FTSE runs out of steam after Dow fall

Rio Tinto’s plans to axe 14,000 jobs in a major cost-cutting drive found favour today as the mining giant’s shares jumped 11%.

FTSE runs out of steam after Dow fall
Wed, 10 Dec, 2008 - 11:53

Rio Tinto’s plans to axe 14,000 jobs in a major cost-cutting drive found favour today as the mining giant’s shares jumped 11%.

The company’s plans to cut its £26bn debt pile pushed it 140p higher to 1398p – giving investors some good news after a recent share slump when rival BHP Billiton pulled out of a takeover.

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