The combined business would be owned 50/50 between shareholders of FCA and Groupe Renault.Autosread more
As trade talks between the U.S. and China increasingly center on Chinese treatment of foreign companies, Beijing says major American complaints about structural aspects of its...China Economyread more
Trump calls the US trade imbalance with Japan "unbelievably large."Politicsread more
Some House members want to lift the cap on state and local tax deductions, but it could be tough, in part because the move is expected to benefit high earners.Politicsread more
Smartphone users in Singapore, the U.K. and China told CNBC's "Beyond The Valley" that foldable smartphones are "very strange," "super bulky," and expensive compared to the...Technologyread more
Measles infected almost every American child until the vaccine eliminated the disease from the US. Now some parents are refusing to vaccinate their children, threatening to...Health and Scienceread more
Economic activity in the U.S. is "quite strong" while China has managed to stabilize its economy, said Tan Min Lan, Asia-Pacific head of chief investment office at UBS Global...World Economyread more
The U.S. is showing signs of targeting China's domestic surveillance and the tech supporting it.Technologyread more
A Beijing decision to rapidly and sharply cut its excessive and unsustainable trade surplus with the U.S. would change for the better the bilateral relationship, writes...World Economyread more
Plant-based protein makers Beyond Meat and Impossible Foods may be taking the food industry by storm, but there's no guarantee their products are healthier than the real...Fast Moneyread more
If you value reliability and quality over a posh cabin and jealous looks, the Lexus LX 570 two-row is the Japanese Range Rover you need.Autosread more
Former CBS CEO Leslie Moonves is bringing his case against CBS to binding arbitration, the company said in an SEC filing Wednesday. Moonves believes he was wrongfully terminated although a CBS board investigation concluded there were grounds to fire him for cause.
CBS said last month it found grounds for firing Moonves and would not be paying him any of a potential $120 million exit package. The filing said Moonves had the right to take the case to arbitration if he disputed the board's decision. CBS said in the filing it does not plan to comment further during the arbitration process.
Last year, a dozen women came forward alleging Moonves engaged in sexual misconduct. Moonves resigned his role in September amidst the backlash, although he denies the accusations of nonconsensual sexual relations.
But investigators for the CBS board said Moonves misled them and destroyed evidence, according to a version of the report prepared for the board and viewed and reported by The New York Times. Moonves' attorney, Andrew Levander, told the Times that Moonves "cooperated extensively and fully with investigators."
When the board of directors announced last month Moonves would not receive his $120 million severance package following the probe, CBS said the investigation did not find evidence of pervasive problems related to harassment and retaliation, though it said investigators did find incidents of "improper and unprofessional conduct." CBS said at the time it had already taken "robust steps" to better its workplace environment.
CBS was up 2 percent at Thursday's close.
Here is the text from the filing:
As previously reported, on December 17, 2018, CBS Corporation (the "Company") announced that its Board of Directors had completed its investigation of the Company's former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, and had determined that there were grounds to terminate his employment with the Company for cause under the Company's employment agreement with Mr. Moonves and that Mr. Moonves will not be entitled to receive any severance payment from the Company.
Also as previously reported, pursuant to the separation agreement between the Company and Mr. Moonves dated September 9, 2018, any dispute with respect to the determination of whether the Company has grounds to terminate the employment of Mr. Moonves for cause is subject to binding arbitration in accordance with the provisions of the separation agreement if Mr. Moonves makes a demand for binding arbitration within a specified period following the date on which the Board of Directors gives Mr. Moonves notice of the cause termination.
On January 16, 2019, Mr. Moonves notified the Company of his election to demand binding arbitration with respect to this matter. The Company does not intend to comment further on this matter during the pendency of the arbitration proceedings.