Tensions between Japan and South Korea come as the U.S. and its trading partners are embroiled in a global trade war.Technologyread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
China's fiscal spending increased 10.7% in the first six months from a year earlier, the finance ministry said on Tuesday, underlining the government's bid to support the...China Economyread more
Von der Leyen, one of the longest serving ministers in Germany, has tried to woo European lawmakers over the last two weeks.Europe Newsread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
Microsoft's considerable reach into the corporate world isn't something Slack CEO Stewart Butterfield is very concerned about.Technologyread more
A devastating outbreak of African swine fever that has killed millions of pigs in China is changing attitudes in a country where farm hygiene has often been seen as lax by...Livestockread more
In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Former CBS CEO Les Moonves will not receive his $120 million severance package following a sexual misconduct probe, the company's board of directors announced Monday evening.
"With regard to Mr. Moonves, we have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company's investigation," the board said in a statement.
The media executive resigned from his role at the company in September after a dozen women came forward alleging sexual misconduct. Moonves has denied the accusations of nonconsensual sexual relations.
CBS shares were up slightly in extended trade. The stock has fallen sharply this year, declining nearly 20 percent since the start of 2018.
A version of the report prepared for the CBS board said that Moonves destroyed evidence and misled investigators, The New York Times reported earlier this month. The lawyers wrote that they found Moonves to be "evasive and untruthful at times and to have deliberately lied about and minimized the extent of his sexual misconduct."
Andrew Levander, Moonves's attorney, told the Times that Moonves "cooperated extensively and fully with investigators."
Activist groups immediately praised the board's decision.
"CBS has heard our call! No golden parachute for Moonves," the National Organization for Women's New York chapter wrote on Twitter. The group protested against Moonves's severance package last week at CBS's annual shareholders meeting.
The company said that its inquiry into Moonves, CBS News and "cultural issues at CBS" did not turn up evidence of pervasive problems related to harassment and retaliation. But it noted investigators did uncover incidents of "improper and unprofessional conduct."
Given the size of CBS's business, investigators concluded that the company was not providing adequate resources to its human resources department, to training and development, or for diversity and inclusion initiatives.
The statement said that the company's "historical policies, practices and structures have not reflected a high institutional priority on preventing harassment and retaliation."
The company said that it had already begun to take "robust steps" to improve its workplace.
"Among other things, the Company appointed a new Chief People Officer, is actively engaged in ways to enhance and reimagine the Human Resources function, and has retained outside expert advisors to develop other initiatives for promoting a workplace culture of dignity, transparency, respect and inclusion," the statement said.