James Enck's Blog
Socially inept social marketing
As enablers of communications, I don't think it's too much to expect of communications companies to be able to communicate. However, it seems to be almost an alien concept, and when it goes wrong, their efforts can smack of ineptitude, if not outright desperation. A friend received the following from a PR agency, which shall remain nameless to save them embarrassment, though I don't know why I'm being so charitable:
Hi there,
We work for BT and would like to offer you the opportunity to trial the new BT Infinity Superfast Broadband. The service is being rolled out across the UK over the coming months and as a prominent xxx blogger, we'll like your influence to help tell people about it. More...
We work for BT and would like to offer you the opportunity to trial the new BT Infinity Superfast Broadband. The service is being rolled out across the UK over the coming months and as a prominent xxx blogger, we'll like your influence to help tell people about it. More...
Digital Dales Colloquium Number 1
In direct contravention of my own new year's resolution, I have not, in fact, posted more frequently, which is a source of ongoing embarrassment to me. Life has brought many changes over the past six months, and most of them have not been great. I've been trying to focus my energy on things which have a more positive direct impact on my life, or on issues I care about, and less on things like pontificating about the iPad (though if I did want to pontificate on it, I would probably take a different tack).
For this reason, I would really love to be at the Digital Dales Colloquium Number 1, next Friday the 26th of February, but unfortunately, I am moving house that day. More...
For this reason, I would really love to be at the Digital Dales Colloquium Number 1, next Friday the 26th of February, but unfortunately, I am moving house that day. More...
Googlebit to the home
Here I am in Amsterdam spending the day with people involved in the FTTH open network space, and lo and behold, the big G weighs in with a helpful bit of ammo to throw at the asymmetric services Taliban.
"We want to see what developers and users can do with ultra high-speeds, whether it's creating new bandwidth-intensive "killer apps" and services, or other uses we can't yet imagine."
The emphasis on the last bit is mine, and for obvious reasons. This is something which we were trying to stress here, in drawing a parallel with the decision to extend the power grid to all. That decision wasn't taken with perfect knowledge of what the benefits or ripple effects would be, and I suspect we have no greater insight into where developments like this will lead. More...
"We want to see what developers and users can do with ultra high-speeds, whether it's creating new bandwidth-intensive "killer apps" and services, or other uses we can't yet imagine."
The emphasis on the last bit is mine, and for obvious reasons. This is something which we were trying to stress here, in drawing a parallel with the decision to extend the power grid to all. That decision wasn't taken with perfect knowledge of what the benefits or ripple effects would be, and I suspect we have no greater insight into where developments like this will lead. More...
A blaze of glory
Firstly, I'd like to wish a belated Happy New Year to all mega-uber value readers. I've started the year with a few distractions, and so haven't been as assiduous in my resolution to post more in 2010, but there's still a lot of the year left.
I've previously sung the praises of Virgin Media's top-notch treasury team, and once again they've shown what they're made of. On Monday the company announced a £500m offering of senior secured notes, following on from the senior facilities amendment process of last year, which allowed the company to issue bonds ranking pari passu with existing bank debt, in order to manage maturities. More...
Happy holidays, farewell noughties, and onward and upward in 2010
Well, as Santa packs his sleigh, one thing is painfully clear: I have been a bad blogger and will only be receiving lumps of coal this year. My New Year's resolution is to post and Tweet more frequently in 2010. It promises to be an interesting, if challenging, new decade, and I look forward to being involved in new projects and adventures.
Given that the past two years have brought me little besides serial frustrations and disappointments on both personal and professional fronts, I can't say that I am sad to see the end of this first decade of the millennium. However, that would be to overlook all the wondrous developments in our beloved telecom which make the world in December 2009 look almost unrecognisable to the time traveller from ten years ago: More...
Given that the past two years have brought me little besides serial frustrations and disappointments on both personal and professional fronts, I can't say that I am sad to see the end of this first decade of the millennium. However, that would be to overlook all the wondrous developments in our beloved telecom which make the world in December 2009 look almost unrecognisable to the time traveller from ten years ago: More...
Of sausage and budgets
There's an old saying to the effect that there are two things you never want to see being made: UK budgets and Vienna sausage. Yesterday, most eyes in the UK were on the renaming of the City of London as Darlingrad, a brave new world wherein the conventional laws of mathematics don't apply, e.g., a 50% tax on an estimated GBP6bn bonus pool raises only GBP500m.
Meanwhile, another debacle was occurring somewhat further east, as Telekom Austria yesterday issued a tersely-worded recalibration of market expectations for 2010, wherein, despite revenue outlook being in line with consensus, EBITDA was forecast to be 11% below consensus, capex 14% higher, and as a result, operating free cash flow 25% lower. More...
Walk like an Egyptian
A month ago, I had an interesting discussion with someone involved in the subordinated debt of WIND Hellas. This is a situation I have followed very closely all year, though I was only interested in the senior parts of the capital structure, for reasons which are now obvious, principally because I have always expected the outcome we have recently seen.
As I explained to them, my thesis was pretty straightforward. The company's capital structure was over-leveraged, and the EBITDA multiple of the company through the senior debt alone was in some cases at a premium to European incumbents, despite having a critical liquidity crisis, compromised competitive position, and Greek macro risk. More...
Happy Thanksgiving
A very happy holiday to all the turkey gobblers across the pond. Here in Britain we are thankful for our universal right to untrammelled internet access, er, d'oh!
A little more conversation...
I find it equally amusing and depressing when I hear telcos speak, as they frequently do, about the secret to value creation being in their content strategy. For shareholders, perhaps that's true (I'm deeply skeptical), but for customers and society at large, clearly the greatest value created in communications is in enabling interactions and transactions, or as my friends at Telco 2.0 frame it, "removing friction."
So here's some friction. This morning I took my daughters to school, to find the headmaster and several other members of staff standing at the school gates holding hastily printed signs which read, "Unfortunately, we have to cancel school for all of year 1 and class 9 due to health and safety reasons." From what we could gather, there was a flood overnight, affecting classrooms in one section of the building. More...
So here's some friction. This morning I took my daughters to school, to find the headmaster and several other members of staff standing at the school gates holding hastily printed signs which read, "Unfortunately, we have to cancel school for all of year 1 and class 9 due to health and safety reasons." From what we could gather, there was a flood overnight, affecting classrooms in one section of the building. More...


