Latest news with #NewYorker
The Star
12 hours ago
- Business
- The Star
Top Morgan Stanley Asia banker targets US$10bil
LAST month, as the US-China trade war heated up, Morgan Stanley's co-president Dan Simkowitz made a discreet visit to Beijing. It was the first time a senior US executive from the bank had stepped foot in China in five years, and came days after a rare board meeting in Tokyo near the Imperial Palace. The low-key events underscore the focus the Wall Street giant is putting on Asia under recently installed chief executive officer (CEO) Ted Pick. After several tough years sparked by a slump in China that hammered global banks, Morgan Stanley is regaining traction in the region. Led by one of the deepest and longest-tenured teams of any of its rivals, Morgan Stanley posted record Asia revenue of US$7.64bil last year, topping arch-rival Goldman Sachs Group Inc for the third-straight time. The bank is now eyeing US$10bil in revenue within five years, its Asia chief Gokul Laroia said in a rare interview from his Hong Kong office. 'If you're diversified by geography and you're diversified by product, you have inherent hedges in your business,' said Laroia, who joined Simkowitz on the Beijing trip to meet with He Lifeng, the vice-premier who is also leading US trade talks. 'A combination of familiarity and confidence in the team over here is super helpful, particularly when times are tough.' The bank is counting on a widening array of investment banking and trading initiatives across the region. A growing presence in Japan and India will likely add to a China business that's slowly recovering even as trade wars rage. Still, the goal will be challenging. Despite investing billions, global banks have struggled to make meaningful profits on the Chinese mainland, squeezed by a sluggish economy and powerful local rivals. At the same time, the bank faces fierce competition in Japan, where many global firms saw sliding revenue last year. In India, fees are generally low and the regulatory landscape is hard to navigate. Laroia, a 30-year veteran of Morgan Stanley and co-head of global equities, is in charge of executing the Asia strategy. He joins a long list of top executives at the New York bank who cut their teeth in the region. At the top is Pick, a New Yorker who worked in South Korea for about six months early in his career. At a town hall last year after becoming CEO, Pick joked that the two people he's travelled most with in his life are his wife and Laroia. In the past two decades, Pick has made more than 60 trips to Asia. Simkowitz, who oversees the global institutional securities business, worked in Tokyo and Hong Kong in the 1990s, while Mo Assomull, co-head of investment banking, grew up in Hong Kong where he first joined the bank. Laroia is part of the bank's 12-member top executive body. His close ties to the top have been instrumental in helping the firm's bankers in Asia secure swift approvals and push key deals across the line, according to sources. He's led businesses across investment banking and sales and trading, making him one of the most well-rounded regional CEOs among global banks in Asia. During the bank's April earnings call, Pick gave a rare shout-out to Laroia, pointing to Asia's equities performance and its contribution to global results. Backbone of Asia Like its biggest US rivals, Morgan Stanley's stocks division is the backbone of Asia, and its momentum is pushing Greater China's share to about half of regional revenue. Overall, Japan delivers 20% to 25%, while India makes up roughly 10%. In the first quarter, the bank's revenue from Asia topped Goldman's by 27%, public filings showed. Morgan Stanley declined to comment on contributions by geography. While activity is picking up, Wall Street firms have gone through tough years following China's financial opening at the start of the decade. Since late 2022, Morgan Stanley has slashed more than 120 Asia investment banking jobs – many of then China-focused – as overall Asia revenue fell before rebounding in 2024, according to sources. Now, fresh China-US tension has again fuelled investor caution, imperiling growth prospects for most investment banks. 'The geopolitical dynamic is a complicated one,' said Laroia. 'Our role is to make sure that the business that we're doing in China is the risk that we're comfortable managing.' To confront the challenges in China, Laroia draws on challenges from navigating five major economic meltdowns, including the Asian financial turmoil and dotCom bust, severe acute respiratory syndrome, the global financial crisis and the Covid-19 pandemic. He tapped that experience earlier this year as US President Donald Trump's tariff shock caused Chinese stocks to plummet. Laroia kept in close phone contact with a leading hedge fund in London. He advised sticking with China, but to cut long-dated investments and avoid complex positions to preserve liquidity, according to the US$10bil portfolio manager, who asked not to be identified. Better access The long-time client said that the bank has generally provided better access to borrowable Chinese shares, citing one instance when its prime brokerage unit offered twice as many as rivals for short bets. This allows the bank to charge premiums in illiquid markets, the hedge fund manager said. Morgan Stanley has made a deliberate push to broaden its product suite across businesses in China to counter the deals slump. Its onshore units have secured multiple licences from derivatives to principal trading and research in the last few years. 'The sales and trading business continues to grow because there's a very broad cross section of global investors and increasingly a rapidly growing pool of local capital that is trading these markets more actively than they've traded in the past,' Laroia said. — Bloomberg Cathy Chan writes for Bloomberg. The views expressed here are the writer's own.
