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Ghosn to quit as Renault director
PARIS (Jiji Press) — Carlos Ghosn, former chairman and chief executive officer of Renault SA, will step down as director of the French automaker, effective on June 12, the company said Wednesday.
Nissan Motor Co., an alliance partner of Renault, plans to hold a shareholders’ meeting next week to dismiss Ghosn as director. He was removed as Nissan chairman after his arrest in Tokyo in November for alleged financial misconduct.
Renault also said that an investigation into Ghosn’s alleged wrongdoing found serious questions about certain expenses at a Dutch joint venture with Nissan. The expenses “may amount several million euros since 2010,” Renault said.
The investigation also found that certain expenses incurred by Ghosn involve questionable and concealed practices and violations of Renault’s ethical principles, the company said. It did not elaborate.
Renault confirmed that it has informed the French judicial authorities of “potential issues” concerning payments made to a distributor in Oman.
According to French media and other sources, Ghosn allegedly funneled about €10 million ($11.2 billion) from Renault to the distributor for personal use.
The investigation by Renault also found that the compensation and benefits paid by the automaker to Ghosn were “in compliance with applicable regulations.”
http://the-japan-news.com/news/article/0005652851
Retail Vacancy's reach 2011 level's: JCPenney, Payless, LifeWay To Close Over 3,000 Stores
The weak keep getting weaker. Another 3,000 stores will bite the dust and mall vacancies are at an 8-year high.
In the post-digital era, only the strong will survive. Darwin would love this,” said one retail analyst as JCPenney, Payless, LifeWay Announce 3,000+ Combined Store Closures.
Retail job cuts for January and February total 41,201, said research firm Challenger, Gray & Christmas in a new survey, including nationwide retailers such as Payless and Charlotte Russe.
“This is significant, and marks an acceleration of store closures and job cuts in the near term," said Mark Hamrick, a senior economic analyst at Bankrate.
“Retail is ground zero for seeing the shifts of change in our lives.”
Lifeway Christian Bookstores announced last week it would be closing the doors of all 170 brick and mortar stores, in a pivot to focusing on digital and e-commerce.
“The decision to close our local stores is a difficult one,” said Lifeway Chief Executive Officer Brad Waggoner.
“While we had hoped to keep some stores open, current market projections show this is no longer a viable option.”
“In the post-digital era, only the strong will survive,” Ron Johnson, CEO of Enjoy, a retail technology company, told NBC News.
“You need a great brand, a strong balance sheet, and a vision for experience that commences digitally. Darwin would love this.”
The Financial Times notes US Shopping Centre Vacancies Rise to Eight-Year High
"US retailers have set out plans to close 5,480 stores, according to Coresight Research — almost as many as the 5,730 announced in all of 2018."
https://www.zerohedge.com/news/2019-04-04/only-strong-survive-jcpenney-payless-lifeway-close-over-3000-stores
https://www.secform4.com/insider-trading/1170010.htm
https://www.secform4.com/insider-trading/1644406.htm
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