Good morning! Here’s what you need to know on Wednesday.
1. Japanese prosecutors are considering bringing a case against Nissan after Chairman Carlos Ghosn’s arrest on suspicion of financial misconduct, the Asahi Shimbun daily said on Wednesday.Ghosn, one of the global car industry’s best-known leaders, was arrested on Monday after Nissan’s internal investigations found he had allegedly engaged in years of wrongdoing, including personal use of company money and under-reporting earnings.
2. Tencent Music Entertainment (TME) – China’s answer to Spotify – is facing crunch time on its hotly anticipated $US2 billion mega IPO this year.The streaming music giant, which has more than 800 million monthly users, had initially pencilled in an October launch for a U.S. initial public offering (IPO) of up to $US2 billion, but decided last month to delay until November in the hope that markets would settle.
3. US oil prices stabilised on Wednesday after slumping more than 6% the previous day, with some support coming from a report of an unexpected drop in U.S. commercial crude inventories.But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.
4. Asian stocks slipped on Wednesday as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares tumbling and driving the safe haven dollar up from a two-week low. Japan’s benchmark Nikkei 225 was down 0.25% as of 7.50 a.m. GMT (2.50 a.m. ET). The Shanghai Composite Index swerved in and out of the red and was last up 0.2%
5. US President Donald Trump reportedly wanted to direct the Department of Justice to prosecute two of his political rivals. Both former FBI director James Comey and former Secretary of State Hillary Clinton were the targets, according to the New York Times.
6. Facebook investors are starting to really worry about the future of COO Sheryl Sandberg. Sandberg is facing unprecedented criticism following the company’s slew of recent scandals.
7. China’s top security agency is accused of directing a wave of cyberattacks against Australia. A foreign ministry spokesperson provided China’s stock responses to accusations of hacking: “groundless, speculative, unprofessional and irresponsible.”
8. Snapchat’s parent company is trying again with a new version of its Spectacles glasses, this time with two cameras, at a price of $US350. According to Cheddar, Snap is planning to produce around 24,000 pairs of the newest model, a huge difference from the 800,000 units the company ordered of its first generation glasses in a big overestimate of customer demand.
9. Amazon employees are reportedly already buying up apartments in New York City, and they started before the company even announced HQ2. In the week since Amazon announced plans to open headquarters in Long Island City, a neighbourhood in Queens, New York, brokers say they have seen a spike in interest from employees, The Wall Street Journal reports.
10. Airbus on Wednesday named the finance director of German chipmaker Infineon Technologies as its next chief financial officer to replace fellow German Harald Wihelm, who is due to step down next year.Dominik Asam, who is also a former Siemens executive, will take over the post on April 1, 2019, it said in a statement.