Shares of Nissan dropped 4% in early trade on Monday, following a report that top shareholder Renault may consider lowering its stake in the Japanese automaker.

Renault exploring Nissan stake sale: Reports

Key events in the development of battery swapping since the Gilded Age

Latest to enter electric car race could be French-Japanese auto alliance Renault–Nissan–Mitsubishi motors. The companies plan to triple their investment to jointly develop electric vehicles reports say established automakers are facing pressure from new competitors and an expected shift in demand towards electric vehicles.

Renault, Nissan, Mitsubishi to unveil 2030 EV plan soon

The venture would focus on China and South Korea initially but would likely to be expanded to cover fast-growing Asian markets.

Renault to explore hybrid vehicles with Geely

French carmaker Renault said on Monday, it had sealed partnerships with China's Envision AESC and France's Verkor to produce electric car batteries in northern France. 
 
Carmakers globally are racing to keep ahead of rivals in producing cleaner vehicles, a technology shift that is already prompting Germany's Volkswagen to build six battery cell plants of its own in Europe. 
 
Renault made the announcement, which confirmed earlier media reports, before a visit of President Emanuel Macron to the Douai site in northern France where Envision is investing up to 2 billion euros ($2.4 billion) close to 'Renault ElectriCity' electric car hub to create 2,500 new jobs by 2030. 
 
Renault also said it signed a memorandum of understanding with the French start-up Verkor to co-develop and then manufacture high-performance batteries, with a view to owning a more than 20% stake in Verkor. 
 
"The combination of these two partnerships with Renault ElectriCity will create nearly 4,500 direct jobs in France by 2030, while developing a robust battery manufacturing ecosystem in the heart of Europe," the statement said. 
 
Envision AESC's gigafactory in Douai will have a capacity of 9 gigawatt hours (GWh) in 2024 and with aim of reaching 24 GWh by 2030. 
 
The proximity of the Envision AESC’s gigafactory to Renault ElectriCity production sites at Douai, Maubeuge and Ruitz, will create 700 additional jobs in the Hauts-de-France region. 
 
(With inputs from agencies)

French carmaker Renault said on Monday, it had sealed partnerships with China's Envision AESC and France's Verkor to produce electric car batteries in northern France.

French carmaker Renault said on Monday, it had sealed partnerships with China's Envision AESC and France's Verkor to produce electric car batteries in northern France. Carmakers globally are racing to keep ahead of rivals in producing cleaner vehicles, a technology shift that is already prompting Germany's Volkswagen to build six battery cell plants of its own in Europe. Renault made the announcement, which confirmed earlier media reports, before a visit of President Emanuel Macron to the Douai site in northern France where Envision is investing up to 2 billion euros ($2.4 billion) close to 'Renault ElectriCity' electric car hub to create 2,500 new jobs by 2030. Renault also said it signed a memorandum of understanding with the French start-up Verkor to co-develop and then manufacture high-performance batteries, with a view to owning a more than 20% stake in Verkor. "The combination of these two partnerships with Renault ElectriCity will create nearly 4,500 direct jobs in France by 2030, while developing a robust battery manufacturing ecosystem in the heart of Europe," the statement said. Envision AESC's gigafactory in Douai will have a capacity of 9 gigawatt hours (GWh) in 2024 and with aim of reaching 24 GWh by 2030. The proximity of the Envision AESC’s gigafactory to Renault ElectriCity production sites at Douai, Maubeuge and Ruitz, will create 700 additional jobs in the Hauts-de-France region. (With inputs from agencies)

Renault seals electric car battery deals with Envision, Verkor

French carmaker Renault said that it had been charged by prosecutors over claims it cheated on emission tests for diesel vehicles for several years, a scandal that has rocked rivals across the industry.

World Business Watch: Renault charged with 'deceit' in diesel emissions inquiry

Renault's current stake is worth over $1.41 Billion and Renault Group has announced that it plans to sell off its entire stake in Germany's Daimler AG to drive forward the deleveraging of its automotive business.

World Business Watch: Renault To Sell Stake In Germany's Daimler

Formula One teams Renault and Ferrari have voiced their opposition to a freeze of F1's engine regulations from 2022 that would enable Red Bull to take on Honda's power unit once the Japanese manufacturer leave.

Also read:&nbsp;<a href="https://www.wionews.com/sports/valterri-bottas-snatches-pole-from-lewis-hamilton-as-f1-returns-to-imola-339300" hreflang="en">Valterri Bottas snatches pole from Lewis Hamilton as F1 returns to Imola</a>

According to Red Bull boss Christian Horner, the preferred option is to take on the Honda power unit but the regulations would need to be frozen to make that affordable.

Mercedes, the dominant force in Formula One, have been supportive but Renault's Cyril Abiteboul said on Saturday it was a non-starter.

"I am against freezing the engines. We have no intention to stop what could be a very important platform for us. We do not accept it," the Frenchman said ahead of the Emilia Romagna Grand Prix at Italy's Imola circuit.

"We are in favour of talking about medium to long term plans for the engines of the future, but certainly not about freezing the power units."

Ferrari chief executive Louis Camilleri told La Gazzetta Dello Sport this week that freezing the power units went against the spirit of Formula One.

"From 2022, the regulations provide for the introduction of a fuel with a 10 per cent ethanol content, but the FIA wants to reach 100 per cent as soon as possible," he added.

"This inevitably involves the development of some engine components."

(Inputs from Reuters)

Formula One teams Renault and Ferrari have voiced their opposition to a freeze of F1's engine regulations from 2022 that would enable Red Bull to take on Honda's power unit once the Japanese manufacturer leave.

Formula One teams Renault and Ferrari have voiced their opposition to a freeze of F1's engine regulations from 2022 that would enable Red Bull to take on Honda's power unit once the Japanese manufacturer leave. Also read: Valterri Bottas snatches pole from Lewis Hamilton as F1 returns to Imola According to Red Bull boss Christian Horner, the preferred option is to take on the Honda power unit but the regulations would need to be frozen to make that affordable. Mercedes, the dominant force in Formula One, have been supportive but Renault's Cyril Abiteboul said on Saturday it was a non-starter. "I am against freezing the engines. We have no intention to stop what could be a very important platform for us. We do not accept it," the Frenchman said ahead of the Emilia Romagna Grand Prix at Italy's Imola circuit. "We are in favour of talking about medium to long term plans for the engines of the future, but certainly not about freezing the power units." Ferrari chief executive Louis Camilleri told La Gazzetta Dello Sport this week that freezing the power units went against the spirit of Formula One. "From 2022, the regulations provide for the introduction of a fuel with a 10 per cent ethanol content, but the FIA wants to reach 100 per cent as soon as possible," he added. "This inevitably involves the development of some engine components." (Inputs from Reuters)

'We do not accept it': Renault and Ferrari oppose Red Bull's engine freeze call

Renault acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the spectre of Carlos Ghosn.

Renault to lay-off 15,000 people globally | COVID-19 crisis

Renault & Nissan announce job cuts, Renault to lay-off 15,000 people globally. Watch this report!

Renault & Nissan announce job cuts, Renault to lay-off 15,000 people globally

French carmaker Renault could unveil job cuts and plants closures on Thursday as the company looks to save 2 billion euros ($2.2 billion) in costs

Your Story: French carmaker Renault could close plants and cut jobs

<div>Lawyers for <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Carlos Ghosn </a>on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Renault</a>, saying the French carmaker had not given them enough time to prepare arguments.</div>

<div>&nbsp;</div>

<div>The court in Boulogne-Billancourt, near Renault's headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17.</div>

<div>&nbsp;</div>

<div>"We received Renault's arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough," Ghosn's lawyer Laetitia Ternisien told reporters after the hearing.</div>

<div>
Also read: <a href="https://www.wionews.com/business-economy/michael-ovitz-to-work-with-carlos-ghosn-escape-of-the-century-may-appear-on-big-screens-280073">Michael Ovitz to work with Carlos Ghosn; escape of the century may appear on big screens</a>

Ghosn is seeking a 250,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct.
</div>

<div>The former industry titan claims he retired in due form on his own accord.</div>

<div>&nbsp;</div>

<div>He also seeks a much bigger prize a supplementary pension of 774,774 euros per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets.</div>

<div>&nbsp;</div>

<div>At current prices, that stock grant would be worth over 12 million euros.</div>

<div>
Also read: <a href="https://www.wionews.com/world/japanenese-lawyers-of-former-nissan-chief-carlos-ghusn-quit-after-he-flees-274630">Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees</a>

Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds.
</div>

<div>He is also being investigated by France's tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan's Dutch subsidiary RNBV.</div>

<div>&nbsp;</div>

<div>In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Renault's alliance partner Nissan.</div>

<div>&nbsp;</div>

<div>He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.</div>

Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments.

