Tag Archives: VN

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

NEW YORK, June 16 (Reuters) – Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc (TSLA.O) and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.

Musk is CEO of both Tesla and SpaceX.

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“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”

The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.

Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.

A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme.

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants it tripled.

He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.

The complaint said Dogecoin’s selloff began around the time Musk hosted the NBC show “Saturday Night Live and, playing a fictitious financial expert on a “Weekend Update” segment, called Dogecoin “a hustle.”

Tesla in February 2021 said it had bought $1.5 billion of bitcoin and for a short time accepted it as payment for vehicles.

Dogecoin traded at about 5.8 cents on Thursday, down from its May 2021 peak of about 74 cents.

The case is Johnson v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

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Reporting by Jonathan Stempel in New York; Editing by Leslie Adler

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Oil rises on tight supplies; trade choppy on demand worries

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo

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  • Unrest halves Libyan oil outputMass COVID testing for Beijing’s Chaoyang district
  • U.S. inflation data heightens fears of further big rate hikes

NEW YORK, June 13 (Reuters) – Oil prices rose on Monday in a session of volatile trade, as tight global supplies outweighed worries that demand would be pressured by a flare-up in COVID-19 cases in Beijing and more interest rate hikes.

Brent crude rose 68 cents to $122.69 a barrel at 12:13 p.m. EDT (1613 GMT). U.S. West Texas Intermediate crude rose 61 cents to $121.28 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.

Oil supplies are tight, with OPEC and allies unable to fully deliver on pledged output increases because of a lack of capacity in many producers, sanctions on Russia, and unrest in Libya that has slashed output. read more

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Oil has surged in 2022 as Russia’s invasion of Ukraine compounded supply concerns and as demand recovered from COVID lockdowns. In March Brent hit $139, the highest since 2008. Last week, both oil benchmarks rose more than 1%.

“We were struggling with the Russian loss (of oil) so now add an exclamation point with the Libyan situation,” said Robert Yawger, executive director of energy futures at Mizuho.

On Saturday, the average price of U.S. gasoline exceeded $5 a gallon for the first time, data from the AAA showed. read more

Prompting demand concerns, Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” COVID-19 outbreak. read more

“We don’t know what’s going to happen with China. The mood is dour right now,” said Phil Flynn, analyst at Price Futures.

Concern about further rate hikes, heightened by Friday’s U.S. inflation data showing the consumer price index rose 8.6% last month, also pressured oil lower.

Other financial markets fell too, as investors worried the Federal Reserve may tighten policy too aggressively and cause a sharp slowdown. The S&P 500 was on track to confirm a bear market. The next Fed policy decision is on Wednesday. read more

In Europe, Francesco Giavazzi, the closest economic adviser to Italian Prime Minister Mario Draghi, said on Monday that European Central Bank interest rate hikes were not the right way to curb surging price rises. read more

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Reporting by Stephanie Kelly; additional reporting by Alex Lawler, Florence Tan and Mohi Narayan; Editing by Kirsten Donovan
Editing by Bernadette Baum and David Gregorio

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U.S. and allies trade barbs with China, but Ukraine dominates Asia security meet

SINGAPORE, June 11 (Reuters) – The United States and its allies traded barbs with China at Asia’s premier security meeting on Saturday, especially on Taiwan, but the war in Ukraine and a remote speech by President Volodymyr Zelenskiydominated proceedings.

U.S. Defense Secretary Lloyd Austin earlier told the Shangri-La Dialogue in Singaporethat Washington will do its part to manage tensions with China and prevent conflict even though Beijing was becoming increasingly aggressive in the region.

Zelenskiy, speaking via video link from an undisclosed location in Ukraine’s capital, Kyiv, told the delegates that their nations’ support was crucial not just to defeat the Russian invasion, but to preserve the rules-based order. read more

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“It is on the battlefields of Ukraine that the future rules of this world are being decided along with the boundaries of the possible,” he said.

