Five things CAs need to know this week: 3 September 2018
A look ahead to some of the things happening in business, accountancy and politics this week.
1. Social media giants appear in US Senate
Representatives from Twitter, Facebook and Alphabet will appear in front of the US Senate intelligence committee on Wednesday.
The committee is charged with overseeing the US' intelligence community, and is planning to look into how the companies have responded to influence on the platforms from foreign powers.
Jack Dorsey, CEO of Twitter; Sheryl Sandberg, COO of Facebook; and Larry Page, CEO of Alphabet, have all been invited to the session.
2. US may go ahead with $200bn China tariffs
President Trump is expected to move forward with plans to impose levies on around $200bn worth of Chinese imports.
The deadline for public comments on the proposal is Thursday (6 September) which means Trump could decide to impose the sanctions as early as Friday.
"China is more prepared, mentally, this time than it was for the previous round of tariffs," Gai Xinzhe, an analyst at the Bank of China’s Institute of International Finance in Beijing was quoted by Bloomberg.
"The scale is enormous and once the tariffs materialise, they will definitely send jitters through financial markets."
3. Ex-Steinhioff CEO appears before lawmakers
Markus Joost, former Steinhioff CEO, will appear in front of South African lawmakers this week as part of the investigation into the retailer's collapse earlier this year.
Joost will answer questions relating to a hole in the accounts of the company which saw its shares price drop more than 90% last December.
4. Argentine government to announce fiscal package
Following the drop in the value of the peso last week the Argentine government will reportedly announce new economic measures on Friday.
The peso dropped 20% against the dollar following comments made by President Mauricio Macri that he had requested the IMF to bring forward payments from a $50bn financing deal.
Treasury Minister Nicolas Dujovne said the new economic measures would target a 2019 primary fiscal deficit below the 1.3% of GDP agreed with the IMF.
5. Updates from BlackRock, The Gym Group, Hays, Old Mutual Group
- Monday: Interim due from ADES International Holdings, Glenveagh Properties and Microsaic Systems. Finals due from Dechra Pharmaceuticals.
- Tuesday: Interims due from Alfa Financial Software Holdings, Cairn Homes, India Capital Growth Fund, WPP Group. Finals due from Mucklow (A & J) Group and Supermarket Income Reit.
- Wednesday: Interims due from Atlas Mara Co-invest, Gem Diamonds and Locations Sciences Group. Finals due from Barratt Developments.
- Thursday: Interims due from Curtis Banks Group, Hunters Property, Melrose and PPHE Hotel Group. Finals due from Avation, Genus, Go-Ahead Group and Okyo Pharma Corporation.
- Friday: Interims due from EnQuest. Finals due from Ashmore Group