Lawyers for Carlos Ghosn on Friday delayed a lawsuit seeking a hefty retirement payout from his former employer Renault, saying the French carmaker had not given them enough time to prepare arguments. The court in Boulogne-Billancourt, near Renault's headquarters outside Paris, granted the request for more time, setting a new hearing date for April 17. "We received Renault's arguments only on Monday, and having just four days to respond to 20 pages of arguments is clearly not enough," Ghosn's lawyer Laetitia Ternisien told reporters after the hearing. Also read: Michael Ovitz to work with Carlos Ghosn; escape of the century may appear on big screens Ghosn is seeking a 250,000 retirement payout, which Renault refuses to pay because it says the former CEO was forced to quit after his shock November 2018 arrest in Japan on charges of financial misconduct. The former industry titan claims he retired in due form on his own accord. He also seeks a much bigger prize a supplementary pension of 774,774 euros per year for the rest of his life, as well as 380,000 shares granted for reaching performance targets. At current prices, that stock grant would be worth over 12 million euros. Also read: Japanese lawyers of ex-Nissan chief Carlos Ghosn quit after he flees Meanwhile, Ghosn also faces a French inquiry over two parties he threw at the Palace of Versailles, including his opulent 2016 wedding, allegedly financed in part by Renault funds. He is also being investigated by France's tax fraud office over suspicious financial transactions between Renault and its distributor in the Gulf state of Oman, and over contracts signed by Renault and Nissan's Dutch subsidiary RNBV. In Japan, he still faces multiple charges claiming he under-reported millions of dollars in salary as chairman of Renault's alliance partner Nissan. He has denied all the charges, but fled to his native Lebanon late last year before he could face trial.

Carlos Ghosn postpones suit seeking retirement pay from Renault

Many big brands like Hyundai, Renault and Kia are planning to shut down their factories in South Korea and China due to the fears of coronavirus's outbreak. What will be the impact on the Chinese economy? Political analyst Dr. Robert Edwin Kelly explains

Virus takes a toll on South Korean factories

The partnership between <a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Renault</a> and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal.

Jean-Dominique Senard said that reports <a href="https://www.wionews.com/business-economy/japanese-auto-major-nissan-orders-drastic-spending-cuts-271085">Nissan</a> is mulling plans for a possible break-away had "no connection to the current situation of the alliance".

"The Renault-Nissan alliance is not dead! Soon we will show you why," he said in an interview with Belgian daily L'Echo published Tuesday.

"I ask myself, where does this sort of information come from? I am not sure it comes from a place of goodwill," Senard said.

Britain's Financial Times, citing "several people with knowledge of the matter", said on Monday that senior executives at the scandal-hit Japanese automaker were speeding up work on secret plans for a potential divorce with French partner Renault.

In early trading in Tokyo on Tuesday, Nissan fell 1.77 percent, while Renault stocks finished 2.8 percent lower in Paris.

The reports come after former alliance chief <a href="https://www.wionews.com/world/carlos-ghosn-rearrested-in-japan-over-fresh-allegations-185576">Ghosn</a> jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges.

His shock arrival in his native Lebanon prompted outrage from the Japanese government as well as from Nissan.

Ghosn alleges the charges against him were cooked up by disgruntled Nissan executives opposed to his plans to more closely align the Japanese firm with its French partner.

At a press conference in Lebanon last week, he slammed the state of the alliance he once led, saying it had been gutted and left directionless.

The 20-year partnership between <a href="https://www.wionews.com/business-economy/renault-nissan-to-work-with-googles-waymo-on-driverless-cars-report-195389">Nissan and Renault</a>, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the scandal.

But Senard said the alliance was "nowhere near" the point of collapse and insisted its leaders were busy "recreating its original spirit" and planning future investments.

On Tuesday, a Nissan spokeswoman declined to comment, saying: "We don't comment on speculation."

A source close to the company told AFP the leaks probably came from "a few disgruntled souls" inside Nissan who wanted to "vent their frustration", adding that rebuilding trust between the two firms "will take time".

The partnership between Renault and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal.

The partnership between Renault and Nissan is "not dead", the alliance's president has insisted, after reports of a potential split in the wake of the Carlos Ghosn scandal. Jean-Dominique Senard said that reports Nissan is mulling plans for a possible break-away had "no connection to the current situation of the alliance". "The Renault-Nissan alliance is not dead! Soon we will show you why," he said in an interview with Belgian daily L'Echo published Tuesday. "I ask myself, where does this sort of information come from? I am not sure it comes from a place of goodwill," Senard said. Britain's Financial Times, citing "several people with knowledge of the matter", said on Monday that senior executives at the scandal-hit Japanese automaker were speeding up work on secret plans for a potential divorce with French partner Renault. In early trading in Tokyo on Tuesday, Nissan fell 1.77 percent, while Renault stocks finished 2.8 percent lower in Paris. The reports come after former alliance chief Ghosn jumped bail and fled Japan, where he was awaiting trial on financial misconduct charges. His shock arrival in his native Lebanon prompted outrage from the Japanese government as well as from Nissan. Ghosn alleges the charges against him were cooked up by disgruntled Nissan executives opposed to his plans to more closely align the Japanese firm with its French partner. At a press conference in Lebanon last week, he slammed the state of the alliance he once led, saying it had been gutted and left directionless. The 20-year partnership between Nissan and Renault, whose alliance is based on cross-shareholdings without a joint structure, has been badly shaken by the scandal. But Senard said the alliance was "nowhere near" the point of collapse and insisted its leaders were busy "recreating its original spirit" and planning future investments. On Tuesday, a Nissan spokeswoman declined to comment, saying: "We don't comment on speculation." A source close to the company told AFP the leaks probably came from "a few disgruntled souls" inside Nissan who wanted to "vent their frustration", adding that rebuilding trust between the two firms "will take time".

Renault-Nissan president denies reports of potential split

<a href="https://www.wionews.com/.../wasnt-aware-of-anything-carlos-ghosns-wife-on -husbands-escape-after-japanese-authorities-issue-arrest-warrant-for-her- ...">Lebanon</a> banned former auto tycoon Carlos Ghosn from travelling on Thursday after questioning him over an Interpol "red notice" of charges of financial misconduct in Japan, judicial sources said.

The 65-year-old businessman,&nbsp;for years venerated in Japan for turning around once-ailing Nissan,&nbsp;fled while awaiting trial on charges including allegedly under-reporting his compensation to the tune of $85 million.

His shock arrival in his native Lebanon last month was the latest twist in a story worthy of a Hollywood plot and prompted outrage from the Japanese government as well as from Nissan.

"The state prosecution issued a travel ban for Ghosn, and asked for his file from the Japanese authorities," said a judicial source.

A second judicial source said, "He has been banned from travelling until his judicial file arrives from Japan."

"According to what is inside the file, if it appears that the crimes he is accused of in Japan require being pursued in Lebanon, he will be tried," the source added.

"But if it doesn't require being pursued under Lebanese law, then he will be free."

Also Read:&nbsp;<a href="https://www.wionews.com/world/former-nissan-chairman-carlos-ghosn-holds-first-press-conference-since-escape-from-japan-273012">There was no way I was going to be treated fairly: Former Nissan chairman Carlos Ghosn</a>

Lebanon's judiciary received a "red notice" from Interpol last week urging Ghosn's arrest.

A "red notice" is a request to police across the world to provisionally arrest a person pending extradition, surrender or similar legal action. It is not an arrest warrant.

Lebanon does not have an extradition agreement with Japan.

Ghosn also made a statement to prosecutors on a report submitted by Lebanese lawyers that he had travelled to neighbouring Israel as head of Renault-Nissan.

Lebanon and neighbouring Israel are still technically at war, and Beirut has forbidden its citizens from visiting or having contacts.

In early 2008, <a href="https://www.wionews.com/.../carlos-ghosn-fled-by-bullet-train-japan-vows-to -bolster-borders-272500">Ghosn</a> travelled to Israel to announce the mass production of electric vehicles there with the cooperation of Renault-Nissan.

At a press conference in Beirut on Wednesday, Ghosn apologised to the Lebanese people for having visited the neighbouring country.

He said he went as the head of Renault.

"I went as a Frenchman because of a contract between Renault and an Israeli company," said Ghosn, who holds French, Lebanese and Brazilian nationalities.

"I always come back to Lebanon and nothing has ever happened before," he said.

Lebanon banned former auto tycoon Carlos Ghosn from travelling on Thursday after questioning him over an Interpol "red notice" of charges of financial misconduct in Japan, judicial sources said.

Lebanon banned former auto tycoon Carlos Ghosn from travelling on Thursday after questioning him over an Interpol "red notice" of charges of financial misconduct in Japan, judicial sources said. The 65-year-old businessman, for years venerated in Japan for turning around once-ailing Nissan, fled while awaiting trial on charges including allegedly under-reporting his compensation to the tune of $85 million. His shock arrival in his native Lebanon last month was the latest twist in a story worthy of a Hollywood plot and prompted outrage from the Japanese government as well as from Nissan. "The state prosecution issued a travel ban for Ghosn, and asked for his file from the Japanese authorities," said a judicial source. A second judicial source said, "He has been banned from travelling until his judicial file arrives from Japan." "According to what is inside the file, if it appears that the crimes he is accused of in Japan require being pursued in Lebanon, he will be tried," the source added. "But if it doesn't require being pursued under Lebanese law, then he will be free." Also Read: There was no way I was going to be treated fairly: Former Nissan chairman Carlos Ghosn Lebanon's judiciary received a "red notice" from Interpol last week urging Ghosn's arrest. A "red notice" is a request to police across the world to provisionally arrest a person pending extradition, surrender or similar legal action. It is not an arrest warrant. Lebanon does not have an extradition agreement with Japan. Ghosn also made a statement to prosecutors on a report submitted by Lebanese lawyers that he had travelled to neighbouring Israel as head of Renault-Nissan. Lebanon and neighbouring Israel are still technically at war, and Beirut has forbidden its citizens from visiting or having contacts. In early 2008, Ghosn travelled to Israel to announce the mass production of electric vehicles there with the cooperation of Renault-Nissan. At a press conference in Beirut on Wednesday, Ghosn apologised to the Lebanese people for having visited the neighbouring country. He said he went as the head of Renault. "I went as a Frenchman because of a contract between Renault and an Israeli company," said Ghosn, who holds French, Lebanese and Brazilian nationalities. "I always come back to Lebanon and nothing has ever happened before," he said.

