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

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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.”

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

BlockFI the latest crypto collapse

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The contagion from the FTX crypto collapse has claimed another major scalp.

Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy.

BlockFi claimed more than 100,000 creditors with liabilities up to $10 billion.

BlockFi was founded in 2017 and is now hoping bankruptcy protection will allow it to stabilize the company and restructure.

In a statement, the company says:

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,”

“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector.”

Days after FTX declared bankruptcy, BlockFi said it had significant exposure to FTX and its other corporate entities.

BlockFi is now the fourth crypto-focused company to seek bankruptcy protection this year, following FTX, Voyager Digital, and Celsius Network.

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Business

It’s Musk v Twitter in tech war

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A war has broken out between Elon Musk in his battle against Apple.

In a tweet, owner Musk says Apple may ban Twitter from the App store, which would be devastating for his company, and wonders if it has to do with free speech. He even tagged Apple boss Tim Cook.

Musk says: “Apple has threatened to withhold Twitter from its App Store, but won’t tell us why.”

This all comes in the wake of other organisations allegedly following Apple’s suit and cutting back their advertising spending since the $44 billion Musk takeover.

General Mills and Pfizer have been two companies that have gone down this path and diverted their spending elsewhere.

Right now users can still see ads in their Twitter feeds.

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Business

China protests hit global markets, crypto

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Investor watches markets

The protests in China are having a negative impact on cryptocurrencies and markets around the world.

Bitcoin failed to break its descent and fell more than 3 percent.

The global crypto market cap fell over 2%, sending major cryptos into the red.

Over the last 24 hours, overall crypto market volume grew by 22%.

It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.

Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.

China is the world’s second-largest economy and has a significant impact on global financial markets.

Stocks and cryptos aren’t considered safe havens, leading to bearing price action.

Analysts are hoping for a sharp bullish reversal if and when the protests end.

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