Prince Harry was ‘stunned’ by the backlash he faced after being nominated for an award named after an American war hero killed in Afghanistan, sources have claimed.
The Duke of Sussex, 39, is due to be honoured with the Pat Tillman Award for Service for his Invictus Games work at the glitzy ESPY Awards in Los Angeles on July 11.
Tillman, an American football star who gave up a £3million contract to enlist in the US Army after 9/11.
Had his life tragically cut short at the age of 27 when he was killed in friendly fire while serving in Afghanistan 20 years ago.
His mother Mary, who said she was not consulted about Prince Harry being given the award bearing her son’s name, told the Mail last week:
‘I am shocked as to why they would select such a controversial and divisive individual to receive the award.
‘There are recipients that are far more fitting. There are individuals working in the veteran community that are doing tremendous things to assist veterans.
‘These individuals do not have the money, resources, connections or privilege that Prince Harry has. I feel that those types of individuals should be recognised.’
The ESPY Awards (Excellence in Sports Performance Yearly) is run by the sports TV network ESPN and the Pat Tillman Award has previously been given to unsung heroes.
Last year it went to members of the Buffalo Bills American football team training staff who revived a dying player on the field.
ESPN said Harry was being honoured for his ‘tireless work in making a positive impact for the veteran community through the power of sport’ with his Invictus Games.
But the decision to honour him has led to a backlash.
Sources told The Telegraph that it is a ‘bitter pill to swallow’ when the Duke of Sussex is criticised about anything relating to his military record and work with veterans.
‘Harry’s legacy on Invictus, the things he has achieved, that’s his real passion,’ they said. ‘This is the space in which he truly feels at home, it is something he deeply cares about. The reaction certainly took the shine off the award.’
The source acknowledged that it was similar to when Harry, who completed two tours of Afghanistan as an Apache helicopter pilot was recognised as a Living Legend of Aviation at a star-studded ceremony in Beverly Hills, California, in January.
As he joined the likes of astronauts Buzz Aldrin, James Lovell and Tim Peak in picking up the prestigious award, Admiral Lord West, former head of the Royal Navy, brutally said: ‘He is not a living legend’.
The latest backlash began almost straight after ESPN announced on June 27 that Harry would be given the Pat Tillman Award for Service.
A petition to urge ESPN to reasses its decision boasted almost 68,000 signatures in ten days.
It said: ‘Pat Tillman exemplified duty, honour, and sacrifice.’
‘He gave up his successful NFL career to serve his country after the 9/11 attacks, and tragically lost his life during his service. Awarding this honour to someone who does not reflect the award’s intent diminishes its value and disrespects Tillman’s memory.’
Former NFL player Pat McAfee also waded in, saying: ‘We should celebrate sports. The worldwide leaders should celebrate sport but doing something like this is obviously trying to p*** people off.’
He said they should create a new category just for the duke. ‘How about it’s like ESPY for Royal Family member who doesn’t want to be called ‘Royal Family member’ who loves sports?’
Jake Wood, a former Pat Tillman Award winner, later defended Prince Harry on TMZ Live, saying: ‘He’s a royal prince, there’s 100 different things he could have done with his life after his service in the British Armed Forces but he’s chosen to dedicate a big portion of his post-military life to helping veterans.’
Pat Tillman was hailed in the US after giving up his lucrative career with the Arizona Cardinals to enlist as an Army Ranger.
He served in Iraq and then Afghanistan, where he was killed by friendly fire in 2004. He was awarded the Silver Star and Purple Heart for bravery.
A spokesman for ESPN previously said: ‘ESPN, with the support of the Tillman Foundation, is honouring Prince Harry, Duke of Sussex, specifically for the work of The Invictus Games Foundation as it celebrates its 10th year promoting healing through the power of sport for military service members and veterans around the world.
‘While we understand not everyone will agree with all honourees selected for any award, The Invictus Games Foundation does incredible work and ESPN believes this is a cause worth celebrating.’
Archewell has been contacted for comment.
