The US strikes Somalia. The US military carried out drone strikes near the port city of Barawe, Somalia, part of a counter-terrorism operation aimed at the al-Shabab militant group, the Pentagon said without giving further information. The target of the strikes was the group’s leader Ahmed Abdi Godane, Voice of America reported.
Separatists in Ukraine seek “special status.” Officials from the self-proclaimed “People’s Republics” of Donetsk and Luhansk met with representatives from Ukraine and Russia, airing demands for special recognition that fall short of full independence, but not by much. Meanwhile, Reuters reports that new EU sanctions might ban the buying of new Russian government bonds.
US fast food workers plan to strike. Employees at McDonald’s, Burger King and other fast-food chains across the US plan to strike on Sept. 4, demanding a $15/hour wage, organizers announced. Workers in over 100 US cities plan to use “non-violent civil disobedience” to call attention to their demands, The New York Times reported (paywall).
Eric Cantor moves to Wall Street. The former US house majority leader is joining boutique investment bank Moelis & Co. as vice chairman, he told The Wall Street Journal (paywall). Cantor, a Republican representative from Virginia, lost his seat in the House of Representatives to economics professor Dave Brat in June.
Hong Kong’s pro-democracy activists clash with police. Hong Kong protestors were pepper sprayed by police at a news conference to explain Beijing’s rejection of universal suffrage for the city’s citizens. Last night, an activist told a crowd of thousands that this decision would mark an “era of civil disobedience.”
A big fund manager fears spiralling bank fines. Neil Woodford, a British fund manager, sold his firm’s stake in HSBC on fears of “fine inflation.” Despite apparent bargains in big-bank shares, the growing fines for bad behavior represent too great a risk, he explained. Woodford is an influential figure; others may follow his lead.
A slight delay for Alibaba’s IPO. Alibaba Group Holding is pushing back investor meetings about its initial public offering for “about a week” to answer additional questions from the Securities and Exchange Commission, Bloomberg reports. The IPO, which is expected to raise more than $20 billion for Alibaba, may price on Sept. 18 and start trading on the 19th, several days later than was reported two weeks ago.
A new iPayments system? Maybe Apple and American Express can do what Google hasn’t done yet and bring about the broad embrace of the concept of the mobile wallet. Re/Code reports that AmEx is involved in a payments product that will be unveiled Sept. 9, when the iPhone 6 is expected to debut.
The rise of wholesome. Young British women are binge drinking far less than they did just a decade ago, teenage smoking is plummeting and the number of young people that have tried cannabis has dropped by a third, the Guardian reports. Reports of incredibly promiscuous behavior among US teens have been wildly exaggerated by the media, a new book finds.