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Construction and Engineering

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  • U.S. new home sales, prices rise strongly in April Tuesday, 26 May 2015 | 10:00 AM ET

    WASHINGTON, May 26- New U.S. single-family home sales rose more than expected in April and the median price surged, suggesting the housing market recovery was gaining traction. The Commerce Department said on Tuesday sales increased 6.8 percent to a seasonally adjusted annual rate of 517,000 units. March's sales pace was revised up to 484,000 units from the...

  • McDermott International shares rise on rig contract Tuesday, 26 May 2015 | 8:19 AM ET

    NEW YORK— Shares of McDermott International Inc. jumped in premarket trading Tuesday after the company said it was awarded a large offshore construction contract by oil and gas giant Saudi Aramco. The stock rose 39 cents, or 8.4 percent, to $5.06 before the opening of regular trading. The Houston- based engineering and construction company will work on twelve...

  • Ahead of the Bell: US new-home sales Tuesday, 26 May 2015 | 7:09 AM ET

    WASHINGTON— The Commerce Department reports on April sales of new homes Tuesday at 10 a.m. Eastern. SALES BUMP: Economists expect a 4 percent increase in new-home sales to a seasonally adjusted annual rate of 500,000, according to a survey by data the firm FactSet. The annual pace of housing starts jumped 20.2 percent from March to 1.14 million, the highest rate...

  • FORT WAYNE, Ind.— General Motors announced Tuesday it would spend $1.2 billion on new facilities and technology at an Indiana factory where it builds Chevrolet Silverado and GMC Sierra pickup trucks. No plans for additional jobs were announced as part of the Fort Wayne expansion, which is part of GM's plan to invest $5.4 billion at its U.S. plants over the next...

  • DENVER— Construction crews are returning to work at the veterans hospital outside Denver after a last-minute deal with congressional leaders avoided a shutdown of the half-finished project. Congress and the Veterans Affairs Department still must find up to $830 million to finish the vastly over-budget hospital without taking services away from...

  • LONDON, May 22- A shortage of prime office space in rival European financial centres may torpedo plans by some of London's banks to quit the UK capital if Britain opts out of European Union membership. Deutsche Bank, the euro zone's second largest bank by assets, confirmed this week it was considering cutting its UK operations if the country pulled out, and other...

  • China approves China National Nuclear Power Corp IPO Friday, 22 May 2015 | 7:44 AM ET

    BEIJING, May 22- China approved the initial public offering of China National Nuclear Power Corp, one of the country's two state nuclear reactor builders, the securities regulator said in a statement on its official Weibo feed. According to the company's prospectus, which was filed on May 4 last year, CNNPC is a unit of state-owned nuclear developer CNNC Group, and...

  • MOLINE, Ill.— Solid sales in its construction equipment offset a global agricultural slowdown for Deere, and the company raised its outlook for the year. In April, builders broke ground on homes at the fastest pace in more than seven years, according to the Commerce Department. Deere said sales of farming equipment fell 25 percent from a year ago to $5.77 billion in...

  • BUCKEYE LAKE, Ohio— An engineering firm that analyzed the deteriorated dam at central Ohio's Buckeye Lake suggested Friday that changes could be made to raise the water level and keep boats and surrounding businesses afloat without decreasing safety, though state officials have some concerns about the proposals. The local chamber of commerce sought an...

  • LANSING, Mich.— A business group on Thursday initiated legislation to repeal Michigan's 50- year-old prevailing wage law, a maneuver that would help conservatives bypass Gov. If the group's petition is approved and it collects roughly 252,000 valid voter signatures, the bill would go to the Legislature. Chris Fisher, president of the Associated Builders and...

  • KITTEH, Jordan— Fawziyeh Sharif and dozens of other young women who make jeans for the U.S. market in a factory in this village in northern Jordan consider themselves lucky— even though they spend 48 hours a week bent over sewing machines for minimum wage. The problem has been debated by regional decision-makers for years, but has taken on even greater urgency with...

  • Report boosts homebuilder shares Tuesday, 19 May 2015 | 1:39 PM ET

    The Commerce Department report shows that housing starts last month increased 20.2 percent for the month, to an annual rate of 1.14 million homes. "The housing market comes back in the spring, is what realtors always say, and boy is this true today," said Christopher Rupkey, chief financial economist at MUFG Union Bank, in a note to clients. The report helped lift...

  • NEW YORK, May 19- Encouraging housing starts data and a bulge of corporate bond supply knocked U.S. "This morning's market action was driven by a pretty good housing starts number," said Stanley Sun, interest rate strategist at Nomura Securities International in New York. Investment-grade companies raised $18 billion in the debt market on Monday with more on the...

  • U.S. housing starts, permits surge in April Tuesday, 19 May 2015 | 8:30 AM ET

    WASHINGTON, May 19- U.S. housing starts jumped to their highest level in nearly 7-1/ 2 years in April and permits soared, offering a glimmer of hope for an economy that is struggling to regain strong momentum after a dismal first quarter. Groundbreaking surged 20.2 percent to a seasonally adjusted annual pace of 1.14 million units, the highest since November 2007,...

  • WASHINGTON— The U.S. housing market has given a sudden jolt to what appeared to be a slumping economy. Builders broke ground on homes last month at the fastest pace in more than seven years. "If you're willing to buy a house, that speaks volumes about your confidence, job prospects and economic fortunes going forward," said Michael Dolega, a senior economist at TD Bank.

  • Ahead of the Bell: US home construction Tuesday, 19 May 2015 | 6:19 AM ET

    WASHINGTON— The Commerce Department reports on April U.S. home construction Tuesday at 8:30 a.m. Eastern. Sales of existing homes jumped 6.1 percent in March to a seasonally adjusted annual rate of 5.19 million, the National Association of Realtors said last month. The National Association of Home Builders/Wells Fargo builder sentiment index released...

  • NEW YORK— A plan to tackle "the worst financial crisis" in the history of the New York City Housing Authority includes leasing unused land in housing complexes for private residential development, a proposal that has caused controversy in the past, as well as other steps like modernizing rent collection, Mayor Bill de Blasio said Tuesday. The city has grappled for...

  • JAKARTA, May 19- For Indonesia's second-largest state construction firm PT Wijaya Karya Tbk, the half-year since President Joko "Jokowi" Widodo took office with promises of a massive infrastructure push has been as much about waiting as it has been about building. Shares of Wijaya Karya, PT Waskita Karya Tbk, PT Adhi Karya Tbk and PT Pembangunan Perumahan Tbk now...

  • *Altera rallies on Intel M&A report. U.S. homebuilder sentiment fell in May although most builders view market conditions as favorable, the National Association of Home Builders said on Monday. "It's becoming more of the collective thought that the Fed can wait, because you really don't see any blistering growth," said Kurt Brunner, a portfolio manager at...

  • US STOCKS-Wall St down as homebuilder confidence slips Monday, 18 May 2015 | 10:59 AM ET

    *Altera up on report of possible deal with Intel. *Ann rises after Ascena Retail takeover offer. "Right now with the way things are going, especially with the yield curve getting steeper, it's going to be less and less likely the Fed will raise rates in September," John Burke, CEO of Burke Financial Strategies in New York.