finally spending more on close and home appliances. it is a shot in the arm for the u.s. economy. erik: chevron is suffering along with the rest of big oil but ceo is not sweating these. my exclusive interview with john watson. olivia: computer code dominates the world. if you want a promotion, it might be time to learn how to do it. ♪ olivia: good morning. erik: something is happening in financial markets. stocks are up again. let's have a look to show you where things stand right now. the s&p 500 up 5.4%. a little more if you look at the doubt. it brings us to the best rally since may 8.

olivia: good news is good news for equity markets. better than expected markets for retail ex auto sales. claims this week, you are seeing those two data points feeding into the treasury markets. we will show you what is happening to u.s. debt. the 10-year note down by three basis points. it hits 2.5 percent. erik: we will begin with the head of the european union. he has a warning for greece. stop playing games with the future of the eurozone. he most often plays a mutual broker for negotiations and he is now telling greece to cut a deal with creditors at a meet and greet next week. >> i am afraid someone says the game is over. the upcoming eurogroup meeting should be decisive.

we have no more time, i am absolutely sure. erik: the greek prime minister is in brussels today and he meets with europeans and officials. he met with the leaders of germany and france. olivia: americans resumed shopping last month. retail sales rose in may, matching expectations, auto dealers, and building material stores. may figures indicate consumers may be encouraged by gas prices that are still a lot lower than they were a year ago. cleared for the lululemon founder to sell his he owns roughly 14% of the company after leaving as chairman. he complained lululemon had lost its way. they finally agreed he would not pursue a buyout of the company. today, he -- wilson is enabled to sell his stake if he wants. another sign of straight -- of

strength in the labor market. 14ow 300,000 for the straight week in a row. employers are all holding on to -- pickup in demand. erik: selling a 50% stake in its pipeline of processing units. a private equity firm and the price tag is $2.7 billion in cash. companies will form a midstream venture. tos transaction is expected close early in the third quarter. back in the oil selling business in a big way, oil importing nations by the most iranian crude since sanctions were imposed three years ago. imports reached 1.4 million barrels per day and may. it was once the second-biggest producer and opec. olivia: whole foods says it has a name for its new chain of smaller stores.

the ceo says they will be called 365 by the whole foods markets. clever egg,included daily shop, green life, smallbatch, or swiss goods. those are top stories this morning. erik: coming up in the next hour, chevron wants to curtis -- i took a trip to find out how they will do it and i sat down with john watson for an exclusive interview. the senator may have an issue with that. the coders will inherit the year. a story in bloomberg businessweek you cannot afford learns, why you need to computer programming to compete in this economy. olivia: bloomberg's economist is here on set. , ex autobig take away

sales and retail sales beat. what is your take away? rich: this is not a great indicator to measure consumer strength. there was not anything very weak. , a bitttle to frown on of a change lately for me anyway. this, fiver prior to months were negative or unchanged. it is a breath of fresh air and very positive. one thing you have to think of is this is a goods dominant report. that is, they do not see services in this report except her restaurants. 65% of what consumers spend in this country are on services. hockey games.e you will not see your phone bill, you'll matt c jim membership, you will not see any of these things in here and that is what we spend our money on.

taxicabs, haircuts for those of us who have hair, but you do see a lot of goods and we are flying goods, nondurable goods, food and energy. that is the, and difference. the other difference is to be set -- spend more on services. you are seeing a deflation and goods. on the services side, you're seeing inflation. is willing to pay for front row stanley cup tickets, but he wants to buy the cheap generic milk. completely the other way around and i want someone to take me to game seven and i will buy the better -- rich: that is the point. we saw this earlier today about

the j.crew situation. the coupon mentality. erik: there is an that has some the to do with it. what we do not know from some of these other retail stores we happened going is how much of it is just a failure of management and strategy, and how much of it is, it is actually the same thing. it will be a management strategy to keep up with retail trends. are: when i said prices declining, i also meant, this retail sales report is not adjusted for inflation. economists have no idea whether or not it is prices falling or the quantity. accessoryook and see stores are up 1.5%, is it really 8% if it is a deflationary trend? onk: this is not a good read consumer behavior, what is?

