IBT Staff Reporter

Stocks were poised to rally at the open on Monday as China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the outlook for sales in the long term at U.S. multinationals.

The euro and Australian dollar hit their highest against the U.S. dollar in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, boosting demand for riskier currencies.

Rio Tinto and BHP Billiton moved closer to a $116 billion iron ore joint venture after the Western Australia government approved the plan in return for payment of higher mining royalties, a deal that undermines Prime Minister Kevin Rudd's planned mining super tax.

China's yuan surged on Monday by the most of any day since its landmark revaluation in 2005, sending a clear signal ahead of this weekend's G20 summit that Beijing is keeping to its word and allowing greater currency flexibility.

China's yuan surged on Monday by the most of any day since its landmark revaluation in 2005, sending a clear signal ahead of this weekend's G20 summit that Beijing is keeping to its word and allowing greater currency flexibility.

Scientists at Dana-Farber Cancer Institute have found a way to disable a common protein that often thwarts chemotherapy treatment of several major forms of cancer.

Toshiba on Monday launched a dual-screened mini notebook PC that can be used as an e-book reader, adding to competition for the likes of Apple Corp's iPad and Amazon.com's Kindle.

China's yuan CNY=CFXS soared on Monday to its highest against the dollar since the landmark 2005 revaluation, with the central bank stepping aside and tolerating broad gains on the first trading day since scrapping the currency's two-year peg to the dollar.

With gold prices soaring to unimaginable levels, jewellery shops in India are offering attractive discounts to customers in a bid to lure them back to the shops.

Gold prices rose to a record high at $1,264.90 an ounce in Europe on Monday as a slip in the dollar added impetus to the metal's existing rally on the back of rising concerns over financial and sovereign risk.

Stock index futures rose sharply on Monday as global stocks gained after China's vow to allow a flexible yuan exchange rate boosted investor appetite for risky assets.

The euro and Australian dollar hit their highest levels in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, but confidence in the single currency's recovery remained fragile.

Till now the bullion world used to believe that only China is secretive about its gold reserves and other nations are giving out the data properly tom the world. But, now it has emerged that even Saudi Arabia has been hoarding gold for the past year and its reserves have gone up substantially.

U.S.-based Corn Products International will buy the National Starch business of Dutch paints firm AkzoNobel for $1.3 billion in cash, completing the Dutch firm's delayed sale of non-core businesses.

European shares rose for a ninth session on Monday, hitting a five-and-a-half week high, after China allowed more flexibility in the yuan exchange rate that boosted confidence in the global economy.

The euro and Australian dollar hit their highest levels in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, though analysts said option barriers were hampering further gains.

Crude oil gained more than one percent on Monday after China pledged to make its currency more flexible, raising expectations of higher demand from the world's second largest energy consumer.

Liberty Media Corp, the media conglomerate controlled by mogul John Malone, said on Sunday it plans to spin-off two of its units -- investment arm Liberty Capital and pay TV and Hollywood studio unit Liberty Starz .

Iron ore miners Rio Tinto and BHP Billiton have agreed to pay higher royalty rates to the Western Australian state government in return for approval for their $116 billion joint venture.

British television production company Shed Media on Monday confirmed it was in offer talks with Warner Bros Entertainment Inc, a unit of Hollywood media group Time Warner .

The euro and Australian dollar hit their highest levels in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, though analysts said option barriers were hampering further gains.

China's currency will not be a specific topic of discussion at the G8/G20 meeting, while paying for future oil spills will be on the agenda, the Kremlin's top economic aide said on Monday.

British television production company Shed Media on Monday confirmed it was in offer talks with Warner Bros Entertainment Inc, a unit of Hollywood media group Time Warner .

Stocks and commodities jumped on Monday and U.S. Treasuries fell after China let the yuan rise to the highest since July 2005, with more currency flexibility easing tensions with the West and encouraging investors to snap up riskier assets.

Greece's central bank chief said on Monday that fiscal and structural measures within the EU/IMF support package for Greece will help to return the country's economy to growth and with sustainable public finances.

Crude prices rose 2.2 percent on Monday to the highest since early May after China vowed to allow a flexible yuan exchange rate, raising expectations of higher petroleum imports by the world's second-largest oil user.

Chinese interest rate swaps fell on Monday after Beijing said it would allow more flexibility in its yuan currency, sparking hopes there will be less urgency to tighten monetary policy by raising interest rates.

Landry's Restaurants Inc Chief Executive Tilman Fertitta's $1.4 billion bid for the seafood restaurant operator received the support of a crucial shareholder on Sunday, the Wall Street Journal said, citing a person familiar with the matter.

The biggest threat to Britain's economy is its huge budget deficit, and an emergency budget on Tuesday will save the country from the fate of debt-stricken Greece, British finance minister George Osborne said on Sunday.