Tag Archives: CNBC

cnbc dot com

CNBC.com seeking news editor for website

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CNBC Digital is seeking a dynamic journalist with a background in both business news and web production for a role on the team that operates the CNBC.com homepage.

The “hotseat” is the air traffic controller of the newsroom, managing the page and the fast-paced flow of news copy.

The successful candidate will have a strong background in both writing and editing breaking news, particularly in the financial news that is core to the CNBC audience. At the same time, the candidate will also have extensive experience with web publication, including regular use of content management tools to edit, produce and publish stories.

Requirements:

Willingness to travel and work overtime, and on weekends with short notice
Must be willing to work in Englewood Cliffs, NJ
Must be willing to submit to a background investigation
Must have unrestricted work authorization to work in the United States
Must be 18 years or older

The “hotseat” is the air traffic controller of the newsroom, managing the page and the fast-paced flow of news copy.

To apply, go here.

CNBC

CNBC has worst quarter in 20 years

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Matt Wilstein of Mediaite reports that business news channel CNBC just had its worst quarter in 20 years in terms of ratings.

Wilstein writes, “The network hit a 20-year ratings low in the coveted 25-54 demo over the last three months. With just 38K viewers in the demo for total day, the network had its worst ratings since the first quarter of 1993. That figure was also a 24% drop from Q3 2012 when CNBC had 50K in the demo for total day.

“While not as dismal, the numbers for total viewers were not that much better. With 133K total viewers in total day, CNBC had its lowest quarter since Q2 2005. It was a 19% drop from last year when the network had 164K total viewers in total day.

“The following shows all saw their lowest-rated quarter ever in the demo: Squawk Box (6-9a), Power Lunch (1-2p), Street Signs (2-3p), Fast Money (5-6p) and Mad Money (6-7p). And these all had their lowest-rated quarter ever in total viewers: Squawk on the Street (9-11a), Fast Money Halftime Report (12-1p), Closing Bell (4-5p) and The Kudlow Report (7-8p). The only show that did not have an all-time ratings low was the 3-4pm hour of Closing Bell with Maria Bartiromo.”

Read more here.

Maria Bartiromo

Bartiromo cited in divorce of Citigroup executive

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Emily Smith of the New York Post reports Wednesday that CNBC anchor Maria Bartiromo is named in court papers related to the divorce of a Citigroup executive.

Smith writes, “Maria Bartiromo could be called as a witness in the nasty divorce of ex-Citigroup honcho Todd S. Thomson, who famously offered the Money Honey a ride on his corporate private jet, sparking rumors of an affair.

“Thomson — who was Citigroup CFO for five years CEO of Citigroup’s Global Wealth Management Division until he took CNBC doyenne Bartiromo to a 2007 event in Asia on Citi’s jet and then was fired — is in the middle of a bitter divorce with his wife of 25 years, ­Melissa, with whom he has three children.

“The Wall Street Journal reported at the time that Thomson, now founder and CEO of Manhattan-based private equity firm Headwaters Capital, bumped execs from the return flight so he might fly back alone with Bartiromo, bankrolled Citi functions and TV shows that featured her, and named the glamorous TV anchor to a board he created inside his alma mater, Wharton business school.

“Thomson insisted in 2007 that his relationship with Bartiromo, who is married to Jonathan Steinberg, was “appropriate.” But Page Six can now exclusively reveal that a Connecticut court has granted his wife Melissa permission to depose Bartiromo, 46, stating that ‘certain facts which are in issue, or which directly assist in proving the Plaintiff’s [Melissa’s] case, are within the knowledge or power of [Bartiromo].’”

Read more here.

CNBC

CNBC jumps the shark with JP Morgan coverage

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DS Wright of FiredDogLake.com — and others on the Internet — wrote Monday that CNBC‘s coverage last Friday about whether JP Morgan Chase CEO Jamie Dimon should resign shows the network is out of touch with the rest of the world.

Wright writes, “The financial press in general has a reputation for being courtiers for Wall Street in hopes of finding a job or spouse in the halls of money. But CNBC fails to even offer the patina of journalistic pretense most of the finance press displays. They are, quite clearly, hacks posing as journalists.

“This isn’t news to the public who got acquainted with CNBC’s less than admirable news programming with Jim Cramer’s appearance on The Daily Show where host Jon Stewart displayed multiple clips of Cramer not only contradicting some of his stated moral values but openly encouraging and bragging about illegal market manipulation activities such as using the news media to help short a stock. During the interview Stewart also noted CNBC’s claims of expertise while actually ‘cheerleading’ the Wall Street banks.

