The city’s innovation assets are geographically fragmented, institutionally divided, and too often marketed independently.

Economic development often assumes that naming something is the same as creating it, and we’ve often seen buildings become innovation centres, loose collections of organisations described as ecosystems, and, increasingly, any cluster of offices, laboratories, and public-sector institutions described as an innovation district.

But a genuine innovation district is far more demanding, as it is not simply a place where research happens, nor an incubator surrounded by apartments and coffee shops. It is a concentrated part of a city where universities, hospitals, investors, established companies, entrepreneurs, and start-ups are brought together in a way that encourages ideas, people, and capital to flow among them.

And whilst Manchester has one, Cardiff disappointingly does not.

With Andy Burnham taking his place as the new Prime Minister, it is worth noting that part of Manchester’s success as an economic hotspot stems from the ongoing development of the Oxford Road Corridor and the ambitious Sister innovation district being created on land previously occupied by the University of Manchester.

Sister is a £1.7bn development spread over 15 years, with plans for laboratories, offices, start-up space, homes, shops, restaurants and public areas. It is expected to accommodate businesses from their earliest stages through to becoming significant employers, rather than serving as an incubator from which successful companies are eventually forced to leave.

This is not simply another property development with the word innovation attached to it, but an attempt to build an economic system within a physical place. It also sits within a wider corridor that already brings together two universities, major hospitals, science parks, cultural institutions, tens of thousands of students, and more than 100,000 workers.

The critical point is not that each of these organisations exists because Cardiff also has universities, hospitals, research centres, and talented graduates, but that Manchester has spent years connecting them to make a real difference to the local economy.

It would be easy to attribute this entirely to the Prime Minister’s previous role, but much of the foundation predates his election as mayor, with Manchester’s universities, local government, health institutions and private investors collaborating for years.

That said, Mr Burnham has strengthened that model, given it a powerful public voice, and linked it to wider priorities such as transport, skills and devolved decision-making.

More importantly, the innovation district is the product of patient civic leadership, institutional cooperation and a willingness to think beyond individual projects and political cycles.

That is where Cardiff has fallen behind. Our capital city does not lack innovation assets. Cardiff University has its innovation campus and the Sbarc/Spark building, and it has recognised strengths in creative industries, financial technology, cyber security and life sciences.

The wider city region includes the compound semiconductor cluster around Newport, one of the most significant concentrations of expertise of its kind in Europe.

Yet these remain separate pieces of an unfinished jigsaw, with Cardiff developing projects rather than a place, programmes rather than a system, and partnerships rather than a single organisation with the authority and resources to deliver.

Unlike those of Manchester and other successful innovation districts, the city’s innovation assets are geographically fragmented, institutionally divided, and too often marketed independently.

Manchester’s great advantage is not merely scale but alignment and its universities, local government and private investors have been prepared to work together and use land, capital and institutional influence collectively.

Specialist property developers have been brought in to provide the laboratories, flexible workspaces and scale-up accommodation that the conventional commercial market will rarely build on its own.

There is also an acceptance that innovation districts require long-term investment and cannot be created through a three-year funding programme, launched at a ministerial event and then quietly set aside by the next initiative.

This raises an obvious question, namely why Cardiff, the capital city of a nation with control over economic development, planning, skills and many aspects of transport, has not developed something comparable?

Part of the answer lies in a historic lack of ambition around place-based innovation, and Cardiff’s major regeneration projects have largely prioritised government offices, corporate occupiers, housing, retail and major events.

Yes, Central Square has been transformed, but it was not conceived with entrepreneurship, laboratories, or high-growth businesses in mind.

Yet an opportunity now exists to create an innovation district around Cardiff Central, Central Quay, and the land south of the railway station. It is the most accessible location in Wales, close to the commercial centre and able to connect with specialist sites elsewhere in Cardiff and Newport.

The existing university campus, Heath Park, Cardiff Edge and the semiconductor cluster would remain important nodes, but there must be one recognisable heart of the system that should contain affordable space for start-ups, laboratories and prototyping facilities, access to investors, support for university spinouts and, crucially, premises for businesses to occupy as they grow.

