Legend has it that seven revered Islamic saints whose shrines are located across Karachi have for centuries protected the southwestern Pakistani city from disaster.

Russia`s second largest oil group Lukoil is in advanced negotiations with Repsol YPF to buy 30 percent of the Spanish-Argentine company in a deal worth 9.0 billion euros, Spanish national radio said Wednesday.

Construction starts on new US homes and housing building permits fell to record lows in October as the prolonged slump in the real-estate sector deepened, government data showed Wednesday.

Housing starts dropped 4.5 percent to an annualized rate of 791,000 units, the Commerce Department said, the lowest level since it began publishing the data in January 1959.

Salzburg says it could jump in to host the 2014 Winter Olympics if the Russian resort of Sochi fails to finish its facilities in time and in the wake of an alleged terror threat.

Salzburg governor Gabi Burgstaller told the economic daily WirtschaftsBlatt that the Austrian city could revive its bid for the 2014 Games, if asked by the International Olympic Committee (IOC).

Salzburg says it could jump in to host the 2014 Winter Olympics if the Russian resort of Sochi fails to finish its facilities in time and in the wake of an alleged terror threat.

Salzburg governor Gabi Burgstaller told the economic daily WirtschaftsBlatt that the Austrian city could revive its bid for the 2014 Games, if asked by the International Olympic Committee (IOC).

LONDON, Nov 17, 2007 (AFP) - A massive project to extend a British film studio where movies from James Bond to Tim Burton's 'Charlie And The Chocolate Factory' has been unveiled by its owners.

The development at Pinewood Studios, on the northwest outskirts of London, would cost some 200 million pounds (280 million euros, 410 million dollars) under the plans announced earlier this week.

The extension aims to lure filmmakers who are increasingly attracted by shooting in eastern Europe -- partly because of lower costs -- back to Britain.

ASHGABAT, Oct 20, 2007 (AFP) - Turkmenistan's President Gurbanguly Berdymukhammedov Saturday approved a slew of infrastructure projects worth nearly 500 million dollars (350 million euros), state television reported.

The projects involve major European companies such as Germany's Siemens, Bouygues of France and Turkey's Polimex, the television report said.

Polimex is scheduled to build a canal in the picturesque Turkmenbashi region on the Caspian Sea, and also construct a water desalination plant as well as a facility for water storage and supply.

VIENNA, Oct 19, 2007 (AFP) - Shares in Strabag, Austria's biggest construction company, began their first day of trading on the Vienna stock exchange at 50 euros on Friday, an increase of 6.4 percent over their issue price of 47 euros.

Demand for the shares was strong in early trading, with 973,691 shares changing hands in the first half hour, representing trading volume of more than 50 million euros (71 million dollars).

Strabag's share offering was the biggest ever on the Vienna stock exchange.

VIENNA, Oct 18, 2007 (AFP) - Strabag, Austria's biggest construction company, said Thursday that its share offer will be priced at 47 euros, the top end of the range, to raise some 1.325 billion euros (1.9 billion dollars).

One third of the shares on offer are being sold by existing shareholders so Strabag itself would pocket 893 million euros from the offering, the company said in a statement.

The funds will be used to finance Strabag's expansion in Russia and eastern Europe.

VIENNA, Oct 18, 2007 (AFP) - Strabag, Austria's biggest construction company, said Thursday that shares in its stock market flotation would be issued at 47 euros apiece, meaning it could raise up to 1.325 billion euros (1.9 billion dollars) in all.

The issue price of 47 euros per share was at the top end of expectations -- the so-called bookbuilding range had been set at 42-48 euros.

There had been very strong interest in the issue, with investors applying for 10 times as many shares as were actually on offer, a company spokesman said.

WASHINGTON, Oct 17, 2007 (AFP) - The bleak US housing picture became even grimmer as US housing starts sank 10.2 percent in September to a 14-year low, government data showed Wednesday.

The report showed the pace of new home construction at an annualized rate of 1.191 million units, weaker than the average forecast of 1.300 million, the lowest since July 1993.

The Commerce Department also revised lower its report for August to show a rate of 1.327 million units from an earlier estimate of 1.331 million.

DUBAI, Oct 17, 2007 (AFP) - Emaar, the Dubai-based construction giant building the world's tallest tower, said on Wednesday that its profits dipped in the third quarter of the year because of expansion costs.

Earnings for the three months ended September fell 2.8 percent to 1.56 billion dirhams (425 million dollars), although revenue jumped 32 percent to 4.459 billion dirhams (1.214 billion dollars).

WASHINGTON, Oct 17, 2007 (AFP) - US housing starts sank 10.2 percent in September, government data showed Wednesday, suggesting the struggling property market is still under pressure.

The report showed the pace of new home construction at an annualized rate of 1.191 million units, weaker than the average forecast of 1.300 million.

