IBT Staff Reporter

The yen rose to a 15-year high against the dollar and a nine-year peak versus the euro on Tuesday amid fears the global economy is slowing, testing Japanese authorities' resolve to stem the currency's climb.

The U.S. Food and Drug Administration is ordering Johnson & Johnson's DePuy Orthopedics unit to halt sales of its Corail Hip System because the company is marketing it for an unapproved use, according to a warning letter made public on Tuesday.

Doctors are ordering too many unnecessary imaging tests, raising the cost of healthcare and exposing patients to excess amounts of radiation, imaging experts said on Tuesday.

World's largest cooking oil consumer China said the country needs to step up agricultural innovation, including development of its own GM varieties, in response to climate change and to reduce reliance on foreign technologies.

Worst floods in Pakistan's recent history hit hard on the world's fourth largest cotton producer as it is likely to lost more than 15% of 2010-11 cotton harvest. According to International Cotton Advisory Committee (ICAC), cotton output in Pakistan now looked likely to come in at 1.9m tones, some 300,000 tones less than originally expected.

Riddhi Siddhi Bullions, India's one of the largest importers of gold, said on Tuesday it will sell five tons of gold coin in the country during the forth coming festival season, reported PTI.

Global rice prices are expected to rise by 6% to 7% this month or early next as foreign demand increases amid lower supply due to climate change. According to Thai Rice Exporters Association, foreign purchase orders have already resumed, and a flood of orders is anticipated next month to serve the many year-end festivals.

The hot news now is the BHP Billiton's unsolicited offer to buy Canadian fertiliser company, PotashCorp for $40 bn and PotashCorp taking alternative measures to block the bid. It is not yet clear why fertiliser companies have suddenly become hot favourites for acquisitions and mergers.

World wheat prices continued to climb as drought stricken Russia reported a further decline in yields from its grain harvest while import orders are on the rise. Russia's agriculture ministry said the country had harvested 40.3m tonnes of grain by bunker weight as of August 19, 38% less than a year ago. Bunker weight is typically about 7-8% higher than the clean weight used.

It is the time for mergers and acquisitions in the mining sector. After the recent copper miner Vedanta's takeover of Cairn India, now two gold mining majors in Australia announced their merger on Tuesday. According media reports, Australian gold miner Newcrest bought rival Lihir Gold with the deal creating the fourth largest group in the sector.

The euro hit a nine-year low against the yen on Tuesday as the loss of key technical support led speculators to short the currency in the hope of forcing stop-loss sales against both the yen and the dollar.

Global oil prices dropped below $73 a barrel in Asian trade Tuesday mainly after the dollar gained strength amid weak economic trends. Light sweet crude for October delivery was seen trading at $72.75 a barrel at 11.30 a.m Singapore time while Brent crude for October was at $73.28 a barrel in London.

Gold prices continued its southern journey in Asian trade Tuesday mainly on a strong dollar and weak equities that prompted investor's to sell the yellow metal. Gold for immediate delivery was seen trading at $1220.54 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1,222.4 an ounce on the comex division of Nymex.

This morning the AUD is fairly unchanged from the levels traded yesterday, currently trading around USD0.8900.

Yesterday's knee jerk reaction to a hung parliament saw the Aussie initially tumble almost a cent from Friday's close to exchange around 0.8850 in early Monday morning trade

Chrysler CEO Sergio Marchionne said on Monday it will be difficult for the automaker to turn a net profit for the full year 2010.

Amid the United States housing market's faltering recovery, investors are bracing for more bad news from Toll Brothers Inc and for housing in general when the biggest luxury builder reports quarterly earnings on Wednesday.

A mortgage servicing company's claims that would push responsibility for faulty mortgage loans onto Wall Street titan Morgan Stanley were dismissed by a Delaware court, according to a court filing.

Russia's autoshow is expecting a host of wealthy car-buyers to flock to the annual auto industry bonanza this week as high-end vehicles take the spotlight away from budget rivals.

An Italian union said Monday it will file a criminal complaint against carmaker Fiat SpA after the company refused to allow three dismissed employees back to work despite a court ruling ordering their reinstatement.

Volkswagen AG's management is eyeing the potential acquisition of the Alfa Romeo brand should Fiat SpA consider putting it up for sale.

China's BYD Co Ltd, backed by U.S. billionaire Warren Buffett, warned on Monday of a slowdown in car sales during the second half of the year and said it will launch new models to lessen the impact.

The Food and Drug Administration commissioner on Monday said there may be more recalls of eggs in the salmonella outbreak and the agency did not yet know how the eggs and chickens were contaminated.

The euro edged lower on Monday, hurt by concerns over the euro zone economy and prospects of loose monetary policy until year-end, leading investors to bet against the single currency. Currency speculators extended euro short positions in the week ended Aug. 17, the Commodity Futures Trading Commission said on Friday, as focus shifted back to the euro zone and away from the U.S. economy.

Julia Wood, a 51-year-old mother of 12 from Chicago's East side, has some health insurance through a state program -- but is so worried she may lose it she asks not to give her real name.

The onset of the festive season in the Indian subcontinents has left India's jewellery makers bewildered as the demand for the yellow metal did not match the expectations of the bullion marketers, who believed jewellery buying during festivities to shoot up despite peaking up prices.

In need of a romantic break, but don't know where to go? Boutique hotel connoisseurs Mr & Mrs Smith (www.mrandmrssmith.com) play Cupid with a hand-picked selection of 10 of the most seductive stays worldwide.

The upbeat kharif sowing statistics in India is likely to moderate the dependence on imported oil in the current year. The data from the Ministry of Agriculture informed that the area under kharif oilseeds crop as on 19th August 2010 shows an increase of about 4 lakh hectares during the week and is reported at 161.40 compared to 153.19 lakh tonnes at the same time of the last year.

Oil prices rebounded in the early trades today, gaining as much as 0.7% at $74 per barrel drifting at a six-week low with dollar getting weaker on the back of raising US economic concerns. The firmness in the Chinese stock markets also fuelled prices. The US crude for delivery in October rose as much as 48 cents, or 0.7 percent, to $74.30 a barrel on the New York Mercantile Exchange, and was at $74.17 at Singapore, while October ICE Brent gained 36 US cents to $74.62.