World news: Moody’s threatens U.S.; Facebook’s future

U.S. credit rating in jeopardy

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Moody’s is threatening to downgrade America’s triple A credit rating, following Standard & Poor’s move last year, reports Financial Times.

The agency says Congress must reach a deficit reduction deal by the end of 2013, so stakes have been raised in the fiscal debate at the heart of the U.S. November election.

Read: Moody’s could downgrade U.S.

Draghi can’t save the Euro

Last week’s decision by the ECB to make unlimited purchases of government bonds in secondary markets was both necessary and bold, says Martin Wolf of Financial Times.

But, Wolf says the move came too late. The ECB alone can’t ensure the survival of the Eurozone; they can only help push it in the right direction.

Read: Draghi unveils OMT; markets rejoice

Does Facebook have tricks up its sleeve?

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Mark Zuckerberg says Wall Street has yet to grasp the full potential of Facebook’s fledgling mobile business, reports The Globe and Mail.

During his first appearance since the IPO, he hinted the company is working on search tools, new advertising products and a Smartphone app.

His delivery drove Facebook shares up more than 3% to above US$20 yesterday.

Read: Tech startups struggling