Japanese women challenge Valentine’s Day tradition of giving chocolate to male coworkers

Valentine’s Day comes first, so women set the bar for who receives a treat as well as the caliber of the treat. Still, 35 percent of women plan on handing out chocolate treats to male coworkers this year, according to a poll by a Tokyo department store. More women, though, about 60 percent, plan to indulge in some self-love this Valentine’s Day by purchasing chocolates for themselves. These company bans on giri choco also seem to be reshaping the country’s notions of who gives gifts on Feb. 14.


Valentine’s Day comes first, so women set the bar for who receives a treat as well as the caliber of the treat. Still, 35 percent of women plan on handing out chocolate treats to male coworkers this year, according to a poll by a Tokyo department store. More women, though, about 60 percent, plan to indulge in some self-love this Valentine’s Day by purchasing chocolates for themselves. These company bans on giri choco also seem to be reshaping the country’s notions of who gives gifts on Feb. 14.
Japanese women challenge Valentine’s Day tradition of giving chocolate to male coworkers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kerri anne renzulli, toru yamanaka, afp, getty images, chris mcgrath, getty images news
Keywords: news, cnbc, companies, treat, choco, tradition, challenge, giving, workers, chocolate, day, japanese, male, treats, giri, valentines, women, coworkers, plan


Japanese women challenge Valentine's Day tradition of giving chocolate to male coworkers

Valentine’s Day comes first, so women set the bar for who receives a treat as well as the caliber of the treat. Such pressure has led women to spend thousands of yen on giri choco for colleagues to avoid causing offense in past years, but now more and more companies are banning this form of gift giving altogether. Forty percent of workers see it as a form of abuse and harassment, according to Japan Today.

In interviews conducted by newsite ANN, Japanese workers favored such bans and said they felt it eased pressures on women and had a positive effect on coworker relationships.

Still, 35 percent of women plan on handing out chocolate treats to male coworkers this year, according to a poll by a Tokyo department store.

More women, though, about 60 percent, plan to indulge in some self-love this Valentine’s Day by purchasing chocolates for themselves. Only 36 percent plan to use sweet treats as a love token for partners or crushes.

These company bans on giri choco also seem to be reshaping the country’s notions of who gives gifts on Feb. 14. News outlet SoraNews24 recently reported on a growing trend — gyaku choco, or “reverse chocolate” — that has men giving sweets to women. The publication notes that it’s still far from the norm.

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Don’t miss: This Valentine’s Day, get back at your ex by naming a cockroach after them for $2


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kerri anne renzulli, toru yamanaka, afp, getty images, chris mcgrath, getty images news
Keywords: news, cnbc, companies, treat, choco, tradition, challenge, giving, workers, chocolate, day, japanese, male, treats, giri, valentines, women, coworkers, plan


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Sony announces first share buyback of $910m, stock rises 5 percent

Sony announced on Friday a share buyback of 100 billion yen ($910 million) — its first ever aimed at boosting shareholder returns — sending the Japanese electronics and entertainment company’s shares up more than 5 percent. Sony said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock. “Our financial health has improved enough to conduct the repurchases,” a Sony spokesman said, as the company reinvented itself as an entertainment company wi


Sony announced on Friday a share buyback of 100 billion yen ($910 million) — its first ever aimed at boosting shareholder returns — sending the Japanese electronics and entertainment company’s shares up more than 5 percent. Sony said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock. “Our financial health has improved enough to conduct the repurchases,” a Sony spokesman said, as the company reinvented itself as an entertainment company wi
Sony announces first share buyback of $910m, stock rises 5 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: kiyoshi ota, bloomberg, getty images
Keywords: news, cnbc, companies, announces, japanese, stock, buyback, gaming, share, rises, 910m, shares, record, entertainment, spokesman, sony, company


Sony announces first share buyback of $910m, stock rises 5 percent

Sony announced on Friday a share buyback of 100 billion yen ($910 million) — its first ever aimed at boosting shareholder returns — sending the Japanese electronics and entertainment company’s shares up more than 5 percent.

Sony said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock.

“Our financial health has improved enough to conduct the repurchases,” a Sony spokesman said, as the company reinvented itself as an entertainment company with stable revenue from music content and gaming, after battling years of losses with price-competitive consumer electronics.

The spokesman said Sony also took into account current share price levels.

