A new report on the Bottle Yard Studios has revealed its contribution to the regional economy

A television studio in Bristol that was used to film hit show Rivals has boosted the regional economy by millions of pounds, according to a new report.

Spending at Bottle Yard Studios has more than tripled following the launch of its TBY2 facility in 2022, according to the research undertaken by Nordicity & Saffery for Bristol City Council and the West of England Combined Authority (Weca).

The state-of-the-art facility in South Bristol, which was backed by an £11.8m investment from Weca, is an extension of the Bottle Yard and has three sound stages.

Studio occupancy days have almost doubled since the opening of TBY2, according to the ‘Impact Evaluation of The Bottle Yard Studios’ report, rising from around 600 per year to more than 1,000 in 2024-25.

Estimated inward investment spending of productions supported by the studios each year has also more than tripled – from around £6m in the year before expansion to almost £23m, while annual gross value added (GVA) rose from £4.2m to £15.3m over the same period.

Councillor Tony Dyer, leader of Bristol City Council, said the report showed “just how significant” the Bottle Yard “success story” had become for Bristol and the wider West Country.

“It demonstrates that investment in our studios is delivering real economic value, supporting good jobs, helping local businesses grow, developing skills and sustainability, all whilst bringing global attention to our city and region,” he said.

Over the last five years, the studios has hosted 115 film and television projects across its two sites, including 34 high-end television productions, 13 feature films, documentaries, entertainment programmes, commercials and independent productions.

The opening of TBY2 has also helped boost production activity across the wider region. In Bristol, the value of location filming rose from £11.1m in 2022-23 to a record £23.8m in 2024-25, the research found. Employment among surveyed suppliers also increased by 38 per cent between 2021 and 2024.

“The benefits extend far beyond the studio gates,” added Mr Dyer. “Local suppliers, freelancers, accommodation providers, specialist businesses and production crews all benefit when filming comes to Bristol.”

The report comes less than six months after the Bottle Yard released information about its finances for the first time. The Bristol City Council-owned studios provided the details following a Freedom of Information (FOI) request by Business Live.

The studios had previously come under fire for refusing to confirm whether it makes a profit for council taxpayers.

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Microsoft on Monday revealed a draft of a new “Humanist AI Code of Conduct” that outlines the principles that will govern its development of AI models in an effort to get feedback ahead of publishing a revised version later this year.

The company said the “Humanist AI Code of Conduct” will take into account feedback it receives on the draft over the next six weeks, which will be incorporated into the revised version to be published before the end of the year and guide development of Microsoft AI (MAI) models. 

The principles in the document will “guide our model development in 2027 and beyond,” and Microsoft’s announcement said it will undertake “similar consultation processes as we develop new versions of the Code of Conduct over time.”

“This Code of Conduct is motivated by a single overriding objective: that humans must retain meaningful control over AI so that it can help people live healthier, happier, and more productive lives. It is the primary governing document informing how we train MAI Models, the technical controls, the operational and monitoring systems we implement, and the organizational culture that underpins all of this,” the company wrote.

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“At Microsoft AI, we begin with a simple premise: people matter more than AI. Technology’s purpose is to advance human civilization and to accelerate human flourishing. Science and technology have been the engine of human progress for millennia, delivering immense benefits to billions of people,” the company wrote.

“That’s what we intend and expect from AI,” Microsoft added, saying that “to get there, we need to design with care and intention, setting out our aims and objectives clearly in advance.”

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Ticker	Security	Last	Change	Change %
MSFT	MICROSOFT CORP.	505.41	+9.78	+1.97%

Microsoft said that when it launched its superintelligence efforts in November 2025, it did so with humanist principles in mind that would keep humanity in control of advanced AI through how it is calibrated, contextualized and limited by developers.

“Superintelligence – AI systems that are more intelligent and capable than all humans combined – will be the most powerful technology in history. Over the next decade, we expect it to exceed human performance at most tasks,” Microsoft wrote in the draft code of conduct.

“Containing, controlling, and aligning such a powerful force is one of the greatest challenges humanity has ever faced. We must therefore be completely clear about why we are inventing these systems and how we intend to control them.”

“Defining what they must not do is as important as our excitement and optimism about the tremendous benefits they’ll bring,” the company continued.

