Monday
The Competition Appeal Tribunal starts hearing appeals by construction companies against the Office of Fair Trading’s decision to impose £129.2 million of fines on 103 firms for colluding with competitors on building contracts.
Strength in Asian markets is set to make Standard Chartered’s figures sparkle today. The emerging markets bank is expected say in a trading update that it has seen healthy growth in wholesale banking on the back of robust trade in the region.
Vince Cable, the Business Secretary, is in Derbyshire to launch the Toyota Auris hybrid at the Burnaston plant. The Auris is a smaller, hatchback, electric-petrol alternative to the Prius, Toyota’s hybrid vehicle. The Auris is the first mass-produced hybrid to be manufactured in Europe. The car, which went into production this month, officially goes on sale in the UK at the end of the week.
Tuesday
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Carpetright releases its annual results. As one of Britain’s foremost home-related retailers, the market will be on alert for any signs of deterioration in recent trading. Over time, Lord Harris of Peckham, Carpetright’s founder and executive chairman, has developed a strong reputation for calling the market.
Wednesday
HMV is trying to carve out a future through diversifying into live music, digital downloads and entertainment-related fashion. Simon Fox, chief executive, has even started opening cinemas in stock rooms. The market responded positively to his recent rallying cry at a strategic update but a steep decline in sales of CDs, books and DVDs has wiped out any share price gains. Its annual results will show whether Mr Fox is making progress.
The third and final estimate of GDP growth between January and March is published. Economists forecast that it will confirm that output rose by 0.3 per cent, matching last month’s estimate. Nationwide, meanwhile, is expected to report that house price growth stalled in June, with prices rising by 0.2 per cent, taking the annual increase to 9 per cent.
The Northgate van hire company reports full-year results after a turbulent time that included a £100 million rights issue. Steve Smith, the architect of Northgate’s boom — and the man who oversaw its rapid contraction in the recession — has gone. A new chairman is in place and Bob Contreras, who replaced Mr Smith as chief executive, will report on how the market is recovering.
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Thursday
Orange and T-Mobile become “Everything Everywhere” today, officially integrating the two mobile phone networks in the UK. It was announced last year that the two companies would combine to become Britain’s biggest communications company with 30 million customers. The two brands will continue separately in the market but will be run behind the scenes by one company.
The growth in activity at British factories is tipped to have slowed in June. The PMI manufacturing index, out today, is expected to have slipped to 57.6, down from 58. But this remains well above the 50 mark which indicates that activity is growing rather than falling.
Carolyn McCall, formerly the chief executive of the Guardian Media Group, takes over as chief executive of easyJet, following Andy Harrison. Mr Harrison, whose departure was not mourned by the airline’s major shareholder Sir Stelion Haji-Ioannou, will be joining Whitbread as chief executive designate on September 1.
Debenhams will become the first mid-market fashion retailer to update investors since the election, in a trading statement that will shed light on the effect of wider economic uncertainty on consumer sentiment.
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Friday
Balfour Beatty is expected to confirm it has won a number of new infrastructure contracts in its interim management statement, but is likely to warn on the impact of government spending cuts.
Tesco will face the usual coterie of activists at its AGM today. This time union-affiliated advisory groups upset at its generosity to leading executives are promising to vote against its remuneration report.
Unfinished business
The Bank of England withdraws the £20 banknote featuring Sir Edward Elgar. First circulated in 1999, the note has been gradually replaced by the Adam Smith note introduced in 2007. The Elgar note will not be legal tender in shops, but banks, building societies and post offices will continue to accept it for several months.
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In a busy automotive week for the Business Secretary, Vince Cable will address a summit meeting with the car industry at the Society of Motor Manufacturers and Traders. He is expected to reaffirm the coalition’s commitment to the manufacturing industry. André Lacroix, of Inchcape, and Paul Williams, of the Retail Motor Industry Federation, will also be on the platform.
In the US, the Financial Crisis Inquiry Commission will hold a public hearing on “The Role of Derivatives in the Financial Crisis”. AIG, Goldman Sachs, the US Commodity Futures Trading Commission, Office of Thrift Supervision and New York State Insurance Department are all expected to provide witnesses. The commission is chaired by Phil Angelides.