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Princes Andrew and Harry will keep their last royal roles. But there’s a catch | CNN

Published

2 years ago

November 18, 2022

Princes Andrew and Harry will keep their last royal roles. But there’s a catch | CNN

A model of this story appeared within the November 18 version of CNN’s Royal Information, a weekly dispatch bringing you the within observe on Britain’s royal household. Enroll right here.

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When King Charles III celebrated his birthday earlier this week, the headlines targeted on the brand new monarch taking up a brand new park ranger submit beforehand held by his father, Prince Philip.

Then there have been, after all, the military bands performing “Pleased Birthday” exterior Buckingham Palace on the altering of the guard. And most of the household posted celebratory notes and pictures to official social media accounts. All of this may have most likely helped make the day a memorable one.

However individually, the King additionally moved to handle a dilemma that has remained unresolved since lengthy earlier than Queen Elizabeth II’s demise.

On Monday, Charles requested the UK Parliament to permit his siblings, Princess Anne and Prince Edward, to develop into Counsellors of State. The transfer would empower them to step in for him briefly when directed to take action. The King mentioned in a message learn out within the higher chamber, the Home of Lords, that sustaining the sleek working of the federal government was behind the request.

“To make sure continued effectivity of public enterprise once I’m unavailable, corresponding to whereas I’m enterprise official duties abroad, I verify that I’d be most content material ought to Parliament see match for the quantity of people that could also be referred to as upon to behave as Counsellors of State below the phrases of the Regency Acts 1937 to 1953 to be elevated to incorporate my sister and brother, the Princess Royal and the Earl of Wessex and Forfar, each of whom have beforehand undertaken this position,” the King wrote.

The identical message was additionally learn out within the decrease home, the Commons.

At current, by regulation, the group of royals who can fill in for the sovereign numbers 5 – restricted to the monarch’s partner and the primary 4 members of the family within the line of succession over the age of 21. Two counselors could be appointed to behave on the monarch’s behalf by way of a letters patent and assist hold the state ticking over. At the moment, meaning the cohort contains Queen Consort Camilla in addition to the Prince of Wales, Duke of Sussex, Duke of York and Princess Beatrice.

Consultants have lengthy advised the present pool of counselors is just too small, whereas public debate on the subject grew towards the latter a part of the late Queen’s reign as she grew to become more and more frail. Charles and William have been approved to behave as counselors every now and then when the Queen was unwell. But it surely was not misplaced on many who her different two counselors have been Princes Harry and Andrew, regardless of now not being working family members – albeit for very completely different, well-covered causes.

Usually, the machinations of royal duties would stay behind palace partitions. However the matter re-emerged with Charles’ accession, and since any modifications to the Regency Act require laws, the dialogue was broached within the Home of Lords for the primary time late final month.

Labour Peer Viscount Stansgate challenged Andrew and Harry’s regency powers, remarking that the Duke of York “has left public life,” whereas the Duke of Sussex “has left the nation.” He queried if it was time “to method the King to see whether or not a smart modification could be made to this Act?” In response, the Lord Privy Seal, Lord True, mentioned he wouldn’t expose “any non-public conversations” he might have had with the King or the Royal Family however that “the federal government will all the time take into account what preparations are wanted to make sure resilience in our constitutional preparations.”

Princess Anne and Prince Edward are set to become Counsellors of State.

The King’s strikes this week verify that the palace has been occupied with the dilemma and the choices accessible. And including to the group of official stand-ins is just not unprecedented, having beforehand been completed for the Queen Mom in 1953 after Elizabeth II got here to the throne.

Virtually, it appears there’s a need inside Parliament to resolve the difficulty rapidly. A day after Charles’ request, members of the Lords replied to the monarch, assuring him they might act “at once” and “will present such measures as might seem needed or expedient for securing the aim set out by His Majesty.”

And the Lords weren’t kidding once they provided expedience, with the Counsellors of State Invoice 2022-23 whipping by way of the Palace of Westminster at breakneck pace. It was given its first studying by Tuesday afternoon and is about to have its second studying and be debated subsequent week.

Increasing the group of royals who can deputize for the King in his absence is a chic answer to a possible constitutional disaster. It offers for extra flexibility whereas most likely going some technique to keep away from household awkwardness and shields the 2 dukes from the general public embarrassment that may have arisen had they been stripped of their positions. Charles’ method means each are nonetheless technically counselors on paper however firmly places an finish to hypothesis over whether or not Harry or Andrew will ever be referred to as upon.

Prince William presented England winger Jack Grealish with the iconic number 7 shirt.