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Microsoft developed the draft code of conduct, which is 37 pages in total, over the last five to six months. Its release comes amid comments by the leaders of major AI labs – OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei – geared toward increasing third-party oversight of AI model development to ensure alignment.

Mustafa Suleyman, CEO of Microsoft AI, told Reuters in an interview that it’s “clearly now time to coordinate among the labs so we can ensure that we have control of this technology.”

Suleyman was asked about efforts to pace the development of AI and added, “Now’s a good time for everybody to have this conversation and take a breath.”

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The Treasury Department on Monday night will release a video of top CEOs praising the Trump administration’s vision for business growth.

FOX Business obtained the roughly one-minute video featuring a series of interview clips made at the G20 ministerial meeting in Asheville, North Carolina, on Aug. 31 and Sept. 1. It will be posted on the Treasury Department’s X account.

During his meetings at the G20, Treasury Secretary Scott Bessent highlighted U.S. economic growth resulting from policies implemented by President Donald Trump, such as deregulation, corporate tax changes and trade deals.

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In the video, JPMorgan Chase CEO Jamie Dimon says, “We have been regulating nonstop for years like barnacles on a boat. You can deregulate, free up capital, free up liquidity and make the system safer.”

Goldman Sachs CEO David Solomon, Eli Lilly CEO David Ricks, 3M CEO Bill Brown and John Deere CTO Jahmy Hindman are also featured in the video. They praise the business environment that has been created in the U.S. over the past year and eight months.

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These executives – and Dimon – run companies that collectively employ roughly 550,000 people, with combined revenue totaling about $376 billion.

“The president’s agenda of reducing taxes and deregulating and allowing us to build manufacturing sites in America for the first time in over 40 years for our company,” Ricks said in the video. “It’s really profound.”

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Tariffs have been the Trump administration’s primary tool in the second term to reshore manufacturing jobs, and according to the White House, it’s working, with $11.2 trillion in investments pledged by countries or companies in the U.S.

The Trump administration has pushed back against polls and the public’s perception of the economy, which it says run counter to the actual economic data over the second term, from an unemployment rate of 4.1% to the robust economic growth shown by a rising stock market – up 20% over the course of Trump’s second term thus far.

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The latest inflation data for August shows an increase in overall prices of 3.4% over the past 12 months, the 66th month inflation stayed above the Federal Reserve’s 2% target, and elevated fuel prices have the public’s attention.

But the price pressure hasn’t stopped the economy from growing, with the Federal Reserve Bank of Atlanta’s GDPNow model showing a third-quarter GDP estimate of 4.4% as of Sept. 10, due in part to the growing businesses the CEOs are leading.

Mumbai: BofA Securities has turned constructive on the Nifty after nearly two years of caution, projecting the index to reach 26,200 by December 2026. This implies an upside of about 12% from current levels. The brokerage, which has maintained a cautious stance since August 2024, said five of the eight risks it had previously flagged have either materialised or are now reflected in valuations.

BofA said the two key near-term risks facing the market are potential US Federal Reserve rate hikes and heavy primary-market issuances. It expects both risks to peak by October, creating room for a Nifty rally from November. The impact of artificial intelligence on Indian employment remains a longer-term structural risk.

Read more: FIIs sell Indian shares worth Rs 14,475 crore in Sept; analyst warns soaring bond yields may deepen selloff

The brokerage expects about $30 billion in primary-market issuances between September and December, with activity peaking in October. It also expects the Federal Reserve to raise rates by 75 basis points during the period, compared with roughly 35 basis points currently priced in by markets.

BofA believes the earnings downgrade cycle may have peaked after consensus FY27 earnings estimates for the Nifty were cut by 230 basis points year-to-date. It forecasts Nifty earnings growth of 10% in FY27 and 15% in FY28, compared with Street estimates of 12% and 15%, respectively.

Read more: India beats a hasty retreat from a crucial market reform
The brokerage has shifted its preference from small- and mid-cap stocks to large caps after broader market indices outperformed the Nifty by 13-20% year-to-date. The valuation premium for small- and mid-cap stocks currently stands at 43%, down from a peak of 53%.

