Indonesian president secures UAE deal on new capital’s financial center

Indonesian President Joko Widodo is received by UAE President Sheikh Mohamed bin Zayed in Abu Dhabi on July 17, 2024. (Presidential Press Bureau)
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Updated 18 July 2024
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Indonesian president secures UAE deal on new capital’s financial center

  • Widodo awarded Order of Zayed for strengthening UAE-Indonesian relations
  • First phase of the new capital megaproject is scheduled for completion in 2024

JAKARTA: Indonesian President Joko Widodo secured a deal during his UAE trip to involve Dubai’s financial hub in the new capital project, Nusantara, his office said on Thursday.

Widodo arrived in the UAE on a two-day working visit on Tuesday and was hosted by the Gulf state’s president, Sheikh Mohamed bin Zayed Al-Nahyan.

The two countries agreed to “significant bilateral cooperation in various sectors,” Indonesia’s Cabinet Secretariat said in a statement, as it listed eight agreements signed during the trip, including in the areas of renewable energy, tourism ecosystems, payments systems, and the “MoU (memorandum of understanding) between the international financial hub Dubai International Financial Centre Authority and the Nusantara National Capital Authority.”

Southeast Asia’s largest economy is relocating its capital to Borneo island to replace the overcrowded and sinking Jakarta on Java island, with the $33 billion megaproject scheduled for completion in 2045.

The mammoth undertaking is expected to mostly rely on private investors, with government funding planned to cover 20 percent of the total expenditure.

“In the field of strategic investment, the UEA’s contribution is increasingly significant in the development of the Indonesian Capital City,” Widodo said on X.

While construction works are underway and the central government expected to begin operations in the new city in 2024, the new capital has begun work on its financial center area, where Indonesia’s largest state-owned banks — Bank Mandiri, Bank Rakyat Indonesia, and Bank Negara Indonesia — broke ground on their new corporate offices earlier this year.

The financial center will cover 260 hectares within the city’s broader business district.

Through the MoU between Dubai International Financial Centre and Nusantara Capital City Authority, Indonesia and the UAE are “forming a new framework to ultimately grow the two financial ecosystems,” DIFC governor Essa Kazim said, the UAE state news agency reported on Thursday.

“As the UAE and Indonesia collaborate and innovate to drive economic growth and social impact in both countries, DIFC as MEASA’s (the Middle East, Africa, and Southern Asia) global leading financial center, is perfectly positioned to facilitate significant opportunities by way of this strategic partnership,” he said.

The ambitious move to relocate the capital from Jakarta about 2,000 km away in the middle of a forest is a flagship project for Widodo, who officially launched it in 2019.

The first phase of construction is scheduled for completion in 2024, in what has been widely seen as the president’s attempt to seal his legacy before the end of his second and final term in office in October this year.

During the UAE trip, Sheikh Mohamed presented Widodo with the Order of Zayed for his efforts in strengthening UAE-Indonesian relations.

The order is the highest civilian honor in the UAE and is bestowed upon leaders and heads of state.

During Widodo’s second term, the countries signed a Comprehensive Economic Partnership Agreement in July 2022 — Indonesia’s first free trade deal with a Middle Eastern country.

“Building upon the close and enduring ties between the UAE and Indonesia, we explored opportunities to further expand our economic partnership,” Sheikh Mohamed said on X.

“I extend my sincere thanks to President Widodo for his tireless efforts during his time in office to strengthen the bonds between our two nations.”


Trump names former staffer Katie Miller to Musk-led DOGE panel

Updated 13 sec ago
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Trump names former staffer Katie Miller to Musk-led DOGE panel

  • Katie Miller will soon be joining DOGE! She has been a loyal supporter of mine for many years, and will bring her professional experience to Government Efficiency, Trump posts

WASHINGTON: President-elect Donald Trump on Sunday named Katie Miller, who served in Trump’s first administration and is the wife of his incoming deputy chief of staff, as one of the first members of an advisory board to be led by billionaire allies Elon Musk and Vivek Ramaswamy that aims to drastically slash government spending, federal regulations and the federal workforce.
Miller, wife of Trump’s designated homeland security adviser Stephen Miller, will join Trump’s Department of Government Efficiency (DOGE), an informal advisory body that Trump has said will enable his administration to “slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
“Katie Miller will soon be joining DOGE! She has been a loyal supporter of mine for many years, and will bring her professional experience to Government Efficiency,” Trump posted in a message on his social media platform Truth Social.
Musk and Ramaswamy recently revealed plans to wipe out scores of federal regulations crafted by what they say is an anti-democratic, unaccountable bureaucracy, but have yet to announce members of the DOGE team. Musk has said he wants to slash the number of federal agencies from over 400 to 99.
Katie Miller had served in the first Trump adminstration as deputy press secretary for the Department of Homeland Security and as press secretary for former Vice President Mike Pence.
She is currently a spokesperson for the transition team for Trump’s designated Health and Human Services secretary, Robert Kennedy Jr.