Sony shares had plunged 14 percent this week after the company reported lower-than-expected profit as its previously thriving gaming business sagged, though a one-off gain related to its acquisition of EMI nevertheless pushed the quarterly result to a record high.

Sony’s announcement comes a day after SoftBank Group’s shares jumped 17 percent after the Japanese tech investment giant unveiled a record share buyback.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: kiyoshi ota, bloomberg, getty images
Keywords: news, cnbc, companies, announces, japanese, stock, buyback, gaming, share, rises, 910m, shares, record, entertainment, spokesman, sony, company


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Japan’s 10-day holiday stirs concern in traders and investors

To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen. Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.” U.S. financial markets closed for six days after the attacks on Sept. 11, 2001. “In 10 days, we can be in a completely different world,” said a currency trader at a


To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen. Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.” U.S. financial markets closed for six days after the attacks on Sept. 11, 2001. “In 10 days, we can be in a completely different world,” said a currency trader at a
Japan’s 10-day holiday stirs concern in traders and investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: jiji press, afp, getty images
Keywords: news, cnbc, companies, japanese, concern, late, stirs, investors, say, traders, 10day, markets, holidays, market, shutdown, days, holiday, financial, bank, japans


Japan's 10-day holiday stirs concern in traders and investors

To mark the ascension of Japan’s new emperor, the government has declared an unprecedented 10-day holiday from late April to early May, worrying investors, who say a market shutdown could cause disruption and unsettle the yen.

Japan usually has a string of public holidays from late April to early May, the so-called the “Golden Week.”

But this year, with Crown Prince Naruhito’s being crowned the new emperor on May 1, the government made the entire period from April 27 to May 6 a market holiday.

It will be the longest break ever for Japanese stocks and bonds.

Major financial centres rarely have such long periods of shutdown. U.S. financial markets closed for six days after the attacks on Sept. 11, 2001.

“It’s horrifying that we can’t trade for six business days. We’ve got to adjust our positions before the week. Hard to say exactly what I will do then, but I’ll probably have to make my position neutral before the holidays,” said Yasuo Sakuma, chief investment officer at Libra Investments.

Japan’s financial watchdog has told all financial institutions to alert customers about the possibility of turbulence in overseas markets during the shutdown, and to make sure their systems can cope with a flurry of activity before and after, documents obtained by Reuters showed.

The U.S. and U.K. central banks will hold policy meetings during the Japanese holiday; U.S. payroll data, GDP from the United States and the Eurozone, and corporate earnings around the world will also be released.

“In 10 days, we can be in a completely different world,” said a currency trader at a major Japanese bank.

Currency traders at the country’s biggest banks and insurers, such as MUFG Bank, Sumitomo Mitsui Bank, Mizuho Bank and Nippon Life Insurance, are equipped to work either at home or in the office during holidays, markets players say.

But they added it might be tougher to deal with more complex products, such as derivatives, pricing of which usually requires in-house terminals.

Fund managers, meanwhile, say they will probably need to bring their positions to neutral by late April to avoid exposure to market swings.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: jiji press, afp, getty images
Keywords: news, cnbc, companies, japanese, concern, late, stirs, investors, say, traders, 10day, markets, holidays, market, shutdown, days, holiday, financial, bank, japans


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Treasuries, yen, gold make 3 best safe havens in crisis, HSBC says

And U.S. Treasuries, Japanese yen and gold could be their best safe havens, according to HSBC. Traditionally, all three assets have served investors as shelters when risk buffets the markets, given their relative stability and liquidity. The Japanese yen is in second place, and gold gets the bronze medal, according to HSBC’s head of multi asset strategy Pierre Blanchet. Treasuries will work even when higher yields are the catalyst for a stock market sell-off, HSBC said. But what we’ve seen latel


And U.S. Treasuries, Japanese yen and gold could be their best safe havens, according to HSBC. Traditionally, all three assets have served investors as shelters when risk buffets the markets, given their relative stability and liquidity. The Japanese yen is in second place, and gold gets the bronze medal, according to HSBC’s head of multi asset strategy Pierre Blanchet. Treasuries will work even when higher yields are the catalyst for a stock market sell-off, HSBC said. But what we’ve seen latel
Treasuries, yen, gold make 3 best safe havens in crisis, HSBC says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: yun li, jeenah moon
Keywords: news, cnbc, companies, investors, hsbc, yen, markets, havens, crisis, best, gold, selloff, market, higher, safe, treasuries, japanese, yields


Treasuries, yen, gold make 3 best safe havens in crisis, HSBC says

With December’s monster sell-off in hindsight, many investors are looking for a potential shelter to hide when the market goes wild again. And U.S. Treasuries, Japanese yen and gold could be their best safe havens, according to HSBC.

