Bernanke, G-7, Pakistan Vote, News Corp.: Week Ahead May 6-11

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Bernanke, G-7, Pakistan Vote, News Corp.: Week Ahead May 6-11

**** Schumacher, Greg Miles and Jim McDonaldMay 06, 2013 12:00 am ET

(See {BCAL <GO>} for updates to Global Top Events)

May 6 (Bloomberg) -- U.S. Federal Reserve Chairman Ben S. Bernanke and European Central Bank President Mario Draghi each will give speeches in the coming week.

Group of Seven central bank governors and finance ministers will meet outside London for two days to discuss the state of the global economy.

Pakistan will elect a new government. China will release trade and inflation data for April, which may indicate whether the second-largest economy is slowing.

News Corp., HSBC Holdings Plc, Walt Disney Co. and Toyota Motor Corp. will be among companies releasing results.

MONDAY, MAY 6

--European Central Bank President Mario Draghi speaks at LUISS Guido Carli in Rome, where he will be awarded an honorary degree. 15:00 local time (09:00 EDT).

--U.S. Internet retail tax. The Senate votes on a bill that would let states impose sales taxes on out-of-state retailers. Backed by Wal-Mart Stores Inc. and Amazon.com Inc., the bill would end the era of tax-free Internet shopping and give states a chance to collect up to $23 billion a year. Four separate procedural votes have attracted majority support, signaling probable passage. Anti-tax groups, EBay Inc. and other opponents are pressing for the House of Representatives to change or block the bill.

--Japanese markets closed for final national holiday of Golden Week.

--German Finance Minister Wolfgang Schaeuble speaks on European integration and financial-market stability at the annual conference of the Uebersee-Club. 11:00 in Hamburg, Germany (05:00 EDT).

--Indonesia’s economy probably expanded near the slowest pace in more than two years in the first quarter as a decline in commodity prices hurt exports, adding to signs of easing global growth. Gross domestic product probably grew 6.12 percent in the three months through March from a year earlier, after expanding 6.11 percent the previous quarter, according to the median estimate of economists surveyed by Bloomberg News. In Jakarta. Time to be determined.

--ECB Executive Board member Yves Mersch speaks at an event in Luxembourg. Timing to be determined.

--Israeli Prime Minister Benjamin Netanyahu travels to Shanghai and Beijing to meet with Chinese government leaders and entrepreneurs as his administration seeks to expand trade ties. His government will also press its case for tougher action on Iran and Syria. Palestinian Authority President Mahmoud Abbas also will be visiting China between May 5 and May 7.

--2011 plot to murder Saudi U.S. ambassador. Manssor Arbabsiar, an Iranian-American U.S. citizen, will be sentenced after pleading guilty to conspiring with members of the Iranian military in 2011 to kill Saudi Arabia’s ambassador to the U.S. in a Washington restaurant. 10:45 in New York.

--ECONOMY: Sentix European investor confidence (May), euro-area services PMI (April, final), Kenya monetary policy decision.

--EARNINGS: SJM Holdings Ltd.

--NBA playoffs. National Basketball Association conference semifinal games begin. Teams and times to be determined.

TUESDAY, MAY 7

--U.S. consumer credit probably increased in March, a sign that Americans are more amenable to borrowing as higher stock prices and increased home values help repair household balance sheets. The Federal Reserve reports at 15:00 in Washington.

--White House meeting with South Korean president. President Barack Obama and South Korea’s Park Geun Hye hold their first meeting since Park took office in February. North Korea’s nuclear missile threat will top the agenda, which also will include trade and regional security issues. In Washington. Timing to be determined. Park will meet with U.N. Secretary General Ban Ki-moon in New York on Sunday, May 5, during the first day of her U.S. visit.

--German Finance Minister Wolfgang Schaeuble and French Finance Minister Pierre Moscovici deliver speeches at Berlin’s Free University and participate in a discussion with students. 09:30 in Berlin (03:30 EDT).

--International Monetary Fund Managing Director Christine Lagarde visits the Netherlands and meets with Prime Minister Mark Rutte and Finance Minister Jeroen Dijsselbloem. She will also speak with students at the University of Amsterdam. Timing to be determined.

