french carmaker renault set to make after the rift with carlos ghosn. the businessman being accused of financial misconduct. againfighting breaks out in the yemen city of the data, despite the saudi-led coalition of huthi rebels agreeing to a holding the offensive. removesays it will listings in the west bank. we look at the latest from our jerusalem correspondent. first, our top story. shockwaves are being felt in the auto industry after the arrest head of theosn, the world's biggest auto line bringing together renault, nissan, mitsubishi. authorities have rated the headquarters in tokyo. renault says the only making tuesday to decide what to do next. it is an alliance that hangs in the ballots. the world's largest in the auto industry. the partnership a renault, nissan, mitsubishi was run by carlos ghosn. says they in specie will be removing him as chairman. renault, which has a 15% share in the company says an interim leader needs to be nominated. ghosn remains in custody. >> he is no longer in position to run the group that we will not ask whether f

and ghosn in crisis. carlos ghosn arrested in tokyo for underreporting compensation.s to report -- to remove him as chairman. and you're looking at a live news conference where we are waiting on nissan executives to join us. we will bring you those headlines as they cross. , carlosow from reports ghosn has been arrested in japan. the arrest a very dramatic few hours that have unfolded for carlos ghosn. nissan looking to remove him from the board. it looks like that might be just a formality. we are looking for nissan to start their briefing in tokyo in a few minutes. we will update you with any headlines as they come out. a dramatic day in terms of headline. welcome to "bloomberg daybreak" on monday. so much for a quiet monday. i'm alix steel. we are looking at more risk off field. the dollar is getting stronger. futures down by about nine points, dragged lower after that nissan news earlier this morning. euro-dollar now flat. against mostronger g10 currencies, and a little bit of selling on the margins. lots of calls on the dollar and yield curve inversion. by.10 yie

. —— ghosn holds on. the french... —— ghosn holds on. the french... —— ghosn holds on.ions from the former boss of nissan. good morning, asia, hello, world. it is asia, glad you could join us for another exciting addition of asia business report. i'm rico hizon, we start with the stock markets and the global sell—off has continued in asia after steep declines in technology stocks and oil on wall street, and that's over rising concerns about slowing global economic growth. let's look at the stock indices in the asia—pacific in early trade. the nikkei 225 down by 1.3%, and syd ney‘s the nikkei 225 down by 1.3%, and sydney's all ordinaries index in the red by 1.2%. having a quick look now at wall street, the dow jones having a quick look now at wall street, the dowjones industrial average falling by 551 points. the snp 500 giving back 1.8%. the nasdaq in the red by 1.7%. snp 500 giving back 1.8%. the nasdaq in the red by1.7%. in snp 500 giving back 1.8%. the nasdaq in the red by 1.7%. in the energy market, we're seeing a bit of a recovery in asian trade for light crude and

ghosn. >> just quickly what are we watching for next? we know that mitts -- mitsubishi is conducting its own look into whether misconduct occurred in that company as well. there are going to be a lot of meetings and huddles in the next few days. >> definitely going to be something to watch just how the reaction is -- how rash the reaction is during the japanese markets. this broke after the close. renault had its lowest close since january of 2015 so really took it on the chin. renault has not really come out and sort of said, that this guy is done with us. that we're going to meet to fire ghosn. that's different from what mitsubishi motors and nissan have said. his future at renault is still sort of an open question and not sort of clear, not at all clear who is going to be in charge of that company. he remains the c.e.o. of renault at this point. >> craig trudel there coming to us in new york. let's get you to first word news. >> the anticipated revolt against u.k. prime minister theresa m

nissan fires its boss carlos ghosn after claims of financial misconduct.hat will that mean for its relationship with french partner renault? i'm rico hizon in singapore, also in the programme: ten referenda and a mid term election. what choices lie ahead for the people of taiwan this weekend. the amount of greenhouse gases in the atmosphere is at a record high. scientists say the window of opportunity to tackle climate change is closing. good morning. it's 9am in singapore and 1am here in london, where the british prime minister, theresa may, has defended her draft agreement on post—brexit relations with the eu. in britain the proposed deal has been criticised by mp's from across the political spectrum. european leaders are due to meet on sunday, with the aim of approving the package. it will then be put to the uk parliament, it's thought that could happen next month. katya adler has this report from brussels. this is the right dealfor the uk. it delivers on the vote of the referendum. it brings back control of our borders, our money and our laws, and it d

kellyers, ghosn and greg both arrested on monday.fis the chief executive nissan and he was the one that held that press conference on monday and -- announcing the details of the allegations against carlos ghosn. itt position has been sure from -- stripped from carlos ghosn and greg kelly. it is interesting to note those positions have been taken away as well as carlos ghosn's position of chairman. nhk saying the decision was unanimous. we were expecting or hearing there were splits on the board. genie: what happens next? >> the next thing will be the meeting happening between the prime minister and bruno le maire because they will discuss the alliance and the competition relationship between rental -- renault and nissan. andeen those companies mitsubishi as well. the question of the interim chairman has not been resolved. who is going to take over that role when carlos ghosn has been removed? that likely to take up position. peter o'brien has been taking a look at this important figure in this corporate scandal. peter: nissan's ceo s

