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The Murdochs have been among those pushing for the abolition for the two-out-of-three rule.

Rupert Murdoch retreats as his media empire comes under threat

Rupert Murdoch's media empire has gone into survival mode as it becomes clear that the billionaire no longer has the protection of crucial backer, Prince Alwaleed bin Talal, ahead of a meeting next week where 21st Century Fox investors will attempt to take control of the media company.

High-stakes game: Solomon Lew and Premier's chief executive officer Mark McInnes.

Solomon Lew calls for former Myer boss' return

Solomon Lew has revealed his hand in the high-stakes game his Premier Investments is playing with Myer, naming the directors he wants appointed to the department store's board and outlying a strategy to revive its fortunes.

Buying in the banks offset the stalling resources rally.

CBA helps ASX hold above 6000

Shares on Wednesday managed to cling to sharp gains made in the previous session where the benchmark managed to cross the key 6000 level.

Indonesian President Joko Widodo, right, greets Australian Prime Minister Malcolm Turnbull.

Australia-Indonesia free trade talks ramp up

Prime Minister Malcolm Turnbull is expected to meet Indonesian President Joko Widodo in coming days as the two countries hammer out the final details of the first free trade deal Indonesia has signed off on in almost a decade.

Shares are set to fall at the open.

Markets Live: CBA saves 6000

Shares on Wednesday moved firmly beyond 6000 as investors bought into banks following a well-received earnings update from CBA.

Justice Jonathan Beach described Westpac's argument as "nebulous" before finding in favour of ASIC.

Westpac suffers setback in ASIC's rate rigging case

Westpac has suffered a massive setback in its defence of allegations by the corporate watchdog that it rigged one of Australia's most important interest rates, with the Federal Court throwing out its claim that it was being unfairly prejudiced.

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