Business
Meghan Markle And Prince Harry’s Friendship With David Foster Faces New Scrutiny This Entire
Friends close to music producer David Foster have pushed back against claims that he deliberately snubbed Meghan Markle during a red carpet appearance in Canada earlier this month, adding fresh detail to a controversy that has continued generating attention days after Foster himself publicly denied any intentional slight.
The moment in question occurred August 7 at the David Foster Foundation’s 40th anniversary gala in Victoria, British Columbia, an event that organizers said raised $14.5 million in support of the foundation’s work funding life-saving organ transplants for Canadian children. Video from the red carpet showed Meghan, the Duchess of Sussex, extending her hand toward Foster as he arrived alongside Prince Harry, only for Foster to continue past her and pose for photos instead alongside his wife, singer and actress Katharine McPhee. The clip spread quickly online, with one widely shared post on X describing the moment as Meghan being “publicly snubbed by host David Foster.”
According to an insider who spoke with RadarOnline, the moment was a simple oversight rather than any deliberate gesture. The source said Foster “wasn’t” consciously walking past Meghan or ignoring her outstretched hand, and argued that the viral clip failed to capture the full context of the evening. “What the short clip doesn’t show is everything that happened beforehand,” the insider said, explaining that Foster had already greeted Harry and Meghan warmly earlier in the night, well before the red carpet photos were taken. By the time the group reached the carpet, the source said, nobody involved felt there was any unresolved greeting still owed.
The insider also attributed Foster’s apparent oversight to the demands of hosting a major fundraising event, saying the 76-year-old had a great deal to manage that evening and likely simply missed Meghan’s gesture rather than intentionally rebuffing it. The source described Foster as genuinely “thrilled” to have the Sussexes attend the occasion.
A separate insider, cited by IBTimes UK, offered a similar account, saying Foster had been “so excited to see Harry and Meghan” and pointing to the fact that he was actively conducting interviews at the moment the photo was taken. That source said Foster and the Sussexes had already exchanged greetings, including hugs, before the red carpet moment, and that Foster had also used the opportunity to introduce Harry and Meghan to other family members in attendance. A source separately speaking with Page Six offered a consistent account, confirming that Meghan and Harry had already greeted Foster before the viral clip was filmed.
Foster addressed the controversy directly himself in an on-the-record statement to PEOPLE, pushing back firmly against the snub narrative. “As the host of the David Foster and Friends foundation event, I had already greeted our friends, the Duke and Duchess, at the entrance 10 minutes before the red carpet encounter,” Foster said, adding that both Harry and Meghan had generously given their time to engage with attendees throughout the evening. He was direct in criticizing the coverage that followed, saying, “It’s sad that certain media chose to deceive a red carpet encounter for clickbait. They turned simple ‘positioning’ to get the best photo into a hurtful lie.” Foster went on to affirm his relationship with the couple, saying, “Harry and Meghan are dear friends of mine. Anyone watching can see there was no awkward moment and certainly no snub.”
The friendship between Foster and the Sussexes predates the current controversy by several years. McPhee has previously described her husband’s bond with Harry in warm terms, telling Access Hollywood in 2020 that the two share “a really, really beautiful relationship,” comparing them to father and son. McPhee’s own connection to Meghan traces back to their overlapping years at Immaculate Heart, a Los Angeles school, though she has said the two were never especially close as students, with their friendship instead developing later through their husbands’ relationship.
That closeness has extended into practical support in the past. Foster has said he helped Harry and Meghan find a place to stay in Canada around the 2019 holiday season, shortly after the couple, along with their infant son Prince Archie, sought time away from the UK. He described the gesture as rooted in his own Canadian background and connection to the Commonwealth.
Despite the friends’ accounts and Foster’s own public denial, the episode has continued to draw commentary in entertainment and royal-focused media, reflecting the intense scrutiny that continues to follow even brief, ambiguous public interactions involving Harry and Meghan. The claims from anonymous insiders defending Foster, while consistent with one another and with Foster’s own on-record statement, remain attributed to unnamed sources rather than independently verified accounts from other attendees at the gala.
Neither Buckingham Palace nor representatives for the Duke and Duchess of Sussex have issued separate public comment on the incident beyond what has already been reported through Foster’s own statement and the accounts provided by sources close to him. For now, the controversy appears to have been addressed primarily through Foster’s direct denial and the surrounding insider accounts corroborating his version of events, even as the viral video itself continues circulating among those unconvinced by the explanation.
