Business

Gold has surged to a fresh record high above $3,600 an ounce as investors increase bets that the US Federal Reserve will cut interest rates this month, fuelling demand for the traditional safe-haven asset.

Spot gold rose 0.8 per cent to trade at $3,614.24 an ounce, lifted by a weaker dollar and mounting concerns over the global economic outlook, US trade tensions and questions about the dollar’s long-term dominance.

The latest rally extends a sharp run-up in prices that has seen gold climb more than 35 per cent since the start of the year, as investors and central banks alike have added to their holdings to hedge against inflation and policy uncertainty.

The surge follows warnings from analysts at Goldman Sachs, who last week said gold could climb to nearly $5,000 an ounce if President Trump’s sustained attacks on the Federal Reserve undermine its independence. Investors fear that political pressure on the Fed could weaken its resolve in fighting inflation, prompting a further flight from dollar-denominated assets into precious metals.

The momentum behind gold underscores the scale of investor unease over the direction of US monetary policy and its impact on the global economy. With inflation still elevated and the Fed caught between the need to maintain credibility and political scrutiny from the White House, analysts suggest that bullion could remain a major beneficiary of uncertainty in the months ahead.

Read more:
Gold surges past $3,600 an ounce as investors bet on US rate cuts

Tottenham Hotspur have moved to quash speculation over a potential sale, confirming they have rejected two preliminary takeover approaches — one from Amanda Staveley’s PCP International Finance and the other from a Chinese consortium.

The north London club issued a statement late on Sunday night after a weekend of mounting rumours following the shock departure of long-serving executive chairman Daniel Levy. Spurs said they had been forced to clarify the situation under UK takeover rules, stressing that majority owner Enic Sports & Developments Holdings Ltd has “no intention” of entertaining offers.

“The Board of Tottenham Hotspur Limited is aware of recent media speculation and confirms that its majority shareholder, Enic Sports & Developments Holdings Ltd, has received, and unequivocally rejected, separate preliminary expressions of interest,” the statement read.

The bids were said to have come from Staveley’s company and from a consortium led by Dr Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited. Under takeover rules, both PCP and the Chinese consortium must now announce by 5 October whether they intend to make a formal offer. If they do not, they will be barred from returning with a bid for a set period unless circumstances change.

Tottenham underlined that the clarification should end speculation over a possible change in ownership. “The Board of the Club and Enic confirm that Tottenham Hotspur is not for sale and Enic has no intention to accept any such offer,” the statement added.

Sources close to the Lewis family trust, which controls Enic’s 87 per cent stake in Spurs, have also insisted the club is not on the market.

The announcement comes amid significant upheaval at the Premier League side, with Levy stepping down last week after almost a quarter of a century in charge. Peter Charrington, who joined as a non-executive director earlier this year, has been installed as non-executive chairman and was named in the official statement as the person responsible for arranging its release.

While Spurs have recently been linked with takeover interest from several quarters, the club’s owners remain determined to retain control, pointing to the ongoing investment in infrastructure and commercial growth. Tottenham, valued at close to £3 billion, opened their 63,000-seat stadium in 2019 and reported annual revenues of more than €615 million in Deloitte’s Football Money League earlier this year.

For now, despite the speculation stirred by Levy’s exit, Tottenham’s board is emphatic: Spurs are not for sale.

Read more:
Tottenham Hotspur reject takeover approaches from Amanda Staveley and Chinese consortium

As many as four million phone calls to HMRC go unanswered every year, leaving taxpayers and businesses “in the dark” as they attempt to navigate the UK’s increasingly complex tax system.

The figure emerged during a hearing of the Commons Business Committee last week, where MPs questioned officials about the tax authority’s ability to collect the £46.8 billion in tax owed but not yet recovered.

Labour MP Liam Byrne pressed HMRC executives on customer service levels, asking how many calls from the public were going unanswered. In response, Jonathan Athow, HMRC’s Director General of Customer Strategy and Tax Design, admitted that with the department funded to respond to only 85 per cent of calls, the number left unanswered could reach “three, maybe three or four million calls potentially.”

