Tag Archives: Markets coverage

Reuters Logo

Reuters seeks Asian stocks editor in Singapore

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Reuters News is seeking an experienced Asian Stocks Editor to drive an important part of the fast-changing financial markets file. The successful applicant for this high-profile role will drive all aspects of Asian stocks coverage, writing the big pan-Asian stock market stories, contributing to global equities stories and working with/mentoring stock market reporters in bureaux across Asia to develop and improve Asian equities coverage.

The successful candidate must have strong news judgment, a highly sophisticated understanding of financial markets and stock markets in particular, be an excellent writer and editor and have a keen analytical mind able to make connections between stock markets and other financial markets as well as political, economic and policy developments that may affect markets.

Reporting to the Asian Financial Markets Editor, the Asia Stocks Editor should be able to work independently, thrive in a real-time news environment and, crucially, be able to conceive, write and edit stand-back initiative stories that will help turn the Asian stocks coverage into an ideas-driven file that stands out from the competition. The chosen candidate will be able to produce content that serves the needs of a professional readership in the financial community as well as a general readership when the story requires it.

A strong record of managing reporters, managing across different cultures and countries, playing a leadership role and training/nurturing/developing reporters is essential.

Qualifications
- Highly sophisticated understanding of stock markets
- Deep knowledge of Asian financial markets
- Strong writing and editing skills
- Ability to generate story ideas independently
- Extensive pool of contacts among investors/brokers
- Ability to train/nurture/develop reporters
- Able to write real-time news and stand-back stories

To apply, go here.

BloombergLogo2

Bloomberg seeks editor for credits market

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Bloomberg News is seeking an Editor for our First Word Rates and Credits service, based in our New York office.

The individual in this role will be responsible for reporting on new issues in the corporate bond, structured finance or leveraged loans market, tracking deal flow and pricing developments from the announcement through the pricing stage and providing concise, on-the-spot stories on developments in the credit markets, capturing the elements of both “what’s happening” and “what it means,” particularly in the context of macroeconomic and political developments and monetary and fiscal policy.

Candidates must have deep and broad contacts among syndicate desks, investors and traders, with in-depth knowledge of the new issue pricing cycle and the mechanics of secondary trading. Knowledge of Bloomberg’s fixed-income functions and databases is also necessary; familiarity with the Treasury and MBS markets a plus. All candidates must have the ability and market-specific knowledge to immediately discern actionable information from breaking news and have strong writing skills as well as make new contacts and turn them into sources.

Qualifications:
-Bachelor’s degree or equivalent experience
-Minimum of five years of fixed-income reporting and writing experience and/or five years in a comparable industry role (strategist/analyst/trader)
-Strong work ethic, team player, ability to work calmly in high-pressure environment

To apply, go here.

The Watchdog That Didn't Bark

Journalism and the CNBC effect

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Steve Waldman of Washington Monthly reviews Dean Starkman‘s book “The Watchdog That Didn’t Bark: The Financial Crisis and the Disappearance of Investigative Journalism.”

Waldman writes, “Starkman spends most of his time analyzing the output of newspapers and magazines, and while he mocks CNBC, he largely ignores network and local TV news (still the sources of news for most Americans), NPR, Fox Business Network, and, for that matter, major providers of digital news such as Huffington Post or Yahoo! He probably figured they were inconsequential players in this drama, and that in and of itself deserves mention.

“And I wanted to know: In the few cases when reporters did write the stories critical of financial giants, why didn’t those stories explode on the public scene? Some interviews with the big-time business editors might have shed more light on why they ignored the growing evidence.

“The digital world is supposed to be able to take great stories—whether they’re in a small hamlet or New York City—and bring them to massive audiences. Why didn’t that happen? To some extent it’s because the 2004-2006 collapse predated the Twitter explosion and the rise of BuzzFeed, Upworthy, and other online news sources that are focused on accelerating virality. Starkman’s contempt for the digital evangelist types, aggregators, and other newfangled media is unfortunate, and may have blinded him to the profoundly important role that this new amplification system could play in accountability reporting of future scandals.

“But we’ll never know: Would those same stories have gotten more traction now because of this new amplification sector? Or would they have been crowded out by lists of ‘Betty White and Animals’ or ‘Cats Who Think They’re Sushi’?”

