In China Stocks, Late Jolts Are the New Normal (WSJ)
The phenomenon has prompted analysts and traders to try to figure out what has been driving the late-day jolts. For now, they have identified two key factors: afternoon margin calls from lenders, which often prompt a wave of selling, and the looming presence of Chinese authorities. China has vowed to support the market by buying stocks, but investors have figured out that they often won’t move into the market until later in the day.
In Britain, Ex-Rabobank Trader Barred From Industry in Libor Scandal (Dealbook)
British regulators said on Thursday that they had barred a former trader at the Dutch lender Rabobank from the securities industry after he pleaded guilty in the United States in March in connection with rigging a global benchmark interest rate. The Financial Conduct Authority of Britain said the former trader, Lee Stewart, 52, had been barred from working in the British financial services industry for lacking “honesty and integrity.” The ban was put in place on July 21, the regulator said.
Steven Cohen’s Point72 Hires New Head of Data and Analytics (WSJ)
Matthew Granade, 38 years old, will oversee Point72 Asset Management LP’s data sourcing and analysis efforts. He said in an interview that he decided to join the firm after Mr. Cohen and Point72’s president, Douglas Haynes, extolled the firm’s efforts in data and analytics. “Steve explained that this was the way the firm needs to evolve,” he said. “My personal feeling is that this is a very exciting time in this space. Investing now isn’t just about earnings estimates and 10ks. It’s about satellite imagery, sensors and mobile devices. The more you can process those things, the more edge you’ll have.”
Preet Bharara’s Insider-Trading Smackdown Heads to the Supreme Court (Bloomberg)
On Thursday, quietly and four days ahead of the deadline, the solicitor general of the U.S. filed a petition to the Supreme Court asking it to review an appeals court decision that threatens to undermine at least some of Preet Bharara’s legacy on insider-trading prosecutions...The decision to appeal to the Supreme Court is one that Bharara is believed to have wanted from the beginning. He had to persuade the solicitor general, who filed the petition to the high court, to get on board. Although it’s a risky move, which could leave prosecutors with an even worse set of rulings, it will likely bring something that defense lawyers and investors urgently need: clarity about whether they’re breaking the law.
Former Pa. governor: A hot dog is a sandwich (UPI)
Rendell was asked by an interviewer to weigh in on the subject, which has recently become a topic of heated Internet debate, and he came out in favor of giving sandwich status to hot dogs. "It's got bread," Rendell told WPHT-AM. "Would you put a hoagie in the sandwich category? What I would think is the hot dog, the cheese steak, the hoagie, they're in the elite sandwich category...If you eat a hot dog without the bun, it's not a sandwich, obviously. But if you use the bun, I think that it's just a different type of sandwich, but it's still a sandwich. The bread to me would be the key."
Ukraine, Bondholders Move Closer to Deal (WSJ)
After months of relative stalemate, a group of the conflict-torn country’s creditors has indicated it is willing to take a small reduction in the face value of Ukrainian bonds to speed up a debt restructuring process, according to two people close to the negotiations. Ukraine and its creditors have stood at an impasse for months over about $19 billion worth of bonds, which have tanked in value because of concerns the country wouldn’t be able to meet repayments.
Yahoo! set to launch Snapchat-like app with silent spin (NYP)
Yahoo!’s new Livetext is yet another variation on existing services — Snapchat, Skype, WhatsApp and FaceTime to name a few — that allow users to send some combination of text and live video through their smartphones. Notice the absence of audio, which distinguishes Livetext from other entrants in the already crowded space. “Audio is the one sensory input that makes everything public,” said Adam Cahan, Yahoo’s SVP of Video, Design and Emerging Products. “It inhibits conversation.”
Fed's 'nearly balanced' language no bar to Sept rate rise (Reuters)
The U.S. Federal Reserve will not need to see balanced risks to the economy to proceed with an interest rate hike in September, according to former Fed officials and a review of central bank statements through recent turns in policy.
Renting Condos Is Fun and Games (WSJ)
Hoping to attract younger professionals trading up to luxury buildings, developers are adding vintage arcade rooms with free, unlimited access to classic games such as “Pac-Man” and “Donkey Kong.” Building managers and renters alike say the classic games provide both nostalgia and entertainment.
Burglary Suspect Found Asleep Surrounded By Chicken And Beer (AP)
A Florida family tells police they came home to chicken bones and empty beer bottles scattered about their kitchen floor and a would-be robber passed out on their couch. The Palm Beach County Sheriff's Office reports that deputies found 22-year-old Jacob Miller still asleep when they responded Monday to the Lake Worth home in South Florida. After taking Miller into custody, deputies found numerous items of jewelry on the man that belonged to the family. The Palm Beach Post reports that Miller told deputies he went into the home because he needed a place to stay but refused to answer any other questions.