Paris-based France Telecom has said it will appeal to Egypt's supreme court after the country's stock market appeals committee once again rejected the group's bid to take full control of ECMS, Egypt's largest mobile operator.

Insurance giant American International Group (AIG) has named Robert Benmosche, a former head of rival insurance firm MetLife, as its new chief executive.  The appointment follows the decision by Ed Liddy, AIGÔÇÖs current chairman and CEO, to leave the firm after less than one year at the helm. Benmosche will not succeed Liddy as chairman. Liddy has received strong criticism for his role at the firm since it received around $80 billion in bailout funds from the Government.

Enel, ItalyÔÇÖs largest energy company, has finalised a deal with Electricit├® de France (EDF) that will seek to develop nuclear power stations in Italy.

UK banking group Royal Bank of Scotland (RBS) has announced a deal to sell part of its Asian banking unit to the Australia and New Zealand Banking Group (ANZ) for A$687 million (£340 million).

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Ford, the second-largest US automaker, will announce its first year-on-year sales increase since 2007 later today, thanks to the GovernmentÔÇÖs ÔÇ£cash for clunkersÔÇØ scheme.  The federal Car Allowance Rebate System prompted a sudden surge in sales at the end of July for Dearborn, Michigan-based Ford, as customers rushed to trade in older vehicles in return for sums of up to $4,500 if they bought new, fuel-efficient models.  Within one week, buyers had almost exhausted the $1 billion of federal funding, which was made available from July 24.

Israeli food maker Osem Investments has announced it is to buy UK food distributor Yarden GB for £1.9 million.

Recycling not scrapping
The world is full of scrap metal merchants but few have taken their business to the level of professionalism Jeff Daniels found in South Africa.
At one end of the spectrum you have the seedy scrap merchant where you can still find a market for lead nicked from a church roof. At the other end, you have a slick organisation such as UCG Recycling. Both are handling waste metals but one is doing it by instinct, while the other is providing a wide-ranging recycling function for mines and manufacturing.