A report claimed that former CNN CEO Jeff Zucker attempted to persuade several high-profile billionaires to buy the embattled news network, but representatives for Zucker are denying the allegations.
The report suggested that Zucker approached individuals like Jeff Bezos, Laurene Powell Jobs, Alex Soros, and Roman Abramovich to fund a deal to take CNN private.
It was further claimed that Zucker sought legal assistance from the international law firm Clifford Chance for this endeavor. However, a spokesperson for Zucker strongly denied the report, stating that there were no meetings or discussions about buying CNN with anyone.
Variety, the magazine that published the report, has stood by the story’s journalist, Tatiana Siegel, defending its investigative reporting.
Additionally, Zucker’s representatives denied another claim made by Variety that his private equity firm, RedBird, was planning to acquire CNN through a deal brokered by Pandion Partners. Zucker’s camp emphasized that he has no relationship with the firm and has never heard of it.
Zucker’s interest in acquiring CNN allegedly began after he was fired from the network in 2021 due to an undisclosed relationship with a former CNN executive.
The report suggested that he undermined his successor and engaged in actions detrimental to the network. Zucker’s representatives have vehemently criticized the report, accusing Variety of publishing false anecdotes and incidents that never occurred.
RBA maintains 4.35% rates as mortgage applications surge
The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.
This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.
The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.
Experts are divided on whether the RBA’s decision is the right course of action.
Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.
In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.
There’s a 50/50 chance of a 2024 recession
The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.
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Tesla insurance sued for ‘inflated’ premiums, judge rules
A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.
The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.
The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.
The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.
Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.
It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.
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