Lebanon bans Carlos Ghosn from foreign travel

Former-Nissan boss Carlos Ghosn on Wednesday made his first public appearance at a press conference in Beirut since skipping bail in Japan.

"I am not here to talk about how I fled Japan," he said.

Also read:&nbsp;<a href="https://www.wionews.com/world/unexpected-surprise-how-did-nissan-boss-carlos-ghosn-escape-to-lebanon-271401">'Unexpected surprise' - How did Nissan boss Carlos Ghosn escape to Lebanon?&nbsp;</a>

Attacking Japan’s justice system Ghosn said that I have been a victim of injustice, political persecution and 'ripped' from friends, family.

Ghosn said that he is 'ready to stay a long time' in Lebanon'.

Talking about the 'plot' to oust him he said that he does not believe that Japanese Prime Minister Shinzo Abe was involved in anything like that.

"The collusion between Nissan and prosecutors is everywhere," Ghosn said, claiming his arrest in Japan was "staged".

"There was no way I was going to be treated fairly ... this was not about justice. I felt I was a hostage of the country that I have served for 17 years," he said.

Ousted Nissan boss Carlos Ghosn stunned the world with his surprise escape to Lebanon last month.&nbsp;

Ghosn, while awaiting trial, eluded media and authorities to escape to Lebanon when, as per his lawyer Junichiro Hironaka, all three of his passports were in possession of the lawyers.

Ghosn is unlikely to be forced to return to Japan in the absence of an extradition treaty between Lebanon and Japan.

The former auto executive was initially arrested in Tokyo in November 2018. He faces four charges which include hiding income and enriching himself through payments to Middle East dealerships. Ghosn denies all charges.&nbsp;

(With inputs from agencies)

Former-Nissan boss Carlos Ghosn on Wednesday made his first public appearance at a press conference in Beirut since skipping bail in Japan. "I am not here to talk about how I fled Japan," he said.

Former-Nissan boss Carlos Ghosn on Wednesday made his first public appearance at a press conference in Beirut since skipping bail in Japan. "I am not here to talk about how I fled Japan," he said. Also read: 'Unexpected surprise' - How did Nissan boss Carlos Ghosn escape to Lebanon? Attacking Japan’s justice system Ghosn said that I have been a victim of injustice, political persecution and 'ripped' from friends, family. Ghosn said that he is 'ready to stay a long time' in Lebanon'. Talking about the 'plot' to oust him he said that he does not believe that Japanese Prime Minister Shinzo Abe was involved in anything like that. "The collusion between Nissan and prosecutors is everywhere," Ghosn said, claiming his arrest in Japan was "staged". "There was no way I was going to be treated fairly ... this was not about justice. I felt I was a hostage of the country that I have served for 17 years," he said. Ousted Nissan boss Carlos Ghosn stunned the world with his surprise escape to Lebanon last month. Ghosn, while awaiting trial, eluded media and authorities to escape to Lebanon when, as per his lawyer Junichiro Hironaka, all three of his passports were in possession of the lawyers. Ghosn is unlikely to be forced to return to Japan in the absence of an extradition treaty between Lebanon and Japan. The former auto executive was initially arrested in Tokyo in November 2018. He faces four charges which include hiding income and enriching himself through payments to Middle East dealerships. Ghosn denies all charges. (With inputs from agencies)

There was no way I was going to be treated fairly: Former Nissan chairman Carlos Ghosn

Carole Ghosn, former Nissan chief Carlos Ghosn's wife, has said that she did not know about her husband's <a href="http://wionews.com/world/japan-to-seek-help-from-lebanon-over-fugitive-carlos-ghosn-272709">mysterious escape from Japan</a> to Lebanon last month.&nbsp;

Carole remarks came after Japanese prosecutors issued an arrest warrant against her in the case.&nbsp;

Mrs Ghosn told a French newspaper that she was in Beirut with her children for Christmas when she received a call about her husband's escape which she described as the best surprise "in all my life!"&nbsp;

"Fleeing was the only possible choice as he saw his trial being postponed indefinitely and he was being detained in conditions that deprived him of his rights with the aim of dehumanising him," she said as reported by news agency AFP.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/unexpected-surprise-how-did-nissan-boss-carlos-ghosn-escape-to-lebanon-271401">'Unexpected surprise' - How did Nissan boss Carlos Ghosn escape to Lebanon?&nbsp;</a>

She alleged that her husband is a victim of an "industrial plot and the war between Renault and <a href="https://www.wionews.com/world/ghosns-escape-extremely-regrettable-nissan-272597">Nissan</a>", adding that he cannot plead guilty for something that he did not do.&nbsp;

Meanwhile, Carlos Ghosn is expected to hold a press conference in Lebanon on Wednesday. This will be the first time when Ghosn will be holding a public conference after fleeing from Japan where he is facing trial.&nbsp;&nbsp; &nbsp;

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"I have not fled justice - I have escaped injustice and political persecution. I can now finally communicate freely with the media, and look forward to starting next week," Ghosn said after landing in Beirut.&nbsp;

Ousted Nissan boss Carlos Ghosn stunned the world with his surprise escape to Lebanon last month.&nbsp;

Ghosn, while awaiting trial, eluded media and authorities to escape to Lebanon when, as per his lawyer Junichiro Hironaka, all three of his passports were in possession of the lawyers.

Ghosn is unlikely to be forced to return to Japan in the absence of an extradition treaty between Lebanon and Japan.

The former auto executive was initially arrested in Tokyo in November 2018. He faces four charges which include hiding income and enriching himself through payments to Middle East dealerships. Ghosn denies all charges.&nbsp;

Carole Ghosn, former Nissan chief Carlos Ghosn's wife, has said that she did not know about her husband's mysterious escape from Japan to Lebanon last month. Carole remarks came after Japanese prosecutors issued an arrest warrant against her in the case.

Carole Ghosn, former Nissan chief Carlos Ghosn's wife, has said that she did not know about her husband's mysterious escape from Japan to Lebanon last month. Carole remarks came after Japanese prosecutors issued an arrest warrant against her in the case. Mrs Ghosn told a French newspaper that she was in Beirut with her children for Christmas when she received a call about her husband's escape which she described as the best surprise "in all my life!" "Fleeing was the only possible choice as he saw his trial being postponed indefinitely and he was being detained in conditions that deprived him of his rights with the aim of dehumanising him," she said as reported by news agency AFP. Also read: 'Unexpected surprise' - How did Nissan boss Carlos Ghosn escape to Lebanon? She alleged that her husband is a victim of an "industrial plot and the war between Renault and Nissan", adding that he cannot plead guilty for something that he did not do. Meanwhile, Carlos Ghosn is expected to hold a press conference in Lebanon on Wednesday. This will be the first time when Ghosn will be holding a public conference after fleeing from Japan where he is facing trial. × "I have not fled justice - I have escaped injustice and political persecution. I can now finally communicate freely with the media, and look forward to starting next week," Ghosn said after landing in Beirut. Ousted Nissan boss Carlos Ghosn stunned the world with his surprise escape to Lebanon last month. Ghosn, while awaiting trial, eluded media and authorities to escape to Lebanon when, as per his lawyer Junichiro Hironaka, all three of his passports were in possession of the lawyers. Ghosn is unlikely to be forced to return to Japan in the absence of an extradition treaty between Lebanon and Japan. The former auto executive was initially arrested in Tokyo in November 2018. He faces four charges which include hiding income and enriching himself through payments to Middle East dealerships. Ghosn denies all charges.

Wasn't aware of anything: Carlos Ghosn's wife after Japanese authorities issue arrest warrant for her

Fugitive former Nissan boss Carlos Ghosn on Thursday said that he alone set up his flight to Lebanon and Japan.

"The media reports saying my wife Carole and other family members played a role in my departure from Japan are falsehoods. I alone organised my departure," News agency AFP reported citing an official statement by Ghosn.

Ghosn has become an international fugitive after he revealed on Tuesday he had fled to Lebanon to escape what he called a "rigged" justice system in Japan.

According to a report, Ghosn, who holds French, Lebanese and Brazilian citizenship, was smuggled out of Tokyo by a private security company, a plan that was in the works for three months and involved transit through Turkey.

