Wednesday, May 30, 2007

Good News? Maybe if You Squint...

Pulte Homes said Tuesday it would cut another 16% of its workforce. Since 2006 the company already eliminated nearly 25% of its workforce. Okay, now here's the good news--these further cuts will save the company about $200 million on a pretax basis as its restructuring continues.

Ann Arbor based Borders Group, Inc., the nation's second largest bookseller reported a larger than expected first quarter loss. And now the good news--the "bookseller did not provide any earnings outlook, but is eyeing a return to earnings growth in 2008, Chief Executive George Jones said." (reuters)

Midland's Dow Chemical, which acquired Union Carbide in 2001, owns the infamous Bhopal chemical plant, site of the 1984 accident that killed 3800 people. The good news? They are not responsible for any cleanup since they never operated the plant. An Indian firm, Bharuch Environ Infrastructure Limited (BEIL), is slated to burn the remaining waste. Although environmental activists are concerned about transport of the waste to the incinerator in Gujarat, and have filed a petition with Bhopal High Court to prevent the move, the state run Gujarat Pollution Control Board supports the incineration. "We cannot get emotional. Let's burn the waste and forget it forever," GPCB secretary Sanjiv Tyagi told Reuters.