Tesla and SpaceX CEO Elon Musk, who may soon buy Twitter, is at the top of Fortune’s list of highest-paid CEOs. The others, on the other hand, are likewise in the technology and biotech industries. Tim Cook, the CEO of Apple, Satya Nadella, the CEO of Microsoft, and Reed Hastings, the CEO of Netflix, is among these executives. Cook was paid $770.5 million in 2021 alone, according to Fortune, which was a component of a $1.7 billion 10-year stock grant. He was ranked number two on the list. His remuneration is appropriate because Apple’s market worth climbed by $2.2 billion during his tenure. On the Fortune 500, Apple is ranked third.

In 2021, Nvidia’s Jensen Huang received $561 million in salary, while Cook cornered the former. Huang “realized around $507 million from expiring options that had been awarded in 2011 and 2012, representing the approximately 60x increase in the company’s share price over the [previous] decade,” according to a spokeswoman for Fortune 500. Reed Hastings, the CEO of Netflix, is in fourth place, having recently announced various new initiatives to boost revenues for the company, which has been beset by issues such as account sharing and inferior content compared to its competitors. According to the Fortune 500, Hastings made $453.5 million last year. A Netflix spokeswoman, on the other hand, refuted the report. “His pay in 2021 was $40.8 million, with $650,000 in cash and $39.7 million in stock options, according to our proxy statement,” says the company.

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Musk’s announcement a day earlier that the US-based electric carmaker would not build in India until it was allowed to sell and service its cars in the nation prompted Aggarwal’s tweet on Saturday.

“Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars,” Musk tweeted on Friday.

Tesla’s admission into the country has been on hold since 2019, due to the government’s refusal to accept the company’s desire for a reduction in import tariffs. India imposes a 60% import charge on electric vehicles with a price of $40,000 or less, and a 100% levy if the price is higher.

Aggarwal’s announcement comes as the local EV maker hunts for locations to develop cells and electric vehicles. Ola Electric would need 1,000 acres of land to build the facilities, which are expected to cost Rs 10,000 crore.

The company already owns 500 acres in Krishnagiri, Tamil Nadu, where it has erected the world’s largest two-wheeler plant, the Futurefactory.

Ola will debut its first electric car in the next 2 to 3 years, according to Aggarwal, and it will be constructed at a new plant separate from the existing Futurefactory.

The Indian government is enthusiastic about electric vehicles and has given a number of incentives to encourage both manufacturing and demand.

FAME II (Faster Adoption and Manufacturing of [Hybrid and] Electric Vehicles in India) is a Rs 10,000 crore plan.

Nitin Gadkari, the Union Minister for Road Transport and Highways, has previously advised Tesla to avoid importing automobiles from China. According to Gadkari, if an EV company manufactures its automobiles in India, it will be eligible for the requisite subsidies.

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When will Tesla begin operations in India? Is Starlink planning a visit to the country? Elon Musk responded to these frequently asked questions on Twitter on Friday. While the world’s richest man has been in the news recently for a variety of reasons, including his $44 billion Twitter buy and his political views, Indians are most interested in the much-anticipated coming of Tesla – a car business based in Texas, United States – to the country.

Elon Musk is welcome to manufacture electric vehicles in India, according to Union Minister Nitin Gadkari, but it cannot be a “good proposition” if the Tesla CEO wants to construct in China and sell in India.

“It is a very easy alternative; if Elon Musk is ready to manufacture a Tesla in India, there is no problem. We have got all the competencies, the vendors are available. We have got all types of technology and because of that, he can reduce the cost,” Gadkari had said while speaking at a private event in Delhi.

“He is welcome in India. We don’t have any problem, but, suppose, he wants to manufacture in China and sell in India, it cannot be a good proposition for India. Our request to him is, come to India and manufacture here,” Gadkari said.

