Dalai Lama set to reveal succession plan as China watches
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Dalai Lama set to reveal succession plan as China watches
Tibetan spiritual leader the Dalai Lama will celebrate his 90th birthday in July. Dalai Lama has said his successor will be born outside China, possibly in India. He will address a major three-day gathering of Buddhist religious figures this week. The Dalai Lama is lauded worldwide for his tireless campaign for greater autonomy for his Tibetan homeland, but China views him as a separatist and says it will choose his successor. He has said he would consult senior monks and others at this time to share possible clues on where his successor, a boy or a girl, could be found following his death. He was identified as the reincarnation of his predecessor when he was two and has been praying for his long life since knee surgery in the U.S. last year, although he told Reuters in December that he could live until he was 110. The previous Dalai Lama died earlier than 58 and Tibetan officials say there is a system in place for the government-in-exile to continue its political work while officers look for the next Dalai Lama.
Dalai Lama said his successor to be born outside China, possibly in India.
T he Dalai Lama will address a major three-day gathering of Buddhist religious figures this week ahead of his 90th birthday, as his followers wait for the Tibetan spiritual leader to share details about his succession in a move that could irk China.
Beijing views the Dalai Lama, who fled Tibet in 1959 after a failed uprising against Chinese rule, as a separatist and says it will choose his successor. The Dalai Lama has said his successor will be born outside China and urged his followers to reject anyone chosen by Beijing.
Tibetan Buddhists hold that enlightened monks are reborn to carry forward their spiritual legacy. The 14th Dalai Lama will turn 90 on Sunday and has said he would consult senior monks and others at this time to share possible clues on where his successor, a boy or a girl, could be found following his death.
“The rest of my life I will dedicate for the benefit of others, as much as possible, as extensive as possible,” the Dalai Lama told a gathering of his followers on Monday as they offered prayers for his long life.
“There will be some kind of a framework within which we can talk about the continuation of the institution of the Dalai Lamas,” he said, without elaborating on the framework.
He has previously said he could possibly reincarnate in India, where he lives in exile near the northern Himalayan town of Dharamshala. He was identified as the reincarnation of his predecessor when he was two.
Dolma Tsering Teykhang, the deputy speaker of the Tibetan parliament-in-exile in Dharamshala, said it was important for the world to hear directly from the Dalai Lama on the issue because while China “tries to vilify him at every chance … it is trying to frame rules and regulations on how to have the reincarnation of the Dalai Lama in their hand”.
“China is trying to grab this institution … for its political purpose,” she said.
“We want the incarnation of the Dalai Lama to be born not only for the survival of Tibet as a distinct culture, religion and nation, but also for the well-being of the whole humanity.”
Thupten Ngodup, Tibet’s chief state oracle, said typically such discussions on the reincarnation do not take place when a monk is still alive but things are different now mainly because the “Chinese government is interfering”.
Beijing said in March that the Dalai Lama was a political exile who had “no right to represent the Tibetan people at all”. China has said it is open to discussing his future if he recognizes that Tibet and Taiwan are inalienable parts of China, a proposal the Tibetan government in exile has rejected.
The religious conference this week, being held for the first time since 2019, will be attended by more than 100 Tibetan Buddhist leaders and will feature a video statement from the Dalai Lama.
Hollywood star Richard Gere, a long-time follower of Tibetan Buddhism, will be among those attending, organizers have said.
The Dalai Lama will attend prayers called by the Tibetan government in exile on July 5 and participate in his birthday celebrations a day later, according to a schedule shared by the organizers.
He will speak at the celebrations for about half an hour. India’s parliamentary affairs minister, Kiren Rijiju, and some other Indian officials are expected to attend.
Tibetans have been praying for his long health, especially since knee surgery in the U.S. last year, although the Dalai Lama told Reuters in December that he could live until he was 110. The previous Dalai Lama died earlier than expected at 58.
The Dalai Lama and Tibetan officials say there is a system in place for the government-in-exile to continue its political work while officers of the Dalai Lama’s Gaden Phodrang Foundation search and recognize the next Dalai Lama.
The current Dalai Lama set up the foundation in 2015 and its senior officers include several of his aides.
Teykhang and other Tibetan officials said the Dalai Lama has been preparing his people for the day when he is gone, especially through his 2011 decision to hand his political role to a democratically elected government, ending a 368-year-old tradition of being both spiritual and temporal head of Tibetans.
