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SINGAPORE: CapitaLand has entered into a joint venture agreement (JV) with a subsidiary of Credo Group (CG) to develop an integrated development in Central Jakarta, with both companies each holding a 50 per cent stake in the venture.

The integrated development, CapitaLands first in Indonesia, will comprise a Grade A office tower, mid- to high-end residential units, serviced residences and supporting retail space, spanning a total gross floor area of more than 40,000 sqm. Construction is expected to commence in 2015 and end in 2018, and the total development cost is estimated at S$220 million, CapitaLand said on Monday (Nov 17).

Under the agreement, the JV will acquire from CG a 1-hectare site located within the central business district of Jakarta.

Said Mr Lim Ming Yan, President and Group CEO of CapitaLand: The Indonesian property market is bolstered by sound social and economic fundamentals and we see significant room for growth. In fact, Jakarta was one of the fastest growing cities in the world for office and prime residential sectors in 2013, and this uptrend is expected to continue with a rising middle-class population.

"With a strategically located site, positive market demand and a reputable local partner, we are confident this project will be well-received by the market.

The JV is not expected to have any material impact on the companys net tangible assets or earnings per share for the financial year ending Dec 31, 2014, CapitaLand said.

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CapitaLand inks joint venture for integrated development at the heart of Jakarta

MERRIMACK Merrimack planning officials are set to vote Tuesday on the final approval for the John Flatley Company to build a mixed-used development including residential and commercial space, similar to a Flatley development in Nashua.

The Flatley Company has proposed building a development on five properties on Daniel Webster Highway that would include 240 apartments, 290,000 square feet of retail space, 120,000 square feet of industrial space and a 242-seat restaurant. The apartments would be a mix of one- and two-bedroom units, according to the Nashua companys application. ... Subscribe or log in to read more

MERRIMACK Merrimack planning officials are set to vote Tuesday on the final approval for the John Flatley Company to build a mixed-used development including residential and commercial space, similar to a Flatley development in Nashua.

The Flatley Company has proposed building a development on five properties on Daniel Webster Highway that would include 240 apartments, 290,000 square feet of retail space, 120,000 square feet of industrial space and a 242-seat restaurant. The apartments would be a mix of one- and two-bedroom units, according to the Nashua companys application.

The project is slated to be voted on at the Merrimack Planning Boards regular meeting Tuesday at 7:30 p.m.

Town planning department staff have recommended the board approve a conditional final approval pending a number of conditions ranging from waiting to begin construction until the property is subdivided and to completing a development agreement with the town, according to a staff report posted on the towns website.

The development, which has been described as similar to Tara Heights off Exit 1 of the F.E. Everett Turnpike in Nashua, would span five properties on Daniel Webster Highway north of the Reeds Ferry Fire Station and across from the Depot Farm Stand on the east side of the road.

The land sits north of the Reeds Ferry Fire Station, across from Depot Farm Stand on the east side of D.W. Highway, and surrounds a parcel of land owned by plastics company Saint-Gobain.

Merrimack Community Development Director Tim Thompson said it could be six months before a completion for the project is determined.

Theres an additional piece to the puzzle, he said. Theres a large potential component of an industrial user.

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Project up for vote in Merrimack

A majority of Somalias 22-member federal cabinet has written to Prime Minister Abdiweli Sheikh Ahmed giving him an ultimatum to resign or President Hassan Sheikh Mohamud will appoint a replacement.

Mohamud has instructed his cabinet to ignore a cabinet reshuffle made by Ahmedafter the president said he was never consulted.

A parliamentary debate for a vote of no confidence in the prime minister was disrupted last week by Ahmeds supporters, who refused to take orders and insisted on singing the national anthem.

Abdullahi Godah Barre, Somalias Minister of the Interior and Federal Affairs said the majority of the cabinet does not want the stalemate to further drag down the Somali government already beset by difficulties in governing.

We, as his cabinet members, are trying to be realistic with our Prime Minister. If he lost the confidence of the president and also the parliament, then we dont see a hope in this government to stand and function. The best interest of the public is for our Prime Minister to resign and that a new government, which has the confidence of the parliament and the president, be established, he said.

