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Australia will not commit troops in advance to any conflict, minister says

Australia will not commit troops in advance to any conflict, minister says

Yahooa day ago
By Kirsty Needham
SYDNEY (Reuters) -Australia will not commit troops in advance to any conflict, Defence Industry Minister Pat Conroy said on Sunday, responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the U.S. and China went to war over Taiwan.
Australia prioritises its sovereignty and "we don't discuss hypotheticals", Conroy said in an interview with the Australian Broadcasting Corporation.
"The decision to commit Australian troops to a conflict will be made by the government of the day, not in advance but by the government of the day," he said.
The Financial Times reported on Saturday that Elbridge Colby, the U.S. under-secretary of defence for policy, has been pressing Australian and Japanese officials on what they would do in a Taiwan conflict, although the U.S. does not offer a blank cheque guarantee to defend Taiwan.
Colby posted on X that the Department of Defense is implementing President Donald Trump's "America First" agenda of restoring deterrence, which includes "urging allies to step up their defense spending and other efforts related to our collective defense".
China claims democratically governed Taiwan as its own and has not ruled out the use of force to bring Taiwan under its control. Taiwan President Lai Ching-te rejects China's sovereignty claims, saying only Taiwan's people can decide their future.
Australian Prime Minister Anthony Albanese, speaking in Shanghai at the start of a six-day visit to China that is likely to focus on security and trade, said Canberra did not want any change to the status quo on Taiwan.
Conroy said Australia was concerned about China's military buildup of nuclear and conventional forces, and wants a balanced Indo-Pacific region where no country dominates. He said China was seeking a military base in the Pacific, which was not in Australia's interest.
'GOAL IS NO WAR'
Talisman Sabre, Australia's largest war-fighting exercise with the United States, opened on Sunday on Sydney Harbour and will involve 40,000 troops from 19 countries, including Japan, South Korea, India, Britain, France and Canada.
Conroy said China's navy might be watching the exercise to collect information, as it had done in the past.
The war games will span thousands of kilometres from Australia's Indian Ocean territory of Christmas Island to the Coral Sea on Australia's east coast, in a rehearsal of joint war fighting, said Vice Admiral Justin Jones, chief of joint operations for the Australian Defence Force.
The air, sea, land and space exercises over two weeks will "test our ability to move our forces into the north of Australia and operate from Australia", Jones told reporters.
"I will leave it to China to interpret what 19 friends, allies and partners wanting to operate together in the region means to them. But for me... it is nations that are in search of a common aspiration for peace, stability, a free and open Indo-Pacific," he said.
U.S. Army Lieutenant General Joel Vowell, deputy commanding general for the Pacific, said Talisman Sabre would improve the readiness of militaries to respond together and was "a deterrent mechanism because our ultimate goal is no war".
"If we could do all this alone and we could go fast, but because we want to go far, we have to do it together and that is important because of the instability that is resident in the region," Vowell said.
The United States is Australia's major security ally. Although Australia does not permit foreign bases, the U.S. military is expanding its rotational presence and fuel stores on Australian bases, which from 2027 will have U.S. Virginia submarines at port in Western Australia.
These would play a key role in supporting U.S. forces in any conflict over Taiwan, analysts say.
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Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners
Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners

