Early Market News: BP plc (LON:BP), Rio Tinto plc (LON:RIO), Tesco PLC (LON:TSCO)

Here are several more stock briefings which could affect stocks in trading later today. The following companies should see some movement: BP plc (LON:BP), Rio Tinto plc (LON:RIO), Tesco PLC (LON:TSCO). Here is a more detailed look at the news that will affect each company when trading continues. BP plc (LON:BP) In compliance with EU regulations, BP plc (LON:BP) has decided to close down its Rhum gas field. The gas field was facing sanction problems from the European Union because of the company's partnership with an Iranian oil company. BP plc (LON:BP) said that that production will be paused until the company gets further clearance from the British government on how the sanctions, granted last month, related to Rhum. The gas field started production in 2005 and is a 50-50 joint venture with Iranian Oil Co. Rio Tinto plc (LON:RIO) A $6bn deal has been signed by Rio Tinto plc (LON:RIO) to refinance its Alcan deal. This credit line is to refinance liability used for its acquisition of Alcan Inc. in 2007. The five-year revolving credit will substitute a $5 billion credit line, which is maturing in 2012. Royal Bank of Scotland Group Plc and Deutsche Bank AG are coordinators of the new facility. In 2007, the company borrowed $40 billion to fund its acquisition of Canadian aluminium maker Alcan. Tesco PLC (LON:TSCO) India may be the destination for more of Tesco PLC (LON:TSCO)'s sourcing. A senior company executive said that Tesco PLC (LON:TSCO) is looking to increase sourcing from India from the current level of about GBP230 million worth of goods a year. Tesco PLC (LON:TSCO) plans to open its first cash-and-carry outlet in India in 2011. It also has a separate agreement to provide back-end support to Indian retailer Trent Ltd.’s hypermarket business, operated under the name Star Bazaar. Lucy Neville-Rolfe, Tesco PLC (LON:TSCO)'s director of corporate and legal affairs said that "clothing makes up 70% of the goods the company sources from India, while some progress has been made in sourcing grapes and corn." Expect more movement when trading continues for BP plc (LON:BP), Rio Tinto plc (LON:RIO) and Tesco PLC (LON:TSCO).
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