he was seen as ghosn literally turned it around.s a hero ghosn literally turned it around. he was seen as a hero injapan, wasn't he? he was, having been placed in that post in 1999 until about 2005, i believe, he was really a superhero. and then things started to turn a little bit downhill. people have commented that that was about the time that people started to notice that he was really using the company as a sort of private vehicle, so to speak. and lately, more recently, people were becoming frustrated that the management style, the amount of pay he was getting anyway, without concealing its, and therefore who knows what happens now. but he was the linchpin in keeping the three companies together. what about that alliance now? what do you think the future will hold particularly between renault and nissan? well, it is in the french government's interest to hold it together. injapan, ithink the renault link was considered to bea the renault link was considered to be a benefit, it now may have passed its useful sort of life, so to

did he say anything about the sentiments of mr ghosn?e we haven't heard from mr ghosn, who is in police custody. his detention was increased to ten days. injapan you can be detained without charge for up can be detained without charge for up to 23 days, so it could be a while before we hearfrom him. as you say, the lawyer has been decided, he's a former prosecutor who went after a lot of ceos as a prosecutor. as you can imagine, a lot of speculation on social media about what this appointment says about what this appointment says about this case. but the lawyer went to speak with mr ghosn for several hours yesterday afternoon, but when he came out he didn't make any comments while reporters were waiting outside. that is what everyone is waiting for, what mr ghosn will save. thank you very much, my colleague and business reporter, mariko oi —— mr ghosn will say. you're watching newsday on the bbc. still to come on the programme: the olympic ambitions of a 90—year—old grandmother and why she couldn't achieve it in 1964. also coming up on t

ghosn is not involved.o be much more a struggle about direction and what we know already is that the top management, at least involved in the scandal, we very much hope we will hear something smart from the board meeting today in which direction to go, and we know from 2015, there is a very open struggle about the power balance between renault in europe and nissan in japan. this has been at a very topline issue at the company from early this year, and now, it comes down to -- where is direction going? shery: what does this say about well?se culture as we are now even hearing regulators, out and say that whistleblowers need to be protected. will this really be the cause of more change in corporate governance in a country? side ofon the scandal the issue, it is really messy, because a lot of cultural issues clash here. on the one hand side, it is executive pay, which from mr. is ratherrspective balanced because his income overall was about the level of volkswagen or general motors. it is about 10 times higher

ghosn?ink there's a lot of questions about that look, if you have a company like this where the chairman and former ceo has allegedly been misreporting his compensation, it makes you question what else has been reported and was it reported inaccurately? i think there's a combination of that weighing on the stock and i think there's also a bit of -- shock might be an overstatement. but certainly bewilderment that here is a man who arguably is one of the three most influential auto executives over the last 20 years. and he now is being accused of serious misconduct and will be out as chairman of this alliance which has truly transformed the auto industry not only in japan but worldwide. i think investors are saying wait a second, you're going to take this guy out? those are the two things that are weighing on the stock this morning. >> hey, phil, thank you. we will continue to check in with you on this as this story continues to develop phil lebeau joining us this morning. >>> futures are at s

the removal of carlos ghosn allowed a restructure ofan carlos ghosn allowed a restructure of an allianceeel, dizzy fall apart. it may prove to be the most lasting legacy for a fall in business giant who remains in custody. let's get the latest on that story — mariko 0i has been following this in our singapore studio. what do you make of all of this? he has now hired a top shot lawyer. what do you make of all of this? he has now hired a top shot lawyerm is very interesting that yesterday we found out who he is going to be represented by as a lawyer. he is their next prosecutor who used to go after chief executives who were accused of quite similar financial misconduct. but now he is representing carlos ghosn. as you can imagine, this has started a lot of speculation, especially social media, as to what this means, what this says this case. but he met with his lawyer yesterday afternoon. but when the lawyer came out, there were many reporters waiting to learn to make some kind of a statement, but he did not say anything. so so far we have not heard from carlos ghosn, who was accused of fin

carlos ghosn, i used to do many of these auto shows across europe and asia.los ghosn is revered across the industry this comes as a huge surprise from investors we have to wait for a response from carlos ghosn as well. >> very well known face and interview to cnbc viewers as well nancy hungerford bringing us that breaking news thank you very much. >>> we'll get more on this story as it develops throughout the morning. let's turn back to the broader market and oil because oil once again becoming a story but for a different reason than it's been the last couple of weeks oil is now rising. markets expecting opec to try to push for output cuts at its upcoming meeting in vienna in early december take a look at bitcoin bitcoin may be the one number to focus on today bitcoin is down 5% it is inching back closer to 5,000. bitcoin was above 8,000 on its way to 20,000 in early december. my, how things have changed in just a year. >>> two big things getting most of the attention around the markets and your money lately. the fed raising rates and the tariff and trade fig

