HMV's Boss Made Redundant: Sky Sources

HMV: The Stores To Close

Updated: 10:42am UK, Thursday 07 February 2013

The 66 stores identified for closure are:

Ashton-under-Lyne, Ballymena, Barnsley, Bayswater, Belfast Boucher Road, Belfast Forestside, Bexleyheath, Birkenhead, Birmingham Fort, Blackburn, Boston, Bournemouth Castlepoint, Bracknell, Burton-upon-Trent, Camberley, Chesterfield, Coleraine, Craigavon, Croydon Centrale, Derry, Dumfries, Durham, Edinburgh Fort, Edinburgh Gyle Centre, Edinburgh Ocean, Edinburgh Princes Street, Edinburgh St James, Falkirk, Fulham, Glasgow – Fort, Glasgow – Silverburn, Glasgow Braehead, Huddersfield, Kirkcaldy, Leamington Spa, Leeds White Rose, Lisburn, Loughborough, Luton, Manchester 90, Moorgate, Newry, Newtonabbey, Orpington, Rochdale, Scunthorpe, South Shields, Speke Park, St Albans, St Helens, Stockton-on-Tees, Tamworth, Teesside, Telford, Trocadero, Wakefield, Walsall, Walton-on-Thames, Wandsworth, Warrington, Watford, Wellingborough, Wigan, Wood Green, Workington, Wrexham.

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Lloyds Eyes Branches Float Amid Co-op Doubts

By Mark Kleinman, City Editor

Millions of high street bank customers face further uncertainty amid growing concern that a takeover of more than 630 branches by the Co-operative Group will be abandoned.

I have learnt that Lloyds Banking Group, which is 41%-owned by UK taxpayers, is stepping up plans for a flotation of the branches despite having agreed an £800m sale to the Co-op last year.

The move has been triggered by doubts about the ability of the two sides to complete the deal, according to people familiar with the discussions between the two banks.

One insider said this week that the Co-op was in active talks with the Financial Services Authority (FSA) about a string of issues related to the deal, one of which was about the capital position of its banking division.

"There has been no change in the tone of the discussions with the regulator," a person close to the talks said.

Codenamed Project Verde, the 632-branch network has to be sold in return for the state aid required to rescue Lloyds at the height of the 2008 banking crisis.

If the deal does collapse, it would be the second-such abandonment following Santander UK's withdrawal from a deal to acquire more than 300 branches from Royal Bank of Scotland (RBS) late last year.

People close to Lloyds insisted that its preferred option remained the deal with the Co-op but conceded that it was accelerating preparations for a demerger of the Verde business onto the public markets.

In a statement on Friday, a Lloyds spokesman said: "We are continuing negotiations with Co-op and are making good progress in creating a stand-alone challenger bank. We expect to have a separate TSB branded bank on the UK high street from the summer."

The Co-op is likely to provide an update on the Verde talks when it announces annual results at the end of March.

A collapse of the deal would be an embarrassment to George Osborne, the Chancellor, who has hailed the takeover by the Co-op as an important step towards fostering greater competition in Britain's high street banking market.

The Verde network has well over three million customers and a market share that would alone make it Britain's seventh-biggest bank.

Growing pressure on UK lenders to bolster their capital positions from the new Financial Policy Committee of the Bank of England has, however, placed greater focus on the structure of the Verde deal, according to people close to it.

The Co-op declined to comment.

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EU Leaders Agree Historic Budget Deal

EU Budget: A Classic Compromise

Updated: 6:21pm UK, Friday 08 February 2013

Accounting sleight of hand has been used to secure the approval of member states, while the EU institutions grumble on the sidelines.

Germany hailed a "good and important" deal, for Spain it was "good news", while Italy declared the deal to be "satisfactory".

For David Cameron the negotiations, which see the budget reduced for the first time in 56 years, were a "success" but must not be "oversold".

So smiles all round, because few "red lines" were crossed.

That made it an extremely difficult task for European Council president Herman van Rompuy.

