nissan owns 34% of mitsubishi motors.san and carlos ghosn can to the rescue when mitsubishi motors was in the thrall of some scandals as well as potential bankruptcy. bit.ides have turned a we are hearing from the nikkei that mitsubishi motors corporation has begun an internal investigation and will compile the results as soon as next month, but the result -- the vote is happening today. they are doing their own investigation, working with theers to establish whether misconduct established that nissan was also happening at mitsubishi. ceo hadheard the nissan a briefing with global employees around the world telling them what they found. we are hearing that the relationship -- this is what he told the employees. the relationship in the allianz has not been equal and he will -- alliance has not been equal and he wants it reviewed. nhk reporting we have our first alleged comment from carlos ghosn. he has denied any wrongdoing according to state broadcaster nhk. , with said no wrongdoing the allegations of underreporting earn

to what extent does nissan's control of mitsubishi motors, how is that going to play into the questionn's fate as chairman? you've run the data, 34% of mitsubishi? and rental owns 43% of nissan. how to the crossings play in? dave: exactly. the best way to look at that is not just the shareholdings. as you mentioned, nissan does have 34% to control, but they have two members on the board, including the cfo. the cfo of nissan is on the mitsubishi board. i think they do have nominal control of this company. that's the way they've been operating. it is a japan-based company. they have been integrated as companies in terms of the lineup of vehicles, etc. i think mitsubishi, i'm sorry nissan should be exerting control into the outcome. you don't see much of renault even though they don't have the -- they have stake in nissan, they don't have direct stake in mitsubishi motors itself. they would not be able to play a card here. one of the things mildly surprising to some is that in the nissan vote to oust ghosn, the two board members voted in favor of ousting him. it's not clear how this could

mitsubishi motors are considering their position.iance has been questioned after the downfall of its main architect. behind carlos ghosn‘s personal drama lies a powerplay within a group. it is no secret that senior executives at nissan felt that carlos ghosn and renault, which owns a 43% stake in the company, were exerting too much control over a group of which nissan was so control over a group of which nissan was so do most cars. the removal of carlos ghosn allowed a restructure ofan carlos ghosn allowed a restructure of an alliance that is too important, many feel, 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

and the french government also holds 15% of that as well, and nissan also holds one third of mitsubishi motors were told there are many issues for the alliance to continue. the unity was buying did buy a mr ghosn himself. he had a very strong charisma. in regard to the bond of these three parties, that's gone, and secondly, you can see the french government is going to increase their voice, and obviously mitsubishi motors would not want an excessive influence from the french government, so they would be so many issues brought about on the back of this, i would say, incident. issues brought about on the back of this, iwould say, incident. in fa ct, this, iwould say, incident. in fact, mr ghosn was in charge of nearly 500,000 employees, selling over10 nearly 500,000 employees, selling over 10 million cars last year, from 122 factories around the world, so this news really sends shockwaves around the world. we will have to wait and see what happens next, and when we will hear from carlos ghosn. thank you for that update, mariko 0i. chinese president xijinping is on that update, mariko 0i. chinese

nissan owns 34% of mitsubishi motors.ssan 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 -- proceed. the renault board decided to keep him on as their ceo. they named him -- there coo was named interim ceo. they want more information on the alleged crimes of carlos ghosn. the alliance is a separate entity itself. it is domiciled in the netherlands, and they will have a meeting this week, and it will be interesting to see whether the nissan ceo shows up for that. it would be the first time he would be meeting with perry velarde as well to deci

new this hour in business, carlos gosen has been fired as chairman by the board of mitsubishi motors following a similar move by nissan last week. the businessman is starting his second week in detention in tokyo over allegations of financial misconduct area and a nearly billion-dollar spacecraft set to land on mars today. more on what nasa is calling the six and a half minutes of terror it will take to land that craft, coming up. this is live from paris. the international community is weighing in on a naval showdown between ukraine and russia. the e.u. is urging russia to release three ukrainian ships it seized at the weekend and the crimean and insular, an area russia annexed from ukraine in 2014. ukraine has set its ambassadors and envoy will hold emergency talks in brussels later today. the u.s. security council is also holding emergency meetings. president of ukraine is pushing for martial law to be voted in by the ukrainian parliament. he says that is the only way to end the standoff. russia says ukraine's liberally provoked the incident. the norms of international law have bee

