Tag Archives: Thomson Reuters
Marion Maneker of The Big Money examines the influence of Reuters financial blogger Felix Salmon, previously of Portfolio.com.
Maneker writes, “In hiring Salmon, Reuters, one of the original one-way communications systems, has acknowledged the importance of fostering open-ended conversations. Salmonâ€™s ability to repackage, recontextualize and reorient the work of other writers is surely the thing of value he brings to the organization.
“‘I may, at times, disagree with Felix and his views,’ Roubini says today in between flights to his next speaking engagement, ‘but I have the greatest respect for his professional abilities: smart, sharp, witty, a great engaging writer. Also, he is intellectually honest and when he makes a mistake, he is willing to admit that without being defensive.’
“‘I have no equity in being right,’ Salmon told me, apropos his willingness to take the other side of an argument just to see where it goes. Salmonâ€™s genial engagement has been the secret of his success. Read Salmon’s take on any of the wide range of topics â€” from myriad credit issues to the economics of South Spanish wine to the travails of Annie Leibovitzâ€™s loan officer â€” and youâ€™ll see detailed reasoning, deliberate counterargument, and a matter-of-fact pronouncement of Salmonâ€™s own sometimes over-the-top views.”
Read more here.
Based in New York,Â ImpocoÂ willÂ commission and edit stories thatÂ will meet the challengeÂ ofÂ engagingÂ aÂ diverse globalÂ ReutersÂ readership in an increasinglyÂ competitiveÂ mediaÂ environment. Drawing on the talent and creativity of Reuters journalists,Â ImpocoÂ will ensure that ReutersÂ delivers moreÂ groundbreakingÂ and innovative stories and multimedia packages forÂ customers throughout the world.
As anÂ editor at The Times,Â Impoco helped redesign and relaunch the paperâ€™s Saturday and Sunday business sections. He has also served as deputy editor at Conde Nast Portfolio, assistant managing editor at Fortune magazineÂ and executive editor at Menâ€™s Journal andÂ was aÂ Tokyo-based reporter for the Associated PressÂ and Tokyo Bureau Chief for U.S. News & World Report.
“Jimâ€™s proven ability and experience in generating fresh, innovativeÂ featureÂ stories, coupled with his deep understanding of our clients’Â needs, make him an enormous asset for Reuters,” said Howard Goller, editor, political and general news, U.S. & Canada, Reuters, in a statement. “We are proud of our reputation for accuracy and speed, andÂ it is importantÂ in this increasingly competitive journalism marketÂ that we maintain our edge for clients who rely on us to be first withÂ news, trendsÂ and analysisÂ in the world of business and finance. Jim will help us lead the way.”
Impoco said: “Reuters is an impressively large and influential platform, and I am sincerely flattered that they haveÂ asked me to try my hand at this. To be able to shape feature stories at an organization with Reuters reach is a dream job. No matter what happens to our industry, Reuters is certain to remain in the thick of it.”
Thomson Reuters reported second-quarter profits that rose, partly due to job cuts, reports Greg Bensinger of Bloomberg News.
Bensinger writes, “Revenue in the professional division, including legal and tax products, gained 4 percent, excluding the impact of currency translations. Sales in the markets unit were little changed on that basis, as growth in the enterprise segment countered declines in sales and trading, as well as media.
“The company said it plans to reach at least $1 billion in annualized savings by year-end from the integration, up from a previous estimate of $975 million.
“‘The most significant portion of savings to date is related to headcount and the vast majority of these initiatives have now been completed,’ Chief Financial Officer Bob Daleo said on the conference call.”
Read more here.
Dow Jones NewswiresÂ said Monday it has hiredÂ Joe Ortiz as a columnist based in the London office, focusing on financial services, debt and equity capital markets, and advisory work by financial institutions.Â
“Our continued investment in experienced and respected editorial and industry talent ensures that our investment banking subscribers receive the most insightful commentary, analysis and sector intelligence available,” said Adam Smallman, global managing editor for investment banking solutions at Dow Jones, in a statement. “Joe is a seasoned reporter whose deep knowledge of financial services, debt and equity capital markets as well as his experience reporting on corporate strategy make him a great addition to our dedicated investment banking editorial team.”
Ortiz brings 28 years of experience with Reuters to Dow Jones, most recently as a Madrid-based correspondent covering financials, energy and general news. Prior to that he held various positions within Reuters including chief sub editor in London, European banking correspondent, U.K. banking correspondent and senior correspondent covering fixed income and debt restructuring.
Ortiz is fluent in Spanish and graduated in 1978 from King’s College, London, with a BA in Modern Iberian and Latin American Regional Studies.
