Banking & Financial Services News on Business Daily

Morgan Stanley has announced its second quarter results for 2024. A conference call to discuss the outcomes will be held on July 16, 2024, at 9:30 a.m. (ET). Both live and on-demand versions of the webcast will be available in the Investor Relations section of Morgan Stanley's website.

NEW YORK, July 16, 2024 – The recent rise in U.S. homeowners insurance costs has been driven by a combination of increasing natural catastrophe losses and extraordinary inflation following COVID-19, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief. Triple-I also noted that legal system abuse is contributing to the cost increases.

Have you ever watched the Olympics on TV and thought to yourself, “I’d love to see the Games in person one day”? You’re not alone. For many people, attending the Olympics is a bucket-list item. Nowadays, more travelers, especially young people, are willing to go the extra mile for a live event. If you’re ready to stop dreaming about it and start making it happen, consider these tips from AAA.

ORLANDO, Fla. (July 11, 2024) – AAA has announced the recipients of the Service Providers of Excellence and the Best in Auto Repair awards for 2024. These awards recognize outstanding AAA Service Providers and AAA Approved Auto Repair facilities across the nation. A panel of experts from AAA evaluated over 142 nominations for both awards, considering criteria such as member satisfaction performance targets, service quality, and community contributions.

NEW YORK, July 11, 2024 – Favorable first-quarter economic and underwriting results for property/casualty insurance align with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to the latest forecasting report from the Insurance Information Institute (Triple-I) and Milliman.

The national average for a gallon of gas rose three cents to $3.54 from last week, according to recent data. This slight increase occurred despite Hurricane Beryl impacting the Texas coast, a record number of July 4th car travelers, and oil prices remaining above $80 per barrel.

Manulife Investment Management (Manulife IM) announced the closing of approximately US$810 million in commitments to Manulife Private Equity Partners II, L.P. (the Fund). This marks the second private equity fund of funds raised by Manulife IM, aimed at providing specialized solutions for investors seeking greater exposure to opportunities in a growing private equity market. The Fund was seeded with an existing portfolio selected in partnership with AlpInvest, a subsidiary of global investment firm Carlyle (NASDAQ: CG), consisting of private equity fund interests and...

Tokyo, Japan – July 10, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced the completion of its tender offer to acquire shares in KFC Holdings Japan (“KFC Japan”). As a result of this transaction, the subsequent squeeze-out process, and the share repurchase from Mitsubishi Corporation, Carlyle will privatize KFC Japan and own 100% of the company by late September 2024.

The Carlyle Group Inc. (NASDAQ: CG) announced it will release its financial results for the second quarter of 2024 on Monday, August 5, 2024. A conference call to discuss these results is scheduled for 8:30 a.m. EDT and will be accessible via public webcast from the Events & Presentations section of ir.carlyle.com. A replay of the call will also be available post-completion.

HOUSTON, July 6, 2024 — Texans should be alert for the potential impacts of Tropical Storm Beryl, which is forecast to intensify back to hurricane strength before making landfall along the Texas Gulf Coast on Monday, July 8, according to the Insurance Information Institute (Triple-I). It would be the first U.S. landfall of the 2024 Atlantic hurricane season.

E*TRADE from Morgan Stanley released data from its monthly sector rotation study, which analyzes E*TRADE customer notional net percentage buy/sell behavior for stocks within the S&P 500 sectors.

The national average for gasoline has risen by five cents over the past week, reaching $3.50 per gallon, according to recent data. This increase follows a period of nearly three weeks without significant changes in prices and coincides with oil prices surpassing $80 per barrel. The cost of oil, which constitutes approximately 54% of gasoline prices, plays a crucial role in determining pump costs.

Researchers at the Insurance Information Institute (Triple-I) have determined that home insurance premiums in Florida rose at a much lower rate than originally projected in 2022 and 2023. The significant differences in premium averages reflect the impact of legislative legal system abuse reforms as well as lower levels of inflation in replacement costs. Both factors were not anticipated at the time Triple-I’s estimates were made.

Morgan Stanley Wealth Management (MSWM) announced today a significant addition to its AI @ Morgan Stanley suite of GenAI tools for Financial Advisors (FAs). The new tool, AI @ Morgan Stanley Debrief, powered by OpenAI, generates notes during client meetings and identifies action items with client consent. Post-meeting, it summarizes key points, drafts an email for the Advisor to edit and send, and saves a note into Salesforce.

Investment funds managed by Morgan Stanley Energy Partners announced the closing of the sale of Durango Permian LLC to a subsidiary of Kinetik Holdings Inc. The consideration for the sale includes a combination of cash and equity, along with contingent consideration payable upon the successful commissioning of Durango Permian’s Kings Landing Gas Gathering and Processing Development.

Grand Velas Boutique Hotel Los Cabos in San Jose del Cabo, Mexico, has been awarded the prestigious AAA Five Diamond Designation. This adults-only, all-inclusive resort features views of the Sea of Cortez, 79 suites, a private beach, and an infinity pool. According to AAA, Five Diamond hotels provide luxurious amenities and impeccable service for a unique experience.

Global, 24 June 2024 - Apex Group Ltd. (“Apex”) has announced that global investment firm Carlyle’s Global Credit business (“Carlyle”) and Goldman Sachs Private Credit (“Goldman Sachs”) have jointly committed in excess of $1.1 billion into the global financial services provider. This commitment supports Apex’s sustainable growth strategy, following the successful integration of several previous acquisitions, continued strong organic growth, and technological innovations.

London, UK – 24 June, 2024 – Global investment firm Carlyle (NASDAQ: CG) announced the launch of a new evergreen private equity strategy, Carlyle AlpInvest Private Markets SICAV ("CAPM SICAV" or the "Fund"). This initiative offers investors worldwide, excluding the US, access to a global portfolio of private markets investments through Carlyle's Global Investment Solutions business, AlpInvest.

Paula Twidale, the current Senior Vice President of AAA Travel, will retire at the end of December 2024, concluding a notable 40-year career in the travel industry. Twidale's career began in the airline sector at Boston’s Logan International Airport before she transitioned to tour and leisure travel. She has achieved several milestones, including serving as the first woman board chair of the United States Tour Operators Association and being nominated five times by Travel Agent Magazine as one of the most powerful women in travel.

WASHINGTON, DC (June 20, 2024) – AAA projects that 70.9 million travelers will journey 50 miles or more from home over the Independence Day holiday travel period. For the first time, AAA analyzed the entire July 4th week, including the Saturday before and the Sunday after the holiday. This year’s projected number of travelers for that time period represents a 5% increase compared to 2023 and an 8% increase over 2019.