Five things CAs need to know this week: 30 January 2017

CA Today Montecarlo
By Eleanor O'Neill, CA Today

30 January 2017

A look ahead to some of the things happening in business, accountancy and politics this week.

1. Parliament debate on Brexit legislation gets underway

The European Union (Notification of Withdrawal) Bill, published after last week's Supreme Court ruling, will be debated for the first time in the House of Commons on Tuesday 31 January.

If passed, the bill will give Prime Minister Theresa May the authorisation to trigger Article 50 and begin negotiations to leave the EU.

Opposition leader Jeremy Corbyn has ordered Labour MPs to back the bill, imposing a three-line whip that has caused tension within the party.

Meanwhile, Scottish First Minister Nicola Sturgeon has announced SNP plans to propose 50 amendments to the legislation.

Following this first debate, MPs will have the chance to vote on Wednesday. A further debate is expected next week which will dictate whether the bill should pass to the House of Lords. 

[The Guardian

2. First inflation report of 2017 to be released by Bank of England

The next set of inflation projections from the Bank of England's Monetary Policy Committee are due on Thursday 2 February.

Last quarter's report, released in November 2016, maintained rates at 0.25% and predicted a relatively strong outlook given higher than expected GDP growth.

The policies set by the central bank for the next quarter could be slightly less cautious, with the possibility of a rate hike in response to firm economic activity and rebounding headline inflation rates.

[City AM

3. President Trump to announce his pick for the Supreme Court

Donald Trump will make his first Supreme Court nomination as US President this week, filling the vacancy left by the death of Justice Antonin Scalia.

The most likely candidates for the position include Judge Neil Gorsuch, who presides over the US Court of Appeals in Denver; Judge Thomas Hardiman, currently responsible for the US District Court of Appeals in Pennsylvania; and Judge William Pryor, who serves the 11th US Circuit Court of Appeals in Alabama.

All were appointed to their current positions by former President George W. Bush.

Democrats last year pledged to refuse President Trump's pick after former President Obama's favoured candidate was rejected by Republicans. More recently, it has been suggested that the seat will remain permanently open should a far-right nomination be made.

[The Independent]

4. Big names in digital due to post earnings

Apple is due to post its first earnings report of 2017 on Tuesday 31 January at 21:30 GMT (13:30 PST). The numbers will encompass the last three months of 2016, including the holiday season that is normally a boost to the company.

Projections last quarter predicted a return to year-over-year growth, with the lower revenue estimate at around $76bn (£60.44bn).

Facebook will also announce its earning for last quarter on Wednesday 1 February. There is a general expectation of healthy growth, despite shares taking a hit in recent months due to advertising restraints.

[Bloomberg]

5. Company news from CYBG, Aberdeen Asset Management, TalkTalk and Vodaphone

  • Monday: Interims due from Cranswick and Filtronic.
  • Tuesday: Interims due from Alumasc Group. Finals due from Aberforth Smaller Companies Trust, Oxford Biodynamics, Ocado Group and Toople PLC. Trading statements from Britvic, Intermediate Capital Group and SSE. AGM/EGM for CYBG.
  • Wednesday: Finals due from Future PLC. Trading statement from TalkTalk Telecom Group.
  • Thursday: Finals due from AstraZeneca. Trading statements from Aberdeen Asset Management, Compass Group, Cranswick, Vedanta Resources and Vodaphone Group. AG/EGM for JPMorgan Asian Investment Trust.

[This is Money]

Topics

  • Business

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