IBT Staff Reporter

It was a long-held belief that cotunnite, the highest-known pressure phase of the mineral zirconia, was mechanically hard enough to be used for industrial abrasives, and therefore could possibly replace expensive diamond. It turns out, that is not the case.

Germany will not prohibit naked short-selling on transactions completed in a single day under certain conditions, coalition sources told Reuters on Monday.

Researchers funded by JDRF have discovered that the hormone, serotonin, may be involved in the increase of insulin-producing beta cells during pregnancy. The findings reveal one of the mechanisms underlying beta cell expansion during pregnancy, and are the latest advances underscoring the potential for regeneration as a key component of a possible cure for type 1 diabetes.

Diamonds are the in-thing in India now. According to De Beers, demand for polished diamonds in India and China could reach the same level as in the US.

The Swiss franc hit a record high against the euro on Monday, helped by comments from a Swiss central bank broad member, while the dollar recovered after faltering in Asia on concerns about U.S. economic recovery.

U.S. stock index futures rose slightly on Monday after global leaders pledged to cut government deficits and adopted a more flexible timeline for banks to take on new capital rules.

As international gold prices nearing $1300 per ounce, experts in the Indian bullion markets are of the opinion that the current gold-rush is nothing but a bubble that can burst anytime in absence of the physical gold demand, which has been shrinking in recent months owing to exorbitantly high prices.

Consumer spending rose slightly more than expected in May even as savings touched their highest level in eight months, pointing to a recovery that remains on solid ground.

Apple Inc said on Monday that it had sold 1.7 million iPhone 4 phones through Saturday June 26, three days after it kicked of store sales of the devices, making for its most successful launch yet.

Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from the medicines prescribed against the global recession may create the next crisis, the Bank for International Settlements said.

The world's banks are still not out of the woods despite recent multi-billion profits as writedowns on loans loom and funding pressures remain high, the Bank for International Settlements said.

Gold nosed at last week's record highs on Monday, buoyed by a dip in the dollar in Asian trading and worries about the global economy, although a lack of consumer demand could push prices lower in the near term.

U.S. stock index futures pointed to a mixed opening on Wall Street on Monday, with futures for the S&P 500 up 0.4 percent, Dow Jones futures gaining 0.3 percent and Nasdaq 100 futures up 0.3 percent at 4:50 a.m. ET.

India used to be a totally gold oriented jewellery market with over 90% people buying gold jewellery. Traditionally, Indian families go for gold. But, now people want a different look when they pick up jewellery. So they go for platinum. Platinum looks different, looks cool and goes well with diamonds, that is the feeling most of Indians in the cities.

Gold firmed in early European trade on Monday, trading within striking distance of a record high achieved last week on the back of persistent worries about the strength of global economic recovery. The momentum is still there, said Ole Hansen, senior manager at Saxo Bank. If we stay above $1,250 an ounce this morning and consolidate, it may want to try moving up to $1,270 an ounce,

Oil eased below $79 a barrel on Monday, turning lower after prices touched their highest in almost eight weeks as tropical storm Alex disrupted Mexican exports and prompted some U.S. producers to evacuate platforms.

World shares firmed slightly after a four-day retreat on Monday with investors still cautious about global economic recovery and shrugging off the rather neutral conclusion to a weekend G20 leaders' summit.

Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from measures prescribed to tackle the global recession may create the next crisis, the Bank for International Settlements said.

Empire State Development has announced that New York State will make available up to $100 million in mortgage financing for purchasers of offices in the International Gem Tower through its Job Development Authority program.

Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders' summit.

The yuan CNY=CFXS closed weaker against the dollar on Monday and traded below the People's Bank of China's mid-point as banks and their clients were cautiously balancing dollar positions in anticipation of only limited yuan appreciation after the G20 summit.

The dollar edged up on Monday after faltering in Asia on concerns about U.S. economic recovery, while the euro failed to make headway after a G20 summit failed to set markets alight. The market showed little reaction to a Group of 20 leaders' summit where they agreed to take different paths to cutting budget deficits, a reflection of the uneven and fragile economic recovery in many countries.

The euro fell to a lifetime low against the Swiss franc on Monday after comments from a Swiss central bank official bolstered the market's view the country was winding down intervention to stem strength in its currency.

Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders' summit.

Gold ticked higher on Monday, trading less than $10 shy of last week's record high, underpinned by worries about the global economy after the G20 summit and U.S. comments that Iran has fissile material for two atomic bombs.

The dollar was on the defensive on Monday as investors sought to cut long positions built in favour of the greenback, while the euro held gains as the focus shifted to the sustainability of a U.S. recovery from the euro zone debt woes.

The yuan CNY=CFXS weakened against the dollar on Monday and traded below the People's Bank of China's mid-point as banks and their clients were cautiously balancing dollar positions in anticipation of only limited yuan appreciation after the G20 summit.

Gold prices continued its northern journey in Asian trade Monday as uncertainty over global economic situation boosted its safe haven appeal. Gold for immediate delivery was seen trading at $ 1256.84 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,258.00 an ounce.

India's inflation is set to zoom with the announcement by the Manmohan Singh government on the freeing up of petrol and diesel prices. The announcement has raised hopes of a further decontrol of the oil sector over the next few years, which could help balance public finances and let private companies challenge state-run firms' decades-old retailing monopoly.