Picasso's Women of Algiers painting sells for a record $179m in an auction at Christie's in New York. We ask the chief executive at one of the world's biggest fine art investment funds why so many masterpieces are selling for such jaw-dropping amounts. In Australia, the Federal Treasurer Joe Hockey prepares to announce the government's annual budget, including a much-trailed crackdown on multinationals who avoid tax. In India, former Tamil Nadu chief minister Jayaram Jayalali

75% of APAC hoteliers think surplus of supply will have a growing negative impact on occupancy: many already report downward pressure on REVPAR due to falling leisure and corporate spend. A strong development pipeline across all classes is expected to further dilute both inbound and domestic revenue. Based on what leading hoteliers have told us, and 20 years of helping them improve REVPAR and ADR, we are advocating four areas of opportunity and we are seeking your feedback on

The migration crisis escalates as European ministers fail to unanimously agree on a plan to distribute refugees arriving in the EU. Germany, which welcomed refugees with open arms last week, has imposed temporary restrictions while other countries including Austria and the Netherlands have tightened their borders to deal with the influx - actions that go against the principle of free movement between the countries in the Schengen Zone. Is the impact on Germany's economy too m