It's a black day for News Corp. as eight of its former newspaper executives in the U.K. have been formally charged in the phone hacking scandal that has rocked the nation's elite political and media circles, and shaken confidence in the public. Ex-News of the World editors Rebekah Brooks and Andy Coulson and six others are facing 19 charges relating to phone hacking in connection with murdered 13-year-old schoolgirl Milly Dowler and other alleged victims, as the year-long scandal escalates to a new level of accountability. 

Together, they're “facing charges of conspiring to intercept communications…related to 600 alleged victims between 2000 and 2006.” After reading the charges, Crown Prosecution Service (CPS) legal adviser Alison Levitt QC said, "This statement is made in the interests of transparency and accountability." Coulson swiftly denied the charges and any tampering with the Dowler case. Echoing his outrage, Brooks (who was indicted in May) responded in a statement, "I am not guilty of these charges. I did not authorise, nor was I aware of, phone hacking under my editorship."Continue reading...

The buck has stopped – or on this case, the pound — as the first criminal charges have been filed in the phone hacking inquiry that has been rocking UK (and global) media circles. Rebekah Brooks, former CEO of Rupert Murdoch's News International, will face criminal charges over the phone hacking scandal.

The Crown Prosecution Service (CPS) charges that Brooks, who was arrested in March and revealed last week she's so close to British Prime Minister David Cameron that they text each other, "conspired with her husband, Charles Brooks, and others to pervert the course of justice," by alleged attempts to conceal or remove evidence relevant to police investigation into the hacking and corruption scandals known as Operation Weeting launched in January 2011 at the News of the World and the Sun tabloids.

It’s a stunning reversal for one of Britain’s most powerful woman, a Murdoch confidante, and additional oversight of all his newspapers in the U.S. as well — not to mention the latest black eye for News Corp.'s corporate reputation.Continue reading...

Best Buy, JPMorgan, Yahoo CEO stumbles put ethics and mismanagement in the spotlight. JPMorgan closes ranks around embattled CEO Jamie Dimon as mega-loss is probed; and Yahoo's interim CEO Ross Levinsohn reportedly close to getting role permanently.

Amazon reportedly prepping front-lit Kindle for July.

Facebook eyes historic $12 billion to $15 billion IPO windfall and up to $104 billion valuation.

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Apple plans iCloud upgrade, and thinner laptops with Intel chips.

Baidu enters China's crowded low-cost smartphone market.

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Budweiser strikes deal with Jay-Z for annual concert.Continue reading...

Six journalists, including Rebekah Brooks, the flame-haired former chief of News International, and her husband Charlie have been arrested in the ongoing investigation of the phone-hacking scandal that rocked the UK when Brooks was arrested for the first time last July.

The new arrests in that same investigation opened those wounds anew, even while Brooks and her husband have reportedly been released on bail.Continue reading...

The strangest moment of the British parliamentary hearing into the News Corp. phone-hacking scandal today had to be Wendi Murdoch — that's her in pink, above — swinging at a protester (activist Jonathan May Bowles) who hurled a (shaving?) cream pie at her husband Rupert before he was hauled away.

The second strangest moment: CNN host Piers Morgan's virtual testimony on Twitter, where he defended Wendi and then himself, responding (on Twitter and then on-air) to allegations that he was involved in phone-hacking while running the now-shuttered News of the World.Continue reading...

News Corp. titans, Rupert and James Murdoch, face three-hour Parliamentary questioning today in spreading phone-hacking scandal.

Walmart reportedly eyes Rite Aid.

AMD stalls in CEO search, which might overshadow earnings improvements.

American Airlines leans toward Airbus over Boeing in fleet decision, Journal says, while Bloomberg hears that the airline may split the order.

American Family Insurance promotes “the American dream.”

Baidu reaches deal with major record labels.Continue reading...

The Wall Street Journal's headline says it all: "Showdown Time Comes for Murdoch." But even as US questions arise, fellow media mogul Steve Forbes writes that Rupert Murdoch will "survive and thrive again." 

As the News Corp. chairman and CEO, his son James and the embattled former (resigned and then arrested) News International head Rebekah Brooks appear before a three-hour parliamentary hearing into phone-hacking allegations in London today, Bloomberg News is reporting that Rupert Murdoch is ready to step down.

News Corp. COO Chase Carey is on standby to assume the CEO position, according to Bloomberg, while Murdoch would remain chairman in that scenario — all depending how today's hearing goes. CNN has more.

News Corp. shares tumble as company goes on PR offensive with print apology as News International's former head Rebekah Brooks was arrested Sunday, London's police chief quits and actor Jude Law claims his phone was hacked. Prime Minister David Cameron called in Parliament to deal with the scandal, as speculation rises about possible harm to Murdoch's US empire.

ABS by Alan Schwartz balks at design copyright protection.

Amana introduces new online shopping tool.

Australia's government launches campaign for carbon tax.

Borders faces liquidation.Continue reading...