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    Events: Crowd-pleasing Celebrations | Lifestyle | Spokane | The Pacific Northwest Inlander

    Peter Watson
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    Events: Crowd-pleasing Celebrations | Lifestyle | Spokane | The Pacific Northwest Inlander
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    KROC CENTER 15TH ANNIVERSARY CELEBRATION

    The Kroc Center in Coeur d”Alene is a hub for families and members of the community seeking fun and friendships. This May, the center is celebrating its 15th anniversary with a week of activities. If you’re a member of the Kroc, you definitely want to head there on May 6 for some free barbecue. The big celebration takes place on May 11 with a huge open house that’s free to all members of the community. The event features fun games, free food and a ton of activities for the entire family to enjoy. The Coeur d’Alene Symphony takes the stage Friday evening and Saturday afternoon for the Vive La France concert. Nothing screams celebration like some beautiful melodies and free food! Sat, May 11 from 10 am-3 pm, free, Kroc Center, kroccda.org. Coeur d’Alene Symphony concert Fri, May 10 at 7:30 pm and Sat, May 11 at 2 pm, $15-$35, cdasymphony.org

    PARADE OF PAWS

    There’s nothing like the love you have for your pet. They’re with you through good times and bad times. They’re there to lend a paw when you need a little emotional support, and they bring great joy with their adorable faces and sweet personalities. Each year, the Spokane Humane Society hosts the Parade of Paws, a 1- to 2-mile walk that raises funds in support of the animals at the Humane Society awaiting their forever homes. This is a chance to hang out with your kids, fellow pet lovers and the adorable animals living at SHS. If your precious fur babies are well-behaved in crowds, feel free to bring them along on a leash so they can get involved in the fun as well! Sat, June 1 at 9 am, $30, Spokane Humane Society, spokanehumanesociety.org

    MODERN HOMESTEADING CONFERENCE

    This two-day conference combines the art of simple living and traditional skills through presentations and lectures from experienced homesteaders. Including speakers like Melissa K. Norris from Pioneering Today, Noah Sanders from Redeeming the Dirt, Jessica Burhenn from GrainMaker and many more. The conference’s schedule features lectures on raising chickens, preservation, sourdough, homemade soap, butchering, kombucha and even sheep hoof trimming. Pretty much anything you could ever want to learn about sustaining your kitchen, home and farm, you can learn at this educational conference for aspiring and established homesteaders. June 28-29; Fri from 7 am-7 pm, Sat from 7 am-5 pm, $149-$399, Kootenai County Fairgrounds, modernhomesteading.com

    4TH OF JULY FIREWORKS

    No matter how old we get, humans are eternally entranced by a magnificent fireworks display. Lucky for us Spokanites, there are two big fireworks displays to choose from for 2024’s Independence Day celebrations. The Riverfront Park show is an annual display taking place in the Lilac Bowl underneath the park’s iconic clocktower. The cherry on top is the Spokane Symphony’s performance that begins at 9 pm, one hour before the fireworks start. The display is free to attend. If you’re a sports fanatic — or if you’re just craving a good hot dog — head over to Avista Stadium to watch a baseball game with a fireworks display to follow. If you’re lucky, you’ll get to watch the fireworks alongside the amazing Indians’ mascots, OTTO, Doris, Ribby and KC! For tickets, visit milb.com/spokane. Thu, July 4, location, times and prices vary.

    Detroit Pistons’ president of basketball operations search: The latest we’re hearing

    Peter Watson
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    Detroit Pistons’ president of basketball operations search: The latest we’re hearing

    CHICAGO — The Detroit Pistons could come to a hiring decision on their president of basketball operations within the next few weeks, league sources tell The Athletic.

    Whomever the Pistons tab for the position won’t have the benefit of a top-three pick at their disposal, as the organization fell to No. 5 for the third straight year during Sunday’s NBA Lottery. But even so, Detroit has been speaking to some promising candidates to fill the role, which has been vacant since 2018.

    Part of the hold up, league sources say, is that Detroit appears interested in making a run at Minnesota Timberwolves head executive Tim Connelly, whose team is in the midst of a second-round playoff matchup with Connelly’s former team, the defending-champion Denver Nuggets.

    Whether or not Connelly returns to the Timberwolves, league sources say he is likely to opt out of the final year of his contract. It seems likely that Connelly will return to Minnesota, but if Pistons owner Tom Gores is willing to offer something like $15 million annually, that could be enough to pry him away.

    The Pistons were denied permission to interview Milwaukee’s Jon Horst last week, league and team sources tell The Athletic. It is possible that the Bucks were posturing to get assets from Detroit in order to take Horst, who signed a multi-year deal with Milwaukee in 2021. However, the Pistons have decided to move on to other candidates.

    New Orleans’ Trajan Langdon, Dallas’ Dennis Lindsey and Chicago’s Marc Eversley, among others, have established themselves as viable targets for the role, league sources tell The Athletic.

    Langdon was a scout for the San Antonio Spurs from 2012-15 before becoming the assistant general manager of the Brooklyn Nets in 2016. He held that role through 2019 until he became the general manager of the New Orleans Pelicans, where he has helped build the Pelicans into one of the more intriguing young teams.

