Mumbai: Retail investors slowed equity purchases by nearly 15% in July, putting in ₹24,697 crore into mutual funds, compared with ₹28,973 crore of fresh commitments in June. Purchases of debt instruments, which experts attributed to seasonality, helped expand the total industry size. Growth in systematic investment plans (SIP) continued to be steady with investors allocating ₹31,961 crore, compared with ₹31,781 in the previous month.

Being the first month of the quarter, debt funds saw inflows of ₹1.88 lakh crore, inflows largely into liquid, overnight and money market funds. Due to this, assets under management (AUM) of the industry rose to ₹85.59 lakh crore from ₹82.22 lakh crore in the previous month.

Read more: IPO lock-in expiry could bring shares worth $7.6 billion to D-Street

Debt funds saw inflows of ₹1.88 lakh crore, compared with outflows of ₹1.09 lakh crore in the previous month. “The sharp reversal needs to be viewed in the context of the seasonal pattern in debt-fund flows, which typically see sizeable redemptions around the June quarter-end and tax-payment period before seeing flows return in the subsequent months,” says Kartik Jain, MD & CEO, Shriram AMC.

Liquid and overnight funds saw inflows of ₹1.49 lakh crore as corporate treasuries parked money in these low risk schemes being the first month of the quarter.
Money market funds too saw inflows of ₹21,180 crore, while ultra short duration funds saw investors add ₹8,039 crore.Small- and Mid-caps

Investors continued to allocate more money to mid- and small-cap categories, putting in ₹13.960 crore, or 56% of the total equity flows. That compares with ₹11,692 crore, or 40% of the flows, in the previous month. “There is a cautious stance on equity oriented MF given lower returns over past two year period,” says Akhil Chaturvedi, executive director and chief business officer, Motilal Oswal Asset Management.

Multicap schemes saw an increase in net inflows to Rs 3,227 crore from Rs 3,070 crore in the previous month. However, large cap funds saw outflows of Rs 1,322 crores, their first outflow in 30 months, as investors reduced their exposure to large cap positioning, given the low returns in the last couple of years.

Flows into Flexi Cap funds moderated to Rs 4,709 crores,lower than the previous month’s Rs 5,231 crore. Value/Contra Funds also saw outflows of Rs 145 crores, compared to Rs 687 crore in the previous month, while inflows into Sectoral/Thematic funds eased to Rs 1,328 crores, compared to Rs 1,469 crore in June.

Among hybrid strategies, aggressive hybrid funds which invest about 65-80% in equities and 20-35% in fixed income saw investors added Rs 1,986 crore slightly lower than Rs 2,121 crore in June. Other categories like multi asset allocation funds also added Rs 3,753 crore compared to Rs 4,811 crore in the previous month, while arbitrage funds added Rs 6,502 crore higher than June’s Rs 5,799 crore.

Gold ETFs saw lower flows of Rs 1,559 crore compared to Rs 3,443 crore in the previous month as investors preferred to stay on
the sidelines after the strong rally in precious metals over the last one year.

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DETROIT — Fiat has begun taking U.S. orders for the Topolino, a compact electric two-seater priced at $13,995 before a mandatory $990 destination fee, bringing the starting out-the-door figure to $14,985 before taxes. The vehicle is currently restricted to private property but is positioned to become street-legal later this year with a free conversion kit.

The Topolino measures roughly 8 feet 3 inches long, about the size of a full-size pickup truck bed, and weighs just over 1,070 pounds. It is powered by a single 8-horsepower electric motor and a lithium-ion battery of approximately 5 to 5.4 kilowatt-hours that Fiat rates for up to 46 miles of range. A full charge from a standard household outlet takes about five hours. There is no DC fast-charging capability.

In its initial configuration the top speed is limited to 19 mph. That restriction keeps the vehicle outside the federal definition of a Low-Speed Vehicle, which requires a maximum speed between 20 and 25 mph. As a result, early U.S. examples are approved only for private roads, gated communities, resorts, country clubs, beach towns and similar controlled environments.

Fiat plans to offer a free conversion kit by the end of summer or early fall 2026. The kit raises the governed top speed to 25 mph and adds a rearview mirror, backup camera and pedestrian-alert system. Once installed, the Topolino qualifies as a federally recognized Low-Speed Vehicle that can operate on public roads posted at 35 mph or lower in most states. Highways remain off-limits by design. The company has said it will absorb both the parts and dealer installation costs so owners incur no additional expense.

Two body styles are offered at the same price: a hardtop with a panoramic sunroof and the open-air Dolce Vita version that features rope-style door openings. At launch the U.S. market receives limited color choices, with Verde Vita green prominent among available options. Standard equipment includes LED lighting, seat belts and side mirrors.

