Saturday, 18 January 2020

Meghan & Harry Bankrupting Dear Old Dad :)

The bank of Dad is draining Charles: RICHARD KAY on how the Prince of Wales has had to dip into his own private reserves and give Harry and William around £2.5 million each

As fireworks arced across the night sky over Windsor Great Park, Prince Charles oozed with paternal pride.
‘My darling old Harry, I’m so happy for you,’ he had declared in his father-of-the-groom speech as the lavish celebrations for the Duke and Duchess of Sussex’s wedding moved to its extravagant finale.
Fast forward 12 months and the Prince of Wales was in a rather less benign mood as he leafed through pages of accounts relating to his son’s expenditure.
The bills for the wedding, the bills relating to the considerable sums spent on fixtures and fittings at the Sussexes’ home Frogmore Cottage — quite distinct from the taxpayer-funded structural renovations — and the ongoing bills for Harry and Meghan’s allowance that he also provides, were adding up.
Prince Charles is pictured above walking Meghan Markle down the aisle on the day of her wedding to his son Prince Harry
Prince Charles is pictured above walking Meghan Markle down the aisle on the day of her wedding to his son Prince Harry 
Sources now say the money Charles pays to his sons is 'draining him' Queen Elizabeth II, Prince Charles, Prince of Wales, Meghan, Duchess of Sussex, Prince Harry, Duke of Sussex, Catherine, Duchess of Cambridge, Princess Charlotte of Cambridge, Savannah Phillips and Prince George of Cambridge
Sources now say the money Charles pays to his sons is 'draining him' Queen Elizabeth II, Prince Charles, Prince of Wales, Meghan, Duchess of Sussex, Prince Harry, Duke of Sussex, Catherine, Duchess of Cambridge, Princess Charlotte of Cambridge, Savannah Phillips and Prince George of Cambridge
Royal wedding: Prince Harry and Meghan Markle exchange rings
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Beyond a frown, he gave little away. ‘His attitude is always just pay what needs to be paid and move on,’ says a former aide. ‘It’s usually the path of least resistance when it’s to do with the boys.’
But those familiar with some of the eye-watering numbers which have crossed the royal desk at Clarence House say there is another side to the story.
One figure went so far as to say that the money he spends, not just on Harry and Meghan but also on financing William and Kate, was ‘draining him’.
Officially, the brothers and their households are funded out of Charles’s Duchy of Cornwall estate, but, in fact, the Prince has at times had to dip into his own private reserves.
Insiders speak of the ‘hundreds of thousands of pounds’ the Prince made available to furnish the couple’s Windsor home (Frogmore Cottage above) after their decision to abandon Kensington Palace
Insiders speak of the ‘hundreds of thousands of pounds’ the Prince made available to furnish the couple’s Windsor home (Frogmore Cottage above) after their decision to abandon Kensington Palace
It is thought the last time he had to do that on a significant level was in meeting Princess Diana’s £17.5 million divorce settlement in 1996, for which he also had to borrow from the Queen.
Within a year following Diana’s death, that money, minus inheritance tax handed over to the Treasury, had ironically been transferred into trusts for his sons.
Against this backdrop it is no wonder that the Prince has been so dismayed by Harry’s decision to turn his back on life within the Royal Family for an increasingly uncertain future outside it.
One of his central worries is just how — or rather who — is going to finance their new lives.
Money may not be the root of this crisis, but it is contingent to it. In announcing their decision to stand down as senior royals, the couple said it was their intention to be financially independent.
While this certainly represents a headache for the monarchy with its thinly disguised inference that Harry and Meghan may become royals for sale, Prince Charles’s money-men may be privately relieved.
At one stage he was paying the Sussexes more than William and his family. That figure is now understood to be around the same, with Harry and William each receiving approximately £2.5 million.
However, the Prince has let it be known that his funds are not inexhaustible and that there is a limit to how far and how much he can pay.
Insiders speak of the ‘hundreds of thousands of pounds’ the Prince made available to furnish the couple’s Windsor home after their decision to abandon Kensington Palace.
This was in addition to the £2.4 million of public money used to convert the 19th century property from five staff flats into a single home.
‘As for the wedding, it cost him a small fortune,’ a source said. ‘They were not small sums.’
From the Michelin-starred caterers who provided the evening’s black-tie dinner for 200, and the glass marquee, to the festival-themed food stalls and bars and cars and coaches to ferry the guests around, it was all paid for by the Prince.
According to a source, the figures involved in providing for both boys have in recent times been flagged up to the Prince by his accounting staff on more than one occasion.
‘There’s usually a raised eyebrow, but the Prince always just signs them off,’ says the source.
All the same, he has made it clear that while he will continue to fund his sons, there can be, as one courtier put it, ‘no blank cheque’.

