THE NEWS WRAP: OECD says Australia set to outperform major economies, Europe at risk of recession

Australia is set to outperform the world’s major economies over the next year, with Europe at “severe” risk of recession, according to the Organisation for Economic Co-operation and Development.

The OECD said that it forecasts Australia’s economy to grow by 3.1% in 2012 and 3.7% in 2013.

This is significantly better than the “muted and fragile” recovery of many members of the 34-nation OECD bloc, with the euro zone financial crisis identified as the most serious risk to the global economy.

Microsoft gets So.cl

Microsoft has unveiled its latest attempt to break into the social networking market by unveiling its So.cl product to the general public.

The platform, initially aimed at students, allows users to share and comment on interesting search results. Microsoft says that the system is an “experiment” and not a rival to other social networking sites.

Cook tops CEO rich list

Apple chief Tim Cook has been named the highest paid CEO in the US, despite having an annual salary of just 90 cents.

Stock options provide Cook with $378 million, based on Apple’s growing share price. The head of Oracle, Larry Ellison, came in second place, with $76 million.

Overnight

The Dow Jones Industrial Average was down 1.82 points, or 0.01%, to 12,502.66. The Australian dollar dipped to a six-month low of 97.85 US cents.