Sun, Aug 07, 2011 - Page 10 News List

Business Quick Take

Agencies

MEDIA

Murdoch’s daughter says no

Rupert Murdoch’s daughter Elisabeth will not be joining News Corp’s board as had been planned, after criticism that the board was populated by corporate and family insiders. It is the latest fallout after a phone-hacking scandal led News Corp to close its British newspaper, News of the World. “The independent directors agreed that the previously planned nomination should be delayed,” a board statement said. Elisabeth Murdoch had suggested to independent directors at this year’s annual general meeting weeks ago that she felt it would be inappropriate for her to join the board, according to the statement. “Both Elisabeth and the Board hope this decision reaffirms that News Corp aspires to the highest standards of corporate governance and will continue to act in the best interests of all stakeholders,” the statement said.

FINANCE

Citi Cards compromised

Private data for more than 90,000 customers of Citigroup’s Japanese credit-card subsidiary has been stolen and unlawfully resold, the company said on Friday. Citi Cards Japan Inc has come to know that certain personal information of 92,408 customers has allegedly been obtained and sold to a third party illegally, the company said in a statement. The compromised data includes account numbers, names, addresses and dates of birth, but does not include PIN numbers or security codes for the affected cards, the Citigroup subsidiary said. “No unusual or suspicious credit cards transactions relating to these customers have been detected at this point,” it said. The theft of the Japanese customers’ data was not carried out by hackers, but rather by parties who had been given access to the data legitimately and abused their trust, a source familiar with the situation said.

AUTOMAKERS

Honda recalls vehicles

Honda is recalling about 1.5 million vehicles in the US to update the software on the automatic transmission to reduce the possibility of damage. The recall affects certain 4-cylinder Accord, 2007-2010 CR-V and 2005-2008 Element vehicles manufactured between 2005 and last year. The company said on Friday that without the change, the transmission’s secondary shaft bearing could be damaged when the car is shifted too quickly. Honda said that could happen when a driver tries to get the vehicle dislodged from mud or snow. Honda said it would begin sending recall notifications to customers on Aug. 31. It said that no injuries or deaths had been reported because of the problem.

ENTERTAINMENT

Movie rentals up

Americans spent more money renting home movies than buying them in the second quarter, marking only the second time that has happened in the DVD era. The big switch in consumer behavior shows the rising popularity of cheap alternatives like Netflix and Redbox and suggests people are pinching pennies in this economy. Rental revenue rose 11 percent from a year ago to US$2.06 billion, while sales of discs and digital purchases fell 15 percent to US$1.93 billion in the three months through June, according to a report released on Friday by the Digital Entertainment Group (DEG), an industry consortium of studios and electronics makers. The resurgence in rentals is noticeable mainly because the DEG started including subscription plans such as Netflix’s in the rental category this year, executive director Amy Jo Smith said. Still, she said, consumer behavior was changing.

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