report, thisndings is not a bad report. show you thenot true reflection. i think right now, the economy is doing much better in the second quarter, especially if you're buying durables like autos. olivia: and tech. there was a number out this morning showing a decline for the knife straight week. do you care about that? rich: i think that is a reflection of high gasoline prices. in this report and the retail sales report, as well as basically creeping up, i think consumers are getting spooked and fearful about higher interest rates down the road. the 10 year hit 250 this morning. rich: and you see that and they reflect that. consumers do not care about what is going on in greece. most americans probably cannot

find it on a map. but they know if interest rates are headed higher. erik: thank you, rich. much more here on the bloomberg market day in the next half hour, including -- erik: i interviewed john watson p or we have breaking news. let's go to julie hyman. julie: i wanted to talk about 25th century fox for a moment. there are reports rupert murdoch may step down as ceo of the company. the timing is not clear but it looks like, according to these reports, that james murdoch, his son, would be the next in line, versus some of the other folks talked about. i see now headline the 21st century fox is commenting in an e-mail that the board would consider a session and the management will be on the next agenda. it looks like the spokes person is not commenting beyond that. we are a lot of effect on stocks.

you can see it on my screen behind me. this pairownward on we will bring you more details as we have them and on any confirmation here for what is happening with the timing, if it will be with the future structure at 21st century. to look like at this time. if the stocks move more, we will let you know that as well. question is ultimately whether it is a murdoch who becomes the ceo. james or maybe elizabeth. julie: address reports. we will continue to monitor what is coming out a 21st century fox. ceo of chevron, john watson. he will hear what he told me about his outlook for oil prices. $60 per barrel today. are they more likely to go back to 75 or 43? find out. ♪

olivia: welcome back. now some of the top stories. the search for the convicts who broke out of an upstate new york prison is now in its day. authorities admit they have no idea where the escaped killers are. cars. are still searching the manhunt has now moved into neighboring vermont. the house is beginning to days of debate. trade agreement, president obama is again a fast-track negotiating authority. democrats are opposed. it may come down to help congress decides to pay for retraining workers who lose their jobs through treat -- free trade. the state of texas for general electric and other companies based in connecticut. great advocate -- greg abbott,

the texas governor urged them to pack up and move down to the lone star state. the governor just raise taxes by $1 billion. passexas legislature just test cuts. it is considering whether or not to leave and those are your top stories at this hour. tok: let's take you back julie hyman, who has a look at the stocks on the move today. julie: i am looking at energy stocks specifically. to verging energy stocks just to show you it is not a monolithic's race. it is very story specific. let's talk about the most active driller in shale, at least it was last year up 5.5% today, great to sell a 50% stake in its processing and pipeline unit in its reaching for private equity firm. it will get about $3 billion in cash, including $300 million from a debt sale by that joint venture. it -- they will create a joint venture as part of all of that.

those shares are rising. among the best performers in the s&p 500. we also have a callout from barclays on the oil filled services and equipment group. very positive one. and negative outlook on industry saying the worst is yet to pass for the oil services. companies, part of the reason why, ironically, is that oil prices are rising. what i have here is a chart of the count in the united states, the white line. the line at barclays. with the rebound in oil prices, the companies will be attempting to shrink thee recount, which will be negative for pricing of rates. interesting that the higher oil risk to thebe a rakes. companies like transocean are falling today because that is one of the stocks falling over at barclays. servicesing other oil and drillers companies also falling during the session.

an interesting call. you would think rising energy prices -- erik: the producers want the pressure on the services company. they do not want to start really more until the pricing of oil services drops further. aey are effectively playing waiting game. i know a lot about this because i talked to the ceo of chevron about it. east of sansit him francisco in california. outlook forout the prices. the hess corporation, a big oil company, chevron, $200 billion. here is what john watson has to say about whether oil is likely to go higher or lower over the long run. john: if we think about the longer-term, we are more likely to be of the $75 level. before we would be at the three dollar level as a long-term interview. see cost structure that we in our business today and the complexity of the oil fields

that would be developed to meet demand, it will take higher prices. you are not going to be able to do deepwater drilling and all the different classes of oilfield development at $43. some will be economic in those areas, but it will not be sufficient to meet the demand we expect and that will tend to drive prices to a level where investments can be made. it will happen. it is my expectation we will see volatility. we are paid to make those decisions and judge politics. we are paid to judge technology and technology development. we are paid to judge foreign exchange rates, which changed dramatically. we have to make an assessment of all of those things and come up with a view of what we will invest in. erik: getting it wrong is expensive. john: it is. aile the bellman has come at

