Win McNamee / Getty Images / AFP

The looming ‘fiscal cliff’ in the United States is the biggest threat to the world economy and can cost the country its AAA sovereign rating, according to the Fitch ratings agency.

­Fitch says the fiscal cliff is the single biggest near-term threat to the world economy. It would plunge the country into recession with ...

RIA Novosti / Vadim Zhernov

Russia lost a whopping $151bn in black money leaving the country in 2001-2010, making it the fifth largest victim of illicit capital outflow, according to a report of Global Financial Integrity (GFI), the US financial watchdog.

The GFI found out that as much as $43.6bn illegally left Russia in 2010 in addition to $84bn of...

AFP Photo / Yasuyoshi Chiba

Spain defaulting, oil falling to $50 a barrel and the DAX plunging 33% - Saxo Bank’s “outrageous predictions” for 2013 are like an economic Apocalypse.

­The Danish investment bank has published its unofficial predictions for the next year that are unlikely, but will send shock waves through the global markets if they ...

Russian Central Bank in Moscow (Reuters / Sergei Karpukhin)

Russian banks borrowed a record 1.9trln roubles ($61 billion) from the Central Bank of Russia during an auction aimed to boost the liquidity level of the country’s lenders.

On Tuesday the CBR provided 2.63trln roubles – the largest amount since 2009 – to the banks at the auction, Vedomosti d...

Switzerland's largest bank UBS has agreed to pay $ 1.53 billion in fines to US, Swiss and British financial regulators in order to settle investigations into the Libor interest rate manipulation.

"We deeply regret this inappropriate and unethical behavior. No amount of profit is more important than the reputation of this firm, and we are committed...

General optimism over progress in US budget talks is expected to keep major markets in the black for Wednesday’s trading session.

House Speaker John Boehner’s willingness to increase tax rates for the wealthiest Americans was described as “progress” by the White House.In response, President Barack Obama said he would match the tax increases with...