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Business Insider
08-07-2025
- Business
- Business Insider
Bloomberg made a rare cut to staff in a newsroom overhaul. Read the memo breaking down the changes.
Bloomberg is making a rare staff cut as it reorganizes its newsroom, but plans to end the year with a bigger head count, according to a memo from editor in chief John Micklethwait, which was viewed by Business Insider. Micklethwait announced several changes in the newsroom's structure to support three particular areas of recent focus: Bloomberg is merging some finance teams and consolidating them under Sree Vidya Bhaktavatsalam to support its coverage of private markets. It's also combining teams that focus on front-page news to provide more consistency in how news shows up throughout the week, a shift that will let Bloomberg put more attention on the rollout of AI tools across the newsroom. Third, it's centralizing video editorial under Kristin Powers, mirroring its audio editorial model. While layoffs have become commonplace across the media landscape, staff reductions at Bloomberg's media arm are rare. The newsroom is one of the largest in the US and is partly insulated by its ownership by Michael Bloomberg's financial information giant Bloomberg LP, whose key product, the Bloomberg Terminal, is widely used on Wall Street. The company also has a history of hiring in economic downturns. Bloomberg declined to comment on the scale of the cuts. Among those affected was editor Ian Fisher. Here's Micklethwait's full memo to staff: Our newsroom is always evolving. The capitalism that we chronicle keeps changing while the habits of our readers, listeners and viewers are also continually shifting. So we are always looking for ways in which we can improve our coverage. Look around Editorial & Research and we are currently adding people in Washington to cover the Trump presidency, expanding BI to cover more mid-cap companies, developing our geoeconomics and emerging markets offering, launching tech-focused TV programs in Europe and Asia, rolling out our Weekend product and experimenting with AI to improve our translation, summaries and our data journalism. Change is a constant. However, if you look back over the past few years, three areas where we have leapt forward a long way stand out. We have deepened our coverage of private markets and credit, leading the way in a fast-growing part of the financial markets that is a priority for our company. We have continued to strengthen the ways we deliver and package news across our platforms, and record usage on the Terminal and strong growth in digital subscriptions are testament to our success. And we have built up our expertise in video - as proven by the two Emmys we won last month and the release of "Can't Look Away." Today we are announcing several changes in our structure to consolidate our achievements in each of these three areas - and set ourselves up for future expansion. Our advance into private markets has involved intense collaboration between our Credit and Finance groups. We now think the time is right to combine those teams - as well as Legal, Wealth and Investing - under the leadership of Sree Vidya Bhaktavatsalam. In a sign of how important Credit, Finance, Investing, Legal and Wealth are to us, Sree will join our Editorial & Research Management Committee. Shannon Harrington, Executive Editor for Global Credit, will report into Sree as will two new Executive Editors: We will post for an Executive Editor for Finance, Investing & Legal in the Americas and an Executive Editor for Credit and Finance in APAC. In APAC, the Finance Managing Editor (Luo Jun) and the Credit Managing Editor (Andrew Monahan) will report to the new Executive Editor, with the Credit Managing Editor having a dual reporting line into Shannon. Given the intensity of the story in the US, we are also uniting the Legal team with Financial Regulation under Managing Editor Benjamin Bain. Both Ben and the Finance & Investing Managing Editor for the Americas (Michael Moore) will report to the new Americas Executive Editor. The Managing Editors for Global Wealth (Brian Chappatta), Europe Finance & Investing (Tom Metcalf) and Mideast Money (Adveith Nair) will retain their reporting line into Sree. Dan Hauck, who has overseen the combined Credit and Deals groups with great skill for the past six years, will continue to oversee Deals and still report into Heather Harris. Dan will work closely with Sree and Shannon on private equity in particular, where we have had a string of exclusives this year. He will also take on the editing mentoring work previously done by Wes Kosova. One thing I must stress about Credit: although the growth in private markets has provided the catalyst for us to change formation, it doesn't in any way diminish our coverage of the much larger public credit markets where our customers rely on us to be first with new issues, loan deals and debt restructurings. Links with the other markets teams will remain as strong as ever and credit reporters will continue to file most of their stories into the Markets Editing hubs. The second set of changes focuses on our front pages across all our platforms. The News Desks have for years been the arbiters of which stories we put in front of our readers on the Terminal and