Ronaldo Tops Forbes' List of Highest-Paid Athletes Again

Ronaldo Tops Forbes’ List of Highest-Paid Athletes Again

Cristiano Ronaldo, despite nearing the twilight of his career, has secured the top spot on Forbes’ list of the world’s highest-paid athletes. His significant earnings in Saudi Arabia have propelled him to this position for the fourth time.

Ronaldo’s Record Earnings

According to Forbes, Ronaldo amassed an astonishing $260 million over the past year. This figure includes $200 million from his contract with Saudi club Al-Nassr and an additional $60 million from off-field activities. The 39-year-old’s financial success is unparalleled among his peers, highlighting his enduring marketability and skill.

Saudi Arabia’s Growing Influence in Sports

Ronaldo’s move to Al-Nassr in January 2023 marked a significant shift, not just for his career but also for Saudi Arabian sports. His presence has helped elevate the profile of the Saudi Pro League, which has seen Al-Nassr finishing second this season. Ronaldo is among four Saudi-based soccer players in the top 50 highest-paid athletes, indicating the country’s increasing influence in global sports.

Other Top Earners

Following Ronaldo on Forbes’ list is golfer Jon Rahm, who earned $218 million, primarily through his contract with the Saudi-backed LIV Golf Tour. Rahm’s lucrative three-year deal, signed in December, contributes $198 million in playing wages alone.

Lionel Messi, now with Inter Miami, ranks third with $135 million in earnings. Over half of Messi’s income, $70 million, comes from off-the-field ventures, underscoring his broad appeal and commercial success.

Record-Breaking Earnings in the Top-10

For the first time, the top 10 highest-paid athletes have each surpassed $100 million in earnings, collectively reaching a record $1.38 billion. The top-10 highest-paid athletes include:

Cristiano Ronaldo (soccer) – $260 million
Jon Rahm (golf) – $218 million
Lionel Messi (soccer) – $135 million
LeBron James (basketball) – $128.2 million
Giannis Antetokounmpo (basketball) – $111 million
Kylian Mbappé (soccer) – $110 million
Neymar (soccer) – $108 million
Karim Benzema (soccer) – $106 million
Steph Curry (basketball) – $102 million
Lamar Jackson (football) – $100.5 million

Notable Absence of Women

A notable aspect of this year’s list is the absence of female athletes in the top 50, marking the first time since 2019 that no women have ranked. Historically, only Serena Williams, Maria Sharapova, Li Na, and Naomi Osaka have made it to the top 50 since 2012. This highlights a persistent gender disparity in earnings within the sports industry.

Forbes’ Methodology

Forbes’ comprehensive evaluation involves extensive conversations with industry insiders, detailed news reports, and reliable salary databases such as Spotrac. All financial figures are meticulously converted to US dollars based on the current exchange rates to ensure consistency and accuracy.

SEBI’s Amendments to LODR Regulations: Enhancing Market Capitalization Computation

SEBI has introduced significant amendments to its Listing Obligations and Disclosure Requirements (LODR) regulations, focusing on the computation of market capitalization for listed companies. The amendments aim to redefine the criteria for applicability and establish a defined period for calculating average market capitalization.

Revised Applicability Criteria and Calculation Period

Under the amended regulation, recognized stock exchanges are mandated to compile a list of entities with listed specified securities, ranking them based on average market capitalization from July 1 to December 31 of each calendar year.

Sunset Clause Proposal for Regulatory Provisions

In a move that could benefit startupreneurs, SEBI has proposed the addition of a sunset clause to regulatory provisions. If the ranking of an entity changes for three consecutive years, the regulatory provisions would cease to be applicable for the listed entity, providing relief to entities experiencing fluctuations in market capitalization.

Flexibility in Meeting Minimum Promoters’ Contribution (MPC)

SEBI is considering suggestions to ease the MPC requirements, particularly for startup companies. Proposed measures include permitting non-individual shareholders holding 5% or more of the post-offer equity share capital to contribute towards the shortfall in MPC, subject to existing maximum limits.

Inclusion of Equity Shares from Convertible Securities

To meet MPC requirements, SEBI suggests including equity shares received on conversion of fully paid-up compulsory convertible securities, including depository receipts held for more than one year. This proposal aims to provide more flexibility to companies undergoing public issues, aligning regulations with the evolving dynamics of fundraising and capital structure.

