The FTSE 100 bank’s pre-tax profit for the second quarter of 2026 was $10.1bn (£7.5bn), up 60 per cent from the $6.3bn secured in the same period last year

HSBC has restarted its share buyback programme after profits exceeded expectations in the second quarter of 2026.

The FTSE 100 lender – whose market capitalisation of £274bn makes it the London Stock Exchange’s most valuable company – reported $10.1bn (£7.5bn) in pre-tax profit for the three-month period, comfortably beating an internal projection of £9.5bn. This represented a 60 per cent increase from the $6.3bn achieved in the corresponding period last year.

The profit boost came as revenues rose 11 per cent to $37.7bn.

Net interest income increased eight per cent to $18.2bn, as the bank reinvested lower-yielding hedges at current higher market interest rates, a tactic known as structural hedging. The group’s net interest margin – a crucial measure of a bank’s lending profitability – rose four basis points to 1.61 per cent.

Fee income, which is prized by banks as a dependable revenue stream due to its independence from interest rates, grew nearly 10 per cent to $7.3bn, as reported by City AM.

This was powered by a strong performance across wealth – a central area of emphasis for chief executive Georges Elhedery – which expanded 20 per cent to $5.5bn.

HSBC announced it would restart share buybacks with a programme of up to $1bn, scheduled to be completed before the firm publishes its third quarter results. The group had previously pressed pause on buybacks following its move to privatise Hang Seng Bank in October 2025.

The blue-chip giant offered to pay HK$155 per share for a 36 per cent stake not already owned by the bank, valuing the holding at HK$106.1bn (£10.7bn).

In the second quarter update, Elhedery raised the bank’s cost-cutting target for the end of 2026 to $2bn, up from the original $1.5bn, which the group said was reached at the start of this year.

It expects to deliver this within the original restructuring budget of $1.8bn.

Elhedery took the reins at the bank just over two years ago and swiftly set about overhauling the group’s operations.

A central pillar of chief executive Georges Elhedery’s restructure has involved dividing the business into “eastern” and “western” markets, encompassing the Asia-Pacific and the Middle East and the Americas and Europe, respectively.

Total headcount across the group has fallen to 206,161, a reduction of 2,559 since the year-end of 2025. City AM revealed last February that the bank was poised to cut a number of investment bankers on the very same day earmarked for bonus payouts.

Subsequent reports confirmed that investment bankers at vice-president level and above received no bonus upon termination.

The Powerball jackpot climbed to an estimated $748 million ahead of Monday night’s drawing, putting the prize among the largest in the game’s history and prompting financial advisors to urge would-be winners to think carefully before claiming a ticket.

The jackpot, which carried a cash option of $325.1 million, ranked among the top 10 largest in Powerball’s history heading into Monday’s drawing, the largest since a $1.817 billion prize was won in Arkansas on Christmas Eve.

Monday’s winning numbers

The winning numbers drawn Monday night were 8, 30, 41, 48 and 54, with a Powerball number of 4. The Power Play multiplier was 2. No ticket matched all six numbers, meaning the jackpot will roll over to Wednesday’s drawing, when the prize is expected to grow even larger.

Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET, broadcast live from the Florida Lottery’s draw studio in Tallahassee and streamed on Powerball.com. The jackpot was last won in May, when two tickets, one sold in Florida and one in Texas, split a $20 million prize.

The odds, and the advice, for anyone hoping to win

Odds of matching all five white balls and the red Powerball number stand at 1 in 292.2 million, considerably longer than the odds of being struck by lightning. Still, with hundreds of millions of dollars on the line, financial experts say anyone holding a winning ticket should have a plan ready well before they ever consider stepping forward to claim it.

The first piece of advice from experts is simple: stay quiet. “Don’t shout your win from the rooftop,” said Rob Burnette, a financial and investment advisor at Outlook Financial Center in Troy, Ohio, who has previously spoken with USA TODAY about lottery windfalls. Burnette said winners should get organized, make a plan and consider remaining anonymous if their state allows it.

