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At the recent low of 12514 points, the Sensex has tested the 12800-12000-pts support zone and has since then attempted a corrective rally. During the past trend phases in the Sensex, a monthly moving average convergence/divergence (MACD) cross-down below its trigger line, have, typically, led to a significant value erosion, with the corrective phase lasting, at least, for a year.
Therefore, immediate rallies would be interpreted as corrective in nature until the medium-term technical parameters turn positive. The recent upmove in the Sensex since the low of 12514 pts has been very sharp. The upside gap of July 23, 2008 had created a bullish ���Island Reversal Gap��� on the daily charts between 14510 pts and 14519 pts.

Normally, the implications of this on the medium-term outlook would be very positive, especially since the ���Island��� comprised of 22 trading sessions. When a stock indicates an uptrend, trades above the gap which occurs, then gaps back down and trades below the initial price, an island reversal has occurred.

However, the Sensex has since run into a strong resistance zone between 15026 pts and 15390 pts. The monthly mid-point of June 2008 is at 15026 pts. The 50% retracement level of the fall from the May 2008 peak (17735 pts) is at 15124 pts. The positive implications of the bullish ���Island Reversal Gap��� would thus get negated if the Sensex has a daily close below 14104 pts (the close on July 22, 2008). The Sensex is then expected to have an initial downside of 13513 pts, the 61.8% Fibonacci retracement level of the recent rise from 12514 pts to 15130 pts.

If the bearish ���Island reversal gap��� of 14484-14568 pts is immediately filled and the Sensex manages to decisively overhaul the resistances between 15130 pts and 15390 pts, the ongoing upmove would continue. The Sensex may then test higher levels between 16618 pts and 16860 pts.

The 78.6% Fibonacci retracement level of the fall from the May 2008 peak is at 16618 pts while 16860 pts is the 50% retracement level of the entire fall from the January 2008 peak. Hence, one would await further confirmation before turning positive on the medium-term outlook.
(The author is VP of technical research at Darashaw)

AHMEDABAD: Its too late and too little done in the US to come out of the financial turmoil, a crisis of 240 trillion $ cannot be stemmed with bailout packages of 1 to 10 trillion $, Arun Kumar, professor at Jawaharlal Nehru University said here on Thursday.

“When the US president elect Barrack Obama assumes office in January, the crisis will still be bigger,” Kumar said while delivering lecture on Current Financial Turmoil and Lesson for Future at Ahmedabad Management Association today.

“150 billion $ tax cut package for the housing sector was too little and too late to stem the collapse of a much higher magnitude,” Kumar said adding “Every aspect of financial sector got sucked into the financial turmoil.”

“In last two decades the financial markets in US got deregulated, under the guidance of Alan Greenspan as he worked on assumption that markets are self stabilising, but in a recent testitmony Greenspan admitted he was wrong for 16 years,” Kumar said while quoting a US leading daily.

This deregulation led to the collapse of Lehman Brothers, Bear Stern and other troubled entitites, he added.

“Government has intervened, crisis has slowed down, but there is crisis of confidence now amongst the banks. The financial and money markets work on certain degree of trust and confidence and this should not be shattered at any cost,” he added.”Collapse in US was so sharp against the gradual rise because the banks were interlocked in deals. Due to deregulartion there were instruments promising much higher returns and even a marginal fall in assest pricing triggered it all,” Arun Kumar said.

US economy was thriving on borrowed funds, so post crisis countries such as Japan, China, Iceland, Ukraine and others are in deep trouble. China is finding ways to delink from dollar, after corporate profits began falling showing early signs of heading into recession, Arun Kumar said.

Now protectionism of economy has creeped in due to lack of confidence, that too is dangeorus, he cautioned. So when the US President-elect Barrack Obama joins office he would prioritise job creation in sectors like BPO and call centres, Kumar said adding, in the past 1.5 billion job loss has been reported in US.

So at this historic juncture a out-of-box re-architecturing is required for the $ 600 trillion financial sector, he added.

In the backdrop of such a scenario the G-20 initiative is important and extensive coordination between the government’s including Indian should be evolved to come over it, Kumar added.

LONDON — The Crown Estate invested approximately $535,000 in repairs and upgrades to Forest Lodge before Prince William and Princess Kate moved into the eight-bedroom Georgian mansion in Windsor Great Park last fall, according to a new audit by the U.K.’s National Audit Office.

