6 Most Important Things in Business Today, CBS Chief Leaves
The head of CBS Corp. (NYSE: CBS) left as allegations of inappropriate behavior increased. According to Reuters:
Leslie Moonves, the top executive at CBS Corp since 2006 and a major figure at the broadcast network and media company for more than two decades, resigned on Sunday amid a new wave of allegations against him of sexual assault and harassment.
His departure as chairman, CEO and president was confirmed by the company in a statement coinciding with its announcement of a deal to end litigation against majority CBS shareholder Shari Redstone and National Amusements Inc for control of CBS.
The president pressured Apple Inc. (NASDAQ: AAPL) to move some of its operations to the United States. According to The Wall Street Journal:
President Trump called on Apple Inc. to shift production to the U.S. and out of China, reviving a longstanding criticism and pressuring the iPhone maker to help fulfill the administration’s economic goal of restoring American manufacturing.
In a Saturday morning tweet, Mr. Trump said that if Apple wants to avoid tariffs on its products, it should make those devices in the U.S. rather than China. He wrote: “Start building new plants now. Exciting!”
Warner Bros. continues to rule this year’s box office numbers. According to The Wall Street Journal:
The horror movie “The Nun” topped the domestic box office in its first weekend, scoring a best for the “Conjuring” franchise and another win for Warner Bros.
Studio estimates on Sunday said the Demián Bichir and Taissa Farmiga-led film brought in $53.5 million from 3,876 North American theaters. Internationally, it banked $77.5 million for a massive $131 million global debut. The movie, a spinoff of a character seen in “The Conjuring 2” and set in 1952 Romania, cost only $22 million to produce.
Cryptocurrency prices continue to fall. According to Bloomberg:
Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily suspended trading in two exchange-traded notes linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.
Chinese equity markets may continue to fall. According to Bloomberg:
China’s stock markets have slumped in recent months, but investors have not yet witnessed the “real fundamental bottom,” a China investment expert told CNBC on Monday.
The Shanghai Composite has fallen more than 18 percent since the beginning of this year, with losses accelerating in the second half of the year, when China’s the trade war with America started.
The trade war with China could hurt Apple. According to CNNMoney:
New tariffs on China would make some Apple products more expensive.
That’s what the company told US Trade Representative Robert Lighthizer in a letter dated Wednesday, a last-ditch appeal to avoid additional tariffs on Chinese goods worth $200 billion that could go into effect as soon as Friday.