He noted that Russia is blocking ports in the Black Sea and Azov Sea, keeping Ukrainian food exports from the world market.

“If … due to Russian blockades we are unable to export our foodstuffs, the world will face an acute and severe food crisis and famine in many countries in Asia and Africa,” he said.

China and the United States, which have clashed in recent months over everything from Taiwan and China’s human rights record to its military activity in the South China Sea, were again at odds.

Austin and Chinese Defence Minister Wei Fenghe met on Friday and reiterated they want to better manage their relationship but there was no sign of any breakthrough in resolving differences. read more

Austin said the United States would continue to stand by its allies, including Taiwan.

“That’s especially important as the PRC (People’s Republic of China) adopts a more coercive and aggressive approach to its territorial claims,” he said.

China claims self-ruled Taiwan as its own and has vowed to take it by force if necessary.

Austin said there had been an “alarming” increase in the number of unsafe and unprofessional encounters between Chinese planes and vessels with those of other countries.

Australia has said a Chinese fighter aircraft dangerously intercepted one of its military surveillance planes in the South China Sea region in May, and Canada’s military has accused Chinese warplanes of harassing its patrol aircraft as they monitor North Korea sanction evasions.

Taiwan has complained for years of repeated Chinese air force missions into its air defence identification zone, and Austin said these incursions had surged in recent months.

U.S. Secretary of Defense Lloyd Austin testifies before the Senate Appropriations Committee Subcommittee on Defense in Washington, U.S., May 3, 2022. Win McNamee/Pool via REUTERS/File Photo

Lieutenant General Zhang Zhenzhong, a senior Chinese military officer, called Austin’s speech a “confrontation”.

“There were many unfounded accusations against China. We expressed our strong dissatisfaction and firm opposition to these false accusations,” Zhang, vice chief of the joint staff department of China’s Central Military Commission, told reporters.

“The United States is trying to form a small circle in the Asia-Pacific region by roping in some countries to incite against some other countries. What should we call this other than confrontation?”

CLOSED-DOOR MEETING

Earlier this year, Washington said China appeared poised to help Russia in its war against Ukraine.

But since then, U.S. officials have said while they remain wary about China’s longstanding support for Russia in general, the military and economic support that they worried about has not come to pass, at least for now.

Ng Eng Hen, the defence minister of host Singapore, said the ties between China and Russia were discussed at a closed-door meeting of the ministers on Saturday, and that several delegates had asked Beijing to do more to rein in Moscow.

The defence minister of Japan, one of Washington’s closest allies in Asia, told the meeting that military cooperation between China and Russia had sharpened security concerns in the region. read more

“Joint military operations between these two strong military powers will undoubtedly increase concern among other countries,” Nobuo Kishi said at the Singapore meeting.

Canadian Defence Minister Anita Anand also spoke out against China.

“The interceptions by the Chinese of our (aircraft) are very concerning and unprofessional and we need to ensure that the safety and security of our pilots is not at risk, especially when they are simply monitoring as required under U.N.-sanctioned missions,” Anand told Reuters in an interview. read more

New Zealand voiced concern about Chinese attempts to gain influence in the Pacific islands. read more

Australian Defence Minister Richard Marles said it was reasonable to expect China to make clear it did not support the invasion of a sovereign country in violation of the U.N. Charter.

“That China has not done so should give us cause for concern, especially given the investments it is making in military power,” he said at the meeting.

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Reporting by Idrees Ali, Chen Lin, Kanupriya Kapoor and Joe Brock; Writing by Raju Gopalakrishnan; Editing by William Mallard and Gerry Doyle

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Vietnam’s Vinfast to build $2 bln electric vehicle factory in U.S.

HANOI/SAN FRANCISCO, March 29 (Reuters) – Vietnam’s automaker VinFast said on Tuesday it has signed a preliminary deal to initially invest $2 billion to build a factory in North Carolinato make electric buses, sport utility vehicles (SUVs) along with batteries for EVs.

