Britain’s financial watchdog said it would fine Neil Woodford, a former star stockpicker, and his investment firm nearly 46 million pounds ($61.08 million) over their failure to manage their now collapsed flagship fund.
The Financial Conduct Authority (FCA) said Neil Woodford would be fined 5.9 million pounds and banned from holding senior manager roles and managing funds for retail investors, and Woodford Investment Management 40 million pounds.
The parties are appealing the FCA’s decision.
The FCA said Woodford and Woodford Investment Management made unreasonable and inappropriate investment decisions between July 2018 and June 2019.
The Woodford Equity Investment Fund (WEIF), the flagship fund, was suspended in 2019 following outsized bets on illiquid assets that left it unable to meet investor redemption requests within a stipulated four-day-period.
($1 = 0.7531 pounds)
Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli
The BoE is widely expected to cut its key interest rate to 4% from 4.25% on Thursday and to lower it once more before the end of the year
International News via Reuters:
Sterling edged higher against the dollar and fell versus the euro on Tuesday, as traders expect the Bank of England to maintain its rate guidance at this week’s policy meeting.
The BoE is widely expected to cut its key interest rate to 4% from 4.25% on Thursday and to lower it once more before the end of the year, despite consumer price inflation rising to close to double the central bank’s 2% target in June.
Traders priced in over a 90% chance of an easing move this week and 86 bps of rate cuts by December 2026.
The pound was up 0.05% at $1.3290 against the dollar.
The greenback rose against the euro and the yen, but remained within striking distance of Friday’s lows.
“Given the stagflationary character of the data, we expect ‘gradual and careful’ to stay as the main forward guidance, with a highly uncertain vote split,” said Citi.
“We expect this situation to remain until the autumn budget, after which contractionary tax increases, in our base case, should pave the way for sequential rate cuts.”
Britain borrowed more than expected in June, adding to speculation about the need for new tax hikes by finance minister Rachel Reeves later this year.
“We suspect that it (the BoE) will (maintain its gradual and careful rate guidance), although any change here would almost certainly be greeted by a bout of pound weakness,” said Enrique Diaz-Alvarez, chief economist at Ebury.
The British currency was last up 0.3% at 86.85 pence per euro. It fell to 87.69 pence last week, its weakest against the single currency since May 2023.
Yields on UK gilts snapped a 5-day losing streak on Tuesday, with the 10-year up 2.5 bps at 4.53%.
“Risks are two-sided: a faster or more pronounced loosening of the labour market could warrant cumulative or larger cuts, whereas sticky underlying (services) inflation and only gradual signs of labour-market slack could extend the pause between cuts beyond current expectations,” said Nikolay Markov economist at Pictet Asset Management.
Reporting by Stefano Rebaudo; Editing by Bernadette Baum
Phase 2 of the Government’s Digital Fare Media Project comes into effect today.
Starting tomorrow (August 5), commuters and visitors can track their ride in real time using the Shorelink App
Statement from the Ministry of Tourism and Transport, Culture and Sport:
Bermuda, Say Hello to Real-Time Travel
The Ministry of Tourism & Transport, Culture & Sport is proud to announce the launch of Phase 2 of the Digital Fare Media Project, Real-Time Passenger Information for buses and ferries across the island.
Starting tomorrow (August 5), commuters and visitors can track their ride in real time using the Shorelink App, available for download on iOS and Android devices.
“This innovative upgrade brings greater convenience, reliability, and confidence to Bermuda’s public transport experience,” explained Minister of Tourism & Transport, Culture & Sport, Owen Darrell. “By introducing real-time tracking through the Shorelink App, we are empowering commuters and visitors alike with the tools to plan their journeys with precision and ease.
“This marks a significant step forward in modernizing our transportation network, one that reflects our commitment to service excellence, technological advancement, and the everyday needs of our people. Whether you’re heading to work, school, or exploring our beautiful island, Bermuda’s buses and ferries are now more accessible and dependable than ever before.”
With 11 bus routes and 4 ferry routes operating 7 days a week, including public holidays, the Shorelink App ensures that passengers can plan their journeys, purchase fares and track the position of their bus and ferry with ease.
Minister Darrell concluded: “This milestone builds on the success of Phase 1, which introduced digital fare purchasing. Phase 2 now empowers users with real-time location data, making Bermuda’s transport system more connected and user-friendly than ever before.”
