Wall Street ends flat as investors pull back

NEW YORK: Socks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.

Transportation stocks were among the worst performers. Shares of CH Robinson Worldwide fell 9.7 percent to $60.50 and the stock was the biggest percentage loser on the Nasdaq 100 after the freight transport company posted a lower-than-expected adjusted quarterly profit.

Without a strong catalyst, the market could struggle to continue its rally, analysts said. The benchmark S&P 500 index has advanced 6 percent this year, reaching its highest since December 2007, while the Dow Jones industrial average <.DJI> has risen above 14,000 recently.

Bank of America-Merrill Lynch analysts see a near-term pullback likely, based on strong equity inflows at the start of the year, said Dan Suzuki, the bank’s equity strategist in New York.

“The fact that we’ve gone since November without seeing one, from a timing perspective, it wouldn’t be a surprise to see one now.”

With fourth-quarter earnings nearing an end, the market will be losing one of its big supports, said Frank Lesh, a futures analyst and broker atFuturePath Trading LLC in Chicago. “That’s one thing that’s been holding the market up,” he said.

Shares of Time Warner Inc jumped 4.1 percent to $52.01 after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in film, TV entertainment and publishing units.

The Dow Jones industrial average was up 7.22 points, or 0.05 percent, at 13,986.52.

The Standard & Poor’s 500 Index was up 0.83 points, or 0.05 percent, at 1,512.12.

The Nasdaq Composite Index was down 3.10 points, or 0.10 percent, at 3,168.48.

Volume was roughly 6.5 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Advancers outpaced decliners on the NYSE by roughly 17 to 12 and on the Nasdaq by about 13 to 11.

Amazon.com shares, down 1.7 percent at $262.22, led the decline on the Nasdaq.

Also causing some strain on the market, investors have been speculating about leadership changes in Spain and Italy and watching for comments from European leaders, analysts said. European Central Bank policymakers are due to meet Thursday.

The Dow Jones Transportation average <.DJT> was down 0.2 percent after hitting another record high on Tuesday. The average is up 10.7 percent for the year so far and has made a series of new highs since mid-January.

According to Thomson Reuters data, of 301 companies in the S&P 500 that have reported earnings, 68.1 percent have exceeded analysts’ expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

Walt Disney Co‘s stock was up 0.4 percent at $54.52, after the company beat estimates for quarterly adjusted earnings and gave an optimistic outlook for the next few quarters. – Reuters

 

Source by: The Star

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US East Coast crippled by massive storm, death toll climbs

NEW YORK (Reuters) – Millions of people were left reeling in the aftermath of the whipping winds and heavy rains of the massive storm Sandy on Tuesday as New York City and many parts of the eastern United States struggled with epic flooding and extensive power outages.

The storm killed at least 40 people, including at least 18 in New York City, and insurance companies started to tally billions of dollars in losses.

Sandy, which crashed ashore with hurricane-force winds on Monday near the New Jersey gambling resort of Atlantic City, was the biggest storm to hit the country in generations. It swamped parts of New York’s subway system and lower Manhattan’s Wall Street district, closing financial markets for a second day.

Businesses and homes along New Jersey’s shore were wrecked and communities were submerged under floodwater across a large area. More than 8 million homes and businesses in several states were without electricity as trees toppled by Sandy’s fierce winds took down power lines. Across the region, crews began the monumental task of getting power back on.

The storm reached as far inland as Ohio and caused thousands of flight cancellations. Cellphone outages also were widespread. Parts of West Virginia were buried under 3 feet (1 meter) of drifting snow from the storm.

Some East Coast cities like Washington, Philadelphia and Boston were spared the worst effects from Sandy and appeared ready to return to normal by Wednesday. But New York City, large parts of New Jersey and some other areas will need at least several days to get back on their feet.

“The devastation is unthinkable,” New Jersey Governor Chris Christie said after seeing pictures of the New Jersey shore.

The storm interrupted the U.S. presidential campaign just a week before the November 6 election. The damage it caused raised questions about whether polling places in some hard-hit communities would be ready to open by next Tuesday.

