Australia, Vanuatu agree US$325 million security and economic pact amid China competition
Vanuatu Prime Minister Jotham Napat said the deal, known as the Nakamal Agreement, will see Australia invest the funds into Vanuatu over the next decade and was a "win win" for both countries.
"The agreement... will transpire into a lot of trade benefits between the two countries, whether it be the security agreement, economic transformation, with some specific focus on labour mobility," Napat told a news conference on the island of Tanna in southern Vanuatu.
Australia Deputy Prime Minister Richard Marles said the agreement showed the two nations had a "shared destiny."
"It acknowledges that as neighbours, we have a shared security environment and a commitment to each other," Marles said.
The deal will be formally signed by Napat and Australia's Prime Minister Anthony Albanese in the coming weeks, he added.
The deal also covers funding for climate resilience following a December earthquake that hit the capital Port Vila, killing at least 14 people and injuring hundreds.
In recent years Vanuatu has moved closer to China, the country's largest external creditor after a decade of infrastructure loans for construction, including a new president's office last year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
an hour ago
- Malaysian Reserve
Yonder Media Mobile Sues FuboTV, Seeking Tens of Millions in Damages
Lawsuit Accuses FuboTV of Using Disney Merger as 'Pretext' to Abandon Partnership NEW YORK, Aug. 13, 2025 /PRNewswire/ — Yonder Media Mobile Inc. ('YMM') announced today it has filed a lawsuit against FuboTV, Inc. ('FuboTV') (Case No.: 654014/2025 Supreme Court of the State of New York, County of New York). The lawsuit alleges that FuboTV's senior executives engaged in a pattern of false promises and misleading assurances for over six months, fraudulently inducing YMM into a strategic partnership and investment only to unilaterally and abruptly abandon the deal. The complaint asserts that FuboTV's abandonment of the deal came after FuboTV entered into a separate agreement with Disney, and that FuboTV cited the approvals required by that agreement as a pretext for its withdrawal from the YMM partnership. FuboTV's actions have caused YMM significant financial and reputational damage. In reliance on FuboTV's repeated representations that the strategic partnership and a substantial equity investment would be consummated, YMM dedicated millions of dollars in capital and resources to develop a FuboTV-branded mobile application and service and secured critical modifications to its pre-existing agreement with a major wireless carrier. The lawsuit asserts that FuboTV's actions, including its misrepresentation and the subsequent summary withdrawal of a compensation offer to YMM, were carried out with reckless disregard for the harm inflicted upon YMM. As a direct result of FuboTV's conduct, YMM is seeking damages exceeding tens of millions of dollars. 'We are, of course, deeply disappointed by FuboTV's misleading conduct, which caused substantial damage and a major setback for our company,' said Adam Kidron, CEO of YMM. 'This lawsuit is a necessary and resolute action to hold them accountable. Our focus remains squarely on our future, which shines brightly. We are more committed than ever to protecting our company and fulfilling our mission to provide people everywhere the next generation of mobile experiences, while delivering value to our stakeholders.' About Yonder Media Mobile Inc. YMM is a US-based mobile technology company founded in 2018. Our mission is to connect communities across borders through intuitive, intelligent mobile applications that add real value to people's lives, delivering the next generation of mobile experiences to the widest possible audience. Backed by a diverse group of prominent investors, our team of dedicated developers, creators, and entrepreneurs is focused on delivering innovative mobile services that bridge geographical and digital divides for our global customer base spanning over 200 countries. Disclaimer: This press release contains forward-looking statements regarding Yonder Media Mobile Inc.'s business and legal proceedings. The information contained in this press release is based on the allegations contained in the filed complaint. The complaint is not a finding of fact or law, and the claims alleged therein are subject to proof in a court of law. This press release is not intended to provide legal advice, and Yonder Media Mobile Inc. encourages readers to consult with a qualified legal professional for advice on any legal issues.