ghosn expertise could be a negative. action may make it impossible for ghosn to continue in his renault role. we hear mitsubishi saying they are not going to change their structure, so there are so many moving parts. stanley, nissan's reputation is going to take a "base hit." that is what we have seen on the markets, as well. yvonne: we have some breaking lines on nissan. because nissan for an executive got a deal with prosecutors and that is according to nhk. to follow up on that, no impact on day-to-day operations, but longer-term, what are we looking at? stephen: the longer-term is what is going to be the structure of the alliance? you could probably say carlos ghosn's pursuit of a merger within the alliance is probably kaput, but the day-to-day has been running fine without carlos ghosn. reputational damage, most likely, and again, where is the french government's state? will that change? where will mitsubishi falling all of this? mitsubishi says it will investigate and decide, and renault, the board taken by surpris

ghosn left. i spoke to him last week, we discussed that point he was saying that obviously there was a humor factor behiand the alliance he said there are other people within the group who have that experience on both sides of the alliance, so the japanese and the french side of the alliance who could take over. the french finance minister had mentioned the person who had been starting to take charge at renault as a possible successor at renault he is the obvious candidate there. i'm suggesting that probably in terms of the alliance itself there will be a more even distribution it's noticeable when you look at the executives within the alliance that they are slightly french heavy rather than the japanese having senior roles there. so maybe that will change. >> that's the human factor, the glue binding these different companies together what about technology platforms my understanding is that these firms have become relatively inter-reliant on each other when it comes to technology, r & d. i wonde

ghosn going. nissan shares slump in tokyo, as the car giant says its chairman will be sacked over allegations of financial misconduct. india's hidden pay gap. how the country's 4.8 million strong transgender community is fighting for equality. and on financial markets, the chips are down and tech stocks are flagging as asia follows the big tech sell—off. pessimism about escalating trade tensions is taking its toll again. kl is shocking news surrounding nissan. —— we begin with the chaos and shocking news. shares in the japanese car maker nissan have fallen sharply today on the tokyo stock exchange, at one point down some 6% as investors reacted to news of the arrest of the company's chairman, carlos ghosn, on suspicion of financial misconduct. mr ghosn is suspected of understating his income by 5 billion yen over five years — that amounts to almost $41; million us. nissan say allegations of his "serious misconduct" fall into three areas: misrepresenting his pay in a report to the toyko stock excha

ghosn is something everybody -- ghosn is someone who everybody would know. shorting where he. tom: he was on top of the business world for 12, 13, 14 years. or did dissent sudden, you see this coming? i have to say personally, i did not see it coming in the slightest. there were some reports last year, that i will not go into for legal reasons, there were some reports and a weekly magazine about some of this conduct, but that did not turn out to be anything of consequence. but until this was happening, we were waiting for him to come out with his grand vision for the nissan alliance. that was supposed to be something on the heels of something extraordinary. tom: please explain this odd alliance, mr. ghosn covering the sun -- covering nissan. we see the stock plunging today. within this odd alliance renault and to be she. that hasa hodgepodge resulted over a number of years. no coming in many years ago -- renault coming in many years ago and carlos ghosn made his name with nissan before, but on the international stage, he made his name on turning the company

why have we not heard from carlos ghosn yet? that is the big question.rd from carlos ghosn himself and we will continue to monitor whether he makes a mistake it is today. many people are starting to wonder why here and another executive greg kelly could get away with it so long without anybody at the sun realising something was wrong. —— nissan. the whistle glowing programme started a few months ago. it was very choreographed, announcement. from the scoop from the newspaper to an english statement by nissan motor which is unusual injapan, followed by the statement by the chief executive order. he was asked whether any plea bargain deals were made and he said he could not comment and many people saying that nissan's books really need to be looked at and notjust nissan's books really need to be looked at and not just for these nissan's books really need to be looked at and notjust for these two individuals. what has been the reaction from the rockstar? —— from the japanese, he is like a rock star. he was really the saviour for nissan. he was known as mr fi

thanks for the update on the carlos ghosn scandal. at some of the day's other news. three men have been arrested in melbourne for allegedly planning a mass shooting in a public place. the suspects, who are australian nationals of turkish background, have been under investigation since march. 0ur correspondent, hywel griffith is in sydney. give us the background into what we now know is a foiled terrorist plot. yes, the police allege these three men have been plotting for some time. they'd actually been under surveillance since march. all three had had their passports cancelled, and police claimed they were inspired by the so—called islamic state and were plotting what could have been, they say, a chilling attack in the centre of melbourne. there was no fixed location but what they intended to do, police say, was to get hold of semiautomatic weapons and carry out a mass shooting, particularly in the busy time in the run—up to christmas. they've been under surveillance for several months. however, they had become more energised and acti

