| Australia Property Trust Bond Risk Falls as Mirvac Raises Funds
The risk of Australian real estate investment trusts defaulting on their debt fell for a second day yesterday after a local property developer raised equity, easing concerns companies are unable to secure funding and pay down debt. Credit-default swaps on Sydney-based Westfield Group, the world's largest shopping centre owner, fell about 15 basis points to 196 basis points at 1 p.m. in Sydney, Citigroup Inc. prices show. The contracts, which fall as perceptions of credit quality improve, rose 110 basis points this year to reach a record 210 basis points Jan. 23 on concern U.S. shopping mall owners may be hurt by slowing U.S. retail sales and commercial property construction. This means the annual cost to protect $10 million of Westfield bonds from default for five years has increased about $110,000.
Township boosts mall tax assessment
HOBART | Ross Township Assessor Randall Guernsey said Thursday that the township is correcting a "huge undervaluation" of Westfield Southlake Mall, more than doubling the assessed value of the shopping center.Earlier this year, with the help of Indianapolis-based consulting firm Nexus Group, the township was able to obtain documents from the 2002 sale of the mall to Westfield to determine its value for 2006 as $129.5 million.The township trended the price back two years to increase the mall's assessed value from $53 million to $117 million. The combined assessed value for 2004 and 2005 will be $234 million, a $128 million increase from the original assessed price.The increase in assessment will mean additional tax revenues for Ross Township, Guernsey said.Westfield is appealing its 2006 assessment, but Guernsey said the documentation from the 2002 sale will help the township's case before the Lake County Property Tax Assessment Board of Appeals."I feel pretty confident that we should win.
For Super Tuesday, Democrats take flight to campaign
Obama aides noted that his campaign has eight field offices already operating in Georgia and five in Alabama.In five caucus states - Alaska, Colorado, Minnesota, New Mexico and North Dakota - Obama modeled his organizations after his winning caucus operation in Iowa. Several Iowa staffers have fanned out to those states.In Massachusetts, Obama has the entire political establishment batting for him, including Gov. Deval Patrick and Sens. Edward Kennedy and John Kerry. Obama's camp also hopes that Kennedy's endorsement Monday carries over to California, which has many Latinos loyal to Kennedy on immigration law and many union voters with an affinity toward Kennedy.In the biggest states, California and New York, Obama will rely more heavily on television advertising.Though he trails in polls in both mega-states, the primaries aren't winner-take-all.
Is Tom Brady the Best Quarterback Ever?
The debate about which quarterback ranks No. 1 in NFL history might one day begin and end with Brady, but we're not to that point -- yet. While seven seasoned evaluators placed Brady solidly in the top 10, Johnny Unitas consistently ranked higher than any other quarterback. Joe Montana was second, followed by Brady, Dan Marino, Peyton Manning, John Elway, Terry Bradshaw, Brett Favre, Otto Graham and Dan Fouts. .
Tilson signs duo as Hammell stays
Revell began his career at Cambridge United, but moved to Brighton in July 2006 via a prolific spell at non-league Braintree Town. He scored 18 goals in 71 league and cup appearances for the Seagulls, including a hat-trick against Bournemouth earlier this month. Brighton replenished their striking ranks earlier in the day by signing Aldershot front man Jonny Dixon for 56,000. Robson-Kanu is an England Under-19 international who can play up front or on the left. .
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