IBT Staff Reporter

Israeli Antiquities Authority (IAA) have discovered a rare gold coin dating back to 2,200 years. It weighs almost an ounce while most gold coins weiged 4.5 gms, CNN reported. The coin was minted in Alexandria, Egypt, by Ptolemy V and dates to 191 BCE. It is only the second gold Ptolemaic coin ever found in Israel.

Severstal , Russia's largest steelmaker, has put some of its loss-making U.S. mills for sale, several sources told American Metal Market in an article posted on its website.

Sales of mobile phones rose 13.8 percent to 326 million units in the second quarter but average selling prices fell by more than expected amid intense competition, IT research firm Gartner said on Thursday.

The euro bounced on Thursday, as heavy selling abated on early signs euro zone peripheral spreads were stabilizing, while speculation of intervention to weaken the yen drove down the Japanese currency. The dollar steadied versus a basket of currencies after posting its biggest one-day gain in two years the previous day when concerns about the U.S. and global economies triggered a wave of unwinding in short dollar positions.

The Bank of Japan checked exchange rates with banks in the foreign exchange market on Thursday as Prime Minister Naoto Kan and other policymakers stepped up their rhetoric over a steep rise in the yen.

U.S. stock index futures pointed to a mixed open on Wall Street on Thursday following Wednesday's sharp sell-off triggered by rising concerns over the outlook for the global economy.

The U.S. tactic of pouring money into ailing financial firms during the 2007-09 crisis helped many foreign banks whose governments should have shared some of the burden, a report from a congressional watchdog agency said on Thursday.

Britain's largest insurer Prudential Plc reported a better-than-expected 34 percent rise in first-half operating profit, helped by improving investment returns amid a broader market recovery.

Asian stocks slid to a near three-week low on Thursday on growing doubts about global economic growth that also helped the dollar cling to its gains after it scored its biggest rise in nearly two years.

General Motors Co has secured a $5 billion credit facility, two people briefed on the bank deal said on Wednesday, marking the return of the top U.S. automaker to the capital markets a year after it emerged from a landmark bankruptcy.

China's consumer confidence index rose in the April-June period for the fifth quarter in a row, boosted by a growing willingness in the countryside to spend as incomes rise, the National Bureau of Statistics said on Thursday.

Gold edged up in early European trade on Thursday underpinned by it safe-haven appeal due to increasing uncertainty about the health of the global economy, but a stronger dollar was likely to cap gains.

India may temporarily shut down BlackBerry services if security concerns are not addressed in a Thursday meeting of telecom officials and operators, the latest global headache for smartphone maker Research in Motion.

Oil slid on Thursday for a third straight day on mounting fears that a slowdown in the global economic recovery would cut commodities demand. Japan's Nikkei average slid to a 13-month low on Thursday after U.S. stocks erased the year's gains in the broadest selloff in a month-and-a-half on Wednesday.

The dollar dipped on Thursday after scoring its biggest daily gain for nearly two years against most major currencies the previous day as concerns about the U.S. and global economies triggered a wave of unwinding in short dollar positions. But the greenback rose to the day's high of around 85.50 yen from a 15-year trough against the yen marked the day before, after market sources told Reuters the Bank of Japan checked exchange rates with banks earlier on Thursday.

Gold rebounded in thin Asian trade Thursday despite a strong dollar while palladium dropped nearly four percent. Gold for immediate delivery was seen trading at $ 1199.17 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1202.2 an ounce.

Even if the revival has improved the prospects for the diamond business across the world, but the situation does not seem to be favouring the diamond polishing units as most of them are faced with either shortage of labour or increased cost in terms of wages.

Japan's trade ministry said on Thursday that Apple Inc's Japan unit has satisfied its demands for improved safety notifications about overheating iPod nano portable music players.

India may temporarily shut down BlackBerry services if security concerns are not addressed in a Thursday meeting of telecom officials and operators, the latest global headache for smartphone maker Research in Motion.

Pessimism over the economy is rising and the grim mood could hurt both parties in the November 2 congressional elections, according to an NBC News/Wall Street Journal poll released on Wednesday.

IBM Corp and Oracle Corp have agreed to end a cross-country legal battle over a 31-year IBM veteran that Oracle chief Larry Ellison hired away from his arch-rival in June.

Automaker General Motors Co has finalized its $5 billion credit facility and plans to file for its initial public offering on Friday, according to sources familiar with the situation.

Cisco Systems Inc CEO John Chambers warned of unusual uncertainty in the economy and forecast revenue that missed Wall Street targets, sending its shares plummeting and raising fears that a nascent recovery in technology spending could be derailed.

Cisco Systems Inc's quarterly revenue and outlook missed Wall Street expectations and Chief Executive John Chambers cited unusual uncertainty in the economy, sending its shares plunging 8 percent.

Immune System Therapeutics Ltd. (ISTL) will conduct a second trial of its patented drug for bone marrow cancer using a $1.8 million grant from the federal government's Commercialisation Australia.

The U.S. trade gap widened a surprising 18.8 percent in June on a wave of consumer imports from China and other suppliers, suggesting U.S. second-quarter economic growth was weaker than previously thought.

Macy's Inc quarterly results showed the department store operator boosted sales and gained market share without relying as much on discounts as its rivals to get shoppers into stores.

The United States racked up a $165.04 billion budget deficit during July, 8.7 percent below the year-ago gap as economic stimulus and bailout spending subsided from peak levels, the Treasury Department said on Wednesday.

The United States racked up a $165.04 billion budget deficit during July, 8.7 percent below the year-ago gap as economic stimulus and bailout spending subsided from peak levels, the Treasury Department said on Wednesday.