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Tutor Perini subsidiary begins $48.9m projects in UK and Puerto Rico
Perini Management Services, a subsidiary of Tutor Perini, has initiated work on two previously awarded construction projects valued at a total of $48.9m. One of the projects is located at Royal Air Force (RAF) Lakenheath in the UK while the other is at the Rio Bayamon Housing site in Puerto Rico. At RAF Lakenheath, the project is valued at over $28.4m and has been awarded through the US Air Force's Worldwide Engineering & Construction contract. According to Tutor Perini, the scope of work encompasses civil, mechanical, and electrical components. The tasks include designing and constructing security fencing, installing aircraft, vehicle, and pedestrian gates, and developing infrastructure for surveillance equipment alongside patrol roads. This project began in February 2025, with plans for substantial completion in late 2026. In Puerto Rico, meanwhile, the Rio Bayamon Housing Infrastructure project is being undertaken for the US Coast Guard with a contract value of over $20.4m. This design-build project aims to bolster the resilience of the site's electrical and water storage systems. It involves constructing new access roads and security features, patching existing roadways for upgraded electrical distribution, as well as selective demolition and improvements to storm drainage systems. Work commenced in January 2025, with an anticipated completion in early 2027. Tutor Perini is a US-based construction company that delivers general contracting and design-build services worldwide to both private entities and public agencies. Earlier this month, Tutor Perini Building, another subsidiary of Tutor Perini, secured a $220m contract awarded by the Tule River Gaming Authority. The contract pertains to the expansion of Eagle Mountain Casino in Porterville, California, US. This project will include building a new hotel tower with a rooftop restaurant, expanding an existing restaurant, and adding an events centre with convention space. Construction on this project is expected to start in mid-2025, with completion scheduled for 2027. "Tutor Perini subsidiary begins $48.9m projects in UK and Puerto Rico" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio


News24
36 minutes ago
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JSE crosses 100 000 for the first time
For more financial news. go to the News24 Business homepage. South Africa's benchmark stock index crossed the psychological level of 100 000 for the first time on optimism that a crucial budget vote will get support from key parties in the governing coalition. The index has advanced about 19% this year, hitting multiple record highs and outperforming a gauge of emerging stocks. The gains have been paced by precious metal miners including Sibanye Stillwater and Northam Platinum. South Africa's president this week ousted his embattled higher education minister, easing tensions within the governing alliance and clearing the path for the national budget to be approved. Lawmakers will vote on a law that allocates funds to government departments on Wednesday. Wall Street banks including JPMorgan Chase & Co. and Goldman Sachs Group earlier this month said the country's financial and cyclical stocks are also set to outperform emerging-market peers as Federal Reserve easing creates room for its South African counterpart to cut interest rates.


News24
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June inflation heats up as power, food prices bite
Leon Sadiki/Bloomberg via Getty Images Consumer price index (CPI) inflation came in at 3% for June – from 2.8% in May. Inflation has been below 3% - the bottom level of the SA Reserve Bank's target band - from March to May. But in June, food prices continued to heat up. Food and non-alcoholic beverages were 5.1% more expensive than a year ago. Beef was a big contributor, as foot-and-mouth disease fuelled price hikes. Meat prices rose by 2.2% in the single month from May to June - and were almost 7% higher than a year before. But the biggest surge over the past year, of more than 13%, was in prices of fruit and vegetables. Hot beverages were also 10.1% more expensive than a year ago. Household electricity and gas prices were 11% higher than a year before, reflecting the latest Eskom price hikes. Housing and utilities saw a month-on-month increase of 0.5%, with rent increasing 1% month-on-month. June's inflation was still tempered by lower diesel and fuel prices - but this was reversed in July with large hikes after Israeli and US attacks on Iran triggered an oil price spike. While slightly higher than May, June's inflation number is in line with expectations and should bolster the case for the Reserve Bank's monetary policy committee to cut the repo rate by 25 basis points to 7% on Thursday next week. A cut is also supported by South African inflation expectations, which in the second quarter reached an almost four-year low. Unions, households and businesses are surveyed by the Bureau for Economic Research on their expectations for inflation over the next two years, which cooled to 4.5%. Expectations about where inflation is heading play a key role in driving prices higher. When workers expect inflation to remain high, they demand higher salary increases, which in turn drive prices higher as companies must recoup these higher costs. The SA Reserve Bank has been pushing hard to lower SA's inflation target to 3% (from a band of 3% to 6%).