THE NEWS WRAP: News Corporation sells MySpace for $35 million

News Corporation has finally sold MySpace, its once-dominant social networking site, for $35 million – a fraction of the price it paid for it six years ago.

 

Online advertising firm Specific Media has purchased the site, which was acquired by News for $580 million in 2005. MySpace hit a peak of 76.3 million users in 2008, but has since been eclipsed by the likes of Twitter and Facebook.  

 

ATO to crack down on sham contracting

 

The Australian Taxation Office is set to launch a new compliance program that will crack down on small businesses that use sham contractors.

 

The program, due to be released today, is set to include a 25% increase in audits of about 2.8 million businesses with sales less than $2 million, according to the Australian Financial Review.  

 

Greece votes for austerity package

 

Greece’s parliament has voted for unpopular austerity measures, to the fury of protesters, who again clashed with police in the streets of Athens.

 

MPs voted 155 to 138 for a package that will cut about $38 billion from government spending by 2015. The move, which was demanded by international creditors of the debt-laden country, is unlikely to prevent Greece defaulting as it has little way of paying back its huge loans.  

 

Overnight

 

The Dow Jones Industrial Average was up 72.73 points to 12,261.42. The Australian dollar rose to 105.85 US cents.