THE NEWS WRAP: James Murdoch survives BSkyB shareholder vote

Retail kingpin Gerry Harvey has attacked the Federal Government over its plan to haul the budget back to surplus while many businesses are still struggling.

The Harvey Norman executive chairman told shareholders at the company’s AGM that “a big percentage of the businesses in Australia are under stress”.

“I don’t quite get this business about ‘the budget has to be in surplus by 2013 or 2014′.”

James Murdoch survives BSkyB shareholder vote

James Murdoch has been re-elected as chairman of UK broadcaster BSkyB, but faced a significant protest vote by shareholders.

Nearly 19% of shareholders opposed the continuation of Murdoch’s chairmanship, following continued fallout over the phone hacking scandal.

“He’s got the rules, funds and family behind him – but I still think, as this row goes on, the writing’s on the wall,” said Chris Bryant, a Labour MP.

“I strongly suspect Sky will have dispensed with his services by this time next year.”

Microsoft plots Office iPad extension

Microsoft is to bring its Office suite of products to the iPad next year, according to reports.

The software giant is understood to be planning a stripped down version of its productivity products, priced around $10.

Overnight

The Dow Jones Industrial Average was up 57.71 points, or 0.5%, to 11,580.72. The Australian dollar jumped above parity to 100.78 US cents.