The Commerce Department also revised down its report for August to show a rate of 1.327 million units from an earlier estimate of 1.331 million.

GENEVA, Oct 15, 2007 (AFP) - Thousands of striking construction workers took to the streets of Swiss cities on Monday in protest about the end of a contract agreement with employers, blocking traffic in the western city of Geneva.

Up to 5,000 workers on a one-day strike marched through Geneva before gathering on the main Mont Blanc bridge in the city centre and blocking traffic.

GENEVA, Oct 13, 2007 (AFP) - A rare strike in Switzerland has halted work on a record-length 57-kilometre (35-mile) railway tunnel under the Alps, trade unions said Saturday.

All construction sites on the new St. Gotthard tunnel, which is expected to be the world's longest when completed, and a new north-south rail link shut down late Friday for a one-day strike, the Unia trade union federation said in a statement.

DUBAI, Oct 11, 2007 (AFP) - Dubai-based real estate developer Limitless announced on Thursday it will build a 12-billion-dollar urban community north of the Saudi capital Riyadh.

The development, to be named Al-Wasl, will cover a 1,411 hectare (3,487 acre) site, a statement said.

It will comprise 'more than 60,000 homes, as well as offices, hotels, mosques, health and educational facilities, shopping malls and sports amenities.'

The project, which will cost 45 billion riyals, is expected to break ground in mid-2008, with phased construction over seven years.

FRANKFURT, Oct 11, 2007 (AFP) - German industrial group ThyssenKrupp will supply elevators for the Freedom Tower in New York that is to replace the World Trade Center destroyed on September 11, 2001, ThyssenKrupp said Thursday.

A 150-million-dollar (106-million-euro) contract covers the installation of 71 elevators and nine escalators along with subsequent maintenance, and is one of the biggest ever signed by the German conglomerate's elevator division.

The Freedom Tower was designed by David Childs and is due to be completed by the end of 2011.

DUBAI, Oct 10, 2007 (AFP) - Cash-rich Dubai on Wednesday unveiled the latest in a series of grandiose projects, a 75-kilometre (46 mile) canal which will

extend the business and leisure hub into the heart of the emirate's desert.

The 11-billion dollar Arabian Canal will flow inland from the city's port of Jebel Ali to loop the under-construction second airport before curving back towards the Gulf, Saeed Ahmed Saeed of developers Limitless said.

FRANKFURT, Oct 10, 2007 (AFP) - Hochtief, the biggest German construction group, said Wednesday that it had won four contrats in Australia and the United States worth a total 1.14 billion euros (1.6 billion dollars).

In Australia, Hochtief has two contracts to build mining infrastructure and maintain two sites worth 318.7 million euros each, a statement said.

In the United States, the German group's local subsidiary Turner is to build a military base for 338.6 million euros, and a hospital complex for another 166.6 million, it added.

VIENNA, Oct 9, 2007 (AFP) - Wienerberger, the world's leading maker of bricks, said Tuesday it had raised 440 million euros (618 million dollars) from its capital increase, which would be used to finance future growth.

Wienerberger, which is listed on the Vienna stock exchange, said in a statement it had issued a total 9.8 million new shares at a price of 45 euros apiece.

The final issue price was substantially lower than the building materials maker had been targeting.

VIENNA, Oct 9, 2007 (AFP) - Wienerberger, the world's leading maker of bricks, said Tuesday that it raised 440 million euros (618 million dollars) from its capital increase, which would be used to finance future growth.

Wienerberger, which is listed on the Vienna stock exchange, said in a statement that it issued a total 9.8 million new shares at a price of 45 euros apiece.

The final issue price was substantially lower that what the building materials maker had been targeting.

VIENNA, Oct 8, 2007 (AFP) - Strabag, Austria's biggest construction company, said Monday it planned to raise up to 1.35 billion euros (1.9 billion dollars) from its upcoming stock market flotation, with the funds used to finance expansion in Russia and central and eastern Europe.

Strabag said in its flotation prospectus that a 28.2 million shares would go on sale as part of its initial public offering (IPO), slated to be the biggest flotation on the Vienna Stock Exchange this autumn.

DOHA, Oct 7, 2007 (AFP) - Qatar's Diar real estate investment company announced on Sunday it has agreed to buy phase two of the Grosvenor Waterside residential development in the upmarket London district of Chelsea.

The purchase was the second deal in London for the state-owned firm following its acquisition of Chelsea Barracks, Nasser al-Ansari, chief executive officer of Diar, said in a company statement.

DUBAI, Oct 7, 2007 (AFP) - Oil-rich Gulf countries have embarked on grandiose projects to build and expand their airports, capitalising on huge oil-generated surpluses and an ideal geographic location.

More than 38 billion dollars are being spent on brand-new airports or on expanding existing facilities across the six members of the Gulf Cooperation Council (GCC).

