Month: October 2025

More than 100 business and charity leaders have signed an open letter calling on ministers to “lead the country’s transition toward a shorter working week”, amid a growing row over the future of the four-day week in local government.
The letter, coordinated by the 4 Day Week Foundation, comes after Steve Reed, the local government secretary, criticised South Cambridgeshire District Council — the first in England to trial a four-day working week — claiming the move had harmed performance and value for money.
In a letter leaked to The Telegraph, Reed expressed his “deep disappointment” at the council’s decision to make its four-day trial permanent. Citing an independent report, he said performance had “declined in key housing-related services including rent collection, reletting times and tenant satisfaction with repairs”.
In response, more than 100 senior figures from across business, charities and trade unions have urged the government to establish a working time council to oversee and guide a nationwide shift towards a four-day week.
“As business leaders, trade union leaders and advocates who have witnessed the successful transition to a four-day working week (with no loss of pay) in many contexts, we can say with confidence that it is not just an idea for the future – it is already delivering results today,” the letter states.
“From different sectors and company sizes, we have all witnessed the same outcome: shorter working weeks are not only viable, but transformative.”
Signatories include employers who have already adopted reduced-hour working patterns and report benefits in productivity, staff wellbeing, and retention.
Bridget Smith, leader of South Cambridgeshire District Council, rejected Reed’s claims, insisting that “independently assessed data” showed the vast majority of council services had improved or remained stable during the trial.
“I am extremely disappointed by Mr Reed’s letter,” she said. “Our staff have done 100% of their work in 32 hours each week since the four-day week began. Our financial analysis indicates that we are saving around £399,000 per year, largely by cutting our reliance on agency staff.”
The trial, which began in 2023, has been closely watched across the public sector. At least 25 other councils are understood to be exploring similar pilots for next year.
Joe Ryle, director of the 4 Day Week Foundation, described Reed’s intervention as “frankly ridiculous” and said it made the government look “outdated and stuck in the past.”
“The evidence shows that four-day weeks and flexible working are good for workers and for businesses,” he said. “The council overall is outperforming other local authorities — so cherry-picking a few metrics is frustrating and disingenuous.”
Ryle added that while the private sector has embraced shorter weeks “with hundreds of companies now operating successfully on that model,” the idea becomes “politicised as soon as it enters the public sector.”
The UK government has no legal power to ban councils from adopting four-day work patterns, but ministers can exert political pressure.
According to Office for National Statistics data, more than 200,000 workers have switched to a four-day week since the pandemic. The 4 Day Week Foundation estimates that at least 430 companies, representing 13,000 workers, have now adopted shorter working weeks nationwide.
Advocates say the model improves productivity, work-life balance and recruitment, while critics warn it risks inefficiency and disruption in essential public services.
For now, the debate over the four-day week appears set to intensify — with councils, campaigners and businesses urging ministers not to stand in the way of what they see as an inevitable shift in how Britain works.
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Business and charity leaders urge ministers to back England’s transition to four-day week

Virgin Media O2 is set to become the first UK mobile network to offer customers automatic satellite connectivity in areas with no phone signal, after striking a deal with Elon Musk’s Starlink.
The new service, O2 Satellite, will launch in the first half of 2026, giving users coverage in rural and remote regions where terrestrial masts are unavailable. The company said smartphones compatible with the technology would automatically connect to satellites when no mobile signal is detected.
While Virgin Media O2 has yet to reveal pricing, the service will be offered as an optional monthly add-on rather than a standard feature.
Initially, O2 Satellite will only support messaging, maps and location apps. Phone calls made via normal mobile networks will not work over the satellite connection, as Starlink’s current generation of satellites does not support voice. However, WhatsApp calls and other data-based communication apps may function, with O2 confirming it will run trials before the public rollout.
Luke Pearce, a telecoms analyst at CCS Insight, said the technology could prove transformative for consumers and businesses.
“In today’s world, connectivity is no longer optional,” he said. “Whether it’s emergency SOS in life-saving situations or keeping software-defined vehicles online, people now expect constant access. Satellite is the only technology that can truly close the coverage gap across mountains, oceans and rural areas.”
