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Tag: London

  • Security guards at London’s Heathrow Airport to escalate strikes over pay into busy summer months

    Security guards at London’s Heathrow Airport to escalate strikes over pay into busy summer months

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    LONDON (AP) — Security guards at London’s Heathrow Airport, Europe’s busiest, will escalate their strike action over pay into the busy summer months, the U.K.’s largest trade union said Wednesday.

    The Unite union said more than 2,000 of its members will walk out for 31 days from June 24 through to Aug. 27, a move that could wreak havoc for the millions of people going through Heathrow during the summer travel season.

    Security guards have already been striking in recent months, including during the Easter break and the coronation of King Charles III, walkouts that Heathrow says resulted in “no impact” on the smooth running of the airport.

    “Unite is putting Heathrow on notice that strike action at the airport will continue until it makes a fair pay offer to its workers,” Unite general-secretary Sharon Graham said. “Make no mistake, our members will receive the union’s unflinching support in this dispute.”

    Security officers at Terminal 3, which is the base for many international carriers, including American Airlines and Virgin Atlantic, will be joining their colleagues from Terminal 5, which is British Airways’ main hub.

    Last December, military personnel were drafted in to check passports at U.K. airports including Heathrow during strikes by Border Force stuff.

    Unite said security guards have rejected a 10.1% pay offer from Heathrow, which is below the level at which consumer price inflation has been running since Russia’s full-scale invasion of Ukraine began in February 2022. Unite also said that its in-house research shows that the average pay of workers at Heathrow has fallen 24% in real terms since 2017.

    Unite also said there is also “widespread bitterness” among workers that Heathrow used the “cover of the pandemic” to enforce a “fire and rehire” strategy.

    “This is an incredibly wealthy company, which this summer is anticipating bumper profits and an executive pay bonanza,” Graham said. “It’s also expected to pay out huge dividends to shareholders, yet its workers can barely make ends meet and are paid far less than workers at other airports.”

    Heathrow said the majority of workers at the airport think the strike action is unjustified, but insisted it would continue to to talk to Unite in hopes of resolving the issue.

    “Unite has already tried and failed to disrupt the airport with unnecessary strikes on some of our busiest days and we continue to build our plans to protect journeys during any future action,” a Heathrow spokesperson said on condition of anonymity in line with company policy.

    With inflation running at multi-decade highs, the U.K. has been riddled with multiple strikes across sectors over the past few months, from nurses to barristers and train drivers.

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  • 6/10: CBS Saturday Morning

    6/10: CBS Saturday Morning

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    6/10: CBS Saturday Morning – CBS News


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    Donald Trump set to be arrested again after federal charges; Organist wows followers with midnight performances

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  • HSBC pulls some UK mortgage deals as fears of rising rates hits home buyers once more

    HSBC pulls some UK mortgage deals as fears of rising rates hits home buyers once more

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    “Persistently high inflation and the recent spike in lending rates will trigger a correction in the UK (Aa3 negative) housing market,” Moody’s Investor Service said in a report.

    Matt Cardy | Getty Images News | Getty Images

    LONDON – The U.K.’s biggest bank temporarily withdrew mortgage deals via broker services on Thursday, as the effect of higher interest rates ripples through the British housing market.

    HSBC told CNBC Friday that it was reviewing the situation regularly, but did not specify whether the new deals would differ from its previous offerings. Higher rates are a possibility, given that the Bank of England is continuing to increase interest rates.

    It comes eight months after hundreds of mortgage deal offers were pulled in one day after market chaos at the time sparked concerns about rising base rates.

    In a statement issued Friday, HSBC said: “We occasionally need to limit the amount of new business we can take each day via brokers. All products and rates for existing customers are still available, and we continue to review the situation regularly.”

    The banking group said the protocol was in order to ensure it meets “customer service commitments” and stressed that it remains open to new mortgage business.

    Soaring rates

    Prices tumbled 1.1% year-on-year, logging their first annual decline since June 2020.

    The Bank of England raised its interest rate to 4.5% from 4.25% as the central bank attempts to tackle high inflation that currently sits well above the 2% target, at 8.7%. 

    The Organization for Economic Cooperation and Development predicts the U.K. will have the highest inflation rate out of all advanced economies this year.

    Lenders and homeowners will be watching the central bank closely for its next base rate decision on June 22. It is widely expected the bank will agree its thirteenth consecutive increase.

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  • Prince Harry set to testify in tabloid spying trial

    Prince Harry set to testify in tabloid spying trial

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    Prince Harry set to testify in tabloid spying trial – CBS News


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    Prince Harry is scheduled to testify in a London courtroom in his trial against several U.K. tabloids, which he claims have spied on him.

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  • London Irish expected to be suspended from Gallagher Premiership as Tuesday takeover deadline looms

    London Irish expected to be suspended from Gallagher Premiership as Tuesday takeover deadline looms

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    London Irish have until 4pm on Tuesday June 6 either to complete a proposed takeover by an American consortium or for owner Mick Crossan to commit to club for entirety of the 2023-24 campaign; London Irish were hit with winding-up petition by HMRC on Friday

    Last Updated: 05/06/23 5:43pm

    London Irish are expected to be suspended from the Premiership on Tuesday

    London Irish are expected to be suspended from the Gallagher Premiership on Tuesday when the deadline to prove they have the finances needed to operate next season expires.

    Irish have until 4pm on Tuesday either to complete a proposed takeover by an American consortium or for owner Mick Crossan to commit to the club for the entirety of the 2023-24 campaign.

    As of Monday, the buyout was no closer to being finalised with key documentation including proof of funds yet to be supplied to the Rugby Football Union, while Crossan is intent on severing ties.

    Only 50 per cent of the staff payroll for May was paid and the outstanding wages must also be settled if Irish are to take their place in next season’s Premiership.

    It was Crossan’s failure to pay the salaries in full last week that persuaded the RFU to extend the deadline by six days in the hope that staff and players would get the money owed to them.

    Irish’s outlook deteriorated further on Friday when they were issued with a winding-up petition by HM Revenue and Customs over an unpaid tax bill.