The unit of Vietnam’s biggest conglomerate Vingroup (VIC.HM), said it plans to have a total investment of $4 billion in its first U.S. factory complex.

Construction should begin this year as soon as the company gets necessary permits, and is expected to finish by July 2024. The plant’s initial capacity will be 150,000 units per year, Vinfast said.

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“With a manufacturing facility right in the U.S. market, VinFast can stabilize prices and shorten product delivery time, making our EVs more accessible to customers,” said Nguyen Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO.

VinFast has begun taking pre-orders globally for two electric SUVs with a goal to begin delivering them in the fourth quarter.

U.S. President Joe Biden said the VinFast investment, which will create more than 7,000 jobs, is “the latest example of my economic strategy at work.”

“It builds on recent announcements from companies like GM, Ford, and Siemens to invest in America again and create jobs, said Biden, who set an ambitious goal for half of new car sales to be electric by 2030.

This will be North Carolina’s first car plant and it is the largest economic development announcement in the state’s history, the governor’s office said in a statement.

VinFast said prices for its VF8 sport SUV started from $41,000 in the United States. By comparison, a Tesla SUV sells for around $63,000. VinFast is targeting global electric vehicle sales of 42,000 this year.

PRODUCTION IS HARD

VinFast is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with affordable electric SUVs and a battery leasing model.

Other electric vehicle startups like Rivian and Lucid have slashed their production targets this year due to supply chain disruptions caused by coronavirus, which hit their share prices. read more

Tesla CEO Elon Musk said last year, “It’s insanely difficult to reach volume production at affordable unit cost.”

VinFast, which became Vietnam’s first fully fledged domestic car manufacturer in 2019, plans to transition to all-electric vehicle production from late 2022.

Outside of North America, the company is looking for a plant in Germany, it said in January.

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Reporting by Phuong Nguyen in Vietnam and Hyunjoo Jin in San Francisco; Editing by Chizu Nomiyama and David Gregorio

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Thich Nhat Hanh, poetic peace activist and master of mindfulness, dies at 95

Jan 22 (Reuters) – Thich Nhat Hanh, the Zen Buddhist monk, poet and peace activist who in the 1960s came to prominence as an opponent of the Vietnam War, died on Saturday aged 95 surrounded by his followers in the temple where his spiritual journey began.

“The International Plum Village Community of Engaged Buddhism announces that our beloved teacher Thich Nhat Hanh passed away peacefully at Tu Hieu Temple in Hue, Vietnam, at 00:00hrs on 22nd January, 2022, at the age of 95,” said his official Twitter account.

His week-long funeral will be held at the temple in a quiet and peaceful manner, according to his followers.

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“Thich Nhat Hanh will be remembered as arguably one of the most influential and prominent religious leaders in the world,” Chargé d’Affaires Marie C. Damour of U.S. Mission to Vietnam said in a statement.

“Through his teachings and literary work, his legacy will remain for generations to come,” she said, adding that his teachings, in particular on bringing mindfulness into daily life, have enriched the lives of innumerable Americans.

In a majestic body of works and public appearances spanning decades, Thich Nhat Hanh spoke in gentle yet powerful tones of the need to “walk as if you are kissing the earth with your feet”.

He suffered a stroke in 2014 which left him unable to speak and returned to Vietnam to live out his final days in the central city of Hue, the ancient capital and his place of birth, after spending much of his adult life in exile.

As a pioneer of Buddhism in the West, he formed the “Plum Village” monastery in France and spoke regularly on the practice of mindfulness – identifying and distancing oneself from certain thoughts without judgement – to the corporate world and his international followers.

“You learn how to suffer. If you know how to suffer, you suffer much, much less. And then you know how to make good use of suffering to create joy and happiness,” he said in a 2013 lecture.

“The art of happiness and the art of suffering always go together”.

Born Nguyen Xuan Bao in 1926, Thich Nhat Hanh was ordained as a monk as modern Vietnam’s founding revolutionary Ho Chi Minh led efforts to liberate the Southeast Asian country from its French colonial rulers.