Panama rejects Trump’s threat to take control of Canal

Updated 13 min 25 sec ago
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Panama rejects Trump’s threat to take control of Canal

  • Trump also complained of China’s growing influence around the canal, a worrying trend for American interests as US businesses depend on the channel to move goods between the Atlantic and Pacific oceans

PANAMA CITY: Panama’s president Jose Raul Mulino on Sunday dismissed recent threats made by US President-elect Donald Trump to retake control of the Panama Canal over complaints of “unfair” treatment of American ships.
“Every square meter of the Panama Canal and its adjacent areas belongs to Panama and will continue belonging to Panama,” Mulino said in a video posted to X.
Mulino’s public comments, though never mentioning Trump by name, come a day after the president-elect complained about the canal on his Truth Social platform.
“Our Navy and Commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous,” he said.
Trump also complained of China’s growing influence around the canal, a worrying trend for American interests as US businesses depend on the channel to move goods between the Atlantic and Pacific oceans.
“It was solely for Panama to manage, not China, or anyone else,” Trump said. “We would and will NEVER let it fall into the wrong hands!“
The Panama Canal, which was completed by the United States in 1914, was returned to the Central American country under a 1977 deal signed by Democratic president Jimmy Carter.
Panama took full control in 1999.
Trump said that if Panama could not ensure “the secure, efficient and reliable operation” of the channel, “then we will demand that the Panama Canal be returned to us, in full, and without question.”
Mulino rejected Trump’s claims in his video message, though he also said he hopes to have “a good and respectful relationship” with the incoming administration.
“The canal has no direct or indirect control from China, nor the European Union, nor the United States or any other power,” Mulino said. “As a Panamanian, I reject any manifestation that misrepresents this reality.”
Later on Sunday, Trump responded to Mulino’s dismissal, writing on Truth Social: “We’ll see about that!“
 

 


Musk, president? Trump says ‘not happening’

Updated 23 December 2024
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Musk, president? Trump says ‘not happening’

  • Trump: “He wasn’t born in this country”
WASHINGTON: Could Elon Musk, who holds major sway in the incoming Trump administration, one day become president? On Sunday, Donald Trump answered with a resounding no, pointing to US rules about being born in the country.
“He’s not gonna be president, that I can tell you,” Trump told a Republican conference in Phoenix, Arizona.
“You know why he can’t be? He wasn’t born in this country,” Trump said of the Tesla and SpaceX boss, who was born in South Africa.
The US Constitution requires that a president be a natural-born US citizen.
Trump was responding to criticism, particularly from the Democratic camp, portraying the tech billionaire and world’s richest person as “President Musk” for the outsized role he is playing in the incoming administration.
As per ceding the presidency to Musk, Trump also assured the crowd: “No, no that’s not happening.”
The influence of Musk, who will serve as Trump’s “efficiency czar,” has become a focus point for Democratic attacks, with questions raised over how an unelected citizen can wield so much power.
And there is even growing anger among Republicans after Musk trashed a government funding proposal this week in a blizzard of posts — many of them wildly inaccurate — to his more than 200 million followers on his social media platform X.
Alongside Trump, Musk ultimately helped pressure Republicans to renege on a funding bill they had painstakingly agreed upon with Democrats, pushing the United States to the brink of budgetary paralysis that would have resulted in a government shutdown just days before Christmas.
Congress ultimately reached an agreement overnight Friday to Saturday, avoiding massive halts to government services.

