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Boss jailed over deadly fire at South Korea battery plant

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Boss jailed over deadly fire at South Korea battery plant


Peter HoskinsBusiness reporter

Video shows moment lithium batteries exploded in a South Korea factory, leading to a deadly fire

A South Korean court has handed a 15-year prison sentence to the boss of a lithium battery maker after a deadly fire last year.

In June 2024, a blaze at a plant in Hwaseong city, about 45km (28 miles) south of the capital Seoul, killed 23 people, including 18 foreign workers, and injured eight others.

The court found the blaze was “an anticipated disaster” and that Aricell chief executive Park Soon-kwan and other executives had caused the deaths of the workers.

It is the longest jail term imposed under the country’s industrial safety law, which punishes owners or bosses of firms with at least a year in prison, or fines of up to 1 billion won ($717,000; £530,000), for fatal incidents.

Prosecutors had sought a 20-year term, arguing that company executives had made changes to the plant that meant it was difficult for workers to escape the fire.

Park’s son, who is a senior executive at the company, was also sentenced to 15 years in prison and fined 1 million won.

Investigators have said the firm did not have proper safety measures in place and did not train its workers adequately.

Park the CEO issued an apology after the fire, but denied allegations of safety lapses at the factory.

Reuters Tens of emergency work at the site of a deadly fire at a lithium battery factory owned by South Korean battery maker Aricell, in Hwaseong, South Korea, June 24, 2024.Reuters

The blaze at an Aricell plant in Hwaseong killed 23 people

At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged.

As lithium fires can react intensely with water, firefighters had to use dry sand to fight the fire, which took several hours to get under control.

South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops.

The country’s President Lee Jae Myung has said not enough is being done to protect workers from death or injury in South Korean workplaces, and has pledged to increase penalties against businesses where fatal accidents occur.



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Without Rera data, real estate reform risks losing credibility: Homebuyers’ body – The Times of India

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Without Rera data, real estate reform risks losing credibility: Homebuyers’ body – The Times of India


New Delhi: More than 75% of state real estate regulators, Reras, have either never published annual reports, discontinued their publication or not updated them despite statutory obligation and directions from the housing and urban affairs ministry, claimed homebuyers’ body FPCE on Friday. It released status report of 21 Reras as of Feb 13.The availability of updated annual reports is crucial as these contain details of data on performance of Reras, including project completion status categorised by timely completion, completion with extensions, and incomplete projects. The ministry’s format for publishing these reports also specifies providing details such as actual execution status of refund, possession and compensation orders as well as recovery warrant execution details with values and list of defaulting builders.FPCE said annual report data is not only vital for homebuyers to assess system credibility, but is equally necessary for both state and central govts to frame effective policies, design incentivisation schemes, and develop tax policy frameworks.“Unless we have credible data proving that after Rera the real estate sector has improved in terms of delivery, fairness, and keeping its promises, we are merely firing in the air,” said FPCE president Abhay Upadhyay, who is also a member of the govt’s Central Advisory Council on Rera.As per details shared by the entity, seven states — Karnataka, Tamil Nadu, West Bengal, Andhra Pradesh, Himachal Pradesh and Goa — have never published a single annual report since Rera’s implementation, and nine states, including Maharashtra, Uttar Pradesh and Telangana, which initially published reports, have discontinued the practice.Upadhyay said when regulators themselves don’t follow the law, they lose the legal right to demand compliance from other stakeholders. “Their failure emboldens builders and weakens the very system they are meant to safeguard,” he said.



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Infosys Rolls Out 85% Average Performance Bonus In Q3FY26, Best In Over 3 Years

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Infosys Rolls Out 85% Average Performance Bonus In Q3FY26, Best In Over 3 Years


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Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.

Infosys logo is seen.

Infosys logo is seen.

IT major Infosys rolled out performance bonus payouts averaging around 85 percent for the quarter ended December 31, 2025 (Q3FY26), marking the strongest variable pay outcome for eligible employees in at least the past three-and-a-half years, Moneycontrol reported citing people in the know.

The bonus payout for mid- to junior-level employees ranges between 75 percent and 100 percent, with most employees clustering around the organisation-wide average of 85 percent, the report said. The development signals a steady recovery in variable compensation at the Bengaluru-headquartered IT services firm. Over recent quarters, payouts had gradually improved from roughly 65 percent to 80 percent and now to an average of about 85 percent in Q3FY26.

Employees are expected to receive their bonus letters over the next few days, with the payout scheduled to be credited along with their February salary.

One employee told the outlet that it is the strongest bonus outcome seen in recent years. The payout is also among the rare instances since the Covid-19 period when variable pay has approached the upper end of the eligible range.

Infosys last paid out 100 percent variable compensation during the pandemic. In the quarters that followed, payouts were lower amid macroeconomic uncertainty and a broader slowdown in client spending across global markets.

The higher payout comes at a time when global IT stocks have faced renewed pressure, driven by concerns over rapid advances in artificial intelligence and their potential impact on traditional IT services models.

Shares of global IT firms have seen sharp sell-offs in recent weeks amid heightened investor focus on AI leaders such as Anthropic. Investors fear that generative AI tools could compress pricing, automate routine services work and reduce demand for legacy outsourcing models.

Against that backdrop, the improved bonus payout at Infosys is being viewed as a signal of operational resilience and near-term performance strength, even as sentiment around the broader IT sector remains cautious.

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Why you should consider switching bank accounts

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Why you should consider switching bank accounts



Martin Lewis explains why now might be a good time to think about changing your bank account.



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