William sends England squad off to World Cup in model.

The Prince of Wales visited the England soccer squad on Monday at St. George’s Park, the staff’s HQ, forward of their departure for the World Cup in Qatar, which kicks off this weekend. Simply earlier than the Three Lions swapped the drizzly winter climate for the warmth of Doha, William was readily available to want the staff effectively. “I’m actually right here to level out that the remainder of the nation is behind you,” he instructed the squad, as he introduced every participant with their shirt quantity. “We’re all rooting for you, take pleasure in it.”

Whereas William serves as president of England’s Soccer Affiliation, many Welsh followers on social media advised the go to was tactless for the holder of the Prince of Wales title and questioned his loyalties.

William has by no means been shy about being a passionate England fan, as we talked about final week. And he has been a presence within the Wembley stands, alongside together with his son, George, cheering the staff on at earlier tournaments. Nevertheless, he sought to handle the criticism mid-week throughout a visit to the Welsh Parliament in Cardiff. “I’m telling everybody I’m supporting each, positively. I can’t lose,” he mentioned. “I’ve received to have the ability to play fastidiously with my affiliations as a result of I fear in any other case if I immediately drop England to assist Wales then that doesn’t look proper for the game.”

William continued that whereas he was rising up, Wales didn’t qualify for a lot of soccer tournaments and so he picked England. However he’ll be cheering each groups on of their first video games on Monday and extra broadly, he’s discovered a technique to again each international locations over time. “I’ve supported England [football] since I’ve been fairly small, however I assist Welsh rugby. That’s sort of my manner of doing it.”

This 12 months’s event is Wales’ first World Cup in additional than half a century. The 2 groups are set to conflict within the group levels on November 29.

King Charles shares ‘concern’ after Australia floods.

The King despatched a letter to Australian Prime Minister Anthony Albanese late final week to precise his concern after flash floods devastated elements of Victoria, a state within the southeast of the nation. “Our heartfelt ideas are with all these affected and for the losses which were suffered,” Charles wrote. “It has been notably inspiring to see how communities have pulled collectively to guard houses and livestock and to assist one another throughout this appallingly tough interval,” he added. The floods are the most recent menace attributable to local weather change that Australia has confronted lately – after battling wildfires for months in 2020. In accordance with PA Media, Albanese mentioned in September that he could be “very snug” with the King expressing his views on the “significance of local weather change. It’s in regards to the very survival of our lifestyle,” he mentioned.

Kate visiting Ukrainian refugees who’ve resettled within the UK.

The Princess of Wales visited Studying Ukrainian Group Heart on Thursday, to satisfy with displaced Ukrainian households who’ve arrived in the UK following Russia’s invasion of their dwelling nation. After listening to the tales of those households – whose lives on the finish of the 12 months are unrecognizable from how they have been at the start – Kate joined Ukrainian kids participating in an artwork session. Kate’s go to adopted a digital roundtable assembly she hosted final week, the place she mentioned with the First Woman of Ukraine how finest to supply psychological well being assist to Ukrainians amid the continued battle.

Kate took part in an art class with young Ukrainian refugees.

Harry pens deeply private letter to bereaved navy kids.

Prince Harry might not have been within the UK for final weekend’s Remembrance Day however he discovered his personal technique to mark the event. The Duke of Sussex wrote a letter to bereaved navy kids by way of the British charity Scotty’s Little Troopers, providing his sympathies and sharing how he has navigated his grief. “We share a bond even with out ever assembly each other, as a result of we share in having misplaced a father or mother. I do know first-hand the ache and grief that comes with loss and wish you to know that you’re not alone,” he wrote. The charity helps kids whose dad and mom have died in service of the British armed forces. On Remembrance Sunday, dozens of those courageous kids marched by way of London carrying the charity’s black and yellow scarves. Harry additionally wrote knowingly of the “tough emotions” acts of remembrance can stir. “Everytime you want a reminder of this, I encourage you to lean into your folks at Scotty’s Little Troopers,” he mentioned. “I couldn’t be extra grateful and relieved that you’ve superb folks strolling beside you all through your journey.” Over in america, Harry commemorated Veterans Day by attending a remembrance service at Pearl Harbor, whereas on his Archewell basis’s web site, he and spouse Meghan praised the “courageous women and men” who’ve “made large sacrifices and embody responsibility and repair.” Learn Harry’s full letter right here.

Prince WIlliam visited the Welsh Parliament, called the Senedd, on Wednesday.