That last point matters because Manchester has not solved everything, and like most UK cities, it remains better at producing start-ups than at retaining companies that require substantial growth capital.

Yes, some successful founders will still move to London or overseas to finance the next stage of their development, but Cardiff should learn from that weakness as well as Manchester’s strengths, because a genuine innovation district must not simply help people start businesses but must give them a reason to remain, grow and build significant companies in Wales.

Manchester has not discovered a magic formula, but it has shown what happens when political leadership, universities, property, investment, and entrepreneurship are treated as parts of the same strategy. More importantly, Cardiff could do the same with the right political will and economic vision.

Urban Centric has a new £24.25m funding facility with Handelsbanken

A developer behind a co-living scheme in the centre of Cardiff has secured a new £24.25m funding deal.

The Fitz & Knox project, the first co-living development in Wales, provides 208 rented studio apartments alongside communal facilities including a cinema room, gym, games room, co-working spaces and a rooftop terrace.

Completed earlier this year, the scheme is now fully occupied.

Cardiff-based Urban Centric, through special purpose vehicle Fitz & Knox Ltd, has refinanced a funding facility with Handelsbanken. The previous facility, provided by Shawbrook, supported the completion of the scheme. The deal marks Handelsbanken’s first funding transaction in the growing co-living market.

Lloyds is also an equity investor in the scheme through its Housing Growth Partnership arm, following a £7.9m investment.

The 100,000 sq ft building on Fitzalan Place was previously occupied by financial services firm Legal & General, which vacated the building after moving to its new Welsh headquarters at the Interchange scheme in 2023.

Chris Price, branch manager at Handelsbanken Cardiff, said: “At Handelsbanken we are committed to helping our customers achieve their ambitions. Our relationship ethos, combined with our expertise in the property space, makes us well placed to support innovative and sophisticated developments like this.

“We are very proud to be supporting Fitz & Knox as it delivers a unique proposition for professionals in Cardiff – the first of its kind in Wales. We are also delighted that its sustainable values are closely aligned with our own, and that we can help the team continue to achieve them.”

Andrew Woods, managing director of Urban Centric, said: “The Handelsbanken team have really taken the time to understand what we are trying to achieve here in Cardiff and have become a key strategic partner in helping us deliver this ambitious development.

“Fitz & Knox is a real milestone for the development of the co-living model in Wales, as well as a significant contribution to environmentally responsible property. Handelsbanken’s support has been central to helping us make this happen.”

Hugh James, through real estate finance partner David Marshall and senior associate David Penwarden, acted for Handelsbanken on the refinancing. Claudia Le Gros and Charlotte McPhail of Knights acted for Fitz & Knox Ltd.

Mr Marshall said: “We are delighted to have acted for Handelsbanken on the £24.25m refinance of the newly completed Fitz & Knox co-living scheme in central Cardiff.

“This project is Wales’ first co-living development scheme and has been a huge success – it’s not often you see accommodation on this scale fully occupied within 13 weeks of completion.

“It was a pleasure supporting Handelsbanken on such a landmark project, which highlights the bank’s appetite to facilitate new development projects in South Wales, as well as its commitment to supporting local developers.”

Thailand has approved 55 new projects under its National Competitiveness Enhancement Fund, targeting AI, automation, digital technology, R&D and green-industry upgrades. The latest round covers 48 Business Transformation projects with THB3.54 billion of investment and THB1.663 billion in support, plus seven Skill Bridge projects aimed at building the workforce needed for future industries.

Key figures / indicators: 55 new projects; THB3.54bn investment under Business Transformation; THB1.663bn funding; cumulative supported projects 108, with THB4.825bn in total funding; around 1,500 jobs expected and knowledge transfer to more than 3,800 supply-chain businesses.

Why it matters: The programme directly addresses a key weakness in Thailand’s investment model: large inflows into advanced industries have not yet translated sufficiently into productivity gains for Thai SMEs and suppliers. The IFC estimates only about 12% of Thai companies currently use AI and that the country lacks roughly 80,000 AI professionals, making domestic adoption and skills development increasingly urgent.

