Search Results for: Financial Times

The Sale of the FT and an Oral History of the News Business

The FT Group, which includes standout business newspaper the Financial Times, is being sold for $1.3 billion to Nikkei, Japan’s largest media company. Established in 1888, the FT has been lauded for its digital transition as the newspaper industry has declined. “Riptide” is an oral history project that was first launched in 2013 about what “really happened to the news business,” by John Huey, Martin Nisenholtz, Paul Sagan, and John Geddes—and it includes an interview with a former FT.com managing director about its beginnings on the web in 1995, and its decision to start out as a free website:

I have to say, I think, in the early stages, free was the only way that people knew how to do it. Just from a technical point of view, a free website is the path of least resistance. All you need is a CMS and an ad server and, hey, you’re in business. The other element within this was, I think that the leadership at the “FT,” and I think at publishers across the market as a whole, simply didn’t really understand some of the long term strategic implications of this stuff.

They understood that they needed to be involved in the Web, but I don’t think anybody had really thought through how was this going to play out, and at the time, it was a really pretty small part of the business.

They were presented with a proposition that said, “The quickest, easiest, simplest way to do this is a free website, and we’ll make the money through advertising.” That ticked the boxes, so that’s the way everybody went.

I don’t think there was a point where the whole industry sat down and decided, they compared all the models and advertising was the way to go. As I say, it simply was the path of least resistance.

The “FT,” had a reassessment on this, around about 2001, when the dot com bubble started bursting. At that point, we had noticed that there were some issues for us as an organization with the advertising model.

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The Rise of Independent Travel Magazines

Subject matter can be almost self-consciously esoteric. The latest issue of Ernest includes a piece by Queen guitarist Brian May on diableries (19th-century stereoscopic photographs of clay model demons). Cereal has 10 pages on Anglepoise lamps; Avaunt has a feature headlined “Politics of map projections”.

The new magazines also move away from the traditional “colonial” model of travel journalism, where a writer is sent overseas to experience a trip as a holiday-maker would, then report back. Instead, many of the new titles commission pieces from writers with existing connections to a destination (a model that happily saves on travel costs, too). Boat magazine, an early independent which first published in 2010, produces an entire issue focused on a single destination, and moves its editorial team there for several weeks to seek out stories. Many of the new editors are scathing about conventional titles’ focus on hotels and restaurants, and their extensive use of lists. The independents see themselves as being about places, rather than holidays.

Tom Robbins writing in the Financial Times (registration required) about the new breed of print travel magazines that have emerged as commercial travel magazines suffer diminishing circulation.

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ROKIT, MOTOWN and NIMOY: How Aviation Waypoints Get Their Names

Route map of the world's scheduled commercial airline traffic, 2009. Photo by Wikimedia Commons

Then there is the intriguing way airways are navigated, using radio beacons and “waypoints”, spots defined by geographic co-ordinates or their bearing and distance from a beacon. These waypoints are typically given five-letter capitalised names that are supposed to be simple enough for any controller or pilot to recognise them, regardless of their first language.

Europe’s sky-mappers turn out to have taken a fairly business-like approach to naming their waypoints, though there is a TULIP off the Dutch coast and England has a DRAKE, for Sir Francis. Australians have had a bit more fun, naming points off their west coast WONSA, JOLLY, SWAGY, CAMBS, BUIYA, BYLLA, BONGS, in honour of the opening lines of the country’s unofficial national anthem, “Waltzing Matilda”. The Americans have just gone mad. Detroit has MOTWN and WONDR (Stevie was born in Michigan). Houston has a ROKIT for its Space Center. There is a NIMOY in Boston (where Leonard was born) plus several local culinary references (CHWDH, LBSTA and CLAWW) and SSOXS, STRKK and OUTTT for the Red Sox baseball team.

Pilita Clark writing in the Financial Times about the future of flying.

