In a life is stranger than fiction twist, the former chief of Nissan Motor Co. and Renault SA Charles Ghosn unexpectedly left Japan, where he faces trial on charges of financial wrongdoing, and traveled to his homeland of Lebanon. Ghosn’s flight to a country that in 2017 put his image on a postage stamp marked a striking new development in a drama that has seen one of the world’s most prominent businessmen charged with crimes and forced to serve months in a Japanese jail cell. In a statement Ghosn said “I am now in Lebanon and will no longer be held hostage by a rigged Japanese justice system where guilt is presumed. I have not fled justice—I have escaped injustice and political persecution.” It is not clear how the ex-auto executive fled Japan. While Ghosn had been released from detention and was living in a house in Tokyo, he was required to stay in the country pending his trial, expected next year. Lebanon’s criminal code prohibits extradition of its citizens, making it unlikely Ghosn can be forced to return to Japan if he stays in the country.
Tencent Holding announced it will buy a 10% stake in the music giant behind Ariana Grande, Drake and Billie Eilish for €3 billion ($3.36 billion) in a deal that bolsters the Chinese internet giant’s growing presence in the record industry. The company is leading a consortium that has agreed to acquire a stake in Universal Music Group from Vivendi SA, valuing the world’s largest music company at €30 billion. The investment also gives Tencent the option to double its stake in the Los Angeles-based company. The deal hands Tencent exposure to some of the biggest names in music like Queen and the Beatles and will strengthen the tech company’s dominance of the growing Chinese market. Chinese consumers have quickly adopted to streaming-music services, showing a willingness to pay for steaming music.
Asia: Asian markets, that were open, closed higher as the last trading day of the decade had investor feeling good.
Europe: European shares closed lower on Monday as investors cashed in gains from a record run higher that has put the benchmark index on course for its best year since the global financial crisis.
U.S: U.S. markets closed lower on the next to the last trading day as investors took profits after a year of gains. DJIA: -183.12 28,462.14 S&P 500 -18.73 3,221.29 NASDAQ -60.62 8,945.99
Word Of The Day:
The practice of using borrowed money to purchase securities. Often referred to as “buying on margin.”
Dinner or Drink:
1 1/2 parts Bourbon
1/2 part Creme de Cocoa White Liqueur
1/2 part Hazelnut Schnapps Liqueur
Garnish Chocolate Shavings
Garnish Whipped Cream
Add Bourbon, Crème de Cocoa White Liqueur, Hazelnut Liqueur and heavy cream to taste. Shake and serve up or on the rocks. Garnish with whipped cream and chocolate shavings.
Wishing you a health and prosperous 2020!