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 top of an period for the highly effective media billionaire.

Lachlan Murdoch, his elder son, will turn out to be 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 many years 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.

Nevertheless, Murdoch informed staff that he would stay engaged within the firm as chair emeritus. He promised to “be concerned daily within the contest of concepts”, as he hit out in opposition to 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 essentially the most highly effective individual in information throughout the English-speaking world actually retired? Let me know at firstft@ft.com — Tee

Right here’s what else I’m preserving tabs on right now:

• Financial knowledge: S&P International has manufacturing and providers buying managers’ indices for the EU, France, Germany, the UK and the US. The UK additionally experiences 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.

Yet another factor: We’re launching our Central Banks publication for premium subscribers. Chris Giles will use almost 20 years of expertise because the Monetary Occasions’ 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 challenge 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 schooling system, in line with senior Whitehall insiders. The prime minister’s transfer would require all 16-year-olds to review core topics, together with maths and English, in the event that they keep in class past GCSE stage. 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 embrace 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 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 preventing in opposition to inflation, the move fuels fears that Moscow is weaponising its oil supplies.

4. Western leaders raised the problem of a Canadian Sikh chief’s killing with Narendra Modi, India’s prime minister, once they met on the G20 summit this month. In accordance with folks accustomed to the talks, Joe Biden and different members of the 5 Eyes intelligence-sharing community raised the problem 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 best stage since January 2022, supported by sturdy wage development and easing inflation, in line with knowledge printed right now. That is additionally the second straight month of improve recorded by GfK’s shopper confidence index. Here’s how economic conditions could risk reversing the upturn.

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

Information in-depth

Governments are going through mounting stress because the world approaches 2030, the yr by which scientists say the planet should reduce greenhouse fuel emissions by virtually half. However politicians now need to reconcile assembly web zero objectives with the political price 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 Occasions and Schroders Enterprise Ebook of the 12 months Award — together with Walter Isaacson’s newly printed biography of Elon Musk.

Further contributions from Benjamin Wilhelm and Gordon Smith