Articles about "Bloomberg News"


Another Bloomberg News journalist resigns over company’s handling of China story

Jim Romenesko | The New York Times | NPR
A Bloomberg News editor resigned from the company Monday citing the mishandling of an investigative story from China, Jim Romenesko reports.

Ben Richardson, an Asia editor at large, told Romenesko by email that he also left because of what he termed Bloomberg's misleading statements to the global press that disparaged the journalists who had worked on the story, an investigation into the financial ties between one of China's wealthiest men and top officials:

Throughout the process, the threat of legal action has hung over our heads if we talked — and still does. That has meant that senior management have had an open field to spin their own version of events.
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China Citizens Movement Trial

Covering China: for foreign and domestic press, self-censorship’s the threat

A plainclothes policeman, center, tries to block a foreign journalist filming while police detain the supporters of Xu Zhiyong near the No. 1 Intermediate People’s Court in Beijing Wednesday. Xu, a legal scholar and founder of the New Citizens movement,
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The New York Times hires Michael Forsythe

The New York Times
Former Bloomberg News reporter Michael Forsythe now works for The New York Times, according to a Times story on Sunday by Christine Haughney.

Forsythe, based in Hong Kong, left Bloomberg News in November after Bloomberg held an investigative story "because of fears that Bloomberg would be expelled from China," Haughney wrote.
After Bloomberg News published an article in June 2012 on the family wealth of Xi Jinping, at that time the incoming Communist Party chief, sales of Bloomberg terminals in China slowed, as officials ordered state enterprises not to subscribe. Officials also blocked Bloomberg’s website on Chinese servers, and the company has been unable to get residency visas for new journalists.
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China grants press cards to several U.S. journalists

Reuters | The Washington Post | The Guardian
Journalists at Bloomberg News and The New York Times received press cards from China, according to a Thursday report from Reuters. China held up granting the visas to journalists from the Times and Bloomberg after both published stories about Chinese leaders and their families.

William Wan reported Thursday in The Washington Post that one journalist for the Post has been granted a visa, and another got a press pass Thursday as well.

China has long denied or held up visas to retaliate for coverage critical of Communist Party officials, but U.S. reporters say the practice has grown more intense under President Xi Jinping, who took office in March. But this year, entire news organizations, rather than individual reporters, faced threats that they would be kicked out of the country, the journalists said. The tensions appear to stem primarily from Chinese displeasure with articles about corruption among top Communist Party members and government officials. Reports about the massive wealth acquired by “princelings,” the family members of elite government figures, are a particular sore point.
The press passes don't ensure U.S. journalists working in China will be able to stay, but they are necessary for the visa applications, Wan wrote.

All of Bloomberg’s foreign staff in China but only some at the Times received press cards Thursday, members of both organizations said. A handful of Times journalists have still not received press cards and thus continue to face the prospect of being forced to leave China, according to journalists in Beijing working on their behalf. Even among those who have press cards, none are considering themselves safe from expulsion until they get their visas physically stamped into their passports, several journalists said.


While some U.S. journalists are now on a bit closer to getting their visas in China, Chinese journalists are facing stricter measures to keep their own press cards. (more...)
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Bloomberg News pays extra if stories ‘move markets’

Business Insider
Breaking a story that moves the market is among several factors considered in bonuses for reporters at Bloomberg News. On Wednesday, Julia La Roche reported on the story for Business Insider.

La Roche writes that the practice isn't used at other news outlets, and that most people in the industry hadn't heard of it.

Most of the people we spoke to, especially traders, were startled to hear about this practice, worrying that it might create an incentive for Bloomberg reporters to "push" or stretch stories with the specific aim of moving markets. Traders react instantly to headlines and news stories, and the decisions they make often make or lose significant amounts of money.
La Roche quotes an unnamed person familiar with the Bloomberg incentives as saying that the concerns are overblown.