The Topolino shares its fundamental platform, motor and battery architecture with the Citroën Ami and Opel Rocks Electric, both produced at the same Stellantis plant in Morocco. The Ami has been on sale in Europe since 2020, with more than 75,000 units delivered across the related models. In several European markets these vehicles are classified as quadricycles and can be driven by younger operators under simplified licensing rules. U.S. regulations do not provide an equivalent pathway; a full driver’s license remains required once the Low-Speed Vehicle conversion is completed.

Fiat brand chief Olivier Francois described the model as bringing “a feeling, a lifestyle, a reminder that mobility can be joyful, expressive and beautifully simple.” Company statements also position the Topolino as a new chapter for the brand in the United States, defined by purpose as much as by size.

Fiat’s overall U.S. volume has declined sharply over the past decade, falling from nearly 44,000 vehicles in 2012 to roughly 1,300 units in the most recent full year reported. The Topolino represents the brand’s first dedicated entry into the American micromobility segment. Initial shipments are limited; one company executive indicated the first batch numbered around 300 units as Stellantis tests market response before considering higher volumes.

Buyers place a $2,500 deposit through Fiat’s website or select dealers. Deliveries are expected to begin in the coming months. The vehicle is marketed for short, low-speed trips rather than as a primary household car. Reviewers who have driven European versions often praise its charm, ease of parking and practicality in dense urban settings, while noting that at nearly $15,000 it functions more as a stylish lifestyle accessory or secondary vehicle than as a direct substitute for a conventional automobile.

The Low-Speed Vehicle category itself is already established in the United States through golf carts and similar neighborhood electric vehicles. Federal rules for the class waive many passenger-car crash standards and airbag requirements while imposing the 20-to-25 mph speed band and basic lighting, signaling and visibility equipment. Once converted, the Topolino will operate under those same constraints.

Whether the combination of retro Italian styling, low purchase price and eventual street-legal capability generates meaningful sales remains an open question. The vehicle undercuts the cheapest new conventional cars by more than $2,000 and costs less than many high-end bicycles, yet its restricted performance and limited range confine it to specialized use cases. Fiat appears to be treating the launch as an experiment in how far American buyers are willing to go toward smaller, slower forms of personal mobility.

For now the Topolino is available to order as a private-property vehicle with a clear pathway to limited public-road use later this year. Its arrival adds a distinctive, ultra-compact electric option at the bottom of the new-vehicle price ladder while testing consumer appetite for micromobility solutions that sit between traditional cars and golf carts.

WASHINGTON — A bipartisan group of U.S. senators led by Oregon’s Jeff Merkley has formally urged the Commodity Futures Trading Commission to restrict or prohibit prediction market platforms from offering contracts that allow betting on wildfires, citing risks to public safety and the potential for arson.

In a letter to CFTC Chair Michael Selig, the lawmakers warned that such markets could create perverse incentives during an already severe fire season. “Offering bets on destructive wildfires threatens to minimize communities’ suffering all so the rich and powerful can profit,” the senators wrote. “There’s also the heightened risk—according to state and local fire officials—that individuals could be tempted to commit arson in order to make sure their bets are successful. By offering contracts on fires, prediction market sites run the risk of encouraging people to influence fires that have already started, creating additional concerns around public safety and insider trading.”

The letter was signed by Merkley and fellow Oregon Sen. Ron Wyden, along with Sens. Alex Padilla and Adam Schiff of California, Jeanne Shaheen of New Hampshire, Jacky Rosen and Catherine Cortez Masto of Nevada, Martin Heinrich of New Mexico, and Amy Klobuchar of Minnesota. It requests answers from the commission by Aug. 14 on several points, including whether the agency is considering a ban on wildfire-related event contracts as part of ongoing rulemaking, how it plans to address both domestic and offshore platforms, whether contracts tracking a fire’s duration, growth or destruction serve the public interest, and what enforcement guidance exists.

The senators pointed to reports that Polymarket, described as the world’s largest prediction market platform, accepted more than $1.2 million in wagers related to the Palisades and Eaton fires that struck Southern California in January 2025. Those blazes killed 31 people and destroyed more than 16,000 structures. The letter also referenced a newer platform that offers simulated bets focused exclusively on California wildfires under the slogan “You can’t predict fire, but you can trade on it.”

Prediction markets allow users to buy and sell contracts based on the outcome of future events, ranging from elections and sports to natural disasters. Supporters argue the platforms can aggregate information and improve forecasting. Critics, including the senators and some fire officials, contend that attaching financial stakes to active or potential wildfires commodifies human suffering and could encourage interference with firefighting efforts or the deliberate starting of fires.

The timing of the letter coincides with another intense wildfire season across the western United States. Oregon has seen extensive burning, with more than a million acres affected in some tallies for the year, alongside major fires in neighboring states that have prompted evacuations and strained response resources. Lawmakers from fire-prone states have framed the issue as one of basic public safety rather than abstract market regulation.