Thich Nhat Hanh, who spoke seven languages, lectured at Princeton and Columbia universities in the United States in the early 1960s. He returned to Vietnam in 1963 to join a growing Buddhist opposition to the U.S.-Vietnam War, demonstrated by self-immolation protests by several monks.

“I saw communists and anti-communists killing and destroying each other because each side believed they had a monopoly on the truth,” he wrote in 1975.

“My voice was drowned out by the bombs, mortars and shouting”.

‘LIKE A PINE TREE’

Towards the height of the Vietnam War in the 1960s he met civil rights leader Martin Luther King, whom he persuaded to speak out against the conflict.

King called Thich Nhat Hanh “an apostle of peace and non-violence” and nominated him for the Nobel Peace Prize.

“I do not personally know of anyone more worthy of the Nobel Peace Prize than this gentle Buddhist monk from Vietnam,” King wrote in his nomination letter.

While in the United States to meet King a year earlier, the South Vietnamese government banned Thich Nhat Hanh from returning home.

Fellow monk Haenim Sunim, who once acted as Thich Nhat Hanh’s translator during a trip to South Korea, said the Zen master was calm, attentive and loving.

“He was like a large pine tree, allowing many people to rest under his branches with his wonderful teaching of mindfulness and compassion,” Haemin Sunim told Reuters.

“He was one of the most amazing people I have ever met.”

Thich Nhat Hanh’s works and promotion of the idea of mindfulness and meditation have enjoyed a renewed popularity as the world reels from the effects of a coronavirus pandemic that has killed over a million people and upended daily life.

“Hope is important, because it can make the present moment less difficult to bear,” Thich Nhat Hanh wrote. “If we believe that tomorrow will be better, we can bear a hardship today.

“If you can refrain from hoping, you can bring yourself entirely into the present moment and discover the joy that is already here.”

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Reporting by James Pearson; Additional reporting by Tom Heneghan in Paris; Editing by Nick Macfie, Rosalba O’Brien and Jacqueline Wong

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China says it warned away U.S. warship in South China Sea

BEIJING, Jan 20 (Reuters) – Chinese forces followed and warned away a U.S. warship which entered waters near the Paracel Islands in the South China Sea, the country’s military said on Thursday, in the latest uptick in tensions in the disputed waterway.

The Southern Theatre Command of the People’s Liberation Army said the USS Benfold “illegally” sailed into Chinese territorial waters without permission, violating the country’s sovereignty, and that Chinese naval and air forces tracked the ship.

“We solemnly demand that the U.S. side immediately stop such provocative actions, otherwise it will bear the serious consequences of unforeseen events,” it added.

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The U.S. Navy said the Benfold “asserted navigational rights and freedoms in the vicinity of the Paracel Island, consistent with international law”.

“At the conclusion of the operation, USS Benfold exited the excessive claim and continued operations in the South China Sea,” 7th Fleet spokesman Mark Langford said.

The United States frequently carries out what it calls freedom of navigation missions in the South China Sea to challenge Chinese territorial claims.

China has established military outposts on artificial islands in the waters, which are crossed by vital shipping lanes and also contain gas fields and rich fishing grounds.

The South China Sea has become one of many flashpoints in the testy relationship between China and the United States, with Washington rejecting what it calls unlawful territorial claims by Beijing.

China claims vast swaths of the South China Sea. Taiwan, Vietnam, Malaysia, Brunei and the Philippines all have overlapping claims.

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Reporting by Beijing newsroom; Writing by Ben Blanchard; Editing by Himani Sarkar and Kenneth Maxwell

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DirecTV loss could cripple rightwing One America News

Mississippi Senator Cindy Hyde-Smith speaks to a reporter from One America News Network (OANN) from a bus window after a tour around a section of the U.S.-Mexico border on a Texas Highway Patrol vessel in Mission, Texas, U.S., March 26, 2021. REUTERS/Go Nakamura

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WASHINGTON, Jan 15 (Reuters) – The largest satellite provider in the United States said late Friday it will drop One America News, a move that could financially cripple the rightwing TV network known for fueling conspiracy theories about the 2020 election.