Yahoo

time26 minutes ago

  • Yahoo

Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners

By Hannah Lang, Elizabeth Howcroft, Michelle Conlin and Medha Singh NEW YORK (Reuters) -Crypto exchange Coinbase assures users on its website that it puts any new digital coin through "rigorous" vetting before allowing it to trade. It's an at-times lengthy process meant to protect customers by examining the people connected to the project and the risk of market manipulation or other scams. With President Donald Trump's crypto token, $TRUMP, Coinbase made up its mind in just one day. The $TRUMP token, which launched three days before his inauguration in January, is a meme coin. Based on cultural fads or celebrities, these coins have no intrinsic value and – past experience has shown – are prone to large price swings that can leave investors with losses. A Reuters analysis of crypto market data and industry announcements found that, compared to other recent large meme coins, the biggest crypto exchanges took Trump's to market with unusual speed, despite stating they vet risky coins thoroughly to protect small investors. Some also approved the listing in spite of the high share of coins concentrated in the hands of Trump and his partners, which would normally represent a red flag because of the risk that dumping of tokens by insiders could collapse the price and hurt other investors, some executives said. After reaching an all-time high of $75.35 on April 19, just two days after its launch, $TRUMP crashed to the $7 range by early April, leaving many holders nursing losses. It was trading around $9.55 Thursday. "When the president of the United States launches a meme coin, I thought I might as well put some money inside," said Carl 'Moon' Runefelt, a Dubai-based crypto investor who runs a bitcoin trading channel on YouTube called the "Moon Show." Runefelt said he bought $300,000 worth of the meme coin in tranches at between $50 and $60: "It's probably one of my worst trades, unfortunately." The Reuters analysis showed that eight of the 10 largest crypto exchanges by market share listed the coin within 48 hours of its release. The ninth, Coinbase, added $TRUMP to its listings roadmap on January 18 – indicating it had decided to accept it - and listed the coin three days later. The tenth, Upbit, listed $TRUMP on February 13. That was much faster than they've done on average with the biggest meme coins. Reuters examined how long it took the same 10 exchanges - Binance, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, and HTX - to list the four other largest meme coins launched since 2022. These, measured by market cap on May 29, are Pepe, Bonk, Fartcoin and dogwifhat. All 10 exchanges listed Pepe and Bonk. Nine listed dogwifhat, and seven listed Fartcoin. On average, the 10 exchanges took 129 days to list those coins. For $TRUMP, they took an average of four. Asked for comment about why they listed $TRUMP so quickly, Bitget, MEXC, OKX, Coinbase and Upbit all said they had not cut any corners with their vetting process. The other five exchanges did not respond to Reuters' questions. Three – Bitget, Coinbase, MEXC – said they moved fast to respond to overwhelming demand for the $TRUMP coin. "The crypto space was buzzing with the hype and, as any other token with a growing craze, it was imperative to add TRUMP," Gracy Chen, Bitget's CEO, said in a statement. Chen said the fact that Trump himself announced the coin on his social media accounts "should kind of solve the compliance issue," citing the fact that "he's the president of the United States." 'NO CONFLICTS OF INTEREST' Reuters found no suggestion that Trump or anyone related to his businesses exerted pressure on the exchanges. In response to a request for comment, a White House press official told Reuters the president's assets had been placed in a family trust: "There are no conflicts of interest because the president isn't managing the assets. Any insinuation that there is a conflict of interest is irresponsible." The official referred specific questions about the meme coin to the Trump Organization, which did not respond to Reuters. Coinbase said the $TRUMP token got no special exceptions and the exchange followed its normal process when listing the coin. Paul Grewal, Coinbase's chief legal officer, said many people had to work over the weekend to get the listing done quickly, but no steps were skipped. "Given the information that was shared publicly, we were confident that users could engage with the token positively and safely," Grewal told Reuters. Coinbase listed $TRUMP as an "experimental" token to indicate it comes with "certain risks, including price swings," according to the company's website. The vetting of coins often focuses on how well-known the issuer is, how likely they are to remain in the public eye and how much they engage with the online community to sustain interest in the coin, metrics that $TRUMP would score highly on, according to Santa Clara University finance professor Seoyoung Kim, who specializes in crypto analytics. She cautioned that focusing on vetting speed alone could provide an incomplete picture of investor protection. A more holistic analysis, Kim said, would also involve factors such as the average market cap at which a coin is listed, for how long it has sustained that level before its listing, and its daily trading volumes. With $TRUMP listed so soon after launch, there was little such data for exchanges to parse. $TRUMP's market cap has since fallen to around $1.9 billion, down sharply from its peak above $15 billion on January 19. But that still ranks it amongst the largest meme coins launched since 2022. Reuters ran its listing-speed analysis past five academics with crypto expertise, including Kim, who all said its methodology was sound. David Krause, Emeritus Professor of