FBN panel discusses Wall Street bonuses

FOX Business Network tackled the Wall Street bonus controversy from a new angle. 

The issue has angered many Americans and even prompted the president to call the high compensation of executives "shameful." But a panel of experts tried to put the bonuses into perspective for viewers.

Panel members discussed the fact that Wall Street bonuses sometimes make up as much as two-thirds of an employee's total compensation. In investment banking, for example, bonuses are like a commission that is directly tied to revenue. Because of the recession and declining revenues, the bonus pool on Wall Street has actually declined about 44 percent in just one year. 

The panel added the bonus issue is highly complicated and should not be used by politicians to create "class warfare." 

To view the segment click here.

Stimulus coverage: "Buy American"

Several media outlets are covering the controversy over the new "Buy American" rules that are part of President Obama's proposed economic stimulus package. A segment of CNBC's "Closing Bell" featured a panel of three experts who debated the newest hot button issue. Frequent CNBC commentators Keith Boykin, Andrew Busch and Greg Valliere agreed a provision that would require, among other things, all new infrastructure in the United States to utilize only US steel, is a bad idea. Boykin said it is critical for the US to enact as many free trade policies as possible during the global financial crisis. Busch added that protectionism ultimately hurts every sector.

CNNMoney also addressed the issue with a two-minute segment. Unlike the CNBC panel, some prominent investors think the protectionist clause is a good idea. For example, Warren Buffett encourages investors to follow his lead and engage in "economic patriotism" by only investing in American companies. But many economists disagree and caution that because American products are generally more expensive, taxpayers will be forced to spend much more money in the long run. 

View the CNN segment here. 

Cuts next week at the WSJ?

Portfolio's Jeff Bercovici reports that staffers at The Wall Street Journal could face another round of cuts next week. The number of employees affected might be about 50, but many may be offered buyouts.
Bercovici said its also rumored that Dow Jones Newswires may also have cuts and that one or more Journal bureaus could be eliminated.
Bercovici writes:

Since Rupert Murdoch took over Dow Jones at the end of 2007, the Journal has been relatively exempt from the wave of downsizing that has swept the newspaper industry. The exception was last summer when the paper eliminated 50 copy editing jobs in South Brunswick, N.J., and handed out a passel of exit packages. (Some of the copy desk jobs were re-created in Manhattan.) Recently, Dow Jones notified employees that their salaries would be frozen for the duration of 2009; many took that as a sign that more drastic measures, such as layoffs, wouldn't be necessary in the short term. Now, says one staffer, "Everyone's under this haze of anxiety."

NPR's Davidson talks about the economy

Adam Davidson, a international business and economics correspondent for National Public Radio, explained to a group of 260 people that the U.S. financial crisis blindsided economists and none of them see an easy fix.
The Sun Journal reports that Davidson still believes, however, that "the economy will recover and the country will emerge still a world business power"
From the story:

Neither the Troubled Asset Relief Program nor the government stimulus package that Congress is now considering will guarantee a solution, particularly a short term solution, Davidson said.
"It was so far down the road that even the best predictors don't know how to get off of it, how to fix the problems," said Davidson. "At the same time, they don't know how bad things will get before they get better. It is a long-term issue.
"The consensus of economists is that nobody knows if the stimulus will work; there is a big debate among them."

Baltimore Examiner to close

The Baltimore Sun reports that the Baltimore Examiner will close after its Feb. 15 issue.
According the the report, "the decision comes after months of unsuccessful attempts to find a buyer for the paper and failed efforts to package ads with a sister publication in Washington, Denver-based owner Clarity Media Group said yesterday."

"This is very disappointing for all of us. Obviously, this is not what we envisioned when we launched the newspaper," Clarity Chief Executive Officer Ryan McKibben said in a letter sent to Examiner staff yesterday morning. The company said it will now concentrate resources on an Internet venture already in multiple markets, including Baltimore, and its papers in San Francisco and Washington, where it plans to add space, new columnists and Web editors.

For the full story click here.

NYT's "Davos Diary"

The New York Times' "DealBook" features a blog that details key developments at the World Economic Forum Annual Meeting 2009 in Davos, Switzerland. The conference is especially important this year as the world economy faces an unprecedented crisis. 