    Petitions have been filed against London Irish Holdings Limited and London Irish Rugby Football Ground Limited.

    The demise of the Exiles, who finished the Premiership in fifth place, would conclude the darkest season in the history of the English club game after Wasps and Worcester folded because of their own financial difficulties.

    Wasps have been demoted to the foot of the rugby pyramid after their new owners failed to secure the funding needed to relaunch in the Championship, while Worcester have gone quiet on their plan of rebuilding from the fifth tier.

    Irish have debts in the region of £30m and do not own their own stadium, instead playing at Brentford’s Gtech Community Stadium after a 20-year spell at Reading’s Madejski Stadium.

    Bill Sweeney and Simon Massie-Taylor, chief executives of the RFU and Premiership Rugby respectively, were accused by MPs of presiding over a “failure on an epic scale” following the collapse of Wasps and Worcester, but Irish have been given every opportunity to secure their future.

    The governing bodies have been forced to weigh the desire to see the Exiles survive with the need to put plans in place for next season, with the reduction of clubs from 13 to 10 requiring a different league structure.

    If a third club is lost, the bleak financial climate of the Premiership in the post-Covid era will be highlighted once again with teams able to operate through the funding of benefactors.

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  • 6/03: CBS Saturday Morning

    6/03: CBS Saturday Morning

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    6/03: CBS Saturday Morning – CBS News


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    Nearly 300 killed in train wreck in India; The Dish: Niki Segnit and the flavor of food writing.

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  • Knife-Wielding Chef Screams For Benedict Cumberbatch While Attacking Actor’s Home

    Knife-Wielding Chef Screams For Benedict Cumberbatch While Attacking Actor’s Home

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    A former hotel chef has pleaded guilty to breaking into the London home of Benedict Cumberbatch in a knife-swinging rage that left the actor and his family terrified.

    Jack Bissell, 35, admitted to criminal damage earlier this month and was fined the equivalent of $310 by a judge who also imposed a three-year restraining order.

    Bissell, who offered no defense and didn’t explain his actions, reportedly stood outside the home in north London screaming for the Marvel star.

    “I know you’ve moved here, I hope it burns down,” he shouted, according to The Daily Mail.

    Cumberbatch and his wife, Sophie Turner, were home with their three children at the time. Bissell reportedly kicked through an iron gate, ripped a plant from a garden and threw it against a wall. Then he spat at an intercom and stabbed it with his fish knife, according to reports.

    “Naturally all of the family were absolutely terrified and thought this guy was going to get in and hurt them,” The Daily Mail reported, citing an unnamed source. “Luckily it never went that far. Benedict and Sophie have had many sleepless nights since worrying that they may be targeted again.”

    “The fact that it was a targeted intrusion makes it a lot more scary,” the source continued.

    Bissell fled before authorities arrived and was later identified through DNA in saliva he left behind. The case was kept secret until The Daily Mail successfully challenged court restrictions.

    The “Dr. Strange” star was home with his wife and three young children during the incident.

    Joel C Ryan/Invision/Associated Press

    Prosecutors reportedly told the court Bissell bought bread at a local shop earlier and told the owner he planned to break into the house and burn it down.

    It’s unclear whether Bissell. has any connection with Cumberbatch, who married Turner in 2015 and welcomed three kids in 2015, 2017 and 2019. Cumberbatch and his wife have sought to keep their children out of the spotlight.

    Bissell, a former chef at a noted restaurant, was arrested in 2015 while protesting U.K. military aggression against Syria in his underwear. His record also includes convictions for theft and warnings for property, public order and drug offenses, per the outlet.

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  • Turkish lira continues slide to new record lows following Erdogan’s election victory

    Turkish lira continues slide to new record lows following Erdogan’s election victory

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    People walking next to a Turkish national flag at the historical grand bazaar in Istanbul.

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    The Turkish lira slumped to yet another all-time low Tuesday, extending its slide after the re-election of incumbent President Recep Tayyip Erdogan.

    The currency was last trading at 20.15 against the greenback at around 5 a.m. Tuesday morning local time, surpassing Monday’s lows. Earlier in the session, it had briefly weakened to 20.2 levels to the dollar. The lira has lost more than 7% of its value since the start of the year.

    Turkey’s Election Board on Sunday confirmed that Erdogan won Turkey’s 2023 presidential election with 52.14% of the votes, while his opponent Kemal Kilicdaroglu received 47.86%.

    “If a big move weaker in the lira, and potential systemic economic crisis is to be avoided, Erdogan needs to move fast and appoint someone like Simsek as economic point person,” said BlueBay Asset Management’s Senior EM Sovereign Strategist Timothy Ash via e-mail.

    Mehmet Simsek was Turkey’s former finance minister who was known for his market friendly policies. He subsequently went on to become the country’s deputy prime minister from 2015 to 2018.

    “The question is whether any such person will have enough freedom to make economic policy changes that are needed — like rate hikes,” Ash continued.

    Turkey’s monetary policy places an emphasis on the pursuit of growth and export competition rather than taming inflation, and Erdogan endorses the unconventional view that raising interest rates increases inflation.

    “There’s a widespread expectation that [the lira] going to weaken in coming months,” Standard Chartered Bank’s Steven Englander told CNBC on “Street Signs Asia” Monday.

    He added that Turkey has “a lot of economic issues” that will intensify following Erdogan’s return to office.

    Meanwhile, Goldman Sachs analysts stated in a research report, following the run-off election results, the the focus fpr the market will continue to be on the central bank’s foreign currency reserves and the lira.

    “International reserves have continuously fallen since the beginning of the year and are close to levels when previously TRY [Turkish lira] volatility sharply increased,” the investment banks’ analysts wrote.

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  • Turkey’s lira sinks to near record low as Erdogan is re-elected

    Turkey’s lira sinks to near record low as Erdogan is re-elected

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    A man holding a Turkish flag.

    Uriel Sinai | Getty Images

    The Turkish lira sank to a fresh record low Monday as incumbent Recep Tayyip Erdogan secured his victory in the 2023 presidential election, extending his rule into a third decade in power.

