- Spiegel: Stop the 130-billion bank transfer! (Spiegel [27])
- Greece Wins Bailout as Europe Chooses Aid Over Default (Bloomberg [28])
- Greek pro-bailout parties at all-time low, poll shows (Reuters [29])
- Eurozone agrees €130bn Greek bail-out (FT [30])
- Top Banks in EU Rush for Safety (WSJ [31])
- Medvedev Adviser Says Kudrin Would Be Better Prime Minister (Bloomberg [31])
- US and Mexico in landmark oil deal (FT [32])
- McCain calls for US to support Syria rebels (FT [33])
- Coal Shipments to India Overtaking China on Fuel Shortage (Bloomberg [34])
- Gillard Shrugs Off Ousting Threat (WSJ [35])
Overnight Media Summary:
WSJ
* Eurozone finance ministers agreed on a long-awaited accord to secure a new 130 billion euros ($171.9 billion) bailout and debt-restructuring deal for Greece, after haggling into the early hours of Tuesday morning to settle the final details.
* Alexander Rekeda, who led Japanese bank Mizuho Financial Group's charge into the then-red-hot business of U.S. subprime debt in 2006, was warned by the Securities and Exchange Commission (SEC) in October that he faces the potential charges.
* Samsung Electronics plans to spin off its liquid-crystal display operations into a separate company in an effort to revive its unprofitable flat-panel business.
* Wal-Mart Stores Inc said it plans to buy a majority stake in Chinese e-commerce company Yihaodian, a move to boost its online efforts as consumers there flock to the Internet to shop.
* Ford Motor Co expects China's vehicle sales to rise "about 5 percent" in 2012, the auto maker's regional head said, forecasting a second year of relatively moderate growth for the world's largest car market after years of double-digit surges.
FT
LLOYDS RIVALS' EXECUTIVES TO KEEP BONUSES
Executives responsible for misselling loan insurance at Royal Bank of Scotland and Barclays look set to keep their past bonuses, ignoring the precedent set on Monday by Lloyds Banking Group. http://link.reuters.com/gex66s [36]
TURKCELL'S OWNER TO FIND $1.4 BILLION OR LOSE CONTROL
The owner of Turkcell has to come up with $1.4 billion next month or lose its controlling stake in Turkey's biggest mobile group, at least for the duration of an appeal, a court has ruled. http://link.reuters.com/hex66s [37]
APPLE MAKES LEGAL THREAT OVER IPAD DISPUTE
Apple levelled a new legal threat on Monday against the struggling electronics company that has claimed it owns the iPad name in China, as a court in southern China ordered a large retailer to stop sales of the gadget. http://link.reuters.com/jex66s [38]
US CORPORATES SHY TO OFFER GUIDANCE
U.S. companies are more uncertain about the future than at any point since the financial crisis, with just one in five of the country's biggest corporations making any predictions as they published fourth-quarter results. http://link.reuters.com/kex66s [39]
VISTA MAKES RIVAL BID FOR MISYS
A U.S. private equity group has made a rival 1.2 billion pound ($1.90 billion) offer for Misys, the banking software company which this month agreed a merger deal with Switzerland's Temenos. http://link.reuters.com/mex66s [40]
DUBAI'S ABRAAJ BUYS AUREOS IN EMERGING MARKET PUSH
Aureos Capital, the private equity group spun out of the government-owned emerging markets investor CDC in controversial circumstances, is to be sold for an undisclosed price. http://link.reuters.com/nex66s [41]
VEOLIA CHIEF FACES BOARDROOM COUP
Antoine Frerot, chief executive of Veolia, the world's biggest water utility by sales, is facing a boardroom coup orchestrated by his former mentor, Henri Proglio, the boss of EDF. http://link.reuters.com/pex66s [42]
SANTANDER FINED OVER STRUCTURED PRODUCTS
Spanish bank Santander has been fined 1.5 million pounds by the UK financial regulator for selling 1.2 billion pounds of "guaranteed" stock market-linked bonds without making it clear to consumers that they would not be fully covered for compensation if the bank failed. http://link.reuters.com/qex66s [43]
NYT
* Even as government officials prepare to unveil new standards this week for how banks treat millions of Americans facing foreclosure, housing advocates and homeowners are skeptical the rules will be able to do something past efforts have not -- provide a beleaguered borrower with one individual to help them navigate the mortgage maze.
* Greece finally secured its second giant bailout early Tuesday after eurozone finance ministers agreed to save it from bankruptcy in exchange for severe austerity measures and subject to strict conditions.
* The United States and Mexico reached an agreement on Monday on regulating oil and gas development along their maritime border in the Gulf of Mexico, ending years of negotiations and potentially opening more than a million acres to deepwater drilling.
* The Lloyds Banking Group, partly owned by the British government after receiving a bailout, on Monday became the first bank in Britain to cut past bonuses because of losses that turned up later.
* URS, a construction and engineering firm, said on Monday that it would acquire Flint Energy Services for $1.25 billion, in a bid to bolster its presence in North America's oil and gas industry.
European Economic Update:
- UK Public Finances (PSNCR) -16.8B – higher than expected. Consensus -24.7B. Previous 22.9B. Revised 22.8B.
- PSNB ex Interventions -7.8B – lower than expected. Consensus -6.3B. Previous 13.7B. Revised 14.0B.
- UK Public Sector Net Borrowing -10.7B – lower than expected. Consensus -9.1B. Previous 10.8B. Revised 11.1B.
- Switzerland Trade Balance 1.55B – lower than expected. Consensus 2.50B. Previous 2.07B. Revised 2.01B.
- Switzerland Exports real SA -3.4% m/m. Previous 6.1% m/m. Revised 6.4% m/m.
- Switzerland Imports real SA 3.6% m/m. Previous 7.6% m/m. Revised 8.4% m/m.
- Switzerland Money Supply M3 8.2% y/y. Previous 7.7% y/y. Revised 7.4% y/y.
- Netherlands Consumer Confidence (sa) -36. Previous. -37.
- Netherlands House Price Index 0.6% m/m -3.3% y/y. Previous -0.9% m/m. -4.0% y/y.
- Finland Unemployment Rate 7.8%. Previous 7.4%.
- Denmark Consumer Confidence Indicator -4.8 – higher than expected. Consensus -7.5. Previous -7.0.
- Slovakia Unemployment Rate 13.7% - lower than expected. Consensus 14.0%. Previous 13.6.%.
- Hungary Average Gross Wages 10.1% y/y – higher than expected. Consensus 6.2% y/y. Previous 6.0% y/y. Revised 6.1% y/y.
- Croatia Consumer Prices -0.4% m/m 1.2% y/y. Previous -0.4% m/m 2.1% y/y.
- Croatia Unemployment Rate 19.8%. Previous 18.7%.