Elon Musk slams UK government after invite snub

📍Top line: Elon Musk has criticised the UK government after being excluded from an upcoming international business summit. The event, on October 14, is designed to boost economic investment ahead of the autumn budget.

Musk took to X (formerly Twitter) to express his discontent, stating: "I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts," a remark seemingly aimed at the Labour government’s early release program meant to address prison overcrowding. 

Musk's criticism follows a period of increased tension between him and the UK. In August, Musk shared—and later deleted—a fake news article claiming that Labour leader Keir Starmer was considering sending far-right rioters to detainment camps in the Falklands.

Labour set to change ‘non-doms’ tax plan

📍Top line: Chancellor Rachel Reeves is reconsidering parts of Labour's proposed plan to abolish the non-domicile (non-dom) tax status due to concerns that it could lead to revenue losses if wealthy foreign residents decide to leave the country. The non-dom system allows UK residents whose permanent home is abroad to only pay UK taxes on their domestic earnings, enabling them to save considerably on taxes from their global income.

Labour initially projected that scrapping non-dom tax benefits would raise £1 billion annually. However, Treasury officials are worried that the changes may not yield the expected revenue, especially as previous measures have been designed to keep wealthy non-doms in the UK.

Although no final decisions have been made, the Treasury is exploring modifications to Labour's plan, such as gradually introducing inheritance tax on non-dom trusts and offering discounts on foreign income.

Elsewhere in the economy:

🚆 Network Rail has announced major station closures and service disruptions in London over the Christmas period. Liverpool Street will be closed for eight days, Paddington for three, and Thameslink and East Midlands services north of St Pancras will be affected for nine. Train services to Heathrow, Gatwick, Stansted, and Luton airports will also be disrupted.

💷 Rachel Reeves is pushing the UK’s tax watchdog to revise national growth forecasts to reflect the economic boost Labour believes will come from its planning reforms. The Treasury has held talks with the Office for Budget Responsibility, aiming to show that unblocking the planning system by allowing stalled proposals to build millions of new homes could increase tax revenues. If Britain’s growth outlook is upgraded, Reeves could gain extra spending headroom ahead of next month’s budget.

Partner of Premier League teams to be prosecuted for breaking gambling laws

📍Top line: The UK's Gambling Commission is set to prosecute Sorare, a £3.21 billion fantasy football company backed by major investors like SoftBank, for operating without a gambling license. Sorare boasts partnerships with top leagues and 317 clubs worldwide, including every Premier League team.

Sorare allows players to create virtual football clubs using cryptocurrency and NFTs, competing for cash prizes cash and VIP tickets. The commission launched its investigation in October 2021, determining that Sorare's platform might qualify as online gambling and require a license. Nearly three years later, the regulator has officially charged the Paris-based company, only the second time it has exercised its prosecutorial powers since the commission was founded in 2005.

Sorare denied the allegations, stating that the Gambling Commission has misunderstood its business model. The company claimed it does not fall under UK gambling laws and has hired legal counsel to challenge the charges.

Elsewhere in business:

🥡 Just Eat has announced an unexpected partnership with Lovehoney to deliver sex toys and lingerie, expanding its service offering into the "self-care" sector. Customers will now be able to order products such as vibrators and lingerie from well-known brands like Womanizer, We-Vibe, ROMP, and Fifty Shades of Grey.

📰 Dovid Efune, owner of the New York Sun, has emerged as the frontrunner to acquire the Daily and Sunday Telegraph ahead of Friday's bid deadline. His £550 million offer is seen as competitive and free from political or regulatory concerns that blocked previous deals.

Barclays has opened applications to its 2025 Sustainable Finance graduate scheme in London. The programme is open to undergraduates in any degree discipline who will have completed their studies by July 2025. Apply now here.

Open AI boss to make $10bn as company ditches not-for-profit status

Sam Altman, the founder of OpenAI, the company behind ChatGPT, is set to receive over $10 billion as the AI company moves away from its not-for-profit roots.

OpenAI is reportedly considering giving Altman a 7% stake as it seeks new funding, which could value the company at around $150 billion. This development follows significant leadership changes, including the departure of key executives like CTO Mira Murati.

The restructuring has drawn criticism from Elon Musk, one of the company’s co-founders, who left in 2018 amid disagreements with Altman and others. Musk commented on X (formerly Twitter), questioning the legality of converting a non-profit into a for-profit and likening Altman to "Littlefinger," a scheming character from Game of Thrones.

Elsewhere in tech

🤖 US investment giant Blackstone has confirmed a £10 billion investment to build an AI data centre in Blyth, northeast England. The project, set to begin next year, will create 4,000 jobs, including 1,200 in construction.

🎮 Video game developer Ubisoft has announced that its soon-to-release Assassin’s Creed game will be delayed by three months to February 2025. The company’s stock dropped by 17% to a ten year low following the announcement that left fans of the game franchise disappointed.

🇯🇵 The world’s longest-serving death row inmate, Iwao Hakamada, has been acquitted after spending 48 years behind bars in Japan. Hakamada was convicted in 1968 for quadruple murder which included his wife and children, but has been released as the presiding judge determined that evidence used against him was fabricated by investigators.

🚬 Naomi Campbell has been banned from serving as a charity trustee for five years after an inquiry by the UK Charity Commission revealed that funds from her charity, Fashion for Relief, were misused for personal expenses such as luxury hotels, spa treatments, cigarettes, and security.

🎵 Coldplay is set to make history as the first music act to perform 10 nights at Wembley Stadium during a single tour, surpassing the previous record held by Taylor Swift and Take That. The milestone was announced after the band revealed additional dates for their 2025 world tour, which includes the record-breaking shows at the iconic London venue.