faster pace than many expected. one thing that does not always the capacity and the role is actually very low. if you look at the time we had a was 10 to 15e million barrels per day of spare capacity and that took a long time to be worked off by growing demand. if you look at what has happened today, we had a big increase in prices. we have not seen an increase in spare capacity. a lot of the calculating and forecasting that goes on has to do with supply. how much oil can be produced at a certain price. what about demand? what about the possibility that cheap oil extends the stokingbon era by demand and making renewables less cost-effective? degree that is happening today. we see higher consumptions in the united ace. we see higher consumption elsewhere.

the overall view of demand growth has not changed very much yet but that is partly because of other factors that have weakened. expectations are weaker of economic growth around the world. it will make it tougher for those competing with oil and that is how markets work area -- work. erik: john watson's you. -- view. that is a little bit behind the saudi strategy. we want to hook the world on oil pared it is not good for saudi arabia if all the sudden we make a big transition to renewables because saudi arabia does not have a whole lot to offer in the arena right now. olivia: they want us to have cheap oil. there is an attempt to flush it out. seeing that now. it is what we hear from matt miller, for example, when we talk about why people are buying more suvs and trucks. they're looking at gasoline prices and they think those

gasoline prices -- olivia: i will drive forever i have to drive. erik: and for the lifetime of that car, as long as i own it. probably not you can see more of that interview is part of my special report, inside chevron. i take you on the ground of chevron's's biggest multibillion-dollar megaproject, show country in west cap -- west texas. he truly have to see it to believe it, the size and scale and risk of these developments. tonight at 10:00 p.m. eastern time. olivia: erik schatzker in a hard hat. you do not want to miss it. it is pretty cold. ahead, jamie dimon is taking on senator elizabeth warren again. finally he is saying about one of offstreet's fiercest critics. -- wall street's fiercest

critics. ♪

olivia: bloomberg news confront big changes are coming in fox. we talked about reports and now bloomberg is indeed reporting thatfox is set to plan james murdoch will succeed rupert murdoch as the ceo of the company. there has been a lot of moving around and shakeups in terms of thelial relationships and management of 21st century fox. over the past several years, james murdoch, the son of rupert murdoch, was implicated in the phone hacking scandal in the u.k.. then called into -- it seemed as though he was back and went around this time last year or last spring or so.

he was named the co-chief operating officer with his other brother. way potentially paved the for this. executive chase carey has also been someone who has talked about to take over the role. speculation up until now. it looks like now, that is more clearly the succession plan for murdoch. we do not know the timing yet of him handing over the reins. olivia: james murdoch, currently the co-coo along with chase carey, is ceo and has now been officially tapped. that is the plan. we do not know when. , stories they're interested in, we looked at the store is on the bloomberg terminal this morning and here is one we like. senatormon is taking on elizabeth warren once again. speaking at an event in chicago yesterday, jamie dimon says, i

do not know is she fully understands the global banking system. these two have had an .crimonious public relationship the senator elizabeth warren's's book, she recalls an effort -- an episode where jamie dimon came into her office and said hey, there might be new regulation that will cost you coming up and he apparently leaned back in his chair and said, hit me with a fine, i can afford it. he ever saides that, but it is in her book. i cannot understand how jamie dimon is thinking here. i know how he feels. has swung toolum far in the aftermath of the financial crisis, too far toward heavy handed regulation, and that has an impact on the bank possibility to grease the wheels of the u.s. economy paired with the economy be growing faster, with there be more credit if there were not as much, in his view, heavy-handed

regulation? we would not talk about on marketing if regulators had taken more cares -- more care to continue functioning in a way that is up and if it. to the economy. that is fine. taking on elizabeth warren in public when she has as powerful a rule as she doesn't senate, that does not make sense. somea: he does agree with of what she has to say it she really does know what she is talking about. do not have to work at the bank to understand how it works. erik: i am not saying elizabeth warren is not incredibly intelligent individual. but that she understand -- olivia: it is probably time to say goodbye. erik: i'm sticking around. ♪

olivia: welcome back. i am olivia sterns. headlines.o the top watching the grease talks with

