JPMorgan Trading Charges Said to Be Announced Today (Bloomberg)
The U.S. may announce charges as early as today related to JPMorgan Chase & Co.’s trading losses last year, a person familiar with the matter said. ... “The penalties in the U.S. are significantly higher” than in the U.K., said Jeremy Summers, a lawyer at Slater & Gordon in London. “People faced with the possibility of being charged here or the U.S. have sought to be dealt with here because they are less draconian,” Summers said.
U.S., Filing Suit, Moves to Block Airline Merger (DealBook)
“We looked very carefully for six months at this deal, and we think it’s pretty messed up,” said William J. Baer, the assistant attorney general in charge of the department’s antitrust division. “It looks pretty bad for consumers.” He told reporters that the merger could cost consumers “hundreds and hundreds of millions of dollars.” He said regulators reached that conclusion after reviewing internal plans for the merger at US Airways and American and studying how much fares rose after the other giant mergers. Asked if some type of compromise might still be possible, Mr. Baer said, “We think a full-stop injunction is the right course for the consumer.”
Dalio Patched All Weather’s Rate Risk as U.S. Bonds Fell (Bloomberg)
As the bond market plunged in late June, Ray Dalio convened the clients of Bridgewater Associates LP, the world’s largest hedge-fund manager, to tell them that a fund designed to withstand a broad range of market scenarios was too vulnerable to changes in interest rates. Bridgewater, citing months of study, said it had underestimated the interest-rate sensitivity of various assets in its All Weather fund and was taking steps to mitigate the risk, according to clients who listened to or read a transcript of the June 24 call. By the end of the month, the Westport, Connecticut-based firm had sold off $37 billion of All Weather’s most rate-sensitive assets, Treasuries and inflation-linked bonds, according to fund documents and data provided by investors.
AOL CEO apologizes to staff for public firing (NYT)
Tim Armstrong, the chief executive of AOL, issued an unusual apology on Tuesday to his entire staff for the public manner in which he fired an employee during an internal conference call last Friday. ... "If you think what is going on right now is a joke, and you want to joke around about it, you should pick your stuff up and leave Patch today," Mr. Armstrong told the employees. But right after that statement he can be heard reprimanding Mr. Lenz, Patch's creative director, who was videotaping the meeting, then firing him. "Abel, put that camera down right now! Abel, you're fired. Out!" Five seconds later, to stunned silence, he proceeded with his message.
Russian surgeon arrested for taking heroin from patient's stomach (Reuters)
A Russian surgeon has been arrested for taking a five-gram bag of heroin he found in a patient's stomach. "The doctor was intoxicated at the time of detention," police for the Siberian region of Krasnoyarsk said in a statement on Tuesday, adding he faced up to 15 years in prison for theft and possession.
Missing Iowa Border Collie Found Stuck in a Tree (AP)
A 7-year-old border collie who was missing from his Iowa home for a few days didn't get very far - he only went up. Laddy the dog was found Sunday morning stuck up a tree two blocks from his Davenport home ... Weeks said she believes Laddy escaped Friday from an invisible electronic fencing system thanks to a non-working battery in his collar. She said his love for squirrels and chasing things probably led him up the tree.
BOE Not Unanimous on Guidance (WSJ)
Bank of England Gov. Mark Carney failed to win rate-setters' unanimous approval in August for his pledge not to raise interest rates until joblessness in the U.K. falls sharply, records showed Wednesday, adding to investor doubts about whether the central bank can stick with its promise. Minutes of this month's policy meeting showed Martin Weale, one of four rate-setters on the panel drawn from outside the central bank, voted against the introduction of "forward guidance" in August. Mr. Weale, who has long fretted about inflationary pressures in the U.K. economy, was the lone dissenter.
Eurozone’s 0.3 per cent growth beats forecasts (FT)
The 17-member area grew 0.3 per cent during the second quarter, beating economists’ forecasts for 0.2 per cent expansion and heralding a long-awaited return to growth for the first time since the end of 2011. The figures followed stronger-than-expected gross domestic product growth in Germany, which recorded the strongest economic expansion in more than a year and France confirmed that it was no longer in recession.
