The Australian Communications and Media Authority has begun an investigation into the 2Day FM prank call that has been linked to the death of a nurse.
The prank has resulted in the radio station’s parent, Austereo, suspending advertising and cancelling the company’s Christmas party.
ACMA chairman Chris Chapman has said the investigation will begin with the companies involved, not the broadcasters themselves.
“The ACMA will be examining whether the licensee has complied with its broadcasting obligations,” he said.
GrainCorp rejects takeover offer
GrainCorp has rejected a $2.78 billion takeover offer from United States food giant Archer Daniels Midland, saying the bid undervalues the company.
“GrainCorp has advised ADM accordingly,” the company said in a statement.
“GrainCorp’s board will be constructive in any dealings in relation to proposals that have the potential to be in the best interests of shareholders.”
The most recent offer is actually higher than the $2.68 billion offer GrainCorp rejected last month.
Shares flat after weak offshore lead
The Australian sharemarket has opened flat today, following a weak lead from the United States where the Federal Reserve has pledged to pump more money into the struggling economy.
The benchmark S&P/ASX200 index was down 3.8 points or 0.1% to 4,580 at 12.00 AEST, while in the United States the Dow Jones Industrial Average fell three points or 0% to 13,245.4.
New car sales remain unchanged
Sales of motor vehicles remained flat in November, according to the latest figures from the Australian Bureau of Statistics.
The figures show 95,748 cars were sold in Australia during the month of November, a seasonally adjusted rise of less than 1%.
Total sales are now 9.7% higher than this time last year.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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