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Nissan Renault chief Carlos Ghosn ' to be arrested over serious misconduct' - business live Nissan Renault chief Carlos Ghosn 'to be arrested over serious misconduct' - business live
(35 minutes later)
Ana Nicholls, analyst at the Economist Intelligence Unit, says Carlos Ghosn’s shock ousting puts the entire future of the Nissan-Renault alliance under question.
The strong bond between the French and Japanese carmakers depends partly on cross-shareholdings but even more on Ghosn’s huge personal influence. He built his reputation as the man who turned around first Renault and then Nissan. This helped to maintain the trust between the two companies as their fortunes wax and wane, usually in a way that balanced each other out. His keen eye for cost-cutting underpinned the alliance’s success in combining supplier networks, vehicle development and other central tasks in order to generate synergies. Ghosn also made it his personal mission to bring AvtoVAZ and Mitsubishi into the alliance, and had made (some) progress in turning them around too.
“In an interview with The Economist Intelligence Unit in mid-November, Mr Ghosn seemed confident that this combination of diversity and synergy could survive his departure - that it wasn’t just based on what he called “the human factor”. Even so, his successor will face questions about whether to invest money in increasing the company’s cross-shareholdings in order to cement the relationships, or risk the alliance falling apart. He or she may also be under pressure to show how the alliance can stop Tesla and GM from eroding its early lead in electric vehicles - and how the somewhat sporadic recent investment in mobility and connected car technology can be harnessed to help the alliance as a whole.”
Economics professor Thomas Piketty (an expert in inequality) has tweeted that Ghosn’s alleged misconduct shows the perils of granting top bosses pay “without limits”....
Voici à quoi conduit l'idéologie des premiers de cordée et des rémunérations sans limite... Et si le gouvernement se souciait enfin de justice fiscale, en revenant sur ses mesures ISF/flat tax? https://t.co/gGBMoEMu2s
There’s massive media interest in Japan over the crisis gripping Nissan tonight.
Journalists have gathered outside the Tokyo Regional Prosecution Office in Tokyo, awaiting fresh details on the investigation into Carlos Ghosn .
Rumours of Carlos Ghosn’s alleged ‘serious misconduct’ are flying around Japan.Rumours of Carlos Ghosn’s alleged ‘serious misconduct’ are flying around Japan.
The Kyodo newswire is reporting that Ghosn is suspected of understating income by 5 billion yen over five years -- that’s almost £35m.The Kyodo newswire is reporting that Ghosn is suspected of understating income by 5 billion yen over five years -- that’s almost £35m.
Renault’s shares are continuing to be pummelled; now down 14%.Renault’s shares are continuing to be pummelled; now down 14%.
The news that Carlos Ghosn has ben arrested on suspicion of violating financial trading has “rocked investor confidence in the Paris-listed stock”, says David Maddon of CMC Markets.The news that Carlos Ghosn has ben arrested on suspicion of violating financial trading has “rocked investor confidence in the Paris-listed stock”, says David Maddon of CMC Markets.
The news that Carlos Ghosn is being ousted from Nissan is causing massive shockwaves in the car industry.The news that Carlos Ghosn is being ousted from Nissan is causing massive shockwaves in the car industry.
For years, Ghosn has managed the seemingly impossible job of running one carmaker in Japan, and another in France. He’s known for a ferocious work ethic, and charismatic leadership style that has helped him to turn Nissan and Renault around over the last two decadesFor years, Ghosn has managed the seemingly impossible job of running one carmaker in Japan, and another in France. He’s known for a ferocious work ethic, and charismatic leadership style that has helped him to turn Nissan and Renault around over the last two decades
He was initially known as a ‘cost-killer’ in the 1990s, cutting tens of thousands of jobs and closing factories in Japan and Europe.He was initially known as a ‘cost-killer’ in the 1990s, cutting tens of thousands of jobs and closing factories in Japan and Europe.
That made him understandably unpopular, but over time his reputation in Japan swelled as Nissan returned to profitability. The Nissan-Renault alliance now makes one in nine cars sold worldwide.That made him understandably unpopular, but over time his reputation in Japan swelled as Nissan returned to profitability. The Nissan-Renault alliance now makes one in nine cars sold worldwide.
