Month: August 2024

OpenAI, the firm behind the widely known AI chatbot ChatGPT, has announced a significant partnership with global magazine giant Condé Nast.
This multi-year agreement will see content from iconic publications like Vogue, The New Yorker, and GQ featured within OpenAI’s platforms, including its newly launched AI-powered search engine, SearchGPT.
The deal marks the latest in a series of collaborations between OpenAI and major media companies, reflecting the growing demand for high-quality content to train and enhance AI models. While some media organisations, such as The New York Times and the Chicago Tribune, have resisted these developments, even taking legal action to protect their content, Condé Nast has chosen a collaborative approach.
Though financial details of the agreement have not been disclosed, the partnership is poised to offer benefits to both parties. Brad Lightcap, OpenAI’s chief operating officer, emphasised the importance of maintaining accuracy, integrity, and respect for quality journalism as AI becomes more integral to news discovery and delivery. “We’re committed to working with Condé Nast and other news publishers to ensure that AI supports rather than undermines the values of quality reporting,” Lightcap said.
For Condé Nast, this partnership offers a way to mitigate the financial pressures facing traditional media in the digital age. Roger Lynch, the company’s chief executive officer, noted that the deal with OpenAI will help offset revenue challenges brought about by the rise of social media and digital platforms. “Our partnership with OpenAI begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavours,” Lynch stated.
The collaboration comes on the heels of OpenAI’s launch of SearchGPT, an AI-powered search engine currently in its prototype stage. OpenAI has been gathering feedback from its partners in the news industry to refine the platform, which is expected to play a key role in the future of internet search.
The rise of AI-driven search technology is being closely watched by industry analysts, who see it as a transformative force in how information is accessed online. Google, the dominant player in the search market, has also been rapidly integrating AI tools into its products to maintain its leading position.
However, the shift towards AI-generated responses in search engines has raised concerns among news media firms, which rely heavily on search traffic for both audiences and revenue. The BBC, for instance, has taken steps to prevent its content from being used by AI firms without permission, while also exploring how generative AI could enhance value for its audiences.
As the digital media landscape continues to evolve, partnerships like the one between OpenAI and Condé Nast are likely to become increasingly common, offering new opportunities and challenges for both the technology and media industries.
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OpenAI and Condé Nast partner to feature content from Vogue, The New Yorker, and GQ in AI-powered search

With traditional banks tightening their lending criteria, a growing number of UK entrepreneurs are turning to pawnbrokers to secure vital funding.
H&T, Britain’s largest pawnbroker, has reported a surge in small business owners, including shopkeepers and builders, pledging personal jewellery and watches to obtain loans.
Chris Gillespie, CEO of H&T, which operates 282 stores across the UK, highlighted that many small business owners are finding it increasingly difficult to secure loans from traditional banks. This has driven them to seek alternative financing options, with pawnbroking emerging as a popular choice. “We’ve seen a noticeable increase in shopkeepers and builders using our services due to the lack of funding from other sources,” Gillespie said.
These loans are often used to cover essential business expenses such as purchasing stock, buying materials, or even paying VAT bills and wages. Gillespie noted that a significant portion of H&T’s customers come from ethnic minorities, particularly the Asian community and Eastern Europeans, who are more familiar with pawnbroking as a mainstream financial practice.
The average item pledged to H&T is valued at around £200, with loans typically being less than that amount. However, there has been a noticeable increase in larger loans, with approximately 18% of H&T’s loan book now consisting of loans of £5,000 or more. Entrepreneurs are increasingly pledging high-value items such as Rolex watches and expensive jewellery to secure these larger sums.
“The banks are more reluctant to lend than they used to be,” Gillespie explained. “They won’t lend you money against your watch and often require personal guarantees or charges on your house. Overdrafts are also harder to come by these days.”
This shift follows years of tighter lending criteria from banks, which have moved away from riskier, unsecured lending in favour of more straightforward business loans. When unsecured loans are available, they often come with stringent conditions that make business owners personally liable for their debts.
The reduction in alternative lending options has also contributed to the rise in pawnbroking. Regulatory crackdowns by the Financial Conduct Authority have led to the closure of several doorstep lenders and controversial payday lenders, pushing more customers towards pawnbrokers like H&T.
