<p>Elon Musk passed&nbsp;his billionaire acumen&nbsp;to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals.</p>

<p>Shares of&nbsp;Dalseo-gu, Daegu-based&nbsp;L&amp;F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla.&nbsp;</p>

<p>According to the Bloomberg Billionaires Index, the listed holdings for the L&amp;F Co. chairperson Hur Jae-hong and family is now worth more than $800 million.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-workers-in-shanghai-appeal-to-elon-musk-over-bonus-cuts-583293">Tesla workers in Shanghai appeal to Elon Musk over bonus cuts</a></strong></p>

<p>Tesla has been using L&amp;F’s cathodes for years. But they were supplied through LG Energy Solution Ltd.&nbsp;</p>

<p>This is the first time that L&amp;F has become Tesla's direct client.</p>

<p>Like L&amp;F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported.</p>

<p><strong>ALSO WATCH |&nbsp;World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs</strong></p>

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<p>For L&amp;F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational.&nbsp;</p>

<p>L&amp;F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue.&nbsp;</p>

<p>L&amp;F may see its reliance on LG Energy Solution drop to 50 per cent&nbsp;of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales.</p>

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Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co.

Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla. According to the Bloomberg Billionaires Index, the listed holdings for the L&F Co. chairperson Hur Jae-hong and family is now worth more than $800 million. ALSO READ | Tesla workers in Shanghai appeal to Elon Musk over bonus cuts Tesla has been using L&F’s cathodes for years. But they were supplied through LG Energy Solution Ltd. This is the first time that L&F has become Tesla's direct client. Like L&F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported. ALSO WATCH | World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs For L&F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational. L&F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue. L&F may see its reliance on LG Energy Solution drop to 50 per cent of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company

A Christian worker has sued his employer in the U.S. supreme court for being asked to work on Sunday. He accuses the postal service company of religious discrimination. Do your religious beliefs make you more deserving of leaves at work? Molly Gambhir tells you more.

Gravitas: Christian worker refuses to work on Sunday | Religion makes you entitled of leaves?

In India, gangster-turn-politician Atiq Ahmed was killing on live TV while he was being taken for a medical check-up by the police. The killers had posed as journalists. They killed Ahmed whilst he was in police custody. Is the incident a commentary on rule of law in India?

Gravitas | Atiq Ahmed killing: A shot in the arm for rule of law? | Extrajudicial killings in India

Scientists have discovered a hole in the Pacific Ocean which spews hot liquid from inside. What is this doom hole capable of? Is climate change puncturing the ocean floors? Molly Gambhir brings you a report.

Gravitas: Will the Pacific Ocean witness a mega quake?

Sudan is on the boil. 100 people have lost their lives as deadly clashes continue between the army and paramiliary forces. Molly Gambhir tells you more.

Gravitas: Sudan's deadly clashes continue for third day

The Indian top court is set to hear appeals for legalising same-sex marriage, but the centre has urged the court to dismiss them. It says that according to Indian traditions, marriage is a strictly heterogenous institution. Molly Gambhir tells you more.

Gravitas: Indian Government opposes same-sex marriage

A Chinese engineer has been arrested in Pakistan over blasphemy. Who is this engineer? What's his crime? Molly Gambhir brings you a report.

Gravitas: Chinese engineer arrested in Pakistan over blasphemy

Could a Saudi premier league outbid the IPL? Could it steal IPL's limelight and its stars. Reports say Saudi Arabia is already in talks with the BCCI. What for? Listen in to Molly Gambhir.

Gravitas | IPL: Could the Indian Premier League become the Saudi Premier League?

Four people have been killed in a mass shooting at a 'sweet 16' birthday party in Alabama. This is the third high-profile mass shooting in U.S. in less than a month. Molly Gambhir reports.

