Posts Tagged ‘Mexico’

The Week UnpeeledMedia Navel Gaze

Yikes! The summer turned nasty last week, with stock markets worldwide showing red almost everywhere as the indices hit 10-percent correction levels amid commentary that the six-year bull market may have run its course.  The week-long slide was based on concerns about China’s growth following its currency devaluation and sluggish economies elsewhere.  The S&P 500, probably the broadest best measure, fell some 5.8 percent last week and is now down 4 percent for the year.  Unclear if this is a breather or more to come but lots of ink sure to follow.

Elsewhere:

  • Oil continued its descent with crude falling briefly below $40 per barrel and projections for the $30 range soon.
  • Maybe it should wait after this week but the law firm Wachtell, Lipton, Rosen & Katz has recommended that public companies shed the quarterly reports, calling on the SEC to get rid of the practice which no doubt would make many CFOs happy;
  • A top Bloomberg editor was dismissed last week when he broke the embargo on Fed minutes story;
  • The Koreas traded threats
  • Female Viagra was approved; and
  • Jared happened.

LatAm Gaze:

  • LATAM: This week's steep selloff that pushed down the S&P 500 says more about the outlook for emerging markets than US companies; recessions in Latin American countries like Brazil and Chile is hurting commodity-related companies, and prompting traders to overlook improving US economic data.
  • BRAZIL:Amid ongoing investigations into Brazil's Petrobras oil firm, Brazil's TSE electoral authority has called for an investigation of President Dilma Rousseff's 2014 re-election campaign, citing evidence that it may have been financed with money from a Petrobras corruption scheme.
  • MEXICO: Mexico has completed its oil hedging program for next year, paying more than $1 billion to guarantee it will get at least $49 a barrel for about half of its exported crude in 2016.End of Story

 

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Media Navel Gaze

The Week Unpeeled

Nothing seemed to trump the Republican debates last week, except maybe the follow-on Trump discussion after the apparent front runner, The Donald, lashed out at Fox for unfair questioning with beyond acerbic comments; bully pulpits draw viewers no doubt with the event drawing reportedly the largest non-sports audience on a cable network (enough qualifiers there Fox PR folks?) at 24 million viewers.

Elsewhere:

  • The US jobless report was fairly strong meaning Fed watchers are leaning more toward a rate hike in September during the central bank’s next policy meeting;
  • The national unemployment rate held steady at 5.3 percent in July while non-farm payroll added 215,000 jobs; previous months data were improved upward;
  • As a result, stocks fell Friday (rate-hike pressures) with the Dow closing at 17,373 for a loss now of some 2.5 percent for the year; other gauges like the S&P and Nasdaq are up for the year;
  • The “activists” seem to be getting more and more ink lately with a food fight now in the headlines (Mondelez and Ackman) and Amex and Ubben stepping up for probably a more quiet showdown;
  • Media companies took a big hit last week as digital ad dollars grow;
  • “The Daily Show” Jon Stewart says goodnight (which probably added to media-giant Viacom’s concerns; and
  • North Korea decides to set clocks back by 30 minutes, prompting yet-another-step-to-be-out-of-sync-with-the-world stories.

LatAm Gaze:

  • Brazil's state-run oil producer Petrobras, which is undergoing a massive corruption scandal that sent some of its top executives to jail, reported an 89% plunge in its Q2 net income last week. The CEO estimates it will take five years for the company to win back the credibility it has lost among investors - but he will continue to push for management and financial changes within the company;
  • On Saturday, Brazilian president Dilma Rousseff appointed a top prosecutor investigating the corruption within Petrobras to remain on the job for another two years; and
  • On Friday, Mexico posted a record-low inflation rate for a third month in a row, pointing to little pressure on prices from a sharp slump in the peso this year. Mexico's central bank sold $200 million at an average price of 16.1606 pesos per dollar in a daily currency auction on Friday to underpin Mexico's peso. End of Story
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Media Navel Gaze

The Week Unpeeled

The presidential campaign is in full swing with last count seeing some 16 contenders for the Republican race, least among them Donald Trump in full photo-op glory going to the US/Mexican border, the demarcation line for him with immigration now the focus of his stump speeches. Hillary has been caught sending US confidential emails from her personal account, despite her claims to the contrary, and The New York Times last week was forced to issue a sticky correction on an exclusive story about the Justice Department review into that email account.  More (much more) to come.

