Caterpillar Inc. and Wacker Neuson SE, Munich, Germany said today they will work together on the design, manufacture, sale and support of Caterpillar mini hydraulic excavators in the under three-ton category. Get the full story »
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Caterpillar encouraged by yuan move
Caterpillar Inc. , the U.S. machinery giant that sells billions of dollars of earth-moving equipment and other products to China each year, said on Saturday it was heartened by China’s move to gradually make the yuan more flexible, saying it would help lift U.S. exports.
“Caterpillar is encouraged by this development,” said Rich Lavin, a group president with the company who is responsible for emerging markets, “and we believe over time that a stronger Chinese currency will promote more exports from the U.S. to China.” Get the full story »
Housing starts drop 10% in May
Reuters | U.S. housing starts fell more than expected in May to their lowest
level in five months, a government report showed on Wednesday, as a
popular homebuyer tax credit that had buoyed construction activity over
the past two months expired.
Homebuilders’ confidence sinks rapidly in June
Associated Press | Homebuilders are losing confidence in the housing market now that government incentives that spurred home sales have ended. The National Association of Home Builders said Tuesday that its housing market index fell to 17 in June, sinking five points after two straight months of increases. It was the lowest level since March.
Get the full story: Homebuilders’ confidence sinks rapidly in June.
Truck sales pick up with economy
Walter Arbuckle of Braintree, Vt., looks over Ford F-150s at the Formula Ford dealership in Montpelier, Vt. Pickups are an economic indicator because contractors buy these flatbed trucks to haul everything from tools to landscaping equipment to lumber to build homes. (AP Photo/Toby Talbot, file)
Associated Press | If you want a hint about the economic
recovery, follow that truck. Pickups are a kind of rugged indicator of
the nation’s financial health. When times are good, contractors buy
more of them to carry tools around for landscaping and lumber to build
homes. Weekend haulers also gravitate to them even though cars get
better mileage.
And lately sales have started shifting into a higher gear. Americans
bought 151,000 pickups last month, 19 percent more than a year ago.
Sales of full-size pickups, especially popular among contractors and
builders, grew even faster.
Construction up highest amount in nearly 10 years
(AP Photo/Rich Pedroncelli)
Associated Press | Construction activity surged in April by the largest amount in nearly a decade. The unexpected gains could mean the hardest-hit sector of the economy is starting to recover.
Construction shot up 2.7 percent last month compared to March, the Commerce Department said Tuesday. It was the biggest one-month improvement since August 2000.
Housing construction jumped by 4.4 percent to a seasonally adjusted annual rate of $263 billion. Home construction has been helped by home buyer tax credits that expired at the end of April. Economists are concerned about the durability of the housing recovery now that the tax credits have expired.
Get the full story: Construction up highest amount in nearly 10 years.
Lisle man files suit in Navistar HQ move
From the Daily Herald | A Lisle man has filed a lawsuit claiming state procedures weren’t followed properly in considering Navistar’s proposal to move to the former Alcatel-Lucent building at 2600 Warrenville Road. Navistar had no comment on the suit.
Get the full story: dailyherald.com
Caterpillar plans management changes
Associated Press | Heavy equipment maker Caterpillar is planning a
number of management changes to follow Doug Oberhelman’s promotion to
CEO in July and replace several retiring executives.
The Peoria-based company said Wednesday it will reduce the number of
group presidents from six to five after Oberhelman becomes chief
executive and reorganize the duties of several vice presidents.
Astellas Pharma building U.S. HQ in Glenview
Dow Jones Newswires-Wall Street Journal | Construction crews will begin excavating a site overlooking Interstate 294 in Glenview next month to prepare for an unusual event in this ailing commercial real-estate market: a new office building.
Astellas Pharma Inc., a Japanese pharmaceutical company, will break ground on a $150 million two-building campus that will be the new headquarters for North American and South American operations. GlenStar Properties of Chicago, which sold Astellas the land, has remained the project’s developer.
See Triblocal report on company’s move from Deerfield: TribLocal
Caterpillar shares hit 52-week high
Caterpillar signaled the economy is improving by boosting its outlook for the year and rebounding from last year’s first-quarter loss. (AP Photo/Charlie Neibergal, file)
Associated Press | Heavy equipment maker Caterpillar signaled the economy is improving Monday with healthy outlook for the year and a sharp rebound from last year’s first-quarter loss. The price of Caterpillar shares soared to a new 52-week high, up more than 5 percent in early trading, following its first quarter earnings report.
Caterpillar said Monday it generated $233 million, or 36 cents per share, in net income. That compares with a loss of $112 million, or 19 cents per share, last year when the recession and ensuing layoffs weighed down results.
Housing starts increase in March
Associated Press | Housing construction posted a
better-than-expected performance in March, rising to the highest level
in 16 months on the strength of multi-family homes. But the Commerce
Department report Friday showed that construction of single-family
homes, the most important segment of the market, fell. It dropped 0.9
percent to an annual rate of 531,000 units, after a strong 5.7 percent
gain in February.
Homebuilders feeling better about things
Associated Press | U.S. homebuilders are seeing a pickup in sales
and customer traffic as buyers rush to qualify for tax incentives set
to expire at the end of the month, and that’s made them more optimistic.
The National Association of Home Builders said Thursday that its housing
market index, which tracks industry confidence, jumped 4 points this
month to 19, the highest reading since September.
Chicago Spire developer trying to restructure debt
From Ireland’s Sunday Business Post | Shelbourne Development, the Irish company attempting to developing the now-stalled Chicago Spire, is continuing talks with bank in an attempt to restructure its debts. The company said it has “fundamental uncertainty” about its ability to repay $35 million in loans after the collapse of the real estate market.
Get the full story: sbpost.ie
Chicago plans sale of $1.17B in O’Hare bonds
From Bloomberg News | The City of Chicago plans to sell $1.17 billion in tax-exempt and Build America bonds to pay for phase one of the O’Hare modernization project, according to Standard
& Poor’s. Phase one is expected to cost more than $3.2 billion.
Get the full story: businessweek.com
Midwest Gaming, Clairvest financing deal completed
From The Wall Street Journal | Clairvest Group has closed a $72 million investment in Midwest Gaming Holdings LLC, which is
building a casino and entertainment complex in Des Plaines, Ill., slated to open in 2011.
Midwest has closed on $295 million in debt financing and purchased the
land for the project. The financing package and construction project got
state regulatory approval on March 30, and Midwest paid $47.5 million
as a down-payment on a casino license.
Get the full story: wsj.com.
