Tesla shareholders have approved a record $1 trillion pay package for Elon Musk, betting on his ability to transform the company into an $8.5 trillion enterprise over the next decade. Under the agreement, Musk will forgo a salary and receive payment only if he meets ambitious performance targets, including producing 20 million vehicles, developing one million robots, and rolling out a fleet of self-driving robotaxis. The decision underscores shareholder confidence that Musk’s leadership remains vital to Tesla’s long-term innovation and success.
Despite controversy over his outspoken political views and open support for President Donald Trump, Musk continues to command a devoted following among investors. Analysts argue that much of Tesla’s $1.4 trillion valuation is driven by what they call the “Musk premium,” a reflection of market faith in his creative and risk-taking approach. Supporters compare him to historical visionaries like Einstein and Edison, saying that without him, Tesla risks losing its innovative edge, particularly in artificial intelligence.
Still, Musk’s unpredictability poses challenges for Tesla’s board. Critics warn that his outside ventures and political involvements could distract him from the company’s complex goals. Legal experts note that the targets set for Musk may be flexible enough to secure his payout even under shifting conditions. Whether or not he achieves them, Tesla’s gamble signals how deeply intertwined Musk’s identity remains with the company’s brand and future direction.
Pic Courtesy: google/ images are subject to copyright
Three weeks after a daring daylight robbery saw €88m worth of crown jewels stolen from the Louvre’s Apollo Gallery, France’s prestigious museum is facing harsh criticism for neglecting security. A Court of Auditors report — completed before the heist — revealed that museum management prioritized new acquisitions and exhibitions over essential safety upgrades, despite repeated warnings. Culture Minister Rachida Dati and art experts have accused the Louvre of underestimating the threat and mismanaging funds intended to protect priceless heritage.
The report found that between 2018 and 2024, the museum invested more than €105m in new artworks and €63m in exhibition spaces, while spending far less on maintenance and security systems. These findings have cast doubt on the museum’s ambitious New Renaissance project, which includes a new entrance and a separate gallery for the Mona Lisa. Already over budget — rising from €700m to €1.15bn — the initiative is now being questioned for lacking proper feasibility and financial planning.
Meanwhile, the investigation into the theft continues, with four suspects arrested and the stolen jewels still missing. Among those detained is 39-year-old Abdoulaye N, a former Pompidou Centre guard known locally for viral motocross stunts, who reportedly did not even realise he was breaking into the Louvre. Authorities believe the suspects may have been petty criminals hired by a wealthier mastermind, making security lapses at the world’s most visited museum an even more alarming concern.
Pic Courtesy: google/ images are subject to copyright
Pfizer is preparing to raise its offer for obesity drugmaker Metsera after a U.S. judge refused to block rival Novo Nordisk’s $10 billion bid, according to a source. The pharmaceutical giant is scrambling to keep its takeover plans alive as its current merger agreement with Metsera is set to expire at midnight ET without an improved proposal. The fierce competition reflects the companies’ push to secure a foothold in a rapidly expanding obesity treatment market projected to reach $150 billion by the early 2030s.
The bidding war, which began privately in January, escalated into public view when Novo launched an unsolicited proposal last week—its seventh attempt—undermining Pfizer’s earlier $7.3 billion deal. Both companies raised their offers on Tuesday, with Pfizer valuing Metsera at up to $8.1 billion and Novo offering a mix of upfront cash and milestone-based payments. The uncertainty has caused Metsera’s stock to swing, falling 2.5% Wednesday before rising in after-hours trading.
Regulatory challenges are adding further complications. The U.S. Federal Trade Commission warned that Novo’s deal structure may violate antitrust rules without proper premerger review, while Pfizer’s claim that the rival offer is illegal was rejected in court. As Pfizer seeks to overcome past setbacks in the obesity space and Novo tries to regain ground lost to Eli Lilly, control of Metsera—and its next-generation GLP-1 drug pipeline—remains hotly contested.
Pic Courtesy: google/ images are subject to copyright
A devastating fire erupted late Tuesday at a retirement home in Tuzla, northeastern Bosnia-Herzegovina, killing 11 people and injuring at least 30 others. The blaze broke out around 20:45 local time on the seventh floor of the facility, sending emergency crews rushing to the scene as residents struggled to escape the intense flames.
Authorities say about 20 people, including residents, firefighters, police officers, and medical staff, were taken for treatment, with several suffering from carbon monoxide poisoning. Three of them remain in intensive care, according to the Tuzla University clinical centre. Officials have announced that a full investigation will begin once the building is secure, though the cause of the fire is still unknown.
Witnesses described scenes of chaos, with bed-ridden residents trapped on upper floors. The home’s director, Mirsad Bakalović, who said he personally knew all those affected, announced his resignation following the tragedy. Bosnia’s presidency chairman Željko Komšić expressed condolences to the victims’ families, calling the incident a heartbreaking national disaster.