carlos ghosn, a man described as a titan of nissan cars, is under arrest in japan. the chairman of the japanese car giant, as well as mistubishi and renault, is being investigated over claims he under—reported his own earnings. unconfirmed reports say he failed to declare $41; million over five years, half his actual earnings. fighting has broken out once more in yemen, striking a blow to efforts to end three and a half years of devastating conflict. saudi—led coalition warplanes have bombed houthi rebels in the port of hodeidah. and this video is trending on bbc.com. it shows huge waves crashing into an apartment block on the seafront in the canary island of tenerife. much of the island has been affected by severe flooding. that's all. stay with bbc world news. and the top story in the uk: theresa may has taken her brexit plan to the business community at the start of what she's described as a critical week for britain. now on bbc news, live to singapore for asia business report. nissan shares slump in tokyo as it says it's chairman will be fired after allegations

i think it is important to emphasise that we have not heard from carlos ghosn.er he makes any kind of statement today. he is accused of understating his income by m5 billion overfive years. understating his income by m5 billion over five years. many are starting to question how he and another executive, greg kelly, could get away with it. during the press conference, the chief executive officer has asked if the company has made some kind of plea bargaining deal to which he said he could not comment. many are saying that nissan's books now need to be looked into, and not just nissan's books now need to be looked into, and notjust for these two individuals. so a lot of fallout? indeed, it is notjust nissan. there is an alliance with mitsubishi motors and the french company at renault. nissan also has some stake in renault as well. the french government also holds 50% of renaud so we government also holds 50% of renaud so we have heard from french president macron after the news was reported yesterday. many analysts starting to report about what is going to happen

so it looks very likely that carlos ghosn will remain in custody ina carlos ghosn will remain in custodynorth of tokyo for the next 20 days, initially, while the investigation goes on. we will update you when we get any more details about that decision. spain's prime minister has said he will not accept the brexit withdrawal treaty and accompanying political declaration on future ties at a summit of eu leaders on sunday unless the wording is changed to reflect spain's concerns about the territoy of gibraltar. pedro sanchez said he is prepared to vote ‘no' because he is defending our europe correspondent damian grammaticas reports from gibraltar. just days before the final summit to seal the brexit deal is due, this is a serious obstacle. the spanish prime minister, pedro sanchez, said the text of the withdrawal treaty and the accompanying declaration of future ties between the eu and the uk are not acceptable for spain. translation: were disappointed that we have found in the withdrawal agreement a number of elements, an article, article 184 that questions the ability spain to negotiate

i think it is important to emphasise, though, that we have not heard from mr ghosn.itoring whether he makes any kind of statement today. but as you mentioned, he's accused of understating his income by $5 billion yen over five years, so that's about m5 million. as you can imagine, many are starting to question how mr ghosn and another executive, greg kelly, could get away with it for so long without anybody at nissan noticing. during that press conference that was in rupert's report, the chief executive officer was asked if the company made some kind of plea bargaining deal with the prosecutor's office, to which he said he couldn't comment. but many analysts are now saying that nissan's books really do need to be looked at, notjust these two individuals. donald trump has called it an invasion and the mayor of the mexican city of tijuana an avalanche. both men are talking about the caravan of thousands of migrants who've travelled through central america and are now in the border city of tijuana, hoping to cross into the us. our correspondent, will grant, is there. th

who is carlos ghosn? steven: right, so brazilian-born, lebanese parents, global figure, five languages, also speaks some japanese for the very much a manager's manager, someone who slashed costs and cares about the bottom line and often angers workers and unions. there were reports that french unions were very happy to hear this news that they crackdown because they are critical of his cunning costs. he became known as le cost cutter because he was active with with cutting costs at renault. and nissan was a success story -- the comedy was hemorrhaging month -- the company was hemorrhaging money, and he turned it around and they were making dynamic, interesting vehicles. but he is also known for being the architect of this alliance between renault and nissan and bringing it to a point where it could compete with players like vw by pooling resources. after they sold 10.6 billion vehicles, head of volkswagen. and they have been ahead on electric vehicles. javier: it is a big success story, but nobody is perf

as nissan voted to oust carlos ghosn as chairman.30 p.m. local time, mitsubishi, the third and smaller member will have their board meeting. we heard last week from the ceo whoitsubishi motors basically gave verbal endorsement to carlos ghosn, but a lot has transpired including a unanimous vote from the nissan board thursday night. they will meet later today, 4:30 local time tokyo to vote whether to keep carlos ghosn as chairman of mitsubishi motors. nissan owns 34% of mitsubishi motors. ceo of nissan who supposedly led this as some against theup carlos ghosn, but on the back of allegations of misconduct, which have been handed to the tokyo prosecutors office. they have not charged him yet, but this man will lay his case and update global employees of nissan later today as well. bit -- little ramy: a little bit more into the alliance. how stable or not is it? stephen: it will be interesting to see how mitsubishi votes. if they oust carlos ghosn as well, that it is up to renault and the french government, how will they perceive -- pro

