Latest news with #CharlesII
New York Times
11 hours ago
- Business
- New York Times
Why Does Anyone Think Trump Will Uphold His End of a Bargain With Columbia?
In 1672, Charles II unilaterally suspended repayment of 1.2 million pounds to London's private bankers. Having run up this debt, and unable to finance a flotilla of ships to fight the Dutch, Charles became neither the first nor the last absolute monarch to break his word. James II, his sibling successor, went further, claiming royal prerogative to bypass laws and purge Protestant judges, generals and functionaries. The solemn oaths he made at his coronation, to respect Parliament and the Church of England, wound up being worth not very much. James ruled for less than four years, deserting after the Glorious Revolution began the era of parliamentary supremacy. Parliament would approve only those loans it would be willing to pay back with taxes, enabling deals with creditors now willing to lend. By restraining the monarch's power, it enabled the crown to make deals it couldn't otherwise get. In economic history, we teach the 1688 creation of parliamentary supremacy as a solution to what economists call 'commitment problems.' In the absence of a third party sufficiently strong to make sure all sides stick to their promises, the powerful can renege on the powerless. The powerless, seeing this, wisely choose to not contract with the powerful. Absolutist rulers are victims of their own lack of restraints; a sovereign who is too powerful cannot get inexpensive credit, because nothing stops the ruler from defaulting on any bond. President Trump, by smashing checks on his authority, has wound up undermining his own ability to make credible deals, including the one just reached with Columbia University, where I teach. The entities that have been striking deals with Mr. Trump, my own employer included, have not learned the lessons of the Glorious Revolution. Trade negotiators from longtime partner countries, government contractors, law firms, federal employees, permanent residents, the Federal Reserve chair Jerome Powell, even the Transportation Security Administration labor union are all experiencing contractual vertigo, finding out that the administration will not honor previous agreements. The first Trump administration renegotiated the North American Free Trade Agreement to get the United States-Mexico-Canada Agreement, but Mr. Trump has imposed tariffs on Mexico and Canada in violation of even that agreement. Parties thinking they can wheedle their way into a bargain with a capricious administration are bringing intuitions from the world of private deals, backstopped by the rule of law, into the very different realm of political bargains with absolutism-adjacent executive branches. I understand the desire for a deal. My colleagues and I have eagerly clicked on every news story hinting that Columbia's leaders might have secured the hundreds of millions of dollars the Trump administration has frozen or cut. Our community has borne devastating cuts, with researchers and administrative staff members laid off and participants in medical research losing access to treatment midcourse. On top of that, Immigration and Customs Enforcement has detained a number of our students, and there have been endless leaks, doxxing attacks, campus lockdowns and computer hacks. All of this manifests as a never-ending stream of anxiety — financial, physical, moral — that narrows whatever intellectual horizons the research university is supposed to foster. Want all of The Times? Subscribe.
Time Business News
6 days ago
- Sport
- Time Business News
The History and Evolution of Turf Horse Racing
Horse racing is one of the oldest sports in human history, celebrated for its speed, strategy, and thrilling spectacle. While modern horse racing takes place on a variety of surfaces, turf racing, conducted on natural grass tracks, holds a special place in the tradition of the sport. Revered for its elegance and global prestige, turf racing has evolved dramatically over centuries from ancient chariot competitions to today's multimillion-dollar races on lush green tracks. In this article, we explore the history and evolution of turf horse racing, tracing its roots, transformation, and significance in the world of equine sport. Horse racing dates back to ancient civilizations, long before the idea of a turf surface ever existed. Evidence of organized horse competitions can be found in: Ancient Greece, where chariot races were a central part of the Olympic Games. Ancient Rome, which saw competitive horse races in large arenas like the Circus Maximus. Central Asia and the Middle East, where mounted horsemen raced across open desert plains. These early forms of racing were more about competition and warfare than formal sport. Turf racing, as we know it today, began to take shape much later. The use of grassy fields and pastures for racing horses began in medieval England and Ireland. Wealthy landowners and nobles organized informal races to test the speed and stamina of their horses. These early turf races were typically: Run on open fields without structured tracks. Viewed by small, local crowds. Linked to breeding and military training purposes. The lush green landscapes of the British Isles made turf the natural surface of choice, giving birth to a tradition that would soon become organized and institutionalized. By the 17th and 18th centuries, turf