Seeking to show he was staying on top of a storm situation that affected a densely populated region, the White House said President Barack Obama planned to tour damaged areas of New Jersey on Wednesday accompanied by Christie.

The New Jersey governor, who has been a strong supporter of Republican presidential challenger Mitt Romney, praised Obama and the federal response to the storm.

“New Jersey, New York in particular have been pounded by this storm. Connecticut has taken a big hit,” Obama said during a visit to Red Cross headquarters in Washington.

Obama issued federal emergency decrees for New York and New Jersey, declaring that “major disasters” existed in both states.

Power outages darkened large parts of downtown Manhattan. A large blaze destroyed more than 80 homes in New York City’s borough of Queens, where flooding hampered fire fighting efforts.

“To describe it as looking like pictures we’ve seen of the end of World War Two is not overstating it. The area was completely levelled. Chimneys and foundations were all that was left of many of these homes,” New York Mayor Michael Bloomberg said after touring the area.

Neighbourhoods along the East and Hudson rivers in Manhattan were underwater, as were low-lying streets in Battery Park near Ground Zero, where the World Trade Centre once stood. Lower Manhattan could be without power for four days.

One disaster modelling company said on Tuesday that Sandy may have caused up to $15 billion (9.3 billion pounds) in insured losses. That would make it the third-costliest hurricane on record, behind hurricanes Katrina, which laid waste to New Orleans and the Gulf Coast in 2005, and Andrew, which devastated parts of Florida in 1992.

That figure did not take into account residential flood losses or flooding of tunnels and subways, meaning ultimate insurance claims could rise higher still.

CAMPAIGNING ON HOLD

Obama and Romney put campaigning on hold for a second day. The campaign truce was likely to be short-lived, as Romney planned to hit the trail again in Florida on Wednesday. Obama appeared likely to resume campaigning on Thursday for a final five-day sprint to Election Day.

Obama faces political danger if the government fails to respond well, as was the case with predecessor George W. Bush’s botched handling of Katrina. Obama has a chance to show not only that his administration has learned the lessons of Katrina but that he can take charge and lead during a crisis.

All along the East Coast, residents and business owners found scenes of destruction.

“There are boats in the street five blocks from the ocean,” said evacuee Peter Sandomeno, one of the owners of the Broadway Court Motel in Point Pleasant Beach, New Jersey. “That’s the worst storm I’ve ever seen, and I’ve been there for 11 years.”

Sandy, which was especially imposing because of its wide-ranging winds, brought a record storm surge of almost 14 feet (4.2 meters) to downtown Manhattan, well above the previous record of 10 feet (3 meters) during Hurricane Donna in 1960, the National Weather Service said.

Water poured into the subway tunnels under New York City. Bloomberg said the subway system, which normally carries over 5 million people each weekday, would likely be closed for four or five days.

“Hitting at high tide, the strongest surge and the strongest winds all hit at the worst possible time,” said Jeffrey Tongue, a meteorologist for the weather service in Brookhaven, New York.

Hurricane-force winds as high as 90 miles per hour (145 km per hour) were recorded, he said. “Hopefully it’s a once-in-a-lifetime storm,” Tongue said.

The U.S. Department of Energy said more than 8 million homes and businesses in several states were without electricity due to the storm.

“This storm is not yet over,” Obama told reporters at the Red Cross as he warned of the dangers of continued flooding, downed power lines and high winds. Obama, possibly mindful that disgruntled storm victims could mean problems for his re-election bid, vowed to push hard for power to be restored.

The flooding hampered efforts to fight a massive fire that destroyed more than 80 homes in Breezy Point, a private beach community on the Rockaway barrier island in the New York City borough of Queens.

New York University’s Tisch hospital was forced to evacuate more than 200 patients, among them babies on respirators in the neonatal intensive care unit, when the backup generator failed.

Besides the deaths in New York City, others were reported in New York state, Massachusetts, Maryland, Connecticut, New Jersey, Pennsylvania, Virginia and West Virginia. Toronto police also recorded one death – a woman hit by flying debris. Sandy killed 69 people in the Caribbean last week.