H&T’s pledge book rose to £105 million for the six months ending in June, up from £101 million in December. The company’s income increased by 11% year-on-year to £55.8 million, with pre-tax profits up by 12.5% to £9.9 million. Jewellery and watch sales also saw a significant boost, rising by 27% to £29.3 million compared to the same period last year.
Founded 125 years ago, H&T continues to adapt to changing market demands. In response to growing weekend shopping habits, the company is piloting Sunday trading hours in 10% of its stores to meet increased demand.
As traditional financial avenues become more restrictive, pawnbroking is emerging as a lifeline for entrepreneurs in need of quick, accessible funding, allowing them to maintain and grow their businesses in a challenging economic environment.
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Entrepreneurs turn to pawnbrokers as banks tighten business lending

Often misunderstood as a “dark art,” business development is actually the strategic powerhouse driving organisational growth.
At its core, business development is about seizing opportunities, forging key relationships, and boosting revenue through partnerships, market expansion, and innovative offerings. From networking to strategic planning, it’s all about turning insights and connections into tangible results for long-term success.
When done right, business development feels effortless, as if new projects and clients appear out of nowhere – when in fact, they’re the product of months or even years of effort.
Like it or not, business development is crucial. It’s what keeps the lights on and your team employed. The sooner it’s embraced and understood, the better.
“That’s Not My Job!”
So, who is responsible for business development?
If you asked your entire organisation, how many hands would go up? Typically, only those with “business development” or “client relations” in their titles – those who schmooze clients with a company credit card.
In reality, EVERYONE is responsible for business development. Every team member represents your brand and waves its flag daily.
Not everyone is a master networker, nor do they need to be. Sometimes it’s the technical expert who does such great work that clients keep coming back. Smart businesses play to these strengths: sending out the networkers to hunt for new opportunities while supporting the specialists in maintaining strong client relationships.
Success hinges on your entire team knowing what excellence looks like, understanding your brand, the work you want to win, and their role in helping you thrive.
Out with the Old, In with the New
Business development doesn’t always have to focus on the “new.” Nurturing existing clients and collaborators often delivers a quicker return on investment (ROI). They already know you and your business, but do they know the full extent of your capabilities? And do you understand the full range of opportunities they could offer?
It’s easy to assume that clients who hire you for one project understand everything you can do. In reality, that’s rarely the case. It’s up to your team to keep communication lines open, understand your clients’ needs, and explore how your organisation can support them further. Take every opportunity to share updates on your broader services, cross-sell other divisions, or simply signal that you’re ready for the next project.
“But My Best Contacts Are More Like Friends Now!”
People buy from people they like and trust – this is a fact. If I enjoy working with you, I’ll likely find ways to continue. However, when a working relationship turns into a genuine friendship, it can feel awkward to ask for the next project.
Or maybe you keep getting the same type of work from this friend but are overlooked for the larger, high-profile projects.
In this case, it’s time for a change. Be brave and address the elephant in the room. If you want a piece of the pie, you need to position your organisation as a contender. Too often, we hear, “Oh, we didn’t know they could handle XYZ!”  They didn’t know—so it’s your job to tell them!
Sourcing and Converting New Clients
Start by identifying the clients who are doing the work you want to do. Then, understand what these organisations need and how your team can meet those needs. These organisations likely have existing relationships, so you need to figure out why they should engage with you. This is the “so what” of business development.
Next, think about how you’ll connect with them. Researching these organisations gives you a head start on discovering what interests them or keeps them up at night. Are they attending or sponsoring any events you could join? Are their key people active on social media? Do you share mutual connections? There are many ways to connect, and it’s not a one-size-fits-all approach. Understanding the unique value you bring to prospective clients is crucial.
“I’ve Connected with Some Interesting People – Now What?”
After making contact with target clients, don’t just sit back and wait. Swift and relevant follow-up is key. Schedule the coffee meeting you discussed or arrange the project walkaround you promised. Building a trusted, long-term relationship is all about actively listening to what the other person needs and delivering on your promises. Nail these two aspects, and you’ll be ahead in the business development game.
“It’s the Summer Holidays – Is There Any Point in Worrying About Business Development Now?”