horse racing began to resemble the structured sport we recognize today. Key developments included: The first official racecourse was Newmarket in England, established in the early 1600s. Turf tracks were groomed and marked for organized events. Royal patronage, particularly from King Charles II, helped boost racing's popularity. The Jockey Club was formed to regulate horse racing in England. It set the rules, ensured fair play, and maintained track standards. Turf became the standard surface for most elite races. Breeding programs focused on creating fast, strong racehorses suitable for turf. The Thoroughbred breed, originating from Arabian and Barb horses, became central to the sport. With the expansion of the British Empire, turf horse racing was exported around the world. Countries like Australia, Ireland, India, Hong Kong, and South Africa adopted the sport and built their own turf tracks. Turf racing took root in the 19th century. Iconic races like the Melbourne Cup elevated turf racing in the Southern Hemisphere. Horse racing boomed in the 20th century. Tracks like Tokyo Racecourse began attracting international attention for their lush turf conditions. Initially dominated by dirt racing, turf tracks gained popularity in the mid 20th century. Today, major venues like Belmont Park and Santa Anita include dedicated turf courses. As turf racing grew in popularity, racetracks evolved in design and maintenance: Turfgrass species are carefully selected for durability and performance. Drainage systems are installed beneath the surface to handle rain and reduce cancellations. High-tech tools monitor soil moisture, grass health, and footing consistency. Turf tracks vary by geography some are tight and fast (e.g., Hong Kong), while others are wide and galloping (e.g., Ireland). Many venues now have inner and outer turf tracks, offering versatility for race conditions. Today, turf racing hosts some of the most prestigious and lucrative horse races in the world: Prix de l'Arc de Triomphe (France) Known as the world's top turf race. Known as the world's top turf race. Royal Ascot (UK) A tradition-rich meet attended by royalty. A tradition-rich meet attended by royalty. Japan Cup (Japan) A turf race drawing global competitors. A turf race drawing global competitors. Dubai Turf (UAE) Part of the glitzy Dubai World Cup Carnival. Part of the glitzy Dubai World Cup Carnival. Breeders' Cup Turf (USA) A major championship event for turf runners. These events not only draw millions in prize money but also define the careers of horses, jockeys, and trainers. Turf horse racing has managed to preserve its traditions while embracing innovation. Key trends shaping its future include: More international runners are competing across borders. Horses regularly ship between continents for major turf events. GPS tracking, video analysis, and AI powered training tools are helping teams optimize turf performance. Digital and live streaming are bringing turf racing to global audiences. Turf tracks are seen as more environmentally friendly than synthetic or dirt surfaces. Courses are investing in eco conscious maintenance, like water recycling and organic turf care. The history and evolution of turf horse racing is a fascinating journey from the open pastures of medieval Europe to the high-tech turf tracks of today. Revered for its natural beauty, challenging conditions, and global appeal, turf racing remains a pillar of the horse racing world. As fans continue to flock to lush green tracks and cheer for their favorites, turf racing shows no signs of slowing down. It's a sport where history and modernity gallop side by side on the finest grass the world has to offer. TIME BUSINESS NEWS
Time Out
08-07-2025
- Science
- Time Out
Greenwich's legendary observatory is getting a massive £77 million makeover
It was first built in 1675, after King Charles II ordered a warrant for the construction of the Royal Observatory. Now, 350 years later, the Christopher Wren-designed observatory overlooking Greenwich Park is getting a major £77 million renovation. Jamie Fobert Architects will be heading up the major glow-up, after the firm won a public competition to take ownership of the project in 20222. The project, called 'First Light' will add a new entry pavilion and garden walk, accessible routes to the Great Equatorial Telescope and Planetarium (including a lift tower), refreshed galleries with interactive displays, and new space with shops and cafés called 'Astronomers Court'. Work will begin in September 2025, with the gardens and the accessible routes getting an overhaul which will mean they reach the telescope for the first time. Of the £77 million budget, £50.5 million has been secured so far. The project is due to be complete by spring 2028. Paddy Rodgers, chief executive of Royal Museums Greenwich, said: 'Founded 350 years ago, the Royal Observatory Greenwich is Britain's oldest purpose-built scientific institution. It is the birthplace of modern astronomy and the home of the Prime Meridian and Greenwich Mean Time. 'Through this project we aim to inspire new audiences and advance our remit as a place for the public understanding of astronomy as decreed by our Royal Warrant. The Royal Observatory has long been a place of curiosity, meticulous observation and creative thinking. This encapsulates the spirit of this project.' The London beer that was just crowned the best in Britain for 2025.