Getting grilled about his footballing allegiances was not William’s principal cause for going to Cardiff. The Prince of Wales visited the Senedd Wednesday to satisfy representatives of the Welsh Parliament and listen to in regards to the problems with the best significance to the Welsh folks. William additionally met the Welsh Youth Parliament, whose members opened up about subjects regarding their era of future leaders.

King Charles attended the Remembrance Sunday service at The Cenotaph in London.

Charles III led Britain’s annual Remembrance Sunday service for the primary time as monarch final weekend. The King attended the service alongside Camilla, the Queen Consort, and different members of the royal household on the Cenotaph monument in central London. The brand new monarch laid a wreath, the design of which paid tribute to the wreaths of his grandfather, King George VI, and his mom, the late Queen. Camilla was joined by different senior royals together with the Princess of Wales to view the second from the balcony of the Overseas, Commonwealth and Improvement Workplace, which appears to be like out onto the struggle memorial. A wreath was laid on the Queen Consort’s behalf for the primary time. Discover out extra in our story.

“Over the previous few months, my husband and I’ve drawn immense consolation from the messages of condolence that we have now obtained, and proceed to obtain, from the 4 corners of the world. They’ve reminded us that the written phrase has a novel capability to attach, to heal, to reassure and to supply hope, even within the midst of grief.”

The Queen Consort paid tribute to her “expensive mother-in-law” throughout a reception for winners of the Queen’s Commonwealth Essay Competitors 2022.

The speech in the course of the reception at Buckingham Palace on Thursday was the primary time Camilla had publicly spoken in her position as Queen Consort.

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Video: Heavy Rains and Wind Wreak Havoc on the West Coast

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2 hours ago

November 22, 2024

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Video: Heavy Rains and Wind Wreak Havoc on the West Coast

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Heavy Rains and Wind Wreak Havoc on the West Coast

A series of atmospheric rivers has caused flooding and damage in the Pacific Northwest and Northern California, knocking out power for hundreds of thousands of people.

: It just crashed through the front of the house, crashed through the kitchen, and it broke the whole ridge beam. The whole peak of the house is just crushed.
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How long will Trump’s honeymoon with the stock market last?

Published

3 hours ago

November 22, 2024

Press Room

How long will Trump’s honeymoon with the stock market last?

Few were surprised when US stocks jumped after Donald Trump’s decisive victory in the presidential election. Amid widespread assumptions of weeks of uncertainty, a clear result was always likely to prompt an initial relief rally. More unexpected was what has happened since.

The president-elect has nominated a string of hardliners to senior positions, signalling his intent to push ahead with a radical agenda to enact sweeping tariffs and deport millions of illegal immigrants that many economists warn would cause inflation and deficits to spiral upward.

Yet the stock market — the economic barometer most closely watched by the general public, and one often referenced by Trump himself — seems to have shown little sign of concern.

The S&P 500, Wall Street’s benchmark index for large stocks, is still up about 3 per cent since the vote, even after a slight pullback. The main index of small cap stocks is up almost 5 per cent.

The relative cost of borrowing for large companies has also plummeted to multi-decade lows, and speculative assets such as bitcoin have surged.

Under the surface, not every part of the stock market has been so calm. A Citi-created index of stocks that may be vulnerable to government spending cuts, for example, has tumbled 8 per cent since the election, while healthcare stocks have been hit by the nomination of vaccine sceptic Robert Kennedy Jr to head the health department.

The prospect of inflation arising from tariffs and a tighter labour market has also spooked many in the $27tn Treasury market, with some high-profile groups warning about over-exuberance.

But the contrasting signals raise some key questions for traders and policymakers alike: are equity investors setting themselves up for a fall by ignoring high valuations and potential downsides of Trumponomics, or will they be proved right as gloomy economists once again have to walk back their dire prognoses?

“Any time . . . you get to the point where markets are beyond priced to perfection, you have to be concerned about complacency”, says Sonal Desai, chief investment officer at Franklin Templeton Fixed Income.

But, she adds, “the reality is you also need to very actively look for triggers for sell-offs, and right now . . . I think the underlying economy is strong and the policies of the incoming administration are unlikely to move that significantly.”

The bull case was on full display at the Wynn resort in Las Vegas this week, where more than 800 investors, bankers and executives were gathered for Goldman Sachs’ annual conference for “innovative private companies”.

With interest rates now trending downward, capital markets specialists had already been preparing for a recovery in stock market listings and mergers and acquisitions activity, but the election result has poured fuel on the fire.

