The daily business briefing: July 30, 2018

1. CBS board meets to discuss Moonves sexual harassment allegations

The CBS board of directors will address sexual harassment allegations against CEO Les Moonves at a Monday meeting. Board members, who spent the weekend debating how to handle the matter, reportedly plan to create a special committee to oversee an investigation by a third-party law firm. CBS's independent board of directors has vowed to "take appropriate action" after the investigation, which reportedly will cover Moonves and CBS's corporate culture in general. Six women told New Yorker reporter Ronan Farrow that Moonves sexually harassed them. Thirty current and former CBS employees reportedly had flagged inappropriate behavior at CBS News and its flagship program, 60 Minutes.

The New York Times

2. Mission: Impossible — Fallout leads box office

Mission: Impossible — Fallout led the box office with a $153.5 million haul worldwide on its opening weekend, a record for the franchise starring Tom Cruise. The film brought in $61.5 million at the domestic box office, and $92 million overseas, both records for the spy series. Fallout has only opened in 40 percent of international markets, and is 19 percent ahead of 2015's Mission: Impossible — Rogue Nation on a like-for-like basis. The last two Mission: Impossible movies made 70 percent of their box office totals overseas, and Fallout is on track to continue the trend. Paramount's president of International Theatrical Distribution, Mark Viane, said "word of mouth has been a key driver," contributing to a strong jump after opening night on Friday.

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Deadline

3. Stocks continue to struggle after string of troubling corporate reports

U.S. stock futures dipped early Monday in apparent ongoing fallout from a flurry of disappointing corporate earnings reports. Futures for the Dow Jones Industrial Average edged down by 0.1 percent, while those of the S&P 500 and the Nasdaq-100 were down by 0.1 percent. The Dow fell by 0.3 percent on Friday, snapping a three-day winning streak, while the S&P 500 and the Nasdaq both dropped for the second straight day. Investors have been brushing off concerns over global trade tensions in recent days, but they also have been troubled by worse-than-expected reports from some internet companies, especially Facebook and Twitter. European stocks also fell, and Asian markets closed with losses.

MarketWatch

4. Tyson Foods shares drop after profit warning due to trade tensions

Tyson Foods shares dropped by 6.5 percent in pre-market trading on Monday after the company issued a 2018 profit warning due to expectations that higher tariffs could hurt domestic and export prices for chicken, pork, and other products. "The combination of changing global trade policies here and abroad, and the uncertainty of any resolution, have created a challenging market environment of increased volatility, lower prices, and oversupply of protein," said Tyson CEO Tom Hayes. Caterpillar also had been expected to take a hit from President Trump's trade war, but the heavy equipment maker's earnings report before the bell on Monday beat expectations, sending its stock rising by 3.2 percent in pre-market trading.

MarketWatch

5. Report: Trump golf course damaged dunes in Scotland

President Trump's family business partially destroyed protected sand dunes in Scotland by building a golf course, according to government reports released in response to a freedom of information request. Scottish Natural Heritage, which monitors sensitive sites, said the work on Trump International Golf Links Scotland "led to the direct loss" of 168 acres, about a third of the Foveran Links site. The damaged or destroyed areas were among the best examples of moving sand dunes in Britain, according to the agency. Trump International executive vice president Sarah Malone said the company owned less than 5 percent of the site of special scientific interest, adding that most remains untouched and that the small portion that the company owns has "seen more environmental care or investment" than other sensitive sites.

The Associated Press