Rupert Murdoch has announced that he's stepping down from running one of the world's most powerful media empires. The ninety-two year-old says he's transitioning from his roles as Chair of Fox Corporation and Executive Chairman of News Corporation to the position of emeritus chairman.

The European Union has temporarily suspended funding for the World Food Programme in Somalia. This comes after a UN investigation found what it says is evidence of widespread theft and alleged misuse of aid meant to prevent famine. The European Commission gave more than 7 million dollars in aid to the World Programme's operations in Somalia last year.

One of Japan's most well-known corporations, Toshiba, has been sold to a private consortium -- which will end its seventy-four years as a listed company.