The Business

2025 has been a wild ride of big pharma - driven by explosive use of revolutionary weight-loss medication - pushing one of the biggest manufacturers, Eli Lilly, to a trillion-dollar valuation. A dramatic takeover war also saw Denmark’s pharma darling Novo Nordisk trumped by US giant Pfizer. Now, while Novo’s share price is down 50% over the course of the year, Lilly is in the stratosphere normally reserved for the likes of tech firms.  But the story’s not over. These, and smaller, challenger companies are slogging it out for market dominance. Who can nail the science for the next holy grail in weight loss meds – an oral pill. And what does investor behaviour tell us about where the market is going? Presenters:Hannah Prevett, Associate Business Editor, The Sunday TimesRichard Fletcher, Business Editor, The TimesGuests:Eleanor Hayward, Health Editor, The TimesPaul Major, portfolio manager at Bellevue Asset managementProducer: Miriam HallSenior Producer: Julia JohnsonExecutive Producer: Kate FordPhoto credit: GettyGet in touch: thebusiness@thetimes.com

Gold, the world's oldest asset, is experiencing a remarkable boom. Its value has surged from just over £2000 per ounce a year ago to well over £3000 today, reaching highs not seen since the 1970s. This rapid rise is unusual because gold typically peaks when stock markets decline, yet this rally has coincided with booming equity markets. So, what is driving the value up? Have we reached the peak, or is there more growth to come?Guests:Mehreen Khan, Economics Editor, The Times.James Ashley Morrison, Associate Professor, Department of International Relations and Associate Director of the Phelan United States Centre at the London School of Economics & Political Science.Jim Luke, Portfolio Manager of Schroders Global Gold Fund.Producer: Miriam HallSenior Producer: Julia JohnsonExecutive Producer: Kate FordPhoto credit: GettyGet in touch: thebusiness@thetimes.com

This episode of The Business is sponsored by PwC.As AI rapidly reshapes the world of work, businesses face the biggest transformation since the industrial revolution. While 90% of CEOs surveyed are investing in AI, only 15% are currently getting the value. So, what are the tools driving productivity gains? How can companies move AI from an IT project to one that’s truly integrated across the business? And how exactly are the UK’s largest employers preparing their workforces for the future? In this special bonus episode of The Business, recorded at the Times Tech Summit, Dominic O'Connell chairs a discussion with those at the forefront of this new technology.   Guests:Dr Seth Dobrin, CEO, Qantm AIDanielle Gilliam-Moore, Director, Global Public Policy, SalesforceUmang Paw, Chief Technology Officer, PwC  Hosts:Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business reporter, Times Radio

Fried chicken is booming in Britain - the market is now worth over £3bn a year. Up and down high streets, a whole new generation of fast food chicken restaurants have sprung up, buzzy US imports like Wingstop and Dave’s Hot Chicken, putting pressure on the established brands.In part, it’s down to Gen Z enthusiasm, driven by pop culture hits like Chicken Shop Date as well as viral ASMR videos of crunching, chewing and sizzling. So how can the market leader and established brand KFC maintain its dominance? And what does the fried chicken boom tell us about the way Britain - and British diets - are changing ?Guest: Rob Swain, General Manager, KFC UK & IrelandHosts: Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business correspondent, Times RadioProducer: Miriam HallSenior Producer: Julia JohnsonDevelopment Editor: Sandra ShmueliExecutive Producer: Kate FordGet in touch: thebusiness@thetimes.com

It’s being described as a "smorgasbord" of a budget - an offer from Rachel Reeves made up not of big, bold moves but of small, bite-sized titbits. But tax is up, spending is up and debt is still high - so do the measures add up to anything appetising for business at all? We pick over the details, from the big picture to the small tweaks in this budget special.Guests: Helen Miller, Institute for Fiscal StudiesSteve Rigby, Rigby GroupRichard Fletcher, Business Editor, The TimesHosts: Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business correspondent, Times RadioProducer: Miriam HallSenior Producer: Julia JohnsonDevelopment Editor: Sandra ShmueliExecutive Producer: Kate FordGet in touch: thebusiness@thetimes.com

