David Spencer-Percival, the recruitment entrepreneur who sold almost everything he owned to build a business empire, is facing a High Court battle against bankruptcy.

The 55-year-old founded the recruitment firm Huntress from scratch and built it into a £100 million a year business before selling his stake for a seven-figure sum. He then took an extraordinary gamble 16 years ago, selling his country home, antiques, watches and a collection of classic cars, including a Ferrari, a Bentley and two Aston Martins, to raise money for his next venture.

The proceeds helped launch Spencer Ogden, a recruitment business that became a global success before Spencer-Percival sold his stake in 2020.

His most recent recruitment venture, Life Science People, has fared less well. The company was compulsorily wound up last summer after HMRC petitioned the courts over money it was owed.

Less than three weeks after the winding up, Alexandra Vintila, who business records show was a recruitment consultant at the firm, launched proceedings seeking Spencer-Percival’s personal bankruptcy. Her creditor’s bankruptcy petition was filed at the High Court in August last year before the case was transferred to Central London County Court.

The precise nature and value of the debt claimed by Vintila is not disclosed in publicly available court records.

Spencer-Percival, who appears to be representing himself, has now taken the fight back to the High Court by launching an appeal against Vintila. The Chancery appeal was filed in July and remains open, court records show.

The case is a reminder that a director’s personal finances can come under pressure once a company has been wound up. Under government guidance for creditors, an individual or business can apply to make someone bankrupt if they are owed at least £5,000, or a share of debts totalling at least £5,000, and the process requires a £1,500 petition deposit and £352 in court costs. The guidance notes that presenting a petition can be complicated and that most people use a solicitor or other professional to do so.

Creditor petitions remain a small share of personal insolvencies. Figures from the Insolvency Service show there were 664 bankruptcies in England and Wales in July 2026, of which 132 were creditor petitions, 23 per cent lower than in July 2025, while 532 were debtor applications.

Life Science People is not the only recruitment business to have run into trouble with the tax authority. HMRC is currently chasing around £90 million in unpaid taxes after the collapse of the staffing group Challenge, another recruitment business, where four group companies in administration owe it around £34 million.

The wider backdrop is a difficult one for UK companies. BTG, the insolvency and restructuring group formerly known as Begbies Traynor, reported that the number of firms in critical financial distress rose 9 per cent to 53,756 in the three months to the end of June, compared with 49,309 a year earlier. BTG defines critical distress as companies facing severe liquidity shortages, active creditor enforcement or formal legal action such as winding-up petitions.

The scale of the gamble Spencer-Percival took to build his second business was set out in a 2014 interview with Forbes, in which he described a car collection that included a vintage Ferrari GT, a Bentley, an Aston Martin DB6, an Aston Martin DB7 and another three classic cars, joking that there was “one for each day of the week”.

Those cars, along with the country home and other possessions, were sold to fund the launch of Spencer Ogden. Twelve years on from that interview, court records show the appeal against the bankruptcy petition remains open.

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A bond-market selloff of a scale not seen in decades is creating a fresh headache for Indian investors. Yields across major economies have climbed to multi-year highs as traders grapple with three increasingly uncomfortable forces: oil-driven inflation, tighter monetary policy and deteriorating fiscal conditions.

That matters far beyond the bond market. Bond yields influence borrowing costs across economies, from government debt and mortgages to student and car loans. As yields rise, the cost of borrowing goes up, making spending and investment less attractive and potentially weighing on economic growth.

Multi-decade-high global bond yields

The warning signs are now visible across the world’s biggest bond markets. The yield on 10-year US Treasury notes climbed to a near three-year high of 4.81%, with a further move towards 5% threatening to unsettle already jittery stock markets.

Japan’s 10-year yield has moved above 3%, its highest level in 30 years, while Australia’s 10-year government bond yield rose to 5.198%, the highest in more than 15 years.
India has not been insulated from the selloff. The 10-year Indian government bond yield briefly crossed 7% on Wednesday for the first time in three months, as the worsening global debt rout and another spike in oil prices rattled investors.

Britain’s 30-year borrowing costs are at 30-year highs, while German and French 10-year yields have reached levels last seen in 2011 and 2008, respectively. In the US, 30-year yields climbed to their highest level since 2007 earlier in August.

