Say my name, say my name...

It’s well known that humans often have names. Although it’s less well known, I’m sure many of you are aware that bottlenose dolphins have individual names too - unique whistles, specific to certain dolphins that are often called in the wild when they become separated.

Well, just when we needed some good animal-naming news, it turns out elephants do too. While AI may one day mean the end of civilisation, for now it has helped identify that elephants too address certain members of their group by “name”, deep rumblings specific to address certain individuals.

Why not learn more about Today’s Sponsor, Beehiiv’s newsletter platform? Elephants with names, and Teapots with sponsors - what a time to be alive!

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MARKETS

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PROJECT WATCH

🤿 Dana Petroleum awards Subsea7 a contract for subsea services in the North Sea. Read more

♻️ Ocean Kinetics and Green Marine form JV to decommission tidal energy platform in the Orkney Islands. Read more

🔌 2H Offshore and Vekta Group form a strategic partnership for HV cable developments for offshore wind. Read more

ECONOMY & FINANCE

April showers rain on Rishi’s parade
April showers brought no bloom for the UK economy, as it flatlined in the wake of torrential weather. After a promising 0.4% growth in March, the economy found itself stuck in the mud in April.

Construction output dropped by a soggy 1.4%. Factories didn’t fare much better, with a 2.2% tumble in the three months leading up to April. Manufacturing saw a nosedive of 1.4%, a gloomy outlook when a mere 0.2% decline had been expected.

GDP refused to budge in April, recording a big fat zero in the growth department. Services, ever the optimists, eked out a 0.2% rise, while production fell by 0.9%.

Investment strategist Lindsay James from Quilter Investors laid the blame squarely on the uncooperative British weather. With 55% more rainfall than usual, it's no wonder pubs, retail, and construction took a nosedive. However, a silver lining can always be found in the stiff upper lip of services’ fourth consecutive month of growth.

On the political stage, these economic hiccups have delivered a not-so-welcome blow to Prime Minister Rishi Sunak, who’s gearing up for a general election on the 4th of July. Sunak had optimistically claimed the economy had “turned a corner” earlier this year, but it appears that corner might need a “route recalculation”.

BoE shelves summer rate cut as wages surge
Well, it looks like another interest rate cut is off the summer agenda. The Bank of England officials must be rethinking their holiday plans as wages have grown at a surprising clip. According to the Office for National Statistics (ONS), total pay, bonuses included, swelled by 5.9% in the three months up to April, outpacing the economists' forecasts by a smidge. Real pay, factoring in our beloved inflation, jumped by 2.7%, the briskest pace since autumn 2021. All this while unemployment rates rose to 4.4% in the same period.

This surge was driven in part by the government's hefty 9.8% boost to the National Living Wage in April. With basic pay excluding bonuses up by 6%, Threadneedle Street might need a larger needle to thread this economic tapestry. Regular pay also rose by a record 2.9%, leaving wage growth well above the more manageable 2.3% inflation rate.

Victoria Scholar of Interactive Investor doesn’t see the BoE cutting rates before it can avoid any political entanglement from the 4th of July general election. How very considerate. November might just be when the rate-cut fairy visits our shores.

Golden-Bru for Taylor?
Edinburgh was positively buzzing after Taylor Swift's sell-out shows at Murrayfield. Swift started her UK leg of The Eras Tour in the Scottish capital, performing three shows, and the Swifties showed up en masse. The city's economy saw a £77-mill boost, proving that when Swift sings, the cash registers ring.

Taylor’s shows, the largest in Scotland’s history, raked in funds and reinforced Edinburgh’s reputation as a top-notch place to live, work, and visit. Apparently, the only thing more packed than the stadium was the local piggy bank.

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ACROSS THE POND

Chiquita’s costly slip
Chiquita Brands has been ordered by a Florida federal jury to pay $38.3m (£30m) to the families of 16 individuals killed by a Colombian paramilitary group they bankrolled during the country's protracted civil conflict. Sounds bananas, right?

Surprisingly, this is the first time a private American company has faced such a verdict, holding them accountable for egregious human rights abuses in foreign lands. According to Marco Simons from EarthRights, it’s a stark message for corporations: you can’t trade ethics for profits and expect to get away clean.

For context, court documents reveal that the AUC, a notorious group responsible for thousands of deaths, received around $1.7m (£1.3m) from Chiquita between 1997 and 2004. Chiquita, based in Florida’s sunny realms of banana plantations, claims these payments were under duress to protect both their employees and banana growing operations in areas caught up in Colombia’s civil war.

Marking a significant moment, the ruling comes after a six-week trial. It’s another page in a story that began in 2007 when Chiquita bowed to pressure, pleaded guilty to transacting with a foreign terrorist group, and forked out a $25m (£19.6m) fine.

Just the $45bn for Elon, as Tesla moves to Texas
Tesla shareholders have nodded approvingly at Elon Musk’s $45bn (£35.3bn) pay package after a tense vote on his leadership. The billionaire CEO couldn’t contain his glee, serenading shareholders with a heartfelt “hot damn, I love you guys!”.

This decision marks a reprieve for Musk, whose previous $56bn (£43.9bn) package was struck down by a Delaware judge. The judge had ruled Tesla’s board was essentially a Musk fan club, riddled with conflicts. However, this new vote might provide Tesla a lifeline, suggesting shareholders knew the ties and still fancied putting Musk in a golden spacesuit.

