July 20th, 2011

BSkyB and News Corp Shares Up on Testimony

Yesterday’s hysteria in Westminster was heavily discounted in the City and on Wall Street. As we go to pixel BSkyB shares are up well over 3% since yesterday’s open and News Corp’s shares bounced 4.51% yesterday on the back of the Murdoch testimonies.

Punters also slashed the odds of James Murdoch being forced to resign as News International CEO from odds on favourite to go, to a little less than evens. James Murdoch actually performed solidly yesterday, demonstrating a clear grasp of the issues. The way some people have been talking you would think they were on the verge of being burnt at the stake.

There will no doubt be more thrills and spills to come, wiser heads around Miliband might question the wisdom of becoming the anti-Murdoch party. When the dust settles, Labour may regret lashing itself to a cause of little interest to anyone outside the Westminster bubble and in the process making a mortal long-term enemy of James Murdoch. Guido has heard it remarked that it is actually right-wingers who should be wary of the media business being dominated by the next generation of Murdochs. James, Lachlan and Elisabeth are not conservatives like Rupert, they are actually centrist liberals with greenish tendencies who are embarrassed by the excesses of Fox News. Elisabeth was a big fundraiser for Obama. Imagine both the BBC and Murdoch empires preaching from the same hymn sheet.


114 Comments

  1. 1
    RED ED - SON OF BROWN says:

    Am I still rocketing in the opinion polls ??

  2. 2
    Matt says:

    The Economist points out that there’s been a significant “Murdoch discount” on the share price. Perhaps the rally reflects the likelihood that Rupert’s performance will lead to him stepping down, or at least his Chairman/CEO roles being split.

  3. 3

    Yes. As long as you hold the chart upside down.

  4. 4
    business advice says:

    I smell a gap in the market. Think big Guido.

  5. 5
    Anonymous says:

    Wendi and Rupert looks like the “Beauty and The Beast”. Wendi is as young as Rupert’s daughter(s) and has a lot of energy, I cannot understand how Rupert keeps it up with Wendi.

  6. 6
    Joss Ayinglike says:

    Guido’s big enough already.

  7. 7
    The Umpire is always right! says:

    The market has spoken.

    And James was very Impressive, But Rupert hasnt finished yet, still bright and sharp.

    When will the left stop treating voters like retards?

  8. 8
    Joss Ayinglike says:

    It explains why he’s not 100% focused on NI though.

  9. 9
    The Umpire is always right! says:

    How will he cope when the “Fat Tax” comes in to force?

  10. 10
    Ex Yard 'tec says:

    I’m not surprised. That should have been the most humiliating day of his life, not the most humble, but his interrigators [sic] blew it. Bar Watson, it was obvious the show-boating MP’s were more keen on how they’d look on the news that night. All that was needed is one experienced barrister . . . and the Murdoch duo would have been toast.

  11. 11
    Do not like the idle rich says:

    Forget the British people, the law and all that shit.

    The market has spoken.

  12. 12
    The Umpire is always right! says:

    He takes the blue pill.

  13. 13
    Tax Payer says:

    How come the Home Affairs select committee can rush out their report this morning, only a few hours after lengthy and involved evidence from senior police officers and the former and current DPP?

    These reports normally take weeks to prepare.

    How could they possibly have analysed and cross-checked yesterdays evidence sufficiently?

    Or are they just desperate to shit-stir the pot even more?

  14. 14
    Jimmy says:

    We at Labour don’t care what the consequences are as long as we get revenge. We have no policies to speak of, we just want power back. Of course signs are it might blow right back in our faces.

    Ed Dwayne Diblyband is just a puppet for our purpose.

  15. 15
    Chris Huhne says:

    I had to go down to London yesterday. I had a question that Rupert Murdoch needed to answer.

    What was the solution to 4 down on the cryptic crossword in the last News of The World.

  16. 16
    Neil Kinnock says:

    So Ed’s only allies left, are the Unions?