August is traditionally a “feet-up” time for many—a chance to take a well-deserved break. But it’s also the last bit of downtime before the ramp-up to the festive season and can provide an ideal opportunity to pause, reflect on the year so far, plan for Q4, and start thinking about next year’s objectives. And yes, you can sip a piña colada while doing it.
In Summary
Business development is a team sport that takes time, practice, and patience. There’s no one-size-fits-all approach; success comes when everyone pulls together to share intelligence, surround opportunities, and hunt as a pack.
To do this effectively, everyone needs to understand the end game – who you’re targeting and for what type of work. It’s also crucial that each team member feels comfortable with their business development style, whether it’s pursuing new leads or strengthening existing bonds.
Organisations that integrate this mindset into daily activities will see business development transform from a dark art into a shining success – one where the whole team is empowered to play their part.
Read more:
Business Development: Dark Art or Business Essential?

Disney has backed down from its attempt to move a wrongful death lawsuit to arbitration, following a public backlash.
The lawsuit, filed by Jeffrey Piccolo, seeks justice for the death of his wife, Dr. Kanokporn Tangsuan, who died in 2023 after suffering a severe allergic reaction at Disney World in Florida.
Initially, Disney argued that the case should be resolved through arbitration due to a clause in the terms and conditions of its Disney+ streaming service, which Mr Piccolo had signed up for during a free trial in 2019. Arbitration, often favoured for its confidentiality and speed, would have kept the matter out of a public courtroom.
However, after facing significant public criticism, Disney decided to allow the lawsuit to proceed in court. Josh D’Amaro, Disney’s chairman, said in a statement to Business Matters, “We believe this situation warrants a sensitive approach to expedite a resolution for the family who have experienced such a painful loss. As such, we’ve decided to waive our right to arbitration and have the matter proceed in court.”
Legal experts had questioned Disney’s original stance, with some suggesting that the company was “pushing the envelope of contract law” by attempting to apply the Disney+ terms to an unrelated incident. Jamie Cartwright, a partner at Charles Russell Speechlys, noted that Disney’s initial approach likely generated the very public scrutiny it sought to avoid.
The lawsuit stems from an incident at Raglan Road, an Irish-themed pub located at Disney Springs in Orlando, but operated by an independent company. Mr Piccolo alleges that the restaurant failed to properly accommodate his wife’s severe allergies to dairy and nuts, despite being informed of them multiple times. Dr. Tangsuan later died in hospital, with a medical examiner confirming that her death was due to anaphylaxis caused by elevated levels of dairy and nuts in her system.
Mr Piccolo is suing Disney for over $50,000 (£38,400), in addition to other damages related to suffering, loss of income, and medical and legal costs. Disney has maintained that it had no control over the management or operation of the restaurant involved.
Legal analysts believe that Disney’s decision to withdraw its arbitration claim is likely influenced by the adverse publicity generated by its initial argument. Ernest Aduwa, a partner at Stokoe Partnership Solicitors, pointed out that Disney’s novel approach in attempting to extend its Disney+ terms to this case was “potentially far-reaching” but ultimately a “weak argument.”
Disney has confirmed that it is in the process of formally submitting its withdrawal of the arbitration request to the court.
Read more:
Disney drops bid to use Disney+ contract to halt allergy death lawsuit

The number of UK companies falling into insolvency over the past year has surpassed the levels seen during the 2008 global financial crisis.
According to the latest figures from the Insolvency Service, 25,551 companies went under in the year leading up to the end of July, a 1.4% increase compared to the 25,186 insolvencies recorded during the same period in 2008-09.
These figures highlight the mounting pressure on businesses as a result of the sharp rise in interest rates since 2021. Although the Bank of England has been raising borrowing costs for nearly three years, the impact on business failures had been somewhat subdued—until now. The latest data suggests that the strain on corporate finances is becoming increasingly severe, despite the unemployment rate holding steady at 4.4%.
Rebecca Dacre, a partner at Forvis Mazars, commented on the situation, saying, “The latest insolvency figures are a strong reminder that many businesses are still a long way off from recovery. Despite initial signs of improvement in the economy, some sectors are still experiencing severe difficulty as interest rates remain high.”
The retail and hospitality sectors, in particular, have been hit hard by reduced consumer spending during the ongoing cost of living crisis. These challenges have made survival increasingly difficult for many businesses in these industries.
In response to the economic challenges, the Bank of England lowered interest rates this month for the first time since March 2020, reducing its base rate from 5.25% to 5%. City traders anticipate that the Bank will implement two further rate cuts this year, each by a quarter-point.
In July alone, 2,150 companies went insolvent, marking a 25% increase compared to the same month in 2023. However, this figure was down slightly from the 2,349 insolvencies recorded in June this year, according to non-seasonally adjusted data from the Insolvency Service.
A rise in business failures is typically associated with higher unemployment and slower economic growth. However, the UK economy has shown signs of resilience this year, with growth of 0.7% and 0.6% in the first and second quarters, respectively.
During the pandemic, the government introduced measures to protect businesses from failure due to lockdowns, resulting in a temporary decrease in insolvencies. However, the removal of most of these policies in late 2021 led to a surge in business failures.
Corporate finances continue to be squeezed by a combination of rising energy costs, partly due to Russia’s invasion of Ukraine, and consumer spending that remains below pre-pandemic levels.
Sarah Rayment, head of global restructuring at Kroll, expressed cautious optimism for businesses, noting that looser monetary policy and steady economic growth could offer some relief. “The question is whether they will have enough financial headroom with higher borrowing costs or whether their lenders will give them enough leeway,” she said. “It is perhaps more likely that we will see more restructuring activity in the near future.”
Read more:
UK insolvencies surpass financial crisis levels as interest rates squeeze businesses

Mike Lynch, the British tech entrepreneur recently acquitted in a high-stakes £8bn fraud case, is missing after his yacht sank off the coast of Sicily.
The incident occurred just weeks after Lynch’s remarkable legal victory, which saw him cleared of fraud charges in a US court following a 13-year legal battle with technology giant HP.
Lynch, often dubbed “Britain’s Bill Gates,” was aboard his 56-metre yacht, Bayesian, named after the statistical method central to his academic work, when it was caught in a freak tornado off the coast of Palermo. His wife, Angela Bacares, and several other passengers were rescued, but Lynch, his daughter Hannah, and several others are still missing.
The sinking marks a tragic turn of events for Lynch, who had recently celebrated his acquittal and expressed intentions to challenge the UK’s extradition laws. Lynch, who founded the software company Autonomy before selling it to HP for over £8bn in 2011, had faced allegations of inflating the company’s value to secure the sale. Despite losing a civil case in the UK, Lynch was found not guilty in a criminal trial in the US, a verdict that few expected.
Lynch’s yacht had been travelling along the Sicilian coast when it encountered the storm. Local fishermen described seeing the vessel in distress before it sank, leaving wreckage scattered on the sea’s surface. Italian authorities are continuing the search for the missing passengers, but hopes are fading.
Lynch, whose wealth was estimated at $450m, primarily lived on a farm in Suffolk, where he raised rare breeds of livestock. Known for his pioneering work in the tech industry, Lynch also played a key role in the founding of cybersecurity firm Darktrace and was a prominent investor in the tech sector through his venture capital firm, Invoke Capital.
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Tech tycoon Mike Lynch missing after yacht sinks off Sicily, weeks after £8bn fraud acquittal

In today’s digital age, billions of pieces of content are uploaded to online platforms and websites each day.
Moderating this material has, therefore, never been more critical or challenging. While most of this uploaded content may be positive, we are also seeing a growing volume of harmful and illegal materials – from violence and self-harm to extremist rhetoric, sexually explicit imagery and child sex abuse material (CSAM).
Tackling this deluge of harmful content is now a defining challenge for businesses, with those unable (or unwilling) to do so opening themselves up to significant penalties and putting children at severe risk.
Our own research has revealed that over a third (38%) of parents have been approached by their kids after seeing harmful or illegal content, with many accessing materials as graphic and harmful as CSAM within just ten minutes of going online.
Therefore, the time has come for stronger content moderation measures and businesses looking beyond traditional manual moderation methods, which have become impractical and unscalable. Instead, they should leverage the complementary capabilities of AI that are transforming the landscape of content moderation through automation, enhanced accuracy, and scalability.
However, as with any new innovation, companies interested in using AI should ensure they implement the technology in a way which ensures regulatory compliance. The decisions companies make today will massively impact their future operations.
The helping hand of AI
AI has drastically transformed the content moderation landscape by using automated scanning of images, pre-recorded videos, live streams, and other types of content in an instant. It can identify issues such as underage activity in adult entertainment, nudity, sexual activity, extreme violence, self-harm, and hate symbols within user-generated content platforms, including social media.
AI is trained on large volumes of “ground truth data”, collecting and analysing insights from archives of tagged images and videos ranging from weapons to explicit content. The accuracy and efficacy of AI systems directly correlate to the quality and quantity of this data. Once trained, AI can effectively detect various forms of harmful content. This is especially important during live streaming scenarios, where content moderation needs to be viable across diverse platforms with varying legal and community standards.
While an automated approach not only accelerates the moderation process, but also provides scalability – a vital feature in an era where solely human moderation wouldn’t be possible with the sheer volume of online content.
A synergy of AI and humans
AI automation brings significant benefits, allowing organisations to moderate at scale and reduce costs by eliminating the need for a large team of moderators. However, even the most advanced technology requires human judgement to accompany it, and AI is far from being perfect on its own. Specific nuances and contextual cues can confuse systems and generate inaccurate outcomes. For instance, AI might be unable to differentiate between a kitchen knife used in a cooking video and a weapon used in an act of violence or confuse a toy gun in a children’s commercial with an actual firearm.
Therefore, when AI flags content as potentially harmful or in violation of guidelines, human moderators can step in to review and make the final call. This hybrid approach ensures that, while AI extends the scope of content moderation and streamlines the process, humans retain the ultimate authority, especially in complex cases.
Over the coming years, the sophistication of AI identification and verification techniques will continue to increase. This includes improving the accuracy of matching individuals featured in various types of content with their identity documents—a next step in ensuring consent and mitigating unauthorised content distribution.
Thanks to its learning capabilities, AI will constantly improve its accuracy and efficiency, with the potential to reduce the need for human intervention as it continues to evolve. However, the human element will continue to be necessary, especially in appeals and dispute resolutions related to content moderation decisions. Not only do current AI technologies lack the nuanced perspective and understanding, humans can also serve as a check against potential algorithmic biases or errors.
The global AI regulation landscape
As AI continues to expand and evolve, many businesses will be turning to regulatory bodies to outline their plans to govern AI applications. The European Union is at the forefront of this legislation, with its Artificial Intelligence Act coming into force in August 2024. Positioned as a pathfinder in the regulatory field, the act categorises AI systems into three types: those posing an unacceptable risk, those deemed high-risk, and a third category with minimal regulations.
As a result, an AI office has been established to oversee the implementation of the Act, consisting of five units: regulation and compliance; safety; AI innovation and policy coordination; robotics and AI for societal good; and excellence in AI. The office will also oversee the deadlines for certain businesses to comply with the new regulations, ranging between six months for prohibited AI systems to 36 months for high-risk AI systems.
Businesses in the EU are, therefore, advised to watch the legislative developments closely to gauge the impact on their operations and ensure their AI systems are compliant within the set deadlines. It’s also crucial for businesses outside of the EU to stay informed on how such regulations might affect their activities, as the legislation is expected to inform policies not just within the EU but potentially in the UK, the US and other regions. UK and US-based AI regulations will follow suit, so businesses must ensure they have the finger on the pulse and that any tools they implement now are likely to meet the compliance guidelines rolled out by these countries in the future.
A collaborative approach to a safer Internet
That being said, the successful implementation of AI in content moderation will also require a strong commitment to continuous improvement. Tools are likely to be developed ahead of any regulations going into effect. It is, therefore, important that businesses proactively audit them to avoid potential biases, ensure fairness, and protect user privacy. Organisations must also invest in ongoing training for human moderators to effectively handle the nuanced cases flagged by AI for review.
At the same time, with the psychologically taxing nature of content moderation work, solution providers must prioritise the mental health of their human moderators, offering robust psychological support, wellness resources, and strategies to limit prolonged exposure to disturbing content.
By adopting a proactive and responsible approach to AI-powered content moderation, online platforms can cultivate a digital environment that promotes creativity, connection, and constructive dialogue while protecting users from harm.
Ultimately, AI-powered content moderation solutions offer organisations a comprehensive toolkit to tackle challenges in the digital age. With real-time monitoring and filtering of massive volumes of user-generated content, this cutting-edge technology helps platforms maintain a safe and compliant online environment and allows them to scale their moderation efforts efficiently.
When turning to AI, however, organisations should keep a vigilant eye on key documents, launch timings and the implications of upcoming legislation.
If implemented effectively, AI can act as the perfect partner for humans, creating a content moderation solution that keeps kids protected when they access the internet and acts as the cornerstone for creating a safe online ecosystem.
Read more:
AI, a helping hand for businesses when moderating content

UK small and medium-sized enterprises (SMEs) are setting their sights on ambitious growth plans following a year of strong performance, according to a recent survey by Shawbrook.
The survey, which focused on businesses that experienced growth, found that 44% of these SMEs are considering an initial public offering (IPO) within the next five to ten years. This wave of optimism is also driving plans for mergers, acquisitions, and regional expansion.
With 46% of all SMEs reporting growth over the past year, the sector is experiencing a surge in confidence, with 86% of respondents expressing optimism for the year ahead. Notably, 27% of business leaders stated they feel extremely confident about the future.
The survey highlighted that nearly half of the financial decision-makers and business owners surveyed are exploring a range of strategic growth opportunities. Beyond IPOs, 41% are contemplating acquisitions, and 42% are considering mergers as key avenues for expansion. Internally, 52% of SMEs are focusing on team growth, with significant attention on upskilling existing staff and expanding leadership teams.
Investment in staff remains a top priority, with 53% of businesses planning to hire new employees and 50% aiming to enhance the skills of their current workforce. This internal growth strategy is seen as essential to sustaining the momentum gained from recent successes.
Financial planning is also on the agenda, with 45% of SMEs that have seen growth over the past year planning their next funding round within the next five to ten years. Additionally, 51% are preparing for significant capital expenditures, and 49% are considering applying for new loans or lines of funding to support their growth ambitions.
Neil Rudge, Chief Banking Officer, Commercial, at Shawbrook, commented: “Stronger economic conditions are fuelling a new wave of growth for SMEs. Our research shows renewed confidence after a challenging period, with business leaders setting ambitious plans. This surge in activity aligns with discussions we’re having at Shawbrook, reflecting optimism across the UK economy. Building a strong partnership with a dedicated lender is key for SMEs. When lenders take the time to truly understand their business, financing becomes a strategic tool for success, not just a transaction.”
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UK SMEs eye ambitious expansion plans amid renewed growth and confidence

Stephen Beynon, the British CEO of satellite internet provider OneWeb, is set to resign just under a year after the company merged with France’s Eutelsat.
His departure comes amid reports of increasing French dominance within the newly combined group, with key decisions shifting away from the UK.
OneWeb, which was founded in 2012 by US tech entrepreneur Greg Wyler to deliver global internet coverage via low earth orbit satellites, faced significant challenges in 2020, filing for bankruptcy after losing support from major investor SoftBank. The company was subsequently rescued by a $500 million investment from the UK government and an equal sum from Indian billionaire Sunil Bharti Mittal, who recently became BT’s largest shareholder.
Former Business Matters columnist, Beynon was appointed CEO of OneWeb and co-president of Eutelsat’s connectivity division following the merger, which saw Eutelsat acquire OneWeb in a deal framed as a partnership. However, insiders suggest that the UK operations are increasingly being absorbed by their French parent, despite the British government retaining a 10.9% stake and a special share intended to protect UK interests.
Beynon’s co-president, Frenchman Cyril Dujardin, is expected to take full control of Eutelsat OneWeb after Beynon’s departure next month. The search for Beynon’s successor is currently underway, with the leadership transition raising further questions about the future of OneWeb’s UK operations.
Neither Beynon nor Eutelsat have provided any comment on the resignation.
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Oneweb CEO resigns amid growing french influence after merger with Eutelsat