    Lindsey is currently in an advisory role with the Dallas Mavericks. He held several roles with the Utah Jazz from 2012 to 2021, including general manager and executive vice president of basketball operations.

    Eversley, the general manager of the Chicago Bulls, was on the Pistons’ radar in 2020 before they hired general manager Troy Weaver. Eversley has worked in NBA front offices for over 15 years, including stops in Toronto, Washington and Philadelphia before Chicago.

    Could the No. 5 pick be more valuable than originally thought?

    The Pistons dropped as far as possible in one of the weaker draft classes in recent memory. However, because of the jumble of prospects at the top, could the No. 5 pick be a little more valuable than originally thought?

    In talking to people around the league prior to the NBA Lottery, it was believed that the No. 5 pick in this draft would be equivalent to the ninth through 12th pick in a normal class. While that feels right, it should be noted that because there aren’t clear-cut prospect tiers this time around, teams could covet the fifth pick over, say, the second or third pick. Of course, that is working under the assumption that there will be a few teams with interest in moving up. In talking to people around the league after the Pistons’ fate was revealed, a few of them said they could see the No. 5 pick being decently valued if teams do, in fact, like a prospect or two enough to move up.

    Let me explain.

    There is a world where front office and evaluators see the prospects expected to go in the top five or seven all in the same tier or with very little separation. The difference in rookie pay between the No. 1 and No. 2 picks vs. the No. 5 pick is pretty significant. For example, 2023 No. 1 pick Victor Wembanyama will make between $12 million and $16 million annually for the remainder of his rookie deal. No. 2 pick Scoot Henderson made $9.7 million his first year and will make between $10 and $13 million yearly from next season on. Ausar Thompson, who the Pistons took at No. 5 in 2023, made $7.9 million this past season and will make between $8.3 million and $11.1 million annually during the duration of his rookie deal. So, there is a difference of a few million dollars when examining the difference in rookie contracts based on where they’re picked.

    It wouldn’t be far-fetched to think that a team that wants to move up believes it could get the best player in the 2024 NBA Draft at No. 5 instead of at No. 2 or No. 3 — and maybe even No. 1 — while saving money in the process.

    Just something to chew on.

    (Top photo of Timberwolves exec Tim Connelly: David Sherman / NBAE via Getty Images)

    Scientists Propose a New Continental Formation Theory

    Peter Watson
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    Scientists Propose a New Continental Formation Theory

    A new study by Penn State researchers suggests that cratons, ancient structures stabilizing Earth’s continents, formed around 3 billion years ago through processes initiated by the atmospheric weathering of rock, not just the emergence of stable landmasses. This challenges traditional views and has implications for understanding planetary evolution and the conditions conducive to life.

    Ancient, vast stretches of continental crust known as cratons have stabilized Earth’s continents for billions of years through shifts in landmasses, mountain formation, and ocean development. Scientists from Penn State have suggested a new mechanism that could explain the formation of cratons around 3 billion years ago, shedding light on a long-standing question in Earth’s geological history.

    The scientists reported in the journal Nature that the continents may not have emerged from Earth’s oceans as stable landmasses, the hallmark of which is an upper crust enriched in granite. Rather, the exposure of fresh rock to wind and rain about 3 billion years ago triggered a series of geological processes that ultimately stabilized the crust — enabling the crust to survive for billions of years without being destroyed or reset.

    The findings may represent a new understanding of how potentially habitable, Earth-like planets evolve, the scientists said.

    Implications for Planetary Evolution

    “To make a planet like Earth you need to make continental crust, and you need to stabilize that crust,” said Jesse Reimink, assistant professor of geosciences at Penn State and an author of the study. “Scientists have thought of these as the same thing — the continents became stable and then emerged above sea level. But what we are saying is that those processes are separate.”

    Cratons extend more than 150 kilometers, or 93 miles, from the Earth’s surface to the upper mantle — where they act like the keel of a boat, keeping the continents floating at or near sea level across geological time, the scientists said.

    Weathering may have ultimately concentrated heat-producing elements like uranium, thorium, and potassium in the shallow crust, allowing the deeper crust to cool and harden. This mechanism created a thick, hard layer of rock that may have protected the bottoms of the continents from being deformed later — a characteristic feature of cratons, the scientists said.

    Geological Processes and Heat Production

    “The recipe for making and stabilizing continental crust involves concentrating these heat-producing elements — which can be thought of as little heat engines — very close to the surface,” said Andrew Smye, associate professor of geosciences at Penn State and an author of the study. “You have to do that because each time an atom of uranium, thorium, or potassium decays, it releases heat that can increase the temperature of the crust. Hot crust is unstable — it’s prone to being deformed and won’t stick around.”

    As wind, rain and chemical reactions broke down rocks on the early continents, sediments and clay minerals were washed into streams and rivers and carried to the sea where they created sedimentary deposits like shales that were high in concentrations of uranium, thorium, and potassium, the scientists said.