Streamlining Regulatory Processes

SEBI’s consultation paper also addresses streamlining regulatory processes, including prior intimation of board meetings and limits on the number of committees independent directors can join. The proposals aim to enhance the ease of doing business while ensuring regulatory compliance and investor protection.

China Sanctions US Defence Firms Over Taiwan Arms Sales

In the latest move against perceived infringements on its territorial claims, China has sanctioned Boeing and two other US defense companies for their involvement in arms sales to Taiwan. The announcement came on the day of Taiwan’s presidential inauguration, highlighting tensions in the region.

Taiwan’s Security Agenda

Lai Ching-te, Taiwan’s newly inaugurated president, has emphasized the need to bolster the island’s security through the acquisition of advanced fighter jets and other technology, as well as by enhancing its domestic defense industry.

Targets of Sanctions

China’s Ministry of Commerce placed Boeing’s Defence, Space & Security unit, General Atomics Aeronautical Systems, and General Dynamics Land Systems on an “unreliable entities” list. This move prohibits further investment in China by these companies and imposes travel bans on their senior management.

Previous Actions and Current Impact

In April, China had frozen assets of General Atomics Aeronautical Systems and General Dynamics Land Systems held within its borders. While the impact of these sanctions on businesses like Boeing remains uncertain, it could affect their operations in China, particularly in the aerospace sector, where foreign technology is still crucial despite China’s efforts to develop its own capabilities.

Military Dynamics

Taiwan has been experiencing increased military pressure from China’s People’s Liberation Army, evident in frequent fighter jet flights and warship passages near the island. This escalation underscores the sensitivity of arms sales to Taiwan and the potential repercussions they carry in the broader geopolitical context.

Complex Business Landscape

Despite US restrictions on the sale of weapons-related technology to China, some military contractors, including Boeing, have civilian businesses in aerospace and other sectors. The interplay between these different facets of their operations adds complexity to the potential fallout from China’s sanctions.

World Bee Day 2024: Date, Theme, History, Significance and Celebrations

World Bee Day, observed on May 20, marks the birth anniversary of Anton Janša, a pioneer in beekeeping. Established by the United Nations in 2017, this day highlights the critical role of bees in ensuring food security, biodiversity, and sustainable agriculture. The 2024 theme, “Bee engaged with Youth,” emphasizes the importance of involving young people in bee conservation efforts to protect these vital pollinators.

World Bee Day 2024 – Date

World Bee Day 2024 is observed on May 20, 2024. This annual event aims to raise awareness about the essential role of bees and other pollinators in maintaining the health of our planet, ensuring food security, and promoting biodiversity and sustainable agriculture.

Theme of World Bee Day 2024

The theme for World Bee Day 2024 is “Bee engaged with Youth.” This theme, decided by the Food and Agriculture Organization (FAO), emphasizes the importance of engaging the younger generation in beekeeping and raising awareness about the crucial role bees play in our ecosystem. It aims to educate and involve youth in activities that promote bee conservation and sustainability.

World Bee Day – History

World Bee Day was established after Slovenia’s successful proposal to the United Nations in December 2017. The date, May 20, marks the birth anniversary of Anton Janša, a pioneer of modern beekeeping, who was born in 1734. With the support of the Slovenian Government and NGO Apimondia, the UN General Assembly adopted this day to honor the significance of bees and other pollinators. The inaugural World Bee Day was celebrated on May 20, 2018.

Significance of World Bee Day 2024

Bees play a pivotal role in the environment by pollinating plants, which supports agriculture, promotes biodiversity, and ensures the survival of many plant species. Beekeeping is also a vital occupation that provides livelihoods for millions of people worldwide. Unfortunately, bee populations are declining at an alarming rate due to factors such as habitat loss, pesticide use, and climate change. World Bee Day highlights the need to protect these essential creatures and promotes sustainable practices to safeguard their future.

How is World Bee Day Celebrated?

World Bee Day is celebrated in various ways to raise awareness and support for bees and beekeeping:

Educational Visits: People can visit local beekeepers to learn more about their work and the importance of bees.
Bee Farming: Setting up small bee farms in gardens or terraces can support bee populations.
Honey Products: Enjoying and purchasing honey and other bee-based products from local beekeepers helps support their livelihood.
Costume and Competitions: Dressing up like bees, participating in bee-related activities, and spreading awareness through fun competitions and events.
Environmental Support: Supporting beekeeping charities and organizations that focus on bee conservation.