great interest, she spoke in an exclusive interview with matt winkler in paris about greece leaving the eurozone. >> i really want greece to stay in the eurozone and i think there cannot be any short-term economic calculation that would lead us to think they would make competitive devaluations or that they would be better off. i think from a political and economic point of view, the instability this would generate in the european area would be extremely negative for everyone. paris ishe also said giving priority to the digital economy and using public investment to create integrators inspired by the u.s. and silicon valley. you can watch the full interview investorsrg.com. when let pimco's total return bond its sale inld house. $18 billion in total return assets to other pimco funds so

he could help meet redemption. investors left the fun after the departure of bill gross. now that he has been turned down by gender more -- general motors, looking at other merger candidates. he has been working with an advisory group to see if investors would be interested in a gm deal. it is artie said it is not interested. marchionne is considering francis as a plan b. if you want to appreciate bmw's new top-of-the-line model, you have to be good with your hands. responding to hand gestures such as waving to reject an incoming phone call. if it also be controlled by a finger on the touchpad. >> in this car behind me, you see many other firsts for the industry. we have got gesture control, so you can use a signal like this to take up the volume on your radio. you can go like that to dismiss

a phone call or accept a phone call area other technologies such as self parking or you kenexa the vehicle, stand alongside it in front of your garage, press the key and the car will move into the garage safely. isthe price of the new bmw 93 thousand dollars. coming up, like consumption is under threat, plus the entire issue of bloomberg businessweek is all about encoding. why the world belongs to programmers and why those who do understand it will be left behind. chris laid out his vision for how to fix twitter in at 8500 word visit last week. we will have more with the silicon valley investor. we finally have poured on who will replace 84-year-old billionaire rupert murdoch at the helm of the media company. people familiar with the matter

tell bloomberg news he will hand over the title of ceo to his son james. now. is with us is this a surprise? felix: a huge surprise and an incredible comeback when you think about it. we think back to the summer of 2011, everyone said james murdoch is done. there were so many dire predictions back then about what would happen with the company. at the very least, people thought, he will never be able his father. from here we are quite sure years later. we got a hand over time that this might be the direction of things. probably elsewhere. been a gradual comeback or chase carey is probably, that is a big loss for the company.

chase on the right. olivia: and the idea of what this means for strategy? rupert is still coexecutive chairman. still do the heavy lifting. the question is what happens to the newspapers rupert was so devoted to. he only thought james was not a newspaper got, what would happen to the print side of the empire once they take over? stephanie: what happened, they split up in 21st century fox and the more money making entertainment assets. term withthe short rupert still there, the biggest short-term loss would be, hugely respected. erik: agreed absolutely. i thought we would have seen a

bigger market reaction to the impact leaving here, and we are not. it is a 3730 pre-dollar stock pretty much. olivia: what do we know about james's track record? he was the golden child in the family. he had been on a hot streak and was doing great until the phone hacking crisis. the irony was he did not want anything to do with the tabloid part of the empire. that is what almost took him down and end his career. side, in terms of his understanding of the television business, basically the heart of hole, he hasn the a very strong track record in the past. .t is remarkable the murdoch trait of being an escape artist and managing to survive even the most on

survivable of situations. that waywe still feel about it, looking back on it now, knowing what we know, should we have viewed it through that lens at that time? remarkableink it is in terms of getting out from under that. it didn't look so bad at the time. olivia: summit people have been cleared. erik: there was not as much guilt to go around. as was initially speculated. right, for example rebekah brooks. a lot of people were cleared in that trial. felix: also the fact that the other tabloids and other media companies in the market were doing similar things. it helped them out also. idea what this means for the other siblings? felix: sounds like loughlin will be kept in the fold. olivia: he is on the left. felix: right.

elizabeth also in terms of the tv side has her moments for a long time, right after the phone hacking crisis. saying now it maybe -- maybe it is elizabeth's time. right. thought her production company she started. independently. and she was brought back. she had the most success in terms of outside the empire and on her own. erik: success we could judge. it is much harder to know -- presumably, james is an effective executive. i spent some time with him but not enough to know what it's like to work for him. is veryis reputation hard to read. he holds his cards very close to the vest. warm and the most

