Difference between revisions of "Reuters" - New World Encyclopedia

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[[Category:Politics and social sciences]]
 
[[Category:Politics and social sciences]]
[[Category:Communication]]
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[[Category:Media Organizations]]
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[[Image:Reuters-Building-30SC.JPG|right|thumb|250px|The Reuters Building in Canary Wharf]]
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'''Reuters''' is best known as a [[news agency|news service]] that provides reports from around the world to [[newspaper]]s and [[broadcasting|broadcasters]]. Its main focus, however, is on supplying the [[Financial markets|financial market]]s with information and trading products. These include [[market]] data, such as share prices and [[currency]] rates, research and [[analytics]], as well as trading systems that allow dealers to buy and sell currencies and shares on a [[computer]] screen instead of by [[telephone]] or on a trading floor like that of the [[New York Stock Exchange]]. 
  
'''Reuters Group plc'''  is best known as a [[news agency|news service]] that provides reports from around the world to newspapers and broadcasters. Its main focus, however, is on supplying the [[Financial markets|financial market]]s with information and trading products. These include [[market]] data, such as share prices and currency rates, research and [[analytics]], as well as trading systems that allow dealers to buy and sell such things as currencies and shares on a computer screen instead of by telephone or on a trading floor like that of the [[New York Stock Exchange]]. Among other services, the most notable is analysis of 40,000 [[stock|companies]], [[bond (finance)|debt instruments]], and 3 million economic series. Competitors include [[Bloomberg L.P.]] and [[Dow Jones Newswires]].  
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Reuters is one of the largest news agencies in the world along with the [[Associated Press|AP]], [[Agence France-Presse]], and [[United Press International|UPI]]. Reuters supplies images, video, and text to a number of news outlets around the world. Their clients include [[newspaper]]s, [[television]] stations, [[radio]] stations, [[corporation]]s, and bloggers. Their material is used extensively around the world by both major and minor news outlets through an extensive electronic network, in which Reuters was a pioneer. Their global network employs some 16,000 people in 94 countries.<ref>[http://about.reuters.com/aboutus/worldwide.asp Reuters Worldwide.] Reuters. Retrieved April 21, 2007.</ref> Since 1985, Reuters has also operated a news [http://www.reuters.com/news/pictures photo service]. They sell [[photograph]]s that cover breaking news, sports, and entertainment to other news agencies and to consumers. Use of new [[technology]], such as [[digital camera]]s and the [[internet]] has facilitated Reuters' advance into this field.
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Reuters' editorial policy is based on a foundation of transparency and a conscious effort to eliminate bias. To further this aim, Reuters attempts to provide balanced portrayals of all sides in the [[conflict]]s which it covers. Indeed, Reuters is not known for any particular political leanings, although it has been criticized for a number of missteps. Generally, it seeks to present an international outlook on current and financial affairs in service to the world community.
  
 
==History==  
 
==History==  
 
===Founding===
 
===Founding===
[[Paul Julius Reuter]], born to a rabbi in [[Kassel]], [[Germany]], noticed that, with the [[electric telegraph]], news no longer required days or weeks to travel long distances. In 1850, the 34-year-old Reuter was based in [[Aachen]], Germany, close to the [[Netherlands|Dutch]] and [[Belgium|Belgian]] border, and began using the newly opened Berlin–Aachen telegraph line to send news to Berlin. But there was a 76-mile gap in the line between Aachen and Brussels. Reuter spotted the opportunity to speed up news between Brussels and Berlin by using [[homing pigeon]]s to bridge the gap in the line.
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Reuters was established by [[Paul Julius Reuter]], who was born to a rabbi in Kassel, [[Germany]]. After the failed [[Revolution of 1848]], Reuter had fled from Germany to Paris and worked there in Charles-Louis Havas' news agency, the future [[Agence France Presse]]. Reuter noticed that with the [[electricity|electric]] [[telegraph]] news no longer required days or weeks to travel long distances. In 1850, the 34-year-old Reuter was based in Aachen, Germany, close to the [[Netherlands|Dutch]] and [[Belgium|Belgian]] border, and began using the newly opened Berlin–Aachen telegraph line to send news to [[Berlin]]. However, there was a 76-mile gap in the line between Aachen and Brussels. Reuter spotted the opportunity to speed up news between [[Brussels]] and Berlin by using [[homing pigeon]]s.
 
[[image:reuters.london.arp.jpg|thumb|right|250px|Reuters Data Centre, London.]]
 
[[image:reuters.london.arp.jpg|thumb|right|250px|Reuters Data Centre, London.]]
  
In 1851, Reuter moved to London as attempts to lay a submarine telegraph cable from Dover to Calais looked to be succeeding, after failures in 1847 and 1850. He set up his "Submarine Telegraph" office in October 1851 just before the opening of the cable in November, and agreed to a contract with the [[London Stock Exchange]] to provide stock prices from the continental exchanges in return for access to the London prices, which he supplied to Paris brokers.
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In 1851, Reuter moved to [[London]] as attempts to lay a submarine telegraph cable from [[Dover]] to [[Calais]] looked to be succeeding, after failures in 1847 and 1850. He set up his "Submarine Telegraph" office in October 1851 just before the opening of the cable in November, and agreed to a contract with the [[London Stock Exchange]] to provide stock prices from the continental exchanges in return for access to the London prices, which he supplied to Paris brokers.
 
