Hacking scandal hits News Corp bonuses

Rupert and James Murdoch have had part of their multi-million dollar cash bonuses withheld as a result of News Corp's UK phone hacking scandal.
But the company's most senior executives were still paid between $US10 million and $US30 million ($A9.82 million and $A29.46 million) in the 12 months to June 30.
Chairman and chief executive Rupert Murdoch was paid $US30 million ($A29.46 million) in the year, a 10 per cent reduction from the previous 12 months.
The company said executive bonuses were reduced in 2011/12 because of the scandal.
"The compensation committee believed that management should share responsibility for the impact of these matters on the company, including the related costs, in the current fiscal year," it said in its annual review.
Chase Carey, Rupert Murdoch's deputy, had his pay reduced by 18 per cent from the previous year to $US24.8 million ($A24.35 million).
Chief financial officer David DeVoe had his pay cut by 41 per cent to $US10.8 million ($A10.61 million).
News Corp suffered a significant backlash from its independent shareholders at the company's annual general meeting in November 2011.
There were significant votes lodged against the re-election of James and Lachlan Murdoch to the board, and the remuneration of the company's executives.
Several resolutions have been put forward by shareholders for the upcoming annual general meeting, seeking the appointment of an independent chairman, the elimination of the company's dual-share structure, and simple majority votes on all resolutions.
The board has included statements in opposition to each resolution in the company's annual review.
It has also nominated two new members for its board, after Andrew Knight and John Thornton announced they would step down.
Former Colombian president Alvaro Uribe and former US secretary of labour Elaine Chao will stand for election at the annual meeting.
The meeting will be held in Los Angeles on October 16.

SBI car loan disbursals almost doubled to Rs 900 crore in August

State Bank of India on Tuesday said its car loan disbursals almost doubled to Rs 900 crore in August, following an interest rate cut.

The disbursals jumped to Rs 900 crore from the earlier Rs 550 crore in July on the back of 0.50 per cent cut in its auto loan offering, chairman Pratip Chaudhuri said.

He said the rise in advances has been observed even as the nation's largest carmaker Maruti Suzuki's production has dipped due to internal issues.

SBI cut interest rates on auto and home loans in the first week of August, after the Reserve Bank cut the SLR (statutory liquidity requirement) holdings which was preceded by a raising of limits on export refinance.

Both the moves made additional liquidity available for the bank which the bank decided to pass on, without announcing a cut in its base rate or the minimum rate of lending. "The home loan impact will take some time to come, but car loans have gone up significantly," Chaudhuri said.