Leading restaurateur says Gulf countries actively help businesses set up, while east Asia has a better work ethic
Some of London’s top restaurants are opening branches in Dubai because of a “tax tsunami” in the UK and better work ethic abroad, according to a leading restaurateur.
James Robson, a co-owner of Fallow in St James’s Market, regarded as the capital’s hottest restaurant, serving 1,000 people a day, has just signed a deal to open an outpost in the Gulf.
Lobby group’s figures, shared with John Healey, are misleading as they do not include major rival Paris, say campaigners
A banking lobby group has been accused of cherrypicking data and trying to mislead the British government by claiming a tax rise for banks at next week’s budget would leave London less competitive than rival financial hubs.
UK Finance, which represents banks including Lloyds, JP Morgan and Revolut, commissions an annual report tallying up all the taxes shouldered by a large bank, including corporation tax, social security, VAT and bank-specific levies.
There are clear parallels between the AI boom and the dot-com bubble, tech investor Paul Wick says.
But solid demand, strong earnings, and less mania make for a "healthier" backdrop, Wick said.
Seligman's chief investor brushed off Michael Burry's worries but flagged some trends to watch.
The AI boom has shades of the dot-com bubble, but fears of an imminent crash and mass unemployment are overblown, a veteran tech investor says.
At the turn of this century, there was an explosion in dot-com startups being formed, and a huge infrastructure buildout with telecoms "aggressively" spending on wired and wireless networks, Paul Wick told Business Insider in an interview this week.
The chief investor of Seligman Investments — a group within Columbia Threadneedle Investments that manages over $40 billion of assets and comprises a hedge fund, a mutual fund, and a venture capital arm — said there were clear parallels between that period and the current boom in AI startups and data-center spending. He also noted that energy prices and interest rates jumped then as they've done this year.
But Wick noted there isn't the same IPO frenzy now, or the same "frenetic environment" where stocks soar fivefold or tenfold in a day. He also said that by late 2000, a slowdown in IT spending was being forecasted for 2001, whereas enterprise spending on AI remains strong and recent tech earnings have been robust.
Simply put, the situation seems "healthier" now than in 2000, he said.
Business Insider asked Wick about Michael Burry's warnings this year around AI. "The Big Short" investor has called out aggressive accounting, circular financing, hidden debt, and overinvestment in depreciating assets like microchips as reasons to be skeptical that the boom has legs.
Wick said that Burry, known for predicting and profiting from the collapse of the mid-2000s housing bubble, has been "early or downright wrong on many other things."
Burry has previously defended his track record, citing his correct predictions and sharing charts showing the timing of his market calls.
As for concerns about Nvidia's efforts to grow the AI ecosystem by investing in data center developers and software companies, Wick emphasized that the chipmaker is "extraordinarily profitable."
He cast doubt on whether Nvidia should spend its spare cash only on buybacks, rather than bolstering its customers, especially as several of the industry's biggest players are working to develop their own AI chips to reduce their reliance on Nvidia.
But he also flagged some industry trends to watch, including enterprise clients opting to use older models or build their own, and token pricing coming under pressure as users embrace open-source models, raising questions over the size of the market opportunity for the likes of OpenAI and Anthropic.
"It used to be that a degree in computer science was a ticket to success," he said.
A better option today might be to learn a trade, as there's "booming demand" for workers such as electricians and HVAC technicians, and they can make an "incredibly good living" without having to go to a four-year college, Wick said.
He also took aim at the "doom-and-gloom notion that AI is going to eviscerate demand" for human labor. He described that worry as a "little premature" as nobody knows for sure how AI will affect entry-level roles in the future, unemployment is yet to soar, and there's always inertia when it comes to businesses and consumers changing their behavior.
Chancellor says government to commit hundreds of millions to develop ‘distinctively British’ approach to AI
John Healey has pledged to use Wednesday’s budget to harness the power of artificial intelligence to bolster Britain’s security and prosperity against the risks in the accelerating global technology arms race.
As he prepares for his debut budget, the chancellor said that Andy Burnham’s government would commit hundreds of millions of pounds to develop a “distinctively British” approach to AI that would capitalise on the benefits of the frontier technology.
PM insists threatening economic outlook is result of developments that don't have to do with Israel, but rivals say his government's policies are to blame
Today's guest is Ted Brown, the Libertarian Party candidate for U.S. Senate in Texas. Brown is facing off against Republican Ken Paxton and Democrat James Talarico in a closely contested race. Brown received more than 267,000 votes in his 2024 Senate campaign and is now challenging both major parties on their commitment to individual liberty. He argues that Republicans have abandoned limited government while Democrats increasingly embrace economic policies that undermine the free market.