Activities such as metal detecting, camping, fishing, and cycling attract communities that actively seek products and information tailored to the way they enjoy their hobbies.

Unlike broad consumer markets, niche hobbies allow entrepreneurs to serve a clearly defined audience. A business does not necessarily need millions of customers when it can build trust with a smaller group of highly engaged enthusiasts who return regularly and recommend useful products to others.

Understanding the community is key to turning an interest into a viable business. From selling specialised equipment to creating educational content or organising experiences, several approaches can help entrepreneurs find opportunities within these markets.

Serving the Specialized Equipment Market

Specialised equipment is one of the most straightforward opportunities within a niche hobby. Enthusiasts often want products suited to particular conditions or experience levels, creating room for retailers that can provide knowledgeable recommendations rather than simply listing products.

Metal detecting is a good example. Businesses can cater to beginners looking for their first detector while also serving experienced hobbyists searching for more advanced technology. Retailers such as Serious Detecting offer dedicated selections of Garrett detectors, allowing customers to compare equipment designed for different detecting needs.

Successful niche retailers can differentiate themselves by providing useful guidance alongside their products. Customers may value help choosing equipment just as much as the equipment itself, particularly when the hobby involves a significant initial investment.

Turning Expertise Into Services

Not every opportunity requires selling physical products. Entrepreneurs with genuine experience in a hobby can turn their knowledge into services that help other enthusiasts get more from their time outdoors.

Potential service models include:

• Guided outdoor experiences
• Equipment consultations
• Skills workshops
• Equipment rental
• Private instruction

A guided experience can be particularly appealing to newcomers who want to try an activity without immediately purchasing everything they need. Experienced hobbyists can also build businesses around helping customers improve their skills or explore new locations.

Building Communities Around Shared Interests

Niche hobbies naturally create communities, both online and in person. Entrepreneurs can build businesses by becoming a useful hub for those communities rather than focusing exclusively on individual transactions.

A cycling business, for example, might combine equipment sales with group rides and maintenance workshops. A fishing-focused company could offer local trips, educational content, and community events that keep customers engaged beyond the initial purchase.

Community involvement can also create valuable word-of-mouth marketing. When customers genuinely trust a business and feel connected to its community, they are more likely to return and recommend it to fellow enthusiasts.

Finding Underserved Needs

The strongest opportunities often come from noticing what an existing market does not provide. Entrepreneurs should pay attention to recurring questions, complaints, and requests within hobby communities because those conversations can reveal problems worth solving.

An opportunity might involve a specialised accessory, a more convenient service, better educational resources, or experiences designed for a particular audience. Businesses that solve a specific problem can establish a clearer identity than those trying to appeal to every outdoor enthusiast.

Turning Passion Into a Sustainable Business

Personal enthusiasm can provide valuable insight, but passion alone does not guarantee a successful business. Entrepreneurs still need to understand pricing, customer acquisition, operating costs, competition, and whether enough people are willing to pay for the proposed product or service.

Starting small can make it easier to test an idea before committing significant resources. A focused product range, local service, online community, or limited event series can reveal whether an audience exists and what customers value most.

Ultimately, niche outdoor businesses succeed by combining genuine knowledge with a clear understanding of their customers. Entrepreneurs who listen to passionate communities, identify underserved needs, and consistently provide useful products or experiences can turn specialised hobbies into opportunities for sustainable small-business growth.

Shares of One 97 Communications, the parent company of fintech major Paytm, rallied as much as 4% to Rs 1,804 after international brokerage Bernstein named the stock its top pick, citing robust merchant lending growth, operating leverage and the potential introduction of MDR on UPI as key drivers of earnings growth.

With a target price of Rs 2,200, the brokerage forecasts an upside potential of up to 26% from current market levels. Bernstein expects Paytm’s EPS to reach Rs 78 by FY29. Even after excluding any potential impact from MDR on UPI, its FY29E EPS estimate stands at Rs 54, still above the Rs 46 consensus estimate.

Why are Bernstein analysts bullish on Paytm shares?

