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Top 4 Business Stories of the Day

Rupert Murdoch's News Corp reported a 3 percent decline in first-quarter revenue to $2.07 billion because of lower advertising revenue at its newspapers. The company said net income was $38 million compared to a loss of $83 million in the same quarter last year. T-Mobile plans to sell 66 million shares in an effort to bulk up its corporate war chest to potentially acquire spectrum or make other capital improvements. Shares, which had closed lower during regular trading, dropped a further 87 cents, or 3.2 percent, following T-Mobile’s announcement. Wynn Resorts said it is withdrawing its gaming licensing applications in Pennsylvania to pursue business opportunities in other markets partly because of potential competitors from nearby New York state. Marks & Spencer is pushing deeper into India. The British retailer confirmed that it is set to have about 80 stores open in the region by 2016 as part of its strategy to become a leading international, multichannel retailer. The plan is to double its store presence in India with partner Reliance Retail, and the move will see the country become M&S’ largest international market outside of the U.K.

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