What CAs need to know this week: 20 June 2016
A look ahead to some of the things happening in business, accountancy and politics this week.
World braced for referendum result
Voters in Britain head to the polls on Thursday (23 June) to decide the fate of the UK's membership of the EU. The first results are due at about midnight, with the final results expected by 7am on Friday. With the latest polls predicting a tight race to the finish line, markets, banks and businesses around the world are braced for the outcome. The Bank of England is also offering loans to banks to boost their liquidity before Thursday's vote.*
Train strikes in London and Scotland
Commuters in London and Scotland are set to be affected by train strikes on Tuesday (21 June), as conductors for Southern Railway and ScotRail stage 24 hours of industrial action due to the introduction of driver only trains. The ScotRail strike is the first in a series of six planned over the summer.
ECB to lift waiver on Greek banks
Greek banks could have their access to the European Central Bank’s (ECB) cheap funding mechanism reinstated this week, according to reports. The ECB is expected to waive its investment-grade credit rating requirement at its Governing Council meeting on Wednesday (22 June). Greek lenders have been on an expensive emergency lifeline for more than a year.
Facebook investors to decide on new class of stock
Facebook will be seeking support for a new class of nonvoting stock at their annual shareholder's meeting on Monday. The move will allow for Founder and CEO Mark Zuckerberg to sell shares while retaining the majority of voting rights.
Fed Chair Yellen to testify on US monetary policy
Federal Reserve Chair Janet Yellen will testify to Congress over two days (21-22 June) on the country’s monetary policy. Her semi-annual testimony follows the US central bank’s decision last week to keep interest rates unchanged. Yellen’s speech should also give some important insight into the state of the USA’s economy – together with the release of some key figures this week on consumer sentiment, jobless claims and new home sales.
Volkswagen may face a vote of confidence at AGM
The VW management are likely to be held to account by shareholders for the recent emissions scandal at their annual general meeting on Wednesday. Calls for an overhaul at the German car maker have been echoed by investor advisory firms ISS and PIRC.
Results from Photo-Me, DS Smith and Majestic Wine
- Monday: Final due from Majestic Wine.
- Tuesday: Final due from Photo-Me International. Trading updates from Petrodac and Whitbread.
- Wednesday: Trading update from Debenhams.
- Thursday: Interim due from JSC Rushydro Gdr. Finals due from James Latham and DS Smith. Trading updates from Tesco and Go Ahead.
- Friday: Final due from Polar Capital Holdings.
*Editor's note: In a previous version of this page, the term 'Brexit' was used in a sub-headline. Please note that this term was used generically to refer to the EU referendum vote, and was not intended to suggest the outcome of the vote itself. ICAS maintains a neutral position in the EU referendum debate.