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Queen Elizabeth leaves behind assets worth $88bn of the monarchy

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Washington: Queen Elizabeth II, who died Thursday at Balmoral Castle in Scotland aged 96, leaves behind $88 billion worth of assets from the British monarchy as estimated in 2017. Where she goes now is the question.

The British monarchy was valued at roughly $88 billion in 2017, according to brand valuation consultancy Brand Finance. The Queen’s personal wealth is closer to $500 million in investments, art, jewelry and real estate, according to a 2021 estimate from Forbes.

But the queen’s true net worth has never been revealed. The Guardian reported last year that the queen successfully lobbied the British government in the 1970s to change a bill to hide her private wealth from the public, claiming disclosure would be shameful.

A Buckingham Palace spokesman told the BBC that “any claim that the sovereign has blocked the legislation is simply wrong.”

The castle is just one of the assets left behind by the queen after 70 years on the throne. Her personal assets from her investments, real estate, jewelry and more are worth an estimated $500 million, according to Forbes magazine.

The entire royal family was estimated to be worth at least $88 billion as of 2017.

The financing that makes up the wealth behind the crown is complex. Here’s a breakdown of how much her majesty was worth, where the money came from and where it may go, USA Today said in a report here.

How rich was the queen? What happens to the other royals under King Charles III and his new reduced monarchy? How much is the British royal family worth?

These are questions that are often asked not only by the British, but engage the minds of the world’s populations, especially the Commonwealth countries of which she was the head. King Charles III is now officially the new monarch and head of the Commonwealth after the installation of him by the privy council.

Brand Finance reported in 2017 that the value of the British monarchy has grown “every year” since it began to be measured in 2012. The $88 billion figure includes the Crown Estate, Royal Collection (including the crown jewels) and other assets. .

Who inherits the queen’s fortune? King Charles III inherits the majority of the queen’s $500 million, according to Forbes.

How did Queen Elizabeth get the money? The royal family collects fees from the Sovereign Grant Act, a fund from taxpayers used to maintain royal palaces and royal duties such as receptions and travel.

The Sovereign Grant for 2022 to 2023 is just under $100 million. The payments are based on profits from the Crown Estate, a property business owned by the monarch but operated independently, according to the BBC.

Starting in 2017, the queen began receiving 25 per cent of the Crown Estate’s profits from the previous two years, a deal that would last 10 years to help pay for the refurbishment of Buckingham Palace. The rest of the money goes to the government.

The Crown Estate is also part of a $28 billion empire run by “The Firm”, or a group of members of the House of Windsor.

Along with the Queen, members included King Charles and his wife, the Queen Consort Camilla, the Duchess of Cornwall; Prince William and his wife Kate, the Duchess of Cambridge; Princess Anne, daughter of the queen; and the queen’s youngest son, Prince Edward, and his wife Sophie, the Countess of Wessex, Forbes says.

The crown owns, but cannot sell, various assets including:

* The Crown Estate ($19.5 billion)

* Buckingham Palace ($4.9 billion)

* The Duchy of Cornwall ($1.3 billion)

* The Duchy of Lancaster ($748 million)

* Kensington Palace ($630 million)

* The Crown Estate Scotland ($592 million).

The firm, or “Monarchy PLC”, pumps hundreds of millions of pounds into the UK economy each year through tours of Commonwealth countries and other exhibitions.

The royal wedding of Prince Harry and Meghan, the Duchess of Sussex in 2018, for example, was expected to benefit the British economy by more than a billion pounds, according to Brand Finance.

The royal family does not personally benefit from the business, but Forbes reports that they do receive other financial benefits, such as free media coverage, USA Today reported.

How much money did the queen receive from taxpayers?

The Sovereign Grant has been set at 86.3 million pounds (about $99 million) for 2021 to 2022, or about 1.29 pounds (about $1.50) per person in the UK, according to the BBC. . This does not include security costs.

How much property did Elizabeth own?

