BUSINESS BRIEFS

reported yesterday.

Chief executive Mark Cutifani was speaking to shareholders in London, and moved to allay fears the mining giant would withdraw from South Africa, Business Day reported.

“Our share price is languishing compared to our peers, and we are not being rewarded for the potential we have. In that context, let me say that I recognise that South Africa remains critical to our shareholder value proposition. Likewise, we remain important to South Africa’s longer-term development prospects,” Cutifani was quoted saying. – Sapa

News Corp in $139m settlement

NEW YORK: News Corp said yesterday it had reached a $139-million (R1-billion) settlement with shareholders over the board of directors’ actions related to the company’s phone hacking scandal.

It said the money would come from insurance policies held by members of the board who were the defendants in the suits.

Plaintiffs, including Amalgamated Bank and the New Orleans Employees’ Retirement System, first sued in March 2011 over News Corp’s acquisition of Shine Group, a company owned by Chairman Rupert Murdoch’s daughter.

They amended the lawsuit in July 2011 to add claims related to the phone hacking scandal, which led News Corp shut down its British newspaper News of the World. – Reuters

Business backs Cameron campaign

LONDON: Prime Minister David Cameron won the support of 500 business leaders yesterday in his campaign to renegotiate Britain’s ties with the EU, a political gamble that has infuriated some of the bloc’s biggest members.

Business for Britain, a new lobby group, said it backed Cameron’s plan to repatriate powers from Brussels and hold a referendum on Britain’s EU membership, provided his Conservative Party won the next election. – Reuters