Indeed, it is the political dimension that may hurt News Corp far more than any financial losses at News of the World.
Already there are rumblings that News Corp’s planned bid for BSkyB could be held up by Ofcom, which must ensure the buyer is “fit and proper”.
And the revelations will strengthen the voice of those - like the business secretary Vince Cable - who argue that Mr Murdoch has got too big for his boots, and want to cut him down to size.
- News of the World: Counting the cost, BBC.co.uk, July 11, 2011.
3. Once the City could have relied on government to fight its corner. But the protesters currently camped in the churchyard of St Paul’s Cathedral, near Paternoster Square, the Stock Exchange’s home since 2004, reflect a broader anger that makes it tricky for politicians to speak up for finance. The share of Britain’s GDP accounted for by financial services, including the retail kind such as arranging mortgages, has been steadily shrinking since 2007. If the City is cut down to size, so be it, say some. The economy should in any case be “rebalanced” away from creating paper assets and towards manufacturing.
- London as a financial centre, The Economist, October 29, 2011.
4. The main Nobel Prizes were endowed by Alfred Nobel who established five prizes, the three subjects above, plus literature and peace or world fraternity.
The economics Nobel Prize came later; it was created more than 70 years later by the Swedish Central Bank in 1968 to celebrate the Bank’s 300th anniversary.
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