The Business

Can Nvidia survive the explosive scandal engulfing chief executive Jensen Huang, or will the fallout trigger a wider crash across the AI boom?In this episode of The Business, Dominic O’Connell looks at the bombshell confession from Nvidia boss Jensen Huang regarding his affair with a businesswoman suspected of being linked to Chinese intelligence services. With the company's board launching an urgent inquiry, we examine whether the silicon giant's leadership is untenable.Dominic is joined by Louisa Clarence-Smith, US business editor for The Times, and Maike Currie, vice-president of personal finance at PensionBee, to break down how volatility at Nvidia could reverberate across the global stock market. Will tremors in the tech industry knock UK investor confidence, affect the FTSE and impact capital flows for British business?Ultimately, they ask: what is next for Huang, and the company he has shepherded to global dominance?"I think what is interesting here is that this is not just about an embarrassing personal relationship or infidelity - but what we've got here is the issue of national security,” PensionBee’s Maike Currie said on the show. “We know that the US and Washington, specifically, have been very focused on protecting its AI technology and its AI chips from reaching China … this is a race between China and America who is going to dominate.”Nvidia has said it “prioritises US national and economic security, which is paramount to the interests of Nvidia and its shareholders”. In announcing its investigation, it said while the board had “no reason to believe that either national security or Nvidia secrets were compromised”, it would examine “all available information”. Jensen Huang has made a public apology to his family and his colleagues, and said he will co-operate with the company investigation. This episode is sponsored by PwC.Guests:Louisa Clarence-Smith, US business editor, The TimesMaike Currie, vice-president of personal finance, PensionBeePresenter:Dominic O’Connell, Times columnist and Times Radio business correspondentProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyGet in touch: thebusiness@thetimes.comThis podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today to get full digital access.More from the BusinessIPOs Go ‘Mega’ – Should We Be Worried?Synthesia CEO: Europe is a "Trust Fund Kid"More from the TimesNvidia takes $300bn hit after boss Jensen Huang admits affairWho is Alice Huang? The Nvidia scandal explained

How did bounce-back loans end up in the hands of fraudsters? And can the government ever recover the lost funds?When the Covid bounce-back loan scheme was launched in May 2020, it was intended as an emergency lifeline for small and medium-sized British businesses. Issuing 1.2 million loans totalling £47 billion, it was the largest of the Covid-related business loan initiatives.While it was rolled out rapidly, it is now embroiled in scandal. The countless cases of fraudulent activity cost billions of taxpayers’ money.In this episode of The Business, James Hurley, The Times assistant business editor, and George Greenwood, The Times investigative reporter, join Hannah Prevett to lift the lid on the bounce-back loans scandal.George and James first broke the bounce-back loans story in 2021, and continue to track the ongoing fallout: from disqualified company directors to criminal convictions.Could these pricey mistakes have been avoided? And what lessons could be learnt?When asked about their lending being higher risk Starling Bank has said: “The majority of this lending was to eligible micro-businesses with single directors, many of which were relatively young businesses." They added: “Direct comparisons [with] other lenders are difficult, given limitations of the data, the different characteristics of each lender’s customer base, and the maturity of the scheme.”When asked about the guarantees being repaid Starling Bank has said they: “identified a group of loans made before April 2021 which potentially did not comply with a guarantee requirement”.These were loans where the bank’s “own procedures did not have strict adherence to the scheme rules around all the checks that have to be made”.If you enjoyed this episode, make sure to press follow at the top of your podcast app, so you never miss an episode. This episode is sponsored by PwC. Guests:George Greenwood, The Times investigative reporterJames Hurley, The Times assistant business editorPresenter: Hannah Prevett, The Sunday Times associate business editorProducer: Hope FedericoExecutive Producers: Miriam Hall and Emily LeahyVideo Producer: SuperllamaImage: GettyGet in touch: thebusiness@thetimes.comMore from The TimesGovernment ‘dangerously flat-footed’ about recovering Covid fraudStarling takes a £28m hit from Covid bounce back loansSuitcases of Covid loan cash seized at UK’s borders More from The BusinessCan Labour really reindustrialise Britain? Taylor Wimpey: Can Labour fix the UK's broken housing market? Wealth and inheritance tax driving away the UK’s super rich?

