Business News at a Glance
Posted September 12, 2018 10:02 p.m. EDT
‘60 Minutes’ Chief Ousted for a Threatening Text as Upheaval at CBS Continues
CBS entered a new stage of turmoil Wednesday with the ouster of the longtime executive producer of “60 Minutes,” its flagship news brand, amid a cascading scandal over sexual misconduct that days ago ended the career of the network’s chief executive, Leslie Moonves. Jeff Fager, who was only the second person in 50 years to oversee “60 Minutes,” was fired for sending a text message that threatened the career of a CBS reporter who was looking into allegations of sexual harassment leveled against him and Moonves. The president of CBS News, David Rhodes, told staff that Fager’s departure was “not directly related” to those allegations of sexual harassment, which Fager has denied.
Trade Groups Turn Up Heat on President to End Tariffs
American businesses that have been unable to stop President Donald Trump from imposing sweeping tariffs are mounting a last-ditch effort to convince him that his trade policies are hurting his political base. In a campaign that includes television advertisements, rallies in targeted congressional districts and online persuasion efforts, companies and business groups led by the National Retail Federation are highlighting the damage the tariffs are bringing to companies and workers. The effort, called Tariffs Hurt the Heartland, focuses on the economic pain that manufacturers say is being inflicted upon industries in parts of the country that lifted Trump to the White House.
Apple Unveils Bigger iPhones at Higher Prices, and a Heart-Tracking Watch
Apple has long had a playbook for iPhones, its most important product: Keep rolling out bigger, faster and more expensive models. On Wednesday, it repeated that strategy by introducing another round of iPhones that are — you guessed it — bigger, faster and more expensive. The model with a 6.5-inch screen, the iPhone XS Max, is Apple’s biggest iPhone ever and will start at $1,100. More notable, perhaps, was how much Apple is now evolving its smartwatch into a clearly health-related device. The company showed off a new Apple Watch with an electronic heart sensor approved by the Food and Drug Administration.
Judge Dismisses Federal Suit Accusing Firm of Defrauding 9/11 Responders
A federal judge dismissed a lawsuit, brought by the New York state attorney general’s office, that accused a financial firm of defrauding firefighters and others involved in the response out of funds meant to compensate them for resulting injuries and illnesses. The attorney general must instead use state courts to pursue any claims it has against the financial firm, RD Legal Funding, Judge Loretta Preska of U.S. District Court in Manhattan said. Preska said there was no basis for state authorities to continue their enforcement action in federal court after she dismissed the Consumer Financial Protection Bureau, a federal agency, from the lawsuit in June.
Digital Journalism Pioneer to Leave Slate for Podcast
Jacob Weisberg, the chairman and editor-in-chief of the Slate Group, announced in a Twitter post Wednesday that he was leaving the company to start a new audio venture with author Malcolm Gladwell. “After 22 years, there’s no good moment to leave, but you start to feel like it’s now or never if you’re ever going to,” said Weisberg, 54. In recent years at Slate, Weisberg joined Slate as chief political correspondent in 1996. He took over as editor-in-chief in 2002 and steered Slate through a change of ownership in 2004, when The Washington Post Co. bought it for an estimated $15 million.
Lawsuit Filed Against Game Apps That Collect Data on Children
New Mexico’s attorney general filed a lawsuit claiming that the maker of "Fun Kid Racing," which lets children race cartoon cars with animal drivers, had violated a federal children’s privacy law through dozens of Android apps that shared children’s data. The suit accuses the app-maker, Tiny Lab Productions, along with online ad businesses run by Google, Twitter and three other companies, of flouting a law intended to prevent the personal data of children under 13 from falling into the hands of predators, hackers and manipulative marketers. The suit also contends that Google misled consumers by including the apps in the family section of its store.