Harry's UK security appeal was dismissed
A court spokesman said Monday that Prince Harry's legal challenge over the British government's decision to remove security from the British Police Service while he was in the UK was dismissed.
The Home Office, which is responsible for royal policing, subsequently filed a case in the High Court in London after deciding in February 2020 that King Charles' youngest son, Harry, would not automatically receive private police security while he was in the UK.
Before Harry and his family members stepped down from their royal duties in March 2020 and moved to California with their American wife, Meghan, they had received full public security from the state.
The Executive Committee for the Protection of Royalty and Public Figures, known as RAVEC, has decided that Harry will not receive the same security measures as other royals. In February, the UK's High Court ruled that the resolution was lawful and dismissed Harry's appeal.
A court spokesperson said on Monday that the court dismissed Harry's appeal on April 8, adding that he could apply directly to the Court of Appeal.
"The fact is that the plaintiff believes that he deserves a different approach to security than the one decided by RAVEC while he is in the UK, in part because he has compared his position to that of others," Judge Peter Lane said. RAVEC, as an expert body, came to a different conclusion, and it had the authority to do so. ”
Harry was also ordered to pay 90 per cent of the Home Office's defence costs, but the amount of the Government's cost on his security was not specified. The case against the government is one of several high-profile legal actions Harry has initiated in recent years, with others also involving lawsuits against British media.
Elon Musk says Tesla will lay off 10% of its workforce
In an employee memo, the chief executive said the group's financial problems would lead to a "difficult decision" to lay off 14,000 people
Tesla plans to cut 14,000 jobs as it feels the intensity of the global price war from Chinese competitors and the global demand for electric vehicles stalls.
According to reports, employees in California and Texas have begun to receive layoff notices, and Musk said in an email to employees: "As we prepare for the next phase of the company's growth, it is extremely important to consider all aspects of the company to reduce costs and improve productivity in doing so." ”
He added: "As part of this effort, we conducted a thorough financial review of the Group and made the difficult decision to reduce the number of employees globally by more than 10%. According to Tesla's latest reports and accounts, Tesla has more than 140,000 employees.
The news continued the decline in Tesla's share price on the Nasdaq, a U.S. tech stock, which fell $9.57, or 5.6%, to close at $161.48, down 35% from the beginning of the year.
Tesla's stock, once worth trillions of dollars, has now fallen to a valuation of $550 billion. The stock reached a high of more than $400 per share in the fall of 2021.
Craig Irwin, an analyst at Roth Capital, told Reuters: "Tesla is maturing as a company and is no longer growing as much as it used to. The layoffs mean that management expects the weakness in market demand to continue. ”
Tesla's U.S. manufacturing facility is located in Fremont, California, which is also home to the Model S, Model 3, Model X, and Model Y. The company opened a gigafactory in Austin, Texas, dedicated to the Model Y, and Tesla plans to build the new CyberTruck at its factory there. Tesla opened a gigafactory in Shanghai in 2018 and a new factory near Berlin in 2022. Tesla also has a sub-assembly plant in Sparks, Nevada, and a factory in Buffalo, N.Y., that produces supercharger charger parts and solar panels.
Tesla's gross margin fell to its lowest level since mass production at 17.6% during the Christmas trading period, and Tesla decided to launch a price war to maintain sales, but it didn't work well.
After hitting a new high of 1.8 million units last year, the Model Y reached 1.2 million units sold. The price reduction for the new model has come as a shock to loyal fans of its early adopters, especially since the knock-on effect of lower prices has severely affected the resale value of cars already on the road.
In China, the world's largest market for electric vehicles, Tesla's share of total sales has declined amid domestic competition dominated by BYD. Demand for electric vehicles in the UK has declined, with the market share of zero-emission vehicles falling to 15.2% this year, compared to 16.6% in the past two years. Tesla is somehow the UK's most popular EV maker, but its dominance is being eroded by the likes of SAIC's MG brand. In the first three months of this year, Tesla's sales in the UK fell by 11%, from 13,500 to 11,700 units.