Interesting Facts About Bees

To celebrate World Bee Day, here are some fascinating facts about bees:

Bees communicate through dancing.
Honey bees can fly up to six miles at 15 miles per hour.
An average bee produces only about one teaspoon of honey in its lifetime.
To make one kilogram of honey, bees must fly approximately 90,000 miles and visit around two million flowers.
Only female bees sting, and they die after stinging.
Bees beat their wings 11,400 times per minute, creating their characteristic buzzing sound.
There are over 20,000 different species of bees globally, except in Antarctica.
Bees are the only social insects that are partially domesticated by humans.
A honey bee visits between 50 to 100 flowers during a single collection trip.
Bees have jointed legs but do not have knees.

IRDAI Lowers Solvency Requirement and Removes Exposure Limit for Surety Bonds

The Insurance Regulatory and Development Authority of India (IRDAI) has made significant adjustments to the regulations governing surety bonds in response to feedback from insurance stakeholders. These changes aim to enhance the accessibility of surety insurance products and encourage more insurers to participate in servicing the growing demand across various sectors of the economy, particularly the infrastructure sector.

Revised Solvency Requirement

The solvency requirement for surety bonds has been reduced from 1.875 times to 1.5 times. This adjustment is designed to facilitate easier compliance for insurance companies, thereby fostering a more conducive environment for the expansion of the surety insurance market.

Removal of Exposure Limit

Additionally, the previous 30% exposure limit on each contract underwritten by insurers has been lifted. This removal aims to provide insurers with greater flexibility in managing their underwriting portfolios, potentially leading to increased participation in the surety insurance business.

Background and Impact

IRDAI had introduced a framework for the development of surety insurance business in India in January 2022, effective from April 1, 2022. Under this framework, Indian general insurers were permitted to commence surety insurance business provided they maintained a solvency margin of 1.25 times. The current revisions are expected to not only expand the surety insurance market but also bolster liquidity for contractors, offering a substantial boost to the infrastructure sector.

Surety Bonds in Brief

Surety bonds serve as a crucial risk mitigation tool, offering protection against potential financial losses arising from breaches of contract or non-performance. They involve one party (the surety) guaranteeing the obligations of another party (the principal) to a third party. This insurance product plays a vital role in ensuring the integrity, quality, and adherence to contractual terms, thereby facilitating the smooth execution of projects, especially within the infrastructure domain.

SBI General Unveils ‘Surety Bond Bima’ for Infrastructure Projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), has launched ‘Surety Bond Bima’ to support infrastructure development by providing a security arrangement for infrastructure projects.

Purpose and Function

This product, developed in line with the government’s vision to upscale infrastructure, offers protection against breaches by contractors during both the bidding and performance stages of projects. It insulates both the contractor and the principal (contract awarding authority) from potential risks.

Range of Bonds

The Surety Bond Insurance includes various types of bonds such as bid bonds, advance payment bonds, performance bonds, and retention money bonds. These bonds cater to a diverse group of contractors operating in today’s volatile environment.

Variants

Conditional Bonds: Pay a specified sum to the beneficiary upon claim when specific conditions are met.
Unconditional Bonds: Allow the beneficiary to claim the money with minimal conditions.

Assurance to Project Owners

The Surety Bond provides assurance to project owners that contractors will complete projects according to agreed terms and conditions. This product aims to bolster confidence in the infrastructure sector by mitigating financial risks and ensuring project completion.

GDP Growth Rate Likely to be 6.7% in Q4, Around 7% in FY24: Ind-RA

The Indian economy showed robust growth in the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter. India Ratings and Research (Ind-RA) expects the GDP growth rate to be 6.7% for the March quarter and around 6.9-7% for the entire fiscal year, according to their principal economist, Sunil Kumar Sinha. The official GDP numbers for Q4 and provisional estimates for FY24 will be released on May 31.

Quarterly Performance

June Quarter: GDP growth at 8.2%
September Quarter: GDP growth at 8.1%
December Quarter: GDP growth at 8.4%

Factors Influencing Growth

The growth rates in the first two quarters benefited from a low base effect. The surprising 8.4% growth in the third quarter was significantly influenced by higher tax collections, creating a notable wedge between GDP and Gross Value Added (GVA). In Q3, while GVA was at 6.5%, GDP reached 8.4% due to this tax collection boost. This phenomenon is not expected to be repeated in Q4, which is projected to grow by 6.7%.

