Mining group African Minerals has signed a deal with a Chinese steelmaker for a $1.5 billion (£989 million) investment that will help it develop what could be the biggest iron ore mine in the world.

The memorandum of understanding which has been signed with Shandong Iron & Steel—one of the world's largest mill operators—is subject to due diligence and the two parties agreeing a discount for the iron ore produced.

Chicago based insurance conglomerate Aon Corp. has agreed to buy human resources specialist Hewitt Associates for $4.9 billion in a cash-and-stock deal that will almost triple the size of its consulting arm.

Assuming it is approved by regulators, the deal, which values Hewitt at $50 per share, will be Aon’s biggest ever merger. Although it is the world’s largest insurance broker, Aon’s consulting business lags behind rival Marsh & McLennan Co.

BP has announced it has fitted a larger, tighter containment cap on the ruptured Gulf of Mexico wellhead that has been leaking oil since the Deepwater Horizon explosion in April.

The company will test the new cap's internal pressure shortly by closing its valves. If successful, the company hopes the new cap will stem the flow until more permanent measures can be taken.

Lexon Technologies, Inc.has announced its intention to merge with INTEK America, Inc., a leading consumer branded supplier of environmentally-responsible product lines based in Rancho Dominguez, California.

Saudi Arabia has received bids from six groups hoping to build four stations along a 450 kilometre high-speed railway line in the country.

Firms involved in the bidding include the German transport group Deutsche Bahn, Italy’s Astaldi, the UK’s WS Atkins,France’s Alstom, Austria’s Strabag, and Singapore-based ST Engineering Ltd.

Boeing is set to go head-to-head once again with European rival EADS for the lucrative $35 billion Pentagon contract to build refueling aircraft for the US Air Force.

The Pentagon first invited bids to replace the aging fleet of tankers several years ago, and has actually awarded the contract twice (once to each side), but successful challenges have forced it to start the process all over again. Meanwhile the US Air Force is still flying takers which date back to the late-1950s.

HSBC is considering making a bid for South Africa’s Nedbank, majority owned by the insurance group Old Mutual, it has been reported.

According to a report by Sky News, HSBC has appointed investment bank Lazard to advise on a possible takeover.

Senior executives are optimistic about achieving their companies' growth expectations over the next two years, according to a survey by Ernst & Young LLP.

Ernst & Young’s Growth Company Leadership survey measures attitudes about key economic and performance indicators among US companies with $500 million to $3 billion in total revenues. Respondents were particularly optimistic about revenue, profitability, technology spending and hiring.

Amazon.co.uk has announced that it will take on the UK’s supermarkets with the launch of its own online grocery store offering free delivery on thousands of products.

Thecompanywill offer a range of 22,000 products, which matches the scope of rivals such as Tesco and Ocado. It will stock 2,000 products at its five warehouses around the UK, with its biggest facility, of 800,000 square feet, to be located at Swansea Bay in Wales. The remaining products, including fresh and chilled items, will be sent from external suppliers.

More than 1,000 of the world’s leading scientists and technicians will lose their jobs on October 1st as NASA’s space shuttle program winds down.

The immediate job cuts represent about 15 percent of the workforce, with more cuts expected. Only two final shuttle flights are planned to the International Space Station, one in November and another in February, although some Congressmen have discussed the possibility of an additional flight next summer which would delay further job losses.