CNN

Military chief: Philippines will’respond accordingly’ to Chinese “harassment” in South China Sea


On July 4, 2024, the Chief of Staff of the Armed Forces of the Philippines General Romeo Brawner spoke at a press event after attending a conference of command with Philippines President Ferdinand Marcos Jr.
Afp

General Romeo Brawner Jr., the chief of Philippines’ armed forces said that Filipino soldiers would ” react appropriately ” and defend themselves from “harassment ” by Chinese coastguards on the Second Thomas Shoal.

According to Philippine officials, the warning was issued after Chinese Coast Guards had last month damaged and seized two Philippine vessels and wounded military personnel while on a supply run to an Outpost on Shoal.

Manila claims that China is trying to stop resupply trips to a Philippine vessel parked at the Shoal. This has happened since 1999. The island is claimed by both countries, but Manila has used the presence of the ship to strengthen its maritime claims.

In the latest incident, there was an increase in violence as Chinese Coast Guards brandished knives and axes at their Filipino counterparts.

According to the Rules of Engagement, a person is entitled to self-defense in any way. Brawner told President Ferdinand R. Marcos Jr. that if someone attacked, we would use the same amount of force to defend ourselves.

Brawner said that this proportionality means that, if Filipino soldiers are attacked by knives, they would use the same weapons in order to defend themselves. However, they wouldn’t resort to excessive force, such as using gunfire.

Beijing has taken a hostile stance towards Philippine ships in the South China Sea. boats were rammed with, and cannons.

Brawner also reported that Philippines President Ferdinand Marcos Jr. had ordered his military to reduce tensions in South China Sea.

Enrique Manalo, the Philippines’ Foreign Affairs secretary confirmed that the two parties were trying to come up with an ” agreement or possible understanding “, regarding the Shoal.

The country’s Foreign Affairs Department said earlier this week that, while “substantial” progress had been made in developing de-escalation measures, “important differences remain.”

The Philippines has called on China, as part of the ongoing peace talks to refund seven guns confiscated by the Chinese Coast guard in the flare up that occurred June 2, and pay $1 million compensation to compensate for the damages.

According to Brawner, Manila also wants to bill China for the costs of surgery for a Filipino seaman who lost his thumb after a clash with Chinese Coast Guard personnel.

A Beijing spokesperson told reporters on Thursday that the Philippines carried out a illegal mission within China and should therefore “face the consequence of its own actions.”

CNBC reported that experts have expressed concern that the Shoal incident has increased fears of an escalation in the relationship between the US and the Philippines, as Beijing is pushing to limit the Philippine-U.S. Defense Pact which promises to protect the Philippines from “armed attacks.”

Rahman Yaacob, from the Lowy Institute, told CNBC “Squawk Box Asia” that it is in everyone’s best interests to calm down the situation.

South China Sea hosts a number disputed territory, and other countries are increasingly concerned about the rising tensions.

The Philippine media quoted Japanese ambassador Kazuya Endeo saying that Tokyo is closely monitoring the talks in between Manila and Beijing. He also noted issues surrounding South China Sea are a legitimate concern for Japan and international community and affect regional peace and security.

In a meeting held in Makati on Thursday, the Thai Foreign Ministry called for ” diplomacy and dialogue in South China Sea”.

Beijing has challenged Manila’s version of Second Thomas Shoal. A spokesperson said that China took “necessary measures” to ” protect its sovereignty“, accusing the Philippines for invading China’s waters.

The Philippine troops at Second Thomas Shoal will “respond appropriately” to any future Chinese Coast Guard harassment.

CNN

Tesla stock drops 11% as SEC files suit against Elon Musk.
Elon Musk has been sued by SEC

Tesla stock fell Friday morning, after El Musk was sued by the SEC for deceiving investors.

Musk announced on Twitter that he has obtained funding for Tesla to go private. The price was $420 per share. Stocks usually match the takeover price that is publicized by a company. Investors believe that the takeover will happen and the stock will ultimately be valued at the same price as the publicized value.

Investors were skeptical and never trusted Musk. The stock was never even close to reaching $420 per share. The stock reached a high of $387.46 per share on August 7, but has since fallen.

They were right to be skeptical: according to the SEC, Musk never had the funds. He gave up the idea of going private just three weeks after first tweeting about it.

After the closing bell on Thursday, the stock dropped to $265. This is 14% lower than Tesla’s day-end price. Tesla stock is down more than 29%, including the after-hours drop.

Tesla’s ( TSLA), stock price may come back to haunt it. Tesla is burning cash for expensive cars and plants, but the company desperately needs this money in order to repay about $1 billion of debts by February 2019. The majority of this money would be converted into stock, if Tesla maintains a price above $360. But that is unlikely.

Tesla can raise money by issuing debt, or even stock. This could deflate the stock, reducing the capital that the company can spend to invest in new infrastructure for car production.

Musk denied the claim that Tesla is facing a cash crisis. Musk says that increased Model 3 sales are going to generate enough money for Tesla to become profitable by the end of 2018.

Tesla could face other issues as a result of the SEC lawsuit.

Musk was asked to stop serving as a director or officer of any public company by the agency, along with other sanctions.

This is a major concern for Tesla. Musk has built the company from nothing into an enterprise worth billions of dollars. Musk is the chairman and CEO of Tesla.