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Sri Lanka swears in leftist president as concerns grow for IMF deal

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Leftist Anura Kumara Dissanayake has promised to “heed the best advice” in running Sri Lanka as he was sworn in as the country’s president, following a stunning election win that has renewed concerns over the future of a fragile IMF-backed debt restructuring.

Sri Lanka’s bonds fell on Monday in the wake of the upset win at the weekend by Dissanayake, the country’s first president from outside its traditional ruling elite.

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“I will heed the best advice,” said Dissanayake, 55, after taking the oath of office on Monday, in comments aimed at easing investor fears over the fate of a $3bn IMF rescue plan. “There are my capabilities and incapabilities, things that I know and don’t.”

“We do not believe that this deep crisis can be overcome by a government, a party or an individual,” he added. “I am no conjuror or magician.”

Dissanayake’s victory on Saturday marked a new era in the south Asian country’s political history, with voters rejecting the political dynasties they blamed for years of economic crisis that culminated in a damaging debt default in 2022.

Months later, protesters over-ran the presidential palace, forcing then-president Gotabaya Rajapaksa to flee the country.

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Dissanayake took pains during the five-week campaign to allay investor misgivings, pledging to preserve the IMF agreement. But he has also called to ease some of its conditions to alleviate Sri Lanka’s economic hardship after two years of austerity.

The election manifesto of his neo-Marxist National People’s Power coalition called to renegotiate the IMF deal to make it “more palatable and strengthened” and keep interest payments “at a bearable level”.

Sri Lanka’s dollar-denominated bonds tumbled on Monday, with notes maturing in 2029 shedding almost 6 per cent to trade at 50.2 cents on the dollar. Prices had briefly dipped below 50 cents on the dollar in early trading.

The Colombo Stock Exchange’s all-shares index shed 1.5 per cent before paring losses to be even on the day.

Dissanayake, who hails from the rural North Central province, previously led the People’s Liberation Front, a Marxist-Leninist party founded in 1965 and a precursor to the NPP that led bloody rebellions in 1971 and from 1987-80.

He was sworn in on Monday in Sri Lanka’s old parliament building, a colonial landmark that the group had planned to attack in 1971 as part of a plot to overthrow the government.

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Barefoot Luxury At Its Finest at North Island, Seychelles

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(credit: North Island)

The tropical oceanic climate of this small country presents the ultimate in barefoot luxury and a backdrop for an exceptional and unique destination. Located in the far north of the Indian Ocean archipelago, North Island measures at 201 hectares where guests are surrounded by turquoise water and breathtaking white sand beaches and warm crystal-clear waters, a dream island fantasy island that has come to life. Only accessible by boat or helicopter, the island resort attracts visitors seeking the ultimate romantic escape offering views of jagged peaks, vibrant green jungles and a wide variety of water-based and land-based activities.

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(credit: North Island)

While the resort opened in 2003 and has gone through refurbishments and modern upgrades, the island was put on the map in 2011 as it was the honeymoon destination of the Duke and Duchess of Cambridge. Located amongst the granitic islands of Seychelles, one of its 115 islands dotted in the Indian Ocean, North Island is a place of exclusive luxury within an exquisite wilderness sanctuary. Comprising 11 villas, each measuring between 5,000 and 8,000 sq. ft., the villas have all been created from local materials harvested during the island rehabilitation process in 1997, balancing luxury and simplicity to make it your own sanctuary.

(credit: North Island)

Immersed in lush tropical vegetation and just steps from the soft white-sand beach, the villas offer each guest unparalleled space and total discretion. The villas balance serene comfort with the natural environment, as they are screened from view by the natural vegetation, ensuring total privacy. Presenting a mix of textures and handcrafted furniture, each villa has a private plunge pool, a butler and fully retractable doors with spectacular views of the ocean beyond.

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The epitome of luxury is their Villa North Island which is perched on a granite cliff at the edge of East Beach. This grand villa is spread over one level and presents two bedrooms and a bathroom and features a hidden entrance through the adjacent coconut groves. Guests of this villa enjoy unmatched views of the beach along with an oversized marble bath perfect for sharing and excellent sunrise sights, adding to its grandness and romance.

(credit: North Island)

Beyond a luxury destination, sustainability lies at the heart of North Island’s philosophy and allows for an inimitable experience. With a true sense of place, the island employs full-time environmentalists to preserve one of the world’s most biologically diverse and important areas. Its Noah’s Ark program started in 1997. The ambitious challenge to restore the island following the collapse of the coconut industry in the 1970s has seen multiple efforts in marine conservation, forest restoration, sea turtle nesting and its Magpie Robin conservation local conservation program. Guests on the island can also meet Brutus, their 450-lb 160-year-old turtle which lives on the island.

