🦄 Unicorn Outfitters

🗞️ Top Story

• 🇪🇸 Left Hook. Pedro Sánchez gathers Lula, Sheinbaum, Costa, and other left-leaning leaders in Barcelona to launch a united front against the global « reactionary wave » as Europe’s far right meets in Milan. (Le Temps)
• 🇧🇬 Bulgarian Rhapsody. Former President Rumen Radev’s Progressive Bulgaria coalition surged to a decisive lead in parliamentary elections, ousting GERB after a decade of dominance and promising an anti-corruption overhaul. (New York Times)
• 🇪🇺 Continental Drift. Europe’s nationalist parties retreat from their Trump alliance as his Iran war and insults to the Pope fracture their populist unity. (Washington Post)
• 🇬🇧 Red Line. Keir Starmer says a series of antisemitic arson attempts in North London “will not be tolerated,” after yet another synagogue was targeted over the weekend. (Le Parisien)
• 🇺🇸 Background Check. Louisiana police say Shamar Elkins shot and killed eight children, including seven of his own, before being killed by police after a car chase. (Wall Street Journal)
• 🇺🇸 Boat and Switch. The military struck a boat in the Caribbean, killing three, citing narco-trafficking intelligence though no evidence was presented publicly. (New York Times)
• 🇺🇸 Deal or No Deal President Trump claims Iran talks are back on, but warns of more attacks if Tehran does not fall in line soon. (Wall Street Journal)
• 🇺🇸 Sour Grapes. FBI Director Kash Patel plans to sue The Atlantic for defamation after it reported claims of his excessive drinking and security concerns. (Cnbc)
• 🇺🇸 No Arrest, No Rest. Several were shot at the University of Iowa with authorities reporting no suspects in custody and victims rushed to local hospitals. (Le Temps)
• 🇺🇸 Roadkill Bill. A new biography of Robert F. Kennedy Jr claims he once cut the penis off a dead raccoon by the roadside, adding to his collection of animal-related controversies. The Health Secretary reportedly laughed when confronted about the story. (Le Parisien)
• 🇨🇺 Pressure Cooker. Spain, Mexico, and Brazil issue a joint call for international action to ease Cuba’s worst economic meltdown since the Soviet collapse, hinting at US responsibility. (Spiegel)
• 🇹🇹 Plot Twist. The Cumuto Cemetery in Trinidad yielded 50 infant and 6 adult bodies, prompting police to probe suspected illicit body disposals. (Le Figaro)
• 🇰🇷 Class Act. With student numbers collapsing, South Korean elementary schools fill seats with elderly women, turning demographic crisis into an unexpected second chance. (Le Temps)
• 🇰🇵 Rocket Man. North Korea fired several ballistic missiles into the sea for the seventh time this year, using US distraction in Iran as its signal to escalate. (Spiegel)
• 🇲🇲 Caged Grace. Myanmar trims Aung San Suu Kyi’s sentence but keeps her locked away, proving mercy is just another staged performance. (El Pais)
• 🇮🇳 Strait Talk. India summoned Iran’s ambassador after two Indian-flagged ships were reportedly attacked the Strait of Hormuz, demanding safer passage for its vessels. (Spiegel)
• 🇵🇰 Deal or No Deal. Trump announced that US negotiators will travel to Pakistan on Monday for another round of peace talks with Iran, even as threats and blockades linger. (Cnbc)
• 🇮🇱 Truce Issues. Benjamin Netanyahu bows to President Trump’s push for a Lebanon cease-fire, prompting criticism at home over his apparent lack of leverage. (New York Times)
• 🇮🇷 Current Affairs. Iran maintains its closure of the Strait of Hormuz, forcing LNG tankers into abrupt reversals and sending energy markets into a predictable panic. (Bloomberg)
• 🇱🇧 Uniform Target. A French soldier serving with UNIFIL was fatally shot and three others injured in southern Lebanon, as France points to Hezbollah and calls for justice. (BBC)
• 🇵🇸 Critical Mass. The Palestinian Health Ministry says Gaza’s health crisis has moved beyond emergency, with drug shortages and rampant disease now the daily reality. (Le Temps)
• 🇨🇩 Release Pending. Kinshasa and the M23 have pledged to free prisoners and let humanitarian convoys through, giving themselves 10 days to build trust. (Le Figaro)

