&w=3840&q=100)
Jury orders Tesla to pay more than $200 million in Autopilot crash case
The federal jury held that Tesla bore significant responsibility because its technology failed and that not all the blame can be put on a reckless driver, even one who admitted he was distracted by his cell phone before hitting a young couple out gazing at the stars.
The decision comes as Musk seeks to convince Americans his cars are safe enough to drive on their own as he plans to roll out a driverless taxi service in several cities in the coming months.
The decision ends a four-year long case remarkable not just in its outcome but that it even made it to trial. Many similar cases against Tesla have been dismissed and, when that didn't happen, settled by the company to avoid the spotlight of a trial.
This will open the floodgates, said Miguel Custodio, a car crash lawyer not involved in the Tesla case. It will embolden a lot of people to come to court.
The case also included startling charges by lawyers for the family of the deceased, 22-year-old, Naibel Benavides Leon, and for her injured boyfriend, Dillon Angulo. They claimed Tesla either hid or lost key evidence, including data and video recorded seconds before the accident.
Tesla has previously faced criticism that it is slow to cough up crucial data by relatives of other victims in Tesla crashes, accusations that the car company has denied.
In this case, the plaintiffs showed Tesla had the evidence all along, despite its repeated denials, by hiring a forensic data expert who dug it up. Tesla said it made a mistake after being shown the evidence and honestly hadn't thought it was there.
It's not clear how much of a hit to Tesla's reputation for safety the verdict in the Miami case will make. Tesla has vastly improved its technology since the crash on a dark, rural road in Key Largo, Florida, in 2019.
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Indian Express
14 minutes ago
- Indian Express
To secure US trade deal, key ministries told to list what they can bring to talks table
FOLLOWING US President Donald Trump's tariff sledgehammer, the government has kicked off an exercise to thrash out concessions across sectors that can be offered in the tariff negotiations later this month. Key economic ministries have been asked to see what they can still afford to offer to sweeten New Delhi's deal when the US team is here on August 25. To reach an agreement, the Trump administration has been demanding much more than what the government has offered in its market access commitments, including lowering of tariffs across the board and removal of non-tariff trade barriers. As policymakers grapple with Trump's announcement of a 25 per cent tariff on goods from August 7, alongside an additional but unspecified 'penalty' for its defence and energy imports from Russia, economic ministries have started sending in sectoral tariff concessions in their jurisdictions. There are indications oil refiners have started reducing Russian oil purchases. Some of these concessions, if calibrated well, could ensure an opening up of the domestic economy, sources aware of discussions at the highest levels told The Indian Express. In fact, it was an external crisis that had forced the reforms of 1991. Most importantly, the sources said, an unnecessary show of bravado in countering some of Trump's assertions, however ridiculous they may be, should be avoided. India was one of the first countries the Trump administration had expected to sign a deal with, but slow progress has been a source of frustration for Washington DC. Like countries around the world scrambling to deal with Trump's tariff threats, India had largely adopted a principled, but non-confrontational, stance in an attempt to balance selective concessions with caution to safeguard its economic growth, and circumvent a backlash from domestic producers. Sources closely tracking the US talks with others said a majority of the countries that rushed to sign deals with the world's biggest economy ended up with lopsided agreements that effectively extracted more than what it gave. This includes the UK and Australia that have a trade deficit with the US. On talks with New Delhi, US Treasury Secretary Scott Bessent told CNBC Thursday: 'Well, I don't know what's going to happen; it will be up to India. India came to the table early. They have been slow-rolling things, so I think that the President, the whole trade team is frustrated with them. And also, India has been a large buyer of sanctioned Russian oil, that they then resell as refined products. So, they have not been a great global actor'. The assumption in New Delhi has always been that Washington DC will maintain a differential of 10-20 per cent in tariffs between China and India; and that the Americans would be cognizant of India's traditional redlines that have endured for decades, including concerns over GM food crops and