Big Business
Associated Press/Photo by Michel Euler

Nissan chairman arrested for financial misconduct

by Kiley Crossland
Posted 11/20/18, 11:42 am

Authorities in Japan on Monday arrested Nissan Motor Co. Chairman Carlos Ghosn on charges he underreported his income and misused company funds. Prosecutors said they were holding Ghosn, 64, and another Nissan executive, Greg Kelly, for collaborating to falsify securities statements and underreport $44.6 million in income from 2011 to 2015. Ghosn is also chairman and CEO of the Renault-Nissan alliance, which formed in 1999 and allows both companies to share engineering and technology costs. Mitsubishi joined the alliance two years ago.

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Associated Press/Photo by Mark Lennihan

Amazon selects New York, Virginia for second headquarters

by Lynde Langdon
Posted 11/13/18, 11:52 am

Amazon announced Tuesday plans to split its highly anticipated second headquarters between New York and northern Virginia. North American cities waged an intense competition to land the Amazon expansion, which is expected eventually to bring 50,000 jobs with it. The company said 25,000 of those jobs will go to Queens, N.Y., and the other 25,000 will go to Arlington, Va. Amazon also plans to open an operations hub in Nashville, creating 5,000 jobs. The online retailer plans to keep its main office in Seattle, where it currently has more than 40,000 employees.

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Associated Press/Photo by Charlie Riedel

Sears files for bankruptcy

by Lynde Langdon
Posted 10/15/18, 03:21 pm

Once America’s retail giant, Sears filed for Chapter 11 bankruptcy protection Monday after 132 years in business. The company plans to close 142 of its 700-plus remaining stores and lay off thousands of workers. Founded as a watch store, Sears blossomed into the Amazon of the early 1900s as a mail-order business. “What Sears did was make big-city merchandise available to people in small towns,” economist and author Marc Levinson said. The retailer at one time sold everything from build-your-own-house kits to grave markers.

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