Rupert Murdoch is "unfit to run a major international corporation." That is the verdict from a committee of British lawmakers today. The committee was investigating allegations of widespread phone hacking by journalists working for Murdoch's News of the World tabloid newspaper.

In London, media tycoon Rupert Murdoch and his son James are facing tough questions at a government hearing into news media ethics. When they appeared together before parliament last year, the Murdochs did not get an easy ride. One lawmaker accused them of running their media empire like the mafia.

James Murdoch announced today that he was stepping down from News International, the British newspaper arm of News Corp. He'll instead focus on the international TV business, and that could affect the company here in the U.S.

The heir apparent to Rupert Murdoch has stepped down as chairman to News International, a division of News Corporation. It's a good way to distance himself from News Corp.'s recent phone hacking scandal.