Pinch, punch, first of the month 👊

Pinch, punch, first of the month. Today marks the halfway point in the year, which means... half-year reviews! Meeting room bookings are through the roof for those of us working in the office, while the home workers will be dressed smarter than their token WFH hoodie on Teams.

With Glastonbury weekend drawing to an end, look out for colleagues still wearing their wristbands from Tuesday onwards - the daisy chains and suntans will make them easier to spot!

MARKETS

Data: Google Finance, 7-day Market Close

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PROJECT WATCH

🏗️ Red to replace Henry on £50m Westminster contract. Read more

🌊Marine Power Systems partners with Quoceant in floating offshore wind. Read more

ECONOMY & FINANCE

The economy - it’s growing on us.
The UK economy has pulled a Houdini act, convincingly escaping the clutches of a technical recession. The Office for National Statistics (ONS) revised their figures, showing a 0.7% growth in the first quarter of 2024—a slight boost from the previously estimated 0.6%. It's the fastest growth since 2021, just in time for those summer BBQs where we can smugly mention that we're leading the G7 pack. Take that, France!

Our hairdressers, banks, and pubs saw an increase of 0.8% in the services sector. However, if you’re in construction, it might be time to nail down a backup plan—the sector took a 0.6% nosedive. Meanwhile, production trotted along, with a modest 0.6% bump.

The real kicker? Despite the rollercoaster that was last year—a 0.1% shrink in Q3 and a 0.3% drop in Q4—household finances are looking better. Disposable income grew by 0.7%, matching Q4 of 2023. This rise was driven by heftier paycheques (and who doesn't like those?) and a cut in national insurance contributions, making it slightly easier to stash some cash away.

Human rights group calls for Shein’s UK stock listing to be blocked.
In a move that could send ripples across both the financial and fashion worlds, a UK human rights group has urged the Financial Conduct Authority (FCA) to block Shein’s planned listing on the London Stock Exchange (LSE). The charity, Stop Uyghur Genocide, alleges the Chinese fast-fashion giant employs forced labour from the Uyghur community in Xinjiang.

The campaigners sent a legal letter to the FCA insisting that any attempt by Shein to list on the LSE should be refused. This comes as Shein, valued at a staggering $66bn (£52bn) last year, looks to swap its US IPO plans for the UK market due to political opposition Stateside. One wonders if Shein thought the grass would be greener in the UK.

Amnesty International UK has not held back, labelling Shein’s potential London listing a “badge of shame” for the city's stock exchange, citing questionable labour and human rights standards. Shein countered on Wednesday with a predictably polished PR statement, affirming their "zero-tolerance policy for forced labour" and a commitment to human rights. Nothing like a firmly worded press release to allay concerns.

POLITICS

Move over, Twitter – TikTok is another new battleground for political clout. Snarky, silly, and occasionally downright rude, TikTok has injected fresh energy into political campaigns. Nigel Farage, the unlikely star, has captured the platform’s attention with a clip of him lip-syncing Eminem’s "Guess who’s back?" racking up over eight million views. Farage’s personal account is now a heavyweight, boasting more followers than Labour, the Tories, and the Lib Dems combined.

Labour and the Tories are at it too, with each party leveraging memes to critique and counter each other’s policies. Despite the buzz, TikTok’s reach pales in comparison to Facebook and YouTube, where the real advertising pounds are being spent. As the election heats up, both platforms are seeing substantial increases in political ad spending, particularly from the Conservatives and Labour.

The serious business of policy takes centre stage. Labour promises to scrap the controversial Rwanda policy, focusing instead on a “fair asylum system”. However, the details remain vague, particularly on how they plan to manage returns and negotiations with other countries. This contrasts sharply with the Tories’ current stance, which has yet to see success in its harsh measures.

The Reform UK party, led by Farage, is not without its scandals. Recently, the party dropped three candidates over offensive comments, a move that has stirred controversy and highlighted the ongoing challenge of vetting candidates quickly in an unexpected election cycle. Farage, under fire, denies fanning the flames of prejudice, even as his campaign faces accusations of being influenced by foreign actors.

Rishi Sunak, defending his party's 14-year tenure, insists that the UK is better off now than in 2010, despite criticisms of economic stagnation and international standing post-Brexit. With just days to go, the stakes are high, and the outcome uncertain. The possibility of a historic swing towards Labour looms large, with pollsters predicting a significant shake-up in the political landscape.

As election night approaches, all eyes will be on the exit polls and the early results from key constituencies. Will Labour reclaim the red wall? Can the Lib Dems turn the blue wall yellow? And how will Reform UK’s unexpected surge impact the overall results? One thing is certain: this election promises to be one for the history books, with TikTok memes and all.

ACROSS THE POND

Biden's concern becomes evermore concerning.
If you thought our election debates were bad, brace yourself to look across the pond. Joe Biden's latest debate face-off with Donald Trump was nothing short of a car crash, and that's not just the Republicans talking. Democratic insiders themselves have likened Biden’s display to the Titanic meeting the iceberg – a complete disaster.

Fans of the President seemed to be holding onto their chairs for dear life. His voice hoarse, he stumbled through responses, occasionally lapsing into agonisingly long pauses. One might have mistaken it for an amateur night rather than a presidential debate.

Biden even botched a hit-out at Trump over Medicare, incredulously proclaiming that “We finally beat Medicare,” much to the delight of Trump, who pounced faster than a tabby on a laser pen. Instead of striking hard on abortion, Biden wandered off-topic, and managed to steer the conversation to immigration, leaving supporters cringing.

