US Business

Global economic leaders on Friday hailed China’s move away from its hardline zero-Covid policy, with the IMF chief saying the “decisive actions” would help revive growth both in the country and globally.

The relaxation would help to shore up a world economy struggling with the impact of the pandemic and Russia’s invasion of Ukraine, the head of the World Trade Organization said after the conference in the eastern city of Huangshan, hosted by outgoing Chinese Premier Li Keqiang. 

Beijing on Wednesday announced a loosening of its zero-tolerance approach to coronavirus outbreaks, ending large-scale lockdowns and allowing some positive cases to isolate at home following widespread protests against the restrictions.

The decision indicated that the world’s second-largest economy is finally shifting towards living with Covid after years of grinding curbs stifled growth.

“We welcome very much the decisive actions taken by the Chinese authorities… to recalibrate the Covid policies so as to create a better impetus for the revival of growth in China,” Kristalina Georgieva said at a press briefing with the heads of other major economic institutions.

The effort to boost vaccination rates and anti-viral treatments “is very good for the Chinese people, but also important for Asia and the rest of the world”, Georgieva added.

“China’s performance matters (not just) to China — it matters to the world economy as well.”

The global economy has been rocked this year, with Russia’s brutal invasion of Ukraine adding to a stuttering post-pandemic recovery and a cost of living crisis in many countries.

The retreat from zero-Covid “will help remove one set of uncertainties” in a world reeling from the impacts of the pandemic, the war in Ukraine and climate change, said WTO Director-General Ngozi Okonjo-Iweala, at the same briefing.

Secretary-General of the Organisation for Economic Co-operation and Development, Mathias Cormann, said the “adjustments will support the strength of the recovery both in China and globally”.

Beijing’s step back from zero-Covid has so far helped to prop up global stock markets fearful of a looming recession in the United States, but analysts have warned that China’s route to a full reopening remains bumpy.

– Further relaxations –

Long criticised for disrupting business operations and global supply chains, the zero-Covid policy has acted as a constraint on China’s economy, with analysts expecting Beijing to miss its stated annual growth target of 5.5 percent.

Public frustration with snap lockdowns and mass testing boiled over last month as protesters took to the streets in cities around the country, with some calling for greater political freedoms in China’s most widespread demonstrations since 1989.

On Friday, China rolled back more restrictions, with the culture and tourism ministry announcing that visitors will no longer be required to show “health codes” when entering a range of different venues.

A spokesperson for the National Health Commission said at a press briefing on Friday that hospitals must not refuse care to coronavirus-positive patients, state broadcaster CCTV reported.

The move marks a further pivot away from China’s longstanding strategy of isolating all those who test positive and treating them in specialist state-run facilities.

Demand for home treatments and personal protective gear has surged amid concerns over large-scale outbreaks, even though official statistics have reported a decline in new cases in recent days.

China’s market regulator said Friday that it would crack down on price gouging after the retail price of a traditional flu treatment as much as quadrupled in the first few days of December.

Stock markets rose Friday and the dollar dipped as traders continue to weigh concerns about rising interest rates and a possible recession against optimism over China’s economic reopening.

With few Thursday catalysts to work with, traders were setting their sights on the release of two key US inflation reports — on Friday and Monday — and the Federal Reserve’s final policy meeting of the year.

In light of data signalling that almost a year of interest rate hikes was beginning to impact prices, the US central bank is widely expected to announce a 50 basis point lift at the gathering, compared with the previous four straight 75-point increases.

But there remains some concern that the world’s top economy remains resilient and the jobs market too strong, meaning the Fed might have to keep tightening monetary policy longer than had been hoped.

That uncertainty has weighed on US markets, which have endured a tough December so far, and analysts warned of further pain.

“We think the worst is yet to come,” Gary Schlossberg, at Wells Fargo Investment Institute, told Bloomberg Television.

“We’re looking for a moderate recession next year, which means a moderate decline in corporate profits is our target for the year.”

The mood was slightly better in Asia, particularly Hong Kong, where investor sentiment has been buoyed by China’s decision to shift away from its nearly three-year zero-Covid strategy of lockdowns and mass testing that has battered the economy.

After widespread protests across the country, leaders have decided to loosen their grip, fanning excitement that growth will pick up as activity returns to normal.

A pledge to help the embattled property sector, which accounts for a huge part of the economy, was also providing a lift.

