1 00:00:03,120 --> 00:00:13,800 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Jakarta, Indonesia's biggest city, 2 00:00:14,000 --> 00:00:16,720 Speaker 1: is in trouble right now. 3 00:00:17,640 --> 00:00:21,080 Speaker 2: So many vehicles on the roads at one time it 4 00:00:21,200 --> 00:00:25,200 Speaker 2: makes the city overcrowded, congested, and polluted. 5 00:00:25,720 --> 00:00:29,400 Speaker 1: Forres markdar is a Bloomberg government reporter based in Jakarta. 6 00:00:30,200 --> 00:00:33,600 Speaker 2: The pollution or hayes was so bad. It is a 7 00:00:33,680 --> 00:00:36,239 Speaker 2: very very common sight. If you walk down the streets, 8 00:00:36,360 --> 00:00:39,440 Speaker 2: there are people wearing masks and traffic is so bad 9 00:00:39,600 --> 00:00:42,199 Speaker 2: people actually do meetings in cars. 10 00:00:42,800 --> 00:00:46,479 Speaker 1: The gridlock costs an estimated six and a half billion 11 00:00:46,720 --> 00:00:50,320 Speaker 1: US dollars a year in lost productivity for the greater 12 00:00:50,440 --> 00:00:54,840 Speaker 1: Jakarta area. And on top of that, the city itself 13 00:00:55,240 --> 00:00:55,880 Speaker 1: is sinking. 14 00:00:56,280 --> 00:00:59,480 Speaker 3: I think forty percent of Jakarta, the capital is under 15 00:00:59,640 --> 00:01:03,360 Speaker 3: sea level, and in some parts of northern Jakarta it's 16 00:01:03,400 --> 00:01:05,440 Speaker 3: sinking eleven inches a year. 17 00:01:05,800 --> 00:01:09,120 Speaker 2: Some of the hottest hit areas have really subsided by 18 00:01:09,160 --> 00:01:13,160 Speaker 2: more than sixteen feet in terms of high that's slightly 19 00:01:13,200 --> 00:01:16,440 Speaker 2: shorter than a two story apartment if you can visualize it. 20 00:01:16,720 --> 00:01:20,200 Speaker 2: Experts say the city only has until twenty thirty to 21 00:01:20,240 --> 00:01:23,400 Speaker 2: figure out how to stop the sinking and breathing mass 22 00:01:23,400 --> 00:01:26,080 Speaker 2: flooding and millions getting displays. 23 00:01:26,880 --> 00:01:30,200 Speaker 1: Jakarta is home to more than ten million people and 24 00:01:30,360 --> 00:01:34,440 Speaker 1: is the center for the Indonesian government. So what's the 25 00:01:34,480 --> 00:01:38,720 Speaker 1: country to do when it's capital is overwhelmed by explosive growth. 26 00:01:39,600 --> 00:01:43,200 Speaker 1: In the case of Indonesia, the world's fourth most populous country, 27 00:01:43,480 --> 00:01:46,679 Speaker 1: the answer is to build a new one from scratch. 28 00:01:48,120 --> 00:01:51,080 Speaker 1: The new capital is a huge priority for the country's 29 00:01:51,120 --> 00:01:55,680 Speaker 1: President Jokobidodo, better known as Jacoe, who sees it as 30 00:01:55,720 --> 00:01:59,920 Speaker 1: an opportunity to help transform Indonesia into a high incamnation, 31 00:02:00,560 --> 00:02:03,520 Speaker 1: so it's in the same league economically as other countries 32 00:02:03,560 --> 00:02:05,920 Speaker 1: in the region, such as Japan and China. 33 00:02:06,800 --> 00:02:11,080 Speaker 2: Under Jocobi's Tenye Tanio, he has gone on this ambitious 34 00:02:11,560 --> 00:02:16,000 Speaker 2: massive infrastructures free costing hundreds of billions of dollars. He 35 00:02:16,280 --> 00:02:21,000 Speaker 2: building the hardware because they are necessary for Indonesia's long 36 00:02:21,080 --> 00:02:25,280 Speaker 2: term economic growth, and this new capital city is not 37 00:02:25,400 --> 00:02:30,560 Speaker 2: just the crown jewel of Jacobi's ambitious infrastructures free it 38 00:02:30,680 --> 00:02:33,600 Speaker 2: is also the centerpiece of his legacy. 39 00:02:34,680 --> 00:02:38,200 Speaker 1: Here's President Jacobe talking to Bloomberg about the project in 40 00:02:38,240 --> 00:02:39,000 Speaker 1: twenty nineteen. 