The revelation has prompted sharp criticism from the tax industry, which warns that inadequate support risks undermining compliance and the government’s own revenue targets.

Seb Maley, CEO of tax insurance provider Qdos, said the situation was leaving millions of people struggling to get clarity on their obligations.

“Millions of taxpayers and businesses are being left in the dark by HMRC, which is shooting itself in the foot by failing to answer between three and four million phone calls every year,” Maley said.

“Behind each missed call is a person trying to do the right thing – whether it’s paying tax or seeking guidance to ensure compliance. The complexity of the UK’s tax system makes clear, reliable advice indispensable. Without effective communication channels, many taxpayers are left to navigate unclear rules on their own. This can easily lead to mistakes and ultimately, non-compliance.”

While HMRC has pledged to improve service levels in the wake of mounting criticism, industry figures stress that progress must be rapid if the government is to stand any chance of closing the tax gap.

“Every unanswered call is a missed opportunity to help people meet their tax obligations fairly and efficiently,” Maley added.

The warning follows a difficult period for HMRC, which has faced growing pressure over long delays, reduced staffing levels, and failed attempts to push taxpayers toward digital-only services. MPs and professional bodies have repeatedly called for urgent action to restore confidence in its frontline support.

With billions at stake, experts argue that improving taxpayer engagement is no longer just a customer service issue — it is a matter of fiscal necessity.

Read more:
HMRC leaves up to 4m taxpayer calls unanswered each year, MPs told

Scottish MarTech company Hyble has secured $2 million (£1.5m) in venture debt financing from Virgin Money, funding that will accelerate the rollout of its new AI-powered platform and support expansion in the U.S. and European beverage markets.

The Edinburgh and Glasgow-based business, which specialises in helping drinks brands and distributors manage point-of-sale (POS) execution for the on-trade, said the investment would underpin the launch of Hyble 2.0, its next-generation platform designed to bring AI automation, speed and measurable ROI to beverage marketing.

The raise follows a period of rapid momentum for Hyble, with revenues up 93 per cent year-to-date compared with the same period last year. Growth has been driven by strong enterprise demand in North America and increased adoption across both alcoholic and soft drinks sectors in the U.S. and Europe.

One of Hyble’s biggest breakthroughs came through its work with Southern Glazer’s Wine & Spirits (SGWS), the largest beverage distributor in the U.S. The partnership demonstrated the platform’s ability to reduce print turnaround times by more than 60 per cent, cut operational costs, and improve field sales execution.

“Hyble 2.0 will harness AI to transform how menus and POS are created, deployed, and optimised — giving sales teams smarter tools, faster execution, and measurable ROI,” said Craig Letton, CEO and co-founder of Hyble. “This funding allows us to double down on innovation, expand our U.S. presence, and continue delivering for the world’s biggest beverage brands and distributors.”

As part of its next phase of growth, Hyble is hiring six new AI engineers across its Scottish offices, focusing on further enhancing automation and usability of the platform. In the U.S., the company has promoted Katie Hoare to General Manager and is expanding its sales team to capture rising demand.

Catriona Penny, Senior Director of Venture Debt at Virgin Money, said: “Hyble is a great example of the kind of high-growth, technology-led business we’re proud to support. Their focus on solving real-world execution challenges for global beverage companies with AI, data and operational speed is exactly the kind of innovation that will define the next generation of market leaders.”

With fresh capital secured and an AI upgrade imminent, Hyble is positioning itself to strengthen its foothold in the U.S. while cementing its reputation as a disruptive player in global beverage marketing technology.

Read more:
Hyble secures $2m Virgin Money funding to drive AI-powered platform and U.S. growth

The term ‘side hustle’ has gone from niche to mainstream. All signs are that we’re a nation that are now actively seeking ways to earn a few extra quid. And for some, the taste of success in this area means they’re quitting the nine to five to pursue their dreams of turning hobbies and passions into full time careers.

