The Financial Conduct Authority (FCA) said a review of private equity, private credit and real estate firms found standards varied widely, with some firms showing strong governance and oversight while others failed to identify conflicts properly or keep controls up to date
FILE PHOTO: Signage is seen for the FCA (Financial Conduct Authority), the UK’s financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo
International News via Reuters:
Britain’s financial watchdog on Friday called on private market firms to improve how they identify and manage conflicts of interest as the sector expands and business models grow more complex.
The Financial Conduct Authority (FCA) said a review of private equity, private credit and real estate firms found standards varied widely, with some firms showing strong governance and oversight while others failed to identify conflicts properly or keep controls up to date.
The FCA said it expects firms to be able to identify, record, manage and disclose conflicts effectively, and demonstrate that investors are being treated fairly, particularly in areas where investors place significant reliance on firms’ judgement, governance and controls.
Reporting by Nithyashree R B in Bengaluru; Editing by Harikrishnan Nair
Bermudian driver delivers consistent evening across packed card in Indiana
Kiwon Waldron (File photograph)
Bermudian equestrian Kiwon Waldron enjoyed a competitive night in the sulky at Harrah’s Hoosier Park, securing three solid top-five finishes in Indiana.
Taking the lines across a packed 14-race card under the floodlights, Waldron showed his versatility across both pace and trot divisions against seasoned North American company.
In his opening drive of the evening in Race 2, Waldron guided Eagle Crest Queen to fourth place. Working from off the pace, the pair crossed the wire in a brisk 1:56.1, narrowly missing out on a podium spot.
He returned to the track for Race 7 behind Er Checkers in another high-tempo pace contest. Navigating a tightly bunched field, Waldron steered the pacer to fifth in a sharp 1:54.1.
Switching gait to the trot for Race 10, Waldron capped off his card aboard Bluebird Yoshi. Overcoming a demanding trip, he dug in down the home straight to hold off late challengers and secure fourth in 1:57.2.
The consistent evening marks another productive outing in the United States for the Bermudian driver, who continues to establish himself on the competitive overseas circuit.
Second Spring bowling round features dominant whitewash at Warwick Lanes
Islanders delivered the standout performance of the latest Second Spring Senior Bowling League round, cruising to an authoritative 4-0 whitewash over Last Pin.
The clean sweep capped a fiercely contested round at Warwick Lanes, where New Comers and Drifters also notched 3-1 victories over Blue Angels and Star Lites respectively. Elsewhere, Just Kickin and Pinsplitters could not be separated in a tense 2-2 draw.
In the men’s division, Michael Vassell produced a masterclass, topping the scratch standings with a blistering 245 game and a commanding 580 series, well clear of runner-up John Maycock (193/479). Vassell added the handicap game to his haul with a 264, though Llewellyn Jones denied him a complete sweep by clinching the handicap series with a 657, narrowly edging Nathan Stevens (649).
The women’s honours belonged largely to Bobbie Jones, who dominated the scratch categories with a clinical 219 game and a 572 series ahead of Malikah Symonds (181/498).
Jones also set the mark in the handicap game (257), before Sonia Holder turned the tables in a dramatic handicap series finish—posting a superb 691 to pip Jones (686) by just five pins.
Former BCB executive leaves major legacy after half a century of service
The Bermuda Cricket Board (BCB) has led heartfelt tributes to long-serving administrator Gary Fray, describing him as a “true titan” who reshaped the island’s sporting landscape.
Regarded as a cornerstone of modern Bermudian cricket, Fray played an instrumental role in the early 1990s by orchestrating the unification of the island’s separate governing bodies into a single entity—a pivotal moment that modernised both domestic leagues and international pathways.
Across decades of service, Fray filled nearly every major executive brief at the BCB, including First Vice-President, Second Vice-President, and Treasurer.
Armed with 50 years of professional accounting experience, he introduced vital fiscal rigour and transparency during critical transition periods. As Chairman of the Disciplinary Committee, his fair, measured approach safeguarded the spirit of the game, ultimately earning him the International Cricket Council (ICC) Lifetime Service Award.
Locally, his name was synonymous with Warwick Workmen’s Club, an institution he joined at 16 before serving as Secretary, Treasurer, and President across more than half a century.
In a statement, the BCB praised Fray as a leader who “never sought the spotlight,” adding: “Gary represented the very best of Bermudian sportsmanship. The foundation you built will continue to support our sport for generations to come.”
Sixteen athletes endure gruelling double pool sessions to prime for season
Sixteen of Bermuda’s most promising young swimmers have returned home following an intensive week-long training camp in Florida, designed to prime the squad for the upcoming competitive season.
The contingent from Sharks Swim Club—joined by invited athletes from Harbour Amateur Swimming Club—endured gruelling double pool sessions and rigorous dry-land strength work at the DC-12 camp. Florida-based Bermudian swimmer Athena Dyer also linked up with the team over the weekend, adding further depth to the lanes.
