Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
On paper, Carnegie Hall’s opening night programme seemed almost too good to be true: Lang Lang and the Los Angeles Philharmonic playing Rachmaninov’s Piano Concerto No.2 under Gustavo Dudamel.
Still, some might bemoan the fact these superstars had chosen such predictable fare. What about emerging artists, forgotten composers, contemporary powerhouses? For them there was Alberto Ginastera’s rarely performed Estancia, which seemed intriguing enough, especially in this arrangement. There was also the rich, lyrical baritone of Gustavo Castillo, who — like Dudamel — spent his early musical life in El Sistema, the Venezuelan education scheme. (The concert also doubled as the opening of Carnegie Hall’s ambitious, season-wide festival Nuestros sonidos, which celebrates Latin culture in the US.)
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Yet from the opening bars of the Rachmaninov, there was something new, as unexpected as it was profound. The 43-year-old Dudamel’s famous curls are mostly grey these days, and 42-year-old Lang Lang paused between movements to stretch, but both have matured in other ways too.
Conductor and soloist made brave and sometimes shattering tempi choices. Lang Lang’s trademark fondness for breakneck speeds was still there at times, but there was also an aching tenderness when he slowed down between the vertiginous runs and the fireworks. There was fine musical intelligence, too, and a yearning to communicate with humility; no pretentiousness or mask. Lang Lang has always been a virtuoso performer, but rarely a moving one. One wonders if this turnaround is down to Dudamel’s influence. Meanwhile, the orchestra’s playing was potent, urgent and uplifting.
One quibble was the peculiar order of the (interval-less) programme. After the astonishing Rachmaninov, Lang Lang chose as an encore the Romance sans paroles, a lyrical, intimate vignette from Charlotte Sohy’s Quatre Pièces romantiques. So far, so good. But then came an awkward interlude while the piano was moved and the stage was reset for the appearance of Castillo. Ginastera’s evocative, Copland-inflected, 1941 ballet Estancia was an exceedingly odd follow-up to the Rachmaninov, try as the musicians valiantly might.
Still, as the Argentine writer José Hernández puts it in his verse, “Man kept awake/by an extraordinary pain/consoles himself with a song.” And what consolation this concert was.
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The UK financial watchdog has tried to reassure critics of its plans to publicly “name and shame” more companies it investigates by saying the changes will only have an impact in “relatively few cases”.
Nikhil Rathi, chief executive of the Financial Conduct Authority, told the annual City Dinner in London on Thursday that he had “heard the strength of opposition” to the proposals and pledged to adjust them, such as by giving companies more notice before they are named.
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His comments come only days after Sir Keir Starmer vowed to “rip up” Britain’s bureaucracy and urged regulators to prioritise growth, as the prime minister this week used an international investment summit to drum up more funding for projects in the UK.
The FCA is under pressure to show it is meeting the extra objective to consider growth and competitiveness it was given by the government last year.
Rathi conceded that “the jury is out on whether the FCA is helping to achieve growth”, adding: “We clearly have more to do.”
The regulator triggered a fierce backlash from the City earlier this year when it proposed increasing transparency on its enforcement activities by introducing a “public interest test” to decide when to publicly disclose which companies it is investigating.
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The FCA currently only discloses details of its enforcement activities mid-investigation in “exceptional circumstances”, such as to help bring forward witnesses.
But there has been pressure for the FCA to be more transparent about its investigations, including a call two years ago from the House of Commons public accounts committee as part of its investigation into the British Steel workers’ pensions mis-selling scandal.
Rathi said: “Our current approach doesn’t work. We think a degree more openness can reduce harm, build whistleblower confidence and benefit firms that play by the rules.”
“We hope to reassure the sector — here and overseas — that relatively few cases would be affected, given so many are already disclosed, mostly by firms themselves,” he said.
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The FCA would provide more data and case studies on how the proposals would work in practice next month and its board planned to take a final decision “early next year”, he said.
UK Finance, the banking lobby group, said it was “good that they are listening and reflecting on feedback” but the industry would wait to see “where the FCA ultimately lands on this”.
Earlier this year, UK Finance slammed the FCA’s proposals as potentially “harmful to wider financial stability as well as to the firm that is subject of the investigation”. It said companies should be given more than one day’s notice before they are named.
Speaking at the same event, the head of the Bank of England’s Prudential Regulation Authority announced plans to shorten the time that bankers have to defer bonuses, giving this as an example of how it was adjusting rules to support growth.
Sam Woods said the UK had become “something of an outlier” in requiring top bankers to defer part of their bonuses for as long as eight years, which was “longer than they need to be to create the right incentives for safety and soundness”.
