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Carlos Ghosn was on verge of release — so prosecutors file new allegation

TOKYO — Japanese prosecutors added a new allegation of breach of trust against Nissan's former chairman Carlos Ghosn on Friday, dashing his hopes for posting bail quickly. Ghosn and another former Nissan executive, Greg Kelly, were arrested Nov. 19 and charged with underreporting Ghosn's income by about 5 billion yen ($44 million) in 2011-2015. They also face the prospect of more charges of underreporting Ghosn's income for other years by nearly 10 billion ($80 million) in total. The breach of trust allegations were filed a day after a court rejected prosecutors' request for a longer detention of both men. The new allegation only applies to Ghosn, and Kelly could still be bailed out. A request for bail by Kelly's lawyer is pending court approval, according to the Tokyo District Court, but his release will have to wait until next week since the request was still in process after office hours Friday. Prosecutors in a statement Friday alleged that Ghosn in 2008 transferred a private investment loss worth more than 1.8 billion yen ($16 million) to Nissan by manipulating an unspecified "swap" contract. Ghosn also profited by having the company transfer a total of $14.7 million to another company to benefit himself and that company's owner, who helped in the contract manipulation, prosecutors said. Shin Kukimoto, deputy chief prosecutor at the Tokyo District Prosecutors Office, refuse to say if the two transactions were related or how Ghosn illegally profited. He also declined to identify the collaborator or whether the transactions were made overseas. Ghosn and Kelly are only charged with underreporting Ghosn's pay over five years, in violation of the Financial Instruments and Exchange Act. They have not been formally charged with an additional allegation of underreporting another 4 billion yen ($36 million) for 2016-2018, for which their first 10-day detention was to expire Thursday. Prosecutors have been criticized for separating the allegations as a tactic to detain Ghosn and Kelly longer. They say Ghosn and Kelly are flight risks. The maximum penalty for violating the financial act is up to 10 years in prison, a 10 million yen ($89,000) fine, or both. Breach of trust also carries a similar maximum penalty. The conviction rate in Japan is more than 99 percent for any crime. Ghosn was sent by Renault in 1999 to turn around Nissan, then on the verge of bankruptcy, and he led its rise to become the world's second-largest automaker.

Least satisfying vehicle rankings seek to highlight the worst cars of the year

Consumer Reports polls its members on all sorts of topics related to how they buy and use products ranging from mobile phones to humidifiers for indoor plants. Cars are regularly one of CR’s most interesting topics, and its recent study on the least satisfying vehicles to own offers insights into the cars people wish they hadnÂ’t purchased. CR polled thousands of members with questions about what they liked and disliked about the vehicle theyÂ’d owned for a few years. When asked if they would definitely repurchase the same car, the following vehicles came back as the least likely to be purchased a second time: Kia Forte: 51% would buy again Nissan Altima: 51% would buy again Nissan Kicks: 49% would buy again Volkswagen Taos: 48% would buy again Kia Seltos: 48% would buy again Jeep Compass: 46% would buy again Mercedes-Benz GLA: 45% would buy again Infiniti QX50: 40% would buy again Mercedes-Benz GLB: 39% would buy again Volkswagen Atlas Cross Sport: 38% would buy again When Autoblog tested the VW Atlas Cross Sport in March 2022, we liked the styling and the price was right, but it lagged rivals in driving excitement and interior quality. A number of recalls donÂ’t help the Cross SportÂ’s cause much, either, as some models have more than a dozen actions by the National Highway Traffic Safety Administration. Even the 2023 model already has four recalls. The annoyance of recalls and the hassle of just-average reliability ratings could have played into the Cross SportÂ’s place as the least satisfying vehicle. On the other end of the spectrum, the Chevrolet Corvette earned the top spot as CR's most satisfying car. The Porsche 911, Rivian R1T, Ford Maverick Hybrid, and Hyundai Ioniq 5 round out the top-five most satisfying vehicles to own. Given the rabid following the 911 has built over the years and the insane performance Chevy derived from the latest Corvette, itÂ’s not surprising to see them in the top spots. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Infiniti Jeep Kia Mercedes-Benz Nissan Volkswagen Car Buying Used Car Buying Consumer Reports worst cars

At meeting with automakers, Trump launches new attack on NAFTA

WASHINGTON — Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies. A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June. "We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States. Trump said he wants automakers to build more vehicles in the United States and export more vehicles. But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing. "NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said. Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States. The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups. Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.