Good Tuesday. (Want this by email? Sign up here .) Trump hits Iran with more sanctions. What will their impact be? President Trump announced new sanctions on Tehran yesterday to further squeeze the Iranian economy in retaliation for what the U.S. says are recent acts of aggression, Edward Wong of the NYT reports. • “The new sanctions are aimed at preventing some top Iranian officials from using the international banking system or any financial vehicles set up by European nations or other countries.” • “The move came on top of actions taken by the administration this spring to cut off all revenues from Iranian oil exports.” The new sanctions may have little effect. “Iranian officials most likely do not keep substantial assets in international banks, if any at all, or use those institutions for transactions, and any additional pressure from the new sanctions is likely to be minimal,” Mr. Wong writes. And they have been ridiculed in … [Read more...] about DealBook Briefing: Will Trump’s Iran Sanctions Work?
Carlos ghosn how to pronounce
PARIS (Reuters) - French President Emmanuel Macron has turned down a request to meet Renault chairman Jean-Dominique Senard, who is furious over the government’s interference at the carmaker, sources told Reuters, raising questions over Senard’s future. FILE PHOTO: Renault Chairman Jean-Dominique Senard attends a joint news conference in Yokohama, Japan, March 12, 2019. REUTERS/Kim Kyung-Hoon/File Photo News of the rebuff came as Renault shareholders met on Wednesday to endorse Senard’s January appointment to replace Carlos Ghosn, the ousted leader of the Renault-Nissan alliance. Senard, whose bid to merge with Fiat Chrysler (FCA) over Nissan’s reservations was scuppered by French Finance Minister Bruno Le Maire, unsuccessfully sought a meeting with Macron to secure his backing, four government and company sources said. Seven months after Ghosn’s arrest on financial misconduct charges - which he denies - the alliance he forged is on life … [Read more...] about Exclusive: Renault chairman weakened as Macron snubs meeting
Good Friday. (Want this by email? Sign up here .) “It doesn’t take a genius” to know capitalism needs fixing Capitalism helped Ray Dalio build his investment empire. But in a lengthy LinkedIn post, the Bridgewater Associates founder says that it isn’t working anymore. • Mr. Dalio writes that he has seen capitalism “evolve in a way that it is not working well for the majority of Americans because it’s producing self-reinforcing spirals up for the haves and down for the have-nots.” • “Disparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another.” • “The problem is that capitalists typically don’t know how to divide the pie well and socialists typically don’t know how to grow it well.” … [Read more...] about DealBook Briefing: Ray Dalio Says Capitalism ‘Needs To Be Reformed’
Carlos Ghosn, the man who created what was effectively the world’s largest carmaker, was arrested in Japan on Nov. 19. The arrest is a remarkable fall from grace for a man regarded as one of the most powerful executives in the auto industry. Mr. Ghosn (pronounced “Goan”) has been credited with reviving Japan’s Nissan car company and the French automaker Renault, in an alliance that later expanded to include Mitsubishi Motors of Japan. Last year, the three companies sold 10.6 million cars. The arrest has been a jolt to an industry facing challenges from a global trade war, a shift toward electric cars as well as competition from nontraditional carmakers. Why was he arrested? An internal inquiry at Nissan found that Mr. Ghosn underreported his compensation to the Japanese government Nissan said its investigation was prompted by a whistle-blower who said that Mr. Ghosn had been misrepresenting his salary and using company assets for personal purposes. Greg … [Read more...] about Who Is Carlos Ghosn and Why Is He in Trouble?
Carlos Ghosn was tired. At 64 years old, the chairman of an auto empire that spanned several continents and included Nissan, Renault and Mitsubishi wasn’t bouncing back from jet lag the way he used to. Melatonin wasn’t working anymore, and he had bouts of insomnia, phoning his children in the middle of the night or going on long walks around his Tokyo or Paris neighborhood. He planned to retire soon, stepping back from spending his life on an airplane, albeit a luxurious one paid for by Nissan. Last month, just before Thanksgiving weekend, Mr. Ghosn headed to Tokyo to meet his youngest daughter and her boyfriend and attend a board meeting. He was scheduled to land at Haneda Airport at 4 p.m. The daughter, Maya Ghosn, 26, had spent most of her childhood in Japan and wanted to introduce her boyfriend, Patrick, to her favorite places. Bringing a boyfriend home is a common rite of passage, but a particularly intimidating prospect when growing up Ghosn — a child of one of … [Read more...] about The Rise and Fall of Carlos Ghosn