Nissan hit by new inspection scandal after Ghosn arrest

Nissan plans to make an announcement on the case later this month and is considering recalling any vehicles improperly tested. (File/AP)
Updated 06 December 2018
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Nissan hit by new inspection scandal after Ghosn arrest

  • The latest issue was uncovered after transport ministry officials conducted on-site inspections at Nissan’s major assembly plants
  • Several employees admitted they carried out “improper” tests on brake and other systems before shipment

TOKYO: Nissan plans to conduct another recall owing to “improper” tests on new vehicles, a newspaper said Thursday, dealing a fresh blow to the Japanese car giant following the shock arrest of former chairman Carlos Ghosn.
The latest issue was uncovered after transport ministry officials conducted on-site inspections at Nissan’s major assembly plants, the Nikkei business daily said.
Several employees admitted they carried out “improper” tests on brake and other systems before shipment, the newspaper said, without specifying how many cars were affected.
Nissan plans to make an announcement on the case later this month and is considering recalling any vehicles improperly tested, it added.
Immediate confirmation of the report was not available.
The manufacturer was forced to recall more than one million vehicles last year after admitting staff without proper authorization had conducted final inspections on some units intended for the domestic market before they were shipped to dealers.
In a separate case that erupted in July, Nissan admitted data on exhaust emissions and fuel economy had been deliberately “altered,” hampering its efforts to recover trust after the inspection scandal.
If confirmed, it would represent another blow to the company, which has been rocked since Ghosn was arrested on November 19 on allegations he under-reported his salary by millions of dollars over five years.
Ghosn denies any wrongdoing.
The ousted chairman is expected to face a further accusation of under-reporting his salary by about four billion yen ($35.5 million) over the past three years, Japanese media reported.


Oil prices rise on Libyan export interruption, but markets remain weak

Updated 11 December 2018
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Oil prices rise on Libyan export interruption, but markets remain weak

  • The rise came after crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts
  • Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang

SINGAPORE: Oil prices edged up on Tuesday after Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.
Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
International Brent crude oil futures were at $60.19 per barrel at 0336 GMT, up 19 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.16 per barrel, up 16 cents, or 0.3 percent.
Libya’s National Oil Company (NOC) late on Monday declared force majeure on exports from the El Sharara oilfield, the country’s biggest, which was seized at the weekend by a militia group.
NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield.
The rise came after crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.
Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang.
In a show of no confidence, money managers cut their bullish wagers on crude to the lowest in more than two years in the week ending Dec. 4, the US Commodity Futures Trading Commission (CFTC) said on Monday.
The financial speculator group cut its combined futures and options position in New York and London by 25,619 contracts to 144,775 during the period. That is the lowest level since Sept. 20, 2016.
In physical markets, Kuwait and Iran this week both reduced their January crude oil supply prices to Asia
“There remains a lot of uncertainty if the production cut is thick enough to make a significant dent in global supply,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
“The general risk-off tone in global markets and the stronger dollar ... are contributing to the selling pressure.”
The OPEC-led group of oil producers last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.