Nick Gillespie talks with Brown about Paxton's corruption scandals, Talarico's hostility toward billionaires, and why Texas ranks poorly on personal freedom despite its business-friendly reputation. Brown makes the case for returning to an Ellis Island–style immigration system, cutting federal spending to confront the $40 trillion national debt, and ending America's military involvement in the Middle East. They also discuss abortion rights, government surveillance, online age-verification laws, and how regulations drive up the cost of healthcare. Brown explains what it will take to rebuild the Libertarian Party and why he believes a senator could accomplish more by stopping bad legislation than by passing new laws.
Andy Burnham's doomsday prepping campaign descended into farce today as he was forced to play down Angela Rayner's joke about stockpiling wine amid questions of why a Government skimping on defence is lecturing the public.
Companies that sell paper cups, plates, delivery containers, and similar packaging to restaurants say that they're seeing less demand from US businesses.
Essity, a Swedish company that sells paper towels and cleaning supplies to businesses, including restaurants, said on Thursday that the dining pullback in the US was affecting sales. The company's sales volumes and prices in the US fell during its third quarter, it said.
"Consumers are not going out to restaurants as much as they do in Europe," CEO Ulrika Kolsrud told Reuters on Thursday.
Finland-based Huhtamaki Oyj, which makes disposable cups and takeout containers for fast-food restaurants, said that second-quarter sales in North America decreased.
Analysts at Jefferies wrote that results in the region, which accounts for about one-third of Huhtamaki Oyj's sales, will likely be hurt by lower consumer spending at fast-food chains in the US.
Higher prices at some chains, and many consumers still working from home, "have impacted sales volumes, and ultimately packaging demand," the analysts wrote earlier this month.
With wages stagnant and the lingering effects of inflation, many diners are eating out less. Those who are still spending tend to look for good deals — a trend that has tested value menus at fast-food chains like McDonald's and benefited others, such as Chili's, which offered deals that got consumers ordering.
That doesn't necessarily mean Americans have stopped spending on restaurant food altogether. Many diners are still willing to pay for food delivery, a trend that has bolstered results at DoorDash and Uber.
Economic fallout from war in Middle East adds to pressures on consumers and on chancellor before budget
Consumer confidence in the UK has fallen at the fastest rate outside the Covid pandemic since the 2016 Brexit vote as the escalating economic damage from the war in the Middle East hits Britain.
With less than a week before John Healey’s first budget, the latest barometer from the data company GfK indicated confidence plunged by 11 percentage points in October to -24 amid pressure on consumers from the rising cost of living.
Secretary of War Pete Hegseth put weapons manufacturers on notice Thursday as the Trump administration pushes to cut Pentagon red tape, expand competition and accelerate American weapons production as part of its "Arsenal of Freedom" initiative.
In a video shared on X, Hegseth highlighted Washington's drive to overhaul defense procurement, expand private-sector competition and speed up production of advanced weapons systems.
"The Arsenal of Freedom has been UNLEASHED," Hegseth posted.
The video features missile launches, naval weapons systems firing, ammunition production lines and workers signing munitions for U.S. forces.
Hegseth also stressed that performance, not a contractor's name, should determine which companies supply America's military.
"I don’t care what company is on the side of the rocket. Don't care. The only thing we ask ourselves is, is it the best?" Hegseth said in the video.
"The technology that you build for our missiles, interceptors and hypersonic weapons is what allows the War Department to achieve peace through strength," Hegseth continued. "And that mission comes with a non-negotiable mandate straight from the Resolute Desk and President Trump: build more and build faster."
Hegseth framed the manufacturing push as central to strengthening American military readiness and deterring foreign adversaries.
"When we unleash industry—when we at long last unleash the raw, competitive, and patriotic spirit—the United States of America always wins," he said.
"When we compete, we win. When we innovate, we win. When we go fast, we win. We're equipping our warriors for the future right here and right now, made in the United States of America, and we're doing it at light speed."
The "Arsenal of Freedom" campaign echoes America's World War II-era "Arsenal of Democracy," when U.S. factories dramatically expanded weapons production to supply American and Allied forces.
The administration's defense industrial strategy is to streamline Pentagon procurement, reduce bureaucratic barriers and bring more private companies and technology startups into the military supply chain.
The effort emphasizes commercial technology, faster production and greater competition among defense contractors and manufacturers.
Hegseth launched the nationwide tour earlier this year with a stop at a shipyard in Newport News, Virginia, and has since visited defense manufacturing facilities across the country.
On Oct. 20, Hegseth toured Riverside Machine and Engineering in Eau Claire, Wisconsin, alongside Small Business Administration Administrator Kelly Loeffler and local lawmakers.
There, he touted what he called a "golden age of American manufacturing," highlighting domestic supply chains and defense industry jobs.
The manufacturing push comes as the Pentagon seeks to strengthen U.S. weapons stockpiles and sustain military readiness amid threats from adversaries, including the almost eight-month war with Iran.
