Ghosn Re-arrested, Hopes for Posting Bail Dashed

A street monitor showing a news report about arrest of Nissan Chairman Carlos Ghosn is seen next to Christmas illuminations in Tokyo, Japan November 21, 2018. REUTERS/Toru Hanai
A street monitor showing a news report about arrest of Nissan Chairman Carlos Ghosn is seen next to Christmas illuminations in Tokyo, Japan November 21, 2018. REUTERS/Toru Hanai
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Ghosn Re-arrested, Hopes for Posting Bail Dashed

A street monitor showing a news report about arrest of Nissan Chairman Carlos Ghosn is seen next to Christmas illuminations in Tokyo, Japan November 21, 2018. REUTERS/Toru Hanai
A street monitor showing a news report about arrest of Nissan Chairman Carlos Ghosn is seen next to Christmas illuminations in Tokyo, Japan November 21, 2018. REUTERS/Toru Hanai

Japanese prosecutors re-arrested on Friday the ousted Nissan boss, Carlos Ghosn, over fresh allegations of making the company shoulder $16.6 million in personal investment losses, apparently dashing his hopes of early release.

The case of the once-revered 64-year-old tycoon has gripped Japan since he was arrested as he stepped off his private jet at Tokyo's Haneda Airport on November 19.

He had appeared set for release Friday after a court surprisingly rejected the prosecutors' demand to extend his detention for further questioning.

But instead of being granted bail, Ghosn was arrested Friday on suspicion of a separate issue of financial wrongdoing, involving the transfer of 1.85 billion yen ($16.6 million) in losses from a swap contract from his own asset management fund to Nissan.

"The accused was responsible for managing Nissan's overall operations and for dutifully fulfilling his role as CEO not to cause damage to Nissan and its subsidiaries... but he took action that betrayed his role and caused financial damage to Nissan," prosecutors alleged.

According to public broadcaster NHK, Ghosn denies this latest set of allegations.

The Franco-Brazilian-Lebanese businessman has already been formally charged with under-reporting his income by tens of millions of dollars over several years and faces a second batch of allegations that this continued for three further years.

On Thursday a court refused to extend his detention over the second set of allegations, with media reporting the charges were too similar to the first set.

But this fresh arrest gives prosecutors 48 hours to question him on the new matter. Under Japanese law, they can then apply for a fresh extension of 10 days, plus a further 10 days, to investigate the new claims.

His right-hand man, Greg Kelly, who faces the same initial charge, was not rearrested on Friday and his lawyer has requested bail, according to a court statement.



Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.


China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
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China Extends Suspension of New Rare Earth Controls Until January

A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)
A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a summit between Presidents Xi Jinping and Donald Trump.

China introduced export controls on certain rare earths ‌in April 2025, ‌only to expand ‌them ⁠further in October ⁠of that year, dramatically widening their scope and also adding new controls on certain diamonds with industrial applications and lithium battery technology.

The measures were then ⁠paused for one year last ‌November after ‌a summit in South Korea ‌between Xi and Trump.

The Ministry of ‌Commerce said in a short statement on Monday that the pause would be extended for two months ‌until January 10. It gave no other details.

The extension ⁠is ⁠part of a broader suspension of trade countermeasures and tariffs announced by China on Monday as it negotiates with Washington over an enduring trade deal.

Trump is set to travel to Shenzhen in southern China later this month for an APEC leaders summit, where he is expected to meet with Xi.