Salmon writes, “To Reuters, then, the value of Breakingviews can be broken down into three parts. Thereâ€™s the value of its contracts; the value of its brand; and the value of its journalists. The contracts are clearly a wasting asset; the brand is associated with an outdated andÂ Â increasingly quaint business model; and the journalists, insofar as we want them, can be much more easily hired individually and incorporated into the existing commentary group, rather than trying to engineer an awkward merger between two very different teams.
“Before the Reuters commentary team was built, there was a case to be made that Reuters should buy Breakingviews and get a fully-formed commentary team with a certain amount of reputation which it could then repurpose to its own ends. The company didnâ€™t go down that route, and â€” wonderfully â€” decided to build its own commentary team instead. At that point, any hope within the group of Breakingviews shareholders that it could exit via selling out to Reuters must have died. And I trust thatâ€™s what Reuters told Breakingviews at that ‘preliminary discussion.’ If Breakingviews is looking to sell out, they should hope to find a different buyer.”
Read more here.
Sanati writes, “Breakingviewsâ€™ commentary is syndicated in several newspapers around the globe, including The New York Times, The Daily Telegraph in London and Le Monde in Paris. It was founded in 2000 by Hugo Dixon and Jonathan Ford, who both worked for The Financial Timesâ€™s Lex column, which produces similar commentary. (Mr. Dixon was the editor of Lex.)
“The company managed to turn a profit in the first half of the year by reallocating resources, cutting its costs and increasing its revenue through higher subscription sales.
“The Times of London reported that Breakingviews had hired Perella Weinberg Partners as its financial adviser.
“The company has only a small number of shareholders and is partly owned by Rupert Murdochâ€™s News Corporation by way of the acquisition of Dow Jones & Company in 2007. Last year, Dow Jones dropped its contract with Breakingviews to provide content to The Wall Street Journal, electing instead to refashion the Heard on the Street column into a similar commentary service.”
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Graeme Wearden of The Guardian reports that Thomson Reuters plans to take its stock off of trading in London, where it was first traded 144 years ago, and just have a Toronto and New York listing.
Wearden writes, “The Thomson Reuters chief executive, Tom Glocer, said the dual-listing structure was meant to help Reuters shareholders to continue investing in the company, but he revealed that UK shareholders now make up only 5% of the total. This is partly because the value of a Thomson Reuters share traded in London has been consistently less than one traded in New York.
“Last summer, the discount between the two hit 20% â€“- Glocer claimed US investors had a better understanding of his company than those in the City of London.
“Losing the London listing will also cut the company’s costs. Its shares rose by more than 5% this morning to Â£17.19.”
Read more here.
Reuters announced Monday the hiring of Rolfe Winkler, who will join Reuters commentary team as a columnist, effective immediately. Based in New York City, Rolfe will report into Jeffrey Cane, U.S. editor, commentary.
For the past two years,Â Winkler has been blogging about the financial crisis at OptionARMageddon.com. His commentary has been featured on the Mortgage Lender Implode-o-Meter, Naked Capitalism, RGE Monitor and Seeking Alpha. Previously, he was chief revenue analyst at Fotolog, the leading social media network in Latin America, and an analyst with the hedge fund Matador Capital Management.
Winkler is a CFA Charterholder and an honors graduate of the University of Chicago, where he majored in economics.
Primarily based in London and New York, the commentary team will also have a presence in the main emerging economies. Reuters commentators will produce a blog, and the company has hired the well-known financial blogger Felix Salmon to lead that effort. Commentators will also produce short opinionated columns every day on the top stories from around the globe as well as longer columns written both by in-house commentators and external experts and thought leaders.
â€œRolfe brings a set of sophisticated financial skills and a fresh analytical approach that will enliven our columns and blogs,â€ Cane said in a statement.
Thomson Reuters has sold its 34 percent take in a German financial news service called dpa-AFX, according to a Deutsche Press-Agentur story.
The story states, “Under the agreement, Thomson Reuters sold its 34-percent shareholding in the joint ventureÂ to the remaining partners, dpa ofÂ GermanyÂ and APA (the Austria Press Agency), who increased their holdings to 76 percent and 24 percent.
“The price was not disclosed. The announcement said the parties expressed their long-term commitment to the business and continuation of existing supply relationships.
“dpa-AFX supplies ‘real-time’ news to banks and businesses who need it even faster than regular news media can report the stories.
“The change in structure follows a transfer of editorial staff who previously produced English-language financial news for Thomson Financial, based at dpa-AFX’s Frankfurt headquarters. They have now been integrated into Reuters.”
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.