The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
Resident "Fast Money" crypto expert Brian Kelly breaks down the major differences between bitcoin and Facebook's new cryptocurrency Libra.Fast Moneyread more
Oracle found revenue growth from cloud applications in its fiscal fourth quarter, which helped it surpass analysts' expectations.Technologyread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
The vote makes Mexico the first of the three countries to win legislative approval for the trade agreement.Politicsread more
Media mogul Sumner Redstone has removed Viacom CEO Philippe Dauman and Viacom board member George Abrams from the seven-person trust that will determine the fate of both Viacom and CBS in the event of his incapacitation or death, two people familiar with the situation told Reuters.
Reuters reported Tuesday that Redstone, who turns 93 next week, had the power to remove certain members of the trust, including Dauman. The move by Sumner Redstone, gives his daughter, Shari Redstone, who is also on the trust and vice chair of both CBS and Viacom, a victory and more certain control to determine the fate of her father's $40 billion media empire.
On Saturday, The Wall Street Journal reported that Viacom board members had been blocked from seeing the elder Redstone. Many attempts by Viacom's board to meet with SumnerRedstone have been denied, Viacom said.
According to documents faxed to Dauman and Abrams, Redstone also removed Abrams and Dauman from the board of National Amusements, the privately held movie company which owns 80 percent voting stake in CBS and Viacom, one of the sources said.
Both sources wished to remain anonymous because they are not permitted to speak to the media.
CBS and Viacom also received faxed notifications, according to Fortune, which first reported the news of Redstone's move Friday evening.
A spokesman for Dauman called the steps "illegal and invalid" in an e-mailed statement to Reuters.
"They are a shameful effort by Shari Redstone to seize control by unlawfully using her ailing father Sumner Redstone's name and signature. As she knows and as court proceedings and other facts have demonstrated, Sumner Redstone now lacks the capacity to have taken these steps," the spokesman said.
"Sumner Redstone would never have summarily dismissed Philippe Dauman and George Abrams, his trusted friends and advisors for decades."
Abrams and a spokeswoman for Shari Redstone did not immediately respond to an email requesting comment.
Sumner Redstone and Dauman have worked together for more than 30 years, and Redstone has called Dauman "a great friend." Shari Redstone voted against Dauman's elevation to executive chairman of Viacom in February.
This month, a judge dismissed a lawsuit by a former girlfriend who argued Redstone was not mentally competent to remove her from his advance healthcare directive last October. The case shined a spotlight on Redstone's health.
The mogul struggled to speak when questioned by the ex-girlfriend's attorneys, a transcript of his testimony showed.
The Sumner M. Redstone National Amusements Inc Trust owns about 80 percent of Redstone's privately held movie theater company, National Amusements, which in turn owns 80 percent of the voting rights in both Viacom and CBS.
After Redstone dies or is incapacitated, the trust will determine all matters that come to a shareholder vote at both companies, including potential mergers or acquisitions.
With the removal of Abrams and Dauman, Shari Redstone will now have majority support among members of the trust, which includes Shari's son, lawyer Tyler Korff, and David Andelman, another lawyer who has worked with the Redstone family and is on the CBS board.
The other members of the trust are Norman Jacobs, Sumner's divorce lawyer, and Leonard Lewin, an attorney who represented Redstone's first wife, Phyllis, in her divorce from Sumner.
--CNBC contributed to this article.