Finance at Marquette University, who has studied Trump's crypto ventures, said the quickness of the $TRUMP listing "suggests either a dramatic acceleration of due diligence or corners being cut." "Either scenario has significant implications for investor protection and market integrity," he said. YOU DON'T SAY NO TO THE PRESIDENT The president's rush of business ventures in a lightly-regulated sector that his government is responsible for overseeing has drawn criticism from Democrats, consumer advocacy groups and former financial enforcement officials. "You don't say no to hosting the president's new meme coin," said Corey Frayer, a former senior crypto advisor at the U.S. Securities and Exchange Commission. Frayer is now director of a non-profit advocacy group, the Consumer Federation of America. "The president controls who oversees your business and how they enforce the law." Under former President Joe Biden, the SEC maintained that most crypto tokens, including meme coins, should be regulated as securities, making exchanges cautious about listing them. That began to change, quickly, after Trump was elected last November. The Republican has styled himself as the "crypto president," pledging to overhaul regulation of the sector. Following Trump's election, Coinbase – the largest publicly traded crypto exchange in the United States – and several of its rivals began listing more meme coins. In Trump's second term, the SEC has paused or withdrawn high-profile enforcement actions against crypto operators, including a major investor in a Trump family crypto project, and issued a staff statement concluding that meme coins do not constitute securities. An SEC spokesperson declined to comment on the agency's crypto policy and Trump's coin. Trump's family has launched multiple crypto ventures, raking in hundreds of millions of dollars. The $TRUMP token quickly earned an estimated $320 million in fees, though it's not publicly known how that amount has been divided between a Trump-controlled entity and its partners. OVERLOOKED CONCERNS Exchanges have been major beneficiaries of Trump's embrace of the industry. $TRUMP has generated significant revenue for the 10 exchanges in Reuters' review: more than $172 million in trading fees, according to estimates based on standard fees compiled for the news agency by CoinDesk Data, a crypto industry data provider. Trade in the coin, meanwhile, has favored a small group of investors. At the top, 45 crypto wallets cleared about $1.2 billion in profits overall, while another 712,777 wallets have collectively lost $4.3 billion, according to trading data analyzed by crypto analysis firm Bubblemaps as of June 18. In the middle, more than half a million wallets made an average of $5,656 profit each. In listing $TRUMP, some exchanges proceeded despite a factor they'd previously labelled as a red flag: 80% of the coin's supply was held by the Trump family and its partners. Such a high concentration of ownership can allow the team behind a coin to sell large amounts of it at once, collapsing the price for retail investors. The terms of the $TRUMP coin specified that its total supply would be gradually unlocked over three years after initial release. On January 16, the day before $TRUMP was released, the New York State Department of Financial Services issued an alert to consumers about the risks of meme coins. Such coins, the notice said, are carried by platforms not licensed by the state and the supply of the digital tokens is often controlled by a small number of people. That opens the door to "pump-and-dump schemes," the regulator noted, in which public hype by their issuers leads to a jump in price – with big, early investors exiting and smaller retail buyers left holding the losses that follow. The NYDFS declined to comment beyond the guidance. Coinbase, which is subject to New York regulations, blocked state residents from accessing the token, but allowed U.S. customers elsewhere to trade. To list $TRUMP in New York, the exchange would have faced a long list of risk assessment and governance requirements. Some other exchanges acknowledged they looked past concerns about the concentration in a bid to serve customer demand. MEXC's chief operating officer, Tracy Jin, told Reuters that, because of the concentration of tokens, $TRUMP did not meet its usual standards for a full listing on its main board, but the exchange pushed ahead anyway due to strong demand. In a follow-up written statement, an MEXC spokesperson said that a "faster-than-usual" listing was possible because the coin had clear market momentum and it met "our listing standards early." Commenting on the Reuters listing-speed analysis, the spokesperson said market conditions and demand for political meme tokens had changed since 2022, "making direct comparisons less relevant." Bitget also had concerns about the 80% figure, CEO Chen told Reuters. "Eighty percent held by the team, even though there's a little bit of a lock-up period, is in my opinion very risky," said Chen. "Ultimately, user trading volume, demand … overrode the so-called risky factor here." Like some exchanges, Bitget, based in the Seychelles, does not have a business presence in the U.S. or serve clients who reside there, Chen said. "Globally," she added, "people are generally aware of the risks associated with trading meme coins." Upbit, which operates in South Korea, said it does not comment on specific coin listings but that it has "a rigorous and comprehensive evaluation process." Erald Ghoos, CEO for Europe of OKX, said the exchange's legal and compliance teams stayed up all night over different time zones to work on the listing. Seychelles-registered OKX says its diligence process requires "meticulous preparation." It decided to list $TRUMP within 26 hours. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

