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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.

Next Nissan Z could be more like original 240

The current Nissan 370Z is six years old, meaning a replacement is on the horizon. But what will the next Z car be? In an interview at last weekend's 24 Hours of Le Mans, Nissan Chief Creative Office Shiro Nakamura revealed that one idea for the next-generation Z could see it move down market, closer to the original 240Z or the 1999 Concept Z. "We would like to do something ... more practical and appealing to younger customers." – Shiro Nakamura "We are studying a couple of different concepts. Because the sports car market is becoming smaller globally," said Nakamura, "We would like to do something, I personally think, is more [in the] original concept of Z, which is ... more practical and appealing to younger customers." The original 1969 240Z, sold under the Datsun nameplate, became an icon thanks to a combination of attractive styling, reasonable performance, and affordable price. In 1970, a new 240Z went for less than $3,600 at the dealer, although high demand resulted in early resale values above retail. In the US, the 240Z begat the 280Z in 1975. Subsequent versions grew in numerical name and performance, but that trend has an end point. The future path may be to reverse course, jokes Nakamura. "We are questioning ourselves in repeating the 350, 370. We don't want to create 390Z, right?" While Nissan is working on the next Z, the bad news is that the IDx is confirmed dead. First shown at the 2013 Tokyo Motor Show, the IDx concept was a vision of an affordable, four-seat sports car like original Nissan/Datsun 510. "I think IDx will not be produced," said Nakamura, before continuing to say that the Z could fill that role. Don't expect a Mazda MX-5 Miata or Subaru BRZ/Scion FR-S clone. When asked specifically about the MX-5, the Nissan designer stated "We may not necessarily go into the same category. Personally I see other options that are very interesting. We want to do something the same as this, unique," he said, referencing a picture of the GTR-LM racecar on the wall. As for timing, we couldn't get any specifics. And the chances of the Z moving down market aren't even certain. "We still need time to finalize this," said the Nissan chief designer, "I mean, we have a couple of ideas." Related Video:

Updated Nissan Micra gets fresh look, more tech and 'New' name

A few months ago, Nissan gave the Micra (which is not for US consumption) a substantial styling update that included new front and rear fascias, and stuffed more technology into the interior, such as USB ports and auxiliary inputs for audio and a new media touchscreen. Though it's still based on the same fourth-generation architecture, Nissan now calls it the New Micra.
Overall the New Micra - also known as March in some markets - looks similar to but more taut than the vehicle that launched in late 2010, thanks to more angular headlights, a new bumper, a sculpted hood and a revised grille with the Nissan logo sitting inside a chrome V, which establishes a stronger link to Nissan's "corporate look." The rear end receives less-drastic changes, such as a new bumper, LED taillamps and a new infill panel at the bottom of the tailgate.
For all of the details on Nissan's five-door city car, take a look at the press release below, and be sure to check out our live gallery from Frankfurt.