   
 
   
In 1865, Reuter's private firm was restructured and became a limited company called Reuter's Telegram Company. Reuter had been naturalised as a British subject in 1857.
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In 1865, Reuter's private firm was restructured and became a limited company called Reuter's Telegram Company. Reuter's agency built a reputation in [[Europe]] for being the first to report scoops from abroad, such as the news of [[Abraham Lincoln]]’s assassination.
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The late 1800s saw an expansion of Reuters in terms of areas serviced and type of services provided. They developed infrastructure in the [[Far East]] and [[South America]], and added the capacity to send messages electronically to London using a column printer. Reuters continued this early-adapting tradition with their adoption of [[radio]] to [[broadcasting|broadcast]] news in the 1920s.
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In response to pressures by the British government to assist the British during [[World War I]] and [[World War II]], Reuters restructured itself as a more private company. This move was undertaken to preserve Reuters' neutrality.
  
Reuter's agency built a reputation in Europe for being the first to report scoops from abroad, like the news of [[Abraham Lincoln]]’s assassination.  
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In the 1960s and 1970s, Reuters developed "The Stockmaster," which broadcast financial information internationally and the Reuter Monitor, which carried news of securities, commodities, and money.
  
===Modern Day===
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===Modern day===
Reuters was floated as a public company in 1984 on the [[London Stock Exchange]] and on [[NASDAQ]] in the US. However, there were concerns that the company's tradition for objective reporting might be jeopardised if control of the company later fell into the hands of a single shareholder. To counter this possibility, the constitution of the company at the time of flotation included a rule that no individual was allowed to hold more than 15% of the company. If this limit is exceeded the directors can order the shareholder to reduce the holding to less than 15%. This rule was applied in the late 1980s when [[Rupert Murdoch]]'s [[News Corporation]], which already held around 15% of Reuters, bought an Australian news company which also had a holding in Reuters. The acquisition meant that Murdoch then held more than 15% and he was obliged to reduce the holding to less than 15% in line with the rules.<ref>[http://about.reuters.com/aboutus/history/ Reuters: History] Reuters. Retrieved April 10, 2007.</ref>
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Reuters was floated as a public company in 1984 on the [[London Stock Exchange]] and on [[NASDAQ]] in the [[United States]]. However, there were concerns that the company's tradition for objective reporting might be jeopardized if control of the company later fell into the hands of a single shareholder. To counter this possibility, the constitution of the company at the time of flotation included a rule that no individual was allowed to hold more than 15 percent of the company. If this limit was exceeded the directors could order the shareholder to reduce the holding to less than 15 percent. This rule was applied in the late 1980s when [[Rupert Murdoch]]'s [[News Corporation]], which already held around 15 percent of Reuters, bought an [[Australia]]n news company which also had a holding in Reuters. The acquisition meant that Murdoch then held more than 15 percent and so he was obliged to reduce the holding.<ref>[http://about.reuters.com/aboutus/history/ Reuters: History] Reuters. Retrieved April 10, 2007.</ref>
  
At the same time, as a further measure to protect the independence of Reuters news reporting, The Reuters Founders Share Company was set up. This is a company whose sole task is to protect the integrity of the company's news output. It holds one "Founders Share" which can outvote all other shares in the event that an attempt is made to alter any of the rules relating to the Reuters Trust Principles. These principles set out the company's aim to preserve its independence, integrity and freedom from bias in its news reporting.<ref>[http://www.referenceforbusiness.com/history2/4/Reuters-Holdings-PLC.html Reuters Holdings PLC] Reference for Business. Retrieved April 10, 2007.</ref>
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At the same time, as a further measure to protect the independence of Reuters news reporting, The Reuters Founders Share Company was set up. This company had as its sole task to protect the integrity of the company's news output. It holds one "Founders Share" which can outvote all other shares in the event that an attempt is made to alter any of the rules relating to the Reuters Trust Principles. These principles set out the company's aim to preserve its independence, integrity, and freedom from bias in its news reporting.<ref>[http://www.referenceforbusiness.com/history2/4/Reuters-Holdings-PLC.html Reuters Holdings PLC] Reference for Business. Retrieved April 10, 2007.</ref>
  
Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial and economic services. Recent key product launches include Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for the financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999).
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Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial, and economic services. Key product launches include Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for the financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999).
  
In the mid-1990s the company had a brief foray into the radio sector with London Radio's two stations, London News 97.3 FM and London News Talk 1152 AM, which replaced [[LBC]] in 1994. A Reuters Radio News service was also set up to compete with [[Independent Radio News]].
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Since 1985, Reuters has also operated a news [http://www.reuters.com/news/pictures photo service] that sells [[photograph]]s of breaking news, sports, and entertainment to other news agencies and to consumers. Use of new [[technology]], such as [[digital camera]]s and the [[internet]] has facilitated Reuters' advance into this field, as it is now possible to transmit large, high quality images around the world in seconds.<ref>Michel Ulli, ''The Art of Seeing : The Best of Reuters Photography.'' (Financial Times/Prentice Hall 2000 ISBN 0273650114)</ref>
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In the mid-1990s the company had a brief foray into the radio sector with London Radio's two stations, London News 97.3 FM and London News Talk 1152 AM, which replaced LBC in 1994. A Reuters Radio News service was also set up to compete with [[Independent Radio News]].
  
