THE NEWS WRAP: Rupert Murdoch says that he will stay on as News Corp chairman
Thursday, August 11, 2011/
Rupert Murdoch says that he will stay on as chairman and chief executive at News Corporation, but said that his chief operating officer, not one of his children, is in line to succeed him.
Speaking at News Corp’s quarterly results, which showed a 22% dip in profits, Murdoch said that he had no plans to step down, but “if anything happened to me”, Chase Carey, the chief operating officer, would take over.
Murdoch, who has been engulfed in controversy following revelations of phone hacking at his UK tabloid operation, had been expected to hand control to his son, James.
Hong Kong stocks hit by hacker
Trading on seven stocks on the Hong Kong share market was suspended after a hacking attack.
Shares hit by the hackers include those of HSBC, Cathay Pacific and China Power International. Hong Kong is the latest location of a stock market hack attack, following similar breaches in Zimbabwe and the US.
Android and iPhone dominate smartphone market
Google’s Android and Apple’s iPhone dominate the global smartphone market, according to new research, accounting for 62% of handsets sold worldwide.
A Gartner Inc report found that the duo’s market share had nearly doubled from 32% this time last year. Although Nokia is still in second place, its share dropped to 22% from 41% a year earlier.
Dow Jones Industrial Average rebounded by 423.37 points to 11,143.31. The Australian dollar rose to 103.39 US cents.