Norway wealth fund to vote against Musk’s $56 billion Tesla pay package

Elon Musk, CEO of SpaceX and Tesla and owner of X. (Reuters)
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Updated 09 June 2024
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Norway wealth fund to vote against Musk’s $56 billion Tesla pay package

  • Musk’s pay was approved in 2018, but voided by a judge, who said the amount was unfair to shareholders
  • Norway's severeign fund holds a 0.98 percent stake worth $7.7 billion of Tesla shares

OSLO: Norway’s $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk’s $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year.

The fund is Tesla’s eighth-biggest shareholder, according to LSEG data.
Musk’s pay, the largest for a chief executive in corporate America, was approved in 2018, but voided by a judge earlier this year, who said the amount was unfair to shareholders, calling it an “unfathomable sum.”
The fund said it appreciated “the significant value generated under Mr. Musk’s leadership since the grant date in 2018.”
Still, “we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,” Norges Bank Investment Management (NBIM), the operator of the fund said.
In 2018, the fund had voted against the package.
“We will continue to seek constructive dialogue with Tesla on this and other topics,” NBIM added.
The fund, which holds a 0.98 percent stake worth $7.7 billion according to fund data, has been critical of excessive CEO pay.
Responding to a post on social media platform X, Musk said the fund’s decision is “not cool,” adding that if the fund actually surveyed the constituents, they would discover “overwhelming support in favor.”
Last year it voted against more than half of US CEO pay packages above $20 million, warning they did not align with long-term value creation for shareholders.

Unions
The fund also said it would vote for a shareholder proposal calling on Tesla to adopt a freedom of association and collective bargaining policy, a win for labor unions seeking to assert their influence over the US car maker.
The vote comes as Tesla continues to face industrial action in Sweden, with its mechanics on strike since Oct. 27, in one of the country’s longest labor disputes.
Norway’s wealth fund, which owns 1.5 percent of all the world’s listed stocks, also in 2022 backed a shareholder proposal calling on Tesla to adopt a policy of respecting labor rights such as freedom of association and collective bargaining.
The electric vehicle producer faces a backlash in the Nordic region from unions and some pension funds over its refusal to accept the demand from its Swedish mechanics for collective bargaining rights covering wages and other conditions.

Texas
The wealth fund voted for transferring the EV maker’s state of incorporation to Texas from Delaware, a vote Musk sought after the Delaware judge invalidated his pay.
The fund also said it would vote for a proposal to elect Musk’s younger brother Kimbal, 51, to Tesla’s board of directors. The fund had voted in favor of his election in 2018, according to fund data.
Tesla shareholders will vote on Musk’s pay, as well as the re-election of directors, including Musk’s brother, at their annual meeting scheduled on June 13.


China, Cambodia sign major canal deal

Updated 8 sec ago
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China, Cambodia sign major canal deal

  • The canal project, which was previously estimated to cost $1.7 billion — nearly 4 percent of the country’s annual gross domestic product — and stretching 180 km, is now valued at $1.16 billion with a length of 151.6 km, the Cambodian government said in a

BEIJING:  China and Cambodia have agreed to build safe and stable supply chains and strengthen cooperation in transportation infrastructure, they said in a joint statement released by China’s Foreign Ministry on Friday.
The two countries also signed a deal to construct a major canal, which Cambodia hopes will transform its economic fortunes.
The agreements came after Chinese President Xi Jinping’s three-nation tour of Southeast Asia, which included stops in Vietnam and Malaysia.
The trip was part of Beijing’s effort to consolidate economic and trading ties with close neighbors.
“China supports Cambodia in building the Funan Techo Integrated Water Conservancy Project in accordance with the principles of feasibility and sustainability,” the joint statement said.
The canal project, which was previously estimated to cost $1.7 billion — nearly 4 percent of the country’s annual gross domestic product — and stretching 180 km, is now valued at $1.16 billion with a length of 151.6 km, the Cambodian government said in a separate statement.
The statement showed that it will be financed through a public-private partnership, with Cambodian investors holding a 51 percent stake and Chinese investors holding 49 percent.
China also commended Cambodia’s efforts in cracking down on illegal online gambling and telecom fraud in the joint statement, with the two countries agreeing to strengthen law enforcement cooperation further.
Before Xi’s visit, the Cambodian government said it had deported to China several “Chinese criminals,” including people from Taiwan, in a move that angered Taipei and was praised by Beijing.
The two countries also agreed to establish a ministerial dialogue between their foreign and defense ministers to facilitate coordination on major strategic issues.

