logo
New Zealand and Philippines defence pact to counter China's influence in South China Sea

New Zealand and Philippines defence pact to counter China's influence in South China Sea

Time of India30-04-2025
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
New Zealand and the Philippines signed a Status of Visiting Forces Agreement (SOVFA) on April 30 amid rising regional tensions with China. The pact will reinforce a growing network of security partnerships in the Indo-Pacific and allow troops from each nation to train and operate on the other's territory.New Zealand Defence Minister Judith Collins and Philippine Defence Secretary Gilberto Teodoro Jr. formalised the deal at Manila's Malacañang Palace, with President Ferdinand Marcos Jr. in attendance.Collins said the agreement reflects a shared concern over 'the risks to the international rules-based order.' She added, 'As our prime minister has said, New Zealand looks to protect and advance our interests in the Indo-Pacific, and we can only do so alongside partners'.In his briefing, Teodoro mentioned the need to uphold international law in the South China Sea, where Beijing's 'Nine-Dash Line' claim overlaps with Philippine maritime zones. He hit out at China, saying, 'There are those who follow international law, and there are those who want to redefine it.'The new agreement adds up to Manila's existing pacts with the United States, Australia, and Japan and precedes a similar deal with Canada expected 'very soon,' Teodoro added. Together, these accords enable joint exercises, training exchanges, and mutual logistics support to enhance deterrence against any 'unwanted behaviour' at sea.For New Zealand, the SOVFA marks a step forward in Prime Minister Christopher Luxon's broader plan to 'pull their weight' in regional security. Luxon in early April 2025 announced NZ$9 billion in defence upgrades over four years, to lift military spending to 2 per cent of GDP within eight years. Analysts say the pact will help diversify Wellington's alliances beyond its traditional trade ties with China.As maritime drills continue in the South China Sea—including recent exercises with the US, Japan, and Australia—the Philippines and New Zealand will begin 'military-to-military training' under the SOVFA's framework. Both governments view these agreements as essential for regional stability and freedom of navigation against growing Chinese power projection.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tibetan political leader slams Chinese ambassador's remarks on Dalai Lama's reincarnation
Tibetan political leader slams Chinese ambassador's remarks on Dalai Lama's reincarnation

Hindustan Times

time33 minutes ago

  • Hindustan Times

Tibetan political leader slams Chinese ambassador's remarks on Dalai Lama's reincarnation

The political leader of the Central Tibetan Administration (CTA), Sikyong Penpa Tsering, has dismissed the recent remarks made by Chinese Ambassador to India, Xu Feihong, on the reincarnation of the 14th Dalai Lama, saying they reflect a complete ignorance of the concept of reincarnation. Sikyong Penpa Tsering (AFP) Taking to social media recently, the Chinese diplomat shared that the Dalai Lama has no authority to decide whether the reincarnation system will continue or not. This comes after the exiled Tibetan spiritual leader announced on July 2 that the 600-year-old institution of the Dalai Lama will continue and that Gaden Phodrang Trust has sole authority to recognise the future reincarnation. Sikyong Penpa Tsering said, 'The social media post by the ambassador is ignorant of the very concept of reincarnation, because the whole purpose of reincarnation is for a spiritually realised person to decide where he or she should be reborn to carry on the responsibilities or activities of the previous life or lives.' Sikyong said that the post, in fact, reflects complete ignorance of the very notion of reincarnation and the reason and objective behind it. 'For a government that does not believe in any religion, being responsible for recognition and forcing Lamas inside to be part of that decision-making process is pitiful,' Tsering said. Taking to X, ambassador Xu Feihong shared that in fact, as a unique succession method of Tibetan Buddhism, the practice of Living Buddha reincarnation has continued over 700 years. 'Currently, there are over 1,000 reincarnation systems of Living Buddhas in Xizang and Tibetan-inhabited prefectures/counties of Sichuan, Yunnan, Gansu and Qinghai provinces. The 14th Dalai Lama is part of this long-standing historical tradition and religious succession, not otherwise. The reincarnation of Dalai Lamas neither began from him nor will end due to him. He has no authority to decide whether the reincarnation system shall continue or be abolished,' he added. In his July 2 statement, the Dalai Lama said his decision was influenced by numerous requests from Tibetan spiritual leaders, members of the Tibetan Parliament-in-exile, and the Buddhist diaspora in the Himalayas, Mongolia, the Russian Federation and Asia, including mainland China, that the institution should continue. The spiritual leader reiterated that the Gaden Phodrang Trust has sole authority to recognise the future reincarnation and no one else has any such authority to interfere in this matter. After this announcement, an irate Beijing, which describes the Dalai Lama as a 'separatist', countered that the spiritual leader's reincarnation 'must be approved by the central (Chinese) government'. The process of recognising the reincarnations of lamas in Tibetan Buddhism is solely and uniquely a Tibetan religious tradition. In contrast, China maintains that the process of selecting his successor must adhere to Chinese law, asserting its control over Tibetan Buddhism and rejecting any succession beyond its authority.

