Reuters raises coverage

Reuters has boosted its London editorial team in a bid to increase coverage of smaller companies worldwide.

The corporate finance team, under equities specialist editor Betty Wong, has been expanded to ten, with five new hires in London.

In addition to multinationals her team will, for the first time, target smaller firms, such as those that are AIM-listed, a company spokeswoman confirmed.

'We've always covered more than just the main indices but we are beefing up coverage of equities, particularly middle and smaller cap companies. We are driven by what the professionals want to see, and this is an area of growing interest,' she said.

Reuters, which provides news and information to the corporate, financial services and media markets, will also up its coverage of bankruptcies.

Wong reports to managing editor Izabel Grindal, who is based in London but has a global remit. All other specialist editors across a range of areas also report to Grindal.

The company, which suffered its first financial loss in 2002, is still 'bumping along the bottom' in Europe, CEO Tom Glocer admitted as he unveiled the company's annual results this week.

This is despite a recovery in the US for the first half of 2003, which saw profits increase to £6m, following an £88m dive into the red last year. Staff levels worldwide are set to be cut from 16,000 to 13,000 by the end of 2005.

Meanwhile, the group has launched two products, Reuters Trader and Reuters Knowledge, for which specialist editors create tailored stories and analysis.

The services offer overviews of big developments without customers having to trawl through each story. Knowledge, which is aimed at those in the research and advisory markets, contains deals lists, an e-newsletter and news on deal-makers.

The services, taken up by corporate clients Lehman Brothers and Goldman Sachs, are in addition to FXNEWS, aimed at workers in foreign exchange and treasury. It provides currency dealing news, including items on economics, policy-making, politics and companies.

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