10 things you need to know in markets today

Saudi Arabia's Foreign Minister Adel al-Jubeir speaks during an interview with Reuters in Munich

caption
Saudi Arabia’s Foreign Minister Adel al-Jubeir speaks during an interview with Reuters in Munich
source
Thomson Reuters

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

1. Saudi Arabia expects to sign agreements with Britain covering a range of issues during Crown Prince Mohammed bin Salman’s visit to London this week, Foreign Minister Adel al-Jubeir said. Britain’s planned exit from the European Union did not reduce its attractiveness as an investment destination, the minister told reporters.

2. The border between the United States and Canada does not provide an example for how to solve the issue of the future border between Ireland and Northern Ireland after Brexit, Prime Minister Leo Varadkar said.British Prime Minister Theresa May said London would look at many examples of different arrangements for customs around the rest of the world, including the border between the United States and Canada.

3. Goldman Sachs is creating a new commodities finance team that will move staff from the securities division into the investment banking division. Colleen Foster, global head of commodities sales, will lead the new team, called “commodity finance solutions.”

4. Luxemburg will join Austria in suing the European Commission for allowing Hungary to expand its Paks atomic plant. Staunchly anti-nuclear Austria, which shares a border with Hungary, has said it would file a suit against the EU executive with Europe’s top court.

5. Workers removed the Trump name from the Trump Ocean Club International Hotel and Tower in Panama City. The move came after the Trump Organization appeared to lose control of administration of the property in a bitter commercial dispute.

6. United Airlines is discontinuing proposed changes to its bonus program after employees expressed outrage.United President Scott Kirby wrote in a memo to employees that the carrier was “pressing the pause button” on unpopular changes to its merit bonus system that would scrap quarterly performance bonuses in favor of lottery drawings for cash prizes, luxury cars and vacation packages.

7. Women with regular exposure to cleaning products may face a steeper decline in lung function over time, according to an international study. Women who used sprays or other cleaning products at least once per week had a more accelerated decline than women who didn’t, the study authors wrote.

8. Automaker BMW is working with a London-based start-up to use transaction-recording technology blockchain to prove batteries for its electric vehicles will contain only clean cobalt. The competition is intensifying to use blockchain, the technology that underpins cryptocurrencies such as Bitcoin, to try to eliminate battery minerals produced by child labor.

9. Kobe Steel Chief Executive Officer Hiroya Kawasaki will step down in connection with quality control lapses that resulted in substandard materials being supplied to more than 500 companies. Akira Kaneko, head of the company’s aluminum and copper division, will also resign along with other executive changes on Tuesday.

10. European Union rules on financial advice will be amended to promote “green” investments, with asset managers forced to show how they consider sustainable growth in their decisions, an EU document showed.The bloc’s executive European Commission is due as soon as this week to publish its action plan for financing sustainable growth, such as by favoring investment in projects that help combat climate change.