The CFTC oversees designated contract markets and has authority over certain event contracts. Prediction markets have faced increasing regulatory scrutiny in recent years as their volume and range of topics have expanded. Some platforms operate offshore, complicating enforcement, while others seek registration under U.S. rules. The senators argued that without clear guardrails, domestic platforms could follow the example of offshore sites in listing wildfire contracts.

Fire service officials have previously expressed concern that financial incentives tied to fire outcomes could undermine trust in emergency response systems and create opportunities for insider activity by those with access to operational information. The letter emphasizes that contracts on the scale of destruction or the speed of containment raise particularly acute ethical and practical problems.

Merkley’s office and the other signatories presented the request as a call for common-sense limits rather than a broad attack on all prediction markets. They asked the commission to evaluate wildfire contracts specifically against the public interest standard that guides CFTC decisions on event products. The Aug. 14 deadline was set to prompt a formal response as the current fire season continues.

Polymarket has previously faced regulatory action, including a fine for operating without proper licensing in the United States. A spokesperson for the platform has indicated in other contexts that it does not currently list wildfire markets and has not done so for some time, though the senators’ letter focused on the earlier activity and the broader trend.

As climate-driven fire seasons grow longer and more destructive in the West, the intersection of financial speculation and disaster response has drawn heightened attention from lawmakers representing affected states. The letter frames unrestricted betting on wildfires as incompatible with the need to protect communities, support firefighters and maintain public confidence in emergency management.

The CFTC has not yet issued a public response to the specific questions posed. Any rulemaking or guidance on event contracts related to natural disasters would likely involve input from stakeholders across the prediction market industry, state regulators and emergency response agencies. For now, the senators’ intervention places the issue of wildfire betting firmly on the regulatory agenda at a moment when active fires continue to threaten lives and property across multiple states.

The debate reflects larger tensions over the rapid growth of prediction markets and the types of events considered appropriate for financial wagering. While some contracts on economic indicators or elections have become more established, those tied to loss of life and property destruction remain far more contentious. The Oregon-led effort seeks to draw a clear line around wildfire-related products before they become more widespread on both domestic and international platforms.

BODELWYDDAN, Wales — A 26-year-old man who climbed onto the roof of a North Wales hospital dressed in a black hooded costume resembling the Grim Reaper and stared at patients and staff has been fined after pleading guilty to causing a nuisance on National Health Service premises.

Leon Gillespie, of Deganwy, appeared at Llandudno Magistrates’ Court in connection with the incident on June 6 at Ysbyty Glan Clwyd hospital in Denbighshire. Witnesses reported seeing him overlooking the entrance while wearing an all-black outfit and holding what appeared to be a long blade or scythe. He paced along rooftop walkways, made unusual noises and gestured toward people both inside and outside the building.

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North Wales Police and the North Wales Fire and Rescue Service responded. The disturbance lasted roughly 50 minutes before Gillespie was brought down with the assistance of negotiators and a ladder. He was charged with causing a nuisance or disturbance without reasonable excuse on NHS grounds and refusing to leave when asked by a constable.

In court, Gillespie admitted the offence. District Judge Gwyn Jones imposed a £200 fine and ordered him to pay costs. The judge observed that Gillespie appeared to have been experiencing mental health difficulties at the time. Defence solicitor Michael Pugh described the episode as a “cry for help,” noting that Gillespie had been diagnosed with bipolar disorder. Gillespie was later detained under the Mental Health Act for nearly a fortnight, beginning about 10 days after the hospital incident.

Court proceedings also addressed two separate shoplifting matters. Gillespie admitted stealing cat food and litter valued at £30 to £40 from a Pets at Home store in Llandudno in March and taking food and drink from a Sainsbury’s supermarket in the same town in May. Additional fines, compensation and prosecution costs were ordered in relation to those offences.

A spokesman for Betsi Cadwaladr University Health Board, which operates the hospital, said the organisation maintains a “zero tolerance approach to abuse, aggression or nuisance within its hospital sites.”

Accounts of Gillespie’s appearance varied slightly. Some reports described a Grim Reaper-style costume complete with hood and scythe-like object, while others referred to a black gown and plague-doctor-style mask or an outfit resembling a crow. One account noted that he squawked like a seagull and directed remarks at hospital staff. Whatever the precise characterisation of the clothing, the sight of a figure in dark robes positioned above the hospital entrance caused distress among patients, visitors and staff.

The hospital is a busy district facility serving communities in North Wales. Incidents involving unauthorised access to roofs or other restricted areas trigger coordinated responses from police and fire services because of the potential risks to public safety and the disruption to clinical operations. In this case, multiple police vehicles and fire service resources attended while the situation was brought under control.

