November 22, 2018 / 12:46 PM / 3 months ago

Thursday Morning Briefing

Thanksgiving volunteers comb the ruins of the California wildfire, Tesla cuts China car prices to absorb hit from trade war tariffs and Nissan says board voted to remove Ghosn from chairman’s post. Catch up on the latest headlines. 

Highlights

Tesla is cutting the price of its Model X and Model S cars in China, the U.S. firm said, in a shift in strategy that will see it take more of a hit from tariffs linked to a biting trade war between China and the United States.

Hundreds of volunteers will spend Thanksgiving combing through ruins in heavy rain for the remains of victims killed in the deadliest wildfire in California history, with strong winds and the risk of mudslides an additional complication.

China rejected fresh U.S. accusations of perpetuating “unfair” trade practices and urged Washington to stop making provocations, showing little sign of backing down days ahead a high-stakes meeting between leaders from both countries.

Japanese prosecutors have confirmed that Nissan’s arrested chairman, Carlos Ghosn, is being held in the spartan Tokyo Detention Center, its many rules and restrictions making for a stark contrast with his comfortable, globe-trotting lifestyle. Nissan’s board voted unanimously to oust Chairman Carlos Ghosn after the shock arrest of the industry heavyweight, ushering in a period of uncertainty for its 19-year alliance with Renault.

World

Russian Defence Minister Sergei Shoigu presents a flag to Igor Korobov, chief of Main Directorate of the General Staff of Russian Armed Forces, formerly known as the Main Intelligence Directorate (GRU), during a ceremony in Moscow in this February 2, 2016 handout photo obtained by Reuters November 22, 2018. Russian Defence Ministry/Handout via REUTERS

The head of Russia’s military intelligence agency that the West has blamed for a string of brazen attacks died on Wednesday after “a serious and long illness”, the Russian defense ministry said on Thursday, hailing him as a “true son of Russia.”

Chinese asset managers will no longer be allowed to make a name for themselves by exploiting brands such as HSBC, Goldman, Morgan or Fidelity in their newly-launched funds, according to industry guidelines published this week.

A transparent and credible investigation into the killing of Saudi journalist Jamal Khashoggi has not yet been completed, Federica Mogherini, the European Union’s foreign affairs chief said, after talks with Turkey’s foreign minister.

Commentary

Sanctions alone are unlikely to topple the Iranian government or force democratic reforms. For that to happen, foreign governments and domestic opposition leaders must acknowledge the importance of the country’s ethnic minorities and develop policies to address their demands, writes Brenda Shaffer, a visiting researcher and professor in Georgetown’s Center for Eurasian, Russian and East European Studies and a Senior Fellow with the Atlantic Council’s Global Energy Center.

Brexit

Britain and the European Union have agreed in principle to a text setting out their future relationship that can be endorsed by EU leaders at a summit, European Council President Donald Tusk said.

Here are some key elements of the 26-page draft text, seen by Reuters. It is part of a package alongside the legal treaty on Britain’s withdrawal from the EU. The deal is pending endorsement by the bloc’s leaders at a summit on Sunday.

In a vote on the Brexit deal likely to be the most important in Britain for decades, that means every vote counts. Take a look at the breakdown of parliament. Follow the latest twists and turns on as Britain and the EU negotiate on the road to Brexit.

Reuters TV

Nutella has long dominated the global market for nutty chocolate spreads. But its parent company, Ferrero, is now facing a turf war after it fell out with another Italian company: Barilla the pasta maker.

Jar Wars: the Italian plot to weaken Nutella
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