Inside Greece's violent new anarchist groups (Reuters)
At first glance K*Vox, started a year ago by anarchists who occupied a shuttered building, looks like any other cafe in the bohemian Athens neighborhood of Exarchia. But inside posters show gun-toting guerrilla fighters and the symbol of anarchy - a circle with an A. On a recent summer day, as the cafe was abuzz with chatter about two anarchists detained by police, a man barged in shouting that help was needed at a store attacked by far-right activists. Such extremists have been regularly blamed for the rise in street attacks during Greece's economic crisis, though they deny perpetrating such acts. "Isn't it time for a revolution?" a 34-year-old anarchist watching the cafe scene said as he rolled a cigarette. "It's now or never. If we don't do something now, nothing will ever change."
Student-Loan Load Kills Startup Dreams (WSJ)
Ms. Carney, 29 years old, and her husband, John, 31, started Thick & Thin Designs, making and selling food picks in the shapes of zombies, bikes and deer antlers after a brainstorming session while she was cooking dinner. The couple, both students at the University of Maine, where he is earning a master's degree in fine arts and she is earning her second undergraduate degree, in zoology, sell the picks for about $12 a dozen as decorative cupcake toppers. But they chose not to purchase a laser cutter, because doing so would require them to take out a business loan—and together they have $140,000 in leftover student debt. Instead, they use a university-owned laser cutter, which limits the size of the acrylic sheets they can work with. Having the student-loan debt "is preventing me from being able to take a lot of chances or risks that are usually necessary when starting a business," Ms. Carney says.
KPN foundation flags concerns over Slim bid (Reuters)
An independent foundation which has the power to block a takeover of Dutch telecoms group KPN has expressed its concern over the proposed 7.2 billion euros ($9.6 billion) offer by Mexican billionaire Carlos Slim's America Movil. America Movil (AMX) said on Friday it would make a public offer for the 70 percent of KPN that it does not already own. The proposed bid poses a challenge to its arch-rival, Spain's Telefonica, which made an $11 billion offer last month to buy KPN's crown jewel, German E-Plus. Management, however, has shown little enthusiasm for Slim's involvement since he built up an almost 30 percent stake last year and the foundation's worries could be the first signs of clear opposition from one of the involved parties.
Barclays C.F.O. Moves Up Departure, Citing Ill Health (DealBook)
Christopher G. Lucas, the chief financial officer of Barclays, announced on Wednesday that he was leaving the bank earlier than expected for health reasons. Mr. Lucas, 52, said in February that he planned to leave the bank, and Barclays appointed Tushar Morzaria, a JPMorgan Chase executive, to take over as chief financial officer. Mr. Lucas will now step down on Friday. Mr. Morzaria will start his new role at Barclays on Oct. 15, and Peter Estlin, the bank’s financial controller, will be the acting chief financial officer in the interim, according to a statement from Barclays.
The city is my playground! (NYP)
When Alexander Shlaferman was arrested early Sunday for throwing a free rager for nearly 1,000 revelers atop the Manhattan Bridge, the cops couldn’t help but tip a hat to the 19-year-old. “They said, ‘Wow, we really wish we weren’t in uniform so we could go to this party,’ ” recalls Shlaferman with a sly smile. He promotes the bashes on Facebook, typically providing the location to approved fun-seekers once they are vetted (gang members are a no-no, says Shlaferman). Instructions are detailed: “Enter discreetly like a ninja. You are going somewhere secret,” read one party missive. “I really want to inspire people to realize that they’re just human beings like everyone else,” he says. “They should do things like this. It’s cool that I do it. But do it, too. Give back.”
Big tease: Sydney Leathers is all thumbs at NYC strip club ‘hosting’ gig (NYDN)
She turned on Anthony Weiner with sexy pillow talk, but Sydney Leathers proved to be a big tease at a Hell’s Kitchen strip club Tuesday night. The 23-year-old online ingenue was supposedly “hosting” at the Headquarters Gentlemen’s Club on W. 38th St., but she appeared to be doing nothing more than texting. Billing herself as “Mrs. Danger” — a riff on Weiner’s sexting alias Carlos Danger — Leathers posed for photos wearing a black minidress and platform heels. But she refused to dish on her shenanigans with Weiner or go along with the Weiner-mocking skits the club’s owner hoped for. “She’s not the best host I’ve ever had, let’s put it that way,” said the owner, who would only give his name as Big John. “She’s over here by the stairs texting. She’s probably trying Anthony Weiner,” he said.