London-based oil and gas company Terra Resources has entered into a financial partnership with Hendon Energy Fund 2011 to develop an oil and gas concession in Russia.

Hendon has agreed to partner with Terra Resources to fulfil its funding commitments, which are estimated to be $90 million, for the development of the 85,000 acre oil and gas concession in Kalmykia.

Coincident with the announcement of its second quarter results, the board of Kraft Foods revealed plans to separate the business into two independent public companies.

The board believes that the global snacks business and the North American grocery business would benefit from being run separately, as they differ in their future strategic priorities, growth profiles and operational focus.

Ireland’s PetroNeft Resources has announced a “significant” oil discovery in one of its two Russian licence areas.

The discovery was made at Sibkrayevskaya, in Licence 61 at Tomsk Oblast, Siberia.

PetroNeft holds a 100 per cent interest in Licence 61, a 4,991 square kilometre oil and gas licence; as well as a 50 per cent operating interest in Licence 67, which covers an area of 2,447 square kilometres.

Reporting its sixth consecutive profitable quarter, General Motors today announced second quarter net income attributable to common stockholders of $2.5 billion, an increase of over 90 percent on Q2 of 2010.

Revenue for the quarter ended 30 June 2011 increased $6.2 billion to $39.4 billion, compared with the second quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $3.0 billion compared with $2.0 billion in the second quarter of 2010. There were no special items in either period.

Valiant Investments has announced that it has invested a further US$50,000 into Trilith Resources.

Valiant said that the funds will be used by UK-based Trilith to acquire natural resource projects in Zambia and Tanzania, with a principle focus on gold and copper mineralisation.

UK-based Valiant has now invested a total of $150,000 (approximately €104,000) into Trilith.

A hot celebrity can get press coverage for a brand, product or fashion designer’s name. Here are four easy steps to red hot, red carpet product placement from Susan J. Ashbrook.

The elephant in the room is a global economy that’s too big NOT to fail. It’s about to go rogue and make localization a cutting-edge survival skill, says contemporary issues writer Ellen LaConte. We must start living more locally…before it’s too late.

Service recovery means doing whatever it takes to solve a customer’s problem—and doing it quickly, says John Tschohl.

Service recovery. Those two words can make the difference between success and failure. And yet most people in management positions don’t know what the term means, let alone how to use service recovery to establish a loyal customer base and increase sales.

Today’s enterprise application forecast: cloudy with a chance of transformation. Rob Prinzo is the weatherman.

Acquisition decisions and integration processes must evolve dramatically to be in tune with the markets and the competition of the twenty-first century, say David G. Hartman and George F. Brown, Jr.