Watch | 'The Great Escape' of ex-Nissan boss Carlos Ghosn

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Flight tracking data suggests Ghosn used two different planes to fly to Istanbul and then to Lebanon.

Sources close to Ghosn said he decided to flee Japan after learning that the second of his two trials had been delayed until April 2021 and also because he had not been allowed to speak to his wife as part of strict bail conditions.

Earlier in the day, Lebanon received an arrest warrant for Carlos from Interpol. Meanwhile, Turkey has also launched an investigation into the daring escape of Ghosn.

Ghosn was also CEO of French car-maker Renault before being ousted from the auto industry after being arrested in Japan in November on charges of financial misconduct.

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Fugitive former Nissan boss Carlos Ghosn on Thursday said that he alone set up his flight to Lebanon and Japan. "The media reports saying my wife Carole and other family members played a role in my departure from Japan are falsehoods.

Fugitive former Nissan boss Carlos Ghosn on Thursday said that he alone set up his flight to Lebanon and Japan. "The media reports saying my wife Carole and other family members played a role in my departure from Japan are falsehoods. I alone organised my departure," News agency AFP reported citing an official statement by Ghosn. Ghosn has become an international fugitive after he revealed on Tuesday he had fled to Lebanon to escape what he called a "rigged" justice system in Japan. According to a report, Ghosn, who holds French, Lebanese and Brazilian citizenship, was smuggled out of Tokyo by a private security company, a plan that was in the works for three months and involved transit through Turkey. Watch | 'The Great Escape' of ex-Nissan boss Carlos Ghosn × Flight tracking data suggests Ghosn used two different planes to fly to Istanbul and then to Lebanon. Sources close to Ghosn said he decided to flee Japan after learning that the second of his two trials had been delayed until April 2021 and also because he had not been allowed to speak to his wife as part of strict bail conditions. Earlier in the day, Lebanon received an arrest warrant for Carlos from Interpol. Meanwhile, Turkey has also launched an investigation into the daring escape of Ghosn. Ghosn was also CEO of French car-maker Renault before being ousted from the auto industry after being arrested in Japan in November on charges of financial misconduct.

'I alone organised my departure' from Japan: Fugitive Carlos Ghosn

France "will not extradite" Carlos Ghosn if the former Nissan boss, who fled Japan to avoid a trial and who has French citizenship, arrived in the country, a minister said Monday.

"If Mr Ghosn arrived in France, we will not extradite Mr Ghosn because France never extradites its nationals," junior economy minister Agnes Pannier-Runacher told France's BFM news channel.

The French government nonetheless considered that Ghosn, who is of Lebanese origin and who fled house arrest in Tokyo to Beirut on Monday, "should not have absconded from the Japanese justice system."

"No one is above the law," the minister said.&nbsp;

But if he arrived in France and Japan then demanded that Paris extradite him, " we will apply the same rules to Mr Ghosn as to the man in the street", she added.

Ghosn was also CEO of French car-maker Renault before being ousted from the auto industry after being arrested in Japan in November on charges of financial misconduct.

He is also under investigation in France but has not yet been charged with any crime in the country.

It is not clear how he managed to leave Japan. His bail conditions barred him from leaving the country.

France "will not extradite" Carlos Ghosn if the former Nissan boss, who fled Japan to avoid a trial and who has French citizenship, arrived in the country, a minister said Monday.

France "will not extradite" Carlos Ghosn if the former Nissan boss, who fled Japan to avoid a trial and who has French citizenship, arrived in the country, a minister said Monday. "If Mr Ghosn arrived in France, we will not extradite Mr Ghosn because France never extradites its nationals," junior economy minister Agnes Pannier-Runacher told France's BFM news channel. The French government nonetheless considered that Ghosn, who is of Lebanese origin and who fled house arrest in Tokyo to Beirut on Monday, "should not have absconded from the Japanese justice system." "No one is above the law," the minister said. But if he arrived in France and Japan then demanded that Paris extradite him, " we will apply the same rules to Mr Ghosn as to the man in the street", she added. Ghosn was also CEO of French car-maker Renault before being ousted from the auto industry after being arrested in Japan in November on charges of financial misconduct. He is also under investigation in France but has not yet been charged with any crime in the country. It is not clear how he managed to leave Japan. His bail conditions barred him from leaving the country.

France 'won't extradite' Ghosn if he arrives in country: Government

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges.

Ghosn revelled in taking the two partners to the forefront of the carmaking game.

A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen.

But this year saw volumes slide back again below those of both rivals.

The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself.

"The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance.

In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa.

In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary.

Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi.

Lost year

Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result.

Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned.

"There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan.

Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market.

Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively.

That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent.

Invisible synergies

"For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&amp;P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch.

But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead".

He added that the last meeting of the partner boards "was one of the most positive since I arrived".

After failing to deliver a hoped-for merger with Fiat Chrysler,&nbsp;now set to seal the deal with French rival PSA, the alliance is looking for new initiatives.

Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour.

Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power.

But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair.

A year on from the shock fall of boss Carlos Ghosn, the Renault-Nissan automobile alliance is bent on a reboot to leave behind the upheaval and dust kicked up by the affair. The giant task falls to new board chairman Jean-Dominique Senard in the context of the car industry as a whole racing to meet huge new challenges. Ghosn revelled in taking the two partners to the forefront of the carmaking game. A total of 10.76 million vehicles sold last year along with ally Mitsubishi Motor put the trio ahead of Toyota and Volkswagen. But this year saw volumes slide back again below those of both rivals. The demise of the authoritarian Ghosn following his arrest on financial misconduct charges lifted the lid on an empire riven with internal conflict as he straddled the chairmanship of three companies, concentrating all power in himself. "The unity of command masked the incredible diversity of forces at work. When that exploded it liberated them," says one highly-placed official within the alliance. In one corner, feeling they were the standout part of the partnership yet long seeing themselves as under-valued, were the Japanese behind Nissan director Hiroto Saikawa. In the other, foursquare behind Renault's then chief executive Thierry Bollore, the French contingent nursed a sense of betrayal at a secret Nissan investigation which had delivered Ghosn into the hands of the Japanese judiciary. Unlike Volkswagen or Toyota, the alliance is not an integrated group but a partnership based on cross-shareholdings without a joint structure. Renault holds 43 per cent of Nissan, which has a 15 per cent stake in Renault and a 34 per cent controlling stake in Mitsubishi. Lost year Since the Ghosn affair burst into the open last November, there has been no means of achieving constructive dialogue or decision making, meaning a year has been lost as a result. Last month saw the quickfire departures of both Saikawa and Bollore which did allow one page to be turned. "There were excesses on both sides and sparks flew. But there has been a clean-up at Nissan as well as Renault. The people now in place are all convinced of the need to reinforce the alliance," said one source close to Nissan. Ongoing problems include profitability and cash generation amid the burning need for technological innovations including electric and autonomous cars in a shrinking market. Renault and Nissan have reduced operational margin targets for this year to five and 1.4 per cent of sales respectively. That compares with Volkswagen's 6.5 to 7.5 per cent despite it having to bounce back from an emissions scandal which cost it tens of billions in fines. Toyota tops that with more than eight per cent. Invisible synergies "For a longstanding partnership" of 20 years "it is a little surprising that the synergies which should have existed for a long time don't show up in the figures," commented Vittoria Ferraris, an analyst with S&P Global Ratings, which recently lowered its rating for Renault and put Nissan's on negative watch. But Senard recently insisted that "you will be surprised at the strength of the alliance in the months ahead". He added that the last meeting of the partner boards "was one of the most positive since I arrived". After failing to deliver a hoped-for merger with Fiat Chrysler, now set to seal the deal with French rival PSA, the alliance is looking for new initiatives. Debate on governance reform remains on the table, with the Japanese wanting a tilt in their favour. Given Renault's strength in Europe and Nissan's in the USA and China, the pair are geographically complementary and could pool expertise on the move to electric power. But Ferraris warns that while "the tough market will provide strong motivation... the problem is the time that will take".

Renault-Nissan alliance in flux a year after Ghosn shock

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen.

Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen.

Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general.

Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share."

Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago.

"Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.

It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal.

Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct.

Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus.

"Nissan's new management is setting sail in a storm," Takada told AFP.

"Uchida is expected to show new strategies for Nissan's survival," he said.

'Additional restructuring'

The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal.

Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs.

"Additional restructuring is possible in the wake of the layoff plan," Takada said.

Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1.

The company is "very urgently working" to improve sales and profitability, Ma said.

Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors.&nbsp;

Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault.

Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him.

The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface.

Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights.

"The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added.

Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses.

He denies any wrongdoing.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn.