Bloomberg News has made a bit of news lately, including stories about job cuts, staff leaving and questions of self-censorship on an article about China.
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Biden to China: Lay off U.S. reporters

The New York Times | The Washington Post | Fortune
Vice President Biden said the United States has “profound disagreements” with China about how it treats U.S. journalists, Mark Landler reports. The vice president was speaking Thursday to business people during his trip to Asia.

Biden expressed that view "at all three of his meetings with China’s top leaders, including President Xi Jinping," David Nakamura reports. Biden also met with journalists Thursday. China "has held up renewing the visas of roughly two dozen correspondents from The Times and Bloomberg after each published investigative articles about the wealth of the families of top Chinese leaders," Landler writes. "Without new visas, the reporters will be forced to leave China, as soon as within the next few weeks."

Nakamura (who was involved in a tussle with Japanese journalists earlier) writes: "Some of the affected journalists expressed hope that with Biden personally lending his weight and potential loss of face to their cause, the chances that their visas would be granted at the last minute would increase." (more...)
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Doctoroff: Clark Hoyt thought Bloomberg China article ‘didn’t hang together’

The New York Times
Bloomberg independent senior editor Clark Hoyt reviewed an article Bloomberg News was preparing about wealthy people in China, and he agreed it “didn’t hang together,” Bloomberg L.P. CEO Daniel Doctoroff told The New York Times. Bloomberg never published the article, and one of the reporters on it has left the company.

Hoyt, a former public editor of the Times, was named to his spot at Bloomberg in September. He conducted a review of Bloomberg News earlier this year after revelations that the company's journalists had improperly accessed data about Bloomberg's terminal customers.

Amy Chozick, Nathaniel Popper, Edward Wong and David Carr write about signs of a shift in the news mission at Bloomberg. Executives at the company have started questioning the company's news side, they write, noting that customers prefer fast-moving news about the market to investigative journalism. (more...)
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Mike Forsythe leaves Bloomberg, as do others

The New York Times | Los Angeles Times | Talking Biz News
Bloomberg News reporter Mike Forsythe said on Twitter Tuesday he had left Bloomberg News.   Forsythe was a reporter on a story about China that Bloomberg News decided not to publish. The company maintains that story and another are still active.

Bloomberg undertook an unrelated round of layoffs Monday, shrinking its arts staff in particular. Bloomberg News Editor-in-Chief Matthew Winkler told employees "the company was scaling back its art coverage and eliminating the Muse brand under which it was presented," Christine Haughney reports. "It will stop covering sports matches and focus more on sports stories that intersect with business." (more...)
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Bloomberg News to cut staff amid charges of self-censorship

The Wall Street Journal | New York Post | Talking Biz News | The New York Times
Bloomberg News plans to eliminate 50 jobs from sports, A&E and investigative coverage, William Launder reports in The Wall Street Journal. Bloomberg employs 2,400 in its newsroom, and its "major business is selling financial data on terminals," Launder writes. But:
The market for financial data has experienced slower growth in recent years as big banks cut back on their head count, thereby reducing demand for new terminals, and as Europe's economies struggle with a prolonged downturn.
The cutbacks arrive as the company faces reports it declined to publish stories that might upset Chinese authorities. Bloomberg News suspended Michael Forsthye, a reporter on one iced story, after a New York Times article about the purported self-censorship. (more...)
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Bloomberg News review suggests standards editor, ombudsman

Bloomberg | The Wall Street Journal
Former New York Times public editor Clark Hoyt reviewed Bloomberg News' newsroom operations following revelations last May that the company's journalists had improperly accessed data about Bloomberg's data customers.

Among Hoyt's recommendations: The news service should install a standards editor as a member of "senior newsroom leadership." That person will, among other duties, "read before publication major news stories and projects for accuracy, fairness, balance and tone."

Hoyt also recommends Bloomberg News install a "senior independent editor" outside the newsroom command chain. That person will act as an ombudsman, with orders to "review and assess complaints regarding news coverage, recommend corrective action to newsroom leadership when warranted and respond to the complaining party." (more...)
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