Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
Nissan said its Chairman Carlos Ghosn has been placed under arrest after he allegedly violated Japanese financial law.
The auto giant said in an earlier statement Monday that "over many years" Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.
Nissan added that, in regards to Ghosn, "numerous other significant acts of misconduct have been uncovered, such as personal use of company assets." The company said Ghosn had also made inappropriate investments.
In a press conference Monday, Nissan Chief Executive Hiroto Saikawa, said both men had been arrested and this Thursday he would propose to the Nissan Board of Directors to remove them from their roles.
The chief executive revealed that a whistle-blower had passed information to Nissan's auditors who then began a wider investigation. The evidence was then passed to Japan's public prosecutor.
Saikawa said both Ghosn and Kelly clearly "masterminded" the allegations of misconduct but refused to say how many more people could be involved. He said that due to the secrecy of the operation, most other top executives at the firm had only learned of Ghosn's wrongdoing in the last few hours and that only "a few" people knew about the investigation.
Facing the press alone, the chief executive added that he felt the mistake had come after allowing a concentration of power in one individual. Saikawa said the misconduct went on for "a long period" and it looked like Kelly had been allowed to take control of internal operations, as he had the direct backing of Ghosn.
Nissan shares in Asia had already ceased trading on Monday when the news broke, but Renault shares — with Ghosn also being the CEO and chair of the French automaker — hit their lowest level in three years. Renault's stock was more than 13 percent lower shortly before 12:00 p.m. Paris time.
An alliance between Renault, Nissan, and Mitsubishi has been built up over the last two decades. Nissan and the French government each own 15 percent of Renault. In turn, the French auto firm holds a 43 percent stake in Nissan. In a statement Monday, the French President Emmanuel Macron said he would be extremely vigilant over the stability of the alliance between the two companies.
A brief reaction note from analysts at Citi Research on Monday said the volatile share price reaction showed how pivotal Ghosn is for any potential collapse of the Renault-Nissan structure. Citi added that while Renault's stock trades at about a 50 percent discount to its 10-year average, this discount would likely rise should Ghosn depart as he is "viewed as the chief architect of any solution."
Ghosn is considered a hugely influential executive within the global automotive industry. The cross-ownership alliance of Renault, Nissan, and Mitsubishi have all enjoyed an upswing in fortunes under his leadership. After successfully restructuring Renault in the late 1990s, Ghosn earned the nickname "Le Cost Killer."
Born in Brazil, Ghosn became the world's first person to run two companies on the Fortune Global 500 simultaneously when he assumed the CEO roles at both Renault and Nissan in 2005. He stepped down as Nissan CEO in 2017.
In June this year, Renault shareholders voted by a slim majority to approve a 7.4 million euro ($8.4 million) pay package for Ghosn's work in fiscal 2017. According to other securities filings, Ghosn earned 735 million Japanese yen ($6.52 million) from Nissan and 227 million yen from Mitsubishi for the same period.