As Fortune magazine wrote in 2014, the Brazilian-Lebanese-French business chief was seemingly indispensable:As Fortune magazine wrote in 2014, the Brazilian-Lebanese-French business chief was seemingly indispensable:
Ghosn seems to be built for the job: He has the ability to connect with strangers instantly and to compartmentalize, no discernible private life outside his family, and a willingness to travel 300,000 miles a year (that’s 11 circumnavigations).Ghosn seems to be built for the job: He has the ability to connect with strangers instantly and to compartmentalize, no discernible private life outside his family, and a willingness to travel 300,000 miles a year (that’s 11 circumnavigations).
The question is, Who will run this leviathan, which he calls the Renault-Nissan Alliance, after the 60-year-old retires, or if, God forbid, something happens to him?The question is, Who will run this leviathan, which he calls the Renault-Nissan Alliance, after the 60-year-old retires, or if, God forbid, something happens to him?
It is such a demanding, bone-crunching job that Ghosn himself has said that after he leaves no one person should replace him. In fact, on numerous occasions he has said to a close former colleague: “Who would want this job?”It is such a demanding, bone-crunching job that Ghosn himself has said that after he leaves no one person should replace him. In fact, on numerous occasions he has said to a close former colleague: “Who would want this job?”
He was even paid the rare accolade of having his face represented in sushi, in a “Carlos Ghosn bento lunchbox”.He was even paid the rare accolade of having his face represented in sushi, in a “Carlos Ghosn bento lunchbox”.
The FT explained:The FT explained:
It is a measure of the extraordinary rise of Mr Ghosn in Japan that he should be deemed worthy enough to eat. The Japanese take their food seriously and do not welcome foreign intrusions. As such, the “Ghosn bento” could be seen as a Japanese way of bestowing acceptance upon him.It is a measure of the extraordinary rise of Mr Ghosn in Japan that he should be deemed worthy enough to eat. The Japanese take their food seriously and do not welcome foreign intrusions. As such, the “Ghosn bento” could be seen as a Japanese way of bestowing acceptance upon him.
I’ve only interviewed Ghosn once, at the World Economic Forum in Davos in 2016. Well I say interviewed -- I basically grabbed him walking in a corridor. Some CEOs aren’t prepared to chat like that, but Ghosn was happy to explain how Nissan would cope with Brexit if it happened, without breaking stride as he marched briskly to his next meeting.I’ve only interviewed Ghosn once, at the World Economic Forum in Davos in 2016. Well I say interviewed -- I basically grabbed him walking in a corridor. Some CEOs aren’t prepared to chat like that, but Ghosn was happy to explain how Nissan would cope with Brexit if it happened, without breaking stride as he marched briskly to his next meeting.
Japanese newspaper Yomiuri is now reporting that Carlos Ghosn has been arrested by prosecutors in Tokyo. That’s not been confirmed yet (obviously it’s a fast-moving story...)Japanese newspaper Yomiuri is now reporting that Carlos Ghosn has been arrested by prosecutors in Tokyo. That’s not been confirmed yet (obviously it’s a fast-moving story...)
Nissan Ghosn: Has Been Arrested – YomiuriNissan Ghosn: Has Been Arrested – Yomiuri
Nissan Chairman Carlos Ghosn has now been arrested, according to one report in Japan https://t.co/WSRCJ4ebxVNissan Chairman Carlos Ghosn has now been arrested, according to one report in Japan https://t.co/WSRCJ4ebxV
Nissan has now issued a statement, accusing chairman Carlos Ghosn and ‘representative’ Greg Kelly of ‘serious misconduct’.Nissan has now issued a statement, accusing chairman Carlos Ghosn and ‘representative’ Greg Kelly of ‘serious misconduct’.
The carmaker says the two men both under-reported Ghosn’s salary, and also accuses its chairman of “numerous” other acts of misconduct, including using Nissan’s assets for personal use.The carmaker says the two men both under-reported Ghosn’s salary, and also accuses its chairman of “numerous” other acts of misconduct, including using Nissan’s assets for personal use.
