Tag Archives: Thomson Reuters

Dow Jones Newswires hires London columnist from Reuters

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Dow Jones Newswires said Monday it has hired 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. 

“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.

Why Reuters shouldn't purchase Breakingviews.com

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Felix Salmon of Reuters has an interesting analysis of why his shop shouldn’t purchase financial news and analysis site Breakingviews.com.

Salmon writes, “To Reuters, then, the value of Breakingviews can be broken down into three parts. There’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 The contracts are clearly a wasting asset; the brand is associated with an outdated and  increasingly quaint business model; and the journalists, insofar as we want them, can be much more easily hired individually and incorporated into the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 didn’t go down that route, and — wonderfully — 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 that’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.

Thomson Reuters in talks to acquire Breakingviews.com

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Cyrus Sanati of The New York Times reports that Thomson Reuters is in talks to acquire Breakingviews.com, which provides financial news and analysis.

Sanati writes, “Breakingviews’ 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 Times’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 Murdoch’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.”

Read more here.

Thomson Reuters to take stock off London exchange

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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% –- 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 £17.19.”

Read more here.

Reuters names new columnist

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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, 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.

“Rolfe brings a set of sophisticated financial skills and a fresh analytical approach that will enliven our columns and blogs,” Cane said in a statement.

Thomson Reuters sells stake in German financial news wire

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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 venture to the remaining partners, dpa of Germany 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 hire three new biz columnists

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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 Newswomen’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 magazine’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 firms’ internal ‘squawk box’ conversations. His stories on the “squawk box” investigation were a finalist for a Gerald Loeb Award in 2006. Goldstein  was also a reporter for Crain’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 Club’s Malcolm Forbes Award for the series “Recipe for Famine.” Before Bloomberg, Swann worked for the Financial Times for nine years. A graduate of Oxford University , he has a master’s degree in international relations from Cambridge.

Thomson Reuters application now available for BlackBerry, iPhone

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Thomson Reuters announced Monday that it’s launched a new application for both BlackBerry and iPhone users to access its content.

Content available includes breaking news, updated stream of photographs, video coverage, financial charting, customized market data and company profiles. Thomson Reuters says it has been investing in the mobile space since the late 1990s, experimenting with product development and monetization models.

“We learned a lot of lessons over the last two decades — the most important of which is to focus on delivering great user experiences,” said Chris Ahearn, president of media for Thomson Reuters, in a statement. “This app for iPhone and iPod touch is an excellent way to give our business professional audience convenient access to Reuters content anytime, anyplace.”

The application also allows offline browsing.

Read more here.

CNBC reporters Santelli, Liesman go at it on the air

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Robert MacMillan of Reuters reports Tuesday that CNBC business reporter Rick Santelli and Steve Liesman, the chief economics correspondent for the network, got into it on the air when Santelli said that Liesman was asking stupid questions.

“One CNBC reporter, Dennis Kneale, wondered aloud if it would be illegal for, say, a lawyer to recommend to Lewis that he violate ‘Reg FD’ disclosure laws that would more or less deceive Bank of America’s shareholders into accepting the deal, knowing that if they were aware of Merrill’s troubled condition, they would oppose it with their very lives.

“Then this happened (Beware: Everyone was speaking over everyone else, so we might have missed a word or two here and there):

Liesman: Ask the question in a more compelling way: ‘I want you to save the world and not disclose.’

Santelli: Come on, Steve! Are we going to come up with excuses to break the rules? To break the law? You sound like Richard Nixon! Who did you vote for, Steve?

Liesman: All I was posing was the ethical issue here. If it helps out to stabilize the system, is there a compelling reason to not disclose? I am not advocating that.

Santelli: You don’t break rules in a crisis condition!

Liesman: If you want to blow a gasket on that, Rick, well then, blow it on somebody else — not me!

Santelli: Well, then don’t open your mouth and say dumb things!

Read more here.

Study: Reuters provides more analysis than Bloomberg

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Jonathan Berr od DailyFinance.com writes Friday about a study from Burton-Taylor International Consulting LLC that argues that business news content from Reuters provides more analysis than that from Bloomberg News.

Berr writes, “Burton-Taylor found that Bloomberg carried just under 32,000 news items per day, compared with 14,000 per day by Thomson Reuters. This included news from third-party vendors but excludes news items scraped by Bloomberg from the items, such as corrections or service alerts, the trade publication said. Bloomberg distributes roughly 11,000 items per day, while Thomson Reuters carries around 7,600 items, when third party sources are excluded.

“About 55 percent of the stories published Bloomberg, part of the media conglomerate founded by New York Mayor Mike Bloomberg, are headline-only alerts, compared with 45 percent for Reuters, according to Burton-Taylor, which is run by an ex-Reuters executive Douglas B. Taylor. He told the DailyFinance that he was surprised by the findings of the study, which is designed to assist clients in deciding which service to buy.

“‘I did not know what to expect,’ Taylor said, adding that this was the first time that he had studied the Bloomberg service in depth. He likened the approach of Bloomberg to a fire hose and Reuters to a ‘sippable stream.’ Both approaches have their merits, he said.”

Read more here. A Bloomberg spokeswoman called the study inaccurate.