An Indian consortium that is exploring the offshore Farsi Block in Iran has announced that it is not planning to develop an oil discovery at the block, because it has been found to be commercially unviable, according to India's Economic Times (ET).

Independent Russian gas producer Itera signed a deal on September 13 with Turkmenistan to jointly develop an offshore field in Block 21. Reserves at the field are estimated at 1.17bn barrels (bbl) of oil and 60bn cubic metres (bcm) of gas.

Siemens is launching its biggest ever US marketing campaign, aiming to shed its image as a foreign company as it jostles for lucrative contracts from government stimulus programmes

The five-year OFT probe into cover pricing claims to have uncovered evidence that thousands of contracts valued at a total of £3bn were mis-bid between 2000 and 2006

Europe's biggest defence contractor runs into obstacles at its US vehicles businesses, prompting some shareholders to express concern about the return of protectionism in America

The European Commission is to scrutinise German backing for the takeover of General Motors' European operations amid concern that planned job cuts could be influenced by political factors, hitting plants in the UK and Belgium disproportionately hard

Proceeds from the capital increase will be used to stabilise the brickmaker's balance sheet and allow a Libyan sovereign wealth fund to acquire up to 10 per cent of its shares

Helphire, the provider of courtesy vehicles after accidents, is set to lose referral business from the AA and Saga motor insurance business

Magna is looking to cut 10,500 jobs at Opel and Vauxhall just days after General Motors, the struggling US carmaker, confirmed it was selling a majority stake in its European operations to the Canadian car parts supplier

Rights issue and share placing paves the way into a new era for the world's fourth-largest cement company