Securing the ticket comes first

Before any spending decisions are made, experts stress that protecting the physical ticket is the single most important step. Andrew Stoltmann, an attorney who has represented lottery winners who lost their prizes due to scams or mismanagement, said the win isn’t legally secure until it’s formally claimed. “The winner is not a true legal winner until the ticket is presented to lottery officials,” Stoltmann said, warning that a lost or destroyed ticket leaves a winner with no legal recourse.

Once a ticket is secured, typically in a safe or similarly protected location, experts recommend assembling a team of professionals before visiting state lottery headquarters to claim the prize. Steve Azoury, owner of Azoury Financial in Troy, Michigan, said winners should bring on a tax attorney, a tax accountant and a financial advisor to help map out next steps. Those professionals, Azoury said, “will work hand in hand to figure out (a) plan.”

Weighing lump sum versus annuity

One of the biggest early decisions facing any jackpot winner is how to collect the money. Powerball offers two options: an annuity, consisting of an immediate payment followed by 29 annual installments that each grow 5% larger than the last, or a lump sum, a single payment equal to the total cash value of the jackpot.

Which option makes more sense depends heavily on a winner’s individual circumstances, including age, financial goals and how lottery rules handle payments to beneficiaries if the winner dies before the annuity is fully paid out. Mark Steber, chief tax officer at Jackson Hewitt, said the size of the jackpot along with a winner’s current and projected earnings should factor into that decision.

Guarding against requests for money

Experts also warn that sudden wealth tends to attract requests for loans and financial help from friends, family members and strangers alike. Azoury recommends winners designate what he calls a “fall guy,” someone whose job is to field and decline those requests on the winner’s behalf so the winner isn’t placed in the position of saying no directly. That person, Azoury said, “keeps you from giving loans to anybody,” directing people instead toward the explanation that funds are tied up in investments.

Because a jackpot of this size far exceeds the coverage limits of Federal Deposit Insurance Corporation protection, Stoltmann recommends winners deposit their winnings with a major brokerage firm, such as Merrill Lynch or Goldman Sachs, and initially park the funds in short-term U.S. Treasuries until a more detailed investment strategy is worked out.

Taxes can get complicated fast

Jackpot winners are almost certain to land in the highest federal tax bracket, and where a ticket is purchased, along with where the winner lives, can significantly affect their final tax bill. A California resident who buys and wins with a ticket in California, for example, would pay the 37% federal tax rate but owe no state tax, since California doesn’t tax lottery winnings. New York, by contrast, has the highest state tax rate on lottery winnings in the country.

Multi-state situations can complicate matters further. A California resident who buys a winning ticket while visiting another state would need to report the winnings on both federal and California tax returns, plus file a nonresident return in the state where the ticket was purchased, though a tax credit typically prevents the winner from being taxed twice on the same income. Steber said navigating those rules is best left to a professional, noting simply, “State taxes can be very tricky.”

How to play, and what’s next

Powerball tickets cost $2 and require players to select five white numbers between 1 and 69, along with one red Powerball number between 1 and 26. Players can also add the optional Power Play feature for an additional $1, which multiplies most non-jackpot prizes by two, three, four, five or 10 times. Players unsure of their picks can opt for a computer-generated Quick Pick ticket instead.

With no winner Monday night, the jackpot rolls over to Wednesday’s drawing, when the estimated prize is expected to climb even higher, giving players another shot at what remains one of the largest jackpots in Powerball history.

Richard Holland has been appointed St Andrews Link Trust chief executive

Former Cardiff Rugby chief executive Richard Holland has landed a new job with St Andrews Link Trust.

Mr Holland will become the chief executive for the trust, which operates the famous Old Course in Scotland, from the start of September – having left Welsh rugby after the Arms Park side were taken over by the Welsh Rugby Union last year.

He will succeed Neil Coulson following his departure earlier this year.

His role will include oversight of an organisation with more than 450 staff and the responsibility for managing eight courses at the Home of Golf, including the historic Old Course where golf has been played for more than 600 years.

Mr Holland spent 14 years at the Arms Park, with Cardiff being temporarily placed into administration by their directors in April 2025 before being acquired by the WRU. The governing body still continues to own the capital club.

Prior to working at Cardiff, Holland has held a number of leadership roles – including executive director of Chepstow and Hereford racecourses, and vice-president of corporate relations and sales at the Celtic Manor in Wales.