U.S. government offices in Washington were due to reopen on Wednesday after two days. Schools were shut up and down the East Coast but were due to reopen on Wednesday in many places.

U.S. stock markets were closed on Tuesday but exchanges are expected to reopen on Wednesday.

The storm weakened as it ploughed slowly west across southern Pennsylvania, its remnants situated between Pittsburgh and Philadelphia, with maximum winds down to 45 mph (72 kph), the National Hurricane Centre said.

As Sandy converged with a cold weather system, blizzard warnings were in effect for West Virginia, western Maryland, eastern Tennessee, eastern Kentucky and western North Carolina.

Garrett County in Maryland had as much as 20 inches of heavy, icy snow that knocked out power to almost three-quarters of the area’s 23,000 customers.

“It’s the biggest (October snowstorm) that I remember and I’ve been here 25 years,” said area resident Richard Hill, who planned to huddle by his wood stove.

 

Source by: The Star

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PM: Malaysia’s fiscal deficit cut on track

The government’s target for a reduction in fiscal deficit this year is on track, said Prime Minister Datuk Seri Najib Razak.

He said the details will be revealed during the presentation of the 2013 Budget in Parliament next month.

“Yes (I have briefed the council). I will give the full figures during the coming budget (presentation) but the reduction (fiscal deficit) is on track.

“It will be mentioned during the budget. I don’t want to steal the thunder from the budget,” he told reporters after the National Treasury Council’s meeting here today.

Najib said he also briefed the council members on the country’s economic and growth rate projection as well as the current global economic scenario.

Besides Barisan Nasional’s Menteris Besar and Chief Ministers, Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim and Penang Chief Minister Lim Guan Eng also attended the meeting.

The government believes that the Raya bonus for the civil servants will not expand the country’s budget deficit. Last month, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said that the bonus payout will not raise the country’s targeted fiscal deficit of 4.7 per cent for this year as the government expects to collect bigger revenue and will try to cut down on expenses.

Najib had on July 24 announced a half-month bonus with a minimum payment of RM500 for civil servants and a special payment of RM500 for pensioners to be paid on August 9. The total payout will involve some RM2.2 billion and benefit 1.27 million civil servants as well as 657,000 pensioners.

On the council meeting, he said the federal government will allocate RM287 million to the state funds for 2014, of which RM30 million will go to states facing acute shortage of management funds and the remaining RM257 million to be given to states based on the level of economic, infrastructure and livelihood of the people.

Najib, who is also Finance Minister, said the government will come out with a new improved and comprehensive guideline on management procedure and distribution of maintenance funds for state roads to ensure its full utilisation and efficiency.

In this regard, he said the Finance Ministry, with cooperation from all state governments, will convene a lab session in October to iron out the problems faced by states in managing and utilising the fund properly.

“They (state governments) have agreed on the draft of the comprehensive guideline on management procedure and utilisation of the maintenance fund for state roads,” Najib said.

He indicated that there is no timeframe for the lab to formulate the guideline, but said the government hopes to come out with the guideline by year-end.

“Thereafter, allocations for states, which fail to manage the fund efficiently and effectively will be very much reduced,” he said.

As a follow-up to the audit report on the maintenance trust fund for state roads and Malaysian road record information system, Najib said the Finance Ministry has identified several weaknesses that need to be rectified and improved.

He said although the federal government set aside a huge amount to states in the form of maintenance allocations for state roads, most states failed to fully utilise the allocations. “For instance, the government allocated RM2.6 billion in 2011 compared with RM1.1 billion in 2006, which was an increase of 138 per cent or an average of 27.6 per cent yearly.

“However, most of the states failed to fully utilise the allocations. So, we need to correct the situation,” Najib said. He also noted that the improved loan repayment by state governments to the federal government and the decline in loan applications from the state governments.

Najib said the amount of loans applied by state governments has gone down by 8.4 per cent or RM1.6 billion, from RM19.1 billion in 2010 to RM17.5 billion last year.

“The amount of loan repayment by the state governments has also improved, with the state governments paying some RM790.6 million in 2011 compared with RM434.1 million in 2010,” he said.