First, why are bond yields rising?

Debt loads increase: One of the biggest forces behind the rise is the sheer amount of debt being issued by major economies. Countries including the US have sharply expanded their debt loads through deficit spending in recent years, with US debt now hitting $40 trillion.The US federal debt has breached the $40 trillion mark for the first time. Total US debt has increased by $3.8 trillion since Donald Trump returned to the White House in January 2025, following a nearly $8.5 trillion increase during the four-year term of his predecessor, Joe Biden.

Rising AI spending: The AI boom is adding another layer of pressure to bond markets. Big technology companies are raising huge amounts of debt to finance their investments in data centres and models, adding to the supply of bonds hitting the market.

The dynamic is straightforward: When demand for borrowing rises, lenders can demand higher interest rates, pushing bond yields higher.

Five of the biggest AI hyperscalers, Alphabet, Amazon, Meta, Microsoft and Oracle, have already issued $220 billion of debt this year to fund investments in data centres and models, according to a Reuters report. That is more than double last year’s total figure.

AI-related borrowing has also helped push global corporate bond issuance to a record $4.9 trillion so far in 2026, up 14% from the same point a year ago, the report added.

Soaring oil prices, hawkish US Fed: The US-Iran conflict that began in February shows no sign of ending, leaving the Middle East stalemate threatening to push energy prices higher. Falling inventories and seasonal fuel demand ahead of winter in the northern hemisphere mean the direct impact on headline inflation around the world is to the upside.

US administration policies, including sanctions against Iran’s trade partners and renewed tariff threats, are also potential triggers for rapid price increases.

Against this backdrop, US Fed Chair Kevin Warsh said the US central bank will “have work to do” if policymakers do not gain the confidence needed to see inflation heading back to 2%. His remarks came closer than before to acknowledging that interest rate hikes may be needed to ease price pressures.

Markets have responded by sharply increasing their bets on a rate hike following Warsh’s speech at the Jackson Hole Symposium. The probability of a hike has risen to 66% from 41% a week earlier, according to official CME FedWatch data.

For India, the combination matters because it points to a weaker global liquidity cushion. A hawkish Fed, higher US yields and rising Japanese yields together can keep foreign investors cautious on emerging markets.

Why should Indian investors care?

The bond selloff is increasingly spilling into equities. Higher yields theoretically make stocks less attractive, although strong earnings have kept equities buoyant. Heavily leveraged hedge funds, which trade across countless markets, could also come under pressure.

The most direct impact comes from the changing return equation. As bond yields rise, investors can earn more from a relatively low-risk US asset. That makes Indian equities comparatively less attractive, particularly for foreign investors.

Higher US yields can therefore encourage global investors to move money into US fixed-income assets. For Indian stocks, that can translate into selling pressure from foreign institutional investors, particularly when valuations are already elevated.

The pressure becomes broader when yields rise simultaneously across Japan, the US and Europe. Global investors then demand higher returns to hold risk assets, which can weigh on foreign flows into Indian equities and bonds, push domestic bond yields higher, put pressure on the rupee and hurt valuation multiples in stocks.

There is another problem for India: oil. The bond selloff is taking place alongside higher energy prices linked to the Middle East conflict. If oil prices remain elevated, India’s massive reliance on imports means the country could face higher imported inflation. That can squeeze corporate margins and limit the scope for easier monetary policy.

A shift towards higher-yielding US assets can also put emerging-market currencies under pressure. For India, a weaker rupee makes imported commodities, particularly crude oil, more expensive.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

STUART, Fla. — Tiger Woods pleaded guilty Wednesday to reduced charges of reckless and careless driving stemming from a rollover crash near his Florida home in March, agreeing to a five-year suspension of his driver’s license as part of a plea deal that resolved a case initially built around a driving-under-the-influence charge.

The 50-year-old golf legend appeared before Judge Darren Steele at the Martin County Courthouse in Stuart, Florida, for a change-of-plea hearing, months after initially pleading not guilty to misdemeanor charges of DUI with property damage and refusal to submit to a lawful sobriety test.

