Tag Archives: Bloomberg
by Chris Roush
With a global television network operation in place, Bloomberg News is using video clips from its shows as well as Web-only videos to produce some 200 clips per day, signaling a new “digital first” approach, says Chris Berend, executive producer and head of digital video at Bloomberg, in a video interview at Bloomberg headquarters with Beet.TV
Berend says the digital desk aims to create “digital-friendly” stories, using Bloomberg-produced television as the back-end resource, and distribute them quickly to a worldwide audience.
by Chris Roush
Bloomberg photographer Kelvin Ma took the photo of wheelchair-bound Jeff Bauman near the marathon finish line — moments after he looked into the eyes of one of the men who tried to kill him.
Ma writes, “We were evacuated off the bridge shortly thereafter, at which point I texted my mom that I was OK and sent out a two-word Tweet—’I’m OK.’—for everyone else. I then contacted Bloomberg News, and the photo editor, Graham Morrison, encouraged me to find a place to sit down, regain my composure and transmit the images I had captured. I was running on pure adrenaline and had no idea what to do, but Morrison’s reassurance and counseling through all of the trauma and chaos helped me stay grounded in the situation.
“After securing an internet connection in the Prudential Center, I pushed my photos to the wire. I sent more emails and made more social media posts to let people know I was OK, and then headed back toward the scene, making some more photos along the way.
“The outpouring of support from the photojournalism community has been incredible, whether it be from people I’ve known for years to someone I just met on Monday. I can’t express enough how grateful I am to have such supportive brothers and sisters in my corner every step of the way.
“I tracked down the last runner I photographed before the blast and gave her a hug. Down to a matter of seconds, it really was a miracle she was standing there unscathed. I have never been so happy to see someone I hadn’t met yet.
“Around 9 p.m. Tuesday, I saw a familiar face on the New York Times website. Jeff Bauman, whose horrific injuries had kept me awake the night before, had survived and was stable in a local hospital. Learning that he had made it lifted the heavy cloud that had engulfed me. His recovery will no doubt be long and difficult, but he is still with us.”
Read more here.
by Chris Roush
The Chronicle of Higher Education Inc. has named Michael G. Riley, editorial director of Bloomberg Government, to be its chief executive officer and editor in chief.
He succeeds Philip W. Semas, who is retiring after 44 years at The Chronicle, the last 10 as president and editor in chief.
In addition to the weekly newspaper The Chronicle of Higher Education, the company publishes the biweekly Chronicle of Philanthropy, Arts & Letters Daily, and a number of specialized Web sites.
Early in his career, Riley was a correspondent for Time magazine in Los Angeles, Boston, Washington, and Atlanta. He was named Southern bureau chief at age 32. In a joint venture of Time and CNN, he created and managed allpolitics.com, one of the first national political Web sites.
For eight years Riley was editor of The Roanoke Times, where he re-engineered the news department to focus on Internet strategy and foster rapid growth in online revenue. During his tenure the newspaper won numerous awards for both its print and digital operations.
In 2007 Riley became editor and senior vice president of Congressional Quarterly. Following CQ-Roll Call’s acquisition by the Economist Group, he became editorial director of Washington-based Bloomberg Government.
by Chris Roush
Bloomberg L.P. filed a lawsuit on Tuesday against the top U.S. derivatives regulator to fight a new rule that would make the trading of swaps more expensive and hurt its business.
Douwe Miedema of Reuters writes, “Bloomberg is one of a dozen or so providers that plan to launch platforms on which to trade swaps, as regulators globally crack down on the $650 trillion market to prevent a repeat of the 2008 financial crisis.
“Under a rule by the Commodity Futures Trading Commission (CFTC), buyers and sellers of swaps must set aside enough money- so-called margin – to cope with the impact of a deal falling apart, assuming it takes five days to unwind the position.
“But for futures, a rival type of product, the assumption is that deals can be unwound in one day, making them far cheaper to use.
“‘These arbitrary requirements are the result of a flawed rule-making process and a patently deficient cost-benefit analysis,’ said Eugene Scalia, Bloomberg’s high-profile lawyer. ‘The rule will have a serious adverse effect on the market.’
