LONDON // British divorce lawyers have words of warning for Prince William: Not all fairy tales have happy endings.
The prince is set to wed his longtime love Kate Middleton on April 29, but if history is any guide, divorce lawyers say the heir to the British throne would be well advised to sign a prenuptial agreement.
"It's an absolute statistical no-brainer that a prenuptial agreement would be highly beneficial in this case," said divorce lawyer James Stewart from the firm Manches, which handled the multimillion divorce case between Madonna and director Guy Ritchie.
Britain's royal family has been plagued by a string of failed marriages. Three of Queen Elizabeth II's four children have been divorced, and William's uncle on his mother's side, Charles Spencer, has two ex-wives.
Prince William's office declined to comment on whether the future heir to the throne might sign a premarital contract.
Although prenuptial agreements are common in the United States, in Britain they remain rare for most couples - never mind the royal family. British courts agreed to recognize such deals only in the last year after a slew of high-profile divorce awards gave London a reputation as the "divorce capital of the world."
Stewart said Britain's royals need to recognize that when it comes to divorce, they're just like commoners under UK law. And with large amounts of royal wealth most likely tied up in trusts, which can be hard to get access to, it's important to hammer out the details now just in case, he says.
"In the 21st century, there is a real need for any couple in the public arena to enter into a properly drawn up prenup," Mr Stewart said.
One need look no further than the very ugly - and public - split between William's parents, Princess Diana and Prince Charles. The prince's former financial adviser, Geoffrey Bignell, told Britain's Sunday Telegraph newspaper in 2004 that Diana "took him to the cleaners," and claimed that Charles handed over his entire personal fortune - widely reported to be more than 17 million pounds ($27 million today) - when their marriage ended after 15 years in 1996.
But it is by no means certain an ex-wife will clean up. Following her 1996 divorce from Prince Andrew after 10 years of marriage, Sarah Ferguson complained that her reported US$1.3 million today (Dh4.77m)) settlement was meager. Years later, she is believed to have hired Diana's attorney to negotiate a much bigger divorce settlement after dealing with crushing debt.
But even that history doesn't mean the royals will think twice: Charles is widely reported to have ignored legal advice and opted to go without a prenup when he wed his second wife, Camilla, in 2005.
While some say it's tacky to talk about divorce at such a happy time as a wedding, doing so is a necessary evil, said Matthew Brunsdon Tully, a professor of family law at the London School of Economics and practicing divorce attorney.
Divorce can be costly, time-consuming, stressful and public - all symptoms that a prenup can help alleviate, giving a sense of security to both sides, he said.
"A prenup might be seen as anathema to the idea that the marriage vow is supposed to be for life ... but you can't ignore the statistics," said Brunsdon Tully. With divorce rates at all-time highs "it's probably prudent of people to at least consider what might happen."
So what's at stake?
William stands to gain an inheritance from the queen, whose fortune was recently estimated at around 290 million pounds ($467 million) by the Sunday Times 2010 "Rich List." The second-in-line to the British throne also got a share of his Diana's nearly $34 million estate - the bulk of which came from her divorce settlement, but it is believed much of his money is tied up in trusts.
Ms Middleton comes from an well-off family herself but any agreement would need to ensure she is looked after, keeping up her homes and her standard of living, experts said. It would most likely be generous to ensure the prenup is not challenged as unfair after a divorce.
"They would want to make sure that things are done by the book to keep it out of the public arena," said Brunsdon Tully.
A confidentiality clause also would be a must, Stewart added, noting that "the last thing this family would want" would be a scintillating interview - akin to one given by Diana just before the divorce - that exposes the royal family's inner workings.
"Kate is joining a family known as 'The Firm,' and every other employee of the royal household has a contract of employment which includes a fairly severe gagging clause," Mr Stewart noted.
Other European royals have signed prenups. Sweden's Crown Princess Victoria signed a prenuptial agreement with her husband and former personal trainer Daniel Westling that says that he would only be entitled to half of the couple's private household possessions in a divorce - not Victoria's inheritance or her income.
Despite any alleged advantages, London-based celebrity divorce lawyer Raymond Tooth isn't convinced William and Middleton will sign a contingency plan. He noted that they have known each other for a long time, saying "it's not a whirlwind recent romance" at risk of suddenly falling apart.
Besides, Mr Tooth thinks if a deal was signed, there would be rumors by now.
"It would have leaked out if there was one," Tooth said. "Nothing is secret anymore."
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
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'Young girls thinking of big ideas'
Words come easy for aspiring writer Afra Al Muhairb. The business side of books, on the other hand, is entirely foreign to the 16-year-old Emirati. So, she followed her father’s advice and enroled in the Abu Dhabi Education Council’s summer entrepreneurship course at Abu Dhabi University hoping to pick up a few new skills.
“Most of us have this dream of opening a business,” said Afra, referring to her peers are “young girls thinking of big ideas.”
In the three-week class, pupils are challenged to come up with a business and develop an operational and marketing plan to support their idea. But, the learning goes far beyond sales and branding, said teacher Sonia Elhaj.
“It’s not only about starting up a business, it’s all the meta skills that goes with it -- building self confidence, communication,” said Ms Elhaj. “It’s a way to coach them and to harness ideas and to allow them to be creative. They are really hungry to do this and be heard. They are so happy to be actually doing something, to be engaged in creating something new, not only sitting and listening and getting new information and new knowledge. Now they are applying that knowledge.”
Afra’s team decided to focus their business idea on a restaurant modelled after the Leaning Tower of Pisa. Each level would have a different international cuisine and all the meat would be halal. The pupils thought of this after discussing a common problem they face when travelling abroad.
“Sometimes we find the struggle of finding halal food, so we just eat fish and cheese, so it’s hard for us to spend 20 days with fish and cheese,” said Afra. “So we made this tower so every person who comes – from Africa, from America – they will find the right food to eat.”
rpennington@thenational.ae
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Abu Dhabi GP starting grid
1 Lewis Hamilton (Mercedes)
2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
16 Brendon Hartley (Toro Rosso)
17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
20 Lance Stroll (Williams)
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)