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Business News
Postbank sale may fail over target price: report (Reuters)

A woman walks past a Postbank branch in Frankfurt, Germany, June 17, 2004. (Alex Grimm/Reuters)Reuters - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the lender's parent, Deutsche Post, a German magazine reported on Saturday.
Auto sector woes could spur deals: Renault CEO (Reuters)

Nissan Motor Co and Renault SA's Chief Executive Carlos Ghosn listens to a question during a news conference in Yokohama, south of Tokyo June 25, 2008. (Yuriko Nakao/Reuters)Reuters - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday.
BCE buyers finalize funding (Reuters)

A sign is seen outside the offices of BCE Inc., Canada's largest telecoms group, in Montreal, May 21, 2008. (Shaun Best/Reuters)Reuters - Announcing what it said were "essential milestones" allowing the world's largest leveraged buyout to go ahead, BCE Inc said on Friday that its buyers had finalized funding and were sticking to their C$34.8-billion ($34.1 billion) purchase price.
Hyundai union calls for work stoppage next week (Reuters)

An employee talks on a phone at a Hyundai automobile shop in Seoul April 24, 2008. Unionized employees of Hyundai Motor Co will walk off the job for four hours next week to push for a pay increase, the auto maker's union said on Saturday. (Jo Yong-Hak/Reuters)Reuters - Unionized employees of Hyundai Motor Co (005380.KS) will walk off the job for four hours next week to push for a pay increase, the auto maker's union said on Saturday.
Alabama likely site of new VW plant: report (Reuters)
Reuters - Alabama will be the likely home of a new Volkswagen manufacturing plant, beating two other states, German industry newsletter Automobilwoche said on Saturday, citing senior company sources.
Smooth sailing for yacht builders despite economy (AP)

Workers continue preparations on a super yacht at Trinity Boats in New Orleans, Tuesday, April 29, 2008. These days at New Orleans-based Trinity Yachts, the largest domestic builder, the biggest problems are having enough workers and enough time to handle the 24 custom contracts the company has for the luxury vessels. 'Nobody is buying these yachts because they need them,' said William S. Smith III, Trinity's vice president. 'They're buying them because they want them.' (AP Photo/Dave Martin)AP - Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts.
Beazer Homes releases long awaited '07 results - 13, May 2008

NEW YORK (Reuters) - Home builder Beazer Homes USA said on Monday that it lost $10.70 per share in fiscal 2007, it released restated results for several years, and said it remains the target of several state and federal investigations.



NEW YORK (Reuters) - Home builder Beazer Homes USA (BZH.N) said on Monday that it lost $10.70 per share in fiscal 2007, it released restated results for several years, and said it remains the target of several state and federal investigations.
Beazer said it lost $411.1 million, or $10.70 per share, for the full fiscal year ended September 30, 2007. That compared with a profit of $368.8 million, or $8.44 per share, in fiscal 2006.
The company said in a statement that it lost $155.2 million, or $4.03 per share, in the fourth quarter of 2007, compared with a profit of $83.7 million, or $1.99 per share.
The full-year results included $611.9 million in charges related to the lower value of land and inventory of unsold homes, $52.8 million for good will and $28.6 million related to joint ventures.
Beazer said it sold 35 percent fewer homes in fiscal 2007 than in fiscal 2006. Revenue fell by 35 percent, and new orders declined 30 percent.
As of September 30, Beazer's cash and cash equivalents totaled $459.5 million.
Last year, Atlanta-based Beazer became the subject of a series of articles by The Charlotte (North Carolina) Observer newspaper that questioned the practices of Beazer's mortgage-origination unit.
The publicity brought Beazer to the attention of the U.S. Attorney's Office Western District of North Carolina and the Securities and Exchange Commission, which launched formal investigations. Beazer also responded with its own internal investigation, which it said uncovered accounting irregularities and resulted in the restatements.
Beazer said the 2007 financial statement changes for fiscal years 2003 to 2006, as well as adjustments from 1998 through 2002, due to incorrect booking of revenue and other accounting errors resulted a $27.6 million increase in retained earnings. 





(c) 2008 Reuters
Other news from Business category:

  1. Auto sector woes could spur deals: Renault CEO - 06, Jul 2008

    AIX-EN-PROVENCE, France (Reuters) - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday.

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  2. Oil falls below $144 as Iran responds to nuclear offer - 05, Jul 2008

    LONDON (Reuters) - Oil dropped below $144 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.

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  3. EU opens in-depth investigation of Rio-BHP deal - 05, Jul 2008

    BRUSSELS (Reuters) - The European Commission opened an in-depth investigation on Friday into BHP Billiton's $170 billion unsolicited bid for rival miner Rio Tinto , with prices of iron ore already soaring.

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  4. World stocks fall on financial shares, oil drops - 05, Jul 2008

    SAO PAULO (Reuters) - World stocks edged lower on Friday, getting no relief from a decline in crude prices as concerns of further banking write-downs weighed on financial shares.

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  5. French bank body fines SocGen $6 million over Kerviel - 05, Jul 2008

    PARIS (Reuters) - France's Banking Commission on Friday fined Societe Generale 4 million euros ($6.3 million) for serious breaches in internal controls revealed by the French bank's 4.9 billion euro rogue trading loss.

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  6. Oil falls below $145, awaits Iran response - 04, Jul 2008

    LONDON (Reuters) - Oil dropped below $145 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.

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  7. Austria court convicts bankers over heavy BAWAG losses - 04, Jul 2008

    VIENNA (Reuters) - A Vienna court sentenced nine people to prison on Friday for their roles in causing losses at Austrian bank BAWAG P.S.K. of as much as 1.7 billion euros ($2.7 billion) through risky investments.

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  8. BHP last to sign iron ore price pact with Baosteel - 04, Jul 2008

    SYDNEY/HONG KONG (Reuters) - BHP Billiton Ltd/Plc has matched takeover target Rio Tinto Ltd/Plc with a near doubling in contract iron ore prices, ending months of talks and speculation it may get more.

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  9. Weak dollar is global concern: EU's Barroso - 04, Jul 2008

    BRUSSELS (Reuters) - The dollar's fall is a source of global concern and the European Union wants a better balance between the U.S. unit and other major currencies, European Commission President Jose Manuel Barroso said on Friday.

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  10. World stocks slip again - 04, Jul 2008

    LONDON (Reuters) - World stocks slipped back towards this week's five-month low on Friday as steadying oil prices failed to erase concerns about slowing economic growth and rising inflation, and as banking stocks came under renewed pressure.

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