Retailers launch online bargains

24 December 2012 Last updated at 12:20 ET

The battle for the consumer has moved online with retailers bringing forward the start of sales after reports of lacklustre spending on the High Street.

Marks & Spencer and John Lewis are among major names to start discounting online in the hope that shoppers will be browsing sites over Christmas.

Sales online have traditionally begun on Christmas Day or Boxing Day.

Reports that millions of consumers will spend the holiday shopping online prompted a warning from Church leaders.

Former Archbishop of Canterbury Lord Carey said Christmas was a “special time” and should be spent with family and not logging-on. “We are now in danger of the gadgets taking over our lives and we are not in control of them,” he said.

And Steve Jenkins, a spokesman for the Church of England, urged people to make time to go to church and “maybe spend a bit of time online spending their new Christmas vouchers”.

But with the British Retail Consortium (BRC) warning that Christmas sales generally were likely to be “acceptable” rather than “exceptional”, retailers are looking for every opportunity to maximise sales.

M&S began its sales online at midday on Monday, while department store John Lewis said it would cut online prices when its stores close at 1700 GMT.

Debenhams has already started its online sale. Online giant Amazon will start its sale on Christmas morning, a day earlier than usual.

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We suspect that people will likely be more careful in buying – or reluctant to buy – items that they don’t really want or need in the sales”

End Quote Howard Archer IHS Global Insight

A report from Ofcom, the telecoms regulator, has estimated that shoppers spend an average £1,000 a year online each year. This is more than in any other country, including the US.

The popularity of online retailing contrasts with continued problems for the High Street.

‘Modest’

The BRC forecast that £5bn would be spent in the shops on Saturday and Sunday combined, the last weekend before Christmas. But Richard Dodd, the BRC’s head of Media and Campaigns, said that was nothing to get excited about, adding: “It’s been a very busy weekend which will be crucial to delivering a Christmas that is acceptable, rather than exceptional.”

He forecast a modest increase in cash spending on a year go, but not necessarily any significant increase because household finances are under pressure.

Economist analyst Howard Archer at IHS Global Insight said the weakening in household finances could not come at a worse time for retailers, and it highlighted why Christmas spending was so modest.

“The suspicion has to be that consumers will be especially keen to take advantage of genuine major bargains in the sales to acquire items that they cannot otherwise afford or are reluctant to make at the moment,” he said.

“However, we suspect that people will likely to be more careful in buying – or reluctant to buy – items that they don’t really want or need in the sales.”

Nevertheless, some shops reported brisk trading.

Sainsbury’s reported its busiest ever hour in terms of customers served from midday to 1pm on Sunday, while 35 branches opened at midnight and traded until 6pm on Monday.

More than a million visitors were expected in London’s West End during the three-day period from Saturday to Christmas Eve, during which more than £100m was expected to be spent.

‘Critical condition’

Bluewater shopping centre in Kent was also anticipating a surge in sales on Monday as Saturday’s footfall was up 14% from the previous week.

And the problems facing retailers was underlined on Monday in a report by business recovery group Begbies Traynor. It estimated that tough Christmas trading conditions had left nearly 140 firms in a “critical” condition.

Book retailers were among those in significant distress, hit by competition from players such as Amazon, while convenience stores have suffered from the rising dominance of supermarkets.

However, online retailers have seen sales figures improve, Begbies said.

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Bolivia’s Morales visits Cuba after Chavez surgery

HAVANA (AP) — Bolivian President Evo Morales has made a lightning trip to Havana where key ally Hugo Chavez is convalescing after cancer surgery.

Morales did not speak to foreign journalists during his weekend visit. Cuban state-run media didn’t confirm that he visited Chavez, but said he came “to express his support” for the Venezuelan president. The Cuban government had invited media to cover Morales’ arrival Saturday and departure Sunday but withdrew the invitation with no explanation.

Photos released by Cuban media showed President Raul Castro greeting Morales at the airport in Havana.

Morales aides said Monday he planned to make a statement later about Chavez.

Chavez underwent on Dec. 11 his fourth cancer-related operation since last year, two months after winning reelection to a six-year term. Venezuelan officials say his condition is stable.

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Sri Lanka arrests 100 Chinese for cyber fraud, police say

COLOMBO (Reuters) – Sri Lanka on Saturday arrested at least 100 Chinese nationals accused of an internet fraud scheme targeting people in their home country, a police spokesman said.

