I feel like there should be a "News" system of some kind. Access to the news should likely be restricted to when the player interacts with a station. This would also make it more "in-universe" and likely easier to code since it would likely only need to update when a player kills or interacts with another ship/station.
The news could be used to do much more than just inform the player of factional movement. It could also display interactions with other stations, such as one station/ shipyard implementing a "discount" to drive sales. It could raddle on about how the recently implemented Monolith regulations impact stations trading with FSR or xyz abc etc.
I haven't even scratched the surface of what this could do, but honestly it could be boiled down to a few things.
Factional Movements
Economic Developments
Factional Interactions with other Factions
Factional Interactions with Environment
Player Interactions with Environment
This could also be outsourced to a team of people to write quite easily without discontinuity in writing style, since real news is written by thousands of people. The News messages themselves could also be tied to the faction and "Mood" of the source of the News, aka "is this propaganda or not?" spoiler alert, its a mix of anything and everything.