Asian markets close mixed ahead of Federal Reserve policy decision

Asian stocks were mixed on Wednesday ahead of a policy decision by the U.S. Federal Reserve. The widely anticipated trading debut of SoftBank Corp, the mobile unit of Japanese conglomerate SoftBank Group, ended in disappointment. The company’s shares closed 14.5 percent lower than its initial public offering price of 1,500 yen ($13.36). If they’d been able to hold above that 1,500-level (IPO price), it could have been a different story,” said Andrew Jackson, head of Japanese equities at SooChow


Asian stocks were mixed on Wednesday ahead of a policy decision by the U.S. Federal Reserve. The widely anticipated trading debut of SoftBank Corp, the mobile unit of Japanese conglomerate SoftBank Group, ended in disappointment. The company’s shares closed 14.5 percent lower than its initial public offering price of 1,500 yen ($13.36). If they’d been able to hold above that 1,500-level (IPO price), it could have been a different story,” said Andrew Jackson, head of Japanese equities at SooChow
Asian markets close mixed ahead of Federal Reserve policy decision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: yen nee lee
Keywords: news, cnbc, companies, investors, close, mixed, price, yen, jackson, ahead, reserve, japanese, federal, asian, softbank, stock, decision, markets, policy, ipo, retail


Asian markets close mixed ahead of Federal Reserve policy decision

Asian stocks were mixed on Wednesday ahead of a policy decision by the U.S. Federal Reserve.

The widely anticipated trading debut of SoftBank Corp, the mobile unit of Japanese conglomerate SoftBank Group, ended in disappointment. The company’s shares closed 14.5 percent lower than its initial public offering price of 1,500 yen ($13.36). It was the most heavily-traded stock on the Tokyo Stock Exchange.

SoftBank Corp’s 2.65 trillion yen ($23.6 billion) IPO is the largest ever in Japan and the second-largest in the world behind Alibaba’s $25 billion IPO in 2014.

“I’m not 100 percent surprised that it’s down this much. If they’d been able to hold above that 1,500-level (IPO price), it could have been a different story,” said Andrew Jackson, head of Japanese equities at SooChow CSSD Capital Markets Asia.

“Once it dipped below it, a lot of these retail investors, first-time investors who don’t really know much about the markets, are probably in a big hurry to get out,” Jackson told CNBC’s “Street Sign,” noting that around 90 percent of those that subscribed to SoftBank Corp’s IPO were retail investors.

In the broader Japanese market, the Nikkei 225 finished the day 0.6 percent to 20,987.92 and the Topix closed 0.41 percent down to 1,556.15.


Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: yen nee lee
Keywords: news, cnbc, companies, investors, close, mixed, price, yen, jackson, ahead, reserve, japanese, federal, asian, softbank, stock, decision, markets, policy, ipo, retail


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Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network


Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network
Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


Japan's top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks.

A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. The amount of equipment in use from Chinese makers “is relatively small”, he said.

The country’s top two telecommunications operators, NTT Docomo Inc and KDDI Corp, said the firms had not made any decision yet.

Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network, a spokeswoman said, adding it does not use any ZTE network equipment.

Huawei did not respond to Reuters request for comment, while ZTE declined to comment.

Huawei has already been locked out of the U.S. market, and Australia and New Zealand have blocked it from building 5G networks amid concerns of its possible links with China’s government. Huawei has said Beijing has no influence over it.

Japan’s decision to keep it out would be another setback for Huawei, whose chief financial officer was recently arrested by Canadian officials for extradition to the United States.

World financial markets have been roiled since news of the arrest, on worries it could reignite a Sino-U.S. trade row that was only just showing signs of easing.