ghosn gone. about carlos ghosn leaving the alliance with renault. brussels. despite the fact we have a thanksgiving holiday and light volumes on equity markets, we are seeing action on asset prices. the pound

important to emphasise we have not heard from mr ghosn. the verdict is today.hosn in verdict is today. what will happen to mr ghosn in the nissan hierarchy? thank you forjoining us. this year has seen markets on a rollercoaster ride as investors are buffeted by the us — china trade war and fears of a global slowdown and expectations or more interest—rate hikes. us shares steadied overnight after taking a beating in the previous session when the s&p and dow ended at the weakest point since late october. the recent downturn in global stocks was partly because of a sell—off in technology shares, a sector which has helped sustain wall street's upswing for much of the year. and we saw some recovery in the major indices. as for oil it has gained some ground after slumping earlier in the week after concerns about global growth. currently, as you can see, they are in positive territory in asian trade. earlier, i spoke with an investment strategist, who told me what we should expect going forward. we are basically in a holding pattern between now and 29 november or we w

carlos ghosn gone from carlos ghosn.he japanese carmaker oust its chairman after nearly two decades at the helm after allegations of financial disk —— misconduct. right for the whole of uk. theresa may hails the draft agreement for the brexit proposals for the eu. the british pound games. —— gains. it is friday, the weekend just around the corner. good morning asia, hello world. glad you could join us. we start off the programme with nissan and carlos ghosn and the decision may have taken longer than expect it, but the carmaker ‘s board officially fired carlos ghosn as the chairman of the carmaker, following his arrest on monday. he is accused of financial misconduct. the question remains, what will happen to the compa ny‘s question remains, what will happen to the company's alliance with mitsubishi and renault? the bbc‘s business editor has all of the details. carlos ghosn is, or was, one of the world ‘s most powerful business leaders, as well as his former role as chairman of nissan, he is chief executive of renault, c

they are not demanding carlos ghosn be out. this is what the finance .inister had to say about that [no audio] stephen: he basically said they have no proof to request carlos ghosn out. sources are telling us that renault and the government of micron were caught offguard by the investigation and what transpired in japan. it raises the question, has the ceo, the protÉge of carlos ghosn at nissan, did he conduct a palace coup? it was widely believed and he has been on record saying he did not necessarily agree with the action that carlos ghosn was undertaking, that was further cementing the partnership and perhaps even a merger between nissan renault and to a lesser degree mitsubishi. about all me ask you of these different media reports we are getting, because of this story seems to be exploding. we have heard that prosecutors are eyeing a case against nissan. also that japan's securities regulator has told nissan about investments. what is the latest as we get these media outlets weighing in? is stillcarlos ghosn under detentio

i think it is important to emphasise that we have not heard from mr ghosn. he makes any kind of statement today. he is accused of understating his income by m5 billion over five years. many are starting to question how he and another executive, greg kelly, could get away with it. during the press conference, the chief executive officer has —— was asked if the company has made some kind of plea bargaining deal to which he said he could not comment. many are saying that nissan's books now need to be looked into, and not just for these two individuals. donald trump has called it an "invasion" and the mayor of the mexican city of tijuana an "avalanche". both men are talking about the caravan of thousands of migrants who've travelled through central america and are now in the border city of tijuana, hoping to cross into the us. our correspondent, will grant, is there. this is the sports centre in tijuana and for the migrants who have reached this point, the united states is now only touching distance away. now, however, they must decide what they are going to do

ghosn is also accused of using company money for his own benefit. analysts are questioning whether the alliance will crumble, but one former critic of the structure, bob lutz who at different times once led each of the american bighree aumakers, ford, chrysler, and gm, says the success of ghosn's alliance speaks for itself. instead, lutz doubtson whether y person can or even should replace him. >> no ceo is immune to ceo disease. think about it. everywhere he goes all three corporations, nothing but admiration, adulation, yes, boss, et cetera, et cetera. over a while they tend toha believe they're above the rules and above the law andn t they start misbehaving. >> lutz and others are quick to point out there's no proof ghosn has done anything wrong. for now though dark clouds hang over his reputation and the future of one of the rld's biggest automakers. >> nissan's current ceo says he will propose removing ghosn when the board meets on thsday. >>> disney's ceo and fox will take a step forward. chinese regulators thumbs up to disney's proposed acqui

ghosn, if you should stay weeks or months in japan. maybe we would see a new ceo in the next month or the beginning of the next year. each company might get the same problems and gaps to close by other people. i think it is not impossible. i think it is important renaults are made at and not reachable for the next month or whatever. decisions be other made by other important man in the company. schwope, thank you very much for taking the time to speak with us. interesting story. frank joining us from hanover. vonnie: let's check in with bloomberg first word news. here is kailey leinz. kailey: theresa may is appealing to soldiers to back herb exit plan. -- itys to listen to indicates close economic ties with the european union. meanwhile the european union is developing new rules on foreign investments aimed at china. legislation may come out tomorrow to prevent foreign investment that threatens national security in areas that is energy, transport, and technology. president trump says the u.s. will issue its own report on the killing of

