The U.S. economy grew at a solid 3.3% annual rate in the second quarter, much stronger than first thought, but many economists expect growth to flag as the year progresses. The U.S. Commerce Department on Thursday said consumer spending and net exports were more robust that initially estimated and that inventories fell less sharply. A

Moody's Investors Service has revised its outlook for European building materials companies to ‘negative’ from ‘stable’ as a result of worsening economic conditions and a marked slowdown in the construction industry, the rating agency said in an update to its Industry Outlook report for the sector. The negative outlook expresses Moody's expectations for the fundamental

GDF Suez Energy International has won the contract to build, own, and operate the Al Dur 1 power generation and seawater desalination plant, a major independent power and water project in Bahrain. This is the largest desalination plant with reverse osmosis technology in the Middle East and the company’s third major success in the region.

Ericsson is to supply, build, integrate operate and manage multiplay communications infrastructure for Saudi Arabia's high-tech flagship, King Abdullah Economic City. The five-year sole-supplier partnership agreement with Emaar, developer of the smart-city project, is the first for an end-to-end fixed network in Saudi Arabia. This turnkey agreement award breaks new ground in Saudi Arabia as

Schneider Electric and Fuji Electric Holdings reached an agreement to establish a joint venture in the field of electrical distribution and industrial control, following the signing of a memorandum of understanding announced in March. With a workforce of 3,000 people and revenues of more than ¥70 bln (€450 mln), the joint venture is named Fuji

Fannie Mae's capital and reserves positions are better than market expectations, according to an analyst at Lehman Brothers, who also said the biggest U.S. mortgage finance company may not need any more externally raised capital. Fannie Mae should get through this difficult housing cycle with core capital remaining at or above the 15% excess capital

Weak UK housing data knocked sterling to a 12-year low on Thursday, weighing on European stocks already under pressure as oil prices edged up on supply concerns over a brewing tropical storm in the Gulf of Mexico. Rising fuel costs compounded investor worries over the global economy even as the euro advanced further from Tuesday's