Why not "He has read the new book" What happens to "das buch von neuem"?
von Neuem means once again. He has read the book = er hat das neue Buch gelesen.
"He has read the new book" would be "Er hat das neue Buch gelesen".
By contrast, "von Neuem" means "again" or "anew". So it's actually an old book he has read for a second time.
Edit: Too late :)
Ah.. "anew." Thanks.
Is "Er hat das Buch wieder gelesen" more common than this?