News Corp. OKs
split in businesses
News Corp. has approved plans to split its entertainment and publishing businesses into two separate companies. The New York-based media conglomerate also adopted a shareholder-rights plan designed to prevent a hostile takeover after the split is complete. The company said Friday that the target date for the split is June 28.
Japan's top leaders are defending the economic strategies championed by Prime Minister Shinzo Abe, though the central bank chief acknowledged a need for better communication with financial markets. The statements came a day after Tokyo shares suffered their worst market losses since the 2011 tsunami disaster.
Delta moves to
new JFK terminal
Delta Air Lines is moving its operations at John F. Kennedy International Airport out of the Dark Ages with the opening on a $1.4 billion terminal expansion that will let it better compete for the lucrative New York travel market. With the opening of its Terminal 4 concourse, the airline will start demolishing its existing structure: a flying saucer-shaped building opened in 1960.
France nixes caps
on executive pay
French Finance Minister Pierre Moscovici said the government no longer plans to push for a law to cap executive salaries in the private sector. Instead, Moscovici told reporters he was in discussions with business leaders and he hoped companies would institute their own limits.
China opens books
to U.S. regulators
China has agreed to give U.S. regulators access to audit records for Chinese companies whose shares trade on U.S. stock exchanges, a step forward in a long-running dispute. The Securities and Exchange Commission has accused about a dozen Chinese companies of accounting fraud and has been investigating others.
N.Y. senator warns
of Chinese hacking
U.S. Sen. Charles Schumer of New York is urging regulators to "use extreme caution" when reviewing the proposed acquisition of No. 3 cell carrier Sprint Nextel by Japan's Softbank. The Japanese company uses Chinese equipment, which Schumer said could open up U.S. networks to snooping and hacking.