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Kilmeade mangles two-sentence report on Murdoch's Dow expansion

Reported by Chrish - August 4, 2008 -

According to Brian Kilmeade on FOX and Friends this morning 8/4/08 , Rupert Murdoch is unveiling plans "to launch 'a global Dow.'"

"The goal of this new index will be to reflect the stock market as it is, but also recognize the rights of countries like India." What?

He added that Murdoch owns News Corp, of course, which is the parent company of the Dow Jones and FOX News.

That was it, just a quickly-spoken blurb in the "by the numbers" segment, and frankly it was impossible to glean any meaning from it. Is it unimportant to F&F viewers? Probably. They are anxiously awaiting news of the adorable toddler missing in Florida. Would it hurt their homey, chatty personas to be seen as just a cog in a huge, global, money-making and influence-peddling empire? You betcha.

The Times of India reported a bit more in-depth:

"Rupert Murdoch's Star Group will invest $100 million to launch six new television channels in India within the next 12 months, Murdoch said on Monday. Murdoch is here to announce the launch of the Dow Jones India Titan 30 Index. [snip]

Murdoch said the Dow Jones India Titan 30 Index measures the performance of the 30 largest and most liquid stocks listed on BSE and NSE. The index will be based on the first 30 stocks ranked by free float market capitalization and 12 months' average daily trading volume. The top five companies in the index by free float market capitalization are Reliance Industries, Infosys Technologies, HDFC, Bharti Airtel and Larsen & Toubro. The three biggest sectors represented in the index are financial services, basic materials, and oil and gas."

Murdoch "has no plans to acquire stakes in the Indian print media as there is a 26% cap on foreign ownership in print," Murdoch said. "We don't see ourselves taking a stake as we don't want a miniscule stake." In other words, if he can't outright control it, he doesn't want any part of it.

FOX News: we report, you scratch your head.