Tag Archives: Financial Times
The Financial Times reaches more senior bankers and financial decision-makers in the world’s largest companies than The Wall Street Journal, according to a survey reported by Arif Durrani of MediaWeek.
Durrani writes, “ItÂ marks the fifth consecutive time the Financial Times has topped the international barometer, after reaching 39% of the GCM audience, responsible for borrowing, raising and lending billions of dollars worth of capital each year.
“It was followed by the Wall Street Journal 32% and the International Herald Tribune 6%.
“The survey also shows the FT has for the first time become the top ‘must-read’ in burgeoning Asia, climbing three places on 2006.
“Meanwhile, CNN topped the international television news organisation, ahead of BBC World, CNBC and Bloomberg TV in North America, EMEA and Asia Pacific.”
Read more here.
Reuters announced Thursday the hiring of Agnes Crane, Matthew Goldstein and Christopher Swann, who will join the newly created commentary team as columnists.
Based in New York City, all three will report into Jeffrey Cane, U.S. editor, commentary, and will start later in May and early June.
Crane has been on the front lines in the coverage of the credit crisis. As an editor at Dow Jones Newswires, she led a team of eight reporters who cover the credit markets and debt instruments. She had previously been a reporter for Dow Jones, covering global sovereign debt markets. In 2005, she won a Newswomenâ€™s Club of New York Front Page Award for deadline reporting. Crane was a fixed-income reporter for Market News International and before that had worked as a reporter in Mexico City for four years. She is a graduate of Temple University.
Goldstein has been one of the most adept reporters covering Wall Street in recent years. He has covered banking, hedge funds and securities regulation. For the last two years, Matthew has been a senior writer for BusinessWeek, writing on Wall Street, hedge funds and regulation. He was the co-author of a cover story on the collapse of the Bear Stearns hedge funds and started the magazineâ€™s Unstructured Finance blog.
Previously, at TheStreet.com, Goldstein broke a number of stories, including the news that the Securities and Exchange Commission was investigating whether brokers were permitting customers to eavesdrop on their firmsâ€™ internal ‘squawk box’ conversations. His stories on the â€œsquawk boxâ€ investigation were a finalist for a Gerald Loeb Award in 2006. GoldsteinÂ was also a reporter for Crainâ€™s New York Business, The New York Law Journal, The Record of Hackensack and The Central New Jersey Home News. A graduate of the University of Rochester , Goldstein has a law degree from Fordham.
Swann joins Reuters from Bloomberg News, where he covered the International Monetary Fund, the World Bank and the U.S. Treasury. He was among the Bloomberg reporters who recently won the Overseas Press Clubâ€™s Malcolm Forbes Award for the series â€œRecipe for Famine.â€ Before Bloomberg, Swann worked for the Financial Times for nine years. A graduate of Oxford University , he has a masterâ€™s degree in international relations from Cambridge.
TheÂ Wall Street Journal Web site is considering a micropayment system in which business news readers pay for the articles they want, write Andrew Edgecliffe-Johnson and Kenneth Li of the Financial Times.
They write, “Mr Thomson said the Journal was developing its own system to charge small sums to occasional users who might not pay more than $100 a year for a WSJ.com subscription.
“Pricing for individual articles and for premium subscriptions had yet to be decided, he said, but would be ‘rightfully high.’
“The Journal has raised average print subscription prices 21Â per cent since News Corpâ€™s 2007 takeover, but saw advertising fall a third in the first quarter.
“Its premium plan will focus on readers interested in energy, commodities, wealth management and other niches.
“Premium subscribers will have web access to Dow Jones newswire stories, representing a ‘consumerisation’ of the groupâ€™s products for companies.”
Read more here.
Elizabeth MacDonald, the stock market editorÂ at Fox Business Network, talked about the best business journalism toÂ read to learn about the economy and her careerÂ with the Woman Around Town site.
Here is an excerpt:
Itâ€™s important today that teenagers achieve some level of financial literacy.Â Who do you think is best able to give them a good financial education?
I hope this doesnâ€™t sound too much like a plug, but Fox Business provides great financial coverage, with solid reporting. Iâ€™d also encourage kids to start reading the Fox Business website, The Wall Street Journal, Barronâ€™s, Smart Money, Dow Jones news reports, The Financial Times and The Economist.Â I started reading the business publications at an early age, picking them up to read and loitering in magazine stores. I didnâ€™t have the money, couldnâ€™t afford them. My parents had 8 children.
You have a flourishing career as a business journalist.Â Who were your role models? How did they encourage you in your career aspirations?
Flourishing, thatâ€™s being kind and generous. Iâ€™ve been working since I was 15, starting out in a bank.Â And, Iâ€™ve wanted to be a journalist since I was 10 years old. My role models were my parents and my brothers and sisters. They teased me, fought with me, plus debated me over the dinner table. With the knives, forks, and tempers flaring, it was like lightning bolts were shooting across the table -â€“ a great training ground.
Was there any point in your career when you were discouraged?
Sure. Iâ€™ve left many a smoking wreck of career crackups behind me. But so what, who cares? I donâ€™t let anyone define who I am â€” no boss will ever do that.
Read more here.Â
The Financial Times saw a 60 percent increase in unique users at its site in March, writes Laura Oliver of Journalism.co.uk.
Oliver writes, “FT.com attracted a record 11.2 million unique users last month compared with 7,113,132 in March 2008, when the ABCe last released figures for the site.
