The plan was to reward investors. All that was needed was enough available
stock to, er, buy back.
Just two weeks later, the in-house broker, Bank of America Merrill Lynch
(BAML), surprised City analysts by downgrading BSkyB.
As a result the defensive stock had retreated 9pc to 716p by December16.
The reason for the downgrade was cost and competition. BAML cited BSkyB’s
decision not to invest in fibre.
Instead the broadcaster said it was going to stick to what it does best –
concentrating on core offerings such as movies and sports.
The share price dropped 7pc over Christmas.
Not great news for shareholders.
Happy days for the buy-back programme though. There’s been no shortage of
shares to buy back.
BAML wasn’t available to comment.
PR spinner finds himself unravelled
At least it was handled sensitively.
One long-serving PR given the chop was told be was being “delayered.”
Let’s translate the management consultancy guff: ”Delayering is the process of
pruning the administrative structure of a large organisation by reducing the
number of tiers in its hierarch,” according to an online dictionary.
harsh. Or did the spinner get a taste of his own medicine?
Greece not the ideal destination for all
Ahead of Monday’s Greek bailout package European markets rallied.
Come yesterday’s announcement of a Greek bailout package and the Dax dropped
1.2pc from 6971.03 to 6885.74 and the French CAC followed suit.
As the analysts say, it’s better to travel than arrive. Especially when it
comes to Greece.
Groupon bags the better bargain
Online company Groupon is famed for its special offers, from spa days to
On March 19 managing director Tobias Tschoetsch is speaking at the inaugural
Daily Deal Summit Europe.
It’s nearly £600 for a place at the conference.
For that you get 12 presenters, including Kate Garraway, founder of Goodypass;
Lopo Champalimaud, chief executive of Wahanda; and Parmy Olson, London
Bureau Chief of Forbes.
What a bargain. Well it’s better value than Groupon’s proving to investors.
Groupon disappointed on February 8 with its first quarterly financial results
since it went public. The company reported a net loss of $42.7m (£27.7m).
It’s the truth but not as we know it
And this week’s irony award goes to a spokeswoman for a rather newsworthy
That’s “represent the truth” mind. Not the actual truth.
DIY chief’s gong for cementing relations
Let me translate. The French honour, established by Napoleon Bonaparte, was
bestowed upon the chief executive on Monday for his “significant
contribution to the strengthening of economic and commercial links between
France and the UK.”
Kingfisher plc is Europe’s largest home improvement retail group and includes
brands such as BQ, Brico Depot and Screwfix.
The event was hosted by Bernard Ernie, French Ambassador to the UK at his
It seems Cameron and Sarkozy aren’t the only two country representatives
working on Anglo-French relations.
Cheshire said: “I am very honoured to accept this award. I would particularly
like to thank my French colleagues for the way they have contibuted to our
Surely this is a decoration Ian’s missus will allow into the chez Cheshire.
Last September the chief exec announced a new product, a Swarovski-encrusted
BQ toilet seat.
That time round Mrs Cheshire used her right to veto the chav-tastic “bit of