O2’s announcement follows rival Vodafone’s successful live video call via satellite earlier this year from a remote mountain in Wales, which the company described as a UK first. Vodafone partnered with US satellite firm AST SpaceMobile, which currently has six satellites in orbit and aims to deploy up to 60 by the end of 2026.
Starlink, owned by SpaceX, already has more than 650 satellites supporting direct-to-device services and has launched similar offerings in Australia, New Zealand, the US, Canada and Japan.
In the UK, the telecoms regulator Ofcom updated its rules in September to allow satellite connectivity directly to smartphones. For now, such connections are limited to emergency texting features available on the latest iPhone and Android models, but O2’s partnership with Starlink is expected to be the first commercial deployment for mainstream users.
Astronomers, however, have raised concerns about the growing number of low-Earth orbit satellites, warning they contribute to light pollution and could make it harder to detect asteroids and other space hazards.
Still, with O2’s move, the UK looks set to take a major step toward universal mobile coverage — powered not by masts on the ground, but by “phone towers in the sky.”
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Virgin Media O2 to team up with Musk’s Starlink to launch UK’s first satellite-connected mobile service

Apple’s iPhone, Amazon and Virgin Atlantic have been named YouGov’s UK Advertisers of the Month for September, after each brand saw a sharp increase in consumer awareness of their advertising.
According to YouGov BrandIndex, which measures the percentage of consumers who have seen an advert for a brand in the past two weeks, all three brands posted significant gains in Ad Awareness during the month.
Amazon recorded the biggest uplift, rising from 26.5% on September 1 to 33.7% on September 25 — a gain of 7.2 percentage points. The surge followed the company’s UK Upfront event, which promoted new advertising formats across Prime Video and its growing retail media network.
The e-commerce giant also announced a landmark partnership with Netflix on September 10, allowing advertisers to buy inventory from Netflix’s ad-supported tier directly through Amazon’s demand-side platform (DSP). The tie-up marked a major step in Amazon’s ambitions to become a global hub for connected TV advertising.
Apple’s Ad Awareness score for iPhone jumped from 12.0% on September 9 to 21.5% on September 25, an increase of 9.5 points. The rise coincided with the company’s annual September product showcase, which unveiled the iPhone 17, iPhone 17 Pro, and the new iPhone Air, alongside updates to the Apple Watch Series 11, Apple Watch Ultra 3, and refreshed AirPods Pro.
The high-profile launch generated extensive cross-channel marketing activity, bolstered by cinematic advertising campaigns and sustained media coverage across the tech and lifestyle sectors.
Virgin Atlantic also saw a notable uplift in Ad Awareness, climbing from 7.9% on August 30 to 13.1% on September 25 — a rise of 5.1 points. The growth was driven by the airline’s latest LGBTQ+ campaign, “Free to Be Me”, created in partnership with Attitude magazine.
The campaign celebrated inclusion and self-expression among travellers, combining digital storytelling with branded content and social partnerships to reinforce Virgin Atlantic’s positioning as one of the most progressive brands in aviation.
Together, the three brands exemplified how major product launches, partnerships, and purpose-led campaigns can translate into tangible boosts in advertising visibility — even in a competitive and cluttered media landscape.
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iPhone, Amazon and Virgin Atlantic named UK advertisers of the month for September

AI and Web3 startup PoobahAI has raised $2 million in seed funding from FourTwoAlpha Ltd, the early Ethereum and Cosmos investor, in a move designed to make AI-powered blockchain creation accessible to anyone, regardless of technical expertise.
Based in Fort Worth, PoobahAI has built an artificial intelligence-driven, no-code platform that allows creators, entrepreneurs and businesses to launch decentralized Web3 applications, tokenized ecosystems and autonomous AI agents without writing a single line of code. The new capital will be used to accelerate the rollout of its flagship product, the MCP Server, and to support go-to-market expansion as the company works through a 4,000-strong global waitlist spanning North America, Europe and Asia.