World economic leaders on Friday hailed Beijing’s move away from its hardline policy, with International Monetary Fund boss Kristalina Georgieva saying the “decisive actions” would help revive growth both in the country and globally.

– ‘Positive on China’ –

“The process will likely be gradual and bumpy over the year ahead, due to low immunisation of the population and unpreparedness of the health system to deal with a possible further surge in cases,” Silvia Dall’Angelo, at Federated Hermes, said in a note.

“Reopening should gain traction in the second half of next year. At that stage, the Chinese recovery will likely accelerate, as the removal of restrictions will allow fiscal and monetary stimulus to be effective.”

And JPMorgan strategist Marko Kolanovic added that he “remains positive on China, due to favourable monetary conditions as well as an eventual full reopening and end of Covid”.

Hong Kong rose more than two percent, while there were also positive performances in Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Bangkok, Mumbai and Manila.

London, Paris and Frankfurt opened with gains.

And the dollar dropped against most peers, having surged to record or multi-decade highs earlier this year owing to the Fed’s hawkish tilt and its use as a safe-haven hedge against volatility.

However, SPI Asset Management’s Stephen Innes warned that “with the who’s who of Wall Street advising clients to expect a market downswing in 2023, I doubt many investors are getting too excited about the move” higher in equities.

Oil prices rose after another big drop, with both main contracts down more than 10 percent this week as expectations for a recession in the United States and elsewhere weighed on demand expectations.

– Key figures around 0820 GMT –

Tokyo – Nikkei 225: UP 1.2 percent at 27,901.01 (close)

Hong Kong – Hang Seng Index: UP 2.3 percent at 19,900.87 (close)

Shanghai – Composite: UP 0.3 percent at 3,206.95 (close)

London – FTSE 100: UP 0.3 percent at 7,496.00

Euro/dollar: UP at $1.0570 from $1.0560 on Thursday

Dollar/yen: DOWN at 136.34 yen from 136.61 yen

Pound/dollar: UP at $1.2253 from $1.2239

Euro/pound: UP at 86.25 pence from 86.24 pence

West Texas Intermediate: UP 0.4 percent at $71.75 per barrel

Brent North Sea crude: UP 0.4 percent at $76.43 per barrel

New York – Dow: UP 0.6 percent at 33,781.48 (close)

Just a few months ago, he was an ordinary Chinese art teacher who posted his personal thoughts and paintings online.

When demonstrations erupted against Beijing’s hardline zero-Covid policy, the 30-year-old known on Twitter as “Teacher Li” became the go-to source for videos, some of them real-time.

With images or talk of protest wiped out on Chinese social networks by government censors, thousands of people turned to Li, who lives in Italy, to make their voices heard.

“I never expected it,” said Li, who asked AFP not to reveal his full name because of threats against him.

Following three years of widespread lockdowns, mass testing, travel restrictions, and forced isolation for Covid cases and contacts, discontent against Beijing’s measures finally boiled over last month.

The demonstrations that flared up nationwide on the weekend of November 26 to 27 were the most widespread since pro-democracy rallies in 1989.   

Angry protesters demanded answers after a fire in the northwestern city of Urumqi killed 10 people, with virus curbs blamed for hampering rescue efforts.

In some demonstrations, rage against the restrictions gave rise to calls for President Xi Jinping to resign.

From the living room of his non-descript apartment where he has a workstation comprising a colourful keyboard and a curved screen, Li became a one-man newsroom marshalling a flurry of citizen journalists on the ground.

His followers, who leapt from 150,000 on November 23 to 830,000 now, sent him footage or information that he in turn transmitted to the world via his Twitter account.

China’s “Great Firewall” makes it impossible for most internet users to access Twitter, Facebook and other international platforms.

Living in a city in Italy which he asked AFP not to name, Li used his Twitter account to become the link between the protesters and the world.

With rallies flaring up across China, including Beijing and Shanghai, Li said he was receiving about 30 to 40 contributions every second, and “it wasn’t possible to keep up”.

“For our generation or for Twitter users, this is something that is happening for the first time in 30 years, so many people are excited and emotional,” he said.

The bespectacled painter spent the whole day in front of his screen, skipping meals to sift through the unending stream of contributions.

On November 27, he published 399 posts.

