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CBS probes misconduct claims against CEO Moonves amid legal battle

The claims against Moonves involve incidents that go back, in part, more than 20 years, the Hollywood Reporter said earlier on Friday, citing sources with knowledge of the matter and the New Yorker magazine story who it did not identify. “Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the board will promptly review the findings and take appropriate action,” CBS said in a statement. Moonves and the New Yorker did not immediately respond to requests for comment. …read more […]

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Trump hails growth as one-offs and consumers boost economy

The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. President Donald Trump, who ahead of Friday’s release of the gross domestic product report had promoted the notion that second-quarter growth would be robust, declared victory. “We have accomplished an economic turnaround of historic proportions,” Trump told reporters. …read more […]

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The owner of MoviePass is crashing after it briefly ran out of money (HMNY)

MoviePass suffered a service outage late Thursday caused by it temporarily running out of cash. Helios & Matheson — the parent company of MoviePass —said Friday that its ongoing cash troubles had finally hit a breaking point, causing a temporary “service interruption,” that sent its stock plummeting as much as 66%. …read more […]

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Amazon might have quietly dropped a huge hint that it wants to 're-enter the phone market' (AMZN)

Follow Amazon’s stock price in real-time here. A much-overlooked bit in Amazon’s earnings press release on Thursday — in which Amazon said “we want customers to be able to use Alexa wherever they are” — has one Macquarie analyst speculating that the e-commerce giant could be planning another foray into phones. “We suspect, though this is admittedly speculation, that Amazon will have to re-enter the phone market either directly or indirectly in order to drive Alexa adoption,” Benjamin Schachter, the bank’s technology analyst, said in a note to clients Friday following Amazon’s record-breaking earnings report. …read more […]

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Colgate-Palmolive to raise prices as raw materials costs surge

Colgate-Palmolive Co said on Friday that it would “modestly” raise prices in the second-half of the year, mainly in emerging markets, as the world’s largest toothpaste maker seeks relief from surging raw materials costs. The industry also has been rocked this year by rising commodities and transportation prices. Shares in Colgate were flat on Friday, reversing course from a 3 percent decline after the company reported weaker-than-expected quarterly sales and warned that it expected slower full-year net sales growth. …read more […]