Media Navel Gaze: March 25, 2013

Mark Kollar  Follow

The Week Unpeeled

Little Cyprus became the big focus last week for Russian oligarchs and global bankers, currency and credit traders as the island nation rejected a bailout deal that would have imposed a heavy tax on deposits (many reportedly Russian).  Geopolitical drama will continue no doubt for a republic with fewer than 1 million people.

Elsewhere:

  • Turkey and Israel have resolved a long-standing dispute, in a truce brokered by President Obama on his Mideast diplomatic trip;
  • The Dow ended down 0.2 percent to end Friday at 14,512, hurt by Cyprus tempest, which had a bigger negative impact on the Euro markets;
  • The bidders continue to take shape for Dell with Blackstone reportedly looking at all or part or joining forces with GE for the financial-services arm;
  • PPR, which includes such holdings as Gucci and Puma, has rebranded as Kering (smacks of Breton word “home”) in its continual evolution from a one-time timber-trading company;
  • JP Morgan won the “best crisis campaign” award from IR Magazine for its handling of the London whale trading loss;
  • As Pope Francis began his first official duties, the Church of England installed Justin Welby, as the archbishop of Canterbury, a former oil exec who like the pontiff is focusing on simplicity and modesty (the new modern?);
  • NBC’s “The Tonight Show” may be moving back to New York and will eventually – probably next year -- turn the microphone over to Jimmy Fallon from Jay Leno; and
  • David Bowie has released his first album in a decade (remember when his “receivables” were once securitized into Bowie Bonds?). End of Story

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