US court slashes $8 bn Johnson & Johnson damages over drug side effect

JANUARY 18, 2020


Added by CiC


A Pennsylvania court on Friday slashed an $8 billion ruling against
 US pharmaceutical giant Johnson & Johnson, imposed by a jury because the company failed to warn that a psychiatric drug could cause breast growth in men.

The court said the company now only is liable for punitive damages of $6.8 million, although the company still intends to appeal the decision.

The jury in October ordered Johnson & Johnson and its subsidiary Janssen Pharmaceuticals to pay damages after plaintiff Nicholas Murray told the Philadelphia court that the drug Risperdal, prescribed to treat schizophrenia and bipolar disorder, had made him grow breasts.

The company said that although the court "appropriately reduced the excessive punitive damages award, we will continue to move ahead with an appeal of this verdict."

It said it was unable to present the jury with "vital evidence" showing how the drug label "appropriately outlined the benefits and risks associated with the medicine."

The company is facing a series of complaints in state courts for failing to properly warn of Risperdal's side effects, including in Pennsylvania, California and Missouri.

The US Food and Drug Administration approved Risperdal for treatment of adults in 1993, and the drug brought in some $737 million (672 million euros) in sales in 2018.

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Avocados hit sweet spot in China, while sucking Chile dry



(Updated: )
www.channelnewsasia.com/news/cnainsider/avocados-hit-sweet-spot-china-sucking-petorca-chile-dry-water-12277350 


Chinese consumers have embraced the craze for the fruit only in recent years, but that is making life ever more difficult in one of its source countries, the programme China’s Growing Appetite finds out.


 Spaghetti topped with avocado slices being served at Kiss Avocado, a restaurant in Shanghai.   Spaghetti topped with avocado slices being served at an avocado restaurant in Shanghai.

 As China's middle class grows, more of them are eating trendy foods like avocado.
 As China's middle class grows, more of them are eating trendy foods like avocado.

PETORCA, Chile: It is a superfood, packed with vitamins, minerals and fibre. And in China, avocado has also become a social media superstar since a fitness craze took the country by storm about six years ago.

More and more people are working out, toning up and showing off on social media, including what they eat to help burn fat and gain muscles.

In Shanghai, one avocado restaurant is taking to social media at a whole new level, with its marketing done entirely through word of mouth online.

Kiss Avocado even has a pink decor to attract girls who would “take selfies and post on social media”, said co-owner Lynn Yin. And as the Chinese middle class grows, more of them are eating such trendy foods.

                                     Avocado-related content on Chinese social media.




A decade ago, China’s volume of avocado imports was low: 31.8 tonnes in 2011. But it has increased by more than 1,300 times, to 43,000 tonnes in 2018.

Previously, an avocado from Mexico retailed domestically at about 50 yuan (S$10), in no small measure because of a 40 per cent total tax rate for the fruit.

But in 2014, Beijing granted market access to Chile. And under a bilateral free trade agreement, Chilean avocados have since entered with zero export tariffs. By 2017, half of China’s avocados came from the South American country.

The fruit now costs about 10 to 15 yuan, whereas in Chile, the price has tripled to 3,200 pesos (S$6) per kilogramme, observed FoodyChile tour guide Colin Bennett.

“When I first moved here (12 years ago), it was 1,000 pesos a kilo,” said the American, who settled in Santiago, the capital.


Locally produced avocados in Chile.


The price increase, however, is not the only concern in the world’s third-largest producer of avocados. As its exports increase, so too have its environmental problems.

And the programme China’s Growing Appetite questions whether Chinese consumers should wake up to how their “food-print” affects other countries. (Watch the episode here.)

WATER SHORTAGE

Chilean activist Rodrigo Mundaca knows all about his country’s problems with big avocado plantations, especially in Petorca, a major avocado-producing region in central Chile.

