AOL cut more than 900 jobs around the world today — 20 percent of its staff — and India took a pretty tough cut from the axe: 400 jobs, according to several sources, and 300 contractors, according to another source. The nice thing for Reuters is that we have a big bureau in Bangalore, not too far from AOL, and plenty of our people know other people there and were able to get important details about the job cuts.
I coordinated some of the coverage from here since I’m hanging out in the bureau, and was happy when I heard that my colleague Nivedita Bhattacharjee got time to talk with one of the employees who was laid off today. Here is some of what he told her. We agreed to his request for anonymity because he wants to get work again and does not want to disqualify himself from jobs because he spoke to the press.
I reread many books on writing and reporting before I left for Bangalore. I found plenty to underline this time. I’m also sharing some of those thoughts here, not to make any new points, but to underscore old ones. Books like William Zinsser’s “On Writing Well” are classics on some campuses, though I learned about it only after graduating from college.
Zinsser wrote these lines in his book. I’ll add some more later. Everybody who writes should heed them.
We recently ran a story in which we asked lots of important people about whether stock exchanges buying other stock exchanges in other countries would inflame nationalist pride. Most of the important people said “no.”
Foreigners swooping in to buy national stock exchanges — those proud centerpieces of capitalism — would surely meet fierce resistance. Right?
Few journalists spurn the opportunity to assail the use of rent-a-quotes, our name for experts and analysts who are almost always available when news breaks to offer a comment. They speak well and concisely. They have learned how to polish their thoughts and deliver them in a way that looks good in a story. The danger that many encounter is that their thoughts transform themselves from polished to glib. They gain an increasing confidence that they can address just about anything. Nothing feels better to a know-it-all than reinventing himself as a pundit. We journalists deride such people, but even as we do that, we’re checking our telephones to see if they’re calling us back.
We can’t live without rent-a-quotes so we try to find the ones who are smart, not facile. The problem that arises after we identify that smaller group is that some begin to fancy themselves the editors of the stories in which they appear. So what do you do when you interview such an expert and he claims that you misquoted him? Even better, what happens when you tell him that you didn’t misquote him, and he says that he might have said what he earlier said he didn’t say… but says he didn’t mean it that way? He demands a correction.
Here’s the Kenneth Cole story that we did in the Bangalore bureau on Monday. We fleshed out the update with an old New York Times column in which the ousted CEO Jill Granoff talked about how wonderful it was to get recruited by Cole, something that I thought delivered some irony to the story of her departure. We also added some good comments from analysts and put together what I thought was a respectable day story. I missed one thing in the first paragraph, however: We made it sound like Kenneth Cole founded the company on an interim basis, when in fact he is taking “the reins” on an interim basis after getting rid of Granoff. Oh well. Next one.
American clothing designer Kenneth Cole surprised investors by taking the reins of the clothing and footwear company he founded on an interim basis, ending CEO Jill Granoff’s nearly three-year run.
Kenneth Cole Productions Inc <KCP.N>, founded by the designer in 1982, also forecast a first-quarter loss on costs related to store closures.
The news of Granoff’s departure and the weak forecast drove the New York-based company’s shares down as much as 13 percent to $12.23 Monday on the New York Stock Exchange.
My blog entry on reporting the Washington Post Co’s quarterly results without an outside voice produced a comment from my Reuters colleague and columnist Felix Salmon. That makes me happy because things that interest Felix tend to interest lots of his fans. It also makes me happy because Felix always produces a well considered point of view, regardless of whether I agree.
I wrote about something that happens all the time in business news: A company says something, then the stock moves. Sometimes it moves in the direction you would expect, other times it moves for some other reason. Sometimes it just moves — up, down, or maybe nowhere. We’re supposed to explain why the share price is moving or not moving, and for that we’re supposed to find outside voices who can speak with authority about the company, the line of business it’s in, or other financial topics. It’s such a standard part of daily news reporting that you learn to do it automatically.
My editor Ian last week decided that Bangalore bureau reporter Ananthalakshmi would cover the Washington Post Co’s fourth-quarter results. She’s one of the reporters here who covers the for-profit education business, and seeing as the Post’s primary revenue and profit generator is its Kaplan education business, I couldn’t agree more that that was the sensible move. I pointed out that most people know the Post Co for its newspapers, however, particularly The Washington Post. It was that remark that led me to being the other reporter on the story.
That was swell as far as I was concerned. It would be my first reporting byline from Bangalore, which I had been hoping to do at some point during this trip. I also got to work with a reporter who knows her stuff on education, a subject that, though I have edited stories on it before, is not an area of expertise for me.
BANGALORE (Reuters) – The Washington Post Co reported a lower quarterly profit on Wednesday as looming government regulations and lower enrollment hurt its for-profit education business and advertising revenue fell at its flagship newspaper.
The results at The Washington Post and the company’s other papers are hardly new. Few who follow the fortunes of the business expect U.S. newspapers to stage sustained rallies. What soured the market were the results of its Kaplan educational test preparation and for-profit college unit.
You learn all sorts of amazing things when you settle down in the Reuters Bangalore newsroom for a few months. You discover that there are more than 60 reporters here who cover news about U.S., U.K. and Canadian companies. Six more cover commodities news, including those nasty, “inadvertent” releases of poison gases and other mishaps. There are a dozen “filers,” which at newspapers you would call the copy editors. (I’m one of those)
What else? There are editors-in-charge, a bureau chief, a training editor, reporters handling research notes from analyst firms, people who poll economists and release data about what those people think, and people who churn out newsletters for Reuters customers on tight deadlines.