A few highlights from the blog:

• Katrin Bennhold writes about a workshop on "Global Imbalances" where the global financial system is compared to an airplane: "Every time there is a crash, the reasons are analyzed in meticulous detail, and the planes, as well as the regulations governing them, are adjusted accordingly. Over time, accidents are largely 'regulated away.'" Unfortunately, the same process just cannot be applied to the financial markets despite the best efforts of politicians. 

• Tom Redburn writes about a session called "2009 World Economic Brainstorming: What Happened to the Global Economy" chaired by CNBC's Maria Bartiromo. According to Redburn, the session quickly turned into "a bit of a lynch mob, Davos-style." The high-point of the afternoon came when Nissan Nicholas Taleb of New York University explained "the biggest problem was that nobody was willing to pay the price for failure...It is time for some punishment." Former Treasury secretary and Citigroup board member Robert E. Rubin appears to be "Target No. 1" on Taleb's list.
  

The blog posts include news, analysis and lots of video. This year, the conference is held from Jan. 28 to Feb. 1. 

Check out the blog here. 

FBN launches weekend call-in show

Reuters reports FOX Business Network debuted a four-hour live call-in weekly series that gives viewers the opportunity to talk with financial experts about anything from the ongoing financial crisis to personal finance issues. "Your Questions, Your Money Live" premiered Jan. 24 and will air every Saturday from 10 am to 2 pm (EST).

The show demonstrates FBN's expansion into new territory. This is the first time FBN will fill the time block with a live broadcast. The premiere featured experts from all sectors including author of "You're Broke Because You Want to Be" Larry Winget, former FDIC Chairman Bill Isaac, Powell Financial Group President Pat Powell, CEO of the Mortgage Market Guide Barry Habib and others. 

For more click here. 

Plain Dealer names Roguski biz editor

The Plain Dealer has named Randy Roguski its business editor.
Roguski, who has been acting business editor, replaces former editor Paul O'Donnell who took a buyout in October.
O’Donnell was a 27-year in the newspaper industry veteran, spending the last 18 years in key editing roles at The Plain Dealer.
For more click here.

Talking with FBN anchor Liz Claman

Mediabistro has a podcast with Fox Business Network anchor Liz Claman.
Claman discusses the critical nature of financial journalism – and reputable news as a whole – in the wake of this global economic meltdown. "Our industry, whether it's print or electronic media, is under massive assault," she says of the media world.
To check out the podcast click here.

Denver Post says JOA to end soon

The Joint Operating Agreement between The Denver Post and the troubled Rocky Mountain News is on shaky ground, according to Editor & Publisher's Fitz & Jen blog.
The Denver Post Corporation released a statement today clarifying its position about the JOA:

If the Rocky Mountain News ceases publication, it will be in violation of the Joint Operating Agreement, and the agreement will end.
If the Rocky Mountain News is sold, The Denver Post intends to exercise its options to buy all of Denver Newspaper Agency, and Denver Newspaper Agency and The Denver Post will be consolidated. In either case, The Denver Post and the Denver Newspaper Agency will become one organization and will publish only The Denver Post. At that time, the intercompany balances between The Denver Post and the Denver Newspaper Agency will offset, and the combined company will be recapitalized with a plan to successfully move The Denver Post into the future.

The statement was released after the Rocky Mountain News published a story accusing The Denver Post of misusing JOA funds for payroll purposes.
E&P reports that MediaNews Group CEO Dean Singleton believes the Rocky Mountain News will not find a buyer and will fold.

To read more, and see the Denver Post Co. statement, click here.

CBS launches MoneyWatch.com

Reuters reports that CBS Interactive launched a personal finance Web site today called MoneyWatch.com.
According to the press release the site will:
* Translate the latest financial headlines and break down how they directly impacts the readers’ and their pocketbook.
* React quickly to translate the news on a broadcast level, from national and local TV and radio stations including CBS Early Show and local CBS news affiliates.
*Led by Eric Schroenberg, former managing editor of Money Magazine, MoneyWatch will help people who feel responsible about their money and believe that making the right decisions about what they have and what they earn is profoundly important.
For more click here.

Users spent less time on news sites in December

Time spent per user on major newspaper websites trended generally downward from November 2008 to December 2008, according to a list published by Editor & Publisher.

Politico and the Detroit News suffered. About four minutes were nicked off Politico’s average time spent from November to December while Detroit was down about 5 minutes.
The NYTimes.com shed about three minutes from November to December.

