Good morning! Here’s what you need to know on Friday.
1. Nissan aims to nominate a new chairman within a month or two, hopefully before its next board meeting slated for around December 20, a source familiar with the matter said, after the automaker ousted Carlos Ghosn as chairman on Thursday.The nomination will be done by the Japanese automaker’s newly created advisory committee that includes the company’s three independent directors.
2. Meanwhile, Japanese prosecutors are likely to build a new criminal case against Ghosn for understating his remuneration by 3 billion yen ($US27.0 million) over three years from fiscal 2015, the Asahi newspaper reported on Friday.Ghosn and former Nissan Representative Director Greg Kelly are currently being investigated in a case of alleged conspiracy to understate Ghosn’s remuneration by about half the 10 billion yen he earned at Nissan over five years from fiscal 2010.
3. Oil prices slumped to 2018 lows on Friday in thin but volatile trading, pulled down by concerns of an emerging global supply overhang amid a bleak economic outlook.Even an expectation that the Organisation of the Petroleum Exporting Countries (OPEC) producer group will start withholding supply in 2019 to rein in any glut provided little support, traders said.
4. Trade talks between the United States and China should be equal and mutually beneficial, Chinese Vice Commerce Minister Wang Shouwen said on Friday, adding that he hoped the two countries can find ways to manage their differences through dialogue. Wang, speaking at a press conference in Beijing, said he hoped both sides could move in the same direction and find ways to resolve their problems. Officials from both countries are in close contact under guidance from their leaders, he added.
5. Countries belonging to the G20 group of the world’s biggest economies applied 40 new trade restrictive measures between mid-May and mid-October, covering around $US481 billion of trade, the World Trade Organisation said on Thursday. “The report’s findings should be of serious concern for G20 governments and the whole international community,” WTO Director-General Roberto Azevedo said in the statement.
6. Chinese industrial data could be about to deteriorate further, at least in the near-term. Macquarie Bank’s forward-looking indicator on Chinese industrial activity “fell significantly in November,” pointing to the likelihood of a similar move in upcoming PMI data.
7. President Donald Trump has suggested “the world” is actually to blame for the death of dissident journalist Jamal Khashoggi.The president also says the Saudi crown prince at the centre of the global scandal probably regrets the incident more than Trump does.
8. The US is asking its key allies to shun China’s tech-giant Huawei.The US is highly concerned about Huawei’s close ties to the Chinese government.
9. Italy’s EU Affairs Minister Paolo Savona is considering resigning over the government’s decision to challenge European Union budget rules, daily Corriere Della Sera said.The newspaper cited an unnamed League minister as its source.
10. Two policemen have been killed and one security guard has been injured after gunmen opened fire at the Chinese consulate in the Pakistani city of Karachi, according to local officials.“We have two cops brought dead and security guard injured due to blast impact,” Seemin Jamali, a doctor at the Jinnah Hospital in Karachi, told Reuters Friday.