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Private astronauts in space and Nvidia reports Q2 earnings

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Private astronauts in space and Nvidia reports Q2 earnings

This article is an on-site version of our The Week Ahead newsletter. Subscribers can sign up here to get the newsletter delivered every Sunday. Explore all of our newsletters here

Hello and welcome to the working week.

One event worth keeping an eye on is set to happen high above our heads on Tuesday when the Polaris Dawn space mission is set to launch with billionaire Jared Isaacman and three others on board. The mission, privately funded by Isaacman and operated by SpaceX, is using the company’s Falcon 9 rocket and spacesuits.

The spacecraft’s crew are planning to attempt a spacewalk during their mission, which is predicted to last five days. If they pull it off, the crew will be the first non-government astronauts to complete a spacewalk. While mainly symbolic, the feat would be a sign of the increase in private companies that are making more ambitious plans for space.

Already this year we have had the first commercial space flight to successfully land on the moon. Elon Musk’s SpaceX is also an integral part of Nasa’s Artemis programme to return to moon as the global space race gathers pace.

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Back on solid ground, there are some headline acts to watch out for in this week’s company results, including chipmaker Nvidia reporting its second-quarter results on Wednesday. In the group’s first-quarter results it reported a staggering 262 per cent increase in revenue. At the time the company’s boss Jensen Huang told investors that Nvidia would see “a lot” of revenue from its new Blackwell chips that power generative AI models that the company unveiled in June.

Since then the chipmaker has become the world’s most valuable company, lost about $750bn in value, and then gained it all back. No matter what happens, Nvidia’s results will be one to watch. It will also be worth catching the results for CrowdStrike, the first since a software update by the cyber security group caused an outage for large companies including Delta. This will be the first chance for investors to see in detail how the outage affected the company’s bottom line.

One more thing . . . 

In the UK it has been a surprisingly pleasant summer with only a few dull days. But as August winds down this week, our weather is set to take a turn from better to wetter. The UK Met office is aware of this and on Thursday will announce storm names for 2024-25. Names can be suggested by the public but cannot start with the letters Q, U, X, Y and Z so that they are aligned with the US National Hurricane Center naming conventions. So, sadly, we will never see a storm Zane.

Key economic and company reports

Here is a more complete list of what to expect in terms of company reports and economic data this week.

Monday

  • Sweden: The central bank publishes the minutes from its monetary policy meeting

  • UK: summer bank holiday. Markets closed (not Scotland)

  • Philippines: National Heroes Day holiday. Financial markets closed

  • Spain: PPI for July

Tuesday

  • Hungary: Central bank interest rate decision

  • UK: British Retail Consortium Shop Price Index, giving a picture of the inflation rate of 500 of the most commonly bought high street products for August

  • UK: Britvic shareholders vote on acquisition by Carlsberg

  • Results: BHP FY preliminary, Bank of Nova Scotia Q3

Wednesday

  • Israel interest rate announcement

  • UK: Bank of England Monetary Policy Committee member Catherine Mann participates in the Central Bank Research Association annual meeting in Frankfurt

  • UK: Q2 GDP estimate for Scotland

  • Results: Bath & Body Works Q2, Prudential HY, Lego interim results, Nvidia Q2, Woolworths FY 2024, Royal Bank of Canada Q3, HP Q3, CrowdStrike Q2, Salesforce Q2

Thursday

  • UK: Resolution Foundation annual Living Standards Audit

  • US: Revised growth figures for Q2 2024

  • Sweden: Q2 GDP data

  • Results: Qantas FY preliminary results, Autodesk Q2, Gap Q2, Best Buy Q2, Dollar General Q2

Friday

  • India: GDP for Q1

  • Peru: Santa Rosa of Lima Day. Financial markets closed

  • Czech GDP Q2

  • Turkey: Victory Day. Financial markets closed

  • Kazakhstan: Constitution Day. Financial markets closed

World events

Finally, here is a rundown of other events and milestones this week.

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Monday

Tuesday

  • US: Scheduled launch of Polaris Dawn mission from Kennedy Space Center in Florida on board a Falcon 9 rocket

  • US: Two-day Intelligence and National Security Summit is held just outside Washington DC. Speakers include FBI deputy director Paul Abbate and the CIA deputy director David S Cohen

Wednesday

Thursday

  • UK: The Met Office announces its names for storms for the 2024-25 season

  • 75th anniversary of the Soviet Union testing it first atomic bomb. The same day is also the international day against nuclear tests

Friday

Saturday

Sunday

  • Azerbaijan parliamentary elections

  • Germany: Parliamentary elections in Saxony and Thüringen state

  • First day of autumn by the UK Met meteorological calendar

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Babe Ruth jersey of ‘called shot’ fame sells for record $24 million

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Babe Ruth jersey of ‘called shot’ fame sells for record  million

Babe Ruth’s New York Yankees jersey, that he’s said to have worn in a memorable Game 3 of the 1932 World Series, is displayed at Heritage Auction in Irving, Texas, days before its record sale.

