THE NEWS WRAP: Federal Government to consider privacy laws in wake of News Corp phone hacking scandal

The Federal Government says it will consider new privacy laws for Australians in the wake of the News International phone hacking scandal.

Federal privacy minister Brendan O’Connor told The Age that the Government was “very serious” about the issue, but said that any change would safeguard media freedom.

The move, which is likely to face opposition among media organisations, follows Prime Minister Julia Gillard’s assertion that News Ltd needs to ask itself some “hard questions” about phone hacking.

Apple ponders Jobs succession plan

Apple’s board is weighing up successors to ailing CEO Steve Jobs, according to reports.

Jobs, who is on leave with undisclosed medical problems, has handed over day-to-day responsibility for the company to chief operating officer Tim Cook.

It’s understood that Apple directors have discussed a succession plan if, as many expect, Jobs doesn’t return to the company.

Departing Woolworths CEO warns retailers

Australian retailers face a difficult challenge to spur consumer spending over the coming year, Woolworths’ outgoing boss has claimed.

Michael Luscombe warned that his successor Grant O’Brien faced “one of the most challenging” years in retail.

Luscombe said that the following 12 months will “sort the girls out from the women and the men out from the boys.”

Overnight

The Dow Jones Industrial Average was down 14.75 points to 12,572,67. The Australian dollar was steady at 107.43 US cents.