EMEA Morning Briefing: Slight Gains Seen for -2-

The three-year plan, unveiled Thursday, calls for new spending of GBP400 million, equivalent to $495 million, at several government agencies-GBP200 million of which will come from the government and GBP200 million from a levy on the private sector. The government will make a GBP100 million investment in data analytics and other technology to aid law enforcement.

Virgin Orbit Holdings to Cut Workforce by 85%

Virgin Orbit Holdings Inc. on Thursday said it reduced its headcount by about 675 employees, about 85% of its workforce, to reduce expenses as it has been unable to secure meaningful funding.

Shares nosedived 39% to 21 cents in after-hours trading.

Reporting on Russia Became More Treacherous After Ukraine Invasion

The Russian media landscape in which Wall Street Journal reporter Evan Gershkovich worked is far different and more dangerous than the one in which he and other Western journalists operated before last year's invasion of Ukraine.

Mr. Gershkovich has been detained since Wednesday by Russian authorities, who accuse him of espionage. His arrest, while on a reporting trip in the city of Yekaterinburg, around 800 miles east of Moscow, marks the first detention of an American journalist for allegations of spying since the Cold War. The Journal denied the allegations, and the Biden administration condemned the detention.

Wall Street Bonuses Fall by Most Since 2008

The average Wall Street bonus fell 26% last year, the biggest percentage drop since the financial crisis, as a slump in deal making cut into bankers' compensation.

Financial employees received average bonus checks of $176,000 last year, compared with a record high $240,000 a year earlier, the New York state comptroller's office said in a report Thursday. The annual report measures bonuses paid to employees in New York's securities industry and doesn't include base salaries, stock options or other forms of deferred compensation.

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Expected Major Events for Friday

04:30/NED: Feb Retail turnover

06:00/GER: Feb Foreign trade price indices

06:00/UK: 4Q Business investment revised results

06:00/UK: 4Q Balance of Payments

06:00/DEN: 4Q Revised GDP

06:00/UK: 4Q UK quarterly national accounts

06:00/GER: Feb Retail Trade

06:00/UK: Mar Nationwide House Price Index

06:30/HUN: Feb PPI

06:30/SWI: Feb Retail Sales

06:45/FRA: Feb PPI

06:45/FRA: Feb Household consumption expenditure in manufactured goods

06:45/FRA: Mar Provisional CPI

07:00/TUR: Feb Foreign Trade

07:30/EU: Mar EuroCOIN indicator of euro area economic activity

07:55/GER: Mar Labour market statistics (incl unemployment)

08:00/ITA: Jan Industrial turnover

09:00/LUX: Feb PPI

09:00/BEL: 4Q Balance of Payments

09:00/CRO: Feb Industrial Production Volume Index

09:00/CYP: Feb PPI

09:00/GRE: Jan Turnover Index in Retail Trade

09:00/ITA: Mar Provisional CPI

09:00/ITA: Mar Cities CPI

09:00/EU: Feb Unemployment

09:00/EU: Mar Flash Estimate euro area inflation

09:00/GRE: Feb Labour Force Survey

12:00/POL: 4Q Quarterly Balance of Payments

16:59/SPN: Feb Budget deficit

16:59/SPN: Jan Monthly Balance of Payments

16:59/SPN: Jan Budget deficit

16:59/SPN: Dec Budget deficit

16:59/BEL: Feb PPI

All times in GMT. Powered by Onclusive and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

March 31, 2023 00:21 ET (04:21 GMT)

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