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Financial Times

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The Financial Times FT is an English-language international daily newspaper with a special emphasis on business and economic news

The paper, published and owned by Nikkei in London, was founded in 1888 by James Sheridan and Horatio Bottomley, and merged in 1945 with its closest rival, the Financial News which had been founded in 1884

The Financial Times has an average daily readership of 22 million people worldwide PwC audited figures, November 2011 FTcom has 45 million registered users and over 285,000 digital subscribers, as well as 600,000 paying users FT Chinese has more than 17 million registered users The world editions of the Financial Times newspaper had a combined average daily circulation of 234,193 copies 88,000 for the UK edition in January 2014 In February 2014 the combined sale of the world editions of the Financial Times was 224,000 copies In October 2013 the combined paid print and digital circulation of the Financial Times reached nearly 629,000 copies 282,000 for print and 387,000 for online sales, the highest circulation in its 125-year history In August 2014 print sales for the paper all editions combined stood at 210,182

On 23 July 2015 Nikkei agreed to buy the Financial Times from Pearson for £844m $132 billion On 30 November 2015 Nikkei completed the acquisition

Contents

  • 1 History
  • 2 Audience
  • 3 Content
    • 31 The Lex column
  • 4 FT Weekend
    • 41 How to Spend It
  • 5 Editorial stance
  • 6 Ownership and related publications
  • 7 Indices
  • 8 People
  • 9 Editors
  • 10 See also
  • 11 References
  • 12 External links

History

The front page of the Financial Times on 13 February 1888

The FT was launched as the London Financial Guide on 10 January 1888, renaming itself the Financial Times on 13 February the same year Describing itself as the friend of "The Honest Financier, the Bona Fide Investor, the Respectable Broker, the Genuine Director, and the Legitimate Speculator", it was a four-page journal The readership was the financial community of the City of London, its only rival being the slightly older and more daring Financial News On 2 January 1893 the FT began printing on light salmon pink paper to distinguish it from the similarly named Financial News: at the time it was also cheaper to print on unbleached paper several other more general newspapers such as The Sporting Times had the same policy, but nowadays it is more expensive as the paper has to be dyed specially

After 57 years of rivalry the Financial Times and the Financial News were merged in 1945 by Brendan Bracken to form a single six-page newspaper The Financial Times brought a higher circulation while the Financial News provided much of the editorial talent The Lex column was also introduced from Financial News

Pearson bought the paper in 1957 Over the years the paper grew in size, readership and breadth of coverage It established correspondents in cities around the world, reflecting early moves in the world economy towards globalisation As cross-border trade and capital flows increased during the 1970s, the FT began international expansion, facilitated by developments in technology and the growing acceptance of English as the international language of business On 1 January 1979 the first FT Continental Europe edition was printed outside the UK, in Frankfurt Since then, with increased international coverage, the FT has become a global newspaper, printed in 22 locations with five international editions to serve the UK, continental Europe, the US, Asia and the Middle East

The European edition is distributed in continental Europe and Africa It is printed Monday to Saturday at five centres across Europe Thanks to correspondents reporting from all the centres of Europe, the FT is regarded as a leading news source on matters concerning the European Union, the Euro and European corporate affairs

In 1994 FT launched a luxury lifestyle magazine, How To Spend It In 2009 it launched a standalone website for the magazine

On 13 May 1995 the Financial Times group made its first foray into the online world with the launch of FTcom This provided a summary of news from around the globe, which was supplemented in February 1996 with stock price coverage; the second-generation site was launched in spring 1996 The site was funded by advertising and contributed to the online advertising market in the UK in the late 1990s Between 1997 and 2000 the site underwent several revamps and changes of strategy, as the FT Group and Pearson reacted to changes online FT introduced subscription services in 2002 FTcom is one of the few UK news sites successfully funded by individual subscription

The London offices of the Financial Times at One Southwark Bridge 2013

In 1997 the FT launched a US edition, printed in New York, Chicago, Los Angeles, San Francisco, Dallas, Atlanta, Orlando and Washington, DC, although the newspaper was first printed outside New York City in 1985 In September 1998 the FT became the first UK-based newspaper to sell more copies internationally than within the UK

