Boris Johnson – Michmutters
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Business

Oil giant Saudi Aramco: Company makes $700 million in profit every single day

Oil giant Saudi Aramco made an astonishing $700 million in profit every single day, the biggest quarterly profit of any publicly listed company in history.

The Saudi Arabian petroleum and gas company reported an eye-watering $68 billion (US$48.4 billion) of profit in the second quarter of 2022.

Its earnings were boosted by surging demand as Covid-19 restrictions were dropped around the world — and pushed even higher by Russia’s invasion of Ukraine.

Net income leapt 90 per cent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $55.46 billion (US$39.5 billion) for Q1.

Aramco’s massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide, according to Bloomberg.

The state-owned Saudi firm heads a list of oil majors raking in massive sums after ExxonMobil, Chevron, Shell, TotalEnergies and Eni also revealed multi-billion-dollar profits in Q2.

US President Joe Biden blasted ExxonMobil earlier this year as inflation surged, stating it made “more money than God”.

And the future looks bright for Saudi Aramco.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential,” Aramco president and CEO Amin Nasser said.

“In fact, we expect oil demand to continue to grow for the rest of the decade,” he added.

Net income rose 22.7 per cent from Q1 in “strong market conditions”, Aramco said.

Half-year profits were $123.41 billion (US$87.9 billion), up from $66.27 billion (US$47.2 billion) for the same period of 2021.

Aramco will pay a $26.39 billion (US$18.8 billion) dividend in Q3, the same as it paid in Q2.

It “continues to work on increasing crude oil maximum sustainable capacity from 12 million barrels per day to 13 million by 2027”, its earnings announcement said.

The quarterly profits, the highest since Aramco’s record-breaking IPO in 2019, beat a company-compiled analyst forecast of $64.86 billion (US$46.2 billion).

Aramco shares closed down 0.9 per cent at 40.5 riyals ($15.16) on the Saudi stock exchange. They are up 25 per cent this year.

‘crown-jewel’

Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating $41.28 billion (US$29.4 billion) in the world’s biggest initial public offering.

The “crown jewel” and leading source of income for the conservative kingdom temporarily supplanted Apple as the world’s most valuable company in March. It now lies second in the list with a market valuation of $3.37 trillion (US$2.4 trillion).

Saudi Arabia has sought to open up and diversify its oil-reliant economy, especially since Mohammed bin Salman’s appointment as crown prince and de facto ruler in 2017.

Despite raising production, Aramco has pledged to reach “operational net zero (carbon) emissions” by 2050. Carbon pollution is tallied in the country that uses the fuel, not where it is produced.

Saudi GDP jumped nearly 12 per cent in Q2 on the back of high oil prices, the government announced last month.

Abu Dhabi-based energy expert Ibrahim Elghitany said the oil bonanza was a “golden opportunity” for the country.

“Saudi Arabia has recently achieved financial surpluses that it did not achieve during the last decade, which helps to provide financing for its development projects,” Elghitany told AFP.

Nasser said Aramco recovered quickly from a series of attacks by Yemen’s Huthi rebels on its facilities earlier this year, including a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March.

“We were able to restore our production in all these facilities immediately. In a few weeks, all facilities were working and producing at full capacity,” he told a media conference call.

Oil prices have dropped by $42 per barrel from a peak in June due to growing supplies, but remain close to $140 (US$100).

The OPEC group of oil-producing countries has been gradually raising production, despite pressure from Western leaders including US President Joe Biden — who visited Saudi Arabia last month — to pump more.

Biden’s trip was seen as a climb-down after he previously promised to make Saudi Arabia a “pariah” over the killing of Washington Post columnist Jamal Khashoggi by Saudi agents in Turkey in 2018.

British Prime Minister Boris Johnson has also visited Saudi Arabia since the Russian invasion in February.

High oil prices are contributing to the inflationary pain suffered by consumers worldwide.

– with Andrew Backhouse, AFP

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Categories
Entertainment

Rushdie in hospital as outrage grows over stabbing

Salman Rushdie remained hospitalized in serious condition Saturday after being stabbed at a literary event in New York state in a shocking assault that triggered widespread international outrage, but drew applause from hardliners in Iran and Pakistan.