Shares of SoftBank, which has the deepest relationship with Huawei among the big Japanese telcos, fell the most among the three top Japanese telcos on Monday, ending down 3.5 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


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Five US Marines missing after aircraft crash into sea off Japan

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns. The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast. The two aircraft


Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns. The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast. The two aircraft
Five US Marines missing after aircraft crash into sea off Japan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: chung sung-jun, getty images news, getty images
Keywords: news, cnbc, companies, marine, condition, incident, crash, marines, sea, military, japan, aircraft, ministry, corps, japanese, missing, occurred


Five US Marines missing after aircraft crash into sea off Japan

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong.

Japan’s defense ministry said its maritime forces had so far found two of the seven Marines who were aboard the aircraft — an F/A-18 Hornet fighter jet and KC-130 Hercules — at the time of the incident.

One was in a stable condition at Marine Corps Air Station Iwakuni, while the second had been found about 10 hours after the collision and brought aboard a Japanese military vessel, the ministry said. No other details about the second Marine were known, a ministry spokesman said.

Search and rescue efforts for the remaining five continued.

The incident adds to a growing list of U.S. military aviation accidents around the world in recent years, prompting hearings in Congress to address the rise.

The Military Times reported earlier this year that aviation accidents jumped nearly 40 percent from fiscal years 2013 to 2017. At least 133 service members were killed in those incidents, it said.

U.S. military accidents are a sensitive topic in Japan, particularly for residents of the southern prefecture of Okinawa, which is home to the bulk of the U.S. presence in the country. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns.

“The incident is regrettable, but our focus at the moment is on search and rescue,” Japanese Defense Minister Takeshi Iwaya told a news conference. “Japan will respond appropriately once the details of the incident are uncovered.”

The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast.

The two aircraft had launched from Marine Corps Air Station Iwakuni and were conducting regular training when there was a “mishap,” the Marine Corps said.

The Marine Corps did not elaborate on the nature of the incident. A U.S. official, speaking on condition of anonymity, said it occurred during a refueling exercise.

Officials who spoke to Reuters on condition of anonymity were unsure precisely how the mishap occurred but none suspected foul play. An investigation has begun.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: chung sung-jun, getty images news, getty images
Keywords: news, cnbc, companies, marine, condition, incident, crash, marines, sea, military, japan, aircraft, ministry, corps, japanese, missing, occurred


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Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody

Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said. The Tokyo prosecutors’ office declined to comment on the report. In Japan, crime suspects can be kept in custody for 10 days and that


Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said. The Tokyo prosecutors’ office declined to comment on the report. In Japan, crime suspects can be kept in custody for 10 days and that
Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, reportedly, carlos, dec, ghosn, yen, kelly, crime, suspects, fresh, japanese, custody, arrest, claim, tokyo, prosecutors, prolonging, detention


Japanese prosecutors reportedly will arrest Carlos Ghosn on fresh claim, prolonging custody

Tokyo prosecutors plan to arrest Carlos Ghosn on a fresh claim of understating his income, the Sankei newspaper reported on Tuesday, in a move that could keep the former chairman of Nissan Motor in detention until the end of the year.

Ghosn has been detained in Tokyo since his Nov. 19 arrest on suspicion of conspiring with former Nissan Representative Director Greg Kelly to understate his compensation by about half of the actual 10 billion yen ($88 million), over five years from 2010. Tokyo authorities on Friday extended their detention until the maximum Dec. 10 for the alleged crime.

Citing unnamed sources, the Sankei daily said prosecutors plan to arrest Ghosn and Kelly on Dec. 10 for the same crime covering the period from 2015 to 2017, during which the suspects allegedly understated Ghosn’s income by about 4 billion yen. If authorities approve the maximum detention for that case, Ghosn and Kelly would remain in custody until Dec. 30, the paper said.

The Tokyo prosecutors’ office declined to comment on the report.

Ghosn has been unable to respond to the allegations, which public broadcaster NHK has said he has denied. Calls to Ghosn’s lawyer, Motonari Otsuru, at his office went unanswered.

