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

injapan, ithink the renault link was considered to bea the renault link was considered to be a benefitave passed its useful sort of life, so to speak. so there may be some people injapan thinking speak. so there may be some people in japan thinking that speak. so there may be some people injapan thinking that it may be a time to sort of realign that particular arrangement. but for now, it has to be status quo until at least things settle. but in terms of share prices, and so on, it is going to bea share prices, and so on, it is going to be a rocky period from now for quite sometime. thank you. let's go to the us now, where the nation prepares to celebrate thanksgiving and the start of the holiday shopping season. the strength of the us economy means consumers are expected to spend more this year. but with a big shift in how people shop, the retail business is scrambling to adapt, as michelle fleury reports from new york. a big show to get you to buy things — the holiday windows at fifth ave. to grab people's attention, retailers and malls are increasingly relying on experiences to driv

ghosn who was a renault man. so there was already that huge tension within the group i think that's what was referred to when it was talked about which power was too concentrated in that one man. >> you mention that. we hear a lot about key man risks, especially following the death of sergio marchionne this summer what do you think this hole left by mr. ghosn's departure might mean for the companies and their shares >> it depends on who steps forward in terms of running the company and running the alliance itself the statement does suggest that will there be more shared responsibility in the future but there was always a question mark about what would happen when mr. 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 mentio

. >> in terms of structure, 43% is held by renault.d of renault is concurrently serving as head of nissan and in terms of governance, this concentrates power on one individual. this is not the only cause but one of the factors. a committee will look closely at this issue as well. >> china accused the united states of ruining the atmosphere. israeli officials have criticized airbnb's decision to stop renting out homes in jewish settlements on the occupied west bank. the san francisco based company says it's removing about 200 home and room rentals in the region. critics have long accused airbnb of profiting from rentals in illegal jewish outposts. it says it knows some people will disagree and it appreciates their perspective. and pop superstar taylor swift has chosen vivendi's universal music for her hotly sought after new multi year contract. financial terms weren't included in the statement late monday but the company will share proceeds from the expected sales, equity, and spotify. the 10-time grammy winner said on instagram she fee

and then, he forges the alliance with renault and makes renault a global contender. but was it an in equitable partnership? renault and the french government had too much say? jesper: renault is a state owned enterprise. the french state owns the majority of the voting share. and nissan, which does all the engineering, and efficiency in the new product design, they getin this, so absolutely. stephen: was this an indictment on the western ceo in japan? was this a closing of the door? for thei think that time being, it's going to be a little bit of a closing of the door, and i think that, you know, corporate ceo pay in japan is going to come under even more scrutiny. stephen: and where does the alliance go from here? if there is a chance that this dissolves? jesper: there is a chance this results. i don't think it will because everyone is aware that there are too many car companies in the world, and further consolidation is required. a further splitting up would mean that each player is going to be confined to the dustbin of history. stephen: where does this go? you kn

we know that nissan makes around 60% more cars than does renault, but renault holds 43% of control in nissan. it means renault is the stronger controlling partner despite being in a weaker position. there's also questions about japanese corporate governance at stake here. japan has been through a kind of larger reform of corporate governance the last few years. perhaps this is an example of some of these anxieties being expressed through this particular tussle. >> obviously, a lot of national interest at stake. where would this alliance be, or would this alliance be where it is today without him considering these complications? >> he was the linchpin of this alliance. he would spend his average month one week in france, one in japan, then two weeks anywhere in between, so he was clearly trying to bring together a global alliance. with him removed, it is like removing the linchpin which holds these companies together, which then brings many analysts to question if they are going to move towards closer integration, which some analysts were speculating there was a merger in the cards, or

renault -- nissan was the goal before, where does that leave renault?stion is will ghosn resign as the ceo of renault? the company was kept in the dark about the investigation. the big question is this. the next question is who will lead the alliance? ghosn is the first architect. he turned around nissan and renault. he was the ceo of both companies and was backed by the japanese in the french governments. over the long run, they'll be the question of who can head this alliance beast. this is a question we do not know the answer. alix: you said renault had remained silent. carlos ghosn is in japan, arrested. regardless of what his title is, his ability to function will be crippled. from a culture point of view, is there anyone who can take the reins of renault in france that can also help the company along, particularly in a potential merger with nissan? ania: as it is today, we know that ghosn appointed a number two earlier this year. he is chief operating officer. he has most likely to take the helmet ghosn has to step down in france. we could take ab

