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.


SPORTS NEWS | Hamilton Criticizes F1 For Staying Silent On Floyd Death

LONDON – Six times Formula One motor racing champion Lewis Hamilton has criticized his sport for its silence on the killing of George Floys, an unarmed black man who died after a white U.S. police officer knelt on his neck. The death in Minneapolis triggered a wave of outrage and violent protests in the United … Continue reading SPORTS NEWS | Hamilton Criticizes F1 For Staying Silent On Floyd Death

BUSINESS | Coty To Appoint Chairman Peter Harf As Its New CEO: ESJ

JEDDAH | SAUDI ARABIA – Coty Inc. is set to announce that Peter Harf, its current chairman, will become the cosmetics company’s new chief executive officer, replacing Pierre Laubies, that Wall Street Journal reported on Sunday, citing people familiar with the matter. Coty declined to comment on the report. Harf’s appointment would come as a … Continue reading BUSINESS | Coty To Appoint Chairman Peter Harf As Its New CEO: ESJ

FASHION | The Paris Haute Couture Shows Will Go Digital This July

PARIS – Paris’s haute couture Fashion Week will go digital this July, translating the craftsmanship of couture to a virtual format for the first time. From July 6 to 8, the Federation de la Haute Couture et de la Mode will host videos from accredited couture maisons on a dedicated platform. The videos will be … Continue reading FASHION | The Paris Haute Couture Shows Will Go Digital This July

SCIENCE NEWS | NASA resumes human spaceflight from U.S. soil with historic SpaceX launch

CAPE CANAVERAL, FLA – SpaceX, the private rocket company of billionaire entrepreneur Elon Musk, launched two Americans toward orbit from Florida on Saturday in a mission that marks the first spaceflight of NASA astronauts from U.S. soil in nine years. A SpaceXFalcom 9 rocket lifted off from the Kennedy Space Center at 3:22 p.m. EDT … Continue reading SCIENCE NEWS | NASA resumes human spaceflight from U.S. soil with historic SpaceX launch

NEWS ALERT | Saudi Arabia Opens Prophet’s Mosque In Medina To The Public From May 31

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman bin Abdulaziz approved on Friday opening the Prophet’s Mosque in Medina to the public starting from Sunday, May 31, as part of the government’s plan to ease coronavirus restrictions and re-open the Kingdom. Worshippers will be able to enter the Prophet’s Mosque for group prayers, with … Continue reading NEWS ALERT | Saudi Arabia Opens Prophet’s Mosque In Medina To The Public From May 31

NEWS ALERT | Saudi Arabia Allows Gatherings, Family Visits Of 50 People, Sets Fines

RIYADH | SAUDI ARABIA – Saudi Arabia modified the coronavirus regarding limiting gatherings and family visits to contain the spread of COVID-19, the Ministry of Interior said in Saturday, according to state news agency SPA. The maximum number of people allowed to gathering family visits, non-family gatherings inside homes, gatherings in farms, and social events … Continue reading NEWS ALERT | Saudi Arabia Allows Gatherings, Family Visits Of 50 People, Sets Fines

ENTERTAINMENT | Kylie Jenner Is Not A Billionaire, Forbes Magazine Now Say

RIYADH | SAUDI ARABIA – Forbes magazine, which in March 2019 declared reality TV star Kylie Jenner had become the world’s youngest self-made billionaire, said on Friday that is no longer believed that her net worth was that much. The magazine said it reviewed financial data released by Coty INC, which bought a 51 percent … Continue reading ENTERTAINMENT | Kylie Jenner Is Not A Billionaire, Forbes Magazine Now Say

BUSINESS | ZOOM Plans To Roll Out Strong Encryption for paying customers only

NEW YORK – Zoom, the video conferencing provider whose business had boomed with the COVID-19 pandemic, plans to strengthen encryption on video calls made by paying clients and institutions like schools, but not for users of its popular free accounts, a company official said Friday. The company previewed its intentions on a call with civil … Continue reading BUSINESS | ZOOM Plans To Roll Out Strong Encryption for paying customers only

ROYALS | Prince Harry and Meghan Markle’s LA Home Is Being Inundated by Drones

JEDDAH | SAUDI ARABIA – Meghan Markle and Prince Harry, like many of us in the U.S., spend Memorial Day weekend taking in the sun, sitting poolside with their family, and…spotting a small drone flying just a couple feet above their head? Okay, most families didn’t have to deal with that last one, but Meghan … Continue reading ROYALS | Prince Harry and Meghan Markle’s LA Home Is Being Inundated by Drones

WORLD NEWS | Trump Says Terminating U.S. Relationship With World Health Organization Over Virus

NEW YORK – U.S. President Donald Trump on Friday said he is termination the U.S. relationship with the World Health Organization over its handling of the coronavirus, saying the WHO has essentially become a puppet organization of China. Appearing in the White House Rose Garden, Trump went ahead with repeated threats to eliminate American funding … Continue reading WORLD NEWS | Trump Says Terminating U.S. Relationship With World Health Organization Over Virus

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