Work starts on creation of new Dubai island

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

Housing market picking up in UK

LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

Questions raised over valuation dropping Guptas property price in S. Africa

An objection has been lodged over an error on the 2013 property valuation of a property owned by the well-connected Indian family in Johannesburg. Spokesperson Kgamanyane Maphologela said the City objected to valuations on four out of 14 properties belonging to the Gupta family. According to news 24, Maphologela was responding to a report in the Saturday Star that one of the properties' value ...

US immigration reform bill clears key Senate hurdle

A bipartisan immigration reform bill cleared a key hurdle after its authors negotiated a compromise with a Republican senator to relax some restrictions on high-tech companies on hiring foreign techies, many of whom come from India. Members of the Democratic-controlled panel Senate Judiciary Committee approved the measure 13-5 with three Republicans joining 10 Democrats after the so-called ...

U.S. urged to ban foreign firms that steal intellectual property

IDG News Service - The U.S. government should bar foreign companies that repeatedly steal or use stolen U.S. intellectual property from selling their products in the country, a new report recommended. About US$300 billion worth of intellectual property is stolen from the U.S. every year, with 50 to 80 percent of the theft coming from China, according to the report, released Wednesday by ...