In Japan, crime suspects can be kept in custody for 10 days and that can be extended for another 10 days if a judge grants prosecutors’ request for extension. At the end of that period, prosecutors must file a formal charge or let the suspect go.

However, they can also arrest suspects for a separate crime, in which case the process starts over again. This process can be repeated, sometimes keeping suspects detained for months without formal charges and without bail.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, reportedly, carlos, dec, ghosn, yen, kelly, crime, suspects, fresh, japanese, custody, arrest, claim, tokyo, prosecutors, prolonging, detention


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Shares of Japanese messaging app jump 17 percent after Nikkei reports Tencent tie-up

Line shares jumped as much as 17 percent on Tuesday after the Nikkei business daily reported the Japanese chat app operator would tie-up with China’s Tencent to offer mobile payment services. Line will offer mobile payment services to small to mid-sized Japanese restaurants and stores targeting Chinese tourists via leased terminals compatible with Tencent’s WeChat Pay starting next year, Nikkei said without citing sources. Line shares were later trading up 7.8 percent at 0235 GMT, compared with


Line shares jumped as much as 17 percent on Tuesday after the Nikkei business daily reported the Japanese chat app operator would tie-up with China’s Tencent to offer mobile payment services. Line will offer mobile payment services to small to mid-sized Japanese restaurants and stores targeting Chinese tourists via leased terminals compatible with Tencent’s WeChat Pay starting next year, Nikkei said without citing sources. Line shares were later trading up 7.8 percent at 0235 GMT, compared with
Shares of Japanese messaging app jump 17 percent after Nikkei reports Tencent tie-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: guillaume payen sopa images lightrocket via getty
Keywords: news, cnbc, companies, japanese, app, 17, pay, offer, tourists, line, nikkei, payment, trading, tieup, reports, shares, payments, jump, messaging, services, tencent


Shares of Japanese messaging app jump 17 percent after Nikkei reports Tencent tie-up

Line shares jumped as much as 17 percent on Tuesday after the Nikkei business daily reported the Japanese chat app operator would tie-up with China’s Tencent to offer mobile payment services.

Line will offer mobile payment services to small to mid-sized Japanese restaurants and stores targeting Chinese tourists via leased terminals compatible with Tencent’s WeChat Pay starting next year, Nikkei said without citing sources.

A Line spokeswoman declined to comment. Tencent was not immediately available to comment.

The news provided some relief for Line’s flagging stock price which is down 20 percent year-to-date as, with user numbers for its eponymous flagship app stagnating, Line expands services in areas like payments and Bitcoin.

Line shares were later trading up 7.8 percent at 0235 GMT, compared with flat trading in the benchmark index.

Tencent’s shares were up 0.5 percent. Its shares are down more than 25 percent this year, hammered by a prolonged regulatory crackdown on its core gaming business in China.

With growing numbers of Chinese tourists visiting Japan the country is becoming increasingly attractive for China’s tech titans, with Alibaba’s financial affiliate Ant Financial and Didi Chuxing announcing services in recent months.

Japan has been slow to move to cashless payments, with a rush of new entrants like SoftBank backed PayPay and Line Pay looking to encourage consumers to use QR code payments, which have become widespread in countries like China and India.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: guillaume payen sopa images lightrocket via getty
Keywords: news, cnbc, companies, japanese, app, 17, pay, offer, tourists, line, nikkei, payment, trading, tieup, reports, shares, payments, jump, messaging, services, tencent


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Dollar steady in safe-haven trade, sterling gains slightly on Brexit deal news

European Union leaders sealed a Brexit pact on Sunday calling it the ‘best possible’ deal that Britain could have got. The yen traded with a strong bias in early Asian trade on Monday. This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen. Analysts also believe another factor supporting the dollar is Japanese investors remaining heavily invested in U.S. and other foreign assets. The New Zealand dollar lost 0.3 percent to trade at $067