Tiger Woods pleaded guilty to careless driving in his DUI case and faces five years without a driver’s license under the plea deal, after the judge allowed two five-year suspensions to run concurrently instead of stacking into 10 years. pic.twitter.com/dwLQqiCCBL

— Breaking911 (@Breaking911) September 2, 2026

Under the terms of the agreement reached with prosecutors, the DUI charge was amended to reckless driving, a second offense, while the refusal-to-submit charge was amended to a careless driving citation. Woods pleaded guilty to both amended charges.

Judge Steele imposed a five-year driver’s license suspension on each of the two charges, but ordered the suspensions to run concurrently rather than consecutively, meaning Woods will lose his license for five years total rather than facing a combined ten-year suspension had the terms been stacked.

Addressing Woods directly during the brief hearing, Steele made clear the consequences of violating the suspension.

“If you were to drive for any reason at all you would go immediately back to jail,” Steele told Woods.

The judge also told Woods that the suspension was intended to protect others on the road, framing the penalty as a matter of public safety rather than punishment alone.

As part of the plea deal, Woods also agreed to pay a fine, with figures reported between $1,000 and $1,500 depending on the outlet, along with associated court costs tied to the case.

The charges stemmed from a March 27 crash on Florida’s Jupiter Island, near Woods’ home in Martin County. According to an incident report from the Martin County Sheriff’s Office, Woods’ Land Rover moved into the oncoming lane of traffic while a truck pulling a trailer was making a right turn ahead of him, causing Woods’ vehicle to strike the truck and flip onto its side. The collision caused an estimated $5,000 in damage to the other vehicle. Neither driver was injured in the crash.

Woods exited his vehicle by climbing out through the passenger side after the rollover, according to the sheriff’s report. Officers at the scene said Woods exhibited several signs of impairment, including slow movements, glassy eyes and profuse sweating. Woods told officers the crash occurred because he had been looking at his phone and changing the radio station, and that he had not noticed the vehicle ahead of him slowing down. He denied having consumed alcohol but acknowledged taking prescribed medication, according to an arrest affidavit tied to the case.

Wednesday’s hearing marked the resolution of a case that had drawn significant public attention since the crash, given Woods’ stature as one of the most prominent figures in golf history and a 15-time major champion. Woods appeared relaxed during the proceeding and was seen smiling at points during the hearing, according to reporters present in the courtroom.

The case is not the first time Woods has faced legal consequences tied to impaired or reckless driving. In 2017, Woods was arrested in Florida after police found him asleep behind the wheel of his car. A subsequent toxicology report found a combination of pain, anxiety and sleep medications in his system, along with THC, the psychoactive compound found in marijuana. Woods pleaded guilty to reckless driving in that earlier case and completed a first-offender DUI diversion program, which required him to attend a DUI education class, perform community service and pay fines, ultimately allowing the more serious DUI charge to be dropped from his record.

Wednesday’s plea deal adds to a broader pattern of vehicle-related incidents involving Woods over the past decade and a half. In addition to the 2017 arrest, Woods was also involved in a serious single-car rollover crash in February 2021 near Los Angeles that left him with severe leg injuries and launched a long and difficult rehabilitation process, one that significantly limited his ability to compete on the PGA Tour in the years that followed.

Woods’ legal troubles this year come amid what had appeared to be signs of a tentative return to competitive golf. After more than a year away from tournament play following his recovery from the 2021 crash and subsequent injuries, Woods briefly competed in March at the TGL Finals, a made-for-television golf league event, fueling speculation among fans and golf commentators that he might be preparing for a return to major championship competition, potentially including the Masters Tournament in April. Those plans were scrapped following the March 27 crash and the subsequent legal proceedings that culminated in Wednesday’s plea hearing.

Woods arrived at Wednesday’s hearing accompanied by his girlfriend, Vanessa Trump, according to reporters covering the proceedings. The relationship between Woods and Trump, the ex-wife of Donald Trump Jr., has drawn substantial media attention since it became public.

With Wednesday’s plea now finalized, Woods will be barred from legally driving for the next five years, a restriction that is likely to have practical implications for his day-to-day life even as it does not directly affect his ability to compete in golf tournaments, which do not require players to personally drive themselves to and from competition venues.

