Morgan Stanley HQ in New York. US banks are surging. AP
Morgan Stanley HQ in New York. US banks are surging. AP

Morgan Stanley adds to US bank optimism as profit doubles



Morgan Stanley's fourth-quarter profit more than doubled from a year earlier when it recorded a $1 billion tax charge due to changes in the U.S. tax law.

Net income applicable to Morgan Stanley jumped to $1.53 billion, or 80 cents per share, in the fourth quarter ended December 31, from $643 million, or 26 cents per share, a year earlier.

On an adjusted basis, the bank earned 73 cents per share, compared with 84 cents per share a year ago, Reuters said.

Analysts on average were looking for 89 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.

The results come as Goldman Sachs, JPMorgan and their peers have already reported more than $111 billion of profit for 2018, according to Bloomberg. Morgan Stanley makes that number bigger.

They have Republican tax cuts to thank, along with rising interest rates, a surge in deal making and a retail-banking boom.

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JPMorgan and Bank of America both had record years, while Goldman Sachs and Citigroup had their biggest hauls since the financial crisis. The impressive numbers and upbeat commentary from bank leaders may quell fears that rate hikes and trade wars risk bringing an end to good times for the biggest lenders.

“Is it the end of a cycle? We don’t think so,” JPMorgan chief financial officer Marianne Lake said Tuesday. “We think the outlook for growth in the economy is still strong. The consumer is still strong and healthy, and we’re expecting to see, maybe slower, but still global growth going forward.”

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Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

The Saga Continues

Wu-Tang Clan

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

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