Reckonings for Assange, Trump — and the darkest chapter in NHS history

Hello and welcome to the working week.

There is a sense of final reckoning in the news diary for the next seven days. By this time next week, former US president and likely Republican candidate for November’s poll, Donald Trump, could be a convicted felon — or a newly acquitted man. Closing arguments in the $130,000 “hush money” case could come as early as Tuesday. One key question: will Trump take the stand? Keep up to date with this and other campaign issues via the FT’s US Election Countdown.

The week ahead will also be important for two of the biggest scandals of modern British history. Sir Brian Langstaff, chair of the infected blood inquiry, publishes his final report into the events that led to tens of thousands of men, women and children being infected with HIV and hepatitis C through tainted blood transfusions. Read this FT analysis, including heartbreaking stories from the victims, for a sense of the enormity of what has since been labelled the worst treatment disaster in the history of the UK health service.

Then we have the ongoing inquiry into the wrongful convictions of hundreds of sub-postmasters for stealing, actually the fault of the Post Office’s flawed Horizon IT system. The reason this week is so significant in this long-running saga is that former Post Office chief executive Paula Vennells, a bête noire of the whole sorry tale, will begin giving evidence to the inquiry on Wednesday. Vennells, who is also being investigated for misleading parliament over the Horizon IT scandal, has already handed back her CBE following calls from the public that she should be stripped of the honour, and she could be reprimanded by MPs for contempt of parliament relating to responses she gave to Westminster committees in 2015.

Still in the UK, and sticking with controversies, though this time unsettled, Julian Assange’s lawyers will be back in London’s High Court on Monday, when a final decision could be made on the WikiLeaks’ founder’s ability to appeal against the US extradition order.

On the other side of the planet, Lai Ching-te will be inaugurated as Taiwanese president on Monday, an important moment amid simmering tensions in the region, as this analysis by FT foreign editor Alec Russell explains.

The central bankers are out in force, giving numerous speeches. There is also a fairly healthy data run despite the closures of various financial markets on Monday for the Christian Whitsun festival, and then on Wednesday and Thursday in parts of Asia for Buddha’s birthday (aka Vesak Day). The purchasing managers’ index (PMI) data will provide economic comparators for G7 nations and India in particular, the US Federal Reserve will publish the minutes of its rate-setting meeting, the UK has updates on inflation and retail sales, while Japan publishes its trade and machinery orders data.

For monetary policy watchers, China provides its monthly decision on its loan prime rate, while rates are expected to be kept on hold when monetary policy committees meet in Indonesia, South Korea and Turkey.

Shareholder votes are a theme of corporate news, with a meeting organised by Virgin Money to decide whether to accept the takeover bid from Nationwide and investors in Virginia-based drugmaker Indivior deciding whether to move its primary listing to New York. On the earnings front, retail is a theme, notably British high street darling Marks and Spencer and Target in the US. More details below.

One more thing . . . 

Spring has arrived (at long last) here in London and the most important sign that summer is around the corner arrives this week in the form of the Chelsea Flower Show. My recently discovered love of gardening, as a not so much green-fingered as green behind the ears allotment holder, means that I greatly enjoyed this piece by House & Home writer Alice Vincent. I may well spend much of this week catching the BBC’s annual coverage of the event. But as loyal FT readers know, the real value of Chelsea is in the networking.

What are your priorities for the next seven days? Email me at [email protected] or, if you are reading this from your inbox, hit reply.

Key economic and company reports

Here is a more complete list of what to expect in terms of company reports and economic data this week.

Monday

• US Federal Reserve and Federal Reserve Bank of New York jointly host the annual International Roles of the US Dollar conference today and tomorrow in Washington. Speakers include Fed governor Christopher Waller

• Bank of England deputy governor Ben Broadbent speaks at the New Evidence on the Monetary Transmission Mechanism workshop in London

• Canada: Victoria Day holiday. Financial markets closed

• China: loan prime rate announcement

• Germany: Whit Monday public holiday. Financial markets closed

• India: Financial markets closed for the fifth phase of the parliamentary elections

• UK: May Rightmove House Price Index

• Results: Big Yellow Group FY, Hilton Food Group AGM trading statement, Kainos FY, Ryanair FY, Zoom Q1

Tuesday

• Bank of England governor Andrew Bailey delivers a lecture in honour of London School of Economics’ Charles Goodhart, hosted by the Financial Markets Group

• Canada: April consumer price index (CPI) inflation rate data

• Germany: April producer price index (PPI) inflation rate data for industrial products