Beyond the physical workload, the camp placed heavy emphasis on elite habits outside the pool. Swimmers attended classroom seminars on sports nutrition, metabolic conditioning, and recovery protocols, targeting the standards required on the regional and international stage.
The demanding week concluded with a well-earned excursion to Universal Studios before the squad flew home.
“The swimmers worked extremely hard, supported one another, and learned how to respond when training became difficult,” said Sharks Head Coach Ben Smith.
“The challenge now is to carry that effort and those habits home. We look forward to seeing what this group can achieve this season.”
Smith led the programme alongside assistant coach Shirene Fulton, with Liam Evans directing the strength and conditioning regimen.
Carney, who is holding the first bilateral visit to Turkey by a Canadian leader, was speaking to reporters in Istanbul after agreeing with President Tayyip Erdogan in Ankara to upgrade ties to a strategic partnership
Turkish President Tayyip Erdogan meets with Canadian Prime Minister Mark Carney at the presidential palace in Ankara, Turkey, October 22, 2026. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS
International News via Reuters:
Canadian Prime Minister Mark Carney said on Friday his team had raised issues over LGBTQ+ rights during meetings held with the Turkish government a day earlier, adding that Ottawa’s engagement in partnerships did not mean approval of policies.
Carney, who is holding the first bilateral visit to Turkey by a Canadian leader, was speaking to reporters in Istanbul after agreeing with President Tayyip Erdogan in Ankara to upgrade ties to a strategic partnership.
His visit comes amid a crackdown in Turkey targeting LGBTQ+ groups, which the government says aims to protect children and family values.
Turkey’s crackdown on the opposition since 2024 and new arrests targeting the LGBTQ+ community since September have drawn criticism from rights groups and some European officials.
Ankara says the judiciary is independent, denying that investigations or court cases are politically motivated.
Carney has focused less on rights than his predecessors and has said that engaging with countries that Canada perceives as violating rights does not mean an endorsement of their policies.
“There are very few countries in this world that have the standards of Canada … so that all Canadians can live their lives as they choose,” Carney said.
“Because we’re engaged, we are able to raise directly with the senior authorities in these countries how we view the world and what our expectations are.”
He did not meet any leaders of LGBTQ+ or human rights groups while in Turkey.
Reporting by Maria Cheng and Tuvan Gumrukcu; Editing by Daren Butler and Alison Williams
Companies took on extra workers for the first time since hiring was hit by a tax increase in former finance minister Rachel Reeves’ 2024 budget, adding to other signs of a nascent recovery in the jobs market
A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim
International News via Reuters:
British businesses are having their strongest month for activity since February as new orders grow and AI-related demand picks up, according to a survey published on Friday.
Adding to signs of the economy’s resilience to the energy price shock from the Iran war, the preliminary S&P Global UK Composite Purchasing Managers’ Index rose to 53.1 in October, higher than any forecast among economists polled by Reuters and up from September’s 52.0.
Companies took on extra workers for the first time since hiring was hit by a tax increase in former finance minister Rachel Reeves’ 2024 budget, adding to other signs of a nascent recovery in the jobs market.
Manufacturers had their strongest increase in output in more than two years while services companies reported an acceleration in new orders.
Some firms cited a sales boost from AI investment spending and rising demand for technology services, S&P Global said.
Others held off on spending before next week’s budget which could mean more growth soon if finance minister John Healey avoids measures that hurt business, Chris Williamson, S&P Global Market Intelligence’s chief business economist, said.
Price pressures remained strong, “not only making a rate hike from the Bank of England at its upcoming policy meeting a near certainty but also likely shortening the odds of further rate hikes into 2027,” he said.
Cost inflation for businesses was the strongest since June, especially among manufacturers, although prices charged by companies increased less sharply than in September.
The BoE, which is worried that the energy price surge might fuel broader inflation, is expected to raise interest rates for the first time in more than three years on November 5, after the next scheduled meeting of the Monetary Policy Committee.
The PMI survey showed expectations among businesses for the year ahead edged up in October but remained weaker than the long-term average with companies worried about the wars in Ukraine and the Gulf as well as higher borrowing costs.
Writing by William Schomberg; Editing by Toby Chopra
The blue-chip FTSE 100 index fell 0.5% to 10,670 points by 1020 GMT
A worker walks near an LSEG (London Stock Exchange Group) branded cube inside the LSEG headquarters in Paternoster Square, London, Britain, September 8, 2026. REUTERS/Toby Melville
International News via Reuters:
UK stocks were set for weekly declines on Friday, as oil prices hit over five-month highs this week, weighing heavily on risk appetite, while investors parsed a slew of corporate earnings and economic data through the week.
The blue-chip FTSE 100 index fell 0.5% to 10,670 points by 1020 GMT. The midcap FTSE 250 was up 0.1%, but was set for its sharpest weekly fall in nearly six weeks.
