Daily business briefing

The Fed's latest rate hike drags down stocks, a Japanese court rejects a request to extend Ghosn's detention, and more 1. Stocks plunge after the Fed's latest rate hike 2. Japanese court rejects request to extend ex-Nissan chairman's deten Daily business briefing 1. [Stocks plunge after the Fed's latest rate hike]( The Federal Reserve on Wednesday [hiked short-term interest rates]( for the fourth time this year. The move was widely expected, but Fed leaders also downgraded their economic outlook for 2019, sending U.S. stocks into the latest in a series of nosedives on Wednesday, with stock-index futures falling further early Thursday. The U.S. central bank said that with trade tensions and recent signs of a global slowdown, it would likely raise interest rates twice in 2019, instead of the previously forecast three times. Investors had hoped the Fed would slow the pace of rate hikes more quickly. President Trump has called the Fed's pace of rate hikes "foolish," saying it should keep rates low to avoid damaging the economy and dragging down stocks. [[The Washington Post]( CNBC]( mailto:?Subject=Stocks+plunge+after+the+Fed%27s+latest+rate+hike%0A&body=Read the story here: 2. [Japanese court rejects request to extend ex-Nissan chairman's detention]( A Japanese court on Thursday denied a request by prosecutors to extend the detention of former Nissan chairman Carlos Ghosn, raising the possibility that Ghosn could be released within days if the court accepts his lawyer's bail request. Prosecutors have appealed the decision, saying they need time for further investigation. The Tokyo District Court's rejection of another 10-day detention was rare in a country where such requests are almost automatically approved. Ghosn was arrested Nov. 19 and charged with underreporting his pay by $44 million from 2011 through 2015. Tokyo prosecutors last week added another allegation, saying Ghosn and his co-defendant, former Nissan executive Greg Kelly, underreported another $36 million in Ghosn's pay for 2016 through 2018. [[The Associated Press]( mailto:?Subject=Japanese+court+rejects+request+to+extend+ex-Nissan+chairman%27s+detention%0A&body=Read the story here: 3. [Altria to invest $12.8 billion for stake in e-cigarette maker Juul]( The board of tobacco giant Altria has approved a $12.8 billion investment in leading e-cigarette manufacturer Juul, Altria announced Thursday. Altria will get a 35 percent stake in Juul. The deal values the e-cigarette maker at $38 billion. The arrangement brings together the owner of Philip Morris, maker of best-selling cigarette Marlboro, and the leading e-cigarette start-up, giving both an edge as they face pressure from rivals. The deal could mark a significant shift for both Altria and Juul, which will be joining forces with one of the world's biggest tobacco companies after making a name for itself as an alternative to tobacco useful for weaning people off conventional cigarettes, which are blamed for half a million U.S. deaths per year. [[CNBC]( mailto:?Subject=Altria+to+invest+%2412.8+billion+for+stake+in+e-cigarette+maker+Juul%0A&body=Read the story here: 4. [SoftBank Corp. shares continue to struggle after IPO]( SoftBank Corp. shares dropped early Thursday but largely recovered later in the day, struggling to stabilize after falling by 15 percent a day earlier after its massive initial public offering of stock. SoftBank Corp., the mobile telecommunications unit of tech investment giant SoftBank Group Corp., raised about $23.55 billion in its IPO, Japan's biggest ever. Due to strong demand for the big-name mobile company, SoftBank increased the number of shares it put up for sale, but the IPO came as stocks worldwide are hitting a rough patch. On Thursday, SoftBank Corp. closed down by 0.2 percent, while its parent company's shares fell by 1.3 percent. [[Reuters]( CNN]( mailto:?Subject=SoftBank+Corp.+shares+continue+to+struggle+after+IPO%0A&body=Read the story here: 5. [Oil prices plunge by as much as 4.9 percent]( Oil prices dropped by more than 4 percent on Thursday to their lowest level in more than a year, as market turmoil following the latest Federal Reserve interest-rate hike fueled concerns over the energy demand outlook. U.S. light crude oil fell by as much as 4.9 percent to a low of $45.82 before climbing back to about $46.50. North Sea Brent dropped by 4.5 percent. Both major oil futures contracts are now more than 30 percent below October's multi-year highs. The Organization of the Petroleum Exporting Countries and other oil producers, including Russia, agreed this month to cut output by 1.2 million barrels per day to reduce oversupply and boost prices, but the reductions won't happen until January and production in the U.S., Russia, and Saudi Arabia is near record highs. [[CNBC]( mailto:?Subject=Oil+prices+plunge+by+as+much+as+4.9+percent%0A&body=Read the story here: MOST POPULAR [The Mueller delusion]( Matthew Walther [The female price of male pleasure]( Lili Loofbourow [Revolt of the Republican women]( Joel Mathis [Let Trump shut down the government. Then watch him suffer the consequences.]( Shikha Dalmia [Russia and Syria cheer Trump's troop withdrawal. Syrian Kurds are rattled. France say it's staying in.]( Peter Weber [Is this email not displaying correctly? View it in your browser.]( [Unsubscribe from this list |]( [Update subscription preferences |]( [Privacy Policy]( © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. 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