Immediately the sale of tech giant ARM was announced the whispers began on the BBC…this was a ‘firesale’, Brexit had devalued the pound and ARM was being gobbled up at a bargain price…and therefore we shouldn’t look on this as a successful sign that the economy may well have a post-Brexit bright side after all.
Curious that tucked away in the business pages we see that ARM was in fact bought at a huge premium not a discount…
That might help to explain why Softbank’s eccentric chief executive Masayoshi Son is paying close to a 50% premium for the UK’s ARM Holdings.
The fall in the Pound may well have encouraged the sale but still at a huge price…had the pound not fallen no doubt a lower price, but still one way above actual value, would have been offered.
Everyone will be very happy with this deal…except it seem some at the BBC who always look on the negative side of life.
Don’t let the truth stand in the way of the pro EU Narrative. The BBC, it’s what we do.
> Immediately the sale of tech giant ARM was announced the whispers began on the BBC…this was a ‘firesale’, Brexit had devalued the pound and ARM was being gobbled up at a bargain price
Funny, you donit provide any evidence of this. Whereas the business news on Today this morning stated over and over that the offer was way above ARM’s current market value.
Is this another instance where your lack of honesty will be put down (by people who ought to know better, but choose not to) to being overworked and/or not paid, as if your workload wasn’t under your control and you have to earn money to not be a disingenuous huckster who makes st Uff up because he can’t bear to live in the real world?
Jerrod:
You were posting at 6.59am and now at 11.00pm. Are you on overtime today?
I take it that’s an admission that you have nothing of merit to contribute to the discussion at hand, and that your silence on yet another of Alan’s complete misrepresentations is an acknowledgement that you know he’s in the wrong, but can’t bear to admit it?
You can take it any way you like old chap.
For anyone interested in how the BBC actually reported the ARM takeover bid, and how it differed to Alan’s fictional representation, have a listen to yesterday’s business report from the Today programme:
http://www.bbc.co.uk/programmes/p041ts7p
Not a mention of a ‘firesale’ or Brexit-induced pound level to be heard.
Here’s how the BBC are representing it on their website.
The headline is: “ARM founder says Softbank deal is ‘sad day’ for UK tech” So, focusing on the negative right from the off (and the headline is what everyone sees, whether or not they read the article, so highly opinion-forming).
First para: The founder of ARM Holdings has told the BBC he believes its imminent sale to Japanese technology giant Softbank is “a sad day for technology in Britain”. Again, focusing on the negative.
Buried in the middle: “The board of ARM is expected to recommend shareholders accept the Softbank offer – which represents a 43% premium on its closing market value on Friday of £16.8bn.
Shares in the UK technology firm ended the day 41.3% higher at £16.80 in London after rising as high as £17.42p a share, adding almost £7bn to ARM’s market value.
Mr Hauser said the result of the Softbank deal meant the “determination of what comes next for technology will not be decided in Britain any more, but in Japan”.
So, good news – mentioning the positive, but neutralising it immediately with a negative.
The fifth-from-last para: But there will still be sadness in Cambridge, and beyond, that Britain’s best hope of building a global technology giant now appears to have gone. More doom and gloom.
The good bits – only the quotes from OUR PRIME MINISTER FFS – are buried right at the bottom, in the final four paras:
Prime Minister Theresa May said the Softbank deal showed the UK economy could be successful after the country voted to leave the European Union.
A spokeswoman said Mrs May believed the deal was in the country’s national interest – a gauge that she will use to assess any future foreign takeovers.
“This is good news for British workers, it’s good news for the British economy, it shows that, as the prime minister has been saying, we can make a success of leaving the EU,” the spokeswoman added.
Dan Ridsdale, analyst at Edison Investment Research, said: “An increase in inbound merger and acquisition activity was one of the obvious consequences of Brexit and weakened sterling, but few expected it to manifest itself so quickly or at so large a scale.”
This is typical of the BBC bias – bury what you don’t like, immediately negate anything anti your point of view, and put all the stuff you don’t want anyone to read right at the bottom.
Oh, and of course they don’t mention the impact of increased foreign investment in the UK, which is more jobs and better standard of living if it needs spelling out. No no, don’t do that, BBC. In fact, why not present it as more of a threat (“few expected it to manifest itself so quickly or at so large a scale”) rather than an opportunity. More post-Brexit doom and gloom.
Bog standard, humdrum BBC bias.
So, nothing about a fire sale or the post-Brexit pound, then?
When you’ve done moving the goalposts, perhaps you’ll acknowledge that Alan’s description of coverage was false?
D’oh
“Dan Ridsdale, analyst at Edison Investment Research, said: “An increase in inbound merger and acquisition activity was one of the obvious consequences of Brexit and weakened sterling, but few expected it to manifest itself so quickly or at so large a scale.””
Jerrod,
the article in question was penned by a roving Business reporter called Mark Garrison. It appeared on an American web page as below. This page has affiliations with BBC World Service who report on some of the comments within the site pertaining to world news outside of the USA. It is likely that this was commented upon although I do not personally listen to the BBC World Service.
http://wvtf.org/post/does-softbanks-dealt-arm-signal-uk-fire-sale#stream/0 .
