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Video: Protesters Take Over U.C.L.A. Building

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Video: Protesters Take Over U.C.L.A. Building

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Protesters Take Over U.C.L.A. Building

Pro-Palestinian demonstrators blocked entrances at Dodd Hall before police officers moved in and cleared them out.

Whose university? Our university! Whose university? Our university!

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Tesla shareholders approve Elon Musk’s $56bn pay deal and Texas move

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Tesla shareholders approve Elon Musk’s $56bn pay deal and Texas move

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Tesla shareholders voted to reapprove chief executive Elon Musk’s $56bn pay and to reincorporate the electric-vehicle maker in Texas, handing him significant victories as he seeks to reassert control over the company.

The preliminary results, announced at Tesla’s annual meeting in Austin on Thursday, will strengthen the company’s hand as it attempts to overturn a January decision by a Delaware court to void the 2018 package of stock options — the largest in US history — due to concerns about its size and the independence of the board.

While the vote does not supersede the court’s decision, the ratification could prove instrumental in persuading the judge to reverse or amend her stance. Musk’s grip on the company would be tightened, boosting the chief executive’s stake to more than 20 per cent from his current 13 per cent.

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Musk and the board have for the past few months led a campaign to rally Tesla’s retail shareholders — who own about 30 per cent of the company — to back the two resolutions in what amounted to a referendum on the mercurial leadership of one of the world’s richest people.

They also lobbied institutional investors to go against the guidance of proxy advisers ISS and Glass Lewis, who opposed the “outsized” and “excessive” pay package.

Two of Musk’s crucial allies on the board were also re-elected despite opposition from proxy advisers: former 21st Century Fox chief executive James Murdoch and Musk’s brother Kimbal.

After the polls closed just after 4pm in Austin, Musk emerged on stage to address a rapturous crowd chanting his name, jumping up and down in front of a blue and pink neon sign in the shape of Texas advertising the “cyber roundup”, as its annual meeting is branded.

“Hot damn I love you guys,” Musk said to the carefully-selected audience of retail investors. “We have the most awesome shareholder base of any public company . . . we are not starting a new chapter, but opening a new book.”

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The victories were not unexpected after Musk posted on X on Wednesday night that both resolutions were “currently passing by wide margins!”

Tesla shares rose 3 per cent on Thursday after his post, but have fallen 27 per cent so far this year.

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Biden says he won't commute his son's sentence in his federal gun case

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Biden says he won't commute his son's sentence in his federal gun case

President Joe Biden made clear Thursday that in addition to not pardoning his son Hunter following his conviction on three gun-related charges this week, he won’t commute his sentence either.

Asked during a news conference with Ukrainian President Volodymyr Zelenskyy during the G7 summit in Italy if a commutation was on the table, Biden said, “No.”

Biden also spoke briefly about his son’s situation in response to another question, and reiterated that he won’t pardon him.

“I‘m extremely proud of my son Hunter,” Biden said. “He has overcome an addiction. He’s one of the brightest, most decent men I know, and I am satisfied that I’m not going to do anything. I said I abide by the jury decision. I will do that, and I will not pardon him.”

President Joe Biden after signing a bilateral security agreement with Ukrainian President Volodymyr Zelenskyy on Thursday at the G7 summit at Savelletri, ItalyAndrew Medichini / AP

Before Hunter Biden was convicted on Tuesday, the president stated that he would accept whatever the jury decides in the case.

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Asked in an ABC News interview last Thursday if he would rule out a pardon, the president said, “Yes.” Asked if he would accept the outcome of the jury trial, he again said, “Yes.”

Hunter Biden was found guilty on Tuesday of three felony counts related to his possession of a gun while using narcotics in the first trial of the offspring of a sitting U.S. president.

Two of the counts carry maximum prison sentences of 10 years, while the third has a maximum of five years. Under federal sentencing guideline recommendations, Biden could be sentenced to over a year in prison, but the judge could sentence him to more or less time. Each count also carries a maximum fine of $250,000.

No sentencing date has been set.

Hunter Biden also faces federal tax charges in California, a case that is set to go to trial in September.

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UK imposes sanctions on Russian insurer protecting ‘shadow fleet’ of tankers

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UK imposes sanctions on Russian insurer protecting ‘shadow fleet’ of tankers

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The UK has imposed sanctions on Russian insurer Ingosstrakh, a key player in the operation of the Kremlin’s “shadow fleet” of oil tankers, as part of a push to tighten measures designed to restrict Moscow’s energy revenues.

Ingosstrakh, a large Russian insurer, has become a significant provider of insurance for vessels in the so-called shadow fleet — the 100 or so mostly ageing tankers Moscow has acquired to transport and sell its oil for more than the $60-a-barrel limit western powers have attempted to impose.

The price cap is intended to allow Russia to keep exporting oil so as to avoid global price spikes that would harm western economies, while squeezing the Kremlin’s revenues. Insurers have been an important lever for enforcing the policy as ships can be required to show adequate insurance, when entering ports in particular.

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The FT reported in March alongside Denmark’s Danwatch that Ingosstrakh was insuring shadow fleet vessels, but that the insurance it was providing could be voided if the shipments were breaching the cap. This could potentially saddle coastal states with huge clean-up bills in the event of an oil spill.

Craig Kennedy, an expert on Russian energy based at Harvard, said: “Sanctioning insurers which help the shadow fleet is a way to make it harder for these vessels to operate. But the most important thing for all the G7 countries is to target ships, by name, which we know are part of this evasion network.”

In recent months, ships targeted by US sanctions appear to have become harder for Russia to use to move its oil.

The UK’s sanctions, which restrict dealings with the targeted entities, have also directly designated a number of shadow fleet vessels for the first time. One of them, the 19-year-old Canis Power, broke down last year in the Danish straits in an event that was seen as a warning about the dangers in Russia’s systematic use of old tankers.

These sanctions are the first use of new sanctioning powers passed by the British parliament at the end of May during the legislative “wash-up” in days after the UK called its general election. The new powers allow Britain to target ships with sanctions that “obtain a benefit from or support the government of Russia” or have undermined Ukrainian integrity.

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Kennedy said: “The next step should be that we should require ships to make insurance disclosures to prove they are properly covered. If they refuse to do so, and continue to operate, we should add them to the sanctions lists. That way, we can deter ships from operating without good insurance.”

Red Box Energy Services in Singapore, which the FT also revealed was shipping large components from China to Russia for a new liquefied natural gas project, was also sanctioned on Thursday following the US designating the company last month.

The sanctions come as western leaders try to rally support for Ukraine after it faced a number of military setbacks in recent weeks.

Ingosstrakh is part-owned by Italy’s Generali, though the Italian company’s stake has been frozen since shortly after Russia’s full-scale invasion of Ukraine in 2022 and it no longer plays a role in the management of the company.

Ingosstrakh has been contacted for comment. The insurer has previously stated that its response to discovering a policyholder was breaching sanctions “will not be different” to “any other international insurer”.

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