Media Navel Gaze: October 22, 2012
The Week Unpeeled
Big media-related news – traditional and social alike – all week, with Newsweek announcing that it would end its print edition (interesting to read print stories day after announcement – all second day leads because all news broke and swirled the day before, highlighting the reason for the move); Google stock dropped like a rock (about 8 percent) on disappointing earnings – released early, btw, by “human error” from another firm sending results to the SEC -- as the search behemoth tries to figure out the mobile world (along with most of the world) as a business model; and former Goldman Sachs PR chief, Lucas van Praag, started his own shop called LvP & Associates, no doubt with a focus on crisis communications and reputation management.
- Citigroup CEO Vikram Pandit exited the bank, replaced by insider Mike Corbat, a surprise probably just in timing;
- Goldman Sachs “Suffered a Solid Quarter” in a return to profit and in an odd choice of words in The Wall Street Journal headline that seems to show uncertainly about the economy and uncertainly about maybe even Goldman in fiscal and reputational health;
- Former cyclist Lance Armstrong lost his advertising income (Anheuser-Busch, RadioShack, Nike and a few others) post allegations of doping (maybe he should sponsor a juice company);
- Friday marked the 25th anniversary of Black Monday when a surge in panic selling on Wall Street triggered a global stock market collapse; the Dow responded in a like but smaller manner, falling more than 200 points on Friday to end at 13,343, spooked by weak earnings and expectations for a weak earnings season;
- US economists Lloyd Shapley and Alvin Roth win the Nobel prize for economics on the theory of “stable allocations” or matching people and things together;
- European leaders agreed a timetable to set up a single eurozone-wide banking supervisor run by the European Central Bank
- The Office for National Statistics released data indicating UK unemployment in August fell by 50,000 to 2.53m to stand at 7.9pc. and UK inflation also fell to 2.2pc in September from 2.5pc in August
- Starbucks is facing criticism after it was revealed the coffee chain paid just £8.6m corporation tax in the UK over the last 14 years and nothing in the last three through legal tax minimization techniques
- Paintings with a combined worth of £50 million by Picasso, Matisse, Gauguin, Meyer de Haan, Lucian Freud and two by Monet were stolen from a gallery in Rotterdam; and
- Johnny Depp is starting his own literary imprint just to add more cool to his coolness.