Meanwhile, with regard to Starlink, the question “Elon, any update on Starlink approval usage in India? Starlink’s vision to provide cheap and fast Internet connection all over the world is incredible … Starlink in India would be an absolute HIT” was asked he responded, “we are waiting for government approval”.

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On the margins of the Quad Summit on May 24, Mr. Modi and Mr. Kishida met for bilateral talks on “tight cooperation” to encourage efforts to realize a “Free and Open Indo-Pacific,” as well as collaboration in areas such as defense, clean energy, and investment.

The leaders “addressed the situation in Sri Lanka and confirmed that they will work with each other in light of the current economic crisis and deterioration of the humanitarian situation in the nation,” according to Japan’s Ministry of Foreign Affairs. According to a statement, they also “shared the idea of working together to evolve the Indo-Pacific Economic Framework into an inclusive framework that will provide tangible advantages to the region.”

Sri Lanka was not mentioned by the Ministry of External Affairs. “The two presidents discussed current global and regional events in depth. They reiterated their commitment to a free, open, and inclusive Indo-Pacific area, noting convergences in their different approaches to the Indo-Pacific,” according to a statement released on May 24.

Japan’s announcement that it will work with India to help Sri Lanka is significant because it comes just days after Sri Lankan Prime Minister Ranil Wickremesinghe proposed that Quad members — the US, India, Japan, and Australia — take the lead in forming a foreign aid consortium to help the country, which is experiencing its worst economic crisis since independence. Since January of this year, India has provided around $3.5 billion in assistance in the form of loan deferments and credit lines for vital imports.

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Sri Lanka raised the price of gasoline by 24.3% and diesel by 38.4% on Tuesday, a record increase in fuel costs amidst the country’s greatest economic crisis due to a lack of foreign exchange reserves.

With the second increase in fuel prices since April 19, the most commonly used Octane 92 petrol will now cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) per liter, both at an all-time high.

Ceylon Petroleum Corporation, the state fuel entity, decided to hike the price of Octane 92 petrol by 24.3 percent, or 82 rupees, and diesel by 38.4 percent, or 111 rupees per liter (CPC).

“Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter.

“Price revision includes all costs incurred in importing, unloading, distribution to the stations, and taxes.

“The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.

The increase came as the public endured long lines at fuel stations affected by shortages.

The retail costs of petroleum have also been raised by Lanka IOC, the Sri Lankan arm of India’s oil behemoth Indian Oil Corporation.

“We’ve upped our prices to meet the CPC,” LIOC CEO Manoj Gupta told PTI.

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The new Ministers are from the Sri Lanka Podujana Peramuna (SLPP) and its partners, the SLFP and the EPDP, a Tamil minority party in the north.

Mr. Rajapaksa has reshuffled his Cabinet five times since public demands for his resignation began, including forcing the resignation of his elder brother, Prime Minister Mahinda Rajapaksa.

The Ministers will serve in Prime Minister Ranil Wickremesinghe’s interim Cabinet, which was formed to deal with the ongoing economic crisis.

Douglas Devananda, Minister of Fisheries; Keheliya Rambukwella, Minister of Health and Water Supply; Ramesh Pathirana, Minister of Industries; and Mahinda Amaraweera, Minister of Agriculture, Wildlife and Wildlife Conservation, and the Economy were among the new Ministers sworn in. The next news source tweeted.

Vidura Wickramanayaka was named Minister of Buddhasasana, Religion, and Culture, while Naseer Ahamed was given the Environment Ministry position.

Bandula Gunawardana has been assigned the ministries of Transportation and Highways as well as Mass Media. Minister of Irrigation Roshan Ranasinghe has been appointed. He will also be in charge of the Sports and Youth Ministry.

President Rajapaksa enlarged his Cabinet on Friday to include nine new ministers, including those from the opposition, in a bid to maintain stability in the debt-ridden island nation, plunged in its worst economic crisis since independence.

