The daily business briefing: November 19, 2018

1. Nissan moves to fire Ghosn over financial misconduct allegations

Nissan said Monday it was taking steps to remove its chairman, Carlos Ghosn, for allegedly violating Japanese financial law. The Japanese auto maker said Ghosn and board director Greg Kelly had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report for years. Nissan said "numerous other significant acts" by Ghosn had been uncovered, "such as personal use of company assets." Trading of Nissan shares had already ended by the time the news broke, but shares of French auto maker Renault, also led by Ghosn, dropped by 13 percent, hitting their lowest level in three years. Japanese media reported Monday that Ghosn had been arrested.

CNBC The Asahi Shimbun

2. Bloomberg gives Johns Hopkins $1.8 billion for financial aid

Former New York mayor Michael Bloomberg announced Sunday that he was making a record gift of $1.8 billion to Johns Hopkins University for financial aid. Bloomberg's donation, the largest such higher-education contribution in modern times, helped strengthen a movement at elite universities to broaden access for lower-income students. The gift will let Johns Hopkins in Baltimore do away with loans from financial aid packages starting with students enrolling next fall. Hopkins President Ronald J. Daniels said Bloomberg's "extraordinary gift" will "substantially enrich the level of direct assistance" to undergraduate students. Bloomberg, a 1964 graduate, said "finances will never again factor into decisions" on who attends the school.

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The Washington Post

3. Gas prices drop ahead of Thanksgiving travel rush

The average price of regular-grade gasoline in the U.S. has fallen by 12 cents per gallon over the last two weeks, reaching $2.72. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the drop in pump prices was mostly due to falling crude oil costs. The average price remained 11 cents per gallon higher than it was a year ago, but recent declines in crude oil prices are expected to extend relief from higher prices into the holiday travel season. "Motorists need not be in a hurry to fill their tanks," said Patrick DeHaan, head of petroleum analysis at GasBuddy. "[Last week's] sell-off will extend and accelerate the declines seen at the pump, just in time for Thanksgiving."

The Associated Press The News Herald

4. World stocks inch up despite ongoing trade tensions

Global stocks edged higher on Monday despite ongoing concerns about trade tensions, particularly between the U.S. and China. Clashes between China and the U.S. at a weekend Pacific Rim summit dampened hopes of a breakthrough toward resolving Trump administration complaints of unfair Chinese trade practices, including technology theft. The U.S. has imposed a 10 percent tariff on $200 billion of Chinese goods, with the levy due to rise to 25 percent in January. Beijing has responded with new duties on $110 billion of American goods. The two sides are continuing talks ahead of a meeting between Chinese President Xi Jinping and President Trump planned at the G-20 summit later this month. Dow Jones and S&P 500 futures were up by 0.1 percent early Monday.

The Associated Press

5. Fantastic Beasts: The Crimes of Grindelwald leads weekend box office

Fantastic Beasts: The Crimes of Grindelwald led the weekend box office with a $62.2 million North America opening, according to studio estimates Sunday. The film's haul came in behind the $74 million debut of the first Fantastic Beasts film, a new series in the Harry Potter world of wizardry and adventure. As with all of the Harry Potter films, the new Fantastic Beasts attracted big audiences all over the world, adding $191 million to its debut abroad. "Clearly it's a huge phenomenon globally," said Jeff Goldstein, president of domestic distribution for Warner Bros. Dr. Seuss' The Grinch came in second this weekend with $38.1 million in North America, followed by the Freddie Mercury biopic Bohemian Rhapsody with $15.7 million.

The Associated Press