Five things CAs need to know this week: 3 April 2017
A look ahead to some of the things happening in business, accountancy and politics this week.
1. Philip Hammond travels to India on trade mission
Chancellor Philip Hammond will lead a trade mission to India this week with the message ‘Make in India, Finance in UK’ in an attempt to increase post-Brexit trade between the countries.
The chancellor will be accompanied by Governor of the Bank of England Mark Carney as he visits Delhi and Mumbai. Commercial Secretary Baroness Neville-Rolfe and International Trade minister Mark Garnier will also be making the trip.
Hammond said: “I’m delighted to be leading such a heavyweight delegation to India to bang the drum for British business. I am determined to create a truly Global Britain, reaching out and promoting the best of what we have to offer.
“The UK is perfectly placed to be India’s financial partner of choice, helping it to raise the finance needed for its continued rapid growth and my message will be ‘Make in India, Finance in the UK’. Our innovative markets have helped support the development of whole new product classes such as masala bonds that will support India’s transformation.”
2. Figures on manufacturing, house prices and the global economy released
Figures released this week are expected to show a widespread boost in the global economy.
The Bank of Japan’s Tankan survey should show that manufacturing is accelerating, and purchasing managers are expected to say that manufacturing growth in China is at its highest rate since 2013.
Industrial production in France and Italy is also likely to have risen in the wake of last month's fall.
In the UK, manufacturing figures should show that output has recovered in February following an unexpected dip in January.
The continued uncertainty relating to Brexit is expected to have weakened growth in construction activity.
On Friday the Halifax house price index may show that inflation in prices have halved over the past year to under 5%.
3. Donald Trump to meet Xi Jinping in Florida
President Trump will meet his Chinese counterpart at Trump’s Mar-a-Lago resort in Florida this week.
Trade is expected to be the main topic of conversation between the leaders of the world’s two largest economies, along with the recent missile tests carried out by North Korea.
Mr Trump has stated that China “has done little to help” when it came to condemning the recent acts of aggression from North Korea.
The relationship between the US and China got off to a rough start when Trump became President, after he took a call from his Taiwanese counterpart. China sees Taiwan as a breakaway province and expressed disappointment that the call was taken.
4. The ICAS Masters
The inaugural ICAS Masters, run in association with Close Brothers Asset Finance, takes place this week at the West Course, Dalmahoy Hotel & Country Club.
There will be 18 teams of 4 (mixed) with each company’s individual scores being added at the end of the round to find the overall winning company.
5. Results due from AG Barr, YouGov, Johnston Press, Alliance Pharma
- Monday: Finals due from Novorossiysk Commercial Sea Port, Filta Group Holdings, Globaltrans Investment, Luceco and Netscientific.
- Tuesday: Interims due from ASOS, Nanoco and Utilitywise. Finals due from Panmure Gordon & Co, Central Asia Metals, Flowgroup, Next Fifteen Communications and Sprue Aegis.
- Wednesday: Interims due from IMI and Mccarthy Stone. Finals due from HSS Hire and Learning Technology.
- Thursday: Finals due from Electrical Geodesics, Gulf Keystone Petroleum, M. P. Evans, PureTech Health and Zegona Communications.
- Friday: Finals due from AFI Development.