Happy Tuesday. Another wonderful HS2 update for you to spit out your Tuesday morning tea to today. Remember the initial plans were for a high-speed rail network that linked London, Birmingham, Manchester and Leeds for the tidy sum of £32.7 billion, ready for operations in 2026?

Well, a few small updates - the 2026 start time is now going to be 2033, the new £103 billion cost is a smidge higher than £33bn anticipated… and well, the total project will now only link London and Birmingham (unlucky Manchester and Leeds). But still, good news that for 103 billion quid, you’ll be able to get to Birmingham about 30-40 minutes quicker.

If you’re wondering how much you can get for £103bn, in true World Cup fever, that bar tab would buy roughly 290 pints for each and every person in the country - or failing that, about 125 vindaloos each.

Notable UK earnings this week: Pets at Home (PETS), SSE (SSE), Johnson Matthey (JMAT)

Notable US earnings this week: Salesforce (CRM), HP (HPQ), Costco (COST), Dell Technologies (DELL), Snowflake (SNOW), Zscaler (ZS).

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🛢️ More North Sea decom work for Well-Safe Solutions. Read more

🌊 Offshore survey work underway at Welsh offshore wind site Awel y Môr. Read more

🏗️ Renewal race starts for Govt’s £120bn mega framework. Read more

IMF upgrades UK growth forecast
The International Monetary Fund has nudged up its forecast for UK growth this year to 1.0%, helping Rachel Reeves claim a little victory lap for the government’s economic plan. Not exactly a barnstorming result — more a cautious shuffle than a victory march — but it does beat the Fund’s previous estimate of 0.8%.

Still, the IMF’s message came with the usual economist-sized bucket of cold water. It warned that “domestic uncertainty” — that delicate phrase covering political wobble, investor nerves and the general Westminster habit of tripping over its own shoelaces — could hold back spending and investment just as global strain from the Iran conflict continues to cloud the outlook.

The Fund said the improved forecast was partly down to stronger-than-expected recent growth and revisions to earlier data. Inflation, it added, could rise to just under 4% by the end of the year, but the Bank of England should still be able to drag it back to its 2% target by the end of 2027 without another rate hike, assuming energy prices behave themselves. A brave assumption, admittedly — energy markets rarely do as they’re told.

EasyJet posts not so easy to swallow losses
EasyJet has reported a wider first-half loss after the Iran war sent jet fuel costs higher and left travellers a bit more hesitant to book their summer escape. You can almost hear the sigh from airline finance teams across Europe: the Strait of Hormuz is causing headaches again, because nothing says “global stability” quite like one narrow shipping route affecting a fifth of the world’s oil supplies.

The low-cost carrier posted a total loss after tax of £377 million for the six months to the end of March, up 27% on the year before. Revenue, however, rose 12% to £3.95 billion, helped by a 6% increase in passenger numbers and a load factor of 90% — so the planes were pretty full, even if the mood in the boardroom was less “holiday cheer” and more “who moved the fuel budget?”

EasyJet said the Middle East conflict added £25 million to its fuel bill and also hurt demand, with summer bookings running behind this time last year. The airline is 72% hedged against fuel rises over the next six months, which is handy, because otherwise the price of a seat could start looking like a train ticket to London when you haven’t nailed the super-off-peak-no-refunds-no-takebacksies-super-reasonable-fare ticket.

Gulf grub
Britain has signed a £3.7bn trade deal with six Gulf states, slashing tariffs on exports including cheddar, butter and chocolate — effectively weaponising the nation’s picnic hamper. Ministers say the pact will boost jobs and investment across Bahrain, Saudi Arabia, Qatar and friends, while critics point out the tiny inconvenience of partnering more deeply with authoritarian oil states. Brexit supporters are hailing it as proof Global Britain still has a pulse. Somewhere in Whitehall, a wheel of Stilton is being treated as a geopolitical asset.

Nursery nonsense
The government is asking the competition watchdog to investigate why “free” childcare still comes with bills hefty enough to make parents choke on a Babybel. Nurseries are charging extra for snacks, nappies and suncream, with one father claiming his toddler somehow consumed £16 a day in chicken nuggets and sunscreen. Providers insist they’re plugging funding gaps left by Westminster. So the current childcare model appears to be: free, apart from all the paying.