To download the app and view current schedules, visit the Shorelink portal.
BCB Executive Director weighs in on incidents on the pitch at the 2025 Cup Match Classic
For some, the on-field prowess at the 2025 edition of the annual Cup Match Classic was overshadowed by instances of questionable sportsmanship that extended beyond the traditional banter between rivals. Cal Blankendal, Executive Director of the Bermuda Cricket Board, described the behaviour of certain players and spectators as “disturbing,” adding that it’s time to stop making excuses and introduce greater accountability in the sport.
Mr Blankendal added that beyond performance and commitment, deportment is also taken into account when it comes to national team selection and poor behaviour could impact a player’s place on the team in the future.
PLP MP Jason Hayward urging the energy giant to put long-term solutions in place
In a press statement PLP MP Jason Hayward expressed his solidarity with his constituents, urging BELCO to quote: ” to accelerate the implementation of a long-term solution that eliminates these harmful emissions”
Press Statement by MP Jason Hayward August 4, 2025:
As the elected representative for the people of Pembroke Central, I am deeply concerned by the ongoing environmental disturbances affecting our community, particularly those stemming from emissions and soot deposits believed to be originating from BELCO operations.
On the dates of July 20, 21 and 22, 2025, residents reported a significant accumulation of soot on their properties, this is in addition to reported incidents in June. These recurring incidents are not only disruptive but also distressing, as they compromise the cleanliness of homes and the well-being of families.
I stand in solidarity with the residents who have voiced their frustrations and urge BELCO to accelerate the implementation of a long-term solution that eliminates these harmful emissions.
The health and safety of our community must be prioritized without delay. Furthermore, I call on BELCO to:
• Engage more transparently and frequently with affected residents, ensuring their concerns are heard and addressed.
• Restore damaged property and provide support for cleaning efforts where soot accumulation has occurred.
• Guarantee access to clean drinking water and take proactive steps to prevent any contamination risks.
Environmental justice is not optional—it is a fundamental right. I will continue to advocate for accountability and action, and I encourage all residents to remain vocal and vigilant, so that we ensure our community remains a safe and healthy place to live.
Jason P. Hayward Member of Parliament, Constituency 17 Pembroke Central
On the track, Jessica Lewis continues to shine on the global stage
Bermuda’s young footballing talent got their 2025 CONCACAF Boys’ Under 15 Championship underway with a scoreless draw with Antigua and Barbuda in Aruba. Meantime wheelchair racer, Jessica Lewis, struck gold twice on the track in Canada. And on home soil, inclement weather meant that Cup Match 2025 ended in a draw.
Misleading promotions appear across various digital platforms
BOGUS: One of the false online posts
Government press release: The Government of Bermuda is urging members of the public to be vigilant in response to a series of fraudulent online posts and advertisements that falsely use Mr. Wayne Caines’s image to promote illegitimate investment schemes. These misleading promotions appearing across various digital platforms, including social media, falsely suggest that Mr. Caines is speaking on behalf of the Bermuda Government and endorsing financial offers that claim to guarantee significant returns. The public is reminded that: – These advertisements are scams designed to deceive users into providing personal or financial information; and – All official information, updates, and advisories are communicated through the Government of Bermuda’s official communication section, the Department of Communications.
BOGUS: Another false ad
“We strongly urge the public not to engage with these fraudulent posts or click on any associated links,” said a spokesman for the Department of Communications. “These scams are becoming more sophisticated and often use familiar faces to lend false credibility.” If you encounter suspicious content claiming to represent the Government of Bermuda or its officials, please avoid providing personal information or financial details to unverified sources and report it immediately to the platform on which it appears.
The airline said it worked swiftly to restore access for staff and resume normal services as quickly as possible
A number of BermudAir flights were delayed today.
TNN reporting that staff members were reportedly denied access to Skyport facilities.
The Bermuda Flyer reporting on social media that flights 902, 603, 706 and 301 were all delayed this morning.
The disruption comes after Skyport recently confirmed to the Royal Gazette that legal action is being taken against BermudAir due to alleged unpaid airport charges.
The Bermuda Flyer, however, noting it is unclear whether the limiting of airport access today is related to Skyport’s legal action.
