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Hypo Venture Capital: Hypo Venture Capital Zurich Management: News Corp....: Credit-default swaps on News Corp. (NWS) are the highest on record relative to its media peers as Standard & Poor’s says it may cut the pub...

Hypo Venture Capital Zurich Management: News Corp. Swaps Diverge as S&P Considers Cut: Corporate Finance

Credit-default swaps on News Corp. (NWS) are the highest on record relative to its media peers as Standard & Poor’s says it may cut the publisher’s bond rating because of risks associated with the phone-hacking scandal.

The cost of protecting debt of the owner of the Fox TV networks and the Wall Street Journal from default soared 58 basis points this month to 142 basis points as of yesterday, compared with an increase of 10 basis points for the average contract on Rupert Murdoch’s company and its four biggest competitors. Relative yields on News Corp.’s bonds have risen 31 basis points, while those of similar companies widened one basis point, Bank of America Merrill Lynch index data show.

S&P said in a statement it may lower New York-based News Corp. (NWSA)’s BBB+ corporate credit rating after “broadening legal inquires” into the phone-hacking scandal centering on the defunct News of the World newspaper “increased business and reputation risks” for the media company. The review came just five days after the ratings company said the outlook was stable.

“The court of public opinion can be fairly merciless, and that’s the bigger headwind now,” Tom Farina, managing director at Deutsche Insurance Asset Management in New York, which oversees $200 billion, said in a telephone interview. While News Corp. may not see “direct financial ramifications,” the reputational damage is the larger risk, Farina said.

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Hypo Venture Capital: hypo venture capital: The mystery over an extortion attempt in which a fake bomb was strapped to the neck of a millionaire’s daughter in Sydney has deepened afte...

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The mystery over an extortion attempt in which a fake bomb was strapped to the neck of a millionaire’s daughter in Sydney has deepened after it was revealed that the note left with the teenager bore the name of a character in the 

the 1966 novel Tai-Pan.

Police search undergrowth near the home of Madeleine Pulver

The two-page hand-written note, which contained no demands for money but instructions for 18-year-old Madeleine Pulver to contact the perpetrator via the internet, was signed Dirk Struan.

Police said the note was the most crucial piece of evidence being used by investigators to track down the culprit. They were also examining a USB stick left inside the fake bomb.

Struan is the lead character in James Clavell’s book about a wealthy and violent businessman who is bent on destroying his rivals.

He is described as a “pirate, an opium smuggler, a master manipulator of men, a ruthless intriguer and a mighty lover.”

In the book, which police hope will shed light on the identity of the man behind the bizarre attack on Miss Pulver, Struan and his business rival Tyler Brock use extortion, threats and violence in an attempt to get the better of each other.

In one chapter, an extortion threat is made against Straun and a price is put on the heads of his wife and daughter.