(credit: North Island)

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Guests who visit the island will have their own golf buggy to traverse the winding sandy paths from their villa to the restaurant or beaches around. North Island allows guests to live the idyllic island life with its generous list of activities, where couples can feel like they have the entire island to themselves. From yoga to aquatic experiences to massages by the sea to a number of excursions like diving, hiking and fishing, a day on North Island is pure bliss. 

The scenery at and around the resort perfectly positions itself as one of the most romantic spots in the world. Whether couples are celebrating their dream honeymoon or planning the ultimate beach destination wedding, the resort offers bespoke offerings that couples will never forget. A place of natural beauty and timeless relaxation, the calm rhythm of the Indian Ocean infuses the resort and offers guests a private place to rejuvenate their bodies and awaken their souls. 

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Standard Chartered takes investors to court in Libor transition test case

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Standard Chartered is taking legal action against several of its own investors, including a hedge fund run by DE Shaw, in what is seen by legal experts as a test case over the transition from the scandal-ridden Libor interest rate.

The legal battle, which is due to be heard in London’s High Court of Justice this week, could set a precedent for other companies’ investor payouts.

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The dispute is over whether Standard Chartered can force through a change in the interest rate it pays out on its preferred shares, bypassing investor concerns, according to legal documents seen by the Financial Times.

Lawyers have claimed it is the first time the way a company moves away from using Libor has been challenged in the courts and the outcome could have far-reaching consequences.

Libor — or the London Interbank Offered Rate — was scrapped in June 2023 following years of scandal, including revelations more than a decade ago that traders from a range of global banks were systematically rigging the rate.

A synthetic version of Libor was developed to allow companies to transition, but this is set to be phased out this month.

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Standard Chartered issued $750mn of preference shares in 2006 with an interest rate that was later linked to Libor. But the prospectuses did not set out what would happen if Libor was scrapped. 

The bank has tried to switch from Libor to an alternative rate known as SOFR, or the Secured Overnight Financing Rate, but has met resistance from its investors. 

Their lawyers are set to argue that SOFR, which is insensitive to risk, acts very differently to Libor during times of economic and financial crises, and is therefore an inappropriate substitute, according to documents seen by the FT.

Standard Chartered sought a consent solicitation from its investors in January last year over switching the rate, but it was denied. 

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The bank then began legal action this June to force through the change. Several investors, including DE Shaw’s Galvanic Portfolios fund and three funds run by Boston-based hedge fund manager Bracebridge Capital, requested to be added to the suit as defendants.

The case will be heard over five days at London’s commercial court, starting on Friday, with a decision expected by the end of October.

Lawyers for the investors are expected to call on Standard Chartered to redeem the shares and reissue new shares with the updated interest rate.

Standard Chartered and DE Shaw declined to comment. Bracebridge did not respond to a request for comment.

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7IM enhances platform with ZeroKey integration  

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7IM enhances platform with ZeroKey integration  

7IM has upgraded its platofrm tools and functionality following feedback from advisers and clients.

The enhancements include the integration of software from ZeroKey, a web-app that enables advisers to transfer client data from their own tech stacks into 7IM’s illustrations and application tools.

This eliminates the need for advisers to manually re-key data, saving them valuable time.

The web extension also enables advisers to easily access their clients’ data, allowing them to move it to wherever they need to.

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7IM said the upgrade is part of a multimillion-pound and multi-year investment into its proprietary technology and commitment to providing unrivalled service to advisers and clients.

It has also expanded its investment range with the addition of the Standard Life International Bond to the list of bond providers available on its platform.

This provides an open architecture wrapper giving advisers the freedom to manage their clients’ investments without being tied to a particular platform.

Last week, 7IM introduced Brooks Macdonald as a new DFM partner through the Retirement Income Solution (RIS) available on its platform.

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Two new fund ranges will provide advisers with more flexibility as part of their centralised retirement proposition as well as offering clients greater choice through their retirement plans.

Russell Lancaster, MD platform and intermediary partnerships at 7IM, said: As part of our ongoing conversations with advisers, we are aware of their frustrations such as a lack of integration between technology and this being a major cause of inefficiency in their businesses.

We continue to listen and are actively addressing these pinch points by investing in technology to make their lives easier.