  17. 17
    The Umpire is always right! says:

    Just a question: How much was down to the words that the murdochs spoke v the actions of the looney left wanker who thinks its ok to attack a 80 odd year old man?

    Is there a break down for this ?

  18. 18
    Tax Payer says:

    There is a strong argument for M.P.’s also being lawyers. As used to be case.

  19. 19
    Loungelizard says:

    Think the time is ripe for David Miliband to step up to the plate and take over from James Murdoch, it’s the right thing to do.

  20. 20
    Albert Hall says:

    Trevor Kavanagh of the Sun gave Sarah whatsername on Today a dose of her own medicine this morning re the constant overkill on the bbc on hacking to the detriment of real news ie the falling off a cliff scenario in euroland. She failed to reply.

  21. 21
    ExWorker says:

    Rocketing!

    Tomorrow will end the decades of the space shuttle and the beginning of the new era of commercial space transport for the US. Where an entrepreneur that started Paypal will take over astronaut transport to space. For $800m he has built a company and a launch capability to rival most countries.

    Back home in the UK the we are going to be locked in mortal combat with custard pies and the diaries of every meeting held by our leaders.

    How sad is this country. Wake up and just start living.

    (If you have missed the point, space is a society driver, it allows governments to subsidise industry and produce pockets of expertise that are beyond what is achieved by normal market forces. Something that UK has no ability to do. Been there, lived there, worked there. There is no comparison)

  22. 22
    Wendi Deng Dong says:

    Want some of this?

  23. 23
    The Voice of Reason says:

    Also telling is the heavyweight Labour MP’s (including David Miliband) who’ve opted to stay out of Ed’s crusade. Infact, the fight has pretty much been carried by backbench chancers looking for a boost. Even Ed Balls was pretty quiet on the issue.

  24. 24
    Sir William Waad says:

    Most voters are retards.

    One of the all-time best cartoons is ancient; it features Robert Peel at a time when he wanted to extend the franchise to the working class. Resplendent in top hat and tails, he is greeting a dishevelled village-idiot yokel and saying:

    “Sir, I have determined that you are the greatest booby in Christendom, and must therefore have the vote.”

  25. 25
    DMiliband says:

    I’m too busy opening supermarkets

  26. 26
    Osama the Nazarene says:

    The market operates and is governed by the law.

  27. 27
    Anonymous says:

    As long as he doesn’t delegate it, its fine. He seems to have delegate every thing else.

  28. 28
    East India Company wallah says:

    They had it ready weeks before underpants and twatson started shit stirring

  29. 29

    Chris Huhne?
    Are you still here?

  30. 30
    Lard Presclott of Bulimia, Bog Seats, Beams,Bellies,Banjos,Punches, Croquet, Pies, Jags 'n' Shags says:

    I will vote down any Lard Levy.

  31. 31
    Steve Miliband says:

    They are all off on taxpayer funded ‘fact finding missions’ at 20.00 for the next 10 weeks. Don’t want ‘work’ to get in the way

  32. 32
    PD77 says:

    Got a link?

  33. 33
    Gordon Brown ate my hamster says:

    Brillo doing a great job grilling Jowell over Labour’s inaction on hacking!

  34. 34
    will says:

    cameron should raise the fact that a 80 year old man was assulted yesterday by a 26 year old Labour Party Member and keep mentioning it. to ram home labour concept of justice

  35. 35
    Anonymous says:

    Look at it this way; PR guy (Andy assistant) can do the job in two days while the other guy took a month to do.

    So some people might be able to do a lot faster.

  36. 36
    AndyN says:

    Labour may regret lashing itself to a cause of little interest to anyone outside the Westminster bubble

    Spot on.

    I’m really not sure that the Beeb/Grauniad/Twitterati/Labour Party – in their haste to try and nail Murdoch – appreciate how dull most people are finding this story and how sick they now are of it being the lead item on every single television and radio news broadcast for the last month.

