Good morning! Here’s what you need to know.
1. Barclays cut its bonus pool for the third year running. Barclays said it was paying 1.5 billion ($US1.87 billion), down 56% from 3.5 billion in 2010, despite rising profits at its investment bank.
2. Norwegian Air announced plans to offer transatlantic flights on 10 new routes between the United States and Europe starting at $US65. Norwegian is expanding its network of flights to the United States from mid-June after receiving long-awaited approval late last year for its Irish subsidiary to operate routes across the Atlantic.
3. The number of Americans filing for unemployment benefits rose slightly more than expected. Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18, the Labour Department said.
4. Former IMF chief Rodrigo Rato was sentenced to four and a half years in prison for misusing company credit cards for personal expenses while he worked at lender Bankia. Rato was on trial along with 64 other executives and former board members of Bankia and its founding savings bank Caja Madrid.
5. Morgan Stanley may move 300 staff from Britain following Brexit. The Wall Street firm will eventually choose either Frankfurt or Dublin to base its enlarged European Union hub, according to a Bloomberg report.
6. Brussels Airport is being prepared for a potential sale. Macquarie’s infrastructure fund, which owns a 36% stake, is currently in talks with co-owner Ontario Teachers’ Pension Plan, which has 39%, on whether the Canadian investor wants to increase its stake.
7. Germany notched up a surplus in its public finances of nearly €24 billion last year, its largest since reunification in 1990. Measured against gross domestic product (GDP), the surplus amounted to 0.8% of overall output, the statisticians calculated.
8. Immigration into the UK fell to its lowest level in two years in the year ending in September 2016. Net migration in the UK was +273,000, with immigration into the country estimated at 596,000 people, and emigration at 323,000.
9. The CEO of app-only bank Tandem is retiring, with the company’s founder taking over the role. A filing with Companies House earlier this week showed that Peter Herbert is stepping down as a director.
10.Tesla wants to bundle insurance and maintenance into the price of vehicles. Tesla has been quietly experimenting with this model in Asia by selling cars with insurance and maintenance included, Jon McNeill, Tesla’s president of sales and services, said during the company’s fourth-quarter earnings call.