Fox names Abernethy, Shine co-heads of news channel

21st Century Fox Inc. named Jack Abernethy and Bill Shine as co-presidents of the Fox News Channel and Fox Business, naming longtime company veterans to fill the leadership void created when Roger Ailes stepped down amid a sex-harassment scandal. The company also said in a statement Friday that Mark Kranz will retire as chief financial officer of the most-watched cable news network. Suzanne Scott was promoted to executive vice president, overseeing prime-time and daytime opinion shows, and will lead development of new programming. The move puts two senior executives atop 21st Century Fox's most profitable TV network, dividing responsibilities that were previously all under Ailes, the chairman and co-founder of Fox News. Both will report to Rupert Murdoch, the executive chairman of 21st Century Fox, who became chairman of Fox News after Ailes's departure and continues to lead the network.

Wholesale prices fall by most in nearly a year

Wholesale prices in the U.S. unexpectedly fell in July by the most in almost a year, a sign inflation is likely to stay muted. The 0.4 percent drop in the producer-price index, the biggest since September, followed a 0.5 percent gain the prior month, a Labor Department report showed Friday in Washington. The median forecast of 63 economists surveyed by Bloomberg called for a 0.1 percent advance. Prices in the production pipeline remain tame, reflecting the lingering influence of lower energy costs, the strong dollar and weak global demand. Federal Reserve officials, considering when to lift interest rates, are watching for signs of whether inflation is moving toward their goal.

Auto dealers gain, but retail sales stall elsewhere

Sales at U.S. retailers were little changed in July as Americans flocked to auto dealers at the expense of other merchants. The stalling of purchases followed a 0.8 percent gain in June that was stronger than initially estimated, Commerce Department figures showed Friday in Washington. The median forecast in a Bloomberg survey called for a 0.4 percent rise in July. Excluding cars, sales retreated 0.3 percent, the most since the start of the year. Improving car sales drained enough cash from consumers' accounts to cause demand at eight of 12 other major retail categories to fall.

While households have been bolstered by higher stock and home values, stronger wage growth would go a long way in improving purchasing power. "It is a bit disappointing, at least to start the quarter," said Kevin Cummins, an economist at RBS Securities Inc. in Stamford, Connecticut. "Labor income is the key. Confidence seems to be moving sideways." Estimates in the Bloomberg survey ranged from no change to a 0.9 percent gain. June's reading was revised from an initially reported 0.6 percent increase.