The MCP Server, unveiled ahead of the funding announcement, is the first infrastructure layer designed to connect AI agents directly to blockchains. The technology allows for seamless multi-chain operations, transforming traditional static networks into dynamic, self-sustaining ecosystems capable of adapting and evolving in real time. By pairing this with PoobahAI’s intuitive platform, the company says builders can develop decentralized systems up to 60 per cent faster and at 90 per cent lower cost than traditional methods.
“Web3 holds the keys to a truly open internet, yet it’s trapped in a cage of code and complexity,” said Dr. Dana Love, President and Chairman of PoobahAI. “We’re blasting those doors wide open, arming builders with AI that doesn’t just automate — it innovates. Backed by FourTwoAlpha, we’re turbocharging this revolution and proving that the future of decentralized infrastructure can be as intuitive as drag-and-drop and as powerful as the blockchain itself.”
Founded by a team of AI and Web3 veterans, PoobahAI is part of a new generation of companies working to democratize the intersection of artificial intelligence and decentralized technology. The startup’s mission is to remove the complexity that has long hindered adoption, creating what it calls a “creator economy for Web3” — a space where individuals and organizations can build tokenized, autonomous systems as easily as they might design a website.
Investor FourTwoAlpha Ltd, based in the British Virgin Islands, said it views PoobahAI’s technology as the next logical step in the evolution of decentralized systems. The firm’s portfolio includes early investments in some of the world’s most transformative blockchain networks, and it believes PoobahAI’s AI-native approach could help unlock mainstream adoption of decentralized infrastructure.
The funding will also fuel PoobahAI’s efforts to expand its community of builders through university partnerships and global developer initiatives, as well as deepen its collaborations with major blockchain ecosystems. The company is already piloting its “chain-licensing” model with several leading Layer 1 networks, aiming to embed its AI infrastructure at the heart of the decentralized internet.
With additional AI tools entering public beta later this year, PoobahAI is positioning itself as a bridge between the AI and blockchain worlds — a convergence that many industry observers see as the next major frontier in tech innovation. “The next wave of progress will come from those who don’t just use AI or blockchain but combine them,” said Dr. Love. “PoobahAI is here to make that fusion simple, scalable and unstoppable.”
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PoobahAI raises $2M to mainstream AI-built blockchains

The Prince Albert II of Monaco Foundation (FPA2) has partnered with Circulate Capital, a leading circular economy investment firm, to scale solutions addressing ocean plastic pollution across South and Southeast Asia.
The collaboration, announced at the Ocean Innovators Platform in Hong Kong — an initiative led by FPA2 to promote sustainable blue economy solutions — marks a significant step in mobilising private capital to fight plastic pollution at its source.
The partnership will combine FPA2’s global environmental influence with Circulate Capital’s investment expertise in circular economy ventures to accelerate funding for businesses that prevent plastic leakage and build sustainable value chains in coastal regions.
“The fight against ocean plastic pollution is one of the Foundation’s highest priorities,” said Olivier Wenden, Vice Chairman and CEO of the Prince Albert II of Monaco Foundation. “Circulate Capital has demonstrated a compelling, market-based approach to solving this crisis in the regions most affected. Our partnership marks an important step in scaling effective, on-the-ground initiatives that protect marine ecosystems and support local livelihoods.”
South and Southeast Asia are responsible for nearly 70% of the plastic entering the world’s oceans each year. Yet, according to the Foundation, the region received just 10% of the US$190 billion invested globally in plastic circularity between 2018 and 2023.
Analysts estimate that improving recycling systems and managing mismanaged plastic waste across the region could reduce greenhouse gas emissions equivalent to shutting down 61 coal plants for a year. Meeting national recycling targets in six key markets could cut global emissions from plastics end-of-life by 10% by 2030.
“We aren’t just getting a partner; we’re getting a champion,” said Rob Kaplan, Founder and CEO of Circulate Capital. “With the Prince Albert II of Monaco Foundation alongside us, we can unlock the networks, capital, and collaboration needed to tackle plastic pollution head-on.”
Since its launch, Circulate Capital has invested in 23 companies across Asia and Latin America, financing projects that reduce plastic pollution while creating social and climate impact.
The firm’s portfolio has added 455,000 tonnes of annual recycling capacity, avoided 627,000 tonnes of CO₂ emissions, and improved the livelihoods of more than 6,600 workers throughout the recycling value chain.
