10. Drake neglects to patent oil drill

In 1858 Seneca Oil Company sent Edwin Drake to Titusville, Pennsylvania, to investigate ways to extract oil from the ground. Oil bubbled up in the area, and sometimes it was collected from the surface, but the idea of drilling for it, in the same way that salt mines were drilled at the time, seemed far-fetched.

Mitsubishi Power Systems Americas, Inc. (MPSA) has broken ground on a $100 million wind turbine nacelle manufacturing plant in Fort Smith, Arkansas, crediting a coalition of elected officials and the region's business community for creating the environment that allowed them to site the facility in America's heartland.

The nacelle, which is located at the top of the wind turbine tower and functions to convert wind energy to electric power, consists of the wind turbine rotor axis, generator, multiplying gearbox, control system and electrical equipment.

Eurostar International has announced the award of a £700 million contract for 10 new trains to German manufacturer Siemens.

Siemens will supply Eurostar—which operates high-speed trains between London and the continent—with 10 Velaro e320 trains. Designed by Italy’s Pininfarina, the trains will carry more than 900 passengers at a top speed of 320 kilometres per hour. They will also be capable of travelling on other networks, as Eurostar makes plans to expand into Germany and the Netherlands.

Bob Dudley, the new chief executive of UK oil giant BP, has signed a deal to develop a major natural gas field in Azerbaijan.

The agreement is to develop the deepwater Shafaq-Asiman field, which lies 125 kilometres south-east of Baku. The deal was signed by Rovnag Abdullayev, president of Azerbaijan’s national oil company SOCAR, and Rashid Javanshir, president of BP Azerbaijan.

The gas field has estimated reserves of 17,000 billion cubic feet, similar to the Shah Deniz gas field (also in Azerbaijan), in which BP has a 25.5 per cent stake.

In a reversal from 2010, the top 20 contract opportunities planned by US federal agencies for fiscal year 2011 are dominated by procurements out of defense agencies.

According to a new report, Top 20 Federal Contract Opportunities, published by market research firm INPUT, now owned by Deltek, more than 80 percent of the approximately $142 billion in total contract value for 2011 will be associated with defense agencies.

The Thompson Group of Companies has acquired Applied Instrument Technologies (AIT) from Hamilton Sundstrand Corporation, although financial terms of the purchase were not disclosed. AIT will be organized as a standalone company within The Thompson Group.

AIT manufactures and markets process analytical instruments including Analect FTIR, PIONIR Near-Infrared, MGA Mass Spectrometers, FXi Gas Chromatographs and RPM Raman analyzers, used by refining, petrochemical, chemical, pharmaceutical and steel industries to optimize their production processes.

Russian telecom giant Vimpelcom and Egypt’s Weather Investments have agreed to merge their assets, it has been announced.

The deal, worth $6.6 billion (£4.2 billion), will create the world’s fifth-largest mobile phone company, with combined subscriptions of more than 174 million. It will also give Vimpelcom, which has operations in many former Soviet republics, access to new markets in Africa and the Middle East.

The new company will operate in 20 countries in Europe, Asia and Africa.

The Conference Board of Canada has released a less than conclusive report on BHP Billiton’s hostile $38.6-billion takeover bid for Saskatchewan’s PotashCorp.

The report indicates that there will be little short-term benefit to Canada in terms of jobs if the international mining conglomerate succeeds in its hostile bid for PotashCorp, and that the provincial government’s tax revenue could be hit by as much as C$2 billion over the next ten years.

Strong international trading in the second quarter of this year has helped to boost half-year profits at UK supermarket giant Tesco.

Sales in Asia jumped by 12 per cent, European sales grew by nine per cent and US sales rose sharply by 45 per cent during the second quarter.

UK sales in the first quarter were almost flat, growing by just 1.1 per cent. However in the second quarter sales picked up, growing by four per cent.

Dr. Abdullah Telmesani offers a simple but profound test for making ethical decisions in business—a useful guide for board members and executive committees to clarify the ethical basis for executive choices.