He said the overall bonus deferral period would be shortened to five years for the most senior bankers and four years for some other executives. Bankers will also be able to receive some of their bonus in the first year instead of having to wait three years.
ONE of Europe’s most popular attractions has revealed plans to double entry fees for tourists.
Barcelona’s Park Güell welcomes millions of tourists a year.
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Barcelona’s Park Güell could double fees for touristsCredit: Getty
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The attraction welcomes millions of tourists a yearCredit: AFP
However, the attraction could soon cost a lot more, with the local government revealing a hike in fees for holidaymakers.
Designed by Antoni Gaudi, Park Güell was free to visit until 2013.
Currently, entrance fee costs between €10 (£8.36) and €14 (£11.70), with the latter including access to the museum as well as the park.
However BComú has revealed plans to increase this to €20 (16.72), local media reports.
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This means it would be a similar price to other attractions in the city such as the Sagrada Familia (€26/£21.74) and Casa Batllo (€29/£24.24).
But this also means tourists would be forced to shell out nearly €80 (£66.88) to see the major attractions.
However, Catalonia’s tourism head Cristina Lagé explained the new fees are part of a wider increase in tourist taxes being introduced to reduce the pressure on locals.
She said in a local interview this would help services function properly.
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Park Güell’s other new rules introduced include tickets only being available to buy online, which was introduced in July.
This is in place to reduce the crowds at the entrance of the park.
New Attractions coming to the UK
The city council said it will also “encourage scheduled visits, generate staggered and fluid access to the park and avoid unnecessary travel and dissatisfaction when tickets are unavailable”.
Park Güell once welcomed as many as nine million tourists a year, although last year reported around 4.4million.
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It’s not the only tourist attraction looking at hiking fees for holidaymakers.
Turkey’s Hagia Sophia is now charging tourists €25 (£22) to visit with access to the mosaics and gallery floor.
How to spend 24 hours in Barcelona
The Sun’s Assistant Travel Editor Sophie Swietochowski recently visited Barcelona.
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YOU can’t go to Barcelona without admiring some of architect Antoni Gaudi’s impressive works.
There is the Sagrada Familia church, Park Guell and Casa Batllo all within a few kilometres of each other.
I chose to explore Gaudi’s Casa Mila this time, with a behind-the-scenes Sunrise Guided Tour with GetYourGuide (£33.63pp).
You can’t leave Barcelona without drinking sangria, so head to bar Bubita, down a side road behind the Picasso museum.
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It serves the stuff in a huge variety of flavours, including limoncello and basil, and lime, orange and mint.
The government is planning to increase the amount of money it raises in inheritance tax at the Budget, the BBC has learned.
It is not known how many people are likely to end up paying more, nor how much more they would pay.
It is understood the prime minister and the chancellor are considering multiple changes to the tax, which currently includes several exemptions and reliefs.
Inheritance tax is charged at 40% on the property, possessions and money of somebody who has died above the £325,000 threshold.
It raises about £7bn a year for the government.
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Around 4% of deaths result in an inheritance tax charge.
The tax includes a series of exemptions which over the years several governments have considered changing in order to raise more money.
It is thought changes to a number of these are under consideration.
Current exemptions and reliefs include rules around gifts that are given while you are alive.
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If a person gives away more than £325,000 in cash or gifts but dies within seven years, recipients could be liable to pay inheritance tax.
It is not known what changes will be made in the Budget on Wednesday, 30 October.
A spokesman for the Treasury told the BBC: “We do not comment on speculation around tax changes outside of fiscal events.”
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Ministers are attempting to plug what they claim is a £40bn shortfall between what they want to spend and the amount of tax they expect to collect.
Government sources say it is vital there is a “reset in the public finances” and are keen to emphasise what they see as the “scale of the challenge”.
This can be seen as part of the expectation management ahead of Rachel Reeves’ address.
Most new governments put up taxes immediately after a general election.
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The Budget is expected to be billed as “Fixing the Foundations to Deliver Change”.
Both the prime minister and the chancellor have already appeared in front of lecterns branded “Fixing the Foundations” – an attempt to highlight what they claim is the mess they inherited from the Conservatives.
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For several weeks, senior government figures have been strongly hinting that there will be increases to the amount of National Insurance paid by employers.
The Labour manifesto before the general election said that “Labour will not increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”.
This massively limits their options to raise more tax revenue.
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But ministers appear willing to stretch the spirit if not the letter of their promise by putting up National Insurance on employers, some of whom – smaller businesses – would probably regard themselves as working people.
