Business

THE NEWS WRAP: Murdoch confirms news and entertainment split

Oliver Milman /

Rupert Murdoch has confirmed that News Corporation is to split into two parts, separating the media company’s entertainment assets from its newspapers and publishing.

 

Murdoch will be the chairman of both parts of the business and the CEO of the entertainment arm. The ageing entrepreneur denied the split had anything to do with the phone hacking scandal that has dogged the business for the past year.

 

Super shake-up proposed

 

The Productivity Commission is set to propose that the superannuation system needs to be opened up to give workers more flexibility over their savings.

 

A report in The Australian said money that would automatically go to union-backed super funds would be able to be accessed by retail funds.

 

RIM pushes back Blackberry 10 launch

 

Research in Motion has pushed backed the launch of the latest version of perennial business favourite the Blackberry and is to cut 5,000 jobs.

 

The Blackberry 10 was due to be launched at the end of this year but has now been scheduled for a 2013 release. The move comes after RIM reported a $518 million loss in the last quarter.

 

Overnight

 

The Dow Jones Industrial Average fell 24.75 points, or 0.20%, to 12,602.26. The Australian dollar was down to US100.45 cents.

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