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Financial Times: the story on HearLore | HearLore
Common questions
When did the Financial Times begin printing on light pink paper?
The Financial Times began printing on light pink paper on the 2nd of January 1893. This distinctive salmon hue originated from unbleached China clay sourced from the Bodelva clay pit near St Austell in Cornwall. The paper maintained this unique color even as it became more expensive to produce.
Who purchased the Financial Times in 1945 and merged it with the Financial News?
Brendan Bracken purchased the Financial Times from Lord Camrose in 1945 and merged it with the Financial News. This merger ended 57 years of competition between the two publications. Bracken is often credited as the effective founding father of the modern Financial Times.
When did the Financial Times become the first UK-based newspaper to sell more copies internationally than within the UK?
The Financial Times became the first UK-based newspaper to sell more copies internationally than within the UK in September 1998. This marked a pivotal shift in its business model. By 2012, the number of digital subscribers surpassed the circulation of the newspaper for the first time.
What happened to the German payments group Wirecard after the Financial Times investigative articles in January 2019?
The Financial Times began a series of investigative articles detailing fraud suspicions at German payments group Wirecard in January 2019. This led to the company's eventual collapse and €1.9 billion worth of cash reported in its accounts being declared as potentially non-existent. The investigation sparked accusations of market manipulation and led to formal investigations by the Public prosecutor's office in Munich.
Financial Times
The Financial Times began printing on light pink paper on the 2nd of January 1893, a decision that transformed a mundane business journal into a globally recognized brand. This distinctive salmon hue originated from unbleached China clay sourced from the Bodelva clay pit near St Austell in Cornwall, chosen initially because it was cheaper than bleaching the paper. While other newspapers like The Sporting Times adopted similar policies, the FT maintained this unique color even as it became more expensive to produce, requiring special dyeing processes to preserve the identity that had become synonymous with financial authority. The paper was originally launched as the London Financial Guide on the 10th of January 1888, but within three weeks, it rebranded as the Financial Times to better reflect its mission to serve the honest financier, the bona fide investor, and the legitimate speculator. This early identity crisis was resolved by a simple yet powerful visual cue that would outlast the paper's many ownership changes and editorial shifts.
The Brothers Who Built A Rivalry
The Financial Times survived its first half-century through a fierce competition with the Financial News, a paper founded in 1884 that was slightly older and more daring in its approach. The rivalry between the two publications defined the early landscape of British business journalism, with the FT initially serving as a four-page journal for the City of London financial community. The turning point came in 1945 when Brendan Bracken purchased the Financial Times from Lord Camrose and merged it with the Financial News, ending 57 years of competition. This merger was not merely a business transaction but a strategic consolidation of editorial talent and circulation, with the Financial News providing much of the intellectual firepower while the FT brought higher circulation numbers. The Lex column, a daily feature that would become one of the most influential voices in global finance, originated from the Financial News and was carried over into the merged entity. Bracken, often credited as the effective founding father of the modern Financial Times, created a six-page newspaper that would eventually become one of the largest business newspapers in the world, setting the stage for decades of economic analysis and political commentary.
The Oxbridge Pipeline To Power
In 1949, Gordon Newton, a Cambridge graduate, took over as editor and introduced a revolutionary policy of direct recruitment of new university graduates, primarily from Oxford and Cambridge. This approach was highly unusual for Fleet Street at the time and created a pipeline of talent that would dominate British journalism and public life for decades. The first direct recruit was future leading British economist Andrew Shonfield, followed by William Rees-Mogg, who later edited The Times in 1967 after its acquisition by Roy Thomson. Other notable recruits included Nigel Lawson, who became Chancellor of the Exchequer, and Richard Lambert, who would later edit the FT itself. This recruitment strategy was never popular with the National Union of Journalists and ceased in 1966 following the recruitment of Richard Lambert from Oxford. The policy produced a generation of journalists who went on to hold positions of significant influence, including roles in government, business, and other major media organizations. The FT's distinctive recruitment policy created a unique culture within the newsroom, where academic excellence was valued alongside journalistic skill, producing a cadre of professionals who could navigate both the complexities of financial markets and the intricacies of political power.
When was the FTSE 100 introduced and what does it represent?
The FTSE 100 was introduced on the 13th of February 1984. It represents about eighty per cent of the London Stock Exchange's value. The letters F-T-S-E represented that FTSE was a joint venture between the Financial Times and the London Stock Exchange.
Which former Financial Times editor became the chief executive of News Corporation?
Robert Thomson, previously the paper's US managing editor, became the editor of The Times and is now the chief executive of News Corporation. He is one of the many former Financial Times journalists who have gone on to hold positions of significant influence in journalism, politics, and business.