His Twitter feed provided a valuable glimpse of the extraordinary developments on the ground, particularly as journalists in China were hampered themselves by Covid travel restrictions.

Li said he felt no choice but to react.

“When you see people on the streets, you see them holding up white paper, shouting slogans, you don’t have time to consider, all you can do is do your bit to record what they are doing,” he said.

“The more you record, the more it acts as an additional layer of protection for them because then people around the world see it. 

“You don’t think about consequences for yourself because in reality people are themselves facing more direct threats than you.”

China’s vast security apparatus moved swiftly against the protesters, deploying a heavy police presence while boosting online censorship and surveillance.

But on Wednesday the government also announced a nationwide rolling back of the harshest zero-Covid restrictions, a rare apparent concession to the public’s frustration.

– ‘Small account’ –

Li moved to Italy a few years ago to further his studies in art. 

To his students and video contributors, he is known as Teacher Li.

On Twitter, his name is “Teacher Li is not your teacher” — and his profile picture is a drawing of one of the four cats that share his home with him.

In his apartment, his easel stands unused as running his Twitter account has taken over his waking hours. For days on end, he stays in, taking breaks only to feed his cats and himself.

Used to sharing his personal thoughts or art online, Li began venturing into social issues — which, like politics, can be sensitive topics in China.

Earlier this year, after writing about the case of a trafficking victim found chained by her neck in a shack, his account on China’s social network Weibo was blocked for 180 days.

Undeterred, Li set up a total of 52 new accounts, all of which were shut down, the quickest in 10 minutes.

He refused to give up, saying: “It’s my right to speak out.”

“I have already given in by a lot, I’m not criticising the government… but I’m still being deprived of my right to speak. So blasting through 52 accounts became a form of performance art for me,” he said.

Finally at the end of April, he shifted to Twitter.

His followers on Weibo numbered around 90,000 at the time, he said, adding that he “was a small account but even such a voice wasn’t permitted”.

– Trust and threats –

Some followed Li to Twitter, and when videos of violent protests at China’s largest iPhone factory started circulating on November 23, he posted videos recorded by people at the scene.

That was followed by footage of demonstrations in Urumqi after the fire, and elsewhere over the weekend.

Li transmitted videos sent by contributors, accompanied by a brief text on what was being depicted, where it was happening and when.

He believes that letting the images speak for themselves helped him gain people’s confidence.

“People in China are very afraid that their opinion will be misused by what are described as external forces. They fear that it will be exaggerated and publicised and turned into a rumour. But I don’t do that,” he said.

Li acknowledged there have been occasions where he had to remove posts that contained wrong information.

“But people are indulgent with me, because they know I’m working alone,” he said.

A breaking event would bring simultaneous contributions from different sources, he said, allowing him to ascertain its veracity. 

As he publishes what Chinese state media ignores, Li has drawn scrutiny — no longer just from online censors.

Detractors have accused him of defaming or humiliating his country or of being a government informer gathering details about protestors.

There have also been threats offline. 

“The police came to my home (in China). I know that my family is being affected. I am being affected online. This is very immense pressure,” he said.

– ‘Worth it’ –

But he said he won’t give up. 

“This account is now very important — it’s a window for people within China to know what’s going on in their own country, and it is also a window for Chinese abroad and foreigners to understand China… So I must persevere.”

For now, Li believes his actions and those of his contributors have borne fruit.

“On whether it’s worth it, it is. Because this has changed the situation in China –- from zero-Covid to a changing attitude.

“And the population is realising that they can reasonably express their requests. This is very meaningful. 

“In view of the future and happiness of thousands or tens of thousands of families, my little self is not important.” 

A planned underwater hydrogen pipeline connecting Barcelona and Marseille is a risky project, but one that is key for the European Union’s energy independence.

Here’s what we know about the joint initiative by Madrid, Lisbon and Paris, which will be discussed on Friday on the sidelines of a summit of southern European Union nations in Spain:

– What is it? –

Dubbed “H2Med” or “BarMar” (from Barcelona and Marseille), the pipeline will transport green hydrogen, between Spain, France and the rest of Europe.

Green hydrogen is made from water via electrolysis and with renewable energy.

Announced at an EU summit in October, the pipeline offers an alternative to the defunct 2003 MidCat pipeline project.

Intended to carry gas across the Pyrenees from Spain to France, it was eventually abandoned over profitability issues and objections from Paris and environmentalists.

