Diageo, the world's biggest drinks maker, has reported pre-tax profits of £2.24 billion in the year to the end of June—an increase of 12 per cent.

Overall sales at the firm, whose brands include Smirnoff, Guinness and Johnnie Walker, grew by five per cent to £9.9 billion.

Edinburgh-based Cairn Energy has said it may have found oil in the untapped waters of western Greenland.

Cairn, which is the only firm so far to have been allowed to drill for oil off Greenland, said that it has found gas in thin sands in the Baffin Bay basin, which could be a sign of oil. The area lies around 400 kilometres north of the Arctic Circle.

The company said it is still too early to gauge the significance of the find, as the well has not yet been drilled to its total depth.

Mining giant Xstrata has agreed to acquire Australian iron ore developer Sphere Minerals for A$428 million (approx. €300 million), it has been announced.

Buying Sphere will increase Xstrata’s iron ore presence in Africa through the Australian company’s three iron ore projects in Mauritania. These include the $1.65 billion Guelb el Aouj development, operated asa 50/50 joint venture with Société Nationale Industrielle et Minière (SNIM), Mauritania’s state-owned iron ore producer.

Chinese telecoms equipment maker ZTE has won a €200 million contract to build a mobile network for Telenor in Hungary, it has been announced.

The deal further cements the Chinese company’s position as a key supplier to European telecoms operators.

Under the terms of the contract, ZTE will build a mobile network for as many as 4.5 million users for Telenor in Hungary. It will provide the European carrier with radio and core infrastructure over the next five years.

Mark Twain described synergy as “the bonus that is achieved when things work together harmoniously.” Rob Harris reports on a project in Gwinnett County, Georgia, where an exceptional team has come together and achieved some remarkable results.

Growth can come from expensive acquisitions, or as with Air Industries Machining, it can come organically by making the business ready for new opportunities when they arise, Alan Swaby learns.

L.B. Foster Company has a long history as a key provider of materials to the rail, construction, energy and utility industries. Keith Regan learns how a lean journey that began several years ago is paying dividends even amid an economic slowdown.

Hunt Construction Group brings extensive ballpark and stadium-building experience to the joint venture formed to oversee construction of the Florida Marlins’ new Major League Baseball stadium. Keith Regan learns how project leaders are using technology and teamwork to ensure the team can play ball in the spring of 2012.

Caterpillar CEO Doug Oberhelman gave a presentation followed by a question and answer session yesterday at The New York Stock Exchange to review the company's updated five-year strategy and goals with analysts and investors.

Oberhelman expressed confidence about Caterpillar's growth opportunities throughout the world and the company's strategic focus on operational execution, which will drive financial performance over the next five years.