The accused, all in Sri Lanka on tourist visas, are suspected of hacking into computers in China and then demanding their owners transfer them money, police spokesman Prishantha Jayakodi told Reuters.

Chinese police requested help from Sri Lanka, he said.

Officials at the Chinese embassy in Colombo were not available for comment.

China has been the top lender to Sri Lanka since the end of a 25-year war in May 2009 and thousands of Chinese are working in the country on Chinese-funded infrastructure projects.

(Reporting by Shihar Aneez; editing by Jason Webb)

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Fear, finger-pointing mount over U.S. fiscal cliff

WASHINGTON (Reuters) – Top U.S. lawmakers voiced rising fear on Sunday that the country would go over “the fiscal cliff” in nine days, triggering harsh spending cuts and tax hikes, and some Republicans charged that was President Barack Obama‘s goal.

“It’s the first time that I feel it’s more likely that we will go over the cliff than not,” Senator Joe Lieberman, an independent from Connecticut, said on CNN’s “State of the Union.”

“If we allow that to happen it will be the most colossal consequential act of congressional irresponsibility in a long time, maybe ever in American history,” Lieberman added.

The Democratic president and Republican House of Representatives Speaker John Boehner, the two key negotiators, are not talking and are out of town for the Christmas holidays. Congress is in recess, and will have only a few days next week to act before January 1.

On the Sunday news shows, no one signaled a change of position that could form the basis for a short-term fix, despite a suggestion from Obama on Friday that he would favor one.

The focus was shifting instead to the days following January 1 when the lowered tax rates dating back to the George W. Bush administration will have expired, presenting Congress with a redefined and more welcome task that involves only cutting taxes, not raising them.

“I believe we are,” going over the cliff, said Republican Senator John Barrasso of Wyoming. “I think the president is eager to go over the cliff for political purposes. I think he sees a political victory at the bottom of the cliff,” Barrasso said on Fox News Sunday.

Some Republicans have said Obama would welcome the fiscal cliff’s tax increases and defense cuts, as well as the chance to blame Republicans for rejecting deal. Obama has rejected that assertion.

Congress started the clock ticking in August of 2011 on the cliff. The threat of about $ 600 billion of spending cuts and tax increases was intended to shock the Democratic-led White House and Senate and the Republican-led House into bridging their many differences to approve a plan to bring tax relief to most Americans and curb runaway federal spending.

Economists say the harsh tax increases and budget cuts from the fiscal cliff could thrust the world’s largest economy back into a recession, unless Congress acts quickly to ease the economic blow.

MARKETS COULD TUMBLE

The most immediate impact could come in financial markets, which have been relatively calm in recent weeks as Republicans and Democrats bickered, but could tumble without prospects for a deal.

Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will be closed on Tuesday for Christmas.

Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the week with scores of market participants away on a holiday break.

If Congress fails to reach any agreement, income tax rates will go up on just about everyone on January 1. Unemployment benefits, which Democrats had hoped to extend as part of a deal, will expire for many as well.

In the first week of January, Congress could scramble and get a quick deal on taxes and the $ 109 billion in automatic spending cuts for 2013 that most lawmakers want to avoid.

Once tax rates go up on January 1, it could be easier to keep those higher rates on wealthier taxpayers while reducing them for middle- and lower-income taxpayers. Lawmakers would not have to cast votes to raise taxes.

Some lawmakers expressed guarded hope that a short-term deal on deficit-reduction could be reached in the next week or so, with a longer more permanent deal hammered out next year.

But a short-term deal would need bipartisan support, as Obama has said he would veto a bill that does not raise taxes on the wealthiest Americans.

Democratic Senator Kent Conrad, chairman of the Budget Committee, said Obama and Boehner are not that far apart and that both sides should keep pushing for a long-term big deal.

“I would hope we would have one last attempt here to do what everyone knows needs to be done, which is the larger plan that really does stabilize the debt and get us moving in the right direction,” Conrad of North Dakota told Fox News Sunday.

(Reporting By Thomas Ferraro and Richard Cowan; Editing by Fred Barbash and Vicki Allen)

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Italy’s Monti opens door to seeking new term

ROME (Reuters) – Two days after stepping down, Mario Monti announced on Sunday he would consider seeking a second term as Italian prime minister if approached by allies committed to backing his austere brand of reforms.