Reserve Bank and Fiscal Projections

The Reserve Bank of India projected a GDP growth rate of 7% for 2023-24 in its April monetary policy review. Sinha expects the GDP to expand by 7.1% in the current fiscal year, continuing the momentum observed in the first half.

Sectoral Contributions and Future Outlook

Services Sector: Led by construction and electricity, expected to maintain momentum.
Lagging Sectors: Mining and industrial output.
Rural Demand: Predicted above-normal monsoon may revive rural demand, supporting broader consumption.

Ministry and Economic Review

The Finance Ministry highlighted India’s resilient growth, robust economic indicators, price stability, and steady external sector performance. Despite global uncertainties, India remains the fastest-growing major economy with a positive growth outlook supported by both international organizations and the RBI.

Former Indian Army Officer Killed in Gaza Attack

The ongoing conflict in Gaza has claimed the life of Colonel (Retd.) Waibhav Anil Kale, a former Indian Army officer who was serving as a staff member of the United Nations Department of Safety and Security (DSS) in the region. The tragic incident occurred on May 13, 2024, when Kale’s vehicle came under attack in Rafah, Gaza, marking the first international casualty since the latest escalation of hostilities between Israel and Hamas.

A Life Dedicated to Service

Waibhav Anil Kale, aged 46, hailed from Maharashtra and joined the Indian Army in 1998. His illustrious military career saw him deployed in challenging terrains like the Siachen glaciers and the northeast region. Kale served as the deputy commander of the elite counter-insurgency arm, the Rashtriya Rifles, and was an instructor at the Army Infantry School in Mhow. His dedication to peacekeeping efforts was evident when he participated in the UN Peacekeeping Mission in Congo from 2009 to 2010.

After retiring prematurely from the Indian Army in 2022, Kale’s commitment to serving humanity led him to join the United Nations just two months ago as a Security Coordination Officer with the DSS in Gaza.

Condemning the Attack and Seeking Answers

The United Nations Secretary-General, Antonio Guterres, has strongly condemned the attack on Kale’s vehicle and has ordered an inquiry into the incident. The circumstances surrounding the attack remain unclear, as the perpetrators have not been identified. Kale and his colleague, who was injured in the attack, were en route to the European Hospital in Rafah when the tragic event unfolded.

Escalating Tensions and Humanitarian Crisis

The death of Waibhav Anil Kale comes amidst escalating tensions in the region, with Israel launching a counter-military offensive in Gaza on October 7, 2023, in response to attacks by the militant Palestinian group Hamas. The ongoing conflict has resulted in a staggering loss of life, with over 35,000 Palestinians killed and more than 23 lakh Palestinians displaced, according to Palestinian health authorities.

Israel’s recent offensive in the Rafah area of northern Gaza, where it claims four battalions of Hamas are present, has drawn international criticism. The United States, a close ally of Israel, has opposed the fresh operation, citing the dire humanitarian crisis as more than 10 lakh Palestinians have taken refuge in Rafah.

A Lasting Legacy

As the world mourns the loss of Colonel (Retd.) Waibhav Anil Kale, his sacrifice serves as a poignant reminder of the brave individuals who dedicate their lives to restoring peace and stability in conflict-ridden regions. Kale’s unwavering commitment to duty, both during his military service and his subsequent role with the United Nations, will undoubtedly inspire future generations of peacekeepers and humanitarians.

In this time of immense grief, the international community stands united in calling for an immediate cessation of hostilities and a renewed commitment to finding a lasting and peaceful resolution to the Israeli-Palestinian conflict, ensuring that the ultimate sacrifice made by individuals like Waibhav Anil Kale is not in vain.

World’s AIDS Vaccine Day 2024: Date, Theme, History and Significance

World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on May 18th. This day is dedicated to raising awareness about the urgent need for AIDS vaccines and acknowledging the efforts of individuals, including doctors, scientists, and community members, who are committed to developing vaccines to combat HIV/AIDS.