Russian president meets Slovak PM as Ukraine gas transit contract nears expiry

Updated 23 December 2024
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Russian president meets Slovak PM as Ukraine gas transit contract nears expiry

  • Fico has also been a rare senior EU politician to appear on Russian state TV following Moscow’s invasion of Ukraine

MOSCOW: Russia’s President Vladimir Putin met Slovak Prime Minister Robert Fico in the Kremlin on Sunday, a rare visit by a European Union leader to Moscow as a contract allowing for Russian gas to transit through Ukraine nears expiry.
Slovakia is dependent on gas passing through its neighbor Ukraine, and it has ramped up efforts to maintain those flows from 2025 while criticizing Ukrainian President Volodymyr Zelensky for refusing to extend the contract expiring at the end of the year.
Fico’s trip to Moscow was only the third by an EU government head since Russia invaded Ukraine in February 2022. Slovak opposition politicians called the visit a “disgrace.”
Fico said on Facebook after the meeting that top EU officials were informed of his trip on Friday.
He said it came in response to talks last week with Zelensky, who, according to the Slovak leader, had expressed opposition to any gas transit through Ukraine to Slovakia.
“Russian President V. Putin confirmed the readiness of the (Russian Federation) to continue to supply gas to the West and Slovakia, which is practically impossible after Jan. 1, 2025 in view of the stance of the Ukrainian president,” Fico said.
Fico came to power in 2023 and shifted Slovakia’s foreign policy. He immediately stopped state military aid to Kyiv, has said the war with Russia does not have a military solution, and has criticized sanctions against Moscow.
His visit to the Kremlin follows Austrian Chancellor Karl Nehammer, who visited in April 2022, and Hungarian Prime Minister Viktor Orban, who went to Moscow last July. EU allies had criticized both of those visits.
Russian television showed Putin and Fico shaking hands at the start of their talks. Kremlin spokesman Dmitry Peskov said the meeting had been arranged a few days ago.
In the talks, Fico said he and Putin exchanged opinions on the military situation in Ukraine, chances of a peaceful end to the war and on Slovak-Russian relations “which I intend to standardise.”

GAS TRANSIT
Slovakia, which has a long-term contract with Russia’s Gazprom, has been trying to keep receiving gas through Ukraine, saying buying elsewhere would cost it 220 million euros ($229 million) more in transit expenses.
Ukraine has repeatedly refused to extend the transit deal.
Fico pushed the subject on Thursday at a EU summit that was also attended by Zelensky, who reiterated his country would not continue the transit of Russian gas.
The Slovak prime minister, who has said his country was facing a gas crisis, has also spoken of solutions under which Ukraine would not transit Russian-owned gas, but rather gas owned by someone else.
Hungary has also been keen to keep the Ukrainian route, but it will continue to receive Russian gas from the south, via the TurkStream pipeline on the bed of the Black Sea.
Ex-Soviet Moldova has also relied on gas transiting Ukraine to supply its needs and those of its separatist Transdniestria enclave, including a thermal plant that provides most of the electricity for parts of Moldova under government control.
The acting head of Moldovagaz, the country’s gas operator, Vadim Ceban, said it could provide gas for Transdniestria acquired from other sources. But the pro-Russian region would have to pay higher prices associated with those supplies.
Ceban said Moldovagaz had made several appeals to Gazprom to send gas to Moldova through TurkStream and Bulgaria and Romania.

 


Ho Chi Minh City celebrates first metro

Updated 22 December 2024
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Ho Chi Minh City celebrates first metro

HO CHI MINH CITY: Thousands of selfie-taking Ho Chi Minh City residents crammed into train carriages Sunday as the traffic-clogged business hub celebrated the opening of its first-ever metro line after years of delays.

Huge queues spilled out of every station along the $1.7 billion line that runs almost 20 kilometers from the city center — with women in traditional “ao dai” dress, soldiers in uniform and couples clutching young children waiting excitedly to board.

“I know it (the project) is late, but I still feel so very honored and proud to be among the first on this metro,” said office worker Nguyen Nhu Huyen after snatching a selfie in her jam-packed train car.

“Our city is now on par with the other big cities of the world,” she said.

It took 17 years for Vietnam’s commercial capital to reach this point. The project, funded largely by Japanese government loans, was first approved in 2007 and slated to cost just $668 million.

When construction began in 2012, authorities promised the line would be up and running in just five years.

But as delays mounted, cars and motorbikes multiplied in the city of nine million people, making the metropolis hugely congested, increasingly polluted and time-consuming to navigate.

The metro “meets the growing travel needs of residents and contributes to reducing traffic congestion and environmental pollution,” the city’s deputy mayor Bui Xuan Cuong said.

Cuong admitted authorities had to overcome “countless hurdles” to get the project over the line.