 
In 1995, Reuters established its "Greenhouse Fund" to take minority investments in a range of start-up technology companies, initially in the United States.
 
In 1995, Reuters established its "Greenhouse Fund" to take minority investments in a range of start-up technology companies, initially in the United States.
  
Today, almost every major news outlet in the world subscribes to Reuters. It operates in 200 cities in 94 countries, supplying text in 19 languages.
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After three decades of consistent growth, the company stumbled in the early 2000s. Reuters reported a loss of £394 million in 2002 and revenue fell by 8 percent to £3.575 billion.<ref>[http://www.finextra.com/fullstory.asp?id=8030 Reuters reports record loss; cuts 3000 jobs]. Finextra. Retrieved April 24, 2007.</ref> To address the downturn, Reuters changed leadership and cut 3,000 jobs. The shift in fortunes was blamed on complacency with their previously gained reputation and the hubris that resulted in Reuters not matching advances in new markets and technologies made by competitors.<ref>Brian Mooney and Barry Simpson. ''Breaking News: How the Wheels Came off at Reuters.'' (Capstone 2003. ISBN 1841125458)</ref>
  
==Investments==
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In 2008, the Thomson Corporation and the Reuters Group PLC combined to form Thomson Reuters.<ref>[http://thomsonreuters.com/about/company_history/ Company History] Thomson Reuters. Retrieved September 2, 2008.</ref> Today, almost every major news outlet in the world subscribes to Reuters. It operates in 200 cities in 94 countries, supplying text in 19 languages.
As mentioned above, [[news media|news reporting]] accounts for less than 10% of the company's income.<ref>[http://about.reuters.com/investors/corpinfo/ Company Overview] Reuters. Retrieved April 10, 2007.</ref> Aside from financial reporting, Reuters is also invested in a number of different fields. Notable investments include:
 
  
* '''Factiva''':
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==Products==
In May 1999, Reuters entered a joint venture with long-time rival, [[Dow Jones & Company]], to form [[Factiva]] [http://www.factiva.com/about/background.asp?node=menuElem1168], a business news and information provider.  
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Reuters provides news to the world's [[mass media|media]], and [[market]] data, in-depth news, quotes, [[statistics]], and analytics on financial and commodities markets to financial professionals around the world. Data is available through various delivery platforms such as workstations, datafeeds, internet, and wireless solutions.  
  
* '''TIBCO Software''':
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===Financial desktop products===
In July 1999 TIBCO completed an [[IPO]] on NASDAQ; Reuters retains a substantial proportion of the shares. Reuters announced in early 2000 a range of major initiatives designed to accelerate its use of internet technologies, open new markets and migrate its core business to an internet-based model.
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These supply customers within sales, trading, and portfolio management with up to the minute cross-asset class, cross-geography information, and advanced integrated analytics.
 
* '''Instinet''':
 
In May 2001 Instinet completed an IPO on NASDAQ; Reuters sold its majority stake in Instinet to The Nasdaq Stock Market in 2005. 
 
 
* '''Bridge Information Systems''':
 
On September 28 2001, completed the largest acquisition in its history acquired certain businesses and assets of Bridge Information Systems Inc. Also during the year, the Group acquired 100% of Diagram fip SA and 92% of ProTrader Group LP. In October 2001, the Group disposed of its majority stake in VentureOne Corp. 
 
 
* '''Multex.com Inc.''':
 
In March 2003, Reuters acquired Multex.com, Inc., a provider of global financial information.
 
  
* '''EcoWin AB''':
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===Enterprise products===
In November 2005, Reuters acquired also EcoWin AB, Inc., a provider of global fianancial, equities, and economic data.
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These include Datafeeds (broad-ranging, in-depth data which companies use to power mission-critical systems like program trading and portfolio management); Market Data Systems (applications, tools, and infrastructure components to manage financial content in real-time across the customer trading environment); Enterprise Information Products (feeds of reference data used for compliance purposes, including end-of-day and intra-day instrument prices, corporate actions, price histories, and terms and conditions); and Risk Management (products to help manage order flow, make trade decisions< and control risk).
  
* '''Application Networks''':  
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===Media products===
In June 2006, Reuters acquired [http://www.appl.net Application Networks, Inc.], a provider of trade and risk management software based on JRisk.
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Comprehensive and immediate broadcast news, video, and photographic coverage serve traditional publishing and [[broadcasting]] customers ([[newspaper]]s, [[magazine]]s, [[television]] networks, and news and information [[website]]s).  
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===Advertising===
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[[Advertising]] services  offer advertising space in the Reuters group of consumer products, such as the reuters.com network of websites.
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===Investments===
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News reporting accounts for less than 10 percent of the company's income.<ref>[http://about.reuters.com/investors/corpinfo/ Company Overview] Reuters. Retrieved April 10, 2007.</ref> Aside from financial reporting, Reuters is also invested in a number of different fields.  
  