China Blasts US Ally Over Spying in Air Defense Zone
China Blasts US Ally Over Spying in Air Defense Zone

Newsweek

timean hour ago

  • Newsweek

China Blasts US Ally Over Spying in Air Defense Zone

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. China has accused Japan—a United States treaty ally in Northeast Asia—of sending spy planes to its so-called Air Defense Identification Zone (ADIZ) over the contested East China Sea. The remarks from Beijing come after Tokyo said YS-11EB intelligence-gathering aircraft had experienced close aerial encounters with Chinese planes while conducting surveillance over the region last week. Newsweek has reached out to the Japanese Defense Ministry for further comment via email. Why It Matters Japan forms part of a defensive island line known as the First Island Chain under a U.S. containment strategy that aims to restrict China's military activities in its immediate waters, including the East China Sea, which lies off China's eastern coast and separates it from Japan. The East Asian neighbors have two ongoing disputes in the East China Sea: one over the sovereignty of the uninhabited Senkaku island group—administered by Tokyo but claimed by Beijing as the Diaoyu Islands—and the other over energy exploration in the region. In 2013, China established an ADIZ—for the purpose of identification and early warning—over international waters in the East China Sea, outside its territorial airspace. The zone overlaps with those of Japan, South Korea and Taiwan, a Newsweek map shows. What To Know In a statement released on Sunday, Jiang Bin, spokesperson for China's Defense Ministry, claimed that Japan Air Self-Defense Force reconnaissance aircraft had entered China's ADIZ in the East China Sea multiple times for what the official called "close-in reconnaissance." Regarding the close aerial encounters between Japanese and Chinese aircraft that occurred on Wednesday and Thursday, the Chinese spokesperson defended the actions taken by his country's military. "Chinese aircraft responded by verifying, identifying, following, and monitoring [the Japanese aircraft]," the spokesperson said, adding that those actions were "fully justified, reasonable, professional, and standardized." The Chinese aircraft involved on both occasions were identified by Japan as JH-7 fighter-bombers. The Chinese official said the Japanese military's close-in reconnaissance and interference were the "root causes" of air and sea safety risks affecting the two militaries. China's Defense Ministry has not yet released any footage or images of the close aerial encounters. It remains unclear how close the Japanese YS-11EB aircraft were to China's territorial airspace, which extends 13.8 miles from its East China Sea coastline. A Chinese JH-7 fighter-bomber flies close to a Japanese YS-11EB intelligence-gathering aircraft over the East China Sea on July 9, 2025. A Chinese JH-7 fighter-bomber flies close to a Japanese YS-11EB intelligence-gathering aircraft over the East China Sea on July 9, 2025. Japan's Defense Ministry Japan has been closely monitoring China's military activities around the First Island Chain, including the recent tracking of two Chinese aircraft carriers in the broader Western Pacific Ocean, during which Chinese fighter jets intercepted a Japanese patrol aircraft in early June. What People Are Saying Jiang Bin, spokesperson for China's Defense Ministry, said in a statement on Sunday: "We hope that the Japanese side will work with the Chinese side to create a proper atmosphere for the stable development of bilateral relations." Japan's Defense Ministry said in a statement on Thursday of the Chinese interceptions: "Such an unusual approach by Chinese military aircraft could provoke an accidental collision." What Happens Next Japan is likely to continue its spy flights over the East China Sea as disputes with China remain unresolved. Aerial encounters between the two sides are expected to occur again.