Crisis-hit Japanese automaker Nissan Tuesday slashed its full-year forecast for both sales and profit as it struggles with weak demand in Japan, the US and Europe, as well as fallout from the arrest of former boss Carlos Ghosn. Nissan downgraded its net profit forecast to 110 billion yen ($1 billion) for the fiscal year to March 2020, compared with an earlier estimate of 170 billion yen. Full-year sales are now estimated at 10.6 trillion yen, down from a previous forecast of 11.3 trillion yen. Nissan blamed the poor outlook on weak first-half earnings, a strong yen, an uncertain global outlook and the stagnation of the car industry in general. Incoming chief financial officer Stephen Ma said, "Sales in China outpaced the market but sales in other key regions including the US, Europe and Japan underperformed in those markets. This resulted in the overall decrease of our market share." Net profit for the six months to September plunged 73.5 per cent to 65.4 billion yen, the worst first-half result since the global financial crisis a decade ago. "Nissan is in a very severe situation at a time when competition in the global auto market is further intensifying," said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm. It was Nissan's first earnings announcement since the appointment last month of Makoto Uchida as new chief executive, elevating the insider heading the firm's China unit as it overhauls its leadership after the Ghosn scandal. Uchida's appointment, to take effect on December 1, came after months of turmoil for the automaker in the wake of the arrest of former chief Ghosn on allegations of financial misconduct. Former CEO Hiroto Saikawa resigned in September after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus. "Nissan's new management is setting sail in a storm," Takada told AFP. "Uchida is expected to show new strategies for Nissan's survival," he said. 'Additional restructuring' The automaker has cited a global slowdown in the auto sector, but it is also suffering from a lack of innovation on its production line and reputational damage from the Ghosn scandal. Uchida inherits the harsh cost-cutting measures Saikawa proposed as a way out of the crisis -- including reducing dealer incentives and promotions but also cutting global production by 10 per cent to 2023 -- a measure that means the loss of 12,500 jobs. "Additional restructuring is possible in the wake of the layoff plan," Takada said. Asked about possible fresh job losses, Nissan official Ma said no new announcement would be made until the full new management team is in place on December 1. The company is "very urgently working" to improve sales and profitability, Ma said. Nissan separately said it would hold a shareholder meeting next February to put forward a plan to appoint new directors. Adding to Nissan's woes is continued tension within the three-way alliance with Mitsubishi Motors and Renault. Ghosn, who created the alliance, wanted greater integration with France's Renault and says his push for that prompted angry Nissan executives to plot against him. The two firms have made a show of holding the marriage together in the wake of Ghosn's arrest, but tensions have bubbled to the surface. Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights. "The negative impact of the furore around Ghosn is gradually becoming visible," Takada said. "The alliance is facing a crucial stage," he added. Ghosn is out on bail in Tokyo, awaiting a trial that reports have suggested could start in April on charges of under-reporting millions of dollars in salary and using company funds for personal expenses. He denies any wrongdoing.

Crisis-hit Nissan chops forecasts, net profit worst for a decade

Renault were&nbsp;stripped of their nine points from the Japanese Grand Prix on Wednesday after Formula One's governing body ruled the cars driven by Daniel Ricciardo and Nico Hulkenberg had illegal driver aids.

Australian Ricciardo and German Hulkenberg were classified sixth and 10th at the October 13 race in Suzuka but the Racing Point team protested against the brake bias system used by the French manufacturer.

The governing FIA announced the outcome in a statement ahead of the Mexican Grand Prix and gave Renault until Thursday to appeal.

Renault acknowledged the decision and did not say whether they would appeal.

"Considering the subjectivity of the qualification of a system as a driver aid and the variability of the associated penalties in recent cases, Renault F1 Team will consider its next course of action within the timeframe laid out by the FIA," the team said.

Renault's points haul in Japan had consolidated their fifth place in the constructors' standings, but their cars' steering wheels and electronic control units were impounded after the race.

The FIA said the stewards concluded after a telephone hearing that the brake bias system "used innovative solutions to exploit certain ambiguities" and did not breach the technical regulations.

They also found that the system was not pre-set or lap distance-dependent as alleged.

The system, however, acted as a driver aid and that was not allowed under the sporting regulations.

"The brake balance adjustment system in question acts as a driver aid, by saving the driver from having to make a number of adjustments during a lap," the statement said.

"The stewards note that there is a clear distinction between this system and one which provides actual feedback control, which would be a substitute for driver skills or reflexes," it added.

"Nevertheless, it is still an aid and, therefore, contravenes."

Renault had argued in their defence that Racing Point could produce no conclusive video evidence and had based their protest on allegations by a former Renault employee who was unaware of all the details.

The disqualification lifts Ferrari's Charles Leclerc to sixth with Toro Rosso's Pierre Gasly and Racing Point's Sergio Perez now seventh and eighth.

Racing Point's Lance Stroll is ninth and Toro Rosso's Daniil Kvyat 10th.

Toro Rosso and Racing Point are also closer to Renault in the constructors' standings with four races to go.

Renault were stripped of their nine points from the Japanese Grand Prix on Wednesday after Formula One's governing body ruled the cars driven by Daniel Ricciardo and Nico Hulkenberg had illegal driver aids.

Renault were stripped of their nine points from the Japanese Grand Prix on Wednesday after Formula One's governing body ruled the cars driven by Daniel Ricciardo and Nico Hulkenberg had illegal driver aids. Australian Ricciardo and German Hulkenberg were classified sixth and 10th at the October 13 race in Suzuka but the Racing Point team protested against the brake bias system used by the French manufacturer. The governing FIA announced the outcome in a statement ahead of the Mexican Grand Prix and gave Renault until Thursday to appeal. Renault acknowledged the decision and did not say whether they would appeal. "Considering the subjectivity of the qualification of a system as a driver aid and the variability of the associated penalties in recent cases, Renault F1 Team will consider its next course of action within the timeframe laid out by the FIA," the team said. Renault's points haul in Japan had consolidated their fifth place in the constructors' standings, but their cars' steering wheels and electronic control units were impounded after the race. The FIA said the stewards concluded after a telephone hearing that the brake bias system "used innovative solutions to exploit certain ambiguities" and did not breach the technical regulations. They also found that the system was not pre-set or lap distance-dependent as alleged. The system, however, acted as a driver aid and that was not allowed under the sporting regulations. "The brake balance adjustment system in question acts as a driver aid, by saving the driver from having to make a number of adjustments during a lap," the statement said. "The stewards note that there is a clear distinction between this system and one which provides actual feedback control, which would be a substitute for driver skills or reflexes," it added. "Nevertheless, it is still an aid and, therefore, contravenes." Renault had argued in their defence that Racing Point could produce no conclusive video evidence and had based their protest on allegations by a former Renault employee who was unaware of all the details. The disqualification lifts Ferrari's Charles Leclerc to sixth with Toro Rosso's Pierre Gasly and Racing Point's Sergio Perez now seventh and eighth. Racing Point's Lance Stroll is ninth and Toro Rosso's Daniil Kvyat 10th. Toro Rosso and Racing Point are also closer to Renault in the constructors' standings with four races to go.

Renault stripped of Japanese Grand Prix points

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter.

Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade.

Officials at Renault were not immediately available to comment.

Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup".

Renault finance chief Clotilde Delbos has been&nbsp;named as interim CEO to replace Bollore.&nbsp;

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies.

The board of French carmaker Renault on Friday voted in favor of ousting Thierry Bollore as CEO, said two sources familiar with the matter. Renault, along with alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which Ghosn denies. Bollore, who had long been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin to chair the group, shares in which rose 2.7 per cent in morning trade. Officials at Renault were not immediately available to comment. Bollore had skirted the matter of his potential exit in a conversation with staff on Thursday, two company sources said, but in a later interview with French newspaper Les Echos, he described his possible departure as a "coup". Renault finance chief Clotilde Delbos has been named as interim CEO to replace Bollore.

Renault board votes to oust Thierry Bollore as CEO: Sources

The chairman of <a href="https://www.wionews.com/business-economy/nissan-considers-giving-renault-some-seats-on-oversight-committees-source-227300">France's Renault&nbsp;is set to kick off a process to replace the Chief Executive</a>&nbsp;Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October&nbsp;18.

Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent&nbsp;stake in Renault.

The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies.

Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault.

But as well as stabilising the <a href="https://www.wionews.com/business-economy/fiat-renault-merger-good-opportunity-french-minister-225951">alliance with Nissan</a>, Senard was tasked shaking up governance at the firm, one step he had yet to take.

"It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said.

Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners.

The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn.

The chairman of France's Renault is set to kick off a process to replace the Chief Executive Thierry Bollore, business daily Le Figaro reported, as the carmaker tries to move on from an era marked by the arrest of former boss Carlos Ghosn. According to Tuesday's report, Jean-Dominique Senard, who was brought in to chair Renault earlier this year from tyre maker Michelin, could bring the succession proposal onto the agenda of the next board meeting on October 18. Renault declined to comment on the report, which cited unidentified sources, as did a spokesman for the French finance ministry. The state owns a 15 per cent stake in Renault. The company, like its alliance partner Nissan Motor C, is still reeling from the arrest last year of Ghosn on allegations of financial misconduct, which he denies. Bollore, long Ghosn's right-hand man, was also promoted alongside Senard to help steady Renault. But as well as stabilising the alliance with Nissan, Senard was tasked shaking up governance at the firm, one step he had yet to take. "It's sometimes good to change people who have been in a place for a long time," one source familiar with the French government's thinking said. Any change at the top of Renault would follow hot on the heels of a management overhaul at Nissan, and could help to ease tensions between the alliance partners. The Japanese carmaker on Tuesday named a new chief executive, replacing Hiroto Saikawa, who stepped down after he admitted to being improperly overpaid. Makoto Uchida, until now the head of Nissan's China business, is known for his close ties to Renault, which has a 43.3% stake in Nissan.

