IBT Staff Reporter

Gold prices moved up smoothly in Asian trade Monday and inching towards a new record as the euro tumbled to a 4 year low against the dollar. Gold for immediate delivery was seen trading at $1239.97 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1241.03 an ounce at the same time.

The yuan has risen strongly against the euro and this appreciation will harm Chinese exporters, a Commerce Ministry official said on Monday. Pegged to a rising dollar, the yuan has appreciated against a trade-weighted basket of currencies in recent months, which many analysts believe could constrain the scope for a possible revaluation of the Chinese currency.

Capital inflows are placing big pressure on China this year, as domestic companies and banks repatriate large volumes of foreign currency, a senior official said in remarks published on Monday.

Australia's federal government is aiming to wrap up consultation talks with miners over its plans for a new tax as soon as possible to help investment decisions, Resources and Energy Minister Martin Ferguson said on Monday.

Astellas Pharma , Japan's No.2 drugmaker, agreed to buy U.S. biotech OSI Pharma for $4 billion in cash in a sweetened bid that allows it to add OSI's blockbuster cancer drug Tarceva to its line-up.

National Australia Bank , the country's top lender, has returned about A$3.5 million ($3.10 million) to 16,000 customers for overcharging them, due to a system error, and interest compensation.

Britain's Prudential Plc is planning to launch its delayed $21 billion rights issue on Monday, the Financial Times reported, citing a person close to the situation.

Venezuela's President Hugo Chavez on Sunday signed a new foreign exchange law intended to strengthen the bolivar currency, but critics say it will backfire and hurt the economy.

A team of researchers from Victoria have established a clear link between depression and diet in teenagers. Depression becomes more common when children reach puberty but it is not only due to their hormonal changes.

Children whose mothers had low exposure to sunlight during their first three months of pregnancy may have a higher risk of developing multiple sclerosis(MS) later in life, according to a study in Australia.

According to recent study released, Indigenous children from the central Australia experience the highest rate of the potentially lethal severe pneumonia in the world.

Based on the national survey conducted by Hepatitis Australia, most Australians surprisingly have a disturbingly limited knowledge of hepatitis B and C.

In a significant research supported by the World Health Organization, evidence found excessive mobile phone users may be exposed to increased brain cancer risk, but the findings were not conclusive.

A Senate committee has suggested for ear plugs to be introduced at pubs and music venues and warning signs to be put up if the music is too loud.

Three out of four nursing homes admit that they cannot provide residents the quality of care and services required by law, based on the current public funding levels.

The Australian dollar has opened weaker this morning trading at US$0.8850 following another risk aversion sell of in the markets.

American Express Co has teamed up with UK private equity firm Permira to bid for Royal Bank of Scotland's payment-processing arm, the Financial Times reported in its Monday edition.

The world's biggest study of the health effects of mobile phones found that the top 10 per cent of the users are up to 40 per cent more likely to develop glioma, a common type of brain cancer.

After holding up relatively well for the majority of the week compared to other major currencies the Aussie dollar finally gave way to a barrage of selling on Friday night falling below the 89 cent handle to a low near 0.8850 against the Greenback

JPMorgan Chase & Co Chief Executive Jamie Dimon told Syracuse University graduates on Sunday he was confident the United States would see a recovery in the short term, but the country's condition over the longer term was in the hands of the next generation.

The U.S. economy has begun to climb out of the worst downturn since the 1930 Great Depression but still needs additional steps by the federal government to stem a crisis in the job market, a senior economic adviser to President Barack Obama said on Sunday.

U.S. stocks could face more volatility this week as growing doubts about whether Europe can solve its deepening debt crisis are likely to take center stage again.

GE Capital, a unit of General Electric Co. , plans to issue its second Islamic bond in late 2010 or in 2011, a senior executive said on Sunday.

German Chancellor Angela Merkel said on Sunday that a $1 trillion EU rescue plan had only bought the euro zone time to tackle its fundamental problem -- a yawning gap between its strongest and weakest economies.

Greece may investigate U.S. investment banks and their role in the run-up to the Greek debt crisis which has shaken faith in euro zone economies, Prime Minister George Papandreou said in comments broadcast on Sunday.

Venezuelan authorities have raided four money-changing businesses and arrested one man in the start of a clampdown on what President Hugo Chavez calls capitalist speculators distorting the currency market.

German Chancellor Angela Merkel Sunday denounced speculation against the euro but said the EU could overcome the problem only by tackling the yawning gap between Europe's strongest and weakest economies.

Today is Akshaya Tritiya, one of the golden days for gold in India. Though gold has been one of the integral parts of Indian household and despite India being the largest consumer of the yellow metal in the world, two short comings have hampered the real growth of this shining metal.

UBS N> could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank's U.S. clients to U.S. tax authorities, Switzerland's finance minister said.