    The currency briefly touched 20.0608 against the greenback at around 11 a.m. Monday morning local time, close to the recent low seen last week.

    “We have a pretty pessimistic outlook on the Turkish Lira as a result of Erdogan retaining office after the election,” Wells Fargo’s Emerging Markets Economist and FX Strategist Brendan McKenna told CNBC’s “Squawk Box Asia.”

    McKenna forecasts that the lira will reach a new record low of 23 against the dollar by end of the second quarter, and then 25 as early as next year. It has lost some 77% of its value against the dollar over the last five years. He expects Turkey’s unorthodox monetary and economic policy frameworks to remain in place going forward.

    Turkey’s monetary policy places an emphasis on the pursuit of growth and export competition rather than taming inflation, and Erdogan endorses the unconventional view that raising interest rates increases inflation.

    “The current set up is just not sustainable,” said BlueBay Asset Management’s Senior EM Sovereign Strategist Timothy Ash via email.

    “With limited FX reserves and massively negative real interest rates the pressure on the lira is heavy,” Ash continued.

    Istanbul’s main index, the Turkey ISE National 100 gained roughly 2% in its first hour of trade.

    Credit default swaps, which measure the cost of insuring exposure to Turkish debt, also spiked.

    Five-year CDS were trading at around 664.18 basis points, marking a 20% climb from the 550 basis point level prior to the run-offs, according to Refinitiv data.

    These developments reflect market participants’ belief that orthodox policies, which were promised by the political opposition, were the only way to get the Turkish economy out of a potential crisis, said Selva Demiralp, a professor of economics at Koç University.

    Meanwhile, MarketVector’s CEO Steven Schoenfeld wrote in an e-mail. “If the Lira continues to plunge and inflation surges again due to the policy of inappropriately-low interest rates, we could see a repeat of the ‘flight to safety’ allocation to Turkish equities by local investors which moved the market sharply higher in 2022.”

    ‘Bleak economic outlook’ ahead

    “It’s a very bleak economic and markets outlook for Turkey,” Wells Fargo’s McKenna added.

    He noted that the “one silver lining” in the whole scenario could be the Turkish central bank’s ability to secure currency reserve swap lines with countries in the Middle East and China.

    “If they can continue to draw on those lines and possibly extend and enhance those reserve currency lines, maybe there’s some support in the central bank FX intervention,” he added.

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  • Hugh Grant’s lawsuit alleging illegal snooping by The Sun tabloid cleared for trial

    Hugh Grant’s lawsuit alleging illegal snooping by The Sun tabloid cleared for trial

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    LONDON (AP) — A London court on Friday rejected an attempt by the publisher of The Sun tabloid to throw out a lawsuit by actor Hugh Grant alleging that journalists and investigators it hired illegally snooped on him.

    Justice Timothy Fancourt said a trial will have to determine whether Rupert Murdoch’s News Group Newspapers carried out unlawful information gathering that included tapping Grant’s home phone, bugging his car and breaking into his home.

    “If true — which will be a matter for the trial due to take place in January 2024 — these allegations would establish very serious, deliberate wrongdoing at NGN, conducted on an institutional basis on a huge scale,” Fancourt wrote. “Of particular relevance …, they would also establish a concerted effort to conceal the wrongdoing by hiding and destroying relevant documentary evidence, repeated public denials, lies to regulators and authorities, and unwarranted threats to those who dared to make allegations or notify intended claims against The Sun.”

    During a hearing last month, News Group argued that claims of unlawful information gathering by Grant and Prince Harry should be thrown out because they weren’t brought within a six-year time limit.

    The ruling didn’t address the Duke of Sussex’s case because the judge wants to hear more at a hearing in July about Harry’s allegations that he was prevented from bringing his phone hacking claims much sooner because of a “secret agreement” between Buckingham Palace and News Group executives.

    The judge dismissed Grant’s phone hacking claims on time limitation grounds, saying the actor, who has played a key role in the Hacked Off press reform group, was well aware of the voicemail interception scandal and could have brought such a claim much sooner.

    Grant previously settled a phone hacking case with News Group’s former publication News of the World. That paper was closed in 2011 at the height of the hacking scandal after it was revealed that the tabloid had intercepted voicemails of a murdered girl, in addition to those of celebrities, athletes, politicians and members of the royal family.

    News Group has asserted no unlawful information gathering occurred at The Sun.

    But the judge said the case could proceed on other allegations the actor said he only became aware of in 2021 after private investigator Gavin Burrows began disclosing alleged acts of phone tapping, bugging and burglary on behalf of the paper.

    “In addition to hacking my phone and tapping my landline, (Burrows) was aware that my premises had been burgled by people working for The Sun and that a tracking device had been placed in my car,” Grant said in a witness statement. “I found this astonishing.”

    Grant said he could never piece together who had broken into his fourth-floor apartment in 2011. The door had been pried off its hinges and the interior looked like there had been a fight but nothing was missing. Two days later, The Sun had a story detailing the interior and “signs of a domestic row.”

    Prince Harry alleged last month that the royal family had agreed to settle their cases with News Group out of court after phone hacking litigation against News of the World had wrapped up. He said the deal — allegedly agreed to by his grandmother, the late Queen Elizabeth II — was intended to keep the royals from testifying in court. He said the deal called for an apology.

    In court papers, Harry said he brought his lawsuit in 2019 — against the wishes of his father, now King Charles III — when he became frustrated the settlement wasn’t happening. He said his brother, Prince William, heir to the throne, subsequently received a “huge” settlement over phone hacking allegations against News Group.

    NGN has denied there was a “secret agreement.” The palace hasn’t responded to messages seeking comment on that or William’s alleged settlement.

    A spokesperson for News Group issued a statement Friday saying it was pleased that the court threw out Grant’s phone hacking allegations.

    “NGN strongly denies the various historical allegations of unlawful information-gathering contained in what remains of Mr. Grant’s claim,” the statement said.

    Harry’s case against News Group is one of three phone hacking suits he has brought against British tabloid publishers.