Traditionally, all three assets have served investors as shelters when risk buffets the markets, given their relative stability and liquidity. Recently, HSBC ran 10 million simulations of various portfolio weightings, and found that short-dated Treasuries are a clear winner with the highest risk-return ratios and hit rates when equity volatility rises. The Japanese yen is in second place, and gold gets the bronze medal, according to HSBC’s head of multi asset strategy Pierre Blanchet.

Treasuries will work even when higher yields are the catalyst for a stock market sell-off, HSBC said.

“Although the correlation between U.S. bonds and equities can rise during bond-driven sell-offs, any ‘flight to quality’ tends to quickly push the correlation back into the negative territory. Therefore, even during phases where equity markets are selling off, our analysis shows that a high allocation in short-end Treasuries is optimal,” Blanchet said.

Yields on the two-year Treasury, the note most sensitive to the central bank’s policy, have doubled to 2.58 percent since the start of 2017 as the Fed has stuck to its rate-hiking agenda. So one would think holding Treasurys, which move inversely to yields, would be a bad idea. But what we’ve seen lately is that even though higher yields trigger the sell-off, they often begin falling shortly after equities drop, driving values higher.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: yun li, jeenah moon
Keywords: news, cnbc, companies, investors, hsbc, yen, markets, havens, crisis, best, gold, selloff, market, higher, safe, treasuries, japanese, yields


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Renault names new leaders as scandal-hit Ghosn bows out

The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn’s Nov. 19 arrest in Japan and swift dismissal as Nissan chairman. Senard, 65, now faces the task of soothing relations with Renault’s Japanese partner and resuming talks on a new alliance structure to cement the 20-year-old partnership. After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting. Ghosn has been charged with failing to


The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn’s Nov. 19 arrest in Japan and swift dismissal as Nissan chairman. Senard, 65, now faces the task of soothing relations with Renault’s Japanese partner and resuming talks on a new alliance structure to cement the 20-year-old partnership. After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting. Ghosn has been charged with failing to
Renault names new leaders as scandal-hit Ghosn bows out Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: eric piermont, afp, getty images
Keywords: news, cnbc, companies, leaders, japan, renaults, names, nissan, bows, investment, scandalhit, ghosn, renaultnissan, leadership, paid, japanese, renault


Renault names new leaders as scandal-hit Ghosn bows out

The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn’s Nov. 19 arrest in Japan and swift dismissal as Nissan chairman.

Senard, 65, now faces the task of soothing relations with Renault’s Japanese partner and resuming talks on a new alliance structure to cement the 20-year-old partnership.

“It’s important that this alliance remain extremely strong,” Senard told reporters after a board meeting – citing the mounting investment demands of new vehicle technologies.

“It is our compulsory duty to go forward together.”

Ghosn’s exit also marks a clear end to one of the auto industry’s most feted careers, two decades after he was despatched by former Renault boss Louis Schweitzer to rescue newly acquired Nissan from near-bankruptcy – a feat he pulled off in two years.

After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting.

Ghosn’s arrest and indictment for financial misconduct has strained the Renault-Nissan relationship, threatening the future of the industrial partnership he transformed into a global carmaking giant over two decades.

For two months, the tensions deepened as Renault and the French government stuck by Ghosn despite the revelation he had arranged to be paid tens of millions of dollars in additional income, unbeknownst to shareholders.

Ghosn has been charged with failing to disclose more than $80 million in additional compensation for 2010-18 that he had agreed to be paid later. Nissan director Greg Kelly and the Japanese company itself have also been indicted.

Both men deny the deferred pay was illegal or required disclosure, while not contesting the agreements’ existence. Ghosn has denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008.

Ghosn had agreed in recent days to step down from Renault, Reuters reported on Tuesday – but only after the French government, Renault’s biggest shareholder, called for leadership change and his bail requests were rejected.