European Union leaders sealed a Brexit pact on Sunday calling it the ‘best possible’ deal that Britain could have got. The yen traded with a strong bias in early Asian trade on Monday. This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen. Analysts also believe another factor supporting the dollar is Japanese investors remaining heavily invested in U.S. and other foreign assets. The New Zealand dollar lost 0.3 percent to trade at $067
Dollar steady in safe-haven trade, sterling gains slightly on Brexit deal news Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, gains, versus, safehaven, brexit, deal, traded, safe, president, steady, slightly, yen, rate, dollar, japanese, traders, sterling, trade


Dollar steady in safe-haven trade, sterling gains slightly on Brexit deal news

The dollar rose versus its major peers on Monday, as investors sought shelter in safe haven currencies as fears of a global growth slowdown and U.S.-Sino trade tensions grappled risk appetite.

The greenback and the yen, both considered safe haven currencies advanced as traders fear that last week’s capitulation in oil prices suggests that the global economic recovery is losing steam.

The British pound changed hands at $1.2819, gaining 0.05 percent versus the dollar. European Union leaders sealed a Brexit pact on Sunday calling it the ‘best possible’ deal that Britain could have got.

A vote in the British parliament vote is expected to take place just before the next EU summit on Dec. 13-14. Most analysts expect sterling to be subdued till then.

With Brexit settled for now, currency traders are looking to the upcoming G-20 meeting in Buenos Aires on Nov.30, where President Trump and President Xi are likely to discuss trade.

Investors are hoping a workable deal can out of the summit because if not, Washington’s 10 percent tariff rate on $200 billion of Chinese imports will rise by early next year to 25 percent.

Trump has threatened to impose tariffs on all remaining Chinese imports – about $267 billion more in goods – if Beijing fails to address U.S. demands.

“If there is some sort of truce which comes out of this deal, we will see money coming out of the safe haven dollar,” added Catril.

“This would bode well for the riskier currencies such as the Aussie, kiwi dollar and the Asian emerging market currencies.”

The yen traded with a strong bias in early Asian trade on Monday. The Japanese currency traded within a very tight range of less than 100 pips last week.

The dollar is expected to remain in an uptrend against the yen, with the Fed on a monetary tightening path while the Bank of Japan remains committed to its ultra-loose monetary policy due to low growth and inflation.

This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen.

Analysts also believe another factor supporting the dollar is Japanese investors remaining heavily invested in U.S. and other foreign assets.

The euro traded marginally lower at $1.1335. The single currency lost 0.7 percent versus the greenback last week as traders reacted to weak economic data out of the common area.

The ongoing tussle between Rome and Brussels over Italy’s free-spending budget, which breaks the European Commission’s fiscal rules, has also put the euro under pressure.

However, Italian Deputy Prime Minister Matteo Salvini hinted on Sunday at the possibility of tweaking the country’s deficit goal for next year, a move that could open a negotiation between Rome and Brussels to avoid a disciplinary procedure against Italy.

There will be increased focus on ECB President Draghi’s appearance at the European parliament on Monday, with markets expecting to take dovish tone given the weakness in recent economic data.

“The ECB’s quantitative easing programme is set to finish up next month and we think the hurdle to extend the programme is exceptionally high,” said Nick Smyth, interest rate strategist at BNZ Markets in a note.

The New Zealand dollar lost 0.3 percent to trade at $06760 as investors took in weaker-than-expected retail sales data.


Company: cnbc, Activity: cnbc, Date: 2018-11-26  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, gains, versus, safehaven, brexit, deal, traded, safe, president, steady, slightly, yen, rate, dollar, japanese, traders, sterling, trade


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Euro, sterling steady as traders look to Brexit progress

The euro and sterling traded marginally higher on Friday, having advanced overnight by 0.2 percent and 0.8 percent respectively. Much of the weakness is due to the strength in the euro and sterling, which together constitute 70 percent of the index. The Japanese currency has traded in an extremely narrow range with a soft bias over the last four trading sessions. This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen. The Australian do