Forbes reports that the queen’s personal estate assets include two castles: Sandringham House and Balmoral Castle.

(IANS)


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R.I.P. true friend of India Dominique Lapierre, you will be missed

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New Delhi: French author Dominique Lapierre (91), who had a special bond with India and was known for his iconic book on Kolkata, ‘City of Joy’, has died due to age-related ailments.

Lapierre’s wife, Dominique Conchon-Lapierre, confirmed the news to the French newspaper Var-matin on Monday.

Lapierre received the country’s third highest civilian honor, the Padma Bhushan, was fluent in Bengali and wrote the iconic “City of Joy,” the inspiring story of an American doctor who experienced a spiritual renaissance in an impoverished section of Calcutta, plus of collaborating with American writer Larry Collins on such seminal works as “Freedom At Midnight” and “Is Paris Burning.”

Adapted for film by Roland Joffe and starring Patrick Swayze, “City of Joy” is about the unsung heroes of Kolkata’s Pilkhana slum. Lapierre donated half of the royalties he earned from this book to support various humanitarian projects in Kolkata, including shelters for children with leprosy and polio, clinics, schools, rehabilitation workshops, educational programmes, health actions and hospital ships.

Calcutta, now Kolkata, has been nicknamed ‘City of Joy’ after the novel.

To process and channel the charity funds, Lapierre founded an association called Action Aid for Calcutta Lepers’ Children (registered in France under the official name Action pour les enfants des l preux de Calcutta). Aware of the corruption in India, he arranged all of his fund transfers to India in such a way as to ensure that the money reached the right person for the right purpose. His wife since 1980, Dominique Conchon-Lapierre was his partner in the City of Joy Foundation.

His other Indian classic (with Larry Collins), “Freedom At Midnight,” is a detailed account of the final year of the British Raj, the princely states’ reactions to independence, including descriptions of the extravagant lifestyles of Indian princes. , the partition of the subcontinent and the bloodshed that followed.

The events leading up to the assassination of Mahatma Gandhi and the lives of the motives of Jawaharlal Nehru and Muhammad Ali Jinnah are also described in detail.

There is a third book on India, “Five Past Midnight in Bhopal: The Epic Story of the World’s Deadliest Industrial Disaster” which Lapierre wrote in collaboration with Javier Moro based on the 1984 Bhopal disaster which the authors investigated by living in the city for three years.

Royalties from the book go to the Sambhava clinic in Bhopal, which provides free medical treatment to victims of the disaster. Lapierre also financed a primary school in Oriya Basti, one of the settlements described in the book.

Born on July 30, 1931, in Chatelaillon, Charte-Maritime in France, Lapierre was 18 years old when he received a Fulbright scholarship to study economics at Lafayette College in Easton, Pennsylvania. A car fanatic from the start, he bought a 1937 Chrysler convertible and fell in love with a fashion editor.

They were married in New York City Hall on her 21st birthday and flew to Mexico in the old Chrysler for their honeymoon. With just $300 in their pockets, they had enough to buy gas, sandwiches, and cheap motel rooms for truckers. In Los Angeles, they won another $300 on a radio game show for Campbell Soup. The prize included a box of soup, which was her only food for three weeks.

Lapierre sold the Chrysler for $400 in San Francisco and bought two tickets on the SS President Cleveland to Japan. The honeymoon lasted a year. They made their way through Japan, Hong Kong, Thailand, India, Iran, Turkey, and Lebanon. When they returned to France, Lapierre wrote his second book, “Honeymoon around the Earth.”

On his return to Paris after his honeymoon, he was conscripted into the French army. After a year in a tank regiment, he was transferred to SHAPE (Supreme Headquarters Allied Powers Europe) headquarters to serve as an interpreter. One day in the cafeteria he met a young American corporal, Larry Collins, a Yale graduate and recruit and they became instant friends.