this may be what is it a here with carlos ghosn.e: we have a great read, which i urge everyone to read out. it currently argues that carlos ghosn was a global man. renault-mitsubishi alliance are good one? stefano: it was. , in 1999 when mitsubishi was rescued -- let us not forget that -- and in 2016, mitts of issue basel was wrecked -- mitsubishi was also rescued, you know have a group of 10.6 of toyota,s just shy but much bigger than both sides -- bigger than volkswagen. but up there. it was an alliance, but it was not integrated. the rumor for many years was that they integration could become a true single company. right now it seems like that was what was happening. by the alliance per se has been a success in terms of savings. last year, 5.7 billion in synergies. have 10 the plan was to billion of savings, sharing purchasing, sharing platforms, these were all going to be good for the company. i don't think the potential loss of carlos ghosn as the leader would stop that. francine: does it change your view of the current industr

ghosn going.inancial misconduct. india's hidden pay gap. how the country's a.8 million strong transgender community is fighting for equality. and on financial markets, the chips are down and tech stocks are flagging as asia follows the big tech sell—off. pessimism about escalating trade tensions is taking its toll again.

mr ghosn is also head of an industry alliance between nissan, renault and mitsubishi.report contains some flashing images. for 20 years, carlos ghosn has been one of the titans of the car industry, charming everyone from journalists to presidents. but tonight, he is in police custody, accused of serious financial misdeeds. at nissan's headquarters, chief executive hiroto saikawa made the dramatic announcement. the company found mr ghosn had hugely underreported his pay in nissan's annual report to the tokyo stock exchange. translation: for us, the company, this is of course completely unacceptable, and we've been advised by experts that this misconduct is serious enough to dismiss him. the news has sent shock waves through the car industry, especially in france, where mr ghosn is also boss of renault. it seems to have come out of nowhere. you know, the accusations are crazy, and as an industry, we're incredibly shocked that someone is so well respected. he turned around nissan in the early 20005 from near bankruptcy. and he could have potentially done something like th

, carlos ghosn, was arrested.t is extremely regrettable that we are seeing a development like this. i decline to comment on details of the case, as prosecutor's investigations are underway. regarding its impact on the economy, the japanese government will closely watch this development. reporter: beyond any potential economic consequences, many japanese say they have experienced a sense of betrayal after the revelations. >> actually, we also have a nissan car, so i do feel deceived because essentially he was being dishonest. >> when i hear nissan, i think of a company japan is proud of. my family drives a nissan. but as the head of a company, you should not do something so irresponsible. and as a japanese person, i thought it was embarrassing. reporter: now a decision needs to be made about ghosn's future. on thursday, nissan's board will determine its course of action. javier: tech stocks are heavily losing market value on the trading floor. some compare it to a bubble. others say it is nothing to worry about. th

nissan announced plans to dismiss carlos ghosn. the arrest could endanger nissan's relationship with renault. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am taylor riggs. this is bloomberg. jason? say, thisave to carlos ghosn story, it is amazing how to accelerated throughout the day yesterday and even overnight. yet the french government involved, you have japanese corporate culture, we will be digging into this a lot through the day. the point was raised yesterday, why was he responsible to report his salary? mike, this is my salary. there is a department for that. i do not think this be over even if the carlos ghosn question is over. and the big issue of corporate governance in the auto sector. a lot more to come. time for bloomberg first take. we are joined by rachel and jason. we are flirting with the bear market in apple. let's just round up and called a straight bear market. the question for me is this a cell the winter thing, luke, or

so far, carlos ghosn has not commented on any of these allegations. ben?pert wingfield—hayes in tokyo. i don't know if you heard sally explaining the make—up of the company, it underlines how complicated this could be and how far reaching the impact could be around the world? it has major implications for three very large car companies. here in japan, nissan is the main one, but mitsubishi motors is involved. carlos ghosn is the chairman of mitsubishi motors and the chief executive officer of renault in france. he had been trying in the last few years to pull these three companies into a closer alliance and to build what they hoped would become a competitor for toyota and volkswagen at the real top of the collea g u es volkswagen at the real top of the colleagues around the world. —— of the car leaks. his arrest, departure from nissan probably from the other two companies put into question the whole of our company's structure. some analysts are saying that of course this is about illegal activity and underreporting of his benefits salary but it is the back

carlos ghosn now looks certain to be sacked from hisjob as nissan chairman.es around the world, especially to france, where mr ghosn is also ceo of renault, and to sunderland, where nissan runs one of the biggest car plants in europe. carlos ghosn will have signed off on that decision to produce the next generation qashqai there in 2020. nissan said they will review that depending on the form of brexit. so if somebody new comes in, there is the possibility that that decision might be reversed. it has been a day of high drama here in tokyo. but it's important to note that carlos ghosn is not being accused of tax evasion. he is accused of misreporting financial data to the tokyo stock exchange. that's something that other bosses of other japanese corporations have been found doing, and have not ended up in police custody. rupert wingfield—hayes, bbc news, tokyo. the former england and tottenham footballer paul gasgoigne has been charged with sexually assaulting a woman on a train from york to durham. he was arrested at durham station in august. the 51—year—old

