Draghi Says Officials Agree On ECB Unlimited Bond-Buying (Bloomberg)
The program “will enable us to address severe distortions in government bond markets which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro,” Draghi said at a press conference in Frankfurt after the ECB held its benchmark rate at a record low of 0.75 percent. “Under appropriate conditions, we will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area.”
Positive Signs Emerge For Job Market (WSJ)
Private-sector jobs in the U.S. increased by 201,000 last month, according to a national employment report calculated by payroll processor Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. The August number was well above the 145,000 expected by economists. The July estimate was revised to 173,000 from the 163,000 reported last month.
AIG To Sell $2 Billion Of AIA Shares (WSJ)
AIG is seeking to raise around US$2 billion by selling more shares in AIA Group Ltd, its former pan-Asian life insurance unit, as it continues to repay the U.S. government bailout it received during the 2008 financial crisis. The U.S. insurer also said in a statement it plans to buy back another $5 billion in stock from the U.S. Treasury. AIG has been aggressively buying back shares this year and is expected to buy more from the Treasury this fall, as part of a push that could make the U.S. government a minority shareholder before the November elections and enable the company to fully repay its bailout sooner than expected. The Treasury Department sold $5 billion worth of shares in AIG last month, its fourth sale so far, reducing the government’s stake to 55% and bringing down the amount the government needs to recoup from the bailout to $25 billion.
Summer Rally Puts The Hurt On Fund Managers (WSJ)
“The gap we are looking at is going to be very hard…for hedge funds to make up,” said Anurag Bhardwaj, head of hedge-fund consulting at Barclays PLC. “At this late stage in the year, when the rally has been around for a bit, do you decide to get into the game now?”
Alec Baldwin’s daughter discusses ‘pig’ call (NYP)
Alec Baldwin’s daughter Ireland has talked for the first time about his infamous 2007 voice mail in which he called her, then 12, “a rude, thoughtless, little pig” — saying he often speaks like that “because he’s frustrated.” Ireland, the 16-year-old daughter of Baldwin and Kim Basinger, thinks the incident — which created a viral scandal and prompted Baldwin to temporarily lose visitation rights — was blown wildly out of proportion. “The only problem with that voice mail was that people made it out to be a way bigger deal than it was,” she tells Page Six Magazine, out today. “He’s said stuff like that before just because he’s frustrated. “For me it was like, ‘OK, whatever.’ I called him back I was like, ‘Sorry Dad, I didn’t have my phone.’ That was it.”
DE Shaw Is Back On Top (DJ)
This year, Shaw has had the biggest asset growth among the top 20 hedge fund firms in Absolute Return’s Billion Dollar Club, which tracks the biggest hedgies twice a year. Shaw added $2.4 billion to its hedge-fund coffers this year, a 14 percent gain, bringing its assets to $19.4 billion as of July 1, according to the ranking out today.
Clinton Nominates Obama, Rebuts Romney Criticism On Jobs (Bloomberg)
Bill Clinton said President Barack Obama deserves re-election because he contained the economic crisis and put the nation on a path to recovery, casting the 2012 election as a choice between “shared opportunities and shared responsibility” and a “winner-take-all, you’re-on-your- own society.” Clinton, 66, praised Obama’s commitment to “constructive cooperation” and described him as a man who is “cool on the outside, but who burns for America on the inside.” The former president used a 48-minute address before the Democratic National Convention in Charlotte, North Carolina, last night to deliver a rebuttal of criticisms leveled at Obama by challenger Mitt Romney and his running mate during last week’s Republican National Convention in Tampa, Florida — at one point saying it “takes some brass” for Obama’s partisan adversaries to lob some of their attacks. “Nobody’s right all the time and a broken clock is right twice a day,” Clinton said. “We’re compelled to spend our fleeting lives between those two extremes.”
Most Of Nomura’s Cuts To Come In Europe, US (WSJ)
The brokerage house said Thursday 45% of the cuts would be in Europe and 21% in the U.S. Nomura said 45% of the total cuts would be in the form of labor costs.
Ben & Jerry’s Sues Over Trademark Violation (AP)
The ice cream maker that introduced the flavors Schweddy Balls and Karamel Sutra sued the maker of “Ben & Cherry’s” X-rated DVDs Wednesday, saying the “hardcore pornographic” films have smeared its reputation. The trademark lawsuit in U.S. District Court in Manhattan said the sale of hardcore and exploitive pornographic DVDs and related goods is tarnishing Ben & Jerry’s Homemade Inc.’s name by creating an association with pornography. It said the claims arise from the distribution and sale of a series of DVDs containing “exploitative, hardcore pornographic films” featuring titles and themes based on “well-known and iconic” Ben & Jerry’s ice cream flavors as well as packaging that contains key company features such as a grazing cow, green grass and large white puffy clouds. The lawsuit by the Vermont-based company said the films would likely cause “confusion, mistake or deception” regarding the company’s trademarks. It identified some of the X-rated names similar to its own as “Boston Cream Thigh,” ”New York Fat & Chunky” and “Peanut Butter D-Cup.” Ben & Jerry’s has ice cream flavors titled: “Boston Cream Pie,” ”New York Super Fudge Chunk” and “Peanut Butter Cup.”