General Motors (GM) has announced it will invest more than $1 billion in the development of two new cars in Brazil.┬á  The Brazilian market is a priority for GM, which experienced record sales of around 580,000 vehicles there in 2008, thanks to BrazilÔÇÖs healthy economy and a government tax break which has enabled many citizens to own cars for the first time. One new small car and one medium-sized vehicle, aimed at the domestic market, will be developed at the Gravatai plant in the south of the country, where the bulk of the money will be invested.

State-run Abu Dhabi Gas Industries Ltd (GASCO) has awarded contracts for gas projects worth a total of $9.2 billion dollars to foreign firms, it announced today. GASCO, a subsidiary of the Abu Dhabi National Oil Company, has confirmed it has awarded contracts for engineering, procurement, construction and commissioning (EPC) works for the Integrated Gas Development (IGD) project at the Habshan and Ruwais gas plants in Abu Dhabi. Under the IGD project, the plants will process gas produced offshore, part of a wider scheme to boost Abu DhabiÔÇÖs gas supply by around one bil

A Spanish-led consortium has won a $3 billion contract to expand PanamaÔÇÖs famous inter-oceanic canal. Grupo Unidos por el Canal, led by Spanish construction firm Sacyr Vallehermoso, will design and build a new set of locks and water-saving basins on the 80km waterway, which is currently undergoing works to widen it worth a total of $5.25 billion. The winning $3.02 billion bid, which beat that of a group led by US firm Bechtel, is the largest single contract awarded so far as part of the expansion works. The consortium will begin building the locks on the canal within t

A Spanish-led consortium had won a $3 billion contract to expand PanamaÔÇÖs famous inter-oceanic canal. Grupo Unidos por el Canal, led by Spanish construction firm Sacyr Vallehermoso, will design and build a new set of locks and water-saving basins on the 80km waterway, which is currently undergoing works to widen it worth a total of $5.25 billion. The winning $3.02 billion bid, which beat that of a group led by US firm Bechtel, is the largest single contract awarded so far as part of the expansion works. The consortium will begin building the locks on the canal within t

Exxon Mobil, the largest energy firm in the US, has announced a $600 million investment in algae-based biofuel.  The Irving, Texas-based company has joined forces with biotech firm Synthetic Genomics Inc.

Tullow Oil, one of the largest independent oil and gas exploration companies in Europe, has had the first phase of the development plan for its Jubilee field formally approved by GhanaÔÇÖs energy minister, it announced today. The London, UK-based company says the project is due to deliver its first oil next year. The field will be developed with a floating, production, storage and offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil per day, the company said. Tullow operates the Jubilee licence with a 34.7 per cent interest.

Tullow Oil, one of the largest independent oil and gas exploration companies in Europe, has had the first phase of the development plan for its Jubilee field formally approved by GhanaÔÇÖs energy minister, it announced today. The London, UK-based company says the project is due to deliver its first oil next year. The field will be developed with a floating, production, storage and offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil per day, the company said. Tullow operates the Jubilee licence with a 34.7 per cent interest.

Japanese automotive firm Toyota is considering making a hybrid version of its Auris hatchback model in the UK.

Microsoft has announced it will offer a free version of its popular Office software suite on the internet, challenging rival GoogleÔÇÖs own version, Google Apps.  The move has been seen as an attempt by the Redmond, Washington-based company to protect itself from Google, which already dominates the internet search market.  The web-based version of Office, which is expected to become available next year, could eat into revenue generated by sales of the traditional version, one of the most lucrative arms of its business.

UK drinks maker Britvic has said today that heightened interest in the Wimbledon tennis tournament is set to boost its overall performance this year.