— July
1st
Energy The Government is to unveil its energy strategy this month,
setting out practical steps Britain can take to cut carbon emissions by more
than one third by 2020 and 80 per cent by 2050.
Banking Sir David Walker publishes proposals this month for the reform
of bank corporate governance. He is expected to propose expanding the role
of non-executive directors, giving them more pay and administrative support.
Law The leading law firms, Linklaters and Freshfields, are due to
announce annual results this week. Linklaters may overtake rival Clifford
Chance as the biggest firm by revenue.
Telecoms New rules designed to slash the cost of using mobile phones
overseas will take effect. The European Commission rules will cap the price
for sending a text message and reduce the caps on call charges.
Oil Peter Voser takes over as chief executive of Shell from Jeroen van
der Veer. Mr Voser will oversee a shake-up, including up to 10,000 job cuts,
and will be responsible for securing new oil sources at a time when
governments are closing the door to international oil companies.
2nd
Banking The European Central Bank publishes its latest assessment of
the eurozone economy as it delivers its monthly verdict on interest rates in
the 16-nation bloc.
6th
Law Allen & Overy is the last of the top law firms to release its
annual results, due some time this week. The firm, which is heavily biased
towards finance, has recently axed 450 jobs and 50 partners.
Regulation The Government is expected to publish a White Paper on
financial regulation, which will adopt many of the proposals to force banks
to hold more capital outlined in the Turner report. It will also put forward
more suggestions for the reform of the tripartite system of regulation
involving the Treasury, the Bank of England and the FSA.
7th
World The International Monetary Fund is expected to boost hopes that
the worst of the economic crisis is over by revising its forecast for world
economic growth next year to 2.4 per cent, compared with 1.9 per cent
predicted in April.
8th
Banking The Bank of England’s rate-setting Monetary Policy Committee
meets. It is expected to continue its “wait and see” stance amid encouraging
signs that the upturn in the British economy is taking hold.
12th
World Tim Geithner, the US Treasury Secretary, visits Europe and the
Middle East to discuss the effectiveness of efforts to tackle the global
economic and financial crisis.
13th
Energy Deadline set by the Takeover Panel for Centrica, the owner of
British Gas, to mount a bid for Venture Production, the North Sea gas
producer. If Centrica fails to bid it cannot make an offer for six months.
Courts Three former directors of Alfred McAlpine Slate will be
sentenced after pleading guilty to fraudulent trading at the Wales-based
roof tile making group. The Serious Fraud Office charged the former
directors with inflating sales to make it appear that targets had been met.
Regulation The Conservatives are expected this week to unveil their
proposals for the reform of financial regulation, which are expected to
involve a bigger role for the Bank of England in the supervision of the
banking system.
14th
Aviation British Airways AGM at the QE2 Centre, Westminster. The
troubled airline is in a “fight for survival”, according to Willie Walsh,
chief executive, and is struggling to cut costs.
15th
Telecoms Ian Livingston, chief executive of BT, can expect a rough ride
at the company’s shareholder meeting. Problems in the telecom group’s global
services unit caused a loss of £134 million to be registered and the
dividend was cut.
Regulation Lord Mandelson, Business Secretary, has until the middle of
July to respond to the request from the Commons Business and Enterprise
Committee to refer the tied pub business model to the Competition Commission
after it found “alarming evidence of serious problems caused by the
dominance of the large pub companies”.
Media The BBC’s annual report will be published just weeks after
details of executives’ expenses hit the headlines. The report, however, will
underline the strength of the BBC’s finances compared with ITV, Channel 4
and Five.
16th
Retail Sports Direct, the discount sports retailer run by Mike Ashley,
reports full-year figures that are expected to show a continued good
performance. It has been helped by the problems at its rival JJB Sports and
there is a speculation that a big announcement is in the offing.
17th
Telecoms Richard Lapthorne, the chairman of Cable & Wireless, faces
a shareholder revolt at the company’s annual meeting over changes to an
executive incentive scheme. The plan has been criticised by the Association
of British Insurers, which represents a fifth of UK shareholders.
23rd
Utilities Ofwat, the water industry regulator, reveals draft water bill
price recommendations for the five years from 2010. In April, the water
companies in England and Wales submitted their business plans, which
involved price rises of 1.7 per cent above inflation. A final decision is
due in November.
24th
Economy The first official estimates of Britain’s output in the second
quarter are published. They will show whether contraction continued in the
three months to June or whether recent encouraging signs heralded the end of
the recession.
27th
Banking Memorial service at St Paul’s Cathedral for Sir Eddie George,
the former Governor of the Bank of England.
28th
Oil BP announces half-year profits, which are expected to be sharply
lower, reflecting the impact of the collapse in oil prices over the past
year. Shell unveils its figures on July 30.
29th
Food Investors will be expecting solid half-year results from Cadbury,
thanks to strong demand for chocolate in the UK and a recovery in US sales,
after a sharp fall in stock levels. Chewing gum sales have been hit by a
fall in travel.
31st
Politics Consultation ends on the reform of MPs’ pensions. Gordon Brown
ordered the Senior Salaries Review Board to look at the final-salary
pensions of MPs, which have come under scrutiny in the wake of the expenses
scandal.
