Word: foreign
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...Some high-end foreign boutiques like Stella McCartney and Alexander McQueen, which opened in Moscow just a year ago, have also closed their doors. Italian jeans retailer Diesel recently shut all its shops in Russia. Still, if Russia's fashion industry has one thing to put its faith in, it is the Russian consumer's penchant for flair. "It's in the Russian character to be flashy. They'd never go for a simple style. They'd never spend lots of money to look like a street sweeper," says Ageyeva. "That will never change...
...towers of Dubai have been hardest hit. The large foreign banks that had been financing Dubai's real estate boom have pulled out, leaving behind a significant burden on local banks, who have turned to the U.A.E. government for help shoring up their liquidity. To date, approximately $15 billion of federal money has been pumped into local banks. Company buyouts financed by Abu Dhabi - the capital of the U.A.E. and the only emirate with petroleum wealth - are believed to be forthcoming, though no officials will discuss details. "Any bailout from Abu Dhabi will come very privately," says Christopher Davidson, author...
...Infrastructure problems are even worse in eastern Indonesia, the least developed part of the country. The governor of Gorontalo, on the eastern island of Sulawesi, says most foreign investment is going to agriculture and fisheries - not power plants and ports - because poor infrastructure made it difficult for the province to attract funding in those areas. "We have to give [foreign investors] more priority when they invest outside Java because the infrastructure is not ready," he recently told a group of foreign journalists...
Barack Obama may be new to the world of international diplomacy, but he has already scored an impressive victory by co-opting Iran into joining the U.S.-led efforts to rebuild Afghanistan. At an international, one-day conference on Afghanistan at the Hague, Tuesday, Iranian Deputy Foreign Minister Mohammad Mehdi Akhundzadeh offered to help fight the Taliban, saying that, "Iran is fully prepared to participate in the projects aimed at combating drug trafficking and plans in line with developing and reconstructing Afghanistan...
...important for Obama, who has made stabilizing Afghanistan a foreign policy priority, Tehran's offer lends unlikely international support to his new strategy for the country, unveiled last Friday. With the Taliban making inroads, allied casualties at their highest since the war began, and Al Qaeda still lurking in the remote border areas, the president's plan involves raising troop levels in Afghanistan and sharing the burden of rebuilding. The conference in The Hague - which included delegates from 70 nations - aims to internationalize reconstruction efforts...