The Timken Company today announced that its wholly owned subsidiary, TSB Metal Recycling LLC, has purchased substantially all of the assets of City Scrap and Salvage Co. in Akron, Ohio.

City Scrap has been a local source of supply of ferrous scrap for Timken’s steelmaking operations for more than 15 years. Timken's steel business was founded in 1917 to provide a dependable supply of steel for its bearing business, and this acquisition is consistent with that strategy.

The US Navy has awarded contracts worth a total of more than $7 billion to build 20 of its new Littoral Combat Ships to Lockheed Martin and Austal USA.

The Defense Department has awarded Lockheed Martin a $491.6 million deal to construct one ship. If options for nine additional ships are exercised, the award total amounts to $4.57 billion.

Renewable energy firm RES has received approval from the Scottish government for its 99 megawatt wind farm, located approximately 20 miles south of Inverness at Dunmaglass.

The wind farm will comprise 33 turbines, each with a maximum height of 120 metres to the tip of the blade, and is expected to generate electricity equivalent to the average annual demand of around 46,000 Scottish households.

The Scottish government said the construction phase of the development would create work for about 55 people.

MidAmerican Energy has placed an order with Siemens Energy, Inc. for 258 of its 2.3-megawatt turbines, to be erected in Iowa during 2011.

MidAmerican Energy has also entered into an asset purchase agreement with RPM Access under which it will acquire the Laurel Wind Project from RPM, where approximately 52 of the Siemens turbines are planned to be located.

Israel’s Koor Industries has announced the sale of its subsidiary MA Industries, the world’s biggest maker of crop protection chemicals, to China National Chemical Corp (ChemChina).

The deal, which values MA at $2.4 billion, will see Koor retain 40 per cent of the maker of fungicides, pesticides and herbicides. ChemChina will buy the 53 per cent of MA currently held by the public for $1.27 billion, and will pay Koor $168 million for an additional seven per cent.

The North American Aerospace Defense Command (NORAD) provides aerospace warning, air sovereignty, and defense for the United States and Canada.

It’s a vital defense service for North America, but at this time of year, using its global surveillance technology, NORAD provides an extra service of a different kind for the benefit of the public—the NORAD Tracks Santa program.

Anglo-Australian mining giant Rio Tinto has increased its offer for Riversdale Mining to £2.5 billion (A$3.9 billion), after initially offering £2.2 billion earlier this month.

Riversdale's directors said the offer provided "immediate value" and that they would recommend it to shareholders.

Aston Martin is in talks with Daimler over a potential plan that would see the British luxury carmaker design and build the German company’s Maybach brand, according to a report in the Financial Times.

According to the FT, the partnership would see Aston Martin take engine technology from Daimler in exchange for building cars. It is thought that Daimler’s four-wheel-drive technology could be particularly useful to the British company, as it is considering making an off-road vehicle.

Secretary of the Interior Ken Salazar has approved the Crescent Dunes Solar Energy Project, the ninth large-scale solar facility given the green light as part of an initiative to encourage rapid and responsible development of renewable energy on US public lands.

The concentrated solar power plant will produce 110 megawatts, enough to provide electricity for up to 75,000 Nevada households, and generate about 450-500 new jobs during construction and up to 50 permanent operations and maintenance jobs. 

The African Development Bank has approved $232 million in loans and grants to Ethiopia to fund the expansion of the country's electricity grid.

Earlier this year, Addis Ababa launched a five-year economic development plan encompassing a massive expansion of the country’s infrastructure. The plan looks to boost Ethiopia’s power production from 2,000 MW to 10,000 MW; and it also includes the construction of 2,395 kilometres of railway lines.

Ethiopia wants to expand electricity coverage to 75 per cent of the population from 41 per cent currently.