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Back in emerging economy share markets, MSCI’s broadest index of Asia-Pacific shares outside Japan had ended little changed after recovering from an initial wobble. The index has managed to hold up so far in November after three straight monthly declines, but is on track for its worst annual performance since 2011. Japan’s Nikkei had finished almost 0.7 percent higher but the ongoing trade and tech jitters saw Chinese shares close 0.4 percent in the red. [.SS] target cufflinks uk sale. “Investors are still wary about whether they’ll see further lows, given none of the issues that drove the recent correction have dissipated,” said Shane Oliver, Sydney-based head of investment strategy at AMP..
TOKYO (Reuters) – In sacking his long-time mentor Carlos Ghosn as chairman of Nissan Motor Co Ltd (7201.T), CEO Hiroto Saikawa has only bolstered his reputation for being a tough leader unafraid to antagonize people in the interests of business. Thursday’s board decision to oust Ghosn, one of the most celebrated leaders in the auto industry, comes after he was arrested in Japan this week, accused by Nissan of serious financial misconduct over many years. Saikawa is described by company insiders as smart, exacting and results-oriented. He will have to marshal those qualities as he tackles reputational loss, legal and regulatory issues, as well as suspicions that the arrest was a coup engineered by board members unhappy with Ghosn and the alliance with Renault SA (RENA.PA) target cufflinks uk sale.
“He’s very strong and aggressive,” said a Nissan executive, adding Saikawa was not afraid to embarrass people in meetings if their performance fell below his standards. “There are people who love him and people who hate him – people who don’t like him because he is very strict,” said the executive who, like other company insiders Reuters spoke to, declined to be identified due to the personal nature of their comments. Nissan has accused Ghosn of using money for personal purposes and under-reporting income target cufflinks uk sale. According to Tokyo prosecutors, Ghosn is suspected of reporting only half of some $88 million in earnings over a five-year period..
Reuters was unable to reach Ghosn, who has been detained by Tokyo prosecutors, or a lawyer for him. Saikawa only became CEO last year, having been groomed by Ghosn for the job over many years. Another Nissan executive described Saikawa as unflinchingly scrupulous, adding this would have certainly played into how he dealt with the allegations concerning Ghosn once they surfaced within the company. “He’s very much ‘by the book’. He has one phone for personal use and one for company use and when he rings his family, he never uses the company phone,” he said target cufflinks uk sale.
The executive noted that last year’s scandal at the Japanese automaker over improper inspection procedures in the domestic market would have made Saikawa even more cautious. “Saikawa’s been dealing with the inspection problem since last year and where matters of compliance are concerned, he’d be of the belief that you just can’t turn a blind eye.” target cufflinks uk sale. Nissan declined to comment on the executives’ assessment of Saikawa. Saikawa could not be reached for comment..