World
Elon Musk sells another $1bn worth of shares in Tesla to clear tax bill
Elon Musk, the billionaire founder of Tesla Inc., has sold another 934,090 shares in the electric vehicle manufacturer for $1.2 billion.
This is coming a week after Musk confirmed that he would pay over $11 billion in taxes this year.
He had also predicted that the tax rate would rise next year.
The billionaire has been offloading his Tesla stock after he polled Twitter users about selling 10 percent of his stake in November.
He has now sold more than 15 million Tesla shares.
Last month, Musk sold about $5 billion worth of Tesla’s shares — and nearly $1 billion again the same month.
Musk’s fortune is heavily reliant on Tesla — and SpaceX valued at 100 billion after a funding round some months ago.
He will be required to pay this tax bill to receive compensation of more than $23 billion in the form of stock options that would otherwise expire in August 2022.
According to Wall Street Journal, Musk’s holdings in Tesla have increased from about 170 million shares to over 177 million shares for exercising his options this quarter.
World
Tension mounts in South Korea as Yoon’s security chief resigns
South Korea’s presidential security chief resigned Friday as he faced questioning over why his guards prevented the detention of impeached President Yoon Suk Yeol and investigators prepared to make a fresh arrest attempt.
Yoon has refused questioning and last week resisted arrest in a stand-off between his guards and investigators after his short-lived power grab on December 3 plunged South Korea into its worst political crisis in decades.
Yoon’s Presidential Security Service (PSS) chief Park Chong-jun submitted his resignation on Friday morning “as he attended a police questioning”, a PSS official told AFP.
It was later accepted by acting president Choi Sang-mok, an official from the interim leader’s office told reporters.
It came as investigators and police prepare to mount a new bid to arrest Yoon over his martial law declaration after securing a new warrant this week.
Earlier on Friday, Park told reporters there must be no bloodshed if investigators attempt another arrest of Yoon.
“I understand many citizens are concerned about the current situation where government agencies are in conflict and confrontation,” he said.
“I believe that under no circumstances should there be physical clashes or bloodshed,” he added, before being questioned at the Korean National Police Agency.
Rival protest camps in sub-zero temperatures are calling for Yoon’s impeachment to be declared invalid on one side, and for him to be immediately detained on the other.
Yoon would become the first sitting South Korean president to be arrested if investigators are able to detain him.
His legal team have said they will not comply with the current warrant.
The Corruption Investigation Office (CIO) said it will “prepare thoroughly” for the second arrest attempt.
Police on Friday held a meeting of its commanders to plan for the renewed effort, Yonhap news agency reported.
Park twice ignored police requests to appear for questioning over allegations of obstruction of public duty since his team blocked investigators from arresting Yoon on January 3.
World
UK extends travel entry scheme to US, Canada, Australia
The UK’s new visa-waiver entry system took effect on Wednesday for passengers from dozens more countries, including millions of annual visitors from the United States, Canada and Australia.
The Electronic Travel Authorisation (ETA) scheme — similar to the ESTA system in the United States — requires visitors who do not need a visa to enter Britain to acquire pre-travel authorisation.
Costing £10 ($12.50) and allowing stays of up to six months at a time over two years, it first launched in 2023, with Qatar, before being extended last year to five regional Gulf neighbours.
Now, it has been expanded to include citizens of around 50 more countries and territories, from Argentina, Brazil and New Zealand to Japan, South Korea and Caribbean nations.
With the system kicking in for them on Wednesday, they have been able to apply since last November.
The scheme, aimed at tightening border security, will next be extended to dozens of EU and European countries and territories on April 2.
Citizens covered by the scheme will be able to apply for the new ETA — which is digitally linked to the traveller’s passport — via an app, from March 5.
Around six million people from the US, Canada and Australia visit Britain each year, according to the UK government.
Eligible travellers will need one even if they are just using the UK to connect to an onward flight abroad. ETA also applies to children and babies.
