Detention of Nissan’s ex-chair Ghosn extended to April 22

Ghosn led the Japanese automaker for two decades and says he is innocent of the accusations that led to his downfall. (File/AFP)
Updated 12 April 2019
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Detention of Nissan’s ex-chair Ghosn extended to April 22

  • Ghosn was arrested in November, released on bail last month but re-arrested last week on fresh allegations
  • He has been charged with falsifying financial documents and with breach of trust

TOKYO: The detention of Nissan’s former Chairman Carlos Ghosn on suspicion of financial misconduct has been approved through April 22.
Ghosn was arrested in November, released on bail last month but re-arrested last week on fresh allegations. The Tokyo District Court on Friday approved prosecutors’ request to continue to hold Ghosn at Tokyo Detention Center.
He has been charged with falsifying financial documents in under-reporting his compensation and with breach of trust in using Nissan Motor Co. money for dubious payments.
Ghosn led the Japanese automaker for two decades and says he is innocent of the accusations that led to his downfall.


Lloyd’s of London profits quadruple on investment gains

Updated 18 September 2019

Lloyd’s of London profits quadruple on investment gains

  • Specialist insurer reports first-half pre-tax profit of $2.87 billion

LONDON: The 330-year old specialist insurance market Lloyd's of London reported a first-half pre-tax profit of 2.3 billion pounds ($2.87 billion) on Thursday, up nearly fourfold on investment gains and a cutback in underperforming business.
Lloyd's, which covers commercial risks from oil risks to footballers' legs, suffered steep losses in 2017 and 2018 due to natural catastrophes such as hurricanes, typhoons and wildfires.
Lloyd's last year told its 99 member syndicates to ditch the worst performing 10% of their businesses.
"It is encouraging that the Lloyd's market is showing increased discipline in 2019," Chief Executive John Neal said in a statement.
"We need to make some brave choices on how to meet the expectations of our customers and all our stakeholders in the future."
The market has proposed its members move to electronic exchanges next year, as it responds to competition from cheaper rivals.
Further details of the strategic changes will be released on Sept 30.
Net investment income rose to 2.3 billion pounds from 0.2 billion a year earlier, helped by strong equity returns.
Gross written premiums rose 1.7% to 19.7 billion pounds but the company's combined ratio, a measure of underwriting performance in which a level below 100% indicates a profit, weakened to 98.8% from 95.5%.
The results compare with a profit of 0.6 billion pounds a year ago.
Premium rates rose by an average of 3.9%, Lloyd's said.
Lloyd's in May asked the Banking Standards Board to conduct a survey of the insurance market's 45,000 participants on issues such as honesty and respect to help to improve its working environment, following allegations of sexual harassment at member firms.
The survey will be published on Sept 24, Neal said on Thursday.