stephen: nissan owns 30% of mitsubishi motors. d out mitsubishi in 2016 after a string of scandals and profitability issues. some other news crossing the wires. ghosn hearing that carlos has told prosecutors that some of his roman numeral a should -- his renumeration has been rough -- has been deferred until after retirement. innocence,aining his according to this report, saying the payments were not definite, therefore did not need to be noted in the securities report. the same goes for former representatives director greg kelly, who is also under detention still. he maintains his innocence, giving the same explanation to prosecutors. does this move strengthen his hand in this alliance structure? stephen: it doesn't hurt. perhaps the ceo of nissan will indeed push for a revision of the alliance. nissan could try to increase its 15% stake. it also wants to increase its voting rights, while we are hearing renault is bracing for a fight. it will try to resist any altering of this alliance, as well as the french government with a conv

then we heard from renault and mitsubishi motors being formed about it.aid that its board is recommending to fire carlos ghosn as well. renault has so far refrained 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 miscondu

there is an alliance with mitsubishi motors and the french company at renault.ault 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 with the alliance. neither renaud zero mitsubishi motors are said to have known about this. —— nor. it was a very well choreographed, if you like, scoop by the japanese newspaper, followed by an english statement, which is quite unusual, followed by the press conference last night. thank you very much. a quick round—up for you, to bring you up to date on the other main news: in chicago, four people have been killed after a gunman opened fire outside mercy hospital. airbnb is going to remove from its listings all homes in israeli settlements in the occupied west bank. the company says it's made the decision because settlements are at the "core of the dispute between israelis and palestinians". palestinians have welcomed the move. israel has

here in japan, nissan is the main one, but mitsubishi motors is involved.n 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 background to this is the beginning ofa background to this is the beginning of a power struggle for control of these three companies and the fact that renault has had such a controlling influence over nissan for so long is not welcome, shall we say, perhaps in some parts of the japanese government and the japanese auto industry. what is so remarkable, this is what the i

as well as his former role as leader of nissan, the chairman of renault, mitsubishi motors, and chairmanee that collectively made 10 million cars last year. so far renault had not dismissed him, installing another executive on an interim basis, while mitsubishi motors‘ board are considering his role. the future of the whole alliance has been questioned after the downfall of its main architect and behind carlos ghosn‘s own personal drama lies a powerplay between a group. it is no secret that senior executives at nissan felt that carlos ghosn and renault were exerting too much control over a group in which nissan was so control over a group in which nissan was so in the most cars. carlos ghosn reset the structure and leadership of an alliance that all parties seem to agree is too important to see boulevard. it may yet to be the last legacy for a fall in business giant who remains in custody. simonjack, in business giant who remains in custody. simon jack, bbc in business giant who remains in custody. simonjack, bbc news. the government in zimbabwe has outlined plans to compensate white far

nissan and mitsubishi motors shares have fallen in asia.allegedly violations of japanese financial lot. income wassays underreported and assets were misused. he also says a committee will look into the structure of nissan alliance with renault and mitsubishi. >> is too early to speak about the facts, since i don't have additional details, but the french state as a shareholder will be extremely vigilant about its ability and alliance with the renault group, as well as the stability of all the employees in the group. the state as a shareholder will ensure all of its support. jinping is expected to seal billions of dollars worth of deals in a trip to manila. and marks the first state visit to the philippines in 13 years and comes as the country's president shrugs off u.s. warnings about accepting chinese cash. history takes on greater significance as it comes shortly after the apec summit ended without a joint statement for the first time due to simmering u.s.-china trade tensions. apple shares have fallen close to bear market territory on con

motor industry bosses has been arrested carlos gone is the chairman of the near san remo and mitsubishi motors alliance he's accused of grossly understating in salary and what the company cause significant misconduct that's after an internal company investigation into the sixty four year old and tasha butler has more from paris. well hala scone could be facing a real fall from grace the japanese carmaker nisanit will consider on thursday of all meeting whether or not to sack him as their chairman they are alleging financial misconduct on the behalf of kahless gone they say that he was using company money and assets for his own financial benefit and gain now how this came about is that nissan has been investigating going over the past few months they were tipped off by a whistleblower they've now given all the documents and information that they have to japan's public prosecutor was speaking at a press conference on monday the c.e.o. of miss and said this was a very serious matter. and we can all get was a company of course this is definitely an acceptable and we were also told by experts that

