I have not noticed any local news except the traffic report in any system I have been in. I think this may need to be looked at if you think it exists already.
Many areas exist to make this bring the galaxy alive. New rank gains in Pilot's federation. For small systems any PC destroying Pirates or Wanted ships would be newsworthy and should gain rep on the side of law and negative rep with any local pirate group/ black market. Likewise any Pirating in local system; Cmdr John Doe has been pirating this system and gained 123 Cr bounty for his activity here. NPC action might be a bit more difficult but maybe anytime an NPC is promoted to Tier 2 it warrants some made up article to call that to attention.
Weekly reporting of player achievements galaxy wide like most systems explored, largest star discovered, system with most planets discovered, most bounties collected, longest trade run. Some of it might even seem boring but since it is the player community almost everyone will love to see their own name in the headlines.
All in all the news at the moment is nice to have on the major story-lines. But it could be so much more.
Some really good ideas here +1 rep. F