The chancellor is expected to give herself extra breathing space by changing the government’s self imposed rules on when it can borrow money, and has told some government departments that their budgets will be lower than they want.
A Labour source said that the negotiations on spending had provoked “significant angst” across the cabinet.
Shadow Chancellor Jeremy Hunt told the BBC: “During the election we repeatedly warned that Labour’s sums didn’t add up and that they were planning to raise taxes. The real scandal is that despite planning these tax rises all along, they didn’t have the courage to admit it to the public during the election campaign.
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“Unfortunately, it looks like it will be people who have saved all their life to provide an inheritance to their family who will pay the price for Labour’s tax rises.”
KLARNA has revealed a major change to its famous buy now, pay later scheme.
From today, British and American Apple users can use the savvy AI-powered shopping tool through Apple Pay when placing an order.
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Klarna is now an available option on Apple Pay for Apple users in the UK and USCredit: Rex
Customers can check out with Apple Pay online and through apps if they have iPhones with iOS 18 or later or iPads with iPadOS 18 or later.
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Shoppers will have access to Klarna’s flexible payment offerings, including pay later in three or four instalments with no interest or over longer periods with APRs starting at 0%.
Klarna is set to launch the same feature in Canada within the next few months as part of a global expansion.
Sebastian Siemiatkowski, Co-founder and CEO of Klarna, said: “Consumers around the world have been asking for Klarna on Apple Pay, so I’m super proud to let them know it’s here!
“Our fair, flexible and interest-free payments options are now even easier to use at your favourite merchants when checking out on Apple Pay online and in apps in the US, UK, and soon Canada.
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“This is a big step toward our mission to offer consumers Klarna at every checkout.”
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, added: “We’re excited to give users in the US and UK more choice in how they pay with the addition of Klarna’s flexible payment options right at checkout on Apple Pay.
“With this rollout, users have the option to pay for purchases over time, and they get to enjoy the seamless and secure experience of Apple Pay that they already know and love.”
The new integration hopes to make flexible payment options more accessible so Klarna purchases can be made directly on an iPhone or iPad, in app and online with Apple Pay.
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All eligible users need to do is select Other Cards & Pay Later Options when they check out on Apple Pay with an iPhone or iPad.
THINK BEFORE YOU BORROW
BORROWING sounds like a simple way to help pay bills – but beware falling into debt you cannot pay back.
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It’s always vital to ask yourself if you actually need to borrow before committing to a new credit card, personal loan or overdraft.
If you cannot afford to pay off debt you already have, you should avoid at all costs taking on any more.
When customers apply for credit through a BNPL provider, they usually undergo a “soft” credit check that leaves no footprint on their credit file.
As a result of this, other providers won’t see if you’ve borrowed money this way. That’s why it is easy to amass debts with different firms.
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Even though BNPL is advertised as interest-free, if you miss payments, you could still be charged late fees. Your debts can also be passed on to a collection agency.
Shoppers also miss out on major consumer rights protections that come with traditional credit.
Then they must select Klarna to access the Klarna products that are available to them.
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Once they agree to the terms, they can double click the side button and authenticate with Face ID or Touch ID to confirm their purchase.
Before approving the purchase, Klarna will make a new lending decision, using its industry-leading underwriting checks.
This decision will not impact a customers’ credit score.
With this handy integration, users can enjoy all the privacy and security features they love about Apple Pay.
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As with all Apple Pay purchases, when a user pays with Klarna, Apple does not keep a record of a user’s transaction history.
Klarna clarifies that loans are not offered by Apple and the feature may not be available for all types of purchases, such as subscriptions and recurring transactions.
And while it’s available with Apple Pay online and in apps, via suitable iPhones or iPads, it is not available in-store.
Since last month, US-based customers have been able to purchase Apple products using flexible payment options on Klarna.com and Apple from Klarna, a storefront in the Klarna app.
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With 85 million active consumers, Klarna is the biggest global buy now, pay later (BNPL) provider in the world.
Earlier today we revealed that changes to BNPL rules to protect shoppers are set to kick in within months under major new plans by the government.
The new Labour government has confirmed that it intends to legislate to bring the BNPL sector under the City watchdog’s rule by early 2025.
This would mean the regulation would come into effect in early 2026.
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Proposals to regulate BNPL products were first touted in 2021, but have been repeatedly delayed.
We revealed earlier this year that the previous government had shelved the plans over fears that it would drive BNPL firms out of the market during a cost of living crisis.
