THE NEWS WRAP: IMF chief warns of “lost decade”
Wednesday, November 9, 2011/
Rupert Murdoch has taken back the chairmanship of News Ltd, in a reshuffle that has seen CEO John Hartigan step down.
Hartigan, who worked the media giant for 41 years, has held both the CEO and chairman positions since 2005.
Foxtel boss Kim Williams is the new News Ltd CEO, although investors will closely watch the outcome of Murdoch’s return to a role he departed 30 years ago in order to concentrate building his global media empire.
IMF chief warns of “lost decade”
The global economy is at risk of a “lost decade”, the head of the International Monetary Fund has warned.
Christine Lagarde said that the ongoing debt crisis in Europe risked a global “downward spiral” if “bold” action was not taken by political leaders.
Her warning came as Italy’s borrowing rate hit 7%, heightening concerns that the country won’t be able to honour its massive debt. http://www.bbc.co.uk/news/business-15649985
Online retailer buys Kobo
Japanese online retailer Rakuten has bought eBook firm Kobo for $315 million, in a deal that could intensify competition in the market.
Rakuten said that it was looking to create a physical store presence for its titles, as well as offering the Kobo product online.
The Dow Jones Industrial Average fell 2.4%to 11,873.58, while the Australian dollar dipped to 101.62 US cents.