Morgan Stanley to spin off Discover
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Morgan Stanley  on Tuesday said it will spin off its Discover division, ending its foray into credit cards, as the parent company capped a record year with better-than-expected quarterly results.
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By Joe Bel Bruno Associated Press  NEW YORK -- Morgan Stanley Inc., the second-largest U.S. investment house, gave chief executive John Mack $40 million in stock and options for 2006, reflecting the largest bonus awarded to a Wall Street CEO.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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Bank of New York Mellon Corp ,  created this month from the merger of Bank of New York Co. and  Mellon Financial Corp., on Thursday said rising fees from  holding securities and processing trades helped boost operating  profit at the former Bank of New York and Mellon.
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The parent company of Discovery Communications said yesterday that it was in preliminary talks to buy out shareholder Advance/Newhouse Communications, another step toward taking Discovery public.
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Insurer Tower is going ahead with a plan to spin off its Australian money management business, raising A$130 million ($143 million) for acquisitions in the transtasman life and general insurance markets.
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American Express Co. , a global credit card and travel services company, on Tuesday said it will spin off its personal finance unit, American Express Financial Advisors, to shareholders in the third quarter.
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Morgan Stanley&#39;s  real estate unit  agreed to buy Australia&#39;s Investa Properties Ltd.  for  A$4.7 billion ($3.9 billion) on Thursday, the nation&#39;s  third-largest property trust takeover.
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The worst of the credit crunch that forced Morgan Stanley to mark down loans and assets by $940 million during the third quarters is over, said Morgan Stanley's incoming chief financial officer Colm Kelleher.
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SunGard Data Systems Inc., whose software handles most of the Nasdaq Stock Market trades, said it will spin off its division that helps information-technology dependent businesses keep access to their information.
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Morgan Stanley posted its first quarterly loss after taking an additional $5.7 billion write-down related to subprime mortgages, and said it would sell a $5 billion stake to Chinaâs sovereign wealth fund.
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NEW YORK (CBS.MW) -- With LNR Property&#39;s acquisition by Cerberus Capital Management on Sunday marking the third billion-dollar buyout deal in as many months, investor appetite for the sector has sent Morgan Stanley&#39;s index of real estate investment trusts
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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Morgan Stanley  said on Monday it has acquired Nan Tung Bank, a Zhuhai-based foreign funded bank formerly owned by a full subsidiary of Bank of China .
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Jerker Johansson of Morgan Stanley was selected to run the troubled unit, which is being revamped following the bankâs problems with U.S. subprime investments.
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SHANGHAI Â Morgan Stanley, the investment bank, and the Chinese government said Monday that the bank had determined the range of prices to be used when Chinaâs international investment fund converts $5 billion in securities into Morgan Stanley stock.
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The decision demonstrates a renewed emphasis on Morgan Stanleyâs core trading and investment banking business.