A US Congress "supercommittee" has failed to reach a deal to rein in the government's galloping deficits due to angry partisan battles over how best to revive the nation's sluggish economy.

A Vietnamese bank has offered to buy Vinashin’s debts at a value of 35% of its USD600 million principle debt.

Former European commissioner Mario Monti moves to form a new government to lead Italy out of an alarming debt crisis.