THE NEWS WRAP: Carbon price to be introduced next year

Julia Gillard has announced plans to introduce a carbon price from July 1 2012 in a move that received a mixed reaction from businesses.

The Prime Minister said a fixed-price permit scheme will last for three to five years before the introduction of a flexible-price model. Details on the price of permits have not been revealed.

Some businesses applauded the move to a clean energy economy and the end of uncertainty over the issue but other groups, such as the steel industry, criticised the lack of government consultation with businesses.  

Studios lose iiNet appeal

ISP iiNet has emerged victorious after an appeal by 34 film studios, headed by Village Roadshow, failed in the Federal Court.

The studios were looking to overturn an initial ruling that iiNet wasn’t responsible for consumers illegally downloading movies via the internet.

The Federal Court upheld the original decision, but with one judge dissenting the case may be resurrected.  

Oil price hits new high

The price of oil has hit a two-and-a-half year high due to ongoing unrest in Libya. Fears that instability could hit other oil-producing nations saw the price of a barrel of Brent crude hit $US119.79 yesterday.  

Overnight

The Dow Jones industrial average sank by 104.14 points to 12,001.64. The Australian dollar eased above parity, to 100.84 US cents.