The former European commissioner, appointed to lead an unelected government of experts to save Italy from financial crisis a year ago, resigned on Friday but has faced growing calls to seek a second term at a parliamentary election on February 24-25.

At stake is the leadership of the world’s eighth largest economy, where recession and public debt of more than 2 trillion ($ 2.63 billion) have aggravated investor concerns about growth and stability in the euro zone.

“If a credible political force asked me to be candidate as prime minister for them, I would consider it,” said Monti, who has imposed repeated tax hikes and spending cuts to shore up Italy’s strained public finances.

He had kept his position a closely guarded secret for weeks, and in recent days had appeared to be have strong doubts about whether to continue in front-line politics. He made clear that if he ran, it would probably be at the head of a centrist grouping.

Monti held back from committing himself fully to the race, and said he was aware any decision to stay in politics carried “many risks and a high probability of failure”.

“I am not in any party. I am ready to give my appreciation and encouragement, to be leader and to take on any responsibility I may be given by parliament,” he said.

As a senator for life, Monti has no need to run for election to parliament but he said he would publish a detailed agenda of recommendations for a future government and would potentially be willing to lead a party that adopted it as its own.

Still serving as caretaker leader, Monti is widely respected for restoring Italy’s reputation after the scandal-plagued era of his predecessor Silvio Berlusconi.

The former economics professor is backed strongly by Italy’s business establishment and by EU allies including German Chancellor Angela Merkel. He has been urged to stay by centrist groups ranging from disaffected former Berlusconi allies to the small UDC party, which is close to the Catholic church.

But there is little sign of enthusiasm for a second term among voters weary of his austerity policies. A survey last week showed 61 percent did not think he should stand. It said a potential centrist alliance under his leadership was likely to gain around 15 percent support.

BITTER ELECTION

Both Berlusconi’s center-right People of Freedom (PDL) party and the center-left Democratic Party (PD), which is leading in the opinion polls, have urged Monti not to stand in the election.

Berlusconi, who left office last year with fraud charges and a juvenile prostitution scandal hanging over him, has accused Monti’s “Germano-centric” government of worsening recession with austerity measures, including a deeply unpopular housing tax he has promised to scrap.

In an exchange which may give a taste of bitter campaigning to come, Berlusconi said his nightmare would be a government with Monti at its head and Gianfranco Fini, a former ally turned bitter foe who supports the premier, “coming out of the sewers”.

Fini’s lieutenant Fabio Granata responded by saying Berlusconi’s remark was “fitting for his court of thieves, mafiosi, corrupt politicians, slaves and prostitutes.”

Monti was also scathing about Berlusconi, whom he replaced as Italy teetered on the brink of disaster in November 2011.

He said he had been “bewildered” by the 76-year-old media tycoon’s frequent changes of position. And, in an interview with La Repubblica daily, he expressed incredulity that Italians might re-elect Berlusconi “after seeing the damage he did to the Italian economy and the credibility of the country”.

PD leader Pier Luigi Bersani, whose party has backed Monti in parliament and pledges to maintain the broad course he has set, was more cautious, saying he would look at Monti’s reform proposals closely but that it would be up to voters to decide.

Monti said he hoped the next government would have a strong majority to pursue a programme that would extend the reforms his government had begun, in areas ranging from the labor market to justice and cutting the bloated cost of the political system.

He said the next government must not make easy election promises or backtrack on reforms: “We have to avoid illusory and extremely dangerous steps backwards.”

During his 13 months in office, Monti hiked taxes severely and chopped backed spending while pushing through reforms of the pension system, labor market and parts of the service sector.

However, many analysts said his efforts were too timid to significantly improve the outlook of a chronically sluggish economy, and Monti himself said that Italy was “only at the beginning of the structural reforms” required.

Italy, the euro zone’s third-largest economy, has been in recession since the middle of last year. Consumer spending is falling at its fastest rate since World War Two and unemployment has risen to a record high above 11 percent.

(Editing by Barry Moody and Mark Trevelyan)

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Syria jets kill tens as international envoy visits

BEIRUT (AP) — A government airstrike on a bakery in a rebel-held town in central Syria killed more than 60 people on Sunday, activists said, casting a pall over a visit by the international envoy charged with negotiating an end to the country’s civil war.

