James Murdoch was involved in heated exchanges with British MPs overnight, rejecting suggestions that he runs News International like a “mafia boss”.
Labour MP Tom Watson compared the running of the media company, which has been dogged by allegations of phone hacking by its former tabloid News of the World, to the mafia during a parliamentary committee.
Murdoch said the description was “offensive”, denying that he condoned the phone hacking.
John B Fairfax sells out of Fairfax
John B Fairfax has exited the business that bears his name, selling his 9.7% stake in Fairfax for $193 million.
Although Fairfax said the sale was “not easy”, chairman Roger Corbett said the company would ”ultimately benefit from a broader shareholder base”.
Pilots union challenges Fair Work Australia
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The union that represents long-haul pilots has launched a legal challenge to the ban on Qantas industrial action.
The Australian and International Pilots Association said that the Fair Work Australia ruling to end the industrial dispute was unfair due to the “one sided” nature of negotiations with Qantas.
The Dow Jones Industrial Average rose 97.03 points, or 0.8%, to 11,877.97. The Australian dollar was up to 101.42 US cents.