41 00:02:40,520 --> 00:02:43,960 Speaker 3: Hopefully few people will drive cars a green city, a 42 00:02:44,000 --> 00:02:48,079 Speaker 3: smart city, and a forest city for a city. 43 00:02:49,520 --> 00:02:51,960 Speaker 1: Last month, there was a big party for the new 44 00:02:52,000 --> 00:02:56,240 Speaker 1: capital city called Nusandara. Eight thousand people were supposed to 45 00:02:56,280 --> 00:02:59,720 Speaker 1: cheer the inauguration of the city, but the inauguration that 46 00:02:59,800 --> 00:03:03,960 Speaker 1: had had been planned didn't happen. In the end, the celebration, 47 00:03:04,080 --> 00:03:07,320 Speaker 1: which was pegged to the country's independence day, was muted. 48 00:03:08,080 --> 00:03:12,000 Speaker 1: Just thirteen hundred people attended against a backdrop of half 49 00:03:12,040 --> 00:03:17,080 Speaker 1: completed buildings and construction cranes, and for now Jakarta remains 50 00:03:17,120 --> 00:03:18,120 Speaker 1: the official capital. 51 00:03:18,440 --> 00:03:21,480 Speaker 2: The satellite images that you know we acquired, I mean 52 00:03:21,560 --> 00:03:25,080 Speaker 2: you can look that road sustinding laid out. Workers have 53 00:03:25,240 --> 00:03:29,160 Speaker 2: said that, you know, during rainy season it's tough to construct. 54 00:03:29,360 --> 00:03:33,320 Speaker 2: The land is a very muddy. The project really is 55 00:03:33,360 --> 00:03:37,480 Speaker 2: still at its infancy. 56 00:03:39,080 --> 00:03:42,960 Speaker 1: Welcome to The Big Take Asia from Bloomberg News. I'm Wanha. 57 00:03:43,360 --> 00:03:45,760 Speaker 1: Every week we take you inside some of the world's 58 00:03:45,800 --> 00:03:50,200 Speaker 1: biggest and most powerful economies and the markets, tycoons and 59 00:03:50,360 --> 00:03:54,640 Speaker 1: businesses that drive this ever shifting region. Today on the show, 60 00:03:55,200 --> 00:03:59,400 Speaker 1: Indonesia's ambitious project to build a new capital city from 61 00:03:59,400 --> 00:04:03,800 Speaker 1: the ground up is falling short, and its biggest champion, 62 00:04:04,000 --> 00:04:07,280 Speaker 1: President Jacobe is running out of time to track the 63 00:04:07,320 --> 00:04:11,320 Speaker 1: investment needed to finish it, what's likely to happen next, 64 00:04:11,720 --> 00:04:20,919 Speaker 1: and what's at stake if the project fails. The idea 65 00:04:21,000 --> 00:04:24,080 Speaker 1: of moving Indonesia's capital was brought up by the country's 66 00:04:24,120 --> 00:04:27,680 Speaker 1: first president way back in nineteen fifty seven, but it 67 00:04:27,760 --> 00:04:31,839 Speaker 1: wasn't until twenty nineteen that President Joko Widodo formally announced 68 00:04:31,880 --> 00:04:35,000 Speaker 1: the plan to relocate the capitol. He pitched it as 69 00:04:35,040 --> 00:04:37,839 Speaker 1: a new, green, high tech city that would take pressure 70 00:04:37,960 --> 00:04:41,920 Speaker 1: off the sinking and congested capital city of Jagata. Here 71 00:04:41,960 --> 00:04:44,560 Speaker 1: he is in twenty nineteen talking to Bloomberg editor in 72 00:04:44,640 --> 00:04:46,839 Speaker 1: chief John Michelsweet about his vision. 73 00:04:48,240 --> 00:04:51,200 Speaker 2: Heynya you put uphan go Galiman. 74 00:04:51,320 --> 00:04:54,040 Speaker 3: We are moving the capitol to Kalimantan because there are 75 00:04:54,080 --> 00:04:57,839 Speaker 3: no earthquakes, no floods. We want to have an efficient 76 00:04:58,160 --> 00:05:01,920 Speaker 3: and effective capital where we can we can ride bikes, 77 00:05:02,040 --> 00:05:08,440 Speaker 3: we can use public transportation. Hopefully few people will drive cars. 78 00:05:09,480 --> 00:05:13,560 Speaker 1: Jacoby said he wanted Nusandara to have an environmentally friendly 79 00:05:13,640 --> 00:05:17,039 Speaker 1: transportation system and that he wanted the city to achieve 80 00:05:17,160 --> 00:05:20,719 Speaker 1: net zero carbon emissions. That's a far cry from the 81 00:05:20,800 --> 00:05:25,320 Speaker 1: crippling traffic, gridlock, and air pollution that's challenging the current capital. 