According to numerous geological surveys and available seismic data, the country of Iraq possesses what might well be one of the largest collections of oil reserves on the planet, estimated to total over 350 billion barrels. However decades of sanctions, two Gulf Wars and the subsequent years of civil unrest left its oil infrastructure in dire need of modernisation and investment.

Derived from the Latin word “concretus”, meaning compact or condensed, concrete has had an immeasurable impact on both the ancient and modern world with its usage dating as far back as 800 BC. Today the global use of concrete is twice that of steel, wood, plastics and aluminium combined, and is only exceeded by the usage of naturally occurring water.

Copper fundamentals are highly buoyant. Demand for copper is increasing at over half a million tones annually, most of it driven by China, which consumes 20 percen of global supply. Demand for copper shows no sign of levelling off in the opinion of researchers at Yale, who calculated from 2006 consumption figures that global demand for copper would exceed the amount extractable from the ground by 2100.

The change, expected this autumn, follows other moves by the NY Times to consolidate its image, including plans to sell off the Boston Globe announced this month. It will bring to an end the 40-year-old IHT brand familiar to US expatriate readers.

Chief executive Mark Thompson, previously director general of the BBC, said the paper would add new reporters, and aim to expand its overseas readership.

Companies looking for offshore energy invested some £11.4 billion in 2012, a figure that will rise to £13 billion.

On a quarter-on-quarter basis, Singapore’s economy grew 3.3 percent, boosted by a rebound in the country’s manufacturing sector.

According to the latest data from the Ministry of Trade and Industry, the sector expanded by an annualised rate of 3.1 percent in the October to December period, compared with the previous three months.

The ministry said the rebound was helped by growth in the biomedical manufacturing and transport engineering sectors, which helped offset a decline in the output of the electronics sector.

In a joint statement, the companies said the deal would create "a stronger, more efficient global provider better able to compete in the rapidly changing office solutions industry".

The combined company would have had combined revenues of about $18 billion in 2012, the firms said.

Under the terms of the all-stock deal, Office Depot will issue 2.69 shares for each OfficeMax share. That is equal to about $13.50 per share, based on Office Depot's closing share price on Tuesday of $5.02.