Euro zone finance ministers approved the Greece bailout deal for a total of EUR 130 billion ($172 billion). National central banks won’t be included in a debt swap but private bond holders will incur a 53.5 percent loss. They will receive “sweeteners” such as 30-year bonds as a trade for the ones they forgo. The money from the program will try to cut Greece’s debt to 121 percent of GDP by 2020, down from its current 160 percent. Austerity measures for the population aren’t going over well and additional protests may take place.
Don’t Miss: Greek Bailout Deal is Complete.
On Monday, Walmart (NYSE:WMT) reported an increased stake to around 51 percent in the Chinese e-commerce firm Yihaodian in an effort to increase its presence in the country’s expanding consumer market. The company said in a statement that it needs government regulatory approval; financial details were not disclosed. This news comes just two weeks after Walmart announced a new leader for it China operations.
Samsung (SSNLF.PK) will spin off its unprofitable LCD business and focus on its profitable smartphones, non-memory chips, and next-generation panels, according to Bloomberg. The new company will be called Samsung Display Co and will be set up April 1 from paid-in capital of WON 750 billion won ($668 million).
In 2011, Samsung’s LCD business reported an operating loss of WON 750 billion from slowing global TV sales. The spinoff company could eventually merge with the Samsung Mobile Display venture, the maker of OLED panels.
Japan reported a record trade deficit in January from a strengthening yen and eroding manufacturers’ profits from a weak global demand. The gap expanded to 1.48 trillion yen ($19 billion), exceeding estimates of 1.46 trillion yen, according to Bloomberg. The country saw shipments decline 9.3 percent from the previous year while energy imports jumped, according to Tokyo’s Ministry of Finance.
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