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SYDNEY, June 29 (Reuters) - The former premier of Australia's most populous state engaged in corrupt conduct involving another lawmaker with whom she was in a secret romantic relationship, a years-long corruption inquiry that examined business dealings with China said on Thursday. The inquiry said Maguire sought to use his government office to "create a network between China and Australia and to make a commission in multiple ways". The commission found Maguire engaged in "serious corrupt conduct" between 2012 and 2018 for the migration scheme and other misconduct. It said he misused his role as chairman of the New South Wales Parliament's Asia Pacific Friendship Group to advance the commercial interests of a Chinese business association in South Pacific nations. The commission said it would seek advice from the Director of Public Prosecutions on whether further prosecutions should be commenced into Maguire.
Persons: Gladys Berejiklian, Daryl Maguire, Maguire, Berejiklian, Barry O'Farrell, Kirsty Needham, Stephen Coates Organizations: SYDNEY, New South Wales Independent, Corruption, New, Liberal, Australian Council, Australia, Pacific Friendship Group, New South Wales, Public, Maguire, Thomson Locations: Australia's, China, New, New South Wales, Berejiklian, Australia, South Pacific, Beijing, Sydney, Liaoning, New South
Chris Michael started a karaoke channel on YouTube as a way to repurpose his "soundalike" content. With that many subscribers, the YouTube channel could generate enough revenue through ads to make it a worthwhile deal for the rights holders. That started a long chain of conversations with music labels, publishers, and rights holders. This gave rights holders the tools and reassurance they needed to do deals with people like us. We currently provide karaoke on YouTube but want to provide a bigger karaoke experience — that's our next project.
Persons: Chris Michael, Michael, , we'd, we're Organizations: YouTube, Service, iTunes, Sing Locations: North West London, Indonesia, Philippines, South America
Watch CNBC's full interview with Adam Crisafulli and Raji Gill
  + stars: | 2023-06-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Adam Crisafulli and Raji GillAdam Crisafulli, Vital Knowledge founder and Raji Gill, Needham managing director, join 'Closing Bell Overtime' to discuss the day's market action, Micron earnings, and more.
Persons: Adam Crisafulli, Raji Gill Adam Crisafulli, Raji Gill, Needham Organizations: Vital Knowledge, Micron
Richard Marles, on his first visit to the Solomon Islands as defence minister, was also expected to meet members of the Solomon Islands International Assistance Force, which includes Australian police deployed in 2021 at Sogavare's request to quell anti-government riots. Marles, in comments before he arrived in the capital, Honiara, said Australia's partnership with Solomon Islands was "more important than ever". Australia is a major aid donor and has a decades-long security relationship with the Solomon Islands. Chinese police have taken an increasing role in training and equipping the Royal Solomon Islands Police Force in recent months, the force has indicated in statements. Solomon officials said Marles would meet Sogavare after a meeting with Foreign Minister Jeremiah Manele.
Persons: Manasseh Sogavare, Richard Marles, Sogavare, Xu Qu, Solomon, Marles, Jeremiah Manele, Kirsty Needham, Robert Birsel Organizations: SYDNEY, Pacific, Solomon, International Assistance Force, Australian, Royal Solomon Islands Police Force, Pacific Games, China Police, Thomson Locations: Solomon, China, Solomon Islands, Honiara, Australia, Canberra, Washington
Check out the companies making headlines in premarket trading. General Mills — Shares dropped 3.9% following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. The Wall Street bank said Pinterest is making the strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges, including a partnership with Amazon. ZoomInfo — Shares of the software company added 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating.
Persons: Mills, Betty Crocker, Biden, Wells, Pinterest, Goldman Sachs, Morgan Stanley, Needham, ZoomInfo, Yun Li, Jesse Pound Organizations: Safeway, Nvidia, Street Journal, iShares Semiconductor, Amazon Locations: San Anselmo , California, China
Pinterest — Shares climbed more than 5% in midday trading. The Wall Street firm said it anticipated more subscribers and the potential discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada. AeroVironment also said it anticipates full-year revenue of $630 million to $660 million, beating the $600 million expected by analysts. ZoomInfo also received positive coverage from Morgan Stanley, which reiterated an overweight rating on the stock. Snowflake — Shares added 5.5% after the data cloud company reiterated its full-year guidance during an investor day Tuesday.