 


Three tourists among 4 killed after Italian cable car crashes into a ravine south of Naples

Updated 18 April 2025
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Three tourists among 4 killed after Italian cable car crashes into a ravine south of Naples

  • An Arab woman with Israeli citizenship was the third foreign victim to be identified following Thursday’s accident
  • The fourth victim was the Italian driver of the cable car

ROME: Three tourists, including a brother and sister from Britain, were among four people who were killed when a mountain cable car plunged into a ravine south of Naples, an Italian official said Friday.
An Arab woman with Israeli citizenship was the third foreign victim to be identified following Thursday’s accident, said Marco De Rosa, a spokesperson for the mayor of Vico Equense.
The fourth victim was the Italian driver of the cable car. A fifth tourist, said to be the brother of the Israeli victim, is in a stable but critical condition at a Naples hospital, officials said.
Initial reports suggested that a traction cable may have snapped as the cable car ascended Monte Faito, in the town of Castellammare di Stabia. The cable car plunged into a ravine after stopping very close to the station at the top of the peak, at around 1,050 meters (3,400 feet).
Sixteen passengers were helped out of another cable car that was stuck mid-air near the foot of the mountain following the incident.
The accident happened just a week after the cable car, which is popular for its views of Mount Vesuvius and the Bay of Naples, reopened for the season. It averages around 110,000 visitors each year.
The emergency services, including Italy’s alpine rescue, more than 50 firefighters, police and civil protection personnel, worked into the evening in severe weather conditions, with fog and strong winds making rescue operations difficult.
“The traction cable broke. The emergency brake downstream worked, but evidently not the one on the cabin that was entering the station,” Luigi Vicinanza, the mayor of Castellammare di Stabia, said on Thursday. He added that there had been regular safety checks on the cable car line, which runs 3 kilometers (1.8 miles) from the town to the top of the mountain.
Local prosecutors have opened an investigation into possible manslaughter, which will involve an inspection of the cable stations, the pylons, the two cabins and the cable, officials said Friday.
The company running the service, the EAV public transport firm, said the seasonal cable car had reopened with all the required safety conditions.
“The reopening had taken place a week ago after three months of tests every day, day and night,” said EAV President Umberto De Gregorio. “This is something inexplicable.”
De Gregorio said technical experts believed there was no connection between the severe weather and the cause of the crash. “There is an automatic system. When the wind exceeds a certain level, the cable car stops automatically,” he said.
The Monte Faito cable car opened in 1952. Four people died in 1960 when a pylon broke.
Italy has recorded two similar fatal accidents involving cable cars in recent years.
A cable car crash in May 2021 in northern Italy killed 14 people, including six Israelis, among them a family of four. In 1998, a low-flying US military jet cut through the cable of a ski lift in Cavalese, in the Dolomites, killing 20 people.


Half a million weapons lost or smuggled after Taliban takeover in Afghanistan

Updated 18 April 2025
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Half a million weapons lost or smuggled after Taliban takeover in Afghanistan

  • When Taliban swept through Afghanistan, they captured about 1 million pieces of US-funded military equipment
  • Many weapons were abandoned by retreating Afghan soldiers or left behind by US forces

LONDON: Around half a million weapons seized by the Taliban after their 2021 takeover of Afghanistan have been lost, sold, or smuggled to militant groups, according to sources who spoke to the BBC.

Some of the missing weapons are believed to be in the hands of Al-Qaeda affiliates, UN officials say.

When the Taliban swept through Afghanistan, they captured about 1 million pieces of US-funded military equipment, including M4 and M16 rifles, according to the report published on Thursday.

Many weapons were abandoned by retreating Afghan soldiers or left behind by US forces, it added.

At a closed-door UN meeting in Doha last year, Taliban officials reportedly admitted that half of this equipment is now “unaccounted for.”

A UN report in February said groups such as Tehreek-e-Taliban Pakistan and the Islamic Movement of Uzbekistan were accessing Taliban-captured weapons or buying them on the black market.