Nearly two in five people (39%) in the UK have admitted to starting a side hustle in 2025. Equally, Google reports searches for the term have increased more than three-fold since the end of Covid. The enforced isolation and tectonic shift in the market that created, coupled with the subsequent cost of living crisis, has created the perfect storm for individuals across the UK to think about how to boost their coffers.

Technological advances and the ease with which you can use supporting tools, and the power of social media to very quickly create an engaged audience and fan base, even for niche products and services, means the opportunity to build a side hustle has never been easier.

However it’s those very same tools that are now helping the kitchen-table entrepreneurs make their hobbies and passions fully-paid careers. eBay, which has now incredibly been operating for almost 30 years, can lay claim to be the original platform to help people turn over a few quid on used and old items clogging up space in the wardrobe, attic or garage.

The popularity of newer sites such as Vinted, which increased revenues by a staggering 36% between 2023 and 2024, rising from €596m to €813m, shows just how much we’re ready to take advantage of simple-to-use digital tools and apps that make the job easier.

Equally, design and visual assistance tools like Canva means anyone thinking about professionalising their operations can do so with ease and with little cost. The platform that allows easy and low cost design assistance has more than doubled its user base in the last two years, going from 100m global users in 2023 to 220m in 2025.

It’s led to a flourish of supporting tools to further aid the process. UK print specialists, Where The Trade Buys, has launched a new service, specifically for those trying to get to grips with some of those tools that can best help turn a side hustle into a full-time career.

Emma Thomson from Where The Trade Buys, said: “Whether it’s crafting artwork, making labels for homemade jam, or creating sharable packaging design for those addictive influencer-style unboxing moments, getting to grips with simple-to-use tools like Canva can make all the difference.

“Helping people to learn how to print from Canva and transform their designs into low-cost, usable tools to professionalise their business can make all the difference between earning a few quid for the rainy-day savings pot, or quitting the nine-to-five and devoting all your time to making it your career.

“That’s why we’ve launched a whole section on our site to help support those who want to make more of their products and services in a more efficient manner.”

And those who can earn big sums from tiny businesses are growing. According to available figures, the proportion of digital micro businesses earning more than £100,000 annually rose from 11% in 2022 to 17% in 2024, a 55% increase in just two years.

According to ONS figures tracking the volume of start-ups being registered in the first quarter of 2025 is up 2.8% on the same period in 2024, to 89,515. But Ecommerce and online retail is an industry where side-hustles appear to be having the most impact. The retail industry showed a marked bucking of the trend, its 9.1% increase in the same comparative periods showing it to be the strongest rise across all sectors.

Emma adds: “The stats prove this is unlikely to be a passing phase, just because, in the last five years, global health and difficult economic issues may have dictated the way people looked for ways to earn extra cash. For a newer generation, who want greater autonomy in the way they live their lives, having total control over how they earn their money, is a far less daunting prospect. When 61% of Generation Z admit to having a side hustle, there are clear indicators that mean this is way more than just a fad.”

Read more:
The rise of the side hustle: How thousands are turning hobbies into paid careers

The asset management industry has been accused of making only “grindingly slow” progress on gender diversity, with women still accounting for just 13% of UK fund managers — a figure virtually unchanged over the past decade despite numerous high-profile initiatives.

According to the latest Citywire Alpha Female report, the UK figure mirrors the global average. Out of more than 18,400 money managers worldwide, just 12.9% are women, compared with 12.5% last year and 10.3% in 2016.

Sophie Downes, who co-authored the report, said: “We’ve heard a lot about diversity initiatives in investment firms, but progress on the overall numbers has been grindingly slow.”

The absolute value of assets managed by women has tripled over the past ten years to £4 trillion, but this growth reflects a rise in mixed-gender teams, which now manage almost 15% of funds, up from just 6.7% a decade ago.

Data shows these mixed teams often outperform their peers on risk-adjusted measures. Analysis reveals they delivered the lowest volatility in four of the past five years, supporting the long-held argument that gender-diverse teams bring more balanced risk management.

Baroness Helena Morrissey, (pictured) former chief executive of Newton Investment Management, said: “We know that men and women have complementary approaches to risk. We think differently, and that leads to better outcomes.”

