Scotland’s Finance Secretary, Shona Robison, is under intense pressure to implement wide-reaching reforms ahead of her draft Budget for 2025/26, as key public sectors face mounting challenges. Audit Scotland has warned that the NHS is unsustainable in its current state, local authorities are demanding more funding and autonomy, and unions highlight an education system threatened by a shortage of teachers. With calls to replace the council tax and limit state-funded benefits like university tuition, Robison is tasked with navigating a tight budget amid increased financial constraints.
The Scottish government’s block grant for 2025/26 is set at £47.7bn, with an additional £3.4bn from the UK government. However, much of this increase has already been absorbed by public sector wage hikes and other commitments, leaving Robison with limited fiscal flexibility. The budget will also need to address pressing issues such as funding business rate relief, providing further support for public services, and meeting the SNP’s climate and child poverty goals.
As Robison prepares for heated debates in the Scottish Parliament, political parties are already voicing their positions. Labour and Conservatives have criticized the SNP’s fiscal management, while the Scottish Greens are pushing for a budget focused on climate action and poverty alleviation. With the future of key services and tax policies at stake, Robison’s ability to balance competing demands will be critical in securing cross-party support for her proposals.
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French Prime Minister Michel Barnier’s government faces collapse after he invoked Article 49.3 of the constitution to push through a controversial budget without parliamentary approval. The €60 billion bill, aimed at curbing France’s growing deficit with tax hikes and spending cuts, sparked fierce opposition from both left- and right-wing parties. Left-wing alliance France Unbowed (LFI) and Marine Le Pen’s far-right National Rally (RN) have tabled no-confidence motions, with a decisive vote expected on Wednesday.
Barnier, a former Brexit negotiator appointed by President Macron to stabilize the government after summer’s hung parliament, defended his use of executive powers, stating, “I have assumed my responsibility.” Despite making concessions like scrapping an electricity tax hike, his efforts failed to appease critics. LFI leader Mathilde Panot called the move a “political chaos” borne of both Barnier’s administration and Macron’s leadership, while Le Pen declared that “the French have had enough.”
If the government is ousted, Barnier would remain as caretaker until Macron forms a new administration or calls for new elections. The turmoil threatens months of political instability, with the fractured parliament making the formation of a stable government challenging. Some parties have also called for early presidential elections, though Macron’s term is set to run until 2027.
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Tbilisi witnessed a third consecutive night of protests as tens of thousands of demonstrators clashed with police outside the Georgian Parliament over the government’s decision to suspend EU accession talks. The unrest left 44 people hospitalized, including protesters, police officers, and a journalist. Protesters hurled stones, set off fireworks, and burned an effigy of Georgian Dream party founder Bidzina Ivanishvili, while police responded with tear gas and water cannons.
Prime Minister Irakli Kobakhidze dismissed claims that Georgia’s European integration had been halted, stating that the government rejected “shameful blackmail” that hindered the process. However, the EU criticized Georgia for democratic backsliding and urged authorities to respect peaceful assembly rights. The announcement of the suspension followed a disputed parliamentary election in October, which opposition leaders claim was rigged with Russian interference to maintain Georgia’s alignment with Moscow.
Pro-Western President Salome Zourabichvili condemned the ruling party’s grip on power, calling Georgia a “quasi-Russian” state. The EU, which had granted Georgia candidate status last year, suspended financial support over concerns about the passage of a controversial “foreign influence” law. The protests have intensified political tensions, with opposition parties demanding new elections under conditions guaranteeing transparency and fairness.
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A rare first edition of Harry Potter and the Philosopher’s Stone, originally purchased for just £10 (around ₹1,068) in 1997, has fetched a remarkable £36,000 (₹38 lakh) at an auction in Lichfield, Staffordshire. Including the buyer’s premium, the final bid for the book reached £45,000 (approximately ₹50 lakh), as reported by BBC News. This first edition is one of only 500 hardback copies from the initial print run, making it an exceptionally coveted item among collectors.
The book’s owner, Adam McCulloch from Tansley, Derbyshire, discovered its value during the COVID-19 lockdown in 2020 after reading about similar first editions. Initially bought by his mother, Christine McCulloch, from a bookshop in Stratford-upon-Avon, the book had been stored in their family cupboard for years, oblivious to its future worth. Adam described the moment of verification as a “pinch yourself moment,” adding that the tea stains and folded corners on the book made it even more magical for collectors.
This sale underscores the enduring legacy of J.K. Rowling’s iconic Harry Potter series, which debuted in 1997 and has since become a global phenomenon. The book’s journey from a modest £10 purchase to a multi-lakh auction piece is a testament to its cultural and literary significance, captivating readers across generations.