Gravitas: Four killed in 'Sweet 16' birthday party in Alabama

<p>Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities.</p>

<p>Noor Jehan was born in the wild 17 years ago, and was shipped from Tanzania to Pakistan later. The elephant, as per latest reports, continues to be immobile and requires immense care to be fed and washed.&nbsp;</p>

<p>Following the public outcry, Pakistan's Federal Minister for Climate Change Senator Sherry Rehman urged the provincial Sindh government to close down the zoo due to its lack of capacity to care for the wild animals.&nbsp;</p>

<p><b>ALSO READ |&nbsp;Foreign vets rush to Pakistan to save an ailing elephant | Inside South Asia</b></p>

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<p>The provincial government has now said that it will shift the animals kept in the zoo to 'safer places'.</p>

<p>But so far, reports in the Pakistani media suggest that the shifting of animals is yet to take place. On social media, the visuals of animals kept in the zoo, have gone viral.</p>

<p>In one of the pictures, crocodiles are seen soaking up the sun at the zoo. But their bodies remain splattered with blood-red spots because paan and gutka-consuming visitors of the zoo spat on them, The News reported.&nbsp;</p>

<p>In others, young lions appear unfed and undernourished.</p>

<p>Not just in Pakistan but throughout the world, the existence of zoos has been a matter of contention between authorities and the animal rights activists. This is majorly because of the captor-abuser notions associated with zoos.</p>

<p>But in Pakistan, the cause of zoo closure is not ethical but rather financial.&nbsp;</p>

<p>"Please close down Karachi Zoo. Zoos should be banned, specially in a country where we don't have money to feed and care for humans, no one is bothered about the voiceless, helpless animals. Animals do not belong in cages. What Noor Jehan has gone through is inhumane torture," Zunaira Khan, a research analyst, wrote on Twitter.&nbsp;</p>

<p>Amid skyrocketing inflation, political conflict between Prime Minister Shehbaz Sharif’s government and former Prime Minister Imran Khan, and surging terrorism, Pakistan is facing a disastrous economic outlook due to its massive external debt obligations. This financial crunch of unprecedented proportions has come to affect every visible aspect of the country, including&nbsp;wildlife.</p>

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Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities.

Pakistan is close to shutting down a famous zoo in the port city of Karachi due to its lack of capacity to take care of the wild animals kept there. The development came after a 17-year-old elephant named Noor Jehan became severely sick due to inadequate care and treatment by the zoo authorities. Noor Jehan was born in the wild 17 years ago, and was shipped from Tanzania to Pakistan later. The elephant, as per latest reports, continues to be immobile and requires immense care to be fed and washed. Following the public outcry, Pakistan's Federal Minister for Climate Change Senator Sherry Rehman urged the provincial Sindh government to close down the zoo due to its lack of capacity to care for the wild animals. ALSO READ | Foreign vets rush to Pakistan to save an ailing elephant | Inside South Asia × The provincial government has now said that it will shift the animals kept in the zoo to 'safer places'. But so far, reports in the Pakistani media suggest that the shifting of animals is yet to take place. On social media, the visuals of animals kept in the zoo, have gone viral. In one of the pictures, crocodiles are seen soaking up the sun at the zoo. But their bodies remain splattered with blood-red spots because paan and gutka-consuming visitors of the zoo spat on them, The News reported. In others, young lions appear unfed and undernourished. Not just in Pakistan but throughout the world, the existence of zoos has been a matter of contention between authorities and the animal rights activists. This is majorly because of the captor-abuser notions associated with zoos. But in Pakistan, the cause of zoo closure is not ethical but rather financial. "Please close down Karachi Zoo. Zoos should be banned, specially in a country where we don't have money to feed and care for humans, no one is bothered about the voiceless, helpless animals. Animals do not belong in cages. What Noor Jehan has gone through is inhumane torture," Zunaira Khan, a research analyst, wrote on Twitter. Amid skyrocketing inflation, political conflict between Prime Minister Shehbaz Sharif’s government and former Prime Minister Imran Khan, and surging terrorism, Pakistan is facing a disastrous economic outlook due to its massive external debt obligations. This financial crunch of unprecedented proportions has come to affect every visible aspect of the country, including wildlife. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan's economic crisis forces closure of Karachi zoo full of sick, underfed animals

