For thousands of expatriates lured to Dubai by the promise of year-round sunshine and a tax-free lifestyle, the party is over. Corporate restructurings have arrived hard on the heels of steep falls in property prices and plummeting consumer confidence; El Dorado is fading back into desert. As the cutbacks spread from finance and real estate to sectors such as tourism, media and retail, many are packing up and heading home.
It's been a tough few months for Rajesh Mehrotra, a Mumbai-based businessman with interests in shipping and travel. Freight rates are down, and the market for corporate incentive trips, his agencies' speciality, has all but dried up as India's economy decelerates in tandem with the global economic slowdown.
India's business leaders have reacted strongly to government opposition to the opening up of higher education to private investment that might help millions of young people.
High economic growth rates have failed to improve food security in India leaving the country facing a crisis in its rural economy, the United Nations World Food Programme warned.
The global economic slowdown is rapidly changing the aspirations of India's most talented graduates, leading many to reassess what they want in life.
Key sectors of the Indian economy shed half a million jobs in the final three months of last year as the global slowdown took its toll on one of the world's fastest growing big economies.
Sugar prices reached a four-month high on Tuesday after India, the world's largest consumer, lifted duties on the import of raw sugar to bridge a shortfall in domestic production.
The growth of India's IT outsourcing sector, which contributes to about 25 per cent of the country's total exports, is expected to slow down sharply this year following a drop in demand due to the global financial crisis, India's software industry lobby predicted.
Areva, the French nuclear group, agreed on Wednesday to supply India with up to six nuclear reactors in one of the first deals since the subcontinent's nuclear programme was brought into the international fold last year after decades of isolation.
India's once soaring demand for high-end apartments and offices has slumped, leading to falling profits for large property developers and a shift in focus towards affordable housing for middle-class families.
Paying your date's bar tab with a coupon is not generally seen as the best way to impress. But as New York's singles' crowd comes to grips with the recession, it is starting to see such potentially embarrassing options as a better alternative to going broke.
Cheap Chinese-made toys have filled India's toyshops and bazaars in recent years, displacing locally made goods, but Indian politicians are now striking out against the imports.
The cash injection from Tata has bought ministers breathing space to respond to demands for multi-billion-pound loan guarantees from the car sector. Alistair Darling, chancellor, is understood to be concerned that any state support does not set too generous a precedent for other sectors.
Oil consumers and producers united yesterday to warn that extreme price volatility was dangerous for the world economy, but disagreed on what an appropriate price should be.
The next three months will be a wrenching time for every player in the North American motor industry as the Detroit carmakers seek to prove their long-term viability.
George W. Bush on Friday handed the fate of US carmakers to president-elect Barack Obama as he announced plans to lend General Motors and Chrysler $17.4bn to survive the next three months.
Barack Obama on Thursday named Mary Schapiro, head of the securities industry's self-regulatory body, as chair of the Securities and Exchange Commission.
Crude oil prices continued to retreat on Thursday, in spite of Opec announcing the largest supply cut in the cartel's history on Wednesday in its latest effort to stabilise the market.
Goldman Sachs on Tuesday reported its first quarterly loss since it became a public company in 1999, after a severe decline in asset values, including real estate, hit the bank's revenues.
Arriving in Oran, Algeria, ahead of an Opec ministerial meeting on Wednesday, Ali Naimi, Saudi Arabia's powerful oil minister, said Opec had so far cut a total of 1.7m barrels a day, with Saudi Arabia accounting for 1.2m b/d.
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