Read more here.

Andrew Ross Sorkin

Getting inside Wall Street to cover Wall Street

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Marshall Watkins of The Stanford Daily spoke with financial journalist Andrew Ross Sorkin of The New York Times and CNBC after he spoke at a campus event on Saturday.

Here is an excerpt:

TSD: As a financial journalist, how have you found the challenge of reporting on a close-knit community like Wall Street? At this point, would you consider yourself an insider?

AS: It’s funny. By default, as a journalist, I’m clearly an outsider to this world. Over the years, I’ve covered it for a long time…but in the book, part of the challenge was trying to get inside, trying to get the reader inside the room so he could see what’s being said.

It’s much harder than it used to be. As a reporter…this has been a major shift. When I started, there wasn’t  this industrial complex around protecting all these people from the press. It used to be you could call somebody up and understand what’s happening, get a little of the inside scoop or try and get some context for what’s happening…Now, there’s an army of lawyers, there’s an army of PR people, there’s a battalion of people whose entire job is to keep you as far away from the building as humanly possible. That has made, I would argue, reporting much more challenging in terms of really providing the sort of deep reporting and analysis…and it’s only gotten worse post-financial crisis.   Given so many of the rules have changed, we’re all getting the information at the same time, and there’s a lot more of it. The bad news is that for the kind of deep reporting that tries to really bring you inside what’s going on, that’s harder than ever, sadly.

Read more here.

CNN Money Logo

CNNMoney names new markets and investing editor

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CNNMoney.com managing editor Lex Haris sent out the following announcement:

I’m pleased to announce that Heather Long will be joining CNNMoney as Markets & Investing editor.

It became immediately clear to all of us that Heather has a lot of smart, innovative ideas for approaching coverage.

It’s easy to see why from her background: Heather is currently the assistant opinion editor at The Guardian, where she oversees an impressive stable of columnists.

Prior to that she was at The Patriot News in Harrisburg, Pennsylvania, where she was part of the team that won a Pulitzer for coverage of Jerry Sandusky.

She was a Rhodes Scholar in 2004 and after finishing at Oxford, stuck around London advising pensions and endowments on their investments.

We’re very happy to have her join the team – her first day will be March 24.

Reuters Logo

Reuters seeks deputy editor for Global Markets Forum

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Reuters is looking for an experienced, resourceful and well connected deputy editor to join its Global Markets Forum team in New York.

The successful candidate will help take Reuters’ most vibrant community for financial professionals to the next level by driving online discussions, landing big name guests through an extensive network and proposing innovative ideas to showcase unique Reuters content, expertise and global reach.

We are looking for candidates who have extensive market knowledge and sources, fluency with social media engagement techniques and the ability to think on their feet. This position also requires strong collaborative skills and favors a candidate who can take a global view in framing discussions.

The Deputy Community Editor will co-host the chatroom conversation and be responsible for all editorial aspects of the community in the Editor’s absence. All the community roles require flexibility and the Deputy is expected to manage the forum members and build relationships within the community. In particular, s/he will be tasked with maintaining a vibrant but civil conversation.

The Deputy will ensure that all members and staff adhere to our chatroom policies and will be expected to build strong relationships with key community contributors to help keep things running smoothly.

S/he will also play a particularly important role in working with the Community Producer to maintain and build our rolling program of guest interviewees and ensure that these generate wider discussion. The Deputy will also be closely involved in the production of an engaging, community-driven daily newsletter.

Read more here.

Stock-Market

Business Wire to stop serving high-frequency traders

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Business Wire, a company that publishes and distributes corporate earnings and other news releases, will stop providing its service directly to high-frequency trading firms, reports Steve Rothwell of the Associated Press.

Rothwell writes, “The decision comes after an article in the Wall Street Journal earlier this month highlighted the advantage that high-frequency trading firms had gained by getting the information directly from Business Wire, rather than accessing it through financial news wires such as ThomsonReuters, Dow Jones and Bloomberg.

“High-frequency traders typically use computer programs to scan corporate earnings and then place buy or sell orders within fractions of a second. By bypassing the newswires and getting the corporate releases directly, the traders were gaining a crucial advantage.

