Money

Former CBS chief to pay $30m for hiding sexual assault allegations

Published

2 years ago

November 3, 2022

ticker NEWS

CBS leaders reportedly knew about allegations of sexual assault against its former chief executive

The Former Chief Executive of CBS, Les Moonves will pay $2.5 million to shareholders amid a string of sexual assault claims.

The broadcasting giant will pay $6 million towards sexual assault and harassment programs, while $22 million will be paid to shareholders.

The New York Attorney General’s Office found key executives at the network had a plot with the Los Angeles Police Department to hide the sexual assault allegations against Moonves.

One of the company’s executives sold part of their stock before the allegations against Moonves became public.

“As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors,” Attorney General Letitia James said.

“After trying to bury the truth to protect their fortunes, today CBS and Leslie Moonves are paying millions of dollars for their wrongdoing.”
Letitia James, NEW YORK ATTORNEY GENERAL

CBS and Moonves also agreed to pay investors an additional $9.75 million to settle the New York Attorney General’s allegations.

As part of the settlement, neither party admits to wrongdoing.

A spokesperson for CBS, which is known as Paramount said the company was pleased to resolve the matter.

The spokesperson added the settlement “does not relate in any way to the current company.”

Money

US stocks surge as banks report record profits

US stocks rise as banks report near-record profits; CPI slows, fueling hopes for continued Federal Reserve rate cuts.

Published

5 hours ago

January 16, 2025

ticker NEWS

US stocks rise as banks report near-record profits; CPI slows, fueling hopes for continued Federal Reserve rate cuts.

US stocks rose sharply following strong earnings reports from four major banks: JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo.

The banks reported their second-most profitable year ever.

JPMorgan achieved a historic milestone by becoming the first US bank to exceed $50 billion in annual profit.

Goldman Sachs saw record revenue from its equities trading division.

Citigroup reported record revenue in three of its five key segments: wealth management, US personal banking, and services.

Wells Fargo, while having the smallest presence on Wall Street, recorded a 62 per cent increase in annual revenue from investment banking.

Bank of America and Morgan Stanley are set to announce their results on Friday AEDT.

In other news, the core Consumer Price Index (CPI) for December rose at a slower rate than anticipated, indicating a potential easing of inflation.

This development has strengthened expectations that Federal Reserve policymakers may have room to continue cutting rates.

Consequently, the yield on the US 10-year bond dropped by 14 basis points to 4.66 per cent.

Similarly, UK yields fell by 16 basis points to 4.73 per cent after services inflation in the UK decreased to 4.4 per cent in December, down from 5 per cent in November, a more significant decline than the 4.8 per cent economists had predicted.

Money

Bitcoin rises 2% as market awaits inflation report

Published

19 hours ago

January 15, 2025

ticker NEWS

As of January 15, 2025, Bitcoin (BTC) is trading at approximately $97,198, reflecting a 2.17% increase over the past 24 hours. The cryptocurrency’s market capitalisation stands at around $1.93 trillion, with a 24-hour trading volume of about $54.23 billion.

This recent uptick comes as investors anticipate the upcoming U.S. inflation report, which could influence the Federal Reserve’s monetary policy decisions.

Money

Recovery on the horizon: investing in growth

Published

3 days ago

January 13, 2025

ticker NEWS

The ‘gloom to soon’ signal points to shares and property gains

Money Minute features finance expert Dr. Steve Enticott from CIA Tax, guiding audiences through practical advice and innovative strategies for financial freedom.