the renault story. renault is a stock, if i told you it's trading four times forward pe, you would say there must be value somewhere. if you times it by three and then some you wouldn't get to the average valuation of the cac 40 autos coming off an incredibly low base >>> brussels is set to respond to italy's resubmitted budget. the european commission is expected to declare rome is in breach of eu rules when it publishes its report at 12:00 p.m. central european time, taking the first step towards disciplinary action against the eurozone's third largest economy. italy refused to cut its 2019 deficit but a newspaper reports that mateo salvini may be open to budget revisions. this is the man who famously said the first things he looks at in the mornings is the italian spreads over bunds we are trading at 3.53% on the italian ten-year paper going out to 30 years, 40.077. let's get to silvia who is in brussels cryptic, opaque, ambiguous what does mateo salvini mean when he says he may be open to compromise

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 sided coin. they will have a board meeting later today through -- tuesday in france and discuss it. mitsubishi also is out the same day and will investigate and decide. we heard from the ceo that they are not necessarily going to take any action. this is something that will lay out for quit

renault stepped in to save it. carlos ghosn was brought in as a foreigner to do what no japanese ceo could do, that is to cut ties within then industrial conglomerate, to lay off people. he did a great job of turning around that company. fast forward to today, 19 years on, nissan regained strength, there's been issues of fuel economy figures, but nonetheless, it's a stronger company. now you have two companies that are of roughly equal size and strength so there may be a feeling that nissan is not in need of being taken over but can stand on its two feet that's the power struggle we're seeing >> i want to pick up on the other point, you mentioned about the manner in which the japanese pursued their investigation and they've made this a public event. in terms of internal investigations, typically these are done to try to protect their leaders. what do you make of the fact they used this internal investigation to confirm the allegations and did so in such a public way >> you're right. it's very unlikely with hindsigh

as you can see, renault own 42% of nissan, whereas nissan is holding 15% of renault, but also the moreacquisition for nissan is it holds a 34% stake in mitsubishi. his sudden departure has also highlighted the complicated structure of this company. the french government owns a 15% stake in renault. french president emmanuel macron has said the state will be "extremely vigilant" about the stability of renault and its alliance with nissan. but we must point out that so far, on the part of mr ghosn himself, he has not commented on any of these allegations. he's known for his ferocious work ethic and charismatic leadership style. but as our correspondent was saying earlier in our talk in tokyo, he has been under investigation and arrest since he was arrested yesterday, which is possibly why he has not had the chance to respond to these allegations. let's get more on this now. professor seijiro takeshita at the graduate school of management and information of innovation at the university of shizuoka. thank you forjoining us, a regular on the programme. give us your reaction to this shocking

the fret -- related to renault.rench finance minister's --king up its boss saying the french government mantra the stability of governance. the french government likes to have a stay -- essay of what happens in large areas of french industry. these are the kinds of comments we should expect from the french government. talking about the stability of governance at renault, no share price reaction. vonnie: mitsubishi also looking at the situation and coming to some kind of decision which we will keep you updated on. apple on the decline again as well. according to the wall street journal, apple is coming production orders for the three iphone models in unveiled in september. a reporter for bloomberg news joins us now. another 3% decline. how much does the market put store in these stories? we do not know what the numbers are going to be. maybe the numbers will not be a strong as we thought they would be. >> you can see it in the price reaction. apple has been lower for seven weeks. that is longest decline for apple sin

renault's board meets later today.s than half an hour to go until the start of the european equity trading day. we are expecting to go in little bit weaker at the start of the european trading day. no surprise perhaps, given what we have seen in the asian session. you can see this writ large across the equity session in asia. with ms. coming through on africa -- weakness coming through in africa, turkey. one thing to worry about his trade, the other is tech, and to some extent these to come together when you think about global supply chains. we see the australian dollar a little bit weaker, a proxy perhaps for some concerns around trade. i want to bring you that, because we have seen some selling in chinese equities and perhaps see a little bit more appetite for sovereign bonds in china. is not forget what we are talking bout with regards to energy prices. brent crude down by 0.6%, so another drop in. fuel prices. we spoke to the. agojet ceo a little while and he was reflecting on the oil price. tech stocks have been p