“The CFTC declined to comment on the lawsuit, filed in federal court in Washington, D.C.”
Read more here. The question is whether Bloomberg News can now objectively cover the regulator with this conflict of interest. It was argued by some that Bloomberg’s coverage of the Federal Reserve was tainted when it filed a lawsuit seeking to disclose what banks had been lent money during the economic crisis of 2008.
by Chris Roush
Bloomberg View announced Wednesday that Jonathan Landman, former deputy managing editor and former culture editor of The New York Times, has been named editor-at-large.
This is a new position that will encompass a range of duties, beginning with finding innovative and engaging ways to distill, integrate and present Bloomberg opinion, news and analytics.
“Jon has a record of revolutionizing and improving everything he touches,” said David Shipley, Bloomberg View executive editor, in a statement. “He will bring a fresh set of eyes to a number of important initiatives that will help Bloomberg journalism reach ever more readers. Jon’s a great journalist and a superb leader and it’s thrilling to have him as a colleague.”
Landman joined The Times in 1987. His last position at the newspaper was culture editor, where he supervised critics, reporters and editors working on the daily and Sunday editions of the newspaper, as well as online coverage of architecture, art, books, dance, ideas, movies, television and theater.
Previously at the Times, Landman was deputy managing editor, where he oversaw the integration of print and Web newsrooms. Before that, Landman was assistant managing editor, where he was responsible for enterprise journalism, established the newspaper’s first computer-assisted reporting unit and reorganized the Culture department.
Landman’s prior roles at the Times included serving as metropolitan editor, where he managed the newspaper’s largest news department and supervised its prize-winning coverage of 9/11, and various other editorial positions, including Week in Review editor, deputy Washington editor, assistant metro editor and assistant national editor.
by Chris Roush
The Asia Society announced Tuesday that a team from Bloomberg News has won the 2013 Osborn Elliott Prize for Excellence in Journalism on Asia.
The $10,000 cash award, known as the Oz prize, will be presented at a public program and discussion on May 23, at 6 p.m., at Asia Society in New York.
The winning entry, a series of investigative stories titled “Revolution to Riches,” exposed the vast wealth accumulated by the families of some of China’s leaders, and documented the interlocking business interests of the country’s elite or “princeling” class.
The independent jury that oversees the prize selection called the Bloomberg News reporting “historic, exceptional, and insightful.” They noted that Bloomberg “beat the pack and led the story” which they called “gripping” and “fascinating.”
“Congratulations to Bloomberg News for winning in a very competitive field,” said Asia Society Executive Vice President Tom Nagorski in a statement. “This year marks the tenth year since the inception of the Oz prize. Since that time, the news industry has undergone unimaginable changes. This year’s honorees demonstrate that outstanding reporting on Asia continues to thrive.”
Read more here.
by Chris Roush
Bloomberg View announced Tuesday that business journalist Timothy L. O’Brien has been named to the new position of publisher.
O’Brien is former executive editor of The Huffington Post and will oversee the promotion of View content worldwide, extending the View brand in global media markets and assisting its continued growth as an influential forum on the Web.
“Tim is an outstanding addition to our team: he’s an innovator with extraordinary skills as a journalist and as a promoter of journalism,” said David Shipley, executive editor of Bloomberg View, in a statement. “We’ve spent the last two years establishing View as a vital hub for thoughtful opinion and analysis. Tim will help us engage even more readers around the globe.”
As publisher, O’Brien will forge strategic partnerships to introduce View to more readers in the U.S. and around the world, building on View’s brand of thoughtful, solution-oriented opinion. He will further leverage the resources of Bloomberg LP to enhance View’s brand.
At The Huffington Post, O’Brien helped oversee a newsroom of more than 400 editors and reporters. He edited and oversaw a ten-part series about wounded veterans returning from Iraq and Afghanistan for which The Huffington Post won a 2012 Pulitzer Prize.
O’Brien oversaw the Sunday Business section of The New York Times from 2006 to 2010. He also helped oversee the team which produced “The Reckoning,” a series that examined the roots of the 2008 financial crisis and which was a Pulitzer Prize finalist and Loeb Award winner. O’Brien was previously a staff writer for the paper. While at the Times, he won a Loeb Award for Distinguished Business Journalism in 1999. He previously worked for The Wall Street Journal, Talk magazine and National Geographic.
