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Media Navel Gaze: December 12, 2012

Mark Kollar  Follow

The Week Unpeeled

“I simply don’t know where the money is,” does not seem to be the quote that you would want to see most quoted in the media following your appearance in Washington but MF Global’s chief Jon Corzine dominated much of the financial headlines amid news that the Soros Fund bought $2 billion of the bankrupt firm’s European holdings (opportunity amid chaos) and concerns that Dodd-Frank will not be completely effective in protecting consumers.  Elsewhere:

  • Twitter news also dominated with Alec Baldwin shutting his account after a rant from being booted from a American Airlines flight for failing to obey the of/off switch rule before takeoff
  • Twitter also unveiled some new designs on its main, making it easier to navigate the fast-growing site
  • Talk that Ryan Seacrest may be Matt Lauer’s replacement on the Today show, first reported by The Wall Street Journal and then exploded on Twitter kept critics busy
  • The Journal also stated the obvious in its style pages last week when it reported that orange was the fashion color for 2012
  • The Dow ended a positive week at 12,184, after closing up 1.55 percent on Friday

Christmas Fails to Tempt Consumers into Spending

Figures from a British Retail Consortium/KPMG survey revealed retail sales fell in November to a six-month low as like-for-like sales dropped 1.6 per cent. The survey said the figures showed the health of the UK’s retail sector was deteriorating, with shops forced to resort to “high levels” of discounting in an attempt to generate sales. This is no surprise as new research has highlighted that 3.5 million adults are considering taking out an extortionate payday loan over the next six months as almost half the population struggles to make ends meet. The number of people who run out of cash before the month is up has increased by 7% since this time last year.

The Sun and Independent Sales Fall

Month-on-month sales figures of the daily national newspaper market in November showed that last month the News International tabloid The Sun, the UK's biggest selling daily paper, reported a 3.36% month-on-month circulation fall and a 9.45% year-on-year fall. The Independent, which has cut overseas copies and is scaling back bulk sales, reported a month-on-month fall of 4.18%. These figures again pose the question of whether the print industry is dead? CJP

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