Renault to start search for new CEO: Le Figaro

The CEO of crisis-hit Japanese automaker Nissan plans to resign, reports said Monday, as the firm's board meets to discuss an audit launched after former chief Carlos Ghosn's arrest over financial misconduct.

Hiroto Saikawa's reported decision to step down comes days after he admitted receiving <a href="https://www.wionews.com/world/nissan-probe-finds-ceo-saikawa-other-executives-overpaid-in-compliance-failure-report-247752">overpayments</a>, and is the latest blow to the firm after Ghosn's arrest and ouster.

Nissan said it had no immediate comment on the reports, which first emerged overnight.

The timing of Saikawa's resignation, as well as who will succeed him, has reportedly not yet been decided but the embattled CEO is said to have informed several Nissan executives of his decision.

Nissan's board, including executives from the firm's alliance partner Renault, will meet at the company's Yokohama headquarters outside Tokyo from Monday afternoon.

Their discussions, which will include the results of an internal Nissan audit, are expected to "run late into the night", sources told AFP.

Alleged overpayments

The audit was launched in the wake of the Ghosn scandal but appears to have implicated Saikawa and other executives for receiving excess pay as part of a scheme under which directors can earn a bonus if their company's share price rises above a certain level in a set period.

Saikawa is suspected of improperly adding 47 million yen ($440,000) to his compensation by altering the terms of a bonus, according to reports.

Nissan has not confirmed the details of the payments, but Saikawa apologized last week while denying any wrongdoing.

"I left the issue to someone else so I had thought it was dealt with in an appropriate manner," he told reporters.

The carmaker is currently undergoing an overhaul intended to strengthen governance after the Ghosn scandal.

In June, Nissan shareholders voted in favour of various measures including the establishment of three new oversight committees responsible for the appointment of senior officials, pay issues and auditing.

They also approved the election of 11 directors as the firm restructures, among them two Renault executives as well as Saikawa.

The reforms are designed to put Nissan on a more stable footing after the arrest of Ghosn, who has been sacked from his leadership roles at the Japanese firm and others.

He is awaiting trial on charges of under-reporting millions of dollars in salary and of using company funds for personal expenses.

Ghosn has denied any wrongdoing and accuses Nissan executives opposed to his plans to further integrate the firm with France's Renault of plotting against him.

Calls for Saikawa's resignation&nbsp;

Saikawa, a one-time Ghosn protege, turned sharply against his former mentor after his arrest, referring to the "dark side" of the tycoon's tenure and accusing him of accruing unchecked power that allowed his alleged wrongdoing to go undetected.

But the CEO has come under pressure himself in the scandal's wake, facing calls to resign from shareholders who view him as too heavily associated with the Ghosn era.

And while he resisted calls to step down immediately, he has said that he plans to hand over the reins after Nissan is back on track.

The Ghosn scandal has proved disastrous for Nissan, which in July announced that net profit plunged nearly 95 per cent in the April-June quarter, and confirmed it would cut 12,500 jobs worldwide.

The Japanese firm has also struggled to steady its relationship with Renault as part of a tripartite alliance with Mitsubishi Motors that Ghosn founded and once led.

Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights -- an arrangement that has caused tensions.

"There are working theories" on a possible reform of the cross-holding structure between the two firms, a source close to the issue told AFP, adding that "nothing is official".

And Nissan faces other challenges, with Bloomberg News reporting that Christina Murray, the executive who led the company's audit, is also resigning, without giving details on why.

The CEO of crisis-hit Japanese automaker Nissan plans to resign, reports said Monday, as the firm's board meets to discuss an audit launched after former chief Carlos Ghosn's arrest over financial misconduct.

The CEO of crisis-hit Japanese automaker Nissan plans to resign, reports said Monday, as the firm's board meets to discuss an audit launched after former chief Carlos Ghosn's arrest over financial misconduct. Hiroto Saikawa's reported decision to step down comes days after he admitted receiving overpayments, and is the latest blow to the firm after Ghosn's arrest and ouster. Nissan said it had no immediate comment on the reports, which first emerged overnight. The timing of Saikawa's resignation, as well as who will succeed him, has reportedly not yet been decided but the embattled CEO is said to have informed several Nissan executives of his decision. Nissan's board, including executives from the firm's alliance partner Renault, will meet at the company's Yokohama headquarters outside Tokyo from Monday afternoon. Their discussions, which will include the results of an internal Nissan audit, are expected to "run late into the night", sources told AFP. Alleged overpayments The audit was launched in the wake of the Ghosn scandal but appears to have implicated Saikawa and other executives for receiving excess pay as part of a scheme under which directors can earn a bonus if their company's share price rises above a certain level in a set period. Saikawa is suspected of improperly adding 47 million yen ($440,000) to his compensation by altering the terms of a bonus, according to reports. Nissan has not confirmed the details of the payments, but Saikawa apologized last week while denying any wrongdoing. "I left the issue to someone else so I had thought it was dealt with in an appropriate manner," he told reporters. The carmaker is currently undergoing an overhaul intended to strengthen governance after the Ghosn scandal. In June, Nissan shareholders voted in favour of various measures including the establishment of three new oversight committees responsible for the appointment of senior officials, pay issues and auditing. They also approved the election of 11 directors as the firm restructures, among them two Renault executives as well as Saikawa. The reforms are designed to put Nissan on a more stable footing after the arrest of Ghosn, who has been sacked from his leadership roles at the Japanese firm and others. He is awaiting trial on charges of under-reporting millions of dollars in salary and of using company funds for personal expenses. Ghosn has denied any wrongdoing and accuses Nissan executives opposed to his plans to further integrate the firm with France's Renault of plotting against him. Calls for Saikawa's resignation Saikawa, a one-time Ghosn protege, turned sharply against his former mentor after his arrest, referring to the "dark side" of the tycoon's tenure and accusing him of accruing unchecked power that allowed his alleged wrongdoing to go undetected. But the CEO has come under pressure himself in the scandal's wake, facing calls to resign from shareholders who view him as too heavily associated with the Ghosn era. And while he resisted calls to step down immediately, he has said that he plans to hand over the reins after Nissan is back on track. The Ghosn scandal has proved disastrous for Nissan, which in July announced that net profit plunged nearly 95 per cent in the April-June quarter, and confirmed it would cut 12,500 jobs worldwide. The Japanese firm has also struggled to steady its relationship with Renault as part of a tripartite alliance with Mitsubishi Motors that Ghosn founded and once led. Renault holds a 43 per cent stake in the Japanese automaker, which in turn controls 15 per cent of the French firm but has no voting rights -- an arrangement that has caused tensions. "There are working theories" on a possible reform of the cross-holding structure between the two firms, a source close to the issue told AFP, adding that "nothing is official". And Nissan faces other challenges, with Bloomberg News reporting that Christina Murray, the executive who led the company's audit, is also resigning, without giving details on why.

Crisis-hit Nissan CEO set to resign as board meets

<a href="https://www.wionews.com/world/renault-to-block-nissans-plan-to-overhaul-governance-structure-report-225818">Nissan Motor Co </a>is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said.

The two-decade-old partnership of Nissan and Renault was plunged into a crisis earlier this week, as the French automaker’ s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm.

Renault, which owns 43.4% of the Japanese firm, signalled it would block Nissan from formally adopting an overhauled governance structure at a June 25 shareholder meeting - unless Renault received representation on new Nissan committees.

Nissan is now considering having Renault executives as members of the nomination, audit and compensation committees, a person with direct knowledge said.

“Nissan will have to make concessions for our governance reform,” this person said. “Whether two or three seats, we still don’t know how many committees we will be giving to Renault, but we are in talks with Renault to give some seats to someone recommended by Renault.”

Jean-Dominique Senard, Renault’s chairman, said earlier in the week that he was confident of reaching an agreement&nbsp;with Nissan on the composition of the Japanese company’s main board committees. He said he would support Nissan’s governance reform if the Japanese firm allowed Renault’s two representatives on Nissan’s board to be part of its powerful committees.

Nissan had offered to let only Senard sit on the committees but Renault insists its chief executive Thierry Bollore also have a role.

Another source familiar with Nissan’s thinking said that there is no agreement yet on Renault’s recommendations and the two companies are still negotiating.

“There is still a gap ... both sides need to make concessions. The question is whether they can narrow (the gap),” this person said.

Nissan Motor Co is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said.

Nissan Motor Co is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, a source said. The two-decade-old partnership of Nissan and Renault was plunged into a crisis earlier this week, as the French automaker’ s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm. Renault, which owns 43.4% of the Japanese firm, signalled it would block Nissan from formally adopting an overhauled governance structure at a June 25 shareholder meeting - unless Renault received representation on new Nissan committees. Nissan is now considering having Renault executives as members of the nomination, audit and compensation committees, a person with direct knowledge said. “Nissan will have to make concessions for our governance reform,” this person said. “Whether two or three seats, we still don’t know how many committees we will be giving to Renault, but we are in talks with Renault to give some seats to someone recommended by Renault.” Jean-Dominique Senard, Renault’s chairman, said earlier in the week that he was confident of reaching an agreement with Nissan on the composition of the Japanese company’s main board committees. He said he would support Nissan’s governance reform if the Japanese firm allowed Renault’s two representatives on Nissan’s board to be part of its powerful committees. Nissan had offered to let only Senard sit on the committees but Renault insists its chief executive Thierry Bollore also have a role. Another source familiar with Nissan’s thinking said that there is no agreement yet on Renault’s recommendations and the two companies are still negotiating. “There is still a gap ... both sides need to make concessions. The question is whether they can narrow (the gap),” this person said.

