Business

Video platform Vimeo has agreed to be acquired by Italian technology company Bending Spoons in a deal valued at $1.38 billion (£1.1bn). The all-cash transaction will see Vimeo shareholders receive $7.85 per share, a 91% premium on the company’s 60-day average closing price as of 9 September 2025.

The transaction, unanimously approved by Vimeo’s board, is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approvals. Once completed, Vimeo will become a privately held company, delisting from public markets.

Glenn H. Schiffman, Chairman of the Board, said the move followed a disciplined review of options: “This transaction delivers compelling, certain value to Vimeo shareholders and positions the company to accelerate its roadmap as part of Bending Spoons. We are confident they are the right long-term partner for our customers, employees and brand.”

Vimeo CEO Philip Moyer echoed the optimism, noting Bending Spoons’ commitment to scaling Vimeo’s self-serve, OTT/streaming and enterprise services. He added: “We believe this partnership will unlock even greater focus for our team and customers as we continue to strive towards being the most innovative and trusted video platform in the world for businesses.”

Founded in Milan, Bending Spoons is known for acquiring and scaling digital products, including productivity apps and creator tools. CEO and co-founder Luca Ferrari described Vimeo as a “pioneering brand in the video space” with a global community of creators and businesses.

Ferrari said the acquisition fits Bending Spoons’ model of owning and operating companies “indefinitely” and promised ambitious investments in the US and other priority markets. Plans include strengthening performance and reliability, expanding enterprise and creator offerings, and rolling out AI-enabled features with a focus on responsibility and innovation.

The deal comes as video platforms face rising competition from social media giants, AI-driven content tools and enterprise streaming services. For Vimeo, which has pivoted towards business and professional services in recent years, the acquisition offers a chance to accelerate investment without the constraints of quarterly market scrutiny.

For Bending Spoons, it represents a strategic expansion into enterprise video solutions, complementing its growing portfolio of consumer-facing digital products.

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Vimeo accepts $1.38bn takeover bid

The imposition of 100% tariffs on all imports from China and India would create an unprecedented shock to global trade, according to Dr Jonathan Owens, Senior Lecturer in Operations and Supply Chain Management at the University of Salford.

Talking to Business Matters Dr Owens warns that such a move would severely disrupt supply chains, drive up costs, and have far-reaching geopolitical consequences.

Both countries are integral to the global economy. China, the world’s largest exporter, dominates in electronics, machinery, textiles, automotive parts and consumer goods. Its manufacturing base is deeply embedded in the supply chains of multinational corporations. India plays a crucial role in IT services, pharmaceuticals, textiles and chemicals. Few global alternatives can match the scale and depth of their expertise.

Initially, some businesses might absorb the higher costs by compressing margins or delaying price changes. But Dr Owens notes this is only a short-term response. Over time, increased costs from tariffs and supply chain disruption would inevitably be passed on to consumers.

Industries with fast product cycles – such as electronics, clothing and consumer goods – could see price rises within months. For sectors dependent on seasonal stock, the impact might be felt in the next product cycle. Meanwhile, industries with longer, more complex supply chains – particularly automotive and digital hardware – could experience compounded cost increases where multiple tariffs are applied at different stages.

Supply chain shifts are slow to stabilise

Some firms would attempt to mitigate the impact by sourcing from new suppliers, redirecting supply chains, or shifting production to other regions. However, such changes are medium- to long-term strategies. Transitioning production is complex and costly, with limited viable alternatives to China’s manufacturing scale or India’s IT and pharmaceutical capacity.

The timeframe for global supply chains to adjust would therefore span months to years, during which consumers and businesses alike would face sustained disruption.

Tariffs on China and India would also trigger knock-on effects across other markets. As businesses reprice goods and redirect sourcing, ripple effects could spread to industries not directly reliant on Chinese or Indian supply chains. Customers may seek cheaper alternatives, while competing exporters could increase their own prices in response to shifting global demand.

Dr Owens suggests the situation could “irritate customers” as once-affordable products quickly rise in price, undermining consumer confidence and household budgets.

With tariff retaliation a likely outcome, the risk of a broader trade war would be high. Reciprocal measures from Beijing and New Delhi could further restrict flows of goods, services and raw materials, with particularly damaging consequences for sectors such as agriculture, automotive, technology and pharmaceuticals.