• Results: AutoZone Q3, Cranswick FY, Generali Q1, Kingfisher Q1 trading update, Lowe’s Q1, Macy’s Q1, Pennon Group FY, Shell AGM, Smiths Group Q3 trading update, SSP HY, Topps Tiles HY, Urban Outfitters Q1

Wednesday

• Bank of England deputy governor for financial stability Sarah Breeden speaks at the European Commission technical workshop in Brussels on macroprudential policies for non-bank financial intermediation

• Virgin Money UK general meeting of shareholders to vote on the proposed acquisition of the company by Nationwide Building Society

• Malaysia: Wesak Day (Buddha Day). Financial markets closed

• Singapore: Vesak Day. Financial markets closed

• UK: April CPI and PPI inflation rate data. Also, monthly public sector finances figures and UK House Price index

• US: Federal Open Market Committee meeting minutes published

• Results: Analog Devices Q2, British Land FY, Close Brothers Q3 trading update, Marks and Spencer FY, Nvidia Q1, RS Group FY, Severn Trent FY, SSE FY, Swiss Life Q1 trading update, Target Q1, TJX Q1

Thursday

• Indivior general meeting of shareholders to vote on the proposed transfer of primary listing to the US, while maintaining a secondary listing in the UK

• EU: May FCCI Flash Consumer Confidence Indicator

• Eurozone, France, Germany, Italy, Japan, UK, US: flash May S&P Global manufacturing and services purchasing managers’ index (PMI) survey data

• Indonesia: Waisak (Buddha’s Birthday). Financial markets closed

• Japan: March machinery orders data (AM local time)

• Korea: interest rate decision

• US: April new residential home sales data

• Results: AJ Bell HY, Aviva Q1 trading update, Bloomsbury Publishing FY, Hill & Smith AGM trading update, International Distributions Services FY, Intuit Q3, Investec FY, Johnson Matthey FY, Medtronic Q3, National Grid FY, Nationwide Building Society FY, Qinetiq FY, Ralph Lauren Q4, Rolls-Royce AGM trading statement, Tate & Lyle FY, Wizz Air FY

Friday

• France: May INSEE business survey

• Germany: Q1 GDP data

• Japan: April CPI inflation rate data

• UK: April retail sales data. Also, GfK consumer confidence survey

• US: University of Michigan May Consumer Sentiment Survey

World events

Finally, here is a rundown of other events and milestones this week.

Monday

• Japan: Saudi Arabia’s Crown Prince Mohammed bin Salman arrives in Tokyo for a four-day official visit, accompanied by Saudi business leaders for talks with Japanese companies on investments and climate technology co-operation

• Taiwan: Lai Ching-te inaugurated as president after his election in January

• UK: final appeal hearing at London’s High Court for WikiLeaks founder Julian Assange against his extradition to the US. Also, Sir Brian Langstaff, chair of the infected blood inquiry, publishes his final report on the healthcare failure

Tuesday

• Korea: British Prime Minister Rishi Sunak and South Korean President Yoon Suk Yeol participate in the AI Seoul Summit, building on the Bletchley Declaration and the discussions of the first AI Safety Summit hosted by the UK last year

• UK: Chelsea Flower Show opens in London, initially for Royal Horticultural Society members, running until Friday

• US: Boeing is scheduled to launch its first crew into space, using its long-delayed and over-budget Starliner spacecraft that has been in development under a multibillion-dollar Nasa contract

Wednesday

• Switzerland: WTO General Council meeting begins in Geneva

• UK: Paul Vennells, former Post Office chief executive, begins three days on the witness stand at the Horizon IT scandal inquiry in London

Thursday

• Italy: G7 finance ministers and central bank governors meeting in the coastal city of Stresa

• UK: shortlist expected for Labour candidate to stand in the North Islington seat of former leader of the opposition Jeremy Corbyn, who was blocked from standing for the part last year. Cabinet secretary Simon Case to appear at the Covid inquiry

• US: President Joe Biden hosts his Kenyan counterpart William Ruto in Washington to celebrate 60 years of diplomatic relations

Friday

Saturday

• France: Cannes Film Festival concludes with the presentation of the Palme d’Or Award

• UK: FA Cup football tournament final at London’s Wembley Stadium, between local rivals Manchester United and Manchester City. Old Firm derby Scottish Cup final at Glasgow’s Hampden Park

• US: military academy West Point Class of 2024 graduation ceremony, with an address from Joe Biden

Sunday

• Cambodia: provincial elections

• French President Emmanuel Macron begins a state visit to Germany

• Lithuania: presidential election run-off