“Since he has come in the form of a human, we have to agree that there will be a moment when he is not with us,” said Teykhang. “His Holiness has really prepared us for that day, he made us act as if he’s not there.”
Investors flock to Europe as bloc’s stability contrasts with concerns over US
Investors and companies are increasingly turning to Europe, drawn by an infrastructure- and defence-led spending push. Trump’s erratic tariff policies have made the US market a less safe bet, according to more than a dozen interviews with executives and fund managers. More than US$100 billion has flowed into European equity funds so far this year – up threefold from the same period last year – while outflows from the US more than doubled to nearly $87 billion. However, the picture is not all rosy, with several investors pointing out that Europe is now under pressure to create good regulation and make good on its pledges on its spending pledges. This should be both a warning and an incentive to use the momentum now and consistently implement the planned agenda, says Stefan Wintels, head of German-backed state-backed KfW lender Kintels. The window of opportunity for Europe to attract capital will not stay open forever, he adds, with Qatar recently travelling to Qatar to attract more capital.
FRANKFURT : Peter Roessner is feeling both sides of Donald Trump’s trade war.
While tariff risks mean the CEO of Luxembourg-based hydrogen firm H2Apex can no longer rely on US suppliers for its more than €200 million (US$235 million) project in Lubmin, Germany, investor interest in European projects is rising.
“Investors in the hydrogen sector are now focusing more on the European market due to the absolute uncertainty and planning insecurity in the USA,” he told Reuters, adding this included both local and US players.
“The framework conditions in Europe are not ideal, but they are stable,” he added.
Roessner’s comments are indicative of a trend that has taken hold in recent months: Investors and companies are increasingly turning to Europe, drawn by an infrastructure- and defence-led spending push that offers stability at a time when Trump’s erratic tariff policies have made the US market a less safe bet, according to more than a dozen interviews with executives and fund managers.
The shift has also been fuelled by Trump’s tendency to make sweeping tariff threats and announcements that are then often delayed or changed, and to draw up executive orders that have tested the limits of his presidential power.
“The US is coming from a very capital market-friendly and stable environment.
“Now there is political intervention and also an attempt to expand power,” said Christoph Witzke, who heads the CIO office at Deka, one of Germany’s largest investment funds.
“This creates uncertainty that some kind of intervention … could come at any time,” he said, adding that Europe had become the centre of attention in the most recent investor conferences as a result.
With a July 9 deadline for a trade deal less than two weeks away – and Trump saying he will impose 50% tariffs on all EU goods without a deal – investors have started shifting their money.
Data from LSEG’s Lipper Funds show that more than US$100 billion has flowed into European equity funds so far this year – up threefold from the same period last year – while outflows from the US more than doubled to nearly $87 billion.
“All that is an indication that at least market forces, investors, those who move real money around, actually see value and have confidence in Europe,” ECB President Christine Lagarde said earlier this month.
This shift in focus was also illustrated by the weak market debut of Holcim’s North American spin-off Amrize in late June, which was announced to much fanfare in early 2024 at a time when the lure of US valuations also got some of its rivals excited.
In contrast, the share price of Holcim itself, now squarely focused on Europe, Latin America and North Africa, soared 15%.
Sentiment can quickly turn
“Siemens Energy, which makes more than a fifth of its sales in the US, has noted a shift in sentiment,” finance chief Maria Ferraro said, on the back of a recent US road show and an 84% rise in the group’s share price year-to-date.
Apart from the improved market view, more investments are also crucial in efforts to revive the EU’s economy and narrow its competitiveness gap compared with other regions, most notably China and the US.
Closely watched foreign direct investment flows into Germany, the bloc’s largest economy, more than doubled to €46 billion in the first four months of 2025, according to the most recent data from the Bundesbank, marking the highest level since 2022.
It also shows that German companies even pulled money out of the US in three of the first four months of the year, with their balance of foreign direct investments in April at a negative €2.38 billion.
Negative balances emerge when companies either divest more than they invest in a foreign country or decide against extending credit lines to local counterparts.
However, the picture is not all rosy, with several investors pointing out that Europe is now under pressure to act faster, create better regulation and make good on its spending pledges.
“This sentiment can quickly turn again. This should be both a warning and an incentive to use the momentum now and consistently implement the planned agenda,” said Stefan Wintels, head of German state-backed lender KfW.
