Financial News

  • 5 May 2014, 7:30

The Week's Big Business Stories

Sky's Naomi Kerbel offers a round-up of what's been and what is coming up in the week's business news.

:: Monday, May 5 - financial markets closed

:: Tuesday, May 6†

Barclays will announce its first-quarter results for 2014 on Tuesday and Just Eat,†the online food takeaway service, is expected to transfer to a premium listing. This level of stock market listing means the company is expected to meet the UK's highest standards of regulation and corporate governance.

:: Wednesday, May 7

On Wednesday, Lord Myners, the former City minister who has been tasked with reviewing the corporate governance structure of the Co-Operative Group, will appear in front of†MPs from the Treasury Select Committee to give an update on his progress.

Also, that day Sainsbury's is reporting preliminary results.

It has already reported fourth-quarter like-for-like sales so there should not be many surprises in the results but we will get the profit figure for the year. The major supermarkets are locked in a price battle. Morrisons cut prices on 1,200 products, in a campaign launched May 1.

:: Thursday, May 8

The Bank of England will announce its latest interest rate decision. In April it maintained the rate at the historic low of 0.5%, unchanged since March 2009, and the size of its quantitative easing Asset Purchase Programme at £375bn.†

First-quarter sales and revenue from Morrisons. This is likely to have been another tough quarter as Morrisons competes with both the discounters and the other major supermarkets in cutting prices.†

Barclays will give an update on its strategy on Thursday. Analysts expect chief executive Antony Jenkins to detail a radical attack on costs, particularly in the investment banking division.

†:: Friday, May 9

On Friday, International Airlines Group, the parent company of British Airways and Iberia, along with Telefonica and O2†report first-quarter results. And annuity provider Resolution also reports first-quarter earnings that day.

It has been hit by the annuities shake-up revealed in the Chancellor's Budget, as well as the capping of pension fees and a regulatory review of the insurance sector.†

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