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THE NEWS WRAP: France credit rating under threat

Tuesday, 22 November 2011 | By Oliver Milman

Labor has won the support of key independent MPs for its mining tax, although the Opposition has warned that it will have a knock-on impact on small businesses.

 

Independent MPs Tony Windsor and Rob Oakeshott both said that they will support the mining tax after their demands, including an assessment of the impact of coal seam gas drilling, were agreed to.

 

However, the Coalition claims that the tax will negatively impact 400,000 small businesses due to related changes to the Entrepreneurs Tax Offset, while resource companies warned that it could jeopardise new mining projects.

 

France credit rating under threat

 

Rising borrowing costs and slowing growth could endanger France’s triple A credit rating, a leading ratings agency has warned.

 

Moody’s said that the Eurozone debt crisis was exacerbating the situation, warning: "The French social model cannot be financed if the French economy's potential is not preserved.”

 

Brin backs Wikipedia

 

Google co-founder Sergey Brin has thrown his weight behind Wikipedia, donating $US500,000 to the website via his Brin Wojciciki Foundation.

 

Wikimedia Foundation executive director Sue Gardner said she was “very grateful” for the donation.

 

Overnight

 

The Dow Jones Industrial Average fell by 298.2 points, or 2.5%, to 11,497.96. The Australian dollar dipped to 98.36 US cents.