    Fancourt is currently hearing evidence by a lawyer for Harry and three others against the publisher of the Daily Mirror for alleged acts of unlawful information gathering dating to the 1990s. Harry is due to testify in the case next month.

    A different judge is currently reviewing whether cases brought by the duke, Elton John, actor and model Elizabeth Hurley, and others against the publisher of the Daily Mail should go to trial.

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  • Court rules against Prince Harry’s offer to personally pay for police protection in UK

    Court rules against Prince Harry’s offer to personally pay for police protection in UK

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    LONDON (AP) — A London judge rejected Prince Harry’s bid to pay for his own police protection Tuesday, denying the royal’s request to challenge the U.K. government in court.

    The British government stopped providing security after Harry, the younger son of King Charles III, and his wife, the former actress Meghan Markle, quit their royal duties and moved to California in 2020. It then rejected his offer to pay for protection when he visits home.

    A lawyer for the government argued in court that it was not appropriate to allow hiring “police officers as private bodyguards for the wealthy.”

    Justice Martin Chamberlain said there was nothing “incoherent or illogical” in the government’s reasoning to deny the Duke of Sussex’s request to hire police bodyguards at his own expense. He said providing private protection for an individual was different from paying police as security at sporting and other events.

    Further, he said it could strain police resources, set a precedent and be seen as unfair.

    “If privately funded protective security were permitted, a less wealthy individual would feel unfairly treated, the availability of a limited specialist resource would be reduced and a precedent would have been set which it would be difficult to contain,” Chamberlain wrote.

    Harry has said he doesn’t feel safe visiting Britain with his young children, and has cited aggressive press photographers that chased him after an event in 2021.

    The case was argued last week on the same day Harry and Meghan sought cover from paparazzi in a New York police station after a spokesperson said they had been involved in a “near catastrophic car chase” with photographers after a gala event.

    No one was injured and no citations given, but police said photographers made it challenging for the couple to get where they were going.

    The couple have said they fund their own security. Former President Donald Trump said the U.S. government wouldn’t pay to protect them.

    While Harry lost the case to pay police to protect him in the U.K., he could end up with a bigger prize. Another judge allowed his case to proceed challenging the decision to deny him government-paid security.

    The prince has four other active legal cases in London courts, all of them against British tabloid publishers over allegations of phone hacking or libel.

    Harry is due to testify next month in an ongoing trial against the publisher of the Daily Mirror over allegations it used illegal means to gather material for dozens of articles about the duke, dating back as far as the 1990s.

    Judges are currently weighing whether two other phone hacking cases can go to trial against the publishers of the Daily Mail and The Sun.

    Lawyers for the newspapers have argued the claims were brought well beyond a six-year time limit. Harry’s lawyer has argued that an exception should be granted because the publishers were deceptive about the hacking and other unlawful information gathering so he couldn’t discover it soon enough.

    A judge is also considering whether to toss out Harry’s libel lawsuit against the Mail on Sunday over an article alleging he tried to hush up his challenge to pay for police security.

    The newspaper has claimed it was expressing an “honest opinion,” but a judge in a preliminary ruling found it defamatory.

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  • Court rules against Prince Harry’s offer to personally pay for police protection while in the UK

    Court rules against Prince Harry’s offer to personally pay for police protection while in the UK

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    LONDON (AP) — A London judge ruled Tuesday against Prince Harry in his efforts to pay for police protection when he visits Britain.

    A High Court judge rejected the Duke of Sussex’s assertion that the British government exceeded its authority when it denied him the right to hire police to provide security in the U.K.

    The British government stopped providing security after Harry and his wife, Meghan, quit their royal duties and moved to California in 2020. A lawyer for the government argued in court that it should allow hiring of “police officers as private bodyguards for the wealthy.”

    Harry has said he doesn’t feel safe visiting Britain with his young children, and has cited aggressive press photographers.

    The case was argued last week on the same day Harry and Meghan sought cover from paparazzi in a New York police station after a spokesperson said they had been involved in a “near catastrophic car chase” with photographers after a gala event.

    No one was injured and no citations given, but police said photographers made it challenging for the couple to get where they were going.

    Harry is separately challenging the decision to deny him government-paid security. That lawsuit is the only one of five active legal cases he has in London courts that is not against British tabloid publishers over allegations of libel or phone hacking.

    He is due to testify next month in an ongoing trial against the publisher of the Daily Mirror over allegations it used illegal means to gather material for dozens of articles about the duke, dating back as far as the 1990s.

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  • Western Union rival Zepz lays off 26% of employees as fintech cuts continue

    Western Union rival Zepz lays off 26% of employees as fintech cuts continue

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    Zepz, which owns the WorldRemit and Sendwave brands, has a total headcount of around 1,600.

    Sopa Images | Lightrocket | Getty Images

    Money transfer group Zepz is laying off 420 employees, the company told CNBC exclusively, as the fintech sector grapples with a tough macroeconomic environment.

    The London-headquartered company began informing employees of the redundancies on Monday, with individual staff being told by their managers before larger communications were issued. By Tuesday, the whole company had been told about the move.

    Zepz, which owns the WorldRemit and Sendwave brands, has a total headcount of around 1,600, meaning the cuts translate to about 26% of its workforce.

    The reductions will mainly impact Zepz’s customer care and engineering teams as Zepz looks to shift those operations from multiple countries to more centralized hubs, the company said.

    The firm is headquartered in London but has regional offices in the United States, Canada, Australia, Hong Kong, Poland, Kenya, and beyond.

    Zepz said it was implementing what it called “workforce optimization” to account for roles that had been duplicated following its combination of Sendwave with WorldRemit under one parent company.

    Collectively, both money transfer services are used by more than 11 million users across 150 countries. Sendwave was acquired by Zepz in 2020 for an undisclosed sum.

    It is the second time in just under a year that Zepz has laid off staff. In June 2022, Zepz implemented redundancies affecting around 5% of its workforce, according to Sky News.

