Subject Companies: Hughes Electronics Corporation

                                                    General Motors Corporation

                                                Commission File No. 333-105851

                                                Commission File No. 333-105853







Chairman's Address - K. Rupert Murdoch



News Corporation Annual General Meeting

Adelaide



15 October 2003



Let me welcome the many hundreds of you to this 2003 Annual General Meeting of

The News Corporation Limited and say what a pleasure it is to be with you all

again and to celebrate the year 2003 fiscal year, which delivered the

magnificent operating profit of A$4.4 billion.



While many of our competitors continued to grapple with the hangovers of the

90s excesses, we steamed ahead to end the year with the strongest balance

sheet and competitive position we have ever enjoyed.



Let me briefly summarise our results. Full-year revenues were up 15 per cent

to US$17.5 billion, while operating income increased 36 per cent to a record

US$2.5 billion. Those record profits came not from one or two operations but

from record results at a wide swathe of our businesses, including film, cable,

publishing, Australian newspapers, STAR in Asia, and the FOX Television

stations in the US. Along with record profits, we increased our cash flow,

paid down debt and significantly improved the health of our company. By 30

June 2003, we had effectively put another US$1.4 billion in the bank,

increasing our cash to US$4.9 billion, while reducing debt by US$460 million

to US$8.2 billion.



To run through the performance at each of our operating segments, let me start

with Filmed Entertainment where earnings increased to US$641 million, a 36 per

cent jump over the 2002 results, while our home entertainment business

continued to break records and our film studio continued its extraordinary run

of profitable box office releases. Movies such as "X2: X-Men United", "Dare

Devil", "Phone Booth", and a string of others gave us great returns at the box

office, while previous movie hits quickly became best-selling DVD and video

titles, including "Ice Age", "Shallow Hal", "Behind Enemy Lines" and others.

It is no secret that those DVD and video releases have added tremendous

stability to our filmed entertainment earnings and they provided the bulk of

the earnings increase in the segment. Of course, the contribution of our

television studios should not be forgotten. Twentieth Century Fox Television

is scheduled to supply 24 series for the major American networks - not just

the FOX network but ABC, CBS, NBC and the WB - in the 2003-2004 television

season. The syndication profits from existing or former hits such as "King of

the Hill", "The Simpsons" and "X-Files" as well as profits from the TV DVD

market that we pioneered last year continued to grow and buoy the segment's

bottom line.



Results at the television segment included record contributions from the Fox

Television Stations group, the first full year of profitability at STAR, and a

dramatic decrease in the losses at the FOX network. The US broadcast

television operations were dominated by the best-ever ratings at the FOX

network. Fox came within a hair's breadth of toppling NBC for the crown among

US networks, and in fact won the ratings race in both the February and May

2003 sweeps period on the back of hits such as "Joe Millionaire", "American

Idol", "24", "The Simpsons", "That 70s Show", and "Bernie Mac". The 16 per

cent prime time ratings improvement for the year at Fox helped lift operating

income, but it also gave a terrific boost to our station group, which is our

most profitable business, and which in turn increased earnings by 24 per cent,

thanks to increased market share, higher ratings,and the efficiencies we have

gained from the integrating of our duopoly stations. The station group now

comprises 35 television stations covering nearly 40 per cent of the US market

and it increased its margins to 46 per cent during fiscal 2003.



Meanwhile, we started to reap the rewards of our long-held faith and our years

of hard work at STAR in Asia. STAR's strength, particularly in India, fuelled

its first ever full year of profitability, even as the platform absorbed

start-up losses in mainland China and elsewhere in Asia. All told, operating

income at our television businesses was up a dramatic 46 per cent to US$851

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