Author: Staff Writer

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Technology

AI’s next leap will be memory, not reasoning, says Sam Altman

OpenAI CEO Sam Altman says the next big advance in artificial intelligence will focus on memory, rather than improving reasoning skills. Current AI systems, including the latest models, are good at solving problems but cannot remember past interactions, meaning users often have to repeat information each time they use them.

Altman envisions AI that can retain long-term memory of user interactions, preferences, emails, documents, and conversations. This would allow AI to learn from past experiences, anticipate user needs, and provide more helpful suggestions without needing repeated instructions.

This shift to memory-based AI aims to create a personalized assistant that truly understands each user over time. Altman believes such AI could become available as early as 2026, moving beyond simple question-answering to proactive support in daily tasks.

At the same time, Altman acknowledges privacy and security concerns. He suggests that advanced encryption and safeguards will be necessary to protect sensitive user data.

With this focus, AI could evolve from a reactive tool into a trusted digital companion, offering smarter, more intuitive help tailored to each individual user’s life and work.

Also Read: B P Kanungo appointed IIFL finance chairman

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Leaders

B P Kanungo appointed IIFL finance chairman

IIFL Finance Ltd, a leading non-banking financial company (NBFC) in India, has appointed B.P. Kanungo, former Deputy Governor of the Reserve Bank of India (RBI), as its non-executive chairman. The appointment was made by the company’s board on December 19, 2025, and takes effect immediately.

Kanungo brings over 40 years of experience in banking and financial regulation. He served as RBI Deputy Governor from 2017 to 2021 and was part of the Monetary Policy Committee. He has also held senior roles in currency management, payment systems, and consumer protection. His deep knowledge of the financial system is expected to help IIFL Finance strengthen governance and plan its future growth.

Before becoming chairman, Kanungo was already an independent director on IIFL Finance’s board. In his new role, he will guide the company’s strategic decisions and ensure good governance while protecting the interests of shareholders, customers, and regulators. Nirmal Jain, Managing Director of IIFL Finance, welcomed Kanungo’s appointment, saying his expertise will support the company’s next stage of growth.

In the same board meeting, IIFL Finance shared that it has complied with a tax notice from the Income Tax Department. The company paid Rs 1.47 crore as tax for past assessments, confirming that this does not affect its current operations or finances.

The board also approved a proposal to raise the company’s borrowing limit from Rs 35,000 crore to Rs 60,000 crore, subject to shareholder approval. This move will give IIFL Finance more flexibility to expand its lending business and strengthen its financial position.

IIFL Finance offers a variety of loans, including home loans, business loans, microfinance, and gold loans, and serves customers through a wide network across India. With Kanungo as chairman, the company aims to combine strong governance with strategic growth to better serve its customers and investors.

Also Read: ICICI Bank revises credit card charges, benefits from 2026

Categories
Leaders

Elon Musk net worth nears $750 billion

Elon Musk’s net worth has surged to nearly $750 billion after a key US court ruling restored part of his Tesla compensation package. The decision puts him closer to becoming the world’s first trillionaire.

The Delaware Supreme Court overturned a previous ruling that had invalidated Musk’s 2018 pay package, which was tied to ambitious Tesla performance targets. The package grants Musk stock options that, with Tesla’s current share price, are valued at approximately $139 billion. The court said that completely voiding the package would be unfair, given Musk’s six years of work to achieve the targets.

Musk’s wealth comes mainly from his Tesla holdings, including his roughly 12% stake in the company, and stakes in ventures such as SpaceX. With the restored stock options, his estimated fortune on the Forbes Billionaires Index now stands around $749 billion.

The ruling also strengthens Musk’s position in the global wealth rankings. He now far exceeds the net worth of the next richest individuals, including Google co-founder Larry Page. Tesla remains central to his fortune, and the restored options add a significant boost to his overall wealth.

Earlier, Tesla shareholders approved a separate long-term performance-based pay plan for Musk, potentially worth up to $1 trillion. Achieving its full value could push his wealth even closer to the trillion-dollar mark.

This legal victory ensures Musk receives the compensation he earned for Tesla’s growth and reinforces his influence over the company and markets. Analysts say the restored options highlight the importance of executive performance packages in large corporations and how legal challenges can affect personal and market wealth.

The court’s decision underscores the intersection of corporate governance, executive compensation, and shareholder interests, with Musk’s fortune reflecting both Tesla’s success and the growing scale of executive pay in global business.

Also Read: Gujarat Kidney IPO opens at ₹108–₹114 to raise ₹251 crore

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Beyond

India suspends visa services in Chittagong

India has indefinitely suspended operations at its Indian Visa Application Centre (IVAC) in Chittagong (Chattogram), Bangladesh, citing security concerns following recent civil unrest. The suspension took effect on December 21, 2025. The centre will remain closed until further notice, and all visa applications from Chittagong are currently on hold. Applicants are advised to use other operational centres or await official updates.

The decision comes in the context of heightened political instability in Bangladesh after the death of youth leader Sharif Osman Hadi, who was fatally shot during a political rally in Dhaka on December 12. His death triggered demonstrations and localized unrest, including incidents targeting Indian diplomatic premises in Chittagong.

