The Week Unpeeled
The US jobs report on Friday put a definite negative spin on economic coverage all weekend, raising speculation about a global (not just Europe) slowdown and increasing the number of stories on how the “Sage in Economy Could Reshape ’12 Campaigns” (NYT on Saturday). The US added only 69,000 jobs in May and the unemployment rate rose to 8.2 percent in May from 8.1 percent in April. Meanwhile, GDP grew 1.9 percent annualized, slower than previously reported.
- The Dow fell 2.2 percent on Friday (worst day for 2012) and now shows a loss for the year, ending at 12,118;
- Hosni Mubarek, Egypt’s former leader, was sentenced to life in prison for accessory to murder;
- UK ONS figures showed that 2.9 million adults aged between 20 and 34 dubbed the “boomerang generation” are still living with their parents due to the rise of soaring house prices, high unemployment and university debts;
- Ex-chief executive of Olympus agreed to an out-of-court settlement after he was sacked following his exposure of a $1.7 billion corporate fraud;
- The UK Financial Services Authority fined Alberto Micalizzi, London hedge fund manager, a record £3 million of lying to investors about “catastrophic losses.” He has also been banned for life from working in regulated financial services;
- Euro-area unemployment reached a record high of 11%;
- Britain will mark the diamond jubilee of Queen Elizabeth II with four days of celebrations including a 1,000-boat river pageant and a star-studded concert in front of Buckingham palace;
- Oprah plans to relaunch her book club as soon as this week, which will be possibly be helpful for the publishing industry and reveal whether her brand has suffered along with her struggling OWN network; and
- Justin Timberlake appeared at Wal-Mart’s shareholder’s meeting in a grass skirt (a la late founder Sam Walton) but no box in sight.