    Ancient Metamorphic Rocks Called Gneisses

    These ancient metamorphic rocks called gneisses, found on the Arctic Coast, represent the roots of the continents now exposed at the surface. The scientists said sedimentary rocks interlayered in these types of rocks would provide a heat engine for stabilizing the continents. Credit: Jesse Reimink

    Collisions between tectonic plates buried these sedimentary rocks deep in the Earth’s crust where radiogenic heat released by the shale triggered the melting of the lower crust. The melts were buoyant and ascended back to the upper crust, trapping the heat-producing elements there in rocks like granite and allowing the lower crust to cool and harden.

    Cratons are believed to have formed between 3 and 2.5 billion years ago — a time when radioactive elements like uranium would have decayed at a rate about twice as fast and released twice as much heat as today.

    The work highlights that the time when the cratons formed on the early middle Earth was uniquely suited for the processes that may have led them to becoming stable, Reimink said.

    “We can think of this as a planetary evolution question,” Reimink said. “One of the key ingredients you need to make a planet like Earth might be the emergence of continents relatively early on in its lifespan. Because you’re going to create radioactive sediments that are very hot and that produce a really stable tract of continental crust that lives right around sea level and is a great environment for propagating life.”

    The researchers analyzed uranium, thorium, and potassium concentrations from hundreds of samples of rocks from the Archean period, when the cratons formed, to assess the radiogenic heat productivity based on actual rock compositions. They used these values to create thermal models of craton formation.

    “Previously people have looked at and considered the effects of changing radiogenic heat production through time,” Smye said. “But our study links rock-based heat production to the emergence of continents, the generation of sediments, and the differentiation of continental crust.”

    Typically found in the interior of continents, cratons contain some of the oldest rocks on Earth, but remain challenging to study. In tectonically active areas, mountain belt formation might bring rocks that had once been buried deep underground to the surface.

    But the origins of the cratons remain deep underground and are inaccessible. The scientists said future work will involve sampling ancient interiors of cratons and, perhaps, drilling core samples to test their model.

    “These metamorphosed sedimentary rocks that have melted and produced granites that concentrate uranium and thorium are like black box flight recorders that record pressure and temperature,” Smye said. “And if we can unlock that archive, we can test our model’s predictions for the flight path of the continental crust.”

    Reference: “Subaerial weathering drove stabilization of continents” by Jesse R. Reimink, and Andrew J. Smye, 8 May 2024, Nature.
    DOI: 10.1038/s41586-024-07307-1

    Penn State and the U.S. National Science Foundation provided funding for this work.

    1st person to receive a pig kidney transplant has died

    Peter Watson
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    1st person to receive a pig kidney transplant has died

    The first person to receive a pig kidney transplant has died just two months after he underwent the groundbreaking procedure. 

    Rick Slayman, a 62-year-old from Weymouth, Massachusetts, had a genetically modified pig kidney placed in his body as part of a four-hour, pioneering surgery at Massachusetts General Hospital on March 16. 

    Stocks edge higher with inflation data in focus

    Peter Watson
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    Stocks edge higher with inflation data in focus

    US stocks opened higher on Monday, ready to build on a string of gains as attention turned to the coming inflation report seen as a potential starting gun for interest rate cuts.

    The S&P 500 (^GSPC) rose roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) moved up about 0.3%. The Dow Jones Industrial Average (^DJI) also rose 0.3%, coming off the best week of the year for the blue-chip index.

    Stocks have come back strong in May on the back of better-than-expected earnings and a revival of optimism for a Federal Reserve easing in monetary policy. The Dow notched eight straight daily wins in a row on Friday — though a dearth of economic releases likely played a part.

    After recent hot inflation data, markets have been more skittish as investors have increasingly priced in “no landing,” where price increases don’t come down to the Fed’s target but the economy keeps growing.

    This week brings a flood of economic releases as potential catalysts, with the Consumer Price Index update on Wednesday the star. The CPI update for April will shed light on whether inflation is staying sticky into the second quarter amid some belief on Wall Street that the report will mark a faster descent and set the stage for more than one rate cut this year.

    Read more: How does the labor market affect inflation?

    In individual stock movers, GameStop (GME) shares jumped about 45%, adding to a recent run-up for the games retailer as meme stocks grab headlines again. The gains came as the social media star credited with kick-starting the 2021 meme stock frenzy, “Roaring Kitty,” returned from a three-year break.

    Live7 updates

    • GameStop soars 70% after social media star ‘Roaring Kitty’ post

      GameStop (GME) shares soared as much as 80% Monday and were temporarily halted for volatility after ‘Roaring Kitty’, seen as the kickstarter of the meme frenzy during the pandemic, posted for the first time since 2021.

      Sunday’s post on X included a drawing of a man leaning forward, appearing to be playing a video game.

      Roaring Kitting, identified in 2021 as Keith Gill, became a prominent figure followed on Wall Street Bets and Youtube for his bullish stance on GameStop (GME).

      He posted videos about why GameStop was poised to go higher, and testified before congress in February 2021, following the massive short squeeze spurred by an army of retail traders.

