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Construction and Engineering

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  • U.S. new home sales hit seven-year high in February Tuesday, 24 Mar 2015 | 10:00 AM ET

    WASHINGTON, March 24- New U.S. single-family home sales surged in February to their highest level in seven years despite harsh winter weather, in a hopeful sign for the housing market. The Commerce Department said on Tuesday sales jumped 7.8 percent to a seasonally adjusted annual rate of 539,000 units, the highest level since February 2008.

  • RIYADH, March 23- Saudi Arabia's cabinet on Monday approved a proposal to tax undeveloped land in urban areas, a policy which could help to end a shortage of affordable homes and spur economic growth. The decision was the first major economic policy initiative announced by the government since King Salman took the throne in January, and may indicate he intends to...

  • WASHINGTON, March 23- U.S. home resales rebounded modestly in February against the backdrop of a persistent shortage of properties on the market, a trend that could undermine the spring selling season. The Fed singled out housing as a sector that remains slow, and it still is, but that doesn't mean the Fed shouldn't hike rates, "said Joel Naroff, chief economist at...

  • WASHINGTON, March 23- U.S. home resales rebounded modestly in February as a persistent shortage of properties on the market spurred the biggest price jump in a year, a trend that could undermine the spring selling season. The National Association of Realtors said on Monday that existing home sales rose 1.2 percent to an annual rate of 4.88 million units.

  • NEW YORK, March 22- As the dollar surged in the last 12 months, David Marcus, head of the Evermore Global Value fund, steadily increased his stake in Europe. Demand for a way to hedge currency exposure while investing in Europe helped the WisdomTree Europe Hedged Equity Fund bring in $5.3 billion in new assets over the first two months of the year, the most of any equity...

  • Lennar Corp, Toll Brothers Inc and KB Home, among the top six builders, together reported an average 19 percent increase in orders in the latest quarter, up from 3.3 percent in the same period last year. Lennar, the No.2 U.S. homebuilder after D.R. Horton Inc, said on Thursday it expected single-family housing starts and permits to rebound "shortly".

  • LONDON, March 20- European shares inched higher in early deals on Friday, helped by gains in the construction sector after Holcim and Lafarge agreed to new merger terms. Holcim rose 1.6 percent and Lafarge added 3.6 percent after the companies agreed to new terms, including a new share-swap ratio for the deal, over their planned multi-billion-euro merger, which...

  • SAO PAULO, March 19- Cyrela Brazil Realty SA, Brazil's largest homebuilder by market value, reported a 17.8 percent fall in fourth-quarter net profit, mostly due to legal indemnifications for delayed units. Cyrela posted quarterly net income of 150 million reais, down from 183 million reais a year earlier, according to a securities filing on Thursday.

  • March 19- Lennar Corp reported better-than-expected quarterly profit and revenue as it sold more homes at higher prices, and the company said early signs for the spring selling season indicated demand in the U.S. housing market was improving. Lennar's shares rose about 2 percent in premarket trading. Lennar has been able to raise prices despite a choppy...

  • Lennar Corp's quarterly profit jumps 47 pct Thursday, 19 Mar 2015 | 6:12 AM ET

    March 19- U.S. homebuilder Lennar Corp's quarterly profit jumped 47 percent as the company sold more homes at higher prices. The No. 2 U.S. homebuilder by number of homes sold said net income attributable to Lennar rose to $115 million, or 50 cents per share, in the first quarter ended Feb. 28 from $78.1 million, or 35 cents per share, a year earlier. Revenue rose 20.6...

  • BRASILIA, March 18- Brazil's Comptroller-General Office on Wednesday added another six construction and engineering firms to an investigation of contractors that allegedly participated in a corruption ring at state-run oil company Petrobras. A total of 24 of Brazil's top builders are being investigated for suspected overpricing of contracts in a...

  • Brazil builder PDG posts loss, announces capital increase Wednesday, 18 Mar 2015 | 8:58 PM ET

    RIO DE JANEIRO, March 18- Brazilian homebuilder PDG Realty SA posted a net loss of 222 million in the fourth quarter of 2014, down from a 19 million reais profit a year earlier due to fewer launches and gross sales. Like many of its competitors, the company is now trying to streamline and focus on inventories as it faces an uncertain economic environment in Brazil.

  • BRASILIA, March 18- Brazil's Comptroller-General Office on Wednesday added another six construction and engineering firms to an investigation of contractors that allegedly participated in a corruption ring at state-run oil company Petrobras. A total of 24 of Brazil's top builders are now being investigated for suspected overpricing of contracts in a...

  • U.S. Architecture Billings Index rises in February Wednesday, 18 Mar 2015 | 12:00 AM ET

    March 17- The Architecture Billings Index, an indicator of U.S. non-residential building activity, rose in February, the American Institute of Architects said on Wednesday. The index rose to 50.4 in February from 49.9 in January. "The health of the institutional market has been the key factor for positive business conditions for the design and construction...

  • WASHINGTON, March 17- U.S. housing starts plunged to their lowest level in a year in February likely as harsh weather kept building crews at home, in the latest indication that the economy hit a soft patch in the first quarter. Groundbreaking tumbled 17 percent to a seasonally adjusted annual pace of 897,000 units, the lowest level since January 2014, the Commerce...

  • WASHINGTON, March 17- U.S. housing starts plunged to their lowest level in a year in February likely as harsh weather kept builders at home, a temporary setback for the housing market recovery. Groundbreaking tumbled 17 percent to a seasonally adjusted annual pace of 897,000 units, the lowest level since January 2014, the Commerce Department said on Tuesday.

  • NEW YORK, March 16- The Blackstone Group LP agreed on Monday to buy the Willis Tower, the former Sears Tower that for 25 years was the world's largest building, in a deal that features an observation deck as a tourist attraction and unique revenue stream. The 110- story Willis Tower at 233 South Wacker Drive is the second-tallest U.S. office building with 3.8 million...

  • Seoul's tallest skyscraper rises in cloud of fear Thursday, 12 Mar 2015 | 11:12 PM ET
    The Lotte Castle residential buildings, built by Lotte Engineering and Construction, a subsidiary of Lotte Group, stands in Seoul, South Korea.

    Lotte Group's Shin Kyuk-ho is making his mark with Seoul's tallest tower, amidst the crumble of public faith in corporate giants over safety fears and mistrust.

  • CALGARY, Alberta, March 11- About 1,000 construction workers employed by a contractor at Husky Energy Inc's Sunrise oil sands project were laid off unexpectedly on Wednesday, a union official confirmed. Izzy Huygen, a Fort McMurray, Alberta, representative of the Christian Labor Association of Canada, said many of the workers had expected their jobs to last...

  • RIO DE JANEIRO, March 11- Brazil's office of the comptroller general said on Wednesday it had opened a case against 10 additional construction firms that may be involved in a massive corruption scheme at state-run oil firm Petroleo Brasileiro SA. The case runs against Alumini Engenharia, GDK, Promon Engenharia, Andrade Gutierrez, Fidens Engenharia, Sanko Sider,...