FirstFT: Rupert Murdoch steps down as Fox and News Corp chair | Invesloan.com

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Rupert Murdoch is stepping down as chair of Fox and News Corp, marking the top of an period for the highly effective media billionaire.

Lachlan Murdoch, his elder son, will grow to be sole chair of News Corp and proceed as government chair and chief government of Fox, from mid-November.

The Australian-born mogul, 92, has over the previous seven a long time remodeled an Adelaide newspaper that he inherited from his father into a worldwide media empire that’s feared and courted by politicians throughout the English-speaking world.

However, Murdoch informed staff that he would stay engaged within the firm as chair emeritus. He promised to “be involved every day in the contest of ideas”, as he hit out in opposition to elites and different media retailers. Here’s the story.

We have extra on yesterday’s announcement, together with Murdoch’s farewell memo in full.

What do you consider Rupert Murdoch’s announcement? Has probably the most highly effective individual in information throughout the English-speaking world really retired? Let me know at firstft@ft.com — Tee

Here’s what else I’m holding tabs on right this moment:

• Economic knowledge: S&P Global has manufacturing and providers buying managers’ indices for the EU, France, Germany, the UK and the US. The UK additionally reviews August retail gross sales.

• Pope Francis in France: President Emmanuel Macron will welcome the pinnacle of the Catholic Church to the port metropolis of Marseille for a two-day go to.

One other thing: We are launching our Central Banks publication for premium subscribers. Chris Giles will use almost 20 years of expertise as the Financial Times’ economics editor to supply weekly insights on rates of interest and financial coverage as the worldwide battle in opposition to inflation rages on. Don’t miss the primary problem subsequent Tuesday — join right here.

Five extra high tales

1. Exclusive: Rishi Sunak plans to reshape the A-levels with a brand new “British baccalaureate” to modernise England’s schooling system, based on senior Whitehall insiders. The prime minister’s transfer would require all 16-year-olds to check core topics, together with maths and English, in the event that they keep in class past GCSE degree. Here are extra particulars from the unconventional plans.

2. US president Joe Biden pledged extra weapons to Ukraine after assembly Volodymyr Zelenskyy yesterday in Washington. The new $325mn bundle will embody extra artillery, ammunition, anti-tank weapons, cluster munitions, a second Hawk air defence battery, and launchers and interceptors. Here’s why additional help to Kyiv could also be in danger.

3. Diesel costs in Europe have jumped after Russia barred exports of diesel and petrol yesterday, rising virtually 5 per cent to above $1,010 a tonne. Crude costs additionally reversed earlier losses on the announcement — Brent rose 1 per cent to $94 a barrel. With central banks nonetheless combating in opposition to inflation, the transfer fuels fears that Moscow is weaponising its oil provides.

4. Western leaders raised the problem of a Canadian Sikh chief’s killing with Narendra Modi, India’s prime minister, after they met on the G20 summit this month. According to folks conversant in the talks, Joe Biden and different members of the Five Eyes intelligence-sharing community raised the problem on the urging of Canada, which claims New Delhi was concerned within the killing. Read the complete story.

5. UK client confidence rose to the best degree since January 2022, supported by robust wage progress and easing inflation, based on knowledge printed right this moment. This can also be the second straight month of improve recorded by GfK’s client confidence index. Here’s how financial circumstances might danger reversing the upturn.

How effectively did you retain up with the information this week? Take our quiz.

News in-depth

Governments are dealing with mounting strain as the world approaches 2030, the 12 months by which scientists say the planet should reduce greenhouse fuel emissions by virtually half. But politicians now should reconcile assembly internet zero objectives with the political value of doing so, as local weather change strikes from a peripheral concern for voters to a central election problem globally.

We’re additionally studying . . . 

Chart of the day

Airline passengers in Europe face the prospect of upper ticket costs following a rally within the value of oil that has threatened carriers’ booming earnings. Air fares have already risen sharply this 12 months, as airways money in on hovering demand for journey.

Take a break from the information

Here are the six finalists for the Financial Times and Schroders Business Book of the Year Award — together with Walter Isaacson’s newly printed biography of Elon Musk.

Additional contributions from Benjamin Wilhelm and Gordon Smith