The Week: City news - Heavy losses at News Corp

News Corporation, the parent company of The Sun and The Times newspapers and BSkyB, has reported losses of $6.4 billion (£4.37 billion) for the fourth quarter of last year, owing mainly to an $8.4 billion write-down on the value of its TV and newspaper assets.

The heavy losses, which the chairman and chief executive, Rupert Murdoch, called "a direct reflection of the grim economic climate", raised the prospects of cost-cutting across all divisions and a number of further job losses.