<p>Bangladesh will settle its pending payments to Russia in Chinese yuan instead of dollar. Dhaka will settle repayments worth $110 million to Moscow for the currently under construction Rooppur power plant in the Chinese currency, it was revealed.&nbsp;</p>

<p>The development came amid increasing de-dollarisation efforts by the developing nations and calls by BRICS [Brazil, Russia, India, China and South Africa] nation members for a common BRICS currency.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a></strong></p>

<p>Russia has been barred from much of the international banking system, due to the US-led sanctions in-place. After months of scrambling for ways to settle repayments, last week,&nbsp;a high-level delegation from Russia and Bangladesh's Ministry of Finance agreed that the bills could be paid in yuan.</p>

<p><strong>ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/brazilian-president-lula-da-silva-wants-a-brics-currency-582356">Brazilian President Lula da Silva wants a BRICS currency</a></strong></p>

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<p>"Because of the sanctions against Russian banks, we couldn't process payments in U.S. dollars. Russia asked us to settle the payments in their currency, rubles, but that was not feasible. So we both opted for yuan,"&nbsp;Uttam Kumar Karmaker, additional secretary of the Bangladesh's finance ministry's Economic Relations Division (ERD), was quoted as saying by Nikkei Asia.&nbsp;</p>

<p>The Rooppur power plant, once completed, will be capable of generating 2,400 megawatts of power. It is to be a crucial element of Bangladesh's plans to generate more energy and reduce its reliance on coal.</p>

<h2><strong>Bangladesh's Chinese currency pact to settle payments with Russia</strong></h2>

<p>Bangladesh will resolve payments with Russia via a Chinese bank, likely drawing on Dhaka's own reserves of yuan. Russian beneficiaries will receive funds through China's Cross-Border Interbank Payment System (CIPS), a yuan-driven alternative to the dollar-dominated SWIFT system.</p>

<h2><strong>US-led sanctions against Russia a boon for China</strong></h2>

<p>The US-led sanctions targeting the SWIFT access to some Russian banks has reportedly opened doors for&nbsp;China to promote its alternative. Beijing&nbsp;has found an eager partner in Russia, one of the world's top energy exporters.</p>

<p>In late March, during a three-day bilateral summit with Chinese President Xi Jinping, Russian President Vladimir Putin said, "We are in favor of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa and Latin America."</p>

<p>Bangladesh's central bank has been building up the share of yuan in its foreign currency reserves since 2017, after the currency was included in the International Monetary Fund's Special Drawing Rights (SDR) currency basket.</p>

<p>In September last year, Bangladesh Bank issued a circular allowing commercial banks to maintain accounts in yuan with their corresponding branches abroad to settle cross-border transactions.</p>

<p>Experts cited in the media say that Bangladesh&nbsp;has not adopted a deliberate policy to build up yuan reserves.&nbsp;</p>

<p>The yuan's portion of the country's forex reserves rose to 1.32 per cent&nbsp;last August, from 1 per cent in 2017, while the dollar declined to 75 per cent from 81 per cent, according to data cited by Nikkei Asia.</p>

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Bangladesh will settle its pending payments to Russia in Chinese yuan instead of dollar. Dhaka will settle repayments worth $110 million to Moscow for the currently under construction Rooppur power plant in the Chinese currency, it was revealed.

