News Corporation

The Church of England has sold News Corporation shares worth £1.9m after the company failed to address ethical concerns raised in the aftermath of the phone-hacking scandal.

BSkyB has announced record nine-month profits this morning, in the same week that saw MPs label major shareholder Rupert Murdoch "unfit" to run an international media group.

James Murdoch is to step down as chairman of UK satellite broadcaster BSkyB, but will remain on the board.

Rupert Murdoch could be forced into selling his stake in BSkyB as it emerged Ofcom, the media regulator, is investigating whether News Corp is 'fit' to run the TV group.

James Murdoch has stepped down as executive chairman of News International, following his relocation from London to New York, News Corporation has announced.

Crispin Odey favourite BSKyB saw profits surge in the first quarter of its financial year, despite continuing pressure on consumers, as it prepares to buy back £750m of shares.

Hedge fund manager John Paulson bought into News Corporation ahead of the phone hacking scandal during a quarter when he also slashed major bank stakes.

News Corp's shares jumped 5.5% following yesterday's parliamentary hearing with the group's chiefs Rupert and James Murdoch.

Bank shares climbed in early trading, regaining some ground after Friday's stress test results caused sharp falls in the UK's major banks.