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Class1

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  • 1. Fundamentals of Business & Financial Journalism Week 1: Introduction & course outline Jeffrey TimmermansMonday, 17 September, 12
  • 2. 75,000,000,000 25,000 128,000 56,220 60 0 40,000 43,700 1,600,000,000Monday, 17 September, 12
  • 3. 75,000,000,000 US$75 billion: estimated losses 25,000 from the Sept. 2008 bankruptcy of Lehman Brothers, one of the five biggest U.S. investment banks 128,000 56,220 60 0 40,000 43,700 1,600,000,000 Source: The Wall Street Journal, 29 Dec. 2008Monday, 17 September, 12
  • 4. 75,000,000,000 25,000 25,000 people lost their jobs after 128,000 Lehman collapsed 56,220 60 0 40,000 43,700 1,600,000,000 Source: Newsweek, 13 Sep. 2009Monday, 17 September, 12
  • 5. 75,000,000,000 25,000 128,000 56,220 60 0 people in Hong Around 43,700 40,000 43,700 Kong bought “mini-bonds” linked to Lehman 1,600,000,000 Source: South China Morning Post, 25 Oct. 2008Monday, 17 September, 12
  • 6. 75,000,000,000 25,000 128,000 56,220 60 0 Those 43,700 people purchased 40,000 US$1.6 billion in Lehman-linked 43,700 investments 1,600,000,000 Source: South China Morning Post, 25 Oct. 2008Monday, 17 September, 12
  • 7. 75,000,000,000 25,000 128,000 56,220US$128,000: life savings of 55- 60 0 year-old Esther Ip, invested entirely in Lehman “mini-bonds” 40,000 43,700 1,600,000,000 Source: The Wall Street Journal Asia, 17 Oct. 2008Monday, 17 September, 12
  • 8. 75,000,000,000 25,000 128,000 Zero: value of Lehman “mini- bonds” after the investment 56,220 bank’s collapse 60 0 40,000 43,700 1,600,000,000Monday, 17 September, 12
  • 9. 75,000,000,000 25,000 After press coverage of deceptive 128,000 sales practices at banks selling 56,220 “mini-bonds” in Hong Kong, and government pressure, the banks 60 0 agree to refund 60% of investors’ 40,000 money; this was later increased to 43,700 85-96.5% in May 2011 1,600,000,000 Source: The Wall Street Journal Asia, 23 Jul. 2009 & 20 May 2011Monday, 17 September, 12
  • 10. 75,000,000,000 25,000 128,000 56,220 60 US$40,000: median annual salary 0 of U.S. journalism school 2011 40,000 43,700 Master’s degree graduates 1,600,000,000 Source: Survey by Grady College of Journalism & Mass Communication, University of GeorgiaMonday, 17 September, 12
  • 11. 75,000,000,000 25,000 128,000 US$56,220: median 2010-11 56,220 annual salary of U.S. business journalists 60 0 40,000 43,700 1,600,000,000 Source: Survey by Donald W. Reynolds National Center for Business JournalismMonday, 17 September, 12
  • 12. Key themes ✤ In today’s global financial system, everything is interrelated ✤ Business journalism isn’t just about numbers & money – it’s about people ✤ But following the money will usually lead you to the news ✤ Business journalism is important, not least because business & financial events affect all of usMonday, 17 September, 12
  • 13. What is business news? ✤ Corporate events ✤ Announcements of economic data ✤ Government policy changes ✤ Financial market activity ✤ How all of the above affect peopleMonday, 17 September, 12
  • 14. Intended learning outcomes ✤ Understand basic structure of ✤ Interpret and explain economic business news data ✤ Identify newsworthy business ✤ Analyze and identify news in & financial events corporate disclosure ✤ Explain how companies ✤ Write coherent market function commentary ✤ Explain corporate events ✤ Write coherent corporate news stories ✤ Explain how markets functionMonday, 17 September, 12
  • 15. Assessment standards ✤ Weekly lab assignments: 50% of final grade ✤ Group project: 20% of final grade ✤ Class discussion: 15% of final grade ✤ Knowledge of business news events: 15% of final gradeMonday, 17 September, 12
  • 16. Assessment Tasks percentage of final grade 15% Tutorial Assignments Class Participation 20% 50% Group Project News Knowledge 15%Monday, 17 September, 12
  • 17. Required daily reading ✤ Course blog: jmsc.hku.hk/courses/jmsc0074 ✤ Course notebook: www.evernote.com/pub/jeffreyt/0074 ✤ Reuters’ top news and SCMP’s Business section ✤ Recommended: Bloomberg News, The Wall Street Journal or Financial Times or Reuters’ CounterpartiesMonday, 17 September, 12
  • 18. Course structure ✤ Lectures: Mondays 9:30-11:20am in 101 Eliot Hall ✤ Labs: Wednesdays 2:30-3:25pm in 102 Eliot Hall (Labs begin on Sept. 19) ✤ Attendance for both is mandatory, although some lab assignments will be out-of-class assignments ✤ You may be asked to bring your laptop to the lab sessionMonday, 17 September, 12
  • 19. Course Schedule Week Topic 1 Introduction to business & financial news 2 Covering financial markets/Covering stock markets 3 Covering foreign exchange and bond markets 4 Covering company news & earnings announcements 5 Analyzing profit-and-loss statements 6 Analyzing balance sheets & cash flow statements 7 Covering economic events 8 Economic data and indicators 9 Trade & global competition 10 Covering mergers & acquisitions / Final group presentationsMonday, 17 September, 12