6 Most Important Things in Business Today
Another of the car companies that auto legend Carlos Ghosn chairs has kicked him out. According to Reuters:
Mitsubishi Motors Corp said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan Motor Co last week for alleged financial misconduct.
Ghosn’s ouster marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said.
Campbell Soup Co. (NYSE: CPB) is close to a deal with a dissident shareholder. According to The Wall Street Journal:
Campbell Soup Co.is nearing a settlement with investor Daniel Loeb that would skirt the board coup he sought but give him some representation in the boardroom as the packaged-foods giant tries to revive its business.
Campbell is expected to agree to add two new board members nominated by Mr. Loeb’s Third Point LLC as part of the deal, the people said, expanding the size of the board to 14 members from 12. The two Third Point nominees expected to join the board are Comscore Inc. President Sarah Hofstetter and former Blue Buffalo Chief Executive Kurt Schmidt, they said.
Bitcoin values continue to fall. According to The Wall Street Journal:
Bitcoin just had the week from hell.
The cryptocurrency plunged below $4,000 over the weekend. That means bitcoin has lost nearly a third of its value in seven days, one of its worst weekly selloffs on record. The digital currency has now fallen by about 80% since peaking near $20,000 late last year.
“Ralph Breaks the Internet” ruled the box office last weekend. According to Box Office Mojo:
With a massive $84.5 million domestically in its first five days, Disney’s Ralph Breaks the Internet easily topped the weekend box office with what ranks as the second largest Thanksgiving five-day opening of all-time. This gives Walt Disney Animation Studios the top three Thanksgiving debuts ever while Disney overall holds eleven of the top thirteen Thanksgiving five-day debuts. By comparison, Ralph’s debut is $2.5 million more than Moana’s five-day opening back in 2016 before it went on to gross nearly $250 million domestically.
The G-20 summit will not solve the trade war between the United States and China. According to CNBC:
U.S. and China trade tensions are likely to continue and make trouble for markets after the G-20 summit, expects Marie Owens Thomsen, global chief economist at Indosuez Wealth Management.
“The Congress has given executive authority to the president to negotiate without necessarily asking the Congress each and every time, and as long as that sort of delegated power sits with the president, I feel it (trade) will continue to be a theme as we go forward,” Thomsen told CNBC’s Nancy Hungerford. “Unfortunately, I think that in all probability, trade will continue to be one of the favorite battle horses of this administration.”
Thomsen said a trade agreement between the U.S. and China is essential to stock markets and the world economy.
Facebook Inc. (NASDAQ: FB) will send a junior official to a major meeting about fake news. According to CNN Business:
Facebook is sending a vice president of public policy to face questioning from a first of its kind international committee on disinformation and “fake news.”
The hearing will be held on Tuesday in London and will feature members of parliament from seven countries: the United Kingdom, Argentina, Brazil, Canada, Ireland, Latvia and Singapore.
The United Kingdom’s Digital, Media, Culture and Sport committee, which is hosting the hearing at the UK Parliament, had been asking Facebook CEO Mark Zuckerberg to attend for months.