University fees to rise to £10,500

📍 Top line: The UK government is planning to raise tuition fees in line with inflation and reinstate maintenance grants for the poorest students to address financial pressures faced by universities.

According to The Times, Education Secretary Bridget Phillipson has acknowledged that the current £9,250-a-year fee has been eroded over time and is no longer sustainable. Under the proposed changes, tuition fees, which have been frozen since 2017, would rise by 13.5% over the next five years, reaching £10,500.

To shield poorer students from the impact, maintenance grants, which were worth up to £3,500 before their abolition in 2016, would be reintroduced.

Phillipson indicated that changes would likely be implemented before the end of this parliament, as the government prepares for the spending review in April 2024. However, final decisions are still subject to approval by Chancellor Rachel Reeves.

Fancy breaking a world record?

📍Top line: Guinness World Records is set to open its first permanent entertainment venue in central London in early 2026, marking a major step into the booming world of competitive socialising.

The venue will feature over 60 interactive games and challenges that encourage visitors to break world records, from sports like basketball and BMX riding to unique tasks such as speedrunning video games and reaction tests like the Batak Wall.

With a £50 million investment planned over the next five years, GWR's new venue is part of a larger global expansion, with at least 10 more outlets expected in the US, Asia, and the Middle East.

Elsewhere in business:

🎦 Sky has filed a lawsuit against Warner Bros. Discovery, accusing the media giant of violating a co-production agreement, particularly over the highly anticipated Harry Potter series expected to debut in 2026. According to Sky, the breach of this agreement, which dates back to 2019, has cost it the opportunity to co-fund and co-produce the new Harry Potter show, potentially resulting in lost revenues of hundreds of millions of dollars.

🇬🇧 Applied Nutrition, a rapidly growing sports supplement company, is to announce plans for an initial public offering (IPO) on the London Stock Exchange this week, with a valuation of around £500 million. Founded in 2014 by Tom Ryder, who started selling supplements as a sideline, Applied Nutrition has expanded from its Liverpool roots to become an international supplier of protein and collagen powders to athletes and fitness enthusiasts in more than 80 countries. 

HS2 set to reach Euston station

📍Top line: The government is set to approve the extension of HS2 into Euston station, despite concerns about the potential for billions in additional taxpayer costs. This decision would ensure that the high-speed rail line reaches central London, rather than terminating at Old Oak Common in west London. Chancellor Rachel Reeves is expected to announce funding for the Euston expansion in her upcoming Budget, which will also involve a significant redevelopment of the station.

A government source emphasised that HS2 would be ineffective if it didn’t terminate at Euston, highlighting the station's need for investment, calling it a "dystopian mess."

In addition to the HS2 extension, Reeves is also expected to greenlight a new rail link between Liverpool and Manchester via Manchester Airport.

Elsewhere in the economy:

🪙 New tipping legislation set to be enacted this week will prevent companies from withholding tips and service charge payments from workers. The law is expected to benefit approximately 2 million hospitality staff, ensuring that employers can no longer retain a portion of customer tips, whether paid in cash or by card. The change will also affect workers in other tipping-dependent sectors, such as taxi services, hairdressers, and hotels.

💷 The government is set to scale back a proposed £1 billion "packaging tax" following strong opposition from the food and drink industry. Originally slated to come into effect in April 2025, the tax would have charged businesses that handle and supply packaging for the costs associated with collecting, recycling, and disposing of waste.

Global consultancy firm McKinsey & Co has opened applications for its Associate Intern programme in a number of its offices worldwide. Successful applicants will work with teams of typically 3 - 5 consultants to identify and implement potential solutions for a specific client problem or challenge. Candidates must have completed a bachelor’s degree to apply for the 8-10 week position. Apply here.

Dating apps pivot to ‘friendship’ amid slowing growth

📍 Top line: Online dating platforms, including Bumble, Match Group, and Muzz, are expanding into friendship and community-building services as they seek new revenue streams amid slowing growth in the dating app sector, according to the FT.

Bumble, which owns apps like Bumble, Badoo, and Fruitz, has introduced its friend-finding platform, BFF, and acquired community-building product Geneva, signalling its belief in the "untapped potential" of the friendship space. Match Group, the parent company of Tinder and Hinge, has launched Yuzu, an app allowing users to switch between social and dating modes, testing this concept with plans to expand the feature across its portfolio.

However, analysts are skeptical that friendship-focused services will significantly boost revenues. While online dating apps typically rely on "freemium" models, monetizing friendships may prove challenging, given that people are generally more willing to pay for romantic connections than platonic ones.

Elsewhere in tech

🚀 A SpaceX shuttle has successfully docked at the International Space Station to bring home two astronauts, Sunita Williams and Barry Wilmore, who have been stranded in space since June due to a malfunction in a Boeing spacecraft. NASA confirmed that the astronauts, originally scheduled to return much earlier, will now remain in space until February 2025.

🇧🇷 Elon Musk's social media platform, X, will need to pay an additional 10.3 million reais (around $1.9 million) to resume operations in Brazil, as per a ruling from Brazil's Supreme Court on Friday. The penalty was imposed by Justice Alexandre de Moraes after X became accessible despite a ban issued on August 30. The court found that the platform remained online, including through Musk's satellite internet provider, Starlink.

📺 The UK government is preparing to decriminalise the non-payment of the BBC TV licence fee, citing concerns about the financial and administrative burden of prosecutions and claims that the current system disproportionately penalises women.

🇳🇵At least 129 people have died in Nepal due to devastating floods and landslides triggered by heavy rains. Rescue and recovery efforts are ongoing, with officials warning the death toll may rise as reports come in from remote villages.

🧀 The world’s oldest cheese has been discovered draped across a mummy's neck in China’s Xiaohe Cemetery. Unearthed in 2003, the 3,600 year old substance was initially thought to be jewellery. Scientists have now identified it as a form of kefir cheese, making it the oldest known sample ever found.