Gold was hovering near three-month lows on Monday despite the failure of weekend talks in Washington to reach an agreement to avert a US debt default and as large sell orders in the previous session rattled investors.
Spot gold wa
As the US government moved into the second week of a shutdown on Monday with no end in sight, a deadlocked US Congress also confronted an October 17 deadline to increase the nation's borrowing power or risk default.
The last b
Money lenders trust America so implicitly that they generally dismiss the risk it won't pay its debts. But in the US capital, fears are growing that political dysfunction might trigger the unthinkable.
Government veterans from
Cyprus faces a "material and rising risk" of defaulting on its sovereign debt, especially if the euro zone and International Monetary Fund do not come up with aid, rating agency Standard & Poor's said on Wedne
The UAE will settle defaulted loans owed by its by citizens, up to Dh5 million ($1.36 million) each, state news agency WAM said on Thursday, in the second such move by the government this year.
The order from UAE president, Sheikh Kh
Greece averted on Friday the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout.
A disorderly default in Greece would probably leave Italy and Spain needing outside help to stop risks spreading, and cause more than 1 trillion euros ($1.3 trillion) damage to the euro zone, the Institute of International Finance said.
Dubai's government has no plans to restructure debt held by state-linked companies, although it is ready to support them through 'various' refinancing options, it said on Wednesday.
The Financial Times reported on Tuesday that