World Biz
King Charles III, the new face of UK Money
In the previous months, as UK has healed from mourning its queen, the beginning of a new reign started to show in the country’s daily life.
England’s World Cup team sang “God Save the King.” For the first time in decades, a king welcomed a new prime minister. Now, as Britons prepare for the first Christmas without Queen Elizabeth II’s traditional message, the Bank of England has announced another major change.
On Tuesday (December 20) local time, it unveiled new pound notes with King Charles III’s portrait that are expected to enter circulation in mid-2024.
The new £5, £10, £20 and £50 notes will be printed only to replace worn-out currency or to meet any increase in demand, so bank notes with the images of the late queen and the current king will circulate at the same time.
The announcement marked another new page in Britain’s history, with King Charles taking his mother’s place on the throne and in the rituals and symbols that testify to the royal family’s presence in everyday life.
“This is a significant moment,” the bank’s governor, Andrew Bailey, said in a statement, adding that King Charles was only the second monarch to be featured on the pound notes.
Pound notes were first issued at the end of the 17th century, but the British sovereign has been featured on them only since 1960, with Queen Elizabeth II being the first monarch to appear. The initial notes bore a portrait of the queen wearing the family’s diamond diadem.
“It was a formal, regal image, and was criticized for being a severe and unrealistic likeness,” according to the Bank of England.
A second portrait by another designer had a better reception, because people thought that the portrait was more realistic and she looked more “relaxed,” according to the bank. Other portraits were introduced later, but the most familiar one for most Britons is the one featuring a more mature queen, drawn in 1990. The same portrait continued to appear after 2016, when the bills started being printed on plastic rather than paper.
Since the 17th century, monarchs have been represented on coins facing in the opposite direction of their immediate predecessor, so King Charles faces left, while his mother faced right.
The notes do not seem to be subjected to the same tradition, as the sovereigns are portrayed from the front.
In recent years, Britain has paid tribute to some of its prestigious national figures by introducing currency featuring former Prime Minister Winston Churchill, the novelist Jane Austen, the painter J.M.W. Turner and the mathematician Alan Turing.
The Royal Mint, the official maker of British coins, also announced the creation of £5 and 50-pence coins bearing the king’s effigy, created by the sculptor Martin Jennings. They will not replace Queen Elizabeth’s coins, in order to “minimize the environmental and financial impact of the change of monarch,” the Royal Mint said.
Pakistani Prime Minister Shehbaz Sharif expressed optimism about reaching a deal with the International Monetary Fund (IMF) this month, according to an interview with Turkish news agency Anadolu.
The release of pending bailout funds through the 9th IMF review is crucial for Pakistan to address its severe balance of payments crisis, as the country’s central bank reserves can only cover imports for a month. However, a staff-level agreement to release $1.1 billion out of a $6.5 billion package has been delayed since November, marking the longest delay in staff-level missions to Pakistan since at least 2008.
Sharif stated that Pakistan remains hopeful about the IMF program materializing and assured that the 9th review will fulfill all terms and conditions. He expressed anticipation for positive news this month, highlighting that Pakistan has completed all necessary prior actions to unlock funding. Notably, Pakistan is preparing to announce its Federal Budget on June 9, and last month, the finance minister mentioned that the IMF had requested details about the budget, which the government had planned to share.
Pakistan is currently grappling with an economic crisis, as May witnessed inflation skyrocketing to 37.97%, marking a record high for the second consecutive month and the highest in South Asia. In an attempt to secure IMF funding, the government has implemented measures such as removing exchange rate caps, imposing taxes, increasing energy tariffs, and reducing subsidies. Additionally, key interest rates have been raised to a record 21%.
Bangladesh Prime Minister Sheikh Hasina is expected to embark on a visit to Switzerland in June to attend the “World of Work Summit: Social Justice for All” in Geneva on June 14-15. The summit serves as a significant platform for global leaders to address the pressing need for enhanced, coordinated, and coherent efforts in promoting social justice.