New York Post
12 hours ago
- New York Post
Beloved NYPD trainer of elite Emergency Service Unit gets special send-off after two decades in uniform
A beloved instructor for the NYPD's elite Emergency Service Unit bade farewell to the department Thursday after more than two decades on the job in a rousing ceremony attended by scores of his fellow Finest. Sgt. John Flynn's formal walk off took place at Floyd Bennett Field in Brooklyn, home to the NYPD's facility where Flynn trained many of the officers who are in the unit today. 4 NYPD ESU Sgt. John Flynn had his walk off ceremony at Floy Bennett Field after. a career that panned more than two decades. Michael Nagle Dozens of officers from the Emergency Service Unit celebrated the man who they consider to be an institution within the department. 'The training to be able to do this work is not easy,' Flynn said to the crowd. 'What I say to all my students on day one is 'I'm not saying it's going to be easy,'' Flynn said. But he added, 'it is absolutely one of the most rewarding positions you could ever be involved in.' 'After leading 11 Emergency Service Unit classes and countless life-saving rescues, Sgt. John Flynn takes his final walkout,' the NYPD said in a statement. 'A standard-bearer of excellence, his leadership shaped generations of NYPD heroes and safeguarded our city.' 4 NYPD ESU Sergeant John Flynn posed with fellow officers in front of Emergency Service Unit vehicle. Michael Nagle Flynn was involved in numerous harrowing rescues and dangerous calls in a career that spanned more than two decades. The ESU is one of the most highly trained units of its kind in the county, dealing with a variety of complex, high-risk incidents like rescues and tactical situations. It is the unit, as one NYPD officer put it, that the cops call when the cops need help. Of the 23 officers who died responding to the 9/11 attacks, 14 of them were members of ESU. The 400-members of the unit deal with everything from hostage situations to disasters. Flynn's career is a testimony to the unexpected and sometimes eccentric calls members of the team have responded to over the years. 4 NYPD ESU Sergeant John Flynn celebrates with fellow officers at his retirement ceremony. Michael Nagle Flynn recalled the most exciting moments of his career that was built on thrilling moments. State Police needed help with a hiker who had been bitten by a rattlesnake on Bear Mountain. Flynn hastily put together a crew and flew out. 'We were able to assess that patient, stabilize her, package her up, and hoisted her up on the side of the mountain about 100 feet up to the helicopter,' he said. Flynn took pride in knowing he was saving one of his own – a New Yorker. 'What was amazing about it, she was from New York, from Brooklyn.' Flynn added: 'She…was surprised to be bitten by a rattlesnake.' She was in grave condition so they flew her to Nyack where the team landed on a football field and rushed her to a hospital. 'She was saved with a significant amount of anti venom,' he said. 'Probably one of the wildest and most exciting moments of my entire career.' 4 NYPD ESU Sergeant John Flynn hugs an officer at his retirement ceremony at Floyd Bennett Field. Michael Nagle Flynn credited his fellow officers for the city being so safe over the course of his career. He said its a tremendous obligation they take on every time they put on a uniform, 'We're tasked with the responsibility of protecting the people who live and visit here and it's an awesome responsibility,' Flynn said, 'and is absolutely worth it.'
