Netflix continues growth boom

📍Top line: Netflix expects to double its profits this quarter after adding over 5 million new subscribers this summer. Following a crackdown on password sharing, the introduction of ads, and investments in live TV, the streaming giant said it had successfully "delivered" on plans to strengthen its business. Key shows like The Perfect Couple and Emily in Paris drew significant audiences, with Netflix banking on a new season of Squid Game to maintain momentum.

🔎 In-depth:

• Netflix added 5.1 million new subscribers, bringing its total to a record 282.7 million.

• Revenue increased by 15% to $9.83 billion, and net income rose by 41% to $2.36 billion.

• Netflix forecast net income of $1.85 billion for the current quarter, up from $938 million last year.

• Shares rose 4.5% in after-hours trading following the positive news.

• The company continues to invest in live programming, including deals with WWE and NFL, and a fight featuring Jake Paul and Mike Tyson.

• Netflix is focusing on improving engagement, with viewers spending an average of two hours a day per paid membership.

Chancellor considers ‘vape tax’

📍Top line: Rachel Reeves is considering raising taxes on vaping products as part of her upcoming budget, following concerns about the rising number of children using e-cigarettes, according to the Guardian.

🔎 In-depth:

• Vaping among children rising: NHS data shows a significant increase in e-cigarette use among 11-15-year-olds, with 9% vaping regularly.

• Health concerns: Officials warn of the addiction risks and unknown long-term effects of vaping for children.

• Revenue generation: The vape tax could raise up to £445 million by 2028-29, according to estimates from ASH.

• Additional measures: The vape tax is expected to coincide with a tobacco duty hike to prevent switching to smoking.

Elsewhere in business:

🎯 A new trend in "competitive socialising" venues is sweeping across the UK, where activities like cricket, darts, and mini-golf are paired with social settings, according to the FT. This shift reflects a broader movement toward social experiences that combine fun, teamwork, and less focus on alcohol consumption. The number of competitive socialising venues in the UK has grown 40% since 2018, with an expected rise to over 800 by 2029.

📦 Amazon senior executive Matt Garman has defended the company’s new 5-day in-office policy, saying employees who don’t support it can quit. At an all-hands meeting, Garman claimed 9 out of 10 workers back the policy, set to take effect in January. He emphasised the importance of in-person collaboration for innovation, adding that those who prefer remote work can find opportunities elsewhere.

Graduate job competition reaches all-time high

📍 Top line: UK graduates are facing record competition for jobs in a slowing labour market, with artificial intelligence (AI) playing a role in increasing the number of applications per vacancy. Employers running graduate training schemes in 2024 received an average of 140 applications per position, a 59% rise from the previous year.

🔎 In-depth:

• AI and Applications: The use of AI has made it easier for candidates to apply quickly, but has also led to a lower quality of applications and more rejections.

• Decline in Graduate Hiring: Graduate vacancies in sectors like digital, IT, and finance have significantly decreased, with IT down 35% and finance/professional services down 5%.

• Hiring Slowdown: Overall, graduate job postings fell 10% in the UK in September, with London seeing a sharper 22% drop.

• Fewer Requirements: Employers are increasingly dropping the 2:1 degree requirement, leading to a wider pool of applicants and higher rejection rates.

• Increased Application Pressure: Students are applying for more jobs than ever before, with some submitting up to 50 applications in the hope of securing a position.

Elsewhere in the economy:

💷 From 2026, UK shoppers using "buy now, pay later" (BNPL) services like Klarna will get new protections, including affordability checks and credit card-style safeguards. The move aims to prevent debt cycles, as BNPL usage has surged. Campaigners, however, have questioned the delayed rollout, urging consumers to stay cautious in the meantime, as concerns about unaffordable debt continue to grow. 

🏦 The Bank of England is set to ease restrictions on bankers' bonuses in a bid to enhance the City of London's global competitiveness. Currently, senior bankers earning over £500,000, or whose variable pay exceeds a third of their total compensation, have bonuses deferred for up to eight years. A new rule would reduce this deferral period.

International bank Standard Chartered has opened applications for its Technology Graduate Scheme based in London. Successful candidates will assist the firm’s Transformation, Technology & Operations in delivering innovative banking solutions to clients. The 18-month scheme starts in July 2025 and is open to Engineering and Computer Science graduates. Apply now here.

Instagram launches fight against sextortion

 📍 Top line: Instagram is introducing new features to combat sextortion, a growing cybercrime that targets teenagers on social media platforms.

🔎 In-depth:

• New screenshot restrictions: Instagram will block users from screenshotting or screen-recording "view once" or "allow replay" images and videos in Direct Messages.

• Blurred nude images: Meta will permanently implement tools that automatically blur nude images in messages to prevent them from being shared unintentionally.

• Follower list protection: Meta will hide follower and following lists from suspicious accounts, as these are often used by sextortionists to identify potential victims.

• NSPCC and Ofcom response: The NSPCC welcomed these updates but raised concerns about protections on other Meta-owned platforms like WhatsApp, where sextortion also occurs.

• Rising sextortion cases: Law enforcement reports an increase in sextortion scams, especially targeting teenage boys, with 91% of reports to the UK’s Internet Watch Foundation involving male victims.

• New regulatory pressures: Ofcom, the UK’s communications watchdog, warned social media companies that they will face fines if they fail to protect children under the upcoming Online Safety Act.

Elsewhere in tech:

💰 Donald Trump’s crypto project, World Liberty Financial (WLF), has revealed that the Trump family could pocket 75% of the venture's net revenue, according to a newly released document. The “World Liberty Gold Paper” shows Trump and his family are slated to receive 22.5 billion WLFI tokens, currently valued at $337.5 million. Despite the hefty payout, the family holds no liability as no members are registered as employees or directors of WLF.

💷 The EU has warned that potential fines for X (formerly Twitter) could include revenue from Elon Musk’s other companies like SpaceX and Neuralink. Under the Digital Services Act, online platforms face fines up to 6% of global revenue for not handling illegal content. This could massively increase penalties for X if regulators count Musk’s entire business empire.

💉 Weight-loss medications like Mounjaro and Wegovy may also help people with alcohol and substance abuse problems, according to a study from Loyola University Chicago. Researchers found a 50% reduction in alcohol intoxication rates among those prescribed GLP-1 drugs, including Ozempic. These medications, which mimic a hormone that controls appetite, may also influence brain areas that regulate addictive behaviours.

🖼️ The National Gallery in London has banned all liquids, except for baby formula, expressed milk, and prescription medicines, following a series of protest-related attacks on its artworks. The new rule, implemented from Friday, is in response to physical damage caused by protesters, with five incidents occurring since July 2022. The gallery stated that the measure was necessary to protect visitors, staff, and its collection.

📺 The first trailer for Wallace and Gromit: Vengeance Most Fowl, the duo's first full-length feature in 19 years, has been released. In the new film, Wallace and his smart gnome, Norbot, are suspected of a crime spree involving stolen garden goods. Meanwhile, their nemesis, Feathers McGraw, returns for revenge. The film will premiere on BBC One and iPlayer this Christmas, with Netflix airing it outside the UK. Fans can expect another thrilling adventure as Gromit faces sinister forces to prove Wallace's innocence. Watch here.