“Even though the direct distribution of its electronic feeds to a ‘handful’ of trading firms was not illegal, the company said it was concerned about its reputation. Business Wire made the decision after consulting with Warren Buffett, the chairman of Berkshire Hathaway, which owns the company.”

Read more here.

Young money

More stories of bankers behaving badly

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Kevin Roose is being compared to Michael Lewis for his inside Wall Street book “Young Money,” which hit stores Tuesday. For the piece, Roose followed eight young bankers during their first years at various Wall Street firms. As an aside, he also managed to sneak into one of the most secretive parts of the club – the Kappa Beta Phi fraternity.

New York Magazine published the story of sexist jokes, men in sparkly gold skirts and bankers cracking jokes about the financial crisis. The list of important men and women members of the “fraternity” includes CEOs, hedge fund managers, heads of businesses and even Mary Schapiro, former chair of the Securities and Exchange Commission.

After sneaking into the event, Roose is treated to antics that have every financial PR person either doing damage control or sighing with relief that no one from their firm was mentioned.

After being discovered, he was escorted out, but not until after an attempt to bribe him with future stories for keeping this one quiet. Here’s his final takeaway from the event:

The first and most obvious conclusion was that the upper ranks of finance are composed of people who have completely divorced themselves from reality. No self-aware and socially conscious Wall Street executive would have agreed to be part of a group whose tacit mission is to make light of the financial sector’s foibles. Not when those foibles had resulted in real harm to millions of people in the form of foreclosures, wrecked 401(k)s, and a devastating unemployment crisis.

The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization. Here were executives who had strong ideas about politics, society, and the work of their colleagues, but who would never have the courage to voice those opinions in a public setting. Their cowardice had reduced them to sniping at their perceived enemies in the form of satirical songs and sketches, among only those people who had been handpicked to share their view of the world. And the idea of a reporter making those views public had caused them to throw a mass temper tantrum.

The last thought I had, and the saddest, was that many of these self-righteous Kappa Beta Phi members had surely been first-year bankers once. And in the 20, 30, or 40 years since, something fundamental about them had changed. Their pursuit of money and power had removed them from the larger world to the sad extent that, now, in the primes of their careers, the only people with whom they could be truly themselves were a handful of other prominent financiers.

Perhaps, I realized, this social isolation is why despite extraordinary evidence to the contrary, one-percenters like Ross keep saying how badly persecuted they are. When you’re a member of the fraternity of money, it can be hard to see past the foie gras to the real world.

But Roose’s book isn’t about the heads of these firms. It’s about those doing all the grunt work. Bloomberg BusinessWeek’s review by Nick Summers said many of the subjects came to see Wall Street as “amoral”:

Starting in 2009, Roose, a reporter at the New York Times and then New York magazine, persuaded eight new hires at the nation’s biggest banks to let him into their lives as they learned the ABCs of finance and Wall Street culture. Between the nondisclosure agreements that bankers sign and the hypervigilance that PR and compliance squads wage against leaks, this was akin to eight powder kegs befriending a butane torch. But it’s easy to see why these young souls trusted him to keep their participation a secret. Roose views them as people and not types, riding shotgun as they drink, party, puke, box, eat ’shrooms, and stifle bonus rage (sums that seemed magic-beanstalk-high to a college senior are suddenly insults). And he’s adept at understanding how working in finance changes them.

As they vent—and Roose listens to enough of their psychological problems that I hope he charged a co-pay—the eight informants give increasingly knowing takes on Wall Street. High finance isn’t moral or immoral, the young bankers learn. “What Wall Street was, I heard over and over, was completely amoral,” Roose writes. Often a deal will have some positive benefit to society; often it won’t. Either way it’s a coincidence.

In a Q&A with the New York Times reporter Mary Pilon, Roose talks about finding the subjects and some of the problems people face on Wall Street:

Q. You cite executives like Vikram Pandit and others as up-by-their-bootstraps examples of upward mobility. But recently, there’s been much discussion about whether the chances ofmoving up the economic ladder are lower today than they used to be. Where does this leave, say, little Pandits, rising up the ranks?

