Global Stocks Dip on Report US, China Call Off Trade Talks


CHANNEL CHANGER: Late Friday Comcast won an auction for majority control of British pay TV giant Sky. Its final offer was worth about $39 billion and topped an offer from Twenty-First Century Fox, which is already a major Sky shareholder. Both sought to establish a foothold in Europe.

In London, Sky shares jumped 8.6 percent. Comcast sank 6.9 percent to $35.30, while Fox rose 1.5 percent to $45.01. Disney, which is buying Fox, climbed 1.9 percent to $112.53.

ENERGY: OPEC and key allies like Russia decided not to increase their oil output further. Production is falling in some OPEC nations, including Iran, which faces new sanctions from the U.S. Benchmark U.S. crude gained 1.9 percent to $72.14 a barrel in New York while Brent crude, the international standard for oil prices, rose 2.8 percent to $80.44 a barrel in London, its highest price in more than three years.

Airlines and other transportation companies fell as investors anticipated they will have to pay higher prices for fuel.

BOOMBOX: Subscription radio company Sirius XM says it’s buying music streaming service Pandora Media. Sirius XM has 36 million subscribers in North America and Pandora has 70 million monthly active users. The deal will to expand its service beyond cars and into homes and other mobile areas. The companies valued the deal at about $3.5 billion in stock.

Pandora edged up 0.6 percent to $9.15 while Sirius fell 8.7 percent to $6.36.

STRIKING GOLD: Barrick Gold will buy competitor Randgold Resources for $6.1 billion in stock to create the world’s largest gold miner. Shareholders in Barrick, which is based in Toronto, will own about 66.6 percent of the merged company, which will combine Randgold’s African mines with Barrick’s holdings in the Americas.

Barrick rose 6.3 percent to $11.13 and Randgold gained 7.2 percent to $68.53.

DONATELLA-ME IT’S A DONE DEAL: An Italian newspaper reports that the Versace group is on the verge of announcing its sale, and Bloomberg and Reuters reported that luxury fashion and handbag maker Michael Kors is the buyer. The Italian publication, Corriere della Sella, said the deal is worth 2 billion euros ($2.4 billion).


Please enter your comment!
Please enter your name here