“We know that we must constantly evolve what we offer in line with adviser and clients’ needs if we are to realise our ambitious growth plans.”

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Post Office scandal: Horizon still causing shortfalls

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Post Office scandal: Horizon still causing shortfalls

Almost seven in 10 Post Office sub-postmasters have experienced an “unexplained discrepancy” on the Horizon IT system since January 2020, a survey has revealed.

It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history.

A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch’s money.

An inquiry into the Post Office scandal resumes on Monday and will focus on how the company, which is wholly owned by the government, operates today.

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Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts.

Despite this, a version of the Horizon IT system is still in use in UK Post Offices.

YouGov said it found that nearly half of the sub-postmasters it spoke to were “dissatisfied with how the Horizon IT System currently operates”, compared to 25% who were happy with it.

It added: “The vast majority – 92% – of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months.”

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YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William. It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August – 1,015 people responded.

It also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS). It found nearly half of HSS applicants surveyed were dissatisfied with the scheme.

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Advisers see AI as the best investment opportunity for the next 24 months

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Advisers see AI as the best investment opportunity for the next 24 months

The majority of financial advisers (71%) see Artificial intelligence (AI) as the best investment opportunity for the next 12 to 24 months.

This is according to Capital Group research, which also found 13% believe the energy transition, 9% healthcare innovation and 6% evolving globalisation to be the best investment opportunity.

Capital Group investment director Steven Smith said: “AI has the potential to be the new tech mega cycle disruptor.”

Smith explained that mega cycles “tend to happen every 10 years”.

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Additionally, 56% have confidence in investing in equities over the next 12 months and 58% expect their clients will increase the amount they invest.

Clients are more confident investing in the UK (58%) compared to globally (37%), emerging markets (36%) and Europe (29%).

This research comes as Capital Group has unveiled its flagship global equity strategy as an Open-Ended Investment Company (OEIC) in the UK.

The launch of the New Perspective Fund (NPF UK) can enable UK investors to “capitalise on extensive transformational changes in the world economy” with over 60% of UK financial intermediaries agree are occurring.

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Intermediaries can be independent financial advisers or mortgage brokers.

Capital Group said: “NPF UK is based on a time-tested strategy built for an evolving world. It employs bottom-up research to identify and invest in multinational companies we believe offer strong growth opportunities and resilience capable of driving and benefiting from global change.”

Capital Group head of UK financial intermediaries Chris Miles added: “Our research shows that 70% of intermediaries consider it difficult to find an equity fund that can demonstrate its ability to invest through market cycles and periods of uncertainty.

“At Capital Group, we are dedicated to ensuring UK intermediaries have access to durable, time-tested investment strategies in their quest to achieve their clients’ long-term financial goals, and we believe the launch of New Perspective OEIC fund, based on a strategy with a 51-year history, could fill that gap.”

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Capital Group was formed in 1931 and is one of the world’s largest investment management organisations, with over £2.1trn in asset under management.

To obtain these results, Capital Group commissioned Research in Finance to conduct an online survey of 205 advisers.

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Nobu Hotel Ibiza Bay Where Luxury Meets Paradise

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As the glistening sun rises over the pristine shores of Ibiza on this mystical Spanish Island in the Mediterranean, the iconic Nobu Hotel Ibiza Bay begins its annual invitation to guests every spring. This inspired 5-star luxury hotel on the white island in the Balearic Islands offers an unmatched blend of luxury, relaxation, and indulgence in one of the world’s most coveted locations. 

Nestled along the tranquil shores of Talamanca Bay, this exclusive beachfront property has become synonymous with sophistication, catering to the discerning tastes of global travelers who seek more than just a getaway—they seek an experience.

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An Island Escape Like No Other

Every year, as late March or early April approaches, Nobu Hotel Ibiza Bay opens its doors to a season that promises new adventures, luxurious stays, and unforgettable memories. The resort’s season stretches through late October, a period where Ibiza transforms into a vibrant hub for the elite, the creative, and those in pursuit of the extraordinary.

Nobu Hotel Ibiza Bay is referred to as the “ultimate playground for the grown-up Ibiza set.” The hotel provides the essence of Ibiza, seamlessly blending the island’s free-spirited charm with an opulent lifestyle, creating an atmosphere where every detail is designed to elevate the guest experience.

