Reuters is an international news organization. It has nearly 200 locations around the world; until 2008, the Reuters news agency formed part of an independent company, Reuters Group plc, a provider of financial market data. Since the acquisition of Reuters Group by the Thomson Corporation in 2008, the Reuters news agency has been a part of Thomson Reuters, making up the media division. Reuters transmits news in English, German, Spanish, Russian, Arabic, Japanese and Chinese, it was established in 1851. The Reuter agency was established in 1851 by Paul Julius Reuter in Britain at the London Royal Exchange. Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848; these publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House.
Upon moving to England, he founded Reuter's Telegram Company in 1851. Headquartered in London, the company covered commercial news, serving banks, brokerage houses, business firms; the first newspaper client to subscribe was the London Morning Advertiser in 1858. Afterwards more newspapers signed up, with Britannica Encyclopedia writing that "the value of Reuters to newspapers lay not only in the financial news it provided but in its ability to be the first to report on stories of international importance." Reuter's agency built a reputation in Europe and the rest of the world as the first to report news scoops from abroad. Reuters was the first to report Abraham Lincoln's assassination in Europe, for instance, in 1865. In 1872, Reuters expanded into the far east, followed by South America in 1874. Both expansions were made possible by advances in overland telegraphs and undersea cables. In 1883, Reuters began transmitting messages electrically to London newspapers. In 1923, Reuters began using radio to transmit a pioneering act.
In 1925, The Press Association of Great Britain acquired a majority interest in Reuters, full ownership some years later. During the world wars, The Guardian reported that Reuters "came under pressure from the British government to serve national interests. In 1941 Reuters deflected the pressure by restructuring itself as a private company." The new owners formed the Reuters Trust. In 1941, the PA sold half of Reuters to the Newspaper Proprietors' Association, co-ownership was expanded in 1947 to associations that represented daily newspapers in New Zealand and Australia; the Reuters Trust Principles were put in place to maintain the company's independence. At that point, Reuters had become "one of the world's major news agencies, supplying both text and images to newspapers, other news agencies, radio and television broadcasters." At that point, it directly or through national news agencies provided service "to most countries, reaching all the world's leading newspapers and many thousands of smaller ones," according to Britannica.
In 1961, Reuters scooped news of the erection of the Berlin Wall. Reuters was one of the first news agencies to transmit financial data over oceans via computers in the 1960s. In 1973, Reuters "began making computer-terminal displays of foreign-exchange rates available to clients." In 1981, Reuters began making electronic transactions on its computer network and afterwards developed a number of electronic brokerage and trading services. Reuters was floated as a public company in 1984, when Reuters Trust was listed on the stock exchanges such as the London Stock Exchange and NASDAQ. Reuters published the first story of the Berlin Wall being breached in 1989; the share price grew during the dotcom boom fell after the banking troubles in 2001. In 2002, Brittanica wrote that most news throughout the world came from three major agencies: the Associated Press and Agence France-Presse. Reuters merged with Thomson Corporation in Canada in 2008. In 2009, Thomson Reuters withdrew from the LSE and the NASDAQ, instead listing its shares on the Toronto Stock Exchange and the New York Stock Exchange.
The last surviving member of the Reuters family founders, Baroness de Reuter, died at age 96 on 25 January 2009. The parent company Thomson Reuters is headquartered in Toronto, provides financial information to clients while maintaining its traditional news-agency business. In 2012, Thomson Reuters appointed Jim Smith as CEO; every major news outlet in the world subscribed to Reuters as of 2014. Reuters operated in more than 200 cities in 94 countries in about 20 languages as of 2014. In July 2016, Thomson Reuters agreed to sell its intellectual property and science operation for $3.55 billion to private equity firms. In October 2016, Thomson Reuters announced relocations to Toronto; as part of cuts and restructuring, in November 2016, Thomson Reuters Corp. eliminated 2,000 worldwide jobs out of its around 50,000 employees. Reuters employs 600 photojournalists in about 200 locations worldwide. Reuters journalists use the Reuters Handbook of Journalism as a guide for fair presentation and disclosure of relevant interests, to maintain the values of integrity and freedom upon which their reputation for reliability, accuracy and exclusivity relies.