• Oil prices hit their highest levels in over five months, with Brent crude trading close to $114 a barrel. This lifted energy shares 2%
• Aerospace and defence shares dropped 4.1%, falling to their lowest levels since late May, with Rolls-Royce bottoming the FTSE 100 with a 6.4% slide
• French rival Safran dropped 8% on worries that a slowdown in aftermarket sales growth could continue into 2027, with airlines cutting capacity amid high fuel prices
• Bank and healthcare sectors fell 1% and 1.7%, respectively, further bogging down the index
• Rising oil prices have spurred inflation concerns in the global economy, with domestic data this week showing price pressures increased more than expected in September
• An interest rate hike by the Bank of England in November is largely priced in, with the data supporting the case
• Elevated oil prices, growing bets on rate hikes and uncertainty ahead of the budget have set the indexes up for weekly declines
• British retail sales volumes fell 0.4% in September from August, worse than the 0.1% decline expected by economists, data showed on Friday
• Separate data showed consumer confidence plunged in October, its steepest monthly fall since the pandemic
• Markets will be looking forward to finance minister John Healey’s budget next week
• Among individual movers, insurer Lancashire Holdings fell 4% after Barclays cut its rating to “underweight” from “equal weight”
Reporting by Darshan Kumar and Purvi Agarwal in Bengaluru; Editing by Maju Samuel
The preliminary S&P Global UK Composite Purchasing Managers’ Index rose to 53.1 in October, higher than economists’ forecasts and up from September’s 52.0
International News via Reuters:
Sterling edged up to a fresh 17-month high versus the euro on Friday, on track for its fourth straight weekly rise, after UK data provided mixed signals about the British economy.
The preliminary S&P Global UK Composite Purchasing Managers’ Index rose to 53.1 in October, higher than economists’ forecasts and up from September’s 52.0.
Conversely, British consumers reined in their shopping in September, while separate data showed confidence levels plunged in October.
The euro was roughly unchanged at 83.70 pence after reaching 83.62 pence, the lowest level since May 2025.
BofA said that not all bets against the euro offer the same opportunity, arguing the euro/pound is better priced and that it favours euro/yen and euro/Canadian dollar shorts.
Fears of new social unrest in France and elevated energy prices weighed on the single currency while strong UK data and easing fiscal concerns have recently lent support to the pound.
British Prime Minister Andy Burnham said on Friday his government’s first annual budget statement due next week will give businesses “breathing space to grow”.
“The PMIs have a stronger tone than the recent retail sales and consumer confidence data,” Paul Dales, chief UK economist at Capital Economics, said.
“Taken together, the overall economy still seems to be weathering higher energy prices and higher borrowing costs well, and the worst of the rise in inflation is yet to come,” he added.
Sterling fell 0.15% to $1.3381 against a strengthening dollar after reaching $1.3418 on Thursday, its highest level since September 16.
The greenback rose on Friday after losing ground during the week as doubts about the AI investment boom fuelled expectations of a more dovish Federal Reserve.
Some economists remained cautious about the UK economic outlook.
“The drop in retail sales volumes in September and slump in consumer confidence in October could be the first signs that the long-awaited squeeze on consumer spending from the Iran war is materialising,” Andrew Wishart, an economist at Berenberg, said before flagging that weaker spending highlights the downside risk from rate hikes.
Reporting by Stefano Rebaudo; Editing by Joe Bavier
American handles coastal gusts to grab opening-day edge at Port Royal
American Chandler Blanchet produced a scintillating nine-under-par 62 to seize the clubhouse lead on a rain-swept opening day of the Butterfield Bermuda Championship at Port Royal Golf Course.
Despite shifting coastal gusts, Blanchet lit up the Southampton layout with two eagles and six birdies against a solitary bogey, earning a one-stroke cushion over an elite chasing pack locked on eight-under 63.
Blanchet’s late masterclass eclipsed morning pacesetters Ben Kohles—who carded an astonishing 11 birdies in a rollercoaster round—Canada’s Ben Silverman, and American Danny Walker. Canadian Corey Conners was the lone afternoon starter to match that 63 benchmark, navigating the deteriorating squalls with a flawless, bogey-free card.
Bermudian hopes rested on Camiko Smith and Nick Jones, who both faced the worst of the afternoon conditions.
Smith remained within striking distance of the weekend cut after signing for a resilient, even-par 71 to sit tied for 90th, while Jones opened with a one-over 72 to leave himself facing an uphill task on Friday morning.
Police are currently at the scene of a two-vehicle road traffic collision on South Road, near the junction of Harbourview Drive, Southampton, in the vicinity of the Southampton Princess entrance.
The collision involved two motor cars. Initial reports suggest that injuries are not believed to be serious at this time.
The roadway is partially blocked, and police have implemented a one-lane traffic system to allow vehicles to pass safely.
Motorists are urged to use alternative routes where possible while emergency personnel work to clear the scene.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