Following visits to U.S. Central Command operations in the Middle East, Hegseth emphasized the importance of expanding production of precision missiles, air defense interceptors and other critical weapons systems.
French economist Gabriel Zucman has come to California bearing a familiar French solution to a fiscal problem: another tax.
Once based at the University of California, Berkeley, Zucman is back and campaigning for Proposition 40, which would impose an allegedly one-time 5 percent tax on the net worth of Californians worth more than $1 billion. Zucman, who coauthored the proposition, estimates that the tax could raise about $100 billion and claims that 90 percent of the proceeds would go to health care.
The California Legislative Analyst's office is far more cautious, saying it would raise only "tens of billions" and could cause a long-term loss of income-tax revenue as wealthy people leave the state with the companies they created.
I've written plenty about why wealth taxes are economically destructive, administratively nightmarish, and unlikely to achieve anything close to what their advocates promise. But Zucman's prescription is wrong for a more fundamental reason, as his (and my) native country shows: Raising taxes to fuel ever-larger demands for government spending is a recipe for disaster.
Unless you've been living in a remote cave recently, you've likely seen all the protests and destruction in France. But do you know why it's happening?
As another economist, Paul Krugman, rightly noted back in 2017, "France offers a social safety net beyond the wildest dreams of U.S. progressives: guaranteed high-quality health care for all, generous paid leave for new parents, universal pre-K, and much more."
For decades, France has answered any perceived desire with government spending, then responded to the resulting fiscal problem by seeking new revenue sources. Today, French government spending consumes roughly 58 percent of gross domestic product (GDP).
Krugman gloated that France wasn't suffering social collapse and speculated that it was due to all the spending. He certainly can't say that anymore. In fact, he is now worried that France may be on the precipice of a debt crisis. The truth is that France hasn't done well for some time, even when Krugman cheered its spending.
One of the groups in the street today, young people, has faced widespread unemployment for a long time. The youth unemployment rate in France (ages 15-24) has hovered between 17 percent and 27 percent since 2000. In the second quarter of 2026, it was 21.6 percent, against 14.8 percent in the Eurozone and 9.9 percent in the U.S.
French people also pay some of the highest taxes in the developed world, and they're not happy with the return. The government already takes more than 52 percent of the country's output in revenue, runs deficits exceeding 5 percent of GDP, and has accumulated debt approaching 120 percent of GDP. Nonetheless, French students complain that the government is shortchanging schools, while everyone sees that it is shortchanging its army and police.
The students aren't wrong to feel left out. At The Two Cents Substack, Hoover Institution scholar Hanno Lustig calculates that, between 1995 and 2024, spending on social protection and health (most of which benefits older people) rose from 53.1 percent to 58.7 percent of all French government spending. The share devoted to education, defense, and public order fell from 15.2 percent to 13.7 percent. Transportation fell from 5.3 percent to 3.8 percent.
In other words, France has built an enormous welfare state, much of it devoted to older citizens, while letting other state capacities and basic services fall apart. As transfers of wealth swallow a larger share of the budget, everything else gets squeezed.
That is the fiscal ratchet Californians should worry about when Zucman tells them Proposition 40 is necessary to "save" health care. Proponents claim Washington "cut" Medicaid, but that language is misleading. California's deficit started long before any Washington spending reductions. Besides, federal Medicaid spending isn't falling—not even close. The Congressional Budget Office estimates it will reach $708 billion in 2026, 8 percent more than in 2025. What Washington did in the 2025 budget reconciliation law was reduce Medicaid's future growth relative to previous projections, partly by changing eligibility and enrollment rules and financing arrangements.
This is how the ratchet works. Once the government projects a spending increase, anything less becomes a cut. And once Washington fails to finance the entire projected increase, Californians are told that Sacramento must backfill the missing money. And how should it do that? Conveniently, by creating an entirely new tax.
France has run this experiment for decades. It has an incredibly generous welfare state paid for with very high taxes; it's even tried a wealth tax and has a value-added tax, yet somehow it's never enough. Its welfare state has not eliminated scarcity. It has merely transferred the job of rationing scarce resources to politicians.
Zucman looks at California and sees hundreds of billions of dollars of private wealth waiting to solve a public finance problem. Californians should look across the Atlantic and ask a different question: What happens after politicians decide that every spending adjustment can be delayed until tomorrow by finding another pot of private wealth?
France should not be sending California tax advice. It should be sending a warning.
Andy Burnham has been urged by one of his most senior former advisers to tax internet sales more heavily than in-store purchases to help “level the playing field” for struggling high streets.
As the prime minister and his chancellor, John Healey, prepare for their first budget next week, Andy Haldane joined calls for action to stop more shops closing across the UK.
One month after Washington, D.C., celebrated America's 250th anniversary, it marked a more ignominious milestone: a full year since President Donald Trump deployed thousands of National Guard soldiers to the capital.
