Murdoch's Apology and UK Financial Shake-Up

Rupert Murdoch's News Group Newspapers has apologized to Prince Harry for unlawful activities, marking a significant legal development. Meanwhile, the UK Financial Conduct Authority calls on political leaders to define acceptable consumer harm amidst regulatory shifts. Saba Capital's campaign struggles in the UK, and EU banks get extended UK clearing access.

Rupert Murdoch's News Group Newspapers has issued a formal apology to Prince Harry, admitting to unlawful activities and agreeing to pay substantial damages. This development represents a notable acknowledgment of wrongdoing by the media conglomerate.

In financial regulatory news, Nikhil Rathi, head of the UK Financial Conduct Authority, is urging politicians to define the level of consumer harm that is considered acceptable. This plea comes amidst concerns over regulatory changes pushed by Sir Keir Starmer, which could lead to increased mortgage defaults and other financial instability.

Additionally, U.S. activist firm Saba Capital has encountered a setback in its campaign against UK-listed companies, failing to remove the board of Herald Investment Trust. Meanwhile, the European Commission has proposed extending EU banks' access to UK derivatives clearing houses until June 2028, a positive outcome for the City of London.

(With inputs from agencies.)