Valeant Critic Gets a Taste of His Own Medicine as Attack Misfires (WSJ)
Andrew Left, who heads the short-selling research firm Citron Research, on Monday offered no new allegations against drug company Valeant Pharmaceuticals International Inc., after Friday hinting he had more accusations to unleash...Meanwhile, Mr. Left is facing legal action from Hong Kong securities regulators, who allege he published false information about a Chinese property developer in 2012. A Hong Kong tribunal recently dismissed Mr. Left’s application to stay the proceedings against him, securities regulators said Monday.
AIG cuts costs to deflect Icahn pressure (FT)
American International Group sought to deflect shareholder pressure for a break-up on Monday by unveiling annual cost cuts of at least $400m, saying it was committed to an “urgent, yet disciplined” restructuring. Last week the New York-based insurer came under attack from Carl Icahn, the activist investor, who accused management of dawdling over cost cuts and delivering consistently subpar returns. Mr Icahn, who has pressed for changes at companies from Apple to Hertz, argued that AIG should immediately split into three since it was “too big to succeed” in its current form, which subjects it to heavy supervision from regulators and constraints on returning capital to shareholders.
JPMorgan, BofA, Citigroup Among Big U.S. Banks That S&P May Cut (Bloomberg)
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. are among at least eight large U.S. banks that may have credit grades cut by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis. The companies -- along with Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley, Bank of New York Mellon Corp. and State Street Corp. -- had senior unsecured and nondeferrable subordinated debt ratings placed on negative credit watch, S&P said Monday in a statement.
Economists Warn of Less Sex on a Warmer Planet (Bloomberg)
Hot weather leads to diminished “coital frequency," according to a new working paper put out by the National Bureau of Economic Research. Three economists studied 80 years of U.S. fertility and temperature data and found that when it’s hotter than 80 degrees F, a large decline in births follows within 10 months. Would-be parents tend not to make up for lost time in subsequent, cooler months. An extra "hot day" (the economists use quotation marks with the phrase) leads to a 0.4 percent drop in birth rates nine months later, or 1,165 fewer deliveries across the U.S. A rebound in subsequent months makes up just 32 percent of the gap.
Texas man fatally stabs friend during brawl over last piece of chicken: police (NYDN)
A Texas man fatally stabbed his friend for taking the last piece of chicken at dinner, authorities say. Reinaldo Cardoso Rivera, 38, has been charged with murder in the death of 34-year-old Darwin Perez Gonzalez, according to reports. Rivera, Gonzalez and three other men were in a Houston apartment fixing dinner and drinking when Rivera became incensed at Gonzalez over the final piece of chicken, cops say. They took their fight into the parking lot, where Rivera allegedly stabbed Gonzalez.
Paul Singer Says Aug. 24 Shows Stock, Bond Markets Are ‘Unsound’ (Bloomberg)
In a wide-ranging letter that warned of the effects from low interest rates, unrest in the Middle East, and leverage in the financial system, Singer, 71, said steep declines and rapid recoveries in financial markets, such as the Aug. 24 stock market slump, and recent flash crashes in bond markets, probably foreshadow the future.
Forbes family sues Chinese investors (FT)
The family behind Forbes magazine has sued the Chinese investors that acquired a majority stake in the US business publisher last year, alleging that they have refused to pay a substantial portion of the promised price. Integrated Whale Media Investments, the Hong-Kong based vehicle that bought the stake, is accused of breaching its contractual agreement after the deal completed, according to a copy of the complaint seen by the FT in which the financial details were redacted. People familiar with the situation said the investment was valued at $475m.
BlackBerry's New Android Smartphone Could Be Its Last Device (Bloomberg)
The Canadian company has unveiled several new phones in the two years since Chief Executive Officer John Chen took over, but none has managed to stop hardware sales from falling. Chen has repeatedly said he will exit the device business if he can’t make it profitable.
Drunk man woke up with tattooed beer goggles, kept them for 2 years (NYP)
A Welsh man earned a permanent pair of beer goggles after a wild night out at the pub. “Waking up the morning after, I thought someone had used a permanent marker on my face. I had no memory of getting the tattoo because I had gone out celebrating and when it happened I was drunk,” the man told the South Wales Evening Post. “When I first came home, obviously I was subject to a lot of stares, but I kind of got used to the tattoo and decided not to get rid of it.” It took about two years walking around with the shades for the man to finally get rid of the tattoo, according to the site. “I didn’t want [my family] to be embarrassed when they were out with me, so I decided there and then I was going to get it removed,” he told the paper.