Newspaper article The Journal (Newcastle, England)

Alcan Owners' Shares Up after Chinese Talks; in Association with BREWIN DOLPHIN

Newspaper article The Journal (Newcastle, England)

Alcan Owners' Shares Up after Chinese Talks; in Association with BREWIN DOLPHIN

Article excerpt

Byline: Ken Oiwa Brewin Dolphin

THE FTSE 100 index closed the first trading session of the week 71.86 points lower at 4077.78. As London was severely disrupted by a heavy snow storm, many traders did not make it to their desks yesterday.

There was little corporate news to excite them either and trading volume was lower as a result. The index was dragged down by the financial and insurance companies with Barclays, down 10.6% and Standard Life, 8.6% lower.

Shares in Rio Tinto closed 6.64% higher as it announced it was in talks with Chinalco, the Chinese government owned mining company, for potential asset sales. Earlier in the year, Rio announced plans to cut its level of debt and this disposal of key assets to Chinalco is expected to cut EUR8bn of debt. Rio Tinto cautioned that the deal was not certain.

There were announcements of changes on the board of GlaxoSmithKline yesterday as James Murdoch was appointed as a non-executive director as the head of the company's social responsibility committee. …

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