Ultimately, while the immediate impact would be higher prices for consumers, the longer-term implications would be the destabilisation of global supply chains and heightened geopolitical tensions. Businesses and governments would need to adapt strategies quickly to avoid systemic risks in a deeply interconnected global economy.

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Global supply chains face severe disruption if China and India hit with 100% tariffs

Formula 1 drivers Isack Hadjar and Liam Lawson of the Visa Cash App Racing Bulls (VCARB) team have taken an unusual step to thank their hardworking pit crew: asking fans and creatives to design a bold, one-of-a-kind helmet through Airtasker.

The brief, live now on the local services platform, challenges designers to come up with concepts that are “big, bold, and badass.” The winning idea will be transformed into a special-edition helmet to be worn by the pit crew during the Qatar Grand Prix in December 2025.

Hadjar and Lawson said in their post: “The pit crew have been crushing it, and we want to find someone who can design a special edition helmet for them – something wild, unforgettable and creative as a thank you gift they’ll never forget. They’re the heartbeat of everything we do, so we want to create something as legendary as they are.”

Submissions will be reviewed personally by the two drivers, who will select their favourite concept. The chosen Tasker will then bring their idea to life before the helmets are unveiled later this season.

The task is titled “Need Crazy and Creative Ideas for F1 Helmet” and carries a £500 reward for the winning design.

Tim Fung, founder and CEO of Airtasker, said the collaboration showed how the platform can connect talent with unique opportunities: “It’s awesome to see VCARB Formula 1 drivers turning to Airtasker to find creative talent – it proves that anyone can get anything done on our platform. Motorsport is driven by passion and precision, just like the Airtasker community. Whether you’re a designer, a racing fan, or just someone with a wild idea, this is your moment.”

For fans and aspiring designers, the project is being hailed as a once-in-a-lifetime chance to leave a mark on the world of Formula 1. By merging Airtasker’s community-driven ethos with the spectacle of elite motorsport, the initiative celebrates creativity in a way that reaches far beyond the racetrack.

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VCARB F1 drivers Hadjar and Lawson turn to Airtasker for bold helmet designs

Contactless card payments could soon exceed the current £100 cap – and even become unlimited – under proposals from the Financial Conduct Authority (FCA).

The regulator is consulting on plans that would give banks and card providers the freedom to set their own limits, potentially making the four-digit PIN a rarity for UK shoppers.

The changes would bring physical cards in line with digital wallets on smartphones, which already allow unlimited tap-and-go payments thanks to biometric security features such as fingerprints or facial recognition.

From £10 to £100 – and beyond

Since their introduction in 2007, contactless card limits have risen steadily: from £10 initially, to £15 in 2010, £20 in 2012, £30 in 2015, £45 in 2020 during the pandemic, and £100 in 2021.

If approved, the latest plan could be rolled out as early as next year. However, the FCA stressed that any higher-value transactions would only be permitted for low-risk payments, with providers carrying the burden if fraud occurs.

The proposals come despite strong opposition from the public. An FCA consultation revealed that 78 per cent of consumers favoured keeping the £100 limit, citing fears of theft and overspending.

Protections already in place include a requirement to enter a PIN after a series of five consecutive contactless payments, or once cumulative spending exceeds £300. The FCA acknowledged that raising limits would likely increase fraud losses, but said detection systems are improving and customers remain protected by reimbursement rules if fraud occurs.

David Geale of the FCA reassured cardholders: “People are still protected. Even with contactless, firms will refund your money if your card is used fraudulently.”

Some banks already allow cardholders to lower their contactless limit or switch the feature off entirely. Under the new proposals, this flexibility could be expanded, with customers given more control over their own spending caps.

UK Finance, which represents the banking industry, said: “Any changes will be made thoughtfully with security at the core.”

The FCA said the move is part of a wider push to stimulate economic growth by removing regulatory barriers, echoing calls from the Prime Minister for regulators to support the economy. Similar systems already operate in Canada, Australia and New Zealand, where card providers set their own limits.

But the consultation, which runs until 15 October, highlights the balancing act between consumer convenience, fraud prevention and economic stimulus. For some shoppers, unlimited contactless could be a welcome sign of progress. For others, it risks eroding trust in the security of one of Britain’s most widely used payment methods.

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Contactless payments could go unlimited

Chancellor Rachel Reeves has warned ministers that access to the Treasury’s emergency funding pot will be sharply curtailed in the run-up to the government’s first Budget this autumn.

