What CAs need to know this week: 30 November 2015
A look ahead to some of the key things happening this week.
Global leaders attend climate conference
World leaders will gather in Paris for the COP21 climate conference on Monday. The global A4S Accounting Bodies Network, which includes ICAS, last week released a joint letter addressed to world leaders, urging governments to accelerate action on climate change by forging a robust international agreement and a framework for that action.
Reserve currency status for China’s yuan
The International Monetary Fund is this week expected to elevate China’s yuan to reserve currency status. The decision on the yuan, also known as the renminbi, would recognise China’s increasing global status and see the currency sit alongside the US dollar, the euro, Japanese yen and British pound.
Bank of England to publish stress test results
The Bank of England is due to publish the results of its annual stress tests on the seven biggest UK banks and building societies on Tuesday (1 December). The Bank of England has been testing to see how the banks would cope with a serious global economic downturn triggered by a slowdown in China and a crash in the eurozone. The tests have been conducted on Lloyds, Barclays, HSBC, Standard Chartered, Nationwide, Royal Bank of Scotland and Santander.
ECB in further rate cut to stimulate eurozone
The European Central Bank (ECB) is expected to cut interest rates further this week as it continues efforts to stimulate the eurozone. The ECB is seeking to drive inflation up to its two per cent target and there has been speculation that the ECB will cut the deposit rate further to between 0.3 and 0.4 per cent from 0.2 per cent. It is also expected to increase its monthly bond purchase to 75bn euros from 60bn euros.
Crunch week for PM as he seeks air strikes support
UK Prime Minister David Cameron is continuing to push for a Commons vote this week on air strikes against Islamic State (IS) fighters in Syria. Labour Leader Jeremy Corbyn is opposing the action but he has not confirmed if his party’s MPs will be whipped to oppose air strikes amid signs of a split on the issue. French President Francois Hollande has called on MPs to support air strikes in the wake of the Paris terror attacks.
Aberdeen Asset Management posts final year figures
Full year figures are due from Aberdeen Asset Management, Zoopla Property Group, Brewin Dolphin Holdings and enterprise software multinational Sage Group. Those posting interim earnings figures include food producer Cranswick plc, brewers Greene King, Sears Holdings Corporation and UK property developer Berkeley Group Holdings.