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.
- 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?).