Monday
Boeing and Japan’s All Nippon Airways are to start operational test flights in Japan of the 787 Dreamliner passenger jet before Boeing delivers the first aircraft. ANA, which has 55 Dreamliners on order, is expected to begin commercial flights in 2014 . Also today, David Brown becomes chief executive at Go-Ahead Group, the bus and train operator.
Punch Taverns, Britain’s biggest pub company, has chosen Independence Day to complete the internal separation of its managed and tenanted pub business, with the formal demerger likely to take place in August. Also today is the start of Derwent Holdings’ Court of Appeal hearing against Lancashire County Cricket Club’s re-development plans for Old Trafford Cricket Ground.
Tuesday
Low & Bonar will report interim results. L&B makes “performance-enhancing materials”, including fabrics used in large-scale infrastructure that add strength, water resistance or flexibility; roofing covers for Aintree Race Course and Dubai Airport; and biodegradable ground covers for use in mass agriculture.
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The Chancellor will give evidence to MPs on the Treasury Committee regarding the Accountability of the Bank of England. This will be the final evidence session for this inquiry. It follows previous sessions with the Governor of the Bank of England and experts in corporate governance and central banking.
Britain’s dominant services sector has been struggling, but how did in fare in June? Today is the chance to find out as the CIPS/Markit Services PMI is released. Meanwhile, the British Property Federation welcomes its new president Toby Courtauld, chief executive of Great Portland Estates, at its summer reception.
Wednesday
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Balfour Beatty will update the market on its performance. The statement will follow last week’s deal by Balfour Beatty Construction to buy America’s Howard S Wright for $93 million. Ian Tyler, Balfour’s chief executive, said America was a significant growth market for the company. Patrick Vaughan and Raymond Mould’s London & Stamford Property holds its AGM today.
Thursday
Man Group holds its annual meeting and updates the City on first-quarter trading. Investors will be asking about the pace of recovery at its flagship fund AHL and its intentions to launch new funds after its acquisition of GLG. The chief executive Peter Clarke cheered investors with news that the group managed about $2 billion more of assets in May than March.
The market had priced in a rise in interest rates next summer, but, with inflation attitudes running at a three-year high, will the Bank of England cave in? All will be revealed today. Thursday is also the deadline for Jupiter Properties, advised by Delancey and Area Property Partners, to complete its 120p-a-share offer for the London developer Minerva.
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NYSE Euronext holds its shareholder meeting to vote on a merger with Deutsche Börse. The proposed merger is expected to be completed by the end of the year subject to shareholder and regulatory approval. The NYSE Euronext board has given its backing to the merger, despite an offer from NASDAQ OMX and IntercontinentalExchange.
Friday
Bovis Homes continues the slew of housebuilders’ reporting on trading conditions. Bovis, headed by David Ritchie, has been bullish so far this year and has been buying land and building more homes. Expect more of the same. In May, Mr Ritchie said that Bovis had sold 12 per cent more homes this year than last, and the only real constraint was the lack of mortgage finance.
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As announced last week, midday today is the deadline for the Culture Secretary Jeremy Hunt to decide whether to wave through News Corporation’s buyout of BSkyB or refer it to the Competition Commission. He has said that he is minded to give the deal clearance after News Corp agreed to fresh conditions including an independent editorial director.
Unfinished business
The UK Customer Satisfaction Index, published by the Institute of Customer Service, is due this week. The index is a twice-yearly look at public satisfaction with UK goods and services. The last survey of 26,000 consumers showed people were happier with public services than previously — but will this hold in the light of recent industrial action?
A big week for Christine Lagarde. On Tuesday the French Finance Minister starts her five-year term as the managing director of the International Monetary Fund — replacing Dominique Strauss-Kahn. On Friday the French court is due to announce its decision on whether to open a formal inquiry into her role in a 2008 arbitration case.