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Lebanon issues travel ban for fugitive ex-Nissan chief Ghosn – CTV News

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BEIRUT —
Lebanese prosecutors issued a travel ban for fugitive ex-Nissan chief Carlos Ghosn and asked him to hand in his French passport on Thursday, following an Interpol-issued notice against him, a judicial official said.

The travel ban comes after Ghosn was interrogated by prosecutors for nearly two hours over the notice about the charges he faces in Japan over financial misconduct.

The prosecutors also formally asked Japanese authorities for their file on the charges against Ghosn in order to review the case, the official said, speaking on condition of anonymity because he was not authorized to talk to reporters.

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Lebanon last week received the Interpol-issued wanted notice, which is a non-binding request to law enforcement agencies worldwide that they locate and provisionally arrest a fugitive.

At the hearing, Ghosn was asked to provide an address he resides at in Lebanon and was banned from travelling out of the country, the official said. He was also asked to hand in his French passport. It was not immediately clear what legal procedures would follow.

Lebanon and Japan do not have an extradition treaty, and the Interpol notice does not require that Lebanese authorities arrest him. The authorities say Ghosn entered Lebanon on a valid passport, casting doubt on the possibility they would hand him over to Japan.

Interpol cannot compel Lebanon to arrest Ghosn and it will be up to the local law enforcement authorities to decide what to do.

On his first public appearance since he fled Japan, Ghosn on Wednesday railed against the Japanese justice system, accusing it of violating his basic rights and disputing all allegations against him as “untrue and baseless.”

He told a press conference in Beirut that he doesn’t trust he would have a fair trial in Japan but said he was ready to face justice anywhere else.

Ghosn, a French, Lebanese and Brazilian national, showed up in Lebanon on Dec. 30, after an audacious and improbable escape from surveillance in Japan. Lebanese officials said he entered legally, with a French passport and a Lebanese identification card.

While a travel ban restricts Ghosn’s movement, it also offers him a degree of protection by Lebanese authorities who would presumably ensure he complies with the ban. France also doesn’t have an extradition treaty with Japan.

According to the official, Ghosn was also interrogated on a separate report against him over a 2008 visit to Israel. Lebanon and Israel are technically at war. No decision was taken regarding this case, which according to Lebanese law can be punishable between one and 10 years in jail.

Two Lebanese lawyers submitted a report to the Public Prosecutor’s Office saying the trip violated Lebanese law. The violation may not be prosecutable, given that it has happened 12 years earlier. A famous Lebanese director, who also carries a French passport, questioned over the same violation in 2017 was not prosecuted because the visit was three yeas prior.

Ghosn’s lawyer, Carlos Abou Jaoude confirmed that his client was questioned in the two separate cases — the Interpol notice and the Israel trip. He told reporters Ghosn was confident in the Lebanese judicial system.

At Wednesday’s press conference, Ghosn apologized to the Lebanese, saying he never wished to offend anyone when he travelled to Israel as a French national after Nissan asked him to announce the launch of electric cars there.

Tokyo prosecutors, who arrested him in late 2018, said Ghosn had “only himself to blame” for for four-month-long detention and for the strict bail conditions that followed, such as being banned from seeing his wife.

“Defendant Ghosn was deemed a high-profile risk, which is obvious from the fact that he actually fled,” they said.

Ghosn thanked the Lebanese authorities for their hospitality and defended its judicial system, which has long faced accusations of corruption and favouritism. He said he would be ready to stand trial “anywhere where I think I can have a fair trial.” He declined to say where that might be.

With big gestures and a five-part slide presentation, Ghosn brought his case to the global media in a performance that at times resembled a corporate presentation. Combative, spirited, and at times rambling, he described conditions of detention in Japan that made him feel “dead … like an animal” in a country where he asserted he had “zero chance” of a fair trial.

He said he was held in solitary confinement for 130 days, was interrogated day and night for hours, appeared in handcuffs and a leash around his waist and was denied rights to see his wife for months.

In his 150-minutes conference Wednesday, Ghosn attacked Japanese prosecutors, saying they were “aided and abated by petty, vindictive and lawless individuals” in the government, Nissan and its law firm. He said it was them, not him, “who are destroying Japan’s reputation on the global stage.”

On Tuesday, Tokyo prosecutors obtained an arrest warrant for Ghosn’s Lebanese wife Carole on suspicion of perjury, a charge unrelated to his escape. However, Japanese justice officials acknowledge that it’s unclear whether the Ghosns can be brought back to Japan to face charges.

Nissan has said it was still pursuing legal action against Ghosn despite his escape.

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st

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Pipeline

Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.

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In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.

Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.

After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.

“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.

The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.  

The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).

The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.

The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.

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