Business briefs: Morgan Stanley | Eurostar | Dunedin

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Banking giant Morgan Stanley is to return $500 million (£329m) to investors through share buy-backs after reporting a 42 per cent jump in profits.

America’s second-largest investment bank, behind Goldman Sachs, said net income grew to $802m in the second quarter, up from $564m a year ago. Revenues rose 22 per cent to $8.5 billion, while expenses were up 12 per cent to $6.7bn, signalling that the group was keeping costs under tight control.

Chief executive James Gorman said: “Equity sales and trading results were strong across all products and regions.”