Rupert Murdoch’s News Corporation is being sued by a group of its own shareholders for “nepotism” in its purchase of Murdoch’s daughter Elizabeth’s production company.
The group alleges that News Corp overvalued Shine in its $US675 million deal, claiming that “Murdoch constantly engages in transactions designed to benefit family members” and that the veteran media mogul treats News Corp "like a wholly owned family candy store.”
News Corp has dismissed the lawsuit, saying that it is “without merit.”
Garnaut recommends carbon price level
Professor Ross Garnaut, the Federal Government’s climate change advisor, has recommended a carbon price of between $20 and $30 a tonne, rising 4% a year until an emissions trading scheme is introduced in 2015.
Garnaut said that petrol should be included in the carbon price, but insisted that low and middle-income Australians would be better off under the scheme.
Finance chiefs meet over Japan crisis
Finance chiefs from the world’s seven largest economies will hold a telephone meeting this morning to discuss the impact of the nuclear crisis in Japan on world markets.
There are fears that the Japanese economy could suffer a slowdown, after the Bank of Japan pumped yet more cash into its financial system.
The Dow Jones industrial average was up 148.08 points to 11,761.38. The Australian dollar remained steady after its recent sharp drop, trading at 98.08 US cents.