Internet addresses set for change

The internet regulator has approved plans to allow non-Latin-script web addresses, in a move that is set to transform the online world. The board of Icann voted at its annual meeting in Seoul to allow domain names in Arabic, Chinese and other scripts. More than half of the 1.6 billion people who use the internet speak languages with non-Latin scripts. It is being described as the biggest change to the way the internet works since it was created 40 years ago. The first Internationalized Domain Names (IDNs) could be in use next year. Plans for IDNs were first approved at a meeting in June 2008, but testing of the system has been going on for two years.

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Olympian carnival in Rio de Janeiro

For the crowd waiting on Copacabana beach there was a momentary pause after the announcement that Rio had secured the 2016 Olympic Games. It was almost as if no-one wanted to believe it until the news from Copenhagen had been confirmed in Portuguese. With all doubt removed - what followed was an outbreak of unrestrained Brazilian-style jubilation worthy of a World Cup victory. The cheers, shouting, hugs and applause soon blended into a carnival-style celebration complete with the sound of samba and silver ticker tape.

The beers - and the even more potent caipirinhas - were soon flowing. A short time earlier there was a sense that things were moving Rio's way with the shock early exit of Chicago. Many of the waiting crowds were as incredulous as people in other parts of the world, and Madrid became the focus of new and nervous attention. However, convinced by the Rio bid's cheer leader in chief, President Luiz Inacio Lula da Silva, many people here had come to believe that South America's time had come.

Business Blog

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Twitter major cash boost

Social networking website Twitter has confirmed that it has closed a "significant round of funding". Co-founder Evan Williams said in a blog post that the site had secured money from five investment firms. However, he did not confirm earlier reports that suggested the firm had managed to secure $100 million (£62m), which would value the firm at $1bn. The site, which allows users to write and share 140-character messages, has more than 45 million users worldwide.

The site had previously raised $35m in February in a deal that valued the business then at $255m. "It was important to us that we find investment partners who share our vision for building a company of enduring value," wrote Mr. Williams. "Twitter's journey has just begun." Industry watchers have pointed out that the firm still has no way of making money. However, earlier this month the site revised its terms and conditions to allow advertising on its service. "We leave the door open for advertising. We'd like to keep our options open," wrote co-founder Biz Stone in a blog. The new funding has come from new investors Insight Venture Partners and T Rowe Price, as well as existing backers Institutional Venture Partners, Spark Capital and Benchmark Capital.