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A New York Yankees jersey worn by Babe Ruth during perhaps the most storied moment of the baseball legend’s career has sold for $24.12 million, shattering the record for most expensive sports collectible sold at auction.

The gray road jersey, sold by Heritage Auctions on Sunday in Dallas, was said to be worn by Ruth when he “called his shot” in Game 3 of the 1932 World Series against the Chicago Cubs.

The sale almost doubles the previous auction record for the most paid for a piece of sports memorabilia. That was for a 1952 Topps card of another Yankee legend, Mickey Mantle, which fetched $12.6 million at a Heritage auction in 2022. Before Sunday, the most expensive game-worn sports jersey was that worn by Michael Jordan in the first Chicago Bulls game of the 1998 NBA Finals; it sold for $10.1 million in 2022.

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To authenticate the jersey, it was photo-matched by several third parties, using three photos that were taken before and after the famed World Series game, according to Heritage.

It was during that 1932 game at Wrigley Field in which Ruth was said to have prophesized the placement of his second and final home run of the game, which the Yankees won 7-5 before taking the series win from the Cubs. It happened after Ruth got two balls and two strikes on the count.

With grainy black-and-white video footage serving as evidence of the moment, the slugger appears to be pointing beyond the outfield, possibly indicating where he’s about to sink the homer, just before hitting it far over the center field fence.

Another telling has it that Ruth was gesturing toward the Cubs’ dugout, where players had been taunting the Yankee who then decided return the razzing before his hit.

Ruth himself has supported different versions of the event, at one point claiming that he called his shot.

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What really happened has been disputed as much as its been memorialized in film and imitated on amateur baseball fields.

“It is a mystery to this day,” sports journalist Joe Posnanski told NPR’s Scott Simon last year. “What we do know is that the Cubs dugout was really riding Ruth, and he was really, you know, sort of riding them back. And we know he made some very grand gestures with his hand. There are those who say he held up his finger just to say it only takes one swing. And there are some who say he held up two fingers because they say he was saying, ‘OK, I have two strikes, and watch what I do now.’ ”

Fittingly, there’s been an equally meticulous debate in the process to authenticate the jersey, with one third-party company ruling ahead of the auction that their photo-matching was unable to confirm a match.

The myth surrounding Ruth’s play that day has only strengthened his legendary status in baseball history, Heritage Director of Sports Chris Ivy suggested, after a more than six-hour bidding war over the jersey.

“It is clear by the strong auction participation and record price achieved that astute collectors have no doubt as to what this Ruth jersey is and what it represents,” Ivy said in a statement. “The legend of Babe Ruth and the myth and mystery surrounding his ‘called shot’ are united in this one extraordinary artifact.”

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Israel launches strikes in Lebanon

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Israel launches strikes in Lebanon

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Israel’s military launched a wave of air strikes in southern Lebanon in the early hours of Sunday, in what it said was an attempt to foil an “extensive attack” by the militant group Hizbollah.

The exchange of fire was the biggest between Israel and Iran-backed Hizbollah since they fought a 34-day war in 2006, and marked a sharp escalation of the hostilities that have simmered between the two sides since the start of the war between Israel and Hamas in Gaza last year.

Hassan Nasrallah, Hizbollah’s leader, sought to draw a line under the exchange on Sunday evening, saying the attack was over, although its impact would still have to be assessed.

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“If the result is satisfactory and the intended goal is achieved, we will consider the response operation has ended,” Nasrallah said in a televised address. “If the result is not enough, we will reserve the right to respond at another time.”

Nasrallah said Lebanese people who had fled their homes in fear of a wider war could return, adding that they could now “take a breath and relax”. 

Israel began its attack shortly before 5am local time, deploying 100 jets to bomb about 40 sites in Lebanon after identifying what it said were preparations by Hizbollah “to fire missiles and rockets”.

Nasrallah said the group had shortly afterward launched more than 340 Katyusha rockets and a large number of drones at 11 military targets in Israel’s north and the occupied Golan Heights, triggering air raid sirens across the area.

Speaking at a cabinet meeting on Sunday afternoon, Israeli Prime Minister Benjamin Netanyahu said Israel’s strike had destroyed thousands of short-range rockets and all the drones launched by Hizbollah — which he said had been meant to hit a “strategic target” in the centre of Israel.

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“[Hizbollah leader Hassan] Nasrallah in Beirut and [Iranian supreme leader Ayatollah Ali] Khamenei in Tehran need to know that this is an additional step in changing the situation in the north, and returning our residents securely to their homes,” Netanyahu said. “And I reiterate — this is not the end of the story.”

Hizbollah said its barrage was retaliation for Israel’s assassination last month of Fuad Shukr, one of its most senior commanders, in an air strike in Beirut.

