THE NEWS WRAP: NAB boss says doom mongers are no good for the economy

Business leaders should stop talking down the Australian economy or risk damaging confidence, the boss of NAB has warned.

Cameron Clyne told a business function that repeated complaints about the two-speed Australian economy did little to help companies through a period of transition.

“One of the problems that actually damages confidence in the economy is everybody providing a running commentary on the Government,” he said.

“Anyone in my position or other senior positions has no problem gaining access to senior members of both the Government and the Opposition. I think it doesn’t help the broader community if people just get up and provide a running commentary.”

Swan channels Springsteen in new miner attack

Treasurer Wayne Swan has renewed his attack on Australia’s wealthiest mining magnates, while evoking the spirit of US rock legend Bruce Springsteen.

Swan said that Springsteen’s single Born to Run inspired him to think about fairness in society. He pointed to Clive Palmer, Gina Rinehart and Andrew Forrest for using the “pillars” of Australia’s democracy as “playthings” for their own interest.

Microsoft scraps Hotmail

Microsoft has made its latest move in its attempt to keep pace with Google, dropping its Hotmail email brand, which it acquired in 1998.

The software giant said it would rename the email service Outlook.com. The overhaul will allow users to sort email messages as they arrive, as well as make internet calls on Skype.

Overnight

The Dow Jones Industrial Average closed at 13,008.68, down 64.33 points, or 0.49%. The Australian dollar was down to US105.03 cents.