Property developer Sinar Mas Land, through PT Bumi Serpong Damai, has formed a partnership with Singapore-based Mitbana Pte Ltd to build transit-oriented developments (TODs) in BSD City, South Tangerang, Banten.Mitbana, established in March 2019, is a joint venture company of Mitsubishi Corporation from Japan and Surbana Jurong from Singapore.“With this commitment, Mitbana will become Sinar Mas Land’s largest development partner in BSD City, and we look forward to having our partnership bring even better value to our residents and becoming a model for TOD developments in Indonesia,” said Sinar Mas Land group chief executive officer Michael Widjaja.Mitbana will work with Sinar Mas Land to transform over 100 hectares of greenfield land in BSD City into TODs comprising residential units, commercial properties, living amenities and public transport nodes. This undertaking will enlarge BSD City’s existing development footprint and expand on its current population of 200,000 residents, Sinar Mas said in a statement. According to data from the Investment Coordinating Board (BKPM), Singapore was Indonesia’s top foreign investor in the first half of 2020, with a total of US$3.4 billion in realized investments comprising 5,348 projects. During the same period, Japan was the second-largest with investment of US$2.4 billion comprising 3,708 projects, the statement read.Mitbana CEO Gareth Wong said, “The future growth potential of TODs in Indonesia presents many scalable development opportunities for Mitbana, and we are very excited to make this first step toward realizing our vision of becoming a leading urban development fund that transforms communities through smart, sustainable and social development thrusts.”BSD City is Sinar Mas Land’s flagship town development that encompasses a total land area of approximately 6,000 hectares.Topics :
The merger of liner businesses of Japan’s big three shipping companies, Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kabushiki Kaisha (NYK Line), will have a far-reaching impact on NYK’s business, according to the company’s president Tadaaki Naito.“This liner integration will have far-reaching impacts, and I believe it is a major turning point for the group,” Naito noted while speaking on the occasion of the company’s 132nd anniversary.The new joint-venture company, announced in October last year, is planned to start operations in April of next year.As explained by Naito, the decision to integrate the liner business was made in order to achieve competitive strength by “securing critical mass in terms of operational scale and ensure the business survives.” “The new joint-venture company will utilize the best practices of the three companies and everything will be created from scratch, and this will require significant effort. For us, getting the new company off to a smooth start will initially be the most important issue. Following this, it is my expectation that the business will be able to achieve stable profits,” he added.Currently, NYK’s liner business accounts for almost 30% of sales, 19% of all employees, and 13% of operational ships group-wide.Through the integration, this huge division will be shifted outside the company as an affiliated company accounted for by the equity method, Naito said.As disclosed, once the integration is complete, it will be necessary for the remaining divisions to take over the functions that are currently performed by the liner business division, including fostering international personnel.Naito further stressed that the company would “aggressively work to increase sales.”“In response to this, we have reviewed the governance of the group companies operating around the world and have decided to shift to a new organizational framework from April 1 of next year. In addition, while the new joint-venture company will adopt the best practices from each line with the aim of increasing its competitive ability and overtaking the competition, the businesses that are peripheral to and affiliated with the liner business — such as domestic terminals and harbor transport within Japan, tugboat services, inland transportation, and ship management — need to further refine their capabilities and achieve even higher competitive strength in order to survive in the new era,” he noted.“In this way, through the liner business integration, the entire group will face a major turning point.”Moreover, due to the ongoing changes in the business environment, the company president said that as of next year, NYK will revise the group management structure from the ground up and shift to a structure that enables “the effective use of management assets throughout the group. “
The table-tennis national championship in the senior competition of BiH will be held in the Sarajevo sports center in Skenderija on Saturday and Sunday (2-3 March).There will be 62 competitors in the male division, and 31 in the female division.The favorites to win the title in the male division are Admir Duranspahić, who plays in France, Srđan Miličević and Adnan Šehić, while Emina Hadžiahmetović and Dragana Kerkez are the favorites in the female division.
Chennai, Jun 1 (PTI) Six nominees, four from ruling AIADMK and two belonging to the DMK, are all set to be elected unopposed to the Rajya Sabha as there are no other contenders in the fray with the rejection of seven nominations of independents today.Nomination papers of R Vaithilingam, A Navaneethakrishnan, A Vijayakumar, former Union Minister S R Balasubramoniyan (all AIADMK), and those of R S Bharathi and T K S Elangovan (DMK) were valid and accepted, TN Assembly Secretary and Returning Officer (Biennal Elections), A M P Jamaludeen said here today in an official release.With the election of four MPs, the strength of ruling AIADMK will go up to 12 from the present 11 in Rajya Sabha. There will be no change in the number of DMK MPs which will continue to be four.From Tamil Nadu, Congress Party will have no representation in the Upper House.The elections were called to fill vacancies of six MPs to RS from Tamil Nadu.The terms of AIADMKs Navaneethakrishnan, A W Rabi Bernard and P H Paul Manoj Pandian and DMKs K P Ramalingam and S Thangavelu and former Union Minister and Congress leader E M Sudarsana Natchiappan, will end this month.Out of the six members, Navaneethakrishnan was elected in 2014, Rabi Bernard in 2011 and others in 2010.Navaneethakrishnan filled the vacancy caused by the disqualification of DMKs T M Selvaganapathi.The scrutiny of nominations took place today and papers filed by seven independents, including that of P Isakkimuthu and K Kumar, were invalid and hence rejected as their candidatures were not proposed by the required number of ten MLAs.advertisementAll the six candidates in the fray will be declared elected on June 3 after the deadline for the withdrawal of nominations are over. PTI VGN RC SRY KK