 
== Main corporate locations ==
 
== Main corporate locations ==
[[Image:Reuters-Building-30SC.JPG|right|thumb|250px|The Reuters Building in Canary Wharf]]
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[[Image:Reuters_building_Times_Square-7th_Av.JPG|left|thumb|180px|Reuters Building at [[Times Square]], [[Manhattan]]]]
 
From 1939, the Reuters corporate headquarters was in London's famous [[Fleet Street]], but in 2005 Reuters moved to a larger building in the more modern [[Canary Wharf]]. The Reuters Building is near the [[One Canada Square]] tower, [[Jubilee Park (London)|Jubilee Park]] and [[Canary Wharf tube station]]. The open space below the Reuters building has since been renamed Reuters Plaza.
 
From 1939, the Reuters corporate headquarters was in London's famous [[Fleet Street]], but in 2005 Reuters moved to a larger building in the more modern [[Canary Wharf]]. The Reuters Building is near the [[One Canada Square]] tower, [[Jubilee Park (London)|Jubilee Park]] and [[Canary Wharf tube station]]. The open space below the Reuters building has since been renamed Reuters Plaza.
  
[[Image:Reuters_building_Times_Square-7th_Av.JPG|left|thumb|180px|Reuters Building at [[Times Square]], [[Manhattan]]]]
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The company's North American headquarters is the Reuters Building at 3 Times Square, [[New York City]]. It is on Seventh Avenue between 42nd and 43rd Streets, and was constructed from 1998 to 2001.<ref>[http://www.wirednewyork.com/skyscrapers/3xsq/ The Reuters Building] Wired New York. Retrieved April 10, 2007.</ref>
The company's North American headquarters is the Reuters Building at 3 Times Square, [[New York City|New York]]. It is on 7th Avenue between 42nd and 43rd Streets, and was constructed from 1998 to 2001.<ref>[http://www.wirednewyork.com/skyscrapers/3xsq/ The Reuters Building] Wired New York. Retrieved April 10, 2007.</ref>
 
  
 
==Allegations of bias==
 
==Allegations of bias==
 
===Anti-Israel===
 
===Anti-Israel===
The news organization has been accused of showing an anti-Israel and anti-American [[media bias|bias]], by sources such as the [[National Review]] and the [[Wall Street Journal]]'s editorial division.<ref>[http://www.opinionjournal.com/best/?id=110008761 Opinion Journal] Wall Street Journal. Retrieved April 10, 2007.</ref>
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The news organization has been accused of showing an anti-[[Israel]] and anti-American [[media bias|bias]], by sources such as the ''[[National Review]]'' and the ''[[Wall Street Journal]]'''s editorial division.<ref>[http://www.opinionjournal.com/best/?id=110008761 Opinion Journal] ''Wall Street Journal''. Retrieved April 10, 2007.</ref>
  
 
===Wording===
 
===Wording===
Some accusations of bias concern the use of words such as "militants" or "guerrillas" instead of "terrorists" for groups that deliberately kill civilians in pursuit of political objectives.<ref>[http://www.opinionjournal.com/best/?id=95001205#reuter Best of the Web Today] Wall Street Journal. Retrieved April 10, 2007.</ref>  This is explained as part of a policy of avoiding "the use of emotive terms" as part of a long-standard policy against bias.<ref>[http://about.reuters.com/aboutus/editorial/ Editorial Policy] Reuters. Retrieved April 10, 2007.</ref> Avoiding the word "terrorist" is a policy that Reuters has claimed to have applied for decades, including in the Northern Ireland conflict.
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Accusations of bias concern the use of words such as "militants" or "[[guerrilla warfare|guerrillas]]" instead of "[[terrorism|terrorists]]" for groups that deliberately kill civilians in pursuit of [[politics|political]] objectives.<ref>[http://www.honestreporting.com/articles/critiques/2003_Dishonest_Reporting_-Award-.asp 2003 Dishonest Reporting Awards] Honest Reporting. Retrieved April 21, 2007.</ref><ref>[http://www.danielpipes.org/blog/323 More on "They're Terrorists" - Not Activists.] Daniel Pipes. Retrieved April 21, 2007.</ref>  This is explained as part of a policy of avoiding "the use of emotive terms" as part of a long-standard policy against bias.<ref>[http://about.reuters.com/aboutus/editorial/ Editorial Policy] Reuters. Retrieved April 10, 2007.</ref> Avoiding the word "terrorist" is a policy that Reuters has claimed to have applied for decades, including in the [[Northern Ireland]] conflict.  
 
 
This became a point of controversy in September of 2001, regarding their coverage of the [[September 11, 2001 attacks]].  Reuters global news editor Stephen Jukes wrote, "We all know that one man's terrorist is another man's freedom fighter and that Reuters upholds the principle that we do not use the word terrorist."  [[The Washington Post]] media critic Howard Kurtz responded, "After the 1995 [[Oklahoma City bombing]], and again after the attacks on the World Trade Center and Pentagon, Reuters allowed the events to be described as acts of terror.  But as of last week, even that terminology is banned."<ref>[http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentId=A14272-2001Sep23&notFound=true Peter Jennings, in the News for What He Didn't Say] Washington Post. Retrieved April 10, 2007.</ref>  Reuters later apologized for this characterization of their policy.
 