Read more here.
by Chris Roush
Bloomberg L.P. announced Thursday that it is the first financial information platform to integrate real-time Twitter feeds into its service.
Bloomberg Professional service subscribers can now monitor and analyze real-time Twitter updates issued by corporations, executives, government officials, economists, commentators, media outlets and other voices that can influence the financial markets.
Bloomberg classifies tweets by company, asset class, person and topic so that institutional investors, traders, corporate executives and government agencies to track updates related to a specific industry or market, their portfolio holdings or an online personality. In addition to searching and tracking relevant financial tweets, users can also create alerts to monitor for unusual bursts of social media chatter about a company.
“When important news is shared on Twitter, traders and investors need to be able to access it, and validate its importance in order to incorporate that information into their decision making process,” said Jean-Paul Zammitt, head of sales and product development for the Bloomberg Professional service, in a statement. “Bloomberg’s platform now provides this ability, along with the high-quality news, data and analytics our users need and have come to expect from us.”
Read more here. The announcement comes just one day after the Securities and Exchange Commission began allowing companies to post news using social media such as Twitter.
by Chris Roush
The Center for Public Integrity is investing in the coverage of finance with two new hires.
Alison Fitzgerald, a 2009 Polk Award winner, author and longtime Bloomberg economics and enterprise reporter, will oversee the Center’s financial coverage as well as much of its state money-in-politics work. She is joined by Dan Wagner, who comes to the Center from the Associated Press’ Washington bureau, where he specialized in financial regulation.
Both Fitzgerald and Wagner will start, appropriately enough, on tax day, April 15.
Fitzgerald’s career highlights include writing the 2011 book “In Too Deep: BP and the Drilling Race that Took it Down.” Her reporting has appeared in the New York Times and International Herald Tribune, among other publications. Prior to joining Bloomberg in 2000, Alison worked as a reporter, and then international editor, for the Associated Press. She also has worked as a reporter at the Philadelphia Inquirer and Palm Beach Post in Florida.
Fitzgerald is a graduate of Georgetown University and earned a master’s degree from Northwestern University. Given her fluency in French and Italian, it’s perhaps appropriate that the long list of reporting awards she’s won includes a 2008 Overseas Press Club honor. Her coverage of secretive political donors won her a 2011 National Press Foundation Everett Dirksen Award for distinguished reporting of Congress.
Wagner has worked at the Associated Press since 2008, where is most recent work focused on financial regulation reporting, particularly the banking industry’s relationship with official Washington. Among his many scoops and deep dives are stories on former Treasury Secretary Timothy Geithner’s close Wall Street contacts, government subsidies to abusive mortgage companies, lavish spending by bailed-out bankers.
Before joining the Associated Press, Wagner worked for two years at Newsday, where he won a National Headliner Award for uncovering risky lending by American Home Mortgage — a practice that helped lead to the company’s demise. Wagner, a graduate of Harvard University, has also worked stints at the Boston Globe and National Public Radio.
Read more here.
by Liz Hester
Bloomberg’s recent coverage of Wal-Mart Stores Inc. and its problems with keeping stock on the shelves has the retail giant on the defensive. But Wal-Mart customers aren’t buying the company’s denials that there are problems.
Bloomberg reporter Renee Dudley received more than 1,000 responses to her March 26 story.
Let’s take a look at the story, which ran with the headline “Customers Flee Wal-Mart Empty Shelves for Costco, Target.”
Margaret Hancock has long considered the local Wal-Mart Stores Inc. (WMT) superstore her one- stop shopping destination. No longer.
During recent visits, the retired accountant from Newark, Delaware, says she failed to find more than a dozen basic items, including certain types of face cream, cold medicine, bandages, mouthwash, hangers, lamps and fabrics.
The cosmetics section “looked like someone raided it,” said Hancock, 63.
“If it’s not on the shelf, I can’t buy it,” she said. “You hate to see a company self-destruct, but there are other places to go.”
