Ajwa Port Services is investing 200 million Saudi riyal in a programme of expansion at the port of Yanbu on the Red Sea. Saleh Al Fadhli talks to Gay Sutton about the company's plans to become a major regional port services player.

Africa-focused mining group Petra Diamonds has announced that it has found one of the worldÔÇÖs largest, highest-quality diamonds ever at its Cullinan mine, north-east of Pretoria, South Africa.

BASF, the worldÔÇÖs largest chemical company, has announced it will invest Ôé¼2 billion in China and other areas of Asia over the next four years.

Photocopier giant Xerox has announced it is acquiring US firm Affiliated Computer Services (ACS) for $6.4 billion.  The deal will provide Xerox with data management and technology outsourcing capabilities, allowing it to gain a foothold in the rapidly expanding business process outsourcing (BPO) market.  Norwalk, Connecticut-based Xerox is the worldÔÇÖs biggest supplier of digital printer and document management services.

China is seeking to greatly expand its African oil reserves by bidding for a sixth of Nigeria's crude reserves, according to a report in the Financial Times (FT).

Abbott Laboratories has acquired the drugs unit of Belgian drugs, chemicals and plastics maker Solvay for $6.5 billion, it announced today. In addition to the purchase price of $6.5 billion, Illinois-based Abbott will also pay up to another $440 million in contingent payments between 2011 and 2013, depending on the performance of certain products.  The deal will add more than $3 billion to AbbottÔÇÖs annual sales, most of which will come from overseas.

Belgian pharmaceuticals, chemicals and plastics maker Solvay is selling its pharmaceuticals unit to US partner Abbott Laboratories for Ôé¼4.5 billion, it announced today.

Ford Motor Co has announced it will spend $490 million on a new, state-of-the-art manufacturing plant in China.  The plant, in south-western Chongqing, will be run through Changan Ford Mazda Automobile (CFMA), the companyÔÇÖs joint venture with Chongqing Automobile Co and Japan's Mazda Motor Corp. Due to open in 2012, the one million square meter plant will produce the compact Ford Focus, with initial capacity for 150,000 vehicles a year.

ING will sell its 51 per cent stake in its wealth management joint venture to partner Australia and New Zealand Banking Group (ANZ), it was announced today.