IBT Staff Reporter

Wall Street's unexplained plunge last week and Greece's debt problems posed systemic risks and underscored the need for financial regulatory overhaul, a top U.S. lawmaker said on Sunday.

Top U.S. department stores are expected to show this week that the strong momentum from last year's holiday season has carried into spring, but investors are already looking toward summer and autumn.

There is no evidence that last Thursday's mysterious U.S. stock market meltdown was caused by a cyberattack, a U.S. counterterrorism official said on Sunday.

European Union finance ministers promised to counter the wolfpack of the financial markets and defend the euro before talks on Sunday on ring-fencing Greece's debt crisis to stop it spreading.

European Union finance ministers called for strong action to ensure stability before they met on Sunday to discuss ways of ring-fencing Greece's debt crisis to stop it spreading to countries like Portugal and Spain.

BP Plc could be spending as much as $10 million a day on clean-up efforts after a giant oil spill in the Gulf of Mexico, exceeding initial estimates, the Sunday Telegraph quoted Chief Executive Tony Hayward as saying.

Collection G, the brand owned by World Gold Council (WGC) and retailed at Gitanjali, has announced the launch of an exciting new range and design of Collection G pieces. Ex-Miss Indias' Ekta Chaudhary and Pooja Chopra launched the new range from Collection G at Giantti store at Atria Mall in Mumbai. The collection is available across all Gitanjali Stores in Mumbai, Delhi and Bangalore.

European Union officials were working out the details of a financial support mechanism on Saturday to prevent Greece's debt turmoil spreading to Portugal and Spain, ready for approval by EU finance ministers on Sunday.

U.S. securities regulators are considering new curbs to slow stock trades when markets are plunging following Thursday's dramatic sell-off, two people familiar with the matter said on Saturday.

The investment arm of Qatar's sovereign wealth fund has bought the famous London department store Harrods from Egyptian-born businessman Mohamed al-Fayed in a deal reported to be worth around 1.5 billion pounds ($2.3 billion).

Oil ministers from several OPEC nations played down on Saturday a sharp fall in prices, but Kuwait said another $10 drop may force the group into action.

Portugal's prime minister has promised his European Union counterparts that he will cut the budget deficit further than planned this year, to 7.3 percent of gross domestic product, a government source said on Saturday.

Economic growth is not an end in itself, but policy makers pursue it because richer countries are better able to provide health, jobs and a clean environment for their people, Federal Reserve Chairman Ben Bernanke said on Saturday.

China's General Administration of Customs on Friday said export value of textiles and garments in China fell 9.54% year on year or 12.9% month on month to $11 billion in March. In its latest report, the GAC said the export value of textile products was $5.05 billion in March, up 6.7% year on year and 10.6% month on month.

It seems gold is heading for a perfect future as almost all incidents unraveling across the world in April and May months are helping the yellow metal gain. If you take into consideration the recent developments like the Greece debt crisis, Spain and Portugal economic woes, the Euro situation, China's decision to control the realty sector and the May 7 verdict by India's Supreme Court in the Ambani gas row case, all of this have contributed to the further push of gold in global and India markets...

Egyptian-born businessman Mohamed Al Fayed has sold prestigious London department store Harrods to the investment vehicle of the Qatar royal family in a deal reported to be worth around 1.5 billion pounds ($2.3 billion).

Sovereign risks have risen due to the turmoil in the euro zone, but the woes Greece faces are not the same as in other European nations and the situation can be resolved, the chair of a meeting of sovereign wealth funds said.

China stands little chance of hitting the government's target of keeping inflation below 3 percent this year, a senior government economist said on Saturday.

A recent spurt in gold prices seems to have dampened the zeal of India-based gold consumers as experts have expressed concern over a significant drop in gold sale on Akshaya Tithiya, a day considered to be auspicious to buy gold in India. Gold prices are on an upward rally nearing its lifetime high of USD 1240 per ounce. The spot gold in New York market stood at USD 1208 per ounce witnessing a steep rise in the past one month.

World over, copper and some other base metals have been witnessing a downfall season now following the European financial mess and China's decision to crack down on realty sector. Copper's downward journey was also witnessed in India this week with copper futures traded almost flat as worries about growing fiscal crisis in Europe hit global markets. In copper 316 remains a crucial resistance, prices might drift towards 312-310 rupees.

And you thought India is a country which loves to buy only gold. Till the beginning of the 21st century, the image of India was that almost all Indians want to buy gold as far as precious metals are concerned. But the reforms initiated by Indian Prime Minister Manmohan Singh has changed the dreams of the younger generation with many of them now eyeing other precious metals like platinum. Even diamonds have also become a favourite for young women and men.

The Supreme Court verdict in the gas row between Ambani brothers Mukesh and Anil has come as a gift for Mukesh, the Indian government and gold. Yes, apart from Mukesh Ambani and the Indian government, gold also cashed in on the crisis after the Supreme Court delivered the verdict in the RIL-RNRL dispute.

Germany's highest court said on Saturday it had rejected a request from a group of academics to block the immediate release of a German loan to Greece, allowing the financial aid to flow to debt-stricken Athens.

Financial reform legislation being debated by the Senate needs to overhaul government involvement in U.S. mortgage finance giants Fannie Mae and Freddie Mac, Senator Richard Shelby, the lead Republican on the Senate Banking Committee, said on Saturday.

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

A woman from New York developed a lung disease called popcorn lungs due to eating microwavable popcorns for 16 years now.

In a week of market turmoil resulting from Greece's fiscal crisis, oil went from an intraday high above $87 on Monday - its highest point in more than a year and a half - to plunge briefly below $75 on Friday. The Greek crisis, exacerbated by a still-unexplained glitch in U.S. stock trading on Thursday that saw the Dow Jones Industrial Average plunge 9% in a matter of minutes before recovering, sent financial speculators scrambling for the sidelines, liquidating their long positions.

President Barack Obama said on Friday that regulators would look for ways to prevent a repeat of Thursday's mysterious stock market meltdown, adding to expectations the U.S. government will make new regulations to curb runaway computer trading.