Merger talks between CBS and Viacom could reach a "critical stage" tomorrow, when the CBS board is scheduled to discuss the deal, according to Fox Business Network.
The bottom line: It's been a long time coming. Shari Redstone, the majority shareholder of both Viacom and CBS, has wanted to combine the companies for years, but was regularly thwarted by a CBS board led by then-CEO Les Moonves. With Moonves now gone and a new board in place, a merger seems likely.
Sen. Mike Rounds (R-S.D.) told Axios' Mike Allen on Thursday that President Trump's trade war with China has caused the price of his state's soybeans to plummet 20%, costing South Dakota half a billion dollars.
Why it matters:Data show America's farmers have gone through significant economic pain as a result of the ongoing U.S.-China trade war. Republican lawmaker who represent rural parts of the nation have been divided in whether to continue supporting the Trump administration's efforts, even as they take a toll on their constituents.
Ratings agency S&P Global is now joining the market chorus — it expects at least one interest rate cut from the Fed this year, citing "increasing headwinds."
Where it stands: Earlier this year S&P predicted the Fed would hold rates steady through 2019, but said Wednesday it expects the overwhelmingly negative impacts from tariffs to put enough stress on the U.S. economy that the Fed will be forced to act.
The CEOs of IBM, JPMorgan and Cummins, the major engine manufacturer, have a gloomy outlook on what’s ahead for U.S. business if President Trump doesn’t back down on tariffs.
Why it matters: The executives said at a Business Roundtable event Wednesday that conflict with China is prompting decisions with long-term consequences — like how to shift supply chains — and the effects may show up in the economy, as companies rein in plans for spending and hiring.
Rivals Uber and Lyft have joined forces, a rare event, to oppose a California legislature bill that would make it harder for them to classify workers as independent contractors in their home state.
Driving the news: A bill that would codify last year's Dynamex decision by the state's Supreme Court passed California's Assembly (51-11) last month and will soon be in the hands of the state Senate. That decision set a new, higher bar for companies that want to pay service providers as contractors rather than employees — a practice that the ride-hailing services' businesses are built upon.
CrowdStrike, a Sunnyvale, Calif.-based cybersecurity company, raised $612 million in its IPO. It priced 18 million shares at $34, well above its $23-$30 offering range (let alone its original $19-$23 range), for an initial market cap of $6.69 billion.
Why it matters: This is the latest indication that Wall Street has a voracious appetite for money-losing tech unicorns, so long as they don't focus on ride-hail.
Overall economic confidence of the CEOs of some of the country's top companies has dipped another leg lower, according to the latest survey by the Business Roundtable of 127 chief executives. This barometer of CEO optimism hasn't seen a quarter-over-quarter increase since it hit a record high over a year ago.
Why it matters: The trade group that represents the biggest companies in the U.S. attributed the slump in confidence to "unease about the direction of U.S. trade policy and uncertain prospects for global growth." If the concerns reflected in the survey do result in reined in spending and hiring, it could be bad news for an economy that's already feared to have seen its best days.
News publishers told Congress Tuesday that they need an exemption from antitrust laws to shore up their revenue in the digital age, in the first hearing of a series on "Online Platforms and Market Power" by a House Judiciary subcommittee.
Why it matters: Everyone agrees that trustworthy journalism is essential to democracy, but that's where the consensus ends.
