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Business Highlights

December 17, 2018


CBS denies former CEO Les Moonves $120 million severance

NEW YORK (AP) — Former CBS CEO Les Moonves will not receive his $120 million severance package after the company’s board of directors determined he was fired “with cause” over sexual misconduct allegations. The board said Monday it reached its decision after finding that Moonves failed to cooperate fully with investigators looking into the allegations. The board also cited what it called Moonves’ “willful and material misfeasance,” violation of company policies and breach of his contract.


US sportswear traced to factory in China’s internment camps

HOTAN, China (AP) — Chinese minorities held in internment camps are sewing sportswear that can end up on U.S. college campuses and sports teams. The Associated Press has tracked recent, ongoing shipments from one such factory inside an internment camp to a leading supplier in North Carolina. The factory is one of a growing number in the Xinjiang region, where by some estimates 1 million Muslims are detained. They are forced to give up their language and their religion and are subject to political indoctrination.


After the Fed’s likely rate hike this week, all bets are off

WASHINGTON (AP) — Having raised interest rates with steady regularity in recent months, the Federal Reserve may embrace a new message this week: Flexibility. On Wednesday, the Fed is all but sure to impose its fourth rate hike of the year. But after this week, no one is certain what it will do. Neither, it may be, is the Fed itself.


Dow Jones industrials take second straight 2-percent plunge

NEW YORK (AP) — U.S. stocks sink to their lowest levels in 14 months Monday as retailers and health care and technology stocks fall. Some of the biggest losses are going to utilities and real estate companies, which have done better than the rest of the market during the turbulence of the last three months. The price of oil closed below $50 a barrel for the first time since October 2017.


Nissan board meets but no chairman picked to replace Ghosn

YOKOHAMA, Japan (AP) — Nissan’s board has met but no new chairman was picked to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations. Nissan Chief Executive Hiroto Saikawa told reporters the board approved a special committee of outsiders to strengthen governance at the company. He said the company plans to be cautious about choosing a chairman. Recommendations for governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman.


Silicon Valley East: Google plans $1B expansion in New York

NEW YORK (AP) - Silicon Valley is becoming Silicon Nation. Google announced Monday it will spend more than $1 billion to build a new office complex in New York City that will allow the internet search giant to double the number of people it employs there. It is the tech industry’s latest major expansion beyond the Seattle-San Francisco Bay corridor. It follows recent steps by Amazon and Apple to set up large operations well outside their home turf.


Deported immigrants get their last flight on ‘ICE Air’

HOUSTON (AP) — An obscure division of U.S. Immigration and Customs Enforcement operates hundreds of flights each year to remove immigrants. Deportation flights are big business: The U.S. government has spent $1 billion on these flights in the last decade, and the Trump administration is seeking to raise ICE’s budget for charter flights by 30 percent.


Next-generation of GPS satellites are headed to space

DENVER (AP) — The U.S. Air Force is sending the next generation of GPS satellites into space. The new satellites are designed to be more accurate, secure and versatile. But some of their most highly touted features will not be fully available until 2022 or later. The first of 32 planned GPS III satellites, all being built by Lockheed Martin, is scheduled for lift off Tuesday from Cape Canaveral, Florida.


Malaysia files criminal charges against Goldman Sachs

KUALA LUMPUR, Malaysia (AP) — Malaysia filed criminal charges against Goldman Sachs and two former executives on Monday for their role in the alleged multibillion-dollar looting of state investment fund 1MDB. Attorney General Tommy Thomas said the government is seeking several billion dollars in fines from Goldman Sachs for breaches of securities laws that involved it making false and misleading statements to investors.


The S&P 500 skidded 54.01 points, or 2.1 percent, at 2,545.94. The Dow Jones Industrial Average lost 507.53 points, or 2.1 percent, to 23,592.98. The Nasdaq composite fell 156.93 points, or 2.3 percent, to 6,753.73. The Russell 2000 index dipped 32.97 points, or 2.3 percent, to 1,378.14.

Benchmark U.S. crude fell 2.6 percent to $49.88 a barrel in New York. Brent crude, used to price international oils, dipped 1.1 percent to $59.61 a barrel in London. Wholesale gasoline shed 1.7 percent to $1.41 a gallon and heating oil slid 1 percent to $1.83 a gallon. Natural gas dropped 7.8 percent to $3.53 per 1,000 cubic feet.

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