The British author, who spent years under police protection after Iranian leaders ordered his killing, underwent emergency surgery and was placed on a ventilator in a Pennsylvania hospital following Friday’s assault. His agent said he will likely lose an eye.

“Salman Rushdie — with his insight into humanity, with his unmatched sense for story, with his refusal to be intimidated or silenced — stands for essential, universal ideals. Truth. Courage. Resilience,” Biden said in a statement.

On Friday, a 24-year-old man from New Jersey, Hadi Matar, rushed the stage where Rushdie was about to deliver a lecture and stabbed him in the neck and abdomen.

Beyond Rushdie’s eye injury, the nerves in one of his arms were severed and his liver was damaged, according to his agent Andrew Wylie.

The fatwa followed publication of the novel “The Satanic Verses,” which sparked fury among some Muslims who believed it was blasphemous.

“For whatever it was, eight or nine years, it was quite serious,” he told a Stern correspondent in New York.

– Assailant raised in US –

Security was not particularly tight at Friday’s event at the Chautauqua Institution, which hosts arts programs in a tranquil lakeside community near Buffalo.

Matar’s family apparently came from a border village called Yaroun in southern Lebanon.

Matar was “born and raised in the US,” the head of the local municipality, Ali Qassem Tahfa, told AFP.

“I was very happy to hear the news,” said Mehrab Bigdeli, a man in his 50s studying to become a Muslim cleric.

In Pakistan, a spokesman for the Tehreek-e-Labbaik Pakistan –- a party that has staged violent protests against what it deems to be anti-Muslim blasphemy — said Rushdie “deserved to be killed.”

British leader Boris Johnson said he was “appalled,” while Canadian Prime Minister Justin Trudeau called the attack “reprehensible” and “cowardly.”

– Write memoir in hiding –

But his 1988 book “The Satanic Verses” transformed his life. The resulting fatwa forced him into nearly a decade in hiding, moving houses repeatedly and being unable to tell even his children of him where he lived.

Since moving to New York, Rushdie has been an outspoken advocate of freedom of speech and has continued writing — including a memoir, “Joseph Anton,” named after his alias while in hiding.

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Entertainment

The Queen: Summer Balmoral trip cut short, sparking fresh concern for the monarch’s health

Somewhere in Aberdeenshire there is a sad Shetland pony. Named Lance Corporal Cruachan IV, the diminutive equine usually gets one moment in the spotlight a year, an all-too-brief chance to bask in the glow of global media interest during which he occasionally tries to nip the Queen or eat her bouquet.

As the mascot of the Royal Regiment of Scotland, Cruachan IV usually, at this time of year, enjoys his starring role in the Regiment’s ceremonial welcome of Her Majesty to her Balmoral estate, a traditional outing involving bagpipes and lots of big smiles and which marks the official start of the sovereign’s summer holiday.

But this year both Cruachan IV and the Queen have been kept confined to barracks, so to speak.

This week it was reported that for “reasons of comfort” the ceremonial welcome happened in private but this is just the latest sign that the sovereign’s advancing years and ongoing health woes are posing an increasingly blatant impediment on usual schedule.

News that Her Majesty would not be enjoying her yearly face-to-face with Cruachan IV just tops off what has been a bit of a rotten start to her holiday; a holiday that is already shaping up to be something of a dud thanks to the machinations of Downing Street and her wayward family.

It was only at the tail end of the Queen’s summer holidays last year, a scant 12 months ago or thereabouts, that Buckingham Palace was busy touting what a packed autumn schedule of dozens and dozens of events were planned. The message was clear: The Queen is fighting fit and ready to Queen with some seriously impressive vigor and vim! Trips to Northern Ireland, Wales and Scotland were planned as things geared up towards her big Jubilee year from her!

That ambitious plan then collided with the reality of a woman fast approaching her centenary and since October 2021 we have had one cancellation after another with the diminutive monarchy increasingly retreating from public view.

We did not see her in Scotland for Cop26, at the Cenotaph on Remembrance Day, on Commonwealth Day, Easter, at the State Opening of parliament or at the service of thanksgiving for her reign during her own Platinum Jubilee.

News that Her Majesty would not be facing down the bouquet-chomping Cruachan IV has only confirmed that things are changing, and fast, for the eleven irrepressible monarch.