mr ghosn is also head of an industry alliance between nissan, renault and mitsubishi.0 years, carlos ghosn has been one of the titans of the car industry, charming everyone from journalists to presidents. but tonight he is in police custody, accused of serious financial misdeeds. at nissan‘s headquarters, chief executive hiroto saikawa made the dramatic announcement. the company found mr ghosn had hugely underreported his pay in nissan‘s annual report to the tokyo stock exchange. translation: for us, the company, this is of course completely unacceptable and we have been advised by experts that this misconduct is serious enough to dismiss him. the news has sent shock waves through the car industry, especially in france, where mr ghosn is also boss of renault. it seems to have come out of nowhere, you know, the accusations are crazy and as an industry we are incredibly shocked that someone is so well respected. he turned around nissan in the early 20005 from near bankruptcy. and he could have potentially done something like this. it has been a day of high drama here in

mitsubishi motors has said that its board is recommending to fire carlos ghosn as well.ained from doing so. yesterday after hours of the board meeting, which to longer than expected, to be fair, nissan's board has officially fired carlos ghosn. apparently there was a request from renault not to fight him just yet, but that was withdrawn last minute, and as a result the end of his career at the car company, which he really saved two decades ago, because the company was in huge debt. it was practically on the brink of bankruptcy. it is interesting this delay in acting on carlos ghosn‘s actions in the company. what will happen to him next? is currently in police custody and his detention has been extended to ten days. injapan, one can be held without charge for 23 days. they could get extended as well. we have now learnt who he will represent —— we have now learnt who will represent him. it is somebody who was a prosecutor that used to go against many people accused of financial misconduct. having him represent carlos ghosn, there has been a lot of speculation as to what it

that was due to the without specifically naming ghosn, he basically said, it is not just carlos ghosnn: we put the story to bed as events were unfolding. head to businessweek.com for the latest updates. carol: from cars to confessions, this week's u.s. cover story has to do with the confession of judgment, helping debt collections -- collectors shore up small businesses across america. >> it is called a confession of judgment. if you are a small business owner, you probably get calls all the time from people offering you loans. these guys, they are running companies called merchant cash advance companies. carol: a mouthful. zeke: these guys can get you $50,000 tomorrow if you need money, at a very high interest rate. in the loan application, you may not necessarily notice this, but there is a clause or separate page called the confession of judgment. in order to get the loan, you have to sign this. what you say by signing this is in the future, if there is some sort of legal dispute, you will lose automatically. it is like when you sign an arbitration agreement as part of your cell ph

hit top gear as nissan says it will nominate a new chairman within two months after ousting carlos ghosn, jeffries raises the stock to buy from hold. >>> gibraltar's chief minister claims a deal has been reached with madrid over the spanish territory after pedro sanchez threatened to veto brexit. >> the british people want this to be settled. they want a good deal that sets us on course for a brighter future that deal is within our grasp. i am determined to deliver it. >>> global retailers hope black friday will light up the bottom line with shoppers expected to snap up over $6 billion worth o deals in one day. >>> a fresh selloff takes oil prices to 2018 lows as the saudi energy minister vows to respond to weakening demand raising the prospect of a broad supply cut >>> it wouldn't be an exciting friday without eurozone pmi flashes. let's bring those to you composite pmi at 52.4, against expectations of 53, and lower than 53.1 we saw for october services in at 53.1. that's against the expectation of 53.5. that's also lower than october's 53.7 finally to give you the manufacturing pmi, th

renault so far has stood by carlos ghosn as its ceo. nissan ceo will be briefing global employees later today on the latest on what he calls the misconduct of carlos ghosn, as well as fellow director greg kelly. both of them remain in detention in tokyo. nhk is reporting that carlos ghosn has denied any wrongdoing. that is where we stand right now. ramy: great stuff. stephen engle for us out of hong kong. coming up we're going to get from the u.s.tail this is bloomberg. ♪ s is bloomberg. ♪ [ phone rings ] what?! ready for christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. sydney.t is 9:30 in futures looking like a dow

we start with car industry boss carlos ghosn.head of the alliance between nissan, mitsubishi and renault he was one of the world's most powerful business leaders, until his arrest injapan on monday over allegations of financial misconduct. he's suspected of under—reporting how much he was being paid, to the tune of more than $40 million, and misusing company funds. in the next few hours the board of nissan are expected to announce whether they will remove him as chairman. his arrest has seen the share prices of nissan and mitsubishi fall sharply on the tokyo stock exchange. it's been the same story for renault‘s shares in paris, although the french company says it wants to see evidence before deciding whether to oust him from his role there. mr ghosn‘s removal from nissan would bring to an end more than 18 years in charge. he's widely credited with turning the company around. but nissan's japanese ceo this week described it as a regime, underlining tensions with the company's local management. that's partly because of this. renau