– What are its goals? –

The pipeline aims to boost the decarbonisation of European industry, giving it access to clean energy on a large scale, which Spain and Portugal hope to produce.

The two neighbours aim to become world leaders in green hydrogen thanks to their numerous wind and solar power farms.

France, Portugal and Spain initially said in October the pipeline aimed to reduce Europe’s dependence on Russian energy by improving gas interconnections between the Iberian Peninsula and its neighbours.

Spain and Portugal account for 40 percent of Europe’s capacity to turn liquefied natural gas (LNG) that arrives in tankers back into gas form, but they are poorly connected to the rest of Europe.

But since the three nations want EU funds to mainly cover the project, the pipeline will need to be dedicated to hydrogen, Madrid and Paris have stressed.

– Why Barcelona and Marseille? –

According to the project’s backers, it is “the most direct and efficient way of linking the peninsula with central Europe”.

Barcelona is an energy hub in Spain, and according to Jose Ignacio Linares, a professor at Madrid’s Pontificia Comillas University, it “has one of the largest re-gasification plants in Europe”.

Marseille is also a key point in the French network and a gateway to the Rhone Valley, northern Italy and Germany — industrial regions that could become big consumers of green hydrogen.

– What route will it take? –

The route has not yet been decided, but “the most logical” option would be to run close to the shore to avoid deep waters, Linares told AFP.

If that’s the case, H2Med would extend some 450 kilometres (280 miles).

– When will it be ready? –

French Energy Minister Agnes Pannier-Runacher told Spain’s El Pais daily the pipeline could come online in 2030, while her Spanish counterpart Teresa Ribera said it could enter service in “five, six or seven years”.

– How much will it cost? –

The cost of the project has not been revealed. But the European Hydrogen Backbone (EHB), that groups European energy pipeline operators, estimates a two-billion-euro ($2.1-billion) price tag.

– What are the obstacles? –

“An offshore hydrogen pipeline at this depth and distance has never been done before,” said Gonzalo Escribano, an energy expert at Madrid’s Real Instituto Elcano think tank. 

The innovative project faces certain technical challenges. 

One of the main problems is that hydrogen is made up of small molecules which can escape through the joints and cause corrosion, said Linares, an engineer by training.

But such problems could be overcome by “installing a membrane inside (the pipeline), a kind of plastic that prevents the hydrogen from escaping,” he said.

– What’s the outlook? –

The biggest risk is its economic viability, experts say.

“It is not clear when the green hydrogen market is going to take off and whether Spain will be in a position to produce enough to export it,” said Escribano.

But Linares said its construction would take so long “that we can’t afford to wait”. 

“If we do, we’ll end up with a huge volume of hydrogen that we won’t be able to export.”

Chinese President Xi Jinping will meet Arab leaders in the Saudi capital on Friday for summits he has described as “milestone events” at a time of economic uncertainty and geopolitical realignment.

The meetings come on the third and final day of Xi’s first visit to Saudi Arabia since 2016 and only his third overseas trip since the coronavirus pandemic began. 

On Thursday, he met with King Salman and Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, announcing deals on everything from hydrogen energy to housing, although few details were released. 

Friday’s agenda was expected to include a summit with the six-member Gulf Cooperation Council as well as a broader China-Arab summit.

Egyptian President Abdel Fattah al-Sisi and Tunisian President Kais Saied were among the heads of state who arrived on Thursday, with leaders from Qatar, Lebanon, Iraq and elsewhere also planning to attend. 

“China looks forward to working with Saudi Arabia and Arab countries to make the two summits milestone events in the history of China-Arab relations and China-GCC relations,” Xi said on Thursday in remarks carried by Chinese state broadcaster CCTV.

The Gulf countries, strategic partners of Washington, are bolstering ties with China as part of an eastward turn that involves diversifying their fossil fuel-reliant economies.

Meanwhile China is trying to widen its sphere of influence, notably through its Belt and Road Initiative, in which it is providing funding for infrastructure projects around the world.

– ‘Prestige’ trade deals –

Officials have provided few details about Friday’s agenda, but one potential area of focus is a China-GCC free trade agreement that has been under discussion for nearly two decades. 

“China will want to draw the lengthy negotiations to a close, as FTAs with major trading blocs is a matter of prestige for Beijing,” said Robert Mogielnicki of the Arab Gulf States Institute in Washington. 

