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Media and LatAm Navel Gaze: June 26, 2017

Mark Kollar,  Ligia Vela-Reid

The health care debate continues in Washington ahead of the Senate vote with the most recent tally showing it may be back to the drawing board. The push is on for a vote before the July 4th recess but the Senate must win all but two of the Republican votes and at this point it isn’t going to happen. Persuasion in full force all week no doubt.

Elsewhere:

  • Surge overhaul: Uber CEO Travis Kalanick was booted after a fiery and fire-y board meeting where members reportedly said leave or we will go public (on what?); CNBC broke the story and it was all uber the place for days amid shades of Shadenfreude and non-stop lessons-learned preaches;
  • A shock to probably to no one: Lordy, the tapes do not exist;
  • Qatar is making a move for a 10 percent stake in American Airlines, a pretty rare move for a US airline to be the target of foreign ownership, especially the largest and especially when the Arab nation is under intense scrutiny by its neighbors amid allegations of aiding terrorism;
  • The Wall Street Journal fired Jay Solomon, its chief foreign affairs correspondent, amid suspicions that he was involved in commercial dealings with an Iranian-born aviation titan who served as a source;
  • Equities marched slowly forward, posting a few gains, with the Dow up a bit on the week to close Friday at 21,394;
  • The Brexit vote was just one year ago Friday, with UK stocks higher but the pound decidedly weaker;
  • On the good news front: The grizzles in Yellowstone are off the endangered list; and
  • Jeff Bezos is in prime striking distance (a mere $5BB away) of becoming the richest in the world, thanks to the Whole Foods deal.

LatAm Gaze:

  • On Monday,Argentina issued a $2.75 billion dollar 100-year bond. This was a success, three times subscribed! The issue came a year after the country’s return to international capital markets after more than a decade of isolation.
  • On Thursday, the Ministry of Finance in Argentina said public accounts accounted for a primary budget deficit of 27,239.4 million pesos, 127% more in the same period of 2016. The good news is that the primary spending rose 24%, which is 12% points less than the increase in the first quarter.
  • Four months after the March scandal that revealed a scheme of fraud and corruption with Brazil's meat quality control, the US has suspended the entry of fresh meat from Brazil due to recurring safety concerns. 
  • This week in Chile, LQ Inversiones Financieras (the company by which the Luksic and Citi group control Banco de Chile) informed the Santiago Stock Exchange that it acquired $12.5 million dollars of Banco de Chile’s shares, giving them 51.16% ownership of the institution.
  • Promerica, a bank in Dominican Republic, was given a BBB + risk rating by Pacific Credit Rating (PCR), based on audited financial information as of December 31, 2016, the level was ratified with a "stable" outlook. 
  • On Wednesday, the United Nation’s Department of Drugs and Crime, warned that Mexico leads the export market for methamphetamines and opium in America, whose main destination is the United States. According to the World Drug Report 2017, 29.5 million people in the world suffer some addiction that puts their safety or health at risk.
  • End of Week Market Updates
    • Merval (Argentina): - 1.06%
    • Bovespa (Brazil): - 0.88%
    • IPSA (Chile): - 1.45%
    • IGBC (Colombia): - 2.53%
    • IPC (Mexico): - 0.49%
    • BVL (Peru): + 1.37% 

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