carlos ghosn remains the ceo of renault.o if nissan says look he's done all of these things wrong in terms of financial misconduct. we don't want him as a chair of the nissan alliance. the board comes in and says we don't see that we want him as our ceo it brings into question of the future of the entire alliance which has been a successful one over the last 25 years it is a formality. i have to be honest with you, this sounds like a coupe. we are getting this through a translator at this press conference more than once. there has been too much invested in one person and let's be honest, there has been great affection within japan business circles for the job that ghosn has done whether or not that's rubbing nissan over the years, i am not close enough in the situation to make that determination. when you listen to the press conference, there is a lot of unanswered questions which they can't get into and a lot of commentary of the personality. >> surreal is the right word, phil especially for someone the industry is known fo

the japanese car maker, nissan, fall sharply following the arrest of the company's chairman, carlos ghosnon of financial misconduct. airbnb says it will remove all homes in israeli settlements in the west bank from its listings. and there will be no super league in european football. two of the most powerful officials in the game say proposed plans for a breakaway are "fiction". good morning — and welcome to the bbc news at 9. theresa may is facing renewed pressure over her brexit plans, after the democratic unionist party failed to back the government on key votes. the dup‘s ten mps contribute to the conservative's narrow majority in parliament. the northern ireland party is flexing its muscles because it's unhappy about mrs may's draft brexit withdrawal deal. this morning mrs may is meeting her cabinet for the first time since a number of ministers resigned last week, saying they couldn't support the deal. let's take a look at the week ahead for the prime minister. she's expected in brussels to meet the european commission president, jean—claude juncker where she hopes to discuss future

ghosn was arrested last monday on failing to declare income euros. around 40 million japanese media say this was arranged to be paid out after his retirement. there are also claims that ghosn continue to underreport his earnings after that, and that he would be rearrested for this. nissan has accused him of a slew of other acts of misconduct. the ceo told employees on monday that power had been too concentrated with ghosn. allianceit just the -- executives are meeting to protect employees from the fallout of the scandal. genie: it cost carmaker share prices to plunge last week. have they recovered? analyst: shares of nissan and mitsubishi were up this monday in tokyo, and here in europe rhino is up as well, both climbing more than 3% from friday. they are still lower by 3% to 5%, compared to levels before the arrest. genie: what is the overall picture in the european stock market? is the brexit deal having an effect? analyst: the stocks are in a byly, triggered mainly development in italy, rather than brexit. the ftse up 0.5%. the cac up almost 1%. i

ghosn. julianna is at the renault headquarters outside of paris and has been monitoring events what is the latest >> a fast-moving story, and your recap of the board meeting last night was great. putting it all together, renault is taking an innocent until proven guilty approach this draws stark contrast to the comments out of nissan earlier this week with the ceo explicitly putting blame and guilt on to carlos ghosn and calling for his immediate dismissal this thursday at an egm in japan now the french government owns 15% of rerenault their thoughts on the matter are crucial. this morning bruno lemaire held a press conference in paris and echoed the thoughts of renault and said there is no proof of wrongdoing at this point i would just say bear in mind that nissan has been sitting on this story for a number of months they've been running their own internal investigation renault just entered the picture this week. so we're looking at a different time frame and a different amount of informati

have we heard from mr ghosn?ard from mr ghosn, but the process injapan is that, basically, once you have made an arrest, he can be detained for about three days. but the thing about mr ghosn, as you mentioned, he oversees this massive global alliance with many jobs at stake. this three—way partnership between renault, nissan and mitsubishi motors is the reason why investors are really shaken. they are concerned that, first of all, even before this scandal came out, people were concerned about succession. who was going to be able to step into his shoes and take over the job of running this massive partnership, which produces one out of every nine cars, by the way. nine cars, by the way? and be able to bridge those cultural gaps between the french and the japanese. and mr ghosn was considered unique in that respect. he's a polyglot, he has a very international background and real business savvy. and yet, with this scandal, now the concern is that not only will they not have a successor, this alliance could come apa

. ♪ >> the top story, car giant nissan will remove chief carlos ghosn for misconduct.n internalcted investigation for several much which revealed he had been underreporting his pay. heanese media reporting that is also the chairman and chief executive with the french car company and he was revoked in tokyo. we have the story. he is one of the best paid auto executives in the world, brought in anan average of 9 million euros a year. his salary has landed him in trouble. arrested in tokyo monday, carlos ghosn is suspected of underreporting his income to japanese authorities. said ittement, nissan has conducted an internal investigation based on a whistleblower report. >> significant acts of misconducts being discovered. >> as a result, the company proposes removing its chairman and renault at the lowest level in four years because of the news. is widelysn considered the most powerful executive in the industry. he has led recoveries in all three of his brands due to corporate overhauls. he last was in 2016, when he took over nissan which was wrestling with a mileage cheat