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Gold yesterday settled down -0.62% at 26559 after better-than-expected US hous

A Venture Capital unit of Australia's largest telecom player, Telstra has acquired Orlando-based app developer Kony Solutions making its first investment during the year.

Telstra Ventures has invested about $US18.3 million in Kony. Kony's app is being sued by several firms around the world including Hyatt, Konica Minolta and Schweppes. Under the agreement to acquire the app developer, Telstra will enter into a reseller partnership with Kony and offer its app to its business and enterprise customers.

Industry body, the Australian Motor Industry Federation has warned that the country's automotive industry is facing a perfect storm as every sector of the industry is facing difficult business environment due to changes in the economy.

Sir Mervyn King, the governor of the Bank of England has indicated that the low interest rates are likely to continue and dismissed suggestions of monetary policy tightening.

Sir Mervyn assured the industry that the interest rates are likely remain low as rising interest rates would create problems for the indebted homeowners. The officials form the Downing Street has also asked for easing off some of the banks. He also backed the government in its decision to manage Lloyds Banking Group and Royal Bank of Scotland.

According to a new survey, the retail sales in the UK has largely remained flat in early June compared to the same period of the previous year even as many were expecting strong growth in the sector backed by gradual recovery in the overall economy.

According to the latest figures released, the total mortgage lending in the UK has risen significantly in the month of May in the UK as the housing market recovers.

The data showed that 65,752 mortgages were approved across the UK, which is about 4,490 higher than the previous month. The figure of 65,752 is also higher than the average of the previous six months that was recorded at
59,776 in the UK, according to the British Bankers' Association.