Bangladesh will settle its pending payments to Russia in Chinese yuan instead of dollar. Dhaka will settle repayments worth $110 million to Moscow for the currently under construction Rooppur power plant in the Chinese currency, it was revealed. The development came amid increasing de-dollarisation efforts by the developing nations and calls by BRICS [Brazil, Russia, India, China and South Africa] nation members for a common BRICS currency. ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance Russia has been barred from much of the international banking system, due to the US-led sanctions in-place. After months of scrambling for ways to settle repayments, last week, a high-level delegation from Russia and Bangladesh's Ministry of Finance agreed that the bills could be paid in yuan. ALSO WATCH | Brazilian President Lula da Silva wants a BRICS currency × "Because of the sanctions against Russian banks, we couldn't process payments in U.S. dollars. Russia asked us to settle the payments in their currency, rubles, but that was not feasible. So we both opted for yuan," Uttam Kumar Karmaker, additional secretary of the Bangladesh's finance ministry's Economic Relations Division (ERD), was quoted as saying by Nikkei Asia. The Rooppur power plant, once completed, will be capable of generating 2,400 megawatts of power. It is to be a crucial element of Bangladesh's plans to generate more energy and reduce its reliance on coal. Bangladesh's Chinese currency pact to settle payments with Russia Bangladesh will resolve payments with Russia via a Chinese bank, likely drawing on Dhaka's own reserves of yuan. Russian beneficiaries will receive funds through China's Cross-Border Interbank Payment System (CIPS), a yuan-driven alternative to the dollar-dominated SWIFT system. US-led sanctions against Russia a boon for China The US-led sanctions targeting the SWIFT access to some Russian banks has reportedly opened doors for China to promote its alternative. Beijing has found an eager partner in Russia, one of the world's top energy exporters. In late March, during a three-day bilateral summit with Chinese President Xi Jinping, Russian President Vladimir Putin said, "We are in favor of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa and Latin America." Bangladesh's central bank has been building up the share of yuan in its foreign currency reserves since 2017, after the currency was included in the International Monetary Fund's Special Drawing Rights (SDR) currency basket. In September last year, Bangladesh Bank issued a circular allowing commercial banks to maintain accounts in yuan with their corresponding branches abroad to settle cross-border transactions. Experts cited in the media say that Bangladesh has not adopted a deliberate policy to build up yuan reserves. The yuan's portion of the country's forex reserves rose to 1.32 per cent last August, from 1 per cent in 2017, while the dollar declined to 75 per cent from 81 per cent, according to data cited by Nikkei Asia. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Chinese currency replaces dollar in Bangladesh's payments to Russia

<p>The United States on Monday arrested two men of Chinese descent for allegedly&nbsp;setting up a Chinese "police station" in New York. Dozens of Chinese security officials were charged over a campaign to monitor and harass Chinese dissidents living in the United States.</p>

<p>This comes months after Spain-based&nbsp;human rights group Safeguard Defenders first revealed the existence of such outposts in at least 53&nbsp;countries around the world.</p>

<h2><strong>Chinese 'police stations' in New York: The arrested men</strong></h2>

<p>The two men arrested on Monday by the US authorities have been identified as Harry Lu Jianwang, 61, and Chen Jinping, 59. These are the first arrests anywhere in the world over China's clandestine operation to establish overseas police posts.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/china-operating-over-100-police-stations-in-foreign-countries-report-says-540130">China operating over 100 police stations in foreign countries, report says</a></strong></p>

<p>The two men set up the office in Manhattan's Chinatown last year at the behest of the Fuzhou branch of the Ministry of Public Security (MPS), China's national police force, ostensibly to offer services like Chinese driver's license renewal, according to&nbsp;Breon Peace, the top federal prosecutor in Brooklyn, New York.</p>

<h2><b>China's overseas 'police stations': Tasks and operations</b></h2>

<p>The US officials said what the Spain-based human rights group had been saying since September 2022, that such 'police stations' help&nbsp;Beijing track down dissidents in lieu of services like Chinese driver's license renewal.</p>

<p>Canada and several European governments have cracked down on similar "police stations."</p>

<p>According to Safeguard Defenders, the "police stations" have been involved in pressuring Chinese nationals to return home to face criminal charges.</p>

<p>Canada has identified and closed several unofficial outposts in Montreal and elsewhere.</p>

<p>In October, Dutch authorities said they were investigating reports of two Chinese police operations in Amsterdam and Rotterdam.</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas: Inside China's police stations overseas</strong></p>