However, this is the Queen we are talking about, a woman whose family has, in only the last few years, faced accusations of sexual abuse, racism, accepting millions of dollars from a controversial Middle Eastern politician and the brothers of Osama bin Laden and of “total neglect”.

The dark cloud over her vacation is that, in the months to come, Buckingham Palace faces all of these particular fires roaring back to full on blaze status.

It’s hard to think of a worse headline for any brand or business than one that ties them to the family of Bin Laden, but here we are thanks to Prince Charles and his seeming willingness to accept vast amounts of money for his Prince’s Trust charity from any stray billionaire.

In July it was reported that the Prince had accepted $1.7 million from the two of Bin Laden’s siblings, a shocking revelation that came only weeks after it was also reported by the Times he had accepted $1.7 million in cash stuffed in plastic shopping bags from a controversial Qatari politician.

Meanwhile, his former valet turned charity chief Michael Fawcett is still waiting to be questioned by Scotland Yard’s Special Inquiry Team after allegations of a cash-for-honours scheme embroiled Charles’ Clarence House last year.

Interestingly, the Prince of Wales has largely weathered these damaging reports and come out only slightly reputationally dinged, with the shocking claims have not really sparked any sort of public outcry.

The same likely won’t be able to be said when Prince Harry, the neophyte TV and podcast creator who is yet to actually, err, create anything, releases his memoir later this year.

If even a small percentage of the speculation about what he might reveal and what dirt he might dish is correct, this book is shaping up to be the most devastating royal release in 30 years and since Diana, Princess of Wales started whispering in the ear of Andrew Morton.

Given we are talking about Harry – a man who went on global TV screens alongside his wife Meghan, Duchess of Sussex to accuse The Firm of racism and neglectful treatment at a time when thousands were dying-a-day of Covid and while his 99- year-old grandfather was in hospital – does anyone really think all we are going to get is a feel-good read? Several hundred pages of self-important bleating and the occasional smoothie recipe thrown in?

In Tom Bower’s recently released Revenge: Meghan, Harry and the War Between the Windsors he casts a particularly grim view.

He writes: “Most Britons could not understand Harry’s hostility towards his country and family. His disloyalty from him to his grandmother was particularly mystifying.

“No one realized how his hostility had grown during his conversations with John Moehringer, the ghostwriter of his memoirs. To secure vast sales and recoup the huge advance, the publishers had encouraged Harry to criticize his family of him in the most extreme terms possible. Easily persuaded, Harry edged towards betraying his father to him, Camilla, the Cambridges and even the Queen. And then, the deed was done. To earn out the publisher’s advance, nothing and no one had been sacrosanct.”

Or to paraphrase Macbeth, another disgruntled figure from royal circles, something very dangerous this way comes…

At this stage, all indications would point to Harry’s book potentially being the most painful chapter yet in the long and sorry tale of Megxit.

Then, there is another book, or at least the possibility of a book, that should be a very serious cause for concern for Her Majesty. Six months ago her son de ella Prince Andrew settled the civil sex abuse case brought against him by Virginia Giuffre with a payment that at the time was reported to be around $21 million. (The royal has always vehemently denied Ms Giuffre’s claims that he sexually assaulted her on three occasions when she was a teenager.)

this week The Sun reported that figure was allegedly much lower – somewhere between $5.1 and $8.6 million – and that “that was as much money the disgraced Duke could scrape together quickly to halt her civil lawsuit”.

The “cut-price deal”, according to the report, might explain why the mother-of-three Giuffre did not sign a nondisclosure agreement, meaning she is free to write a tell-all of her very own, any time she wants.

That there is even a skerrick of chance that this chapter, the most sordid and horrifying in modern royal history by far, could at any moment explode back into the headlines must be a cause for very serious concern.

All Andrew has ever done to try and manage this situation is given an appalling TV interview, showing an appealing deficiency of compassion or empathy for anyone but himself, put out a couple of statements and write a seven-figure check. If anyone thinks that this is in any case an adequate response and has drawn a definitive line under his friendship with Jeffrey Epstein, a convicted sex offender, or that the public is ready to move on then they are deluding themselves.