Elsewhere:

  • Japan’s Nikkei acquired the FT Group, which includes the Financial Times for $1.32 billion;
  • Anthem agreed to buy Cigna in a $48 billion deal;
  • Former Congressman Anthony Weiner, known most recently as the shamed sexter, joined PR firm MWW, with a PR drama itself of Weiner proportion with his new employers having to explain after the announcement that he will not be directly handling client matters;
  • Gawker declared it would be “20 percent nicer” following the decision to take down an article about a media exec’s possible gay-escort exploits, which prompted two editors to quit and lots of finger-pointing ink;
  • Other other-worldly news this week after Pluto discoveries last week with “Earth’s Cousin” seen through the Kepler Space Telescope, showing near-same properties of our home base some 1,400 light years away;
  • Amazon delivered (and not by drone) surprising profits for the most recent quarter, pushing its stock sharply higher and its market cap above Wal-Mart’s; and
  • A new Dr. Seuss book has been discovered and published, “What Pet Should I Get?” just in time for summer beach reads.

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Media Navel Gaze

The Week Unpeeled

This continues to the summer of big, big news and last week did not disappoint, with world leaders reaching a historic agreement with Iran to curb its nuclear ability for more than a decade (and also lifting sanctions), and the prospect of Grexit forcing everyone back to the debt-bargaining table with analysts and markets alike seemingly following every move.

Elsewhere:

  • In other-wordly news and what seemed to be kind of under-reported, the world got a glimpse of Pluto (mountains and ice!) following NASA’s New Horizons mission, nearly a decade in the making;
  • Also kinda other wordly, Google share prices soared more than 16 percent or about $65 billiion in one day on strong earnings numbers;
  • The markets also popped last week with Nasdaq posting a record high amid Google strength and the Dow up 1.8 percent to close at 18,086; The Dow, however, is up only 1.5 percent for the year, reflecting most likely slower growth in the industrial market;
  • The teaser video for Showtime’s new series “Billions,” co-written by Andrew Ross Sorkin came out last week, prompting ink that suggested this will likely be a buzzy weekly show, at least at the start;
  • Lego is moving to eco-friendly materials for its petroleum based building blocks; and
  • Jade Helm 15 happened – or didn’t.

LATAM GAZE

  • Mexico this week offered up its first oil blocks to private investors this week but demand did not meet expectations;
  • The Speaker of Brazil's lower house of Congress, Eduardo Cunha, this week announced he is leaving the governing coalition; and
  • The judge investigating Argentine President Cristina Kirchner and her family over possible money laundering has been removed from the case. End of Story
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event1Mexico’s mid-term elections on June 7th sent mixed messages to the Mexican people with the first-ever appointment of an independent gubernatorial candidate, Jaime Rodriguez Calderon (aka “El Bronco”). While the dominant parties—President Enrique Pena Nieto’s Institutional Revolutionary Party (PRI) and National Action Party (PAN)--once again won the most seats, they lost some ground to emerging opposition groups.

But beyond giving way to a fresh political party, the race was seen more as a protest against party politics in an election tarnished with bouts of violence.

On June 16th, Prosek Partners, in partnership with the Mexican Chamber of Commerce in New York, hosted an event in New York City that opened a discussion to experts on Mexico's political, economic, and media landscape. Panelists Maria Hinojosa, Host of NPR’s Latino USA; Daniel Bases, Senior Correspondent at Thomson Reuters; and Rafael de la Fuente, Chief Latin American Economist for UBS, shared their views on the election results from a U.S. perspective.

Initial themes throughout the conversation touched on the ongoing violence, insecurity, and corruption in the Mexican government. Panel participants were pleased to report corruption has been down recently, but acknowledged that large-scale challenges do remain. Read the rest of this entry »

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