More than $1 trillion has been wiped from the Crypto market in just six short weeks, but on The Business we hear from a man who still trusts Bitcoin more than any other currency. While many around the world fret about crypto crooks and markets that can be spooked by vibes alone, what’s it like to be ‘all in’ on Bitcoin? Andrew Webley, the founder and chief executive of the The Smarter Web Company, knows very well. He pivoted his web design agency into a so-called crypto treasury - that’s a company that holds digital assets as opposed to traditional treasury assets like cash or bonds. A long-time Bitcoin investor, Andrew was inspired by the approach of American crypto treasury evangelist Michael Saylor, and the billions he made through his bitcoin treasury company Strategy. The Smarter Web Company floated on the Aquis Stock Exchange in April this year, reaching a billion-pound market capitalisation in the summer. Now, despite the crypto slump, and his own company’s share price plunging by more than 70% since July, Andrew remains a steadfast believer in the future of Bitcoin, and the strength of his company.Guests: Andrew Webley, Smarter Web Company Hosts: Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business correspondent, Times RadioProducer: Miriam HallSenior Producer: Julia JohnsonDevelopment Editor: Sandra ShmueliExecutive Producer: Kate FordGet in touch: thebusiness@thetimes.com

There are few things that are as fascinating, thrilling - and sometimes as completely confounding - as the stock market. Right now, that's as true as ever. Consider Nvidia, which became the world's first $5 trillion company last month - putting its value higher than the GDP of every country except the US and China. Is there a logic to it, or is this plain madness? To get a grip on the forces at play, Dom and Hannah explore some historical parallels, first with Andrew Ross Sorkin, New York-based financial journalist and author of the book 1929, which explores the market crash of that year. Plus, veteran investment analyst Stephen Clapham joins Dom and Hannah.What can we learn from the market crashes of the past? Is there a brewing AI bubble about to pop? And are there some more troubling, lesser known stress points in the system? Guests: Andrew Ross Sorkin, journalist and author of 1929: Inside the Greatest Crash in Wall Street History — and How It Shattered a NationStephen Clapham, veteran investment analyst and founder of Behind the Balance Sheet, an investment research and investor training consultancy Hosts: Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business reporter, Times RadioYou can buy the following books mentioned in this episode at the Times Bookshop:1929 by Andrew Ross SorkinToo big to fail by Andrew Ross SorkinNudge by Richard H. Thaler and Cass R SunsteinEngines that move markets by Alisdair NairnProducer: Miriam HallSenior Producer: Julia JohnsonDevelopment Editor: Sandra ShmueliExecutive Producer: Kate FordGet in touch: thebusiness@thetimes.com

This episode of The Business is sponsored by PwC.All eyes are on Chancellor Rachel Reeves as she prepares her autumn Budget. There have been hints at manifesto-breaking tax increases as she warns that everyone will have to do their “bit for the security of our country and the brightness of its future.” But what could all that mean in practice for business? Barret Kupelian, UK Chief Economist at PwC and Claire Blackburn, PwC UK Head of Tax, join Dom and Hannah on this bonus episode to consider the choices the Chancellor is facing, what measures she might announce - and what they may indicate for Britain’s economic trajectory.    Guests:Barret Kupelian, UK Chief Economist at PwCClaire Blackburn, PwC UK Head of TaxHosts:Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business reporter, Times Radio

What is it like to have a window into the spending habits of 80 percent of British households? Alex Baldock knows very well. As the chief executive of Currys, he leads one of the nation’s biggest retailers, a job that involves overseeing hundreds of bricks and mortar stores across six countries - and some 24,000 employees.Alex joins Hannah and Dom to talk about how a retail business survives - and thrives - in the era of one-click online shopping, why cyber attacks are a daily threat, and what he wants to see from Rachel Reeves's Budget. Plus, Black Friday and why the LED face mask has joined the air fryer as the must have item this Christmas. Guest: Alex Baldock, Chief Executive, CurrysHosts: Hannah Prevett, Associate Business Editor, The Sunday TimesDominic O’Connell, columnist, The Times & business reporter, Times RadioProducer: Miriam HallSenior Producer: Julia JohnsonDevelopment Editor: Sandra ShmueliExecutive Producer: Kate FordGet in touch: thebusiness@thetimes.com