The new partnership aims to extend that reach further, channelling more capital to local innovators tackling waste collection, recycling infrastructure, and alternative materials.
The alliance underscores a growing movement to align environmental philanthropy with market-driven investment strategies. By connecting impact investors with scalable solutions, FPA2 and Circulate Capital hope to redefine how plastic pollution is tackled — turning waste into opportunity and sustainability into growth.
“This partnership exemplifies how collaboration between foundations and private capital can deliver measurable, lasting change,” Wenden said. “The ocean connects us all — and protecting it demands that kind of shared responsibility.”
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Prince Albert II Foundation and Circulate Capital join forces to tackle ocean plastic in Asia

Sophisticated criminal networks are dumping millions of tonnes of waste in the British countryside every year, costing the UK an estimated £1 billion annually, according to a House of Lords inquiry.
The Environment and Climate Change Committee found that large-scale fly-tipping operations are increasingly linked to organised crime groups involved in money laundering, drug trafficking and modern slavery.
The inquiry estimated that around 38 million tonnes of waste are illegally dumped each year — enough to fill Wembley Stadium 35 times — but warned that the true figure may be far higher due to widespread under-reporting.
Committee chair Baroness Sheehan said waste crime had become a “low-risk, high-reward” activity for organised criminals, who operate with “complete impunity” amid weak enforcement and limited resources at the Environment Agency.
One of the worst cases cited in the inquiry involved 15ft-high piles of waste dumped in a Kent woodland, home to endangered nightingales. Despite public reports dating back to 2020, it took four years for regulators to take action.
Residents told peers they feared reprisals for speaking out. Les Bashford, a gamekeeper on the Surrey-Kent border who faces fly-tipping “almost weekly”, said confronting offenders often leads to violence.
“At least 75 per cent of people dumping here are known to the police,” he said. “If you catch them and they’ve already tipped, they’ll do whatever they can to escape.”
The Lords inquiry concluded that the £1bn annual cost of waste crime combines both the public cost of cleaning up sites and the tax revenue lost through unpaid landfill levies and unlicensed disposal operations.
Legitimate waste firms are also losing millions to criminal competitors undercutting them with illegal dumping, the committee said.
Dan Cooke, of the Chartered Institute of Waste Managers, called for tougher enforcement and more consistent national leadership.
“The negative impact this crime imposes on legitimate operators and local economies, alongside the environmental damage it causes, means tackling waste crime must become a government priority,” he said.
Peers urged ministers to launch a dedicated waste crime hotline, a digital tracking system to monitor waste from origin to disposal, and quarterly targets and progress reports for the Department for Environment, Food and Rural Affairs (Defra).
The committee also recommended a review into whether the landfill tax system was inadvertently fuelling illegal dumping by making lawful disposal prohibitively expensive.
Baroness Sheehan said: “Waste crime is critically under-prioritised despite its significant environmental, economic and social costs. The government must act now — there is no time to waste.”
A Defra spokesperson said the government was already “tightening the net” on waste gangs as part of its Plan for Change.
“We are helping councils to crush fly-tippers’ vans, funding more Environment Agency enforcement officers, and imposing tougher sentences for those who transport waste illegally,” the spokesperson said. “We will carefully consider the recommendations of this report and respond in due course.”
The Lords’ findings add to growing concern about the UK’s waste system, where gaps in enforcement have allowed criminals to profit from illegal dumping while damaging the environment and local communities.
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Organised crime gangs dumping millions of tonnes of waste in British countryside

Steven Bartlett, the entrepreneur and Diary of a CEO host, has revealed his business empire has been valued at $425 million (£320 million) following a major eight-figure investment — a deal that cements his position as one of the richest entrepreneurs ever to appear on Dragons’ Den.
The 33-year-old investor, who joined the BBC show in 2022, announced the new valuation through a press statement this week. The deal sees venture capital firms Slow Ventures and Apeiron Investment acquire a minority stake in his umbrella company Steven.com, which now houses Bartlett’s rapidly expanding portfolio, including Flight Story, Flight Cast, Flight Fund, and online shopping platform Stan Store.
