australia's fairfax media — owner of the sydney morning herald — and tv broadcaster nine entertainment the first deal under a controversial new media ownership law that removed a number of restrictions. simon atkinson is in sydney. just talk us through the significance of this as far as the australian media landscape is concerned? this brings together two of the biggest names in australian media, forming a joint company that would be worth about 4 billion australian dollars, £2.5 billion. it is going to create a company which has big interests in, as well as the newspapers of fairfax media, various digital and screening services. it will also end the name fairfax media. the new company will be known as nine. this business, which has been around for 150 years, its identity is being stripped away. there is concern that the name will 90, there is concern that the name will go, but will some of the journalistic integrity associated with fairfax media and its newspapers, is that going to go with it? that is the real concern which is coming out macro so far. the deal still has to go through

moving down to australia and television broadcaster nine says it has purchased fairfax media in a dealde from sydney is simon atkinson. how significant is this media deal in australia? it's caused quite a shock, nobody was expecting this announcement. it fell a couple of hours ago and it's been taken. titles like the sydney morning herald, the age, the australian financial review, a name that will disappearfrom financial review, a name that will disappear from the media financial review, a name that will disappearfrom the media landscape. this new combined company is going to be branded nine so a lot of journalists and formerjournalists who are bemoaning the loss of this historic name. what it really means isa sign historic name. what it really means is a sign of how both these companies are needing to adapt in kind of a changing age. when advertising revenue you get from newspapers is nowhere replicated from those on line offerings. fairfax has been made —— making cuts the years, hundreds ofjobs have gone, its newspaper titles, for example. nine is billing this is an exciting moment f

the merger of nine entertainment and fairfax media in australia.rfax holders getting 0.29 shares. just a that news crossing now. nine entertainment and fairfax. we did have some alignment between nine and news corp. in terms of data sharing agreements. to try to beat the competition. now we are getting the straight nine to acquire fairfax media in a cash and share deal. more details of that as they become available. let's get more as trading gets underway in asia. adam is with us. notable manager. what is he saying in terms of the uncertain elements? he is saying he is shifting more of the equity portfolio into cash. up to 18% in cash, which is an all-time high for those guys. they've been invested in now and the big names that have done well. they are painting a picture which is unsettling for equity return her's. they want to position cash going into that. one of the scenarios that is significant in terms of the likelihood it could play out is the fed is forced to tighten quicker than the market expects. runaway inflation means they will have to

australia's fairfax media, owner of the sydney morning herald and tv broadcaster nine entertainment,. it's the first deal under a controversial new media ownership law passed in september last year which removed restrictions preventing media companies from owning newspapers, radio and television stations in the same city. let us look at what is trending this morning. 0n the wall street journal, more of africa finds itself in china's debt. chinese president xijinping has signed a slate of investment deals during a weeklong tour of africa, feeding into concerns over ballooning levels of indebtedness to beijing. 0n wired, china blocks qualcomm's attempt to buy dutch chipmaker — the $38 billion takeover of nxp needed approval by china as it does a lot of business there. wired says it's a symptom of trade tensions with the us which has blocked several chinese takeovers. and that is it for the business briefing. stay with me for the newsbriefing coming up next. here in the uk, the met office says friday could be the hottestjuly day ever. but after weeks of dry weather, and resulting parche

the entertainment company has agreed to buy fairfax media worth $1.6 million.e shareholders will retain 51.1% of the new entity with her fax holders to keep the rest. more to retire at the end of november. joining the company in 1987, heads the group asset management arm. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundre

fairfax county. >> responders have been sending out constant uates on social media warning about it. >> nicole, what have you seen this morning? >> reporter: just a few hours we've been here on woodburn road, the wate has receded quite a bit.e you can see edge slowly going back. aast moving storm producing fast moving water. wo woodburn road one of many closed. swallowed by the creek. >> i've never seen it is wide. it get closed because it's a low g road >> reporter: levels flowing around three feet. much for the driver of this car taking a chance that amnted to this. fire and rescueep rorting multiple calls for help. cars stuck in rising water. >> turn around, don't drown.i ve larger pickup truck i would take it through maybe a foot of water. >> reporter: emeency officials advise against the attempt. when not seeing the ground isn't enough, perhaps heeding this sign woulde saved the trouble. in the last couple of hours, we ntn now see the full exte of this vehicle. it takes about 12 inches of rushing water to completely wash away a car thatsize. the bottom line, never walk and hrough thatot drive t

media player. like other newspaper companies around the world, fairfax has struggled financially in recent years due3. the treasury has released a big report on how top finances and says much more can be done to encourage saving. nicky morgan has said schemes like the lifetime ice have been complicated and instead matching schemes should be extended. cans of coca—cola in america are about to get more expensive due to donald trump's tariffs. he has imposed tariffs on steel and imports from china. this means it is more expensive for coca—cola to manage their products, so the price is being passed on to the consumer. let's have a look at the markets. the biggest result this morning is british american tobacco. they have boosted the ftse for most of the morning. that is it for business. back in the afternoon. one of the last surviving female pilots who flew in the second world war has died at the age of 101. mary ellis joined the air transport auxiliary in 1941 and spent the war flying 76 different types of plane, delivering them for the front line. ben ando looks back at her life. back in april, mary e