Surge-priced Teapots? 🚀

Good morning. Fortunately, we don’t implement a ‘dynamic pricing’ system at The Teapot, to magically charge you an extra £150.

Ticketmaster have caused a ruckus with theirs this weekend, as systems crashed and booted out Oasis fans waiting in virtual queues of millions. Tickets were then available for more than twice the original price due to Ticketmaster’s ‘in-demand’ pricing policy. Though, if we did double the price of your subscription, it would still remain, absolutely free.

If you, like us, managed to secure a ticket, enjoy the smug feeling as you tell colleagues in the tea room!

MARKETS

Data: Google Finance, 7-day Market Close

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PROJECT WATCH

⛴️ UK firm Silverstream wins work to install on 18 LNG carriers. Read more

🏗️ Winvic wins contract to build new logistics facility in Leicestershire. Read more

🌊 Enquest takes on Shell’s North Sea decom management. Read more

ECONOMY & FINANCE

Mortgage approvals surge after interest rate dips
Feeling like you might finally afford a box with a roof over your head? You’re not alone. Mortgage approvals in the UK soared to 62,000 in July, the highest since September 2022, according to the Bank of England. This uptick, which has borrowing back on the up-and-up, coincides with the Bank’s decision to shave 0.25% off the base interest rate, now standing at a tantalising 5%.

Net mortgage borrowing also saw a rise, hitting £2.8bn in July—the most since late 2022. The BoE’s first interest rate cut in four years was a divisive move, narrowly approved by their nine-member committee. Paul Matthews from Broadstone suggests this modest cut could stimulate market demand as we roll into autumn. Not that we’re expecting pre-pandemic rock-bottom rates anytime soon, so perhaps don't crack open the champagne just yet.

Meanwhile, house prices climbed at their fastest rate since December 2022 in July, despite a minor monthly dip of 0.2%. So, the average UK home now costs £265,375—a cool £950 cheaper than the month before. Almost enough for a pint down the local in 2024!

Brace yourself for the autumn budget
Prime Minister Sir Keir Starmer warns the upcoming autumn budget will be "painful", hinting at tax hikes to fill the £22bn void left by the Tories. In his first major speech as PM, delivered in the Rose Garden at 10 Downing Street, Starmer indicated "big asks" would be made of the public.

"The broadest shoulders should bear the heaviest burden", Starmer declared, signalling a crackdown on non-doms while vowing not to increase income tax, national insurance, or VAT on working people. "We're moving beyond the notion that more tax and spending are the only solutions", he added.

Starmer assured the focus will be on economic growth, transport system repairs, and NHS improvements. "This is our country, let’s fix it together," he urged.

The budget announcement is slated for October 30th, just before Halloween, a date that now promises to bring extra fright!

POLITICS

UK’s Outdoor Smoking Ban Sparks Debate
The UK government, led by Skills Minister Jacqui Smith, is pushing for an outdoor smoking ban, targeting pubs, restaurants, and even pavements. Smith argues that it could encourage more people to quit and alleviate pressure on the NHS, let alone the health benefits, calling smoking “the biggest nail in the coffin of most people in this country”.

While health experts applaud the move, the hospitality industry fears it could be another blow to pubs and eateries still reeling from the pandemic. With public support on the rise, the ban could mark a significant shift in Britain’s battle against smoking.

Home Office’s Billions in Asylum Overspend
The Home Office has come under fire for overspending on asylum and border operations by an average of £2.6 billion per year. As the government tries to restore order to the asylum system, the fiscal watchdog warns that without proper budgeting, taxpayers will continue footing the hefty bill.

Wind of Change: £8.3 Billion for Offshore Wind Farms
In a major push for clean energy, Keir Starmer and Ed Miliband have unveiled an £8.3bn partnership between Great British Energy and the Crown Estate. This ambitious project aims to flood the UK’s coastlines with new offshore wind farms, potentially powering 20 million homes by 2030. Touted as a game-changer for energy security, the partnership is expected to attract up to £60bn in private investment.

Policing Protests
The UK government is appealing a High Court ruling that restricted police powers to control street protests. The appeal aims to restore broader authority to manage demonstrations, reigniting debates over civil liberties and the right to protest. As the battle over public order laws continues, the balance between security and freedom remains a contentious issue.

