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Carlos Ghosn was on verge of release — so prosecutors file new allegation

TOKYO — Japanese prosecutors added a new allegation of breach of trust against Nissan's former chairman Carlos Ghosn on Friday, dashing his hopes for posting bail quickly. Ghosn and another former Nissan executive, Greg Kelly, were arrested Nov. 19 and charged with underreporting Ghosn's income by about 5 billion yen ($44 million) in 2011-2015. They also face the prospect of more charges of underreporting Ghosn's income for other years by nearly 10 billion ($80 million) in total. The breach of trust allegations were filed a day after a court rejected prosecutors' request for a longer detention of both men. The new allegation only applies to Ghosn, and Kelly could still be bailed out. A request for bail by Kelly's lawyer is pending court approval, according to the Tokyo District Court, but his release will have to wait until next week since the request was still in process after office hours Friday. Prosecutors in a statement Friday alleged that Ghosn in 2008 transferred a private investment loss worth more than 1.8 billion yen ($16 million) to Nissan by manipulating an unspecified "swap" contract. Ghosn also profited by having the company transfer a total of $14.7 million to another company to benefit himself and that company's owner, who helped in the contract manipulation, prosecutors said. Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutors Office, refuse to say if the two transactions were related or how Ghosn illegally profited. He also declined to identify the collaborator or whether the transactions were made overseas. Ghosn and Kelly are only charged with underreporting Ghosn's pay over five years, in violation of the Financial Instruments and Exchange Act. They have not been formally charged with an additional allegation of underreporting another 4 billion yen ($36 million) for 2016-2018, for which their first 10-day detention was to expire Thursday. Prosecutors have been criticized for separating the allegations as a tactic to detain Ghosn and Kelly longer. They say Ghosn and Kelly are flight risks. The maximum penalty for violating the financial act is up to 10 years in prison, a 10 million yen ($89,000) fine, or both. Breach of trust also carries a similar maximum penalty. The conviction rate in Japan is more than 99 percent for any crime. Ghosn was sent by Renault in 1999 to turn around Nissan, then on the verge of bankruptcy, and he led its rise to become the world's second-largest automaker.

Japanese automakers welcome North American trade deal, fear what's next

TOKYO — Toyota, Nissan and Mazda welcomed on Tuesday the revised North America trade deal that left Japanese automakers unscathed, but they may face a bumpy ride when Washington and Tokyo hold new talks on over $40 billion of annual U.S. auto imports from Japan. The United States and Canada reached an agreement on Sunday to update the 1994 North American Free Trade Agreement after Washington had forged a separate trade deal with Mexico in August. The updated deal effectively maintains the auto industry's current footprint in North America, and spares Canada and Mexico from the prospect of U.S. national security tariffs on their vehicles. Mazda, which ships cars to the United States from Mexico and Japan, called the deal a "big step forward". Nissan, which makes the cars it sells in the United States locally as well as in Mexico, Japan and other countries, said it was "encouraged" by the agreement. Toyota, Japan's biggest automaker, said it was "pleased" that a basic deal was reached. Other automakers were not immediately available for comment. While the deal has removed the risk that the disintegration of the pact would have posed to automakers, bigger risks loom large for Japanese firms as a chunk of the roughly 7 million cars they sold in the U.S. last year were shipped from Japan, and a trade deal between Washington and Tokyo has yet to be agreed. The United States and Japan last week agreed to begin fresh trade talks, with U.S. President Donald Trump seeking to address Japan's $69 billion trade surplus, of which nearly two-thirds comes from auto exports. Washington is also investigating the possibility of slapping 25 percent tariffs on auto imports on national security grounds, although it has agreed with Japan to put any new tariffs on hold during the talks. Analysts say the United States may take a tougher stance on auto imports from Japan than from its neighbors. "If Japan requests an exemption from the 25 percent tariffs under consideration, Washington could propose a more strict cap on imports than it agreed to with Mexico and Canada," said Koji Endo, senior analyst at SBI Securities. "That would be a risk." This could be a big blow to Japan, as the United States is a key source of revenue for Japanese automakers including Toyota, Nissan and Honda. The U.S. market accounts for a quarter or more of their annual global vehicle sales, and of their total U.S.

Nissan should kill the Quest and bring the Mitsubishi Delica D:5 to America

Enthusiasts don't have much reason to get excited about minivans. But if there were something cool to revitalize interest in the segment, I think American consumers would take notice. A quick browse through Mitsubishi's current catalog of global offerings turned up something interesting, and, now that Nissan has brought the diamond-star into its multi-headed global alliance, the Japanese automaker has a unique opportunity to throw caution to the wind and give America something fun. First, let's acknowledge that the Nissan Quest is a completely reasonable and current minivan entry. But it's not exactly a hot seller. The Quest was the seventh-best-selling minivan in the United States last month. The people-hauler's 209 sales in September of 2016 represent a 68-percent decline over the previous year. Granted, the Quest was trending upward for the year prior to last month's drop, but even the Quest's best full year of sales would just manage to match the number of Toyota Siennas or Chrysler Pacificas sold in a decent month. Put simply, the American market wouldn't miss the Nissan Quest if it were to disappear from dealership lots altogether. I don't think the Nissan Quest is a bad vehicle. The problem is that it's just like every other minivan sold in America. Nothing about the Quest stands out against its competitors, which basically makes it a redundant vehicle with no solid reason to exist. What Nissan really needs, in my humble opinion, is a minivan that stands out from the crowd. I offer the following solution: Bring the Mitsubishi Delica D:5 to the United States. Badge it as a Nissan to take advantage of that brand's larger dealer network; even call it the Quest Q:5 if you must. But don't change much else. I have a feeling Americans would show some interest in an eight-passenger, all-wheel-drive, multi-purpose vehicle like the Delica that's about the same overall length as the Nissan Rogue. As an added incentive to capture as many buyers as possible, offer both the 2.4-liter gasoline engine and the 2.2-liter four-cylinder turbodiesel that are available in other markets. Since the Delica D:5 is based on the same GS platform as the Dodge Journey, it could probably accommodate a Pentastar V6, too, but that doesn't really seem necessary. Instead of being a powerhouse, the Delica should be about fun and efficiency, with an adventurous off-road streak.