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See Also: “The Secret Language of the Skies” (Deborah Fallows, The Atlantic, 2013)

The Reporter at the Ayahuasca Tea Ceremony

Céu de Maria: Flickr, Lou Gold

In a piece for the Financial Times John Paul Rathbone wrote about the murder of Glauco Villas Boas, one of Brazil’s best-known cartoonists. Glauco was a leader of the Céu de Maria church, one of the many churches in Brazil that treat hallucinogenic ayahuasca tea as a sacrament. The young man charged with murdering Glauco had partaken in the religious rituals of the church, and the murder provoked a heated national debate about the dangers of ayahuasca. While reporting the story Rathbone took part in an ayahuasca ceremony at Céu de Maria, which is described in the excerpt below:

Beatriz pointed me to a seat near the front and rang a captain’s bell to announce the start of the service. The congregation filtered in, some 200 people chatting easily among themselves. There were all types: young, old, fat, thin, black and white. Some looked like pirates, their faces etched with poverty; others like bank managers with the complexion that only a good diet brings. I was impressed by the social mingling and sense of community, so rare in Brazil, one of the world’s most unequal countries.

Beatriz nodded. To her left, four guitarists and a flautist, all men, began to play; to her right, a choir of women began to sing. The rest formed a queue at the back of the church where the tea was served in shot glasses. I knocked back an acrid brown mixture that tasted of rotten leaves and sat down again. The songs continued and a gentle lassitude filled my limbs. Two hours later we drank another glass. Some of the congregation sang; most sat quietly, absorbed in inner states. Occasionally, someone would go outside and I would hear vomiting. All the while the singing continued.

“I have had a dream,” comments Bottom when he awakes in Shakespeare’s A Midsummer Night’s Dream, “past the wit of man to say what dream it was.” I remember a feeling of waves. Around midnight, Beatriz had handed me a book of songs that Glauco had composed. The room suddenly seemed to fill with energy and joy. A drum began to sound, joining the guitars, flute and falsetto voices of the girls, and I remembered a phrase of St Teresa, the Catholic mystic: “Words lead to deeds . . . They prepare the soul, make it ready and move it to tenderness.” I heard the music as if listening to stereo for the first time, and the high chorus of a song penetrated me with its words: “I pray to my holy Father with extraordinary joy, extraordinary joy . . . ”

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When Our Troops Are Abandoned and Neglected at Home: 6 Stories

This October 2014 New York Times investigation by C.J. Chivers is about more than just the discovery of old chemical weapons in Iraq—it’s about how shabbily we still treat our troops when they return home. We leave our all-volunteer army with inadequate medical care, emotional trauma, and fragile families. Here are six stories on our veterans.

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How the First Ebola Outbreak Was Identified and Contained

In May, the Financial Times published a story by Peter Piot, a microbiologist who, in 1976, helped contain and identify a deadly new virus called Ebola in Yambuku, a remote Congolese village. Piot returned to the village nearly 40 years later to see how much had changed. Here, Piot recalls what it was like to enter the village and figure out how infections were being spread:

Once we had all settled down, the sisters prepared a solid dinner of Flemish beef stew and started to tell the story of the epidemic. They explained in great detail how their colleagues had died, who the first victims were at the mission and then in other villages, and that nothing seemed to work as treatment. One sister had kept careful notes on each patient. They decided that we should sleep on the floor in the school classroom as we did not know whether the bedrooms in the convent were contaminated. But I didn’t sleep much that first night in Yambuku, with a thousand questions going through my head and the sounds of the rainforest outside.

It quickly became clear that something was wrong at the hospital. Epidemiological detective work by our team confirmed the suspicions: people were being infected at the hospital through injections made using contaminated needles and syringes (only five syringes and needles were issued to the nurses each morning), and hospital staff and attendees at funerals were falling victim through exposure to body fluids infected with the virus. In addition there seemed to be transmission from mothers to babies.

Closing the hospital (which, in any case, had been abandoned by frightened patients) was the decisive action that stopped the Ebola epidemic, and the last victim died on November 5. In simple terms, poor medical practice had killed hundreds of people. The missionaries were undoubtedly doing highly valuable work in education and community development but managing a hospital (without a physician, since they could not find one who would work in such a remote place) was beyond their expertise.