    Mark Lenhard, Zepz’s CEO, said the decision marked “an important and necessary step in transitioning from two vast, segmented teams to one dynamic organization under Zepz, and laying ambitious foundations towards our long-term strategic direction as a portfolio business.”

    He added that the company took the decision to reduce its headcount due to a need to streamline its structure rather than macroeconomic pressures.

    “Over the last year we have taken a serious look at how to optimize the organization to continue scaling in a mature fashion that sets up the business for long-term success,” he said.

    “The remittance industry has maintained robust growth despite global economic conditions, and we’ve seen this audience take great measures to ensure their loved ones are supported as costs rise around the world.”

    Employees will be offered support in the form of counseling, coaching and career, CV development, job applications, and interviewing skills.

    Despite the job reduction measure, Zepz said it is still hiring for 200 roles.

    The company enables users to send money abroad from a smartphone or computer with people on the other end being able to receive it in their bank accounts, by cash, to a mobile wallet, or as a mobile airtime top-up.

    The service is a challenger to established money transfer services like Western Union, touting cheaper fees and the ability to transfer money rapidly. A close rival is Wise, which claims to offer cheaper international money transfers than the banks.

    Fintechs like Zepz are facing a range of challenges including more cost-conscious consumers and heightened regulatory scrutiny. These have hit the value of various companies in the sector — both in the public and private markets. Funding has dried up and several fintechs have taken valuation cuts.

    Even legacy banks have struggled to gain traction in the market, with Goldman Sachs recently pulling back on its fintech ambitions.

    Zepz last raised cash in August 2021 at a $5 billion valuation when it announced $292 million of new funding from investors led by the hedge fund Farallon Capital. The startup is backed by leading venture capital firms including Leapfrog, TCV and Accel.

    “Having hit profitability last year, the Zepz team has been focused on efficient growth and continuing to build a large, sustainable business,” Harry Nelis, a partner at Accel, told CNBC.

    “Following the acquisition of Sendwave a couple of years ago, the next stage in the integration of the two companies is to remove the duplication of roles across the brands’ locations.”

    “The team’s decision to optimise the workforce, while a difficult one, was important for the business’s long-term growth and we’re confident Zepz will continue to disrupt the industry,” Nelis added.

    Zepz has long been a darling of the U.K. fintech scene. It was founded in 2010 by British-Somalian entrepreneur Ismail Ahmed, who started the company after moving to the U.K. after fleeing civil war-torn Somalia.

    Ahmed’s idea for creating Zepz, then WorldRemit, stemmed from his own experience moving money across emerging markets; he would transfer funds to his family, who then lived in a refugee camp in Ethiopia, but the transfers were expensive and took months to complete.

    Ahmed stepped down as Zepz’s CEO in 2018, though he remains on the board as non-executive chairman. His replacement at the time was Breon Corcoran, an Irish businessman who formerly led British betting company Paddy Power Betfair.

    In 2022, Corcoran was replaced by Mark Lenhard, a former executive at bill payments firm Bill.com, whose appointment reportedly came as the prospects of an initial public offering for the company had waned.

    Lenhard said that Zepz “never announced a timeline for IPO and are not planning to announce exit plans at this time.” The company achieved operating profitability in the first half of 2022, he said, adding that it is “on a sustainable track to increase profit margins.”

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  • Good news for markets next week. Everyone agrees the debt ceiling ‘X date’ is not here yet

    Good news for markets next week. Everyone agrees the debt ceiling ‘X date’ is not here yet

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  • London police chief rejects complaints of heavy-handed response to coronation protesters

    London police chief rejects complaints of heavy-handed response to coronation protesters

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    LONDON (AP) — London’s top police officer defended the department Friday from complaints of a heavy-handed response to protesters during the coronation of King Charles III, saying his officers intervened to prevent “serious disruption and criminality.”

    Metropolitan Police Commissioner Mark Rowley said officers responded to “rapidly developing intelligence” suggesting protests could affect the safety and security of the coronation events last Saturday.

    Prompting the concerns were indications that demonstrators planned to use high-volume sound devices that could have panicked horses and to block the procession between Buckingham Palace and Westminster Abbey by locking onto things along the route, Rowley said in a letter responding to questions from Mayor Sadiq Khan.

    ’’Had our officers not acted on the reasonable grounds based on the evidence in front of them in the moment and the potential risk to the event, there would now be much more serious questions to answer about the event,” Rowley wrote. “Serious and reliable intelligence told us that the risks were very real.”

    Rowley’s assessment came after it emerged that a supporter of the monarchy who was waiting along the parade route in hopes of seeing the new king was arrested and detained for 13 hours simply because she was standing close to protesters in central London on Saturday. Alice Chambers has called on the police department to put new processes in place to prevent a repeat of the incident.

    Anti-monarchy groups, environmental campaigners and civil liberties organizations have accused the police, and Britain’s Conservative government, of stifling the right to protest by using recently enacted police powers to clamp down on peaceful but disruptive demonstrations on coronation day.

    Republic, a group that is campaigning to replace the king with an elected head of state, has pledged to take legal action.

    The U.K.’s recently passed Public Order Act, introduced in response to recent environmental protests that disrupted transportation around the country, allows police to search demonstrators for items such as locks and glue. It allows penalties of up to 12 months in prison for protesters who block roads or interfere with “national infrastructure.”

    The new rules came into effect three days before the coronation.

    Rowley said peaceful demonstrations were allowed to continue, including a large group of anti-monarchist protesters along the parade route at Trafalgar Square.

    “Protest was not banned,” he said. “While we said that our tolerance for disruption of the coronation celebrations was low, it was not zero.”

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  • 5/6: CBS Weekend News

    5/6: CBS Weekend News

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    5/6: CBS Weekend News – CBS News


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    King Charles III formally crowned in lavish coronation ceremony; The sights and sounds of coronation day

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  • King Charles III formally crowned in lavish coronation ceremony

    King Charles III formally crowned in lavish coronation ceremony

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    King Charles III formally crowned in lavish coronation ceremony – CBS News


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    King Charles III and his wife, Queen Camilla, were both formally crowned in the first coronation ceremony the United Kingdom has seen since Queen Elizabeth II’s coronation in 1953.