Bartlett said the capital injection will help him “build the Disney of the creator economy”, positioning his ventures at the centre of the multi-billion-dollar influencer and creator marketplace.
“For the last century, companies like Disney demonstrated the power of intellectual property,” Bartlett said. “In today’s world, creators are the new franchises — and with my team, we’re building the modern version of that model.”
Despite the investment, Bartlett said he still retains more than 90% ownership of Steven.com.
The valuation marks another major milestone for Bartlett, who has evolved from startup founder to multimedia mogul. His media and technology portfolio now spans content production, venture investment, and e-commerce infrastructure for digital creators.
Steven.com integrates all of his ventures, including:
• Flight Story – a marketing and communications agency powering The Diary of a CEO and Davina McCall’s Begin Again podcast.
• Flight Cast – a creative production division.
• Flight Fund – Bartlett’s venture capital arm investing in tech and consumer brands.
• Stan Store – an e-commerce platform competing with Shopify and Linktree.
Bartlett claims the investment is the largest ever made in a European company specialising in social media creators.
Born in Botswana to a Nigerian mother and English father, Bartlett grew up in Plymouth and dropped out of university at 18 before launching his first business.
He co-founded Social Chain in 2014 with Dominic McGregor, building it into one of Europe’s fastest-growing social media agencies. However, the company attracted criticism for plagiarising social media content and overstating valuations.
In his biography, Bartlett claimed to have taken Social Chain public at a valuation of $600 million, though the firm’s 2019 merger with German retailer Lumaland placed its true value closer to $186 million. The company later reached $620 million after Bartlett’s exit and was eventually sold for just £7.7 million.
Bartlett left Social Chain in 2020, later establishing Flight Story and the Diary of a CEO podcast — both now key drivers of his wealth and influence.
While Bartlett’s business success has been widely celebrated, his ventures have not been without controversy.
A BBC investigation in late 2024 found that his Diary of a CEO podcast had featured guests promoting unverified health claims, including that a keto diet could treat cancer and COVID-19 was “biologically engineered”, without challenge from Bartlett. Critics accused him of giving a platform to harmful misinformation.
In 2022, Bartlett also faced backlash for investing in Ear Seeds — a product pitched on Dragons’ Den that claimed to help cure ME/chronic fatigue syndrome. Following complaints, the BBC added a disclaimer clarifying that the treatment was not medically verified.
He was later admonished by the Advertising Standards Authority (ASA) in 2024 for failing to disclose his financial interests while promoting Huel and Zoe on social media.
Despite the controversies, Bartlett’s influence continues to grow. His Diary of a CEO podcast — featuring guests including Richard Branson, Simon Cowell, and Boris Johnson — won Best International Podcast at the iHeart Radio Podcast Awards earlier this year.
With his latest valuation, Bartlett joins the upper echelon of UK entrepreneurs under 35. Industry observers say his empire demonstrates both the economic power and volatility of the creator economy, where brand, authenticity, and influence are the new assets of value.
“Steven Bartlett is the embodiment of the modern business model,” said Dr. Harriet Mason, professor of media entrepreneurship at the University of Leeds. “He’s part content creator, part venture capitalist — a hybrid we’ll see far more of in the next decade.”
For Bartlett, however, the focus remains clear: scaling Steven.com into a global creative media ecosystem.
“Creators are the studios of the future,” he said. “Our goal is to empower them — and build something enduring around their stories.”
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Steven Bartlett’s fortune soars as new $425m valuation cements his status among richest Dragons

BT Group is reportedly weighing plans to launch a new low-cost mobile brand as part of a potential strategy to compete with a wave of new market entrants — including fintech heavyweights Revolut and Monzo, both preparing to debut mobile services.
According to the Financial Times, the UK’s largest telecoms company is assessing whether to develop an in-house budget brand or acquire an existing virtual network operator (MVNO) as it explores opportunities to re-enter the value end of the mobile market.
Such a move would represent a strategic shift for BT, which currently offers mobile services solely through its premium EE brand, and has focused its Plusnet subsidiary on broadband since a restructuring last year.