1.) Merchant loans are a key driver: Bernstein expects Paytm’s financial services revenue to grow at around 27% CAGR between FY26E and FY30E, driven primarily by its merchant loan distribution business. The brokerage expects merchant loans to remain the key contributor, accounting for around 75% of financial services revenue.

Bernstein sees Paytm having a clear competitive advantage and a long runway for growth, even if the company only achieves modest increases in loan penetration among its merchant base.

2.) Strong operating leverage: Analysts expect meaningful operating leverage from Paytm’s existing businesses, with indirect expenses projected to grow only around 8% as key cost drivers peak. Technology costs are expected to remain stable, while slower device additions should keep sales and merchant acquisition costs under control.

Any incremental spending is likely to be directed towards new initiatives that can generate additional revenue.
3.) MDR to boost profitability – Bernstein expects MDR on UPI to provide a meaningful boost to Paytm’s profitability. The brokerage points out that payment activity is highly concentrated, with around 4% of transactions accounting for 70% of transaction value, while the top 5% of merchants contribute the bulk of payment value.Given this concentration, Bernstein remains positive on the potential earnings upside for Paytm, regardless of how the eventual MDR framework is structured.

Bernstein lists downside risks for Paytm stock

MDR on UPI is not introduced: The estimates assume the introduction of MDR on UPI transactions, which accounts for 30% of our EBITDA forecasts. Consequently, any decision by the government or regulator to retain the zero-MDR framework, whether due to merchant resistance, policy considerations, or concerns around digital payment adoption, would represent a material downside risk to earnings estimates.

While Paytm’s core payments, merchant subscriptions and lending businesses would remain intact, the absence of MDR would eliminate a significant earnings driver that’s baked into the base case, it said.

Slowdown in device additions: The forecasts assume device additions will gradually moderate from the current >20% growth rate. A sharper-than-expected slowdown in merchant acquisition could weigh on subscription revenue, merchant loans and payment monetisation, given the central role of Paytm’s device network in driving growth across its ecosystem.

Paytm shares have had a stellar 2026 despite overall weakness, as the stock has rallied over 70% in the last six months.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

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Hunters & Frankau, which has imported Cuban cigars into the UK for more than 230 years, says it would have to cut its portfolio by 75 per cent if it is required to supply cigars in plain packaging under the Tobacco and Vapes Act. Importers want hand-rolled cigars exempted, and a government consultation on the packaging rules closes on 2 October.

The Act received Royal Assent in April, with provisions taking effect between now and 2029. Its central measure, a ban on selling tobacco to anyone born on or after 1 January 2009, follows a plan announced by Rishi Sunak in 2023.

The government has refused to exempt handmade cigars from plain packaging in the legislation. Baroness Merron, a health minister, told the House of Lords: “It is absolutely not this government’s intention for any future packaging requirements to put any small businesses, including specialist tobacconists, out of business.”

“Seventy per cent of the cigar market in the UK is Cuban,” said Jemma Freeman, chairman of Hunters & Frankau, which supports hundreds of small businesses across the UK and Gibraltar.

She said: “If Hunters & Frankau are in a position where we have to provide plain packaging, we believe we will have to reduce our portfolio by 75 per cent. If that happens, the specialist tobacconists can’t survive, the numbers don’t work.”

Each box of Cuban cigars already carries a government-issued sticker, added in Havana under strict security conditions, bearing a hologram, bar code and date stamp that establish its value and provenance.

Freeman said top-tier suppliers such as Habanos would take a dim view of plans to wrap cigars individually and in plain paper, asking: “If they are taken out of their packaging, which is part and parcel of their presentation and their intrinsic value, and if the importing nation cannot maintain the integrity of the unit, why would they send it to the market?”

Exporting countries raise concerns

Ambassadors to the UK from Cuba, the Dominican Republic and Honduras wrote to Sir Keir Starmer in October 2025 setting out how the legislation would damage their export economies, and the Department of Health and Social Care responded with the case for the changes.

The ambassadors are understood to have written back in February, questioning the lack of “product-specific analysis that treats handmade cigars as a distinct category separate from mass-market tobacco products” and emphasising that “handmade cigars account for significantly less than 1 per cent of UK tobacco consumption”.

