With barely a day to act, the polarized US House of Representatives on Monday approved a massive austerity plan to avert a debt default that would have wreaked havoc through the global economy.

After

US President Barack Obama announced late Sunday that he and top lawmakers had reached an 11th-hour deal to avert a disastrous debt default that would have sown chaos in the world economy.

"I want to

Crude oil markets rallied in Asian trade on Monday amid relief at the announcement of an elusive US debt deal, analysts said.

New York's main contract, light sweet crude for delivery in Septemb

President Barack Obama on Friday warned the United States was 'almost out of time' to agree a deal to raise the nation's debt ceiling, insisting that a compromise was within reach.

"This is not a sit