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Dying With Dignity: A Reading List About the Right-to-Die Debate

Should patients suffering from terminal illnesses and unbearable pain be able to make the decision to end their lives? Helping the terminally ill end their lives is illegal in all but five states in the U.S. Here, five stories looking at the right-to-die debate.

1. “Helping Dad Die: A Daughter’s Story.” (Catherine Syer, Financial Times)

In the U.K., Britons with terminal illnesses or incurable diseases have nowhere to go if they want aid in dying. A daughter’s personal story about finding a way to ease her father’s suffering.

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When a Junk Mail Check for $95,000 Clears A Bank Account

You know those junk mail checks you get in the mail for thousands of dollars that aren’t negotiable for cash? Patrick Combs deposited one for $95,093.35 at his bank’s ATM as a joke. The funny thing is: It cleared his account. He wrote about his experience for the Financial Times a few summers ago:

All $95,093.35 was mine for the taking. All I had to do was ask. Windfall money begs us to take it and run. But I restrained myself. And gave the bank another two excruciatingly long weeks to do their job, catch up with their mistake, and bounce the cheque. But at the end of three hellish weeks, during which I hourly resisted the urge to take the money and run to Mexico, where it would be worth twice as much, I was told by my branch manager, “You’re safe to start spending the money, Mr Combs. A cheque cannot bounce after 10 days. You’re protected by the law.”

Now, it’s possible that any thinking man would have asked for a satchel and all the cash right then and there. Me, I must lack the gene for seizing the moment, because I didn’t touch the money. I drove myself straight to a law library to confirm for myself the 10-day rule. This triggered two discoveries. First, that my branch manager was wrong. There is no 10-day rule that protects you on a bounced cheque. It is a 24-hour rule! In the United States, when a bank receives notice that a cheque paid into your account has bounced, it has 24 hours to notify you and, if it fails to do this, you are safe to spend the money. Pretty neat, I say. Secondly, I learned that what I thought was a fake cheque was legally a real cheque. A little-known change in the 1990 Uniform Commercial Code made it so that the words “non-negotiable” printed on a cheque do not invalidate it. It may have been just a small footnote change but what I deposited was, marvellously, an accidentally real $95,093.35 cheque.

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Photo: Sandy Huffaker

The Top 5 Longreads of the Week

Below, our favorite stories of the week. Kindle users, you can also get them as a Readlist.

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How Japan Prepared to Care for Its Rapidly Aging Population

As far back as the early 1960s, the government became aware of the imminent ageing problem and began to establish nursing homes and home helpers. In the 1970s, benefits for retirees were more than doubled and a system of virtually free healthcare for older people was established. In 1990, Japan introduced the “Gold Plan”, expanding long-term care services. Ten years later, it started to worry about how to pay for it, and imposed mandatory insurance for long-term care. All those over 40 are obliged to contribute. The scheme’s finances are augmented with a 50 per cent contribution from taxes and recipients are charged a co-payment on a means-tested basis. Even then, there have been financing problems and the government has had to scale back the level of services provided. Still, Campbell calls it “one of the broadest and most generous schemes in the world.”

As a result of these and other adaptations, he argues, Japan has struck a reasonable balance between providing care and controlling costs. Other countries, including Britain, have studied Japan closely for possible lessons. Of course, 15 years of deflation have left Japan’s overall finances in lousy shape, with a public debt-to-output ratio of 240 per cent, the highest in the world. Spending on healthcare per capita, however, is among the lowest of advanced nations, though outcomes are among the best. That is partly down to lifestyle. Most Japanese eat a healthy, fish-based diet and consume less processed food and sugary drinks than westerners. Obesity is far less common. So are violence and drug abuse. But even taking into account such factors, Japan gets a big bang for its healthcare buck. Every two years, the government renegotiates reimbursement fees with doctors, hospitals and pharmaceutical companies, routinely imposing restraints or reductions. Primary care is given priority over specialist treatment: the Japanese visit the doctor far more often than Americans but receive far fewer surgical interventions.

In the Financial Times, David Pilling looks at Japan’s aging population and what the country has done to take care of their elders. More stories about Japan.

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Photo: George Alexander

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