THE NEWS WRAP: Rupert Murdoch denies any knowledge of phone hacking

Rupert Murdoch has denied any knowledge of the phone hacking that has blighted his UK newspaper empire during a pause-riddled session of questioning with British MPs.

The News Corp chairman and CEO said that he was not aware of any criminality at his newspapers, although he admitted that the select committee hearing, in which he appeared with son James, was the “most humble day” of his life.

Despite Murdoch’s somewhat hesitant performance, amid rumours that he was to be replaced as CEO of the company, News Corp shares ended 6% higher by the end of trading in New York.

Apple posts record quarter

Apple has posted a record quarter in terms of profits, revealing that it made a surplus of $7.31 billion, more than doubling the $3.25 billion profit made during the same period last year.

The tech giant said that 20.3 million iPhones were sold during the quarter, a 150% increase on last year, and sold 9.25 million iPads.

RBA reveals global economy concerns

The latest minutes released by the Reserve Bank of Australia reveal heightened concern with the global economy, although there is less emphasis on the need for domestic interest rate rises.

Minutes from the July meeting show that the RBA board stressed that problems in the Eurozone are a bigger problem than first thought.

Overnight

The Dow Jones Industrial Average was up 202.26 points to 12,587.42. The Australian dollar edged up to 106.40 US cents.