In 2000 the Financial Times started publishing a German-language edition, Financial Times Deutschland, with a news and editorial team based in Hamburg Its initial circulation in 2003 was 90,000 It was originally a joint venture with a German publishing firm, Gruner + Jahr In January 2008 the FT sold its 50% stake to its German partner FT Deutschland never made a profit and is said to have accumulated losses of €250 million over 12 years It closed on 7 December 2012

The Financial Times launched a new weekly supplement for the fund management industry on 4 February 2002 FT fund management FTfm was and still is distributed with the paper every Monday FTfm is the world's largest-circulation fund management title

Since 2005 the FT has sponsored the annual ''Financial Times'' and Goldman Sachs Business Book of the Year Award

On 23 April 2007 the FT unveiled a "refreshed" version of the newspaper and introduced a new slogan, "We Live in Financial Times"

In 2007 the FT pioneered a metered paywall, which lets visitors to its site read a limited number of free articles during any one month before asking them to pay Four years later the FT launched its HTML5 mobile internet app Smartphones and tablets now drive 12% of subscriptions and 19% of traffic to FTcom In 2012 the number of digital subscribers surpassed the circulation of the newspaper for the first time and the FT drew almost half of its revenue from subscriptions rather than advertising

Since 2010 the FT has been available on Bloomberg Terminal

Audience

According to the Global Capital Markets Survey, which measures readership habits amongst most senior financial decision makers in the world's largest financial institutions, the Financial Times is considered the most important business read, reaching 36% of the sample population, 11% more than The Wall Street Journal WSJ, its main rival The Economist, which was once 50% owned by FT, reaches 32% FT's The Banker also proved vital reading, reaching 24% In addition FT was regarded as the most credible publication in reporting financial and economic issues among the Worldwide Professional Investment Community audience The Economist was also rated the third most credible title by most influential professional investors those who personally managed asset funds worth $5 billion or more, while the WSJ was second

Content

The FT is split into two sections The first section covers domestic and international news, editorial commentary on politics and economics from FT journalists such as Martin Wolf, Gillian Tett and Edward Luce, and opinion pieces from globally renowned leaders, policymakers, academics and commentators The second section consists of financial data and news about companies and markets Despite being generally regarded as primarily a financial newspaper, it does also contain TV listings, weather and other more informal articles

About 110 of its 475 journalists are outside the UK

The Lex column

The Lex column is a daily feature on the back page of the first section It features analyses and opinions covering global economics and finance The FT calls Lex its agenda-setting column The column first appeared on Monday, 1 October 1945 The name may originally have stood for Lex Mercatoria, a Latin expression meaning literally "merchant law" It was conceived by Hargreaves Parkinson for the Financial News in the 1930s and moved to the Financial Times when the two merged

Lex boasts some distinguished alumni who have gone on to make careers in business and government – including Nigel Lawson former Conservative Chancellor of the Exchequer, Richard Lambert CBI director and former member of the Bank of England's monetary policy committee, Martin Taylor former chief executive of Barclays, John Makinson chairman and chief executive of Penguin, John Gardiner former chairman of Tesco, David Freud former UBS banker and Labour adviser, now a Conservative peer, John Kingman former head of UKFI and a banker at Rothschild's, George Graham RBS banker, Andrew Balls head of European portfolio management at PIMCO and Jo Johnson Conservative Member of Parliament for Orpington

FT Weekend

The FT publishes a Saturday edition of the newspaper called the Financial Times Weekend It consists of international economic and political news, Companies & Markets, Life & Arts, House & Home and FT Magazine

How to Spend It

How to Spend It is a monthly magazine published with FT Weekend Founded and launched by Julia Carrick with Lucia van der Post as founding editor, its articles concern luxury goods such as yachts, mansions, apartments, horlogerie, haute couture and automobiles, as well as fashion and columns by individuals in the arts, gardening, food, and hotel and travel industries To celebrate its 15th anniversary, FT launched the on-line version of this publication, howtospenditcom, on 3 October 2009