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  • Gallagher Premiership: London Irish finished a difficult week on a high with victory over Exeter Chiefs

    Gallagher Premiership: London Irish finished a difficult week on a high with victory over Exeter Chiefs

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    Gallagher Premiership results – Saturday: Bath 61-29 Saracens, Bristol 36-21 Gloucester, Leicester 17-20 Harlequins, London Irish 17-14 Exeter, Sale Sharks 54-12 Newcastle Falcons

    Last Updated: 06/05/23 9:26pm

    Henry Arundell was part of the London Irish team which helped them finish their campaign on a high

    A round-up of Saturday’s Gallagher Premiership action as London Irish finished a difficult week on a high.

    London Irish 17-14 Exeter Chiefs

    Two tries from Juan Martin Gonzalez ensured London Irish finished a difficult week on a high as they saw off Exeter Chiefs 17-14 at the Gtech Stadium.

    The build-up to the game had been far from ideal for Irish, whose players were paid late as the club’s proposed takeover continues to drag on.

    In a game that swung one way then the other, Tom Hendrickson looked like he had earned Chiefs the victory, only for Gonzalez to turn it around for the Exiles to secure a fifth-placed finish, their best return in 14 years since they reached the Premiership final.

    Declan Kidney paid tribute to his side, ranking the emotion of this week up there with anything he has experienced in the game.

    He said: “For the year’s work, I’m delighted for everybody in the organisation. The players have been brilliant, when you think that is only our second game in six weeks.

    “The fact we have finished up with the best of the rest, for some it might not mean much but for us, given where we’ve come from, we’re absolutely delighted with it.

    “There were many, many challenges, like every club in this league, that we have had to overcome. Some of them have been more recent and how the boys did that, how the coaches, strength and conditioners, everyone stayed on track. These lads were always going to play.

    “These lads have gone from Championship to 10th, to ninth, to eighth and now to fifth.

    “We’re planning for a rich future with the age of the lads out on the pitch, that is what we are building it on. There is a rich future for this club on the pitch and I’m sure the people off the pitch will do the business and see it through.”

    Bristol 36-21 Gloucester

    Bristol missed out on a Heineken Champions Cup spot for next season despite a hard-fought 36-21 win over local rivals Gloucester as they were pipped by Bath on points’ difference.

    The bonus-point victory was not enough for Bears to stay in eighth place in the final table as Bath’s winning margin over Saracens proved crucial.

    Semi Radradra scored two tries on his farewell appearance for Bristol while Sia Naulago, Magnus Bradbury and Harry Thacker were also on the try-scoring sheet, with AJ MacGinty adding four conversions and a penalty.

    Ollie Thorley and Jonny May scored Gloucester’s tries and there was also a penalty try award, with Adam Hastings and Billy Twelvetrees each adding a conversion.

    Bath 61-29 Saracens

    Bath ran in nine tries in a 61-29 win over a game Saracens second string to snatch the last Heineken Champions Cup spot next season from local rivals Bristol.

    Hooker Tom Dunn scored a hat-trick as Johann van Graan’s resurgent side notched a fourth successive Gallagher Premiership victory, a run that has propelled the club from the bottom of the table to that all-important eighth qualifying place.

    The Rec broke into wild celebration as news came through from Ashton Gate that Bristol’s winning margin against Gloucester had not been enough.

    Leicester 17-20 Harlequins

    Chris Ashton’s decorated career ended with a red card as Leicester were defeated 20-17 by Harlequins.

    The former England winger, who is retiring at the end of the campaign, was dismissed towards the end of the first half for a dangerous high tackle on opposite number Cadan Murley.

    Despite the loss, Leicester’s semi-final at Sale next week was confirmed, while Quins wideman Murley will end as the top-flight’s leading scorer with 15 tries.

    Sale Sharks 54-12 Newcastle Falcons

    Sam James scored twice as Sale Sharks warmed up for the play-offs by dispatching Newcastle Falcons 54-12.

    The hosts went behind early but responded comprehensively, running in eight tries at the AJ Bell Stadium, which will play host to Sharks’ semi-final clash with Leicester Tigers next Sunday.

    Newcastle arrived knowing they would prop up the table regardless of the outcome but made the stronger start, and crossed for the afternoon’s opening score when Pedro Rubiolo crashed over following neat footwork from Elliott Obatoyinbo.

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  • ‘Something out of a police state’: Anti-monarchy protesters arrested ahead of King Charles’ coronation | CNN

    ‘Something out of a police state’: Anti-monarchy protesters arrested ahead of King Charles’ coronation | CNN

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    London
    CNN
     — 

    London’s Metropolitan Police said it made 52 arrests during the coronation of King Charles III on Saturday, as the force faces growing scrutiny over its attitude toward anti-monarchy demonstrators.

    Thousands gathered in central London on Saturday to celebrate the once-in-a-generation occasion. But it also drew demonstrators, with protesters wearing yellow T-shirts booing and shouting “Not My King” throughout the morning.

    Republic, Britain’s largest anti-monarchy group, told CNN that police – without providing any reason – arrested organizers of the anti-monarchy protest.

    At around 7 a.m. (2 a.m. ET) police stopped six of Republic’s organizers and told them they were detaining and searching them, Republic director Harry Stratton told CNN at the protest.

    Graham Smith, the chief executive of Republic, was among those detained, according to a video shared by the Alliance of European Republican Movements.

    Stratton said that when the organizers asked police why they were being detained, they were told officers “would figure it out” after they had searched the anti-monarchy protesters. After searching them, police told the six organizers they were arresting them and seizing hundreds of their placards carrying the slogan “Not My King.”

    “They didn’t say why they were arresting them. They didn’t tell them or us where they were taking them. It really is like something out of a police state,” Stratton said.

    “I think people are quite perturbed by the police reaction. But the crowd reaction to us has been overwhelmingly friendly,” he added.

    The group posted on Twitter Saturday, commenting: “So much for the right to peaceful protest.”