  
The September 20, 2004 edition of the [[The New York Times]] reported that Reuters Global Managing Editor, David A. Schlesinger, objected to Canadian newspapers editing Reuters articles through inclusion of the word "terrorist," stating that "my goal is to protect our reporters and protect our editorial integrity."<ref>[http://select.nytimes.com/gst/abstract.html?res=FA0917F63F5D0C738EDDA00894DC404482 Reuters Asks a Chain to Remove Its Bylines] New York Times. Retrieved April 10, 2007.</ref>
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The September 20, 2004 edition of the ''[[The New York Times]]'' reported that Reuters Global Managing Editor, David A. Schlesinger, objected to Canadian newspapers editing Reuters articles through inclusion of the word "terrorist," stating that "my goal is to protect our reporters and protect our editorial integrity."<ref>[http://select.nytimes.com/gst/abstract.html?res=FA0917F63F5D0C738EDDA00894DC404482 Reuters Asks a Chain to Remove Its Bylines] ''New York Times''. Retrieved April 10, 2007.</ref>
  
Due to this policy, Reuters was careful to use the word "terrorist" in quotes. However, when reporting the [[7 July 2005 London bombings]], the service reported, "Police said they suspected terrorists were behind the bombings." The contrast between this and their aforementioned policy was criticized, although by that point Reuters policy was to use such words "when we are quoting someone directly or in indirect speech," and this headline is an example of the latter.<ref>[http://www.opinionjournal.com/best/?id=110006927#bbc Best of the Web Today] Wall Street Journal. Retrieved April 10, 2007.</ref><ref>[http://about.reuters.com/aboutus/editorial/ Editorial Policy] Reuters. Retrieved April 10, 2007.</ref> The news organization has subsequently used the term "terrorist" without quotations when the article clarifies that it is someone else's words.
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Due to this policy, Reuters was careful to use the word "terrorist" in quotes. However, when reporting the [[7 July 2005 London bombings]], the service reported, "Police said they suspected terrorists were behind the bombings." The contrast between this and their aforementioned policy was criticized, although by that point Reuters policy was to use such words "when we are quoting someone directly or in indirect speech," and this headline is an example of the latter.<ref>[http://www.opinionjournal.com/best/?id=110006927#bbc Best of the Web Today] ''Wall Street Journal''. Retrieved April 10, 2007.</ref><ref>[http://about.reuters.com/aboutus/editorial/ Editorial Policy] Reuters. Retrieved April 10, 2007.</ref> The news organization has subsequently used the term "terrorist" without quotations when the article clarifies that it is someone else's words.
  
Critics say that Reuters' avoidance of such words is selective, reflecting a larger bias against the [[United States]], [[Israel]], and [[Jew]]s.<ref>[http://www.washingtonpost.com/ac2/wp-dyn/A54924-2002Sep8?language=printer One Secret Service Detail Too Many] Washington Post. Retrieved April 10, 2007.</ref><ref>[http://www.nationalreview.com/comment/hollander200310200859.asp Questionable “Integrity”] National Review. Retrieved April 10, 2007.</ref><ref>[http://www.opinionjournal.com/best/?id=110007660 Best of the Web Today] Wall Street Journal. Retrieved April 10, 2007.</ref>  Defenders say that the critics are being selective by pointing out only a few of the thousands of news stories Reuters has produced and using them as evidence of a pattern of bias.
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Critics say that Reuters' avoidance of such words is selective, reflecting a larger bias against the [[United States]], [[Israel]], and [[Jew]]s.<ref>[http://www.washingtonpost.com/ac2/wp-dyn/A54924-2002Sep8?language=printer One Secret Service Detail Too Many] ''Washington Post''. Retrieved April 10, 2007.</ref><ref>[http://www.nationalreview.com/comment/hollander200310200859.asp Questionable “Integrity”] ''National Review''. Retrieved April 10, 2007.</ref><ref>[http://www.opinionjournal.com/best/?id=110007660 Best of the Web Today] ''Wall Street Journal''. Retrieved April 10, 2007.</ref>  Defenders say that the critics are being selective by pointing out only a few of the thousands of news stories Reuters has produced and using them as evidence of a pattern of bias.
  
 
=== Photographs controversies ===
 
=== Photographs controversies ===
Reuters was accused of bias against Israel in its coverage of the [[2006 Israel-Lebanon conflict]], in which - among other actions - the company used two doctored photos by a [[Lebanon|Lebanese]] freelance [[photographer]] Adnan Hajj.<ref>[http://www.ynetnews.com/articles/0,7340,L-3286966,00.html Reuters admits altering Beirut photo] YNet News. Retrieved April 10, 2007.</ref> On August 7, 2006, Reuters announced it severed all ties with Hajj and claimed his photographs will be removed from it's database.<ref>[http://www.pdnonline.com/pdn/search/article_display.jsp?vnu_content_id=1002951326 Reuters Says Freelancer Manipulated Lebanon Photos] PDN Online. Retrieved April 10, 2007.</ref> Critics alleged that removing Hajj dealt with only a symptom of much deeper problems at the news organization: bias and widespread use of local freelance photographers, which can result in Reuters inadvertantly acting as a "[[propaganda]] outlet."<ref>[http://www.opinionjournal.com/best/?id=110008761 Best of the Web Today] Wall Street Journal. Retrieved April 10, 2007.</ref>
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Reuters was accused of bias against [[Israel]] in its coverage of the [[2006 Israel-Lebanon conflict]], in which, among other actions, the company used two doctored [[photograph]]s by a [[Lebanon|Lebanese]] freelance photographer Adnan Hajj.<ref>[http://www.ynetnews.com/articles/0,7340,L-3286966,00.html Reuters admits altering Beirut photo] ''YNet News''. Retrieved April 10, 2007.</ref> On August 7, 2006, Reuters announced it severed all ties with Hajj and claimed his photographs will be removed from its database.<ref>[http://www.pdnonline.com/pdn/search/article_display.jsp?vnu_content_id=1002951326 Reuters Says Freelancer Manipulated Lebanon Photos] ''PDN Online''. Retrieved April 10, 2007.</ref> Critics alleged that removing Hajj dealt with only a symptom of much deeper problems at the news organization: bias and widespread use of local freelance photographers, which can result in Reuters inadvertently acting as a "[[propaganda]] outlet."<ref>[http://www.opinionjournal.com/best/?id=110008761 Best of the Web Today] ''Wall Street Journal''. Retrieved April 10, 2007.</ref>
 
