Tag Archives: Thomson Reuters

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Thomson Reuters consumer confidence data being released early

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ReSimone Foxman of Quartz writes about how the consumer confidence data collected by Thomson Reuters and the University of Michigan is being released to someone early, before its official release, according to research and trading records.

Foxman writes, “The consumer sentiment index is at the center of a lawsuit between Thomson Reuters and Mark Rosenblum, a former employee who sold financial data for the firm. Rosenblum says that while working at Thomson Reuters he spoke to officials at the FBI about the two-tiered data distribution system, because he believed that giving high-frequency traders a head start might violate insider-trading laws. He was fired on August 3, 2012, and in April, he took the company to court for wrongful dismissal.

“In its court filing, Thomson Reuters denies that it fired Rosenblum for bringing up these issues. It also denies his allegation that its practice of giving data to high-speed traders two seconds early gave them a trading advantage, though it doesn’t explain how. The suit is ongoing. Thomson Reuters had not responded to requests for comment by press time.

“However, there are reasons to suspect that data may have leaked out even earlier than this two-second window. Emails obtained by Quartz show that Thomson Reuters employees who were selling financial information to clients had access to the data well before the official release time—as early as 9:00 a.m. ET, nearly an hour in advance. Rosenblum told Quartz that he believes employees with early access might not always have kept that information to themselves, though he could produce no evidence of it. But a look at trading on the markets backs up that suspicion.”

Read more here.

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Reuters News & Insights goes behind paywall

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Thomson Reuters News & Insight content will be available exclusively on WestlawNext, as part of its Practitioner Insights offering, later this month.

On June 21, the Thomson Reuters News & Insight website, iPhone app and newsletters will be discontinued.

A company statement states,”When we launched News & Insight, our focus was on providing current awareness content that was tailored for a legal professional, combining world-class journalism with legal analysis and tools to help customers identify opportunities that will drive their success. Practitioner Insights on WestlawNext is an important step forward in this vision, with actionable current awareness that is integrated into the everyday workflow of WestlawNext customers.”

The statement later adds, “Practitioner Insights are practitioner-focused pages on WestlawNext that bring legal professionals the exclusive current-awareness information and analysis that they need to stay up to speed and lead in their practice area. Each page is maintained by a dedicated team of attorney editors who monitor a specific practice area and curate breaking business news, exclusive insight and analysis from industry experts, as well as the most comprehensive collection of litigation materials and primary legal content, to ensure that WestlawNext customers will be the first to know about actionable emerging developments that matter to them and their clients.”

Read more here.

Alessandra Galloni

Reuters hires Southern Europe bureau chief from WSJ

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Reuters managing editor Paul Ingrassia and Editor of Europe, Middle East and Africa Michael Stott sent out the following hiring announcement on Monday:

We are pleased to announce that a distinguished Reuters alumna, Alessandra Galloni, is rejoining the company as Southern Europe Bureau Chief and Enterprise Editor at Large this fall.

Based in Rome, Alessandra will oversee our news bureaus in Italy, Spain, Greece and Portugal, reporting to EMEA Editor Michael Stott. She begins in September.

Alessandra will succeed Barry Moody, who has led the southern European bureaus with distinction for the last three years while they were at the centre of the euro zone crisis. Most recently, he led our superb coverage of the papal and Italian elections and the latter’s turbulent aftermath.  Barry, one of our most experienced correspondents and editorial managers, will leave Rome at the scheduled end of his assignment in late September. His next post will be announced in due course.

Alessandra returns from The Wall Street Journal, where she spent 12 years in London, Paris, Milan and Rome. There she covered European corporate beats including advertising, media and luxury goods, and was chief political and economic correspondent in Italy and later in France. She ran the WSJ’s Southern Europe bureau between 2006 and 2011, and has since been running the combined Italy bureau of the Journal and Dow Jones Newswires.

After a year at the Associated Press, Alessandra began her career in earnest at Reuters in 1996 on the Italian-language service in Rome, covering politics and the economy, before switching to general and political news on the international side. In 1999 she moved to London, where she took on the UK transport beat, covering British Airways, the dying UK auto industry and the seasonal leaves-on-tracks paralysis of the British railway system.

