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Social Networking website Facebook has been awarded a patent for its famous newsfeed and features embedded in it, which many of its rivals in the social networking arena is trying to imitate.

The patent was granted by the U. S. Patent and Trademark Office, for the way of showcasing news feed in a social network environment.

However to fulfill its dreams, Facebook applied for the patent in August 2006, approximately a month before the inaugural of social networking on the red carpet of college students and Internet users.

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.