 
 
 
  
 
==Notes==
 
==Notes==
Line 84: Line 87:
  
 
==References==
 
==References==
* Read, Donald (1992). ''The Power of News. The History of Reuters 1849-1989''. Oxford, Oxford University Press. ISBN 0-19-821776-5
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*Michel, Ulli. 2000. ''The Art of Seeing : The Best of Reuters Photography.'' Financial Times/Prentice Hall. ISBN 0273650114
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*Mooney, Brian and Barry Simpson. 2003. ''Breaking News: How the Wheels Came off at Reuters.'' Capstone. ISBN 1841125458
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*Read, Donald. 1992. ''The Power of News. The History of Reuters 1849-1989.'' Oxford, Oxford University Press. ISBN 0198217765
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*Reuters. 2006. ''Reuters: The State of the World.'' London: Thames & Hudson. ISBN 978-0500543207
  
 
==External links==
 
==External links==
*[http://biz.yahoo.com/ic/41/41832.html Reuters Group PLC Company Profile at Yahoo! Inc.]
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All links retrieved December 8, 2022.
*[http://finance.google.com/finance?cid=481653 Reuters Group PLC Company Profile at Google Inc.]
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* [http://www.reuters.com/ Official website of Reuters]  
* [http://www.opinionjournal.com/best/?id=95001205#reuter Wall Street Journal columnist James Taranto on Reuters' use of the word 'terrorist']
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* [http://www.ynetnews.com/articles/0,7340,L-3287774,00.html Reuters admits to more image manipulation]  
* [http://www.cbc.ca/news/indepth/words/terrorists.html Norman Solomon, executive director for the Institute for Public Accuracy and a U.S. columnist, on Reuters' use of 'terrorist']
 
* [http://www.opinionjournal.com/best/?id=110007660 Criticism of references to the Holocaust]
 
* [http://www.washingtonpost.com/ac2/wp-dyn/A54924-2002Sep8?language=printer Reuters photo caption of New York City's World Trade Center site after September 11 causes controversy]
 
* [http://www.pdnonline.com/pdn/search/article_display.jsp?vnu_content_id=1003534746 Reuters Investigation Leads To Dismissal Of Editor]
 
* [http://www.ynetnews.com/articles/0,7340,L-3287774,00.html Reuters admits to more image manipulation]
 
  
 
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{{Credits|Reuters|114789490|}}

Latest revision as of 19:58, 8 December 2022

The Reuters Building in Canary Wharf

Reuters is best known as a news service that provides reports from around the world to newspapers and broadcasters. Its main focus, however, is on supplying the financial markets with information and trading products. These include market data, such as share prices and currency rates, research and analytics, as well as trading systems that allow dealers to buy and sell currencies and shares on a computer screen instead of by telephone or on a trading floor like that of the New York Stock Exchange.

Reuters is one of the largest news agencies in the world along with the AP, Agence France-Presse, and UPI. Reuters supplies images, video, and text to a number of news outlets around the world. Their clients include newspapers, television stations, radio stations, corporations, and bloggers. Their material is used extensively around the world by both major and minor news outlets through an extensive electronic network, in which Reuters was a pioneer. Their global network employs some 16,000 people in 94 countries.[1] Since 1985, Reuters has also operated a news photo service. They sell photographs that cover breaking news, sports, and entertainment to other news agencies and to consumers. Use of new technology, such as digital cameras and the internet has facilitated Reuters' advance into this field.

Reuters' editorial policy is based on a foundation of transparency and a conscious effort to eliminate bias. To further this aim, Reuters attempts to provide balanced portrayals of all sides in the conflicts which it covers. Indeed, Reuters is not known for any particular political leanings, although it has been criticized for a number of missteps. Generally, it seeks to present an international outlook on current and financial affairs in service to the world community.

History

Founding

Reuters was established by Paul Julius Reuter, who was born to a rabbi in Kassel, Germany. After the failed Revolution of 1848, Reuter had fled from Germany to Paris and worked there in Charles-Louis Havas' news agency, the future Agence France Presse. Reuter noticed that with the electric telegraph news no longer required days or weeks to travel long distances. In 1850, the 34-year-old Reuter was based in Aachen, Germany, close to the Dutch and Belgian border, and began using the newly opened Berlin–Aachen telegraph line to send news to Berlin. However, there was a 76-mile gap in the line between Aachen and Brussels. Reuter spotted the opportunity to speed up news between Brussels and Berlin by using homing pigeons.

