Saving grace for Grangemouth 💸

Starting again. We tore up our original intro to share a chaotic scratch card win in France.

In Toulouse, a winning scratch card for €500,000 has not yet been submitted to claim the prize. But why? Turns out it was bought with a stolen credit card. Frenchman, Jean-David, had his bag stolen from his car - inside which was his credit card, subsequently used by thieves to buy the winning ticket.

In a brilliant twist of fate, the holders can’t cash it in without revealing themselves as the credit card thieves. The victim has appealed to them to split the prize with him under the promise he won’t prosecute. Should they trust him? Who legally owns the ticket? Should he be grateful they stole the card?

MARKETS

Data: Google Finance, 5-day Market Close

Notable UK earnings this week: London Stock Exchange Group (LSEG), Rolls Royce (RR), Haleon (HLN), Aviva (AV.), Hargreaves Lansdown (HL.), Rightmove (RMV).

Notable US earnings this week: Nvidia (NVDA), Home Depot (HD), Salesforce (CRM).

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PROJECT WATCH

📢 Invitation of interest sought for combined £1.3bn of decarbonisation & fire safety work. Read more

🏥 Graham BAM win £671m project for a new Belfast Children’s Hospital. Read more

🌊 $120m contract extension for Wood with Shell’s UK onshore and offshore assets. Read more

ECONOMY & FINANCE

£200m pledge to Grangemouth refinery
Sir Keir Starmer has pledged £200 million to Grangemouth, as the refinery readies itself for closure. Speaking at Scottish Labour’s conference, the PM framed it as an investment in Scotland’s industrial future—because nothing says "secure future" like a last-minute cash injection before the lights go out.

The money, drawn from the National Wealth Fund, is meant to spark new industries, attract private investors, and stop Grangemouth from turning into just another relic of Britain’s manufacturing past.

Surp-less than expected
Rachel Reeves is in for a rough few weeks. January’s tax takings have fallen short, leaving her scrambling for solutions before she updates the nation on her borrowing targets next month. Normally, January delivers a tidy budget surplus (more tax in than government spending out) as income and capital gains tax payments roll in. Not as much as hoped this time. The books showed a £15.4bn surplus—better than a slap in the face, but still miles off the £20.5bn forecasted by the Office for Budget Responsibility (OBR).

There’s more bad news. The first 10 months of the financial year have seen borrowing climb to £118.2bn, one of the highest levels on record, and far beyond the OBR’s £105.4bn estimate. Blame a cocktail of rising debt interest payments, weak corporation tax revenues and that pesky January tax disappointment. Economists now reckon Reeves could miss her debt reduction goals when the updated forecasts land on 26 March. Her cupboard of financial wiggle room is looking worryingly bare.

With the next big fiscal update looming, all eyes are on whether the Treasury will reach for tax hikes, spending cuts or some sleight of hand. Either way, buckle up. March is shaping up to be a taxing month—financially and emotionally.

POLITICS

Devolution revolution
Westminster’s devolution push will see new mayoral authorities cover 8.8 million more people by May 2026, building on the 23 million already under ten existing ones. Soon, 80% of England could have local control over transport, skills, and planning. Nine councils, like Hertfordshire and Essex, face delayed elections to sync with these changes, per government plans. Mayors will get more sway over housing and development.

Reform UK’s historic polling lead
Nigel Farage’s Reform UK has taken the lead in recent polls, hitting 26% in a YouGov survey from February 9-10, ahead of Labour at 25% and the Conservatives at 21%. This is a leap from its 14.3% in the July 2024 election, showing it’s no longer a fringe player.

The party’s pulling 33% of 2019 Tory voters and 9% of ex-Labour supporters, per YouGov, riding discontent with Tory economic woes and Starmer’s early stumbles. Reform’s anti-establishment line on immigration and taxes is hitting home. While it could shake up May’s local elections and the two-party system, it’s not yet a full repeat of Canada’s 1993 Tory collapse.

The Conservatives are polling at 21-23%, their worst since the early ‘90s, down from 23.7% in July 2024. A Tory-Reform pact looks unlikely. Badenoch’s minor frontbench tweaks haven’t stopped the spiral, leaving the party stuck between fading out or reinventing itself—with little sign of either working yet.

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ACROSS THE POND

Texas Fried Chicken?
Kentucky Fried Chicken is waving goodbye to its Louisville roost, as it's packing up the secret recipe and heading to Plano, Texas. Owner Yum Brands reckons it's time to join the Texan posse where business-friendly policies are as abundant as tumbleweeds. With its low taxes and big skies, Texas is drawing businesses faster than you can say "Yankee Doodle".

