Wall Street Brief: Apple AWARDS TomTom, JPMorgan IGNORED Risks
Apple Inc. (NASDAQ:AAPL) signed a global mapping-data accord with TomTom (TMOAF.PK) just one day after announcing it got rid of Google (NASDAQ:GOOG) Maps. It will now use its own functionality which includes 3D models of cities and turn-by-turn navigation. At WWDC on Monday, CEO Tim Cook also unveiled Apple’s MacBook update and Facebook’s (NASDAQ:FB) iOS 6 integration.
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Two years ago, JPMorgan’s (NYSE:JPM) top executives had been alerted to the risks coming from the firm’s London trading desk, reported The Wall Street Journal. In 2011, the CIO executives put together a plan to get rid of some large trades but even then, it didn’t workout. Perhaps Jamie Dimon’s Wednesday Congressional testimony will be more interesting than we initially thought.
In late 2011, Microsoft (NASDAQ:MSFT) had contemplated an offer for Nokia (NYSE:NOK) and reviewed its books, but both companies decided against a sale, reported The Register. The story speculated that Microsoft would prefer a lower value for Nokia before making a bid on it. On Monday, Nokia dropped 8.3 percent after Samsung squashed takeover rumors.
Berkshire Hathaway’s (NYSE:BRKA) (NYSE:BRKB) NetJets has a $9.6 billion Bombardier (BDRAF.PK, BDRBF.PK) and Cessna order to buy 425 new aircraft. NetJets CEO Jordan Hansell believes a rebound in luxury flights is coming after his predecessor David Sokol slashed the fleet in response to less demand.
Most of MF Global’s (MFGLQ.PK) senior executives were not registered with the Commodities Futures Trading Commission and can’t be charged failure to supervise in response to the firm’ implosion. Legal experts have said these types of failures are usually easier to show than intentional wrongdoing. Former CEO Jon Corzine was registered by the agency.