Nissan has confirmed that it proposes removing both men from their positions, and has been working with Japanese prosecutors.Nissan has confirmed that it proposes removing both men from their positions, and has been working with Japanese prosecutors.
Here’s the full statement:Here’s the full statement:
Regarding serious misconduct by Nissan Chairman and one representative directorRegarding serious misconduct by Nissan Chairman and one representative director
Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company’s Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly.Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company’s Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly.
The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.
Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.
Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so.Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so.
As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan’s Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director. Saikawa will also propose the removal of Greg Kelly from his position as Representative Director.As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan’s Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director. Saikawa will also propose the removal of Greg Kelly from his position as Representative Director.
Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures.Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures.
Ghosn and Kelly are two of the three members of Nissan’s ‘representative board’, alongside president Hiroto Saikawa.Ghosn and Kelly are two of the three members of Nissan’s ‘representative board’, alongside president Hiroto Saikawa.
Blimey: Renault’s shares have now plunged by over 10%.Blimey: Renault’s shares have now plunged by over 10%.
Traders in France are understandably shocked by the news that chairman Ghosn faces arrest in Japan for allegedly under-reporting his income.Traders in France are understandably shocked by the news that chairman Ghosn faces arrest in Japan for allegedly under-reporting his income.
That wiping some €2bn off Renault’s market capitalisation, taking its value down from €19bn to €17bn.That wiping some €2bn off Renault’s market capitalisation, taking its value down from €19bn to €17bn.
Newsflash: We’re getting more details from Japan about the shock investigation into Nissan/Renault chairman Carlos Ghosn.Newsflash: We’re getting more details from Japan about the shock investigation into Nissan/Renault chairman Carlos Ghosn.
According to Japanese press agency Jiji:According to Japanese press agency Jiji:
The Nissan Board will propose that Ghosn is “terminated” from its chairmanship.The Nissan Board will propose that Ghosn is “terminated” from its chairmanship.
Nissan say Ghosn has used company money for “personal use” and committed “several other serious acts”Nissan say Ghosn has used company money for “personal use” and committed “several other serious acts”
Nissan says it has been “investigating possible improper practices” for several months, and has “fully cooperated” with investigators:Nissan says it has been “investigating possible improper practices” for several months, and has “fully cooperated” with investigators:
NISSAN SAYS GHOSN USED COMPANY MONEY FOR PERSONAL USE AND COMMITTED SEVERAL OTHER SERIOUS ACTS - JIJINISSAN SAYS ITS BOARD TO PROPOSE THAT GHOSN BE TERMINATED FROM CHAIRMAN POST SWIFTLY - JIJINISSAN SAYS GHOSN USED COMPANY MONEY FOR PERSONAL USE AND COMMITTED SEVERAL OTHER SERIOUS ACTS - JIJINISSAN SAYS ITS BOARD TO PROPOSE THAT GHOSN BE TERMINATED FROM CHAIRMAN POST SWIFTLY - JIJI
What a snap: NISSAN SAYS ITS BOARD TO PROPOSE THAT GHOSN BE TERMINATED FROM CHAIRMAN POST SWIFTLYWhat a snap: NISSAN SAYS ITS BOARD TO PROPOSE THAT GHOSN BE TERMINATED FROM CHAIRMAN POST SWIFTLY
Boom! Shares in Renault are sliding following a report that auto magnate Carlos Ghosn faces arrest in Japan.Boom! Shares in Renault are sliding following a report that auto magnate Carlos Ghosn faces arrest in Japan.
According to the Asahi newspaper, Ghosn is being probed by prosecutors for allegedly violating Japan’s financial instruments and exchange act.According to the Asahi newspaper, Ghosn is being probed by prosecutors for allegedly violating Japan’s financial instruments and exchange act.
Ghosn is apparently suspected of understating his own income on financial statements and had agreed to voluntarily speak to prosecutors. He is chairman of Japan’s Nissan, and also chairman and chief executive of France’s Renault.Ghosn is apparently suspected of understating his own income on financial statements and had agreed to voluntarily speak to prosecutors. He is chairman of Japan’s Nissan, and also chairman and chief executive of France’s Renault.
