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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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NASA’s Artemis II lunar mission may not launch in March after all

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NASA’s Artemis II lunar mission may not launch in March after all

A day after NASA said it was eyeing a potential March 6 launch date for the Artemis II lunar mission, the space agency now says new complications could derail all of the March launch dates. The rocket, seen here at the Kennedy Space Center launch pad on Friday, may need to be rolled back to the Vehicle Assembly Building for additional tests.

Gregg Newton/AFP via Getty Images


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Gregg Newton/AFP via Getty Images

Just one day after NASA said it was eyeing a potential March 6 launch date for the Artemis II lunar mission, the space agency said Saturday that complications with the rocket could delay all launch attempts in March from the Kennedy Space Center in Florida.

The Artemis II mission, which is set to carry four astronauts on a 10-day trip around the moon, would be the first time humans return to the vicinity of the moon since Apollo 17 in 1972.

In a blog post, NASA said it is “taking steps to potentially roll back the Artemis II rocket and Orion spacecraft to the Vehicle Assembly Building,” after technicians observed an “interrupted flow of helium” to the rocket system. NASA says its teams are “actively reviewing data” and taking steps to “address the issue as soon as possible while engineers determine the best path forward.”

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NASA says a rollback from the pad to the nearby Vehicle Assembly Building would mean that the five potential launch dates in March would be off the table. NASA has six launch opportunities in April.

NASA says it’s unclear why helium flow was interrupted. The space agency says it’s reviewing data from the uncrewed Artemis I mission in 2022 in which teams had to troubleshoot helium-related pressurization of the upper stage before launch.

On Friday, following the completion of the second “wet dress rehearsal”, NASA managers were optimistic. “This is really getting real,” said Lori Glaze, acting associate administrator of NASA’s exploration systems development mission directorate. “It’s time to get serious and start getting excited.”

A test of the rocket, earlier this month, revealed several issues. During the fueling, NASA encountered problems like a liquid hydrogen leak. Swapping out some seals and other work seems to have fixed those issues, according to officials who say that the latest countdown dress rehearsal went smoothly, despite glitches such as a loss of ground communications in the Launch Control Center that forced workers to temporarily use backups.

NPR’s Nell Greenfieldboyce contributed reporting.

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World reacts as US top court limits Trump’s tariff powers

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World reacts as US top court limits Trump’s tariff powers

President Donald Trump has imposed a new 10 percent worldwide tariff after the United States Supreme Court struck down his previous trade measures, triggering immediate concern and responses from governments and markets.

On Friday, Trump announced the decision on his social media platform, Truth Social, saying he has signed an executive order to impose the global tariff, which will take effect “almost immediately”.

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The US top court’s ruling and Trump’s new tariffs have left countries grappling with the legal and economic fallout, raising questions about ongoing agreements, tariff reductions, and the legality of past duties.

Governments are now evaluating how the new levy will affect key industries, investment plans, and trade negotiations, while analysts warn that uncertainty could persist until legal and trade frameworks are clarified.

South Korea

In South Korea, one of the US’s closest allies, the presidential office, Blue House, has released a statement, saying the government will review the trade deal and make decisions in the national interest, casting a question mark over the agreement signed in November last year, which lowered tariffs from 25 to 15 percent in exchange for $350bn in cash and investments from South Korea in the US.

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“For major South Korean companies in chemicals, pharmaceuticals, and semiconductors, the Supreme Court ruling has been positive: Even if Trump introduces the new 10 percent tariffs under Section 122, they would still pay a lower rate,” said Jack Barton, an Al Jazeera correspondent in Seoul.

“However, exporters of automobiles, more than half of which go to the US, remain subject to the 25 percent tariff, and steel exports are still hit with 50 percent duties under Section 232, which was not affected by the ruling.”

The South Korean government is expected to move cautiously. Exports account for 85 percent of South Korea’s gross domestic product, with the US as the second-largest market.

“Officials have indicated that rapid changes could jeopardise major agreements, including a recent multibillion-dollar shipbuilding deal with the US and other investments,” said Barton.

“While no definitive policy statement has been made yet, the Blue House has said that the trade deal will be under careful review and changes are likely.”

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India

India has faced some of the highest US tariffs under Trump’s previous use of emergency trade powers. The president first imposed a 25 percent levy on Indian imports and later added another 25 percent on the country’s purchases of Russian oil, bringing the total to 50 percent.

Earlier this month, the US and India reached a framework trade deal. Trump said Prime Minister Narendra Modi agreed to stop buying Russian oil and that US tariffs would be lowered to 18 percent for India’s top exports to the US, including clothing, pharmaceuticals, precious stones, and textiles. Meanwhile, India said it will eliminate or reduce tariffs on all US industrial goods and a range of agricultural products.

According to political economist MK Venu, founding editor of Indian publication, The Wire, “Critics have argued New Delhi should have waited for the US Supreme Court decision before finalising the interim trade deal and even trade analysts previously connected with the government have maintained it would have been wiser to wait for the court verdict.”

Venu added that Trump was eager to finalise the trade deal, which includes a commitment to buy $500bn worth of new imports in defence, energy, and artificial intelligence (AI) from the US over the next five years.

While India, he said, welcomed the reduction of tariffs to 18 percent and the removal of penal duties on Russian imports, uncertainty remains over negotiations, as the Supreme Court ruling affects the legal basis of past tariffs.

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“The Indian trade delegation is likely to wait for the final outcome of the Supreme Court verdict before proceeding with further negotiations, and countries around the world are expected to follow the court’s ruling rather than rush into trade agreements under legislation deemed unconstitutional,” he said.