Referendum rerun
Holyrood is preparing to vote on demanding powers for a second Scottish independence referendum, with John Swinney arguing Scotland’s pro-indy majority can’t be ignored. Downing Street’s response remains a polite but firm “absolutely not”. The SNP says democracy demands another vote; Westminster says the matter was settled years ago. British politics, then: one side yelling “once in a generation”, the other quietly checking how long a generation actually is.

Rubio visits India
US Secretary of State Marco Rubio has been in Delhi for talks with Prime Minister Narendra Modi, in a visit that reads like a diplomatic juggling act with extra baggage. He arrived in Kolkata before heading to the capital, and will also call at Jaipur and Agra — because even world politics, apparently, needs a bit of tourism.

The pair discussed regional and global security, and Rubio extended an invitation for Modi to visit the White House. But the real meat of the meeting was energy, trade and the small matter of a world still wobbling from the Iran war. With the Strait of Hormuz effectively choked off, India — which imports more than 80% of its energy — is feeling the pinch.

There is also the trade angle, which has been bothering Donald Trump. The US goods trade deficit with India reached $58.2bn in 2025, and Trump wants harder numbers in America’s favour. India, meanwhile, has already committed to buying more US goods worth $500bn in an interim deal, though analysts remain sceptical about how quickly such grand promises become actual shipments rather than political wallpaper.

Takeoff for SpaceX biggest Starship yet
SpaceX has launched its biggest and most powerful Starship yet on an uncrewed test flight, after months of delays and plenty of the usual rocket-sized expectations. Because apparently shooting for the moon is no longer just a figure of speech—it’s a business strategy.

The next-generation spacecraft, Starship V3, lifted off from Texas in what is a crucial trial for SpaceX’s ambitions to slash launch costs and push further into deep-space exploration. A successful flight would strengthen the company’s argument that its giant rocket is edging towards commercial readiness, rather than merely acting as a very expensive firework display, which previous attempts have rather ominously suggested - the crux being that you can’t find out how much a rocket can take before it blows up, without blowing it up.

Server seizure
The Dutch have confiscated 800 servers from a hosting outfit allegedly helping Russian-linked cyberattacks, disinformation campaigns, and enough DDoS traffic to make Europe’s routers reach for a lie-down. Investigators say the firm, Stark Industries — less Marvel, more malware — quietly shuffled operations through a front company after EU sanctions landed. Two arrests followed, alongside raids in data centres from Schiphol to Almere. Somewhere in Moscow, a hacker has just seen the world’s longest buffering wheel.

Scroll scuffle
Britain’s top doctors now reckon social media poses risks to youngsters on par with smoking — which is awkward for apps built entirely on inhaling endless content. Ministers are weighing under-16 bans, curfews, and limits on infinite scroll, while campaigners argue whether this is child protection or digital prohibition. Tech firms, naturally, would prefer the phone itself to play bouncer. Westminster, meanwhile, promises action “by the end of the year”, which in political terms is practically warp speed.

Rocket riffs
Ozzy Osbourne may soon return as an AI avatar capable of chatting, performing, and presumably still confusing bats. Sharon Osbourne says the digital Prince of Darkness is eerily lifelike, with Birmingham tipped for its first appearance.

Cockroach collective
India’s Gen-Z protesters have embraced being called “cockroaches” after a Supreme Court justice lamented that unemployed young people were becoming “parasites”. Rather than sulk quietly into LinkedIn, students launched the wonderfully named Cockroach Janta Party — part meme movement, part political rebellion. The insult ricocheted across social media, turning economic frustration into ironic solidarity. Never underestimate the internet’s ability to turn existential despair into a logo.

Latte lament
Starbucks Korea is apologising after a marketing campaign accidentally wandered into the country’s democratic trauma like a barista carrying two dozen boiling americanos. A “Tank Day” tumbler promotion landed on the anniversary of the 1980 Gwangju massacre, prompting boycotts, smashed mugs and flaming logos outside cafés. Executives insist no offence was intended, but sales have plunged and the boss has publicly apologised. Somewhere in Seoul, a PR intern is considering witness protection.

Rocket ruckus
Serbian riot police clashed with anti-government protesters in Belgrade after huge student-led rallies accusing President Aleksandar Vučić’s government of corruption and authoritarianism. Protesters hurled flares and bottles; police replied with pepper spray and arrests. Meanwhile, China launched three astronauts aboard Shenzhou 23 as the lunar race with the US heats up. One astronaut may stay in orbit for a year, which still sounds preferable to spending a Serbian election season on Earth.