  37. 37
    I don't need no doctor says:

    Harriet Harman has a face like a bulldog licking piss off a thistle.

  38. 38
    Boyyo Kinnock says:

    …and our great new idea is to shackle the free press of this country.

  39. 39
    Anonymous says:

    What do you mean 100%, he wasn’t even focused 0%.

  40. 40
    Plod says:

    It was ‘BOY RACER’, Chris.

  41. 41
    Gordon Brown ate my hamster says:

    I noticed Watson disappeared after he questioned Brooks yesterday. The fat fuck’s a disgrace. Surely membership of a committee is conditional on full attendance? He’s showing complete contempt by asking his questions and then fucking off to the local burger van.

  42. 42
    Tax Payer says:

    He struggled a bit when saying there’ been no hacking at the Sun. Especially when he also said the editors of the NotW didn’t know when it was happening there.

    All Sarah had to do was point out that if they didn’t know wasn’t it also possible that he didn’t know. Which he accepted.

    So we don’t know if it happened at the Sun or not. And neither does Kavanagh.

  43. 43
    The New Obama says:

  44. 44
    I don't need no doctor says:

    John Soper of BBC News 24 doesn’t let the facts get in the way.

  45. 45
    Red Len says:

    We’re not his allies , we’re his fucking bosses

  46. 46
    Gweedo says:

    Bit shocked that GUIDO (that guru of all finance and stocks) not saying this could be dead cat bounce !!!!

    Am i correct in the following analysis

    1% of Murdocuh business now has a previously unstated liability

    namely compensation to hacked vicitms

    circa 4000-12000 (and growing) from just 1 newspaper
    looks like £20,000-£100,000 per victim – thats up to £2 billion

    Murdoch claims he did not know – but if any one other of his 200 newspaper has similar issue then the liability could be larger

    So best he can offer is he was captain of the ship and missed this firestorm

    WE know he has his fingers in all pies – at 80 he stil doing 10-12 hours…. whats he doing in those hours if not spotting and sorting firestorms like this

    We only need one more paper out of the 199 others and the liability grows.

    Dont see his shareholders letting him away with this in the long term

    BP showed that saving £1 million is a wellhead blownout preventer – eventually cost £20 billion and thier years dividend !!!!

    BP2 – rupert needs to tell the stock market the extent of the liability of this issue — how can he accurately say this if he was asleep at the wheel

  47. 47
    the future is greenish yella says:

    “Imagine both the BBC and Murdoch empires preaching from the same hymn sheet.”

    Oh fuck, where will it all end.

  48. 48
    East India Company wallah says:

    Coulson only got the gig after Trevor Kavanagh turned Cameron down

  49. 49
    The Umpire is always right! says:

    I made the point that if labour were to win the war, then they must nail Murdoch and wipe him out, They didnt and now they will reap what they have sown.

  50. 50
    Jacqueline Dromey says:

    That’s AFTER she’s layered on the make-up.

  51. 51
    Iloathlefties says:

    Such a non story by armchair MP detectives stroking their massive egos thinking they are soooooooooooooo important!! We all know our masters are in the EU boys and girls and this is just a distraction!!

  52. 52
    The Umpire is always right! says:

    Does that mean Ed Miliband should resign over less than 1% of the labour party attacking an 80 year old man?

  53. 53
    Backwoodsman says:

    Think you need to re-consider that opinion. Far too many of them are. Remember the joke, ‘What do you call a dozen lawyers on the seabed?’ ‘A good start’.

  54. 54
    The Bun says:

    It is interesting that the Eurozon is about to go down the pan and Peston writes

    “Investors in News Corp believe that the News of the World scandal shows that too much power is concentrated in the hands of Rupert Murdoch.”

    Wrong subject
    Wrong conclusion

  55. 55
    Loungelizard says:

    This was a storm in the Bubble. It gave our ruling classes the opportunity to show once again what a bunch of second raters they really are.