A spokesperson for BermudAir told Bermuda Broadcasting today that the airline, ” … worked swiftly to restore access for our staff and resume normal services as quickly as possible. BermudAir deeply regrets the inconvenience caused to our passengers today and appreciates your patience and understanding as we address this matter.
In a statement this evening, Skyport said: “There are currently legal proceedings involving BermudAir underway, regarding outstanding airport fees … As this matter is before the courts, we won’t be commenting further at this time.”
Meanwhile, a Government spokesperson added, “The Ministry is aware of the matter, which is before the courts and involves two private companies. As such it would be imprudent to comment on the matter.”
The upsurge will be a relief to bankers who began the year with expectations the administration of U.S. President Donald Trump would lead to a wave of consolidation
International News via Reuters:
Global dealmaking has reached $2.6 trillion, the highest for the first seven months of the year since the 2021 pandemic-era peak, as a quest for growth in corporate boardrooms and the impact of a surge in AI activity has overcome the uncertainty caused by U.S. tariffs.
The number of transactions to August 1 is 16% lower than the same time last year, but their value is 28% higher, according to Dealogic data, boosted by U.S. megadeals valued at more than $10 billion.
They include Union Pacific Corp’s proposed $85 billion acquisition of small rival Norfolk Southern and OpenAI’s $40 billion funding round led by Softbank Group.
The upsurge will be a relief to bankers who began the year with expectations the administration of U.S. President Donald Trump would lead to a wave of consolidation.
Instead, his trade tariffs and geopolitical uncertainty made companies pause until renewed confidence in corporate boardrooms and the U.S. administration’s anti-trust agenda changed the mood.
“What you’re seeing in terms of deal rationale for transactions right now is that it’s heavily growth-motivated, and it’s increasing,” Andre Veissid, EY Global Financial Services Strategy and Transactions Leader, told Reuters.
“Whether it’s artificial intelligence, the change in the regulatory environment, we see our clients not wanting to be left behind in that race and that’s driving activity.”
Compared with August 2021, when investors, rebounding from pandemic lockdowns drove the value of deals to $3.57 trillion, this year’s tally is nearly a $1 trillion, or 27%, lower.
Still deal-makers at JPMorgan Chase JP Morgan Chase have said there is more to come, with companies pursuing bigger deals in the second half of the year as executives adapt to volatility.
“People have got used to the prevailing uncertainty, or maybe the unpredictability post-U.S. election is just more predictable now,” Simon Nicholls, co-head of Slaughter and May Corporate and M&A group, said.
Nigel Wellings, Partner at Clifford Chance said the market was moving beyond tariffs. “Boardrooms are seeing the M&A opportunity of a more stable economic environment and positive regulatory signals. But it is not a frothy market.”
FROM HEALTH TO TECH
While the healthcare sector drove M&A in the years after the pandemic, the computer and electronics industry has produced more takeover bids in the U.S. and the United Kingdom in the last two years, according to Dealogic.
Artificial intelligence is expected to drive more dealmaking. M&A activity has increased around data centre usage, such as Samsung’s $1.7 billion acquisition of Germany’s FlaktGroup, a data centre cooling specialist.
Palo Alto Networks $25 billion deal for Israeli cybersecurity peer CyberArk was the largest deal in Europe, Middle East and Africa so far this year as rising AI-driven threats push companies to adopt stronger defences.
Private equity, which had been sitting on the sidelines, has once again been active, with Sycamore Partners’ $10 billion deal to take private Walgreens Boots Alliance and a sweetened $6.4 billion offer from Advent for UK scientific instrument maker Spectris.
The U.S. was the biggest market for M&A, accounting for more than half of the global activity. Asia Pacific’s dealmaking doubled over the same year to date period last year, outpacing the EMEA region.
Reporting by Emma-Victoria Farr and Amy-Jo Crowley in London, writing by Anousha Sakoui. Editing by Barbara Lewis
Boaters soaked up the sun and excitement on Sunday during the annual Non-Mariners event — a popular highlight on the Cup Match to-do list. Dozens of vessels rafted up at Mangrove Bay, amid music and a festive atmosphere.
Musk can claim the new award if he remains in a top executive role for another two years and a court does not reinstate the 2018 package currently on appeal
International News via Reuters:
Tesla has granted CEO Elon Musk shares worth about $29 billion in a new pay deal aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots.
