Media Navel Gaze: December 10, 2012
The Week Unpeeled
Fiscal-cliff fears seem to remain front and center with US consumer confidence “knocked” (FT Weekend) down by potential tax rises and spending cuts, according to a closely watched University of Michigan index, even as the US unemployment rate for November declined to 7.7 percent from 7.9 percent and non-farm payroll rose a higher-than-expected 146,000 jobs. Lots of data to interpret for sure but uncertainty about 2013 and the deficit loom largest in the economic debate.
- The Debate continues in the UK on fate of media independence following the Leveson report, with Prime Minister David Cameron telling newspaper editors that “the clock is ticking” on setting up regulations/oversight (which he even reportedly tweeted (“…set up an independent regulator urgently”);
- Citibank said it would cut 11,000 jobs under its new CEO Michael Corbat, sending its stock soaring;
- UK publicist Max Clifford was arrested amid a sex-abuse investigation, the type of inquiries seemingly growing in the UK;
- Starbucks agreed to start paying “a significant amount of corporation tax during 2013 and 2014” regardless of profits, reversing recent practices after Reuters reported that the company had paid only 8.6 million GBP in the UK on 3 billion GBP in sales since opening in Great Britain (with focus now on Google and other multinationals);
- The Dow rose 1 percent for the week, ending Friday at 13,155;
- The High Court in the US said it would rule on gay marriage, setting the stage for a “defining legal moment” (WSJ) by June;
- Elisabeth Murdoch, 103 and “media matriarch” (IHT) mother of Rupert, died, as well as Oscar Niemeyer, the Brazilian architect who made Brasilia basically one big sculpture.