Within the Nifty universe, BofA is positive on private banks, NBFCs, automobiles, upstream energy, cement, regulated power utilities, jewellery, quick commerce and EPC contractors. It remains cautious on PSU banks, insurance, steel, downstream energy, consumer staples, telecom, healthcare, industrials and information technology.

The cost will be funded by an increase in business rates for larger firms

The Welsh Government has announced plans for a 30% reduction in business rates for smaller firms trading in the hard-pressed hospitality and leisure sectors.

Subject to Senedd approval the reduction, from the start of the 2027-28 financial year, will apply to around 20,000 commercial properties with rateable values below £51,000. The Welsh Government said it will result in a collective fall in business rates for supported smaller firms of around £30m annually.

It will be cost neutral for the Plaid Cymru administration as it will be funded by an increase in business rates for all large businesses, defined as having properties with a rateable value of more than £100,000.

However, the Welsh Government said the difference between the higher multiplier and the standard multiplier for 2027-28 will increase by less than 1p to 2p in the pound.

The 30% reduction will apply to: hospitality venues ;pubs, restaurants, cafés and bars; food courts; licensed clubs and live music venues; visitor accommodation, hotels, guest houses and hostels leisure venues; cinemas, theatres, libraries, museums and gyms.

This permanent support will exceed the 15% temporary relief for food and drink hospitality currently in place.

First Minister Rhun ap Iorwerth said:“Our high streets are the heartbeat of communities right across Wales, and the businesses that fill them deserve our backing.

“This 30% cut to rates for pubs, cafés, gyms, hotels and so many other local favourites is about giving those businesses the confidence to invest, grow and keep serving the communities that rely on them. We’re making the system work better for the sectors that bring our town centres to life.”

The Welsh Government said the change sits alongside the work of its new town centres taskforce, chaired by Simon Gibson, which will consider what more tailored support individual town centres need, recognising that different parts of Wales face different challenges.

Cabinet Minister for Finance Elin Jones said:“This significant and permanent change will make a real difference to eligible hospitality and leisure businesses right across Wales.

“We’ve taken a balanced approach, ensuring this support is affordable while protecting the vital contribution business rates make to our public services – targeting help where it will have the greatest impact on our high streets.”

The precise values of all multipliers for 2027-28 will be confirmed as part of budget preparations, following the UK Government’s autumn Budget.

Laura Doel, TUC Cymru general secretary said: “We support any measures which the government can take to reduce the cost of doing business, and the cost of living.

“However, any government must cautiously weigh these benefits with any proposed tax cut and the potentially negative impact that would have on the government’s ability to invest in our vital public services, and the workers that make them tick.”

Nvidia CEO Jensen Huang received a surprise phone call from President Donald Trump on Monday, in which the president dismissed fears that AI poses an existential threat to humanity and argued against calls to slow frontier AI development.

While speaking on stage at the All-In Summit in Los Angeles, Huang answered the call and placed Trump on speakerphone for the audience of thousands, as shown in a video of the event shared by the All-In Podcast. 

“I’m telling you, it’s all a hoax,” Trump said. “The data centers are great, and they make people wealthy, and they make states wealthy, and it’s the oil of the next 20–25 years.”

Trump said critics are “playing right into the hands of a lot of people that don’t want to see it happen.”

TRUMP RESPONDS TO RISING AI SAFETY CONCERNS, INSISTS TECH WILL BE ‘MORE GOOD THAN BAD’

“That could be political people. It could also be China. And we’re not going to let that happen,” Trump said.

The president also rejected the idea that AI could pose an existential threat to humanity.

“The robots are not going to be taking over the world,” the president added.

Separately on Monday, Trump shared a series of Truth Social posts defending AI development and criticizing calls for increased regulation.

“AI taking over the World, destroying Humanity, and all other things bad, is a HOAX,” Trump wrote.

TECH CEO WARNS CENTRALIZED AI POWER COULD LEAD TO ‘COUNTERFEIT’ HUMANS, TECHNOCRATS SEEKING CONTROL

Trump’s remarks come as the debate over AI safety intensifies across Silicon Valley and Washington.

Anthropic CEO Dario Amodei published an essay over the weekend urging the industry to “slow the pace” of frontier AI development.