Alessandra led a team that won an Overseas Press Club Award in 2004 for coverage of the Parmalat scandal, and received the UK Business Journalist of the Year Award in 2005. This year, she co-wrote “From the End of the Earth to Rome,” an e-book on Pope Francis.

Anthony DeRosa

Reuters social media editor headed to Circa

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Anthony DeRosa, the social media editor at Reuters, has resigned to become the editor in chief of news start-up Circa, reports Mike Isaac of All Things D.

Isaac writes, “De Rosa has been the social media editor for Thomson Reuters for the past two years, aiming to grow the company’s social presence with his very active Twitter and Facebook presence. Before this, De Rosa also worked on a number of media-related partnership programs inside of Thomson Reuters, and also spent time building out SB Nation’s social presence via Tumblr.

“Circa, like a number of news-focused mobile apps in the tech space recently, aims to bring breaking stories to consumers on smartphones who want to read news quickly, on the fly. To do that, Circa’s editors break down some of the largest news stories of the day into ‘atomic units’— the company’s words, not mine — essentially what Circa considers the meat and potatoes of a news story. From there, it’s easier for readers to get in and out of a news story fast.

“‘There’s a huge opportunity to present news in a way that’s made for mobile,’ De Rosa said in a company blog post on Tuesday. ‘Nobody is thinking about this more than Circa and I’m thrilled to help move that mission forward.’”

Read more here. Talking Biz News reported earlier this month that DeRosa had been reprimanded recently at Reuters for failing to tell superiors that an employee’s home had been searched as part of a hacking investigation.

Andrew Rashbass

Thomson Reuters hires exec to run media business

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Andrew Rashbass, currently group chief executive of The Economist Group, has been hired by Thomson Reuters to run its news and media business.

Rashbass has worked for The Economist for 15 years in a number of roles, including managing director of Economist.com and publisher of The Economist. He has been group chief executive since 2008.

Rashbass will join the company in the summer in the newly established role of chief executive, Reuters. He will be based in London. Stephen J. Adler, president and editor-in-chief, will report to Rashbass.

“I am excited to be joining Reuters with its unmatched commitment to reporting with speed, accuracy, integrity and independence,” said Rashbass in a statement. “As well as being, or in fact because they are, essential to Reuters journalism, these characteristics can also drive huge commercial success.”

Rashbass Joined The Economist Group in December 1997 from Associated Newspapers.

Read the release here.

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Reuters vs. Bloomberg for chat functions

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Simone Foxman of Quartz writes about how Reuters also offers a chat function to its customers that is similar to the one that Bloomberg offers on its terminals.

Foxman writes, “Alternatives to Bloomberg chat are already out there, the most prominent offered by Thomson Reuters itself since 2002. In fact, according to a source, Thomson Reuters Messenger has long been part of the media giant’s plans to win back Wall Street from Bloomberg—well before the Bloomberg snooping scandal.

“‘They know that they can’t match the data side,’ said the source, who had access to data on Reuters’ Messenger but spoke to Quartz on condition of anonymity. ‘But Reuters is much stronger in Europe and Asia, where the Bloomberg terminal hasn’t had as much penetration. Reuters Messenger is really popular there.’ The existing technology is expected to serve as a jumping-off point for Open Federated Chat; the main difference seems to be that the new service will have the backing of Markit and major banks.

“Thomson Reuters gives Messenger to Wall Street users free of charge, both as a standalone platform that synchronizes with chat networks like AOL and Yahoo, and as part of Reuters’ Eikon terminal interface. It offers more features than Bloomberg’s chat service,  particularly in its chat rooms. The most recent of these, launched in January of this year, was the Global Markets Forum, which is run by a handful of Reuters editorial staff. Like the existing Global Oil Forum and Global Ags Forum, it encourages users to banter about the markets. Big-name economists and investors like Société Générale’s Kit Juckes and HSBC’s Steven Major are invited on to stimulate the discussion. Other chat rooms are locked to journalists.”

Read more here.

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Loeb names Minard winner, Lifetime Achievement Award

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The recipients of the Lifetime Achievement Award and the Lawrence Minard Editor Award were named Thursday by the G. and R. Loeb Foundation Inc. and the UCLA Anderson School of Management.