TECH

AI is no longer just about robots doing our chores; it's transforming our relationships. Take Peter, a 70-year-old engineer, who found solace in his AI companion from Replika. It started as a way to ease his loneliness and soon became a source of emotional support. But as these AI relationships blossom, questions arise about the ethical implications and whether we might become too reliant on code for companionship.

In the world of geopolitics, the G7 summit saw leaders taking a firm stand against China’s tech policies. They criticised China’s subsidies in green energy and tech sectors, accusing Beijing of distorting global markets and aiding Russia’s military. Amidst the political wrangling, Pope Francis made a unique appearance, urging leaders to consider the ethical dimensions of AI, reminding everyone that technology should serve humanity, not the other way around.

Back on the tech front, the FTX saga continues to unfold. Trustees are demanding the return of nearly $5 million funnelled to Lightcone Infrastructure, a non-profit linked to controversial intellectual movements. This case highlights the ongoing scrutiny of tech philanthropy and the murky ethics surrounding it.

In Australia, a different battle is being fought in classrooms. Media literacy is becoming crucial as less than half of Australian children feel confident distinguishing real news from fake. Programmes like Squiz Kids' Newshounds aim to fill this gap, but experts argue that more comprehensive efforts are needed to prepare kids for the digital age.

And then there’s Apple, finally stepping into the AI arena with a promise of privacy. Their new AI system, Apple Intelligence, emphasises security, but partnerships with firms like OpenAI raise concerns about data use. Apple’s cautious approach contrasts with competitors, aiming to balance innovation with user protection.

In Spain, women are rewriting history, one Wikipedia entry at a time. Groups like Wikiesfera are tackling Wikipedia’s gender gap, ensuring women’s achievements are recognised, even in the digital age, representation matters.

POLITICS

Nigel Farage sparked laughter during ITV’s debate by claiming he’s “always told the truth” while accusing others of lying about migration. This came as a YouGov poll put Reform UK ahead of the Tories for the first time, with 19% to their 18%.

Wes Streeting, Labour’s shadow health secretary, urged junior doctors to cancel their election strike, branding their 35% pay rise demand unaffordable. Meanwhile, a think tank warned that both Labour and Tory NHS plans would fund the service less than during the austerity peak. Streeting's refusal to rule out council tax hikes added to Tory accusations of Labour's hidden tax and spend agenda.

A Survation poll predicts a disastrous 72 seats for the Tories, with Labour set for a 456-seat landslide. Farage's Reform UK continues to rise, branding Tory migrant plans as a ‘con’. Internal Tory strife grows with Douglas Ross’s MP bid leaving many disgruntled in his constituency.

Labour’s new campaign slams Tory NHS management, predicting waiting lists will hit 10 million if they stay in power. Streeting, a cancer survivor, promises faster diagnoses and treatments with Labour’s plan. Tory Health Secretary Atkins admits more must be done but insists only her party has a clear plan to improve cancer detection.

Voters prefer Keir Starmer to manage the England football team over Sunak or Farage. Arsenal fan Starmer is seen as a tough manager, Sunak’s leadership chaos leaves him third, and Farage’s no-nonsense style earns him second place (although Farage is certain to take us out of the Euros at the first opportunity).

WORLD

A Chinese military history enthusiast unearthed a cache of classified documents amid a pile of old papers he snagged for less than a pound, triggering understandable commotion. The fella, known only as Mr Zhang, promptly handed over the secrets to authorities, proving there's no such thing as a harmless hobby in China. The state's opaque security apparatus leaves everyone guessing what's deemed a state secret, while China's military juggernaut continues its colossal rise, unsettling the region and beyond.

In a diplomatic dance that would make Strictly proud, South Korea and the US held an emergency chinwag over rumours of Putin's impending visit to North Korea. With whispers from Russian papers and the Kremlin playing coy, it's all as clear as mud. The US frets over North Korea’s missile and artillery handouts to Russia, while both sides keep a wary eye on the hermit kingdom's antics.

Japan's tradition-bound surname saga might be heading for a shake-up as a business lobby demands the option for dual surnames. Currently, Japanese couples must adopt one family name, typically the husband's, which apparently puts women off tying the knot. The proposal, backed by a slew of dissatisfied female execs, faces opposition from conservative politicians who fear it will unravel family unity faster than a dropped stitch in a kimono.

Cuppa Chat Cheat Sheet

🌬️🚗 England's Clean Air Zones have raised over £150m to fund local transport projects and emissions-reduction initiatives. Critics argue the zones unfairly impact those unable to afford low-emission vehicles.

🚴‍♂️😨 Celebrity chef Gordon Ramsay suffered a "really bad" cycling accident in Connecticut, resulting in substantial bruising but no major injuries. He urged the importance of wearing helmets, sharing his gratitude for the hospital staff who treated him.

📽️👦 "The Boy and the Suit of Lights" explores a young boy in Castellón, Spain, pressured by his grandfather to become a bullfighter amid changing social attitudes. The documentary captures Borja's struggles with tradition and personal identity, highlighting family expectations and the decline of bullfighting.

📺🇯🇵 In 1998, Japanese man Nasubi lived in isolation for 15 months for a reality TV show, surviving solely on competition prizes. His harrowing experience is revisited in the new documentary "The Contestant," now streaming on Hulu.

🌴💼 Thailand has introduced a five-year digital nomad visa allowing remote workers to stay and work in the country. Applicants must be self-employed or work for a company outside Thailand, pay an application fee, and re-enter the country every 180 days.

🎬🚫 The Malay film "Tiger Stripes" about a girl who transforms after her first period has been censored in Malaysia. This reflects a broader reluctance to depict menstruation openly in film.

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