Senard, who had been due to retire from Michelin in April, now has fences to mend in Japan.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: eric piermont, afp, getty images
Keywords: news, cnbc, companies, leaders, japan, renaults, names, nissan, bows, investment, scandalhit, ghosn, renaultnissan, leadership, paid, japanese, renault


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Nissan challenges Tesla in massive shift to electric with ‘complete reinterpretation’ of the car

Le Vot also announced in Detroit that Nissan will have eight all-electric models in its global fleet by 2022. In the case of Infiniti, that will mean both battery-electric vehicles and what are known as serial plug-in hybrids. Despite that setback, Meunier called the prototype “the embodiment of our future in the form a striking electric crossover.” The QX Inspiration is loaded with upscale features, including a marble center console and a Japanese redwood roof liner. But like the less exoticall


Le Vot also announced in Detroit that Nissan will have eight all-electric models in its global fleet by 2022. In the case of Infiniti, that will mean both battery-electric vehicles and what are known as serial plug-in hybrids. Despite that setback, Meunier called the prototype “the embodiment of our future in the form a striking electric crossover.” The QX Inspiration is loaded with upscale features, including a marble center console and a Japanese redwood roof liner. But like the less exoticall
Nissan challenges Tesla in massive shift to electric with ‘complete reinterpretation’ of the car Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: paul a eisenstein, paul eisenstein cnbc, photo, paul eisenstein
Keywords: news, cnbc, companies, japanese, complete, qx, nissan, car, meunier, massive, infiniti, future, shift, challenges, reinterpretation, inspiration, electric, tesla, gas, models


Nissan challenges Tesla in massive shift to electric with 'complete reinterpretation' of the car

But the Leaf also will be getting company in the coming years. Le Vot also announced in Detroit that Nissan will have eight all-electric models in its global fleet by 2022. Alliance partners Renault and Mitsubishi are bringing out four more. The Japanese maker alone is forecasting it will see about 1 million BEVs annually by mid-decade.

While the Nissan brand will continue to market conventionally powered gas and diesel models for the foreseeable future, the Infiniti division is planning an even more aggressive transformation, said Christian Meunier, the recently named CEO of the Infiniti brand, which is based in Hong Kong.

Starting in 2021, all products will be electrified, he said in an interview. In the case of Infiniti, that will mean both battery-electric vehicles and what are known as serial plug-in hybrids. These have range-extending gas engines on board, but if they fire up they only serve as generators, sending power to the electric motors that actually drive the wheels.

“It will take about two to three years” to phase out conventional drivetrains, Meunier estimated.

Infiniti suffered an embarrassing moment at the auto show on Monday, when its QX Inspiration concept initially failed to roll out onto the stage, as planned, due to a problem with its electric drivetrain. Despite that setback, Meunier called the prototype “the embodiment of our future in the form a striking electric crossover.”

The QX Inspiration is loaded with upscale features, including a marble center console and a Japanese redwood roof liner. But like the less exotically finished Nissan IMs, what really matters is the actual layout of the vehicle.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: paul a eisenstein, paul eisenstein cnbc, photo, paul eisenstein
Keywords: news, cnbc, companies, japanese, complete, qx, nissan, car, meunier, massive, infiniti, future, shift, challenges, reinterpretation, inspiration, electric, tesla, gas, models


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Nissan top executive resigns amid broadened investigation of ex-Chairman Ghosn

In a statement, Nissan said that Munoz had “elected to resign” from the company, effective immediately. He becomes the latest executive casualty since Nissan in November removed Ghosn as chairman and fired representative director Greg Kelly. The scandal has sent shockwaves through the automotive industry and has escalated tensions between Nissan and Renault, where Ghosn remains CEO and chairman. Since then, Nissan has succeeded in raising its market share in the United States and posted record s


In a statement, Nissan said that Munoz had “elected to resign” from the company, effective immediately. He becomes the latest executive casualty since Nissan in November removed Ghosn as chairman and fired representative director Greg Kelly. The scandal has sent shockwaves through the automotive industry and has escalated tensions between Nissan and Renault, where Ghosn remains CEO and chairman. Since then, Nissan has succeeded in raising its market share in the United States and posted record s
Nissan top executive resigns amid broadened investigation of ex-Chairman Ghosn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-12  Authors: takashi aoyama, getty images news, getty images
Keywords: news, cnbc, companies, ghosn, amid, nissan, japanese, broadened, operations, nissans, exchairman, executive, munoz, renault, resigns, investigation, automaker, united, states


Nissan top executive resigns amid broadened investigation of ex-Chairman Ghosn

One of Nissan Motor’s top executives has resigned, further rattling the Japanese automaker’s management team as it broadens an investigation into ousted Chairman Carlos Ghosn’s alleged financial misconduct.

