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Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.

Ex-Nissan chairman Carlos Ghosn indicted, may remain in jail for months

TOKYO — Nissan's ex-chairman Carlos Ghosn was charged Friday with breach of trust, according to the Tokyo District Court, making the star executive's release unlikely for months. Ghosn, arrested Nov. 19, was earlier charged with falsifying financial reports in underreporting his income by about 5 billion yen ($44 million) over five years through 2015. Ghosn; Greg Kelly, another Nissan executive; and Nissan as a legal entity also were charged Friday with additional underreporting of income, from 2015 through mid-2018. Ghosn's lawyer Motonari Ohtsuru said he would request that Ghosn be granted release on bail. His detention period for the breach of trust allegations was due to expire Friday. Kelly and Nissan were not charged with breach of trust. Those allegations center on Ghosn's handling of investment losses and payments made to a Saudi businessman. Ghosn, 64, says he's innocent. Suspects in Japan are routinely held for months until trials start, and Tokyo prosecutors maintain that Ghosn, a Brazilian-born Frenchman of Lebanese ancestry, is a flight risk. Earlier this week Ghosn told a Tokyo court he was innocent, in his first public appearance since his arrest, and appealed for his detention to end. But the court rejected that request. "I have a genuine love and appreciation for Nissan," Ghosn told the court. "In all of my efforts on behalf of the company, I have acted honorably, legally and with the knowledge and approval of the appropriate executives inside the company." He said the compensation was never decided on, the investment deal never resulted in any losses to Nissan, and the payments to the Saudi businessman were for legitimate services related to dealers and investments in the Gulf. Ghosn, who appeared much thinner than before his arrest, came down with a fever the day after his court appearance, but has since recovered, Ohtsuru, the lawyer, said. His wife Carole Ghosn issued a statement overnight out of Paris, expressing concern over his sickness. "I am pleading with the Japanese authorities to provide us with any information at all about my husband's health. We are fearful and very worried his recovery will be complicated while he continues to endure such harsh conditions and unfair treatment," she said. Apart from prosecutors, only embassy officials and Ghosn's lawyers are allowed to visit him. Such visits were canceled Thursday but resumed Friday.

Swarm of bees descends on man's Mitsubishi

A man in Wales got quite a shock when he returned to his car only to find it covered in bees. According to the South Wales Evening Post, an unnamed driver parked Mitsubishi Outlander in front of the Three Crowns Pub in Haverfordwest, a city in Pembrokesire, Southwest Wales. When he returned, he discovered a large swarm of honeybees had come to roost on the rear of the car. Thankfully, before anyone could disturb the bees, a Pembrokeshire Coast National Park ranger named Tom Moses came across the scene. "It was spectacular, I was driving through when I sported the big brown splodge," Moses told the Evening Post. "A lot of people were really amazed by it, cars were slowing down and people were taking pictures of it." The bees were swarming the car after their queen became lodged in the trunk, according to the Guardian. Moses has an interest in bees and often speaks to people about the ways in which bees are threatened by pesticides and habitat destruction. "At the national park, we like people to be aware of how important bees are and how people should be looking after them," Moses told the paper. The ranger contacted the Pembrokeshire Beekeepers' Association and two members came out to collect the swarm. "I was a little bit concerned, with it being in the middle of town outside a pub, that someone might do something stupid and get hurt or do something stupid and hurt the bees," Moses said. His concern is valid. It's a very bad idea to tangle with stinging insects when you don't know what you're doing. Bees swarm to protect their queen, and are liable to swarm anything they see as a threat. If you ever find yourself in this unlikely scenario, call a professional beekeeper who can safely remove the hive. Avoid hiring an exterminator though. Bee populations have a hard enough time as it is. Honeybee die-offs and disappearances have been on the rise since 2006. According to the United States Department of Agriculture, one of the primary culprits is Colony Collapse Disorder, which happens when all adult workers in a hive disappear leaving only immature bees and a queen behind. Related Video: