TGI Fridays set to be saved

📍 Top line: Administrators are finalising a rescue deal for the UK arm of TGI Fridays that could preserve more than 2,000 jobs. The private equity firms behind upmarket restaurants like Le Pont de la Tour and Coq d’Argent are expected to acquire up to 55 of the chain’s 87 UK locations.

The deal, expected to be announced as early as today, would include the rights to the TGI Fridays brand in the UK, as well as existing leases.

TGI Fridays, founded in New York in 1965, launched in the UK in 1994 and grew to become a popular casual dining chain. Despite efforts to reduce costs and improve customer experience, the brand has faced trading conditions and macroeconomic challenges leading to financial struggles.

The chain’s UK restaurants continue to operate normally while administrators work to finalise the rescue deal.

Heinz apologises after advert sparks backlash online

Heinz has issued an apology after an advertisement displayed in London tube stations, featuring a black family, sparked criticism online for allegedly promoting stereotypes and "erasing" black fathers.

The ad, part of a campaign promoting family-sized pasta sauces, was spotted at Vauxhall and Manor House stations. It shows a black bride enjoying a forkful of pasta while seated next to a man presumed to be her groom. Also depicted are the groom’s parents and an older black woman, seemingly the bride’s mother. However, some social media users pointed out that the ad appeared to omit the presence of a black father, which led to backlash.

In response to the criticism, Heinz said: " We understand how this ad could have unintentionally perpetuated negative stereotypes. We extend our deepest apologies and will continue to listen, learn, and improve to avoid this happening again in the future."

Elsewhere in business:

🍷  Wine retailers, including Majestic and Cambridge Wine Merchants, are warning customers about potential price increases and the disappearance of certain wines from shelves next year if a new tax system comes into effect. Over 30 different duty bands based on the alcohol by volume (ABV) of the wine are set to be introduced. This could significantly affect wines with ABVs between 11.5% and 14.5%, which account for about 80% of the UK market.

📰 Dovid Efune, owner of The New York Sun, is close to sealing a deal to buy The Telegraph for over £550 million, ending a lengthy 16-month battle for ownership of the British newspaper. Efune is said to be in exclusive talks with RedBird IMI, which is overseeing the sale, and agreement could be finalised this week.

Gen Z’s mortgage payments are double earlier generations’

📍Top line: Generation Z homebuyers are facing unprecedented challenges when it comes to affording their first homes, with mortgage repayments estimated to be nearly double those paid by previous generations. According to research from Hamptons, Gen Zers—born in the late 1990s—will pay an average of £1,739 a month in mortgage repayments. In contrast, millennials (born between the 1980s and mid-1990s) paid around £863 monthly, when adjusted for house price inflation at the time they bought their first homes.

The stark rise has been attributed to near-record house prices and increased mortgage rates. Over the first five years of their mortgage, Gen Z buyers are expected to pay £104,000 in repayments—compared to £51,800 for millennials and £46,500 for baby boomers.

Despite house prices rising historically, earlier generations benefitted from lower interest rates, cushioning their monthly payments. Now, prospective homebuyers are grappling with a tougher financial landscape.

Elsewhere in the economy:

🇬🇧 Executives at some of Britain’s largest companies have offloaded over £1bn worth of shares since May, following fears of an impending capital gains tax increase in this month’s budget. According to The Telegraph, executives have sold £1.3 billion in stock while acquiring only £297 million between May 27 and September 27—resulting in net sales of £1 billion. This is a sharp increase compared to the months leading up to the election, when net sales totalled just £25 million.

🏠 Former Google CEO Eric Schmidt will headline the UK International Investment Summit on October 14, appearing alongside PM Sir Keir Starmer. The event marks a crucial moment for Labour to showcase Britain as open for business. Key figures like BlackRock’s Larry Fink and Alphabet's Ruth Porat will also speak, with Labour aiming to outdo past summits and attract international investment despite concerns over tax rises in the upcoming budget.

PwC has opened applications to its 2025 Strategy& Consulting Graduate Scheme based in London. The Strategy& team is a market-leading consulting practice with around 400 consultants in London. As an Associate, successful applicants will engage in client projects, applying commercial awareness and analytical skills in daily tasks. If you fancy joining the Big Four firm, apply now here.

Joker sequel bombs at the box office

📍 Top line: Todd Phillips' highly anticipated sequel, Joker: Folie à Deux, has had a disappointing box office debut, grossing an estimated $40 million in the US & Canada. This figure falls significantly short of expectations and marks a stark contrast to the original film's success. 

The sequel's struggles are particularly notable considering its production budget of $190 million, which is more than three times that of the first Joker film.

The movie earned a D CinemaScore from audiences, the first Hollywood comic book movie to achieve this. Exit polls reveal that viewers are unhappy with the film's unique blend of antihero and musical elements, contributing to the lower-than-expected box office performance. As it stands, Joker: Folie à Deux has brought in less than half of what its predecessor earned during its opening weekend, raising concerns about its future performance and overall reception.

Elsewhere in tech

📱 Apple is shifting away from its traditional annual product update cycle, according to Bloomberg, which may lead to more frequent releases and fewer delays, a reflection of the challenges created by its ever-growing product lineup and operating systems. Historically, Apple has stuck to a regular schedule, with software previews in June and major product launches, such as iPhones, iPads, and Macs, in the fall. However, the increasing range of products — like the Apple Watch Ultra, iPhone SE, and various Macs — has made annual updates less practical for all product categories.

🏪 Asda, the embattled UK supermarket chain, is facing growing discontent from customers after introducing a revamped version of its smartphone shopping app. The new app has been criticised by customers as "horrible" and "laggy," sparking a wave of negative feedback. The update is part of a broader overhaul of Asda's digital infrastructure ahead of a significant update to its main website later this year.

📉 Sue Gray has stepped down from her role as Sir Keir Starmer's chief of staff. In a statement, Ms. Gray said the "intense commentary" surrounding her position risked distracting from the government’s crucial work. Gray's resignation follows weeks of speculation about her role and rumours of internal tensions within the government. The controversy intensified after her £170,000 salary, which is £3,000 higher than the prime minister's, was leaked to the BBC.

🚆 Huge advertisement boards at Euston Station will be switched off after passengers raised concerns about "poor and unsafe" conditions, especially during rush hour. The large digital advertisements overshadowed the much smaller information boards, making it difficult for passengers to find train times and platform details.

🎵 Christopher Ciccone, Madonna's brother, has sadly passed away at the age of 63 after battling cancer. Ciccone was a multifaceted artist, dancer, and designer, and played a significant role in the popstar's early career. He contributed to iconic moments in Madonna's rise to stardom, including appearing in her music video for "Lucky Star," art directing her famous Blond Ambition World Tour, and serving as the tour director for The Girlie Show Tour.