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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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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

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