Kobe Steel CEO to Resign Over False-Data Scandal

TOKYO— Kobe Steel Ltd.’s KBSTY 1.54% chief executive said he would step down effective April 1 to take responsibility for a quality scandal that has shaken Japan’s reputation for top-notch manufacturing.

“To demonstrate that Kobe Steel has changed and to speed up change, we need new management,” said Hiroya Kawasaki, the head of Japan’s third-largest steelmaker.

Kobe Steel—which supplies the makers of cars, planes and nuclear plants—admitted in October to falsifying quality specifications on products shipped to hundreds of customers, prompting an investigation by the U.S. Justice Department. On Tuesday, the company said some of the data falsification went back 50 years.

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Kobe Steel’s announcement opened the floodgates for similar revelations at other top manufacturers, puncturing national pride in Japan’s manufacturing prowess.

In recent months, Mitsubishi Materials Corp. MIMTF 945.78% and Subaru Corp. FUJHY 0.64% admitted to quality-inspection lapses, while Nissan Motor Co. said it let unqualified employees perform final quality inspections on some cars. Those companies, as well as Kobe Steel, said no safety issues resulted.

Other scandals in recent years affecting Japan’s reputation include problems at Takata Corp. , which declared bankruptcy last year after it said it supplied more than 50 million defective vehicle air bags in the U.S.

Mr. Kawasaki blamed a corporate culture that he said prioritized winning orders and meeting delivery deadlines over quality. Kobe Steel said that two current and two former executives at its aluminum and copper division had been aware that workers were falsifying data but that they failed to stop the practice or report it to the board. Another executive only partially addressed the issue by having some of the orders halted, it said.

The two former executives were directly involved at some point in the practice, the company said, following a probe by outside legal experts. It didn’t name those involved or detail what happened to them.

‘To demonstrate that Kobe Steel has changed and to speed up change, we need new management.’

—Hiroya Kawasaki, Kobe Steel’s chief executive

To date, the company has found that 605 customers received shipments affected by data falsification. Overseas customers accounted for 222 of those.

The company will overhaul its board so that a third of its members are external directors and set up an advisory committee dedicated to compliance issues, Mr. Kawasaki said.

“I cannot but say that the roots of the problem go deep,” he said.

Kobe Steel said five executives, including the head of its aluminum and copper division, would also resign, while other executives would have their pay cut as much as 80%. The company said it would name a new CEO soon.

For all the upheaval, Kobe Steel’s results have yet to take a major hit. The company has said the scandal would reduce net profit by ¥10 billion ($94 million) in the year ending March 31 to ¥45 billion, up from a loss the previous year, thanks to higher steel prices and strong demand for construction machinery.

The impact next fiscal year will hinge on overseas litigation, said Ryosaku Kadowaki, head of Kobe Steel’s management strategy.

Write to Mayumi Negishi at mayumi.negishi@wsj.com

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Optex Systems Announces $7.7 Million Contracts for Laser Protected Periscopes

Optex Systems Announces $7.7 Million Contracts for Laser Protected Periscopes

RICHARDSON, TX–(Marketwired – February 19, 2018) – Optex Systems, Inc., a wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, announced today it has been awarded three separate multi-year Indefinite Delivery Indefinite Quantity (IDIQ) awards through Defense Logistics Agency (DLA) for Laser Protected Periscopes for a total combined amount of up to $7.737 Million over a 3-5 year period.

Danny Schoening, CEO of Optex stated "We are pleased with the progress that we’ve made in negotiations with DLA to establish long term, multi-year contracts for these Laser Protected Periscopes using our proprietary technology. The field reliability of the Optex product continues to exceed our customer’s expectation and therefore the Optex proprietary process continues to be the periscope of choice by our armed forces and many of our allies."

ABOUT OPTEX SYSTEMS

Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company’s website at www.optexsys.com.

Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described herein. You can identify these statements by the use of the words "may," "will," "could," "should," "would," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," "likely," "forecast," "probable," and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs and military spending, the timing of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in the U.S. Government’s interpretation of federal procurement rules and regulations, changes in spending due to policy changes in any new federal presidential administration, market acceptance of the Company’s products, shortages in components, production delays due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, changes to export regulations, increases in tax rates, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, changes in the market for microcap stocks regardless of growth and value and various other factors beyond our control.