The announcement by DirecTV, which is 70% owned by AT&T, comes three months after a Reuters investigation revealed that OAN’s founder testified that AT&T inspired him to create the network. Court testimony also showed that OAN receives nearly all of its revenue from DirecTV.

To read the Reuters report, click here: https://www.reuters.com/investigates/special-report/usa-oneamerica-att/

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The Reuters report drew calls from some liberal groups for AT&T and DirecTV to drop OAN, a favorite of former President Donald Trump, because the network has become a key source of false claims about the election and COVID vaccinations.

On Thursday, President Joe Biden said COVID conspiracy theories are putting lives at risk. “I make a special appeal to social media companies and media outlets: Please deal with the misinformation and disinformation that’s on your shows,” Biden said. “It has to stop.”

OAN is owned by San Diego-based Herring Networks, a family of conservative tech entrepreneurs. CEO Robert Herring Sr did not respond to requests for comment by email and phone. In an interview with Reuters last year, he said his network provided an important voice. “If I think I’m right, I just go for it,” he said.

DirecTV, with approximately 15 million subscribers, is by far OAN’s largest carrier. According to testimony by OAN’s accountant reviewed by Reuters, DirecTV provided 90% of the conservative network’s revenue.

“We informed Herring Networks that, following a routine internal review, we do not plan to enter into a new contract when our current agreement expires,” DirecTV said in a statement.

The OAN-DirecTV contract is set to expire in the next several months. DirecTV began airing OAN in April 2017, a deal that began shortly after OAN and AT&T settled a lawsuit over alleged oral promises during negotiations.

Former President Trump, speaking at a rally in Florence, Arizona, said OAN was targeted because of politics and urged his supporters to think twice about using AT&T’s services. “Maybe what we should do is not use AT&T,” he said.

On Twitter, some conservatives expressed outrage that DirecTV and AT&T planned to drop OAN. “Corporate Media is crushing what little dissent remains,” tweeted former Fox Business Network host Lou Dobbs.

The pro-Trump right, however, has powerful outlets on television and online, including Fox News, the conservative cable news outlet founded by Rupert Murdoch.

Liberals cheered the news. NAACP President Derrick Johnson called it “a victory for us and the future of democracy.” In a statement, Johnson added: “At a time when we are seeing our rights infringed upon, OAN only seeks to create further division. … We must continually choose truth over lies and common sense over hysteria.”

The news also follows a lawsuit filed on December 23 by two Georgia election workers who accused OAN and Trump lawyer Rudy Giuliani of spreading false vote-rigging claims about them in the aftermath of the 2020 presidential election. The claims were debunked by state authorities. OAN has denied it has done anything wrong.

DirecTV did not elaborate on why it planned to drop OAN. Earlier, an AT&T spokesman said the company airs “many news channels that offer viewpoints across the political spectrum.”

The Reuters investigative report in October cited sworn statements in which OAN’s founder and his son testified that the inspiration for the conservative network came from AT&T executives.

“They told us they wanted a conservative network,” the elder Herring said during a 2019 deposition. “They only had one, which was Fox News, and they had seven others on the other [leftwing] side. When they said that, I jumped to it and built one.”

During a 2020 court proceeding, a transcript shows, an OAN lawyer told the court, “If Herring Networks, for instance, was to lose or not be renewed on DirecTV, the company would go out of business tomorrow.”

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Reporting by John Shiffman; Additional reporting by Jason Szep and Jonathan Allen; Editing by Ronnie Greene

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Philippines to acquire missile system from India for $375 mln

Philippine Defence Secretary Delfin Lorenzana answer questions during a Reuters interview at the military headquarters of Camp Aquinaldo in Quezon city, metro Manila, Philippines February 9, 2017. REUTERS/Romeo Ranoco

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MANILA, Jan 15 (Reuters) – The Philippines has finalised a deal to acquire a shore-based anti-ship missile system from India for nearly $375 million to beef up its navy, the Southeast Asian nation’s defence minister said.