During the summit, discussions will revolve around the proposal to establish a Global Coalition for Social Justice, which received a positive response from the International Labour Office’s Governing Body at its 347th Session. Should the plans be finalized, Prime Minister Sheikh Hasina will undertake her visit to Geneva from June 13 to 16, as confirmed by a diplomatic source.
A distinguished lineup of attendees, including French President François Hollande, Panamanian President Juan Carlos Varela, Nobel Peace Prize laureate Kailash Satyarthi, and representatives from employers’ and workers’ organizations, will address the conference. Over the course of two days, the summit aims to emphasize the crucial role of social justice in fostering a more sustainable and equitable world. Additionally, strategies for enhanced collaboration and cohesive action to advance social justice and ensure policy coherence will be explored.
The summit will provide participants with a platform to share their vision and priorities concerning social justice, as well as showcase the actions they have taken and commit to taking to promote social justice. Furthermore, the outcomes of the summit are expected to inform discussions in other multilateral forums regarding the significance and strategies for achieving greater social justice. These forums include the Sustainable Development Goals Summit, the G20 Summit, and the summits of the BRICS countries, all scheduled to take place in 2023.
Prominent figures such as heads of state and government, the United Nations Secretary-General, the Director-General of the International Labour Organization (ILO), and high-level representatives from employers’ and workers’ organizations will deliver addresses during the summit. Additionally, four panel discussions will bring together governmental representatives, employers’ and workers’ organizations, UN entities, and other international organizations to identify and amplify actions aimed at promoting social justice across the multilateral system. The objective is to commit to a joint, coherent, and coordinated engagement on this crucial issue.
Recep Tayyip Erdoğan has extended his two-decade-long grip on power in Turkey, securing victory over his rival Kemal Kilicdaroglu in a closely contested presidential runoff election.
With 99.43% of the votes counted, Turkey’s supreme election authority announced Erdoğan’s win with 52.14% of the votes, while Kilicdaroglu received 47.86%. The gap of over 2 million votes between the candidates was insurmountable, ensuring Erdogan’s victory. Even before the official result was announced, Erdoğan celebrated atop a bus in Istanbul, singing a campaign song and declaring his triumph.
Erdoğan hailed the election as a win for Turkey and its democracy, emphasizing the importance of the country remaining united and focused on its goals. The incumbent president has been a dominant figure in Turkish politics, centralizing power, suppressing opposition, and implementing unconventional economic policies. Surprisingly, he garnered support in areas severely affected by financial crises and devastating earthquakes. Erdogan’s victory affirms his populist style of politics and grants him another term as president.
In the aftermath of his win, Erdoğan addressed his supporters from the balcony of the presidential palace, boasting of Turkey’s economic independence despite ongoing financial challenges. Congratulations poured in from various world leaders, including President Joe Biden, President Vladimir Putin, Prime Minister Rishi Sunak, President Emmanuel Macron, President Luiz Inacio Lula da Silva, and even Erdogan’s former rival, President Abdel Fatah al-Sisi of Egypt.
Kilicdaroglu, leader of the Republican People’s Party (CHP), consoled his supporters at the party’s headquarters in Ankara, acknowledging the people’s desire for change despite what he deemed an unfair election process. He expressed his commitment to continuing the struggle for real democracy in the country.
The opposition had managed to push Erdoğan into a runoff election, an unprecedented occurrence in the presidential system introduced by Erdoğan himself. However, they fell short of securing the majority needed for victory. Kilicdaroglu and his coalition campaigned on returning Turkey to parliamentary democracy, pledging to reverse the changes implemented by Erdoğan during his two decades in power.
Erdoğan dismissed claims of increasing authoritarian control, highlighting that a candidate entering a runoff election cannot be considered a dictator. His campaign focused on his ability to solve the country’s problems, particularly the worsening economic crisis. Despite holding mayorships in major cities, the opposition struggled to gain traction outside their traditional strongholds, while Erdoğan’s support remained strong in provinces that had experienced significant socioeconomic growth under his leadership.
In summary, Erdoğan’s victory in the presidential runoff election solidifies his hold on power in Turkey, offering him another term as president and reaffirming his populist political approach. The country remains deeply polarized, with the opposition vowing to continue the struggle for a more democratic system.