Jose Munoz, widely considered as a close ally to Ghosn and a possible successor to lead the automaking partnership between Nissan and France’s Renault, had been a “person of interest” in Nissan’s widening internal investigation.

The 53-year-old, who was Nissan’s chief performance officer and head of its China operations, made the announcement in a LinkedIn post on Friday. In a statement, Nissan said that Munoz had “elected to resign” from the company, effective immediately. It declined to offer details.

He becomes the latest executive casualty since Nissan in November removed Ghosn as chairman and fired representative director Greg Kelly.

The resignation deals another blow to the Japanese automaker which is grappling with the scandal at a time when it is struggling to shore up profitability in the United States and expand aggressively in China.

Reuters had reported earlier on Friday that the Japanese automaker was looking into decisions made in the United States by Munoz who led Nissan’s North American operations from 2016 to 2018.

“Unfortunately, Nissan is currently involved in matters that have and will continue to divert its focus,” Munoz said in his post.

“As I have repeatedly and recently made clear to the company, I look forward to continuing to assist Nissan in its investigations.”

People with knowledge of the issue have said that Munoz, who had been placed on a leave of absence earlier in the month, had not been co-operating with the internal investigation.

Ghosn, once the most celebrated executives in the auto industry and the anchor of Nissan’s alliance with Renault, remains in custody in a Tokyo detention center since his initial arrest in late November.

Ghosn has been indicted on two counts of under-reporting his income, and aggravated breach of trust for temporarily shifting personal investment losses worth 1.85 billion yen ($17 million) to Nissan.

The scandal has sent shockwaves through the automotive industry and has escalated tensions between Nissan and Renault, where Ghosn remains CEO and chairman.

Munoz joined the automaker in 2004 in Europe and led its significant expansion in North America after the global financial crisis. Since then, Nissan has succeeded in raising its market share in the United States and posted record sales.

Earlier this year, Nissan tapped Munoz to oversee its operations in China where it plans to ramp up sales over the next few years.

Since then, the world’s largest auto market has been showing signs of a slowdown, prompting the automaker to cut local production plans in the coming months.


Company: cnbc, Activity: cnbc, Date: 2019-01-12  Authors: takashi aoyama, getty images news, getty images
Keywords: news, cnbc, companies, ghosn, amid, nissan, japanese, broadened, operations, nissans, exchairman, executive, munoz, renault, resigns, investigation, automaker, united, states


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‘I have been wrongly accused’: Read the full statement from Nissan’s Ghosn proclaiming his innocence

I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114. Nissan is an iconic Japanese company that I care about deeply. I have been wrongly accuse


I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114. Nissan is an iconic Japanese company that I care about deeply. I have been wrongly accuse
‘I have been wrongly accused’: Read the full statement from Nissan’s Ghosn proclaiming his innocence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: phil lebeau, tomohiro ohsumi, getty images news, getty images
Keywords: news, cnbc, companies, rate, nissans, yen, ghosn, read, accused, statement, wrongly, exchange, proclaiming, cars, contracts, juffali, detained, japanese, innocence, company, nissan


'I have been wrongly accused': Read the full statement from Nissan's Ghosn proclaiming his innocence

Former Nissan CEO Carlos Ghosn, who has spent the last 51 days detained in a Japanese jail, said Tuesday he is not guilty of financial misconduct.

“I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations,” he said in his first comments public comments since he was detained on Nov. 19.

Ghosn’s appearance in court came at a hearing his lawyers requested to ask prosecutors to justify why the auto executive has not been granted bail.

In a lengthy statement Ghosn denied attempting to hide his compensation. Here are his full comments:

January 7, 2019

Statement of Carlos Ghosn

Your Honor,

I am grateful to finally have the opportunity to speak publicly. I look forward to beginning the process of defending myself against the accusations that have been made against me.

First, let me say that I have a genuine love and appreciation for Nissan. I believe strongly that in all of my efforts on behalf of the company, I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company—with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies.

Now I would like to address the allegations.

