Rupert Murdoch speaks during a forum on The Economics and Politics of Immigration in Boston. Murdoch’s son to head Fox
Rupert Murdoch is preparing to hand over the CEO job at Twenty-First Century Fox Inc. to his son, James, while his other son, Lachlan, will become executive co-chairman, according to a person with direct knowledge with the matter.
Murdoch, 84, one of the world’s most powerful media magnates, will become executive chairman and remain deeply involved in the company, while his sons are to run the business in a partnership, the person said.
The person was not authorized to speak publicly and spoke on condition of anonymity.
Hackers stole employees data
Hackers stole personnel data and Social Security numbers for every federal employee, a government worker union said Thursday, saying that the cyber theft of U.S. employee information was more damaging than the Obama administration has acknowledged.
Sen. Harry Reid, the Democratic leader, said on the Senate floor that the December hack into Office of Personnel Management data was carried out by “the Chinese” without specifying whether he meant the Chinese government or individuals. Reid is one of eight lawmakers briefed on the most secret intelligence information. U.S. officials have declined to publicly blame China, which has denied involvement.
FILE – In this Jan. 8, 2014 file photo, Twitter CEO Dick Costolo speaks during a panel discussion at the International Consumer Electronics Show in Las Vegas. Costolo will step down as CEO of Twitter after almost five years, the company and Costolo announced Thursday, June 11, 2015. (AP Photo/Jae C. Hong, File) Twitter CEO stepping down
SAN FRANCISCO – Twitter CEO Dick Costolo is stepping down and co-founder Jack Dorsey is temporarily taking the reins at the social networking service, which has seen an extended stock slide amid poor financial performance.
Dorsey will serve as interim CEO while Twitter looks for a permanent replacement, the San Francisco company said Thursday.
Investors reacted positively to the move. Twitter shares were up nearly 6 percent in late trading after the announcement. The stock ended regular trading at $35.84, down slightly for the day.
Whole Foods units called ‘365’ brand
Whole Foods says it will name its new chain of smaller stores with lower prices after its “365 Everyday Value” house brand.
Co-CEO Walter Robb tells The Associated Press that the chain will be named “365 by Whole Foods Market,” a nod to the brand already sold by the grocery chain.
He said that while 365 products will anchor the stores, the chain will also have other items, including national brands.
Retail sales rise in May
WASHINGTON – Americans stepped up their spending at retailers in May, especially for autos, clothes and building materials, in a sign that strong job growth has begun to boost store sales.
Retail sales rose a seasonally adjusted 1.2 percent after a 0.2 percent gain in April, the Commerce Department said Thursday. Over the past 12 months, sales have risen a solid 2.7 percent.
The upswing in shopping reflects greater confidence in an economy still shaking off the ravages of a recession that officially ended six years ago. Employers have added more than 3 million jobs over the past year. Yet until last month, many workers appeared to be saving as much of their paychecks as they could.
Mortgage rates up to high for year
Average long-term U.S. mortgage rates jumped this week to their highest levels this year, with the key 30-year rate topping 4 percent for the first time since late 2014.
Rates have been surging amid signs of improvement in the economy, which have pushed bond prices lower and bond yields higher. Mortgage rates often follow the yield on the 10-year Treasury note, which reached a high for the year of 2.49 percent Wednesday. That was up from 2.37 percent a week earlier.
The increase in mortgage rates has come during the height of the spring home buying season.
FILE – This Friday, May 16 2014, file photo, shows the General Motors logo at the company’s world headquarters in Detroit. General Motors has headed off a potentially divisive proxy fight by agreeing Monday, March 9, 2015 to buy back $5 billion in stock by the end of 2016. (AP Photo/Paul Sancya, File) GM site in Doraville eyes for redevelopment
One of the partners in the redevelopment of the former General Motors plant in Doraville has proposed a separate $150 million mixed-use community along Buford Highway in the northern DeKalb County city.
Stephen Macauley and one of his firms, Macauley Investments, have pitched a blend of about 500 apartments and senior residences, 14 town homes, retail, restaurants and a 140-room hotel on the site of a former Kmart just north of I-285. The project is about a mile northeast of the Doraville GM plant where Macauley is part of a team revitalizing the old auto plant.
The nearby GM project, which is being led by Atlanta-based Integral Group, is not a competing project, Macauley said.