Most of the sites saw much smaller losses. A few sites broke the trend and made gains.
The Star Tribune, for example, increased its average time spent per user by twelve minutes to 32:20, good for second place overall behind The New York Times' 33:03.
Third place went to The Houston Chronicle at 19:20.

To see the whole list and read more, click here

American Airlines to run NBC programming on flights

USA Today reports NBC Universal will now produce special segments for American Airlines that will be broadcast on many flights. Some of the programming will come from CNBC. NBC has agreed to produce "four exclusive 90-minute segments each month for American's in-flight entertainment system." Other NBC Universal-owned networks including USA, Bravo, Sci Fi and MSNBC will also contribute content. The programming will be broadcast on seat-back screens on American's Boeing 737s, 757s, 767s and its Airbus A300s.
Before the deal with NBC, CBS produced segments for the carrier.
For more click here.

Santa Cruz Sentinel biz coverage revamped

The Mercury News reports the Santa Cruz Sentinel will move the business section into the "A" section in its Sunday edition as part of a facelift the paper will undergo this week. The paper will also drop the weekend Wall Street Journal section and add a personal finance column as well as a weekly "roundup" of the stock market.
Like other newspapers, the Sentinel is trying to do more with fewer resources. Executives are "[exploring] ways to become more efficient without sacrificing local news coverage."
For more click here.

E&P gets 3 Neal nominations

Editor & Publisher announced it has earned three finalist nominations for the Jesse H. Neal Awards this year. The prizes will be handed out by American Business Media in New York City on March 19. The categories in which E&P has earned a slot include editorials, subject related series, and news coverage.

E&P has won 11 Neal Awards in the past six years, one of the top marks in the entire business field, and only a handful of magazines earned three finalist slots this year.

For more click here.

Jim Cramer's sunny outlook for 2009

TheStreet.com outlines some of the predictions CNBC's Jim Cramer has for 2009. It appears Cramer is very optimistic about the new administration and thinks investors can look forward to a "huge rally" this year. Cramer's basis for the optimism is the fact that in 1933 the market got a huge boost from a transfer of power.
Cramer also predicts the housing market will finally hit bottom in 2009 and China will make a "comeback." Cramer believes President Barack Obama will adopt natural gas "as the future of fuel" which will in turn eliminate the derivatives market "that has been destroying the bank stocks."
Most importantly, Cramer asks investors to "start looking at things a bit more optimistically." Acccording to Cramer, investors who remain bearish in 2009 may end up losing money.
For more click here.

Community papers retaining ad revenue

While ad revenue for large print papers across the country has been plummeting for several quarters, a new report shows that community papers are doing much better, according to Editor & Publisher.

In fact, a new report issued jointly by the Suburban Newspapers of America (SNA) and the National Newspaper Association (NNA) found that in Q3 2008 advertising revenue for their groups fell only 1.7% to $394 million, compared to the same period a year ago.
Meanwhile, the Newspaper Association of America that keeps a tally of advertising revenue used as a benchmark for the industry found overall ad revenue dropped 18% to $8.9 billion in the same quarter.

The article explains the huge difference between community papers and larger dailies by pointing to the popularity and effectiveness of hyper-local advertising.
When the audience for the paper as a whole is much smaller, advertisers are able to more effectively target their intended audience. This keeps their confidence relatively high even in a rough economic situation.

Click here to read more.

Ad revenue continues to slide at major biz publications, Web sites

24/7 Wall St. examines falling advertising revenues both online and in print editions. This trend has clearly affected some major financial publications and Web sites.
For example, ad sales at The Economist are down about 30 percent this year. "High-end demographic online properties" such as WSJ.com are also taking a hit.

WSJ.com, part of News Corp (NWS) is running advertising for sister website Barrons.com which it probably carries for free. Businessweek.com is running marketing messages offering four free copies of its print edition. Forbes.com is carrying direct response messages from online shopping service Brookstone.com. CNNMoney.com, part of Time Warner (TWX) is also running ads for Freescore.com.

According to experts, the first quarter of 2009 will probably be "a disaster" for internet advertising.
For more click here.

Tribune Co. finds buyer for Cubs

After two years of searching and negotiations, Tribune Company has finally settled on a buyer for the Chicago Cubs and Wrigley Field.
The Ricketts family, founders of what is now TD Ameritrade Holding Corp., outbid other potential buyers of the team and the field by offering $900 million for them.