Andrew Griffith, the shadow chancellor, said the government was “ignoring all the evidence, trampling over respected WTO [World Trade Organisation] rules and failing to respond to the ambassadors of cigar exporting countries”.

Eddie Sahakian, who is taking over Davidoff of London from his father, Edward, sees the legislation as the end game for the shop.

ASH says cigars should not be exempt

Helen Duffy, a representative of Action on Smoking and Health (ASH), said on LBC that young people have started smoking with cigarillos and that cigars therefore cannot have an exemption.

According to IRI, a market research agency, only 2.5 million of the 400 million cigars sold in the UK in 2024 are estimated to have been hand-rolled, with the rest machine-made cigarillos such as King Edwards.

Hazel Cheeseman, chief executive of ASH, said that “regardless of how they are made, or where they are from, cigars are tobacco products and are harmful to health”.

She added: “The government is right to consider communicating that fact through standardised packaging. When the government exempted cigars from previous legislation, the tobacco industry exploited the loophole to market cigarillos to younger consumers and consumption increased. Cigar shops have already adapted to standard pack laws in Canada, New Zealand and Ireland so there is no reason why the same cannot happen in the UK.”

Importers say none of those countries consumes large volumes of cigars, and argue that giving wealthy people another reason not to spend money in London would be self-sabotage.

The government’s consultation on tobacco and vape packaging proposes extending standardised packaging and picture warnings to all cigars and cigarillos. Individually wrapped cigars do not currently need picture warnings, the consultation states. It closes at 11:59pm on 2 October.

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Peter Simon, the founder of Monsoon and Accessorize, is selling a significant portion of his personal art collection at Christie’s in London, in three sales in October that could fetch up to £126.7m.

Monsoon: The Peter Simon Collection comprises nearly 200 pieces and includes works by Francis Bacon, Piet Mondrian, Joan Miró, Andy Warhol, Pablo Picasso and Hurvin Anderson. The collection is estimated to be worth between £86.5m and £126.7m.

It will be the highest-value collection from a single owner offered at Christie’s in London. The auction house said the collection “stands as one of Britain’s foremost modern and contemporary art collections”.

The sale includes two paintings from distinct stages of Bacon’s career. Figure in Movement, from 1978, is expected to sell for between £14m and £18m.

Study for a Figure, which is estimated to have been painted around 1945, is expected to sell for between £4m and £6m.

The collection will be presented in a special exhibition taking over the galleries at Christie’s London from 26 September until 1 October.

The auction will take place online from 1 to 20 October, with the evening sale on 14 October and the day sale on 15 October.

Simon said his early work at Monsoon, choosing prints for its clothing, had helped him to judge colour and composition in paintings.

“In the early days at Monsoon I would sit with fashion and textile designers sifting portfolio after portfolio to select works on paper which we would convert on to fabric for clothing collections,” he said.

“A critical part of the DNA of Monsoon is the colours and the prints. In retrospect, I realise this work happily honed an ability to recognise good composition with colour balance, having developed an eye for a good print, I find it helpful to zero in on the best combination of colour and composition in a picture.”

Simon added that it would give him “great pleasure to now offer part of my collection to others, freeing my mind and my walls to start in a new direction”.

Simon founded his clothing business by selling woollen coats from a market stall in Portobello Road in west London in the 1970s.

Monsoon Accessorize floated on the London Stock Exchange in 1998. Simon took the company private in a £755m deal in 2007.

Outside fashion, Simon has also invested in British homeware brand Loaf, which was founded by Charlie Marshall.

Christie’s is owned by Artémis, the holding company of François Pinault, the French billionaire behind luxury group Kering.

In 2022, the auction house’s sale of the collection of Paul Allen, the late Microsoft co-founder, fetched $1.5bn in New York, becoming the biggest art auction ever held. That collection comprised more than 150 works.

In December 2025, Christie’s said it expected global sales to rise by about 6 per cent to $6.2bn that year, as both it and Sotheby’s reported a recovery in the global art market. Bonnie Brennan, its chief executive, said at the time that “the energy has returned to the salesroom, online and across the market”.

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