The spending, detailed in a report released June 5 titled “Investigation into residential property arrangements with members of the Royal Family,” covered structural and safety improvements to the main residence and associated buildings on the property. The Prince and Princess of Wales pay market rent of about $410,700 annually under a 20-year lease signed in July 2025.

Forest Lodge, described as the couple’s “forever home” where they intend to remain even after William ascends the throne, represents a fresh chapter for the family following their time at Adelaide Cottage. The move occurred in early October 2025, ahead of the original schedule, after the couple reportedly hosted a thank-you gathering at a local pub for builders and staff.

The Crown Estate, an independent commercial entity managing land and properties on behalf of the British government, funded the external and structural work in line with its landlord obligations for a short-term lease. William and Kate covered internal refurbishments and the move privately.

Breakdown of Renovation Costs

The audit revealed the Crown Estate spent roughly $534,982 (£396,993) on the property in 2025. Of that, approximately $285,228 went toward the main house and grounds, addressing heating and plumbing systems, structural repairs to ceilings, floors, stairs, fire alarms, brickwork, boilers and stabilization of external walls for safety and compliance.

Additional expenditures included about $65,000 for No. 2 Stable Cottages, $121,000 for No. 3 Stable Cottages and $59,400 for The Barn. No work was performed on No. 1 Stable Cottages, as the previous tenant vacated later. The upgrades ensured the historic Grade II-listed property met modern standards while preserving its character.

The property, dating to the 1770s with later expansions, underwent a major £1.5 million restoration in 2001. Recent planning approvals allowed minor internal and external alterations, such as new doors, windows and floor work, funded privately by the couple.

Lease and Financial Arrangements

Under the 20-year lease commencing July 5, 2025, the Wales family pays quarterly rent with no upfront deposit. The amount, subject to review every five years, reflects market value and exceeds previous tenants’ payments. The couple also rents Staff Lodge 1 for an employee, likely their longtime nanny Maria Teresa Turrion Borrallo, at an additional annual cost of about $26,470.

The National Audit Office noted that for leases of this duration, landlords typically handle major repairs, while tenants manage internals — a standard practice applied here. Revenue from the Crown Estate flows to the Treasury, not directly to the royal family.

This transparency marks the first such comprehensive review of royal residential arrangements in more than 20 years. The report also examined other properties, including those linked to Prince Andrew and his daughters.

A Fresh Start for the Family

The relocation from Adelaide Cottage followed a challenging period, including Queen Elizabeth II’s death in 2022 at Balmoral, the fallout from Prince Harry and Meghan’s departure from royal duties, and cancer diagnoses for both King Charles and Princess Kate in 2024. Kate announced her remission in January 2025.

Royal biographer Sally Bedell Smith previously described Adelaide Cottage as “a place of pain, suffering and sadness,” noting the understandable desire for a new beginning. Forest Lodge offers more space for Prince George, Princess Charlotte and Prince Louis while remaining within Windsor Great Park.

The eight-bedroom mansion, set amid expansive grounds, provides privacy and proximity to family obligations at Windsor Castle. Its estimated value exceeds $20 million, though the Waleses lease rather than own it.

Broader Context of Royal Housing

The audit underscores efforts toward greater accountability in royal property management amid public scrutiny. Unlike some past arrangements criticized as favorable, the Waleses’ lease operates at full market rates, with the couple funding personal modifications.

William and Kate’s choice of Forest Lodge aligns with their preference for a family-oriented base outside central London. The property’s history within the Crown Estate portfolio dates to 1829, blending heritage with contemporary needs.

Public reaction to the renovation costs has been mixed, with some praising the investment in a listed building and others questioning expenditures during economic pressures. The report emphasizes compliance with standard leasing practices rather than special treatment.

Looking Ahead

As the family settles into Forest Lodge, focus remains on their public duties and charitable work. The property’s upgrades support long-term residency, potentially spanning decades as William’s responsibilities evolve.

The National Audit Office’s findings provide insight into the financial mechanics behind royal residences without indicating misuse of funds. Ongoing reviews may shape future arrangements across the family.

For William and Kate, the move symbolizes stability and renewal. With structural foundations strengthened and a spacious home secured, the couple prepares for the next phase of royal life centered in Windsor.

The audit serves as a benchmark for transparency, detailing how public assets support working royals while maintaining clear boundaries on taxpayer versus private contributions. As details circulate, the focus returns to the family’s role in national life rather than domestic logistics.