THE NEWS WRAP: James Packer resigns from Ten after ‘falling out’ with Lachlan Murdoch

James Packer resigned as a director of the Ten Network after a falling out with Lachlan Murdoch over the appointment of a new CEO, according to media reports.

Packer, who may also jettison his $125 million stake in the broadcaster following the move, was reportedly unhappy with Murdoch’s appointment of James Warburton as the new CEO. Packer had previously agreed a truce with Kerry Stokes, executive chairman of Seven, where Warburton was sales chief.

Lowy stands down as Westfield chief

Retail entrepreneur Frank Lowy has announced that he is to stand down as executive chairman of Westfield. Lowy, who is 80, co-founded the shopping centre empire in 1958 after arriving in Australia from Israel penniless six years earlier. He is now the country’s richest man, with an estimated $5 billion. 

Oil price hits new high

Oil prices hit new highs overnight as continued fighting between rebels and troops loyal to Colonel Gaddafi in Libya intensified. The London price of crude oil, seen as a barometer of world prices, rose to $117.81 a barrel, a two-and-a-half-year high.

Overnight

The Dow Jones industrial average gained 18.35 points, or 0.15 per cent, to 12,076.37. The Australian dollar rose to 101.55 US cents.