SHANGHAI — British racing driver Ollie Millroy says he owes his life to fellow competitor Loek Hartog, after the Dutch driver stopped his own car mid-race and pulled Millroy from a burning Ferrari following a horrific multi-car crash at the China GT Championship in Shanghai on Saturday.

The crash occurred roughly 20 minutes into the opening race of the weekend at Shanghai International Circuit. According to Motorsport.com, the incident began as Neil Verhagen’s BMW battled David Chen’s Ferrari on the approach to Turn 14, with Verhagen moving partly onto the grass while attempting to pass and losing control of his car on the damp surface, making contact with Chen’s Ferrari. Both cars then slid toward the hairpin, where Millroy’s AAI Motorsports Ferrari was struck from the side and immediately caught fire. The race was red-flagged on the spot.

Racing driver Ollie Millroy says competitor Loek Hartog saved his life by pulling him from a burning car after a fiery crash in China. Millroy suffered multiple injuries but says, “I owe you my life.” pic.twitter.com/7tXvLYePgv

— Breaking911 (@Breaking911) September 7, 2026

Millroy, 36, suffered five broken ribs, a fractured collarbone, a broken hand and finger, and a bruised lung in the crash, according to details he shared publicly. In a social media post following the incident, Millroy described the extent of his gratitude toward Hartog, the 23-year-old Dutch driver who stopped his own Porsche to help.

“I am still alive tonight, entirely thanks to one man,” Millroy wrote. “Loek Hartog stopped instantly with no flag marshals or fire crews in sight and risked his own life to get me out of the car. I don’t remember anything between 30 seconds before the crash and one hour after it, but I will remember his incredible act of bravery for the rest of my life.”

Millroy went further in describing the lasting impact of Hartog’s actions on his family.

“One day I will tell our three kids this story and Loek will be the biggest superhero in history in their eyes too,” Millroy wrote. “Thank you Loek. I owe you my life for your selfless act today.”

On-board footage from Hartog’s Phantom Global Racing Porsche 911 GT3 R Evo captured the rescue in real time, showing the Dutchman stopping near the accident scene, climbing out of his own car and running toward Millroy’s burning vehicle without hesitation. According to SportsCar365, Hartog first attempted to free Millroy by ripping off the passenger’s side door before someone, possibly a track marshal, handed him a fire extinguisher. Hartog then used the extinguisher to knock down enough of the flames to climb into the cockpit himself and pull Millroy to safety.

Speaking about his own decision to stop and intervene, Hartog described his actions as instinctive rather than deliberate.

“When I saw a car turning into a huge fireball far ahead, there wasn’t really a decision to make,” Hartog said.

The rescue has drawn scrutiny toward the speed and adequacy of the official emergency response at the circuit. AAI Motorsports co-driver Yin Yu Chen criticized what she described as a delayed response from track personnel following the crash.

“For about a minute and a half, Ollie was left alone in the car without any immediate assistance from the fire brigade or emergency services,” Chen said. “For this reason, I must thank Loek Hartog for everything he did today. He didn’t hesitate for a single moment to stop and come to Ollie’s aid when he needed help the most.”

Chen said her team accepted that motorsport inherently carries risk but believed the response to Saturday’s accident specifically fell short of an acceptable standard.

Millroy’s team, FIST Team AAI, issued a formal statement following the incident announcing that it would withdraw entirely from the remainder of the China GT Championship season. The team’s statement pushed back directly against early characterizations of the incident during the event’s live broadcast.

“It is particularly distressing that during the live broadcast, the organizers did not verify the situation on the scene, and hastily said the drivers left the cars on their own,” the team wrote. “The actual situation is: our driver was rescued from the burning car by Loek Hartog, regardless of his own safety.”

The team said it is demanding a comprehensive investigation into the circumstances surrounding the crash, including questions related to circuit safety protocols, the accuracy of the event’s live broadcast coverage, and the dissemination of official information about the incident in its immediate aftermath.

Team owner Betty Chen separately addressed the incident in her own social media post, emphasizing that the team’s primary concern remained Millroy’s well-being even as questions about the emergency response continued to circulate.

“The most important thing is that Ollie is okay,” Chen said, according to Yahoo Sports’ account of her statement. “Things could have turned out very differently.”

Hartog, a former Porsche Motorsport North America Selected Driver, has drawn widespread praise across the motorsport community following the rescue, with fans and fellow competitors describing his split-second decision to abandon his own competitive race in order to assist a rival driver in immediate danger as an extraordinary act of selflessness under extreme pressure.

Millroy has continued expressing gratitude publicly in the days since the crash, closing his initial social media statement by thanking the broader racing community for its support during his recovery.

“Thank you to everyone for your kind messages,” Millroy wrote. “I’m counting my lucky stars tonight.”

As Millroy continues recovering from his injuries away from competition, questions surrounding the circuit’s emergency response protocols and the accuracy of the event’s official broadcast are expected to remain a point of scrutiny for organizers of the China GT Championship, particularly given FIST Team AAI’s decision to withdraw from the remainder of the season and its explicit call for a full investigation into what went wrong during the critical minutes following Saturday’s crash. For now, the incident has been defined publicly not by the failures in the emergency response, but by Hartog’s split-second decision to risk his own safety in order to save a fellow competitor’s life on the track.

