Tomorrow's Business Today
Off the record, no comment.
A question wings its way to TB towers:
If a flak says “no comment” on a story or rumour, do you automatically assume it must be true?
It depends on the flak.
Some say no comment so often you could hardly take that as confirmation.
And some say it so infrequently that when they do, you just run it.
An example: years back I got a nudge on a big-ish takeover story. Not the biggest deal ever, but a couple of billion quid.
The sort of story I hardly ever get, in truth.
The flak concerned had made it his business to befriend me. We got on.
I run the rumour by him and the second he prevaricates and strays into “we do not comment on market speculation” territory I realise it is even truer than I dared hope.
He did well, over the years, from being my pal. And that one time, when he really wanted to keep the lid on a story, his familiarity was his undoing.
It is hard work being friends of ours. There’s always jeopardy, somewhere.
The memorial service for Andrew Waterworth was held at the Guards Chapel this morning. He was unquestionably one of life’s ‘good guys’ and will be much missed by all who worked with him at Ludgate, Financial Dynamics and Prosek.
Press release of the day
What would an era of higher inflation mean for currencies?
Some good analysis here from Capital Economics, a summary of which is:
“We think that a return to a regime of higher and less stable inflation in many major economies would result in a rise in exchange rate volatility and, over time, the depreciation of the currencies of those countries which experience higher inflation.”