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In an office in central Bangalore, dozens of employees are arriving to work on the night shift. They are journalists employed by the world's biggest news agency, Reuters.
Their job is to cover US financial news. And they are working overnight so that they can report company news live as it happens on the New York Stock Exchange - from India.
These Indian financial journalists can be employed by Reuters for a fraction of the cost of employing a journalist at their New York office. Reuters Editor-in-Chief, David Schlesinger, says that the move meant that they could broaden their coverage of US companies without incurring crippling costs.
Whatever the risks and benefits, outsourcing is here to stay. World Association of Newspapers He was able to hire new journalists in Bangalore without in any way reducing the size of his New York office.
This is good for our business and good for journalism," he told the BBC. And some other wire services are now following Reuters' lead and beating a path to Bangalore, according to local journalists.
But Mr Schlesinger insists that this is not outsourcing. And Reuters journalists there work to the standards as Reuters journalists anywhere. Getting ready for the working day in the Bangalore newsroom Most US companies now put out their press releases on the internet, and they all use financial PR firms to release their profit figures just as the stock bbc india business reporters opens.
So Reuters journalists in Bangalore can access the same basic information - in the same time frame - as their colleagues in New York.
And the reduced cost of telecommunications links means that the news written in Bangalore can be sent around the world as quickly as the news written in New York - of key importance for a wire service, which depends on speed for its competitive advantage.
Reuters already knew about the data transmission capability of India. Intwo years after it first established a corporate presence here, it moved its IT database operations to Bangalore.
It now employs 1, people to make sure that its clients receive the millions of bits of financial data it transmits every day. India But, nevertheless, Reuters was taking a big gamble in trying to source its company news from India, as Abi Sekimitsu, the Reuters editor assigned to run the Bangalore office, explains.
Bangalore bureau chief Abi Sekimitsu has seen staff leave "The Reuters brand is a strong one. There is no shortage of talented journalists here, but we need to train them up carefully to make sure they understand our values," she says. But she stresses the journalists she employs are now eager to expand the range of stories they do, and have already moved from just doing headlines and summaries to writing more complex stories.
The Reuters journalists working in Bangalore do find some aspects of the job intimidating. For Ankur Relia, covering the New York financial markets has taken some getting used to. Ankur Relia writes 20 company news stories a day He writes up to 20 brief stories a day reporting briefly on US company results.
But he is happy to defer to the New York office if a more complicated story involving a major US company passes his way. To maintain their exacting standards, Reuters has recently created a new post in the Bangalore office - an additional training editor. Kavita, an Indian national, had been working for Bloomberg in New York.
She says it has been hard to adjust to coming back to Bangalore - but it is a very exciting time. We need to install a sense of urgency, especially for breaking news, and ensure crisp and accurate copy. Moving company functions from internal departments to external firms Offshoring: Relocating corporate activities overseas.
Relocating offshore activities nearer the client's home country BPO: Business processing outsourcing - moving white collar tasks like accounting or invoicing. Offices where workers provide telephone customer services like sales Despite paying above the going rate for journalists, the turnover of staff in Bangalore is high compared with other Reuters offices.
But some of the young journalists I am employing seem to think that a year is a long time to work for one company. India's economic boom - and the deregulation of television - has led to an explosion in financial journalism, with six financial news channels on cable TV.
And salaries of financial journalists on newspapers are rising as well. With many financial journalists attracted to working in Mumbai, India's financial capital, Reuters is finding it increasingly difficult to retain its staff.LONDON (Reuters) – Gibraltar has worked with Spain to reach agreement over its place in the Brexit withdrawal agreement, its chief minister said on Friday, adding that any revision of the.
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0 0 0 0 0 0 0 0 0 0 0 0 Business Briefing The latest economic and financial news, market updates and interviews with the key news-makers in the business world. 0 0 0 0 0 0 0 0 0 0 0 0. This is good for our business and good for journalism," he told the BBC.
And some other wire services are now following Reuters' lead and beating a path to Bangalore, according to local journalists.
But Mr Schlesinger insists that this is not outsourcing. "Bangalore . Reporters is a weekly analytical programme shown on BBC News, during BBC Breakfast on BBC One and BBC World News.. The programme features a presenter linking a number of BBC news reports from the past week or highlighting a topic or a series of reports and in some cases conducting interviews with correspondents present at the time the events took place.
Nov 19, · Katie Townsend, the legal director for the Reporters Committee for Freedom of the Press, expressed similar reservations. “We are very concerned by these new ‘rules’ governing press briefings,” she said in an email.