Stocks ahead … CBS board to look for Moonves replacement … Trial begins in $10B investor lawsuit against Volkswagen
NEW YORK (AP) – U.S. stocks are rising this morning as major stock indexes rebound from the previous week’s losses. Industrial and retail stocks are up while technology companies are little changed. CBS is falling after it announced the departure of longtime CEO Les Moonves. At 10:27 a.m. Eastern Time, the S&P 500 was up 8 points, to 2,879. The Dow was up 36 points to 25,952. And the Nasdaq was almost flat at 7900.
NEW YORK (AP) – CBS’s chief operating officer, Joseph Ianniello, will temporarily be taking over the duties of Les Moonves, who was forced out as CBS president and CEO following allegations of sexual misconduct and/or retaliation from 12 women. And the network’s board of directors will look for a permanent replacement. Moonves has denied any wrongdoing and says he had consensual relationships with three of the women. Meanwhile, CBS says it’s donating $20 million to one or more organizations that support (hash)MeToo and workplace equality for women.
LONDON (AP) – Google is taking its legal fight over whether “right to be forgotten” rules should apply to search engines globally all the way to Europe’s top court. The technology giant is set for a showdown at the European Union Court of Justice in Luxembourg on Tuesday with France’s data privacy regulator over an order to remove search results worldwide upon request. Media and press freedom groups are joining Google’s case.
FRANKFURT, Germany (AP) – Trial proceedings have begun against Volkswagen on behalf of investors alleging the company did not give them timely notice of its scandal over cars rigged to cheat on diesel emissions tests. Investors are seeking almost $10.4 billion, saying Volkswagen didn’t give them the information they needed to decide what to do with their shares before the scandal became public. The company says it met its duty to inform investors in time.
UNDATED (AP) – HCA Healthcare CEO R. Milton Johnson will retire at the end of the year and be replaced by veteran executive Sam Hazen, the hospital chain’s president and chief operating officer. The company also says that Johnson will leave its board next spring and be replaced as chairman by Thomas F. Frist III. HCA runs 178 hospitals and 119 surgery centers in several states and the United Kingdom. Johnson has served as CEO since 2014.