Walter Lundon, a trader, shows off his pro-Trump T-shirt on the floor of the New York Stock Exchange. Investors believe Trump will follow through on pledges to cut taxes and regulation © Timothy A. Clary/AFP via Getty Images

With Republicans controlling both houses of Congress in addition to the White House, investors are assuming that it will be easy for the Trump administration to fulfil promises to slash corporate taxes and scale back regulation. At the same time, more contentious proposals such as the introduction of tariffs were frequently dismissed by attendees as a “negotiating tactic”.

David Solomon, Goldman chief executive, said at the conference: “The market is basically saying they think the new administration will bring [regulation] back to a place where it’s more sensible.”

One hedge fund manager in attendance sums up the atmosphere more bluntly. “There are lots of giddy investors here getting excited about takeout targets,” he says. “M&A is now a real possibility because of the new administration. That’s been the most exciting [element of Trump’s proposals] . . . I think the mood is better than it’s been in the past four years.”

The emphasis on tax and deregulation is clear when looking at which sectors have been the biggest winners in the recent market rally: financial services and energy.

The S&P 500 financials sub-index has jumped almost 8 per cent since the vote, while the energy sub-index is up almost 7 per cent. Energy executives have celebrated the president-elect’s pledges to withdraw from the Paris climate agreement and open up federal lands for fracking in pursuit of US “energy dominance”.

The Russell 2000 index, which measures small cap companies, has also risen faster than the S&P thanks to its heavy weighting towards financial stocks, and a belief that smaller domestically focused companies have more to gain from corporate tax cuts.

Chris Shipley, co-chief investment officer at Fort Washington Investment Advisors, which manages about $86bn, says that “we believe the market has acted rationally since the election”, citing the concentration of gains in areas that could benefit from trends such as deregulation and M&A.

Even policies that most mainstream economists think would have a negative effect overall — like a sharp increase in tariffs — could ironically boost the relative appeal of US stocks by hitting other countries even harder.

The Europe-wide Stoxx 600 index, for example, has slipped since the election as investors bet the export-dependent region will be heavily hit by any increase in trade tensions. At the same time, the euro has dipped to a two-year low against the dollar.

“The ‘America First’ policy, not surprisingly, will be good for the US versus the rest of the world,” says Kay Herr, US chief investment officer for JPMorgan Asset Management’s global fixed income, currency and commodities team.

The worry among economists and many bond investors, however, is that Trump’s policies could create broader economic problems that would eventually be hard for the stock market to ignore.

Some of Trump’s policies, such as corporate tax cuts, could boost domestic growth. But with the economy already in a surprisingly robust state despite years of worries about a potential recession, some like former IMF chief economist Olivier Blanchard fear an “overheating” that would lead to a resurgence in inflation and a subsequent slowdown.

A shale gas well drilling site in Pennsylvania. The incoming Trump administration is expected to open up federal lands for fracking in pursuit of US ‘energy dominance’ © Keith Srakocic/AP

Demand-driven inflation could be exacerbated by supply-side pressures if Trump follows through with some of his more sweeping policy pledges.

On the campaign trail, Trump proposed a baseline 10 per cent import tariff on all goods made outside the US, and 60 per cent if they are made in China. Economists generally agree that the cost of tariffs falls substantially on the shoulders of consumers in the country enacting them. Walmart, the largest retailer in the US, warned this week it might have to raise prices if tariffs are introduced.

Deporting millions of undocumented immigrants, meanwhile, would remove a huge source of labour from the US workforce, driving up wages and reducing the capacity of US companies to supply goods and services.

Economists at Morgan Stanley and Deutsche Bank both predicted this week that Trump’s policies would drag on GDP growth by 2026, and make it harder for the Federal Reserve to bring inflation back to its 2 per cent target.

Tom Barkin, president of the Richmond Fed and a voting member on the rate-setting Federal Open Market Committee, says he understands concerns among the business community about tariffs reigniting inflation, and says the US was “somewhat more vulnerable to cost shocks” than in the past.

But some investors believe the risks to be minimal. “In our view, the inflationary concerns . . . regarding tariffs are overblown,” says Shipley of Fort Washington.

Fed policymakers have been quick to stress that they will not prejudge any potential policies before they have been officially announced, but bond investors have already scaled back their forecasts for how much the central bank will be able to cut interest rates over the next year.

Interest rate futures are now pricing in a fall in Fed rates to roughly 4 per cent by the end of 2025, from the current level of 4.5-4.75 per cent. In September, investors were betting they would fall below 3 per cent by then.

Meanwhile, the yield on the 10-year Treasury note, which rises when prices fall, is up about 0.8 percentage points since mid-September to 4.4 per cent. As a consequence, the average rate on a 30-year mortgage is also ticking upward, to near 7 per cent.

