Overseas Headlines – May 2, 2023

May 2, 2023

United States:

Morgan Stanley Plans 3,000 More Job Cuts as Dealmaking Slumps

Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking.

Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter, according to people with knowledge of the matter. That would amount to roughly 5% of staff excluding financial advisers and personnel supporting them within the wealth management division.




EU Allows Some Eastern Members to Ban Ukraine Grain Imports

Poland and four other European Union member states agreed to restrictions on Ukrainian grain products as part of an agreement with the bloc’s executive arm, replacing their unilateral bans on imports in response to plummeting prices.

The measures apply to wheat, corn, rapeseed, sunflower and sunflower oil — and will be in place until June 5, with the possibility of being extended through the end of the year, Agriculture Commissioner Janusz Wojciechowski told reporters in Warsaw Friday. The transit of Ukrainian foodstuffs to other member states will continue, he said.




Hong Kong Exits Recession as Spending Boom Revives Growth

Hong Kong emerged from recession in the first quarter as the reopening of its borders revived spending.

The economy expanded 2.7% in the three months to March from a year earlier, topping the median estimate of a 0.5% uptick from 10 economists surveyed by Bloomberg. It was the first quarterly gain in gross domestic product in more than a year, and a rebound from the 4.1% decline in the final quarter of last year.




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