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Rolls-Royce Revival Puts CEO in Line for £100m

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Rolls-Royce CEO Tufan Erginbilgic could receive a share-based payout exceeding £100 million after the company’s dramatic turnaround since January 2023, driven by a near-12-fold share price rise and early delivery of profit targets.

The dramatic recovery of Rolls-Royce has placed chief executive Tufan Erginbilgic in line for a potential share-based payout exceeding £100 million, one of the largest such incentives ever seen in the UK corporate sector. 

The prospective windfall reflects the surge in the company’s share price since Erginbilgic took over in January 2023, rather than any immediate cash bonus.

Erginbilgic’s recruitment package, agreed when he joined from Global Infrastructure Partners, included 8.3–9.3 million shares split into two tranches, scheduled to vest in 2027 and 2028

At the time of grant in early 2023, Rolls-Royce shares were trading below 100p, valuing the award at roughly £8 million.

By late December 2025, with the share price around £11.49–£11.57, the same shares would be worth approximately £106 million if fully vested and sold at current levels.

From “Burning Platform” to Balance Sheet Repair

When Erginbilgic assumed leadership, Rolls-Royce was emerging from the pandemic in a fragile state. 

Net debt stood at £3.25 billion at the end of 2022, civil aviation markets were only gradually recovering, and the group was grappling with operational and supply-chain disruptions.

Early in his tenure, the new chief executive described the company as a “burning platform” and said it had been “grossly mismanaged.”

His response focused on rapid and often unpopular measures.

The group launched aggressive cost-cutting, eliminated around 2,500 jobs, tightened control over procurement and logistics, and sought to instill what management described as a more performance-driven culture.

The strategy aimed to stabilize cash flow first, then restore investor confidence.

Share Price as Scorecard

The market response has been striking. Rolls-Royce shares rose about 222% in 2023, followed by further strong gains in 2024 and roughly 91% in 2025

Taken together, the stock has increased by around 12 times since Erginbilgic’s arrival. 

The company reached its mid-term profit targets two years earlier than planned, reinstated dividends, launched share buybacks exceeding £1 billion, and repeatedly upgraded guidance.

This rebound has driven a sharp re-rating of the business.

Rolls-Royce’s market capitalization expanded from under £8 billion when Erginbilgic took charge to more than £95 billion by the end of 2025, transforming perceptions of a group that only a few years earlier had been viewed as financially distressed.

The scale of the potential payout has drawn attention, but it is rooted in long-term equity incentives rather than annual remuneration. 

In 2023, Erginbilgic’s total compensation reached £13.6 million, inflated by the one-off buyout award linked to his recruitment. In 2024, reported pay fell to £4.1 million as those initial effects dropped away. Under the standard policy, future annual compensation could rise to around £12 million, including a base salary of roughly £1.25 million plus incentives.

The headline £100m-plus figure reflects the appreciation of the recruitment shares alone, directly tied to shareholder returns. 

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Europe

Another Scandal: UK Minister Helped Epstein Access Downing Street

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DoJ’s Epstein Emails show UK minister Peter Mandelson tried to arrange access to Downing Street for Epstein’s 15-year-old “goddaughter” from Dubin Family while Epstein was jailed, intensifying a political crisis already linked to investigations and prior disclosures.

An Al Jazeera Exclusive reveals that Epstein emails released by the U.S. Department of Justice deepen scrutiny of Peter Mandelson’s ties to Jeffrey Epstein, revealing attempts to facilitate access to senior UK institutions during a period when Epstein was serving an 18-month sentence for sex offenses involving a minor.

The correspondence shows Epstein seeking help from Mandelson in 2009 to arrange visits to 10 Downing Street and the House of Lords for a 15-year-old girl he described as his “goddaughter.”

Mandelson asked, “how old?”, to which Epstein replied “15,” adding that she would be accompanied by her parents. Mandelson responded: “Fine on all,” before later stating he was “trying my best to accommodate” the request.

The exchange occurred while Mandelson was serving in government under Gordon Brown and Epstein was in prison as a sex offender in Florida.

Subsequent emails suggest the visit coincided with access to Buckingham Palace. Glenn Dubin later wrote to Epstein: “Grt time in buck palace…. ….andrew was great. Thx! G.”

Epstein then wrote to Ghislaine Maxwell: “andrew had tea with the dubin kids and glenn.” The references appear to involve Prince Andrew, who later faced a 2021 lawsuit over allegations linked to Epstein, settled out of court.

The files indicate sustained contact between Mandelson and Epstein across multiple years, including after Epstein’s 2008 conviction. Mandelson wrote: “I think the world of you,” while also advising him: “You are fighting back so you need strategy.”

Financial records cited in the documents show payments of $25,000 in 2003 and June 2004 to accounts associated with Mandelson, while a 10,000-pound ($13,310) transfer was later made to his husband for course fees, structured as a loan to avoid tax implications.

The disclosures have intensified political pressure on Prime Minister Keir Starmer, who appointed Mandelson as US ambassador in 2024. Mandelson stepped down after the first tranche of files in September 2025.