This chimes with comments from Hajo Kroesche, partner at private equity firm Altor, who said “the window of opportunity will not stay open forever” for Europe to attract capital.
Having recently travelled to Qatar, Abu Dhabi and Saudi Arabia, Deutsche Bank CEO Christian Sewing last week said investor interest in Europe and Germany was huge – while still cautioning that conditions needed to be stable in the long-term.
“These are not people who invest within two days. But of course they see what is happening in the world right now,” Sewing said.
Morning Bid: Risk flows as trade talks unclog
Wall Street futures are up around 0.4% at record highs as investors pile into mega caps for the new quarter. Most Asian markets are also in the black, helped by a further decline in oil prices as the Mideast ceasefire holds. Investors are keeping a wary eye on the progress of a huge U.S. tax-cutting and spending bill slowly making its way through the Senate. The Congressional Budget Office estimates the bill will add $3.3 trillion to the nation’s debt over a decade. The impact has been most evident in the dollar, with the euro clocking gains of 1.7% last week.
A look at the day ahead in European and global markets from Wayne Cole.
It was already a risk-on start to the week in Asia when news broke trade talks between the United States and Canada were back on after Prime Minister Carney agreed to rescind a digital tax as demanded by President Trump . The new deadline for this effort is July 21, extending Trump’s original July 9 date.
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The latter looks like being extended for other talks as well, with Treasury Secretary Bessent last week suggesting they might be done by the September 1 Labor Day holiday.
Wall Street futures are up around 0.4% at record highs as investors pile into mega caps for the new quarter, while European and German stock futures firmed around 0.3%. Most Asian markets are also in the black, helped by a further decline in oil prices as the Mideast ceasefire holds.
Investors are keeping a wary eye on the progress of a huge U.S. tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by Trump’s preferred July 4 deadline. Stalling for time, the Democrats are making clerks read out every line in the 940-page bill, likely making them the only ones who know what’s in it.
The Congressional Budget Office estimates the bill will add $3.3 trillion to the nation’s debt over a decade, a further test of foreign appetite for U.S. Treasuries and another blow to the cause of U.S. exceptionalism.
The impact has been most evident in the dollar, with the euro clocking gains of 1.7% last week. James Reilly, an analyst at Capital Economics, noted the dollar had fallen by more at this stage in the year than in any previous year since the U.S. moved to a free-floating exchange rate in 1973.
That slide must be pressuring foreign investors to hedge their dollar exposure, which creates yet more selling in a bearish cycle for the currency.
Neither has it been helped by investors ratcheting up expectations for Federal Reserve policy easing to 65 basis points for the rest of the year. A July move is still an outside chance, though that might change if the payrolls report on Thursday springs a downside surprise. In particular, a rise in the jobless rate above 4.3% would take it to levels not seen since late 2021 and would surely ring alarm bells at the Fed.
Key developments that could influence markets on Monday:
– European Central Bank forum in Sintra, Portugal, begins
– German, Italian CPI data
– Fed’s Bostic and Goolsbee speak
Editing by Jacqueline Wong
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How will the Dalai Lama’s successor be chosen?
Tibetan spiritual leader, the Dalai Lama, offers blessings to his followers at his Himalayan residence in the northern hill town of Dharamshala, India, December 20, 2024. The choice of a successor to the spiritual head of Tibetan Buddhists, is a matter of riveting interest not only for followers of his religion, but also China, India and the United States. On Monday, he said: “There will be some kind of a framework within which we can talk about the continuation of the Dalai Lamas”. He did not elaborate on the choice of the successor. He asked Tibetans not to accept “a candidate chosen for political ends by anyone, including those in the People’s Republic of China,” referring to the country by its official name. He said the successor would be born outside China’s borders. He wrote that he would be release details about his succession around the time of his 90th birthday. He also said: “There is no such thing as a perfect solution”
DHARAMSHALA, India, June 30 (Reuters) – The choice of a successor to the Dalai Lama, the spiritual head of Tibetan Buddhists, is a matter of riveting interest not only for followers of his religion, but also China, India, and the United States, for strategic reasons.
The Nobel peace laureate, who turns 90 on Sunday, is regarded as one of the world’s most influential figures , with a following extending well beyond Buddhism.
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HOW WAS HE CHOSEN?
Tibetan tradition holds that the soul of a senior Buddhist monk is reincarnated after his death.
