10 things you need to know in markets today

Greek Finance Minister Yanis Varoufakis leaves the voting booth after casting his vote in the referendum at a school in the suburbs of Athens on July 5, 2015 in Athens, Greece.

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Greek Finance Minister Yanis Varoufakis leaves the voting booth after casting his vote in the referendum at a school in the suburbs of Athens on July 5, 2015 in Athens, Greece.
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Milos Bicanski/Getty Images

Good morning! Here’s what you need to know.

1. Yanis Varoufakis, Greece’s former finance minister, launched a new party on Monday promising to free his country from debt bondage. The economist – who once described the austerity imposed by Greece’s creditors as “fiscal waterboarding” – said his new MeRA25 party would revive the economy through debt restructuring and other measures.

2. Spotify expects revenue to grow 20-30% this year as currency swings slow the pace from 2017 and it gears up for one of Europe’s most anticipated stock listings. The Swedish company said it expected 2018 revenue of up to €5.3 billion, which would mark a slowdown from the 39% percent growth recorded in 2017.

3. European Central Bank inspectors found shortcomings and miscalculations worth more than €10 billion when going through euro zone banks’ loan books last year. The ECB’s annual report on its work as the euro zone’s top banking watchdog shows some banks were found to be deficient in the way they identify problem customers and loans.

4. A Brazilian appeals court rejectedo bjections raised by lawyers of former leftist President Luiz Inacio Lula da Silva against his conviction for corruption. It raises the possibility that he will soon be jailed.

5. Saudi Aramco will be ready for an initial public offering in the second half of 2018, Amin Nasser, the CEO of the state oil company, said in a Bloomberg television interview. “We are doing a lot of work to prepare the company for listing,” he said.

6. Billionaire hedge fund manager Daniel Loeb’s firm Third Point wants to build a stake in United Technologies. That’s according to a filing with the Federal Trade Commission, as the US aero parts maker explores a breakup of its businesses.

7. Banks should adopt compensation plans that discourage excessive risk-taking and place greater onus on senior managers for wrongdoing, the outgoing head of the New York Federal Reserve said. William Dudley, who plans to step down later this year, said regulators should encourage banks to overhaul their corporate cultures to reduce risk and bad behavior.

8. The average Wall Street bonus rose 17% to $184,220 in 2017, according to a report released on Monday by New York state’s chief fiscal officer. The securities industry averaged 176,900 jobs in New York City last year, down slightly after three straight years of gains.

9. Britain and the European Union are looking at whether interim taxation is needed to ensure digital firms are paying the right amount of tax, Prime Minister Theresa May said. “We believe that the best result is an international result, but it is right to look, as the European Union, whether there are any interim steps that need to be taken to ensure that we are properly taxing these companies,” May told parliament.

10. Goldman Sachs pays employees a much bigger portion in stock than Wall Street rivals, a trend that has come into sharper focus as the bank overhauls its business strategy. Goldman’s “burn rate” – the proportion of outstanding stock used to pay staff – averaged 3% over the past three years.