Five things CAs need to know this week: 12 June 2017
A look ahead to some of the things happening in business, accountancy and politics this week.
1. The end of Toshiba’s troubles?
Japanese conglomerate Toshiba is expected to announce this week that a buyer has been found for its chip unit.
Shares in the company jumped as much as 6.5% on Friday in reaction to the news that the purchase could go through as soon as Thursday 15 May.
The company has faced turbulent times since February when it reported losses of around £5.05bn.
2. Economic data released and BoE makes decision on interest rates
The Bank of England (BoE) will make its monthly decision on whether to move the current base rate of 0.25%, although it is not expected to raise it.
Key figures on inflation will be released on Tuesday which will be tied closely to how the pound has performed. In May, the consumer price index grew by a 2.7% year-to-year increase, however producer prices are also expected to be on the rise.
Unemployment data released on Wednesday is likely to show little change from previous figures, while data on weekly average earnings could show they are still falling behind the rate of inflation.
3. IMF considers conditional loan for Greece
Greece could receive an IMF loan on the condition that the country's creditors in Europe agree to provide debt relief.
IMF spokesman Gerry Rice said that if Greece’s euro-zone partners can’t reach a new deal on debt relief for the country soon, the fund may consider a loan program that would be “approved in principle”.
Gerry said: “We would still be insisting on reforms and debt relief before the IMF would disburse any of its funds.
“So this is not a backing down or a walking away in any respect.”
A loan could help steer Greece away from a “destabilizing situation” where it would be unable to make repayments on its €86bn bailout.
Gerry said: “It’s good to avoid that financial stress on Greece.”
4. ICAS President Sir Brian Souter CA visits Dundee
Sir Brian Souter CA has been appointed as the new President of ICAS. During his year of office, Sir Brian is keen to meet as many members as possible.
Sir Brian will be visiting Dundee today (12 June) to meet members and discuss his plans for ICAS over the next year.
In a recent interview for CA Magazine, Sir Brian said: “ICAS gave me great training and I want to put something back…it was very much part of my story.
“I couldn’t have done what I did without that training and the benefits I got from it,” adding that the key themes of his presidential year are “enterprise, compassion, and inspiration”.
5. Results due from Majestic Wine, Tesco, Elegant Hotels and Abzena.
- Monday: Interim due from Servoca. Finals due from Motorpoint and MITIE.
- Tuesday: Interims due from Ashtead and Oxford Biodynamics. Finals due from Abzena, FIH, Halma, Telecom plus and Trifast.
- Wednesday: Interim due from Elegant Hotels. Finals due from Biffa, Charles Stanley, Norcros and Sevenfield.
- Thursday: Interim due from Safestore Holdings. Finals due from Consort Medical and Majestic Wine.
- Friday: Trading statement from Tesco. Final due from Record.