FirstFT: Rupert Murdoch steps down as Fox and News Corp chair

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

Lachlan Murdoch, his elder son, will develop into sole chair of Information 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.

Nonetheless, Murdoch advised workers that he would stay engaged within the firm as chair emeritus. He promised to “be concerned on daily basis within the contest of concepts”, as he hit out towards elites and different media shops. Here’s the story.

Now 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 particular person in information throughout the English-speaking world actually retired? Let me know at firstft@ft.com — Tee

Right here’s what else I’m retaining tabs on at this time:

• Financial knowledge: S&P World has manufacturing and companies buying managers’ indices for the EU, France, Germany, the UK and the US. The UK additionally studies August retail gross sales.

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

Yet another factor: We’re launching our Central Banks e-newsletter for premium subscribers. Chris Giles will use practically 20 years of expertise because the Monetary Instances’ economics editor to supply weekly insights on rates of interest and financial coverage as the worldwide battle towards inflation rages on. Don’t miss the primary situation subsequent Tuesday — sign up here.

5 extra high tales

1. Unique: Rishi Sunak plans to reshape the A-levels with a brand new “British baccalaureate” to modernise England’s training system, in accordance with 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 more details from the radical plans.

2. US president Joe Biden pledged extra weapons to Ukraine after assembly Volodymyr Zelenskyy yesterday in Washington. The brand new $325mn package deal will embody extra artillery, ammunition, anti-tank weapons, cluster munitions, a second Hawk air defence battery, and launchers and interceptors. Here’s why further assistance to Kyiv may be at risk.

3. Diesel costs in Europe have jumped after Russia barred exports of diesel and petrol yesterday, rising nearly 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 preventing towards inflation, the move fuels fears that Moscow is weaponising its oil supplies.

4. Western leaders raised the difficulty of a Canadian Sikh chief’s killing with Narendra Modi, India’s prime minister, after they met on the G20 summit this month. Based on folks acquainted with the talks, Joe Biden and different members of the 5 Eyes intelligence-sharing community raised the difficulty on the urging of Canada, which claims New Delhi was concerned within the killing. Read the full story.

5. UK shopper confidence rose to the very best degree since January 2022, supported by sturdy wage development and easing inflation, in accordance with knowledge printed at this time. That is additionally the second straight month of enhance recorded by GfK’s shopper confidence index. Here’s how economic conditions could risk reversing the upturn.

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

Information in-depth

Governments are dealing with mounting stress because the world approaches 2030, the yr by which scientists say the planet should lower greenhouse gasoline emissions by nearly half. However politicians now must reconcile assembly internet zero targets with the political value of doing so, as local weather change strikes from a peripheral concern for voters to a central election issue globally.

We’re additionally studying . . . 

Chart of the day

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

Take a break from the information

Listed here are the six finalists for the Monetary Instances and Schroders Enterprise E book of the Yr Award — together with Walter Isaacson’s newly printed biography of Elon Musk.

Further contributions from Benjamin Wilhelm and Gordon Smith