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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading. Europe is moderately higher as European officials meet to rule on Greek debt restructuring, and U.S. futures are moderately lower.
- Greek bondholders have reportedly made their maximum offer and are waiting for EU leaders to approve the deal. Eurozone finance ministers are meeting today to go over terms of the Greek debt restructuring that they will accept ahead of a second bailout package. Don’t Miss: Here’s who gets crushed if Greece defaults >
- BlackBerry maker Research in Motion made changes to its executive board, and co-CEOs Mike Lazaridis and Jim Balsillie, have resigned. Balsille is leaving the company but will remain a director, while Lazardis will play an active-role as vice-chairman. Thorstein Heins will be the new CEO.
- Newt Gingrich crushed Mitt Romney in the South Carolina primary, and the Republican debates will now move to Florida. Mitt Romney who has recently fumbled on questions around his tax returns, has said he will release his 2010 returns, and possibly a preview of his 2011 returns.
- The Bank of Spain expects the Spanish economy to contract 1.5% this year. The bank said household consumption is likely to decline through the year, and that GDP fell 0.3% in the fourth quarter. Now check out what the euro economy will do in 2012 and 2013 >
- With earnings season in full-swing now, Halliburton reported Q4 net income of $0.98 per share, on revenue of $7.06 billion, beating estimates of $6.81 billion. Meanwhile, Texas Instruments is expected to report Q4 earnings of $0.39 per share.
- In M&A news, U.S. gas producer Apache Corporation is reportedly buying privately-owned Cordillera Energy Partners III for $2.85 billion in cash and stock. Meanwhile, China’s Sinopec is paying $1.1 billion for an additional 10% interest in the Australia Pacific LNG project.
- The German economy may have declined 0.25% in the fourth quarter, according to the Bundesbank, with 2011 GDP growth slowing to 3%, from 3.7% in 2010. It also projected that the German economy would grow 0.6% this year, and 1.8% in 2013.
- S&P affirmed the European Union’s AAA rating on Friday, a week after it downgraded nine eurozone countries. The S&P said the EU “benefits from multiple layers of debt-service protection” that offset the deteriorating credit conditions of its individual member states. The S&P also downgraded the EFSF to AA+.
- European Union foreign ministers have said they will ban oil imports from Iran beginning July 1. This would be part of a measure to build pressure on the nation’s nuclear program. Check out why a former BP executive thinks peak oil is real >
- BONUS – Heidi Klum is reportedly divorcing Seal, and is expected to file papers at Los Angeles’ County Superior Court this week.