the rest has now raised concerns that the renault nissan alliance could collapse something the japanese government wants to avoid. to do again what's important for now is to ensure the alliance between nissan remained stable and. carlo's career appears to be collapsing however he is suspected of underreporting his income by several million euros over a five year period as well as misusing company assets for personal gain could face up to ten years in jail if he's found guilty for more on the story let's bring in larry he's a professor of strategic management management at warwick business school in the u.k. and a commentator on the car industry program question we've seen that this is a very complex alliance with the much smaller rental having a big say the much larger nissan if you think it's possible that mr golems downfall is politically motivated to shift the division of power in favor of the japanese. well at the moment this is pure speculation but it's possibly what i do think would be surprising if executives in the sun haven't known about these dealings and their arrangements fo

nissan has close links with the french company renault, both the japanese and french governments sayhey strongly support the alliance. and this video is trending on bbc.com. this is gymnast ashley watson setting a new world record forjumping between horizontal bars. he made it across a 5.87 metre gap. it took him eight goes to perfect the move. that's all. stay with bbc world news. our top uk story: after a review into the manchester arena terror attack, mi5 accepts it made a mistake in not tracking the bomber. now on bbc news, live to singapore for asia business report. carlos ghosn gone from carlos ghosn. the 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

renault also doing well.ut any change in the balance of power between nissan and renault. could there be a shift in the ownership structure? could there be a shift in ownership rights? could there be a shift in the shakeup after the arrest of carlos ghosn? ericsson also up by just over 2%. is seen as potentially possibly good for other telecom equipment companies. the likes of ericsson and nokia have been mentioned. let's take a look at the downside. is one of theics companies under pressure this morning, down by 10.7%. ge a group down by 9.9%. we had an update from them this morning. that may explain some of the weakness. also the weakness in the oil price having an impact. we seized some oil relating businesses trading weaker this morning. let's get a first word news update. debra mao has ever us in hong kong. spain's prime minister says he will vote against the brexit deal is no changes are made over the issue of gibraltar. leaders from the eu's remaining 27 countries will meet on sunday to give their bles

renault, as the principal shareholder, has rights. enormous risk to buy this company in 1999. nissan can ask for this. their rights have to be respected. there are all of the public statements. a full we do not want takeover of nissan. we have to respect the corporate cultures of these companies. it is important to their competitiveness. he was a voice for moderation on this deal. with his absence, maybe people are going to take a harder line. say, we should control this company. renault sites wiped? have four ofor -- the five board members. in detention. >> every indication is they are in shock. many key people found out about this thing through the news. they didn't get a lot of notification about this. i think they are still in shock. you have a leadership vacuum. he has taken over as an interim ceo. arrested, it was not just nissan that lost its chairman. it is taking them a few days to regain their balance. , is athis rift repairable? very tough.ng to be i think some trust has been destroyed. hard to regainbe that credibility. it

they own 15% of renault. they are eager to see renault succeed.he president has played an important role to shape this. he has been close to ghosn as economy minister at the time. as president, he has kept a close eye on it. monday, he says he is vigilant in terms of the future of the alliance. keen toch government is keep this going, but the question is how pragmatic might they be. are they going to say it will they throw the japanese side a bone? right now they do not have -- the japanese does not have any of the voting rights. that may be one way they can maneuver, because they do not want this to fall apart. the renault side has benefited more than the nissan side. guy: what other options do they have? if this were to fall apart, where does that leave renault? benedikt: it would leave renault as a too small player. that theself said small players will struggle going forward. you need size to compete. this is happening at a time of massive transformation in the industry. you have massive outlays that you have to make in order to compete and mov

he has set the tone for nissan renau renault.gs into question what the future is of this alliance does it continue is it possible that these two companies part ways? potentially as andrew has touched on, does it set up the possibility of one or both of these companies being sold off to another automaker just a lot of questions that remain unanswered this morning >> let me ask you this you're looking at those stocks down in large part renault down 10%, same thing with nissan. how much do you think this is about the prospect that investors are anxious there is additional questionable accounting that goes beyond the compensation issue for mr. ghosn? >> i think 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 c