After more than a week since the President appointed new Prime Minister Ranil Wickremesinghe, the ministers were sworn in. After his predecessor — the President’s brother Mahinda Rajapaksa — resigned in the aftermath of violent attacks by his supporters on peaceful anti-government protesters, Rajapaksa reappointed Wickremesinghe, a five-time former Sri Lankan prime minister.

His resignation resulted in the dissolution of the Cabinet, which created an administrative vacuum.

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The governor of the central bank of the South Asian nation declared the country to be in “pre-emptive default.”

Two of the world’s largest credit rating agencies confirmed Sri Lanka has defaulted later on Thursday.

When governments are unable to satisfy some or all of their debt payments to creditors, defaults occur.

It can undermine a country’s investor reputation, making it more difficult for it to borrow money on foreign markets, further eroding confidence in its currency and economy.

“Our position is very clear, we said that unless they come to the restructure [of our obligations], we will not be able to pay,” central bank governor P Nandalal Weerasinghe said on Thursday when asked if the country was now in default.

Sri Lanka is attempting to restructure loans to foreign creditors totaling more than $50 billion to make repayment more affordable.

The pandemic and rising energy prices have hurt the country’s economy, but some argue the current problem was caused by the previous government.

Medicines, fuel, and other essentials are in short supply due to a persistent shortage of foreign money and rising inflation.

Prof Moore claimed that the previous administration borrowed money for infrastructure projects and then “insisted in this very macho attitude” on repaying rising debts rather than negotiating with creditors to restructure them.

The country has already begun bailout talks with the International Monetary Fund (IMF) and must restructure its debt deals with creditors. According to an IMF spokesman, ongoing talks on a new loan package are likely to wrap up on Tuesday.

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President Gotabaya Rajapaksa’s decision to restrict all chemical fertilizers in April last year dramatically reduced output, and while the government has now lifted the embargo, no significant imports have yet occurred.

“While there may not be time to obtain fertilizer for this Yala (May-August) season, steps are being taken to ensure adequate stocks for the Maha (September-March) season,” Prime Minister Ranil Wickremesinghe said in a message on Twitter late on Thursday.

“I sincerely urge everyone to accept the gravity of the … situation,” he added.

Sri Lanka is facing a dire shortage of foreign exchange, fuel, and medicines, and economic activity has slowed to a crawl.

“There is no point in talking about how hard life is,” said A.P.D. Sumanavathi, a 60-year-old woman selling fruit and vegetables in the Pettah market in Colombo, the commercial capital, on Friday. “I can’t predict how things will be in two months, at this rate we might not even be here.

Nearby, a long queue had formed in front of a shop selling cooking gas cylinders, the prices of which have soared.

“Only about 200 cylinders were delivered, even though there were about 500 people,” said Mohammad Shazly, a part-time chauffeur who said he was standing in the line for the third day to be able to cook food for a family of five.

“Without gas, without kerosene oil, we can’t do anything,” he said. “Last option what? Without food we are going to die. That will happen hundred percent.”

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On Tuesday, the government of embattled Sri Lankan President Gotabaya Rajapaksa won two important victories in Parliament: its candidate for Deputy Speaker was elected, and it defeated an Opposition attempt to hasten a debate on a censure motion accusing him of causing the island nation’s worst economic crisis.

In a profoundly divided Parliament, a no-confidence resolution introduced by opposition Tamil National Alliance (TNA) MP M A Sumanthiran to condemn President Rajapaksa was defeated 119-68, despite countrywide protests demanding his resignation due to the people’s suffering.

The Opposition hoped to illustrate how countrywide calls for President Rajapaksa’s resignation are represented in the country’s 225-member legislature with the no-confidence resolution.

Hours earlier, Ajith Rajapaksha, a legislator from the ruling SLPP, was elected Deputy Speaker of the country’s Parliament, which met for the first time since the resignation of former Prime Minister Mahinda Rajapaksa and the swearing-in of the new Prime Minister Ranil Wickremesinghe.

