Thursday 25 December 2014
 
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Etisalat's Zantel defaults on $96m loan

An unidentified bank has demanded Zanzibar Telecom repay $96 million owed to it after the Tanzanian mobile operator defaulted on the loan, a bond prospectus for parent firm Etisalat said.   Zanzibar Telecom, whic

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Gold near 3-month low as US debt deadline looms

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

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What default? Republicans downplay impact of debt limit

The Obama administration says a US default would be "catastrophic." Economists say it could plunge the country into recession and prompt a global financial meltdown.   To many Republicans, however, the

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US enters 2nd week in budget, debt limit battle

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

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Washington to Wall Street: Threat of default is real

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

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S&P warns risk of Cyprus defaulting

  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

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Kuwait mulls travel ban on defaulters

  Kuwait could ban nearly 100,000 of its residents from leaving the country for failing to pay dues owed to the state, local newspaper reported, quoting a senior Justice Ministry official.   The pol

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UAE to settle defaulted loans, up to $1.4m

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

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Greece averts immediate default with bond deal

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. Th

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Greek default 'could cost Europe $1.3 trillion'

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. "T

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