North Korea Warns US Over Strategic Bombers Near Airspace
North Korea Warns US Over Strategic Bombers Near Airspace

Newsweek

time2 hours ago

  • Newsweek

North Korea Warns US Over Strategic Bombers Near Airspace

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. North Korea has accused the United States of threatening regional peace by deploying strategic bombers for a trilateral exercise over the Korean Peninsula last week. The drill—which involved aircraft from the U.S., Japan and South Korea—showed collective ability to respond immediately to regional security challenges, according to the U.S. military. Why It Matters North Korea is one of nine nuclear-armed nations, with an estimated 50 warheads and long-range missiles capable of delivering nuclear strikes against the U.S. mainland. Kim Jong Un, the country's leader, has vowed to pursue the "unlimited expansion" of his nuclear arsenal. Facing North Korea's growing threats, Japan and South Korea are under the protection of U.S. extended deterrence—also known as the nuclear umbrella—which refers to the pledge to deter and respond to nuclear threats, including through the use of U.S. nuclear weapons. What To Know A pair of American B-52H bombers was escorted by two Japanese F-2 fighter aircraft and two South Korean KF-16 fighter jets during a trilateral flight on Friday, according to the U.S. Indo-Pacific Command. It was the third such flight between the allies this year. Fighter aircraft from Japan and South Korea escort two U.S. B-52H bombers over the East China Sea on July 11, 2025. Fighter aircraft from Japan and South Korea escort two U.S. B-52H bombers over the East China Sea on July 11, 2025. South Korean Air Force The B-52H bomber is capable of carrying up to 70,000 pounds of ordnance, such as bombs and missiles, the U.S. Air Force says. According to the Federation of American Scientists, 46 of the 76 B-52H bombers are nuclear-capable, while the rest are conventionally armed only. It was not immediately clear whether the U.S. bombers that participated in the allied drill were nuclear-capable. Each nuclear-armed B-52H aircraft can carry up to 20 AGM-86B air-launched cruise missiles for nuclear strikes, the Federation of American Scientists added. According to the Japanese and South Korean defense ministries, the flight was conducted over the East China Sea, west of Japan's Kyushu Island and off the coast of South Korea's Jeju Island. Officially released photos show six allied military aircraft flying in formation. In a statement released on Sunday, the chief of the Policy Office of North Korea's Defense Ministry claimed that joint military activities between the U.S. and its two allies are the "main danger factors" heightening the level of military tension on the Korean Peninsula. "It is our just sovereign right to take countermeasures against provocative military actions such as the moves to strengthen the multilateral military alliance threatening the security of the region and the joint military drills with clear aggressive character," the statement warned. North Korea's Defense Ministry also said that the country's armed forces remain in "constant military preparedness" to counter what it called "collective provocations" by the U.S. and its allies, deter their aggression, and respond to "acts of war." Japanese and South Korean fighters are seen with American B-52H bombers over the East China Sea on July 11, 2025. Japanese and South Korean fighters are seen with American B-52H bombers over the East China Sea on July 11, 2025. South Korean Air Force What People Are Saying The U.S. Indo-Pacific Command said in a press release on Friday: "Our steadfast commitment fosters trust, strengthens cooperation, and reinforces the collective will and ability to maintain security and stability in the Indo-Pacific." Japan's Joint Staff Office said in a press release on Saturday: "This exercise strongly promotes trilateral cooperation to respond to regional security challenges amid an increasingly severe security environment surrounding Japan, and demonstrates the strong commitment of the three countries to secure a free and open international order based on the rule of law." South Korea's Defense Ministry said in a press release on Friday: "Based on close coordination, the three countries will cooperate to jointly deter and respond to North Korea's threats while continuing with three-way training." The chief of the Policy Office of North Korea's Defense Ministry said in a statement in English on Sunday: "We express serious concern over [U.S., Japanese and South Korean] hostile acts of persistently conducting provocative and threatening military actions while deliberately ignoring the security concern of [North Korea] and strongly warn of the grave consequences to be entailed by them on the regional situation." What Happens Next It remains to be seen whether North Korea will take further action, such as firing ballistic missiles toward waters near Japan and South Korea, thereby showcasing its military capabilities.

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