Money
Is Zucker’s exit a huge loss for CNN?
Jeff Zucker has as the president of CNN and the chairman of WarnerMedia’s news and sports division, writing in a memo that he had failed to disclose to the company a romantic relationship with another senior executive at CNN
The 56 year old Zucker is among the most powerful leaders in the American media and television industries.
A huge loss for CNN, which has being going through so much turmoil over the last year.
Zucker said in a memo to colleagues that he was “wrong” to not report the relationship as required.
Zucker did not name his colleague, but the relationship is with Allison Gollust, who was a friend of Zucker’s for the last two decades.
Zucker’s announcement came less than two months after he fired prime time anchor Chris Cuomo for advising his brother, Andrew Cuomo, about how to address sexual misconduct allegations.
The relationship was discovered during an investigation into the conduct of fired CNN anchor Chris Cuomo.
“As part of the investigation into Chris Cuomo’s tenure at CNN, I was asked about a consensual relationship with my closest colleague, someone I have worked with for more than 20 years,” Zucker told employees in a memo.
“I acknowledged the relationship evolved in recent years. I was required to disclose it when it began but I didn’t. I was wrong. As a result, I am resigning today.”
“Jeff and I have been close friends and professional partners for over 20 years,” she said in a statement quoted by Mr Stelter on air.
“Recently, our relationship changed during Covid. I regret that we didn’t disclose it at the right time.”
But where too next for Zucker?
News of Zucker’s resignation sent shockwaves inside CNN and across the industry.
Zucker and Gollust began working together at NBC in 1998.
Gollust intends to stay at the network while Zucker departs, she is currently the executive vice president and chief marketing officer at CNN.
He joined CNN in 2013. He was successful in his role as chief, breaking viewership records in 2020 and saw the most viewers in its history during January 2021.
Under Zucker, CNN adopted a “Facts First” slogan and approach to the news and was “unrelenting in calling out Trump for his lies”, reports CNN business.
However, viewership has gone down.
Audience viewership has fallen nearly 90 percent this January compared to the same time last year, according to Nielsen ratings.
Zucker’s departure throws the network into even more turmoil, with the next steps for Zucker still unknown.
Money
U.S. jobs report, Fed decisions, and Japan’s economic risks explained
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
January US jobs report sparks uncertainty; analysts debate impact on Federal Reserve policy and market confidence.
The January US jobs report shows a mixed picture for the economy, with payroll revisions and steady unemployment leaving analysts questioning the impact on Federal Reserve policy. We break down what the numbers mean for interest rates and market confidence.
US stock markets could face turbulence as investors digest the latest jobs data. David Scutt from StoneX explains how these figures may influence equities and what the outlook is for global markets.
Meanwhile, developments in Japan and a strengthening yen could spark new macroeconomic risks. From carry trades to unexpected shocks, we explore how these factors ripple across the global economy.
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#USJobsReport #FederalReserve #StockMarket #MacroRisks #JapanEconomy #GlobalMarkets #CurrencyTrading #EconomicUpdate
Money
Alphabet launches $20B bond to fund AI expansion
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet’s $20B bond offering highlights investor confidence in AI growth, enabling funding without shareholder dilution.
Alphabet has launched a record $20 billion bond offering to finance its massive AI infrastructure build-out, signalling strong investor confidence in the company’s growth strategy. The oversubscribed sale shows that investors are betting on Alphabet’s AI potential and long-term returns.
By using debt instead of equity, Alphabet can raise funds without diluting shareholders. The money will support AI research, advanced computing, and other strategic projects, cementing the company’s leadership in the sector.
Brad Gastwirth from Circular Technologies explains how corporate debt is reshaping tech financing and how investors perceive AI-linked bonds. This record issuance could set a trend for other tech companies looking to fund innovation.
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Money
AI tax tool sparks market turmoil for financial firms
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Major financial firms’ stocks fell sharply after an AI tax tool launch, raising investor fears of disruption in advisory services.
Shares of major financial services firms tumbled after the launch of a new AI-powered tax planning tool. LPL Financial dropped nearly 11%, while Charles Schwab and Raymond James Financial fell more than 9%, signalling investor concern over AI disrupting traditional advisory services.
Morgan Stanley also saw a 4% decline as fears grow that AI could replace some of the most profitable offerings of established firms. Earlier this year, the introduction of other AI models already caused turbulence in software stocks, suggesting this could be a broader trend affecting multiple sectors.
The iShares U.S. Broker-Dealers and Securities ETF was down 4% on Tuesday, reflecting the market-wide uncertainty surrounding AI adoption in finance. Investors are closely watching whether AI will complement or cannibalise the industry’s core services.
#AIImpact #WallStreet #FinancialMarkets #InvestingNews #MorganStanley #CharlesSchwab #RaymondJames #FinTech
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