The 14th Dalai Lama, born as Lhamo Dhondup on July 6, 1935, to a farming family in what is now Qinghai province, was identified as such a reincarnation when he was just two years old.
A search party sent by the Tibetan government made the decision on the basis of several signs, such as a vision revealed to a senior monk, the Dalai Lama’s website says. The searchers were convinced when the toddler identified belongings of the 13th Dalai Lama with the phrase, ” It’s mine, it’s mine , opens new tab “.
In the winter of 1940, Lhamo Thondup was taken to the Potala Palace in Lhasa, the capital of today’s Tibet Autonomous Region, and officially installed as the spiritual leader of Tibetans.
HOW WILL HIS SUCCESSOR BE CHOSEN?
In his book ” Voice for the Voiceless “, released in March 2025, the Dalai Lama said his successor would be born outside China.
The Dalai Lama has lived in exile in northern India since 1959, after fleeing a failed uprising against the rule of Mao Zedong’s Communists.
He wrote that he would release details about his succession around the time of his 90th birthday. On Monday, addressing a gathering in Dharamshala, he said: “There will be some kind of a framework within which we can talk about the continuation of the institution of the Dalai Lamas”. He did not elaborate.
The Tibetan parliament-in-exile, based in the Himalayan town of Dharamshala, like the Dalai Lama, says a system has been established for the exiled government to continue its work while officers of the Gaden Phodrang Foundation will be charged with finding and recognising his successor.
The current Dalai Lama set up the foundation in 2015 to “maintain and support the tradition and institution of the Dalai Lama” with regard to his religious and spiritual duties, it says on its website. Its senior officers include several of his aides.
WHAT DOES CHINA SAY?
China says its leaders have the right to approve the Dalai Lama’s successor, as a legacy from imperial times. A selection ritual, in which the names of possible reincarnations are drawn from a golden urn, dates to 1793, during the Qing dynasty.
Chinese officials have repeatedly said the reincarnation of the Dalai Lama should be decided by following national laws that decree use of the golden urn and the birth of reincarnations within China’s borders.
But many Tibetans suspect any Chinese role in the selection as being a ploy to exert influence on the community.
It is inappropriate for Chinese Communists, who reject religion, “to meddle in the system of reincarnation of lamas, let alone that of the Dalai Lama,” the Buddhist leader has said.
In his book, he asked Tibetans not to accept “a candidate chosen for political ends by anyone, including those in the People’s Republic of China,” referring to the country by its official name.
Beijing brands the Dalai Lama, who won the Nobel Peace Prize in 1989 for keeping alive the Tibetan cause, as a “separatist” and prohibits displays of his picture or any public show of devotion towards him.
In March 2025, a Chinese foreign ministry spokesperson said the Dalai Lama was a political exile with “no right to represent the Tibetan people at all”.
China denies suppressing the rights of the Tibetan people, and says its rule ended serfdom in, and brought prosperity to, a backward region.
WHAT ROLE COULD INDIA AND THE U.S. PLAY?
Apart from the Dalai Lama, India is estimated to be home to more than 100,000 Tibetan Buddhists who are free to study and work there.
Many Indians revere him, and international relations experts say his presence in India gives New Delhi some kind of leverage with rival China.
The United States, which faces rising competition from China for global dominance, has repeatedly said it is committed to advancing the human rights of Tibetans.
U.S. lawmakers have previously said they would not allow China to influence the choice of the Dalai Lama’s successor.
In 2024, then U.S. President Joe Biden signed a law that presses Beijing to resolve a dispute over Tibet’s demands for greater autonomy.
Reporting by Krishna N. Das in New Delhi; Additional reporting by Laurie Chen in Beijing; Editing by Clarence Fernandez and Raju Gopalakrishnan
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Trump’s ‘One, Big, Beautiful Bill’ passed in US senate is one big disaster in the making for America
‘One, Big, Beautiful Bill’ is a monstrously rambunctious tax, spending and policy measure, which promises to do what no statute has ever done before. While 3 out of 5 Americans will enjoy lower federal taxes, this does not automatically imply that everyone will be better off than before. Those earning less than $51,000 annually are likely to see many of their benefits reduced, with at least 7.6 mn Americans estimated to lose their Medicaid benefits altogether. The bill is estimated to make the federal government forgo at least $3.7 tn and cut public spending by $1.3 tn by 2035, resulting in a net deficit of $2.4 tn. The irony is that much of this seems like deja vu.45 years ago, Ronald Reagan came to power by promising to cut taxes, increase defence spending and balance the budget by 1983. In this, he was inspired by the example of Margaret Thatcher, and encouraged by two maestros of mumbo jumbo – Milton Friedman and Friedrich Hayek.