He had to make convincing cuts to the EU's seven year budget ceiling, while protecting rebates, the common agricultural policy, structural and cohesion funds (designed to give a helping hand to struggling regions) and try to boost projects aimed at plumping growth.

The negotiators were left with little wiggle room - so a programme called "Connecting Europe" got it in the neck.

That is a 50bn euro project designed to finance large-scale infrastructure projects across the union from motorways to digital highways. Its grant was slashed by a quarter.

That, together with a cut to plans to kickstart investment in poorer areas of the EU, was met with howls of outrage from the European Parliament which, under the Lisbon treaty revision, can now reject the package and send it back to the Council.

The Parliament's president Martin Schulz said the gap between the commitment ceiling (the money which can be promised to fund future projects) and the payment figure (the EU's actual credit card limit) is too high.

He warns there is a blocking majority - but as MEPs will vote on the financial framework in a secret ballot, will they really want to start the whole process again with elections looming in 2014?

But this is where the two limits help: budget hawks (UK, the Netherlands, Sweden and Germany) can say they have kept actual spending down, while the countries arguing for more financial assistance can say they limited the hit on spending commitments.

A win-win for many member states; although not in the eyes of many those in the Commission or the Parliament, who see cuts to growth and infrastructure projects as an attack on the EU's core purpose.

The political issue for David Cameron is that he appears to have made good on his promise to achieve at least real-terms freeze.

But that of course does not necessarily translate into a better deal for the British taxpayer, who will still have to fork out more cash as the EU expands east, with poorer countries needing more financial assistance.

At the post deal news conference, he said the net contributions will rise, but by less than had been feared.

This is not because we are generous to a fault. The argument runs that by putting more cash in their pockets of Europe's poorest, it benefits everyone in the single market.

But for the 27 leaders, this constitutes a box ticked. No messy annual budget rollovers and an end to the protracted negotiations which have tied up the so-called sherpas and their number crunchers for months.

It frees them up to concentrate on the even thornier issue of rescuing the single currency.

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Mark Carney Defends Bank Governor Pay Package

The next governor of the Bank of England has been forced to defend his pay and perks package under questioning from MPs.

Mark Carney - the head of Canada's central bank - insisted his more than £800,000-a-year settlement was "equivalent" to that of the current boss, Sir Mervyn King.

He was speaking at his first hearing before the Treasury Select Committee before replacing Sir Mervyn on July 1 following his retirement.

The pay deal, which includes a £250,000 housing allowance, was in line with that of the current governor's on a "pay and pension" basis, Mr Carney said.

He added: "I'm moving from one of the least expensive capital cities in the world - Ottawa - to one of the most expensive capital cities in the world."

Mr Carney, who will become the first foreign governor of the Bank of England in its near 320-year history, will be paid the accommodation allowance on top of a £480,000 salary - well above the £305,000 pay level of Sir Mervyn.

But Erith & Thamesmead MP Teresa Pearce questioned whether he was concerned about "resentment" among Bank of England staff, given that their pay has been frozen for two years.

His comments come as the Bank of England's Monetary Policy Committee (MPC) kept the UK's interest rate at 0.5% and left its bond purchase programme, known as quantitative easing, on hold.

Inflation in the UK has remained above the 2% target since the financial crisis began in 2007, and raising interest rates would be one way of helping to bring it down.

But this would hit businesses and consumers in an economy that is struggling to recover - UK GDP contracted by 0.3% in the final three months of 2012.

Mr Carney hinted at more quantitative easing when he took over at the Bank.

"Unquestionably when I come to table there will continue to be considerable slack in the UK economy as evidenced by the labour market and more broadly across industry," he said.

"Unquestionably that will be a situation which merits - for a period of time - considerable monetary policy stimulus."

Mr Carney told MPs he was open to reviewing the UK's monetary policy framework, but said the bar to change should be "very high".

"The flexible inflation-targeting framework should remain broadly in place, but details need to be reviewed and could be changed," he said.

A review happens every five years in Canada, he said, and helps those within the government and bank understand the implications of the current policy.

The incoming governor was asked whether he thought nominal GDP - the cash value of national output without adjusting for inflation - should be targeted instead of just inflation.