Persons: Wells, Mills, Betty Crocker, Oppenheimer, AeroVironment, ZoomInfo, Needham, Morgan Stanley, Goldman Sachs, Arcline, BancShares, , Alex Harring, Brian Evans, Jesse Pound, Michael Bloom Organizations: New York Stock Exchange, Norwegian Cruise, Royal, Refinitiv, Nvidia, Journal, Netflix, Joby, Reuters, KKR . First Locations: Norwegian, Royal Caribbean, China, Canada, Refinitiv, North Carolina
Goldman Sachs reiterates Snowflake as buy Goldman said it's standing by its buy rating after the company's investor day. JPMorgan reiterates Pepsi as overweight JPMorgan said Pepsi is a "safe haven" heading into earnings in July. Wells Fargo upgrades Pinterest to overweight from equal weight Wells Fargo said it sees "above-consensus revenue growth" for Pinterest. Deutsche Bank downgrades Walgreens to hold from buy Deutsche Bank downgraded the stock after its disappointing earnings results earlier this week. Deutsche Bank initiates Western Alliance as hold Deutsche Bank said the regional bank's "funding pressures persist."
Persons: Goldman Sachs, Goldman, Snowflake, it's, Wells, Wells Fargo, Daiwa downgrades Uber, EBITDA, Deere, Canaccord, Oppenheimer, Morgan Stanley, CarMax, Needham, CFRA, KeyBanc Organizations: Nvidia, JPMorgan, Pepsi, Nike, Netflix, Deutsche Bank, Walgreens, RBC, Western Alliance, KMX, Delta, Barclays, Bank of America, Old Dominion, of America, Dominion, ZoomInfo Technologies, Lincoln, EV Locations: China, NVDA, Canada, Old
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe creator economy is expected to double in ad revenue by 2027, says Deepwater's Gene MunsterCNBC's Alex Sherman, Deepwater's Gene Munster, Needham's Laura Martin join 'The Exchange' to discuss legacy media brands struggling to compete with Netflix, Netflix's password sharing crackdown, and growth from user-generated content.
Persons: Deepwater's Gene Munster, Alex Sherman, Needham's Laura Martin Organizations: Netflix
People walk by a Dollar Tree store on December 11, 2018 in the Brooklyn borough of New York City. FedEx — The delivery company fell 1.7% after quarterly revenue missed expectations and announced CFO Mike Lenz would retire on July 31. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was around flat. Advanced Micro Devices — Shares of the chipmaker pulled back nearly 5%, on track for their biggest intraday loss in two weeks. Dollar Tree — Shares of Dollar Tree popped more than 3% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance.
Persons: Mike Lenz, MicroStrategy, Tesla, Rivian, Goldman, OneSpaWorld, Walt Disney, Needham, Laura Martin, Bob Iger, Raymond James, Uniqure, hemophilia, Yun Li, Michelle Fox, Jesse Pound, Sarah Min, Brian Evans Organizations: Federal Trade Commission, Amazon, FedEx, Securities and Exchange Commission, Barclays, GlaxoSmithKline —, Petrobras —, Walt Disney —, AMD Locations: Brooklyn, New York City, bitcoin, Netherlands
Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.
Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's
[1/3] A Taiwan flag can be seen at Liberty Square in Taipei, Taiwan, July 28, 2022. REUTERS/Ann Wang/File PhotoSYDNEY, June 20 (Reuters) - Australians would support responding to a Chinese attack on Taiwan with economic sanctions, arms supplies or using the navy to prevent a blockade, but don't support sending troops, an opinion poll to be released Wednesday finds. Ryan Neelam, director of public opinion at the foreign policy think tank, said the poll showed Australians are "cautious about conflict", but willing to support Taiwan without becoming a ground combatant. Eighty percent support accepting Taiwanese refugees, 76% support "imposing economic and diplomatic sanctions on China", 64% support "Australia sending arms and military supplies to the Taiwanese government", and 61% support "using the Australian Navy to help prevent China from imposing a blockade around Taiwan". Only 42% supported sending "Australian military personnel to Taiwan to help defend it from China".