USA Today
13 hours ago
- Sport
- USA Today
Brooklyn Nets jersey history No. 20 - Barry Leibowitz (1967-68)
Brooklyn Nets jersey history No. 20 - Barry Leibowitz (1967-68) The Brooklyn Nets have 52 jersey numbers worn by over 600 different players over the course of their history since the franchise was founded in 1967 as a charter member of the American Basketball Association (ABA), when the team was known as the "New Jersey Americans". Since then, that league has been absorbed by the NBA with the team that would later become the New York Nets and New Jersey Nets before settling on the name by which they are known today, bringing their rich player and jersey history with them to the league of today. To commemorate the players who played for the Nets over the decades wearing those 52 different jersey numbers, Nets Wire is covering the entire history of the franchise's jersey numbers and the players who sported them since the founding of the team. The 21st of those 52 different numbers is jersey No. 20, which has has had a total of 28 players wear the number in the history of the team. The second of those players wearing No. 20 played in the (then) New Jersey Americans (now, Brooklyn Nets) era, guard alum Barry Leibowitz. After ending his college career at LIU, Leibowitz was picked up with the 48th overall selection of the 1967 NBA draft by the New York Knicks. The New Yorker instead signed with the ABA's (defunct) Pittsburgh Pipers, and was dealt to the Americans in 1967. His stay with the team would span just 24 games of the same season, coming to an end when he was traded again, this time to the (also defunct) Oakland Oaks. During his time suiting up for the Americans, Leibowitz wore only jersey No. 20 and put up 11.4 points, 3.0 rebounds, and 3.9 assists per game. All stats and data courtesy of Basketball Reference.
Dublin Live
17 hours ago
- Dublin Live
Annie McCarrick was going to break up with murder suspect days before disappearance
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Annie McCarrick decided to break off a secret relationship with the man suspected of murdering her just days before she vanished, it has emerged. We have learned that Ms McCarrick, 26, felt guilty about the fling – and decided to end it. As gardai continue an invasive search of a house in Clondalkin, south west Dublin, as part of the probe into the New Yorker's murder, sources have also told us Annie was planning to tell the suspect the relationship was over. And we have also been informed that she knew the suspect's girlfriend, felt guilty about what had happened – and was intending to confess to her. But she never got the chance to do either of those things, sources say. Annie, who was last seen in the Sandymount area of Dublin on March 26, 1993, had last been with the suspect just over a week earlier. It's understood she was with the suspect – who was arrested on suspicion of her murder last week – on Thursday, March 18. That was a day after she had attended a St Patrick's Day parade in the city centre. Investigators have established that the following day she was in a pub with the suspect on the southside of the city, before going to another location near Lucan with him. But it is understood that the following day she felt guilty about the secret fling – which began after she arrived back in Ireland in late January 1993 from New York and decided to end it. But she never got to break it off as she disappeared on March 26 and has not been seen since. Gardai and other investigators have long been aware that the suspect, who denied any role in Ms McCarrick's murder when he was questioned by gardai last Thursday, had a girlfriend while he was having a secret relationship with the American. But it can now be revealed that Ms McCarrick, who complained of being stalked by the suspect and even assaulted by him, tried to end the affair. 'She was filled with remorse and wanted to end it,' a source confirmed. The man, who is now a wealthy businessman in his 60s, was known for his violence and had always been viewed as a person of interest by gardai probing Ms McCarrick's disappearance. But he became a suspect when the case was upgraded from a missing person's inquiry to a full murder probe in March 2023 – the 30th anniversary of the student's disappearance. We reported earlier this week that gardai at Irishtown station in south central Dublin, the investigation HQ, made the decision to arrest the man after officers travelled overseas earlier this year to interview his brother. The brother made a voluntary statement and as a result of that and analysis of other evidence, gardai decided to arrest the suspect. He was detained at his home outside Dublin on Thursday morning – just as officers sealed off a house in Clondalkin as part of the same probe. Gardai stressed that the present residents of the house are in no way connected to Ms McCarrick, or the case. Officers are now carrying out an invasive search of the property. It is understood they are concentrating on an extension, built before the current residents bought the house, as well as the garden and outhouses. Last Friday, gardai brought in PSNI cadaver dog Fern – who found the remains of murdered Tina Satchwell, buried in her Youghal, Co Cork home, in October 2023 – to search the property. Garda specialists from the Technical Bureau as well as officers from Irishtown station were still working at the house yesterday. The suspect was released without charge on Friday, but gardai say the investigation is ongoing. Officers have appealed to anyone with information to come forward. The force said in a statement: 'An Garda Siochana appeal to anyone with information, no matter how small or insignificant that they might believe it to be, to contact the investigation team. 'Gardai also appeal to anyone that may have previously come forward but who felt that they could not provide Gardai with all of the relevant information they had in relation to this matter, to please make contact with An Garda Siochana again. 'With the passage of time they may now be in a position to speak further with the investigation team. Any information will be welcomed by the investigation team, and will be treated in the strictest confidence. 'The investigation team can be contacted at Irishtown Garda Station on 01 666 9600 or anyone who wishes to provide information confidentially should contact the Garda Confidential Line: 1800 666 111.' Ms McCarrick's mother Nancy, 81, told us her priority was not getting someone charged with murder – but to get her daughter. She said: 'Really my only concern is Annie. I'm sorry, it sounds terrible to say, but I really don't have any interest in justice.' Stating that she was just taking everything 'day by day,' Ms McCarrick said all she is hoping for now is answers. She added: 'It's day by day at this point in time. I'll just see what happens. 'It would [be good] to know what happened.' Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice . For all the latest news from Dublin and surrounding areas visit our homepage .