82 00:05:25,680 --> 00:05:29,760 Speaker 2: The idea is they are learning from the experiences of Jakarta. 83 00:05:29,880 --> 00:05:31,840 Speaker 1: Here's Bloomberg's far As Makdar again. 84 00:05:32,160 --> 00:05:35,360 Speaker 2: They do not want congestion. They certainly do not want 85 00:05:35,440 --> 00:05:38,560 Speaker 2: that many cars or bikes on the roads. They definitely 86 00:05:38,560 --> 00:05:41,240 Speaker 2: do not want to have polluted air. It wants the 87 00:05:41,320 --> 00:05:45,920 Speaker 2: new capital to be this smart forest city powered by renewables. 88 00:05:46,279 --> 00:05:49,279 Speaker 1: And Jacoby and other leaders also see the new capital 89 00:05:49,400 --> 00:05:52,200 Speaker 1: as a way to spread wealth more evenly across the 90 00:05:52,200 --> 00:05:55,480 Speaker 1: country instead of it being so concentrated on the island 91 00:05:55,480 --> 00:05:59,200 Speaker 1: of Java, where Jakarta is. Here's President Jacobe again. 92 00:06:00,040 --> 00:06:04,720 Speaker 3: Flag ANTATITOA. One hundred and fifty million people are in Java, 93 00:06:04,760 --> 00:06:08,919 Speaker 3: but we have seventeen thousand islands. Fifty eight percent of 94 00:06:09,000 --> 00:06:13,200 Speaker 3: GDP is concentrated in Java. We need to distribute the 95 00:06:13,240 --> 00:06:19,000 Speaker 3: population and economy to other islandsban Ekonomi gone. 96 00:06:19,160 --> 00:06:22,000 Speaker 1: The government said it expects the new capital to create 97 00:06:22,040 --> 00:06:24,839 Speaker 1: more than four million jobs over the next two decades 98 00:06:25,320 --> 00:06:28,080 Speaker 1: and to help attract new foreign investment to what is 99 00:06:28,120 --> 00:06:34,080 Speaker 1: Southeast Asia's largest economy. But building a new city isn't easy, 100 00:06:34,520 --> 00:06:37,440 Speaker 1: especially when that new capital is more than six hundred 101 00:06:37,480 --> 00:06:41,440 Speaker 1: miles away on a different island in the Borneo Rainforest. 102 00:06:42,440 --> 00:06:46,120 Speaker 1: In Indonesia's multi billion dollar new capital has been plagued 103 00:06:46,160 --> 00:06:50,039 Speaker 1: with problems from the start. Forrest says the plan to 104 00:06:50,120 --> 00:06:53,880 Speaker 1: gradually move more than ten thousand civil servants, the president 105 00:06:53,920 --> 00:06:56,920 Speaker 1: and his cabinet to the new capital has already been 106 00:06:57,000 --> 00:07:00,680 Speaker 1: postponed twice, and it's unclear if they'll be able to 107 00:07:00,680 --> 00:07:02,320 Speaker 1: meet the new deadline this month. 108 00:07:02,760 --> 00:07:06,159 Speaker 2: The relocation plans have definitely been pushed back. They are 109 00:07:06,200 --> 00:07:09,440 Speaker 2: still testing out the water supply and also to make 110 00:07:09,480 --> 00:07:12,680 Speaker 2: sure that the water is clean. There's also issue of 111 00:07:12,880 --> 00:07:17,440 Speaker 2: access to electricity that's still being hashed out, but it's 112 00:07:17,480 --> 00:07:19,600 Speaker 2: basically far from complete. 113 00:07:19,840 --> 00:07:23,720 Speaker 1: Satellite imagery that Bloomberg obtained shows as recently as mid July, 114 00:07:24,080 --> 00:07:27,160 Speaker 1: nearly one hundred acres of land around the heart of 115 00:07:27,200 --> 00:07:31,960 Speaker 1: the city is just dirt and standing water. Construction is 116 00:07:31,960 --> 00:07:34,800 Speaker 1: complete at just one office building that will be used 117 00:07:34,800 --> 00:07:38,760 Speaker 1: by government agencies, and when civil servants do arrive, they 118 00:07:38,760 --> 00:07:42,000 Speaker 1: may have to share rooms and work from temporary quarters 119 00:07:42,040 --> 00:07:46,960 Speaker 1: such as cafeterias, and even the project's champion, President Jacoe, 120 00:07:47,080 --> 00:07:50,680 Speaker 1: admitted that his first night in the new unfinished presidential 121 00:07:50,720 --> 00:07:52,280 Speaker 1: palace was rough. 