Despite the evidence, nearly 80% of funds are still managed exclusively by men, overseeing £11.7 trillion of assets. By contrast, funds run solely by women or all-female teams oversee just £548 billion. The disparity extends to fund size too: the average male-only fund controls £535 million, compared with £362 million for those overseen by women.

New launches remain heavily skewed towards men. Just 3% of newly launched funds this year were handed to sole female managers, down from 5% last year, and none to female-only teams. These plum assignments are viewed as critical career accelerators, raising concerns that women are systematically overlooked for high-profile opportunities.

The report also highlights a retention gap. Flexible working post-pandemic was expected to benefit women in financial services, but turnover among female portfolio managers is significantly higher than men. The study found 44% turnover for women compared with 30% for men.

Representation also varies sharply by asset class. The lowest levels of female fund managers are seen in commodities and alternative assets, at 8.2% and 5.7% respectively, while bond funds fare only slightly better at 13.6%.

The findings come at a time of wider global pushback against diversity, equity and inclusion (DEI) initiatives. In the US, companies including Goldman Sachs and Deloitte have rolled back DEI policies, while the UK’s Financial Conduct Authority confirmed earlier this year it would not impose new rules on diversity and inclusion.

Sonia Jenkins, chief people officer at Schroders, said the backlash had forced employers to reassess their approach: “It’s too easy to get caught up in DEI as a fad rather than as something that is integral to business. The more data points we have that support the business case, the more credibility it gives us.”

Industry leaders insist that while the regulatory framing may be shifting, the commitment to diversity remains. Karis Stander, director of culture, talent and inclusion at the UK’s Investment Association, said: “Should reaching 50/50 be the goal? I’m less interested in that and more interested in whether women feel they can enter the industry and access the rich tapestry of roles that are out there. Some firms are reframing their programmes less as ‘diversity initiatives’ and more as ‘talent programmes’. This can open the door to broader thinking about inclusion and opportunity.”

For campaigners, however, the headline numbers remain damning. After a decade of targets and initiatives, only a modest increase from 10% to 13% of fund managers being women suggests that real structural change in asset management has barely begun.

Read more:
Asset management ‘grindingly slow’ to improve gender balance as women remain just 13% of fund managers

A Welsh manufacturer of darts equipment has snapped up a fast-growing technology business that automates scoring, in a deal aimed at reshaping how the sport is played and watched.

Nodor, based in Bridgend and backed by private equity firm Inflexion, has acquired Autodarts for an undisclosed sum. The company said the move would help “deliver the most advanced playing, training and competition experiences for players worldwide.”

Autodarts uses cameras mounted above or around the board to detect where darts land and instantly calculate scores. The technology already has more than 85,000 players worldwide using the system to train, compete online and play socially.

The acquisition comes as darts enjoys a surge in popularity. Luke Littler’s remarkable victory this year as the youngest ever world darts champion has brought fresh attention to the game, inspiring new fans and players.

Even elite professionals are backing the tech. Michael van Gerwen, the three-time world champion and Winmau ambassador, said: “I’ve been playing professional darts for nearly 20 years and this next-generation technology is an absolute game-changer. Online play, training programs, connecting the darts community across the globe — it will take the sport to the next level.”

Vince Bluck, managing director of Nodor, said the deal represented a natural evolution for the company: “By combining our world-class equipment with their world-class technology, we are creating a platform that not only supports players at every level but also redefines how the game is played, practised and enjoyed globally.”

Founded in 1973 by John Bluck, a Ford motor engineer, Nodor was born out of an ambition to make tungsten darts more affordable for working men. John and his wife Gill built up the Red Dragon brand, acquiring Nodor in 1983 and rival Winmau in 2002.

In 2023, private equity group Inflexion acquired a majority stake in the business for tens of millions of pounds, giving it fresh capital to expand.

The addition of Autodarts reflects the trend of sports increasingly blending tradition with technology. For darts, it means eliminating disputes over scores, enabling seamless online play, and offering new opportunities to collect player data and develop training tools.

