FirstFT: Rupert Murdoch steps down as Fox and News Corp chair

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Good morning. Rupert Murdoch is stepping down as chair of Fox and News Corp, marking the end of an era for the powerful media billionaire.

Lachlan Murdoch, his elder son, will become sole chair of News Corp and continue as executive chair and chief executive of Fox, from mid-November.

The Australian-born mogul, 92, has over the past seven decades transformed an Adelaide newspaper that he inherited from his father into a global media empire that is feared and courted by politicians across the English-speaking world.

However, Murdoch told employees that he would remain engaged in the company as chair emeritus. He promised to “be involved every day in the contest of ideas”, as he hit out against elites and other media outlets. Read the full story.

We have more reaction to Thursday’s announcement — including what it means for the Murdoch family:

Here’s what else I’m keeping tabs on today and over the weekend:

• Japan rate decision: No change is the most likely outcome when the Bank of Japan announces its interest rate decision today.

• Economic data: S&P Global has its September manufacturing and services purchasing managers’ index for the EU, France, Germany, Japan, UK and US.

• China: A Chinese journalist and a labour rights activist involved in the country’s #MeToo movement spent two years in detention. They go on trial today for “inciting subversion of state power”. (Associated Press)

• Sport: The 19th Asian Games, postponed from September 2022 owing to Covid restrictions, opens in Hangzhou, China on Saturday. It will run until October 8.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Ukraine president Volodymyr Zelenskyy took his case for more aid to the US Congress on Thursday, where he briefed the full 100-member Senate in a closed-door meeting. Zelenskyy’s visit to Washington coincides with a looming federal government shutdown and polarised politics that threaten further support from the US. Chuck Schumer, the Democratic Senate majority leader, said rightwing Republican opposition to additional aid could be “devastating” for Ukraine’s war effort.

• Related: Poland will no longer send weapons to Ukraine, Polish prime minister Mateusz Morawiecki said, escalating a spat that revolves around Warsaw’s refusal to accept Ukrainian grain imports.

• Russia news: Russia has barred the export of diesel and petrol as crude oil prices rise towards $100 a barrel, raising fears that Moscow is weaponising oil supplies in retaliation for western sanctions.

2. Silicon Valley venture firm GGV Capital is splitting into two independent businesses focused on Asia and the US. The separation of its Singapore-based operations from its current US headquarters is expected to complete early next year. Its decision comes three months after rival Sequoia Capital made a similar move in response to mounting political pressure on American tech investors to disengage from China.

• US-China tech tensions: Despite the shouty rhetoric, economic symbiosis remains strong, writes John Thornhill. Will it last?

3. India has stopped issuing visas to Canadians and told Ottawa to reduce its diplomatic presence in the country, in an escalation of the dispute between the countries over the killing of a Sikh separatist. Arindam Bagchi, spokesperson for India’s Ministry of External Affairs, said the suspension of visa processing was owing to Canada’s failure to address “threats” to its diplomatic operations. Here’s more on the escalating row.

4. Syrian president Bashar al-Assad arrived in China on Thursday for a bilateral summit in his first visit since a civil war erupted in his country 12 years ago. There has long been speculation that Syria would seek Beijing’s support for the multibillion-dollar task of reconstructing the country, but China has been reluctant to invest in the impoverished Arab state. Instead, Assad’s visit presents an opportunity for Beijing to increase its diplomatic profile in the Middle East, analysts said. Read the full story.

5. SoftBank’s finance chief has accused S&P Global of “not trusting the management” and criticised the rating agency for failing to upgrade its credit rating after the Japanese group raised $5bn in its listing of UK chip designer Arm. “It’s completely mind-boggling why there is no upgrade despite the fact that we clearly met the conditions that S&P laid out for an upgrade,” Yoshimitsu Goto told the FT. Here’s the full interview.

News in-depth

Justin Trudeau’s explosive claim about the June murder of a Canadian Sikh is reverberating within the country, home to the biggest population of Sikhs outside India. Some Sikhs in British Columbia say their campaign for an independent Punjabi state, Khalistan, is about to gain new momentum from the international attention the Canadian prime minister has suddenly drawn to their cause.

We’re also reading . . . 

• Huawei’s Mate 60 Pro: Chip War author Chris Miller explains the political implications of the most “Chinese” smartphone yet.

• Working from home: The argument for the efficiency of office work is dubious, while remote work presents a chance to create a better society, writes Simon Kuper.

• Who’d invite the boss to dinner?: Anjli Raval did. She dives into the etiquette of having your manager for dinner in FT Magazine.

Chart of the day

An exceptionally strong wheat crop in Russia has pushed prices to a three-year low just as inflation is pushing the cost of other agricultural commodities to multiyear highs. “Ukraine’s loss has been Russia’s gain,” said one analyst. And here’s why traders are betting the trend will continue.

Take a break from the news

Here are the six finalists for the Financial Times and Schroders Business Book of the Year Award — including Walter Isaacson’s newly published biography of Elon Musk.

Additional contributions from Tee Zhuo and Gordon Smith