Buyout makes Pulte largest homebuilder

Pulte Homes Inc. is buying Centex Corp. for $1.3 billion in stock, in a deal that will create the nation’s largest homebuilder that caters to everyone from first-time homebuyers to grandparents looking to move into retirement communities.

The acquisition also will give Pulte large tracts of land in Texas and the Carolinas, two of the most resilient real estate markets, and a presence in 29 states and Washington, D.C.

The new company, which will include the Del Webb and Fox & Jacobs brand homes, will keep the Pulte name and headquarters in Bloomfield Hills, Mich. There will be an unspecified number of job cuts.

Arlington, Va.

BBB issues warning of online Ponzi scams

The Better Business Bureau warned Wednesday about a proliferation of what appears to be Ponzi schemes on YouTube.

The agency has identified nearly 23,000 of these videos – usually promoting “cash gifting” or “gifting club” programs – that have received nearly 60 million views.

“They make it seem like it’s legal and an easy way to make money, but it’s nothing more than a pyramid scheme,” Better Business Bureau spokeswoman Alison Southwick said.

The videos usually don’t ask for money directly, but send viewers to Web sites where they are urged to sign up for the “gifting program,” usually for fees ranging from $150 to $5,000.

Seattle

Lion Air gets financing to purchase Boeing 737s

Indonesian low-cost carrier Lion Air, which has a whopping 162 of Boeing’s newest 737-900ERs on order, has won approval for more than $1 billion in loan support from the U.S. Export-Import Bank, allaying concerns that it would not find sufficient financing.

Ex-Im Bank’s board approved $238 million in financing and made a nonbinding preliminary commitment of a further $841 million if Lion Air formally requests it. The bank said the combined amount will support the deliveries of 30 of the 737-900ERs from Boeing.

Medford, Ore.

Two Joe’s Sports stores prepare to liquidate

Two store managers for Joe’s Sports, Outdoor & More say their stores will be turned over to liquidators as soon as this week.

The 30-store chain employs about 1,500 people in the Pacific Northwest, owes creditors nearly $13 million and has filed for protection under federal bankruptcy laws.

In Medford, store manager Mike Murphy told the Mail Tribune newspaper the chain is discontinuing all services and that people with gift cards should use them by today. He said that beyond that, there are no guarantees.

In Albany, store manager Michael Potter told the Democrat-Herald that liquidation would begin when an official announcement is made, possibly by Friday.

From wire reports