thicke the chairman of the alliance of nissan renault and mitsubishi motors carlos go on has been arrested on suspicion of underreporting is income and engaging in what the company called other significant missing misconduct in the sun c.e.o. said he had called a board meeting for thursday to approve go and dismissal as chairman of the company for allegedly understating his salary by forty four million dollars over five years starting in two thousand and eleven he was seen as a star car manager credited with leading a dramatic turnaround nissan over the last two decades. davies and general good car going with formally regarded as one of the most dazzling managers in the automotive business after all he has the partnership of make the b.c. i've missed on to his belt. but he's been under investigation for months now the japanese carmaker nisson says an internal investigation shows going under reported his income for several years he's also said to have used company money privately nissan c.e.o. he wrote says the alleged violations involve millions of dollars going to continue with those near

mitsubishi motors alliance he's accused of grossly understating his salary and what the company calls significant misconducts natasha butler sent us this update from paris . where the board of the japanese carmaker will decide on thursday whether or not to sack call a scone as their chairman and if they do it would be an enormous fall from grace for color scone who is one of the biggest names in the motor industry he is not only the chairman for now of nes and but also of japanese carmaker mitsubishi motors he's also the chief executive of french car maker renault and what nissan saying is that they are accusing him of financial misconduct they say they've been investigating him over the past few months and that they have found that he has misused company money and assets for his own personal benefit all this came about because they said they received a report from a whistleblower detailing some of carlos cain's financial maneuverings in the company when their stance now handed over all their documents and information to the japanese public prosecutor's office carlos golan is under ar

motor industry bosses has been arrested carlos ghosn is the chairman of the nyssa rhino and mitsubishi motors alliance he's accused of grossly understating his salary and what the company calls significant misconduct well these are live pictures from japan when the sounds president and c.e.o. is addressing the media about cost go report back on what he's saying a little later in the post let's bring in all seriousness. who's in paris natasha how did all of this come about. well it looks as if it's going to be a huge fall from grace for carlos corn as you said one of the world's biggest names when it comes to the car industry and what we're expecting is japanese carmaker nisanit to in fact say that they are sacking their chairman carlos go over claims of financial misconduct now nisanit is alleging that go on used company assets and company money for his own gain for his own personal benefit and what they've been doing over the past few months is actually a form of an internal investigation this and have been investigating this for many months they say because they were sent a report by a whis

far, renault have not dismissed him, installing and other executive on an interim basis, while mitsubishi motorsering their position. the future of the whole alliance has been questioned after a downfall of its main architect and behind his personal drama liza power play within that group. is no secret that senior at nissan felt that grew three and renault, which owns a 43% sta ke three and renault, which owns a 43% stake in their company, were exerting too much control over a group of which nissan was selling the most cars. the removal of him face is the way for resetting the structure and leadership of an alliance that all parties seem to agree is too important to see for parts. it may prove to be the most lasting legacy for a fall in business giant who remains in custody. simonjack, business giant who remains in custody. simon jack, bbc business giant who remains in custody. simonjack, bbc news. the uk payments as hayward a draft agreement on postgraduate relations, insisting a deal is within our grasp. the announcer came ahead of theresa may going back to brussels tomorrow with more talks wi

business model for us and we started japan where the chairman of the alliance of nisson rameau and mitsubishi motors carlos dawn has been arrested on suspicion of under reporting his income and engaging in what the company calls other significant misconduct speaking earlier this afternoon ison c.e.o. said he had called for a board meeting for thursday to approve goans dismissal as chairman of the company on suspicion of understating his salary in japan by forty four million dollars over five years from twenty eleven on words before now gone was seen as a star karma credited with leading a dramatic turnaround over the last two decades rescuing is from near bankruptcy. carlos ghosn is regarded as one of the most dazzling managers in the automotive business after all he has the partnership of redeye mitsubishi and new son and his belt. but he's been under investigation for months now. the japanese can make a new son says an internal investigation shows going under reported his income for several years. and is also said to have used company money privately. board of directors now needs to decide whether

of mitsubishi% motors. it bailed them out after a string of scandals. stood byo carlos ghosn, at least last week. but the board will be voting today. it has two nissan members on it. we are hearing this would likely strengthen the cause of the ni ssan ceo in his influence, if you will, on the alliance. renault so far has stood by carlos ghosn as its ceo. the 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 b

times reports carlos ghosn, the man of the alliance between nissan motor co, renault sa and mitsubishi motorslating a financial laws after being suspected of under reporting his income. an opinion piece in the new york times says us president donald trump has only hardened his refusal to concede any possibility that saudi crown prince mohammed bin salman was involved in the killing of saudi dissident journalist jamal khashoggi. last week the central intelligence agency concluded the kingdom's de facto leader, had ordered the murder. 0n the bbc news website in the us/canada section there's the news a father from quebec has launched a class—action lawsuit against mcdonald's, alleging the compa ny‘s happy meals break strict provincial laws against advertising to children. and finally a potential new addition to london's ever changing skyline is currently dividing opinion. architects foster + partners have submitted plans for a 1000 foot—tall visitor attraction in the middle of the city's financial hub. the tower, dubbed "the tulip", would become the second tallest building after the shard. with

