Good morning! Here’s what you need to know.
1. Deutsche Bank is working on a new, more transparent bonus system for its top executives. German newspaper Handelsblatt reported the bank will propose the new system to its annual shareholders meeting, which is scheduled for May 18.
2. Brazil’s unemployment rate hit 12% — a record high. That amounted to 12.3 million people looking for work at the end of 2016, a third more than in the last quarter a year earlier, the Brazilian Institute for Geography and Statistics said.
3. The Trump debate will happen this month. British MPs will hold a debate on February 20 on US President Donald Trump’s state visit to Britain after 1.6 million people signed a petition calling for the trip to be downgraded.
4. Warren Buffet has loaded up on US stocks. Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway since the Donald Trump beat Hillary Clinton in the Nov. 8 U.S. presidential election.
5. MasterCard missed sales estimates. The world’s second-biggest payments processor reported lower-than-expected quarterly revenue due to an increase in rebates.
6. Greece is selling
Thessaloniki Port. The country has given investors until March 24 to submit binding bids for a majority stake in its second biggest port, according to Reuters.
7. Germany’s auto industry is losing hope that trade tariffs with Britain can be avoided. “Merkel may force us to walk away from UK profits for the sake of preventing further EU fragmentation,” a senior executive at a German luxury carmaker told Reuters.
8. Air France’s trade union has called on its members to refuse to work on US-bound flights. It’s in protest against the US immigration order that temporarily prevents refugees and travellers from seven Muslim-majority countries from entering the United States.
9. Germany rejected a US trade adviser’s charge that it was using an “undervalued” euro to gain advantage. “Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did that before the euro existed,” Angela Merkel told a news conference.
10. Global banks must plan for a “hard” Brexit. They risk breaching regulatory requirements and disrupting business if they don’t, according to an industry report by consultancy PwC.
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