Home construction up nearly 7 percent
WASHINGTON – U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy.
The overall pace of homes started rose 6.8 percent last month to a seasonally adjusted annual rate of 914,000, the Commerce Department said Tuesday. That offset part of the 14.8 percent decline in April.
MGM Resorts, AEG to build arena on Strip
LAS VEGAS – Years of talk about building an arena capable of hosting professional sports and big-name concerts yielded an announcement Tuesday that casino giant MGM Resorts International and entertainment company AEG will build a privately financed 20,000-seat indoor venue on the Las Vegas Strip.
Construction on the $350 million arena should start next summer on land that MGM Resorts owns between the New York-New York and Monte Carlo resorts, the two companies said in a joint announcement. Completion is expected by spring 2016.
Orders taking off for Boeing 787-10
LE BOURGET, France – Boeing Co. won major orders from five customers for a stretched-out version of its popular 787 Dreamliner jet at the Paris Air Show on Tuesday, further evidence of a strengthening market for more expensive long-haul jets.
Boeing announced the formal launch of its 787-10 program at the Paris Air Show and says it already has commitments for 102 jets.
U.S. consumer prices edge up just 0.1 percent
WASHINGTON – U.S. consumer prices rose slightly last month, as higher energy costs partly offset cheaper food. The small increase is further evidence that consumers are benefiting from mild inflation.
The consumer price index ticked up a seasonally adjusted 0.1 percent in May from April, the Labor Department said Tuesday. Over the past 12 months, prices have risen just 1.4 percent.
Excluding volatile food and gas costs, core prices rose 0.2 percent in May from April. Core prices are up just 1.7 percent over the past 12 months, in line with the Federal Reserve’s inflation target of 2 percent.
Obama hints Bernanke may leave in January
WASHINGTON – President Barack Obama has given the clearest signal yet that Chairman Ben Bernanke will likely leave the Federal Reserve when his term ends in January.
During an interview with PBS’ Charlie Rose that aired Monday, Obama said Bernanke has “already stayed a lot longer than he wanted or he was supposed to.”
Obama’s comments came in response to a question that touched on whether he would reappoint Bernanke to a third four-year term.
Sprint fighting Dish’s buyout of Clearwire
OVERLAND PARK, Kan. – Sprint is suing to stop Dish Network’s buyout of wireless data network operator Clearwire. The nation’s third-largest cellphone carrier said the proposed deal violates the rights of Sprint and other Clearwire shareholders.
Dish has offered to pay $4.40 per share for Clearwire, which has recommended that its shareholders approve the offer. That reverses its earlier stance in support of a takeover bid by Sprint, its majority shareholder.
Sprint, headquartered in Overland Park, Kan., has bid $3.40 per share for the minority stake in Clearwire it doesn’t already own.