Tag Archives: AP
Anick Jesdanun of the Associated Press takes a look at the changes at The Wall Street Journal in the year it’s been owned by Rupert Murdoch and discovered that they haven’t resulted in any complaints from the staff.
Jesdanun writes, “Dozens of jobs were cut as the Journal merged print and online editing tasks as part of a push for various Dow Jones units to work more closely together. But total staff has grown by about 20, to 760, as the Journal boosts its international and political coverage.
“As the Journal broadens its front page, less room remains for company and industry news â€” 21 percent this year, compared with 30 percent last year, according to the Pew Research Center’s Project for Excellence in Journalism.
“Criticism persists about that shift. Gone or played down are the Journal’s ‘leders’ â€” longer investigative pieces that often took weeks or months to complete and used to run at the top of the front page.
Read more here.
Singapore’s High Court ruled The Wall Street Journal in contempt of court for publishing two editorials and a letter to the editor that the government says damaged the reputation of the country’s judicial system, according to an Associated Press story.
The story states, “The court also fined the newspaper 25,000 Singapore dollars ($16,400).
“Justice Tay Yong Kwang ruled Tuesday against the newspaper and two of its editors, three weeks after Attorney General Walter Woon argued the editorials published in June and July questioned the judiciary’s independence from Prime Minister Lee Hsien Loong and the ruling People’s Action Party. Not meting out punishment in this case would undermine the country’s rule of law, the court said.
“The letter to the editor was written by Chee Soon Juan, head of the opposition Singapore Democratic Party.”
Read more here.
Anick Jesdanun of the Associated Press reports Wednesday that ThomsonReuters reported an increase in revenues for the third quarter despite the current Wall Street turmoil and earnings that beat projections in its first full quarter as a combined company.
Jesdanun writes, “Revenue increased 86 percent to $3.33 billion largely because of its acquisition of Reuters in April. That’s above analyst estimates of $3.25 billion. If the acquisition had already happened last year, the revenue increase would be only 8 percent.
“Thomson Reuters reported adjusted revenue growth of 7 percent, to $2 billion, in its markets division, an area hurt by the financial crisis that accelerated late in the quarter.
“Excluding gains from currency-exchange rates, revenue growth in that division was 5 percent. That compares with growth of 9 percent in the first quarter and reflects the impact of the financial downturn.
“‘Clearly you see in the movement from 9 percent to 5 percent organic growth in markets, the effects of, yes, large customers going out of business and consolidation,’ Glocer said during a separate conference call with reporters.”
Read more here.
Pat Rizzo has joined msnbc.com asÂ senior business editor/producer based in New York.
He comes toÂ the Web siteÂ from The Associated Press, where he was economics editor.Â Â
“We are thrilled to have Pat join the business team at the No. 1 news Web site,” said Martin Wolk, MSNBC’s business editor.Â Rizzo will report to Wolk. “He brings deep knowledge of the business world and a passion for covering a topic that we expect to dominate our news coverage for the foreseeable future: the economy.”
Rizzo joined the AP in 2004 as the day supervisor of the business desk in New York. He spent 18 years at Reuters in jobs as diverse as Money Desk news editor in London, Northeast bureau chief in New York and training editor for the Americas.
Marek Fuchs, the media critic of TheStreet.com, wonders why some media like the Associated Press write about how much money CEOs have lost during the economic crisis — just like the average investor — when they’re still performing better than the overall market.
Fuchs writes, “And this is just what went on here, though the AP does not make the point, even as it mentions that the S&P 500 stock index has lost more than 35% since January. Compare with this Buffett’s comparatively shrimpy equity value loss of 22%, or Ellison’s of 24%, and you learn a lesson that history has taught before and will teach again: If you are not overly leveraged, you can hold serve in a difficult time, living to benefit when times turn better.
“Buffett and Ellison did lose money, but that does not make them just like the rest of those who lost money. They are better than the rest — especially than the overly leveraged. It’s important to realize this and then to figure out why.
“We are headed toward the end of a difficult year, and post-mortems on the year and the financial crisis, all purporting to draw lasting lessons for the future, will be the order of the day. But when the business media butcher recent history, they set us up for trouble the next time.”
Read more here.
TALKING BIZ NEWS EXCLUSIVE
Kevin Shinkle, the business editor at the Newark Star-Ledger, is leaving the paper and taking a job as an assistant business editor at the Associated Press.
Shinkle’s last day at the paper will be Nov. 12. He will start at the AP on Nov. 17. Shinkle declined further comment.
Shinkle became the business editor at the paper at the end of last year. He is taking the buyout offer from the Star-Ledger.