Power to the People: Workers’ Rights Overhaul
Labour is gearing up to introduce sweeping reforms to strengthen workers’ rights, including banning zero-hour contracts and ending fire-and-rehire practices.

ACROSS THE POND

Starbucks raking in zero-interest loans
Starbucks, the colossal caffeine pusher, isn’t just doling out your favourite frappuccinos; it’s also sitting atop a whopping £1.4 billion in unredeemed gift cards. These cards are essentially a burgeoning piggy bank filled with interest-free cash—money that might never be spent by customers. Who knew your morning brew was more about banking than beans?

These gift cards, cherished as quick and thoughtful gifts, have surprisingly transformed Starbucks into a financial heavyweight among retailers. The company’s Q3 earnings disclose this mountainous figure has increased by 9% from the previous year. It’s not just about borrowing interest-free; it’s akin to a permanent loan they repay with a caramel macchiato rather than cash.

Last year, Starbucks pulled in £153 million from unclaimed gift card balances alone. That’s a lot of flat whites sitting idly in wallets.

Zuck admits COVID pressure from the Whitehouse
Mark Zuckerberg has admitted to conceding to pressure from the US government to control what was posted about COVID on Facebook and Instagram during the pandemic. The Meta boss revealed that senior White House officials “repeatedly pressured” Meta to censor certain Covid-19 content.

Zuckerberg mentioned that in 2021, officials from Biden’s administration were quite persistent, expecting the removal of specific content and expressing frustration when Meta didn’t comply. According to him, humour and satire about COVID were also targeted. "I believe the government pressure was wrong," Zuckerberg stated.

The CEO claims that he would not make the same decisions today, wishing life had a Ctrl+Z option - that’s the undo button by the way, for the less tech-inclined of us (hi mum).

Meanwhile Donald threatens Zuck with life in jail
Donald Trump has promised that Mark Zuckerberg will spend the rest of his life in prison if he tries anything illegal to influence the next presidential election. This grand declaration appears in Trump's upcoming book, "Save America," which combines pictures and anecdotes from his time in office.

In the book, Trump reminisces about Zuckerberg's season tickets to dinners at the White House, noting how "nice" the Facebook founder was while allegedly plotting against him. This is a nod to the £303m the Zuckerberg duo gifted to election hubs back in 2020, a move Trump’s camp claims tilted the scales in Biden's favour.

TECH

A Class Apart, UK’s First AI-Only Classroom: In what feels like a scene straight out of science fiction, a London school is set to open the UK's first AI-powered, teacherless classroom, with bespoke lesson plans tailored to each student’s strengths and weaknesses. While the school touts AI’s precision, critics worry this could lead to a “soulless, bleak future” where education lacks the human touch. After all, can a machine truly inspire, or are we just one glitch away from a digital detention?

Musk’s Brazil Ban: In Brazil, Elon Musk’s social media platform, X, went dark after he refused to comply with local laws, or maybe it was the bad-mouthing and pictures of the Judge as Draco Malfoy he was posting. The Brazilian Supreme Court’s decision to block X has led to a mass exodus to the rival platform Bluesky as Musk accused the court of stifling free speech.

Regulating the Robots: In California, they’re pushing forward with groundbreaking legislation to regulate large AI models, aiming to mitigate potential risks like rogue algorithms and AI-powered chaos. The bill, which narrowly passed in the state assembly, would require companies to test their models and disclose safety protocols.

Telegram’s Durov Faces Charges: As AI and tech platforms continue to shape our world, accountability remains a key issue. Pavel Durov, CEO of Telegram, is learning this the hard way as he faces charges in France for allegedly allowing criminal activity on his secure messaging app. From child exploitation to drug trafficking, Telegram’s laissez-faire approach to moderation has landed Durov in hot water, proving that even the most libertarian of tech leaders can’t escape the long arm of the law.

AI Cameras Catch Unbelted Tots: Finally, a more down-to-earth application of AI is making waves. Cameras in Devon and Cornwall have been spotting a disturbing number of children riding without seatbelts. Over 100 kids were caught on camera, prompting calls for stricter penalties and raising alarms about road safety. It seems AI isn't just for teaching kids; it's also ensuring they navigate the school run safely.