Some media commentators were taken aback by the online launch of a website supporting conspicuous consumption during the financial austerity of the late-2000s recession The magazine has been derided in rival publishers' blogs, as "repellent" in the Telegraph and "a latter-day Ab Fab manual" in the Guardian A 'well-thumbed' copy of the supplement was found when rebel forces broke into Colonel Gaddafi's Tripoli compound during the 2011 Libyan Civil War

Editorial stance

The FT advocates free markets and is in favour of globalisation During the 1980s it supported Margaret Thatcher and Ronald Reagan's monetarist policies It has supported the UK Labour Party in the past, including at the general election in 1992 when Neil Kinnock was Labour leader

The FT's editorials tend to be moderately pro-Europe, supporting the European Union in the context of a common economic market and opposing political integration The FT was firmly opposed to the Iraq War

In the US presidential election in 2008 the Financial Times endorsed Barack Obama While it raised concerns over hints of protectionism, it praised his ability to "engage the country's attention," his calls for a bipartisan politics, and his plans for "comprehensive health-care reform" The FT favoured Obama again in 2012

In the general election in the UK in 2010 the FT was receptive to the Liberal Democrats' positions on civil liberties and political reform, and praised the then Labour leader Gordon Brown for his response to the global financial crisis of 2007–2008, but on balance it backed the Conservatives while questioning their tendency to Euroscepticism At the subsequent general election in 2015, the FT called for the continuation of the Conservative-Liberal Democrat coalition that had governed for the previous five years

Ownership and related publications

The Financial Times Group, a division of Pearson PLC since 1957, was sold in July 2015 to the Japanese company Nikkei for £844m Until August 2015 the FT group had a 50% shareholding in The Economist, which was sold to the Agnelli family for £469 million

Related publications include the Financial Times, FTcom, FT Search Inc, the publishing imprint FT Press and numerous joint ventures In November 2013 it agreed to sell Mergermarket, an online intelligence reporting business, to the London private equity investor BC Partners In addition, the FT Group has a unit called FT Business, which is a provider of specialist information on retail, personal and institutional finance segments It publishes The Banker, Money Management and Financial Adviser a publication targeted at professional advisers, This Is Africa, fDi intelligence and Professional Wealth Management PWM

The Financial Times Group announced the beta launch of newssift, part of FT Search, in March 2009 Newssiftcom is a next-generation search tool for business professionals that indexes millions of articles from thousands of global business news sources, not just the FT The Financial Times Group acquired Money Media an online news and commentary site for the industry and Exec-Appointments an online recruitment specialist site for the executive jobs market The FT Group once had a 1385% stake in Business Standard Ltd of India, the publisher of the Business Standard It sold this stake in April 2008 and has entered into an agreement with Network 18 to launch the Financial Times in India, though it is speculated that they may find it difficult to do so, as the brand 'Financial Times' in India is owned by The Times Group, the publisher of The Times of India and The Economic Times The group also publishes America's Intelligence Wire, a daily general newswire service

The Financial Times' Financial Publishing division formerly FT Business provides print and online content for retail, personal and institutional finance audiences Examples of publications and services include: Investors Chronicle, a personal finance magazine and website; "FT Money", a weekly personal finance supplement in "FT Weekend"; FT Wealth, a magazine for the global high-net-worth community and FTfm, a weekly review of the global fund management industry, Money Management and Financial Adviser a publication targeted at professional advisers The institutional segment includes: The Banker, This Is Africa, fDi Intelligence and Professional Wealth Management PWM Money-Media, a separate arm of Financial Publishing, delivers a range of digital information services for fund management professionals around the globe, including: Ignites, Ignites Europe, Ignites Asia, FundFire and BoardIQ Financial Publishing includes publications Pensions Expert and Deutsche Pensions & Investmentnachrichten and events Investment Expert for the European pensions industry The group also publishes MandateWire, a financial information company that provides sales and market intelligence for investment professionals in North America, Europe and Asia

