Media Navel Gaze: September 19, 2016
Phone wars and Star Wars this week, with Apple surging (best week in five years) on seemingly strong demand for the iPhone 7, while Samsung dealt with a massive recall amid discussions that it has mishandled communications of the issue making things worse than it needed to be. Meanwhile, Time Warner wins the bidding war against many of the bigs for commercial rights to the Star Wars movies (all of them, including those yet to be), costing by some reports as much as $25 million per film (lots of force there);
- Hillary recovered from pneumonia and Trump deemed Obama an American native, ending his birther battler while blaming Hillary for the whole thing anyway (???);
- Bayer buys Monsato for $57 billion to create a HUGE agriculture company and ending a successful history for one of America’s big independent farm giants;
- Twitter streamed Thursday Night football, attracting at some point during the game some 2.1 million viewers;
- Stocks ended a pretty volatile week mostly higher with the Dow up just 0.2 percent to close at 18,123;
- The Guggenheim put on display a solid gold toilet, valued at $2 million and called America, making more “head”lines everywhere; and
- US Pulitzer-Prize-winning playwright Edward Albee dies in front-page obits, also everywhere.
- Brazil’s political scene got messier this week after former President Luíz Ignacio Lula da Silva, who ended his presidential tenure in 2010 with an approval rating over 80 percent, was sued for allegedly accepting over R$3.7 million in bribes as part of the Petrobras “Car-Wash” corruption scandal. Lula denies the allegations.
- As rumblings grow in Chile about the need for more economic growth, the nation’s Central Bank left its key interest rate unchanged at 3.5 percent.
- Three Argentine firms (Banco Galicia, Petrobras Argentina and Clisa), successfully raised a combined US $1 billion via debt financings this week. The offering was viewed as a huge success after an earlier bond issuance from local firm Celulosa fell short of expectations.
- Mexico named Osvaldo Santín Quiroz as head of the government’s tax revenue agency. Mr. Quiroz was appointed to the position by newly appointed Finance Minister José Antonio Meade.
- End of Week Market Updates
- Merval (Argentina): - 0.92%
- Bovespa (Brazil): - 1.59%
- IPSA (Chile): - 1.09%
- IGBC (Colombia): - 3.37%
- IPC (Mexico): - 1.15%
- BVL (Perú): - 1.94%