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As a sign of their confidence in the Japanese
economy, American International Group Inc., the world's largest
insurer, has begun negotiations for the purchase of a $3.4 billion
office tower in downtown Tokyo.
Builder Confidence Declines Slightly in US
Builders of single-family homes across the US
showed slightly decreased confidence in the market going into
December. According to a recent survey of members, the National
Association of Home Builders/Wells Fargo Housing market Index (HMI)
showed a slight decline from November.
The December index was down from 61 to 57, with
anything above 50 indicating "good" sales conditions. Ratings are
based on total traffic, resistance to current pricing, interest rate
concerns and several other factors. While December's number is still
above 50, it is at its lowest point since April, 2003. The national
average was brought down by a 33 reported for the Midwest.
Magna owner misused influence according to
minor shareholder
The founder of Magna International Inc, Frank
Stronach, is being accused of misusing the assets of MI
Developments, a publicly-traded company that acts as the real estate
wing of Magna International.
According to lawyers for Greenlight Capital,
Inc., a 10% owner of MI Developments, Stronach used "oppressive
conduct" to direct the resources of MI Developments towards propping
up another of his companies, Magna Entertainment Corp. This third
company runs several racetracks across North America.
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