Sunday, January 20th, 2019
TOKYO, Jan 20 — A special committee set up by Nissan Motor Co to examine the root cause of alleged financial misconduct by ousted chairman Carlos Ghosn said it appeared that the Japanese carmaker suffered from poor governance procedures,…
TOKYO, Jan 20 — Japanese media reported today that France wants a merger between Renault and Nissan following the arrest of former Nissan chairman Carlos Ghosn, but according to France's economy minister changing the current set-up is "not on the…
TOKYO: The French government has told Japan it will seek a merger between Renault and Nissan following the shock arrest of former Nissan chairman Carlos Ghosn, reports said Sunday.
Ghosn headed a powerful alliance between Nissan, Mitsubishi and Renault before his arrest in November on charges of financial misconduct.
A delegation including Martin Vial – a Renault director designated by the French government – made the merger request at talks with Japanese officials in Tokyo, Kyodo News reported, citing sources close to the matter.
The French government is the biggest shareholder in Renault with a stake of more than 15%, while Renault owns 43.4% of the Japanese carmaker Nissan with voting rights.
A merger between the two is favoured by French President Emmanuel Macron, Kyodo said.
Japanese business daily Nikkei also reported the merger request by the French delegation, saying Nissan had been opposed to giving Paris greater sway over the Japanese carmaker.
According to Nikkei, the delegation also said Renault wants to name Nissan’s next chairman – a post that has remained vacant since ouster of Ghosn on his arrest in November.
Macron last month held talks with Japanese Prime Minister Shinzo Abe on the sidelines of the G20 summit in Argentina, in which they only agreed to ensure a stable relationship within the three-way alliance, which also includes Japan’s Mitsubishi Motors.
Abe reportedly stressed the importance of all three companies “maintaining their stable relationship” at the summit talk.
But the Japanese premier reportedly also said the fate of the group should be decided by “private businesses” and “governments should not commit to how the alliance should operate going forward”, according to a senior government official quoted by Kyodo.
Last week, Renault said it had launched the search for a successor to Ghosn, after a Tokyo court quashed his appeal for bail as he faces three charges of financial misconduct.
The French government has called for a board meeting to pick Ghosn’s successor.
Nissan, which holds a 15% stake in Renault, is widely seen as hoping to reduce the influence of the French partner on its management and review the alliance to make it more equitable. — AFP
BEIJING, Jan 20 — China is expected to report tomorrow that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising US tariffs, adding pressure on Beijing to roll out more support measures to avert a…
TOKYO, Jan 20 — A French government delegation has informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company, the Nikkei reported today. The delegation, which included French…
When Starbucks came to China two decades ago it promised to open a new store every 15 hours. Now a homegrown rival, Luckin Coffee, plans to build a high tech-driven shop every three and a half hours to dethrone the US giant. The Chinese upstart is burning through millions of dollars to lure customers with […]
PARIS, Jan 20 — During the years of ultra cheap money, companies loaded up on debt but now the concern is whether they will be able to handle the mountain of debt as interest rates rise. Until last year, companies basked in the sun of low interest…
KUALA LUMPUR, Jan 20 — Foreign investors were generally net buyers in the Malaysian equity market, pumping in RM231.21 million between Monday and Thursday compared with only RM25.5 million during last week’s holiday-shortened trading days….
BERLIN, Jan 20 — Thousands of protesters, backed by a procession of farm tractors, marched in Berlin yesterday for environmental protection and against the industrial agriculture lobby. Police put the number of demonstrators at over 12,000, while…
In the global mobile industry, the term ‘5G’ or fifth generation mobile technology is on everyone’s lips as industry players set out to commercially deploy the network, hopefully within the next few years. Whilst 5G is tauted as the next level that will being about a ‘technological revolution’ as some analysts put it, in emerging […]