Jobs market may be booming but the August employment report could still disappoint [CNBC]
Economists expect 191,000 nonfarm payrolls were added in August, following 157,000 in July, according to Thomson Reuters. The unemployment rate should dip to 3.8 percent from 3.9 percent, and wages are expected to rise 0.2 percent.
But some economists expect a lower number of new jobs when the numbers are reported on Friday, due to past performances in August. ADP’s private payroll report also missed the mark Thursday, with just 163,000 payrolls compared to 190,000 that were expected.
Musk Uses Flame Thrower and Smokes Weed on Comedy Show [Bloomberg]
Elon Musk sipped whiskey and smoked marijuana during a 2 1/2-hour podcast with California comedian Joe Rogan that touched upon everything from flame throwers and artificial intelligence to the end of the universe.
“I’m not a regular smoker of weed,” the Tesla Inc. chief executive officer said late Thursday on the podcast, which was shown live on the internet. Musk, 47, took one drag from what Rogan described as a joint containing tobacco mixed with marijuana, which is legal in California.
Opioid billionaire granted patent for addiction treatment [FT]
Richard Sackler, whose family owns Purdue Pharma, the company behind the notorious painkiller OxyContin, was granted a patent earlier this year for a reformulation of a drug used to wean addicts off opioids.
The invention is a novel form of buprenorphine, a mild opiate that controls drug cravings, which is often given as a substitute to people hooked on heroin or opioid painkillers such as OxyContin.
The new formulation as described in Dr Sackler’s patent could end up proving very lucrative thanks to a steady increase in the number of addicts being treated with buprenorphine, which is seen as a better alternative to other opioid substitutes such as methadone.
Hedge fund Elliott calls for fresh revamp at Hyundai Motor Group [Reuters]
Elliott, which owns $1.5 billion worth of shares in three Hyundai group companies, called for a committee to review its proposals with other investors and experts, and said its attempts to discuss a new plan had been met with silence.
Hyundai rejected the committee idea and added that it hoped “to share our thoughts on how to improve shareholder value with all of our shareholders in due course”.
A person close to Hyundai Motor Group told Reuters “it’s difficult for Hyundai to accept Elliott’s proposal, as it primarily benefits Hyundai Motor”.
Les Moonves Said to Be Negotiating Possible Exit From CBS [NYT]
Mr. Moonves has been talking to the board about his possible departure as chief executive, including terms of a payout that would be far less than $180 million, the amount specified in his employment agreement should he leave the CBS Corporation, according to three people familiar with the discussions who spoke on condition of anonymity to discuss a private bargaining agreement.
The multiple allegations of sexual harassment against Mr. Moonves have partly motivated the talks, which could still break down. Should Mr. Moonves depart, his chief lieutenant, Joseph Ianniello, is likely to be named interim chief executive, two of the people said.
How Banks Lost the Battle for Power on Wall Street [WSJ]
It is a remarkable power shift between Wall Street’s two camps: “sell-side” banks and their “buy-side” clients. Banks, which act as trading partner, lender and custodian, once firmly held the upper hand. They built complex securities—at times foisting them on unsophisticated investors, courts would later find—and charged high fees that they amplified with debt.
In the decade since the crisis, the pendulum has swung the other direction. Washington forced banks to get smaller and safer. The government flooded the economy with money, which acted as a financial lubricant, pushing markets higher and smoothing out the swings that Wall Street traders had once exploited for profit.