The Financial Times transformed from a London-based publication into a global powerhouse through strategic international expansion and early adoption of digital technology. The first FT Continental Europe edition was printed outside the UK on the 1st of January 1979 in Frankfurt, followed by printing in the US beginning in July 1985. By the late 1990s, the paper had established correspondents in cities around the world, reflecting the renewed impetus in the world economy towards globalization. The FT became the first UK-based newspaper to sell more copies internationally than within the UK in September 1998, marking a pivotal shift in its business model. The digital revolution began on the 13th of May 1995 with the launch of FT.com, which provided a summary of news from around the globe and was supplemented in February 1996 with stock price coverage. The site introduced subscription services in 2002 and pioneered a metered paywall in 2007, allowing visitors to read a limited number of free articles before requiring payment. By 2012, the number of digital subscribers surpassed the circulation of the newspaper for the first time, and the FT drew almost half of its revenue from subscriptions rather than advertising. This transformation was completed when Pearson sold the Financial Times Group to Nikkei, Inc. for £844 million (US$1.32 billion) in July 2015, finalizing the paper's evolution into a truly global media organization.
The Controversies That Shaped The Newsroom
The Financial Times has faced significant controversies that tested its editorial independence and credibility, particularly in the realm of investigative journalism and political reporting. In January 2019, the FT began a series of investigative articles detailing fraud suspicions at German payments group Wirecard, which led to the company's eventual collapse and €1.9 billion worth of cash reported in its accounts being declared as potentially non-existent. The investigation sparked accusations of market manipulation and led to formal investigations by the Public prosecutor's office in Munich into several FT journalists. Another major controversy arose in 2020 when the newspaper withdrew an opinion piece by FT Brussels correspondent Mehreen Khan that was critical of French President Emmanuel Macron's policy towards Muslim minorities in France. The editor, Roula Khalaf, acknowledged having been contacted by the Élysée Palace regarding the article and defended her decision based on factual errors in the original piece, even though the article was no longer available on the website. The controversy highlighted the tension between editorial independence and political pressure, with President Macron subsequently publishing a letter in the FT directly responding to the arguments of the original opinion piece. These incidents underscored the challenges faced by a global newspaper operating in an increasingly complex political landscape, where the line between independent journalism and political influence became increasingly blurred.
The Pink Paper's Political Endorsements
The Financial Times has maintained a complex and evolving political stance throughout its history, shifting between support for different political parties and ideologies. The paper has advocated for free markets and globalization, supporting Margaret Thatcher and Ronald Reagan's monetarist policies during the 1980s. It has backed the UK Labour Party in the past, including at the general election in 1992 when Neil Kinnock was Labour leader, and returned to supporting the Conservative Party in 2010. The FT's editorial positions have been influenced by the changing political landscape, with the paper opposing the Iraq War and expressing support for Ukraine in the context of the Russian invasion. The paper's relationship with the Conservative Party has been particularly strained by issues of Euroscepticism, leading to a refusal to make an endorsement in the 2019 general election. In the 2024 general election, the FT endorsed the Labour Party again, expressing the need for a fresh start while cautioning about Labour's interventionist instincts and fervor for regulation. The paper's political endorsements have reflected its centrist to centre-right liberal, neo-liberal, and conservative-liberal positioning, making it a unique voice in British politics that has consistently challenged both major parties when their policies diverged from its principles of free markets and liberal democracy.
The Financial Indices That Move Markets
The Financial Times has created and maintained some of the most influential financial market indices in the world, serving as a benchmark for investors and economists globally. The longest-running of these was the former Financial News Index, started on the 1st of July 1935 by the Financial News, which was replaced by the Financial Times Index on the 1st of January 1947. The FTSE All-Share Index, the first of the FTSE series of indices, was created in 1962, comprising the largest 594 UK companies by market capitalization. The letters F-T-S-E represented that FTSE was a joint venture between the Financial Times and the London Stock Exchange. The FTSE 100 was introduced on the 13th of February 1984, representing about eighty per cent of the London Stock Exchange's value. FTSE Group was made an independent company in 1995, and the first of several overseas offices was opened in New York City in 1999, with Paris following in early 2000. The paper has continued to expand its index offerings, including the FTSE 350 Index, the FTSE SmallCap Index, and the FTSE AIM UK 50 Index, as well as the FTSE UK Gilt Indices for government bonds. In 2021, the Financial Times started publishing three multi-asset indexes with Wilshire Associates covering combinations of the top five cryptocurrencies, demonstrating its continued relevance in the evolving financial landscape.
The People Who Made The Paper
The Financial Times has been shaped by a remarkable array of editors and journalists who have gone on to hold positions of significant influence in journalism, politics, and business. Robert Thomson, previously the paper's US managing editor, became the editor of The Times and is now the chief executive of News Corporation. Will Lewis, a former New York correspondent and News Editor for the FT, edited The Daily Telegraph and The Wall Street Journal. Dominic Lawson went on to become editor of the Sunday Telegraph until he was dismissed in 2005. Andrew Adonis, a former education correspondent, became an adviser on education to then British Prime Minister Tony Blair and was given a job as an education minister and a seat in the House of Lords after the 2005 election. Ed Balls became chief economic adviser to the Treasury, working closely with Gordon Brown, the chancellor of the exchequer, before being elected a Member of Parliament in 2005. Sir Geoffrey Owen was the editor of the Financial Times from 1981 to 1990 and later joined the Centre for Economic Performance at the London School of Economics as Director of Business Policy. The paper's newsroom has been a training ground for some of the most influential figures in British public life, with many former FT journalists going on to hold high-profile jobs in journalism, politics, and business. The FT's influence extends beyond its pages, shaping the careers of individuals who have gone on to make significant contributions to the financial and political landscapes of the modern world.