--European Commission conference. “Blueprint for a deep and genuine EMU,” on reform of economic and monetary union. Speakers include commission President Jose Barroso, EU Economic and Monetary Commissioner Olli Rehn, Dutch Finance Minister Jeroen Dijsselbloem, European Central Bank council member Yves Mersch and Andrea Enria, chairman of the European Banking Authority. From 09:45 in Brussels (03:45 EDT).

--Eurogroup chief Jeroen Dijsselbloem and EU commissioners Michel Barnier and Algirdas Semeta testify to European Parliament’s Economic and Monetary Affairs Committee. In Brussels. Timing to be determined.

--European Union President Herman Van Rompuy and Finnish Prime Minister Jyrki Katainen speak on the future of Europe at the University of Helsinki. 17:00 in Helsinki (10:00 EDT).

--Iran opens registration for presidential candidates ahead of the nation’s June 14 election. Would-be candidates subsequently will be screened by the Guardian Council, which will vet their suitability to run.

--Metal Bulletin’s 17th Annual Zinc & its Markets Seminar. Speakers include Diarmuid O’Hegarty of London Metal Exchange, Bob Katsiouleris of Nyrstar, Jason Chang of Korea Zinc. 09:00 in Amsterdam (03:00 EDT). Through Wednesday, May 8.

--U.S. bond auctions. The U.S. Treasury Department is scheduled to auction $32 billion in 3-year notes today, $24 billion in 10- year notes on May 8 and $16 billion in 30-year bonds on May 9. Treasuries have returned 0.795 percent this year, according to Bank of America Merrill Lynch.

--Kerry’s Moscow diplomacy. U.S. Secretary of State John Kerry visits Moscow for two days to meet with Foreign Minister Sergei Lavrov and other Russian officials. Kerry has said topics will include the civil war in Syria and Iran’s nuclear program. Talks also may include Russia’s cooperation in the investigation of the suspects in April’s Boston Marathon bombings. Timing to be determined. Through Wednesday, May 8.

--South Carolina Congressional special election. Republican Mark Sanford, a former governor and congressman, faces Democrat Elizabeth Colbert Busch, a business-development official and sister of comedian Stephen Colbert. Sanford, whose career was tarnished by an extramarital affair while serving as governor, touts his support from anti-spending groups. Colbert Busch says she is an independent businesswoman who would work with Republicans. Polls close at 19:00.

--2013 Fiscal Summit: Facing the Future. Political and business leaders gather to discuss the nation’s economic and fiscal outlook. Speaker times to be determined. Peter G. Peterson Foundation. In Washington.

--ECONOMY: Australia interest-rate decision, U.S. JOLTS job openings (March), German factory orders (March), French industrial production (March), U.K. BRC shop-price index (April).

--EARNINGS: Walt Disney Co., HSBC Holdings Plc, Societe Generale SA, Prudential Plc, Commerzbank AG, Adecco SA, Discovery Communications Inc., Whole Foods Market Inc.

--Impressionist and modern art auctions at Sotheby’s and Christie’s could tally as much as $537 million. A Fernand Leger painting of three women, estimated at $5 million to $7 million, is a highlight of the Sotheby’s sale. Starts today at 19:00. On May 8, Christie’s sells items including Chaim Soutine’s portrait of a young pastry chef, which could bring as much as $22 million. Also at 19:00. Both auctions in New York.

WEDNESDAY, MAY 8

--China releases April trade data after a below-forecast 10 percent increase in exports in March fueled concern about a slowdown in overseas demand. Imports rose 14.1 percent in March. In Beijing. Timing to be determined.

--The Sohn Investment Conference. Speakers include Bill Ackman, founder of Pershing Square Capital Management LP, Jim Chanos, founder of Kynikos Associates Ltd., David Einhorn, co-founder of Greenlight Capital LLC and Stan Druckenmiller, chairman of Duquesne Family Office LLC. 12:00 in New York.

