Retirement of billionaire, 84, leaves Rupert Murdoch as last of that generation to be actively involved in media business

Billionaire media mogul John Malone, the so-called “Cable Cowboy”, is stepping down as chair of his powerful empire.

Malone will stand aside in January from his roles overseeing Liberty Media, owner of Formula One, and Liberty Global, the firm behind telecommunications operator Virgin Media O2, it was announced today.

Carmaker says reasons for reduction include that some wealthy people ‘are getting out of the country’

Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.

The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.