as we reported last week, nissan fired him and yesterday mitsubishi motors board has decided to sacky was mac ceo said it would damage the reputation but at the same time, france's renault has failed to fire him, who is in police custody in tokyo. he has denied allegations that he has understated his income to the tokyo stock exchange and some details are starting to emerge. things like what he understated was known as deferred compensation, something he would have got after he retired. so he actually has not got paid and that is probably how his lawyers will defend him because japanese rules on executives future paisleys some room for interpretation. at the same time, some experts sayjapan has a conviction rate of over 99%, so prosecutors would not have born after him if they did not feel confident that they could charge and kim. we will see what happens, but a lot of speculation there. —— charge him. thank you. let's have a quick look at the markets here in the region. asia opened up a little higher in mid—morning trade after a rally on wall street overnight, up bya rally on wall s

it is notjust nissan i am talking about, it is a alliance partners, mitsubishi motors, renault as well show you what happened to the shares firstly, which are listed injapan — both practically fell off the cliff shortly after the news that he was going to get arrested, down 5% and not showing any sign of recovery as they start trading this morning. also over in europe, renault‘s share price has been very volatile. and the drama is not over because the authorities are speaking to other nissan executives as well. of course, everybody is still wondering and scratching their head what happened to this relationship between nissan and mr carlos ghosn? indeed. it is that as a he saved the carmaker when he took over around two decades ago. as you can imagine it has been a lot of speculation, rumours about what happened. that is partly because, in a press conference following mr ghosn‘s press c0 nfe re nce conference following mr ghosn‘s press conference on monday, the chairman referred to mr ghosn‘s time asa regime chairman referred to mr ghosn‘s time as a regime and that had many people wonde

untreated.started we are also keep an eye on in its vichy -- mitsubishi motors.s is a big story. >> the latest on the son, also offers outweighing bids by 1.5 to one. we are waiting for that stock to start trading in japan, let's .et you going >> thank you, the anticipated revolt against the u.k. prime minister theresa may appears to be running out of steam. her opponent went to the threshold for a leadership challenge, she appealed for the support of big business, saying the issue is not something little. they reality of jobs. her opponent at home and abroad say the deal must be debated and voted upon. the modi government and the reserve bank of india has official demands for share in capital. the panel began transferring funds to the government, after a board meeting that lasted or than nine hours. the two sides have been sparring for weeks over how much capital the bank needs and how tough the lending rules should be. white house has restored cnn correspondent jim a costas press pass, ending a 12 day drama. cnn is -- has now dropped the legal action against th

the other member of the triumvirate is mitsubishi motors. re getting comments from the ceo in tokyo. he says it is important to continue with the alliance, even without ghosn. mitsubishi has not made a decision yet on whether to oust ghosn as chairman of mitsubishi. nissan owns 34% of mitsubishi motors. i hope you are keeping track at home. it is convoluted. the chief cabinet secretary saying the alliance is important. that is the one key takeaway come all parties seem to agree the alliance which carlos ghosn was the glue to all agree the alliance is important for renault. what would they be profit wise without nissan? and for nissan, it needs the global partnership with renault and mitsubishi to fend off the competition globally, as well as the tech companies coming into the automobile industry. yvonne: what would this mean for japan? are they going to make this case an example for corporate governance? do you think they will punish ghosn? and does he deserve that punishment? yeah, it looks as though he could be, dare i say, the renewedial l

we are hearing from the third member of this alliance between renault, mitsubishi and nissan, mitsubishi motors telling us, there is no need right now to review the nissan tie up. nissan owns 24% of mitsubishi. they are kind of the forgotten leg of this triumvirate. france, to maintain its top renault stake him according to the finance secretary, they own 15% and have quite a bit of sway renault. switching the pages here. if you are catching up and following at home, carlos ghosn was detained last night. nissan renault. confirmed on suspicion of breaching japanese financial laws. we had to eight news reporting he may have understated his income by $44 million u.s., and nhk saying he spent several billion yen on multiple homes. -- nissan spent several billion yen on multiple homes for carlos ghosn. this cannot be tolerated by the company and is sufficient grounds for his dismissal. that is where we will get this board meeting in yokohama, the headquarters thursday. he along with another board director could be ousted. david: what else is next? stephen: renault is the other side of this three sid

