Tag Archives: Financial Times
Ian Burrell of The Independent newspaper in London reports that The Financial Times is about to unveil an online pay model similar to that of iTunes.
Burrell writes, “Senior sources at the FT have confirmed that the group is in discussions with a number of payment processor companies to establish a simple ‘one -lick’ procedure that would enable consumers to pay a small fee for single articles that would otherwise be available only to subscribers.
“FT executives, who hope to have the system in place by 2010, have not settled on the price for an individual story, but say that they have been impressed by the ‘fabulous buying experience’ of iTunes, which allows users to buy a single song for 79p.”
Read more here.
Ryan Chittum of the Columbia Journalism Review can’t believe the front-page story in the Monday Financial Times that states that Goldman Sachs’ image has been tarnished and mentions a poll to back up that assertion — but never provides any of the poll’s numbers.
Chittum writes, “The FT bases its assertion on a survey done for it, but never gives a single number from the survey or even an idea of how much damage has been done. How do you miss that?
“The paper reports that ‘Brand Asset Consulting found that Goldmanâ€™s stature â€“- as measured by several gauges of brand strength â€“- had suffered in 2008 and 2009′ and that Morgan Stanley also has taken hits as well, though not as badly as Goldman.
“But thereâ€™s just zero point to this story without any quantification. Anybody with half a brain can tell you that theyâ€™ve seen ‘Goldman Sachs reputation tarnished,’ as the FTâ€™s headline says. Who thinks itâ€™s been enhanced?
“Folks, this is on the front page of the newspaper. Youâ€™d be hard-pressed to find a high-school rag that writes a story about numbers without including any of the, you know, numbers.”
Read more here.
Pearson PLC, the parent of the Financial Times, reported its first half financial results Monday and noted that the business newspaper saw a drop in advertising revenue and circulation.
Aaron Patrick of The Wall Street Journal writes, “But the result highlighted that the FT Publishing division, which includes the Financial Times, has been unable to escape the problems affecting newspapers around the developed world.
“Weaker advertising helped drive down sales at the unit 6% to Â£176 million from the year-earlier period. That contributed to a 53% fall in operating profit to Â£14 million — a sign of how a newspaper’s profits can be quickly wiped out by even a small drop in ad revenue because of the cost of maintaining a large staff of journalists.
“Pearson Chief Executive Marjorie Scardino said finance and recruiting ads were sharply down. Newspaper circulation often rises during a crisis but the Financial Times gave away fewer free copies in London’s financial district, Mrs. Scardino said, contributing to a 6% decline in world-wide daily circulation to 421,429. In the U.K., its home market, 24% of the FT’s circulation was given away or sold at a big discount in May, according to the U.K.’s Audit Bureau of Circulations Ltd.
“‘We’re all about who is reading it, not how many people read it,’ Mrs. Scardino said at a news briefing in London.”
Read more here.
Gapper writes, “Gasparino thrives on being awkward, even on being disliked, within CNBC. It burnishes his image as a tough outsider willing to go to battle with anyone â€“ colleague or contact â€“ in pursuit of the story. ‘People at CNBC will tell you that Iâ€™m a pain in the ass, hard to manage, that kind of thing, but they benefit from me being that way,’ he says.
“If anything, the onscreen Gasparino is a toned-down version of the off-air one. One morning, he upset Lance Armstrong, the cyclist, by asking him pointedly on CNBC about drug use in sports (Armstrong faced rumours of taking drugs, although he was cleared by inquiries). That evening, Gasparino bumped into Armstrong by chance at Campagnola, another favourite Manhattan haunt.
“‘He looked at me and he goes: ‘Youâ€™re an asshole,” recalls Gasparino. So I was like: ‘Mr Armstrong, I want you to know that you answered all the questions perfectly.’ He says: ‘No, no, no, fuck you!’ I said: ‘Listen, we had to ask you one tough question.’ He said: ‘I am never doing your show again. Stick it in your ear.’ Then he got me pissed because he just kept on going. I said: ‘Listen, I am going to give you a little insight into something. If you donâ€™t sit in that chair, weâ€™ll get some other asshole to do it.’ He said: ‘Really?’ I said: ‘Really.’ He said: ‘You can leave now.’ I said: ‘No, this is my restaurant.’”
Read more here.
Financial Times editor Lionel Barber spoke to the British Academy on Wednesday night about why journalism matters, and some of his comments centered specifically on business journalism.
Here are the salient parts for business journalists:
“These are the best of times and the worst of times if you happen to be a journalist, especially if you are a business journalist. Â The best, because our profession has a once-in-a-lifetime opportunity to report, analyse and comment on the most serious financial crisis since the Great Crash of 1929. Â The worst of times, because the news business is suffering from the cyclical shock of a deep recession and the structural change driven by the internet revolution.”