A Nissan spokesman said the company was making checks on the report, and will hold a press conference later today.A Nissan spokesman said the company was making checks on the report, and will hold a press conference later today.
The news has rocked the car sector, sending Renault’s shares sliding by almost 6% to their lowest since 2015.The news has rocked the car sector, sending Renault’s shares sliding by almost 6% to their lowest since 2015.
Shares in UK builders are dropping this morning, following a report that house prices have fallen 1.7% this month.Shares in UK builders are dropping this morning, following a report that house prices have fallen 1.7% this month.
Online estate agent Rightmove reported that the average house price fell by £5,000 in November, with wealthy parts of the South East suffering the biggest reversal.Online estate agent Rightmove reported that the average house price fell by £5,000 in November, with wealthy parts of the South East suffering the biggest reversal.
It appears that the ‘ripple effect’ of rising prices flowing outward from London is now reversing, as Brexit worries hit the economy.It appears that the ‘ripple effect’ of rising prices flowing outward from London is now reversing, as Brexit worries hit the economy.
Miles Shipside of Rightmove says:Miles Shipside of Rightmove says:
“Higher-end, former hotspot towns are now among the biggest annual fallers with Rickmansworth (-7.1%), Esher (-6.4%) and Gerrards Cross (-6.0%) now cold spots following price rises of nearly 40% over the seven preceding years.”“Higher-end, former hotspot towns are now among the biggest annual fallers with Rickmansworth (-7.1%), Esher (-6.4%) and Gerrards Cross (-6.0%) now cold spots following price rises of nearly 40% over the seven preceding years.”
This has sent housebuilders into the list of FTSE 100 big fallers. Barratt Developments are down 1.4%, followed by Berkeley Group (-0.7%) and Persimmon (-0.6%).This has sent housebuilders into the list of FTSE 100 big fallers. Barratt Developments are down 1.4%, followed by Berkeley Group (-0.7%) and Persimmon (-0.6%).
The pound has risen in early trading, shaking off some of last week’s losses.The pound has risen in early trading, shaking off some of last week’s losses.
Sterling is up 0.25% at $1.287 against the US dollar, as Theresa May continues to show impressive sticking power.Sterling is up 0.25% at $1.287 against the US dollar, as Theresa May continues to show impressive sticking power.
Despite widespread criticism of her Brexit deal, Conservative MPs haven’t yet mustered the 48 letters of no confidence needed to trigger a leadership contest.Despite widespread criticism of her Brexit deal, Conservative MPs haven’t yet mustered the 48 letters of no confidence needed to trigger a leadership contest.
One critic, Simon Clarke MP, is trying to persuade fellow Brexiteers to demand a new leader, arguing:One critic, Simon Clarke MP, is trying to persuade fellow Brexiteers to demand a new leader, arguing:
“This is absolutely the day at which we stand at the bar of history on this.....“This is absolutely the day at which we stand at the bar of history on this.....
“It is quite clear to me that the captain is driving the ship at the rocks.“It is quite clear to me that the captain is driving the ship at the rocks.
However, other members of the European Reform Group - who demand a clean break from the EU - seem reluctant to do the deed, even though there’s unhappiness about the terms of the transition deal and backstop negotiated between London and Brussels.However, other members of the European Reform Group - who demand a clean break from the EU - seem reluctant to do the deed, even though there’s unhappiness about the terms of the transition deal and backstop negotiated between London and Brussels.
Our political editor Heather Stewart says the ERG rebellion could fizzle out, unless they get to the 48-letter mark soon....Our political editor Heather Stewart says the ERG rebellion could fizzle out, unless they get to the 48-letter mark soon....
...and Theresa May will continue to present herself as the only grownup in the room, selling her deal to businesses while her MPs plot. https://t.co/mzYa3MFU66...and Theresa May will continue to present herself as the only grownup in the room, selling her deal to businesses while her MPs plot. https://t.co/mzYa3MFU66
Will we get to those 48 no confidence letters? 🤷‍♀️ But if it doesn’t happen within a day or two, many at Westminster may conclude the ERG’s rebel leaders are all 👄 and no 👖.Will we get to those 48 no confidence letters? 🤷‍♀️ But if it doesn’t happen within a day or two, many at Westminster may conclude the ERG’s rebel leaders are all 👄 and no 👖.
