Business

Carlos Ghosn press conference speaking publicly

Published

5 years ago

January 8, 2020

Carlos Ghosn, the fugitive former Nissan executive facing charges of financial malfeasance in Japan, painted a picture of a corporate plot between his former employer and Japanese prosecutors in his first public comments on the case Wednesday.
Ghosn gave a lengthy press conference in front of international media during which he criticized his November 2018 arrest and accusations that he underreported his income and misused corporate funds, accused his critics of „character assassination.“
The automotive executive is on the run from Japan after having escaped house arrest there on December 31, 2019, later resurfacing in Beirut, Lebanon, where he asserted that he was escaping „injustice and political persecution.“
Follow full coverage of Carlos Ghosn’s international escapade here.

Carlos Ghosn railed against his former employer and colleagues, Japanese prosecutors, and the media in a lengthy press conference on Wednesday morning, his first public comments since he fled to Lebanon from Japan last year.

Ghosn criticized his November 2018 arrest and accusations that he underreported his income and misused corporate funds, accused his critics of „character assassination.“

„As you can imagine today is a very important day for me,“ Ghosn said, „one I have looked forward to every single day for more than 400 days since I was brutally taken for my world as I knew it, and ripped from my family, my friends, my communities, from Renault-Nissan, and Mitsubishi, and the 450,000 women and men who comprise those companies.“

The automotive executive is on the run from Japan after having escaped house arrest there on December 31, 2019, later resurfacing in Beirut, Lebanon, where he asserted that he was escaping „injustice and political persecution.“ Ghosn is facing multiple charges of financial misconduct stemming from his time as head of the Renault-Nissan alliance. He denies the charges.

Ghosn laid out the sequence of events that led to his downfall as he recalls them. He cited his efforts to shepherd the addition of the automaker Mitsubishi to the Renault-Nissan alliance in 2016, a decline at Nissan in 2017, and a falling out between him and members of Nissan’s board of directors.

Ghosn described in detail the day of his arrest at an airport in Japan, calling the ordeal „staged,“ and saying he was told by authorities that there was a problem with his visa. It was there that he first encountered a prosecutor, Ghosn said, adding that he asked for permission to call Nissan so the company could send an attorney.

„But obviously, I didn’t know that Nissan was behind it and it was staged way before between the prosecutor and the company,“ Ghosn claimed. He has denied

He described his treatment in custody and criticized Japanese authorities for preventing him from seeing his wife. During his time in Japan, Ghosn had been rearrested on several occasions before he was released on a multimillion-dollar bail agreement and placed on house arrest.

„I was not a human anymore. I was something between a human and animal and object,“ Ghosn said.

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Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

22 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

22 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Business

Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

22 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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