A second release on January 30 alleged he passed sensitive information to Epstein, prompting a police investigation. Authorities conducted raids on Mandelson’s homes in February, and he was briefly arrested before being released on bail.

Officials had previously warned of “reputational risk” during vetting, but the appointment proceeded. The fallout has since forced the resignation of 2 senior aides and renewed calls for Starmer to step down.

Earlier emails from 2002 onward reveal a relationship blending personal, political, and financial ties. Mandelson referred to Epstein as his “best pal,” while Epstein facilitated introductions with senior figures including JPMorgan executives.

In one exchange, Mandelson told Epstein: “You are the only person that knows everything about me.” The correspondence continued until at least 2016, with government assessments suggesting contact persisted until 2019.

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Greek Cyprus Seeks New Security Deal for UK Bases

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Greek Cyprus has reportedly requested negotiations with the United Kingdom to revise security arrangements for British military bases on the island following recent Iranian drone attacks, according to a report cited by the Telegraph.

Greek Cyprus is seeking updated security arrangements with the United Kingdom concerning its sovereign military bases on the island, following heightened regional tensions linked to recent Iranian drone activity.

According to the report, Greek Cypriot leader Nikos Christodoulides discussed the matter in a phone call with UK Prime Minister Keir Starmer on Saturday. The conversation reportedly addressed concerns about security in the wake of recent drone incidents in the region.

The proposal centers on revisiting the 1960 agreement that established the UK’s Sovereign Base Areas of Akrotiri and Dhekelia. Greek Cyprus is said to be seeking adjustments to the security framework once the ongoing Iran-related conflict stabilizes.

Importantly, the request does not include any demand for the UK to relinquish control of the bases.

A spokesperson for the UK Ministry of Defence stated that the status of the bases is not subject to negotiation. The official emphasized that the Sovereign Base Areas have remained under British sovereignty since Cyprus gained independence in 1960 and that there are no plans to alter this arrangement.

The spokesperson also highlighted the continued strong relationship between the UK and Greek Cyprus, particularly in the context of regional security concerns.

The request follows a recent drone strike that caused minor damage at the Akrotiri base, prompting responses from European naval forces earlier this month. The incident has contributed to growing security concerns across the Eastern Mediterranean amid broader regional instability.

Greek Cyprus has not yet publicly responded to the reported request, and the information has not been independently verified. The situation reflects increasing attention on strategic military installations in the region as geopolitical tensions persist.

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EU Limits Hungary in Sensitive Talks Over Russia Leak Fears

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The European Union has begun restricting Hungary’s access to confidential discussions and shifting toward smaller group formats amid growing concerns that sensitive information from closed-door meetings could be shared with Russia, according to diplomats cited by POLITICO.

The European Union is reportedly limiting Hungary’s participation in sensitive discussions as concerns mount among diplomats that confidential information from EU meetings could be passed to Russia, POLITICO reported.

EU officials and diplomats say there are increasing suspicions that Hungary’s government under Prime Minister Viktor Orbán may have shared details from closed-door discussions with Moscow. According to the report by POLITICO, these concerns have led to adjustments in how sensitive diplomatic talks are conducted.

Several European diplomats expressed worries that confidential material discussed in meetings involving Hungary could be exposed to external actors, prompting the EU to reconsider how information is distributed among member states.

In response to these concerns, EU leaders are reportedly organizing meetings in smaller, like-minded groups rather than convening all 27 member states. Informal groupings such as the Weimar Triangle and other regional alliances are being used more frequently to conduct sensitive diplomacy.

This approach, diplomats say, is intended to reduce the risk of sensitive discussions being leaked while still allowing coordination among trusted partners.

Polish Prime Minister Donald Tusk publicly criticized Hungary’s leadership, stating that suspicions regarding information sharing with Russia are longstanding. His comments, shared on social media, reflect broader unease among some EU members.

Former Lithuanian Foreign Minister Gabrielius Landsbergis also reportedly indicated that concerns about Hungary’s handling of sensitive information had influenced how discussions were conducted in previous EU and NATO meetings.

Hungarian officials have strongly denied the allegations. Hungary’s Europe Minister János Bóka dismissed the reports as “fake news,” while Foreign Minister Péter Szijjártó rejected claims of cooperation with Moscow, calling them unfounded and politically motivated.

Hungarian representatives argue that the reports are part of a broader political campaign ahead of upcoming national elections, and insist that Budapest remains committed to its obligations within the EU.

EU officials have indicated that no formal action has been taken against Hungary at this stage, partly due to concerns about influencing the country’s upcoming elections. However, diplomats suggest that the situation could be reassessed depending on the electoral outcome.

Some officials warned that continued mistrust could undermine cooperation within the EU and affect long-term decision-making processes, particularly in areas related to security and foreign policy.

The allegations highlight ongoing tensions within the EU regarding relations with Russia and internal cohesion on security matters. While discussions among member states often involve sensitive geopolitical issues, the potential for leaks has raised questions about trust and information sharing mechanisms.

Diplomats say that while no single measure can fully eliminate the risk of information exposure, increased use of classified protocols and restricted formats may help mitigate potential vulnerabilities moving forward.

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