    • Stocks rise to begin CPI-focused week, with Dow eyeing 9th straight win

      Stocks opened higher Monday as investors turned their attention to the latest monthly inflation report due out this week for clues to how the Federal Reserve will move on interest rates this year.

      The S&P 500 (^GSPC) rose roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) moved up about 0.3%. The Dow Jones Industrial Average (^DJI) also added about 0.3%, eyeing a ninth straight daily win. The blue-chip index notched its best week of the year on Friday.

      On Wednesday, investors will find out whether the stickier-than-expected inflation trend continued into the second quarter with the release of the Consumer Price Index (CPI) reading for April.

      On the retail spending front, quarterly results from Home Depot (HD) due out Tuesday and Walmart (WMT) on Thursday may give insight into the health of the US consumer.

    • Netflix stock rallies ahead of Upfront event

      Here’s an interesting, fun fact on Netflix (NFLX) you probably didn’t realize.

      The stock has rallied 12% since May 1 and is now trading at the levels seen before the company’s disappointing earnings day in late April.

      In a new note this morning, JPMorgan analyst Doug Anmuth credits the rebound to “1) increased comfort with both the 2024 reported revenue outlook and NFLX’s decision to no longer report subscribers beginning in 2025; 2) recognition that NFLX is not subject to heavy AI-driven capex intensity like Meta, Alphabet, and Amazon; and 3) excitement into the Upfront presentation on May 16.”

      The annual Upfront presentation is when TV networks and streaming services pitch their programming and ad products to advertisers and agencies.

      Anmuth thinks Netflix will have bullish things to say at the event that could be a catalyst to the stock:

      “At the Upfront we expect an update to the 23 million plus ad tier monthly active user (MAU) disclosure, with our conversations suggesting investors are looking for 35-40 million plus ad tier MAUs, including the benefit of the T-Mobile bundle. Outside of ad tier metrics, we expect updates on the upcoming content slate and NFLX’s sports strategy, with articles suggesting NFLX could host two NFL games on Christmas later this year. NFLX would bring the NFL large global distribution while the games could serve as a boost to NFLX’s ad tier and enable the company to actively promote upcoming content. Finally, we look for progress around improving the ad product, tech, and sales, with some investors expecting a 3P demand side platform announcement.”

    • Bullish trading call on Walmart into earnings from EvercoreISI

      Walmart (WMT) stock has been lagging the S&P 500 the past month as sticky inflation data calls into question the spending power of US consumers.

      There has been some chatter on the Street of extra-conservative guidance from Walmart when it reports earnings this Thursday morning.

      But Evercore ISI’s retail analyst Greg Melich is putting those worries to the side, adding Walmart to his tactical buy list into the results.

      Said Melich this morning:

      “We believe the company is executing at a high level while pursuing initiatives such as digital advertising, Walmart Plus, and automation. Even a modest improvement in digital profitability (before considering incremental advertising/alternative profit opportunity) provides a considerable margin capture opportunity. Our sense is that the company will speak to a fairly steady low to middle income consumer, in addition to higher income share capture, with positive traffic and share gain reasons for the commentary to skew constructive through the year. Normally Walmart does not raise full year EPS and comparable sales guidance in 1Q, but we do see them taking a positive tone with respect to underlying momentum in the business. This may prove especially pronounced in international operations — which continue to see positive double-digit percentage comparable sales, with positive industry commentary on Walmart’s continued share capture likely under appreciated by investors.”

    • A look at earnings growth

      An interesting dynamic in markets begins to form.

      After several years of explosive earnings per share growth for the “Magnificent 7” names, the space is headed for a slowdown this year and next (see the chart on the left from RBC strategist Lori Calvasina). By the same token, after several years of limp growth for the 493 other S&P 500 components, EPS growth is seen accelerating this year and next.

      The question on the horizon is this: Do the other 493 S&P 500 companies represent better value than the Magnificent 7 as their profit growth is likely to accelerate again in 2025?

      Does it make sense to nibble at the 493 other stocks in the S&P 500?

      Does it make sense to nibble at the 493 other stocks in the S&P 500? (RBC)

    • Save this date: May 20, JPMorgan investor day

      With its stock up a cool 8.7% in the past month on the back of expectations for higher-for-longer interest rates, JPMorgan’s (JPM) May 20 investor day is coming into focus.

      Jefferies analyst Ken Usdin is out with a note this morning, sticking with a Buy rating going into the investor day but hiking his price target to $227 from $215. He expects a “focus on market share gains, investment spending and efficiency” on the part of JPM execs.

      “While the net interest income guidance seems conservative with higher-for-longer rates, we see JPM continuing to slow-play guide updates,” added Usdin.

    • Goldman not banking on major inflation slowdown

      Sticky inflation is likely to stay sticky in 2024.

      Ahead of this week’s key CPI Index report, Goldman Sachs is calling out the potential for disinflation in some important categories as the year treks along. Even still, Goldman’s macro team forecasts inflation to stay above the Fed’s preferred 2% target.

      Here’s Goldman’s top economist Jan Hatzius:

      “We see further disinflation in the pipeline in 2024 from rebalancing in the auto, housing rental, and labor markets, though we expect offsets from continued catch-up inflation in healthcare, car insurance, and housing. We forecast year-over-year core CPI inflation of 3.5% and core PCE inflation of 2.7% in December 2024.”