FT Knowledge is an associated company which offers educational products and services FT Knowledge has offered the "Introducing the City" course which is a series of Wednesday night lectures and seminars, as well as weekend events during each autumn and spring since 2000

FT Predict is a prediction market contest hosted by the Financial Times that allows users to buy and sell contracts based on future financial, political, and news-driven events by spending fictional Financial Times Dollars FT$ Based on the assumptions displayed in James Surowiecki's The Wisdom of Crowds, this contest allows people to use prediction markets to observe future occurrences while competing for weekly and monthly prizes

The Financial Times also ran a business-related game called "In the Pink" a phrase meaning "in good health", also a reference to the colour of the newspaper and to the phrase "in the red" meaning to be making a loss Each player was put in the virtual role of Chief Executive and the goal was to have the highest profit when the game closes The winner of the game the player who makes the highest profit was to receive a real monetary prize of £10,000 The game ran from 1 May to 28 June 2006

Indices

The Financial Times collates and publishes a number of financial market indices, which reflect the changing value of their constituent parts The longest-running of these was the former Financial News Index, started on 1 July 1935 by the Financial News The FT published a similar index; this was replaced by the Financial News Index—which was then renamed the Financial Times FT Index—on 1 January 1947 The index started as an index of industrial shares, and companies with dominant overseas interests were excluded, such as the Anglo-Iranian Oil Company later BP, British-American Tobacco, Lever Brothers later Unilever and Shell The oil and financial sectors were included decades later

The FTSE All-Share Index, the first of the FTSE series of indices, was created in 1962, comprising the largest 594 UK companies by market capitalisation The letters F-T-S-E represented that FTSE was a joint venture between the Financial Times F-T and the London Stock Exchange S-E On 13 February 1984 the FTSE 100 was introduced, representing about eighty percent of the London Stock Exchange's value In 1995 FTSE Group was made an independent company The first of several overseas offices was opened in New York City in 1999; Paris followed in early 2000, Hong Kong, Frankfurt and San Francisco in 2001, Madrid in 2002 and Tokyo in 2003

Other well-known FTSE indices include the FTSE 350 Index, the FTSE SmallCap Index, the FTSE AIM UK 50 Index and FTSE AIM 100 Index as well as the FTSE AIM All-Share Index for stocks, and the FTSE UK Gilt Indices for government bonds

People

Editor Lionel Barber speaking at the newspaper's 125th anniversary party in London, 2013
  • Lionel Barber Editor 1 January 2006 – present
  • Gillian Tett Markets and Finance Columnist; Assistant Editor
  • Lucy Kellaway Management Columnist
  • Tim Harford Senior Columnist
  • Gideon Rachman Chief International Affairs Commentator
  • Martin Wolf Chief Economics Commentator
  • Jurek Martin Columnist and former Washington Bureau Chief
  • Michael Skapinker Columnist and Associate Editor
  • Edward Luce Washington, DC, Bureau Chief
  • Roula Khalaf Foreign Editor; Assistant Editor
  • Philip Stephens Associate Editor

In July 2006 the FT announced a "New Newsroom" project to integrate the newspaper more closely with FTcom At the same time it announced plans to cut the editorial staff from 525 to 475 In August 2006 it announced that all the required job cuts had been achieved through voluntary layoffs

A number of former FT journalists have gone on to high-profile jobs in journalism, politics and business Robert Thomson, previously the paper's US managing editor, was the editor of The Times and is now the publisher of the Wall Street Journal Will Lewis, a former New York correspondent and News Editor for the FT, is the current editor of the Daily Telegraph Dominic Lawson went on to become editor of the Sunday Telegraph until he was sacked in 2005 Andrew Adonis, a former education correspondent, became an adviser on education to the then British Prime Minister, Tony Blair, and was given a job as an education minister and a seat in the House of Lords after the 2005 election Ed Balls became chief economic adviser to the Treasury, working closely with Gordon Brown, the chancellor of the exchequer or finance minister, before being elected a Member of Parliament in 2005, and became Secretary of State for Children, Schools and Families in July 2007 Bernard Gray, a former defence correspondent and Lex columnist, was chief executive of the publishing company CMP before becoming chief executive of TSL Education, publisher of the Times Educational Supplement David Jones, at one time the FT Night Editor, then became Head of IT He was a key figure in the newspaper's transformation from hot metal to electronic composition and then onto full-page pagination in the 1990s He went on to become Head of Technology for the Trinity Mirror Group

