Lloyd’s of London’s former boss’s close relationship with another director breached compliance rules, the insurance market has said after an internal investigation.

Former chief executive John Neal and former corporate affairs director Rebekah Clement’s relationship was “sufficiently close… that it could be viewed as creating a perceived conflict of interest”, the firm said.

Lloyd’s said the pair breached compliance rules by not disclosing their relationship but found no conclusive evidence they had a romantic relationship while at Lloyd’s.

Neal told the Financial Times all parties can now move on. Clement’s lawyer said she is considering legal action.

“Rebekah is hugely disappointed with Lloyd’s conduct over the course of this investigation, the nature and length of which have caused her unnecessary stress and significant reputational damage relative to its ‘findings’,” Clement’s lawyer added.

“She is not surprised that Lloyd’s found no evidence of an inappropriate relationship with John Neal, nor any evidence of any failings in her promotion. She also co-operated with the investigation throughout.

“Yet, Lloyd’s has still chosen to find against Rebekah, on the pretext of ‘perception’, the source of which was rumour, gossip and innuendo.”

The BBC has contacted Neal for comment. He told the Financial Times:, external “I am pleased, but not at all surprised, that the investigation found there was no inappropriate relationship.

“I would have hoped less time and resource had been spent in reaching a conclusion on the central question that was, in truth, never in doubt.

“I am disappointed with the other findings and do not accept them.”

Lloyd’s said on Wednesday that it first received “certain whistleblowing reports” in November 2023 but that it didn’t act on them.

It said its chairman Sir Charles Roxburgh judged this to be a governance failure and informed the Financial Conduct Authority (FCA) about it in October 2025.

Lloyd’s said it could not share the nature of these allegations or the identities of the people involved.

In November 2025, Lloyd’s said Sir Charles became aware of “new information related to an alleged personal relationship” between Neal and Clement and “immediately launched an expanded investigation into the matter”.

Lloyd’s said its investigation was hampered by the fact that Neal and Clement had both left the company and refused to answer questions, but Lloyd’s said it interviewed nearly 40 witnesses in its probe.

It added that it has kept the FCA informed throughout the process.

Sir Charles said on Wednesday: “Based on the findings of this investigation, we have concluded that the conduct of the former chief executive fell significantly below the standards expected of him.”

He added the investigation “established serious failings in the governance standards and in following processes, most worryingly in the handling of whistleblowing reports. These were serious failures that should never have been allowed to happen.”

Lloyd’s history as a City institution stretches back well over 300 years, with its first recorded mention appearing in 1688.

Thailand’s Trusted Thailand initiative ensures safety for travelers through a certification program and the Tourist Police app, enhancing preparedness with infrastructure, transparency, and modern technology for a reassuring travel experience.

Embracing Safety in Travel

For nearly two decades, I’ve emphasized that a prepared journey is the safest one. Thailand’s latest initiative exemplifies this belief. Launched in November 2025 by the Tourism Authority of Thailand (TAT) and the Ministry of Tourism and Sports, the “Trusted Thailand” program provides a certification assuring visitors of high safety standards in hotels, restaurants, and attractions. This initiative evaluates participants on four pillars including general safety, secure payment systems, multilingual communication, and accessible transport. Thousands of operators across diverse locations, from Bangkok to Chiang Mai, aim to be assessed under this program.

Building Trust Through Technology

Aiming to enhance transparency and visitor confidence, TAT has partnered with major booking platforms like Agoda and Trip.com to integrate Trusted Thailand certifications into their listings. Agoda has further enhanced safety by embedding QR code guides on potential hazards. This strategic safety shift places vital information within the booking process itself, ensuring travelers are well informed before their journey even begins.

Travel Preparedness Reinvented

While traditional travel instincts remain crucial, tools like the Trusted Thailand program and the Tourist Police app redefine modern travel safety in Thailand. The app, essential for on-the-ground safety, connects users with police and resources efficiently. By integrating infrastructure with Thailand’s renowned hospitality, these advancements ensure a secure and welcoming travel experience. As always, download the Tourist Police app and consider Trusted Thailand-certified accommodations for a worry-free journey.

Source : “Trusted Thailand” Is Rewriting the Rules of Travel Safety

Other People are Reading

Fred Alger Management, LLC (“Alger”) is a privately held $27.4 billion growth equity investment manager. Alger is a pioneer of actively managed, growth equity investing. Their journey over the past six decades has been defined by navigating change, embracing disruption, and investing in innovation.​​ Note: This account is not managed or monitored by Fred Alger Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fred Alger Management’s official channels.