the Web during the workweek, while the 24/7 team built our successful offerings for mobile and oversaw news on the weekend. This setup made sense to get Daybreak and Bloomberg Today off the ground but it no longer fits a seven-day news cycle, where readers expect the same news judgment from us wherever they are and whatever day it is. So we are combining the teams and reshaping the News Desks in each region, with one group overseeing front pages and news alerts (the now), one group looking ahead (Daybreak and Planning) and one group in charge of enterprise (the hub). Matt Miller will continue to oversee breaking news and economic data and devote more of his time to another of our key initiatives, the rollout of AI tools across the newsroom. In the Americas under News Director Emma Moody, Alan Goldstein will join the desk as Executive Editor, with Managing Editors Katherine Cho and Kevin Whitelaw (weekends) reporting to him. Alison Ciaccio becomes Managing Editor for Planning and Daybreak, reporting to Emma, and Pratish Narayanan continues to oversee the hub as Executive Editor. The Web team under Lindsey Rupp continues to dual-report to the News Desk and Digital. In Asia, News Director Mike Patterson will be joined by Linus Chua as Executive Editor. Maggie Otte and Shamim Adam (weekends) remain as Managing Editors and will report into Linus. The digital homepage team under Kristine Servando will dual-report into the News Desk and Saira Asher, Managing Editor for Digital in Asia. Emily Cadman continues to run the hub, and we will post for the Managing Editor for Daybreak and Planning. Our EMEA News Director Ros Mathieson is keen to return to Asia, and I'm delighted that she will become our Chief Asia Correspondent based in Singapore, a new role reporting to John Fraher and Madeleine Lim. Will Kennedy will succeed her as News Director in London. His leadership team will include Executive Editors James Ludden (front pages, alerts) and Edward Evans (hub), and we will post for the Managing Editor roles for Daybreak/Planning and the front pages. A new digital homepage team under Niveditha Ravi will dual-report to the desk and Sarah Muller. Shiyin Chen will continue to oversee weekend news, reporting into James, while Adam Blenford moves to Katherine Bell's weekend team as a Senior Editor. We will post for a successor to Will as head of Energy and Commodities shortly. The third set of changes focus on video. On the business side of Bloomberg Media, Roman Mackiewicz took over leading the video end-to-end strategy four months ago. To better align the editorial side with this (and also mirror our successful audio editorial model), we are unifying video editorial under Kristin Powers' leadership. Kristin has a wealth of experience across all our platforms - and helped launch both Green Docs and "Can't Look Away." Julie Alnwick McHale will continue to run Bloomberg Television and expand her remit to oversee all video news; Regina Dellea will be in charge of our studio, Bloomberg Originals; and Amina Wilson will be head of development for all programming, an expanded role. Julie, Regina and Amina will all report to Kristin, who will also continue to serve as Dave Merritt's deputy. The video alignment follows the successful integration of radio and podcasts in one audio division under Anthony Mancini two years ago. To enable Kristin to focus on video, we are making some more changes in the Media Editorial group. Ted Fine and his partnerships team will now report to Julie Alnwick McHale. Emily Anton will take the lead for cross-platform projects. Loly Chan will run production across Businessweek and Markets magazines reporting into Katie Boyce. And we also want to simplify our approach to still images. For years we have run separate photography teams, serving our magazines, features, and the newswire. We'll now unite them into one group, led by Aeriel Brown and reporting up to Chris Nosenzo. We'll also be moving Dorothy Gambrell and Mark Glassman onto Martin Keohan's wider Data Viz group. These two changes will build on the success of our combined design merger. Finally on the Media side, continuing our drive to build up our consumer product in Asia, Stephanie Phang will move over to Emma O'Brien's group where she will oversee our growing suite of newsletters that are helping us reach new audiences in the region. We will post for a new Managing Editor for Southeast Asia shortly. As part of all these changes, we have sadly had to say goodbye to some colleagues. That too is part of how a newsroom evolves and gets stronger. To those who worry that this is driven by cost cutting, I will point out that we will end this year with a bigger newsroom than we started it. We have a responsibility not only to deliver the best content we can to our customers but also to create that content as efficiently as possible. Reto and I and the rest of our leadership team are confident that these changes - as well as the long list of ongoing improvements and expansions that I mentioned at the beginning of this note - will all help us provide an even better Chronicle of Capitalism. And I am also certain that the newsroom and indeed our broader department will continue to evolve and change shape in the years ahead. The best, as we have occasionally pointed out before, is yet to come.