New York Post
18 hours ago
- Politics
- New York Post
NYC mayoral wannabe Mamdani keeps struggling to defend ‘globalize the intifada' rallying cry — as even cross-endorser Lander piles on
Mayoral contender Zohran Mamdani on Thursday continued to stumble defending the 'globalize the intifada' rallying cry – as even fellow Democratic candidate Brad Lander, who cross-endorsed him, joined a pileup of criticism. The usually smooth-talking Mamdani devolved into word salad as he maintained the phrase is not an incitement to violence against Jews. 'These words have different meanings for many different people, and my point is rather to say that each and every New Yorker deserves that safety and that my focus is going to be on making this an affordable city,' Mamdani said at a news conference. 'I've been clear that any incitement of violence is something that I'm in opposition to.' 3 Zohran Mamdani keeps struggling to defend his refusal to denounce the rallying cry, 'Globalize the infitada.' Bloomberg via Getty Images The Democratic socialist's awkward response came after he not only refused to denounce the anti-Israel cry but argued he viewed it as a call to stand up for Palestinian human rights. He also tried to downplay the term by noting the US Holocaust Memorial Museum used the Arabic word 'intifada' to describe the 1943 Warsaw Ghetto Uprising by Polish Jews against the Nazis. The museum slapped down Mamdani's argument — as did his critics, who view the Queens state assemblyman as, at best, being blind to antisemitism. Thursday's backlash included Lander, the lefty city comptroller who last week vowed to rank Mamdani second on his ranked-choice city ballot — a pledge his friendly rival returned. The pair's cross-endorsement could carry weight in the ranked-choice voting primary, where voters pick up to five candidates in order of preference. Even if a voter's first choice is eliminated in successive rounds of ranked-choice calculations, their other picks – from second on down – could still be in the mix and emerge as the eventual overall winner with more than 50% of the vote. 3 Mayoral contender Brad Lander criticized Mamdani's remarks but still ranked him second in the primary. Michael Nagle Lander told the 'Pod Save America' podcast Tuesday that the phrase 'globalize the intifada' carries violent associations for Jews such as himself, especially after the recent assassination of two Israeli Embassy staffers and a Molotov cocktail-hurling wacko's attack in Colorado. 'Maybe you don't mean to say it's open season on Jews everywhere in the world, but that's what I hear,' Lander said of those who use the term. 'And I'd like to hear that from other people as well,' he said of his comments, implicitly knocking Mamdani. But Lander still insisted during the podcast that he doesn't believe Mamdani is antisemitic — and noted his own problems with Israel's war in Gaza and treatment of Palestinians. He repeated his measured criticism Thursday of Mamdani's defense of 'globalize the intifada' and overall support of his rival's character as he voted early in the primary. 'I believe that Zohran Mamdani is a person of decency and integrity, and I am therefore encouraging people to rank him number two,' Lander said. 'We do not agree on everything about Israel and Palestine, but I do believe that he will protect Jewish New Yorkers and our rights, and I was proud to rank him myself.' 3 Mamdani has said he rejects any incitement to violence. Bloomberg via Getty Images Former Gov. Andrew Cuomo, who has seen his polling lead in the mayoral primary chipped away by Mamdani, didn't miss the chance to lambast his opponent after a brief speech at a Bronx Juneteenth celebration. Cuomo twice mispronounced Mamdani's name — as he did during a recent debate, drawing an emphatic correction from his rival — while he accused him of 'inciting violence against the Jewish community worldwide. 'He is divisive across the board,' Cuomo said. Lander, during his podcast interview, argued it was Cuomo — not Mamdani — who failed to try to unite New Yorkers during that debate. 'I do not agree with him on Israel and Palestine on every issue, and that's appropriate,' Lander said of Mamdani, before adding, 'Cuomo did not try one iota to speak to Muslim New Yorkers or signal that he will bring people together.' Mamdani would be the first Muslim mayor of New York City, if elected. — Additional reporting by Carl Campanile and Craig McCarthy
