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Briefly

BK launches quarter pound burger

NEW YORK (AP) — Burger King is looking to start a beef with McDonald’s.

The chain says the Double Quarter Pound King, its own version of McDonald’s quarter-pound burger, will hit restaurants Thursday. An ad shows Burger King’s mascot at a funeral for a competitor’s burger, but doesn’t mention McDonald’s by name.

It comes as McDonald’s is working to swap out frozen beef patties for fresh ones in its Quarter Pounder. Burger King says it uses frozen patties.

The chain has thrown fire at rivals before: Last year, Burger King sold spicy nuggets after Wendy’s stopped offering a similar snack.

Burger King, owned by Oakville, Ontario-based Restaurant Brands Inc., says its new burger uses more than half a pound of beef before it is cooked.

McDonald’s did not immediately return a message seeking comment.

Morgan Stanley’s profits fall 59%

NEW YORK (AP) — Morgan Stanley’s earnings fell 59 percent in the fourth quarter, the company said Thursday, as the investment bank had to book $990 million in charges related to the new tax law.

Morgan Stanley earned $686 million, or 29 cents a share, down from $1.67 billion, or 81 cents a share, from a year earlier. Excluding the tax charges, the earnings rose to 84 cents a share, beating analysts’ forecasts, from 74 cents.

Like other banks, Morgan Stanley had to write down the value of its deferred tax assets, which are effectively tax credits the bank stockpiled after the financial crisis. The lower corporate tax rates under the new law lowered the value of those assets.

The bank now expects its tax rate to be between 22 percent and 25 percent, down from its current tax rate of 31 percent.

Morgan Stanley had a strong 2017 and it continued into the fourth quarter. The firm had net revenue in the quarter of $9.5 billion, up from $9.02 billion in the same period a year ago.

The institutional securities division, which includes the firm’s trading desks and its investment bank, saw a modest fall in profits and revenue in the quarter, largely due to a small decline in investment banking advisory revenue. Trading was down in line with Morgan Stanley’s competitors, with bond trading revenue falling by roughly half. Stock trading, where Morgan Stanley is strongest, had steady revenue from a year ago.

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