In May 2000, Kurt Schork, an American reporter, was killed in an ambush while on assignment in Sierra Leone. In April and August 2003, news cameramen Taras Protsyuk and Mazen Dana were killed in separate incidents by U. S. troops in Iraq. In July 2007, Namir Noor-Eldeen and Saeed Chmagh were killed when they w
Thomson Reuters Corporation is a Canadian multinational mass media and information firm. The firm was founded in Toronto, Canada, where it is headquartered at 333 Bay Street in Downtown Toronto. Thomson Reuters shares are cross listed on the Toronto Stock Exchange and the New York Stock Exchange. Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008, is majority owned by The Woodbridge Company, a holding company for the Thomson family. Thomson Reuters was ranked as Canada's "leading corporate brand" in the 2010 Interbrand Best Canadian Brands ranking. Thomson Reuters operates in more than 100 countries, has more than 45,000 employees; the company was founded by Roy Thomson in 1934 in Ontario as the publisher of The Timmins Daily Press. In 1953, Thomson moved to Scotland the following year, he consolidated his media position in Scotland in 1957 when he won the franchise for Scottish Television. In 1959, he bought the Kemsley Group, a purchase that gave him control of the Sunday Times.
He separately acquired the Times in 1967. He moved into the airline business in 1965, when he acquired Britannia Airways and into oil and gas exploration in 1971 when he participated in a consortium to exploit reserves in the North Sea. In the 1970s, following the death of Thomson, the company withdrew from national newspapers and broadcast media, selling the Times, the Sunday Times and Scottish Television and instead moved into publishing, buying Sweet & Maxwell in 1988; the company at this time was known as the International Thomson Organisation Ltd. In 1989, ITOL merged with Thomson Newspapers. In 1996, The Thomson Corporation acquired West Publishing, a purveyor of legal research and solutions including Westlaw; the Company was founded by Paul Julius Reuter in 1851 in London as a business transmitting stock market quotations. Reuter set up his "Submarine Telegraph" office in October 1851 and negotiated a contract with the London Stock Exchange to provide stock prices from the continental exchanges in return for access to London prices, which he supplied to stockbrokers in Paris, France.
In 1865, Reuters in London was the first organization to report the assassination of Abraham Lincoln. The company was involved in developing the use of radio in 1923, it was acquired by the British National & Provincial Press in 1941 and first listed on the London Stock Exchange in 1984. Reuters began to grow in the 1980s, widening the range of its business products and expanding its global reporting network for media and economic services: key product launches included Equities 2000, Dealing 2000-2, Business Briefing, Reuters Television for the financial markets, 3000 Series and the Reuters 3000 Xtra service; the Thomson Corporation acquired Reuters Group PLC to form Thomson Reuters on April 17, 2008. Thomson Reuters operated under a dual-listed company structure and had two parent companies, both of which were publicly listed — Thomson Reuters Corporation and Thomson Reuters PLC. In 2009, it unified its dual listed company structure and stopped its listing on the London Stock Exchange and NASDAQ.
It is now listed only as Thomson Reuters Corporation on the New York Stock Exchange and Toronto Stock Exchange. On February 13, 2013, Thomson Reuters announced it would cut 2,500 jobs to cut cost in its Legal and Risk division. On October 29, 2013, Thomson Reuters announced it would cut another 3,000 jobs in those same three divisions; the Thomson-Reuters merger transaction was reviewed by the U. S. Department of Justice and by the European Commission. On February 19, 2008, both the Department of Justice and the Commission cleared the transaction subject to minor divestments; the Department of Justice required the parties to sell copies of the data contained in the following products: Thomson's WorldScope, a global fundamentals product. The proposed settlement further requires the licensing of related intellectual property, access to personnel, transitional support to ensure that the buyer of each set of data can continue to update its database so as to continue to offer users a viable and competitive product.