The 62-year-old is still, and will likely always be, despised by much of the world and the appetite for seeing him embarrassed or raked over the coals is unlikely to diminish anytime soon. Cue 101 book publishers with dollar-signs in their eyes.

So too has Ms Giuffre shown a steely backbone and unwavering commitment to speaking about the horrors she experienced during her time with Epstein. There is no reason to believe that she will suddenly back down or go quiet now which leaves us with the very real possibility that she might release a book of her own from her at some point.

Even if all of these swirling worries weren’t enough to blight the Queen’s holiday, then there is the fact that she will have to cut her break short thanks to the fact that the UK will get a new Prime Minister next month. On September 6, Boris Johnson will formally resign and the Daily Mail has revealed that Her Majesty will “interrupt” her holiday to pop back to London where she will “invite”, in the quaint nomenclature of royalty, the winner of the Conservative party vote to form a government.

A source told the Email: “Her Majesty does not expect the new prime minister to travel to Scotland, so the plan is that the Queen will travel down to see them.”

So much for a regal break huh?

Balmoral is agreed to be Her Majesty’s favorite home where she used to enjoy long walks and getting out into nature but in recent years her time there has been blighted by a rolling series of crises. In 2019, August saw Harry and Meghan skip the family getaway to flit about Europe in private jets and then the suicide of Epstein. Come 2020, the pandemic was in full swing and she and Philip were cosseted inside HMS Bubble and last year the monarch faced her first summer de ella without her husband of 73-years.

The poor woman must be so tired. Not only is she still working, more than three decades after most people retire, but her family de ella is a source of never ending scandal and strain with things only looking like they are going to ramp up more.

If you ask me, and no one is, what Her Majesty needs right now is not another wet week wobbling over the moors and ruminating on how it all went wrong but needs to rally her lady-in-waiting of more than 60 years Lady Susan Hussey and abscond for a 72-hour all-inclusive gals weekend to Malaga.

Sun, sand, sangria and not having to think about all the brewing Windsor scandals? Now that’s a real holiday.

Daniela Elser is a royal expert and a writer with more than 15 years’ experience working with a number of Australia’s leading media titles.

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Categories
Entertainment

The Queen: Summer Balmoral trip cut short, sparking fresh concern for the monarch’s health

Somewhere in Aberdeenshire there is a sad Shetland pony. Named Lance Corporal Cruachan IV, the diminutive equine usually gets one moment in the spotlight a year, an all-too-brief chance to bask in the glow of global media interest during which he occasionally tries to nip the Queen or eat her bouquet.

As the mascot of the Royal Regiment of Scotland, Cruachan IV usually, at this time of year, enjoys his starring role in the Regiment’s ceremonial welcome of Her Majesty to her Balmoral estate, a traditional outing involving bagpipes and lots of big smiles and which marks the official start of the sovereign’s summer holiday.

But this year both Cruachan IV and the Queen have been kept confined to barracks, so to speak.

This week it was reported that for “reasons of comfort” the ceremonial welcome happened in private but this is just the latest sign that the sovereign’s advancing years and ongoing health woes are posing an increasingly blatant impediment on usual schedule.

News that Her Majesty would not be enjoying her yearly face-to-face with Cruachan IV just tops off what has been a bit of a rotten start to her holiday; a holiday that is already shaping up to be something of a dud thanks to the machinations of Downing Street and her wayward family.

It was only at the tail end of the Queen’s summer holidays last year, a scant 12 months ago or thereabouts, that Buckingham Palace was busy touting what a packed autumn schedule of dozens and dozens of events were planned. The message was clear: The Queen is fighting fit and ready to Queen with some seriously impressive vigor and vim! Trips to Northern Ireland, Wales and Scotland were planned as things geared up towards her big Jubilee year from her!

That ambitious plan then collided with the reality of a woman fast approaching her centenary and since October 2021 we have had one cancellation after another with the diminutive monarchy increasingly retreating from public view.

We did not see her in Scotland for Cop26, at the Cenotaph on Remembrance Day, on Commonwealth Day, Easter, at the State Opening of parliament or at the service of thanksgiving for her reign during her own Platinum Jubilee.

News that Her Majesty would not be facing down the bouquet-chomping Cruachan IV has only confirmed that things are changing, and fast, for the eleven irrepressible monarch.

