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Viewers and journalists alike slammed CBS News over this week’s firing of Catherine Herridge — an award-winning senior correspondent who sources said had run into “internal roadblocks” at the network as she covered the Hunter Biden laptop story.

The veteran investigative reporter, who has a First Amendment case that’s being closely watched by journalists nationwide, was among 20 CBS News staffers who lost their jobs Tuesday as part of a broader purge of 800 employees across parent company Paramount Global, sources told The Post.

Inside the halls of CBS News, staffers were outraged and bewildered by Herridge’s ouster, according to sources close to the Tiffany Network.

“People can’t make sense of this decision,” said a source, noting that staffers inside the network’s Washington bureau where Herridge worked are “shocked and dismayed” that CBS would oust a journalist who “brought credibility” to the company.

Herridge came to CBS in 2019 to be a balanced voice, covering both sides of the aisle, after having served as chief intelligence correspondent for Fox News.

But Herridge’s most recent assigment — covering the Hunter Biden probe — put her under a microscope at the left-leaning network, The Post has learned.

It was well understood on Capitol Hill that Herridge was among the first to receive tips about the Hunter Biden investigation but she ran into “internal roadblocks at CBS News,” sources said.

In 2021, CBS News brought in Matt Mosk to lead the network’s investigative unit from ABC News where he led coverage on the Mueller investigation and Trump impeachments. Mosk also served as senior investigative producer on the 2021 Hulu documentary “Out of the Shadows: The Man Behind the Steele Dossier.”

The Steele Dossier, which has been debunked, accused former President Donald Trump’s campaign of conspiring with Russians to tilt the result of the 2016 election.

Insiders said Herridge also clashed with CBS News President Ingrid-Ciprian Matthews, a sharp-elbowed executive who was investigated in 2021 over favoritism and discriminatory hiring and management practices, as previously reported by The Post.

CBS News declined to comment.

Author and journalist Michael Shellenberger, an expert on censorship and free speech, called Herridge a “hero” on X, saying she lately has been “facing financial ruin and even prison for protecting her sources.”

“CBS execs have behaved cowardly,” Shellenberger wrote. “Shame on them.”

Meghan McCain, daughter of late Arizona senator John McCain, also weighed in, calling Herridge a “national treasure.”

“I cant tell you what an insane move it is for @CBSNews to let her go particularly during an election year,” McCain wrote.

Others speculated that her exit was linked to recent reporting that President Biden may have kept evidence that he had foreign business dealings while in office.

Collin Rugg, who co-owns conservative website Trending Politics, posted on X: “Herridge was fired just hours after she reported on how Biden may have ‘retained sensitive documents related to specific countries involving his familys foreign business dealings’… Wild.”

In 2022, CBS News co-president Neeraj Khemlani signaled that the network was looking to bring in more Republican voices ahead of the midterm elections that year.

“Being able to make sure that we are getting access to both sides of the aisle is a priority because we know the Republicans are going to take over, most likely, in the midterms, Khemlani told staff at the time, according to a recording obtained by The Washington Post. A lot of the people that were bringing in are helping us in terms of access to that side of the equation.

While the shift ruffled feathers among some of the left-leaning rank and file, insiders at CBS News said that mandate came from top brass, including Shari Redstone, the chair of Paramount Global.

Herridges departure comes as the journalist faces heat for not complying with US District Judge Christopher Coopers order to reveal how she learned about a federal probe into a Chinese American scientist who operated a graduate program in Virginia.

Critics ripped CBS for ousting Herridge when she is fighting for the rights of journalists, with one CBS News insider calling the network’s decision “tone deaf.”

Herridge may soon be held in contempt of court for not divulging her source for an investigative piece she penned in 2017 when she worked for Fox News and be ordered to personally pay fines that could total as much as $5,000 a day.

A source close to the situation said Fox News is paying for Herridges legal counsel.

Herridge “brought balance to the reporting and is facing possible jailing over her refusal to disclose her sources,” Jonathan Turley, Shapiro chair of public interest law at George Washington University, posted on X. “CBS should be standing with her and the journalistic values that she is fighting to protect.”

The scientist, Yanping Chen, had been investigated for years on suspicions she may have lied on immigration forms related to work on a Chinese astronaut program, according to Herridges report.

Chen is suing the FBI for damages claiming the leaked information was par of a campaign to damage her reputation. Federal prosecutors ended their six-year probe of Chen without bringing charges.

 

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CNBC Daily Open: A Fed rate cut might not be festive enough

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CNBC Daily Open: A Fed rate cut might not be festive enough

An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Friday, Nov. 18, 2016.

Andrew Harrer | Bloomberg | Getty Images

On Wednesday stateside, the U.S. Federal Reserve is widely expected to lower its benchmark interest rates by a quarter percentage point to a range of 3.5%-3.75%.

However, given that traders are all but certain that the cut will happen — an 87.6% chance, to be exact, according to the CME FedWatch tool — the news is likely already priced into stocks by the market.

That means any whiff of restraint could weigh on equities. In fact, the talk in the markets is that the Fed might deliver a “hawkish cut”: lower rates while suggesting it could be a while before it cuts again.

The “dot plot,” or a projection of where Fed officials think interest rates will end up over the next few years, will be the clearest signal of any hawkishness. Investors will also parse Chair Jerome Powell’s press conference and central bankers’ estimates for U.S. economic growth and inflation to gauge the Fed’s future rate path.

In other words, the Fed could rein in market sentiment even if it cuts rates. Perhaps end-of-year festivities might be muted this year.