Chinese techies return not to impact iPhone 17 production, Apple's ramp-up plan intact
Chinese techies return not to impact iPhone 17 production, Apple's ramp-up plan intact

Time of India

time33 minutes ago

  • Time of India

Chinese techies return not to impact iPhone 17 production, Apple's ramp-up plan intact

By Prasoon Srivastava The return of Chinese technology professionals from an Apple vendor's facility will have no impact on the production of the upcoming iPhone 17, sources aware of the development said on Tuesday. iPhone maker Apple continues to be on track to scale up production in India, sources said. According to the sources, Apple vendors in India, Foxconn and Tata Electronics , have also seen easing of capital goods sourcing from China. These capital goods are critical for the production of iPhones. "The return of Chinese professionals from Foxconn has had no impact on iPhone production. The production of iPhone 17 in India will be as per schedule," a source aware of the development on iPhone production told PTI. A query sent to Apple, Foxconn and Tata Electronics did not elicit any response on the matter. Multiple sources have shared that hundreds of Chinese professionals working at Foxconn India units have returned to China in the last two months. According to sources, these engineers were handling assembly lines, factory design and also involved in training talents to handle tools and machines for iPhone production. Another source said that there has been an easing of the supply of capital goods from China as well for iPhones. "Apple partners have seen an easing of supply of capital goods. So there is no impact on iPhones' production in India," the source said. The person said that there is no change in Apple's plan to ramp up production in India. According to multiple sources, Apple plans to increase iPhone production to 60 million units this year from about 35-40 million units that it produced in 2024-25. Apple CEO Tim Cook, during the second-quarter earnings call had announced that all iPhones sold in the US in the June quarter will be shipped from India. India-made iPhones are assembled in Taiwanese contract manufacturer Foxconn's factory in Tamil Nadu. Tata Electronics, which runs Pegatron Corp's operations in India, is the other key manufacturer. Tata and Foxconn are building new plants and adding production capacity to increase iPhone production. Apple assembled 60 per cent more iPhones, worth an estimated USD 22 billion, in India in the year ended March 31, 2025. According to an analysis by S&P Global, iPhone sales in the US were 75.9 million units in 2024, with exports in March from India at 3.1 million units, suggesting a need to double shipments either through new capacity or redirecting shipments bound for the domestic market. "Apple's Indian exports already headed predominantly to the United States, which represented 81.9 per cent of phones exported by the firm in the three months to February 28, 2025. That increased to 97.6 per cent in March 2025 as a result of a 219 per cent jump in exports, likely reflecting the firm looking to preempt higher tariffs," S&P Global Market Intelligence report said. Union Minister Ashwini Vaishnaw had in April announced that iPhones worth Rs 1.5 lakh crore were exported from India in fiscal year 2025. The Apple ecosystem in India is one of the biggest job creators in the country. It is estimated to have employed around 2 lakh people across various vendors in the country. India's smartphone exports are growing at a healthy rate and have become a "consistent and significant" player in the sector, an official said, adding that the country has become a major mobile manufacturing hub today.

Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023
Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023

Economic Times

timean hour ago

  • Economic Times

Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023

Nvidia has seen massive growth due to the AI boom. However, some hedge fund managers are shifting focus to Palantir Technologies. Like Ken Griffin and Israel Englander, they have reduced their Nvidia holdings while increasing their Palantir stakes recently. Palantir's AI tools are gaining traction, with revenue and customer acquisition growing. Tired of too many ads? Remove Ads Hedge Fund Giants Make a Surprise AI Pivot Tired of too many ads? Remove Ads Nvidia's Growth Continues, But Challenges Loom Palantir's AI Tools Gain Traction Tired of too many ads? Remove Ads FAQs Nvidia has been among the largest beneficiaries of the artificial intelligence (AI) boom triggered by the introduction of ChatGPT late in 2022, with stock price soaring 715%, and its earnings per share rising 1,690% in the last 12 months, as per a report. But some of Wall Street's most influential hedge fund managers are turning their sights on a different AI stock that's recorded a 2,000% gain since January 2023 and that company is Palantir Technologies, as per a report by The Motley to the report, Citadel Advisors' billionaire Ken Griffin disposed of 1.5 million shares of Nvidia, slashing his stake by half. He was meanwhile building up his position in Palantir by 204%, adding 902,400 shares, as per The Motley Fool Israel Englander of Millennium Management also cut his stake in Nvidia by 7% and increased his stake in Palantir by 302% as he bought 986,400 shares in the firm, according to the transactions have led to a rising perception among top investors that Palantir might have even more upside in the artificial intelligence domain than Nvidia, as per The Motley Fool READ: Trump blasted for embarrassing typo in tariff letter — misgenders foreign leader Nvidia keeps posting solid performances, with revenue growing 69% from year earlier to $44 billion in the latest quarter, fuelled by record demand for AI chips, according to the report. Non-GAAP net income rose 33% to $0.81 per share, as per the report. CEO Jensen Huang attributed growth to "incredibly strong" demand for AI infrastructure, reported The Motley some investors became nervous earlier this year after a Chinese AI firm, DeepSeek, had reportedly trained a sophisticated language model on low-cost and less capable chips than those of Nvidia's top chips, as per the report. This may have been taken by some as a warning sign, but some think it might actually give Nvidia's business a boost by making AI affordable for more companies, according to The Motley is still a clear leader in both generative and physical AI, the latter driving applications such as autonomous vehicles and robotics, as per the Motley Fool reported that Wall Street has projected that Nvidia's earnings will rise at 28% annually over the next three to five READ: Trump's tariff bombshell sends copper prices through the roof, sends markets into frenzy — what's next? Palantir is growing fast as during the first quarter, the company saw revenue grow 39% to $884 million and non-GAAP earnings by 62% to $0.13 per diluted share, as reported by The Motley Fool. Customer acquisition also grew 39% in total clients and 124% in spending from repeat customers, according to the management also increased its full-year guidance and sales are now project to jump 36% in 2025, as per the firm designs analytics software for the commercial and government sectors and its core platforms, Gotham and Foundry, let customers integrate and query complex information with analytical applications and machine learning models, as reported by The Motley Research has recognised Palantir as a leader in artificial intelligence and machine learning platforms, awarding its AIP product higher scores than similar tools from Alphabet's Google and Microsoft, according to the READ: VantageScore 4.0 just got a major boost - what it means for your credit and loans Some hedge fund managers believe Palantir may now offer more growth potential in the AI space and are reallocating funds has jumped 2,000% since January 2023, making it one of the best-performing AI stocks.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store