The Week Unpeeled
StanChar (as some outlets have referred to the UK banking franchise) continued to dominate headlines after it agreed (fairly quickly) to pay New York regulators some $340 million to settle its case of alleged money laundering with Iranian customers. The settlement allowed the bank to avoid hearings but the bank is still under criminal investigation.
- Facebook saw its stock fall even further as early investors sold shares following the lockout, with Mark Zuckerberg also lifting his apparent self-imposed lockout on comments, calling the retreat “painful”;
- The New York Times named BBC Director General Mark Thompson as its new president and chief, an executive with little if any print experience, with Times Company Chairman Arthur Sulzberger Jr. saying the future is on “to video, to social, to mobile”;
- Time and CNN reinstated Fareed Zakaria, who had admitted to plagiarism in a recent article for the magazine and who had quite a few media luminaries rally to his defense;
- P90X got a lift with Paul Ryan putting the presumptive P in P90X as a big proponent of the hard-core exercise program;
- Cosmo editor Helen Gurley Brown died, known also as the author of Sex and the Single Girl;
- The cosmo girl of the kitchen, Julia Child would have celebrated her 100th birthday over the weekend, which was filled with media tributes, including a great video mash-up worth watching called “Keep on Cooking.” Bon appétit!;
- The diplomatic row intensifies as UK and Sweden criticize Ecuador for granting political asylum to Julian Assange, the Wikileaks founder who faces extradition to Sweden over sexual assault claims;
- Retail sales in the UK rose by 0.3% in July, which provides hope that the recession may not be as deep as initially thought;
- Andy Coulson, the former editor of the News of the World and the prime minister’s ex-director of communications, and six other ex-News of the World journalists made their first court appearance to face charges relating to the phone hacking scandal;
- The Paralympics Team GB is expected to win at least 103 medals and is aiming to retain second place in the medals table behind China; and
- The Dow ended the week a mere 0.5 percent higher at 13,275.