In a letter to cabinet colleagues, Reeves said departments would only be able to draw on the Treasury Reserve once they had maximised internal savings. She added that any borrowing from the reserve – which amounted to £9 billion last year but is being halved in 2025 – would have to be repaid.

The Reserve is intended for “genuinely unforeseen, unaffordable and unavoidable pressures” but has in recent years been used to fund public sector pay deals and compensation settlements. Reeves’ move signals a desire to tighten discipline across Whitehall as she seeks to balance the books while boosting growth.

The clampdown comes less than 11 weeks before Reeves delivers her first Budget on 26 November, where she will set out tax and spending plans covering the NHS, schools, defence and infrastructure.

Economists warn she faces a fiscal challenge of between £25 billion and £50 billion to meet her self-imposed borrowing rules, which require day-to-day government costs to be met through tax income rather than borrowing by 2029–30.

The Institute for Fiscal Studies has already cautioned that the Spending Review’s reduction of the Reserve from a typical £14 billion a year leaves “little space to deal with unforeseen pressures.”

At Tuesday’s cabinet meeting, Reeves referenced recent bond market instability across advanced economies, stressing that “stability is more important than ever to underpin growth in a volatile global environment.”

She told ministers: “I do not think there is anything progressive about spending £100 billion a year on paying off debts accrued by previous governments. I would rather spend that money on cutting hospital waiting lists, tackling illegal migration and keeping our country safe.”

The Chancellor also sought to reassure markets and backbench MPs that she will resist “the temptation to duck tough choices on spending.”

Business leaders have raised concerns over the impact of further tax rises. Rain Newton-Smith, director-general of the CBI, wrote in the Guardian that the Chancellor “must commit to tax reform, not just tax rises.”

She warned that companies already face higher costs following the April increase in employer National Insurance contributions, the rise in the National Living Wage, and ongoing price pressures. “The Chancellor cannot raid corporate coffers again,” she argued, urging instead for “long-term strategic tax reforms rather than adherence to outdated manifesto commitments.”

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Reeves clamps down on Treasury emergency funds ahead of November Budget

BT has been announced as a Gold Partner for Wales Tech Week 2025, the international summit celebrating digital innovation and entrepreneurship, which takes place from 24–26 November at the ICC Wales.

As one of the UK’s leading providers of telecommunications and digital infrastructure, BT connects more than a million businesses each day. Its involvement is being seen as a strong endorsement of Wales’s fast-growing tech sector, as the event looks to attract industry leaders, entrepreneurs, policymakers and investors from around the world.

At the summit, BT will collaborate with Cisco to showcase new sustainable technology solutions designed to create a greener, more resilient Wales. By combining BT’s expertise in connectivity with Cisco’s advanced digital infrastructure, the partnership aims to demonstrate how smart, scalable technologies can transform industries, strengthen communities and unlock wider economic potential.

“This partnership is a huge vote of confidence in Wales Tech Week and the thriving innovation ecosystem we have here in Wales,” said Avril Lewis, managing director of Technology Connected, which organises the summit. “BT brings not only world-class expertise, but also a genuine passion for shaping a future where technology delivers for everyone.”

Championing digital skills and public service innovation

BT has been a key player in the UK’s critical national infrastructure for more than 88 years, working with over 200 NHS trusts, 44 police forces and 38 fire services. In Wales, it continues to be a strong advocate for innovation and connectivity.

Susi Marston, head of public sector Wales at BT, said: “At BT, innovation and connectivity go hand in hand. From AI to IoT, none of it works without the right networks to connect people, places and possibilities. Wales is home to some of the UK’s most exciting tech talent and forward-thinking organisations. This summit is a chance to showcase how collaboration is powering real-world solutions.”

Wales Tech Week 2025 promises to put the nation on the global stage, with a programme of thought-provoking panels, live innovation showcases, immersive technology experiences and a dynamic exhibition.

The final day will feature Talent4Tech, the country’s largest tech careers event, aimed at inspiring the next generation of digital talent. As a Gold Partner, BT will play a central role in promoting the importance of digital skills and lifelong learning in building an inclusive, sustainable tech ecosystem.

The summit is free to attend and open to anyone passionate about the role of technology in solving today’s biggest challenges, from sustainability to digital inclusion.

For more information and registration, visit www.walestechweek.com.

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BT backs Wales Tech Week 2025

Virgin Media O2 has celebrated hiring its 1,000th apprentice with the release of a new short film, 1,000 Seconds of Impact, showcasing the transformative power of apprenticeships across the business.