Tribune Co. put the Cubs up for sale in April 2007, upon announcing that it would go private in a debt-laden $8.2 billion transaction led by Chicago real estate financier Sam Zell. The deal is needed to pay down debt.
The Cubs and Wrigley Field were not included in the bankruptcy filing, giving Tribune Co. some breathing room to complete the auction. But it's likely the bankruptcy judge will have to approve the sale of the Cubs because the proceeds will go to creditors.

While the buyer has been settled upon, negotiations are still preliminary and several hurdles still need to be cleared before the deal is done.

To read more, click here.

Times Co. downgraded again

Editor & Publisher reports The New York Times Co. has been downgraded by Moody's to "junk" status. In addition, Moody's also assigned the comany a "negative outlook" which means that The Times Co. may be succeptible to further downgrades in the future. The recent $250 million laon from Mexican billinaire Carlos Slim Helu apparently did not boost the comapny's overall appearance and outlook.

"The downgrade reflects Moody's expectation that ongoing deterioration in newspaper advertising revenues will continue to place significant downward pressure on [The Times Co.'s] EBITDA (earnings before interest, taxes, depreciation and amortization) despite aggressive cost management, and that the earnings decline along with a significant increase in the underfunded pension liability will weaken credit metrics considerably," said John Puchalla, Moody's vice president and senior analyst.

Moody's also made some predicitions about the health of The Times Co. in 2009. Analysts expect revenue to drop by 10 percent and EBITDA to fall 30 to 35 percent.
For more click here.

NY Times to sell part of its building

In an effort to raise more cash and pay off some of its debt, The New York Times revealed today that it is in negotiations to sell a large part of its 52-story headquarters in Manhattan.

Under the deal, the Times Company would sell the 19 floors it currently uses in the building but not the 6 floors it leases to other tenants. The Times Company would continue to occupy and manage its floors and would have the right to buy back the space at a predetermined price when a 10-year lease expires.

W.P. Carey and Company, an investment and management firm, will be purchasing the space. The Times will be able to purchase the space back at the end of the lease if it so chooses.
The deal, in addition to the $250 million loan The Times acquired from Mexican billionare Carlos Slim Helu, will help the paper as it seeks to pay off its considerable debt.

Click here to read more.

The Atlantic launches business channel

FishbowlNY reports TheAtlantic.com launched a new online business channel Thursday. Business.TheAtlantic.com will feature "original posts, dispatches, interviews and more from a range of experts" and will cover a variety of topics that deal with business and the economy. 

For the press release click here. 

British government to investigate role of media in banking crisis

MSNBC is reporting lawmakers in Great Britain will investigate the role of the media in the financial crisis. The formal inquiry will examine if journalists should be gagged when the market is experiencing exceptionally high levels of volatility. 

From the story:

The committee said it would weigh whether financial journalists should exercise greater restraint during periods of market turbulence and whether any kind of reporting restrictions should be applied during such periods. In addition, it said it would investigate whether journalists have sufficient expertise in financial issues and examine the role of financial media in alerting the authorities to issues of public concern. 

Preliminary evidence is scheduled to be presented during a hearing on Feb. 4. Key media figures are expected to attend. 

For more click here. 

Reporting on CEOs health issues

The Toronto Star examines the very sensitive topic of reporting on CEOs health. The article questions whether journalists and the public have the right to know when a CEO becomes ill or is forced to deal with serious health problems. 

The focus is, of course, on Apple CEO Steve Jobs who recently announced he will take a leave of absence to deal with health problems that are, according to Jobs, "more complex than...originally though." The move prompted an SEC investigation into the matter to determine if investors were deliberately misguided by Apple's public relations team who assured the public Jobs, a cancer survivor, was fine and merely experiencing a "hormonal imbalance." 

Professor Laura P. Hartman agrees that while reporting on Jobs' health creates a potential ethical problem, Jobs' "public profile" might actually make him fair game. According to Hartman, because Jobs is such a large part of Apple's identity and culture, "our ethical and legal requirement to respect [his] privacy bumps up against the company's onus to disclose information material to shareholders and employees." Because the speculation over Jobs' health sent shares of Apple "on a roller-coaster ride" in recent months and because Jobs temporarily stepped down, his health issues were material and "impacted his ability to serve." 