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Traditions of Excellence

Nobu Hotel Ibiza Bay continues its tradition of excellence each year with a new season of Ibizan Discovery and is in an idyllic seaside location slightly away from the island’s busy hotel row. Guests returning to this luxurious haven and first-time visitors find themselves immersed in a world of unparalleled comfort. The resort’s offerings have been carefully curated to ensure that every moment spent on the property is infused with luxury, relaxation, and a touch of Ibiza’s unique energy. Whether it’s the breathtaking views from the suites, the world-class wellness facilities, or the innovative dining experiences, each element of Nobu Hotel Ibiza Bay is designed to cater to the desires of its discerning guests.

Rejuvenation and Indulgence at Nobu Hotel Ibiza Bay

The experience at Nobu Hotel Ibiza Bay is more than just a stay; it is an opportunity to indulge in the finer things in life. Guests are welcomed into stunningly designed accommodations with open terraces that blend contemporary aesthetics with traditional Ibicenco architecture and Ibizan artwork.

Junior Suite with Plunge Pool

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Each of the 152 designer Ibizan-style rooms and grand suites is a sanctuary of comfort and tasteful details, offering modern amenities, luxurious bedding, and floor-to-ceiling windows with expansive views of the bay and the Mediterranean Sea beyond. The sense of tranquility that pervades the rooms is complemented by state-of-the-art wellness facilities that promise to rejuvenate both body and mind.

Nobu Hotels

Six Senses Spa

For those seeking to unwind, the Six Senses Spa offers a haven of relaxation, featuring a range of treatments that cater to every need. From island-exclusive CBD rituals to personalized skincare consultations, the spa is a sanctuary where guests can escape the stresses of everyday life. Enjoy sunset yoga on the panoramic roof terrace.

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Yoga By Ibiza Bay – Nobu Hotels

The wellness offerings at Nobu Hotel Ibiza Bay extend beyond the spa. Fitness facilities include an expanded gym and serene yoga sessions on the rooftop. Here, guests can practice yoga or indulge in sound baths while overlooking the azure waters of Talamanca Bay, a perfect blend of physical and spiritual well-being.

Views From The Holistic Hike – Photo by Dana Sanderson

Holistic Hikes Retreats: Connecting with Nature and Self

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For those who prefer a more active and immersive spiritual experience, the Holistic Hiking Retreats offer a unique way to explore the natural beauty of Ibiza while engaging in wellness practices. These retreats, which are highly anticipated each season, combine the luxury of a three-night stay at Nobu Hotel Ibiza Bay with invigorating hikes through some of the island’s most stunning landscapes.

Manuel Ehrensperger – Founder Ibiza Hike Station

Participants are guided through dramatic gorges, hidden caves, crystal-clear hot springs, and lush greenery, with each hike designed to connect them with the natural world and their inner selves.

Chambao by the Beach

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Culinary Delights and Cultural Experiences

At the heart of Nobu Hotel Ibiza Bay lies a passion for gastronomy, with three restaurants offering an array of culinary delights. The iconic Nobu Restaurant, renowned for its innovative Japanese fusion cuisine, invites guests on a gastronomic journey like no other. At the same time, Chambao by the Beach showcases the flavors of Ibiza with its fresh seafood and Mediterranean-inspired dishes.

Breakfast Buffet – Dynie Sanderson

For those seeking a more casual dining experience, The Bay Café offers light bites and refreshing cocktails throughout the day. Every day before hitting the lounge chairs by the pool and bay, guests can casually indulge in the delicious breakfast buffet offerings while seated at their beachside tables in the sand.

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Chef Nobu at Nobu Hotel Ibiza Bay

Culinary Excellence at Nobu Hotel Ibiza Bay

At the heart of the Nobu Hotel Ibiza Bay experience is a dedication to culinary excellence, a quality that the renowned Nobu restaurant embodies. Founded by world-famous Chef Nobu Matsuhisa, the Nobu brand has become synonymous with innovative cuisine that masterfully blends traditional Japanese dishes with Peruvian influences.

Nobu Restaurant

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The Nobu Restaurant at Ibiza Bay is the pinnacle of Nobu Hotels’ global brand’s commitment to exceptional dining experiences. Guests are invited to embark on a gastronomic journey that combines the finest ingredients with the artistry of Japanese culinary techniques.

From the moment you step into the restaurant, you are enveloped in an atmosphere of understated elegance, where every detail, from the décor to the service, reflects the high standards set by Chef Nobu himself.