During the quarter under review, the company’s consolidated profit came in at Rs 151.5 crore, down from Rs 188 crore reported in the corresponding quarter of the previous fiscal year.
The shipbuilder’s revenue from operations during Q1FY27 touched Rs 1,094 crore, up 2.3% YoY from Rs 1,069 crore reported in Q1FY26, according to an exchange filing submitted by the Miniratna company.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 193 crore in Q1FY27, reflecting a decline of 20.4% YoY from Rs 242 crore in Q1FY26. Consequently, the company’s EBITDA margin contracted sharply to 17.6% in Q1FY27 from 22.7% in Q1FY26.
Ahead of the announcement of the quarterly results, Cochin Shipyard shares settled at Rs 1,495, down 0.40% from the previous close on the BSE on August 14. For the year to date, the company’s shares have declined nearly 8%, according to exchange data. At the current market price, the company’s shares trade at a price-to-earnings (P/E) ratio of 55.33. The company’s market capitalisation stood at Rs 39,370.04 crore.
The company further said that its board took note of the Rs 9.56 lakh fine imposed each by BSE and NSE for non-compliance with SEBI rules on the required number of independent directors and the composition of the Audit and Nomination & Remuneration Committees for the quarter ended March 31, 2026.
The board noted that the power to appoint directors rests with the Government of India. While one independent director, Dr Seema Suri, was appointed in May 2025, the appointment of the remaining five is still awaited. The company said the two committees can be reconstituted only after sufficient independent directors are appointed.
Additionally, Cochin Shipyard informed the exchanges that Subramanian K K, upon his promotion as General Manager (Employee Relations), has become Senior Management Personnel of Cochin Shipyard Limited with effect from August 11, 2026.
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JP Morgan analysts estimated that index funds tracking the S&P 500 would need to buy 16.7 million Reddit shares. That is nearly three times the stock’s average daily trading volume of about 5.98 million shares since the company went public in March 2024, according to LSEG data.
Reddit shares traded at $180.38, with more than 10 million shares changing hands.
Despite Friday’s rally, the stock had fallen more than 31% this year through Thursday’s close and remained more than 42% below its record high reached in September 2025.
In its latest earnings report, Reddit said volatile search-engine traffic weighed on US user growth in the second quarter, overshadowing an upbeat revenue forecast.
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AvalonBay is being removed after agreeing in May to an all-stock merger with Equity Residential that will create a rental housing company with an enterprise value of $69 billion. The companies expect the transaction to close in the second half of 2026.The combined company, which will be named Vivmark Residential, will remain in the S&P 500 after the merger is completed, S&P Dow Jones Indices said.
Stephens analyst Melissa Roberts said companies newly added to the S&P 500 have historically outperformed the benchmark between their selection and inclusion, with the largest gains typically occurring the day after the announcement.
After joining the index, however, those stocks have generally surrendered some gains and underperformed the benchmark by about 2% over the following three months.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
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Business
Sebi broadens scope of online bond platforms, permits IFSCA-regulated products and tax-saving bonds
Under the revised framework, OBPPs can offer products, securities or services regulated by financial sector regulators, including SEBI, the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), IFSCA and the Pension Fund Regulatory and Development Authority (PFRDA), according to the regulator’s latest circular.
OBPPs can also offer bonds issued under Section 54EC of the Income Tax Act, 1961, or Section 85 of the Income-tax Act, 2025.
Insurers in India are showing significant interest in sovereign green bonds, aiding in the establishment of a substantial greenium. With market confidence in the ability to absorb a larger supply, there’s a push for enhanced issuance of these bonds. Insurers need them for optimal asset allocation and regulatory advantages, emphasizing the importance of sustaining this demand in India’s financial landscape.
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What are online bond platforms?
SEBI prescribed a regulatory framework for entities operating or seeking to operate as OBPPs in November 2022, with subsequent circulars setting out registration, permissible products and other operational requirements.
Under the revised framework, OBPPs can continue to offer listed debt securities, listed municipal debt securities, listed securitised debt instruments, debt securities proposed to be listed through a public offering, listed Government Securities, State Development Loans, Treasury Bills and listed Sovereign Gold Bonds.They can now also offer other products, securities or services regulated by financial sector regulators.