The U.S. Section 301 investigation uses forced labor as pretext but actually enforces trade compliance. ASEAN nations negotiated individually, missing integration opportunities. By collectively harmonizing customs, reducing non-tariff barriers, and managing Chinese investment circumvention, ASEAN could transform U.S. pressure into regional economic integration.

Key Points

• The U.S. USTR’s Section 301 Investigation, framed around forced labor concerns, is actually an extension of trade negotiations—evaluating countries based on whether they’ve accepted Washington’s trade commitments, as evidenced by differing tariff rates reflecting bilateral agreements rather than human rights standards.

• ASEAN nations negotiated individually during reciprocal tariff talks, missing an opportunity for collective action; they should now align U.S.-demanded reforms with shared integration goals, extend market-opening concessions to all WTO partners, and collectively address export circumvention.

• U.S. pressure could catalyze deeper ASEAN integration by harmonizing customs procedures, dismantling non-tariff barriers, and unifying rules of origin—potentially transforming Section 301 from a coercive trade tool into a turning point toward a unified ASEAN single market.

The True Agenda Behind the Section 301 Investigation

The U.S. Section 301 Investigation, launched in March 2026, is officially framed as a response to forced labor, but a closer examination reveals a different purpose. Rather than assessing forced labor practices in specific countries, the investigation evaluates whether nations have implemented import prohibition systems that meet U.S. standards. Tariff rates further expose this agenda: Malaysia and Cambodia, despite lacking compliant systems, received lower tariffs after committing to U.S. trade conditions. This pattern confirms that the investigation functions as an extension of trade negotiations, not a genuine human rights inquiry.

ASEAN’s Strategic Response to U.S. Trade Pressure

Thailand and Vietnam, still at the framework agreement stage, retain room for negotiation. Both should study agreements reached by Indonesia and Malaysia to understand Washington’s core demands and align their responses with broader ASEAN integration goals. Rather than viewing U.S. pressure as purely coercive, ASEAN nations should recognize an opportunity to convert external demands into regional momentum. Institutional reforms sought by the U.S.—including customs modernization, regulatory transparency, and certification harmonization—closely mirror priorities already embedded in the ASEAN Economic Community agenda.

Transforming Bilateral Concessions into Regional Integration

A critical lesson from the reciprocal tariff negotiations is that ASEAN members negotiated individually, missing the chance to leverage collective bargaining power. Three corrective actions are essential: first, treat U.S.-demanded institutional reforms as shared ASEAN objectives; second, extend any elimination of non-tariff barriers to all trading partners in accordance with WTO Most-Favored-Nation principles; and third, collectively address export circumvention by harmonizing Rules of Origin and channeling Chinese investment toward upgrading regional industries. If ASEAN successfully coordinates these efforts, Section 301 could ultimately serve as a catalyst for deeper regional integration rather than a tool of trade coercion.

Source : ASEAN and Trump’s Section 301 Tariffs

Other People are Reading

No company has captured investor attention quite like Vedanta-backed (0.98% stake) Sterlite Technologies. The stock soared an astonishing 400% in 2026, making it one of the market’s standout performers. The rally has also fuelled a dramatic wealth creation story, with the company’s market capitalisation ballooning from just over Rs 4,000 crore at the start of the year to around Rs 27,000 crore in just six months.

But the spectacular run has hit a speed bump. Shares have fallen around 27% over the past month from their June record high of Rs 684, raising a key question for investors. Should those sitting on massive gains book profits, or does the recent correction offer an opportunity for those looking to enter the stock? Here’s what analysts are saying.

Sterlite Tech consolidation ahead?

Following a gain of more than 400% over a relatively short period, the recent correction of nearly 25% towards the Rs 500 level should be seen as a normal pause in the broader bullish trend rather than a sign of structural weakness, according to Sachin Gupta, VP, Technical Research at Choice Equity Broking.

The correction has also helped ease excessive momentum, with the 14-day Relative Strength Index (RSI) falling from extremely overbought levels above 90 to around 42, pointing to a healthier technical setup. Gupta said the Rs 440-Rs 460 range has emerged as a key support zone and could attract buying interest, keeping the long-term uptrend intact as long as the range holds. On the upside, the Rs 550-Rs 560 zone remains the first major hurdle. A decisive breakout above this resistance, backed by strong volumes, could mark the end of the consolidation phase and open the way for a fresh rally towards Rs 630, followed by a possible retest of the lifetime high near Rs 680.

Virat Jagad, Senior Technical Research Analyst at Bonanza, said Sterlite Technologies has corrected nearly 25% over the past month following an exceptional 390% rally in 2026, pointing to healthy profit booking after a sharp uptrend. However, the stock remains under technical pressure as it trades below its 20-day and 50-day EMAs, while an RSI near 40 indicates weak momentum without reaching deeply oversold levels.

