FirstEnergy has acquired Allegheny Energy for $4.7 billion in a deal that would create one of the largest utility groups in the US.  The combined company would have 10 regulated power utilities across seven states, including New York, Ohio, Pennsylvania, Maryland, New Jersey, Virginia and West Virginia. It would have a total 24,000 megawatts of generating capacity from coal, nuclear, natural gas, oil and renewable power. The new company would retain the FirstEnergy name and be based in Akron, Ohio.

Finnish environmental officials have today given their permission for the construction of a Ôé¼7.4 billion Baltic natural gas pipeline to go ahead.

A consortium of companies led by Californian oil major Chevron has been awarded a Venezuelan oil block following the countryÔÇÖs long-awaited Carabobo oil auction.  The auction, which the Venezuelan government is hoping will help boost the countryÔÇÖs dwindling production levels, was the biggest bidding process in 11 years.  The Chevron-led consortium, which included Mitsubishi and Inpex of Japan, was awarded the Carabobo 3 block.

ItalyÔÇÖs Fiat and RussiaÔÇÖs Sollers have entered into a Ôé¼2.4 billion joint venture that will produce as many as 500,000 cars per year.

Economic optimists search constantly for so-called green shoots—subtle signs that the global economy is preparing to roar back to life. In the northern part of Quebec province, Consolidated Thompson Mines is at work on a project that suggests there may be reasons to be bullish about the prospects for solid growth in at least some parts of the world.

Coca Cola has reported a 55 percent jump in its fourth quarter profits thanks to strong growth in emerging markets. The Atlanta, Georgia-based company, whose brands include Diet Coke, Sprite and Dasani water, said that net income increased to $1.54 billion from $995 million a year earlier, while revenue increased 5.4 percent to $7.51 billion. The results were boosted by strong sales in emerging markets, which helped to offset weaker demand in the US, a market which reported a case volume decline of one percent. The domestic market has been affected by high unemployment a

Specialist engineering services provider Lamprell has won two new contracts from Fred Olsen Windcarrier for a total of $320.4 million (Ôé¼232.4 million).

Canpotex, the export consortium of Canadian potash producers, has signed a deal to sell around 350,000 tonnes of potash to ChinaÔÇÖs Sinofert.  Vancouver-based Canpotex said the sale was agreed at an undisclosed ÔÇ£competitiveÔÇØ price.  The deal will come as welcome news after a year where there was no annual sales agreement between Canpotex and ChinaÔÇöa key factor in the downturn that affected the Canadian potash industry.  In December, a consortium of European potash producers signed a year-long agreement with China to sell the fertilizer for US$350 a tonne.

The Japanese car maker Toyota has confirmed it is recalling about 437,000 Prius and other hybrid cars worldwide to fix brake problems.

Indian conglomerate Reliance Industries is considering buying the bankrupt Canadian oil sands group Value Creations for about $2 billion, according to a report in UK newspaper the Financial Times.