China’s property prices rose at the fastest pace in 18 months in December, stressing the government’s struggle to rein in speculation while maintaining economic growth. Residential and commercial real-estate prices in 70 cities climbed 7.8% from a year earlier.
Around the world sentiment toward stocks rose, reaching a record level in the US, as reports on manufacturing showed the global economy is recovering and investors betting that profits will grow since 2007.
British Airways plan to spend $161 million on upgrading its near 10-year-old first-class cabins in a move to match the luxury standards on offer at Asian and Middle Eastern competitors. The revamp of the company’s Boeing Co 777 and 747 aircraft began this week.