Wall Street Brief: Google’s Quest to Dominate Mobile, Greece Bailout Details Unknown
While Greece approved austerity measures on Sunday, bailout elements still need to be determined such as the contribution of euro zone governments to reduce the country’s debt. The Wall Street Journal reports that the EU wants Greece to cut an additional EUR 325 million ($429 million) of the budget and receive additional party leader assurances about the package. These demands give affirmations to those who think the EU is attempting to kick Greece out of the euro.
U.S. and EU regulators have approved the $12.5 billion acquisition by Google (NASDAQ:GOOG) of Motorola (NYSE:MMI). They will also watch for key patents to the telecom sector be licensed at fair prices. Also on Monday, the Department of Justice also approved the patent purchases by an Apple (NASDAQ:AAPL) group led by Nortel Networks Corp. (NRTLQ), and the patents previously owned by Novell IP, according to Reuters.
For the second time in a week, the Federal Reserve delayed its decision on whether or not to approval Capital One Financial’s (NYSE:COF) proposed $9 billion ING (NYSE:ING) acquisition. It reviewed the deal on Monday and said it will announce a decision soon. Community banks and consumer advocates have criticized the deal for its possible impact on the economy. If it’s approved, Capital One could jump to the fifth or sixth largest bank as defined by deposits; it currently not in the top 10.
The Bank of Japan announced the expansion of its asset-purchasing program by YEN 10 trillion. It will also keep its near-zero interest rate target, with a set inflation target of 1 percent. While the bank was not pressured to set the goal, the government still may interfere in monetary policy.
To contact the reporter on this story: Debbie Baratz at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com