One analyst called the deal "very rich" for workers at Verizon, the No. 1 U.S. wireless provider, which reached the tentative pact with the Communications Workers of America (CWA) on Friday. The CWA said Verizon agreed to provide a 10.9 percent raise over four years while Verizon put the increase at 10.5 percent. According to the CWA, both numbers are correct, with the union's calculation including compounded interest as subsequent raises are determined from a new base salary.
By Lisa Twaronite and Nichola Saminather TOKYO/SINGAPORE (Reuters) - Asian shares recovered from a wobbly start on Tuesday, but remained on track for a monthly loss, while the dollar edged away from recent peaks scaled on expectations the U.S. Federal Reserve will raise interest rates as soon as next month. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 percent, poised to end the month down 1.9 percent. Japan's Nikkei stock index slipped 0.5 percent after rallying 1.4 percent in the previous session.
By Jessica Toonkel and Chuck Mikolajczak NEW YORK (Reuters) - Viacom Inc's six independent directors vowed on Monday to fight any attempt to oust them from the board, saying they found "inexplicable" the assertion that controlling shareholder Sumner Redstone was mentally competent and acted of his own free will. In a letter to shareholders, Lead Independent Director Fred Salerno said the directors would legally contest any bid to remove them, the latest salvo in an increasingly public and bitter battle for control of Viacom at a time when the U.S. media company needs to focus on turning its business around. The letter came three days after a statement from Redstone, issued by his spokesman, that said the 93-year-old media mogul was considering ousting Viacom Chief Executive Philippe Dauman and the board of directors.