that was the mitsubishi motors north american ceo. for more the auto story let's go to dave.us now. why is this tricky for the carmakers that are involved in the alliance? dave: the timing is a bit tricky. this is a time of transition for the entire industry. the autonomous vehicles, lector five vehicles. it requires massive investment. companies were all trying to reorganize themselves and develop leading products in each of those niche is an stay ahead of the curve against very ruthless competition. there is no time at all to sidestep any of that and get lost in any scandal. as a been discussing, scale is very important sunni this kind with sharedliance factories, shared assembly lines, and shared research and develop cost. it's a very central moment. >> thank you very much. don't forget, bloomberg terminal can let you interact with all the charts you see on tv. all the recent charts, catch up on key analysis. uset do it from scratch, hours. ♪ matt: welcome back. 55 minutes into the trading day. still looking at decent gains across equities in europe. the dax is up a 10th o

we have been hearing from the ceo of mitsubishi motors. saying it would be difficult to manage that an alliance with the nissan and renault without carlos ghosn. the board of mitsubishi set to meet next week to discuss his departure. in on what is happening with the rest of the stock market. continuing to see a selloff in the technology set her. london holding onto the flat line. paris and frankfurt in the red, this as selloffs sparked on reports that apple cut orders from its suppliers for the iphone, sparking selloffs. meanwhile, crypto currencies are continuing to have a terrible month of november. the price of bitcoin has slumped to his lowest level in 13 months. tradingtal currency now significantly lower. at the end of 2017, we were talking about approaching 20,000. a big fall there. one of the best selling artists, taylor swift, has chosen a new record company. she announced she sun with the universal music group. the financial details were not disclosed but swift has attached some interesting conditions. she will own the master reco

. >> nissan and mitsubishi motors shares have fallen in asia after the arrest of carlos ghosn for allegedlyuld of financial law. he underreported income and misused assets. renault's board of directors is set to discuss the allegations at a meeting this evening. it's too early to speak about the facts, since i don't have additional details, but the french state as a stair -- shareholder will be extremely vigilant of the possibility of the alliance in the renault group -- the stability of the life in the renault group and the stability of -- alliance in the renault group and the employees of that group. >> global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ anna: thank you very much. innext, nissan shares plunge tokyo as the chairman, carlos ghosn, is arrested over financial misconduct. renault will discuss the allegations later today. it is the -- is the world's biggest auto alliance under threat? we are available on digital radio in the london area. this is bloomberg. ♪ ♪ anna: welcome back to the market open. here

motor industry bosses has been arrested carlos cohen is the chairman of the near san remo and mitsubishi motors alliance he is accused of grossly understating his salary and what the company call significant misconduct shares of nisanit have dropped more than six percent since news of guns arrest sri lanka's parliament has delayed another no confidence vote against the president's choice of prime minister mahinda rajapaksa it's already passed to no confidence motions but rajapaksa is refusing to go those are the headlines we're back in half an hour right now it's inside story. yemen's who the rebels say they suspended attacks against the saudi viewing coalition the u.s. has demanded an end to the conflict that is bush millions to the brink of funding so after three years why is the u.s. stepping up its pressure now this is inside story. hello and welcome to the program i'm martin dennis now he rebels in yemen of announced a pulls in the drone and missile attacks against saudi arabia the u.a.e. and their allies and they say they're ready for a broader ceasefire if the saudi u.s. coalition is pre

motor industry bosses has been arrested carlos ghosn is the chairman of the nissen remo and mitsubishi motors alliance is accused of grossly understating his salary and what the company cause significant misconduct live out of paris now under serious natasha butler natasha how did all of this come about. well it all came about because the japanese carmaker nisanit launched an investigation a few months back which revealed what they say is financial mis condon's on the part of carlos goldman and if that is a verified it will be a huge fall from grace for carlos ghosn who's one of the biggest names in the motor world industry especially here in france he is a french citizen he's also the chief executive of renault. partner now miss and has held a press conference recently i should say just a few hours ago actually in japan and that what the company is saying is that their board of directors is going to decide whether or not to sack carlos goan at a meeting on thursday it's extremely big news and this one says that all of this came about because a whistleblower sent them a report some time ago s