The push comes as virtual network operators — companies that lease capacity from established networks such as EE, Vodafone, and Three — expand rapidly, accounting for 16.5% of the UK mobile market in 2024, according to Ofcom. Analysts expect that share to rise as competition intensifies between low-cost and digital-first providers.
Fintech companies are among the latest entrants. Revolut and Monzo, which boast a combined user base of more than 13 million UK customers, are preparing to launch mobile plans as part of broader efforts to diversify revenue streams and strengthen customer loyalty through bundled financial and telecoms services.
Buy-now-pay-later provider Klarna is also moving into mobile, alongside Fern Trading, part of the Octopus Group investment empire, which is building out telecoms assets across the UK.
“Fintechs are blurring the lines between banking, payments, and connectivity,” said James Barford, head of telecoms research at Enders Analysis. “They already control the digital interface with consumers — moving into mobile services is a natural extension of that ecosystem.”
BT’s exploration of the low-cost segment is being driven by Chief Executive Allison Kirkby, who took the helm earlier this year. Kirkby is understood to be seeking ways to strengthen customer acquisition in a saturated market and broaden BT’s appeal beyond its high-end EE brand.
Industry sources told the FT the plan has the backing of Sunil Bharti Mittal, the Indian billionaire and founder of Bharti Enterprises, which became BT’s largest shareholder in 2024 after acquiring the stake held by French-Israeli telecoms magnate Patrick Drahi.
The potential move aligns with Mittal’s strategic focus on affordability and market scale — principles that have underpinned his success with Airtel, one of India’s largest mobile networks.
The telecoms group is also reviewing the positioning of its BT consumer brand, which retains strong recognition among older customers. Executives are said to be considering reviving BT-branded broadband and mobile bundles aimed at more traditional users less familiar with the company’s newer brands, EE and Plusnet.
BT’s own research reportedly found that brand familiarity remains a key factor in attracting and retaining older customers, particularly as rivals emphasise simplicity and value.
“EE has become a high-performance brand for premium users,” said Sarah Hall, telecoms consultant at Pegasus Strategy. “But the mass market is where volume growth lies — and that’s where fintech challengers are attacking first.”
In response to reports, BT issued a brief statement: “We regularly review our offerings across all our brands to ensure our customers have access to the best products and services on the best network. At present, we have no plans to change our mobile offering.”
However, analysts say BT’s silence may reflect early-stage deliberations rather than a dismissal of the idea. The group faces mounting pressure to defend its consumer market share, as value-driven entrants such as Giffgaff, Smarty, and Voxi continue to lure younger users with flexible, app-based contracts and transparent pricing.
The UK mobile market is undergoing one of its most significant shake-ups in years, driven by digital disruption, consolidation, and rising costs of network investment.
BT has already faced competitive pressure following the Vodafone–Three merger, while also contending with the challenge of monetising its multi-billion-pound investment in 5G infrastructure.
Meanwhile, fintech companies see telecoms as a lucrative gateway into everyday digital services — allowing them to bundle banking, payments, and connectivity under one app and harness rich data insights to drive growth.
“If Revolut and Monzo succeed in turning mobile services into lifestyle ecosystems, it could redefine customer loyalty in both finance and telecoms,” said Dr. Anna Pickering, senior lecturer in digital economy at King’s College London. “BT and the legacy networks can’t afford to ignore that.”
While BT insists no formal decision has been made, the discussions underscore how rapid convergence between telecoms and fintech is forcing incumbents to innovate or risk losing relevance among younger, mobile-first consumers.
If BT proceeds, a low-cost mobile brand could not only protect its domestic market share but also serve as a strategic counterweight to digital challengers seeking to erode the dominance of Britain’s established networks.
Either way, the battle for the UK’s mobile future is no longer just about connectivity — it’s about who controls the customer relationship in an increasingly digital world.
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BT weighs move into low-cost mobile market as Revolut and Monzo eye launches

Global stock markets climbed to record highs on Tuesday as investors bet on falling interest rates and renewed optimism over global growth — with Apple reaching a $4 trillion market valuation for the first time.