But he answered: "I am far from convinced of the merits of moving to nominal GDP targeting.

"But it is a valid as part of the debate if one's looking at a framework."

Mr Carney was also asked for his thoughts on the Libor fixing scandal, a day after RBS was fined £390m by regulators for manipulating the rate.

"The behaviour that's been exhibited and confirmed this week particularly around for example Libor is reprehensible and should be prosecuted to the full extent of the law in the various jurisdictions that are affected," he said.

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Findus Beef Lasagne Meals 100% Horsemeat

Tests on Findus beef lasagne have revealed that some of the ready meals were made entirely from horsemeat.

Findus analysed 18 of its beef lasagne products and found 11 meals contained between 60% and 100% horsemeat, the Food Standards Agency (FSA) said.

There is no evidence to suggest the horsemeat found in the Findus beef lasagne is a food safety risk, the FSA said.

However, the agency has ordered urgent tests on the lasagne for the veterinary drug phenylbutazone. Meat from animals treated with "bute" is not allowed to enter the food chain in Britain as it may pose a risk to human health.

All food companies have been told to test their beef products, with the FSA saying it was "highly likely" that criminal activity was to blame for the contamination.

Consumers who have purchased the ready meals - produced by French food supplier Comigel on behalf of Findus - have been advised by the FSA not to eat them and return them to the shop they were bought from.

Retail giant Tesco and discount chain Aldi have already withdrawn a range of ready meals produced by Comigel over fears they contained contaminated meat.

Findus UK has already started a full recall of its lasagne products. It withdrew its 320g, 360g and 500g lasagne meals from supermarket shelves as a precautionary measure earlier this week.

It came after Comigel alerted Findus and Aldi that their products "do not conform to specification".

It advised them to remove Findus beef lasagne and Aldi's Today's Special frozen beef lasagne and Today's Special frozen spaghetti bolognese.

Shoppers who have bought the product can get a full refund, says Findus

Findus UK apologised to customers "for any inconvenience caused" - and said anyone who bought the affected lasagne products could get a full refund.

A spokesman said: "We understand this is a very sensitive subject for consumers and we would like to reassure you we have reacted immediately. We do not believe this to be a food safety issue.

"We are confident that we have fully resolved this supply chain issue. Fully compliant beef lasagne will be in stores again soon."

Tesco also decided to withdraw its Everyday Value spaghetti bolognese, which is produced at the same Comigel site.

A Tesco spokesman said: "We are aware of the results of the Findus tests and we will of course assist Findus with their recall process.

"Tests on our frozen Everyday Value spaghetti bolognese product are ongoing under our new DNA testing programme. We will inform our customers of the results as soon as possible."

The FSA, Defra and the Department of Health are working with businesses and trade bodies to enforce food safety and assess whether there are significant levels of improperly described meat in a whole series of processed beef products in the UK, including supplies to schools and hospitals.

Environment Secretary Owen Paterson said: "The presence of unauthorised ingredients cannot be tolerated ... the responsibility and for the safety and authenticity of food lies with those who produce it, and who sell or provide it to the final consumer."

Labour has accused ministers of being "asleep on the job" and has called for a police investigation into what it believes is fraud.

Shadow environment secretary Mary Creagh said she was "shocked and appalled" by the latest revelations.

She told Sky News: "The time has come for government ministers to pull their heads out of the sand and to take some swift action.

"We have had three weeks of damaging revelations about what is happening in the meat industry ... there is evidence that criminal gangs are involved in this, and frankly I cannot believe that the Government hasn't called in the police to investigate this in the UK.

"I don't see how we get to the bottom of it without getting in specialist teams and working out who is behind this fraud and why it is happening."

People must have confidence that the food they buy is properly labelled, legal and safe to eat, she added.

Anyone who has purchased a Findus beef lasagne can call the firm's UK customer care line on 0800 132584, those in the Republic of Ireland, 1800 800500, or email careline@findus.co.uk for a full refund.

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EU Budget Deal Plan Set At 960bn Euros

European leaders have agreed the broad lines of a deal on a seven-year budget that would fix total EU spending at 960bn (£820bn) euros.