The approximately 4,600 National Guard members have been an unavoidable presence in D.C., wandering the National Mall and downtown streets in groups of three or four, or standing idly in Metro stations chatting. Occasionally, they're tasked with picking up trash at parks. Tourists take selfies with them by the now-fenced-off Lafayette Square in front of the White House.
They're not going anywhere. The Trump administration is moving forward with plans to acquire up to 2,000 housing units to support long-term National Guard deployments. The Department of Defense has estimated that extending the mission from October 2026 through to the end of the Trump administration in January 2029 will cost about $1.4 billion.
According to the Trump administration, all of this has been necessary to transform D.C. "from a crime-ridden city into a safe and beautiful haven for residents and visitors alike."
Crime in D.C. is down 20 percent from 2025, according to the Metropolitan Police Department, but an August Reuters investigation found National Guard soldiers were involved in only a tiny fraction of arrests in the safer parts of the city, mostly for minor offenses such as shoplifting and turnstile jumping. Crime has been dropping nationwide, a trend that started before Trump took office and includes cities that aren't occupied by federal law enforcement and soldiers.
Even if the Guard presence has contributed to a drop in crime, it's a civil liberties nightmare. It puts untrained military in the role of policing civilians. It usurps local police departments that are ostensibly answerable to the communities they police, and it normalizes the deployment of military forces domestically—a red line for a free society.
"There's a deep irony that here we are in the capital of the free world, and our president is treating it like a police state," Scott Michelman, legal director of the ACLU of the District of Columbia, told PBS in August. "D.C. residents have lived with our National Guard troops in our neighborhoods for about a year, despite the absence of any genuine emergency and really any reason for them to be here."
Last November, a federal court preliminarily ruled that the deployment was illegal. However, an appeals court allowed the Trump administration to keep troops deployed in D.C. while it considers the administration's appeal of that ruling.
The appeals court decision is absurd. The appellate panel is fully aware that every day the case drags on is another day that D.C. residents are being subjected to a potentially illegal military occupation, and another day that taxpayers will foot the bill for a wasteful fit of presidential hubris.
The damages are compounding. The first anniversary of Trump's deployment of National Guard soldiers to D.C. should be the last.
The gender pay gap for full-time employees has continued to decline in the UK. It was 6.8% in April 2026, down from 7.2% in April 2025. This compares with 9.4% a decade ago and 16.4% 25 years ago.
Secondly, I asked Healey whether he sees the banks as making excessive profits, which would be the coherent justification for him to increase the surcharge on bank profits – as he is expected to do in the Budget next week.
He said: “You know the banks are the engine of investment in this country. The banks are doing well at the moment and that is good to see.
Barclays is cutting 5,000 jobs as part of wider cost-saving plans that its bosses say are being driven by advances in AI.
The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year.
Meta's AI agent, Muse, is unprofitable due to "very high compute costs," CEO Mark Zuckerberg says.
Meanwhile, Meta expects Reality Labs, its AI glasses division, to lose $15 billion next year.
The social media giant has a plan to fix that.
Meta says some of its biggest cash incinerators could finally start turning profits.
The social media giant, which generated over 97% of its quarterly revenue from ads, has faced persistent questions from investors about the lack of profitability in its AI and hardware initiatives.
Meta CEO Mark Zuckerberg addressed those concerns head-on during its third-quarter earnings call on Wednesday.
Zuckerberg said that Muse, the AI assistant it launched last month, is unprofitable since it's "very compute intensive to run." Meta expects to start turning that around next year by massively improving Muse's efficiency.
"If compute efficiency continues improving quickly for another few years, which we think is highly likely, then Muse will be highly profitable over multiple years," he said.
Meta plans to make money from Muse by taking a small transaction fee off of purchases it drives, Zuckerberg said at Meta's Connect conference last month.
Zuckerberg added that Muse, which launched only in the US and Canada, wasn't launched globally due in part to the amount of compute it requires. (Meta's North American users are generally its most lucrative.)
Zuckerberg also struck a positive note about its cash-hemorrhaging Reality Labs division, which makes products like Meta Ray-Bans and virtual reality glasses.
Meta expects Reality Labs to narrow its losses to about $15 billion in 2027, down from the $18 to $19 billion it expects to lose this year. The division should start trending toward profitability next year, as Meta's AI systems make it more useful, Zuckerberg said.
"I continue to believe that the path to delivering holographic experience, of bringing together the physical and digital worlds and everyday glasses, will come through VR first," Zuckerberg said.
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Governor Yaron urges next coalition to cut debt and pursue growth reforms to fund security needs; bank raises forecasts but warns overseas production distorts domestic picture
Kemi Badenoch has said a "red warning light" is flashing on the economy as Britain's debt tops £3 trillion for the first time and inflation surges to 3.5% ahead of the Budget next week.
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