Europe

Orders for new aircraft are flying in at the biennial Farnborough International Airshow, the largest of its kind in the world, and an event at which aerospace companies traditionally make major announcements.

After spending $11 billion on Airbus A380s at last month's Berlin Airshow, Emirates led the way at Farnborough with an order for 30 Boeing 777 aircraft worth £5.9 billion ($9.1 billion). The airline was originally expected to order only twenty.

Spanish telecoms provider Telefónica has withdrawn its bid to acquire a further €7.15 billion stake in Brazil’s leading cell phone company, Vivo, currently owned by Portugal Telecom.

Telefónica and Portugal Telecom each own 50 per cent of Brasilcel, a Dutch registered holding company which owns 60 per cent of Vivo. Brasilcel is also listed on the Brazilian stock market, where the remaining 40 percent of its stock is publicly traded.

Germany’s Siemens AG has signed multi-billion euro deals to supply railway technologies and wind power to Russia.

Under the agreements, Siemens will modernise 22 railway switching yards by 2026 and supply Russian Railways (RZD) with 240 regional trains (a total of 1,200 coaches)over the next 10 years.

The trains will be a specialised version of the Desiro, which will be produced in Russia starting in 2012. Siemens is planning a joint venture with RZD subsidiary Aeroexpress to manufacture the trains.

The European Commission has given the go-ahead for British Airways to enter a joint business agreement with American Airlines after the companies agreed to competition safeguards.

The approval gives the airlines immunity from anti-trust laws that would have prevented them from combining their transatlantic wings. The airlines will now pool revenues, work together on ticketing and co-ordinate schedules.

The strengthening of their Oneworld Alliance on European to North American routes allows them to better compete with rival groups, BA has argued.

Mining group African Minerals has signed a deal with a Chinese steelmaker for a $1.5 billion (£989 million) investment that will help it develop what could be the biggest iron ore mine in the world.

The memorandum of understanding which has been signed with Shandong Iron & Steel—one of the world's largest mill operators—is subject to due diligence and the two parties agreeing a discount for the iron ore produced.

BP has announced it has fitted a larger, tighter containment cap on the ruptured Gulf of Mexico wellhead that has been leaking oil since the Deepwater Horizon explosion in April.

The company will test the new cap's internal pressure shortly by closing its valves. If successful, the company hopes the new cap will stem the flow until more permanent measures can be taken.

Saudi Arabia has received bids from six groups hoping to build four stations along a 450 kilometre high-speed railway line in the country.

Firms involved in the bidding include the German transport group Deutsche Bahn, Italy’s Astaldi, the UK’s WS Atkins,France’s Alstom, Austria’s Strabag, and Singapore-based ST Engineering Ltd.

HSBC is considering making a bid for South Africa’s Nedbank, majority owned by the insurance group Old Mutual, it has been reported.

According to a report by Sky News, HSBC has appointed investment bank Lazard to advise on a possible takeover.

Amazon.co.uk has announced that it will take on the UK’s supermarkets with the launch of its own online grocery store offering free delivery on thousands of products.

Thecompanywill offer a range of 22,000 products, which matches the scope of rivals such as Tesco and Ocado. It will stock 2,000 products at its five warehouses around the UK, with its biggest facility, of 800,000 square feet, to be located at Swansea Bay in Wales. The remaining products, including fresh and chilled items, will be sent from external suppliers.