Najib attributed the improvement in payments to among others, the takeover of loans by Pengurusan Aset Air Bhd (PAAB) for the water supply projects in five states, namely Penang which amounted to RM655.2 million, Perlis (RM75.1 million), Negri Sembilan (RM1.1 billion), Malacca (RM764.2 million) and Johor (RM873.7 million).

 

Source by: Business Times

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French consumption down slightly, housing starts fall

French household spending fell by 0.2 percent in the second quarter but rose slightly in June, while new housing starts continued to fall sharply, official data showed Tuesday.

Household spending was up 0.1 percent in June following a 0.5 percent increase in May, the INSEE national statistics office said.”The very slight increase in spending in June was due to increased spending on foodstuffs, which offset a decline in energy spending”, it said.

Purchases of food were up 1.0 percent in June, though down 1.3 percent over the second quarter.

Energy consumption was down 1.3 percent in June, after a 2.9 percent fall in May, though it was up 2.7 percent overall in the second quarter after unseasonably cold weather kept gas and electric spending high.

Data published by France’s housing ministry meanwhile showed new housing starts were down 14 percent between April and June, after plummeting 19.9 percent between March and May.

The number of permits issued for new builds was also down 1.9 percent between April and June, after a 2.0 percent decline in the previous period.

For April to June, the number of new housing starts was 69,937 units. Over the 12 months between July 2011 and June 2012, housing starts remained slightly positive, with a gain of 2.7 percent.

 

Source by: The Star

Picture by: telegraph

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‘Scandinavian’ luxury in Puchong

Although billed as Scandinavian in style, LBS Bina Group Bhd’s latest phase of ‘Nautilus’ superlink houses does not seem to offer what most would consider as specifically Scandinavian architecture. Besides a Modernist-like cubic form that is pretty fashionable among most local developers today, anyway, there is no preponderance of pine or high-tech prefabricated parts.

It’s good that it doesn’t, actually. These homes are not set within the Scandinavian peninsular of harsh winters and high wind, after all, but the tropical lowlands of Puchong, some kilometres down from the LDP. Its exact location is on a landmass surrounded by ex-tin mining pools that is being ambitiously transformed by developer LBS Bina into the mini township christened D’Island.

Nautilus’ design in fact makes sense in the tropical climate. A central atrium runs along its three storeys, thus providing ventilation and openness. It also provides a sense of grandeur. Like Blake Carrington, you can look down upon your guests from the upper floors’ balustrades if you so wish.

In a rather Asian way, as well, Nautilus homes may easily house the elderly generation of an extended family, with a lift that runs the height of the house. It helps that that each home offers an abundance of space.

Plot sizes are generous with 95 units sized at 24′x100′, and 20 units measuring up at 24′ x 80′. These yield built-up areas which range from 4,246 to 4,791 sq ft. Prices, meanwhile, range from RM1.81 to RM1.91 million (approximately RM400 to RM425 per sq ft).

Within each home are five bedrooms, all with attached bathrooms. Three have the proportions of master bedrooms, with own balconies, and enough space to fit in walk-in wardrobes. Also included is a maid’s room with bathroom, and a powder room, cleverly tucked in beneath the ground floor staircase.

The first floor master bedroom’s balcony, in particular, is large enough to fit a dining set, garden or jacuzzi. Mirroring the indoor atrium’s vertical integration, this balcony may be looked upon by the second floor’s balcony, which in fact projects out like a cantilever encased by glass balustrades.

Like Northern European homes, this time, Nautilus shows consciousness for sustainability with provisions for solar panels, rainwater harvesting and energy efficient LED street lighting.

Nautilus’ recent launch saw visitor Kelvin Kew, admiring the show home, together with his wife and lovely brood of three daughters. “Yes I’d like to buy one unit as I like the design,” says Kew who had previously bought two of D’Island’s Phase 1 and Phase 2 houses. “It’s even more modern and the lift is a good idea, but I have to see whether my banker can lend me more money!”

D’Island is indeed slowly coming together as the township dreamed up by developers LBS Bina. The houses that make up its Apicalia first phase are taking shape while a dandelion-shaped water fountain is already splashing around on the roundabout outside. Over on the lakeside esplanade meanwhile, sculptures read on the lawn beside two special playground sets imported from Germany.

