French utility firm GDF Suez and Algerian gas group Sonatrach, which is state-owned, will commence development of the Touat gas field in south-west Algeria, it was announced today.  Exploration and assessment of the site began in 2003 and work on production is now due to begin later this year, with the aim of commencing output in 2013.

Mining giant Rio Tinto has sold part of its Alcan packaging unit to US packaging producer Bemis for $1.2 billion.  UK-based Rio, the worldÔÇÖs third-largest mining company, sold the Food Americas division of its packaging arm for $1 billion in cash, plus an extra $200 million for stock. The sale is the latest in a series for Rio, which has been offloading assets and stock since its debt soared to $38.7 billion when it purchased Canadian aluminum group Alcan in 2007. The move comes after the firm raised $15.2 billion in a recent rights issue.

Leading global investment bank Nomura, which has its headquarters in Japan, announced today that it has launched operations in Saudi Arabia, making it the first Asian brokerage firm to break into the rapidly growing and lucrative market.  The announcement came after Nomura received a commencement letter from Saudi Arabia's Capital Market Authority (CMA), giving the firm permission to undertake a range of securities businesses in the Kingdom.

London-based mining giant Rio Tinto has sold part of its Alcan packaging unit to US packaging producer Bemis for $1.2 billion.  Rio, the worldÔÇÖs third-largest mining company, sold the Food Americas division of its packaging arm for $1 billion in cash, plus an extra $200 million for stock. The sale is the latest in a series for Rio, which has been offloading assets and stock since its debt soared to $38.7 billion when it purchased Canadian aluminium group Alcan in 2007. The move comes after the firm raised $15.2 billion in a recent rights issue.

Johnson & Johnson (J&J), the world's biggest healthcare company, has invested $1.5 billion in Irish biopharmaceutical company Elan Corporation. New Brunswick, New Jersey-based J&J will take over ElanÔÇÖs 50 percent stake in its Alzheimer's immunotherapy research partnership, or AIP Program, that it currently runs with Madison, New Jersey-based pharmaceutical firm Wyeth.

Johnson & Johnson (J&J), the world's biggest healthcare company, has invested $1.5 billion (Ôé¼1 billion) in Dublin, Ireland-based biopharmaceutical company Elan. J&J, whose headquarters are in New Jersey, USA, will take over ElanÔÇÖs 50 per cent stake in its Alzheimer's immunotherapy research partnership, or AIP Program, that it currently runs with pharmaceutical firm Wyeth, also based in New Jersey. J&J will set up a new company 49.9 per cent owned by Elan, with J&J gaining all rights to any medicines approved and Elan receiving 49.9 per cent of the

Repsol, SpainÔÇÖs biggest oil producer, has received offers for its Argentine unit from two of ChinaÔÇÖs biggest oil groups.┬á  The Spanish company is considering the sale of YPF, the Argentine company that accounts for two-thirds of its total oil production, in which it has a 75 per cent stake.┬á CPNC, ChinaÔÇÖs biggest oil company by capacity, is reported to be interested in up to 75 per cent of YPF, while rival CNOOC may be interested in a minority stake and a $15 billion joint venture.┬á RepsolÔÇÖs full stake in YPF would be worth around $17 billion (┬ú10.4 billion).

NewYork-based Philip Morris International, the worldÔÇÖs largest publicly traded cigarette maker, has agreed to buy Swedish Match South Africa (SMSA) for R1.75 billion ($224 million), which will make it the biggest seller of pipe tobacco in the South African┬ámarket. ┬á  SMSA has a strong presence in the OTP (other tobacco products) market in South Africa and is market leader for its pipe tobacco, which includes the well-known Boxer and Best Blend brands.

NewYork-based Philip Morris International, the worldÔÇÖs largest publicly traded cigarette maker, has agreed to buy Swedish Match South Africa (SMSA) for R1.75 billion ($224 million), which will make it the biggest seller of pipe tobacco in the South African market. ┬á  SMSA has a strong presence in the OTP (other tobacco products) market in South Africa and is market leader for its pipe tobacco, which includes the well-known Boxer and Best Blend brands.

Mining giant Rio Tinto has confirmed strong take-up from its shareholders in a sale of London-listed shares, in which 97 per cent were sold.  The company issued shares on both the London and Australian stock exchanges in a $15.2 billion sale to reduce debt.