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British Paper Folds, Shell Banks On Ethanol

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It's the first day of a world without News of the World.

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KELLY: The British tabloid published its last issue, yesterday, and the aftermath is at the top of NPR's business news.

Parent company, News Corp, shut the paper down after new revelations that its staff have been hacking into people's cell phones to dig up news. But News Corp chief, Rupert Murdoch, may not be able to stop the damage there.


His company plans to buy full control of a British satellite TV broadcaster. The deal to buy BSkyB seemed close to approval. But now leaders of two of Britain's three major parties say the deal should at least be delayed. One leader is Nick Clegg, who is the deputy prime minister.

LOUISE KELLY: Okay, on to another story now. Here in the U.S., one outcome over the fight over reducing the deficit could be the end or at least the ratcheting back of ethanol subsidies. Royal Dutch Shell is banking on that.

Today the Financial Times reports that Royal Dutch Shell is investing heavily in its ethanol operations in Brazil, in the hopes of becoming a major exporter of ethanol to the U.S. Brazil is already a leading producer and consumer of the biofuel. Transcript provided by NPR, Copyright NPR.