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Ex-Nissan boss Ghosn said to have met Lebanese president

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Fugitive former Nissan chairman Carlos Ghosn met Lebanon‘s president after fleeing from Japan, where he was smuggled out of house arrest by a private security company, two sources close to Ghosn said on Wednesday.

One of the sources said Ghosn was greeted warmly by President Michel Aoun on Monday after flying into Beirut via Istanbul and was now in a buoyant and combative mood and felt secure.

The plan to slip Ghosn out of Japan, which marked the latest twist in a year-old saga that has shaken the global auto industry, was crafted over three months, the two sources said.

“It was a very professional operation from start to finish,” one of them said.

Meanwhile, Japanese public broadcaster NHK reported that Tokyo prosecutors on Thursday raided the residence of Ghosn after his surprise escape days ago from Japan, where he was awaiting trial on four charges of financial wrongdoing, to Lebanon.

In his meeting at the presidency, Ghosn thanked Aoun for the support he had given him and his wife Carole while he was in detention, the sources said. He now needs the protection and security of his government after fleeing Japan, the sources added.

The meeting between Aoun and Ghosn has not been made public and a media adviser to the president’s office denied the two men had met. The two sources said specifics of the meeting were described to them by Ghosn.

Ghosn could not be reached for comment on the meeting and has been silent publicly other than to issue a written statement shortly after his arrival saying he had “escaped injustice and political persecution.”

Lebanese officials have said there would be no need to take legal measures against Ghosn because he entered the country legally on a French passport, although Ghosn’s French, Lebanese and Brazilian passports are with lawyers in Japan.

The French and Lebanese foreign ministries have said they were unaware of the circumstances of his journey.

Lebanon has no extradition agreement with Japan.

Ghosn was first arrested in Tokyo in November 2018 and faces four charges – which he denies – including hiding income and enriching himself through payments to car dealerships in the Middle East.

He has enjoyed an outpouring of support from Lebanon since his 2018 arrest, with billboards proclaiming, “We are all Carlos Ghosn” erected in solidarity with his case.

Under the terms of his bail, he had been confined to his house in Tokyo and had to have cameras installed at the entrance. He was prevented from communicating with his wife, Carole, and had his use of the internet and other communications curtailed.

The sources said the Lebanese ambassador to Japan had visited him daily while he was in detention.

‘Fiction’

While some Lebanese media have floated a Houdini-like account of Ghosn being packed in a wooden container for musical instruments after a private concert in his home, his wife called the account “fiction” when contacted by Reuters.

She declined to provide details of the exit of one of the most recognized titans of industry. The accounts of the two sources suggest a carefully planned escape known only to a few.

They said a private security firm oversaw the plan, which involved shuttling Ghosn out via a private jet to Istanbul before pushing onward to Beirut, with even the pilot unaware of Ghosn’s presence on board.

An attorney for Ghosn said he would hold a news conference in Beirut on Jan. 8. The sources close to Ghosn, however, said a date for the news conference had yet to be finalized. They said Ghosn was unwilling to share details of his escape so as not to jeopardizes those who aided him in Japan.

He is staying at the home of a relative of his wife, but plans to return soon to a gated villa in the upscale Beirut neighborhood of Achrafieh, one of the sources said.

Nissan sacked Ghosn as chairman, saying internal investigations revealed misconduct including understating his salary while he was its chief executive, and transferring $5 million of Nissan funds to an account in which he had an interest.

In Lebanon, Ghosn is considered a poster boy for success in a country where rampant unemployment pushes young Lebanese abroad to find work and the economy relies heavily on remittances amid a deep financial crisis that has sparked a wave of protests.

Ghosn was born in Brazil of Lebanese descent and lived in Lebanon as a child. He oversaw a turnaround at French carmaker Renault that won him the nickname “Le Cost Killer” and used similar methods to revive Nissan.

— CNBC contributed to this report.

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Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

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

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

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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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