Exxon Mobil helps lift U.S. stocks
NEW YORK, Jan. 30 (UPI) -- A big earnings report Monday from Exxon Mobil Corp. helped lift U.S. stocks.
The Dow Jones industrial average rose 14.08 or 0.13 percent to 10,921.29 in late-morning trading, and the Nasdaq composite was up 32.8 or 0.14 percent to 2,307.51. The Standard & Poor's 500 climbed 2.36 or 0.18 percent to 1,286.08.
The energy giant earned $10.32 billion in the fourth quarter, a 23-percent hike over the year-earlier level.
The benchmark 10-year Treasury note fell 8/32 points, or $2.50 per $1,000 invested, to yield 4.549 percent.
The dollar rose, hitting 117.27 yen from 116.41 while the euro rose to $1.2102 from $1.2213.
Tokyo's Nikkei 225 closed at 16,551.23 after rising 90.55 or 0.55 percent.
Fairmont bought by U.S.-Saudi group
TORONTO, Jan. 30 (UPI) -- Saudi Prince Alwaleed bin Talal and Colony Capital LLC of Los Angeles will pay $3.9 billion for Canada's Fairmont Hotels & Resorts Inc.
Upon completion the deal will result in an entity with 120 hotels in 24 countries and a combined market value of around $5.5 billion.
The merger will result in Fairmont properties being merged into the Raffles organization, owned by Colony Capital.
Raffles owns and manages 33 properties located primarily across Asia and Europe, including its flagship property built in 1887, the storied Raffles Hotel of Singapore.
South Korea sells submarines to Indonesia
SEOUL, Jan. 30 (UPI) -- South Korea has agreed to sell domestically made submarines to Indonesia as Seoul expands its exports of naval assets to neighbors.
Jakarta, which is boosting its ability to control its offshore areas, will buy an undisclosed number of 1,300-ton submarines, the Korean Herald reported.
South Korea also pledged to speed up the delivery of two second-hand Patrol Killer Medium boats to the Philippines. In 2003, South Korea promised to provide the gunboats as part of its security assistance to Indonesia.
Mittal, Arcelor in Parisian lobby fight
PARIS, Jan. 30 (UPI) -- Luxembourg's Arcelor SA, the world's No. 2 steel maker, rejected a $23 billion buyout bid from rival Mittal Steel Co., the world's biggest steel firm.
Meanwhile, Mittal head Lakshmi Mittal is lobbying French leaders to assuage concerns that a combination means big layoffs.
Arcelor's board met Sunday and "swiftly concluded that Arcelor and Mittal Steel do not share the same strategic vision, business model and values," Arcelor said Monday.
It also said it was urging shareholders not to tender their shares for the proposed offer, "if and when submitted."
In Paris, French officials Monday were meeting with Mittal and Arcelor leaders over the proposal, the BBC said. Finance minister Thierry Breton said France has the "greatest reservations" about the bid, in no small part because of Arcelor's 28,500 French staff.
