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.

NEW YORK — Fortnite players worldwide encountered server downtime Saturday as Epic Games rolled out a significant update introducing the Fortnite: Runners Season, the latest chapter in the popular battle royale game’s evolving landscape.

The scheduled maintenance began following the conclusion of the Shattered live event on Friday evening, with servers taken offline around 7:30 p.m. ET on June 5. The outage, expected to last approximately five and a half hours, allowed for the deployment of version 41.00, bringing new weapons, a refreshed Battle Pass and fresh content to millions of players.

Social media buzzed with reports as fans checked status pages and community forums. The account @status_is_down posted on X early Saturday: “Is Fortnite down for you as well? #FortniteDown,” linking to discussions on designtaxi.com. Such alerts highlight the game’s massive player base and the immediate impact of any service interruption.

Epic Games confirmed the planned downtime via its official status page and Fortnite Status account. Servers were projected to return online around 5 a.m. UTC (1 a.m. ET) on June 6, enabling players to dive into the new season. The transition marks the start of Chapter 7 developments, building on the momentum from previous seasons.

Context of the Downtime

This is not an unexpected outage but a standard procedure for major content drops in Fortnite. Epic routinely schedules extended maintenance periods to ensure stability when introducing substantial updates. The Shattered live event on June 5 served as a dramatic season finale, setting the stage for the Runners-themed content.

Players familiar with the game’s cycle understand these interruptions as opportunities for innovation. Past seasons have introduced groundbreaking mechanics, collaborations and map changes that keep the experience fresh. The Runners Season promises new gameplay elements, rewards and narrative progression, appealing to both competitive and casual audiences.

DownDetector and similar platforms saw spikes in reports during the maintenance window, a common occurrence during these updates. Community forums filled with speculation about new features, with some users expressing excitement despite the temporary unavailability.

Epic’s Track Record and Player Impact

Fortnite remains one of the most played games globally, with a dedicated community that spans generations. The game’s resilience through platform shifts, legal battles and evolving trends underscores Epic’s ability to maintain relevance. This update continues that tradition, following a pattern of seasonal refreshes that reinvigorate interest.

For players, downtime can disrupt planned sessions, especially on weekends. However, the anticipation for new content often outweighs the inconvenience. Epic has historically communicated transparently through in-game notices, social channels and its status page to manage expectations.

Analysts note that such maintenance periods are critical for long-term health. They allow backend improvements, bug fixes and the integration of high-demand features like new cosmetics, vehicles or limited-time modes. The Runners Season, with its focus on mobility and dynamic playstyles, aligns with trends favoring faster-paced action.

Broader Gaming Industry Implications

Fortnite’s update cycle influences the wider industry, where live-service models dominate. Competitors monitor Epic’s strategies for player retention, monetization through the item shop and event-driven engagement. The game’s cross-platform availability amplifies the reach of any status change.

In 2026, Fortnite continues navigating a competitive landscape featuring titles from major studios and emerging indie hits. Regular content drops like this one help sustain its position as a cultural phenomenon, complete with celebrity collaborations, concerts and in-game experiences.

Parents and educators often view these updates as moments to discuss screen time and digital citizenship with younger players. The community’s response to downtime frequently mixes frustration with constructive feedback on upcoming features.

What Players Can Expect Post-Downtime

Upon servers returning, users will encounter the v41.00 patch. Key highlights include the new Battle Pass with themed rewards, fresh weapons enhancing the Runners motif, and potential quality-of-life improvements based on prior player input. Epic typically releases patch notes detailing balance changes and additions.

Veteran players advise preparing accounts, ensuring updates are installed on consoles and PCs, and checking for any additional client-side patches. Those who participated in the Shattered event may have earned special rewards carrying over into the new season.

The item shop, often a point of interest, typically refreshes alongside major updates, though it may take additional time to fully sync. Content creators and streamers are expected to provide immediate coverage, showcasing new strategies and Easter eggs.

Community and Future Outlook

The @status_is_down account and similar services play a valuable role in keeping gamers informed during these periods, reducing isolation when services are temporarily unavailable. Their posts aggregate reports and direct users to official channels for accurate information.

As Fortnite evolves, expectations for seamless experiences grow. Epic invests heavily in infrastructure to minimize unplanned disruptions while delivering ambitious content. This balance remains key to the title’s enduring success.

Looking ahead, the Runners Season could set the tone for the latter half of 2026. With potential collaborations and events on the horizon, the game continues to adapt to player preferences and technological advancements. For now, fans await the servers’ return to experience the latest chapter firsthand.

The episode underscores Fortnite’s place in modern entertainment — a platform where downtime signals not absence, but the promise of renewed excitement. As servers stabilize, millions will log back in, ready to run, build and battle in the ever-changing world of Fortnite.