THE NEWS WRAP: Former Harvard contemporaries of Mark Zuckerberg lose appeal

Independent MP Andrew Wilkie has branded a $20 million marketing push by the clubs industry against curbs on poker machines as “dishonest.”

Wilkie said that he will not back down on his proposals to tackle problem gambling, which involve a mandatory pre-commitment scheme for punters.

However, Clubs Australia, which claims that jobs will be lost of the scheme is implemented, has hit back with a major ad campaign that dubs the proposals ‘un-Australian.’

Winklevoss twins lose Facebook appeal

Two former Harvard contemporaries of Mark Zuckerberg have lost their appeal against a 2008 settlement over who came up with the idea for Facebook.

A Federal appeals court ruled that Cameron and Tyler Winklevoss were not entitled to claim more than the $65 million deal agreed at the original case. Due to Facebook’s rising value, that stake is now worth $160 million.

The Winklevoss twins claimed that crucial details were omitted from the settlement, rendering it invalid.

Branson wins Virgin Australia case

Speculation is rife that Virgin Blue will be renamed Virgin Australia after Richard Branson’s Virgin Group gained control of the name.

The Federal Court ruled that Virgin Australia, which operated in adult entertainment, should change its name and give up its URL to Branson’s company.

Overnight

The Dow Jones industrial average was up 1.06 points to 12,381.11. The Australian dollar fell to 104.93 US cents.