6:35 am, August 5, 2026
SpaceX reports first quarterly results as public company with $2bn loss
SpaceX has reported its first quarterly results since listing on the US stock market, with revenue almost doubling 92% year-on-year to $7.8bn (£5.8bn), reported BBC News.
However, spending surged by more than 550% to $18.3bn, contributing to a $2bn net loss during the first six months of the year. The results sent the company’s shares down almost 9% in after-hours trading.
Despite investors’ concerns, Elon Musk said the market was ‘underestimating’ SpaceX, highlighting the profitable Starlink satellite internet business, which generated $1.6bn in the second quarter and is expected to grow significantly in the years ahead.
BP profits soar to four-year high after boost from Iran war
BP has been criticised after revealing its strongest quarterly profits for four years after being boosted by volatile energy prices during the Middle East conflict.
The FTSE 100 company revealed its preferred profit measure – underlying replacement cost profit – surged by around 78% to 5.7 billion US dollars (£4.2bn) for the second quarter of 2026, compared with the previous three months.
The sharp jump in profits, which surpassed analyst predictions, came as its refining and trading business benefited from rising prices during the Iran war.
Smart’s new #2 showcased in global mural campaign
Smart has shown what its upcoming #2 city car will look like via a new mural campaign which spans cities across the world.
The new car, which is expected to make its full debut at the Paris Motor Show in October, has previously only been teased via concept images. However, these new murals showcase the car in full, indicating that it still appears much like the original Smart ForTwo.
Like the ForTwo, the #2 has a very compact design with short overhangs at front and rear, with Smart confirming a total length of 2.7 metres – only slightly longer than the 2.69 metre-long Fortwo which was first revealed back in 1998.
The markets
The FTSE 100 made steady progress on Tuesday as oil prices fell amid renewed talk of a peace deal in the Middle East.
The FTSE 100 index closed up 21.68 points, or 0.2%, at 10,879.38. The FTSE 250 ended up 234.53 points, 1.0%, at 24,459.30, while the AIM All-Share closed up 5.75 points, 0.8%, at 774.36.
The pound traded at 1.3445 dollars on Tuesday afternoon, up from 1.3425 dollars at the equities close on Monday. Against the euro, sterling edged up to 1.1674 euros from 1.1669 euros.
Strait reopening ‘essential’ for UK families, says Ed Miliband ahead of US talks
Reopening the Strait of Hormuz is ‘essential to ease cost-of-living pressures on British families’, foreign secretary Ed Miliband has said as he headed to Washington to hold talks with his US counterpart Marco Rubio.
Ensuring free passage of shipping through the vital Gulf waterway is among the issues the pair are expected to discuss, as well as the Ukraine war and tackling ‘the dire humanitarian situation in Gaza’.
Miliband was invited to the US capital by Mr Rubio after their recent first meeting on the sidelines of a foreign ministers’ summit in the Philippines. The dynamic between the two men will be closely watched given Mr Miliband has in the past been fiercely critical of Donald Trump, branding the US president a racist and a misogynist.
‘Brutal’ harvest could be worst on record because of extreme summer – analysis
Farmers are warning the extreme summer has been ‘completely brutal’ as analysis suggests 2026 could be the worst harvest on record.
Analysis by the Energy and Climate Intelligence Unit (ECIU) suggests the exceptionally hot, dry spring and summer could have cut the country’s cereals and oilseed harvest by 2.5 million tonnes compared to earlier forecasts.
The shortfall could be costing UK farmers as much as £390m.
Tuesday on Car Dealer
JLR put aside £50m to fight bad publicity after fake report electric Jaguar was faulty
A motorist who staged a dramatic motorway incident involving his Jaguar I-Pace in an attempt to escape his finance agreement has been jailed for more than four years.
‘People are still ready to buy’ despite August’s used car slowdown, says Autotrader chief
Appearing on the latest episode of the Car Dealer podcast, Autotrader’s Ian Plummer said that motorists are still ready to buy their next car, with the motor trade currently performing ahead of the wider economy.
Electric vehicles dominate rankings of fastest-selling used cars in July
Electric vehicles accounted for four of the five fastest-selling used car derivatives in July, according to the latest market analysis from Brego.
Rogue car mechanic jailed over nationwide £22,000 fraud scheme
A dodgy car mechanic has been jailed for more than two years after he admitted to defrauding customers out of more than £20,000.
Independent Garage Association secures government meeting over MOT price demands
The Independent Garage Association (IGA) has secured a meeting with the government to discuss its calls to increase the price of MOT tests.
Sytner owner Penske Automotive generates billions from UK dealerships in Q2
The UK division of car dealer giant Penske Automotive generated over $2bn in the second quarter of this year, amid ‘resilient’ demand on both sides of the Atlantic.
Honda takes Super-N on UK tour to drive customers into dealerships
Honda is taking its new electric Super-N directly to potential customers this summer with a nationwide promotional tour designed to drive interest – and test drives – at its dealerships.
Arnold Clark launches discounted EV charging subscription with Octopus Electroverse
Arnold Clark has launched a discounted electric vehicle charging subscription in partnership with Octopus Electroverse as it continues to expand beyond traditional car retailing.
BYD takes on Land Rover Defender with new Ti 7 as UK expansion continues
BYD has launched a new rival to the Land Rover Defender as the fast-growing Chinese brand continues to expand its UK range and give dealers another model to sell.
Weather
Today will be breezy and noticeably cooler, with mostly cloudy skies and spells of rain across northern and western areas, reports BBC Weather. Elsewhere, it will be drier with sunny intervals.
Tonight stays breezy, with patchy rain lingering in Scotland and northern England, while most other areas enjoy clear spells and isolated showers.