122 00:07:52,880 --> 00:07:55,480 Speaker 2: Reporters actually asked him, you know, how is your first 123 00:07:55,560 --> 00:07:58,040 Speaker 2: night sleeping here, and he was like, it wasn't good. 124 00:07:58,200 --> 00:08:01,120 Speaker 2: Oh really, yeah, and it will take some time getting 125 00:08:01,200 --> 00:08:05,320 Speaker 2: used to. And so what you're saying now is a 126 00:08:05,440 --> 00:08:10,480 Speaker 2: more tempered response. They are essentially walking back on that 127 00:08:10,640 --> 00:08:15,400 Speaker 2: optimism because it is far from Radi and Djokowi himself 128 00:08:15,440 --> 00:08:19,000 Speaker 2: said that the project is only fifteen percent complete, so 129 00:08:19,880 --> 00:08:22,080 Speaker 2: no one is moving there at this point in time. 130 00:08:22,560 --> 00:08:25,320 Speaker 1: Well, I guess the bigger question is do people even 131 00:08:25,400 --> 00:08:27,640 Speaker 1: want to move there even if it's ready. 132 00:08:28,080 --> 00:08:32,360 Speaker 2: That is a good question because even when the idea 133 00:08:32,960 --> 00:08:37,800 Speaker 2: was made public, there was initial skepticism, and that skepticism 134 00:08:37,920 --> 00:08:42,040 Speaker 2: grew over the last couple of years, primarily because this 135 00:08:42,080 --> 00:08:44,400 Speaker 2: is a near capital that is located in the middle 136 00:08:44,440 --> 00:08:47,080 Speaker 2: of nowhere. It's in the middle of the jungle in 137 00:08:47,120 --> 00:08:50,120 Speaker 2: the island of Borneo, far from like, you know, the 138 00:08:50,280 --> 00:08:54,199 Speaker 2: fancy bars and restaurants of Jakarta, far from the shopping 139 00:08:54,240 --> 00:08:56,120 Speaker 2: madels and all that far. 140 00:08:56,200 --> 00:08:59,640 Speaker 1: It says the government has been offering tax incentives to 141 00:08:59,679 --> 00:09:03,080 Speaker 1: civil servants and even came out with a plan targeting 142 00:09:03,120 --> 00:09:06,040 Speaker 1: those who are single to move there. But he said 143 00:09:06,040 --> 00:09:08,880 Speaker 1: the response has been less than enthusiastic. 144 00:09:10,080 --> 00:09:13,679 Speaker 2: According to local media, repauts is that these civil servants 145 00:09:13,720 --> 00:09:17,480 Speaker 2: didn't want to move. Some of them either resign from 146 00:09:17,520 --> 00:09:22,280 Speaker 2: the government, some asked for postings outside of Jakarta in 147 00:09:22,400 --> 00:09:25,800 Speaker 2: the other provinces, and some of the singles also chose 148 00:09:25,960 --> 00:09:29,920 Speaker 2: to get married and to have kids. They are finding 149 00:09:30,200 --> 00:09:33,160 Speaker 2: any excuse they can to not move. 150 00:09:34,040 --> 00:09:37,480 Speaker 1: Another group of people who've been less than enthusiastic about 151 00:09:37,480 --> 00:09:42,320 Speaker 1: the new capital are private investors. According to the official estimate, 152 00:09:42,480 --> 00:09:46,640 Speaker 1: the project is expected to cost roughly twenty nine billion dollars, 153 00:09:46,960 --> 00:09:49,680 Speaker 1: and the government has said eighty percent of that cost 154 00:09:49,800 --> 00:09:53,400 Speaker 1: will need to be covered by private investors, both local 155 00:09:53,559 --> 00:09:58,760 Speaker 1: and foreign. Initially, foreign investment did look promising. Companies like 156 00:09:58,800 --> 00:10:02,640 Speaker 1: SoftBank offered invest up to forty billion US dollars toward 157 00:10:02,679 --> 00:10:06,240 Speaker 1: the project, but before construction even began in August of 158 00:10:06,240 --> 00:10:11,680 Speaker 1: twenty twenty two, they pulled out. SoftBank declined to comment 159 00:10:11,720 --> 00:10:12,480 Speaker 1: on its decision. 