Live Events

The immediate support is placed around Rs 490-Rs 500, with a decisive break below this zone potentially triggering further downside towards Rs 460. On the upside, Rs 540-Rs 550 is the first resistance zone. Jagad advised investors to avoid aggressive buying until the stock sustains a move above its short-term moving averages, while existing holders should maintain strict stop-loss levels.

CLSA sees further upside

From a fundamental perspective, Hong Kong-based CLSA sees further upside of 24%, with a target price of Rs 655. The brokerage’s optimism follows a major $1 billion order win from a U.S. hyperscaler, which it believes significantly strengthens Sterlite Technologies’ position in the AI data centre ecosystem and improves visibility on medium-term growth.
CLSA expects the order to further strengthen Sterlite Technologies’ competitiveness in international markets and is now modelling a 49% EBITDA CAGR between FY26 and FY29. The brokerage has retained its ‘Outperform’ rating on the stock.

Behind Sterlite Tech’s share price rally

The country’s data centre industry is entering a prolonged expansion cycle, supported by accelerating digitalisation, rising cloud adoption and growing demand for artificial intelligence infrastructure.
According to international brokerage Nomura, India’s data centre IT load has increased from around 350 MW in 2019 to nearly 1.5-1.6 GW in 2025, representing a CAGR of about 29%, significantly ahead of the global growth rate of roughly 20%. Consequently, India’s share of global data centre capacity has climbed from around 1.5% in 2019 to approximately 2-3% in 2025.

The opportunity extends far beyond India. Globally, hyperscalers are ramping up investments in AI-focused data centres, creating strong demand for optical fibre cables, interconnect solutions and telecom infrastructure. As AI workloads become increasingly complex and compute-intensive, the need for faster and denser connectivity within and between data centres continues to grow, directly benefiting companies such as Sterlite Technologies.

India’s own data centre opportunity is adding further momentum. A KPMG report projects the country’s data centre industry revenue to reach nearly $45.69 billion by 2033, driven by rising AI workloads, rapid cloud adoption and data localisation requirements. “With one billion internet users and businesses rapidly adopting cloud services, building domestic data centres is now a necessity,” the report noted.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

A Chinese national seeking asylum in New York City allegedly attempted to scam an elderly Buffalo-area woman out of $360,000 of her inheritance and life’s savings, using an internet fraud scheme while claiming to be a “Microsoft security” representative.

Didi Zou, 39, was arrested in June for conspiracy to commit money laundering and wire fraud and faced a July detention hearing where U.S. Magistrate Judge Jeremiah McCarthy ordered him to remain in custody while the federal case proceeds, The Buffalo News reported Wednesday.

Attorney Jeffrey T. Bagley, an assistant federal public defender representing Zou – a temporary work visa-holder seeking asylum in New York City – claimed in court that Zou is an alleged “white-collar” crime defendant and “not one that’s a violent one,” according to the News.

SCAMMERS DRAIN SENIORS’ SAVINGS AT STAGGERING RATES, FTC REPORT WARNS

Didi Zou, 39, was arrested in June for conspiracy to commit money laundering and wire fraud. He is a Chinese national seeking asylum and is in New York City on a temporary work visa, according to The Buffalo News. (Niagara County Sheriff’s Office; Matt Jelonek/Bloomberg via Getty Images / Getty Images)

“So stealing hundreds of thousands of dollars from elderly people would not be a danger?” McCarthy asked. “It’s callous, it’s greed-driven, and it had devastating consequences to members of the community.”

Zou is alleged to have directed an elaborate scam that led to the unnamed elderly Tonawanda woman giving him, as he posed as an IRS agent, $20,000 and “gold coins/bullion to protect their funds in the ‘IRS Banking’ account,” according to the Justice Department.

“Mr. Zou is nothing more than a mule,” Bagley claimed in court, according to the report, adding, “The masterminds behind the stealing, they’re not going to be the ones showing up for face-to-face interactions.”

A NEW MEDICARE SCAM PROMPTS FCC WARNING

Didi Zou, 39, was arrested in June during a traffic stop after having an FBI-IRS sting track him via fake gold. (Niagara County Sheriff’s Office; Matt Jelonek/Bloomberg via Getty Images / Getty Images)

Assistant U.S. attorney Colleen McCarthy says there is evidence of Zou having traveled from New York City to New Jersey and Indiana, for potential “other pickups” and internet fraud victims, according to the News.

Zou is alleged to have used internet hacking, passwords, fake names and posing as a federal agent to scam the elderly women in the elaborate scheme.

“He was not used,” McCarthy said, rejecting Zou attorney’s claim of being an unwitting “mule.” “He was involved.”

