Business news

What types of business news do people consume?

development. In fact, business news Latest development Before this new newswire is shouldn’t always be boring. Business There is a famous song by the launched, perhaps in a year or two, news not only covers companies and Byrds entitled “Turn Turn Turn”. several platforms are being markets. It should also tell stories Here are some of its lyrics: constructed. This is great news for about people; and the writing styles “To everything (turn, turn, turn) aspiring business journalists who can can be creative. Of course, gossips There is a season (turn, turn, turn) write in English. We can count so far are fine as long as facts are there. And a time for every purpose, there are three platforms being built. under heaven One is called “Cai (Wealth)”, an Code of ethics A time to be born, a time to die English business news website The Hong Kong Journalists A time to plant, a time to reap headed by Stuart Jackson, formerly Association has a code of ethics for all A time to kill, a time to heal business editor of the South China reporters and editors. But we hold A time to laugh, a time to weep” Morning Post. Mr Jackson will hire at the view that business journalists The recent development of least 20 journalists to work for this should also observe the following: business journalism in Hong Kong new website. Another platform, they shouldn’t purchase stocks of reflects exactly the spirit of this song. headed by Chan King-cheung (chief companies that they are covering to In recent months, three business editor of Hong Kong Economic avoid conflict of interest. It is very magazines have folded. They are Journal) and Chris Yeung (editorial hard to be objective when one’s life “Hong Kong Business”, “CFO (Chief director of HKEJ and formerly editor- savings are at stake. To avoid this Financial Officer” and “Power”. at-large of the SCMP), will also be an predicament, newspaper companies “Power” is more lifestyle-oriented English business news website. This should set rules to ban business than the first two business magazines new English website is different from journalists from buying stocks of but its coverage of business people HKEJ’s Chinese website (headed by companies in their beat. was great. Chan Pak-tim). The English business The Wall Street Journal (the As the Byrds’ song says: there website will employ at least 20 writer of this article worked there for is a time to die (the three magazines) journalists and some translators. 10 years in the 1980s) has (even and there is a time to be born Some contents will be translated from today) very straight rules about (Richard Li’s new “baby”). We are not HKEJ. This website is independent of employees’ investment. Reporters interested to know much about the Mr Jackson’s. and editors simply can’t buy stocks, personal life of Mr Li (PCCW’s major The third platform (there could period. The only exception is stocks shareholder) or his new-born child. be more) is the contents of a very of Dow Jones & Co., which owns The But his other “baby” (a huge business authoritative business magazine on Wall Street Journal. news project) has caught our the mainland called “Caijing”. Mr Li Hong Kong newspaper attention because its scheduled birth has struck a deal with Caijing to companies don’t have to be as straight in mid-October, 2009 is exciting news translate its contents (many are as The Wall Street Journal. But to people who care about business exclusive interviews with key officials adopting some kind of ethical practice journalism in Hong Kong and the and business people in China) into is good for the industry’s long-term Greater China region. English. When time is ripe, Caijing development, raising of Investment bankers, brokers (English contents), Mr Jackson’s business journalism and earning the and fund managers in New York or website and HKEJ’s English website trust of readers. London everyday before the markets will merge into one and form a open read news and analysis about powerful news agency with a focus on Asian countries (including China, the Greater China region. Hong Kong and Taiwan) and In the field of business companies mainly from Bloomberg, journalism, there is always hope. Reuters, Dow Jones, AP and AFP. Imagine there is a newswire that is ■Victor Keung FUNG more authoritative in its coverage and Associate Director of the MA analysis of companies and economies in international journalism studies in the Greater China region than all of the above news agencies. Wouldn’t program (and coordinator of its readers be interested? That’s what we business and financial journalism talk about here: Mr Richard Li’s new concentration), Business news shouldn't always be boring. newswire is yet to be named. Hong Kong Baptist University

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What types of business news do Hong Kong people consume?

hat kinds of business, 5. International business news fell items over a 3-day period. It could Weconomics and financial news from second to the fifth place. have been longer, say, 7 days. do Hong Kong people consume? 2. The research only counts the A research done recently shows (b) Analysis: number of news items and not that corporate news ranks top on the Business news is about measures column-inch, which list, followed by property and companies, markets and people and could have been more accurate. construction, stock market, China there is little surprise that corporate 3. The categorization of business business and finance, and news remains the most popular news is arbitrary. There could international news. among Hong Kong people. As Hong have been a more authoritative Kong’s property market has classification. (It is acknowledged Types of news consumed and experienced a so-called “mini boom” that this survey is not scientific rankings: (2009 vs 2008) in the second and third quarters of enough. We hope researchers in Types of business 2009 2008 2009, there is no wonder that future can improve upon these news Ranking Ranking property market stories have risen to weaknesses.) Corporate news 1 1 rank number 2 from number 3 a year earlier. Property & Business news new trends construction 2 3 In the same vein, the positive Our survey, in fact, also counted outlook of the local economy has the number of columns written by Stock market 3 5 pushed the Hang Seng index to its reporters, columnists and stock China business & finance 4 4 highest level in a year in early analysts. Because these are analytical September. Hence, it is logical that items and not news, we didn’t include International news 5 2 stock-market related news jumps to them in the rankings. Had we done Bonds, Option 6 7 rank 3rd from the 5th place in 2008. so, the number of business columns Derivatives As retail and advertising businesses would have been ranked 2nd, trailing Banking 7 8 slow, mirroring the poor business only the most popular corporate Commodities (gold 8 10 environment, so does related news. news. Nevertheless, the finding etc) Therefore, it should surprise nobody shouldn’t shock anyone as we know Economic policy & 9 13 that retail and advertising stories Hong Kong people love to invest (or statistics drop to the 10th place from the 6th in gamble) in the stock market and Retail and advertising 10 6 September 2008. they’d love to read about “tips” and Trade and industry 11 11 In early September 2009, Hong recommendations of investment High tech 12 9 Kong newspapers were splashed with targets. There is nothing wrong with Transportation 13 12 renminbi bond issues, gold and this. We’d like to see, however, that property prices shooting through the whenever analysts recommend others roof and numerous initial public certain companies’ stocks, they The survey was conducted offering stories. In the same month a should declare whether they have between Sept 8 and 10, 2009, year earlier, nevertheless, the picture holdings in these companies and counting the number of items of news was very different. Local newspapers whether the firms they work for have in 13 newspapers over a 3-day period. invariably were filled with stories business dealings (such as capital- As compared to a similar about Fannie Mae and Freddie Mac raising agreements) with these research done in early September (housing mortgage corporations) companies, in the name of 2008, the following salient points are being rescued by the US government, transparency. noteworthy. and investment banks including Another development that we (a) Major findings: Lehman Brothers and Bear Sterns have observed is the flourishing of 1. News about companies remains having trouble as the financial “gossipy columns” or “ba gua news” the most popular. tsunami was about to strike hard at in . Business news 2. Property market and construction the world economy. Consequently, traditionally performed the functions news jumps to the second place international business news was of informing, educating and from third. ranked 2nd in September 2008. It fell enlightening the public. But now 3. Stock market-related news soars to the 5th place in September 2009. business news also starts to to third place from the fifth. “entertain” readers, very much like 4. Retail and advertising news (c) Weaknesses of the survey: newspapers’ entertainment sections. plunged from 6th place to 10th. 1. The research only counts news We see nothing wrong with this

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