"We feel pretty confident that we have the framework for a deal," one EU official told reporters.

"The deal is not completely finalised, but we feel sure it will be done today."

The breakthrough came after 15 hours of intense negotiations between countries in the bloc.

The agreement is expected to strike a balance between the demands of northern European countries such as Britain and the Netherlands that wanted a belt-tightening EU budget, and countries in the south and east that wanted sustained spending on farming subsidies and much-needed infrastructure.

Leaders will continue negotiating in the expectation that they can sign off on a final agreement later today, the official added.

Sky News Deputy Political Editor Joey Jones, reporting from Brussels, said: "This is the make or break meeting and leaders, including David Cameron, have been given a draft that lays out the budget."

Officials said around 12bn euros (£10.2bn) would be cut from the last proposal, made at a summit in November when agreement eluded leaders, bringing the headline ceiling for spending down to 960bn over the full 2014-2020 budget.

That represents a decrease of around 3% on the last multi-annual budget - the first time a long-term EU spending plan has seen a net reduction.

While vast in headline terms, in annual terms the budget appropriation amounts to around 140bn euros (£120bn), equivalent to just 1% of total EU economic output.

The draft agreed cuts fell mainly on a new fund for cross-border transport, energy and telecoms projects, which was cut by more than 11bn euros (£9.36bn), and on pay and perks for EU officials - a top target for Britain - which were cut by around 1bn euros (£900m), officials said.

As well as the deal needing to be signed off by all EU leaders today, it must be approved by the European Parliament, an obstacle that could prove difficult.

The European Parliament president has said he will not accept excessive cuts.

Ahead of the summit, France and Britain appeared at sharp odds over the headline numbers, with Denmark, the Netherlands and Sweden lining up on Britain's side and Italy, Spain, Poland and others allied with France. Germany was left in the middle.

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RBS Hit With £390m Fine For Fixing Libor

Revealed: The Secret Libor Messages

Updated: 3:48pm UK, Wednesday 06 February 2013

Sexual references, free meals and coded discussions were all part of the communications between RBS staff and others as they abused Libor rate-setting - even after they knew investigators were on the trail.

:: August 20, 2007

Yen Trader 4: where's young [Yen Trader 1] thinking of setting it?

Yen Trader 1: where would you like it[,] libor that is[,] same as yesterday is call

Yen Trader 4: haha, glad you clarified ! mixed feelings but mostly I'd like it all lower so the world starts to make a little more sense.

Senior Yen Trader: the whole HF [hedge fund] world will be kissing you instead of calling me if libor move lower

:: December 5, 2007

Yen Trader 2: FYI libors higher again today

Yen Trader 4: 'ucksake. keep ours low if poss. don't understand why needs to go up in yen

Yen Trader 2: no reason dude[,] [Bank C] and [Bank D] went high yest

Yen Trader 4: send the boys round

Yen Manager: pure manipulation going on

:: April 2, 2008

Senior Yen Trader: i am sure some HF [hedge fund] will complain tomorrow

Yen Trader 1: tough

Senior Yen Trader: we will say we lower every tenor ..1m 3m 6m ..we feel rbs name has very good credit ..no problem getting money in

Senior Yen Trader: good way to boost share price!

:: September 15, 2008

Yen Trader 1: can we lower our fixings today please [Primary Submitter]

Primary Submitter: make your mind up[,] haha , yes no probs

Yen Trader 1: im like a whores drawers

:: August 22, 2007

Yen Manager: Hi Mate, where are u calling the 6m and 3s Libor today?

Yen Trader 1: i put in 1.05 and 1.15

Yen Manager: ok cool...is that close to consensus?