Rajapaksha, 48, of the Sri Lanka Podujana Peramuna Party (SLPP), was elected in Parliament after a secret ballot.

He won 109 votes, while Rohini Kavirathna of the main Opposition Samagi Jana Balawegaya received 78 votes.

Rajapaksha is not related to the ruling Rajapaksa family, yet they both hail from the Hambantota district.

Mahinda Yapa Abeywardena, the Speaker of the House, said 23 votes were rejected.

Ranjith Siyamabalapitiya, the deputy speaker, resigned twice in a month this year, leaving the position empty.

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In a speech to the nation on Thursday, Ranil Wickremesinghe, who was appointed Prime Minister on Thursday, said the government urgently required $75 million in foreign money to pay for crucial imports.

“At the moment, we only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives,” he said.

“We must prepare ourselves to make some sacrifices and face the challenges of this period.”

He noted that two supplies of gasoline and two shipments of diesel utilizing an Indian credit line could give assistance in the coming days, but that the country is also short on 14 key medicines.

Sri Lanka now has a $6.8 billion (2.4 trillion Sri Lankan rupees) budget deficit, accounting for 13% of GDP.

The problem sparked significant protests against President Gotabaya Rajapaksa and his family, culminating in his elder brother Mahinda Rajapaksa’s resignation as Prime Minister last week after clashes between government supporters and demonstrators killed nine people and injured 300 more.

In his address on Thursday, he vowed to “build a nation without queues for kerosene, gas, and fuel … a nation with plentiful resources.”

Wickremesinghe has yet to name key cabinet members, notably the finance minister, who will negotiate with the International Monetary Fund for desperately needed financial assistance.

Ali Sabry, the former Finance Minister, had undertaken talks with the international lender before resigning with Mahinda Rajapaksa last week.

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On Thursday, Wickremesinghe, 73, was sworn in as Sri Lanka’s 26th prime minister, with the goal of restoring stability to the country’s debt-ridden economy and ending political unrest. Wickremesinghe expressed his desire for a closer partnership and thanked Prime Minister (Narendra) Modi for his country’s economic help.

After taking the oath, he made his remarks during a religious ritual conducted here Friday night. Since January of this year, India has pledged more than USD 3 billion to debt-ridden Sri Lanka in the form of loans, credit lines, and credit swaps.

India said on Thursday that it looks forward to working with the new Sri Lankan government, which was created through democratic processes, and that New Delhi’s commitment to the island’s people will remain unchanged.

The country has been without a government since Monday when President Gotabaya Rajapaksa’s elder brother and Prime Minister Mahinda Rajapaksa quit after violence erupted following his supporters’ attack on anti-government protestors.

The attack sparked widespread violence against Rajapaksa supporters, with nine people killed and over 200 more injured. Wickremesinghe stated that his attention was only on the economic issue. “I want to solve this situation so that people may get gasoline, fuel, and power,” Wickremesinghe stated.

“I will do the job that I have undertaken to do. I will prove the majority when it comes to that. [Referring to the island-wide protests, Wickremesinghe said the main protest near president Gotabaya Rajapaksa’s secretariat for over a month now would be allowed to continue] I will talk to them (protesters) if they are willing,” he said.

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“I will give the opportunity for the new government and new PM to start a new program to take the country forward,” he said in a televised address. He also added that once stability is assured, he will discuss his executive powers.

Gotabaya Rajapaksa had earlier prolonged a countrywide curfew till Thursday morning after government supporters attacked protesters camped up in downtown Colombo for weeks calling for his removal. Mr. Rajapaksa’s opponents then stormed and burned down some of the ruling party’s parliamentarians’ homes, forcing crucial family members to flee.

His brother Mahinda Rajapaksa resigned as prime minister, resulting in the dissolution of the cabinet and the absence of a government to negotiate with the International Monetary Fund and creditors over the $8.6 billion debt due this year. A deal is required to help the administration stabilize the country’s finances and provide basic supplies to the island nation’s 22 million residents.

