Five things CAs need to know this week
A look ahead to some of the things happening in business, accountancy and politics this week.
1. GDP and consumer confidence figures due
The Office for National Statistics will release its report on the key components of GDP between April and June 2016 on Friday. The data should confirm a 0.6% growth in Q2, due in large part to consumer spending.
GfK Global will publish a survey into consumer confidence on Tuesday. It is unclear whether any recovery from the sharp decline shown in previous post-Brexit results will be present.
2. RBS begins charging some corporate customers
The Royal Bank of Scotland is set to start imposing negative interest rates on deposits for some of its large corporate customers from Monday.
The new measures will affect clients who hold cash on deposit as collateral for trading futures and options. The bank reportedly wrote to certain institutions in its investment banking division last week to warn of the change.
Six central banks have now introduced negative interest rates, including the European Central Bank and the Bank of Japan.
3. Angela Merkel visits European allies
German Chancellor Angela Merkel will attend talks scheduled in Italy, Estonia and the Czech Republic this week.
She will meet with French President Francois Hollande and Italian Prime Minister Matteo Renzi for talks on economic growth and migration on Monday. Wednesday will see a visit to Tallinn, Estonia that is expected to focus on the EU’s future and security matters. Finally, the Chancellor will meet with Czech leaders on Thursday to discuss the implications of Brexit.
4. London app-only bank announces new name
Startup bank Mondo will announce its new name on Thursday, Business Insider reports.
The 'neobank' company confirmed its intention to change names in early June, following a legal trademark dispute.
Mondo is one of several app-only startup banks to emerge in recent years. It offers customers cards that are pre-paid through an app, rather than traditional debit cards, though Mondo was recently granted a restricted banking licence to hold customer money and issue proper accounts.
Rumours that Lloyds Banking Group is planning an acquisition have not been confirmed.
5. Results from Glencore, Persimmon, Paddy Power, Carillion
- Monday: Interims due from Wireless Group.
- Tuesday: Interims due from Persimmon, Eurocell, Hansteen Holdings and AcenciA Debt Strategies. Final due from The Rank Group.
- Wednesday: Interims due from Paddy Power Betfair, Atlas Mara Co-Invest, Carillion, Sportech, Glencore and WPP Group. Final due from Xaar.
- Thursday: Interims due from STV Group, Spire Healthcare, Henry Boot, Allied Minds, Cairn Homes, Playtech and MacFarlane Group.
- Friday: Interims due from Restaurant Group.