The European Commission imposed similar divestments: according to the Commission's press release, "the parties committed to divest the databases containing the content sets of such financial information products, together with relevant assets and customer base as appropriate to allow purchasers of the databases and assets to establish themselves as a credible competitive force in the marketplace in competition with the merged entity, re-establishing the pre-merger rivalry in the respective fields."These remedies were viewed as minor given the scope of the transaction. According to the Financial Times, "the remedy proposed by the competition authorities will affect no more than $25m of the new Thomson Reuters group’s $13bn-plus combined revenues."The transaction was cleared by the Canadian Competition Bureau. In November 2009, The European Commission opened formal anti-trust proceedings against Thomson Reuters concerning a potential infringement of the EC Treaty's rules on abuse of a dominant market position.
The Commission investigated Thomson Reuters' practices in the area of real-time market datafeeds, in particular whether customers or competitors were prevented from translating Reuters Instrument Codes to alternative identification codes of other datafeed suppliers to the detriment of competition. In Dec
LexisNexis Group is a corporation providing computer-assisted legal research as well as business research and risk management services. During the 1970s, LexisNexis pioneered the electronic accessibility of legal and journalistic documents; as of 2006, the company has the world's largest electronic database for legal and public-records related information. LexisNexis is owned by RELX Group; the story of LexisNexis starts in western Pennsylvania in 1956, when attorney John Horty began to explore the use of CALR technology in support of his work on comparative hospital law at the University of Pittsburgh Health Law Center. In 1965, Horty's pioneering work inspired the Ohio State Bar Association to develop its own separate CALR system, Ohio Bar Automated Research. In 1967, the OSBA signed a contract with Data Corporation, a local defense contractor, to build OBAR based on the OSBA's written specifications. Data proceeded to implement OBAR on Data Central, an interactive full-text search system developed in 1964 as Recon Central to help U.
S. Air Force intelligence analysts search text summaries of the contents of aerial and satellite reconnaissance photographs. In 1968, paper manufacturer Mead Corporation purchased Data Corporation for $6 million to gain control of its inkjet printing technology. Mead hired the Arthur D. Little firm to study the business possibilities for the Data Central technology. Arthur D. Little dispatched a team of consultants to Ohio led by H. Donald Wilson. Mead asked for a practicing lawyer on the team, so the team included Jerome Rubin, a Harvard-trained attorney with 20 years of experience; the resulting study concluded that the nonlegal market was nonexistent, the legal market had potential, OBAR needed to be rebuilt to profitably exploit that market. At the time, OBAR searches took up to five hours to complete if more than one user was online, its original terminals were noisy Teletypes with slow transmission rates of 10 characters per second. OBAR had quality control issues. Wilson and Rubin were installed as president and vice president.
A year Mead bought out the OSBA's interests in the OBAR project, OBAR disappears from the historical record after that point. Wilson was reluctant to implement his own study's recommendation to abandon the OBAR/Data Central work to date and start over. In September 1971, Mead relegated Wilson to vice chairman of the board and elevated Rubin to president of MDC. Rubin promptly pushed the legacy Data Central technology back to Mead Corporation. Under a newly organized division, Mead Technical Laboratories, Data Central continued to operate as a service bureau for nonlegal applications until 1980. With that out of the way, Rubin hired a new team to build from scratch an new information service dedicated to legal research, he coined a new name: LEXIS, from “lex,” the Latin word for law, “IS” for “information service.” After several iterations, the original functional and performance specifications were finalized by Rubin and executive vice president Bob Bennett by the late summer of 1972. System designer Edward Gottsman supervised the implementation of the specifications as working computer code.
At the same time and Bennett orchestrated the necessary keyboarding of the legal materials to be provided through LEXIS, designed a business plan, marketing strategy, training program. MDC's corporate headquarters were moved to New York City, while the data center stayed in Dayton, Ohio. According to Trudi Bellardo Hahn and Charles P. Bourne, LEXIS was the first of the early information services to realize the vision of a future in which large populations of end users would directly interact with computer databases, rather than going through professional intermediaries like librarians. Other early information services in the 1970s crashed into financial and technological constraints and were forced to retreat to the professional intermediary model until the early 1990s. Rubin explained that they were trying “to crack the librarian barrier. Our goal was to get a LEXIS terminal on every lawyer’s desk.” To persuade American lawyers to use LEXIS, MDC targeted them with aggressive marketing and training campaigns.