However, this is the Queen we are talking about, a woman whose family has, in only the last few years, faced accusations of sexual abuse, racism, accepting millions of dollars from a controversial Middle Eastern politician and the brothers of Osama bin Laden and of “total neglect”.

The dark cloud over her vacation is that, in the months to come, Buckingham Palace faces all of these particular fires roaring back to full on blaze status.

It’s hard to think of a worse headline for any brand or business than one that ties them to the family of Bin Laden, but here we are thanks to Prince Charles and his seeming willingness to accept vast amounts of money for his Prince’s Trust charity from any stray billionaire.

In July it was reported that the Prince had accepted $1.7 million from the two of Bin Laden’s siblings, a shocking revelation that came only weeks after it was also reported by the Times he had accepted $1.7 million in cash stuffed in plastic shopping bags from a controversial Qatari politician.

Meanwhile, his former valet turned charity chief Michael Fawcett is still waiting to be questioned by Scotland Yard’s Special Inquiry Team after allegations of a cash-for-honours scheme embroiled Charles’ Clarence House last year.

Interestingly, the Prince of Wales has largely weathered these damaging reports and come out only slightly reputationally dinged, with the shocking claims have not really sparked any sort of public outcry.

The same likely won’t be able to be said when Prince Harry, the neophyte TV and podcast creator who is yet to actually, err, create anything, releases his memoir later this year.

If even a small percentage of the speculation about what he might reveal and what dirt he might dish is correct, this book is shaping up to be the most devastating royal release in 30 years and since Diana, Princess of Wales started whispering in the ear of Andrew Morton.

Given we are talking about Harry – a man who went on global TV screens alongside his wife Meghan, Duchess of Sussex to accuse The Firm of racism and neglectful treatment at a time when thousands were dying-a-day of Covid and while his 99- year-old grandfather was in hospital – does anyone really think all we are going to get is a feel-good read? Several hundred pages of self-important bleating and the occasional smoothie recipe thrown in?

In Tom Bower’s recently released Revenge: Meghan, Harry and the War Between the Windsors he casts a particularly grim view.

He writes: “Most Britons could not understand Harry’s hostility towards his country and family. His disloyalty from him to his grandmother was particularly mystifying.

“No one realized how his hostility had grown during his conversations with John Moehringer, the ghostwriter of his memoirs. To secure vast sales and recoup the huge advance, the publishers had encouraged Harry to criticize his family of him in the most extreme terms possible. Easily persuaded, Harry edged towards betraying his father to him, Camilla, the Cambridges and even the Queen. And then, the deed was done. To earn out the publisher’s advance, nothing and no one had been sacrosanct.”

Or to paraphrase Macbeth, another disgruntled figure from royal circles, something very dangerous this way comes…

At this stage, all indications would point to Harry’s book potentially being the most painful chapter yet in the long and sorry tale of Megxit.

Then, there is another book, or at least the possibility of a book, that should be a very serious cause for concern for Her Majesty. Six months ago her son de ella Prince Andrew settled the civil sex abuse case brought against him by Virginia Giuffre with a payment that at the time was reported to be around $21 million. (The royal has always vehemently denied Ms Giuffre’s claims that he sexually assaulted her on three occasions when she was a teenager.)

this week The Sun reported that figure was allegedly much lower – somewhere between $5.1 and $8.6 million – and that “that was as much money the disgraced Duke could scrape together quickly to halt her civil lawsuit”.

The “cut-price deal”, according to the report, might explain why the mother-of-three Giuffre did not sign a nondisclosure agreement, meaning she is free to write a tell-all of her very own, any time she wants.

That there is even a skerrick of chance that this chapter, the most sordid and horrifying in modern royal history by far, could at any moment explode back into the headlines must be a cause for very serious concern.

All Andrew has ever done to try and manage this situation is given an appalling TV interview, showing an appealing deficiency of compassion or empathy for anyone but himself, put out a couple of statements and write a seven-figure check. If anyone thinks that this is in any case an adequate response and has drawn a definitive line under his friendship with Jeffrey Epstein, a convicted sex offender, or that the public is ready to move on then they are deluding themselves.

