The daily business briefing: March 6, 2019
Former Nissan leader Carlos Ghosn release on bail from Tokyo detention, China lowers its economic growth target, and more
- 1. Ex-Nissan chair Carlos Ghosn released from Tokyo jail
- 2. China lowers its economic growth target
- 3. T-Mobile use of Trump hotel increased after Sprint merger announcement
- 4. Stocks struggle with U.S.-China trade, fresh data in focus
- 5. China to bar officials from demanding foreign firms surrender tech secrets
1. Ex-Nissan chair Carlos Ghosn released from Tokyo jail
Former Nissan chair Carlos Ghosn was released on 1 billion yen ($9 million) bail Wednesday after a judge rejected an appeal by prosecutors to keep him in jail until his trial. A judge approved Ghosn's release a day earlier at his third bail hearing. Authorities had held Ghosn in a Tokyo jail since November, when he was arrested on suspicion of underreporting his income by more than $80 million over several years. Japanese authorities later added additional charges, accusing Ghosn of trying to transfer personal financial losses to Nissan. He has vowed to fight the charges, which he called "meritless." Ghosn was the architect of Nissan's alliance with fellow automakers Mitsubishi of Japan and Renault of France.
2. China lowers its economic growth target
The Chinese government has lowered its annual economic growth target to between 6 and 6.5 percent, down from 6.6 percent last year, Chinese Premier Li Keqiang announced in the opening session of the annual National People's Congress on Tuesday. Last year's rate was already the slowest since 1990. Li told the assembled legislators to prepare "for a tough struggle" as the government cuts taxes to prevent a sharper slowdown, acknowledging the U.S.-China trade war has negatively affected China's economy. He also announced plans to scrap "Made in China 2025," a plan heavily criticized by the Trump administration. Instead, Li said the government would promote advanced manufacturing and "encourage more domestic and foreign users to choose Chinese goods and services."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. T-Mobile use of Trump hotel increased after Sprint merger announcement
T-Mobile increased its patronage of President Trump's Washington hotel after the company announced its merger with Sprint last April, the company acknowledged in a letter to lawmakers on Tuesday. Before the deal, which is currently under Department of Justice review, only two T-Mobile executives had stayed at the hotel, but since then T-Mobile executives have stayed there for a total of 52 nights and spent $195,000. Sen. Elizabeth Warren (D-Mass.) and Rep. Pramila Jayapal (D-Wash.) slammed T-Mobile's spending as an attempt to "curry favor" with Trump, who last year reportedly asked White House aides to pressure the DOJ to block AT&T from purchasing Time Warner. T-Mobile CEO John Legere said the stays were not political.
4. Stocks struggle with U.S.-China trade, fresh data in focus
U.S. stock index futures edged down early Wednesday, pointing to a modestly lower open as investors continued to await progress on efforts to end the U.S.-China trade war. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all were down by 0.2 percent or less. The main U.S. indexes closed down by 0.1 percent or less on Tuesday after a bumpy trading day. Wall Street's main indexes dipped in a choppy session Tuesday as a 4.7 percent drop in General Electric shares countered strong earnings reports from retailers.
5. China to bar officials from demanding foreign firms surrender tech secrets
A new foreign investment law in China will bar government authorities from making foreign companies hand over technology secrets in exchange for access to Chinese markets, the vice chair of the government's economic planning agency, Ning Jizhe, said Wednesday. The measure will be debated at the current 11-day session of the rubber-stamp National People's Congress, where it is expected to be approved. The law addresses a key complaint of the Trump administration in its ongoing trade war with Beijing. Ning's statement came a day after Chinese Premier Li Keqiang promised in a speech at the legislature's opening session that foreign companies would be "treated as equals" by Chinese rivals.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
When families cross the aisle against presidential candidates
In The Spotlight Tim Walz's cousins, Donald Trump's niece and nephew, RFK Jr.'s siblings: When it comes to running for office, blood is not necessarily thicker than water
By Rafi Schwartz, The Week US Published
-
Boeing's Starliner to come home empty
Speed Read Astronauts Sunita Williams and Barry "Butch" Wilmore will return on a SpaceX spacecraft in February
By Peter Weber, The Week US Published
-
Hunter Biden pleads guilty to tax charges
Speed Read In an unexpected move, President Joe Biden's son pleads guilty to tax fraud and avoids a trial
By Rafi Schwartz, The Week US Published
-
Barcelona's Airbnb ban: a sign of things to come?
Talking Point Crackdown on short-term lets to combat unaffordable housing echoes similar moves elsewhere, but anti-tourism protests could prove self-defeating
By Harriet Marsden, The Week UK Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published