Amodei argued that while AI could deliver enormous benefits, companies should strengthen safeguards as the technology becomes increasingly capable.

“AI brings risks, and because it is such a powerful technology, these risks are serious. I’ve written a lot about them too. They include the risk of losing control of AI systems, misuse of AI for cyberattacks and bioterrorism, and serious economic disruption,” Amodei wrote.

SAM ALTMAN IDENTIFIES TWO BIGGEST RISKS FACING AI’S FUTURE

The essay also drew support from OpenAI CEO Sam Altman and SpaceX CEO Elon Musk.

“Dario is right,” Musk wrote on X.

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Altman echoed the sentiment, writing: “I agree with Dario that we need to pace the frontier. This has been a primary topic of discussions we’ve had at OpenAI in recent weeks.”

Nvidia could not immediately be reached by FOX Business for comment.

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Mumbai: Hours before the ₹22,600-crore initial public offering (IPO) of the National Stock Exchange opens for public subscription this Thursday, the Federal Reserve would have decided on policy rates at its latest review.

Many analysts have pencilled in a probability north of 50% that Fed Chair Kevin Warsh would raise rates a quarter percentage point, marking the first potential hardening in more than three years.

That will have implications beyond the immediate asset class – and geography.

Read more: US stocks today: US stocks end lower as AI slowdown fears hit chipmakers

First, a rise in Fed policy rates could tip the US 10-year sovereign yield – up nearly 7% in a month and now perilously close to the 5% mark – beyond a threshold considered rather rare this millennium. Investors don’t often have to negotiate such levels in US bond yields, which have been used to price assets globally for nearly three quarters of a century.

The 10-year stayed above 5% for a very brief period in October 2023. Prior to that, it had crossed the threshold in 2007, about a year before Lehman Brothers became history.
So, US yields above 5% would make an emerging market like India even more unattractive for foreign institutional investors (FII), which dumped more than ₹14,400 crore of stock over the past two weeks. FIIs sold even after India harnessed record subscriptions to special forex-inflow programmes, which came with a regulatory hedging latitude, to boost its reserves and bolster a wobbling currency.More importantly, risk-free rates at 5% in the world’s biggest market for both debt and equity have ripple effects the world over.

“The reason this matters beyond fixed income is that the government bond yield is the denominator in every asset valuation in the portfolio. For most of the past 15 years, that denominator was small, stable and falling, and the discipline it imposed on equity valuations was correspondingly slight,” British independent investment company Arbion wrote in a recent note. “That is no longer the case.”

Steep Hurdle

US 10-year yields, until September 11 this year, have averaged 4.41% – the highest since 2007. Only on four occasions in the past two decades the gauge breached the 4% threshold.

Relative to 10-year yields, the earnings yield gap – or, the premium equity investors would pay above risk-free returns – has been negative, indicating relative overvaluation for stocks. It could widen if the US 10-year bond crosses 5%, meaning stock owners will be making even bolder earnings growth calls by owning equities.

Read more: Bond market shock: 10-year US Treasury yield tops 5% as oil spike puts Federal Reserve on rate-hike path

Based on the June quarter results, the S&P 500 earnings yield (calculated as the inverse of price-to-earnings ratios) is 3.82%. The 10-year US yield on September 11 was 4.97%, translating into a negative earnings yield gap of 115 basis points – rather unusual for a mature, developed market like the US.

To be sure, the gap is wider in India, which is insulated by robust growth and cheaper current valuations. The PE ratio of Nifty 50, based on the closing level of September 11, is 19.8. So, the Nifty 50 earnings yield works out to 5.05%, translating into a negative earnings yield gap of 197 basis points.

Hence, risks of an equity devaluation, particularly in the developed markets, are rather real – unless earnings pick up sufficiently to justify the equity risk premium. High bond yields could quietly chip away at equity allocations by conservative institutions, such as large pension funds, which run on low but steady return mandates. If unusually high risk-free rates meet their RoI needs, they don’t need much exposure to riskier equities, further denting stocks.

Such a scenario could test the resilience of domestic retail investors, who now own about a fifth of Indian equities directly or indirectly, and have provided the bulwark against recent bouts of FII selling.