For China Brokerages, the Market Rescue Hurts More Than It Helps (Bloomberg)
Instead of benefiting from government efforts to shore up the market, the Hong Kong-listed shares of Citic Securities Co., Haitong Securities Co. and China Galaxy Securities Co. have tumbled twice as fast as benchmark indexes since the beginning of July. Not only are brokerages being compelled to foot a portion of the rescue bill, they’re also getting hit by a plunge in volumes as policy makers restrict speculative trading.
Fired Citigroup Trader Points Finger at His London Bosses (Bloomberg)
Perry Stimpson, who is suing the bank for unfair dismissal, said at a London employment tribunal Wednesday that he saw managers deliberately flout the bank’s own code of conduct. He also said he was pressured by senior staff into using electronic chat rooms to share information with traders at other banks. “My dismissal was down to an error of judgment” he said, adding that he neither sought nor made any financial gain. “I will show where senior management have deliberately flouted the code to the detriment of customers and the benefit of the bank,” he said.
Short seller Chanos doubles down on Musk attack (CNBC)
Short-selling specialist Jim Chanos is stepping up his attack on two companies led by billionaire entrepreneur Elon Musk. "Of all of his companies, I think the one that's most problematic is SolarCity because they're burning $300 million to $500 million a quarter putting up solar panels that may not be worth anything in 20 years," Chanos said Wednesday
Ex-United CEO Has to Cooperate to Keep $29 Million Severance (Bloomberg)
United tied Smisek’s exit to the carrier’s probe over its dealings with the Port Authority of New York & New Jersey. A clawback provision in Smisek’s separation agreement dated Tuesday requires him to comply with investigations into events that occurred during his employment. If he doesn’t, or if he’s convicted or pleads guilty to a felony or “any crime involving moral turpitude,” the company can rescind those payments, according to the agreement filed by the Chicago-based airline. No such language exists in Smisek’s employment agreement filed as part of the company’s annual report in 2011.
Viacom exec Sumner Redstone, 92, splits with younger girlfriend Sydney Holland, 43 (NYDN)
Ninety-two-year-old Viacom executive Sumner Redstone has dumped his live-in girlfriend Sydney Holland, according to The Hollywood Reporter. Holland, 43, was kicked out of Redstone’s Los Angeles home last week because he believed she was involved with another man, sources tell the publication. The split is noteworthy since the ailing Redstone presides over an estimated $6.4 billion empire, including a controlling interest in Viacom and CBS, according to a recent Vanity Fair profile. Holland, who met Redstone in 2010 through “Millionaire Matchmaker” host Patti Stanger, is rumored to exert a large amount of influence over the elderly exec, as does his longtime friend Manuela Herzer, according to THR. Earlier this summer, Redstone’s former driver Tim Jensen wrote a column alleging that Holland had taken over much of her then-boyfriend’s affairs, including ordering Jensen to cash checks and deliver money to various women around the city.
Emerging markets urge Fed to raise rates (FT)
Emerging market central bankers have urged the US Federal Reserve to raise rates sooner rather later in order to end the uncertainty over Fed policy that has pummeled stock markets and currencies in recent weeks. “We think US monetary policymakers have got confused about what to do. The uncertainty has created the turmoil,” said Mirza Adityaswara, senior deputy governor at Indonesia’s central bank. “The situation will recover the sooner the Fed makes a decision and then gives expectation to the market that they [will] increase [rates] one or two times and then stop.”
Seven Reasons the Fed Won't Raise Rates Next Week: Deutsche Bank (Bloomberg)
In a report Wednesday, Joseph LaVorgna pushed out his forecast for the Fed’s first interest-rate increase in nearly a decade until October. That’s a change from two weeks ago, when he and his team predicted that steady growth in the economy would lead the Fed to raise rates this month. International market turmoil and persistently low inflation have led bond futures traders and strategists to trim bets on a September rate rise.
Didi Kuaidi Closes $3 Billion Funding Round (WSJ)
Chinese ride-hailing company Didi Kuaidi Joint Co. said Wednesday it closed a $3 billion funding round, the largest ever for a venture-backed startup in a single placement. Didi Kuaidi raised an additional $1 billion following its initial $2 billion closing announced in July, it said. New investors in the round include China’s $740 billion sovereign-wealth fund China Investment Corp., Capital International Private Equity Funds, and Ping An Ventures. The fundraising is part of Didi Kuaidi’s escalating battle with Uber Technologies Inc., which is also raising money to expand in China.
You can now wear Brady’s courtroom sketch on your behind (NYP)
Following the buzz stemming from a scathing portrait of the Super Bowl-winning quarterback during the Deflategate testimonies, online shop Redbubble is ready to cash in with a wallet-friendly skirt featuring the scene-stealing drawing. The $35 tog features Brady’s not-so-flattering mug printed on both the front and the back. Get the skirts while you can, though — courtroom artist Jane Rosenberg has made it clear she’s willing to take legal action against retailers attempting to make a quick buck off her controversial drawing.