Please don't tell us what the story is. That's our job
An irritating quirk that started with the more high-minded flaks has lately spread to CEOs, I fear.
It is to say this: “That’s the story.”
This signal -- it can sound like an order -- follows an often straight-forward, information-seeking question.
We want to check what your dividend policy has been and whether the City is happy with the plan. But we are unlikely to agree that it going up 2% is our top line.
This stuff does more damage than flaks and CEOs realise. Even if we sound demure and polite on calls, we’re not really. We certainly didn’t become hacks because we like taking dictation.
I’ve only got qualitative rather than quantitative evidence here, but I reckon the “That’s the story” motif is spreading apace. It is intended to be the end of the conversation. Like it’s a new element of the course they teach at Flak School.
Anyway, to be clear: the whole point of the set up – which at least seeks to avoid a corporate oligopoly -- is that hacks and their editors get to decide what the story is.
You get to read it later.
Questions business desks will discuss tomorrow
1) Is Nationwide feeling the heat from the challenger banks? If not, what is that telling us? In what direction is its net interest margin (NIM) travelling?
2) Is Mothercare’s future solely online?
3) What are Majestic Wine’s predictions for Xmas? What is/is not selling well?
4) How much longer has Centrica boss Iain Conn (a good man) got left to turn things around?
5) How is Mitie CEO Phil Bentley's shake up of the company going? How happy is Bentley that his £3.6 million personal bet on the shares is £750,000 out of the money?
6) Are Bentley’s labour costs going up just as investors decide they want to put their own money elsewhere?
Press release of the day
Good comments here from Private Finance on the latest HMRC stamp duty statistics.
Stamp duty is dear to the heart of many (London based) hacks and editors. This argues that the exemption should be extended beyond first-time buyers, music to our ears…
Nationwide Building Society, Mothercare, Majestic Wine, MITIE
Trading updates
Centrica, Rotork
Economics
Eurozone consumer confidence figs for November, 3pm.
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