Business Digest, September 27, 2012

PUBLISHED : Thursday, 27 September, 2012, 12:00am
UPDATED : Thursday, 27 September, 2012, 3:25am

BYD shares slide after CLSA slashes target

Shares in BYD, a mainland maker of cars and batteries, slid 9.8 per cent to HK$13.26 yesterday after CLSA issued a research report on Tuesday slashing its target price on the stock by 94 per cent to 41 HK cents. BYD vice-president Micheal Austin said BYD has an "excellent" outlook and the CLSA report was filled with "irresponsible speculation and errors", Bloomberg reported. Eric Ng


US new home prices highest in 5 years

New US single-family home sales eased last month but held near two-year highs, and prices vaulted to their highest level in more than five years, adding to signs of a broadening housing market recovery. The commerce department said sales slipped 0.3 per cent to a seasonally adjusted 373,000-unit annual rate. Reuters


Germany moves to curb risky trading

German Chancellor Dr Angela Merkel's cabinet agreed draft laws aimed at putting the brakes on risky high-speed trading, saying it was playing a "pioneering role" for the rest of Europe. Ministers passed a raft of measures to curb the practice of computerised high-frequency trading, which allows trades to be carried out in fractions of seconds and once caused a sudden trillion-dollar loss on US markets. Such trading accounts for up to half the trade on German markets. AFP