Morgan Stanley hires Shahsingh from UBS to head North American industrial services IB
Shahsingh has worked in industrial services for over 15 years and led more than 50 advisory and capital-raising transactions since 2020, said the source, who declined to be identified discussing personnel matters. Shahsingh will join Morgan Stanley later this year.
The bank has been adding to its industrials practice with recent hires, including David Hammond in metals and mining and Sean Murray for chemicals, both from Goldman Sachs, and Andy Lipsky and Chris Khouri for industrial technology coverage from JPMorgan Chase.
Last week, Morgan Stanley reported a profit that beat Wall Street estimates in the second quarter, but its investment banking revenue shrank. The bank saw a pick-up in activity in the latest part of the second quarter, CEO Ted Pick told investors during the earnings call.
"The second half ended with increasing engagement and a steady rebound in capital markets," Pick told analysts.
Chief Financial Officer Sharon Yeshaya told Reuters in an interview the bank is optimistic about M&A discussions. "Companies are looking past tariffs for strategic movements and growth," she said.
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The Independent
25 minutes ago
- The Independent
Boeing's fighter jet workers in the St. Louis area reject a contract offer
Boeing Co. expects more than 3,200 union workers at three St. Louis-area plants that produce U.S. fighter jets to strike after they rejected a proposed contract Sunday that included a 20% wage increase over four years. The International Machinists and Aerospace Workers union said the vote by District 837 members was overwhelmingly against the proposed contract. The existing contract was to expire at 11:59 p.m. Central time Sunday, but the union said a 'cooling off' period would keep a strike from beginning for another week, until Aug. 4. Union leaders had recommended approving the offer, calling it a 'landmark' agreement when it was announced last week. Organizers said then that the offer would improve medical, pension and overtime benefits in addition to pay. The vote came two days before Boeing planned to announce its second quarter earnings, after saying earlier this month that it had delivered 150 commercial airliners and 36 military aircraft and helicopters during the quarter, up from 130 and 26 during the first quarter. Its stock closed Friday at $233.06 a share, up $1.79. The union did not say specifically why members rejected the contract, only that it 'fell short of addressing the priorities and sacrifices' of the union's workers. Last fall, Boeing offered a general wage increase of 38% over four years to end a 53-day strike by 33,000 aircraft workers producing passenger aircraft. 'Our members are standing together to demand a contract that respects their work and ensures a secure future,' the union said in a statement. Dan Gillan, general manager and senior Boeing executive in St. Louis, said in a statement that the company is 'focused on preparing for a strike.' He described the proposal as 'the richest contract offer' ever presented to the St. Louis union. 'No talks are scheduled with the union,' said Gillan, who is also vice president for Boeing Air Dominance, the division for the production of several military jets, including the U.S. Navy's Super Hornet, as well as the Air Force 's Red Hawk training aircraft.
The Guardian
43 minutes ago
- The Guardian
Trump and von der Leyen announce US-EU trade deal
Donald Trump has announced a tariff deal with the EU to end four months of difficult negotiations between Washington and Brussels and avert a damaging transatlantic trade war. The European Commission chief, Ursula von der Leyen, said 'we have a deal' after a 40-minute meeting with Trump at his Turnberry golf resort in Scotland where the US president is on holiday for the weekend. She described it as 'a big deal, a huge deal' that would bring 'stability' and 'predictability' to both sides.. 'The two biggest economies should have a good trade flow,' she said. 'It solves a lot of stuff and was a great decision,' said Trump, describing the agreement, which also involved the EU agreeing to spend tens of billions of dollars more on US energy products, as 'a powerful deal' and an 'important' partnership. 'This is this is really the biggest trading partnership in the world, so we should give it a shot,' he had said before the private meeting started. Keeping the EU delegation, who had flown in on Sunday for the meeting, on tenterhooks to the end, the US president had repeated less than an hour earlier that the chances of a deal were only a '50-50', and that 'three or four sticking points' remained. Von der Leyen said the meeting was 'tough' and 'very difficult'. Referring to a pre-meeting with Trump in front of the cameras, she later told reporters at Glasgow airport: 'You saw the tension at the beginning. So we had to work hard to come to a common position.' Under the agreement, the US will levy a 15% baseline tariff for most EU exports to the US, limiting a higher tariff. However, the rate is higher than before Trump came to power, and a 50% tariff remains on steel exports – a setback for that industry. There was initial confusion over pharmaceuticals after Trump said the sector would not be included. Speaking to reporters at Prestwick airport in Glasgow a short time later, von der Leyen said they were included but there were no guarantees of later increases in import duties. 'It is agreed that we have 15% for pharmaceuticals. Whatever the decisions later on is of the president of the United States: how to deal with pharmaceuticals in general? Globally, that's on a different sheet of paper,' she said. She also revealed zero tariffs will apply to a range of other sectors including 'all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials'. Under the terms of the deal, Brussels will agree to buy, over three years, $750bn (£560bn) worth of oil, gas, nuclear fuel and semi-conductors, including liquified gas, while at the same time agreeing to invest $600bn (£446bn) in the US, a deal that includes purchases of military equipment. The deal stabilises the €1.4tn trade between the EU and the US and avoids a 30% tariff rate Trump threatened to impose on 1 August if talks had collapsed. Speaking on a plane back to Brussels, the EU trade commissioner, Maroš Šefčovič, said Trump was 'a very tough negotiator' and the 'atmosphere was very intense'. He conceded that 15% was a worse position for the EU than before Trump, when tariff rates were at an average of 4.8% marking a significant victory for Trump's tariff threat tactics. 