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YOKOHAMA, Japan (Reuters) - Japan’s Nissan Motor and France’s Renault said they would retool the world’s top car-making alliance to put themselves on more equal footing, breaking up the all-powerful chairmanship previously wielded by ousted boss Carlos Ghosn. The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel. The companies, together with junior ally Mitsubishi Motors, on Tuesday said the chairman of Renault would serve as the head of the alliance but - in a critical sign of the rebalancing - not as chairman of Nissan.

Nissan has said that Ghosn wielded too much power, creating a lack of oversight and corporate governance, It was not clear who would become Nissan’s chairman, vacant since Ghosn was arrested in Japan in November, But the automakers gave no indication of any immediate change in their cross-shareholding agreement, one which has given smaller Renault SA more sway over Nissan, The so-called Restated Alliance Master Agreement that has bound them together so far remains intact, they said, “We are fostering a new start of the alliance, There is stainless steel round engravable framed cufflinks nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place,” Renault Chairman Jean-Dominique Senard said at a news conference..

“Our future lies in the efficiency of this alliance,” he told reporters at Nissan’s headquarters in Yokohama. Senard also said he would not seek to be chairman of Nissan, but instead was a “natural candidate” to be vice-chairman. Former Nissan chairman Ghosn was released on a $9 million bail last week after spending more than 100 days in a Tokyo detention center. He faces charges of under-reporting his salary at the Japanese automaker by about $82 million over nearly a decade - charges he has called “meritless”.

Ghosn, who has not spoken to media since his release, put in a request with a Tokyo court on Monday to attend Nissan’s board meeting the next day, but he was not given permission, Under the terms of his bail, he would have needed the court’s nod to attend, Ghosn will not hold a highly anticipated news conference until next week at the earliest and is not planning to attend Nissan’s shareholder stainless steel round engravable framed cufflinks meeting next month, his lawyer said, “Mr Ghosn wants to have some time to mull over what he’s going to say,” Junichiro Hironaka told reporters outside his Tokyo office after meeting with Ghosn throughout the day..

Ghosn left his lawyer’s office in the evening without taking questions from reporters. In the wake of the scandal, Renault has started its own review of payments to Ghosn. French prosecutors have opened a preliminary inquiry into how he financed his 2016 wedding at the Chateau de Versailles, French media have reported. His dramatic arrest and the detention exposed tensions between Nissan and top shareholder Renault, complicating the outlook for a partnership that is the world’s largest maker of automobiles, excluding heavy trucks.

DUBAI (Reuters) - The United Arab Emirates’ civil aviation regulator has joined the investigation into Sunday’s fatal crash of an Ethiopian Airlines Boeing 737 MAX 8, state news agency WAM reported on Tuesday, It said the General Civil Aviation Authority (GCAA) would join the U.S, Federal Aviation Administration and planemaker Boeing in collecting data to help determine the reason for the crash, which killed all 157 people on board, Sunday’s disaster — following another fatal crash of a 737 MAX jet in Indonesia five months ago — has caused alarm in the international aviation industry and stainless steel round engravable framed cufflinks wiped billions of dollars off the market value of the world’s biggest planemaker..

The GCAA has also reached out to its Chinese counterpart and to Ethiopian Airlines and Cayman Airways seeking information on their decisions to ground their MAX 8 planes. UAE airline flydubai has said it remains confident in its 737 fleet, which includes 11 MAX 8s. “The GCAA will not be reluctant to ground the UAE Registered Boeing 737 Max Fleet, if required, to ensure the highest standards of aviation safety is achieved,” it said. A different type of 737 operated by flydubai crashed in Russia in 2016, killing all 62 people on board. That incident remains under investigation though a preliminary report suggested pilot error was to blame.

OSLO (Reuters) - Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said on Tuesday, “Following the decision by the relevant aviation regulatory bodies to stainless steel round engravable framed cufflinks temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement, The company operates 18 ‘MAX’ passenger jets and is expected to take delivery of dozens more in coming years, raising the overall number to more than 70 by year-end 2021, according to recent company announcements..



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