London’s Heathrow Airport has opposed the scheme, saying its rollout has reduced the number of passengers transiting through the UK, and that it makes the country “less competitive” and harms economic growth.
The new requirement does not apply to British and Irish citizens, those with passports from British overseas territories and legal UK residents.
It does not change the requirements for citizens of countries who need a visa to visit Britain, such as Chinese, Ecuadorian and South African travellers.
Previously, most visitors not requiring a visa could arrive at a British airport and proceed through immigration control with their passport.
The new UK entry scheme mirrors the imminent ETIAS scheme for visa-exempt nationals travelling to 30 European countries, including France and Germany, which will cost seven euros ($7.40) and last three years.
The European Commission expects the system — which will apply to around 60 countries, including the US, Canada, Brazil and the UK — to become operational in the middle of this year.
World
South Korea plans arrest of impeached President Yoon Yeol
South Korean anti-graft investigators were holding on Tuesday for a new court-ordered arrest warrant for impeached President Yoon Suk Yeol, whose failed martial law bid threw the country into turmoil.
The former star prosecutor has refused questioning three times over a bungled martial law decree last month which plunged South Korea into its worst political crisis in decades.
As anti-graft officials seek a new warrant from the same court that issued the first order, Yoon remains holed up in his residence surrounded by hundreds of guards preventing his detention.
“The Joint Investigation Headquarters today refiled a warrant with the Seoul Western District Court to extend the arrest warrant for defendant Yoon,” the Corruption Investigation Office (CIO) said in a statement late Monday.
“Details regarding the validity period cannot be disclosed”, the CIO added after the initial seven-day warrant expired.
If investigators can detain Yoon, he would become the first sitting president in South Korean history to be arrested.
There was no comment by investigators or the Seoul court on the new warrant being approved by Tuesday afternoon.
However, CIO deputy director Lee Jae-Seung told reporters earlier on Tuesday that the likelihood the court would not grant an extension was “very low.”
Yoon is being investigated on charges of insurrection and, if formally arrested and convicted, faces prison or, at worst, the death penalty.
His lawyers repeatedly said the initial warrant was “unlawful”, pledging to take further legal action against it.
Yoon’s lawyers have argued the CIO lacks the authority to investigate, because insurrection is not included in the list of offences it can probe.
But the likelihood for the reissued warrant to be accepted was “quite high,” said Yun Bok-Nam, president of Lawyers for a Democratic Society, who is not involved in the investigation.
But it may take longer than expected for the warrant to be issued again.
“In the previous instance, it took quite a long time — almost a day and a half,” Yun told AFP.
The CIO is a relatively new force — nearly four years old — with fewer than 100 staff who have yet to prosecute a single case.
“Naturally, they have no prior experience with arrests, let alone something as significant as arresting the president,” Yun said.
“The cooperation of the police is essential”, he added, through the Joint Investigation Headquarters umbrella under which both forces are currently working together.
The country’s opposition Democratic Party said Monday it would submit a legal complaint against acting president Choi Sang-mok for “dereliction of duty” after it asked him to intervene in the case and he did not.
South Korea’s Constitutional Court has slated January 14 for the start of Yoon’s impeachment trial, which would proceed in his absence if he does not attend.
Local media reported the suspended leader is likely to appear on the trial’s opening day, but Yoon’s lawyer told AFP his appearance on that date was still “undecided”.
The court has up to 180 days to determine whether to dismiss Yoon as president or restore his powers.
Former presidents Roh Moo-hyun and Park Geun-hye never appeared for their impeachment trials in 2004 and 2016-2017 respectively.
Investigators struggled to arrest Yoon because of a sizable force of guards massed at his home to protect him.
His presidential security service refused to budge during a tense six-hour standoff at his residence on Friday, forcing investigators into a U-turn.
Many of his supporters have also camped outside his residence despite freezing weather.
However, with no warrant active on Tuesday, the scene was calmer on the streets outside, with protests appearing to lull before any further attempt to arrest Yoon.
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