In 2014, the U.S. government said mobile phones carried by airline passengers could sufficiently flummox a jet’s electronics so as to pose a safety threat. Specifically, some models of Boeing 737 and 777 airplanes were vulnerable. Today, potentially hundreds of planes worldwide are still flying with the unsafe systems cited in that report. —David E. Rovella

Here are today’s top stories

A $338 billion money manager said equity investors best quit while they’re ahead this year and move to safer holdings.

Ghislaine Maxwell, friend of fund manager and alleged sex trafficker Jeffrey Epstein, is trying to keep 2,000 pages of court filings sealed. They stem from a lawsuit filed by Virginia Giuffre, who claimed Epstein sexually abused her for two years when she was 16, and that Maxwell participated. 

U.S. Senator Elizabeth Warren proposed new rules to rein in private equity and “useless speculation.” The Democratic presidential candidate aims to reverse President Donald Trump’s effort to deregulate Wall Street.

Trump spoke several times by phone with personal attorney Michael Cohen and campaign press secretary Hope Hicks as Cohen arranged an illegal hush-money payment before the 2016 election, according to newly unsealed court documents.

The U.S. Navy shot down an Iranian drone near the Strait of Hormuz that the Pentagon said was approaching one of its ships. Iran shot down a U.S. drone last month, saying it had entered its airspace.

Hedge funds are taking a lot of blame for lost trading revenue on Wall Street. Big banks are blaming them and other investors for their worst first half in more than a decade. Morgan Stanley had it especially hard.

What’s Lorcan Roche Kelly thinking about? The Bloomberg cross-asset editor said the negative yields seen these days in the bond market are a very weird thing. It’s amazing that bond traders are now forced to go hat-in hand to the junk-bond market, begging for yield.

What you’ll need to know tomorrow

• U.S. stocks rebounded Thursday and the dollar fell.
• The tables have turned for Blockchain: Bitcoin is back.
• The bad news for Netflix continued on Wall Street.
• Barneys is mulling a bankruptcy filing.
• Why sexually transmitted diseases are on the rise again.
• Bloomberg Opinion: Is Nancy Pelosi close to seeking impeachment?
• Bloomberg Businessweek: Amazon has a convenience store project.

What you’ll want to read in Bloomberg Work Wise

Why Millennials Might Be Headed For a Fall 

Adunola Adeshola has a clear view of what young professionals actually want. And while her contemporaries are more practical than their cranky elders allow for, some are being lulled into a false sense of security, she said, one that doesn’t match the rocky landscape ahead.

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