The Taliban government denies the claims, insisting that all weapons are securely stored.

However, a 2023 UN report said local Taliban commanders were allowed to keep 20 percent of seized US arms, fueling a thriving black market.

Sources described an underground trade where US-made weapons are now sold via messaging apps like WhatsApp.

Oversight of US equipment in Afghanistan has long been criticized, and a US watchdog, Sigar, said tracking efforts were hampered by poor record-keeping across multiple agencies.

US President Donald Trump has vowed to reclaim the lost weaponry, though experts argue the cost of recovery would outweigh its value.

Meanwhile, the Taliban have used captured Humvees, rifles, and other simpler equipment to bolster their military strength, although they struggle to maintain more complex machinery like Black Hawk helicopters.

Concerns remain that the flow of advanced weaponry to militant groups will continue to destabilize the region.


Australian to stand trial in Russian-occupied Ukraine on mercenary charges

Updated 18 April 2025
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Australian to stand trial in Russian-occupied Ukraine on mercenary charges

  • Jenkins came to Ukraine in February 2024 from Melbourne
  • Then fought against the Russian army between March and December 2024

MOSCOW: An Australian man will stand trial on mercenary charges in Russian-occupied Lugansk, the eastern region’s Moscow-installed authorities said on Friday, the latest foreign soldier fighting for Ukraine to appear before the court.
“The Prosecutor’s Office of the Lugansk People’s Republic approved the indictment in the criminal case against 33-year-old citizen of the Commonwealth of Australia Oscar Charles Augustus Jenkins,” the authorities said in a statement.
According to the investigators, Jenkins came to Ukraine in February 2024 from Melbourne and then fought against the Russian army between March and December 2024, for which he was paid around $7,000-9,000 a month.
Russia and its eastern Ukraine proxies typically consider foreigners traveling to fight in Ukraine as “mercenaries.”
This enables them to prosecute fighters under its criminal code, rather than treating them as captured prisoners of war with protections and rights under the Geneva Convention.
Most recently British man James Scott Rhys Anderson, 22, was charged with terrorism after he was caught in the Kursk region fighting on Ukraine’s side.


Prince Harry requested taxpayer-funded security after Al-Qaeda death threat

Updated 18 April 2025
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Prince Harry requested taxpayer-funded security after Al-Qaeda death threat

  • The prince is in a legal battle with the Home Office over the level of protection he receives in Britain
  • Terror group called for prince ‘to be murdered’ after 2020 decision to reduce his security, court told

LONDON: The UK’s Prince Harry, duke of Sussex, requested taxpayer-funded protection following a murder threat against him by Al-Qaeda, new court documents show.

The prince is in a legal battle with the UK Home Office over the level of taxpayer-funded personal security he receives when traveling back home from the US, and the documents were revealed following the duke of Sussex’s appearance at London’s Royal Courts of Justice last week, The Independent newspaper reported.

The Executive Committee for the Protection of Royalty and Public Figures (RAVEC) ordered in 2020 that Prince Harry should receive a lower grade of security when in the UK.

He fought back against the decision, but the High Court dismissed his case against the Home Office last year, which he is now appealing.

Private evidence was heard in the case, showing that Prince Harry submitted a request for protection following the Al-Qaeda threat.

A court summary said the prince “confirmed that he had requested certain protection after a threat was made against him” by the terror organization.

Prince Harry previously claimed he faces a greater risk than Princess Diana, his late mother, with “additional layers of racism and extremism.”

After the RAVEC decision in 2020, Al-Qaeda called for Prince Harry “to be murdered,” written submissions in the prince’s appeal say.

Shaheed Fatima KC, for the prince, said that his security team was told that Al-Qaeda had released a document which said his “assassination would please the Muslim community.”

The RAVEC decision was made after Prince Harry and Meghan Markle announced they would step back from public duties in early 2020.

The pair were later told that, while in the UK, they would no longer receive the full-scale police protection offered to the king and queen, the prince and princess of Wales, and their three children.

An alternative “bespoke” security detail was arranged for the duke and duchess of Sussex.

They are required to give 30 days’ notice of their arrival in Britain for officials to make threat assessments.

Prince Harry had been “singled out for different, unjustified and inferior treatment,” Fatima said, adding that he “does not accept that ‘bespoke’ means ‘better.’”