BYD Co makes rechargeable batteries and cars in Shenzhen in Guangdong province. Founded in February 1995, and listed in Hong Kong in 2002, the origin of the company’s name is uncertain, with some saying it could simply be an acronym based on its Chinese name or from the phrase “build your dreams”. BYD’s profile was raised in 2008 when a unit of billionaire Warren Buffett’s Berkshire Hathaway invested about US$230 million in BYD.
Business Digest, September 27, 2012
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