News Corp. posts $1.6-billion loss as revenue drops 7%

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Couldn't have happened to a nicer guy. Rupert Murdoch I wish you and your corporate propagadists nothing but ill will. QB
By Meg James, Los Angeles Times
August 9, 2012
News Corp. reported a nearly $1.6-billion loss in its fiscal fourth quarter, reflecting the declining value of its publishing businesses — a beleaguered unit that it intends to spin off into a separate publicly traded company next year.

For the April to June quarter, the Rupert Murdoch-controlled company reported a net loss of $1.55 billion, or 64 cents a share. That compared with a $683-million profit, or 26 cents a share, for the fourth quarter of fiscal 2011.

The quarterly results, reported Wednesday, included a $2.9-billion pre-tax impairment and restructuring charge that the company said was related to its Australian newspaper and TV operations and other publishing titles. During the quarter, the company took a $57-million charge related to costs of ongoing investigations into the bribery and phone hacking scandal that has engulfed the company's British newspaper subsidiary.

The company's publishing portfolio includes the Wall Street Journal, New York Post, Times of London and the HarperCollins book publishing house.

Excluding the charges, News Corp.'s fourth-quarter profit came in at 32 cents a share — matching analyst estimates.

News Corp. generated revenue of $8.4 billion for the quarter, a decline of 7% from the nearly $9 billion it took in during the year-earlier period. Strength at the company's key cable television networks was weighed down by issues elsewhere in the company, including sagging ratings at Fox Broadcasting Co.'s once dominant TV franchise "American Idol."

The cable television programming group, which boasts the Fox News Channel, FX and regional sports networks, once again performed as the company's all-star, generating operating income of $792 million, a 26% increase from $631 million in the year-earlier period. Advertising revenue to the domestic cable networks rose 5%. Revenue for the group was $2.5 billion.http://www.latimes.com/business/la-fi-ct-news-corp-earns-20120809,0,4485249.story
Why does the US have to step in? QBConcerted plan between States and the ECB to save the euro

The European Central Bank (ECB) will not lead only the "great battle" to save the euro. She would prepare, according to our information, a concerted action with the states. Thursday, July 26, Mario Draghi , Chairman of the European monetary authority said something strong, but ambiguous. "As part of my mandate, he said, from London, the ECB will do anything to protect the euro . "Adding, enigmatically:" Believe me, this will be enough. "


While it will take another few days or even weeks to finalize the device in question, the ECB would prepare an operation coordinated with the states may limit the surge in interest rates of Spain , but also the Italy .
The President of the ECB and key executives in the euro area have increased contacts in recent days. The negotiations were to continue in the day Friday. A telephone conversation between Francois Hollande and German Chancellor Angela Merkel , is scheduled for 13 am (Paris time).


Thursday, investors did not know exactly what tools would be deployed. But, if no action policy quickly, they devised to rely on an efficient monetary operations. "There's an important phrase said Mr. Draghi is what 'trust me. this will be enough" , advanced Gilles Moec, economist at Deutsche Bank. "The ECB may leave a bazooka, "he predicted.


Minutes after the words of the boss of the ECB, the Spanish borrowing rate to ten years already fell to below 7% after their record to more than 7.5% Wednesday. While Italian debt of similar maturity rebasculaient to 6% against 6.5% more than a few hours earlier.


MONITORING LEAN


Initially, the idea is, according to various sources, to operate the European Financial Stability Fund (EFSF), or his successor from September, the European Stability Mechanism (SPM), to buy the debt issued by Madrid, or Rome, in the primary market. That is to allow these states to finance at reasonable cost.


At that time, the ECB would boost its bond buyback program on the secondary market, where it is bought and sold the bonds previously issued to ensure that rates do not fly away. "The ECB will not without government: it will act if they are willing to operate the relief fund ", decrypts an EU official. So much for the urgency.


Remains a stumbling block: convince Spain to make use of the aid of European funds. An option that Mariano Rajoy, the leader of the Spanish government, has so far refused, for fear of seeing his country switch under the tutelage of its funders. An intermediary program, with a simplified and sanitation budget constraints could be considered more flexible in good agreement with Spain, does one slip in Brussels.


In a second step, the action of the ECB and the states could take a form more spectacular. It would then be subject to grant a banking license to the relief fund Europe. And so they do receive some sort of collateral with the ECB allowing to increase their firepower. With this option, states would have difficulties in access to a virtually endless tap of cash.


But in Berlin and the North, ultra-Orthodox, this idea may shock : it breaks a taboo by allowing the ECB to fund the States, which is contrary to the treaties. While the ECB has an excuse - ensure the future of the euro - the red line will probably be difficult to overcome .http://translate.google.com/translate?sl=fr&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.lemonde.fr%2Feconomie%2Farticle%2F2012%2F07%2F27%2Fplan-concerte-entre-les-etats-et-la-bce-pour-sauver-l-euro_1739159_3234.html