Lead independent director Frederic Salerno said in a letter to Viacom constituencies the board is preparing for a legal battle to keep their seats because they don’t believe controlling shareholder and former chairman Sumner Redstone has the mental capacity to act of his own free will.
Jurors are set to convene Tuesday to consider a lengthy legal dispute centered on Oracle’s alleged role in the decline of one of the former Hewlett-Packard’s most lucrative products. The lawsuit seeks $3 billion in damages.
Two Hollywood franchises turned in disappointing box-office performances on a Memorial Day weekend. “Alice Through The Looking Glass” flopped, grossing $34.2 million, while the superhero sequel “X-Men: Apocalypse” opened to $80 million, a decent number but below that of previous movie in the series.
Dubai’s DP World has agreed to manage the Somaliland Port of Berbera for 30 years, according to a person who has seen the concession agreement. The global ports operator gains an alternative hub to Djibouti in the Horn of Africa.
The popularity of Airbus’ A320 has led to record orders, but ramping up to meet these might mean costly investment, just at a time when low oil prices are making more expensive fuel-efficient models a more difficult sell.