• 🇮🇪 Boxed In. Daniel Kinahan, alleged crime kingpin and ex-boxing promoter, was arrested in Dubai just 48 hours after Ireland filed for his extradition. (BBC)
• 🇬🇧 Lights Out. Keir Starmer slammed civil servants for withholding news that Peter Mandelson failed vetting before his Washington ambassador posting, calling the secrecy “unforgivable.” (The Guardian)
• 🇬🇧 Powder Room. Kensington Gardens reopened after police found jars of powder near the Israeli embassy, only to declare the substances entirely harmless. (The Guardian)
• 🇬🇧 State of Fire. British authorities are investigating Iran’s possible links to a series of arson attacks on Jewish sites in London, after a pro-Iran group claimed responsibility. (Financial Times)

• 🇺🇸 Market Intel. Sam Liccardo wants answers from financial regulators about timely oil and S&P trades that hit just before Trump’s Iran war news, hinting at possible insider leaks. (Cnbc)
• 🇺🇸 Remote Control. Two Americans were sentenced for running “laptop farms” that let North Korea place fake IT workers in companies and steal $5M. (TechCrunch)
• 🇺🇸 Ten-Day Window. Lawmakers grant FISA surveillance a short reprieve until April 30, as Republicans split over privacy limits and Trump pushes for an unchanged renewal. (New York Times)
• 🇺🇸 Face Value. Artificial intelligence churns out pro-Trump influencers by the hundreds across social media, giving the MAGA movement an army of flawless, fake supporters just in time for the midterms. (New York Times)

🏛️ Economy

• 🇪🇸 Wind and Warnings. Madrid touts its energy independence thanks to solar and wind investments, while Trump vows to cut off trade for defying US-led Iran strikes. (Cnbc)
• 🇪🇸 Action ou Vérité. Donald Trump affirme que l’économie espagnole est en ruine et que les contributions à l’OTAN sont dérisoires, alors que les prévisions du FMI indiquent que l’Espagne affiche la plus forte croissance de l’UE depuis cinq années consécutives. (El Pais) 🔒
• 🇪🇺 Peace Dividend. The prospect of resumed Gulf energy flows thanks to US-Iran talks has the ECB softening its stance on April rate increases. (Bloomberg)
• 🇪🇺 Loan Starved. Andrew Bailey tells Brussels that Europe’s biggest banks are no longer focused on productive investment loans, but the is busy planning deregulation anyway. (Le Monde)
• 🇪🇺 Power Shift. Brussels recommends at least one day of mandatory remote work for businesses and cheaper public transport, hoping to cut energy consumption as prices soar. (Financial Times)
• 🇪🇺 Cloud Cover. Microsoft and tech giants secured a secrecy clause in data center rules, keeping environmental footprints of their facilities out of public view. (Le Monde)
• 🇨🇭 Secret Service. Zurich’s top court wants Inside Paradeplatz blogger Lukas Hässig prosecuted for publishing confidential bank documents tied to ex-Raiffeisen boss Pierin Vincenz. (Le Temps)
• 🇷🇺 Crude Realty. Sweden warns that Russia’s economy is stumbling even as oil revenues surge, proving that not every windfall makes you rich. (Financial Times)
• 🇺🇸 Circuit Breaker. The AI surge will be “massively disinflationary,” says Northern Trust, with rising automation expected to keep a lid on price growth. (Financial Times)
• 🇺🇸 Money Talks. wealth advisers quietly collected over $2B from private capital fees last year, demonstrating that silence is golden when the checks clear. (Financial Times)
• 🇨🇺 Diaspora Deposit. Cuba is rolling out a new residency for overseas Cubans willing to invest, betting exiles’ money can do what local reforms never managed. (Spiegel)

• 🇬🇧 Auto Correct. UK carmakers face a £3B scramble as their lending arms misjudged the cost of the FCA’s £9.1B loan scandal redress program. (The Guardian)
• 🇬🇧 Tax and Substance. Richard Tice, deputy leader of Reform UK, allegedly skipped £100K in corporation tax as his companies funded £1.1M in party donations. (The Guardian)
• 🇬🇧 No Win Zone. Richard Desmond’s attempt to claim £1.3B in damages for losing the National Lottery licence is rejected. The only numbers that came up were his legal bills. (The Guardian)
• 🇬🇧 Marching Orders. After Sharon Osbourne pledged support for Tommy Robinson’s rally, Centrepoint announces it will cut her loose to avoid lasting reputational fallout. (The Guardian)

