RBS signs up staff for Facebook at Work (FT)
Bankers will soon be using Facebook to communicate with colleagues, swap information and could even offer banking services to the public through the social network, after Royal Bank of Scotland became the world’s first bank to adopt Facebook at Work. The British state-controlled bank is deploying an in-house business version of the social media site for all employees in its 100,000-strong workforce — from chief executive Ross McEwan to back office workers and branch staff.
Betting Against a Fed Rate Rise (WSJ)
In the past week, China posted its softest gross-domestic-product growth since the financial crisis, Japan reported a sharp decline in export growth and European forecasters cut their projections for eurozone inflation. The developments, together with mixed U.S. economic data in recent months, increase the likelihood the Fed will keep interest rates near zero for the rest of 2015, according to analysts and traders. The slowdown and expansive central-bank policy overseas are likely to keep U.S. long-term interest rates down while at least initially fueling purchases of riskier assets such as stocks, corporate bonds and commodities, they said.
Valeant’s Ties to Pharmacy Scrutinized (WSJ)
Last week, a short-selling hedge fund accused Valeant of using the pharmacies in an accounting scheme to inflate revenue. The drug company’s shares have lost more than half their value since peaking in early August, partly due to the concerns as well as a federal investigation into how the company prices its drugs and helps patients afford them. Valeant had generally kept mum on its relationship with Philidor before last week, because Valeant said it considered its use of such pharmacies as “one of our competitive advantages.” Last week, Valeant said that it had an option to buy Philidor. Valeant also “categorically” denied the allegations made by the short seller and said it complies fully with all accounting rules.
Hedge Funds Are Getting Their Gold Bets Wrong (Bloomberg)
The funds and other money managers have placed wrong-way wagers on gold in five of the past nine weeks, U.S. government data show.
‘Tinder for threesomes’ gets $500K investment (NYP)
London-based startup 3nder — the name can be pronounced “Thrinder” to rhyme with “Tinder,” according to its founder — said it has raised $500,000 in seed capital from a pair of unnamed angel investors. Since 3nder’s mid-2014 launch, nearly 1 million users have downloaded the iOS app in search of kinky hookups — whether “straight, bisexual, gay, poly- or pansexual,” says founder and CEO Dimo Trifonov. The torrid growth has spilled into the US, where New York is 3nder’s second-biggest market behind California. Worldwide, users are sending about 1.2 million messages a month on 3nder while logging around 4 million swipes...3nder’s smallish subscriber base is a motivated one that’s willing to pay its monthly fee of nearly $13. Revenue is up 500 percent this year, and “it’s all organic, we haven’t done any marketing or advertising,” Trifonov told The Post.
U.S. money laundering probe into Deutsche Moscow unit widens (FT)
U.S. regulators are expanding their probe into Deutsche Bank AG (DBKGn.DE)(DB.N) as a money laundering investigation of a Moscow unit has widened into possible sanctions violations, the Financial Times reported, citing sources...The regulatory investigation involving trades worth $6 billon would be one of the first by the U.S. authorities regarding a potential breach of Western sanctions against Russia after its 2014 annexation of Crimea, the business daily said.
Earnings Misstatements Come in Bunches, Study Says (Dealbook)
That’s the conclusion of a fascinating academic study that examined accounting restatements by thousands of corporations over a 12-year period. After one company was found to have misstated its earnings, the study determined, others in its industry often followed suit and began massaging their own numbers, ultimately resulting in their own restatements. Equally intriguing were the exceptions. When companies playing accounting charades faced regulatory action, shareholder litigation or prominent news reports about their practices, the researchers found that their corporate peers declined to mimic their conduct. This shows the importance of highlighting and punishing bad behavior.
Japan’s Struggling Economy Finds ‘Abenomics’ Is Not an Easy Fix (NYT)
After a decline in the second quarter, there are signs that output may have slipped again in the third, driven down in part by a slowing Chinese economy. Economists expect any recession to be short and shallow, but the deeper lesson looks more troubling: Nearly three years after Prime Minister Shinzo Abe gained office on a pledge to end economic stagnation, a decisive break with the past still appears far-off.
Ex-Cop Who Asked To Lick Woman's Feet Sentenced (AP)
According to court documents, Quinn stopped the woman in August 2014 and found marijuana paraphernalia but told her he had a foot fetish and would release her if she let him lick her feet or give him her underwear. Investigators say he then changed his mind and let her go.