The company described the “interim award” of the 96 million new shares as a first step, “good faith” payment to honor Musk’s more than $50 billion pay package from 2018 that was struck down by a Delaware court last year.
Musk can claim the new award if he remains in a top executive role for another two years and a court does not reinstate the 2018 package currently on appeal.
He has to hold the shares for five years and can buy them for $23.34 per share, the same as the exercise price of the 2018 award. Tesla will also put to vote a longer-term CEO compensation plan at its annual investor meeting on November 6.
The move is meant to keep Musk, the public face of Tesla and architect of its robotaxi strategy, focused on the electric-vehicle maker as it navigates a shift to cybercabs and robotics from its mainstay auto business.
It also seems to quell any speculation that the board’s patience with Musk could be wearing thin because of the recent tumultuous months, including the CEO’s foray into politics.
The move to give Musk greater control of the company suggests that directors still see him as best-suited to tackle Tesla’s growing list of challenges in the years ahead.
Sales have been falling at the company due to its aging vehicle line-up, tough competition and Musk’s right-wing political stances that have tarnished its brand.
S&P Global Mobility data shared exclusively with Reuters showed on Monday that Tesla’s brand loyalty had plunged since Musk endorsed U.S. President Donald Trump last summer.
Musk’s involvement in politics and his wider business empire, including AI startup xAI, have also sparked concerns about his devotion to Tesla, the main source of his wealth. Musk has threatened to leave unless he gets more control over Tesla.
The new stock award will take his Tesla stake, already the largest, to more than 15% from the 12.7% currently, according to Reuters calculations based on data compiled by LSEG.
Before Monday’s grant, Musk had no active compensation plan and Tesla said he had not received meaningful pay since 2017. With the legal fight over his 2018 package expected to continue, the board said it moved to retain Musk’s “extraordinary talent.”
TALENT MAGNET
“While we recognize Elon’s business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging… we are confident this award will incentivize Elon to remain at Tesla,” said a special committee Tesla formed this year to consider Musk’s compensation. It consists of chair Robyn Denholm and independent director Kathleen Wilson-Thompson.
The company said it would not record compensation expense for the award as it does not currently expect the performance condition to be “probable of being met.” It will re-evaluate and recognize the expense if it determines the award is likely to be met, including after the two-year vesting period.
Last year, the company said a new compensation package for Musk on par with the 2018 plan would result in an accounting charge of more than $25 billion. While the plan unveiled Monday is about one-third of the size of the 2018 plan, the share price has nearly doubled in the past year, increasing the potential cost.
“The compensation expense to Tesla here is going to be ferocious,” said Lawrence Fossi, who publishes a newsletter critical of Tesla.
The new shares will also be forfeited or offset if the Delaware courts fully reinstate the 2018 stock award, ensuring there is no “double dip,” the special committee said.
Investors and analysts welcomed the news, with Tesla shares rising nearly 2% in early trading. The stock has lost a quarter of its value this year, as of last close.
“Under normal circumstances, a compensation package in the billions would raise some eyebrows. (But) clearly investors have benefited from Musk’s stewardship of Tesla,” said Camelthorn Investments adviser Shawn Campbell, who owns Tesla shares. “This stock grant will bind Musk to Tesla for the next two years.”
BATTLE FOR PAY
The Delaware ruling on Musk’s 2018 pay package, the largest in Corporate America, had cited flaws in the board’s approval process and unfairness to investors. Musk kicked off an appeal against the order in March, claiming a lower court judge made multiple legal errors in rescinding the record compensation.
He has argued that the package resulted in spectacular growth for Tesla and yet was determined by the lower Court of Chancery to be unfair to shareholders, who voted twice to approve the plan.
Tesla shares have risen nearly 2,000% over the past decade, far outperforming the around 200% rise in the benchmark S&P 500 index in the same period.
“This is simply a repackaged version of what was done years ago and was ruled improper by a judge. It renders the Delaware court decision effectively meaningless,” said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware.
“You don’t have to incentivize him to stay. If he leaves, he throws away 13% of the company, which is still a huge part of his net worth, said Elson, who had filed amicus briefs supporting the court’s decision to void Musk’s 2018 award.
Reporting by Aditya Soni in Bengaluru, additional reporting by Tom Hals, Zaheer Kachwala, Jaspreet Singh and Akash Sriram; Editing by Anil D’Silva and Alistair Bell
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