Mint
07-07-2025
- Business
- Mint
China Considers Doubling Southbound Bond Connect to $139 Billion
China is considering doubling an investment channel local investors use to buy bonds overseas, according to people familiar with the matter, a major step in its efforts to loosen restrictions on financial flows. Regulators in the country have held early talks about expanding the so-called Southbound Bond Connect program to as much as 1 trillion yuan , said the people, who asked not to be identified because the details are private. The expansion would be through an up-to 500 billion yuan annual quota to non-bank financial institutions, which are currently left out of the trading link. Any such move would allow onshore firms to ramp up their exposure to international bonds that are tradeable through Hong Kong's stock exchange, including those denominated in dollars. The country's biggest mutual funds would be among the firms eligible for the new quota, the people said. No final decisions have been taken and any eventual plan would need approval from relevant regulators, the people said. The proposal is the latest sign of Beijing's increasing determination to boost two-way flows in its financial market, something that may ultimately bolster the international appeal of the yuan. Chinese policymakers for years kept a tight grip on investments into and out of the country, wary of putting pressure on their currency. But as the dollar has plummeted this year, they have seized their chance. The potential doubling of the southbound link comes after a flurry of moves including an expansion of a cross-border payment system, a broadening of the contracts foreigners can trade and a separate move to allow Chinese funds to invest more of their money overseas. The People's Bank of China didn't immediately respond to a request for comment. The Hong Kong Monetary Authority declined to comment. Although the expanded southbound investment link won't directly spread the international use of the renminbi, it helps chip away at one of the main criticisms from yuan skeptics: that China's capital controls mean its market is effectively closed-off to the world, limiting the appeal of its currency. The move could also spark stronger demand for offshore yuan-denominated bonds, giving a boost to the dim sum market. Chinese investors can get a big pick-up by putting their money into offshore yuan debt, where yields are frequently higher than the same issuers pay onshore. China's central bank governor Pan Gongsheng delivered a speech last month outlining what it would take to challenge the dollar's place at the heart of the global trading system. He suggested a shift away from a global system reliant on the dollar to one where several currencies play a big role. Foreign investors can buy onshore bonds through a similar northbound link, which isn't subject to a quota. Bloomberg LP, the parent company of Bloomberg News, provides services related to Bond Connect. Investors already had a hint that such a move could be coming: In January, the People's Bank of China and the Hong Kong Monetary Authority tentatively agreed to expand the list of eligible investors for the southbound bond link, saying they wanted to include securities firms and insurers. Bond Connect operates in a closed-loop system, meaning investors aren't permitted to buy bonds through the trading link and then use the proceeds from selling them to invest elsewhere outside mainland China. The annual quota for the southbound link has been unchanged at 500 billion yuan since it was launched in 2021. This article was generated from an automated news agency feed without modifications to text.
Yahoo
01-07-2025
- Business
- Yahoo
Mamdani Seals NYC Mayoral Primary, Extending Lead Over Cuomo
(Bloomberg) -- Upstart democratic socialist Zohran Mamdani clinched the Democratic nomination for mayor of New York City, extending his lead to 12 points in the primary over Andrew Cuomo and raising new doubts about the viability of the former governor running as a third-party candidate. Struggling Downtowns Are Looking to Lure New Crowds Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Sprawl Is Still Not the Answer The ranked-choice tabulations released by the city Board of Elections on Tuesday showed Mamdani with 56% of the vote after after lower-ranking candidates were eliminated. Cuomo garnered 44%. After the polls closed on June 24, Mamdani had a 7-point lead. The city uses a preference voting system that allows votes for the eliminated candidates to transfer until one candidate gets a majority. For Mamdani, the results confirmed what the first round of counting showed within minutes of polls closing last week: a decisive victory for the 33-year-old state lawmaker, who ran on a progressive platform of taxing millionaires, freezing rents and making buses free. His surprisingly strong showing has rattled the city's political and corporate establishment, which largely saw Cuomo — the former three-term governor and once-frontrunner in the race — as the best choice between Mamdani and incumbent Mayor Eric Adams, who is running as an independent in the general election. A Cuomo-backed PAC raised $25 million from the city's real estate and financial industry, including $8 million in donations from former Mayor Michael Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP. A spokesperson for Cuomo's campaign didn't immediately respond to a request for comment. Cuomo said last week he would await the results of today's vote tally before deciding the future of his campaign. 'The Democratic primary is always an interesting situation, right? There are about 5 million voters in New York City, there are about 8 million people in New York City, and about 1 million people vote in the Democratic primary,' Cuomo told CBS News in an interview. 