Sir Geoffrey Owen was the editor of the Financial Times from 1981 to 1990 He joined the Centre for Economic Performance CEP at the London School of Economics as Director of Business Policy in 1991 and was appointed Senior Fellow, Institute of Management, in 1997 He continues his work there During his tenure at the FT he had to deal with rapid technological change and issues related to it, for example repetitive strain injury RSI, which affected dozens of FT journalists, reporters and staff in the late 1980s

Editors

1889: Douglas MacRae 1890: William Ramage Lawson 1892: Sydney Murray 1896: A E Murray 1909: C H Palmer 1924: D S T Hunter 1937: Archibald Chisholm 1940: Albert George Cole 1945: Hargreaves Parkinson 1949: Sir Gordon Newton 1981: Sir Geoffrey Owen 1991: Richard Lambert 2001: Andrew Gowers 2006: Lionel Barber

See also

  • London portal
  • Journalism portal
  • Business Journalism
  • Financial Times and Goldman Sachs Business Book of the Year Award
  • List of newspapers in the United Kingdom
  • Periodical publication

References

  1. ^ a b "Financial Times" ABC Retrieved 12 April 2014 
  2. ^ a b c "About Us" Financial Times Retrieved 28 February 2011 
  3. ^ Sweney, Mark 14 February 2014 "The Sun enjoys post-Christmas sales bounce with 83% rise" The Guardian Retrieved 15 July 2014 
  4. ^ Greenslade, Roy 30 October 2013 "Financial Times reaches highest circulation in its 125-year history" The Guardian Retrieved 20 January 2014 
  5. ^ "Financial Times sold to Nikkei by Pearson for £844m" BBC News 
  6. ^ "Nikkei completes acquisition of Financial Times" Nikkei 
  7. ^ "About the newspaper" ftcom Financial Times Retrieved 4 May 2015 
  8. ^ "A brief history of the FT by David Kynaston, author of The Financial Times: A Centenary History" PDF Retrieved 15 October 2013 
  9. ^ "International Directory of Company Histories: Pearson plc History" Fundinguniversecom Retrieved 15 October 2013 
  10. ^ "FT's Media Kit: FT Heritage and Innovation" Fttoolkitcouk Retrieved 15 October 2013 
  11. ^ "FT tour" Financialtimesnet Retrieved 15 October 2013 
  12. ^ "Financial Times launches How To Spend It online" Pearson 1 October 2009 Retrieved 15 October 2013 
  13. ^ "FTcom to launch improved website with new content and services for users, subscribers and advertisers" Pearson 30 April 2002 Retrieved 15 October 2013 
  14. ^ "Pearson to sell its FT Deutschland stake to Gruner + Jahr" Pearson Retrieved 15 October 2013 
  15. ^ Wiesmann, Gerrit 23 November 2012 "FT Deutschland closure date confirmed" Ftcom Retrieved 15 October 2013 
  16. ^ "So farewell then, FTD" Economistcom 8 December 2012 Retrieved 15 October 2013 
  17. ^ "Financial Times to expand fund management coverage with new weekly supplement" Pearson 28 January 2002 Retrieved 15 October 2013 
  18. ^ "Why there is a need for this award" Financial Times 10 April 2005 Retrieved 30 May 2012 
  19. ^ "Financial Times unveils global refresh" Pearson 23 April 2007 Retrieved 15 October 2013 
  20. ^ "Special report: The news industry" Economistcom 7 July 2011 Retrieved 15 October 2013 
  21. ^ "FT Web App hits two million users" Aboutusftcom 12 April 2012 Retrieved 15 October 2013 
  22. ^ Barber, Lionel 12 February 2013 "FT at 125: The world in focus" Ftcom Retrieved 15 October 2013 
