JPMorgan Hiring Probe in China Gets Serious and 2 Other Dow Movers to Watch
JPMorgan Chase & Co. (NYSE:JPM): Current price $50.91
A number of media reports say that the current inquiry into JPMorgan Chase’s hiring practices in China by the Justice Department has discovered a spreadsheet that connects deals with hiring decisions. The Department and the Securities and Exchange Commission examining whether the number-one Wall Street bank hired the family members of influential people in the Chinese government or business community so as to increase its own business.
The investigation began in Hong Kong and has since gone viral in covering J.P. Morgan’s Asia offices, focusing on the possible violation of bribery laws. The bank has initiated an internal review of its hiring practices in Asia, and thus far, identified in excess of 200 hires that require review, say reports.
The Boeing Co. (NYSE:BA): Current price $105.31
Boeing forecasts that the commercial aviation industry will require over one million new pilots and technicians to back the expanding demand for new airplane deliveries during the next two decades. Projected pilot demand is increasing globally, as is demand for technicians in certain regions.
On Thursday, at an event commemorating the start of 787 flight training at the Boeing Flight Services campus in Miami, the company released the 2013 Pilot and Technician Outlook, which is a respected industry forecast of aviation personnel. The report indicates that by 2032 the world will require 498,000 new commercial airline pilots and 556,000 new commercial airline maintenance technicians.
Verizon Communications Inc. (NYSE:VZ): Current price $48.17
On Thursday, Vodafone Group PLC revealed that it is in discussions with Verizon Communications to divest its interest in Verizon Wireless, the top domestic mobile carrier, in what would be the third-biggest sale of all time.
Verizon has not kept secret its desire to obtain full ownership of a network that is growing quickly, and generating billions of dollars in free cash flow, but the firms have had disputes as to how such a transaction should be valued. Vodafone’s Chief Executive Vittorio Colao has waited for the perfect time to sell the 45-percent stake in a deal that would allow the mobile operator to retain its assets in Europe and also in emerging markets like India, Turkey, and Africa.
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