Persons: Ann Wang, Anthony Albanese, Asia's, Ryan Neelam, Michael Fullilove, Kirsty Needham, Gerry Doyle Organizations: Liberty, REUTERS, Lowy Institute, U.S, Australian Navy, Thomson Locations: Taiwan, Taipei, Canberra, United States, Beijing, Australia, China, Asia, U.S, Sydney
Aside from monitoring capabilities, a large, permanent presence on Cuba "is an important symbol, getting right under the noses of the U.S. and reflecting China's global ambitions", he said. In 2019, Reuters reported that China's military was running a space monitoring station in Argentina. Regional diplomats say that as China builds a global military intelligence network, it lacks a U.S.-style system of alliances and partnerships that can help discreet surveillance efforts. China's defence ministry declined to comment. "This trend is only going to grow alongside China's global reach," said Singapore-based defence analyst Alexander Neill.
Persons: Diego Garcia, Carl Thayer, China's, Antony Blinken, Alexander Neill, Greg Torode, Kirsty Needham, Laurie Chen, Gerry Doyle Organizations: People's Liberation Army, Australian Defence Force Academy of, Australian National University, PLA, Reuters, Defence, South China, International Institute for Strategic Studies, China, Support Force, Pentagon, Thomson Locations: HONG KONG, China, Cuba, Beijing, United States, U.S, Britain, Canada, Australia, New Zealand, Taiwan, Guam, British, CUBA, Coast, Florida, Russia, Moscow, Argentina, CHINA, Hainan, South, Southeast Asia, London, Namibia, Pakistan, Kenya, Myanmar, Sri Lanka, Tanzania, Angola, China's, Singapore, Sydney
Piper Sandler initiates Domino's as overweight Piper said it sees an attractive risk/reward for Domino's shares. Piper Sandler reiterates Meta as outperform Piper Sandler raised its price target on the stock to $310 per share from $270 and said ad spend is "holding up." Citi downgrades Logitech to neutral from buy Citi downgraded the stock due to the unexpected departure of CEO Bracken Darrell. Citi reiterates Accenture as buy Citi said the Dublin-based IT company is an AI beneficiary. Piper Sandler initiates Bentley Systems as overweight Piper said the company is a "high quality industrial software franchise operating with scale."
Persons: Piper Sandler, Piper, Wolfe, it's bullish, Bernstein, Gordon Haskett downgrades, Gordon Haskett, Needham, ServiceNow, Bracken Darrell, Guy Gecht, Raymond James, Dave, Buster's, Riley downgrades Cinemark, Riley, Li, Morgan Stanley, Tesla, Splunk, TD Cowen, Wingstop, Cowen, it's, Estée Lauder, Berenberg, Roth, Morgan, Bud Light Organizations: Barclays, Netflix, FedEx, Apple, TAM, Citi, Logitech, Materials, SVB Securities, PayPal, Linde, LIN, Bank of America, Oculis, Dave, Cinemark Holdings, Inc, Accenture, IT Services, Li Auto Citi, China, Li, SSS, Bentley Systems, Photonics, Technologies, AMD Data Center, JPMorgan, DG, Anheuser, Busch InBev, Molson Coors, & $ Locations: 3Q22, 4Q22, 2H23, Latin America, Dublin, Bergamo
SYDNEY, June 7 (Reuters) - Vanuatu Prime Minister Ishmael Kalsakau said his government "must remove the stigma" from a security agreement with Australia and work toward having it ratified by parliament, local media reported on Wednesday. The Pacific Islands nation signed a security treaty covering disaster relief, defence, policing and cyber security with Australia in December, but during a visit by Australia Defence Minister Richard Marles on Tuesday, Vanuatu officials said the document was still being examined. Some Vanuatu politicians who favour ties with China, a major infrastructure lender, have expressed concern over the deal. "We must remove the stigma that the agreement is one-sided and does not reflect Vanuatu’s sovereignty," Kalsakau said in a speech, the Vanuatu Daily Post reported on Wednesday. China's navy sent a ship with humanitarian supplies to Vanuatu in April after two cyclones hit in March.