'So it's not, necessarily, representative of the city at large. In the general election, more people come out to vote. It's a broader pool.' But the final count only confirmed Cuomo's unpopularity. As candidates like Council Speaker Adrienne Adams and city Comptroller Brad Lander were eliminated, more of their votes likely went to Mamdani than Cuomo. Cuomo failed to gain traction in the outer boroughs and underperformed even in his Manhattan base, where turnout lagged behind the gentrifying neighborhoods of Brooklyn and Queens that were Mamdani strongholds. Still, Cuomo could play a role in the November election. He secured a third-party ballot line as a backup plan and missed a Friday deadline to drop out of the race while he looked for a silver lining in the ranked-choice vote. Republican talk show host Curtis Sliwa and independent former prosecutor Jim Walden are also running, further fracturing any anti-Mamdani bloc. Mamdani's convincing win reshapes the November mayoral contest and makes him a national leader among the progressive wing of the Democratic party. He's already gotten the attention of President Donald Trump, who called him a '100% Communist Lunatic,' and of Democratic National Committee Chairman Ken Martin, who has had to navigate the enthusiasm of the party's left with centrists who fear that Mamdani's rise could alienate voters in congressional swing districts. Eric Adams, who abandoned the Democratic primary and is now running as an independent, must now meld those center-left and conservative voters into a cross-party coalition. --With assistance from Jennah Haque. (Adds Cuomo comment from previous interview in sixth paragraph) America's Top Consumer-Sentiment Economist Is Worried How to Steal a House SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
Business Insider
25-06-2025
- Business
- Business Insider
The billionaires who bet big on the NYC mayoral primary — and lost
High-profile billionaires poured millions of dollars into the New York City mayoral election. On Tuesday, they lost their first battle. New York State Assemblyman Zohran Mamdani is projected to become the Democratic nominee for mayor of New York City, defeating former Gov. Andrew Cuomo. Cuomo had enjoyed the support of big names in business and finance as he sought to fend off Mamdani, a Democratic socialist who has proposed a rent freeze and higher taxes on the city's wealthiest residents. Most of them donated to Fix the City, an outside nonprofit group that spent money on pro-Cuomo and anti-Mamdani ads. The group has reported receiving nearly $25 million in contributions. $8.3 million of that sum came from Michael Bloomberg, himself a former NYC mayor and the billionaire owner of Bloomberg LP. "I also know his strengths as a leader and manager," Bloomberg said in a statement endorsing Cuomo. "Of all the candidates, Andrew has the skills our city needs to lead us forward." Billionaire hedge fund manager Bill Ackman and William Lauder, the executive chairman of The Estée Lauder Companies, each gave $500,000 to the group. In the days leading up to the primary, Ackman wrote or reshared multiple posts on X that were critical of Mamdani. Media mogul Barry Diller, Netflix chairman Reed Hastings, and billionaire hedge fund manager Daniel Loeb each donated $250,000. Alice Walton, a billionaire philanthropist from the family that founded Walmart, contributed $100,000. Citadel CEO Ken Griffin gave $50,000 to Sensible City, a separate anti-Mamdani group. Several of those same billionaires — including Ackman, Loeb, and Griffin — supported President Donald Trump's 2024 campaign, a fact that Mamdani frequently emphasized on the campaign trail. As of Wednesday, Mamdani leads with 43.5% of the vote, compared to Cuomo's 36.4%, with 93% of votes in. Because New York City uses a ranked-choice voting system, final results may take a week to determine, but Mamdani is expected to prevail. Cuomo conceded the primary Tuesday night. Cuomo could still run as a third-party candidate in the general election in November, but it is unclear if he will. On Tuesday, he told supporters that he was still considering his next move. Current mayor Eric Adams is running as an independent, while Curtis Sliwa is the Republican nominee. Jim Walden, an attorney, is also running as an independent. If Cuomo decides not to run in the general election, the billionaires who previously backed his campaign could theoretically support another one of these candidates. Adams's reelection prospects are in question after Trump's Justice Department moved to drop corruption charges against the mayor earlier this year.
Irish Post
23-06-2025
- Business
- Irish Post
Bloomberg praises Ireland and criticises US policy at Dublin event
MICHAEL BLOOMBERG has praised Ireland's 'growing' economy. The founder of Bloomberg LP, who is a former mayor of New York, made positive statements about the nation during an event launching Bloomberg's new office in Dublin. He also expressed concerns over America's current direction during his speech. 'Ireland is writing a new chapter,' Bloomberg said. 'It's growing, while America is increasingly anxious about growth. We're proud to invest here.' Bloomberg employs around 150 people in Dublin, with plans to hire 25 more, mostly in engineering. He cited Ireland's strong talent pool and post-Brexit position as the main reasons for its financial sector boom, noting that 20 of the top 25 global financial firms now have operations in the country. Bloomberg was critical of President Donald Trump and the administration's foreign policy. 'America spent 70 years building global relationships; now we're throwing much of that away,' he said. Recalling his decades-long acquaintance with Trump, Bloomberg described him as 'pleasant' but disagreed sharply with his leadership and policies. He also reiterated his commitment to editorial neutrality at Bloomberg News, saying the organisation maintains political balance and that he avoids personal visits to the White House to preserve its independence. Ireland's Finance Minister Paschal Donohoe, also speaking at the event, warned of economic risks tied to Trump's tariffs and the ongoing tension in the Middle East. He noted that up to 75,000 jobs may not be created in the short term if tariffs persist, with a possible 1–1.5 percentage point hit to GDP growth. Donohoe stressed that Ireland would prioritise capital investment to maintain economic stability: 'That's why we're running surpluses - so we can respond if growth slows,' he said.
