Haribo has a secret new ingredient
Chocolate testers and lots of deals.
Good morning,
A ‘gold rush’ has become a bit of a tired metaphor whenever there’s a new technology wave and everyone gets a bit overexcited, but it has made me wonder what there is to learn from the 1849 California Gold Rush.
Firstly it was news to me that the San Francisco football team is called the ‘49ers’ thanks to the events of that year and the years following where hundreds of thousands of people descended on the area from around the world. The journey across America was so perilous at the time that at least 50% of people arrived by boat. If you were travelling from the east coast of America this meant either sailing round the entirety of South America or getting a dodgy canoe through the jungle in Panama.
On average, gold-seekers did make a small profit and it’s estimated that 370 tonnes were removed in the first five years. As has been well documented, the people who generally profited most were those selling the equipment, lodgings and food that the forty-niners relied on. None more so than Samuel Brannan, who owned the only store between San Francisco and the gold fields. He bought every pick and shovel he could find, ran around the streets of SF shouting about all the gold to be mined and made a fortune in a matter of weeks.
You are gold,
Hugo
Chief Prospector
The Business of Stuff
The Stuff
Advertisers are flocking to TikTok 📱 - revenue shot up 50% last year as spending by brands continues to move from traditional channels to the major technology platforms. In order to sustain the growth they are looking to introduce a “search with ads” product in the UK that will enable businesses to appear in searches as sponsored content.
The happy world of Haribo is happier than anticipated 🍬 - the confectionary company has been forced to recall several bags of sweets after several members of a family felt unwell after tucking into a 1kg bag of Happy Cola FIZZ. Tests were done on several samples and it was discovered that they contained cannabis.
NatWest is no longer owned by taxpayers - during the 2008 financial crisis, the British government paid what was then the Royal Bank of Scotland £45.5 billion for an 82% stake to avoid it going under and potentially bringing down the financial system with it. The government has been unwinding its stake since 2015 and sold its final shares this week, crystallising a £10.5 billion loss for the taxpayer.
Cadbury is hiring 50 chocolate testers 🍫 - the part-time roles will be based at the Bournville site in Birmingham. Full training will be provided in order to help the new recruits develop their taste buds and learn the vocabulary required to communicate feedback. All you need to bring to the table is a passion for food and a willingness to try new stuff.
Poland's main stock market is up 28% this year 🇵🇱 - foreign investment and its relative insulation from the global trade war have made it an increasingly popular proposition. Around three-quarters of its trade is done within the EU and a recent stimulus package in Germany, its largest trading partner, has boosted confidence in the Polish economy which grew 3.8% year-on-year in the first quarter of 2025.
New York Times agrees first AI deal with Amazon 🗞️ - the newspaper publisher is suing OpenAI and Microsoft for allegedly using its content to train its models so this will send a clear message on the sort of deal that needs to be done. The increasing use of AI is killing traffic to online magazines and newspapers but the AI companies are reliant on new content being created, so it is good for everyone if a viable commercial model is established.
Finance recruitment cycles continue to get more bonkers 🏦 - if for some reason you’d rather a job in investment banking or private equity rather than as a chocolate taster you might struggle. IB to PE is a well-trodden route but thanks to increasing competition, lots of graduates are signing up for roles at the latter a couple of years down the line before they have even started work at their investment banking job. The intense competition is leaving everyone pretty dissatisfied.
Rangers are now owned by an American consortium ⚽ - the group is led by the private healthcare tycoon Andrew Cavanagh and includes the investment arm of this week's featured American football team, the 49ers (who also have full control of Leeds United). The takeover provides some light at the end of the tunnel for Rangers fans after a long period of Celtic dominance and failure to deliver from the previous owners.
Details around the Stargate project are emerging 🚀 - everyone knew from the start the $500 billion touted by Trump was an ambition rather than a reality but even the $100bn promised immediately looks a bit unrealistic. So far the only capital deployed has been in Abu Dhabi to finance plans to fund ‘Stargate UAE’. OpenAI has sent out requests for proposals to a number of states to determine where is best to build 5-10 new data centres.
Drink groups are fighting back as they face a tobacco moment 🍺 - people are drinking less as podcasters and non-alcoholic beer companies decry the perils of alcohol which is a big problem for companies like Diageo who love to sell alcohol. They are claiming there is a lot of dodgy science out there and having a couple of drinks with your pals is absolutely fine. On a sunny weekend, it’s hard to disagree.
Quote of the week
Don't gain the world and lose your soul; wisdom is better than silver or gold -
Bob Marley