10 things you need to know in markets today

Chief Executive of the TSB bank Paul Pester.

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Chief Executive of the TSB bank Paul Pester.
source
REUTERS/Andrew Winning

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

1. Customers of Britain’s TSB complained they were locked out of their online banking again on Tuesday only two months after a botched IT upgrade plunged the bank into chaos. The bank said that the issue had been resolved but a number of customers took to Twitter to flag that they were still unable to access their accounts. Some said computers were also down in their local branches.

2. American Airlines said it plans to no longer offer plastic straws and stir sticks in its lounges and onboard its flights. Starting this month, American said drinks in its airport lounges will instead feature biodegradable straws and wooden stir sticks.

3. A former Apple employee was charged with theft of trade secrets. The complaint said that the former employee, Xiaolang Zhang, disclosed intentions to work for a Chinese self-driving car startup and booked a last-minute flight to China after downloading the plan for a circuit board for the self-driving car.

4. Airbus scored a key victory, with U.S. airline JetBlue announcing it would buy 60 of its A220-300 narrowbody jets. It’s the first major order for the planemaker’s newly rebranded program as its battle with rival Boeing intensifies.

5. Saudi Arabia has arrested a defense ministry official on charges of receiving a 1 million riyal ($267,000) bribe and abusing his position.“The official sought to facilitate irregular procedures for the disbursement of financial dues to a company, taking advantage of his professional influence,” a statement said.

6. Two former employees of rival biopharmaceutical companies were convicted for using their access to confidential information about drug studies to profit in the stock market through insider trading. A federal jury in Boston found Schultz Chan, a former Akebia Therapeutics Inc employee, and Songjiang Wang, who worked at Merrimack Pharmaceuticals Inc, guilty on conspiracy and securities fraud charges.

7. Sainsbury’s, the British supermarket group that is merging with rival Asda, has lined up Martin Scicluna as the successor to chairman David Tyler. His appointment could be announced as early as Wednesday, when the retailer will hold its annual general meeting, Sky said.

8. More American workers voluntarily quit their jobs in May, a sign of confidence in the labor market that economists say will soon boost wage growth.In its monthly Job Openings and Labor Turnover Survey, or JOLTS, the Labor Department said the number of workers leaving jobs of their own free will increased 212,000 to 3.3 million.

9. Morgan Stanley has promoted Ted Pick to head of its trading and investment banking businesses.The move, part of a broader executive shuffle that also moved Franck Petitgas from co-head of investment banking to head of Morgan Stanley’s international business, was disclosed in an internal memo seen by Reuters on Tuesday.

10. Norwegians enjoyed the warmest May this year since records began in 1900. But as rainfall has been unusually low, it will cost them about 2 billion euros ($2.34 billion) in higher power bills, Norway’s energy regulator told Reuters.