At the AP, Shinkle will be assistant biz editor for money, in charge of four teams: financial/Wall Street, real estate, personal finance and money and markets.
Shinkle had been the deputy business editor for six and a half years, but had also worked in the paperâ€™s sports department.
Shinkle previously worked at Bloomberg News and at the Tampa Tribune. He also worked at the Chapel Hill News in North Carolina. He’s a graduate of Hillsdale College.
T.J. Foderaro, a deputy business editor at the paper, left recently. He is joining Harrison Scott Publications.
DISCLOSURE: I worked with Shinkle at the Tampa paper and at Bloomberg News.
Terry Hunt, a White House correspondent for the Associated Press, has been named by the wire service to oversee its financial crisis coverage, according to a memo posted by Politico.com’s Mike Allen.
AP business editor Hal Ritter and Washington bureau chief Ron Fournier write, “He will work with news leaders in Washington, New York and overseas to bring cohesion to AP’s coverage, whether it emerges from the markets, from the Treasury, from the Capitol or from anywhere around the world this global story develops. He will generate and assign stories and oversee short- and long-term planning with other formats and departments.
“Terry, a graduate of the University of Kentucky, joined the Washington Bureau in 1974 after serving in bureaus in Louisville, KY, and Providence, RI. He covered the Senate for two years before breaking into politics on Ronald Reagan’s 1980 campaign. â€¦ He has reported from more than 90 countries and has traveled to every state in covering Presidents Reagan, Bush, Clinton and Bush. At the beginning of the Bush administration, Hunt took a three-year break from White House coverage to serve as assistant bureau chief for news in Washington. He returned to presidential coverage in 2003.â€?
Read more here.
David Bauder of the Associated Press takes a look Wednesday at the business news networks coverage of the current economic crisis and whether CNBC and Fox Business Network have become too much of the story.
Bauder writes, “CNBC, which says it is running an investor-driven network rather than a general business news channel, has consciously increased the number of analysts it has on the air. It put out a general call late last week for CEOs to contact the network and offer their perspectives on what’s going on.
“Ritholz said he’d find it more valuable for a network to bring on someone particularly smart, like wealthy investor Warren Buffett or former U.S. Federal Reserve Chairman Paul Volcker, and have him talk for an hour.
“His company has turned the office TVs off, finding they were creating a distraction.
“David Kotok, chairman and chief investment officer of Cumberland Advisors, said he understands a network’s first priority is to win viewers. He has been one of the featured people on CNBC’s multiple boxes of talking heads, and said he doesn’t bother trying to talk over people in that situation.”
Read more here.
Ellen Simon of the Associated Press reports that business journalists are being cautious about using the word “crash” to describe what’s going on in the stock market.
Simon writes, “CNBC host Dylan Ratigan was among those uttering the word on Thursday, calling the decline ‘a cascading crash.’ The Wall Street Journal, the most influential publication in the financial world, hedged somewhat on Friday’s front page, saying the scary drop over the past several days ‘amounts to a slow-motion crash.’
“But not everyone was prepared to go that far.
“The Associated Press did not use the word ‘crash,’ referring to Thursday as a ‘runaway train of a sell-off.’
“‘A car crash is sudden, and this is over eight days,’ said AP Business Editor Hal Ritter. ‘You can argue either way, but it’s better to give readers the important numbers for this week, 1987 and 1929, so they have the perspective to make their own judgments.’
“While The New York Times’ news columns called Thursday’s trading a ‘rout’ in which ‘panicky investors dumped stocks en masse’ in a ‘stomach-churning 90 minutes’ at the end of trading, the paper carefully avoided the word ‘crash,’ saying the 20.8 percent decline over six trading days ‘is similar to the drop in the Dow on Black Monday, Oct. 19, 1987.’ (And that, of course, is a day most people refer to as a crash.)
Read more here.
Hal Morris, writing on his Grumpy Editor blog, takes issue with the Associated Press story about the latest Gross Domestic Product statistics, noting that it’s too negative for what the numbers show.
Morris writes, “In reporting the GDP gain in a lengthy piece, Washington-based AP economics writer Jeannine Aversa promptly gave itÂ aÂ negative twist by inserting a ‘but’ in the first line of the lead:Â ’The economy pulled out of a dangerous rough patch in the spring, thanks largely to strong exports, but the rebound isn’t expected to last.’
Aversa continues her lead with:Â ‘Economic slowdowns overseas could make exports tail off just as Americans are hunkering down after the bracing impact of rebate checks wanes, plunging the country into another rut later this year.’
“All this without attribution.
“A few paragraphs later, she works in ‘Federal Reserve Chairman Ben Bernanke has warned the economy will be weak through the rest of 2008.’”Â
Read more here.