Live news updates: Eutelsat shares drop 10% as it confirms OneWeb deal talks

let the games begin. No, not the sharp row between the two recent candidates in the Conservative leadership election – although you can watch it on the BBC on Monday. This week is the start of the Commonwealth Games in Birmingham, the UK’s second largest city.

The opening day of the International Sports Festival will distort that other big event of British summer 2022: the industrial movement. RMT will stage the latest in a series of strikes over wage levels for rail industry workers on Wednesday, the same day Aslef — which represents train drivers — is counting votes to strike over member pay awards. The unrest continued to spread, with telecom engineers and port workers either going on strike or voting to strike industrial work in lieu of wages.

Across the channel, energy ministers from EU member states will meet this week in Brussels to decide on measures to end European dependence on Russian fuel supplies. The prospects aren’t good, according to Europe Express writer Valentina Pope. On Sunday, President Vladimir Putin will have his chance to roam with the celebration of Naval Fleet Day in coastal cities across Russia.

If this is so frustrating, it may be worth celebrating the prospect of additional significant compensation for British postal administrators suffering because of the faulty Horizon computer system. Former High Court Justice Lord John Dyson is expected to make an announcement on the final settlement of victims of the IT scandal after the government announced a temporary payment totaling £19.5 million in June.

The election news pick this week is Tunisia’s vote on a new constitution. Politicians and analysts say there is no doubt that the charter, drafted by populist leader Kais Saied, will be adopted even if they expect a low turnout.

economic data

All eyes will be on Washington on Wednesday for the latest interest rate announcement from the Federal Reserve. The monetary policy mechanism is expected to be tightened by 75 basis points. At least one senior Fed governor would like the FOMC to go further.

Then we’ll have the growth data – did someone mention the recession – with the quarterly GDP numbers for the US, Canada, France, Germany and the eurozone bloc.

comp

We’ve hit the peak of earnings season with company names from A to Z (or at least X) — ironic considering Tuesday’s list includes the alphabet.

The negative impact of a stronger dollar was seen across a batch of US earnings calls this quarter. It’s expected to resurface as an issue with a raft of results announcements from tech companies in Silicon Valley, which have some of the highest percentages of revenue from overseas.

Microsoft, which reports on Tuesday, has already cut its dollar-based guidance, and Morgan Stanley issued a note last week saying the dollar could lead to disappointing guidance from Apple when it releases its numbers on Thursday.

Attention will also be focused on the consumer goods industry, with Unilever, Danone, Procter & Gamble, Reckitt Benckiser, Nestlé and Mondelēz all reporting this week. The concern among analysts is that shoppers are tightening their belts, choosing their cheap supermarket products over multinational brands. Unilever and others’ decision to raise their prices didn’t make the situation any easier.

Read the full calendar for next week here.

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