Yen Trader 1: i think my 3s are too high[,] 6s will prob be 1.13 too[,] but i wanted high fixes today

Yen Manager: ok cool[,] its all a random variable for us at this stage it is just we have some small fixings

Yen Trader 1: well let me know if you have any preferencves [sic][,] each day

Yen Manager: thx will do

:: December 3, 2007

Yen Manager: for choice we want lower libors...let the [Money Market] guys know pls

Yen Trader 2: sure i am setting today as [Yen Trader 1] and cash guy off [Primary Submitter]

Yen Manager: great set it nice and low

Yen Trader 2: 1.02 in 6m or lower

Yen Manager: yeh lower

Yen Trader 2: 1.01 then cant really go much lower than that

Yen Manager: ok

Yen Trader 2: u care for 1m and 3m too[?] looks to me like fra map pretty flat

Yen Manager: lower generally dude

Yen Trader 2: cool

Yen Manager: within the acceptable bounds

:: February 15, 2007, showing Libor collusion between RBS and UBS

Yen Trader 2: how many people can u get to put this 1m libor low

UBS Yen Trader: well us[,] [Bank E,] and a few others i think

February 21, 2007

Yen Trader 2: what ur guys calling 3s libor[?] we need to get some low fixes

UBS Yen Trader: .64[,] yes will ask for low low high[,] 1m 3m 6m

Yen Trader 2: our guy agrees but reckons it will be 67[,] not good

UBS Yen Trader: no way! …

UBS Yen Trader: […] make sure your boys set low 1m and 3m

Yen Trader 2: will try though [Yen Trader 1/backup Yen LIBOR submitter] wants high 3s and 6s

UBS Yen Trader: we want high 6's too? don't let [Yen Trader 1] keep 3m high to help [Senior Yen Trader][,] i hate that guy

:: May 7, 2008

UBS Yen Trader: Hi [Sterling Cash Trader] if this is you can you pls ask for a low 6m in jpy for the next few days[.] Hope you are ok, was good seeing you last week[.] Cheers [UBS Yen Trader]

Sterling Cash Trader: Hi mate, I mentioned it to our guy on Friday and he seemed to have no problem with it, so fingers crossed.

:: December 4, 2008, showing Swiss Franc Libor manipulative conduct within RBS

Swiss Franc Trader: can u put 6m swiss libor in low pls?

Primary Submitter: NO

Swiss Franc Trader: should have pushed the door harder

Primary Submitter: Whats it worth

Swiss Franc Trader: ive got some sushi rolls from yesterday? …

Primary Submitter: ok low 6m , just for u

Swiss Franc Trader: wooooooohooooooo[,] 0.01%? thatd be awesome

Primary Submitter: 1.33

Swiss Franc Trader: perfect[.] u r a nice man

:: January 30, 2009

Primary Submitter: libors as requested

Swiss Franc Trader: you a top dog

:: May 5, 2009

Swiss Franc Trader: can we get high 3m, low 6m pls!

Primary Submitter: maybe

Swiss Franc Trader: PPPPLLLLLEEEEEAAAAASSSSEEEEEE

Primary Submitter: ok 41 52

Swiss Franc Trader: perfect perfect

:: May 14, 2009

Swiss Franc Trader: [Primary Submitter] pls can we get super high 3m[,] super low 6m

Swiss Franc Trader: PRETTY PLEASE!

Primary Submitter: 41 & 51

Swiss Franc Trader: if u did that[,] i would lvoe [sic] u forever

Primary Submitter: 41 & 55 then …

Swiss Franc Trader: if u did that i would come over there and make love to you[,] your choice

:: June 26, 2009, :: RBS collusion with interdealer brokers

Interdealer Broker B: Hello mate, [Yen Trader 1]? You all set?

Yen Trader 1: Yeah.

Interdealer Broker B: Right listen we've had a couple of words with them, you want them lower right?

Yen Trader 1: Yeah.

Interdealer Broker B: Alright okay, alright listen, we've had a couple words with them. You want them lower, right?

Yen Trader 1: Yeah.

Interdealer Broker B: Alright okay, alright, no we're okay just confirming it. We've, so far we've spoke to [Bank F]. We've spoke to a couple of people so we'll see where they come in alright. We've spoke, basically one second, basically we spoke to [Bank F], [Bank G], [Bank H], who else did I speak to? [Bank I]. There's a couple of other people that the boys have spoke to but as a team we've basically said we want a bit lower so we'll see where they come in alright?

