Barclays Raises Expected Bill for Fines

And four other things you need to know now.

• U.K. bank Barclays (BCS) boosted its expected bill for foreign exchange fines to around $3 billion and said it was working to settle investigations by regulators around the globe.
• Europe's largest carmaker, Germany's Volkswagen (VLKAY), reported a nearly 19% rise in profits in the first quarter. The drivers for the increase were favorable currency movements, improved returns across the company's wide range of car brands and a swing to profit at Spanish car maker SEAT.
• Saudi Arabia's King Salman bin Abdulaziz sacked his younger half-brother as crown prince and appointed his nephew, deputy crown prince Mohammed bin Nayef, as the new heir apparent. Oil prices fell, with oversupply and weak demand outweighing the Saudi developments.  
• Goldman Sachs (GS) has revealed a big increase in spending on lobbying European Union authorities in Brussels, according to the FT. Swiss bank UBS (UBS) also revealed an increase in spending on lobbying. 
• U.K. Prime Minister David Cameron promised no tax rises for the next five years if his Conservative party is re-elected in general elections scheduled for next week. The campaign has been characterized by increasingly populist promises by all candidates, with the two big parties trying to fend off the rise of smaller parties.

At the time of publication, Antonia Oprita had no positions in any of the securities mentioned.