Connect with us

Business

World leaders attending Queen Elizabeth funeral land in London

Thousands of police, hundreds of British troops and an army of officials made final preparations Sunday for the state funeral of Queen Elizabeth II—a spectacular display of national mourning that will also be the biggest gathering of world leaders for years.

U.S. President Joe Biden and other world leaders have flown into London for the funeral, to which around 500 royals, heads of state and heads of government from around the globe have been invited.

As the dignitaries poured in, the clock was ticking down for those seeking a place in most massive queue any of them have ever seen to file past the queen’s coffin as it lies in state at Westminster HallThe miles-long queue is expected to be closed to new arrivals later Sunday so that everyone in line can view the coffin before Monday morning, when it will be taken to Westminster Abbey for the queen’s funeral.

Family by family, thousands of people kept lining up around the clock, braving chilly overnight temperatures and waits of up to 17 hours in a queue that stretched for over 5 miles (8 kilometers).

The queen’s eight grandchildren, led by heir to the throne Prince William, circled the coffin and stood with their heads bowed during a silent vigil on Saturday evening.

Among the foreign leaders in London was New Zealand Prime Minister Jacinda Ardern, who told the BBC she was humbled to represent her nation at the funeral and to witness the national outpouring of grief and respect for the late queen.

“The thing that I will take away from this period is just the beauty of the public’s response, the kindness that you see from members of the public, the patience, the camaraderie, that has been, for me, the most moving tribute of all, has been the public response of the British people,” she said.

People across the U.K. will pause Sunday evening for a nationwide minute of silence to remember the queen, who died Sept. 8 at the age of 96 after 70 years on the throne. Monday has been declared a public holiday, and the funeral will be broadcast to a huge television audience worldwide and screened to crowds in parks and public spaces across the country.

Police officers from around the country will be on duty as part of the biggest one-day policing operation in London’s history.

Crowds also gathered Sunday near Windsor Castle, where the queen will be laid to rest at a private family ceremony on Monday evening.

“I think it’s been amazing,” said Anna Pettigrew, a 55-year-old teacher. “It’s been very emotional, and I think it’s been a very fitting tribute to a wonderful queen.”

Camilla, the new queen consort, paid tribute to the queen in a video message, saying the monarch “carved her own role” as a “solitary woman” on a world stage dominated by men.

“I will always remember her smile. That smile is unforgettable,” said Camilla, who is married to King Charles III.

Prince Andrew also paid tribute to his mother, saying he would forever treasure “your love for a son, your compassion, your care, your confidence.”

“I will miss your insights, advice and humor,” he said in a statement addressed to “Mummy, Mother, Your Majesty.”

Andrew, the third of the queen’s four children, has been relieved of official royal duties and stripped of his honorary military titles over his friendship with the late sex offender Jeffrey Epstein.

After queen’s four children—Charles, Princess Anne, Prince Andrew and Prince Edward—held a vigil around her coffin on Friday, on Saturday it was the grandchildren’s turn.

William and Prince Harry, Charles’ sons, were joined by Princess Anne’s children, Zara Tindall and Peter Philips; Prince Andrew’s daughters, Princess Beatrice and Princess Eugenie; and the two children of Prince Edward—Lady Louise Windsor and James, Viscount Severn.

William stood with his head bowed at the head of the coffin and Harry at the foot. Both princes, who are military veterans, were in uniform. The crowd kept slowly, silently filing past.

“You could see that they were thinking hard about their grandmother, the queen,” said Ian Mockett, a civil engineer from Oxford in southern England. “It was good to see them all together as a set of grandchildren given the things that have happened over the last few years.”

Before the vigil, Princesses Beatrice and Eugenie issued a statement praising their “beloved grannie.”

“We, like many, thought you’d be here forever. And we all miss you terribly. You were our matriarch, our guide, our loving hand on our backs leading us through this world. You taught us so much and we will cherish those lessons and memories forever,” the sisters wrote.