Persons: Ishmael Kalsakau, Richard Marles, Kalsakau, Kirsty Needham, Editng, Gerry Doyle Organizations: SYDNEY, Vanuatu, Australia, Australia Defence, Vanuatu Daily Post, Australian Defence Force, HMAS Canberra, Thomson Locations: Australia, China, Vanuatu, Washington, United States, Papua New Guinea
Here's why Coinbase stock is tumbling
  + stars: | 2023-06-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Coinbase stock is tumblingJohn Todaro, Needham VP of crypto assets and blockchain research, joins ‘Squawk on the Street’ to discuss Coinbase as the company's stock plummeted after the SEC sued the company over the exchange and stalking program.
Persons: John Todaro, Needham, Squawk Organizations: SEC
The U.S. leads quantum computing - the next generation of computers expected to solve once unsolvable problems and enable faster communication. Quantum sensors could be used in threat detection for defence, ASPI said. The combined strength of AUKUS nations made them competitive with China in half of the technologies, it said. The transfer of nuclear-powered submarine technology -- an area where the U.S. holds a capability edge over China -- to Australia is the highest-profile AUKUS project. The legislative proposals are "necessary steps for the AUKUS nuclear-powered submarines program," Conroy said in a statement.
Persons: Read, ASPI, for Defence Industry Pat Conroy, Conroy, Joe Biden, Kirsty Needham, William Maclean Organizations: National Congress, Communist Party of, Australian Strategic Policy Institute, China, for Defence Industry, U.S . Congress, U.S . Navy, Thomson Locations: Communist Party of China, SYDNEY, China, Australia, Britain, U.S, Beijing, Russia, Germany, Baltic, The U.S, Moscow, . Virginia, Virginia, Sydney
Oppenheimer reiterates Meta as outperform Oppenheimer raised its price target on the stock to $350 per share from $285 and said it's well-positioned. Deutsche Bank upgrades Rio Tinto to buy from hold Deutsche Bank said shares of the metals and mining company are very attractive. Morgan Stanley reiterates Disney as overweight Morgan Stanley lowered its price target on the stock to $110 from $120 but said it's standing by the shares. " Morgan Stanley downgrades Dollar General to equal weight from overweight Morgan Stanley said in its downgrade of Dollar General that it sees too many risks right now. Morgan Stanley upgrades Equitrans Midstream to overweight from underweight Morgan Stanley said the energy company is better positioned after the debt ceiling raise.
Persons: Tesla, Canaccord, Oppenheimer, it's, TD Cowen, Cowen, Bernstein, it's bullish, Needham, Coinbase, Morgan Stanley, Disney, KeyBanc, Jefferies, Wolfe, Wells, Wells Fargo, Estee Lauder, Morgan Stanley downgrades, Equitrans, Stifel, Brett Parker, JPMorgan Chase Organizations: U.S, Formula, Deutsche Bank, Rio Tinto, Disney, Media, Target, Costco, Jefferies, Oracle, Palo Alto Networks, Alpha, Citi, Micron, Wells Fargo, Nike, Bank of America, Apple, of America, Pipeline, Barclays, Meta, JPMorgan Chase, JPMorgan Locations: China, Rio, Lido, Binance, Palo, SKX
Asia security summit kicks off amid US-China tensions
  + stars: | 2023-06-02 | by ( Joe Brock | ) www.reuters.com   time to read: +3 min
The Shangri-La Dialogue, which attracts senior military officers, diplomats, weapons makers and security analysts from around the globe, is taking place June 2-4 in Singapore. Australian Prime Minister Anthony Albanese will deliver the keynote address on Friday evening, before U.S. Defence Secretary Lloyd Austin and China's new Defence Minister Li Shangfu are expected to trade barbs in speeches over the weekend. Li, who was named China's new defence minister in March, was sanctioned by the U.S. in 2018 over weapons purchases from Russia. The United States is Australia's biggest security ally, and Beijing has criticised a deal announced in March to buy U.S. nuclear-powered submarines. Australia’s defence chief has said that as great power competition in the region persists, his country is focused on deterring conflict and deepening engagement with partners, including Pacific island and South East Asian nations.
