Ex-Nissan chief Ghosn denies allegations

Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported on Nov. 22. (AFP)
Updated 25 November 2018
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Ex-Nissan chief Ghosn denies allegations

  • Prosecutors accuse Ghosn and fellow executive Greg Kelly of under-reporting the former chairman’s income by around five billion yen ($44 million)
  • Ghosn is being held custody in a Tokyo detention center

TOKYO: Nissan’s former chairman Carlos Ghosn has denied allegations of financial misconduct, claiming he had no intention of making false reports, Japanese media said Sunday.
The Brazil-born tycoon, who has not spoken publicly since he was arrested last Monday, told prosecutors he did not intend to understate his income on financial reports, public broadcaster NHK said.
Without exercising his right to remain silent, Ghosn advocated his view to prosecutors, NHK said, quoting unnamed sources.
Ghosn was sacked as Nissan chairman Thursday, a spectacular fall from grace for the once-revered boss whose arrest and ouster have stunned the business world.
Prosecutors accuse Ghosn and fellow executive Greg Kelly of under-reporting the former chairman’s income by around five billion yen ($44 million).
Kelly also denied the allegations, saying Ghosn’s salaries were paid appropriately, news reports said.
Local media reported Sunday that Nissan had formed a “secret” team earlier this year to probe the alleged financial misconduct.
A small team involving Nissan’s board members carried out its internal probe confidentially on concerns about possible destruction of evidence by Ghosn, Japan’s Kyodo News reported, quoting unnamed sources.
Ghosn is being held custody in a Tokyo detention center.
On Wednesday, prosecutors successfully applied to extend his custody for an additional 10 days as they stepped up their questioning.


US-China trade deal hopes grow as oil prices decline

Updated 19 June 2019
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US-China trade deal hopes grow as oil prices decline

  • Data suggested a smaller-than-expected fall in American crude inventories
  • Preparations underway for Donald Trump to meet Xi Jinping next week at the G20 summit in Osaka

LONDON: Oil prices declined on Wednesday as data suggested a smaller-than-expected fall in American crude inventories, as hopes for a US-China trade deal continue to grow.
Brent crude futures were down 51 cents at $61.72 a barrel.
US West Texas Intermediate crude fell 25 cents to $53.65 a barrel. On Tuesday, it had recorded its biggest daily rise since early January.
After weeks of swelling, US crude stocks fell by 812,000 barrels last week to 482 million, the American Petroleum Institute said on Tuesday, a smaller fall than the 1.1-million-barrel drop analysts had expected.
Official estimates on US crude stockpiles from the US government’s Energy Information Administration are due during afternoon trading.
US President Donald Trump offered some support, saying preparations were underway for him to meet Chinese President Xi Jinping next week at the G20 summit in Osaka, Japan, amid hopes a trade deal could be thrashed out between the two powers. Trump has repeatedly threatened China with tariffs since winning office in 2016.
European Central Bank President Mario Draghi also offered a boost, saying on Tuesday that he would ease policy again if inflation failed to accelerate.
Tensions remain high in the Middle East after last week’s tanker attacks. Fears of a confrontation between Iran and the US have mounted, with Washington blaming Tehran, which has denied any role.
Trump said he was prepared to take military action to stop Iran having a nuclear bomb but left open whether he would approve the use of force to protect Gulf oil supplies.
On Wednesday, oil markets shrugged off a rocket attack on a site in southern Iraq used by foreign oil companies.
“It is interesting to note that the crude oil futures market could not rally on hawks planting bombs in the Strait of Hormuz but could rally on doves planting quantitative easing,” Petromatrix’s Olivier Jakob said in a note.
“This is an oil market that doesn’t know how to react when an oil tanker blows up but knows how to react when the head of a central bank makes some noise.”
Members of the Organization of the Petroleum Exporting Countries have agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2, after weeks of wrangling over dates.
OPEC and its allies will discuss whether to extend a deal on cutting 1.2 million barrels per day of production that runs out this month.