  56. 56
    East India Company wallah says:

    Ed Balls has turned into macavity of late,that bold brat has loads to hide,once the tide turns himself and macavity senior will be washed out of parliament permanently

  57. 57
    Conundrum says:

    Shares up! even on the basis that we know Rebeka ka ka ka H was lying through her teeth, in keeping with her thorough NI (journalists ha ha) training.

  58. 58
    himindoors says:

    Baroness James was also spot on with her comments about the lack of evidence for Ed’s “Public Outrage”. Changes afoot?

  59. 59
    The Hun says:

    News Corp.’s beleaguered stock made healthy gains on Tuesday following Rupert and James Murdoch’s appearance at a British Parliament hearing to answer questions about the phone hacking scandal.

    Their company’s stock closed up 5.6 percent, at just under $16 per share

    http://www.politico.com/news/stories/0711/59351.html

  60. 60
    Nick and Dave says:

    Imagine both the BBC and Murdoch empires preaching from the same hymn sheet.

    There’s no need to imagine it Guido.

  61. 61
    Dudley says:

    fuck off Chuka

  62. 62
    Miyagi says:

    Wax on, wax off

  63. 63
    I don't need no doctor says:

    It’s the only thing Ed Miliband has done since becoming leader of the labour party. How good is Ed, jumping on the Dowler bandwagon just to get revenge on NI changing sides before the election. In fact his backbenchers did the prep work, so in reality he hasn’t done anything at all.
    I wouldn’t mind Miliband’s job, a massive salary + a million pound plus house for doing nothing. Now that’s the ultimate benefit scrounger.

  64. 64
    Iloathlefties says:

    Spot on. We’re more concerned about the EU, foreign aid, immigration, human rights act and the potential crash in the markets. Such a boring non story.

  65. 65
    Vazeline® The Slipperiest Substance On The Planet says:

    Anyone been noticing me keep cropping on tele instead of being in prison, you mugs!!

  66. 66
    Pieman says:

    Tom Watson would do better securing a position at Greggs

  67. 67
    Jessa Towell says:

    We don’t ‘do’ sleaze in the Towell household.

  68. 68
    Death Wish says:

    So both the current leader and the next leader of Blue Labour are at war with News Corp.

  69. 69
    Anonymous says:

    Google is your friend, even if you’re bone idle.

  70. 70
    Lard Presclott of Bulimia,Bog Seats, Beams,Bellies,Punches, Pies, Jags 'n' Shags says:

    Back of the queue, Fatboy !!

  71. 71
    Exactly says:

    + 1

  72. 72
    Iloathlefties says:

    So will Watson!!

  73. 73
    Anonymous says:

    The BBC doesn’t want the public to know that the EU project that it has unquestionably supported and nurtured, is totally fucked……and us with it. They really are shits of the highest order of shits.

  74. 74
    I don't need no doctor says:

    Guilty before charged. You must be a labour party member. Shall I duck before you reply?

  75. 75
    Tom Fatson says:

    “We hang the petty thieves and appoint the great ones to public office.”
    – Aesop

  76. 76
    I don't need no doctor says:

    They couldn’t afford to employ him, he would eat all of the profits.

  77. 77
    East India Company wallah says:

    Would he also conclude that when the BBC moves to salford just down from The Scott Trust/Guardian too much of the media is concentrated in a communist shithole

  78. 78
    I don't need no doctor says:

    Let he who casts the first stone.

  79. 79
    High Street says:

    It would be nice if she were confronted about the effects of the 2005 Gambling Act flooding our High Streets with betting shops. There are more now than even charity shops. I am not aginst gambling but there are way too many.

  80. 80
    AndyN says:

    Chris Bryant was on the BBC this morning declaring that Murdoch had a duty to know everything that was going on in all areas of his business, and that if he didn’t know what was going on he was not fit to run such an organisation and should therefore resign.