Barre said the parliament tried to go the democratic route by trying to get a vote of no confidence, but a small number of the Prime Ministers supporters disrupted the process.

A small minority of about 20 is making noise and threatening people. Thats what the problem is. But, the government members, the ministers would like to see voting happen so that the parliament will give us confidence or no confidence, and then other people will have a chance, Barre said.

He said thatif Prime Minister Ahmed does not resign, Mohamud would have no other option but to appoint a new prime minister.

What would happen is the president will appoint another prime minister and that prime minister will face the parliament and ask for a vote of confidence and, once the prime minister has the vote of confidence, then the prime minister will appoint ministers, Barre said.

U.S. State Department spokesperson Jen Psaki said last week that a parliamentary vote of no confidence in the prime minister did not serve the interests of the Somali people.

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Majority of Somali Cabinet Urges Prime Minister to Resign

News Desk

The Yomiuri Shimbun

Publication Date : 18-11-2014

Japan's gross domestic product in the July-September period marked an unexpected negative growth of 1.6 per cent on an annual basis, the Cabinet Office said Monday.

According to a preliminary report announced by the Cabinet Office, the GDP dropped 0.4 per cent from the previous April-June period in price-adjusted real terms for the second straight quarterly decline.

Prime Minister Shinzo Abe believes it will be difficult to raise the consumption tax rate from 8 per cent to 10 per cent in October next year as planned. Abe is expected to delay the consumption tax hike by 18 months until April 2017 and dissolve the House of Representatives.

Abe will announce his decision to postpone the planned consumption tax hike and intention to dissolve the lower house at a press conference on Tuesday. December 14 is considered the most likely date for a general election, with official campaigning kicking off on December 2.

The annualised GDP figure in the July-September period was substantially below the average forecast of 2.5 per cent growth by private research institutes, clearly illustrating the economic stagnation after the consumption tax rate was raised from 5 per cent to 8 per cent in April.

Personal consumption, which accounts for about 60 per cent of the nations GDP, increased 0.4 per cent from the previous quarter. However, its recovery from the April-June period, which marked a 5 per cent decline a reaction to a last-minute surge in demand prior to the tax hike in the previous quarter was slow.

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Japan's GDP falls 1.6% on annual basis; tax hike delay certain

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(c) 2014, The Yomiuri Shimbun.

TOKYO The nations gross domestic product in the July-September period showed an unexpected negative growth of 1.6 percent on an annual basis, the Cabinet Office said Monday.

According to a preliminary report announced by the Cabinet Office, the GDP dropped 0.4 percent from the previous April-June period in price-adjusted real terms for the second straight quarterly decline.

Prime Minister Shinzo Abe believes it will be difficult to raise the consumption tax rate from 8 percent to 10 percent in October next year as planned. Abe is expected to delay the consumption tax hike by 18 months until April 2017 and dissolve the House of Representatives.

Abe will announce his decision to postpone the planned consumption tax hike and intention to dissolve the lower house at a press conference on Tuesday. Dec. 14 is considered the most likely date for a general election, with official campaigning kicking off on Dec. 2.

The annualized GDP figure in the July-September period was substantially below the average forecast of 2.5 percent growth by private research institutes, clearly illustrating the economic stagnation after the consumption tax rate was raised from 5 percent to 8 percent in April.

Personal consumption, which accounts for about 60 percent of the nations GDP, increased 0.4 percent from the previous quarter. However, its recovery from the April-June period, which marked a 5 percent decline a reaction to a last-minute surge in demand prior to the tax hike in the previous quarter was slow.

Rises in income did not keep pace with a price increase of more than 3 percent, which includes the consumption tax hike. This made more consumers budget-minded, observers said. In addition, typhoons and heavy rain in July and August adversely affected the latest GDP figures. In particular, sales of automobiles and home electronics items whose replacement cycle is long were sluggish.

Meanwhile, capital investment in the July-September period fell 0.2 percent from the previous quarter, according the Cabinet Offices report. The corporate sectors performance was strong, but companies refrained from investment due to concerns over economic prospects following Aprils tax hike.

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GDP falls 1.6 percent on annual basis; tax hike delay certain

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