The Philippines is in the late stages of a five-year, 300 billion pesos ($5.85 billion) project to modernise its military’s outdated hardware that includes warships from World War Two and helicopters used by the United States in the Vietnam War.

Under the deal negotiated with the government of India, Brahmos Aerospace Private Ltd will deliver three batteries, train operators and maintainers, and provide logistics support, Defence Secretary Delfin Lorenzana said in a Facebook post late on Friday.

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It was conceptualised in 2017, but faced delays in budget allocation and due to the coronavirus pandemic.

The new anti-ship system aims to deter foreign vessels from encroaching on the country’s 200 nautical mile exclusive economic zone.

In 2018, the Philippines bought Israeli-made Spike ER missiles, its first-ever ship-borne missile systems for maritime deterrence.

Despite friendlier ties between China and the Philippines under President Rodrigo Duterte, Beijing has remained adamant in claiming large portions of the South China Sea, a conduit for goods in excess of $3.4 trillion every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have lodged competing claims.

A 2016 international arbitration ruling, however, said the Chinese claims had no legal basis.

($1 = 51.31 Philippine pesos)

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Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman

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Blinken touts deeper U.S. engagement amid concern over ‘aggressive’ China

  • Says Indo-Pacific must be free from coercion, intimidation
  • Cites discontent over Chinese firms, loans, infrastructure
  • U.S. to help keep internet free, secure – Blinken
  • Blinken visiting Indonesia, Malaysia, Thailand

JAKARTA, Dec 14 (Reuters) – Secretary of State Antony Blinken on Tuesday touted a U.S. strategy to deepen its Asian treaty alliances, offering to boost defence and intelligence work with partners in an Indo-Pacific region increasingly concerned over China’s “aggressive actions”.

During a visit to Indonesia, Blinken described the Indo-Pacific as the world’s most dynamic region and said everyone had a stake in ensuring a status quo that was without coercion and intimidation, in a barely veiled reference to China.

He said United States, its allies and some South China Sea claimants would push back against any unlawful action.

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“We’ll work with our allies and partners to defend the rules-based order that we’ve built together over decades to ensure the region remains open and accessible,” he said in a speech at a university.

“Let me be clear: the goal of defending the rules-based order is not to keep any country down. Rather, it’s to protect the right of all countries to choose their own path, free from coercion and intimidation.”

China claims almost the entire South China Sea as its own, despite some overlapping claims with other coastal states and an international tribunal that ruled that China’s vast claim has no legal basis.

Beijing has rejected the U.S. stance as interference from an outside power that could threaten Asia’s stability. China’s foreign ministry had no immediate comment on Blinken’s remarks.

Blinken is making his first visit to Southeast Asia since President Joe Biden took office in January, a trip aimed at shoring up relations after a period of uncertainty about U.S. commitment to Asia under the administration of Donald Trump.

‘A BETTER KIND OF INFRASTRUCTURE’

Despite tensions in the South China Sea, Beijing’s influence has grown in recent years as it pushes more infrastructure investment and integrated trade ties in the Asia-Pacific, in the perceived absence of a U.S. economic strategy for the region.

Blinken said the United States would strengthen ties with treaty allies like Japan, South Korea, Thailand and the Philippines and boost defence and intelligence capabilities with Indo-Pacific partners, as well as defending an open and secure internet.

He stressed, however, that it was not a contest between a U.S.-centric or China-centric region.

He also said Washington was committed to pressing the military junta in Myanmar to end violence, free detainees and return to an inclusive democracy.

The United States was also committed to a new comprehensive regional economic framework, which would include more U.S. foreign direct investment and U.S. companies identifying new opportunities in the region, he said, without providing details.

The administration has yet to spell out what exactly Biden’s envisaged economic framework will entail. The Trump administration walked away from a U.S.-inspired multinational Pacific trade deal, in 2017.