• 🇺🇸 Sunny Side Upcharge. The DOJ is close to filing suit against major egg producers for allegedly fixing prices via industry sales data and benchmarking schemes. (Wall Street Journal)
• 🇺🇸 Time is Money. In a twist, Trump moved to delay the deadline in his $10B IRS lawsuit, granting his own Justice Department some breathing room before it must answer his claims. (New York Times)

🏢 Real Estate

• 🇨🇭 Swap and Stay. Swiss property owners are increasingly trading buildings for shares in real estate funds, letting them keep a foot in the market without the headaches of direct management. (Le Temps)
• 🇨🇭 Swiss Block. The Swiss government tightens rules on property sales to foreigners, aiming to cool housing complaints ahead of a key immigration vote. (Le Figaro)
• 🇺🇸 Boss Level. Tyler Bossetti, the self-styled « Boss of Real Estate, » built a $23M Ponzi scheme instead of fortunes and now gets six years in federal prison. So much for financial independence. (Les Echos)

• 🇬🇧 Upwardly Mobile. Despite mortgage rates climbing after Middle East turmoil, Rightmove reports UK asking prices nudged up in April, confounding affordability fears yet again. (Financial Times)
• 🇬🇧 Fixed Relief. Major lenders like Halifax and Santander 🇪🇸 are trimming mortgage rates as hopes for a Middle East truce cool market panic. (BBC)

• 🇺🇸 Door Policy. Doormen and owners in NYC narrowly avoided the first strike in 35 years, as rising costs catch even the most exclusive addresses. (Wall Street Journal)

🔗 On-chain

• 🇫🇷 Coin and Country. LISE, France’s “token-native” exchange, opens for business, with ST Group as its inaugural listing and trades running on blockchain. (Le Monde)
• 🇪🇺 Euro Vision. French finance minister Roland Lescure urges eurozone banks to create more euro-backed stablecoins, calling the current supply unsatisfying compared to their dollar rivals. (Boursier)
• 🇺🇸 Liberty Bound. World Liberty, co-founded by Donald Trump Jr and Eric Trump, took a $75M loan backed by its WLFI token, sparking a 16 percent price slide and investor uproar. (Financial Times)

💱 Listed Markets

• 🇫🇷 Gas Fee. Police raided Engie’s Paris HQ as part of a probe into Rachida Dati’s alleged €299K GDF Suez payments during her time as an MEP. (Libé)
• 🇳🇴 Board Games. The world’s largest sovereign fund, Norges, sides with BP’s board and Chairman Manifold, waving through dropped climate proposals ahead of the April 23 AGM. (Bloomberg)
• 🇺🇸 Inn Crowd. Airbnb will start listing boutique hotels on its platform in cities like New York and Paris, chasing growth after a slowdown in short-term rentals. (Financial Times)
• 🇺🇸 Recall of the Wild. Ford is recalling up to 1.39M F-150 trucks due to a safety defect, proving even bestsellers sometimes stall out. (Wall Street Journal)
• 🇹🇼 Paycheck Please. Taiwan is exploring a plan to allow publicly traded companies to distribute dividends in US dollars instead of just local currency. (Bloomberg)

🛎️ Big Deals (M&A)