You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company’s forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company’s filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.

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Strategist: Sell-off was a deleveraging event

New York Times CEO: There will be many times more digital subscribers than print Stifel Financial CEO: We’re a mirror of what’s going on in the economy, and it’s going to be a good year Bombardier CEO: ITC ruling a major victory for Bombardier, innovation and customers American Airlines CEO: Growth in our hubs creates connectivity for our customers Royal Caribbean CEO: Small cost changes are driving terrific revenue and earnings increases BMO Financial CEO: US-Canada trade relationship arguably the most successful in modern commerce WPP CEO Sir Martin Sorrell: We’re yet to see whether Trump’s foreign policies work

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Your Navy Operating Forward – Sasebo, Egypt, Aegean Sea

Right now your Navy is 100 percent on watch around the globe helping to preserve the American way of life. Whether it be operating and training off the coast of Spain or forward deployed to the Arabian Gulf, the flexibility and presence provided by our U.S. naval forces provides national leaders with great options for protecting and maintaining our national security and interests around the world. The imagery below highlights the Navy’s ability to provide those options by operating forward.

USS America and USS Carl Vinson Conduct a Passing Exercise

Tell us which photo best shows YOUR Navy Operating Forward !

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Buddy Holly Center to Honor Anniversary of “The Day the Music Died” on February 3

LUBBOCK, TX (NEWS RELEASE) – The following is a news release from the Buddy Holly Center:

Join the Buddy Holly Center on February 3, 2018 in remembering the tragic plane crash that claimed the lives of Buddy Holly, Ritchie Valens, J.P. "The Big Bopper" Richardson, and pilot Roger Peterson. This year marks the 59th anniversary of the tragedy and the Buddy Holly Center will be commemorating the anniversary with a day-long schedule of events.

This date was affectionately coined "The Day the Music Died" after a lyric in the Don McLean song, "American Pie," that references the deaths of these rock and roll legends. Each year, on the anniversary of Buddy Holly’s death, the Center staff place a spray of yellow roses on Buddy’s grave, located at the City of Lubbock Cemetery at 31st Street and Teak Avenue.

Saturday, February 3, 2018

Buddy Holly Gallery: Free Admission

10:00 a.m. – 5 p.m.

J.I. Allison House: Free Admission

10:00 a.m. – 4:30 p.m.

Trolley Tours (weather permitting)

Join museum curator, Jacqueline Bober, on a guided tour of Lubbock landmarks that are significant to the life and career of Buddy Holly. Cost: $5 – purchased in the gift shop on day of tour. Tour Times: 11:00 a.m. and 1:00 p.m. Seating is limited. Patrons are encouraged to call (806) 775-3562 ahead of time to reserve their seat.

Origami Crickets, Buddy Holly Glasses & Instrument Petting Zoo

Free, hands-on activities for all ages. 10:00 a.m. – 3:30 p.m.

(News release from the City of Lubbock)

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Tips For Buying Richardson TX Housing

Richardson has become a wonderful area to look at when it comes to housing.

This is one of those parts of Texas that remains underrated but it has a lot to offer to those who are hoping to invest. Here are the tips that will lead to a good fit.

Budget

Your budget has to be set as soon as possible.

You don’t want to take a look at housing without thinking about where the money is going. This is how you are going to end up with a horrible fit and it is not going to end up as a solid investment.

Area

Where in Richardson are you looking to move as of right now? Do you have a neighborhood in mind?

These are the things that matter when you are thinking about moving into a new area or looking to invest into one. If not, you could end up in an area that won’t grow as rapidly as you wish for it too.

Type of Property

Always think about the type of property you want as that is going to matter.

Do you want a specific size? Do you want a specific amount of rooms? What are you looking for? Sit down and write this on a piece of paper so you have it with you as the search commences.