For more click here. 

FT names Zorthian president of the Americas

The Financial Times has named Greg Zorthian as its president of the Americas, according to reports from The Washington Post.
Zorthian, who in the past has held executive posts at Forbes, Time Inc. and Magellan Media Consulting Partners, will add those duties to his responsibilities as global circulation director, a post he assumed in July 2007.
For the full story click here.

Strange mail sent to WSJ

A suspicious white powder was mailed to The Wall Street Journal's New York headquarters yesterday and it prompted a partial evacuation, according to reports from the paper.
The story says that police determined the powder, "wasn't hazardous and was probably flour or a food-based substance."
The FBI plans to continue examining the mailing. They suspect they could be linked to a similar mailing sent to Harvard Law School professor Alan Dershowitz.
For the full story click here.

A new kind of "newspaper"

The New York Times reports a Chicago based start-up, The Printed Blog, will publish a weekly paper that consists entirely of blog posts. The "Internet-era penny-saver" will be available in major cities and, most importantly, it will be free.

 As the newspaper industry struggles, free publications have actually performed quite well. The company believes this new product has major potential for success and eventual growth. 

The Printed Blog will publish blog posts alongside other Weblike content, like user-submitted photographs and readers' comments. The paper will be printed on three or four 11-by-17 inch sheets of white paper and laid out like a blog instead of columns. Users will eventually be able to log on to its site, theprintedblog.com, to choose which blogs they want in their edition, and editors will decide which posts make the paper. A city the size of Chicago could have 50 separate editions tailored to individual neighborhoods. 

For more click here. 

P-I workers face possible layoffs

The Associated Press reports that employees at the Seattle Post-Intelligencer have been notified that all jobs will be eliminated if no one purchases the paper. Earlier this month, the paper's owner, Hearst Corp. said it would stop printing the paper if a buyer wasn't found within 60 days
Form the story:

The P-I reported on its Web site Tuesday night that the paper's employees were notified in a letter to the Pacific Northwest Newspaper Guild sent Friday by Roger Oglesby, P-I editor and publisher. The letter said jobs will end March 18 at the earliest, though they could last through April 1. The paper has a current staff of 170.

More cuts for LA Times?

LA Observed reports that staffers at The Los Angeles Times could face another round of layoffs, as the Tribune Co. looks for more ways to cut costs by the middle of March.
The report says there is still no solid information yet on if there will definitely be cuts or the number of staffers that could be impacted.
For more click here.

Newsday editors are back

The New York Times reports that the top editors at Newsday reported for work yesterday after a several day dispute.
The staff "did not know whether they had been ousted by the paper’s new owner, Cablevision Systems, in a dispute over news coverage."
From the story:

Newsroom employees said tension between the editors and Cablevision boiled over because of the paper’s coverage of allegations against a player on the New York Knicks, a basketball team owned by Cablevision. But a person briefed on the dispute said it focused on “the tenor and depth of overall coverage,” not any particular topic.

For the full story click here.

Inside a dental scam

Roberta Baskin of WJLA-TV and her team exposed a chain of dental clinics that put small children under unnecessary and painful treatments in a scheme to profit from Medicaid.
For their investigative series, "Drilling for Dollars: Children's Dentistry Investigation," the team recently won a 2009 duPont-Columbia Award.
From Columbia's announcement:

"In this exemplary investigative series, Baskin and her team gained extraordinary access to a corrupt chain of dental clinics that targeted small children on Medicaid. Without hidden cameras, Baskin methodically shows how children were physically harmed by the extreme practices of the clinic. They tracked down former employees to report on the bonus system that rewarded employees for doing the most dental work, even if it was unnecessary. Baskin followed up on the report to show similar problems at Small Smiles clinics across the country. The reports sparked a criminal investigation and a federal investigation. As a result of Baskin’s tenacity, six different insurance companies suspended their contracts with Small Smiles clinics in Maryland."

For more click here.

Will the Tucson Citizen survive?

Gannett Co. announced that it will close the Tucson Citizen if it does not find a buyer for certain assets owned by the paper by March 21, according to reports from the Associated Press.
The report says the Citizen, an afternoon paper, is part of a joint operating agreement with the Arizona Daily Star, a morning paper owned by Lee Enterprises.

