debt News

Man Convicted of Burning Down His Rhode Island Restaurant to Collect Insurance

A Massachusetts man has been convicted of burning down a restaurant he owned in Rhode Island. Federal prosecutors say 51-year-old Daniel Saad was attempting to collect on a nearly $1 million insurance policy when he set fire to Snow’s Clam …

Fosun’s Equity Deals to Intensify as It Seeks to Fund Acquisition Ambitions

A $1.2 billion share sale by Fosun International Ltd. this month was likely only the start of a love affair with equity deals, bankers say, as the Chinese conglomerate seeks to cut reliance on debt to fund its huge acquisition …

Towergate’s Secured Creditors Said to Hire Moelis for Debt Talks

Towergate Finance plc’s secured bondholders hired Moelis & Co. as advisers as they prepare for talks with the U.K. insurance broker about its $1.6 billion of debt, according to two people familiar with the mandate. Investors in the company’s 248.6 …

EU, IMF Clash over Greece Revives Debt Crisis Fears

A public clash between Greece’s international lenders over how Athens can bring its debts down to a sustainable level has reignited fears that the crisis could flare up anew. Euro zone finance ministers suggested that Greece, where the euro zone …

U.S. ‘Fiscal Cliff,’ Europe’s Debt Woes Worry G20

Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …

Willis Sees Threats on Horizon for Booming Latin American Energy Industry

“The booming Latin American energy industry is not insulated from the threat of a euro zone collapse or hostilities in the Middle East,” warned global insurance broker Willis. Speaking to a gathering of energy companies in Foz Do Iguacu, Brazil, …

Swiss Re’s Chief Economist on the State of the Global Economy

“The European debt crisis is affecting the global economy, definitely,” said Kurt Karl, Swiss Re’s chief economist in an interview at the recent Reinsurance Rendezvous in Monte Carlo. He did indicate that it’s affecting the U.S. a bit less, as …

Europe Drawn Back to its First Problem – Greece

The euro zone debt crisis was born in Greece. Nearly three years and two bailouts on Europe must decide whether to give the country yet more help or cut it loose. For all its complexities, Greece’s problems essentially come down …

Germans Say “Nein! No! Non!” Ahead of Euro Summit

EU leaders go into a Brussels meeting today, Thursday June 28, more openly divided than at any time since the euro crisis began, with Germany’s Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries’ …

German Chancellor Merkel Rejects ‘Miracle Solutions;’ Spain’s Debt Costs Soar

Chancellor Angela Merkel rebuffed pressure on Thursday for Germany, Europe’s most powerful economy, to underwrite debt or guarantee bank deposits in the euro zone, as Spain’s soaring borrowing costs raised new alarm. Spain’s 10-year bond yield hit a euro lifetime …