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Big project: A model of the proposed mixed development planned by SP Setia in Melbourne. Developer plans to build mixed development project with RM1.9bil GDV KUALA LUMPUR: SP Setia Bhd has bought a 1.02-acre site in Melbourne – the largest east-end Central Business District (CBD) development site in the city to be sold in over a decade – where it will undertake a mixed development project with an estimated gross development value (GDV) of A$640mil (RM1.91bil). The property developer told Bursa Malaysia that it had secured its fifth site in Australia, 308 Exhibition Street, in “a highly competitive International Expression of Interest bidding exercise” from Australian telecommunications company Telstra Corp Ltd. Its Australian property development arm Setia (Melbourne) Development Co Pty Ltd has inked a conditional agreement to acquire the freehold land opposite the Carlton Gardens for A$101mil (RM300.96mil). SP Setia president and chief executive officer Datuk Kho...

A bank needs between RM8,000 and RM10,000 a month to manage one ATM unit. BANGKOK: Malaysian Electronic Payment System Sdn Bhd (MEPS) plans to introduce ‘pool automated teller machine (ATM)’ services which is expected to offer cost efficiency for banks and their clients next year. Managing director Zulkarnain Kassim said currently the interbank network provider was in discussion with several banks, which had shown keen interest in providing the service. “What we have in mind is to provide free-of-charge interbank services, which means customers will no longer have to pay services charge if their banks subscribe to the scheme,” he told Bernama on the sidelines of the 2016 South-East Asia ATM Conference in Bangkok recently. Citing interbank fund transfer services as an example, Zulkarnain said a customer had to pay RM0.50 per transaction. “As for the banks, they will benefit from lower operating cost as it is quite costly to maintain and manage ATM units,” he said. Zulk...

Deputy governor of Bank Negara Malaysia, Datuk Muhammad Ibrahim has been appointed as the new governor for five years, effective from May 1, the Prime Minister's Office said on Wednesday. Muhammad , who will take over from Tan Sri Dr Zeti Akthar Aziz who retires on April 30, said he accepts the appointment as governor with great humility. He viewed the appointment as opportunity and call to serve the nation. . The Prime Minister's Office, had in a statement, said the King, had on the advice of Prime Minister Datuk Seri Najib Tun Razak, endorsed the appointment of Muhammad. Najib said he was confident Muhammad will continue to assist the government, provide his advice and views to drive the country's economic growth and also administer the monetary policy and oversee the country's financial industry including BNM's efforts to develop the industry. Muhammad was the deputy governor since 2010. He is a a graduate of Harvard University. Najib also expr...

Handsome boy and Sweet girl WEDDING.... IT'S NOT ABOUT PRIZE... IT'S ALL ABOUT VALUE (of Love) Congratulation : Mr. Aiman & Mrs. Imah Full of Blesses and Happiness to both of you. Fully Credited to Titik Cahaya Photography Any enquiry kindly contact :  Tel : +6017-7975280 / +6014-8175715. (call/sms/whtsapp)  Titik Cahaya Photography : Located in Pahang L. O. V. E Dating Nice Long Live and Prosperity

Starwood owns several hotel brands, including Sheraton - BBC credited photo Chinese insurance firm Anbang has unexpectedly abandoned its takeover offer for Starwood Hotels, ending a three-week bidding war with Marriott. Anbang had raised its all-cash offer for Starwood to $14bn (£9.75bn) it sought to challenge the merger between the hotel groups. However, the bid is being scrapped because of "market considerations" a statement released on Thursday said. According to reports, there were questions over its financing sources. Anbang has been making an aggressive push into the US property market over the last few years but little is known about the company. The exit of Anbang from the bidding process means that Marriott is one step closer to becoming the world's largest hospitality group. However, the whole saga has highlighted the growing role of Chinese companies in global mergers and acquisitions. There have been $92bn worth of foreign takeovers by Chi...

In Sabah, Petronas Carigali is partnering with Sabah Shell (operator), ConocoPhillips and Murphy Sabah Oil in the Gumusut Kakap deepwater project. Petronas Carigali Sdn Bhd has excluded THHE Fabricators Sdn Bhd (TFSB), a subsidiary of Lembaga Tabung Haji’s 29.8%-owned TH Heavy Engineering Bhd, from participating in its future tenders for two years. TH Heavy Engineering told Bursa Malaysia on Monday that this was due to “performance-related issues” pertaining to the execution of a contract awarded in January 2014 to TFSB, a 70%-owned subsidiary, to build a topside (upper half of an offshore oil platform) for PCSB’s project offshore Sabah (Kinabalu project). “The company is currently seeking clarification from Petronas Carigali and will be taking appropriate measures to mitigate the matter, including appealing to Petronas Carigali as the present Kinabalu project has achieved an onshore construction completion of approximately 91%,” it said. Under the contract, TFSB was to und...

Long-time partners: AirAsia says it will issue 559 million new shares in a share placement exercise at RM1.80 a share to Tune Life, owned equally by both Kamarudin (left) and Fernandes AirAsia to place out shares, market talk on privatisation quashed Tan Sri Tony Fernandes and his long time partner, Datuk Kamarudin Meranun are forking out RM1.006bil cash to shore up AirAsia Bhd’s balance sheets, something investors have been urging them to do for sometime now. AirAsia told Bursa Malaysia that it would issue 559 million new shares in a share placement exercise at RM1.80 a share to Tune Life Sdn Bhd, owned equally by both Fernandes and Kamarudin. This will eventually raise the duo’s direct and indirect stake in the region’s largest low-cost carrier to 32.4% from 18.9% currently. Fernandes is group CEO while Kamarudin the chairman of AirAsia group. The proceeds from the share sale will be used to reduce debts, pay for aircraft purchases, construct a new building for its hea...