The euro and sterling traded marginally higher on Friday, having advanced overnight by 0.2 percent and 0.8 percent respectively. Much of the weakness is due to the strength in the euro and sterling, which together constitute 70 percent of the index. The Japanese currency has traded in an extremely narrow range with a soft bias over the last four trading sessions. This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen. The Australian do
Euro, sterling steady as traders look to Brexit progress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, look, gauge, japanese, trading, traders, euro, progress, brexit, fed, markets, rate, traded, steady, meeting, dollar, sterling


Euro, sterling steady as traders look to Brexit progress

The euro and sterling edged higher against the dollar on Friday after Britain and the European Union agreed a draft text setting out their future relationship before a summit on Sunday.

Traders were cautiously optimistic about the draft declaration agreed by the United Kingdom and the European Commission which outlined how the trading relationship, security and other matters will work once the divorce is finalized.

The euro and sterling traded marginally higher on Friday, having advanced overnight by 0.2 percent and 0.8 percent respectively.

Traders are still waiting for more clarity around the Brexit deal as it faces a rocky ride once it reaches a deeply divided British parliament, with hardline euroskeptic and staunch pro-EU factions, and various shades of gray in-between.

“A full read through of the text suggests a lot of important details need to be clarified. ..this document is not convincing the market that it will pass through parliament,” said David de Garish, director economics and markets at NAB.

He said the market is still positioned with a short bias in the pound, so there is scope for a move of 5-10 percent if a breakthrough deal is achieved.

The dollar index, a gauge of its value versus six major peers, traded marginally lower at 96.46. Much of the weakness is due to the strength in the euro and sterling, which together constitute 70 percent of the index.

The dollar has lost ground for two consecutive trading sessions and is drifting lower from a 16-month high of 97.69 hit earlier this month.

Dollar skeptics are concerned about the pace of future interest rate increases by the U.S. Federal Reserve.

The Fed is expected to deliver its fourth rate hike of 2018 in December, but markets are trying to gauge how much tighter can policy get next year without risking a slowdown in the domestic economy, which has so far held up well even as borrowing costs have risen.

“The Fed is most likely to hike rates in December. I don’t see a shift in forward guidance at next month’s meeting as that would imply that a significant deterioration in economic activity is already taking place,” said De Garis.

The yen was fetching 112.96, little changed from its previous close. The Japanese currency has traded in an extremely narrow range with a soft bias over the last four trading sessions.

While the Fed is on a monetary tightening path, the Bank of Japan remains committed to its ultra loose monetary policy due to low growth and inflation. This interest rate differential between U.S. and Japanese bonds makes the dollar a more attractive bet than the yen.

According to some analysts, another factor supporting the dollar/yen is that Japanese investors remain heavily invested in U.S. and foreign assets.

The greenback was up 0.14 percent on the Canadian dollar, changing hands at $1.3206 as crude prices tumbled on supply glut fears. Canada is one of the largest oil exporters in the world.

The Australian dollar, often considered a gauge for global risk appetite weakened 0.08 percent to trade at $0.7251. Analysts expect the Aussie to remain subdued ahead of a meeting between U.S. and Chinese leaders at a G20 meeting in Argentina at the end of the month, with markets watching out for any signs on whether the two sides would agree to de-escalate their heated trade war.


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, look, gauge, japanese, trading, traders, euro, progress, brexit, fed, markets, rate, traded, steady, meeting, dollar, sterling


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Asia stocks mostly lower; Nissan shares plunge on chairman’s arrest

Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct. Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent. The broader J


Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct. Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent. The broader J
Asia stocks mostly lower; Nissan shares plunge on chairman’s arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, shares, chairmans, asia, ghosn, japanese, arrest, stocks, motors, lower, mitsubishi, fell, nissan, close, plunge, index


Asia stocks mostly lower; Nissan shares plunge on chairman's arrest

Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct.

