firms deny Chevron’s US$57 million claim for Iran oil seizure

China's approves first gene-edited wheat in step to open up GM tech to food crops

Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture

Gold prices hold ground as traders eye US Fed cues

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