In Business and Financial News:
We Are Hiring…
American Airlines (AMR) said Monday that it plans on hiring 1,500 pilots over the next 5 years in addition to bringing back all pilots that the airline had on furlough. The company will start the recruitment effort for new pilots this fall. American has resumed hiring pilots because a large number of its current pilots will hit the new mandatory retirement age of 65. The age limit was raised from 60 to 65 over five years ago. In addition to hiring new pilots, American has already hired 1,500 flight attendants as the company prepares for life after bankruptcy.
You’re Harassing Me…
Bank of America (BAC) agreed to pay $32 million to settle a lawsuit, which charges the bank with making harassing debt collection calls to customers’ cell phones. The settlement is believed to be the largest cash payout using a 1991 law meant to protect consumers from harassing calls. As part of the deal, the bank is not obligated to admit any wrongdoing.
The settlement will resolve several proposed class action lawsuits that were filled on behalf of 7.7 million of the bank’s credit card and mortgage customers. Bank of America is one of numerous US companies that have been involved in lawsuits over “robocalls,” or automatically dialed phone calls.
Shark on Trial…
Entrepreneur, Dallas Mavericks owner and star of the reality show Shark Tank, Mark Cuban began his insider trading civil trial on Monday. The trial starts almost five years after the SEC (Securities and Exchange Commission) first brought charges. Cuban is accused of dumping his entire stake in the search software company Mamma.com right before the details of a stock offering were announced. The SEC alleges that the sale avoided a $750,000 loss on the holding. Cuban dumped his stake after hearing details of the planned stock sale from the company’s advisors. Cuban argues that he was prohibited from disclosing the stock sale but that he was not prohibited from trading his shares. The case against Cuban had been dismissed in July 2009 by US District Court Judge Sidney Fitzwater; however, a court of appeals decision reinstated the case.
KJ’s Take: We have decided not to include the drama in Washington in our Daily Digest. Not for political reasons or as a political statement but because we figured you, like us, might be on serious information overload. It is a serious issue. However, the world is still revolving; and therefore, we have decided to concentrate more on those stories.
In The Markets:
Chinese markets are closed due to a holiday. The Nikkei closed up slightly on Tuesday despite Japan’s Prime Minister Abe deciding to raise sales tax to 8%.
European shares fell on Monday as investors worry about the political instability in Italy, disappointing data from China, and a potential US government shutdown.
US markets closed tumbled on Monday. Concern over a possible government shut down sent the Dow Jones falling triple digits. DJIA: -125.94 15132.30 NASDAQ: -10.12 3771.48 S&P 500 -10.03 1681.72
In Dinner or Drink:
1 shot of white tequila
1 shot of Southern Comfort® peach liqueur
1 shot of Wild Turkey® bourbon whiskey
1 1/2 cup of Amp® energy drink
Mix it all and drink well.
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