    You know – just like all those Labour ministers who said they “didn’t know” about sleaze and corruption in the government departments they were supposed to running – all did the honourable thing and resigned.

  81. 81
    SphereWatch says:

    He’s busy plotting. Series of inexplicable meetings going on round the country.

  82. 82
    Anonymous says:

    He’d best keep quiet — the lapse in security, together with the utterly fucking useless inquisitors, would have been witnessed worldwide by “opinion makers” who might not have realised until then that this country, thanks to decades of corruption, nepotism, and delliberate cretinization of the education system, has made the dreams of the Frankfurt School a reality.

    Antonio Gramsci: the father of modern Britain. Knock down Nelson’s Column and put a statue of the hunchback in Trafalgar Square instead.

  83. 83
    I don't need no doctor says:

    Has Bercow resigned yet over Murdoch being attacked?

  84. 84
    I don't need no doctor says:

    Typical labour MP, no memory.
    What has Bryant done to help the people in drought ridden Africa?

  85. 85
    Rate My Rep says:

    I think that is being a bit optimistic. Only a few were second-rate. Most were only third-rank chancers. Luckily for them, some of the witnesses, especially that fool who PRs for the Met were equally dross

  86. 86
    Anonymous says:

    On many of the big issues of today, the media speak with one voice as it is….

    global warming as fact, multicultralism a self evident benefit, mass immigration great for the economy, Islam a religion of peace…

  87. 87
    mort says:

    very odd, i found a balanced article at the guardian… i feel odd in fact dead strange….
    it is a good read though

    http://www.guardian.co.uk/commentisfree/2011/jul/19/murdoch-story-berlin-wall-hysteria

  88. 88
    Diana,Kelly,Hoare=potential embarasement-croakem say's M says:

    Andrew Neil points out Blunket was home secretary when rebekah said we pay coppers. He did adsolutely nothing about it, then Blunket gets well paid number with News Corp. Kinda makes you think there is an agreement of look after us now and we will look after you later.
    The Mafia look after the family when somebody goes into the nick on their behalf. News Corp do the same Goodman and Mulcaire still getting funding after being put in the choaky, are they still being paid or are they going to be fixed up with another news corp friend?
    How long before stephenson and Yates get soft jobs or elevated to the lords?

  89. 89
    Them and us says:

    At the end of the day, we all know the political/media class and the senior old bill will circle wagons.

    Labour, Tory politicians, the Guardian, the Sun, Met top bass – all have infinetly more in common with each other than Joe Public on the streets.

  90. 90
    will says:

    but the guardian readers have attached the article, sad bunch.

  91. 91

    The share bounce followed hard on the heels of the Jonnie Marbles ‘pie’ throwing. A little coordination with the sharemarket maybe. The ‘pie-throwing’ was another false flag action.

  92. 92
    South of the M4 says:

    Or it could be that, rather than spend billions, the average Brit knows the answer is 42 anyway.

  93. 93
    South of the M4 says:

    Actually he is popping into local Labour party offices asking “.. excuse me, is this Morely & Outwood?”

  94. 94
    Archer Karcher says:

    None have ever made a fortune by being idle soft lad.

  95. 95
    Archer Karcher says:

    Unfortunately, yes.

  96. 96
    Niko says:

    I have made a very satisfactory profit piling into News Corp shares immediately after Rupert’s masterful performance yesterday. It was obvious that he has not lost his mojo and will continue to make the world a better place at the head of the respected company he created.

  97. 97
    Archer Karcher says:

    What have the Africans in non drought ridden Africa, done to help those in drought ridden Africa?

    Answer, nothing.

  98. 98
    non believer says:

    “Labour may regret lashing itself to a cause of little interest to anyone outside the Westminster bubble”

    Yes, no one outside Westminster cares about this

    Finger on the pulse as always gweeedo.