outgoing guy. he is much more cautious than his father. you could argue that is a good thing. erik: throwing caution to the wind has served murdoch well. currently the cosi all with chase carey, the coo. is there a role for chase when james become ceo? felix: in the interim, definitely. think chase would probably like to run something himself. so i think he leaves and there are probably other opportunities out there. while this is all happening, what is happening with viacom? what will happen with some of the redstone? who will take over that empire? chase could also be a pretty good candidate. there is a possibility there. olivia: it is an extraordinary mustache. roger has his fox news,

that is his power center p are known will get him out of there in the short term. ago, is all this, years going back, if there has been a question about siblings being embarrassed, about fox news and upset with roger, that played out briefly in the press with criticizinghusband fox publicly, which was a huge deal at the time. that, rogerll of has such an incredible grip on that part of the empire to make so much money for them. i do not see him doing pushing that. not just chairman of the board, executive chairman. olivia: think you so much, felix. i cannot wait to watch your special on chevron tonight. erik: 7:00 p.m., 10:00 p.m.

eastern time. luxury still ahead, sales are soaring but will a crackdown in china bring sales to a grinding halt? ♪

olivia: welcome back. it is time to get you caught up in all the market action around the world. let's start in europe. mark is standing by in london. mark: everything was going swimmingly until a couple of seconds go when the imf said it had major differences with greece in key areas. no progress in narrowing of these differences recently.

we have an uncharted -- a majority of what the statements did in the index. the afc today, the biggest gainer in the world when it comes to the global stock market. closely at those percentage gains. 99% ofanks have lost their value. the good feeling in the stock market spread to the bond market after angela merkel met with the greek prime minister last night. he said a step up action to come to some sort of arrangement with creditors. the yields down by 44 basis points. even the journey and 10 year -- german tenure touched 1.5% at one stage. effect, i will call

it. the german stock market was rising throughout the day. a few minutes ago, the imf came out with comments saying it has major differences with greece in key areas. the stock market is up .7%. to a gain for the death is the biggest in almost three years. what a wild stock market it has been for germany in recent days. over to you, julie. julie: investors have been watching headlines in greece as well. let's look at how it is playing out or we have seen stocks rally a little lower than we were out of the gate this mine. not seeing a huge affect. the dow and the nasdaq are gaining for the second straight session. i wanted to delve into a call we got this morning from credit suisse. the team lead over there, exploring the idea of whether there is a bubble in your -- in

u.s. stocks. since the market low back in march of 2009, this climb of more than 200% that we have had, that is one of the reasons we are seeing whether the u.s. stocks are in a bubble as they still hobble -- however around record highs. according to the folks at credit suisse, we're not quite there. there is a 60% chance we will enter the bubble, but it is not a bubble yet. he is raising his s&p 500 target to 2200. on my bloomberg terminal, i have a chart of the average price target by strategists we surveyed. he's pretty much in line with where they are. to 32 is the prediction for the s&p 500. why does he not think he is in a bubble? one of the reasons is he is looking at the forward price-to-earnings ratio on the s&p 500. he said we tend to see poll that's when he gets higher, like it has been in the past.

this is the forward for the s&p 500. the white line is for the s&p itself. we are not near those levels right now. more like 18 on the s&p. one of the reasons, he is not yet concerned. 67% chance of a bubble is not nothing. olivia: i'm captivated by the headline there i am -- they left brussels because there was not enough progress. julie, thank you so much. i appreciate it. meantime, what is happening in asia appeared and in the day higher. the shanghai composite closing in the grandpa one big story out of the region, the bank of korea cutting rates to a record low as the threat of mers threatens to dampen the country's's economic recovery. it was not the only bank in the region to cut rates. this report from hong kong. if the central bank took a more as the virusve

poses an imminent threat to consumption. it also tolerated thanks to a weakening yen, setting though one against a seven-year high against the japanese currency. zealand,ve bank of new a surprise move, cut interest rates for the first time in four years or the slow growth and low inflation, they expect more cuts to. now, here are some of the top stories crossing the uber terminal at this hour. a three-person crew from international space station landed safely. the three returned to earth after 199 days on the station that was nearly a month more than planned. the mission passes extension was caused by a failed launch in april. now, uniforms will have the famous nike swoosh as well. nike has an eight-year deal to have uniforms.

