Today
The European Central Bank publishes its monetary policy decision after a meeting of its Governing Council. The council decided at its meeting last month to keep the central bank’s interest rate on the main refinancing operations at 1 per cent.
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The Post Office begins introducing contactless card technology across its 11,500 branches, making it the largest operator of contactless payments in Europe. It will install terminals at 200 branches around the Olympic sites from June 6, and the remaining branches will be equipped by the end of October.
The US Senate Banking Committee holds a hearing on “Implementing Wall Street Reform: Enhancing Bank Supervision and Reducing Systemic Risk”, with testimony from Neal Wolin, Deputy Secretary of the Treasury; Daniel Tarullo, Governor of the Federal Reserve; Tom Curry, Comptroller of the Currency; Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corporation; and Richard Cordray, director of the Consumer Financial Protection Bureau.
The Institute of International Finance spring membership meeting convenes in Copenhagen. Speakers include Douglas Flint, the chairman of HSBC, Helle Thorning-Schmidt, the Prime Minister of Denmark, Olli Rehn, the EU Commissioner for Economic and Monetary Affairs, Michel Barnier, the EU Internal Market and Services Commissioner, Lucas Papademos, the former Greek Premier, and the finance ministers of Sweden, Denmark, Norway, Finland and Poland. The keynote address on Friday will be delivered by Vitor Gaspar, the Finance Minister of Portugal.
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Thursday
The Bank of England’s Monetary Policy Committee announces its latest interest rate decision at midday. The committee decided last month to maintain the rate at the historic low of 0.5 per cent, unchanged since March 2009.
International Power holds a general meeting at which shareholders will vote on the recommended cash offer for the company by Electrabel, a subsidiary of GDF Suez. The French utility company announced its proposal in April to purchase the 30 per cent of International Power that it does not already own.
Friday
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Independent News & Media holds its annual meeting in Dublin. INM has recommended that shareholders vote against the re-election of Paul Connolly as a non-executive director, saying that his legal action against the company over an alleged € 1.87 million payment made to Gavin O’Reilly, a former chief executive, is “not in the best interests of the company”.
In Washington the American Bankers Association’s Economic Advisory Committee presents its biannual monetary policy predictions at a press conference attended by chief economists from the nation’s largest banks.
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Profits at Hornby will be under pressure as lower consumer spending hits demand for train sets and Scalextric racing cars. The group is forecast to report a 2 per cent rise in underlying pre-tax profits to £4.5 million. Hornby expects to benefit from its Olympic ranges, including models of London taxis.
The Olympus board is expected to discuss a settlement deal with its former chief executive Michael Woodford at a board meeting today. Final agreement on the settlement cannot occur until it is approved by the board. A deal between the company and Mr Woodford was agreed last month when he took his former employees to a London employment tribunal to claim unfair dismissal. He was sacked last October, but the company’s share price fell sharply in subsequent days after he went public with his concerns regarding accounting irregularities. It was later revealed that fees paid on acquisitions had been used to cover up losses on previous investments.