Chinese state media criticised the brinkmanship in Washington over how to raise the debt limit as "dangerously irresponsible" and said the US could plunge the world into a recession that could be "much nastier" than the one that hit in 2008.
Republican leaders in the House of Representatives on Thursday abandoned efforts to vote on a plan to raise the nation's borrowing authority, deepening the US debt ceiling crisis five days ahead of a possible default.
Cyprus moved closer to becoming the fourth eurozone country to need a bail-out after Moody's downgraded its bonds to just two notches above junk, arguing that political turmoil on the island and its exposure to Greek debt raised questions about its ability to service its own debt.
Elizabeth Warren to leave consumer financial agency
Elizabeth Warren, the law professor who persuaded the Obama administration to create the Consumer Financial Protection Bureau, will step down on August 1 from her role setting up the controversial new regulator, the Treasury said on Tuesday.
The ruler of Dubai has replaced Ahmed Humaid al-Tayer as the governor of the Dubai International Financial Centre, the emirate's offshore financial centre and a significant strategic asset, shortly after he was dropped as chairman of the country's largest bank.
Analysis: United States gets closer to losing its AAA rating
The United States took a step closer to losing its coveted triple-A credit rating over the weekend as a political impasse in Washington reduced hopes of an agreement to meaningfully cut the nation's budget deficit.
A bitterly divided Congress set the United States on a collision course with financial markets on Monday as Democrats and Republicans pursued rival plans unlikely to generate the broad support needed to avert a catastrophic and unprecedented debt default.