Tag Archives: Fox Business Network
The midterm elections from a business perspective
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TALKING BIZ NEWS EXCLUSIVE
Fox Business Network anchor and managing editor Neil Cavuto will be hosting the network’s election night coverage on Tuesday beginning at 6 p.m.
Cavuto will lead the coverage from New York City, where he will be joined by various economists, business professionals, CEOs, politicians and financial experts to discuss the economic impact surrounding the election results.
In addition, Cavuto will be joined by a team of Fox Business anchors and reporters stationed across the country providing expert analysis on election results as well as foreign market reactions.
Cavuto’s “Your World” show is currently the No. 1 rated cable news program in its 4 p.m. time slot and covers the business world from all angles. In addition to his television duties, Cavuto began anchoring a financial newscast, “The Cavuto Money Report,” for Fox News Radio in January 2007.
Prior to joining Fox in 1996, Cavuto anchored and hosted more than three hours of live programming daily for CNBC, including the network’s highest rated program, “Market Wrap,” as well as “Power Lunch” and “Business Insiders.” While at CNBC, he also served as a contributor to NBC’s “Today Show” as well as “NBC News at Sunrise.” His 20-plus years of financial reporting include a stint at PBS’ “Nightly Business Report,” where he was the New York bureau chief, as well as a stint at Investment Age magazine.
Cavuto talked Monday by telephone with Talking Biz News. What follows is an edited transcript.
How important is the political scene in this country to business news consumers?
This election is quite consequential even as midterm elections go. It is a referendum on whether the approach to fix our problems in the past two years is going to continue. You’re going to have a battle of philosophies. The Democrats want to do it one way, and the Republicans want to do it another way. The American people repudiated the latter two years ago. We’ll see what they do now. The American people at this time are of a mindset of hating both.
What do you see as the most important business issue for politicians to tackle in the next two years?
What gets short shrift is what is going on with our governorships. We have a record number at stake — 37. For most people, their governor is more important than their senator or congressman. At the state level, you see more of an impact on taxes and how much you pay for goods and services. The states are the ones that have do to with these Medicaid and Medicare issues, that dole out the stimulus dollars. The fact that we have 37 and that Republicans could control some traditional blue states is a big deal. It goes without saying that that’s going to have a lot to determine the follow through of the legislation at the national level.
If you look at the states that are up for grabs right now, they represent 422 electoral votes, divided evenly right now. It could wipe 100 electoral votes off of Democrat control, and that’s a big deal. The governor of a state can deliver a number of resources to the presidential party nominee.
Do you think the coverage of the intersection between business and politics has changed since you became a journalist?
I came along at the right time. Business in its earliest days was relegated to the back pages. It was never mainstream. Ronald Reagan forced the mainstream by cutting all tax rates and he completely changed how we looked at federal budgets.
I’ve never really distinguished between the two. I don’t say this is a business story or this is a general story. They are intertwined. My show at 4 p.m., which is an amalgam of all these issues, is the best performing show at that hour. It’s definitely not because of my sex appeal. I think it’s about finding a way to explain these issues in clear terms. If you’re going to do a story on the dollar, and you think it’s dull, it will be dull. But if you explain that it’s the world rejecting the United States, then you have a good story.
It illustrates a very commonsense way of explaining what is going on. We can get into the arcane that might impress brokers and Wall Street types. But good information in an appealing way can bring in both crowds. It take the same approach. Get the big picture right and try not to sound like the smartest kid in class.
Have there been any business stories underplayed as it relates to the election?
I do think that regulation has been underplayed. I don’t blame my colleagues for not covering it, but in not being more creative in trying to give it a go. I recently showed my parent’s two-page closing document to buy their house compared to my huge closing documents for my house. It gets close to making the story understandable. I think for a lot of folks, they’re just feeling formed to death. If Steve Jobs or Bill Gates had faced this in their earliest days, I wonder if they would have gotten off the ground.
It is inhibiting. It is an enormous distraction for a lot of business who don’t have a lot of time. Regulations, especially when you see some of the onerous burdens, are always well intended, but are we really dragging down business with some of them?
Should business journalism pay more attention to politics?
I think they’re joined at the hip. Most of the people have their stakes in Washington. What’s the real story? It’s what they’re paying in taxes, their real estate, these imposing issues. If you live and die by the financial markets you’re not relating to folks. When I was at CNBC, I rarely led with the markets unless it was a huge day. That’s not iomportant.