A. I don’t think it’s a dead idea at all. I think there is a lot more of that in this generation than prior generations. I think that Wall Street is less attached to the idea that it’s a catchall for the elite. There are fewer blue bloods than 10 years ago, and I think that’s a reflection of how professionalized it is. You can’t just walk in having majored in art history. You’re really expected to know your stuff, expected to have done an internship.

Q. How has that professionalization affected who is going to Wall Street, though? Is that a good or a bad thing?

A. I think for a number of decades, there was this very odd recruiting climate where Wall Street and consulting firms became the default option for students at good schools who didn’t know what they wanted to do after graduation. If you knew you weren’t going to be a doctor, but you didn’t feel sure about your options, Wall Street was an incredibly enticing option. It created a generation of accidental bankers, and some of them did the wrong thing. I think now what you’re seeing with the competitiveness is the people who became bankers, they really want to be bankers. And I think that’s a good thing because it’s better for the banks and the rest of the economy to have people who are talented.

No matter how you feel about bankers, their hours and their morality, the book has made a great publicity push and seems like it’ll be a great read.

Seeking Alpha

Einhorn wants Seeking Alpha to disclose name of writer

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Mark Melin of ValueWalk reports about how money manager David Einhorn of Greenlight Capital is threatening legal action against Seeking Alpha because one of its writers posted private information about one of Einhorn’s investments.

Melin writes, “In the court documents published by ValueWalk, Einhorn claims that publishing the hedge fund’s holdings of Micron securities during the fourth quarter of 2013 cost the fund because it ultimately drove up the price of shares.  On Nov. 14, seeking to keep its holdings confidential, Greenlight had requested confidential treatment from the Securities and Exchange Commission.  When the information was published by Seeking Alpha, Greenlight alleges in its suit that it could have only come from a person who had confidential access to the fund.  The disclosure on Seeking Alpha, filed by a person under the pen name ‘Valuable Insights,’ had a stake in Micron and financially benefited from the rise in the stock’s value.  Micron’s stock price moved higher after the post, from $18.92 on Nov. 13 to $19.46 on Nov. 15.  Einhorn ultimately disclosed his position in Micron on Nov. 21 at an investment conference in New York.

“For its part, Seeking Alpha has declined to identify the poster, but the profile on the web site says Valuable Insights is a ‘fund manager with more than 20 years of experience in the securities industry.’

“Media watchers say the case could be interesting as it approaches freedom of the press territory.  The key question going forward is: will Seeking Alpha protect its source, in this case a member of the web site who disclosed confidential information, or will Einhorn prevail?”

Read more here.

Stock-Market

The need to explain complex topics

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Michael Casey, a senior columnist for The Wall Street Journal, writes for the Committee to Protect Journalists about the need for business journalists to do a better job of explaining complex financial topics to readers.

Casey writes, “To be fair, those on the losing side of Wall Street’s profit-driven pre-crisis trade mostly failed to exploit new opportunities to expose the risks associated with it.  In this era of ‘big data,’ where high-tech analytical techniques can produce abundant, quantifiable information, we should all have been empowered to uncover the truth. But in reality, for the average investor, journalist, or even regulator, this new trove of data has been mostly out of reach and unintelligible.

“It should now be the duty of journalists to unlock it. And to do so, they need to harness the same tools that financial institutions and corporations use to sift, interpret and make sense of mass digital information. The value of human sources providing information on market players’ activities hasn’t gone away–think of the lasting impact of The Wall Street Journal‘s ‘London Whale’ scoop on JPMorgan Chase’s risky trading bets last year, a story that led to news that the bank had racked up $6 billion in losses and, later, $1 billion in regulatory fines. But those stories must now be complemented with computer-enhanced analysis and interpretation. To get at the truth will require crunching the numbers–billions of them.

“‘The question is: How do you take the proliferation of data and extract something intelligent out of it?’ said the Pew Center’s Murray. ‘I think data analysis is going to become a much more important part of journalism.’

“If journalists are to investigate and interpret the complex systems of data management with which financial institutions create information monopolies, they need resources. Yet in the developed countries in which these complex new financial markets are thriving, the dominant trend in the penny-pinching media industry is for cutbacks, not investment, as traditional news outlets adjust to a highly competitive environment for online advertising.”

Read more here.