Perhaps the lowest point was the debate’s climax – an old man’s bickering over golf handicaps. One might have found it amusing if it weren't so depressingly indicative of the state of American politics.

Supreme Court nips Sackler opioid immunity deal in the bud.
In the latest update on the Netflix ‘Painkiller’ docuseries - The US Supreme Court has thrown out a contentious deal that would have allocated billions to opioid crisis treatments while shielding the Sackler family from future lawsuits. The Sacklers, who pocketed billions from Purdue Pharma's OxyContin sales, sought protection from further claims without fully coughing up their assets.

As the US continues to wrestle with the opioid epidemic, the Sackler family had agreed to shell out $6 billion to families and states in a deal that would see Purdue Pharma dismantled and reborn as a public benefit company. Their marketing of OxyContin as a safer, less addictive painkiller spurred a nationwide crisis, leading many to alternative, more hazardous opioids when prescriptions ran dry. The CDC reports nearly 645,000 opioid overdose deaths from 1999 to 2021.

TECH

Relief for us here in the UK soon enough, New York's Governor Kathy Hochul must think she's the next tech superhero, unveiling the SAFE Act to combat "addictive" social media feeds for under-18s.

From 2025, platforms like TikTok and Instagram will need parental consent for kids to use their digital delights, and they'll enforce a bedtime for devices by banning notifications between midnight and 6 a.m. A digital curfew, if you will—because who needs beauty sleep more than a selfie-loving teen?

While Hochul touts this as the cure for the youth mental health crisis, researchers argue that social media isn’t the villain it’s painted to be, with studies showing it can actually foster connection and acceptance among teens.

In the realm of artificial intelligence, Bill Gates assures us that AI will be more help than hindrance in achieving climate goals. Gates, alongside Prince William, recently attended London Climate Action Week, where they celebrated the efforts of environmental innovators at The Earthshot Prize event. Gates and William hobnobbed with global business leaders and toured the Innovation Showcase, spotlighting cutting-edge climate solutions.

In the land of e-commerce, Amazon is launching a discount shopping section to woo Chinese merchants and take on the likes of Temu and Shein. This new marketplace will feature non-branded fashion items and household goods shipped directly from China. Chinese suppliers are intrigued, but analysts say Amazon faces an uphill battle against established discount giants.

Finally, Alibaba's large language models have topped global rankings on the AI developer platform Hugging Face, showcasing their rapid progress in generative AI. Their latest model, used in industries from consumer electronics to cars, has earned accolades for its performance in complex tasks, further cementing Alibaba’s position in the AI race.

WORLD

In South Korea, an unconventional empathy exercise sees parents voluntarily locking themselves in solitary confinement to understand their reclusive children better. At the Happiness Factory, parents experience isolation firsthand, hoping to bridge the communication gap and gain insights into their children's struggles with severe social withdrawal, or "hikikomori." This unique approach underscores the intense pressures within South Korean society and the innovative efforts to address mental health issues.

The geopolitical tension continues to escalate on the Korean Peninsula. North Korea has criticised the recent "Freedom Edge" military drills conducted by South Korea, Japan, and the US, calling them a precursor to an "Asian NATO". The exercises, involving a nuclear-powered US aircraft carrier and aimed at bolstering defences, have provoked Pyongyang's ire.

Adding fuel to the fire, North Korea's latest missile test has sparked controversy. While Pyongyang claims a successful launch of a multiple warhead missile, South Korea counters with evidence suggesting the missile exploded mid-flight. The conflicting reports highlight the challenges in verifying North Korea's military advancements, despite ongoing international sanctions and scrutiny.

In the world of entertainment, K-pop group Seventeen made history by becoming the first K-pop band to perform on Glastonbury's main Pyramid Stage. Their energetic set, featuring hits like "Maestro" and "Very Nice," drew a growing crowd and marked a significant milestone for K-pop's global influence. The band's performance not only delighted fans but also introduced the genre to a broader audience, signalling K-pop's continued rise on the world stage.

IN THE OTHER AMERICAS
Bolivia, a dramatic three-hour coup attempt saw President Luis Arce confront ex-army chief Juan José Zúñiga, only for Zúñiga to retreat. Allegations now suggest Arce may have staged the coup to boost his popularity.

In Canada, Karima Manji was sentenced to three years in jail for fraudulently claiming her daughters were Inuit to access over C$150,000 in benefits. This case marks the first custodial sentence for a "Pretendian".

Argentina's Salinas Grandes, Indigenous communities clash with multinational mining firms over lithium extraction. Fears of environmental harm and water depletion divide locals in this future EV supply hub, with some accepting economic incentives while others resist, calling it modern-day colonialism.

Cuppa Chat Cheat Sheet

🪴🚀 Scientists found the desert moss Syntrichia caninervis can survive Mars-like conditions, including extreme cold and radiation, potentially aiding in future Mars colonisation. The moss can recover from dehydration and regenerate after exposure to harsh environments, laying the groundwork for outer space plant growth.

👶📉 The fertility rate in England and Wales fell to 1.49 children per woman in 2022, alarming economists and demographers. Factors like financial constraints, climate crisis, and a lack of optimism are impacting birthrates globally.

🚴🏆 Kévin Vauquelin wins stage two of the Tour de France, while Tadej Pogacar seizes the yellow jersey by finishing strong against Jonas Vingegaard. Pogacar's late attack left key competitors like Geraint Thomas trailing behind.

✈️🕵️‍♂️ Julian Assange has been released from Belmarsh prison and flown to Saipan, where he pleaded guilty to illegally securing and publishing classified US documents. He made a deal with the US and is now free in Australia.

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