Business journalism does itself a huge disservice when it ignores what is going on in Washington. That is the better story.
Now that Fox Business is three years old, how do you see its performance?
I always judge it on little things. In the beginning, we had to plant a flag on big stories. For a lot of them, particularly the 2008 conventions, we would have large, big-screen TVs showing and broadcasting Fox Business. That was a lot of people’s first exposure. A lot of people who are exposed to it really like it. They like that we speak English, and they’re jazzed with what we do.
I think over the course of time, that proves itself with bookings. An example is what we have tomorrow night for the election, from Donald Trump and Carl Icahn to scores of state governors. I came to CNBC when it just started out in 1989, and I can remember that arc between getting recognized and getting legit. And it started in the bookings. Now, I don’t have to sell anything here. Fox Business is a legitimate place to come on and portray their views.
Where could Fox Business be better?
We just got to keep on it and do what we do. We can never ever lose our momentum and our passion. A lot of people get comfortable as time goes on. With every scoop and every booking, you have to do it again. There might be smarter people, but none will work harder. I’m a pretty big guy, but I can hustle. We have to be the network that can hustle.
Fox Biz covers issue that parent company had given money to defeat
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Brian Stelter of the New York Times writes Monday that Fox Business Network spent considerable time last week reporting on a story about a California ballot initiative that its parent company, the News Corp., had spent $1.3 million to defeat.
Stelter writes, “Kevin Magee, an executive vice president at Fox Business, said in an interview on Friday, ‘We didn’t know that News Corporation had made a contribution to No for 24.’ He said such disclosures were normal ‘if you know it and if it’s germane to the story.’ He said that had he known in this case, he thought the network would have disclosed the donation.
“Mr. Magee said ‘The War on Business’ was one of the channel’s weekly themes to focus attention on business issues. Other themes have included ‘They’re Burning Your Money’ and ‘Is the World Broke?’
“He said the network’s tone was not ‘pro-business’ per se, but that it was ‘making sure that businesses get heard.’
“The owner of Cambridge of California, Ben Nielsen, who was featured in the reports, said the people who brought him in for the interview ‘were the people that are handling the campaign,’ No on 24.”
Read more here.
CNBC guest tells viewers he'll be on Fox Business Network
by Chris Roush
CNBC and Fox Business Network don’t like each other. So it’s more than a little funny that investment banker Ken Langone, who funded the creation of Home Depot, pumped his appearance on Fox Business Network next week during a guest spot on CNBC today.
Alex Weprin of TVNewser.com has the transcript here. But you can watch the video below.
Rose to anchor Bloomberg TV's election-night coverage
by Chris Roush
Joe Pompeo of The Business Insider has the details on what CNBC and Bloomberg Television will be doing on election night.
Pompeo writes, “CNBC’s coverage will be helmed by Maria Bartiromo and Carl Quintanilla from 7-11 p.m., followed by Tyler Mathisen and Amanda Drury from 11-midnight.
“Bloomberg, meanwhile, has lined up Charlie Rose, who will anchor the network’s coverage starting at 10 p.m. Rose’s nightly PBS interview show is produced and taped at Bloomberg, but a rep for the network told us that this will be his first time as a live anchor.
“Last but not least (well, kind of least, actually), Neil Cavuto recently told his hometown newspaper that he’s very excited to anchor Fox Business Network’s election night coverage.”
Read more here.
The beat of a different drummer
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Kris Kotto of The Hill interviewed Fox Business Network‘s Neil Cavuto about the network’s upcoming election-day coverage.
Here is an excerpt:
Considering business and economic issues are playing a big role in campaigns this year, what are some strategies you use to explain to viewers what can be complicated financial issues?
I don’t look at business news as being about business. The dirty little secret when I was at CNBC was that very rarely did we do those things that have to do with the market. The markets intrigue me; they don’t swamp me.
So my strategy is to not treat it as business, to mainstream it. To talk about people’s taxes, the solvency of Social Security, their kids’ future.
How’d you get interested in business and political reporting?
I had no life, the truth be told. I was a kid you just assumed was a nerd, and you weren’t too far off. I can remember very much as a 9- or 10-year-old kid watching the ’68 Republican and Democratic conventions. My father would be a little worried, but he said, “Well, this is Neil dancing to the beat of a different drummer.” He would tell my mother, “Are you sure he’s ours?” I just really got into it.
