Meggitt, the UK engineering group, has announced it is to buy US-based Pacific Scientific Aerospace (PSA) in a deal worth $685 million (£428 million).

Dorset-based Meggitt, which makes engine-monitoring systems for Airbus and Boeing planes, said the acquisition would add fire and smoke suppression to its existing product portfolio, creating an integrated fire and smoke detection and suppression capability increasingly being demanded by its customers.

Walmart’s expansion into Africa has taken a step forward with the news that shareholders in South African wholesale firm Massmart have voted to accept the retail giant's bid for a 51 percent stake in the company.

The $2.5 billion dollar (€1.87 billion euro) offer was approved by over 97 percent of the South African company's shareholders, Massmart said in a statement.

Algeria’s state-run energy company, Sonatrach, plans to invest around $60 billion in boosting the country’s hydrocarbon production, according to the news agency APS.

The money will be invested over the next five years, APS said, citing the country’s energy minister Youcef Yousfi.

Around 57 per cent of the allocated funding will be spent on exploration and production activities, designed to increase the country's reserves and optimize its exploitation of its hydrocarbon deposits.

Azure Dynamics Corporation, the Michigan-based developer and producer of hybrid electric and electric components and powertrain systems for commercial vehicles, today announced a record 600 unit order from Purolator. 

Purolator of Mississauga, Ontario is Canada's largest courier company. The order is the single largest order of hybrid electric technology for Azure Dynamics. 200 units will be delivered in 2011 with an additional 200 units scheduled in both 2012 and 2013, subject to annual authorizations by Purolator.    

The UK and Cuba have formed a joint venture to build biomass power plants adjacent to sugar mills, it has been announced.

The agreement marks one of the largest renewable energy partnerships between the two nations.

Havana Energy, a UK group chaired by former UK energy minister Brian Wilson, will form a joint venture with Zerus, a state-owned company within Cuba’s Ministry of Sugar, to build up to five power plants fuelled by bagasse, the fibre that remains after sugar cane processing.

A new survey from Deloitte predicts a rejuvenation of the automotive industry, thanks to the purchasing power of Generation Y.

By 2012, Gen Y will account for approximately 40 percent of the car-buying population and represent a new breed of confident consumers who are independent, tech-savvy, engaged, demanding and, according to Deloitte's survey, just the group to help rejuvenate the automotive industry.

Online retail giant Amazon is to create 950 new jobs across two sites in Scotland, it has been announced.

The majority of the posts—750—will be created at a newly-built plant distribution centre in Dunfermline, Fife, with another 200 jobs being added at the firm's warehouse in Gourock, Inverclyde. At times of peak demand, up to 1,500 temporary jobs could also be created at the warehouse.

As South African business rides out the economic downturn, its consumer industries need to be responsive to customer preferences. Craig Leathwhite, CEO of General Mills South Africa, tells Andrew Pelis about the improvements being made.

Abraham Stephanos, COO of Tata Steel Processing And Distribution Limited, talks to Jayne Alverca about the challenges of shifting focus from a manufacturing orientation to viewing service as a key differentiator.

Joe Rousmaniere, CEO of PETRONAS Base Oil (M) Sdn Bhd, talks to Jayne Alverca about the alchemy that transforms a commodity into an added value product with a global market.