LONDON –  Britain’s King Charles has become the first reigning monarch to publicly disclose details of his personal tax contributions, with Buckingham Palace releasing the information amid renewed scrutiny of royal finances and property arrangements.

According to palace officials, the king has paid more than $41 million in personal taxes since ascending the throne in 2022.

The disclosure came as the Royal Household responded to public discussion surrounding the monarchy’s finances and the management of royal properties.

Palace officials also confirmed that King Charles and Queen Camilla would not move into Buckingham Palace after the completion of its taxpayer-funded renovation project. Instead, the couple will continue to reside at Clarence House.

Buckingham Palace will remain the monarchy’s principal administrative headquarters and venue for official engagements, including state ceremonies, receptions and meetings, officials said.

Separately, Prince William released details of financial plans for the Duchy of Cornwall, outlining a long-term strategy focused on housing developments, environmental initiatives and community investment across several regions.

The Prince of Wales also said that income generated from Dartmoor Prison, which provides annual rental revenue to the duchy, would be directed towards supporting local communities.

ISLAMABAD – Elon Musk has fallen below the $1 trillion net worth mark just weeks after briefly becoming the first person to reach the milestone, following a sharp decline in the valuation of his business interests.

A significant drop in the value of SpaceX shares erased an estimated $240 billion from Musk’s paper wealth, reducing his net worth to around $950bn by late June, according to market estimates.

Despite the decline, Musk remains the world’s wealthiest individual by a substantial margin, with his fortune still far exceeding that of other billionaires.

The reversal highlights the volatility of wealth tied largely to corporate valuations. Most of Musk’s fortune is linked to ownership stakes in his companies, meaning fluctuations in share prices can have a dramatic effect on his net worth.

Musk crossed the trillion-dollar threshold earlier this month following a surge in the valuation of SpaceX after its highly anticipated public listing. The development marked a historic milestone and further widened the gap between him and the rest of the global rich list.

However, a subsequent decline in SpaceX’s market value, coupled with weaker performance in Tesla shares, pushed his estimated wealth back below the trillion-dollar mark within weeks.

Analysts say investor confidence in SpaceX remains strong despite the recent pullback, citing the company’s long-term ambitions in space exploration, satellite communications, artificial intelligence and future missions to the Moon and Mars.

Over the past two years, Musk’s fortune has grown rapidly alongside gains in the value of his technology ventures. Market estimates suggest his wealth stood at just over $400bn in early 2025 before climbing sharply on the back of rising valuations across his businesses.

The largest portion of Musk’s fortune is derived from his stake in SpaceX and its associated ventures, including Starlink, xAI and X. He also holds a significant ownership stake in Tesla, while maintaining interests in Neuralink and The Boring Company.

Because much of his wealth exists in the form of company equity rather than liquid assets, even modest shifts in market sentiment can translate into gains or losses worth tens of billions of dollars.

The latest decline serves as a reminder of how quickly paper fortunes can fluctuate, particularly when they are concentrated in a small number of high-growth technology companies.

LONDON – International oil prices have edged closer to the $70 per barrel mark, hitting their lowest levels in nearly two years amid continued downward pressure in global markets.

Before the latest decline, oil was last seen below $70 per barrel in September 2024.

At the time of reporting, West Texas Intermediate (WTI) crude was trading at $74.4 per barrel, down 2 per cent, while Brent crude stood at around $78 per barrel, falling 2.5pc.

Crude oil produced from United Arab Emirates reserves also slipped to $71 per barrel, marking a decline of nearly 3pc over the past 12 hours.

Market analysts linked the downturn to shifting supply expectations and easing concerns over disruptions in key shipping routes, including the Strait of Hormuz.

Sentiment has also been influenced by ongoing diplomatic engagements involving Iran and the United States in Switzerland, where negotiations on broader regional tensions are underway.

Reports of a temporary deadlock in talks have further contributed to volatility, with markets closely watching developments in the fragile diplomatic process.

Oil prices have remained on a bearish trajectory since the start of the discussions, as investors weigh geopolitical risks against improving supply flows.