“This environment, where you see 175 acres on a 1,000 acre lake, I’ve never seen in Malaysia before,” adds Kew, who currently lives in Laman Granview, Saujana Puchong. “When we first came here, we felt like we were on a small island, surrounded by water.”

Indeed, even if D’Island doesn’t take you immediately to the Nordic highlands, it does bring you to someplace you never thought you’d be, in Puchong, and LBS Bina’s fantastic dream is slowly becoming a reality.

 

Source by: The Sun Daily

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Ipoh reaching for leisure market

Ever thought of having a retirement or vacation home in Ipoh? Most likely not.

“The whole country has underrated Ipoh,” admits Superboom Projects Sdn Bhd CEO Peter Chan. “Many people ask me what there is here and some even say it is a place to ferment!”

Superboom has confronted such skepticism ever since embarking on its luxury condominium project here called The Haven. Hugging a natural lake next to a 280 million year-old lime stone hill and virgin forest, The Haven offers 497 apartments ranging in size from 968 to 5,350 sq ft, and priced from RM600,000 to RM3 million.

“Ipoh is equidistant from Penang, KL, the highlands and Pangkor,” maintains Chan. “It’s also quiet and idyllic with lots of good, cheap food. And, believe me, people are coming to Ipoh. Try taking the electric train there, it’s always packed.”

Nearly a century after its heyday as a tin mining capital, in fact, Ipoh has seen several recent leisure developments. Besides Sunway City’s Lost World of Tambun theme park and the five-star Banjaran Hot Springs Retreat, a RM500 million animation theme park will be constructed by Australian leisure park builders Sanderson Group in northern Ipoh’s new Meru Raya technology hub.

An average price of RM600 per sq ft would more likely attract purchases from national and international buyers; such prices are rare in Ipoh. All the bells and whistles of an international destination are offered by The Haven, however, including five-level security, comprehensive fibre optic network, 10 acres of landscaping and gorgeous infinity pool which almost blends into the picturesque lake.

The Haven (pix) will also be managed by international hospitality chain, Best Western, which may market and lease out apartments on behalf of owners. This makes it convenient for investors.

“Ipoh used to be the highest per capital importer of Mercedes Benzes in the world maybe 50 years ago,” says Chan. “All that changed later.” Today, however, Chan believes that Ipoh’s misty karst hills whisper promises of recreation rather than tin, and that, as a leisure destination, this underrated town may just have some shot at regaining its old glory.

 

Source by: The Sun Daily

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Malaysia gets piece of Marina Bay glamour

After decades of political animosity between Malaysia and Singapore, the commercial real estate joint venture of both governments is on schedule with the recent groundbreaking ceremony of its maiden Marina One development in Marina South, Singapore.

Developed by M+S Pte Ltd, which is 60% owned by Malaysia’s investment holding arm, Khazanah Nasional Bhd, and 40% owned by Singapore’s investment company Temasek Holdings (Private) Ltd, Marina One is a mixed development comprising two office towers, two residential towers, and a retail component, with gross floor area of 341,000 sq m.

Besides Marina One, M+S will develop another plot of land in Ophir-Rochor, near the Bugis area of the city. Gross development value of both projects has been estimated at SGD 11 billion (about RM27.6 billion).

Both plots of land were offered by Singapore for joint development in return for the land previously belonging to KTM Bhd on the island. The two countries also set up Pulau Indah Ventures Sdn Bhd, a 50-50 joint venture company, to develop two wellness property projects in Iskandar Malaysia.

“The marketing side for this project is being done by UEM Land Holdings Bhd (owned by Khazanah Nasional), while the project management side is being done by Mapletree Investments Pte Ltd (a subsidiary of Temasek), and Capitaland (the controlling shareholder of which is Temasek) for the Ophir-Rochor project,” explained M+S chairman, Tan Sri Azman Yahya on the separation of duties among the joint venture partners. “So far, the schedule of Marina One’s development has been on time, and we are pretty happy with the progress of the development. We’ve already started the piling works.”