What does Chancellor John Healey's 2026 budget mean for business?In this episode of The Business, Dominic O’Connell is joined by Dan Neidle, founder of Tax Policy Associates, and Shevaun Haviland, director general of the British Chambers of Commerce, to unpack an Autumn Budget designed to give British people ‘breathing room’.At the despach box the chancellor said: "Too many people feel this country isn't working well for them, and in particular, households and businesses face challenges from rising energy costs due directly to the conflict in the Middle East. In the face of that, what matters is how we respond as a government. And my choice in the budget today is to give families and businesses some breathing space now, and to begin the radical reform of energy to reduce bills in the future."They examine how the Chancellor plans to balance short-term household relief with long-term economic growth. We break down the cash ISA U-turn, capital gains tax adjustments, and the new Founders’ Relief, dissecting the practical realities for British business owners and leaders.They also explore the devolution of business rates, and what this Autumn Budget means for high streets facing mounting costs.The Business is sponsored by PwCGuest:Shevaun Haviland, Director General of British Chambers of CommerceDan Neidle, founder of Tax Policy AssociatesPresenter:Dominic O’Connell, Times columnist and Times Radio business correspondentProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyImage: GettyGet in touch: thebusiness@thetimes.comMore from The TimesBudget 2026 key points: a summary of the highlights What the budget means for youMore from The BusinessDiesel Crisis: Is UK facing a rationing threat?Taylor Wimpey: Can Labour fix the UK’s broken housing market?Can Labour really reindustrialise Britain?Hosted on Acast. See acast.com/privacy for more information.

How did Hawksmoor grow from a single Shoreditch steakhouse into a global brand, and can UK hospitality survive rising tax burdens?In this episode of The Business, Hawksmoor co-founder and Chief Executive Will Beckett joins Hannah Prevett at Hawksmoor St Pancras to reflect on what he's learned from 20 years in British business, and what UK hospitality wants from Chancellor John Healey's budget.He breaks down the harsh financial pressures facing the industry, including how tax changes, rising business rates, and employment legislation impact hospitality margins.“I know that the hospitality industry would like me to say, ‘big, sweeping change’ - I just think it's unlikely,” he tells the programme. “Anything that is just relieving the tax burden or relieving the pressure slightly, that, in a way that would help smaller independent businesses flourish, I think has to be good news.”Beckett, who runs the business alongside his co-founder, Creative Director Huw Gott, also discusses scaling the steakhouse chain across London and taking on private equity investment to take the brand to the US with major openings in New York, Chicago, and Boston."We've learned about how to pitch Britishness and London. Boston's really well known for lobster rolls, but in Hawksmoor Boston, we do a lobster crumpet.”If you enjoyed this episode, make sure to follow this podcast.This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today to get full digital access.Guest:Will Beckett, chief executive and co-founder of HawksmoorPresenter:Hannah Prevett, associate business editor of The Sunday TimesProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyGet in touch: thebusiness@thetimes.comMore from The TimesI was a jack of all trades until I sunk my teeth into HawksmoorHow a very British steakhouse won over New YorkMore from The BusinessWill the Chancellor Increase Capital Gains Tax in the Budget?The Employment Rights Act: A Generational Shift for British Business

What does it take to become a top football agent in the UK? From negotiating million-pound contracts, to managing player transfers, a football agent holds the power to change the game long before players walk onto the pitch.In this episode of The Business, we explore the high-stakes world of sports management, where agent fees topped £400 million in the Premier League last year. Jo Tongue, leading football agent and chief executive of Tongue Tied Management, joins Hannah Prevett, associate business editor at The Sunday Times, to take us behind the scenes of commercial deal making in football. Jo discusses managing players' careers, negotiating commercial deals, and representing some of the biggest names across British football, including the manager of Manchester United, Michael Carrick.As a board member of Women in Football, Jo also reflects on working in a male-dominated industry and addressing the persistent inequalities facing female sports professionals.On social media she says abuse "is rife for women, to the point where I think a lot of females just go, ‘I'm just not gonna put anything out there because it's just not worth the stress." More from the Times: ‘It never occurred to me that I couldn’t succeed in football as a girl’ Michael Carrick hails ‘fresh start’ but one win in seven tells own storyMore from the BusinessBeyond TV: How Trinny Woodall Built A Beauty Brand“I was ashamed”: How failure built CastoreGuests: Jo Tongue, football agent and chief executive of Tongue Tied ManagementPresenter: Hannah Prevett, associate business editor at The Sunday TimesProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyVideo Producer: Super Llama