1.​The FX Forward contracts

When I first joined Nissan and moved to Japan almost 20 years ago, I wanted to be paid in U.S. dollars, but was told that that was not possible and was given an employment contract that required me to be paid in Japanese yen. I have long been concerned about the volatility of the yen relative to the U.S. dollar. I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. I wanted predictability in my income in order to help me take care of my family.

To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. Two such contracts are at issue in this proceeding. One was signed in 2006, when the Nissan stock price was around 1500 yen and the yen/dollar rate was around 118. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114.

The 2008–2009 financial crisis caused Nissan’s shares to plummet to 400 yen in October 2008 and to 250 yen in February 2009 (down more than 80% from its peak) and the yen/dollar exchange rate dropped below 80. It was a perfect storm that no one predicted. The entire banking system was frozen, and the bank asked for an immediate increase in my collateral on the contracts, which I could not satisfy on my own.

I was faced with two stark choices:

1. Resign from Nissan, so that I could receive my retirement allowance, which I could then use to provide the necessary collateral. But my moral commitment to Nissan would not allow me to step down during that crucial time; a captain doesn’t jump ship in the middle of a storm.

2. Ask Nissan to temporarily take on the collateral, so long as it came to no cost to the company, while I gathered collateral from my other sources.

I chose option 2. The FX contracts were then transferred back to me without Nissan incurring any loss.

2.​Khaled Juffali

Khaled Juffali has been a long-time supporter and partner of Nissan. During a very difficult period, Khaled Juffali Company helped Nissan solicit financing and helped Nissan solve a complicated problem involving a local distributor—indeed, Juffali helped Nissan restructure struggling distributors throughout the Gulf region, enablingNissan to better compete with rivals like Toyota, which was outperforming Nissan. Juffali also assisted Nissan in negotiating the development of a manufacturing plant in Saudi Arabia, organizing high-level meetings with Saudi officials.

Khaled Juffali Company was appropriately compensated—an amount disclosed to and approved by the appropriate officers at Nissan—in exchange for these critical services that substantially benefited Nissan.

3.​The FIEL Allegations

Four major companies sought to recruit me while I was CEO of Nissan, including Ford (by Bill Ford) and General Motors (by Steve Rattner, the then-Car Czar under President Barack Obama). Even though their proposals were very attractive, I could not in good conscience abandon Nissan while we were in the midst of ourturnaround. Nissan is an iconic Japanese company that I care about deeply. Although I chose not to pursue the other opportunities, I did keep a record of the market compensation for my role, which those companies offeredme if I had taken these jobs. This was an internal benchmark that I kept for my own future reference—it had no legal effect; it was never shared with the directors; and it never represented any kind of binding commitment. Infact, the various proposals for non-compete and advisory services post-retirement made by some members of the board did not reflect or reference my internal calculations, underscoring their hypothetical, non-binding nature.

Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. Moreover, I understood that any draft proposals for post-retirement compensation were reviewed by internal and external lawyers, showing I had no intent to violate the law. For me, the test is the “death test”: if I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal “No.”

4.​Contribution to Nissan

I have dedicated two decades of my life to reviving Nissan and building the Alliance. I worked toward these goals day and night, on the earth and in the air, standing shoulder to shoulder with hardworking Nissan employees around the globe, to create value. The fruits of our labors have been extraordinary. We transformed Nissan, moving it from a position of a debt of 2 trillion yen in 1999 to cash of 1.8 trillion yen at the end of 2006, from 2.5 million cars sold in 1999 at a significant loss to 5.8 million cars sold profitably in 2016. Nissan’s asset base tripled during the period. We saw the revival of icons like the Fairlady Z and Nissan G-TR; Nissan’s industrial entry into Wuhon, China, St. Petersburg, Russia, Chennai, India, and Resende, Brazil; the pioneering of a mass market for electric cars with the Leaf; the jumpstarting of autonomous cars; the introduction of Mitsubishi Motors to the Alliance; and the Alliance becoming the number one auto group in the world in 2017, producing more than 10 million cars annually. We created,directly and indirectly, countless jobs in Japan and reestablished Nissan as a pillar of the Japanese economy.

These accomplishments—secured alongside the peerless team of Nissan employees worldwide—are the greatest joy of my life, next to my family.

5.​Conclusion

Your Honor, I am an innocent of the accusations made against me. I have always acted with integrity and have never been accused of any wrongdoing in my several-decade professional career. I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations.