The scheme allegedly started on May 15, when the elderly woman was logging payments and bills into a Microsoft Excel workbook. She received a purported Microsoft alert on her computer screen with the phrase, “Microsoft Security,” and instructions to call a phone number, according to the criminal complaint.

LIFE INSURANCE AND ANNUITY SCAMS: DON’T BE THE NEXT VICTIM

An internet security scam led to an FBI and IRS investigation to bust a Chinese national from New York City for allegedly posing as an IRS agent.

She called that number, which kicked off a month-long scheme, allegedly directed by Zou, “to set up a bank account with the IRS on their personal banking website and move their funds to the IRS Bank because of the ‘hackers’ in their computer,” according to a DOJ release.

Fearing hackers, the woman downloaded software at the alleged scammer’s instruction that surrendered remote access to her computer, as well as banking details and passwords.

The reported $360,000 in assets included “profits from the sale of their parents’ house, inherited savings, and multiple CDs.”

The alleged scheme led the woman to give $20,000 to an IRS “agent” at a coffee shop near her home in Tonawanda, New York, and make five purchases of gold coins/bullion and hand those over at the local coffee shop through June 18.

6 WAYS TO BEAT FINANCIAL FRAUDSTERS

The gold was fake and tagged with tracking devices after the victim worked with FBI agents, the IRS and New York State Police in a sting.

Zou was taken into custody after a traffic stop, telling a New York state trooper he was dropping off a friend in the Buffalo area and heading back to his home in Brooklyn, according to the News.

Microsoft is not a party to this criminal scheme, but FOX Business did reach out to the company for comment Wednesday morning.

Tech-support imposter scams have surged nationwide, frequently weaponizing consumer trust in major brand names like Microsoft, Apple, or Amazon, the FBI warns.

CRYPTO FRAUD TOPS FBI’S ANNUAL CRIME REPORT AS AMERICANS LOSE BILLIONS TO SCAMS

According to federal cyber regulators, these schemes generally follow a familiar playbook:

The Pop-Up Trap: Malware or compromised web browsers trigger an unclosable banner or loud audio warning claiming the device is infected or hacked.

The Fake Hotline: Victims are instructed to call a toll-free number where operators act helpful while establishing control.

The Financial Drain: Scammers often persuade victims to grant remote access to their computers, log into online bank accounts, or transfer cash, wire funds, buy gold bars, or convert money into cryptocurrency under the guise of “safekeeping” or “fixing the breach.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Major tech firms, including Microsoft, emphasize that legitimate corporations never display unsolicited pop-up messages containing phone numbers to call for technical support, nor do they ask for payments in cryptocurrency or wire transfers.

Law enforcement agencies warn consumers that if an unexpected warning freezes a computer screen, they should never call the phone number listed. Instead, reboot the device, disconnect from the internet, and verify any account issues directly through official corporate websites.

ARK Invest CEO Cathie Wood is defending her fund’s stake in SpaceX, declaring the aerospace and satellite network pioneer could become the “most important company in global history” despite the stock’s recent slide and an upcoming $116 billion share unlock.

During an interview on “Mornings with Maria” Wednesday, Wood explained why she remains bullish on SpaceX after funds managed by ARK Invest allocated $80 million to the position following its public debut.

“[Down] from its peak, it is,” Wood said, “but of course not from the IPO price. We think this could become the most important company in history, and I mean in global history.”

FAMED PERMABEAR WARNS SPACEX I.P.O. COULD BE LAUGHED AT IN 50 YEARS, ‘CRAZIEST’ MARKET BET FOR WALL STREET

“We’re talking about not only really exploring a new world — the universe — in terms of its launch capabilities and helping others to do so as well, but also a global communications network. Really, think telecom, that’s been a very local business. In fact, the way to break into countries historically was to buy the [telecommunications companies], no longer.”

ARK Invest CEO Cathie Wood doubled down on her bullish stance for SpaceX stock on FOX Business’ “Mornings with Maria.” (Getty Images)

Just before Wednesday’s opening bell, SpaceX stock was trading around $123.50 per share. According to Barron’s, the stock is down about 47% from its high of about $225, and has shed nearly $1.4 trillion in market value. This puts SpaceX in eighth place by market capitalization, behind Meta for the first time since its debut.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Wood previously said in a May interview with Bloomberg that she imagines SpaceX will be “volatile,” but applauded founder Elon Musk’s “incredible” ability to vertically integrate all of his companies, including Tesla, xAI and Neuralink.

Musk warned investors against trying to short-sell the stock last week in a post on X, saying, “The survival probability of firms that maintain a significant short position in SpaceX over time is very low.”

READ MORE FROM FOX BUSINESS