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Ukraine is reeling from a devastating Russian missile and drone assault that left more than one million people without power. The coordinated attack, which lasted for nearly nine-and-a-half hours, targeted energy infrastructure across the country, including Odesa, Kharkiv, Lutsk, and Kyiv. Ukrainian President Volodymyr Zelensky accused Russia of using cluster munitions, making it harder for rescue teams and energy workers to address the damage. Over 100 drones and more than 90 missiles were involved in the strike, marking the second such attack this month.
Authorities have reported widespread power outages across at least 12 regions, with emergency power cuts implemented to prevent grid overloads. In cities like Lutsk and Kharkiv, explosions were heard, and public transport, including trolleybuses, came to a halt. In the Lviv region, more than half a million people are without electricity, and officials are bracing for further strain on the energy system as temperatures drop, signaling the arrival of Ukraine’s harsh winter.
This strike comes on the heels of earlier missile attacks on Ukraine’s energy sector, which have severely impacted the country’s power plants. Ukrainian officials had warned of the possibility of a broader assault aimed at depleting the national power grid as winter approaches. With the ongoing war and extreme weather conditions, Ukrainians face another challenging winter ahead, already having endured multiple severe winters since Russia’s invasion began in February 2022.
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The promise of electric vertical take-off and landing (eVTOL) aircraft transforming urban mobility has hit significant hurdles, as leading innovators struggle with funding and technical setbacks. Germany’s Volocopter, which aimed to showcase its VoloCity air taxi at the Paris Olympics, failed to launch passenger services and is now relying on a potential $95 million investment from China’s Geely, which could shift manufacturing to China. Similarly, German eVTOL pioneer Lilium has entered insolvency proceedings after failing to secure crucial loans, casting doubt on its ambitious plans to build radical electric jets.
In the UK, Vertical Aerospace has made progress with its VX4 aircraft, including recent piloted tests. However, financial instability has led to a $50 million rescue investment by US-based Mudrick Capital, leaving the creditor with a 70% stake in the company. Meanwhile, Airbus’s CityAirbus NextGen appears more stable, with its four-seater design progressing as a technology project backed by ample funding and expertise.
Despite enthusiasm for the industry’s potential, concerns remain over profitability, particularly due to operational costs like pilot wages and battery replacements. While startups like Joby and Archer in the US continue to push forward, the sector faces a long road before proving its commercial viability, with investors hoping to emulate the success of transformative companies like Tesla.
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Australian lawmakers are debating a groundbreaking bill to ban children under 16 from accessing social media platforms, with fines of up to AUD 50 million ($33 million) for non-compliance. Sunita Bose, Managing Director of Digital Industry Group Inc., representing platforms like Facebook, Instagram, TikTok, and X (formerly Twitter), argued during a Senate committee hearing that the legislation should be delayed until the government concludes its evaluation of age-verification technologies in June 2025. She warned that rushing the bill could lead to implementation challenges, leaving both children and platforms unprepared.
Bose highlighted the broader implications of such a ban, cautioning that it could isolate children and push them toward less safe online spaces. This sparked criticism from Senator Sarah Henderson, who accused her of prioritizing corporate interests over child safety. Addressing questions about children’s exposure to harmful content, Bose stated that current algorithms already employ filters to reduce risks, though she acknowledged the industry’s shortcomings in enforcing existing age restrictions.
Research by the Harvard T.H. Chan School of Public Health revealed that major platforms earned $11 billion in advertising revenue from U.S. users under 18 in 2022. However, Bose admitted she did not know how much revenue these platforms derived from Australian children. The bill, if passed, would make Australia the first country to impose such strict regulations, with the outcome likely to set a global precedent.
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Mayura Shreyams Kumar, Director of Digital Business at Mathrubhumi Printing and Publishing Company Ltd, was honored with the esteemed Visionary Digital Growth Leader Award at the Manappuram Unique Times Business Excellence Award ceremony. Held at the Gokulam Convention Centre, the award was presented by Shri V.P. Nandakumar, MD and CEO of Manappuram Finance Ltd, and Dr. Ajit Ravi, Chairman of Pegasus Global Pvt Ltd, in a celebration of leadership and innovation.
Mayura Shreyams Kumar was lauded for her pivotal role in Mathrubhumi’s digital transformation, steering the organization through the rapidly evolving media landscape. Her forward-thinking strategies and focus on enhancing audience engagement have driven sustainable growth for the company, positioning it as a leader in the competitive digital media industry.
Expressing her gratitude, Mayura emphasized the importance of innovation in shaping the future of digital media. The event concluded with appreciation for her visionary leadership and remarkable contributions to the industry.
