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The Morning Ledger: Ghosn Rejects Allegations He Failed to Report Pay |
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An artist’s rendering of Carlos Ghosn in a Tokyo courtroom on Tuesday. PHOTO: KYODO/REUTERS
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Good day. Former Nissan Motor Co. Chairman Carlos Ghosn on Tuesday called the allegations against him “meritless and unsubstantiated,” delivering a broadside against Japanese prosecutors in his first public statement since his arrest more than a month ago, reports The Wall Street Journal.
"Wrongly accused:" Mr. Ghosn said he properly reported his compensation—rejecting charges that he hid tens of millions of dollars in deferred pay—and said he had Nissan pay money to a friend for business services, not because the friend guided him through a personal financial problem.
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To report or not to report? Mr. Ghosn was charged Dec. 10 with failing to report his compensation accurately in Nissan’s financial statements. The charge hinges on the prosecutors’ view that Mr. Ghosn deferred a portion of his compensation and intentionally didn’t report it.
Additional suspicions: Tokyo prosecutors have also been investigating Mr. Ghosn on suspicion of committing breach of trust, a crime under Japanese law that refers to executives abusing their position for personal gain. In a statement, Nissan said that separate from the prosecutors’ probe, its internal investigation uncovered “substantial and convincing evidence of misconduct” by Mr. Ghosn.
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The U.S. Federal Reserve will release outstanding consumer credit figures for November at 3 p.m. ET. Economists surveyed by the WSJ predict consumer borrowing rose by $19 billion from the prior month, compared with a $25.38 billion increase in October.
Officials from Washington and Beijing continue their talks trying to resolve trade issues that are threatening the global economy, with U.S. negotiators focused on a make-or-break issue: guarantees that China will follow through on its offers.
Softbank Group Corp. as early as Tuesday could announce it is scrapping a planned $16 billion investment in shared-office space provider WeWork Cos., instead opting for a smaller deal of about $2 billion.
Constellation Brands Inc., WD-40 Co. and Bed Bath & Beyond Inc. are among the companies reporting earnings today.
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New Netflix CFO to Earn Almost Twice as Much as Predecessor |
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Netflix Inc.’s new CFO Spencer Neumann is set to earn almost twice as much as his predecessor. PHOTO: OMAR MARQUES/ZUMA PRESS
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Netflix Inc.’s new finance chief will make almost twice as much as its former CFO. Spencer Neumann, who joined the video streaming giant as CFO on Jan. 7, will receive $5 million in salary and $5 million in annual stock option grants, according to a filing with regulators. He also will receive a one-time payment of $1.7 million.
That is a big step up from the compensation of former CFO David Wells, who was set to receive an annual salary of $2.8 million and annual stock options worth $2.45 million in 2018, according to a Netflix’s proxy statement. For 2019, Mr. Wells was due to receive $3.5 million in salary and $2.8 million in stock options, according to a filing.
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An Amazon fulfillment center in the U.K. PHOTO: LEON NEAL/GETTY IMAGES
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Amazon.com Inc. is the latest technology titan to claim the crown of world’s most valuable public company, signaling the industry’s enduring market dominance even after turbulent months in which investors pummeled their shares.
Uber Technologies Inc. Chief Executive Dara Khosrowshahi said market turbulence in the U.S. would be unlikely to affect the ride-hailing titan’s plans for a public listing.
Samsung Electronics Co. expects its fourth-quarter operating profit will decline 29%—surprise guidance that fell far below analysts’ estimates—in the latest sign of challenges hitting the tech industry.
Edward Lampert, the billionaire who led Sears Holdings Corp. into bankruptcy, is running out of time in his last-ditch effort to keep the debilitated retailer alive.
Procter & Gamble Co. is showcasing new products powered with artificial intelligence, including a toothbrush that provides personalized feedback and a tool that offers skin-care advice.
Eli Lilly & Co. is buying Loxo Oncology Inc. for $8 billion in cash, a deal that expands the biopharmaceutical company’s oncology-treatment portfolio and adds to a string of recent deals in the cancer-treatment space.
PG&E Corp. shares plunged 22% Monday as concerns mounted that California's largest utility might be forced to seek bankruptcy protection because of billions of dollars in liabilities tied to the state's recent wildfires.
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The Internal Revenue Service headquarters building in Washington. PHOTO: J. DAVID AKE/ASSOCIATED PRESS
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The U.S. Internal Revenue Service will pay tax refunds even though the agency is subject to the federal government shutdown, after the Trump administration reversed a longstanding policy.
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World Bank President Jim Yong Kim unexpectedly announced his resignation on Monday, setting up a potential dispute between the U.S. and other member countries over selecting the next leader of the world’s largest development-finance institution.
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German authorities have arrested a 20-year-old man suspected of being involved in the theft and online posting of data on hundreds of German politicians and other personalities.
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Former U.S. Federal Reserve economist Nellie Liang, whom the Trump administration had nominated to serve on the central bank’s board of governors, withdrew from consideration Monday.
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The ISM’s nonmanufacturing PMI data provides a barometer for the U.S.'s restaurants, builders, bankers and other service providers. PHOTO: CAITLIN O'HARA/BLOOMBERG NEWS
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The Institute for Supply Management’s nonmanufacturing purchasing-managers index fell to 57.6 in December, from 60.7 in November, as the U.S. service sector expanded at a slower pace in a potential sign of caution for the domestic economy.
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Saudi Arabia is seeking a return to $80-a-barrel oil to cover a massive government spending boost—and plans to cut crude exports to 7.1 million barrels a day by the end of January, according to OPEC officials.
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Senior Chinese leaders offered in 2016 to help bail out a Malaysian government fund at the center of a swelling, multibillion-dollar graft scandal, according to minutes from a series of previously undisclosed meetings reviewed by the WSJ.
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NCI Building Systems Inc., the Cary, N.C. -based construction products maker, said Chief Financial Officer Shawn Poe will retire, effective May 31. The company will commence a search for his successor.
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Mr. Poe was appointed as CFO of NCI in July, when the company merged with Ply Gem Parent LLC. Prior to that, he had served as CFO of Ply Gem since 2004, and as executive vice president since 2015.
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