Tiny Satellites: The Latest Innovation Hedge Funds Are Using to Get a Leg Up (WSJ)
A company called Planet Labs Inc. has launched a small constellation of what it calls “cubesats” that can deliver much more frequent imagery of economically sensitive spots than traditional satellites. Those spots include retailers’ parking lots, oil-storage tanks or farmland. The company, founded by three former NASA scientists, has now signed an agreement to supply data to Orbital Insight Inc., which mines satellite imagery for trading tips for hedge funds.
In Bangladesh Cyberheist, Strange Requests, Odd Misspellings (WSJ)
One order seeking money from Bangladesh’s account at the Federal Reserve Bank of New York wanted $20 million for vaguely defined consulting fees. A second sought $30 million for “ineligible expenses.” A large number of others requested tens of millions of dollars be sent to a handful of men in the Philippines, for uses including tuition, forest conservation, subscriptions and entry-level military training. The fake payment orders, copies of which were reviewed by The Wall Street Journal, show how cyberthieves brazenly stole $81 million from Bangladesh’s account at the New York Fed by sending dozens of orders filled with errors of formatting, spelling and sense. In a break from standard practice, they sought to pay sums amounting to millions of dollars to individuals.
NYSE sees double-digit Asian IPOs through 2017, with focus on tech (Reuters)
NYSE, which has seen only two listings from Asia this year, is betting that technology companies that have raised billions of dollars in private markets would lead the rebound. "If that number was in the double digits in the next year and a half it wouldn't be surprising at all," Toler told Reuters. "I would absolutely say technology is where the greatest interest is coming from," he added.
David Tepper’s hedge fund exits Facebook, Delta and others (NYP)
David Tepper’s Appaloosa hedge fund is so over Facebook. The fund completely exited its position in the tech darling during the second quarter, it disclosed in a regulatory filing on Friday — after being in the stock for less than a year...Page Six has reported that someone impersonating Tepper is trolling Facebook trying to win dates with women. It is not known if the troll had any impact on Tepper, known to be a private person, exiting the stock.
Two Naked Women Out For An Evening Swim Busted After Cop Gets Kicked In Groin (TSG)
Responding to an 11 PM noise complaint Monday, cops found Naumann, 23, and Cole, 32, “completely nude” at the swimming pool of an apartment complex near Myrtle Beach. The women, guests of a resident, “did not have bathing suits with them so they decided to swim in the nude,” according to a Horry County Police Department report. The duo and two friends, police noted, appeared “highly intoxicated.” As cops sought to do a warrants check on the quartet, Naumann (seen above, at left) and Cole began to walk away, ignoring a police demand to remain in place. Naumann then became belligerent and allegedly delivered a “mule kick” to a male cop’s genitals. Both women were then arrested for indecent exposure, a misdemeanor. Naumann was also charged with assaulting a police officer.
Bond Funds Turn to Emerging Markets (WSJ)
International bond funds run by BlackRock Inc., Legg Mason Inc. and OppenheimerFunds are among the big money managers that have been increasing their positions in emerging-market debt in recent months. That shift reflects how global bond funds are feeling the pinch from low U.S. interest rates and negative rates in Japan and much of Europe.
Here Comes the Brexit-Era British Economy in Hard Numbers (Bloomberg)
The most marked and sustained impact of Brexit on markets was the exchange rate, and that’s a worry for an inflation-targeting central bank like the BOE. Releases on Tuesday will provide an insight into how fast the pound’s 12 percent decline on a trade-weighted basis is driving up consumer prices. Over the medium term, the BOE expects weaker sterling will push price growth back to its 2 percent target at a faster pace than previously envisaged.
Gold Losing Appeal for Investors Stepping Back From Rally Bet (Bloomberg)
Hedge funds and other speculators cut their wagers on a bullion rally for the fourth time in five weeks. As traders tire, the metal’s 30-day historical volatility has dropped to the lowest since November. Open interest is also on the decline.
Nasdaq Tries to Appeal to Investors Lured by New Rival IEX (WSJ)
Nasdaq plans to seek SEC approval for a new function that may appeal to institutional investors such as mutual funds. Investors who use the function, known as an “extended life” order type, would move ahead of other similarly priced orders if they agree not to cancel their orders for approximately one second. Investors who use the function wouldn’t have to worry about traders who can get to the Nasdaq Stock Market faster, Mr. Greifeld said.
Rick Springfield says he never saw ‘Jessie’s Girl’ again (NYP)
Q: Did you ever reconnect with the girl who inspired “Jessie’s Girl”? A: No, [she] moved away before I’d even recorded the song. It was in 1979 in Pasadena, and I’d hit a block with songwriting, and so I started taking a stained-glass class. That’s when I met this girl who was dating a friend of mine called Gary. [Springfield changed the name in the song from Gary to Jessie because it sounded better.] No one’s ever come up to me and said, “I’m the girl” or “I’m the guy in ‘Jessie’s Girl.’ ” I doubt they even know the song’s about them.