    Rishi Sunak speech: Prime Minister to give pre-election pitch claiming UK facing ‘dangerous years’ ahead

    Peter Watson
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    Rishi Sunak speech: Prime Minister to give pre-election pitch claiming UK facing ‘dangerous years’ ahead
    Prime Minister Rishi Sunak is set to deliver a pre-election speech (Benjamin Cremel/PA) (PA Wire)

    Rishi Sunak is set to deliver a pre-election speech in a move to pitch to voters after this month’s local election blow.

    The Primer Minister will say he has “bold ideas” that can “create a more secure future” for Britons and restore their “confidence and pride in our country”.

    Speaking from London, he will pledge that “more will change in the next five years than in the last thirty” if the Conservatives get re-elected.

    He will say voters face a stark choice in whom they choose to govern the nation at a time of unprecedented global volatility and technological advancements.

    Touting his leadership in areas such as security, he will seek to draw a dividing line with Labour over defence spending following his commitment to hike it to 2.5% of gross domestic product by 2030.

    It comes as his Conservative Party dropped behind Labour in the polls suffering a mauling in local and regional elections earlier this month.

    Mr Sunak’s worries worsened with the astonishing defection of MP Natalie Elphicke in protest against his record on housing and stopping small boat Channel crossings.

    1715587197

    Labour shadow minister ‘open’ to welcome more Tories

    Shadow schools minister Catherine McKinnell has said she would welcome more Conservatives to the Labour Party.

    Speaking to Sky News, she said: “I think it’s really important that we’re not tribal about politics, that we are open to people coming round to our way of saying things and our way of wanting to do things.”

    Salma Ouaguira13 May 2024 08:59

    1715586795

    PM haunted by Natalie Elphicke defection

    While Rishi Sunak gets ready for the speech, Natalie Elphicke’s defection is still haunting him.

    But some Tories have used the move to slam the Labour Party for accepting the former Conservative.

    Maria Caulfied, a health minister, has said that she believed voters would view Labour as “playing games”.

    She told Sky News: “I think actually it has probably backfired on the Labour Party more than anyone.

    “I just think people will think that Labour are playing games. We are busy as a Government, as I said, tackling obesity, improving maternity care, turning the economy around, we had 0.6 per cent of growth last week, higher growth than France, Germany and Spain.

    “That is what we are focusing on, the PM’s going to be talking about defence later today, meanwhile, Labour are playing games over which MP they can get to cross the floor.”

    Salma Ouaguira13 May 2024 08:53

    1715585978

    Good morning and welcome to our politics blog

    Rishi Sunak is set to deliver a major pre-election speech following elections losses.

    The Primer Minister will attempt to convince Brits to vote Conservative outlining his plan for the next few years.

    He will say: “I have bold ideas that can change our society for the better, and restore people’s confidence and pride in our country.

    “I feel a profound sense of urgency because more will change in the next five years than in the last 30.

    “I’m convinced that the next few years will be some of the most dangerous yet most transformational our country has ever known.”

    Rishi Sunak, pictured hosting a PM Connect event near Oxford on Friday, will say he has “bold ideas” for the country in a speech today in London (POOL/AFP via Getty Images)

    Salma Ouaguira13 May 2024 08:39

    Mortgages: More face payments during retirement, data suggests

    Peter Watson
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    Mortgages: More face payments during retirement, data suggests

    Image source, Getty Images

    • Author, Kevin Peachey
    • Role, Cost of living correspondent

    Hundreds of thousands of homeowners have taken out mortgages in the last three years that they will still be paying off into retirement, estimates suggest.

    A surge in mortgage terms beyond state pension age has been seen, particularly in new home loans made to the under-30s.

    Figures from the Bank of England show how the share of new mortgages with a later end date has increased.

    Higher mortgage rates have led many people to choose an extended repayment period to control costs.

    The figures emerged from a Freedom of Information (FoI) request made by Sir Steve Webb, a former pensions minister who is now a partner at pensions consultancy LCP.

    “The challenge of getting on the housing ladder is forcing large numbers of young home buyers to gamble with their retirement prospects by taking on ultra-long mortgages,” he said.

    He suggested that using limited retirement savings to clear a mortgage could leave people at greater risk of poverty in old age.

    Careful thought

    The FoI followed a Bank of England financial policy report that included mortgage data for the fourth quarter of 2023. Mr Webb requested the corresponding data for the fourth quarter of the previous two years.

    The Bank of England’s data shows that in the final three months of 2021, some 31% of new mortgages had an end date beyond state pension age.

    Two years later, some 42% of new mortgages had this end date during retirement, suggesting a rise in popularity of longer-term loans.

    Across the final quarters of all three years, nearly 300,000 new mortgages were in this category.

    A considerable amount can change in homeowners’ financial prospects during their working lives.

    A longer-term mortgage may be replaced by a shorter-term one as someone’s income rises, or they find other ways to pay off their mortgage.