Reuters Data Centre, London.

In 1851, Reuter moved to London as attempts to lay a submarine telegraph cable from Dover to Calais looked to be succeeding, after failures in 1847 and 1850. He set up his "Submarine Telegraph" office in October 1851 just before the opening of the cable in November, and agreed to a contract with the London Stock Exchange to provide stock prices from the continental exchanges in return for access to the London prices, which he supplied to Paris brokers.

In 1865, Reuter's private firm was restructured and became a limited company called Reuter's Telegram Company. Reuter's agency built a reputation in Europe for being the first to report scoops from abroad, such as the news of Abraham Lincoln’s assassination.

The late 1800s saw an expansion of Reuters in terms of areas serviced and type of services provided. They developed infrastructure in the Far East and South America, and added the capacity to send messages electronically to London using a column printer. Reuters continued this early-adapting tradition with their adoption of radio to broadcast news in the 1920s.

In response to pressures by the British government to assist the British during World War I and World War II, Reuters restructured itself as a more private company. This move was undertaken to preserve Reuters' neutrality.

In the 1960s and 1970s, Reuters developed "The Stockmaster," which broadcast financial information internationally and the Reuter Monitor, which carried news of securities, commodities, and money.

Modern day

Reuters was floated as a public company in 1984 on the London Stock Exchange and on NASDAQ in the United States. However, there were concerns that the company's tradition for objective reporting might be jeopardized if control of the company later fell into the hands of a single shareholder. To counter this possibility, the constitution of the company at the time of flotation included a rule that no individual was allowed to hold more than 15 percent of the company. If this limit was exceeded the directors could order the shareholder to reduce the holding to less than 15 percent. This rule was applied in the late 1980s when Rupert Murdoch's News Corporation, which already held around 15 percent of Reuters, bought an Australian news company which also had a holding in Reuters. The acquisition meant that Murdoch then held more than 15 percent and so he was obliged to reduce the holding.[2]

At the same time, as a further measure to protect the independence of Reuters news reporting, The Reuters Founders Share Company was set up. This company had as its sole task to protect the integrity of the company's news output. It holds one "Founders Share" which can outvote all other shares in the event that an attempt is made to alter any of the rules relating to the Reuters Trust Principles. These principles set out the company's aim to preserve its independence, integrity, and freedom from bias in its news reporting.[3]

Reuters began to grow rapidly in the 1980s, widening the range of its business products and expanding its global reporting network for media, financial, and economic services. Key product launches include Equities 2000 (1987), Dealing 2000-2 (1992), Business Briefing (1994), Reuters Television for the financial markets (1994), 3000 Series (1996) and the Reuters 3000 Xtra service (1999).

Since 1985, Reuters has also operated a news photo service that sells photographs of breaking news, sports, and entertainment to other news agencies and to consumers. Use of new technology, such as digital cameras and the internet has facilitated Reuters' advance into this field, as it is now possible to transmit large, high quality images around the world in seconds.[4]

In the mid-1990s the company had a brief foray into the radio sector with London Radio's two stations, London News 97.3 FM and London News Talk 1152 AM, which replaced LBC in 1994. A Reuters Radio News service was also set up to compete with Independent Radio News.

In 1995, Reuters established its "Greenhouse Fund" to take minority investments in a range of start-up technology companies, initially in the United States.

After three decades of consistent growth, the company stumbled in the early 2000s. Reuters reported a loss of £394 million in 2002 and revenue fell by 8 percent to £3.575 billion.[5] To address the downturn, Reuters changed leadership and cut 3,000 jobs. The shift in fortunes was blamed on complacency with their previously gained reputation and the hubris that resulted in Reuters not matching advances in new markets and technologies made by competitors.[6]

In 2008, the Thomson Corporation and the Reuters Group PLC combined to form Thomson Reuters.[7] Today, almost every major news outlet in the world subscribes to Reuters. It operates in 200 cities in 94 countries, supplying text in 19 languages.

Products

Reuters provides news to the world's media, and market data, in-depth news, quotes, statistics, and analytics on financial and commodities markets to financial professionals around the world. Data is available through various delivery platforms such as workstations, datafeeds, internet, and wireless solutions.

Financial desktop products

These supply customers within sales, trading, and portfolio management with up to the minute cross-asset class, cross-geography information, and advanced integrated analytics.

Enterprise products

These include Datafeeds (broad-ranging, in-depth data which companies use to power mission-critical systems like program trading and portfolio management); Market Data Systems (applications, tools, and infrastructure components to manage financial content in real-time across the customer trading environment); Enterprise Information Products (feeds of reference data used for compliance purposes, including end-of-day and intra-day instrument prices, corporate actions, price histories, and terms and conditions); and Risk Management (products to help manage order flow, make trade decisions< and control risk).

Media products

Comprehensive and immediate broadcast news, video, and photographic coverage serve traditional publishing and broadcasting customers (newspapers, magazines, television networks, and news and information websites).

Advertising

Advertising services offer advertising space in the Reuters group of consumer products, such as the reuters.com network of websites.

Investments

News reporting accounts for less than 10 percent of the company's income.[8] Aside from financial reporting, Reuters is also invested in a number of different fields.