It has the kind of warm climate and stable temperatures for the fruit to thrive, except that a lot of water is needed.



Petorca, a three-hour drive north of Santiago.



The amount of water it takes to produce one avocado is enough to grow three oranges or 14 tomatoes. And plantations have been extracting “more water than authorised”, said Mundaca, who is fighting to protect local communities’ access to water.

A 2011 investigation by Chile’s water authority showed at least 65 illegal underground channels bringing water from the rivers to private plantations.

The investigation led to criminal convictions of some agribusinesses, but that was not enough to stop them from trying again.

They still dug riverside wells to irrigate their fields, Mundaca pointed out at one such site that was fenced off to keep it out of sight.

“This is a river. It’s a national good for public use,” he said. “You can’t simply install underground water (systems). This is fully illegal.”



       One of many water diversion installations in Petorca, said the activist

One of the province’s rivers, the Ligua River, was declared depleted as far back as 2004 — “overexploited” by avocado producers, he added.

In the past 10 years, however, central Chile has also been living with a mega-drought. So nearly half of the country’s rural homes — some one million people — do not have regular access to drinking water nowadays.

As the groundwater level continues to drop, the local government has resorted to trucking water to Petorca’s rural residents. They are among 380,000 people in Chile receiving water from tankers as part of emergency measures declared last year.

Asked if the plantations can be stopped from drawing too much water, Petorca municipal government’s water affairs manager Carolina Vilches replied that the municipality “doesn’t have the power to evaluate the environmental impact of agriculture”.

“The ministry that has that power doesn’t consider agriculture as something that could impact the environment. Therefore the impact isn’t assessed,” she said.


WATCH: Avocado madness in China is sucking Chile dry (3:47)






VILLAGERS VS FARMS

It is obvious, however, that families are struggling with the lack of water. “(The most difficult thing) is seeing how everything dies — it’s terrible to see our little plants die — (and) washing up with so little water,” said Zoila Quiroz.

Her family, who have lived in the Petorca valley for generations, used to get water from a stream four kilometres away. But it dried up, and they do not own rights to dig a well to get water.

That is not the case for the avocado farms surrounding the family on all sides. “The avocado trees have more rights than us, the human beings,” added Quiroz, wishing that the farms could all go.

“I think this is the only part of the world where water is sold like candy.”


    Zoila Quiroz (right) talks to CNA.



It turns out that in Chile, water rights are treated like property and granted in perpetuity by the government. With the drought, and plantations sometimes drawing more water than they have rights to, there are no more rights to allocate.

While villagers are losing out in this way, Allent Vega Diaz disagrees that the criticisms are fair. The farm manager from Cabilfrut, the biggest avocado exporter in Petorca, pointed out that Chilean law “doesn’t discriminate between the uses of water”.

Nor does he think the government should change the law. “The government needs to invest to secure water for the population. People without water need water; they don’t need laws,” he said.

“This area needs agriculture. Agriculture is the main activity in this area.”


    Chile's green cash crop.


He added that Cabilfrut has about 3,000 hectares of orchards but is using only about 200 hectares “because we don’t have water for all the areas”.

He is waiting for the next rainy season so that plantations can be irrigated and production restarted — even as Chile’s worst drought in 60 years spiked last year, with rainfall hitting new lows.

A BETTER WAY?

Seeing as Petorca’s water problems began before China became a market, CNA correspondent and Chongqing native Wei Du noted that “in a way, it’s really not our fault”.

“But now we’re part of the problem … it does make you wonder, isn’t there a better way?” she questioned.

 .
 Wei Du and Rodrigo Mundaca heading to a riverbed.
There is, according to Mundaca, the leader of water rights movement Modatima. “Nowadays there are some markets such as Denmark’s that have restricted the purchase of avocados from Petorca … because these companies have left our communities without water,” he cited.

The fruit has also been removed from menus elsewhere in Europe. But he pointed out that the agribusinesses have “signalled publicly that if the European market ceases to import Chilean avocados, they’d move on to China”.

Some top producers in the region are already selling up to a third of their crop to China. That is a disproportionate share, given that China accounts for about 10 per cent of Chile’s avocado exports.

Having seen how China’s changing eating habits can affect other countries, Wei said: “We’ve been told for decades now that eating extravagantly is what the good life is about. So I wonder, is it time to set new ideals?”




Source: CNA/dp