In 2023, UK home and commercial property insurance claims totalled more than £4.86 billion
Households and businesses in the UK received £4.86 billion in insurance claims in 2023, up 18% year-on-year, as property insurance claims related to severe weather hit record highs, the Association of British Insurers said on Monday.
Severe weather-related housing claims increased by 36% to £573 million as the UK was hit by successive storms last autumn, ABI said in a statement. Claims are mainly due to losses caused by high winds, storms, floods and pipe bursts, the report adds.
Insurers around the world are facing higher claims from natural disasters, which they attribute to the effects of climate change and an increase in buildings in areas affected by extreme weather, industry sources said.
They added that insurers in the UK and the rest of Europe are facing more weather factor losses than in the past, with inflation and supply chain issues leading to higher repair costs, leading to an increase in the size of claims.
According to Swiss insurer Swiss Re, winter storms in northwestern Europe in early 2023 resulted in more than $4 billion in insurance claims, up from the previous 10-year average of $2.5 billion.
"We continue to urge the government to invest further in flood protection and maintenance, and call for changes in the planning system to discourage construction in places where flooding is more likely," said Louise Clark, ABI policy advisor. ”
The latest ABI data shows that the average UK home insurance premium rose by 13% year-on-year in the fourth quarter of 2023. The Flood Re insurance scheme, a UK insurer, helps insurers reduce the amount of home insurance, which does not apply to homes built after January 2009.
London property is at the bottom of the global city rankings for affordability
House prices fell by 5.5% and London's property market ranked 95th out of 107 major cities in the world.
Knight Frank's Q4 2023 Global Residential Cities Index reported that London was one of only 18 urban centres with annual house price declines at the end of last year.
Liam Bailey, global head of research at Knight Frank, said: "Like all other markets around the world, London is facing the challenge of rising interest rates significantly. However, London has performed below average compared to many other major world cities, which is influenced by high house prices to national income ratios and challenging affordability indicators. ”
Other cities known for their high housing costs have also seen an increase in home prices. Home prices in New York, ranked 17th, rose 7.8% year-on-year, while Vancouver, ranked 30th, saw a year-on-year increase of 4.8%. However, Hong Kong fell by 7.2% to rank 103rd.
Knight Frank said low housing stock has pushed up home prices across the U.S., with home prices rising more than 7% in Philadelphia, Los Angeles, Chicago, Miami and Boston. The weak market is mainly in Europe.
Munich ranked 96th with a 6.6% drop in house prices, Paris ranked 99th (6.9%) and Luxembourg City came in at the bottom with a 13.6% drop. Warsaw bucked the trend and came in third place with an annual growth rate of 23.5%.
The top two are Turkish cities, where inflation pushes up all prices. Housing prices in Ankara have almost doubled, rising by 92.2% in 12 months.
Knight Frank reports that, overall, most cities are showing signs of recovery after a year of falling house prices.
"The global urban housing market has seen a significant recovery, with average prices rising by 3% in the 12 months to Q4 2023, up significantly from 1.6% in the previous quarter. 67% of the market has seen positive price growth over the past year, reflecting expectations of lower interest rates later this year. ”
The London market will eventually recover, with Bailey explaining: "House prices will be positive this year as demand outstrips the relatively weak supply of properties for sale." ”
Nationwide, the UK's construction loan association, reported that London house prices rose by 1.2% in March, with Savills reporting a 35% increase in market volume at the start of 2024.
Chestertons said the number of homes on the market in London increased by just 2% between February and March. Matt Thompson, Head of Sales, said: "While we expect more sellers to list in the coming weeks, demand will still outstrip supply, buyers face a competitive environment with even less room for price negotiations. "Real estate agents said the number of sellers who were ready to compromise on the asking price fell by 11%.