Reclaimed from the sea, the land at Marina South was earmarked in the 90s by Singapore’s Urban Redevelopment Authority as the city state’s new global business and financial hub. The nearby Marina Bay, meanwhile, is Singapore’s 24/7 lifestyle precinct which offers world-class leisure and cultural destinations like Marina Bay Sands, the Singapore Flyer, the ArtScience Museum and the recently opened Gardens by the Bay.

Marina One was designed by Ingenhoven Architects from Germany. Its defining feature is a green open space, termed a “green heart”, in the middle of the four towers. Although surrounded by landmark buildings, the architecture firm’s founder Christoph Ingenhoven promised at the ceremony that the development will not have a “wild design” but instead be practical and space-efficient.

Like Marina One, the Ophir-Rochor project will be unveiled before the year end, said Azman. “We’ve already submitted the design for approval, as a combination of commercial, residential and hotel, as well as a small retail component. It will be another beautiful iconic design by Ole Scheeren (who designed another UEM Land project, Angkasa Raya in Kuala Lumpur).”

Dispelling talk of the two countries’ historically stormy relationship, Azman stressed that the working relationship between both countries’ representatives has been excellent. “M+S is a very commercial organisation with a very commercial objective, so we made it quite clear that our objective is to create as much value from this land that we have,” said Azman. “It’s pretty simple.”

Both sovereign wealth funds stand to gain much value from the burgeoning Singapore property market. Marina One’s residential component alone will net 1,042 units, and with surrounding new developments reported to already command over SGD2,000 (about RM5,000) per sq ft, market watchers expect pricing for the apartments to achieve SGD2500 (about RM6,300) per sq ft or more.

Commentators also expect the properties within Marina One to be marketed to foreigners as much as to locals, given its central and cosmopolitan location, with roadshows expected throughout the region.

With optimistic perceptions of the progress so far, the two countries seem to have found a balance which satisfies their respective real estate needs. It’s all smiles indeed as the previously squabbling partners now reunite and look forward to the impending birth of their first joint creation.

 

Source by: The Sun Daily

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How Extremely Successful People Sell Their Ideas Internally

Unless you are CEO, or a member of the C-Suite at the very least, you generally can’t convince your organization to create a new structure, but you can persuade it to perhaps attack a given problem from an unusual angle. (“Hey, boss, can we think about this one differently?”) That you can do, especially if what you follow up with is a way to save the organization money, or operate more efficiently. (More on this in a minute.)

 

You can complain “I don’t have any leverage; I can’t change the cubicles, I can’t rewrite the reward system. And the answer is “No you can’t; don’t even try.”But simply through your own thinking, and getting other people to think differently as well, you can have enormous impact without changing any of that stuff even if you are not a member of the board.

The simple fact is “smart is smart,” and we’re talking about you offering up an additional way of viewing problems. You’ll never get in real trouble for doing that, especially if you do it gently by saying “can we think about this in another way?”

With that throat clearing complete, here are seven proven steps you can take in introducing new ideas in your, or any, organization:

 

 

1. Link what you want to do to a business imperative. This is just about always fatal if it is overlooked—and it generally is. That’s a shame since it is so easily addressed. Yes, of course, the idea of the rocket backpack that will allow us to fly to work is exciting, but if you work for a company that makes ball bearings it is hard to see the fit.  You want to begin the conversation by being able to say something like, “you know, the organization has thebusiness goals of A, B, and C. (You can talk about organizational goals—such as improving team work—as well, but odds are you will find a more receptive audience if you start with business goals.)  I’ve got an idea that I think will fit perfectly.”

2. Produce obvious, “local” business results.Don’t focus on organizational or cultural change. Prove the efficacy of your idea in the vocabulary and currency of your organization. Sure, it would be nice if you could change your organization into “the nextGoogle” overnight, a firm that is willing to go wherever the market takes it.  But if your boss’ goal is to have the highest performing region in the company, that (a la point number 1) is the place to focus your attention.