The silence in Westminster Hall was briefly broken Friday when a man lunged at the coffin. London police said Sunday that a 28-year-old London man, Muhammad Khan, has been charged with behavior intended to “cause alarm, harassment or distress.” He will appear in court on Monday.

The lying-in-state continues until early Monday morning, when the queen’s coffin will be moved on a gun carriage pulled by 142 Royal Navy ratings to nearby Westminster Abbey for the funeral, the finale of 10 days of national mourning for Britain’s longest-reigning monarch.

After the service Monday at the abbey, the late queen’s coffin will be transported through the historic heart of London on the state gun carriage. It will then be taken in a hearse to Windsor, where the queen will be interred alongside her late husband, Prince Philip, who died last year.

Source link

Continue Reading
Advertisement

Business

Wall Street hit with $2 billion in fines over employees using WhatsApp and other unauthorized messaging apps

U.S. regulators reached settlements with a dozen banks in a sprawling probe into how global financial firms failed to monitor employees’ communications on unauthorized messaging apps, bringing total penalties in the matter to more than $2 billion. 

The Securities and Exchange Commission announced $1.1 billion in fines and the Commodity Futures Trading Commission disclosed $710 million in penalties in separate statements Tuesday. Those levies — against firms including Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc. — combined with JPMorgan Chase & Co.’s $200 million in fines from December, bring the total to $2.01 billion, making them the biggest penalties ever against US banks for record-keeping lapses. 

“Finance, ultimately, depends on trust. By failing to honor their record-keeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust,” SEC Chair Gary Gensler said in the agency’s statement. “As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications.”

Tuesday’s announcements cap months of discussions between regulators and the banks. Morgan Stanley said in July it was nearing a settlement that would see it pay a $200 million fine, with other major banks also disclosed setting aside similar figures as part of their second-quarter results without specifying the reason.

JPMorgan had been the only bank until now to reach a settlement with the regulators, and was the first to report the fines, in December. Even managing directors and other senior supervisors at the largest US bank had skirted regulatory scrutiny by using services such as WhatsApp or personal email addresses for work-related communication, regulators said at the time.

Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct. That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak.

In the SEC probe, eight firms agreed to penalties of $125 million each: Barclays Plc, Bank of America, Citigroup, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs, Morgan Stanley and UBS Group AG. Jefferies Financial Group Inc. and Nomura Holdings Inc. agreed to pay $50 million apiece, and Cantor Fitzgerald LP agreed to pay $10 million.

Bank of America had the biggest CFTC penalty, at $100 million, followed by Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS at $75 million each. Nomura was fined $50 million, Jefferies $30 million and Cantor Fitzgerald $6 million.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

Source link

Continue Reading

Business

Ray Dalio says the U.K.’s policies ‘suggest incompetence’ and warns other governments not to make the same mistakes

Ray Dalio added his name to a growing list of critics of the U.K.’s new spending plan, unveiled last week by Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng.

The billionaire investor—who founded what is now the world’s largest hedge fund, Bridgewater Associates, in 1975—argued the plan’s aggressive tax cuts will raise the U.K. debts to an unsustainable level and cripple the pound.

“Investors and policymakers: Heed the lesson of the UK’s fiscal blunder,” Dalio wrote in a Tuesday tweet. “The panic selling you are now seeing that is leading to the plunge of UK bonds, currency, and financial assets is due to the recognition that the big supply of debt that will have to be sold by the government is much too much for the demand.”

On Monday, in response to Truss’ new spending plan, the U.K.’s bond market experienced the largest one-day sell-off in its history, pushing the total losses in the country’s stock and bond markets since Truss’ appointment as prime minister on Sept. 5 to over $500 billion. Meanwhile, the pound sank to a record low of $1.05 against the U.S. dollar on Monday morning, and although it has since risen to $1.07, the currency remains near a 40-year low vs. the dollar. 

