Sydney, Aug 10, 2007 (ABN Newswire) - There are reports this morning that the Wall Street Journal is about to undergo a major overhaul. Once the purchase of Dow Jones is complete, Rupert Murdoch says he plans to expand non-business coverage at the newspaper so it can compete with the New York Times. Murdoch also says he plans to sell off Dow Jones' local newspapers as soon as possible. Meanwhile News Corp's FOXTEL has posted record earnings of $76 million, that's up from last year's $4 million profit. News Corp has produced profits over the last two financial years.
In the interest rates queue, the National Australia Bank has become the first cab of the rank. From today, the nab will lift the cost of borrowing. In a statement, the bank said most of its variable home loans would rise by a quarter of one per cent. The rest of Australia's big four banks say they are reviewing their prices. The National Australia Bank's earnings have been increasing over the last two financial years.
And Nick Scali has produced a solid increase in profit. The company's earnings rose 7 per cent to just over $8.6 million. Managing director Anthony Scali says the company's continuing to pursue opportunities for expansion in existing markets, but particularly in Queensland. The furniture retailer says the outlook for the new year is dependent on the recovery in the NSW housing market, and the impact of higher interest rates was also a concern. Nick Scali achieved record earnings in 2006
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