we're talking about a big player, the chairman of the lines of nissan, reynolds, and mitsubishi motors. carlos ghosn has been arrested on suspicions of underreporting income and engaging in what the company called significant misconduct. nissan's ceo said he had called a board meeting on thursday to approve his dismissal for allegedly understating his salary by $44 million over five years from starting in 2011. he was seen as a star car manager, credited with leading a dramatic turnaround at nissan over the last two decades. reporter: carlos ghosn was formerly regarded as one of the most dazzling managers in the automotive business. after all, he has the partnership of reynolds, mitsubishi, nissan under his belt. but he has been under investigation for months now. japanese carmaker nissan says an internal investigation revealed he underreported his income for years and used, the money privately. the nissan ceo said the alleged violations involve millions of dollars. "there are problems in terms of governance. when the top of renault is concurrently serving as the top of nissan with 43%

at the thursday board meeting, mr ghosn is going to be ousted from nissan and that mitsubishi motorso be the same. we haven't heard yet from renault, but this is really a stunning fall from grace for one of the most famous business figures in the car industry. this man, as you mentioned, had a comic named after him. we had autograph hunters and even people having bracelets with his image on it. he really revolutionised, basically, how business was done injapan. he was a foreigner who came in. he took nissan, which was in mountains of debt, and turned it around by shutting factories and axing tens of thousands of jobs. he didn't believe, at the time, that he had more than 50% chance of success, but he managed to do it. and yet, now, in the country where he made his fame he is also now sitting from the sea suite, sitting from a jail cell. some people will be watching, thinking how would it be possible, if you wanted to, to hide a salary in that way, in a company that presumably has accounting systems? the years, we have seen a number of very high—profile firms come out with accounting

powerful motor industry bosses has been arrested carlos watson the chairman of nissan rhino and mitsubishi motors alliance he's accused of grossly understating his salary and what the company calls significant misconduct natasha butler in paris looking at this one tell us more natasha. well it looks as if carlos goan is facing a very tense week indeed he is under arrest in tokyo and the japanese carmaker nissen says that it's going to consider whether or not to stand down the sack him as their chairman on thursday as a board meeting they announced last in a press conference a bit earlier on monday now what they are alleging is the color school in one of the world's biggest names in the motor industry chairman of mitsubishi motors chairman of the now chief executive of renault the french carmaker they're looking at whether or not he used company materials and money for his own financial benefit and gain this and have been investigating him for the past few months they have revealed that it was a whistle blower that tipped them off and that's what sparked their investigation they've now passed on a

he will also serve as chairman of both nissan and mitsubishi motor museum board ole is taking the reins during a difficult time the financial times reports that mr goldman was planning a merger between a general and his son with a japanese company was opposed to a deal then all said mr golan would remain as c.e.o. and sees him as only quote temporarily in capacity. and here's a reminder of the top story we're following for you at this hour the european commission has rejected italy's twenty nineteen budget the populist italian government has vowed to defend its spending plans especially on welfare so i think the two sides on a collision course just. don't forget you can always get a veto you news on the go just download our app from google play or from the apple store but if you all access to all the latest news from around the world as well as push notifications for any breaking news you can also use the. to send us photos and videos that you might think we'd be interested if. you're watching t w news coming to you live from berlin we have a fresh bulletin coming up at the top of the h

officer terry ball or a will take over for grown he will also serve both as chairman nice and mitsubishi motors he's taking the reins during a difficult time the financial times reports that mr gold was planning a merger between renault and nissan a japanese company who was opposed to. mr gold remain as c.e.o. and season as quote temporarily in the past. and staying in the automotive sector here in germany the market for diesel cars has crashed in the wake of false wagons diesel scandal concerns over act wallaby are mounting now a growing number of cities are banning diesel powered vehicles from the center but germany's unwanted diesel cars have found a new market in eastern europe countries which often are already struggling with their porsche. diesels a highly popular in ukraine this folks is just arrived from germany it meets euro five emission standards some mechanics take a close look at it they know it will need adapting to ukrainian standards within a few months at the latest that's when they'll have to remove its catalytic converter. cut the catalytic converters and the particle filters

will take over for go on it will also serve as chairman of both nissan and mitsubishi motors is taking the reins through a difficult time the financial times reports that mr gold was planning a merger between and then some but the japanese company was opposed to the deal and all said mr braun would remain as c.e.o. in season as only quote temporarily in capacity. and the next a portion of patients that's what people in the u.s. will need as the thanksgiving weekend is approaching travelers are on the move all of the country trains and roads are already of the crowded before the holiday on thursday mr flights are completely booked millions of people are looking to spend thanksgiving with their families and friends wall street investors will receive a short breather from the plummeting numbers on the stock markets the u.s. exchanges are closed on thursday but will be open on friday. and before we go here's a reminder of the top story we all followed for you at this hour at least populous government is preparing for a showdown with the european union that has vowed to defend its budget ag