OPEC kingpin Saudi Arabia this week announced plans to invest around 5.4 billion dollars on airport projects. The vast desert kingdom already has 27 airports, including three international airports.

PARIS, Oct 5, 2007 (AFP) - French construction firm Bouygues said Friday it had acquired 30.07 percent of French engineering company Alstom after snapping up shares over the past few months.

Bouygues said in a statement its shareholding had growth from 25.35 percent on June 30 to 30.07 percent on October 5.

Since Bouygues took a share in Alstom's capital and the creation of a joint venture in the market for hydro-electrical power stations in 2006, there have been recurring rumours of Bouygues' wish to increase its capital in Alstom.

RIYADH, Oct 4, 2007 (AFP) - Saudi Arabia, whose coffers have swelled in recent years on record high oil prices, plans to build five new airports for the vast desert kingdom, the Arab News reported on Thursday.

Civil aviation authority chief Abdullah al-Ruhaimy said it would invest about five billion dollars in new airport projects, with the five new facilities to be built in all four corners of the nation, the paper reported.

DOHA, Sept 30, 2007 (AFP) - Work on building a 40-kilometre (25 mile) causeway between Qatar and Bahrain will begin by May next year at a cost of two billion dollars, local media reported on Sunday.

A memorandum of understanding was signed between the Qatar-Bahrain Causeway Foundation (QBCF) and a consortium led by state-owned Qatari Diar and French construction firm Vinci, the Gulf Times newspaper reported.

WASHINGTON, Sept 27, 2007 (AFP) - Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed Thursday in yet another sign of the troubles in the real estate market.

The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000.

The pace of new-home sales is down 21.2 percent from a year ago.

WASHINGTON, Sept 27, 2007 (AFP) - Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed Thursday in yet another sign of the troubles in the real estate market.

The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000.

The pace of new home sales is down 21.2 percent from a year ago.

HELSINKI, Sept 24, 2007 (AFP) - A 19-year-old British construction worker died Sunday after a fall on the building site of Finland's new third-generation nuclear reactor, the operators said on Monday.

The man was discovered by colleagues Monday September 17 lying prone on a concrete floor after an eight-metre (26-feet) fall.

He spent the past week in hospital before dying of his injuries on Sunday. A police and a workplace inquiry are underway.

The man's name was not released.

SOCHI, Russia, Sept 22, 2007 (AFP) - Russian developers outlined plans on Saturday for a 350-hectare artificial island in the shape of Russia to be built off the Black Sea coast near the future Olympic venue Sochi.

Federation Island is expected to house around 25,000 people in apartments and villas and is to be completed in time for the 2014 Winter Olympics in Sochi, said its designer, Dutch architect Erick van Egeraat.

SOCHI, Russia, Sept 21, 2007 (AFP) - Construction deals for southern Russia worth a total of 2.2 billion euros (3.0 billion dollars) were signed on Friday at an economic forum in the city of Sochi, officials said.

The deals for hotels, entertainment complexes and shopping centres to be built in the region of Krasnodar included agreements with top international hoteliers Kempinski and Marriot.

WASHINGTON, Sept 19, 2007 (AFP) - US housing starts fell in August to their lowest levels in more than a decade, a government report showed Wednesday, highlighting the woes of the property market.

The Commerce Department said US housing starts in August dropped 2.6 percent to a seasonally adjusted rate of 1.331 million units. That was sharply below analysts' consensus forecast of 1.345 million and the lowest level since the 1.281 million unit rate in June 1995.

WASHINGTON, Sept 19, 2007 (AFP) - New-home construction in the United States, already at a 10-year low, declined 2.6 percent in August, a government report showed Wednesday.

The Commerce Department said US housing starts in August fell to a seasonally adjusted rate of 1.331 million units. That was sharply below analysts' consensus forecast of 1.345 million.

The department also revised downward the July figures, which had marked the lowest level of housing starts in a decade, to 1.367 million units, from 1.381 million.

DUBAI, Sept 13, 2007 (AFP) - The world's tallest building, still under construction in the booming Gulf emirate of Dubai, has become the world's tallest free-standing structure, its developers said on Thursday.

The Burj Dubai tower is now 555 metres (1,831.5 feet) tall and has surpassed the 553-metre- (1,824.9-feet) CN Tower in Toronto, Canada, which held the record for the world's tallest free-standing structure since 1976, developers Emaar Properties said in a statement.

LONDON, Sept 6, 2007 (AFP) - Building has started on a first batch of low-cost, flat-pack homes -- a Swedish design to ease the housing crunch -- in Britain, which is in the grip of a chronic shortage of affordable housing amid rising prices and immigration.

The homes being constructed in Gateshead, part of the greater Newcastle area in north-east England, are designed to be space-saving, functional and high quality homes within the reach of first-time buyers already living in the area but squeezed out of the soaring property market.