Australia, Britain sign 50-year AUKUS submarine partnership treaty
The AUKUS pact, agreed upon by Australia, Britain and the U.S. in 2021, aims to provide Australia with nuclear-powered attack submarines from the next decade to counter China's ambitions in the Indo-Pacific. U.S. President Donald Trump's administration announced a formal review of the pact this year.
Defence Minister Richard Marles said in a statement that the bilateral treaty was signed with Britain's Defence Secretary John Healey on Saturday after a meeting in the city of Geelong, in Victoria state.
"The Geelong Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines," the statement said.
The treaty was a "commitment for the next 50 years of UK-Australian bilateral defence cooperation under AUKUS Pillar I", it said, adding that it built on the "strong foundation" of trilateral AUKUS cooperation.
Britain's ministry of defence said this week that the bilateral treaty would underpin the two allies' submarine programmes and was expected to be worth up to 20 billion pounds ($27.1 billion) for Britain in exports over the next 25 years.
AUKUS is Australia's biggest-ever defence project, with Canberra committing to spend A$368 billion over three decades to the programme, which includes billions of dollars of investment in the U.S. production base.
Australia, which this month paid A$800 million to the U.S. in the second instalment under AUKUS, has maintained it is confident the pact will proceed.
The defence and foreign ministers of Australia and Britain held talks on Friday in Sydney on boosting cooperation, coinciding with Australia's largest war games.
As many as 40,000 troops from 19 countries are taking part in the Talisman Sabre exercises held from July 13 to August 4, which Australia's military has said are a rehearsal for joint warfare to maintain Indo-Pacific stability.
Britain has significantly increased its participation in the exercise co-hosted by Australia and the United States, with aircraft carrier HMS Prince of Wales taking part this year.
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- Yahoo
Tide turns as TPG leads talks to lead digital bank fundraising
TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform. Sky News has learnt that TPG, which manages more than $250bn in assets, is discussing acquiring a significant shareholding in the company. Sources said that Tide's existing investors were expected to sell shares to TPG, while a separate deal would involve another existing shareholder in the company acquiring newly issued shares. The two transactions may be conducted at different valuations although both are likely to see the company valued at at least $1bn, the sources added. The size of TPG's prospective stake in Tide was unclear on Monday. Earlier this year, Sky News reported that Tide had been negotiating the terms of an investment from Apis Partners, a prolific investor in the fintech sector, although it was unclear whether this would now proceed. Tide has roughly 650,000 SME customers in both Britain and India, with the latter market expanding at a faster rate. Morgan Stanley, the Wall Street bank, has been advising Tide on its fundraising. Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later. It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services. The company also provides its SME 'members' in the UK a set of connected administrative solutions from invoicing to accounting. It now boasts a roughly 11% SME banking market share in Britain. Read more:Wise set for resounding winTalkTalk's £100m windfallUS could lose, even if Trumps wins Tide, which employs about 2,000 people, also launched in Germany last May. The company's investors include Apax Partners, Augmentum Fintech and LocalGlobe. Chaired by the City grandee Sir Donald Brydon, Tide declined to comment on Monday. TPG also declined to comment.