last week mitsubishi part and this one i was to go on as a chat is on hold trolling stake in mitsubishi motors. back to our top story which is of course of course breaks it and we can all talk to the mountain she's with the broad goals that you think tank and joins us now from brussels. as we heard in our earlier report one hundred billion yen damage to the british economy do you think that is realistic. well it's a bit ties if you compare it to the numbers that we have seen prior to the referendum there was a range of studies of was done by then in which the current number would compare on the other side of that of course now we have a lot more information a lot more detail in terms of what breaks it would and tail and therefore perhaps is not quite so surprising that the numbers are as high as they are and you think the constant are you what we're looking at there what the leaders have signed off on is that the best possible case for the british economy overall is not the best case for the british economy the best case would be for the u.k. to stay in the u. that would be the best case howev

ball or it will take over from mr go on he will also serve as chairman of both nissan and mitsubishi motors he's taken the reins during a different time different times reports that mr gold was planning a merger between rhino and the song but the japanese company was opposed to the deal right now said mr gold will remain as c.e.o. and sees him as quote only temporarily in the past so. you're watching the news coming to you live from berlin we have a fresh bulletin coming up at the top of the hour in the meantime go ahead and do check out our web site that's d.w. dot com for all the latest news and information thanks so much. for. the next generation. i'll be sure three. claymont and more spaces. show starting a new hour. testing the first all electric drill on the truck. the cooper race. next g.w. . saving money at all costs. consumers hunting for bargains and companies looking to cut costs. trickiness is seen as a virtue but what happens when it becomes stinginess. and how can it harm companies. made in germany in sixty minutes on d w. i think is everything challenging first on how to make

carlos ghosn has been sacked as chairman of mitsubishi motors, after his arrest injapan over misconduct for personal gain. mr ghosn, who headed an alliance of renault, nissan and mitsubishi, has denied the allegations, according to media reports injapan. rail passengers who are unhappy about how their complaints have been handled, will be able to appeal via the dispute resolution ombudsman, a new independent service launched today, which is designed to hold companies to account. this follows widespread disruption on the railways this year which has angered many passengers. figures show 28% of people who made a complaint to a rail company in 2017/18 were satisfied with the outcome. and the government‘s brexit deal will leave the uk £100 billion worse off by 2030, and gdp 3.9% lower, the equivalent of losing the economic output of wales or the city of london. that‘s according to a national institute of economic and social research study out today, which was commissioned this by the people‘s vote, an anti—brexit campaign group that wants a second referendum. (stab + cam 5) afternoon, welco

he‘s also set to be fired from his role leading an alliance that includes mitsubishi motors and frencht said it flew a record number of passengers over the year, up 10.2% to 88.5 million. profits were up a2%. but the group has warned that revenues per seat, the amount of money it makes from each passenger, are set to fall in the first half of the new financial year, hit by factors including the timing of easter. more on that shortly. 0nline electrical retailer a0 world has cut its losses, falling to £11.7 million, down from a £12 million loss last year. but the firm has warned that a challenging market could force it to rely on the second half of the year to meet overal expectations for the year. hello and welcome to the business news this afternoon. it‘s been a turbulent year for the airline industry, but the budget airline easyjet says its annual profitjumped by a1% in its full year results. bookings for next year according to the airline were "promising" and slightly ahead of summer this year, with half its seats sold for the first half of 2019. but some analysts are cautious given

misconduct is serious enough to dismiss them or go on isn't just the chairman of this and but also of mitsubishi motors another japanese motor company as well as the chief executive or french carmaker rhino now the french state is a shareholder in rondo and earlier the french president reacted to the news. we will be extremely vigilant about the stability of the alliance and the renault group and also as regards to belittle for employees to whom i want to say that the state as a shareholder is ensuring that all of its support will france's finance minister says members of the french government will meet renault representatives in the coming days if carlos corner is sacked from this and it would be a huge blow to his career to his reputation he is someone who's been at the top of his industry for more than two decades britain's prime minister says her brags that plan is the best one for jobs as she battles officials from her own party who want her out tourism has told business leaders that her strategy on exiting the european union is the best deal britain can get even as it causes all this politico. op