President Donald Trump on Monday said Canadian aircraft manufacturer Bombardier should no longer be allowed to sell its planes in the United States unless it manufactures them domestically.

In a Truth Social post, Trump claimed that more than half of Bombardier’s revenue comes from U.S. customers and accused Canada of imposing “unfair” restrictions on American companies.

“NO MORE SELLING BOMBARDIER IN THE UNITED STATES!” Trump wrote. “Their products aren’t good enough!”

HOW MAPQUEST’S ‘LAKE AMERICA’ STANCE SPARKED A MASSIVE APP STORE SURGE

“Over 50% of their revenue comes from the United States — They live off American Buyers, American Companies, American Airports, and American Service — All while Canada blocks our GREAT American Banks, and Companies, throughout the U.S.A. They even blocked Gulfstream Aerospace from doing business in Canada — Completely unjust and unfair! That Era is OVER!”

Trump added, “If they want our Market, they must build here, and stop treating America like a ‘piggybank.’ BUY AMERICAN. FLY ON AMERICAN AIRLINERS. ENJOY AMERICAN LIQUOR AND BEVERAGES. SAIL ON LAKE AMERICA. AMERICA FIRST!”

CANADA PLANS TARIFF RETALIATION AFTER TRUMP WARNS ITS LEADERS TO ‘FALL IN LINE’

Trump’s latest remarks come amid a widening trade dispute between the United States and Canada.

Earlier this year, Trump threatened to decertify Bombardier Global Express business jets and impose 50% tariffs on Canadian-made aircraft unless Canada certified several Gulfstream business jets, according to Reuters. 

TRUMP FIRES BACK AT CANADA AFTER CARNEY SUSPENDS TRADE TALKS, ACCUSES US OF LAST-MINUTE ‘POWER PLAY’

Canada later approved certification of the Gulfstream aircraft, the outlet reported.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Bombardier and Canadian Prime Minister Mark Carney’s office did not immediately respond to FOX Business requests for comment.

Reuters contributed to this report.

Investors in exchange-traded funds (ETFs) could see fewer instances of prices drifting significantly away from their underlying value, particularly during sharp market moves. New trading rules that came into effect on September 7 change how ETF price bands are set and bring reference prices closer to actual market levels, with limits tailored to different asset classes.

The changes are particularly significant for gold and silver ETFs, which now have a pre-open auction and greater flexibility for price bands to expand when global bullion prices move sharply overnight.

One key change is how exchanges determine the base price for applying price bands. Under the existing framework, exchanges use the ETF’s Net Asset Value (NAV) from two trading days earlier, or T-2, for this purpose.

Sebi has now replaced this with a more recent reference price, such as the previous day’s closing NAV or other real-time valuation measures, depending on the ETF category. The change removes the one-day lag that can cause ETF prices and the value of their underlying assets to move out of sync.

The market regulator has also moved away from the earlier system of fixed price bands. Until now, most ETFs were subject to a price band of up to 20%, irrespective of the volatility of the underlying asset. Under the revised framework, price bands will be dynamic and will vary depending on the type of asset tracked by the ETF. This is expected to allow ETF prices to respond more efficiently to market movements while avoiding unnecessary trading restrictions.

What changes from today?

1.) The first change is to the base price used to determine the day’s trading range. Instead of relying on an older valuation, the base price will now be the previous day’s closing price, calculated as the volume-weighted average price (VWAP) of the ETF’s trades during the last 30 minutes of the previous session. In effect, the day’s trading range will begin from where the ETF actually traded towards the close of the previous session, rather than from a two-day-old valuation.
2.) The second change is to price bands, which will now vary according to the underlying asset. Equity and debt ETFs will begin the day with a 10% price band, which can widen in steps up to 20%.A 15-minute cooling-off period will apply each time the limit is tested. Gold and silver ETFs, meanwhile, will start with a tighter 6% band. However, given that global bullion prices move around the clock, their bands can expand in 3% steps with no upper cap. This allows the ETF price to adjust towards its fair value even after a large overnight move in global markets. Overnight and liquid ETFs, whose values barely move, will continue to have a fixed 5% band.

3.) The third change applies specifically to gold and silver ETFs, which will now begin each trading day with a pre-open call auction, the same mechanism used for stocks. During this process, buy and sell orders are collected before the market opens and matched at a single equilibrium price. This means the opening price is determined by the balance of demand and supply rather than by the first stray order of the day.

The revised framework is aimed at making ETF price discovery more responsive to the underlying assets, particularly when there are significant overnight moves in global markets.

What does it mean for investors?

For ETF investors, the changes are expected to bring ETF prices closer to the value of their underlying assets, reducing instances of large premiums or discounts to NAV.

They could also improve liquidity and price discovery, especially during volatile market conditions, while making trading in commodity ETFs more efficient.

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