Main corporate locations

Reuters Building at Times Square, Manhattan

From 1939, the Reuters corporate headquarters was in London's famous Fleet Street, but in 2005 Reuters moved to a larger building in the more modern Canary Wharf. The Reuters Building is near the One Canada Square tower, Jubilee Park and Canary Wharf tube station. The open space below the Reuters building has since been renamed Reuters Plaza.

The company's North American headquarters is the Reuters Building at 3 Times Square, New York City. It is on Seventh Avenue between 42nd and 43rd Streets, and was constructed from 1998 to 2001.[9]

Allegations of bias

Anti-Israel

The news organization has been accused of showing an anti-Israel and anti-American bias, by sources such as the National Review and the Wall Street Journal's editorial division.[10]

Wording

Accusations of bias concern the use of words such as "militants" or "guerrillas" instead of "terrorists" for groups that deliberately kill civilians in pursuit of political objectives.[11][12] This is explained as part of a policy of avoiding "the use of emotive terms" as part of a long-standard policy against bias.[13] Avoiding the word "terrorist" is a policy that Reuters has claimed to have applied for decades, including in the Northern Ireland conflict.

The September 20, 2004 edition of the The New York Times reported that Reuters Global Managing Editor, David A. Schlesinger, objected to Canadian newspapers editing Reuters articles through inclusion of the word "terrorist," stating that "my goal is to protect our reporters and protect our editorial integrity."[14]

Due to this policy, Reuters was careful to use the word "terrorist" in quotes. However, when reporting the 7 July 2005 London bombings, the service reported, "Police said they suspected terrorists were behind the bombings." The contrast between this and their aforementioned policy was criticized, although by that point Reuters policy was to use such words "when we are quoting someone directly or in indirect speech," and this headline is an example of the latter.[15][16] The news organization has subsequently used the term "terrorist" without quotations when the article clarifies that it is someone else's words.

Critics say that Reuters' avoidance of such words is selective, reflecting a larger bias against the United States, Israel, and Jews.[17][18][19] Defenders say that the critics are being selective by pointing out only a few of the thousands of news stories Reuters has produced and using them as evidence of a pattern of bias.

Photographs controversies

Reuters was accused of bias against Israel in its coverage of the 2006 Israel-Lebanon conflict, in which, among other actions, the company used two doctored photographs by a Lebanese freelance photographer Adnan Hajj.[20] On August 7, 2006, Reuters announced it severed all ties with Hajj and claimed his photographs will be removed from its database.[21] Critics alleged that removing Hajj dealt with only a symptom of much deeper problems at the news organization: bias and widespread use of local freelance photographers, which can result in Reuters inadvertently acting as a "propaganda outlet."[22]

Notes

  1. Reuters Worldwide. Reuters. Retrieved April 21, 2007.
  2. Reuters: History Reuters. Retrieved April 10, 2007.
  3. Reuters Holdings PLC Reference for Business. Retrieved April 10, 2007.
  4. Michel Ulli, The Art of Seeing : The Best of Reuters Photography. (Financial Times/Prentice Hall 2000 ISBN 0273650114)
  5. Reuters reports record loss; cuts 3000 jobs. Finextra. Retrieved April 24, 2007.
  6. Brian Mooney and Barry Simpson. Breaking News: How the Wheels Came off at Reuters. (Capstone 2003. ISBN 1841125458)
  7. Company History Thomson Reuters. Retrieved September 2, 2008.
  8. Company Overview Reuters. Retrieved April 10, 2007.
  9. The Reuters Building Wired New York. Retrieved April 10, 2007.
  10. Opinion Journal Wall Street Journal. Retrieved April 10, 2007.
  11. 2003 Dishonest Reporting Awards Honest Reporting. Retrieved April 21, 2007.
  12. More on "They're Terrorists" - Not Activists. Daniel Pipes. Retrieved April 21, 2007.
  13. Editorial Policy Reuters. Retrieved April 10, 2007.
  14. Reuters Asks a Chain to Remove Its Bylines New York Times. Retrieved April 10, 2007.
  15. Best of the Web Today Wall Street Journal. Retrieved April 10, 2007.
  16. Editorial Policy Reuters. Retrieved April 10, 2007.
  17. One Secret Service Detail Too Many Washington Post. Retrieved April 10, 2007.
  18. Questionable “Integrity” National Review. Retrieved April 10, 2007.
  19. Best of the Web Today Wall Street Journal. Retrieved April 10, 2007.
  20. Reuters admits altering Beirut photo YNet News. Retrieved April 10, 2007.
  21. Reuters Says Freelancer Manipulated Lebanon Photos PDN Online. Retrieved April 10, 2007.
  22. Best of the Web Today Wall Street Journal. Retrieved April 10, 2007.

References
ISBN links support NWE through referral fees

  • Michel, Ulli. 2000. The Art of Seeing : The Best of Reuters Photography. Financial Times/Prentice Hall. ISBN 0273650114
  • Mooney, Brian and Barry Simpson. 2003. Breaking News: How the Wheels Came off at Reuters. Capstone. ISBN 1841125458
  • Read, Donald. 1992. The Power of News. The History of Reuters 1849-1989. Oxford, Oxford University Press. ISBN 0198217765
  • Reuters. 2006. Reuters: The State of the World. London: Thames & Hudson. ISBN 978-0500543207

External links

All links retrieved December 8, 2022.

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