IBM announced plans Wednesday to pump $3 billion into an overhaul of computer chip technology to better meet modern demands of "Big Data" and computing pushed to the Internet "cloud."

The New York-based technology veteran hopes to leave behind the silicon long used in computer chips for a material that could ramp up power while shrinking processors to molecular levels.

Dubai's Nakheel real estate giant, hit badly during the global debt crisis, said Wednesday its profits surged 54 percent in the first half of 2014 to reach $502.7 million.

The government-owned entity, which built Dubai's palm-shaped island and a cluster of isles in the form of a world map, said its net profits hit 1.85 billion dirham ($502.7 million), compared to 1.2 billion dirham in the first six months of 2013.

Dubai's Emirates Airline has finalized an order for 150 Boeing 777 planes valued at $56 billion at list prices, the US manufacturer said Wednesday in Dubai.

The planes, comprising 115 777-9Xs and 35 777-8Xs, were initially ordered during the Dubai Airshow in November 2013, when the largest operator of the long haul airliner took also purchase rights for 50 additional planes.

The BRICS group of emerging giants are expected to sign a deal next week to open their own development bank by 2016, Russia's finance minister said Wednesday.

The entity would be called "New Development Bank", with each BRICS member to contribute $2 billion to its capital, Anton Siluanov said, according to Russian news agencies.

Joana Miranda is barely able to scrape a living working as a nurse in Lisbon, where she earns five euros ($7) an hour picking up odd jobs in retirement homes.

Now she is joining the growing queue of educated young Portuguese -- equivalent to one every five minutes -- who are leaving in search of a brighter future in another country. 

Colombia is one of the world's top producers and exporters of coffee, but two international brands are nevertheless aiming to gain a foothold in the key Latin American market.

Within a few weeks of each other, two of the biggest names in the business -- Starbucks and Nespresso -- set up shop in the country of 47 million.

Aviation giant Boeing would be the biggest loser among American industrial giants from a move by congressional Republicans to close the U.S. Export-Import Bank, a Standard & Poor's report said Tuesday.

Boeing would face "long-term credit risks" if Congress does not reauthorize the Ex-Im Bank, whose authority expires on September 30, the credit ratings agency said.

Jockeying for the EU's top posts intensified Tuesday when Jean-Claude Juncker, the conservative nominee to helm the powerful European Commission, said a socialist might take on the prized economic portfolio.

Since the worst days of the debt crisis, the job of Economics Affairs Commissioner has become key, being empowered to keep a close eye on the finances of all 28 member states.

India unveiled plans Tuesday to open up its cash-hungry railways to foreign investment and introduce the first bullet train in a budget closely watched for clues about the new government's economic priorities.

The rail budget is seen by economists as setting the stage for the general budget -- due Thursday -- in which the right-wing government of Prime Minister Narendra Modi is set to lay out keenly awaited reforms to repair public finances.

Argentina told a U.S. lawyer Monday that a court order demanding it pay more than $1.3 billion in debts by the end of the month had to be stayed so Buenos Aires can avoid defaulting.

Economy Minister Axel Kicillof outlined Argentina's long-running position during four hours of talks in New York with attorney Daniel Pollack, appointed to break the impasse over debt payments.