The killing of Shukr was followed the next day by the assassination in Tehran of Ismail Haniyeh, political leader of the Palestinian militant group Hamas. It prompted both Hizbollah and Iran to pledge retaliation against Israel, fuelling fears the region could slide towards all-out conflict.

Nasrallah acknowledged that Hizbollah’s retaliation had been delayed in part because of the mobilisation of Israeli and American military forces. He said a response from Iran and its Yemeni Houthi allies was yet to come.

As the exchange of fire unfolded early on Sunday, Ben Gurion airport in Tel Aviv suspended flights, and Israel’s defence minister Yoav Gallant declared a “special situation” across the country, giving him powers to restrict gatherings and limit access to certain areas.

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However, according to initial assessments by Israel’s military, the barrage caused “very little” damage. Casualties on both sides were limited. One Israeli soldier was killed — by debris from Israeli missile interceptors, according to the country’s ambassador to the US — and two wounded. Three people — all presumed to be militants — were killed in Lebanon.

By early afternoon, flights to and from Tel Aviv had resumed, and most restrictions in Israel had been lifted. Some flights to and from Beirut were cancelled or delayed, but the airport remained open.

In Lebanon, the Israeli strikes hit around 30 different targets in the south, mostly in areas close to the border, but some further inland. Images circulated in local media showed smoke rising above various wooded areas, likely to be where Hizbollah’s static launchers are positioned, and villages along the border.

Smoke rises from the southern Lebanese town of Khiam. Israel hit around 30 targets in the south of the country © Karamallah Daher/Reuters

Nasrallah said Hizbollah’s attack had gone “as planned” and denied Israeli claims the group had intended to fire thousands of projectiles. Neither Israel nor Hizbollah provided evidence for their claims.

The Hizbollah leader spent much of a one-hour speech seeking to convince his audience the attack had been effective, stressing the decision to strike only military targets and avoid civilian casualties. The speech appeared designed to assuage a domestic audience weary of a war that has displaced more than 100,000 from border areas and killed more than 120 civilians.

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Nasrallah said the group’s main target was the Glilot military intelligence base on the outskirts of Tel Aviv. This is about 110km inside Israeli territory, making the attack the deepest yet into the country. The Israeli military said Glilot had not been hit.

The attacks came as officials gathered in Egypt for the latest talks aimed at ending the war. The US and Arab states see the talks as the best chance of preventing a full-on conflict.

The White House said US President Joe Biden was “closely monitoring events in Israel and Lebanon”. Washington has deployed additional warships and fighter aircraft to deter Hizbollah and Iran and help defend Israel.

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Robert F. Kennedy Jr. says he understands family’s disappointment after he endorsed Donald Trump

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Robert F. Kennedy Jr. says he understands family’s disappointment after he endorsed Donald Trump
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Robert F. Kennedy Jr. said his family members are free to disagree with his endorsement of former President Donald Trump after five issued a statement calling the move “a betrayal.”

The independent presidential hopeful suspended his campaign and backed the Republican nominee Friday. The nephew of former President John F. Kennedy and son of former Attorney General Robert F. Kennedy, he is part of one of the nation’s most prominent political dynasties.

But RFK Jr.’s family has long disavowed his candidacy and his history of spreading conspiracy theories. His sister, Kerry Kennedy, released a statement with four other members of the family to X, formerly Twitter, Friday.

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“Our brother Bobby’s decision to endorse Trump today is a betrayal of the values that our father and our family hold most dear,” she wrote. “It’s a sad ending to a sad story.”

In an an appearance on “Fox News Sunday,” RFK Jr. said several of his family members work for President Joe Biden and consider him a friend. He acknowledged his family has long been at the center of the Democratic Party, exemplified by a bust of his father in the president’s Oval Office.

“I understand that they’re troubled by my decisions,” he told Fox News’ Shannon Bream. “But, you know, I think we all need to be able to disagree with each other and still love each other.”

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RFK Jr. also thanked his wife Cheryl Hines, who supported his campaign, for her understanding when he endorsed Trump despite her discomfort with the decision.

“I am so grateful to my amazing wife Cheryl for her unconditional love, as I made a political decision with which she is very uncomfortable,” he wrote in a post on X. “I wish this also for the country — love and unity even in the face of disagreement. We will need that in coming times.”

In the interview Sunday, Kennedy confirmed reports that he also reached out to Democratic presidential nominee Kamala Harris and Libertarian presidential nominee Chase Oliver “on the same basis” as he did with Trump before offering his endorsement to the former president.

He said Trump has not promised him a cabinet position if he is elected in exchange for his endorsement, but that they have agreed to work together and he plans to actively campaign for the Republican nominee.

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Rachel Barber is a 2024 election fellow at USA TODAY, focusing on politics and education. Follow her on X, formerly Twitter, at @rachelbarber_

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