Media Navel Gaze: July 4, 2016
Brexit fallout guessing seemed to dominate most of the air, print and digital waves all week with all-out-dire consequences that were predicted last week a little less dire. Ink focused on whether firms will leave The City for EU access elsewhere (like Amsterdam and Dublin, which seem to be winning right now); who will be PM now that Boris has pulled out; UK credit rating which dropped a notch; the weak sterling (bad for exports); lower rates everywhere; and the rebound in stocks (more below). And to make it kinda weird: The 600-point plunge of the Dow post Brexit was exactly seven years, seven months, seven weeks and seven days since the worst-ever decline of 777 on September 29, 2008. Have at it, numerologists.
- The Dow posted its biggest advance of the year last week, with the Dow up more than 3 percent to close at 17,949;
- Apple may buy Tidal, so Jay Z rules again;
- Lions Gate may buy Starz, so Hunger Game pays dividends;
- Mondelez (that’s Kraft and Cadbury) is looking to buy Hershey’s, a deal sure to get less sweet due to the complex Hershey’s trust; and
- Serial’s Adnan is getting a new trail, no matter the outcome a sure winner for podcasts.
Puerto Rico's government failed to pay almost half of $2 billion in bond payments that came due on July 1. The move marks the commonwealth’s first-ever default on its constitutionally guaranteed debt.
Argentina's senate approved a law repatriating all undeclared currency currently stored overseas, which is expected to save up to U$20 billion and positively impact pension funds and retirement accounts.
In Mexico, state-owned Pemex has engaged 10 different international banks in conversations about establishing stronger partnerships.