On April 2, 1973, MDC publicly launched LEXIS at a press conference in New York City, with libraries of New York and Ohio case law as well as a separate library of federal tax materials. By the end of that year, the LEXIS database had reached two billion characters in size and had added the entire United States Code, as well as the United States Reports from 1938 through 1973. By 1974, LEXIS was running on an IBM 370/155 computer in Ohio supported by a set of IBM 3330 disk storage units which could store up to about 4 billion characters, its communications processor could handle 62 terminals with transmission speed at 120 characters per second per user. On this platform, LEXIS was able to execute over 90% of searches within less than five seconds. Over 100 text terminals had been deployed to various legal offices and there were over 4,000 trained LEXIS users. By 1975, the LEXIS database had grown to 5 billion characters and it could handle up to 200 terminals simultaneously. By 1976, the LEXIS database included case law from six states, plus various federal materials.
MDC turned a profit for the first time in 1977. In 1980, LEXIS completed
Refinitiv is a global provider of financial markets data and infrastructure. The company was founded in 2018, it is jointly owned by Blackstone Group LP which has a 55% stake and Thomson Reuters which owns 45%. The company has an annual turnover of $6bn with more than 40,000 client companies in 190 countries. Thomson Reuters sold a 55% majority stake in its Financial & Risk unit to private equity firm Blackstone Group LP on October 1, 2018, in a deal which valued the total F&R business at about $20 billion; this business was formed into Refinitiv. Under the deal, Thomson Reuters transferred its complete financial and risk product portfolio to Refinitiv, with the exception of Regulatory Intelligence, Risk Compliance Learning and Data Privacy Advisory Services. Company CEO David Craig presided over the transfer from Thomson Reuters, which he joined as Group Strategy Director in 2007. British-born Craig's previous role was a partner at US-based global management consulting firm McKinsey & Company.
Refinitiv runs more than 130 different fintech data, analytics and risk assessment tools including World-Check, a risk intelligence database for financial crime legislation compliance, FXall, the execution management system REDI, Datastream Macro-economic Analysis, Auto Audit and the Elektron Data Platform creating 32,000 risk intelligence records every month from internal and third-party sources. Another, the World-Check Risk Intelligence database, compiles information from international financial watch lists, government records, media searches to tackle money laundering. Refinitiv maintains a database featuring more than a million mergers and acquisitions deals spanning over 40 years, covering corporate finance transactions and investment banking league tables across equity markets, loans, project finance, IPOs, joint ventures, private equity and municipal bonds. Although Thomson Reuters is now a minority shareholder in Refinitiv, it still supplies Reuters news and content to the company's 400,000 plus customers in more than 40,000 businesses around the world, supported by a network of at least 13,000 registered developers.
Refinitiv's Developer Portal includes data feeds, SDKs and APIs, sample code, learning materials and community Q & A forums. These run alongside "developer days" in regional centers on topics including machine learning, cloud services and relevant legislation such as GDPR. Official website
Tom Glocer is an American business executive and the former CEO of Thomson Reuters and Reuters. He is a director of Merck & Co. Morgan Stanley and Publicis Groupe. Glocer stepped down from Thomson Reuters at the end of 2011, is now managing partner of Angelic Ventures, LP, a family office investing in fintech, media, “big data” and healthcare, e.g. Windward, he is an Advisory Board member of Afiniti, an American big data and artificial intelligence business. He held a number of senior leadership positions at Reuters, including President of Reuters LatAm and Reuters America, before being named CEO of Reuters Group PLC in July 2001. Before joining Reuters the legal department in 1993, he had worked as a merger and acquisitions lawyer for American law firm Davis Polk & Wardwell in New York and Tokyo. Glocer holds a bachelor's degree in political science from Columbia University and a J. D. from Yale Law School. He is married with two children and lives near Murray Hill. Tom Glocer's blog
Reuters Group plc was a British multinational media and financial information company headquartered in London, United Kingdom. It was acquired by The Thomson Corporation in 2008. Reuters Group was best known for the Reuters news agency, the original business of the company. By the time of its acquisition by Thomson the bulk of Reuters Group's revenues came from the provision of financial market data, with news reporting comprising less than 10% of its turnover. Paul Julius Reuter noticed that, with the electric telegraph, news no longer required days or weeks to travel long distances. In the 1850s, the 34-year-old Reuter was based in Aachen – in the Kingdom of Prussia, now in Germany – close to the borders with the Netherlands and Belgium, he began using the newly opened Berlin–Aachen telegraph line to send news to Berlin. However, the telegraph did not extend the 76 miles to Brussels, Belgium's capital city and financial center. Reuter saw an opportunity to speed up news service between Brussels and Berlin by using homing pigeons to bridge that gap.
