Budapest  - The Hungarian National Bank opted to maintain its high base rate of 9.5 per cent at a meeting of its Monetary Policy Council on Monday.

The bank said in a statement that the decision was a response to worsening economic conditions and a need to maintain stability and the value of the national currency.

The decision was announced after a morning of wild swings in the value of the forint, when it weakened to 307 against the euro before firming slightly.

This volatility came two days after Prime Minister Ferenc Gyurcsany's surprise announcement that he was ready to step down.

Amsterdam - Dutch ING Bank has asked its top 1,200 managers not to accept their bonuses for the year 2008.

Quoted in Dutch daily newspaper Volkskrant on Monday, ING's Jan Hommen, who will formally be appointed as chief executive officer in April, said many managers are prepared not to accept their bonus.

Hommen, who spoke about a "moral appeal" to ING's managers, said the Dutch bank would only pay bonuses during 2009 "after a new reward system has been established."

Thailand - Thailand's economy is expected to contract by 3 per cent this year and could contract by up to 9 per cent if the government fails to push through stimulus programmes, Finance Minister Korn Chatikavanij said Monday.

"If the government had no stimulus programmes the gross domestic product (GDP) could contract 8 to 9 per cent this year," Korn told reporters.

The Fiscal Policy Office has lowered its GDP growth projection for 2009 from minus 2 per cent to minus 3 per cent, he said.

Singapore - Singapore's poorest were hit hardest by rising prices for food, housing and electricity in 2008, as the city-state's inflation climbed to its highest level in 28 years, data published by the Department of Statistics on Monday said.

Singapore's consumer price index (CPI) for general households rose by 6.5 per cent in 2008, the highest level since
1981 when it came up to 8.2 per cent.

It was more than triple the 2.1-per-cent increase of 2007.

London - A leading British thinktank Friday warned of the "grave threat" of social unrest in response to the global recession over the next two years.

The Economist Intelligence Unit (EIU), in a paper published Friday, rated the risk of upheaval that could "disrupt economies and topple governments" as "high or very high" in 95 countries.

New York  - The United Nations called Friday for the injection of 15 billion dollars a year into the global water market to meet daily water needs of billions of people as it marks World Water Day on Sunday.

March 22 each year is dedicated to water, a commodity called "the most precious natural resource" by UN Secretary General Ban Ki-moon.

"More than ever we need to work together to use it wisely," Ban said in a prepared message for World Water Day.