Connect with us

Dimas Ardian | Bloomberg | Getty Images

Indonesia’s president on Friday proposed to move the capital from Jakarta, a crowded, polluted city of 10 million people, to the island of Borneo, though he left Indonesians guessing as to the exact location.

President Joko Widodo suggested a new capital in Kalimantan, on the Indonesian side of the island shared with Malaysia and Brunei, in a speech to parliament, a day before the country’s independence day holiday.

“I hereby request your permission to move our national capital to Kalimantan,” said Widodo, who will be sworn in for a second term in October after winning an election in April.

“A capital city is not just a symbol of national identity, but also a representation of the progress of the nation. This is for the realization of economic equality and justice,” he added.

He did not give the exact site of the new city in a region known for rain forests, coal mines, orangutans and home to just over 16 million people. Widodo toured Kalimantan in May to survey potential sites and last month tweeted a shortlist of three provinces: Central, East and South Kalimantan.

The new capital should tick several boxes, officials say. It must be in the centre of Indonesia, an archipelago of more than  islands that stretches some 5,000 km (3,000 miles) from its western to eastern tips.

The risk of natural disasters should also be lower than other parts of Indonesia often hit by earthquakes, floods and volcanoes. Jakarta is one of the world’s most densely populated cities, home to more than 10 million people and three times that number when counting those who live in surrounding towns.

The city is prone to floods and sinking due to subsidence, caused by millions of residents using up groundwater and leaving rock and sediment to pancake on top of each other.

Moving the capital to a safer, less congested location would cost up to $33 billion, according to planning minister Bambang Brodjonegoro.

The price tag includes new government offices and homes for about 1.5 million civil servants expected to pack up and start moving in 2024.

Packing up

Indonesia is not the first Southeast Asian country to move its capital. In 2005, Myanmar’s ruling generals moved abruptly to Naypyidaw, a town in remote hills some 320 km (200 miles) away from the colonial era capital, Yangon, and the occasional mass protests that erupted there.

In the 1990s, Malaysian leader Mahathir Mohamad built an administrative capital in Putrajaya, about 33 km from Kuala Lumpur, one of the mega-projects that helped to define his first stint in power.

Widodo had been expected to announce the location of Indonesia’s new capital on Friday, but authorities have been cautious about revealing too much, fearing the news would send land prices soaring.

That did not stop Indonesians from guessing. Twitter users predicted Widodo favoured Bukit Soeharto, a forested area in

East Kalimantan and home of a member of parliament who read a prayer after the president’s speech.

“The man reading the prayer is from East Kalimantan. Clue,” Twitter user Bawal Samudro wrote. 

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

UK tech startups see record foreign funding thanks to Amazon, SoftBank

Published

on

London’s Old Street roundabout, often dubbed “Silicon Roundabout.”

Chris Ratcliffe | Bloomberg | Getty Images

British technology start-ups have attracted more foreign investment since the start of the year than they did throughout all of 2018, according to fresh figures published Wednesday.

U.S. and Asian venture capital investors poured $3.7 billion into U.K. tech companies in the first seven months of 2019, research from industry group Tech Nation and data firm Dealroom showed. Last year, U.K. start-ups raised $2.9 billion from American and Asian investors.

The eye-watering sum was boosted by nine-figure deals from capital-rich companies like Amazon and SoftBank. In May, Amazon led a $575 million funding round for Deliveroo — although that was hit with a warning from the U.K. competition regulator — while SoftBank’s notable U.K. investments include $800 million for Greensill and $390 million for OakNorth.

Including domestic sources of cash, $6.7 billion has been invested into private British tech firms overall in 2019, Tech Nation said, adding that figure could rise to a record $11 billion by the end of the year. The organization said U.S. corporate venture capital funding for U.K. start-ups has risen by 3% in the last six years, while Asian corporate funding is up 20%.

“It’s evidence for us that there’s growing interest for emerging technologies that are gaining a lot of traction in the U.K. from foreign investors,” George Windsor, Tech Nation’s head of insights, told CNBC in a phone interview. “This shows us the U.K. is continuing to perform strongly on the global stage, and for us this is just the start.”