Comparisons

Don’t forget to run comparisons because they are going to be important. You don’t want to invest in housing that is going to leave you broke. This is why a good option is to run comparisons and take a look at the prices that are out there in your range.

This is how you are going to end up with high-quality housing that is worth it and will add value to your life. These are properties that are ideal and well-sized making them must-buys for those who want real value.

Tips For Buying A Foreclosed Home In Richardson, Texas

If you are looking for a way to maximize your home-buying budget, you may want to consider looking into foreclosures. Foreclosed homes are often priced lower than other similar homes. During the foreclosure process, the bank takes ownership of the home. Their objective is to sell the home as quickly as possible so that they can recover their money. As a result, they are often willing to offer it at a much lower price than a traditional home seller would.

If you are thinking of buying a foreclosed home in Richardson, Texas, it is important to educate yourself as much as possible about the process so that you know what to expect. One of the first things that you need to be aware of is that foreclosed homes are sold in as-is condition. That means that the seller, which in this case is the bank, won’t make any repairs to the home before selling it. Because of that, you absolutely need to have a home inspection done before you agree to buy the property.

After you have the information from the inspection in hand, you can then decide whether or not you are willing to take on any necessary repairs. Oftentimes, foreclosed homes sit empty for a long period of time. Because of that, there may be a lot of work that needs to be done. You need to carefully evaluate the cost of any repairs or upgrades along with the cost of the home to make sure that you are still getting a good deal.

If you are buying the home with the intention of fixing it up and reselling it, you also need to carefully consider the neighborhood that it is located in. If other houses in the neighborhood are selling for a lot more money than the home you are thinking about buying, there may be a lot of potential to turn a profit. However, you need to thoroughly evaluate the real estate market in the area to make sure that homes are selling quickly enough for you to recoup your investment.

Buying a foreclosed home in Richardson, Texas can be a good investment. Just like any other major purchase, however, you need to do your due diligence so that you know exactly what you are getting into. Don’t get so excited about the low price tag that you neglect to do your homework before agreeing to purchase the property.

Everything You Need To Know About Richardson, Texas

Richardson is a major city located in both Collin and Dallas counties in Texas. The 2010 census has determined that at that time the population of Richardson was 99, 223. In 2014, the city had a population that was estimated to be around 109,000.

This is a very affluent suburb near Dallas and it is the home of two major institutions. It is home of the educational institution The University of Texas at Dallas, and it is also home to major telecommunication companies.
Over 5000 corporations have offices in Richardson including:

• AT&T
• Verizon
• Samsung
• MetroPCS
• ZTE
• Texas Instruments
• Ericsson

BlueCross-BlueShield Texas headquarters is also located in Richardson.

The History

Settlers from Tennessee and Kentucky arrived in the area in the mid-1800s. Throughout the 1850s, the settlement was centered around the current site of Richard College. Soon after the Civil War, a railroad was built in the area, and the center of town shifted towards the northwest so it could be closer to the railroad.

In 1873, the town received its charter, and the town received its current name then after the Houston and Texas Central Railroad’s secretary, Alfred S. Richardson.

In 1908, an electric railway, known as the Texas Electric Railway, connected Richardson to other cities in Texas including Fort Worth, Dennison and Corsicana. Around this time, the town had a population of around 600.

After the Second World War, the population in the town increased to 1300 by the beginning of 1950. The town continued to see growth with the police department, shopping centers, expressways and homes.

In 2006, the city of Richardson was listed as one of the top 20 places to live in the country. It has also earned the title as one of the top 5 safest cities in the state of Texas.

Economic Development

Despite the economic decline that was seen in other areas of the country during the recession, Richardson enjoyed substantial increases in its economy during 2005 to 2009. Richardson also enjoyed a considerable amount of corporate retention and recruitment that other areas of the country did not during this time.

In 2010, the city’s Standard and Poor’s credit and bond rating agencies reaffirmed its AAA rating. Although the unemployment remains high by traditional standards, it is still lower than federal and state levels.

Richardson is full of employment, economic and real estate opportunities. As the city continues to grow, it will continue to provide opportunities and experiences for residents, newcomers and visitors alike.