Sir Richard Branson's Virgin Money is said to be close to purchasing the nationalised UK lender Northern Rock.

According to a report in the Sunday Times, Virgin is said to be front runner ahead of banking venture NBNK, which is headed up by Lord Levene and former Northern Rock CEO Gary Hoffman.

Final bids are due this week for the Newcastle-based bank, which UK taxpayers propped up with £1.4 billion following its collapse in 2007.

Dutch rail operator Abellio Group has been selected by the UK’s Department for Transport to operate the Greater Anglia train franchise.

The new franchise, due to start in February 2012, will provide intercity, commuter and rural services throughout the Greater Anglia region.

In the UK, the company already operates the rail companies Merseyrail and Northern Rail, as well as the bus companies Abellio London & Surrey.

American Chemistry Council president and CEO Cal Dooley released a new report today on the potential benefits of shale gas to the Louisiana petrochemical industry, and the US in general.

"Access to untapped supplies of natural gas is one of the most important domestic energy developments in 50 years,” he said. “One-third of US natural gas reserves are comprised of shale gas reserves almost impossible to extract just five years ago. Shale gas promises an industrial renaissance, here in Louisiana and in America."

Ireland’s Providence Resources has announced its intention to commence drilling operations on its 48/24-JBarryroe well in mid-November.

The company has been awarded an exploration licence for Barryroe for a period of up to six years, split into two three-year phases.

The well location and programme have been finalised using new fast-track 3D seismic data.

Agnico-Eagle Mines Limited is suspending mining operations and gold production at its Goldex mine in Val d’Or, Quebec, with immediate effect.

The decision follows a report from a second rock mechanics consulting firm recommending that underground mining operations be halted until the situation is investigated further.

South Africa’s Steinhoff International is to swap several of its industrial assets for a bigger stake in manufacturer KAP International in a deal worth R8.9 billion.

Steinhoff will exchange PG Bison and Unitrans, along with its raw materials assets, for an increase in its shareholding in KAP from 34 per cent to 88 per cent, giving it control of the manufacturer.

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Osisko Mining Corporation has deposited $22.1 million with the Quebec Government, representing 50 percent of its financial guarantee to cover the entire future cost of rehabilitating its new Canadian Malartic mine site in the Abitibi region of Quebec.

The balance of the guarantee will be remitted as two subsequent payments of $11.05 million each, to be made on or around September 1, 2012 and September 1, 2013.

There is huge potential for the spread of mobile and internet-based telecommunications services in Africa. Regional market leader Uganda Telecom Ltd is required to invest heavily in management, infrastructure and technology improvements to increase its share of the market.