• Delta Plus Group 🇫🇷 acquires Athenas 🇧🇷 for €7.2M, a leader in fall protection in Brazil.
• Germany 🇩🇪 to begin the privatization of a seized division from Gazprom 🇷🇺.
• EQT 🇸🇪 relaunched a sale for the mainland Chinese business of Ginko International 🇨🇳 for $1B after a previous deal with Advent fell through.
• Kone 🇫🇮 in advanced talks to acquire TK Elevator 🇩🇪 at a potential $30B valuation, including debt.
• Intertek 🇬🇧 rejects a $10.7B LBO offer from EQT 🇸🇪 as too low.
• QXO 🇺🇸 acquires TopBuild 🇺🇸 for $17B, marking its largest deal to date.
• Payward 🇺🇸 acquires Bitnomial 🇺🇸 for $550M, a fully CFTC-licensed derivatives platform for digital assets.
• KKR 🇺🇸 and Apollo 🇺🇸 are considering bids for Logoplaste 🇵🇹 at a potential $2B valuation.
• TPG 🇺🇸 acquires Learfield 🇺🇸 from Charlesbank Capital Partners for $2B.
• Apollo 🇺🇸 in early talks to help fund NBA’s expansion into Europe.
• Corient 🇺🇸 acquires Bedrock Group 🇨🇭, a Swiss multi-family office.
• American Express 🇺🇸 acquires Hyper 🇺🇸, an AI-focused expense management startup backed by Sam Altman.
• Nexstar Media Group 🇺🇸’s $6.2B merger with Tegna 🇺🇸 has been halted by a federal judge due to antitrust concerns.
• American Airlines 🇺🇸 rejects merger proposal from United Airlines 🇺🇸.
• Nexstar 🇺🇸’s merger with Tegna 🇺🇸 is temporarily frozen by a federal court injunction amid legal challenges, following a $6.2B agreement.
• Sazerac 🇺🇸 prepares a $15B cash offer for Brown-Forman 🇺🇸, the maker of Jack Daniel’s.
• Uber 🇺🇸 acquires a 4.5% stake in Delivery Hero 🇩🇪 from Prosus 🇳🇱 for $318M as part of an antitrust remedy.
• Choice Properties REIT 🇨🇦 and Kingsett Capital 🇨🇦 to acquire First Capital REIT 🇨🇦 for $6.8B in cash and stock, including debt.
• Uranium Royalty 🇨🇦 acquires Sweetwater Royalties 🇺🇸 for $1.1B.
• Cineplex 🇨🇦 is seeking a merger with rivals including Regal Cineworld 🇺🇸 or Cinemark 🇺🇸.
• Jardines 🇭🇰 is in talks to acquire CK Hutchison’s 🇭🇰 supermarket division, ParknShop, to merge with Wellcome.
• Sun Pharmaceutical 🇮🇳 is competing with Grünenthal 🇩🇪 and several PE firms to acquire Organon 🇺🇸, valued at $2.4B.
• Kingdom Holding Co. 🇸🇦 acquires a majority stake in Al Hilal Football Club 🇸🇦 at a $375M valuation.
• Emirates International Investment Co. 🇦🇪 takes a minority stake in Joe & the Juice 🇩🇰 at a $1.8B valuation.

🧳 Private Markets & VC

• 🇫🇷 Grok and Roll. The Paris prosecutor demands Elon Musk’s testimony as X is probed for algorithms that allegedly amplified hate, sexual deepfakes, and Holocaust denial. (Le Figaro)
• 🇸🇪 Clean Break. After a $240B money laundering saga, Swedbank and Danske Bank 🇩🇰 are officially cleared, restoring a little Nordic shine to their brands. (Bloomberg)
• 🇪🇺 Cash on Delivery. Europe’s tech scene receives €80B in public funds through VCs and startups, though many doubt this flood of money addresses deeper issues. (Sifted)
• 🇺🇸 Going Public, Still Private. Despite never reaching scientific breakeven, TAE Technologies and General Fusion chase public listings for a cash lifeline, leaving skeptics to question what exactly is being sold. (TechCrunch)
• 🇺🇸 Panic Button. Big banks shrug off the latest private credit scare as investors rush for the exits, insisting $1.8T in exposure does not keep them up at night). (Bloomberg)
• 🇺🇸 Loan Arrangers. Blue Owl’s co-CEOs have changed the terms of their controversial personal loans against company shares, hoping to calm investor nerves after scrutiny. (Wall Street Journal)
• 🇺🇸 Payback Time. Stripe wanted to absorb Airwallex 🇦🇺. Airwallex refused, grew past $1B revenue, and is now battling Stripe on its home turf. (TechCrunch)