Neither Woods nor his legal representatives issued extended public remarks following Wednesday’s hearing beyond his responses during the court proceeding itself. It remains unclear whether Woods plans to pursue any further competitive golf appearances in the near term, though Wednesday’s resolution of his legal case removes one significant source of uncertainty that had loomed over his public profile since the March crash.

LeBron James marked his daughter’s return to school this week with a heartfelt Instagram post, sharing a series of photos and video clips documenting her first day of sixth grade.

The NBA superstar posted an eight-slide carousel to his Instagram account showing his 11-year-old daughter, Zhuri Nova James, dressed and ready for her first day back in the classroom, alongside candid moments of the two of them together on the drive to school.

In the caption accompanying the post, James expressed both pride and protectiveness over his daughter’s milestone.

“My Baby Z first day of 6th grade today! Man o Man!! Ammo is fully loaded and I ain’t playing about my Princess,” James wrote.

He continued with an encouraging message for his daughter as she begins the new school year.

“Have a wonderful school year mama face, have fun and continue to be YOU! It’s always ENOUGH! Love you,” James wrote.

The post included several photos of Zhuri posing for the camera, along with short video clips showing father and daughter in the car together, sharing a lighthearted moment while music played during their drive. James has periodically used his social media platforms over the years to document milestones in his children’s lives, offering fans an occasional glimpse into his family life away from the basketball court.

Zhuri is the youngest of James’ three children with his wife, Savannah James. The couple also share two sons, Bronny James, 21, and Bryce James, 19. Bronny has followed in his father’s footsteps into professional basketball, while Bryce has continued to develop his own game at the high school and collegiate levels in recent years.

James, one of the most decorated players in NBA history, has long been open about his role as a father, frequently describing the importance of family alongside his basketball career in public comments and interviews over the years. His social media presence has often reflected that balance, mixing posts about his professional achievements with more personal glimpses into moments with his children.

Wednesday’s post drew a wave of engagement from fans and followers, many of whom responded warmly to the father-daughter dynamic captured in the video clips, as well as to James’ evident affection for his daughter as she enters a new phase of her education. The tone of the post, blending playful protectiveness with genuine encouragement, echoed sentiments James has expressed in previous public remarks about raising his children amid the pressures that come with growing up in a high-profile family.

Celebrity parents sharing back-to-school moments on social media has become an increasingly common tradition among high-profile athletes and entertainers, offering a relatable touchpoint for fans even as their public lives remain largely defined by their professional accomplishments. For James, who has built one of the most recognizable personal brands in American sports over more than two decades in the NBA, such posts have become a familiar part of his online presence, alongside the coverage of his ongoing career milestones and business ventures.

James enters this NBA season continuing to navigate the later stages of a playing career that has already cemented his place among the greatest players in the sport’s history. Off the court, he has continued to build out a broader portfolio of business and media interests, including ventures in production, marketing and youth sports initiatives, several of which have centered on providing opportunities for young people, an area of continued personal interest for James given his own background.

James has previously spoken about the importance of family stability and structure in his own life, having often referenced his mother’s efforts to provide for him during a challenging childhood in Akron, Ohio, before basketball provided a pathway to a dramatically different life for James and, eventually, his own children. That personal history has frequently informed the way James discusses fatherhood publicly, often emphasizing themes of protection, encouragement and presence in his children’s lives.

Wednesday’s back-to-school post fits into that broader pattern, with James using the caption to affirm his daughter’s individuality and offer encouragement as she begins a new academic year, while also signaling, in characteristically playful language, his protective instincts as her father.

Neither James nor his family has provided additional public details about Zhuri’s school or academic interests beyond what was shared in the post itself, consistent with the family’s general approach of sharing selective, celebratory moments on social media while keeping most other details of their children’s day-to-day lives private.

The post adds to a growing collection of similar milestones James has shared publicly over the years as his children have grown, from early childhood photos to more recent updates marking their progress through school and, in the case of his sons, their respective basketball careers. Fans have often responded enthusiastically to these glimpses into the James family’s personal life, with Wednesday’s post following that same pattern of warm public reception.