Gotabaya Rajapaksa refuses to resign, and the opposition has turned down his offers of a unity government in exchange for constitutional changes that would limit the president’s authority.

“He needs to give the country a timeframe on what will happen,” Jehan Perera, executive director at the National Peace Council in Colombo, said of the president. “This is one way he can redeem himself as a statesman before things get worse.”

Mr. Rajapaksa has given the military powers under the emergency to hold people without a warrant for 24 hours and examine their private property.

As Sri Lanka further plunges into chaos, its economic crisis worsens. The International Monetary Fund has not yet passed a decision regarding Sri Lanka’s request for a bailout.

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After violence left at least eight people dead since Monday, the Ministry of Defense instructed troops to shoot anyone spotted damaging state property or assaulting authorities on Tuesday, however it is unclear if all of the deaths were directly tied to the protests. The violence has left more than 200 people injured.

The 22-million-strong country is undergoing a terrible economic crisis, with prices of daily products skyrocketing and widespread power outages lasting weeks. Thousands of anti-government protestors have taken to the streets since March, calling for the government’s resignation.

On Tuesday, the country’s former Prime Minister Mahinda Rajapaksa was rescued by the military in a pre-dawn operation hours after he resigned following confrontations between pro-and anti-government protestors. A senior security source told CNN that the military was deployed after demonstrators attempted to break into the prime minister’s ‘Temple Trees’ private residential compound twice overnight.

His resignation came after live television footage on Monday showed government supporters wielding sticks hitting demonstrators and tearing down and burning their tents across the capital. According to witnesses interviewed by CNN, dozens of homes were set on fire across the country as a result of the unrest.

Until Thursday, a national curfew has been imposed.

However, it is unclear whether the curfew and the resignation of the prime minister will be enough to keep the country’s increasingly combustible situation under control.

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Since March, the island has been rocked by social unrest, with protests becoming violent at times as discontent grows over the government’s apparent mishandling of Sri Lanka’s greatest economic crisis since its 1948 declaration of independence from Britain.

The police announced a statewide curfew Monday as violence erupted in the capital city of Colombo between supporters of the ruling party and anti-government activists. Shortly before Rajapaksa announced his resignation, the limits were announced.

According to the national police, anti-government protestors attacked buses transporting local officials who traveled to Colombo on Monday morning for a meeting with the Prime Minister.

According to the Colombo National Hospital, at least 151 persons were admitted to the hospital as a result of the protestors’ violence.

Rajapaksa’s office issued a statement announcing the 76-year-old senior politician’s retirement.

“A few moments ago, Prime Minister Mahinda Rajapaksa sent his letter of resignation to President Gotabaya Rajapaksa,” the statement said.

“Multiple stakeholders have indicated the best solution to the present crisis is the formation of an interim all-party government,” the letter said.

“Therefore, I have tendered my resignation so the next steps can be taken in accordance with the Constitution.”

His resignation came on the heels of a day of tumult and violence that culminated in authorities imposing a nationwide curfew.

Hundreds of supporters of the ruling party gathered outside the prime minister’s official residence before marching to an anti-government demonstration venue near the presidential office.

According to a Reuters witness, police had erected a line on the main road leading to the spot ahead of time but did little to dissuade pro-government protestors from advancing.

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While Rajapaksa is still hesitant to stand aside, CNN-News18 has learned that following his visit to Anuradhapura, he realized the magnitude of animosity directed at him. When the prime minister visited Anuradhapura on Sunday morning, demonstrators booed him and called for him to quit.

In the midst of the uncertainty, Rajapaksa has invited supporters to come to his official residence, Temple Trees, on Monday to urge him not to resign. Sources say he will take advantage of the chance to announce his resignation.

They went on to say that imposing the Emergency was causing local and international backlash, prompting the political maneuver.