The 2013 Lifetime Achievement Award recipient is John Huey, former editor-in-chief at Time Inc. This annual award recognizes an individual whose career exemplifies the consistent and superior insight and professional skills necessary to further the understanding of business, financial and economic issues.

Before that, Huey was editor of the Fortune Group since February 2001. Previously, he was managing editor of Fortune since 1995. In 1997, while running Fortune, Huey was named Advertising Age’s Editor of the Year. In 1998, he was named Adweek’s Editor of the Year; and, under his leadership, Fortune was named to Advertising Age’s list of the best magazines in both 1999 and 2001. Also in 2001, Fortune was ranked No. 1 on Adweek’s “Hot List” of the industry’s top 10 magazines. Huey was named one of the top 10 magazine editors in the country by the Columbia Journalism Review.

A native of Atlanta, Huey graduated from the University of Georgia and served in the U.S. Navy as an intelligence officer before embarking on his journalistic career at a small weekly newspaper, the DeKalb New Era. He worked briefly at the Atlanta Constitution before joining the Dallas bureau of The Wall Street Journal in 1975. After a stint as the Journal’s Atlanta bureau chief, Huey moved to Brussels in 1982 to help launch the Journal’s European edition as its founding managing editor and later its editor.

Huey joined Fortune in 1988. In 1989, he was founding editor of Southpoint Magazine, a Time Inc. regional monthly that folded in 1990. In 1992, he co-authored Sam Walton: Made in America, the autobiography of the late founder of Wal-Mart. The book was on The New York Times best-seller list for several months.

Michael Williams, global enterprise editor at Reuters, will receive the 2013 Lawrence Minard Editor Award, named in memory of Laury Minard, founding editor of Forbes Global and a former final judge for the Loeb Awards. This award honors excellence in business, financial and economic journalism editing, and recognizes an editor whose work does not receive a byline or whose face does not appear on the air for the work covered.

Williams was formerly page one editor at The Wall Street Journal.

Before being page one editor, Williams was the editor of the Journal’s Europe edition. An 18-year veteran of the Journal, Williams was previously based in Paris where he was the Journal’s Southern Europe bureau chief. As head of the Europe edition, Williams was responsible for coverage of Europe, the Middle East and Africa for all editions of the Journal.

A Harvard graduate, Williams joined the Journal’s Tokyo bureau in 1992 as news editor and later became Japanese economy and political correspondent. In 1996, he moved to New York as assistant foreign editor for the Journal, returning to Japan as Tokyo bureau chief in 1999.

Huey and Williams will receive their career achievement awards at the 2013 Gerald Loeb Awards dinner on Tuesday, June 25, 2013, at Capitale in New York City, where the Gerald Loeb Awards will celebrate 40 years with UCLA Anderson

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Three Reuters editors reprimanded for not disclosing FBI visit

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Three Reuters editors have been reprimanded for failing to tell their superiors that the home of a now-terminated social media employee had been raided by the Federal Bureau of Investigation, Talking Biz News has confirmed from multiple sources.

Kenneth Li is no longer global editor of Reuters.com, while social media editor Anthony De Rosa and editor Robert MacMillan were given letters of reprimand. All three are still working at the company.

The actions were related to deputy social media editor Matthew Keys, who was fired by Reuters last month after he was indicted by a federal grand jury in Sacramento, Calif., on three criminal counts alleging that he helped members of the Anonymous collective hack into computer systems of the Tribune Co. The alleged events occurred before he joined Reuters, the indictment indicated. He has maintained his innocence and claimed that his firing from Reuters was not related to the indictment.

Keys told Li and De Rosa in October that his home had been searched by the FBI, but they believed he was not being investigated. MacMillan then found out about it as well. MacMillan was told about the FBI search when Li asked him for advice on how to handle the situation. His managers did not know he was a target of the investigation until the indictment.

Keys, who was hired in early 2012, was indicted in March and then shortly thereafter in a meeting told a group of other news service managers — including chief operating officer Stuart Karle, global editor for ethics and standards Alix Freedman and digital executive editor Jim Roberts – that he had told Li and De Rosa about the FBI search.

