Wall Street Watch: Greek Austerity Measures, General Electric’s Hiring Spree
Greece passed austerity measures on Sunday, helping the country to assure an international bailout. According to Reuters, 199 lawmakers voted in favor and 74 against. The next step is to have euro zone finance ministers approve the rescue; they are scheduled to meet in Brussels on Wednesday. Meanwhile rioters protested against the measures in Athens, fighting police and setting fires to buildings.
Japan reported its annual GDP came in at 2.3 percent with its fourth quarter number declining 0.6 percent, contracting more than expected. The Bank of Japan will now conduct a two-date rate review and may consider additional easing but Greece’s positive moves and the yen coming off of record highs, it may be challenging to justify policy easing. According to CNBC, the Bank may follow in the Federal Reserve’s footsteps and set a specific inflation target.
Vodafone (NASDAQ:VOD) is contemplating a cash bid for Cable & Wireless Worldwide, but there is no immediate offer, which has been estimated to come in around GBD 700 million ($1.1 billion). By U.K. law, Vodafone has until March 13 to either make an offer or say it is not interested. With the acquisition, it would enable the company to unload the increasing Internet traffic to a fixed network with more capacity, according to Reuters.
General Electric Co (NYSE:GE) announced plans to hire 5,000 U.S. military veterans during the next five years and invest $580 million from an expansion in its United States aviation footprint. This year, the company will open three new U.S. aviation plants in Ellisville, Mississippi; Auburn, Alabama, and Dayton, Ohio. It will also hire 4,500 new employees.
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