Gillespie’s guilty plea meant the court focused on sentencing rather than a contested trial. The relatively modest fine reflects the nature of the specific offence under legislation that addresses nuisance behaviour on NHS premises. The additional penalties for the earlier retail thefts were handled alongside the hospital-related charge.

Mental health considerations featured in both the prosecution summary and the defence mitigation. The judge’s comments and the subsequent period of detention under the Mental Health Act indicated that underlying difficulties formed part of the background to the rooftop episode. No detailed clinical assessment was released publicly beyond the statements made in open court.

The incident has drawn attention to the vulnerability of hospital environments and the impact that unusual or threatening behaviour can have on people who are already unwell or under stress. Hospitals routinely manage a range of security challenges, from verbal abuse to more serious threats, and many UK health boards have adopted explicit zero-tolerance policies in recent years.

Gillespie’s case combined an unusual costume and elevated location with more ordinary low-level criminal matters. The shoplifting offences involved everyday consumer goods rather than high-value items, yet they added to the overall picture presented to the magistrates. The court imposed financial penalties across the board rather than custodial sentences.

Local reporting indicated that Gillespie climbed over the entrance area and remained visible for the duration of the standoff. Emergency responders prioritised a controlled resolution, using negotiation before deploying a ladder to bring him down. Once on the ground he was arrested and processed through the criminal justice system in the normal way.

The outcome leaves Gillespie with a criminal record for the nuisance offence and the thefts, along with the associated financial obligations. Whether further mental health support or restrictions followed the period of detention was not detailed in public court records. The health board’s statement reinforced its institutional stance against behaviour that disrupts care or frightens those present on hospital grounds.

In the wider context of NHS security, the episode stands out for its theatrical elements rather than for violence or prolonged disruption. Most reported nuisance cases on hospital sites involve more conventional forms of aggression or refusal to leave. The combination of costume, height and prolonged staring produced a distinctive set of circumstances that required a multi-agency response and ultimately a court appearance.

Gillespie’s actions on the roof of Ysbyty Glan Clwyd resulted in a formal finding of guilt, a fine and associated costs. The case closed with the magistrates’ decision, the health board’s reaffirmation of its zero-tolerance policy, and a reminder of the distress such incidents can cause to patients and staff who expect a hospital to remain a place of care rather than spectacle.

Prince Street Pizza has built a cult following that includes some of Hollywood’s biggest names, but the company says the key to taking its famous New York slices nationwide is staying true to the original.

The New York City-born brand has expanded from its original SoHo shop to roughly 20 locations across the U.S. and Canada, with parent company Best Buddy Hospitality CEO Lawrence Longo pointing to strong demand and a relentless focus on product quality as drivers of that growth.

“I think it’s important to stay close to the principles that made it special in the first place,” Longo told FOX Business. “And that comes down to the quality of the product.”

That commitment extends to the dough. Longo said Prince Street uses a New York WaterMaker system to replicate the characteristics of New York City water at its locations outside the Big Apple.

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“Every time we sign a new lease, we get the water from that city, and we send it to the lab, and they create a filtration system that turns our water into New York City water,” he said.

The goal is to make the pizza feel as close as possible to the original Prince Street shop, according to Longo.

“The idea is that when you walk into a Prince Street Pizza, you should feel like you walked into a pizzeria in New York City,” Longo said.

Known for its Sicilian-style square pies and pepperoni-loaded slices, Prince Street sees room for further expansion.

“Sicilian-style pizza hasn’t been really done right at scale across America,” he said.

The brand has also attracted a long list of celebrity fans, including Adam Sandler, who Longo said has visited locations in New York, Malibu and West Hollywood.

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Still, Longo said that famous customers do not receive special treatment.

“Whether you’re a celebrity or just a regular customer, we love everybody,” he said.

Prince Street is now focused on building a larger national footprint. Longo said he is “handpicking some of the best operators around America” with the goal of becoming the country’s leading Sicilian pizza brand.

The company is also expanding beyond restaurants.

Longo created “Delivering Happiness,” a video series starring actor Nick Turturro as a pizza delivery driver visiting guests including Dana White, Alex Rodriguez, Bert Kreischer and Ice-T. The project has since expanded through TikTok Radio and iHeartMedia, he said.

“We’re becoming a media company in a way,” Longo said.

Prince Street has also leaned into entertainment partnerships, including a Disney collaboration that recreated Little Nero’s Pizza from “Home Alone” at select locations. The campaign earned a Clio Award.

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Despite those new ventures, Longo said Prince Street’s growth strategy comes back to staying “true” to what made the original SoHo shop successful.

“How do you scale a cult brand?” he said. “You really stay true to what made it successful in the first place.”

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