Financial
Shares of Chinese "bad bank" Cinda soar in debut PDF  | Print |  E-mail
Written by KELVIN CHAN, AP Business Writer   
Thursday, 12 December 2013 06:49

HONG KONG (AP) — A Chinese bad-debt management company's shares soared in their Hong Kong debut Thursday, highlighting strong investor appetite for a business that will flourish if the world's No. 2 economy stumbles.

China Cinda Asset Management's shares rose 27 percent to close at 4.50 Hong Kong dollars ($0.58) after rising as much as 34 percent during the day.

The state-owned company is China's first ever distressed asset management company to go public.

It's a so-called "bad bank," one of four big entities originally tasked with moving nonperforming loans off the books of China's state-owned banks.

Cinda raised HK$18.5 billion ($2.4 billion) from its stock offering, making it the biggest initial public offering in Hong Kong this year.

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Facebook to join S&P 500, Abercrombie exiting PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 12 December 2013 06:34

NEW YORK (AP) — Facebook will join the Standard & Poor's 500 stock index, replacing technology supplier Teradyne Inc., while Abercrombie & Fitch is downgraded from the benchmark index.

S&P Dow Jones Indices on Wednesday announced a broader reshuffling of several of its market trackers, effective after the close of trading Dec. 20.

Shares of Menlo Park, Calif.-based Facebook Inc. have surged 86 percent this year and picked up nearly 4 percent in after-hours trading. The company is also joining the S&P 100 index.

Abercrombie & Fitch Co. stock is down 31 percent in 2013 as teen retailers fade in popularity. It's being moved down to an index for companies with smaller market values, the S&P MidCap 400. The New Albany, Ohio-based company's stock shed almost 2 percent in extended trading.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Airlines forecast profits to jump to record high PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 12 December 2013 06:46

GENEVA (AP) — The global airline industry forecast Thursday a jump in profits to $19.7 billion next year, helped by falling jet fuel prices, rising travel demand and cost-cutting.

The Geneva-based trade association for the world's airlines said the strong outlook — well above its expected net profit of $12.9 billion this year and $7.4 billion in 2012 — would be its biggest absolute profit ever.

But the International Air Transport Association, which represents 240 airlines, or 84 percent of total air traffic, noted that the margins would be low. Next year's profit would come from projected revenues of $743 billion, whereas 2010's $19.2 billion was made on revenues of just $579 billion.

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California police recover swag from mansion party PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 12 December 2013 06:27

LA HABRA HEIGHTS, Calif. (AP) — Authorities have recovered a huge haul of high-end swag that thieves snagged during a party at an empty mansion — including armor, shields and a stuffed snow leopard worth $250,000.

The Los Angeles County Sheriff's Department says 15 teenagers were arrested Wednesday in connection with last month's party in La Habra Heights. Officials say it was planned on social media and held without the homeowner's knowledge.

According to investigators, partygoers entered through a window that was pried open, then trashed the place and stole several pricey items including designer suits and jewelry. The combined theft and damages totaled more than $1 million.

Sheriff's Lt. Arthur Scott tells the Los Angeles Times that the suspected leopard thief had no idea how valuable the mounted cat was and grabbed it "because all the good stuff was gone."


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
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