When Collins was discharged, he was offered a job at Procter & Gamble. Two days before he reported for the new job, United Press offered him a job as a subheading editor in their Paris office, for much less money than Procter & Gamble offered. Collins accepted the United Press offer, and Newsweek soon tapped him to be its Middle East correspondent.

When Lapierre was discharged, he found a job as a reporter for Paris Match magazine. Collins became godfather to the Lapierres’ first daughter, Alexandra. On several occasions, Collins and Lapierre met while on assignment. Despite their friendship, they had to compete with each other for stories. But they decided to join forces to tell a great story that would appeal to both French and Anglophone audiences.

His first best-seller “Is Paris Burning?” it sold close to 10 million copies in 30 languages ​​by mixing the modern technique of investigative journalism with the classical methods of historical investigation. It was also made into a movie.

After that, they spent four years in Jerusalem to reconstruct the birth of Israel for the book “Oh Jerusalem!” Lapierre was proud that, after spending so much time in Jerusalem, he was intimately familiar with every alley, square, street, and building in the Holy City.

Lapierre and Collins wrote several other books together, notably “The Fifth Horseman”, the last being “Is New York Burning” before Collins’ death in 2005.

RIP true friend from India Dominique Lapierre. You will be greatly missed.

(IANOS)


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33 persons killed in Colombia landslide

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Bogota: At least 33 people died from a landslide that buried vehicles along a highway in Colombia, Interior Minister Alfonso Prada said.

The landslide that occurred on Sunday buried a bus carrying passengers from Cali to Condoto, along with a car and a motorcycle on the Pereira-Quibdó highway, in the central-western department of Risaralda, the Xinhua news agency reports.

“We have identified 33 deceased people, including three minors. We have rescued nine people, four of them are currently in critical condition,” Prada said Monday.

Personnel from Colombia’s Risk Management Unit and the Transportation Ministry’s Transit and Transport Directorate, as well as the police department and the army, rushed to the rescue, he said.

Following the landslide, authorities plan to declare a nationwide high alert to prepare for weather-related disasters amid a cold snap that is expected to continue for several more months, Prada said.

President Gustavo Petro ordered the installation of a Unified National Command Post in the capital Bogotá by Tuesday at the latest to determine the state of the roads in adverse weather conditions, he said.

Risaralda Governor Víctor Manuel Tamayo told reporters that the road where the accident occurred is in poor condition, complicating efforts to find survivors and recover the bodies of the victims.

(IANOS)


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At 6, Indian-origin boy is youngest S’porean to trek to Everest Base Camp

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Singapore: A six-year-old boy of Indian origin has become the youngest Singaporean to reach Everest Base Camp in Nepal at an altitude of 5,364 metres.

Om Madan Garg walked for 10 days in October together with his parents, covering an elevation gain of around 2,500m from Lukla village at 2,860m to the base at 5,364m, according to the Singapore Book of Records.

Om, a Kindergarten 2 student at Canossaville Preschool, “managed well despite bad weather, flight cancellations, lack of amenities, hot days and cold nights.”

The Garg family reached Lukla, which is the starting point and also the gateway of the base camp trek on September 28, and arrived at the base on October 7.

They were accompanied by a licensed guide and two porters.

From Lukla, they walked to Phakding and continued until they reached Namche Bazaar, the commercial center of the Everest region.

From Namche Bazaar the trail goes to Tengboche and eventually to Everest Base Camp at 5364m.

“I threw my hat into the sky and caught it and we climbed to the top of the rock at Mount Everest Base Camp and took a photo. “We flew the Singapore flag,” he told Channel News Asia in an interview.

The preschool student received a certificate from the Singapore Book of Records.

Their entire stay has been documented in a seven-part series on the family’s YouTube channel, The Brave Tourist.

Three-year-old Heyansh Kumar from India is the youngest person to reach Mount Everest Base Camp.

Kumar was three years, seven months and 27 days old when he achieved the milestone.

(IANOS)


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