--SALT Skybridge Alternatives Conference. Speakers include: John Paulson, founder of Paulson & Co. (5/8); Daniel Loeb, founder of Third Point LLC (5/9); and Sam Zell (5/9), chairman of Equity Group Investments LLC. Starts at 07:00 in Las Vegas, Nevada (10:00 EDT). Through May 10.

--World Economic Forum Africa summit. The conference’s theme is “Delivering on Africa’s Promise” and will focus on how African nations can generate growth of 5 percent a year in the face of falling commodity prices and weak global demand. Heads of government from South Africa, Nigeria and Rwanda will attend, along with policy makers and business executives from around the continent. In Cape Town. Through Friday, May 10.

--European Parliament lawmakers meet with members of the so- called troika of the EU, IMF and ECB on the Cyprus bailout. 08:30 in Brussels (02:30 EDT).

--European Central Bank Executive Board member Joerg Asmussen takes part in a panel discussion on inflation as a threat to prosperity. Bertelsmann Repraesentanz. 17:00 in Berlin (11:00 EDT).

--Euromoney Forex Forum. Speakers include: Stephen L. Jen, managing partner, SLJ Macro Partners LLP; Thomas Kressin, senior vice president, Pimco; Kevin Rodgers, global head of foreign exchange at Deutsche Bank. At The Brewery, Chiswell Street, London. From 08:15 local time (03:15 EDT) until 16:50 (11:50 EDT).

--Queen’s Speech. U.K. Prime Minister David Cameron’s coalition government announces its legislative program for the new parliamentary session in a speech delivered by Queen Elizabeth II to members of the House of Commons and House of Lords. In London. Late morning.

--U.S. Supreme Court Justice Stephen Breyer, U.S. Vice President Joe Biden, and Sri Mulyani Indrawati, managing director of the World Bank, speak at the 43rd Annual Washington Conference on the Americas. The sponsors, the Americas Society and the Council of the Americas, say topics will include the U.S. economy, immigration, trade, and the Obama administration’s second-term policies in Latin America. Starts at 08:00 in Washington.

--ECONOMY: German industrial production (March), Brazil consumer prices (April).

--EARNINGS: News Corp., Toyota Motor Corp., Groupon Inc., Standard Chartered Plc, Toshiba Corp., Deutsche Telekom AG, Telefonica SA, Vestas Wind Systems A/S, Tesla Motors Inc., Activision Blizzard Inc., Monster Beverage Corp.

THURSDAY, MAY 9

--China inflation data for April. Consumer prices probably rose 2.2 percent, after inflation slowed more than forecast to 2.1 percent in March. The producer price index may fall 2 percent, after a 1.9 percent decline in March. 09:30 in Beijing (5/8 21:30 EDT).

--Bank of England policy decision. This will be the Monetary Policy Committee’s first meeting since first-quarter GDP data showed the U.K. avoided falling into a triple-dip recession. At its meeting last month, the MPC left its target for quantitative easing at 375 billion pounds ($582 billion) and its benchmark interest rate at 0.5 percent. Governor Mervyn King was one of three MPC members defeated last month in a push to increase QE by 25 billion pounds. 12:00 in London (07:00 EDT).

--Bank of Korea will set interest rates after policy board members voted four-to-three to leave the benchmark unchanged in April at 2.75 percent instead of cutting by 25 basis points. About 10:00 in Seoul (05/08 21:00 EDT).

--U.S. immigration overhaul. The Senate Judiciary Committee may begin weighing legislative amendments that would rewrite immigration policy. Panel chairman Democrat Patrick Leahy plans to allow an open amendment process to gain as much support as possible. The legislation is the product of months of negotiations by a bipartisan group of eight senators. Some senators want a delay of a floor vote on the measure because the two brothers implicated in the April 15 Boston Marathon bombings legally immigrated to the U.S.

--United Nations’ Food & Agriculture Organization releases its world food price index for April. The gauge has gained for two consecutive months. 10:00 in Rome (04:00 EDT).

--Arab Economic Forum on political and economic transition in the Arab world. In Beirut. Timings to be determined.

--ECB monthly report. 10:00 in Frankfurt (04:00 EDT).

