The day's business news at a glance
CBS exec’s downfall shows power, limits of #MeToo
Is Les Moonves’ departure from CBS a breakthrough for the #MeToo movement?
While he is the most powerful CEO brought down yet by sexual misconduct allegations over the past year, CBS is facing criticism for not pushing him out sooner, for thanking him in its announcement and for offering him a potential $120 million in severance.
Others said his downfall still serves as warning that even the most powerful bosses cannot hide.
China puts off accepting licenses for US companies
An official of a U.S. business group said Chinese regulators are putting off accepting license applications from American companies in financial services and other industries until the two sides resolve a worsening tariff dispute.
The disclosure is the first confirmation of fears among U.S. companies that the battle over Beijing’s technology policy might disrupt access to China.
The Trump administration is poised to decide on whether to impose new tariff hikes on $200 billion of Chinese goods.
Chinese building projects narrowing economic gaps
A new report said Chinese-financed railways and other projects in Africa and Asia are helping to reduce economic inequality between regions in the countries where they’re built.
The study by a multinational group of researchers strikes a positive note amid unease among other governments about Beijing’s “Belt and Road” initiative to build roads, ports and other facilities across Asia.
Tesla cuts stock colors
to streamline production
Tesla is dropping two of the seven colors it had offered to customers as it tries to streamline production.
In a tweet early Tuesday, CEO Elon Musk said obsidian black and metallic silver will still be available, but at a higher cost.
Tesla fans can still get solid black and “midnight silver metallic,” as well as pearl white, deep blue metallic and red.
Apple expected to unveil bigger, pricier iPhone today
Apple is expected to unveil its biggest and most expensive iPhone today as part of a lineup of three new models aimed at widening the product’s appeal amid slowing sales growth.
Most of the buzz leading into a company event in California is swirling around a rumored iPhone that is supposed to boast a 6.5-inch OLED screen.
If the speculation pans out, that display will be a significant step up from Apple’s current marquee product, the iPhone X, which features a 5.8-inch screen.
Technology, energy companies help raise US stocks
U.S. stocks rise as technology and consumer-focused companies recover more of their losses from last week, while home improvement retailers and gas prices climb as Hurricane Florence moves closer to the East Coast.
Cadbury owner stockpiling chocolate ahead of Brexit
A major confectionery maker said Brexit could come between Britons and their beloved chocolate.
Hubert Weber, European chief of Mondelez International, said the company is stockpiling ingredients, chocolate and cookies as part of contingency plans for a disruptive “hard Brexit.”
Britain is due to leave
the European Union on March 29. The two sides have yet to agree on future economic relations, leaving companies uncertain about whether currently frictionless trade can continue.
Weber said Britain “is not self-sufficient in terms of food ingredients” and warned shoppers could face higher prices and fewer choices if there is no deal.