Automotive Deadline for agreeing terms with Magna International and
Sberbank on the takeover of General Motors Europe, which includes Vauxhall.
World The first official estimates of US economic performance in the
second quarter are released. Expanded details will follow on August 27.
— August
1st
Media Channel 4 merger talks with BBC Worldwide, the corporation’s
commercial arm, are expected to be concluded or collapse this month. Some
agreement is likely, but legal challenges to Channel 4’s rescue are expected
as soon as it is announced, which will throw its viability into doubt.
Banking Half-year results from the rapidly diminishing number of
independent British banks will give investors an idea this month of the
underlying state of businesses. If the banks can show they are rebuilding
profits, the market will expect the Government to accelerate plans to sell
Northern Rock and its stakes in Royal Bank of Scotland and Lloyds.
4th
Insurance Legal & General is the first of the big insurance
companies to reveal its first-half figures. In March, the company cut its
dividend for the first time in its history.
Alcohol The Great British Beer Festival starts at Earls Court, London,
amid a revival in sales of cask ale and increasing interest in locally
produced products. It is one bright spot in an otherwise very gloomy trading
picture for the pub business.
6th
Banking The Bank of England’s rate-setting Monetary Policy Committee
will have to decide by this month whether or not to expand the quantitative
easing strategy to boost the flow of credit through the economy by buying
assets using newly created money. By August, the MPC is expected to have
completed its initial £125 billion programme of purchases of government and
corporate debt.
12th
Economy The Bank of England will give further details of its prognosis
for economic recovery as it publishes its quarterly forecasts and latest
inflation report.
Mining BHP Billiton is expected to announce profits down more than 20
per cent to about $22 billion as a result of the collapse in commodity
prices. However, the company may give more details of savings from an iron
ore joint venture with Rio Tinto. Don Argus, the chairman, is expected to
announce his retirement. Jac Nasser, the former head of Ford, is a possible
successor.
13th
Economy First official estimates of economic output in the eurozone in
the second quarter are published.
Insurance Mark Tucker will present the last set of half-year figures
before he steps down after four years as chief executive of Prudential in
September. There is intense speculation in the City about what Mr Tucker
will do next. He is succeeded by Tidjane Thiam, who joined the Pru as
finance director last year.
19th
World The US Federal Reserve’s Kansas arm hosts the 33rd annual Jackson
Hole symposium. Central bankers from across the world will mull the causes
and impact of the global economic crisis and how to prevent a repetition.
21st
Insurance Deadline for one million Aviva policyholders to vote in the
proposed distribution of assets in its inherited estate. Most policyholders
who vote “yes” will get between £200 and £1,150 but will give up their right
to distributions from the surplus built up in its with-profits funds.
27th
Funds Henderson Group, the fund manager, reports interim figures that
will give investors their first insight into the success of the £110 million
acquisitions of New Star in January. Andrew Formica, Henderson’s chief
executive, has said that he is prepared to make further acquisitions.
— September
1st
Regulation The Financial Services Authority will publish its proposals
this month to reform mortgage regulation, which could include caps on
loan-to-value ratios in an attempt to lessen the risk from future property
bubbles.
Automotive Vauxhall’s Ellesmere Port factory in Liverpool begins
pre-production this month of the new Astra, which could be vital to securing
the vehicle makers’ jobs in Britain.
5th
Insurance More than 2,500 insurance brokers and underwriters head to
Monte Carlo for Les Rendez-Vous, their annual get together, which comes
immediately before the industry begins it annual round of negotiations about
renewal rates for insurance policies.
6th
World Central bank chiefs from the G10 key world economies gather in
Basle. They will hope that confirmation of global recovery will have begun
to emerge in official figures.
7th
Regulation Competition Tribunal hears Barclays’s appeal against the
Competition Commission’s ban on point-of-sale payment protection insurance
and the reasons for it.
8th
Defence Europe’s largest defence exhibition starts at ExCel, in London
Docklands. Defence Systems & Equipment International is expected to
attract the usual attention from demonstrators protesting against the arms
industry.
9th
Oil The Opec cartel of oil producers meets in Vienna to discuss oil
prices. Western governments have been calling on Opec members to step up
production to prevent a rise in oil prices strangling economic recovery.
Markets The composition of the FTSE 100 index of leading London-listed
companies will be updated according to closing prices the day before.
10th
Economy The World Economic Forum’s Meeting of New Champions focused on
emerging market nations is held in Dalian, China.
Food Morrisons, the supermarket chain led by Marc Bolland, has had a
good recession and the City will be expecting further progress. Morrisons’
interim results may help to settle any dispute over whether he deserves more
praise for his turnaround than does Justin King at Sainsbury’s.
22nd
Environment The United Nations General Assembly in New York meets to
discuss prospects for a global deal on climate change in Copenhagen in
December.
24th
Insurance Lloyd’s of London, the world’s oldest insurance market,
publishes its first-half figures, which will give an indication of how
insurers have fared during the hurricane season.
World Heads of government from the G20 group of economies hold a summit
in Pittsburgh, Pennsylvania, to discuss their progress in tackling the
global economic and financial crisis.
29th
City The new Lord Mayor of London is elected. The leading candidate is
Alderman Nick Anstee, a former accountant with Arthur Andersen and Deloitte
who is now a director at the lawyers SJ Berwin.
