A week later: Nigeria’s $11 billion lawsuit filed in court in London

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Hello, and welcome to Work Week.

Are you enjoying the beginning of the Lunar New Year? The Year of the Rabbit is supposed to represent hope, peace and prosperity. And we all need more of these things in 2023.

For now, this week is likely to see continued focus on the more difficult things of the day, not least of which is China’s ability to vaccinate its citizens as the country opens up for the holiday season.

Industrial rows with ambulance workers will continue in England and Wales due to another strike on Monday. In Portugal, cabin crew at the national airline TAP will go on strike on Wednesday amid a dispute over the airline’s salary offer and working conditions.

In Westminster politics on Tuesday, Labor’s shadow foreign secretary David Lamy will take a more positive tone as he outlines his party’s policy priorities.

It is likely that it will affect the UK’s relationship with the European Union. Coincidentally, Monday marks the 10th anniversary of former Prime Minister David Cameron’s speech on Europe in which he pledged to renegotiate the UK’s relationship with the European Union and to introduce a referendum on membership. Maybe Lamy will point this out.

In the UK too, but not as far as the British government is concerned, Nigeria is set to hold a high-stakes legal trial at the High Court in London on Monday. The case involves a long-running attempt to overturn an $11 billion arbitration award that left the Nigerian government owing more than a quarter of its foreign reserves to a shadowy oil and gas company.

The main election news over the next seven days will be the run-off for the Czech presidential contest, which concludes on Saturday. Former NATO commander Petr Pavel is the frontrunner.

Also, Donald Trump is back. The former US president is expected to make his first public appearance in the 2024 election campaign on Saturday, when he will name his leadership team in South Carolina.

Still feeling positive and hopeful?

Thanks again to those who send messages of support and advice on the contents of this newsletter. I very much enjoy your various suggestions. Email me at jonathan.moules@ft.com or if you get this in your inbox, hit reply.

Economic data

The fourth week of the month should be renamed Poll Week. Over the next seven days, we have a comparison of the G7 countries with updates to the PMI and CBI Industrial Trends Survey on Tuesday, followed by the German Business Climate Ifo report on Wednesday, as well as other measures of consumer confidence.

On Thursday, the United States released its first estimate of the movement of gross domestic product in the fourth quarter of last year. Spain will follow suit on Friday.

Inflation updates from the UK, Australia, Spain, Sweden and Singapore are due on Wednesday. Japan will also announce a cost-of-living measure of the Consumer Price Index.

In central bank news, European Central Bank (ECB) Governing Council member Fabio Panetta is set to appear before the European Parliament’s Economic and Monetary Affairs Committee on Monday. Across the Atlantic, the Federal Reserve is entering a chill period before the next meeting of the Federal Open Market Committee, which begins on January 31, and the Bank of Canada’s Monetary Policy Committee is expected to raise its rate another 25 basis points to 4.50 per cent with that potentially signaling a pause. in other increments.


Technical gains are a major topic this week; Investors remain concerned about the outlook for the sector after a series of important job cuts announcements by most of the major companies. The approach you took Microsoft, which reports second-quarter numbers on Tuesday, could serve as a role model for other Big Tech players, according to our West Coast editor Richard Waters. Microsoft CEO Satya Nadella struck a note of cautious optimism as he announced that he would lay off 10,000 employees last week to reduce his cost base.

It will be another week for Elon Musk watchers (just like every other week) with Tesla Reporting fourth quarter numbers on Wednesday. The company has lowered the prices of its electric cars to boost demand in the US and Europe. We assume Musk will follow the FT’s coverage of the latest numbers given the claims the billionaire’s lawyer made last week in court.

The war in Ukraine has boosted the fortunes of the world’s largest defense contractors, with governments promising more spending on weapons and other military equipment. Investors will be looking for comments from Lockheed Martin (Report on Tuesday) f Northrop Grumman (whose issues were released on Thursday) to see if those promises actually generate future revenue.

Major economic reports and company reports

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


  • Representative of the European Union and European Central Bank Fabio Panetta appears before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels

  • United Kingdom, CBI Director General Tony Dankers giving a speech, Is the UK Stuck in a Growth Artery?, at UCL’s London campus

  • United Kingdom, British companies’ overseas investment and foreign direct investment data

  • UK Winter Economic Outlook, EY Item Club for the British Economy

  • results: Baker Hughes Q4


  • Australia, Eurozone, France, Germany, Japan, UK, US: S&P Global PMI for Manufacturing and Services

  • Germany, GfK Consumer Climate Survey

  • Hungary, MPC rate decision

  • Nigeria, MPC rate decision

  • UK public sector net borrowing figures for December

  • United Kingdom, CBI Industrial Trends Survey

  • results: Associated British foods Q1 Trading Update, Brown and Brown Q4, Canadian National Railway Q4, Capital One Financial Q4, Danaher Q4, General Electric Q4, Halliburton Q4, Invesco Q4, Johnson & Johnson Q4, Lockheed Martin Q4, Microsoft Q2, Raytheon Technologies Q4, long story circulation update, Tata Motors Q3, Texas Instruments Inc Q4, 3M Q4, travelers Q4, Union Pacific Q4, Verizon connections Q4