Moreover, even if one were to turn a callous eye to this and other welfare reductions – estimated to save the state about $900 bn in the next decade – this will be mostly eroded by lost taxes on account of benefits extended to the affluent, like raising the exemption ceiling for state and local taxes (SALT) from $10,000 to $40,000, and extending the $15 mn tax-free ceiling for inheritance benefits beyond 2025.
The proposal to keep corporate tax rate steady – it was reduced from 35% to 21% in 2017, amounting to $1.3 tn of lost revenues as of 2025 – may be ill-advised. While this has enabled American companies to make record profits and promote America as a tax-efficient investment destination, it has done little for the average wage earner or job seeker.
If you seek an example of history repeating itself, look no further than Donald Trump ‘s much-hyped ‘One, Big, Beautiful Bill’, a monstrously rambunctious tax, spending and policy measure, which promises to do what no statute has ever done before.Railroaded through the House of Representatives on May 22 by a simple Republican majority of 215-214 and, similarly, only just ratified by the Senate (51-49) on Saturday, Republicans – who have begun to resemble an army of powerless Sancho Panzas – have been urged by Trump to allow him to sign the bill into law before America’s Independence Day. Though it is by no means certain that the Senate, which has asked for certain specific, but not overly impactful, amendments, will be able to settle its differences with the lower house by July 3.As things stand, however, the bill is estimated to make the federal government forgo at least $3.7 tn and cut public spending by $1.3 tn by 2035, resulting in a net deficit of $2.4 tn. The irony is that much of this seems like deja vu.45 years ago, Ronald Reagan came to power by promising to cut taxes, increase defence spending and balance the budget by 1983. In this, he was inspired by the example of Margaret Thatcher, and encouraged by two maestros of mumbo jumbo – Milton Friedman and Friedrich Hayek – who advocated deep tax cuts, especially for the affluent and for corporations, on the basis of the now-discredited ‘ trickle-down theory ‘ (TDT). TDT assumed that money granted to the top of the house would inadvertently ‘lose its way’ to the bottom through incremental job creation and profligate spending.Despite the fact that Britain under Thatcher began to suffer crippling inflation (at levels approaching 20%), unemployment, interest rate surges and a recession, Reagan proceeded with his plan to make the rich as wealthy as possible through tax cuts, hoping to make it up through reduced government and benefit spending. Sadly, within the first year of his presidency, recession arrived, along with an unemployment rate of 10%, never seen since the 1940s. By the time he exited the White House, the budget deficit had swelled from $900 bn to $3 tn.Thus, the US, which had enjoyed a trade surplus every year between 1895 and 1980, became the world’s biggest debtor.In fact, it’s estimated that a 1% increase in the tax rate could result in increasing revenues by up to $136 bn over a 10-yr period, allowing the government to earn over $500 bn in that time while still remaining competitive with a corporate tax rate of 25%.There are factors beyond tax and spending reductions that must be concurrently weighed in the balance. Trump’s on-again, off-again antics with regard to increased import tariffs, and his mercurial foreign policy interventions, make for both political and economic uncertainty.This is most evident in the bond markets – a real bellwether of economic health, unlike stock markets – that experienced a major selloff in April, and are beginning to show volatility again in the wake of the impending bill. By increasing defence and border security funding by $290 bn (including $60 bn on deportation and detention centres) along with other expenditure, the bill is expected to add $3.3 tn to the constantly ballooning national debt , currently at $29 tn, by 2035.Much of this may be ascribed to what George H W Bush referred to as ‘voodoo economics’ in 1980 – arithmetic unrestrained by logic or common sense – until he turned acolyte after becoming Reagan’s running mate. Trump and his advisers, like many 20th-century economists who tried to make their discipline mimic physics – rule-based, mathematical and precise – despite the fact that the social science is mostly unruly and intractable, are peddling something of the same fare. But, disingenuously, mostly for the benefit of self, family and friends.Ultimately, if Congress permits this folly, the big, beautiful bill may defy not only the cold logic of fiscal prudence, but also proverbial wisdom itself, by showing that even those who learn the lessons of history are often want to repeat them.