“It’s not as simple for the GCC states, which seem to be more invested in advancing bilateral ties and are engaged in varying degrees of regional economic competition with their neighbouring member states.” 

A breakthrough on the trade deal could help Saudi Arabia, the world’s biggest oil exporter and the Middle East’s biggest economy, diversify its economy in line with the Vision 2030 reform agenda championed by Prince Mohammed. 

Saudi state media have said that bilateral deals worth about $30 billion were expected to be signed during the visit. 

Yet Mogielnicki said the significance of any announcements would only be clear if they went beyond pledges.

“When it comes to China’s bilateral relations with the Gulf and broader Middle East, one must remember that signing MoUs (memoranda of understanding) and making investment pledges is much easier than actually committing capital,” he said. 

Xi’s Middle East trip has already earned a rebuke from the White House, which on Wednesday warned of “the influence that China is trying to grow around the world”, calling its objectives “not conducive to preserving the international rules-based order”.

China on Friday announced the first delivery of its new domestically produced passenger jet, with the aircraft expected to make its commercial debut early next year.

Beijing hopes the C919 commercial jetliner will challenge foreign models like the Boeing 737 MAX and the Airbus A320, though most of its parts are sourced from abroad.

The first model of the narrow-body jet, which seats 164 passengers, was formally handed over to China Eastern Airlines during a ceremony at an airport in Shanghai, state media reported.

The move marked “an important milestone” in the journey of China’s aircraft industry, state broadcaster CCTV said.

Footage broadcast Friday by CCTV showed the jet bearing the China Eastern insignia standing on a rainswept airfield and gave a glimpse inside the aircraft’s cabin.

The state-owned Commercial Aircraft Corp of China (COMAC) passed the airline a “commemorative key to the world’s first C919,” CCTV reported.

COMAC said at an airshow last month that it had secured orders for 300 C919s, but did not clarify whether the orders were fully confirmed and gave no details about the value of the deals or delivery dates.

But if the orders go through, they would take the number of known deals for the C919 to over 1,100, based on figures from previous COMAC statements.

Domestic media previously reported that four aircraft were expected to be delivered to China Eastern –- the country’s second-largest carrier by passenger numbers –- by the end of the year before going into operation in the first quarter of 2023.

China sealed a deal for Airbus jets worth $17 billion earlier this year, and the company began producing its A321 model in the northeastern city of Tianjin last month.

The Boeing 737 MAX has been grounded in China since 2019 after two fatal crashes, though the aerospace giant said in July that it may be approved for delivery by Chinese regulators this year.

But lingering US-China trade tensions and China’s worst commercial air disaster earlier this year involving a Boeing 737-800 have slowed progress.

Most people don’t have to worry if their signature is sloppy — but if it’s your name on the US dollar bill, it’s best to practice, says US Treasury Secretary Janet Yellen.

“It’s customary that Treasury secretaries provide their signature to be featured on our nation’s currency,” said Yellen, the first woman to hold the office, at a ceremony unveiling new notes bearing her name.

“You’d think this would be a straightforward process, but the founding fathers did not account for what seems to be a common attribute for Treasury secretaries: terrible handwriting.”

Yellen had previously remarked in a TV interview that two of her predecessors, Tim Geithner and Jack Lew, had signatures “so illegible that people made fun of them.”

Geithner “famously had to change his signature in order to make it legible,” she joked Thursday.

“I’ll admit: I spent some quality time practicing my signature,” she added.

In addition to the first female Treasury secretary’s name appearing on them, the new notes unveiled Thursday will also be historic for including two women’s signatures: that of Yellen and US Treasurer Lynn Malerba.

“Today is not about me or a new signature on our currency. It’s about our collective work to create a stronger and more inclusive economy,” Yellen said in a speech at the Fort Worth, Texas money printing facility.

The notes are set for delivery to the US Federal Reserve this month and will be in circulation starting in early 2023, according to the Treasury Department.

Currently, women represent about 62 percent of the Treasury workforce and hold positions of power, she said.

But much more still needs to be done, Yellen added.

“I hope that today is a reminder of the road we’ve traveled on equity and inclusion. And I hope it motivates us to continue to move forward,” she said.

Malerba’s signature also marks the first time US currency will feature the signature of a Native American woman.

