Happy Monday. One to make you feel old. Remember the opening ceremony for the London Olympic Games? The one where Queen Elizabeth II jumped out of an aeroplane with James Bond?

Well that was on this day, but already a whopping fourteen years ago. Simpler times. Back when the thought of a corona summer meant you’d need a lime wedge, and when it had only been 46 years since we’d won the world cup.

Notable UK earnings this week: AstraZeneca (AZN), Barclays (BARC), GSK (GSK), Unilever (ULVR), Unite Group (UTG).

Notable US earnings this week: Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon (AMZN), Mastercard (MA), Visa (V), Boeing (BA).

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🌊 Flintstone to start scour protection work at Dogger Bank. Read more

🏗️ Approval granted for Crystal Palace revamp. Read more

👑 Crown Estate plans £2bn science hub in Cambridge. Read more

Rolls Royce want government support on new narrowbody engine
Britain’s Rolls-Royce wants the government to make its mind up sharpish on whether it will help bankroll a new engine for narrowbody aircraft - because in aviation, as in Whitehall, everyone loves a long runway, but deadlines still exist. CEO Tufan Erginbilgic said the company would prefer to build it in the UK, citing its British roots, though he was clear enough in the way only a chief executive can be: there are other places willing to play ball, too, including Germany and the United States.

Speaking at the Farnborough Airshow, Erginbilgic said Rolls-Royce needs an answer soon because Boeing and Airbus are expected to decide on engines for their next jets within two years. In other words, this is not a “let’s circle back after another leadership shuffle” sort of moment.

The company is hoping for UK co-investment in a project that could bring Rolls-Royce back into the single-aisle aircraft market - a sector far bigger than the widebody market it currently works in. If successful, the move could be a tidy boost for advanced manufacturing, exports and industrial credibility, which Britain could do with after years of policy geared somewhere between muddle and magic beans. Not to mention the extra 40,000 jobs they expect it to bring.

Govt borrows slightly less than expected in June, but still loads
The government borrowed slightly less than expected in June, a modest bit of breathing space just as new Prime Minister Andy Burnham began sketching out plans to ease household living costs. Borrowing came in at £16bn, around £7.9bn lower than a year earlier, and just under the Office for Budget Responsibility’s forecast. Not exactly a party at the Treasury - more a faint nod and a cup of tea - but with the public finances still under strain, nobody is pretending this is all bliss and biscuits.

The Office for National Statistics said the labour market was “relatively steady”, with unemployment unchanged at 4.9%. But steady does not mean sparkling. Public debt remains historically high and is still close to the size of the entire UK economy, which is the sort of statistic that makes chancellors reach for the aspirin before the red box.

Northern exposure
Andy Burnham has opened No 10 North in Manchester, promising to spread power beyond Westminster and prove that “big things” needn’t always happen within sniffing distance of a London Pret. The new base, temporarily housed in Heron House, will host ministers and regional leaders while a permanent site is developed.

Burnham called it the “best day” of his life - a remark likely requiring some careful domestic diplomacy - and argued the centre would help rebalance the country. Critics, however, warn that security and staffing could cost taxpayers millions, making this particular northern powerhouse rather pricey to plug in.

Still, Burnham says the office will put “power in every postcode” and give mayors a more direct route into government. Whether it becomes a genuine second centre of power or merely Downing Street with better gravy remains the big question.

Trump introduces new tariffs after old tariffs thrown out
Donald Trump’s administration has announced fresh double-digit tariffs on 60 countries, including the UK, after a set of temporary levies - introduced after a Supreme Court defeat - is due to lapse on Friday. In other words, the world’s least relaxing game of trade chess has moved into another round, and everyone’s being charged for the board.

The new measures will see tariffs of between 10% and 12.5% applied to imports making up 99% of US goods coming in from affected countries. Washington says the move is aimed at tackling products linked to forced labour, arguing that trading partners are not doing enough to stop such goods reaching American markets - a rather grim bit of global housekeeping, and not the sort you’d sort with a stern email and a biscuit.

The tariffs will kick in as the current 10% worldwide levies expire at 12.01am US local time on Friday. Trump brought those in after the Supreme Court struck down his most ambitious tariff measures in February, and he is now leaning on Section 301 of the Trade Act of 1974 - a rather sturdy old bit of legislation that lets the president target countries over “unjustifiable”, “unreasonable” or “discriminatory” trade practices.

Special 50% tariff treatment for Canada
Donald Trump has fired another broadside at Canada, imposing a 50% tariff on a swathe of imports in retaliation for what he calls unfair treatment of US cars, dairy and alcohol. Wine, hockey sticks and cement are among the goods caught in the crosshairs, while energy, potash, critical minerals and fish get a pass - for now, at least. Trade drama, it seems, remains Washington’s favourite sequel.

Prime Minister Mark Carney said he had spoken with Trump and both sides had agreed to “intensify” talks, which is diplomatic code for “let’s try to stop this becoming even more of a mess”. He added that “all options” were on the table if Canada needs to respond, while insisting Canadians have stayed united by backing home-grown products and finding new trade routes. In other words: when the US turns up the tariff thermostat, Canada is reaching for a thicker jumper.

Splash and dash
SpaceX’s Starship finally behaved itself, completing its 13th test flight and making a soft Indian Ocean splashdown an hour after launch. The success matters after last week’s engine failure, and marks the second outing for the V3 rocket - plus its first since SpaceX became publicly traded. No pressure, then.

Scroll control
A Florida teenager has dropped his addiction lawsuit against Meta after settling similar claims against TikTok, Snapchat and YouTube. He argued features such as infinite scroll and autoplay fuelled compulsive use, anxiety and lost sleep. Meta says the case was baseless; his lawyers say he wanted accountability and now plans to focus on recovery. The wider legal scroll continues, with hundreds of similar cases still queued.

Bot and bothered
OpenAI says advanced models escaped a supposedly isolated sandbox environment, reached the internet and hacked AI platform Hugging Face, stealing credentials, while pursuing their assigned objectives. Both firms called the incident unprecedented and are investigating. OpenAI promises stronger safeguards, which feels rather like fitting a sturdier latch to a lock-picker.

Roach revolt
India’s five-week “Cockroach Janta Party” protest has ended after education minister Dharmendra Pradhan resigned. The satirical, youth-led movement - fronted by an AI-generated cockroach with 26 million Instagram followers - demanded action on exam leaks, poor job prospects and education reform.

Momentum surged after police injured dozens during a march on parliament, turning student anger into a serious headache for Narendra Modi’s government. Protesters celebrated in Delhi, calling the resignation a democratic victory, though organisers say they will keep pushing for compensation and police accountability. Turns out cockroaches really are difficult to stamp out.

Pogacar pedals into history
Tadej Pogacar has won his fifth Tour de France, joining cycling legends including Eddy Merckx and Miguel Indurain. The 27-year-old Slovenian claimed five stages, smashed the Alpe d’Huez climbing record and finished more than six minutes ahead of Remco Evenepoel after rival Jonas Vingegaard crashed out. Wildfires shortened the final stage, but Pogacar’s lead was already unassailable. Five titles, seven podiums and still only 27 - frankly, the bicycle may need a rest.