“That cheerleading was on full display when a discussion arose over whether or not Jamie Dimon should stay on as CEO after JPMorgan was set to face massive fines for illegal conduct. In an interview with Salon writer Alex Pareene resident Wall Street mouthpiece Maria Bartiromo was incredulous at Pareene’s suggestion that JP Morgan was corrupt. First Bartiromo demanded examples of JPMorgan’s corruption, then when provided with said examples Bartiromo not only refused to accept the evidence but accused Pareene of being irresponsible even mocking the reference Pareene made to published articles ‘Ohhhh the New York Times, OK!’ Bartiromo then claimed the bad PR that JPMorgan was getting was part of a ‘witch hunt’ despite the fact that JPMorgan has plead guilty to multiple violations including the London Whale debacle.

“Even other financial journalists appeared disgusted by CNBC’s naked shilling of JPM.”

Read more here.

David Faber

Faber celebrates 20 years on “Squawk”

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David Faber has now spent 20 years as co-anchor of CNBC‘s “Squawk on the Street.” He is also an anchor and co-producer of CNBC’s acclaimed original documentaries and long-form programming.

During the day, Faber breaks news and provides in-depth analysis on a range of business topics during the “Faber Report.” In his 20 years with CNBC, Faber has broken many big financial stories including the massive fraud at WorldCom, the bailout of the hedge fund Long Term Capital Management and Rupert Murdoch’s unsolicited bid for Dow Jones.

On Friday, CNBC ran a montage of his most famous stories from “Squawk.”

CNBC

CNBC to launch new show called “The Edge”

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The Edge,” a 30-minute program that aims looks at the long-term investment opportunities created by today’s technological innovations.

The show will explore the limitless potential of innovation. from how new products and ideas will shape our lives to the long-term investment opportunity that will bring investors high-yield returns.

“The Edge” will use CNBC’s global network, tapping into its anchors and reporters from around the world, including Ross Westgate, Martin Song, Karen Tso and Carolin Roth. The first episode explores the driverless car, looking at the vehicles and the tech behind them, but also examining the innumerable and far-reaching implications of the invention.

“When people think about investing and the markets the focus is often on the short or medium-term,” said  John Casey, senior vice president of news and programming for CNBC International, in a statement. “However ‘The Edge; is about the ‘next big thing’ and is designed for those looking to get in early for a long-term investment.  From science to technology the world is changing and The Edge is designed to keep you ahead of the pack.’

The Edge  premieres Wednesday and will air monthly across CNBC’s networks in Europe, the Middle East and Africa and Asia-Pacific and in the United States.  The program will be produced and edited from CNBC’s London regional headquarters and will be complemented by special reports on CNBC.com.

Read more here.

 

Joe Kernen

CNBC anchor uses slur against Indians

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CNBC “Squawk Box” co-host Joe Kernen put his foot squarely in his mouth during Friday’s show when a light exchange about India’s currency turned tasteless, reports David Boroff of the New York Daily News.

Boroff writes, “Kernan, Becky Quick and Andrew Ross Sorkin were discussing India’s central bank when Quick mentioned that she still had rupees left from a trip abroad.

“The conversation quickly devolved when she displayed a two rupee bills — a 50 and a 10.

“‘Gandhi’s on the rupee. Look at that,’ Sorkin said.

“Kernen repeatedly said ‘Gandhi’ in a bad Indian accent, but the conversation only deteriorated from there.

“‘No, I can’t do it. I was going to say something,’ Kernen said.”

Kernen then asked if Indians were good at Seven-11, and Quick told him that the comment was insulting. Kernen then apologized.

Read more here.

frankieflack

Frankie Flack: Protecting milliseconds in the lockup room

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CNBC has a lengthy and fascinating report online Tuesday about that some traders in Chicago somehow received word about the Federal Reserve Board’s announcement last week that it would not be scaling back its support of the economy.  The investigation centers around a matter of milliseconds where traders were able to move large amounts of money ahead of a broader release of the news.

Considering it is impossible for a human to make a decision in the time in question, the story brings up serious questions about the impact of automated trading on market fairness.  But that is no way my expertise, nor the purpose of this column.

What is particularly interesting about this piece though is the detail it offers about the elaborate process the Federal Reserve goes through to give a group of reporters a preview of the news while ensuring they do not publish the information in advance of the announcement.  Here is what the piece describes:

In advance of the release of the market moving decision, Federal Reserve officials followed a standard procedure to choreograph a tightly planned embargo operation that gave reporters advance copies of the Fed’s decision. Inside a secure so-called “lockup” room on the top floor of the William McChesney Martin Jr. building, Fed officials instructed reporters not to send information about that decision to the outside world before precisely 2 p.m. EDT as measured by the national atomic clock in Colorado.