“This moment is history,” said Malerba.

The first notes bearing Yellen and Malerba’s signature coming into circulation will be $1 and $5 bills.

Apart from the site in Texas, the only other greenback printing facility is in the US capital Washington.

Beer bottles and broken plastic chairs litter the fairways of a derelict golf course on the Indonesian holiday island of Bali, where laid-off workers lament the unfulfilled promises of a Donald Trump “dream project”.

Nearly a decade ago, the real estate mogul and future US president signed a deal to license his name to a six-star holiday destination intended to displace the Nirwana Golf Resort, one of the world’s best.

But today, the once-thriving golf course is filled with weeds — another failed project for Trump, whose six casino and hotel bankruptcies spanning two decades have run up billions of dollars in debt and impacted thousands of lives.

“There was no clarity about our future. We heard that we would be re-recruited but it has never happened,” said Ditta Dwi, a 26-year-old former caddy who was forced to take a waitressing job while awaiting a reopening that never came.

The Trump Organization and Indonesian developer MNC Group shut the resort in 2017 and laid off hundreds of workers after partnering to rebrand the Nirwana, which boasts idyllic views of the Indian Ocean.

The planned redevelopment — Trump’s first venture into Southeast Asia’s biggest economy — was dubbed a “dream project” by his son Donald Trump Jr on a 2019 visit to Jakarta.

But Trump’s deal to license his name to the new resort and help operate it — first struck in 2015 — has turned out to be a pipe dream for Indonesian workers.

Five years after sending staff home, the hotel sits demolished and its course defunct, its forlorn fairways the domain of a solitary security guard who wheels around on a cart, warding off tourists.

The derelict, overgrown and empty site is a far cry from the luxury image Trump long maintained for his real estate interests before setting his sights on the White House.

But the property magnate, who recently announced he will seek the presidency again in 2024, is no stranger to colossal flops.

Six times between 1991 and 2009, his casino and hotel projects fell into bankruptcy. 

The first to fail, the Trump Taj Mahal in the beachside gambling mecca of Atlantic City, New Jersey, threatened Trump’s personal fortune. To cover some of the casino’s debts, he had to sell off his yacht, private jet and half his shares.

– ‘Postponed’ –

MNC chief and Trump ally Hary Tanoesoedibjo — who bought the Nirwana in 2013 — has previously cited lower consumer spending during the Covid-19 pandemic in explaining delays, but the project’s troubles predate the outbreak.

Edwin Darmasetiawan, director of MNC’s property arm, refused to confirm how many Indonesians were sacked when the development was abruptly sidelined.

He said “financial matters” had caused the years-long delays and said he hoped it would still be developed within two years, even though no work has begun.

“I don’t see this project as a failure, but as postponed,” he told AFP.

“We have another project in Lido, now we are focusing on that,” he said, referring to a planned mega resort city of the same name south of Jakarta.

The project in West Java, which will include a Trump golf course and resort, has courted controversy over builders allegedly exhuming Islamic ancestral graves without locals’ permission.

The Trump Organization did not respond to a request for comment about the Bali resort. 

Many Balinese workers have lost opportunities due to the billionaires’ decision to let the plot stagnate.

While hotel workers were compensated after losing their jobs, about 150 caddies on temporary contracts received no money when they were suddenly released.

“It was hard. The time I lost my job as a caddy was difficult. Many people were angry,” said Dwi.

She earned a 1.3 million rupiah ($86) monthly salary, but tips from wealthy golfers meant she could earn as much as 15 million rupiah in a good month. Now she makes the same salary, but no tips.

– ‘Moving on’ –

Yet the hotel and golf workers whose livelihoods were sliced into the rough are trying to forgive and forget.

Dwi, the former caddy, told AFP that getting her old job back now seemed “impossible”.

“I have just let it go. I’m moving on,” she said.

Pita Dewi, who worked at the hotel’s spa for 18 years and now runs her parents’ cafe, said Trump’s shutdown of the resort had left her fearing for her future.

“I got stressed thinking about how I would earn money, because I have children,” she said. 

“I was 48 years old, how could I get another job?”

But in typical Balinese fashion, optimistic locals who believe staunchly in forgiveness are quick to throw away any negative feelings towards the larger-than-life tycoon.

“We have to continue our life,” Dewi said.

“If we hated him, would that make him give us money?”