Later in the speech:
“The third function of journalism is to provide analysis, to explain a complicated event or process in a comprehensible narrative. Â Without wishing to turn this lecture into an advertisement for the Financial Times, I must say that we at the FT have long prided ourselves on the analytical form — and the global financial crisis has given us a great showcase for our journalism. Â
“The financial crisis started as a highly technical story which went mainstream. Â It required a sophisticated understanding of the credit markets and the risks inherent in financial leverage, the use of debt to supplement investment. Â Thanks to path-breaking reporting by Gillian Tett, our capital markets editor, the FT held first-mover advantage on the story. Â We also benefited from our global network of correspondents, able to report and analyse events as they unfolded. These ranged from the fall of the oligarchs in Russia, the unprecedented monetary interventions by the Fed, Bank of England and European Central Bank, the bail-out of Dubai in the Gulf, and the precipitous decline in economic growth in China. Â The point to bear in mind, of course, is that analytical reporting, particularly on a global story, costs serious money.”
Read the entire speech here.
Edgecliffe-Johnson writes, “Industry members and bankers said Time Warner’s Time Inc, publisher of Fortune, or Forbes would be unlikely to bid for a rival facing similar challenges to themselves. CondÃ© Nast closed Portfolio , a glossy business title, in April.
“Reed Phillips, managing partner of DeSilva & Phillips, a media investment bank, said more probable buyers included OpenGate Capital, which bought TV Guide; Platinum Equity, new owner of the San Diego Union Tribune; or Mansueto Ventures, publisher of FastCompany. Platinum and OpenGate would not comment and Mansueto did not return calls.
“However, the $1 headline price for which OpenGate bought TV Guide ‘is probably the kind of deal that would be obtainable for Business Week,’ Mr Phillips said. ‘I think they’ll end up giving it away,’ another banker stressed, saying its losses were in the tens of millions of dollars.”
Read more here.
The Financial Times announced TuesdayÂ the launch of its iPhone application
In addition to access to all Financial Times news and analysis, the application provides all users with unique markets data and a currency converter. It also takes advantage of the innovative multi-touch user interface of iPhone and iPod touch making charts clear and easy to navigate, the ability to switch between portrait and landscape modes and location awareness.
By rotating the device, users will gain access to a global map with indicators highlighting changing stock figures around the world. Articles are also automatically cached in the deviceâ€™s memory so that users can continue reading content even if they are offline.
“The FTâ€™s new iPhone app complements our award-winning mobile website, m.ft.com, and is part of our overall goal of making sure our users get the best possible FT experience on any device,” said FT.com lead product manager Stephen PinchesÂ in a statement. “Weâ€™ve listened to our users who asked for access to their portfolio, easy to use markets data with interactive charts, and quick access to FT articles.”
An agreement has also been signed for Siemens to be the commercial UK launch partner and sole advertiser on the application for one month.Â
Helsingin Sanomat, the largest daily newspaper in Finland, has coverage Tuesday of the World Congress of the International Press Institute, where Financial Times assistant editor Gillian Tett and New York Times news managing editor Jill Abramson defended how their papers wrote stories leading up to the current economic crisis.
Helsingin Sanomat writes, “Jill Abramson is pleased with how her newspaper has covered the crisis.Â
“She noted that the New York Times, the Financial Times, The Wall Street Journal and other quality newspaper give loud warnings on their front pages. ‘Even if our warnings would have been louder, journalism alone could not have prevented the crisis,’ Tett added, calling the situation a failure of the system that bankers were promoting. She also said that supervisory bodies of the various national governments were not awake, and were not strong enough.Â
“Tett noted that her newspaper had started to talk about the bursting of the finance bubble already in 2005. She nevertheless admitted that international credit markets especially did not get enough attention in the press.Â
“In the past two years the media has concentrated on explaining what is happening. She said that recent events have shown what happens when a topic is left without scrutiny. ‘My concern is whether we will have enough resources in the future,’ said Tett.”
Read more here.Â
Sara Kimberley of MediaWeek reports that the Financial Times is building two studios to increase its video capabilities on its Web site.
Kimberley reports, “Content will include news, analysis from across the world and head-to-head interviews, as well as special projects and reports, which will be more commercially driven. The audio studio will be used for podcasts as well as round table discussions.
“The Pearson-owned business newspaper will charge non-subscribers to use the online video service, if they use the service more than 10 times a month. If visitors use the site more than three times in a month, they will be asked to register.
“FT.com has had more than one million video views for its current service, which was boosted by the launch of the FT mini-player in July. The paper already produces up to 170 videos every month.”
Read more here.
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.