What CAs need to know this week: 25 April 2016
A look ahead to some of the things happening in business, accountancy and politics this week.
George Osborne to face questions from Treasury Committee
Chancellor George Osborne will be questioned by the House of Commons Treasury Committee on Tuesday (26 April) about the Treasury’s warning that the British economy would suffer permanent damage in the event of a 'Brexit'. Last week, Education Secretary Michael Gove and Mayor of London Boris Johnston criticised the Chancellor's claims, saying he was treating the UK public like ‘mere children’.
Separately, the OECD and the London Stock Exchange are due to present analysis on the economic affects of Britain leaving the EU on Wednesday (27 April).
Ken McHattie CA becomes new ICAS President
Ken McHattie CA has been appointed as the new President of ICAS. The Chair of onshore energy company Aurora Petroleum was confirmed as President for 2016 at the ICAS Annual General Meeting (AGM) on Friday (22 April). He takes over from Jim Pettigrew CA and will serve a year in office.
First quarter GDP figures released
The Office for National Statistics (ONS) will release its first quarter GDP on Wednesday. If the ONS’ first estimate of the figures are correct, growth will have slowed to 0.3%, which is the slowest rate since late 2012. One of the main factors to pull back growth is likely to be weak industrial production.
Japan to debate expanding stimulus
The Bank of Japan (BOJ) could be planning to expand its stimulus policy this Wednesday/Thursday. A poll by Reuters found that one in seven economists believed the BOJ could top up its purchases of risky assets, but the majority expected the 0.1% interest it charges on some of the excess reserves that financial institutions park, with the central bank to stay the same.
Trifecta of tech giants to announce earnings
Silicon Valley giants Apple, Twitter and Facebook are all due to release their second quarter results tomorrow (26 April). Investors are predicting Apple to report an 11% decline in revenue, due to falling iPhone sales. The industry will be keen to discover Facebook's ad revenue figures, particularly for mobile users, while Twitter is predicted to report improved results.
Results due from BP, GSK, AstraZeneca, Telefonica
- Monday: Finals due from Axis Bank, London Capital Group Holdings, GVC Holdings and Aminex PLC.
- Tuesday: Finals due from BooHoo.com, Atlas Mara Co-invest, Cambian Group, Whitbread and Horizon Discovery Group. Interims due from AB Dynamics, BP and Egdon Resources.
- Wednesday: Finals due from Aseana Properties, Green Dragon Gas and Home Retail Group Interims due from Apax Global Alpha, GlaxoSmithKline, Fenner and PROACTIS Holdings.
- Thursday: Interims due from Megafon. Finals due from Air Partner, Harvey Nash Group, Oxford BioMedica and Greka Engineering & Technology.
- Friday: Interims due from AstraZeneca, Telefonica, Shire and International Consolidated Airlines Group. Finals due from Flowgroup and Plaza Centres.