This transcontinental migration will see about 100 KFC U.S. employees trading their bluegrass surroundings for the Lone Star State within half a year. As part of its corporate reorganisation, Yum Brands will establish not one, but two HQs—one in Plano, and another in sunny Irvine, California. Talk about spreading the breadcrumbs!

Despite the big move, KFC isn’t chickening out on its Derby roots entirely. The chain plans to keep a token *small office in Louisville, ensuring Kentucky remains finger lickin’ relevant.

Microsoft quantum computing breakthrough
In news that we don’t fully understand- Microsoft has created new matter (not solid, liquid, gas or plasma) in the creation of a computer chip that has enabled a potential quantum computing breakthrough.

Enter the Majorana 1, a chip promising to shrink quantum complexity into a nifty fridge-sized contraption—finally proving that size does matter, especially when it's about conserving cooling power in these eco-conscious times.

It uses something called quasiparticles which can be “yes” and “no” at the same time. The more we try to understand it, the more our heads hurt. But, this innovation opens doors to a whole host of high-flying tasks like dreaming up new energy-efficient batteries and simulating nuclear fusion reactors—because who doesn’t want unlimited clean energy to preserve that lush British countryside?

Dr. Chetan Nayak and his team at Microsoft have played the long game. Their quest: to create a commercially viable quantum computer by the early next decade.

TECH

What did you get done this week?
US government employees received an email demanding five bullet points of accomplishments—or risk being considered resigned. Musk, leading Trump’s Department of Government Efficiency (DOGE), claims it’ll weed out inefficiency and even ghost employees.

The FBI and others pushed back, telling staff to ignore the email. Meanwhile, Trump’s “deferred resignation” scheme offers workers eight months’ pay to quit. With ultimatums and layoffs piling up, job security in Washington has never looked shakier.

Crypto crooks!
While Musk is busy sifting through government inboxes, hackers have been diving into Bybit’s Ethereum wallet—nicking £1.1bn in what could be the biggest cryptocurrency heist ever. The Dubai-based firm insists customer funds are safe and will be refunded, either by the company itself or through a mysterious partner loan. The theft tanked Ethereum’s value by 4%.

Meta’s mega cable
Meta is set to build the world’s longest undersea cable, stretching 50,000km (31,000 miles)—longer than Earth’s entire circumference. Project Waterworth will link the US, India, South Africa, Brazil, and more, aiming to boost AI access and slash data costs, especially for marginalised communities. With 95% of internet traffic already flowing through subsea cables, this digital superhighway could make connectivity more affordable.

WORLD

Brazilian city’s giant sinkholes
In the Brazilian Amazon, the ground is quite literally giving way. The city of Buriticupu has declared a state of emergency after enormous sinkholes—known locally as voçorocas—began swallowing homes. 1,200 residents are at risk, with heavy rains, deforestation, and poor urban planning accelerating the crisis. Officials admit they lack the resources to stop the earth from tearing itself apart, leaving locals wondering if their homes will be next.

UK firms fuel Russia’s aviation industry
British companies have been unknowingly supplying aircraft parts that ended up in Russian hands, bypassing sanctions through Indian intermediaries. Customs data reveals that over $50m worth of equipment—from cockpit displays to bolts and filters—was shipped via India before reaching Russian airlines.

While UK firms claim due diligence, sanction dodging has become a game of whack-a-mole, with intermediary companies quickly replaced when targeted. Western governments are scrambling to tighten controls, but with Russia still flying high, the sanctions loophole is proving hard to ground.

There’s still tea in the pot...
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Cuppa Chat: Cheat Sheet

🏉🇫🇷 France scored 11 tries to defeat Italy 73-24. This match saw a record 14 tries and marked France's highest score in the Six Nations.

🎾🏆 Mirra Andreeva, at 17, becomes the youngest WTA 1000 champion by winning the Dubai Tennis Championships. Her victory against Clara Tauson ensures her rise into the world top 10 rankings.

🇬🇧🎤 British music stars, including Ed Sheeran and Adele, failed to make it into 2024's global top 10 bestselling singles or albums for the first time in over two decades.

💸💻 A mysterious figure burned $1.3m in Ethereum to broadcast claims that Kuande Investment leaders are wielding secret brain-chip technology to manipulate minds. This has ignited a wildfire of conspiracy theories, with many speculating about the reach of mind-control tech.

🎬🚨 Amazon takes creative control of the James Bond franchise from Eon, ending long-time stewardship.