News

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Liquid lunch and a $10m bet costs trader his living

David Redmond is no doubt still rueing the day he decided to flee the pressures of work for a few hours to enjoy a boozy lunch. The former Morgan Stanley trader was banned from the City by the Financial Services Authority yesterday for his post- prandial actions: a two-hour trading frenzy that saw him run up an unauthorised £10m bet on the oil markets.

Morgan Stanley fined £1.4m over trader

The financial Services Authority has fined the US bank Morgan Stanley £1.4m for failings that led to a $120m markdown to the books of a former senior proprietary trader.

Blue chips see best month in six years

The FTSE 100 rounded off its best month since 2003 and entered bull market territory, which is defined as a 20 per cent rise from recent lows, for the first time last night since the onset of the financial storm.

Morgan Stanley curtails Wall Street optimism

Bank slumps to first-quarter loss

Market update - 16 April

The FTSE 100 was 29.4 points ahead at 3996.8 while the FTSE 250 advanced to 7199.3, up 89.2 points, at around 11.55am today.

Seeking signs of life

Morgan Stanley reckons equities are headed nowhere but Goldman Sachs is optimistic and some experts are even predicting a stock market rally. So who is right? Nick Clark reports

'Here's the problem... people really hate you,' US bankers told

Wall Street's most powerful figures yesterday faced Congress to explain why taxpayers' money is being spent on bonuses, jets and junkets. Stephen Foley reports

Steve Richards: Politicians vilify the bankers – but they don't dare to act

Political leaders dare to speak out but are fearful for different reasons of coming up with precise policies

Jeremy Warner: Roach enjoys his day in the sun

Outlook He claims to take no pleasure in eventually being proved right, but Stephen Roach, chairman of Morgan Stanley Asia and a regular fixture of these mountain-top conferences, is living in clover.

Jeremy Warner: HSBC and the search for capital

Outlook I don't want to get back into the debate about whether HSBC needs more capital or not. Morgan Stanley yesterday added itself to the growing list of securities houses to say that it does, but there are still plenty of others who think the bank will be able to trade its way through the recession without resort to shareholders or governments. Whatever the answer, HSBC would be in a much worse position today than it is, with still relatively healthy capital ratios, had it listened to the siren calls a few years ago urging it to repatriate great wadges of capital and pay it out to shareholders. Most other banks succumbed, leaving them hopelessly undercapitalised when the downturn hit. HSBC resisted.

Citigroup in talks to unload broking business

Citigroup is in talks to merge its Smith Barney stockbroking business with Morgan Stanley, in a money-raising move that would create the biggest brokerage in the world.

Morgan Stanley posts $2.2bn loss in fourth quarter

Morgan Stanley reported a worse-than-expected fourth-quarter loss of $2.2bn (£1.4bn) from continuing operations, prompting a downgrade in the investment bank's senior debt rating.

Goldman faces $2bn loss – its first since 1929

As the banking giant prepares to unveil shock figures, Morgan Stanley braces itself to add its own bad news

Bear market has ended, says Morgan Stanley

Analysts at the US investment bank Morgan Stanley are recommending that clients start to buy shares again after more than a year of falling markets. In an investment strategy report, analysts at the bank said that all four indicators they use to gauge the equity market outlook have started to indicate a turn in the downward trend.

Mitsubishi closes $9bn investment in Morgan Stanley

Mitsubishi UFJ said today it bought a stake in beaten-down Morgan Stanley, as the US government reportedly offered to support the Japanese bank's investment.

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Independent Travel
Pompeii, Capri & the Bay of Naples
Dubrovnik, the Dalmatian Coast & Montenegro
Burgundy, the River Rhone & Provence
Lisbon, Oporto and the Douro Valley
Lake Garda, Venice & Verona
Spain
Prices correct as of 30 January 2015
As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch
Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

Dame Harriet Walter interview

The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
Art should not be a slave to the ideas driving it

Art should not be a slave to the ideas driving it

Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
Bill Granger recipes: Our chef's winter salads will make you feel energised through February

Bill Granger's winter salads

Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
England vs Wales: Cool head George Ford ready to put out dragon fire

George Ford: Cool head ready to put out dragon fire

No 10’s calmness under pressure will be key for England in Cardiff
Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

Michael Calvin's Last Word

Time for Old Firm to put aside bigotry and forge new links