Pic Courtesy: google/ images are subject to copyright
Europe’s auto industry is facing renewed supply chain concerns after Dutch semiconductor manufacturer Nexperia suspended wafer shipments from China. The move follows a dispute with management at its Dongguan facility and comes weeks after the Dutch government seized temporary control of the company over national security issues.
Nexperia, whose chips are essential for power systems, sensors, and electronics in vehicles made by Volkswagen, BMW, and Stellantis, informed customers that deliveries were halted from 26 October. Officials in The Hague fear that production capabilities could shift out of Europe amid rising trade tensions with China, which has added its own export restrictions, further complicating component flows.
The European Automobile Manufacturers’ Association has warned that shortages of basic control chips are escalating daily and could soon disrupt assembly lines. Governments and industry groups are now pushing for urgent diplomatic talks to restore supply routes and protect European automotive output through the remainder of the year.
Pic Courtesy: google/ images are subject to copyright
Turkish shooter Yusuf Dikec may have gained viral fame for his relaxed demeanor at the Paris Olympics, but internally, he felt quite differently.
Dikec’s laid-back stance, with his non-shooting hand casually tucked into his pocket, ignited a wave of memes online as he secured a silver medal alongside Sevval Ilayda Tarhan in the mixed team 10-meter air pistol event.
The 51-year-old remarked, “People said I looked very calm, but inside, storms were raging.”
He believes his shooting posture beautifully embodied the Olympic spirit, showcasing fairness, simplicity, clarity, and authenticity, which contributed to its widespread attention.
Unlike his competitors, Dikec chose to forgo the high-tech shooting gear, opting instead for a simple yellow earplug and regular glasses.
His pose has inspired other athletes, including Sweden’s pole vault champion Armand Duplantis, who paid homage to Dikec after breaking his own world record at the Games.
Additionally, Turkey midfielder Irfan Can Kahveci appeared to mimic the pose during Fenerbahce’s 2-1 Champions League qualifying loss to Lille on Tuesday.
Having secured his first Olympic medal, Dikec is now focused on achieving gold at the 2028 Olympics in Los Angeles, aiming to surpass Serbian champions Zorana Arunovic and Damir Mikec.
“My partner and I will claim the gold at the Los Angeles 2028 Games,” Dikec stated. “I’ve only lent this gold medal until 2028.”
Picture Courtesy: Google/images are subject to copyright
Catalan separatist leader Carles Puigdemont announced on Friday that he has returned to Belgium after successfully evading arrest during a brief visit to Spain, asserting he never intended to surrender. “I’m in Waterloo after extremely difficult days,” he wrote on X. Puigdemont has lived in self-imposed exile since 2017 following a failed attempt to secure Catalonia’s independence.
His return to Spain, after seven years away, was marked by defiance against an arrest warrant as he addressed supporters at a rally on Thursday. The dramatic escape unfolded like a scene from a crime film, eliciting outrage from opposition politicians and the judiciary.
Eduard Sallent, commissioner of the Catalan regional police, Mossos d’Esquadra, explained that officers waited until after the rally to avoid a public confrontation. However, after his speech, Puigdemont slipped backstage, put on a baseball cap, and jumped into a waiting car. While police rushed toward the vehicle, around 50 supporters wearing straw hats formed a barrier, allowing Puigdemont to flee.
Sallent admitted the operation to arrest Puigdemont failed but insisted the Mossos acted according to plan and did not appear foolish. He expressed skepticism about Puigdemont’s claim of being in Belgium, stating, “I do not rule out that this man is still in Barcelona,” and emphasized that they would not rely on assumptions.
The Supreme Court judge overseeing the investigation demanded explanations from the Mossos and the national government regarding the failure to apprehend Puigdemont. While the Spanish parliament has pardoned others involved in the 2017 secession attempt, the Supreme Court ruled this does not apply to Puigdemont, who faces embezzlement charges related to funding the independence referendum deemed illegal by Spanish courts. Puigdemont argues that the vote was legitimate, thus invalidating the charges.
As blame circulated over his escape, Spain faced increased political turmoil, with the opposition People’s Party (PP) calling for the dismissal of the interior and defense ministers over Puigdemont’s evasion.
Picture Courtesy: Google/images are subject to copyright
Wine production in France, the world’s largest producer, is anticipated to decline significantly this year due to humid weather fostering disease in vineyards, as well as hail and frost affecting certain regions, according to the farm ministry’s announcement on Friday. The overall wine output is estimated to fall between 40 million and 43 million hectolitres, which is below the five-year average of 44.2 million and substantially less than the 2023 production of 47.9 million.
