Stark suggests Eurozone must reduce salaries

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/Reuters
Juergen Stark, the member of European Central Bank Executive Board said substantial wage cuts are the last instrument left for Eurozone to stop debt crisis. He argued that adjustment in relative prices through salary reductions may be the only approach to lessen total debt. Stark also reminded that ECB rejects calls to be a creditor of last resort as it doesn't have capacities to back governments.

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Wed, 30 Nov 2011 10:53:34 GMT

Thailand reduces borrowing costs to stimulate recovery

The Bank of Thailand lowered borrowing rates for the first time since 2009. Thailand's national bank has cut its overnight rate by 0.25 percentage points to 3.25%. Central bank expects Thailand's economy will grow at 1.8% rate next year or 0.8% less than was predicted earlier. Nalin Chutchotitham, Kasikornbank Pcl's economist forecasts further cut of 0.5% percentage points in forthcoming two months.  

Wed, 30 Nov 2011 10:51:27 GMT

US stocks close higher amid European signals of progress

US stocks mostly extended gains on Tuesday as markets monitored European summit in Brussels, hoping for progress in tackling debt crisis. Standard & Poor's 500 Index gained 0.22% or 2.64 points closing at 1,195.19. Dow Jones Industrial Average Index edged up 0.3% or 32.62 points to 11,555.63. Nasdaq Composite Index did not follow its major peers and fell 0.5% or 11.83 points to 2,515.51.

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