IBT Staff Reporter

All miners in the world are now eyeing Zimbabwe. Reason: The country is witnessing major changes in the mining sector and Zimbabwe is one of the biggest sources of platinum group metals. Zimbabwe is witnessing a revival in its mining sector, with major companies committing to a number of significant platinum projects. And, if Zimbabwe decides to tap its mining resources properly, the country will be on way to high growth.

As the world's largest diamond congress is meeting in Russia starting Monday, July 12, 2010 the Russian government has set the ball rolling with the announcement of the government buying out $1 billion worth of diamonds from the country's Alrosa, a monopoly firm that was plagued with global economic crisis.

Some of Europe's biggest banks are in talks over a proposal by Italy's UniCredit SpA to create a 20 billion euros ($25.2 billion) private sector fund to help failing lenders, a source close to the issue said on Monday.

Proposals being discussed by Europe's top banks to create a bailout fund should not exclude the wider financial system from contributing to rescues, the EU's financial services chief said on Monday.

Boosting credit to struggling small businesses is key to the economic recovery, Federal Reserve Chairman Ben Bernanke said on Monday.

U.S. stock index futures were down on Monday, following the S&P's best week in a year and as investors awaited the unofficial start of earnings season with Alcoa Inc's results later in the day.

Stock index futures were down on Monday, following the S&P's best week in a year, and as investors awaited the unofficial start of earnings season with Alcoa Inc's results.

Gold demand in the global market is set to go up following the State Bank of Vietnam's decision to allow companies to import gold again. Since Vietnam does not import gold regularly, foreign partners have not prepared gold for delivery. So, the Vietnam importers are expected to buy gold from the global bullion markets which will make some price movements.

The euro fell against the dollar on Monday, pulling back from a two-month high as concerns about the results of stress tests on European banks prompted investors to trim long positions in the single currency.

Blackstone Group will manage a $2-billion-plus Asian real estate fund of Bank of America-Merrill Lynch, in a deal that will close in the third quarter, sources familiar with the situation told Reuters.

HSBC's Saudi affiliate SABB bank missed forecasts and two other banks in the kingdom reported sharp falls due to high provisions to counter exposure to troubled Saudi firms and a slowdown in lending.

Surprises may be in store this earnings season for U.S. companies tied to BP Plc's oil spill, according to an analysis that emphasizes equity analysts' past accuracy.

With gold prices ruling very high in India, gold scrap sales showed huge increase in jewellery shops. In fact, jewellery shops are seeing a 10 per cent rise in scrap sales whereas their sales are at a very low level.

Is uranium turning out to be the hottest commodity-hotter than gold-in China? China has been trying to amass gold reserves to emerge as the largest yellow metal owning country in the world. But China's craze for commodity investment does not just stop by gold alone. Uranium is one commodity that the dragon country is heavily investing in these days.

While offshore natural gas discoveries have spurred Lebanese and Israeli saber-rattling in a region widely viewed as rich in energy resources, a London analyst said it is too early to make categorical claims about the size and ownership of the potential reservoirs. In the last several months, Noble Energy Inc., based in Houston, Tex., and Israeli companies have announced two offshore gas discoveries known as Tamar and Leviathan that they say may hold about 24 trillion cubic feet of gas.

Social networking website Facebook has agreed to adopt a panic button aimed at improving the online safety of its younger users, a child protection group said on Monday.

Asia has emerged as a global economic powerhouse but is now faced with policy challenges from rising capital inflows, the International Monetary Fund chief said on Monday.

Social networking website Facebook has agreed to adopt an application aimed at improving the online safety of its younger users, a child protection group said on Monday.

The policy deadlock in Japan resulting from the ruling party's drubbing in upper house elections raises obvious concerns for Prime Minister Naoto Kan. But the Bank of Japan should be worried too.

Gold slipped in Europe on Monday, surrendering some of the previous session's more than 1 percent gains, as the dollar firmed and fresh investment flows into the metal dried up and concern over euro zone risk receded.

The euro fell against the dollar on Monday, pulling away from a two-month high as concerns about the effectiveness of stress tests on European banks prompted investors to trim long positions in the single currency.

South West Africa's Namibia is looking forward to get positive results from various mineral explorations in its soil. The explorations are a bundle of various gold deposits in and around Otavi, and are referred to as Otjikoto Project. A gold rush has ensued on the fringes of the Oshikoto and Otjozondjupa regions, with Canadian investors in the lead.

World stocks briefly hit a two-week peak on Monday as expectations rose that U.S. corporate earnings this week would point to a sustainable economic recovery in the world's biggest economy.

A unit of British group Lloyd's plans to sell A$598 million ($524 million) of debt backed by auto-loans, a joint lead manager said on Monday.

Asia has emerged as a global economic powerhouse but is faced with policy challenges from rising capital inflows and needs to watch out for possible shocks from Europe, the IMF's chief said on Monday.

U.S. crude oil futures hovered at around $76 a barrel on Monday as China's bigger-than-expected trade surplus in June eased worries about a slowdown for the global economic recovery and oil demand.

The yen eased on Monday after election results showed political uncertainty lay ahead for Japan, but the move was likely to be short-lived with attention turning the U.S. earnings season as a gauge of risk appetite.

Gold prices failed to move upwards in Asian trade Monday after equity markets rose in the region, attracted some investors amid positive reports on global economic recovery.

Gold prices may trade between $1,180 and $1,220 this week. The impulse to see if gold can be pushed below $1,180 was met with fresh long demand last week, leading the shorts to back off and reverse their positions on a short-term basis.