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| UK Market Update Archive: |
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U.S. Stocks Fell on Inflation Fears
Feb 06, 5:12 PM EST |
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| Stocks closed lower as investors worried that slowing economy and rising inflation may sap energy from the market. |
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| U.S. stocks edged lower after trading down, up, and dow at close. The talks of inflation fighting from the Philadelphia Fed President weighed on the market. Earlier, in the mornig, market digested a drop in oil price on the weekly crude oil inventory report and a rise in productivity in the last quarter and in 2007. Earnings from Disney and Time Warner lifted the sentiment. Toll Brothers reported senventh quarter of declining earnings. |
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Rio Rejects Revised Bid, BSkyB Rises 7%
Feb 06, 2:56 PM EST |
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| Rio tTinto rejected revised offer at $147 billion from BHP and said it undervalues the company. British Sky Broadcasting jumped 7% on earnings. |
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| Nationwide Building Society''s index of consumer confidence in January fell indicating rising anxities among consumers. In London trading FTSE 100 rose 0.13% or 7.4 to 5, 875.40. Of the FTSE 100 stocks traded, 66 gained, 34 declined, and 2 were unchanged. British Sky Broadcasting led advancers with a rise of 7% after the company reported full-year profit will be at £740 million and reported 11% in first half 2008 revenue. |
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Rio Tinto Rejects BHP’s Revised Offer
Feb 06, 2:55 PM EST |
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| Rio Tinto fell 2% in New York trading after it rejected a revised offer from BHP which valued the company at $147 billion. |
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| Rio Tinto rejected the revised offer from BHP which valued the company at $147 billion from earlier offer of $127 billion. BHP raised its ofer to 3.4 BHP stock for one stock of Rio Tinto on the last day to meet the UK regulatory requirements for takeover. Rio cited in the statement that the ofer fails to value its underlying assets adequately. BHP may revise the offer again. Separately BHP reported declining earnings on rising operating costs. |
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