Read more here.
Covering the market is adrenaline-filled, learning experience
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Kevin Coy of News on News talked to Lori Rothman of Fox Business Network about her career in business journalism.
Here is an excerpt:
News on News: Where does your desire for financial reporting stem from?
Lori Rothman: My father is an orthodontist and my mom is the office manager of his practice. I essentially grew up with parents running a small business and they kept an eagle eye on all things financial — markets, tax policy, real estate, budgets… all typical topics around the dinner table. What sealed the deal, however, was my first TV job in Juneau, Alaska. I did a lot of economic stories which encompassed bear hunting, salmon fishing and tourism.
News on News: When you were at Bloomberg, you reported from the New York Stock Exchange. It must have been an adrenaline fuelled experience, so would you go back to the floor for FBN?
Lori Rothman: It was the best adrenaline-fueled, learning experience I’ve ever had. …watching those market makers shouting at the brokers when the open outcry system was still in full swing. Since 9/11 the floor has changed a lot, though. Fewer people work there and most of the trading is done electronically. That said, the NYSE remains the symbol of American capitalism and I’d be honored to go back.
Read more here.
Serving vegetables with pudding
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Matt Manochio of the Parsippany Daily Record in New Jersey interviewed Fox Business Network anchor Neil Cavuto about his plans for election day coverage.
Manochio writes, “He said he looks at the broader view — not just stock prices, but how market fluctuations and decisions made by Washington lawmakers affect the financial lives of everyday people.
“‘It’s all green. I follow the green,’ he said.
“He said his goal is to look at the big issues, giving an example of framing a collapsing U.S. dollar story as the world rejecting the United States … and the possible consequences.
“He said the network’s aim is to avoid bogging down viewers with financial stats and jargon.
“‘I’m trying to always find a way to give the vegetables but put them in pudding,’ he said.”
Read more here.
Willis of Fox Business talks about her job
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Gerri Willis of Fox Business Network was interviewed by Molly Stark Dean of TVNewser.com about her career in business journalism and her recent switch from CNN to Fox Business Network.
Here is an excerpt:
TVNewser: You moved from CNN to FBN in 
March. How has the transition been?
Gerri Willis: It’s been so much fun starting up this show. We’re having a ball. We just have so much freedom to do what we want to do, and I feel like this has been just a gift. The way I’m interpreting consumer news now includes you as a taxpayer too. We’re also really looking into what Washington is doing as they spend your tax dollars and run up record deficits and debt. We have a segment at the back of the show that is a round table where we discuss some of the fun stories of the day. It’s not all doom and gloom. There’s a lot of lighthearted fun. And then there’s a lot of tactical, ‘how do you fix this financial problem? How do you overcome this hurdle?’ We try to give a lot of “How to” in the show as well. I am just bringing our viewers information in a way that’s easily consumable.
Read more here.
Fox Business Network has a new slogan
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Fox Business Network is now using the slogan “The power to prosper” for the business news channel. Here is a video promoting it.
Liz Claman in Silicon Valley
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Dean Takahashi of VentureBeat.com interviewed Fox Business Network anchor Liz Claman about why she has come to Silicon Valley for the past three years to interview tech executives.
Here is an excerpt:
VB: What are some behind-the-scenes observations about setting these talks up and doing the interviews?
LC: First off, every single one of the big names, from the first year we did this, jumped on board. I must say, Intel was the first company to step up to the plate to say, “We’ll host you. Here’s the space, invite anyone you want and take over the place.” We had people parading in… CEOs from every Valley company showing up. We became the hot network to be on.
I recall one of the Valley tech blogs wrote up something to the effect of, “If you’re a CEO who isn’t booked for Fox Business’ “3 Days in the Valley,” fire your PR people.”
I’ll forever be grateful to Intel for recognizing that while Fox Business was the underdog in the world of business networks, they didn’t see that at all. They speak start-up, and they saw potential in us.
This year was a bit of a nail-biter because we had eBay and Intel locked in for locations, and we were in negotiations to go live from Hewlett-Packard for the third day. We were inches from sealing the deal when HP CEO Mark Hurd resigned. I was on the set anchoring my show when the news flashed. I emailed my “3 Days” producer Gary Kaye frantically and said, “Call Yahoo! See if they’ll do it!” I think it was eight minutes later I got a reply back that Yahoo had said, “No problem.” Whew.
Read more here.
