THE NEWS WRAP: News Ltd calls proposed media reforms a “sad day for democracy”

Media companies have given a mixed response to new government proposals to overhaul the sector, with News Ltd by far the most critical of the move to shake up industry regulation.

 

Stephen Conroy, the federal Communications Minister, has outlined plans for a new public interest test for significant media company takeovers and mergers.

 

TV networks Seven, Nine and Ten have welcomed some aspects of the proposals but News Ltd chief executive Kim Williams said it marked a “sad day for democracy”.

 

Rinehart’s daughter quits legal action

 

The ongoing saga of the Rinehart family legal battle has taken another twist, with one of mining magnate Gina Rinehart’s daughters withdrawing from the case.

 

Hope Rinehart Welker, who lives in New York and has recently split with her husband, previously requested that her mother provide her with a cook and cleaner and said she was “down to my last $60,000”.

 

Retailers warned over softening demand

 

Retailers have been warned to cut costs rather than rely just on discounting, following a new forecast that predicts softer consumer demand n 2013.

 

Deloitte Access Economics predicts that sales will grow by just 2.2% in 2012-13, before picking up pace by 2015.

 

Overnight

 

The Dow Jones Industrial Average ended up two points at 14,450. The Australian dollar was steady at US102.80 cents.

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