Amazon to increase ads on Prime Video

📍Top line: Amazon is set to expand advertising on its Prime Video platform, increasing slots across its TV shows and movies. Despite concerns about potential customer backlash, Amazon reported no significant drop in subscribers since introducing ads eight months ago.

Kelly Day, vice-president of Prime Video International, revealed that the platform will increase its ad volume by 2025. Initially, Amazon introduced a "very light ad load" to ease subscribers into the new system, avoiding ad breaks during programming. Day emphasised that this approach had "exceeded customer expectations."

Amazon continues to invest in content for Prime, including live sports like the NFL’s Thursday Night Football and coverage of the US elections. Prime Video’s original content, such as Rings of Power and Mr. & Mrs. Smith, has boosted viewership, with more high-profile shows and movies, including those starring Will Ferrell and Reese Witherspoon, expected next year.

Formula 1 ditches Rolex in $1 billion deal

📍 Top line: French luxury goods giant LVMH has signed a 10-year sponsorship deal with Formula 1, set to begin in 2025. The global partnership will involve several of LVMH's prestigious brands, including Louis Vuitton, Moët Hennessy, and TAG Heuer.

Both companies highlighted the timing of the partnership, stating that it comes during a period of "incredible ongoing popularity, cultural relevance, and excitement for Formula 1 as a bridge between global sport and entertainment."

Bernard Arnault, chairman and CEO of LVMH, emphasised the alignment between motorsports and luxury craftsmanship: “In motorsport as in fashion, watchmaking, or wines and spirits, every detail counts on the path to success. This partnership reflects our shared pursuit of breaking boundaries.”

This agreement ends Rolex’s reign as the Global Partner and Official Timepiece of Formula 1, a role it has held since 2013.

Elsewhere in business:

👟 Nike has withdrawn its financial guidance for the year following a steep decline in sales, signalling deeper challenges for the sportswear giant. The company reported a 10% drop in revenue, down to $11.59 billion. The decision to scrap financial forecasts comes just days after announcing that Elliott Hill will replace John Donahoe as CEO in mid-October, as the company looks to reset its strategy and regain market share lost to rivals like Hoka and On.

🎾 Compass Group, the FTSE-100 catering giant behind events like Wimbledon, is in discussions with investors to significantly boost CEO Dominic Blakemore's pay package. The proposal includes raising his annual bonus, currently capped at £2.3 million, and increasing his long-term incentive plan, valued at £4.6 million annually. Blakemore has led the company since 2018, overseeing substantial growth.

UK banks given four days to delay payments to beat scams

📍 Top line: Banks will have the authority to pause payments for up to four days, allowing more time to investigate suspected fraud, according to new government regulations. Currently, payments must be processed or declined by the next business day, but this new law, coming into effect at the end of October, grants banks an additional three days for investigation.

This change responds to long-standing concerns about fraud, which accounts for a third of all crime in England and Wales. Criminals frequently exploit romance scams or impersonate legitimate traders to deceive victims into transferring money. The extended investigation period will enable banks to review unusual spending patterns, contact customers, and ensure a payment's legitimacy before proceeding.

🫵 What this means for you: Customers may experience delays in transactions, a shift from the near-instant processing they’ve grown accustomed to with online banking.

Elsewhere in the economy:

🏠 Civil servants at the Office for National Statistics (ONS) have overwhelmingly voted in favour of strike action amid a growing dispute over returning to the office. Hundreds of ONS workers, represented by the Public and Commercial Services union, are protesting the requirement to work in the office two days a week, having refused to comply since May.

🇬🇧 Sainsbury’s CEO, Simon Roberts, has raised concerns that uncertainty surrounding potential tax hikes proposed by Labour’s Rachel Reeves is causing shoppers to hold back on major purchases. Roberts warned that the lack of clarity around the upcoming Budget, which is expected to involve "difficult decisions" on tax, has created hesitation among consumers. Reeves is widely anticipated to raise taxes in her first Budget to address a £22 billion shortfall in public finances.

Disney has opened applications for its Technology and IT undergraduate placement scheme in London. The 12 month role will see successful candidates work with business stakeholders and the analysis team to design quality, easy to use, efficient solutions that meet business requirements. The position is open to any second year undergraduate student on an industrial placement year course returning to study in Autumn 2026. Apply now here.

OpenAI urges investors to shun rival start-ups

📍Top line: OpenAI has urged investors to avoid backing rival start-ups like Anthropic and Elon Musk's xAI as it closed its recent venture capital funding round. The company behind ChatGPT successfully raised $6.6 billion from investors, valuing it at $157 billion and making it one of the world’s most valuable private companies. Key backers include Microsoft, OpenAI’s biggest backer, and new participant Nvidia.

The insistence on exclusivity risks creating contentious relationships with investors, as venture capital firms often invest in multiple companies within the same sector. Notably, firms like Sequoia Capital and Andreessen Horowitz have backed various AI start-ups, including both OpenAI and Musk's xAI.

The strategy has already drawn criticism from Musk, who is currently suing OpenAI for manipulation. On Wednesday, the X CEO stated "OpenAI is evil".

Elsewhere in tech

🎮 Kyoto has a new must-see attraction this autumn with the opening of the long-awaited Nintendo museum. The museum offers a nostalgic journey through Nintendo’s storied history, showcasing an extensive collection of the company’s iconic video game consoles and beloved titles, including the Famicom, Nintendo 64, and the modern Switch. Visitors can engage with interactive exhibits, featuring larger-than-life controllers and floor-projected playing cards.

🚙 Toyota is set to invest an additional $500 million in Joby Aviation to accelerate the certification and commercial production of electric air taxis. This new funding builds on Toyota's earlier $394 million investment, further solidifying their strategic manufacturing partnership. Joby, which is working towards the commercial launch of flying taxis, recently expanded its facility in California to support this push.

🎵 James Blunt has made an unusual pledge to his fans: if his upcoming album reaches No. 1 on the charts, he will legally change his name to one chosen by the public. The British pop star is set to re-release his 2004 breakthrough album Back to Bedlam on October 11, marking the 20th anniversary of its debut.

☄️ Get ready for a cosmic blast from the past! A comet last seen when Neanderthals walked the Earth is making a comeback. The A3 comet, dubbed "the most impressive comet of the year" by the Royal Greenwich Observatory, will be visible in the night skies of the northern hemisphere between 12 and 30 October.

🧑‍⚖️ A third individual has pleaded guilty in connection with the death of Friends star Matthew Perry. Dr. Mark Chavez admitted to conspiring to distribute ketamine, which was ruled the primary cause of the actor's death. The 54-year-old appeared in a Los Angeles court and now faces up to 10 years in prison.