ECB cuts the interest rate to 1%

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Source: Forexpros
© Scanpix/RS

The ECB decreased the key interest rate for the second month in line with the aim to boost the economic recovery of the area. The bank set the interest rate at all-times low of 1.0% down from 1.25% in the previous period. The move was expected by experts. Following the shift the, euro declined against the greenback with the EUR/USD pair trading at 1.3394, down by 0.13%.

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Thu, 08 Dec 2011 15:32:15 GMT

Dam building on Mekong River postponed again

The project of building the first hydro-power dam on the lower Mekong has been delayed again due to environmental concerns. The project will allow Laos to generate additional power that was planned to be sold to Thailand. However, opponents claim the dam will impact fragile ecology and people living downstream of the river.

Thu, 08 Dec 2011 16:37:55 GMT

Japan's Nikkei Stock Average gives up 0.66% amid European worries

Japan's Nikkei Stock Average traded down 0.66% or 57.59 and ended trade at 8,664.58. The slight decline can be explained by investors' anxiety regarding Friday's summit and Germany's announcement it will not support two bailout funds. Main losers were Japanese exporters as US Dollar dropped against Japanese Yen. Honda Motor Co. lost 1.8%, and Mitsubishi Motors Corp. declined 3.2%. On the upside were Olympus

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