"The Tucson Citizen has been part of Gannett since 1976, and we deeply regret having to take this step," said Robert J. Dickey, president of Gannett U.S. Community Publishing. "But dramatic changes in our industry combined with the difficult economy — particularly in this region — mean it is no longer viable for our partnership with Lee Enterprises Incorporated to produce two daily newspapers in Tucson."

For the full story click here.

Digging into proxy statements

The Plain Dealer has a story about Michelle Leder, the founder of footnoted.org and a business reporter who's a master at finding vital details in Securities and Exchange Commission documents.
The story talked about Leder's work with proxy statements, documents that companies are required to file with the SEC in advance of their annual meetings.
Leder knows how to read the small print and she uncovers interesting, important details inside the paperwork. The story details her methods.
For more click here.

Reporter covering Apple criticized

Did reporters who cover Apple and the company's chief executive Steve Jobs who appeared increasingly "gaunt" in recent months fail to see and report the obvious? Some critics appear to think so. 

The New York Times has an interesting article spotlighting the criticism of one reporter who covers the company. Jobs has looked frail in recent months and Apple finally confirmed last week that Jobs was in fact dealing with a "serious health issue" and would have to take a leave of absence.

CNBC's Silicon Valley correspondent Jim Goldman was "attacked" last week by Newsweek's Daniel Lyons who criticized Goldman's reporting on Jobs's deteriorating health. Lyons asserted Goldman was "played and punked" by Apple's very-convincing public relations team. Goldman had reported that Jobs's poor health was not the reason for his notable absence from the Macworld conference. 

Lyons noted there are two types of reporters who cover Apple: reporters who "realize a lot of what they are being told is not true...and the other kind who suck up in order to get access and wind up getting played and punked." 

For more click here. 

WSJ to run special sections with focus on new administration

Editor & Publisher reports The Wall Street Journal plans to run special reports that will focus on how Barack Obama's inauguration will initially impact the economy. The first section, which will focus mainly on President Obama's agenda and the new federal budget, will be published in February. In this section, reporters will analyze what the numbers in the budget actually mean. This section will also outline the new administration's priorities and "which fires it is going to put out first."

On Thursday, May 7, WSJ plans to "apply its insightful reporting to the first 100 days of the Obama administration." The section will examine the impact the administration's policies have had on business and the global economy. 

For more click here. 

NYT obtains $250 million loan from private investor

The New York Times reports its parent company will obtain a $250 million loan from Mexican billionaire Carlos Slim Helu. Helu already owns 6.9 percent of the New York Times Company. Under the new agreement, the $250 million will come in the form of six-year notes with warrants that may be converted into common shares of the company's stock. 

Th loan carries a 14 percent interest rate. The Times Company announced the funds will be used to refinance existing debt. In the next few years, the struggling company faces approaching deadlines to pay back approximately $1.1 billion in debt to various creditors. 

For the full story click here. 

Top 30 news sites see growth

Nielsen Online has released December numbers for the top 30 news sites worldwide as visited by U.S. audiences. Editor & Publisher reports that most news outlets represented saw healthy growth:

The number of unique visitors to the Huff Post grew 244% to 6.1 million in December compared to the same month a year ago... Uniques at Fox News advanced 60% to 13.7 million year-over-year. The New York Daily News: Up 99% to 5.8 million. The monthly unique audience rose 55% to 4.5 million at The New York Post.

Topping the list again was the MSNBC Digital Network, which saw its year-over-year audience grow 40 percent to 40.4 million.
In fact, the top seven organizations remained the same. Google News was the first to slip; it fell from eighth place with 14.4 million in November to 12th place with 10.7 million in December.
The highest-ranking foreign news outlet was the BBC, which stayed in 15th place, rising 11 percent year-over-year to 8.3 million unique visitors.

To see the list and read more, click here.

Gannett staffers must take unpaid furloughs

Jim Hopkins reports on his blog that Gannett Co. is asking every employee in its U.S. Community Publishing Operating Committee to take five days off without pay.
In a memo posted on the blog, Gannett Newspaper Division president Bob Dickey told employees:

As a result of your feedback, and in an effort to minimize the need for more layoffs, I have decided to take another approach as we enter 2009. To that end, every non-represented employee in the USCP division will be furloughed for five business days during this quarter. That includes me, your publisher, everyone. Unions will be asked to accept furloughs in lieu of layoffs. We all will be sharing the financial hardship.