Fundraising

• Cerebras 🇺🇸 (Semiconductors): $3B
• Cursor 🇺🇸 (AI): $2B (Andreessen Horowitz, Nvidia, Thrive Capital) – In talks
• Recursive 🇺🇸 (AI): $500M (Google Ventures, Nvidia)
• Beeline Medicines 🇺🇸 (Biotechnology): $300M
• Upscale AI 🇺🇸 (AI infrastructure): $200M (Tiger Global Management, Xora Innovation, Premji Invest)
• K1x 🇺🇸 (Fintech): $175M (Sumeru Equity Partners, Edison Partners)
• Sideline Group 🇺🇸 (Investment): $155M
• Factory 🇺🇸 (AI): $150M (Khosla Ventures, Sequoia Capital, Insight Partners, Blackstone)
• Pulnovo Medical 🇺🇸 (Healthcare): $100M (Medtronic, EQT, Qiming Venture Partners, Gaorong Ventures, OrbiMed, Lilly Asia Ventures, HSG)
• Slash Financial 🇺🇸 (Fintech): $100M (Ribbit Capital, Khosla Ventures, Goodwater Capital)
• Zum 🇺🇸 (Transportation): $100M
• Loop 🇺🇸 (Logistics): $95M (Valor Equity Partners, Valor Atreides AI Fund, 8VC, Founders Fund, Index Ventures, J.P. Morgan Growth Equity Partners, Tao Capital Partners)
• Wealth.com 🇺🇸 (Fintech): $65M (Titanium Ventures, Pruven Capital, The K Fund, Dynasty Financial Partners, Charles Schwab, GV, Citi Ventures, 53 Stations, Anthos Capital, Alumni Ventures)
• Resolve AI 🇺🇸 (AI): $40M (DST Global, Salesforce Ventures)
• Nas.com 🇺🇸 (AI): $27M (Khosla Ventures, 500 Global)
• Solidroad 🇺🇸 (AI): $25M (Hedosophia, First Round Capital, Y Combinator, Sony Innovation Fund)
• Joyful Health 🇺🇸 (Healthcare): $22M (CRV, XYZ Venture Capital, Designer Fund, Inflect Capital, Go Global Ventures)
• Sennos 🇺🇸 (Biotech): $20M (TomEnterprise, Jan Ståhlberg)
• Zenskar 🇺🇸 (Fintech): $15M (Susquehanna Venture Capital, Bessemer Venture Partners, Shine Capital, Rho, Rocketship, J-Ventures, Future Back Ventures by Bain & Company, Converge)
• InsightFinder 🇺🇸 (AI): $15M
• AIxCrypto Holdings 🇺🇸 (Blockchain): $12M (Faraday Future Intelligent Electric Inc., Gold King Arthur Holding Limited)
• Orthogon Therapeutics 🇺🇸 (Healthcare): $11M
• ActionAI 🇺🇸 (AI): $10M
• Creao AI 🇺🇸 (AI): $10M (Prosperity7 Ventures)
• Antioch 🇺🇸 (Simulation): $8.5M (A*, Category Ventures)
• Caruso 🇳🇿 (Fintech): $6.5M (Icehouse Ventures, GD1, Balmain)
• Balerion AI 🇺🇸 (Fintech): $6M (Kleiner Perkins, Formation, BoxGroup)
• GetWhys 🇺🇸 (SaaS): $5.2M (EPIC Ventures, CEAS Investments, Portland Seed Fund, Next Frontier Capital, Tuesday Capital, Capital Eleven)
• Sage Haven 🇺🇸 (Kids Tech): $3M (Hustle Fund, How Women Invest, LaunchTN, NextBlue, Gaingels, ExitFund, Graham & Walker, Fuel Venture Capital, a16z Scout Fund, Accel Scout Fund, Kleiner Perkins Scout Fund)

Fund Watch

• Sequoia 🇺🇸: $7B (new fund, large company investments)
• GoldenTree 🇺🇸: $3B
• Lightyear Capital 🇺🇸: $2.5B (6th flagship fund)
• Vesper Infrastructure Partners 🇪🇺: $1.2B (debut fund, infrastructure)
• UK Government 🇬🇧: $675M (Sovereign AI fund, supporting local AI startups)
• Colonial First State 🇦🇺: $260M (infrastructure investment, committed funds)
• Blue Equity 🇩🇰: $110M (4th private equity fund)
• Collide Capital 🇺🇸: $95M (2nd fund, fintech and supply chain investments)
• King Street Capital Management 🇸🇦: (anchoring regional private credit fund, details forthcoming)