Black Cod Miso – Photo by Dynie Sanderson

The Nobu Menu: A Symphony of Flavors

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The menu at Nobu Ibiza Bay offers a tempting array of dishes that showcase Chef Nobu’s innovative spirit. Signature dishes such as Black Cod Miso – “the star of the show,” Yellowtail Jalapeño, Tiradito Nobu, and their Omakase menu are celebrated for their exquisite balance of flavors and textures. The Black Cod Miso, in particular, has become a signature dish across all Nobu restaurants, with its delicate, buttery texture and rich, savory glaze leaving a lasting impression on all who taste it.

Nobu Hotel Ibiza Bay Lobby

The Nobu Experience at Ibiza Bay

Nobu Hotel Ibiza Bay’s ambiance is enhanced by attentive service that anticipates every need, ensuring that each guest feels like a VIP. The staff at Nobu Ibiza Bay is not only knowledgeable about the menus and the hotel’s many amenities but is also passionate about sharing the story behind Nobu, making the guest experience both educational and enjoyable. You are welcomed like a rock star from the moment you embrace the lobby area upon arrival and are warmly greeted at the entrance of this spectacular hotel.

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Sun Lounges by the Pool Overlooking The Bay

The Beachside Experience at Hotel Nobu Ibiza

After being satiated by a remarkable breakfast feast, it’s time to claim your spot on your spacious sun lounger by the freshwater pool area with breathtaking sea views. Imagine a perfectly created refreshing drink, mixed cocktails, and freshly prepared sushi or other yummy delights delivered to your beachside enclave by your on-call waiter.

Immerse yourself in the sheer magic of the experience with enchanting mornings of relaxed nirvana. You are easily lured into bliss by the enchanting, intoxicating melodies orchestrated by the hotel’s talented musical DJ masters. The afternoon perks up with a more lively party mix of tunes as the energy by the pool takes off. Just a minute’s walk from the hotel along the soft sands, you will find many beach shacks that offer refreshing libations and fresh seafood bites.

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Many early evenings, by the pool area, Nobu Hotel Ibiza will entertain guests with live music. What a great atmosphere at one of the best hotels in authentic Ibiza.

Celebrating Ibiza’s Cultural Heritage

Beyond its luxurious accommodations and exceptional dining, Nobu Hotel Ibiza Bay is deeply connected to the rich cultural heritage of Ibiza town. The hotel regularly hosts exclusive events celebrating the island’s vibrant arts scene. As a sponsor of the Ibicine Film Festival, the resort offers guests the opportunity to mingle with stars from Spain’s film industry and experience the glamour of the silver screen up close.

The hotel collaborates with local artisans and craftsmen, showcasing the island’s artistic traditions through bespoke souvenirs, artisan ceramics, and gifts available at the El Almacen boutique. These partnerships reflect Nobu Hotel Ibiza Bay’s commitment to preserving and promoting the cultural richness of Ibiza, offering guests a deeper connection to the island.

Old Town Ibiza

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Exploring the Magic of Ibiza

While Nobu Hotel Ibiza Bay offers an oasis of luxury and tranquility, the island of Ibiza itself is a destination with a rich history, vibrant local culture, natural beauty, and adventure. From the ancient fortress of Dalt Vila, a UNESCO World Heritage Site, to the stunning beaches and hidden coves that dot the coastline, Ibiza is a place where history and nature converge.

Travelers can explore the island’s diverse landscapes on foot, by bike, on horseback, or on private guided tours discovering secluded spots and breathtaking views along the way. For those seeking adventure on the water, Ibiza’s crystal-clear waters are perfect for sailing, snorkeling, scuba diving, and paddleboarding. 

Ibiza Nightlife

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The island’s natural beauty is complemented by Ibiza’s legendary nightlife, making it a destination that offers something for everyone. In old town, you will discover an array of trendy boutiques and hand-crafted ceramics, a perfect place to spend an afternoon exploring.

Conclusion: A Luxurious Retreat Awaits

Nobu Hotel Ibiza Bay, a member of Small Luxury Hotels of the World, offers exemplary luxury and relaxation on the White Isle, delivering guests an unparalleled escape amidst the stunning beauty of Talamanca Bay. Experience the good life with its luxurious accommodations, world-class amenities, innovative Nobu cuisine, and commitment to holistic wellness; the resort promises a rejuvenating experience like no other. 

As travelers immerse themselves in the tranquility of the resort and explore the enchantment of Ibiza, you are invited to discover the true essence of paradise on this idyllic Mediterranean island off the coast of Spain.

Chef Nobu Overlooking Ibiza Bay

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To book your stay or learn more, visit nobuhotelibizabay.com or email infonobuhotelibizabay@nobuhotels.com.

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