THE NEWS WRAP: Moody’s cuts eurozone debt ratings

Business groups have warned that the Government has not done enough to boost productivity and support jobs in preparation for the day the mining boom begins to fade.

The Australian Industry Group’s incoming CEO Innes Willox said that Australia faces “cost pressures like it has never had before”, supporting a Business Council of Australia call for the Government to do more to spark economic growth.

The warning follows criticism by Labor senator Doug Cameron of the term “new economy”. Cameron urged the Government to invest in high-skilled jobs, rather than rely on the “new economy” of mining.

Moody’s cuts eurozone debt ratings

Credit agency Moody’s has slashed the sovereign debt ratings of several European countries, as concern over the eurozone debt crisis grows.

The ratings of Italy, Malta, Portugal, Slovakia, Slovenia and Spain have been cut, while Austria, France and the United Kingdom were placed on a negative outlook.

Google-Motorola Mobility deal given green light

US and European regulators have given Google the go-ahead to buy Motorola Mobility for $12.5 billion.

The deal, which gives Google access to more than 17,000 Motorola Mobility patents, would not stifle competition, the watchdogs in the US and Europe ruled.

Overnight

The Dow Jones Industrial Average fell 69.78 points, or 0.5%, to 12,804.26. The Australian dollar dropped to 106.35 US cents.