Half-year profits at mining giant Rio Tinto soar based on strong demand and high commodity prices.

With the Pentagon expected to release the final bid request this week for the second round of bidding on a $40 billion contract to supply the US Air Force with refueling tankers, Boeing has threatened to withdraw from the contest unless the Department of Defense grants a six month extension to the bid process, so it can work on the design of a larger aircraft.  ┬á The contract to build 179 refueling tankers over 15 years was awarded on February 29 to Los Angeles-based Northrop Grumman and its partner, EADS North America, a subsidiary of European Aeronautic Defence and Sp

Canada needs to invest an estimated $200 billion in public infrastructure to help keep private sector industry competitive, according to a new study by the Institute for Research on Public Policy.  ┬á In the report, University of Waterloo economist James Brox analyzed the condition of Canada's infrastructure and its impact on productivity, specifically within the manufacturing sector.┬á┬á The study argues that Canada's competitiveness depends on a modern, efficient and well-maintained public infrastructure network, and that productivity in Canada's manufacturing sector h

H.J. Heinz announced an 11 percent rise in first-quarter profits today, after double-digit sales growth in North America and Europe.  ┬á For the three months ending July 30, Pittsburgh-based Heinz declared earnings of $229 million (72 cents per share), up from $205.3 million (63 cents per share) in the first quarter last year.┬á┬á Revenue increased 14.9 percent to $2.58 billion from $2.25 billion during the same period last year.

ArcelorMittal, the world's largest steelmaker, has acquired the Brazilian iron ore assets of Anglo-African miner London Mining for $810 million.  ┬á London Mining (Lonmin) purchased its assets in Brazil in May 2007, and has since been investing in the subsidiary to more than double production to 3.2 million metric tons per annum.

The Home Depot Inc., the worldÔÇÖs largest home improvement retailer, reported a 24 percent drop in second-quarter profit but still beat Wall Street expectations.   Atlanta-based Home Depot today announced net earnings of $1.2 billion (71 cents per share) in the three months ended 3 August, compared with $1.6 billion (81 cents per share) in the same period a year ago.

Mining giant BHP Billiton has announced record annual profits for the seventh consecutive year as commodity prices continue to soar.

Wal-Mart, the world's largest retailer, has reported a 17 percent rise in quarterly net income as US shoppers turn increasingly towards cheaper goods.   ┬á Net income in the three months to 31 July climbed to $3.45 billion, up from $2.95 billion last year.

Chrysler is the latest automaker to announce plans to switch production away from light trucks and SUVs toward more fuel-efficient vehicles.

The US trade deficit shrank unexpectedly by over 4 percent in June, as a weak dollar boosted exports to an all-time high, according to official figures released Tuesday. ┬á US Commerce Department statistics show the June trade deficit at $56.8 billion, down from $59.2 billion in May. Exports of goods and services rose 4 percent to a record $164.4 billion, offsetting a 1.8 percent rise in imports. ┬á┬á Although the dollar has recently gained ground against the euro and other currencies, its earlier decline helped export orders by making US goods cheaper abroad.