Media Navel Gaze: March 24, 2014
The Week Unpeeled
Crimea formally became part of Russia last week as US sanctions (especially those aimed at a big Russian bank) started to take a toll on some business and its stock market, while the search continued for any clues to the missing Malaysian airliner, a story that was actually getting much less front-page coverage as any big clues started to fade.
Elsewhere:
- The First Lady and entourage travel to China, making for countless ping pong photo ops; Obama is off to Europe;
- Fed Chief Yellen speaks and markets shake in what was called by many as overreaction to the central bank's outlook on short-term rates (which are expected to remain n ear zero this year);
- The Fed also announced it would cut its monthly bond purchases by $10 billion to $55 billion (no surprise), citing ongoing signs of a recovery;
- The Dow, meanwhile, rose 1.48 percent for the week to close Friday at 16,302, down 1.65 percent for the year;
- Score one for the sharing economy as Airbnb, in talks to raise money, sees its valuation estimated at near $10 billion;
- The White House may dump Blackberry, one of the last high-profile bastion for the device as its tests other devices;
- Turkey moves to ban Twitter, with everyone from Mia Farrow to Richard Branson tweeting outrage and encouragement support/use of the social-media channel; and
Of course, March Madness. 