Business News This Week

Microsoft Offers to Buy Yahoo for $44.6 Billion
Microsoft Corp. announced Friday that it had offered to acquire Yahoo Inc. in a proposed cash
and stock deal valued at $44.6 billion.

Microsoft said that it had offered to buy Yahoo for $31 per share, which it said represented a 62 percent premium above the company's closing stock price on Nasdaq on Thursday

Labor Report
The Labor Department report was much weaker than anticipated,
though the unemployment rate eased to 4.9 percent as workers
dropped out of the labor pool.

Home Depot Hands Out Pink Slips
The Home Depot Inc. will eliminate 500 jobs or about 10 percent of its workforce.

The Atlanta-based home improvement retailer attributed the cuts to the slowing U.S. economy.

The company’s third-quarter profit fell about 27 percent to $1.1 billion. The company's fiscal year ends Feb. 2 and fourth-quarter reports are expected on Feb. 26.

The employment cuts at the Atlanta headquarters were expected to be completed last week.

Prime Interest Rate Reduced at Major Banks
SunTrust Banks Inc., Wachovia Corp. and Bank of America Corp. have reduced their prime interest rates to 6 percent from 6.5 percent.

The cut comes after the Federal Reserve lowered the federal funds rate 0.5 percent to 3 percent on Wednesday afternoon, as recession fears continued to circulate and a Commerce Department report showed the national economy grew at a sluggish 0.6 percent in the fourth quarter.

Banks use the federal funds rate to determine the interest they charge on overnight loans to each other. The prime rate last changed on Jan. 22, when the Federal Reserve made an unscheduled decision to slash the federal funds rate to 3.5 percent from 4.25 percent.

John Wieland Reports 100 Percent Sales Increase

John Wieland Homes and Neighborhoods experienced a 100 percent increase in homes sales during the first six days of the Sale of a Lifetime, which began Fri., Jan. 25 and continues through Sunday, Feb. 3. The Sale of a Lifetime offers a lifetime structural warranty and $10,000 to $100,000 in savings on new homes.

John Wieland Homes and Neighborhoods was recently ranked highest in customer satisfaction among new homebuilders in Atlanta and Charlotte by J.D. Power and Associates.

Founded by John Wieland in 1970, John Wieland Homes and Neighborhoods is currently building in 60 neighborhoods with operations in Atlanta; Charlotte and Raleigh, NC; Charleston, SC; and Nashville, TN. In its 35-year history, the company has won more than 600 awards for excellence, including the industry’s top award, America’s Best Builder in 2005. For more information, visit www.jwhomes.com.