Media Navel Gaze: February 13, 2012
The Week Unpeeled
Political battle lines were drawn deeper last week and over the weekend with the White House retreating (WSJ) on the contraception issue with religious works now not required to pay directly for coverage on coverage. Interesting to see if this becomes a religious or contraception/insurance/social issue. Don’t see many winners here but certainly a divisive battle.
- The Dow ended the week lower (the first time in six) to end at 12,801 but is still up 4.8 percent on the year;
- Obama’s budget on Monday expected to propose higher taxes on the rich in his multi-trillion-dollar announcement;
- More money may be missing from MF Global (shocking!);
- The SEC announced an inquiry on how private-equity firms value investments (stay tuned for another battle, no doubt);
- Investment banks are feeling the pressure as bonuses are being slashed; Credit Suisse announced its bankers' bonuses were cut by an average of 41 percent, Deutsche Bank recently cut bonuses by 40 percent and Barclays slashed its bonus pool by 32 percent;
- Bank of England announced it will be extending its quantitative easing programme as it plans to pump £50bn of additional stimulus into the economy;
- Millions of UK workers have been warned they could be forced to delay retirement until they hit 70;
- Coca Cola has proved that it is recession proof, the company recorded a 12 per cent rise in operating profits in 2011, including two per cent volume gains in Europe;
- Catwalk/Dogwalk: Fashion Week and the Westminster Kennel Club dog show are underway in New York;
- Prince Harry will return to fight in Afghanistan after it was revealed that he has qualified as a front line Apache attack helicopter pilot;
- And sadly, The Voice was silenced.