What you need to know today

And finally…

Researchers inside a lab at the Shenzhen Synthetic Biology Infrastructure facility in Shenzhen, China, on Wednesday, Nov. 26, 2025.

Bloomberg | Bloomberg | Getty Images

U.S.-China AI talent race heats up

When it comes to brain power, “America’s edge is deteriorating dangerously,” Chris Miller, author of the book “Chip War: The Fight for the World’s Most Critical Technology,” told a U.S. Senate Foreign Relations subcommittee last week. It’s a lead that’s “fragile and much smaller” than its advantage in AI chips, he said.

Part of the difference comes from the sheer scale, especially as education levels rise in China. Its population is four times that of the U.S., and the same goes for the volume of science, technology, engineering and mathematics graduates. In 2020, China produced 3.57 million STEM graduates, the most of any country, and far outpacing the 820,000 in the U.S.

— Evelyn Cheng

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CEO of South Korean online retail giant Coupang resigns over data breach

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CEO of South Korean online retail giant Coupang resigns over data breach

Park Dae-jun, CEO of South Korean online retail giant Coupang has resigned, three weeks after the company became aware of a massive data breach that affected nearly 34 million customers.

Coupang

The CEO of South Korean online retail giant Coupang Corp. resigned Wednesday, three weeks after the company became aware of a massive data breach that affected nearly 34 million customers.

Coupang said CEO Park Dae-jun resigned due to the data breach incident — which was revealed on Nov. 18 — according to a Google translation of the statement in Korean.

“I am deeply sorry for disappointing the public with the recent personal information incident,” Park said, adding, “I feel a deep sense of responsibility for the outbreak and the subsequent recovery process, and I have decided to step down from all positions.”

Following his resignation, parent company Coupang Inc. appointed Harold Rogers, the Chief Administrative Officer and General Counsel, as interim CEO.

Coupang said that Rogers plans to “focus on alleviating customer anxiety caused by the personal information leak” and to stabilize the organisation.

Park, who joined the company in 2012, became Coupang’s sole CEO in May, after the company transitioned away from a dual-CEO system.

According to Coupang, he was responsible for the company’s innovative new business and regional infrastructure development, and led projects to expand sales channels for small and medium enterprises, among others.

South Korean companies are known for being “very, very cost-efficient,” which may have led to neglecting areas like cybersecurity, Peter Kim, managing director at KB Securities, told CNBC’s “Squawk Box Asia” Wednesday.

“I think the core issue here is that we’ve had a number of other breaches, not just Coupang, but previously, telecom companies in Korea,” Kim added. “I understand some data companies consider Korea to be [the] top three or four most breached on a data, on an IT security basis in the world.”

Coupang breach a ‘double-edged sword’ for Chinese rivals due to security concerns: KB Securities

South Korean companies have been hit by cybersecurity breaches before, including an April incident at mobile carrier SK Telecom that affected 23.24 million people. The country previously saw one of its largest cybersecurity incidents in 2011, when attackers stole over 35 million user details from internet platforms Nate and Cyworld.

Nate is one of the most popular search engines in South Korea, while Cyworld was one of the country’s largest social networking sites in the early 2000s.

Prime Minister Kim Min-seok reportedly said Wednesday that strict action would be taken against the company if violations of the law were found, according to South Korean media outlet Yonhap.

Police also raided the Coupang headquarters for a second day on Wednesday, continuing their investigation into the data breach.

Yonhap also reported, citing sources, that the police search warrant “specifies a Chinese national who formerly worked for Coupang as a suspect on charges of breaching the information and communications network and leaking confidential data.”

Last week, South Korean President Lee Jae Myung called for increased penalties on data breaches, saying that the Coupang data breach had served as a wake-up call.

— CNBC’s Chery Kang contributed to this report.

How Coupang grew into South Korea's biggest online retailer

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Connecticut can’t take action against Kalshi for now, judge rules

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Connecticut can’t take action against Kalshi for now, judge rules

A US judge has granted prediction markets platform Kalshi a temporary reprieve from enforcement after the state of Connecticut sent it a cease and desist order last week for allegedly conducting unlicensed gambling.

The Connecticut Department of Consumer Protection (DCP) sent Kalshi, along with Robinhood and Crypto.com, cease and desist orders on Dec. 2, accusing them of “conducting unlicensed online gambling, more specifically sports wagering, in Connecticut through its online sports event contracts.”

Kalshi sued the DCP a day later, arguing its event contracts “are lawful under federal law” and its platform was subject to the Commodity Futures Trading Commission’s “exclusive jurisdiction,” and filed a motion on Friday to temporarily stop the DCP’s action.

An excerpt from Kalshi’s preliminary injunction motion arguing that the DCP’s action violates federal commodities laws. Source: CourtListener

Connecticut federal court judge Vernon Oliver said in an order on Monday that the DCP must “refrain from taking enforcement action against Kalshi” as the court considers the company’s bid to temporarily stop the regulator.

The order adds that the DCP should file a response to the company by Jan. 9 and Kalshi should file further support for its motion by Jan. 30, with oral arguments for the case to be held in mid-February.

Kalshi does battle with multiple US states

Kalshi is a federally regulated designated contract maker under the CFTC and, in January, began offering contracts nationally that allow bets on the outcome of events such as sports and politics.

Related: How prediction markets raise insider trading and credit risks

Its platform has become hugely popular this year and saw a record $4.54 billion monthly trading volume in November, attracting billions in investments, with Kalshi closing a $1 billion funding round earlier this month at a valuation of $11 billion.

However, multiple US state regulators have taken issue with Kalshi’s offerings, which have led to the company being embroiled in lawsuits over whether it is subject to state-level gambling laws.