THE NEWS WRAP: Arrington departs TechCrunch

TechCrunch founder Michael Arrington has exited the popular tech blog, following a two-week standoff with its owner, AOL.

The departure comes after Arrington issued an ultimatum for AOL to guarantee TechCrunch’s “independence” or allow the site to be bought back by its original shareholders.

Arrington recently launched CrunchFund, a $20 million investment fund for start-ups, with $10 million backing from AOL.

Carbon tax bills introduced

Bills to create the carbon tax framework were introduced to Parliament yesterday, with the legislation on track to be passed by the end of the year.

The 18 Clean Energy Bills and the Steel Transformation Plan Bill will, if passed, introduce carbon pricing from July 1 next year.

The legislation is due to be voted on by the lower house on October 18 before being debated by the Senate from November 7.

Government to launch media inquiry

The Federal Government is set to launch a wide-ranging review of the media after reportedly coming under pressure from the Greens and back bench Labor MPs.

The Greens are keen for scrutiny to be placed on News Ltd’s 70% share of the Australian newspaper market, although the Government says that the terms of the review are still to be decided.

Overnight

The Dow Jones Industrial Average edged up 44.65 points, or 0.40%, to 11,105.77. The Australian dollar was steady at 103.50 US cents.