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The Morning Risk Report: Splitting CEO, Chairman Roles Could Improve Renault’s Governance |
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The French government, which holds a stake in Renault, pressed the car maker to appoint interim management. PHOTO: CHRISTOPHE MORIN/BLOOMBERG NEWS
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French car maker Renault SA’s next leader would face the challenging task of boosting corporate governance while steering a company that has been thrown into turmoil by the arrest of its chairman and chief executive, Carlos Ghosn, at a time of transformational change in the auto industry.
Key to the management shift would be the untethering of the chairman and the CEO positions, analysts said. After a meeting late Tuesday, Renault’s board said it had appointed the firm’s No. 2 executive, Thierry Bolloré, to serve as deputy CEO on a temporary basis and Philippe Lagayette, Renault’s lead independent director, to act as interim chairman.
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Renault could pay a price for not addressing corporate oversight sooner, said Philippe Houchois, an automotive analyst at Jefferies International Ltd. Costs could include damage to the brand’s reputation, legal and other regulatory expenses. “Good governance would require Renault to split the chairman and the CEO role,” said Mr. Houchois.
Meanwhile, Japanese prosecutors are examining if Nissan Motor Co. failed to report certain stock-related pay allegedly received by Mr. Ghosn.
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Money Laundering: New Rules, New Crimes, New Controls |
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Join the Risk & Compliance Journal team at 8 a.m. on Dec. 6 in New York for a panel discussion and interview on trends in anti-money laundering with executives from Coinbase, PayPal Holdings Inc. and the Florida International Bankers Association. Sign up here.
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| From Risk & Compliance Journal |
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U.S. Puts Sanctions on Oil Network It Says Supports Syria’s Assad |
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Vantage Drilling Signs $5 Million FCPA Settlement |
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Offshore oil rig operator Vantage Drilling International agreed to disgorge $5 million in a settlement with U.S. regulators related to a corruption probe in Brazil involving Petróleo Brasileiro SA.
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Deutsche Bank has been trying to assess its exposure to allegations of money laundering involving flows from Russia and elsewhere through Danske Bank. PHOTO: KAI PFAFFENBACH/REUTERS
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Deutsche Handled $150 Billion of Potentially Suspicious
Flows |
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Preliminary findings of an internal review by Deutsche Bank AG of its role in a massive money-laundering scandal at Danske Bank suggest the German lender handled about $150 billion of the total amount of potentially suspicious transactions tied to Danske, according to a person familiar with the matter.
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Venezuelan Ex-Treasurer Admits He Took $1 Billion in Bribes |
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A former Venezuelan national treasurer who pleaded guilty to money laundering admitted he took bribes of over $1 billion from businessmen to allow them to conduct illicit foreign-currency transactions, the U.S. said Tuesday.
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Small Banks to Get Relief From Postcrisis Financial
Rules |
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The Federal Deposit Insurance Corp. proposed easing rules for small banks as part of a broader Trump administration effort to loosen restrictions put in place after the financial crisis.
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China’s Cosco Puts Long Beach Container Terminal Up for
Sale |
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China’s Cosco Shipping Holdings Co. is starting the process of selling its large container terminal in Long Beach, Calif. Cosco agreed earlier this year with the Committee on Foreign Investment in the U.S. to sell it within a year to allay national security concerns over a Chinese state entity running a major U.S. gateway.
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EU to Step Up Review of Foreign Investments |
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Some Merrill Brokers Say Pay Plan Urges More Customer Debt |
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Bearish on Bitcoin: Crypto Markets Take Steep Dive |
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The digital currency is down about 78% from last year’s peak, trading at $4,352, as the Securities and Exchange Commission has signaled plans to get tougher on a part of the market called initial coin offerings.
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FedEx to Add 1,000 Electric Vehicles to Parcel Fleet |
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FedEx Corp. is adding 1,000 electric delivery vans to its fleet, a move aimed at tamping down emissions in parcel delivery operations as regulators push to rein in pollution from commercial vehicles.
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Boston Scientific Acquires U.K.’s BTG for $4.2 Billion |
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Boston Scientific Corp. has agreed to buy British health-care firm BTG PLC for £3.3 billion ($4.24 billion), bolstering its presence in the growing field of interventional medicine.
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Lowe’s to Exit Mexico Retail Business |
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Amazon Aims to Put Digital Wallet in Stores |
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Amazon.com Inc. is working to persuade brick-and-mortar merchants to accept its Amazon Pay digital wallet, according to people familiar with the matter, attempting to expand a service now used primarily for online purchases.
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Barnes & Noble Trims Losses Despite Weaker Sales |
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Barnes & Noble Inc. narrowed its losses in the latest quarter as the struggling bookseller worked to lower expenses and turn around its store operations.
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Bain, KKR Establish Severance Fund for Toys ‘R’ Us
Workers |
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The private-equity firms that owned Toys “R” Us Inc. before its collapse into bankruptcy have rolled out a severance fund for the thousands of workers left jobless as a result of the retailer’s liquidation in the U.S.
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Airbus Finalizes New Executive Line-Up |
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European aerospace giant Airbus SE on Wednesday appointed two outsiders to key executive jobs. Dominik Asam was named chief financial officer and Michael Schollhorn as chief operating officer of its plane-making business.
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Nielsen Holdings Names IBM’s David Kenny as CEO |
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Holiday Schedule for The Morning Risk Report |
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The Morning Risk Report will not be published on Thursday or Friday in observance of the Thanksgiving holiday in the U.S. We will resume publication of the newsletter on Monday.
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