The strike on the town of Halfaya left scattered bodies and debris up and down a street, and more than a dozen dead and wounded were trapped in tangled heap of dirt and rubble.

The attack appeared to be the government response to a newly announced rebel offensive seeking to drive the Syrian army from a constellation of towns and village north of the central city of Hama. Halfaya was the first of the area’s towns to be “liberated” by rebel fighters, and activists saw Sunday’s attack as payback.

“Halfaya was the first and biggest victory in the Hama countryside,” said Hama activist Mousab Alhamadee via Skype. “That’s why the regime is punishing them in this way.”

The total death toll remained unclear, but the Britain-based Syrian Observatory for Human Rights said more than 60 people were killed. That number is expected to rise, it said, because some 50 of those wounded in the strike are in critical condition.

Amateur videos posted online Sunday showed residents and armed rebels rushing to the scene. One stopped to cover a mound of human flesh lying in the street with his coat.

More than a dozen dead or seriously wounded people lay in the street near a simple, concrete building, some in puddles of blood. Near its front wall, bodies jutted from a pile of dirt and rubble on the sidewalk.

Rebels screamed in distress while trying to extract the bodies, while others carried away the wounded.

It was unclear from the videos if the building was indeed a bakery. Nearly all the dead and wounded appeared to be men, some wore camouflage, raising the possibility that the jet had targeted a rebel gathering.

For the past week, rebels have been launching attacks in the area, most notably in the nearby village of Morek, where they hope to seize control of the country’s main north-south highway, preventing the regime from getting supplies to its forces further north in the provinces of Idlib and Aleppo.

On Saturday, one rebel group threatened to storm two predominantly Christian towns nearby if their residents did not “evict” government troops they said were using them as a base to attack nearby areas.

The activist accounts could not be independently verified due to restrictions on reporting in Syria. The Syrian government does not respond to requests for comment on its military activities.

The attack coincided with the start of a two-day visit by Lakhdar Barhimi, who represents the U.N. And the Arab League, to meet with top Syrian officials.

Brahimi has made little apparent progress toward ending Syria’s crisis since assuming his post in September, mostly because the sides appear more interested in fighting it out than in sitting down for talks.

Brahimi did not speak publicly upon arriving in Damascus for a two-day mission, and it was unclear whether he would present new ideas to end the war. His trip appeared troubled from the start.

Instead of flying directly to Syria as he had on previous visits, Brahimi landed in Beirut and traveled to the Syrian capital by land because of fighting near the Damascus airport, Lebanese officials said.

The Lebanese officials, who spoke on condition of anonymity because they were not authorized to brief reporters, said Brahimi was expected to meet Syria’s foreign minister later Sunday and President Bashar Assad on Monday.

The trip is Brahimi’s third since taking the job following the resignation of former U.N. Secretary General Kofi Annan after both sides disregarded a cease-fire he brokered in April.

While not advancing a comprehensive peace plan, Brahimi has called on the sides to negotiate a solution.

The security situation has gotten notably worse for the regime since his last visit, with rebels storming a number of military bases and seizing valuable munitions. Russia, Assad’s most powerful international backer, also appears to have changed his assessment of Assad’s strength, as top officials say they do not seek to preserve his regime, while still calling for a negotiated solution.

Still, neither side appears willing to talk.

In a lengthy Sunday news conference, Syrian Information Minister Omran al-Zoubi repeated the Syrian government’s line that it is fighting terrorist groups backed by foreign powers who seek to destroy Syria.

Al-Zoubi said the government was willing to engage in dialogue but said the other side wasn’t.

“We speak of dialogue with those who believe in national dialogue,” he said. “But those who rejected dialogue in their statements and called for arms and use of weapons, that’s a different issue. They don’t want dialogue.”

Rebel groups refuse to talk to Assad, saying too many people have died for him to be considered part of the solution.

Violence raged elsewhere in the country on Sunday. Anti-regime activists reported government airstrikes on suburbs east of the capital and the northern province of Aleppo.

Airstrikes on the town of al-Safira, south of Aleppo, killed 13 people, including a mother and five daughters from one family, a local activist named Hussein said via Skype. He gave only his first name for fear of retribution.

The town lies next to a large military complex with factories and artillery and air defense bases. Hussein guessed the airstrike was payback for recent rebel attacks on the complex.