The auto giant said in a statement on Monday that “over many years” Ghosn and board director Greg Kelly had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.

Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” The company said Ghosn had also made inappropriate investments.

In a press conference Monday, Nissan Chief Executive Hiroto Saikawa, said both men had been arrested and this Thursday he would propose to the Nissan Board of Directors to remove them from their roles.

Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent.

The broader Japanese market also declined, with the benchmark Nikkei 225 down 1.09 percent to close at 21,583.12 and the Topix index lower by 0.73 percent to 1,625.67. In South Korea, the Kospi slipped 0.86 percent to close at 2,082.58.

The mainland Chinese markets were also lower on the day. The Shanghai composite fell 2.13 percent to close at around 2,645.85 while the Shenzhen composite shed 2.717 percent to 1,378.92. Hong Kong’s Hang Seng index declined 1.94 percent in late-afternoon trade.

Australia’s ASX 200 was down 0.38 percent to close at 5,671.8, with almost all sectors in negative territory.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, shares, chairmans, asia, ghosn, japanese, arrest, stocks, motors, lower, mitsubishi, fell, nissan, close, plunge, index


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Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha


The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha
Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang, akio kon, bloomberg, getty images, -richard hilgert
Keywords: news, cnbc, companies, global, ghosn, compensation, yearsnissan, billion, japanese, arrested, threaten, board, remove, mitsubishi, alliance, nissan, alarmist, fears, yen, scandal, overly


Fears that the Nissan scandal could threaten its global alliance are 'overly alarmist'

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. But analysts say that’s not likely.

Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday.

Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report. According to Reuters, Japanese media said Ghosn had reported about 10 billion yen ($88.9 million) of annual compensation as about 5 billion yen for several years.

Nissan Chief Executive Hiroto Saikawa, said at a Monday press conference that both men had been arrested and he was planning to propose to the board on Thursday to remove them from their roles. Mitsubishi also said that it would seek to remove Ghosn, who sits on its board of directors, from his current position at the company.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang, akio kon, bloomberg, getty images, -richard hilgert
Keywords: news, cnbc, companies, global, ghosn, compensation, yearsnissan, billion, japanese, arrested, threaten, board, remove, mitsubishi, alliance, nissan, alarmist, fears, yen, scandal, overly


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Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore

French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources. Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. Before his arrest, he was reportedly planning to merge Renault and Nissan, according to


French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources. Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. Before his arrest, he was reportedly planning to merge Renault and Nissan, according to
Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: robert ferris, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, ceo, replace, japanese, coo, plans, thierry, ghosn, automaker, renault, bollore, company, automotive, carlos, fallen, stake, reportedly, french, nissan


Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore

French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources.

Ghosn is one of the automotive industry’s biggest figures, but his formidable legacy has been rapidly unraveling in the span of a few days.

Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. He is accused of under- reporting millions in income to Japanese authorities over the years and to have misused company funds.

Before his arrest, he was reportedly planning to merge Renault and Nissan, according to the Financial Times. The board of the Japanese automaker had fiercely opposed the move.

Speaking Tuesday on French radio, the country’s finance minister, Bruno Le Maire, said Ghosn is “as a matter of fact not able to run the company” in light of the accusations.

The French government owns a 15 percent stake in Renault, which in turn owns more than 40 percent of Nissan. Nissan holds a 15 percent stake in Renault.

On Monday, Nissan’s CEO spoke harshly about Ghosn’s recent tenure at the automaker, saying it planned to remove him as chairman. Mitsubishi said Monday it also plans to strip him of his board seat at that company.

Bollore is a long time automotive industry executive who spent years at tire company Michelin in positions around the world and at automotive parts supplier Faurecia before joining Renault in 2012.

Renault was not immediately available for comment to CNBC.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: robert ferris, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, ceo, replace, japanese, coo, plans, thierry, ghosn, automaker, renault, bollore, company, automotive, carlos, fallen, stake, reportedly, french, nissan


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