But the lack of regulation around BNPL is bad news for shoppers as it means these firms don’t have to follow the same rules as major credit lenders and customers aren’t protected if things go wrong.
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Klarna has rolled out a handy Apple Pay feature available on iPhones and iPadsCredit: Getty
How to get free debt help
There are several groups which can help you with your problem debts for free.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Jimmy Dolan is finally getting credit as a visionary. The problem, however, is that artists are not always great at turning excellence into profits. Dolan, son of Cablevision founder Charles Dolan, is behind the Sphere, an orb-shaped arena in Las Vegas composed of a video screen shell. The Sphere cost $2.3bn to construct. It opened last year with an acclaimed U2 residency. But for its recently completed fiscal year, it still lost $500mn on revenue of $500mn.
That is not so bad for a venue still finding its footing and that wants to establish more locations around the world. But the other half of its listed parent, Sphere Entertainment, is in trouble. Madison Square Garden Networks, the pay-TV channel that broadcasts the games of the New York Knicks and New York Rangers (separately owned by Dolan), is suffering from the ills facing traditional television networks.
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An $850mn loan maturity has hit this month. Sphere last week said it was negotiating with JPMorgan Chase and other lenders — whose only collateral is strictly MSG Networks, not the broader Sphere corporation — over terms of what the company described as a “workout”. The lenders could take a haircut while some combination of MSG Networks, Sphere, Dolan and outside investors cash out the remaining debts. The Knicks are primed for their best season in a generation and the aesthetic triumph of Sphere is well-earned by Dolan. Now he needs to make the maths work.
Dolan has two other public companies, one that owns his sports teams and another which produces live entertainment at Madison Square Garden and Radio City Music Hall.
But Sphere itself has a market cap of just $1.6bn with total group debt of also $1.6bn and nearly $600mn of cash. Against the MSG subsidiary’s $850mn of debt, the TV business generated just $140mn in 2024 operating profit. Dolan has complained that the record-setting 11-year, $76bn TV contract that the National Basketball Association just signed has hurt local broadcasters such as his.
Given its plans for global expansion, Sphere’s hope is that the Vegas venue can attract enough lucrative traffic through concerts and in-house immersive experiences to fill the space most nights. This week it announced a deal to license its IP to developers in Abu Dhabi, who will pay for the construction and buildout themselves.
But Las Vegas traffic has been lighter than expected, noted Morgan Stanley analysts. The venue could, they reckon, generate $300mn of standalone annual cash flow in five years. Nearly $1mn a day is impressive but would only cover operating and creative expenses.
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With Sphere’s financial hurdles, Dolan’s architectural artistry may need to be enough to persuade global investors to write checks in tribute.
Netflix is starting to raise prices in some countries, as growth spurred by its crackdown on password sharing starts to fade.
The company told investors on Thursday that it was “working to improve our monetization by refining our plans and pricing” and had already increased prices over the last month.
In Italy and Spain, the hikes will start this week.
The update came as the streaming giant reported adding 5.1 million subscribers in over the three months that ended in September – the smallest number in more than a year.
Netflix is under pressure to show investors what will power growth in the years ahead, as its already massive reach makes finding new subscribers more difficult.
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The last time the company saw signs of slowdown, in 2022, it launched a crackdown on password sharing and said it would offer a new streaming option with advertisements.
The crackdown unleashed a new wave of growth.
The company has added more than 45 million new members since its start last year. It now boasts more than 282 million subscribers around the world.
Analysts also expect advertisements to eventually become big business for Netflix.
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For now, however, the company has said it remains “early days” and told investors not to expect it to start driving growth until next year, despite many subscribers opting for the ad-supported plan.
The plan, which is the company’s least expensive option, accounted for 50% of new sign-ups in the places where it is offered in the most recent quarter, Netflix said.
Netflix
Even without a boost from advertising, Netflix said revenue in the July-September period was up 15% compared with the same period last year, to more than $9.8bn. It also reported profit of more than $2.3bn.
Shares rose about 4% in after hours trade.
Netflix last raised prices in the UK and US last year, but those moves only affected certain plans. It has left the price of its popular “standard plan” without adverts untouched since 2022.
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In the past, the company has sometimes experimented with pricing in smaller countries before making changes in major markets, such as the US and UK.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said Netflix’s strong financial position will allow it to keep spending money to make new hits – the key if it hopes to raise prices without backlash.
“This is inherently a fickle market, with consumers happy to swap streamer if they don’t think they’re getting value,” he said.
“The addition of fresh content is key to that, especially in areas like sporting events, and could give Netflix the edge it needs to push prices higher and keep customers coming back for more.”
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