PROPERTY developers with projects in Batu Maung, Penang, have expressed their commitment to help out during flood-related emergencies.

Batu Maung assemblyman Abdul Malik Abul Kassim said they would work closely with all eight Com-munity Development and Security Committees (JKKKs) in the constituency.

?In view of the rainy spell, each JKKK will set up a Rapid Action Force with the help of the developers and Penang Municipal Council to prepare for all eventualities.

?The public can contact the respective JKKKs for help during emergency,? he said.

The numbers of the JKKKs are as follow: Sg Ara (013-4883445), Bukit Gedung (019-4142904), Teluk Tempoyak (013-5137324), Batu Maung (016-4131841), Kg Naran (012-4183048), Sg Tiram (017-4279353), Kongsi 10 (016-5622872) and Permatang Damar Laut (012-5787964).

The public can also call Abdul Malik (019-4451005) or his service centre (013-5101968) for assistance.

Abdul Malik was speaking to reporters yesterday after meet- ing with the developers? repre- sentatives from Mah Sing Group Bhd, PLB Properties, Sunway City Berhad (SunCity) Property Development and Setia Promena-de.

During the meeting, they also discussed how to prevent the backflow of seawater, the synchronising of old and new drains, silting problems and retention ponds.

He said Batu Maung was vulnerable to high tides and strong winds due to its close proximity to the sea.

At the same time, he advised Batu Maung residents to obtain the latest information from relevant agencies such as the state Meteorological Department.

SOURCE: The Star

MORE than 320 families living on Kampung Cross Street in Bukit Mer-tajam are happy after the developer agreed to increase their compensation.

The residents expressed their happiness when Chief Minister Lim Guan Eng conveyed the good news during a meeting at the Seberang Prai Municipal Council headquarters in Bandar Perda.

Residents action committee chairman Tan Khin Mok, 47, said the developer served an eviction notice to the residents about a year ago.

“We had numerous meetings with the developer, who offered each of us only RM15,000 regardless of our house size.

“The compensation offered then was too little for us to do anything, it was not even enough for us to buy a low-cost flat,” he said yesterday.

Tan said they took up the matter with Chief Minister who managed to get the developer to increase the compensation to RM30,000 and RM45,000.

Source: The Star

The banking sector's loan growth is expected to taper off in the coming months following clear signs of a slowdown in momentum due to rising global uncertainties, says ECM Libra Investment Research.

In an update on banking sector, ECM Libra said the growth momentum of all three lending indicators slowed considerably in July.

It said month-on-month growth rate of loan applications, loan approvals and disbursements dropped to RM65.3 billion (-5.3 per cent), RM32.2 billion (-15.4 per cent) and RM64.1 billion (-13.8 per cent), respectively.

"Year-to-date annualised loan growth decelerated to 13.6 per cent from 14.6 per cent in June, dampened by increased global uncertainties and gradual monetary tightening by Bank Negara Malaysia," it said.

ECM Libra said property loans remained the key growth driver.

"However, the growth momentum of property loans was expected to taper off going forward with the May increase in overnight policy rate starting to take effect and a more stringent credit policy instigated by banks," it said. – Bernama

SOURCE: Business Times

Sime Darby Bhd, a Malaysian palm oil company, is acquiring a 30 per cent “strategic” stake in Eastern and Oriental Bhd, at RM2.30 per share or RM766 million, according to a statement to the stock exchange.

Business Times had earlier reported that sources said Sime had agreed to buy the 30 per cent stake.

Sime intends to extend its presence in the property development and hospitality sectors in the northern state of Penang and the southern Johor state, according to the statement. — Bloomberg

SOURCE: Business Times

GEORGE TOWN: An independent MP has proposed that a golf course which sits on a state-owned land in Bukit Jambul here should be relocated so that the land can be used for a housing project.

Bayan Baru MP Datuk Seri Zahrain Mohd Hashim said such a move would benefit some 5,000 poverty-stricken people living across the golf course in Kampung Sungai Nibong Kecil.

“It is ironic that these people have to live in poor conditions while across the road, there is a golf course serving only the purpose of some 2,000 golfers.

“The state government should do something about this. We need more houses for the poor. I have been proposing this when I was with PKR but it was shot down,” he said yesterday.

Zahrain told reporters after presenting RM9,000 to families who lost their homes to a fire which destroyed seven houses in Kampung Sungai Nibong Kechil here on Wednesday.

The golf course which is being referred to is the Bukit Jambul Country Club (BJCC) operated by Island Golf Properties Bhd (IGP) and owned by Penang Development Corporation (PDC).

SOURCE: The Star