Persons: Dr Ng Eng Hen, Lloyd Austin, Anthony Albanese, Li Shangfu, Li, Austin . Li, National Intelligence Avril Haines, Zhu Qichao, Joe Brock, Greg Torode, Kanupriya Kapoor, Xinghui Kok, Chen Lin, Raju Gopalakrishnan, Kirsty Needham, Gerry Doyle Organizations: U.S . Defense, Singapore Ministry of Defence, REUTERS, Singapore . Australian, U.S, Defence, Austin, National Intelligence, China, New Zealand, Albanese Labor, ASEAN, South East, Thomson Locations: Singapore, REUTERS SINGAPORE, United States, China, Taiwan, South China, Washington, Beijing, U.S, Russia, American, ., AUSTRALIA, Australia, Britain, Canada, New, Pacific, South
SYDNEY, June 2 (Reuters) - Bank of China (601988.SS) chairman Ge Haijiao has travelled to Papua New Guinea (PNG) as the world's fourth-largest bank seeks an operating licence in the Pacific Islands nation, which is seeking to boost China trade while expanding U.S. defence ties. China, a major infrastructure lender and creditor in the Pacific Islands, struck a security pact with PNG's neighbour Solomon Islands last year. State-owned Bank of China has applied for a commercial operating licence that is still being processed. China had grown from a rural economy to the second-largest on earth, he said, urging Bank of China to fill gaps in the PNG banking market. Bank of China said in a statement it was the first branch of a Chinese bank to open in the Pacific Island country and it would play a role in local economic revitalisation.
Persons: Ge Haijiao, Antony Blinken, James Marape, Ge, Marape, Xi Jinping, Kirsty Needham, Tang, Jamie Freed Organizations: SYDNEY, Bank of China, U.S, of, Bank of, Initiative, Thomson Locations: Papua New Guinea, China, Washington, Beijing, Solomon, Australia's Torres Strait, State, of China, Islands, Bank of China, Sydney
Roberts-Smith, who quit his television excutive job on Friday, has not been charged with any offences. Australian civil courts require a lower threshold to prove accusations than criminal courts do. A four-year investigation known as the Brereton report found in 2020 that Australian special forces had allegedly killed 39 unarmed prisoners and civilians in Afghanistan. Kim Beazley, chair of the Australian War Memorial and a former defence minister, said the memorial in the national capital Canberra - where Roberts-Smith's uniform, medals and portrait are displayed - helps Australians to understand the conduct and consequences of war. Greens Senator David Shoebridge had earlier called for Roberts-Smith's uniform and medals to be removed from the memorial.
Persons: Ben Roberts, Smith, Roberts, Anthony Albanese, Brereton, Albanese, Chris Moraitis, Kim Beazley, David Shoebridge, Kirsty Needham, Byron Kaye Organizations: SYDNEY, Victoria Cross, Australian Federal Police, Special Forces, Australian, Canberra, Greens, U.S, Thomson Locations: Afghanistan, Australia, Sydney
Here are Wednesday's biggest calls on Wall Street: Needham initiates Sovos Brands as buy Citi said Sovos' Brands Rao's Tomato Sauce will be a $1 billion brand in the next three-to-four years. " Citi reiterates Anheuser-Busch InBev as buy Citi said investors should buy the dip in the beer giant. Deutsche Bank upgrades Avis to buy from hold Deutsche said the rental car company that it has upside potential. "In a tougher recession and sharp travel fall-off where revenue growth is cut in half, we estimate mid to high single digit EPS risk, implying an excellent risk/reward given valuation. Citi reiterates Nvidia as buy Citi said investors should "stay long" in shares of Nvidia.