Reports from the region indicate vandalism and stone-pelting near the Indian Assistant High Commission’s residence, prompting authorities to implement enhanced security protocols. While the Chittagong centre remains closed indefinitely, other Indian visa centres in Bangladesh, including Dhaka, Khulna, Rajshahi, and Sylhet, continue operations under heightened security measures.

The Indian Ministry of External Affairs has reaffirmed its commitment to ensuring the safety of diplomatic missions and personnel. Visa services in Chittagong will resume only after a thorough assessment of local security conditions. Applicants are advised to monitor official communications from the IVAC for updates before planning travel.

Bangladeshi authorities are coordinating with Indian officials to maintain robust security measures around diplomatic facilities. The situation continues to be closely monitored, and additional precautionary measures may be implemented as required.

This strategic decision reflects India’s adherence to international diplomatic protocols and underscores the priority placed on staff safety and operational integrity. By temporarily halting services in Chittagong, the government ensures that visa processes are conducted under secure conditions, safeguarding both personnel and applicants.

Also Read: PM Modi inaugurates Adani-operated new terminal at Guwahati Airport

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Corporate

Gujarat Kidney IPO opens at ₹108–₹114 to raise ₹251 crore

The initial public offering (IPO) of Gujarat Kidney & Super Speciality Ltd opened on December 22, 2025, with a price band of ₹108–₹114 per share. The three-day issue will close on December 24, 2025, and is entirely a fresh issue aimed at raising around ₹250.8 crore. The funds will be used for expanding hospital operations, acquiring other healthcare facilities, investing in medical equipment, and general corporate purposes.

The IPO is being offered in lots of 128 shares, meaning the minimum investment for retail investors is approximately ₹14,592. The shares are expected to be allotted on December 26, and trading is likely to begin on December 30, 2025, on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

In the grey market, the shares have a premium of about 6%, suggesting a possible listing price near ₹121 per share at the upper band. Analysts see modest gains but remain cautious due to current market conditions and the IPO’s valuation.

Gujarat Kidney & Super Speciality operates seven hospitals and four pharmacies across central Gujarat, focusing on renal care, urology, orthopaedics, cardiology, gynaecology, and critical care. The company has a total bed capacity of 490, with 340 beds operational, and employs nearly 90 doctors, 330 nurses, and 300 support staff.

Financially, the company has shown strong growth. For the year ended March 31, 2025, total income reached approximately ₹40.4 crore, up from ₹5.48 crore in FY24. Profit after tax rose to ₹9.5 crore, and EBITDA margins improved to around 41%, reflecting efficient operations.

However, the IPO is priced on the higher side, with a pre-IPO P/E of about 61.6 times FY25 earnings, above the industry average. Analysts suggest cautious investors may wait for post-listing price movements before applying.

The raised funds will help the company acquire Parekhs Hospital in Ahmedabad, increase its stake in Harmony Medicare in Bharuch, establish a new facility in Vadodara, and upgrade medical infrastructure. Investors are advised to weigh the growth prospects and execution risks carefully before subscribing.

Also Read: India halts visa services in Chittagong

Categories
Beyond

Gold at ₹1,34,170/10g, Silver at ₹2,13,900/kg

Gold prices in the Indian market edged lower on Monday. 24-carat gold slipped by ₹10 to trade around ₹1,34,170 per 10 grams in major cities. 22-carat gold also eased by ₹10 and was priced near ₹1,22,990 per 10 grams.

Silver prices followed a similar trend. The metal fell by about ₹100 to around ₹2,13,900 per kilogram in the domestic market, reflecting mild profit-taking.

In global markets, precious metals remained firm. Silver prices overseas touched record highs above USD 67 per ounce, supported by strong safe-haven demand amid geopolitical tensions and global economic uncertainty. Gold prices in international markets also held steady.

Analysts have warned that the coming days could be volatile for gold and silver prices. With markets entering the holiday season, trading volumes are expected to be thin. Experts say this can lead to sharp price swings or short-term dips, even with limited trading activity.

Investors are also watching key US economic data releases, which may influence global gold and silver prices.

Overall, while Indian gold and silver prices saw small declines, global cues and low holiday trading could keep markets volatile in the near term.

Also Read: Sensex rises over 450 points, Nifty crosses 26,100

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Corporate

Sensex rises over 450 points, Nifty crosses 26,100

Indian equity markets opened on a strong note on Monday, December 22, with benchmark indices posting solid gains in early trade. The BSE Sensex rose over 450 points, while the NSE Nifty 50 moved past the 26,100 level, supported by positive global cues and broad-based buying across sectors.

Market sentiment remained upbeat as investors returned to equities after recent volatility. Buying interest was seen across large-cap, midcap and select small-cap stocks, indicating improved confidence. All major Nifty sectoral indices were trading in positive territory, led by financials, information technology, metals and capital goods stocks.