However, apparently Jim Impoco, who was executive editor of Reuters digital, was told about the raid by either Li or DeRosa in 2012. Impoco is no longer with the company. Keys was told that superiors had been informed.

“I am surprised to learn the company disciplined three of my former colleagues,” said Keys to Talking Biz News on Sunday. “If true, the company’s assertion that my colleagues failed to notify anyone at Thomson Reuters about the incident is inconsistent with what I was told in October 2012.”

Talking Biz News asked Reuters this weekend about the reprimands and the meeting where Keys told management. A Reuters spokeswoman referred questions to Barb Burg, vice president and global head of communications  for Reuters, who told Talking Biz News she could not comment one way or another about the facts.

Li referred a message from Talking Biz News to Burg, while MacMillan said he did not want to talk. De Rosa and Impoco did not respond to a message.

Li is now working on a project for Reuters News, according to Burg. The project is examining how news gets distributed and how to make it easier and more logical.

The reprimands are not well known within the Reuters news operation.

Profits and Losses

Scoops about lawmaker impact of investments is nothing new

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Jack Shafer of Reuters writes about the folly of those who are now investigating how a political intelligence group was able to report to its clients about new Medicare policy, allowing its customers to buy up publicly traded health care stocks before others got the news.

Shafer writes, “Obscure, untraceable people talking to people they know or don’t know, gathering information from congressional or agency sources, asking questions that appear to be innocent but turn out to be valuable to businessmen. Say, doesn’t that sound a lot like what the financial press does every nanosecond of every minute of every hour around the world? Isn’t this what we call … journalism, as practiced by the reporters at the Wall Street Journal, Reuters, Bloomberg, the Financial Times, CQ, financial newsletters, CNBC, Fortune, Businessweek, business news sites and elsewhere? Not to mention the pricey financial information vended through the Bloomberg terminal or from my mother company, Thomson Reuters.

“Bloomberg View columnist Jonathan Weil arrived at a similar conclusion in early April as the ‘scandal’ was just revealing itself, describing the 75-word note Height Securities analyst Justin Simon sent to his company’s clients as an’“amazing scoop.’

“‘Maybe someone told Simon something without permission, but that wouldn’t be the analyst’s problem,’ wrote Weil. ‘Journalists get stories all the time by sweet-talking people into blabbing things they shouldn’t. There’s nothing wrong with that.’

“There’s been nothing wrong with it for five or six centuries, as Chris Roush’s 2006 history of business journalism, Profits and Losses: Business Journalism and Its Role in Society, informs us. The earliest business journalism from the 15th and 16th centuries pushed both financial data and political intelligence to readers, Roush writes. Acting quickly on government news has always been lucrative, he points out in an interview, citing a favorite historical example: Treasury Secretary Alexander Hamilton’s January 1790 decision to reorganize the young country’s debt and ‘refund the existing debt at face value,’ as he words it in his book. Informed investors boarded ships bound for Southern states to beat the news trickling down by land. Once they arrived in Georgia, South Carolina and North Carolina, they reaped windfall profits by purchasing debt at 10 percent to 20 percent of face value from the unsuspecting. Roush shrugs his shoulders at the Height Securities story. ‘This is nothing new, this is using information to make money in the market,’ he told me.”

Read more here.

Al Jazeera

Al Jazeera hires biz journalist Meehan

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Al Jazeera America has hired former Thomson Reuters producer John Meehan to serve as senior executive producer of the forthcoming channel’s financial and business coverage, reports Dylan Byers of Politico.

Byers writes, “Meehan will also serve as senior executive producer for the new business show hosted by former CNN chief business correspondent Ali Velshi.

“‘This is a really exciting opportunity to reinvent the notion of what business news coverage in America can be,’ Meehan said in a statement. ‘Al Jazeera America’s business and financial coverage will be about the continuing economic challenges facing the American family today, rather than just the daily ups and downs of Wall Street and official statistics.’

“Meehan formerly served as the global executive producer at Thomson Reuters; over the years, he has been managing editor of Bloomberg Television, senior news editor at CNBC, and Paris correspondent for The Associated Press.

“Al Jazeera America is scheduled to launch later this year, but has yet to announce its leadership.”

Read more here. Meehan also worked at BusinessWeek magazine.