With the weight of Nodor’s global brands behind it — from Winmau dartboards to Red Dragon tungsten arrows — the partnership aims to establish darts not only as a pub game and professional sport, but as a connected, data-driven global community.

Read more:
Nodor acquires Autodarts to bring automatic scoring tech to global darts community

Leicester has been revealed as the best place in the UK to launch a new business, with companies in the city posting average growth of 95.3 per cent over the past five years.

The East Midlands hub recorded more than 4,000 new business registrations between 2018 and 2023, cementing its status as one of the country’s most dynamic start-up centres.

Central Bedfordshire emerged as another bright spot, with an average growth rate of just over 68 per cent and more than 2,000 new businesses established over the same period. Hertfordshire also performed strongly, registering more than 9,000 start-ups — the third-highest number anywhere in the UK outside London — and sustaining growth of more than 30 per cent.

South Wales offered a mixed picture. Rhondda Cynon Taf stood out as a surprising success story, with average growth of 28 per cent and more than 1,100 new registrations, putting it among the UK’s top performers. Southampton rounded out the strongest growth areas, with start-ups expanding at an average rate of 27 per cent. Other regions to post notable gains included Rutland, Hampshire, Torfaen, Cambridgeshire and Northamptonshire, all of which have seen consistent upward momentum in new business creation.

Yet while parts of the East Midlands and South East lead the charge, the data also highlights areas where entrepreneurs continue to struggle. Caerphilly in South Wales was identified as the most challenging environment for start-ups, recording more than 600 registrations between 2018 and 2023 but suffering an average year-on-year decline of 18 per cent. Darlington also fared poorly, with growth contracting by 17.5 per cent, while the Isles of Scilly saw a 12.5 per cent fall despite only 11 new businesses registering during the period. Newport and Pembrokeshire added to the list of underperforming regions, both recording double-digit declines in growth.

The findings reveal stark regional divides in the UK’s entrepreneurial landscape. While areas such as Leicester and Central Bedfordshire have created vibrant ecosystems for new firms, large parts of Wales and smaller local economies continue to face structural hurdles that are holding back start-up activity. For policymakers, the figures underscore the need for targeted regional support if the government’s ambition to spread prosperity and opportunity more evenly across the country is to be realised.

Read more:
Leicester tops UK rankings for fastest new business growth while South Wales lags behind

The British Business Bank (BBB) has announced an £8 million investment into NRG Therapeutics Ltd., a pioneering neuroscience company developing novel therapies for severe neurodegenerative conditions, as part of a £50 million Series B funding round.

The financing was led by SV Health Investors’ Dementia Discovery Fund (DDF), with participation from M Ventures, Novartis Venture Fund, and Criteria Bio Ventures, alongside existing backers Omega Funds and Brandon Capital.

NRG Therapeutics is advancing treatments for amyotrophic lateral sclerosis (ALS)/motor neurone disease (MND) and Parkinson’s disease by targeting mitochondrial dysfunction, a key driver of neurodegeneration.

The company has developed a new class of small molecule mitochondrial permeability transition pore (mPTP) inhibitors, designed to protect mitochondria from toxic proteins linked to ALS/MND and Parkinson’s, and preserve neurons in pre-clinical models.

Its lead candidate, NRG5051, has shown profound neuroprotective effects and reduced neuroinflammation in pre-clinical studies. Having completed IND-enabling work, NRG5051 is expected to enter first-in-human clinical trials in early 2026.

The Series B financing will enable NRG to generate clinical proof of concept in ALS/MND while also collecting meaningful data in Parkinson’s patients.

Dr Neil Miller, co-founder and CEO of NRG Therapeutics, said the raise would accelerate the company’s mission to provide new hope for patients and families affected by devastating neurological diseases: “Developing new drugs to treat neurological diseases is very challenging but is receiving increased interest given the high unmet medical need and growing prevalence in ageing populations. These new funds provide the runway to advance our lead programme through proof of concept in ALS/MND, and to expand our portfolio for other indications including Parkinson’s.”