Despite the war of words between the US and China, European stock markets have opened higher.Despite the war of words between the US and China, European stock markets have opened higher.
In London, the FTSE 100 is up around 0.5%, with similar gains in other major markets:In London, the FTSE 100 is up around 0.5%, with similar gains in other major markets:
Hussein Sayed, Chief Market Strategist at FXTM, warns that trading will probably be volatile, thanks to trade war worries and Brexit upheaval:Hussein Sayed, Chief Market Strategist at FXTM, warns that trading will probably be volatile, thanks to trade war worries and Brexit upheaval:
U.S. Vice President Mike Pence didn’t give the bulls what they wanted over the weekend. At the Asia-Pacific Economic Cooperation Summit, Pence said there would be no end to U.S. tariffs on Chinese goods until China changes its ways. His comments suggest that a deal between President Trump and President Xi is unlikely to see the light when the leaders meet at the G20 Summit later this month.U.S. Vice President Mike Pence didn’t give the bulls what they wanted over the weekend. At the Asia-Pacific Economic Cooperation Summit, Pence said there would be no end to U.S. tariffs on Chinese goods until China changes its ways. His comments suggest that a deal between President Trump and President Xi is unlikely to see the light when the leaders meet at the G20 Summit later this month.
Given that we are near the end of the earnings season and the U.S. economic calendar has only tier 2 data to release, expect markets to trade on thin volumes. Political headlines will likely dominate, and thus expect volatility to remain high.Given that we are near the end of the earnings season and the U.S. economic calendar has only tier 2 data to release, expect markets to trade on thin volumes. Political headlines will likely dominate, and thus expect volatility to remain high.
China’s Global Times, the state-sponsored newspaper, is often a good guide to Beijing’s thinking.China’s Global Times, the state-sponsored newspaper, is often a good guide to Beijing’s thinking.
And today’s editorial argues that it’s “not a big deal” that the APEC summit ended without a joint communique for the first time in a quarter of a century.And today’s editorial argues that it’s “not a big deal” that the APEC summit ended without a joint communique for the first time in a quarter of a century.
It also takes a pop at the White House, saying:It also takes a pop at the White House, saying:
“It’s delusional of some US elites to think that China is the largest beneficiary of the international system since they mistakenly blame China for the US’ own problems. China has realized its development through hard work, not by taking advantage of the international system.”“It’s delusional of some US elites to think that China is the largest beneficiary of the international system since they mistakenly blame China for the US’ own problems. China has realized its development through hard work, not by taking advantage of the international system.”
Analysts at ING are also concerned that Mike Pence and Xi Jinpeng failed to mend any fences, saying:Analysts at ING are also concerned that Mike Pence and Xi Jinpeng failed to mend any fences, saying:
The risk to global economies and markets from the Sino-US trade war is elevated after an impasse between two countries at the APEC summitThe risk to global economies and markets from the Sino-US trade war is elevated after an impasse between two countries at the APEC summit
The discord between America and China over trade loomed over last weekend’s APEC gathering in Papua New Guinea, says Royal Bank of Canada’s Sue Trinh:The discord between America and China over trade loomed over last weekend’s APEC gathering in Papua New Guinea, says Royal Bank of Canada’s Sue Trinh:
She writes:She writes:
The Sino-US discord was palpable at the APEC Summit in PNG, so much so that the confab ended with members unable to agree on a communiqué, for the first time ever.The Sino-US discord was palpable at the APEC Summit in PNG, so much so that the confab ended with members unable to agree on a communiqué, for the first time ever.
Aside from this being further evidence of a growing anti-China alliance in the APAC region (watch out for Taiwan’s referendum this Saturday to remove “China” from the Olympic team name), the rhetoric is sharpening between the key players.Aside from this being further evidence of a growing anti-China alliance in the APAC region (watch out for Taiwan’s referendum this Saturday to remove “China” from the Olympic team name), the rhetoric is sharpening between the key players.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Fears of an escalating US-China trade war are weighing on the markets this morning, after the two powers clashed at a major summit over the weekend.Fears of an escalating US-China trade war are weighing on the markets this morning, after the two powers clashed at a major summit over the weekend.