IFSCA-regulated products
For products, securities or services regulated by IFSCA, OBPPs will have to offer them in the manner specified for SEBI-registered stock brokers operating within GIFT-IFSC and comply with applicable requirements under the Foreign Exchange Management Act (FEMA), 1999.
This includes applicable Overseas Investment Rules and limits under the Liberalised Remittance Scheme (LRS).
SEBI has also directed that such products, securities or services be clearly labelled as international or overseas instruments to prevent confusion with domestic debt securities.
These products may be offered either under a separate tab on the online bond platform or through another website or platform. They will be governed by the directions and stipulations of the respective financial sector regulator, while the OBPP will have to specify the grievance redressal mechanism on its platform.
The revised framework also permits OBPPs to offer bonds issued under Section 54EC of the Income Tax Act, 1961, or Section 85 of the Income-tax Act, 2025. SEBI has required platforms offering these bonds to provide a disclaimer stating that these are tax-specific instruments and that grievance redressal for these instruments does not lie with SEBI but with the issuer.
According to the circular, OBPPs must also disclose key features of 54EC bonds, including eligible issuers, lock-in period, investment limit, non-transferable status, tax features and application size. They must also disclose the exemption of these bonds from listing requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
SEBI further said that platforms must prominently disclose that investment in these instruments is intended for investors seeking to avail themselves of the associated tax benefits, subject to the eligibility criteria and other conditions prescribed under the applicable provisions of the Income-tax Act.
Compliance officer requirements
SEBI has also modified the compliance requirements for OBPPs. Under the revised framework, an OBPP must appoint a compliance officer in accordance with the SEBI (Stock Brokers) Regulations, 2026.
The compliance officer must comply with the prescribed certification requirements, including the NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination for stock brokers, as prescribed from time to time.
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Cooluli is recalling about 250,000 minifridges after receiving at least 19 reports of the appliances smoking, sparking, burning, melting, overheating or catching fire, according to the U.S. Consumer Product Safety Commission (CPSC).
The recall covers certain 10-liter and 15-liter Cooluli minifridges because an electrical switch can short circuit, posing fire and burn hazards, the CPSC said.
Cooluli has received reports of property damage totaling more than $80,000. One consumer also reported a smoke inhalation injury, according to the agency.
The affected minifridges were sold online at Amazon.com and Cooluli.com from January 2019 through October 2024 for between $80 and $120.
POPULAR HAIR PRODUCT RECALLED NATIONWIDE OVER POTENTIAL EXPLOSION HAZARD
About 250,000 Cooluli minifridges are being recalled after reports of the appliances smoking, sparking, burning, melting, overheating or catching fire. (CPSC / Unknown)
The recall includes certain minifridges from Cooluli’s Infinity, Classic, Glow Beauty and Vibe series. The affected products have an internal power supply and two power input ports, AC and DC, on the back instead of a single DC port.
The recalled minifridges were sold in several colors, including black, blue, green, white and red, as well as designs featuring multicolored patterns, photos and logos. “Cooluli” is printed on the front.
The recall covers batch numbers 1535 through 1545 and 1200000 through 1202080. Consumers can find the model and batch numbers on a label inside the minifridge door.
The CPSC urged consumers to stop using the recalled minifridges immediately and contact Cooluli for a free replacement power cord.
Cooluli is recalling certain 10-liter and 15-liter minifridges because an electrical switch can short circuit, posing fire and burn hazards. (CPSC / Unknown)
Consumers will be asked to enter their model and batch numbers on Cooluli’s recall website to determine whether their minifridge is affected. Those with recalled units will be instructed to unplug the minifridge, cut the power cord and submit photos showing the refrigerator’s model and batch numbers.
Cooluli will provide affected consumers with a replacement DC power cord and a permanent sticker to cover the AC port, according to the CPSC.
FOX Business reached out to Cooluli for comment on the recall, the reported incidents and the steps the company is taking to address the issue.
The label inside a recalled Cooluli minifridge shows the model and batch number consumers can use to determine whether their unit is included in the recall. (CPSC / Unknown)
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The minifridges were manufactured in China by Ningbo Iceberg Electronic Appliance Co., Ltd., and imported by Brooklyn, New York-based Lisse USA LLC.
Consumers can contact Cooluli at 718-834-5312 from 8 a.m. to 5 p.m. ET Monday through Friday or email recall@cooluli.com for more information.
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