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Posts Tagged ‘Bankruptcy’

‘Big lender’ China urges US to avoid bankruptcy

Posted by Ram Kumar Shrestha on October 8, 2013

China's Vice Finance Minister Zhu Guangyao (Reuters)

China, the US government’s largest foreign creditor, is “naturally concerned about developments in the US fiscal cliff”, as Reuters quoted Vice Finance Minister Zhu Guangyao giving the Chinese government’s first public response to the Oct 17 US deadline for raising the debt ceiling.

China currently holds 22.85 percent of the US $16.7trln debt, which makes it the biggest US creditor.

Treasury Secretary Jacob Lew calculated the US would run out of money by October 17 and have less than $30 billion cash in hand if Congress fails to agree on its spending plans. Read the rest of this entry »

Posted in Global | Tagged: , , , , , , , | Leave a Comment »

MF Global Files For Bankruptcy, Putting 700 UK Jobs At Risk

Posted by Ram Kumar Shrestha on November 1, 2011

The eurozone debt crisis has claimed its first big American victim. Troubled US brokerage firm MF Global has filed for bankruptcy protection after a deal to rescue it fell through. The company employs around 2,000 people worldwide and 700 in the UK.

The firm, headed by former Goldman Sachs banker John Corzine, is understood to have taken large bets on the eurozone. Last week, the company reported that its total exposure to eurozone sovereign debt was in excess of $6bn ($4bn), and that it had made a loss of $192m in the quarter. Two rating agencies cut the company’s credit rating to junk, and its shares collapsed.

On Sunday night, rumours circulated that a deal had been struck with Interactive Brokers, a rival, but the end of that deal leaves the company without a clear future.

Read the Article at HuffingtonPost

Posted in International | Tagged: , , , , , , , | Leave a Comment »

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