lowy sees signs of stabilisation & recovery ..

Source: www.businessspectator.com.au

Westfield chief says financial crisis stabilising
TOP News
Published 7:15 AM, 4 May 2009

Westfield Group executive chairman Frank Lowy says the recent sharemarket recovery and emerging cracks in the credit freeze show the financial crisis is stabilising.

"Last year it was too murky; it was pull the shutters down and into the bunker," Mr Lowy told The Australian Financial Review.

"Now there are signs of stabilisation and recovery."

However, Mr Lowy told the paper he is not ready to make aggressive acquisitions until conditions are "a bit more stable and looking upwards".

Mr Lowy said the government's economic stimulus packages had cushioned the pain of the downturn quite well.

"In the malls, Australia is doing excellently," he said.

Westfield will hold its annual general meeting on Wednesday.


Ends.

Cheers, Pie :)