Wall Street Watch: Greek Debt Talks, Facebook Mobile Ads on the Horizon

The Greek debt talks continue to drag on as the country’s political leaders met on Sunday and could not reach agreement on some reforms. Agreement has been reached on cutting 1.5 percent of GDP this year, decreasing auxiliary pensions, reducing wage and non-wage costs, and re-capitalizing banks without nationalizing them. Socialist party, conservative New Democracy party and the nationalist party Laos will again meet with Prime Minister Lucas Papademos on Monday to discuss the disagreements over wages and the banks.

China could see its economic expansion cut almost in half from 8.2 percent to 4 percent this year if Europe’s debt crisis worsens and sanction “significant” fiscal stimulus from the government, according to the International Monetary Fund.They said of its forecast, “China’s growth rate would drop abruptly if the euro area experiences a sharp recession. However, a track record of fiscal discipline has given China ample room to respond to such an external shock.”

In March, Facebook will begin showing ads to cellphone users, according to The Financial Times. The social media giant said in last week’s IPO filing, that it doesn’t generate any “meaningful revenue” from its mobile products, which “may negatively affect our revenue and financial results.” The company isn’t alone as Google (NASDAQ:GOOG) and Twitter have not found success in this arena either.

GM (NYSE:GM) will report it 2011 net income on Feb. 16, possibly disclosing a 70 percent increase to a record $8 billion number, according to The Wall Street Journal. The company’s net income had been helped by strength from North America profits and growth in China. GM will aim to increase its profit margin from 6 percent to 10 percent during the next few years and earn a $10 billion annual profit.