is the influential shareholder in renault, is actually turning its back when it comes to renault.oday, the renault bought, it looks like at the very least he will be suspended or excluded cos once the french finance minister says you are not in a position to lead this country, you are not in a position to lead the company. dominic, thank you. the duchess of sussex met take that as she attended the royal variety performance for the first time. meghan and her husband prince harry were also entertained by singers rick astley, george ezra and the cast of hamilton during the annual charity gala at the london palladium. in a moment, the weather but first let's join victoria derbyshire to find out what she's got coming up in her programme at ten: good morning, from 10am the latest in the brexit lined eight series, we send to a well—known people with opposing views on a lunch date. today it's labour peer and tv presenter sir robert winston and aisling morgan wallace, a reality tv star who made her name on the other. there is screwed language. let me make an assertion. i think what we are

that is important, because there are two renault executives on the board. board is going to treat that. they are considering their position, as are mitsubishi. briefly, brexit? a broad agreement, where are we now? quite a bit weekend. we are going to get the council, the european council, the summit is on sunday, where we are expecting the deal to be signed off. there are two part of this, the withdrawal agreement, a divorced eel, and what does the future look like? a couple of flies in the ointment. spain is very worried about what happened to gibraltar. they want to be specifically consulted in any future. as we know, the big threat is in the uk parliament. a lot of people had a go at theresa may, saying it is lacking in detail about the future relationship so we are essentially having a blind brexit. we don‘t know what the future is before we leave. good to get your analysis, thank you. in a moment we‘ll take a look through the business pages but first here‘s a quick reminder of how to get in touch with us. stay up—to—date with the business news as it ha

renault owns 43% of nissan, nissan holds 15% of renault and over a third of mitsubishi.wns 15% of renault. so far, carlos ghosn has not commented on any of these allegations. ben? let's take a live to rupert 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 a

what will that mean for its relationship with french partner renault?'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 does so while protecting jobs, protecting our security and protecting t

nissan has a 50% nonvoting stake in renault. the ceo has increasingly pointed unfavorable to nissan and perhaps that is where the risk started growing between him and carlos ghosn as ghosn started to cement the 20 years he worked to put this alliance together by merging renault and nissan. the ceo did not want a merger. they will all say the alliance is the right way to go for the french and renault, it is the right way to go. that is a big question. haidi: a very eventful few days of japan. opposition moves to make clean energy a critical issue. mayie: up next, theresa says britain is leaving the eu in march with or without a deal. we asked what happens if lawmakers reject her plan. coming up on . sophie: heidi is that black inside of the studio right now. sodi: it is friday though, it has been an eventful week. at the least of which which has been going on on the other side of the pond. the eu and u.k. have been busy. they agreed in principle to the and a draft that hans theresa may some key political win. we have the details

french carmaker renault has a frame from ousting carlos ghosn. an alliance with renault, which overnight named an interim chairman and handed new powers to its ceo —— has refrained from. earlier i asked an expert whether they can survive the scandal. indeed the alliance will survive because all three companies can't survive without it. they currently have a number of projects on which all of their... most of their future models really dependent. last year they proposed most of the platforms would be shared between the three companies, the our train, would be shared between the three companies, the ourtrain, the technology for electricity and, for automated driving, for connected cars. these projects are the —— our train. how do you come up with an effectively do ship structure? in the trenches, people have been working on these projects which hold the future in their hands for many yea rs. the future in their hands for many years. before the arrest of carlos ghosn, there were reports he was planning a merger between renault and nissan, which was

about renault nissan as an enterprise. what is important is the preservation of the alliance. the group's turbulent and that should not be allowed to weaken the alliance. and threaten jobs. says then ceohs lloyd blankfein held a meeting. this follows a new york times report that they are investigating the meeting as part of a criminal investigation. goldman says they raised money without knowing it would be diverted. the seventhfor weekly loss after saudi arabia signaled output may have reached a record. the energy minister said the kingdom is pumping an excess of 10 million barrels a day. the cryptocurrency crash of 2018 is heading for the worst week yet. peersn, and also the tumbled. the worst five-day stretch sent script of mania -- crypto mania. they have been mired in a $700 shows fewut that signs of abating. global news 24 hours a day. powered by 2700 journalists and analysts. this is bloomberg. debra mao in hong kong. let's turn to the top story. the u.k. and european union have agreed in principle to the final part