Nissan considers giving Renault some seats on oversight committees: Source

French anti-fraud police on Thursday searched the residence of former Nissan and<a href="https://www.wionews.com/world/covering-the-carlos-ghosn-saga-japanese-craft-of-burasagari-and-a-bit-of-luck-for-photojournalists-213374"> Renault chief Carlos Ghosn</a> outside Paris as part of a probe into his sumptuous marriage celebrations at the Palace of Versailles in 2016, prosecutors said.

The police went to his home in the town of Etang-la-Ville as part of a preliminary investigation prompted by Renault earlier this year, prosecutors in the district of Nanterre west of Paris said.

Renault has previously signalled to French authorities suspect transactions under Ghosn, who at the peak of his powers was known for his jet-setting and luxury lifestyle.

He is suspected of hiring the entire Palace of Versailles outside Paris in October 2016 to celebrate his marriage, a benefit estimated as being worth&nbsp; $56,000, in exchange for a philanthropy deal between the state-owned property and Renault.

The search marks a new headache for the former Renault CEO, who was also Nissan chairman in the alliance with the Japanese carmaker, after his initial arrest in Tokyo in November.

The 65-year-old Ghosn, who maintains his innocence, is awaiting trial in Japan over charges of under-reporting his salary for years while at Nissan and using company funds for personal expenses.

Finance Minister Bruno Le Maire told French television earlier this month Renault is to bring a case against Ghosn after identifying 11 million euros of questionable expenses.

France holds a 15 per cent stake in Renault.

Ghosn, who is a French citizen, was seen as a titan of the industry until his mounting legal troubles precipitated his spectacular fall.

He was freed in Japan on $4.5 million bail in April after being detained on fresh charges but is living under strict conditions including restrictions on seeing his wife.

Under the conditions of his bail, Ghosn must stay in Japan and must live in a court-appointed residence with cameras to monitor his movements.

Renault under Ghosn for years tied its strategy to the partnership with Nissan but this has been put in doubt by his arrest and subsequent ouster at both companies.

An offer of a merger from Italian automaker Fiat Chrysler did not come to fruition, with Renault saying the government had blocked the deal, something denied by Le Maire.

Investigators are also looking at expenses paid for marketing in Oman suspected of being used for personal expenses by Ghosn without any link to the work of the company.

French anti-fraud police on Thursday searched the residence of former Nissan and Renault chief Carlos Ghosn outside Paris as part of a probe into his sumptuous marriage celebrations at the Palace of Versailles in 2016, prosecutors said.

French anti-fraud police on Thursday searched the residence of former Nissan and Renault chief Carlos Ghosn outside Paris as part of a probe into his sumptuous marriage celebrations at the Palace of Versailles in 2016, prosecutors said. The police went to his home in the town of Etang-la-Ville as part of a preliminary investigation prompted by Renault earlier this year, prosecutors in the district of Nanterre west of Paris said. Renault has previously signalled to French authorities suspect transactions under Ghosn, who at the peak of his powers was known for his jet-setting and luxury lifestyle. He is suspected of hiring the entire Palace of Versailles outside Paris in October 2016 to celebrate his marriage, a benefit estimated as being worth $56,000, in exchange for a philanthropy deal between the state-owned property and Renault. The search marks a new headache for the former Renault CEO, who was also Nissan chairman in the alliance with the Japanese carmaker, after his initial arrest in Tokyo in November. The 65-year-old Ghosn, who maintains his innocence, is awaiting trial in Japan over charges of under-reporting his salary for years while at Nissan and using company funds for personal expenses. Finance Minister Bruno Le Maire told French television earlier this month Renault is to bring a case against Ghosn after identifying 11 million euros of questionable expenses. France holds a 15 per cent stake in Renault. Ghosn, who is a French citizen, was seen as a titan of the industry until his mounting legal troubles precipitated his spectacular fall. He was freed in Japan on $4.5 million bail in April after being detained on fresh charges but is living under strict conditions including restrictions on seeing his wife. Under the conditions of his bail, Ghosn must stay in Japan and must live in a court-appointed residence with cameras to monitor his movements. Renault under Ghosn for years tied its strategy to the partnership with Nissan but this has been put in doubt by his arrest and subsequent ouster at both companies. An offer of a merger from Italian automaker Fiat Chrysler did not come to fruition, with Renault saying the government had blocked the deal, something denied by Le Maire. Investigators are also looking at expenses paid for marketing in Oman suspected of being used for personal expenses by Ghosn without any link to the work of the company.

Police search ex-Nissan chief Ghosn's home over marriage celebrations in Palace of Versailles

French carmaker Renault has warned its <a href="https://www.wionews.com/world/ghosn-resigns-as-renault-boss-as-french-group-enters-new-era-192468">alliance partner Nissan</a> that it will block the Japanese auto firm's plan to overhaul its governance structure, fearing that the changes could reduce its influence, according to the Financial Times.&nbsp;

The reported move by Renault, which is Nissan's largest shareholder, is likely to further strain ties between the two firms after the shock arrest of former boss Carlos Ghosn.&nbsp;

A spokesman for Renault contacted by AFP did not immediately confirm the report.&nbsp;

The FT said that Renault chairman Jean-Dominique Senard had said in a letter to his Nissan counterpart, which has not been made public, that the French firm would abstain from a vote on long-planned changes to the governance structure during the Japanese company's annual meeting.&nbsp;

It would therefore deny the proposal the two thirds majority it needs to pass. &nbsp;

The report added, however, that Renault's position may change, citing sources familiar with Senard's approach.&nbsp;

Renault is pushing for a full merger between the pair but there is deep scepticism of the plan at Nissan.

The company recently made an attempt for a merger with Fiat Chrysler that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- have created a car giant spanning the globe. &nbsp;

But the Italian-US carmaker pulled the plug, saying negotiations had become "unreasonable" due to political resistance in Paris.&nbsp;

Relations between Renault and Nissan have been tested over the arrest in November of their joint boss Ghosn, who awaits trial in Japan on charges of financial misconduct. 
&nbsp;

French carmaker Renault has warned its alliance partner Nissan that it will block the Japanese auto firm's plan to overhaul its governance structure, fearing that the changes could reduce its influence, according to the Financial Times.

French carmaker Renault has warned its alliance partner Nissan that it will block the Japanese auto firm's plan to overhaul its governance structure, fearing that the changes could reduce its influence, according to the Financial Times. The reported move by Renault, which is Nissan's largest shareholder, is likely to further strain ties between the two firms after the shock arrest of former boss Carlos Ghosn. A spokesman for Renault contacted by AFP did not immediately confirm the report. The FT said that Renault chairman Jean-Dominique Senard had said in a letter to his Nissan counterpart, which has not been made public, that the French firm would abstain from a vote on long-planned changes to the governance structure during the Japanese company's annual meeting. It would therefore deny the proposal the two thirds majority it needs to pass. The report added, however, that Renault's position may change, citing sources familiar with Senard's approach. Renault is pushing for a full merger between the pair but there is deep scepticism of the plan at Nissan. The company recently made an attempt for a merger with Fiat Chrysler that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- have created a car giant spanning the globe. But the Italian-US carmaker pulled the plug, saying negotiations had become "unreasonable" due to political resistance in Paris. Relations between Renault and Nissan have been tested over the arrest in November of their joint boss Ghosn, who awaits trial in Japan on charges of financial misconduct.

Renault to block Nissan's plan to overhaul governance structure: Report

A proposed merger between <a href="https://www.wionews.com/business-economy/fiat-chrysler-confirms-merger-talks-with-renault-221892">Renault and Fiat-Chrysler remains a "good opportunity</a>," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

"A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers.

But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France.

On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe.

A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece.

But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris.

On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners.

And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms.

"Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting.

In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure.

Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass.

"Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement.

The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence.

Le Maire declined to comment directly on the spat but urged reconciliation.

"The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris. "A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers. But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France. On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe. A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece. But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris. On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners. And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms. "Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting. In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure. Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass. "Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement. The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence. Le Maire declined to comment directly on the spat but urged reconciliation. "The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

Fiat-Renault merger 'good opportunity': France's finance minister

Fiat Chrysler has made a <a href="https://www.wionews.com/business-economy/fiat-chrysler-in-talks-to-forge-extensive-ties-with-renault-report-says-221647">"transformative merger" proposal</a> to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat.

Fiat said the combined business would be 50% owned by FCA shareholders and 50% owned by those of Renault.

Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.

Renault Chairman Jean-Dominique Senard presented an FCA-Renault merger plan to French Finance Minister Bruno Le Maire on Friday, Les Echos reported on its website. The French government has a 15% stake in Renault.

