Global economy is still not out of turmoil: Rupert Murdoch

“I do not believe we are out of the turmoil yet. Sovereign debt pressures, soaring deficits and unacceptable U.S. unemployment levels are key obstacles to the global economic recovery,” said Murdoch in a letter to shareholders in his company's annual report published on Thursday.

“Others may see more positive signs, but I believe until these issues are addressed, markets, governments, currencies and consumer behavior will be unpredictable,” he said.

Murdoch was bullish about how his company, which owns the Fox TV networks, newspapers like the Wall Street Journal and Hollywood studio Twentieth Century Fox, had navigated both the difficult economic environment and threat to traditional content business models by new Web-based services from companies like Netflix Inc and Apple Inc

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