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Media and LatAm Navel Gaze: August 14, 2017

Mark Kollar,  Ligia Vela-Reid

Fire and fury/locked and loaded: President Trump launched a war of words toward North Korean, putting many on edge as tensions seemed to mount, thoughts of diplomacy turned cloudy and stocks backpedaled a bit and media debated merits of tough talk. All to say that flaks and hacks alike pray for good weather while Trump is at his golf course to keep attention turned to links and not the Twitter feed. 

Elsewhere:

  • Google fired an engineer who wrote a memo saying men make better tech geeks and alt-right diversity-of-thought protests erupt;
  • Protests in Charlottesville, Va., over the weekend turned deadly amid claims of domestic terrorism as white supremacists faced a rally resulting in one fatality from apparently a rogue driver who mowed down one marcher;
  • Netflix buys a comic book publisher, its first acquisition and a strong signal that its media reach is growing;
  • An investor sues former Uber CEO Kalanick, claiming fraud;
  • Snapchat snaps, earningwise, reporting another quarterly loss that won’t just disappear;
  • The Dow ended a volatile week down 1.1 percent to close Friday at 21,858; and
  • Yankees break with tradition and become one step away from putting Twitter handles on players’ helmets.

LatAm Gaze

  • The Enel Group, which owns the electricity distribution company Edesur in Argentina, through its subsidiary Enel Green Power North America, acquired US firm Enernoc for a total of US $ 250 million. As a result of the public tender offer and subsequent merger, Enel, now owns a 100% interest in Enernoc, a company providing energy services and demand response in United States for customers of utilities, industrialists, institutions and commerce.
  • In Argentina, as of September 10 Netflix will charge its customers in the local currency (pesos) instead of dollars. According to Netflix, this change is part of their ongoing efforts to improve their services for their members in Argentina.
  • In Brazil, mining companies are pushing back on tax increases, arguing that the Brazilian industry, already burdened by higher taxation than in other countries, will become less competitive.
  • According to a study conducted by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) foreign investment in Chile fell by 40% in 2016. The decrease in investments could have been caused by the low prices of raw materials, which therefore impacted investments in the natural resources sector, the slow growth of economic activity in several economies and the global scenario of technological sophistication.
  • On Thursday, Vista Oil became the first SPAC (Special Purpose Acquisition Company) to IPO on the Mexican Stock Exchange, raising US$650 million dollars for their offering, which beat expectations by 30 percent.
  • According to a study conducted by the Economic Commission for Latin America and the Caribbean, the Latin American economy in the next year will grow by 2%, primarily driven by Mexico, Brazil and Argentina.
  • In Venezuela, reports have increased of Russia providing financing to Venezuela during their current economic crisis to continue gaining influence in the region.
  • End of Week Market Updates
    • Merval (Argentina): -0.34%
    • Bovespa (Brazil):    +0.69%
    • IPSA (Chile):          - 1.43%
    • IGBC (Colombia):   - 1.14%
    • IPC (Mexico):         - 1.33%
    • BVL (Peru):           + 0.37% 

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