Bloomberg New-home construction in the U.S. slumped more than projected in March, reflecting a broad-based retreat that showed the industry lost momentum heading into the busiest time of year. Residential starts decreased 8.8 percent to a 1.09 million annualized rate that was the lowest since October and weaker than any forecast of economists surveyed by Bloomberg, Commerce Department data …

  Bloomberg Shake Shack Inc., which has tantalized investors with promises of rapid growth, may have its expansion plans hindered by weaker real estate skills. The burger chain doesn’t have the management experience or information needed to pick prime locations, according to a Bloomberg Intelligence study from analytics provider Fishbowl. Newer Shake Shack locations were in areas that scored lower …

  Bloomberg The University of Michigan’s endowment has bolstered its alternative assets with more than $100 million in commitments to venture capital and real estate funds. Michigan also plans a new commitment of $50 million, subject to approval, to CD Capital Natural Resources Fund III, a London-based pool that will invest in early-stage mining opportunities, according to the agenda for …

  Bloomberg The unexpected rebound in China’s steel market this year is set to keep rolling because record output by mills has so far failed to replenish inventories as the government cranks up stimulus to boost growth. Stockpiles of steel reinforcement bar, used in construction, sank for a sixth week, contracting 6.8 percent in the period to April 18 in …

  Bloomberg Hines, the developer behind the ultra-luxury condo tower rising by New York’s Museum of Modern Art, has a new project coming to midtown Manhattan: a senior-living community. The builder, in a partnership with senior-housing owner Welltower Inc., acquired a site at the corner of 56th Street and Lexington Avenue for an undisclosed price, according to a joint statement …

  Bloomberg Office rents in London’s skyscrapers rose almost 10 percent in the second half of last year as city-center vacancies fell to a 15-year low, according to an index compiled by broker Knight Frank LLP, and are set to continue climbing. Annual skyscraper rents in the U.K. capital surged to $126 per square foot because of rising demand for …

  REUTERS On a stretch of barren coast 550 km south of the capital Muscat, workers at a ship repair yard swarm over cargo vessels from around the world, labour that will help to determine Oman’s fate in an era of cheap oil. The yard, owned by the government’s Oman Drydock Co and operated by South Korea’s Daewoo Shipbuilding & …

  New York / AFP Billionaire Donald Trump and former secretary of state Hillary Clinton won sweeping victories in the New York primary, bolstering their bids to secure the Republican and Democratic nominations for the White House. It was the most decisive New York primary in decades and leaves self-styled democratic socialist Bernie Sanders with a tough decision on how …

  PARIS / AP France’s presidency says that President Barack Obama will meet with French, British, Italian and German leaders in Hannover next week for discussions expected to touch on IS, Libya and migration. The statement released Wednesday gave few details except that Obama, French leader Francois Hollande, German Chancellor Angela Merkel, Britain’s David Cameron and Italy’s Matteo Renzi would …

  Rome / AFP Austria will reintroduce controls along its border with Italy unless the migrant flow through the area is drastically reduced, Foreign Minister Sebastian Kurz warned in an interview. Italian Prime Minister Matteo Renzi last week insisted Italy was not facing an “invasion” after a spike in migrant boat crossings from Libya exacerbated fears it could become the …