After the new Truss spending plan was announced, the U.K. Debt Management Office said that it will raise its debt issuance by 72.4 billion pounds for the current fiscal year to 234.1 billion pounds.

The new spending plan will also push the U.K.’s debt to GDP ratio to around 101%, the highest level of debt the U.K. has held since 1962, according to Deutsche Bank.

Deutsche Bank, UK Office of Debt Management

In Ray Dalio’s view, this rapid increase in debt, coupled with the lack of demand for the pound on the global stage, is a recipe for disaster.

“That makes people want to get out of the debt and currency. I can’t understand how those who were behind this move didn’t understand that. It suggests incompetence,” Dalio said. “Mechanistically, the U.K. government is operating like the government of an emerging country, it is producing too much debt in a currency that there is not a big world demand for.”

The investor went on to argue that this should be a teaching moment for governments around the world to not increase their debts to unsustainable levels.

“I hope, but doubt, that other policymakers who are doing similar things…will recognize that they are risking a similar outcome—and that investors will see this too,” he said.

Analysts are also worried that the U.K.’s new spending plan, which was designed to spur economic growth and help alleviate the effects of high energy prices in the short term, could end up exacerbating inflation in the U.K. overall. And consumer prices already jumped 9.9% from a year ago in August.

“The government is trying to balance support for consumers and businesses with measures that might trigger further inflation, whilst also trying to reinvigorate a stagflationary economy,” Giles Coghlan, chief market analyst at global Forex broker HYCM, told Fortune. “Such a large fiscal package could contribute to elevated prices in the medium to long term that could inflict further damage to an economy and currency that are already on their knees.” 

The potential inflationary impact of the new spending plan has increased calls for the Bank of England (BoE) to dramatically hike interest rates, with some economists even calling for the U.K.’s base interest rate to move from 2.25% to as high as 6% next year

That’s bad news for the U.K.’s homeowners. Monthly mortgage rates will increase immediately for 2 million people on tracker or variable interest rate plans if the BoE follows through with its next rate hike. And another 1.8 million homeowners with fixed-rate deals will also be forced to pay significantly higher rates next year, according to U.K. Finance.

With the U.K. facing more interest rate hikes ahead, rising government debts, a sinking pound, and a European energy crisis, Deutsche Bank’s chief economist, David Folkerts-Landau, said he now believes the country will experience a severe recession that lasts three to four quarters.

“We’re thinking in terms of a recession that will be deep and long,” he told Bloomberg on Tuesday. “It’s the price we have to pay for financial stability and for getting on the right track.”

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.



Source link

Continue Reading

Business

Russian billionaire Petr Aven used estate management companies as a personal ‘piggy bank’ British authorities say

Petr Aven does not have a bank account himself, authorities say.  

Instead, he has been using his wife’s account, and that of other estate management firms, as his personal “piggy bank” to support his lifestyle, lawyers for the National Crime Agency (NCA), a British law enforcement agency, told Bloomberg Tuesday.

The Russian oligarch is under investigation for allegedly routing nearly £3.7 million from an Austrian trust into the U.K. hours before Europe imposed sanctions on him following Russia’s invasion of Ukraine in late February. British authorities are now accusing Aven of using the funds of his companies for personal expenses, with no personal bank account of his own.

The Kleptocracy Unit, a new team within the NCA created to monitor sanctioned Russian oligarchs, says it was alerted to the last-minute fund transfer by Monzo Bank and HSBC Holdings. Authorities ultimately froze £1.5 million of the funds linked to the billionaire, Bloomberg reported. 

Aven has said that the transfer was meant to pay for things like security at his Surrey mansion and London property, Bloomberg reported. He is worth $4.98 billion, per the Bloomberg Billionaire Index

In a lower court hearing, a judge relaxed some of the restrictions on Aven’s estate accounts, allowing him to pay for “basic needs.” Lawyers representing Aven’s estate companies suggested that the NCA was looking for criminality in the money transfer by tying it to sanction evasion. Lawyers for Aven’s companies are now challenging the decision to keep his accounts frozen in London’s High Court, Bloomberg reported. 