“The website generated 83.2 million page views over the same period — a 15.6 per cent (11,252,124) year-on-year rise.
“Last week ABCe figures put Telegraph.co.uk as the most popular UK newspaper website for March in terms of unique users with 27,708,274.
“Last month the site also had more than 1.2 million registered users, a spokesman told Journalism.co.uk – an increase from 500,000 last July.”
Read more here.
Paul MacNally of the Press Gazette in London writes that Pearson’s first-quarter results show that it is continuing to grow its content, subscription and digital revenues at the Financial Times despite the tough economic conditions.
MacNally writes, “The FT increased its cover price from Â£1.80 to Â£2 last month. The paper’s price has risen steadily over the past year.
“Pearson said it expected group full-year profits in 2009 to either match or beat last year.
“Chief executive Marjorie Scardino said: ‘The economic environment makes us cautious about this year, but we’re encouraged by the start we’ve made.Â
“‘It indicates that Pearson can continue to perform well, even as some of our businesses face tough market conditions.’”
Read more here.
The Financial Times is beginning a project where it asks its readers for advice on its editorials, writes Stephen Brook of The Guardian in London.
Brook writes, “Readers will be able to help shape the paper’s editorial line through its Arena blog, which launches today, joining Financial Times writers in online debates about topics for upcoming leader columns.
“The FT said that the trial project aims to incorporate views of the FT.com community into leader columns.
“Robert Shrimsley, the FT.com managing editor, said: ‘I’ve long wanted to share the quality of the debates we have inside the building with our readers. This way we get to go one step further and invite them to participate.
“‘Our community of readers is perhaps the most sophisticated in the business world and this is a chance to draw on their expertise and invite them into the editorial process at the highest level.’”
Read more here.
Edgecliffe-Johnson writes, “Bloomberg has launched iPhone and BlackBerry applications. It is reviewing Bloomberg.com, having removed some content in 2005 for fear that it was cannibalising terminal sales.
“Bloomberg may be better positioned than many newspaper publishers to charge for some or all of its news online, analysts believe.
“Bloomberg has maintained investment in previous downturns, building up research and development staff from 800 to 1,300 people between 2001 and 2005, Mr Secunda notes. ‘The goal is to be there when your customers need you,’ he says.”
Read more here.
Jeff Bercovici of Conde Nast Portfolio notes that Financial Times editor Lionel Barber is giving a speech this afternoon at Yale University on the financial press and the economic meltdown. His conclusion: We kinda blew it.
Bercovici writes, “Specifically, he says, they blew it in five ways: by failing to see the dangers in unregulated derivatives; by missing the risks in Fannie Mae and Freddie Mac’s government-backed structure; by not raising alarms about the over-leveraging of banks; by not appreciating the relationship between the banking system and the economy; and by focusing too much on the here-and-now rather than the what’s-to-come.
“‘[It's] fair to say there was an alarming suspension of critical faculties among financial and business journalists during the credit bubble,’ Barber concludes.
“This is a good place to remind you that I’ll be moderating a panel tomorrow night on this topic, with The Wall Street Journal‘s Alan Murray, Fox Business Network’s Liz Claman and personal finance author Farnoosh Torabi. (CNBC’s Charles Gasparino will hopefully also be participating.)”
Nicholas Rowell writes in The Financial Times about the differences in business journalism on TV between Europe and the United States, and a YouTube business news sensation.
Rowell writes, “Yet business TV has always had rough edges. The standard formula for reporters on screen has long been two-thirds smooth, one-third rough. Among national markets reporters on European business TV, for example, there is Italian and French smoothness, but German presentationâ€¦ well, itâ€™s schoolmistressy.
“On US business TV, there is harsh medicine. Take Art Cashin, business TVâ€™s oldest regular daily spokesman and still a floor manager on the New York Stock Exchange. On screen, Art looks like a policeman at a crime scene determined to deal thoroughly with press enquiries. Camera-friendly studio presenters donâ€™t seem to get why heâ€™s so po-faced. Relax, this is just business TV, they seem to say. Thatâ€™s not the point, Art seems to respond, Iâ€™m trying to pass on my knowledge to you, and you just keep worrying about the camera. I think Art keeps the straightest face in the market because he knows that educating people about markets is a serious business.
“The trader e-mailed me a day after Hughâ€™s appearance with another link. On a YouTube video showing a whiteboard filled with technical analysis, out jumps a slightly bug-eyed, hair-gelled, brown-nylon-jacketed figure. Meet Oscar â€“- trader, technical analyst and maker of 300 YouTube videos. Oscar looks like the traders who drift in and out of shot at the Chicago trading exchange, shouting over the presenter. Indeed, on his videos, Oscar does not stop shouting. Yet for the rest of the day, every day, he is in front of his siteâ€™s chatroom webcams. Explaining technical charts. Listening to tradersâ€™ questions. Showing traders his ‘homework’. Reminding them to do their ‘homework’. Getting insulted. Telling traders to stick to their trading plans. Getting insulted again.
“Hits on Oscarâ€™s channel are on average up fivefold over the year and it turns out that the biggest American business TV channel was interested in him. There was talk of meetings, there was talk of pilots, there was even talk of him being the next Jim Cramer, CNBCâ€™s shouting guru. At any rate, the channel didnâ€™t take him. Maybe because Oscar is in the typical second chapter of American life. Maybe because he lives in Las Vegas, where smartness is not a way of life. In any case, Oscar isnâ€™t another Cramer. He is from a different generation.”
Read more here.