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Japan court adds 10 more days to Ghosn's detention

A Japanese court on Sunday extended for 10 days the detention of ousted Nissan chairman Carlos Ghosn, who is facing new allegations of making the car maker shoulder $16.6 million in personal investment losses. The extension announced by the Tokyo District Court means Ghosn will remain in Tokyo's main detention center, where he has been confined since his arrest last month on initial allegations of financial misconduct. Ghosn was re-arrested on Friday based on suspicions that around October 2008 he shifted personal trades to Nissan to make it responsible for 1.85 billion yen ($16.6 million) in appraisal losses, prosecutors said. They said the move inflicted damage on Nissan by having it deposit a total of $14.7 million on four occasions between June 2009 and March 2012 into a related bank account. (Reporting by Daniel Leussink; editing by Darren Schuettler)Related Video: Government/Legal Hirings/Firings/Layoffs Nissan Renault

Weekly Recap: Ferrari, Ford and Porsche power up for Geneva

Monday was Groundhog Day. Tuesday, apparently, was Sports Car Day. The Ferrari 488 GTB, the Ford Focus RS and the Porsche Cayman GT4 all debuted within hours of each other ahead of their rollouts at the Geneva Motor Show. Three sporty machines, three vastly different approaches – and a lot of implications for enthusiasts. That's a day worth repeating. It also illustrates the opportunities automakers see in the performance market, which is expected to grow in the coming years. Ford estimates the segment has expanded 14 percent in Europe and surged 70 percent in North America since 2009. The Detroit Auto Show was evidence of this, and performance cars of every stripe debuted, including the Acura NSX, Ford GT, Alfa Romeo 4C Spider and several others. This isn't a fad. Performance cars aren't going away. The question is why? Stricter CAFE standards are looming in the United States, as are tighter emissions regulations in Europe. And no one expects gas prices to remain low in America. None of this matters for sports cars, and automakers are increasingly using them to elevate their images. That's why Dodge rolled out two 707-horsepower Hellcats last year. It's why Ford has decided to resurrect the GT for road and track. It's why in the depths of bankruptcy, General Motors continued work on the Chevrolet Corvette Stingray, not to mention the Z06. "Great brands are made one car at a time," Ford of Europe president Jim Farley said at the reveal of the Focus RS. Still, companies make those cars for different reasons. View 5 Photos Mainstream brands like Ford and Dodge want to build cars that get people talking, excite their bases and drive more potential customers into the showroom. They probably don't buy a Focus RS or a Hellcat, but suddenly the regular Focus hatch looks a bit hotter, and that V6 Charger seems to be just a touch more muscular. The halo of performance is alive and well in the eyes of automakers and their customers. "It's one of the most effective catalysts for ingenuity and innovation," said Joe Bakaj, vice president of product development for Ford of Europe. That also leads to a trickle-down effect. Some of the technologies inevitably make their way to other products. It's hard to think the new all-wheel-drive system in the Focus RS that distributes torque front to rear and side to side won't be used in other vehicles. It's different for Ferrari and Porsche.

Carlos Ghosn video: 'This is about conspiracy. This is about backstabbing'

TOKYO — Nissan's former Chairman Carlos Ghosn maintained his innocence in a video released by his legal team Tuesday and accused some executives at the Japanese automaker of a "conspiracy" that led to his arrest on financial misconduct allegations. "The first message is that I'm innocent," said Ghosn, wearing a white shirt and dark jacket and speaking calmly in the nearly 10-minute video shown at the Foreign Correspondents' Club in Tokyo. "This is a conspiracy," he said. "This is not about specific events, this is not about, again, greed, this is not about dictatorship. This is about a plot. This is about conspiracy. This is about backstabbing." His lawyer Junichiro Hironaka said the video was prepared in case Ghosn was not able to speak at a news conference planned for Thursday. Ghosn was arrested last week while out on bail and remains at the Tokyo Detention Center. Ghosn said the executives behind the conspiracy were motivated by what he called "selfish fears," including what they saw as a merger with French alliance partner Renault SA. They mistook his leadership for greed and dictatorship, when he was the biggest defender of Nissan's autonomy, Ghosn said. He also said he was worried about Nissan, wondering whether those executives were really watching out for the company. Hironaka said a section of the video in which Ghosn mentioned names was removed on his legal advice. Nissan Motor Co., while declining to comment on the criminal case, has said an internal investigation has found that Ghosn falsified financial documents to under-report compensation, and that he used Nissan money for personal gain. "Nissan's internal investigation has uncovered substantial evidence of blatantly unethical conduct," company spokesman Nicholas Maxfield said when asked for comment on Ghosn's video. "The company's focus remains on addressing weaknesses in governance that enabled this misconduct." Ghosn's fourth arrest was on a fresh breach of trust allegation based on suspicion that payments from a Nissan subsidiary to an Oman dealership were diverted to a company effectively run by Ghosn. On Monday, Nissan Motor Co. shareholders voted to oust Ghosn from its board and to approve the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard as Ghosn's replacement. Renault owns 43 percent of Nissan.