US jobs boom may spell end of stimulus; Gold tumbles as dollar, economy strengthen; Moral obligation of India's media; More offices have drinks at work place

1 US jobs boom may spell end of stimulus (Dominic Rushe & Nick Fletcher in The Guardian) Stock markets came under pressure and the dollar soared after better-than-expected US employment figures brought the end of the huge stimulus package for the economy a step closer. The US added 195,000 jobs in June, beating expectations but leaving the unemployment rate unchanged at 7.6%. The headline figure was better than the 160,000 forecast by economists, while the numbers for the two previous months were revised upwards.

Last month the US Federal Reserve chairman, Ben Bernanke, sent markets tumbling when he hinted that the central bank's $85bn-a-month bond-buying programme might ease by the end of the year if the economy continued to strengthen. The jobs figures added further evidence that could prompt the Fed to turn off the money taps that have helped support global markets for months.

Tanweer Akram at ING said: "The decent improvement in employment is likely to induce the Fed to begin moderately tapering its asset purchase programme by September, even though the unemployment rate is still high … while inflation is undershooting the Fed's long-term target."

2 Gold tumbles as dollar and economy strengthen (Straits Times) The price of gold is falling after the US government's June employment report showed companies adding more jobs in the improving economy. The dollar strengthened against the euro and other major currencies. Gold for August delivery fell $39.30, or 3.1% on Friday. Silver slid by almost 5%. Other metals were lower as well.

US employers added 195,000 jobs in June and many more in April and May than previously thought. Gold becomes less appealing as a safe haven for investors in a stronger economy. The price of benchmark crude stayed at a 14-month high, adding $1.98 per barrel to finish at $103.22, as traders watched growing unrest in Egypt and worried about the potential for shipping interruptions in the region. Grains were lower.

3 Moral obligation of India’s media (Manu Joseph in The New York Times) Why do Indian readers need to be lured toward seriousness? Is it not the moral obligation of the fortunate among them to be interested in the extraordinary problems of the many? How can mainstream Indian journalism have the heart to be celebratory and frivolous, and not as grave, conscientious and despondent as, say, socialists? These questions form a portion of a new book on India, “An Uncertain Glory: India and Its Contradictions,” by two economists, Jean Drèze, an Indian citizen of Belgian origin, and Amartya Sen, who was awarded the Nobel in economic science in 1998.

“An Uncertain Glory” argues that India has not done enough for its poor; that this is morally and economically unacceptable; that India must spend much more on lifting its millions from poverty; and that the hypothesis that such massive spending will impede growth is the delusion of a self-centered middle class. The authors also write that the Indian news media, especially the mainstream English-language publications whose consumers are largely the privileged and the fortunate, is not as interested as it should be in the nation’s bewildering social issues. 

“The vigor of the Indian media is not in doubt, but its inadequacies are large when it comes to the reach, coverage and focus of news, opinions, perspectives — and entertainment,” the authors write. Their use of the dash before “and entertainment” is a gentle academic reprimand to editors who consider films and cricket worthy of coverage in a nation where people are starving.  “There are many complex biases that can be detected,” the authors write of the news media, “but what is remarkably obvious is a serious lack of interest in the lives of the Indian poor, judging from the balance of news selection and political analyses in the Indian media.” 

The authors make a stronger point when they note that the media distorts news and analysis in favor of corporations, politicians and the rich. Indeed, the greatest crisis that the Indian media faces is not that it is light and populist, but that it is no longer perceived as credible by many of its own consumers.

4 More offices have drinks at work place (Rachel Emma Silverman in The Wall Street Journal) The keg is becoming the new water cooler. At least, that's the case at such firms as the Boston advertising agency Arnold Worldwide, where workers cluster around a beer-vending machine—nicknamed Arnie—after the day's client meetings are done. As they sip bottles of home-brewed beer, employees exchange ideas and chitchat, often sticking around the office instead of heading to a nearby bar.

Plenty of offices provide free food to their workers, but as the workday in many tech and media companies stretches past the cocktail hour, more companies are stocking full bars and beer fridges, installing on-site taverns and digitized kegs and even deploying engineering talent to design futuristic drink dispensers. The perk, firms say, helps lure talent, connects employees across different divisions and keeps people from leaving the office as the lines between work and social lives blur.

But employment lawyers worry that encouraging drinking in the workplace can lead to driving while intoxicated, assault, sexual harassment or rape. Plus, it may make some employees uncomfortable while excluding others, such as those who don't drink for health or religious reasons.

Liability issues also abound. If employers serve alcohol and something goes awry as a result, the company may be on the hook, says employment lawyer Craig Annunziata, although some of the risk may be covered by liability insurance. "I'm not seeing a lot of upsides when there is alcohol in the workplace," he adds. Yet, say proponents, light drinking on the job can help workers connect and make them feel appreciated, especially when they are expected to work long hours to complete a project or build a fledgling company.