London pre-open: Cautious start ahead of US jobs data

3rd Dec 2010 07:33

London is set to creep higher at the outset but with the eagerly awaited US jobs data due out this afternoon investors look to be reluctant to over commit themselves. City traders expect the FTSE 100 will open up with a single digit rise.Mining giant Rio Tinto is to be the junior partner in a joint venture (JV) with Chinalco. The new company has been formed to explore mainland China for world-class mineral deposits. Rio Tinto will own 49% of the JV and will appoint the chief executive of the new company.Temporary power and temperature control specialist Aggreko has beefed up its presence in the oil and gas market with a US acquisition. The company is paying $26m for Northland Power Services, a leading provider of power solutions for the oil and gas exploration and production market in the Rocky Mountain region of the United States.Premier Foods admitted today it has received bids for its meat-free business from multinational food groups and private equity firms. There has been speculation that Nestlé is to buy the unit.Pub group and brewer Greene King posted record first half revenues as Scottish subsidiary Belhaven and its retail division stormed ahead. Profits in the half year to Mid-October jumped 17% to £73.1m, from £62.4m, on sales up 4.2% to £484m.