THE NEWS WRAP: Still no suspects in “heinous and cowardly” terrorist act

US President Barack Obama has delivered a second television address following the bombing of the Boston Marathon as investigators continue to search for evidence.

“This was a heinous and cowardly act and, given what we now know took place, the FBI is investigating this as an act of terrorism,” Obama said.

President Obama also downplayed growing speculation that a domestic terrorist group was responsible for the attack, noting that investigators are still looking for a suspect.

“We don’t have a sense of motive yet, so everything at this point is speculation.”

Nine proposes media reforms in a bid to save its merger with Southern Cross

Nine Entertainment has proposed a series of reforms to Australian broadcasting regulations in a submission to the joint select committee on broadcasting legislation.

Under Nine’s proposal, the 75% reach rule would be scrapped, paving the way for a proposed merger with regional broadcaster Southern Cross, along with obligations on any broadcaster with a reach greater than 75% to provide regional viewers with 22 minutes of local news each evening.

“Nine estimates that in order to meet this requirement it would need to have approximately 200 journalists and news production staff employed in regional areas,” its submission states.

IMF cuts global growth forecast

The International Monetary Fund has released its latest World Economic Outlook report, cutting its growth forecast for 2013 from 3.5% to 3.3%.

“Global prospects have improved again but the road to recovery in the advanced economies will remain bumpy,” the IMF report states.

“In the medium term, the key risks relate to adjustment fatigue, insufficient institutional reform, and prolonged stagnation in the euro area as well as high fiscal deficits and debt in the United States and Japan.”

Overnight

The Dow Jones Industrial Average is up 1.07% to 14,755.01. The Aussie dollar is down to US103.89 cents.