The 62-year-old is still, and will likely always be, despised by much of the world and the appetite for seeing him embarrassed or raked over the coals is unlikely to diminish anytime soon. Cue 101 book publishers with dollar-signs in their eyes.

So too has Ms Giuffre shown a steely backbone and unwavering commitment to speaking about the horrors she experienced during her time with Epstein. There is no reason to believe that she will suddenly back down or go quiet now which leaves us with the very real possibility that she might release a book of her own from her at some point.

Even if all of these swirling worries weren’t enough to blight the Queen’s holiday, then there is the fact that she will have to cut her break short thanks to the fact that the UK will get a new Prime Minister next month. On September 6, Boris Johnson will formally resign and the Daily Mail has revealed that Her Majesty will “interrupt” her holiday to pop back to London where she will “invite”, in the quaint nomenclature of royalty, the winner of the Conservative party vote to form a government.

A source told the Email: “Her Majesty does not expect the new prime minister to travel to Scotland, so the plan is that the Queen will travel down to see them.”

So much for a regal break huh?

Balmoral is agreed to be Her Majesty’s favorite home where she used to enjoy long walks and getting out into nature but in recent years her time there has been blighted by a rolling series of crises. In 2019, August saw Harry and Meghan skip the family getaway to flit about Europe in private jets and then the suicide of Epstein. Come 2020, the pandemic was in full swing and she and Philip were cosseted inside HMS Bubble and last year the monarch faced her first summer de ella without her husband of 73-years.

The poor woman must be so tired. Not only is she still working, more than three decades after most people retire, but her family de ella is a source of never ending scandal and strain with things only looking like they are going to ramp up more.

If you ask me, and no one is, what Her Majesty needs right now is not another wet week wobbling over the moors and ruminating on how it all went wrong but needs to rally her lady-in-waiting of more than 60 years Lady Susan Hussey and abscond for a 72-hour all-inclusive gals weekend to Malaga.

Sun, sand, sangria and not having to think about all the brewing Windsor scandals? Now that’s a real holiday.

Daniela Elser is a royal expert and a writer with more than 15 years’ experience working with a number of Australia’s leading media titles.

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Categories
Entertainment

The Queen’s health fears | news.com.au — Australia’s leading news site

There are fresh fears for the Queen’s health after she was forced to cancel an annual event in the royal calendar.

Her Majesty, 96, spends her summers at Balmoral in Scotland and traditionally holds a welcome ceremony outside the castle in Aberdeenshire.

But the event was on Sunday canceled and replaced with a smaller gathering, which saw her inspect troops with no TV cameras present.

It is the first time the Queen has skipped the event, with the exception of during the Covid pandemic.

“The traditional welcome to Balmoral is normally cemented in the Queen’s calendar and something Her Majesty really enjoys, being able to greet locals who travel to see her,” a source told the Daily Mirror.

“It’s a bitter disappointment the ceremony will not take place in its traditional form.”

Another insider grimly warned the Queen’s absence was “very much a sign of things to come”.

Buckingham Palace said the Queen’s schedule was being adjusted for her comfort.

At some recent royal engagements, Her Majesty has been seen using a cane to help her get around.

She usually stays at Balmoral until October, but it is understood that she will make a brief return to London – either at Buckingham Palace or at Windsor – on September 6 when Boris Johnson hands in his resignation as Prime Minister of the UK.

Her Majesty will then welcome the winner of the Conservative Party’s leadership contest, which will be either Foreign Secretary Liz Truss or former Chancellor Rishi Sunak.

She is then expected to return to Scotland.

Queen was forced to pull out of Royal Ascot – one of her favorite events in the royal calendar, earlier this year.

She had attended every meet since ascending to the throne in 1952.

The monarch was replaced by Prince Charles, Camilla and Peter Phillips.

Her Majesty was also absent from the Epsom Derby and a service at St Pauls’s Cathedral during her Platinum Jubilee celebrations, but appeared on the Buckingham Palace balcony for a fly-past.

Before that, she attended the Chelsea Flower Show with the help of a mobility scooter.

The Queen’s health issues appeared to start last year, when she was forced to miss the Remembrance Day service with a sprained back.

She later came down with Covid, but continued to hold meetings via videolink.

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