160 00:10:12,760 --> 00:10:16,680 Speaker 2: They didn't specify why EZACLY or gave any clear reasons 161 00:10:16,760 --> 00:10:21,200 Speaker 2: or explanation, but that sent the signal that hey, maybe 162 00:10:21,240 --> 00:10:24,840 Speaker 2: they did not have confidence that Indonesia could pull off 163 00:10:24,880 --> 00:10:26,040 Speaker 2: this project. 164 00:10:28,400 --> 00:10:32,200 Speaker 1: After the break can Indonesia raise the money it needs 165 00:10:32,320 --> 00:10:35,360 Speaker 1: to finish the new capital and what will it mean 166 00:10:35,400 --> 00:10:38,280 Speaker 1: for the country and the rest of the world if 167 00:10:38,320 --> 00:10:52,240 Speaker 1: it fails. So far, Indonesia has spent around four point 168 00:10:52,320 --> 00:10:56,520 Speaker 1: six billion dollars to finance its new capital city, Nucenthara, 169 00:10:57,080 --> 00:11:00,400 Speaker 1: but it estimates it needs over twenty four billion more 170 00:11:00,520 --> 00:11:04,160 Speaker 1: to complete the project. The government wants that money to 171 00:11:04,160 --> 00:11:08,080 Speaker 1: come from local and foreign investors, but so far, local 172 00:11:08,120 --> 00:11:13,080 Speaker 1: investors haven't seen that interested. Despite incentives like tax breaks 173 00:11:13,080 --> 00:11:17,080 Speaker 1: and long term property rights, Nu Cindaara has attracted less 174 00:11:17,080 --> 00:11:20,920 Speaker 1: than three point two billion dollars in local investments. And 175 00:11:20,960 --> 00:11:23,479 Speaker 1: as for foreign investors. 176 00:11:23,000 --> 00:11:25,600 Speaker 2: What has been happening in the last couple of years 177 00:11:25,679 --> 00:11:30,160 Speaker 2: is that Indonesia has yet to secure a single foreign 178 00:11:30,400 --> 00:11:34,480 Speaker 2: private investor in the new capital city, and so the 179 00:11:34,520 --> 00:11:38,760 Speaker 2: financing is stuck in that sense, and that adds to 180 00:11:38,840 --> 00:11:42,160 Speaker 2: the complications of building this new capital city. 181 00:11:42,640 --> 00:11:46,040 Speaker 1: Back in twenty nineteen, there was serious interest in the 182 00:11:46,080 --> 00:11:50,559 Speaker 1: project from foreign investors. So why has that interest dwindled? 183 00:11:50,960 --> 00:11:53,679 Speaker 2: I think a key part of that is basically because 184 00:11:53,880 --> 00:11:58,000 Speaker 2: you know, number one, it is really a gargantuin project. 185 00:11:59,160 --> 00:12:02,880 Speaker 2: It is so ambitious, and you know, there is a 186 00:12:02,920 --> 00:12:07,320 Speaker 2: concern whether Indonesia can pull it off now. Another key 187 00:12:07,320 --> 00:12:10,960 Speaker 2: factor was that this project, you know, the construction started 188 00:12:11,120 --> 00:12:15,320 Speaker 2: at the tail end of Jacobi's residency. Jakobe is set 189 00:12:15,480 --> 00:12:19,559 Speaker 2: to actually step down from his presidential position in October 190 00:12:19,600 --> 00:12:23,160 Speaker 2: this year. And so what happened from twenty twenty two 191 00:12:23,240 --> 00:12:27,239 Speaker 2: onwards was that a lot of the foreign investor community 192 00:12:28,120 --> 00:12:31,960 Speaker 2: they adopted a weight and see approach because they did 193 00:12:32,000 --> 00:12:34,600 Speaker 2: not want to be in a situation where I invest 194 00:12:35,160 --> 00:12:39,679 Speaker 2: my money right now hundreds of millions or more, only 195 00:12:40,000 --> 00:12:43,120 Speaker 2: for the project not to advance under a new administration. 