you can see renault itself is also down more than 5% mitsubishi motors down 2.25 of 1% in the germanisting down in italy banca carige shares removed the lenter from the negative watch they're planning some recapitalization, however, fitch has warned that the bank's credit profile remains, quote, highly vulnerable. danske bank's whistle-blower is talking to u.s. law enforcement agencies over the lender's money laundering scandal according to "financial times." they report that the former manager has been cleared to talk to both the department of justice and the securities and trags network. meanwhile, hitachi could be preparing a $13 billion offer for abb's power grid business. that's according to the "financial times" as well. abb shares jumped as you can see there, 1.5% on friday, up 1.4% this morning amid reports that there are potential suitors. both firms have declined to comment on that report so far. volkswagen will invest 44 billion euros in electric. they will hold a conference call later today to outline the plan. the ceo told cnbc on friday he believes vw will become the wo

is serious enough to dismiss zammit mr organ isn't just the chairman of this and but also of mitsubishi motors another japanese motor company as well as the chief executive or french car maker rhino now the french state is a shareholder in rondo and earlier the french president reacted to the news. we will be extremely vigilant about the stability of the alliance and the renault group and also as regards to belittle you for employees to whom i want to say that the state as a shareholder is ensuring that all of its support will france's finance minister says members of the french government will meet renault representatives in the coming days if carlos corner is sacked from this and it would be a huge blow to his career to his reputation he is someone who's been at the top of his industry for more than two decades. israel's government has not really avoided collapse education minister naftali bennett had been threatening to pull his party out of prime minister benjamin netanyahu is coalition but has decided against it a withdrawal he lead to a snap election the government crisis was triggered w

the board of mitsubishi motors will meet on monday to oust ghosn as chairman.ations against him. sharanjit leyl is in singapore. bring us up to date. that is right. everything you said in fact the board was scheduled to start meeting about an hour ago and expectations are that just like the about an hour ago and expectations are thatjust like the alliance partner nissan motor, they will look to re m ove partner nissan motor, they will look to remove carlos ghosn from his role as after his arrest or alleged financial misconduct. he continues to deny those charges. a removal of ghosn will cnn and to his chairmanship of japanese auto—makers. —— will see an end. the japanese auto—maker was rescued from ba n kru ptcy japanese auto—maker was rescued from bankruptcy and the alliance included mitsubishi with controlled costs. there is a query of the future of that partnership between the three. they are bound together by cross shareholdings that could potentially be complicated to pick. thank you very much indeed. let's stay in asia. trading cautious in the midst of a

mitsubishi motors also off the board as chairman, colors ghosn.ss the board, a few gains taking place. we have the yen pretty much study. ♪ let's take you back to live pictures out in biloxi, mississippi, where president trump stopped in to speak. >> african-american poverty as at an all-time low. [cheering] remember what i used to say. what the hell the you have to lose? right? well, we produced. and we will continue to produce. republican passed a massive tax cut for mississippi families. we eliminated a record number of job killing regulations. and america is now the number one producer of energy on the planet earth. [cheering] and that took place pretty quickly. didn't it? we are taking care of our veterans. and our military wilson be more powerful than it has ever been before. [cheering] and because of that incredible power, hopefully, we will never have to use it, right? but to protect these amazing achievements, mississippi must defend our senate republican majority. we had a fantastic evening and day very recently, the midterms. we got ver

mitsubishi motors is looking to remove him. let's bring in our auto reporter. of course mr. head of nissan. what are these companies saying? >> we have had nissan and mitsubishi say they are going to look to oust him as chairman from the board of both of those companies. not gone to this point. you've also had the french state come forward because they are the biggest shareholder and say their interests are going to be protected. they want to preserve this alliance. it is important they come to the defense of this alliance because ghosn exiting the picture for thesethe outlook companies. he was key to these three. he was really the face of the franchise. shery: not only the face of the franchise, the face of the business community in japan after the 1990's. there was such a cultlike following for mr. ghosn. basedk they had a manga on what he did. this is a huge fall. >> absolutely. , his role as deal and moste first prominent foreign executives. japan was a very insular closed group reflective of the broader culture of japan. assn was looked at initially , can this foreigner

the motor industry he is not only the chairman for now of nisson but also of japanese carmaker mitsubishi motors he's also the chief executive of french car maker renault and what listen saying is that they are accusing him of financial misconduct they say they've been investigating him over the past few months and that they have found that he has misused company money and assets for his own personal benefit all this came about because they said they received a report from a whistleblower detailing some of carlos cain's financial maneuverings in the company when the stands now handed over all their documents and information to the japanese public prosecutor's office carlos golan is under arrest in tokyo and really this news essential waves around the motoring world because he is such an icon if you like of the motoring industry someone who's had a career that spanned decades in the one nine hundred ninety s. he began to shake up renault nissan and really turned their fortunes around so this news has really come as quite a shock to many inside the industry and if he is asked to step down as chair