    However, the pressure on young homeowners is clear with a sharp rise in the proportion of mortgages that run beyond pension age.

    The number of homeowners aged under 30 taking out such mortgages more than doubled over the two-year period, while for those aged under 40 the number was up 30%.

    Meanwhile, older age groups saw a decline in such mortgage deals.

    That has occurred during two years of upheaval in the mortgage market. Rates are much higher now than they were at the end of 2021.

    Young homeowners have chosen longer mortgage terms to make repayments more manageable.

    How long such a trend might last will depend significantly on whether mortgage rates drop and settle.

    On Thursday, while holding the base rate at 5.25%, the Bank of England edged towards a rate cut in the summer and hinted at further cuts.

    The Bank’s governor, Andrew Bailey, said he was “optimistic that things are moving in the right direction” regarding the UK economy, leading to speculation of base rate cuts.

    Ways to make your mortgage more affordable

    • Make overpayments. If you still have some time on a low fixed-rate deal, you might be able to pay more now to save later.
    • Move to an interest-only mortgage. It can keep your monthly payments affordable although you won’t be paying off the debt accrued when purchasing your house.
    • Extend the life of your mortgage. The typical mortgage term is 25 years, but 30 and even 40-year terms are now available.
    Get in touch

    Are you affected by issues covered in this story?

    Biden faces bipartisan backlash on Capitol Hill over Israel ultimatum

    Peter Watson
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    Biden faces bipartisan backlash on Capitol Hill over Israel ultimatum



    CNN
     — 

    President Joe Biden is facing backlash from lawmakers in both parties over his ultimatum that a major Israeli offensive in the city of Rafah would result in a shut-off of some US weapons.

    Biden’s decision to go public with the ultimatum in an interview with CNN’s Erin Burnett last week was greeted with pointed criticism across the GOP spectrum on Sunday, and vocal concern among Democrats.

    “On the one hand, they’re saying too many Palestinian civilians have been killed. With the other hand, they’re depriving us of the precision guided weapons that actually cut down on civilian casualties,” Republican Sen. JD Vance of Ohio told CNN’s Dana Bash on “State of the Union,” though Biden specifically mentioned withholding bombs and artillery shells deemed by the administration as indiscriminate and imprecise.

    “So if you’re worried about Palestinian casualties, the stated policy here actually doesn’t make a ton of sense,” Vance said.

    The US is also reviewing the potential sale or transfer of other munitions, including Joint Direct Attack Munition (JDAM) kits, to Israel. But these transfers are not imminent and would occur in the future, a US official said.

    The president’s announcement last week amounted to a turning point in US-Israeli ties since the seven-month conflict between Israel and Hamas began in October. Still, the president’s aides said the message shouldn’t have been a surprise to their intended recipients in Israel given repeated warnings to Prime Minister Benjamin Netanyahu.

    Earlier this month, Biden signed off on a pause of 3,500 bombs to Israel that administration officials feared would be dropped on Rafah — where Israel has issued evacuation orders for some of the estimated 1.4 million civilians sheltering there as it appears poised to continue its advancement on the southern Gaza city.

    And last week, Biden told Burnett that if Israel goes into Rafah, “I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities – that deal with that problem.”

    Republican Sen. Lindsey Graham of South Carolina called the ultimatum “the worst decision in the history of the US-Israel relationship.” A frequent White House critic, Graham called on the Biden administration to “keep the weapons flowing” and sit down with Israel.

    GOP Sen. Rick Scott of Florida, meanwhile, told Fox News on Sunday that Biden’s decision sends “a horrible message for Israel” and claimed that the president is “unfortunately, now part of the pro-Hamas wing of his party.”

    But the backlash hasn’t just fallen along party lines.

    On Friday, a group of 26 House Democrats sent a letter to Biden saying they are “deeply concerned about the message the Administration is sending to Hamas and other Iranian-backed terrorist proxies by withholding weapons shipments to Israel.”

    The group of House Democrats, led by Rep. Josh Gottheimer of New Jersey, also requested a briefing from the White House to get more information on Biden’s decision, as well as how and when aid appropriated by Congress for Israel will be delivered.

    Democratic Rep. Adam Smith of Washington state, however, highlighted the kinds of weapons being withheld. “The president was not as clear on this in the Erin Burnett interview as he should have been,” he said Sunday on Fox News, adding: “All that has been held back to date are dumb, 2,000-pound bombs because the president feels – and I think rightly – they should not be used in Rafah.”

    Other Democrats have offered more forceful defenses of Biden, who arrived at his ultimatum decision after multiple rounds of phone calls with Netanyahu, starting in mid-February.

    Democratic Sen. Chris Murphy of Connecticut told Bash in a separate interview on “State of the Union” that Biden was “learning the mistakes of US military campaigns in Iraq and Afghanistan.”

    “What we learned in both of those efforts was that you cannot defeat terrorist ideology. You cannot defeat a terrorist movement,” he said.

    The president, Murphy said, “is telling Israelis we will be partners but you have to understand the pace of civilian casualties, the amount of disaster is, in the long run, going to make Hamas stronger, is going to make it more likely that Israel will be attacked again, and is going to make other terrorist organizations that have designs to attack the United States stronger.”

