Middle East tension is driving demand for military hardware at the Dubai Air Show which opened on Sunday, but recession means fewer orders for civilian jets.

The unit of the government-owned Dubai World conglomerate is said to have frozen its investment activity and laid off about 20 percent of its staff, reports The New York Times.

With a September deadline from the White House on Iran's nuclear program only weeks away, it remains unclear whether the United States can impose sanctions against the Islamic state in the face of possible opposition from Iran's economic allies.

The Mideast investment fund with the biggest stake in Mercedes-Benz' parent is paying about $280 million to buy nearly a third of commercial space travel startup Virgin Galactic.

"The idea is to get to common ground," said Monica, an Egyptian teenager. "Even if you don't agree, what you have to accept about the other opinion is that it exists."

"This is a momentous occasion in Iran, but everyone (in the oil market) is watching the dollar," one trader said.

Day two of the Paris air show and Monday's terrible weather seems to have lifted. The question is has it lifted the mood of those here at Le Bourget?

Two years ago here at the Paris Airshow the sun was shining, the champagne corks were flying and the fizz was flowing as the orders rolled in for Airbus and Boeing. Wind the clock forward to now and the story is very different.

This is the 100th Paris Airshow but the aviation industry has little to celebrate. The grey weather here at Le Bourget really sums up to mood of most CEOs in the industry and it's extremely unlikely that we will see the flurry of aircraft orders normally associated with the event. The tragic news associated with Air France 447 is also casting a long shadow and is likely to dominate many of Airbus' scheduled events.

A world wary of Iran's nuclear program reacted cautiously Saturday to hard-line leader Mahmoud Ahmadinejad's hotly disputed re-election. Some expressed hope that the Islamic republic's president will soften his defiance and warm to recent U.S. overtures.

A world wary of Iran's nuclear program reacted cautiously Saturday to hard-line leader Mahmoud Ahmadinejad's hotly disputed re-election. Some expressed hope that the Islamic republic's president will soften his defiance and warm to recent U.S. overtures.

OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.

Buckingham Palace says a chauffeur has been suspended over allegations he gave undercover reporters a tour of Queen Elizabeth II's cars and other  areas of the palace in exchange for money.

The fall in asset prices brought on by the financial crisis has shrunk the size of sovereign wealth funds belonging to oil-rich countries and Asian exporters, the World Street Journal reported on Wednesday on its Web site.