196 00:12:45,160 --> 00:12:48,200 Speaker 1: The change in leaders comes at a time when Indonesia 197 00:12:48,320 --> 00:12:52,560 Speaker 1: is under pressure to spur economic growth and for says 198 00:12:52,600 --> 00:12:56,599 Speaker 1: the country's next leader, President elect Proboo Subianto, has his 199 00:12:56,800 --> 00:12:57,520 Speaker 1: own agenda. 200 00:12:58,280 --> 00:13:03,239 Speaker 2: It's very focused on welfare policies such as distributing females 201 00:13:03,280 --> 00:13:08,400 Speaker 2: to children, ramping up healthcare infrastructure, boosting the quality of education, 202 00:13:08,640 --> 00:13:13,240 Speaker 2: making sure that the housing infrastructure for the low income 203 00:13:13,400 --> 00:13:17,760 Speaker 2: Indonesians are met, and that will require a lot of spending. 204 00:13:18,200 --> 00:13:22,600 Speaker 1: Last month, Proboo said he's committed to continue and if possible, 205 00:13:22,840 --> 00:13:24,240 Speaker 1: finish the new capital. 206 00:13:25,120 --> 00:13:27,440 Speaker 2: The key question when it comes to the construction of 207 00:13:27,440 --> 00:13:30,640 Speaker 2: the new capital city will be what is the pace 208 00:13:30,760 --> 00:13:34,720 Speaker 2: of the construction, So what analyst had pointed out is 209 00:13:34,760 --> 00:13:38,920 Speaker 2: that what future administrations can do is perhaps prolong it 210 00:13:39,440 --> 00:13:40,200 Speaker 2: or delay it. 211 00:13:40,679 --> 00:13:45,040 Speaker 1: Plagued by construction delays and financing woes. Far says it 212 00:13:45,080 --> 00:13:48,440 Speaker 1: will take years before Indonesia and the rest of the 213 00:13:48,480 --> 00:13:53,120 Speaker 1: world will know If this megaproject ultimately pans. 214 00:13:52,760 --> 00:13:56,200 Speaker 2: Out, Indonesia could actually be offering a blueprint and a 215 00:13:56,280 --> 00:14:00,400 Speaker 2: template for other emerging markets. It will offer the other 216 00:14:00,440 --> 00:14:03,719 Speaker 2: countries a lot of learning points, a lot of lessons, 217 00:14:04,120 --> 00:14:08,160 Speaker 2: and it would be Indonesia's great success story if they 218 00:14:08,160 --> 00:14:13,679 Speaker 2: can pull it off. Now, there is also the other scenario, 219 00:14:13,800 --> 00:14:17,320 Speaker 2: which is all doman gloom, that this could end up 220 00:14:17,400 --> 00:14:21,720 Speaker 2: as a total failure, that this new capital might not 221 00:14:21,920 --> 00:14:25,960 Speaker 2: actually take off because given that they've already missed the 222 00:14:26,080 --> 00:14:31,200 Speaker 2: first dateline of construction, that isn't really inspiring confidence that 223 00:14:31,360 --> 00:14:36,080 Speaker 2: Indonesia can pull off such an ambitious real estate project. 224 00:14:36,640 --> 00:14:42,760 Speaker 2: And should it really not take off, then Jokobi could 225 00:14:42,920 --> 00:14:45,720 Speaker 2: end up in the history books for the wrong reasons. 226 00:14:48,720 --> 00:14:52,000 Speaker 1: This is the big take Asia from Bloomberg News. I'm Wanha. 227 00:14:52,760 --> 00:14:57,080 Speaker 1: This episode was produced by Young Young Naomi, Jessica Beck, 228 00:14:57,320 --> 00:15:01,720 Speaker 1: and Adriana Tapia. It was edited by Kaitlin Kenny, Jeff Crocott, 229 00:15:01,880 --> 00:15:05,120 Speaker 1: Lisa Bayer, and Claire Jow. It was mixed by Blake 230 00:15:05,200 --> 00:15:08,640 Speaker 1: Maples and fact checked by Jessica and Eddie Duane. Our 231 00:15:08,720 --> 00:15:12,320 Speaker 1: senior editor is Elizabeth Ponso, Nicole Binster Bower is our 232 00:15:12,320 --> 00:15:15,920 Speaker 1: executive producer, and Sage Bauman is Bloomberg's head of podcasts. 233 00:15:16,400 --> 00:15:18,640 Speaker 1: If you like our show, please leave us a review 234 00:15:18,720 --> 00:15:21,720 Speaker 1: wherever you listen to podcasts, and please tell your friends 235 00:15:21,800 --> 00:15:25,160 Speaker 1: it makes a huge difference. Thanks and see you next time.