Yen Trader 1: Cheers.

Interdealer Broker B: Cheers no worries mate.

March 3, 2010, Former Sterling Cash Trader now employed by Interdealer Broker A

Former Sterling Cash Trader: can i pick ur brain?

Primary Submitter: yeah …

Former Sterling Cash Trader: oh[,] we hve a mutual friend who'd love to see it go down, no chance at all?

Primary Submitter: haha [former UBS Yen Trader at Bank C] by chance

Former Sterling Cash Trader: shhh

Primary Submitter: hehehe …

Former Sterling Cash Trader: gotcha, thanks, and, if u cud see ur way to a small drop there might be a steak in it for ya, haha

Primary Submitter: noted ;-)

Former Sterling Cash Trader: 8-)

:: September 19, 2008 RBS Yen Trader engaged in 'wash trades' to compensate brokers

Interdealer Broker B: can you do me a favour … you're not going to get paid any bro for this and we'll send you lunch around for the whole desk. Can you flat…can you switch two years semi at 5 3/4 , 100 yards [meaning 100 billion yen] … between UBS. Just get … take it from UBS, give it back to UBS. He wants to pay some bro. We won't bro you …

Yen Trader 1: Yeah, yeah …

Interdealer Broker B: Yeah. Yeah. 100 yards … actually can you make it 150 and I'll send lunch around for everybody?

Yen Trader 1: Yeah.

:: November 22, 2010, conduct continues after US investigatrions start

Senior Yen Trader: hey ...you think we be able to convince [Primary Submitter] to change the libor today?

Yen Trader 1: i can try ... at the moment the FED are all over us about libors

Senior Yen Trader: thats for the USD? [$]

Yen Trader 1: ye[]s

Senior Yen Trader: dun think anyone cares the JPY libor

Yen Trader 1: not yet[,] i will walk over ot [sic] them

:: November 24, 2010, reflecting feigned refusal over Bloomberg Chat, immediately followed by agreement in recorded telephone conversation

Senior Yen Trader: was wondering if it suits you guys on hiking up 1bp [base point] on the 6mth Libor in JPY ... it will help our position tremendously

Primary Submitter: how you doing with all the volatilities these days? … to be honest happy with levels we see at the moment

Senior Yen Trader: ok no prob ... wouldn't want to cause any problem ... thanks mate

A telephone conversation commences: Senior Yen Trader: Hello?

Primary Submitter: Morning, [Senior Yen Trader]? Hi, [Primary Submitter].

Senior Yen Trader: Yeah, how are you?

Primary Submitter: I'm pretty good sir. Very Good. We're just not, we're not allowed to have those conversations on [instant messages].

Senior Yen Trader: Oh, sorry about that. I didn't know.

Primary Submitter: (laughter)

Senior Yen Trader: (laughter) Oh because of the, the BBA [British Bankers' Association] thing?

Primary Submitter: Yes, exactly.

Senior Yen Trader: Ah, ok ok.

Primary Submitter: So yeah, leave it with me, and uh, it won't be a problem.

Senior Yen Trader: Ok, great.

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High Street Rescue Plan: Bid To Save Shops

By Liz Lane, Sky News Reporter

High street shops are being given a stark warning - change, or join the growing list of casualties who have collapsed in recent months.

The Government is setting up a national Future High Streets Forum to make sure other retailers do not go the way of HMV, Blockbuster, Jessops and Comet.

Leaders from retail, property and business will try to come up with ways to revitalise town centres, building on work that retail guru Mary Portas has already begun in 27 areas of England.

They will focus on getting the High Street to adapt to meet the changing needs of consumers by offering mentoring.

Local Growth minister Mark Prisk said that involves understanding the biggest threat to retailers.

"We shouldn't underestimate the challenge the online market represents," he said.

"It's a growing part of all our habits as consumers. We must make sure high streets adapt.

Retailers like HMV and Blockbuster have suffered in recent years

"Government has a role in that, at looking to make sure, as we are, that we have strong planning, but also councils have a role, businesses have a role, landlords have a role. We want to bring them all together, drive this forward."