Thank you, your Honor, for listening to me.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: phil lebeau, tomohiro ohsumi, getty images news, getty images
Keywords: news, cnbc, companies, rate, nissans, yen, ghosn, read, accused, statement, wrongly, exchange, proclaiming, cars, contracts, juffali, detained, japanese, innocence, company, nissan


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Japanese stocks soar more than 3.5 percent, but China dragged lower by oil giant news

Shares in much of Asia rose on Thursday afternoon following an overnight surge in stocks on Wall Street. Shares of Japan Display surged 5.88 percent on the back of a report that the iPhone XR comprised 32 percent of Apple’s iPhone sales in the U.S. in the 30 days after its release. Japan Display supplies the liquid crystal display panels used in the iPhone XR. However, both U.S. and Brent crude pared some of Wednesday’s big gains in Thursday’s afternoon Asian trading hours. The U.S. crude future


Shares in much of Asia rose on Thursday afternoon following an overnight surge in stocks on Wall Street. Shares of Japan Display surged 5.88 percent on the back of a report that the iPhone XR comprised 32 percent of Apple’s iPhone sales in the U.S. in the 30 days after its release. Japan Display supplies the liquid crystal display panels used in the iPhone XR. However, both U.S. and Brent crude pared some of Wednesday’s big gains in Thursday’s afternoon Asian trading hours. The U.S. crude future
Japanese stocks soar more than 3.5 percent, but China dragged lower by oil giant news Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: eustance huang
Keywords: news, cnbc, companies, rose, 35, crude, dragged, display, japan, jumped, surged, giant, japanese, stocks, iphone, soar, day, lower, oil, china, trading, brent


Japanese stocks soar more than 3.5 percent, but China dragged lower by oil giant news

Shares in much of Asia rose on Thursday afternoon following an overnight surge in stocks on Wall Street.

Japan’s Nikkei 225, which has veered in and then out of bear market territory this week, surged 3.88 percent on the day to close at 20,077.62 while the Topix jumped 4.90 percent to finish its trading day at 1,501.63 as the two indexes climbed for the second-straight day after their Christmas Day tumble.

Shares of Japan Display surged 5.88 percent on the back of a report that the iPhone XR comprised 32 percent of Apple’s iPhone sales in the U.S. in the 30 days after its release. Japan Display supplies the liquid crystal display panels used in the iPhone XR.

In Australia, the ASX 200 rose 1.88 percent to close at 5,597.2, with all sectors seeing gains.

Of note, the energy sector Down Under jumped 3.2 percent, with shares of oil-related companies advancing. Santos rose 2.67 percent, Woodside Petroleum gained 4.16 percent and Beach Energy climbed up by 1.14 percent.

Similar gains were seen in Japan, where Inpex advanced 4.28 percent, JXTG jumped 8.06 percent, Fuji Oil gained 5.04 percent and Japan Petroleum Exploration soared 6.08 percent.

Those moves came on the back of a strong rebound in oil prices on Wednesday, which saw both U.S. and international benchmark Brent crude post their largest one-day increase since Nov. 30, 2016, when OPEC signed a landmark agreement to cut production.

However, both U.S. and Brent crude pared some of Wednesday’s big gains in Thursday’s afternoon Asian trading hours. The U.S. crude futures contract slipped 0.3 percent to $46.08 per barrel while the Brent crude futures contract also shed 0.18 percent to $54.37 per barrel.

South Korea’s Kospi closed largely flat at 2,028.44.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: eustance huang
Keywords: news, cnbc, companies, rose, 35, crude, dragged, display, japan, jumped, surged, giant, japanese, stocks, iphone, soar, day, lower, oil, china, trading, brent


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Ousted Nissan exec Greg Kelly released from Japanese jail, but Carlos Ghosn still in custody

Former Nissan executive Greg Kelly got a belated Christmas present as he was released from a Tokyo Detention Center overnight after being held for more than a month over corruption allegations. Kelly was arrested along with Nissan Motor Chairman Carlos Ghosn as they arrived in Japan via corporate jet on Nov. 19. Prosecutors attempted to retain Kelly, along with Ghosn, in custody, arguing they are flight risks. Kelly did not comment to the crowd of reporters who had gathered outside the detention


