12 hours ago
Investors Brace for Oil Market Fallout
Andrew here. Greetings from Cannes, France, where the Cannes Lions International Festival of Creativity, the advertising industry's biggest gathering, kicks off on Monday. The A.I. debate is a huge issue, as we explained on Saturday.
There's another topic that's being discussed here. The U.S. government is considering approval for the merger of Interpublic and Omnicom — but only if the Madison Avenue giants pledge not to engage in political boycotting of any particular platforms when they consider buying ad space for their clients.
The Trump administration argues such boycotts are a restraint of trade and, perhaps, on free speech. In the age of the Supreme Court's Citizens United decision, which gave companies power to influence politics — and was supported by Republicans — is it ironic to now see the administration taking the opposite approach?
Here's a thought experiment: A client hires an agency, which genuinely believes the client shouldn't advertise on a specific website because it presents a potential risk to that brand's safety or public image. This new provision, depending on how it's interpreted, could make it near impossible for an agency to live up to that professional obligation.
If you were this firm's client, would you remain one? Please let me know your thoughts.
Oil in focus
A sense of calm has returned to global markets even as Israel and Iran clashed for a fourth day. Israeli missile strikes are increasingly targeting Iran's oil and gas facilities, including those at South Pars, a major gas field.
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