WORLD

Tall Order, a Paralympian’s Floor-Sleeping (8) Feat
At 246cm, which is more than 8ft in old money, Iran’s Morteza Mehrzadselakjani is the world’s second tallest man—and a two-time Paralympic champion. Competing at the Paris Paralympics, Mehrzad faces a unique challenge: he’s so tall, he has to sleep on the floor. But even without a custom bed, the towering Iranian athlete remains laser-focused on clinching a third gold in sitting volleyball, a testament to the power of determination—standing tall, even when lying down.

Commonwealth Games: Scottish Sports on Victorian Dime?
Victorian taxpayers could unwittingly fund Scotland’s 2026 Commonwealth Games, thanks to compensation cash from Australia’s decision to pull out as hosts. While Glasgow touts a frugal $220m plan—compared to Victoria’s $6bn estimate—debate rages over whether this is an astute use of public funds or just adding insult to financial injury. As the decision looms, one thing’s clear: the Games are proving costly, even when they don’t happen.

Stormy Seas: China and Philippines Clash in South China Sea
China and the Philippines are trading blame after their coast guard vessels collided near the disputed Sabina Shoal. Both sides accuse the other of deliberate ramming, in what’s becoming a dangerous maritime tango in a region rich in strategic importance. As accusations fly and ships collide, the risk of a broader confrontation grows, leaving the world to wonder: how far will this naval chess game go?

Spies, Lies, and Prisoner Swaps: The Tale of Pablo González
Pablo González, a Russian journalist recently swapped in a high-profile prisoner exchange, is now accused of spying on Kremlin critics in Europe. Zhanna Nemtsova, daughter of the slain opposition leader Boris Nemtsov, says González’s betrayal serves as a stark reminder that danger often lurks close to home. As she urges others to stay vigilant, González’s future seems bound to the whims of the Russian state, where old loyalties die hard.

Gaza’s Children Receive Polio Vaccine
In a rare moment of respite, Gaza’s children are receiving polio vaccines despite the ongoing conflict. With Israeli airstrikes pounding the region, the campaign—backed by a UN agreement—offers a glimmer of hope in a landscape otherwise marred by devastation. As the first vaccines are administered, it’s a reminder that even in the darkest times, there’s still room for acts of humanity.

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Cuppa Chat Cheat Sheet

💰💻 The US Secret Service is offering a $2.5m reward for information leading to the arrest of the number one most wanted hacker, Belarusian Volodymyr Kadariya.

🏺🌊 A submerged 25ft bridge on the Spanish island of Mallorca reveals human colonisation of the western Mediterranean occurred 1,600 years earlier than previously thought. Dating back 6,000 years, this discovery rewrites the island’s history and shows early settlers' advanced infrastructure strategies.

🤖🏙️ The world’s first robotic-armed window-cleaning robot, Ozmo, has been deployed at NYC’s 45-story skyscraper, 1133 Avenue of the Americas. Utilising AI, machine learning, and lidar, Ozmo cleans three times faster while ensuring safety and protecting delicate glass surfaces.

🤖😊 University of Tokyo researchers have developed a robot with a flexible layer of living skin that allows it to smile, mimicking human expressions. Their innovative approach could improve lifelike robots and potentially impact the cosmetics and plastic surgery industries.

👑💍 The Norwegian royal family shared a photo after Princess Martha Louise married American shaman Durek Verrett in the Geiranger Fjord. The couple sold photo rights to Hello! magazine and film rights to Netflix, sparking protests from Norwegian media.

🎬🌟 Barry Island gears up for the filming of the final "Gavin & Stacey" Christmas special, expected to draw significant tourism. Local businesses report a boom in trade and anticipate a wave of visitors keen on seeing the show's iconic locations.

📚🏞️ The Open Book in Wigtown, Scotland, lets visitors run their own bookshop for a unique holiday experience, contributing around £10,000 annually to Wigtown Festival Company. Founded by Jessica Fox, the bookshop is so popular it has a two-year waiting list with nearly 450 guests staying since 2014.