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A Hong Kong jewellery company in china sold off a 507-carat unpolished diamond, registering its name for the world record, with $35.3 million yield.

Miner Petra Diamonds company disposed off the Cullinan Heritage diamond in a tender to South Africa's Chow Tai Fook Jewellery Company in Hong Kong, with the highest price tag ever acclaimed for any rough diamond.

The estimates of the brilliant stone have underlined the market strength in the world of magnificent diamonds. According to the researchers, the diamond is the rarest quality stone ever discovered, to fetch a big sum.

The Federal Deposit Insurance Corp. has closed two more banks in Washington and Nevada. Till date, 22 banks have been shut down by the regulators in 2010.

Carson River Community Bank, based in Carson City, Nevada and Rainier Pacific Bank in Tacoma, Washington are the two banks to be shut down. The two banks have a total of $768.9 million in assets. The failures are expected to cost the Deposit Insurance Fund $103.1 million.

The Federal Deposit Insurance Corp. was appointed receiver of both the banks on Friday.

According to a report released by the commerce department on Friday, U. S. economy reported better recovery, at a slightly faster pace than previously assumed during the third quarter of the year ended December 2009.

The nation's gross domestic product grew at an annual rate of 5.9% in the quarter beating the expectations of Government of 5.7%. GDP is the broadest measure of the nation's economic activity. The growth in the GDP gives the assumption that the U. S. economy has pulled out of the deepest downturn since the Great Depression.

Fannie Mae, the largest provider of residential mortgage funds, released its quarterly and full year results late Friday. The Washington based company narrowed the quarterly net loss and reported a loss of $16.3 billion for the fourth quarter.

O2 has come out with a new low-tariff package for its i-Phone users. This has been done to grab more customers.

The lowest in the list is the £25 a month for 100 minutes of talk time. It also allows unlimited text and data transfer. The company has reduced the rates from £30 for the same plan.

But the most popular is the £45 per month, which allows unlimited calls, texts, data and Wi-Fi services. Earlier the rate was £45.

The telecom service provider is also offering a plan which gives £15 for a month and gives 300 minutes talk time along with unlimited texts, data and Wi-Fi.