A Spanish-led consortium had won a $3 billion contract to expand PanamaÔÇÖs famous inter-oceanic canal. Grupo Unidos por el Canal, led by Spanish construction firm Sacyr Vallehermoso, will design and build a new set of locks and water-saving basins on the 80km waterway, which is currently undergoing works to widen it worth a total of $5.25 billion. The winning $3.02 billion bid, which beat that of a group led by US firm Bechtel, is the largest single contract awarded so far as part of the expansion works. The consortium will begin building the locks on the canal within t

Exxon Mobil, the largest energy firm in the US, has announced a $600 million investment in algae-based biofuel.  The Irving, Texas-based company has joined forces with biotech firm Synthetic Genomics Inc.

Tullow Oil, one of the largest independent oil and gas exploration companies in Europe, has had the first phase of the development plan for its Jubilee field formally approved by GhanaÔÇÖs energy minister, it announced today. The London, UK-based company says the project is due to deliver its first oil next year. The field will be developed with a floating, production, storage and offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil per day, the company said. Tullow operates the Jubilee licence with a 34.7 per cent interest.

Tullow Oil, one of the largest independent oil and gas exploration companies in Europe, has had the first phase of the development plan for its Jubilee field formally approved by GhanaÔÇÖs energy minister, it announced today. The London, UK-based company says the project is due to deliver its first oil next year. The field will be developed with a floating, production, storage and offtake vessel (FPSO) and will reach a plateau crude rate of 120,000 barrels of oil per day, the company said. Tullow operates the Jubilee licence with a 34.7 per cent interest.

Japanese automotive firm Toyota is considering making a hybrid version of its Auris hatchback model in the UK.

Microsoft has announced it will offer a free version of its popular Office software suite on the internet, challenging rival GoogleÔÇÖs own version, Google Apps.  The move has been seen as an attempt by the Redmond, Washington-based company to protect itself from Google, which already dominates the internet search market.  The web-based version of Office, which is expected to become available next year, could eat into revenue generated by sales of the traditional version, one of the most lucrative arms of its business.

UK drinks maker Britvic has said today that heightened interest in the Wimbledon tennis tournament is set to boost its overall performance this year.

Twelve European companies have agreed to develop a solar power project intended to feed electricity to Europe from the Sahara.

New York-based bank Goldman Sachs is expected to announce profits for the March-June period of up to $2 billion, according to industry analysts.

Royal Philips Electronics NV, EuropeÔÇÖs largest maker of consumer electronics, has surprised analysts by announcing a second-quarter net profit of Ôé¼44 million. Analysts had been predicting the Amsterdam-based electronics company to make a loss of up to Ôé¼123 million, but net profits for the quarter were up, mainly due to an aggressive cost-saving programme.