Hong Leong Finance has obtained the go-ahead from Singapore's Court of Appeal to proceed with a lawsuit against Morgan Stanley in New York. An appeal by the giant investment bank was rejected on May 22, 2013. Morgan Stanley was seeking to overturn a High Court decision that allows Hong Leong Finance to continue with its court action in the United States. Hong Leong Finance is pleased with the Court of Appeal's verdict. Now that Morgan Stanley's application to prevent Hong Leong Finance from proceeding with the case in New York has been dismissed, there are no more legal obstacles in Singapore. It is confident of now pursuing case in the New York courts. The case involves Pinnacle Notes, investment products that were created by Morgan Stanley. Hong Leong Finance sold around USD 72.4 million of those notes to local investors, but had to compensate investors some USD 32 million when the Pinnacle Notes failed amid the global financial crisis of 2008 and 2009. Last year, Hong Leong Finance filed a lawsuit in New York's Federal Court to claw back the USD 32 million, it had paid out from Morgan Stanley, claiming that the investment bank sold investments it had designed to fail.

Morgan Stanley announces retirement of fixed income head Ken deRegt. Michael Heaney and Robert Rooney are named global co-heads of fixed-income sales and trading.

Green Dragon Gas Ltd. (AIM:GDG) has completed concluded a comprehensive business review and is implementing a strategically focused growth plan to create value for its shareholders. At the end of strategic review Green Dragon Gas continues to divestiture of the ancillary businesses. To support its plan Green Dragon hired Morgan Stanley (NYSE:MS) to as financial advisor on the proposed sale of 29% stake in Beijing Huayou United Gas Development Co. Ltd. Randeep S. Grewal, Chief Executive Officer and Founder of Green Dragon, commented, "I started this venture in 1997 following an early entry into China in 1993. Through the evolution of time and some challenges, we have been steadfast in executing a logical progressive balanced plan that would reward the shareholders for their risks, patience and support. Initially the sole shareholder was our family estate and since August 2006 an increasing number of highly supportive institutions and individuals. The Board has continued its methodical leadership to retain and protect the shareholder value and management and employees have worked relentlessly to execute a niche business plan. We turned the corner from investing to be a sustainable business last year and will now focus on scaling it into a materially large self sustainable business over the next 15 months. We have reached the final stretch of the marathon; the finish line and the rewards are in sight. We are confident of our entitlement to the PSCs, comfortable with our production targets from drilling an additional 150 LiFaBriC wells, resolved in being a high growth E&P company focused on shareholder value. We plan on adding a Hong Kong Main Board listing that will serve to complement our existing and continued listing in London and our wider growing shareholder base."