3. Make sure there is sufficient autonomy. The unit(s) or individuals working on the new idea must have enough freedom to be different and protected from the “restorative forces” the organization will impose (even in spite of itself.)  What this means for you and your project is this. Don’t worry about getting everyone committed. You don’t need to! There are four postures people can adopt: keep it from happening, let it happen, help it happen and make it happen. Obviously, you don’t want anyone in the “keep it from happening mode” if you can avoid it. But most people simply have to “let it happen.” You and (and maybe a few others) have to “make it happen.” Your boss (and maybe a few others) have to “help it happen” and create a buffer around you. So, rather than asking “how do I get everybody committed to my idea” keep asking yourself: “What is the least amount of commitment I need to move forward.”

4. Volunteers only, please. Only people who wantto can play.  This is another important and often over-looked point.  It’s not a good idea to compel anyone to work on an initiative.  If you do, at the first sign of push back, they are likely to start looking for excuses to go back to doing “their real jobs” (in the way they have always done them.) Changing anything is hard enough without working with people who aren’t committed.

5. No big “kick off” announcements.  Focus education, and the like, initially only on the people who need it, i.e. the people who are going to help you implement your idea.  Their boss and their boss’ boss?  Not so much.

6.  Manage expectations.  In early phases, keep it low key. Keep it relatively quiet and offer only enough public announcements to allow your sufficient autonomy. Don’t mislead people into thinking that things will change quickly or that their lives will be different (except for the people actually involved in the project.)  At all times your mantra should be “under-promise and over-deliver.”

7. Build on successes and manage pace and momentum. Learn what works and what doesn’t. Make sure you’ve got a small bonfire going before you spread the coals. Pick up a couple of small wins before trying to go any further.

 

Source by: Forbes

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Living large in a compact house

A young couple’s determination to build their own house on a small plot of land in Jakarta, led them to the office of award-winning Indonesian architect Sontang M. Siregar.

Known for his minimalistic concept and industrial chic, the celebrated architect made a name for himself after winning several awards for a “micro house” he designed and built in 2007.

In Jakarta, life generally isn’t easy even if you’re from the professional class. Despite the country’s rising economic performance in recent years – IMF reported that Indonesian GDP has reached US$3,509 in 2011 – the middle-class in Jakarta still find it difficult to buy a home.

RM100,000 house  Property owner Chairi Reza, who is also an architect, was convinced that Sontang was the right person to help design his new house for the 100sq m plot that he owned. The challenge was to build it for about RM100,000.

But it only took Sontang one week to come up with a design concept and budget allocation.

“We soon agreed on the layout, material and budget. The allocation of RM100,000 would include my fee, electronic goods and the cost of building,” explains Sontang.

The result was a cutting-edge, two-storey house with three bedrooms, three bathrooms, a kitchen and a porch big enough for two cars.

How on earth did they manage to build such a house?

Reza and his lawyer wife were lucky because their land only cost 40mil Rupiah (about RM13,000). This price is a real bargain in a city with over 28 million inhabitants sharing 740sq km.

Says Reza: “We bought this land from family members who were living here since the 1970s. They wanted to sell it fast and we wanted a bargain.”

Although there was an existing house, Reza and his wife knew that they wanted to build a new home. The couple took another two years to save enough money to build.

 

Peek-a-boo: What looks like a feature wall is actually a plywood partition. When it is opened, the space behind has a multiple-purpose function. A single guest bed can be folded into the cabinet.

 

Efficient design  Sontang designed the house with medical precision. The height of the ceiling is exactly 2.4m and the kitchen is just wide enough for two adults to walk pass each other.

 

Budget constraint: In order to save costs, the architect ensured that the height of the ceiling is exactly 2.4m which is the standard length of a plywood.

 

Sontang insists that such precise measurements were important to reduce the building cost while at the same time, allowing the limited space for better use.

“In the market, the length of a plywood sheet is 2.4 metres. If the ceiling is higher than that, I would have to buy at least two sheets to cover the wall with this material – that would be a waste of money, right?” points out Sontang.

In order to save money, Sontang also excluded conventional elements that he deemed unnecessary. There is no entranceway, hallway, inner walls nor living room.