As the new school year gets underway, James is expected to continue balancing his ongoing NBA career with his public role as a father, a dynamic that has remained a consistent thread throughout his time as one of basketball’s most closely followed public figures both on and off the court.

Operator

Thank you for standing by. My name is Jaylen and I’ll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy Third Quarter of Fiscal 2026 Financial Results Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Michael Bishop, Chief Financial Officer. You may begin.

Michael Bishop
Executive VP, CFO & Treasurer

Thank you, Operator. Good morning, everyone, and thank you for joining us on the call today. This morning, FuelCell Energy released our financial results for the third quarter of fiscal year 2026, and our earnings press release is available in the Investors section of our website at www.fuelcellenergy.com. In addition to this call and our earnings press release, we have posted a slide presentation on our website. The webcast is being recorded and will be available for replay on our website approximately two hours after we conclude.

Before we begin, please note that some information that you will hear or be provided with today consists of forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include statements concerning our anticipated financial results, plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, our anticipated market opportunities, and our business plans

Uber is cutting more than 3,000 jobs worldwide as part of a major overhaul designed to shrink management layers and refocus spending on its core business.

The cuts amount to roughly 10% of its global workforce, bringing staffing back to levels last seen in 2021.

Chief executive Dara Khosrowshahi told staff in a company email that the taxi and delivery firm had expanded quickly but accumulated too many layers and small teams that slowed decision‑making.

He said the reductions would put Uber, which has its global head office in San Francisco, US, in a better position for its “biggest opportunities ahead of us”.

The move marks one of Uber’s largest restructurings in years and signals a shift towards a leaner operating model.

Shares rose nearly 2% after the announcement, with investors appearing to welcome the proposals.

Cuts affect both managers and non-managers, and Uber said it plans to fold many of its smallest teams into larger groups, however, the firm has not confirmed the locations most affected by job cuts.

Such changes are intended to make Uber “simpler” and “faster,” while freeing up money to reinvest in areas it considers central to its future, Khosrowshahi said.

The restructuring comes as Uber steps up investment in autonomous vehicle partnerships and expands its ride‑hailing, delivery, and robotaxi operations.

Uber is also tightening up its office strategy, asking nearly all employees to work in person at designated hubs and limiting remote roles to about 1%.

Analysts said the layoffs could generate up to $2bn in annual savings.

Unlike many large technology companies that have cut jobs amid heavy spending on artificial intelligence (AI), Uber had avoided major reductions since the pandemic.

The latest changes bring its workforce back to just under 30,000 people, roughly where it stood before its most recent period of expansion.

Knight Frank has announced the sale of Network House on behalf of its client Columbia Threadneedle Investments

A modern warehouse in Leeds has been snapped up by new owners for an undisclosed sum. Network House in south Leeds has been sold after a deal was struck by Knight Frank’s Yorkshire industrial and logistics team, on behalf of its client Columbia Threadneedle Investments.

The warehouse has been bought by Wilson Power Solutions, which specialises in manufacturing electrical transformer equipment. The company is based close by, off Westland Square in the Beeston area of south Leeds.

The impressive 67,760 sq ft modern warehouse in Middleton Grove was fully refurbished by Columbia Threadneedle Investments in 2023 and is said to be one of the most energy efficient properties on the market, with a full solar roof and EPC A+ rating.

Iain McPhail, partner in Knight Frank’s industrial property and logistics team, said: “This significant deal is a strong indication that the Yorkshire industrial property market remains resilient.

“Network House, which was extensively refurbished throughout and with headquarter-style offices was always going to attract interest in the market, especially given its proximity to both Leeds city centre and Yorkshire’s excellent motorway network.

“This deal has also been a real team effort on all sides, and it has been a pleasure working with our clients at Columbia Threadneedle Investments, CMS UK Solicitors, and GV&Co, who acted for the purchaser.”

Tom Goode of GV& Co adde: “It was a pleasure to act for long-standing client Wilson Power Solutions on acquiring Network House. Network House offered a unique opportunity to acquire a fully refurbished building, close to their current HQ, that will be integral to the next phase of growth for the business”.

Knight Frank acted for Columbia Threadneedle Investments and GV&Co acted for Wilson Power Solutions.

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