The doors were locked at 1:45 p.m., and Fed staffers handed out copies of the statement at 1:50 p.m., allowing reporters a few minutes to digest the complicated document before reporting on its contents. At 1:58 p.m. television reporters were escorted out of the room to a balcony where cameras had been positioned. The Fed’s security rules dictated that television reporters were not allowed to speak before precisely 2 p.m. Print reporters were told they were allowed to open a phone line to their editors at headquarters offices a few moments in advance of the hour, but not allowed to interact with people on the other end of the line until exactly 2 p.m.

On top of those precautions, every media person entering the lockup—including two employees of CNBC—was required to sign an agreement that read: “I understand that I may make no public use of the documents distributed by Federal Reserve Board (FRB) staff or the information contained therein, including broadcasting, posting on the Internet or other dissemination, until the time the FRB has set for their public release.”

It is unquestionably a lot of work to ensure news is disseminated simultaneously.  Why would the Federal Reserve (and other organizations) take such pains to give a group of reporters highly complex news only minutes ahead of time?

Typically, embargoing news should only be done when the extra time you give a reporter results in a meaningful change in the coverage.  By change, I do not want to imply an embargo is a way to get favorable coverage, but rather to ensure that highly complex news influencing a large number of people is accurately reported right out of the gate.  So what can the Fed get in 15 minutes?

In that 15 minutes the Fed can make sure that reporters at least get the core message right and it does not turn into a “circus”-type moment that we have seen recently with U.S. Supreme Court decisions.  That is a deceptively strong argument, as confusion about such critical financial news could have drastic consequences on the market.

However, given the potential implications even a milliseconds leak could have on the fairness of the marketplace, it may be prudent for the Fed to enhance its direct communications and reconsider the effectiveness of the lockup rooms.  When leaks are a major concern, sometimes the only option is to limit the number of people involved.  A more developed, “self-publishing” approach to communications could include things like a Fed broadcast center or newsroom that employs former journalists.

As many major PR firms have stated, self-publishing is a growing trend among corporate America and one that the Fed may want to explore itself.  At the end of the day, what is clear is that balancing the need for market fairness and accurate reporting is a complicated and relentless battle for the Fed’s communications leaders.

cnbc dot com

CNBC.com hires Tutt to oversee non-U.S. content

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CNBC.com has appointed Phillip Tutt as the deputy managing editor of digital.

Tutt will be responsible for managing the day-to-day editorial content on CNBC.com for all regions outside of the United States.

He will manage a team of reporters and producers in London and Singapore who produce international content for CNBC.com as well as the network’s digital products and services, the suite of CNBC mobile products including the CNBC iPhone and iPad apps and CNBCPRO, the premium desktop/mobile service.

Based at CNBC’s regional head quarters in London, Tutt will report to Deepanshu Bagchee, managing digital editor and head of digital for CNBC International.

Tutt joins CNBC.com as the site posted its second-best month ever in terms of unique visitors in August. The site was visited by 9.3 million unique users in August, up 34 percent compared to the same time period last year. CNBC.com’s year-over-year growth was more than double compared to any other site in the Business/Finance – News/Research category top 10 sites.

Tutt joins from The Associated Press,where he was Europe business editor, leading the wire’s coverage of financial,economic and business news. He previously spent 12 years at the Financial Times in a variety of editorial roles, including as companies news editor at FT.com.

Money Talks

CNBC’s “Money Talks” premieres to low ratings

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CNBC’s new sports betting reality show “Money Talks” premiered on Tuesday to low ratings, reports Rick Kissell of Variety.

Kissell writes, “Nielsen estimates that Tuesday’s premiere of the show about sports handicapper Steve Stevens averaged 127,000 viewers, including 65,000 in the adults 25-54 demo — 40% lower in overall viewership and 34% lower in the demo than the network’s year-to-date averages in the same 10 p.m. timeslot (212,000 and 99,000).

“The show has raised a lot of eyebrows in the sportsbook industry. Sports betting website WagerMinds, which is ‘dedicated to changing the sports gambling culture’ and is focused on transparency in the industry, posted an article earlier this summer saying they’ve never heard of Stevens, who runs VIP Sports out of Las Vegas and claims to be winning more than 70% of his picks.

“CNBC, which has made a push into reality programming this year, yanked the ‘Shark Tank’-like ‘Crowd Rules’ in May after just two low-rated outings, including a tiny 47,000 viewers for its premiere telecast.

“The net has fared better with ‘The Profit,’ a business-makeover show in which entrepreneur Marcus Lemonis pumps his own cash into a struggling business in a bid to turn it around.”

Read more here.