With the governor of Alaska installed as John McCainÔÇÖs running mate, the battle over oil and gas exploration in Arctic waters could become a prominent issue in the upcoming presidential election.┬á  With the Arctic ice-cap melting more rapidly than usual for a second year running, and gas prices breaking through the $4 a gallon barrier, pressure is growing to exploit the reserves under the Arctic ocean.

The US Department of Defense has cancelled a controversial $35 billion bid competition for a fleet of new air refueling tankers because the current administration no longer has enough time to complete it in a ÔÇ£fair and objective" way.  ┬á The contract was initially awarded in February to Northrop Grumman and its European partner EADS, parent company of Airbus, but a successful appeal by Boeing to the Government Accountability Office led to the Pentagon deciding to launch a fresh contest.┬á┬á ┬á The GAO investigation found ÔÇ£significant errorsÔÇØ in the original bid pr

Coca ColaÔÇÖs $2.5 billion bid for Chinese juice company Huiyuan will be the first case to be scrutinized by Chinese competition authorities under the country's new antitrust laws.   ┬á Coca Cola is keen to increase its presence in ChinaÔÇÖs fast growing drinks market, but the potential sale of China Huiyuan Juice Group Ltd. to an overseas company has stirred up nationalist opposition. ┬á┬á Coke agreed last week to pay HK$12.20 per share for Huiyuan, in a deal which values the Beijing-based juice producer at around HK$17.9 billion ($2.3 billion).

One of BoeingÔÇÖs key suppliers, Spirit AeroSystems, has already reacted to the strike action by 27,000 assembly workers by announcing a reduction in working hours.  ┬á Spirit makes wing components, fuselage sections, engine pylons and nose sections for Boeing commercial aircraft, employing over 2000 people in Tulsa and McAlester, Oklahoma, and 10,900 in Wichita, Kansas.

Thousands of workers at Boeing have commenced strike action after a 48-hour moratorium failed to produce agreement on a three year pay deal between the aircraft manufacturer and the International Association of Machinists and Aerospace Workers.  ┬á Boeing offered its 27,000 assembly workers an 11 percent pay deal over three years, increasing average pay and benefits by $34,000, but its ÔÇ£best and finalÔÇØ offer was overwhelmingly rejected by 87 percent of union members Wednesday.

There was mixed news on the economic outlook this week, with higher than expected growth in the US service sector in August, but also an unexpected rise in new applications for unemployment benefits.┬á  Figures released by the Institute for Supply Management showed its non-manufacturing index at 50.6 in August, up from 49.5 in July. A figure above 50 signifies growth. ┬á┬á But the Labor Department said new applications for unemployment insurance rose by 15,000 from the previous week, against expectations of a fourth week of falls.

Boeing has secured a 48-hour moratorium to try to fend off a damaging strike by 27,000 assembly workers in Washington, Oregon and Kansas.  ┬á The employees, members of the International Association of Machinists and Aerospace Workers, voted Wednesday to reject BoeingÔÇÖs latest pay and benefits package. ┬á┬á Boeing offered its workers an 11 percent pay deal over three years, increasing average pay and benefits by $34,000, but the offer was overwhelmingly rejected.

Coca-Cola, the world's biggest beverage company, is set to acquire China Huiyan Juice Group for $2.5 billion to expand its operations in one of the world's fastest growing markets.  The drinks giant has offered 12.20 Hong Kong dollars per share ($1.56)ÔÇöabout three times HuiyanÔÇÖs closing price last FridayÔÇöin a deal which values the Beijing-based juice producer at around HK$17.9 billion ($2.3 billion).┬á┬á Coca-Cola has also offered to pay for all outstanding convertible bonds and options, bringing the total amount of the deal to as much as $2.5 billion.

The price of crude oil, gold, copper and other commodities has fallen on world markets as hurricane Gustav spared the US Gulf states from the devastation caused by Katrina and Rita in 2005.   ┬á Crude oil for October delivery fell as low as $105.46 a barrel on the New York Mercantile Exchange, 8.7 percent less than on 29 August. Today's trading is combined with yesterday's for settlement purposes because of the Labor Day holiday in the US.

Oak Ridge National LaboratoryKeith Regan learns that the interdisciplinary approach may hold the key to unlocking biofuels that do not compete with food crops. In the search for alternatives to fossil fuels in the transportation realm, biofuels are considered the most viable short-term alternative. However, traditional biofuels made from food stocks such as corn and soy pose their own inherent problem: they create competition for prime farmland and force growers to choose between producing crops for fuel or food.