Stock markets fall worldwide as Greece imposes currency controls, closes its stock market
Morning Brief: Apple releases iOS 8.4 update tomorrow, launches its Apple Music service; update should also bring long awaited iPhone support for multi-touch eBooks
Global stock markets fell hard today, a day after Greece imposed capital controls following the collapse of talks between Greece and its lenders. The German and French stock markets fell over 3 percent, while the FTSE 100 fell nearly 2 percent, down over 100 points in London. The Dow is set to fall nearly 200 points when trading begins in NYC.
The value of the Euro also fell hard when trading began in Sydney, Australia last night. But the currency is likely being supported by European countries who do not want to see the collapse of the currency. At one point late yesterday the Euro fell below $1.10 against the dollar, but has risen in value this morning.
The Greek government and the European Central Bank played chicken on Sunday with the ECB saying that they would not increase its emergency funding for Greek banks in a move that may have been an attempt to squeeze Greek negotiators and force them to accept the latest proposals from the International Monetary Fund, the ECB and the European commission. If so, the move backfired as the Greek Prime Minister went on TV late Sunday to announce that it would hold a referendum on the proposal, impose capital controls on banks, and shut its stock exchange.
The next important date will be Tuesday when Greece’s current bailout program expires and a payment is due on the country’s debt. Meanwhile, banks will remain closed until July 6th as Greeks prepare to vote. But what they will vote: Yes, for accepting the latest offer and in essence voting to stay in the Eurozone; or No, rejecting the latest offer and likely exiting the EZ and returning to the drachma.
Meanwhile, Puerto Rico Gov. Alejandro Garcia Padilla announced last night that hte US territory cannot pay back more than $70 billion in debt. But states are not allowed to declare bankruptcy so Puerto Rico’s governor will be seeking concessions from creditors.
Good luck with that governor, as we’ve seen lendors are not very accommodating and they have powerful allies.
The release tomorrow of iOS 8.4 to consumers may mean Apple will release the gold master of iOS 8.4 to developers sometime today.
iOS 8.4 will mean the launch of the Apple Music streaming service, as well as their own Beats 1 radio station (set to go live one hour after the release of the update). But the update should also include support for multi-touch eBooks for the iPhone. That may mean an update for iBooks Author may come in the next few weeks, as well, though there have been no rumors to that effect.
Early reports from developers say that iOS 8.4 allows iBA built eBooks to work on the iPhone, though eBooks do not quite fit the iPhone’s display (since they were built for the iPad and Mac).
But there is still a chance that Apple will pull this support in the final version of the update. Release notes for iOS 8.4 do not mention iBooks, and Apple has not made a big deal out of bring multitouch eBooks to the iPhone, though the move would be a logical one.
In May, the team behind the fine eBook The Mozart Project tweeted that their book would be coming to the iPhone on June 8, the day of the keynote address at WWDC. They were wrong, however, as Apple was not yet ready to release iOS 8.4 as it remained in negotiations with record labels as it tried to launch its music service.