--Economy officials from China, Japan, South Korea and 13 other nations gather in Brunei for the first official round of negotiations under the Regional Comprehensive Economic Partnership as regional nations look to expand trade and economic links. Through May 13.

--ECONOMY: U.S. initial jobless claims (weekly), U.S. wholesale inventories (March), Australia employment (April), U.K. industrial production (March), Spain industrial production (March), Greece unemployment (February), Mexico consumer prices (April), Peru interest rate decision, Egypt interest rate decision, Egypt consumer prices (April), South Africa manufacturing output (March).

--EARNINGS: Sony Corp., Telecom Italia SpA, Carlyle Group LP, Priceline.com Inc., GS Yuasa Corp.

--PGA tour. World’s No. 1 Tiger Woods begins round one of the Players Championship at TPC Sawgrass in Ponte Vedra Beach, Florida. The tournament’s $9.5 million total purse is the tour’s largest. Last year’s winner was Matt Kuchar. Tee time is 07:30 EDT.

FRIDAY, MAY 10

--Federal Reserve Chairman Ben S. Bernanke will give the keynote address at the Chicago Fed’s annual conference on bank structure and competition. Bernanke said on April 8 that Fed stress tests determining whether U.S. financial companies could survive a severe recession have strengthened the banking system and aided economic growth. 08:30 in Chicago (09:30 EDT).

--G-7 finance ministers and central bankers meeting. Finance ministers and central bank governors from the Group of Seven nations meet in Aylesbury, near London, for a two-day meeting to discuss global financial issues, including Europe’s debt crisis and whether austerity policies are the most effective route for reviving growth. Britain currently holds the presidency of the G-7. Through Saturday, May 11.

--China may release data on new yuan loans and money supply for April. New local-currency lending in March was a higher-than- forecast 1.06 trillion yuan ($172 billion). M2, the broadest measure of money supply, jumped 15.7 percent in March, also exceeding analyst estimates. In Beijing. Timing to be determined.

--U.S. wheat, corn, soybean forecasts. The government issues its first forecast for 2013 output of winter wheat after cold, dry weather hurt domestic crops. About 35 percent of the crop was rated poor or very poor on April 28. The U.S. also will update its corn and soybean outlooks. 12:00 at the Department of Agriculture in Washington.

--Losses at U.S. Postal Service. The agency today will report a quarterly loss in the period ending March 31, Postmaster General Patrick Donahoe said in an interview with Bloomberg Television on April 30. The service, which Congress is pushing to be self- sufficient, lost $1.3 billion in the quarter ended Dec. 31 even as it cut costs and enjoyed the year’s highest volumes. Results released at the service’s board meeting. 08:30 in Washington.

--ECONOMY: Japan current-account balance (March), Canada employment (April), U.S. budget statement (April), German trade balance (March), Italy industrial production (March), Mexico central bank policy minutes, Colombia central bank policy minutes.

--EARNINGS: Panasonic Corp., International Consolidated Airlines Group SA, UniCredit SpA, British Telecom Plc.

SATURDAY, MAY 11

--Pakistan elections. Former Prime Minister Nawaz Sharif’s Pakistan Muslim League is likely to defeat President Asif Ali Zardari’s Pakistan Peoples Party and the Movement for Justice of ex-cricket star Imran Khan in national parliamentary elections. The election, seen as the most important in at least four decades, will decide which party inherits an economy crippled by a record power crisis and chronic insecurity as sectarian and Taliban violence escalates. It also marks the first time in Pakistan’s 65-year history that one elected, civilian government transfers power to another civilian one. Polls close at 17:00 local time (08:00 EDT) and final results are likely by early on Sunday, May 12.

--English F.A. Cup Final. Manchester City plays Wigan in the 132nd final of English soccer’s F.A. Cup, the world’s oldest soccer cup competition. Manchester City is seeking its fifth title overall, and second in three seasons. Wigan has reached the final for the first time in its 81-year history. 17:15 local time (12:15 EDT). At Wembley Stadium, London.

Note to our readers: Click on blue ECONOMY headline at bottom of each day for access to Bloomberg’s complete global economic calendar.

--Editors: Nancy Moran, Mike Millard.