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Sentences reduced

(AP) -- A New York state appellate panel has drastically cut the prison time for two former construction executives sentenced to up to 20 years for faking concrete and steel safety tests in New York City.

The judges on Thursday tossed the most serious charge, enterprise corruption, against Testwell Laboratories Inc. CEO V. Reddy Kancharla and Vice President Vincent Barone.

Both men had their sentences cut to 16 months to four years in prison.

The Daily News said the Manhattan district attorney's office declined to comment.

The executives were convicted of faking concrete and steel test results for nearly 120 projects, including ground zero's centerpiece skyscraper and the new Yankee Stadium.
Developer surges

(Bloomberg) -- Czerwona Torebka SA, the shopping center developer owned by Polish investor Mariusz Switalski, surged on its first day of trading in Warsaw.

The company sold 2.69 million shares at 7 zloty each this month, raising 18.8 million zloty in an initial public offering.

It had planned to offer as much as 16.3 million new shares while the maximum price was set at 17.2 zloty per share.

Czerwona Torebka, which runs 24 shopping centers and is preparing to open another 59 outlets, plans to invest 4.5 billion zloty to expand its nationwide network to more than 1,880 strip malls by 2021.

The company sees its 2013 profit rising to 166.7 million zloty from 29.1 million zloty expected this year, it said in a prospectus.

Poland's economic growth rate, although the slowest in three years, will still be the fifth fastest in the 27-country European Union this year, according to European Commission forecasts.
Irish home values

(Bloomberg) -- Irish home values rose at the fastest pace in more than six years in November as the country recovered from Europe's worst real estate crash.

Residential property prices rose 1.1 percent from the previous month, the most since September 2006, the Central Statistics Office (CSO) said Friday.

Values fell 5.7 percent from a year earlier and are 49 percent below their 2007 peak, the CSO said.

“The data strengthens our view that the Irish housing market entered a new phase during 2012, following four consecutive years of double-digit price declines,” Philip O'Sullivan, chief economist at Dublin-based NCB Stockbrokers Ltd., said Friday.

With the exception of Greece, Irish house prices fell the most among 55 countries in the 12 months ending Sept. 30, data compiled by Knight Frank LLP show.

Irish total commercial property returns are the worst in Europe in the five years through 2011, according to Investment Property Databank Ltd.

Dublin residential prices rose 2.4 percent during November, the fastest pace in two months, the CSO said.

It was the fifth monthly increase this year. Prices in the capital remain 55 percent off their 2007 peak.
UK wind power

(Bloomberg) -- Wind power generation in the United Kingdom climbed to a record 4,644 megawatts at 9:50 a.m. local time Friday, according to National Grid Plc data on Bloomberg.

Wind turbines were producing about 12.1 percent of U.K. electricity, according to the data.

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