Blinken, who will also visit Malaysia and Thailand this week, said the United States would work to strengthen supply chains and close the region’s infrastructure gaps, from ports and roads to power grids and the internet.

In another swipe at China, he said the United States was hearing increasing concerns in the Indo-Pacific about opaque, corrupt processes of foreign companies that imported their own labour, drained natural resources and polluted the environment.

“Countries in the Indo-Pacific want a better kind of infrastructure,” he said.

“But many feel it’s too expensive – or they feel pressured to take bad deals on terms set by others, rather than no deals at all.”

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Reporting by Humeyra Pamuk; Writing by Martin Petty; Editing by Robert Birsel and Stephen Coates

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Xi tells Southeast Asian leaders China does not seek ‘hegemony’

Chinese President Xi Jinping speaks at a meeting commemorating the 110th anniversary of Xinhai Revolution at the Great Hall of the People in Beijing, China October 9, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

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  • China will not ‘bully’ smaller countries – Xi
  • Duterte slams Chinese behaviour in South China Sea
  • Myanmar not represented at summit

BEIJING, Nov 22 (Reuters) – Chinese President Xi Jinping told leaders of the 10-country Association of Southeast Asian Nations (ASEAN) at a summit on Monday that Beijing would not “bully” its smaller regional neighbours, amid rising tension over the South China Sea.

Beijing’s territorial claims over the sea clash with those of several Southeast Asian nations and have raised alarm from Washington to Tokyo.

But Xi said China would never seek hegemony nor take advantage of its size to coerce smaller countries, and would work with ASEAN to eliminate “interference”.

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“China was, is, and will always be a good neighbour, good friend, and good partner of ASEAN,” Chinse state media quoted Xi as saying.

China’s assertion of sovereignty over the South China Sea has set it against ASEAN members Vietnam and the Philippines, while Brunei, Taiwan and Malaysia also lay claim to parts.

The Philippines on Thursday condemned the actions of three Chinese coast guard vessels that it said blocked and used water cannon on resupply boats headed towards a Philippine-occupied atoll in the sea.

The United States on Friday called the Chinese actions “dangerous, provocative, and unjustified,” and warned that an armed attack on Philippine vessels would invoke U.S. mutual defence commitments. read more

Philippine President Rodrigo Duterte told the summit hosted by Xi that he “abhors” the altercation and said the rule of law was the only way out of the dispute. He referred to a 2016 international arbitration ruling which found China’s maritime claim to the sea had no legal basis. read more

“This does not speak well of the relations between our nations,” said Duterte, who will leave office next year and has been criticised in the past for failing to condemn China’s conduct in the disputed waters.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

MYANMAR NO SHOW

Xi told the summit that China and ASEAN had “cast off the gloom of the Cold War” – when the region was wracked by superpower competition and conflicts such as the Vietnam War – and had jointly maintained regional stability.

China frequently criticises the United States for “Cold War thinking” when Washington engages its regional allies to push back against Beijing’s growing military and economic influence.

U.S. President Joe Biden joined ASEAN leaders for a virtual summit in October and pledged greater engagement with the region. read more

The summit was held without a representative from Myanmar, Malaysia’s Foreign Minister Saifuddin Abdullah said on Monday. The reason for the non-attendance was not immediately clear, and a spokesperson for Myanmar’s military government did not answer calls seeking comment.

ASEAN sidelined Myanmar junta leader Min Aung Hlaing, who has led a bloody crackdown on dissent since seizing power on Feb. 1, from virtual summits last month over his failure to make inroads in implementing an agreed peace plan, in an unprecedented exclusion for the bloc.

Myanmar refused to send junior representation and blamed ASEAN for departing from its non-interference principle and caving to Western pressure.

China lobbied for Min to attend the summit, according to diplomatic sources. read more

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Reporting by Gabriel Crossley, Rozanna Latiff and Martin Petty; Editing by Stephen Coates

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