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The 17th Manappuram Multibillionaire Business Achiever (MBA) Award was conferred upon Shri T.K. Chandiran, Chairman and Managing Director of the Chennai Silks, Sree Kumaran Thangamaligai, and SCM Group of Companies, during a prestigious ceremony at the Gokulam Convention Centre in Kochi on 21st November 2024. The award was presented by Shri V.P. Nandakumar, Managing Director & CEO of Manappuram Finance Ltd, Dr. Hafeez Rahman, Chairman of Sunrise Hospitals and the esteemed 15th MBA Award recipient from Kerala, and Dr Ajit Ravi, Chairman of Pegasus.
The MBA Award recognizes exemplary leadership and exceptional business acumen, and the winner receives the opportunity to enter the world’s richest club, the Federal International Chamber Forum (FICF). With this achievement, T.K. Chandiran will gain membership in the Federal International Chamber Forum (FICF), the wealthiest and most prestigious club in the world. The FICF is an exclusive network of multibillionaire business achievers, where only one individual is admitted each year, providing a platform for leveraging entrepreneurial ideas for societal betterment. As the MBA Award gains momentum, it is now expanding to a Pan-India platform, reinforcing its position as a premier recognition of business excellence nationwide. The expansion began with Tamil Nadu, where individuals from the state were honored as winners in the previous edition, marking a significant milestone in its journey. Continuing this initiative, the 17th MBA Award is also being conferred upon Tamil Nadu’s business community.
Shri T.K. Chandiran leads the Chennai Silks, Sree Kumaran Thangamaligai, and SCM Group of Companies, a prominent conglomerate with a revenue exceeding USD 1 billion and a workforce of nearly 100,000 people. His entrepreneurial journey spans textiles, jewelry, and power generation. He founded KKV Agro Powers Ltd, generating over 100 megawatts of renewable energy. His leadership sets benchmarks in human resource and financial management. He is also an author and filmmaker, with contributions to agriculture and societal progress, including a Guinness World Record for KTM Jewellery Ltd.
Notable previous award recipients include Shri V P Nandakumar, Managing Director & CEO of Manappuram Finance Ltd, Shri Joy Alukkas of Joy Alukkas Group, Shri M A Yusuf Ali of EMKE Group, Shri T S Kalyana Raman of Kalyan Jewellers, Shri P N C Menon of Sobha Developers, Shri Gokulam Gopalan of Gokulam Group, Dr. Ravi Pillai, Founder & MD of R P Group of Companies, Shri M P Ramachandran, MD of Jyothy Laboratories, Shri Kochouseph Chitilappilly, Founder & CEO of V-Guard Industries Ltd, Shri Sabu M Jacob, MD of Kitex Garments Ltd, Shri Viju Jacob, MD of Synthite Industries Ltd, Dr. A V Anoop, MD of AVA Group of Companies, Dr. Varghese Kurian, Chairman of VKL Holdings and Al Namal Group, Adv Dr P Krishnadas, Chairman & Managing Trustee of Nehru Group of Institutions, Dr. Hafeez Rahman, Chairman of Sunrise Hospitals, Shri Soundararajan Bangarusamy, Chairman of Suguna Foods and Suguna Holdings, Shri V R Muthu, Chairman & Co-founder of Idhayam Group, Shri V C Praveen, Vice Chairman of Sree Gokulam Group of Companies, Dr. Arun N Palaniswami, Executive Director of KMCH Group of Hospitals, and Shri C K Kumaravel, Co-founder & CEO of Groom India Salons.
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The Manappuram Unique Times Conclave 2024, held at the Gokulam Convention Centre in Kochi, brought together industry leaders and experts to explore a pressing issue in today’s business landscape: the influence of digital media on modern business. Organized by Pegasus under the leadership of Dr. Ajit Ravi, the conclave served as a platform for insightful discussions on how digital media is reshaping business strategies and operations.
The conclave featured an impressive panel of thought leaders, including V P Nandakumar, MD & CEO of Manappuram Finance Ltd, Mayura Shreyams Kumar, Director of Digital Business at Mathrubhumi Printing and Publishing Company Ltd, Dr Hafeez Rahman, Chairman of Sunrise Group of Hospitals, and Dr Fathima Nilufer Sheriff, Founder & CEO of Therefore I’m. Other distinguished panelists included Deepak L Aswani, Chairman & Managing Director of Aswani Lachmandas Group, Sajeev Nair, Serial Entrepreneur & Transformation Coach, and Aishwarya Nandilath, Director of Nandilath G Mart.
The engaging discussion, moderated by Dr K A Kuriachan, Former District Governor of Rotary International District 3200 & International Corporate Trainer, explored the transformative impact of digital media on business strategies, consumer engagement, and operational efficiency. Panelists shared valuable insights into leveraging digital platforms to boost brand visibility, access global markets, and enhance customer experiences. The event, supported by Pegasus, left participants inspired and empowered, with a deeper understanding of how digital tools are driving innovation and growth in the business world.
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