“One of the most important things when designing a micro home is the storage space. The staircase in this house functions as drawers and wall cabinets,” says Sontang.

Concealed cabinets for storing toys, kitchen appliances and other accessories are effective in making efficient use of space. Thus, giving an airy feel to the house.

Cubic structure  The house facade features a plain, white wall with three square windows of varying sizes. Since there’s no visible door, anyone could have mistaken this part as the back of the house.

“This house looks oddly intriguing and that was my intention,” quips Sontang, “There’s a sense of mystery that keeps you wondering about the cubic structure. Normally, the first question is ‘Where’s the door?’”

 

Spacious: Concealed storage space in the hidden cabinets and cube chairs help in creating a clutter-free environment.

 

Clue  The first clue to finding the main door is a small garden and a line of lights that guide visitors to a lane, to the right side of the house. The path – 1.2m in width – leads to a sliding, glass door that also functions as a window in the family space.

“I purposely used a sliding, glass door to bring light into the house.

Aesthetically speaking, I also wanted to highlight the wall texture between the indoor and outdoor areas,” explains Sontang, pointing to the remaining structure of the old house outside the door.

 

Industrial: The architect left part of the outdoor walls unfinished. The rough space stands in contrast to the painted, white indoor surface.

 

Adds Reza, “On the other side of the house, is the kitchen and maid’s quarter. Dividing the family area from the kitchen is a flight of stairs that lead to the first floor, where the study and two bedrooms are located.”

Ingenious  What’s ingenious is the guest room, which is actually part of the family area. What looks like a feature wall here, is actually sliding plywood sheet, allowing the room to serve multiple purposes. A single bed for the guest can be folded into the cabinet.

In spite of the industrial finish, the house has proven to be cosier than Reza expected. He adds that the novelty hasn’t worn off after a year living here.

 

Source by: The Star

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Invest in Melbourne condos and enjoy great rental returns

GEORGE TOWN: Good rental returns and consistent value appreciation are among the key attractions of Melbourne’s property market.

in2money director Carlo Lorusso said foreigners were attracted to property in Melbourne because there was a consistent annual 5% rental yield from condominium property priced between AUS$400,000 (RM1.28mil) and AUS$650,000 (RM2.8mil) in strategic locations.

”After deducting the loan interest from foreign banks and building maintenance fees, you will still get a net profit of 2%, which is tax-free,” he added.

Lorusso was speaking at a talk on ‘Tax Effective Australian Property Investment’ on the third day of The Star Property Fair 2012 held at Gurney Plaza and G Hotel.

Most foreigners invest in condominium property located in the prime suburbs of Melbourne such as Carlton, Brunswick, South Yarra, and Fitzroy, he said.

These property are located about 6km from the central business district but are near amenities such as shopping malls, cinemas, schools and hospitals.

“Then there is the negligible stamp duty for new property purchased. If you buy resale property, the stamp duty is 5%, which means you pay between AUS$20,000 (RM64,000) and AUS$25,000 (RM80,000).

“But if you buy new property, the stamp duty is less than 1% about AUS$2,000 (RM6,400) to AUS$3,000 (RM9,600), he said.

Lorusso said if foreigners were to buy property approved by Australia’s National Rental Affordability Scheme (NRAS) and agree to lease the property via NRAS for 20% below the market rental value, they would get a tax-free rebate of AUS$10,000 (RM32,000) a year for 10 years.

“We have about 30 such NRAS approved property for sale which are located near the central business district of Melbourne.

“These property are priced between AUS$400,000 (RM1.28mil) and AUS$600,000 (RM1.92mil),” he said.

Meanwhile, Property Talk director Steven Cheah said Melbourne was the top investment destination for Malaysian property investment funds.

“This is because many Malaysians have relatives, who have migrated to Melbourne, where you can find a variety of Malaysian restaurants,” he said.

“According to the latest research from Australian Property Monitors, over the last five years, Melbourne had been the standout performer among the major capital cities for house price growth, with prices increasing almost 30% in just 15 months,” he added.

Investments from Malaysia into Australia’s property market were expected to grow by about 15% this year from RM125mil in 2011, Cheah said.

 

Source by: The Star

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