Indonesian President Joko Widodo said Friday he would press on with plans to move the nation's capital and roll out measures to kickstart Southeast Asia's biggest economy as it feels the sting of slowing global growth. Widodo asked parliament to sign off on a plan for a new capital in Borneo, shifting Indonesia's political heart from Jakarta -- one of the world's fastest-sinking cities that is plagued by a host of ills, from eye-watering traffic jams and pollution to the risk of earthquakes and floods. "I'm asking for your permission to relocate our capital to the island of Kalimantan," he told lawmakers, referring to Indonesia's portion of Borneo, in a sweeping state-of-the-nation address. "A capital is not only a symbol of a nation's identity, it also represents its progress," he added. Widodo did not reveal a specific location for the country's new capital or timing for any move. Speaking a day before the 74th anniversary of Indonesia's independence, the recently re-elected leader … [Read more...] about Indonesian leader pledges to move capital city, boost economy
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The most buzzy, artistic places on the planet are not the ones you might expect – Libby Banks explores what actually makes a cultural hub. By Libby Banks 16 July 2019 There is an assumption that creativity is all about individual genius. In truth, the big creative breakthroughs are also a social process, often occurring when a diverse population comes together. Historically, cities are an essential ingredient for creating great art, from Classical Athens and Renaissance Florence to post-war New York and swinging London.- More like this:- The artist recreating lost treasures- The best art in the world right now?- The vandals who ruin the art they loveAnd where the artists go, others follow. In recent decades the process of gentrification has become well established. The … [Read more...] about The five most creative cities in the world?
Neil Woodford was once the man with the Midas touch, the darling of the investor community. His record of picking winners was such that money flowed like torrents into his funds. As time went by, picking winners became more difficult and some of Woodford’s growth stocks turned out to be duds. A few eyebrows were raised. Eventually, as investors started to contemplate big losses, many of them asked for their money back. The demands for redemptions became so great that trading in Woodford’s flagship fund was suspended for 28 days. Or, to put it in old-fashioned terms, capital controls were imposed. If Woodford’s predicament sounds familiar, then it should. Picture a fast-growing emerging market economy that is proving a magnet for foreign investment. Office blocks, financed by overseas money, are going up everywhere in the capital city. The stock market is red hot because American, European and Japanese investors think the potential returns look a lot better than they … [Read more...] about Woodford’s demise illustrates the value capital controls
A masterplan vision for a new capital city to accommodate 2m people has been unveiled by global architecture firm Benoy.The company, whose headquarters are on Northgate, Newark, has designed the 20 hectare twin capital for UzbekistanThe new city will be on a vast expanse of land immediately east of Tashkent.As a twin to the existing capital, it has been designed to revitalise the Old City, while bringing renewed strength, prosperity and identity to the growing Central Asia nation.The proposal has been designed to accommodate a population of about 2m people, in a city the same size as Birmingham.Benoy was invited by the authorities in Uzbekistan to prepare the vision for Tashkent’s future.Benoy director John Dawes said: “Uzbekistan is a place of fascination for us; the history of the Great Silk Road and the history of the country itself are great moments for us, inspiring moments for us, and we’re delighted to be friends and partners with the mayor to deliver their … [Read more...] about City vision unveiled by global architecture firm
Over the course of a year, the average British motorist spends 132 hours in traffic jams - working out at five-and-a-half days - but some have it far easier than others. That's according to a new report from Sat Nav firm TomTom, which used satellite data from the past year to work out where in the UK was worst - and best - for driving delays. It found that motorists in the Scottish capital of Edinburgh suffered most, with an average of 40% extra time added to journeys because of jams. For a journey meant to take 30-minutes, people living in Edinburgh face an additional 12 minutes stuck in queues. London was second, with motorists facing an average of 37% extra travel time. For a 30-minute journey in England's capital city, that's just over an extra 11 minutes stuck in jams. TomTom head of navigation Heiko Schilling said: "Overall congestion is up by an average of 1% in the UK in the past year, a mild increase but an increase, nonetheless. "Only Manchester, Glasgow and Portsmouth … [Read more...] about UK cities where traffic jams are worst