    US Secretary of State Antony Blinken said on Sunday that the US believes Israel has killed more civilians than Hamas terrorists as part of its war in Gaza, and that Israel needs to do more to mitigate civilian deaths.

    “While Israel has processes, procedures, rules, regulations to try to minimize civilian harm, given the impact that this operation, this war in Gaza has had on the civilian population, those have not been applied consistently and effectively,” Blinken said on CBS’ “Face the Nation.”

    The Ministry of Health in Gaza reported Sunday that the number of people killed in the enclave as a result of Israeli military operations has risen above 35,000.

    Last week, the State Department released a report saying it is “reasonable to assess” that US weapons have been used by Israeli forces in Gaza in ways that are “inconsistent” with international humanitarian law but stopped short of officially saying Israel violated the law.

    Democratic Sen. Chris Van Hollen of Maryland told CBS’ Margaret Brennan on “Face the Nation” that “I think there’s enough on the books to be able to point to specific cases and make specific determinations. And on that score, the administration did duck the hard questions.”

    Pressed if he fears the report helped give political cover to Netanyahu to continue deadly strikes in Israel, Van Hollen said he worries the administration did not provide “an unvarnished accounting of the facts and the law.”

    The report did not find that Israel has withheld humanitarian aid to Gaza in violation of international law, despite conflicting reports.

    “By not calling that out flatly and saying that there have been arbitrary restrictions put on it [humanitarian aid], I fear that we have set a very, very low bar, a very low standard for what’s acceptable,” Van Hollen said. “And I think that will come back to haunt us.”

    Murphy said the report “could have gone further” but added it does “accurately explain the complexity of this. And let’s just also be clear about that. Yes, I believe that there have been some very disastrous decisions on proportionality created by Israeli military.”

    Democratic Sen. Chris Coons of Delaware, defending Biden from Van Hollen’s criticisms over the State Department report, said. “I think President Biden has taken forceful action – so much so there’s been a lot of blowback for his recent public statement.”

    This story has been updated with additional context.

    CNN’s Kit Maher, Aileen Graef, Kevin Liptak, Jennifer Hansler and Kylie Atwood contributed to this report.

    Bitcoin, Ethereum: Two levels where a swing trade could be profitable

    Peter Watson
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    Bitcoin, Ethereum: Two levels where a swing trade could be profitable
    • Ethereum has a slightly more bullish bias for the coming week.
    • The Bitcoin consolidation phase was still ongoing, and a revisit to $60k was growing more likely.

    Bitcoin [BTC] traders were going through a relatively tough period after the easy, straightforward rallies that have been the norm since last October.

    Ethereum [ETH] has been more complicated, but BTC’s halving event last month has changed the market conditions to chop and range formations all over the market.

    AMBCrypto investigated what the market sentiment was looking like over the weekend, and where this week’s price action could go.

    One of the two has speculators expectant of bullish returns in the near term

    Source: Coinalyze

    The 10th of May saw an increase in the Bitcoin Open Interest, but the OI has been trending downward since the price spike on the 6th of May.

    Meanwhile, the price also formed a series of lower highs over the past week, descending from $64k to $61.1k at press time.

    The Funding Rate was negative at the start of May when Bitcoin plummeted to $56k. Since then, the Funding Rate has recovered.

    However, in the past few days, it has been barely above zero, which indicated the sentiment was not strongly bullish.

    Source: Coinalyze

    Ethereum also saw Funding Rates slip into the negative territory in early May but has since recovered. The past week’s downtrend saw the funding rate hover around the baseline +0.01 mark.

    A slight bounce from $2980 to $3040 on the 9th of May saw the Open Interest and the funding rate jump higher.

    This did not repeat with Bitcoin despite a similar price bounce, which suggested that speculators were more eager to long ETH than BTC.

    What are the next liquidity pockets that could attract prices?

    Source: CryptoQuant

    The 7-day liquidation heatmap of Bitcoin showed a bright cluster of liquidations at the $60k area. To the north, $61.8k and $63k are the next bullish targets.

    On the 5th of May, we saw prices jump above the $64k mark to collect liquidity before a brutal short-term reversal.

    Similarly, we might see a downward plunge on Monday to collect the liquidity at $60k before rebounding higher. Hence, BTC traders would want to buy the dip to the $50.6k-$60k region.

    However, traders must also be prepared for a move below $59.4k for BTC, and set their stop-losses accordingly in the event of a dip to $60k.

    Source: CryptoQuant

    Read Bitcoin’s [BTC] Price Prediction 2024-25

    On the other hand, Ethereum has a cluster of liquidity nearby to the north at $2950. This was close to the current market price of $2928. A dip to the $2860 region would likely present a buying opportunity.

    The liquidation levels around the $3.1k-$3.2k area present an attractive target. A drop below $2.8k would likely herald a strong short-term downtrend, and traders can cut their losses in this scenario.