With pump prices passing £2 a litre and national reserves dropping, could the diesel crisis force ministers to activate emergency fuel rationing? In this episode of The Business, Dominic O’Connell looks at what current diesel pricing means for the UK economy.Joined by Helen Thompson, Professor of Political Economy at Cambridge, and Joe DeLaura, Global Energy Strategist at Rabobank, we examine whether low reserves and refining capacity threaten long-term economic growth. They break down how global supply disruptions, refinery closures, and changing government fiscal policy are squeezing margins across British business. Crucially, they consider - could rationing truly be a reality in the United Kingdom?“There's always that possibility because the Trump administration has shown that we will extract our pie from other countries. [The thinking is]: ‘If you don't buy American we'll stop selling you diesel, or maybe we'll do a diesel export ban for 90 days unless you release some of your strategic petroleum reserves, or unless you sell us something, or unless you let us have an aircraft base in your country,’” DeLaura says on the show. “Fortunately, I think the US and the UK have a pretty strong long-standing relationship, but the Administration has tested a lot of those long-standing relationships … it's the fact that we even have to ask this question that really concerns me.”Thompson, however, said it is a risk, but not likely - though she pointed out that some Asian countries did have to take that path. “I think for that situation to materialise in Europe, there would have to be something else on top of what has already happened … [but] the Trump administration itself might bring that about,” she says on the program. “This administration's first port of call, in a way, in dealing with its supposed allies, is the energy weapon.”More from the Times: Get drilling at Rosebank or risk diesel shortages, ministers warnedTrump’s diesel deal with Putin is gift to Russia, says ZelenskyMore from the BusinessNorth Sea Oil and Gas: The Future of UK Energy SecurityCould the UK Electricity Grid Fail?Guests:Helen Thompson, Professor of Political Economy at Clare College, CambridgeJoe DeLaura, Global Energy Strategist at RabobankPresenter:Dominic O’Connell, Times columnist and Times Radio business correspondentProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyPhoto: Getty

Can Dubai’s $35 billion Al Maktoum International Airport expansion survive growing Middle East conflict, or will regional tensions stall the world's biggest aviation megaproject?In this episode of The Business, Dominic O’Connell is joined by Paul Griffiths, chief executive of Dubai Airports, to discuss the ambitious expansion of Al Maktoum International Airport. Designed to handle 260 million passengers across five runways, the airport represents a massive investment in the future of global travel and trade. Griffiths reflects on navigating regional instability, missile threats, and managing airport security during heightened tensions.“I think there are some things that we are considering which could harden some of the infrastructure against possible threats, but I think most of this is going to be technology that actually stops the impact of any conflict being felt by the infrastructure, that’s the most important thing,” Griffiths says on the show.Following Houthi missile attacks on Saudi’s Riyadh airport, the UK Foreign Office has now advised against all but essential travel to a large portion of Saudi Arabia. Griffiths tells the program Dubai’s airspace is so far unaffected. “The attacks on civilian infrastructure that are happening in Saudi are very regrettable and abhorrent in so many ways,” he says. “We have to remember that the Middle East is a pretty big place - and Riyadh and Jeddah are as far away as Italy is from the UK, so it is a war between two countries that are not fortunately touching the UAE. Obviously we are maintaining vigilance.”From his early career alongside Sir Richard Branson at Virgin Atlantic to running Gatwick and leading Dubai Airports, Griffiths outlines his corporate strategy for connecting world markets. He also discusses how international aviation disruptions impact passenger recovery, supply chains, and the wider UK economy - as well as how he has balanced his other career as a pipe organ musician.Guest:Paul Griffiths, chief executive of Dubai AirportsPresenter:Dominic O’Connell, Times columnist and Times Radio business correspondentProducer: Hope FedericoExecutive Producer: Miriam Hall and Emily LeahyGet in touch: thebusiness@thetimes.comPicture: GettyMore from the Business:EasyJet vs Wall Street: The £5.7bn Battle for a British Budget AirlineInside the Multi-Billion-Pound Resurgence of Marks & SpencerWealth and inheritance tax driving away the UK’s super rich?More from the Times: Saudi Arabia airport hit by second Houthi strike after 13 killed in attack — as it happenedDubai airport prepares for take-off amid US-Iran conflict

This branded episode is brought to you by PwCWhat should business leaders expect from the chancellor's first Budget? President of the British Chambers of Commerce and former Bank of England Chief Economist Andy Haldane joins The Business to discuss.Hannah Prevett and Dominic O’Connell explore what John Healey will be weighing up before heading to the despatch box. Joined by Andy Haldane and Claire Blackburn (PwC’s UK Tax Leader), they examine the economic pressures facing the UK economy, the politics behind the potential fiscal policy choices, and potential changes to capital gains tax.They discuss what British business and industry leaders need from this Budget to drive economic growth, manage corporate strategy, and restore commercial confidence.You can also watch this episode on Times Business channel on YouTube.Guests:Andy Haldane, President of the British Chamber of Commerce and former Chief Economist at the Bank of EnglandClaire Blackburn, PwC’s UK Tax LeaderPresenter:Hannah Prevett, associate business editor, The Sunday TimesDominic O’Connell, business correspondent, Times RadioProducer: Shabnam GrewalExecutive Producer: Emily LeahyVideo Producer: Super LlamaGet in touch: thebusiness@thetimes.comHosted on Acast. See acast.com/privacy for more information.