“The strikes don’t hit the fighters at all,” he said. “They want to take revenge on the civilians.”

The Observatory said at least 10 rebels and an unknown number of government troops were killed in clashes in Afreen, near Aleppo, Syria’s largest city, as rebels sought to storm an army base there.

Anti-regime activists say more than 40,000 people have been killed since Syria’s crisis began in March 2011.

___

Associated Press writer Albert Aji contributed reporting from Damascus.

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Is the Christmas card dead?

Author Nina Burleigh says the holiday photo is dead — and the internet killed it

Every year around the holidays, countless Americans sit down at their dining room tables to thoughtfully scribble pen-and-paper updates about how they are and what they’ve been doing with their lives to a select number of friends. These messages are usually written on the back of a recent family photograph (sometimes with Santa hats), before they’re sealed, stamped, and mailed around the country, where they’re displayed like a trophy over someone else’s fireplace.

Could that all be changing? This year, especially, there seems to be a dearth of dead-tree holiday cheer filling up mailboxes across the country. In a recent column for TIME, author Nina Burleigh says the spirit once distilled inside the Christmas card is dying, and a familiar, if fairly obvious perpetrator killed it: The internet. “There’s little point to writing a Christmas update now, with boasts about grades and athletic prowess, hospitalizations and holidays, and the dog’s mishaps, when we have already posted these events and so much more of our minutiae all year long,” she writes. “The urge to share has already been well sated.”

[Now] we already have real-time windows into the lives of people thousands of miles away. We already know exactly how they’ve fared in the past year, much more than could possibly be conveyed by any single Christmas card. If a child or grandchild has been born to a former colleague or high school chum living across the continent, not only did I see it within hours on Shutterfly or Instagram or Facebook, I might have seen him or her take his or her first steps on YouTube. If a job was gotten or lost, a marriage made or ended, we have already witnessed the woe and joy of it on Facebook, email and Twitter.

Burleigh says the demise of the Christmas card is deeply saddening. “It portends the end of the U.S. Postal Service,” she writes. “It signals the day is near when writing on paper is non-existent.” It’s true, says Tony Seifart at Memeburn — “my mantle is empty this year. In fact I haven’t received one Christmas card yet.”

SEE ALSO: The perks and perils of our newly indexed society

Let’s not get too nostalgic just yet, says Alexis Madrigal at The Atlantic. Research firm IBISWorld anticipates that purchases of cards and postage will be the highest it has been in five years — $ 3.17 billion total. And Hallmark, the industry’s biggest player, has seen revenue hold steady since the early 2000s despite the financial crisis. We could also think about this another way: That desire to share, the willingness to inform, could just be extending itself beyond the physical form of the holiday photo. 

No matter what time of the year, people now write contemplative letters with weird formatting to an ill-defined audience of “friends”; these are Christmas letters, whether Santa is coming down the chimney or not. There are reindeer horns on pugs in July. And humblebrags about promotions in April. There are dating updates in November. And you can disclose that you were voted mother of the year any damn day you please… For good or for ill, perhaps we’re seeing not the death of the holiday card and letter, but its rebirth as a rhetorical mode. Confessional, self-promotional, hokey, charming, earnest, technically honest, introspective, hopey-changey: Oh, Christmas Card, you have gone open-source and conquered us all. 

The spirit of the Christmas card is indeed alive and well. It’s just not necessarily in a Christmas card.

SEE ALSO: Poison pens and lipstick guns: 8 real-life spy weapons

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Slave-Revenge Film ‘Django Unchained’ Tracking Strongly With African-Americans

LOS ANGELES (TheWrap.com) – “Django Unchained” – about a bounty hunter who partners with a freed slave to take down a plantation owner – is tracking extremely well with African Americans, the Weinstein Company said Thursday.

Quentin Tarantino wrote and directed the violent Western, which stars Christoph Waltz, Jamie Foxx and Leonardo DiCaprio, respectively. Opening on Christmas Day, it’s a front-runner in several Academy Award categories.

Despite the violence, it’s one of the few holiday offerings that would by nature of its subject matter appeal to an African-American audience.

“We think this film is going to resonate with everyone,” the Weinstein Company’s head of distribution Erik Lomis told TheWrap Thursday. And while he didn’t offer specific figures on the degree of interest among African-Americans the company’s pre-release research indicated, he did say that it is “looking very, very strong for us” with that demographic.