Heavyweight stocks played a key role in lifting the benchmarks. Shares of Shriram Finance, Infosys, Hindalco, Tata Steel and Trent emerged as some of the top gainers, rising between 2 and 3 percent in early trade. Strength in banking and financial stocks further supported the rally, as investors bet on stable interest rates and improving liquidity conditions.

On the downside, a few stocks showed mild weakness despite the overall positive trend. Mahindra & Mahindra, SBI, Tata Consumer Products and Max Healthcare were among the stocks trading slightly lower, though losses remained limited due to strong broader market sentiment.

The rally was driven by a combination of factors, including firm global markets, a recovery in the rupee, and renewed foreign investor interest. Expectations of supportive global monetary conditions and easing inflation pressures also helped improve risk appetite among investors.

Market participants said the strong opening reflects optimism ahead of year-end, with investors selectively adding quality stocks after recent corrections. Analysts, however, advised caution at higher levels and suggested tracking global developments and upcoming macroeconomic data for further direction.

Also Read: Fortis Healthcare to acquire Bengaluru’s People Tree Hospital for ₹430 cr

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Corporate

Adani banks on ‘group of airports’ policy to boost NMIA

Adani Airports Holdings Ltd is placing strong emphasis on the Centre’s ‘group of airports’ policy to scale up operations at the upcoming Navi Mumbai International Airport (NMIA), which is scheduled to begin commercial services on December 25. The policy allows two or more airports in a region to be managed as a single system, enabling coordinated capacity planning, tariff alignment and smoother distribution of air traffic.

Jeet Adani, director at Adani Airports, said NMIA is not just an additional airport but a structural solution to Mumbai’s long-standing aviation constraints. Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) operates with a single runway and has been handling traffic well beyond its designed capacity, particularly during peak hours. By integrating NMIA and CSMIA under the group-of-airports framework, authorities aim to ease congestion while supporting sustained growth in passenger and cargo traffic.

One of the key elements under review is a unified tariff structure for both airports. This would ensure that airlines and passengers are not discouraged from using NMIA due to cost differences, enabling a more balanced distribution of flights. The integrated approach is also expected to help airlines plan schedules more efficiently across the two airports.

In its initial phase, NMIA will operate for limited hours with a modest number of flights, gradually expanding to round-the-clock operations. International flights are expected to follow in the later stages. The airport will also take over general aviation and business jet operations currently handled at Mumbai airport, freeing up valuable slots at CSMIA for commercial flights and improving overall safety and efficiency.

Beyond aviation, NMIA is being positioned as a major economic hub for the Mumbai Metropolitan Region. Adani Airports plans to develop commercial infrastructure around the airport, including logistics, retail and support services, which are expected to generate significant employment opportunities.

With the group-of-airports policy at its core, NMIA is envisioned as a long-term solution that will not only decongest Mumbai’s overburdened airport but also future-proof the region’s aviation growth for decades to come.

Also Read: Nvidia acquires SchedMD, launches open-source Nemotron 3 AI

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Corporate

Nvidia acquires SchedMD, launches open-source Nemotron 3 AI

Nvidia is making a strong push into open-source artificial intelligence by acquiring SchedMD, the company behind the widely used Slurm workload manager, and unveiling a new family of AI models called Nemotron 3. These moves aim to expand access to AI tools for developers, researchers, and enterprises.

SchedMD develops Slurm, an open-source system that manages computing tasks across clusters and supercomputers. Nvidia’s acquisition will integrate Slurm into its AI and high-performance computing systems, but the company has assured users that Slurm will remain open-source and hardware-neutral. This ensures that research institutions and businesses can continue using and customizing the software freely.

Alongside this, Nvidia introduced Nemotron 3, which includes three models: Nano, Super, and Ultra. Nano is designed for efficient execution of smaller tasks, Super supports applications with multiple AI agents, and Ultra handles complex workloads requiring high performance. Nvidia has also released datasets, frameworks, and tools to help developers train, test, and adapt these models.

A key feature of Nemotron 3 is transparency. Nvidia is providing not just the model weights but also training data and the development framework. This openness allows developers to customize the models for different applications and contribute to their improvement.

The Nemotron 3 models are designed to deliver higher accuracy and faster performance while being flexible enough for deployment on cloud platforms and integration with popular open-source environments.

By combining Slurm’s infrastructure with open-source AI models, Nvidia is strengthening its role in the AI ecosystem. The company aims to foster collaboration, innovation, and accessibility, supporting developers and enterprises in building AI applications more efficiently and transparently.

Also Read: Google launches Pixel upgrade program in India

Categories
Corporate

Kingfisher airlines staff get Rs 312 cr dues after 12 years

Former employees of defunct Kingfisher Airlines will finally receive long-pending dues worth about Rs 312 crore, more than 12 years after the airline shut operations in 2012.

The Enforcement Directorate (ED) has released the amount to the official liquidator following an order by the Debts Recovery Tribunal in Chennai.

The funds were recovered from the sale of assets attached during investigations against the airline and its promoter, Vijay Mallya. The payout will cover unpaid salaries, provident fund contributions and other statutory benefits, bringing long-awaited relief to thousands of former staff.