Wine and spirits are among France’s most significant export products, yet the sector is grappling with decreasing domestic consumption, particularly in areas like Bordeaux, leading to recent farmer protests. The impact of the reduced output on wine prices remains uncertain. While prominent châteaux often raise prices for their limited vintages, France is currently facing stiff competition in global markets. In Champagne, producers typically blend various vintages in their bottles, although this may not prevent price increases.
The French farm ministry reported that mildew, exacerbated by the humid early summer, affected most wine-growing regions and could result in considerable losses. Additionally, many vineyards suffered a reduction in flowers, leaves, and young berries due to the cool and damp conditions during the flowering period. However, the ministry noted that wet soils following months of rain might mitigate the decline in production, with plant growth lagging one to two weeks behind last year.
While the ministry did not provide specific regional forecasts, it indicated that Champagne’s production is expected to be lower than in 2023 due to spring frosts and hail impacting its potential. In the Bordeaux region, a reduction of about 8,000 hectares (19,768 acres) from the uprooting of vines to manage excessive output, combined with potential losses from coulure, mildew, and hailstorms, is likely to lead to further decreases in production following a downturn in 2023.
Picture Courtesy: Google/images are subject to copyright
Centuries ago, the sage and philosopher Laozi, on the other side of the Great Wall of China, famously stated, “A journey of a thousand miles begins with a single step.” This timeless wisdom highlights how seemingly minor actions can trigger significant changes over time. The remarkable story of an entrepreneurial giant on this side of the Great Wall exemplifies this concept beautifully. When V.P. Nandakumar took over his late father’s modest, single-branch money-lending business in 1986, few could have predicted that it would mark the start of an extraordinary journey. Today, Manappuram Finance Ltd stands as one of India’s premier non-banking financial companies (NBFCs), boasting 5,200 branches across 28 states and Union Territories, an impressive Assets Under Management (AUM) of Rs 42,069 crore, and a dedicated workforce of over 50,000.
Unique Times chronicles the fascinating success saga of Nandakumar, the Managing Director and CEO of Manappuram Finance Ltd, who used his astute leadership skills, razor-sharp acumen and vision to steer his enterprise all through its high-octane journey to becoming a financial powerhouse in the country. The journey that began in modest settings in Valapad, a quaint village in Kerala’s Thrissur, has acquired a pan-India dimension today, which is nothing but extraordinary. Nandakumar has added more feathers to his cap by unlocking the portals of diversification through microfinance, home loans, vehicle finance and SME and personal loans thereby broadening the spectrum of his company.
Wearing Many Hats With Elan
Born in 1954, Nandakumar holds a postgraduate degree in science and additional qualifications in banking and foreign trade, providing him with a strong foundation for his finance career. His expertise has been recognized by various trade and industry associations, including FICCI, ASSOCHAM, and FIDC, where he has actively contributed to policy shaping and the promotion of best practices within the sector. His commitment to education and professional development is further demonstrated by his appointment to the Board of Governors of the Indian Institute of Management, Kozhikode, in January 2019, highlighting his significant influence in the field of management education.
Nandakumar is a Distinguished Invitee to the All-India Management Association’s Council of Management, where he shares his insights to promote management practices nationwide. As Co-Chair of the State Council of FICCI Kerala, he demonstrates his ability to foster collaboration among industry leaders and improve the business environment in the region. Through these roles, Nandakumar continues to make a positive impact on both the educational and industrial sectors, guiding the next generation of leaders in the financial services industry.
How It All Began
Manappuram Finance Ltd traces its roots back to 1949 when it was founded by Nandakumar’s father, the late V.C. Padmanabhan, in Valapad. The initial operations focused on money lending. It was a modest beginning that laid the foundation for what would become a financial behemoth. Following the untimely demise of his father in 1986, Nandakumar took over the reins of the family business and there has been no looking back ever since.
Diversification and Growth
One of Nandakumar’s most significant contributions has been his proactive approach to diversification. Recognising the evolving needs of customers, he has steered the company into new territories. Today, a remarkable 49% of Manappuram’s total business originates from non-gold segments, a clear reflection of his strategic foresight.
Nandakumar’s efforts have not gone unnoticed. His exemplary leadership and remarkable achievements have fetched him recognition on coveted national platforms. In May 2018, ‘Business World’ magazine listed him among India’s 40 most valuable CEOs. The ‘Economic Times’ acknowledged Manappuram as the ‘chart-topper’ in their ET500 list of Top Wealth Creators of 2019. Furthermore, he received the Hurun Industry Achievement Award in February 2023, a testament to his enduring impact in the business world.
