Wall Street Brief: CME Chief Steps Down, Intel’s TV Strategy, Second Greek Bailout
On Monday, euro finance ministers approved a second Greek bailout, enabling an initial payment from the EUR 130 billion package ($170 billion) to take place. Greece is now positioned to get more than EUR 100 billion over three years from the European Financial Stability Facility (EFSF). According to EFSF Chief Executive Officer Klaus Regling, the first payment of EUR 5.9 billion will come this month, followed by an April payment of EUR 3.3 billion next month and in May, EUR 5.3 billion.
Don’t Miss: Debt Swap Might Not be Enough for Greece.
Intel Corp. (NASDAQ:INTC) is breaking out of its usual mode and will create an Internet-based TV service for U.S. customers. The company has been working on the project for awhile, going to media companies and pitching the idea to make a “virtual cable operator” with U.S. TV channels via the Internet. It will be comparable to the subscriptions seen by traditional cable and satellite companies, according to The Wall Street Journal. Subscribers would need to obtain their own Internet to use the service.
In a surprise announcement on Monday, CME Group (NASDAQ:CME) said in a press release that CEO Craig Donahue will step down at year’s end. Donahue said it’s not because of the MF Global collapse, which has put the exchange in the limelight, appearing before Congress and receiving questions from ratings agencies. In the company’s succession plan, upon Donahue’s departure, Terrence Duffy, currently Executive Chairman, will add the title of President and President Phupinder Gill will become Chief Executive Officer.
The Bank of Japan fended off addition easing after February’s YEN 10 trillion increase. Its overnight call rate and inflation target remained the same. One change that did not come as a surprise, the Bank continued its inexpensive loan line for growing industries.
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