Court: Ghosn Must Repay Nissan-Mitsubishi 5 Mn Euros in Wages

Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
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Court: Ghosn Must Repay Nissan-Mitsubishi 5 Mn Euros in Wages

Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo
Carlos Ghosn, the former Nissan and Renault chief executive, gestures as he speaks during a news conference at the Holy Spirit University of Kaslik, in Jounieh, Lebanon September 29, 2020. REUTERS/Mohamed Azakir/File Photo

Fugitive auto tycoon Carlos Ghosn must repay nearly five million euros in wages to Nissan-Mitsubishi, a Dutch court ruled Thursday as it threw out his own claim for damages.

Ghosn was seeking 15 million euros ($18 million) for illegal dismissal but the court in Amsterdam said that there was no current contract between him and the Dutch holding firm of the Japanese automakers.

Ghosn is wanted by Japan on charges of financial misconduct but remains at large in Lebanon, where he fled while on bail.

"The former director of Nissan-Mitsubishi BV has to pay back almost five million euros to the company," AFP quoted the Amsterdam court as saying in a statement.

The court said Ghosn was "not entitled to fair compensation, transitional compensation or arrears, as no employment contract has existed between him and the company.

"The necessary permission from the board was lacking."

The court said the previous contract that began in July 2012 had expired in April 2018, and that Ghosn must now repay wages he earned between April and November 2018.

Ghosn's own request for compensation was "inadmissible", it added.

A spokesman for Ghosn said the former auto chief would challenge the verdict.

"As today's verdict has been rendered without hearing Mr. Ghosn and other key witnesses, the defense team will now take the case to the court of appeal where Mr. Ghosn's right to witness evidence will be granted," the spokesman said in a statement emailed to AFP.

"We are satisfied with the court verdict which ruled out any bad faith from Mr. Ghosn."

Ghosn was a global business superstar and head of an auto alliance joining Nissan, Renault and Mitsubishi Motors before his career came crashing to an abrupt end in November 2018, when Tokyo investigators stormed his private jet to arrest him.

The French-Lebanese-Brazilian national was eventually charged with four counts of financial misconduct -- which he denies -- over claims he hid compensation and misused Nissan funds.

Having spent months in detention, Ghosn was out on bail when he fled the country in what Japanese prosecutors termed "one of the most brazen and well-orchestrated escape acts in recent history".



Most Gulf Markets Gain on Iran Deal

 Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
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Most Gulf Markets Gain on Iran Deal

 Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS

Most ‌Gulf equities rose in early trade on Monday after the US and Iran announced a preliminary deal to end the war and restore traffic through the Strait of Hormuz.

Pakistan's prime minister said the two countries ‌are expected to ‌sign a memorandum ‌of ⁠understanding in Switzerland ⁠on Friday, following mediation by Islamabad.

Trump said on Sunday the waterway would reopen "toll free" and that the US blockade of Iranian ⁠ports would be lifted, while ‌Iran's ‌Mehr news agency reported the ‌draft deal envisages reopening it ‌within 30 days under Iranian arrangements.

Saudi Arabia's benchmark index gained 0.5%, with the country's biggest ‌lender by assets, Saudi National Bank.

However, oil giant ⁠Saudi ⁠Aramco slipped 1.1%.

Brent crude futures fell $3.65, or 4.2%, to $83.68 a barrel by 0630 GMT.

Qatar's benchmark index advanced 1%, with Qatar National Bank, the region's largest lender, jumped 1.9%.

UAE bourses were closed for a public holiday.


Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid

Elon ‌Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion.

"And I would be surprised if revenue ‌is not greater ‌than $1T in 2031," he ‌wrote ⁠on his social ⁠media platform X, replying to journalist and financial commentator Jon Erlichman.

SpaceX on Friday became the sixth-largest US firm, cementing Musk's status as the ⁠world's first trillionaire.

However, the ‌company ‌still makes far less money than similarly ‌valued tech giants like ‌Broadcom and Amazon.com.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the ‌company swung to a net loss of $4.94 billion from ⁠a ⁠profit of $791 million.

Some Wall Street analysts are cautious about the company's growth.

Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.


Fitch Affirms China's Credit Rating at 'A'

 A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
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Fitch Affirms China's Credit Rating at 'A'

 A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)

Global ratings agency Fitch on Monday affirmed China's long-term sovereign rating at "A" with a stable outlook, citing its large and diversified ‌economy, which supports ‌prospects for solid ‌GDP ⁠growth and the ⁠country's important role in global trade.

China, which faced high US tariff uncertainty last year, should see some relaxation after US President ⁠Donald Trump's visit, Fitch said, ‌even ‌as it warned of weak ‌household confidence weighing on goods ‌consumption.

Data from last month showed China's official manufacturing purchasing managers' index dropping to 50 from ‌50.3 in April, its lowest reading in three months ⁠as ⁠demand weakened. A level below 50 typically signals contraction.

"The energy price shock may pose a challenge, but large crude oil inventories, substantial refining capacity and diversified energy sources should cushion risks," the ratings agency said.