Australia to cut budget by $6.7bn

Note: This section contains information in English only.
Source: Bloomberg
Australian government is going to implement budget cuts worth A$6.8 bn ($6.7 bn) in order to decrease spending and meet PM's Julia Gillard's oath to provide a budget surplus, as European debt problems fold economic growth. The surplus is forecast to reach A$1.5 billion. Australia holds the highest AAA grade received from all main rating agencies. Wayne Swan, a treasurer, pointed out that Australia is a good example of robust economic fundamentals.
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Wed, 30 Nov 2011 10:52:14 GMT

Stark suggests Eurozone must reduce salaries

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

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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