CFOZone.com - The Network of Corporate Finance

A Chinese tourism company listed in the United States wants investors to pour their money down a dark hole. Literally.

American Airlines and its parent company AMR Corp filed for bankruptcy on Tuesday to cut costs and combat soaring fuel prices and dampened travel demand.

Italy's borrowing costs hit a euro lifetime high of nearly 8 percent on Tuesday, taking the debt crisis to a new level of intensity hours before new prime minister Mario Monti was to meet euro zone finance ministers to set out his economic reform plans.

Britain's coalition government unveiled sharply lower economic growth forecasts on Tuesday and said it would take much longer than hoped to wipe out its deficit, meaning tough austerity measures would extend beyond the next election due in 2015.