It's me, hotels. I am the problem, it's me. 🏨

The finance section today references your favourite, formerly broken-hearted, billionaire as she makes her way through Germany. This gives an opportunity to serve up some mental gymnastics, demonstrating the often overlooked difference between a millionaire and a billionaire in a testament to Taylor’s financial triumph. When you incorporate the perspective of time, the difference is staggering.

• If at the beginning of this year, I started giving you £5,000 a day, without spending anything you would have become a millionaire this weekend (congrats!). However, you wouldn’t become a billionaire for another five hundred and forty-six years!

• Similarly, a million seconds makes up just over eleven and a half days. A billion seconds, however, makes up thirty-one years and eight months.

“The difference between a billion and a million is approximately a billion”. Having a billion and losing a million, is the same ratio as having a thousand and losing one. It’s the kind of money that means you can take Romeo somewhere you can be alone, whenever you like, at the drop of a hat.

MARKETS

Data: Google Finance, 7-day Market Close

📈📉

PROJECT WATCH

🔌 UK’s largest proposed HVDC project opens for tender. Read more

🛢️ Licence awarded for three blocks for offshore Scotland. Read more

☢️ Sellafield partnership appoints final key delivery partners. Read more

🏗️ New welding technique accelerates Hinkley progress, as heavy cranes return. Read more

ECONOMY & FINANCE

Inflation stays at 2%, hotels can’t shake it off.
The Bank of England may have to put its interest rate cutters back in the drawer for now, much to the disappointment of current and prospective homeowners. In May, the decision to keep interest rates at their sixteen-year high was in spite of the fact that inflation had dropped to 2%, it doesn’t bode well for a reduction in August.

Hotel prices played the villain here, contributing to inflation’s immobility. While financial markets had naïvely hoped for a drop to 1.9%, services inflation – which curiously includes hospitality, culture, and housing – defiantly stayed at 5.7%.

The ONS reported hotel prices shooting up by 8.8% annually in June, compared to a modest 1.7% last year. But what could have happened in June that drove hotel prices into a frenzy... any ideas Miss Swift?

Some analysts are pointing to Taylor Swift’s Eras Tour as the driver for the cost of a hotel in June. Not even the summer wardrobe clear-outs could balance the scales. Retailers slashed clothing prices, but it wasn’t enough to counteract the cost of a night in a hotel during a Swift concert.

Labour take aim at zero-hour contracts.
King Charles delivered a regally rousing speech marking the state opening of parliament, where Labour's new legislative agenda promises to make work less of a Dickensian slog. The Employment Rights Bill will debut in the first 100 days of Labour’s reign, heralded as the most significant upgrade to workers’ rights in a generation.

The bill targets zero-hours contracts, aiming to offer workers contracts reflecting their actual hours. It also plans to tweak the Low Pay Commission and hike the minimum wage to a genuine living wage, ditching “discriminatory age bands” on earnings. This should sweeten life for around 23% of Brits plagued by job instability, according to Indeed.

There were a staggering 39 bills announced - too many for us to dare to put you through on a Monday morning, so here’s a summary from the BBC for if/when you get a chance. 

POLITICS

In a move that marks the end of an era, Labour announced plans to abolish the last of the hereditary peers in the House of Lords, deeming their presence "outdated and indefensible." For centuries, noblemen have sat in Parliament under their bloodline, but the new government isn’t having it and wants to modernise the upper house. The legislation will remove the remaining dukes, earls, viscounts, and barons, with only two likely to be given a reprieve due to their ceremonial roles. The decision is the most significant change since Tony Blair booted 667 hereditary peers in 1999.

Meanwhile, Victoria Atkins, the shadow health secretary, faced rebuke for her "abominable" behaviour in the Commons, where she loudly interrupted Environment Secretary Steve Reed during a debate on the king’s speech. Atkins defended her actions, claiming she was seeking answers about farming budgets, though sources suggest her interruptions were less noble.

Campaigners have urged Labour leader Keir Starmer to implement a £100 million annual levy on gambling companies, a proposal left unresolved since the previous Conservative government's white paper on gambling reform. Advocates warn that delays in enacting the levy could cost lives, emphasising the urgency of addressing gambling-related harm.

On the international front, the UK will resume funding to UNRWA, the UN's agency for Palestinian refugees, after reassurances about its neutrality. Foreign Secretary David Lammy announced the reinstatement of £21m annual funding.

Domestically, the home secretary has announced a crackdown on illegal working in sectors such as car washes and beauty salons, as part of Labour's intensified immigration enforcement. Yvette Cooper revealed that resources previously dedicated to the now-scrapped Rwanda policy would be redirected to target businesses exploiting illegal labour.

ACROSS THE POND

Prime day reigns supreme.
Amazon's two-day Prime Day extravaganza racked up a staggering $14.2 billion in online spending (that’s 450 years in seconds), firmly reigning over the e-commerce landscape. Competitors like TikTok and Walmart tried to rain on Amazon's parade with their deal events, but clearly, they were just the warm-up acts.

Whilst Amazon's sales skyrocketed by 136% compared to its 2024 baseline, TikTok's Deals For You Days saw a modest 50% increase, and Walmart’s Deals Days nudged up by 23%. Adobe's forecast of $14 billion was impressively surpassed, with consumers splurging $14.2 billion during the event – proving, once again, that Amazon knows how to throw a party.

Despite not disclosing specific figures, Amazon boasted that this year’s event was its biggest yet – talk about vague booking!

Presidential pomp to pro wrestling pandemonium at the Republican Convention.
Donald Trump’s latest act at the Republican National Convention was expected to be a softer version of himself. Naturally, that meant Hulk Hogan would take to the stage, tear his shirt off and roar for “Trumpamania” to take over America. As the camera panned across many Trump supporters wearing ear bandages in solidarity with the former president, many of us in Old Blighty were questioning if we were watching real life.

