#Morgan Stanley

A rescue boat of the Vigili del Fuoco, the Italian Corps. of Firefighters operates off Porticello near Palermo, on August 20, 2024 a day after the British-flagged luxury yacht Bayesian sank. Specialist divers launched a fresh search for six people, including UK tech tycoon Mike Lynch and the chairman of Morgan Stanley International, missing since their yacht capsized off the Italian island of Sicily. The Bayesian, which had 22 people aboard including 10 crew, was anchored some 700 metres from port before dawn when it was struck by a waterspout, a sort of mini tornado. Fifteen people aboard, including a mother with a one-year-old baby, were plucked to safety; one man has been found dead; and six people remain missing. (Photo by Alberto PIZZOLI / AFP) (Photo by ALBERTO PIZZOLI/AFP via Getty Images)

Five bodies recovered from Mike Lynch’s sunken superyacht in Sicily

The Bayesian, a 56-metre yacht flying the British flag, was carrying 10 crew members and 12 passengers when it sank off the coast of Sicily

Sicily yacht sinking

Morgan Stanley boss Jonathan Bloomer, tech tycoon Mike Lynch missing in Sicily yacht sinking

Italian authorities rescued 15 of those on board the British yacht, but a day later six passengers remain missing, and one body has been recovered

ADGM says company registrations up 31% in H1 2024

ADGM says company registrations up 31% in H1 2024

The financial hub issued 1,271 new licences in H1 2024, a 20.5 per cent increase compared to the corresponding period a year ago

OPEC projection for 2024 energy demand - oil

Morgan Stanley expects oil prices to climb to $90 per barrel by summer 2024

Morgan Stanley expects oil demand to grow at 1.5 million bpd this year which is slightly above the historical trend growth

ADGM’s assets under management rose by 35% in 2023

ADGM says assets under management rose by 35% in 2023

A total of 102 asset managers, comprising investment firms and hedge funds, who manage 141 funds have set up shop in Abu Dhabi

birkenstock

Birkenstock set for US listing after $1.5bn IPO

Birkenstock is the fourth major company to launch a US IPO in the last four weeks

Wellington Management opens Dubai Office

Wellington Management set to expand into Middle East with Dubai office

Wellington has been managing assets for clients in the Middle East and North Africa for 29 years and decided to expand into the region to support local needs

stocks

Saudi stocks are performing well helping EM fund managers beat peers

Saudi Arabia’s Vision 2030 programme to transform the kingdom is a key support to the Saudi stock market

Smartwatches no longer a threat to pricey swiss timepieces

Smartwatches no longer a threat to pricey swiss timepieces, Morgan Stanley says

Smartwatches are still outselling the Swiss watch market by a wide margin, with Apple selling more during one quarter than the Swiss industry does in a year

Turkish lira

Turkish lira falls to record low against US greenback

Wall Street sees more weakness ahead for the lira, with Morgan Stanley warning that it may reach 26 per dollar sooner than earlier expected and slide toward to 28 by the end of the year

Dubai property market Morgan Stanley

Morgan Stanley sees cash buyers and Chinese buoying Dubai property

Demand for Dubai real estate is booming after the government’s handling of the pandemic and its liberal visa policies attracted more foreign buyers

Americana, Luberef IPO managers set to share $74m in fees

Americana and Luberef IPOs take the proceeds of Gulf listings this year to over $20bn

Stocks

Big tech sinks stocks as clock ticks on earnings

All major groups in the S&P 500 retreated with losses in megacaps like Tesla and Apple weighing heavily on trading

Morgan Stanley raises oil forecasts by $10 citing market deficit

The bank raised its third quarter estimate to $130 a barrel

SABIC to shortlist Citi, Morgan Stanley for specialty chemicals IPO

SABIC hasn’t decided on a venue for the sale

ADNOC hires Morgan Stanley veteran Klaus Froehlich as CIO

Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East

Coronavirus pandemic drags global M&A to lowest level since 2012

Little more than $1 trillion of deals have been announced this year, making for the slowest first half since 2012