  • Australia, Q4 and December CPI inflation data

  • Belgium, NBB Business Climate Survey

  • Canada, BoC rate announcement

  • Germany, IFO business climate report for January

  • Singapore, CPI inflation data for December

  • Sweden, PPI inflation data for December

  • South Africa, the Monetary Policy Committee’s interest rate decision

  • Spain, PPI inflation data for December

  • United Nations report on the economic situation and prospects in the world

  • UK Inflation Rate Data, December Producer Price Index (PPI)

  • results: Alstom Third Quarter Sales Update, ASML fiscal year , AT&T Q4, Boeing Q4, CMC Markets Q3 Trading Update, EasyJet Q1 Trading Update, Givaudan fiscal year , ibm Q4, Kimberly Clark Q4, Levi Strauss Q4, Lonza fiscal year , Raymond James Q1, Tesla Q4, Todd fiscal year sales figures, JD Witherspoon Q2 Trading Update, Woodside Energy Q4


  • South Africa, PPI inflation data for December. Also, the central bank’s monetary policy committee rate-setting meeting.

  • United Kingdom, Quarterly Productivity Statistics

  • UK, Zoopla House Price Index Report

  • United States, GDP data for the fourth quarter

  • US consumer spending figures for the fourth quarter

  • results: Sabadell Bank Q4, Comcast Q4, CVS group circulation update, Diageo H1, Fevertree drinks Fiscal year trading update, Foxton financial year trading statement, Intel Q4, JCDecaux Q4, JetBlue Airways Q4, LVMH fiscal year , Marsh and McLennan Q4, Master Card Credit Card Q4, nokia aug Q4, Northrop Grumman Q4, Salvatore Ferragamo fiscal year , Rank group H1, succulents fiscal year , St. James Place trading statement Q4, STMicroelectronics fiscal year , tilia fiscal year , Tate and Lyle trading statement Q3, T Rowe price Q4, visa Q1, Volvo Group Q4, Wizz Air Q3


  • Australia, fourth-quarter producer price inflation data

  • France, January Consumer Confidence Survey

  • Spain, flash GDP data for the fourth quarter

  • United States, personal income and expenditure data for December

  • results: American Express Q4, Charles Schwab winter business update, chevron Q4, Colgate-Palmolive Q4, H&M fiscal year , HCA Healthcare Q4, LG Electronics Q3, Remy Cointreau Third Quarter Sales Update, YouGov H1 trading statement

world events

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


  • Argentina, Brazilian Luiz Inacio Lula da Silva started his first state visit since becoming president again, where he met his Argentine counterpart Alberto Fernandez

  • France, next year, speech by ESA Director General Joseph Ashbacher, providing an overview of ESA’s achievements in 2022 and future opportunities in 2023

  • The UK’s Office for National Statistics publishes another slide of data from the 2021 census of England and Wales, detailing the ethnic breakdown of the countries. Gender and sexual orientation data is released on Wednesday.

  • In the United Kingdom, more than 2,600 Unison ambulance workers to start another day of strike in their dispute over wages. Separately, more than 1,000 members of the Welsh Ambulance Service in Unite the union are starting a second 24-hour round due to wages.

  • United States Mauricio Hernandez Pineda, a former Honduras National Police officer and cousin of the Central American country’s former president Juan Orlando Hernandez, is set to stand trial in Manhattan federal court on drug charges


  • The fifteenth European Union Space Conference kicks off in Brussels

  • UK, Shadow Foreign Secretary David Lamy to talk about the foreign policy of the opposition Labor Party at a Chatham House event in London

  • United States, Academy Award Winner, Riz Ahmed and the star of the hit movie M3gan Allison Williams will announce this year’s Academy Award nominees

  • The United States, Bulletin of the Atomic Scientists announces the position of the minute hand on the doomsday clock, indicating the perceived possibility of a nuclear catastrophe


  • Portugal, cabin crew of Portuguese airline TAP start a strike that will run until January 31, seeking better working conditions and higher wages

  • Senegal, the African Development Bank, the Government of Senegalese, and the African Union Commission host a Food Summit on the theme of Feeding Africa: Food Sovereignty and Resilience

  • United Kingdom, the annual Nordic Conference is held in Manchester to discuss the opportunities and challenges facing the north of England. Among the speakers are Compromise Secretary Michael Gove and his Labor counterpart, Lisa Nandy.

  • UK The first strike of Amazon UK workers at a warehouse in Coventry, organized by GMB union members, at more than 50p an hour.

  • UK celebrations and Burns Night in honor of Scotland’s national poet


  • Australia, Australia National Day holiday

  • India, Republic Day is a national holiday

  • UK, first edition of JK Rowling’s Harry Potter and the Philosopher’s Stone It is being offered for sale at Forum Auctions and is estimated to fetch between £50,000 to £70,000.

  • United States, NASA Remembrance Day to honor the astronauts who gave their lives in the process of space exploration



  • Armenia, the national holiday of the Army Day

  • Australia, Australian Open Women’s Final at Melbourne Park

  • Czech Republic, the closing of the second round of presidential elections

  • Former US President Donald Trump is expected to make his first public appearance in the 2024 presidential campaign, unveiling his leadership team in South Carolina.


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