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The tech sector should brace for further turbulence

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The tech sector should brace for further turbulence

Whatever the long term shifts that are making its products more central to everyday life, chips remain highly cyclical 

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Travel

Major tourist attraction reveals plans to double entry fee – but only for holidaymakers

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Barcelona's Park Güell could double fees for tourists

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.

Barcelona's Park Güell could double fees for tourists

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Barcelona’s Park Güell could double fees for touristsCredit: Getty
The attraction welcomes millions of tourists a year

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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.

Portugal has ditched entry fees to 38 of their attractions – although tourists still have to pay.

And we’ve rounded up the attractions that are free to visit across England.

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Inheritance tax increases expected for some in Budget

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Getty Images Chancellor Rachel Reeves during the International Investment Summit at the GuildhallGetty Images

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.

There is also Business Relief for Inheritance Tax, and Agricultural Relief, which allows land or pasture that is used to grow crops or to rear animals to be free of 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.

Getty Images Keir Starmer at lectern with the words Fixing The Foundations Getty Images

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.”

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Klarna reveals huge buy now, pay later payment change for shoppers

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Klarna reveals huge buy now, pay later payment change for shoppers

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.

Klarna is now an available option on Apple Pay for Apple users in the UK and US

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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.

Some BNPL firms, including Klarna, tell credit reference agencies about late payments.

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.

Klarna has rolled out a handy Apple Pay feature available on iPhones and iPads

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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.

  • Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
  • StepChange – 0800138 1111
  • National Debtline – 0808 808 4000
  • Debt Advice Foundation – 0800 043 4050

You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.

Speak to one of these organisations – don’t be tempted to use a claims management firm.

They say they can write off lots of your debt in return for a large upfront fee.

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But there are other options where you don’t need to pay.

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Dolan’s Sphere will struggle to square the circle on its finances

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Line chart of Share prices rebased showing Jimmy Dolan’s sports and entertainment empire spans three public companies

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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.

Line chart of Share prices rebased showing Jimmy Dolan’s sports and entertainment empire spans three public companies

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.

sujeet.indap@ft.com

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Netflix hikes prices in some countries as growth fades

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Netflix Promotional image for Netflix show Baby Reindeer, featuring actor and comedian Richard Gadd sitting on the back seat of a bus with antlers drawn in condensation on the window behind him.Netflix

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 Promotional photo from Netflix show Queen Charlotte.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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Travel

Eurostar brings back Snap scheme that lets you buy half price train tickets – the first time in five years

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Eurostar Snap lets you book last-minute 50 per cent discounted tickets

EUROSTAR has brought back its half-price ticket scheme – the first time in five years.

The train operator’s Snap lets passengers book tickets that are up to 50 per cent off, when booking last minute.

Eurostar Snap lets you book last-minute 50 per cent discounted tickets

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Eurostar Snap lets you book last-minute 50 per cent discounted ticketsCredit: Rex

First launched in 2016, it was suspended in 2019.

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Passengers can now choose a travel destination and date that they want to book, although not the time.

Bookings can include up to three friends, and can be up to two weeks in advance when travelling from London.

Travellers are then notified 48 hours before departure if this has been confirmed for the discounted rate.

Destinations for Brits include London to Paris and back as well as London to Brussels and back.

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The London to Amsterdam route is included, but only one way.

Travel times are between 5:30am and 8:40pm.

François Le Doze, Chief Commercial Officer at Eurostar, commented: “Snap has been a customer favourite, and we’re thrilled to bring it back year-round,offering a smart solution for travellers who can be flexible with their schedules.

“With Snap, Eurostar makes a simple yet compelling promise: travellers pick the date and destination, we select the time, and they can snap up to 50 per cent off the price for remaining Eurostar seats.

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“It’s a smart way to travel, ensuring no seat goes unused – a win for our customers, a win for Eurostar, and a win for the planet.”   

Top 5 Picturesque Train Journeys in Europe

There are some restrictions – the previous Snap scheme let you choose whether you wanted an AM or PM ticket.

You also can’t book a day trip so you will have to return at least the next day.

The cheap rates cannot be exchanged or refunded and you can’t pick your seats.

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Kids under four can go for free without a seat reservation but Snap currently can’t be used for kids older than this.

But if you time it right, it could mean you get 50 per cent off a £39 ticket – meaning a one-way trip for less than £20.

Eurostar is also a great option for Brits heading to Christmas markets abroad.

With no liquid restrictions, it means you can bring back wine and snow globes without running into problems at security.

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Eurostar tickets could even get cheaper next year.

Train regulator the Office of Rail and Road (ORR) had said fares should be cut by 7.7 per cent from April 2025.

Feras Alshaker, ORR director for planning and performance said the high speed line “makes a crucial contribution to the UK economy, supporting growth”.

They added: “[We] should see the costs of operating on the line reduce significantly, giving savings for both international and domestic operators over the next five years, with benefits for passengers and freight users.”

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And theare also calls for more Eurostar stops in the UK.

Three scenic train journeys you can take in the UK

The UK is full of great train journeys, including some with scenic views.

  1. The West Highland Line in Scotland has previously been dubbed the best rail journey in the world, thanks to its breathtaking views overlooking mountain landscapes, serene lochs and wistful moors. Tickets start from £19.50.
  2. The East Coast Main Line from Durham to Edinburgh is another popular railway route. Passengers on this train will be treated to views of Durham Cathedral, the Angel of the North, and the King Edward VII Railway Bridge. Tickets start from £24.50.
  3. The train from St Erth to St Ives only has one stop on its route, which is complete with sea views. Tickets start from £3.

Previously stopping at Ashford International, this was paused during the Covid pandemic and is yet to return.

And there are also calls for it to stop at Stratford International, which the Eurostar also travels through.

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The tickets can be used on routes from London to Paris and Brussels

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The tickets can be used on routes from London to Paris and BrusselsCredit: Getty

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