The U.K. pulled in the largest amount of foreign funding for tech companies versus other European countries, the data showed. For example, German start-ups bagged about $800 million from U.S. and Asian investors in the first half of the year, while French firms brought in only $500 million.

One particular bright spot for the U.K.’s tech industry has been financial technology, with plenty of capital flowing into start-ups like Monzo, Checkout and GoCardless. Monzo is backed by U.S. payments firm Stripe, while GoCardless counts tech giants Alphabet and Salesforce as investors.

But Tech Nation’s Windsor said the country has managed to maintain a diverse mix of start-ups in terms of sectors, with the research highlighting health tech firm Babylon and energy supplier Ovo Energy as examples of other companies attracting large sums of money. British artificial intelligence and cybersecurity firms are also an attractive bet for foreign investors, he said.

And while Brexit has been a source of uncertainty for businesses across the U.K., Windsor said it isn’t at the top of tech entrepreneurs’ minds: “Entrepreneurs had problems before Brexit, and they’ll just get about solving them. Brexit is too nebulous a thing for them to tackle as an entrepreneur.”

Source link

Continue Reading

World

Trump renews call for Russia to join G-7 group

Published

on

US President Donald Trump meets Russian President Vladimir Putin on the first day of the G20 summit in Osaka, Japan on June 28, 2019.

Anadolu Agency | Anadolu Agency | Getty Images

WASHINGTON — President Donald Trump renewed calls Tuesday to readmit Russia to the G-7 ahead of the global group of industrialized nations’ summit in Biarritz, France, this weekend.

The group once known as the G-8 included the U.S., Canada, the U.K., France, Italy, Germany, Japan and Russia — but was cut down to the G-7 in 2014 following Russia’s illegal annexation of Crimea.

“I’ve gone to numerous G-7 meetings, and I guess President Obama, because Putin outsmarted him, President Obama thought it wasn’t a good thing to have Russia in so he wanted Russia out. I think it’s much more appropriate to have Russia in and it should be the G-8,” Trump said, referencing the U.S.-led role in suspending Russia’s involvement with the group.

“So I could certainly see it being the G-8 again,” Trump added, noting that the group frequently discusses issues concerning Russia.

Russia’s annexation of Crimea from Ukraine sparked international uproar and triggered a series of sanctions to be placed on Moscow. Shortly after the annexation, a war broke out in eastern Ukraine between government forces and Russian-backed separatists.

The G-8 will be hosted by French President Emmanuel Macron in Biarritz, France, Aug. 24-26. The group meets annually to discuss issues from world energy policy to international security.

Trump previously said Russia should be reinstated to the group as he departed for last year’s summit, held in Canada.

“Russia should be in this meeting,” Trump told reporters before boarding Marine One for the summit. “They should let Russia come back in, because we should have Russia at the negotiating table.”

Source link

Continue Reading

World

‘All we have to do is tax their cars’

Published

on

President Donald Trump answers questions from reporters as he meets with Romania’s President Klaus Iohannis in the Oval Office of the White House in Washington, August 20, 2019.

Kevin Lamarque | Reuters

President Donald Trump believes he has quite the bargaining chip with the European Union.

“Dealing with the European Union is very difficult; they drive a high bargain,” Trump told reporters at the White House on Tuesday. “We have all the cards in this country because all we have to do is tax their cars and they’d give us anything we wanted because they send millions of Mercedes over. They send millions of BMWs over.”

The threat came after Trump signed a deal with the EU earlier this month to boost U.S. beef exports, which partially relieved American farmers who have taken a big hit from the intensified trade war with China. Annual duty-free U.S. beef exports to the EU are expected to nearly triple to $420 million as a result of the deal.

The president had vowed to impose tariffs on imported vehicles and parts from the EU and Japan earlier this year but he decided to delay the duty for 180 days in mid-May.

Trump is set to meet leaders from the EU at the G-7 summit this weekend in France. Many expect the summit to end without a joint communique due to differences on trade.

Source link

Continue Reading

Trending