Kid Rock continued the theme, and delivered a raucous rendition of his anthem, getting the audience to chant Trump's name in a gladiatorial fervour. It was all bizarrely fitting for Trump's unpredictable and flamboyant political career.

A COVID test is the only positive for Biden as he steps out of the reelection race.
The timing seems to have thrown a spanner in the works again. Within hours of mulling over the notion of ending his campaign due to possible health issues, the White House confirmed Biden produced a positive COVID test.

Despite a shaky performance in his initial debate with Donald Trump, Biden’s team ploughed ahead, rolling out a second-term agenda like a well-intentioned but poorly-timed encore. Amidst this political pyrotechnics, a botched assassination attempt on Trump further eclipsed Biden’s big reveal. If anything, it shows that America is enjoying dramatic narrative arcs more gripping than the West End, with the latest twist the news that Biden will step out of the November race.

TECH

The UK is dealing with a major IT outage that has affected airlines, trains, banks, and the NHS. The problem, linked to a faulty update by cybersecurity firm CrowdStrike, has caused significant disruptions, highlighting our over-reliance on specific operating systems. Experts are calling for greater resilience and diversity in our digital infrastructure to prevent such widespread chaos in the future.

Apple has finally launched the Vision Pro headset in the UK, Canada, and other countries. Dubbed the future of "spatial computing," this headset allows users to see the world with digital objects seamlessly integrated. Priced at a hefty £3,499, the buying process includes a detailed face scan using an iPhone or iPad for precise fitting. While critics point to a lack of content, Apple boasts over 2,000 apps specifically designed for the headset, with many more compatible iOS and iPadOS apps available.

Over in space innovation, NASA's future astronauts might be sipping recycled urine during their Moonwalks. Thanks to researchers at Cornell University, a new spacesuit filtration system can convert wastewater into potable water within five minutes. The system was inspired by the stillsuits from the sci-fi classic "Dune." This novel approach, which aims to replace the uncomfortable nappy-style waste management system, promises to enhance astronaut hygiene and efficiency during long extravehicular activities. We hope this doesn’t change the human thirst for exploration.

Astronauts aboard the International Space Station (ISS) are stuck indefinitely due to issues with Boeing's Starliner capsule. Initially scheduled for a week-long mission, Sunita Williams and Butch Wilmore's return has been delayed as engineers work to ensure the capsule's safety. With potential solutions on the horizon, including alternative return options like SpaceX's Crew Dragon or the Russian Soyuz capsule, the situation underscores the complexities and risks of space travel.

Despite issues with the first recipient, Elon Musk's Neuralink is set to implant its second brain chip. The operation, part of Neuralink’s 'Telepathy' project, aims to enhance human capabilities by connecting the brain to computers. While initial trials have faced setbacks, Musk remains optimistic, continuing to push the boundaries of human-machine integration.

WORLD

Bangladesh is in turmoil with student protests against a controversial job quota system turning deadly, even the army has been deployed to enforce a curfew and communication blackout. The quota system reserves 30% of government jobs for relatives of 1971 war veterans, sparking accusations of favouritism towards the ruling Awami League. Despite the Supreme Court ordering a reduction in quotas, unrest continues.

In a powerful act of defiance, three Afghan women will compete in the Paris Olympics despite the Taliban's ban on women's sports. They will represent Afghanistan under the previous regime's flag. The Taliban’s draconian policies have stripped women of basic freedoms, but these athletes aim to inspire change and highlight their plight. Their participation, supported by the International Olympic Committee, symbolizes resistance and hope for Afghan women.

South Korea has made history by appointing Tae Yongho, a former North Korean diplomat, as a vice minister. Tae, who defected in 2016, became the highest-ranking defector in the South Korean government. His role as secretary general of the Peaceful Unification Advisory Council is expected to leverage his insights into North Korean affairs to aid in policy development. This appointment underscores South Korea's commitment to integrating defectors and enhancing strategies for dealing with the North.

As host of the upcoming Cop29 UN climate summit, Azerbaijan is proposing a $1bn Climate Finance Action Fund, targeting contributions from fossil fuel producers. The fund aims to help developing countries tackle climate change by investing in emission reduction and resilience projects.

Continuing with green news, China plans to build the world's largest solar farm in Inner Mongolia. The £8.5 billion project, capable of powering six million homes, will feature an 8-gigawatt facility complemented by wind power, coal-fired power, solar thermal, and substantial energy storage. This ambitious project underscores China's rapid advancement in renewable energy, contributing significantly to global goals for tripling renewable capacity by 2030.

Cuppa Chat Cheat Sheet

🎬🔍 Stanley Kubrick's "Eyes Wide Shut," starring Tom Cruise and Nicole Kidman, was initially poorly received but is now considered a masterpiece 25 years later. The film's depiction of elite decadence continues to spark conspiracy theories and deep analysis.

👓📸 John Lennon's blue-tinted glasses, gifted in 1968, and 33 Abbey Road photos are up for auction on 31 July, expected to fetch up to £3,000 and £200-£300 respectively. The auction at Farleigh Golf Club in Surrey includes exclusive images of The Beatles.

🚢💶 Barcelona plans to raise the tourist tax for cruise passengers visiting for less than 12 hours to combat mass tourism's negative effects. Mayor Jaume Collboni aims to redirect revenue towards local projects and prioritize housing for residents over tourist flat rentals by 2028.

💍🇯🇵 Japan consults young people on marriage amid a demographic crisis, aiming to understand why many avoid tying the knot. Concerns include high living costs, job security, and difficulties in balancing work and family life.

QUIZ TIME

There’s still tea in the pot...

Get your team together for The Teapot weekly quiz!