Word: goldsmiths
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With losses mounting, Goldsmith folds his newsmagazine...
When Sir James Goldsmith launched his weekly newsmagazine Now! 19 months ago, he gave it a rousing sendoff. The pugnacious French-British entrepreneur spent more than $ 1 million on promotion, and the initial pressrun of 416,000 copies was a sellout. With the London Sunday Times and its glossy magazine shut down by a labor dispute, upscale advertisers flocked to the new publication. Start-up costs were high ($5.4 million), but the brash publisher was undeterred. Said Sir James: "If it has the feeling of life in it, I will keep it going, even with losses...
Last week, 84 issues and more than $11 million in losses later, Sir James admitted there were no vital signs and shut down his hemorrhaging weekly. The flood of ads in the first few issues had slowed to a trickle when the Sunday Times reappeared two months later, and Goldsmith never achieved his initial circulation goal of 250,000. After averaging 182,000 during its first year, Now! slid to 119,000 in recent months. It cut its ad rates by about 30%, but even then, says a London advertising executive, "the rates were too high for the circulation offered...
...exceeding expectations, and Yale needed to find another $1.5 million as the projected construction cost grew to $6.7 million. Meanwhile, resting virtually unseen in a library vault was the Yale coin collection's most famous gold piece, a 26-gram doubloon struck in 1787 by New York Goldsmith Ephraim Brasher...
Salig Ram Saha, 17, the son of a goldsmith, had just collected 800 rupees (about $100) from one of his father's customers, when he ran into the police dragnet. In the crime-ridden state of Bihar, police assumed that the young man had stolen the cash. They took him to the Rajon police station. When he would not confess, they pinned him down to the floor and punctured his eyes with needles. Then corrosive acid was poured into the bleeding sockets. Saha, whose eyelids are completely fused shut, is one of at least 30 people who have been...