Jay-Z: 'There's no bad blood with Reid'

Hip-hop mogul Shawn 'Jay-Z' Carter has laughed off reports of hostility between himself and Def Jam chairman Antonio 'LA' Reid, insisting the former colleagues are still close pals.

The '99 Problems' rapper stepped down from his post as President of Def Jam at the end of 2007, amid reports of a disagreement over money with Reid.