There is much about Dubai that is artificial and based on illusion: the man-made islands designed to represent a map of the globe; the indoor ski slope in the midst of desert; the incredible hotel with glass walls looking onto a sea aquarium mimicking the surrounding ocean. Dubai had also become synonymous with excess: building the tallest tower in the world and the biggest and most expensive luxury hotels, residences,...

Real estate may be the epicentre of Dubai’s debt crisis, but it is the Indian commodity trade that will feel its aftershocks for months to come. Two reasons make Dubai important to Indian companies. One, Dubai is the hub of most-traded commodities, from pearls, gold and diamonds to tea, cotton, basmati and sugar. Crucially, it is gateway to west Asia. All the top players in the region, especially Gulf Cooperation...

Eleven months after B. Ramalinga Raju, the former chairman of Hyderabad-based Satyam Computer Services, confessed to masterminding a $1.2 billion fraud at Indias fourth largest I.T. outsourcing company, the dirt is still tumbling out. On Nov. 24, the country's Central Bureau of Investigation (CBI) released findings that show the alleged fraudulent accounting and embezzlement was far larger than originally thought. Raju and nine accomplices skimmed some $2.5 billion from the...

A financial crisis in Dubai will hurt remittances to India and reduce job opportunities for citizens of the south Asian nation, said Thomas Issac, finance minister of the southern state of Kerala. About 4.5 million Indians live and work in the Gulf region and remit more than $10 billion annually, according to the Ministry of External Affairs annual report for the year ended March 31, 2009. Remittances from the Middle...

TWENTY-ONE judges of the Supreme Court, including the Chief Justice of India (CJI), posted the details of their assets on the court’s website. The details of assets of one judge, Justice H.S. Bedi, have not yet been provided. Justice B.N. Agrawal, who retired recently, also provided the details of his assets on the website on special request. (The details are available at http:// www.supremecourtofindia.nic.in/assets.htm.) The court has claimed that the...