the need to safeguard the interest of the vast subsistence-level manufacturing base that has an oversized contribution to labour-intensive exports. The government is also keen to stay away from offering duty concessions on imports of agri items such as soybean, corn and dairy, in the interim deal. While the government has offered to cut tariffs on 55 per cent of US imports, this could be pushed up in the upcoming talks, given that in FTAs with Japan, Korea, and ASEAN, over 80 per cent of tariff lines were down to zero. Sources said the outer limit for a deal with the US, currently pegged at around October, could be brought forward, if fresh negotiations are positive. What complicates the equation for India is that the Chinese are at an advanced stage of negotiations towards a deal, which could have a favourable tariff rate and potential waivers on secondary tariffs, including possibly the tariff on account of Russian oil imports and the proposed 10 per cent BRICS tariff. China is currently faced with a 30 per cent tariff. From New Delhi's perspective, a deal needs to be clinched precisely for ensuring the gap in tariffs between India and China is maintained, even with a limited early-harvest type of deal. There is, however, greater receptiveness now within the policy circles to cut tariffs on some industrial goods, especially intermediate goods where there is the twin problem of high duties and an inverted duty structure (duty being higher on inputs than on final products). Alongside, there is a willingness to grant concessions in sectors such as public procurement and agri provided these are matched by the other side, like in the case of the UK deal. Also, India is willing to import more from the US, especially in three big-ticket sectors – defence equipment, fossil fuels and nuclear – to manage Trump's constant references to the trade gap, the sources said. Tariff rebalancing, if done right, could potentially offer an impetus to the economy, given that the biggest beneficiaries of tariff protection, especially the non-tariff barriers such as an increasing array of QCOs (quality control orders), are the big players. MSME units have been calling for these QCOs to be removed, especially in areas such as steel and textiles. Since 1991, New Delhi has gradually reduced its average tariff from nearly 79 per cent in 1990 to around 12 per cent in 2013, following which it has gone back up to 16-17 per cent by 2023. Sectors such as agriculture, dairy and automobiles, continue to be protected, even as the Ministry of Commerce and industry maintains that its trade measures are WTO compliant. Unlike its response during Trump's first term, where retaliatory tariffs were imposed, New Delhi has desisted from retaliating and is working on strategic concessions in sectors that the US is keen to target, while adhering to its own broad red lines. This involves areas symbolic of trade openness, including nuclear energy, fossil fuels and defence procurement. Think tanks such as Delhi-based Global Trade Research Initiative have said that by refusing to cross its red lines, particularly on agriculture, India has helped avoid 'the trap of a one-sided deal'. Once the official level discussions wrap up, there is a sense that a final call on the deal could come down to a conversation between the two leaders, Prime Minister Narendra Modi and Trump. This is especially so since it is Trump who is the trade negotiator-in-chief. For India, the best-case scenario would be to get a deal of some sort now, and then build on that in the future negotiations that could run into 2026, experts said. With Trump announcing the tariffs and penalties on India, that phone call could come in sooner, they said. Anil Sasi is National Business Editor with the Indian Express and writes on business and finance issues. He has worked with The Hindu Business Line and Business Standard and is an alumnus of Delhi University. ... Read More
Mint
3 hours ago
- Mint
HCLTech CEO C Vijayakumar earns $10.85 mn in FY25; more than TCS, Infosys heads
New Delhi, Aug 2 (PTI) HCLTech CEO C Vijayakumar earned USD 10.85 million (about ₹ 94.6 crore) in the financial year 2024-25, making him one of the highest-paid executives in the Indian IT sector and surpassing the earnings of chiefs at larger rivals TCS and Infosys. The company's board has also approved an over 71 per cent increase in his current remuneration to USD 18.6 million (about ₹ 154 crore) for the next financial year, according to the company's annual report. Vijayakumar's FY25 compensation places him ahead of his peers at India's top two IT firms. For the same period, TCS CEO K Krithivasan's remuneration was ₹ 26.52 crore, while Infosys CEO Salil Parekh earned ₹ 80.62 crore. Vijayakumar's earnings also topped those of Wipro CEO Srinivas Pallia (USD 6.2 million or about ₹ 53.64 crore) and Tech Mahindra CEO Mohit Joshi ( ₹ 53.9 crore). According to HCLTech's