Business Digest, January 18, 2013

US jobless claims fall to lowest in 5 years

The number of Americans filing first-time claims for jobless benefits fell last week by 37,000 to 335,000, the lowest level in five years, pointing to further improvement in the labour market. Meanwhile, other official data showed housing starts climbed 12.1 per cent last month to a 954,000 annual rate, capping the best year for the industry since 2008. Bloomberg

Railway investment budget to jump 30pc

The Ministry of Railways will increase planned investment this year by 30 per cent from last year to 650 billion yuan (HK$810 billion), Xinhua cited Railways Minister Sheng Guangzu as saying at an annual national work conference. Actual rail investment usually turns out higher than budgeted, as Beijing has a tradition of increasing spending on infrastructure to bolster economic growth. AFP

Cathay, Dragonair passengers up 5pc

Passenger volumes at Cathay Pacific Airways and Dragonair grew 5 per cent last year from the year before to 29 million. Holidaymakers helped boost passenger numbers last month by 2.5 per cent year on year. However, performance in business class and first class was weaker than expected, the carrier said. A rebound in cargo demand towards year-end eased the fall in cargo tonnage to 5.3 per cent for the year. Charlotte So

Evergrande share price drops 7pc on new issue

The share price of Hong Kong-listed mainland property developer Evergrande fell more than 7 per cent yesterday after the firm raised HK$4.35 billion by issuing new shares. The share offering, which was priced at the low end of the offered range, represented about 6.2 per cent of the enlarged capital base. The fresh capital will be used to repay Evergrande's debt outstanding and replenish working capital. Ray Chan