Edinburgh Reporter
08-07-2025
- Entertainment
- Edinburgh Reporter
Days out – Free tickets for children to visit Scone Palace
Scone Palace in Perthshire is offering free tickets for children until 15 August. The palace is a treasure trove of history, nature and fun for children of all ages with a blend of historic storytelling and outdoor adventure. Children aged 15 and under can step into the past for free as they stand where Scottish kings like Charles II were crowned on Moot Hill and pose for a photo on the mock Stone of Destiny. Inside the palace a treasure hunt has been set up with a small prize to be won. The Palace grounds provide plenty of space for children to run, explore, and play. With over 100 acres of gardens and woodlands to discover, there's no shortage of fresh air and freedom. The grounds feature an adventure playground, the Murray star- Maze, and a chance to spot local wildlife including butterflies, squirrels, and the famous vibrant peacocks that roam the estate. It is possible to get to Scone Palace by public transport or bike as well as by car. All options here. All food in the coffee shop is prepared using ingredients from the Palace's Kitchen Garden. Diners can choose from baked goods, soups and children's lunchboxes. A gift shop sells books and toys as souvenirs to take home at the end of the are events such as Falconry Fridays on 11 July and 15 August and Circus Workshops taking place on 24 July. The Kids Go Free promotion runs daily from 10:00am to 4:00pm between 30 June and 15 August 2025. Tickets can be booked online or purchased at the gate. With something for everyone, from history lovers and nature enthusiasts to energetic little explorers, Scone Palace is an ideal summer day out for families. Scone Palace – Kids Go Free All images © Stewart Attwood Photography 2025. Scone Palace – Kids Go Free All images © Stewart Attwood Photography 2025. Scone Palace – Kids Go Free All images © Stewart Attwood Photography 2025. Scone Palace – Kids Go Free All images © Stewart Attwood Photography 2025. Like this: Like Related
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Travel + Leisure
25-06-2025
- Travel + Leisure
This Shipwreck Could Hold $24 Million of Treasure—and You Could Hunt for It on This Exclusive Tour
Searching for buried treasure may be the stuff of legends and action movies, but thanks to a once-in-a-lifetime offering from luxury experiential travel company Pelorus Travel, it could actually be your next vacation. In 1699, a French frigate called the Maurepas sank in the remote San Blas Islands off the coast of Panama, taking a massive trove of treasure down with it. Believed to be carrying precious cargo from Charles II of Spain to King Louis XIV of France, the ship went down in waters belonging to the Guna Yala people, who say they have always known the wreck's location—but they've kept the site secret, believing the area to be tied to their cosmic origins. Divers exploring the legendary Maurepas. Now, for the first time in centuries, the Guna Yala tribe has opened the waters to exploration—and Pelorus was granted the exclusive opportunity to bring participants to join the search for an estimated $24 million in lost gold, silver, and jewels. The "Maurepas Treasure Hunt," bookable from June to November, will let a handful of intrepid (and deep-pocketed) travelers join the nonprofit ocean exploration team behind OceanX in a real-life hunt for sunken treasure off Panama's northern coast. Participants will spend their days diving uncharted waters alongside a seasoned salvage crew, scanning the seabed with a magnetometer, and filming for a forthcoming documentary on the expedition. Evenings will bring fireside talks with experts on the history of the Maurepas , the life of a modern-day treasure hunter, and maritime mysteries. Aerial view of the Pelorus ship sailing the Guna Yala waters. If the treasure is found, 70 percent of its value will return to the tribe, helping revitalize the community. Each treasure-hunt participant will receive a cut of the remaining proceeds plus $25,000 for taking part in the documentary. The price to join starts at $185,000 per person and includes accommodations for seven nights, access to dive gear (plus a scuba license for non-divers), expert guides, business-class flights, and insurance. Those seeking a more luxurious base can charter a private superyacht for an added fee. For bookings or questions, visit Pelorus Travel's website.
