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Rupert Murdoch retires

Powerful billionaire Rupert Murdoch is stepping down from his position as chair of both Fox and News Corp, marking a significant shift that’s ending his longstanding leadership in the global media realm.

Taking over the reins is his eldest son Lachlan Murdoch, whom, starting from mid-November, will serve as the sole chair of News Corp and will also continue in his roles as executive chair and chief executive of Fox.

Although Rupert Murdoch, now 92, is relinquishing his chairmanship, he said he will remain actively involved with the company, assuming the title of “chair emeritus.”

You can read more on the matter here.

What’s going on?

• Writers Strike Poised To End; Hollywood Studios, Writers Guild Near Agreement (theDeepDive)

• FTX Sues Sam Bankman-Fried’s Parents: “Exploited Access… To Enrich Themselves” (theDeepDive)

• India stops new visas for Canadians, asks Ottawa to downsize missions as spat worsens (Reuters)

• Investor Influence in Canadian Housing Market Surges to 30% in 2023 (theDeepDive)

• Jerome Powell Keeps Rates Unchanged at 5.5% (theDeepDive)

• U.S. revives Cold War submarine spy program to counter China (Reuters)

• Google’s ‘Results About You’ Tool Puts Users in Charge of Their Online Presence (theDeepDive)

• The Great Orange Juice Squeeze: Prices Surge to All-Time High As Florida Citrus Production Plunge (theDeepDive)

• Rupert Murdoch steps down as chairman of Fox, News Corp (Reuters)

• Toronto Wants All Uber, Lyft and Taxi Cars To Be Zero-Emission by 2031 (theDeepDive)

What’s the latest?

• India Strikes Again: The Indian visa processing centre in Canada has suspended its services due to unspecified operational reasons. India’s External Affairs Ministry meanwhile referred to Canada as a growing safe haven for terrorists, extremists and organized crime, with extradition requests put forth by the Indian government largely being ignored.

• Alberta’s CPP Debate: Premier Danielle Smith is set to unveil a report that could pave the way for a referendum on Alberta's exit from the Canada Pension Plan. Smith and her team are expected to share the report's findings at a press conference in Calgary. This move has gained support from Alberta's leadership, citing the province's wealth and younger population.

• US Unemployment: The number of Americans filing new claims for unemployment benefits fell to an eight-month low last week. Initial claims for state unemployment benefits dropped 20,000 to 201,000 for the week ended September 16, the lowest level since January.

• US Home Sales Decline: US existing home sales fell by 0.7% in August compared to July due to rising mortgage rates, with the average 30-year fixed mortgage rate in the high 6% range. Tight housing supply also contributed to the slowdown, with just 1.1 million homes available for sale at the end of August. This limited inventory has driven home prices up, with the median price reaching $407,100, a 3.9% increase from the previous year.

• Air Canada Hacked: Canada's largest airline has reported an unauthorized breach of its internal system that contained the personal information and records of some employees. Fortunately, no customer data was accessed during the cyberattack, and flight operations and public-facing platforms remained unaffected, with the federal privacy commissioner reviewing the breach.

The Greenbelt Scandal Explained

The stock market and stuff

• RBC Cuts Jobs Across Capital Markets Desks (theDeepDive)

• SEC’s Crypto Enforcement Heats Up: More Actions on the Horizon (theDeepDive)

• Coinmarketcap: “What Happens When A Binance Website Posts About Crypto Exchange Going Bankrupt?” (theDeepDive)

In the juniors

• Cielo Waste Solutions To Acquire Waste To Fuel Assets For $45 Million In Stock, Proposes Share Consolidation (theDeepDive)

• Grindr’s Return-to-Office Mandate Sparks Employee Exodus (theDeepDive)

• Magna Mining Hits 7 Metres Of 4.2% Nickel (theDeepDive)

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