Persons: Needham, Sovos, Michael Angelo's, Bernstein, Wedbush, it's, Goldman Sachs, Goldman, Bud, Baird, Mobileye, XYL, Wells, Key, AMBA, Mizuho, Piper Sandler, Piper Organizations: Brands, Citi, Amazon, Worldwide, Conference, SeaWorld, Anheuser, Busch InBev, Deutsche Bank, Avis, Deutsche, UBS, American Express, American, Palo Alto Networks, JPMorgan, Chevron, Service, Nvidia, TAM, Liberty, Microsoft Locations: US, Noosa, Cupertino, European, Wells Fargo, CrowdStrike, Zscaler, Palo, America, F2023E
Sovos Brands , which owns the pasta sauce brand Rao's, is "full of pasta-bility while making sauce and cents," according to Needham. "Growth in pasta sauce coupled with brand extension into adjacent categories provides ample opportunity for Rao's brand growth," analyst Matt McGinley wrote in a Wednesday note. McGinley initiated a buy rating on Sovos shares. "With operating leverage driving margin expansion, EBITDA and cash flow will grow faster than the top line, in our view. Sovos shares have jumped about 29% year to date.
Persons: Matt McGinley, McGinley, Needham, Sovos, " McGinley, — CNBC's Michael Bloom Organizations: Brands Locations: Needham, Tuesday's
SYDNEY, May 31 (Reuters) - South Korean and Pacific Islands leaders agreed to strengthen development and security cooperation after a two-day summit where Seoul said it would double development assistance by 2027. A joint declaration from the first Korea-Pacific Islands Summit, held in Seoul, recognised shared values of "freedom, democracy, the rule of law, human rights" and the "rules-based regional and international order". "The Leaders acknowledge the need to strengthen development cooperation and security collaboration including maritime security, climate security, energy security, cyber security, human security, public health and transnational security," it said. South Korea also said it would double the scale of its development assistance to Pacific Island Countries by 2027, and supported the Pacific Islands push to preserve their maritime zones - a vital source of fishing revenue - even if climate change causes small island states to disappear beneath rising seas. It was the third summit in a week between Pacific Island leaders and a large economy, following meetings with India and the United States.
Persons: Yoon Suk Yeol, Kirsty Needham, Lincoln Organizations: SYDNEY, Pacific Islands, Pacific Islands Summit, Pacific, Thomson Locations: Seoul, Korea, United States, Asia, South, Pacific, South Korea, India
Lillian Suwanrumpha/Pool via REUTERS/File PhotoSYDNEY, May 30 (Reuters) - Papua New Guinea said a proposed security treaty with neighbour Australia would be delayed as it consults "domestic processes", a week after signing a defence agreement with the United States that sparked student protests. Papua New Guinea (PNG), a few kilometres (miles) to Australia's north, is being courted by China and the United States amid rising tensions between the two major powers. PNG Prime Minister James Marape met with Australia's Defence Minister Richard Marles on Monday on the sidelines of the Korea-Pacific Islands Summit in Seoul and discussed the "proposed bilateral security treaty", Marape's office said in a statement on Tuesday. Marape had "conveyed his apologies to Prime Minister Anthony Albanese for the delay in formalising this proposed Treaty with Australia", it added. Marles has said Australia wants to strike an "ambitious" security treaty that will see navy, airforce and army personnel from each nation working alongside each other more often.
South Korea hosts its first summit with Pacific island leaders
  + stars: | 2023-05-29 | by ( ) www.reuters.com   time to read: +2 min
SEOUL, May 29 (Reuters) - South Korean President Yoon Suk Yeol begins the country's first summit with leaders of Pacific islands on Monday, as Seoul seeks to increase its influence in a region that has become the focus of intense geopolitical rivalry. The South Korean president held bilateral talks with some of the visiting Pacific leaders over the weekend including Kiribati President Taneti Maamau and Papua New Guinean Prime Minister James Marape. Australian Defence Minister Richard Marles will also attend the Korea-Pacific Islands Summit, his office said on Saturday, adding it would show cooperation between the 18 members of the Pacific Island Forum and South Korea for a secure region. Indian Prime Minister Narendra Modi pledged more trade and development assistance in a summit with a dozen Pacific island leaders in Papua New Guinea (PNG) last week. The United States Secretary of State Antony Blinken also signed a defence agreement with PNG after a Pacific summit.
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