Elon Musk’s £44bn pay day blocked

📍Top line: A Delaware judge has rejected Tesla’s second attempt to approve Elon Musk’s record $56bn (£44bn) pay package, calling the company’s efforts to revalidate it through shareholder support insufficient. Judge Kathaleen McCormick stated the board’s approach failed to resolve issues of fiduciary breaches, and that shareholder reapproval in June could not overturn her earlier decision invalidating the award.

Key Points:

• Pay Package Rejected: Musk’s 2018 pay package, tied to Tesla's performance, was voided earlier this year due to conflicts of interest and an overly influenced board.

• Shareholder Reapproval: Despite 72% of shareholders voting in favor of reinstating the package, the judge ruled it insufficient to address earlier breaches of duty.

• Legal Battle: Tesla plans to appeal the ruling, accusing the court of undermining shareholder authority. Musk criticised the judgment as "absolute corruption."

• Political Influence: Musk’s growing political sway, including ties to President Trump, raises concerns about his leverage over regulators and the judiciary.

• Fee Reduction: The law firm representing the suing shareholder was awarded $345mn in fees, a fraction of its $5.6bn request.

• Relocation from Delaware: Musk has moved Tesla’s incorporation to Texas, citing dissatisfaction with Delaware’s corporate law court.

Jaguar’s new ‘Barbie car’ revealed

📍Top line: Luxury carmaker Jaguar has officially revealed its new electric concept car, just weeks after a teaser video sparked online debate. The Type 00, unveiled in Miami, boasts a sleek, futuristic design, featuring eye-catching “Miami Pink” and “London Blue” finishes, sparking a mix of admiration and ridicule across social media.

Key Details:

• Striking Design: The car boasts a low-slung body, long bonnet, wide grille, slim LED lights, large alloy wheels, and rear-view cameras instead of a windscreen.

• Minimalist Interior: Features include an oval-shaped steering wheel and Jaguar’s updated logo on both the front and back.

• Color Choices: Miami Pink symbolises city vibrancy, while London Blue nods to the brand’s British heritage with a modern twist on classic E-Type colors.

• Social Media Reaction: Comparisons range from Barbie's car and Lady Penelope's FAB 1 to an air conditioning unit, while others have mocked Jaguar’s recent rebranding efforts.

• Rebranding Controversy: Jaguar’s pivot away from its traditional audience, including its historic “growler” logo, has triggered backlash and also drawn significant media attention.

Elsewhere in business:

☕️ Typhoo Tea, the 120-year-old British tea brand, has been rescued from administration by Supreme, a Manchester-based company known for its vaping products like 88Vape. The £10.2 million deal will allow Supreme to acquire Typhoo’s trade, stock, and assets while keeping the iconic brand under British ownership. Typhoo, which faced declining sales and mounting debts, entered administration in November but will now undergo revitalisation, with plans to improve its product quality, pricing, and marketing.

💷 Mike Ashley, founder of Sports Direct, is suing HMRC for allegedly breaching data protection laws after being “stonewalled” over a £13.6m tax dispute. The High Court heard HMRC withheld personal data following inquiries into Ashley’s 2012 property sales. HMRC admits minor breaches but defends its actions as Ashley challenges what he claims are extensive violations of his rights.

Spain introduces new checks for tourists

📍 Top line: Travellers heading to Spain will now need to provide additional personal information when checking into accommodation or renting vehicles, under a new law aimed at bolstering national security. The law mandates that hotels, hostels, Airbnb hosts, and car rental companies collect detailed customer data and share it with the Spanish government.

Key Points:

• Accommodation Requirements: Visitors must share personal details when checking into any accommodation, including hotels, hostels, and Airbnb properties. Required information includes:

  • Full name

  • Date of birth

  • Sex

  • Nationality

  • Passport number

  • Home address

  • Mobile and landline numbers

  • Email address

  • The number of travellers in the group and relationships, particularly for minors under 14.

• Car Rentals: Renting a vehicle will also require providing a driving licence, payment details, and potentially GPS data from the car.