The forum will investigate ways of improving parking, allowing commercial landlords to turn part of their building into residential property to bring more people into town centres, and making sure high streets are given priority when it comes to planning decisions.

It will also look at ways to increase the number of pop-up stores, which is something that Pam Honour, who regularly visits one in central London, welcomes.

She said: "I think it's a lovely idea. It's a nice variety if you go past this street every day, see something different every couple of weeks. Marks & Spencer changes its shop window every two days so why shouldn't a pop up shop do the same?"

Despite more of us turning to the internet to do our shopping, pop-up retailer Sophie Brittain said there was still a place for the high street.

She said: "You still kind of want the aesthetic, the touch, the feel, the smell. In our case we've got soaps and room scents and candles, but when you buy things online you can't know exactly what they're going to be like."

Another pop-up retailer, Nikki Connor, agreed, saying: "I think there's a place for both.

"People still like to go to the High Street and they still like to shop online for ease and to make sure that you get the size that you want, so I think there's room for everybody."

A £1m Future High Street X-Fund will be awarded to areas with the best ideas for rejuvenating their town centres. The winners will be announced in March.

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News Corporation Doubles Quarterly Profits

Strong growth in News Corporation's cable networks helped it double net income in the second fiscal quarter of 2012 over the previous year.

The media conglomerate, controlled by Rupert Murdoch, reported earnings on Wednesday for the quarter that ended December 31.

News Corp's media empire includes Fox Broadcasting, The Wall Street Journal and a 39% stake in BSkyB, the parent company of Sky News.

News Corp said revenue rose 5% last quarter to $9.43bn (£6.02bn), above analysts' expectations of $9.28bn (£5.93bn).

Net income reached $2.38bn (£1.52bn), or $1.01 per share. That compares with a net income of $1.06bn (£680m), or $0.42 per share, in the same quarter of 2011.

Earnings per share came in slightly ahead of analysts' projections at $0.44 per share, factoring in one-time costs related to the UK hacking scandal.

Mr Murdoch said the earnings report reflected the company's "strong momentum".

"The strategies we executed against in the quarter continue to bolster News Corporation's competitive position and enhance our ability to benefit from global demand for content, especially sports programming," he said.

The division that operates the company's newspapers and book publishing reported operating income rose to $234m (£149m) from $218m (£139m) in the same period a year ago.

Its cable network division saw revenue jump 18% year-over-year to $945m (£604m).

News Corp is in the process of splitting its publishing and entertainment operations into two separate, publicly traded companies.

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UK Chip Firm ARM Rides Smartphone Wave

British smartphone chip designer ARM has reported a 20% rise in full-year pretax profit, with nearly every smartphone in the world now containing its technology.

ARM Ltd made an annual pretax profit of £276.5m.

It also reported fourth-quarter profit of £80m, on revenue of £164.2m, which was above forecasts of £75.6m on revenue of £152.2m.

The Cambridge-based group licences its technology to chip makers and receives a royalty on each chip shipped in devices, from tech giants such as Apple and Samsung.

Consumers around the world are increasingly using the Internet on mobile devices rather than on PCs that are powered by processors designed by older firms like Intel.

"Five years ago an ARM processor could be found in just over a quarter of devices that you could use to browse the internet," ARM finance director Tim Score said.

ARM Ltd chief executive Warren East

"Last year, in 2012, three-quarters of Internet-connected screens and devices used an ARM processor in the main chip."

Shares in the group rose to a 12-year high after it said it would at least meet analysts' expectations for revenue in 2013.

The newest smartphones and tablets typically contain multiple ARM-based processors and increasingly ARM graphics as well, helping royalties for the quarter rise 19% to $136.8 million, strongly outperforming the market.

The company recognises royalties a quarter in arrears, so the royalty income came on 2.5 billion chips shipped in the third quarter of the year.

Licensing revenue rose 28% to $158m, with 15 licences signed for ARM's latest Cortex-A processors designed for mobile computing, servers and enterprise computing.

ARM said it expected to continue to outperform the wider semi-conductor market in 2013.

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