Kobe Steel chief executive to step down after fake data scandal

Hiroya Kawasaki’s resignation was a new blow to the reputation of Japan Inc. (Reuters)
Updated 06 March 2018
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Kobe Steel chief executive to step down after fake data scandal

TOKYO: The head of scandal-hit Japanese steelmaker Kobe Steel announced his resignation on Tuesday after the firm submitted false strength and quality data for products shipped to hundreds of clients worldwide.
Hiroya Kawasaki’s resignation was a new blow to the reputation of Japan Inc. after similar quality-control scandals hit industrial titans ranging from carmaker Nissan to Mitsubishi Materials.
Kawasaki has been in the job since 2013 and is due to step down next month. The firm has not yet named a successor.
In a long-awaited report into the scandal, the firm found that staff — including executives — changed inspection data, or made up data, before shipping their products.
“It must be said that our company has deep-rooted problems in terms of the corporate culture ... on top of an (insufficient) compliance regime,” the report said.
“During the 112 years since our foundation, Kobe Steel has conducted its business by valuing the trust of customers, clients, shareholders and other stakeholders.
“It is to our extreme regret that we have lost that trust,” added the report.


Egypt inks deal with Cyprus for power link to Europe

Updated 23 May 2019
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Egypt inks deal with Cyprus for power link to Europe

  • It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level
  • Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage

NICOSIA: Egypt has signed a deal with a Cypriot firm to lay a 310-kilometer (195-mile) cable under the Mediterranean to export electricity to Europe, the company said on Thursday.
Nicosia-based EuroAfrica described the deal, worth an estimated two billion euros, as a “landmark.”
“Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe,” said company chairman Ioannis Kasoulides.
It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level.
Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage.
“The national electricity grid of Egypt will be linked to the European electricity system through Cyprus and will contribute to energy security,” Kasoulides said.
Following the crises in Crimea and eastern Ukraine, the EU has been keen to develop alternative sources of energy to reduce its dependence on imports from Russia.
In the past year, gas has started flowing from four major new fields off Egypt’s Mediterranean coast, and output is already sufficient to meet domestic needs.
The Arab world’s most populous country is now seeking to develop the infrastructure to export its newfound energy wealth, both as liquefied natural gas and as electricity.
Egypt is also seeking to import gas from fields off Cyprus and Israel to boost the profitability of the new liquefaction and export facilities it is developing on its Mediterranean coast.
In September, Egypt signed a deal with Cyprus to build an undersea pipeline to pump Cypriot offshore gas to Egypt for processing for export to Europe.
The plans have led to closer eastern Mediterranean ties, with Cyprus, Egypt, Greece and Israel holding regular high-level meetings.