New Straits Times
5 hours ago
- New Straits Times
Solitary cell with mattress on the floor for South Korea's once powerful ex-first lady
SEOUL: South Korea's former first lady Kim Keon Hee will spend her first day in jail on Wednesday in a cell much like the one her husband and ex-President Yoon Suk Yeol occupies as prosecutors pursue the once high-flying couple in a widening criminal probe. Kim was formally booked into the Seoul Nambu Detention Center on the western edge of the capital, a comparatively new correctional facility that opened in 2011 and one of the few run by a female warden. She will be treated in the same way as other inmates but will receive minor adjustments in her daily routine given her status as a high-profile figure, a source familiar with the matter told Reuters. Kim was imprisoned after a court approved a warrant for her arrest late on Tuesday on the grounds that she might destroy evidence amid an ongoing investigation into allegations of bribery, stock fraud and influence peddling. Kim's lawyers have denied the accusations against her and dismissed as groundless speculation news reports about some of the gifts she allegedly received in return for favours. Kim apologised for causing concern in the country and called herself "a nobody" as she appeared for questioning last week. Her solitary cell has a small table that can be used as a desk and for eating meals and a floor mattress to sleep on, said the source, who asked not to be identified because he was not authorised to speak to the media. Kim will have separate access to a common shower room and be allowed to exercise outdoors for an hour every day except on Sundays, the time staggered to avoid overlap with other inmates, the source said. Prison will be an entirely new experience for Kim, unlike for her husband who has already spent about 100 days in jail. Yoon is on trial over his botched attempt to impose martial law, on charges of insurrection, an accusation he denies. He has been imprisoned at the Seoul Detention Center, which despite its name is outside the capital to the south. 'POLITICAL MIND' The former first couple had lived in a spacious apartment in an upscale district of Seoul before Yoon's election as president in May 2022 and had returned there after his ouster for the martial law decree that resulted in a political disaster for him, his party and now for his wife. Kim is a wealthy businesswoman in her own right and most of the couple's assets including the apartment belong to her, according to a government database. Now, Kim will receive the same food as the average inmate, usually traditional Korean fare prepared at a cost of about 1,500 won (US$1.08) per meal. On Wednesday, toast with strawberry jam, sausages and salad were on the menu for breakfast. Kim had not eaten since late Tuesday and was not in good health, one of her lawyers told Reuters. It was unclear whether she would appear for questioning by prosecutors on Thursday, the lawyer said. A fine art expert who founded and ran a successful curation agency, Kim has been embroiled in a number of scandals before and after her husband's election in 2022, with the controversies at times overshadowing Yoon's turbulent presidency. Her fashion choices and policy lobbying in areas like promoting a ban on eating dog meat made her controversial in a country where a first lady has typically kept a low profile. Han Dong-soo, a former judge and a prosecutor who worked with Yoon, said Kim had "a politically strategic mind" and was a driving force behind her husband's ascent to top office. After she married Yoon when he was 52, Kim became the main influence of practically all of his thinking and decisions, Han said. Kim was 39 when they wed.
The Sun
5 hours ago
- The Sun
HSBC Premier goes ‘beyond just wealth'
KUALA LUMPUR: HSBC Malaysia has rolled out a redefined HSBC Premier proposition designed to capture the country's fast-growing affluent and high-net-worth segment, which is projected to transform Malaysia's financial landscape over the next decade. Anchored on four strategic pillars (wealth, health, travel and international) the new premier offering blends traditional financial services with health, lifestyle and global connectivity in what the bank says is a blueprint for the next era of affluent banking. HSBC international wealth and premier banking Asia head Kai Zhang framed the launch as both a milestone for Malaysia and a stepping stone for HSBC's wider regional ambitions. 'Today is more than a proposition launch. It's a milestone in how we serve the evolving wealth and international banking needs of our customers in Malaysia, and a signal of our broader ambition in the region,' Zhang said. 'We estimate that the percentage of adults in Malaysia with at least US$250,000 (RM1.18 million) in financial wealth will double over the course of this decade. 'But it's not just about growth, it's about how wealth is changing. 'Customers are seeking diversification, investing for the long term, and integrating wealth decisions into broader life goals.' Data from GlobalData suggests Malaysia's affluent market, including high-net-worth individuals, will grow at a compound annual growth rate of 5.4% between 2025 and 2029, with liquid assets expected to reach nearly US$350 billion in four years. HSBC Malaysia international wealth and premier banking country head Linda Yip, said this growth is also altering what customers expect from their banks. 'Affluent customers now seek holistic solutions that help them accelerate their wealth while placing their health and wellbeing at the forefront,' she said. 'Achieving this balance allows them to grow, protect, enjoy and preserve their wealth for generations.' Yip said the bank's goal is not only to deepen relationships with existing customers but to attract new ones to its platform and hope Malaysians, especially the affluent segment, will feel that this is the bank and the service they want to get. 'Our aspiration is to go higher than what we have now, and we expect the second half of 2025 to be very robust for us.' According to HSBC's Quality of Life research, 78% of affluent Malaysians keep most of their portfolios in fixed income bonds and equities, while over half (51%) are saving for leisure and travel and 48% prioritise health for a better quality of life. Yip said HSBC Premier stands out by going 'beyond just wealth', combining financial planning, lifestyle experiences and borderless banking. This includes seamless international services for families with children studying abroad, ensuring access to banking support across HSBC's global network, giving parents peace of mind.
