BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

NEW YORK  – Morgan Stanley’s Chief Executive Officer James Gorman told shareholders on Thursday that is to too early for him or anyone on the board of directors to consider reinstating the bank’s share buyback program.

Morgan Stanley, along with JPMorgan Chase & Co, Bank of America and five others, voluntarily suspended their share repurchases in mid-March to preserve liquidity during the novel coronavirus pandemic to lend to individuals and businesses in need.

Gorman, speaking at the bank’s annual meeting, said he does not anticipate resuming share buybacks until the bank is certain the economy is on more steady footing. The current suspension is in place through at least June 30.

Gorman, who has led the U.S. – based bank since the middle of the financial crisis more than a decade ago, has worked to build out the bank’s wealth management business to create a stable revenue and funding source for the bank.

In February, the bank announced plans to buy discount brokerage E’Trade Financial Corp for $13 billion.

Earlier this week, the bank said it will expand its full-service wealth management business to Canada.

Despite the costs of these expansion, Gorman has said that the bank’s operating committee unanimously ruled out staff cuts in 2020.

Since March, more than 90% of the bank’s worldwide staff has been working from home, and Gorman said Thursday he expects only about 50% of workers to return to working in office by the end of this years.

Shareholders at the meeting, which was held virtually due to the coronavirus pandemic, voted to reelect Gorman and the rest of the bank’s board of directors with the support of nearly 97% of votes, according to initial tallies. Roughly 94% of investors voted to approve the bank’s executive compensation plan.


CORONAVIRUS ALERT | French Health Body Recommends Delaying Second Covid Shot To Six Weeks After First

PARIS – – France’s top health advisory body on Saturday recommended doubling the time between people being given the first and second Covid-19 vaccination to six weeks from three  in order to increase the number getting inoculated . The gap between the first and second injection in France is currently three weeks for people in … Continue reading CORONAVIRUS ALERT | French Health Body Recommends Delaying Second Covid Shot To Six Weeks After First

BREAKING NEWS | Police Round Up More Than 350 At Russia Protests Backing Jailed Kremlin Foe Navalny

Police detained more than 350 people across Russia on Saturday and broke up rallies around the country as protesters defied bitter cold and a ban by authorities to demand the release of jailed Kremlin critic Alexei Navalny. Navalny had called on his supporter to protest after being arrested last weekend as he returned to Moscow … Continue reading BREAKING NEWS | Police Round Up More Than 350 At Russia Protests Backing Jailed Kremlin Foe Navalny

BUSINESS | UAE Confirms It Inked $23 Billion To Buy F-35 Jets, Drones From U.S.

WASHINGTON – – The United Arab Emirates confirmed that it signed agreements with the United States on former President Donald Trump’s last full day in office to purchase up to 50 F-35 jets, 18 armed drones and other defense equipment in a deal worth $23 billion. The UAE embassy in Washington said in a statement … Continue reading BUSINESS | UAE Confirms It Inked $23 Billion To Buy F-35 Jets, Drones From U.S.

Breaking News | Saudi TV Says Missile Or Drone Intercepted Over Riyadh

RIYADH – – Saudi Arabia said Saturday it intercepted an apparent missile or drone attack over its capital, Riyadh, amid the kingdom’s yearlong war against neighbouring Yemen’s Houthi rebels.Social media users posted video of what appeared to be an explosion in the air over Riyadh. Saudi State TV quoted authorities in the kingdom acknowledging the … Continue reading Breaking News | Saudi TV Says Missile Or Drone Intercepted Over Riyadh

TRAVEL | Denmark Suspend Dubai Flights Amid Doubts Over Virus Tests

 DUBAI – Denmark has temporarily suspended all flights from the United Arab Emirates for five days after suspicion arose that the coronavirus tests that can be obtained before leaving Dubai are not reliable, authorities announced Friday. The development, which comes amid a surge of infections in the UAE, poses a direct challenge to the mass … Continue reading TRAVEL | Denmark Suspend Dubai Flights Amid Doubts Over Virus Tests

BUSINESS | Google Seals Content Payment Deal With French News Publishers

PARIS – – Google and a French publishers’ lobby said on Thursday they had agreed to a copyright framework for the U.S. tech giant to pay news publishers for content online, in a first for Europe.The move paves the way for individual licensing agreements for French publications, some of which have seen revenues drop with … Continue reading BUSINESS | Google Seals Content Payment Deal With French News Publishers

Business News | BioNTech Investors, Amid Worry Over Shortage, Vows Vaccines To Be Delivered For Second Shot

MILAN – European countries should use all available vaccine doses provided by biotech firm BioNTech and its partner Pfizer because there will be enough for the requisite second booster shot due to a planned production ramp – up, BioNTech’s largest investor said. Some countries were believed to be withholding some vaccines for fear of shortage … Continue reading Business News | BioNTech Investors, Amid Worry Over Shortage, Vows Vaccines To Be Delivered For Second Shot

BREAKING NEWS | Arab Coalition Thwarts Two Houthi Attacks

The Saudi – led coalition fighting against Yemen’s Houthi movement said it thwarted two attacks by the Houthis on Friday morning, including destroying an explosive – laden boat in the southern Red Sea, Saudi State TV said on Twitter. The coalition also intercepted and destroyed an explosive – laden drone launched by the Houthis toward … Continue reading BREAKING NEWS | Arab Coalition Thwarts Two Houthi Attacks

ARTS & CULTURE | Lebanon Return Two Stolen 18th – Century Religious Icons To Greece

ATHENS – – Lebanon handed back two 18th – century religious icons of Jesus and Mary to Greece on Tuesday after they were seized during an auction, a judicial sources said. The paintings were stole from an exhibition in Athens in 2016, and Greece put out an international notice calling for their return. Icons are … Continue reading ARTS & CULTURE | Lebanon Return Two Stolen 18th – Century Religious Icons To Greece

CORONAVIRUS | Saudi Arabia Reschedules COVID-19 Vaccinations Amid Pfizer Delay

RIYADH – – Saudi Arabia has rescheduled appointment for the administration of COVID-19 vaccine due Pfizer delivery delays, the Ministry of Health announced on Thursday in a tweet. Authorities said that those with appointments to receive their first dose will be rescheduled ‘due to the delay of the manufacturer in supplying the Kingdom and all … Continue reading CORONAVIRUS | Saudi Arabia Reschedules COVID-19 Vaccinations Amid Pfizer Delay

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