Mr Holland said: “I’m honoured to be appointed to lead the Home of Golf into its next chapter. St Andrews Links has an extraordinary history, and I’m excited to play a part in ensuring we continue to respect what has gone before, while shaping an exciting future as golf grows in popularity and inspires people around the world, and right here in St Andrews.

“My first few weeks will be spent meeting and listening to people in the town and beyond as my family and I settle into our new home.

“I’m looking forward to getting to know the team at the Trust, our partners and the local community as we continue to celebrate everything that makes the Home of Golf unique, create accessible pathways into the sport and deliver world-class experiences ensuring that we continue to work constructively to support golf locally, around Fife and further afield.”

The Old Course is set to host the 155th Open next year, marking a record 31st time the famous course will host the tournament.

“We are delighted to have appointed Richard Holland,” said Sandra Tuddenham, chair of trustees at St Andrews Links Trust. “He is a highly experienced chief executive with a long track record of leading heritage-rich, publicly scrutinised sporting and hospitality organisations.

“His appointment comes at an exciting time for St Andrews Links as preparations to host The 155th Open next year gather pace, and we are confident that he will build on the Trust’s proud legacy while shaping a sustainable future for the Home of Golf.”

ASEAN faces its toughest test balancing neutrality amid global disorder, particularly in the South China Sea. While its consensus-based diplomacy has maintained regional peace, China’s territorial pressure exposes critical weaknesses. Staying friendly with everyone fails when one party quietly encroaches, making silence increasingly insufficient.

Key Points

• ASEAN, chaired by the Philippines this year, faces mounting global pressures, balancing trade, energy, and food security while maintaining friendly ties with all major powers, including Russia and China, through its traditional non-aligned “ASEAN way” approach.
• The South China Sea remains ASEAN’s greatest challenge, where two decades of negotiations with China over a legally binding Code of Conduct have stalled, exposing how consensus-based decision-making becomes a weakness when members have conflicting ties.
• While ASEAN’s neutrality has successfully prevented interstate war, its reluctance to confront assertive actors like China risks enabling gradual territorial encroachment, suggesting the bloc must find courage to move beyond diplomatic silence when regional sovereignty is genuinely threatened.

ASEAN’s Balancing Act in a Divided World

A Tested Approach | Strengths of Neutrality

In 2025, the Philippines chairs ASEAN during one of its most demanding periods, as global disorder strains a region deeply dependent on trade and stability. From crisis management at the Cebu summit to maintaining friendly ties with Russia despite Western pressure, ASEAN demonstrates its defining characteristic: refusing to choose sides. This strategic neutrality has historically served the region well. By keeping ties open with all major powers, ASEAN secures energy, food, and security through multiple relationships rather than dependence on a single hegemon. Decades without interstate war stand as evidence that this approach delivers results.

When Neutrality Becomes a Liability

The South China Sea Challenge | Institutional Limitations

However, ASEAN’s greatest strength becomes its most dangerous weakness when one party at the table is not merely talking but actively taking. Nowhere is this clearer than in the South China Sea. After over twenty years of negotiations, ASEAN and China have yet to agree on whether a Code of Conduct would even be legally binding. The Philippines, the most directly pressured member, exemplifies this dilemma — President Marcos Jr. advocates for binding rules yet expresses little confidence in achieving them. Staying neutral toward a party applying sustained pressure ultimately allows that pressure to continue unchallenged.

The Courage ASEAN Must Find

Consensus as Constraint | A Call for Decisive Action

ASEAN’s consensus-based decision-making, while ensuring inclusivity, creates a structural paralysis precisely when firmness is most needed. Members with close ties to China effectively prevent any unified, assertive response to territorial encroachments. The result is a body capable of reaching agreements with Russia within days yet unable to produce a single binding sentence defending its own waters in years. China’s gradual territorial gains — never large enough to trigger war, yet sufficient to redraw boundaries — expose this vulnerability. Genuine regional security ultimately requires not just skillful diplomacy, but the institutional courage to firmly reject actions that threaten the foundations of the regional order itself.

Source : ASEAN has to stand up to Beijing’s ambitions – Taipei Times

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