'I think that what was most important for us was to make sure we would have this predictability and we would have stability for our businesses,' said Šefčovič. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The deal also creates a division on the island of Ireland as traders in Northern Ireland can sell into the US on a 10% tariff rate, setting the scene for difficult diplomatic conversations over guarantees to maintain stability on the entire island in the Good Friday agreement. Ireland's deputy prime minister, Simon Harris, said he 'regretted' the 15% tariff rate but said 'certainty' was important. 'There is still a lot of detail on the agreement which will need to be brought forward including in relation to pharma, aviation and other sectors. Over the coming days, we will be examining what has been agreed and the full implications for Irish business and the economy, including any implications for the All-Island economy,' he said. There was also confusion over the tariff rate applying to steel. While Trump indicated his punitive 50% rate would continue to apply as part of 'a worldwide thing that stays the way it is, von der Leyen told reporters there would be a quota system in place. The UK steel industry is still faced with 50% tariffs despite Trump's initial promise they would be brought to zero, with hopes that there could be further concessions when Trump meets Keir Starmer, the British prime minister, in Scotland on Monday. The agreement struck in Scotland is likely to be greeted with relief by financial markets when they open on Monday, after a turbulent few months with jittery investors spooked by the prospect that Trump's tariff wars could pummel the world economy. Trump also signalled progress could be made in trade talks with China, with the US president saying 'we're very close'. 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Daily Mail
2 hours ago
- Daily Mail
Beach city scraps 10,000 new homes and plans F1-style track instead that locals rage is 'dumb' and 'desperate'
Locals in a popular New Jersey beach city are enraged after it ditched plans to build 10,000 new homes for a 'dumb' and 'desperate' $3.4 billion F1-style racetrack. Atlantic City government officials have moved forward with the redevelopment of Bader Field, a shuttered airport about an hour outside of Philadelphia, after plans for the new racetrack were officially approved on July 16. The idea to take over the abandoned city-owned airport, which shut down in 2006, first started in 2022 when Bart Blatstein, the CEO of Tower Investments, Inc. and owner of Showboat Atlantic City, said his company and Atlantic City would collaborate to create a massive residential community. The proposed $3 billion development, dubbed 'Casa Mar,' was set to be built on 140 acres with 10,000 residential units, 20 acres of trails, amenities and parks and 400,000 square-feet of retail and office space - but that plan has since been wiped. Instead, a 2.5-mile racetrack, headed by real estate development company Deem Enterprises, will take its place. The massive raceway, said to be a 'game changer' by Atlantic City Mayor Marty Small Sr., is expected to take six to nine years to complete. It will be surrounded by retail businesses and condominiums in the community that is home to beaches, a bustling boardwalk and casinos. 'We're more confident than ever that we have the funds, Small Sr., an Atlantic City native who has been in office since 2019, told NJ Advance Media. '[DEEM] has been vetted, and just getting a $3.4-plus billion project on the ratable base is a complete game changer.' While the mayor, who was embroiled in a child abuse scandal involving his wife and daughter last year, and other government officials are thrilled about the new plan, Atlantic City locals are not happy with it. 'Atlantic City leadership is so desperate that they will support any development offer no matter how stupid it is,' a Facebook user wrote. Another said: 'What a joke! Want to really do something with the land? Dig canals and sell off lots and watch the ratepayers flood in!' 'Building that into a racetrack has to be the dumbest idea in the world,' someone else posted. A resident stressed that the heavily populated and touristy area is already filled with loud noises, so a racetrack would not be ideal. 'If people are bothered by the noise from beach concerts, the noise from the screaming F1 race cars would be unbearable!,' they said. While many are not happy with the development, others appear to be excited for the new track. 'Hell yes,' one simply wrote. Somebody else said: 'Do it!' Another said: 'Excellent' alongside several thumbs up and heart emojis. Meanwhile, a majority of people are not convinced the racetrack will ever be completed. 'They've been talking about it for years... highly doubt it'll ever happen,' wrote a user. 'This is all BS. Every few years this story comes out,' someone else shared. Another posted: 'I'm gonna go ahead and predict this will never happen.' Blatstein told the outlet three years ago that he saw room for growth in the beach city after realizing that other Garden State beach towns have booming populations compared to Atlantic City. 'So what really is needed here is a new plan, a new way of living, a new opportunity for people to come to Atlantic City,' Blatstein said. DEEM Enterprises, a Los Angeles and Atlantic City-based company, first announced the proposal in February of that year. The company has a tentative deal with the city to sell the vacant airfield for $100 million in exchange the real estate developer would donate $15 million for a community center. 'We don't have a recreation center of our town,' Small Sr. explained. 'We use the schools and different things like that.'
