The phone-hacking scandal at News Corp.’s U.K. newspapers simmered for nearly five years before erupting on the national scene in July 2011 amid the discovery that journalists had hacked the phone of a murdered schoolgirl.
Britain’s police watchdog cleared former Metropolitan Police Commissioner Paul Stephenson and his deputy John Yates in relation to a botched phone-hacking investigation of News Corp.’s News of the World tabloid.
The News of the World phone-hacking scandal claimed the job of a second senior officer at Scotland Yard in two days, as the London force’s top anti-terrorism officer resigned over ties with the shuttered News Corp. tabloid.
Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said the Fed will probably need to raise interest rates before mid-2013 and that policy makers should have waited to see how the economy performed before pledging to hold rates at record lows for two years.
Prime Minister David Cameron defended his links to former News of the World editor Andy Coulson after Britain’s top police officer resigned amid the phone-hacking scandal at the Rupert Murdoch newspaper.