DetroitÔÇÖs General Motors (GM) is nearing the sale of its Hummer business to ChinaÔÇÖs Sichuan Tengzhong Heavy Industrial Machinery for around $150 million. The deal will mark the first major acquisition of US automotive assets by China since the start of the global downturn. Industry insiders have suggested that the deal may close as early as today. When GM initially announced the sale of Hummer in June, it expected the brand would fetch around $500 million. Tengzhong has said that under the terms of the agreement, it will keep HummerÔÇÖs headquarters in Detroit and re

UK oil company BP has entered into a partnership with China National Petroleum Corp (CNPC) to develop the Rumaila oilfield in Iraq.

The worldÔÇÖs third largest aluminum producer, Pennsylvania-based Alcoa Inc, has announced surprise third quarter profits thanks to an increase in worldwide aluminum demand.  The results beat the expectations of analysts, who predicted the Pittsburgh company to post a loss for the period ending September 30.  AlcoaÔÇÖs total revenue was up nine percent from the previous quarter, with profits reaching $77 million.  Alcoa said that rising demand across several industries, notably the automotive sector, had lifted its revenue compared with the preceding three months.

Northam Platinum, which operates the worldÔÇÖs deepest platinum mine, has announced it will start construction of a new R6 billion (Ôé¼553 million) mine at its Booysendal site in South Africa.

Texas oil giant ExxonMobil has bought a stake in oil blocks off the coast of Ghana in a deal worth $4 billion.  The stake was bought from Dallas-based firm Kosmos Energy, which owns just over 30 percent in the West Cape Three Points block and 18 percent in the Deepwater Tano block, both of which form part of the Jubilee field.  A large number of major international oil and gas companies were among bidders for the Kosmos asset.

US oil giant ExxonMobil has bought a stake in oil blocks off the coast of Ghana in a deal worth $4 billion.

Canadian mining firm Ivanhoe Mining has partnered with Anglo-Australian mining group Rio Tinto to develop the Oyu Tolgoi copper-gold prospect in Mongolia. At a ceremony today in MongoliaÔÇÖs capital Ulan Bator, the two companies and the Mongolian government signed the long-awaited $4 billion investment agreement, allowing the development phase at the mine to commence.

Dubai-based retail and manufacturing group Al Ghurair Group has said it is interested in acquiring packaging assets from Rio Tinto Alcan.

The second biggest life insurer in the US, Prudential Financial, is considering a sale of its South Korean brokerage and fund management businesses. The Newark, New Jersey-based company is considering its options for Prudential Investments & Securities Co and Prudential Asset Management Co, which are both based in Seoul, South Korea. The deal could fetch around $850 million. The company is seeking to exit its operations in the nation following increased competition as a result of a new law allowing banks and securities firms to engage in each otherÔÇÖs businesses.

The United Arab Emirates, the second-largest Arab economy, is one step closer to implementing a peaceful nuclear energy programme that will meet its soaring electricity needs.