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Why Sony has dumped Australia’s most powerful man in Aussie pop music

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Sony Music USA has booted out the most powerful man in Australian pop music from the company’s Australian arm

Sony Music Australia’s CEO Denis Handlin reportedly handed in his resignation after 37 years at the helm.

Staff were alerted of Handlin’s sudden departure this morning by a company-wide email from the Chairman and CEO of Sony Music Group USA, Rob Stringer.

The news comes as the record label continues its investigations into allegations of harassment and bullying.

In the email, Stringer says “Denis Handlin will be leaving Sony Music Entertainment after more than 50 years with the Company, effective immediately”.

Stringer continues by noting “it is time for a change in leadership and I will be making further announcements in terms of the new direction of the business in Australia and New Zealand in due course.”

An Australian news outlet reportedly reached out to Sony’s head office last week with multiple complaints from former employees.

The complaints, which are aimed broadly at the workplace culture rather than specific individuals, include allegations of sexual harassment at work events, intimidating behaviour, alcohol abuse and the unfair treatment of women in the workplace.

Those complaints span more than twenty years, according to reports.

None of the former Sony employees the source spoke to made any allegations of sexual harassment against Handlin himself, however, each had been critical of the company workplace culture.

Following months of investigating claims, the media source sent a letter detailing the allegations to the head office in New York on 14 June.

On Monday a statement was issued by the chairman of Sony Music Entertainment, Rob Stringer, saying Handlin would be leaving “effective immediately”.

Handlin has been the chief executive of Australia’s most successful record label for 37 years and its chairman since 1996.

He played a central role in the careers of some of Australia’s most celebrated artists, including John Farnham, Midnight Oil, Silverchair, Men at Work and Human Nature.

He is the Australian Recording Industry Association’s longest serving board member.

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Money

Traders bet on Bitcoin hitting $100k by end of year

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Surge in Bitcoin prices follows pro-crypto political victories, with traders betting on a $100,000 milestone by year-end.

Bitcoin’s value surged past $90,000 on Wednesday, marking a record high amid investor excitement surrounding a possible cryptocurrency renaissance as Donald Trump steps into his second term as U.S. president.

The election of Trump, who has openly endorsed crypto, has sparked a 30% rise in bitcoin’s price since Election Day, boosted by the success of dozens of congressional candidates supported by crypto-friendly political action committees.

Hitting $100,000

According to Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, traders are betting that Bitcoin could hit $100,000 before the end of the year, with $850 million in options contracts speculating on this milestone by December 27.

The crypto industry, which contributed around $170 million to support candidates viewed as allies, is optimistic about a wave of deregulation and favorable policies.

Trump has promised to establish a national bitcoin reserve and aims to replace SEC Chair Gary Gensler, who has led a strict regulatory approach to crypto.

With aggregate open interest on Bitcoin derivatives soaring to $61 billion, investors are increasingly bullish, betting on bitcoin’s growth via options and perpetual futures contracts.

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Money

Consumer prices rise as Fed weighs December rate cut

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Consumer prices ticked up in October, marking a slight rise after September’s 3½-year low, showing an uneven path for inflation.

Despite the bump, the increase likely won’t deter the Federal Reserve from a possible December interest-rate cut.

The Labor Department reported consumer prices were up 2.6% from a year ago, with core inflation, excluding food and energy, up 3.3%.

Steady consumer spending and hiring may fuel debate on slowing rate cuts early next year.

Investors welcomed the report, betting on a quarter-point rate cut in December.

This response reflects confidence that President-Elect Trump and the Fed will avoid early policy clashes, despite Trump’s pro-lower-rate stance.

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Money

Wall Street rallies as oil prices dip and bitcoin hits new high

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Wall Street started the week on a high note, extending last week’s rally as oil prices fell and bitcoin surged to a new record.

The Dow Jones jumped 1%, reaching over 44,000, with Tesla and big banks leading gains.

Crypto stocks soared as bitcoin hit an all-time high above $82,300, driven by optimism about lighter regulation.

Investors are also focused on upcoming inflation data, which could provide more clues about interest rates.

The dollar remained near a recent peak as Federal Reserve speakers, including Chair Jerome Powell, are set to weigh in later this week.

European markets followed suit, with the pan-European STOXX 600 rising over 1% on Monday.

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