President Gotabaya Rajapaksa, Mahinda Rajapaksa’s younger brother, announced a state of emergency on Friday at midnight, the second in just over a month.

After stores shuttered and public transportation was suspended Friday, President Gotabaya Rajapaksa invoked the severe rules to “maintain public order,” according to a spokeswoman for the South Asian island nation’s 22 million residents.

According to reports, the 72-year-old president has been pressing Mahinda Rajapaksa to retire for a few weeks in order to form an all-party interim government.

The main opposition SJB party has stated that it will not participate in any national administration until and until the president accepts responsibility for mismanagement and corruption.

Sri Lanka’s economic crisis began when the coronavirus outbreak decimated tourism and remittance revenues.

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Protesters who obstruct roads will be arrested under a state of emergency. Sri Lanka’s parliament must pass the proposal within 14 days.

Since March, the country has been rocked by civil unrest, with rallies turning violent at times as discontent grows over the government’s perceived mishandling of the country’s economic problems.

On Friday, police fired tear gas at protesters near the country’s parliament in the national capital of Colombo.

The state of emergency drew criticism from some, with opposition leader Sajith Premadasa saying the measure “runs counter to seeking any solution to the crisis.”

On April 1, Rajapaksa imposed a state of emergency, but it was revoked after five days.

Protesters have called for Rajapaksa’s resignation, citing soaring food, fuel, and other basic needs as the government runs out of cash. Many people have been forced to stand in the scorching heat for hours to fill their gas tanks or acquire food and medicine.

Sri Lanka’s Finance Minister Ali Sabry stated this week that the country’s financial reserves are nearly depleted. The country has requested emergency funding from the International Monetary Fund which has not yet approved any loan. The country is trying to survive with humanitarian aid. India is among the contributors of essential goods to the country supplying hundreds of millions worth of goods.

Millions of workers were on strike today, with all but one scheduled train service canceled, thanks to the country’s trade union movement. Private buses were taken off the road, while factory workers marched outside their workplaces and black flags were hung across the country in protest of the administration.

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In the district of Lalitpur, an investigation was launched and all officers on duty at the time of the incident were reprimanded. Separately 4 men were arrested for kidnapping and raping a 13-year-old girl in Madhya Pradesh in April.

The case was filed at Pali police station, where the youngster was persuaded by four males and driven to Bhopal on April 22, where she was allegedly raped, according to news agency ANI. She eventually escaped and returned to her home, where she went to the police station to file a complaint. According to ANI, the station in charge allegedly raped the minor before handing her over to the Childline Welfare Committee.

The NGO approached the police superintendent, who intervened and an FIR was filed on Tuesday.

Officials told PTI that all Pali police officers have been dispatched to the police lines.

The issue was further aggravated when it was announced that the girl was a Dalit. Dalits belong to the lower caste and have experienced discrimination in society. Although the law was abolished in 1950, there are still some areas that practice these customs.

Bhanu Bhaskar, additional director general of police for Kanpur zone, said DIG Jogendra Kumar of Jhansi has been instructed to examine the case and submit a report within 24 hours.

“While the SHO has been suspended, all policemen of Pali police station in Lalitpur have been sent to police lines,” Bhaskar said, adding that strict action will be taken against the guilty policemen.

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It is more than a month that the cases have fallen below 100,000. Due to the increase in cases, public precaution is still advised. Social distancing, vaccination, and wearing masks is still recommended. Follow us for more India COVID updates.

The post INDIA COVID Cases Update as of May 6, 2022 appeared first on Indo Thai News Channel - Travel l Culture l News & Event l Food.

It is more than a month that the cases have fallen below 100,000. Due to the increase in cases, public precaution is still advised. Social distancing, vaccination, and wearing masks is still recommended.

Follow us for more India COVID updates.

The post INDIA COVID Cases Update as of May 5, 2022 appeared first on Indo Thai News Channel - Travel l Culture l News & Event l Food.