renault would have it more tough.ome analysts though have been calling on renault to sell its stake anywhere. difficult to tell at this stage what the impact would be on the operation of these individual businesses it least in the medium term. anna: thank you so much for joining us. onset, brendan brown from mufg securities. youave a chart here to show the share prices of these european autos. fire,ctor has been under caught in the crosshairs of the trade tensions. when you look at trade, is it autos that were you or technology? brendan: i think of the relationship between trade tensions and currencies. back to yesterday with all of the news. think that in the next stage of the trade drama particularly in the united states versus china, current sees are going to come into the conversation. and i would have thought that any serious part of a truce in the u.s.-china conflict would involve trying to push the chinese currency up. anna: let me ask you some more questions about that. surprise -- will it be a truce or someth

nissen makes around about sixty percent more cars than what then does renault its partner but renault holds forty three percent of control in a sense that means that a right now is the stronger controlling partner despite being in a weaker position there's also kind of questions about japanese corporate governance at stake here so japan has been through a kind of larger reform of corporate governance in the last few years this is boortz into the prospect that logic companies could from external companies could have a stake in the japanese economy and perhaps this is an example of some of these anxieties being expressed through this particular tussle so obviously a lot of national interest at stake here are two well known car companies with big histories where would this alliance be or would this alliance be where it is today without going considering all these complications. going was the absolute lynchpin of this alliance is the kind of ideal they have also man some people have called him so it's spent his average month one week in france one week in japan then two weeks anywhere in

one of the things that complicates this story is renault and the ownership of renault. ownership stakes by the french government. we got a comment from the finance minister, here's what he had to say. >> i would have all the necessary discretions with the people that are in charge and we will take decisions as soon as possible to ensure stability and long-term vision of both renault and nissan. jason: joining us on the phone from london is problems smithers senior autos analyst. julie, what you make of what happens next, especially from the french government's perspective? what do they need to do to ensure renault is in safe hands going forward and do they still think they can maintain this alliance that carlos ghosn was the architect of? , the biggestsly concern for investors is what happens with the future of the alliance. the first one is the level of cooperation will be maintained. the companies are likely to continue to share our deep and manufacturing and distribution. these projects are in place and the partners are benefiting from them. there is no reason to wal

the rest has now raised concerns that the renault nissan alliance could collapse something the japanese government wants to avoid. again what's important for now is to ensure the alliance between nissan remained stable. carlos' career appears to be collapsing however he is suspected of underreporting his income by several million euros over a five year period as well as misusing company assets for personal gain could face up to ten years in jail if he's found guilty. for more on the story let's bring in custom stoffel our he is a professor of strategic management management at warwick business school in the u.k. and a commentator on the car industry come to the program christian we've seen that this is a very complex alliance with the much smaller rental having a big say in the much larger nissan do you think it's possible that mr goans downfall is politically motivated to shift the division of power in favor of the japanese. well at the moment this is pure speculation but it's possibly what i do think would be surprising if. you miss and haven't known about these dealings in their arra

nissan only owns 15% of renault with no voting rights.as an unequal if you will, some would say, especially the japanese and nissan would ay it was an inequitable partnership. the french would probably disagree. >> you touched on this a little bit. why the political connotations here? >> well, the political connotations can get a little bit sensitive of course. this is a foreigner who took over a corporate japanese giant that was struggling and turned it around and took wide credit for that. was there as some have alluded to a palace coup by the likes of the c.e.o. who was his protege? there were clear risks developing between him and carlos ghosn especially on the issue of a merger. carlos ghosn was trying to submit his legacy. that was complex shareholder structure. nissan didn't want to go further into a merger. yousef: president trump this week publicly thanked saudi arabia for lower oil prices. he said the jamal khashoggi murder would not jeopardize the relationship between washington anduri yad. -- and riyadh. >> there is a bunch of

found it very very violent the way that these allegations were presented and renault has essentially been shut out of the investigations. nice time claiming that there might be a conflict of interest so they basically don't know a lot of what is going on. renault has reportedly also tried to delay the dismissal of carlo go in as the chairman of the new board and the interim c.e.o. only today sad that he would protect both the interests off. and the stability of the alliance very much trying to keep things the way they are and paul are there differences in strategy that nissan and renault made might pursue that would make a shift in power necessary. in this marriage both companies that stayed as they word the corporate culture remained but of course the ultimate goal was to have one strategy going forward to the alliance is as of two thousand and eighteen the largest manufacturer of electric vehicles for example with both companies coming out with electric vehicles much earlier than other competitors they do differ in the markets nissan is strong in the us and also allows access to ch

