Something had to give. Argentina’s gravity-defying stock market has been heading for the skies this year, with some shares as much as quadrupling in value.

On Tuesday though, the Merval bourse was slapped in the face with a sobering dose of reality when the supreme court ruled that Grupo Clarín, the country’s largest media group, will effectively have to sell off many of its lucrative cable TV licenses. Read more

What do El País, the Spanish newspaper, and Clarín, the Argentine media group, have in common? Both are guttersnipes, according to Cristina Fernández, Argentina’s president.

Fernández’s animosity towards Clarín is legion. Her government wants judges to reject Clarín’s protests that a three-year-old media law that would strip the market-leader of scores of licences is unconstitutional, and to apply the anti-monopoly law pronto. Read more