It’s not as though the merchandise isn’t there. It’s piling up in aisles and in the back of stores because Wal-Mart doesn’t have enough bodies to restock the shelves, according to interviews with store workers. In the past five years, the world’s largest retailer added 455 U.S. Wal-Mart stores, a 13 percent increase, according to filings and the company’s website. In the same period, its total U.S. workforce, which includes Sam’s Club employees, dropped by about 20,000, or 1.4 percent. Wal-Mart employs about 1.4 million U.S. workers.
A thinly spread workforce has other consequences: Longer check-out lines, less help with electronics and jewelry and more disorganized stores, according to Hancock, other shoppers and store workers. Last month, Wal-Mart placed last among department and discount stores in the American Customer Satisfaction Index, the sixth year in a row the company had either tied or taken the last spot. The dwindling level of customer service comes as Wal- Mart (WMT) has touted its in-store experience to lure shoppers and counter rival Amazon.com Inc.
Obviously, Wal-Mart wasn’t pleased with the coverage. Here’s the company’s statement in the March 26 piece.
“Our in stock levels are up significantly in the last few years, so the premise of this story, which is based on the comments of a handful of people, is inaccurate and not representative of what is happening in our stores across the country,” Brooke Buchanan, a Wal-Mart spokeswoman, said in an e-mailed statement. “Two-thirds of Americans shop in our stores each month because they know they can find the products they are looking for at low prices.”
But Bloomberg wasn’t convinced after reporting on an officers’ meeting.
Last month, Bloomberg News reported that Wal-Mart was “getting worse” at stocking shelves, according to minutes of an officers’ meeting. An executive vice president had been appointed to work on the restocking issue, according to the document.
Wal-Mart’s restocking challenge coincides with slowing sales growth. Same-store sales in the U.S. for the 13 weeks ending April 26 will be little changed, Bill Simon, the company’s U.S. chief executive officer, said in a Feb. 21 earnings call.
While Wal-Mart was enraged, Bloomberg was inundated with emails from across the country saying the story lined up with shoppers’ experiences, according to a follow-up published April 2.
More than 1,000 e-mailed complaints signal that Wal-Mart Stores Inc.’s (WMT) restocking challenges are more widespread than the world’s largest retailer has said.
Wal-Mart customers from Hawaii to Florida and from Texas to Vermont wrote to express their frustration after Bloomberg News reported March 26 that there aren’t enough workers in the stores to keep shelves stocked, cash registers manned and shoppers’ questions answered. In response to the original article, Brooke Buchanan, a Wal-Mart spokeswoman, said in part: “The premise of this story, which is based on the comments of a handful of people, is inaccurate and not representative of what is happening in our stores across the country.”
The e-mails began arriving shortly after the article was published and were still coming a week later. Most were from previously loyal Wal-Mart customers befuddled by what had happened to service at a company they’d once admired for its low prices and wide assortment. Many said they were paying more and driving farther to avoid the local Wal-Mart. Some had developed shopping strategies, including waiting until the last minute to grab ice cream, lest it melt in the lengthy checkout lines.
Wal-Mart founder “Sam Walton must be rolling over in his grave to see what has become of his business,” said Tony Martin, a 54-year-old forklift driver who once frequented a Wal- Mart store in Glen Carbon, Illinois.
Wal-Mart’s restocking challenges stem from a thinly spread labor force struggling to keep up with all the work that needs to be done, said Colin McGranahan, an analyst at Sanford C. Bernstein & Co. in New York. The Bentonville, Arkansas-based retailer’s workforce at its namesake and Sam’s Club warehouse chains in the U.S. fell by about 120,000 employees between 2008 and Jan. 31, according to a securities filing on March 26. The company now has about 1.3 million U.S. workers. In the same period, it has added about 455 U.S. Wal-Mart stores, bringing its total to 4,005.
Dudley should be commended for her work. This is an excellent example of company coverage and reporting. As any former journalist knows, it can be difficult finding the right anecdote to illustrate a point.
I can’t imagine shifting through 1,000 emails. But she obviously got the story right, despite what the company is saying. It’s important to hold a company accountable for their mistakes, especially when it could cost them customers.