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UK Stocks Rise on Rio Tinto Stake Purchase
Feb 01, 7:54 PM EST |
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| British Air profit rose 22% for the nine months ended in December on 1% rise in revenue. |
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| A surprise stake at a 21% premium in Rio Tinto but a team of two aluminum companies lifted the mood investors. Stocks rallied led by asurge in mining companies.Rio Tinto increaesd 13%, BHP soared 10%, Vedanta Resources added 9%, and Antofagasta increased 7%. Xstrata, involved in talks with Rio added 5%. Purchasing Managers Index showed a decline in manufacturing activity in January. British Land fell on downgrade. Biffa and FKI rose on takeover speculations. |
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European Markets Soar on Rio Tinto Stake
Feb 01, 6:47 PM EST |
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| Credit Agricole is mulling to make a bid for Societe Generale and lifted French stocks. Miners soared on the Rio stake acqusition at a premium. |
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| European stock markets gained 2% or more after two aluminum companies teamed to bid for a stake in Rio Tinto. The 12% stake purchased by Chinalco and Alcoa at 21% premium lifted mood across the region. U.K., France, the Netherlands, and Norway gained nearly 2.5%. Mining companies across the region closed higher. ThyssenKrupp gained 6% after it reported to buyback stocks and may be make acqusitions. Vinci in Paris traded higer on quarterly sales rise. |
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U.S. Stocks Recover on Microsoft Offer
Feb 01, 9:04 AM EST |
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| Microsoft offfer of $44.6 billion for Yahoo rekindled prospects of other large deals. China and Alcoa teamed to take 12% stake in the miner Rio Tinto. |
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| Microsoft bid for Yahoo dominated trading as investors digested possibilities of other hostile offers on the back of recent declines in stock prices. Dow Jones finished higher today, up 4.4% for the week. Exxon reported record earnings for the quarter and for the year on the rising demand and prices of crude oil. Chevron also reported solid increase in earnings. construction spending declined in December and in 2007. Payroll declined in December by 17,000 sparking fears of recession. |
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Yahoo Bid, Jobs Data, Range Bound Stocks
Feb 01, 1:49 PM EST |
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| U.S. stocks traded in a tight range as market digested two deal news, drop in payroll data, and earnngs from Exxon Mobil and Chevron. |
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| U.S. stocks traded in a tight range as market grappled with two merger deals and employment data and earnings from Google, Chevron, and Exxon Mobil. Microsoft made an unsolicited $44.6 billion offer for Yahoo. The offe values the company at $31 per share, or 62% from close on Thursday. Chinalco and Alcoa together purchased 12% stake valued at $14 billion in Rio Tinto. The stake is widely viewed to thwart BHP from a taking over Rio Tinto. Exxon Mobil and Chevron fell after reporting earnings. |
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Microsoft Offers $44.6 B for Yahoo
Feb 01, 10:43 AM EST |
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| Microsoft offer of $45 billion for Yahoo shows its struggle to gain a traction in the search and on-line ad space. |
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| Microsoft offers $31 per share or $44.6 billion for Yahoo after it failed to convince Yahoo management of a friendly takeover. Yahoo stock jumped 50% after the offer from Microsoft. Microsoft bid reflects its desparation to catch in the online ad space which has been dominated by a one player, Google. The expensive offer may take years to pay. The takeover if successful, will be the second largest in the techonology sector. |
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Chinalco, Alcoa Acquire 12% Stake in Rio Tinto
Feb 01, 9:49 AM EST |
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| Chinalco and Alcoa acquired 12% stake in Rio Tinto at 21% premium to block Rio takeover from BHP. |
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| Chinalco and Alcoa have teamed to acquire 12% stake in UK mining company Rio Tinto. The surprise investment appears to have been made to prevent BHP from acquiring Rio Tinto. Chinalco will control 9% and Alcoa will control 3% in Rio Tinto. The 12% stake was acquired with an investment of $14 billion and purchased at 60 pounds per share, a 21% premium from closing price on yesterday. Alcoa contributed $1.2 billion in the stake purchase. |
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Chinalco Stake in Rio Tinto, HK Stocks Rebound
Feb 01, 8:11 AM EST |
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| Chinalco and Alcoa purchsed at 21% premium a stake in Rio Tinto in the open market to prevent possible merger between BHP and Rio Tinto. |
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| Stocks in Hong Kong recovered ahead of the holiday season. Snowfall in China has disrupted transportation network stranding hundreds of thousands of people. Several mining facilities and commodities facilities are likely close down. Jiangxa Copper will shutdown 43% or 300,000 tons of smelting capacity as a result of power outages until mid-February. |
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Mizuho Loan Losses Spread Fear
Feb 01, 8:15 AM EST |
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| Mizuho Financial Group reported a drop in quarterly profit and cut its full year 2008 forecasts for the second time, |
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| In Friday trading, Japanese shares declined as investors continued to worry about the loan losses news from Japanese banks. Japan''s second-biggest bank Mizuho fell 5% after reporting a subprime loss of 275 billion yen and cutting its outlook for 2008 by 26%. Concerns over the U.S. jobs data and an 8% decline in Sony shares to a 14-month low also hurt trading sentiment. |
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