Welcome to Independence Week. The big one, the 1776 celebration and all that, begins Monday in the United States. But from Algeria to Venezuela, from Argentina to South Sudan, the disconnection of the former colonial powers is a strong theme — and a source of holidays around the world — for the next seven days.
However, for those of us who are trying to get on (or continue) with the work, this will not be a week of celebrations.
French railway workers will go on strike on Wednesday, days before the country’s school holidays begin.
Then there is the British summer drama of discontent. Lawyers in England and Wales will resume their strike tomorrow “crime does not pay defenders”. They will be joined on Tuesday by the financial regulators of the Financial Conduct Authority, represented by Unite, who are once again coming out challenging their latest payment offer. In addition, the range of workers acting is growing. Also on Tuesday, Whirlpool washing machine manufacturers will be voted for a strike in what union leaders have called an “insulting” wage offer.
It seems like a good point to mention that the Financial Times is conducting a survey on reducing the cost of living: how are you coping with higher prices? To participate, click here.
Following last week’s NATO summit in Madrid, the focus of Western efforts trying to help Ukraine this week will shift to Lugano, Switzerland. The Ukraine Recovery Conference is the latest in a series of high-level political meetings held for the first time in London in 2017, originally to discuss reforms that could open up foreign investment at a time of relative peace for the EU. nation. The invasion of Russia has given a new urgency to this support.
Is there anything to lighten the mood? Well, the summer season has begun, and by that I mean the FT Live summer season of stimulating talks and meetings. This Thursday’s event, Capitalizing On Disruption To Create Business Opportunities, is free and you can do so by clicking here.
Sainsbury’s commercial update will indeed be a repeat of Tesco’s a couple of weeks ago © Neil Hall / Reuters
Economic data
The key question at the moment is whether, or in some cases when, major Western economies will sink into recession. A series of business surveys this week will highlight areas of concern for entrepreneurs. Wednesday’s minutes of the last Federal Reserve rate-fixing meeting and the U.S. labor market report will also be closely watched.
Companies
We have one more week of UK-dominated corporate news. J Sainsbury’s commercial update on Tuesday will indeed be a repeat of Tesco a couple of weeks ago, as it has also made a strategic decision to accept lower prices that will reduce profits to keep customers.
Currys could be quite interesting considering that the British electrical retailer is the clear market leader, but its market capitalization has crumbled, margins are tight and there is a feeling that the pandemic was the point highest in the company.
Read the full week calendar here