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Source: CNN
Capital Markets: An Overview
Capital markets are financial markets where long-term debt or equity-backed securities are bought and sold. They provide a platform for raising capital, facilitating investment, and enabling the transfer of funds between savers and borrowers. The efficiency and stability of capital markets are crucial for the overall health of an economy.
Components of Capital Markets
Primary Market:
In the primary market, new securities are issued and sold to investors directly by the issuer. This is where companies raise fresh capital by issuing stocks (equity) or bonds (debt).
Key activities include Initial Public Offerings (IPOs), where companies go public by offering shares for the first time, and debt issuances, such as corporate or government bonds.
Secondary Market:
The secondary market is where existing securities are traded among investors. This includes stock exchanges like the New York Stock Exchange (NYSE) and NASDAQ.
Provides liquidity, allowing investors to buy and sell securities easily.
Types of Securities in Capital Markets
Equities (Stocks):
Represent ownership in a company.
Common stocks offer voting rights and potential dividends, while preferred stocks offer fixed dividends and priority over common stocks in asset liquidation.
Debt Securities (Bonds):
Loans made by investors to issuers (corporations, municipalities, or governments).
Pay periodic interest and return the principal at maturity.
Types include corporate bonds, government bonds, and municipal bonds.
Hybrid Securities:
Combine elements of both debt and equity, such as convertible bonds (which can be converted into a specified number of shares).
Key Functions of Capital Markets
Capital Formation:
Enable businesses to raise funds for expansion, innovation, and operations.
Investors provide capital in exchange for potential returns through dividends or interest.
Liquidity Provision:
Secondary markets offer liquidity, allowing investors to easily buy and sell securities.
Facilitates the efficient allocation of resources.
Price Discovery:
Markets determine the fair value of securities based on supply and demand dynamics.
Prices reflect the collective assessment of a company’s future prospects and overall economic conditions.
Risk Management:
Investors can diversify their portfolios by investing in a variety of securities.
Derivative instruments (options, futures) are available for hedging against price fluctuations.
Participants in Capital Markets
Issuers:
Corporations, governments, and municipalities that raise capital by issuing securities.
Investors:
Individuals, institutional investors (pension funds, mutual funds, insurance companies), and foreign investors seeking returns on their investments.
Intermediaries:
Investment banks, brokerage firms, and financial advisors that facilitate the issuance and trading of securities.
Regulators:
Government agencies (e.g., Securities and Exchange Commission in the U.S.) that oversee market activities to ensure transparency, fairness, and investor protection.
Regulatory Framework
Regulation in capital markets aims to protect investors, ensure fair trading, and maintain market integrity. Key regulations and standards include:
Disclosure Requirements: Companies must provide accurate and timely information to investors.
Insider Trading Laws: Prohibit trading based on non-public, material information.
Market Surveillance: Monitor trading activities to prevent market manipulation and fraud.
Impact on the Economy
Capital markets play a vital role in economic growth by:
Facilitating Investment: Mobilizing savings into productive investments, driving business expansion and innovation.
Promoting Economic Stability: Providing mechanisms for risk management and capital allocation.
Enhancing Financial Inclusion: Allowing a broader range of participants to invest and raise capital.
Current Trends and Challenges
Technological Advancements:
The rise of fintech, algorithmic trading, and blockchain technology is transforming capital markets by enhancing efficiency and transparency.
Globalization:
Increased cross-border capital flows and integration of global markets present opportunities and risks.
Regulatory Changes:
Evolving regulatory landscapes in response to financial crises and market innovations impact market operations.
Sustainability:
Growing emphasis on Environmental, Social, and Governance (ESG) criteria in investment decisions reflects the shift towards sustainable and responsible investing.
Conclusion
Capital markets are the backbone of a functioning financial system, providing the necessary infrastructure for capital formation, investment, and economic growth. Understanding their mechanisms, participants, and regulatory frameworks is essential for navigating and leveraging these markets effectively. As markets evolve with technological advancements and global integration, staying informed about trends and challenges remains crucial for all stakeholders.