Understanding AIDS

AIDS, which stands for Acquired Immunodeficiency Syndrome, is caused by the human immunodeficiency virus (HIV). The disease was first reported in 1981 in the United States. HIV attacks the body’s immune system, gradually weakening it over time. If left untreated, HIV can progress to AIDS, wherein the immune system is severely compromised, making the body vulnerable to various infections and diseases.

History of World AIDS Vaccine Day

World AIDS Vaccine Day traces its origins to a speech delivered by then-President Bill Clinton at Morgan State University on May 18, 1997. In his address, President Clinton emphasized the critical importance of developing a vaccine to halt the spread of the HIV/AIDS epidemic. Since then, May 18th has been globally recognized as a day to promote awareness about HIV/AIDS and the imperative need for a vaccine.

Theme for World’s AIDS Vaccine Day 2024

While the theme for World AIDS Vaccine Day 2024 has not yet been announced, the overarching focus remains on innovative research, accelerated vaccine development, and protective measures to realize the goal of an AIDS-free world. In 2023, the theme, ‘Measure Your Blood Pressure Accurately, Control It, Live Longer,’ highlighted the importance of raising awareness and taking appropriate measures for disease prevention.

Significance of World’s AIDS Vaccine Day

World AIDS Vaccine Day holds significant importance in acknowledging the progress made in AIDS research and underscoring the ongoing efforts required to combat the disease. It serves as a poignant reminder of the global commitment needed to develop an effective vaccine that can prevent HIV infections and ultimately eradicate AIDS. Moreover, the day serves to honor the dedication of individuals tirelessly working towards the development of an AIDS vaccine and promotes awareness about prevention efforts.

Awareness Initiatives

On World AIDS Vaccine Day, numerous organizations and governments worldwide organize various programs and events to educate communities about HIV/AIDS prevention and control. These initiatives aim to dispel misconceptions surrounding the disease, encourage HIV testing and early diagnosis, and advocate for accessible treatment and support services.

Coal India, NMDC, ONGC Videsh Seek Overseas Critical Mineral Assets

Ronaldo Tops Forbes' List of Highest-Paid Athletes Again_21.1

The Indian government has announced plans for public sector companies like Coal India, NMDC, and ONGC Videsh Ltd (OVL) to actively seek critical mineral assets overseas. This strategic move aims to secure vital mineral resources essential for various industries, including clean energy technologies and electric vehicles.

Introduction of Overseas Ventures

Coal India, NMDC, and ONGC Videsh Ltd (OVL) are set to explore critical mineral assets abroad under the guidance of a group of secretaries. These public sector undertakings (PSUs) are already established players in the international market and are well-positioned to expand their presence in search of essential mineral resources.

ONGC Videsh Ltd (OVL) Leads the Charge

ONGC Videsh Ltd (OVL), the overseas investment arm of Oil and Natural Gas Corporation (ONGC), will play a significant role in the overseas venture. As a seasoned player in the global energy market, OVL brings valuable expertise and experience to the table, ensuring effective exploration and acquisition of critical mineral assets.

Active Pursuit of Mineral Assets

Coal India has initiated active pursuit of lithium blocks in Chile, signaling its proactive approach towards securing critical minerals. Similarly, NMDC is already engaged in mining operations in Australia, focusing on gold mines and exploring opportunities in lithium mining. These efforts highlight the commitment of Indian PSUs to diversify their mineral portfolios and mitigate supply risks.

Khanij Bidesh India Ltd (KABIL) Joint Venture

Khanij Bidesh India Ltd (KABIL), a joint venture of three PSUs – National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL), and Mineral Exploration and Consultancy Ltd (MECL), is dedicated to scouting for mineral assets overseas. This collaborative effort strengthens India’s position in the global mineral market and enhances its resource security.

Strategic Partnerships and Trade Agreements

India is actively exploring partnerships with countries like Chile and Australia to secure access to copper, lithium, and other critical mineral assets. Efforts are underway to expand existing Free Trade Agreements (FTAs) to include provisions for critical minerals, facilitating government-to-government access to these resources. Additionally, India is exploring joint exploration ventures with countries like Zambia to tap into critical mineral reserves.

Importance of Critical Minerals

Critical minerals such as copper, lithium, nickel, and cobalt are integral to various clean energy technologies, including wind turbines, electric vehicles, and electricity networks. As the demand for these minerals continues to rise, securing a stable supply becomes paramount for driving sustainable growth and achieving energy transition goals.