Good morning from the Newsroom of the Financial Times.

Today is Wednesday, February 19th,

and this is your FT news briefing.

EU leaders are gearing up for a fight over the region's budget,

while yesterday Donald Trump granted clemency to several

high profile white collar criminals. Plus, H.S.B.C. is setting out to radically downsize its operations

in Europe and the US.

I'm Amy Keene and here's the news you need to start your day. The EU's richest states are digging in their heels.

It's all over the upcoming seven-year budget for the region

ahead of a crucial summit this week.

Member states are dealing with a funding gap that's close to 60 billion euros in the forthcoming budget.

That gap is owed to the UK's decision to quit the EU.

And as a result, those countries that are net payers into the budget are being asked to shoulder an extra burden.

Meanwhile, those countries that are net recipients of the budget will have to deal with tighter spending programs.

The richest states and biggest contributors to the budget, including Germany, Denmark, Sweden, Austria, and the Netherlands, all want it kept it no higher than 1% of EU gross national income. Compare that to European Council President Charles Michelle's proposal for 1.074%.

These countries are also clinging to rebates that would ease the financial burden.

Now leaders are due to meet in Brussels on Thursday to continue to hash out the financial

framework and these talks could go into the weekend.

One EU diplomat said that if President Michelle wants the European Council to be, quote, successful, he Trump flexed his executive power.

The US President extended clemency to several high-profile white-collar criminals,

one being former Illinois Governor Rod Blagojevich, who was

convicted of trying to sell the U.S. Senate seat formerly held by Barack Obama.

...