More generally, you are entitled to your views as we live in and have recently reaffirmed our national will to be a democratic society – and I will defend your right to comment freely. The constant use of the word ‘troll’ on this site is wrong and should be avoided. However, you seem to take umbrage at what can best be described as minor inaccuracies – which we are all capable of making – and you become very vitriolic and angry very quickly.
You are posting to a site which has been set up to provide a platform for those who disagree with the ‘progressive’ (their word – not mine) left of centre narrative which pervades much of our media reporting and to highlight the partisan way in which ‘news’ is reported and to offer a counter perspective which is in the main fact and evidence based.
You have only to watch the BBC news outlets for a day to be able to determine their pro Remain mindset and the insidious way that they present their reports to support this narrative. Not one day goes by where they fail to find an ‘expert’ of some description to comment on the detrimental effects of leaving the EU – normally giving over an extended time slot to allow the point to be driven home whilst at the end of the report – a few bare words may be offered presenting an opposing view but which will be carefully phrased and edited to ensure that the Remain message retains prominence. This methodology allows them to present themselves as ‘impartial’.
I offer a reasonable request for you to watch the BBC news, with an open mind – and see what you determine.
“It is a narrow mind which cannot look at a subject from various points of view.” George Elliot.
What is worrying is that the Japanese company is very likely to transfer the Tech Knowhow of ARM to Japan.
This is actually a Daily Mail story that the BBC has picked up on.
Well , this was what ” investment” that the remainers kept mentioning was all about . Expansion by aquisition is the fastest way to increase a company . It’s what the remaniacs and BBC kept banging on about together with jobs , and now they don’t like it .
Softbank’s CEO says that the aqcuisition is an ” endorsement of the UK , post- Brexit “. Even the BBC can’t spin that one !
… yeah, so they just leave it out!! Amazing.
Fact of the matter is that this deal probably has nothing to do with Brexit (the Referendum only happened 2 and a bit weeks ago) or the falling of the pound, which has happened since.
These things take ages to discuss and structure, the discussion has in all likelihood been ongoing for ages but that wouldn’t fit the MSM narrative.
I can see what you mean, nofan, it’s very early days in economic terms.
On the other hand the CEO of SoftBank did say “Brexit did not affect my decision”, which in itself is newsworthy so it’s strange it’s unreported on the BBC.
And… He acknowledged that some businessmen think the exit will be bad for business, but he takes “the opposite” view, and says “now is the time to invest”.
Funny how the BBC ignores all the CEO’s comments – and shoves Theresa May’s comments
upto the bottom. (Of their article, I mean, ahem.)Anyone remember how Dodgy Dave’s comments were plastered all over the headlines pre-Referendum because, well, he was the PM. Not that the BBC was pro-Remain or anything.
Now that Theresa May is PM and Brexit isn’t the disaster they were busily predicting, her comments get relegated to the final four paras.
Now that’s impartiality for you – BBC style!!
Incidentally, your post gave me a thought: “Nothing To Do With Brexit”, LOL 🙂
Oh it`s the BBC.
Financially illiterate chumps who didn`t even run their own tuck shops, when Nannys purse was always there for them.
They confuse the F.T with the Pink Paper…and the poor dears are NOT to be used as any financial guide to anything…any more that how many miles Lionel Messi runs in a game, % distributions from Steve Bruces team, indicates some prior football experience or knowledge.
They just read these reams out…they have NO understanding…for, like science..the BBC employs lime green and pink left arty people who blow dope up each others arses and call it rebellion.
The BBCs business detail died with Jeff Randall, Channel 4 s with the loss of Liam Halligan.
So when I hear the BBC tell me that Brexit means a downgrade in this, a crisis in that: a green econutter hanging himself…well I think …Good…if the BBC reckon it`s bad news or something we ought to fret about..I know it`s going to be for the best.
BBC bastards getting very forensic, closely comparing extracts of Trump’s wife’s speech to Republicans with something Michelle Obama once had written for her, on Radio 4’s 6pm news. More anti-Boris stuff in coverage of his meeting with low-IQ Kerry. More scare stories about science suffering from the vote to leave the EU. Low-key coverage of the appalling Muslim knife attack on a mother and three ‘scantily clad’ children in SE France. Economic doom and gloom but even the BBC couldn’t make much of small inflation and marginally lower forecast growth. All delivered in reassuring mellow womanly tones but many items spun or slanted.
The Japanese asset stripping might backfire if we have infected all our technology with “homing Trojans”. As with the escaping robot.
http://www.livescience.com/55164-russian-robot-escapes-lab-again.html
I was watching BBC news all morning when this was breaking and I don’t recall ANY mention or implication of a ‘firesale’.
You have to ask yourself why such an important industry is situated in Cambridge and not London and the answer is obvious – because it thrives on knowledge that leaks from the local universities. Irrespective of the EU referendum result, this is a clear sign that the threat of a lack of EU funding in academic research is counterbalanced by the promise of liberation from stringent EU rules.