    Crypto market’s weekly winners and losers – TON, RNDR, BONK, CORE

    Peter Watson
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    Crypto market’s weekly winners and losers – TON, RNDR, BONK, CORE
    • Toncoin, Render, and Akash Network had the biggest gain in the past week.
    • Core, Bonk, and Pendle were the biggest losers in the past week.

    This week, Toncoin [TON] emerged as the top gainer, leading the charge among cryptocurrencies. Other notable gainers included AI and computing-related tokens, which also performed well in the market.

    However, the charts indicated that the trend of meme coins has subsided, at least for now.

    Bonk [BONK] was highlighted as one of the biggest losers over the past week, signaling a downturn for meme coins in the current market conditions.

    Biggest winners

    Toncoin

    AMBCrypto’s analysis of Toncoin’s price movement revealed a steady climb throughout the week, starting at approximately $5.9 on the 5th of May and reaching around $6.8 by the 11th of May.

    CoinMarketCap’s data indicated a 24.35% increase over the past seven days, positioning TON as the top gainer for the week. Toncoin surpassed $7 at one point before settling around $6.8 at week’s end. 

    As of this writing, TON was trading at around $6.9, boasting a market capitalization exceeding $24 billion.

    However, its trading volume has decreased by over 60% and was around $267.5 million at the time of this writing.

    Render

    AMBCrypto’s look at Render’s [RNDR] chart showed a strong performance over the past week.

    According to AMBCrypto’s assessment of the daily timeframe chart, RNDR started the week with a strong 10.28% surge, elevating its price from approximately $8.9 to $9.8.

    Subsequently, on the 9th of May, it experienced another significant increase of over 9%, driving its price to around $10.85. Despite some declines during the week, its overall uptrends compensated for any losses.

    Although it closed the week in the red, its price remained at around $10.9.

    Source: TradingView

    Also, CoinMarketCap data confirmed a notable 20.80% increase in the week for Render, making it the second-highest gainer.

    Similar to TON, RNDR also witnessed a decline in trading volume over the past 24 hours, with a reduction of over 50%.

    As of this writing, its volume was around $210.5 million, with a market capitalization of around $4.2 billion. However, it was trading at around $10.8 as of this writing, with around a 0.6% decline. 

    Akash Network

    Akash Network [AKT] emerged as the third-largest gainer in the past week, boasting an impressive 18.33% increase, as reported by CoinMarketCap.

    Analyzing AKT’s price trend revealed that it started the week trading at approximately $5. However, it experienced downturns on the 7th and the 8th of May, falling to as low as $4.2.

    Nevertheless, the token rebounded on the 9th of May, concluding the week at around $5.7.

    At press time, it traded within the $5.7 price range, with a market capitalization was around $1.3 billion, although it has declined by over 3% in the last 24 hours.

    Additionally, its trading volume has decreased by over 50% during the same period, at around $122.3 million at press time.

    Biggest losers

    Core 

    Core [CORE] experienced a significant decline of 14.62% in the past week, placing it among the top losers, as indicated by data from CoinMarketCap.

    CORE’s price trend revealed a challenging trajectory, with the token starting the week at approximately $1.9 and subsequently experiencing a steady decline. By the week’s end, its price had plummeted to around $1.5.

    However, there are signs of a potential uptrend as of the current writing, with the token attempting to recover and trading at around $1.7.

    Additionally, its market capitalization was around $1.5 billion at the current time, showcasing an almost 5% increase in the last 24 hours.

    Despite this attempted recovery, Core’s trading volume has decreased by almost 5% in the last 24 hours, currently at around $66.7 million. 

    Bonk

    Bonk, once considered a high-flying memecoin, has faced negative performance in the past week.

    AMBCrypto’s examination of its daily timeframe price trend revealed a negative pattern resembling a declining staircase, indicative of a notable decline. 

    Source: TradingView

    The week began with a stark decline of over 4%, with BONK trading at around $0.000026.

    Subsequently, it witnessed three consecutive days of declines until experiencing a slight uptick on the 9th of May, where it saw an over 5% increase.

    However, by the end of the week, its price had dropped to around $0.000022, marking it as the second-largest loser of the week with a decline of 14.44%, according to CoinMarketCap data.

    As of press time, Bonk’s market capitalization was around $1.45 billion, representing a decrease of over 2%.

    Additionally, its trading volume has decreased by over 50% to approximately $103.5 million, indicating reduced market activity. 

    Pendle

    Pendle [PENDLE] experienced a downturn this week, emerging as the third-biggest loser according to CoinMarketCap data, with a 13.55% loss in value over the past week.

    The price trend analysis revealed that the week started at around $5.0, with a brief surge to over $5.3 on the 6th of May.

    However, from the 7th of May onward, the price began to decline steadily, ultimately settling around $4.3 by the week’s end.

    At the time of writing, Pendle’s market capitalization had decreased by over 3% in the last 24 hours, standing at approximately $1 billion.

    Furthermore, trading volume witnessed a nearly 50% decline within the same period, reaching around $25.7 million.

    Conclusion 

    Here’s the weekly recap of the biggest gainers and losers. It’s crucial to bear in mind the volatile nature of the market, where prices can shift rapidly.

    Thus, doing your own research (DYOR) before making any investment decisions is best.

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