Is That a Bank Holiday BBQ We Smell?

The Spring Bank holiday looms, and we’re dusting off the barbecue tongs for what looks like a long weekend with genuine sunshine ahead!

After the Northern Lights of last week, reports of a large ball of fire in the sky had us wondering if it was a weather forecast or another opportunity for edgy Instagrammers. With that in mind, look out for the Teapot on Tuesday next week, even we wouldn’t want to wake you on a Bank Holiday Monday!

MARKETS

Data: Google Finance

PROJECT WATCH

🌊 Dogger Bank South: RWE and Masdar have contracted Ocean Infinity to perform seismic geophysical surveys for the Dogger Bank South offshore wind farm, with construction starting by late 2025 and the first electricity generation by 2029. Read more

🏗️ Co-op Live: The cost of the Co-op Live project in Manchester has risen from £365m to £450m, with Bam encountering unexpected expenses but continuing to complete the project. Read more

🔌 World’s Longest HVDC Subsea Cable: The world's longest High Voltage Direct Current (HVDC) subsea cable project has completed its technical due diligence, aiming to connect electrical grids across oceans with unprecedented efficiency and promoting renewable energy. Read more

🌆 London plans to add nearly 600 new high-rise buildings, driven by demand for office and residential space, with significant development in areas like Tower Hamlets, Nine Elms, Wembley, and Croydon. Read more

ECONOMY & FINANCE

House Prices Might Just Take a Breather: UK Banks to Cut Mortgage Rates

Just when you were about to pack it all in and move into a shoebox, Barclays Bank, HSBC, and TSB have decided it's time to throw homeowners and hopefuls a lifeline by cutting the cost of fixed-rate mortgages. It's as if they've finally realised that, in the grand scheme of financial burdens, people would like to afford more than just their mortgage. The move, set to kick in this Friday, offers a glimmer of hope by reversing some of the recent price hikes we've seen plastered all over the news like a bad paint job.

Barclays is leading the charge by trimming down rates for its five-year fixed-rate deals by up to 0.45 percentage points. Those lucky enough to have a 40% deposit can now look forward to a slightly less grim rate of 4.34%. HSBC isn't far behind, with cuts across two-, three-, and five-year home loans, while TSB is taking a more modest approach by shaving up to 0.10% off its two- and five-year deals. It's like watching supermarkets slash prices on baked beans - every little helps.

The reason behind this rare burst of generosity? It seems that looming interest rate cuts from the Bank of England might've been a mirage, but the so-called money market “swap rates” have decided to take a dive, bringing with them the cost of borrowing. According to Mark Harris of SPF Private Clients, these cuts could be the shot in the arm the housing market desperately needs. It's not all roses and sunshine, though. Despite these rate reductions, homeowners remortgaging from a two-year fixed rate will still feel the pinch, with costs significantly up from May 2022's more palatable numbers.

ACROSS THE POND

Lashes and Clashes: The Eyelash Escapade That Set US Congress Aflutter

In what could be mistaken for a script out of a political parody, the US Congress became the latest stage for an eyebrow (lash?)-raising showdown between Democrats and Republicans. It seems the age-old adage, "stick to the issues," was thrown out the window—or perhaps, fluttered away.

The drama unfolded on a rather uneventful Thursday night, transforming the House into a stage reminiscent of a high school spat rather than a revered political institution. At the heart of the tussle was Republican Marjorie Taylor Greene and Democrat Jasmine Crockett, with Greene making a 'blinking' statement, accusing Crockett's fake eyelashes of obstructing her reading abilities. Yes, you read that right. In the storied halls of the US Congress, amidst debates of national importance, fake eyelashes became the unlikely protagonist.

Beyond the bickering and the beauty faux pas, the committee was ostensibly there to address a resolution to recommend holding US Attorney General Merrick Garland in contempt of Congress. The irony of the situation? The contempt was over an investigation into Joe Biden's handling of classified documents—a topic with presumably more gravity than the apparent weight of Crockett's eyelashes.

TRUMP TRIAL: In another classy update on US politics, the Trump Trial rumbles on in New York with Michael Cohen turning against his former boss. Read the latest update here.

TECH

As if Google’s new AI assistant, Astra, was channelling its inner Sherlock Holmes, it can now spot your missing specs quicker than your mum. Debuting at Google’s I/O event, Astra promises to locate everything from glasses to gadgets, and can even suss out scam calls.

Not to be outdone, OpenAI’s latest brainchild, GPT-4o responds in real-time across various media, acting as an interpreter or your child’s private tutor, or even telling you to fix your hair and not wear a silly hat when you’re about to have an interview (yes, that actually features in the ad).

As we head toward the Bank Holiday, dating dilemmas could be solved by Bumble’s innovative AI Concierge, letting robots handle the romantic heavy lifting. With the Bumble AI ready to chat up other AIs, you can binge on Bridgerton in peace.

In other news, Raspberry Pi’s potential £500m IPO puts the 60m device-selling British company back in the spotlight. Keeping with UK companies, there's Scotland’s Rockstar Games’ GTA6 revving up for an autumn 2025 release, giving all gamers something to look forward to.

UK aviation just tested unjammable quantum navigation tech—so say goodbye to losing your way like Grant Shapps near Russian airspace, as the UK strives to pioneer in quantum tech.

POLITICS

In the regal world of riches, Rishi Sunak and his wife Akshata have pipped King Charles to the post on the Sunday Times Rich List. Their £651m fortune even makes the Windsor estates look like, well, a modest townhouse in Kensington. It’s all thanks to Akshata’s golden touch with Infosys shares. Rishi’s earnings might be a mere £2.2m, but, as we know, behind every great man there's an even richer woman.

Meanwhile, Lord Ranger’s tipsy tirade at the Strangers’ Bar has landed him in hot water, facing a three-week suspension from the Lords and a year-long bar ban. Clearly, his pub etiquette needs work.

The Rwanda asylum plan remains in legal limbo, much like a delayed Ryanair departure. Rishi’s hoping to send asylum seekers to Rwanda by summer, but with legal challenges stacking up like unwashed dishes after a bank holiday barbecue, let's just say we'd recommend packing a good book for the wait.

Slightly offbeat, MP John Nicolson goes toe-to-toe with Netflix over the "alleged" stalker in “Baby Reindeer.” Nicolson’s grilling Netflix, questioning their narrative about Martha’s criminal past. The alleged stalker in question, Fiona Harvey (originally uncovered by internet sleuths), featured on Piers Morgan revealing her £1 million compo demand, Piers scoffed, suggesting she settle for a makeover and a bus fare home.

WORLD

There's no rest for international intrigue and cybersecurity conundrums. London-based engineering giant Arup recently got bamboozled out of £20 million by deepfake tricksters, showing that even the most sophisticated firms can fall for tomfoolery. The scammers, impersonating Arup's CFO via a dodgy video call, managed to hoodwink a Hong Kong finance worker into parting with a small fortune.

Over in the Philippines, Mayor Alice Guo of Bamban has been thrust into the spotlight with accusations of being a Chinese spy. Raids on her alleged scam front, disguised as an online casino, rescued nearly 700 workers and raised questions about her trajectory from pig farming to politics. This saga underscores how deep espionage can infiltrate local governance globally.

Meanwhile, the West's approach to Chinese espionage could use more than a lick of paint, according to GCHQ’s head who calls it an "epoch-defining challenge".

As we cast off for a long weekend, remember, whether it's scams over a video call or political games, staying vigilant is the best way to keep calm and carry on.

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