“The bond market has been very focused on deficits and fiscal expansion, and the equity market has been focused, it seems, on deregulation and the growth aspect,” says JPMorgan’s Herr. But “at some point, a higher [Treasury yield] is problematic to equities”.

In part, that is because higher bond yields represent an alternative source of attractive returns at much lower risk than stocks. But the more important impact could come from the warning signal a further increase in yields would represent.

The rise in yields is being driven by concerns both about inflation and also higher government debt levels, says Kristina Hooper, chief global market strategist at Invesco. “2024 marks the first year in which the US spends more to service its debt than it spends on its entire defence budget. And that’s not sustainable in my opinion over the longer term, and so we have to worry about the potential for a mini Liz Truss moment.”

Former UK prime minister Truss’s attempt to introduce billions of pounds of unfunded tax cuts and increased borrowing in 2022 caused a massive sell-off in British government debt that spilled into currency and equity markets.

Demonstrators in New York protests against Trump’s immigration proposals — Demonstrators in New York protest against Trump’s immigration proposals. His plans to deport millions of undocumented immigrants would remove a large chunk from the US workforce © Michael Nigro/Sipa USA via Reuters Connect

The structure and scale of the US Treasury market makes this sort of “bond vigilantism” less likely, strategists and investors stress, but many institutions have begun paying more attention to the possibility.

“Over the next two to four years, do I think that there’s a very serious risk of bond vigilantes coming back? Absolutely. And that’s entirely based on what the multiyear plan will be, and the impact which comes out of it,” says Franklin Templeton’s Desai.

Trump and his advisers have dismissed concerns about their economic agenda, arguing that policies such as encouraging the domestic energy sector will help keep inflation low and growth high.

Even if they do not, several investors in Las Vegas this week suggested that the president-elect’s personal preoccupation with the stock market would help restrain him from the most potentially damaging policies.

“I think Trump and all his donors measure their success and happiness around where the US stock market is,” says the hedge fund manager. “It’s one reason why I’m pretty bullish despite the market being where it is.”

Economists have also consistently underestimated the resilience of the US economy in recent years. The combination of Trump’s attentiveness and economists’ poor past forecasting means even sceptical investors are wary of betting against the US market.

“There are risks out there,” says Colin Graham, head of multi-asset strategies at Robeco. “If some of the more extreme policies that were talked about during the campaign get implemented, our core view for next year is going to be wrong.

“But what is our biggest risk here? Missing out on the upside. The momentum is very strong.”

Data visualisation by Keith Fray and Chris Giles

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Can Matt Gaetz return to Congress? He says he won’t.

Published

4 hours ago

November 22, 2024

Press Room

Can Matt Gaetz return to Congress? He says he won’t.

Gaetz not returning to Congress

Gaetz on not returning to Congress after dropping out of Trump attorney general consideration

02:05

Former Rep. Matt Gaetz of Florida says he doesn’t intend to return to Congress in January, after resigning from his seat and withdrawing from consideration as U.S. attorney general.

Gaetz announced his withdrawal Thursday, citing the distraction his impending nomination was causing, and President-elect Donald Trump soon afterward said former Florida attorney general Pam Bondi would be his new pick for the job. But Gaetz won reelection to his U.S. House seat earlier this month, so there were some questions about whether he was considering a return to Congress in January.

But Gaetz told conservative personality Charlie Kirk on Friday that he doesn’t intend to go back to Congress, though he vowed to continue to fight for Trump and do “whatever he asks of me.”

“I’m still going to be in the fight, but it’s going to be from a new perch,” Gaetz told Kirk. “I do not intend to join the 119th Congress. … Charlie, I’ve been in an elected office for 14 years. I first got elected to the state house when I was 26 years old, and I’m 42 now, and I’ve got some other goals in life that I’m eager to pursue with my wife and my family, and so I’m going to be fighting for President Trump. I’m going to be doing whatever he asks of me, as I always have. But I think that eight years is probably enough time in the United States Congress.”

But it may not be the end of his political career. Florida Gov. Ron DeSantis, first elected in 2018, will not be running again in 2026, since he’s limited by law to two terms as the state’s chief executive.

Gaetz stepped down from Congress as the House Ethics Committee was weighing whether to release the report from its yearslong investigation into sexual misconduct and illegal drug use allegations. The committee lacked sufficient votes to release the report earlier this week but will, according to Democratic Rep. Susan Wild of Pennsylvania, reconvene on Dec. 5 to “further consider” the matter.