Reuters - Video

EDITION: U.S. | U.K. | IN

Top News

Cable is king at NewsCorp, TimeWarner

Thursday, 07 Feb, 2013 - 02:28

Feb 06 - Summary of business headlines: Cable TV leads to higher results at News Corp, Time Warner; 16 U.S. states sue S&P over mortgage-debt ratings; Treasury to make profit on Citigroup sale; J.C. Penney struggles on; Wall Street inches higher. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Stocks stage a last minute rally to close higher for the second time this week. The action actually amounted to the smallest move of any kind in three weeks. Earnings news to digest: News Corp. After the close, the media giant announced a higher-than-expected rise in quarterly revenues thanks to an 8 percent jump in ad sales at its cable business. Cable is also working for Time Warner. The media conglomerate is reaping the benefits from pay-TV channel HBO. Earnings topped forecasts and the company is returning cash to shareholders. The Justice Department's $5 billion lawsuit is not the only problem facing Standard & Poor's. 16 states along with Washington, D.C. are filing separate lawsuits. Colorado Attorney General John Suthers says S&P engaged in false advertising with its pre-crisis credit ratings. SOUNDBITE: COLORADO ATTORNEY GENERAL JOHN SUTHERS (ENGLISH) SAYING: "S&P has represented to the public and investors for years that they are wholly objective, wholly independent and not motivated by any kind of financial incentives in their ratings. We are out to disprove that. We believe that we have evidence that between 2004 and 2007 and continuing even after that point in time, as they saw this huge market for these residential mortgage-backed securities develop, they were willing to frankly change their standards of evaluation to make sure that they maintained their dominant market share and didn't lose business to other raters." S&P parent McGraw Hill has lost nearly $4 billion in market cap since word of a lawsuit broke Monday. Citigroup will no longer have the U.S. taxpayer as a shareholder. The U.S. Treasury is selling its final stake in the bank for just under $900 million as a result of the controversial 2008 bailout. That means taxpayers are actually turning a profit of $13.4 billion. J.C. Penney is still having a hard sell one-year after announcing a turnaround plan. The company suffered a steep decline in sales for the fiscal year, but CEO Ron Johnson told CNBC he thinks the retailer can return to growth this year. But investors are not convinced. The stock is down 53 percent over the past year. European shares - mixed for the day as political tensions grow.

Cable is king at NewsCorp, TimeWarner

Thursday, 07 Feb, 2013 - 02:28

Editors' Picks »

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, 16 Jul, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, 25 Jun, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, 02 Jun, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, 27 May, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, 08 May, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, 05 May, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, 08 Apr, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, 24 Mar, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, 17 Mar, 2014 - (7:38)

Oddly Enough »

Group shatters record for longest flower garland by a mile Group shatters record for longest flower...

Wed, 27 Aug, 2014 - (1:30)

Masked hero sweeps clean Masked hero sweeps clean

Tue, 26 Aug, 2014 - (1:10)

Right muddy mess at World Bog Snorkeling Championships Right muddy mess at World Bog Snorkeling...

Tue, 26 Aug, 2014 - (1:11)

Hello Kitty conquers space Hello Kitty conquers space

Mon, 25 Aug, 2014 - (1:11)

Japanese zoo welcomes red panda cub Japanese zoo welcomes red panda cub

Mon, 25 Aug, 2014 - (0:42)

Is it a plane? No, it's a hoverbike Is it a plane? No, it's a hoverbike

Fri, 22 Aug, 2014 - (2:40)

Fox kicks off "Simpsons" mega marathon Fox kicks off "Simpsons" mega marathon

Thu, 21 Aug, 2014 - (0:56)

Six-story tall duck floats into L.A. port Six-story tall duck floats into L.A. port

Thu, 21 Aug, 2014 - (1:02)

Young artist paints surreal illusions on bodies Young artist paints surreal illusions on...

Thu, 21 Aug, 2014 - (1:30)

Snow leopard cubs make Bronx Zoo debut Snow leopard cubs make Bronx Zoo debut

Wed, 20 Aug, 2014 - (0:41)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Mon, 10 Dec, 2012 - (10:39)

Moving Pictures »

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Burned memories Burned memories

Fri, 08 Aug, 2014 - (3:02)

Images of July Images of July

Fri, 01 Aug, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, 11 Jul, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Thu, 03 Jul, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, 20 Jun, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, 06 Jun, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, 30 May, 2014 - (1:37)