the firstecome sponsor to have its logo. on all on court uniform designs. is worth about $1 billion. homer and marge simpson have been happily married for close to 30 years in primetime tv. it now looks like the end for the first couple of springfield. for at least one episode, homer and marge will split up and homer will take up with a character voiced by actress lena dunham. lisard yet on how bart and feel about it and maggie as usual is not talking. an actor christopher lee has died. he was best known for his role as contractor early in his career. he was later in the lord of the ings trilogy and appeared star wars, the clone wars. crist early was 93 years old and those are your top stories at this hour. luxury goods hit 250 billion dollars last year. a 2% increase from the previous year.

luxury may be hitting a peak. the reason perhaps a crackdown on communist party corruption. pimm fox joys me now to discuss. mm: there was an event in the luxury business summit in which some people such as the head -- they are the company behind sucks -- such luxury brands. one topic of the conversation was conspicuous consumption may go out of style, particularly in places like china. we know china has been a market that has been very good for the luxury industry. the idea now being that if the chinese government says no, do not show your wealth because of a disparity in income, that means expensive watches and automobiles, even expensive yachts, if you are going to consume them, maybe you want to feel them as well. olivia: i thought a lot of the

comments coming out of that conference were interesting. we all thought global luxury growth, it is impossible to slow it down. actually, luxury deals are under threat from the top to the bottom. conspicuouscern consumption is going out of fashion. on the bottom, affordable luxury, think coach for things like that. i thought it was interesting he said he is losing sleep. he is staying up at night worrying about the growing threat of wealth inequality because he is worried -- the people with money do not wish to show it. if your child's best friend's parents are employed, show me. that all of the rumored death of luxury is somehow just a rumor and somehow they figure out a way to survive. theway is to move a lot of sales online to the digital

e-commerce world. an area where the luxury market has yet to crack. olivia: interesting stuff. thank you so much. great to have you on for the next half hour. still ahead, much more. we will be talking and going inside the world of coding with your ceo -- does your ceo know how to write java? why the world now belongs to computer programmers. don't go away. ♪

olivia: the coders will inherit the oath -- the earth. that is the takeaway from an article in bloomberg businessweek, one we are very proud of, on why everyone needs to learn the basics of computer programming. the author joins me now onset. paul, i loved the story. it is really cool we devoted the entire issue to this one piece you did. make a case to me.

i will probably never make a career transition to become an engineer. why do i need to learn code? paul: software is everywhere. it is all around us in this room. to understand how things are powered, how people gain power in the modern world, why facebook is a $200 billion company and the new york times is a two plain dollar company, understanding how code works is one of the ways to get that knowledge. olivia: why does a ceo need to learn code? paul: they do not necessarily need to know how to write a program but they should know how software comes together because they are spending a huge amount of money on it. millions of dollars can go down the hole on bad software products. it is worth the time to learn what code is and what the different languages are and how it all works. olivia: how difficult is it to learn? i made it through about 30 minutes and then gave up.

paul: this is what we try to do with the article. you can learn basics about, it is a for loop and it lets me repeat things. the work of software development is very different. that is just -- it is that kind of stuff, how you work together with other people and right code, how you get everyone to work together to build giant applications. that is the stuff you want to learn about and that is what we are trying to get out to people in the issue. olivia: one idea is it is crucial not just to understand the basics of how it works, but the cultural component of how coders work. it can seem weird but 18 million programmers are around the world and they have their own set of rules for living their lives and getting products done. if you talk to a programmer -- it is right kind serious. it is serious stuff. olivia: you write about east coast versus west coast. is that bad boy versus death

row? paul: it is more complicated than that. so can -- there are third-generation programmers and developers out there crating stuff. there is a culture of making giant platforms that end up of dollars.billions we are trying to build that on the east coast collectively but we are not there yet. some companies like this one, bloomberg, are extraordinary but a lot of us are still listening. the general management out there, how many ceo's is our qualified to run the companies? paul: chickie question. i would say it is probably time to and more. olivia: thank you so much. time to check out our new covered -- cover story. ♪

>> good morning. >> welcome to the bloomberg market day. the incoming cheeky -- chief of jcpenney says the

turnaround should be easy. >> the u.s. is now the biggest energy producer in the world and we keep almost all of it to ourselves. is it time for congress to lift the ban on exporting crude oil. chris sacaout why thinks google would be the perfect suitor. olivia: good morning. let's take a look at top headlines at this hour. one of the world's best-known media moguls is stepping back. will give up his position as chief executive of 21st century fox. the new chief executive will be his son james.