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Apology 103 years later

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[vc_row][vc_column][vc_column_text]Financial Times runs clarification on WWI-era article falsely claiming fundraising success

~By Dilip Bobb

It isn’t often that a prestigious newspaper runs an apology for a previously printed article but the venerable Financial Times has just done so—-for an article printed on November 23, 1914!

In other words, the apology is 103 years too late but the reason for the historic delay is, well, historic. The original story that appeared in the London-based FT headlined the huge success behind the then British government’s efforts to fund World War I by issuing War Bonds or War Loans. The paper went to town reporting how the project was “oversubscribed, applications were pouring in” and “the public had offered the Government every penny it asked for — and more.”

The conclusion of the morale-boosting piece was to show how strong Britain’s financial position was.

Last week, 103 years later, the paper issued a “clarification.” The first line read: “We are now happy to make clear that none of the above was true.” The retraction was not the result of FT journalists uncovering a long hidden secret but efforts by some individuals at the Bank of England who had dug up ancient ledgers which were still intact and exposed the true picture.

Their research showed that the fund-raising effort by the British was actually a spectacular failure—the government wanted to raise £350 million, but brought in less than a third of that. But, looking for a morale booster for the British public and wary of the Germans taking advantage, money was secretly funneled into the War Bond chests to conceal the shortfall.

The cover-up was uncovered by an employee at the bank’s archive who then recruited others from outside the bank to piece together the fraud which basically involved some creative accounting. They also discovered that John Maynard Keynes, the famous economist, was aware of the deception. They found a memo from him marked “Secret” in which he called it “a masterly manipulation”. The FT wasn’t the only media outlet to fall victim to the cover-up, but the clout of the paper and its stellar reputation for reporting on financial and economic issues, meant that the story on Britain’s robust financial health at the start of the Great War was widely accepted.[/vc_column_text][/vc_column][/vc_row]

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Prince Harry, Rupert Murdoch’s UK group reach settlement in surveillance case

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

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Prince Harry has reached a settlement with Rupert Murdoch’s News Group Newspapers (NGN), bringing an abrupt end to a high-profile lawsuit alleging widespread phone hacking and unlawful surveillance.

The settlement, announced just as the trial was about to commence, includes substantial financial compensation for the Duke of Sussex and a formal, unequivocal apology from NGN. This marks a significant victory for Harry, who had accused the media giant of years of intrusive and illegal activities targeting his private life.

The apology, issued directly to Harry’s legal team, explicitly acknowledged the serious breach of privacy inflicted by both The Sun and the defunct News of the World. It detailed unlawful actions perpetrated between 1996 and 2011, including phone hacking, surveillance, and the use of private investigators to obtain sensitive information.

The statement specifically addressed the intrusive activities carried out by private investigators employed by The Sun, emphasizing the severity of the intrusion into Harry’s private life during his formative years. The apology extended to the distress caused to his late mother, Princess Diana, highlighting the impact of the media’s actions on the young prince.

This settlement represents one of three lawsuits filed by Harry against British media outlets, all stemming from accusations of privacy violations. He has consistently blamed the media for the relentless pursuit of his mother, Princess Diana, ultimately leading to her tragic death in a car crash in Paris while being chased by paparazzi.

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

The case underscores the wider issue of phone hacking and media intrusion, exemplified by the notorious scandal that forced the closure of News of the World in 2011. The hacking of murdered schoolgirl Milly Dowler’s phone, during the police investigation into her disappearance, remains a particularly egregious example of the unethical practices employed by some sections of the British press.

Harry’s legal battle has brought renewed focus to this issue and the need for greater accountability within the media industry. The settlement, while ending this particular legal chapter, leaves a lasting legacy concerning media responsibility and the rights of public figures to privacy.

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China reacts to Donald Trump’s 10% tariff remarks, says it would protect its national interest

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

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China has issued a firm response to US President Donald Trump’s renewed threat to impose a 10% tariff on Chinese imports, beginning February 1. The statement, released by the Chinese foreign ministry, underscores Beijing’s unwavering commitment to safeguarding its national interests amidst escalating trade tensions with the United States.

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

The statement directly addresses Trump’s justification for the proposed tariffs, citing the flow of fentanyl from China through Mexico and Canada into the United States. This latest escalation marks a significant development in the long-standing trade dispute between the two economic giants.

The proposed tariffs, scheduled for implementation on February 1st, echo a similar threat made by Trump earlier, targeting Canada and Mexico with 25% tariffs over concerns about illegal immigration and fentanyl trafficking.

This consistent pattern of utilizing tariffs as a tool to address broader geopolitical concerns highlights the complex and multifaceted nature of the relationship between the United States and its major trading partners.

China’s economy, heavily reliant on exports to sustain its economic growth, faces significant vulnerability to such protectionist measures. Despite ongoing efforts to diversify its economy and boost domestic consumption, exports remain a crucial pillar of China’s economic engine. The potential impact of a 10% tariff on Chinese goods entering the U.S. market could trigger substantial ripple effects throughout the global economy.

The current trade tensions represent a continuation of a protracted struggle dating back to the Trump administration’s first term, marked by the imposition of substantial tariffs on Chinese imports over alleged unfair trade practices.

These actions were further reinforced by the subsequent Biden administration, which implemented sweeping measures aimed at restricting Chinese access to critical high-tech components.

Trump’s recent pronouncements signal a potential further escalation of these long-standing trade disputes. China’s response clearly indicates its readiness to defend its economic interests and navigate the complex landscape of international trade relations.

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Barron Trump, now towering at 6’9″, takes center stage at father’s inauguration

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Barron Trump, now towering at 6'9", takes center stage at father's inauguration

During the recent presidential inauguration, Barron Trump, the son of President Donald Trump and First Lady Melania Trump, captured significant attention due to his impressive stature and growing influence. Now 17, Barron stands a striking 6 feet 9 inches tall and has taken on an advisory role within his father’s political campaign.

At the ceremony, President Trump took a moment to highlight Barron’s contributions, especially his insights into the youth electorate, which reportedly helped secure a substantial lead in that demographic. “Barron has a deep understanding of the youth vote, encouraging strategies that ultimately delivered us a 36-point lead among young voters,” stated President Trump during his speech.

Barron, who celebrated his first vote in the last November election, has been recognized not only for his height but also for his intellect and strategic thinking. His suggestion for his father to appear on the Joe Rogan podcast, which amassed over 50 million views, was a notable campaign triumph.

Born on March 20, 2006, Barron is the youngest child of Donald and Melania Trump and the only one among his siblings to have attended St. Andrew’s Episcopal School in Maryland, following his earlier education at Columbia Grammar and Preparatory School in Manhattan. He is currently a freshman at New York University’s Stern School of Business.

His appearance at the inauguration not only highlighted his stature but also his growing importance in Trump’s circle, marking him as a significant figure in the current political landscape.

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