Dubai (CNN) - Driven by demand from the growing Indian and Chinese middle classes, Dubai is fast emerging as a significant diamond hub.
With worldwide demand for diamonds set to grow by 6% a year to 2020, Dubai is vying for a piece of the world's diamond pie, competing against other global diamond hubs, such as Antwerp and Mumbai.
Dubai's location means it can serve as the gateway into parts of Africa and the Middle East, and the emirate is taking concrete steps to gain a foothold in the market. In 2004 it set up the Dubai Diamond Exchange - a subsidiary of its central commodities authority, the DMCC. Since then it has seen a meteoric growth in trade.
Beijing (CNN) – Chinese first quarter GDP data showed a fall in year-on-year growth to 8.1% for the first quarter of the year, compared to 8.9% in the last quarter.
This relatively sharp slowdown in growth will clearly increase concerns about a hard landing in the near-term.
However, many analysts expect that growth will stabilize and recover modestly over the rest of the year as external conditions improve and China's domestic policy is fine-tuned.
(CNN) – The cost of Friday’s failed rocket launch by North Korea is estimated by South Korean intelligence officials at $850 million – nearly enough to feed about 80% of the population of the impoverished nation for a year.
The launch site cost $400 million and the rocket and payload cost an additional $450 million, a military official told Yonhap, South Korea’s state-affiliated news agency. Yonhap says the cash could feed 19 million for a year. North Korea has a population of 24.3 million in 2010, according to the World Bank.
"North Korea has suffered a deficit of 400,000 tons of food every year. So, the money could resolve the problem of food shortages for six years," the official said.
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