renault owns 43% of nissan, while nissan only holds 15% of renault, and the french government also holds as well, and nissan also holds one third of mitsubishi motors as well. we 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, ma

renault, whose biggest shareholder is the french government, controls nissan with a 43% stake., nissan, a far bigger company in terms of sales, owns just 15% of renault with no voting rights. joining us from tokyo is janet lewis, head of industrials and transportation research at macquarie. described to the bbc as a hatchet job — fair assessment? reference to a hatchetjob is a little bit extreme. if a whistle—blower reports something like this in turn away the company is obligated to investigate it. the two whistle—blowers is obligated to investigate it. the two whistle— blowers a ppa re ntly is obligated to investigate it. the two whistle—blowers apparently have gone to the prosecutor in order to get immunity from personal prosecution and so i do not think nissan had any choice but to report at themselves and the company itself could end up being prosecuted as well. is this all in a bid to reset the power balance in this alliance between nissan, renault and mitsubishi? or is that far—fetched? the alliance is very necessary to all three companies and so they need to figure out

nissen makes around about sixty percent more cars than what then does renault its partner bought renault holds forty three percent of control in sound so it means that a renault is the stronger controlling partner despite being in a weaker position there's also kind of questions about japanese corporate governance at stake here so japan has been through a kind of larger reform of corporate governance in the last few years this is boortz into the prospect that logic companies could from external companies could have a stake in the japanese economy and perhaps this is an example of some of these anxieties being expressed through this particular tussle obviously a lot of national interest at stake here two well known car companies with big histories where would this alliance be or would this alliance be where it is today without going considering all these complications. gone was the absolute lynchpin of this alliance is the kind of ideal they have also man some people have called him so it's spent his average month one week in france one week in japan then two weeks anywhere in between so

the rest has now raised concerns that the renault nissan alliance could collapse something the japanese government wants to avoid. again what's important for now is to ensure the alliance between nissan remained stable. carlos' career appears to be collapsing however he is suspected of underreporting his income by several million euros over a five year period as well as misusing company assets for personal gain could face up to ten years in jail if he's found guilty. and staying with the automotive sector the u.s. government has invited the heads of germany's three largest carmakers to the white house the meeting with the chief executive office fox wagon b.m.w. and dimer could take place as soon as next week president tom trump has repeatedly threatened to increase terrorist car in person and criticized germany's huge trade surplus with the united states ox wagon produces cars in tennessee or seeds manufacturers vehicles in alabama and b.m.w. has an s from the factory in south carolina. now in light of president trump's publicly voiced tough stance against german carmakers we asked our

to bring you the latest on renaur renault's share price.he japanese newspaper said the ceo would potentially face an arrest 11.5% lower on the day 2 billion euros of value wiped off the company's market cap let's check in on the u.s. markets open you can see all three of the major indices being called ever so slightly higher with the dow jones up 24 points that is it for today's program i'm willem marx. "worldwide exchange" up next [ 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. >>> it is 5:00 a.m. here at cnbc global headquarters. here is your top five at 5 breaking news, nissan stock

yes, as you say, he tested for renault, renault came back and said he just doesn't have the strength.ent on to test for williams and most importantly at the hungarian racetrack, a very fast track, lots of left and right, it really tested the polish man to see exactly how much strength he had. he does have a severely withered arm now, but they have made lots of adaptations to the car, that together with his determination has proved the turning point. we saw it with the young brit billy monger who lost tragically both legs in an accident but has returned to single seaters. what are they doing to break down barriers for disabled drivers? with motor racing it is quite a good normaliser, as soon as someone is a car, male, female, totally partially able—bodied, whatever that issue is they have, they are just racers in a car with a helmet on, no one can tell the subplot to the story once they are in that car. i think it is rarely positive. the fia have obviously moved quite a lot to make these things happen. before the beginning of the year you wouldn't have been able to race in a single sea