The film features stories from current and former apprentices, highlighting their experiences, ambitions and the opportunities provided by the company’s award-winning early careers programme. The initiative is designed to help people from a wide range of backgrounds develop skills, build confidence and pursue long-term careers in the UK’s tech and telecoms industries.

The company’s 1,000th apprentice, Taylor Allanson, joined earlier this summer as a field technician based in South London.

“It’s amazing to be Virgin Media O2’s 1,000th apprentice – I feel really proud to be part of such an important milestone,” Allanson said. “Since starting, I’ve had the chance to learn new skills on the job, work alongside experienced colleagues, and build confidence in my role. Choosing an apprenticeship has been the right path for me, and I’m excited about the opportunities it will open up for my future.”

The milestone follows the launch of Virgin Media O2’s £1 million Apprenticeship Talent Fund, which allows charities, social enterprises, small businesses and local authorities to access the company’s levy funding. The scheme fully covers training costs for STEM-based apprenticeships, broadening access to opportunities and supporting the development of a diverse future workforce.

Karen Handley, head of future careers at Virgin Media O2, said the milestone demonstrates the power of apprenticeships to change lives: “Our apprentices bring fresh perspectives, ambition and energy to our business, and many have gone on to build inspiring careers with us. This film captures their stories and shines a light on the life-changing impact apprenticeships can have. By investing in early careers and creating opportunities for people from all backgrounds, we’re not only future-proofing our business but also helping to build a more diverse, inclusive and skilled workforce for the years to come.”

Investing in future talent

Virgin Media O2’s commitment to apprenticeships underlines its wider investment in digital skills and inclusion, as the company continues to support the UK’s drive to develop a highly skilled workforce in critical growth sectors.

The company’s early careers programme has won multiple awards for its focus on diversity, inclusion and long-term career development, with apprentices now playing a central role in helping Virgin Media O2 deliver its services across the country.

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Virgin Media O2 marks 1,000th apprentice milestone with new film

Parents and grandparents are shouldering an unprecedented £2.8 billion a year to support students through university, as the soaring cost of higher education leaves families footing the bill.

New research shows that 71 per cent of parents are either contributing, or planning to contribute, financially towards their children’s time at university. The average outlay per family now stands at £8,723 annually. With more than 328,000 students enrolling in UK universities this year, the financial burden on households has reached a record high.

The pressure is being fuelled by a combination of rising tuition fees, which are set to climb by 3.1 per cent this academic year, and living costs that far outpace the uplift in student maintenance loans. As a result, families are being called on to bridge the gap, covering everything from groceries and rent to utilities and academic supplies.

For many, these costs are becoming unsustainable. Meanwhile, graduates themselves are leaving university burdened with debts of around £50,000 on average – the heaviest debt levels faced by any generation. Loan repayments can stretch across decades, casting a long financial shadow over young people’s working lives.

Kevin Mountford, finance expert and co-founder of Raisin UK, warned that the financial strain is not confined to students. “The rising cost of university doesn’t just affect students, it places real financial pressure on parents and grandparents who are stepping in to help,” he said. “At the same time, everyday expenses from groceries to energy bills are climbing, stretching household budgets even further.”

Mountford urged families to prioritise savings despite the pressures of rising costs. “Building up savings wherever possible is so important. It gives families the peace of mind that they can support their loved ones today, while still protecting their own financial freedom for the future.”

The figures highlight how the cost-of-living crisis is reshaping the university experience. Once regarded as a personal investment in a student’s future, higher education is increasingly becoming a collective financial undertaking for entire families, raising questions about how sustainable the current system is for parents, grandparents and students alike.

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Parents fork out £2.8bn a year to plug university funding gap

AI adoption among large enterprises has dipped slightly, even as overall use of the technology continues to rise across the corporate landscape.

New figures from the US Census Bureau show that uptake among companies with more than 250 employees fell from a peak of around 14 per cent to 12 per cent in recent summer surveys.

The decline, though modest, points to hesitancy among larger businesses that have already committed billions to AI infrastructure, including data centres and rollout support. Analysts suggest the slowdown reflects frustration with unclear returns on investment.