Adrian Waterman, a lawyer for the companies that manage Aven’s household, told Bloomberg Tuesday that the NCA painted a “muddled factual picture.”

Waterman did not immediately return Fortune’s request for comment. 

Aven, along with his business partner, Mikhail Fridman, made a considerable amount of his wealth from oil-related investments, especially after selling stakes in TNK-BP to the state-owned Rosneft in 2013. The duo also built a banking and financial services empire in Russia. They served on the boards of Alfa-Bank, Russia’s largest private bank and Luxembourg-based investment firm LetterOne, stepping down from their directorial roles days after they were sanctioned.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

Source link

Continue Reading

Facebook

Latest

Modi urges environment ministers to give maximum boost to circular economy Modi urges environment ministers to give maximum boost to circular economy
National4 days ago

Modi urges environment ministers to give maximum boost to circular economy

It was inaugurated when I became the Prime Minister. A huge amount of money was wasted due to this delay....

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter
National4 days ago

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter

When the MP saw that the toilet of the center was very dirty, it was not cleaned, he decided to...

Pilot started lobbying for the post of CM, indicating new responsibility from high command Pilot started lobbying for the post of CM, indicating new responsibility from high command
National4 days ago

Pilot started lobbying for the post of CM, indicating new responsibility from high command

Pilot will now meet Congress interim president Sonia Gandhi. Pilot said that Sonia's decision has to be accepted by everyone....

Indian e-commerce platform Meesho is paying attention to the mental state of its employees Indian e-commerce platform Meesho is paying attention to the mental state of its employees
Business4 days ago

Indian e-commerce platform Meesho is paying attention to the mental state of its employees

The e-commerce platform has announced an 11-day companywide break from October 22 to November 1. Well, this is not the...

IPhone 14 can detect car crash, you also know what is the news IPhone 14 can detect car crash, you also know what is the news
National4 days ago

IPhone 14 can detect car crash, you also know what is the news

During the experiment, the crash detection feature was activated within 10 seconds of the accident. After detecting a crash, the...

Tata Consultancy Services (TCS) has ended the practice of work from home, you also know Tata Consultancy Services (TCS) has ended the practice of work from home, you also know
Business4 days ago

Tata Consultancy Services (TCS) has ended the practice of work from home, you also know

“Senior TCS leaders are working from TCS offices for some time and our clients are also visiting TCS offices Your...

NIA raided 93 locations of PFI, arrested 106 members, know the whole matter NIA raided 93 locations of PFI, arrested 106 members, know the whole matter
National5 days ago

NIA raided 93 locations of PFI, arrested 106 members, know the whole matter

This action of NIA and ED is going on in Uttar Pradesh, Kerala, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Assam,...

TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can't even touch me, know the whole matter TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can't even touch me, know the whole matter
National5 days ago

TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can’t even touch me, know the whole matter

TMC wrote on its Twitter account, BJP's 56 inch chest model has been busted today. After this, party MP Locket...

If Gehlot becomes the president, he will have to leave the CM's chair, know what Rahul said If Gehlot becomes the president, he will have to leave the CM's chair, know what Rahul said
National5 days ago

If Gehlot becomes the president, he will have to leave the CM’s chair, know what Rahul said

On the question of objection to the name of the pilot, Gehlot said, 'I do not discuss anyone's name and...

India will now find other options for weapons and oil, will reduce its dependence on Russia India will now find other options for weapons and oil, will reduce its dependence on Russia
Business6 days ago

India will now find other options for weapons and oil, will reduce its dependence on Russia

Let us tell you that the relations between Russia and India are old. Although, Relations between India and America have...

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.