  99. 99
    Little Boy Blue says:

    ” James, Lachlan and Elisabeth are not conservatives like Rupert, they are actually centrist liberals with greenish tendencies who are embarrassed by the excesses of Fox News.”
    They will learn more sense as they get older. We nearly all do. Its only the likes of idiots like Kinnock & Co. who go through life with the same daft ideals.

  100. 100
    Archer Karcher says:

    They don’t call it communist or fascist anymore, too many bad connotations. Now the neo Marxist / Fascist crowd call themselves ‘progressives’. They still peddle the same statist / corporatist shit though.

  101. 101
    Free Market Prevails says:

    Agree absolutely, especially now it’s quite clear that neither Murdoch had any clue about the wrong-doing in their companies. I would trust those men with the last cent of my share portfolio.

  102. 102
    Archer Karcher says:

    NI divorced ZaNu and like a bitter wife who’s billionaire lover has left, the ZaNu-ites are riven with jealousy and motivated entirely by revenge.
    Oh how it makes me chuckle to see their bitter posts.
    One can only wonder how contorted with rage their faces are, as they type their hypocritical bile.

  103. 103
    tory boys never grow up says:

    Perhaps the markets were taking Rupert’s performance as evidence that the the days of the current Chairman and CEO of News Corp are numbered before he is replaced by someone with an idea of what responsibility and Corporate Governance entail and who can understand that large corporations need proper systems and controls (including compliance officers, internal auditors and Audit Committees and the like) rather than being run as autocratic family busineses. On the other hand the markets might just be wrong on one particular day – and right on all those other days when they were marking the share price down.

  104. 104
    tory boys never grow up says:

    “They will learn more sense as they get older. We nearly all do. Its only the likes of idiots like Kinnock & Co. who go through life with the same daft ideals.”

    Would you apply the same analysis to the self proclaimed children of Thatcher, I wonder.

  105. 105
    AndyN says:

    He’s right, actually. Certainly, no-one I work with, socialise with or am related to has anything more than a flicker of interest in any of this.

    It’s slightly surreal that the same story has led every TV and radio news bulletin for about a month when the public is almost completely interested in it.

  106. 106
    AndyN says:

    I meant “disinterested”, of course.

  107. 107
    AndyN says:

    corporations need proper systems and controls (including compliance officers, internal auditors and Audit Committees and the like)

    Just like a typical public sector body you mean – which of course are all models of transparency, probity and efficiency.

    Is it any wonder that no-one pays attention when the Left start spouting off about business – their input always involves recruiting armies of arse-scratchers, box-tickers and meeting-attenders.

  108. 108
    Hard-Lazing Voter says:

    Two weeks in and I’m bored, for one.

    After the select committee hearings I don’t see what else could justify the media’s live blogs about this, except for maybe Call Me Dave’s resignation.

  109. 109
    Mine d'Boggles says:

    A bit of good news for you then: the betting shop in our village just closed.

  110. 110
    Free Market Prevails says:

    Agree absolutely. 53,000 people and their families rely on that 80-year-old to put food on their tables. Not to mention the thousands of shareholders who will have been relieved to see their money in the hands of such a competent and dynamic leader.

  111. 111
    Albert Hall says:

    As he pointed out, he’s only a columnist.

  112. 112
    Albert Hall says:

    iplayer?

  113. 113
    tory boys never grow up says:

    “Just like a typical public sector body you mean”

    No like any UK Listed company that is meant to comply with the Corporate Governance Code or perhaps of even more relevance Group of an SEC registrant such as News Corp (CEO and Chairman Rupert Murdoch) where the even tougher Sarbanes Oxley Act applies. I am quiet looking forward to the SEC getting their claws into Murdoch, if only because it will show how we are pussycats when it comes to corporate governance in the UK.

  114. 114
    tory boys never grow up says:

    BTW the banks did not fail and need to be bailed out because their corporate governance was too strong.


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