The FTSE 100 hit an intra-day record of 9,715.22, before easing slightly to trade 0.5% higher at 9,698.4, while all three major U.S. indices — the S&P 500, Nasdaq, and Dow Jones Industrial Average — also opened at all-time highs, rising between 0.3% and 0.7%.
The broad-based rally reflects growing confidence that the U.S. Federal Reserve will cut interest rates when its two-day policy meeting concludes on Wednesday, marking a pivotal moment for markets after nearly two years of tightening monetary policy.
Apple’s shares rose 1% to $269.86, pushing its total market capitalisation just above $4 trillion and cementing its position as the world’s most valuable listed company.
The rally has been fuelled by strong sales of the company’s latest iPhone lineup, combined with investor confidence in its ability to sustain premium margins through its services, wearables and AI-driven ecosystem.
Apple’s surge comes just days before its quarterly earnings report, due Thursday, which investors expect will confirm steady growth in hardware sales and continued expansion in its subscription services division.
“Apple remains the gold standard in consumer technology and profitability,” said Anita Sharma, senior tech analyst at Horizon Partners. “Breaking the $4 trillion mark isn’t just symbolic — it underlines the market’s faith in Apple’s ability to monetise its ecosystem even in a slower global economy.”
Microsoft, Apple’s closest rival by market capitalisation, regained the top spot earlier this week with a $4.06 trillion valuation, buoyed by optimism ahead of its earnings release tomorrow. The company’s investments in AI through OpenAI and its Azure cloud platform continue to drive investor enthusiasm.
The two tech giants have traded places repeatedly this year, reflecting how leadership in the emerging AI and cloud computing race now defines investor sentiment across global markets.
Meanwhile, other major technology names — including Alphabet (Google), Amazon, and Meta Platforms — are also due to report results this week, setting the stage for one of the most consequential earnings seasons for the “Magnificent Seven” tech stocks.
Beyond the technology sector, global equities have been lifted by improving trade relations and expectations of looser monetary policy in the U.S. and Europe.
Recent data suggesting moderating inflation has encouraged investors to rotate back into risk assets, including growth-oriented sectors such as technology, industrials and consumer discretionary stocks.
“The combination of easing inflation, softer bond yields and central bank caution is creating a sweet spot for equities,” said Chris Weston, Head of Research at Pepperstone. “Markets are now pricing in a 25-basis-point rate cut from the Fed — and perhaps two more by year-end.”
In London, the FTSE 100’s climb to 9,715.22 marked a historic high for the index, driven by gains in energy, banking and mining stocks, alongside strong performances from AstraZeneca and HSBC.
Sterling held steady against the dollar at $1.28, helping exporters on the index, while bond yields dipped slightly amid speculation that the Bank of England could follow the Fed’s lead with a rate cut in early 2026.
Analysts said global optimism had filtered through to European markets, with Germany’s DAX and France’s CAC 40 also trading near record levels.
Attention now turns to Federal Reserve Chair Jerome Powell, who will deliver the central bank’s policy statement and outlook on Wednesday. Markets widely expect a first rate cut since 2023, potentially signalling the start of a more accommodative cycle.
U.S. inflation has fallen back toward the 2% target, while growth remains resilient — factors investors see as supportive of equities and risk assets.
However, analysts caution that valuations in tech-heavy indices are “stretched,” with much of the year’s rally resting on continued earnings growth from a narrow band of mega-cap companies.
“We’re at an inflection point,” said David Blanchflower, former Bank of England policymaker. “If central banks can engineer a soft landing, these levels could hold — but any hawkish surprises from the Fed would test market confidence.”
Apple and Microsoft’s record valuations have reignited debate over the concentration of market power among U.S. tech giants. Together, the top five companies — Apple, Microsoft, Alphabet, Amazon and Nvidia — now account for nearly 30% of the S&P 500’s total market value, a level unseen since the dotcom boom.
Still, investors remain undeterred, viewing the dominance of AI-focused technology stocks as a long-term structural trend rather than a speculative bubble.
As Wall Street edges into new territory, one thing is clear: the market’s trillion-dollar titans are once again defining the next phase of the global bull market.
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Global stock markets surge to record highs as Apple hits $4 trillion valuation