  23. ^ "Gillian Tett keynote remarks at the Knight-Bagehot 37th Anniversary Gala" Aboutusftcom 3 January 2013 Retrieved 15 October 2013 
  24. ^ "Financial Times now available on Bloomberg Professional" Pearsoncom 6 December 2010 Retrieved 15 October 2013 
  25. ^ "Global Capital Markets Survey 2011" Gcmsurveycom Retrieved 15 October 2013 
  26. ^ "Worldwide Professional Investment Community Study 2010" Retrieved 15 October 2013 
  27. ^ "About Lex" Financial Times Retrieved 4 September 2007 
  28. ^ "Julia Carrick" FT Conferences Retrieved 5 September 2011 
  29. ^ a b c Allen, Katie 2 October 2009 "How To Spend It goes online – FT lures advertisers into uncharted waters" The Guardian London Retrieved 5 September 2011 
  30. ^ "Howtospenditcom" Howtospenditcom Retrieved 15 January 2012 
  31. ^ Oborne, Peter 11 August 2011 "The moral decay of our society is as bad at the top as the bottom" The Daily Telegraph London Retrieved 5 September 2011 
  32. ^ Flynn, Paul 29 August 2011 "Why Absolutely Fabulous now looks absolutely prescient" Guardian London Retrieved 5 September 2011 
  33. ^ Walker, Portia 11 August 2011 "Under the broken city, families explore Gaddafi's warren" The Independent London Retrieved 15 October 2012 
  34. ^ "Too Big to Fail undermines the free market faith" Financial Times 
  35. ^ "Margaret Thatcher: Right about nearly everything" Financial Times 
  36. ^ "Demise of Reaganomics poses grave intellectual challenge to Republicans" Financial Times 
  37. ^ a b Lionel Barber 12 February 2013 "FT at 125: The world in focus" Financial Times Retrieved 12 February 2013 
  38. ^ "Europe needs a bold reformer" FTcom 29 May 2014 Retrieved 15 July 2014 
  39. ^ "Obama is the better choice" Financial Times Retrieved 22 April 2013 
  40. ^ "Obama the wiser bet for crisis-hit US" Financial Times 5 November 2012 Retrieved 5 November 2012 
  41. ^ "Financial Times backs Conservatives" Reuters 4 May 2010 Retrieved 28 February 2011 
  42. ^ "The case for change in the UK" Financial Times 
  43. ^ Plunkett, John; Martinson, Jane "Financial Times sold to Japanese media group Nikkei for £844m" the Guardian Retrieved 12 August 2015 
  44. ^ "Pearson sells Economist Group stake" BBC News Retrieved 12 August 2015 
  45. ^ "Pearson agrees to sell Mergermarket unit to BC Partners" Financial Times 29 November 2013 
  46. ^ "Newssiftcom" Newssiftcom Retrieved 15 January 2012 
  47. ^ "Money Media" Money Media Retrieved 6 September 2010 
  48. ^ "Exec-Appointments" Exec-Appointments Retrieved 6 September 2010 
  49. ^ Pearson to start a Business Daily in Indian market WSJ
  50. ^ FT sells Stake in Business Standard Paidcontentcouk
  51. ^ "Financial Times looks to publish in India" Moneycontrolcom Retrieved 6 September 2010 
  52. ^ Business and Company Resource Center, Gale Cengage Learning, 2009
  53. ^ "About Us" Financial Times Retrieved 28 February 2011 
  54. ^ a b c The Stock Market, John Littlewood
  55. ^ "New editor at the FINANCIAL TIMES" PDF Press Business 1 February 2006 Retrieved 7 October 2013 
  56. ^ "Directory of the Management Department at the London School of Economics" Lseacuk 30 June 2014 Retrieved 15 July 2014 

External links

  • Official website

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