LAURA SLATTERYperuses the week in business
$2.66 million
– earnings declared by Barack and Michelle Obama in 2008, according to annual tax returns
released to the White House, with most of the money coming from sales of the US president's books.
90
– percentage drop in first-quarter profits at Nokia, as mobile users across the globe collectively fail to upgrade.
104
–new jobs announced at Dundrum Town Centre, as retailers reckon the Dublin southside shopping
behemothis somewhat recession resilient.
QUOTE OF THE WEEK
“The real money investors are still waiting. I think they’re waiting, they’re watching. They want to makesure that whatwesaw in March is real.”
– There are real stock market rallies and then there are the fake, pretend ones, according to Duncan Niederauer, chief executive of the world’s largest stock exchange, theNYSEEuronext.
GOOD WEEK
Stimuli
As much as they might like to pretend they’re not embroiled in a horrible recession, advertisers in theUSare going the opposite route, choosing to flag topical financial phrases such as fiscal stimulus and stimulus package in their copy. So TV stations are promoting sitcoms as “entertainment stimulus packages”,gym chains are introducing “fitness stimulus packages” and, best of all, Domino’s Pizza ads offer a “taste stimulus package” and a “big taste bailout”.
Skype
The online telephony specialist is being set free by its parent, eBay, after the flea-market website failed to justify the high price paid for the company.EBay chief executive John Donahoe said spinning Skype off into a separate public entitywas“the best path for maximising its potential”, which presumably stretches beyond free or cheap phone calls and “yes, I can see you, can you seeme?”video messaging.
BAD WEEK
Peter Madoff
Mr Madoff, brother of themore famous Bernard, is being sued for “unjust enrichment”, an offence that presumably has multiple applications, after the UK based unit of his brother’s fraudulent investment firm allegedly gave him a 1964 £135,000 Aston Martin car. For free. Well, you know how it is: you see Daniel Craig zipping round Monte Carlo in one and you’ve just got to get your brother’s Ponzi scheme to pay for one to call your own.
Ground zero
Three skyscrapers planned for the site of the 9/11 terrorist attacks may not be built because the finance industry that was destined to occupy themis deserting Lower Manhattan. GoldmanSachs and AIG areamongthe credit-crunch casualties retreating from NewYork’s increasingly vacant financial district to hot desk it round cheaper office spaces elsewhere, just as plans for thenewair-conditioned, pot-planted office buildings are being drawn up.