one option would be, could renault?for i don't think so, because it has sort of poisons to the french stake their. could there be a way that nissan unilaterally dissolve their lines, they certainly cannot kick reynold out of shareholders. could they develop some of those joint purchasing agreements and r&d agreements as sort of the .edrock of the alliance it is hard to see how it could be done but you would think that after so this has happened, the sort of thing that nissan will have to think about. >> thank you so much. david, here in sydney. they're just finding out that nissan spent several billion yen on multiple -- for carlos, who has been arrested. we are also seeing some bullying since nissan has started trading in tokyo, 1400 times the average daily volume that we have seen for that stock am a it is down the damage half of that would expect looking at the futures of the a dnr session. let's look at what has been happening with equities, a bad start to the day, due to u.s. session, shortened holiday week, volume

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

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 perfect, and he has been controversial as well. what are the issues the company has faced during his time? steven: in 2017 they had an issue with some inspections that forced the recall of more than a million vehicles. that was a black eye. earlier this year they had and omissions scandal, unfortunately not unusual among car companies. there are reports that some of the rivalries between the nissan side and renault's i have been flaring up again as the car industry moves tow

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

so i don't think that the duration the will fall apart too much integration between nissan and renault into production to develop new products is beneficial to go sorry it's but what could certainly happen always expected to happen is that nissen tries to shift some of the power within the organization and i would be cautious to say that this is going to work i said to manage in this and would like to do for some star thank you very much for weighing in on this discussion so some strategic questions about the future of this alliance remain for more on this let's cross over to paul christian brits who is standing by at the frankfurt stock exchange for us chris and what do investors think is the best way forward here. a curse of investors hate uncertainty and so the first thing they would want is to get rid of the uncertainty of the open questions of what of the allegations are true and if they are. who knew and to what extent other people were involved going to is considered a key figure and essential in unlocking some of the potential that is still in the alliance unlocking some of tho

the french government owns 15% of renault. renault owns 50% of nissan. -- 15% of nissan.usual, precise, and serious. yvonne: thank you. look at oil, falling as much as 3% here in the asian session. course, you can attribute that to volumes, the holiday season in the u.s.. we are off from the lows, still at 2.5%. david: 30% now from the peak. if you are long oil, it is a total collapse of the heart. this is bloomberg. ♪ i'm all about my bed. this mattress is dangerously comfortable. when i get in, i literally say ahh. meet the leesa mattress. a better place to sleep. this bed hugs my body. i'm now a morning person. the leesa mattress is designed to provide strong support, relieve pressure and optimize airflow to keep you cool. hello bed of my dreams. order online. we'll build it, box it and ship it to your door for you to enjoy. sleep on it for up to 100 nights and love it, or you'll get a full refund. returns are free and easy. i love my leesa. today is going to be great. read our reviews, then try the leesa mattress in your own home. order during our black friday mattres

and speaking of that renault nissan partnership french president emmanuel. mccrone has been compelled to restate official support for the project the increasingly unpopular former investment banker told media in brussels that as a shareholder however the french government will remain extremely vigilant regarding the stability of the alliance the renault group and its employees who have the full support of the state. as the holiday season is upon us and black friday approaches we now move to discuss an incredible industry of more than four hundred sixty billion dollars this one is a legal and if you weren't careful you could be embroiled in it in a hurry in the u.s. the trademark and counterfeiting act of one nine hundred eighty four makes it against the law to knowingly use or sell fake items but that doesn't stop the scam stores from trying and it doesn't stop some who want those knockoff goods from buying here to discuss is an expert on the subject the counsel and vice president of corporate strategy for the international anti-counterfeiting coalition laur

what's important for now is to ensure the alliance between renault one remained stable one. carlos gomez career appears to be collapsing however he faces up to ten years in jail are found guilty. this week the european commission decided to begin excess deficit procedures against italy for what it says if excessive public spending it's the first time a member states budget has been rejected but the commission is determined to prevent italy from increasing its debt burden currently one hundred thirty percent of g.d.p. and therefore twice the e.u. limits the procedures could burn a further hole initially pockets with a fine of up to almost three and a half billion euros. he cares to slash seven and a half thousand jobs around the world as it shifts more towards online retail workers in communications in administrative functions are most likely to get the axe it's a rare case of restructuring for the swedish furniture giant which is so far appeared immune to the fate of many brick and mortar store operators but a decline in foot traffic has prompted the company to expand its on