China

China has reacted in a muted way to the Supreme Court ruling, with much of the country still on the Lunar New Year break.

Al Jazeera’s Rob McBride, reporting from Beijing, said, “The Chinese embassy in Washington has issued a blanket statement, noting that trade wars benefit nobody, and that the decision is likely to be broadly welcomed in China, which has long been a primary target of Trump’s tariff policies.”

Since last April, he said, China has faced multiple layers of tariffs, including 10 percent on chemicals used in fentanyl production exported to the US and 100 percent on electric vehicles.

Analysts have estimated that the overall tariff level, about 36 percent, could now fall to about 21 percent, providing some relief to an economy already under strain from the COVID-19 pandemic, a prolonged property market crisis, and declining exports.

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Shipments from China to the US have reportedly fallen by roughly a fifth over the past year.

“Beijing has sought to offset losses in the US market by strengthening trade ties with Southeast Asian nations and pursuing agreements with the European Union,” McBride said.

“The Supreme Court ruling may also create a more favourable atmosphere ahead of a planned state visit by Trump in early April, when he is expected to meet President Xi Jinping, potentially opening space for a reset in relations between the world’s two largest economies.”

Canada

Canada has welcomed the US Supreme Court’s decision but has pointed out that there are still some challenges ahead.

Regional leaders across the country, including those of British Columbia and Ontario, have signalled that the ruling is a positive step, according to Al Jazeera’s Ian Wood, reporting from Toronto.

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However, Minister for Canada-US trade Dominic LeBlanc has said that significant work remains, as Section 232 tariffs on steel, aluminium, softwood lumber, and automobiles have remained in place.

Meanwhile, Ontario’s Premier Doug Ford has added that while optimism has grown, tension has persisted over what Donald Trump will do next, Wood said.

Mexico

Mexico’s president, Claudia Sheinbaum, said her government would be carefully reviewing the Supreme Court’s decision to assess its scope and the extent to which Mexico might be affected.

“The reality is that despite all we’ve heard over the last year about tariffs or the threat of tariffs, Mexico has actually ended up in quite a privileged, even competitive position, especially when compared to other countries,” said Al Jazeera’s Julia Gliano, reporting from Mexico City.

“We have to remember Mexico is the US’s largest trading partner, and the two countries, along with Canada, share a vast trading agreement that shields most products from the so-called reciprocal tariffs that President Trump announced.

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“There were also punitive tariffs related to fentanyl and illegal immigration along the US border, which Mexico had managed to suspend while negotiations continued on those matters. Now the tariffs that Mexico has been subjected to on steel, aluminium, and car parts are not affected by today’s decision.”

So, the government here in Mexico, she said, is now standing by to see what the Trump administration comes up with next as it reels from today’s decision by the Supreme Court.

Limits of Trump’s tariff powers

A senior legal scholar told Al Jazeera that the US Supreme Court ruling marks a key moment in the legal battle over Trump’s tariffs, focusing on constitutional limits rather than economics.

Frank Bowman, professor emeritus at the University of Missouri School of Law, told Al Jazeera that the court has for the first time confronted what he called Trump’s broader challenge to the rule of law.

“This is a ruling that is important in several respects. The first, more broadly, is that this is the first time in the last year that the Supreme Court has stepped in and attempted to do something about Donald Trump’s generalised attack on the rule of law in the United States.

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“And make no mistake, although tariffs certainly are about economics, what Trump has done over the last year is essentially to defy the law. And the Supreme Court happily decided that they had had enough and that they would say no. So, they’re not ruling on economic policy. They made a decision that the president simply exceeded his constitutional authority.”

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NASA eyes March 6 to launch 4 astronauts to the moon on Artemis II mission

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NASA eyes March 6 to launch 4 astronauts to the moon on Artemis II mission

NASA says it’s planning a March 6 launch date to send four astronauts on a trip around the moon on the Artemis II mission.

Miguel J. Rodriguez Carrillo/AFP via Getty Images


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NASA could launch four astronauts on a mission to fly around the moon as soon as March 6th.

That’s the launch date that the space agency is now working towards following a successful test fueling of its big, 322-foot-tall moon rocket, which is standing on a launch pad at the Kennedy Space Center in Florida.

“This is really getting real,” says Lori Glaze, acting associate administrator of NASA’s exploration systems development mission directorate. “It’s time to get serious and start getting excited.”

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But she cautioned that there’s still some pending work that remains to be done out at the launch pad, and officials will have to conduct a multi-day flight readiness review late next week to make sure that every aspect of the mission is truly ready to go.

“We need to successfully navigate all of those, but assuming that happens, it puts us in a very good position to target March 6th,” she says, noting that the flight readiness review will be “extensive and detailed.”

The Artemis II test flight will send four astronauts on an approximately 600,000-mile trip around the moon and back. It will mark the first time that people have ventured to the moon since the final Apollo lunar mission in 1972.

When NASA workers first tested out fueling the rocket earlier this month, they encountered problems like a liquid hydrogen leak. Swapping out some seals and other work seems to have fixed these issues, according to officials who say that the latest countdown dress rehearsal went smoothly, despite glitches such as a loss of ground communications in the Launch Control Center that forced workers to temporarily use backups.

Members of the Artemis II crew — NASA astronauts Reid Wiseman, Victor Glover, Christina Koch, and Canadian Space Agency astronaut Jeremy Hansen — are starting their roughly two-week quarantine to limit their exposure to illnesses before their flight.

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Glaze says she spoke to several of the astronauts during the recent test fueling, as they were in Florida to observe the preparations. “They’re all very, very excited,” she says. “They are really getting a lot of anticipation for a potential launch in March.”

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