Emirates Telecommunications Corporation, better known as Etisalat, has submitted a preliminary conditional offer to buy a 46 percent stake in Kuwaiti mobile telecommunications operator Zain, for $12 billion.

The Abu Dhabi-based Etisalat said it has offered 1.7 Kuwaiti dinars (around $6) per share for Zain, whose major shareholders include the Kuwait Investment Authority (Kuwait's sovereign wealth fund) and the conglomerate Kharafi Group.

The US economy grew marginally faster in the second quarter than previously expected, according to figures released today by the Commerce Department, but the pace of growth is still painfully slow.

Gross domestic product, the broadest measure of economic activity, was upwardly revised to an annual growth rate of 1.7 percent in the three months ending in June.

South African president Jacob Zuma told an audience in Belgium today that South Africa offers mining investors huge growth potential and proven economic and political stability.

In Antwerp for the third annual European Union-South Africa summit, Zuma said the successful hosting of the 2010 Fifa World Cup had "demonstrated to the world that we are a country that can deliver on its undertakings."

Caterpillar Inc announced plans today to expand its manufacturing presence in China with a new facility to produce four models of mini hydraulic excavators.

To meet growing customer demand in China the company will produce models in the under 8-ton range at the new facility in Wujiang. The facility will be part of Caterpillar's Building Construction Products (BCP) Division, which has manufacturing operations in the United States, Japan, Brazil and the United Kingdom.

Camco International Limited, a global developer of emission reduction and clean energy projects, has announced a joint venture agreement with Khazanah Nasional, the investment holding arm of the Government of Malaysia.

Southwest Airlines is to acquire AirTran Holdings, Inc., the parent company of AirTran Airways, for $1.4 billion in a combination of cash and shares.

Each share of AirTran common stock will be exchanged for $3.75 in cash and 0.321 shares of Southwest Airlines' common stock, subject to certain adjustments. Including the existing AirTran net indebtedness and capitalized aircraft operating leases, the transaction value is approximately $3.4 billion.

Anglo-Dutch consumer goods group Unilever has agreed to buy US-based hair care group Alberto Culver Co. for $3.7 billion in cash to boost its personal care business.

The acquisition will bring brands including V05, TRESemmé and Nexxus, making Unilever the world leader in hair conditioning, the second largest in shampoo, and the third largest in styling.

The global research and advisory firm Cleantech Group has released its 2010 US Smart Grid Vendor Ecosystem Report, which explores the key market dynamics shaping the emerging smart grid landscape.

Commissioned and funded by the Department of Energy, the study highlights $2.75 billion in annual product sales in three key smart grid categories: advanced metering infrastructure (AMI), demand response, and distribution grid management.

Shares in Rockhopper Exploration jumped 7.8 per cent today following an update on flow tests at the potentially world class Sea Lion field in the North Falklands basin.

The UK-based company said that during an 18 hour test, the well flowed for sustained periods at over 2,000 barrels per day.

The group added that had it not been for several constraints on the well, it could have flowed at around 4,000 barrels per day.

With more optimal location, significantly higher rates could be achieved from future production wells, the company said.