In 1851, Reuter moved to London. After failures in 1847 and 1850, attempts by the Submarine Telegraph Company to lay an undersea telegraph cable across the English Channel, from Dover to Calais, promised success. Reuter set up his "Submarine Telegraph" office in October 1851 just before the opening of that undersea cable in November, he negotiated a contract with the London Stock Exchange to provide stock prices from exchanges in continental Europe in return for access to the London prices, which he supplied to stockbrokers in Paris. In 1865, Reuter's private firm was restructured, it became a limited company called the Reuter's Telegram Company. Reuter had been naturalised as a British subject in 1857. Reuter's agency built a reputation in Europe for being the first to report news scoops from abroad, such as Abraham Lincoln’s assassination; every major news outlet in the world now subscribes to Reuters' services, which operates in over 200 cities in 94 countries in about 20 languages. The last surviving member of the Reuters family founders, Baroness de Reuter, died at age 96 on 25 January 2009, after having suffered a series of strokes.
Reuters was financed as a public company in 1984 on the London Stock Exchange and on the NASDAQ in the United States. However, there were concerns that the company's tradition for objective reporting might be jeopardised if control of the company fell into the hands of a single shareholder. To counter that possibility, the constitution of the company at the time of the stock offering included a rule that no individual was allowed to own more than 15% of the company. If this limit is exceeded, the directors can order the shareholder to reduce the holding to less than 15%; that rule was applied in the late 1980s when Rupert Murdoch's News Corporation, which held around 15% of Reuters, bought an Australian news company that owned stock in Reuters. Murdoch was subsequently compelled to reduce his holdings to less than 15%. Further protecting Reuters from owner actions that might threaten its independence is Reuters Founders Share Company Limited, formed in 1984 as part of the share float; this company's stated mission is to protect the integrity of the company's news output.
It holds one "Founders Share," which can veto all other shares if an attempt is made to alter any of the rules relating to the Reuters Trust Principles. These principles set out the company's aims of independence and freedom from bias in its news reporting. Subsequent to the forming of Thomson Reuters the trust principles continued, with the RFSC now holding a Founders Share in each of Thomson Reuters Corporation and Thomson Reuters PLC. Reuters grew after its 1984 IPO, widening the range of its business products and global reporting network for media and economic services. In 1988, Reuters formed a joint-venture with the Chicago Mercantile Exchange to build an automated futures trading system named "Globex" at a cost of over US$100 million. Key product launches include Equities 2000, Dealing 2000-2, Business Briefing, Reuters Television for the financial markets, 3000 Series and the Reuters 3000 Xtra service. In the mid-1990s, the Reuters company engaged in a brief foray in the radio sector – with London Radio's two radio stations, London News 97.3 FM and London News Talk 1152 AM.
A Reuters Radio News service was set up to compete with the Independent Radio News. In 1995, Reuters established its "Greenhouse Fund" to take minority investments in start-up technology companies in the USA, only. In October 2007, Reuters Market Light, a division of Reuters, launched a mobile phone service for Indian farmers to provide local and customised commodity pricing information and weather updates. On 15 May 2007, Canada's The Thomson Corporation acquired Reuters in a deal valued at US$17.6 billion. Thomson controlled about 53 percent of the new company, named Thomson Reuters. Tom Glocer, the former head of Reuters became the CEO of Thomson Reuters. An earlier rule of 15-percent maximum ownership was waived. If Reuters were not strong enough to continue on its own, the principles would have no meaning." Citing the recent bad financial performance of the company. The acquisition was closed on 17 April 2008. Action Images – In September 2005, Reuters purchased North London-based Action Images, a collection of sports photography of more than 8 million images, of which 1.7 million are online.
Application Networks – In June 2006, Reuters acquired Application Networks, Inc. a provider of trade