That’s good news for “Django,” which will open against Universal’s “Les Miserables” in a very crowded holiday box office. Analysts see a first weekend in the $ 25 million range for “Django,” and predict it ultimately will surpass $ 100 million domestically.

Last week “Django” received Golden Globes nominations for picture, director, screenplay and two supporting actors, Waltz and DiCaprio.

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Federal appeals court rules against Hobby Lobby on contraception

OKLAHOMA CITY (Reuters) – A federal appeals court on Thursday rejected a claim by an arts and crafts chain that wants to be exempted from a requirement to provide emergency contraceptives to employees because it violates the religious principles of its owners.

The Court of Appeals in Denver ruled against family-owned Hobby Lobby‘s assertion that the religious beliefs of its owners should relieve them from providing the “morning after” and “week after” pills to their employees, as required under President Barack Obama‘s signature health care reforms.

Hobby Lobby vowed to appeal to the U.S. Supreme Court.

“The Green family is disappointed with this ruling,” said Kyle Duncan, general counsel for the Becket Fund for Religious Liberty, which is assisting Hobby Lobby in the legal case. “The Greens will continue to make their case on appeal that this unconstitutional mandate infringes their right to earn a living while remaining true to their faith.”

The medications at issue are classified as emergency contraceptives by the Food and Drug Administration, but the owners of Hobby Lobby call them “abortion-inducing drugs” because they are often taken after conception.

The lawsuit is among 42 legal actions that have been filed over the issue, according to the Becket Fund for Religious Liberty, a non-profit law firm in Washington, D.C.

The company faces fines of up to $ 1.3 million daily if it disobeys the mandate, which takes effect on January 1 for Hobby Lobby, a $ 3 billion chain, and its smaller sister operation, Mardel, a Christian-oriented bookstore and educational supply company.

Both companies are owned by the Green family of Oklahoma City, whose patriarch, David Green, is ranked 79th on Forbes Magazine’s list of the 400 richest Americans, with a net worth of $ 4.5 billion.

The family operates 514 Hobby Lobby stores in 41 states and employ 13,240 people. Inspirational Christian music is played in the stores, which are closed on Sundays.

U.S. District Judge Joe Heaton of the Western District of Oklahoma ruled on November 19 that the privately-owned companies are secular, for-profit enterprises that do not possess the same religious rights as the individual members of the family.

(Editing by Corrie MacLaggan and Lisa Shumaker)

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News Corp publishing loses $2.1bn

21 December 2012 Last updated at 13:22 ET

News Corporation says its publishing wing incurred a $ 2.1bn (£1.3bn) loss in the last financial year.

Revenues fell 5%, partly as a result of the closure of the News of the World, which it stopped publishing after the phone-hacking scandal broke in the UK.

The company detailed the losses as it formally applied to US regulators the Securities and Exchange Commission to split its business into two.

News Corp plans to separate publishing from its film and TV business.

The publishing arm, which News Corp said had made a profit of $ 678m the year before, will be called New News Corp. It will include book publisher Harper Collins, the Times and the Sun newspapers in the UK, the Wall Street Journal, the New York Post and the Australian.

The more lucrative TV and film business will be the parent company and will be called Fox Group.

It will include the US news channel Fox News and the 20th Century Fox film studio.

‘Adverse trends’

The loss made by the publishing arm included a $ 2.6bn impairment charge, after writedowns of $ 1.3bn for goodwill and $ 1.3bn for other intangible assets, primarily newspaper mastheads and distribution networks.

These impairment charges were largely the result of “adverse trends affecting several businesses”, including a weakening economic environment in Australia and lower predicted revenues from certain businesses.

The charges also reflected the expected sale of certain assets at a value below their carrying value, News Corp said.

The company first announced its plan to split in June, after pressure from shareholders who were concerned about the damage done to the publishing business by the events at the News of the World.

Robert Thomson, who is currently the managing editor of the Wall Street Journal and previously edited the Times, will be head of the new publishing company.

He will receive an annual salary of $ 2m, and a performance-based annual bonus with a target of $ 2m.

Rupert Murdoch will carry on as chairman and chief executive of the parent company, for which his compensation totalled $ 30m in the last year.

His pay will increase “modestly” as he takes on the role of executive chairman of the publishing company.

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