• Impact on Travellers: While these measures aim to enhance security, travellers should expect extra paperwork and longer check-in times. However, holiday plans should not be significantly disrupted.

Elsewhere in the economy:

🎓 The European Union is demanding that European students in the UK pay the same tuition fees as British students as part of any youth mobility agreement. This condition could complicate efforts by Sir Keir Starmer's government to secure a deal during the EU-UK “reset” talks planned for next year. Currently, EU students face international fees that can reach £30,000 annually, compared to the £9,535 domestic rate for UK students.

🏠  House prices in the UK grew at their fastest annual rate in two years in November, with a 3.7% increase compared to the same time last year, according to Nationwide. The lender reported that the typical home now costs £268,144, nearing the record high of £273,751 set in August 2022. Despite stretched affordability, Nationwide attributed the acceleration in growth to low unemployment rates and rising wages outpacing inflation.

Nestle has opened applications to its 2025 Science and Technology Placement in York. Successful applicants will be involved in cutting-edge work on the formulation and processing of chocolate and other confectionery. The 12-month program is open to undergraduates in their final or penultimate year of study for a food science, physical sciences or related engineering degree. Apply now here.

Defence company unveils new attack drone

📍Top line: European defence technology company Helsing has introduced its first attack drone, the HX-2, aiming to address NATO's rising demand for autonomous weaponry amid the war in Ukraine. The drones, already in use in Ukraine, boast advanced manufacturing techniques, including 3D printing, to enable high-scale, cost-efficient production.

Key Points:

• Drone Details: Helsing's HX-2 drones can fly up to 100km and use AI to identify and engage targets even without a continuous signal, though human operators maintain ultimate control.

• Cost-Efficiency and Scale: The company claims it can produce tens of thousands of units annually at a lower cost than existing systems.

• Strategic Role: The drones are pitched as a "counter-invasion shield" for NATO's eastern and central European members, designed to bolster border defences.

• Combat-Ready Features: The HX-2 is designed to counter Russian electromagnetic jamming by operating effectively without relying on GPS or consistent communication links.

• UK Investment: Helsing plans to invest £350mn in the UK over five years, including establishing a manufacturing facility, aligning with Britain's new defence industrial strategy.

Elsewhere in tech:

🤖 OpenAI is considering introducing advertising to its artificial intelligence products as it explores new revenue streams while restructuring as a for-profit company. The CFO told the Financial Times that $150 billion AI company is evaluating an ad-based model but emphasised a "thoughtful" approach to its implementation. The company, which raised $6.6 billion in October, has reportedly hired advertising specialists from major tech firms like Meta and Google, signalling a potential shift in strategy.

🩼 In a groundbreaking medical advancement, two individuals with severe spinal cord injuries have regained the ability to walk and ascend stairs following the implantation of electrodes in their brains. Prior to this intervention, both patients were wheelchair-dependent due to their injuries. The innovative procedure, known as deep brain stimulation (DBS), targets the lateral hypothalamus to "re-awaken" dormant nerve fibers in the spinal cord, thereby restoring control over leg muscles.

🇫🇷 French Prime Minister Michel Barnier is set to face a vote of no confidence after invoking special powers to pass a contentious social security budget without parliamentary approval. The radical left France Unbowed (LFI) and Marine Le Pen's far-right National Rally (RN) triggered the vote, expected on Wednesday, leaving Barnier's minority government at serious risk of collapse.

🪖 The UK Ministry of Defence (MoD) has initiated a comprehensive war-gaming exercise to evaluate the nation's readiness for a major conflict, focusing on the resilience of ammunition and equipment supplies. This week-long exercise, which began on Monday at the Defence Academy in Shrivenham, Oxfordshire, marks the first time that representatives from the defence industry are participating alongside military commanders and officials.

👑 Queen Camilla will reduce her participation in the Qatari state visit this week as she recovers from a viral chest infection, Buckingham Palace has confirmed. The 77-year-old monarch is following medical advice to conserve energy during the busy schedule of events.