annual report, Vijayakumar's total remuneration in the fiscal year ended March 31, 2025, comprised a base salary of USD 1.96 million and a performance-linked bonus of USD 1.73 million. The largest portion of his earnings came from long-term incentives, with exercised Restricted Stock Units (RSUs) valued at USD 6.96 million. An additional USD 0.20 million was provided in benefits and perquisites. Vijayakumar, who took over as the CEO in 2016, is based in the US and draws his remuneration from HCL America Inc., the firm's wholly-owned US subsidiary. "Under C. Vijayakumar's leadership, HCLTech's market capitalisation has increased from ₹ 1,15,000 crore on March 31, 2016, to ₹ 4,32,000 crore on March 31, 2025, reflecting a growth of 3.8 times since FY16. Over the same period, the market capitalisation of the other four leading Indian listed IT services firms among the top five has grown by approximately 2.5 times," the company said. The company's board has approved a revised remuneration package for Vijayakumar, effective April 1, 2025. The proposed annual salary is set at USD 18.6 million, marking a 71 per cent increase from his FY25 earnings. The proposed structure significantly increases both fixed and performance-linked components. "The revised compensation acknowledges C Vijayakumar's successful and long-tenured leadership as CEO, recognising his significant contributions to the company's growth and sustained performance over the years," the report said. HCL Technologies posted a 9.7 per cent drop to ₹ 3,843 crore in consolidated net profit for the June quarter, hurt by higher expenses and one-time impact of a client bankruptcy, but raised the lower end of revenue growth outlook for the full fiscal to 3-5 per cent (from 2-5 per cent earlier) on booking expectations in coming quarters. Shares of HCLTech settled 0.98 per cent lower at ₹ 1,452.95 apiece on the BSE on Friday.
News18
3 hours ago
- News18
HCLTech CEO C Vijayakumar earns $10.85 mn in FY25; more than TCS, Infosys heads
Agency: New Delhi, Aug 2 (PTI) HCLTech CEO C Vijayakumar earned USD 10.85 million (about Rs 94.6 crore) in the financial year 2024-25, making him one of the highest-paid executives in the Indian IT sector and surpassing the earnings of chiefs at larger rivals TCS and Infosys. The company's board has also approved an over 71 per cent increase in his current remuneration to USD 18.6 million (about Rs 154 crore) for the next financial year, according to the company's annual report. Vijayakumar's FY25 compensation places him ahead of his peers at India's top two IT firms. For the same period, TCS CEO K Krithivasan's remuneration was Rs 26.52 crore, while Infosys CEO Salil Parekh earned Rs 80.62 crore. Vijayakumar's earnings also topped those of Wipro CEO Srinivas Pallia (USD 6.2 million or about Rs 53.64 crore) and Tech Mahindra CEO Mohit Joshi (Rs 53.9 crore). According to HCLTech's annual report, Vijayakumar's total remuneration in the fiscal year ended March 31, 2025, comprised a base salary of USD 1.96 million and a performance-linked bonus of USD 1.73 million. The largest portion of his earnings came from long-term incentives, with exercised Restricted Stock Units (RSUs) valued at USD 6.96 million. An additional USD 0.20 million was provided in benefits and perquisites. Vijayakumar, who took over as the CEO in 2016, is based in the US and draws his remuneration from HCL America Inc., the firm's wholly-owned US subsidiary. 'Under C. Vijayakumar's leadership, HCLTech's market capitalisation has increased from Rs 1,15,000 crore on March 31, 2016, to Rs 4,32,000 crore on March 31, 2025, reflecting a growth of 3.8 times since FY16. Over the same period, the market capitalisation of the other four leading Indian listed IT services firms among the top five has grown by approximately 2.5 times," the company said. The company's board has approved a revised remuneration package for Vijayakumar, effective April 1, 2025. The proposed annual salary is set at USD 18.6 million, marking a 71 per cent increase from his FY25 earnings. The proposed structure significantly increases both fixed and performance-linked components. 'The revised compensation acknowledges C Vijayakumar's successful and long-tenured leadership as CEO, recognising his significant contributions to the company's growth and sustained performance over the years," the report said. HCL Technologies posted a 9.7 per cent drop to Rs 3,843 crore in consolidated net profit for the June quarter, hurt by higher expenses and one-time impact of a client bankruptcy, but raised the lower end of revenue growth outlook for the full fiscal to 3-5 per cent (from 2-5 per cent earlier) on booking expectations in coming quarters. Shares of HCLTech settled 0.98 per cent lower at Rs 1,452.95 apiece on the BSE on Friday. PTI ANK RHL RHL view comments First Published: August 03, 2025, 01:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