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<p>Lu and Chen were charged with acting as unregistered agents of a foreign government and obstruction for destroying evidence of their communications with Chinese officials.</p>

<p>If convicted, both&nbsp;Lu and Chen face up to 25 years in prison.</p>

<p>In a related case, the Justice Department announced charges against 34 members of China's Ministry of Public Security&nbsp;who were allegedly involved in harassing dissidents overseas, including the US-based Falun Gong religious movement.</p>

<p>The task force created thousands of fake social media accounts, according to the US charges, to target Chinese dissidents "through online harassment and threats."</p>

<p>"This task force isn't a normal police force," said Peace.</p>

<p>"It doesn't protect people or combat crimes. It commits crimes targeting Chinese democracy activists and dissidents located outside of the PRC, including right here in New York City."</p>

<p>FBI Director Christopher Wray said last November that his agency was monitoring reports of such stations, calling them a "real problem".</p>

<p>"To me, it is outrageous to think that the Chinese police would attempt to set up shop, you know, in New York, let's say, without proper co-ordination," Wray said. "It violates sovereignty and circumvents standard judicial and law enforcement co-operation processes."</p>

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The United States on Monday arrested two men of Chinese descent for allegedly setting up a Chinese "police station" in New York. Dozens of Chinese security officials were charged over a campaign to monitor and harass Chinese dissidents living in the United States.

The United States on Monday arrested two men of Chinese descent for allegedly setting up a Chinese "police station" in New York. Dozens of Chinese security officials were charged over a campaign to monitor and harass Chinese dissidents living in the United States. This comes months after Spain-based human rights group Safeguard Defenders first revealed the existence of such outposts in at least 53 countries around the world. Chinese 'police stations' in New York: The arrested men The two men arrested on Monday by the US authorities have been identified as Harry Lu Jianwang, 61, and Chen Jinping, 59. These are the first arrests anywhere in the world over China's clandestine operation to establish overseas police posts. ALSO READ | China operating over 100 police stations in foreign countries, report says The two men set up the office in Manhattan's Chinatown last year at the behest of the Fuzhou branch of the Ministry of Public Security (MPS), China's national police force, ostensibly to offer services like Chinese driver's license renewal, according to Breon Peace, the top federal prosecutor in Brooklyn, New York. China's overseas 'police stations': Tasks and operations The US officials said what the Spain-based human rights group had been saying since September 2022, that such 'police stations' help Beijing track down dissidents in lieu of services like Chinese driver's license renewal. Canada and several European governments have cracked down on similar "police stations." According to Safeguard Defenders, the "police stations" have been involved in pressuring Chinese nationals to return home to face criminal charges. Canada has identified and closed several unofficial outposts in Montreal and elsewhere. In October, Dutch authorities said they were investigating reports of two Chinese police operations in Amsterdam and Rotterdam. ALSO WATCH | Gravitas: Inside China's police stations overseas × Lu and Chen were charged with acting as unregistered agents of a foreign government and obstruction for destroying evidence of their communications with Chinese officials. If convicted, both Lu and Chen face up to 25 years in prison. In a related case, the Justice Department announced charges against 34 members of China's Ministry of Public Security who were allegedly involved in harassing dissidents overseas, including the US-based Falun Gong religious movement. The task force created thousands of fake social media accounts, according to the US charges, to target Chinese dissidents "through online harassment and threats." "This task force isn't a normal police force," said Peace. "It doesn't protect people or combat crimes. It commits crimes targeting Chinese democracy activists and dissidents located outside of the PRC, including right here in New York City." FBI Director Christopher Wray said last November that his agency was monitoring reports of such stations, calling them a "real problem". "To me, it is outrageous to think that the Chinese police would attempt to set up shop, you know, in New York, let's say, without proper co-ordination," Wray said. "It violates sovereignty and circumvents standard judicial and law enforcement co-operation processes." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Two arrested after FBI discloses China's secret 'police stations' in New York

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