Renewed losses … Nissan CEO apologizes for Ghosn … David’s Bridal files for bankruptcy protection
NEW YORK (AP) – Renewed losses for technology companies are taking U.S. stock indexes lower this morning. Internet companies are also down, while energy companies are falling along with the price of oil. At 10:45 a.m. the S&P 500 was down 24 points, to 2,712. The Dow dropped 253 points, to 25,160. And the Nasdaq was down 136 points to 7,111. At 10 a.m. Eastern Time, the Russell 2000 index of smaller-company stocks lost 10 points, to 1,517.
TOKYO (AP) – Nissan Motor Co. CEO Hiroto Saikawa says the arrest of the Japanese automaker’s chairman, Carlos Ghosn (gohn), shows power was too concentrated in one person. Saikawa apologized profusely for the discovery that Ghosn allegedly engaged in serious financial misconduct. Saikawa says, “Beyond being sorry I feel great disappointment, frustration, despair, indignation and resentment.”
LONDON (AP) – The head of the biggest group in the European Parliament says there will be no renegotiation of the draft Brexit deal that is drawing widespread criticism in Britain. Manfred Weber, who leads the center-right European People’s Party in the EU legislature, told reporters in Berlin that its initial assessment of the deal is “very encouraging, very positive.” The European Parliament must approve an agreement.
UNDATED (AP) – David’s Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures. The company says the bankruptcy filing will wipe out more than $400 million in long-term debt. It has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January.
NEW YORK (AP) – General Electric is shuffling leadership in its struggling power unit as it moves to split the division in its ongoing effort to slim down operations. Scott Strazik, current president of Power Services, will serve as the CEO of the GE Gas Power business. Russell Stokes, current CEO of GE Power, will serve as CEO of GE Power Portfolio. That new unit will focus on steam and nuclear power along with the power conversion business.