Former Nissan executive Greg Kelly got a belated Christmas present as he was released from a Tokyo Detention Center overnight after being held for more than a month over corruption allegations. Kelly was arrested along with Nissan Motor Chairman Carlos Ghosn as they arrived in Japan via corporate jet on Nov. 19. Prosecutors attempted to retain Kelly, along with Ghosn, in custody, arguing they are flight risks. Kelly did not comment to the crowd of reporters who had gathered outside the detention
Ousted Nissan exec Greg Kelly released from Japanese jail, but Carlos Ghosn still in custody Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: paul a eisenstein, kim kyung-hoon
Keywords: news, cnbc, companies, released, kelly, center, exec, jail, detention, charges, ousted, japanese, greg, corporate, ghosn, release, custody, nissan


Ousted Nissan exec Greg Kelly released from Japanese jail, but Carlos Ghosn still in custody

Former Nissan executive Greg Kelly got a belated Christmas present as he was released from a Tokyo Detention Center overnight after being held for more than a month over corruption allegations.

Kelly was arrested along with Nissan Motor Chairman Carlos Ghosn as they arrived in Japan via corporate jet on Nov. 19. They were accused of a variety of financial misdeeds, including allegations that Kelly assisted his boss in hiding tens of millions in pay.

Though prosecutors in Japan normally have just 10 days to retain a suspect, they found a way to keep the two men in custody by raising new allegations. Kelly’s attorneys finally convinced a court to end his detention, and the executive was released on 70 million yen ($633,699) bail. Ghosn remains in detention and won’t have a chance for release until Jan. 1.

According to the Associated Press, Kelly, wearing a beige jacket and glasses, walked out of the detention center and into a waiting black vehicle, where he was seated next to his lead attorney. He was expected to be taken to a local hospital for treatment of a chronic neck problem.

In a video appeal for the one-time Nissan executive’s release last week, Kelly’s wife, Dee, said he suffered from stenosis, a condition in which the spinal cord is compressed and a person can suffer numbness or shooting pain.

“Release Greg and allow him to come home and have the surgery he needs,” Dee Kelly said. “That is our family’s Christmas wish.”

Prosecutors attempted to retain Kelly, along with Ghosn, in custody, arguing they are flight risks. The court rejected that argument, but his release comes amid strictures on his movements. It is unclear how long Kelly will have to remain in the country. No trial date has yet been set.

Kelly did not comment to the crowd of reporters who had gathered outside the detention center to witness his release. He did issue a statement, however. “I believe my innocence will be revealed in the trial,” he said. “I would like to have a judgment of non-guilty and restore my impaired reputation, and then return to my family as soon as possible.”

The arrest of the two once high-flying executives took the auto industry by surprise. Ghosn had been credited with saving a near-bankrupt Nissan in 1999. He then knitted together an alliance with France’s Renault. With the 2016 inclusion of a smaller Japanese automaker, the Renault-Nissan-Mitsubishi Alliance has become one of the top-three best-selling auto groups in the industry. But the arrests have revealed serious strains between the French and Japanese side of the alliance.

Some skeptics have gone as far as to suggest that corporate politics are playing a central role in the case. Nissan CEO Hiroto Saikawa has made it clear he opposed the full takeover of his company by Renault, which currently holds a 43.4 percent stake in the Japanese partner. Nissan, in turn, holds 15 percent of the French automaker’s stock.

Japanese prosecutors have denied those allegations and have, in turn, been expanding the list of charges, particularly those facing Ghosn. He was originally accused of hiding about $36 million in income through 2015, while also misusing corporate funds for, among other things, the purchase of homes in Lebanon and Brazil.

Prosecutors added charges of breach of trust on Friday, allowing them to extend Ghosn’s detention until at least Jan. 1. The government has not said if it will then try to continue his stay in custody. The latest charges allege Ghosn shifted personal trades to Nissan to cover losses of 1.85 billion yen ($16.7 million).

Ghosn has indicated through his attorney that he will hold a news conference following his own release and will stress his innocence.

If tried and convicted, Ghosn could face up to 10 years in prison on each of the corruption charges. Kelly faces similar penalties.


Company: cnbc, Activity: cnbc, Date: 2018-12-26  Authors: paul a eisenstein, kim kyung-hoon
Keywords: news, cnbc, companies, released, kelly, center, exec, jail, detention, charges, ousted, japanese, greg, corporate, ghosn, release, custody, nissan


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