The deal being discussed would include guarantees covering corporate governance and employment in France and Italy, the French daily said.

Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.

Earlier this year FCA Chairman John Elkann - a member of Italy's Agnelli dynasty that controls the company - stressed the family's commitment to the automotive industry. But he also added that they were prepared to take "bold and creative decisions" to help build a solid and attractive future for the company.

Regional rationale

FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs.

Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business.

The tie-up would likely face political and workforce hurdles, particularly in Italy. However, most of FCA's European plants are running below 50% capacity.

A deal between FCA and Renault would not preclude a consolidation of Renault's alliance with Japanese carmaker Nissan Motor Co Ltd , a source told Reuters on Saturday.

The Renault-Nissan partnership, underpinned by cross-shareholdings, has been strained by the scandal surrounding former Chairman Carlos Ghosn, who was ousted after his arrest last year.

Speculation about the future of Fiat Chrysler, often seen as a potential M&amp;A target, intensified after the sudden death of long-serving former CEO Sergio Marchionne almost one year ago.

Fiat Chrysler has made a "transformative merger" proposal to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat.

Fiat Chrysler has made a "transformative merger" proposal to French peer Renault, the Italian carmaker said on Monday, in a deal which would create a world leader and help address some of the weaknesses in both Renault and Fiat. Fiat said the combined business would be 50% owned by FCA shareholders and 50% owned by those of Renault. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles. Renault Chairman Jean-Dominique Senard presented an FCA-Renault merger plan to French Finance Minister Bruno Le Maire on Friday, Les Echos reported on its website. The French government has a 15% stake in Renault. The deal being discussed would include guarantees covering corporate governance and employment in France and Italy, the French daily said. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles. Earlier this year FCA Chairman John Elkann - a member of Italy's Agnelli dynasty that controls the company - stressed the family's commitment to the automotive industry. But he also added that they were prepared to take "bold and creative decisions" to help build a solid and attractive future for the company. Regional rationale FCA has a highly profitable North American RAM trucks business and Jeep brand but has been losing money in Europe, where it may also struggle to keep pace with looming carbon dioxide emissions curbs. Renault, by contrast, is an electric-car pioneer with relatively fuel-efficient engine technologies and a strong presence in emerging markets, but no U.S. business. The tie-up would likely face political and workforce hurdles, particularly in Italy. However, most of FCA's European plants are running below 50% capacity. A deal between FCA and Renault would not preclude a consolidation of Renault's alliance with Japanese carmaker Nissan Motor Co Ltd , a source told Reuters on Saturday. The Renault-Nissan partnership, underpinned by cross-shareholdings, has been strained by the scandal surrounding former Chairman Carlos Ghosn, who was ousted after his arrest last year. Speculation about the future of Fiat Chrysler, often seen as a potential M&A target, intensified after the sudden death of long-serving former CEO Sergio Marchionne almost one year ago.

Fiat Chrysler confirms merger talks with Renault

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority.

The gains followed a stronger showing in Asian markets, where shares rose but remained near 4-month lows. The MSCI world equity index, which tracks shares in 47 countries, was ahead by 0.1%.

The pan-European STOXX 600 added 0.4% with all major European indices in the black, although trading volumes were thin with markets in the United States and the United Kingdom closed for market holidays.

Auto stocks climbed 1.8% as Italian-American carmaker Fiat Chrysler confirmed it had made a "transformative merger" proposal to French peer Renault in a deal which would create the world's third-biggest carmaker. Shares of both companies rallied.

Markets were also buoyed as pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc's elections showed, though eurosceptic opponents saw strong gains.

Investors had been worried about eurosceptic parties gaining a 30% vote share - the level at which they could seriously disrupt European governance and the region's ability to show unity in addressing key concerns like a global trade war.

But while far-right, nationalist or anti-EU groups came out on top in Italy, Britain, France and Poland, they failed to alter dramatically the balance of pro-European power in the EU assembly.

"The impression of a fragmented political system remains, but perhaps when all is said and done, the message will be that Brexit has reduced appetite to leave the EU," said Kit Juckes, FX strategist at Societe Generale.

The euro initially rallied above $1.12 but by 0920 GMT the single currency was struggling, down 0.1% at $1.1195.

The dollar index gained 0.1% in quiet trading.

"In the simple world of FX a possible crisis is averted, leaving us with familiar issues. Europe needs more growth and while EU leaders argue over who gets which top jobs, it needs easier fiscal policy perhaps most of all," Juckes said.

European government bond markets were little moved with the spread between the German 10-year bond yield, considered one of the world's safest assets, and the Italian 10-year government bond yield little moved after initially narrowing.

Spanish and Portuguese bond yields hit record lows - a sign of investor confidence after the election results.

Elsewhere, US President Donald Trump's visit to Japan was overshadowed by trade tensions. Trump pressed Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States.

Escalating trade tensions between the United States and China have rattled investors in recent weeks, pressuring stocks lower just as concerns build about weakening momentum in the world's largest economies.

The yen, often the currency of choice for nervous investors, fell 0.2% against the dollar to 109.495 but remained close to four-month highs hit earlier in May as traders looked for safety in the face of mounting trade-related woes.

China's yuan rose to a 1-1/2 week high against the US dollar on Monday, buoyed by a senior official's warning not to bet against the Chinese currency.

The pound held around $1.2703. Sterling had bounced back from a near five-month trough of $1.2605 after British Prime Minister Theresa May last week named a date for her to step down - triggering a leadership contest during which investors fear the risk of a no-deal Brexit will rise.

Oil prices mostly fell, extending losses from last week when crude dropped the most this year. Concerns the Sino-US trade war could trigger a broad economic slowdown have sent this year's oil rally into reverse, although OPEC's supply cuts provided some support.

Front-month Brent crude futures, the international benchmark for oil prices, rose 0.1% to $68.80 per barrel while US West Texas Intermediate (WTI) crude futures shed 0.5% to $58.33 per barrel.

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority.

European shares rose on Monday as investors snapped up automaker stocks following confirmation of merger talks between Fiat Chrysler and Renault, and after European parliamentary elections saw pro-Europe parties cling to a majority. The gains followed a stronger showing in Asian markets, where shares rose but remained near 4-month lows. The MSCI world equity index, which tracks shares in 47 countries, was ahead by 0.1%. The pan-European STOXX 600 added 0.4% with all major European indices in the black, although trading volumes were thin with markets in the United States and the United Kingdom closed for market holidays. Auto stocks climbed 1.8% as Italian-American carmaker Fiat Chrysler confirmed it had made a "transformative merger" proposal to French peer Renault in a deal which would create the world's third-biggest carmaker. Shares of both companies rallied. Markets were also buoyed as pro-European parties retained a firm grip on the EU parliament, provisional results from the bloc's elections showed, though eurosceptic opponents saw strong gains. Investors had been worried about eurosceptic parties gaining a 30% vote share - the level at which they could seriously disrupt European governance and the region's ability to show unity in addressing key concerns like a global trade war. But while far-right, nationalist or anti-EU groups came out on top in Italy, Britain, France and Poland, they failed to alter dramatically the balance of pro-European power in the EU assembly. "The impression of a fragmented political system remains, but perhaps when all is said and done, the message will be that Brexit has reduced appetite to leave the EU," said Kit Juckes, FX strategist at Societe Generale. The euro initially rallied above $1.12 but by 0920 GMT the single currency was struggling, down 0.1% at $1.1195. The dollar index gained 0.1% in quiet trading. "In the simple world of FX a possible crisis is averted, leaving us with familiar issues. Europe needs more growth and while EU leaders argue over who gets which top jobs, it needs easier fiscal policy perhaps most of all," Juckes said. European government bond markets were little moved with the spread between the German 10-year bond yield, considered one of the world's safest assets, and the Italian 10-year government bond yield little moved after initially narrowing. Spanish and Portuguese bond yields hit record lows - a sign of investor confidence after the election results. Elsewhere, US President Donald Trump's visit to Japan was overshadowed by trade tensions. Trump pressed Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States. Escalating trade tensions between the United States and China have rattled investors in recent weeks, pressuring stocks lower just as concerns build about weakening momentum in the world's largest economies. The yen, often the currency of choice for nervous investors, fell 0.2% against the dollar to 109.495 but remained close to four-month highs hit earlier in May as traders looked for safety in the face of mounting trade-related woes. China's yuan rose to a 1-1/2 week high against the US dollar on Monday, buoyed by a senior official's warning not to bet against the Chinese currency. The pound held around $1.2703. Sterling had bounced back from a near five-month trough of $1.2605 after British Prime Minister Theresa May last week named a date for her to step down - triggering a leadership contest during which investors fear the risk of a no-deal Brexit will rise. Oil prices mostly fell, extending losses from last week when crude dropped the most this year. Concerns the Sino-US trade war could trigger a broad economic slowdown have sent this year's oil rally into reverse, although OPEC's supply cuts provided some support. Front-month Brent crude futures, the international benchmark for oil prices, rose 0.1% to $68.80 per barrel while US West Texas Intermediate (WTI) crude futures shed 0.5% to $58.33 per barrel.

European stocks gain on EU election relief and auto shares surge

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