UK Fines Woodford £46 Million on Failures Ahead of Fund Collapse
Woodford himself was fined £5.88 million and banned from holding senior manager roles in the industry and managing funds for retail investors, according to a statement on Tuesday. Woodford Investment Management received a fine of £40 million. Both Woodford and the company are challenging the decision in the Upper Tribunal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
BHP and Lundin will request Argentina incentives, but other miners fear missing out
By Lucila Sigal SAN JUAN, Argentina (Reuters) -BHP and Lundin plan to soon apply for a new Argentine investment incentives scheme for their Vicuna copper project, but other miners fear they may get left out before the program's cut-off date a year from now, executives said at a mining conference this week. Argentina's Large Investment Incentive Regime, or RIGI, which went into effect in October under President Javier Milei, offers lengthy tax breaks and access to international dispute courts for investments exceeding $200 million. It will be in place through July 2026 with a possible one-year extension. Mining companies celebrated the measure as much-needed assurance to move ahead with copper projects in a volatile economy with restrictive capital controls, giving the sector its first big boost in decades. Jose Morea, who leads BHP and Lundin's Vicuna project, said the two companies plan to announce the project's expected investment early next year. Speaking on Tuesday at the Argentina Copper 2025 conference in San Juan province, where most of Argentina's copper projects are concentrated, Morea said Vicuna would file an application in the "short term" for some of the investment to receive benefits under RIGI. But other copper projects are in the early exploration stages, such as Aldebaran Resources' Altar, and are not ready to start heavy spending that could qualify for RIGI. Altar aims to present a preliminary economic assessment in September, said Javier Roberto, the head of Altar in Argentina. "How do we manage projects that are a bit behind and face a closing RIGI window — even assuming the national executive grants an extension and we reach June 2027?" Roberto said. Only two mining projects have received RIGI benefits so far, both in lithium. Only one copper project, McEwen Mining's Los Azules, has applied for the program. Executives pointed to the uncertainty around Argentina's glacier preservation law as another potential investment obstacle because they said much of the legislation is open to interpretation. "We need a decree that tells us exactly what's allowed, what's not, and what must be preserved," Roberto said.
Forbes
24 minutes ago
- Forbes
Will FTSE 100 Energy Giant BP Finally Give Investors Some Joy?
BP logo sits on a totem sign at fuel station in Cambridge, U.K. (Photo: Jason Alden/Bloomberg) © 2020 Bloomberg Finance LP After a good few years of disappointment languishing in the shadows of Big Oil rivals, executive departures, costly renewables forays, rumors of a takeover and an activist investor on its back, BP (LON: BP) has finally signalled to the market and its investors that a change might be on the horizon, backed up an improved quarterly performance. On Tuesday, the energy major revealed better-than-expected results for the second quarter of 2025, with an adjusted net income of $2.4 billion, down 14% year-on-year, but well above market forecasts in the $1.7-$1.9 billion range. The announcement of an improved performance came a day after BP claimed it had made its largest oil and gas discovery in 25 years in the Santos basin, 400 km off Brazil's east coast. It was also accompanied by a pledge from CEO Murray Auchincloss that his company "can and will do better." The Brazilian discovery - said to be as game changing for the company as its Shah Deniz gas field find in the Caspian Sea in 1999 - would likely help as it continues to pull back from renewable energy moves made under Auchincloss' scandal-ridden predecessor Bernard Looney and departing chairman Helge Lund. Since taking over as CEO in 2024, Auchincloss has been steadily reducing BP's renewable energy exposure and investing in oil and gas. The Brazil discovery, coupled with successes in Namibia, Egypt, Mauritania, Senegal, Trinidad & Tobago, and an overt desire to raise both onshore and offshore production in the U.S., are all clear signs of a return to oil and gas basics, ahead of the arrival of incoming chairman Albert Manifold. He is expected to join BP's board next month to fully replace Lund in October. The company is planning on increasing investment in its upstream oil and gas business by around 20% to $10 billion a year through to 2027 in order to 'grow and strengthen' its portfolio. Murray Auchincloss, CEO of BP (Photo: Aaron M. Sprecher/Bloomberg) © 2025 Bloomberg Finance LP "We will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward – allocating capital effectively. We are also initiating a further cost review. BP can and will do better for its investors," Auchincloss said, at the release of the latest financials. Can Investors Breathe A Sigh Of Relief? To provide some comfort to patient investors, BP also raised its quarterly dividend by 4% to 8.32 cents a share and will repurchase $750 million in shares before third quarter results, keeping the pace of its buyback steady. Another reset from a reset back February is coming their way, as Auchincloss noted in an analysts' call: "It's time to take stock as Albert joins as a new chair, and work together on this conundrum of lots of lots of great opportunities, but you can only choose so many." The initial reset arrived after February 13 as activist investor Elliott Investment Management revealed it had taken a near-5% stake in BP, and amid persistent rumors of a takeover approach by Shell, which was recently denied by the latter. BP's focus, back then as it is now, is on cost cuts too. The company said it had already achieved $1.7 billion of its $4-$5 billion cost-cutting target for 2023–27. BP's net debt also fell by $1 billion to $26 billion, compared with a target range of $14-$18 billion by 2027. BP's divestment program also appears to be going well too. It has completed $3 billion in divestments towards its $3-$4 billion goal for the end of the current year. It all seems encouraging, and valuation rewards may follow if the market sees the turnaround momentum being maintained. Following Tuesday's uptick, BP's share price was up by 3.3% since the start of the year, down 3.4% on an annualized basis. The intraday gains also dragged BP's 5-year share price gains to around 45%. But by contrast, on a comparable 5-year gains basis on Tuesday, Shell's (LON: SHEL) share price came in 133% higher, Chevron's (NYSE: CVX) 75% ,and ExxonMobil's (LON: XOM) 146%. That shows BP, Auchincloss and Manifold still have a lot of work to do to bridge that gap. But for the first time in years, something feels different. How it all ultimately pans out remains to be seen. Disclaimer: The above commentary is meant to stimulate discussion based on the author's opinion and analysis offered in a personal capacity. It is not solicitation, recommendation or investment advice to trade oil and gas stocks, futures, options or products. Energy and equity markets can be highly volatile and opinions in the sector may change instantaneously and without notice.
Bloomberg
24 minutes ago
- Bloomberg
Rokos' Hedge Fund to Open Abu Dhabi Office in Mideast Push
Chris Rokos' $22 billion hedge fund is planning to open an office in Abu Dhabi next year, joining the rush of money managers setting up outposts in the region. The move will help Rokos Capital Management take advantage of trading across global markets, attract top talent and be closer to strategic investors, according to a person familiar with the matter who asked not to be identified citing private details.