    Members of environmental activist group Just Stop Oil also appeared to have been arrested on The Mall outside Buckingham Palace, the UK’s PA Media news agency reported, adding that a large group of the protesters were seen in handcuffs.

    A Just Stop Oil member was arrested and carried away by police.

    The Metropolitan Police confirmed several arrests had been made in central London and defended its actions.

    “A total of 52 arrests have been made today for offenses including affray, public order offenses, breach of the peace and conspiracy to cause a public nuisance. All of these people remain in custody,” the police said in a press release.

    Commander Karen Findlay, who is leading the police operation, said in the release: “We absolutely understand public concern following the arrests we made this morning.

    “Protest is lawful and it can be disruptive. We have policed numerous protests without intervention in the build-up to the coronation, and during it.

    “Our duty is to do so in a proportionate manner in line with relevant legislation. We also have a duty to intervene when protest becomes criminal and may cause serious disruption.

    “This depends on the context. The coronation is a once in a generation event and that is a key consideration in our assessment. A protest involving large numbers has gone ahead today with police knowledge and no intervention.”

    Human Rights Watch, a non-profit campaign group, said earlier Saturday that the coronation arrests were “something you would expect to see in Moscow not London,” according to a statement obtained by PA Media.

    Anti-monarchy groups have expressed concern over the treatment of protesters.

    Republic claimed it was expecting between 1,500 and 2,000 people to join the group at its protest in Trafalgar Square, just south of the royal procession route.

    “Instead of a coronation we want an election. Instead of Charles we want a choice. It’s that simple,” the group tweeted on Saturday.

    The Metropolitan Police, the UK’s largest police force, has been scrutinized for its tough approach toward protests around the coronation.

    “Our tolerance for any disruption, whether through protest or otherwise, will be low,” the force wrote on Twitter this week. “We will deal robustly with anyone intent on undermining this celebration.”

    Ahead of the event, the Met said that more than 11,500 police officers would be deployed in London on Saturday, making the coronation the largest one-day deployment in decades.

    The operation – labeled Golden Orb – saw officers line the processional route, manage crowds and road closures, protect high-profile individuals and carry out searches with specialist teams.

    There are also plans for facial recognition technology to be used in central London, which has sparked criticism from human rights groups.

    Demonstrators gathered in central London on Saturday.

    “We all have the right to go about our lives without being watched and monitored, but everyone at the coronation is at risk of having their faces scanned by oppressive facial recognition technology,” Emmanuelle Andrews of human rights group Liberty, said on Twitter.

    The operation comes amid growing concern over the increase in the police’s power to stifle dissent in Britain, following the recent introduction of controversial pieces of legislation.

    Last year, the Police, Crime, Sentencing and Courts Act 2022 significantly “broaden[ed] the range of circumstances in which police may impose conditions on a protest.” Under the new Act, it is an offense for protesters to “intentionally or recklessly caus[e] public nuisance” – including causing “serious annoyance.”

    In a statement to CNN, Liberty said this Act “has made it much harder for people to stand up for what they believe without facing the risk of criminalization.”

    On Tuesday, a new law called the Public Order Act received royal assent from King Charles, which is a formality and the final hurdle before a bill becomes law.

    It will “give police the powers to prevent disruption at major sporting and cultural events taking place this summer in England and Wales,” the UK Home Office said in a statement.

    Specific measures in the Act were introduced from Wednesday.

    Under this law, long-standing protest tactics such as locking on – where protesters physically attach themselves to things like buildings – could lead to a six-month prison sentence or “unlimited fine,” said the Home Office.

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  • King Charles III is crowned in once-in-a-generation ceremony | CNN

    King Charles III is crowned in once-in-a-generation ceremony | CNN

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    Editor’s Note: Sign up for CNN’s Royal News, a weekly dispatch bringing you the inside track on the royal family, what they are up to in public and what’s happening behind palace walls.


    London
    CNN
     — 

    Britain’s King Charles III has been crowned in a once-in-a-generation royal event that is being witnessed by hundreds of high-profile guests inside Westminster Abbey, as well as tens of thousands of well-wishers who have gathered in central London despite the rain.

    The intricate coronation service followed a traditional template that has stayed much the same for more than 1,000 years.

    The King took the Coronation Oath and became the first monarch to pray aloud at his coronation. In his prayer he asked to “be a blessing” to people “of every faith and conviction.”

    He was anointed with holy oil by the Archbishop of Canterbury Justin Welby, the spiritual leader of the Anglican Church who is leading the ceremony. The anointment, considered the most sacred part of the ceremony, took place behind a screen.

    The King was presented with the coronation regalia, including the royal Robe and Stole, in what is known as the investiture part of the service.

    He was then crowned with the 360-year-old St. Edward’s Crown, the most significant part of the coronation ceremony. After crowning the King, Welby declared: “God Save the King.”

    Wearing the crown, the King was seated on the throne, after which the Archbishop of Canterbury invited the British public, as well as those from “other Realms,” for the first time, to recite a pledge of allegiance to the new monarch and his “heirs and successors.”

    Ahead of the event, some parts of the British media and public interpreted the invitation as a command, reporting that people had been “asked” and “called” to swear allegiance to the King. In the face of such criticism, the Church of England revised the text of the liturgy so that members of the public would be given a choice between saying simply “God save King Charles” or reciting the full pledge of allegiance.

    Once the King was crowned, his wife, Queen Camilla, was crowned in her own, shorter ceremony with Queen Mary’s Crown – marking the first time in recent history that a new crown wasn’t made specifically for this occasion – and presented with the Sceptre and Rod.

    While Charles became King on the death of his mother, Queen Elizabeth II in September last year, the coronation is the formal crowning of the monarch and is a profoundly religious affair, reflecting the fact that aside from being head of state of the United Kingdom and 14 other countries, Charles is also the Supreme Governor of the Church of England.

    However, it has been modernized in certain key ways. The archbishop acknowledged the multiple faiths observed in the UK during the ceremony, saying the Church of England “will seek to foster an environment in which people of all faiths may live freely.”