Leandros Kalisperas, Chief Investment Officer at the British Business Bank, said backing NRG underscored the Bank’s focus on scaling UK life sciences breakthroughs: “We seek to back the best of UK life sciences, helping to turn breakthrough research into world-leading, fully commercial companies. Like many of our life sciences investments, our investment in NRG Therapeutics is especially rewarding because it has the potential to help solve one of the world’s largest healthcare challenges.”

Emma Johnson, Senior Investment Manager at the Bank, added: “We are pleased to join NRG on this next phase of development as they progress their novel therapy with disease-modifying potential into the clinic. This makes them the 16th life sciences direct investment for the British Business Bank, complementing our existing portfolio of breakthrough innovations.”

In association with the Series B raise, Emma Johnson (British Business Bank), Laurence Barker (SV Health Investors), Charlotte Kremers (M Ventures) and Florian Muellershausen (Novartis Venture Fund) will join NRG’s board of directors, bringing additional expertise as the company transitions toward clinical development.

Read more:
British Business Bank backs NRG Therapeutics with £8m investment in £50m Series B round

London’s black cab industry has received its biggest ever investment as Sherbet, The Electric Taxi Co, secures up to £40 million in backing to scale its zero-emissions fleet and prepare for global expansion.

The funding comes from HOF II Holdco S.à r.l., advised by European private equity firm Hoplon Investment Partners LLP, and represents the single largest injection of growth capital in the history of London’s licensed taxi trade.

Founded in 2013 by Business Champion Award entrepreneur the year and former black cab driver Asher Moses, Sherbet has grown into the UK’s leading electric taxi company. Its mission: to transform London’s most recognisable mode of transport into a zero-emissions, tech-enabled mobility platform fit for the 21st century.

Sherbet currently operates around 550 electric cabs. With fresh capital secured, the company plans to expand its fleet to 3,000 vehicles over the next three years, consolidating the licensed industry under the Sherbet brand and offering independent drivers a new platform.

“This investment marks a turning point, not just for Sherbet, but for the future of the black cab industry,” said Moses. “The black cab is a globally recognised symbol of London — trusted, iconic and deeply woven into the city’s identity. Yet for too long, it has lacked a dedicated guardian committed to modernisation.

“Our mission is to step into that role, not only to preserve its heritage, but to equip the trade with the technology, data and scale it needs to thrive. With this investment, we’re laying the foundation to reposition the licensed industry and establish Sherbet as its new home: electric, innovative, and built for the future.”

Sherbet’s growth strategy extends beyond electrification. The investment will fund the rollout of a comprehensive driver-focused technology platform, integrating access to bookings, data, advertising opportunities and advanced analytics to help drivers increase their earnings and job security.

Each cab will also be equipped to provide real-time environmental, traffic and road safety data to city authorities, bolstering London’s smart city credentials. Sherbet has also pledged to invest in the next generation of taxi drivers through the Knowledge School pipeline, ensuring the long-term sustainability of the trade.

Passenger accessibility and reliability remain central. Black cabs are uniquely designed to be wheelchair accessible, a feature Sherbet says it will safeguard as it scales.

Sven Hansen, co-founder and managing partner at Hoplon Investment Partners, said: “Sherbet is redefining what it means to be a modern mobility company. Asher’s vision blends the legacy of the black cab with a forward-thinking, data-led approach to electrification and driver empowerment. We’re proud to support Sherbet’s growth in London and its expansion into international markets.”

The investment will also help Sherbet strengthen its position against unlicensed ride-hailing giants such as Uber. By leveraging its trusted, regulated brand — and combining heritage with innovation — Sherbet aims to outpace app-based rivals through compliance, quality assurance and sustainability.

Sherbet’s model has already attracted interest from cities worldwide looking to replicate London’s unique blend of heritage and innovation. With Hoplon’s backing, the company is poised to export its platform internationally, positioning the London black cab as a global symbol of sustainable urban mobility.

For London, the investment marks not only a milestone in the taxi trade but also a boost to the capital’s green credentials. For Sherbet, it signals a future where the black cab remains an icon — but one reimagined for a cleaner, smarter age.

Read more:
Sherbet secures record £40m investment to expand electric London black cab fleet