🔔IPO

• Belron 🇳🇱 (Auto Repair): planning an Amsterdam IPO at a $35B valuation.
• Bank of Ireland 🇮🇪 (Finance): proposing delisting from London to reduce costs.
• JD Sports Fashion 🇬🇧 (Retail): sold its entire 9.1% stake in Applied Nutrition for $66.5M.
• Cerebras Systems 🇺🇸 (AI): has filed for an IPO with a valuation of $23B following a $1.1B Series G and a $1B Series H.
• Arxis 🇺🇸 (Defense): surged 36% in its trading debut after raising over $1.1B at a $15.4B market cap in an upsized IPO.
• Madison Air Solutions 🇺🇸 (HVAC): debuted with an 18% rise after raising $2.2B at a $13.2B valuation, marking the largest industrials IPO this century.
• Sigenergy Technology 🇨🇳 (Energy): soared 100% after raising $560M in a Hong Kong IPO.
• Daikin 🇯🇵 (HVAC): Activist Elliott acquired a 3% stake in the company.
• Dangote Petroleum 🇳🇬 (Refinery): plans to sell 10% on multiple African stock exchanges.

🧳 Debt

• BNP Paribas 🇫🇷: planning a $1.2B SRT tied to CRE loans.
• Zurich Insurance Group 🇨🇭: raised $500M in fixed-rate subordinated notes maturing in 2056.
• Bank of America 🇺🇸: sold $10B of investment grade bonds.
• Google 🇺🇸: completed a record $5.7B junk bond sale with $15B in investor demand.
• CoreWeave 🇺🇸: raised $1B in junk bonds.
• J&F 🇧🇷: raised $400M in its debut dollar junk bond sale.
• SoftBank 🇯🇵: raised $1.5B in a dollar bond sale and $2.05B in a euro bond sale to refinance debt.
• AirAsia 🇲🇾: testing the market with a $230M private debt led by Deutsche.
• Abu Dhabi, Qatar, and Kuwait 🇦🇪: raised a combined $10B in private dollar bond placements this month.

❌ Failures

• Loro Piana 🇮🇹: the luxury brand had a judicial administration lifted after a year due to an investigation into labor abuses within its supply chain.
• Market Financial Solutions (MFS) 🇬🇧: the bridging-loan specialist collapsed into administration amid fraud allegations, leaving creditors facing a £1.3B shortfall.
• Meta 🇺🇸: planning to lay off nearly 8,000 employees, or 10% of its workforce, on May 20.
• QVC 🇺🇸: the TV shopping network plans to file for Chapter 11 bankruptcy to restructure over $5B in debt.
• Multi-Color Corp 🇺🇸: the CD&R-backed label maker won court approval for a restructuring plan to cut $4B in debt while seeking to exit Chapter 11.
• Raizen 🇧🇷: the Brazilian sugar and ethanol JV proposed a restructuring plan featuring a $1.6B capital injection.

🎯 For a Few More Minutes…

• 🇬🇧 Vest in Show. Titanic survivor Laura Mabel Francatelli’s signed life jacket went for £670,000 at auction, more than doubling its top pre-sale estimate. (BBC)
• 🇬🇧 Home Is Where the Bard Is. Researchers have pinpointed the exact site of Shakespeare’s only London house after a lost floorplan surfaced, upending assumptions about his city years and moving his blue plaque from “nearby” to right on target. (BBC)
• 🇨🇭 Rogue One. Kweku Adoboli, the UBS trader blamed for a $2.3B loss in 2011, challenges the lone-wolf narrative in a new documentary, pointing at systemic failures. (Le Temps)
• 🇺🇦 Atomic Vows. On April 26, 1986, Iryna and Serhiy were married in Pripyat just as the Chernobyl reactor exploded nearby, turning their wedding into an evacuation. (BBC)
• 🇺🇸 Track Record. Granville T. Woods, nicknamed “Black Edison,” successfully defended his patent for wireless train signals against Thomas Edison in court. (Wall Street Journal)
• 🌍 Content Warning. Content moderators like Mina and Sonia spend nine-hour shifts watching hundreds of violent or disturbing videos to keep social platforms clean for users, often at serious cost to their own mental health. (Le Parisien)
• 🌍 Name Drop. Somaliland dreams of global recognition while Israel, the US, and UAE compete for military bases, turning an unrecognized state into a geopolitical magnet. (Le Monde)

• 🇬🇧 Final Track. Andy Kershaw, the legendary BBC Radio 1 DJ who shaped music tastes for 15 years, has died at 66, leaving airwaves quieter. (The Guardian)