What CAs need to know this week: 16 May 2016
A look ahead to some of the things happening in business, accountancy and politics this week.
G7 finance ministers meet for key policy talks in Japan
Finance ministers and central bank governors from the Group of Seven (G7) industrial nations (the UK, United States, Canada, France, Germany, Italy and Japan) meet in Japan this week, ahead of the G7 Summit later this month. Tax havens and tax evasion are expected to feature prominently on the agenda. According to reports, G7 leaders are also planning to introduce new measures to tackle the global ‘glut’ in steel production at the summit, which is threatening the closure of steel mills in the UK and Australia.
ONS to release April inflation, retail and unemployment figures
A number of important figures are due this week from the Office for National Statistics (ONS). On Tuesday, the ONS will publish last month's Consumer Price Inflation (CPI) report (17 May). While analysts are predicting a temporary drop from last month's 0.5% figure, inflation is expected to rise in the coming months. Unemployment data and the retail sales figures for April will also be released on Wednesday (18 May) and Thursday (19 May), respectively. Economists are expecting retail sales volumes to have risen since their big fall in March.
The CBI economic forecast is due today
The CBI will publish its latest quarterly UK economic forecast today. March updates to the last report downgraded forecasts for growth from 2.6% to 2.3% in 2016 and from 2.4% to 2.1% in 2017.
BHS boss to face committee
Sir Philip Green will appear before a the Work and Pensions Select Committee this week to address controversy around the retailer's pension deficit. BHS was believed to be missing a £200m fund at the time of its sale last year.
The new parliamentary year begins
The state opening of parliament takes place on 18 May. The ceremonial event marks the start of the parliamentary year and includes the Queen's speech outlining the Government's programme of legislation and policies for the next 12 months. There will be no question time on the first three sitting days of the new session. David Cameron will also announce new plans to tackle extremism, including the censure of extremist material online and in the media.
Fresh insight into Canadian and US economies
Over in North America, the Bank of Canada will publish its biannual report on Canada's economy and the central bank later today. In the US, investors will be watching for inflation and industrial production figures when they are released tomorrow (17 May). The US Federal Open Market Committee will also release the minutes of its April meeting this week.
Results due from Vodaphone, Burberry, Bloomsbury, Royal Mail
Here’s a list of some of the results due this week:
- Monday: Interims due from Nord Gold. Finals due from British Land Co and ICAP.
- Tuesday: Interims due from Zytronic Plc. Finals due from Vodaphone Group and Premier Foods.
- Wednesday: Finals due from Burberry Group and SSE Plc.
- Thursday: Interims due from Brewin Dolphin Holdings, Britvic and Thomas Cook Group. Finals due from Bloomsbury Publishing and Royal Mail.
- Friday: Interims due from Future Plc.