Nissan Motor on Monday said it plans to dismiss Chairman Carlos Ghosn after an internal investigation found he underreported his income and engaged in other "significant misconduct." Ghosn was arrested by Tokyo prosecutors on suspicion of underreporting his earnings, according to Japanese broadcaster NHK. The executive earned about $9.7 million in fiscal 2016, but the following year reported his earnings declined 33 percent, NHK said. Shares of Renault, which owns a 43 percent stake in Nissan, plunged 14 percent early Monday. The news of Ghosn's troubles broke after Japanese markets had closed for the day. Yokohama-based Nissan, one of the world's largest automakers, said the violations were discovered during an investigation over several months that was instigated by a whistleblower. Ghosn, 64, also allegedly engaged in personal use of company assets, it said. Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allegations … [Read more...] about Nissan says chairman Ghosn to be dismissed for misconduct
Bankruptcy removed from credit report early
News / UK and world by Press Association November 19, 2018, 11:27 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Nissan’s high-flying chairman Carlos Ghosn is to be dismissed after the Japanese car giant said an internal investigation found he under-reported his income and engaged in other “significant misconduct”. The Japanese broadcaster NHK said Mr Ghosn was arrested on Monday after he voluntarily submitted to questioning by Tokyo prosecutors. The Yokohama-based company, one of the world’s largest carmakers, said the violations were discovered during an investigation over several months that was instigated by a whistleblower. Mr Ghosn, 64, also allegedly engaged in personal use of company assets, it said. Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allegations also concern a Nissan representative director, Greg Kelly, it said. Nissan’s chief … [Read more...] about Nissan ousts chairman Carlos Ghosn over financial misconduct ‘claims’
GE and the Dow.The Dow Jones Industrial Average will remove General Electric Co. next Tuesday after a run of underperformance. At the Financial Times, John Authers explains why you shouldn’t care about the Dow, but you are sophisticated and didn’t care about the Dow, so I will not repeat his arguments here. I will only mention his headline, which is “General Electric managed to outlast a cull of great names.” He means Westinghouse, Bethlehem Steel and Woolworth, which all left the Dow on the same day in 1997, “in a cull of great names from US industrial history that had ceased to be of any relevance.”But there is a broader and more literal point, which is that the early Dow had some great names. When General Electric was part of the first Dow Jones Industrial Average in 1896, its fellow members included American Cotton Oil Co., American Sugar Refining Co., American Tobacco Company, Distilling & Cattle Feeding … [Read more...] about The Dow Drops a General
Chanda Kochhar, the chief executive officer of India’s second-biggest lender, has left the building, and her new deputy should waste no time in letting stakeholders know who the real boss is: It’s him.Investors and commentators like me have been hoping since early April that ICICI Bank Ltd.’s board would remove the CEO to save the lender’s reputation. Kochhar’s husband and brother-in-law received an alleged quid pro quo in return for loans made by ICICI.Both have denied any wrongdoing, though the cloud of suspicion hasn’t lifted. Last month, the market regulator queried ICICI and Kochhar in connection with a loan to Videocon Group. The Indian conglomerate, whose main business is facing bankruptcy, had dealings with a renewable energy firm in which Kochhar’s husband has economic interests.ICICI’s directors, however, had painted themselves into a corner by a premature defense of their CEO, who was feted … [Read more...] about Mirror, Mirror, Who’s the Real ICICI Boss?
By Rebecca Ballhaus, Rebecca Ballhaus The Wall Street Journal BiographyRebecca Ballhaus @rebeccaballhaus [email protected] Michael Rothfeld, Michael Rothfeld The Wall Street Journal BiographyMichael Rothfeld @mrothfeld [email protected] Joe Palazzolo and Joe Palazzolo The Wall Street Journal BiographyJoe Palazzolo @joe_palazzolo [email protected] Alexandra Berzon Alexandra Berzon The Wall Street Journal BiographyAlexandra Berzon @alexandraberzon Google+ [email protected] June 15, 2018 7:19 a.m. ET 183 COMMENTS Photo: Photo Illustration: Dave Cole/The Wall Street Journal; Photos: Getty Images (2) Donald Trump summoned senior aides to his 26th floor office at Trump Tower around 2009 for an unpleasant task: persuade Michael Cohen —a top lawyer at his company—to resign, according to one of the aides. Mr. Trump’s frustration had reached a breaking point, the aide said. Mr. Cohen wasn’t getting … [Read more...] about ‘What’s He Doing Here?’: Inside Trump’s Turbulent Relationship With Michael Cohen