For Google executives, the plummeting share price after its results blunder must have been a crushing blow, but it also had a huge impact for those of us watching the fiasco unfold. For the first time ever, the world witnessed Google slip off its pedestal; the company that one newspaper claimed “powered the internet”, frankly, c**ked it up. The 20% drop in profits, the early release of the results statement, the quote that had yet to be drafted on behalf of Mr Page didn’t really matter. What mattered, was the fact it happened at all.
In the early days of the internet, many search
companies vied for a slice of the action, but Google swept in and took the
whole pie. The verb ‘to Google’ embedded itself firmly in the English language
and its success sparked the creation of brilliantly developed tools we never
knew we needed but can’t live without. It allowed its staff to spend 20% of
their time working on their own development projects, driving innovation in a
wonderfully original way. Google is clever, it is cool, it is quirky, it is
light-years ahead in its thinking. For many, it appeared infallible, a company
that we assumed would continue, uninterrupted, on its astronomical growth
trajectory. This image was absolutely shattered yesterday and it will be
interesting to see what impact this has, because for the first time ever we
have a tiny inkling that along with everything else, Google is also human.
After a positive week for RBS last week with
their Direct Line float, they have endured a mixed week of events. The
disposal of 316 branches collapsed as Santander
Utility bills and energy suppliers have
dominated news flow this week. After the majority of big energy suppliers announce price hikes, Ofgem has unveiled proposals which force suppliers to
show the cheapest tariff and allow customers to default to the cheapest option
at the end of fix-termed contracts. This supports Cameron’s plan to bring in
legislations to make firms give customers cheapest tariffs.
Two major newspapers announce the ceasing of
their print editions. American magazine Newsweek is to halt print publication on
31 December whilst British papers The Guardian and Observer are in serious discussion of moving to a solely online platform as management fails to stem
annual losses.
Stockwatch – Google saw shares tumble 8% on
Thursday as disappointing third-quarter results were accidentally published
prematurely by their financial printing firm, RR Donnelley.
Bozzy has been busy networking out in Beijing Beijing
Meanwhile, almost 800 miles
across the country, Jamie is in Shanghai Shanghai
Our Northern team co-hosted the London Stock Exchange’s PCIM Investorday in Leeds with Eversheds.
Jo attended the CIPR’s Corporate and Financial Group Committee meeting.
We hosted a very successful event on responsible investment, with WHEB
Asset Management and Social Finance as part of National Ethical Investment Week, chaired by Anthony Hilton, Finance Editor of the Evening Standard. See the running order on Abchurch's Pinterest.
Abchaps also hosted in two Market Lunches.
Robin Campbell has joined the research team at
Seymour Pierce covering the Healthcare, Medtech and Pharma sectors.
Grant Thornton has appointed Jane Stevenson head of
the Company’s new sustainability team.
Deloitte, the business advisory firm, has made two appointments to its corporate finance team; Anurag Verma joins as a financial services partner and
Duncan Chandler joins as a director.
David Bresnick has joined law firm Morrison and
Foerster as a partner in the M&A division.
"Gazelles" - the fastest growing new companies, a small subset of all start ups
Catch the launch party of the Robbie Boyd Band’s latest EP at the Barfly in
Until Sunday you can see 60 chronological images
that make up The Queen: Art and Image at the National Portrait Gallery held to
celebrate her diamond jubilee.
Take a train to the Canterbury Festival, which
is showcasing a range of comedy, festival fringe, talks and activities over the
next week.
Follow us on Twitter @AbchurchComms
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