Commitment to Community Development
Beyond his business acumen, Nandakumar’s commitment to social responsibility is a cornerstone of his vision. In 2009, he established the Manappuram Foundation aimed at uplifting the community through various initiatives. The foundation’s reach extends to managing two schools, coaching centres for diverse skills, yoga centres, and wellness facilities. Notably, it also operates a sports complex with badminton and basketball courts, along with an aquatic complex featuring a state-of-the-art swimming pool.
His dedication to community welfare is evident in the foundation’s services, which are provided to people falling under the Below Poverty Line (BPL) category at subsidized rates. Additionally, the foundation has a fleet of ambulances equipped with advanced medical support systems, further solidifying its role as a pillar of support for the local population. He staunchly believes that these efforts to uplift the community will have a butterfly effect over the years as his empire grows.
Leadership Beyond Borders
In addition to his responsibilities at Manappuram Finance, Nandakumar has done yeoman service to international organizations. His journey with Lions Clubs International began in 1981, and over the years, he has held various leadership positions, including multiple district council chairperson and member of the LCIF Corporate, Foundation & Government Gifts Committee. His dedication and service culminated in his election as an international director during the 102nd International Convention in Milan, Italy, in July 2019, marking a significant milestone in his commitment to community service.
Currently, he is serving as the Chair of LCCIA and Chairperson of the ISAME Area Leadership. Through these roles, he continues to foster collaboration among Lions Clubs worldwide, advocating service projects that address pressing social issues. His leadership not only strengthens the organisation but also reinforces his commitment to making a positive impact beyond national borders, embodying the spirit of global citizenship and community empowerment.
Promoting Financial Inclusivity
Nandakumar’s influence reaches far beyond the confines of Manappuram Finance. He has been a driving force in promoting financial inclusivity through his involvement in several key ventures. Notably, he played a pivotal role in establishing Equitas Small Finance Bank Ltd., India’s first small finance bank that provides affordable financial solutions to the underserved. His efforts also contributed to the formation of Aptus Value Housing Finance India Ltd., both of which were successfully listed on the stock exchange, marking significant milestones in the Indian financial landscape.
Additionally, Nandakumar’s promotion of Five Star Business Finance Ltd., an NBFC specialising in MSME finance, further emphasises his commitment to enhancing access to financial services for marginalised sectors. By focusing on micro, small, and medium enterprises, he has championed initiatives that empower entrepreneurs and drive economic growth. Through these endeavours, Nandakumar continues to champion financial inclusivity, ensuring that diverse segments of society have the opportunity to participate in the economic mainstream.
A Legacy of Leadership and Vision for the Future
As Nandakumar continues to lead Manappuram Finance Ltd., his vision is firmly anchored in innovation, community service, and financial inclusivity. With plans for further expansion and diversification, he is well-positioned to navigate the changing financial landscape while remaining dedicated to the values that have guided him since the company’s inception.
In an era where financial services are increasingly crucial, Nandakumar’s journey exemplifies the power of leadership, resilience, and a sincere commitment to making a positive impact. As he looks ahead, it is clear that his influence will continue to shape the future of financial services in India and beyond.
Picture Courtesy: Pegasus Photography/images are subject to copyright
Austrian security officials have arrested a 19-year-old who was reportedly planning a suicide attack at a Taylor Swift concert in Vienna. The teen, who had previously pledged allegiance to the Islamic State group (IS), allegedly confessed to intending to use explosives and knives to target “a large crowd of people.” As a result, Swift’s three sold-out shows at the Ernst Happel Stadium have been canceled, affecting over 195,000 expected attendees.
Local media revealed that the suspect had stolen chemicals from his job at a metal processing company in Ternitz and had made progress in building a bomb. Reports also indicated he planned to drive a car into the crowd outside the venue. During a news conference, officials noted that substances and devices discovered at the suspect’s residence demonstrated “concrete preparatory actions.” They also seized weapons from his home.
The suspect, an Austrian citizen of North Macedonian descent, had recently altered his appearance to align with Islamic State propaganda and had been consuming and sharing Islamist materials online. Two additional suspects were also identified: a 17-year-old employed at a company set to provide services at the concert venue and a 15-year-old who was arrested nearby but has remained silent with authorities.
Interior Minister Gerhard Karner stated that a tragedy had been averted, crediting international intelligence collaboration for thwarting the attack. He emphasized that the terrorist threat has increased in Europe and reiterated that major concerts often attract Islamist attacks. While no specific threats have been identified regarding upcoming events in Austria, security measures remain heightened. Swift’s Vienna concerts were part of her European Eras Tour, which has already visited several countries. She is scheduled to perform five shows at Wembley Stadium in London next week, prompting UK authorities to assess intelligence to ensure safety at the event. London Mayor Sadiq Khan confirmed that the city would proceed with plans for the concerts, ensuring police cooperation for safety.
Picture Courtesy: Google/images are subject to copyright