US vice-president Mike Pence challenged Beijing’s trade practices at the Asia-Pacific Economic Cooperation (APEC) in Papua New Guinea, criticising China for engaging in forced technology transfer and intellectual property theft.US vice-president Mike Pence challenged Beijing’s trade practices at the Asia-Pacific Economic Cooperation (APEC) in Papua New Guinea, criticising China for engaging in forced technology transfer and intellectual property theft.
He told delegates that:He told delegates that:
The United States . . . will not change course until China changes its ways.The United States . . . will not change course until China changes its ways.
“We have great respect for President Xi and China, but as we all know, China has taken advantage of the United States for many, many years and those days are over.”“We have great respect for President Xi and China, but as we all know, China has taken advantage of the United States for many, many years and those days are over.”
Chinese President Xi Jinping was equally combative, criticising Washington’s aggressive actions on trade. He argued:Chinese President Xi Jinping was equally combative, criticising Washington’s aggressive actions on trade. He argued:
Unilateralism and protectionism will not solve problems but add uncertainty to the world economy.Unilateralism and protectionism will not solve problems but add uncertainty to the world economy.
History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, produces no winners.”History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, produces no winners.”
But in an unprecedented move, the APEC leaders actually failed to sign off the traditional end-of-summit communique; a sign that cooperation was in short supply.But in an unprecedented move, the APEC leaders actually failed to sign off the traditional end-of-summit communique; a sign that cooperation was in short supply.
One insider told CNN that Chine baulked at a line in the statement that read “We agree to fight protectionism including all unfair trade practices”, taking it as a deliberate attack at China.One insider told CNN that Chine baulked at a line in the statement that read “We agree to fight protectionism including all unfair trade practices”, taking it as a deliberate attack at China.
Economists has hoped that the APEC meeting might have thawed relations between the two major powers. That could have helped to de-escalate the trade wars, paving the way for a formal breakthrough at this month’s G20 meeting of world leaders.Economists has hoped that the APEC meeting might have thawed relations between the two major powers. That could have helped to de-escalate the trade wars, paving the way for a formal breakthrough at this month’s G20 meeting of world leaders.
Instead, there’s a growing risk that president Trump imposes further tariffs on Chinese exports to America, which would have a further chilling impact on trade and global growth.Instead, there’s a growing risk that president Trump imposes further tariffs on Chinese exports to America, which would have a further chilling impact on trade and global growth.
Mike Pence sounded far more aggressive on the trade issue over the weekend, where the differences between the US and China was laid bare at the Asia Pacific Economic Co-operation meeting, as Xi and Pence, sparred over trade and security.Mike Pence sounded far more aggressive on the trade issue over the weekend, where the differences between the US and China was laid bare at the Asia Pacific Economic Co-operation meeting, as Xi and Pence, sparred over trade and security.
It appears that #Trump and #China are pretty far apart on Trade issues based on speeches by China Xi and Vice President Pence over the weekend. #Index #futures open lower with the S&P in many downed 12 points. There’s probably no miracles coming out of the G 20. $ES_F $SPY pic.twitter.com/2LntWjq3OwIt appears that #Trump and #China are pretty far apart on Trade issues based on speeches by China Xi and Vice President Pence over the weekend. #Index #futures open lower with the S&P in many downed 12 points. There’s probably no miracles coming out of the G 20. $ES_F $SPY pic.twitter.com/2LntWjq3Ow
Also coming up todayAlso coming up today
Investors will be glued to the latest developments in Westminster, as Theresa May continues to face down critics of her Brexit deal.Investors will be glued to the latest developments in Westminster, as Theresa May continues to face down critics of her Brexit deal.
The PM is due to speak at the CBI’s annual conference today, where UK business leaders may warn of the perils of leaving the Eu without a transition arrangement.The PM is due to speak at the CBI’s annual conference today, where UK business leaders may warn of the perils of leaving the Eu without a transition arrangement.
The agendaThe agenda
All day: CBI conference in LondonAll day: CBI conference in London
10:00am GMT: Eurozone construction output for September10:00am GMT: Eurozone construction output for September