Oil services company Petrofac has raised its full-year profits guidance thanks to higher oil prices and a strong order book.

BoeingÔÇÖs long-awaited 787 Dreamliner took to the skies yesterday on its maiden flight.  The aircraft took off from Paine Field in Everett, Washington, just before 10:30 a.m. on Tuesday morning and flew for approximately three hours before landing at SeattleÔÇÖs Boeing airfield.  The 250-seat Dreamliner is the first commercial aircraft to be made predominantly from compositesÔÇönamely, carbon fiber-reinforced plasticÔÇörather than the conventional mix of aluminum and steel.

Abu Dhabi has thrown a $10 billion lifeline to its neighbour Dubai to pay debts owed by Dubai World.

UK confectionary group Cadbury has today rejected a takeover bid from Kraft Foods, accusing the US giant of trying to buy it ÔÇ£on the cheapÔÇØ.  Cadbury today officially began its defense against Northfield, Illinois-based KraftÔÇÖs $17 billion hostile bid, issuing a statement to shareholders that raised growth and profitability targets and promised enhanced shareholder returns.  The confectioner is promising organic revenue growth of five to seven percent and profit margins of 16 to 18 percent by 2013.

UK confectionary group Cadbury has today rejected a takeover bid from Kraft Foods, accusing the US giant of trying to buy it ÔÇ£on the cheapÔÇØ.

The worldÔÇÖs largest wind farm is to be built in Oregon and provide enough power for 235,000 homes, it has been announced.

The┬ásecond round of bidding opens today for contracts to develop the worldÔÇÖs third-largest oil reserves in Iraq.

AOL will begin trading today on the New York Stock Exchange as an independent company for the first time in eight years.  Today, the two companies will go their separate ways eight years after their $160 billion merger in 2001. Each will be a smaller version of what they were a decade ago. AOL, once the largest dial-up internet service provider in the US, will be preparing to do battle with Google, Yahoo! and Microsoft in the $29 billion US online advertising market.

French construction firm Technip has won a Ôé¼65 million contract for an offshore project in Egypt.

CanadaÔÇÖs First Quantum Minerals is buying BHP Billiton's Ravensthorpe nickel mine on Western AustraliaÔÇÖs south coast for $340 million.  The Vancouver, BC-based mining company plans to resume operations at the site, which was mothballed in January due to falling nickel prices, within 18 months. The mine was originally designed to process low-grade nickel laterite ore. The site cost BHP $2.2 billion to build but led to around $3.6 billion in writedowns after less than 12 months in operation. Almost 2,000 workers lost their jobs when the site was shut down.