Across all companies surveyed, however, adoption remains on an upward trajectory. The Bureau’s biweekly survey of 1.2 million US businesses found that 9.7 per cent of respondents had used AI in the past two weeks, up from 8.8 per cent previously. Forward-looking sentiment is also strengthening, with 13.7 per cent of companies expecting to adopt AI for producing goods or services within six months. Yet nearly two-thirds still report no plans to use AI at all, underscoring that mainstream adoption is still emerging.

Industry leaders caution that the figures do not mean companies are walking away from AI altogether. Sheila Flavell CBE, chief operating officer of FDM Group, said the dip demonstrates the limits of deploying AI without adequate training and strategy. “AI can only deliver value when people know how to use it effectively,” she explained. “When organisations implement practical, hands-on training, it builds confidence and helps employees understand how AI can support their roles.”

Others argue that security and governance remain pressing concerns. Andy Ward, senior vice-president international at Absolute Security, noted that over a third of chief information security officers have already banned tools such as DeepSeek, citing privacy and control risks. “AI can transform detection and response, but if it’s deployed without robust resilience strategies, real-time visibility and clear governance, it risks adding more vulnerabilities than it solves,” he said.

Some experts argue the Census Bureau’s methodology may understate true AI adoption because it counts only use in producing goods and services, excluding applications in marketing, administration and customer service. Analysts at UBS point out that, despite the recent dip, AI adoption overall is progressing more quickly than US e-commerce did in its first two decades.

But scepticism is growing around whether the scale of corporate investment is justified. Torsten Sløk, chief economist at Apollo Academy, has warned that the slowdown highlights caution among big corporates, while Arpit Gupta, associate professor at NYU Stern, suggested “trillions in AI capex should probably be reconsidered.”

A recent MIT report adds to the uncertainty, finding that 95 per cent of companies struggle to generate financial returns from AI. Together, these signals have fuelled speculation that an AI bubble could be inflating — with large enterprises pausing to reassess before committing to further rollouts.

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AI adoption stalls in large enterprises as doubts grow over returns

A UK startup has unveiled a new platform designed to transform how IT consultancies use and share talent, amid rising concerns about wasted skills and soaring recruitment costs.

BenchBee, launched today in London, describes itself as the first talent sharing economy for IT consultancies. The platform enables firms to monetise idle consultants, cut recruitment fees and respond more quickly to project demands by subcontracting skills within a trusted, member-driven network.

Founder and chief executive Hassen Hattab said the initiative was designed to disrupt traditional recruitment models. “This isn’t just another job board – it’s an entirely new category of talent sharing,” he explained. “We’ve created a member-driven ecosystem where consultancies can match available talent to project needs in real time and access hidden talent pools that traditional recruitment can’t reach.”

According to IDC, IT skills shortages will affect 90 per cent of organisations by 2026, costing the global economy an estimated $5.5 trillion (£4.18 trillion). In the UK alone, consultants spend on average 15–20 per cent of their time ‘on the bench’ – employed but not generating revenue.

For a consultancy with 500 consultants, this equates to £15.3 million a year in lost revenue, while across the industry the total climbs to £3.06 billion annually.

Traditional recruitment, meanwhile, is proving increasingly inadequate. Agencies typically charge 15–20 per cent placement fees on inflated salaries, but often fail to deliver the specialist skills required at speed. As a result, companies face a choice between paying steep fees, gambling on unvetted freelancers, or leaving projects under-resourced while skilled consultants sit idle elsewhere.

A new model for sharing expertise

BenchBee’s platform offers an alternative by enabling vetted consultancies to subcontract available consultants within a secure network. A flat membership fee replaces commission-based recruitment costs, while members gain real-time access to pre-qualified, industry-experienced professionals.

By creating what it calls a “talent sharing economy”, BenchBee aims to address three of the industry’s biggest challenges: monetising underused consultants, accessing hidden talent pools, and eliminating recruitment inefficiencies.

Hattab said the model reflects the realities of the modern IT consultancy sector. “After more than a decade in the industry, I kept seeing the same problem. One organisation has brilliant people on the bench. Another is losing work because of a lack of skills. BenchBee directly connects those dots.”

With hiring freezes, budget cuts and skills shortages squeezing consultancies, BenchBee argues its approach offers firms a way to protect margins and accelerate delivery.

“This isn’t better recruitment, it’s a completely different approach,” Hattab added. “It’s a smarter way for companies to collaborate, share expertise and uncover underused talent. This is talent sharing for the real world: faster, leaner and built around how consultancies actually operate.”

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UK startup set to tackle £3bn IT skills gap