ASBPE offers new award

The American Society of Business Publication Editors has created a new award to recognize a business-to-business, association, or trade publication journalist whose coverage of an issue triggers a tangible change within government or industry.
Called the Journalism That Matters Award, all forms of media — print, online, video, and audio — are eligible. The entry deadline is March 2, 2009.
For more details click here.

Chicago Trib goes compact

A column in today's Chicago Tribune offers a closer glimpse at that paper's plan to add a tabloid-size newspaper.
The paper, which will hit streets on Monday, will have the same editorial content as the traditional broadsheet edition.
The story says, "This format shift by the Tribune represents a surprising notion that there might still be room for growth in old-fashioned newsprint for an industry struggling with hard economic realities and trying to develop a business model for the Internet."

SmartMoney layoffs

FOLIO reports that SmartMoney magazine recently had a round of layoffs, but it's unclear exactly how many people lost their jobs.
From the story: “SmartMoney is making some minor adjustments to its staff based on the current economy, just as all nimble companies have done of late,” the spokesperson wrote in an e-mail to FOLIO.

New managing editors at Wash. Post

The Washington Post named two managing editors today.
Elizabeth Spayd, who joined The Post in 1988 as an assistant business editor, is the first woman to hold the title in the paper's history.
Joining her is Raju Narisetti, a former deputy managing editor of The Wall Street Journal, who launched a national business newspaper in India in 2007.
From the full story click here.

Financial Times eliminates 80 jobs

Editor & Publisher reports that more layoffs are coming at the Financial Times. The publication may eliminate 80 staffers worldwide as it undergoes a reorganization.
From the report:

"We are now taking the next steps in reorganizing and streamlining our business," FT John Ridding said in a "Dear All" memo to employees. "We are deepening integration in our print and digital operations, combining some operations with our recent acquisitions and simplifying some of our processes to increase efficiency and deploy resources in line with our objectives. These changes involve a restructuring plan across several departments, and regrettably, about 80 people are likely to be affected across our global operation."

SI Intelligencer for sale

The Huffington Post reports that Hearst Corp. has put the Seattle Post-Intelligencer up for sale.
The report says if no buyer is found in 60 days the paper could close or move to an online only operation.
The story says: "Seattle is one of two major cities on the verge of losing its second daily newspaper as the industry tries to pull out of a tailspin brought on by falling circulation and advertising revenue. Denver's Rocky Mountain News recently put itself up for sale in the face of steep losses and could close if a buyer isn't found soon."

Honolulu Advertiser cuts stand-alone biz section

The Honolulu Advertiser announced today that it's cutting its stand-alone business section.
Editor Mark Platte told readers that beginning today, "the Hawai'i section will include business news and classified ads in an all-local supersection. The business section, which had been printed as a stand-alone tabloid, will appear on Page B5 and the classified ads will begin on page B9."
For more click here.

Noblet joins Dow Jones

Kevin Noblet was hired at Dow Jones Newswires as deputy managing editor for Wealth Management, according to reports from MarketWatch.
Noblet, who most recently was worked at the Associated Press in various roles including business editor, deputy international editor and bureau chief, will guide coverage in the personal finance and wealth management group.
From the story:

"This addition of Kevin to our team is part of a broader effort to produce regular columns and expert commentary on key market topics of specific interest to high-net-worth individuals and those who manage relationships with them," said Neal Lipschutz, senior vice president and managing editor, Dow Jones Newswires. "As Dow Jones expands its efforts to develop products and services to meet the needs of wealth management professionals, Kevin's extensive experience in news management, top-level editing, and recruiting and training of staff will be a valuable asset."

Chicago Tribune to Bring Back Standalone Biz Section

Editor and Publisher reports that the Chicago Tribune is rethinking and redoing its recent redesign.
In a note to readers, the paper admits its recent changes were less than successful. From the E&P article:

"'You spoke, we listened,' was the headline for a note to readers from Editor Gerould W. Kern published in a spadia that discussed how the paper's design would change from its radical transformation launched last Sept. 29 --and how it wouldn't.
Specifically, the Tribune said it would bring back the business section as its own section front. Depending on the day, and seemingly without any pattern, the business section would previously sometimes have its own section front and at other times appear in the middle of another section."

Read more here.

