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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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Video: Fires Continue to Burn One Week Later in California

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Video: Fires Continue to Burn One Week Later in California

new video loaded: Fires Continue to Burn One Week Later in California

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Fires Continue to Burn One Week Later in California

The Palisades and Eaton fires, ravaging Los Angeles for more than a week, remain mostly uncontained by firefighters.

“We just had — just had Christmas morning right over here, right in front of that chimney. And this is what’s left.” “I urge, and everybody here urges, you to remain alert as danger has not yet passed. Please follow all evacuation warnings and orders without delay and prioritize your safety.”

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Recent episodes in Wildfires

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s President Yoon Suk Yeol arrested after stand-off with police

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South Korea’s suspended President Yoon Suk Yeol was arrested on Wednesday morning following a predawn raid by police and investigators on his fortified hilltop compound.

Yoon’s detention followed a six-hour stand-off between law enforcement officials and members of the president’s security detail. It is the first time in South Korea’s history that a sitting president has been arrested.

The development marks the latest twist in a political crisis that was triggered by his failed attempt to impose martial law last month, and which has shaken confidence in the democratic integrity of Asia’s fourth-largest economy.

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Yoon was suspended from his duties after he was impeached by parliament in December following his attempt to impose martial law. The country is currently being led by finance minister Choi Sang-mok as acting president.

The operation on Wednesday, which began shortly after 4am, was the second attempt this month by the CIO to detain Yoon for questioning on insurrection and abuse of office charges.

An initial effort earlier this month was foiled by Yoon’s protection officers following a tense hours-long stand-off at the presidential residence. Yoon had previously refused to comply with investigators and had challenged their authority to bring him in for questioning.

“The rule of law has completely collapsed in this country,” Yoon said in a video statement recorded before his transfer to the headquarters of the country’s Corruption Investigation Office for questioning. “I’ve decided to appear for CIO questioning in order to prevent any bloodshed.”

According to South Korea’s state-owned news agency Yonhap, police and officials from the CIO arrived at the compound early on Wednesday and presented a warrant for Yoon’s arrest but were again initially prevented from entering by the Presidential Security Service.

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Yonhap also reported that about 30 lawmakers from Yoon’s conservative People Power party were at the compound and attempting to prevent officials from entering it.

But with hundreds of police gathered outside, some of them equipped with ladders and wire cutters to overcome barricades erected by Yoon’s protection officers, CIO officials were eventually allowed to enter the residence.

Yoon’s lawyers initially attempted to broker a deal whereby he would surrender voluntarily for questioning. But this was not accepted by CIO officials, and he was eventually arrested just after 10.30am and transferred to the investigative agency’s headquarters.

“Yoon’s arrest is the first step towards restoring our constitutional order,” said Park Chan-dae, floor leader of the leftwing opposition Democratic Party of Korea. “It underlines that justice is still alive.”

While Yoon’s powers have been transferred to Choi as acting president, he remains South Korea’s head of state while the country’s Constitutional Court deliberates on whether to approve his impeachment or reinstate him in office.

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The court held its first formal hearing into Yoon’s impeachment on Tuesday, but the session was adjourned after four minutes because the suspended president declined to attend, citing concerns for his personal safety.

The efforts by the CIO and police to detain Yoon for questioning relates to a separate, criminal process connected to his failed imposition of martial law. Yoon’s lawyers insist the CIO has no standing to pursue criminal insurrection charges against him.

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

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SEC sues Elon Musk, says he didn't disclose Twitter ownership on time before purchase

Elon Musk speaks as part of a campaign town hall in support of Donald Trump in Folsom, Pa., on Oct. 17, 2024.

Matt Rourke/AP


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Matt Rourke/AP

The U.S. Securities and Exchange Commission has sued billionaire Elon Musk, saying he failed to disclose his ownership of Twitter stock in a timely manner in early 2022, before buying the social media site.

As a result, the SEC alleges, Musk was able to underpay “by at least $150 million” for shares he bought after he should have disclosed his ownership of more than 5% of Twitter’s shares. Musk bought Twitter in October 2022 and later renamed it X.

Musk started amassing Twitter shares in early 2022, and by March of that year, he owned more than 5%. At this point, the complaint says, he was required by law to disclose his ownership, but he failed to do so until April 4, 11 days after the report was due.

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Representatives for X and Musk did not immediately return a message for comment.

After Musk signed a deal to acquire Twitter in April 2022, he tried to back out of it, leading the company to sue him to force him to go through with the acquisition.

The has SEC said that starting in April 2022, it authorized an investigation into whether any securities laws were broken in connection with Musk’s purchases of Twitter stock and his statements and SEC filings related to the company.

Before it filed the lawsuit, the SEC went to court in an attempt to compel Musk to testify as part of an investigation into his purchase of Twitter.

The SEC’s current chair, Gary Gensler, plans to step down from his post on Jan. 20 and it is not clear if the new administration will continue the lawsuit.

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