    King Charles III during his coronation ceremony in Westminster Abbey, London, on Saturday.

    The King and Queen arrived at Westminster Abbey in a splendid coach drawn by six horses, accompanied by the Household Cavalry. They then walked down the long aisle wearing historic robes, flanked by the top officials of the Church of England as well as some of their closest family members.

    Despite the splendor of the occasion, it has not been without controversy. Some have objected to millions of pounds of taxpayers’ money being spent on a lavish ceremony at a time when millions of Britons are suffering a severe cost-of-living crisis.

    The coronation has also attracted anti-monarchy demonstrations, with a small number of protesters arrested in central London on Saturday morning before the event began.

    Some royal fans spent the past few days camping along the 1.3-mile (2km) route from Buckingham Palace, the British monarchy’s official London residence, to Westminster Abbey, the nation’s coronation church since 1066, in order to secure the best vantage point for the procession.

    By early Saturday, the London Metropolitan Police Service announced that all viewing areas along the procession route were full and closed off to new arrivals.

    The Met said ahead of time that Saturday would be the largest one-day policing operation in decades, with more than 11,500 officers on duty in London. Security around the event came into focus earlier this week when a man was arrested just outside Buckingham Palace after he allegedly threw suspected shotgun cartridges into the palace grounds.

    The ceremony was expected to last two hours – about an hour shorter than Elizabeth II’s coronation in 1953. It began with the recognition and oath, followed by a reading from the Bible by UK Prime Minister Rishi Sunak and – in a coronation first – gospel music.

    The congregation, while including some 2,300 people, is much smaller than it was in 1953 when temporary structures had to be erected within the abbey to accommodate the more than 8,000 people on the guest list.

    The doors to the abbey opened just before 8 a.m. local time, with the first guests taking their seats a full three hours before the ceremony began.

    Among the first people to arrive were singer Lionel Richie, musician Nick Cave, actresses Emma Thompson, Joanna Lumley and Judi Dench, composer Andrew Lloyd Webber, UK Labour Party leader Keir Starmer, and broadcaster Stephen Fry.

    Top British officials, faith leaders and international representatives followed in their steps. They all took their seats in the vast church with more than an hour to go – reflecting the huge logistical challenges presented by an event attended by hundreds of VIPs.

    All Sunak’s living predecessors as prime minister were there: Liz Truss, Boris Johnson, Theresa May, David Cameron, Gordon Brown, Tony Blair and John Major. Mayor of London Sadiq Khan, UK opposition leader Keir Starmer and Chancellor of the Exchequer Jeremy Hunt were also in attendance.

    First Lady of the United States Jill Biden arrives for the coronation ceremony at Westminster Abbey in London on May 6, 2023.

    First Lady of the United States Jill Biden and the US Special Presidential Envoy for Climate John Kerry were there, as was the Chinese Vice President Han Zheng.

    Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron and numerous other world leaders were also present.

    Last to arrive, just before the King and Queen, were the most senior members of King Charles’ family, his siblings and children, including Prince Harry who traveled to the UK from the US without his wife, Meghan, the Duchess of Sussex and their two young children. Saturday is also Prince Archie’s 4th birthday.

    Music is playing a central part in the ceremony, and five new compositions have been commissioned for the main part of the service, including an anthem by Lloyd Webber, who is better known for West End musicals.

    Charles’ consort Camilla will also be crowned in a shorter, simpler part of the ceremony.

    Once done with the formalities, the newly crowned King and Queen will ride back in a much larger parade to Buckingham Palace, where they will be greeted by a royal salute.

    The pomp and pageantry will conclude with the customary balcony appearance by the King and his family as they join the crowds below in watching a flypast of more than 60 aircraft.

    While undoubtedly a historic occasion, the run-up to the coronation has seen controversy.

    Republic, a campaign group that calls for the abolition of the monarchy, said the idea of the “homage of the people” was “offensive, tone deaf and a gesture that holds the people in contempt.”

    Some eyebrows were also raised earlier this week when a controversial and widely criticized UK public order bill came into force.

    Since the death of Queen Elizabeth II last year, there have been a number of instances of anti-monarchists turning up at royal engagements to voice their grievances against the institution.

    The new rules, signed into law by the King on Tuesday, just days before the coronation, empower the police to take stronger action against peaceful protesters.

    From Wednesday, long-standing protest tactics such as locking on, where protesters physically attach themselves to things like buildings, could lead to a six-month prison sentence or “unlimited fine,” according to the UK Home Office.

    Republic said it had received a letter from the Home Office which set out the new policing powers and asked the campaign group to “forward this letter to your members who are likely to be affected by these legislative changes.” The group added that it would not be deterred by it.

    Republic said it was expecting between 1,500 and 2,000 people to join an anti-monarchy protest at Trafalgar Square, just south of the royal procession route. On Saturday morning, Republic said on Twitter that organizers of the protest had been arrested shortly after the demonstration started – including the group’s leader, Graham Smith.

    Protesters hold up placards saying

    The Metropolitan Police tweeted: “Earlier today we arrested four people in the area of St Martin’s Lane. They were held on suspicion of conspiracy to cause public nuisance.”

    A further three people were arrested “on suspicion of possessing articles to cause criminal damage,” the force added. And “a number of arrests” have been made of people suspected of breaching the peace.

    Republic had said earlier on Twitter that police “won’t say” why their demonstrators were detained. “So much for the right to peaceful protest,” the group said.

    Despite the pomp of Saturday’s events, the King is facing significant challenges. A CNN poll has found that Britons are more likely to say their views of the monarchy have worsened than improved over the past decade.

    The results of the survey, conducted for CNN by the polling company Savanta in March, show Charles’ heir Prince William is viewed with greater affection than his father.

    Despite their cooler attitude towards the King, most Britons say they plan to take part in at least one event related to the coronation this weekend, the poll found, with many communities planning street parties and lunches.

    Artists Katy Perry, Richie and Take That will headline the “Coronation Concert” at Windsor Castle on Sunday evening and people have also been encouraged to use Monday, the final day of the long weekend, to volunteer in their communities.

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