Ignatius heads to Harvard Business Review

Adi Ignatius, most recently deputy managing editor of Time magazine, has been named the editor-in-chief of Harvard Business Review, according to reports from The Boston Globe.
The report says Ignatius was executive editor of Time before his stint as deputy managing editor.
In the story David Wan, president and chief executive of Harvard Business Publishing, said, "Adi is a first-rate journalist and a highly accomplished magazine editor whose management experience and international perspective make him ideally qualified to lead Harvard Business Review. His energy and leadership will be especially valuable as the magazine seeks to evolve and grow to meet the needs of its global readers and fulfill its mission to improve the practice of management."
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Deseret News cuts Money section

The Deseret News in Salt Lake City has cut its Sunday Money section.
In a letter to readers, former business editor Greg Kratz explained that last summer the paper began "streamlining some sections to save money during a time of declining advertising revenue."
The Money section is one of the victims of those cuts.
From the story:

The Money section also has included columns and features from nationally known experts that were unique to the Deseret News. We've always had a great variety of personal-finance columns in this section, and I hope they have helped you manage your portfolio over the years, in good economic times and bad. I also hope you will continue to seek out the excellent reporting and writing of our business team, which you will find often on A1, B1 and on the business pages inside the daily paper's A section.

FBN's Claman on the rise

Today's The Washington Post has a story on anchor Liz Claman of the Fox Business Network, a report that details her progression as a business reporter.
Just a decade ago when she made the jump from local television to business news she had never heard of Warren Buffett. But last month, FBN showed an hour-long special with Buffett, led by Claman.
And that's not her only accomplishment since joining the network.
Claman "Countdown to the Closing Bell" is the network's highest-rated show during market hours.
In the story Claman says, ""I'm not a BusinessWeek reporter who knows how to perfectly distill a balance sheet," Claman says. "But I know a good business story when I see it."
For the full report click here.

Zebora to lead Hearst regional biz coverage

Jim Zebora of Connecticut's The Advocate/Greenwich Time is leaving his post as managing editor to oversee regional business coverage for the Hearst Connecticut Newspaper Group.
A report from the paper says that Zebora served as business editor at The Advocate/Greenwich Time from 1999 to 2007.
Prior to joining The Advocate, he spent 19 years at the Record-Journal in his native Meriden, where he worked his way up to business editor.
In his new role, Zebora will direct business coverage for Hearst's four daily newspapers and seven community weeklies throughout Fairfield County.

"Jim Zebora was the obvious choice to lead the expansion of our business coverage in Fairfield County," (The Advocate/Greenwich Time Publisher John) Dunster said, praising him for his tenure as managing editor of Greenwich Time. "Having Jim Zebora served as editor for the award-winning business section of The Advocate and Greenwich Time for eight years, Jim has a great sense of the economy of Fairfield County and what makes it tick."

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Foreign Policy mag launches new site

Reuters reports that Foreign Policy magazine has launched a new Web site - ForeignPolicy.com - devoted to global politics, economics and ideas.
The site will feature blogs by authors such as Pulitzer Prize-winning military reporter Tom Ricks, international bestseller Stephen Walt and 9/11 Commission director Philip Zelikow, as well as original reporting and analysis that takes readers inside the running of the world.

Whether it`s about fighting in the Gaza Strip, the global financial crash or the inauguration of an historic new U.S. president, the new site will offer smart,timely insights - from around the world, as well as from inside Washington. The site also offers readers the National Magazine Award-winning content of the bimonthly Foreign Policy print magazine...

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Newspaper bailouts?

Reuters reports that Connecticut lawmaker Frank Nicastro doesn't want to see the newspaper in his state fold, so he's asking the state government to do something about it.
His district includes Bristol, home of The Bristol Press, which may fold within days along with The Herald in nearby New Britain.
Could newspapers be next for a bailout?
From the story:

Nicastro and fellow legislators want the papers to survive, and petitioned the state government to do something about it. "The media is a vitally important part of America," he said, particularly local papers that cover news ignored by big papers and television and radio stations. To some experts, that sounds like a bailout, a word that resurfaced this year after the U.S. government agreed to give hundreds of millions of dollars to the automobile and financial sectors.Relying on government help raises ethical questions for the press, whose traditional role has been to operate free from government influence as it tries to hold politicians accountable to the people who elected them. Even some publishers desperate for help are wary of this route.