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Jeff Bezos Is Under Fire At The Washington Post As Patience Wears Thin Among Staffers

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5 months ago

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Jeff Bezos | CNN Image

When will Jeff Bezos confront the crisis in his newsroom?

The Washington Post’s owner and Amazon millionaire has yet to take any meaningful action to address concerns at his newspaper, which continues in disarray while explosive reports are published on a daily basis, calling the outlet’s new publisher, Will Lewis, into severe question.

Staffers at The Post are losing patience with Bezos, whose only response to the Lewis disaster so far has been to send a 138-word, single-paragraph memo from his Mediterranean yachting vacation to a few leaders at The Post, assuring them that he wants standards to remain “very high.” That is the root of the problem, according to The Post staff. They, too, want standards to stay “very high” and are concerned that Lewis constitutes an active threat to that common goal.

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Jeff Bezos | Variety Image

Jeff Bezos Is Under Fire At The Washington Post As Patience Wears Thin Among Staffers

More drama occurred Friday when Lewis said that Robert Winnett, whom he had identified as the paper’s incoming editor, would not be coming to manage the Post. This comes after The Post published a 3,000-word front-page exposé this week, revealing that Winnett had previously utilized documents from a self-described “thief” for reporting.

Frustrations and concerns are so severe at the outlet that two of the institution’s Pulitzer Prize-winning journalists have chosen to come out publicly, pushing for a change in leadership, an unprecedented move at the venerable newspaper. David Maraniss, an associate editor at The Post for nearly 50 years, said he doesn’t “know a single person at the Post who thinks the current situation with the publisher and the supposed new editor can stand.” Scott Higham, who has been with The Post for over two decades, concurred and urged for Lewis’ dismissal.

“Will Lewis needs to step down for the good of The Post and the public,” Higham posted on Facebook. “He has lost the newsroom and will never win it back.”

To summarise, Maraniss and Higham express what many in the newsroom believe. In meetings with more than a dozen people inside and close to The Post this week, it became evident that Lewis, in his brief six months on the job, has completely alienated personnel and now confronts insurmountable odds in regaining the employee base he hopes to lead. Whether or not he has strong business ideas is irrelevant. He has lost the respect of his staff. And any successful leader will tell you that without the credibility to lead, it is impossible to accomplish anything, let alone perform a Herculean company revolution.

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Jeff Bezos | CNN Image

Jeff Bezos Is Under Fire At The Washington Post As Patience Wears Thin Among Staffers

Bezos’ spokeswoman did not reply to demands for comment on Thursday. But certainly, the millionaire realizes the grave predicament that has gripped The Post. And it’s hard to imagine he truly feels his brief memo to The Post’s leadership was sufficient to quell the worries that have sparked the extraordinary outrage at the newspaper. In fact, it’s worth noting that Bezos has not expressed support for Lewis recently, providing him options as he assesses the deteriorating situation and decides how to stop the bleeding.

Staff at The Post are eagerly awaiting Bezos’ action. Since Lewis’s fury flared earlier this month, CNN employees have repeatedly warned the outlet that the ongoing turmoil has diverted attention away from the newsroom’s essential job. With a high-stakes election just months away, it is far from ideal to have the attention of one of the country’s leading news organizations diverted by internal strife.

It’s “a massive distraction,” one Postie told me Thursday, adding that The Guardian’s eye-catching story accusing Lewis of allegedly advising then-U.K. Prime Minister Boris Johnson to “clean up” his phone amid the so-called “Partygate” controversies is “the talk of the newsroom.” (Both Lewis and Johnson refuted the story.)

“I don’t think the mood will change until something else changes,” the employee explained.

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Jeff Bezos | CNBC Image

Jeff Bezos Is Under Fire At The Washington Post As Patience Wears Thin Among Staffers

In Bezos’ absence, reports questioning Lewis’ ethical integrity continue to emerge. According to the Financial Times, Lewis “retains links” to a public relations agency that advises powerful corporate and political figures on negotiating difficult circumstances. While the FT reported that Lewis had sold his ownership part in the company, it also stated that the firm had “continued to distribute regular emails from Lewis,” producing “confusion among people in contact with the agency.”

While the FT’s Thursday story lacked the weight of other news outlets’ recent reports, it did raise new questions about Lewis’ past and entanglements.

Meanwhile, as The Post and other sources, including The New York Times, continue to investigate Lewis’ past, many more concerns will arise. And as the inquiries continue, those at The Post will undoubtedly have one in particular for Bezos: What are your plans for restoring your newspaper’s reputation and status?

SOURCE – (CNN)

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

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2 days ago

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2024-11-23

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Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

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Forced Sale Google Chrome Could Fetch $20 Billion

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3 days ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

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Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

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Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

3 days ago

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2024-11-21

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Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

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